TCW AAA CLO ETF

Ticker: ACLO | Listing Exchange: New York Stock Exchange LLC

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW AAA CLO ETF for the period of November 15, 2024 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
TCW AAA CLO ETF	$20^{Footnote Reference+}	0.20%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.
Footnote⁺	The dollar amounts above reflect expenses paid since the commencement of operations. Expenses for the full reporting period would be higher.

How did the Fund perform last year and what affected its performance?

The TCW AAA CLO ETF funded on November 15, 2024. In the period since inception, the ETF’s shorter-than-index spread duration has contributed to relative performance, insulating returns and helping to preserve capital during periods of volatility. Meanwhile, the allocation to AA CLOs and European CLOs have helped the ETF carry an overall yield advantage relative to the Index, which further contributed to relative performance over the period.

Fund Performance

(based on Net Asset Value)

	TCW AAA CLO ETF (ACLO)	Bloomberg U.S. Aggregate Bond Index	JPMorgan CLOIE AAA Index
11/15/2024	$10,000	$10,000	$10,000
11/30/2024	$10,028	$10,158	$10,023
12/31/2024	$10,083	$9,992	$10,074
1/31/2025	$10,148	$10,045	$10,137
2/28/2025	$10,182	$10,266	$10,166
3/31/2025	$10,206	$10,270	$10,183
4/30/2025	$10,214	$10,310	$10,215
5/31/2025	$10,309	$10,236	$10,290
6/30/2025	$10,346	$10,394	$10,347
7/31/2025	$10,405	$10,366	$10,395
8/31/2025	$10,445	$10,490	$10,444
9/30/2025	$10,490	$10,605	$10,494
10/31/2025	$10,532	$10,671	$10,533

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund’s Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

Average Annual Total Returns (%)

Name	Since Inception 11/15/24

TCW AAA CLO ETF (ACLO)	5.34%
Bloomberg U.S. Aggregate Bond Index	6.64%
JPMorgan CLOIE AAA Index	5.38%

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

Total Net Assets$323,396,218
# of Portfolio Holdings214
Portfolio Turnover Rate72%
Total Advisory Fees Paid - Net$408,506

What did the Fund invest in?

Asset Allocation (as a % of Net Assets)

Asset-Backed Securities	96.3%
Short-Term Investments	3.0%
Other Assets in Excess of Liabilities	0.7%

Top Ten Holdings (as a % of Net Assets)

Rockford Tower CLO Ltd., Class A1, 5.12%, due 03/31/38 (3 mo. USD Term SOFR + 1.210%)	1.7%
Octagon Investment Partners 51 Ltd., Class AR, 4.87%, due 07/20/34 (3 mo. USD Term SOFR + 0.990%)	1.7%
RR 26 Ltd., Class A1R, 5.03%, due 04/15/38 (3 mo. USD Term SOFR + 1.120%)	1.7%
Octagon Investment Partners XXI Ltd., Class A2R4, 5.38%, due 02/14/31 (3 mo. USD Term SOFR + 1.150%)	1.7%
Golub Capital Partners CLO 53B Ltd., Class AR, 4.86%, due 07/20/34 (3 mo. USD Term SOFR + 0.980%)	1.7%
Madison Park Funding XLIX Ltd., Class AR, 4.93%, due 10/19/34 (3 mo. USD Term SOFR + 1.050%)	1.7%
Bain Capital Credit CLO Ltd., Class AR, 4.82%, due 04/18/34 (3 mo. USD Term SOFR + 0.940%)	1.7%
Rad CLO 21 Ltd., Class A1R, 4.93%, due 01/25/37 (3 mo. USD Term SOFR + 1.070%)	1.7%
AMMC CLO 27 Ltd., Class A2R, 5.23%, due 01/20/37 (3 mo. USD Term SOFR + 1.350%)	1.7%
Dryden 68 CLO Ltd., Class ARR, 5.01%, due 07/15/35 (3 mo. USD Term SOFR + 1.100%)	1.6%

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

Additional Information

If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

TCW AAA CLO ETF

Annual Shareholder Report — October 31, 2025

Ticker: ACLO

TSR ACLO-1025

TCW Core Plus Bond ETF

Ticker: FIXT | Listing Exchange: New York Stock Exchange LLC

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Core Plus Bond ETF for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
TCW Core Plus Bond ETF	$27	0.45%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized. The Fund has changed its fiscal year-end from March 31 to October 31. This period represents the seven-month period from April 1, 2025 to October 31, 2025.

How did the Fund perform last year and what affected its performance?

The TCW Core Plus Bond ETF (FIXT) transitioned from the predecessor mutual fund, the TCW MetWest Intermediate Bond Fund on June 16, 2025. Over the period since the transition, positioning has been adjusted to meet the allocation targets of the new strategy, though overall investment themes remain similar to the predecessor fund. Outperformance over the period was driven by duration and yield curve positioning, with the ETF’s duration position and emphasis on shorter tenors of the curve rewarded as short and intermediate yields fell. Additionally, relative returns benefited from the overweight in securitized products, particularly agency mortgage-backed securities (MBS) as the sector bested Treasuries by 165 bps on a duration-adjusted basis for the period. Meanwhile, with corporate credit posting over 147 bps of excess returns versus comparable Treasuries, the sustained underweight to the sector weighed on relative returns, though the volatility in early April provided opportunity to capitalize on the liquidity afforded by this more defensive positioning. During that time, the portfolio was aggressive in adding exposure at better levels of spread and yield that subsequently benefited returns as markets recovered and spreads retraced the widening.

Fund Performance

(based on Net Asset Value)

	TCW Core Plus Bond ETF (FIXT)	Bloomberg U.S. Aggregate Bond Index	Bloomberg Intermediate U.S. Government/Credit Index
10/2015	$10,000	$10,000	$10,000
11/2015	$9,974	$9,974	$9,974
12/2015	$9,951	$9,941	$9,941
01/2016	$10,049	$10,078	$10,063
02/2016	$10,078	$10,150	$10,112
03/2016	$10,139	$10,243	$10,184
04/2016	$10,161	$10,282	$10,211
05/2016	$10,166	$10,285	$10,200
06/2016	$10,275	$10,470	$10,346
07/2016	$10,309	$10,536	$10,375
08/2016	$10,303	$10,524	$10,348
09/2016	$10,324	$10,517	$10,362
10/2016	$10,278	$10,437	$10,319
11/2016	$10,128	$10,190	$10,141
12/2016	$10,132	$10,205	$10,148
01/2017	$10,167	$10,225	$10,175
02/2017	$10,200	$10,293	$10,223
03/2017	$10,208	$10,288	$10,227
04/2017	$10,263	$10,367	$10,291
05/2017	$10,308	$10,447	$10,342
06/2017	$10,294	$10,437	$10,324
07/2017	$10,340	$10,481	$10,372
08/2017	$10,397	$10,575	$10,433
09/2017	$10,353	$10,525	$10,386
10/2017	$10,359	$10,531	$10,385
11/2017	$10,337	$10,518	$10,353
12/2017	$10,345	$10,566	$10,365
01/2018	$10,262	$10,444	$10,274
02/2018	$10,221	$10,345	$10,227
03/2018	$10,251	$10,412	$10,263
04/2018	$10,201	$10,334	$10,210
05/2018	$10,264	$10,408	$10,271
06/2018	$10,255	$10,395	$10,264
07/2018	$10,247	$10,398	$10,267
08/2018	$10,310	$10,465	$10,327
09/2018	$10,261	$10,397	$10,286
10/2018	$10,243	$10,315	$10,272
11/2018	$10,298	$10,377	$10,318
12/2018	$10,435	$10,567	$10,456
01/2019	$10,534	$10,679	$10,547
02/2019	$10,550	$10,673	$10,556
03/2019	$10,691	$10,878	$10,699
04/2019	$10,709	$10,881	$10,719
05/2019	$10,859	$11,074	$10,859
06/2019	$10,969	$11,213	$10,975
07/2019	$10,952	$11,238	$10,972
08/2019	$11,136	$11,529	$11,166
09/2019	$11,100	$11,468	$11,126
10/2019	$11,145	$11,502	$11,170
11/2019	$11,127	$11,496	$11,153
12/2019	$11,141	$11,488	$11,167
01/2020	$11,292	$11,709	$11,326
02/2020	$11,439	$11,920	$11,486
03/2020	$11,290	$11,850	$11,435
04/2020	$11,500	$12,061	$11,596
05/2020	$11,602	$12,117	$11,684
06/2020	$11,725	$12,193	$11,756
07/2020	$11,846	$12,375	$11,844
08/2020	$11,861	$12,275	$11,830
09/2020	$11,875	$12,269	$11,829
10/2020	$11,857	$12,214	$11,803
11/2020	$11,944	$12,334	$11,861
12/2020	$11,990	$12,351	$11,886
01/2021	$11,980	$12,262	$11,853
02/2021	$11,903	$12,085	$11,756
03/2021	$11,827	$11,934	$11,665
04/2021	$11,884	$12,028	$11,722
05/2021	$11,919	$12,068	$11,769
06/2021	$11,930	$12,153	$11,779
07/2021	$11,997	$12,288	$11,869
08/2021	$11,987	$12,265	$11,850
09/2021	$11,931	$12,159	$11,782
10/2021	$11,865	$12,155	$11,716
11/2021	$11,865	$12,191	$11,730
12/2021	$11,850	$12,160	$11,714
01/2022	$11,697	$11,898	$11,543
02/2022	$11,599	$11,765	$11,467
03/2022	$11,315	$11,439	$11,186
04/2022	$11,055	$11,005	$10,963
05/2022	$11,122	$11,076	$11,044
06/2022	$10,965	$10,902	$10,921
07/2022	$11,172	$11,168	$11,100
08/2022	$10,931	$10,853	$10,878
09/2022	$10,582	$10,384	$10,587
10/2022	$10,513	$10,249	$10,540
11/2022	$10,762	$10,626	$10,769
12/2022	$10,752	$10,578	$10,750
01/2023	$11,016	$10,904	$10,950
02/2023	$10,773	$10,622	$10,754
03/2023	$11,064	$10,891	$11,001
04/2023	$11,123	$10,957	$11,068
05/2023	$11,020	$10,838	$10,986
06/2023	$10,930	$10,800	$10,911
07/2023	$10,958	$10,792	$10,940
08/2023	$10,953	$10,723	$10,938
09/2023	$10,793	$10,451	$10,820
10/2023	$10,705	$10,286	$10,770
11/2023	$11,042	$10,751	$11,057
12/2023	$11,346	$11,163	$11,314
01/2024	$11,374	$11,132	$11,337
02/2024	$11,233	$10,975	$11,224
03/2024	$11,299	$11,076	$11,297
04/2024	$11,087	$10,797	$11,144
05/2024	$11,237	$10,980	$11,279
06/2024	$11,351	$11,084	$11,368
07/2024	$11,585	$11,343	$11,582
08/2024	$11,734	$11,505	$11,715
09/2024	$11,857	$11,660	$11,843
10/2024	$11,629	$11,370	$11,653
11/2024	$11,706	$11,491	$11,726
12/2024	$11,595	$11,303	$11,653
01/2025	$11,663	$11,363	$11,719
02/2025	$11,864	$11,613	$11,883
03/2025	$11,906	$11,617	$11,935
04/2025	$12,016	$11,663	$12,046
05/2025	$11,956	$11,579	$12,007
06/2025	$12,105	$11,757	$12,135
07/2025	$12,082	$11,726	$12,118
08/2025	$12,247	$11,866	$12,266
09/2025	$12,402	$11,996	$12,317
10/2025	$12,473	$12,071	$12,370

Average Annual Total Returns (%)

Name	1 Year	5 Years	10 Years

TCW Core Plus Bond ETF (FIXT)	7.40%	1.05%	2.25%
Bloomberg U.S. Aggregate Bond Index	6.16%	-0.24%	1.90%
Bloomberg Intermediate U.S. Government/Credit Index	6.15%	0.94%	2.15%

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

Total Net Assets$234,435,758
# of Portfolio Holdings493
Portfolio Turnover Rate446%^{Footnote
Referencea}
Total Advisory Fees Paid - Net$816,692^{Footnote
Referencea}

Footnote	Description
Footnote^a	The Fund has changed its fiscal year-end from March 31 to October 31. This period represents the seven-month period from April 1, 2025 to October 31, 2025.

What did the Fund invest in?

Asset Allocation (as a % of Net Assets)

Residential Mortgage-Backed Securities - Agency	34.7%
Corporate Bonds	23.4%
U.S. Treasury Securities	16.2%
Asset-Backed Securities	9.9%
Short-Term Investments	7.7%
Residential Mortgage-Backed Securities - Non-Agency	7.6%
Bank Loans	4.0%
Commercial Mortgage-Backed Securities - Non-Agency	2.6%
Other Security Types^{Footnote Reference*}	5.1%
Liabilities in Excess of Other Assets	(11.2%)

Footnote	Description
Footnote^*	Please refer to the Fund’s Annual Financial Statements which are available on the Fund’s website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories.

Top Ten Holdings (as a % of Net Assets)

U.S. Treasury Bonds, 4.75%, due 08/15/55	7.3%
U.S. Treasury Notes, 3.75%, due 10/31/32	5.1%
U.S. Treasury Notes, 3.63%, due 10/31/30	2.6%
Federal National Mortgage Association, 4.50%, due 09/01/52	2.1%
Federal National Mortgage Association, 2.00%, due 03/01/52	2.0%
Federal Home Loan Mortgage Corp., 3.00%, due 07/01/52	1.8%
Federal Home Loan Mortgage Corp., 2.50%, due 04/01/53	1.7%
Federal Home Loan Mortgage Corp., 4.00%, due 01/01/54	1.5%
TCW Private Asset Income Fund, Class I	1.5%
Government National Mortgage Association, TBA, 3.50%, due 02/01/52	1.4%

Householding

Additional Information

Phone: 800-FUND-TCW (800-386-3829)

TCW Core Plus Bond ETF

Annual Shareholder Report — October 31, 2025

Composite: FIXT

TSR FIXT-1025

TCW Corporate Bond ETF

Ticker: IGCB | Listing Exchange: New York Stock Exchange LLC

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Corporate Bond ETF for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
TCW Corporate Bond ETF	$21	0.35%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized. The Fund has changed its fiscal year-end from March 31 to October 31. This period represents the seven-month period from April 1, 2025 to October 31, 2025.

How did the Fund perform last year and what affected its performance?

Outperformance was driven by the overweight duration position as rates fell over the 1-year period, while the emphasis on shorter yields provided a further boost as the yield curve steepened. Additionally, issue selection and selective repositioning across corporate credit bolstered returns. With the substantial market volatility in early April, the ETF took the opportunity to capitalize on attractive pricing and spread entry points among corporate credit. Additions that were made during this period, including non-cyclicals and large U.S. banks, significantly added to performance as spreads remediated and the differential between large U.S. banks and the broader investment grade corporate universe narrowed. Notwithstanding these additions, the ETFs remained underweight industrials and financials overall, which helped insulate returns heading into the April volatility, but have been a headwind since as yield spreads have tightened. Finally, the ETF’s small position in commercial MBS interest only bonds represented a steady source of income over the trailing 1-year period, contributing to relative performance.

Fund Performance

(based on Net Asset Value)

	TCW Corporate Bond ETF (IGCB)	Bloomberg U.S. Aggregate Bond Index	BBG U.S. Corporate Investment Grade Index
06/2018	$10,000	$10,000	$10,000
07/2018	$10,030	$10,002	$10,083
08/2018	$10,214	$10,067	$10,133
09/2018	$10,176	$10,002	$10,097
10/2018	$10,072	$9,923	$9,949
11/2018	$10,091	$9,982	$9,933
12/2018	$10,278	$10,165	$10,079
01/2019	$10,480	$10,273	$10,316
02/2019	$10,491	$10,267	$10,338
03/2019	$10,795	$10,465	$10,597
04/2019	$10,873	$10,467	$10,655
05/2019	$11,066	$10,653	$10,807
06/2019	$11,378	$10,787	$11,072
07/2019	$11,401	$10,811	$11,134
08/2019	$11,794	$11,091	$11,484
09/2019	$11,703	$11,032	$11,409
10/2019	$11,764	$11,065	$11,478
11/2019	$11,804	$11,059	$11,507
12/2019	$11,819	$11,052	$11,544
01/2020	$12,138	$11,264	$11,815
02/2020	$12,309	$11,467	$11,973
03/2020	$11,816	$11,400	$11,125
04/2020	$12,372	$11,602	$11,708
05/2020	$12,492	$11,656	$11,891
06/2020	$12,707	$11,730	$12,124
07/2020	$13,020	$11,905	$12,518
08/2020	$12,905	$11,809	$12,346
09/2020	$12,899	$11,802	$12,310
10/2020	$12,879	$11,750	$12,288
11/2020	$13,214	$11,865	$12,630
12/2020	$13,281	$11,881	$12,685
01/2021	$13,150	$11,796	$12,523
02/2021	$12,947	$11,626	$12,307
03/2021	$12,739	$11,480	$12,096
04/2021	$12,860	$11,571	$12,230
05/2021	$12,945	$11,609	$12,324
06/2021	$13,162	$11,691	$12,525
07/2021	$13,345	$11,821	$12,696
08/2021	$13,310	$11,799	$12,658
09/2021	$13,177	$11,697	$12,525
10/2021	$13,200	$11,693	$12,556
11/2021	$13,200	$11,728	$12,563
12/2021	$13,169	$11,698	$12,553
01/2022	$12,753	$11,446	$12,131
02/2022	$12,505	$11,318	$11,888
03/2022	$12,174	$11,004	$11,588
04/2022	$11,535	$10,586	$10,955
05/2022	$11,647	$10,655	$11,057
06/2022	$11,317	$10,487	$10,747
07/2022	$11,667	$10,744	$11,095
08/2022	$11,310	$10,440	$10,770
09/2022	$10,678	$9,989	$10,204
10/2022	$10,546	$9,860	$10,098
11/2022	$11,078	$10,222	$10,621
12/2022	$11,021	$10,176	$10,575
01/2023	$11,505	$10,489	$10,998
02/2023	$11,106	$10,218	$10,649
03/2023	$11,470	$10,477	$10,945
04/2023	$11,530	$10,541	$11,029
05/2023	$11,348	$10,426	$10,869
06/2023	$11,359	$10,389	$10,914
07/2023	$11,385	$10,382	$10,951
08/2023	$11,319	$10,315	$10,866
09/2023	$10,980	$10,053	$10,576
10/2023	$10,761	$9,895	$10,378
11/2023	$11,412	$10,343	$10,999
12/2023	$11,945	$10,739	$11,476
01/2024	$11,959	$10,709	$11,456
02/2024	$11,744	$10,558	$11,284
03/2024	$11,874	$10,655	$11,430
04/2024	$11,530	$10,386	$11,139
05/2024	$11,767	$10,562	$11,347
06/2024	$11,873	$10,662	$11,420
07/2024	$12,193	$10,911	$11,692
08/2024	$12,421	$11,068	$11,876
09/2024	$12,661	$11,216	$12,086
10/2024	$12,311	$10,938	$11,793
11/2024	$12,473	$11,054	$11,951
12/2024	$12,198	$10,873	$11,719
01/2025	$12,263	$10,931	$11,784
02/2025	$12,539	$11,171	$12,024
03/2025	$12,533	$11,175	$11,990
04/2025	$12,621	$11,219	$11,986
05/2025	$12,577	$11,139	$11,984
06/2025	$12,809	$11,310	$12,208
07/2025	$12,804	$11,280	$12,216
08/2025	$12,929	$11,415	$12,340
09/2025	$13,127	$11,540	$12,525
10/2025	$13,172	$11,612	$12,573

Average Annual Total Returns (%)

Name	1 Year	5 Years	Since Inception 06/29/18

TCW Corporate Bond ETF (IGCB)	7.07%	0.47%	3.83%
Bloomberg U.S. Aggregate Bond Index	6.16%	-0.24%	2.06%
BBG U.S. Corporate Investment Grade Index	6.62%	2.32%	3.17%

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

Total Net Assets$28,160,444
# of Portfolio Holdings375
Portfolio Turnover Rate133%^{Footnote
Referencea}
Total Advisory Fees Paid - Net$51,779^{Footnote
Referencea}

Footnote	Description
Footnote^a	The Fund has changed its fiscal year-end from March 31 to October 31. This period represents the seven-month period from April 1, 2025 to October 31, 2025.

What did the Fund invest in?

Asset Allocation (as a % of Net Assets)

Corporate Bonds	84.8%
U.S. Treasury Securities	8.8%
Short-Term Investments	3.0%
Municipal Bonds	2.0%
Foreign Government Bonds	0.6%
Asset-Backed Securities	0.1%
Convertible Corporate Bonds	0.1%
Residential Mortgage-Backed Securities - Agency	0.0%
Other Security Types^{Footnote Reference*}	0.0%
Other Assets in Excess of Liabilities	0.6%

Footnote	Description
Footnote^*	Please refer to the Fund’s Annual Financial Statements which are available on the Fund’s website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories.

Top Ten Holdings (as a % of Net Assets)

U.S. Treasury Bonds, 4.75%, due 08/15/55	6.0%
Bank of America Corp., 2.69%, due 04/22/32 (1 day USD SOFR + 1.320%)	2.2%
U.S. Treasury Notes, 3.50%, due 10/31/27	2.2%
JPMorgan Chase & Co., 2.55%, due 11/08/32 (1 day USD SOFR + 1.180%)	1.9%
Wells Fargo & Co., 3.35%, due 03/02/33 (1 day USD SOFR + 1.500%)	1.9%
Goldman Sachs Group, Inc., 1.99%, due 01/27/32 (1 day USD SOFR + 1.090%)	1.7%
T-Mobile USA, Inc., 2.55%, due 02/15/31	1.5%
UnitedHealth Group, Inc., 5.15%, due 07/15/34	1.4%
New York Life Global Funding, 4.55%, due 01/28/33	1.2%
Florida Power & Light Co., 5.30%, due 06/15/34	1.2%

Householding

Additional Information

Phone: 800-FUND-TCW (800-386-3829)

TCW Corporate Bond ETF

Annual Shareholder Report — October 31, 2025

Ticker: IGCB

TSR IGCB-1025

TCW Flexible Income ETF

Ticker: FLXR | Listing Exchange: New York Stock Exchange LLC

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Flexible Income ETF for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
TCW Flexible Income ETF	$42	0.40%

How did the Fund perform last year and what affected its performance?

Strong performance over the period was supported by allocations across securitized sectors, particularly non-agency residential mortgage-backed securities (MBS) with both legacy and newer vintage deals offering steady income and attractive yield premiums. Within agency MBS, the ETF’s emphasis on lower and middle coupons within the 30-Year coupon stack proved advantageous as heightened prepayment concerns in recent months have negatively impacted premium coupon performance in favor of the total return potential of discount-priced coupons. Non-agency commercial MBS (CMBS) securities remained resilient, especially higher-quality single asset single borrower deals backed by trophy and class-A properties which have performed well year-over-year in the broader risk-on backdrop and continued sponsorship of performing properties. Elsewhere in securitized assets, the allocation to asset-backed securities was also additive, with notable contributions from subordinate collateralized loan obligations (CLOs) and single-family rentals. Among corporates, investments in both investment-grade and high-yield names bolstered returns. With the substantial market volatility in early April, the ETF took the opportunity to capitalize on attractive pricing and spread entry points among corporate credit. Additions that were made during this period, including non-cyclicals and large U.S. banks, significantly added to performance as spreads remediated and the differential between large U.S. banks and the broader investment grade corporate universe narrowed. Finally, performance benefited from the positive duration profile and curve-steepening bias as yields fell over the period and the curve steepened.

Fund Performance

(based on Net Asset Value)

	TCW Flexible Income ETF (FLXR)^{Footnote Reference1}	Bloomberg U.S. Aggregate Bond Index
11/2018	$10,000	$10,000
12/2018	$10,137	$10,184
01/2019	$10,291	$10,292
02/2019	$10,610	$10,286
03/2019	$11,024	$10,483
04/2019	$11,155	$10,486
05/2019	$11,358	$10,672
06/2019	$11,514	$10,806
07/2019	$11,519	$10,830
08/2019	$11,788	$11,111
09/2019	$11,841	$11,051
10/2019	$11,861	$11,085
11/2019	$11,934	$11,079
12/2019	$11,989	$11,071
01/2020	$12,180	$11,284
02/2020	$12,378	$11,488
03/2020	$12,142	$11,420
04/2020	$12,517	$11,623
05/2020	$12,696	$11,677
06/2020	$12,892	$11,751
07/2020	$12,992	$11,926
08/2020	$13,047	$11,830
09/2020	$13,084	$11,823
10/2020	$13,116	$11,771
11/2020	$13,345	$11,886
12/2020	$13,440	$11,902
01/2021	$13,523	$11,817
02/2021	$13,508	$11,647
03/2021	$13,457	$11,501
04/2021	$13,593	$11,592
05/2021	$13,640	$11,630
06/2021	$13,687	$11,712
07/2021	$13,763	$11,842
08/2021	$13,785	$11,820
09/2021	$13,802	$11,718
10/2021	$13,740	$11,714
11/2021	$13,696	$11,749
12/2021	$13,740	$11,719
01/2022	$13,574	$11,466
02/2022	$13,428	$11,339
03/2022	$13,181	$11,024
04/2022	$12,892	$10,605
05/2022	$12,864	$10,674
06/2022	$12,549	$10,506
07/2022	$12,887	$10,763
08/2022	$12,686	$10,459
09/2022	$12,200	$10,007
10/2022	$12,171	$9,877
11/2022	$12,527	$10,240
12/2022	$12,551	$10,194
01/2023	$12,963	$10,508
02/2023	$12,737	$10,236
03/2023	$13,016	$10,496
04/2023	$13,125	$10,560
05/2023	$13,002	$10,445
06/2023	$12,972	$10,408
07/2023	$13,097	$10,400
08/2023	$13,104	$10,334
09/2023	$12,904	$10,071
10/2023	$12,776	$9,912
11/2023	$13,273	$10,361
12/2023	$13,695	$10,758
01/2024	$13,760	$10,728
02/2024	$13,640	$10,577
03/2024	$13,785	$10,674
04/2024	$13,561	$10,405
05/2024	$13,780	$10,581
06/2024	$13,891	$10,681
07/2024	$14,262	$10,931
08/2024	$14,530	$11,088
09/2024	$14,718	$11,236
10/2024	$14,454	$10,958
11/2024	$14,611	$11,074
12/2024	$14,562	$10,892
01/2025	$14,690	$10,950
02/2025	$14,868	$11,191
03/2025	$14,909	$11,195
04/2025	$15,005	$11,239
05/2025	$15,070	$11,159
06/2025	$15,225	$11,330
07/2025	$15,294	$11,301
08/2025	$15,444	$11,436
09/2025	$15,527	$11,560
10/2025	$15,642	$11,633

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares. The Fund’s Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

Footnote	Description
Footnote¹	For periods before June 24, 2024, reflects the performance of Class I shares of the predecessor mutual fund, the Metropolitan West Flexible Income Fund, which had substantially similar objectives, strategies and policies but was subject to different expenses, which would have produced different results.

Average Annual Total Returns (%)

Name	1 Year	5 Years	Since Inception 11/30/18

TCW Flexible Income ETF (FLXR)	8.18%	3.53%	6.64%
Bloomberg U.S. Aggregate Bond Index	6.16%	-0.24%	2.22%

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

Total Net Assets$2,107,065,696
# of Portfolio Holdings1,429
Portfolio Turnover Rate390%
Total Advisory Fees Paid$4,250,399

What did the Fund invest in?

Asset Allocation (as a % of Net Assets)

Residential Mortgage-Backed Securities - Agency	23.4%
Commercial Mortgage-Backed Securities - Non-Agency	17.6%
Corporate Bonds	16.6%
Asset-Backed Securities	15.0%
Residential Mortgage-Backed Securities - Non-Agency	12.3%
U.S. Treasury Securities	10.0%
Bank Loans	7.9%
Short-Term Investments	6.7%
Other Security Types^{Footnote Reference*}	4.1%
Liabilities in Excess of Other Assets	(13.6%)

Footnote	Description
Footnote^*	Please refer to the Fund’s Annual Financial Statements which are available on the Fund’s website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories.

Top Ten Holdings (as a % of Net Assets)

U.S. Treasury Notes, 3.63%, due 10/31/30	5.4%
U.S. Treasury Notes, 3.50%, due 10/31/27	4.5%
TCW Private Asset Income Fund, Class I	2.1%
Federal Home Loan Mortgage Corp., 4.00%, due 09/01/52	1.9%
Federal Home Loan Mortgage Corp., 4.50%, due 02/01/53	1.5%
Government National Mortgage Association, TBA, 5.50%, due 05/01/55	1.3%
Federal National Mortgage Association REMICS, Class FA, 5.43%, due 08/25/55 (30 day USD SOFR Average + 1.250%)	1.1%
Federal National Mortgage Association REMICS, Class LF, 5.43%, due 09/25/55 (30 day USD SOFR Average + 1.250%)	1.1%
Government National Mortgage Association, TBA, 4.00%, due 05/01/52	1.0%
Government National Mortgage Association, TBA, 5.00%, due 04/01/55	1.0%

Householding

Additional Information

Phone: 800-FUND-TCW (800-386-3829)

TCW Flexible Income ETF

Annual Shareholder Report — October 31, 2025

Ticker: FLXR

TSR FLXR-1025

TCW High Yield Bond ETF

Ticker: HYBX | Listing Exchange: New York Stock Exchange LLC

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW High Yield Bond ETF for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
TCW High Yield Bond ETF	$52	0.50%

How did the Fund perform last year and what affected its performance?

Over the trailing 1-year period, relative underperformance stemmed from the off-Index allocation to bank loans given two defaults over the period, with one of those issuer defaults also affecting a bond held in the consumer non-cyclical healthcare sector. Communication was also impacted by softening demand and volatile M&A news, which resulted in an issue selection headwind. In particular, holdings in cable satellite weighed on returns as they were less widely held in the Bloomberg U.S. High Yield Corporate Index (Index). Meanwhile, the sharp widening in spreads that occurred in April’s selloff provided the ability to capitalize on attractive spread entry points among energy and consumer cyclical issuers, which helped offset some of the drag over the period as spreads remediated. Furthermore, the positioning in capital goods, electric utilities, and technology supported relative returns, with additional contributions coming from favorable credit selection across the period. Finally, the Fund remained underweight basic industry given the view that cyclical sectors are more sensitive to volatility, which helped insulate returns from the spread widening that occurred early in 2025.

Fund Performance

(based on Net Asset Value)

	TCW High Yield Bond ETF (HYBX)	Bloomberg U.S. Universal Bond Index	Bloomberg U.S. Corporate High Yield Index 2% Issuer Cap^{Footnote Reference1}	FTSE U.S. High Yield Cash Pay Capped Custom Index
10/2015	$10,000	$10,000	$10,000	$10,000
11/2015	$9,938	$9,964	$9,779	$9,757
12/2015	$9,810	$9,914	$9,533	$9,485
01/2016	$9,813	$10,023	$9,380	$9,316
02/2016	$9,861	$10,094	$9,433	$9,368
03/2016	$9,968	$10,218	$9,853	$9,790
04/2016	$10,112	$10,288	$10,238	$10,186
05/2016	$10,147	$10,296	$10,302	$10,260
06/2016	$10,200	$10,477	$10,396	$10,369
07/2016	$10,353	$10,563	$10,678	$10,627
08/2016	$10,473	$10,575	$10,901	$10,855
09/2016	$10,515	$10,577	$10,974	$10,925
10/2016	$10,506	$10,507	$11,016	$10,954
11/2016	$10,478	$10,271	$10,964	$10,920
12/2016	$10,601	$10,301	$11,166	$11,126
01/2017	$10,674	$10,338	$11,328	$11,265
02/2017	$10,782	$10,418	$11,493	$11,416
03/2017	$10,821	$10,414	$11,467	$11,388
04/2017	$10,912	$10,500	$11,599	$11,509
05/2017	$11,003	$10,581	$11,700	$11,607
06/2017	$11,043	$10,572	$11,716	$11,610
07/2017	$11,118	$10,625	$11,846	$11,744
08/2017	$11,140	$10,717	$11,841	$11,730
09/2017	$11,198	$10,679	$11,947	$11,833
10/2017	$11,221	$10,692	$11,998	$11,883
11/2017	$11,244	$10,676	$11,968	$11,861
12/2017	$11,267	$10,723	$12,004	$11,898
01/2018	$11,290	$10,620	$12,076	$11,992
02/2018	$11,224	$10,519	$11,973	$11,877
03/2018	$11,195	$10,572	$11,901	$11,805
04/2018	$11,263	$10,501	$11,978	$11,873
05/2018	$11,278	$10,559	$11,975	$11,883
06/2018	$11,293	$10,543	$12,023	$11,929
07/2018	$11,363	$10,565	$12,154	$12,054
08/2018	$11,434	$10,618	$12,244	$12,136
09/2018	$11,480	$10,572	$12,312	$12,207
10/2018	$11,378	$10,484	$12,115	$12,013
11/2018	$11,388	$10,531	$12,011	$11,906
12/2018	$11,267	$10,695	$11,754	$11,630
01/2019	$11,687	$10,843	$12,285	$12,173
02/2019	$11,808	$10,855	$12,489	$12,366
03/2019	$11,931	$11,051	$12,607	$12,487
04/2019	$12,053	$11,066	$12,786	$12,655
05/2019	$12,025	$11,236	$12,634	$12,480
06/2019	$12,282	$11,395	$12,922	$12,779
07/2019	$12,362	$11,429	$12,995	$12,829
08/2019	$12,462	$11,687	$13,047	$12,866
09/2019	$12,504	$11,637	$13,094	$12,896
10/2019	$12,566	$11,674	$13,130	$12,924
11/2019	$12,570	$11,672	$13,173	$12,990
12/2019	$12,729	$11,689	$13,437	$13,261
01/2020	$12,772	$11,899	$13,440	$13,256
02/2020	$12,795	$12,077	$13,251	$13,026
03/2020	$11,863	$11,841	$11,732	$11,499
04/2020	$12,487	$12,078	$12,263	$11,892
05/2020	$12,849	$12,191	$12,799	$12,474
06/2020	$12,912	$12,293	$12,921	$12,560
07/2020	$13,411	$12,509	$13,523	$13,169
08/2020	$13,491	$12,437	$13,653	$13,303
09/2020	$13,370	$12,414	$13,513	$13,177
10/2020	$13,431	$12,370	$13,580	$13,238
11/2020	$13,834	$12,531	$14,117	$13,740
12/2020	$14,005	$12,575	$14,383	$14,003
01/2021	$14,025	$12,496	$14,431	$14,041
02/2021	$14,045	$12,334	$14,484	$14,077
03/2021	$13,984	$12,191	$14,507	$14,126
04/2021	$14,107	$12,293	$14,664	$14,274
05/2021	$14,148	$12,340	$14,707	$14,310
06/2021	$14,292	$12,430	$14,903	$14,486
07/2021	$14,354	$12,555	$14,959	$14,531
08/2021	$14,437	$12,547	$15,037	$14,611
09/2021	$14,458	$12,440	$15,036	$14,622
10/2021	$14,395	$12,429	$15,009	$14,595
11/2021	$14,270	$12,444	$14,861	$14,439
12/2021	$14,489	$12,436	$15,140	$14,724
01/2022	$14,151	$12,163	$14,727	$14,342
02/2022	$13,984	$11,998	$14,576	$14,203
03/2022	$13,903	$11,676	$14,410	$14,096
04/2022	$13,431	$11,240	$13,899	$13,615
05/2022	$13,502	$11,302	$13,931	$13,624
06/2022	$12,770	$11,076	$12,992	$12,705
07/2022	$13,461	$11,355	$13,759	$13,475
08/2022	$13,236	$11,060	$13,442	$13,172
09/2022	$12,655	$10,583	$12,909	$12,627
10/2022	$12,960	$10,467	$13,244	$13,026
11/2022	$13,245	$10,857	$13,531	$13,230
12/2022	$13,220	$10,820	$13,447	$13,149
01/2023	$13,650	$11,156	$13,959	$13,653
02/2023	$13,400	$10,882	$13,781	$13,483
03/2023	$13,583	$11,137	$13,927	$13,622
04/2023	$13,674	$11,205	$14,067	$13,776
05/2023	$13,536	$11,089	$13,938	$13,653
06/2023	$13,675	$11,072	$14,171	$13,875
07/2023	$13,838	$11,083	$14,367	$14,077
08/2023	$13,885	$11,016	$14,409	$14,117
09/2023	$13,744	$10,753	$14,236	$13,967
10/2023	$13,602	$10,592	$14,069	$13,769
11/2023	$14,149	$11,068	$14,707	$14,408
12/2023	$14,627	$11,488	$15,255	$14,931
01/2024	$14,675	$11,461	$15,254	$14,945
02/2024	$14,699	$11,323	$15,299	$14,990
03/2024	$14,820	$11,435	$15,480	$15,166
04/2024	$14,625	$11,167	$15,334	$15,029
05/2024	$14,797	$11,352	$15,503	$15,191
06/2024	$14,920	$11,456	$15,649	$15,337
07/2024	$15,149	$11,716	$15,954	$15,638
08/2024	$15,379	$11,889	$16,214	$15,890
09/2024	$15,585	$12,052	$16,476	$16,150
10/2024	$15,491	$11,778	$16,387	$16,072
11/2024	$15,618	$11,902	$16,576	$16,244
12/2024	$15,551	$11,722	$16,505	$16,183
01/2025	$15,742	$11,793	$16,730	$16,421
02/2025	$15,842	$12,037	$16,843	$16,523
03/2025	$15,703	$12,034	$16,671	$16,339
04/2025	$15,706	$12,077	$16,667	$16,342
05/2025	$15,978	$12,015	$16,947	$16,630
06/2025	$16,246	$12,203	$17,259	$16,927
07/2025	$16,313	$12,185	$17,337	$17,004
08/2025	$16,446	$12,331	$17,553	$17,210
09/2025	$16,510	$12,462	$17,696	$17,345
10/2025	$16,536	$12,544	$17,724	$17,382

Footnote	Description
Footnote¹	Benchmark changed to the Bloomberg U.S. Corporate High Yield Index 2% Issuer Cap Index effective 11/18/24. Prior to 11/18/24, the benchmark was the FTSE U.S. High Yield Cash Pay Capped Custom Index, also shown here.

Average Annual Total Returns (%)

Name	1 Year	5 Years	10 Years

TCW High Yield Bond ETF (HYBX)	6.74%	4.25%	5.16%
Bloomberg U.S. Universal Bond Index	6.51%	0.28%	2.29%
Bloomberg U.S. Corporate High Yield Index 2% Issuer Cap	8.16%	5.47%	5.89%
FTSE U.S. High Yield Cash Pay Capped Custom Index	8.15%	5.60%	5.68%

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

Total Net Assets$36,835,545
# of Portfolio Holdings305
Portfolio Turnover Rate111%
Total Advisory Fees Paid - Net$167,115

What did the Fund invest in?

Asset Allocation (as a % of Net Assets)

Corporate Bonds	82.8%
Bank Loans	12.3%
Short-Term Investments	3.9%
Convertible Corporate Bonds	0.1%
Common Stock	0.1%
Warrants	0.0%
Other Assets in Excess of Liabilities	0.8%

Top Ten Holdings (as a % of Net Assets)

CSC Holdings LLC, 6.50%, due 02/01/29	1.4%
CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, due 02/01/28	1.2%
Sunoco LP, 7.88%, due 09/18/30 (5 yr. CMT + 4.230%)	1.1%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 06/01/33	1.0%
1261229 BC Ltd., 10.00%, due 04/15/32	0.9%
Warnermedia Holdings, Inc., 5.05%, due 03/15/42	0.9%
Michaels Cos., Inc., 5.25%, due 05/01/28	0.8%
Jane Street Group/JSG Finance, Inc., 6.13%, due 11/01/32	0.8%
TransDigm, Inc., 6.38%, due 03/01/29	0.8%
Tenet Healthcare Corp., 6.75%, due 05/15/31	0.7%

Householding

Additional Information

Phone: 800-FUND-TCW (800-386-3829)

TCW High Yield Bond ETF

Annual Shareholder Report — October 31, 2025

Ticker: HYBX

TSR HYBX-1025

TCW Multisector Credit Income ETF

Ticker: MUSE | Listing Exchange: New York Stock Exchange LLC

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Multisector Credit Income ETF for the period of November 15, 2024 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
TCW Multisector Credit Income ETF	$56^{Footnote Reference+}	0.56%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.
Footnote⁺	The dollar amounts above reflect expenses paid since the commencement of operations. Expenses for the full reporting period would be higher.

How did the Fund perform last year and what affected its performance?

Relative underperformance for the period was driven by underweight positioning in emerging markets (EM) and idiosyncratic exposure in high yield and bank loans. On the other hand, an off-index allocation to investment grade credit benefited relative performance for the period. The market sell-off in April 2025 provided an opportunity to capitalize on wider spreads across a diversified investment universe, reducing investment grade credit and CLO exposure and adding developed market high yield credit and emerging market debt.

Fund Performance

(based on Net Asset Value)

	TCW Multisector Credit Income ETF (MUSE)	Bloomberg U.S. Universal Bond Index	33% BBG Corp HY / 33% JPM EMBI GD / 33% Morningstar LSTA Leveraged Loan
11/15/2024	$10,000	$10,000	$10,000
11/30/2024	$10,070	$10,150	$10,087
12/31/2024	$10,034	$9,996	$10,045
1/31/2025	$10,145	$10,057	$10,162
2/28/2025	$10,220	$10,265	$10,242
3/31/2025	$10,196	$10,262	$10,170
4/30/2025	$10,120	$10,298	$10,160
5/31/2025	$10,266	$10,246	$10,307
6/30/2025	$10,430	$10,406	$10,481
7/31/2025	$10,513	$10,391	$10,572
8/31/2025	$10,624	$10,516	$10,689
9/30/2025	$10,729	$10,627	$10,797
10/31/2025	$10,787	$10,697	$10,887

Average Annual Total Returns (%)

Name	Since Inception 11/15/24

TCW Multisector Credit Income ETF (MUSE)	7.87%
Bloomberg U.S. Universal Bond Index	6.93%
33% BBG Corp HY / 33% JPM EMBI GD / 33% Morningstar LSTA Leveraged Loan	7.82%

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

Total Net Assets$50,862,591
# of Portfolio Holdings270
Portfolio Turnover Rate75%
Total Advisory Fees Paid - Net$269,169

What did the Fund invest in?

Asset Allocation (as a % of Net Assets)

Corporate Bonds	47.7%
Bank Loans	23.6%
Foreign Government Bonds	11.6%
Short-Term Investments	7.2%
Asset-Backed Securities	3.4%
Convertible Corporate Bonds	0.1%
Common Stock	0.0%
Other Assets in Excess of Liabilities	6.4%

Top Ten Holdings (as a % of Net Assets)

Sunoco LP, 7.88%, due 09/18/30 (5 yr. CMT + 4.230%)	1.0%
Ecopetrol SA, 5.88%, due 11/02/51	0.8%
Petroleos Mexicanos, 5.95%, due 01/28/31	0.7%
Samarco Mineracao SA, 9.50%, due 06/30/31	0.7%
Magnite, Inc., 6.96%, due 02/06/31 (1 mo. USD Term SOFR + 0.030%)	0.7%
Saudi Government International Bonds, 5.00%, due 01/18/53	0.7%
Romania Government International Bonds, 6.38%, due 01/30/34	0.7%
TCP Sunbelt Acquisition Co., 8.45%, due 10/24/31 (3 mo. USD Term SOFR + 0.043%)	0.7%
Delivery Hero SE, 9.23%, due 12/12/29 (3 mo. USD Term SOFR + 0.050%)	0.7%
Avolon TLB Borrower 1 U.S. LLC, 5.78%, due 06/24/30 (1 mo. USD Term SOFR + 0.018%)	0.7%

Householding

Additional Information

Phone: 800-FUND-TCW (800-386-3829)

TCW Multisector Credit Income ETF

Annual Shareholder Report — October 31, 2025

Ticker: MUSE

TSR MUSE-1025

TCW Senior Loan ETF

Ticker: SLNZ | Listing Exchange: New York Stock Exchange LLC

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about the TCW Senior Loan ETF for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
TCW Senior Loan ETF	$39	0.65%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized. The Fund has changed its fiscal year-end from March 31 to October 31. This period represents the seven-month period from April 1, 2025 to October 31, 2025.

How did the Fund perform last year and what affected its performance?

Positive relative returns for the trailing 1-year period were driven by the positioning in software services and from holdings with strong recurring revenue that outpaced those in the Morningstar LSTA Leveraged Loan Index (Index). The underweight position to materials was also a tailwind as the sector continues to lag the Index, with additional contributions coming from the favorable security selection to top-performing loans. Also, issue selection in capital goods, consumer, and commercial services was beneficial. Despite loans held in the food & beverage sector positively impacting relative returns, the overweight to the sector was a headwind as it is one of the bottom performers in the Index. Similarly, the continued underweight to automobiles insulated returns from the broad weakness over the period, but a loan held in that space defaulted and slightly mitigated those gains. Furthermore, a loan held in the healthcare sector entered a restructuring process which weighed on relative returns. Finally, loan selection in media entertainment and consumer discretionary resulted in a drag as loans held underperformed those in the Index.

Fund Performance

(based on Net Asset Value)

	TCW Senior Loan ETF (SLNZ)	Bloomberg U.S. Universal Bond Index	Morningstar LSTA Leveraged Loan Index
10/2015	$10,000	$10,000	$10,000
11/2015	$9,968	$9,964	$9,912
12/2015	$9,940	$9,914	$9,808
01/2016	$9,910	$10,023	$9,744
02/2016	$9,858	$10,094	$9,693
03/2016	$10,003	$10,218	$9,960
04/2016	$10,103	$10,288	$10,158
05/2016	$10,164	$10,296	$10,248
06/2016	$10,185	$10,477	$10,250
07/2016	$10,288	$10,563	$10,397
08/2016	$10,328	$10,575	$10,475
09/2016	$10,399	$10,577	$10,566
10/2016	$10,450	$10,507	$10,653
11/2016	$10,468	$10,271	$10,681
12/2016	$10,551	$10,301	$10,805
01/2017	$10,581	$10,338	$10,865
02/2017	$10,622	$10,418	$10,920
03/2017	$10,632	$10,414	$10,928
04/2017	$10,652	$10,500	$10,976
05/2017	$10,695	$10,581	$11,016
06/2017	$10,706	$10,572	$11,011
07/2017	$10,773	$10,625	$11,087
08/2017	$10,774	$10,717	$11,082
09/2017	$10,807	$10,679	$11,126
10/2017	$10,873	$10,692	$11,192
11/2017	$10,886	$10,676	$11,205
12/2017	$10,931	$10,723	$11,250
01/2018	$11,011	$10,620	$11,358
02/2018	$11,012	$10,519	$11,380
03/2018	$11,027	$10,572	$11,412
04/2018	$11,076	$10,501	$11,460
05/2018	$11,094	$10,559	$11,479
06/2018	$11,089	$10,543	$11,492
07/2018	$11,164	$10,565	$11,577
08/2018	$11,204	$10,618	$11,624
09/2018	$11,266	$10,572	$11,704
10/2018	$11,273	$10,484	$11,700
11/2018	$11,202	$10,531	$11,594
12/2018	$10,985	$10,695	$11,299
01/2019	$11,225	$10,843	$11,587
02/2019	$11,371	$10,855	$11,771
03/2019	$11,361	$11,051	$11,751
04/2019	$11,512	$11,066	$11,945
05/2019	$11,490	$11,236	$11,919
06/2019	$11,547	$11,395	$11,948
07/2019	$11,640	$11,429	$12,044
08/2019	$11,615	$11,687	$12,011
09/2019	$11,660	$11,637	$12,067
10/2019	$11,632	$11,674	$12,012
11/2019	$11,696	$11,672	$12,083
12/2019	$11,808	$11,689	$12,276
01/2020	$11,861	$11,899	$12,344
02/2020	$11,754	$12,077	$12,181
03/2020	$10,774	$11,841	$10,674
04/2020	$11,154	$12,078	$11,155
05/2020	$11,476	$12,191	$11,578
06/2020	$11,533	$12,293	$11,710
07/2020	$11,711	$12,509	$11,939
08/2020	$11,831	$12,437	$12,118
09/2020	$11,876	$12,414	$12,194
10/2020	$11,860	$12,370	$12,219
11/2020	$12,062	$12,531	$12,491
12/2020	$12,197	$12,575	$12,659
01/2021	$12,305	$12,496	$12,810
02/2021	$12,345	$12,334	$12,885
03/2021	$12,338	$12,191	$12,885
04/2021	$12,395	$12,293	$12,951
05/2021	$12,439	$12,340	$13,026
06/2021	$12,459	$12,430	$13,074
07/2021	$12,443	$12,555	$13,073
08/2021	$12,501	$12,547	$13,135
09/2021	$12,571	$12,440	$13,219
10/2021	$12,580	$12,429	$13,254
11/2021	$12,551	$12,444	$13,233
12/2021	$12,626	$12,436	$13,318
01/2022	$12,625	$12,163	$13,366
02/2022	$12,560	$11,998	$13,298
03/2022	$12,537	$11,676	$13,304
04/2022	$12,550	$11,240	$13,333
05/2022	$12,247	$11,302	$12,992
06/2022	$11,958	$11,076	$12,711
07/2022	$12,181	$11,355	$12,984
08/2022	$12,349	$11,060	$13,177
09/2022	$12,080	$10,583	$12,877
10/2022	$12,139	$10,467	$13,005
11/2022	$12,265	$10,857	$13,161
12/2022	$12,305	$10,820	$13,215
01/2023	$12,594	$11,156	$13,568
02/2023	$12,650	$10,882	$13,646
03/2023	$12,695	$11,137	$13,642
04/2023	$12,826	$11,205	$13,785
05/2023	$12,810	$11,089	$13,760
06/2023	$13,041	$11,072	$14,071
07/2023	$13,195	$11,083	$14,252
08/2023	$13,311	$11,016	$14,419
09/2023	$13,421	$10,753	$14,558
10/2023	$13,435	$10,592	$14,555
11/2023	$13,605	$11,068	$14,733
12/2023	$13,795	$11,488	$14,976
01/2024	$13,895	$11,461	$15,077
02/2024	$14,016	$11,323	$15,214
03/2024	$14,165	$11,435	$15,343
04/2024	$14,270	$11,167	$15,436
05/2024	$14,423	$11,352	$15,581
06/2024	$14,479	$11,456	$15,635
07/2024	$14,594	$11,716	$15,742
08/2024	$14,677	$11,889	$15,842
09/2024	$14,739	$12,052	$15,955
10/2024	$14,846	$11,778	$16,092
11/2024	$14,968	$11,902	$16,225
12/2024	$15,049	$11,722	$16,317
01/2025	$15,142	$11,793	$16,429
02/2025	$15,178	$12,037	$16,447
03/2025	$15,174	$12,034	$16,395
04/2025	$15,200	$12,077	$16,386
05/2025	$15,368	$12,015	$16,641
06/2025	$15,472	$12,203	$16,775
07/2025	$15,564	$12,185	$16,922
08/2025	$15,596	$12,331	$16,997
09/2025	$15,670	$12,462	$17,072
10/2025	$15,730	$12,544	$17,109

Average Annual Total Returns (%)

Name	1 Year	5 Years	10 Years

TCW Senior Loan ETF (SLNZ)	5.96%	5.81%	4.63%
Bloomberg U.S. Universal Bond Index	6.51%	0.28%	2.29%
Morningstar LSTA Leveraged Loan Index	6.32%	6.97%	5.52%

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

Total Net Assets$253,309,999
# of Portfolio Holdings286
Portfolio Turnover Rate47%^{Footnote
Referencea}
Total Advisory Fees Paid - Net$1,207,572^{Footnote
Referencea}

Footnote	Description
Footnote^a	The Fund has changed its fiscal year-end from March 31 to October 31. This period represents the seven-month period from April 1, 2025 to October 31, 2025.

What did the Fund invest in?

Asset Allocation (as a % of Net Assets)

Bank Loans	90.5%
Short-Term Investments	4.0%
Corporate Bonds	2.2%
U.S. Treasury Securities	0.5%
Preferred Stock	0.1%
Common Stock	0.0%
Warrants	0.0%
Other Assets in Excess of Liabilities	2.7%

Top Ten Holdings (as a % of Net Assets)

Delivery Hero SE, 9.23%, due 12/12/29 (3 mo. USD Term SOFR + 5.000%)	0.8%
Jane Street Group LLC, 6.20%, due 12/15/31 (3 mo. USD Term SOFR + 2.000%)	0.8%
Open Text Corp., 5.71%, due 01/31/30 (1 mo. USD Term SOFR + 1.750%)	0.7%
TKO Worldwide Holdings LLC, 6.04%, due 11/21/31 (3 mo. USD Term SOFR + 2.000%)	0.7%
Peer Holding III BV, 6.50%, due 10/28/30 (3 mo. USD Term SOFR + 2.500%)	0.7%
Triton Water Holdings, Inc., 6.25%, due 03/31/28 (3 mo. USD Term SOFR + 2.250%)	0.7%
Maverick Bidco, Inc., 7.74%, due 05/18/28 (3 mo. USD Term SOFR + 3.750%)	0.7%
SBA Senior Finance II LLC, 5.72%, due 01/25/31 (1 mo. USD Term SOFR + 1.750%)	0.7%
Flutter Financing BV, 5.75%, due 11/30/30 (3 mo. USD Term SOFR + 1.750%)	0.7%
Fugue Finance BV, 6.95%, due 01/09/32 (3 mo. USD Term SOFR + 2.750%)	0.7%

Householding

Additional Information

Phone: 800-FUND-TCW (800-386-3829)

TCW Senior Loan ETF

Annual Shareholder Report — October 31, 2025

Ticker: SLNZ

TSR SLNZ-1025

(b)	Not applicable.

Item 2.

Code of Ethics.

(a)	The Registrant has adopted a code of ethics that applies to its principal executive officer and principal financial officer or persons performing similar functions.

(b)	No disclosures are required by this Item 2(b).

(c)	The Registrant has made no material changes to its code of ethics during the period covered by this Form N-CSR.

(d)	The Registrant has not granted any waivers from any provisions of its code of ethics during the period covered by this Form N-CSR.

(e)	Not applicable.

(f)	A copy of the Registrant’s code of ethics is filed as Exhibit 19(a)(1) to this Form N-CSR.

Item 3.

Audit Committee Financial Expert.

(a)(1)

The Registrant’s Board of Trustees (the “Board”) has determined that the Registrant has at least one member serving on the Registrant’s Audit Committee that possesses the attributes identified in Form N-CSR to qualify as an “audit committee financial expert.”

(a)(2)

The audit committee financial experts are Victoria B. Rogers, Robert Rooney, and Michael Swell. Each has been deemed to be “independent” as that term is defined in Form N-CSR.

(a)(3)

Not applicable.

Item 4.

Principal Accountant Fees and Services.

The firm of Deloitte & Touche LLP (“Deloitte”) serves as the independent registered public accounting firm for the Registrant.

(a)	Audit Fees

For the fiscal years ended October 31, 2025 and October 31, 2024, the aggregate fees billed for professional services rendered by Deloitte for the audit of the Registrant’s annual financial statements or for services that are normally provided by Deloitte in connection with statutory and regulatory filings or engagements were:


2025	2024
$170,800*	$	15,500	**

*	For the series of the Registrant for which this Form N-CSR is filed only.

**	For TCW Flexible Income ETF only.

(b)	Audit-Related Fees

For the fiscal years ended October 31, 2025 and October 31, 2024, the aggregate fees billed for assurance and related services rendered by Deloitte that are reasonably related to the performance of the audit or review of the Registrant’s financial statements and that are not reported under Audit Fees above were:


2025	2024
$0*	$	0	**

*	For the series of the Registrant for which this Form N-CSR is filed only.

**	For TCW Flexible Income ETF only.

(c)

Tax Fees

For the fiscal years ended October 31, 2025 and October 31, 2024, the aggregate fees billed for tax compliance, tax advice and tax planning by Deloitte were:


2025	2024
$33,564*	$	4,740	**

*	For the series of the Registrant for which this Form N-CSR is filed only.

**	For TCW Flexible Income ETF only.

These services consisted of tax return review, tax advice and tax planning.

(d)	All Other Fees

For the fiscal years ended October 31, 2025 and October 31, 2024, the aggregate fees billed by Deloitte to the Registrant for all services other than services reported under Audit Fees, Audit-Related Fees, and Tax Fees were:


2025	2024
$0*	$	0	**

*	For the series of the Registrant for which this Form N-CSR is filed only.

**	For TCW Flexible Income ETF only.

(e)(1)

Pursuant to the Registrant’s Audit Committee Charter that has been adopted by the Audit Committee, the Audit Committee shall approve all audit and permissible non-audit services to be provided to the Registrant and all permissible non-audit services to be provided to its investment adviser or any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant if the engagement relates directly to the operations and financial reporting of the Registrant. The Audit Committee has delegated to its Chair the approval of such services subject to reports to the full Audit Committee at its next subsequent meeting.

(e)(2)

The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the Registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X with respect to Audit-Related Fees were 0%, Tax Fees were 0%, and Other Fees were 0% for each of the fiscal years ended October 31, 2025 and October 31, 2024.

(f)	Not applicable.

(g)

For the fiscal years ended October 31, 2025 and October 31, 2024, the aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant were:


2025	2024
$588,053	$	331,979

(h)	Not applicable.

(i)	Not applicable.

(j)	Not applicable.

Item 5.

Audit Committee of Listed Registrants.

(a)	The Registrant is an issuer as defined in Section 10 A-3 of the Securities Exchange Act of 1934 and has a separately-designated standing Audit Committee in accordance with Section 3(a)(58)(A) of such Act. The Registrant’s Audit Committee members, consisting solely of independent trustees, are

Patrick C. Haden

Martin Luther King III

Peter McMillan

Victoria B. Rogers

Robert G. Rooney

Michael Swell

Andrew Tarica

(b)	Not applicable.

TCW AAA CLO ETF

Schedule of Investments

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

FIXED INCOME SECURITIES — 96.3% of Net Assets

ASSET-BACKED SECURITIES — 96.3%

AB BSL CLO 6 Ltd. Series 2025-6A, Class A

5.31% (3 mo. USD Term SOFR + 1.430%) ^(1),(2)

07/20/37

500,000

500,693

AGL CLO 13 Ltd. Series 2021-13A, Class A1R

4.98% (3 mo. USD Term SOFR + 1.100%) ^(1),(2)

10/20/34

1,900,000

1,901,326

AGL CLO 16 Ltd. Series 2021-16A, Class AR

4.83% (3 mo. USD Term SOFR + 0.950%) ^(1),(2)

01/20/35

5,000,000

5,004,680

AIMCO CLO 11 Ltd. Series 2020-11A, Class A2R2

5.38% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

07/17/37

850,000

850,365

AIMCO CLO 17 Ltd. Series 2022-17A, Class A1R

5.21% (3 mo. USD Term SOFR + 1.350%) ^(1),(2)

07/20/37

523,000

523,889

AIMCO CLO 22 Ltd. Series 2024-22A, Class A

5.38% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

04/19/37

250,000

250,465

Alinea CLO Ltd. Series 2018-1A, Class BR

5.03% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

07/20/31

2,000,000

1,998,476

Allegro CLO V-S Ltd. Series 2024-2A, Class B1

5.77% (3 mo. USD Term SOFR + 1.900%) ^(1),(2)

07/24/37

625,000

626,927

Allegro CLO VIII-S Ltd. Series 2024-3A, Class A

5.29% (3 mo. USD Term SOFR + 1.390%) ^(1),(2)

10/15/37

2,000,000

2,007,080

Allegro CLO XII Ltd. Series 2020-1A, Class A1R

5.31% (3 mo. USD Term SOFR + 1.440%) ^(1),(2)

07/21/37

2,000,000

2,004,370

AMMC CLO 24 Ltd. Series 2021-24A, Class AR

5.08% (3 mo. USD Term SOFR + 1.200%) ^(1),(2)

01/20/35

1,405,000

1,407,107

AMMC CLO 27 Ltd. Series 2022-27A, Class A2R

5.23% (3 mo. USD Term SOFR + 1.350%) ^(1),(2)

01/20/37

5,500,000

5,461,725

AMMC CLO 30 Ltd. Series 2024-30A, Class A1

5.58% (3 mo. USD Term SOFR + 1.680%) ^(1),(2)

01/15/37

825,000

826,492

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Annisa CLO Ltd. Series 2016-2A, Class BRR

5.38% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

07/20/31

250,000

250,305

Apidos CLO XII Ltd. Series 2013-12A, Class CRR

5.70% (3 mo. USD Term SOFR + 1.800%) ^(1),(2)

04/15/31

1,150,000

1,152,817

Apidos CLO XIIX Ltd. Series 2024-49A, Class A2

5.37% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

10/24/37

400,000

401,057

Apidos CLO XLVII Ltd. Series 2024-47A, Class A1

5.36% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

04/26/37

500,000

500,843

Apidos CLO XXV Ltd. Series 2016-25A, Class A1R3

5.02% (3 mo. USD Term SOFR + 1.140%) ^(1),(2)

01/20/37

4,000,000

3,998,600

Apidos CLO XXXI Ltd. Series 2019-31A, Class A1R

5.27% (3 mo. USD Term SOFR + 1.362%) ^(1),(2)

04/15/31

1,421,447

1,424,716

Apidos CLO XXXII Ltd. Series 2019-32A, Class A1R

4.98% (3 mo. USD Term SOFR + 1.100%) ^(1),(2)

01/20/33

2,463,892

2,466,689

Aqueduct European CLO 10 DAC Series 2024-10A, Class B

4.00% (3 mo. EUR EURIBOR + 2.000%) ^(1),(2)

01/18/39

EUR

1,000,000

1,154,838

Arbour CLO IV DAC Series 4A, Class BRRR

0.00% (3 mo. EUR EURIBOR + 2.000%) ^{(1),(2),(3),(4)}

11/15/39

EUR

1,100,000

1,268,549

Arbour CLO V DAC Series 5A, Class BR

4.03% (3 mo. EUR EURIBOR + 2.000%) ^(1),(2)

06/15/38

EUR

850,000

982,873

ARES LI CLO Ltd. Series 2019-51A, Class A1R2

5.26% (3 mo. USD Term SOFR + 1.360%) ^(1),(2)

10/15/37

660,000

661,476

ARES LXII CLO Ltd. Series 2021-62A, Class BR

5.36% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

01/25/34

1,250,000

1,251,367

ARES LXV CLO Ltd. Series 2022-65A, Class A1R

4.98% (3 mo. USD Term SOFR + 1.120%) ^(1),(2)

07/25/34

2,000,000

See accompanying Notes to Financial Statements.

TCW AAA CLO ETF

Schedule of Investments (Continued)

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

ARES XLIV CLO Ltd. Series 2017-44A, Class A2RR

5.25% (3 mo. USD Term SOFR + 1.350%) ^(1),(2)

04/15/34

2,000,000

1,998,306

ARES XXVII CLO Ltd. Series 2013-2A, Class AR3

5.01% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

10/28/34

1,000,000

1,000,440

Bain Capital Credit CLO Ltd. Series 2020-3A, Class A1RR

5.07% (3 mo. USD Term SOFR + 1.210%) ^(1),(2)

10/23/34

190,000

190,488

Bain Capital Credit CLO Ltd. Series 2020-4A, Class BR

6.38% (3 mo. USD Term SOFR + 2.500%) ^(1),(2)

10/20/36

2,000,000

2,000,100

Bain Capital Credit CLO Ltd. Series 2021-1A, Class AR

4.82% (3 mo. USD Term SOFR + 0.940%) ^(1),(2)

04/18/34

5,500,000

5,493,972

Bain Capital Credit CLO Ltd. Series 2021-3A, Class AR

4.93% (3 mo. USD Term SOFR + 1.060%) ^(1),(2)

07/24/34

1,000,000

1,000,623

Bain Capital Credit CLO Ltd. Series 2021-6A, Class A1R

4.96% (3 mo. USD Term SOFR + 1.090%) ^(1),(2)

10/21/34

1,000,000

1,001,128

Bain Capital Credit CLO Ltd. Series 2022-4A, Class A1R

5.27% (3 mo. USD Term SOFR + 1.380%) ^(1),(2)

10/16/37

2,000,000

2,006,500

Ballyrock CLO Ltd. Series 2020-2A, Class A1R

5.16% (3 mo. USD Term SOFR + 1.272%) ^(1),(2)

10/20/31

1,021,913

1,022,407

Barings CLO Ltd. Series 2019-3A, Class A1RR

5.02% (3 mo. USD Term SOFR + 1.140%) ^(1),(2)

01/20/36

1,000,000

1,000,653

Barings CLO Ltd. Series 2021-3A, Class AR

5.01% (3 mo. USD Term SOFR + 1.130%) ^(1),(2)

01/18/35

250,000

250,263

Barings CLO Ltd. Series 2021-3A, Class B1R

5.51% (3 mo. USD Term SOFR + 1.630%) ^(1),(2)

01/18/35

1,500,000

1,500,133

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Barings CLO Ltd. Series 2022-2A, Class A1R

5.27% (3 mo. USD Term SOFR + 1.370%) ^(1),(2)

07/15/39

675,000

677,188

Barings CLO Ltd. Series 2023-4A, Class A

5.63% (3 mo. USD Term SOFR + 1.750%) ^(1),(2)

01/20/37

250,000

250,618

Barings CLO Ltd. Series 2024-1A, Class A

5.51% (3 mo. USD Term SOFR + 1.630%) ^(1),(2)

01/20/37

250,000

250,513

Beechwood Park CLO Ltd. Series 2019-1A, Class A1R

5.18% (3 mo. USD Term SOFR + 1.300%) ^(1),(2)

01/17/35

500,000

501,250

Benefit Street Partners CLO XXXVI Ltd. Series 2024-36A, Class A1

5.22% (3 mo. USD Term SOFR + 1.360%) ^(1),(2)

01/25/38

1,500,000

1,502,227

BlueMountain CLO Ltd. Series 2015-4A, Class CR2

5.18% (3 mo. USD Term SOFR + 1.300%) ^(1),(2)

04/20/30

1,000,000

1,000,943

BlueMountain CLO XXII Ltd. Series 2018-22A, Class A1

5.25% (3 mo. USD Term SOFR + 1.342%) ^(1),(2)

07/15/31

359,836

360,078

BlueMountain CLO XXX Ltd. Series 2020-30A, Class AR2

5.05% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

04/15/35

3,350,000

3,348,985

BlueMountain CLO XXXI Ltd. Series 2021-31A, Class A2R

5.55% (3 mo. USD Term SOFR + 1.400%) ^(1),(2)

04/19/34

1,200,000

1,201,124

BlueMountain CLO XXXII Ltd. Series 2021-32A, Class BR

5.45% (3 mo. USD Term SOFR + 1.550%) ^(1),(2)

10/15/34

1,500,000

1,494,030

Buttermilk Park CLO Ltd. Series 2018-1A, Class A2R

5.27% (3 mo. USD Term SOFR + 1.370%) ^(1),(2)

10/15/31

275,000

274,479

Captree Park CLO Ltd. Series 2024-1A, Class B1

5.78% (3 mo. USD Term SOFR + 1.900%) ^(1),(2)

07/20/37

250,000

250,921

See accompanying Notes to Financial Statements.

TCW AAA CLO ETF

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Cayuga Park CLO Ltd. Series 2020-1A, Class AR

5.26% (3 mo. USD Term SOFR + 1.382%) ^(1),(2)

07/17/34

810,000

810,543

Cedar Funding IX CLO Ltd. Series 2018-9A, Class AR

5.30% (3 mo. USD Term SOFR + 1.420%) ^(1),(2)

07/20/37

500,000

501,166

Cedar Funding VII CLO Ltd. Series 2018-7A, Class AR

4.96% (3 mo. USD Term SOFR + 1.080%) ^(1),(2)

01/20/31

897,667

897,262

Cedar Funding XI CLO Ltd. Series 2019-11A, Class A2R2

5.50% (3 mo. USD Term SOFR + 1.300%) ^(1),(2)

05/29/32

1,200,000

1,201,156

Cedar Funding XII CLO Ltd. Series 2020-12A, Class ARR

5.06% (3 mo. USD Term SOFR + 1.200%) ^(1),(2)

01/25/38

3,000,000

3,002,460

Cedar Funding XIV CLO Ltd. Series 2021-14A, Class AR

5.28% (3 mo. USD Term SOFR + 1.380%) ^(1),(2)

10/15/37

850,000

852,216

CIFC Funding Ltd. Series 2013-3RA, Class A2R

5.07% (3 mo. USD Term SOFR + 1.200%) ^(1),(2)

04/24/31

3,000,000

2,995,440

CIFC Funding Ltd. Series 2014-4RA, Class A1B2

5.08% (3 mo. USD Term SOFR + 1.200%) ^(1),(2)

01/17/35

4,000,000

3,956,596

CIFC Funding Ltd. Series 2016-1A, Class BR3

5.32% (3 mo. USD Term SOFR + 1.450%) ^(1),(2)

10/21/31

800,000

797,212

CIFC Funding Ltd. Series 2017-1A, Class BRR

5.92% (3 mo. USD Term SOFR + 2.050%) ^(1),(2)

04/21/37

510,000

511,806

CIFC Funding Ltd. Series 2021-1A, Class A1R

5.28% (3 mo. USD Term SOFR + 1.420%) ^(1),(2)

07/25/37

830,000

832,092

CIFC Funding Ltd. Series 2021-7A, Class AR

4.95% (3 mo. USD Term SOFR + 1.090%) ^(1),(2)

01/23/35

1,000,000

999,978

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

CIFC Funding Ltd. Series 2024-1A, Class A

5.38% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

04/18/37

250,000

250,905

Clover CLO LLC Series 2021-3A, Class AR

4.93% (3 mo. USD Term SOFR + 1.070%) ^(1),(2)

01/25/35

1,000,000

1,000,727

Contego CLO IV DAC Series 4A, Class B1RR

1.00% (3 mo. EUR EURIBOR + 2.050%) ^(1),(2),(4)

10/23/39

EUR

1,100,000

1,267,915

Contego CLO VI DAC Series 6X, Class B2R

3.63% (3 mo. EUR EURIBOR + 1.600%) ^(2),(5)

04/15/34

EUR

1,200,000

1,379,221

Danby Park CLO Ltd. Series 2022-1A, Class AR

5.23% (3 mo. USD Term SOFR + 1.360%) ^(1),(2)

10/21/37

400,000

401,677

Dryden 105 CLO Ltd. Series 2023-105A, Class AR

5.35% (3 mo. USD Term SOFR + 1.450%) ^(1),(2)

04/15/38

2,000,000

2,009,030

Dryden 108 CLO Ltd. Series 2022-108A, Class A2R

5.39% (3 mo. USD Term SOFR + 1.510%) ^(1),(2)

07/18/37

600,000

601,160

Dryden 40 Senior Loan Fund Series 2015-40A, Class AR2

5.36% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

08/15/31

2,898,160

2,899,620

Dryden 43 Senior Loan Fund Series 2016-43A, Class AR3

4.95% (3 mo. USD Term SOFR + 1.070%) ^(1),(2)

04/20/34

1,000,000

1,000,373

Dryden 45 Senior Loan Fund Series 2016-45A, Class A1RR

4.98% (3 mo. USD Term SOFR + 1.080%) ^(1),(2)

10/15/30

73,079

73,107

Dryden 55 CLO Ltd. Series 2018-55A, Class A1

5.19% (3 mo. USD Term SOFR + 1.282%) ^(1),(2)

04/15/31

1,352,688

1,353,561

Dryden 68 CLO Ltd. Series 2019-68A, Class ARR

5.00% (3 mo. USD Term SOFR + 1.100%) ^(1),(2)

07/15/35

5,163,000

5,166,516

Dryden 72 CLO Ltd. Series 2019-72A, Class ARR

5.31% (3 mo. USD Term SOFR + 1.100%) ^(1),(2)

05/15/32

2,152,690

2,155,226

See accompanying Notes to Financial Statements.

TCW AAA CLO ETF

Schedule of Investments (Continued)

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Dryden 80 CLO Ltd. Series 2019-80A, Class BRR

5.38% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

01/17/33

2,000,000

2,001,068

Dryden 86 CLO Ltd. Series 2020-86A, Class A1R2

5.01% (3 mo. USD Term SOFR + 1.130%) ^(1),(2)

07/17/34

250,000

250,540

Dryden 93 CLO Ltd. Series 2021-93A, Class A1R

5.23% (3 mo. USD Term SOFR + 1.330%) ^(1),(2)

01/15/38

620,000

622,984

Dryden 94 CLO Ltd. Series 2022-94A, Class AR

5.26% (3 mo. USD Term SOFR + 1.360%) ^(1),(2)

10/15/37

400,000

401,606

Dryden 95 CLO Ltd. Series 2021-95A, Class BR

5.80% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)

08/20/34

4,000,000

4,005,752

Elmwood CLO 15 Ltd. Series 2022-2A, Class A1R

5.01% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

04/22/35

2,260,000

2,261,166

Elmwood CLO 36 Ltd. Series 2024-12RA, Class AR

5.22% (3 mo. USD Term SOFR + 1.340%) ^(1),(2)

10/20/37

850,000

852,762

Elmwood CLO I Ltd. Series 2019-1A, Class A1RR

5.40% (3 mo. USD Term SOFR + 1.520%) ^(1),(2)

04/20/37

1,180,000

1,184,272

Elmwood CLO III Ltd. Series 2019-3A, Class A2RR

5.48% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)

07/18/37

850,000

852,643

Elmwood CLO IX Ltd. Series 2021-2A, Class AR

5.02% (3 mo. USD Term SOFR + 1.140%) ^(1),(2)

04/20/38

2,500,000

2,499,910

Flatiron CLO 25 Ltd. Series 2024-2A, Class A

5.23% (3 mo. USD Term SOFR + 1.350%) ^(1),(2)

10/17/37

850,000

852,289

Galaxy XXII CLO Ltd. Series 2016-22A, Class ARRR

5.13% (3 mo. USD Term SOFR + 1.240%) ^(1),(2)

04/16/34

3,000,000

3,003,558

GoldenTree Loan Management U.S. CLO 11 Ltd. Series 2021-11A, Class AR

4.96% (3 mo. USD Term SOFR + 1.080%) ^(1),(2)

10/20/34

250,000

249,944

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

GoldenTree Loan Management U.S. CLO 12 Ltd. Series 2022-12A, Class B1R

5.53% (3 mo. USD Term SOFR + 1.650%) ^(1),(2)

07/20/37

250,000

250,764

GoldenTree Loan Management U.S. CLO 19 Ltd. Series 2024-19A, Class A

5.38% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

04/20/37

500,000

501,520

GoldenTree Loan Management U.S. CLO 7 Ltd. Series 2020-7A, Class ARR

4.98% (3 mo. USD Term SOFR + 1.100%) ^(1),(2)

04/20/34

2,850,000

2,846,760

GoldenTree Loan Management U.S. CLO 8 Ltd. Series 2020-8A, Class ARR

5.03% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

10/20/34

1,130,000

1,131,742

GoldenTree Loan Management U.S. CLO 9 Ltd. Series 2021-9A, Class AR

5.38% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

04/20/37

550,000

552,084

Golub Capital Partners CLO 53B Ltd. Series 2021-53A, Class AR

4.86% (3 mo. USD Term SOFR + 0.980%) ^(1),(2)

07/20/34

5,500,000

5,497,255

Golub Capital Partners CLO 60B Ltd. Series 2022-60A, Class AR

5.17% (3 mo. USD Term SOFR + 1.310%) ^(1),(2)

10/25/34

500,000

500,387

Golub Capital Partners CLO 76 B Ltd. Series 2024-76A, Class B

5.53% (3 mo. USD Term SOFR + 1.670%) ^(1),(2)

10/25/37

750,000

752,245

Hamlin Park CLO Ltd. Series 2024-1A, Class A

5.22% (3 mo. USD Term SOFR + 1.340%) ^(1),(2)

10/20/37

540,000

541,158

Harmony-Peace Park CLO Ltd. Series 2024-1A, Class A

5.23% (3 mo. USD Term SOFR + 1.350%) ^(1),(2)

10/20/37

1,250,000

1,254,981

Hartwick Park CLO Ltd. Series 2023-1A, Class AR

5.04% (3 mo. USD Term SOFR + 1.160%) ^(1),(2)

01/20/37

1,000,000

1,000,483

Henley CLO I DAC Series 1X, Class B1R

3.72% (3 mo. EUR EURIBOR + 1.650%) ^(2),(5)

07/25/34

EUR 850,000

979,558

See accompanying Notes to Financial Statements.

