Schedule
of
Investments
Xtrackers
FTSE
Developed
ex
US
Multifactor
ETF
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
COMMON
STOCKS
—
97.7%
Australia
—
8.7%
AGL
Energy
Ltd.
26,167
170,924
ALS
Ltd.
3,642
37,665
AMP
Ltd.
5,941
4,779
Ampol
Ltd.
576
9,464
Ansell
Ltd.
1,375
27,918
ANZ
Group
Holdings
Ltd.
1,479
27,641
APA
Group
(a)
5,876
31,349
Aristocrat
Leisure
Ltd.
3,064
123,043
ASX
Ltd.
941
43,178
Atlas
Arteria
Ltd.
(a)
6,519
22,277
Aurizon
Holdings
Ltd.
24,240
46,019
Bank
of
Queensland
Ltd.
2,603
13,083
Bendigo
&
Adelaide
Bank
Ltd.
738
5,690
BHP
Group
Ltd.
1,199
29,514
BlueScope
Steel
Ltd.
9,684
141,781
Brambles
Ltd.
19,413
289,718
CAR
Group
Ltd.
1,542
35,288
Cleanaway
Waste
Management
Ltd.
22,370
40,453
Cochlear
Ltd.
132
23,064
Coles
Group
Ltd.
18,082
251,352
Commonwealth
Bank
of
Australia
67
7,587
Computershare
Ltd.
7,981
206,577
CSL
Ltd.
142
22,571
Deterra
Royalties
Ltd.
4,167
10,190
Downer
EDI
Ltd.
17,985
70,371
Dyno
Nobel
Ltd.
6,358
10,966
EBOS
Group
Ltd.
3,306
73,131
Endeavour
Group
Ltd.
16,784
43,961
Evolution
Mining
Ltd.
5,209
29,667
Fortescue
Ltd.
1,744
17,273
Goodman
Group
REIT
202
4,280
GPT
Group
REIT
327
1,010
Harvey
Norman
Holdings
Ltd.
8,458
28,522
Insurance
Australia
Group
Ltd.
33,177
184,473
JB
Hi-Fi
Ltd.
2,850
197,736
Lendlease
Corp.
Ltd.
(a)
558
2,097
Lottery
Corp.
Ltd.
20,991
68,895
Macquarie
Group
Ltd.
137
18,886
Magellan
Financial
Group
Ltd.
429
2,311
Medibank
Pvt
Ltd.
54,084
166,023
Metcash
Ltd.
8,494
18,476
National
Australia
Bank
Ltd.
248
6,065
Netwealth
Group
Ltd.
337
6,949
New
Hope
Corp.
Ltd.
2,935
7,026
Northern
Star
Resources
Ltd.
3,251
43,894
Orica
Ltd.
2,393
28,937
Origin
Energy
Ltd.
13,760
95,814
Pro
Medicus
Ltd.
71
12,886
Number
of
Shares
Value
$
Qantas
Airways
Ltd.
18,629
127,200
QBE
Insurance
Group
Ltd.
15,269
227,579
Qube
Holdings
Ltd.
32,917
89,819
Ramsay
Health
Care
Ltd.
436
10,747
REA
Group
Ltd.
194
29,927
Reece
Ltd.
387
3,900
Region
RE
Ltd.
REIT
1,444
2,202
Rio
Tinto
Ltd.
2,718
197,061
Santos
Ltd.
10,650
45,167
Scentre
Group
REIT
33,301
78,651
SEEK
Ltd.
675
10,560
SGH
Ltd.
1,481
48,370
Sims
Ltd.
620
6,041
Sonic
Healthcare
Ltd.
3,200
54,923
South32
Ltd.
16,728
32,834
Steadfast
Group
Ltd.
11,616
43,059
Stockland
REIT
6,934
24,365
Suncorp
Group
Ltd.
6,219
82,566
Technology
One
Ltd.
3,582
94,651
Telstra
Group
Ltd.
18,088
55,642
TPG
Telecom
Ltd.
2,759
9,144
Transurban
Group
(a)
5,579
50,911
Treasury
Wine
Estates
Ltd.
906
4,921
Vicinity
Ltd.
REIT
29,960
47,431
Washington
H
Soul
Pattinson
&
Co.
Ltd.
1,928
45,821
Wesfarmers
Ltd.
1,915
102,314
Westpac
Banking
Corp.
641
13,432
Woodside
Energy
Group
Ltd.
1,890
27,063
Woolworths
Group
Ltd.
6,142
125,893
Worley
Ltd.
1,729
14,487
(Cost
$3,787,002)
4,467,455
Austria
—
0.4%
ANDRITZ
AG
865
59,754
Erste
Group
Bank
AG
332
26,704
OMV
AG
686
36,681
Raiffeisen
Bank
International
AG
145
4,425
Telekom
Austria
AG
3,815
42,270
Verbund
AG
535
41,756
(Cost
$167,065)
211,590
Belgium
—
1.1%
Ackermans
&
van
Haaren
NV
529
134,523
Ageas
SA/NV
846
55,176
Anheuser-Busch
InBev
SA/NV
150
10,565
D'ieteren
Group
198
40,663
Groupe
Bruxelles
Lambert
NV
2,162
176,595
KBC
Group
NV
118
11,649
Lotus
Bakeries
NV
3
31,026
Syensqo
SA
98
7,510
UCB
SA
305
55,365
Schedule
of
Investments
Xtrackers
FTSE
Developed
ex
US
Multifactor
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
Warehouses
De
Pauw
CVA
REIT
1,195
29,113
(Cost
$475,321)
552,185
Bermuda
—
0.1%
Hiscox
Ltd.
(Cost
$35,763)
2,356
40,064
Canada
—
4.6%
Agnico
Eagle
Mines
Ltd.
370
43,532
Alimentation
Couche-Tard,
Inc.
327
16,921
Bank
of
Montreal
13
1,393
Bank
of
Nova
Scotia
339
18,104
Barrick
Mining
Corp.
2,899
55,494
BCE,
Inc.
442
9,612
Brookfield
Corp.
25
1,441
Canadian
Imperial
Bank
of
Commerce
272
18,483
Canadian
National
Railway
Co.
290
30,427
Canadian
Natural
Resources
Ltd.
403
12,213
Canadian
Pacific
Kansas
City
Ltd.
279
22,745
CGI,
Inc.
670
71,890
Constellation
Software,
Inc.
10
36,189
Dollarama,
Inc.
1,345
172,655
Enbridge,
Inc.
351
16,305
Fairfax
Financial
Holdings
Ltd.
216
366,833
Fortis,
Inc.
2,841
138,542
Franco-Nevada
Corp.
277
46,572
George
Weston
Ltd.
667
134,035
Great-West
Lifeco,
Inc.
171
6,478
Hydro
One
Ltd.,
144A
1,850
67,988
Imperial
Oil
Ltd.
286
20,381
Intact
Financial
Corp.
576
130,432
Loblaw
Cos.
Ltd.
497
83,691
Magna
International,
Inc.
953
34,531
Manulife
Financial
Corp.
1,185
37,663
Metro,
Inc.
3,185
247,953
National
Bank
of
Canada
76
7,466
Nutrien
Ltd.
101
5,956
Pembina
Pipeline
Corp.
409
15,299
Power
Corp.
of
Canada
1,048
40,481
Restaurant
Brands
International,
Inc.
409
29,146
Royal
Bank
of
Canada
99
12,524
South
Bow
Corp.
2,026
52,413
Sun
Life
Financial,
Inc.
627
40,312
Suncor
Energy,
Inc.
1,726
61,247
TC
Energy
Corp.
1,174
59,377
TELUS
Corp.
2,613
42,722
Thomson
Reuters
Corp.
91
18,046
Toronto-Dominion
Bank
96
6,617
Tourmaline
Oil
Corp.
638
28,713
Waste
Connections,
Inc.
255
50,123
Number
of
Shares
Value
$
Wheaton
Precious
Metals
Corp.
530
45,836
(Cost
$1,782,249)
2,358,781
Chile
—
0.0%
Antofagasta
PLC
(Cost
$4,274)
301
7,187
China
—
0.0%
Lenovo
Group
Ltd.
18,696
21,554
Shenzhou
International
Group
Holdings
Ltd.
636
4,635
(Cost
$18,763)
26,189
Denmark
—
0.8%
A.P.
Moller
—
Maersk
A/S,
Class
A
13
23,227
A.P.
Moller
—
Maersk
A/S,
Class
B
15
27,131
Carlsberg
AS,
Class
B
494
70,611
Coloplast
A/S,
Class
B
135
13,059
Danske
Bank
A/S
139
5,312
Demant
A/S
*
110
4,302
DSV
A/S
186
43,820
Genmab
A/S
*
112
23,514
H
Lundbeck
A/S
2,149
11,885
H
Lundbeck
A/S,
Class
A
577
2,652
Novonesis
(Novozymes)
B,
Class
B
81
5,693
Pandora
A/S
317
57,724
ROCKWOOL
A/S,
Class
B
883
41,840
Tryg
A/S
2,162
55,541
(Cost
$331,187)
386,311
Finland
—
2.2%
Elisa
OYJ
2,216
116,729
Fortum
OYJ
3,228
55,702
Kesko
OYJ,
Class
B
5,231
126,490
Kone
OYJ,
Class
B
2,622
163,238
Metso
Corp.
