The DacMagic 200M supports a range of hi-res formats, however, to be able to play these back at their correct resolution the device must be properly set up.
As most media players do not offer support for hi-res audio you will need to download a media player that can offer the correct support, and also offers an 'exclusive mode'. A couple of suggestions would include Foobar2000, or MediaMonkey.
With the correct CA USB Driver installed, and the DacMagic 200M connected via USB you will need to select the DAC as the sound output device within your media player.
You will also need to enable the 'exclusive' mode. This option will be in a different place within each player, but should usually be located in the audio output settings - you may need to consult the instructions for each specific player for help with this.
With the media player now taking exclusive control of the DAC you should be able to receive hi-res audio at the expected resolution.