TCW AAA CLO ETF

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

HPS Loan Management Ltd. Series 15A-19, Class A1R

5.18% (3 mo. USD Term SOFR + 1.320%) ^(1),(2)

01/22/35

530,000

530,599

HPS Loan Management Ltd. Series 2021-16A, Class BR

5.51% (3 mo. USD Term SOFR + 1.650%) ^(1),(2)

01/23/35

1,500,000

1,501,215

HPS Loan Management Ltd. Series 2023-18A, Class A2R

5.43% (3 mo. USD Term SOFR + 1.550%) ^(1),(2)

07/20/39

2,000,000

2,001,988

HPS Loan Management Ltd. Series 2024-22A, Class A1

5.25% (3 mo. USD Term SOFR + 1.370%) ^(1),(2)

10/20/37

1,850,000

1,855,963

Invesco CLO Ltd. Series 2021-2A, Class BR

5.50% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)

07/15/34

1,000,000

999,830

Invesco CLO Ltd. Series 2022-2A, Class A1R

5.03% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

07/20/35

1,000,000

999,492

Invesco U.S. CLO Ltd. Series 2023-1A, Class BR

5.91% (3 mo. USD Term SOFR + 2.050%) ^(1),(2)

04/22/37

250,000

250,714

Invesco U.S. CLO Ltd. Series 2024-4A, Class A1

5.23% (3 mo. USD Term SOFR + 1.330%) ^(1),(2)

01/15/38

1,000,000

1,003,202

Kings Park CLO Ltd. Series 2021-1A, Class A

5.26% (3 mo. USD Term SOFR + 1.392%) ^(1),(2)

01/21/35

550,000

550,271

LCM 29 Ltd. Series 29A, Class AR

5.24% (3 mo. USD Term SOFR + 1.332%) ^(1),(2)

04/15/31

946,050

948,498

LCM 33 Ltd. Series 33A, Class AR

5.06% (3 mo. USD Term SOFR + 1.180%) ^(1),(2)

07/20/34

2,250,000

2,250,736

LCM 34 Ltd. Series 34A, Class A2R

5.48% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)

10/20/34

3,000,000

2,998,251

LCM 35 Ltd. Series 35A, Class BR

5.55% (3 mo. USD Term SOFR + 1.650%) ^(1),(2)

10/15/34

1,000,000

999,307

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

LCM 37 Ltd. Series 37A, Class A1R

4.96% (3 mo. USD Term SOFR + 1.060%) ^(1),(2)

04/15/34

2,030,534

2,029,458

LCM 40 Ltd. Series 40A, Class A1R

5.27% (3 mo. USD Term SOFR + 1.370%) ^(1),(2)

01/15/38

1,000,000

1,001,565

LCM 41 Ltd. Series 41A, Class A2R

5.45% (3 mo. USD Term SOFR + 1.550%) ^(1),(2)

04/15/36

2,500,000

2,496,977

Madison Park Funding LIX Ltd. Series 2021-59A, Class A1R

5.38% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

04/18/37

395,000

396,643

Madison Park Funding LXVII Ltd. Series 2024-67A, Class A1

5.37% (3 mo. USD Term SOFR + 1.510%) ^(1),(2)

04/25/37

850,000

851,510

Madison Park Funding XLIX Ltd. Series 2021-49A, Class AR

4.93% (3 mo. USD Term SOFR + 1.050%) ^(1),(2)

10/19/34

5,500,000

5,495,055

Madison Park Funding XLV Ltd. Series 2020-45A, Class ARR

4.98% (3 mo. USD Term SOFR + 1.080%) ^(1),(2)

07/15/34

1,000,000

1,000,908

Madison Park Funding XLVI Ltd. Series 2020-46A, Class ARR

4.90% (3 mo. USD Term SOFR + 1.000%) ^(1),(2)

10/15/34

5,000,000

4,997,500

Madison Park Funding XXVII Ltd. Series 2018-27A, Class A2R

5.38% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

04/20/38

2,250,000

2,251,309

Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2

5.43% (3 mo. USD Term SOFR + 1.530%) ^(1),(2)

04/15/37

2,275,000

2,281,541

Magnetite XIX Ltd. Series 2017-19A, Class B1RR

5.33% (3 mo. USD Term SOFR + 1.450%) ^(1),(2)

04/17/34

500,000

499,479

Magnetite XXV Ltd. Series 2020-25A, Class A

5.32% (3 mo. USD Term SOFR + 1.462%) ^(1),(2)

01/25/32

392,609

392,825

See accompanying Notes to Financial Statements.

TCW AAA CLO ETF

Schedule of Investments (Continued)

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Neuberger Berman CLO XVII Ltd. Series 2014-17A, Class AR3

5.26% (3 mo. USD Term SOFR + 1.400%) ^(1),(2)

07/22/38

1,400,000

1,403,714

Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR

4.97% (3 mo. USD Term SOFR + 1.060%) ^(1),(2)

10/14/36

500,000

499,253

Neuberger Berman Loan Advisers CLO 52 Ltd. Series 2022-52A, Class AR

5.22% (3 mo. USD Term SOFR + 1.350%) ^(1),(2)

10/24/38

850,000

852,659

Neuberger Berman Loan Advisers CLO Ltd. Series 2017-24A, Class AR2

5.24% (3 mo. USD Term SOFR + 1.360%) ^(1),(2)

10/19/38

2,000,000

2,005,500

Neuberger Berman Loan Advisers CLO Ltd. Series 2022-49A, Class AR

5.01% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

07/25/35

248,406

248,591

Neuberger Berman Loan Advisers Lasalle Street Lending CLO I Ltd. Series 2023-1A, Class A2R

5.39% (3 mo. USD Term SOFR + 1.550%) ^(1),(2)

10/25/36

2,000,000

2,003,780

Northwoods Capital 25 Ltd. Series 2021-25A, Class AR

5.00% (3 mo. USD Term SOFR + 1.120%) ^(1),(2)

07/20/34

2,500,000

2,499,000

OCP Aegis CLO Ltd. Series 2023-29A, Class BR

5.43% (3 mo. USD Term SOFR + 1.550%) ^(1),(2)

01/20/36

500,000

499,524

OCP CLO Ltd. Series 2021-22A, Class AR

5.23% (3 mo. USD Term SOFR + 1.350%) ^(1),(2)

10/20/37

850,000

851,657

OCP CLO Ltd. Series 2021-23A, Class AR

5.04% (3 mo. USD Term SOFR + 1.160%) ^(1),(2)

01/17/37

1,000,000

998,783

OCP Euro CLO DAC Series 2023-7A, Class BRR

3.86% (3 mo. EUR EURIBOR + 1.850%) ^(1),(2)

10/20/39

EUR

950,000

1,094,807

Octagon 57 Ltd. Series 2021-1A, Class AR

4.96% (3 mo. USD Term SOFR + 1.070%) ^(1),(2)

10/15/34

1,300,000

1,300,952

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Octagon 66 Ltd. Series 2022-1A, Class A1R

5.94% (3 mo. USD Term SOFR + 1.750%) ^(1),(2)

11/16/36

300,000

300,289

Octagon Investment Partners 18-R Ltd. Series 2018-18A, Class A1A

5.12% (3 mo. USD Term SOFR + 1.222%) ^(1),(2)

04/16/31

201,317

201,385

Octagon Investment Partners 26 Ltd. Series 2016-1A, Class A2R

5.52% (3 mo. USD Term SOFR + 1.612%) ^(1),(2)

07/15/30

250,000

250,141

Octagon Investment Partners 29 Ltd.
Series 2016-1A, Class A1R2

5.30% (3 mo. USD Term SOFR + 1.420%) ^(1),(2)

07/18/37

850,000

852,167

Octagon Investment Partners 36 Ltd.
Series 2018-1A, Class A2

5.37% (3 mo. USD Term SOFR + 1.462%) ^(1),(2)

04/15/31

250,000

249,948

Octagon Investment Partners 40 Ltd.
Series 2019-1A, Class A2RR

5.18% (3 mo. USD Term SOFR + 1.300%) ^(1),(2)

01/20/35

2,000,000

1,982,108

Octagon Investment Partners 40 Ltd.
Series 2019-1A, Class BRR

5.43% (3 mo. USD Term SOFR + 1.550%) ^(1),(2)

01/20/35

950,000

948,014

Octagon Investment Partners 41 Ltd.
Series 2019-2A, Class A2R2

5.50% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)

10/15/33

2,000,000

2,001,078

Octagon Investment Partners 44 Ltd.
Series 2019-1A, Class AR2

5.05% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

10/15/34

2,500,000

2,500,625

Octagon Investment Partners 45 Ltd.
Series 2019-1A, Class A1RR

5.05% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

04/15/35

2,000,000

2,001,750

Octagon Investment Partners 45 Ltd.
Series 2019-1A, Class BRR

5.50% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)

04/15/35

600,000

599,371

See accompanying Notes to Financial Statements.

TCW AAA CLO ETF

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Octagon Investment Partners 51 Ltd.
Series 2021-1A, Class AR

4.87% (3 mo. USD Term SOFR + 0.990%) ^(1),(2)

07/20/34

5,500,000

5,506,094

Octagon Investment Partners XVI Ltd.
Series 2013-1A, Class A2R

5.54% (3 mo. USD Term SOFR + 1.662%) ^(1),(2)

07/17/30

350,000

350,643

Octagon Investment Partners XXI Ltd.
Series 2014-1A, Class A2R4

5.38% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

02/14/31

5,500,000

5,502,381

OHA Credit Funding 1 Ltd. Series 2018-1A, Class B1R

5.88% (3 mo. USD Term SOFR + 2.000%) ^(1),(2)

04/20/37

250,000

250,957

OHA Credit Funding 4 Ltd. Series 2019-4A, Class AR2

5.15% (3 mo. USD Term SOFR + 1.290%) ^(1),(2)

01/22/38

1,000,000

1,001,977

OHA Credit Funding 5 Ltd. Series 2020-5A, Class AR

5.23% (3 mo. USD Term SOFR + 1.350%) ^(1),(2)

10/18/37

400,000

400,756

Palmer Square BDC CLO 1 Ltd. Series 1A, Class A

5.50% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)

07/15/37

1,830,000

1,835,746

Palmer Square CLO Ltd. Series 2024-2A, Class A1

5.28% (3 mo. USD Term SOFR + 1.400%) ^(1),(2)

07/20/37

500,000

502,171

Palmer Square CLO Ltd. Series 2024-4A, Class A2

5.40% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

01/15/38

1,000,000

1,001,071

Palmer Square European Loan Funding DAC Series 2025-2A, Class B

4.05% (3 mo. EUR EURIBOR + 2.000%) ^(1),(2)

02/15/35

EUR

850,000

981,381

Palmer Square European Loan Funding DAC Series 2025-3A, Class B

3.85% (3 mo. EUR EURIBOR + 1.800%) ^(1),(2)

07/15/35

EUR

475,000

547,892

Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR

5.30% (3 mo. USD Term SOFR + 1.400%) ^(1),(2)

04/15/31

720,000

721,613

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Palmer Square Loan Funding Ltd. Series 2023-2A, Class A2R

5.36% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

01/25/32

4,000,000

4,001,548

Park Avenue Institutional Advisers CLO Ltd. Series 2017-1A, Class A2R2

5.62% (3 mo. USD Term SOFR + 1.550%) ^(1),(2)

02/14/34

2,000,000

2,001,994

Park Avenue Institutional Advisers CLO Ltd. Series 2021-1A, Class A1AR

4.99% (3 mo. USD Term SOFR + 1.110%) ^(1),(2)

01/20/34

2,000,000

1,999,842

Point Au Roche Park CLO Ltd. Series 2021-1A, Class A

5.23% (3 mo. USD Term SOFR + 1.342%) ^(1),(2)

07/20/34

1,100,000

1,101,702

Providus CLO III DAC Series 3X, Class B1R

3.65% (3 mo. EUR EURIBOR + 1.650%) ^(2),(5)

07/18/34

EUR

400,000

461,312

Rad CLO 21 Ltd. Series 2023-21A, Class A1R

4.93% (3 mo. USD Term SOFR + 1.070%) ^(1),(2)

01/25/37

5,500,000

5,483,137

RAD CLO 22 Ltd. Series 2023-22A, Class A1

5.71% (3 mo. USD Term SOFR + 1.830%) ^(1),(2)

01/20/37

400,000

401,212

RAD CLO 26 Ltd. Series 2024-26A, Class A

5.25% (3 mo. USD Term SOFR + 1.370%) ^(1),(2)

10/20/37

400,000

401,002

Regatta XI Funding Ltd. Series 2018-1A, Class AR

5.28% (3 mo. USD Term SOFR + 1.400%) ^(1),(2)

07/17/37

1,000,000

1,001,709

Regatta XVI Funding Ltd. Series 2019-2A, Class A1R

5.10% (3 mo. USD Term SOFR + 1.200%) ^(1),(2)

01/15/33

1,643,451

1,648,340

Regatta XXII Funding Ltd. Series 2022-2A, Class AR

5.13% (3 mo. USD Term SOFR + 1.250%) ^(1),(2)

07/20/35

1,500,000

1,501,701

Regatta XXII Funding Ltd. Series 2022-2A, Class BR

5.58% (3 mo. USD Term SOFR + 1.700%) ^(1),(2)

07/20/35

1,000,000

1,000,504

See accompanying Notes to Financial Statements.

TCW AAA CLO ETF

Schedule of Investments (Continued)

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Regatta XXVII Funding Ltd. Series 2024-1A, Class A1

5.39% (3 mo. USD Term SOFR + 1.530%) ^(1),(2)

04/26/37

500,000

500,831

Regatta XXVII Funding Ltd. Series 2024-1A, Class A2

5.59% (3 mo. USD Term SOFR + 1.730%) ^(1),(2)

04/26/37

1,500,000

1,503,973

Rockford Tower CLO Ltd. Series 2018-1A, Class A

5.57% (3 mo. USD Term SOFR + 1.362%) ^(1),(2)

05/20/31

2,784,532

2,785,437

Rockford Tower CLO Ltd. Series 2019-1A, Class AR2

4.98% (3 mo. USD Term SOFR + 1.100%) ^(1),(2)

04/20/34

700,000

699,648

Rockford Tower CLO Ltd. Series 2019-1A, Class B1R2

5.48% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)

04/20/34

2,000,000

2,001,744

Rockford Tower CLO Ltd. Series 2019-2A, Class AR2

5.33% (3 mo. USD Term SOFR + 1.130%) ^(1),(2)

08/20/32

941,651

942,660

Rockford Tower CLO Ltd. Series 2020-1A, Class A1RR

4.97% (3 mo. USD Term SOFR + 1.090%) ^(1),(2)

01/20/36

1,600,000

1,599,549

Rockford Tower CLO Ltd. Series 2021-2A, Class A2R

5.38% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

07/20/34

2,000,000

2,000,652

Rockford Tower CLO Ltd. Series 2022-1A, Class BR

5.58% (3 mo. USD Term SOFR + 1.700%) ^(1),(2)

07/20/35

1,500,000

1,502,862

Rockford Tower CLO Ltd. Series 2025-1A, Class A1

5.11% (3 mo. USD Term SOFR + 1.210%) ^(1),(2)

03/31/38

5,500,000

5,509,416

Rockford Tower Europe CLO DAC Series 2019-1A, Class B1R

4.10% (3 mo. EUR EURIBOR + 2.100%) ^(1),(2)

01/20/38

EUR

750,000

871,003

RR 16 Ltd. Series 2021-16A, Class A2R

5.40% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

07/15/36

1,500,000

1,501,755

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

RR 26 Ltd. Series 2023-26A, Class A1R

5.02% (3 mo. USD Term SOFR + 1.120%) ^(1),(2)

04/15/38

5,500,000

5,503,305

RR 5 Ltd. Series 2018-5A, Class A1R

5.40% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

07/15/39

1,500,000

1,507,371

RR 8 Ltd. Series 2020-8A, Class A2R

5.60% (3 mo. USD Term SOFR + 1.700%) ^(1),(2)

07/15/37

500,000

500,553

Sixth Street CLO VIII Ltd. Series 2017-8A, Class A1R2

5.03% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

10/20/34

1,000,000

1,001,261

Sixth Street CLO XXI Ltd. Series 2022-21A, Class AR

5.24% (3 mo. USD Term SOFR + 1.370%) ^(1),(2)

10/21/37

2,000,000

2,008,146

Symphony CLO 43 Ltd. Series 2024-43A, Class A1

5.42% (3 mo. USD Term SOFR + 1.520%) ^(1),(2)

04/15/37

850,000

852,682

Symphony CLO XXII Ltd. Series 2020-22A, Class A1AR

5.06% (3 mo. USD Term SOFR + 1.180%) ^(1),(2)

04/18/33

670,457

670,587

Symphony CLO XXIII Ltd. Series 2020-23A, Class BR2

5.25% (3 mo. USD Term SOFR + 1.350%) ^(1),(2)

01/15/34

2,000,000

1,985,480

Symphony CLO XXIV Ltd. Series 2020-24A, Class A1R

5.26% (3 mo. USD Term SOFR + 1.130%) ^(1),(2)

10/23/35

2,075,000

2,075,587

Symphony CLO XXV Ltd. Series 2021-25A, Class A

5.13% (3 mo. USD Term SOFR + 1.242%) ^(1),(2)

04/19/34

2,000,000

2,001,408

Symphony CLO XXVIII Ltd. Series 2021-28A, Class A

5.26% (3 mo. USD Term SOFR + 1.402%) ^(1),(2)

10/23/34

1,000,000

1,000,671

TCI-Symphony CLO Ltd. Series 2016-1A, Class AR2

5.19% (3 mo. USD Term SOFR + 1.282%) ^(1),(2)

10/13/32

1,392,345

1,394,308

See accompanying Notes to Financial Statements.

TCW AAA CLO ETF

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Texas Debt Capital CLO Ltd. Series 2023-2A, Class A1R

5.24% (3 mo. USD Term SOFR + 1.370%) ^(1),(2)

10/21/37

321,000

321,695

Thompson Park CLO Ltd. Series 2021-1A, Class A1R

4.95% (3 mo. USD Term SOFR + 1.050%) ^(1),(2)

04/15/34

2,200,000

2,201,091

Trestles CLO IV Ltd. Series 2021-4A, Class A

5.30% (3 mo. USD Term SOFR + 1.432%) ^(1),(2)

07/21/34

3,000,000

3,001,848

Trestles CLO V Ltd. Series 2021-5A, Class A1R

5.13% (3 mo. USD Term SOFR + 1.250%) ^(1),(2)

10/20/34

2,800,000

2,796,786

Trestles CLO VIII Ltd. Series 2025-8A, Class A1

5.63% (3 mo. USD Term SOFR + 1.330%) ^(1),(2)

06/11/35

3,300,000

3,304,521

Trinitas CLO VI Ltd. Series 2017-6A, Class B1R4

5.77% (3 mo. USD Term SOFR + 1.650%) ^(1),(2)

01/25/34

1,000,000

1,001,429

Trinitas CLO XVI Ltd. Series 2021-16A, Class A1R

5.01% (3 mo. USD Term SOFR + 1.130%) ^(1),(2)

07/20/34

1,500,000

1,501,878

Voya CLO Ltd. Series 2013-3A, Class A2RR

5.85% (3 mo. USD Term SOFR + 1.961%) ^(1),(2)

10/18/31

327,073

327,744

Voya CLO Ltd. Series 2017-3A, Class AAR2

5.48% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)

04/20/34

2,000,000

2,002,358

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Voya CLO Ltd. Series 2019-1A, Class A2RR

5.50% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)

10/15/37

850,000

850,790

Voya CLO Ltd. Series 2019-2A, Class AR

5.08% (3 mo. USD Term SOFR + 1.200%) ^(1),(2)

07/20/32

2,109,711

2,112,431

Voya CLO Ltd. Series 2020-1A, Class ARR

4.97% (3 mo. USD Term SOFR + 1.080%) ^(1),(2)

07/16/34

1,500,000

1,501,402

Total Asset-Backed Securities

(Cost: $311,027,085)

311,400,969

Total Fixed Income Securities

(Cost: $311,027,085)

311,400,969

Issues

Value

MONEY MARKET INVESTMENTS — 3.0%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.01% ⁽⁶⁾

1,618,501

TCW Central Cash Fund, 4.07% ^(6),(7)

8,123,244

Total Money Market Investments

(Cost: $9,741,745)

9,741,745

Total Investments (99.3%)

(Cost: $320,768,830)

321,142,714

Excess Of Other Assets Over Liabilities (0.7%)

2,253,504

Net Assets (100.0%)

323,396,218


Forward Currency Exchange Contracts

Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for USD		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY ⁽⁸⁾
Goldman Sachs & Co.		EUR		1,100,000		11/03/25	$	1,279,584	$	1,267,915	$	(11,669	)

							$	1,279,584	$	1,267,915	$	(11,669	)

SELL ⁽⁹⁾
Goldman Sachs & Co.		EUR		11,302,000		01/09/26	$	13,324,546	$	13,075,942	$	248,604

							$	13,324,546	$	13,075,942	$	248,604

See accompanying Notes to Financial Statements.

TCW AAA CLO ETF

Schedule of Investments (Continued)

Notes to the Schedule of Investments:

BDC

Business Development Company.

CLO

Collateralized Loan Obligation.

EUR

Euro Currency.

SOFR

Secured Overnight Financing Rate.

(1)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At October 31, 2025, the value of these securities amounted to $308,580,878 or 95.4% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.

(2)

Floating or variable rate security. The interest shown reflects the rate in effect at October 31, 2025.

(3)

Security is not accruing interest.

(4)

This security is purchased on a when-issued, delayed-delivery or forward commitment basis.

(5)

Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At October 31, 2025, the value of these securities amounted to $2,820,091 or 0.9% of net assets.

(6)

Rate disclosed is the 7-day net yield as of October 31, 2025.

(7)

Affiliated issuer.

(8)

Fund buys foreign currency, sells USD.

(9)

Fund sells foreign currency, buys USD.

The summary of the TCW AAA CLO ETF transactions in the affiliated funds for the year ended October 31, 2025 is as follows:


Name of Affiliated Fund	Value at October 31, 2024		Purchases at Cost		Proceeds from Sales		Number of Shares Held October 31, 2025		Value at October 31, 2025		Dividends and Interest Income Received		Distributions Received from Net Realized Gain		Net Realized Gain (Loss) on Investments		Net change in Unrealized Gain (Loss) on Investments
TCW Central Cash Fund
	$	—	$	270,923,243	$	262,800,000		8,123,243	$	8,123,243	$	570,481	$	—	$	—	$	—

Total									$	8,123,243	$	570,481	$	—	$	—	$	—

See accompanying Notes to Financial Statements.

TCW AAA CLO ETF

Fair Valuation Summary

October 31, 2025

The following is a summary of the fair valuations according to the inputs used as of October 31, 2025 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Asset-Backed Securities	$	—	$	311,400,969		$	—	$	311,400,969

Fixed Income Securities		—		311,400,969			—		311,400,969

Money Market Investments		9,741,745		—			—		9,741,745

Total Investments	$	9,741,745	$	311,400,969		$	—	$	321,142,714

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		248,604			—		248,604

Total	$	9,741,745	$	311,649,573		$	—	$	321,391,318

Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(11,669	)	$	—	$	(11,669	)

Total	$	—	$	(11,669	)	$	—	$	(11,669	)

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

Schedule of Investments

Issues

Maturity
Date

Principal
Amount

Value

FIXED INCOME SECURITIES — 101.9% of Net Assets

ASSET-BACKED SECURITIES — 9.9%

ACE Securities Corp. Home Equity Loan Trust Series 2005-HE2, Class M5

5.13% (1 mo. USD Term SOFR + 1.134%) ⁽¹⁾

04/25/35

849,687

840,160

AMMC CLO 30 Ltd. Series 2024-30A, Class A1

5.58% (3 mo. USD Term SOFR + 1.680%) ^(1),(2)

01/15/37

2,000,000

2,003,616

Buttermilk Park CLO Ltd. Series 2018-1A, Class A2R

5.27% (3 mo. USD Term SOFR + 1.370%) ^(1),(2)

10/15/31

2,000,000

1,996,214

C-BASS Trust Series 2007-CB5, Class A3

2.84% (1 mo. USD Term SOFR + 0.614%) ⁽¹⁾

04/25/37

1,006,541

604,025

Citigroup Mortgage Loan Trust, Inc. Series 2006-WFH1, Class M5

4.89% (1 mo. USD Term SOFR + 0.894%) ⁽¹⁾

01/25/36

28,789

30,483

Countrywide Asset-Backed Certificates Trust Series 2005-7, Class MV5

5.23% (1 mo. USD Term SOFR + 1.239%) ⁽¹⁾

11/25/35

1,378,552

1,372,523

Credit-Based Asset Servicing & Securitization LLC Series 2006-CB2, Class AF4

3.00%

12/25/36

298,854

246,343

DailyPay Securitization Trust Series 2025-1A, Class A

5.63% ⁽²⁾

06/26/28

375,000

377,198

Dryden XXVI Senior Loan Fund Series 2013-26A, Class AR

5.07% (3 mo. USD Term SOFR + 1.162%) ^(1),(2)

04/15/29

106,408

106,593

JGWPT XXX LLC Series 2013-3A, Class A

4.08% ⁽²⁾

01/17/73

256,205

244,364

Morgan Stanley ABS Capital I, Inc. Trust Series 2005-HE3, Class M5

5.14% (1 mo. USD Term SOFR + 1.149%) ⁽¹⁾

07/25/35

1,042,678

1,029,754

Octagon Investment Partners 46 Ltd. Series 2020-2A, Class AR

5.33% (3 mo. USD Term SOFR + 1.422%) ^(1),(2)

07/15/36

2,000,000

2,005,550

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Palmer Square Loan Funding Ltd. Series 2023-2A, Class A2R

5.36% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

01/25/32

1,750,000

1,750,677

Rockford Tower Europe CLO DAC Series 2023-1A, Class BR

3.96% (3 mo. EUR EURIBOR + 1.950%) ^(1),(2)

04/15/37

EUR

750,000

865,647

Skyline Aviation, Inc. Class A

3.23% ⁽³⁾

07/03/38

1,673,427

1,571,386

SLC Student Loan Trust Series 2004-1, Class B

4.90% (90 day USD SOFR Average + 0.552%) ⁽¹⁾

08/15/31

73,166

64,663

SLC Student Loan Trust Series 2008-1, Class A4A

6.23% (90 day USD SOFR Average + 1.862%) ⁽¹⁾

12/15/32

81,446

81,603

SLM Student Loan Trust Series 2004-2, Class B

5.04% (90 day USD SOFR Average + 0.732%) ⁽¹⁾

07/25/39

68,646

65,507

SLM Student Loan Trust Series 2006-8, Class A6

4.73% (90 day USD SOFR Average + 0.422%) ⁽¹⁾

01/25/41

516,244

497,813

SLM Student Loan Trust Series 2008-2, Class B

5.77% (90 day USD SOFR Average + 1.460%) ⁽¹⁾

01/25/83

185,000

193,953

SLM Student Loan Trust Series 2008-3, Class B

5.77% (90 day USD SOFR Average + 1.462%) ⁽¹⁾

04/26/83

185,000

190,330

SLM Student Loan Trust Series 2008-4, Class B

6.42% (90 day USD SOFR Average + 2.112%) ⁽¹⁾

04/25/73

185,000

193,294

SLM Student Loan Trust Series 2008-5, Class B

6.42% (90 day USD SOFR Average + 2.112%) ⁽¹⁾

07/25/73

2,235,000

2,347,500

SLM Student Loan Trust Series 2008-6, Class A4

5.67% (90 day USD SOFR Average + 1.362%) ⁽¹⁾

07/26/83

445,245

440,408

SLM Student Loan Trust Series 2008-6, Class B

6.42% (90 day USD SOFR Average + 2.112%) ⁽¹⁾

07/26/83

185,000

190,714

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

October 31, 2025


Issues	Maturity Date		Principal Amount		Value

ASSET-BACKED SECURITIES (Continued)

SLM Student Loan Trust Series 2008-7, Class B

6.42% (90 day USD SOFR Average + 2.112%) ⁽¹⁾		07/26/83	$	185,000	$	183,806

SLM Student Loan Trust Series 2012-7, Class A3

4.95% (30 day USD SOFR Average + 0.764%) ⁽¹⁾		05/26/26		311,570		302,068

Structured Receivables Finance LLC Series 2010-A, Class B

7.61% ⁽²⁾		01/16/46		230,779		232,897

Voya CLO Ltd. Series 2014-4A, Class A2RA

5.77% (3 mo. USD Term SOFR + 1.862%) ^(1),(2)		07/14/31		1,650,000		1,652,419

Voya CLO Ltd. Series 2017-3A, Class AAR2

5.48% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)		04/20/34		1,500,000		1,501,769


Total Asset-Backed Securities

(Cost: $23,397,799)						23,183,277


RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 34.7%

Federal Home Loan Mortgage Corp., Pool #SD8204

2.00%		04/01/52		2,550,803		2,082,575

Federal Home Loan Mortgage Corp., Pool #SD8219

2.50%		06/01/52		3,134,958		2,675,990

Federal Home Loan Mortgage Corp., Pool #SD3124

2.50%		04/01/53		4,602,431		3,928,978

Federal Home Loan Mortgage Corp., Pool #SD8220

3.00%		06/01/52		1,146,523		1,020,330

Federal Home Loan Mortgage Corp., Pool #SD8225

3.00%		07/01/52		4,621,082		4,112,458

Federal Home Loan Mortgage Corp., Pool #C03813

3.50%		04/01/42		398,820		380,028

Federal Home Loan Mortgage Corp., Pool #SD7503

3.50%		08/01/49		1,912,827		1,794,774

Federal Home Loan Mortgage Corp., Pool #SD8244

4.00% ⁽⁴⁾		09/01/52		1,315,144		1,254,112

Federal Home Loan Mortgage Corp., Pool #SD8297

4.00%		02/01/53		3,407,740		3,247,488


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Federal Home Loan Mortgage Corp., Pool #SD5323

4.00% ⁽⁴⁾		01/01/54	$	3,683,029	$	3,510,972

Federal Home Loan Mortgage Corp., Pool #SD8257

4.50%		10/01/52		642,081		629,043

Federal Home Loan Mortgage Corp., Pool #SD6706

4.50%		01/01/54		1,314,482		1,286,643

Federal Home Loan Mortgage Corp., Pool #G08844

5.00%		10/01/48		109,496		111,032

Federal Home Loan Mortgage Corp., Pool #SD8491

5.00%		12/01/54		2,144,918		2,135,456

Federal Home Loan Mortgage Corp., Pool #G01644

5.50%		02/01/34		21,298		21,971

Federal Home Loan Mortgage Corp., Pool #A25162

5.50%		05/01/34		35,384		36,505

Federal Home Loan Mortgage Corp., Pool #A33262

5.50%		02/01/35		16,016		16,681

Federal Home Loan Mortgage Corp., Pool #A68781

5.50%		10/01/37		2,233		2,328

Federal Home Loan Mortgage Corp., Pool #RQ0013

5.50%		06/01/55		1,030,843		1,042,150

Federal Home Loan Mortgage Corp., Pool #G02366

6.50%		10/01/36		17,049		18,335

Federal Home Loan Mortgage Corp., Pool #G01548

7.50%		07/01/32		104,628		112,757

Federal Home Loan Mortgage Corp. REMICS Series 2174, Class PN (PAC)

6.00%		07/15/29		5,807		5,933

Federal Home Loan Mortgage Corp. REMICS Series 3460, Class SA (I/O) (I/F)

1.85% (-30 day USD SOFR Average + 6.086%) ⁽¹⁾		06/15/38		302,781		22,184

Federal Home Loan Mortgage Corp. REMICS Series 4030, Class HS (I/O) (I/F)

2.26% (-30 day USD SOFR Average + 6.496%) ⁽¹⁾		04/15/42		302,686		34,776

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Federal National Mortgage Association, Pool #MA4333

2.00%		05/01/41	$	538,961	$	471,885

Federal National Mortgage Association, Pool #MA4547

2.00%		02/01/52		2,470,576		2,015,120

Federal National Mortgage Association, Pool #MA4562

2.00%		03/01/52		5,847,507		4,762,102

Federal National Mortgage Association, Pool #FS1598

2.00%		04/01/52		1,024,388		835,639

Federal National Mortgage Association, Pool #MA4512

2.50%		01/01/52		949,849		810,883

Federal National Mortgage Association, Pool #MA1527

3.00%		08/01/33		8,028		7,774

Federal National Mortgage Association, Pool #MA1561

3.00%		09/01/33		448,098		433,960

Federal National Mortgage Association, Pool #MA3811

3.00%		10/01/49		354,631		315,814

Federal National Mortgage Association, Pool #FS2646

3.00%		06/01/52		2,735,937		2,442,967

Federal National Mortgage Association, Pool #MA1608

3.50%		10/01/33		387,185		379,919

Federal National Mortgage Association, Pool #FM2318

3.50%		09/01/49		724,616		679,896

Federal National Mortgage Association, Pool #MA4732

4.00% ⁽⁴⁾		09/01/52		608,236		580,009

Federal National Mortgage Association, Pool #AL0209

4.50%		05/01/41		128,691		128,874

Federal National Mortgage Association, Pool #CA1710

4.50%		05/01/48		6,038		5,979

Federal National Mortgage Association, Pool #CA1711

4.50%		05/01/48		410,415		406,458

Federal National Mortgage Association, Pool #CA2208

4.50%		08/01/48		5,364		5,312

Federal National Mortgage Association, Pool #MA3537

4.50%		12/01/48		373,151		369,536


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Federal National Mortgage Association, Pool #MA4733

4.50%		09/01/52	$	5,100,116	$	4,997,343

Federal National Mortgage Association, Pool #MA4784

4.50%		10/01/52		432,172		423,396

Federal National Mortgage Association, Pool #FS9508

4.50%		03/01/54		1,478,460		1,447,147

Federal National Mortgage Association, Pool #776708

5.00%		05/01/34		41,834		42,622

Federal National Mortgage Association, Pool #890221

5.50%		12/01/33		42,687		43,991

Federal National Mortgage Association, Pool #889184

5.50%		09/01/36		31,572		32,536

Federal National Mortgage Association, Pool #764388

6.01% (6 mo. USD RFUCCT + 1.383%) ⁽¹⁾		03/01/34		5,322		5,313

Federal National Mortgage Association, Pool #939419

6.27% (1 yr. USD RFUCCT + 1.265%) ⁽¹⁾		05/01/37		17,239		17,219

Federal National Mortgage Association, Pool #844773

6.27% (1 yr. USD RFUCCT + 1.559%) ⁽¹⁾		12/01/35		2,246		2,258

Federal National Mortgage Association, Pool #549740

6.50%		10/01/27		471		472

Federal National Mortgage Association, Pool #735861

6.50%		09/01/33		18,623		19,574

Federal National Mortgage Association, Pool #253974

7.00%		08/01/31		247		259

Federal National Mortgage Association, Pool #545191

7.00%		09/01/31		262		275

Federal National Mortgage Association, Pool #630599

7.00%		05/01/32		1,298		1,374

Federal National Mortgage Association, Pool #655928

7.00%		08/01/32		701		743

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

October 31, 2025


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Federal National Mortgage Association, Pool #735207

7.00%		04/01/34	$	384	$	403

Federal National Mortgage Association REMICS Series 2001-52, Class YZ (PAC)

6.50%		10/25/31		43,960		45,679

Federal National Mortgage Association REMICS Series 2003-124, Class TS (I/F)

9.80% (-30 day USD SOFR Average + 99.197%) ⁽¹⁾		01/25/34		1,339		1,410

Federal National Mortgage Association REMICS Series 2007-64, Class FA

4.77% (30 day USD SOFR Average + 0.584%) ⁽¹⁾		07/25/37		22,338		22,237

Federal National Mortgage Association REMICS Series 2008-50, Class SA (I/O) (I/F)

1.75% (-30 day USD SOFR Average + 5.936%) ⁽¹⁾		11/25/36		323,383		27,754

Federal National Mortgage Association REMICS Series 2018-38, Class PA (PAC)

3.50%		06/25/47		2,034		1,984

Federal National Mortgage Association REMICS Series 2018-43, Class CT

3.00%		06/25/48		146,917		132,751

Federal National Mortgage Association REMICS Series 2018-86, Class JA (PAC)

4.00%		05/25/47		58,502		58,295

Federal National Mortgage Association Trust Series 2003-W6, Class 5T (I/O) (I/F)

0.55% (-30 day USD SOFR Average + 8.036%) ⁽¹⁾		09/25/42		4,393,382		51,913

Government National Mortgage Association, Pool #MA6080

3.00%		08/20/49		17,695		15,774

Government National Mortgage Association, Pool #MA6209

3.00%		10/20/49		305,454		272,282

Government National Mortgage Association, Pool #MA6030

3.50%		07/20/49		33,836		30,918

Government National Mortgage Association, Pool #MA4511

4.00%		06/20/47		2,540		2,448

Government National Mortgage Association, Pool #MA4838

4.00%		11/20/47		228,778		220,488


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Government National Mortgage Association, Pool #MA4901

4.00%		12/20/47	$	187,781	$	180,976

Government National Mortgage Association, Pool #782810

4.50%		11/15/39		245,213		246,064

Government National Mortgage Association, Pool #MA4588

4.50%		07/20/47		88,963		88,702

Government National Mortgage Association, Pool #MA5399

4.50%		08/20/48		226,310		224,667

Government National Mortgage Association, Pool #MA8347

4.50%		10/20/52		1,182,429		1,162,417

Government National Mortgage Association, Pool #MA9963

4.50%		10/20/54		190,610		186,159

Government National Mortgage Association, Pool #MB0024

4.50% ⁽⁴⁾		11/20/54		504,191		492,784

Government National Mortgage Association, Pool #80968

4.63% (1 yr. CMT + 1.500%) ⁽¹⁾		07/20/34		5,785		5,894

Government National Mortgage Association, Pool #MA4454

5.00%		05/20/47		10,235		10,435

Government National Mortgage Association, Pool #MA4589

5.00%		07/20/47		488,256		497,780

Government National Mortgage Association, Pool #MA5530

5.00%		10/20/48		2,721		2,755

Government National Mortgage Association REMICS Series 2023-134, Class F

5.18% (30 day USD SOFR Average + 1.000%) ⁽¹⁾		08/20/53		488,894		488,988

Government National Mortgage Association REMICS Series 2024-30, Class AF

5.43% (30 day USD SOFR Average + 1.250%) ⁽¹⁾		02/20/54		516,548		518,518

Government National Mortgage Association REMICS Series 2024-30, Class CF

5.43% (30 day USD SOFR Average + 1.250%) ⁽¹⁾		02/20/54		1,265,814		1,271,838

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Government National Mortgage Association, TBA

2.50% ⁽⁵⁾		12/01/51	$	3,150,000	$	2,728,092

3.50% ⁽⁵⁾		02/01/52		3,650,000		3,341,011

4.00% ⁽⁵⁾		05/01/52		925,000		874,669

4.50% ⁽⁵⁾		08/01/54		1,075,000		1,048,964

5.00% ⁽⁵⁾		04/01/55		2,150,000		2,143,243

5.50% ⁽⁵⁾		05/01/55		2,025,000		2,042,071

Uniform Mortgage-Backed Security, TBA

2.00%⁽⁵⁾		11/13/55		2,425,000		1,968,837

2.50% ⁽⁵⁾		11/13/55		1,050,000		891,643

3.00%⁽⁵⁾		11/13/55		675,000		598,143

3.50% ⁽⁵⁾		01/01/52		3,150,000		2,901,879

4.00% ⁽⁵⁾		02/01/52		1,250,000		1,186,163

4.50% ⁽⁵⁾		11/13/55		1,025,000		999,320

5.00% ⁽⁵⁾		04/01/55		1,325,000		1,318,556

5.50% ⁽⁵⁾		04/01/55		1,875,000		1,894,594


Total Residential Mortgage-Backed Securities — Agency

(Cost: $81,379,234)						81,369,646


COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 2.6%

BAMLL Commercial Mortgage Securities Trust Series 2018-PARK, Class A

4.09% ^(2),(6)		08/10/38		1,095,000		1,073,386

DBC Mortgage Trust Series 2025-DBC, Class C

6.10% (1 mo. USD Term SOFR + 2.050%) ^(1),(2)		06/15/38		575,000		577,319

DC Office Trust Series 2019-MTC, Class A

2.97% ⁽²⁾		09/15/45		765,000		697,991

GPMT Ltd. Series 2021-FL4, Class AS

5.82% (1 mo. USD Term SOFR + 1.814%) ^(1),(2)		12/15/36		1,000,000		991,627

JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class A

3.40% ⁽²⁾		06/05/39		740,000		699,742

MKT Mortgage Trust Series 2020-525M, Class A

2.69% ⁽²⁾		02/12/40		520,000		467,973

SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2B

4.14% ^(2),(6)		01/05/43		45,000		39,136

Taurus U.K. DAC Series 2021-UK4X, Class D

6.09% (1 day GBP SONIA + 2.100%) ^(1),(7)		08/17/31	GBP	447,596		588,253

Velocity Commercial Capital Loan Trust Series 2019-1, Class A

3.76% ^(2),(6)		03/25/49		976,076		942,504


Total Commercial Mortgage-Backed Securities — Non-agency

(Cost: $6,281,660)						6,077,931


Issues	Maturity Date		Principal Amount		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY — 0.5%

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KJ42, Class A1

3.90%		07/25/29	$	1,234,901	$	1,233,699


Total Commercial Mortgage-Backed Securities — Agency

(Cost: $1,234,881)						1,233,699


RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 7.6%

Asset-Backed Securities Corp. Home Equity Loan Trust Series 2004-HE9, Class M1

5.08% (1 mo. USD Term SOFR + 1.089%) ⁽¹⁾		12/25/34		238,512		225,056

Banc of America Funding Trust Series 2003-2, Class 1A1

6.50%		06/25/32		3,095		3,155

Banc of America Funding Trust Series 2014-R6, Class 2A11

4.53% ^(2),(6)		07/26/36		1,700,000		1,515,715

Bear Stearns ALT-A Trust Series 2004-12, Class 1M1

5.04% (1 mo. USD Term SOFR + 1.044%) ⁽¹⁾		01/25/35		209,966		210,553

C-BASS Trust Series 2007-CB5, Class A1

2.84% (1 mo. USD Term SOFR + 0.234%) ⁽¹⁾		04/25/37		84,707		50,856

Chase Home Lending Mortgage Trust Series 2024-3, Class A4

6.00% ^(2),(6)		02/25/55		753,384		764,126

Chase Home Lending Mortgage Trust Series 2025-2, Class A4A

5.50% ^(2),(6)		12/25/55		857,553		864,784

Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2005-2A, Class A1

4.29% (1 mo. USD Term SOFR + 0.294%) ^(1),(2)		05/25/36		22,530		21,846

CHL Mortgage Pass-Through Trust Series 2004-14, Class 4A1

5.58% ⁽⁶⁾		08/25/34		44,162		41,964

CIM Trust Series 2021-R3, Class A1A

1.95% ^(2),(6)		06/25/57		1,396,067		1,302,171

Citigroup Mortgage Loan Trust, Inc. Series 2005-OPT1, Class M1

4.74% (1 mo. USD Term SOFR + 0.744%) ⁽¹⁾		02/25/35		1,311,301		1,239,950

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

October 31, 2025


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Credit Suisse First Boston Mortgage Securities Corp. Series 98-1, Class A4

6.49%		09/25/28	$	11,190	$	11,163

Credit-Based Asset Servicing & Securitization LLC Series 2003-CB3, Class AF1

3.38%		12/25/32		245,289		239,588

Cross Mortgage Trust Series 2025-H5, Class A3

5.86% ⁽²⁾		07/25/70		1,542,694		1,555,576

CSMC Trust Series 2022-ATH2, Class A1

4.55% ^(2),(6)		05/25/67		1,337,087		1,333,330

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1M1

5.18% (30 day USD SOFR Average + 1.000%) ^(1),(2)		12/25/41		239,636		239,655

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1M1

5.68% (30 day USD SOFR Average + 1.500%) ^(1),(2)		10/25/43		1,766,418		1,772,923

First Horizon Alternative Mortgage Securities Trust Series 2004-AA3, Class A1

5.10% ⁽⁶⁾		09/25/34		18,239		18,589

GCAT Trust Series 2025-NQM3, Class A1

0.00% ⁽²⁾		05/25/70		1,138,262		1,147,594

GS Mortgage-Backed Securities Trust Series 2025-PJ6, Class A5

5.50% ^(2),(6)		11/25/55		1,077,275		1,083,961

GSR Mortgage Loan Trust Series 2004-9, Class 5A7

4.86% ⁽⁶⁾		08/25/34		507		506

HarborView Mortgage Loan Trust Series 2007-7, Class 2A1A

6.11% (1 mo. USD Term SOFR + 2.114%) ⁽¹⁾		10/25/37		1,100,550		1,043,018

HSI Asset Securitization Corp. Trust Series 2005-OPT1, Class M1

4.74% (1 mo. USD Term SOFR + 0.744%) ⁽¹⁾		11/25/35		4,719		4,716

IndyMac INDX Mortgage Loan Trust Series 2004-AR7, Class A2

4.97% (1 mo. USD Term SOFR + 0.974%) ⁽¹⁾		09/25/34		5,705		5,022

IndyMac INDX Mortgage Loan Trust Series 2004-AR8, Class 2A2A

4.91% (1 mo. USD Term SOFR + 0.914%) ⁽¹⁾		11/25/34		16,984		15,963


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

IndyMac INDX Mortgage Loan Trust Series 2007-AR11, Class 1A1

3.32% ⁽⁶⁾		06/25/37	$	405,117	$	364,653

IndyMac Manufactured Housing Contract Pass-Through Certificates Series 1997-1, Class A3

6.61%		02/25/28		16,441		16,494

IndyMac Manufactured Housing Contract Pass-Through Certificates Series 1997-1, Class A4

6.75%		02/25/28		4,377		4,392

JPMorgan Mortgage Trust Series 2007-A3, Class 3A2

4.85% ⁽⁶⁾		05/25/37		74,958		64,947

JPMorgan Mortgage Trust Series 2021-INV5, Class A3

3.00% ^(2),(6)		12/25/51		1,240,652		1,147,879

MASTR Adjustable Rate Mortgages Trust Series 2003-6, Class 4A2

4.40% ⁽⁶⁾		01/25/34		20,654		20,233

MASTR Seasoned Securitization Trust Series 2004-1, Class 4A1

6.53% ⁽⁶⁾		10/25/32		3,275		3,224

Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2C

4.47% (1 mo. USD Term SOFR + 0.474%) ⁽¹⁾		06/25/37		114,642		115,348

Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2D

4.61% (1 mo. USD Term SOFR + 0.614%) ⁽¹⁾		06/25/37		211,856		213,657

Mid-State Trust XI Series 11, Class A1

4.86%		07/15/38		90,724		90,645

Morgan Stanley ABS Capital I, Inc. Trust Series 2004-NC7, Class M2

5.04% (1 mo. USD Term SOFR + 1.044%) ⁽¹⁾		07/25/34		89,720		95,132

New York Mortgage Trust Series 2005-3, Class A1

4.59% (1 mo. USD Term SOFR + 0.594%) ⁽¹⁾		02/25/36		92,926		92,869

Residential Asset Mortgage Products Trust Series 2003-SL1, Class A41

8.00%		04/25/31		15,201		6,328

Residential Asset Mortgage Products Trust Series 2004-SL1, Class A7

7.00%		11/25/31		4,448		3,864

Residential Asset Securitization Trust Series 2004-IP2, Class 2A1

3.86% ⁽⁶⁾		12/25/34		9,639		8,792

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Structured Adjustable Rate Mortgage Loan Trust Series 2004-15, Class A

5.96% ⁽⁶⁾		10/25/34	$	401,580	$	389,178

Structured Asset Mortgage Investments II Trust Series 2005-AR1, Class A1

4.63% (1 mo. USD Term SOFR + 0.594%) ⁽¹⁾		04/19/35		190,420		189,767

Structured Asset Mortgage Investments II Trust Series 2005-AR8, Class A2

6.23% (1 yr. MTA + 1.480%) ⁽¹⁾		02/25/36		170,591		147,504

WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR13, Class A1A3

5.67% (1 mo. USD Term SOFR + 1.674%) ⁽¹⁾		10/25/45		246,820		243,159


Total Residential Mortgage-Backed Securities — Non-agency

(Cost: $17,886,195)						17,929,845


CORPORATE BONDS — 23.4%

Agriculture — 0.5%

Altria Group, Inc.

4.88%		02/04/28		400,000		406,588

BAT Capital Corp. (United Kingdom)

3.56%		08/15/27		145,000		143,557

BAT International Finance PLC (United Kingdom)

1.67%		03/25/26		330,000		326,604

Imperial Brands Finance PLC (United Kingdom)

6.13% ⁽²⁾		07/27/27		235,000		242,290


						1,119,039


Auto Manufacturers — 0.1%

Volkswagen International Finance NV (Germany)

7.88% (9 yr. EUR Swap + 4.783%) ^(1),(7),(8)		09/06/32	EUR	200,000		266,850


Banks — 6.0%

Bank of America Corp.

1.66% (1 day USD SOFR + 0.910%) ⁽¹⁾		03/11/27		1,775,000		1,758,581

2.55% (1 day USD SOFR + 1.050%) ⁽¹⁾		02/04/28		160,000		156,920

2.69% (1 day USD SOFR + 1.320%) ⁽¹⁾		04/22/32		130,000		118,858

3.42% (3 mo. USD Term SOFR + 1.302%) ⁽¹⁾		12/20/28		360,000		354,690

Citibank NA

4.91%		05/29/30		180,000		185,209


Issues	Maturity Date		Principal Amount		Value

Banks (Continued)

Citigroup, Inc.

2.52% (1 day USD SOFR + 1.177%) ⁽¹⁾		11/03/32	$	225,000	$	200,277

2.67% (1 day USD SOFR + 1.146%) ⁽¹⁾		01/29/31		115,000		107,223

3.52% (3 mo. USD Term SOFR + 1.413%) ⁽¹⁾		10/27/28		435,000		429,545

Goldman Sachs Group, Inc.

3.75%		02/25/26		20,000		19,992

3.81% (3.814% to 04/23/28 then 3 mo. USD LIBOR + 1.158%) ⁽¹⁾		04/23/29		1,230,000		1,218,770

HSBC Holdings PLC (United Kingdom)

4.76% (1 day USD SOFR + 2.110%) ⁽¹⁾		06/09/28		395,000		398,164

JPMorgan Chase & Co.

1.04% (3 mo. USD Term SOFR + 0.695%) ⁽¹⁾		02/04/27		2,405,000		2,385,592

1.05% (SOFR + 0.800%) ⁽¹⁾		11/19/26		275,000		274,610

1.58% (1 day USD SOFR + 0.885%) ⁽¹⁾		04/22/27		1,035,000		1,022,404

2.07% (1 day USD SOFR + 1.015%) ⁽¹⁾		06/01/29		30,000		28,523

4.01% (3 mo. USD Term SOFR + 1.382%) ⁽¹⁾		04/23/29		1,055,000		1,052,363

Morgan Stanley

2.51% (1 day USD SOFR + 1.200%) ⁽¹⁾		10/20/32		290,000		259,660

Morgan Stanley Bank NA

5.02% (1 day USD SOFR + 0.906%) ⁽¹⁾		01/12/29		680,000		691,784

Morgan Stanley Private Bank NA

4.47% (1 day USD SOFR + 0.770%) ⁽¹⁾		07/06/28		820,000		824,305

Santander U.K. Group Holdings PLC (United Kingdom)

2.47% (1 day USD SOFR + 1.220%) ⁽¹⁾		01/11/28		395,000		386,527

Wells Fargo & Co.

2.39% (1 day USD SOFR + 2.100%) ⁽¹⁾		06/02/28		1,860,000		1,810,468

5.57% (1 day USD SOFR + 1.740%) ⁽¹⁾		07/25/29		395,000		409,026


						14,093,491

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

October 31, 2025


Issues	Maturity Date		Principal Amount		Value

Chemicals — 0.2%

International Flavors & Fragrances, Inc.

2.30% ⁽²⁾		11/01/30	$	475,000	$	425,510


Commercial Services — 0.5%

AA Bond Co. Ltd. (United Kingdom)

8.45% ⁽⁷⁾		07/31/50	GBP	185,000		259,454

OT Midco Ltd.

10.00% ⁽²⁾		02/15/30		380,000		223,661

Volkswagen Financial Services AG (Germany)

3.88% ⁽⁷⁾		11/19/31	EUR	500,000		586,883

VT Topco, Inc.

8.50% ⁽²⁾		08/15/30		30,000		31,222


						1,101,220


Computers — 0.2%

Dell International LLC/EMC Corp.

4.75%		04/01/28		470,000		476,688


Diversified Financial Services — 0.7%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)

2.45%		10/29/26		1,295,000		1,274,397

Air Lease Corp.

3.63%		12/01/27		205,000		201,894

Avolon Holdings Funding Ltd. (Ireland)

2.53% ⁽²⁾		11/18/27		136,000		131,157


						1,607,448


Electric — 1.5%

Alliant Energy Corp.

5.75% (5 yr. CMT + 2.077%) ⁽¹⁾		04/01/56		40,000		40,187

Alliant Energy Finance LLC

3.60% ⁽²⁾		03/01/32		175,000		162,626

American Electric Power Co., Inc.

6.05% (5 yr. CMT + 1.940%) ⁽¹⁾		03/15/56		460,000		466,376

Appalachian Power Co.

3.30%		06/01/27		410,000		404,846

CenterPoint Energy, Inc.

5.95% (5 yr. CMT + 2.223%) ⁽¹⁾		04/01/56		190,000		191,465

Dominion Energy, Inc.

6.20% (5 yr. CMT + 2.006%) ⁽¹⁾		02/15/56		380,000		384,571

Duke Energy Corp.

2.65%		09/01/26		30,000		29,638

Electricite de France SA

4.63% ⁽⁷⁾		05/07/45	EUR	100,000		114,753

4.75% ⁽⁷⁾		06/17/44	EUR	100,000		117,201

Eversource Energy

4.60%		07/01/27		595,000		598,487


Issues	Maturity Date		Principal Amount		Value

Electric (Continued)

FirstEnergy Pennsylvania Electric Co.

5.15% ⁽²⁾		03/30/26	$	500,000	$	501,880

FirstEnergy Transmission LLC

2.87% ⁽²⁾		09/15/28		353,000		340,836

Tennet Netherlands BV

4.75% ⁽⁷⁾		10/28/42	EUR	110,000		140,972

Trans-Allegheny Interstate Line Co.

5.00% ⁽²⁾		01/15/31		130,000		133,619


						3,627,457


Entertainment — 0.1%

Flutter Treasury DAC (Ireland)

5.00% ⁽²⁾		04/29/29	EUR	190,000		226,631

Great Canadian Gaming Corp./Raptor LLC (Canada)

8.75% ⁽²⁾		11/15/29		114,000		111,514


						338,145


Food — 0.5%

JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL

3.00%		02/02/29		195,000		187,013

6.75%		03/15/34		385,000		425,005

Pilgrim’s Pride Corp.

3.50%		03/01/32		510,000		467,430


						1,079,448


Gas — 0.0%

AmeriGas Partners LP/AmeriGas Finance Corp.

9.38% ⁽²⁾		06/01/28		90,000		93,392


Health Care-Products — 0.2%

Alcon Finance Corp.

2.75% ⁽²⁾		09/23/26		450,000		444,888

Sartorius Finance BV (Germany)

4.50% ⁽⁷⁾		09/14/32	EUR	100,000		122,188


						567,076


Health Care-Services — 2.5%

Baylor Scott & White Holdings

2.65%		11/15/26		1,530,000		1,508,932

Centene Corp.

3.00%		10/15/30		655,000		585,930

Cigna Group

5.25%		01/15/36		330,000		335,359

HCA, Inc.

5.88%		02/15/26		2,230,000		2,232,676

Humana, Inc.

5.55%		05/01/35		430,000		440,105

IQVIA, Inc.

5.70%		05/15/28		475,000		489,735

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

Health Care-Services (Continued)

Kedrion SpA (Italy)

6.50% ⁽²⁾		09/01/29	$	188,000	$	184,526

ModivCare, Inc.

5.00% ^(2),(9),(10)		10/01/29		877,800		13,167


						5,790,430


Insurance — 0.8%

Farmers Exchange Capital

7.05% ⁽²⁾		07/15/28		1,245,000		1,315,268

Trinity Acquisition PLC

4.40%		03/15/26		535,000		535,064


						1,850,332


Internet — 0.4%

Getty Images, Inc.

10.50% ⁽²⁾		11/15/30		45,000		45,406

Meta Platforms, Inc.

4.88%		11/15/35		160,000		160,533

5.63%		11/15/55		670,000		665,611

Snap, Inc.

6.88% ⁽²⁾		03/01/33		165,000		168,978


						1,040,528


Investment Companies — 0.1%

Icahn Enterprises LP/Icahn Enterprises Finance Corp.

9.00%		06/15/30		299,000		288,084


Lodging — 0.4%

Hyatt Hotels Corp.

5.05%		03/30/28		520,000		529,225

Las Vegas Sands Corp.

6.00%		06/14/30		335,000		350,427


						879,652


Machinery-Diversified — 0.0%

Oregon Tool Lux LP

7.88% ⁽²⁾		10/15/29		3,127		1,079


Media — 0.7%

CCO Holdings LLC/CCO Holdings Capital Corp.

4.25% ⁽²⁾		01/15/34		22,000		18,425

Charter Communications Operating LLC/Charter Communications Operating Capital

2.80%		04/01/31		970,000		871,099

CSC Holdings LLC

5.75% ⁽²⁾		01/15/30		129,000		48,514

11.75% ⁽²⁾		01/31/29		455,000		359,200

Scripps Escrow II, Inc.

3.88% ⁽²⁾		01/15/29		35,000		31,668

Virgin Media Secured Finance PLC (United Kingdom)

5.50% ⁽²⁾		05/15/29		100,000		98,190


Issues	Maturity Date		Principal Amount		Value

Media (Continued)

VZ Secured Financing BV (Netherlands)

5.00% ⁽²⁾		01/15/32	$	208,000	$	189,413


						1,616,509


Mining — 0.1%

Corp. Nacional del Cobre de Chile

5.95% ⁽⁷⁾		01/08/34		300,000		315,702


Miscellaneous Manufacturers — 0.1%

Dyno Nobel Ltd. (Australia)

5.40%		11/08/32	AUD	80,000		52,657

5.82%		08/08/35	AUD	90,000		59,664


						112,321


Oil & Gas — 0.2%

KazMunayGas National Co. JSC (Kazakhstan)

3.50% ⁽⁷⁾		04/14/33		280,000		253,445

Sunoco LP

7.88% (5 yr. CMT + 4.230%) ^(1),(2),(8)		09/18/30		200,000		203,546


						456,991


Packaging & Containers — 0.8%

Amcor Finance USA, Inc.

3.63%		04/28/26		1,450,000		1,444,940

Berry Global, Inc.

4.88% ⁽²⁾		07/15/26		491,000		491,137


						1,936,077


Pharmaceuticals — 0.4%

1261229 BC Ltd.

10.00% ⁽²⁾		04/15/32		304,000		318,203

CVS Health Corp.

5.30%		06/01/33		472,000		485,343

5.70%		06/01/34		185,000		193,490


						997,036


Pipelines — 0.2%

Venture Global LNG, Inc.

9.00% (5 yr. CMT + 5.440%) ^(1),(2),(8)		09/30/29		185,000		173,065

9.88% ⁽²⁾		02/01/32		100,000		106,858

Venture Global Plaquemines LNG LLC

6.75% ⁽²⁾		01/15/36		190,000		201,385


						481,308


Real Estate — 0.3%

Blackstone Property Partners Europe Holdings SARL (Luxembourg)

1.00% ⁽⁷⁾		05/04/28	EUR	325,000		358,012

LEG Immobilien SE (Germany)

0.88% ⁽⁷⁾		03/30/33	EUR	200,000		187,336

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

October 31, 2025


Issues	Maturity Date		Principal Amount		Value

Real Estate (Continued)

Vonovia SE (Germany)

5.72% ⁽⁷⁾		09/03/35	AUD	180,000	$	117,277


						662,625


REIT — 2.3%

American Tower Corp.

3.60%		01/15/28		660,000		652,588

Crown Castle, Inc. (REIT)

2.50%		07/15/31		333,000		296,623

CubeSmart LP

4.38%		02/15/29		423,000		423,850

Digital Dutch Finco BV

1.00% ⁽⁷⁾		01/15/32	EUR	160,000		159,420

1.25% ⁽⁷⁾		02/01/31	EUR	255,000		265,838

Equinix Europe 2 Financing Corp. LLC (REIT)

3.63%		11/22/34	EUR	400,000		454,531

Extra Space Storage LP

3.90%		04/01/29		385,000		379,710

GLP Capital LP/GLP Financing II, Inc.

5.75%		06/01/28		565,000		581,086

Healthcare Realty Holdings LP

3.50%		08/01/26		225,000		223,423

3.63%		01/15/28		211,000		207,721

Host Hotels & Resorts LP

3.38%		12/15/29		358,000		340,587

5.70%		06/15/32		75,000		77,630

Hudson Pacific Properties LP

3.95%		11/01/27		220,000		210,795

4.65%		04/01/29		24,000		22,126

Kilroy Realty LP (REIT)

4.25%		08/15/29		221,000		215,970

Lineage OP LP

5.25% ⁽²⁾		07/15/30		350,000		354,623

LXP Industrial Trust

6.75%		11/15/28		105,000		111,733

VICI Properties LP/VICI Note Co., Inc.

3.88% ⁽²⁾		02/15/29		90,000		88,011

5.75% ⁽²⁾		02/01/27		200,000		202,418


						5,268,683


Retail — 0.3%

BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc.

9.50% ⁽²⁾		07/01/32		300,000		303,867

Ferrellgas LP/Ferrellgas Finance Corp.

5.88% ⁽²⁾		04/01/29		204,000		193,941

9.25% ⁽²⁾		01/15/31		25,000		25,237

Michaels Cos., Inc.

5.25% ⁽²⁾		05/01/28		238,000		222,518


						745,563


Issues	Maturity Date		Principal Amount		Value

Semiconductors — 0.2%

Foundry JV Holdco LLC

5.50% ⁽²⁾		01/25/31	$	350,000	$	363,107


Software — 1.0%

Fiserv, Inc.

5.25%		08/11/35		255,000		254,337

Open Text Corp. (Canada)

6.90% ⁽²⁾		12/01/27		730,000		760,572

Oracle Corp.

4.80%		08/03/28		350,000		355,026

5.20%		09/26/35		910,000		895,986

5.95%		09/26/55		115,000		109,204


						2,375,125


Telecommunications — 1.6%

Altice Financing SA (Luxembourg)

5.00% ⁽²⁾		01/15/28		28,000		21,141

9.63% ⁽²⁾		07/15/27		120,000		103,327

Altice France SA

6.50% ⁽²⁾		03/15/32		5,598		5,365

9.50% ⁽²⁾		11/01/29		4,176		4,258

Global Switch Finance BV (United Kingdom)

1.38% ⁽⁷⁾		10/07/30	EUR	925,000		1,010,556

Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC

5.15% ⁽²⁾		09/20/29		892,500		898,989

T-Mobile USA, Inc.

2.25%		02/15/26		700,000		695,835

3.75%		04/15/27		625,000		621,500

4.95%		11/15/35		355,000		352,331


						3,713,302


Transportation — 0.2%

Aurizon Network Pty. Ltd. (Australia)

2.90% ⁽⁷⁾		09/02/30	AUD	310,000		183,375

Pacific National Finance Pty. Ltd. (Australia)

3.70%		09/24/29	AUD	290,000		176,806


						360,181


Trucking & Leasing — 0.1%

SMBC Aviation Capital Finance DAC (Ireland)

5.10% ⁽²⁾		04/01/30		110,000		112,658

5.30% ⁽²⁾		04/03/29		165,000		169,625


						282,283


Water — 0.2%

Suez SACA (France)

2.88% ⁽⁷⁾		05/24/34	EUR	300,000		325,867

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

Water (Continued)

Yorkshire Water Finance PLC (United Kingdom)

6.38% ⁽⁷⁾		11/18/34	GBP	135,000	$	185,154


						511,021


Total Corporate Bonds

(Cost: $54,435,877)						54,843,703


MUNICIPAL BONDS — 1.3%

Commonwealth of Massachusetts, Revenue Bonds

4.11%		07/15/31		453,994		457,206

County of Miami-Dade Aviation Revenue, Revenue Bonds

3.50%		10/01/31		245,000		235,797

Medina Valley Independent School District, General Obligation Unlimited

4.75%		02/15/50		115,000		118,626

New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds

5.00%		02/01/51		350,000		360,501

5.00%		11/01/53		325,000		337,825

New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Series F-3

5.13%		02/01/35		3,000		3,105

5.15%		02/01/36		3,000		3,092

New York State Dormitory Authority, Revenue Bonds

1.95%		03/15/29		590,000		554,757

5.00%		03/15/54		240,000		251,335

5.50%		03/15/30		53,822		54,864

New York State Thruway Authority, Revenue Bonds

5.00%		03/15/53		315,000		326,643

5.00%		03/15/56		75,000		78,591

5.00%		03/15/59		80,000		83,432

Northwest Independent School District, General Obligation Unlimited

5.00%		02/15/55		180,000		188,774


Total Municipal Bonds

(Cost: $3,043,577)						3,054,548


FOREIGN GOVERNMENT BONDS — 1.7%

Brazil Government International Bonds

6.63%		03/15/35		614,000		639,751

Colombia Government International Bonds

7.75%		11/07/36		200,000		213,624

Guatemala Government Bonds

6.60% ⁽⁷⁾		06/13/36		200,000		215,978

Israel Government International Bonds

5.38%		02/19/30		25,000		25,923


Issues	Maturity Date		Principal Amount		Value

FOREIGN GOVERNMENT BONDS (Continued)

Mexico Government International Bonds

6.35%		02/09/35	$	550,000	$	582,544

New South Wales Treasury Corp.

4.75% ⁽⁷⁾		02/20/37	AUD	685,000		436,148

5.25% ⁽⁷⁾		02/24/38	AUD	255,000		167,896

Queensland Treasury Corp.

5.00% ⁽⁷⁾		07/21/37	AUD	685,000		442,279

5.25% ⁽⁷⁾		08/13/38	AUD	410,000		268,255

Republic of South Africa Government International Bonds

5.88%		04/20/32		267,000		275,563

Romania Government International Bonds

6.38% ⁽⁷⁾		01/30/34		562,000		577,236

Treasury Corp. of Victoria

2.00%		11/20/37	AUD	305,000		141,882


Total Foreign Government Bonds

(Cost: $3,882,262)						3,987,079


U.S. TREASURY SECURITIES — 16.2%

U.S. Treasury Bonds

4.75%		08/15/55		16,874,000		17,104,699

U.S. Treasury Notes

3.50%		10/31/27		2,610,000		2,605,157

3.63%		10/31/30		6,005,000		5,983,185

3.75%		10/31/32		12,005,000		11,904,646

4.25%		08/15/35		376,000		380,730


Total U.S. Treasury Securities

(Cost: $37,615,898)						37,978,417


BANK LOANS — 4.0%

Advertising — 0.1%

Advantage Sales & Marketing, Inc. 2024 Term Loan

8.45% (3 mo. USD Term SOFR + 4.250%) ⁽¹⁾		10/28/27		177,916		157,443

Red Ventures LLC 2024 Term Loan B

6.71% (1 mo. USD Term SOFR + 2.750%) ⁽¹⁾		03/04/30		47,565		44,379


						201,822


Aerospace & Defense — 0.1%

TransDigm, Inc. 2023 Term Loan J

6.50% (3 mo. USD Term SOFR + 2.500%) ⁽¹⁾		02/28/31		36,479		36,570

TransDigm, Inc. 2025 Term Loan K

6.25% (3 mo. USD Term SOFR + 2.250%) ⁽¹⁾		03/22/30		22,303		22,346

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

Aerospace & Defense (Continued)

TransDigm, Inc. 2025 Term Loan M

6.50% (3 mo. USD Term SOFR + 2.500%) ⁽¹⁾

08/19/32

38,363

38,419

97,335

Apparel — 0.0%

ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B

6.21% (1 mo. USD Term SOFR + 2.250%) ⁽¹⁾

12/21/28

43,302

43,333

Beverages — 0.2%

Celsius Holdings, Inc. 2025 Term Loan B

6.98% (3 mo. USD Term SOFR + 3.000%) ⁽¹⁾

04/01/32

34,256

34,481

Naked Juice LLC 2025 FLFO Term Loan

9.50% (3 mo. USD Term SOFR + 5.500%) ⁽¹⁾

01/24/29

246,778

249,213

Naked Juice LLC 2025 FLSO Term Loan

7.35% (3 mo. USD Term SOFR + 3.250%) ⁽¹⁾

01/24/29

60,248

45,879

Triton Water Holdings, Inc. 2025 Term Loan B

6.25% (3 mo. USD Term SOFR + 2.250%) ⁽¹⁾

03/31/28

11,367

11,410

340,983

Building Materials — 0.0%

PHRG Intermediate LLC 2025 Term Loan B

8.00% (3 mo. USD Term SOFR + 4.000%) ⁽¹⁾

02/20/32

18,479

18,075

Chemicals — 0.0%

Chemours Co. 2025 Term Loan B

7.46% (1 mo. USD Term SOFR + 3.500%) ⁽¹⁾

10/15/32

75,000

73,950

Commercial Services — 0.1%

Boost Newco Borrower LLC 2025 USD Term Loan B

6.00% (3 mo. USD Term SOFR + 2.000%) ⁽¹⁾

01/31/31

51,891

52,086

CCRR Parent, Inc. Term Loan B

8.71% (3 mo. USD Term SOFR + 4.250%) ⁽¹⁾

03/06/28

18,073

6,009

Issues

Maturity
Date

Principal
Amount

Value

Commercial Services (Continued)

CCRR Parent, Inc. US Acquisition Facility

8.55% (3 mo. USD Term SOFR + 4.250%) ⁽¹⁾

03/06/28

50,954

17,229

Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan

7.68% (3 mo. USD Term SOFR + 3.675%) ⁽¹⁾

07/06/29

30,671

30,940

Kelso Industries LLC Term Loan

9.71% (1 mo. USD Term SOFR + 5.750%) ^(1),(11)

12/30/29

84,582

84,793

Ryan LLC Term Loan

7.46% (1 mo. USD Term SOFR + 3.500%) ⁽¹⁾

11/14/30

35,999

35,909

TTF Holdings LLC 2024 Term Loan

0.00% ^(1),(12)

07/18/31

18,788

17,355

244,321

Computers — 0.2%

McAfee LLC 2024 1st Lien Term Loan B

6.96% (1 mo. USD Term SOFR + 3.000%) ⁽¹⁾

03/01/29

10,924

10,401

Peraton Corp. Term Loan B

7.69% (3 mo. USD Term SOFR + 3.750%) ⁽¹⁾

02/01/28

66,789

57,871

Tempo Acquisition LLC 2025 Repriced Term Loan B

5.71% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

08/31/28

249,372

243,294

Twitter, Inc. Term Loan

10.45% (6 mo. USD Term SOFR + 6.500%) ⁽¹⁾

10/26/29

66,623

65,040

376,606

Cosmetics/Personal Care — 0.0%

Opal Bidco SAS 1st Lien Term Loan B

0.00% ⁽¹²⁾

04/28/32

13,039

13,110

Distribution & Wholesale — 0.0%

BCPE Empire Holdings, Inc. 2025 Term Loan B

7.21% (1 mo. USD Term SOFR + 3.250%) ⁽¹⁾

12/11/30

70,660

70,678

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

Schedule of Investments (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Diversified Financial Services — 0.3%

Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6

5.78% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

06/24/30

444,488

445,762

Blackhawk Network Holdings, Inc. 2025 Term Loan B

7.96% (1 mo. USD Term SOFR + 4.000%) ⁽¹⁾

03/12/29

47,547

47,796

Jane Street Group LLC 2024 Term Loan B1

6.20% (3 mo. USD Term SOFR + 2.000%) ⁽¹⁾

12/15/31

63,970

63,454

557,012

Electric — 0.2%

Alpha Generation LLC Term Loan B

5.96% (1 mo. USD Term SOFR + 2.000%) ⁽¹⁾

09/30/31

59,479

59,621

Calpine Corp. 2024 Term Loan B10

5.71% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

01/31/31

108,371

108,400

Calpine Corp. 2024 Term Loan B5

5.71% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

02/15/32

80,689

80,719

Cornerstone Generation LLC Term Loan B

7.48% (3 mo. USD Term SOFR + 3.250%) ⁽¹⁾

08/11/32

22,915

23,149

Edgewater Generation LLC 2025 Repriced Term Loan

6.96% (1 mo. USD Term SOFR + 3.000%) ⁽¹⁾

08/01/30

23,076

23,164

Kestrel Acquisition LLC 2025 Term Loan

6.86% (3 mo. USD Term SOFR + 3.000%) ⁽¹⁾

11/06/31

25,198

25,259

Potomac Energy Center LLC 2025 Term Loan

6.84% (3 mo. USD Term SOFR + 3.000%) ⁽¹⁾

08/05/32

24,557

24,710

South Field LLC 2025 1st Lien Term Loan B

7.00% (3 mo. USD Term SOFR + 3.000%) ⁽¹⁾

08/29/31

25,374

25,565

South Field LLC 2025 1st Lien Term Loan C

7.00% (3 mo. USD Term SOFR + 3.000%) ⁽¹⁾

08/29/31

1,632

1,644

Issues

Maturity
Date

Principal
Amount

Value

Electric (Continued)

Vistra Operations Co. LLC 1st Lien Term Loan B3

5.71% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

12/20/30

151,860

152,335

524,566

Electrical Components & Equipment — 0.0%

Pelican Products, Inc. 2021 Term Loan

8.51% (3 mo. USD Term SOFR + 4.250%) ⁽¹⁾

12/29/28

59,669

48,362

Electronics — 0.1%

TCP Sunbelt Acquisition Co. 2024 Term Loan B

8.45% (3 mo. USD Term SOFR + 4.250%) ⁽¹⁾

10/24/31

94,288

94,995

Entertainment — 0.1%

DK Crown Holdings, Inc. 2025 Term Loan B

5.86% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

03/04/32

29,722

29,639

EOC Borrower LLC Term Loan A

7.71% (1 mo. USD Term SOFR + 3.750%) ⁽¹⁾

03/24/28

14,172

14,234

Flutter Financing BV 2025 Term Loan B

6.00% (3 mo. USD Term SOFR + 2.000%) ⁽¹⁾

06/04/32

87,379

87,088

GVC Holdings Gibraltar Ltd. 2025 Term Loan B6 (2029)

6.37% (3 mo. USD Term SOFR + 2.250%) ⁽¹⁾

10/31/29

29,679

29,728

Showtime Acquisition LLC 2024 1st Lien Term Loan

8.94% (3 mo. USD Term SOFR + 4.750%) ⁽¹⁾

08/16/31

94,639

94,934

Voyager Parent LLC Term Loan B

8.75% (3 mo. USD Term SOFR + 4.750%) ⁽¹⁾

07/01/32

62,881

62,964

318,587

Food — 0.1%

BCPE North Star U.S. HoldCo 2, Inc. Term Loan

8.08% (3 mo. USD Term SOFR + 4.000%) ⁽¹⁾

06/09/28

53,235

53,187

C&S Wholesale Grocers, Inc. Term Loan B

8.96% (3 mo. USD Term SOFR + 5.000%) ⁽¹⁾

09/20/30

80,496

79,540

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

October 31, 2025


Issues	Maturity Date		Principal Amount		Value

Food (Continued)

United Natural Foods, Inc. 2024 Term Loan

8.71% (1 mo. USD Term SOFR + 4.750%) ⁽¹⁾		05/01/31	$	83,333	$	83,958


						216,685


Health Care-Products — 0.0%

Antylia Scientific Term Loan

7.99% (3 mo. USD Term SOFR + 4.000%) ⁽¹⁾		05/27/32		41,343		41,326

QuidelOrtho Corp. Term Loan

8.00% (3 mo. USD Term SOFR + 4.000%) ⁽¹⁾		08/20/32		34,664		34,506


						75,832


Health Care-Services — 0.2%

Heartland Dental LLC 2025 Term Loan

7.71% (1 mo. USD Term SOFR + 3.750%) ⁽¹⁾		08/25/32		39,952		40,089

IQVIA, Inc. 2025 Incremental Term Loan B5

5.75% (3 mo. USD Term SOFR + 1.750%) ⁽¹⁾		01/02/31		118,625		119,292

Modivcare, Inc. 2024 Term Loan B

12.75% (3 mo. USD Term SOFR + 8.750%) ⁽¹⁾		07/01/31		263,871		114,893

Modivcare, Inc. 2025 DIP Delayed Draw Term Loan

9.93% (3 mo. USD Term SOFR + 6.000%) ⁽¹⁾		02/22/26		23,654		23,418

Modivcare, Inc. 2025 DIP Term Loan

11.00% (1 mo. USD Term SOFR + 7.000%) ⁽¹⁾		02/22/26		44,396		43,952

Modivcare, Inc. 2025 Incremental Term Loan

15.44% (3 mo. USD Term SOFR + 11.500%) ⁽¹⁾		01/12/26		63,517		27,445

Pediatric Associates Holding Co. LLC 2021 Term Loan B

7.35% (3 mo. USD Term SOFR + 3.250%) ⁽¹⁾		12/29/28		25,717		24,659

Star Parent, Inc. Term Loan B

8.00% (3 mo. USD Term SOFR + 4.000%) ⁽¹⁾		09/27/30		17,295		17,346


						411,094

Issues

Maturity
Date

Principal
Amount

Value

Holding Companies — Diversified — 0.0%

GC Ferry Acquisition I, Inc. Term Loan

7.71% (3 mo. USD Term SOFR + 3.500%) ^(1),(13)

08/16/32

17,126

17,120

Home Furnishings — 0.0%

AI Aqua Merger Sub, Inc. 2024 1st Lien Term Loan B

7.13% (1 mo. USD Term SOFR + 3.000%) ⁽¹⁾

07/31/28

45,696

45,847

Insurance — 0.0%

Asurion LLC 2021 Second Lien Term Loan B4

9.33% (1 mo. USD Term SOFR + 5.250%) ⁽¹⁾

01/20/29

36,215

34,628

Internet — 0.2%

Arches Buyer, Inc. 2021 Term Loan B

7.31% (1 mo. USD Term SOFR + 3.250%) ⁽¹⁾

12/06/27

50,874

51,036

Barracuda Networks, Inc. 2022 Term Loan

8.34% (3 mo. USD Term SOFR + 4.500%) ⁽¹⁾

08/15/29

28,077

23,497

Delivery Hero SE 2024 USD Term Loan B

9.23% (3 mo. USD Term SOFR + 5.000%) ⁽¹⁾

12/12/29

83,400

84,147

Magnite, Inc. 2025 Repriced Term Loan B

6.96% (1 mo. USD Term SOFR + 3.000%) ⁽¹⁾

02/06/31

55,607

55,687

MH Sub I LLC 2023 Term Loan

8.25% (3 mo. USD Term SOFR + 4.250%) ⁽¹⁾

05/03/28

46,574

42,476

MH Sub I LLC 2024 Term Loan B4

8.21% (1 mo. USD Term SOFR + 4.250%) ⁽¹⁾

12/31/31

73,031

59,046

Plano HoldCo, Inc. Term Loan B

7.50% (3 mo. USD Term SOFR + 3.500%) ⁽¹⁾

10/02/31

99,500

96,266

PUG LLC 2024 Extended Term Loan B

0.00% ⁽¹²⁾

03/15/30

8,118

8,132

Research Now Group, Inc. 2024 First Lien First Out Term Loan

9.46% (3 mo. USD Term SOFR + 5.000%) ⁽¹⁾

07/15/28

15,474

15,455

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

Schedule of Investments (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Internet (Continued)

TripAdvisor, Inc. Term Loan

6.71% (1 mo. USD Term SOFR + 2.750%) ⁽¹⁾

07/08/31

37,433

36,310

472,052

Investment Companies — 0.0%

HDI Aerospace Intermediate Holding III Corp. Term Loan B

7.69% (3 mo. USD Term SOFR + 3.750%) ⁽¹⁾

02/11/32

29,850

30,018

Leisure Time — 0.0%

Sabre GLBL, Inc. 2022 1st Lien Term Loan B

9.06% (1 mo. USD Term SOFR + 5.000%) ⁽¹⁾

06/30/28

15,806

14,692

Sabre GLBL, Inc. 2024 Term Loan B1

10.06% (1 mo. USD Term SOFR + 6.000%) ⁽¹⁾

11/15/29

15,085

14,048

28,740

Lodging — 0.2%

Hilton Domestic Operating Co., Inc. 2023 Term Loan B4

5.74% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

11/08/30

343,841

345,099

Station Casinos LLC 2024 Term Loan B

5.96% (1 mo. USD Term SOFR + 2.000%) ⁽¹⁾

03/14/31

22,733

22,778

367,877

Machinery-Diversified — 0.0%

Oregon Tool, Inc. 2025 1st Lien Term Loan

9.54% (3 mo. USD Term SOFR + 5.350%) ⁽¹⁾

10/15/29

11,385

11,613

Oregon Tool, Inc. 2025 2nd Lien Term Loan

8.45% (3 mo. USD Term SOFR + 4.000%) ⁽¹⁾

10/15/29

38,276

29,482

41,095

Media — 0.4%

Charter Communications Operating LLC 2024 Term Loan B5

6.24% (3 mo. USD Term SOFR + 2.250%) ⁽¹⁾

12/15/31

889,434

888,980

Issues

Maturity
Date

Principal
Amount

Value

Media (Continued)

Virgin Media Bristol LLC USD Term Loan N

6.65% (1 mo. USD Term SOFR + 2.500%) ⁽¹⁾

01/31/28

1,739

1,741

Ziggo Financing Partnership 2025 Term Loan B

7.03% (6 mo. USD Term SOFR + 3.250%) ⁽¹⁾

01/15/33

18,685

18,358

Ziggo Financing Partnership USD Term Loan I

6.71% (6 mo. USD Term SOFR + 2.500%) ⁽¹⁾

04/30/28

65,572

65,588

974,667

Miscellaneous Manufacturers — 0.1%

Cleanova U.S. Holdings LLC 2025 Term Loan B

8.81% (3 mo. USD Term SOFR + 4.750%) ⁽¹⁾

06/14/32

176,017

176,457

Office/Business Equipment — 0.1%

Xerox Holdings Corp. 2023 Term Loan B

8.00% (3 mo. USD Term SOFR + 4.000%)

11/19/29

245,978

229,786

Packaging & Containers — 0.0%

Balcan Innovations, Inc. Term Loan B

8.59% (3 mo. USD Term SOFR + 4.750%) ⁽¹⁾

10/18/31

44,489

41,820

Pharmaceuticals — 0.0%

Jazz Financing Lux SARL 2024 1st Lien Term Loan B

6.21% (1 mo. USD Term SOFR + 2.250%) ⁽¹⁾

05/05/28

45,335

45,496

REIT — 1.0%

Healthpeak Properties, Inc. 2024 Term Loan A3

4.97% (3 mo. USD Term SOFR + 0.850%) ⁽¹⁾

03/01/29

565,051

557,988

Healthpeak Properties, Inc. Term Loan A1

4.80% (1 mo. USD Term SOFR + 0.840%) ⁽¹⁾

08/20/27

279,976

277,876

Healthpeak Properties, Inc. Term Loan A2

4.80% (1 mo. USD Term SOFR + 0.840%) ⁽¹⁾

02/22/27

279,976

277,876

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

REIT (Continued)

Invitation Homes Operating Partnership LP 2024 Term Loan

5.00% (1 mo. USD Term SOFR + 0.850%) ⁽¹⁾

09/09/28

796,509

Iron Mountain, Inc. 2022 Term Loan A

5.71% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

03/18/30

345,625

341,305

2,251,554

Retail — 0.1%

1011778 BC Unlimited Liability Co. 2024 Term Loan B6

5.71% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

09/20/30

20,003

19,972

Dave & Buster’s, Inc. 2024 1st Lien Term Loan B

7.25% (1 mo. USD Term SOFR + 3.250%) ⁽¹⁾

11/01/31

51,456

46,155

KFC Holding Co. 2021 Term Loan B

5.90% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

03/15/28

79,663

80,061

Peer Holding III BV 2025 USD Term Loan B5B

0.00% ⁽¹²⁾

07/01/31

95,278

95,790

Raising Cane’s Restaurants LLC 2025 Term Loan B

0.00% ⁽¹²⁾

10/24/32

18,749

18,745

Tacala LLC 2025 Repriced Term Loan B

6.96% (1 mo. USD Term SOFR + 3.000%) ⁽¹⁾

01/31/31

33,984

34,148

294,871

Software — 0.2%

Cast & Crew Payroll LLC 2021 Incremental Term Loan

7.71% (1 mo. USD Term SOFR + 3.750%) ⁽¹⁾

12/29/28

21,257

17,545

DTI Holdco, Inc. 2025 Term Loan B

7.96% (1 mo. USD Term SOFR + 4.000%) ⁽¹⁾

04/26/29

127,408

112,518

Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B

6.46% (1 mo. USD Term SOFR + 2.500%) ⁽¹⁾

01/30/32

29,762

29,480

Modena Buyer LLC Term Loan

8.09% (3 mo. USD Term SOFR + 4.250%) ⁽¹⁾

07/01/31

15,738

15,415

Issues

Maturity
Date

Principal
Amount

Value

Software (Continued)

Playtika Holding Corp. 2021 Term Loan B1

6.83% (1 mo. USD Term SOFR + 2.750%)

03/13/28

198,958

194,943

Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B

0.00% ⁽¹²⁾

10/26/30

12,892

12,910

Renaissance Holding Corp. 2024 1st Lien Term Loan

7.96% (1 mo. USD Term SOFR + 4.000%) ⁽¹⁾

04/05/30

74,131

64,267

447,078

Telecommunications — 0.0%

Frontier Communications Corp. 2025 Term Loan B

6.53% (1 mo. USD Term SOFR + 2.500%) ⁽¹⁾

07/01/31

24,717

24,771

Zayo Group Holdings, Inc. 2025 USD Term Loan

7.58% (1 mo. USD Term SOFR + 3.500%) ⁽¹⁾

03/11/30

39,607

37,918

62,689

Total Bank Loans

(Cost: $9,511,240)

9,289,141

Total Fixed Income Securities

(Cost: $234,219,573)

234,489,343

CONVERTIBLE SECURITIES — 0.1%

CONVERTIBLE CORPORATE BONDS — 0.1%

Beverages — 0.1%

Davide Campari-Milano NV (Italy)

2.38% ⁽⁷⁾

01/17/29

EUR

200,000

226,325

Commercial Services — 0.0%

Worldline SA (France)

0.00% ^(7),(14)

07/30/26

EUR

97,818

108,722

Total Convertible Corporate Bonds

(Cost: $301,785)

335,047

Total Convertible Securities

(Cost: $301,785)

335,047

Issues

Value

INVESTMENT COMPANIES — 1.5%

TCW Private Asset Income Fund — I Class ^(15),(16)

339,616

3,399,555

Total Investment Companies

(Cost: $3,395,749)

3,399,555

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

Schedule of Investments (Continued)


Issues	Shares		Value

MONEY MARKET INVESTMENTS — 7.7%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.01% ⁽¹⁷⁾		1,356,520	$	1,356,520

TCW Central Cash Fund, 4.07%^(16),(17)		16,629,548		16,629,548


Total Money Market Investments

(Cost: $17,986,068)				17,986,068


PURCHASED OPTIONS ⁽¹⁸⁾ (0.0%)

(Cost: $121,801)				14,849


Total Investments (111.2%)

(Cost: $260,474,026)				260,682,805

Net Unrealized Appreciation/Depreciation On Unfunded Commitments (0.0%)				9

Liabilities In Excess Of Other Assets (-11.2%)				(26,247,056	)


Net Assets (100.0%)			$	234,435,758


Futures Contracts

Number of Contracts	Type	Expiration Date		Notional Contract Value			Value			Net Unrealized Appreciation (Depreciation)
Long Futures
25	10-Year U.S. Treasury Note Futures		12/19/25	$	2,897,995		$	2,887,110		$	(10,885	)
88	U.S. Long Bond Futures		12/19/25		10,025,811			10,323,500			297,689
355	5-Year U.S. Treasury Note Futures		12/31/25		38,793,341			38,769,883			(23,458	)
17	U.S. Ultra Long Bond Futures		12/19/25		2,052,469			2,061,781			9,312
90	2-Year U.S. Treasury Note Futures		12/31/25		18,760,758			18,739,593			(21,165	)

				$	72,530,374		$	72,781,867		$	251,493

Short Futures
5	3-Year Australian Bond Futures		12/15/25	$	(350,780	)	$	(349,145	)	$	1,635
29	10-Year Australian Bond Futures		12/15/25		(2,159,172	)		(2,155,763	)		3,409
5	Euro-Bobl Futures		12/8/25		(678,212	)		(681,562	)		(3,350	)
20	Euro-Bund Futures		12/8/25		(2,953,548	)		(2,982,827	)		(29,279	)
1	Long Gilt Futures		12/29/25		(118,993	)		(122,988	)		(3,995	)

				$	(6,260,705	)	$	(6,292,285	)	$	(31,580	)

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

October 31, 2025


Forward Currency Exchange Contracts

Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for USD		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY ⁽¹⁹⁾
Goldman Sachs & Co.		EUR		718,803		01/09/26	$	840,878	$	832,744	$	(8,134	)
Citibank N.A.		EUR		58,212		01/09/26		68,706		67,440		(1,266	)

							$	909,584	$	900,184	$	(9,400	)

SELL ⁽²⁰⁾
Goldman Sachs & Co.		AUD		276,174		01/09/26	$	180,026	$	180,918	$	(892	)
Citibank N.A.		AUD		2,865,220		01/09/26		1,892,972		1,876,973		15,999
Citibank N.A.		EUR		5,450,555		01/09/26		6,409,254		6,314,548		94,706
Goldman Sachs & Co.		EUR		102,076		01/09/26		119,074		118,257		817
Bank of America		GBP		787,058		01/09/26		1,057,172		1,034,124		23,048

							$	9,658,498	$	9,524,820	$	133,678


Swaptions

Description	Counterparty	Interest Rate		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation (Depreciation)
Purchased Swaptions — OTC
2-Year Interest Rate Swap	Goldman Sachs & Co.		4.05		1/30/26		13,692,000	$	13,692,000	$	1,030	$	15,746	$	(14,716	)
2-Year Interest Rate Swap	Goldman Sachs & Co.		4.03		2/27/26		13,692,000		13,692,000		2,199		17,800		(15,601	)
2-Year Interest Rate Swap	Morgan Stanley & Co.		4.00		3/31/26		13,692,000		13,692,000		4,025		22,961		(18,936	)
5-Year Interest Rate Swap	Bank of America		4.22		1/30/26		5,717,000		5,717,000		1,147		17,723		(16,576	)
5-Year Interest Rate Swap	Goldman Sachs International		4.22		2/27/26		5,717,000		5,717,000		2,349		22,016		(19,667	)
5-Year Interest Rate Swap	Goldman Sachs International		4.22		3/31/26		5,717,000		5,717,000		4,099		25,555		(21,456	)

Total Swaptions										$	14,849	$	121,801	$	(106,952	)

Notes to the Schedule of Investments:

ABS

Asset-Backed Securities.