1,111
13,407
Nokia
OYJ
23,359
121,348
Nordea
Bank
Abp
2,696
39,069
Orion
OYJ,
Class
B
2,399
162,727
Sampo
OYJ,
Class
A
7,293
77,793
Stora
Enso
OYJ,
Class
R
1,322
13,366
UPM-Kymmene
OYJ
2,135
59,116
Valmet
OYJ
2,433
79,354
Wartsila
OYJ
Abp
4,194
83,941
(Cost
$1,046,214)
1,112,280
France
—
4.4%
Accor
SA
674
35,771
Aeroports
de
Paris
SA
36
4,827
Air
Liquide
SA
123
25,470
Airbus
SE
24
4,416
Alstom
SA
*
247
5,581
Amundi
SA,
144A
411
33,524
Schedule
of
Investments
Xtrackers
FTSE
Developed
ex
US
Multifactor
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
Arkema
SA
309
22,065
AXA
SA
395
18,614
Ayvens
SA,
144A
573
5,828
BioMerieux
197
26,412
BNP
Paribas
SA
53
4,641
Bollore
SE
685
4,355
Bouygues
SA
1,977
86,162
Bureau
Veritas
SA
3,185
108,762
Canal+
SA
*
7,296
20,554
Capgemini
SE
107
17,765
Carrefour
SA
3,735
55,822
Cie
de
Saint-Gobain
SA
713
80,004
Cie
Generale
des
Etablissements
Michelin
SCA
4,129
157,873
Credit
Agricole
SA
422
7,716
Danone
SA
1,055
90,114
Dassault
Aviation
SA
133
48,135
Dassault
Systemes
SE
284
10,640
Edenred
SE
300
9,366
Eiffage
SA
791
108,746
Engie
SA
6,143
132,398
EssilorLuxottica
SA
51
14,168
Eurazeo
SE
1,432
100,061
FDJ
UNITED,
144A
975
35,796
Gecina
SA
REIT
98
10,781
Getlink
SE
*
1,378
26,360
Havas
NV
*
9,209
16,116
Ipsen
SA
*
286
33,669
Legrand
SA
493
59,858
Orange
SA
13,993
208,657
Pernod
Ricard
SA
61
6,303
Publicis
Groupe
SA
669
72,819
Renault
SA
237
12,210
Rexel
SA
1,152
32,342
Safran
SA
65
19,289
Sanofi
SA
315
31,297
Schneider
Electric
SE
95
23,872
SEB
SA
75
7,442
Societe
Generale
SA
141
7,659
Sodexo
SA
798
55,126
Teleperformance
SE
639
64,592
Thales
SA
185
56,160
TotalEnergies
SE
394
23,107
Veolia
Environnement
SA
3,327
114,367
Vinci
SA
444
63,435
Vivendi
SE
*
3,329
11,221
Wendel
SE
163
15,849
(Cost
$1,955,130)
2,248,117
Germany
—
3.8%
adidas
AG
119
29,653
Allianz
SE
36
14,251
Number
of
Shares
Value
$
BASF
SE
1,233
59,350
Bayer
AG
349
9,800
Bayerische
Motoren
Werke
AG
237
21,013
Bechtle
AG
197
8,583
Beiersdorf
AG
203
27,805
Brenntag
SE
927
62,764
Commerzbank
AG
273
8,303
Continental
AG
666
58,445
Covestro
AG
*
243
16,690
CTS
Eventim
AG
&
Co.
KGaA
262
31,736
Daimler
Truck
Holding
AG
415
18,002
Deutsche
Bank
AG
(b)
284
7,854
Deutsche
Boerse
AG
39
12,552
Deutsche
Lufthansa
AG
2,209
17,670
Deutsche
Post
AG
1,761
78,708
Deutsche
Telekom
AG
1,311
49,531
DWS
Group
GmbH
&
Co.
KGaA,
144A
(b)
124
6,957
E.ON
SE
5,995
105,014
Evonik
Industries
AG
1,975
42,735
Fielmann
Group
AG
194
12,333
Fraport
AG
Frankfurt
Airport
Services
Worldwide
*
92
6,381
Fresenius
Medical
Care
AG
1,684
95,626
Fresenius
SE
&
Co.
KGaA
1,689
82,795
FUCHS
SE
826
31,414
GEA
Group
AG
3,048
203,808
Hannover
Rueck
SE
101
31,921
Heidelberg
Materials
AG
931
182,266
Henkel
AG
&
Co.
KGaA
480
35,202
HOCHTIEF
AG
245
45,058
Infineon
Technologies
AG
425
16,537
Knorr-Bremse
AG
420
42,436
Mercedes-Benz
Group
AG
413
24,657
Merck
KGaA
223
29,240
MTU
Aero
Engines
AG
146
58,094
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
33
21,407
Nemetschek
SE
131
18,188
Puma
SE
254
6,574
Rational
AG
14
11,499
Rheinmetall
AG
3
6,420
RWE
AG
2,757
103,693
SAP
SE
17
5,132
Scout24
SE,
144A
809
110,118
Siemens
AG
58
13,946
Siemens
Energy
AG
*
74
7,183
Siemens
Healthineers
AG,
144A
95
5,024
Symrise
AG
282
33,631
Talanx
AG
103
13,365
Traton
SE
202
7,136
Schedule
of
Investments
Xtrackers
FTSE
Developed
ex
US
Multifactor
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
Zalando
SE,
144A
*
227
8,105
(Cost
$1,554,666)
1,956,605
Hong
Kong
—
2.6%
AIA
Group
Ltd.
1,322
11,068
Bank
of
East
Asia
Ltd.
17,274
24,320
BOC
Hong
Kong
Holdings
Ltd.
10,984
46,365
Cathay
Pacific
Airways
Ltd.
38,719
52,142
CK
Asset
Holdings
Ltd.
10,508
43,551
CK
Hutchison
Holdings
Ltd.
24,147
135,954
CK
Infrastructure
Holdings
Ltd.
3,154
20,412
CLP
Holdings
Ltd.
10,308
87,482
CTF
Services
Ltd.
5,481
5,082
Dah
Sing
Banking
Group
Ltd.
12,115
13,750
DFI
Retail
Group
Holdings
Ltd.
4,826
13,320
First
Pacific
Co.
Ltd.
36,430
25,041
Galaxy
Entertainment
Group
Ltd.
1,112
4,736
Hang
Lung
Group
Ltd.
18,990
27,269
Hang
Seng
Bank
Ltd.
1,717
24,042
Henderson
Land
Development
Co.
Ltd.
3,395
10,629
Hong
Kong
&
China
Gas
Co.
Ltd.
67,433
59,336
Hong
Kong
Exchanges
&
Clearing
Ltd.
306
15,445
Hutchison
Port
Holdings
Trust,
Class
U
222,300
35,346
Jardine
Matheson
Holdings
Ltd.
3,114
138,573
Johnson
Electric
Holdings
Ltd.
6,272
16,797
Kerry
Properties
Ltd.
10,884
26,150
Link
REIT
636
3,378
MTR
Corp.
Ltd.
8,920
31,168
PCCW
Ltd.
57,649
38,376
Power
Assets
Holdings
Ltd.
14,244
90,188
Prudential
PLC
904
10,299
Shangri-La
Asia
Ltd.
8,869
4,965
Sino
Land
Co.
Ltd.
13,621
13,757
SITC
International
Holdings
Co.
Ltd.
1,938
6,191
Sun
Hung
Kai
Properties
Ltd.
2,389
25,668
Swire
Pacific
Ltd.,
Class
A
3,431
29,250
Swire
Pacific
Ltd.,
Class
B
11,389
15,308
Techtronic
Industries
Co.
Ltd.
1,615
18,093
VTech
Holdings
Ltd.
7,022
46,744
WH
Group
Ltd.,
144A
146,538
135,297
Xinyi
Glass
Holdings
Ltd.
749
714
Yue
Yuen
Industrial
Holdings
Ltd.
13,420
20,229
(Cost
$1,239,249)
1,326,435
Ireland
—
0.5%
AIB
Group
PLC
1,002
7,871
Bank
of
Ireland
Group
PLC
431
5,911
DCC
PLC
578
36,136
Experian
PLC
1,211
60,310
Number
of
Shares
Value
$
Glanbia
PLC
533
7,745
James
Hardie
Industries
PLC
CDI
*
619
14,118
Kerry
Group
PLC,
Class
A
1,099
120,023
Kingspan
Group
PLC
101
8,657
(Cost
$238,587)
260,771
Israel
—
3.3%
Airport
City
Ltd.
*
245
3,835
Amot
Investments
Ltd.
5,366
29,871
Azrieli
Group
Ltd.
280
21,371
Bank
Hapoalim
BM
13,130
219,719
Bank
Leumi
Le-Israel
BM
18,178
292,571
Bezeq
The
Israeli
Telecommunication
Corp.
Ltd.
89,573
139,661
Big
Shopping
Centers
Ltd.
*
149
24,002
Elbit
Systems
Ltd.
179
71,668
Energix-Renewable
Energies
Ltd.
850
2,700
Enlight
Renewable
Energy
Ltd.
*
749
14,624
First
International
Bank
Of
Israel
Ltd.
907
56,959
Gav-Yam
Lands
Corp.
Ltd.
611
5,532
Harel
Insurance
Investments
&
Financial
Services
Ltd.
1,598
32,422
ICL
Group
Ltd.
17,539
115,377
Israel
Corp.
Ltd.
69
21,528
Israel
Discount
Bank
Ltd.,
Class
A
17,285
146,860
Melisron
Ltd.
388
36,207
Menora
Mivtachim
Holdings
Ltd.
140
8,163
Mivne
Real
Estate
KD
Ltd.
3,448
10,523
Mizrahi
Tefahot
Bank
Ltd.
2,482
141,903
Nice
Ltd.
*
30
5,048
Nova
Ltd.
*
122
25,602
Phoenix
Financial
Ltd.
3,244
78,170
Shapir
Engineering
and
Industry
Ltd.
1,626
12,540
Shufersal
Ltd.
8,733
87,426
Strauss
Group
Ltd.
1,628
39,692
Teva
Pharmaceutical
Industries
Ltd.
*
522
9,219
Tower
Semiconductor
Ltd.
*
1,229
50,534
(Cost
$1,359,977)
1,703,727
Italy
—
2.1%
A2A
SpA
14,626
37,924
Amplifon
SpA
299
6,867
Banca
Mediolanum
SpA
1,288
21,392
Banco
BPM
SpA
2,292
26,306
BPER
Banca
SPA
1,064
9,436
Brunello
Cucinelli
SpA
101
12,435
Buzzi
SpA
1,059
54,365
DiaSorin
SpA
91
9,438
Enel
SpA
7,214
66,214
Eni
SpA
3,285
48,376
Schedule
of
Investments
Xtrackers
FTSE
Developed
ex
US
Multifactor
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
Ferrari
NV
69
33,009
FinecoBank
Banca
Fineco
SpA
2,032
43,876
Generali
622
22,631
Hera
SpA
14,517
72,052
Infrastrutture
Wireless
Italiane
SpA,
144A
1,646
19,303
Interpump
Group
SpA
261
10,175
Intesa
Sanpaolo
SpA
2,970
16,555
Italgas
SpA
13,721
112,620
Leonardo
SpA
910
56,014
Mediobanca
Banca
di
Credito
Finanziario
SpA
242
5,747
Moncler
SpA
604
37,754
Pirelli
&
C
SpA,
144A
5,080
36,333
Poste
Italiane
SpA,
144A
841
18,245
PRADA
SpA
726
4,750
Prysmian
SpA
659
42,344
Recordati
Industria
Chimica
e
Farmaceutica
SpA
569
34,107
Reply
SpA
230
38,774
Snam
SpA
5,478
32,749
Telecom
Italia
SpA
*
20,006
8,549
Telecom
Italia
SpA-RSP
*
20,183
9,470
Terna
-
Rete
Elettrica
Nazionale
6,130
62,340
UniCredit
SpA
156
10,017
Unipol
Assicurazioni
SpA
2,242
43,854
(Cost
$811,797)
1,064,021
Japan
—
29.2%
ABC-Mart,
Inc.
1,289
25,102
Acom
Co.
Ltd.
2,200
6,312
Activia
Properties,
Inc.
REIT
6
4,786
Advance
Residence
Investment
Corp.
REIT
12
12,316
Aeon
Co.
Ltd.
1,049
32,242
Aeon
Mall
Co.
Ltd.
500
9,957
AEON
REIT
Investment
Corp.
REIT
9
7,803
AGC,
Inc.
654
19,408
Aica
Kogyo
Co.
Ltd.
1,414
35,670
Air
Water,
Inc.
1,200
16,791
Aisin
Corp.
5,079
64,871
Ajinomoto
Co.,
Inc.
1,200
30,038
Alfresa
Holdings
Corp.
4,300
57,872
Alps
Alpine
Co.
Ltd.
2,300
22,100
Amada
Co.
Ltd.
4,043
41,510
Amano
Corp.
1,000
29,544
ANA
Holdings,
Inc.
1,200
23,760
As
One
Corp.
300
4,649
Asahi
Group
Holdings
Ltd.
3,376
44,594
Asahi
Intecc
Co.
Ltd.
216
3,358
Asahi
Kasei
Corp.
9,919
69,807
Asics
Corp.
300
7,241
Number
of
Shares
Value
$
Azbil
Corp.
7,752
68,282
Bandai
Namco
Holdings,
Inc.
3,500
111,480
Bic
Camera,
Inc.
6,200
64,559
BIPROGY,
Inc.
900
36,400
Bridgestone
Corp.
2,124
91,484
Brother
Industries
Ltd.
3,842
65,793
Calbee,
Inc.
480
9,469
Canon
Marketing
Japan,
Inc.
1,800
66,888
Canon,
Inc.
4,322
132,750
Capcom
Co.
Ltd.
1,716
51,137
Casio
Computer
Co.
Ltd.
1,700
12,282
Central
Japan
Railway
Co.
1,055
23,111
Chiba
Bank
Ltd.
700
6,374
Chubu
Electric
Power
Co.,
Inc.
3,431
42,039
Chugai
Pharmaceutical
Co.
Ltd.
500
26,276
Chugin
Financial
Group,
Inc.
536
6,497
Chugoku
Electric
Power
Co.,
Inc.
2,383
11,702
Coca-Cola
Bottlers
Japan
Holdings,
Inc.
1,000
16,508
COMSYS
Holdings
Corp.
2,934
67,507
Concordia
Financial
Group
Ltd.
1,100
7,067
Cosmo
Energy
Holdings
Co.
Ltd.
500
21,148
Cosmos
Pharmaceutical
Corp.
620
37,949
Credit
Saison
Co.
Ltd.
300
8,200
CyberAgent,
Inc.
2,500
25,382
Dai
Nippon
Printing
Co.
Ltd.
5,714
84,406
Daicel
Corp.
2,527
21,611
Daido
Steel
Co.
Ltd.
375
2,537
Daifuku
Co.
Ltd.
1,278
34,258
Dai-ichi
Life
Holdings,
Inc.
2,500
19,552
Daiichi
Sankyo
Co.
Ltd.
100
2,663
Daikin
Industries
Ltd.
170
19,540
Daito
Trust
Construction
Co.
Ltd.
848
95,440
Daiwa
House
Industry
Co.
Ltd.
3,802
128,345
Daiwa
House
REIT
Investment
Corp.
REIT
6
9,975
Daiwa
Office
Investment
Corp.
REIT
5
10,447
Daiwa
Securities
Group,
Inc.
1,900
12,892
Daiwa
Securities
Living
Investments
Corp.
REIT
10
6,521
Denka
Co.
Ltd.
1,000
14,252
Denso
Corp.
684
9,298
Dentsu
Soken,
Inc.
300
14,159
Dexerials
Corp.
600
8,782
DIC
Corp.
3,100
64,043
Disco
Corp.
26
5,923
Dowa
Holdings
Co.
Ltd.
800
25,437
East
Japan
Railway
Co.
3,300
69,296
Ebara
Corp.
2,000
32,246
Electric
Power
Development
Co.
Ltd.
2,476
41,586
ENEOS
Holdings,
Inc.
48,320
229,520
Schedule
of
Investments
Xtrackers
FTSE
Developed
ex
US
Multifactor
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
EXEO
Group,
Inc.
5,744
73,265
Ezaki
Glico
Co.
Ltd.
700
22,505
FANUC
Corp.
1,380
36,993
Fast
Retailing
Co.
Ltd.
41
13,738
Food
&
Life
Cos.
Ltd.
400
17,148
FP
Corp.
1,100
22,420
Frontier
Real
Estate
Investment
Corp.
REIT
23
13,134
Fuji
Electric
Co.
Ltd.
188
8,376
Fuji
Media
Holdings,
Inc.
800
15,923
FUJI
OIL
CO.
LTD.
400
8,208
FUJIFILM
Holdings
Corp.
1,753
39,896
Fujitec
Co.
Ltd.
2,100
83,828
Fujitsu
Ltd.
4,760
109,454
Fukuoka
Financial
Group,
Inc.
200
5,486
Furukawa
Electric
Co.
Ltd.
200
9,533
GLP
J
REIT
20
17,617
GMO
internet
group,
Inc.
300
7,295
Goldwin,
Inc.
100
5,739
GS
Yuasa
Corp.
338
6,186
Gunma
Bank
Ltd.
900
7,447
Hakuhodo
DY
Holdings,
Inc.
669
5,255
Hankyu
Hanshin
Holdings,
Inc.
967
26,036
Haseko
Corp.
6,697
97,419
Heiwa
Corp.
800
11,615
Hikari
Tsushin,
Inc.
196
53,437
Hirogin
Holdings,
Inc.
1,200
10,391
Hirose
Electric
Co.
Ltd.
591
69,587
Hisamitsu
Pharmaceutical
Co.,
Inc.
800
22,781
Hitachi
Construction
Machinery
Co.
Ltd.
400
12,206
Hitachi
Ltd.
1,430
40,097
Honda
Motor
Co.
Ltd.
1,935
19,686
Horiba
Ltd.
107
7,668
Hoshizaki
Corp.
1,526
57,055
House
Foods
Group,
Inc.
1,257
23,882
Hoya
Corp.
214
25,383
Hulic
Co.
Ltd.
5,548
56,212
Idemitsu
Kosan
Co.
Ltd.
10,525
64,297
Iida
Group
Holdings
Co.
Ltd.
900
12,649
Industrial
&
Infrastructure
Fund
Investment
Corp.
REIT
13
10,631
INFRONEER
Holdings,
Inc.
84
686
Inpex
Corp.
3,099
41,912
Internet
Initiative
Japan,
Inc.
600
11,576
Invincible
Investment
Corp.
REIT
32
13,594
Isetan
Mitsukoshi
Holdings
Ltd.
800
12,197
Isuzu
Motors
Ltd.
5,800
78,763
Ito
En
Ltd.
300
6,580
ITOCHU
Corp.
1,036
55,571
Itoham
Yonekyu
Holdings,
Inc.