AUD

Australian Dollar.

CLO

Collateralized Loan Obligation.

EUR

Euro Currency.

GBP

British Pound Sterling.

I/F

Inverse Floating rate security whose interest rate moves in the opposite direction of prevailing interest rates.

I/O

Interest Only Security.

LIBOR

London Interbank Offered Rate.

PAC

Planned Amortization Class.

PIK

Payment In Kind.

REIT

Real Estate Investment Trust.

REMIC

Real Estate Mortgage Investment Conduits.

SOFR

Secured Overnight Financing Rate.

TBA

To Be Announced.

(1)

Floating or variable rate security. The interest shown reflects the rate in effect at October 31, 2025.

(2)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At October 31, 2025, the value of these securities amounted to $41,843,093 or 17.9% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

Schedule of Investments (Continued)

(3)

For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.

(4)

This security is purchased on a when-issued, delayed-delivery or forward commitment basis.

(5)

Security purchased on a forward commitment with an approximate principal amount. The actual principal amount and maturity date will be determined upon settlement when the security is delivered.

(6)

Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(7)

(8)

Perpetual maturity.

(9)

Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer—5.00% cash or 10.00% PIK interest.

(10)

Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued.

(11)

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $3,980, at an interest rate of 9.71% and a maturity of December 30, 2029. The investment is accruing an unused commitment fee of 5.75% per annum.

(12)

This position represents an unsettled bank loan at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.

(13)

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $2.924, at an interest rate of 7.71% and a maturity of August 16, 2032. The investment is accruing an unused commitment fee of 1.75% per annum.

(14)

Security is not accruing interest.

(15)

Non-income producing security.

(16)

Affiliated issuer.

(17)

Rate disclosed is the 7-day net yield as of October 31, 2025.

(18)

See options table for description of purchased options.

(19)

Fund buys foreign currency, sells USD.

(20)

Fund sells foreign currency, buys USD.

The summary of the TCW Core Plus Bond ETF transactions in the affiliated funds for the year ended October 31, 2025 is as follows:


Name of Affiliated Fund	Value at April 1, 2025		Purchases at Cost		Proceeds from Sales		Number of Shares Held October 31, 2025		Value at October 31, 2025		Dividends and Interest Income Received		Distributions Received from Net Realized Gain		Net Realized Gain (Loss) on Investments		Net change in Unrealized Gain (Loss) on Investments
TCW Central Cash Fund
	$	55,513,740	$	863,940,808	$	902,825,000		16,629,548	$	16,629,548	$	895,961	$	—	$	—	$	—
TCW Private Asset Income Fund — Share Class I
		669,311		2,726,438		—		339,616		3,399,555		127,144		—		—		3,806

Total									$	20,029,103	$	1,023,105	$	—	$	—	$	3,806

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

Fair Valuation Summary

October 31, 2025

The following is a summary of the fair valuations according to the inputs used as of October 31, 2025 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Residential Mortgage-Backed Securities — Agency	$	—		$	81,369,646		$	—	$	81,369,646
Corporate Bonds		—			54,843,703			—		54,843,703
U.S. Treasury Securities		—			37,978,417			—		37,978,417
Asset-Backed Securities		—			21,611,891			1,571,386		23,183,277
Residential Mortgage-Backed Securities — Non-Agency		—			17,929,845			—		17,929,845
Bank Loans		—			9,289,141			—		9,289,141
Commercial Mortgage-Backed Securities — Non-Agency		—			6,077,931			—		6,077,931
Foreign Government Bonds		—			3,987,079			—		3,987,079
Municipal Bonds		—			3,054,548			—		3,054,548
Commercial Mortgage-Backed Securities — Agency		—			1,233,699			—		1,233,699

Total Fixed Income Securities		—			237,375,900			1,571,386		238,947,286

Convertible Corporate Bonds		—			335,047			—		335,047
Money Market Investments		17,986,068			—			—		17,986,068
Investment Companies		—			3,399,555			—		3,399,555
Purchased Swaptions — OTC		—			14,849			—		14,849
Net Unrealized Appreciation (Depreciation) on Unfunded Commitments		—			9			—		9

Total Investments	$	17,986,068		$	241,125,360		$	1,571,386	$	260,682,814

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—			134,570			—		134,570
Futures Contracts
Interest Rate Risk		312,045			—			—		312,045

Total	$	18,298,113		$	241,259,930		$	1,571,386	$	261,129,429

Liability Derivatives
Futures Contracts
Interest Rate Risk	$	(92,132	)	$	—		$	—	$	(92,132	)
Forward Currency Contracts
Foreign Currency Risk		—			(10,292	)		—		(10,292	)

Total	$	(92,132	)	$	(10,292	)	$	—	$	(102,424	)

See accompanying Notes to Financial Statements.

TCW Corporate Bond ETF

Schedule of Investments


Issues	Maturity Date		Principal Amount		Value

FIXED INCOME SECURITIES — 96.3% of Net Assets

ASSET-BACKED SECURITIES — 0.1%

Skyline Aviation, Inc. Class A

3.23% ⁽¹⁾		07/03/38	$	32,741	$	30,745


Total Asset-Backed Securities

(Cost: $32,741)						30,745


RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 0.0%

Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O) (I/F)

1.70% (-30 day USD SOFR Average + 5.886%)⁽²⁾		11/25/41		16,850		1,291

Federal National Mortgage Association REMICS Series 2012-128, Class UA

2.50%		06/25/42		6,926		6,200


Total Residential Mortgage-Backed Securities — Agency

(Cost: $15,793)						7,491


COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 0.0%

COMM Mortgage Trust Series 2014-UBS5, Class XA (I/O)

0.53% ⁽³⁾		09/10/47		29,398		—


Total Commercial Mortgage-Backed Securities — Non-agency

(Cost: $14,302)						—


COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY — 0.0%

Government National Mortgage Association Series 2009-111, Class IO (I/O)

0.00% ^(3),(4)		09/16/51		387,813		4,270

Government National Mortgage Association Series 2012-144, Class IO (I/O)

0.35% ⁽³⁾		01/16/53		102,118		1,193


Total Commercial Mortgage-Backed Securities — Agency

(Cost: $15,424)						5,463


CORPORATE BONDS — 84.8%

Aerospace & Defense — 1.6%

BAE Systems Holdings, Inc. (United Kingdom)

3.85% ⁽⁵⁾		12/15/25		20,000		19,986

Boeing Co.

5.81%		05/01/50		35,000		34,840

5.93%		05/01/60		12,000		11,943

6.53%		05/01/34		58,000		64,219

Lockheed Martin Corp.

4.80%		08/15/34		185,000		187,755

5.20%		02/15/55		5,000		4,838


Issues	Maturity Date		Principal Amount		Value

Aerospace & Defense (Continued)

Northrop Grumman Corp.

5.15%		05/01/40	$	5,000	$	5,001

5.20%		06/01/54		30,000		28,683

RTX Corp.

6.40%		03/15/54		80,000		89,962


						447,227


Agriculture — 1.4%

Altria Group, Inc.

3.70%		02/04/51		5,000		3,592

4.88%		02/04/28		45,000		45,741

BAT Capital Corp. (United Kingdom)

4.39%		08/15/37		210,000		192,578

Imperial Brands Finance PLC (United Kingdom)

4.50% ⁽⁵⁾		06/30/28		30,000		30,195

Philip Morris International, Inc.

2.75%		06/06/29	EUR	100,000		115,286


						387,392


Airlines — 0.7%

Delta Air Lines Pass-Through Trust Series 2020-1, Class AA

2.00%		12/10/29		17,526		16,835

JetBlue Pass-Through Trust Series 2019-1, Class AA

2.75%		11/15/33		11,159		9,876

JetBlue Pass-Through Trust Series 2020-1, Class A

4.00%		05/15/34		21,166		20,007

United Airlines Pass-Through Trust Series 2016-2, Class AA

2.88%		04/07/30		6,022		5,778

United Airlines Pass-Through Trust Series 2023-1, Class A

5.80%		07/15/37		125,951		132,069


						184,565


Auto Manufacturers — 0.2%

Volkswagen Group of America Finance LLC (Germany)

5.65% ⁽⁵⁾		03/25/32		17,000		17,606

5.80% ⁽⁵⁾		03/27/35		40,000		41,192


						58,798


Banks — 15.5%

Bank of America Corp.

1.66% (1 day USD SOFR + 0.910%)⁽²⁾		03/11/27		8,000		7,926

See accompanying Notes to Financial Statements.

TCW Corporate Bond ETF

October 31, 2025


Issues	Maturity Date		Principal Amount		Value

Banks (Continued)

1.92% (1 day USD SOFR + 1.370%) ⁽²⁾		10/24/31	$	30,000	$	26,765

2.09% (1 day USD SOFR + 1.060%) ⁽²⁾		06/14/29		125,000		118,714

2.69% (1 day USD SOFR + 1.320%) ⁽²⁾		04/22/32		680,000		621,717

Bank of New York Mellon Corp.

5.83% (1 Day USD SOFR Index + 2.074%) ⁽²⁾		10/25/33		235,000		253,187

Citigroup, Inc.

1.46% (1 day USD SOFR + 0.770%) ⁽²⁾		06/09/27		15,000		14,751

2.52% (1 day USD SOFR + 1.177%) ⁽²⁾		11/03/32		270,000		240,332

2.57% (1 day USD SOFR + 2.107%) ⁽²⁾		06/03/31		50,000		46,123

2.98% (1 day USD SOFR + 1.422%) ⁽²⁾		11/05/30		1,000		949

5.33% (1 day USD SOFR + 1.465%) ⁽²⁾		03/27/36		135,000		138,364

Goldman Sachs Group, Inc.

1.99% (1 day USD SOFR + 1.090%) ⁽²⁾		01/27/32		535,000		473,534

2.60%		02/07/30		80,000		74,972

HSBC Holdings PLC (United Kingdom)

2.80% (1 day USD SOFR + 1.187%) ⁽²⁾		05/24/32		70,000		63,762

JPMorgan Chase & Co.

1.04% (3 mo. USD Term SOFR + 0.695%) ⁽²⁾		02/04/27		5,000		4,960

1.05% (1 day USD SOFR + 0.800%) ⁽²⁾		11/19/26		40,000		39,943

1.58% (1 day USD SOFR + 0.885%) ⁽²⁾		04/22/27		5,000		4,939

1.95% (1 day USD SOFR + 1.065%) ⁽²⁾		02/04/32		95,000		84,143

2.07% (1 day USD SOFR + 1.015%) ⁽²⁾		06/01/29		115,000		109,340

2.55% (1 day USD SOFR + 1.180%) ⁽²⁾		11/08/32		600,000		540,192

3.90% (3 mo. USD Term SOFR + 1.482%) ⁽²⁾		01/23/49		48,000		38,967

Lloyds Banking Group PLC (United Kingdom)

1.63% (1 yr. CMT + 0.850%) ⁽²⁾		05/11/27		10,000		9,862

Morgan Stanley

1.59% (1 day USD SOFR + 0.879%) ⁽²⁾		05/04/27		25,000		24,665

1.93% (1 day USD SOFR + 1.020%) ⁽²⁾		04/28/32		240,000		210,091


Issues	Maturity Date		Principal Amount		Value

Banks (Continued)

2.24% (1 day USD SOFR + 1.178%) ⁽²⁾		07/21/32	$	305,000	$	270,193

5.59% (1 day USD SOFR + 1.418%) ⁽²⁾		01/18/36		45,000		47,169

Morgan Stanley Private Bank NA

4.47% (1 day USD SOFR + 0.770%) ⁽²⁾		07/06/28		20,000		20,105

PNC Financial Services Group, Inc.

5.22% (1 day USD SOFR + 1.072%) ⁽²⁾		01/29/31		105,000		108,587

6.88% (1 day USD SOFR + 2.284%) ⁽²⁾		10/20/34		35,000		39,636

U.S. Bancorp

4.84% (1 day USD SOFR + 1.600%) ⁽²⁾		02/01/34		140,000		140,839

5.42% (1 day USD SOFR + 1.411%) ⁽²⁾		02/12/36		10,000		10,381

Wells Fargo & Co.

2.39% (1 day USD SOFR + 2.100%) ⁽²⁾		06/02/28		30,000		29,201

3.35% (1 day USD SOFR + 1.500%) ⁽²⁾		03/02/33		560,000		522,575

5.24% (1 day USD SOFR + 1.110%) ⁽²⁾		01/24/31		20,000		20,698

5.50% (1 day USD SOFR + 1.780%) ⁽²⁾		01/23/35		10,000		10,444


						4,368,026


Beverages — 2.9%

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium)

4.90%		02/01/46		205,000		192,950

Bacardi Ltd.

4.70% ⁽⁵⁾		05/15/28		50,000		50,390

5.30% ⁽⁵⁾		05/15/48		25,000		22,789

Becle SAB de CV (Mexico)

2.50% ⁽⁵⁾		10/14/31		70,000		60,560

Coca-Cola Co.

4.65%		08/14/34		170,000		173,323

Constellation Brands, Inc.

2.25%		08/01/31		95,000		84,074

Diageo Investment Corp. (United Kingdom)

5.63%		04/15/35		200,000		211,872

JDE Peet’s NV (Netherlands)

2.25% ⁽⁵⁾		09/24/31		25,000		21,768


						817,726


Biotechnology — 1.8%

Amgen, Inc.

4.40%		05/01/45		5,000		4,338

4.88%		03/01/53		10,000		8,972

5.65%		03/02/53		145,000		144,806

5.75%		03/02/63		10,000		10,000

See accompanying Notes to Financial Statements.

TCW Corporate Bond ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

Biotechnology (Continued)

Biogen, Inc.

5.75%		05/15/35	$	65,000	$	68,249

Gilead Sciences, Inc.

2.60%		10/01/40		80,000		59,091

5.10%		06/15/35		90,000		92,658

Illumina, Inc.

2.55%		03/23/31		20,000		18,007

Royalty Pharma PLC

1.75%		09/02/27		95,000		91,040


						497,161


Chemicals — 0.2%

International Flavors & Fragrances, Inc.

5.00%		09/26/48		40,000		35,666

Solvay Finance America LLC (Belgium)

5.85% ⁽⁵⁾		06/04/34		10,000		10,464


						46,130


Commercial Services — 0.5%

Global Payments, Inc.

4.45%		06/01/28		30,000		30,034

RELX Capital, Inc. (United Kingdom)

4.00%		03/18/29		10,000		9,952

Rollins, Inc.

5.25%		02/24/35		105,000		106,809


						146,795


Computers — 2.0%

Apple, Inc.

2.65%		02/08/51		230,000		146,018

Booz Allen Hamilton, Inc.

5.95%		04/15/35		55,000		56,981

Dell International LLC/EMC Corp.

4.50%		02/15/31		95,000		94,806

5.00%		04/01/30		105,000		107,493

International Business Machines Corp.

5.20%		02/10/35		155,000		159,008


						564,306


Cosmetics/Personal Care — 0.2%

Kenvue, Inc.

4.90%		03/22/33		70,000		70,790


Diversified Financial Services — 2.6%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)

3.00%		10/29/28		15,000		14,484

3.30%		01/30/32		128,000		118,243

3.88%		01/23/28		4,000		3,972

Air Lease Corp.

3.63%		12/01/27		34,000		33,485


Issues	Maturity Date		Principal Amount		Value

Diversified Financial Services (Continued)

American Express Co.

4.92% (1 day USD SOFR + 1.220%) ⁽²⁾		07/20/33	$	65,000	$	66,241

6.49% (1 day USD SOFR + 1.940%) ⁽²⁾		10/30/31		90,000		98,512

Avolon Holdings Funding Ltd. (Ireland)

2.53% ⁽⁵⁾		11/18/27		2,000		1,929

2.75% ⁽⁵⁾		02/21/28		10,000		9,621

Blackrock, Inc.

3.75%		07/18/35	EUR	100,000		119,406

Capital One Financial Corp.

3.27% (1 day USD SOFR + 1.790%) ⁽²⁾		03/01/30		10,000		9,650

6.70%		11/29/32		10,000		11,044

LSEGA Financing PLC (United Kingdom)

2.00% ⁽⁵⁾		04/06/28		20,000		19,028

Mastercard, Inc.

4.55%		01/15/35		140,000		139,978

Raymond James Financial, Inc.

3.75%		04/01/51		110,000		82,962


						728,555


Electric — 8.4%

AEP Transmission Co. LLC

2.75%		08/15/51		190,000		120,927

3.65%		04/01/50		5,000		3,803

Alabama Power Co.

5.10%		04/02/35		190,000		194,503

5.50%		03/15/41		9,000		9,159

Alliant Energy Corp.

5.75% (5 yr. CMT + 2.077%) ⁽²⁾		04/01/56		95,000		95,445

Alliant Energy Finance LLC

1.40% ⁽⁵⁾		03/15/26		60,000		59,220

American Electric Power Co., Inc.

5.80% (5 yr. CMT + 2.128%) ⁽²⁾		03/15/56		95,000		95,192

Arizona Public Service Co.

3.35%		05/15/50		15,000		10,592

6.35%		12/15/32		110,000		120,259

Baltimore Gas & Electric Co.

2.90%		06/15/50		48,000		31,628

Black Hills Corp.

4.35%		05/01/33		15,000		14,533

CenterPoint Energy Houston Electric LLC

5.15%		03/01/34		130,000		133,914

See accompanying Notes to Financial Statements.

TCW Corporate Bond ETF

October 31, 2025


Issues	Maturity Date		Principal Amount		Value

Electric (Continued)

CenterPoint Energy, Inc.

5.95% (5 yr. CMT + 2.223%) ⁽²⁾		04/01/56	$	70,000	$	70,540

Commonwealth Edison Co.

6.45%		01/15/38		5,000		5,636

Consolidated Edison Co. of New York, Inc.

3.88%		06/15/47		35,000		27,806

Dominion Energy, Inc.

6.20% (5 yr. CMT + 2.006%) ⁽²⁾		02/15/56		80,000		80,962

Duke Energy Carolinas LLC

3.75%		06/01/45		70,000		55,907

3.88%		03/15/46		45,000		36,489

Duke Energy Progress LLC

5.05%		03/15/35		230,000		234,736

Electricite de France SA

2.00% ⁽⁶⁾		12/09/49	EUR	100,000		70,865

Evergy Kansas Central, Inc.

5.70%		03/15/53		10,000		10,176

FirstEnergy Transmission LLC

5.45% ⁽⁵⁾		07/15/44		95,000		93,035

Florida Power & Light Co.

5.30%		06/15/34		320,000		335,030

5.60%		06/15/54		15,000		15,436

Indianapolis Power & Light Co.

5.70% ⁽⁵⁾		04/01/54		5,000		5,056

International Transmission Co.

4.63%		08/15/43		105,000		93,445

Interstate Power & Light Co.

2.30%		06/01/30		30,000		27,446

MidAmerican Energy Co.

5.85%		09/15/54		5,000		5,274

Narragansett Electric Co.

3.40% ⁽⁵⁾		04/09/30		10,000		9,644

Oncor Electric Delivery Co. LLC

4.60%		06/01/52		50,000		43,078

5.35% ⁽⁵⁾		04/01/35		85,000		88,269

PacifiCorp

4.13%		01/15/49		40,000		31,338

Public Service Co. of Oklahoma

5.45%		01/15/36		40,000		41,031

Tucson Electric Power Co.

3.25%		05/01/51		10,000		6,815

Virginia Electric & Power Co.

2.45%		12/15/50		102,000		59,888

3.80%		09/15/47		10,000		7,817

Xcel Energy, Inc.

4.80%		09/15/41		35,000		32,406


						2,377,300


Issues	Maturity Date		Principal Amount		Value

Electronics — 0.5%

Amphenol Corp.

4.63% ⁽⁷⁾		02/15/36	$	70,000	$	68,812

Hubbell, Inc.

4.80% ⁽⁷⁾		11/15/35		60,000		59,773


						128,585


Engineering & Construction — 0.0%

Sydney Airport Finance Co. Pty. Ltd. (Australia)

3.63% ⁽⁵⁾		04/28/26		5,000		4,982


Entertainment — 0.2%

Flutter Treasury DAC (Ireland)

5.88% ⁽⁵⁾		06/04/31		65,000		65,898


Environmental Control — 1.4%

Republic Services, Inc.

5.15%		03/15/35		180,000		186,323

Waste Management, Inc.

4.95%		03/15/35		195,000		198,171


						384,494


Food — 1.5%

JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL

4.38%		02/02/52		67,000		52,723

5.75%		04/01/33		65,000		67,761

Kraft Heinz Foods Co.

4.63%		10/01/39		10,000		9,121

Mars, Inc.

4.80% ⁽⁵⁾		03/01/30		200,000		204,446

Pilgrim’s Pride Corp.

3.50%		03/01/32		80,000		73,322

Smithfield Foods, Inc.

2.63% ⁽⁵⁾		09/13/31		25,000		22,079


						429,452


Gas — 1.1%

Boston Gas Co.

3.76% ⁽⁵⁾		03/16/32		80,000		76,062

KeySpan Gas East Corp.

5.82% ⁽⁵⁾		04/01/41		15,000		15,069

NiSource, Inc.

5.40%		06/30/33		140,000		145,346

Northwest Natural Holding Co.

7.00% (5 yr. CMT + 2.701%) ⁽²⁾		09/15/55		50,000		52,124

Southern Co. Gas Capital Corp.

4.40%		06/01/43		10,000		8,678

5.88%		03/15/41		15,000		15,722


						313,001

See accompanying Notes to Financial Statements.

TCW Corporate Bond ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

Health Care-Products — 3.3%

Alcon Finance Corp.

2.60% ⁽⁵⁾		05/27/30	$	115,000	$	106,567

Baxter International, Inc.

3.95%		04/01/30		110,000		107,238

GE HealthCare Technologies, Inc.

5.86%		03/15/30		175,000		185,428

Medtronic Global Holdings SCA

4.50%		03/30/33		150,000		150,276

Revvity, Inc.

2.55%		03/15/31		25,000		22,495

Smith & Nephew PLC (United Kingdom)

2.03%		10/14/30		30,000		26,871

STERIS Irish FinCo UnLtd Co.

2.70%		03/15/31		15,000		13,703

Stryker Corp.

4.70%		02/10/28		150,000		152,116

Thermo Fisher Scientific, Inc.

5.09%		08/10/33		170,000		176,249


						940,943


Health Care-Services — 4.9%

Barnabas Health, Inc.

4.00%		07/01/28		5,000		4,987

Centene Corp.

3.00%		10/15/30		123,000		110,030

Children’s Hospital Medical Center

2.82%		11/15/50		20,000		12,823

Cigna Group

5.25%		01/15/36		120,000		121,949

5.40%		03/15/33		85,000		88,674

CommonSpirit Health

2.78%		10/01/30		15,000		13,936

Elevance Health, Inc.

5.00%		01/15/36		85,000		84,725

5.20%		02/15/35		120,000		122,471

HCA, Inc.

3.50%		07/15/51		100,000		69,306

5.25%		06/15/49		5,000		4,588

Health Care Service Corp. A Mutual Legal Reserve Co.

5.45% ⁽⁵⁾		06/15/34		20,000		20,584

Humana, Inc.

5.38%		04/15/31		160,000		165,320

IQVIA, Inc.

6.25%		02/01/29		10,000		10,543

Mass General Brigham, Inc.

3.34%		07/01/60		10,000		6,765

Roche Holdings, Inc.

5.59% ⁽⁵⁾		11/13/33		15,000		16,108


Issues	Maturity Date		Principal Amount		Value

Health Care-Services (Continued)

Sharp HealthCare

2.68%		08/01/50	$	50,000	$	31,604

UnitedHealth Group, Inc.

3.70%		08/15/49		10,000		7,538

4.25%		04/15/47		15,000		12,587

5.15%		07/15/34		395,000		406,012

5.63%		07/15/54		10,000		9,969

Universal Health Services, Inc.

1.65%		09/01/26		40,000		39,162

West Virginia United Health System Obligated Group

3.13%		06/01/50		35,000		22,612


						1,382,293


Insurance — 3.1%

Allstate Corp.

3.85%		08/10/49		20,000		15,692

Aon Corp./Aon Global Holdings PLC

3.90%		02/28/52		115,000		87,584

Arthur J Gallagher & Co.

3.05%		03/09/52		15,000		9,737

6.50%		02/15/34		10,000		11,087

Athene Global Funding

1.61% ⁽⁵⁾		06/29/26		15,000		14,749

1.99% ⁽⁵⁾		08/19/28		10,000		9,351

Farmers Insurance Exchange

4.75% (3 mo. USD LIBOR + 3.231%) ^(2),(5)		11/01/57		35,000		29,979

Guardian Life Insurance Co. of America

3.70% ⁽⁵⁾		01/22/70		45,000		31,164

Metropolitan Life Global Funding I

3.30% ⁽⁵⁾		03/21/29		230,000		224,073

MMI Capital Trust I

7.63%		12/15/27		25,000		26,588

New York Life Global Funding

4.55% ⁽⁵⁾		01/28/33		340,000		340,105

NLG Global Funding

4.35% ⁽⁵⁾		09/15/30		40,000		39,629

Willis North America, Inc.

5.35%		05/15/33		20,000		20,687


						860,425


Internet — 2.0%

Alphabet, Inc.

3.00%		05/06/33	EUR	100,000		116,013

Amazon.com, Inc.

3.95%		04/13/52		135,000		108,726

See accompanying Notes to Financial Statements.

TCW Corporate Bond ETF

October 31, 2025


Issues	Maturity Date		Principal Amount		Value

Internet (Continued)

Meta Platforms, Inc.

4.88%		11/15/35	$	60,000	$	60,200

5.40%		08/15/54		70,000		67,394

5.60%		05/15/53		90,000		89,399

Uber Technologies, Inc.

4.80%		09/15/34		130,000		130,122


						571,854


Leisure Time — 0.2%

Royal Caribbean Cruises Ltd.

5.38%		01/15/36		65,000		65,449


Lodging — 0.6%

Choice Hotels International, Inc.

5.85%		08/01/34		40,000		40,712

Hyatt Hotels Corp.

5.05%		03/30/28		50,000		50,887

5.50%		06/30/34		10,000		10,291

Las Vegas Sands Corp.

6.00%		06/14/30		65,000		67,993


						169,883


Media — 1.7%

Charter Communications Operating LLC/Charter Communications Operating Capital

3.90%		06/01/52		215,000		141,337

5.38%		05/01/47		37,000		31,411

Comcast Corp.

4.00%		11/01/49		90,000		68,195

4.40%		08/15/35		130,000		123,866

Cox Communications, Inc.

2.60% ⁽⁵⁾		06/15/31		85,000		75,845

Fox Corp.

6.50%		10/13/33		15,000		16,486

Time Warner Cable LLC

5.50%		09/01/41		18,000		16,234


						473,374


Miscellaneous Manufacturers — 0.1%

Dyno Nobel Ltd. (Australia)

5.40%		11/08/32	AUD	60,000		39,493


Office/Business Equipment — 0.1%

CDW LLC/CDW Finance Corp.

3.28%		12/01/28		25,000		24,157


Oil & Gas — 0.2%

Aker BP ASA (Norway)

3.10% ⁽⁵⁾		07/15/31		55,000		50,335


Packaging & Containers — 0.8%

Amcor Finance USA, Inc.

5.63%		05/26/33		80,000		83,706


Issues	Maturity Date		Principal Amount		Value

Packaging & Containers (Continued)

Amcor Flexibles North America, Inc.

2.63%		06/19/30	$	5,000	$	4,623

5.50%		03/17/35		65,000		67,257

Berry Global, Inc.

1.57%		01/15/26		13,000		12,922

CCL Industries, Inc. (Canada)

3.05% ⁽⁵⁾		06/01/30		25,000		23,479

Sealed Air Corp.

1.57% ⁽⁵⁾		10/15/26		20,000		19,457

Sonoco Products Co.

3.13%		05/01/30		25,000		23,614


						235,058


Pharmaceuticals — 5.1%

AbbVie, Inc.

4.40%		11/06/42		50,000		45,236

5.20%		03/15/35		150,000		155,272

Bayer U.S. Finance II LLC (Germany)

4.38% ⁽⁵⁾		12/15/28		10,000		9,969

4.88% ⁽⁵⁾		06/25/48		77,000		65,438

Bristol-Myers Squibb Co.

5.20%		02/22/34		70,000		72,759

CVS Health Corp.

5.05%		03/25/48		103,000		92,264

5.30%		06/01/33		178,000		183,032

Elanco Animal Health, Inc.

6.65%		08/28/28		5,000		5,220

Eli Lilly & Co.

4.75%		02/12/30		255,000		261,982

4.90%		10/15/35		125,000		127,164

EMD Finance LLC (Germany)

5.00% ⁽⁵⁾		10/15/35		80,000		80,362

Johnson & Johnson

3.40%		01/15/38		75,000		66,271

5.00%		03/01/35		65,000		67,656

Merck & Co., Inc.

5.00%		05/17/53		120,000		113,075

Pfizer Investment Enterprises Pte. Ltd.

4.75%		05/19/33		45,000		45,553

Teva Pharmaceutical Finance Netherlands IV BV (Israel)

5.75%		12/01/30		40,000		41,356

Zoetis, Inc.

5.60%		11/16/32		10,000		10,637


						1,443,246


Pipelines — 2.3%

Columbia Pipelines Operating Co. LLC

6.04% ⁽⁵⁾		11/15/33		135,000		144,382

See accompanying Notes to Financial Statements.

TCW Corporate Bond ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

Pipelines (Continued)

Energy Transfer LP

5.00%		05/15/50	$	195,000	$	165,906

6.13%		12/15/45		7,000		6,996

Kinder Morgan Energy Partners LP

6.95%		01/15/38		5,000		5,641

Kinder Morgan, Inc.

7.80%		08/01/31		5,000		5,797

NGPL PipeCo LLC

3.25% ⁽⁵⁾		07/15/31		50,000		45,566

4.88% ⁽⁵⁾		08/15/27		10,000		10,025

Pipeline Funding Co. LLC

7.50% ⁽⁵⁾		01/15/30		23,430		24,215

Plains All American Pipeline LP/PAA Finance Corp.

4.50%		12/15/26		13,000		13,027

Sabine Pass Liquefaction LLC

4.20%		03/15/28		103,000		103,054

Southern Natural Gas Co. LLC

4.80% ⁽⁵⁾		03/15/47		15,000		13,359

TransCanada PipeLines Ltd. (Canada)

4.63%		03/01/34		110,000		107,528

Williams Cos., Inc.

3.50%		10/15/51		15,000		10,669


						656,165


Real Estate — 0.1%

Vonovia SE (Germany)

5.72% ⁽⁶⁾		09/03/35	AUD	40,000		26,062


REIT — 3.9%

American Assets Trust LP

3.38%		02/01/31		55,000		50,167

American Homes 4 Rent LP

2.38%		07/15/31		55,000		48,823

American Tower Corp. (REIT)

2.70%		04/15/31		211,000		192,654

Americold Realty Operating Partnership LP

5.41%		09/12/34		70,000		68,894

Boston Properties LP

2.55%		04/01/32		10,000		8,662

Crown Castle, Inc.

3.30%		07/01/30		105,000		99,586

CubeSmart LP

4.38%		02/15/29		15,000		15,030

Digital Realty Trust LP

3.60%		07/01/29		15,000		14,654

DOC Dr. LLC

2.63%		11/01/31		10,000		8,920

Equinix, Inc.

2.50%		05/15/31		45,000		40,661


Issues	Maturity Date		Principal Amount		Value

REIT (Continued)

Essex Portfolio LP

2.65%		03/15/32	$	5,000	$	4,471

5.50%		04/01/34		15,000		15,621

Extra Space Storage LP

2.20%		10/15/30		25,000		22,417

GLP Capital LP/GLP Financing II, Inc.

3.25%		01/15/32		2,000		1,797

4.00%		01/15/30		55,000		53,217

Healthcare Realty Holdings LP

3.63%		01/15/28		30,000		29,534

Host Hotels & Resorts LP

3.50%		09/15/30		30,000		28,282

5.70%		06/15/32		35,000		36,227

Hudson Pacific Properties LP

3.95%		11/01/27		10,000		9,582

Invitation Homes Operating Partnership LP

5.50%		08/15/33		5,000		5,207

Lineage OP LP

5.25% ⁽⁵⁾		07/15/30		25,000		25,330

LXP Industrial Trust

2.38%		10/01/31		15,000		13,045

2.70%		09/15/30		10,000		9,164

NNN REIT, Inc.

5.60%		10/15/33		35,000		36,636

Piedmont Operating Partnership LP

2.75%		04/01/32		30,000		25,582

Realty Income Corp.

5.13%		04/15/35		60,000		61,033

VICI Properties LP

5.13%		05/15/32		75,000		75,628

Weyerhaeuser Co.

3.38%		03/09/33		10,000		9,126

WP Carey, Inc.

4.65%		07/15/30		75,000		75,517


						1,085,467


Retail — 2.3%

AutoZone, Inc.

5.13%		06/15/30		35,000		36,138

Home Depot, Inc.

4.95%		06/25/34		260,000		266,422

Lowe’s Cos., Inc.

5.75%		07/01/53		50,000		50,170

McDonald’s Corp.

4.20%		04/01/50		70,000		57,460

4.95%		03/03/35		130,000		131,856

Starbucks Corp.

4.80%		05/15/30		100,000		102,152


						644,198

See accompanying Notes to Financial Statements.

TCW Corporate Bond ETF

October 31, 2025


Issues	Maturity Date		Principal Amount		Value

Semiconductors — 1.3%

Broadcom, Inc.

2.60%		02/15/33	$	275,000	$	242,036

Intel Corp.

2.00%		08/12/31		5,000		4,375

3.05%		08/12/51		51,000		32,349

3.25%		11/15/49		80,000		53,071

5.70%		02/10/53		13,000		12,501

Micron Technology, Inc.

2.70%		04/15/32		25,000		22,313


						366,645


Software — 2.8%

AppLovin Corp.

5.50%		12/01/34		65,000		66,860

Atlassian Corp.

5.50%		05/15/34		20,000		20,579

Cadence Design Systems, Inc.

4.70%		09/10/34		20,000		20,049

Constellation Software, Inc. (Canada)

5.46% ⁽⁵⁾		02/16/34		45,000		45,690

Fiserv, Inc.

2.65%		06/01/30		25,000		22,939

5.25%		08/11/35		55,000		54,857

Microsoft Corp.

2.92%		03/17/52		150,000		101,004

Open Text Corp. (Canada)

6.90% ⁽⁵⁾		12/01/27		17,000		17,712

Oracle Corp.

3.60%		04/01/50		60,000		40,680

3.95%		03/25/51		302,000		215,341

Paychex, Inc.

5.60%		04/15/35		125,000		130,700

Synopsys, Inc.

5.15%		04/01/35		30,000		30,489

Take-Two Interactive Software, Inc.

4.00%		04/14/32		15,000		14,467


						781,367


Telecommunications — 5.2%

AT&T, Inc.

3.55%		09/15/55		85,000		58,158

3.80%		12/01/57		128,000		90,516

Cisco Systems, Inc.

5.05%		02/26/34		230,000		237,254

Sprint Capital Corp.

8.75%		03/15/32		25,000		30,427

Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC

5.15% ⁽⁵⁾		09/20/29		237,500		239,227


Issues	Maturity Date		Principal Amount		Value

Telecommunications (Continued)

T-Mobile USA, Inc.

2.55%		02/15/31	$	478,000	$	434,774

5.05%		07/15/33		5,000		5,099

5.13%		05/15/32		60,000		61,726

Verizon Communications, Inc.

4.50%		08/10/33		300,000		295,179


						1,452,360


Transportation — 1.9%

Aurizon Network Pty. Ltd. (Australia)

2.90% ⁽⁶⁾		09/02/30		AUD 40,000		23,661

Burlington Northern Santa Fe LLC

4.05%		06/15/48		15,000		12,371

5.50%		03/15/55		120,000		120,348

CSX Corp.

4.90%		03/15/55		130,000		119,443

Pacific National Finance Pty. Ltd. (Australia)

3.70%		09/24/29		AUD 30,000		18,290

Union Pacific Corp.

2.97%		09/16/62		25,000		15,046

5.10%		02/20/35		225,000		231,883


						541,042


Water — 0.2%

Essential Utilities, Inc.

5.30%		05/01/52		50,000		47,280


Total Corporate Bonds

(Cost: $23,467,231)						23,878,279


MUNICIPAL BONDS — 2.0%

Bastrop Independent School District, General Obligation Unlimited

5.00%		02/15/53		55,000		57,026

City of Los Angeles Department of Airports, Revenue Bonds

3.89%		05/15/38		15,000		14,058

County of Miami-Dade Aviation Revenue, Revenue Bonds

3.50%		10/01/31		15,000		14,436

DeSoto Independent School District, General Obligation Unlimited

5.00%		08/15/50		40,000		41,990

Empire State Development Corp., Revenue Bonds

2.54%		03/15/34		5,000		4,335

See accompanying Notes to Financial Statements.

TCW Corporate Bond ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

MUNICIPAL BONDS (Continued)

2.54%		03/15/34	$	5,000	$	4,364

2.59%		03/15/35		20,000		16,992

Flour Bluff Independent School District, General Obligation Unlimited

4.75%		08/15/50		35,000		36,107

Maryland Economic Development Corp., Revenue Bonds

5.43%		05/31/56		10,000		9,774

New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds

1.97%		02/01/33		20,000		17,082

3.73%		08/01/29		5,000		4,965

5.00%		05/01/50		20,000		20,871

5.00%		02/01/51		60,000		61,800

5.00%		11/01/53		35,000		36,381

5.00%		05/01/54		50,000		52,152

New York State Dormitory Authority, Revenue Bonds

5.00%		03/15/54		25,000		26,181

New York State Thruway Authority, Revenue Bonds

5.00%		03/15/59		55,000		57,359

Northwest Independent School District, General Obligation Unlimited

5.00%		02/15/55		25,000		26,219

Prosper Independent School District, General Obligation Unlimited

4.75%		02/15/55		25,000		25,355

San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds

3.05%		05/01/34		35,000		31,762


Total Municipal Bonds

(Cost: $554,301)						559,209


FOREIGN GOVERNMENT BONDS — 0.6%

New South Wales Treasury Corp.

4.75% ⁽⁶⁾		02/20/37	AUD	100,000		63,671

Queensland Treasury Corp.

5.00% ⁽⁶⁾		07/21/37		AUD 100,000		64,566

5.25% ⁽⁶⁾		08/13/38	AUD	25,000		16,357

Treasury Corp. of Victoria

2.00%		11/20/37	AUD	35,000		16,282


Total Foreign Government Bonds

(Cost: $161,526)						160,876


Issues	Maturity Date		Principal Amount		Value

U.S. TREASURY SECURITIES — 8.8%

U.S. Treasury Bonds

4.75%		08/15/55	$	1,674,000	$	1,696,887

U.S. Treasury Notes

3.50%		10/31/27		615,000		613,859

3.63%		10/31/30		170,000		169,382


Total U.S. Treasury Securities

(Cost: $2,446,466)						2,480,128


Total Fixed Income Securities

(Cost: $26,707,784)						27,122,191


CONVERTIBLE SECURITIES — 0.1%

CONVERTIBLE CORPORATE BONDS — 0.1%

Commercial Services — 0.1%

Worldline SA (France)

0.00% ^(4),(6)		07/30/26	EUR	13,566		15,078


Total Convertible Corporate Bonds

(Cost: $14,539)						15,078



Issues			Shares		Value

MONEY MARKET INVESTMENTS — 3.0%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.01% ⁽⁸⁾				187,243		187,243

TCW Central Cash Fund, 4.07% ^(8),(9)				662,635		662,635


Total Money Market Investments

(Cost: $849,878)						849,878


Total Investments (99.4%)

(Cost: $27,572,201)						27,987,147

Excess Of Other Assets Over Liabilities (0.6%)						173,297


Net Assets (100.0%)					$	28,160,444

See accompanying Notes to Financial Statements.

TCW Corporate Bond ETF

October 31, 2025


Futures Contracts

Number of Contracts	Type	Expiration Date		Notional Contract Value			Value			Net Unrealized Appreciation (Depreciation)
Long Futures
1	U.S. Long Bond Futures		12/19/25	$	113,930		$	117,313		$	3,383
58	2-Year U.S. Treasury Note Futures		12/31/25		12,080,838			12,078,047			(2,791	)
3	10-Year U.S. Treasury Note Futures		12/19/25		345,771			346,453			682

				$	12,540,539		$	12,541,813		$	1,274

Short Futures
3	3-Year Australian Bond Futures		12/15/25	$	(210,537	)	$	(209,487	)	$	1,050
3	10-Year Australian Bond Futures		12/15/25		(223,029	)		(223,010	)		19
58	5-Year U.S. Treasury Note Futures		12/31/25		(6,336,394	)		(6,334,235	)		2,159
3	Euro-Bund Futures		12/8/25		(442,904	)		(447,424	)		(4,520	)

				$	(7,212,864	)	$	(7,214,156	)	$	(1,292	)


Forward Currency Exchange Contracts

Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for USD		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY⁽¹⁰⁾
Goldman Sachs & Co.		EUR		14,629		01/09/26	$	17,223	$	16,925	$	(298	)

							$	17,223	$	16,925	$	(298	)

SELL⁽¹¹⁾
Bank of New York		AUD		371,951		01/09/26	$	245,735	$	243,528	$	2,207
Citibank N.A.		AUD		40,654		01/09/26		26,501		26,618		(117	)
Citibank N.A.		EUR		387,196		01/09/26		455,307		447,969		7,338

							$	727,543	$	718,115	$	9,428

Notes to the Schedule of Investments:

AUD

Australian Dollar.

EUR

Euro Currency.

I/F

Inverse Floating rate security whose interest rate moves in the opposite direction of prevailing interest rates.

I/O

Interest Only Security.

LIBOR

London Interbank Offered Rate.

REIT

Real Estate Investment Trust.

REMIC

Real Estate Mortgage Investment Conduits.

SOFR

Secured Overnight Financing Rate.

(1)

For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.

(2)

Floating or variable rate security. The interest shown reflects the rate in effect at October 31, 2025.

(3)

(4)

Security is not accruing interest.

(5)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At October 31, 2025, the value of these securities amounted to $2,671,988 or 9.5% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.

See accompanying Notes to Financial Statements.

TCW Corporate Bond ETF

Schedule of Investments (Continued)

(6)

(7)

This security is purchased on a when-issued, delayed-delivery or forward commitment basis.

(8)

Rate disclosed is the 7-day net yield as of October 31, 2025.

(9)

Affiliated issuer.

(10)

Fund buys foreign currency, sells USD.

(11)

Fund sells foreign currency, buys USD.

The summary of the TCW Corporate Bond ETF transactions in the affiliated funds for the year ended October 31, 2025 is as follows:


Name of Affiliated Fund	Value at April 1, 2025		Purchases at Cost		Proceeds from Sales		Number of Shares Held October 31, 2025		Value at October 31, 2025		Dividends and Interest Income Received		Distributions Received from Net Realized Gain		Net Realized Gain (Loss) on Investments		Net change in Unrealized Gain (Loss) on Investments
TCW Central Cash Fund
	$	557,982	$	21,104,653	$	21,000,000		662,635	$	662,635	$	19,951	$	—	$	—	$	—

Total									$	662,635	$	19,951	$	—	$	—	$	—

See accompanying Notes to Financial Statements.

TCW Corporate Bond ETF

Fair Valuation Summary

October 31, 2025

The following is a summary of the fair valuations according to the inputs used as of October 31, 2025 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Corporate Bonds	$	—		$	23,878,279		$	—	$	23,878,279
U.S. Treasury Securities		—			2,480,128			—		2,480,128
Municipal Bonds		—			559,209			—		559,209
Foreign Government Bonds		—			160,876			—		160,876
Asset-Backed Securities		—			—			30,745		30,745
Residential Mortgage-Backed Securities — Agency		—			7,491			—		7,491
Commercial Mortgage-Backed Securities — Agency		—			5,463			—		5,463
Commercial Mortgage-Backed Securities — Non-Agency		—			—			—		—

Total Fixed Income Securities		—			27,091,446			30,745		27,122,191

Convertible Corporate Bonds		—			15,078			—		15,078
Money Market Investments		849,878			—			—		849,878

Total Investments	$	849,878		$	27,106,524		$	30,745	$	27,987,147

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—			9,545			—		9,545
Futures Contracts
Interest Rate Risk		7,293			—			—		7,293

Total	$	857,171		$	27,116,069		$	30,745	$	28,003,985

Liability Derivatives
Futures Contracts
Interest Rate Risk	$	(7,311	)	$	—		$	—	$	(7,311	)
Forward Currency Contracts
Foreign Currency Risk		—			(415	)		—		(415	)

Total	$	(7,311	)	$	(415	)	$	—	$	(7,726	)

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments


Issues	Maturity Date		Principal Amount		Value

FIXED INCOME SECURITIES — 104.7% of Net Assets

CORPORATE BONDS — 16.6%

Advertising — 0.0%

Clear Channel Outdoor Holdings, Inc.

7.13% ⁽¹⁾		02/15/31	$	517,000	$	533,492


Aerospace & Defense — 0.1%

BAE Systems Holdings, Inc. (United Kingdom)

3.85% ⁽¹⁾		12/15/25		250,000		249,825

General Electric Co.

4.95% (3 mo. USD Term SOFR + 0.742%) ⁽²⁾		08/15/36		52,000		49,229

4.96% (3 mo. USD Term SOFR + 0.642%) ⁽²⁾		05/05/26		57,000		57,106

Lockheed Martin Corp.

4.80%		08/15/34		55,000		55,819

TransDigm, Inc.

6.00% ⁽¹⁾		01/15/33		1,665,000		1,694,038


						2,106,017


Agriculture — 0.2%

Altria Group, Inc.

4.88%		02/04/28		490,000		498,070

BAT Capital Corp. (United Kingdom)

3.56%		08/15/27		44,000		43,562

BAT International Finance PLC (United Kingdom)

1.67%		03/25/26		83,000		82,146

Imperial Brands Finance PLC (United Kingdom)

4.50% ⁽¹⁾		06/30/28		2,955,000		2,974,178

6.13% ⁽¹⁾		07/27/27		195,000		201,049

Philip Morris International, Inc.

2.75%		06/06/29	EUR	635,000		732,065


						4,531,070


Airlines — 0.1%

American Airlines, Inc./AAdvantage Loyalty IP Ltd.

5.75% ⁽¹⁾		04/20/29		1,563,000		1,577,364

Delta Air Lines Pass-Through Trust Series 2020-1, Class AA

2.00%		12/10/29		17,526		16,835

JetBlue Pass-Through Trust Series 2019-1, Class AA

2.75%		11/15/33		22,319		19,753

JetBlue Pass-Through Trust Series 2020-1, Class A

4.00%		05/15/34		52,915		50,017


						1,663,969


Issues	Maturity Date		Principal Amount		Value

Apparel — 0.0%

Crocs, Inc.

4.13% ⁽¹⁾		08/15/31	$	980,000	$	902,061



Auto Manufacturers — 0.1%

Volkswagen Group of America Finance LLC (Germany)

5.65% ⁽¹⁾		03/25/32		70,000		72,498

5.80% ⁽¹⁾		03/27/35		200,000		205,958

Volkswagen International Finance NV (Germany)

7.88% (9 yr. EUR Swap + 4.783%) ^(2),(3),(4)		09/06/32	EUR	1,200,000		1,601,100


						1,879,556


Auto Parts & Equipment — 0.1%

Forvia SE (France)

8.00% ⁽¹⁾		06/15/30		385,000		408,728

ZF North America Capital, Inc. (Germany)

6.88% ⁽¹⁾		04/23/32		760,000		693,728

7.50% ⁽¹⁾		03/24/31		1,350,000		1,292,301


						2,394,757


Banks — 2.0%

Bank of America Corp.

1.92% (1 day USD SOFR + 1.370%) ⁽²⁾		10/24/31		4,615,000		4,117,411

2.55% (1 day USD SOFR + 1.050%) ⁽²⁾		02/04/28		2,625,000		2,574,469

2.65% (1 day USD SOFR + 1.220%) ⁽²⁾		03/11/32		225,000		205,787

2.69% (1 day USD SOFR + 1.320%) ⁽²⁾		04/22/32		885,000		809,147

2.97% (1 day USD SOFR + 1.330%) ⁽²⁾		02/04/33		1,395,000		1,272,449

3.42% (3 mo. USD Term SOFR + 1.302%) ⁽²⁾		12/20/28		685,000		674,896

4.38% (5 yr. CMT + 2.760%) ^(2),(4)		01/27/27		100,000		98,518

5.47% (1 day USD SOFR + 1.650%) ⁽²⁾		01/23/35		235,000		245,676

Citigroup, Inc.

2.52% (1 day USD SOFR + 1.177%) ⁽²⁾		11/03/32		510,000		453,961

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

October 31, 2025


Issues	Maturity Date		Principal Amount		Value

Banks (Continued)

2.57% (1 day USD SOFR + 2.107%) ⁽²⁾		06/03/31	$	1,000,000	$	922,450

5.45% (1 day USD SOFR + 1.447%) ⁽²⁾		06/11/35		115,000		119,378

6.88% (5 yr. CMT + 2.890%) ^(2),(4)		08/15/30		2,955,000		3,042,202

Goldman Sachs Group, Inc.

1.09% (1 day USD SOFR + 0.789%) ⁽²⁾		12/09/26		2,910,000		2,900,251

1.54% (1 day USD SOFR + 0.818%) ⁽²⁾		09/10/27		5,000		4,887

1.95% (1 day USD SOFR + 0.913%) ⁽²⁾		10/21/27		325,000		317,957

3.81% (3 mo. USD Term SOFR + 1.420%) ⁽²⁾		04/23/29		2,075,000		2,056,055

HSBC Holdings PLC (United Kingdom)

2.36% (1 day USD SOFR + 1.947%) ⁽²⁾		08/18/31		60,000		54,479

4.76% (1 day USD SOFR + 2.110%) ⁽²⁾		06/09/28		45,000		45,360

JPMorgan Chase & Co.

1.04% (3 mo. USD Term SOFR + 0.695%) ⁽²⁾		02/04/27		375,000		371,974

1.05% (1 day USD SOFR + 0.800%) ⁽²⁾		11/19/26		420,000		419,404

1.58% (1 day USD SOFR + 0.885%) ⁽²⁾		04/22/27		700,000		691,481

1.76% (3 mo. USD Term SOFR + 1.105%) ⁽²⁾		11/19/31		1,080,000		955,876

2.07% (1 day USD SOFR + 1.015%) ⁽²⁾		06/01/29		120,000		114,094

2.55% (1 day USD SOFR + 1.180%) ⁽²⁾		11/08/32		270,000		243,086

2.58% (3 mo. USD Term SOFR + 1.250%) ⁽²⁾		04/22/32		760,000		692,732

3.65% (5 yr. CMT + 2.850%) ^(2),(4)		06/01/26		115,000		113,720

4.01% (3 mo. USD Term SOFR + 1.382%) ⁽²⁾		04/23/29		255,000		254,363


Issues	Maturity Date		Principal Amount		Value

Banks (Continued)

4.32% (1 day USD SOFR + 1.560%) ⁽²⁾		04/26/28	$	3,500,000	$	3,511,410

5.77% (1 day USD SOFR + 1.490%) ⁽²⁾		04/22/35		415,000		442,888

Morgan Stanley

0.99% (1 day USD SOFR + 0.720%) ⁽²⁾		12/10/26		145,000		144,545

2.24% (1 day USD SOFR + 1.178%) ⁽²⁾		07/21/32		425,000		376,499

2.51% (1 day USD SOFR + 1.200%) ⁽²⁾		10/20/32		255,000		228,322

2.94% (1 day USD SOFR + 1.290%) ⁽²⁾		01/21/33		354,000		322,448

5.83% (1 day USD SOFR + 1.580%) ⁽²⁾		04/19/35		120,000		128,161

Morgan Stanley Private Bank NA

4.47% (1 day USD SOFR + 0.770%) ⁽²⁾		07/06/28		435,000		437,284

4.73% (1 day USD SOFR + 1.080%) ⁽²⁾		07/18/31		4,040,000		4,103,670

PNC Financial Services Group, Inc.

3.40% (5 yr. CMT + 2.595%) ^(2),(4)		09/15/26		105,000		102,105

5.58% (1 day USD SOFR + 1.841%) ⁽²⁾		06/12/29		1,370,000		1,418,156

Santander U.K. Group Holdings PLC (United Kingdom)

1.67% (1 day USD SOFR + 0.989%) ⁽²⁾		06/14/27		290,000		285,288

Wells Fargo & Co.

2.39% (1 day USD SOFR + 2.100%) ⁽²⁾		06/02/28		560,000		545,087

2.57% (3 mo. USD Term SOFR + 1.262%) ⁽²⁾		02/11/31		4,440,000		4,139,678

3.35% (1 day USD SOFR + 1.500%) ⁽²⁾		03/02/33		345,000		321,944

5.24% (1 day USD SOFR + 1.110%) ⁽²⁾		01/24/31		770,000		796,888

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

Banks (Continued)

5.50% (1 day USD SOFR + 1.780%) ⁽²⁾		01/23/35	$	225,000	$	234,983


						41,311,419


Beverages — 0.1%

Becle SAB de CV (Mexico)

2.50% ⁽¹⁾		10/14/31		1,790,000		1,548,601

JDE Peet’s NV (Netherlands)

2.25% ⁽¹⁾		09/24/31		750,000		653,040


						2,201,641


Biotechnology — 0.0%
Amgen, Inc.

3.15%		02/21/40		100,000		78,996


Chemicals — 0.2%

Axalta Coating Systems Dutch Holding B BV

7.25% ⁽¹⁾		02/15/31		50,000		52,464

International Flavors & Fragrances, Inc.

1.83% ⁽¹⁾		10/15/27		405,000		386,487

2.30% ⁽¹⁾		11/01/30		505,000		452,384

3.27% ⁽¹⁾		11/15/40		55,000		42,646

Itelyum Regeneration SpA (Italy)

5.75% ⁽¹⁾		04/15/30	EUR	250,000		293,035

Monitchem HoldCo 3 SA (Luxembourg)

8.75% ⁽³⁾		05/01/28	EUR	500,000		562,874

SCIH Salt Holdings, Inc.

4.88% ⁽¹⁾		05/01/28		608,000		601,944

SK Invictus Intermediate II SARL

5.00% ⁽¹⁾		10/30/29		431,000		424,255

WR Grace Holdings LLC

5.63% ⁽¹⁾		08/15/29		63,000		57,791

7.38% ⁽¹⁾		03/01/31		882,000		884,514


						3,758,394


Commercial Services — 0.8%

AA Bond Co. Ltd. (United Kingdom)

8.45% ⁽³⁾		07/31/50	GBP	210,000		294,515

ADT Security Corp.

5.88% ⁽¹⁾		10/15/33		650,000		659,601

Adtalem Global Education, Inc.

5.50% ⁽¹⁾		03/01/28		2,012,000		2,014,394

Allied Universal Holdco LLC/Allied Universal Finance Corp.

6.88% ⁽¹⁾		06/15/30		145,000		148,811

Block, Inc.

6.50%		05/15/32		51,000		52,950

Currenta Group Holdings SARL (Luxembourg)

5.50% ⁽¹⁾		05/15/30	EUR	1,400,000		1,637,625

Deluxe Corp.

8.13% ⁽¹⁾		09/15/29		52,000		54,556


Issues	Maturity Date		Principal Amount		Value

Commercial Services (Continued)

Grand Canyon University

5.13%		10/01/28	$	1,000,000	$	991,470

Herc Holdings, Inc.

7.25% ⁽¹⁾		06/15/33		486,000		512,803

ION Platform Finance U.S., Inc.

7.88% ⁽¹⁾		09/30/32		500,000		487,980

OT Midco Ltd.

10.00% ⁽¹⁾		02/15/30		2,743,000		1,614,475

RAC Bond Co. PLC (United Kingdom)

8.25% ⁽³⁾		05/06/46	GBP	100,000		142,938

Raven Acquisition Holdings LLC

6.88% ⁽¹⁾		11/15/31		425,000		434,788

Rentokil Terminix Funding LLC

5.00% ⁽¹⁾		04/28/30		1,970,000		2,005,755

Rollins, Inc.

5.25%		02/24/35		1,090,000		1,108,781

Upbound Group, Inc.

6.38% ⁽¹⁾		02/15/29		2,109,000		2,043,958

Veritiv Operating Co.

10.50% ⁽¹⁾		11/30/30		49,000		51,027

Volkswagen Financial Services AG (Germany)

3.88% ⁽³⁾		11/19/31	EUR	1,100,000		1,291,143

VT Topco, Inc.

8.50% ⁽¹⁾		08/15/30		1,965,000		2,045,054

WEX, Inc.

6.50% ⁽¹⁾		03/15/33		350,000		358,243

ZipRecruiter, Inc.

5.00% ⁽¹⁾		01/15/30		59,000		46,201


						17,997,068


Computers — 0.2%

Amentum Holdings, Inc.

7.25% ⁽¹⁾		08/01/32		261,000		271,688

Dell International LLC/EMC Corp.

4.75%		04/01/28		1,135,000		1,151,151

5.00%		04/01/30		840,000		859,942

McAfee Corp.

7.38% ⁽¹⁾		02/15/30		301,000		277,025

NCR Voyix Corp.

5.00% ⁽¹⁾		10/01/28		675,000		670,997

Science Applications International Corp.

5.88% ⁽¹⁾		11/01/33		800,000		798,360


						4,029,163


Cosmetics/Personal Care — 0.0%

Edgewell Personal Care Co.

4.13% ⁽¹⁾		04/01/29		860,000		817,774


Diversified Financial Services — 0.3%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)

2.45%		10/29/26		123,000		121,043

3.88%		01/23/28		5,000		4,965

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

October 31, 2025


Issues	Maturity Date		Principal Amount		Value

Diversified Financial Services (Continued)

Air Lease Corp.

2.88%		01/15/26	$	380,000	$	378,712

American Express Co.

4.92% (1 day USD SOFR + 1.220%) ⁽²⁾		07/20/33		1,680,000		1,712,088

Avolon Holdings Funding Ltd. (Ireland)

2.53% ⁽¹⁾		11/18/27		476,000		459,050

Blackrock, Inc.

3.75%		07/18/35	EUR	730,000		871,667

EZCORP, Inc.

7.38% ⁽¹⁾		04/01/32		150,000		158,755

GGAM Finance Ltd. (Ireland)

8.00% ⁽¹⁾		06/15/28		892,000		947,411

8.00% ⁽¹⁾		02/15/27		115,000		117,820

Jane Street Group/JSG Finance, Inc.

6.13% ⁽¹⁾		11/01/32		780,000		794,149

6.75% ⁽¹⁾		05/01/33		90,000		93,914

7.13% ⁽¹⁾		04/30/31		330,000		346,490


						6,006,064


Electric — 1.4%

Alliant Energy Corp.

5.75% (5 yr. CMT + 2.077%) ⁽²⁾		04/01/56		3,630,000		3,646,988

Alliant Energy Finance LLC

1.40% ⁽¹⁾		03/15/26		245,000		241,815

3.60% ⁽¹⁾		03/01/32		655,000		608,685

American Electric Power Co., Inc.

5.80% (5 yr. CMT + 2.128%) ⁽²⁾		03/15/56		5,570,000		5,581,251

Amprion GmbH (Germany)

4.00% ⁽³⁾		05/21/44	EUR	100,000		113,062

Arizona Public Service Co.

6.35%		12/15/32		135,000		147,590

CenterPoint Energy, Inc.

5.95% (5 yr. CMT + 2.223%) ⁽²⁾		04/01/56		4,685,000		4,721,121

Dominion Energy, Inc.

6.00% (5 yr. CMT + 2.262%) ⁽²⁾		02/15/56		5,325,000		5,404,982

Electricite de France SA

4.75% ⁽³⁾		06/17/44	EUR	700,000		820,410

5.64% ⁽³⁾		08/28/35	AUD	610,000		398,672

9.13% (5 yr. CMT + 5.411%) ^(1),(2),(4)		03/15/33		575,000		666,005

Elia Group SA (Belgium)

3.88% ⁽³⁾		06/11/31	EUR	100,000		118,400

Enel Finance International NV (Italy)

4.50% ⁽³⁾		02/20/43	EUR	290,000		347,837

Issues

Maturity
Date

Principal
Amount

Value

Electric (Continued)

Eurogrid GmbH (Germany)

1.11% ⁽³⁾

05/15/32

EUR

200,000

202,073

3.28% ⁽³⁾

09/05/31

EUR

200,000

233,702

FirstEnergy Transmission LLC

2.87% ⁽¹⁾

09/15/28

418,000

403,596

London Power Networks PLC (United Kingdom)

3.84% ⁽³⁾

06/11/37

EUR

470,000

548,859

MVM Energetika Zrt (Hungary)

6.50% ⁽³⁾

03/13/31

400,000

425,240

Pike Corp.

8.63% ⁽¹⁾

01/31/31

775,000

829,118

Southern Co.

3.75% (5 yr. CMT + 2.915%) ⁽²⁾

09/15/51

2,000,000

1,977,340

Southwestern Electric Power Co.

5.30%

04/01/33

600,000

613,662

Tennet Netherlands BV

4.75% ⁽³⁾

10/28/42

EUR

435,000

557,480

Tucson Electric Power Co.

5.50%

04/15/53

305,000

298,257

28,906,145

Electrical Components & Equipment — 0.1%

Energizer Holdings, Inc.

6.00% ⁽¹⁾

09/15/33

1,445,000

1,399,858

Engineering & Construction — 0.1%

Heathrow Funding Ltd. (United Kingdom)

3.88% ⁽³⁾

01/16/38

EUR

250,000

288,716

4.50% ⁽³⁾

07/11/35

EUR

865,000

1,069,198

1,357,914

Entertainment — 0.8%

Banijay Entertainment SAS (France)

8.13% ⁽¹⁾

05/01/29

350,000

363,979

Caesars Entertainment, Inc.

6.50% ⁽¹⁾

02/15/32

2,220,000

2,239,580

7.00% ⁽¹⁾

02/15/30

1,000,000

1,029,850

Churchill Downs, Inc.

5.75% ⁽¹⁾

04/01/30

798,000

800,562

FDJ UNITED (France)

3.38% ⁽³⁾

11/21/33

EUR

1,000,000

1,149,284

Flutter Treasury DAC (Ireland)

5.00% ⁽¹⁾

04/29/29

EUR

100,000

119,280

Great Canadian Gaming Corp./Raptor LLC (Canada)

8.75% ⁽¹⁾

11/15/29

1,626,000

1,590,537

LHMC Finco 2 SARL (Luxemburg)

8.63% ^(1),(5)

05/15/30

EUR

990,000

1,192,486

Light & Wonder International, Inc.

6.25% ⁽¹⁾

10/01/33

1,081,000

1,077,919

Live Nation Entertainment, Inc.

5.63% ⁽¹⁾

03/15/26

355,000

355,124

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

Entertainment (Continued)

Lottomatica Group SpA (Italy)

4.88% ⁽¹⁾		01/31/31	EUR	430,000	$	512,427

Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada)

8.00% ⁽¹⁾		08/01/30		1,890,000		1,865,354

Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.

6.63% ⁽¹⁾		02/01/33		803,000		812,178

Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp.

6.25% ⁽¹⁾		10/15/30		1,800,000		1,814,490

Voyager Parent LLC

9.25% ⁽¹⁾		07/01/32		803,000		843,367

WarnerMedia Holdings, Inc.

4.28%		03/15/32		1,048,000		961,729

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.

6.25% ⁽¹⁾		03/15/33		55,000		56,008


						16,784,154


Environmental Control — 0.1%

Luna 2 5SARL (Luxemburg)

5.50% ⁽¹⁾		07/01/32	EUR	1,100,000		1,287,961


Food — 0.3%

JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL

3.75%		12/01/31		385,000		364,044

6.75%		03/15/34		172,000		189,872
Mars, Inc.

4.80% ⁽¹⁾		03/01/30		1,620,000		1,656,013

Pilgrim’s Pride Corp.

4.25%		04/15/31		1,430,000		1,385,127

6.25%		07/01/33		950,000		1,013,669

Post Holdings, Inc.

4.50% ⁽¹⁾		09/15/31		993,000		934,989

4.63% ⁽¹⁾		04/15/30		675,000		654,919

6.25% ⁽¹⁾		10/15/34		950,000		963,015

Smithfield Foods, Inc.

5.20% ⁽¹⁾		04/01/29		5,000		5,076


						7,166,724


Gas — 0.3%

AmeriGas Partners LP/AmeriGas Finance Corp.

9.38% ⁽¹⁾		06/01/28		1,176,000		1,220,323

9.50% ⁽¹⁾		06/01/30		909,000		957,532

CenterPoint Energy Resources Corp.

5.40%		03/01/33		765,000		794,475

KeySpan Gas East Corp.

5.99% ⁽¹⁾		03/06/33		385,000		408,115

National Gas Transmission PLC (United Kingdom)

4.25% ⁽³⁾		04/05/30	EUR	200,000		242,299


Issues	Maturity Date		Principal Amount		Value

Gas (Continued)

Northwest Natural Holding Co.

7.00% (5 yr. CMT + 2.701%) ⁽²⁾		09/15/55	$	2,000,000	$	2,084,960


						5,707,704


Health Care-Products — 0.2%

180 Medical, Inc. (United Kingdom)

3.88% ⁽¹⁾		10/15/29		269,000		260,209

Bausch & Lomb Corp.

8.38% ⁽¹⁾		10/01/28		320,000		334,489

Sartorius Finance BV (Germany)

4.50% ⁽³⁾		09/14/32	EUR	100,000		122,188

4.88% ⁽³⁾		09/14/35	EUR	1,600,000		1,988,755

Stryker Corp.

4.70%		02/10/28		1,465,000		1,485,671


						4,191,312


Health Care-Services — 0.8%

Centene Corp.

2.63%		08/01/31		1,000,000		858,630

3.00%		10/15/30		1,323,000		1,183,490

Cigna Group

4.50%		09/15/30		4,995,000		5,017,328

Elevance Health, Inc.

5.20%		02/15/35		185,000		188,809

Fortrea Holdings, Inc.

7.50% ⁽¹⁾		07/01/30		730,000		701,304

HAH Group Holding Co. LLC

9.75% ⁽¹⁾		10/01/31		299,000		283,826

HCA, Inc.

5.38%		09/01/26		1,260,000		1,264,435

5.63%		09/01/28		275,000		283,712

Heartland Dental LLC/Heartland Dental Finance Corp.

10.50% ⁽¹⁾		04/30/28		11,000		11,601

Humana, Inc.

5.55%		05/01/35		570,000		583,395

Kedrion SpA (Italy)

6.50% ⁽¹⁾		09/01/29		669,000		656,637

Mehilainen Yhtiot OYJ (Finland)

5.13% ⁽¹⁾		06/30/32	EUR	1,145,000		1,344,952

ModivCare, Inc.

5.00% ^(1),(6),(7)		10/01/29		744,450		11,167

Molina Healthcare, Inc.

6.25% ⁽¹⁾		01/15/33		2,330,000		2,344,935

Sotera Health Holdings LLC

7.38% ⁽¹⁾		06/01/31		356,000		374,676

Star Parent, Inc.

9.00% ⁽¹⁾		10/01/30		810,000		865,493

Tenet Healthcare Corp.

5.13%		11/01/27		1,950,000		1,950,448


						17,924,838

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

October 31, 2025


Issues	Maturity Date		Principal Amount		Value

Household Products/Wares — 0.1%

Central Garden & Pet Co.

4.13% ⁽¹⁾		04/30/31	$	58,000	$	54,392

4.13%		10/15/30		575,000		545,433

Spectrum Brands, Inc.

3.88% ⁽¹⁾		03/15/31		1,695,000		1,375,764


						1,975,589


Insurance — 0.1%

Acrisure LLC/Acrisure Finance, Inc.