760
26,440
Number
of
Shares
Value
$
Iwatani
Corp.
900
9,300
Iyogin
Holdings,
Inc.
1,200
13,090
Izumi
Co.
Ltd.
500
11,373
J.
Front
Retailing
Co.
Ltd.
2,165
30,503
Japan
Airlines
Co.
Ltd.
1,400
28,360
Japan
Airport
Terminal
Co.
Ltd.
200
6,201
Japan
Hotel
REIT
Investment
Corp.
REIT
20
10,354
Japan
Logistics
Fund,
Inc.
REIT
20
12,696
Japan
Metropolitan
Fund
Invest
REIT
20
13,666
Japan
Post
Holdings
Co.
Ltd.
500
4,905
Japan
Post
Insurance
Co.
Ltd.
400
8,804
Japan
Prime
Realty
Investment
Corp.
REIT
11
27,406
Japan
Real
Estate
Investment
Corp.
REIT
49
39,731
Japan
Steel
Works
Ltd.
400
19,014
Japan
Tobacco,
Inc.
1,164
35,801
JFE
Holdings,
Inc.
1,000
11,861
JGC
Holdings
Corp.
700
5,901
JTEKT
Corp.
1,200
9,447
Justsystems
Corp.
300
7,162
Kagome
Co.
Ltd.
265
5,469
Kajima
Corp.
4,000
98,798
Kakaku.com,
Inc.
800
13,683
Kamigumi
Co.
Ltd.
2,532
70,225
Kandenko
Co.
Ltd.
3,692
76,260
Kaneka
Corp.
1,222
33,248
Kansai
Electric
Power
Co.,
Inc.
5,611
63,811
Kansai
Paint
Co.
Ltd.
4,488
63,932
Kao
Corp.
2,653
121,458
Kawasaki
Heavy
Industries
Ltd.
91
6,404
KDDI
Corp.
6,058
104,917
KDX
Realty
Investment
Corp.
REIT
88
92,516
Keihan
Holdings
Co.
Ltd.
800
17,425
Keikyu
Corp.
9,800
100,652
Keio
Corp.
500
12,145
Keisei
Electric
Railway
Co.
Ltd.
1,200
11,518
Kewpie
Corp.
2,759
65,105
Keyence
Corp.
22
9,261
Kikkoman
Corp.
930
8,524
Kinden
Corp.
4,100
111,269
Kintetsu
Group
Holdings
Co.
Ltd.
900
17,695
Kirin
Holdings
Co.
Ltd.
1,812
26,019
Kobayashi
Pharmaceutical
Co.
Ltd.
200
7,302
Kobe
Bussan
Co.
Ltd.
300
9,460
Kobe
Steel
Ltd.
1,200
13,834
Koei
Tecmo
Holdings
Co.
Ltd.
1,100
18,235
Koito
Manufacturing
Co.
Ltd.
3,300
41,795
Kokuyo
Co.
Ltd.
4,100
86,720
Schedule
of
Investments
Xtrackers
FTSE
Developed
ex
US
Multifactor
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
Komatsu
Ltd.
3,170
97,146
Konami
Group
Corp.
432
58,844
Konica
Minolta,
Inc.
*
1,200
3,663
Kose
Corp.
100
4,012
Kotobuki
Spirits
Co.
Ltd.
400
6,466
K's
Holdings
Corp.
6,211
59,745
Kubota
Corp.
2,500
28,821
Kuraray
Co.
Ltd.
10,081
128,200
Kurita
Water
Industries
Ltd.
428
16,038
Kusuri
no
Aoki
Holdings
Co.
Ltd.
300
7,350
Kyocera
Corp.
3,288
40,139
Kyowa
Kirin
Co.
Ltd.
200
3,262
Kyudenko
Corp.
399
14,694
Kyushu
Electric
Power
Co.,
Inc.
10,764
92,538
Kyushu
Railway
Co.
1,200
32,192
LaSalle
Logiport
REIT
10
9,307
Lion
Corp.
8,406
91,054
Lixil
Corp.
1,111
12,512
LY
Corp.
1,200
4,341
Mabuchi
Motor
Co.
Ltd.
1,200
18,051
Makita
Corp.
2,500
77,030
Marubeni
Corp.
691
14,103
Marui
Group
Co.
Ltd.
879
17,992
Maruichi
Steel
Tube
Ltd.
1,250
30,121
Maruwa
Co.
Ltd./Aichi
55
13,390
MatsukiyoCocokara
&
Co.
2,991
60,444
Mazda
Motor
Corp.
800
5,061
McDonald's
Holdings
Co.
Japan
Ltd.
700
29,641
Mebuki
Financial
Group,
Inc.
1,600
7,893
Medipal
Holdings
Corp.
7,351
114,956
MEIJI
Holdings
Co.
Ltd.
3,238
72,369
MINEBEA
MITSUMI,
Inc.
371
5,228
MISUMI
Group,
Inc.
3,840
50,949
Mitsubishi
Chemical
Group
Corp.
8,402
44,870
Mitsubishi
Corp.
408
8,299
Mitsubishi
Electric
Corp.
4,974
100,104
Mitsubishi
Estate
Co.
Ltd.
1,200
21,963
Mitsubishi
Gas
Chemical
Co.,
Inc.
2,667
41,097
Mitsubishi
HC
Capital,
Inc.
1,350
9,903
Mitsubishi
Heavy
Industries
Ltd.
1,830
42,511
Mitsubishi
Logistics
Corp.
2,500
20,228
Mitsubishi
Materials
Corp.
500
7,816
Mitsubishi
Motors
Corp.
1,500
4,529
Mitsui
&
Co.
Ltd.
750
15,744
Mitsui
Chemicals,
Inc.
800
18,213
Mitsui
Fudosan
Co.
Ltd.
1,400
13,486
Mitsui
Fudosan
Logistics
Park,
Inc.
REIT
8
5,633
Mitsui
Mining
&
Smelting
Co.
Ltd.
1,100
37,735
Number
of
Shares
Value
$
Mitsui
OSK
Lines
Ltd.
874
31,042
Miura
Co.
Ltd.
1,400
29,515
Mizuho
Financial
Group,
Inc.
80
2,219
MonotaRO
Co.
Ltd.
700
14,466
Mori
Hills
REIT
Investment
Corp.
REIT
12
10,861
Morinaga
&
Co.
Ltd.
1,800
29,783
Morinaga
Milk
Industry
Co.
Ltd.
1,700
39,032
MS&AD
Insurance
Group
Holdings,
Inc.
1,600
38,321
Murata
Manufacturing
Co.
Ltd.
2,551
37,692
Nabtesco
Corp.
1,000
16,553
Nagase
&
Co.
Ltd.
3,765
71,650
Nagoya
Railroad
Co.
Ltd.
1,200
13,543
Nankai
Electric
Railway
Co.
Ltd.
718
10,860
NEC
Corp.
3,540
92,858
Nexon
Co.
Ltd.
300
5,431
NGK
Insulators
Ltd.
3,577
44,695
NH
Foods
Ltd.
900
31,704
NHK
Spring
Co.
Ltd.
6,400
71,121
Nichias
Corp.
1,800
62,410
Nichirei
Corp.
1,300
16,762
Nidec
Corp.
1,300
25,316
Nifco,
Inc.
1,261
30,298
Nihon
Kohden
Corp.
1,700
20,246
Nikon
Corp.
600
6,067
Nintendo
Co.
Ltd.
950
77,919
Nippon
Accommodations
Fund,
Inc.
REIT
11
8,759
Nippon
Building
Fund,
Inc.
REIT
43
39,217
Nippon
Electric
Glass
Co.
Ltd.
1,200
28,791
NIPPON
EXPRESS
HOLDINGS,
Inc.
6,508
120,761
Nippon
Kayaku
Co.
Ltd.
2,900
26,228
Nippon
Paint
Holdings
Co.
Ltd.
200
1,510
Nippon
Prologis
REIT,
Inc.
REIT
18
9,605
Nippon
Sanso
Holdings
Corp.
559
20,052
Nippon
Shinyaku
Co.
Ltd.
300
7,404
Nippon
Shokubai
Co.
Ltd.
5,200
59,858
Nippon
Steel
Corp.
2,513
50,645
Nippon
Telegraph
&
Telephone
Corp.
10,575
11,755
Nippon
Television
Holdings,
Inc.
1,000
22,710
Nippon
Yusen
KK
1,100
40,182
Nipro
Corp.
1,000
8,791
Nissan
Chemical
Corp.
483
14,554
Nissan
Motor
Co.
Ltd.
*
1,000
2,557
Nisshin
Seifun
Group,
Inc.
1,278
15,415
Nissin
Foods
Holdings
Co.
Ltd.
552
11,714
Niterra
Co.
Ltd.
1,702
54,895
Nitori
Holdings
Co.
Ltd.
81
8,067
Nitto
Denko
Corp.
5,151
94,438
NOF
Corp.
3,621
64,242
Schedule
of
Investments
Xtrackers
FTSE
Developed
ex
US
Multifactor
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
NOK
Corp.
3,400
49,965
Nomura
Holdings,
Inc.
1,200
7,387
Nomura
Real
Estate
Holdings,
Inc.
5,330
31,313
Nomura
Real
Estate
Master
Fund,
Inc.
REIT
21
21,059
Nomura
Research
Institute
Ltd.
1,400
54,120
NS
Solutions
Corp.
800
21,456
NSK
Ltd.
800
3,603
NTT
Data
Group
Corp.
900
24,887
Obayashi
Corp.
4,162
62,894
OBIC
Business
Consultants
Co.