4.25% ⁽¹⁾		02/15/29		522,000		501,762

6.00% ⁽¹⁾		08/01/29		405,000		401,242

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer

7.00% ⁽¹⁾		01/15/31		52,000		53,850

Athene Global Funding

1.99% ⁽¹⁾		08/19/28		15,000		14,026

2.72% ⁽¹⁾		01/07/29		95,000		89,840

3.21% ⁽¹⁾		03/08/27		130,000		127,846

Farmers Exchange Capital II

6.15% (3 mo. USD Term SOFR + 4.006%) ^(1),(2)		11/01/53		550,000		546,612

Farmers Exchange Capital III

5.45% (3 mo. USD Term SOFR + 3.716%) ^(1),(2)		10/15/54		85,000		79,839

Farmers Insurance Exchange

4.75% (3 mo. USD LIBOR + 3.231%) ^(1),(2)		11/01/57		135,000		115,634

7.00% (10 yr. CMT + 3.864%) ^(1),(2)		10/15/64		265,000		276,721

HUB International Ltd.

7.25% ⁽¹⁾		06/15/30		417,000		435,757

Metropolitan Life Global Funding I

2.95% ⁽¹⁾		04/09/30		15,000		14,213

Panther Escrow Issuer LLC

7.13% ⁽¹⁾		06/01/31		375,000		387,896


						3,045,238


Internet — 0.9%

Cogent Communications Group LLC/Cogent Finance, Inc.

6.50% ⁽¹⁾		07/01/32		1,855,000		1,774,345

Gen Digital, Inc.

6.25% ⁽¹⁾		04/01/33		250,000		257,260

6.75% ⁽¹⁾		09/30/27		328,000		333,464

Getty Images, Inc.

10.50% ⁽¹⁾		11/15/30		2,040,000		2,058,401

ION Platform Finance U.S., Inc./ION Platform Finance SARL

8.75% ⁽¹⁾		05/01/29		678,000		689,438


Issues	Maturity Date		Principal Amount		Value

Internet (Continued)

Meta Platforms, Inc.

4.60%		11/15/32	$	8,945,000	$	8,991,425

5.63%		11/15/55		1,500,000		1,490,175

Snap, Inc.

6.88% ⁽¹⁾		03/15/34		1,845,000		1,876,752

6.88%⁽¹⁾		03/01/33		1,258,000		1,288,330

Uber Technologies, Inc.

4.30%		01/15/30		700,000		701,883


						19,461,473


Investment Companies — 0.2%

Icahn Enterprises LP/Icahn Enterprises Finance Corp.

9.75%		01/15/29		370,000		371,935

10.00% ⁽¹⁾		11/15/29		2,957,000		2,970,188


						3,342,123


Iron & Steel — 0.1%

CSN Inova Ventures

6.75% ⁽¹⁾		01/28/28		710,000		661,997

CSN Resources SA

5.88% ⁽¹⁾		04/08/32		1,340,000		1,093,266


						1,755,263


Leisure Time — 0.1%

MajorDrive Holdings IV LLC

6.38% ⁽¹⁾		06/01/29		1,024,000		809,390

Sabre GLBL, Inc.

10.75% ⁽¹⁾		11/15/29		447,000		424,976

11.13% ⁽¹⁾		07/15/30		1,020,000		964,696


						2,199,062


Lodging — 0.2%

Boyd Gaming Corp.

4.75% ⁽¹⁾		06/15/31		700,000		674,667

Hyatt Hotels Corp.

5.05%		03/30/28		905,000		921,055

Las Vegas Sands Corp.

5.63%		06/15/28		1,825,000		1,866,373

MGM Resorts International

6.50%		04/15/32		527,000		535,532


						3,997,627


Machinery-Diversified — 0.0%

Oregon Tool Lux LP

7.88% ⁽¹⁾		10/15/29		549,538		189,591


Media — 1.0%

AMC Networks, Inc.

10.25% ⁽¹⁾		01/15/29		772,000		811,519

Cable One, Inc.

4.00% ⁽¹⁾		11/15/30		1,205,000		952,806

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

Media (Continued)

CCO Holdings LLC/CCO Holdings Capital Corp.

4.25% ⁽¹⁾		02/01/31	$	1,685,000	$	1,527,587

4.50% ⁽¹⁾		06/01/33		1,600,000		1,389,888

Charter Communications Operating LLC/Charter Communications Operating Capital

2.80%		04/01/31		140,000		125,726

3.70%		04/01/51		530,000		345,348

3.90%		06/01/52		360,000		236,657

4.80%		03/01/50		250,000		194,595

5.85%		12/01/35		175,000		174,363

6.65%		02/01/34		246,000		260,167

CSC Holdings LLC

4.63% ⁽¹⁾		12/01/30		300,000		107,427

6.50% ⁽¹⁾		02/01/29		2,430,000		1,673,614

11.75% ⁽¹⁾		01/31/29		2,896,000		2,286,247

DISH DBS Corp.

5.13%		06/01/29		1,095,000		947,120

DISH Network Corp.

11.75% ⁽¹⁾		11/15/27		1,277,000		1,344,617

Scripps Escrow II, Inc.

3.88% ⁽¹⁾		01/15/29		1,885,000		1,705,529

Sinclair Television Group, Inc.

4.38% ⁽¹⁾		12/31/32		1,000,000		733,840

8.13% ⁽¹⁾		02/15/33		1,693,000		1,728,282

Sirius XM Radio LLC

5.00% ⁽¹⁾		08/01/27		1,146,000		1,145,141

Time Warner Cable LLC

5.50%		09/01/41		535,000		482,500

Univision Communications, Inc.

8.50% ⁽¹⁾		07/31/31		55,000		56,370

Virgin Media Secured Finance PLC (United Kingdom)

5.50% ⁽¹⁾		05/15/29		1,842,000		1,808,660

VZ Secured Financing BV (Netherlands)

5.00% ⁽¹⁾		01/15/32		1,475,000		1,343,194

Ziggo Bond Co. BV (Netherlands)

5.13% ⁽¹⁾		02/28/30		53,000		46,850


						21,428,047


Mining — 0.0%

Corp. Nacional del Cobre de Chile

5.13% ⁽³⁾		02/02/33		207,000		208,733

5.95% ⁽³⁾		01/08/34		407,000		428,302

Corp. Nacional del Cobre de Chile (Chile)

5.13% ⁽³⁾		02/02/33		200,000		201,674


						838,709


Miscellaneous Manufacturers — 0.1%

CTEC II GmbH (Germany)

5.25% ⁽³⁾		02/15/30	EUR	846,000		890,051


Issues	Maturity Date		Principal Amount		Value

Miscellaneous Manufacturers (Continued)

Dyno Nobel Ltd. (Australia)

5.40%		11/08/32	AUD	2,230,000	$	1,467,814


						2,357,865


Oil & Gas — 0.5%

Ecopetrol SA

8.38%		01/19/36		1,660,000		1,724,225

KazMunayGas National Co. JSC (Kazakhstan)

3.50%⁽¹⁾		04/14/33		2,441,000		2,209,496

Sunoco LP

5.88% ⁽¹⁾		03/15/34		1,555,000		1,555,886

7.88% (5 yr. CMT + 4.230%) ^(1),(2),(4)		09/18/30		4,300,000		4,376,239

Transocean International Ltd.

8.75% ⁽¹⁾		02/15/30		236,250		248,159

Transocean Titan Financing Ltd.

8.38% ⁽¹⁾		02/01/28		318,952		328,652


						10,442,657


Oil & Gas Services — 0.2%

Archrock Partners LP/Archrock Partners Finance Corp.

6.25% ⁽¹⁾		04/01/28		103,000		103,452

Kodiak Gas Services LLC

6.50% ⁽¹⁾		10/01/33		1,733,000		1,777,295

6.75% ⁽¹⁾		10/01/35		1,645,000		1,695,880

USA Compression Partners LP/USA Compression Finance Corp.

7.13% ⁽¹⁾		03/15/29		275,000		284,224

WBI Operating LLC

6.50% ⁽¹⁾		10/15/33		480,000		480,086


						4,340,937


Packaging & Containers — 0.3%

Amcor Finance USA, Inc.

4.50%		05/15/28		245,000		246,296

Amcor Flexibles North America, Inc.

4.80%		03/17/28		2,225,000		2,253,880

Amcor Group Finance PLC

5.45%		05/23/29		670,000		691,809

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.

4.13% ⁽¹⁾		08/15/26		382,000		357,281

5.25% ⁽¹⁾		08/15/27		510,000		139,806

5.25% ⁽¹⁾		08/15/27		305,000		77,415

Berry Global, Inc.

1.65%		01/15/27		40,000		38,757

5.50%		04/15/28		255,000		262,316

5.65%		01/15/34		150,000		156,743

Clearwater Paper Corp.

4.75% ⁽¹⁾		08/15/28		822,000		772,376

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

October 31, 2025


Issues	Maturity Date		Principal Amount		Value

Packaging & Containers (Continued)

Graham Packaging Co., Inc.

7.13% ⁽¹⁾		08/15/28	$	53,000	$	52,846

Graphic Packaging International LLC

6.38% ⁽¹⁾		07/15/32		325,000		330,229


						5,379,754


Pharmaceuticals — 0.5%

1261229 BC Ltd.

10.00% ⁽¹⁾		04/15/32		2,107,000		2,205,439

Bayer U.S. Finance II LLC (Germany)

4.25% ⁽¹⁾		12/15/25		255,000		254,872

4.38% ⁽¹⁾		12/15/28		510,000		508,409

4.40% ⁽¹⁾		07/15/44		245,000		199,045

4.88% ⁽¹⁾		06/25/48		80,000		67,988

6.50% ⁽¹⁾		11/21/33		500,000		539,705

Bayer U.S. Finance LLC (Germany)

6.88% ⁽¹⁾		11/21/53		345,000		374,874

CVS Health Corp.

4.78%		03/25/38		75,000		70,442

5.70%		06/01/34		1,165,000		1,218,462

5.88%		06/01/53		212,000		208,570

6.75% (5 yr. CMT + 2.516%) ⁽²⁾		12/10/54		1,290,000		1,342,271

7.00% (5 yr. CMT + 2.886%) ⁽²⁾		03/10/55		1,550,000		1,630,119

Grifols SA (Spain)

4.75% ⁽¹⁾		10/15/28		410,000		396,556

7.50% ⁽³⁾		05/01/30	EUR	827,000		1,003,830

Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc.

8.75% ⁽¹⁾		04/17/32		932,000		886,164

Teva Pharmaceutical Finance Netherlands III BV (Israel)

6.00%		12/01/32		274,000		286,366

Teva Pharmaceutical Finance Netherlands IV BV (Israel)

5.75%		12/01/30		274,000		283,286


						11,476,398


Pipelines — 0.7%

Energy Transfer LP

6.63% (3 mo. USD LIBOR + 4.155%) ^(2),(4)		02/15/28		733,000		733,865

Global Partners LP/GLP Finance Corp.

6.88%		01/15/29		430,000		435,379

8.25% ⁽¹⁾		01/15/32		425,000		445,192

ITT Holdings LLC

6.50% ⁽¹⁾		08/01/29		1,713,000		1,661,576

NGL Energy Operating LLC/NGL Energy Finance Corp.

8.38% ⁽¹⁾		02/15/32		2,373,000		2,427,033


Issues	Maturity Date		Principal Amount		Value

Pipelines (Continued)

NGPL PipeCo LLC

4.88% ⁽¹⁾		08/15/27	$	40,000	$	40,100

Pipeline Funding Co. LLC

7.50% ⁽¹⁾		01/15/30		136,675		141,252

Rockies Express Pipeline LLC

6.88% ⁽¹⁾		04/15/40		216,000		222,571

Southern Natural Gas Co. LLC

4.80% ⁽¹⁾		03/15/47		65,000		57,887

TransMontaigne Partners LLC

8.50% ⁽¹⁾		06/15/30		650,000		681,024

Venture Global Calcasieu Pass LLC

3.88% ⁽¹⁾		11/01/33		750,000		663,728

4.13% ⁽¹⁾		08/15/31		580,000		536,732

Venture Global LNG, Inc.

7.00% ⁽¹⁾		01/15/30		150,000		151,923

9.00% (5 yr. CMT + 5.440%)^(1),(2),(4)		09/30/29		4,255,000		3,980,510

9.88% ⁽¹⁾		02/01/32		779,000		832,424

Venture Global Plaquemines LNG LLC

6.50% ⁽¹⁾		01/15/34		128,000		134,140

6.75% ⁽¹⁾		01/15/36		1,224,000		1,297,342


						14,442,678


Real Estate — 0.1%

Blackstone Property Partners Europe Holdings SARL (Luxembourg)

1.00% ⁽³⁾		05/04/28	EUR	195,000		214,807

Vonovia SE (Germany)

0.75% ⁽³⁾		09/01/32	EUR	100,000		96,499

1.50% ⁽³⁾		06/14/41	EUR	600,000		468,781

5.72% ⁽³⁾		09/03/35	AUD	1,550,000		1,009,885


						1,789,972


REIT — 0.6%

American Assets Trust LP

3.38%		02/01/31		500,000		456,060

American Homes 4 Rent LP

3.38%		07/15/51		675,000		462,355

American Tower Corp.

2.10%		06/15/30		1,050,000		949,578

4.90%		03/15/30		500,000		510,425

Americold Realty Operating Partnership LP (REIT)

5.60%		05/15/32		1,120,000		1,133,317

Boston Properties LP (REIT)

2.75%		10/01/26		10,000		9,868

Crown Castle, Inc. (REIT)

2.10%		04/01/31		1,250,000		1,097,663

Digital Dutch Finco BV

1.25% ⁽³⁾		02/01/31	EUR	220,000		229,351

3.88% ⁽³⁾		03/15/35	EUR	500,000		574,850

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

REIT (Continued)

Equinix Europe 2 Financing Corp. LLC (REIT)

3.63%		11/22/34	EUR	490,000	$	556,801

Extra Space Storage LP

2.40%		10/15/31		71,000		62,699

GLP Capital LP/GLP Financing II, Inc.

4.00%		01/15/31		73,000		69,852

5.75%		06/01/28		10,000		10,285

Healthcare Realty Holdings LP

3.10%		02/15/30		35,000		33,060

3.63%		01/15/28		150,000		147,669

Host Hotels & Resorts LP (REIT)

5.70%		06/15/32		1,475,000		1,526,728

Hudson Pacific Properties LP

3.25%		01/15/30		422,000		361,426

3.95%		11/01/27		2,226,000		2,132,864

5.95%		02/15/28		638,000		624,130

Iron Mountain, Inc. (REIT)

6.25% ⁽¹⁾		01/15/33		335,000		343,321

Lineage OP LP

5.25% ⁽¹⁾		07/15/30		1,160,000		1,175,324

LXP Industrial Trust

2.70%		09/15/30		160,000		146,619

Realty Income Corp.

3.38%		06/20/31	EUR	450,000		522,847

VICI Properties LP/VICI Note Co., Inc.

3.88% ⁽¹⁾		02/15/29		30,000		29,337

5.75% ⁽¹⁾		02/01/27		65,000		65,786

WP Carey, Inc. (REIT)

4.25%		07/23/32	EUR	200,000		239,327


						13,471,542


Retail — 0.6%

BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc.

9.50% ⁽¹⁾		07/01/32		1,990,000		2,015,651

Ferrellgas LP/Ferrellgas Finance Corp.

5.88% ⁽¹⁾		04/01/29		926,000		880,339

9.25% ⁽¹⁾		01/15/31		3,180,000		3,210,178

FirstCash, Inc.

6.88% ⁽¹⁾		03/01/32		320,000		332,534

LCM Investments Holdings II LLC

8.25% ⁽¹⁾		08/01/31		50,000		52,637

Lithia Motors, Inc.

3.88% ⁽¹⁾		06/01/29		325,000		310,768

Macy’s Retail Holdings LLC

7.38% ⁽¹⁾		08/01/33		676,000		713,342

Michaels Cos., Inc.

5.25% ⁽¹⁾		05/01/28		2,299,000		2,149,450

7.88% ⁽¹⁾		05/01/29		210,000		185,495


Issues	Maturity Date		Principal Amount		Value

Retail (Continued)

Murphy Oil USA, Inc.

3.75% ⁽¹⁾		02/15/31	$	58,000	$	54,004

Papa John’s International, Inc.

3.88% ⁽¹⁾		09/15/29		695,000		678,543

Raising Cane’s Restaurants LLC

9.38% ⁽¹⁾		05/01/29		320,000		334,874

Staples, Inc.

10.75% ⁽¹⁾		09/01/29		821,000		801,707

Suburban Propane Partners LP/Suburban Energy Finance Corp.

5.00% ⁽¹⁾		06/01/31		435,000		413,933


						12,133,455


Semiconductors — 0.1%

Foundry JV Holdco LLC

5.50% ⁽¹⁾		01/25/31		185,000		191,928

Intel Corp.

2.00%		08/12/31		560,000		490,017

3.73%		12/08/47		1,000,000		736,540

5.70%		02/10/53		130,000		125,013


						1,543,498


Software — 1.0%

Cloud Software Group, Inc.

8.25% ⁽¹⁾		06/30/32		715,000		752,066

9.00% ⁽¹⁾		09/30/29		1,100,000		1,138,434

Fiserv, Inc.

5.25%		08/11/35		2,260,000		2,254,124

5.45%		03/15/34		985,000		1,000,937

Open Text Corp. (Canada)

6.90% ⁽¹⁾		12/01/27		760,000		791,829

Open Text Holdings, Inc. (Canada)

4.13% ⁽¹⁾		12/01/31		2,350,000		2,190,835

Oracle Corp.

4.80%		09/26/32		1,825,000		1,806,604

4.80%		08/03/28		880,000		892,637

5.88%		09/26/45		4,000,000		3,852,040

5.95%		09/26/55		2,045,000		1,941,932

Paychex, Inc.

5.10%		04/15/30		2,380,000		2,447,068

RingCentral, Inc.

8.50% ⁽¹⁾		08/15/30		336,000		358,415

SS&C Technologies, Inc.

5.50% ⁽¹⁾		09/30/27		52,000		52,049

TeamSystem SpA (Italy)

5.28% (3 mo. EUR EURIBOR + 3.250%) ^(1),(2)		07/01/32	EUR	800,000		924,342

ZoomInfo Technologies LLC/ZoomInfo Finance Corp.

3.88% ⁽¹⁾		02/01/29		282,000		266,123


						20,669,435

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

October 31, 2025


Issues	Maturity Date		Principal Amount		Value

Telecommunications — 0.6%

Altice Financing SA (Luxembourg)

5.00% ⁽¹⁾		01/15/28	$	340,000	$	256,714

5.75% ⁽¹⁾		08/15/29		2,393,000		1,744,545

9.63% ⁽¹⁾		07/15/27		1,007,000		867,088

Altice France SA

6.50% ⁽¹⁾		03/15/32		1,145,634		1,098,033

9.50% ⁽¹⁾		11/01/29		950,647		969,270

EchoStar Corp.

10.75%		11/30/29		688,000		757,866

Frontier Communications Holdings LLC

5.88% ⁽¹⁾		10/15/27		155,000		155,030

8.63% ⁽¹⁾		03/15/31		1,351,000		1,426,521

Global Switch Finance BV (United Kingdom)

1.38% ⁽³⁾		10/07/30	EUR	725,000		792,058

Level 3 Financing, Inc.

6.88% ⁽¹⁾		06/30/33		380,000		389,701

Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC

5.15% ⁽¹⁾		09/20/29		336,500		338,946

T-Mobile USA, Inc.

2.55%		02/15/31		996,000		905,932

5.13%		05/15/32		1,075,000		1,105,917

Vmed O2 U.K. Financing I PLC (United Kingdom)

4.75% ⁽¹⁾		07/15/31		69,000		63,965

Windstream Services LLC/Windstream Escrow Finance Corp.

8.25% ⁽¹⁾		10/01/31		417,000		426,207

Zayo Group Holdings, Inc.

9.25% ^(1),(8)		03/09/30		546,811		520,509


						11,818,302


Transportation — 0.1%

Aurizon Network Pty. Ltd. (Australia)

2.90% ⁽³⁾		09/02/30	AUD	1,700,000		1,005,606

Pacific National Finance Pty. Ltd. (Australia)

3.70%		09/24/29	AUD	1,650,000		1,005,967


						2,011,573


Water — 0.2%

Holding d’Infrastructures des Metiers de l’Environnement SAS

4.88% ⁽³⁾		10/24/29	EUR	200,000		240,145

Suez SACA (France)

2.88% ⁽³⁾		05/24/34	EUR	1,300,000		1,412,090

United Utilities Water Finance PLC (United Kingdom)

3.75% ⁽³⁾		05/23/34	EUR	420,000		491,777

Veolia Environnement SA (France) (I/F)

2.50% (-5 yr. EUR Swap + 2.840%) ^(2),(3),(4)		01/20/29	EUR	800,000		891,635


Issues	Maturity Date		Principal Amount		Value

Water (Continued)

Yorkshire Water Finance PLC (United Kingdom)

6.38% ⁽³⁾		11/18/34	GBP	1,550,000	$	2,125,849


						5,161,496


Total Corporate Bonds

(Cost: $346,480,734)						350,210,335


MUNICIPAL BONDS — 0.4%

City of Los Angeles Department of Airports, Revenue Bonds

3.89%		05/15/38		100,000		93,717

City of New York, General Obligation Unlimited

3.62%		04/01/31		155,000		151,474

County of Miami-Dade Aviation Revenue, Revenue Bonds

2.61%		10/01/32		100,000		89,674

Empire State Development Corp., Revenue Bonds

2.00%		03/15/33		100,000		85,289

2.54%		03/15/34		40,000		34,682

2.54%		03/15/34		135,000		117,829

Medina Valley Independent School District, General Obligation Unlimited

4.75%		02/15/50		610,000		629,236

New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds

1.85%		08/01/32		75,000		64,347

5.00%		05/01/50		755,000		787,028

5.00%		11/01/53		2,455,000		2,551,874

New York State Dormitory Authority, Revenue Bonds

5.00%		03/15/54		1,075,000		1,125,773

New York State Thruway Authority, Revenue Bonds

5.00%		03/15/56		615,000		644,446

5.00%		03/15/59		1,385,000		1,444,408

Northwest Independent School District, General Obligation Unlimited

5.00%		02/15/55		815,000		854,726

State of Ohio, Revenue Bonds

2.89%		01/01/32		100,000		92,692


Total Municipal Bonds

(Cost: $8,573,438)						8,767,195


FOREIGN GOVERNMENT BONDS — 1.4%

Brazil Government International Bonds

6.00%		10/20/33		1,811,000		1,855,098

6.13%		03/15/34		1,014,000		1,035,841

6.63%		03/15/35		1,067,000		1,111,750

Finance Department Government of Sharjah

6.50% ⁽¹⁾		11/23/32		200,000		217,538

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

FOREIGN GOVERNMENT BONDS (Continued)

Guatemala Government Bonds

3.70% ⁽³⁾		10/07/33	$	707,000	$	638,280

6.25% ⁽³⁾		08/15/36		3,569,000		3,772,147

Hungary Government International Bonds

5.50% ⁽¹⁾		03/26/36		746,000		753,818

Israel Government International Bonds

5.38%		02/19/30		440,000		456,245

Mexico Government International Bonds

4.88%		05/19/33		1,522,000		1,481,545

5.63%		09/22/35		3,003,000		2,994,712

6.35%		02/09/35		810,000		857,928

New South Wales Treasury Corp.

5.25% ⁽³⁾		02/24/38	AUD	7,030,000		4,628,661

Queensland Treasury Corp.

5.25% ⁽³⁾		08/13/38	AUD	2,440,000		1,596,444

Republic of South Africa Government International Bonds

5.88%		06/22/30		832,000		861,669

5.88%		04/20/32		757,000		781,277

Romania Government International Bonds

3.63% ⁽³⁾		03/27/32		910,000		819,810

5.75% ⁽³⁾		03/24/35		2,236,000		2,187,546

6.63% ⁽¹⁾		05/16/36		700,000		720,608

6.63% ⁽³⁾		05/16/36		2,414,000		2,485,068

Treasury Corp. of Victoria

2.00%		11/20/37	AUD	2,415,000		1,123,428


Total Foreign Government Bonds

(Cost: $29,770,786)						30,379,413


ASSET-BACKED SECURITIES — 15.0%

522 Funding CLO Ltd. Series 2020-6A, Class CR2

5.81% (3 mo. USD Term SOFR + 1.950%) ^(1),(2)		10/23/34		1,100,000		1,100,858

Adagio IV CLO Ltd. Series IV-X, Class B1RR

3.66% (3 mo. EUR EURIBOR + 1.650%) ^(2),(3)		04/15/34	EUR	975,000		1,118,026

AIMCO CLO Series 2017-AA, Class SUB

0.00% ^(1),(9)		01/20/38		4,250,000		2,225,529

AIMCO CLO 14 Ltd. Series 2021-14A, Class SUB

0.00% ^(1),(9)		10/20/38		700,000		525,394

Alinea CLO Ltd. Series 2018-1A, Class DR

6.13% (3 mo. USD Term SOFR + 2.250%) ^(1),(2)		07/20/31		750,000		750,836

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Allegro CLO XVI Ltd. Series 2024-1A, Class C

6.56% (3 mo. USD Term SOFR + 2.700%) ^(1),(2)

04/25/37

1,000,000

1,005,661

ALLO Issuer LLC Series 2023-1A, Class C

12.18% ⁽¹⁾

06/20/53

3,149,000

3,339,144

ALLO Issuer LLC Series 2024-1A, Class C

11.19% ⁽¹⁾

07/20/54

2,734,000

2,929,373

ALLO Issuer LLC Series 2025-1A, Class C

8.10% ⁽¹⁾

04/20/55

1,750,000

1,780,687

AMMC CLO 23 Ltd. Series 2020-23A, Class D1R3

7.08% (3 mo. USD Term SOFR + 3.200%) ^(1),(2)

07/17/38

3,200,000

3,208,378

AMMC CLO 24 Ltd. Series 2021-24A, Class BR

5.48% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)

01/20/35

700,000

700,564

AMMC CLO 27 Ltd. Series 2022-27A, Class CR

5.68% (3 mo. USD Term SOFR + 1.800%) ^(1),(2)

01/20/37

3,000,000

2,997,135

Anchorage Credit Funding 19 Ltd. Series 2025-19A, Class C

5.59% ⁽¹⁾

10/25/40

2,300,000

2,304,924

Angel Oak Mortgage Trust Series 2025-HB1, Class M3

7.23% (30 day USD SOFR Average + 3.050%) ^(1),(2)

02/25/55

1,832,000

1,844,194

APL Finance DAC Series 2025-1A, Class C

5.82% ⁽¹⁾

03/20/36

3,509,000

3,468,880

Aqueduct European CLO 9 DAC Series 2025-9A, Class B

3.76% (3 mo. EUR EURIBOR + 1.750%) ^(1),(2)

04/15/38

EUR

1,775,000

2,036,006

Arbour CLO VI DAC Series 6A, Class BR

3.94% (3 mo. EUR EURIBOR + 1.900%) ^(1),(2)

11/15/37

EUR

1,500,000

1,728,292

Arbour CLO VII DAC Series 7A, Class BR

4.06% (3 mo. EUR EURIBOR + 2.050%) ^(1),(2)

12/15/38

EUR

1,350,000

1,558,717

Aurium CLO XIII DAC Series 13A, Class B

3.71% (3 mo. EUR EURIBOR + 1.700%) ^(1),(2)

04/15/38

EUR

1,775,000

2,037,252

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Avis Budget Rental Car Funding AESOP LLC Series 2021-1A, Class D

3.71% ⁽¹⁾

08/20/27

1,540,000

1,520,729

Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class D

4.08% ⁽¹⁾

02/20/28

3,682,000

3,603,558

Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class D

7.32% ⁽¹⁾

02/20/28

3,580,000

3,627,185

Avis Budget Rental Car Funding AESOP LLC Series 2023-5A, Class D

7.35% ⁽¹⁾

04/20/28

2,780,000

2,817,520

Bain Capital Credit CLO Ltd. Series 2020-4A, Class DBR2 (I/F)

0.00% (-3 mo. USD Term SOFR + 2.950%) ^{(1),(2),(9),(10)}

10/20/36

2,100,000

2,103,175

Bain Capital Credit CLO Ltd. Series 2020-4A, Class ERR (I/F)

4.10% (-3 mo. USD Term SOFR + 6.750%) ^(1),(2),(10)

10/20/36

1,000,000

1,002,500

Bain Capital Credit CLO Ltd. Series 2021-3A, Class CR

5.77% (3 mo. USD Term SOFR + 1.900%) ^(1),(2)

07/24/34

1,200,000

1,201,284

Bain Capital Credit CLO Ltd. Series 2023-2A, Class SUB

0.00% ^(1),(9)

07/18/38

3,200,000

2,084,851

Ballyrock CLO 19 Ltd. Series 2022-19A, Class CR

6.98% (3 mo. USD Term SOFR + 3.100%) ^(1),(2)

04/20/35

2,000,000

1,986,102

Bardot CLO Ltd. Series 2019-2A, Class DRR

6.36% (3 mo. USD Term SOFR + 2.500%) ^(1),(2)

10/22/32

1,200,000

1,189,766

Basswood Park CLO Ltd. Series 2021-1A, Class SUB

0.00% ^(1),(9)

04/20/34

3,000,000

1,550,253

Bayard Park CLO Ltd. Series 2025-1A, Class SUB

0.00% ^(1),(9)

07/24/38

2,150,000

1,654,406

BBAM U.S. CLO VI Ltd. Series 2025-6A, Class SUB

0.00% ^{(1),(9),(10),(11)}

01/27/39

2,200,000

1,909,820

BCRED CLO LLC Series 2023-1A, Class A

6.18% (3 mo. USD Term SOFR + 2.300%) ^(1),(2)

01/20/36

1,200,000

1,202,992

Blackbird Capital II Aircraft Lease Ltd. Series 2021-1A, Class B

3.45% ⁽¹⁾

07/15/46

4,765,283

4,564,244

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Blue Stream Issuer LLC Series 2023-1A, Class C

8.90% ⁽¹⁾

05/20/53

4,200,000

4,301,139

Blue Stream Issuer LLC Series 2024-1A, Class C

8.71% ⁽¹⁾

11/20/54

2,430,000

2,533,397

BlueMountain CLO Ltd. Series 2015-4A, Class DR2

5.83% (3 mo. USD Term SOFR + 1.950%) ^(1),(2)

04/20/30

3,700,000

3,705,313

BMO SBA COOF Trust Series 2019-1, Class A (I/O)

1.55% ^(1),(12)

10/25/45

1,578,444

40,853

Capital Street Master Trust Series 2024-1, Class A

5.55% (30 day USD SOFR Average + 1.350%) ^(1),(2)

10/16/28

1,100,000

1,105,406

Carvana Auto Receivables Trust Series 2020-P1, Class R

0.00% ^(1),(13)

09/08/27

1,300

98,029

Carvana Auto Receivables Trust Series 2021-N3, Class R

0.00% ^(1),(13)

06/12/28

1,500

103,588

Carvana Auto Receivables Trust Series 2022-P2, Class R

0.00% ^(1),(13)

05/10/29

3,050

356,796

Carvana Auto Receivables Trust Series 2023-N3, Class R

0.00% ^(1),(13)

09/10/30

2,200

424,433

Carvana Auto Receivables Trust Series 2023-N3, Class XS (I/O)

0.00% ^(1),(13)

09/10/30

15,059,014

259,271

Carvana Auto Receivables Trust Series 2023-P1, Class R

0.00% ^(1),(13)

03/11/30

3,100

208,332

Carvana Auto Receivables Trust Series 2023-P2, Class R

0.00% ^(1),(13)

06/10/30

2,000

180,674

Carvana Auto Receivables Trust Series 2023-P3, Class R

0.00% ^(1),(13)

08/12/30

2,000

215,759

Castlelake Aircraft Structured Trust Series 2025-1A, Class A

5.78% ⁽¹⁾

02/15/50

3,364,240

3,425,627

Castlelake Aircraft Structured Trust Series 2025-2A, Class A

5.47% ⁽¹⁾

08/15/50

2,107,278

2,133,380

Castlelake Aircraft Structured Trust Series 2025-3A, Class A

5.09% ^{(1),(10),(11)}

11/15/50

1,631,000

1,630,914

CIFC Funding Ltd. Series 2017-4A, Class A2R

5.68% (3 mo. USD Term SOFR + 1.812%) ^(1),(2)

10/24/30

575,000

575,614

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Continued)

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

CIFC Funding Ltd. Series 2022-2A, Class B

0.00% ^(1),(9)

04/19/35

475,000

315,334

CLI Funding VIII LLC Series 2022-1A, Class B

3.12% ⁽¹⁾

01/18/47

228,184

208,538

Cloud Capital Holdco LP Series 2024-1A, Class A2

5.78% ⁽¹⁾

11/22/49

1,860,000

1,884,295

Cologix Data Centers U.S. Issuer LLC Series 2021-1A, Class A2

3.30% ⁽¹⁾

12/26/51

2,000,000

1,954,832

Cologix Data Centers U.S. Issuer LLC Series 2021-1A, Class B

3.79% ⁽¹⁾

12/26/51

2,250,000

2,198,787

Cologix Data Centers U.S. Issuer LLC Series 2021-1A, Class C

5.99% ⁽¹⁾

12/26/51

3,400,000

3,354,185

Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-1A, Class C

9.41% ⁽¹⁾

05/20/55

5,965,000

6,248,626

CVC Cordatus Loan Fund XXI DAC Series 21X, Class B1

3.73% (3 mo. EUR EURIBOR + 1.700%) ^(2),(3)

09/22/34

EUR

1,200,000

1,384,482

DailyPay Securitization Trust Series 2025-1A, Class B

6.20% ⁽¹⁾

06/26/28

2,920,000

2,943,936

DataBank Issuer LLC Series 2021-1A, Class C

4.43% ⁽¹⁾

02/27/51

1,950,000

1,934,828

Davis Park CLO Ltd. Series 2022-1A, Class D1R

6.98% (3 mo. USD Term SOFR + 3.100%) ^(1),(2)

07/20/38

3,500,000

3,526,145

Dryden 45 Senior Loan Fund Series 2016-45A, Class CRR

5.85% (3 mo. USD Term SOFR + 1.950%) ^(1),(2)

10/15/30

1,300,000

1,301,110

Dryden XXVI Senior Loan Fund Series 2013-26A, Class AR

5.07% (3 mo. USD Term SOFR + 1.162%) ^(1),(2)

04/15/29

3,815

3,822

Edgeconnex Data Centers Issuer LLC Series 2022-1, Class A2

4.25% ⁽¹⁾

03/25/52

3,468,400

3,378,957

Elmwood CLO 17 Ltd. Series 2022-4A, Class SUB

5.77% ^(1),(12)

07/17/37

4,000,000

2,557,648

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Elmwood CLO III Ltd. Series 2019-3A, Class ERR

9.83% (3 mo. USD Term SOFR + 5.950%) ^(1),(2)

07/18/37

1,900,000

1,878,279

Elmwood CLO III Ltd. Series 2019-3A, Class SUB

0.00% ^(1),(9)

07/18/37

3,500,000

1,645,942

Elmwood CLO VI Ltd. Series 2020-3A, Class D1RR

6.98% (3 mo. USD Term SOFR + 3.100%) ^(1),(2)

07/18/37

3,400,000

3,412,713

eStruxture Issuer LP Series 2025-1, Class A2

5.89% ⁽¹⁾

07/20/55

CAD

4,740,000

3,455,589

FHF Issuer Trust Series 2024-3A, Class A2

4.94% ⁽¹⁾

11/15/30

3,498,772

3,480,941

Fidelity Grand Harbour CLO DAC Series 2023-1A, Class B1R

3.79% (3 mo. EUR EURIBOR + 1.750%) ^(1),(2)

02/15/38

EUR

2,140,000

2,453,107

FIP Master Funding LLC Series 2025-1A, Class A5

5.66% ⁽¹⁾

10/15/55

2,500,000

2,506,628

Flexential Issuer Series 2021-1A, Class A2

3.25% ⁽¹⁾

11/27/51

4,070,000

4,050,171

Flexential Issuer Series 2021-1A, Class B

3.72% ⁽¹⁾

11/27/51

3,000,000

2,970,791

Flexential Issuer LLC Series 2021-1A, Class C

6.93% ⁽¹⁾

11/27/51

6,000,000

5,973,888

GLS Auto Receivables Issuer Trust Series 2023-2A, Class D

6.31% ⁽¹⁾

03/15/29

1,110,000

1,136,716

GoldenTree Loan Management U.S. CLO Ltd. Series 2022-15A, Class DR2

6.51% (3 mo. USD Term SOFR + 2.650%) ^(1),(2)

10/20/38

2,500,000

2,505,977

Golub Capital Partners CLO 42M-R Ltd. Series 2019-42RA, Class A2R

6.61% (3 mo. USD Term SOFR + 2.750%) ^(1),(2)

01/20/36

800,000

803,253

Golub Capital Partners CLO 69M Ltd. Series 2023-69A, Class B1

7.48% (3 mo. USD Term SOFR + 3.250%) ^(1),(2)

11/09/36

1,200,000

1,200,060

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Harriman Park CLO Ltd. Series 2020-1A, Class ERR

9.88% (3 mo. USD Term SOFR + 6.000%) ^(1),(2)

07/20/38

1,950,000

1,948,346

Hertz Vehicle Financing III LP Series 2021-2A, Class C

2.52% ⁽¹⁾

12/27/27

950,000

925,936

Hertz Vehicle Financing III LP Series 2021-2A, Class D

4.34% ⁽¹⁾

12/27/27

9,375,000

9,159,415

HOA Funding LLC Series 2021-1A, Class A2

4.72% ^{(1),(7),(11),(14)}

08/20/51

814,278

166,928

Hotwire Funding LLC Series 2021-1, Class C

4.46% ⁽¹⁾

11/20/51

3,000,000

2,941,913

Hotwire Funding LLC Series 2024-1A, Class C

9.19% ⁽¹⁾

06/20/54

2,250,000

2,343,840

HPS Loan Management Ltd. Series 2024-19A, Class C2

6.80% (3 mo. USD Term SOFR + 2.900%) ^(1),(2)

04/15/37

1,000,000

1,004,595

Huntington Bank Auto Credit-Linked Notes Series 2025-1, Class D

7.68% (30 day USD SOFR Average + 3.500%) ^(1),(2)

03/21/33

975,472

976,189

Huntington Bank Auto Credit-Linked Notes Series 2025-2, Class C

6.53% (30 day USD SOFR Average + 2.350%) ^(1),(2)

09/20/33

1,456,452

1,453,599

Huntington Bank Auto Credit-Linked Notes Series 2025-2, Class D

7.43% (30 day USD SOFR Average + 3.250%) ^(1),(2)

09/20/33

1,879,292

1,874,568

Huntington Bank Auto Credit-Linked Notes Series 2025-2, Class E

10.78% (30 day USD SOFR Average + 6.600%) ^(1),(2)

09/20/33

1,409,469

1,415,229

ICG U.S. CLO Ltd. Series 2022-1A, Class DR

7.02% (3 mo. USD Term SOFR + 3.100%) ^(1),(2)

10/20/38

2,800,000

2,806,653

Invesco CLO Ltd. Series 2021-2A, Class SUB

0.00% ^(1),(9)

07/15/34

5,000,000

1,486,055

Invesco CLO Ltd. Series 2021-2A, Class Y

0.00% ^{(1),(9),(11),(14)}

07/15/34

500,000

—

Invesco U.S. CLO Ltd. Series 2024-4A, Class SUB

0.00% ^(1),(9)

01/15/38

1,400,000

979,164

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Invesco U.S. CLO Ltd. Series 2024-4A, Class Y

0.05% ^{(1),(11),(12),(14)}

01/15/38

1,400,000

—

JG Wentworth XLII LLC Series 2018-2A, Class B

4.70% ⁽¹⁾

10/15/77

140,337

128,411

JG Wentworth XXXIX LLC Series 2017-2A, Class B

5.09% ⁽¹⁾

09/17/74

262,372

239,416

JGWPT XXX LLC Series 2013-3A, Class A

4.08% ⁽¹⁾

01/17/73

30,592

29,178

JGWPT XXXII LLC Series 2014-2A, Class A

3.61% ⁽¹⁾

01/17/73

31,020

28,373

LCM 35 Ltd. Series 35A, Class BR

5.55% (3 mo. USD Term SOFR + 1.650%) ^(1),(2)

10/15/34

1,700,000

1,698,822

LMRK Issuer Co. 2 LLC Series 2025-1A, Class B

6.20% ⁽¹⁾

09/15/55

2,425,000

2,444,781

Lunar Structured Aircraft Portfolio Notes Series 2021-1, Class A

2.64% ⁽¹⁾

10/15/46

1,365,094

1,298,592

Madison Park Funding XLVIII Ltd. Series 2021-48A, Class A

5.30% (3 mo. USD LIBOR + 1.150%) ^(1),(2)

04/19/33

784,739

786,794

Magnetite XLII Ltd. Series 2024-42A, Class SUB

0.00% ^(1),(9)

01/25/38

1,000,000

776,599

Navient Student Loan Trust Series 2018-4A, Class B

5.60% (30 day USD SOFR Average + 1.414%) ^(1),(2)

06/27/67

850,000

805,070

NCFA LLC – Loan Participation 1

2.75% ⁽¹¹⁾

06/12/28

2,334,249

NCFA LLC – Loan Participation 2

3.14% ⁽¹¹⁾

12/19/27

3,490,475

NCFA LLC – Loan Participation 3

7.90% ⁽¹¹⁾

04/11/30

1,900,000

Nelnet Student Loan Trust Series 2007-1, Class B2

5.96% ^(11),(12)

08/25/37

785,000

703,204

Neuberger Berman CLO XVII Ltd. Series 2014-17A, Class ER3

10.61% (3 mo. USD Term SOFR + 6.750%) ^(1),(2)

07/22/38

1,800,000

1,823,146

Neuberger Berman Loan Advisers CLO 26 Ltd. (17-26A)

0.00% ^(1),(9)

10/18/38

5,540,000

2,282,779

Neuberger Berman Loan Advisers CLO 40 Ltd. Series 2021-40A, Class SUB

0.00% ^(1),(9)

10/16/37

316,250

157,741

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Continued)

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

New Mountain CLO 8 Ltd. Series CLO-8A, Class M

0.00% ^{(1),(9),(11),(14)}

10/20/38

400,000

—

New Mountain CLO 8 Ltd. Series CLO-8A, Class SUB

0.00% ^(1),(9)

10/20/38

4,000,000

3,315,200

Newday Funding Master Issuer PLC Series 2024-2X, Class E

7.88% (1 day GBP SONIA + 3.900%) ^(2),(3)

07/15/32

GBP

1,600,000

2,143,613

Newday Funding Master Issuer PLC Series 2025-2A, Class E

6.98% (1 day GBP SONIA + 3.000%) ^(1),(2)

07/15/33

GBP

2,500,000

3,279,480

NMEF Funding LLC Series 2025-B, Class E

7.66% ⁽¹⁾

01/18/33

2,300,000

2,305,568

OCP Aegis CLO Ltd. Series 2023-29A, Class D2R

7.73% (3 mo. USD Term SOFR + 3.850%) ^(1),(2)

01/20/36

1,100,000

1,101,361

OCP CLO Ltd. Series 2021-23A, Class SUB

0.00% ^(1),(9)

01/17/37

4,395,000

2,062,745

Oxford Finance Funding Trust LLC Series 2025-1A, Class B

6.49% ^(1),(10)

02/15/35

3,770,000

Palmer Square CLO Ltd. Series 2015-1A, Class BR5

6.12% (3 mo. USD Term SOFR + 1.900%) ^(1),(2)

05/21/34

1,300,000

1,301,494

Palmer Square CLO Ltd. Series 2015-1A, Class CR5

6.97% (3 mo. USD Term SOFR + 2.750%) ^(1),(2)

05/21/34

2,500,000

2,506,692

Palmer Square CLO Ltd. Series 2021-1A, Class SUB

0.00% ^(1),(9)

04/20/38

2,212,000

1,237,860

Palmer Square European Loan Funding DAC Series 2024-3A, Class B

3.89% (3 mo. EUR EURIBOR + 1.850%) ^(1),(2)

05/15/34

EUR

1,400,000

1,616,871

Park Avenue Institutional Advisers CLO Ltd. Series 2017-1A, Class B1R2

5.92% (3 mo. USD Term SOFR + 1.850%) ^(1),(2)

02/14/34

2,850,000

2,852,308

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Park Avenue Institutional Advisers CLO Ltd. Series 2021-1A, Class CR

7.03% (3 mo. USD Term SOFR + 3.150%) ^(1),(2)

01/20/34

3,400,000

3,389,848

PHEAA Student Loan Trust Series 2014-3A, Class A

4.89% (30 day USD SOFR Average + 0.704%) ^(1),(2)

08/25/40

13,659

13,560

PRET LLC Series 2021-RN3, Class A1

5.84% ⁽¹⁾

09/25/51

2,875,663

2,878,739

PRET LLC Series 2025-NPL8, Class A1

5.73% ⁽¹⁾

08/25/55

4,623,444

4,634,928

PRET LLC Series 2025-NPL9, Class A1

5.39% ⁽¹⁾

08/25/55

4,233,584

4,238,334

RCKT Mortgage Trust Series 2024-CES7, Class B1

7.31% ⁽¹⁾

10/25/44

4,325,000

4,397,663

Rockford Tower CLO Ltd. Series 2017-3A, Class A

5.34% (3 mo. USD Term SOFR + 1.452%) ^(1),(2)

10/20/30

80,443

80,562

Rockford Tower CLO Ltd. Series 2019-1A, Class CR2

5.73% (3 mo. USD Term SOFR + 1.850%) ^(1),(2)

04/20/34

2,920,000

Rockford Tower CLO Ltd. Series 2019-1A, Class DR

7.25% (3 mo. USD Term SOFR + 3.362%) ^(1),(2)

04/20/34

1,900,000

1,872,805

Rockford Tower CLO Ltd. Series 2019-2A, Class BR2

5.85% (3 mo. USD Term SOFR + 1.650%) ^(1),(2)

08/20/32

2,000,000

2,004,308

Rockford Tower CLO Ltd. Series 2021-3A, Class D2R

8.15% (3 mo. USD Term SOFR + 4.250%) ^(1),(2)

01/15/38

2,850,000

2,831,532

Sabey Data Center Issuer LLC Series 2021-1, Class A2

1.88% ⁽¹⁾

06/20/46

1,325,000

1,300,684

Sabey Data Center Issuer LLC Series 2023-1, Class A2

6.25% ⁽¹⁾

04/20/48

175,000

175,571

Saluda Grade Alternative Mortgage Trust Series 2024-FIG5, Class E

8.49% ⁽¹⁾

04/25/54

2,639,060

2,734,724

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Saluda Grade Alternative Mortgage Trust Series 2025-LOC5, Class M3

6.84% (1 mo. USD Term SOFR + 2.850%) ^(1),(2)

10/25/55

3,580,000

3,582,666

Santander Consumer Auto Receivables Trust Series 2021-CA, Class R

0.00% ^(1),(13)

06/15/28

5,150

542,493

Sierra Timeshare Receivables Funding LLC Series 2024-2A, Class C

5.83% ⁽¹⁾

06/20/41

471,062

478,585

Sierra Timeshare Receivables Funding LLC Series 2025-2A, Class D

6.79% ⁽¹⁾

04/20/44

1,585,182

1,590,941

Sixth Street CLO VIII Ltd. Series 2017-8A, Class CR2

6.83% (3 mo. USD Term SOFR + 2.950%) ^(1),(2)

10/20/34

3,450,000

3,442,638

Sixth Street CLO XX Ltd. Series 2021-20A, Class SUB

0.00% ^(1),(9)

07/17/38

3,100,250

1,792,695

Skyline Aviation, Inc. Class A

3.23% ⁽¹¹⁾

07/03/38

400,167

375,766

Slam Ltd. Series 2024-1A, Class A

5.34% ⁽¹⁾

09/15/49

2,020,390

2,050,763

SLM Student Loan Trust Series 2004-1, Class B

5.07% (90 day USD SOFR Average + 0.762%) ⁽²⁾

07/25/39

98,609

93,750

SLM Student Loan Trust Series 2008-5, Class A4

6.27% (90 day USD SOFR Average + 1.962%) ⁽²⁾

07/25/23

24,240

24,351

SLM Student Loan Trust Series 2008-7, Class A4

5.47% (90 day USD SOFR Average + 1.162%) ⁽²⁾

07/25/23

6,379

6,276

SLM Student Loan Trust Series 2008-7, Class B

6.42% (90 day USD SOFR Average + 2.112%) ⁽²⁾

07/26/83

10,000

9,935

Stratus CLO Ltd. Series 2021-3A, Class SUB

0.00% ^(1),(9)

12/29/29

975,000

Switch ABS Issuer LLC Series 2024-1A, Class B

6.50% ⁽¹⁾

03/25/54

400,000

404,807

Switch ABS Issuer LLC Series 2024-2A, Class C

10.03% ⁽¹⁾

06/25/54

2,350,000

2,413,033

Taco Bell Funding LLC Series 2021-1A, Class A2I

1.95% ⁽¹⁾

08/25/51

953,025

921,220

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Textainer Marine Containers VII Ltd. Series 2021-1A, Class B

2.52% ⁽¹⁾

02/20/46

480,849

447,883

Trinitas CLO XXII Ltd. Series 2023-22A, Class D1R

6.98% (3 mo. USD Term SOFR + 3.100%) ^(1),(2)

03/20/38

1,740,000

1,753,668

Truist Bank Auto Credit-Linked Notes Series 2025-1, Class C

6.81% ⁽¹⁾

09/26/33

2,209,310

2,203,379

U.S. Bank C&I Credit-Linked Notes Series 2025-SUP2, Class D

6.38% (30 day USD SOFR Average + 2.200%) ^(1),(2)

09/25/32

3,110,232

3,121,069

Vantage Data Centers Jersey Borrower SPV Ltd. Series 2024-1A, Class A2

6.17% ⁽¹⁾

05/28/39

GBP

1,550,000

2,095,807

Vault DI Issuer LLC Series 2021-1A, Class A2

2.80% ⁽¹⁾

07/15/46

1,700,000

1,670,415

VB-S1 Issuer LLC Series 2022-1A, Class F

5.27% ⁽¹⁾

02/15/52

2,075,000

2,020,964

Vista Point Securitization Trust Series 2024-CES2, Class A3

5.91% ⁽¹⁾

10/25/54

700,000

701,472

Vista Point Securitization Trust Series 2024-CES2, Class B1

7.50% ^(1),(12)

10/25/54

1,000,000

1,008,437

Voya CLO Ltd. Series 2019-4A, Class ER

10.88% (3 mo. USD Term SOFR + 6.972%) ^(1),(2)

01/15/35

1,351,000

1,344,082

Wendy’s Funding LLC Series 2019-1A, Class A2I

3.78% ⁽¹⁾

06/15/49

1,738,269

1,727,297

Western Funding Auto Loan Trust Series 2025-1, Class D

5.79% ⁽¹⁾

01/15/36

2,500,000

2,524,442

Whetstone Park CLO Ltd. Series 2021-1A, Class SUB

0.00% ^(1),(9)

01/20/35

2,180,000

907,896

Wingstop Funding LLC Series 2020-1A, Class A2

2.84% ⁽¹⁾

12/05/50

1,477,500

1,429,422

Wireless PropCo Funding LLC Series 2025-1A, Class C

8.51% ⁽¹⁾

06/25/55

2,250,000

2,303,537

Total Asset-Backed Securities

(Cost: $318,085,720)

315,012,637

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Continued)

Issues

Maturity
Date

Principal
Amount

Value

COMMERCIAL MORTGAGE-BACKED SECURITIES —
AGENCY — 0.1%

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X3 (I/O)

4.05% ⁽¹²⁾

10/25/43

181,304

317

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K056, Class X3 (I/O)

2.12% ⁽¹²⁾

06/25/44

6,243,936

76,028

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K062, Class X3 (I/O)

2.08% ⁽¹²⁾

01/25/45

2,999,971

71,090

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K106, Class X1 (I/O)

1.31% ⁽¹²⁾

01/25/30

9,115,504

437,772

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K732, Class X3 (I/O)

4.07% ⁽¹²⁾

05/25/46

1,142,925

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K735, Class X3 (I/O)

2.16% ⁽¹²⁾

05/25/47

3,160,000

34,609

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K736, Class X3 (I/O)

2.00% ⁽¹²⁾

09/25/47

2,495,000

32,973

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC05, Class X1 (I/O)

1.20% ⁽¹²⁾

06/25/27

593,052

6,051

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KLU1, Class X3 (I/O)

4.03% ⁽¹²⁾

01/25/31

156,303

13,565

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT2 (I/O)

1.81% ⁽¹²⁾

05/25/27

3,501,606

77,862

Federal National Mortgage Association, Pool #462209

6.38% (1 yr. CMT + 2.176%) ⁽²⁾

04/01/36

37,545

37,314

Federal National Mortgage Association-ACES Series 2016-M11, Class X2 (ACES) (I/O)

2.99% ⁽¹²⁾

07/25/39

195,202

3,542

Federal National Mortgage Association-ACES Series 2016-M2, Class X3 (I/O)

2.04% ⁽¹²⁾

04/25/36

57,905

Federal National Mortgage Association-ACES Series 2016-M4, Class X2 (I/O)

2.69% ⁽¹²⁾

01/25/39

394,753

13,861

Issues

Maturity
Date

Principal
Amount

Value

COMMERCIAL MORTGAGE-BACKED SECURITIES —
AGENCY (Continued)

Government National Mortgage Association Series 2009-111, Class IO (I/O)

0.00% ⁽⁹⁾

09/16/51

689,445

7,592

Government National Mortgage Association Series 2011-119, Class IO (I/O)

0.12% ⁽¹²⁾

08/16/51

1,040,556

1,002

Government National Mortgage Association Series 2012-123 (I/O)

0.61% ⁽¹²⁾

12/16/51

1,350,730

22,181

Government National Mortgage Association Series 2012-135 (I/O)

0.36% ⁽¹²⁾

01/16/53

211,452

2,487

Government National Mortgage Association Series 2013-33, Class IO (I/O)

0.17% ⁽¹²⁾

04/16/54

294,518

612

Government National Mortgage Association Series 2014-126, Class IO (I/O)

0.71% ⁽¹²⁾

02/16/55

4,319,575

133,142

Total Commercial Mortgage-Backed Securities — Agency

(Cost: $2,172,462)

972,013

COMMERCIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY — 17.6%

1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2

3.90% ⁽¹⁾

08/10/35

2,715,000

2,619,211

1211 Avenue of the Americas Trust Series 2015-1211, Class C

4.14% ^(1),(12)

08/10/35

1,080,000

1,011,623

1211 Avenue of the Americas Trust Series 2015-1211, Class D

4.14% ^(1),(12)

08/10/35

4,365,000

3,950,325

1345 Trust Series 2025-AOA, Class D

7.03% (1 mo. USD Term SOFR + 3.000%) ^(1),(2)

06/15/42

3,000,000

3,013,433

245 Park Avenue Trust Series 2017-245P, Class E

3.66% ^(1),(12)

06/05/37

4,800,000

4,559,551

280 Park Avenue Mortgage Trust Series 2017-280P, Class C

5.63% (1 mo. USD Term SOFR + 1.550%) ^(1),(2)

09/15/34

1,700,000

1,681,865

280 Park Avenue Mortgage Trust Series 2017-280P, Class E

6.50% (1 mo. USD Term SOFR + 2.419%) ^(1),(2)

09/15/34

4,430,280

4,324,154

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

COMMERCIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)

ACRE Multifamily Housing Mortgage Loan Trust Series 2022-Q018, Class B

8.20% (30 day USD SOFR Average + 4.000%) ^(1),(2)

06/25/27

3,070,725

3,065,824

AMSR Trust Series 2021-SFR1, Class G

4.61% ⁽¹⁾

06/17/38

2,500,000

2,384,863

AMSR Trust Series 2021-SFR2, Class F1

3.28% ⁽¹⁾

08/17/38

1,225,000

1,202,430

AMSR Trust Series 2021-SFR2, Class F2

3.67% ⁽¹⁾

08/17/38

3,850,000

3,784,635

AMSR Trust Series 2021-SFR3, Class G

3.80% ⁽¹⁾

10/17/38

4,260,000

4,179,771

AMSR Trust Series 2021-SFR3, Class H

4.90% ⁽¹⁾

10/17/38

1,500,000

1,482,978

AMSR Trust Series 2022-SFR1, Class F

6.02% ⁽¹⁾

03/17/39

3,150,000

3,134,940

AMSR Trust Series 2022-SFR1, Class G

5.00% ⁽¹⁾

03/17/39

3,290,000

3,233,352

AMSR Trust Series 2024-SFR1, Class E

4.29% ⁽¹⁾

07/17/41

4,653,000

4,451,369

AMSR Trust Series 2025-SFR1, Class F1

3.66% ⁽¹⁾

06/17/42

3,000,000

2,683,850

AMSR Trust Series 2025-SFR2, Class E2

4.28% ⁽¹⁾

11/17/42

4,560,000

4,270,577

Arbor Realty Commercial Real Estate Notes LLC Series 2025-FL1, Class C

6.72% (1 mo. USD Term SOFR + 2.693%) ^(1),(2)

01/20/43

2,300,000

2,322,038

ARZ Trust Series 2024-BILT, Class G

8.80% ⁽¹⁾

06/11/39

2,400,000

2,491,210

Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class XE (I/O)

1.25% ^(1),(12)

09/15/48

500,000

Bank Series 2020-BN25, Class C

3.35% ⁽¹²⁾

01/15/63

2,615,000

2,282,011

BBCMS Trust Series 2015-SRCH, Class D

4.96% ^(1),(12)

08/10/35

5,000,000

4,728,716

Benchmark Mortgage Trust Series 2024-V10, Class C

5.68% ⁽¹²⁾

09/15/57

1,338,000

1,334,531

Benchmark Mortgage Trust Series 2024-V8, Class C

6.95% ⁽¹²⁾

07/15/57

2,000,000

2,095,280

BFLD Commercial Mortgage Trust Series 2024-UNIV, Class D

6.72% (1 mo. USD Term SOFR + 2.691%) ^(1),(2)

11/15/41

3,010,000

3,029,959


Issues	Maturity Date		Principal Amount		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

BGME Trust Series 2021-VR, Class C

2.99% ^(1),(12)		01/10/43	$	1,600,000	$	1,237,068

BGME Trust Series 2021-VR, Class D

2.99% ^(1),(12)		01/10/43		1,700,000		1,255,183

Blackstone Industrial Portfolio

6.77%		04/09/25		143,813		142,835

BOCA Commercial Mortgage Trust Series 2024-BOCA, Class D

7.67% (1 mo. USD Term SOFR + 3.638%) ^(1),(2)		08/15/41		4,200,000		4,235,319

BPR Commercial Mortgage Trust Series 2024-PARK, Class E

9.69% ^(1),(12)		11/05/39		2,690,000		2,922,391

BPR Trust Series 2021-TY, Class D

6.50% (1 mo. USD Term SOFR + 2.464%) ^(1),(2)		09/15/38		1,750,000		1,746,614

BX Commercial Mortgage Trust Series 2020-VIV2, Class C

3.54% ^(1),(12)		03/09/44		1,100,000		1,025,196

BX Commercial Mortgage Trust Series 2020-VIVA, Class E

3.55% ^(1),(12)		03/11/44		1,200,000		1,084,196

BX Commercial Mortgage Trust Series 2024-BRBK, Class D

10.00% (1 mo. USD Term SOFR + 5.971%) ^(1),(2)		10/15/41		1,147,000		1,151,254

BX Commercial Mortgage Trust Series 2025-BCAT, Class D

6.68% (1 mo. USD Term SOFR + 2.650%) ^(1),(2)		08/15/42		4,216,453		4,248,643

BX Commercial Mortgage Trust Series 2025-BCAT, Class E

7.53% (1 mo. USD Term SOFR + 3.500%) ^(1),(2)		08/15/42		3,449,825		3,475,115

BX Commercial Mortgage Trust Series 2025-SPOT, Class E

7.72% (1 mo. USD Term SOFR + 3.690%) ^(1),(2)		04/15/40		2,296,162		2,315,034

BX Mortgage Trust Series 2021-PAC, Class G

7.09% (1 mo. USD Term SOFR + 3.061%) ^(1),(2)		10/15/36		2,059,000		2,054,273

BX Trust Series 2019-OC11, Class E

3.94% ^(1),(12)		12/09/41		3,000,000		2,761,987

BX Trust Series 2021-ARIA, Class E

6.39% (1 mo. USD Term SOFR + 2.359%) ^(1),(2)		10/15/36		3,000,000		3,000,695

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Continued)

Issues

Maturity
Date

Principal
Amount

Value

COMMERCIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)

BX Trust Series 2021-ARIA, Class F

6.74% (1 mo. USD Term SOFR + 2.708%) ^(1),(2)

10/15/36

1,600,000

1,598,528

BX Trust Series 2021-ARIA, Class G

7.29% (1 mo. USD Term SOFR + 3.257%) ^(1),(2)

10/15/36

8,120,000

8,115,989

BX Trust Series 2021-VIEW, Class E

7.75% (1 mo. USD Term SOFR + 3.714%) ^(1),(2)

06/15/36

1,850,000

1,850,014

BX Trust Series 2022-CLS, Class B

6.30% ⁽¹⁾

10/13/27

2,955,000

2,978,353

BX Trust Series 2022-FOX2, Class E

6.99% (1 mo. USD Term SOFR + 2.959%) ^(1),(2)

04/15/39

868,000

868,328

BX Trust Series 2022-LBA6, Class D

6.03% (1 mo. USD Term SOFR + 2.000%) ^(1),(2)

01/15/39

1,240,000

1,238,244

BX Trust Series 2023-LIFE, Class C

5.88% ⁽¹⁾

02/15/28

3,920,000

3,782,321

BX Trust Series 2024-BIO, Class B

5.97% (1 mo. USD Term SOFR + 1.941%) ^(1),(2)

02/15/41

2,000,000

1,998,018

BX Trust Series 2024-BIO, Class C

6.67% (1 mo. USD Term SOFR + 2.640%) ^(1),(2)

02/15/41

1,837,000

1,834,950

BX Trust Series 2024-BIO, Class D

7.67% (1 mo. USD Term SOFR + 3.639%) ^(1),(2)

02/15/41

1,530,000

1,515,158

BX Trust Series 2025-LUNR, Class E

7.98% (1 mo. USD Term SOFR + 3.950%) ^(1),(2)

06/15/40

1,911,170

1,923,115

BX Trust Series 2025-ROIC, Class E

6.97% (1 mo. USD Term SOFR + 2.941%) ^(1),(2)

03/15/30

1,627,652

1,620,734

BX Trust Series 2025-VLT6, Class E

7.22% (1 mo. USD Term SOFR + 3.191%) ^(1),(2)

03/15/42

1,400,000

1,398,506

BX Trust Series 2025-VLT7, Class D

7.28% (1 mo. USD Term SOFR + 3.250%) ^(1),(2)

07/15/44

5,620,000

5,668,327

Issues

Maturity
Date

Principal
Amount

Value

COMMERCIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)

BXHPP Trust Series 2021-FILM, Class E

6.15% (1 mo. USD Term SOFR + 2.114%) ^(1),(2)

08/15/36

1,200,000

1,059,426

BXP Trust Series 2017-GM, Class D

3.42% ^(1),(12)

06/13/39

1,000,000

964,052

BXP Trust Series 2017-GM, Class E

3.42% ^(1),(12)

06/13/39

750,000

714,442

BXSC Commercial Mortgage Trust Series 2022-WSS, Class B

6.13% (1 mo. USD Term SOFR + 2.092%) ^(1),(2)

03/15/35

1,809,000

1,811,888

Caister Finance DAC Series 1A, Class E

9.73% (1 day GBP SONIA + 5.750%) ^(1),(2)

08/17/35

GBP

2,115,000

2,769,678

CD Mortgage Trust Series 2016-CD1, Class XA (I/O)

1.34% ⁽¹²⁾

08/10/49

8,532,483

22,862

Century Plaza Towers Series 2019-CPT, Class F

3.00% ^(1),(12)

11/13/39

450,000

349,138

CGMS Commercial Mortgage Trust Series 2017-B1, Class XF (I/O)

0.80% ^(1),(12)

08/15/50

11,628,000

141,892

CHI Commercial Mortgage Trust Series 2025-SFT, Class D

7.32% ^(1),(12)

04/15/42

1,920,000

1,963,745

Citigroup Commercial Mortgage Trust Series 2016-GC36, Class XA (I/O)

1.16% ⁽¹²⁾

02/10/49

3,153,999

Citigroup Commercial Mortgage Trust Series 2020-555, Class A

2.65% ⁽¹⁾

12/10/41

1,450,000

1,320,184

COMM Mortgage Trust Series 2012-CR4, Class XA (I/O)

1.14% ⁽¹²⁾

10/15/45

160,043

3,072

COMM Mortgage Trust Series 2012-LC4, Class XB (I/O)

0.52% ^{(1),(12),(14)}

12/10/44

976,972

COMM Mortgage Trust Series 2014-CR19, Class XC (I/O)

0.68% ^(1),(12)

08/10/47

1,200,000

4,196

COMM Mortgage Trust Series 2014-UBS5, Class XA (I/O)

0.53% ⁽¹²⁾

09/10/47

1,514,178

COMM Mortgage Trust Series 2015-LC21, Class XE (I/O)

1.05% ^{(1),(12),(14)}

07/10/48

10,015,000

100

COMM Mortgage Trust Series 2016-787S, Class D

3.83% ^(1),(12)

02/10/36

950,000

925,571

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

COMMERCIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)

COMM Mortgage Trust Series 2016-CR28, Class XA (I/O)

0.74% ⁽¹²⁾

02/10/49

4,733,168

CONE Trust Series 2024-DFW1, Class B

6.32% (1 mo. USD Term SOFR + 2.291%) ^(1),(2)

08/15/41

1,267,000

1,270,494

CoreVest American Finance Ltd. Series 2019-3, Class XA (I/O)

2.00% ^(1),(12)

10/15/52

69,688

CoreVest American Finance Ltd. Series 2021-1, Class XB (I/O)

1.44% ^(1),(12)

04/15/53

4,459,000

194,544

CSAIL Commercial Mortgage Trust Series 2019-C16, Class XA (I/O)

1.53% ⁽¹²⁾

06/15/52

545,422

24,123

DBGS Mortgage Trust Series 2021-W52, Class B

6.04% (1 mo. USD Term SOFR + 1.861%) ^(1),(2)

10/15/36

3,600,000

3,581,636

DBGS Mortgage Trust Series 2021-W52, Class C

6.60% (1 mo. USD Term SOFR + 2.414%) ^(1),(2)

10/15/36

1,350,000

1,331,909

DBJPM Mortgage Trust Series 2016-C1, Class XA (I/O)

1.34% ⁽¹²⁾

05/10/49

7,788,726

DBSG Mortgage Trust Series 2024-ALTA, Class D

7.06% ^(1),(12)

06/10/37

500,000

504,332

Del Amo Fashion Center Trust Series 2017-AMO, Class D

3.64% ^(1),(12)

06/05/35

1,515,000

1,429,181

DGWD Trust Series 2025-INFL, Class E

8.03% (1 mo. USD Term SOFR + 4.000%) ^(1),(2)

08/15/35

2,425,000

2,438,171

DOLP Trust Series 2021-NYC, Class A

2.96% ⁽¹⁾

05/10/41

1,458,000

1,305,621

DOLP Trust Series 2021-NYC, Class E

3.70% ^(1),(12)

05/10/41

600,000

494,490

DOLP Trust Series 2021-NYC, Class G

3.70% ^(1),(12)

05/10/41

2,250,000

1,616,106

Extended Stay America Trust Series 2025-ESH, Class D

6.75% (1 mo. USD Term SOFR + 2.600%) ^(1),(2)

10/15/42

5,540,000

5,592,388

FirstKey Homes Trust Series 2021-SFR1, Class F1

3.24% ⁽¹⁾

08/17/38

4,000,000

3,931,106

Issues

Maturity
Date

Principal
Amount

Value

COMMERCIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)

FirstKey Homes Trust Series 2021-SFR1, Class F3

3.69% ⁽¹⁾

08/17/38

3,393,000

3,338,185

FirstKey Homes Trust Series 2021-SFR3, Class E1

2.99% ⁽¹⁾

12/17/38

944,000

919,837

FirstKey Homes Trust Series 2022-SFR1, Class D

5.20% ⁽¹⁾

05/19/39

1,600,000

1,595,152

Fontainebleau Miami Beach Mortgage Trust Series 2024-FBLU, Class E

7.18% (1 mo. USD Term SOFR + 3.150%) ^(1),(2)

12/15/39

3,887,000

3,914,336

FRTKL Group, Inc. Series 2021-SFR1, Class F

3.17% ⁽¹⁾

09/17/38

1,779,000

1,729,053

FS Commercial Mortgage Trust Series 2023-4SZN, Class E

10.42% ^(1),(12)

11/10/39

1,000,000

1,026,437

Great Wolf Trust Series 2024-WOLF, Class E

7.67% (1 mo. USD Term SOFR + 3.639%) ^(1),(2)

03/15/39

3,225,000

3,259,103

Great Wolf Trust Series 2024-WOLF, Class F

8.47% (1 mo. USD Term SOFR + 4.438%) ^(1),(2)

03/15/39

2,610,000

2,640,521

GS Mortgage Securities Corp. Trust Series 2017-375H, Class B

3.48% ^(1),(12)

09/10/37

2,920,000

2,796,402

GS Mortgage Securities Corp. Trust Series 2024-UPTN, Class E

9.73% (1 mo. USD Term SOFR + 5.700%) ^(1),(2)

10/15/29

1,450,000

1,420,188

GS Mortgage Securities Trust Series 2011-GC5, Class XA (I/O)

0.11% ^(1),(12)

08/10/44

247,342

172

GS Mortgage Securities Trust Series 2015-GC34, Class XA (I/O)

0.96% ⁽¹²⁾

10/10/48

480,921

GS Mortgage Securities Trust Series 2015-GS1, Class XA (I/O)

0.50% ⁽¹²⁾

11/10/48

404,776

GS Mortgage Securities Trust Series 2016-GS2, Class XA (I/O)

1.71% ⁽¹²⁾

05/10/49

200,029

GS Mortgage Securities Trust Series 2016-GS4, Class XA (I/O)

0.50% ⁽¹²⁾

11/10/49

13,209,728

30,503

GSCG Trust Series 2019-600C, Class G

3.99% ^(1),(12)

09/06/34

285,000

2,824

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

GWT Trust Series 2024-WLF2, Class B

6.17% (1 mo. USD Term SOFR + 2.141%)^(1),(2)		05/15/41	$	522,000	$	524,151

HAVN Trust Series 2025-MOB, Class D

7.83% (1 mo. USD Term SOFR + 3.800%)^(1),(2)		10/15/35		3,315,000		3,327,500

Hilton USA Trust Series 2016-HHV, Class F

4.19%^(1),(12)		11/05/38		1,835,000		1,790,331

Hilton USA Trust Series 2025-NVIL, Class E

9.32% (1 mo. USD Term SOFR + 5.288%)^(1),(2)		07/15/42		1,010,000		1,020,362

Hilton USA Trust Series 2025-NVIL, Class F

10.97% (1 mo. USD Term SOFR + 6.936%) ^(1),(2)		07/15/42		1,075,000		1,076,828

Hudson Yards Mortgage Trust Series 2019-30HY, Class D

3.44%^(1),(12)		07/10/39		800,000		737,700

Hudson Yards Mortgage Trust Series 2019-55HY, Class D

2.94%^(1),(12)		12/10/41		4,000,000		3,598,624

Hudson Yards Mortgage Trust Series 2025-SPRL, Class E

6.68%^(1),(12)		01/13/40		1,000,000		1,035,063

Hudson Yards Mortgage Trust Series 2025-SPRL, Class F

7.40%^(1),(12)		01/13/40		1,550,000		1,575,859

ILPT Commercial Mortgage Trust Series 2025-LPF2, Class E

8.20%^(1),(12)		07/13/42		2,235,000		2,305,373

IRV Trust Series 2025-200P, Class D

6.17%^(1),(12)		03/14/47		1,370,000		1,404,026

JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-COR4, Class A3

3.76%		03/10/52		500,000		491,530

JPMBB Commercial Mortgage Securities Trust Series 2015-C30, Class XA (I/O)

0.00%⁽⁹⁾		07/15/48		3,000,888		30

JPMBB Commercial Mortgage Securities Trust Series 2015-C30, Class XNR (I/O)

0.25%^(1),(12)		07/15/48		4,710,271		8,089

JPMBB Commercial Mortgage Securities Trust Series 2015-C31, Class XA (I/O)

0.45%⁽¹²⁾		08/15/48		238,405		2

JPMCC Commercial Mortgage Securities Trust Series 2017-JP5, Class XA (I/O)

0.76%⁽¹²⁾		03/15/50		3,680,256		29,833

Issues

Maturity
Date

Principal
Amount

Value

COMMERCIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)

JPMDB Commercial Mortgage Securities Trust Series 2016-C2, Class XA (I/O)

1.46%⁽¹²⁾

06/15/49

221,579

457

JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX, Class XB (I/O)

0.50%^(1),(12)

06/15/45

48,466,973

130,105

JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-LOOP, Class XB (I/O)

0.25%^(1),(12)

12/05/38

2,010,000

4,168

JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN, Class XAFX (I/O)

1.88%^(1),(12)

01/16/37

450,000

12,298

JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN, Class XBFX (I/O)

0.57%^(1),(12)

01/16/37

1,450,000

12,447

JPMorgan Chase Commercial Mortgage Securities Trust Series 2021-MHC, Class E

6.85% (1 mo. USD Term SOFR + 2.814%)^(1),(2)

04/15/38

1,915,000

1,917,396

Last Mile Logistics Pan Euro Finance DAC Series 1A, Class E

4.73% (3 mo. EUR EURIBOR + 2.700%)^(1),(2)

08/17/33

EUR 1,004,439

1,156,542

Last Mile Logistics Pan Euro Finance DAC Series 1A, Class F

5.68% (3 mo. EUR EURIBOR + 3.650%)^(1),(2)

08/17/33

EUR 490,928

561,098

Last Mile Logistics Pan Euro Finance DAC Series 1X, Class D

3.93% (3 mo. EUR EURIBOR + 1.900%)^(2),(3)

08/17/33

EUR 2,405,548

2,773,905

Last Mile Securities PE DAC Series 2021-1A, Class F

7.03% (3 mo. EUR EURIBOR + 5.000%)^(1),(2)

08/17/31

EUR 754,845

868,740

Last Mile Securities PE DAC Series 2021-1X, Class E

5.53% (3 mo. EUR EURIBOR + 3.500%)^(2),(3)

08/17/31

EUR 1,199,753

1,382,637

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

COMMERCIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)

MAD Commercial Mortgage Trust Series 2025-11MD, Class D

6.36%^(1),(12)

10/15/42

2,300,000

2,308,048

MAD Commercial Mortgage Trust Series 2025-11MD, Class E

7.33%^(1),(12)

10/15/42

2,300,000

2,299,011

MHC Trust Series 2021-MHC2, Class E

6.10% (1 mo. USD Term SOFR + 2.064%)^(1),(2)

05/15/38

808,000

807,970

Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5, Class XC (I/O)

0.09%^{(1),(12),(14)}

08/15/45

21,333,237

213

Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12, Class XC (I/O)

0.99%^(1),(12)

10/15/46

15,985,117

237,086

Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class XA (I/O)

0.52%⁽¹²⁾

04/15/48

167,647

Morgan Stanley Capital I Trust Series 2011-C2, Class XB (I/O)

0.49%^(1),(12)

06/15/44

10,221,440

36,987

Natixis Commercial Mortgage Securities Trust Series 2018-ALXA, Class E

4.32%^(1),(12)

01/15/43

100,000

85,790

Natixis Commercial Mortgage Securities Trust Series 2020-2PAC, Class AMZ1

3.50%^(1),(12)

01/15/37

3,041,000

2,628,517

NXPT Commercial Mortgage Trust Series 2024-STOR, Class E

6.70%^(1),(12)

11/05/41

811,000

821,804

NYC Commercial Mortgage Trust Series 2021-909, Class D

3.21%^(1),(12)

04/10/43

1,400,000

1,086,721

NYC Commercial Mortgage Trust Series 2025-1155, Class C

6.81%⁽¹⁾

06/10/42

3,800,000

3,904,368

NYC Commercial Mortgage Trust Series 2025-1155, Class E

7.36%^(1),(12)

06/10/42

3,355,000

3,303,250

NYC Commercial Mortgage Trust Series 2025-3BP, Class D

6.47% (1 mo. USD Term SOFR + 2.441%)^(1),(2)

02/15/42

2,050,000

2,052,418

NYCT Trust Series 2024-3ELV, Class C

6.87% (1 mo. USD Term SOFR + 2.840%)^(1),(2)

08/15/29

2,050,000

2,058,463

NYO Commercial Mortgage Trust Series 2021-1290, Class B

5.69% (1 mo. USD Term SOFR + 1.659%)^(1),(2)

12/15/38

1,780,000

1,767,120

Issues

Maturity
Date

Principal
Amount

Value

COMMERCIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)

NYO Commercial Mortgage Trust Series 2021-1290, Class C

6.14% (1 mo. USD Term SOFR + 2.109%)^(1),(2)

11/15/38

820,000

811,280

NYO Commercial Mortgage Trust Series 2021-1290, Class D

6.69% (1 mo. USD Term SOFR + 2.659%)^(1),(2)

11/15/38

2,765,000

2,709,410

PFP Ltd. Series 2025-12, Class C

6.57% (1 mo. USD Term SOFR + 2.542%)^(1),(2)

12/18/42

2,840,000

2,850,714

PFP Ltd. Series 2025-12, Class D

7.11% (1 mo. USD Term SOFR + 3.091%)^(1),(2)

12/18/42

1,834,000

1,845,283

Progress Residential Trust Series 2021-SFR10, Class F

4.61%⁽¹⁾

12/17/40

1,133,023

1,115,947

Progress Residential Trust Series 2021-SFR10, Class H

5.23%⁽¹⁾

12/17/40

4,173,030

4,035,932

Progress Residential Trust Series 2021-SFR11, Class F

4.42%⁽¹⁾

01/17/39

1,250,000

1,214,745

Progress Residential Trust Series 2021-SFR3, Class G

4.25%⁽¹⁾

05/17/26

1,211,000

1,204,305

Progress Residential Trust Series 2021-SFR6, Class G

4.00%⁽¹⁾

07/17/38

1,250,000

1,234,645

Progress Residential Trust Series 2021-SFR8, Class G

4.01%⁽¹⁾

10/17/38

1,488,000

1,460,825

Progress Residential Trust Series 2021-SFR9, Class E1

2.81%⁽¹⁾

11/17/40

1,531,000

1,440,781

Progress Residential Trust Series 2022-SFR1, Class F

4.88%⁽¹⁾

02/17/41

1,770,000

1,725,330

Progress Residential Trust Series 2022-SFR1, Class G

5.52%⁽¹⁾

02/17/41

5,160,000

5,064,096

Progress Residential Trust Series 2022-SFR3, Class E2

5.60%⁽¹⁾

04/17/39

2,895,000

2,889,835

Progress Residential Trust Series 2024-SFR2, Class E2

3.65%^(1),(12)

04/17/41

2,800,000

2,634,136

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Continued)

Issues

Maturity
Date

Principal
Amount

Value

COMMERCIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)

Progress Residential Trust Series 2024-SFR4, Class E2

3.40%⁽¹⁾

07/17/41

4,500,000

4,176,256

Progress Residential Trust Series 2024-SFR5, Class E2

3.63%^(1),(12)

08/09/29

2,050,000

1,900,353

RIDE Series 2025-SHRE, Class D

6.75%^(1),(12)

02/14/47

3,000,000

3,080,074

RIDE Series 2025-SHRE, Class E

7.81%^(1),(12)

02/14/47

2,500,000

2,563,531

ROCK Trust Series 2024-CNTR, Class E

8.82%⁽¹⁾

11/13/41

4,175,000

4,418,668

SCG Commercial Mortgage Trust Series 2025-FLWR, Class D

6.33% (1 mo. USD Term SOFR + 2.300%)^(1),(2)

08/15/42

3,500,000

3,509,210

Sequoia Logistics DAC Series 2025-1A, Class E

5.84% (3 mo. EUR EURIBOR + 3.800%)^(1),(2)

02/17/37

EUR

3,350,000

3,846,284

Sequoia Logistics DAC Series 2025-1X, Class C

3.94% (3 mo. EUR EURIBOR + 1.900%)^(2),(3)

02/17/37

EUR

3,840,000

4,425,428

SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2A

3.66%^(1),(12)

01/05/43

400,000

338,466

SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2B

4.14%^(1),(12)

01/05/43

460,000

400,053

SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class C

4.39% ^(1),(12)

01/05/43

925,000

746,383

SFO Commercial Mortgage Trust Series 2021-555, Class A

5.30% (1 mo. USD Term SOFR + 1.264%)^(1),(2)

05/15/38

1,040,000

1,033,974

SFO Commercial Mortgage Trust Series 2021-555, Class D

6.55% (1 mo. USD Term SOFR + 2.514%)^(1),(2)

05/15/38

500,000

494,677

SLG Office Trust Series 2021-OVA, Class E

2.85% ⁽¹⁾

07/15/41

4,700,000

4,042,843

Issues

Maturity
Date

Principal
Amount

Value

COMMERCIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)

SMRT Commercial Mortgage Trust Series 2022-MINI, Class D

5.98% (1 mo. USD Term SOFR + 1.950%)^(1),(2)

01/15/39

1,400,000

1,394,800

SMRT Commercial Mortgage Trust Series 2022-MINI, Class F

7.38% (1 mo. USD Term SOFR + 3.350%)^(1),(2)

01/15/39

1,000,000

977,899

SREIT Trust Series 2021-MFP2, Class C

5.52% (1 mo. USD Term SOFR + 1.485%)^(1),(2)

11/15/36

1,060,000

1,058,476

SREIT Trust Series 2021-PALM, Class D

5.56% (1 mo. USD Term SOFR + 1.524%)^(1),(2)

10/15/34

3,860,000

3,848,674

SREIT Trust Series 2021-PALM, Class E

6.06% (1 mo. USD Term SOFR + 2.024%)^(1),(2)

10/15/34

4,100,000

4,088,764

SWCH Commercial Mortgage Trust Series 2025-DATA, Class E

7.37% (1 mo. USD Term SOFR + 3.340%)^(1),(2)

02/15/42

6,300,000

6,284,082

Taurus U.K. DAC Series 2021-UK1A, Class D

6.59% (1 day GBP SONIA + 2.600%)^(1),(2)

05/17/31

GBP

1,464,245

1,927,705

TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D

7.12% (1 mo. USD Term SOFR + 3.091%)^(1),(2)

04/15/42

1,325,000

1,328,696

Tricon Residential Trust Series 2021-SFR1, Class F

3.69% ⁽¹⁾

07/17/38

7,900,000

7,798,981

Tricon Residential Trust Series 2022-SFR1, Class E2

5.74% ⁽¹⁾

04/17/39

1,600,000

1,591,581

Tricon Residential Trust Series 2024-SFR4, Class D

5.35% ⁽¹⁾

11/17/41

1,480,000

1,477,224

TRTX Issuer Ltd. Series 2025-FL7, Class B (I/F)

0.00% (-1 mo. USD Term SOFR + 1.950%)^{(1),(2),(9),(10)}

06/18/43

3,000,000

3,004,692

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

COMMERCIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)

TRTX Issuer Ltd. Series 2025-FL7, Class C (I/F)

0.00% (-1 mo. USD Term SOFR + 2.200%)^{(1),(2),(9),(10)}

06/18/43

1,000,000

1,001,561

TRTX Issuer Ltd. Series 2025-FL7, Class D (I/F)

0.00% (-1 mo. USD Term SOFR + 2.650%)^{(1),(2),(9),(10)}

06/18/43

3,125,000

3,133,445

U.K. Logistics DAC Series 2024-2A, Class D

7.09% (1 day GBP SONIA + 3.100%)^(1),(2)

02/17/35

GBP

824,943

1,086,530

U.K. Logistics DAC Series 2024-2X, Class D

7.09% (1 day GBP SONIA + 3.100%)^(2),(3)

02/17/35

GBP

458,968

604,506

U.K. Logistics DAC Series 2024-2X, Class E

8.24% (1 day GBP SONIA + 4.250%)^(2),(3)

02/17/35

GBP

1,499,896

1,975,509

U.K. Logistics DAC Series 2025-1A, Class E

9.49% (1 day GBP SONIA + 5.500%)^(1),(2)

05/17/35

GBP

1,160,168

1,528,668

UBS Commercial Mortgage Trust Series 2017-C4, Class XA (I/O)

1.08% ⁽¹²⁾

10/15/50

7,833,255

120,006

VNDO Trust Series 2016-350P, Class D

3.90% ^(1),(12)

01/10/35

1,060,000

1,040,318

WBHT Commercial Mortgage Trust Series 2025-WBM, Class B

6.22% (1 mo. USD Term SOFR + 2.192%)^(1),(2)

06/15/42

2,650,000

2,655,727

Wells Fargo Commercial Mortgage Trust Series 2015-C31, Class XA (I/O)

0.84% ⁽¹²⁾

11/15/48

445,632

Wells Fargo Commercial Mortgage Trust Series 2015-LC20, Class XF (I/O)

2.07% ^(1),(12)

04/15/50

415,000

11,427

Wells Fargo Commercial Mortgage Trust Series 2016-C34, Class XA (I/O)

2.03% ⁽¹²⁾

06/15/49

5,275,880

11,691

Wells Fargo Commercial Mortgage Trust Series 2018-C47, Class AS

4.67% ⁽¹²⁾

09/15/61

1,100,000

1,094,174

Wells Fargo Commercial Mortgage Trust Series 2021-SAVE, Class C

6.05% (1 mo. USD Term SOFR + 2.014%)^(1),(2)

02/15/40

1,920,000

1,927,464


Issues	Maturity Date		Principal Amount		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Wells Fargo Commercial Mortgage Trust Series 2024-5C1, Class C

6.80% ⁽¹²⁾		07/15/57	$	847,000	$	871,984

WFRBS Commercial Mortgage Trust Series 2012-C10, Class XB (I/O)

0.34% ^{(1),(12),(14)}		12/15/45		38,240,830		382

WFRBS Commercial Mortgage Trust Series 2014-C22, Class XA (I/O)

0.24% ⁽¹²⁾		09/15/57		192,952		21


Total Commercial Mortgage-Backed Securities — Non-agency

(Cost: $371,697,450)						371,003,598


RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 23.4%

Federal Home Loan Mortgage Corp., Pool #SD8237

4.00%		08/01/52		1,770,283		1,688,404

Federal Home Loan Mortgage Corp., Pool #SD8244

4.00% ⁽¹⁰⁾		09/01/52		42,950,097		40,956,925

Federal Home Loan Mortgage Corp., Pool #SD8265

4.00%		11/01/52		632,421		602,876

Federal Home Loan Mortgage Corp., Pool #SD8286

4.00% ⁽¹⁰⁾		01/01/53		6,885,587		6,562,852

Federal Home Loan Mortgage Corp., Pool #SD5324

4.00%		02/01/53		343,274		327,397

Federal Home Loan Mortgage Corp., Pool #SL1033

4.00%		01/01/54		17,626,884		16,738,292

Federal Home Loan Mortgage Corp., Pool #SD8238

4.50%		08/01/52		3,237,271		3,172,537

Federal Home Loan Mortgage Corp., Pool #SD8245

4.50%		09/01/52		6,374,491		6,246,038

Federal Home Loan Mortgage Corp., Pool #SD8257

4.50%		10/01/52		481,561		471,782

Federal Home Loan Mortgage Corp., Pool #SD8266

4.50%		11/01/52		2,720,180		2,664,524

Federal Home Loan Mortgage Corp., Pool #SD8275

4.50%		12/01/52		2,804,750		2,747,364

Federal Home Loan Mortgage Corp., Pool #SD8298

4.50%		02/01/53		31,439,288		30,775,564

Federal Home Loan Mortgage Corp., Pool #SD8489

4.50%		12/01/54		18,541,392		18,082,020

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Continued)

Issues

Maturity
Date

Principal
Amount

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY
(Continued)

Federal Home Loan Mortgage Corp., Pool #SD8299

5.00% ⁽¹⁰⁾

02/01/53

2,562,317

2,563,518

Federal Home Loan Mortgage Corp., Pool #SD8323

5.00% ⁽¹⁰⁾

05/01/53

7,275,748

7,270,380

Federal Home Loan Mortgage Corp. REMICS Series 5452, Class JF

5.48% (30 day USD SOFR Average + 1.300%)⁽²⁾

09/25/54

1,824,122

1,831,603

Federal Home Loan Mortgage Corp. REMICS Series 5473, Class DF

5.33% (30 day USD SOFR Average + 1.150%)⁽²⁾

11/25/54

4,451,462

4,460,751

Federal Home Loan Mortgage Corp. REMICS Series 5479, Class FA

5.38% (30 day USD SOFR Average + 1.200%)⁽²⁾

12/25/54

2,797,903

2,807,838

Federal Home Loan Mortgage Corp. REMICS Series 5492, Class SH (I/O) (I/F)

1.82% (-30 day USD SOFR Average + 6.000%)⁽²⁾

01/25/55

6,583,802

541,569

Federal Home Loan Mortgage Corp. REMICS Series 5500, Class SJ (I/F)

1.57% (-30 day USD SOFR Average + 5.750%)⁽²⁾

02/25/55

6,444,613

536,320

Federal Home Loan Mortgage Corp. REMICS Series 5503, Class FA

5.38% (30 day USD SOFR Average + 1.200%)⁽²⁾

02/25/55

9,226,856

9,257,356

Federal Home Loan Mortgage Corp. REMICS Series 5508, Class FM

5.33% (30 day USD SOFR Average + 1.150%)⁽²⁾

02/25/55

2,824,544

2,833,549

Federal Home Loan Mortgage Corp. REMICS Series 5537, Class FC

5.33% (30 day USD SOFR Average + 1.150%)⁽²⁾

05/25/55

7,175,438

7,198,067

Federal Home Loan Mortgage Corp. REMICS Series 5537, Class FQ

5.33% (30 day USD SOFR Average + 1.150%)⁽²⁾

05/25/55

4,124,186

4,137,521

Federal Home Loan Mortgage Corp. REMICS Series 5544, Class SD (I/O) (I/F)

0.87% (-30 day USD SOFR Average + 5.050%)⁽²⁾

06/25/55

13,860,856

831,273


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Federal Home Loan Mortgage Corp. REMICS Series 5546, Class AS (I/F)

4.23% (-30 day USD SOFR Average + 10.500%)⁽²⁾		06/25/55	$	1,517,756	$	1,483,447

Federal Home Loan Mortgage Corp. REMICS Series 5547, Class S (I/F)

4.30% (-30 day USD SOFR Average + 10.575%)⁽²⁾		06/25/55		1,486,691		1,452,691

Federal Home Loan Mortgage Corp. REMICS Series 5548, Class S (I/F)

4.70% (-30 day USD SOFR Average + 11.667%)⁽²⁾		06/25/55		1,480,136		1,459,788

Federal Home Loan Mortgage Corp. REMICS Series 5549, Class DF

5.58% (30 day USD SOFR Average + 1.400%)⁽²⁾		06/25/55		2,601,709		2,618,101

Federal Home Loan Mortgage Corp. REMICS Series 5549, Class JS (I/F)

4.23% (-30 day USD SOFR Average + 10.500%)⁽²⁾		06/25/55		503,679		493,466

Federal Home Loan Mortgage Corp. REMICS Series 5566, Class AS (I/F)

4.30% (-30 day USD SOFR Average + 10.575%)⁽²⁾		08/25/55		1,587,770		1,519,475

Federal Home Loan Mortgage Corp. REMICS Series 5578, Class SD (I/O) (I/F)

1.72% (-30 day USD SOFR Average + 5.900%)⁽²⁾		09/25/55		18,606,205		1,886,376

Federal Home Loan Mortgage Corp. STRIPS Series 240 (I/O)

5.50%		07/15/36		156,203		27,295

Federal Home Loan Mortgage Corp. STRIPS Series 377, Class C1

2.00%		01/25/51		6,243,639		802,541

Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O)

2.00%		03/15/52		6,127,627		823,043

Federal Home Loan Mortgage Corp. STRIPS Series 389, Class C35 (I/O)

2.00%		06/15/52		11,751,691		1,572,808

Federal Home Loan Mortgage Corp. STRIPS Series 389, Class C40 (I/O)

2.50%		10/15/52		5,382,666		814,306

Federal Home Loan Mortgage Corp. STRIPS Series 408, Class C37

2.00%		03/25/52		15,493,169		2,164,609

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

October 31, 2025


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Federal National Mortgage Association, Pool #MA4626

4.00% ⁽¹⁰⁾		06/01/52	$	7,259,707	$	6,926,180

Federal National Mortgage Association, Pool #MA4700

4.00%		08/01/52		2,921,972		2,786,825

Federal National Mortgage Association, Pool #MA4732

4.00% ⁽¹⁰⁾		09/01/52		8,163,334		7,784,500

Federal National Mortgage Association, Pool #MA4783

4.00% ⁽¹⁰⁾		10/01/52		4,399,550		4,194,700

Federal National Mortgage Association, Pool #MA4866

4.00% ⁽¹⁰⁾		01/01/53		5,395,848		5,142,938

Federal National Mortgage Association, Pool #MA4784

4.50%		10/01/52		6,128,981		6,004,527

Federal National Mortgage Association, Pool #MA4840

4.50% ⁽¹⁰⁾		12/01/52		10,703,687		10,484,686

Federal National Mortgage Association, Pool #FS9508

4.50%		03/01/54		4,346,667		4,254,609

Federal National Mortgage Association, Pool #FA0658

4.50%		10/01/54		9,468,928		9,267,407

Federal National Mortgage Association, Pool #MA5584

4.50%		01/01/55		17,239,060		16,811,954

Federal National Mortgage Association, Pool #MA5009

5.00% ⁽¹⁰⁾		05/01/53		10,017,357		10,014,024

Federal National Mortgage Association Interest STRIPS Series 426, Class C24 (I/O)

1.50%		01/25/52		36,201,061		3,961,958

Federal National Mortgage Association Interest STRIPS Series 426, Class C40 (I/O)

2.00%		06/25/51		1,335,018		175,175

Federal National Mortgage Association Interest STRIPS Series 426, Class C41 (I/O)

2.00%		03/25/51		4,887,816		637,578

Federal National Mortgage Association Interest STRIPS Series 426, Class C42 (I/O)

2.00%		11/25/50		3,191,905		417,188

Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O)

2.00%		10/25/52		7,512,686		998,221

Federal National Mortgage Association Interest STRIPS Series 435, Class C24 (I/O)

2.00%		04/25/52		10,566,319		1,367,096


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O) (I/F)

1.70% (-30 day USD SOFR Average + 5.886%)⁽²⁾		11/25/41	$	50,550	$	3,873

Federal National Mortgage Association REMICS Series 2012-139, Class AI (I/O)

3.00%		12/25/27		43,503		880

Federal National Mortgage Association REMICS Series 2024-76, Class SY (I/O) (I/F)

1.32% (-30 day USD SOFR Average + 5.500%)⁽²⁾		11/25/54		14,588,978		1,054,800

Federal National Mortgage Association REMICS Series 2024-77, Class DF

5.38% (30 day USD SOFR Average + 1.200%)⁽²⁾		10/25/53		6,975,514		6,999,597

Federal National Mortgage Association REMICS Series 2024-81, Class SE (I/O) (I/F)

1.17% (-30 day USD SOFR Average + 5.350%)⁽²⁾		07/25/54		13,214,833		724,599

Federal National Mortgage Association REMICS Series 2024-91, Class SB (I/O) (I/F)

1.67% (-30 day USD SOFR Average + 5.850%)⁽²⁾		12/25/54		6,742,919		506,533

Federal National Mortgage Association REMICS Series 2024-98, Class SE (I/O) (I/F)

1.80% (-30 day USD SOFR Average + 5.980%)⁽²⁾		12/25/54		2,865,078		267,244

Federal National Mortgage Association REMICS Series 2024-98, Class SG (I/F)

1.82% (-30 day USD SOFR Average + 6.000%)⁽²⁾		11/25/54		1,040,135		95,440

Federal National Mortgage Association REMICS Series 2025-13, Class FA

5.48% (30 day USD SOFR Average + 1.300%)⁽²⁾		03/25/55		4,791,639		4,811,421

Federal National Mortgage Association REMICS Series 2025-4, Class FA

5.38% (30 day USD SOFR Average + 1.200%)⁽²⁾		07/25/54		7,300,550		7,326,816

Federal National Mortgage Association REMICS Series 2025-40, Class S (I/F)

4.70% (-30 day USD SOFR Average + 11.667%)⁽²⁾		02/25/55		324,233		315,133

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Federal National Mortgage Association REMICS Series 2025-49, Class SC (I/O) (I/F)

1.02% (-30 day USD SOFR Average + 5.200%)⁽²⁾		06/25/55	$	19,613,088	$	1,058,911

Federal National Mortgage Association REMICS Series 2025-59, Class DS (I/O) (I/F)

1.67% (-30 day USD SOFR Average + 5.857%)⁽²⁾		08/25/55		17,344,145		1,243,069

Federal National Mortgage Association REMICS Series 2025-70, Class LF

5.43% (30 day USD SOFR Average + 1.250%)⁽²⁾		09/25/55		23,079,648		23,156,369

Federal National Mortgage Association REMICS Series 2025-72, Class FA

5.43% (30 day USD SOFR Average + 1.250%)⁽²⁾		08/25/55		23,136,501		23,196,951

Federal National Mortgage Association REMICS Series 2025-87, Class SA (I/O) (I/F)

1.72% (-30 day USD SOFR Average + 5.900%)⁽²⁾		10/25/55		9,519,576		899,192

Government National Mortgage Association, Pool #MA8427

4.50%		11/20/52		1,620,169		1,594,005

Government National Mortgage Association, Pool #MA9963

4.50%		10/20/54		5,861,260		5,724,384

Government National Mortgage Association, Pool #MB0024

4.50% ⁽¹⁰⁾		11/20/54		3,846,254		3,759,242

Government National Mortgage Association REMICS Series 2003-110, Class S (I/O) (I/F)

2.45% (-1 mo. USD Term SOFR + 6.486%)⁽²⁾		10/20/33		160,892		12,964

Government National Mortgage Association REMICS Series 2018-124, Class NW

3.50%		09/20/48		20,571		19,141

Government National Mortgage Association REMICS Series 2018-154, Class BP (PAC)

3.50%		11/20/48		1,966		1,899

Government National Mortgage Association REMICS Series 2024-151, Class ES (I/O) (I/F)

1.22% (-30 day USD SOFR Average + 5.400%)⁽²⁾		09/20/54		13,075,010		836,987

Government National Mortgage Association REMICS Series 2024-159, Class XS (I/O) (I/F)

1.32% (-30 day USD SOFR Average + 5.500%)⁽²⁾		10/20/54		10,930,182		876,413


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Government National Mortgage Association REMICS Series 2025-134, Class SJ (I/O) (I/F)

1.77% (-30 day USD SOFR Average + 5.950%)⁽²⁾		08/20/55	$	11,418,672	$	1,104,786

Government National Mortgage Association REMICS Series 2025-27, Class FG

5.38% (30 day USD SOFR Average + 1.200%)⁽²⁾		02/20/55		2,353,129		2,358,862

Government National Mortgage Association REMICS Series 2025-41, Class HS (I/F)

1.16% (-30 day USD SOFR Average + 5.340%)⁽²⁾		03/20/55		11,730,941		805,245

Government National Mortgage Association REMICS Series 2025-45, Class ST (I/O) (I/F)

1.12% (-30 day USD SOFR Average + 5.300%)⁽²⁾		03/20/55		13,927,283		754,887

Government National Mortgage Association, TBA

4.00%⁽¹⁵⁾		05/01/52		23,000,000		21,748,524

4.50%⁽¹⁵⁾		08/01/54		12,325,000		12,026,489

5.00%⁽¹⁵⁾		04/01/55		20,275,000		20,211,276

5.50%⁽¹⁵⁾		05/01/55		27,000,000		27,227,610

Uniform Mortgage-Backed Security, TBA

4.00%⁽¹⁵⁾		02/01/52		15,225,000		14,447,467

4.50%⁽¹⁵⁾		06/01/54		14,400,000		14,039,222

5.00%⁽¹⁵⁾		04/01/55		10,550,000		10,498,690


Total Residential Mortgage-Backed Securities — Agency

(Cost: $489,055,807)						493,362,753


RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 12.3%

ACRA Trust Series 2024-NQM1, Class M1A

6.19%^(1),(12)		10/25/64		1,470,000		1,482,865

Ajax Mortgage Loan Trust Series 2021-D, Class A

5.00%⁽¹⁾		03/25/60		2,794,344		2,795,002

American Home Mortgage Assets Trust Series 2006-6, Class XP (P/O)

0.04%⁽¹²⁾		12/25/46		17,656,061		150,883

American Home Mortgage Assets Trust Series 2007-1, Class A1

4.81% (1 yr. MTA + 0.700%)⁽²⁾		02/25/47		2,222,762		771,761

American Home Mortgage Assets Trust Series 2007-5, Class XP (P/O)

0.06%⁽¹²⁾		06/25/47		7,031		99

Angel Oak Mortgage Trust Series 2024-11, Class M1A

6.58%^(1),(12)		08/25/69		1,925,000		1,955,346

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

October 31, 2025


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Angel Oak Mortgage Trust Series 2024-6, Class A2

4.65%⁽¹⁾		11/25/67	$	2,137,776	$	2,121,656

Atlas Funding PLC Series 2023-1, Class F

13.71% (1 day GBP SONIA + 9.730%)^(2),(3)		01/20/61		GBP 725,000		1,000,058

Banc of America Alternative Loan Trust Series 2006-5, Class CB8

4.42% (1 mo. USD Term SOFR + 0.424%)⁽²⁾		06/25/46		1,355,339		1,105,405

Banc of America Alternative Loan Trust Series 2006-5, Class CB9 (I/O) (I/F)

2.58% (-1 mo. USD Term SOFR + 6.576%)⁽²⁾		06/25/46		1,355,347		166,723

Banc of America Funding Trust Series 2006-3, Class 5A3

5.50%		03/25/36		4,140		3,796

Banc of America Funding Trust Series 2006-7, Class T2A5

6.54%		10/25/36		585,055		533,493

Banc of America Funding Trust Series 2014-R5, Class 1A2

3.90% (6 mo. USD Term SOFR + 1.928%)^(1),(2)		09/26/45		944,734		674,606

BCAP LLC Trust Series 2007-AA2, Class 2A12

5.50%		04/25/37		2,358,803		950,935

BCMSC Trust Series 1999-B, Class A2

6.98%⁽¹²⁾		12/17/29		997,492		60,232

BCMSC Trust Series 2000-A, Class A3

7.83%⁽¹²⁾		06/15/30		1,658,345		108,887

BCMSC Trust Series 2000-A, Class A4

8.29%⁽¹²⁾		06/15/30		142,144		9,883

Bear Stearns ARM Trust Series 2004-3, Class 2A

4.55%⁽¹²⁾		07/25/34		4,479		4,224

Bear Stearns ARM Trust Series 2005-10, Class A3

6.02%⁽¹²⁾		10/25/35		89,314		89,085

Braccan Mortgage Funding PLC Series 2025-1A, Class X

7.92% (1 day GBP SONIA + 3.930%)^(1),(2)		05/17/67		GBP 1,573,280		2,064,159

BRAVO Residential Funding Trust Series 2023-NQM5, Class B1

7.30%^(1),(12)		06/25/63		3,210,000		3,219,177

C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B

3.50%		02/25/37		782,948		457,299


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

C-BASS Trust Series 2006-CB7, Class A4

4.43% (1 mo. USD Term SOFR + 0.434%)⁽²⁾		10/25/36	$	31,160	$	21,908

C-BASS Trust Series 2007-CB1, Class AF3

3.11%		01/25/37		924,044		258,196

C-BASS Trust Series 2007-CB1, Class AF6

3.11%		01/25/37		1,631,327		455,691

Cascade MH Asset Trust Series 2022-MH1, Class A

4.25%⁽¹⁾		08/25/54		1,054,926		1,029,967

CFMT LLC Series 2024-NR1, Class A1

6.41%⁽¹⁾		11/25/29		1,434,101		1,447,064

CFMT LLC Series 2024-R1, Class A3

4.00%⁽¹⁾		10/25/54		1,500,000		1,434,951

CHL Mortgage Pass-Through Trust Series 2007-20, Class A1

6.50%		01/25/38		196,389		84,518

CHL Mortgage Pass-Through Trust Series 2007-7, Class A9

5.50%		06/25/37		577,082		253,396

CHNGE Mortgage Trust Series 2023-1, Class M1

8.12%^(1),(12)		03/25/58		580,000		583,021

CIM Trust Series 2021-R5, Class A1B

2.00%^(1),(12)		08/25/61		681,000		473,137

CIM Trust Series 2025-R1, Class A1

5.00%⁽¹⁾		02/25/99		2,118,988		2,109,326

Citadel PLC Series 2024-1, Class X

7.98% (1 day GBP SONIA + 4.000%)^(2),(3)		04/28/60	GBP	153,736		202,254

Citigroup Mortgage Loan Trust, Inc. Series 2005-WF2, Class AF6A

6.13%		08/25/35		1,311,051		1,221,974

Citigroup Mortgage Loan Trust, Inc. Series 2006-WF1, Class A2C

6.10%		03/25/36		26,744		12,462

Citigroup Mortgage Loan Trust, Inc. Series 2009-10, Class 2A2

7.00%^(1),(12)		12/25/35		479,943		344,839

CitiMortgage Alternative Loan Trust Series 2005-A1, Class 1A5

5.50%		07/25/35		1,139,978		1,094,467

CitiMortgage Alternative Loan Trust Series 2006-A1, Class 1A5

5.50%		04/25/36		207,719		193,034

CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A1

6.00%		01/25/37		88,519		80,783

CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A5

6.00%		01/25/37		168,967		154,201

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

CitiMortgage Alternative Loan Trust Series 2007-A2, Class 1A13

5.75%		02/25/37	$	194,016	$	172,589

CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A7

5.75%		03/25/37		154,394		136,873

CitiMortgage Alternative Loan Trust Series 2007-A5, Class 1A1

6.00%		05/25/37		673,882		622,460

COLT Mortgage Loan Trust Series 2024-7, Class B1

7.15%^(1),(12)		12/26/69		1,000,000		1,013,885

COLT Mortgage Loan Trust Series 2025-7, Class B1

6.92%^(1),(12)		06/25/70		2,000,000		2,008,257

Conseco Finance Securitizations Corp. Series 2000-1, Class A5

8.06%⁽¹²⁾		09/01/29		3,422,743		437,780

Conseco Finance Securitizations Corp. Series 2000-4, Class A5

7.97%		05/01/32		1,992,158		252,815

Countrywide Alternative Loan Trust Series 2004-30CB, Class 1A6

5.50%		02/25/35		717,274		715,617

Countrywide Alternative Loan Trust Series 2005-10CB, Class 1A8

5.50%		05/25/35		1,275,829		1,045,111

Countrywide Alternative Loan Trust Series 2005-46CB, Class A3

5.50%		10/25/35		213,972		148,973

Countrywide Alternative Loan Trust Series 2005-46CB, Class A4

5.25%		10/25/35		161,685		110,423

Countrywide Alternative Loan Trust Series 2005-46CB, Class A7

5.50%		10/25/35		456,102		317,552

Countrywide Alternative Loan Trust Series 2005-55CB, Class 1A1

5.50%		11/25/35		178,782		117,895

Countrywide Alternative Loan Trust Series 2005-64CB, Class 2A1

6.00%		11/25/35		2,989,072		411,614

Countrywide Alternative Loan Trust Series 2005-65CB, Class 2A4

5.50%		12/25/35		269,210		183,793

Countrywide Alternative Loan Trust Series 2005-67CB, Class A1

5.50%		01/25/36		53,723		39,678

Countrywide Alternative Loan Trust Series 2005-74T1, Class A5

6.00%		01/25/36		442,690		251,401


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Countrywide Alternative Loan Trust Series 2005-7CB, Class 2A2 (I/O) (I/F)

0.94% (-1 mo. USD Term SOFR + 4.936%)⁽²⁾		03/01/38	$	1,113,478	$	67,348

Countrywide Alternative Loan Trust Series 2005-86CB, Class A1

5.50%		02/25/36		503,276		284,975

Countrywide Alternative Loan Trust Series 2005-86CB, Class A8

5.50%		02/25/36		230,069		130,274

Countrywide Alternative Loan Trust Series 2006-19CB, Class A15 (PAC)

6.00%		08/25/36		112,099		63,000

Countrywide Alternative Loan Trust Series 2006-19CB, Class A17 (TAC)

4.51% (1 mo. USD Term SOFR + 0.514%)⁽²⁾		08/25/36		3,718,471		1,586,778

Countrywide Alternative Loan Trust Series 2006-19CB, Class A18 (I/O) (I/F)

1.49% (-1 mo. USD Term SOFR + 5.486%)⁽²⁾		08/25/36		3,589,193		449,764

Countrywide Alternative Loan Trust Series 2006-32CB, Class A18

6.00%		11/25/36		127,682		71,960

Countrywide Alternative Loan Trust Series 2006-34, Class A5

6.25%		11/25/46		1,255,120		557,990

Countrywide Alternative Loan Trust Series 2006-J1, Class 1A11

5.50%		02/25/36		173,866		117,535

Countrywide Alternative Loan Trust Series 2007-13, Class A1 (PAC)

6.00%		06/25/47		269,059		138,763

Countrywide Alternative Loan Trust Series 2007-15CB, Class A6

5.75%		07/25/37		504,406		286,138

Countrywide Alternative Loan Trust Series 2007-15CB, Class A7

6.00%		07/25/37		1,796,533		1,054,107

Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A7

6.00%		08/25/37		6,111		4,489

Countrywide Alternative Loan Trust Series 2007-18CB, Class 2A25

6.00%		08/25/37		289,725		171,722

Countrywide Alternative Loan Trust Series 2007-22, Class 2A16

6.50%		09/25/37		235,524		83,654

Countrywide Alternative Loan Trust Series 2007-5CB, Class 1A3

6.00%		04/25/37		168,131		82,596

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

October 31, 2025


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Countrywide Alternative Loan Trust Series 2007-5CB, Class 1A4

6.00%		04/25/37	$	496,010	$	243,671

Credit-Based Asset Servicing & Securitization LLC Series 2006-MH1, Class B1

6.75%⁽¹⁾		10/25/36		20,564		20,485

Cross Mortgage Trust Series 2024-H4, Class B1B

8.11%^(1),(12)		07/25/69		3,768,000		3,806,262

Cross Mortgage Trust Series 2024-H5, Class B1B

8.11%^(1),(12)		08/26/69		3,654,000		3,689,190

Cross Mortgage Trust Series 2024-H6, Class A2

5.38%⁽¹⁾		09/25/69		822,334		822,462

Cross Mortgage Trust Series 2024-H6, Class A3

5.48% ⁽¹⁾		09/25/69		740,101		739,656

Cross Mortgage Trust Series 2024-H7, Class B1B

7.58% ^(1),(12)		11/25/69		3,930,000		3,951,414

Cross Mortgage Trust Series 2024-H8, Class B1B

7.35% ^(1),(12)		12/25/69		3,300,000		3,297,413

Cross Mortgage Trust Series 2025-H5, Class B1B

7.63% ^(1),(12)		07/25/70		3,160,000		3,168,587

CSMC Mortgage-Backed Trust Series 2006-7, Class 10A6

6.50%		08/25/36		1,021,126		481,114

CSMC Mortgage-Backed Trust Series 2006-7, Class 8A11

6.50%		08/25/36		390,632		143,891

CSMC Mortgage-Backed Trust Series 2007-5, Class 1A9

7.00% ⁽¹²⁾		08/25/37		722,426		406,987

CSMC Trust Series 2014-8R, Class 3A2

5.53% ^(1),(12)		02/27/36		866,048		724,947

Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB2, Class A2

4.69% ⁽¹²⁾		06/25/36		170,994		159,040

Deutsche Mortgage & Asset Receiving Corp. Series 2014-RS1, Class 1A2

6.50% ^(1),(12)		07/27/37		261,743		215,759

EFMT Series 2024-NQM1, Class B1B

7.55% ^(1),(12)		11/25/69		2,867,000		2,878,829

EFMT Series 2025-INV2, Class B1

7.50% ^(1),(12)		05/26/70		4,000,000		4,055,010

Ellington Financial Mortgage Trust Series 2022-4, Class B1

5.89% ^(1),(12)		09/25/67		900,000		892,889

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA6, Class B2

11.68% (30 day USD SOFR Average + 7.500%)^(1),(2)		10/25/41		2,940,000		3,099,003

Issues

Maturity
Date

Principal
Amount

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY (Continued)

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA7, Class B2

11.98% (30 day USD SOFR Average + 7.800%)^(1),(2)

11/25/41

3,840,000

4,074,327

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA3, Class B2

10.43% (30 day USD SOFR Average + 6.250%)^(1),(2)

09/25/41

3,220,789

3,340,740

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA1, Class M2

6.68% (30 day USD SOFR Average + 2.500%)^(1),(2)

01/25/42

1,000,000

1,017,725

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-HRP1, Class B1

13.55% (30 day USD SOFR Average + 9.364%)^(1),(2)

11/25/39

3,983,627

4,259,884

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R04, Class 2B1

9.55% (30 day USD SOFR Average + 5.364%)^(1),(2)

06/25/39

721,491

740,994

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R06, Class 2B1

8.05% (30 day USD SOFR Average + 3.864%)^(1),(2)

09/25/39

798,892

816,442

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2

10.18% (30 day USD SOFR Average + 6.000%)^(1),(2)

10/25/41

6,635,000

6,900,864

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2

9.68% (30 day USD SOFR Average + 5.500%)^(1),(2)

12/25/41

3,620,000

3,770,899

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2

10.18% (30 day USD SOFR Average + 6.000%)^(1),(2)

12/25/41

5,710,000

5,981,866

First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C

4.43% (1 mo. USD Term SOFR + 0.434%)⁽²⁾

10/25/36

332,754

221,433

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2D

4.55% (1 mo. USD Term SOFR + 0.554%)⁽²⁾		03/25/37	$	631,339	$	303,707

First Horizon Alternative Mortgage Securities Trust Series 2007-FA1, Class A4

6.25%		03/25/37		535,409		186,664

First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A4

5.75%		04/25/37		705,788		218,858

GCAT Trust Series 2021-NQM6, Class A1

1.86% ^(1),(12)		08/25/66		1,186,837		1,088,986

GCAT Trust Series 2025-NQM1, Class B1

7.09% ^(1),(12)		11/25/69		4,036,000		4,066,027

GCAT Trust Series 2025-NQM4, Class B1

7.21% ^(1),(12)		06/25/70		3,356,000		3,386,690

GSAA Home Equity Trust Series 2007-5, Class 1F3B

6.00% ⁽¹²⁾		05/25/37		4,300,000		293,374

GSAA Home Equity Trust Series 2007-5, Class 1F5B

6.44%		05/25/37		1,987,261		135,920

GSAA Home Equity Trust Series 2007-5, Class 2A2A

4.57% (1 mo. USD Term SOFR + 0.574%)⁽²⁾		04/25/47		710,749		310,509

GSAA Trust Series 2006-7, Class AF3

6.72%		03/25/46		2,668,503		945,600

GSAA Trust Series 2007-3, Class 2A1B

4.31% (1 mo. USD Term SOFR + 0.314%)⁽²⁾		03/25/47		166,316		7,399

GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1

5.12% ⁽¹²⁾		09/25/35		2,328		2,239

HarborView Mortgage Loan Trust Series 2005-9, Class 2A1A

4.83% (1 mo. USD Term SOFR + 0.794%)⁽²⁾		06/20/35		11,508		11,155

HarborView Mortgage Loan Trust Series 2005-9, Class 2X (I/O)

0.00% ^(1),(9),(14)		06/20/35		843,954		1

HarborView Mortgage Loan Trust Series 2006-4, Class 1A1A

4.51% (1 mo. USD Term SOFR + 0.474%)⁽²⁾		05/19/46		2,356,704		1,168,644

HarborView Mortgage Loan Trust Series 2006-5, Class X2 (I/O)

0.07%⁽¹²⁾		07/19/46		2,452,767		25


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

HOMES Trust Series 2023-NQM1, Class B1

6.98%^(1),(12)		01/25/68	$	2,900,000	$	2,893,900

HOMES Trust Series 2024-NQM2, Class B1

7.71%^(1),(12)		10/25/69		5,461,000		5,535,180

HOMES Trust Series 2025-NQM1, Class M1

6.52%^(1),(12)		01/25/70		3,542,000		3,587,434

HOMES Trust Series 2025-NQM4, Class B1

6.90%^(1),(12)		08/25/70		2,405,500		2,411,627

Homeward Opportunities Fund Trust Series 2024-RRTL2, Class A2

6.37%⁽¹⁾		09/25/39		3,800,000		3,814,901

Homeward Opportunities Fund Trust Series 2025-RRTL1, Class M1

6.83%^(1),(12)		03/25/40		2,645,000		2,665,337

Homeward Opportunities Fund Trust Series 2025-RRTL2, Class A2

5.66%⁽¹⁾		09/25/40		4,130,000		4,140,068

HSI Asset Loan Obligation Trust Series 2007-WF1, Class A5

6.72%		12/25/36		237,868		73,818

IndyMac INDX Mortgage Loan Trust Series 2006-AR3, Class 2A1A

3.81%⁽¹²⁾		03/25/36		65,577		44,624

JPMorgan Alternative Loan Trust Series 2006-S1, Class 3A4

6.18%⁽¹²⁾		03/25/36		855,667		775,442

JPMorgan Mortgage Acquisition Trust Series 2006-CH2, Class AF3

4.42%		09/25/29		408,624		245,341

JPMorgan Mortgage Acquisition Trust Series 2006-CW2, Class AF4

6.08%		08/25/36		1,334,898		790,384

JPMorgan Mortgage Acquisition Trust Series 2006-CW2, Class AF5

6.34%		08/25/36		253,672		150,143

JPMorgan Mortgage Acquisition Trust Series 2006-WF1, Class A5

6.91%		07/25/36		1,581,745		416,106

JPMorgan Mortgage Acquisition Trust Series 2007-CH1, Class AF6

4.43%		11/25/36		707		702

JPMorgan Mortgage Acquisition Trust Series 2007-CH2, Class AF2

4.16%		01/25/37		359,493		178,319

JPMorgan Mortgage Acquisition Trust Series 2007-CH2, Class AF3

4.16%		10/25/30		551,917		273,733

JPMorgan Mortgage Trust Series 2007-S1, Class 2A11

6.00%		03/25/37		353,290		129,540

JPMorgan Mortgage Trust Series 2024-CES1, Class A1B

6.02%⁽¹⁾		06/25/54		836,696		841,713

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

October 31, 2025


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

JPMorgan Mortgage Trust Series 2024-CES1, Class A2

6.15%⁽¹⁾		06/25/54	$	532,852	$	537,416

JPMorgan Mortgage Trust Series 2025-CES1, Class A3

6.07%^(1),(12)		05/25/55		1,539,000		1,556,399

JPMorgan Mortgage Trust Series 2025-NQM1, Class B1

7.39%^(1),(12)		06/25/65		3,243,000		3,318,919

JPMorgan Mortgage Trust Series 2025-NQM1, Class M1A

6.35%^(1),(12)		06/25/65		3,190,000		3,220,183

Knock Issuer Trust Series 2025-1, Class A1

7.12%⁽¹⁾		02/25/30		2,545,000		2,574,575

Lehman ABS Manufactured Housing Contract Trust Series 2001-B, Class M1

6.63%⁽¹²⁾		04/15/40		184,713		186,060

Lehman Mortgage Trust Series 2006-1, Class 1A5

5.50%		02/25/36		128,465		61,133

Lehman Mortgage Trust Series 2006-7, Class 2A5 (I/O) (I/F)

2.44% (-1 mo. USD Term SOFR + 6.436%)⁽²⁾		11/25/36		182,989		23,233

Lehman Mortgage Trust Series 2006-9, Class 3A2 (I/O) (I/F)

3.12% (-1 mo. USD Term SOFR + 7.116%)⁽²⁾		01/25/37		5,523,441		413,085

Lehman Mortgage Trust Series 2007-5, Class 10A2 (I/O) (I/F)

2.23% (-1 mo. USD Term SOFR + 6.226%)⁽²⁾		06/25/37		8,161,584		934,185

Lehman Mortgage Trust Series 2007-5, Class 7A3

7.50%		10/25/36		482,551		142,730

Lehman XS Trust Series 2005-1, Class 3A4

5.37%		07/25/35		23,209		24,719

Lehman XS Trust Series 2006-17, Class 1A (I/O)

0.60%		08/25/46		6,512,171		128,298

Lehman XS Trust Series 2006-17, Class 1A3

4.61% (1 mo. USD Term SOFR + 0.614%)⁽²⁾		08/25/46		161,630		147,943

LHOME Mortgage Trust Series 2023-RTL3, Class A1

8.00%⁽¹⁾		08/25/28		3,721,472		3,731,203

LHOME Mortgage Trust Series 2025-RTL1, Class A2

5.95%⁽¹⁾		01/25/40		3,609,000		3,636,484


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

MASTR Alternative Loan Trust Series 2005-2, Class 4A3

4.51% (1 mo. USD Term SOFR + 0.514%)⁽²⁾		03/25/35	$	3,744	$	3,699

MASTR Asset-Backed Securities Trust Series 2006-NC2, Class A3

4.33% (1 mo. USD Term SOFR + 0.334%)⁽²⁾		08/25/36		649,897		231,227

Merrill Lynch Alternative Note Asset Trust Series 2007-A1, Class A3

4.43% (1 mo. USD Term SOFR + 0.434%)⁽²⁾		01/25/37		615,799		187,595

Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2B

4.37% (1 mo. USD Term SOFR + 0.374%)⁽²⁾		06/25/37		184,324		184,897

Merrill Lynch Mortgage Investors Trust Series 2004-B, Class A1

4.61% (1 mo. USD Term SOFR + 0.614%)⁽²⁾		05/25/29		2,713		2,659

Merrill Lynch Mortgage Investors Trust Series 2006-HE6, Class A2B

3.96% (1 mo. USD Term SOFR + 0.414%)⁽²⁾		11/25/37		720,050		225,831

Merrill Lynch Mortgage Investors Trust Series 2006-RM2, Class A1A

4.48% (1 mo. USD Term SOFR + 0.484%)⁽²⁾		05/25/37		3,309,599		931,528

Mid-State Capital Corp. Trust Series 2005-1, Class A

5.75%		01/15/40		1,112		1,112

Mid-State Capital Corp. Trust Series 2006-1, Class A

5.79%⁽¹⁾		10/15/40		20,347		20,446

Mid-State Trust XI Series 11, Class A1

4.86%		07/15/38		659		658

Morgan Stanley Mortgage Loan Trust Series 2007-13, Class 6A1

6.00%		10/25/37		172,960		89,494

Morgan Stanley Residential Mortgage Loan Trust Series 2024-INV3, Class A1

6.50%^(1),(12)		06/25/54		1,432,414		1,466,337

Morgan Stanley Residential Mortgage Loan Trust Series 2025-NQM1, Class B1B

7.13%^(1),(12)		11/25/69		3,350,000		3,328,643

Morgan Stanley Residential Mortgage Loan Trust Series 2025-NQM5, Class M1

6.14%^(1),(12)		07/25/70		4,055,000		4,095,857

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Nationstar Home Equity Loan Trust Series 2007-C, Class 2AV4

4.61% (1 mo. USD Term SOFR + 0.614%)⁽²⁾		06/25/37	$	12,778	$	12,592

Oakwood Mortgage Investors, Inc. Series 1999-C, Class A2

7.48%		08/15/27		190,509		141,147

OBX Trust Series 2022-NQM7, Class A3

5.70%⁽¹⁾		08/25/62		1,133,138		1,131,914

OBX Trust Series 2024-NQM16, Class M1

6.37%^(1),(12)		10/25/64		4,000,000		4,040,774

PMT Loan Trust Series 2024-INV1, Class A29

6.00%^(1),(12)		10/25/59		1,131,678		1,143,092

PRET LLC Series 2025-NPL4, Class A1

6.37%⁽¹⁾		04/25/55		4,094,283		4,121,919

PRET LLC Series 2025-NPL6, Class A1

5.74%⁽¹⁾		06/25/55		3,466,600		3,483,040

PRET Trust Series 2025-NPL1, Class A1

6.06%⁽¹⁾		02/25/55		1,680,435		1,687,122

PRKCM Trust Series 2023-AFC1, Class B1

7.42%^(1),(12)		02/25/58		1,200,000		1,198,717

PRPM LLC Series 2024-RCF4, Class A2

4.00%⁽¹⁾		07/25/54		1,600,000		1,557,133

PRPM LLC Series 2024-RPL1, Class B1

4.24%^(1),(12)		12/25/64		8,131,000		7,547,980

PRPM LLC Series 2024-RPL1, Class M1

4.24%^(1),(12)		12/25/64		1,600,000		1,537,998

PRPM LLC Series 2024-RPL3, Class A2

4.00%⁽¹⁾		11/25/54		1,150,000		1,107,761

PRPM LLC Series 2024-RPL4, Class M1

4.00%⁽¹⁾		12/25/54		1,280,000		1,193,901

PRPM LLC Series 2025-RCF1, Class A2

4.50%⁽¹⁾		02/25/55		3,000,000		2,942,117

PRPM LLC Series 2025-RPL3, Class M2

3.25%⁽¹⁾		04/25/55		4,150,000		3,751,442

PRPM Trust Series 2023-NQM2, Class B1

6.90%^(1),(12)		08/25/68		1,250,000		1,252,184

PRPM Trust Series 2023-NQM3, Class B2

7.42%^(1),(12)		11/25/68		850,000		848,695

PRPM Trust Series 2025-NQM1, Class M1B

7.14%^(1),(12)		11/25/69		2,300,000		2,339,702

RALI Trust Series 2005-QS14, Class 3A3

6.00%		09/25/35		93,873		83,254

RALI Trust Series 2005-QS16, Class A7

5.50%		11/25/35		302,112		269,505

RALI Trust Series 2006-QS15, Class A3

6.50%		10/25/36		666,195		586,430


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

RALI Trust Series 2006-QS18, Class 2A2 (I/O) (I/F)

2.44% (-1 mo. USD Term SOFR + 6.436%)⁽²⁾		12/25/36	$	3,246,277	$	408,167

RALI Trust Series 2006-QS4, Class A2 (PAC)

6.00%		04/25/36		238,251		195,871

RALI Trust Series 2006-QS4, Class A4

6.00%		04/25/36		295,142		242,641

RALI Trust Series 2006-QS6, Class 1A15

6.00%		06/25/36		117,547		97,061

RALI Trust Series 2006-QS6, Class 1A2

6.00%		06/25/36		461,768		381,290

RALI Trust Series 2006-QS6, Class 1A4

6.00%		06/25/36		770,660		636,347

RALI Trust Series 2007-QH9, Class X (P/O)

0.70%⁽¹²⁾		11/25/37		9,594,257		323,695

RALI Trust Series 2007-QO2, Class A1

4.26% (1 mo. USD Term SOFR + 0.264%)⁽²⁾		02/25/47		502,303		152,581

RALI Trust Series 2007-QS1, Class 1A4

6.00%		01/25/37		374,526		301,508

RALI Trust Series 2007-QS1, Class 2A1 (I/O) (I/F)

2.53% (-1 mo. USD Term SOFR + 6.526%)⁽²⁾		01/25/37		5,252,953		722,502

RALI Trust Series 2007-QS3, Class A1

6.50%		02/25/37		355,800		303,223

RALI Trust Series 2007-QS7, Class 1A1 (PAC)

6.00%		05/25/37		40,441		34,097

RCKT Mortgage Trust Series 2024-CES5, Class A3

6.44%⁽¹⁾		08/25/44		860,000		872,129

RCKT Mortgage Trust Series 2024-CES6, Class B1

7.23%⁽¹⁾		09/25/44		2,300,000		2,325,008

RCKT Mortgage Trust Series 2024-CES8, Class A2

5.66%⁽¹⁾		11/25/44		1,560,000		1,570,057

RCKT Mortgage Trust Series 2024-CES8, Class B1

7.40%⁽¹⁾		11/25/44		5,010,000		5,098,975

Residential Asset Mortgage Products Trust Series 2006-EFC2, Class A4

4.55% (1 mo. USD Term SOFR + 0.554%)⁽²⁾		12/25/36		4,881		4,867

Residential Asset Securitization Trust Series 2003-A15, Class 1A3 (I/O) (I/F)

3.44% (-1 mo. USD Term SOFR + 7.436%)⁽²⁾		02/25/34		321,898		39,798

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

October 31, 2025


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Residential Asset Securitization Trust Series 2005-A8CB, Class A9

5.38%		07/25/35	$	217,308	$	112,895

Residential Asset Securitization Trust Series 2006-A12, Class A1

6.25%		11/25/36		508,297		179,106

Residential Asset Securitization Trust Series 2006-A15, Class A2

6.25%		01/25/37		506,579		174,238

Residential Asset Securitization Trust Series 2006-A16, Class 1A3

6.00%		02/25/37		333,390		139,806

Residential Asset Securitization Trust Series 2006-A5CB, Class A4

6.00%		06/25/36		209,435		78,632

Residential Asset Securitization Trust Series 2007-A1, Class A1

6.00%		03/25/37		326,093		100,710

Residential Asset Securitization Trust Series 2007-A3, Class 1A4

5.75%		04/25/37		458,887		201,829

Residential Asset Securitization Trust Series 2007-A6, Class 1A3

6.00%		06/25/37		138,928		69,418

RFMSI Trust Series 2006-S10, Class 1A1

6.00%		10/25/36		564,507		462,209

RFMSI Trust Series 2006-S3, Class A7

5.50%		03/25/36		369,312		303,042

RFMSI Trust Series 2006-S6, Class A10

6.00%		07/25/36		181,230		157,774

RFMSI Trust Series 2006-S6, Class A14

6.00%		07/25/36		58,111		50,590

RFMSI Trust Series 2007-S8, Class 1A1

6.00%		09/25/37		131,285		90,981

Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF4

2.82%		01/25/36		224,425		193,763

Securitized Asset-Backed Receivables LLC Trust Series 2007-NC1, Class A2B

4.41% (1 mo. USD Term SOFR + 0.414%)⁽²⁾		12/25/36		798,746		395,885

Shamrock Residential DAC Series 2024-1A, Class C

4.09% (1 mo. EUR EURIBOR + 2.200%)^(1),(2)		12/24/78		EUR 1,075,000		1,234,484

Soundview Home Loan Trust Series 2007-OPT2, Class 2A4

4.36% (1 mo. USD Term SOFR + 0.364%)⁽²⁾		07/25/37		218,564		184,704


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Soundview Home Loan Trust Series 2007-OPT4, Class 1A1

5.11% (1 mo. USD Term SOFR + 1.114%)⁽²⁾		09/25/37	$	348,014	$	258,554

Structured Adjustable Rate Mortgage Loan Trust Series 2004-1, Class 4A1

6.34%⁽¹²⁾		02/25/34		623		605

Structured Asset Mortgage Investments II Trust Series 2006-AR2, Class A1

4.57% (1 mo. USD Term SOFR + 0.574%)⁽²⁾		02/25/36		7,148		6,744

Towd Point Mortgage Trust Series 2024-CES1, Class A1B

6.05%^(1),(12)		01/25/64		700,831		705,159

VCAT LLC Series 2025-NPL1, Class A1

5.88%⁽¹⁾		01/25/55		5,255,920		5,267,386

Verus Securitization Trust Series 2022-2, Class A2

4.26%⁽¹⁾		02/25/67		805,828		771,844

Verus Securitization Trust Series 2023-1, Class B1

6.86%^(1),(12)		12/25/67		1,150,000		1,146,769

Verus Securitization Trust Series 2023-INV1, Class B1

7.47%^(1),(12)		02/25/68		1,120,000		1,119,025

Verus Securitization Trust Series 2024-INV1, Class B2

8.46%^(1),(12)		03/25/69		3,000,000		3,038,368

Verus Securitization Trust Series 2024-INV2, Class B2

7.96%^(1),(12)		08/26/69		550,000		551,623

Verus Securitization Trust Series 2025-INV1, Class B1

6.95%^(1),(12)		02/25/70		1,750,000		1,765,096

Visio Trust Series 2023-1, Class B1

7.81%^(1),(12)		03/25/58		900,000		901,562

VOLT CIII LLC Series 2021-CF1, Class A1

5.99%⁽¹⁾		08/25/51		376,461		376,952

VOLT XCVI LLC Series 2021-NPL5, Class A2

8.83%⁽¹⁾		03/27/51		391,114		391,387

Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-2, Class 1A6

6.00%		03/25/36		17,180		17,095

Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-AR3, Class X3 (I/O)

1.15%		05/25/46		5,394,913		246,941

Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 1A1

6.00%		06/25/37		143,613		132,338

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY (Continued)

Wells Fargo Alternative Loan Trust Series 2007-PA5, Class 1A1

6.25%		11/25/37	$	255,840	$	232,524

Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR14, Class 2A3

6.50%⁽¹²⁾		10/25/36		23,065		21,239

Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR4, Class 2A1

6.09%⁽¹²⁾		04/25/36		4,551		4,514

Wells Fargo Mortgage-Backed Securities Trust Series 2007-7, Class A1

6.00%		06/25/37		1,241,434		1,165,787


Total Residential Mortgage-Backed Securities — Non-agency

(Cost: $275,899,434)						258,680,827


BANK LOANS — 7.9%

Advertising — 0.1%

Advantage Sales & Marketing, Inc. 2024 Term Loan

8.45% (3 mo. USD Term SOFR + 4.250%)⁽²⁾		10/28/27		1,080,028		955,749

Outfront Media Capital LLC 2025 Term Loan B

0.00%⁽¹⁶⁾		09/24/32		1,000,000		1,000,780

Red Ventures LLC 2024 Term Loan B

6.71% (1 mo. USD Term SOFR + 2.750%)⁽²⁾		03/04/30		476,794		444,857


						2,401,386


Aerospace & Defense — 0.1%

TransDigm, Inc. 2023 Term Loan J

6.50% (3 mo. USD Term SOFR + 2.500%)⁽²⁾		02/28/31		722,123		723,918

TransDigm, Inc. 2025 Term Loan K

6.25% (3 mo. USD Term SOFR + 2.250%)⁽²⁾		03/22/30		427,196		428,025

TransDigm, Inc. 2025 Term Loan M

6.50% (3 mo. USD Term SOFR + 2.500%)⁽²⁾		08/19/32		1,466,597		1,468,752


						2,620,695


Airlines — 0.1%

SkyMiles IP Ltd. 2025 Repriced Term Loan B

0.00%⁽¹⁶⁾		10/20/28		1,768,576		1,779,346


Apparel — 0.1%

ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B

6.21% (1 mo. USD Term SOFR + 2.250%)⁽²⁾		12/21/28		730,060		730,585

Issues

Maturity
Date

Principal
Amount

Value

Apparel (Continued)

ABG Intermediate Holdings 2 LLC 2025 Delayed Draw Term Loan

6.21% (1 mo. USD Term SOFR + 2.250%)⁽²⁾

02/13/32

497,500

497,189

1,227,774

Auto Parts & Equipment — 0.0%

First Brands Group LLC 2021 Term Loan

0.00% ⁽¹⁶⁾

03/30/27

500,000

166,500

Beverages — 0.2%

Arterra Wines Canada, Inc. 2020 Term Loan

7.76% (3 mo. USD Term SOFR + 3.500%)⁽²⁾

11/24/27

495,475

483,846

Celsius Holdings, Inc. 2025 Term Loan B

6.48% (3 mo. USD Term SOFR + 3.000%)⁽²⁾

04/01/32

419,032

421,780

Naked Juice LLC 2025 FLFO Term Loan

9.50% (3 mo. USD Term SOFR + 5.500%)⁽²⁾

01/24/29

2,226,519

2,248,484

Naked Juice LLC 2025 FLSO Term Loan

7.35% (3 mo. USD Term SOFR + 3.250%)⁽²⁾

01/24/29

93,403

71,126

Naked Juice LLC 2025 FLTO Term Loan

10.10% (3 mo. USD Term SOFR + 6.000%)⁽²⁾

01/24/30

74,507

31,932

Triton Water Holdings, Inc. 2025 Term Loan B

6.25% (3 mo. USD Term SOFR + 2.250%)⁽²⁾

03/31/28

1,493,737

1,499,376

4,756,544

Building Materials — 0.0%

PHRG Intermediate LLC 2025 Term Loan B

8.00% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

02/20/32

879,928

860,684

Chemicals — 0.1%

Chemours Co. 2025 Term Loan B

7.46% (1 mo. USD Term SOFR + 3.500%)⁽²⁾

10/15/32

1,058,632

1,043,811

Mativ Holdings, Inc. Delayed Draw Term Loan A

6.56% (1 mo. USD Term SOFR + 2.500%)⁽²⁾

05/06/27

84,299

83,878

Nouryon Finance BV 2024 Term Loan B2

0.00% ⁽¹⁶⁾

04/03/28

1,000,000

1,000,470

2,128,159

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

Commercial Services — 0.9%

Albion Financing 3 SARL 2025 USD Term Loan

7.22% (3 mo. USD Term SOFR + 3.000%)⁽²⁾

05/21/31

997,500

1,004,986

Allied Universal Holdco LLC 2025 USD Term Loan B

7.31% (1 mo. USD Term SOFR + 3.250%)⁽²⁾

08/20/32

1,300,000

1,306,740

Anticimex Global AB 2025 USD Term Loan

0.00% ⁽¹⁶⁾

11/17/31

750,000

Anticimex International AB 2021 Term Loan B1

0.00% ⁽¹⁶⁾

11/16/28

1,000,000

1,005,800

ASP Dream Acquisition Co. LLC Term Loan B

8.31% (1 mo. USD Term SOFR + 4.250%)⁽²⁾

12/15/28

1,120,022

1,061,221

Boost Newco Borrower LLC 2025 USD Term Loan B

6.00% (3 mo. USD Term SOFR + 2.000%)⁽²⁾

01/31/31

634,748

637,128

CCRR Parent, Inc. Term Loan B

8.71% (3 mo. USD Term SOFR + 4.250%)⁽²⁾

03/06/28

133,846

44,504

CCRR Parent, Inc. US Acquisition Facility

8.55% (3 mo. USD Term SOFR + 4.250%)⁽²⁾

03/06/28

403,477

136,428

Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan

7.68% (3 mo. USD Term SOFR + 3.675%)⁽²⁾

07/06/29

247,593

249,760

Ensemble RCM LLC 2024 Term Loan B

6.84% (3 mo. USD Term SOFR + 3.000%)⁽²⁾

08/01/29

994,950

1,000,054

Fugue Finance BV 2025 Repriced Term Loan

6.95% (3 mo. USD Term SOFR + 2.750%)⁽²⁾

01/09/32

1,201,627

1,206,229

Kelso Industries LLC Term Loan

9.71% (1 mo. USD Term SOFR + 5.750%)^(2),(17)

12/30/29

112,775

113,057

KUEHG Corp. 2025 Term Loan

0.00% ⁽¹⁶⁾

06/12/30

500,000

499,108

Learning Care Group U.S. No. 2, Inc. 2024 Term Loan B

0.00% ⁽¹⁶⁾

08/11/28

500,000

491,750

Nuvei Technologies Corp. 2025 Repriced Term Loan B

6.71% (3 mo. USD Term SOFR + 2.750%)⁽²⁾

11/17/31

1,495,003

1,498,240

Issues

Maturity
Date

Principal
Amount

Value

Commercial Services (Continued)

Prime Security Services Borrower LLC 2025 Incremental Term Loan B

0.00% ⁽¹⁶⁾

03/07/32

1,000,000

995,625

Priority Holdings LLC 2025 Term Loan B

7.71% (1 mo. USD Term SOFR + 3.750%)⁽²⁾

07/30/32

340,424

341,020

Raven Acquisition Holdings LLC Delayed Draw Term Loan

0.00% ⁽¹⁶⁾

11/19/31

66,979

67,075

Raven Acquisition Holdings LLC Term Loan B

0.00% ⁽¹⁶⁾

11/19/31

933,021

934,355

Ryan LLC Term Loan

7.46% (1 mo. USD Term SOFR + 3.500%)⁽²⁾

11/14/30

1,122,731

1,119,924

TruGreen LP 2020 Term Loan

8.06% (1 mo. USD Term SOFR + 4.000%)⁽²⁾

11/02/27

661,935

650,351

TTF Holdings LLC 2024 Term Loan

7.79% (6 mo. USD Term SOFR + 3.750%)⁽²⁾

07/18/31

1,272,106

1,175,108

Valvoline, Inc. Term Loan B

0.00% ⁽¹⁶⁾

03/19/32

659,040

661,017

Veritiv Corp. Term Loan B

8.00% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

12/02/30

565,257

544,368

VT Topco, Inc. 2024 1st Lien Term Loan B

6.96% (1 mo. USD Term SOFR + 3.000%)⁽²⁾

08/09/30

997,481

984,015

XPLOR T1 LLC Term Loan B

0.00% ⁽¹⁶⁾

06/24/31

1,000,000

1,001,250

19,479,113

Computers — 0.3%

Access CIG LLC 2025 Term Loan

7.96% (1 mo. USD Term SOFR + 4.000%)⁽²⁾

08/19/30

994,968

992,247

Amentum Government Services Holdings LLC 2024 Term Loan B

6.21% (1 mo. USD Term SOFR + 2.250%)⁽²⁾

09/29/31

1,005,000

1,006,005

McAfee LLC 2024 1st Lien Term Loan B

6.96% (1 mo. USD Term SOFR + 3.000%)⁽²⁾

03/01/29

133,629

127,226

Nielsen Consumer, Inc. 2025 USD 1st Lien Term Loan

6.46% (1 mo. USD Term SOFR + 2.500%)⁽²⁾

10/31/30

497,503

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

Computers (Continued)

Peraton Corp. Term Loan B

7.69% (3 mo. USD Term SOFR + 3.750%)⁽²⁾		02/01/28	$	901,028	$	780,723

Ping Identity Holding Corp. 2025 Term Loan

0.00% ⁽¹⁶⁾		10/31/32		500,000		500,937

Tempo Acquisition LLC 2025 Repriced Term Loan B

5.71% (1 mo. USD Term SOFR + 1.750%)⁽²⁾		08/31/28		994,987		970,735

Twitter, Inc. Term Loan

10.45% (6 mo. USD Term SOFR + 6.500%)⁽²⁾		10/26/29		830,463		810,739

X Corp. 2025 Fixed Term Loan

9.50%		10/26/29		1,041,198		1,045,754


						6,731,869


Cosmetics/Personal Care — 0.0%

Opal Bidco SAS 1st Lien Term Loan B

0.00% ⁽¹⁶⁾		04/28/32		882,841		887,670


Distribution & Wholesale — 0.1%

BCPE Empire Holdings, Inc. 2025 Term Loan B

7.21% (1 mo. USD Term SOFR + 3.250%)⁽²⁾		12/11/30		1,058,177		1,058,447

Gloves Buyer, Inc. 2025 Term Loan

7.96% (1 mo. USD Term SOFR + 4.000%)⁽²⁾		05/21/32		1,025,012		1,012,840


						2,071,287


Diversified Financial Services — 0.4%

Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6

5.78% (1 mo. USD Term SOFR + 1.750%)⁽²⁾		06/24/30		1,142,232		1,145,505

Blackhawk Network Holdings, Inc. 2025 Term Loan B

7.96% (1 mo. USD Term SOFR + 4.000%)⁽²⁾		03/12/29		816,524		820,799

Corpay Technologies Operating Co. LLC 2025 Term Loan B

0.00% ⁽¹⁶⁾		10/01/32		1,000,000		999,690

Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B

7.45% (6 mo. USD Term SOFR + 3.250%)⁽²⁾		01/27/32		199,000		199,788

Issues

Maturity
Date

Principal
Amount

Value

Diversified Financial Services (Continued)

Delos Aircraft DAC Term Loan

5.75% (3 mo. USD Term SOFR + 1.750%)⁽²⁾

10/31/27

556,667

559,698

Guggenheim Partners LLC 2024 Term Loan B

6.50% (3 mo. USD Term SOFR + 2.500%)⁽²⁾

11/26/31

218,151

219,333

Jane Street Group LLC 2024 Term Loan B1

6.20% (3 mo. USD Term SOFR + 2.000%)⁽²⁾

12/15/31

1,462,385

1,450,591

Jefferies Finance LLC 2024 Term Loan

6.80% (1 mo. USD Term SOFR + 2.750%)⁽²⁾

10/21/31

1,170,786

1,153,224

Orion Advisor Solutions, Inc. 2025 Repriced Term Loan

0.00% ⁽¹⁶⁾

09/24/30

1,000,000

1,004,845

7,553,473

Electric — 0.3%

Alpha Generation LLC Term Loan B

5.96% (1 mo. USD Term SOFR + 2.000%)⁽²⁾

09/30/31

1,772,339

1,776,566

Astoria Energy LLC 2025 Term Loan B

6.75% (3 mo. USD Term SOFR + 2.750%)⁽²⁾

06/23/32

740,316

743,903

Calpine Corp. 2024 Term Loan B10

5.71% (1 mo. USD Term SOFR + 1.750%)⁽²⁾

01/31/31

179,916

179,965

Calpine Corp. 2024 Term Loan B5

5.71% (1 mo. USD Term SOFR + 1.750%)⁽²⁾

02/15/32

1,000,000

1,000,370

Cornerstone Generation LLC Term Loan B

7.48% (3 mo. USD Term SOFR + 3.250%)⁽²⁾

08/11/32

181,482

183,330

Edgewater Generation LLC 2025 Repriced Term Loan

6.96% (1 mo. USD Term SOFR + 3.000%)⁽²⁾

08/01/30

69,602

69,867

Kestrel Acquisition LLC 2025 Term Loan

6.86% (3 mo. USD Term SOFR + 3.000%)⁽²⁾

11/06/31

217,117

217,644

Potomac Energy Center LLC 2025 Term Loan

6.84% (3 mo. USD Term SOFR + 3.000%)⁽²⁾

08/05/32

253,076

254,658

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

Electric (Continued)

South Field LLC 2025 1st Lien Term Loan B

7.00% (3 mo. USD Term SOFR + 3.000%)⁽²⁾

08/29/31

355,508

358,175

South Field LLC 2025 1st Lien Term Loan C

7.00% (3 mo. USD Term SOFR + 3.000%)⁽²⁾

08/29/31

22,862

23,033

Talen Energy Supply LLC 2023 Term Loan B

6.73% (3 mo. USD Term SOFR + 2.500%)⁽²⁾

05/17/30

996,193

998,614

Vistra Operations Co. LLC 1st Lien Term Loan B3

5.71% (1 mo. USD Term SOFR + 1.750%)⁽²⁾

12/20/30

1,010,901

1,014,060

6,820,185

Electrical Components & Equipment — 0.0%

Pelican Products, Inc. 2021 Term Loan

8.51% (3 mo. USD Term SOFR + 4.250%)⁽²⁾

12/29/28

980,296

794,530

Electronics — 0.0%

Coherent Corp. 2025 Term Loan B2

5.71% (1 mo. USD Term SOFR + 1.750%)⁽²⁾

07/02/29

241,897

242,576

LSF12 Crown U.S. Commercial Bidco LLC 2025 Term Loan B

7.66% (1 mo. USD Term SOFR + 3.500%)⁽²⁾

12/02/31

493,476

497,022

TCP Sunbelt Acquisition Co. 2024 Term Loan B

8.45% (3 mo. USD Term SOFR + 4.250%)⁽²⁾

10/24/31

44,663

44,998

784,596

Engineering & Construction — 0.1%

Astrion Group LLC 2024 Term Loan

9.29% (6 mo. USD Term SOFR + 5.000%)⁽²⁾

08/29/31

1,496,231

1,346,607

DG Investment Intermediate Holdings 2, Inc. 2025 Term Loan

0.00% ⁽¹⁶⁾

07/09/32

1,000,000

1,003,755

Legence Holdings LLC 2025 Term Loan B

6.97% (1 mo. USD Term SOFR + 3.000%)⁽²⁾

12/18/28

250,816

251,632

2,601,994

Issues

Maturity
Date

Principal
Amount

Value

Entertainment — 0.4%

DK Crown Holdings, Inc. 2025 Term Loan B

5.86% (1 mo. USD Term SOFR + 1.750%)⁽²⁾

03/04/32

1,122,710

1,119,555

EOC Borrower LLC Term Loan A

7.71% (1 mo. USD Term SOFR + 3.750%)⁽²⁾

03/24/28

446,407

448,359

EOC Borrower LLC Term Loan B

6.96% (1 mo. USD Term SOFR + 3.000%)⁽²⁾

03/24/32

498,750

501,972

Flutter Financing BV 2024 Term Loan B

5.75% (3 mo. USD Term SOFR + 1.750%)⁽²⁾

11/30/30

248,106

247,424

Flutter Financing BV 2025 Term Loan B

6.00% (3 mo. USD Term SOFR + 2.000%)⁽²⁾

06/04/32

164,621

164,072

Great Canadian Gaming Corp. 2024 Term Loan B

8.75% (3 mo. USD Term SOFR + 4.750%)⁽²⁾

11/01/29

350,000

348,906

J&J Ventures Gaming LLC 2025 Repriced Term Loan B

7.46% (1 mo. USD Term SOFR + 3.500%)⁽²⁾

04/26/30

997,946

990,148

Live Nation Entertainment, Inc. 2025 Term Loan B

0.00% ⁽¹⁶⁾

10/21/32

1,000,000

1,001,250

Showtime Acquisition LLC 2024 1st Lien Term Loan

8.94% (3 mo. USD Term SOFR + 4.750%)⁽²⁾

08/16/31

1,291,742

1,295,779

TKO Worldwide Holdings LLC 2025 Term Loan

6.04% (3 mo. USD Term SOFR + 2.000%)⁽²⁾

11/21/31

997,500

1,000,857

Voyager Parent LLC Term Loan B

8.75% (3 mo. USD Term SOFR + 4.750%)⁽²⁾

07/01/32

1,431,064

1,432,946

8,551,268

Environmental Control — 0.1%

Action Environmental Group, Inc. 2023 Term Loan B

0.00% ⁽¹⁶⁾

10/24/30

1,000,000

1,002,500

GFL Environmental, Inc. 2025 Term Loan B

6.67% (3 mo. USD Term SOFR + 2.500%)⁽²⁾

03/03/32

500,000

500,875

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Environmental Control (Continued)

MIP V Waste Holdings LLC 2025 Term Loan B

0.00% ⁽¹⁶⁾

08/20/32

1,000,000

1,005,000

2,508,375

Food — 0.2%

1440 Food Topco LLC Term Loan B

8.96% (1 mo. USD Term SOFR + 5.000%)⁽²⁾

10/31/31

745,477

694,229

BCPE North Star U.S. HoldCo 2, Inc. Term Loan

8.08% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

06/09/28

995,844

994,953

C&S Wholesale Grocers, Inc. Term Loan B

8.96% (3 mo. USD Term SOFR + 5.000%)⁽²⁾

09/20/30

1,595,825

1,576,875

United Natural Foods, Inc. 2024 Term Loan

8.71% (1 mo. USD Term SOFR + 4.750%)⁽²⁾

05/01/31

232,542

234,287

Upfield BV 2025 USD Term Loan B12

0.00% ⁽¹⁶⁾

12/31/27

750,000

704,846

4,205,190

Forest Products & Paper — 0.0%

Glatfelter Corp. Term Loan B

8.45% (3 mo. USD Term SOFR + 4.250%)⁽²⁾

11/04/31

467,993

443,657

Health Care-Products — 0.2%

Antylia Scientific Term Loan

7.99% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

05/27/32

664,322

664,046

Bausch & Lomb Corp. 2023 Incremental Term Loan

7.96% (1 mo. USD Term SOFR + 4.000%)⁽²⁾

09/29/28

336,712

338,187

Medline Borrower LP 2025 Term Loan B

5.96% (1 mo. USD Term SOFR + 2.000%)⁽²⁾

10/23/28

864,159

865,814

QuidelOrtho Corp. Term Loan

8.00% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

08/20/32

1,325,175

1,319,172

3,187,219

Health Care-Services — 0.3%

ADMI Corp. 2021 Incremental Term Loan B3

7.83% (1 mo. USD Term SOFR + 3.750%)⁽²⁾

12/23/27

496,124

468,527

Issues

Maturity
Date

Principal
Amount

Value

Health Care-Services (Continued)

ADMI Corp. 2021 Term Loan B2

7.45% (1 mo. USD Term SOFR + 3.375%)⁽²⁾

12/23/27

421,184

397,844

ADMI Corp. 2023 Term Loan B5

9.71% (1 mo. USD Term SOFR + 5.750%)⁽²⁾

12/23/27

83,252

80,495

Charlotte Buyer, Inc. 2025 Repriced Term Loan B

8.30% (1 mo. USD Term SOFR + 4.250%)⁽²⁾

02/11/28

347,375

346,876

Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B

8.09% (3 mo. USD Term SOFR + 4.250%)⁽²⁾

03/30/29

496,154

469,897

Heartland Dental LLC 2025 Term Loan

7.71% (1 mo. USD Term SOFR + 3.750%)⁽²⁾

08/25/32

1,393,261

1,398,047

IQVIA, Inc. 2025 Incremental Term Loan B5

5.75% (3 mo. USD Term SOFR + 1.750%)⁽²⁾

01/02/31

123,883

124,580

Modivcare, Inc. 2024 Term Loan B

12.75% (3 mo. USD Term SOFR + 8.750%)⁽²⁾

07/01/31

807,544

351,617

Modivcare, Inc. 2025 DIP Delayed Draw Term Loan

9.93% (3 mo. USD Term SOFR + 6.000%)⁽²⁾

02/22/26

299,786

296,788

Modivcare, Inc. 2025 DIP Term Loan

11.00% (1 mo. USD Term SOFR + 7.000%)⁽²⁾

02/22/26

562,664

557,037

Modivcare, Inc. 2025 Incremental Term Loan

15.44% (3 mo. USD Term SOFR + 11.500%)⁽²⁾

01/12/26

276,124

119,309

NAPA Management Services Corp. Term Loan B

9.31% (1 mo. USD Term SOFR + 5.250%)⁽²⁾

02/23/29

1,377,565

960,859

Pediatric Associates Holding Co. LLC 2021 Term Loan B

7.35% (3 mo. USD Term SOFR + 3.250%)⁽²⁾

12/29/28

1,254,570

1,202,963

Star Parent, Inc. Term Loan B

8.00% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

09/27/30

189,407

189,956

6,964,795

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

Holding Companies — Diversified — 0.0%

GC Ferry Acquisition I, Inc. Term Loan

7.71% (3 mo. USD Term SOFR + 3.500%)^(2),(18)

08/16/32

937,393

937,069

Home Furnishings — 0.1%

AI Aqua Merger Sub, Inc. 2024 1st Lien Term Loan B

7.13% (1 mo. USD Term SOFR + 3.000%)⁽²⁾

07/31/28

1,139,571

1,143,343

Household Products/Wares — 0.1%

Lavender Dutch BorrowerCo BV Term Loan

0.00% ⁽¹⁶⁾

09/27/32

1,000,000

1,001,875

Insurance — 0.2%

AmWINS Group, Inc. 2025 Term Loan B

6.25% (3 mo. USD Term SOFR + 2.250%)⁽²⁾

01/30/32

1,198,089

1,201,000

Asurion LLC 2021 Second Lien Term Loan B4

9.33% (1 mo. USD Term SOFR + 5.250%)⁽²⁾

01/20/29

564,175

539,453

Asurion LLC 2021 Term Loan B9

7.33% (1 mo. USD Term SOFR + 3.250%)⁽²⁾

07/31/27

994,792

996,194

Asurion LLC 2024 Term Loan B12

8.21% (1 mo. USD Term SOFR + 4.250%)⁽²⁾

09/19/30

180,887

180,548

Howden Group Holdings Ltd. 2025 Term Loan B

0.00% ⁽¹⁶⁾

02/15/31

1,200,000

1,203,312

4,120,507

Internet — 0.5%

Arches Buyer, Inc. 2021 Term Loan B

7.31% (1 mo. USD Term SOFR + 3.250%)⁽²⁾

12/06/27

996,803

999,988

Barracuda Networks, Inc. 2022 Term Loan

8.34% (3 mo. USD Term SOFR + 4.500%)⁽²⁾

08/15/29

540,635

452,444

Delivery Hero SE 2024 USD Term Loan B

9.23% (3 mo. USD Term SOFR + 5.000%)⁽²⁾

12/12/29

1,588,792

1,603,027

Go Daddy Operating Co. LLC 2024 Term Loan B8

5.71% (1 mo. USD Term SOFR + 1.750%)⁽²⁾

11/09/29

997,481

997,077

Issues

Maturity
Date

Principal
Amount

Value

Internet (Continued)

Magnite, Inc. 2025 Repriced Term Loan B

6.96% (1 mo. USD Term SOFR + 3.000%)⁽²⁾

02/06/31

551,493

552,295

MH Sub I LLC 2023 Term Loan

8.25% (3 mo. USD Term SOFR + 4.250%)⁽²⁾

05/03/28

803,261

732,578

MH Sub I LLC 2024 Term Loan B4

8.21% (1 mo. USD Term SOFR + 4.250%)⁽²⁾

12/31/31

660,231

533,797

Plano HoldCo, Inc. Term Loan B

7.50% (3 mo. USD Term SOFR + 3.500%)⁽²⁾

10/02/31

996,870

964,472

PUG LLC 2024 Extended Term Loan B

8.71% (1 mo. USD Term SOFR + 4.750%)