Ltd.
300
17,075
Obic
Co.
Ltd.
975
35,589
Odakyu
Electric
Railway
Co.
Ltd.
400
4,449
Oji
Holdings
Corp.
20,488
97,233
OKUMA
Corp.
600
15,240
Olympus
Corp.
2,000
25,711
Ono
Pharmaceutical
Co.
Ltd.
2,077
22,534
Open
House
Group
Co.
Ltd.
2,380
103,005
Oracle
Corp.
200
23,417
Organo
Corp.
200
10,770
Oriental
Land
Co.
Ltd.
190
4,231
ORIX
Corp.
1,936
41,136
Orix
JREIT,
Inc.
REIT
25
31,013
Osaka
Gas
Co.
Ltd.
5,829
148,376
Otsuka
Corp.
1,916
39,377
Otsuka
Holdings
Co.
Ltd.
2,834
144,356
PALTAC
Corp.
1,182
34,306
Pan
Pacific
International
Holdings
Corp.
899
29,525
Panasonic
Holdings
Corp.
7,272
84,062
Park24
Co.
Ltd.
800
11,141
Persol
Holdings
Co.
Ltd.
40,390
75,548
Pola
Orbis
Holdings,
Inc.
400
3,802
Rakuten
Group,
Inc.
*
2,100
11,622
Recruit
Holdings
Co.
Ltd.
457
27,519
Rengo
Co.
Ltd.
1,212
6,255
Resona
Holdings,
Inc.
1,000
8,867
Resonac
Holdings
Corp.
1,500
33,068
Resorttrust,
Inc.
3,100
35,115
Ricoh
Co.
Ltd.
2,800
26,206
Rinnai
Corp.
1,751
43,746
Rohto
Pharmaceutical
Co.
Ltd.
322
4,545
Ryohin
Keikaku
Co.
Ltd.
1,500
57,590
Sankyo
Co.
Ltd.
7,145
124,633
Sankyu,
Inc.
1,200
57,757
Sanrio
Co.
Ltd.
200
8,790
Santen
Pharmaceutical
Co.
Ltd.
6,600
73,321
Sanwa
Holdings
Corp.
4,100
141,701
Sapporo
Holdings
Ltd.
200
10,197
SBI
Holdings,
Inc.
700
21,292
Number
of
Shares
Value
$
SCSK
Corp.
1,900
57,818
Secom
Co.
Ltd.
1,947
71,082
Sega
Sammy
Holdings,
Inc.
2,500
47,308
Seibu
Holdings,
Inc.
600
15,863
Seiko
Epson
Corp.
3,351
44,043
Seino
Holdings
Co.
Ltd.
4,100
61,587
Sekisui
Chemical
Co.
Ltd.
10,001
173,967
Sekisui
House
Ltd.
1,636
37,222
Sekisui
House
Reit,
Inc.
REIT
73
39,006
Seven
&
i
Holdings
Co.
Ltd.
1,800
27,144
Seven
Bank
Ltd.
2,400
4,606
SG
Holdings
Co.
Ltd.
1,160
11,299
Sharp
Corp.
*
800
4,103
Shikoku
Electric
Power
Co.,
Inc.
4,400
35,723
Shimadzu
Corp.
1,196
28,952
Shimamura
Co.
Ltd.
727
50,408
Shimano,
Inc.
162
23,088
Shimizu
Corp.
2,646
29,129
Shin-Etsu
Chemical
Co.
Ltd.
435
13,991
Shionogi
&
Co.
Ltd.
2,800
46,727
Ship
Healthcare
Holdings,
Inc.
1,200
15,502
Shizuoka
Financial
Group,
Inc.
700
8,201
SHO-BOND
Holdings
Co.
Ltd.
349
11,847
Skylark
Holdings
Co.
Ltd.
*
2,460
54,265
SMC
Corp.
18
6,755
SoftBank
Corp.
32,950
50,557
Sohgo
Security
Services
Co.
Ltd.
16,835
117,021
Sojitz
Corp.
1,020
25,222
Sompo
Holdings,
Inc.
4,100
124,652
Sony
Group
Corp.
865
22,840
Sotetsu
Holdings,
Inc.
200
2,984
Square
Enix
Holdings
Co.
Ltd.
600
37,735
Stanley
Electric
Co.
Ltd.
2,231
42,983
Subaru
Corp.
3,764
69,883
Sugi
Holdings
Co.
Ltd.
1,505
33,042
Sumitomo
Bakelite
Co.
Ltd.
400
10,933
Sumitomo
Chemical
Co.
Ltd.
3,900
9,373
Sumitomo
Corp.
2,132
54,698
Sumitomo
Electric
Industries
Ltd.
7,726
162,557
Sumitomo
Forestry
Co.
Ltd.
383
11,172
Sumitomo
Heavy
Industries
Ltd.
149
3,134
Sumitomo
Metal
Mining
Co.
Ltd.
269
6,187
Sumitomo
Mitsui
Financial
Group,
Inc.
300
7,693
Sumitomo
Mitsui
Trust
Holdings,
Inc.
300
8,156
Sumitomo
Realty
&
Development
Co.
Ltd.
871
33,531
Sumitomo
Rubber
Industries
Ltd.
2,100
26,204
Sundrug
Co.
Ltd.
688
21,413
Suntory
Beverage
&
Food
Ltd.
1,074
34,916
Schedule
of
Investments
Xtrackers
FTSE
Developed
ex
US
Multifactor
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
Suzuken
Co.
Ltd.
2,784
102,508
Suzuki
Motor
Corp.
3,968
50,942
Sysmex
Corp.
1,181
19,909
T&D
Holdings,
Inc.
600
13,780
Taiheiyo
Cement
Corp.
3,600
92,535
Taisei
Corp.
634
35,383
Takara
Holdings,
Inc.
1,400
12,395
Takasago
Thermal
Engineering
Co.
Ltd.
300
13,826
Takashimaya
Co.
Ltd.
2,300
18,386
Takeda
Pharmaceutical
Co.
Ltd.
100
2,990
TBS
Holdings,
Inc.
200
6,417
TDK
Corp.
4,550
50,452
TechnoPro
Holdings,
Inc.
887
24,244
Teijin
Ltd.
3,320
26,678
Terumo
Corp.
432
7,967
THK
Co.
Ltd.
500
13,711
TIS,
Inc.
2,800
92,133
Tobu
Railway
Co.
Ltd.
500
8,845
Toda
Corp.
3,900
24,195
Toho
Co.
Ltd.
1,259
66,442
Toho
Gas
Co.
Ltd.
1,400
39,130
Tohoku
Electric
Power
Co.,
Inc.
6,519
45,314
Tokai
Carbon
Co.
Ltd.
1,000
7,187
Tokio
Marine
Holdings,
Inc.
800
33,886
Tokyo
Gas
Co.
Ltd.
3,959
132,932
Tokyo
Ohka
Kogyo
Co.
Ltd.
500
12,973
Tokyo
Tatemono
Co.
Ltd.
2,700
48,070
Tokyu
Corp.
1,300
15,784
Tokyu
Fudosan
Holdings
Corp.
2,422
17,725
Tomy
Co.
Ltd.
2,000
42,482
TOPPAN
Holdings,
Inc.
4,865
129,805
Toray
Industries,
Inc.
9,900
68,479
Toridoll
Holdings
Corp.
100
2,873
Tosoh
Corp.
7,341
108,796
TOTO
Ltd.
1,480
37,981
Toyo
Seikan
Group
Holdings
Ltd.
1,521
29,878
Toyo
Suisan
Kaisha
Ltd.
1,185
78,756
Toyo
Tire
Corp.
1,600
33,232
Toyoda
Gosei
Co.
Ltd.
1,284
24,969
Toyota
Boshoku
Corp.
1,100
15,704
Toyota
Motor
Corp.
300
5,757
Toyota
Tsusho
Corp.
769
16,361
Trend
Micro,
Inc.
994
74,570
TS
Tech
Co.
Ltd.
1,758
19,664
Tsuruha
Holdings,
Inc.
513
40,192
UBE
Corp.
1,093
17,142
Unicharm
Corp.
1,131
8,994
United
Urban
Investment
Corp.
REIT
12
12,574
Ushio,
Inc.
1,101
13,624
USS
Co.
Ltd.
6,900
74,836
Number
of
Shares
Value
$
Welcia
Holdings
Co.
Ltd.
1,000
17,721
West
Japan
Railway
Co.
3,000
64,846
Workman
Co.
Ltd.
400
15,274
Yakult
Honsha
Co.
Ltd.
1,400
28,321
Yamada
Holdings
Co.
Ltd.
8,257
24,795
Yamaguchi
Financial
Group,
Inc.
500
5,316
Yamaha
Corp.
3,900
27,312
Yamaha
Motor
Co.
Ltd.
3,500
26,924
Yamato
Holdings
Co.
Ltd.
4,600
63,854
Yamato
Kogyo
Co.
Ltd.
900
53,347
Yamazaki
Baking
Co.
Ltd.
353
7,963
Yaoko
Co.
Ltd.
357
23,182
Yaskawa
Electric
Corp.
300
7,094
Yokogawa
Electric
Corp.
1,500
36,893
Yokohama
Rubber
Co.
Ltd.
700
17,668
Zenkoku
Hosho
Co.
Ltd.
2,176
48,196
Zensho
Holdings
Co.
Ltd.
100
5,474
Zeon
Corp.
7,359
74,179
ZOZO,
Inc.
1,800
19,510
(Cost
$13,364,995)
14,994,596
Luxembourg
—
0.2%
ArcelorMittal
SA
863
26,178
CVC
Capital
Partners
PLC,
144A
432
8,028
Eurofins
Scientific
SE
430
28,675
RTL
Group
SA
722
27,663
Tenaris
SA
931
15,611
(Cost
$101,877)
106,155
Mexico
—
0.0%
Fresnillo
PLC
(Cost
$11,582)
974
15,276
Netherlands
—
2.4%
Aalberts
NV
355
12,389
ABN
AMRO
Bank
NV,
144A
443
11,451
Akzo
Nobel
NV
611
41,591
ASM
International
NV
12
6,534
ASR
Nederland
NV
376
24,109
BE
Semiconductor
Industries
NV
22
2,661
CTP
NV,
144A
2,055
39,100
Euronext
NV,
144A
77
12,535
EXOR
NV
734
70,662
Ferrovial
SE
1,520
77,375
Heineken
Holding
NV
738
57,474
Heineken
NV
208
18,517
IMCD
NV
69
9,361
ING
Groep
NV
787
16,690
JDE
Peet's
NV
743
20,429
Koninklijke
Ahold
Delhaize
NV
8,279
349,445
Koninklijke
KPN
NV
38,385
180,320
Koninklijke
Philips
NV
729
16,759
Koninklijke
Vopak
NV
1,334
61,122
Schedule
of
Investments
Xtrackers
FTSE
Developed
ex
US
Multifactor
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
NN
Group
NV
318
20,007
Prosus
NV
*
68
3,489
QIAGEN
NV
*
672
30,325
Randstad
NV
313
13,133
Universal
Music
Group
NV
414
13,235
Wolters
Kluwer
NV
737
130,773
(Cost
$1,011,296)
1,239,486
New
Zealand
—
0.7%
Air
New
Zealand
Ltd.
20,097
7,199
Auckland
International
Airport
Ltd.
5,320
23,981
Contact
Energy
Ltd.
16,192
88,554
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
5,193
113,168
Fletcher
Building
Ltd.
*
1,066
1,998
Infratil
Ltd.
6,209
39,091
Mainfreight
Ltd.
307
12,886
Mercury
NZ
Ltd.
6,478
22,858
Meridian
Energy
Ltd.
4,436
14,540
Ryman
Healthcare
Ltd.
*
3,086
3,869
Spark
New
Zealand
Ltd.
5,364
7,142
Xero
Ltd.
*
273
32,378
(Cost
$338,845)
367,664
Norway
—
1.5%
Aker
ASA,
Class
A
159
9,353
Aker
BP
ASA
1,229
28,268
DNB
Bank
ASA
1,475
39,455
Equinor
ASA
1,474
34,552
Gjensidige
Forsikring
ASA
1,352
34,193
Kongsberg
Gruppen
ASA
412
72,503
Mowi
ASA
2,972
55,442
Norsk
Hydro
ASA
7,885
43,187
Orkla
ASA
18,289
206,927
Salmar
ASA
135
6,012
Telenor
ASA
8,742
133,990
Var
Energi
ASA
7,173
20,802
Vend
Marketplaces
ASA
1,018
33,996
Vend
Marketplaces
ASA,
Class
B
1,170
37,102
Yara
International
ASA
620
22,210
(Cost
$680,766)
777,992
Poland
—
0.4%
Bank
Polska
Kasa
Opieki
SA
463
22,788
Dino
Polska
SA,
144A
*
283
41,537
KGHM
Polska
Miedz
SA
314
10,306
LPP
SA
1
3,851
ORLEN
SA
2,851
55,991
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
902
18,134
Powszechny
Zaklad
Ubezpieczen
SA
3,172
51,825
Number
of
Shares
Value
$
Santander
Bank
Polska
SA
69
9,225
(Cost
$152,944)
213,657
Portugal
—
0.3%
Banco
Comercial
Portugues
SA,
Class
R
7,502
5,842
EDP
SA
4,873
19,418
Galp
Energia
SGPS
SA
988
15,753
Jeronimo
Martins
SGPS
SA
4,154
104,503
(Cost
$130,091)
145,516
Russia
—
0.0%
Evraz
PLC
*
(c)
(Cost
$35,071)
4,559
0
Singapore
—
3.1%
BOC
Aviation
Ltd.,
144A
2,061
16,677
CapitaLand
Ascendas
REIT
37,636
77,338
CapitaLand
Ascott
Trust
(a)
30,055
19,926
CapitaLand
Integrated
Commercial
Trust
REIT
47,354
76,745
CapitaLand
Investment
Ltd.
5,200
10,161
City
Developments
Ltd.
800
3,002
ComfortDelGro
Corp.
Ltd.
88,244
97,167
DBS
Group
Holdings
Ltd.
1,788
62,003
Frasers
Logistics
&
Commercial
Trust
REIT
15,200
9,370
Genting
Singapore
Ltd.
59,700
31,942
Jardine
Cycle
&
Carriage
Ltd.
1,910
36,212
Keppel
REIT
9,872
6,507
Keppel
DC
REIT
59,160
100,466
Keppel
Ltd.
10,862
57,191
Mapletree
Industrial
Trust
REIT
5,513
8,251
Mapletree
Logistics
Trust
REIT
15,167
13,055
Mapletree
Pan
Asia
Commercial
Trust
REIT
28,591
26,161
NETLINK
NBN
TRUST
50,500
33,873
Oversea-Chinese
Banking
Corp.
Ltd.
4,762
59,931
SATS
Ltd.
21,100
50,558
Sembcorp
Industries
Ltd.
6,353
32,612
SIA
Engineering
Co.
Ltd.
4,900
10,259
Singapore
Airlines
Ltd.
15,800
87,356
Singapore
Exchange
Ltd.
18,380
199,820
Singapore
Technologies
Engineering
Ltd.
28,928
175,416
Singapore
Telecommunications
Ltd.
23,166
68,442
StarHub
Ltd.
20,300
17,945
Suntec
Real
Estate
Investment
Trust
REIT
15,000
13,144
United
Overseas
Bank
Ltd.
2,300
63,154
UOL
Group
Ltd.
3,829
16,954
Venture
Corp.
Ltd.
7,762
66,629
Schedule
of
Investments
Xtrackers
FTSE
Developed
ex
US
Multifactor
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
Wilmar
International
Ltd.
13,700
32,401
(Cost
$1,393,210)
1,580,668
South
Korea
—
3.6%
BGF
retail
Co.
Ltd.
165
12,258
BNK
Financial
Group,
Inc.
5,698
45,677
Cheil
Worldwide,
Inc.
2,951
39,270
CJ
CheilJedang
Corp.
65
10,906
CJ
Corp.
152
15,016
CJ
Logistics
Corp.
42
2,448
Coway
Co.
Ltd.
601
38,725
DB
Insurance
Co.
Ltd.
620
45,162
Dongsuh
Cos.,
Inc.
143
2,695
Doosan
Bobcat,
Inc.
134
4,565
E-MART,
Inc.
378
25,014
F&F
Co.
Ltd.
/
New
114
6,238
GS
Engineering
&
Construction
Corp.
744
12,214
GS
Holdings
Corp.
499
15,751
GS
Retail
Co.
Ltd.
405
4,503
Hana
Financial
Group,
Inc.
698
36,779
Hankook
Tire
&
Technology
Co.
Ltd.
370
10,325
Hanwha
Corp.
94
5,144
Hanwha
Vision
Co.
Ltd.
*
475
17,937
HD
Hyundai
Co.
Ltd.
663
53,676
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
242
55,514
Hite
Jinro
Co.
Ltd.
481
7,042
HL
Mando
Co.
Ltd.
309
7,548
Hyundai
Engineering
&
Construction
Co.
Ltd.
1,154
53,363
Hyundai
Glovis
Co.
Ltd.
775
63,699
Hyundai
Marine
&
Fire
Insurance
Co.
Ltd.
*
159
2,806
Hyundai
Mobis
Co.
Ltd.
434
79,584
Hyundai
Motor
Co.
47
6,312
Hyundai
Steel
Co.
258
5,273
iM
Financial
Group
Co.
Ltd.
2,130
17,244
Industrial
Bank
of
Korea
1,766
20,147
Kangwon
Land,
Inc.
1,776
21,935
KB
Financial
Group,
Inc.
576
43,543
KCC
Corp.
24
5,349
Kia
Corp.
420
27,215
Korea
Electric
Power
Corp.
810
17,818
Korea
Investment
Holdings
Co.
Ltd.
347
27,162
Korean
Air
Lines
Co.
Ltd.
3,550
57,893
Krafton,
Inc.
*
17
4,547
KT&G
Corp.
2,013
175,373
LG
Corp.
222
11,424
LG
Display
Co.
Ltd.
*
1,577
9,841
LG
Electronics,
Inc.
292
15,048
LG
H&H
Co.
Ltd.
55
12,996
Number
of
Shares
Value
$
LG
Innotek
Co.
Ltd.
50
5,251
LG
Uplus
Corp.
9,192
85,278
Lotte
Shopping
Co.
Ltd.
52
3,038
Meritz
Financial
Group,
Inc.
30
2,429
Mirae
Asset
Securities
Co.
Ltd.
2,271
25,595
Misto
Holdings
Corp.
321
8,387
NAVER
Corp.
142
19,298
NH
Investment
&
Securities
Co.
Ltd.
589
7,360
NongShim
Co.
Ltd.
75
23,049
Orion
Corp.
474
37,928
Otoki
Corp.
65
18,750
POSCO
Holdings,
Inc.