03/15/30

1,197,966

1,199,960

Research Now Group, Inc. 2024 First Lien First Out Term Loan

9.46% (3 mo. USD Term SOFR + 5.000%)⁽²⁾

07/15/28

455,929

455,359

TripAdvisor, Inc. Term Loan

6.71% (1 mo. USD Term SOFR + 2.750%)⁽²⁾

07/08/31

1,005,694

975,524

WatchGuard Technologies, Inc. Term Loan

0.00% ⁽¹⁶⁾

07/02/29

1,000,000

1,000,750

10,467,271

Investment Companies — 0.2%

AAL Delaware Holdco, Inc. 2025 Term Loan

0.00% ⁽¹⁶⁾

07/30/31

1,000,000

1,002,940

FinCo I LLC 2025 Repriced Term Loan B

5.71% (1 mo. USD Term SOFR + 1.750%)⁽²⁾

06/27/29

997,500

997,605

HDI Aerospace Intermediate Holding III Corp. Term Loan B

7.69% (3 mo. USD Term SOFR + 3.750%)⁽²⁾

02/11/32

815,900

820,493

Intrado Corp. 2023 Term Loan B

7.50% (3 mo. USD Term SOFR + 3.500%)⁽²⁾

01/31/30

347,348

348,146

3,169,184

Leisure Time — 0.1%

City Football Group Ltd. 2024 Term Loan

7.58% (1 mo. USD Term SOFR + 3.500%)⁽²⁾

07/22/30

955,664

956,858

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Leisure Time (Continued)

Sabre GLBL, Inc. 2022 1st Lien Term Loan B

9.06% (1 mo. USD Term SOFR + 5.000%)⁽²⁾

06/30/28

49,643

46,147

Sabre GLBL, Inc. 2024 Term Loan B1

10.06% (1 mo. USD Term SOFR + 6.000%)⁽²⁾

11/15/29

345,360

321,617

1,324,622

Lodging — 0.0%

Hilton Domestic Operating Co., Inc. 2023 Term Loan B4

5.74% (1 mo. USD Term SOFR + 1.750%)⁽²⁾

11/08/30

924,611

927,995

Machinery-Construction & Mining — 0.1%

WEC U.S. Holdings Ltd. 2024 Term Loan

6.38% (1 mo. USD Term SOFR + 2.250%)⁽²⁾

01/27/31

1,612,257

1,617,811

Machinery-Diversified — 0.0%

Oregon Tool, Inc. 2025 1st Lien Term Loan

9.54% (3 mo. USD Term SOFR + 5.350%)⁽²⁾

10/15/29

54,649

55,743

Oregon Tool, Inc. 2025 2nd Lien Term Loan

8.45% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

10/15/29

713,843

549,837

605,580

Media — 0.4%

Charter Communications Operating LLC 2024 Term Loan B5

6.24% (3 mo. USD Term SOFR + 2.250%)⁽²⁾

12/15/31

3,165,412

3,163,798

Nexstar Broadcasting, Inc. 2025 Term Loan B5

0.00% ⁽¹⁶⁾

06/28/32

997,500

999,605

Telenet Financing USD LLC 2020 USD Term Loan AR

6.15% (1 mo. USD Term SOFR + 2.000%)⁽²⁾

04/30/28

500,000

498,527

Virgin Media Bristol LLC USD Term Loan N

6.65% (1 mo. USD Term SOFR + 2.500%)⁽²⁾

01/31/28

1,516,533

1,517,716

Ziggo Financing Partnership 2025 Term Loan B

7.03% (6 mo. USD Term SOFR + 3.250%)⁽²⁾

01/15/33

1,000,000

982,500

Issues

Maturity
Date

Principal
Amount

Value

Media (Continued)

Ziggo Financing Partnership USD Term Loan I

6.71% (6 mo. USD Term SOFR + 2.500%)⁽²⁾

04/30/28

511,962

512,083

7,674,229

Mining — 0.0%

American Rock Salt Co. LLC 2024 First Out Delayed Draw Term Loan

11.47% (3 mo. USD Term SOFR + 7.000%)^(2),(19)

06/09/28

41,397

41,224

American Rock Salt Co. LLC 2024 First Out Term Loan

11.46% (3 mo. USD Term SOFR + 7.000%)⁽²⁾

06/09/28

139,769

139,187

180,411

Miscellaneous Manufacturers — 0.1%

Cleanova U.S. Holdings LLC 2025 Term Loan B

8.81% (3 mo. USD Term SOFR + 4.750%)⁽²⁾

06/14/32

471,435

472,613

Plastipak Packaging, Inc. 2025 Term Loan B

0.00% ⁽¹⁶⁾

09/10/32

1,000,000

1,002,395

Technimark Holdings LLC 2024 Term Loan

7.25% (1 mo. USD Term SOFR + 3.250%)⁽²⁾

04/14/31

780,000

780,812

2,255,820

Office/Business Equipment — 0.2%

Xerox Holdings Corp. 2023 Term Loan B

8.00% (3 mo. USD Term SOFR + 4.000%)

11/19/29

3,423,752

3,198,366

Packaging & Containers — 0.1%

Balcan Innovations, Inc. Term Loan B

8.59% (3 mo. USD Term SOFR + 4.750%)⁽²⁾

10/18/31

578,159

543,470

Plaze, Inc. 2020 Incremental Term Loan

7.83% (1 mo. USD Term SOFR + 3.750%)⁽²⁾

08/03/26

667,637

620,174

1,163,644

Pharmaceuticals — 0.2%

Amneal Pharmaceuticals LLC 2025 Term Loan B

7.46% (1 mo. USD Term SOFR + 3.500%)⁽²⁾

08/01/32

1,000,000

1,009,580

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

Pharmaceuticals (Continued)

Elanco Animal Health, Inc. 2025 Term Loan B

0.00% ⁽¹⁶⁾

10/31/32

1,000,000

1,002,500

Jazz Financing Lux SARL 2024 1st Lien Term Loan B

6.21% (1 mo. USD Term SOFR + 2.250%)⁽²⁾

05/05/28

883,059

886,185

Paradigm Parent LLC 1st Lien Term Loan

8.38% (3 mo. USD Term SOFR + 4.500%)⁽²⁾

04/16/32

600,000

537,000

Pathway Vet Alliance LLC 2025 Tranche A Term Loan A

8.84% (3 mo. USD Term SOFR + 5.000%)⁽²⁾

06/30/28

26,508

26,878

Southern Veterinary Partners LLC 2025 Term Loan B

0.00% ⁽¹⁶⁾

12/04/31

1,000,000

1,000,490

4,462,633

Pipelines — 0.0%

Colossus Acquireco LLC Term Loan B

5.87% (3 mo. USD Term SOFR + 1.750%)⁽²⁾

07/30/32

1,000,000

996,785

REIT — 0.2%

Healthpeak Properties, Inc. 2024 Term Loan A3

4.97% (3 mo. USD Term SOFR + 0.850%)⁽²⁾

03/01/29

223,979

221,179

Healthpeak Properties, Inc. Term Loan A1

4.80% (1 mo. USD Term SOFR + 0.840%)⁽²⁾

08/20/27

110,979

110,147

Healthpeak Properties, Inc. Term Loan A2

4.80% (1 mo. USD Term SOFR + 0.840%)⁽²⁾

02/22/27

110,979

110,147

Invitation Homes Operating Partnership LP 2024 Term Loan

5.00% (1 mo. USD Term SOFR + 0.850%)⁽²⁾

09/09/28

739,444

Iron Mountain, Inc. 2022 Term Loan A

5.71% (1 mo. USD Term SOFR + 1.750%)⁽²⁾

03/18/30

987,500

975,156

SBA Senior Finance II LLC 2024 Term Loan B

0.00% ⁽¹⁶⁾

01/25/31

1,500,000

1,504,860

3,660,933

Issues

Maturity
Date

Principal
Amount

Value

Retail — 0.4%

1011778 BC Unlimited Liability Co. 2024 Term Loan B6

5.71% (1 mo. USD Term SOFR + 1.750%)⁽²⁾

09/20/30

909,805

908,427

BW Gas & Convenience Holdings LLC 2021 Term Loan B

7.58% (1 mo. USD Term SOFR + 3.500%)⁽²⁾

03/31/28

504,799

505,430

Dave & Buster’s, Inc. 2024 1st Lien Term Loan B

7.25% (1 mo. USD Term SOFR + 3.250%)⁽²⁾

11/01/31

499,284

447,840

Lakeshore Intermediate LLC Term Loan

7.58% (1 mo. USD Term SOFR + 3.500%)⁽²⁾

09/29/28

494,859

413,519

Michaels Cos., Inc. 2021 Term Loan B

8.51% (3 mo. USD Term SOFR + 4.250%)⁽²⁾

04/17/28

162,775

156,118

Pacific Bells LLC 2024 Repriced Term Loan B

7.75% (3 mo. USD Term SOFR + 3.750%)⁽²⁾

11/13/28

496,134

497,528

Peer Holding III BV 2025 USD Term Loan B

8.50% (3 mo. USD Term SOFR + 1.250%)

09/29/32

1,100,000

1,102,063

Peer Holding III BV 2025 USD Term Loan B5B

6.50% (3 mo. USD Term SOFR + 2.500%)

07/01/31

1,726,446

1,735,726

Raising Cane’s Restaurants LLC 2025 Term Loan B

0.00% ⁽¹⁶⁾

10/24/32

1,000,000

999,790

Tacala LLC 2025 Repriced Term Loan B

6.96% (1 mo. USD Term SOFR + 3.000%)⁽²⁾

01/31/31

1,800,047

1,808,732

8,575,173

Software — 0.9%

Athenahealth Group, Inc. 2022 Term Loan B

6.71% (1 mo. USD Term SOFR + 2.750%)⁽²⁾

02/15/29

227,903

227,226

Boxer Parent Co., Inc. 2025 USD Term Loan B

7.20% (3 mo. USD Term SOFR + 3.000%)⁽²⁾

07/30/31

997,494

992,097

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Software (Continued)

Cast & Crew Payroll LLC 2021 Incremental Term Loan

7.71% (1 mo. USD Term SOFR + 3.750%)⁽²⁾

12/29/28

972,258

802,478

Cloud Software Group, Inc. 2025 Term Loan B (2031)

0.00% ⁽¹⁶⁾

03/21/31

750,000

750,997

Cloudera, Inc. 2021 Term Loan

7.81% (1 mo. USD Term SOFR + 3.750%)⁽²⁾

10/08/28

994,832

957,899

Cotiviti Corp. 2025 Incremental Term Loan

6.88% (1 mo. USD Term SOFR + 2.750%)⁽²⁾

03/26/32

375,748

362,479

DTI Holdco, Inc. 2025 Term Loan B

7.96% (1 mo. USD Term SOFR + 4.000%)⁽²⁾

04/26/29

1,515,868

1,338,701

EagleView Technology Corp. 2025 Term Loan

9.50% (3 mo. USD Term SOFR + 5.500%)⁽²⁾

08/14/28

524,269

514,932

EP Purchaser LLC 2023 Term Loan B

0.00% ⁽¹⁶⁾

11/06/28

433,099

375,445

Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B

6.46% (1 mo. USD Term SOFR + 2.500%)⁽²⁾

01/30/32

1,491,237

1,477,071

Maverick Bidco, Inc. 2021 Term Loan

7.74% (3 mo. USD Term SOFR + 3.750%)⁽²⁾

05/18/28

994,818

999,484

Mermaid Bidco, Inc. 2024 USD Term Loan B

0.00% ⁽¹⁶⁾

07/03/31

1,000,000

1,003,750

Modena Buyer LLC Term Loan

8.09% (3 mo. USD Term SOFR + 4.250%)⁽²⁾

07/01/31

228,137

223,460

Playtika Holding Corp. 2021 Term Loan B1

0.00% ⁽¹⁶⁾

03/13/28

1,000,000

979,820

Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B

0.00% ⁽¹⁶⁾

10/26/30

1,000,000

1,001,425

Quartz Acquireco LLC 2025 Term Loan B

0.00% ⁽¹⁶⁾

06/28/30

1,000,000

993,130

Renaissance Holding Corp. 2024 1st Lien Term Loan

7.96% (1 mo. USD Term SOFR + 4.000%)⁽²⁾

04/05/30

2,089,456

1,811,444

Issues

Maturity
Date

Principal
Amount

Value

Software (Continued)

SolarWinds Holdings, Inc. 2025 Term Loan

8.03% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

04/16/32

967,924

964,299

SS&C Technologies, Inc. 2024 Term Loan B8

0.00% ⁽¹⁶⁾

05/09/31

1,300,000

1,304,335

Surf Holdings LLC 2025 Incremental Term Loan

7.58% (1 mo. USD Term SOFR + 3.500%)⁽²⁾

03/05/27

1,496,055

1,499,174

18,579,646

Telecommunications — 0.1%

Frontier Communications Corp. 2025 Term Loan B

6.53% (1 mo. USD Term SOFR + 2.500%)⁽²⁾

07/01/31

245,216

245,753

Zayo Group Holdings, Inc. 2025 USD Term Loan

7.58% (1 mo. USD Term SOFR + 3.500%)⁽²⁾

03/11/30

928,416

888,814

1,134,567

Total Bank Loans

(Cost: $169,208,733)

166,723,773

U.S. TREASURY SECURITIES — 10.0%

U.S. Treasury Notes

3.50%

10/31/27

95,805,000

95,627,237

3.50%

10/15/28

1,670,000

1,665,499

3.63%

10/31/30

113,316,000

112,904,344

Total U.S. Treasury Securities

(Cost: $210,698,447)

210,197,080

Total Fixed Income Securities

(Cost: $2,221,643,011)

2,205,309,624

CONVERTIBLE SECURITIES — 0.1%

CONVERTIBLE CORPORATE BONDS — 0.1%

Beverages — 0.1%

Davide Campari-Milano NV (Italy)

2.38% ⁽³⁾

01/17/29

EUR 1,500,000

1,697,439

Commercial Services — 0.0%

Worldline SA (France)

0.00% ^(3),(13)

07/30/26

EUR 958,643

1,065,499

Total Convertible Corporate Bonds

(Cost: $2,716,304)

2,762,938

Total Convertible Securities

(Cost: $2,716,304)

2,762,938

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

October 31, 2025


Issues	Shares		Value

MONEY MARKET INVESTMENTS — 6.7%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.01%⁽²⁰⁾		11,020,193	$	11,020,193

TCW Central Cash Fund, 4.07%^(20),(21)		130,360,997		130,360,997


Total Money Market Investments

(Cost: $141,381,190)				141,381,190


INVESTMENT COMPANIES — 2.1%

TCW Private Asset Income Fund — I Class⁽²¹⁾		4,336,415		43,407,511


Total Investment Companies

(Cost: $43,451,616)				43,407,511


COMMON STOCK — 0.0%

Beverages — 0.0%

Luxco Co. Ltd.⁽²²⁾		5,862		98,608

Real Estate — 0.0%

Aoyuan New Shares⁽²²⁾		30,741		403


Issues	Shares		Value

REIT — 0.0%

AGNC Investment Corp.		25,500	$	255,000


Total Common Stock

(Cost: $416,990)				354,011


WARRANTS — 0.0%

Cineworld Group PLC^(11),(22)		152,713		2


Total Warrants

(Cost: $0)				2


Total Investments (113.6%)

(Cost: $2,409,609,111)				2,393,215,276

Net Unrealized Appreciation/Depreciation On Unfunded Commitments (0.0%)				(214	)

Liabilities In Excess Of Other Assets (-13.6%)			(286,149,366)


Net Assets (100.0%)			$	2,107,065,696


Forward Currency Exchange Contracts

Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for USD		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY ⁽²³⁾
Goldman Sachs & Co.		EUR		4,700,318		01/09/26	$	5,480,130	$	5,438,071	$	(42,059	)

							$	5,480,130	$	5,438,071	$	(42,059	)

SELL ⁽²⁴⁾
Bank of New York		AUD		16,635,250		01/09/26	$	11,019,672	$	10,891,619	$	128,053
Goldman Sachs & Co.		AUD		2,197,860		01/09/26		1,432,583		1,439,008		(6,425	)
Bank of New York		CAD		4,740,000		01/09/26		3,413,168		3,391,186		21,982
Goldman Sachs & Co.		EUR		3,406,040		01/09/26		3,981,080		3,940,646		40,434
Bank of New York		EUR		54,206,927		01/09/26		63,555,616		62,715,149		840,467
Bank of New York		GBP		18,031,302		01/09/26		24,221,935		23,688,518		533,417
Goldman Sachs & Co.		GBP		464,804		01/09/26		621,431		610,633		10,798

							$	108,245,485	$	106,676,759	$	1,568,726

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Continued)


Futures Contracts

Number of Contracts	Type	Expiration Date		Notional Contract Value			Value			Net Unrealized Appreciation (Depreciation)
Long Futures
1,400	2-Year U.S. Treasury Note Futures		12/31/25	$	291,851,007		$	291,539,063		$	(311,944	)
3,353	5-Year U.S. Treasury Note Futures		12/31/25		366,497,596			366,184,275			(313,321	)

				$	658,348,603		$	657,723,338		$	(625,265	)

Short Futures
72	3-Year Australian Bond Futures		12/15/25	$	(5,051,624	)	$	(5,027,693	)	$	23,931
140	10-Year Australian Bond Futures		12/15/25		(10,372,041	)		(10,407,132	)		(35,091	)
1,072	10-Year U.S. Treasury Note Futures		12/19/25		(122,045,512	)		(123,799,250	)		(1,753,738	)
10	30-Year Euro-Buxl Futures		12/8/25		(1,303,540	)		(1,338,457	)		(34,917	)
30	5-Year Canadian Bond Futures		12/18/25		(2,432,794	)		(2,469,644	)		(36,850	)
32	Euro Schatz Futures		12/8/25		(3,946,162	)		(3,949,624	)		(3,462	)
32	Euro-Bobl Futures		12/8/25		(4,340,560	)		(4,361,997	)		(21,437	)
103	Euro-Bund Futures		12/8/25		(15,231,696	)		(15,361,569	)		(129,873	)
19	Long Gilt Futures		12/29/25		(2,260,874	)		(2,336,783	)		(75,909	)
324	U.S. Ultra Long Bond Futures		12/19/25		(38,148,999	)		(39,295,125	)		(1,146,126	)

				$	(205,133,802	)	$	(208,347,274	)	$	(3,213,472	)

Notes to the Schedule of Investments:

ABS

Asset-Backed Securities.

ACES

Alternative Credit Enhancement Securities.

AUD

Australian Dollar.

CAD

Canadian Dollar.

CLO

Collateralized Loan Obligation.

EUR

Euro Currency.

GBP

British Pound Sterling.

I/F

Inverse Floating rate security whose interest rate moves in the opposite direction of prevailing interest rates.

I/O

Interest Only Security.

LIBOR

London Interbank Offered Rate.

PAC

Planned Amortization Class.

PIK

Payment In Kind.

REIT

Real Estate Investment Trust.

REMIC

Real Estate Mortgage Investment Conduits.

SOFR

Secured Overnight Financing Rate.

STRIPS

Separate Trading of Registered Interest and Principal Securities.

TBA

To Be Announced.

(1)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At October 31, 2025, the value of these securities amounted to $1,042,909,342 or 49.5% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.

(2)

Floating or variable rate security. The interest shown reflects the rate in effect at October 31, 2025.

(3)

(4)

Perpetual maturity.

(5)

PIK security (“PIK”). Income may be paid in additional securities or cash at the discretion of the issuer—8.63% cash or 9.38% PIK interest.

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

October 31, 2025

(6)

PIK security. Income may be paid in additional securities or cash at the discretion of the issuer—5.00% cash or 10.00% PIK interest.

(7)

Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued.

(8)

PIK security. Income may be paid in additional securities or cash at the discretion of the issuer—5.75% cash or 0.50% PIK interest.

(9)

Security is not accruing interest.

(10)

This security is purchased on a when-issued, delayed-delivery or forward commitment basis.

(11)

For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.

(12)

(13)

This security is a residual or equity position that does not have a stated interest rate. This residual or equity position is entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debt holders and fund expenses.

(14)

Restricted security (Note 7).

(15)

Security purchased on a forward commitment with an approximate principal amount. The actual principal amount and maturity date will be determined upon settlement when the security is delivered.

(16)

(17)

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $5,307, at an interest rate of 9.71% and a maturity of December 30, 2029. The investment is accruing an unused commitment fee of 5.75% per annum.

(18)

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $87,126, at an interest rate of 7.71% and a maturity of August 16, 2032. The investment is accruing an unused commitment fee of 1.75% per annum.

(19)

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $47,311, at an interest rate of 11.47% and a maturity of June 9, 2028. The investment is accruing an unused commitment fee of 2.00% per annum.

(20)

Rate disclosed is the 7-day net yield as of October 31, 2025.

(21)

Affiliated issuer.

(22)

Non-income producing security.

(23)

Fund buys foreign currency, sells USD.

(24)

Fund sells foreign currency, buys USD.

The summary of the TCW Flexible Income ETF transactions in the affiliated funds for the year ended October 31, 2025 is as follows:


Name of Affiliated Fund	Value at October 31, 2024		Purchases at Cost		Proceeds from Sales		Number of Shares Held October 31, 2025		Value at October 31, 2025		Dividends and Interest Income Received		Distributions Received from Net Realized Gain		Net Realized Gain (Loss) on Investments		Net change in Unrealized Gain (Loss) on Investments
TCW Central Cash Fund
	$	—	$	2,103,060,997	$	1,972,700,000		130,360,997	$	130,360,997	$	3,068,125	$	—	$	—	$	—
TCW Private Asset Income Fund — Share Class I
		—		43,451,616		—		4,336,415		43,407,511		756,051		—		—		(44,105	)

Total									$	173,768,508	$	3,824,176	$	—	$	—	$	(44,105	)

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Fair Valuation Summary

October 31, 2025

The following is a summary of the fair valuations according to the inputs used as of October 31, 2025 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Residential Mortgage-Backed Securities — Agency	$	—		$	493,362,753		$	—	$	493,362,753
Commercial Mortgage-Backed Securities — Non-Agency		—			371,003,598			—		371,003,598
Corporate Bonds		—			350,210,335			—		350,210,335
Asset-Backed Securities		—			302,501,281			12,511,356		315,012,637
Residential Mortgage-Backed Securities — Non-Agency		—			258,680,827			—		258,680,827
U.S. Treasury Securities		—			210,197,080			—		210,197,080
Bank Loans		—			166,723,773			—		166,723,773
Foreign Government Bonds		—			30,379,413			—		30,379,413
Municipal Bonds		—			8,767,195			—		8,767,195
Commercial Mortgage-Backed Securities — Agency		—			972,013			—		972,013

Total Fixed Income Securities		—			2,192,798,268			12,511,356		2,205,309,624

Convertible Corporate Bonds		—			2,762,938			—		2,762,938
Money Market Investments		141,381,190			—			—		141,381,190
Investment Companies		—			43,407,511			—		43,407,511
Common Stock		403			353,608			—		354,011
Warrants		—			—			2		2
Net Unrealized Appreciation (Depreciation) on Unfunded Commitments		—			(214	)		—		(214	)

Total Investments	$	141,381,593		$	2,239,322,111		$	12,511,358	$	2,393,215,062

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—			1,575,151					1,575,151
Futures Contracts
Interest Rate Risk		23,931			—			—		23,931

Total	$	141,405,524		$	2,240,897,262		$	12,511,358	$	2,394,814,144

Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—		$	(48,484	)	$	—	$	(48,484	)
Futures Contracts
Interest Rate Risk		(3,862,669	)		—			—		(3,862,669	)

Total	$	(3,862,669	)	$	(48,484	)	$	—	$	(3,911,153	)

See accompanying Notes to Financial Statements.

TCW High Yield Bond ETF

Schedule of Investments

October 31, 2025


Issues	Maturity Date		Principal Amount		Value

FIXED INCOME SECURITIES — 95.1% of Net Assets

CORPORATE BONDS — 82.8%

Advertising — 0.5%

Clear Channel Outdoor Holdings, Inc.

7.13% ⁽¹⁾		02/15/31	$	80,000	$	82,552

Outfront Media Capital LLC/Outfront Media Capital Corp.

4.63% ⁽¹⁾		03/15/30		105,000		101,351


						183,903


Aerospace & Defense — 2.1%

ATI, Inc.

5.13%		10/01/31		74,000		73,479

TransDigm, Inc.

4.63%		01/15/29		135,000		132,877

6.38% ⁽¹⁾		03/01/29		277,000		284,631

6.38% ⁽¹⁾		05/31/33		205,000		209,180

6.88% ⁽¹⁾		12/15/30		70,000		72,707


						772,874


Airlines — 0.6%

American Airlines, Inc./AAdvantage Loyalty IP Ltd.

5.50% ⁽¹⁾		04/20/26		10,167		10,188

5.75% ⁽¹⁾		04/20/29		120,000		121,103

JetBlue Airways Corp./JetBlue Loyalty LP

9.88% ⁽¹⁾		09/20/31		83,000		81,667


						212,958


Apparel — 0.6%

Crocs, Inc.

4.13% ⁽¹⁾		08/15/31		229,000		210,788


Auto Manufacturers — 0.3%

Allison Transmission, Inc.

3.75% ⁽¹⁾		01/30/31		100,000		92,388

Aston Martin Capital Holdings Ltd. (Jersey)

10.00% ⁽¹⁾		03/31/29		35,000		31,109


						123,497


Auto Parts & Equipment — 0.5%

Forvia SE (France)

8.00% ⁽¹⁾		06/15/30		58,000		61,575

ZF North America Capital, Inc. (Germany)

6.88% ⁽¹⁾		04/23/32		140,000		127,792


						189,367


Banks — 0.5%

Citigroup, Inc.

6.88% (5 yr. CMT + 2.890%)^(2),(3)		08/15/30		165,000		169,869


Beverages — 0.3%

Primo Water Holdings, Inc./Triton Water Holdings, Inc.

6.25% ⁽¹⁾		04/01/29		100,000		100,513


Issues	Maturity Date		Principal Amount		Value

Building Materials — 0.2%

Standard Building Solutions, Inc.

6.50% ⁽¹⁾		08/15/32	$	59,000	$	60,722


Chemicals — 1.7%

INEOS Finance PLC (Luxemburg)

7.50% ⁽¹⁾		04/15/29		49,000		45,473

Olympus Water U.S. Holding Corp.

7.13% ⁽¹⁾		10/01/27		125,000		127,226

SCIH Salt Holdings, Inc.

4.88% ⁽¹⁾		05/01/28		108,000		106,924

6.63% ⁽¹⁾		05/01/29		104,000		103,544

SCIL IV LLC/SCIL USA Holdings LLC

5.38% ⁽¹⁾		11/01/26		102,000		102,014

WR Grace Holdings LLC

5.63% ⁽¹⁾		08/15/29		64,000		58,708

7.38% ⁽¹⁾		03/01/31		96,000		96,274


						640,163


Commercial Services — 6.0%

ADT Security Corp.

5.88% ⁽¹⁾		10/15/33		130,000		131,920

Adtalem Global Education, Inc.

5.50% ⁽¹⁾		03/01/28		141,000		141,168

Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxemburg)

7.00% ⁽¹⁾		05/21/30		90,000		93,298

Allied Universal Holdco LLC/Allied Universal Finance Corp.

6.88% ⁽¹⁾		06/15/30		130,000		133,416

Brink’s Co.

6.75% ⁽¹⁾		06/15/32		97,000		100,852

Carriage Services, Inc.

4.25% ⁽¹⁾		05/15/29		146,000		138,446

Deluxe Corp.

8.13% ⁽¹⁾		09/15/29		60,000		62,949

Garda World Security Corp. (Canada)

8.38% ⁽¹⁾		11/15/32		60,000		61,073

Grand Canyon University

5.13%		10/01/28		150,000		148,721

Herc Holdings, Inc.

7.25% ⁽¹⁾		06/15/33		202,000		213,140

OT Midco Ltd.

10.00% ⁽¹⁾		02/15/30		206,000		121,247

Service Corp. International

5.75%		10/15/32		100,000		101,540

Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.

6.75% ⁽¹⁾		08/15/32		95,000		98,206

Sotheby’s

7.38% ⁽¹⁾		10/15/27		59,000		59,000

Upbound Group, Inc.

6.38% ⁽¹⁾		02/15/29		120,000		116,299

See accompanying Notes to Financial Statements.

TCW High Yield Bond ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

Commercial Services (Continued)

Valvoline, Inc.

3.63% ⁽¹⁾		06/15/31	$	160,000	$	146,029

Veritiv Operating Co.

10.50% ⁽¹⁾		11/30/30		36,000		37,489

VT Topco, Inc.

8.50% ⁽¹⁾		08/15/30		193,000		200,863

ZipRecruiter, Inc.

5.00% ⁽¹⁾		01/15/30		152,000		119,027


						2,224,683


Computers — 0.8%

Insight Enterprises, Inc.

6.63% ⁽¹⁾		05/15/32		53,000		54,255

McAfee Corp.

7.38% ⁽¹⁾		02/15/30		106,000		97,557

Science Applications International Corp.

5.88% ⁽¹⁾		11/01/33		140,000		139,713


						291,525


Cosmetics/Personal Care — 1.1%

Edgewell Personal Care Co.

4.13% ⁽¹⁾		04/01/29		140,000		133,126

Perrigo Finance Unlimited Co.

6.13%		09/30/32		142,000		143,578

Prestige Brands, Inc.

3.75% ⁽¹⁾		04/01/31		127,000		117,997


						394,701


Distribution & Wholesale — 0.4%

RB Global Holdings, Inc. (Canada)

6.75% ⁽¹⁾		03/15/28		137,000		140,176


Diversified Financial Services — 1.1%

Jane Street Group/JSG Finance, Inc.

6.13% ⁽¹⁾		11/01/32		285,000		290,170

7.13% ⁽¹⁾		04/30/31		109,000		114,447


						404,617


Electric — 4.0%

Alliant Energy Corp.

5.75% (5 yr. CMT + 2.077%)⁽³⁾		04/01/56		262,000		263,226

Alpha Generation LLC

6.25% ⁽¹⁾		01/15/34		65,000		65,770

6.75% ⁽¹⁾		10/15/32		105,000		107,992

American Electric Power Co., Inc.

6.05% (5 yr. CMT + 1.940%)⁽³⁾		03/15/56		260,000		263,604

CenterPoint Energy, Inc.

5.95% (5 yr. CMT + 2.223%)⁽³⁾		04/01/56		260,000		262,005


Issues	Maturity Date		Principal Amount		Value

Electric (Continued)

Dominion Energy, Inc.

6.20% (5 yr. CMT + 2.006%)⁽³⁾		02/15/56	$	140,000	$	141,684

Pike Corp.

8.63% ⁽¹⁾		01/31/31		136,000		145,497

Vistra Operations Co. LLC

6.88% ⁽¹⁾		04/15/32		137,000		144,014

7.75% ⁽¹⁾		10/15/31		70,000		74,354


						1,468,146


Electrical Components & Equipment — 0.5%

Energizer Holdings, Inc.

6.00% ⁽¹⁾		09/15/33		177,000		171,470


Electronics — 0.5%

Coherent Corp.

5.00% ⁽¹⁾		12/15/29		65,000		64,416

Sensata Technologies, Inc.

6.63% ⁽¹⁾		07/15/32		136,000		141,711


						206,127


Engineering & Construction — 0.1%

Brand Industrial Services, Inc.

10.38% ⁽¹⁾		08/01/30		37,000		35,650


Entertainment — 5.0%

Banijay Entertainment SAS (France)

8.13% ⁽¹⁾		05/01/29		110,000		114,393

Caesars Entertainment, Inc.

6.50% ⁽¹⁾		02/15/32		45,000		45,397

7.00% ⁽¹⁾		02/15/30		190,000		195,671

Churchill Downs, Inc.

6.75% ⁽¹⁾		05/01/31		139,000		142,479

Great Canadian Gaming Corp./Raptor LLC (Canada)

8.75% ⁽¹⁾		11/15/29		130,000		127,165

Light & Wonder International, Inc.

6.25% ⁽¹⁾		10/01/33		205,000		204,416

Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada)

8.00% ⁽¹⁾		08/01/30		100,000		98,696

Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.

6.63% ⁽¹⁾		02/01/33		98,000		99,120

Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp.

6.25% ⁽¹⁾		10/15/30		140,000		141,127

Voyager Parent LLC

9.25% ⁽¹⁾		07/01/32		200,000		210,054

WarnerMedia Holdings, Inc.

5.05%		03/15/42		405,000		325,215

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.

6.25% ⁽¹⁾		03/15/33		141,000		143,585


						1,847,318

See accompanying Notes to Financial Statements.

TCW High Yield Bond ETF

October 31, 2025


Issues	Maturity Date		Principal Amount		Value

Environmental Control — 0.8%

Luna 1.5 SARL (Luxemburg)

12.00% ^(1),(4)		07/01/32	$	50,000	$	52,070

Madison IAQ LLC

5.88% ⁽¹⁾		06/30/29		103,000		101,073

Waste Pro USA, Inc.

7.00% ⁽¹⁾		02/01/33		125,000		130,284


						283,427


Food — 1.6%

Post Holdings, Inc.

4.50% ⁽¹⁾		09/15/31		222,000		209,031

6.38% ⁽¹⁾		03/01/33		201,000		204,304

Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed

4.63% ⁽¹⁾		03/01/29		108,000		103,589

TreeHouse Foods, Inc.

4.00%		09/01/28		67,000		65,430


						582,354


Gas — 0.9%

AmeriGas Partners LP/AmeriGas Finance Corp.

9.38% ⁽¹⁾		06/01/28		192,000		199,236

Northwest Natural Holding Co.

7.00% (5 yr. CMT + 2.701%)⁽³⁾		09/15/55		145,000		151,160


						350,396


Hand/Machine Tools — 0.3%

IMA Industria Macchine Automatiche SpA (Italy)

5.78% (3 mo. EUR EURIBOR + 3.750%) ^(1),(3)		04/15/29	EUR	100,000		116,307


Health Care-Products — 1.1%

Bausch & Lomb Corp.

8.38% ⁽¹⁾		10/01/28		185,000		193,377

Medline Borrower LP

5.25% ⁽¹⁾		10/01/29		104,000		103,635

Neogen Food Safety Corp.

8.63% ⁽¹⁾		07/20/30		92,000		97,149


						394,161


Health Care-Services — 4.2%

CHS/Community Health Systems, Inc.

5.25% ⁽¹⁾		05/15/30		209,000		196,067

DaVita, Inc.

6.88% ⁽¹⁾		09/01/32		98,000		101,592

HAH Group Holding Co. LLC

9.75% ⁽¹⁾		10/01/31		16,000		15,188

HealthEquity, Inc.

4.50% ⁽¹⁾		10/01/29		62,000		60,408


Issues	Maturity Date		Principal Amount		Value

Health Care-Services (Continued)

Heartland Dental LLC/Heartland Dental Finance Corp.

10.50% ⁽¹⁾		04/30/28	$	16,000	$	16,874

Kedrion SpA (Italy)

6.50% ⁽¹⁾		09/01/29		205,000		201,211

ModivCare, Inc.

5.00% ^(1),(5),(6)		10/01/29		210,000		3,150

Molina Healthcare, Inc.

6.25% ⁽¹⁾		01/15/33		176,000		177,128

Sotera Health Holdings LLC

7.38% ⁽¹⁾		06/01/31		95,000		99,984

Star Parent, Inc.

9.00% ⁽¹⁾		10/01/30		155,000		165,619

Surgery Center Holdings, Inc.

7.25% ⁽¹⁾		04/15/32		138,000		142,435

Tenet Healthcare Corp.

6.75%		05/15/31		262,000		271,977

6.88%		11/15/31		96,000		104,361


						1,555,994


Home Furnishings — 0.3%

Tempur Sealy International, Inc.

3.88% ⁽¹⁾		10/15/31		115,000		106,316


Household Products/Wares — 0.8%

Central Garden & Pet Co.

4.13%		10/15/30		65,000		61,658

4.13% ⁽¹⁾		04/30/31		90,000		84,401

Spectrum Brands, Inc.

3.88% ⁽¹⁾		03/15/31		193,000		156,650


						302,709


Housewares — 0.4%

Newell Brands, Inc.

6.63%		05/15/32		125,000		118,156

7.50%		04/01/46		45,000		37,520


						155,676


Insurance — 3.0%

Acrisure LLC/Acrisure Finance, Inc.

4.25% ⁽¹⁾		02/15/29		40,000		38,449

7.50% ⁽¹⁾		11/06/30		95,000		98,462

8.25% ⁽¹⁾		02/01/29		97,000		101,139

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer

7.00% ⁽¹⁾		01/15/31		139,000		143,946

7.38% ⁽¹⁾		10/01/32		100,000		103,413

AmWINS Group, Inc.

6.38% ⁽¹⁾		02/15/29		60,000		61,184

Ardonagh Group Finance Ltd. (United Kingdom)

8.88% ⁽¹⁾		02/15/32		60,000		62,636

See accompanying Notes to Financial Statements.

TCW High Yield Bond ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

Insurance (Continued)

Farmers Exchange Capital II

6.15% (3 mo. USD Term SOFR + 4.006%) ^(1),(3)		11/01/53	$	160,000	$	159,014

HUB International Ltd.

7.25% ⁽¹⁾		06/15/30		115,000		120,173

7.38% ⁽¹⁾		01/31/32		136,000		141,055

Panther Escrow Issuer LLC

7.13% ⁽¹⁾		06/01/31		70,000		72,407


						1,101,878


Internet — 2.4%

Arches Buyer, Inc.

6.13% ⁽¹⁾		12/01/28		128,000		125,091

Cogent Communications Group LLC/Cogent Finance, Inc.

6.50% ⁽¹⁾		07/01/32		45,000		43,043

Getty Images, Inc.

10.50% ⁽¹⁾		11/15/30		95,000		95,857

11.25% ⁽¹⁾		02/21/30		32,500		32,290

ION Platform Finance U.S., Inc./ION Platform Finance SARL

8.75% ⁽¹⁾		05/01/29		200,000		203,374

Match Group Holdings II LLC

5.63% ⁽¹⁾		02/15/29		143,000		142,757

Snap, Inc.

6.88% ⁽¹⁾		03/01/33		226,000		231,449


						873,861


Investment Companies — 0.8%

Icahn Enterprises LP/Icahn Enterprises Finance Corp.

9.00%		06/15/30		45,000		43,357

9.75%		01/15/29		140,000		140,732

10.00% ⁽¹⁾		11/15/29		109,000		109,486


						293,575


Iron & Steel — 0.2%

Cleveland-Cliffs, Inc.

7.38% ⁽¹⁾		05/01/33		80,000		82,810


Leisure Time — 0.6%

MajorDrive Holdings IV LLC

6.38% ⁽¹⁾		06/01/29		125,000		98,803

Sabre GLBL, Inc.

10.75% ⁽¹⁾		11/15/29		125,000		118,841


						217,644


Lodging — 1.3%

MGM Resorts International

6.50%		04/15/32		176,000		178,849

Studio City Finance Ltd.

5.00% ⁽¹⁾		01/15/29		110,000		105,401


Issues	Maturity Date		Principal Amount		Value

Lodging (Continued)

Wyndham Hotels & Resorts, Inc.

4.38% ⁽¹⁾		08/15/28	$	150,000	$	147,431

Wynn Macau Ltd.

5.13% ⁽¹⁾		12/15/29		64,000		63,055


						494,736


Machinery-Diversified — 0.3%

Oregon Tool Lux LP

7.88% ⁽¹⁾		10/15/29		10,548		3,639

SPX FLOW, Inc.

8.75% ⁽¹⁾		04/01/30		97,000		99,296


						102,935


Media — 8.3%

AMC Networks, Inc.

10.25% ⁽¹⁾		01/15/29		103,000		108,273

Cable One, Inc.

4.00% ⁽¹⁾		11/15/30		175,000		138,374

CCO Holdings LLC/CCO Holdings Capital Corp.

4.50% ⁽¹⁾		06/01/33		425,000		369,189

5.00% ⁽¹⁾		02/01/28		449,000		444,703

CSC Holdings LLC

5.75% ⁽¹⁾		01/15/30		158,000		59,421

6.50% ⁽¹⁾		02/01/29		725,000		499,329

11.75% ⁽¹⁾		01/31/29		14,000		11,052

DirectTV Financing LLC/DirectTV Financing Co-Obligor, Inc.

10.00% ⁽¹⁾		02/15/31		107,000		107,066

DISH DBS Corp.

5.13%		06/01/29		175,000		151,366

DISH Network Corp.

11.75% ⁽¹⁾		11/15/27		105,000		110,560

Gray Media, Inc.

10.50% ⁽¹⁾		07/15/29		57,000		61,435

Midcontinent Communications

8.00% ⁽¹⁾		08/15/32		38,000		38,765

Scripps Escrow II, Inc.

3.88% ⁽¹⁾		01/15/29		115,000		104,051

Sinclair Television Group, Inc.

4.38% ⁽¹⁾		12/31/32		50,000		36,692

8.13% ⁽¹⁾		02/15/33		90,000		91,876

Sirius XM Radio LLC

5.50% ⁽¹⁾		07/01/29		189,000		189,293

Univision Communications, Inc.

8.50% ⁽¹⁾		07/31/31		139,000		142,463

Virgin Media Secured Finance PLC (United Kingdom)

5.50% ⁽¹⁾		05/15/29		147,000		144,339

VZ Secured Financing BV (Netherlands)

5.00% ⁽¹⁾		01/15/32		200,000		182,128

Ziggo Bond Co. BV (Netherlands)

5.13% ⁽¹⁾		02/28/30		74,000		65,413


						3,055,788

See accompanying Notes to Financial Statements.

TCW High Yield Bond ETF

October 31, 2025


Issues	Maturity Date		Principal Amount		Value

Mining — 0.3%

Compass Minerals International, Inc.

8.00% ⁽¹⁾		07/01/30	$	100,000	$	104,141


Oil & Gas — 2.7%

Hilcorp Energy I LP/Hilcorp Finance Co.

6.88% ⁽¹⁾		05/15/34		84,000		79,859

Matador Resources Co.

6.25% ⁽¹⁾		04/15/33		102,000		102,128

SM Energy Co.

6.75% ⁽¹⁾		08/01/29		139,000		138,752

Sunoco LP

5.88% ⁽¹⁾		03/15/34		93,000		93,053

7.88% (5 yr. CMT + 4.230%) ^(1),(2),(3)		09/18/30		405,000		412,181

Transocean Titan Financing Ltd.

8.38% ⁽¹⁾		02/01/28		170,000		175,170


						1,001,143


Oil & Gas Services — 1.1%

Archrock Partners LP/Archrock Partners Finance Corp.

6.63% ⁽¹⁾		09/01/32		80,000		82,330

Kodiak Gas Services LLC

6.75% ⁽¹⁾		10/01/35		70,000		72,165

USA Compression Partners LP/USA Compression Finance Corp.

6.25% ⁽¹⁾		10/01/33		100,000		100,437

WBI Operating LLC

6.50% ⁽¹⁾		10/15/33		140,000		140,025


						394,957


Packaging & Containers — 1.7%

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.

4.13% ⁽¹⁾		08/15/26		80,000		74,823

5.25% ⁽¹⁾		08/15/27		99,000		25,128

Clearwater Paper Corp.

4.75% ⁽¹⁾		08/15/28		148,000		139,065

Graham Packaging Co., Inc.

7.13% ⁽¹⁾		08/15/28		101,000		100,706

Graphic Packaging International LLC

6.38% ⁽¹⁾		07/15/32		195,000		198,138

Sealed Air Corp.

6.50% ⁽¹⁾		07/15/32		73,000		75,601


						613,461


Pharmaceuticals — 3.3%

1261229 BC Ltd.

10.00% ⁽¹⁾		04/15/32		320,000		334,950

Amneal Pharmaceuticals LLC

6.88% ⁽¹⁾		08/01/32		121,000		126,873

CVS Health Corp.

6.75% (5 yr. CMT + 2.516%)⁽³⁾		12/10/54		145,000		150,875


Issues	Maturity Date		Principal Amount		Value

Pharmaceuticals (Continued)

7.00% (5 yr. CMT + 2.886%)⁽³⁾		03/10/55	$	55,000	$	57,843

Grifols SA (Spain)

7.50%⁽⁷⁾		05/01/30	EUR	135,000		163,866

Option Care Health, Inc.

4.38% ⁽¹⁾		10/31/29		107,000		103,492

Organon & Co./Organon Foreign Debt Co-Issuer BV

6.75% ⁽¹⁾		05/15/34		61,000		54,695

Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc.

8.75% ⁽¹⁾		04/17/32		65,000		61,803

Teva Pharmaceutical Finance Netherlands III BV (Israel)

6.00%		12/01/32		174,000		181,853


						1,236,250


Pipelines — 4.4%

Buckeye Partners LP

6.75%		08/15/33		97,000		99,628

Energy Transfer LP

6.63% (3 mo. USD LIBOR + 4.155%)^(2),(3)		02/15/28		240,000		240,283

Global Partners LP/GLP Finance Corp.

7.13% ⁽¹⁾		07/01/33		120,000		122,002

ITT Holdings LLC

6.50% ⁽¹⁾		08/01/29		100,000		96,998

NGL Energy Operating LLC/NGL Energy Finance Corp.

8.13% ⁽¹⁾		02/15/29		65,000		66,507

8.38% ⁽¹⁾		02/15/32		61,000		62,389

Rockies Express Pipeline LLC

4.95% ⁽¹⁾		07/15/29		63,000		62,530

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.

6.00% ⁽¹⁾		09/01/31		106,000		104,272

TransMontaigne Partners LLC

8.50% ⁽¹⁾		06/15/30		50,000		52,387

Venture Global LNG, Inc.

7.00% ⁽¹⁾		01/15/30		198,000		200,538

9.00% (5 yr. CMT + 5.440%) ^(1),(2),(3)		09/30/29		150,000		140,323

9.88% ⁽¹⁾		02/01/32		102,000		108,995

Venture Global Plaquemines LNG LLC

6.75% ⁽¹⁾		01/15/36		143,000		151,569

7.75% ⁽¹⁾		05/01/35		90,000		101,617


						1,610,038


Real Estate — 0.4%

Cushman & Wakefield U.S. Borrower LLC

8.88% ⁽¹⁾		09/01/31		129,000		138,233


REIT — 1.8%

Hudson Pacific Properties LP

3.95%		11/01/27		105,000		100,607

5.95%		02/15/28		120,000		117,391

See accompanying Notes to Financial Statements.

TCW High Yield Bond ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

REIT (Continued)

Iron Mountain, Inc.

6.25% ⁽¹⁾		01/15/33	$	205,000	$	210,092

RHP Hotel Properties LP/RHP Finance Corp.

6.50% ⁽¹⁾		04/01/32		130,000		133,774

6.50% ⁽¹⁾		06/15/33		113,000		116,757


						678,621


Retail — 6.8%

1011778 BC ULC/New Red Finance, Inc. (Canada)

4.00% ⁽¹⁾		10/15/30		111,000		105,082

Asbury Automotive Group, Inc.

5.00% ⁽¹⁾		02/15/32		109,000		104,999

BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc.

9.50% ⁽¹⁾		07/01/32		150,000		151,934

Brinker International, Inc.

8.25% ⁽¹⁾		07/15/30		93,000		98,625

EG Global Finance PLC (United Kingdom)

12.00% ⁽¹⁾		11/30/28		35,000		38,374

Ferrellgas LP/Ferrellgas Finance Corp.

5.88% ⁽¹⁾		04/01/29		98,000		93,168

9.25% ⁽¹⁾		01/15/31		35,000		35,332

Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.

4.63% ⁽¹⁾		01/15/29		64,000		61,250

6.75% ⁽¹⁾		01/15/30		79,000		73,297

FirstCash, Inc.

6.88% ⁽¹⁾		03/01/32		236,000		245,244

Group 1 Automotive, Inc.

6.38% ⁽¹⁾		01/15/30		98,000		100,232

LCM Investments Holdings II LLC

8.25% ⁽¹⁾		08/01/31		133,000		140,014

Lithia Motors, Inc.

5.50% ⁽¹⁾		10/01/30		60,000		60,149

Macy’s Retail Holdings LLC

7.38% ⁽¹⁾		08/01/33		82,000		86,530

Michaels Cos., Inc.

5.25% ⁽¹⁾		05/01/28		314,000		293,574

Murphy Oil USA, Inc.

3.75% ⁽¹⁾		02/15/31		160,000		148,978

Papa John’s International, Inc.

3.88% ⁽¹⁾		09/15/29		223,000		217,719

QXO Building Products, Inc.

6.75% ⁽¹⁾		04/30/32		115,000		119,357

Sally Holdings LLC/Sally Capital, Inc.

6.75%		03/01/32		98,000		102,145

Staples, Inc.

10.75% ⁽¹⁾		09/01/29		101,000		98,627

Suburban Propane Partners LP/Suburban Energy Finance Corp.

5.00% ⁽¹⁾		06/01/31		154,000		146,542


						2,521,172


Issues	Maturity Date		Principal Amount		Value

Software — 1.8%

Cloud Software Group, Inc.

8.25% ⁽¹⁾		06/30/32	$	205,000	$	215,627

9.00% ⁽¹⁾		09/30/29		60,000		62,096

Oracle Corp.

5.95%		09/26/55		95,000		90,212

RingCentral, Inc.

8.50% ⁽¹⁾		08/15/30		133,000		141,873

ZoomInfo Technologies LLC/ZoomInfo Finance Corp.

3.88% ⁽¹⁾		02/01/29		165,000		155,711


						665,519


Telecommunications — 4.4%

Altice Financing SA (Luxembourg)

5.00% ⁽¹⁾		01/15/28		33,000		24,916

5.75% ⁽¹⁾		08/15/29		176,000		128,308

9.63% ⁽¹⁾		07/15/27		73,000		62,857

Altice France SA

6.50% ⁽¹⁾		03/15/32		107,470		103,005

9.50% ⁽¹⁾		11/01/29		120,877		123,245

CommScope LLC

9.50% ⁽¹⁾		12/15/31		92,000		93,770

EchoStar Corp.

10.75%		11/30/29		220,000		242,341

Frontier Communications Holdings LLC

8.63% ⁽¹⁾		03/15/31		220,000		232,298

Global Switch Finance BV (United Kingdom)

1.38%⁽⁷⁾		10/07/30	EUR	115,000		125,637

Level 3 Financing, Inc.

6.88% ⁽¹⁾		06/30/33		145,000		148,702

Vmed O2 U.K. Financing I PLC (United Kingdom)

4.75% ⁽¹⁾		07/15/31		106,000		98,265

Windstream Services LLC/Windstream Escrow Finance Corp.

8.25% ⁽¹⁾		10/01/31		146,000		149,224

WULF Compute LLC

7.75% ⁽¹⁾		10/15/30		55,000		57,117

Zayo Group Holdings, Inc.

9.25% ^(1),(8)		03/09/30		41,815		39,804


						1,629,489


Total Corporate Bonds

(Cost: $30,297,785)						30,512,658


BANK LOANS — 12.3%

Advertising — 0.2%

Advantage Sales & Marketing, Inc. 2024 Term Loan

8.45% (3 mo. USD Term SOFR + 4.250%) ⁽³⁾		10/28/27		99,699		88,226


Auto Parts & Equipment — 0.2%

First Brands Group LLC 2021 Term Loan

0.00%⁽⁹⁾		03/30/27		192,977		64,261

See accompanying Notes to Financial Statements.

TCW High Yield Bond ETF

October 31, 2025


Issues	Maturity Date		Principal Amount		Value

Beverages — 1.0%

Celsius Holdings, Inc. 2025 Term Loan B

6.98% (3 mo. USD Term SOFR + 3.000%)⁽³⁾		04/01/32	$	44,333	$	44,624

Naked Juice LLC 2025 FLFO Term Loan

9.50% (3 mo. USD Term SOFR + 5.500%)⁽³⁾		01/24/29		250,000		252,466

Pegasus BidCo BV 2025 USD Repriced Term Loan B

6.76% (3 mo. USD Term SOFR + 2.750%)⁽³⁾		07/12/29		82,538		83,157


						380,247


Commercial Services — 0.9%

Kelso Industries LLC Term Loan

9.71% (1 mo. USD Term SOFR + 5.750%)^(3),(10)		12/30/29		46,990		47,108

Ryan LLC Term Loan

7.46% (1 mo. USD Term SOFR + 3.500%)⁽³⁾		11/14/30		148,169		147,799

Veritiv Corp. Term Loan B

8.00% (3 mo. USD Term SOFR + 4.000%)⁽³⁾		12/02/30		148,500		143,012


						337,919


Computers — 0.5%

Nielsen Consumer, Inc. 2025 USD 1st Lien Term Loan

6.46% (1 mo. USD Term SOFR + 2.500%)⁽³⁾		10/31/30		74,439		74,439

X Corp. 2025 Fixed Term Loan

9.50%		10/26/29		100,000		100,437


						174,876


Cosmetics/Personal Care — 0.2%

Opal Bidco SAS 1st Lien Term Loan B

0.00% ⁽⁹⁾		04/28/32		60,000		60,328


Electric — 0.6%

Edgewater Generation LLC 2025 Repriced Term Loan

6.96% (1 mo. USD Term SOFR + 3.000%)⁽³⁾		08/01/30		81,980		82,293

Kestrel Acquisition LLC 2025 Term Loan

6.86% (3 mo. USD Term SOFR + 3.000%)⁽³⁾		11/06/31		62,145		62,296

South Field LLC 2025 1st Lien Term Loan B

7.00% (3 mo. USD Term SOFR + 3.000%)⁽³⁾		08/29/31		59,311		59,755

Issues

Maturity
Date

Principal
Amount

Value

Electric (Continued)

South Field LLC 2025 1st Lien Term Loan C

7.00% (3 mo. USD Term SOFR + 3.000%)⁽³⁾

08/29/31

3,814

3,843

208,187

Electrical Components & Equipment — 0.1%

Pelican Products, Inc. 2021 Term Loan

8.51% (3 mo. USD Term SOFR + 4.250%)⁽³⁾

12/29/28

59,690

48,379

Electronics — 0.2%

TCP Sunbelt Acquisition Co. 2024 Term Loan B

8.45% (3 mo. USD Term SOFR + 4.250%)⁽³⁾

10/24/31

64,513

64,996

Engineering & Construction — 0.2%

Astrion Group LLC 2024 Term Loan

9.29% (6 mo. USD Term SOFR + 5.000%)⁽³⁾

08/29/31

95,429

85,886

Entertainment — 0.8%

Light & Wonder International, Inc. 2024 Term Loan B2

6.29% (1 mo. USD Term SOFR + 2.250%)⁽³⁾

04/14/29

138,253

138,857

Showtime Acquisition LLC 2024 1st Lien Term Loan

8.94% (3 mo. USD Term SOFR + 4.750%)⁽³⁾

08/16/31

152,960

153,438

292,295

Environmental Control — 0.4%

Action Environmental Group, Inc. 2023 Term Loan B

7.25% (3 mo. USD Term SOFR + 3.250%)

10/24/30

149,620

149,994

Food — 0.6%

C&S Wholesale Grocers, Inc. Term Loan B

8.96% (3 mo. USD Term SOFR + 5.000%)⁽³⁾

09/20/30

100,000

98,813

United Natural Foods, Inc. 2024 Term Loan

8.71% (1 mo. USD Term SOFR + 4.750%)⁽³⁾

05/01/31

118,597

119,486

218,299

Health Care-Products — 0.3%

QuidelOrtho Corp. Term Loan

8.00% (3 mo. USD Term SOFR + 4.000%)⁽³⁾

08/20/32

100,000

99,547

See accompanying Notes to Financial Statements.

TCW High Yield Bond ETF

Schedule of Investments (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Health Care-Services — 1.1%

ADMI Corp. 2023 Term Loan B5

9.71% (1 mo. USD Term SOFR + 5.750%) ⁽³⁾

12/23/27

64,183

62,057

Heartland Dental LLC 2025 Term Loan

7.71% (1 mo. USD Term SOFR + 3.750%) ⁽³⁾

08/25/32

74,813

75,070

Modivcare, Inc. 2024 Term Loan B

12.75% (3 mo. USD Term SOFR + 8.750%) ⁽³⁾

07/01/31

227,069

98,869

Modivcare, Inc. 2025 DIP Delayed Draw Term Loan

9.93% (3 mo. USD Term SOFR + 6.000%) ⁽³⁾

02/22/26

18,261

18,079

Modivcare, Inc. 2025 DIP Term Loan

11.00% (1 mo. USD Term SOFR + 7.000%) ⁽³⁾

02/22/26

34,274

33,931

Modivcare, Inc. 2025 Incremental Term Loan

15.44% (3 mo. USD Term SOFR + 11.500%) ⁽³⁾

01/12/26

34,405

14,866

Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan

9.50% (3 mo. USD Term SOFR + 5.500%) ⁽³⁾

06/20/28

70,000

71,050

Sotera Health Holdings LLC 2025 Term Loan B

6.34% (3 mo. USD Term SOFR + 2.500%) ⁽³⁾

05/30/31

47,140

47,376

421,298

Internet — 1.3%

Barracuda Networks, Inc. 2022 Term Loan

8.34% (3 mo. USD Term SOFR + 4.500%) ⁽³⁾

08/15/29

69,464

58,133

Delivery Hero SE 2024 USD Term Loan B

9.23% (3 mo. USD Term SOFR + 5.000%) ⁽³⁾

12/12/29

69,123

69,742

Endure Digital, Inc. Non-CoOp Term Loan

7.72% (1 mo. USD Term SOFR + 3.500%) ⁽³⁾

02/10/28

119,688

63,210

Magnite, Inc. 2025 Repriced Term Loan B

6.96% (1 mo. USD Term SOFR + 3.000%) ⁽³⁾

02/06/31

189,092

189,367

Issues

Maturity
Date

Principal
Amount

Value

Internet (Continued)

MH Sub I LLC 2023 Term Loan

8.25% (3 mo. USD Term SOFR + 4.250%) ⁽³⁾

05/03/28

52,146

47,558

PUG LLC 2024 Extended Term Loan B

0.00% ⁽⁹⁾

03/15/30

50,000

50,083

478,093

Investment Companies — 0.2%

HDI Aerospace Intermediate Holding III Corp. Term Loan B

7.69% (3 mo. USD Term SOFR + 3.750%) ⁽³⁾

02/11/32

79,600

80,048

Machinery-Diversified — 0.4%

Oregon Tool, Inc. 2025 1st Lien Term Loan

9.54% (3 mo. USD Term SOFR + 5.350%) ⁽³⁾

10/15/29

38,405

39,173

Oregon Tool, Inc. 2025 2nd Lien Term Loan

8.45% (3 mo. USD Term SOFR + 4.000%) ⁽³⁾

10/15/29

129,114

99,451

138,624

Media — 0.4%

Charter Communications Operating LLC 2024 Term Loan B5

6.24% (3 mo. USD Term SOFR + 2.250%) ⁽³⁾

12/15/31

99,749

99,698

Virgin Media Bristol LLC 2023 USD Term Loan Y

7.05% (6 mo. USD Term SOFR + 3.175%) ⁽³⁾

03/31/31

66,750

65,463

165,161

Office/Business Equipment — 0.4%

Xerox Holdings Corp. 2023 Term Loan B

0.00% ⁽⁹⁾

11/19/29

150,568

140,657

Packaging & Containers — 0.2%

Plaze, Inc. 2020 Incremental Term Loan

7.83% (1 mo. USD Term SOFR + 3.750%) ⁽³⁾

08/03/26

81,213

75,440

REIT — 0.4%

OEG Borrower LLC 2024 Term Loan B

7.53% (1 mo. USD Term SOFR + 3.500%) ⁽³⁾

06/30/31

158,699

159,790

See accompanying Notes to Financial Statements.

TCW High Yield Bond ETF

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

Retail — 0.4%

Tacala LLC 2025 Repriced Term Loan B

6.96% (1 mo. USD Term SOFR + 3.000%) ⁽³⁾

01/31/31

137,907

138,572

Software — 1.3%

Cast & Crew Payroll LLC 2021 Incremental Term Loan

7.71% (1 mo. USD Term SOFR + 3.750%) ⁽³⁾

12/29/28

80,000

66,030

Cloudera, Inc. 2021 Term Loan

7.81% (1 mo. USD Term SOFR + 3.750%) ⁽³⁾

10/08/28

79,587

76,632

DTI Holdco, Inc. 2025 Term Loan B

7.96% (1 mo. USD Term SOFR + 4.000%) ⁽³⁾

04/26/29

149,250

131,807

EagleView Technology Corp. 2025 Term Loan

9.50% (3 mo. USD Term SOFR + 5.500%) ⁽³⁾

08/14/28

126,070

123,824

Planview Parent, Inc. 2024 1st Lien Term Loan

7.50% (3 mo. USD Term SOFR + 3.500%) ⁽³⁾

12/17/27

64,673

63,309

461,602

Total Bank Loans

(Cost: $4,858,353)

4,532,725

Total Fixed Income Securities

(Cost: $35,156,138)

35,045,383

CONVERTIBLE SECURITIES — 0.1%

CONVERTIBLE CORPORATE BONDS — 0.1%

Commercial Services — 0.1%

Worldline SA (France) 0.00% ^(7),(11)

07/30/26

EUR

20,124

22,367

Total Convertible Securities

(Cost: $21,019)

22,367


Issues	Shares		Value

COMMON STOCK — 0.1%

Beverages — 0.1%

Luxco Co. Ltd. ⁽¹²⁾		1,289	$	21,683


Total Common Stock

(Cost: $22,835)				21,683


WARRANTS — 0.0%

Cineworld Group PLC^(12),(13)		42,717		—


Total Warrants

(Cost: $0)				—


MONEY MARKET INVESTMENTS — 3.9%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.01% ⁽¹⁴⁾		344,059		344,059

TCW Central Cash Fund, 4.07% ^(14),(15)		1,100,608		1,100,608


Total Money Market Investments

(Cost: $1,444,667)				1,444,667


Total Investments (99.2%)

(Cost: $36,644,659)				36,534,100


Excess Of Other Assets Over Liabilities (0.8%)			301,445


Net Assets (100.0%)			$	36,835,545


Forward Currency Exchange Contracts

Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for USD		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY⁽¹⁶⁾
Goldman Sachs & Co.		EUR		38,122		01/09/26	$	44,727	$	44,106	$	(621	)

SELL ⁽¹⁷⁾
Citibank N.A.		EUR		437,247		01/09/26	$	514,164	$	505,877	$	8,287

See accompanying Notes to Financial Statements.

TCW High Yield Bond ETF

Schedule of Investments (Continued)

Notes to the Schedule of Investments:

ABS

Asset-Backed Securities.

PAC

Planned Amortization Class.

PIK

Payment In Kind.

REIT

Real Estate Investment Trust.

SOFR

Secured Overnight Financing Rate.

EUR

Euro Currency.

(1)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At October 31, 2025, the value of these securities amounted to $25,489,613 or 69.2% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.

(2)

Perpetual maturity.

(3)

Floating or variable rate security. The interest shown reflects the rate in effect at October 31, 2025.

(4)

Payment in kind (“PIK”).

(5)

PIK security. Income may be paid in additional securities or cash at the discretion of the issuer - 5.00% cash or 10.00% PIK interest.

(6)

Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued.

(7)

(8)

PIK security. Income may be paid in additional securities or cash at the discretion of the issuer - 5.75% cash or 0.50% PIK interest.

(9)

(10)

Excluded from the investment total above is an unfunded delayed draw term loan ccommitment in an amount not to exceed $ 2,211, at an interest rate of 9.71 % and a maturity of December 30, 2029. The investment is accruing an unused commitment fee of 5.75% per annum.

(11)

Security is not accruing interest.

(12)

Non-income producing security.

(13)

For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.

(14)

Rate disclosed is the 7-day net yield as of October 31, 2025.

(15)

Affiliated issuer.

(16)

Fund buys foreign currency, sells USD.

(17)

Fund sells foreign currency, buys USD.

The summary of the TCW High Yield Bond ETF transactions in the affiliated funds for the year ended October 31, 2025 is as follows:


Name of Affiliated Fund	Value at October 31, 2024		Purchases at Cost		Proceeds from Sales		Number of Shares Held October 31, 2025		Value at October 31, 2025		Dividends and Interest Income Received		Distributions Received from Net Realized Gain		Net Realized Gain (Loss) on Investments		Net change in Unrealized Gain (Loss) on Investments
TCW Central Cash Fund
	$	—	$	13,631,398	$	12,530,790		1,100,608	$	1,100,608	$	25,611	$	—	$	—	$	—

Total									$	1,100,608	$	25,611	$	—	$	—	$	—

See accompanying Notes to Financial Statements.

100

TCW High Yield Bond ETF

Fair Valuation Summary

October 31, 2025

The following is a summary of the fair valuations according to the inputs used as of October 31, 2025 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Corporate Bonds	$	—	$	30,512,658		$	—	$	30,512,658
Bank Loans		—		4,532,725			—		4,532,725

Total Fixed Income Securities		—		35,045,383			—		35,045,383

Convertible Corporate Bonds		—		22,367			—		22,367
Money Market Investments		1,444,667		—			—		1,444,667
Common Stock		—		21,683			—		21,683
Warrants		—		—			0		0
Net Unrealized Appreciation (Depreciation) on Unfunded Commitments		—		6			—		6

Total Investments	$	1,444,667	$	35,089,439		$	0	$	36,534,106

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		8,287			—		8,287

Total	$	1,444,667	$	35,097,726		$	0	$	36,542,393

Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(621	)	$	—	$	(621	)

Total	$	—	$	(621	)	$	—	$	(621	)

See accompanying Notes to Financial Statements.

101

TCW Multisector Credit Income ETF

Schedule of Investments

Issues

Maturity
Date

Principal
Amount

Value

FIXED INCOME SECURITIES — 86.3% of Net Assets

ASSET-BACKED SECURITIES — 3.4%

AMMC CLO 30 Ltd. Series 2024-30A, Class A1

5.58% (3 mo. USD Term SOFR + 1.680%) ^(1),(2)

01/15/37

250,000

250,452

Bear Mountain Park CLO Ltd. Series 2022-1A, Class BR

5.65% (3 mo. USD Term SOFR + 1.750%) ^(1),(2)

07/15/37

225,000

225,677

CIFC Funding Ltd. Series 2023-3A, Class B

6.18% (3 mo. USD Term SOFR + 2.300%) ^(1),(2)

01/20/37

250,000

251,157

GoldenTree Loan Management U.S. CLO 11 Ltd.
Series 2021-11A, Class AR

4.96% (3 mo. USD Term SOFR + 1.080%) ^(1),(2)

10/20/34

250,000

249,944

OHA Credit Funding 1 Ltd. Series 2018-1A, Class B1R

5.88% (3 mo. USD Term SOFR + 2.000%) ^(1),(2)

04/20/37

250,000

250,956

Rockford Tower CLO Ltd. Series 2020-1A, Class A1RR

4.97% (3 mo. USD Term SOFR + 1.090%) ^(1),(2)

01/20/36

250,000

249,930

Sixth Street CLO VIII Ltd. Series 2017-8A, Class A1R2

5.03% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

10/20/34

250,000

250,315

Total Asset-Backed Securities

(Cost: $1,733,470)

1,728,431

CORPORATE BONDS — 47.7%

Aerospace/Defense — 0.3%

TransDigm, Inc.

6.88% ⁽¹⁾

12/15/30

166,000

172,419

Airlines — 0.8%

JetBlue Airways Corp./JetBlue Loyalty LP

9.88% ⁽¹⁾

09/20/31

75,000

73,796

Latam Airlines Group SA

7.63% ⁽¹⁾

01/07/31

330,000

340,814

414,610

Apparel — 0.2%

Crocs, Inc.

4.13% ⁽¹⁾

08/15/31

85,000

78,240

Auto Manufacturers — 0.3%

Aston Martin Capital Holdings Ltd. (Jersey)

10.00% ⁽¹⁾

03/31/29

45,000

39,997

Volkswagen International Finance NV (Germany)

7.88% (9 yr. EUR Swap + 4.783%)^(2),(3),(4)

09/06/32

EUR 100,000

133,425

173,422


Issues	Maturity Date		Principal Amount		Value

Banks — 1.8%

Akbank TAS

9.37% (5 yr. CMT + 5.270%) ^(1),(2),(4)		03/14/29	$	253,000	$	264,142

Banco Mercantil del Norte SA (Mexico)

8.38% (5 yr. CMT + 4.072%) ^(1),(2),(4)		05/20/31		204,000		214,520

BBVA Bancomer SA

5.13% (5 yr. CMT + 2.650%)^(2),(3)		01/18/33		214,000		210,264

Citigroup, Inc.

6.88% (5 yr. CMT + 2.890%)^(2),(4)		08/15/30		200,000		205,902


						894,828


Beverages — 0.3%

Primo Water Holdings, Inc./Triton Water Holdings, Inc.

6.25% ⁽¹⁾		04/01/29		174,000		174,893


Building Materials — 0.5%

Limak Cimento Sanayi ve Ticaret AS

9.75%⁽³⁾		07/25/29		260,000		266,872


Chemicals — 0.7%

OCP SA

6.75% ⁽¹⁾		05/02/34		259,000		281,626

SCIH Salt Holdings, Inc.

4.88% ⁽¹⁾		05/01/28		79,000		78,213


						359,839


Coal — 1.0%

Indika Energy Tbk. PT

8.75%⁽³⁾		05/07/29		270,000		271,412

Mongolian Mining Corp.

8.44%⁽³⁾		04/03/30		219,000		223,345


						494,757


Commercial Services — 1.8%

ADT Security Corp.

5.88% ⁽¹⁾		10/15/33		165,000		167,437

Adtalem Global Education, Inc.

5.50% ⁽¹⁾		03/01/28		75,000		75,089

Carriage Services, Inc.

4.25% ⁽¹⁾		05/15/29		135,000		128,015

Deluxe Corp.

8.13% ⁽¹⁾		09/15/29		75,000		78,686

Grand Canyon University

5.13%		10/01/28		185,000		183,422

OT Midco Ltd.

10.00% ⁽¹⁾		02/15/30		130,000		76,516

Upbound Group, Inc.

6.38% ⁽¹⁾		02/15/29		100,000		96,916

See accompanying Notes to Financial Statements.

102

TCW Multisector Credit Income ETF

October 31, 2025


Issues	Maturity Date		Principal Amount		Value

Commercial Services (Continued)

Veritiv Operating Co.

10.50% ⁽¹⁾		11/30/30	$	57,000	$	59,358

VT Topco, Inc.

8.50% ⁽¹⁾		08/15/30		60,000		62,444


						927,883


Computers — 0.2%

Amentum Holdings, Inc.

7.25% ⁽¹⁾		08/01/32		72,000		74,948


Cosmetics/Personal Care — 0.2%

Perrigo Finance Unlimited Co.

6.13%		09/30/32		75,000		75,833


Diversified Financial Services — 0.5%

Jane Street Group/JSG Finance, Inc.

6.13% ⁽¹⁾		11/01/32		125,000		127,268

7.13% ⁽¹⁾		04/30/31		119,000		124,946


						252,214


Electric — 6.1%

AES Andes SA

8.15% (5 yr. CMT + 3.835%) ^(1),(2)		06/10/55		200,000		209,654

Alliant Energy Corp.

5.75% (5 yr. CMT + 2.077%)⁽²⁾		04/01/56		331,000		332,549

Alpha Generation LLC

6.75% ⁽¹⁾		10/15/32		122,000		125,477

American Electric Power Co., Inc.

6.05% (5 yr. CMT + 1.940%)⁽²⁾		03/15/56		330,000		334,574

CenterPoint Energy, Inc.

5.95% (5 yr. CMT + 2.223%)⁽²⁾		04/01/56		325,000		327,506

Continuum Green Energy India Pvt/Co-Issuers (India)

7.50%⁽³⁾		06/26/33		241,125		254,413

Dominion Energy, Inc.

6.20% (5 yr. CMT + 2.006%)⁽²⁾		02/15/56		175,000		177,105

EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU

8.50% ⁽¹⁾		06/30/32		200,000		209,796

Eskom Holdings

8.45%⁽³⁾		08/10/28		200,000		214,716

FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple

7.25% ⁽¹⁾		01/31/41		198,101		209,926

Pike Corp.

8.63% ⁽¹⁾		01/31/31		120,000		128,380

Termocandelaria Power SA

7.75% ⁽¹⁾		09/17/31		263,000		272,905


Issues	Maturity Date		Principal Amount		Value

Electric (Continued)

Zorlu Enerji Elektrik Uretim AS

11.00% ⁽¹⁾		04/23/30	$	334,000	$	301,321


						3,098,322


Electronics — 0.2%

Coherent Corp.

5.00% ⁽¹⁾		12/15/29		76,000		75,318


Energy-Alternate Sources — 0.5%

Greenko Power II Ltd. (India)

4.30%⁽³⁾		12/13/28		259,985		248,548


Engineering & Construction — 0.4%

IRB Infrastructure Developers Ltd. (India)

7.11% ⁽¹⁾		03/11/32		200,000		208,466


Entertainment — 2.9%

Banijay Entertainment SAS (France)

8.13% ⁽¹⁾		05/01/29		72,000		74,876

Caesars Entertainment, Inc.

4.63% ⁽¹⁾		10/15/29		80,000		75,333

6.50% ⁽¹⁾		02/15/32		75,000		75,661

Churchill Downs, Inc.

6.75% ⁽¹⁾		05/01/31		73,000		74,827

Cinemark USA, Inc.

7.00% ⁽¹⁾		08/01/32		71,000		73,733

Great Canadian Gaming Corp./Raptor LLC (Canada)

8.75% ⁽¹⁾		11/15/29		72,000		70,430

Light & Wonder International, Inc.

6.25% ⁽¹⁾		10/01/33		252,000		251,282

Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada)

8.00% ⁽¹⁾		08/01/30		118,000		116,461

Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.

6.63% ⁽¹⁾		02/01/33		125,000		126,429

Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp.

6.25% ⁽¹⁾		10/15/30		180,000		181,449

Voyager Parent LLC

9.25% ⁽¹⁾		07/01/32		125,000		131,284

WarnerMedia Holdings, Inc.

5.05%		03/15/42		190,000		152,570

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.

6.25% ⁽¹⁾		03/15/33		75,000		76,375


						1,480,710


Environmental Control — 0.4%

Luna 1.5 SARL (Luxemburg)

12.00% ^(1),(5)		07/01/32		65,000		67,691

Waste Pro USA, Inc.

7.00% ⁽¹⁾		02/01/33		125,000		130,284


						197,975


Food — 0.4%

Post Holdings, Inc.

6.38% ⁽¹⁾		03/01/33		174,000		176,861

See accompanying Notes to Financial Statements.

103

TCW Multisector Credit Income ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

Gas — 0.4%

AmeriGas Partners LP/AmeriGas Finance Corp.

9.38% ⁽¹⁾		06/01/28	$	55,000	$	57,073

National Gas Transmission PLC (United Kingdom)

4.25%⁽³⁾		04/05/30	EUR	100,000		121,149


						178,222


Health Care-Products — 0.4%

Bausch & Lomb Corp.

8.38% ⁽¹⁾		10/01/28		117,000		122,298

Teleflex, Inc.

4.25% ⁽¹⁾		06/01/28		77,000		75,382


						197,680


Health Care-Services — 1.1%

Centene Corp.

3.38%		02/15/30		125,000		115,126

HealthEquity, Inc.

4.50% ⁽¹⁾		10/01/29		78,000		75,997

Kedrion SpA (Italy)

6.50% ⁽¹⁾		09/01/29		180,000		176,674

ModivCare, Inc.

5.00% ^(1),(6),(7)		10/01/29		258,300		3,875

Molina Healthcare, Inc.

6.25% ⁽¹⁾		01/15/33		125,000		125,801

Surgery Center Holdings, Inc.

7.25% ⁽¹⁾		04/15/32		73,000		75,346


						572,819


Household Products/Wares — 0.6%

Central Garden & Pet Co.

4.13% ⁽¹⁾		04/30/31		222,000		208,189

Spectrum Brands, Inc.

3.88% ⁽¹⁾		03/15/31		142,000		115,256


						323,445


Insurance — 1.7%

Acrisure LLC/Acrisure Finance, Inc.

7.50% ⁽¹⁾		11/06/30		162,000		167,903

8.25% ⁽¹⁾		02/01/29		72,000		75,072

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer

7.00% ⁽¹⁾		01/15/31		120,000		124,270

7.38% ⁽¹⁾		10/01/32		74,000		76,526

AmWINS Group, Inc.

4.88% ⁽¹⁾		06/30/29		78,000		75,406

Farmers Exchange Capital II

6.15% (3 mo. USD Term SOFR + 4.006%) ^(1),(2)		11/01/53		200,000		198,768

HUB International Ltd.

7.38% ⁽¹⁾		01/31/32		119,000		123,423


						841,368


Issues	Maturity Date		Principal Amount		Value

Internet — 1.7%

Cogent Communications Group LLC/Cogent Finance, Inc.

6.50% ⁽¹⁾		07/01/32	$	115,000	$	110,000

7.00% ⁽¹⁾		06/15/27		72,000		71,824

7.00% ⁽¹⁾		06/15/27		125,000		124,766

Getty Images, Inc.

10.50% ⁽¹⁾		11/15/30		80,000		80,722

11.25% ⁽¹⁾		02/21/30		95,000		94,387
Snap, Inc.

6.88% ⁽¹⁾		03/01/33		125,000		128,014

6.88% ⁽¹⁾		03/15/34		250,000		254,302


						864,015


Iron & Steel — 1.2%

CSN Resources SA

8.88% ⁽¹⁾		12/05/30		255,000		242,582

Samarco Mineracao SA

9.50% ^(1),(8)		06/30/31		376,740		376,702


						619,284


Leisure Time — 0.3%

MajorDrive Holdings IV LLC

6.38% ⁽¹⁾		06/01/29		180,000		142,276


Lodging — 0.3%

MGM Resorts International

6.50%		04/15/32		75,000		76,214

Wyndham Hotels & Resorts, Inc.

4.38% ⁽¹⁾		08/15/28		77,000		75,681


						151,895


Media — 1.8%

CCO Holdings LLC/CCO Holdings Capital Corp.

4.50% ⁽¹⁾		06/01/33		35,000		30,404

Charter Communications Operating LLC/Charter Communications Operating Capital

3.90%		06/01/52		55,000		36,156

CSC Holdings LLC

6.50% ⁽¹⁾		02/01/29		110,000		75,760

DISH DBS Corp.

5.13%		06/01/29		215,000		185,964

DISH Network Corp.