32
5,798
S-1
Corp.
811
38,913
Samsung
Biologics
Co.
Ltd.,
144A
*
10
7,480
Samsung
C&T
Corp.
533
57,870
Samsung
Card
Co.
Ltd.
711
22,262
Samsung
Electro-Mechanics
Co.
Ltd.
300
26,571
Samsung
Electronics
Co.
Ltd.
131
5,336
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
105
30,784
Samsung
Life
Insurance
Co.
Ltd.
109
7,813
Samsung
SDS
Co.
Ltd.
167
15,760
Samsung
Securities
Co.
Ltd.
1,051
46,086
Shinhan
Financial
Group
Co.
Ltd.
967
40,721
SK
Hynix,
Inc.
399
59,140
SK,
Inc.
55
6,526
S-Oil
Corp.
119
4,692
Woori
Financial
Group,
Inc.
5,624
78,549
Yuhan
Corp.
88
6,652
(Cost
$1,436,161)
1,850,295
Spain
—
1.8%
Acciona
SA
287
46,266
ACS
Actividades
de
Construccion
y
Servicios
SA
2,541
166,878
Aena
SME
SA,
144A
213
57,309
Amadeus
IT
Group
SA
654
54,481
Banco
Bilbao
Vizcaya
Argentaria
SA
266
3,989
Banco
Santander
SA
1,251
9,985
Bankinter
SA
1,678
21,602
CaixaBank
SA
1,539
13,083
Cellnex
Telecom
SA,
144A
*
273
10,451
Corp
ACCIONA
Energias
Renovables
SA
237
5,182
Endesa
SA
3,238
98,809
Iberdrola
SA
4,606
84,082
Industria
de
Diseno
Textil
SA
193
10,456
Mapfre
SA
11,057
41,875
Merlin
Properties
Socimi
SA
REIT
1,018
12,597
Schedule
of
Investments
Xtrackers
FTSE
Developed
ex
US
Multifactor
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
Naturgy
Energy
Group
SA
1,169
34,531
Redeia
Corp.
SA
3,801
78,535
Repsol
SA
3,067
41,277
Telefonica
SA
29,435
157,457
(Cost
$767,544)
948,845
Sweden
—
4.5%
AAK
AB
2,443
68,064
AddTech
AB,
Class
B
1,077
36,935
Alfa
Laval
AB
1,647
69,910
Assa
Abloy
AB,
Class
B
1,859
58,819
Atlas
Copco
AB,
Class
A
1,391
22,288
Atlas
Copco
AB,
Class
B
801
11,387
Axfood
AB
295
8,594
Beijer
Ref
AB
521
7,675
Boliden
AB
*
6,130
191,400
Castellum
AB
430
5,327
Epiroc
AB,
Class
A
1,543
34,459
Epiroc
AB,
Class
B
1,024
19,990
EQT
AB
150
4,382
Essity
AB,
Class
B
6,843
199,698
Getinge
AB,
Class
B
637
12,269
H
&
M
Hennes
&
Mauritz
AB,
Class
B
973
13,909
Hexagon
AB,
Class
B
2,317
23,303
Holmen
AB,
Class
B
1,287
53,061
Industrivarden
AB,
Class
A
1,245
45,030
Industrivarden
AB,
Class
C
1,576
56,822
Indutrade
AB
839
22,694
Investment
AB
Latour,
Class
B
347
9,133
Investor
AB,
Class
A
754
22,122
Investor
AB,
Class
B
3,083
90,581
L
E
Lundbergforetagen
AB,
Class
B
212
10,806
Lifco
AB,
Class
B
760
30,891
Saab
AB,
Class
B
400
20,179
Sagax
AB,
Class
B
365
7,973
Sagax
AB,
Class
D
5,517
19,242
Sandvik
AB
1,781
38,828
Securitas
AB,
Class
B
10,102
149,085
Skandinaviska
Enskilda
Banken
AB,
Class
A
897
14,938
Skanska
AB,
Class
B
6,030
143,076
SKF
AB,
Class
B
847
18,589
SSAB
AB,
Class
A
1,129
6,792
SSAB
AB,
Class
B
2,910
17,239
Svenska
Cellulosa
AB
SCA,
Class
B
2,391
32,274
Svenska
Handelsbanken
AB,
Class
A
968
12,905
Sweco
AB,
Class
B
1,885
32,676
Swedbank
AB,
Class
A
1,293
34,933
Swedish
Orphan
Biovitrum
AB
*
687
20,971
Number
of
Shares
Value
$
Tele2
AB,
Class
B
13,099
195,634
Telefonaktiebolaget
LM
Ericsson,
Class
B
21,330
180,945
Telia
Co.
AB
36,100
139,214
Trelleborg
AB,
Class
B
1,133
41,428
Volvo
AB,
Class
A
178
4,937
Volvo
AB,
Class
B
1,650
45,678
(Cost
$2,013,256)
2,307,085
Switzerland
—
4.2%
ABB
Ltd.
1,074
60,841
Adecco
Group
AG
340
9,519
Alcon,
Inc.
524
45,094
Baloise
Holding
AG
34
8,078
Banque
Cantonale
Vaudoise
29
3,361
Belimo
Holding
AG
108
104,378
BKW
AG
273
57,454
Chocoladefabriken
Lindt
&
Spruengli
AG
Participation
Certificates
5
80,519
Cie
Financiere
Richemont
SA,
Class
A
60
11,309
Clariant
AG
*
3,555
40,135
Coca-Cola
HBC
AG
*
2,940
153,118
DKSH
Holding
AG
884
69,080
DSM-Firmenich
AG
264
29,377
Emmi
AG
18
18,317
EMS-Chemie
Holding
AG
41
31,191
Flughafen
Zurich
AG
253
70,214
Galderma
Group
AG
50
6,555
Geberit
AG
163
121,623
Georg
Fischer
AG
436
34,867
Givaudan
SA
8
40,197
Glencore
PLC
*
2,299
8,786
Helvetia
Holding
AG
69
16,361
Holcim
AG
*
1,063
117,770
Julius
Baer
Group
Ltd.
298
19,631
Kuehne
+
Nagel
International
AG
131
29,507
Logitech
International
SA
904
75,309
Lonza
Group
AG
50
34,642
Nestle
SA
65
6,939
Novartis
AG
299
34,222
Partners
Group
Holding
AG
41
54,996
PSP
Swiss
Property
AG
529
93,173
Roche
Holding
AG
58
18,744
Sandoz
Group
AG
1,410
71,620
Schindler
Holding
AG
107
36,728
Schindler
Holding
AG
Participation
Certificates
194
69,047
SGS
SA
834
87,080
SIG
Group
AG
*
2,442
49,937
Sika
AG
92
24,603
Sonova
Holding
AG
163
51,109
Schedule
of
Investments
Xtrackers
FTSE
Developed
ex
US
Multifactor
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
STMicroelectronics
NV
107
2,685
STMicroelectronics
NV,
Class
Y
108
2,701
Straumann
Holding
AG
92
11,820
Swatch
Group
AG
—
Bearer
72
12,142
Swatch
Group
AG
—
Registered
138
4,767
Swiss
Life
Holding
AG
20
19,996
Swiss
Prime
Site
AG
442
62,893
Swiss
Re
AG
338
59,758
Swisscom
AG
67
46,118
Temenos
AG
120
8,917
UBS
Group
AG
342
10,903
VAT
Group
AG,
144A
24
9,135
Zurich
Insurance
Group
AG
51
35,831
(Cost
$1,753,441)
2,183,097
Thailand
—
0.1%
Thai
Beverage
PCL
(Cost
$57,700)
147,900
53,903
United
Kingdom
—
10.9%
3i
Group
PLC
4,681
257,048
Admiral
Group
PLC
1,812
81,860
Airtel
Africa
PLC,
144A
3,690
8,788
Anglo
American
PLC
*
303
9,010
Ashtead
Group
PLC
289
16,895
Associated
British
Foods
PLC
1,591
44,692
AstraZeneca
PLC
77
11,131
Auto
Trader
Group
PLC,
144A
7,170
76,773
Aviva
PLC
3,804
31,323
B&M
European
Value
Retail
SA
2,192
10,107
BAE
Systems
PLC
2,457
63,004
Barclays
PLC
2,807
12,397
Barratt
Redrow
PLC
2,127
13,217
Beazley
PLC
20,483
260,617
Berkeley
Group
Holdings
PLC
581
33,064
BP
PLC
4,342
21,065
British
American
Tobacco
PLC
1,945
87,449
BT
Group
PLC
58,010
140,383
Bunzl
PLC
2,488
79,719
Burberry
Group
PLC
1,126
15,716
Centrica
PLC
30,573
65,287
Coca-Cola
Europacific
Partners
PLC
452
41,510
Compass
Group
PLC
2,311
81,185
ConvaTec
Group
PLC,
144A
5,625
21,983
Croda
International
PLC
167
6,909
Diageo
PLC
577
15,695
Diploma
PLC
1,173
74,126
Endeavour
Mining
PLC
578
17,553
GSK
PLC
1,827
37,130
Haleon
PLC
17,083
95,351
Halma
PLC
2,672
104,713
Hikma
Pharmaceuticals
PLC
3,093
89,261
Number
of
Shares
Value
$
Howden
Joinery
Group
PLC
4,978
57,766
HSBC
Holdings
PLC
379
4,463
IMI
PLC
2,957
79,275
Imperial
Brands
PLC
12,602
477,544
Informa
PLC
3,131
33,162
InterContinental
Hotels
Group
PLC
591
67,697
Intermediate
Capital
Group
PLC
1,598
43,229
International
Consolidated
Airlines
Group
SA
1,364
5,998
Intertek
Group
PLC
1,784
115,142
J
Sainsbury
PLC
49,881
191,980
Kingfisher
PLC
40,748
152,543
Lloyds
Banking
Group
PLC
22,082
22,989
London
Stock
Exchange
Group
PLC
13
1,977
M&G
PLC
1,650
5,267
Marks
&
Spencer
Group
PLC
22,695
114,586
Mondi
PLC
3,059
49,730
National
Grid
PLC
4,437
62,618
NatWest
Group
PLC
2,843
20,113
Next
PLC
1,022
177,308
Pearson
PLC
5,940
93,321
Phoenix
Group
Holdings
PLC
1,585
13,551
Reckitt
Benckiser
Group
PLC
1,886
127,982
RELX
PLC
946
50,953
Rentokil
Initial
PLC
2,129
10,095
Rightmove
PLC
7,917
79,561
Rio
Tinto
PLC
1,735
102,995
RS
GROUP
PLC
2,390
18,355
Sage
Group
PLC
5,075
83,427
Schroders
PLC
1,755
8,411
Segro
PLC
REIT
2,021
18,996
Severn
Trent
PLC
697
25,407
Shell
PLC
929
30,687
Smith
&
Nephew
PLC
3,529
51,136
Smiths
Group
PLC
6,513
189,188
Spirax
Group
PLC
110
8,478
SSE
PLC
6,839
162,412
St.