11.75% ⁽¹⁾		11/15/27		164,000		172,684

Scripps Escrow II, Inc.

3.88% ⁽¹⁾		01/15/29		145,000		131,194

Sinclair Television Group, Inc.

4.38% ⁽¹⁾		12/31/32		100,000		73,384

VZ Secured Financing BV (Netherlands)

5.00% ⁽¹⁾		01/15/32		226,000		205,805


						911,351

See accompanying Notes to Financial Statements.

104

TCW Multisector Credit Income ETF

October 31, 2025


Issues	Maturity Date		Principal Amount		Value

Mining — 1.0%

Aris Mining Corp.

8.00% ⁽¹⁾		10/31/29	$	174,000	$	181,130

First Quantum Minerals Ltd. (Zambia)

8.63% ⁽³⁾		06/01/31		320,000		335,648


						516,778


Municipal Bonds — 0.6%

Istanbul Metropolitan Municipality

10.50% ⁽¹⁾		12/06/28		296,000		325,115


Oil & Gas — 3.7%

Ecopetrol SA (Colombia)

5.88%		11/02/51		530,000		390,923

Gran Tierra Energy, Inc.

9.50%⁽³⁾		10/15/29		355,000		289,144

Petroleos Mexicanos

5.95%		01/28/31		386,000		378,210

Sunoco LP

7.88% (5 yr. CMT + 4.230%) ^(1),(2),(4)		09/18/30		505,000		513,953

Transocean Titan Financing Ltd.

8.38% ⁽¹⁾		02/01/28		95,524		98,429

Uzbekneftegaz JSC

8.75% ⁽¹⁾		05/07/30		205,000		219,059


						1,889,718


Oil & Gas Services — 1.8%

Archrock Partners LP/Archrock Partners Finance Corp.

6.63% ⁽¹⁾		09/01/32		51,000		52,485

Kodiak Gas Services LLC

6.75% ⁽¹⁾		10/01/35		25,000		25,773

7.25% ⁽¹⁾		02/15/29		71,000		73,727

USA Compression Partners LP/USA Compression Finance Corp.

6.25% ⁽¹⁾		10/01/33		125,000		125,546

7.13% ⁽¹⁾		03/15/29		121,000		125,059

WBI Operating LLC

6.50% ⁽¹⁾		10/15/33		180,000		180,033

Yinson Boronia Production BV

8.95% ⁽¹⁾		07/31/42		294,327		321,864


						904,487


Packaging & Containers — 0.9%

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.

4.13% ⁽¹⁾		08/15/26		86,000		80,435

Clearwater Paper Corp.

4.75% ⁽¹⁾		08/15/28		183,000		171,952

Graham Packaging Co., Inc.

7.13% ⁽¹⁾		08/15/28		75,000		74,782

Sealed Air Corp./Sealed Air Corp. U.S.

7.25% ⁽¹⁾		02/15/31		120,000		125,956


						453,125


Issues	Maturity Date		Principal Amount		Value

Pharmaceuticals — 1.4%

1261229 BC Ltd.

10.00% ⁽¹⁾		04/15/32	$	125,000	$	130,840

Bayer U.S. Finance II LLC (Germany)

4.40% ⁽¹⁾		07/15/44		107,000		86,930

4.88% ⁽¹⁾		06/25/48		86,000		73,087

CVS Health Corp.

6.75% (5 yr. CMT + 2.516%)⁽²⁾		12/10/54		75,000		78,039

Grifols SA (Spain)

4.75% ⁽¹⁾		10/15/28		180,000		174,098

Option Care Health, Inc.

4.38% ⁽¹⁾		10/31/29		81,000		78,344

Teva Pharmaceutical Finance Netherlands III BV (Israel)

6.00%		12/01/32		100,000		104,513


						725,851


Pipelines — 2.5%

Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates)

2.94% ⁽³⁾		09/30/40		307,565		263,374

Global Partners LP/GLP Finance Corp.

6.88%		01/15/29		122,000		123,526

7.13% ⁽¹⁾		07/01/33		100,000		101,668

ITT Holdings LLC

6.50% ⁽¹⁾		08/01/29		125,000		121,248

NGL Energy Operating LLC/NGL Energy Finance Corp.

8.38% ⁽¹⁾		02/15/32		122,000		124,778

Rockies Express Pipeline LLC

4.80% ⁽¹⁾		05/15/30		80,000		78,371

Venture Global LNG, Inc.

9.00% (5 yr. CMT + 5.440%) ^(1),(2),(4)		09/30/29		205,000		191,775

9.88% ⁽¹⁾		02/01/32		38,000		40,606

Venture Global Plaquemines LNG LLC

6.75% ⁽¹⁾		01/15/36		187,000		198,205


						1,243,551


Real Estate — 0.4%

Port of Spain Waterfront Development

7.88% ⁽¹⁾		02/19/40		193,333		196,193


Regional (State & Province) — 0.4%

Provincia de Buenos Aires/Government Bonds

6.63%⁽³⁾		09/01/37		293,888		216,313


REIT — 0.6%

Hudson Pacific Properties LP

3.95%		11/01/27		259,000		248,164

Iron Mountain, Inc. (REIT)

5.63% ⁽¹⁾		07/15/32		76,000		76,071


						324,235

See accompanying Notes to Financial Statements.

105

TCW Multisector Credit Income ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

Retail — 2.2%

1011778 BC ULC/New Red Finance, Inc. (Canada)

4.00% ⁽¹⁾		10/15/30	$	83,000	$	78,574

BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc.

9.50% ⁽¹⁾		07/01/32		175,000		177,256

Ferrellgas LP/Ferrellgas Finance Corp.

5.88% ⁽¹⁾		04/01/29		136,000		129,294

9.25% ⁽¹⁾		01/15/31		50,000		50,474

Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.

6.75% ⁽¹⁾		01/15/30		50,000		46,390

FirstCash, Inc.

6.88% ⁽¹⁾		03/01/32		121,000		125,740

LCM Investments Holdings II LLC

8.25% ⁽¹⁾		08/01/31		117,000		123,171

Lithia Motors, Inc.

5.50% ⁽¹⁾		10/01/30		75,000		75,187

Michaels Cos., Inc.

5.25% ⁽¹⁾		05/01/28		65,000		60,772

Papa John’s International, Inc.

3.88% ⁽¹⁾		09/15/29		146,000		142,543

Suburban Propane Partners LP/Suburban Energy Finance Corp.

5.00% ⁽¹⁾		06/01/31		134,000		127,510


						1,136,911


Semiconductors — 0.0%

Intel Corp.

3.73%		12/08/47		15,000		11,048


Software — 0.5%

Oracle Corp.

5.95%		09/26/55		130,000		123,448

SS&C Technologies, Inc.

6.50% ⁽¹⁾		06/01/32		71,000		73,637

ZoomInfo Technologies LLC/ZoomInfo Finance Corp.

3.88% ⁽¹⁾		02/01/29		81,000		76,440


						273,525


Telecommunications — 2.1%

Altice Financing SA (Luxembourg)

5.00% ⁽¹⁾		01/15/28		342,000		258,224

Altice France SA

6.50% ⁽¹⁾		03/15/32		103,329		99,036

9.50% ⁽¹⁾		11/01/29		125,000		127,449

EchoStar Corp.

10.75%		11/30/29		24,000		26,437

Global Switch Finance BV (United Kingdom)

1.38%⁽³⁾		10/07/30	EUR	100,000		109,249

Telecom Argentina SA (Argentina)

9.50% ⁽¹⁾		07/18/31		251,000		260,638


Issues	Maturity Date		Principal Amount		Value

Telecommunications (Continued)

Windstream Services LLC/Windstream Escrow Finance Corp.

8.25% ⁽¹⁾		10/01/31	$	125,000	$	127,760

WULF Compute LLC

7.75% ⁽¹⁾		10/15/30		75,000		77,888


						1,086,681


Water — 0.6%

Aegea Finance SARL

7.63% ⁽¹⁾		01/20/36		300,000		293,718


Total Corporate Bonds

(Cost: $23,905,567)						24,246,562


FOREIGN GOVERNMENT BONDS — 11.6%

Angola Government International Bonds

8.75%⁽³⁾		04/14/32		370,000		347,670

Argentina Republic Government International Bonds

4.13%		07/09/35		266,529		187,381

Bahrain Government International Bonds

6.75% ⁽¹⁾		09/20/29		328,000		343,652

Brazil Government International Bonds

7.13%		05/13/54		300,000		304,986

Dominican Republic International Bonds

5.88%⁽³⁾		01/30/60		305,000		277,535

Ecuador Government International Bonds

6.90%⁽³⁾		07/31/35		239,849		183,933

Egypt Government International Bonds

7.30%⁽³⁾		09/30/33		275,000		269,291

El Salvador Government International Bonds

9.50%⁽³⁾		07/15/52		161,000		178,348

Gabon Government International Bonds

6.63% ⁽¹⁾		02/06/31		203,000		159,148

Guatemala Government Bonds

6.60% ⁽¹⁾		06/13/36		263,000		284,011

Hungary Government International Bonds

6.75%⁽³⁾		09/23/55		200,000		217,498

Ivory Coast Government International Bonds

6.13% ⁽¹⁾		06/15/33		288,000		280,616

Mexico Government International Bonds

4.40%		02/12/52		282,000		214,453

Nigeria Government International Bonds

7.70% ⁽¹⁾		02/23/38		201,000		189,067

Panama Government International Bonds

6.40%		02/14/35		210,000		221,707

Republic of Poland Government International Bonds

5.50%		03/18/54		230,000		226,357

Republic of South Africa Government International Bonds

5.88%		06/22/30		204,000		211,275

Romania Government International Bonds

6.38% ⁽³⁾		01/30/34		348,000		357,434

7.63% ⁽³⁾		01/17/53		186,000		206,765

See accompanying Notes to Financial Statements.

106

TCW Multisector Credit Income ETF

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

FOREIGN GOVERNMENT BONDS (Continued)

Saudi Government International Bonds

5.00% ⁽³⁾

01/18/53

390,000

358,527

Senegal Government International Bonds

6.25% ⁽¹⁾

05/23/33

387,000

277,227

Sri Lanka Government International Bonds

3.10% ⁽³⁾

01/15/30

215,000

202,844

Turkiye Government International Bonds

9.38%

01/19/33

200,000

233,300

Ukraine Government International Bonds

3.00% ⁽³⁾

02/01/36

350,000

179,259

Total Foreign Government Bonds

(Cost: $5,571,774)

5,912,284

BANK LOANS — 23.6%

Aerospace & Defense —1.0%

Air Comm Corp. LLC 2025 Term Loan

6.71% (1 mo. USD Term SOFR + 2.750%)^(2),(9)

12/11/31

237,290

237,884

TransDigm, Inc. 2025 Term Loan M

6.50% (3 mo. USD Term SOFR + 2.500%)⁽²⁾

08/19/32

250,000

250,368

488,252

Airlines — 0.5%

Air Canada 2024 Term Loan B

5.96% (1 mo. USD Term SOFR + 2.000%)⁽²⁾

03/21/31

247,487

248,385

Auto Parts & Equipment — 0.1%

First Brands Group LLC 2021 Term Loan

0.00% ⁽¹⁰⁾

03/30/27

173,640

57,822

Beverages — 0.2%

Celsius Holdings, Inc. 2025 Term Loan B

6.98% (3 mo. USD Term SOFR + 3.000%)⁽²⁾

04/01/32

97,222

97,860

Commercial Services — 2.4%

Archkey Solutions LLC 2024 Term Loan B

8.25% (3 mo. USD Term SOFR + 4.250%) ^(2),(11)

11/01/31

223,019

224,998

ASP Dream Acquisition Co. LLC Term Loan B

8.31% (1 mo. USD Term SOFR + 4.250%) ⁽²⁾

12/15/28

248,072

235,048

Fugue Finance BV 2025 Repriced Term Loan

6.95% (3 mo. USD Term SOFR + 2.750%) ⁽²⁾

01/09/32

199,500

200,264

Issues

Maturity
Date

Principal
Amount

Value

Commercial Services (Continued)

Priority Holdings LLC 2025 Term Loan B

7.71% (1 mo. USD Term SOFR + 3.750%) ⁽²⁾

07/30/32

243,160

243,586

Trans Union LLC 2024 Term Loan B9

5.71% (1 mo. USD Term SOFR + 1.750%) ⁽²⁾

06/24/31

124,063

124,105

VT Topco, Inc. 2024 1st Lien Term Loan B

6.96% (1 mo. USD Term SOFR + 3.000%)⁽²⁾

08/09/30

199,496

196,803

1,224,804

Computers — 0.4%

Peraton Corp. Term Loan B

7.69% (3 mo. USD Term SOFR + 3.750%)⁽²⁾

02/01/28

247,353

214,326

Cosmetics/Personal Care — 0.2%

Opal Bidco SAS 1st Lien Term Loan B

0.00% ⁽¹⁰⁾

04/28/32

125,000

125,684

Diversified Financial Services — 1.5%

Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6

5.78% (1 mo. USD Term SOFR + 1.750%)⁽²⁾

06/24/30

347,375

348,370

Blackhawk Network Holdings, Inc. 2025 Term Loan B

7.96% (1 mo. USD Term SOFR + 4.000%)⁽²⁾

03/12/29

173,252

174,159

Guggenheim Partners LLC 2024 Term Loan B

6.50% (3 mo. USD Term SOFR + 2.500%)⁽²⁾

11/26/31

248,125

249,470

771,999

Electric — 1.5%

Kestrel Acquisition LLC 2025 Term Loan

6.86% (3 mo. USD Term SOFR + 3.000%)⁽²⁾

11/06/31

329,557

330,356

Potomac Energy Center LLC 2025 Term Loan

6.84% (3 mo. USD Term SOFR + 3.000%)⁽²⁾

08/05/32

125,000

125,782

South Field LLC 2025 1st Lien Term Loan B

7.00% (3 mo. USD Term SOFR + 3.000%)⁽²⁾

08/29/31

296,564

298,788

See accompanying Notes to Financial Statements.

107

TCW Multisector Credit Income ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

Electric (Continued)

South Field LLC 2025 1st Lien Term Loan C

7.00% (3 mo. USD Term SOFR + 3.000%) ⁽²⁾		08/29/31	$	19,071	$	19,214


						774,140


Electronics — 0.7%

TCP Sunbelt Acquisition Co. 2024 Term Loan B

8.45% (3 mo. USD Term SOFR + 4.250%) ⁽²⁾		10/24/31		347,375		349,980


Engineering & Construction — 0.9%

Astrion Group LLC 2024 Term Loan

9.29% (6 mo. USD Term SOFR + 5.000%) ⁽²⁾		08/29/31		205,596		185,036

Holding Socotec SAS 2025 USD Term Loan B

7.37% (3 mo. USD Term SOFR + 3.250%) ⁽²⁾		06/02/31		123,750		124,627

Legence Holdings LLC 2025 Term Loan B

6.97% (1 mo. USD Term SOFR + 3.000%) ⁽²⁾		12/18/28		125,085		125,492


						435,155


Entertainment — 0.7%

Caesars Entertainment, Inc. Term Loan B

6.21% (1 mo. USD Term SOFR + 2.250%) ⁽²⁾		02/06/30		258,730		257,464

Voyager Parent LLC Term Loan B

8.75% (3 mo. USD Term SOFR + 4.750%) ⁽²⁾		07/01/32		125,000		125,164


						382,628


Food — 1.3%

1440 Food Topco LLC Term Loan B

8.96% (1 mo. USD Term SOFR + 5.000%) ⁽²⁾		10/31/31		124,246		115,705

BCPE North Star U.S. HoldCo 2, Inc. Term Loan

8.08% (3 mo. USD Term SOFR + 4.000%) ⁽²⁾		06/09/28		148,455		148,322

United Natural Foods, Inc. 2024 Term Loan

8.71% (1 mo. USD Term SOFR + 4.750%) ⁽²⁾		05/01/31		192,247		193,688

Upfield BV 2025 USD Term Loan B12

0.00% ⁽¹⁰⁾		12/31/27		200,000		187,959


						645,674

Issues

Maturity
Date

Principal
Amount

Value

Forest Products & Paper — 0.4%

Glatfelter Corp. Term Loan B

8.45% (3 mo. USD Term SOFR + 4.250%) ⁽²⁾

11/04/31

232,826

220,719

Health Care-Services — 0.9%

Dermatology Intermediate Holdings III, Inc. 2023 Incremental Term Loan B

9.34% (3 mo. USD Term SOFR + 5.500%)⁽²⁾

03/30/29

122,487

115,444

Heartland Dental LLC 2025 Term Loan

7.71% (1 mo. USD Term SOFR + 3.750%)⁽²⁾

08/25/32

249,375

250,232

Modivcare, Inc. 2025 DIP Delayed Draw Term Loan

9.93% (3 mo. USD Term SOFR + 6.000%)⁽²⁾

02/22/26

22,703

22,476

Modivcare, Inc. 2025 DIP Term Loan

11.00% (1 mo. USD Term SOFR + 7.000%)⁽²⁾

02/22/26

42,610

42,184

Modivcare, Inc. 2025 Incremental Term Loan

15.44% (3 mo. USD Term SOFR + 11.500%) ⁽²⁾

01/12/26

44,109

19,059

449,395

Holding Companies - Diversified — (0.2%)

GC Ferry Acquisition I, Inc. Term Loan

7.71% (3 mo. USD Term SOFR + 3.500%) ^(2),(12)

08/16/32

106,771

106,734

Insurance — 1.2%

AmWINS Group, Inc. 2025 Term Loan B

6.25% (3 mo. USD Term SOFR + 2.250%) ⁽²⁾

01/30/32

248,747

249,351

Asurion LLC 2021 Second Lien Term Loan B4

9.33% (1 mo. USD Term SOFR + 5.250%) ⁽²⁾

01/20/29

125,000

119,522

Asurion LLC 2022 Term Loan B10

8.06% (1 mo. USD Term SOFR + 4.000%) ⁽²⁾

08/19/28

247,449

248,068

616,941

Internet — 2.4%

Arches Buyer, Inc. 2021 Term Loan B

7.31% (1 mo. USD Term SOFR + 3.250%) ⁽²⁾

12/06/27

48,570

48,726

See accompanying Notes to Financial Statements.

108

TCW Multisector Credit Income ETF

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

Internet (Continued)

Delivery Hero SE 2024 USD Term Loan B

9.23% (3 mo. USD Term SOFR + 5.000%) ⁽²⁾

12/12/29

346,482

349,587

Magnite, Inc. 2025 Repriced Term Loan B

6.96% (1 mo. USD Term SOFR + 3.000%) ⁽²⁾

02/06/31

373,125

373,668

MH Sub I LLC 2023 Term Loan

8.25% (3 mo. USD Term SOFR + 4.250%) ⁽²⁾

05/03/28

207,003

188,788

PUG LLC 2024 Extended Term Loan B

0.00% ⁽¹⁰⁾

03/15/30

125,000

125,208

TripAdvisor, Inc. Term Loan

6.71% (1 mo. USD Term SOFR + 2.750%) ⁽²⁾

07/08/31

124,060

120,338

1,206,315

Investment Companies — 0.2%

HDI Aerospace Intermediate Holding III Corp. Term Loan B

7.69% (3 mo. USD Term SOFR + 3.750%) ⁽²⁾

02/11/32

99,500

100,060

Machinery-Construction & Mining — 0.5%

WEC U.S. Holdings Ltd. 2024 Term Loan

6.38% (1 mo. USD Term SOFR + 2.250%) ⁽²⁾

01/27/31

247,494

248,346

Media — 0.7%

Charter Communications Operating LLC 2024 Term Loan B5

6.24% (3 mo. USD Term SOFR + 2.250%) ⁽²⁾

12/15/31

124,063

123,999

Virgin Media Bristol LLC USD Term Loan N

6.65% (1 mo. USD Term SOFR + 2.500%) ⁽²⁾

01/31/28

22,057

22,075

Ziggo Financing Partnership 2025 Term Loan B

7.03% (6 mo. USD Term SOFR + 3.250%) ⁽²⁾

01/15/33

150,000

147,375

Ziggo Financing Partnership USD Term Loan I

6.71% (6 mo. USD Term SOFR + 2.500%) ⁽²⁾

04/30/28

75,945

75,963

369,412

Issues

Maturity
Date

Principal
Amount

Value

Miscellaneous Manufacturers — 0.5%

Cleanova U.S. Holdings LLC 2025 Term Loan B

8.81% (3 mo. USD Term SOFR + 4.750%) ⁽²⁾

06/14/32

250,000

250,625

Office/Business Equipment — 0.5%

Xerox Holdings Corp. 2023 Term Loan B

8.00% (3 mo. USD Term SOFR + 4.000%)

11/19/29

281,547

263,012

Retail — 1.5%

Peer Holding III BV 2025 USD Term Loan B

0.00% ⁽¹⁰⁾

09/29/32

250,000

250,469

Tacala LLC 2025 Repriced Term Loan B

6.96% (1 mo. USD Term SOFR + 3.000%) ⁽²⁾

01/31/31

249,370

250,573

Thermostat Purchaser III, Inc. 2024 Term Loan B

8.25% (3 mo. USD Term SOFR + 4.250%) ⁽²⁾

08/31/28

249,369

249,784

750,826

Software — 3.2%

Cast & Crew Payroll LLC 2021 Incremental Term Loan

7.71% (1 mo. USD Term SOFR + 3.750%) ⁽²⁾

12/29/28

123,714

102,111

Cloud Software Group, Inc. 2025 Term Loan B (2031)

7.25% (3 mo. USD Term SOFR + 3.250%)

03/21/31

248,750

249,081

DTI Holdco, Inc. 2025 Term Loan B

0.00% ^(10),(2)

04/26/29

99,749

88,091

Open Text Corp. 2023 Term Loan B

5.71% (1 mo. USD Term SOFR + 1.750%) ⁽²⁾

01/31/30

344,328

344,523

Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B

7.25% (3 mo. USD Term SOFR + 3.250%)

10/26/30

248,744

249,098

Renaissance Holding Corp. 2024 1st Lien Term Loan

7.96% (1 mo. USD Term SOFR + 4.000%) ⁽²⁾

04/05/30

247,481

214,552

SolarWinds Holdings, Inc. 2025 Term Loan

8.03% (3 mo. USD Term SOFR + 4.000%) ⁽²⁾

04/16/32

125,000

124,532

See accompanying Notes to Financial Statements.

109

TCW Multisector Credit Income ETF

Schedule of Investments (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Software (Continued)

Surf Holdings LLC 2025 Incremental Term Loan

7.58% (1 mo. USD Term SOFR + 3.500%) ⁽²⁾

03/05/27

248,038

248,555

1,620,543

Total Bank Loans

(Cost: $12,224,808)

12,019,637

Total Fixed Income Securities

(Cost: $43,435,619)

43,906,914

CONVERTIBLE SECURITIES — 0.1%

CONVERTIBLE CORPORATE BONDS — 0.1%

Commercial Services — 0.1%

Worldline SA (France)

0.00% ^(3),(13)

07/30/26

EUR

25,594

28,446

Total Convertible Corporate Bonds

(Cost: $26,025)

28,446


Issues	Shares		Value

COMMON STOCK — 0.0%

Beverages — 0.0%

Luxco Co. Ltd. ⁽¹⁴⁾		1,312	$	22,070


Total Common Stock

(Cost: $23,243)				22,070


MONEY MARKET INVESTMENTS — 7.2%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.01%⁽¹⁵⁾		204,472		204,472

TCW Central Cash Fund, 4.07%^(15),(16)		3,462,341		3,462,341


Total Money Market Investments

(Cost: $3,666,813)				3,666,813


Total Investments (93.6%)

(Cost: $47,151,700)				47,624,243

Net Unrealized Appreciation/Depreciation On Unfunded Commitments (0.0%)				109

Excess Of Other Assets Over Liabilities (6.4%)			3,238,239


Net Assets (100.0%)			$	50,862,591


Forward Currency Exchange Contracts

Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for USD		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY⁽¹⁷⁾
Goldman Sachs & Co.		EUR		242,192		01/09/26	$	282,600	$	280,207	$	(2,393	)

							$	282,600	$	280,207	$	(2,393	)

SELL⁽¹⁸⁾
Goldman Sachs & Co.		EUR		572,137		01/09/26	$	675,297	$	661,938	$	13,359
Citibank N.A.		EUR		46,813		01/09/26		54,618		54,161		457

							$	729,915	$	716,099	$	13,816

Notes to the Schedule of Investments:

CLO

Collateralized Loan Obligation.

EUR

Euro Currency.

PIK

Payment In Kind.

SOFR

Secured Overnight Financing Rate.

(1)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At October 31, 2025, the value of these securities amounted to $20,663,613 or 40.6% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.

(2)

Floating or variable rate security. The interest shown reflects the rate in effect at October 31, 2025.

(3)

(4)

Perpetual maturity.

(5)

Payment in kind (“PIK”).

See accompanying Notes to Financial Statements.

110

TCW Multisector Credit Income ETF

October 31, 2025

(6)

PIK security. Income may be paid in additional securities or cash at the discretion of the issuer - 5.00% cash or 10.00% PIK interest.

(7)

Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued.

(8)

PIK security. Income may be paid in additional securities or cash at the discretion of the issuer - 9.05% cash or 9.00% PIK interest.

(9)

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $11,538, at an interest rate of 6.74% and a maturity of December 11, 2031.The investment is accruing an unused commitment fee of 2.75% per annum.

(10)

(11)

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $26,092, at an interest rate of 8.25% and a maturity of November 1, 2031.The investment is accruing an unused commitment fee of 4.25% per annum.

(12)

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $18,229, at an interest rate of 1.75% and a maturity of August 16, 2032. The investment is accruing an unused commitment fee of 3.50% per annum.

(13)

Security is not accruing interest.

(14)

Non-income producing security.

(15)

Rate disclosed is the 7-day net yield as of October 31, 2025.

(16)

Affiliated issuer.

(17)

Fund buys foreign currency, sells USD.

(18)

Fund sells foreign currency, buys USD.

The summary of the TCW Multisector Credit Income ETF transactions in the affiliated funds for the year ended October 31, 2025 is as follows:


Name of Affiliated Fund	Value at November 15, 2024		Purchases at Cost		Proceeds from Sales		Number of Shares Held October 31, 2025		Value at October 31, 2025		Dividends and Interest Income Received		Distributions Received from Net Realized Gain		Net Realized Gain (Loss) on Investments		Net change in Unrealized Gain (Loss) on Investments
TCW Central Cash Fund
	$	—	$	23,847,341	$	20,385,000		3,462,341	$	3,462,341	$	68,370	$	—	$	—	$	—

Total									$	3,462,341	$	68,370	$	—	$	—	$	—

See accompanying Notes to Financial Statements.

111

TCW Multisector Credit Income ETF

Fair Valuation Summary

October 31, 2025

The following is a summary of the fair valuations according to the inputs used as of October 31, 2025 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Corporate Bonds	$	—	$	24,246,562		$	—	$	24,246,562
Bank Loans		—		12,019,637			—		12,019,637
Foreign Government Bonds		—		5,912,284			—		5,912,284
Asset-Backed Securities		—		1,728,431			—		1,728,431

Total Fixed Income Securities		—		43,906,914			—		43,906,914

Convertible Corporate Bonds		—		28,446			—		28,446
Money Market Investments		3,666,813		—			—		3,666,813
Common Stock		—		22,070			—		22,070
Net Unrealized Appreciation (Depreciation) on Unfunded Commitments		—		109			—		109

Total Investments	$	3,666,813	$	43,957,539		$	—	$	47,624,352

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—		13,816			—		13,816

Total	$	3,666,813	$	43,971,355		$	—	$	47,638,168

Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(2,393	)	$	—	$	(2,393	)

Total	$	—	$	(2,393	)	$	—	$	(2,393	)

See accompanying Notes to Financial Statements.

112

TCW Senior Loan ETF

Schedule of Investments

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

FIXED INCOME SECURITIES — 93.2% of Net Assets

BANK LOANS — 90.5%

Advertising — 1.2%

Advantage Sales & Marketing, Inc. 2024 Term Loan

8.45% (3 mo. USD Term SOFR + 4.250%) ⁽¹⁾

10/28/27

1,094,673

968,709

Outfront Media Capital LLC 2025 Term Loan B

6.02% (1 mo. USD Term SOFR + 2.000%)

09/24/32

748,893

749,477

Planet U.S. Buyer LLC 2024 Term Loan B

7.20% (3 mo. USD Term SOFR + 3.000%)⁽¹⁾

02/07/31

647,902

652,103

Wasserman Media Group LLC Term Loan B

6.99% (1 mo. USD Term SOFR + 3.000%)⁽¹⁾

06/23/32

700,000

704,375

3,074,664

Aerospace & Defense — 0.3%

Air Comm Corp. LLC 2025 Term Loan

6.74% (3 mo. USD Term SOFR + 2.750%)^(1),(2)

12/11/31

334,143

334,980

Novaria Holdings LLC 2024 Term Loan B

7.21% (1 mo. USD Term SOFR + 3.500%)⁽¹⁾

06/06/31

443,512

444,807

779,787

Agriculture — 0.2%

Alltech, Inc. 2025 Term Loan

8.33% (1 mo. USD Term SOFR + 4.250%)⁽¹⁾

08/13/30

546,856

549,421

Airlines — 0.6%

Air Canada 2024 Term Loan B

5.96% (1 mo. USD Term SOFR + 2.000%)⁽¹⁾

03/21/31

504,512

506,341

United Airlines, Inc. 2024 1st Lien Term Loan B

6.20% (3 mo. USD Term SOFR + 2.000%)⁽¹⁾

02/22/31

1,068,653

1,072,950

1,579,291

Apparel — 0.9%

ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B

6.21% (1 mo. USD Term SOFR + 2.250%)⁽¹⁾

12/21/28

1,175,696

1,176,542

Issues

Maturity
Date

Principal
Amount

Value

Apparel (Continued)

WH Borrower LLC 2025 Term Loan B

8.95% (3 mo. USD Term SOFR + 4.750%)⁽¹⁾

02/20/32

997,500

999,994

2,176,536

Auto Parts & Equipment — 0.1%

First Brands Group LLC 2021 Term Loan

0.00% (3 mo. USD Term SOFR + 5.000%)⁽³⁾

03/30/27

968,971

322,667

Banks — 0.1%

Chrysaor Bidco Sarl 2025 USD Term Loan B

7.16% (3 mo. USD Term SOFR + 3.250%)⁽¹⁾

10/30/31

287,314

288,319

Beverages — 1.4%

Arterra Wines Canada, Inc. 2020 Term Loan

7.76% (3 mo. USD Term SOFR + 3.500%)⁽¹⁾

11/24/27

415,396

405,646

Naked Juice LLC 2025 FLFO Term Loan

9.50% (3 mo. USD Term SOFR + 5.500%)⁽¹⁾

01/24/29

8,853

8,941

Pegasus BidCo BV 2025 USD Repriced Term Loan B

6.76% (3 mo. USD Term SOFR + 2.750%)⁽¹⁾

07/12/29

1,340,312

1,350,364

Triton Water Holdings, Inc. 2025 Term Loan B

6.25% (3 mo. USD Term SOFR + 2.250%)⁽¹⁾

03/31/28

1,739,366

1,745,932

3,510,883

Building Materials — 0.2%

PHRG Intermediate LLC 2025 Term Loan B

8.00% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾

02/20/32

393,986

385,369

Standard Industries, Inc. 2021 Term Loan B

5.75% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

09/22/28

159,255

159,974

545,343

Chemicals — 0.9%

Archroma Finance SARL 2023 USD Term Loan B2A

9.20% (6 mo. USD Term SOFR + 5.500%)⁽¹⁾

06/30/27

1,176,157

911,522

See accompanying Notes to Financial Statements.

113

TCW Senior Loan ETF

Schedule of Investments (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Chemicals (Continued)

Chemours Co. 2025 Term Loan B

7.46% (1 mo. USD Term SOFR + 3.500%)⁽¹⁾

10/15/32

293,703

289,591

Mativ Holdings, Inc. Delayed Draw Term Loan A

6.56% (1 mo. USD Term SOFR + 2.500%)⁽¹⁾

05/06/27

1,112,320

1,106,758

2,307,871

Commercial Services — 14.6%

Albion Financing 3 SARL 2025 USD Term Loan

7.22% (3 mo. USD Term SOFR + 3.000%)⁽¹⁾

05/21/31

1,531,893

1,543,390

Allied Universal Holdco LLC 2025 USD Term Loan B

7.31% (1 mo. USD Term SOFR + 3.250%)⁽¹⁾

08/20/32

630,000

633,267

Amspec Parent LLC 2025 Delayed Draw Term Loan

7.50% (3 mo. USD Term SOFR + 3.500%)⁽¹⁾

12/20/31

193,140

194,770

Amspec Parent LLC 2025 Term Loan

7.50% (3 mo. USD Term SOFR + 3.500%)⁽¹⁾

12/20/31

1,253,525

1,264,105

Anticimex Global AB 2025 USD Term Loan

0.00% ⁽³⁾

11/17/31

750,000

Anticimex International AB 2024 Term Loan B6

7.76% (3 mo. USD Term SOFR + 3.400%)⁽¹⁾

11/16/28

1,497,783

1,507,384

APi Group DE, Inc. 2025 Term Loan

5.71% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

01/03/29

955,701

957,856

Archkey Solutions LLC 2024 Term Loan B

8.25% (1 mo. USD Term SOFR + 4.750%)^(1),(4)

11/01/31

1,057,274

1,066,657

ASP Dream Acquisition Co. LLC Term Loan B

8.31% (1 mo. USD Term SOFR + 4.250%)⁽¹⁾

12/15/28

877,686

831,607

Astro Acquisition LLC 2025 Term Loan B

7.12% (6 mo. USD Term SOFR + 3.250%)⁽¹⁾

08/28/32

600,000

604,125

Belron Finance 2019 LLC 2025 Repriced Term Loan B

6.74% (3 mo. USD Term SOFR + 2.500%)⁽¹⁾

10/16/31

973,130

979,115

Issues

Maturity
Date

Principal
Amount

Value

Commercial Services (Continued)

Berkeley Research Group LLC Term Loan B

7.25% (3 mo. USD Term SOFR + 3.250%)⁽¹⁾

05/01/32

480,000

482,234

Boost Newco Borrower LLC 2025 USD Term Loan B

6.00% (3 mo. USD Term SOFR + 2.000%)⁽¹⁾

01/31/31

1,241,884

1,246,541

CCRR Parent, Inc. Term Loan B

8.71% (3 mo. USD Term SOFR + 4.250%)⁽¹⁾

03/06/28

832,378

276,766

Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan

7.68% (3 mo. USD Term SOFR + 3.750%)⁽¹⁾

07/06/29

1,304,214

1,315,632

Ensemble RCM LLC 2024 Term Loan B

6.84% (3 mo. USD Term SOFR + 3.000%)⁽¹⁾

08/01/29

1,540,994

1,548,899

Fugue Finance BV 2025 Repriced Term Loan

6.95% (3 mo. USD Term SOFR + 2.750%)⁽¹⁾

01/09/32

1,692,758

1,699,241

Herc Holdings, Inc. Term Loan B

6.11% (1 mo. USD Term SOFR + 2.000%)⁽¹⁾

06/02/32

945,946

951,759

ION Platform Finance U.S., Inc. USD Term Loan

7.69% (3 mo. USD Term SOFR + 3.750%)⁽¹⁾

10/07/32

550,000

539,688

Kelso Industries LLC Term Loan

9.65% (1 mo. USD Term SOFR + 5.750%)^(1),(5)

12/30/29

1,422,323

1,425,879

Learning Care Group U.S. No. 2, Inc. 2024 Term Loan B

8.23% (3 mo. USD Term SOFR + 4.000%)

08/11/28

1,211,407

1,191,419

Lernen Bidco Ltd. 2025 USD Term Loan B3A

7.87% (3 mo. USD Term SOFR + 3.500%)⁽¹⁾

10/27/31

995,006

997,081

Lernen Bidco Ltd. 2025 USD Term Loan B3B

7.84% (3 mo. USD Term SOFR + 3.500%)⁽¹⁾

10/27/31

249,375

249,895

Nuvei Technologies Corp. 2025 Repriced Term Loan B

6.71% (3 mo. USD Term SOFR + 2.750%)⁽¹⁾

11/17/31

1,161,852

1,164,367

See accompanying Notes to Financial Statements.

114

TCW Senior Loan ETF

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

Commercial Services (Continued)

Prime Security Services Borrower LLC 2024 1st Lien Term Loan B

6.13% (1 mo. USD Term SOFR + 2.000%)⁽¹⁾

10/13/30

557,786

557,490

Prime Security Services Borrower LLC 2025 Incremental Term Loan B

5.86% (1 mo. USD Term SOFR + 1.750%)

03/07/32

498,747

496,565

Priority Holdings LLC 2025 Term Loan B

7.71% (1 mo. USD Term SOFR + 3.750%)⁽¹⁾

07/30/32

1,465,394

1,467,959

Prometric Holdings, Inc. 2025 Term Loan B

7.71% (1 mo. USD Term SOFR + 3.750%)⁽¹⁾

06/25/32

650,000

654,062

Raven Acquisition Holdings LLC Delayed Draw Term Loan

0.00% ⁽³⁾

11/19/31

13,333

13,352

Raven Acquisition Holdings LLC Term Loan B

0.00% (1 mo. USD Term SOFR + 3.250%)⁽³⁾

11/19/31

185,733

185,999

Sabert Corp. 2024 Term Loan B

7.08% (1 mo. USD Term SOFR + 3.000%)⁽¹⁾

12/10/26

1,516,528

1,519,371

Secretariat Advisors LLC 2025 Term Loan B

8.00% (3 mo. USD Term SOFR + 4.000%)^(1),(6)

02/28/32

1,233,348

1,238,750

TruGreen LP 2020 2nd Lien Term Loan

12.60% (3 mo. USD Term SOFR + 8.500%)⁽¹⁾

11/02/28

500,000

455,315

TTF Holdings LLC 2024 Term Loan

7.79% (6 mo. USD Term SOFR + 3.750%)⁽¹⁾

07/18/31

707,837

653,865

United Rentals, Inc. 2025 Repriced Term Loan B

5.46% (1 mo. USD Term SOFR + 1.500%)⁽¹⁾

02/14/31

498,734

502,038

United Talent Agency LLC 2025 Term Loan B

7.53% (1 mo. USD Term SOFR + 3.500%)⁽¹⁾

06/10/32

1,479,981

1,494,781

Valvoline, Inc. Term Loan B

0.00% ⁽³⁾

03/19/32

549,580

551,229

Veritiv Corp. Term Loan B

8.00% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾

12/02/30

988,001

951,489

Issues

Maturity
Date

Principal
Amount

Value

Commercial Services (Continued)

Vistage Worldwide, Inc. Term Loan

7.75% (3 mo. USD Term SOFR + 3.750%)⁽¹⁾

07/13/29

1,240,409

1,240,025

VT Topco, Inc. 2024 1st Lien Term Loan B

6.96% (3 mo. USD Term SOFR + 3.000%)⁽¹⁾

08/09/30

684,156

674,920

XPLOR T1 LLC Term Loan B

7.50% (3 mo. USD Term SOFR + 3.500%)

06/24/31

849,529

850,591

36,929,478

Computers — 4.8%

Access CIG LLC 2025 Term Loan

7.96% (1 mo. USD Term SOFR + 4.000%)⁽¹⁾

08/19/30

739,304

737,282

Amentum Government Services Holdings LLC 2024 Term Loan B

6.21% (1 mo. USD Term SOFR + 2.250%)⁽¹⁾

09/29/31

508,603

509,112

Clover Holdings 2 LLC Term Loan B

7.83% (1 mo. USD Term SOFR + 3.750%)⁽¹⁾

12/09/31

1,361,525

1,363,227

Cyberswift U.S. Finco LLC Term Loan B

7.90% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾

10/08/32

697,722

699,906

Imprivata, Inc. 2025 Term Loan B

7.00% (3 mo. USD Term SOFR + 3.000%)⁽¹⁾

12/01/27

1,500,582

1,510,275

NCR Atleos LLC 2025 Term Loan B

7.03% (3 mo. USD Term SOFR + 3.000%)⁽¹⁾

04/16/29

1,189,689

1,192,170

Nielsen Consumer, Inc. 2025 USD 1st Lien Term Loan

6.46% (1 mo. USD Term SOFR + 2.500%)⁽¹⁾

10/31/30

1,414,339

Peraton Corp. 2nd Lien Term Loan B1

12.05% (3 mo. USD Term SOFR + 7.750%)⁽¹⁾

02/01/29

248,837

128,696

Peraton Corp. Term Loan B

7.69% (1 mo. USD Term SOFR + 3.750%)⁽¹⁾

02/01/28

1,299,419

1,125,920

Ping Identity Holding Corp. 2025 Term Loan

0.00% ⁽³⁾

10/31/32

468,769

469,648

See accompanying Notes to Financial Statements.

115

TCW Senior Loan ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

Computers (Continued)

SMX Group LLC Term Loan

8.46% (3 mo. USD Term SOFR + 4.500%)⁽¹⁾		02/06/32	$	942,500	$	943,287

Tempo Acquisition LLC 2025 Repriced Term Loan B

5.71% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾		08/31/28		1,211,856		1,182,317

Twitter, Inc. Term Loan

10.45% (3 mo. USD Term SOFR + 6.500%)⁽¹⁾		10/26/29		306,755		299,469

X Corp. 2025 Fixed Term Loan

9.50%		10/26/29		500,000		502,188


						12,077,836


Cosmetics/Personal Care — 0.7%

ACP Tara Holdings, Inc. 2025 Term Loan B

0.00% ⁽³⁾		09/17/32		671,524		674,881

Opal Bidco SAS 1st Lien Term Loan B

6.90% (3 mo. USD Term SOFR + 3.000%)		04/28/32		1,125,000		1,131,154


						1,806,035


Distribution & Wholesale — 0.1%

Resideo Funding, Inc. 2024 1st Lien Term Loan B

6.03% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾		02/11/28		292,778		293,969


Diversified Financial Services — 3.6%

Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6

5.78% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾		06/22/30		985,056		987,879

Blackhawk Network Holdings, Inc. 2025 Term Loan B

7.96% (1 mo. USD Term SOFR + 4.000%)⁽¹⁾		03/12/29		985,028		990,185

Corpay Technologies Operating Co. LLC Term Loan B5

5.81% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾		04/28/28		1,612,118		1,613,126

Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B

7.45% (6 mo. USD Term SOFR + 3.250%)⁽¹⁾		01/27/32		875,231		878,697

Delos Aircraft DAC Term Loan

5.75% (3 mo. USD Term SOFR + 1.750%)⁽¹⁾		10/31/27		333,333		335,148

Issues

Maturity
Date

Principal
Amount

Value

Diversified Financial Services (Continued)

Guggenheim Partners LLC 2024 Term Loan B

6.50% (3 mo. USD Term SOFR + 2.500%)⁽¹⁾

11/26/31

979,473

984,782

Jane Street Group LLC 2024 Term Loan B1

6.20% (3 mo. USD Term SOFR + 2.000%)⁽¹⁾

12/15/31

1,989,556

1,973,510

Jefferies Finance LLC 2024 Term Loan

6.80% (1 mo. USD Term SOFR + 3.000%)⁽¹⁾

10/21/31

871,545

858,472

Setanta Aircraft Leasing DAC 2024 Term Loan B

5.75% (3 mo. USD Term SOFR + 1.750%)⁽¹⁾

11/05/28

420,583

422,899

9,044,698

Electric — 4.3%

Alpha Generation LLC Term Loan B

5.96% (1 mo. USD Term SOFR + 2.750%)⁽¹⁾

09/30/31

497,487

498,674

Astoria Energy LLC 2025 Term Loan B

6.75% (3 mo. USD Term SOFR + 2.750%)⁽¹⁾

06/23/32

497,887

500,300

Calpine Corp. 2024 Term Loan B10

5.71% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

01/31/31

184,576

184,627

Calpine Corp. 2024 Term Loan B5

5.71% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

02/15/32

1,214,286

1,214,735

Carroll County Energy LLC 2024 Term Loan B

7.25% (3 mo. USD Term SOFR + 3.250%)⁽¹⁾

06/30/31

518,623

521,216

Compass Power Generation LLC 2025 Term Loan B

7.21% (1 mo. USD Term SOFR + 3.250%)⁽¹⁾

04/14/29

1,473,035

1,485,003

Cornerstone Generation LLC Term Loan B

7.48% (3 mo. USD Term SOFR + 3.250%)⁽¹⁾

08/11/32

1,250,000

1,262,725

Edgewater Generation LLC 2025 Repriced Term Loan

6.96% (1 mo. USD Term SOFR + 3.000%)⁽¹⁾

08/01/30

1,093,411

1,097,588

EFS Cogen Holdings I LLC 2025 Term Loan B

7.00% (3 mo. USD Term SOFR + 3.000%)⁽¹⁾

10/03/31

790,779

796,654

See accompanying Notes to Financial Statements.

116

TCW Senior Loan ETF

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

Electric (Continued)

Potomac Energy Center LLC 2025 Term Loan

6.84% ⁽¹⁾

08/05/32

750,000

754,687

South Field LLC 2025 1st Lien Term Loan B

7.00% (3 mo. USD Term SOFR + 3.000%)⁽¹⁾

08/29/31

673,984

679,039

South Field LLC 2025 1st Lien Term Loan C

7.00% (3 mo. USD Term SOFR + 3.000%)⁽¹⁾

08/29/31

43,342

43,667

Talen Energy Supply LLC 2023 Term Loan B

6.73% (3 mo. USD Term SOFR + 2.500%)⁽¹⁾

05/17/30

269,976

270,632

Vistra Operations Co. LLC 1st Lien Term Loan B3

5.71% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

12/20/30

1,493,668

1,498,335

10,807,882

Electrical Components & Equipment — 0.6%

Energizer Holdings, Inc. 2025 Term Loan B

6.00% (1 mo. USD Term SOFR + 2.000%)⁽¹⁾

03/19/32

231,933

232,658

Pelican Products, Inc. 2021 Term Loan

8.51% (3 mo. USD Term SOFR + 4.250%)⁽¹⁾

12/29/28

1,458,557

1,182,160

1,414,818

Electronics — 1.7%

Coherent Corp. 2025 Term Loan B2

5.71% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

07/02/29

685,758

687,685

LSF12 Crown U.S. Commercial Bidco LLC 2025 Term Loan B

7.66% (1 mo. USD Term SOFR + 3.500%)⁽¹⁾

12/02/31

498,750

502,334

Mirion Technologies, Inc. 2025 Term Loan B

6.25% (3 mo. USD Term SOFR + 2.250%)⁽¹⁾

06/04/32

1,500,000

1,510,627

TCP Sunbelt Acquisition Co. 2024 Term Loan B

8.45% (3 mo. USD Term SOFR + 4.250%)⁽¹⁾

10/24/31

1,488,750

1,499,916

4,200,562

Energy-Alternate Sources — 0.4%

Oregon Clean Energy LLC 2024 1st Lien Term Loan B

7.50% (3 mo. USD Term SOFR + 3.500%)⁽¹⁾

07/12/30

1,068,080

1,074,531

Issues

Maturity
Date

Principal
Amount

Value

Engineering & Construction — 2.5%

Astrion Group LLC 2024 Term Loan

9.29% (3 mo. USD Term SOFR + 5.000%)⁽¹⁾

08/29/31

1,394,639

1,255,175

DG Investment Intermediate Holdings 2, Inc. 2025 Term Loan

7.71% (1 mo. USD Term SOFR + 3.750%)

07/09/32

1,557,328

1,563,176

Holding Socotec SAS 2025 USD Term Loan B

7.37% (3 mo. USD Term SOFR + 3.250%)⁽¹⁾

06/02/31

1,433,985

1,444,145

ITG Communications LLC Term Loan B

8.95% (3 mo. USD Term SOFR + 4.750%)⁽¹⁾

07/09/31

1,405,000

1,373,395

Legence Holdings LLC 2025 Term Loan B

6.97% (1 mo. USD Term SOFR + 3.250%)⁽¹⁾

12/18/28

817,708

820,365

6,456,256

Entertainment — 5.4%

Banijay Entertainment SAS 2025 USD Term Loan B3

6.88% (1 mo. USD Term SOFR + 2.750%)⁽¹⁾

03/01/28

962,385

968,800

Churchill Downs, Inc. 2021 Incremental Term Loan B1

5.71% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

03/17/28

496,104

496,724

Delta 2 Lux SARL 2024 Term Loan B1

6.00% (3 mo. USD Term SOFR + 2.000%)⁽¹⁾

09/30/31

366,667

367,697

DK Crown Holdings, Inc. 2025 Term Loan B

5.86% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

03/04/32

1,243,750

1,240,255

EOC Borrower LLC Term Loan A

7.71% (1 mo. USD Term SOFR + 3.750%)⁽¹⁾

03/24/28

299,021

300,330

EOC Borrower LLC Term Loan B

6.96% ⁽¹⁾

03/24/32

568,575

572,248

Flutter Financing BV 2024 Term Loan B

5.75% (3 mo. USD Term SOFR + 1.750%)⁽¹⁾

11/30/30

1,737,870

1,733,091

Flutter Financing BV 2025 Term Loan B

6.00% (3 mo. USD Term SOFR + 2.000%)⁽¹⁾

06/04/32

299,250

298,252

See accompanying Notes to Financial Statements.

117

TCW Senior Loan ETF

Schedule of Investments (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Entertainment (Continued)

GVC Holdings Gibraltar Ltd. 2025 Term Loan B5 (2032)

6.37% (3 mo. USD Term SOFR + 2.250%)⁽¹⁾

07/31/32

1,680,000

1,675,800

GVC Holdings Gibraltar Ltd. 2025 Term Loan B6 (2029)

6.37% (3 mo. USD Term SOFR + 2.250%)⁽¹⁾

10/31/29

248,121

248,529

Herschend Entertainment Co. LLC 2025 Term Loan B

7.21% (1 mo. USD Term SOFR + 3.250%)⁽¹⁾

05/27/32

343,402

345,517

J&J Ventures Gaming LLC 2025 Repriced Term Loan B

7.46% (1 mo. USD Term SOFR + 3.500%)⁽¹⁾

04/26/30

1,238,772

1,229,091

Light & Wonder International, Inc. 2024 Term Loan B2

6.29% (1 mo. USD Term SOFR + 2.250%)⁽¹⁾

04/14/29

773,784

777,169

Showtime Acquisition LLC 2024 1st Lien Term Loan

8.94% (3 mo. USD Term SOFR + 4.750%)⁽¹⁾

08/16/31

721,756

724,011

TKO Worldwide Holdings LLC 2025 Term Loan

6.04% (3 mo. USD Term SOFR + 2.000%)⁽¹⁾

11/21/31

1,822,441

1,828,574

Voyager Parent LLC Term Loan B

8.75% (3 mo. USD Term SOFR + 4.750%)⁽¹⁾

07/01/32

825,000

826,085

13,632,173

Environmental Control — 2.1%

Action Environmental Group, Inc. 2023 Term Loan B

7.25% (3 mo. USD Term SOFR + 3.750%)

10/24/30

1,235,683

1,238,772

ERM Emerald U.S., Inc. USD Term Loan B1

7.00% (3 mo. USD Term SOFR + 3.000%)⁽¹⁾

07/12/28

1,371,520

1,374,380

Heritage-Crystal Clean, Inc. Term Loan B

7.75% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾

10/17/30

1,153,807

1,160,534

MIP V Waste Holdings LLC 2025 Term Loan B

6.59% (3 mo. USD Term SOFR + 2.750%)

08/20/32

1,197,000

1,202,985

Reworld Holding Corp. Term Loan B

6.28% (1 mo. USD Term SOFR + 2.250%)⁽¹⁾

11/30/28

443,756

444,533

Issues

Maturity
Date

Principal
Amount

Value

Environmental Control (Continued)

Reworld Holding Corp. Term Loan C

6.28% (1 mo. USD Term SOFR + 2.250%)⁽¹⁾

11/30/28

34,350

34,410

5,455,614

Food — 2.5%

1440 Food Topco LLC Term Loan B

8.96% (1 mo. USD Term SOFR + 5.000%)⁽¹⁾

10/31/31

633,230

589,699

BCPE North Star U.S. HoldCo 2, Inc. Term Loan

8.08% (1 mo. USD Term SOFR + 4.000%)⁽¹⁾

06/09/28

441,105

440,710

C&S Wholesale Grocers, Inc. Term Loan B

8.96% (3 mo. USD Term SOFR + 5.000%)⁽¹⁾

09/20/30

1,000,000

988,125

Nourish Buyer I, Inc. 2025 Term Loan B

8.53% (1 mo. USD Term SOFR + 4.500%)⁽¹⁾

07/09/32

1,000,000

1,002,500

Simply Good Foods USA, Inc. 2023 Term Loan B

5.96% (1 mo. USD Term SOFR + 2.000%)⁽¹⁾

03/17/27

831,125

United Natural Foods, Inc. 2024 Term Loan

8.71% (1 mo. USD Term SOFR + 4.750%)⁽¹⁾

05/01/31

1,338,997

1,349,039

Upfield BV 2025 USD Term Loan B12

8.27% (3 mo. USD Term SOFR + 3.750%)

02/12/26

1,083,176

1,017,963

6,219,161

Food Service — 0.8%

Aramark Services, Inc. 2025 Repriced Term Loan

5.71% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

04/06/28

1,354,490

1,358,160

Gategroup Finance Luxembourg SA USD Term Loan B

8.38% (1 mo. USD Term SOFR + 4.250%)⁽¹⁾

06/10/32

597,649

603,533

1,961,693

Forest Products & Paper — 0.1%

Glatfelter Corp. Term Loan B

8.45% (3 mo. USD Term SOFR + 4.250%)⁽¹⁾

11/04/31

175,853

166,708

See accompanying Notes to Financial Statements.

118

TCW Senior Loan ETF

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

Health Care-Products — 1.3%

Bausch & Lomb Corp. 2023 Incremental Term Loan

7.96% (1 mo. USD Term SOFR + 4.000%)⁽¹⁾

09/29/28

235,743

236,776

Bausch & Lomb Corp. 2025 Term Loan B

8.21% (1 mo. USD Term SOFR + 4.250%)⁽¹⁾

01/15/31

941,653

948,716

Medline Borrower LP 2025 Term Loan B

5.96% (1 mo. USD Term SOFR + 2.000%)⁽¹⁾

10/23/28

969,511

971,368

QuidelOrtho Corp. Term Loan

8.00% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾

08/20/32

1,060,084

1,055,281

3,212,141

Health Care-Services — 3.9%

ADMI Corp. 2023 Term Loan B5

9.71% (1 mo. USD Term SOFR + 5.750%)⁽¹⁾

12/23/27

1,002,139

968,943

AHP Health Partners, Inc. 2025 Term Loan B

6.21% (1 mo. USD Term SOFR + 2.250%)⁽¹⁾

09/20/32

500,000

502,580

Concentra Health Services, Inc. 2025 Repriced Term Loan B

5.96% (1 mo. USD Term SOFR + 2.000%)⁽¹⁾

07/26/31

795,046

798,278

Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B

8.09% (3 mo. USD Term SOFR + 4.250%)⁽¹⁾

03/30/29

884,642

837,826

Dermatology Intermediate Holdings III, Inc. 2023 Incremental Term Loan B

9.34% (3 mo. USD Term SOFR + 5.500%)⁽¹⁾

03/30/29

197,000

185,672

Fortrea Holdings, Inc. Term Loan B

7.71% (1 mo. USD Term SOFR + 3.750%)⁽¹⁾

07/01/30

684,041

648,557

Heartland Dental LLC 2025 Term Loan

7.71% (1 mo. USD Term SOFR + 3.750%)⁽¹⁾

08/25/32

1,208,425

1,212,576

Inception Holdco SARL 2025 Repriced Term Loan

7.25% (3 mo. USD Term SOFR + 3.250%)⁽¹⁾

04/18/31

1,571,987

1,580,343


Issues	Maturity Date		Principal Amount		Value

Health Care-Services (Continued)

Modivcare, Inc. 2024 Term Loan B

12.75% (3 mo. USD Term SOFR + 4.750%)⁽¹⁾		07/01/31	$	755,807	$	329,090

Modivcare, Inc. 2025 Incremental Term Loan

15.44% (3 mo. USD Term SOFR + 8.500%)⁽¹⁾		01/12/26		260,245		112,448

NAPA Management Services Corp. Term Loan B

9.31% (1 mo. USD Term SOFR + 5.250%)⁽¹⁾		02/23/29		1,042,202		726,941

Onex TSG Intermediate Corp. 2025 Term Loan B

7.59% (3 mo. USD Term SOFR + 3.750%)⁽¹⁾		08/06/32		809,594		814,436

Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan

9.50% (3 mo. USD Term SOFR + 5.500%)⁽¹⁾		06/20/28		1,116,653		1,133,403


						9,851,093


Holding Companies - Diversified — 0.4%

Emerald X, Inc. 2025 Term Loan B1

7.21% (1 mo. USD Term SOFR + 3.250%)⁽¹⁾		01/30/32		498,750		502,595

GC Ferry Acquisition I, Inc. Term Loan

7.71% (3 mo. USD Term SOFR + 3.500%)^(1),(7)		08/16/32		427,083		426,936


						929,531


Insurance — 1.4%

AmWINS Group, Inc. 2025 Term Loan B

6.25% (1 mo. USD Term SOFR + 2.250%)⁽¹⁾		01/30/32		1,236,234		1,239,238

Asurion LLC 2021 Term Loan B9

7.33% (1 mo. USD Term SOFR + 3.250%)⁽¹⁾		07/31/27		1,558,141		1,560,337

Asurion LLC 2022 Term Loan B10

8.06% (1 mo. USD Term SOFR + 4.000%)⁽¹⁾		08/19/28		746,166		748,032

Asurion LLC 2024 Term Loan B12

8.21% (1 mo. USD Term SOFR + 4.250%)⁽¹⁾		09/19/30		124,372		124,139


						3,671,746

See accompanying Notes to Financial Statements.

119

TCW Senior Loan ETF

Schedule of Investments (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Internet — 4.1%

Barracuda Networks, Inc. 2022 Term Loan

8.34% (3 mo. USD Term SOFR + 4.500%)⁽¹⁾

08/15/29

854,424

715,046

Delivery Hero SE 2024 USD Term Loan B

9.23% (3 mo. USD Term SOFR + 5.000%)⁽¹⁾

12/12/29

1,976,003

1,993,708

Endure Digital, Inc. Non-CoOp Term Loan

7.72% (1 mo. USD Term SOFR + 3.500%)⁽¹⁾

02/10/28

498,698

263,375

Go Daddy Operating Co. LLC 2024 Term Loan B8

5.71% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

11/09/29

1,140,512

1,140,050

Hoya Midco LLC 2025 Term Loan B

6.09% (3 mo. USD Term SOFR + 2.250%)⁽¹⁾

02/02/29

1,096,975

751,889

Magnite, Inc. 2025 Repriced Term Loan B

6.96% (3 mo. USD Term SOFR + 3.000%)⁽¹⁾

02/06/31

1,219,201

1,220,975

MH Sub I LLC 2023 Term Loan

8.25% (1 mo. USD Term SOFR + 4.250%) ⁽¹⁾

05/03/28

261,339

238,342

MH Sub I LLC 2024 Term Loan B4

8.21% (1 mo. USD Term SOFR + 4.250%)⁽¹⁾

12/31/31

248,222

200,688

Plano HoldCo, Inc. Term Loan B

7.50% (3 mo. USD Term SOFR + 3.500%)⁽¹⁾

10/02/31

895,500

866,396

Polaris Purchaser, Inc. 2025 Term Loan B

7.50% (1 mo. USD Term SOFR + 3.500%)⁽¹⁾

03/03/31

261,378

262,032

PUG LLC 2024 Extended Term Loan B

8.71% (1 mo. USD Term SOFR + 4.750%)

03/15/30

303,698

304,204

Research Now Group, Inc. 2024 First Lien First Out Term Loan

9.46% (3 mo. USD Term SOFR + 5.000%)⁽¹⁾

07/15/28

959,952

958,752

WatchGuard Technologies, Inc. Term Loan

9.21% (1 mo. USD Term SOFR + 5.250%)

07/02/29

1,467,016

1,468,116

10,383,573


Issues	Maturity Date		Principal Amount		Value

Investment Companies — 1.6%

AAL Delaware Holdco, Inc. 2025 Term Loan

6.71% (1 mo. USD Term SOFR + 2.750%)		07/30/31	$	648,367	$	650,273

FinCo I LLC 2025 Repriced Term Loan B

5.71% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾		06/27/29		1,428,864		1,429,014

HDI Aerospace Intermediate Holding III Corp. Term Loan B

7.69% (1 mo. USD Term SOFR + 4.500%)⁽¹⁾		02/11/32		1,233,137		1,240,079

Intrado Corp. 2023 Term Loan B

7.50% (3 mo. USD Term SOFR + 3.500%)⁽¹⁾		01/31/30		728,835		730,508


						4,049,874


Leisure Time — 1.6%

Alterra Mountain Co. 2025 Term Loan B8

6.46% (1 mo. USD Term SOFR + 2.500%)⁽¹⁾		05/31/30		463,560		465,590

Alterra Mountain Co. 2025 Term Loan B9

6.46% (1 mo. USD Term SOFR + 2.500%)⁽¹⁾		08/17/28		798,842		802,836

Arcis Golf LLC 2025 Term Loan B

6.71% (1 mo. USD Term SOFR + 2.750%)⁽¹⁾		11/24/28		1,617,554		1,624,631

City Football Group Ltd. 2024 Term Loan

7.58% (1 mo. USD Term SOFR + 3.500%)⁽¹⁾		07/22/30		1,248,657		1,250,218

Lakeland Tours LLC 2020 HoldCo Term Loan

10.00%		09/25/27		677,334		17,356


						4,160,631


Lodging — 0.5%

Four Seasons Hotels Ltd. 2025 Term Loan B

5.71% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾		09/22/32		387,128		387,924

Hilton Domestic Operating Co., Inc. 2023 Term Loan B4

5.74% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾		11/08/30		1,000,000		1,003,660


						1,391,584


Machinery-Construction & Mining — 0.7%

Terex Corp. 2025 Term Loan

5.71% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾		10/08/31		798,000		801,615

See accompanying Notes to Financial Statements.

120

TCW Senior Loan ETF

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

Machinery-Construction & Mining (Continued)

WEC U.S. Holdings Ltd. 2024 Term Loan

6.38% (1 mo. USD Term SOFR + 2.250%)⁽¹⁾

01/27/31

1,040,970

1,044,556

1,846,171

Media — 1.3%

Charter Communications Operating LLC 2024 Term Loan B5

6.24% (3 mo. USD Term SOFR + 2.250%)⁽¹⁾

12/15/31

1,492,481

1,491,720

MJH Healthcare Holdings LLC 2025 Repriced Term Loan B

0.00% ⁽³⁾

01/29/29

250,000

231,980

NEP Group, Inc. 2025 Term Loan B

8.46% (1 mo. USD Term SOFR + 4.500%)⁽¹⁾

10/17/31

155,479

149,551

Nexstar Broadcasting, Inc. 2025 Term Loan B5

6.46% (1 mo. USD Term SOFR + 2.500%)

06/28/32

498,750

499,802

Virgin Media Bristol LLC 2020 Term Loan Q

0.00% ⁽³⁾

01/31/29

300,000

299,876

Virgin Media Bristol LLC USD Term Loan N

6.65% (1 mo. USD Term SOFR + 2.500%)⁽¹⁾

01/31/28

97,466

97,542

Ziggo Financing Partnership USD Term Loan I

6.71% (6 mo. USD Term SOFR + 2.500%)⁽¹⁾

04/30/28

455,669

455,777

3,226,248

Metal Fabricate & Hardware — 0.3%

AZZ, Inc. Term Loan B

5.71% (1 mo. USD Term SOFR + 2.500%)⁽¹⁾

05/13/29

679,385

682,697

Mining — 0.2%

American Rock Salt Co. LLC 2024 First Out Delayed Draw Term Loan

11.47% (1 mo. USD Term SOFR + 7.000%)^(1),(8)

06/09/28

263,973

122,674

American Rock Salt Co. LLC 2024 First Out Term Loan

11.46% (1 mo. USD Term SOFR + 7.000%)⁽¹⁾

06/09/28

415,920

414,188

536,862

Issues

Maturity
Date

Principal
Amount

Value

Miscellaneous Manufacturers — 1.6%

Cleanova U.S. Holdings LLC 2025 Term Loan B

8.81% (3 mo. USD Term SOFR + 4.750%)⁽¹⁾

06/14/32

1,675,000

1,679,187

Plastipak Packaging, Inc. 2025 Term Loan B

6.46% (1 mo. USD Term SOFR + 2.500%)

09/10/32

841,994

844,011

Rohm Holding GmbH USD Term Loan B

9.63% (3 mo. USD Term SOFR + 5.500%)⁽¹⁾

07/31/26

1,683,056

1,628,357

4,151,555

Office/Business Equipment — 0.4%

Xerox Holdings Corp. 2023 Term Loan B

8.00% (3 mo. USD Term SOFR + 4.000%)

11/19/29

1,170,178

1,093,145

Oil & Gas — 0.7%

Apro LLC 2024 Term Loan B

7.68% (3 mo. USD Term SOFR + 3.750%)⁽¹⁾

07/09/31

701,870

702,895

Pasadena Performance Products LLC 1st Lien Term Loan

7.25% (3 mo. USD Term SOFR + 3.250%)⁽¹⁾

02/27/32

1,003,908

1,007,673

1,710,568

Packaging & Containers — 1.5%

Balcan Innovations, Inc. Term Loan B

8.59% (3 mo. USD Term SOFR + 4.750%)⁽¹⁾

10/18/31

1,492,500

1,402,950

Clydesdale Acquisition Holdings, Inc. 2025 Delayed Draw Term Loan

3.25% ⁽⁹⁾

04/01/32

173

Graham Packaging Co., Inc. 2024 Term Loan B

6.46% (1 mo. USD Term SOFR + 2.500%) ⁽¹⁾

08/04/27

1,178,090

1,181,359

Plaze, Inc. 2020 Incremental Term Loan

7.83% (1 mo. USD Term SOFR + 3.750%)⁽¹⁾

08/03/26

1,431,292

1,329,542

3,914,024

Pharmaceuticals — 2.0%

Amneal Pharmaceuticals LLC 2025 Term Loan B

7.46% (1 mo. USD Term SOFR + 3.500%)⁽¹⁾

08/01/32

1,050,000

1,060,059

See accompanying Notes to Financial Statements.

121

TCW Senior Loan ETF

Schedule of Investments (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Pharmaceuticals (Continued)

Jazz Financing Lux SARL 2024 1st Lien Term Loan B

6.21% (1 mo. USD Term SOFR + 2.250%)⁽¹⁾

05/05/28

740,943

743,566

Option Care Health, Inc. 2025 Term Loan B

5.71% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

09/22/32

536,729

538,632

Paradigm Parent LLC 1st Lien Term Loan

8.38% (3 mo. USD Term SOFR + 4.500%)⁽¹⁾

04/16/32

1,275,000

1,141,125

Perrigo Investments LLC 2024 Term Loan B

5.96% (3 mo. USD Term SOFR + 2.000%)⁽¹⁾

04/20/29

1,284,787

1,289,335

Southern Veterinary Partners LLC 2025 Term Loan B

6.37% (3 mo. USD Term SOFR + 2.500%)

12/04/31

347,411

347,581

5,120,298

Pipelines — 0.6%

Birdsboro Power LLC Term Loan

7.19% (3 mo. USD Term SOFR + 3.250%)⁽¹⁾

10/08/32

343,750

344,610

ITT Holdings LLC 2025 Repriced Term Loan B

6.44% (1 mo. USD Term SOFR + 2.475%)⁽¹⁾

10/11/30

1,001,923

1,004,012

Stonepeak Bayou Holdings LP Term Loan B

0.00% ⁽³⁾

10/01/32

286,667

259,433

1,608,055

Real Estate — 0.2%

Hill Top Energy Center LLC Term Loan B

7.21% (1 mo. USD Term SOFR + 3.250%)⁽¹⁾

06/26/32

486,938

488,993

REIT — 1.4%

Iron Mountain, Inc. 2023 Term Loan B

5.96% (1 mo. USD Term SOFR + 2.000%)⁽¹⁾

01/31/31

533,054

534,110

OEG Borrower LLC 2024 Term Loan B

7.53% (3 mo. USD Term SOFR + 3.500%)⁽¹⁾

06/30/31

1,221,995

1,230,396

SBA Senior Finance II LLC 2024 Term Loan B

5.72% (1 mo. USD Term SOFR + 1.750%)

01/25/31

1,737,412

1,743,041

3,507,547

Issues

Maturity
Date

Principal
Amount

Value

Retail — 4.5%

1011778 BC Unlimited Liability Co. 2024 Term Loan B6

5.71% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

09/20/30

994,962

993,455

Burlington Coat Factory Warehouse Corp. 2024 Term Loan B

5.71% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

09/24/31

497,487

497,900

BW Gas & Convenience Holdings LLC 2021 Term Loan B

7.58% ⁽¹⁾

03/31/28

894,680

895,799

Dave & Buster’s, Inc. 2024 1st Lien Term Loan B

7.25% (1 mo. USD Term SOFR + 3.250%)⁽¹⁾

11/01/31

220,378

197,671

K-Mac Holdings Corp. 2025 Add-on Term Loan

7.21% (1 mo. USD Term SOFR + 3.250%)⁽¹⁾

07/21/28

871,455

878,483

KFC Holding Co. 2021 Term Loan B

5.90% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

03/15/28

1,211,280

1,217,337

Murphy USA, Inc. Term Loan B

5.88% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

04/07/32

750,000

757,342

Pacific Bells LLC 2024 Repriced Term Loan B

7.75% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾

11/13/28

1,322,494

1,326,210

Peer Holding III BV 2025 USD Term Loan B4B

6.50% (3 mo. USD Term SOFR + 2.500%)⁽¹⁾

10/28/30

1,754,676

1,764,274

QXO, Inc. Term Loan B

6.96% (1 mo. USD Term SOFR + 3.000%)⁽¹⁾

04/30/32

226,667

227,331

Splat Super Holdco LLC 2025 Term Loan

8.96% (1 mo. USD Term SOFR + 5.000%)^(1),(10)

07/02/32

1,110,891

1,092,145

Thermostat Purchaser III, Inc. 2024 Term Loan B

8.25% (3 mo. USD Term SOFR + 4.250%)⁽¹⁾

08/31/28

1,496,212

1,498,703

11,346,650

Semiconductors — 0.3%

Ultra Clean Holdings, Inc. 2025 Repriced Term Loan B

6.71% (1 mo. USD Term SOFR + 2.750%)⁽¹⁾

02/25/28

649,513

653,777

See accompanying Notes to Financial Statements.

122

TCW Senior Loan ETF

October 31, 2025

Issues

Maturity
Date

Principal
Amount

Value

Software — 9.0%

Avison Young Canada, Inc. 2024 Third Out Term Loan

12.49% (3 mo. USD Term SOFR + 1.500%)⁽¹⁾

03/12/29

171,633

37,116

Boxer Parent Co., Inc. 2025 USD Term Loan B

7.20% (3 mo. USD Term SOFR + 3.000%)⁽¹⁾

07/30/31

798,162

793,844

Cast & Crew Payroll LLC 2021 Incremental Term Loan

7.71% (1 mo. USD Term SOFR + 3.750%)⁽¹⁾

12/29/28

1,167,811

963,882

Clearwater Analytics LLC 2025 Term Loan B

6.46% (6 mo. USD Term SOFR + 2.250%)⁽¹⁾

04/21/32

1,350,000

1,355,069

Cloud Software Group, Inc. 2025 Term Loan B (2031)

7.25% (3 mo. USD Term SOFR + 3.250%)

03/21/31

516,162

516,848

Cloudera, Inc. 2021 Term Loan

7.81% (1 mo. USD Term SOFR + 3.750%)⁽¹⁾

10/08/28

1,562,822

1,504,802

DTI Holdco, Inc. 2025 Term Loan B

7.96% (1 mo. USD Term SOFR + 4.000%)⁽¹⁾

04/26/29

1,716,727

1,516,085

EagleView Technology Corp. 2025 Term Loan

9.50% (3 mo. USD Term SOFR + 5.500%)⁽¹⁾

08/04/29

166,802

163,831

EP Purchaser LLC 2023 Term Loan B

8.58% (3 mo. USD Term SOFR + 4.500%)

11/06/28

925,704

802,474

Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B

6.46% (1 mo. USD Term SOFR + 2.500%)⁽¹⁾

01/30/32

639,432

633,357

IGT Holding IV AB 2025 Term Loan B5

6.95% (3 mo. USD Term SOFR + 3.000%)⁽¹⁾

09/01/31

744,898

748,623

Maverick Bidco, Inc. 2021 Term Loan

7.74% ⁽¹⁾

05/18/28

1,737,718

1,745,868

Mermaid Bidco, Inc. 2024 USD Term Loan B

7.57% (3 mo. USD Term SOFR + 3.250%)

07/03/31

1,240,554

1,245,206

Open Text Corp. 2023 Term Loan B

5.71% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

01/31/30

1,837,594

1,838,632


Issues	Maturity Date		Principal Amount		Value

Software (Continued)

Playtika Holding Corp. 2021 Term Loan B1

6.83% (1 mo. USD Term SOFR + 2.750%)		03/13/28	$	1,528,023	$	1,497,188

Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B

7.25%		10/26/30		1,591,336		1,593,604

Quartz Acquireco LLC 2025 Term Loan B

6.25% (3 mo. USD Term SOFR + 2.250%)		06/28/30		1,441,909		1,432,004

Renaissance Holding Corp. 2024 1st Lien Term Loan

7.96% (1 mo. USD Term SOFR + 4.000%)⁽¹⁾		04/05/30		1,434,648		1,243,761

SolarWinds Holdings, Inc. 2025 Term Loan

8.03% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾		04/16/32		1,125,000		1,120,787

SS&C Technologies, Inc. 2024 Term Loan B8

5.96% (1 mo. USD Term SOFR + 2.000%)		05/09/31		567,980		569,874

Surf Holdings LLC 2025 Incremental Term Loan

7.58% (1 mo. USD Term SOFR + 3.500%)⁽¹⁾		03/05/27		1,488,878		1,491,982


						22,814,837


Telecommunications — 0.9%

Cyxtera DC Holdings, Inc. Term Loan B

0.00% ⁽¹¹⁾		01/16/26		292,034		—

Frontier Communications Corp. 2025 Term Loan B

6.53% (6 mo. USD Term SOFR + 2.500%)⁽¹⁾		07/01/31		1,489,391		1,492,653

Zayo Group Holdings, Inc. 2025 USD Term Loan

7.58% (1 mo. USD Term SOFR + 3.500%)⁽¹⁾		03/11/30		734,337		703,014


						2,195,667


Total Bank Loans

(Cost: $232,823,626)						229,223,463


CORPORATE BONDS — 2.2%

Commercial Services — 0.3%

Block, Inc.

6.50%		05/15/32		500,000		519,120

OT Midco Ltd.

10.00%⁽¹²⁾		02/15/30		500,000		294,290


						813,410

See accompanying Notes to Financial Statements.

123

TCW Senior Loan ETF

Schedule of Investments (Continued)


Issues	Maturity Date		Principal Amount		Value

Entertainment — 0.2%

WMG Acquisition Corp.

3.88%⁽¹²⁾		07/15/30	$	500,000	$	476,855


Environmental Control — 0.1%

Waste Pro USA, Inc.

7.00%⁽¹²⁾		02/01/33		250,000		260,567


Health Care-Services — 0.2%

UnitedHealth Group, Inc.

4.50%		04/15/33		500,000		496,055


Household Products/Wares — 0.0%

Spectrum Brands, Inc.

3.88%⁽¹²⁾		03/15/31		141,000		114,444


Internet — 0.6%

Getty Images, Inc.

10.50%⁽¹²⁾		11/15/30		200,000		201,804

11.25%⁽¹²⁾		02/21/30		500,000		496,775

Uber Technologies, Inc.

4.80%		09/15/34		750,000		750,705


						1,449,284


Packaging & Containers — 0.2%

Berry Global, Inc.

5.65%		01/15/34		500,000		522,475


Pharmaceuticals — 0.2%

Teva Pharmaceutical Finance Netherlands IV BV (Israel)

5.75%		12/01/30		500,000		516,945


Retail — 0.2%

1011778 BC ULC/New Red Finance, Inc. (Canada)

3.50%⁽¹²⁾		02/15/29		500,000		481,860


Software — 0.2%

Constellation Software, Inc. (Canada)

5.46%⁽¹²⁾		02/16/34		500,000		507,670


Total Corporate Bonds

(Cost: $5,629,583)						5,639,565


U.S. TREASURY SECURITIES — 0.5%

U.S. Treasury Notes

3.63%		10/31/30		1,350,000		1,345,096


Total U.S. Treasury Securities

(Cost: $1,349,203)						1,345,096


Total Fixed Income Securities

(Cost: $239,802,412)						236,208,124


Issues	Shares		Value

COMMON STOCK — 0.0%

Real Estate — 0.0%

Avison Young Canada, Inc.⁽¹³⁾		370	$	42


Telecommunications — 0.0%

New WPCC Parent LLC⁽¹³⁾		54,662		27,331


Total Common Stock

(Cost: $7)				27,373


MONEY MARKET INVESTMENTS — 4.0%

TCW Central Cash Fund, 4.07%^(14),(15)		10,015,712		10,015,712


Total Money Market Investments

(Cost: $10,015,712)				10,015,712


PREFERRED STOCK — 0.1%

Real Estate — 0.1%

Avison Young Canada, Inc.⁽¹³⁾		1,054,697		187,209


Total Preferred Stock

(Cost: 697,797)				187,209


WARRANTS — 0.0%

Cineworld Group PLC^(11),(13)		229,579		3


Total Warrants

(Cost: $—)				3


Total Investments (97.3%)

(Cost: $250,515,928)				246,438,421

Net Unrealized Appreciation/Depreciation On Unfunded Commitments (0.0%)				(768	)

Excess Of Other Assets Over Liabilities (2.7%)			6,872,346


Net Assets (100.0%)			$	253,309,999

See accompanying Notes to Financial Statements.

124

TCW Senior Loan ETF

October 31, 2025


Futures Contracts

Number of Contracts	Type	Expiration Date		Notional Contract Value			Value			Net Unrealized Appreciation (Depreciation)
Short Futures
1	Euro-Bund Futures		12/8/25	$	(147,550	)	$	(149,140	)	$	(1,590	)

				$	(147,550	)	$	(149,140	)	$	(1,590	)

Notes to the Schedule of Investments:

REIT

Real Estate Investment Trust.

SOFR

Secured Overnight Financing Rate.

(1)

Floating or variable rate security. The interest shown reflects the rate in effect at October 31, 2025.