James's
Place
PLC
444
6,673
Standard
Chartered
PLC
341
5,325
Taylor
Wimpey
PLC
12,303
19,835
Tesco
PLC
69,838
365,419
Unilever
PLC
723
45,893
UNITE
Group
PLC
REIT
4,478
51,994
United
Utilities
Group
PLC
3,795
59,929
Vodafone
Group
PLC
128,871
133,609
Weir
Group
PLC
1,346
44,036
Whitbread
PLC
711
27,748
Wise
PLC,
Class
A
*
833
12,346
WPP
PLC
15,314
123,786
(Cost
$4,443,215)
5,579,896
Schedule
of
Investments
Xtrackers
FTSE
Developed
ex
US
Multifactor
ETF
(Continued)
May
31,
2025
(Unaudited)
Number
of
Shares
Value
$
United
States
—
0.2%
Brookfield
Asset
Management
Ltd.,
Class
A
1,689
94,845
GQG
Partners,
Inc.
CDI
3,459
4,675
(Cost
$58,822)
99,520
TOTAL
COMMON
STOCKS
(Cost
$42,558,060)
50,185,369
PREFERRED
STOCKS
—
0.4%
Germany
—
0.3%
Bayerische
Motoren
Werke
AG
50
4,141
FUCHS
SE
1,376
69,420
Henkel
AG
&
Co.
KGaA
810
64,810
Volkswagen
AG
122
13,207
(Cost
$139,937)
151,578
South
Korea
—
0.1%
CJ
CheilJedang
Corp.
59
5,897
Hanwha
Corp.
512
11,114
Hyundai
Motor
Co.
36
3,854
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
36
7,698
(Cost
$19,057)
28,563
TOTAL
PREFERRED
STOCKS
(Cost
$158,994)
180,141
Number
of
Shares
Value
$
WARRANTS
—
0.0%
Canada
—
0.0%
Constellation
Software,
Inc.*
(c)
,
expires
3/31/40
(Cost
$0)
38
0
EXCHANGE-TRADED
FUNDS
—
0.2%
Vanguard
FTSE
Developed
Markets
ETF
(Cost
$95,072)
1,800
100,044
CASH
EQUIVALENTS
—
0.2%
DWS
Government
Money
Market
Series
"Institutional
Shares",
4.26%
(d)
(Cost
$110,542)
110,542
110,542
TOTAL
INVESTMENTS
—
98.5%
(Cost
$42,922,668)
50,576,096
Other
assets
and
liabilities,
net
—
1.5%
767,047
NET
ASSETS
—
100.0%
51,343,143
For
information
on
the
Fund’s
policies
regarding
the
valuation
of
investments
and
other
significant
accounting
policies,
please
refer
to
the
Fund’s
most
recent
semi-annual
or
annual
financial
statements.
A
summary
of
the
Fund’s
transactions
with
affiliated
investments
during
the
period ended
May
31,
2025
is
as
follows:
Value
($)
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
COMMON
STOCKS
—
0.0%
Germany
—
0.0%
Deutsche
Bank
AG
(b)
6,546
5,631
(6,389)
2,289
(223)
219
—
284
7,854
DWS
Group
GmbH
&
Co.
KGaA,
144A
(b)
4,948
711
(969)
277
1,990
—
—
124
6,957
SECURITIES
LENDING
COLLATERAL
—
0.0%
DWS
Government
&
Agency
Securities
Portfolio
“DWS
Government
Cash
Institutional
Shares",
4.22%
(d)(e)
302,690
—
(302,690)
(f)
—
—
28
—
—
—
CASH
EQUIVALENTS
—
0.2%
DWS
Government
Money
Market
Series
"Institutional
Shares",
4.26%
(d)
59,667
2,006,846
(1,955,971)
—
—
3,322
—
110,542
110,542
373,851
2,013,188
(2,266,019)
2,566
1,767
3,569
—
110,950
125,353
Schedule
of
Investments
Xtrackers
FTSE
Developed
ex
US
Multifactor
ETF
(Continued)
May
31,
2025
(Unaudited)
Hidden
Row
Securities
are
listed
in
country
of domicile.
At
May
31,
2025 the
Xtrackers
FTSE
Developed
ex
US
Multifactor
ETF had
the
following
sector
diversification:
At
May
31,
2025,
open
futures
contracts
purchased
were
as
follows:
*
Non-income
producing
security.
(a)
Stapled
Security
-
A
security
contractually
bound
to
one
or
more
other
securities
to
form
a
single
saleable
unit
which
cannot
be
sold
separately.
(b)
Affiliated
issuer.
This
security
is
owned
in
proportion
with
its
representation
in
the
index.
(c)
Investment
was
valued
using
significant
unobservable
inputs.
(d)
Affiliated
fund
managed
by
DWS
Investment
Management
Americas,
Inc.
The
rate
shown
is
the
annualized
seven-day
yield
at
period
end.
(e)
Represents
collateral
held
in
connection
with
securities
lending.
Income
earned
by
the
Fund
is
net
of
borrower
rebates.
(f)
Represents
the
net
increase
(purchase
cost)
or
decrease
(sales
proceeds)
in
the
amount
invested
in
cash
collateral
for
the
period
ended
May
31,
2025.
CDI:
Chess
Depositary
Interests
CVA:
Certificaten
Van
Aandelen
(Dutch
Certificate)
REIT:
Real
Estate
Investment
Trust
RSP:
Risparmio
(Convertible
Savings
Shares)
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.
Sector
Diversification
Market
Value
$
As
a
%
of
Total
Investments
excluding
Exchange-Traded
Funds
and
Cash
Equivalents
Industrials
11,899,920
23
.6
Financials
7,049,970
14
.0
Consumer
Staples
6,481,734
12
.9
Consumer
Discretionary
5,164,309
10
.3
Materials
4,234,230
8
.4
Communication
Services
3,527,655
7
.0
Utilities
3,345,650
6
.6
Information
Technology
2,863,683
5
.7
Health
Care
2,465,535
4
.9
Real
Estate
2,120,320
4
.2
Energy
1,212,504
2
.4
Total
50,365,510
100
.0
Contract
Description
Currency
Number
of
Contracts
Notional
Amount
(
$
)
Contract
Value
(
$
)
Expiration
Date
Unrealized
Appreciation
(Depreciation)
(
$
)
EURO
STOXX
50
Index
EUR
3
183,693
182,821
6/20/2025
(872)
Micro
EURO
STOXX
50
Index
EUR
19
114,357
115,787
6/20/2025
1,430
MINI
TOPIX
Index
JPY
9
164,521
174,486
6/12/2025
9,965
MSCI
EAFE
Index
USD
2
247,600
260,450
6/20/2025
12,850
S&P/TSX
60
Index
Mini
CAD
1
55,298
57,020
6/19/2025
1,722
Total
net
unrealized
appreciation
25,095
Schedule
of
Investments
Xtrackers
FTSE
Developed
ex
US
Multifactor
ETF
(Continued)
May
31,
2025
(Unaudited)
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,
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.
DEEF-PH3
CAD
Canadian
Dollar
EUR
Euro
JPY
Japanese
Yen
USD
U.S.
Dollar
Assets
Level
1
Level
2
Level
3
Total
Common
Stocks
(a)
$
50,185,369
$
—
$
0
$
50,185,369
Preferred
Stocks
(a)
180,141
—
—
180,141
Warrants
—
—
0
0
Exchange-Traded
Funds
100,044
—
—
100,044
Short-Term
Investments
(a)
110,542
—
—
110,542
Derivatives
(b)
Futures
Contracts
25,967
—
—
25,967
TOTAL
$
50,602,063
$
—
$
0
$
50,602,063
Liabilities
Level
1
Level
2
Level
3
Total
Derivatives
(b)
Futures
Contracts
$
(872)
$
—
$
—
$
(872)
TOTAL
$
(872)
$
—
$
—
$
(872)
(a)
See
Schedule
of
Investments
for
additional
detailed
categorizations.
(b)
Derivatives
include
unrealized
appreciation
(depreciation)
on
open
futures
contracts.