(2)

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $16,248, at an interest rate of 6.74% and a maturity of December 11, 2031. The investment is accruing an unused commitment fee of 1.00% per annum

(3)

(4)

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $122,605, at an interest rate of 8.25% and a maturity of November 1, 2031. The investment is not accruing an unused commitment fee of 0.5% per annum.

(5)

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $70,251, at an interest rate of 9.65% and a maturity of December 30, 2029. The investment is accruing an unused commitment fee of 5.75% per annum.

(6)

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $149,343, at an interest rate of 8.00% and a maturity of February 28, 2032. The investment is not accruing an unused commitment fee of 4.00 % per annum.

(7)

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $72,917, at an interest rate of 7.71% and a maturity of August 16, 2032. The investment is accruing an unused commitment fee of 1.75% per annum.

(8)

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $140,786, at an interest rate of 11.47% and a maturity of June 9, 2028. The investment is accruing an unused commitment fee of 2.00% per annum.

(9)

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $5,607, at an interest rate of 3.25% and a at a maturity of April 1, 2032. The investment is accruing an unused commitment fee of 3.3% per annum.

(10)

Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $209,109, at an interest rate of 8.96% and a maturity of July 2, 2032. The investment is accruing an unused commitment fee of 2.5% per annum.

(11)

For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.

(12)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At October 31, 2025, the value of these securities amounted to $2,834,265 or 1.1% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company’s Board of Directors.

(13)

Non-income producing security.

(14)

Rate disclosed is the 7-day net yield as of October 31, 2025.

(15)

Affiliated issuer.

See accompanying Notes to Financial Statements.

125

TCW Senior Loan ETF

Schedule of Investments (Continued)

The summary of the TCW Senior Loan ETF transactions in the affiliated funds for the year ended October 31, 2025 is as follows:


Name of Affiliated Fund	Value at April 1, 2025		Purchases at Cost		Proceeds from Sales		Number of Shares Held October 31, 2025		Value at October 31, 2025		Dividends and Interest Income Received		Distributions Received from Net Realized Gain		Net Realized Gain (Loss) on Investments		Net change in Unrealized Gain (Loss) on Investments
TCW Central Cash Fund
	$	26,609,139	$	128,206,573	$	144,800,000		10,015,712	$	10,015,712	$	699,685	$	—	$	—	$	—

Total									$	10,015,712	$	699,685	$	—	$	—	$	—

See accompanying Notes to Financial Statements.

126

TCW Senior Loan ETF

Fair Valuation Summary

October 31, 2025

The following is a summary of the fair valuations according to the inputs used as of October 31, 2025 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Bank Loans	$	—		$	229,223,463		$	—	$	229,223,463
Corporate Bonds		—			5,639,565			—		5,639,565
U.S. Treasury Securities		—			1,345,096			—		1,345,096

Total Fixed Income Securities		—			236,208,124			—		236,208,124

Money Market Investments		10,015,712			—			—		10,015,712
Preferred Stock		—			187,209			—		187,209
Common Stock		27,331			42			—		27,373
Warrants		—			—			3		3
Net Unrealized Appreciation (Depreciation) on Unfunded Commitments		—			(768	)		—		(768	)

Total Investments	$	10,043,043		$	236,394,607		$	3	$	246,437,653

Liability Derivatives
Futures Contracts
Interest Rate Risk	$	(1,590	)	$	—		$	—	$	(1,590	)

Total	$	(1,590	)	$	—		$	—	$	(1,590	)

See accompanying Notes to Financial Statements.

127

TCW ETF Trust

Statements of Assets and Liabilities

October 31, 2025


	TCW AAA CLO ETF		TCW Flexible Income ETF			TCW High Yield Bond ETF			TCW Multisector Credit Income ETF
ASSETS
Investments, at Value⁽¹⁾	$	313,019,471	$	2,219,446,768		$	35,433,492		$	44,161,902
Investment in Affiliated Issuers, at Value⁽²⁾		8,123,243		173,768,508			1,100,608			3,462,341
Foreign Currency, at Value⁽³⁾		3,609,254		2,914,016			22,551			18,477
Cash		—		643,799			6,594			28,332
Receivable for Securities Sold		—		1,846,499			118,106			3,571,803
Receivable for Sale of When-Issued Securities		—		103,922,510			—			—
Interest and Dividends Receivable		998,597		11,911,827			580,364			636,220
Receivable from Investment Advisor		—		13,808			—			—
Unrealized Appreciation on Forward Currency Exchange Contracts		248,604		1,575,151			8,287			13,816
Receivable for Daily Variation Margin on Open Financial Futures Contracts		—		213,934			—			—
Cash Collateral Held for Brokers		—		2,606,136			—			2
Net Unrealized Appreciation on Unfunded Loan Commitments		—		—			6			109
Prepaid Expenses		—		—			3,333			—

Total Assets		325,999,169		2,518,862,956			37,273,341			51,893,002

LIABILITIES
Payable for Securities Purchased		—		84,041,162			367,021			1,002,367
Payable for Purchase of When-Issued Securities		2,536,264		326,988,950			—			—
Accrued Directors’ Fees and Expenses		—		—			6,444			—
Deferred Accrued Directors’ Fees and Expenses		—		—			7,445			—
Accrued Management Fees		55,018		718,450			17,054			25,651
Unrealized Depreciation on Forward Currency Exchange Contracts		11,669		48,484			621			2,393
Transfer Agent Fees Payable		—		—			2,236			—
Administration Fee Payable		—		—			1,487			—
Audit Fees Payable		—		—			14,621			—
Accounting Fees Payable		—		—			1,101			—
Custodian Fees Payable		—		—			9,793			—
Legal Fees Payable		—		—			2,458			—
Net Unrealized Depreciation on Unfunded Loan Commitments		—		214			—			—
Other Accrued Expenses		—		—			7,515			—

Total Liabilities		2,602,951		411,797,260			437,796			1,030,411

NET ASSETS	$	323,396,218	$	2,107,065,696		$	36,835,545		$	50,862,591

NET ASSETS CONSIST OF:
Paid-in Capital	$	321,413,374	$	2,130,694,017		$	44,655,594		$	49,999,864
Accumulated Earnings (Loss)		1,982,844		(23,628,321	)		(7,820,049	)		862,727

NET ASSETS	$	323,396,218	$	2,107,065,696		$	36,835,545		$	50,862,591

NET ASSETS	$	323,396,218	$	2,107,065,696		$	36,835,545		$	50,862,591
CAPITAL SHARES OUTSTANDING		6,400,000		53,020,812			1,202,812			1,000,000
NET ASSET VALUE PER SHARE	$	50.53	$	39.74		$	30.62		$	50.86

(1)	The identified cost for the TCW AAA CLO ETF, the TCW Flexible Income ETF, the TCW High Yield Bond ETF and the TCW Multisector Credit Income ETF at October 31, 2025 was $312,645,587, $2,235,796,498, $35,544,051 and $43,689,359, respectively.

(2)	The identified cost for the TCW AAA CLO ETF, the TCW Flexible Income ETF, the TCW High Yield Bond ETF and the TCW Multisector Credit Income ETF at October 31, 2025 was $8,123,243, $173,812,613, $1,100,608 and $3,462,341, respectively.

(3)	The identified cost for the TCW AAA CLO ETF, the TCW Flexible Income ETF, the TCW High Yield Bond ETF and the TCW Multisector Credit Income ETF at October 31, 2025 was $3,625,410, $2,939,419, $22,661 and $18,541, respectively.

See accompanying Notes to Financial Statements.

128

TCW ETF Trust

Statements of Assets and Liabilities

October 31, 2025


	TCW Core Plus Bond ETF
ASSETS
Investments, at Value⁽¹⁾	$	240,653,702
Investment in Affiliated Issuers, at Value⁽²⁾		20,029,103
Foreign Currency, at Value⁽³⁾		247,064
Cash		658,253
Receivable for Securities Sold		1,092,603
Receivable for Sale of When-Issued Securities		6,724,492
Interest and Dividends Receivable		1,527,498
Receivable from Investment Advisor		1,226
Unrealized Appreciation on Forward Currency Exchange Contracts		134,570
Cash Collateral Held for Brokers		1,672,355
Net Unrealized Appreciation on Unfunded Loan Commitments		9
Prepaid Expenses		384,708

Total Assets		273,125,583

LIABILITIES
Payable for Securities Purchased		14,051,034
Payable for Purchase of When-Issued Securities		24,346,857
Accrued Directors’ Fees and Expenses		6,365
Deferred Accrued Directors’ Fees and Expenses		1,750
Accrued Management Fees		84,849
Payable to broker — variation margin on open futures contracts		37,818
Unrealized Depreciation on Forward Currency Exchange Contracts		10,292
Transfer Agent Fees Payable		70,679
Administration Fee Payable		30,419
Audit Fees Payable		11,910
Custodian Fees Payable		29,515
Interest Payable on Borrowings		1,764
Legal Fees Payable		2,224
Other Accrued Expenses		4,349

Total Liabilities		38,689,825

NET ASSETS	$	234,435,758

NET ASSETS CONSIST OF:
Paid-in Capital	$	322,678,390
Accumulated Earnings (Loss)		(88,242,632	)

NET ASSETS	$	234,435,758

NET ASSETS	$	234,435,758
CAPITAL SHARES OUTSTANDING		6,045,433
NET ASSET VALUE PER SHARE	$	38.78

(1)	The identified cost for the TCW Core Plus Bond ETF at October 31, 2025 was $240,448,729.

(2)	The identified cost for the TCW Core Plus Bond ETF at October 31, 2025 was $20,025,297.

(3)	The identified cost for the TCW Core Plus Bond ETF at October 31, 2025 was $249,034.

See accompanying Notes to Financial Statements.

129

TCW ETF Trust

Statements of Assets and Liabilities

October 31, 2025


	TCW Corporate Bond ETF			TCW Senior Loan ETF
ASSETS
Investments, at Value⁽¹⁾	$	27,324,512		$	209,813,569
Investment in Affiliated Issuers, at Value⁽²⁾		662,635			36,624,852
Foreign Currency, at Value⁽³⁾		1,989			—
Receivable for Securities Sold		30,651			11,573,821
Interest and Dividends Receivable		275,301			2,279,106
Unrealized Appreciation on Forward Currency Exchange Contracts		9,545			—
Cash Collateral Held for Brokers		130,006			20,000

Total Assets		28,434,639			260,311,348

LIABILITIES
Payable for Securities Purchased		130,474			6,600,610
Payable for Purchase of When-Issued Securities		128,741			—
Disbursements in Excess of Available Cash		5,001			226,766
Accrued Management Fees		8,804			173,176
Payable to broker — variation margin on open futures contracts		760			29
Unrealized Depreciation on Forward Currency Exchange Contracts		415			—
Net Unrealized Depreciation on Unfunded Loan Commitments		—			768

Total Liabilities		274,195			7,001,349

NET ASSETS	$	28,160,444		$	253,309,999

NET ASSETS CONSIST OF:
Paid-in Capital	$	29,834,176		$	280,799,928
Accumulated Earnings (Loss)		(1,673,732	)		(27,489,929	)

NET ASSETS	$	28,160,444		$	253,309,999

NET ASSETS	$	28,160,444		$	253,309,999
CAPITAL SHARES OUTSTANDING		600,118			5,393,628
NET ASSET VALUE PER SHARE	$	46.92		$	46.96

(1)	The identified cost for the TCW Corporate Bond ETF and the TCW Senior Loan ETF at October 31, 2025 was $26,909,566 and $213,891,076, respectively.

(2)	The identified cost for the TCW Corporate Bond ETF and the TCW Senior Loan ETF at October 31, 2025 was $662,635 and $36,624,852, respectively.

(3)	The identified cost for the TCW Corporate Bond ETF at October 31, 2025 was $1,996.

See accompanying Notes to Financial Statements.

130

TCW ETF Trust

Statements of Operations

Year Ended October 31, 2025


	TCW AAA CLO ETF ⁽¹⁾			TCW Flexible Income ETF			TCW High Yield Bond ETF			TCW Multisector Credit Income ETF ⁽¹⁾
INVESTMENT INCOME
Income:
Dividends	$	82,519		$	439,113		$	16,509		$	29,848
Dividends from Investment in Affiliated Issuers		570,481			3,824,176			25,611			68,370
Interest		10,471,885			60,752,645			2,877,865			3,577,837

Total		11,124,885			65,015,934			2,919,985			3,676,055

Expenses:
Management Fees		408,506			4,250,399			198,914			269,169
Accounting Services Fees		—			—			4,112			—
Administration Fees		—			—			2,185			—
Transfer Agent Fees		—			—			1,792			—
Custodian Fees		—			—			6,418			—
Professional Fees		—			—			417			—
Directors’ Fees and Expenses		—			—			4,471			—
Registration Fees		—			—			6,923			—
Shareholder Reporting Expense		—			—			361			—
Other		—			3,772			7,036			—

Total		408,506			4,254,171			232,629			269,169

Less Expenses Borne by Investment Advisor:		—			—			(31,799	)		—

Net Expenses		408,506			4,254,171			200,830			269,169

Net Investment Income		10,716,379			60,761,763			2,719,155			3,406,886

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		78,609			6,392,638			(372,874	)		4,803
Foreign Currency		(101,221	)		(295,061	)		1,442			(2,028	)
Forward Currency Exchange Contracts		(573,240	)		(3,201,313	)		(13,611	)		(84,380	)
Futures Contracts		—			3,663,219			(125,466	)		(4,677	)
Change in Unrealized Appreciation on:
Investments		373,884			18,592,474			372,570			472,652
Foreign Currency		(4,872	)		(46,533	)		(105	)		(88	)
Forward Currency Exchange Contracts		236,935			1,428,499			(6,628	)		11,423
Futures Contracts		—			(2,831,703	)		86,906			—
Investments in Affiliated Issuers		—			(44,105	)		—			—

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		10,095			23,658,115			(57,766	)		397,705

INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	10,726,474		$	84,419,878		$	2,661,389		$	3,804,591

(1)	For the period November 15, 2024 (Commencement of Operations) through October 31, 2025.

See accompanying Notes to Financial Statements.

131

TCW ETF Trust

Statements of Operations

Year Ended October 31, 2025


	TCW Core Plus Bond ETF ⁽¹⁾			TCW Core Plus Bond ETF ⁽²⁾
INVESTMENT INCOME
Income:
Dividends	$	321,418		$	1,099,237
Dividends from Investment in Affiliated Issuers		1,023,105			2,953,740
Interest		9,717,858			34,731,531

Total		11,062,381			38,784,508

Expenses:
Management Fees		900,526			2,889,640
Administration Fees		25,266			188,818
Transfer Agent Fees		145,773			713,612
Custodian Fees		24,958			76,873
Professional Fees		10,037			48,418
Directors’ Fees and Expenses		4,470			23,901
Registration and filing fees		—			45,161
Registration Fees		26,368			—
Distribution Fees		2,951			35,357
Other		25,349			58,916

Total		1,165,698			4,080,696

Less Expenses Borne by Investment Advisor:		(83,834	)		(451	)

Net Expenses		1,081,864			4,080,245

Net Investment Income		9,980,517			34,704,263

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain on:
Investments		4,572,503			(1,829,880	)
Foreign Currency		122,215			(115,422	)
Forward Currency Exchange Contracts		(2,068,102	)		1,850,971
Futures Contracts		1,660,025			(380,846	)
Change in Unrealized Appreciation on:
Investments		2,076,316			9,042,393
Foreign Currency		(2,586	)		2,835
Forward Currency Exchange Contracts		1,001,730			(1,292,274	)
Futures Contracts		(997,152	)		1,504,914
Investments in Affiliated Issuers		3,806			—

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		6,368,755			8,782,691

INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,349,272		$	43,486,954

(1)	The Fund has changed its fiscal year-end from March 31 to October 31. This period represents the seven-month period from April 1, 2025 to October 31, 2025.

(2)	This period represents the year ended March 31, 2025.

See accompanying Notes to Financial Statements.

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Statements of Operations

Year Ended October 31, 2025


	TCW Corporate Bond ETF ⁽¹⁾			TCW Corporate Bond ETF ⁽²⁾
INVESTMENT INCOME
Income:
Dividends	$	3,318		$	1,863
Dividends from Investment in Affiliated Issuers		19,951			2,286
Interest		696,597			208,463

Total		719,866			212,612

Expenses:
Management Fees		51,779			19,946
Administration Fees		—			55,718
Transfer Agent Fees		—			21,007
Custodian Fees		—			45,623
Professional Fees		—			14,155
Directors’ Fees and Expenses		—			65
Registration Fees		—			18,488
Shareholder Reporting Expense		—			3,601
Other		—			9,602

Total		51,779			188,205

Less Expenses Borne by Investment Advisor:		—			(161,341	)

Net Expenses		51,779			26,864

Net Investment Income		668,087			185,748

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized (Loss) on:
Investments		(175,563	)		(128,340	)
Foreign Currency		(280	)		12
Forward Currency Exchange Contracts		(11,446	)		365
Futures Contracts		(38,214	)		(5,865	)
Swap Agreements		—			648
Change in Unrealized Appreciation on:
Investments		910,970			205,780
Foreign Currency		(103	)		—
Forward Currency Exchange Contracts		9,398			(268	)
Futures Contracts		(6,224	)		9,703
Swap Agreements		—			(898	)

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		688,538			81,137

INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,356,625		$	266,885

(1)	The Fund has changed its fiscal year-end from March 31 to October 31. This period represents the seven-month period from April 1, 2025 to October 31, 2025.

(2)	This period represents the year ended March 31, 2025.

See accompanying Notes to Financial Statements.

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Statements of Operations

Year Ended October 31, 2025


	TCW Senior Loan ETF ⁽¹⁾			TCW Senior Loan ETF ⁽²⁾
INVESTMENT INCOME
Income:
Dividends	$	32,825		$	652,143
Dividends from Investment in Affiliated Issuers		699,685			289,771
Interest		14,194,180			25,050,356

Total		14,926,690			25,992,270

Expenses:
Management Fees		1,207,572			1,736,739
Administration Fees		—			98,206
Transfer Agent Fees		—			89,428
Custodian Fees		—			58,480
Professional Fees		—			24,952
Directors’ Fees and Expenses		—			3,817
Registration Fees		—			37,836
Distribution Fees		—			13,654
Other		—			16,714

Total		1,207,572			2,079,826

Less Expenses Borne by Investment Advisor:		—			(50,504	)

Net Expenses		1,207,572			2,029,322

Net Investment Income		13,719,118			23,962,948

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized (Loss) on:
Investments		(1,350,467	)		(2,859,618	)
Foreign Currency		(1,232	)		13,708
Forward Currency Exchange Contracts		(37,797	)		88,019
Futures Contracts		(8,230	)		8,414
Change in Unrealized (Depreciation) on:
Investments		(728,712	)		(551,086	)
Foreign Currency		(16	)		(8,001	)
Forward Currency Exchange Contracts		26,167			(41,284	)
Futures Contracts		(264	)		(976	)

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		(2,100,551	)		(3,350,824	)

INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	11,618,567		$	20,612,124

(1)	The Fund has changed its fiscal year-end from March 31 to October 31. This period represents the seven-month period from April 1, 2025 to October 31, 2025.

(2)	This period represents the year ended March 31, 2025.

See accompanying Notes to Financial Statements.

134

TCW ETF Trust

Statements of Changes in Net Assets


	TCW AAA CLO ETF			TCW Flexible Income ETF ⁽¹⁾
	For the Period from November 15, 2024 (Commencement of Operations) through October 31, 2025			Year Ended October 31, 2025			For the Period from April 1, 2024 through October 31, 2024 ⁽²⁾			Year Ended March 31, 2024
OPERATIONS
Net Investment Income	$	10,716,379		$	60,761,763		$	14,475,358		$	26,865,847
Net Realized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions		(595,852	)		6,559,483			684,081			(8,840,147	)
Change in Unrealized Appreciation on Investments, Futures Contracts and Foreign Currency Transactions		605,947			17,098,632			(479,599	)		684,115

Increase in Net Assets Resulting from Operations		10,726,474			84,419,878			14,679,840			18,709,815

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(8,743,630	)		(53,585,406	)		(13,514,773	)		(26,843,295	)

NET CAPITAL SHARE TRANSACTIONS
M Class		—			—			(48,882,875	)		1,615,937
ETF		321,413,374			1,654,359,242			112,834,321			32,874,471

Increase in Net Assets Resulting from Net Capital Shares Transactions		321,413,374			1,654,359,242			63,951,446			34,490,408

Increase in Net Assets		323,396,218			1,685,193,714			65,116,513			26,356,928
NET ASSETS
Beginning of year		—			421,871,982			356,755,469			330,398,541

End of year	$	323,396,218		$	2,107,065,696		$	421,871,982		$	356,755,469

(1)

The TCW Flexible Income ETF (FLXR) acquired the assets and liabilities of the predecessor mutual fund, the MetWest Flexible Income Fund (the “Predecessor Fund”), at the close of business on June 21, 2024. As a result of the reorganization, the TCW Flexible Income ETF adopted the accounting and performance history of Class I Shares of the Predecessor Fund. Financial information disclosed for periods prior to June 21, 2024 include those of the Predecessor Fund.

(2)	The Fund has changed its fiscal year-end from March 31 to October 31. This period represents the seven-month period from April 1, 2024 to October 31, 2024.

See accompanying Notes to Financial Statements.

135

TCW ETF Trust

Statements of Changes in Net Assets


	TCW High Yield Bond ETF ⁽¹⁾						TCW Multisector Credit Income ETF
	Year Ended October 31, 2025			Year Ended October 31, 2024			For the Period from November 15, 2024 (Commencement of Operations) through October 31, 2025
OPERATIONS
Net Investment Income	$	2,719,155		$	3,061,304		$	3,406,886
Net Realized Loss on Investments, Futures Contracts and Foreign Currency Transactions		(510,509	)		(1,434,562	)		(86,282	)
Change in Unrealized Appreciation on Investments, Futures Contracts and Foreign Currency Transactions		452,743			5,044,825			483,987

Increase in Net Assets Resulting from Operations		2,661,389			6,671,567			3,804,591

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(2,632,757	)		(2,908,463	)		(2,942,000	)

NET CAPITAL SHARE TRANSACTIONS
ETF		(4,727,156	)		(8,974,075	)		50,000,000
N Class		—			(6,918,553	)		—

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		(4,727,156	)		(15,892,628	)		50,000,000

Increase (Decrease) in Net Assets		(4,698,524	)		(12,129,524	)		50,862,591
NET ASSETS
Beginning of year		41,534,069			53,663,593			—

End of year	$	36,835,545		$	41,534,069		$	50,862,591

(1)

The TCW High Yield Bond ETF (HYBX) acquired the assets and liabilities of the predecessor mutual fund, the TCW High Yield Bond Fund Class I (the “Predecessor Fund”), at the close of business on November 18, 2024. As a result of the transaction, the TCW High Yield Bond ETF adopted the accounting and performance history of the Predecessor Fund (inclusive of any expense limitation agreements that were in place). Financial information disclosed for periods prior to November 18, 2024 include those of the Predecessor Fund.

See accompanying Notes to Financial Statements.

136

TCW ETF Trust

Statements of Changes in Net Assets


	TCW Core Plus Bond ETF
	For the period from April 1, 2025 through October 31, 2025 ⁽¹⁾⁽²⁾			Year Ended March 31, 2025			Year Ended March 31, 2024
OPERATIONS
Net Investment Income	$	9,980,517		$	34,704,263		$	41,617,615
Net Realized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions		4,286,641			(475,177	)		(27,524,542	)
Change in Unrealized Appreciation on Investments, Futures Contracts and Foreign Currency Transactions		2,082,114			9,257,868			7,071,933

Increase in Net Assets Resulting from Operations		16,349,272			43,486,954			21,165,006

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(8,842,643	)		(34,449,634	)		(41,623,457	)

NET CAPITAL SHARE TRANSACTIONS
Class M Shares		(16,182,242	)		(1,852,200	)		(2,736,641	)
ETF		(403,505,063	)		(330,937,181	)		95,592,758

Decrease in Net Assets Resulting from Net Capital Shares Transactions		(419,687,305	)		(332,789,381	)		92,856,117

Decrease in Net Assets		(412,180,676	)		(323,752,061	)		72,397,666
NET ASSETS
Beginning of year		646,616,434			970,368,495			897,970,829

End of year	$	234,435,758		$	646,616,434		$	970,368,495

(1)	The Fund has changed its fiscal year-end from March 31 to October 31. This period represents the seven-month period from April 1, 2025 to October 31, 2025.

(2)

The TCW Core Plus Bond ETF (FIXT) acquired the assets and liabilities of the predecessor mutual fund, the TCW MetWest Intermediate Bond Fund Class I (the “Predecessor Fund”), at the close of business on June 13, 2025. As a result of the transaction, the TCW Core Plus Bond ETF adopted the accounting and performance history of the Predecessor Fund (inclusive of any expense limitation agreements that were in place). Financial information disclosed for periods prior to June 13, 2025 include those of the Predecessor Fund.

See accompanying Notes to Financial Statements.

137

TCW ETF Trust

Statements of Changes in Net Assets


	TCW Corporate Bond ETF
	For the Period from April 1, 2025 through October 31, 2025 ⁽¹⁾			Year Ended March 31, 2025 ⁽²⁾			Year Ended March 31, 2024
OPERATIONS
Net Investment Income	$	668,087		$	185,748		$	217,484
Net Realized Loss on Investments, Futures Contracts and Foreign Currency Transactions		(225,503	)		(133,180	)		(592,903	)
Change in Unrealized Appreciation on Investments, Futures Contracts and Foreign Currency Transactions		914,041			214,317			524,303

Increase in Net Assets Resulting from Operations		1,356,625			266,885			148,884

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(593,939	)		(179,156	)		(216,921	)

NET CAPITAL SHARE TRANSACTIONS
ETF		19,154,210			5,843,276			(462,090	)
M Class		—			(2,875,235	)		(1,447,956	)

Increase in Net Assets Resulting from Net Capital Shares Transactions		19,154,210			2,968,041			(1,910,046	)

Increase in Net Assets		19,916,896			3,055,770			(1,978,083	)
NET ASSETS
Beginning of year		8,243,548			5,187,778			7,165,861

End of year	$	28,160,444		$	8,243,548		$	5,187,778

(1)	The Fund has changed its fiscal year-end from March 31 to October 31. This period represents the seven-month period from April 1, 2025 to October 31, 2025.

(2)

The TCW Corporate Bond ETF acquired the assets and liabilities of the TCW MetWest Corporate Bond Fund, a series of the TCW Metropolitan West Funds, Inc., at the close of business on November 15, 2024. As a result of the reorganization, the TCW Corporate Bond ETF is the accounting successor of the TCW MetWest Corporate Bond Fund. Financial information above for the periods prior to November 15, 2024 reflects the performance and expense limitation agreement that was in place for the TCW MetWest Corporate Bond Fund.

See accompanying Notes to Financial Statements.

138

TCW ETF Trust

Statements of Changes in Net Assets


	TCW Senior Loan ETF
	For the Period from April 1, 2025 through October 31, 2025 ⁽¹⁾			Year Ended March 31, 2025 ⁽²⁾			Year Ended March 31, 2024
OPERATIONS
Net Investment Income	$	13,719,118		$	23,962,948		$	29,723,795
Net Realized Loss on Investments, Futures Contracts and Foreign Currency Transactions		(1,397,726	)		(2,749,477	)		(4,304,578	)
Change in Unrealized Appreciation on Investments, Futures Contracts and Foreign Currency Transactions		(702,825	)		(601,347	)		11,415,223

Increase in Net Assets Resulting from Operations		11,618,567			20,612,124			36,834,440

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(12,901,702	)		(21,975,885	)		(29,763,381	)

NET CAPITAL SHARE TRANSACTIONS
ETF		(39,174,861	)		2,606,406			(42,746,247	)
M Class		—			(9,514,628	)		(1,703,022	)
Plan Class		—			(10,694	)		10,506

Decrease in Net Assets Resulting from Net Capital Shares Transactions		(39,174,861	)		(6,918,916	)		(44,438,763	)

Decrease in Net Assets		(40,457,996	)		(8,282,677	)		(37,367,704	)
NET ASSETS
Beginning of year		293,767,995			302,050,672			339,418,376

End of year	$	253,309,999		$	293,767,995		$	302,050,672

(1)	The Fund has changed its fiscal year-end from March 31 to October 31. This period represents the seven-month period from April 1, 2025 to October 31, 2025.

(2)

The TCW Senior Loan ETF acquired the assets and liabilities of the TCW MetWest Floating Rate Income Fund, a series of the TCW Metropolitan West Funds, Inc., at the close of business on November 15, 2024. As a result of the reorganization, the TCW Senior Loan ETF is the accounting successor of the TCW MetWest Floating Rate Income Fund. Financial information above for the periods prior to November 15, 2024 reflects the performance and expense limitation agreement that was in place for the TCW MetWest Floating Rate Income Fund.

See accompanying Notes to Financial Statements.

139

TCW ETF Trust

Notes to Financial Statements

October 31, 2025

NOTE 1 — ORGANIZATION

TCW ETF Trust (formerly Engine No. 1 ETF) (the “Trust”), a Delaware statutory trust organized on October 26, 2020, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust is authorized to issue multiple series of portfolios. As of October 31, 2025, the Trust consisted of twelve operating investment portfolios, seven of which are presented herein: TCW AAA CLO ETF, TCW Core Plus Bond ETF, TCW Corporate Bond ETF, TCW Flexible Income ETF, TCW High Yield Bond ETF, TCW Multisector Credit Income ETF, and TCW Senior Loan ETF (each a “Fund” and collective, the “Funds”).

TCW Investment Management Company LLC (the “Adviser”) is the investment adviser to and an affiliate of the Funds and is registered under the Investment Advisers Act of 1940, as amended. Each Fund has its own investment objective and strategies. The following is a brief description of the investment objectives and principal investment strategies for the Funds that are covered in this report:

Investment Objectives and Principal Investment Strategies


ETF Fund		Strategies
Non-Diversified Fund

TCW AAA CLO ETF		Seeks to provide capital preservation and current income by investing at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in collateralized loan obligations (“CLOs”) that are, at the time of purchase, rated AAA (or an equivalent rating) by at least one of the major rating agencies or, if unrated, determined by the Adviser to be of comparable quality. The Fund has no restrictions on investment maturity.
Diversified Fund

TCW Core Plus Bond ETF		Seeks to maximize long-term total return by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in fixed income securities and instruments that generate income. The Fund’s investments include securities of any maturity, however, under normal market conditions, the Fund’s average portfolio duration varies within one and one-half (1.5) years (plus or minus) of the portfolio duration of the securities comprising the Bloomberg U.S. Aggregate Index.

TCW Corporate Bond ETF		Seeks to maximize long-term total return, by investing at least 80% of value of its net assets, plus the amount of any borrowings for investment purposes, in a diversified portfolio of corporate bonds of varying maturities issued by U.S. and foreign corporations, including those in developed market and emerging market countries. There is no limit on the weighted average maturity of the Fund’s portfolio, and the Fund’s average portfolio duration is expected, but not required, to vary from three to nine years.

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TCW ETF Trust

October 31, 2025

NOTE 1 — ORGANIZATION (Continued)



TCW Flexible Income ETF		Seeks a high level of current income with a secondary objective of long-term capital appreciation by utilizing a flexible investment approach that allocates investments across a range of global investment opportunities related to credit, currencies and interest rates. The Fund will invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in fixed income securities and instruments that generate income. There is no limit on the weighted average maturity of the Fund’s portfolio, however, under normal circumstances, the Fund’s average portfolio duration is expected to vary from zero to eight years.

TCW High Yield Bond ETF		Seeks to maximize income and achieve above average total return consistent with reasonable risk over a full market cycle by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, in high yield/below investment grade bonds (commonly known as “junk bonds”). The Fund may invest up to 20% of its net assets in equity securities (including common stock and convertible and non-convertible preferred stocks).

TCW Multisector Credit Income ETF		Seeks long-term income by investing, under normal circumstances, at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in a multisector portfolio of fixed income securities and instruments. The Fund will generally allocate its assets among several fixed income sectors, including high yield securities; bank loans; and foreign securities, principally emerging market securities. The Fund is not required to gain exposure to any particular investment sector and sector exposures are expected to vary over time. The Fund does not have a duration target, however, under normal circumstances, the Fund’s average portfolio duration varies from zero to eight years.

TCW Senior Loan ETF		Seeks current income with a secondary objective of long-term capital appreciation, by investing at least 80% of the value its net assets, plus the amount of any borrowings for investment purposes, in senior secured floating rate investments and in investments that are the economic equivalent of senior secured floating rate loans. The Fund’s portfolio securities may have any duration or maturity.

There can be no assurance that the Funds will achieve their respective investment objectives.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

These financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which require management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amount of increase and

141

TCW ETF Trust

Notes to Financial Statements (Continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)

decrease in net assets from operations during the fiscal period. Actual amounts could differ from these estimates. The Funds are investment companies and follow the investment company accounting standards and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standard Codification (“ASC”) Topic 946, “Financial Services — Investment Companies”. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative guidance for SEC registrants. The following summarizes the significant accounting policies of the Funds:

Principles of Accounting: The Funds use the accrual method of accounting for financial reporting purposes.

Net Asset Value: The net asset value (“NAV”) of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange (“NYSE”), generally 4:00 p.m., Eastern Time. NAV per share is computed by dividing the net assets by the number of each Fund’s shares outstanding.

Security Valuation: Securities listed or traded on the NYSE and other stock exchanges were valued at the latest sale price on the exchange. Securities traded on the NASDAQ stock market (“NASDAQ”) were valued during the period using official closing prices as reported by NASDAQ, which may not have been the last sale price. Investments in open-end mutual funds including money market funds were valued based on the NAV per share as reported by the investment companies. All other securities for which over-the-counter (“OTC”) market quotations were readily available, including short-term securities, swap agreements and forward currency exchange contracts, were valued with prices furnished by independent pricing services or by broker-dealers.

Shares Not Listed; No Market for Shares. The TCW Private Asset Income Fund has been organized as a closed-end management investment company. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) because investors in a closed-end fund do not have the right to redeem their shares on a daily basis. Unlike most closed-end funds, which typically list their shares on a securities exchange, the TCW Private Asset Income Fund does not currently intend to list the Shares for trading on any securities exchange, and the TCW Private Asset Income Fund does not expect any secondary market to develop for the Shares in the foreseeable future. Therefore, an investment in the TCW Private Asset Income Fund, unlike an investment in a typical closed-end fund, is not a liquid investment.

Pursuant to Rule 2a-5 under the 1940 Act, the Trust’s Board of Trustees (the “Board”, and each member thereof, a “Trustee”) has designated the Adviser as the “valuation designee” with respect to the fair valuation of the Funds’ portfolio securities, subject to oversight by and periodic reporting to the Board. Fair valued securities are those for which market quotations were not readily available, including in circumstances under which it was determined by the Adviser that prices received were not reflective of their market values.

Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Fund disclose investments in their financial statements in a three-tier hierarchy. This hierarchy is utilized to establish classification of fair value measurements based on

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October 31, 2025

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)

inputs. Inputs that go into fair value measurement refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the inputs market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad levels listed below.


Level 1 —		quoted prices in active markets for identical investments.
Level 2 —		other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3 —		significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized as Level 3.

In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Level 1, Level 2, or Level 3.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

Fair Value Measurements: Descriptions of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Asset-backed securities (“ABS”) and mortgage-backed securities (“MBS”). The fair value of ABS and MBS is estimated based on pricing models that consider the estimated cash flows of each debt tranche of the issuer, establish a benchmark yield, and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, the prepayment speed assumptions and attributes of the collateral. To the extent the inputs are observable and timely, the values would be categorized as Level 2 of the fair value hierarchy; otherwise, they would be categorized as Level 3.

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Bank loans. The fair value of bank loans is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable and are obtained from independent sources. Bank loans are generally categorized as Level 2 of the fair value hierarchy.

Corporate bonds. The fair value of corporate bonds is estimated using recently executed transactions, market price quotations (where observable), bond spreads, or credit default swap spreads adjusted for any basis difference between cash and derivative instruments. Corporate bonds are generally categorized as Level 2 of the fair value hierarchy; in instances where prices, spreads, or any of the other aforementioned key inputs are unobservable, they are categorized as Level 3 of the hierarchy.

Foreign currency contracts. The fair values of foreign currency contracts are derived from indices, reference rates, and other inputs or a combination of these factors. To the extent that these factors can be observed, foreign currency contracts are categorized as Level 2 of the fair value hierarchy.

Futures contracts. Futures contracts are generally valued at the settlement price established at the close of business each day by the exchange on which they are traded. They are categorized as Level 1.To the extent that valuation adjustments are observable and timely, the fair values of futures contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Government and agency securities. Government and agency securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. Accordingly, government and agency securities are normally categorized as Level 1 or 2 of the fair value hierarchy depending on the liquidity and transparency of the market.

Money market funds. Money market funds are open-end mutual funds that invest in short-term debt securities. To the extent that these funds are valued based upon the reported NAV, they are categorized as Level 1 of the fair value hierarchy.

Municipal bonds. Municipal bonds are fair valued based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid-wanted lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds are categorized as Level 2; otherwise, the fair values are categorized as Level 3.

Restricted securities. Restricted securities, including illiquid Rule 144A securities, issued by non-public entities are categorized as Level 3 of the fair value hierarchy because they trade infrequently, and therefore the inputs are unobservable. Any other restricted securities valued similar to publicly traded securities may be categorized as Level 2 or 3 of the fair value hierarchy depending on whether a discount is applied and significant to the fair value.

Short-term investments. Short-term investments are valued using market price quotations, and are categorized as Level 1 or Level 2 of the fair value hierarchy.

Warrants. Warrants are generally valued based on quoted prices from the applicable exchange. To the extent these securities are actively traded, and valuation adjustments are not applied, they are generally categorized as Level 1 of the fair value hierarchy.

144

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The summary of the fair valuations according to the inputs used as of October 31, 2025 in valuing each Funds’ investments is listed after the Schedule of Investments for each Fund.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:


TCW Core Plus Bond ETF	Asset-Backed Securities			Common Stock			Rights			Total
Balance as of April 1, 2025	$	1,622,041		$	591,100		$	200,460		$	2,413,601
Accrued Discounts (Premiums)		—			—			—			—
Realized Gain (Loss)		—			58,168			(7	)		58,161
Change in Unrealized Appreciation (Depreciation)		32,919			77,458			(200,453	)		(90,076	)
Purchases		—			—			—			—
Sales		(83,574	)		(726,726	)		—			(810,300	)
Transfers in to Level 3*		—			—			—			—
Transfers out of Level 3*		—			—			—			—

Balance as of October 31, 2025	$	1,571,386		$	—		$	—		$	1,571,386

Change in Unrealized Appreciation (Depreciation) from Investments Still Held at October 31, 2025	$	32,919		$	—		$	—		$	32,919

*	Financial assets transferred between Level 2 and Level 3 were due to a change in observable and/or unobservable inputs.


TCW Corporate Bond ETF	Asset-Backed Securities			Commercial Mortgage- Backed Securities — Non-Agency			Total
Balance as of April 1, 2025	$	31,736		$	—		$	31,736
Accrued Discounts (Premiums)		—			1,322			1,322
Realized Gain (Loss)		—			—			—
Change in Unrealized Appreciation (Depreciation)		644			4,867			5,511
Purchases		—			—			—
Sales		(1,635	)		(6,189	)		(7,824	)
Transfers in to Level 3*		—			—			—
Transfers out of Level 3*		—			—			—

Balance as of October 31, 2025	$	30,745		$	—		$	30,745

Change in Unrealized Appreciation (Depreciation) from Investments Still Held at October 31, 2025	$	644		$	—		$	644

*	Financial assets transferred between Level 2 and Level 3 were due to a change in observable and/or unobservable inputs.

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TCW Flexible Income ETF	Asset- Backed Securities			Bank Loans			Commercial Mortgage- Backed Securities — Non-Agency			Common Stock			Convertible Corporate Bonds			Corporate Bonds			Warrants		Residential Mortgage- Backed Securities — Non-Agency			Total
Balance as of October 31, 2024	$	395,664		$	127,519		$	686,890		$	336,156		$	2,504		$	39,562		$	—	$	3,493,797		$	5,082,092
Accrued Discounts (Premiums)		4,195			2,109			(2,253	)		—			200			2,481			—		(569,358	)		(562,626	)
Realized Gain (Loss)		8,126			(199,715	)		(51,061	)		20,691			(2,216	)		(33,322	)		—		(418,877	)		(676,374	)
Change in Unrealized Appreciation (Depreciation)		53,257			108,448			53,787			34,242			1,214			11,117			2		1,572,638			1,834,705
Purchases		13,247,342			2,062			—			—			—			—			—		19,588			13,268,992
Sales		(1,364,156	)		(40,423	)		(544,513	)		(390,686	)		(1,702	)		(19,838	)		—		(23,040	)		(2,384,358	)
Transfers in to Level 3*		166,928			—			—			—			—			—			—		—			166,928
Transfers out of Level 3*		—			—			(142,850	)		(403	)		—			—			—		(4,074,748	)		(4,218,001	)

Balance as of Ocober 31, 2025	$	12,511,356		$	—		$	—		$	—		$	—		$	—		$	2	$	—		$	12,511,358

Change in Unrealized Appreciation (Depreciation) from Investments Still Held at October 31, 2025	$	53,257		$	—		$	—		$	—		$	—		$	—		$	2	$	—		$	53,259

*	Financial assets transferred between Level 2 and Level 3 were due to a change in observable and/or unobservable inputs.


TCW Senior Loan ETF	Bank Loans			Common Stock			Preferred Stock			Warrant		Total
Balance as of April 1, 2025	$	3,758,145		$	357,691		$	316,409		$	3	$	4,432,248
Accrued Discounts (Premiums)		119,870			—			—			—		119,870
Realized Gain (Loss)		34,895			18,136			—			—		53,031
Change in Unrealized Appreciation (Depreciation)		(210,402	)		(33,524	)		(129,200	)		—		(373,126	)
Purchases		501,725			—			—			—		501,725
Sales		(2,821,104	)		(342,261	)		—			—		(3,163,365	)
Transfers in to Level 3*		—			—			—			—		—
Transfers out of Level 3*		(1,383,129	)		(42	)		(187,209	)		—		(1,570,380	)

Balance as of October 31, 2025	$	—		$	—		$	—		$	3	$	3

Change in Unrealized Appreciation (Depreciation) from Investments Still Held at October 31, 2025	$	(77,582	)	$	—		$	—		$	—	$	(77,582	)

*	Financial assets transferred between Level 2 and Level 3 were due to a change in observable and/or unobservable inputs.

Significant unobservable valuation inputs for Level 3 investments as of October 31, 2025 are as follows:

Fair Value at
10/31/2025

Valuation Techniques

Unobservable Input

Price or Price Range

Average
Weighted
Price

Input to
Valuation
If Input
Increases

TCW Core Plus Bond ETF

Asset-Backed Securities

1,571,386

Broker Quote

Offered Quote

93.902

Increase

Fair Value at
10/31/2025

Valuation Techniques

Unobservable Input

Price or Price Range

Average
Weighted
Price

Input to
Valuation
If Input
Increases

TCW Corporate Bond ETF

Asset-Backed Securities

30,745

Broker Quote

Offered Quote

93.902

Increase

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)


	Fair Value at 10/31/2025		Valuation Techniques*	Unobservable Input	Price or Price Range		Average Weighted Price		Input to Valuation If Input Increases
TCW Flexible Income ETF
Asset-Backed Securities	$	8,970,622	Broker Quote	Offered Quote	$	20.500 - $100.000	$	92.251		Increase
Asset-Backed Securities		1,909,820	Fair Value	Broker Pricing	$	86.810	$	86.810		Increase
Asset-Backed Securities		1,630,914	Third Party Vendor	Vendor Prices	$	99.994	$	99.994		Increase
Asset-Backed Securities	$	0	Fair Value	Zero Market Value	$	0.000	$	0.000		Increase
Warrants	$	2	Fair Value	Corporate Actions	$	0.000	$	0.000		Increase

	Fair Value at 10/31/2025		Valuation Techniques	Unobservable Input	Price or Price Range		Average Weighted Price		Input to Valuation If Input Increases
TCW Senior Loan ETF
Bank Loans	$	0	Fair Value	Broker Pricing	$	0.000	$	0.000		Increase
Warrants	$	3	Fair Value	Corporate Actions	$	0.000	$	0.000		Increase

Security Transactions and Related Investment Income: Throughout the reporting period, security transactions are accounted for one business day following the trade date. For financial reporting purposes, security transactions are accounted for on trade date on the last business day of the reporting period. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premiums and accretion of discounts. Dividend income, net of any applicable foreign withholding taxes, is recorded on the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the asset received. Large, non-recurring dividends recognized by a Fund, if any, are presented separately on the Statement of Operations as “Special Dividends” and the impact of these dividends is presented in the Financial Highlights. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds.

Dividends and Distributions: Dividends and distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds intend to declare and make distributions of taxable net investment income quarterly and net capital gains annually. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income for tax purposes. Therefore, no provision for federal income tax should be required.

Use of Estimates: The preparation of the accompanying financial statements requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates.

Foreign Currency Translation: The books and records of each Fund are maintained in U.S. dollars as follows: (1) foreign currency denominated securities, and other assets and liabilities stated in foreign currencies are translated using the daily spot rate; and (2) purchases, sales, income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. The resultant exchange gains and losses are included in net realized or net unrealized

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gain (loss) in the Statement of Operations. Pursuant to U.S. federal income tax regulations, certain foreign exchange gains and losses included in realized and unrealized gains and losses are included in, or are a reduction of, ordinary income for federal income tax purposes.

Foreign Taxes: The Funds may be subject to withholding taxes on income and capital gains imposed by certain countries in which they invest. The withholding tax on income is netted against the income accrued or received. Any reclaimable taxes are recorded as income. The withholding tax on realized or unrealized gain is recorded as a liability.

Derivative Instruments: Derivatives are financial instruments which are valued based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. A derivative contract may result in a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. It is possible that a derivative transaction will result in a loss greater than the principal amount invested. The Funds may not be able to close out a derivative transaction at a favorable time or price.

For the period ended October 31, 2025, each Fund had derivatives and transactions in derivatives, grouped in the following risk categories:

TCW AAA CLO ETF


	Foreign Currency Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Forward Currency Exchange Contracts	$	248,604		$	248,604

Total Value	$	248,604		$	248,604

Liability Derivatives
Forward Currency Exchange Contracts	$	(11,669	)	$	(11,669	)

Total Value	$	(11,669	)	$	(11,669	)

Statement of Operations:
Net Realized Gain (Loss)
Forward Currency Exchange Contracts	$	(573,240	)	$	(573,240	)

Net Realized Gain (Loss)	$	(573,240	)	$	(573,240	)

Net Change in Appreciation (Depreciation)
Forward Currency Exchange Contracts	$	236,935		$	236,935

Net Change in Appreciation (Depreciation)	$	236,935		$	236,935

Number of Contracts, Notional Amounts or Shares/Units ⁽²⁾
Forward Currency Exchange Contracts		8,775,534			8,775,534

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TCW Flexible Income ETF

	Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Futures Contracts⁽¹⁾	$	—		$	23,931		$	23,931
Forward Currency Exchange Contracts		1,575,151			—			1,575,151

Total Value	$	1,575,151		$	23,931		$	1,599,082

Liability Derivatives
Forward Currency Exchange Contracts	$	(48,484	)		—		$	(48,484	)
Futures Contracts⁽¹⁾		—		$	(3,862,668	)		(3,862,668	)

Total Value	$	(48,484	)	$	(3,862,668	)	$	(3,911,152	)


	Foreign Currency Risk			Interest Rate Risk			Total
Statement of Operations:
Net Realized Gain (Loss)
Forward Currency Exchange Contracts	$	(3,201,313	)	$	—		$	(3,201,313	)
Futures Contracts		—			3,663,219			3,663,219

Net Realized Gain (Loss)	$	(3,201,313	)	$	3,663,219		$	461,906

Net Change in Appreciation (Depreciation)
Forward Currency Exchange Contracts	$	1,428,499		$	—		$	1,428,499
Futures Contracts		—			(2,831,703	)		(2,831,703	)

Net Change in Appreciation (Depreciation)	$	1,428,499		$	(2,831,703	)	$	(1,403,204	)

Number of Contracts, Notional Amounts or Shares/Units⁽²⁾
Forward Currency Exchange Contracts		70,866,912			—			70,866,912
Futures Contracts		—			3,810			3,810

TCW High Yield Bond ETF

	Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Forward Currency Exchange Contracts	$	8,287			—		$	8,287

Total Value	$	8,287		$	—		$	8,287

Liability Derivatives
Forward Currency Exchange Contracts	$	(621	)	$	—		$	(621	)

Total Value	$	(621	)	$	—		$	(621	)

Statement of Operations:
Net Realized Gain (Loss)
Forward Currency Exchange Contracts	$	(13,611	)	$	—			(13,611	)
Futures Contracts		—			(126,492	)		(126,492	)

Net Realized Gain (Loss)	$	(13,611	)	$	(126,492	)	$	(140,103	)

Net Change in Appreciation (Depreciation)
Forward Currency Exchange Contracts	$	7,666			—		$	7,666

Net Change in Appreciation (Depreciation)	$	7,666		$	—		$	7,666

Number of Contracts, Notional Amounts or Shares/Units⁽²⁾
Forward Currency Exchange Contracts		1,275,619			—			1,275,619
Futures Contracts		—			57			57

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)



TCW Multisector Credit Income ETF
	Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Forward Currency Exchange Contracts	$	13,816			—		$	13,816

Total Value	$	13,816		$	—		$	13,816

Liability Derivatives
Forward Currency Exchange Contracts	$	(2,393	)		—		$	(2,393	)

Total Value	$	(2,393	)	$	—		$	(2,393	)

Statement of Operations:
Net Realized Gain (Loss)
Forward Currency Exchange Contracts	$	(84,380	)	$	—		$	(84,380	)
Futures Contracts		—			(4,677	)		(4,677	)

Net Realized Gain (Loss)	$	(84,380	)	$	(4,677	)	$	(89,057	)

Net Change in Appreciation (Depreciation)
Forward Currency Exchange Contracts	$	11,423		$	—		$	11,423

Net Change in Appreciation (Depreciation)	$	11,423		$	—		$	11,423

Number of Contracts, Notional Amounts or Shares/Units⁽²⁾
Forward Currency Exchange Contracts		1,207,635			—			1,207,635
Futures Contracts		—			3			3

TCW Corporate Bond ETF
	Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Futures Contracts⁽¹⁾	$	—		$	7,293		$	7,293
Forward Currency Exchange Contracts		9,545			—			9,545

Total Value	$	9,545		$	7,293		$	16,838

Liability Derivatives
Forward Currency Exchange Contracts	$	(415	)	$	—		$	(415	)
Futures Contracts⁽¹⁾		—			(7,311	)		(7,311	)

Total Value	$	(415	)	$	(7,311	)	$	(7,726	)

Statement of Operations:
Net Realized Gain (Loss)
Forward Currency Exchange Contracts	$	(11,446	)	$	—		$	(11,446	)
Futures Contracts		—			(38,214	)		(38,214	)

Net Realized Gain (Loss)	$	(11,446	)	$	(38,214	)	$	(49,660	)

Net Change in Appreciation (Depreciation)
Forward Currency Exchange Contracts	$	9,130		$	—		$	9,130
Futures Contracts		—			(6,224	)		(6,224	)

Net Change in Appreciation (Depreciation)	$	9,130		$	(6,224	)	$	2,906

Number of Contracts, Notional Amounts or Shares/Units⁽²⁾
Forward Currency Exchange Contracts		565,867			—			565,867
Futures Contracts		—			110			110

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TCW Senior Loan ETF
	Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Liability Derivatives
Futures Contracts⁽¹⁾	$	—		$	(1,590	)	$	(1,590	)

Total Value	$	—		$	(1,590	)	$	(1,590	)

Statement of Operations:
Net Realized Gain (Loss)
Forward Currency Exchange Contracts	$	(37,797	)	$	—			(37,797	)
Futures Contracts⁽¹⁾		—			(8,230	)		(8,230	)

Net Realized Gain (Loss)	$	(37,797	)	$	(8,230	)	$	(46,027	)

Net Change in Appreciation (Depreciation)
Forward Currency Exchange Contracts	$	—		$	26,167		$	26,167
Futures Contracts		—			(264	)		(264	)

Net Change in Appreciation (Depreciation)	$	—		$	25,903		$	25,903

Number of Contracts, Notional Amounts or Shares/Units⁽²⁾
Forward Currency Exchange Contracts		465,263			—			465,263
Futures Contracts		—			2			2

TCW Core Plus Bond ETF
	Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Swaptions Purchased	$	—		$	14,849		$	14,849
Futures Contracts⁽¹⁾		—			342,441			342,441
Forward Currency Exchange Contracts		134,570			—			134,570

Total Value	$	134,570		$	357,290		$	491,860

Liability Derivatives
Forward Currency Exchange Contracts	$	(10,292	)	$	—		$	(10,292	)
Futures Contracts⁽¹⁾		—			(61,154	)		(61,154	)

Total Value	$	(10,292	)	$	(61,154	)	$	(71,446	)

Statement of Operations:
Net Realized Gain (Loss)
Forward Currency Exchange Contracts	$	(2,068,102	)	$	—		$	(2,068,102	)
Futures Contracts		—			1,660,025			1,660,025

Net Realized Gain (Loss)	$	(2,068,102	)	$	1,660,025		$	(408,077	)

151

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)


	Foreign Currency Risk		Interest Rate Risk			Total
Net Change in Appreciation (Depreciation)
Forward Currency Exchange Contracts	$	1,001,730	$	—		$	1,001,730
Futures Contracts		—		(935,778	)		(935,778	)
Swaptions Purchased		—		(106,952	)		(106,952	)

Net Change in Appreciation (Depreciation)	$	1,001,730	$	(1,042,730	)	$	(41,000	)

Number of Contracts, Notional Amounts or Shares/Units⁽²⁾
Swaptions Purchased		—		77,019,600			77,019,600
Forward Currency Exchange Contracts		22,548,375		—			22,548,375
Options Purchased		—		77,019,600			77,019,600
Futures Contracts		—		732			732

(1)	Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only variation margin on October 31, 2025 is reported within the Statement of Assets and Liabilities.

(2)	Amount disclosed represents average number of contracts or notional amounts, which are representative of the volume traded for the period ended October 31, 2025.

Counterparty Credit Risk: Derivative contracts may be exposed to counterparty credit risk. Losses can occur if the counterparty does not perform under the contract.

The Funds’ risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Funds.

With exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Funds do not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

For OTC derivatives, the Funds mitigate their counterparty risk by entering into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with each counterparty. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate

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derivative contracts prior to maturity in the event a Fund’s net assets declines by a stated percentage or a Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.

Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral pledged or received by the Fund.

Cash collateral that has been pledged to cover obligations of a Fund is reported separately on the Statement of Assets and Liabilities. Non-cash collateral pledged by a Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold, typically $250,000 or $500,000, before a transfer is required, which is determined at the close of each business day and the collateral is transferred on the next business day. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by entering into agreements only with counterparties that the Adviser believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. The Funds have implemented the disclosure requirements pursuant to ASC 210 Balance Sheet (“ASC 210”), Disclosures about Offsetting Assets and Liabilities that requires disclosures to make financial statements that are prepared under GAAP more comparable to those prepared under International Financial Reporting Standards.

Master Agreements and Netting Arrangements. Certain Funds are parties to various agreements, including but not limited to International Swaps and Derivatives Association Agreements and related Credit Support Annex, Master Repurchase Agreements, and Master Securities Forward Transactions Agreements (collectively “Master Agreements”), which govern the terms of certain transactions with select counterparties. These Master Agreements generally include provisions for general obligations, representations, agreements, collateral, and certain events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions (“netting arrangements”). The netting arrangements are generally tied to credit -related events that, if triggered, would cause an event of default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination as a result of an event of default under the Master Agreement, the total value exposure of all transactions will be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in the event of a bankruptcy or insolvency of the counterparty. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/ moratorium. Any election made by a counterparty to early terminate the transactions under a Master Agreement could have a material adverse impact on a Fund’s financial statements. A

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Fund’s overall exposure to credit risk subject to netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions under the relevant Master Agreement with a counterparty in a given Fund exceeds a specified threshold, net of collateral already in place, typically $250,000 or $500,000 depending on the counterparty and the type of Master Agreement. Collateral under the Master Agreements is usually in the form of cash or U.S. Treasury Bills but could include other types of securities. If permitted under the Master Agreement, certain funds may rehypothecate cash collateral received from a counterparty. The value of all derivative transactions outstanding under a Master Agreement is calculated daily to determine the amount of collateral to be received or pledged by the counterparty. Posting of collateral for OTC derivative transactions are covered under tri-party collateral agreements between the Fund, the Fund’s custodian, and each counterparty. Collateral for centrally cleared derivatives transactions are posted with the applicable derivatives clearing organization.

The following table presents the Fund’s OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreement and net of the related collateral received or pledged by the Fund as of October 31, 2025:

TCW AAA CLO ETF


Counterparty	Gross Assets Subject to Master Agreements		Collateral Received		Derivatives Assets/ (Liabilities) Available for Offset			Net Amount of Assets⁽¹⁾
Goldman Sachs & Co.
Forward Currency Exchange Contracts	$	248,604	$	—	$	(11,669	)	$	236,935

Total	$	248,604	$	—	$	(11,669	)	$	236,935

⁽¹⁾	Represents the net amount receivable from the counterparty in the event of default.


Counterparty	Gross Liabilities Subject to Master Agreements		Collateral Pledged		Derivatives (Assets)/ Liabilities Available for Offset			Net Amount of Liabilities⁽²⁾
Goldman Sachs & Co.
Forward Currency Exchange Contracts	$	11,669	$	—	$	(11,669	)	$	—

Total	$	11,669	$	—	$	(11,669	)	$	—

⁽²⁾	Represents the net amount payable to the counterparty in the event of default.

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TCW Core Plus Bond ETF


Counterparty	Gross Assets Subject to Master Agreements		Collateral Received		Derivatives Assets/ (Liabilities) Available for Offset			Net Amount of Assets⁽¹⁾
Bank of America	$	23,048	$	—	$	—		$	23,048
Forward Currency Exchange Contracts
Bank of America
Purchased Swaptions		1,147		—		—			1,147
Citibank N.A.
Forward Currency Exchange Contracts		110,705		—		(1,267	)		109,438
Goldman Sachs & Co.
Forward Currency Exchange Contracts		817		—		(817	)		—
Goldman Sachs & Co.
Purchased Swaptions		3,229		—		—			3,229
Morgan Stanley & Co.
Purchased Swaptions		4,025		—		—			4,025
Goldman Sachs International
Purchased Swaptions		6,448		—		—			6,448

Total	$	149,419	$	—	$	(2,084	)	$	147,335

⁽¹⁾	Represents the net amount receivable from the counterparty in the event of default.


Counterparty	Gross Liabilities Subject to Master Agreements		Collateral Pledged		Derivatives (Assets)/ Liabilities Available for Offset			Net Amount of Liabilities⁽²⁾
Citibank N.A.
Forward Currency Exchange Contracts	$	1,267	$	—	$	(1,267	)	$	—
Goldman Sachs & Co.
Forward Currency Exchange Contracts		9,025		—		(817	)		8,208

Total	$	10,292	$	—	$	(2,084	)	$	8,208

⁽²⁾	Represents the net amount payable to the counterparty in the event of default.

TCW Corporate Bond ETF


Counterparty	Gross Assets Subject to Master Agreements		Collateral Received		Derivatives Assets/ (Liabilities) Available for Offset			Net Amount of Assets⁽¹⁾
Bank of New York
Forward Currency Exchange Contracts	$	2,207	$	—	$	—		$	2,207
Citibank N.A.
Forward Currency Exchange Contracts		7,338		—		(117	)		7,221

Total	$	9,545	$	—	$	(117	)	$	9,428

⁽¹⁾	Represents the net amount receivable from the counterparty in the event of default.


Counterparty	Gross Liabilities Subject to Master Agreements		Collateral Pledged		Derivatives (Assets)/ Liabilities Available for Offset			Net Amount of Liabilities⁽²⁾
Citibank N.A.
Forward Currency Exchange Contracts	$	117	$	—	$	(117	)	$	—
Goldman Sachs & Co.
Forward Currency Exchange Contracts		298		—		—			298

Total	$	415	$	—	$	(117	)	$	298

⁽²⁾	Represents the net amount payable to the counterparty in the event of default.

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TCW Flexible Income ETF


Counterparty	Gross Assets Subject to Master Agreements		Collateral Received⁽¹⁾			Derivatives Assets/ (Liabilities) Available for Offset			Net Amount of Assets⁽²⁾
Bank of New York
Forward Currency Exchange Contracts	$	1,523,919	$	—		$	—		$	1,523,919
Goldman Sachs & Co.
Forward Currency Exchange Contracts		51,232		(2,748	)		(48,484	)		—

Total	$	1,575,151	$	(2,748	)	$	(48,484	)	$	1,523,919

⁽¹⁾	Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

⁽²⁾	Represents the net amount receivable from the counterparty in the event of default.


Counterparty	Gross Liabilities Subject to Master Agreements		Collateral Pledged⁽¹⁾		Derivatives (Assets)/ Liabilities Available for Offset			Net Amount of Liabilities⁽²⁾
Goldman Sachs & Co.
Forward Currency Exchange Contracts	$	48,484	$	—	$	(48,484	)	$	—

Total	$	48,484	$	—	$	(48,484	)	$	—

⁽¹⁾	Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

⁽²⁾	Represents the net amount payable to the counterparty in the event of default.

TCW High Yield Bond ETF


Counterparty	Gross Assets Subject to Master Agreements		Collateral Received		Derivatives Assets/ (Liabilities) Available for Offset		Net Amount of Assets⁽¹⁾
Citibank N.A.
Forward Currency Exchange Contracts	$	8,287	$	—	$	—	$	8,287

Total	$	8,287	$	—	$	—	$	8,287

⁽¹⁾	Represents the net amount receivable from the counterparty in the event of default.


Counterparty	Gross Liabilities Subject to Master Agreements		Collateral Pledged		Derivatives (Assets)/ Liabilities Available for Offset		Net Amount of Liabilities⁽²⁾
Goldman Sachs & Co.
Forward Currency Exchange Contracts	$	621	$	—	$	—	$	621

Total	$	621	$	—	$	—	$	621

⁽²⁾	Represents the net amount payable to the counterparty in the event of default.

TCW Multisector Credit Income ETF


Counterparty	Gross Assets Subject to Master Agreements		Collateral Received		Derivatives Assets/ (Liabilities) Available for Offset			Net Amount of Assets⁽¹⁾
Citibank N.A.
Forward Currency Exchange Contracts	$	457	$	—	$	—		$	457
Goldman Sachs & Co.
Forward Currency Exchange Contracts		13,359		—		(2,393	)		10,966

Total	$	13,816	$	—	$	(2,393	)	$	11,423

⁽¹⁾	Represents the net amount receivable from the counterparty in the event of default.

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Counterparty	Gross Liabilities Subject to Master Agreements		Collateral Pledged		Derivatives (Assets)/ Liabilities Available for Offset			Net Amount of Liabilities⁽²⁾
Goldman Sachs & Co.
Forward Currency Exchange Contracts	$	2,393	$	—	$	(2,393	)	$	—

Total	$	2,393	$	—	$	(2,393	)	$	—

⁽²⁾	Represents the net amount payable to the counterparty in the event of default.

NOTE 3 — PORTFOLIO INVESTMENTS

Mortgage-Backed and Other Asset-Backed Securities: The Funds may invest in MBS, which represent interests in pools of mortgages in which payments of both principal and interest on the securities are generally made monthly, in effect “passing through” monthly payments made by borrowers on the residential or commercial mortgage loans which underlie the securities (net of any fees paid to the issuer or guarantor of the securities). Mortgage pass-through securities differ from other forms of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. The Funds may also invest in Collateralized Mortgage Obligations (“CMOs”). CMOs are debt obligations collateralized by residential or commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private mortgage pass-through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by the Government National Mortgage Association (Ginnie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) or Federal National Mortgage Corporation (Fannie Mae). The issuer of a series of CMOs may elect to be treated for tax purposes as a Real Estate Mortgage Investment Conduit. CMOs are structured into multiple classes, each bearing a different stated maturity. Monthly payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal only after shorter classes have been retired. An investor may be partially protected against a sooner than desired return of principal because of the sequential payments. The Funds may invest in stripped MBS. Stripped MBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest (the interest only or “IO” class), while the other class will receive all of the

principal (the principal only or “PO” class). The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may not fully recoup its initial investment in IOs. Mortgage-backed and other asset-backed securities held by the Fund at October 31, 2025 are listed in the Fund’s Schedule of Investments.

Inflation-Indexed Bonds: The Funds may invest in inflation-indexed bonds, which are fixed income securities whose principal value or coupon is periodically adjusted according to the rate of inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income.

Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten, twenty, or thirty years, although it is possible that securities with other maturities will be issued in the future. The U.S.

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Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount.

If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Funds may also invest in other inflation-related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds.

While the values of these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to declines in values. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond’s inflation measure.

When-Issued, Delayed-Delivery, To Be Announced (“TBA”) and Forward Commitment Transactions: The Funds may enter into when-issued, delayed-delivery, TBA or forward commitment transactions in order to lock in the purchase price of the underlying security or to adjust the interest rate exposure of each Fund’s existing portfolio. In when-issued, delayed-delivery, TBA or forward commitment transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. Although a Fund does not pay for the securities or start earning interest on them until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. If a Fund’s counterparty fails to deliver a security purchased on a when-issued, delayed-delivery, TBA or forward commitment basis, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

Prior to settlement of these transactions, the value of the subject securities will fluctuate with market conditions. In addition, because the Funds is not required to pay for when-issued, delayed-delivery, TBA or forward commitment securities until the delivery date, they may result in a form of leverage to the extent the Fund does not set aside liquid assets to cover the commitment. To guard against this deemed leverage, the Fund monitors the obligations under these transactions on a daily basis and ensures that the Fund has sufficient liquid assets to cover them.

Dollar Roll Transactions: The Funds may enter into dollar roll transactions with financial institutions to take advantage of opportunities in the MBS market. A dollar roll transaction involves a simultaneous sale of securities by a Fund with an agreement to repurchase substantially similar securities at an agreed upon price and date, but generally will be collateralized at time of delivery by different pools of mortgages with different prepayment histories than those securities sold. These

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transactions are accounted for as financing transactions as opposed to sales and purchases. The differential between the sale price and the repurchase price is recorded as deferred income and recognized between the settlement dates of the sale and repurchase. During the period between the sale and repurchase, a Fund will not be entitled to receive interest and principal payments on the securities sold. Dollar roll transactions involve risk that the market value of the security sold by a Fund may decline below the repurchase price of the security and the counterparties may potentially be unable to complete the transaction. There were no such transactions by the Funds for the period ended October 31, 2025.

Repurchase Agreements: The Funds may enter into repurchase agreements under the terms of a Master Repurchase Agreement (“MRA”). In a repurchase agreement, the Funds purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. The MRA permits each Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, each Fund receives securities as collateral with a market value in excess of the repurchase price. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund recognizes a liability with respect to such excess collateral to reflect the Fund’s obligation under bankruptcy law to return the excess to the counterparty. There were no repurchase agreements outstanding as of October 31, 2025.

Reverse Repurchase Agreements: The Funds may enter into reverse repurchase agreements accounted for as secured borrowings in accordance with ASC No. 860, Transfers & Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings and Disclosures. Under a reverse repurchase agreement, a Fund sells portfolio assets subject to an agreement by the Fund to repurchase the same assets at an agreed upon price and date. The Funds may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. During the term of the reverse repurchase agreement, the Funds continue to receive the principal and interest payments on the securities sold. There were no reverse repurchase agreements outstanding during the period ended October 31, 2025.

Securities Lending: The Funds may lend their securities to qualified brokers. The loans must be collateralized at all times primarily with cash although the Fund can accept money market instruments or U.S. Government securities with a market value at least equal to the market value of the securities on loan. As with any extensions of credit, the Fund may bear the risk of delay in recovery or even loss of rights in the collateral if the borrowers of the securities fail financially. The Funds earn additional income for lending their securities by investing the cash collateral in short-term investments. The Funds did not lend any securities during the period ended October 31, 2025.

Derivatives:

Forward Currency Exchange Contracts: The Funds enter into forward currency exchange contracts as a hedge against fluctuations in foreign exchange rates. Forward currency exchange

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contracts are marked-to-market daily and the change in market value is recorded by the Funds as unrealized gains or losses in the Statement of Assets and Liabilities. When a contract is closed or delivery is taken, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of the foreign currency relative to the U.S. dollar. Outstanding forward currency exchange contracts at October 31, 2025 are disclosed in the Schedule of Investments.

Futures Contracts: The Funds may enter into futures contracts. A Fund may seek to manage a variety of different risks through the use of futures contracts, such as interest rate risk, equity price risk, and currency risk. A Fund may use index futures to hedge against broad market risks to its portfolio or to gain broad market exposure. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made, and are settled in cash. Positions in futures may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk. Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by a Fund as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of a Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it.

When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. During the period ended October 31, 2025, the Funds utilized treasury futures to help manage interest rate duration and credit market exposure. Futures contracts outstanding at October 31, 2025 are listed in the Funds’ Schedule of Investments.

Options: The Funds may purchase and sell put and call options on a security or an index of securities to enhance investment performance and/or to protect against changes in market prices. The Funds may also enter into currency options to hedge against or to take advantage of currency fluctuations.

A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price at any time before the expiration date. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an

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anticipated decline in the value of the underlying security. If a Fund holds the security underlying the option, the option premium and any transaction costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option. A Fund may purchase call options to hedge against an increase in the price of securities that the Fund ultimately wants to buy. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit a Fund might have realized had it bought the underlying security at the time it purchased the call option.

Purchasing foreign currency options gives a Fund the right, but not the obligation, to buy or sell specified amounts of currency at a rate of exchange that may be exercised by a certain date. These currency options may be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option’s expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. Premiums paid for purchasing options that expire are treated as realized losses.

Options purchased or sold by a Fund may be traded on a securities or options exchange. Such options typically have minimal exposure to counterparty risk. However, an exchange or market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications imposed by an exchange or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace the expiring series, and opening transactions in existing series may be prohibited.

OTC options are options not traded on exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by a Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration.

Swap Agreements: The Funds may enter into swap agreements. Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount” (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a “basket” of securities representing a particular index).

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In a total return swap, one party typically agrees to pay to the other a short-term interest rate in return for a payment at one or more times in the future based on the increase in the value of an underlying security or other asset, or index of securities or assets; if the underlying security, asset, or index declines in value, the party that pays the short-term interest rate must also pay to its counterparty a payment based on the amount of the decline. A Fund may take either side of such a swap, and so may take a long or short position in the underlying security, asset, or index. A Fund may enter into a total return swap to hedge against an exposure in its portfolio — such as interest rate risk (including to adjust the duration or credit quality of a Fund’s bond portfolio), equity risk, or credit risk — or generally to put cash to work efficiently in the markets in anticipation of, or as a replacement for, cash investments. A Fund may also enter into a total return swap to gain exposure to securities or markets in which it might not be able to invest directly (in so-called market access transactions).

Interest rate swaps are agreements in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. In more complex swaps, the notional principal amount may decline (or amortize) over time. A Fund’s maximum risk of loss due to counterparty default is the discounted NAV of the cash flows paid to/received from the counterparty over the interest rate swap’s remaining life.

The Funds may write (sell) and purchase put and call swaptions. Swaption contracts written by the Funds represent an option that gives the purchaser the right, but not the obligation, to enter into a new swap agreement, or to shorten, extend, cancel or modify an existing swap agreement, on a future date on specified terms. See “Swap Agreements” below. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. During the period ended October 31, 2025, none of the Funds held written swaptions.

A Fund may enter into credit default swap transactions as a “buyer” or “seller” of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a “reference entity”). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a “credit event” occurs, the buyer has the right to deliver to the seller bonds (or other obligations of the reference entity with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. When the Fund buys protection, it may or may not own securities of the reference entity. When a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund’s portfolio through the Fund’s indirect long exposure to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create such a “synthetic” long position.

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NOTE 3 — PORTFOLIO INVESTMENTS (Continued)

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. A Fund also takes the risk that the market will move against its position in the swap agreement. In the case of a total return swap, the swap will change in value depending on the change in value of the asset or index on which the swap is written. When a Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and the Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking-to-market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on each Fund’s Statement of Operations upon termination or maturity of the swap agreement.

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Fund are recorded as realized gains and losses, respectively. During the period ended October 31, 2025 the TCW Corporate Bond ETF entered into interest rate swaps to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed-rate bonds which may decrease when interest rates rise (interest rate risk). Outstanding swap agreements at October 31, 2025, if any, are disclosed in the Schedules of Investments.

NOTE 4 — RISK CONSIDERATIONS

Market Risk: The Funds’ investments will fluctuate with market conditions, and so will the value of your investment in the Funds. You could lose money on your investment in the Funds or the Funds could underperform other investments.

Liquidity Risk: The Funds’ investments in illiquid securities may reduce the returns of the Funds because they may not be able to sell the illiquid securities at an advantageous time or price. Investments in high-yield securities, foreign securities, derivatives or other securities with substantial

market and/or credit risk tend to have the greatest exposure to liquidity risk. Certain investments in private placements and Rule 144A securities may be considered illiquid investments. The Funds may invest in private placements and Rule 144A securities.

Interest Rate Risk: The values of the Funds’ investments fluctuate in response to movements in interest rates. If rates rise, the values of debt securities generally fall. The longer the average duration of a Fund’s investment portfolio, the greater the change in value.

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NOTE 4 — RISK CONSIDERATIONS (Continued)

Mortgage-Backed and Other Asset-Backed Securities Risk: The Funds may invest in MBS or other ABS. The values of some mortgage-backed securities or other asset-backed securities may expose the Funds to a lower rate of return upon reinvestment of principal. When interest rates rise, the value of mortgage-related securities generally will decline; however, when interest rates are declining, the value of mortgage-related securities with prepayment features may not increase as much as other fixed-income securities. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may shorten or extend the effective maturity of the security beyond what was anticipated at the time of purchase. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

Derivatives Risk: Use of derivatives, which at times is an important part of the Funds’ investment strategies, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Investments in derivatives could cause the Funds to lose more than the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Funds will achieve their objective through the use of the derivatives.

Credit Risk: The values of any of the Funds’ investments may also decline in response to events affecting the issuer or its credit rating. The lower-rated debt securities in which a Fund may invest are considered speculative and are subject to greater volatility and risk of loss than investment-grade securities, particularly in deteriorating economic conditions. The value of some mortgage-related securities in which the Funds invest also may fall because of unanticipated levels of principal prepayments that can occur when interest rates decline. Certain Funds invest a material portion of their assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults. Continuing shifts in the market’s perception of credit quality on securities backed by commercial and residential mortgage loans and other financial assets may result in increased volatility of market price and periods of illiquidity that can negatively impact the valuation of certain issuers held by the Funds.

MBS and ABS are characterized and classified in a variety of different ways. These classifications include a view of the securities’ cash flow structure (pass-through, sequential pay, prepayment-protected, interest only, principal only, etc.), the security of the claim on the underlying assets (senior, mezzanine and subordinated), as well as types of underlying collateral (prime conforming loans, prime non-conforming loans, Alt-A loans, subprime loans, commercial loans, etc.). In many cases, the

classification incorporates a degree of subjectivity: a particular loan might be categorized as “prime” by the underwriting standards of one mortgage issuer while another might classify the loan as “subprime.” In addition to other functions, the risk associated with an investment in a mortgage loan must take into account the nature of the collateral, the form and the level of credit enhancement, the vintage of the loan, the geography of the loan, the purpose of the loan (refinance versus purchase versus equity takeout), the borrower’s credit quality (e.g., FICO score), and whether the loan is a first trust deed or a second lien.

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NOTE 4 — RISK CONSIDERATIONS (Continued)

Counterparty Risk: The Funds may be exposed to counterparty risk, the risk that an entity with which a Fund has unsettled or open transactions may not fulfill its obligations.

Foreign Currency Risk: The Funds may be exposed to the risk that the value of the Funds’ investments denominated in foreign currencies will decline in value because the foreign currencies have declined in value relative to the U.S. dollar.

Foreign Investing Risk: The Funds may be exposed to the risk that the Funds’ share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates in countries where the Funds invest.

U.S. Trade Policy Risk: There have been significant changes to United States trade policies, treaties and tariffs, and in the future there may be additional significant changes. These and any future developments, and continued uncertainty surrounding trade policies, treaties and tariffs, may have a material adverse effect on global economic conditions, inflation and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict the access by issuers of our portfolio securities to suppliers or customers, increase their supply-chain costs and expenses and could have material adverse effects on our portfolio investments.

Investment Style Risk: Certain Funds may also be subject to investment style risk. The Adviser’s investment styles may be out of favor at times or may not produce the best results over short or longer time periods and may increase the volatility of a Fund’s share price.

Bank Loan Risk: There is a risk of investing in corporate loans made by commercial banks and other financial institutions or institutional investors to companies that need capital to grow or restructure, which includes interest rate risk, liquidity risk and prepayment risk. A Fund may also be subject to the credit risk of other financial institutions and the risks associated with insufficient collateral securing a bank loan, limited available public information about a bank loan, delayed settlement, and less protection for holders of bank loans as compared to holders of registered securities. Bank loans are not registered and otherwise may not be treated as securities under the federal securities laws, meaning investors in loans have less protection against improper practices than investors in securities that are registered under or are otherwise subject to the protections of the securities laws.

NOTE 5 — FEDERAL INCOME TAXES

It is the policy of the Funds to comply with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income, including any net realized gains on investments, to its shareholders. Therefore, no federal income tax provision is required. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of operations. Management of the Funds is required to determine whether a tax position taken by the Funds is more likely than not to be sustained upon examination by the applicable taxing authority. Based on its analysis, Management has concluded that the Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or

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Notes to Financial Statements (Continued)

NOTE 5 — FEDERAL INCOME TAXES (Continued)

penalties for the period ended October 31, 2025. The Funds are subject to examination by the U.S. Federal and state tax authorities for returns filed for the prior three and four fiscal years, respectively.

At October 31, 2025, net unrealized appreciation for federal income tax purposes is comprised of the following components:


Fund	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost of Investments for Federal Income Tax Purposes
TCW AAA CLO ETF	$	698,578	$	(324,694	)	$	373,884		$	320,768,830
TCW Core Plus Bond ETF		3,887,623		(3,735,481	)		152,142			260,530,663
TCW Corporate Bond ETF		759,115		(345,665	)		413,450			27,573,697
TCW Flexible Income ETF		26,572,813		(43,487,263	)		(16,914,450	)		2,410,129,726
TCW High Yield Bond ETF		960,941		(906,149	)		54,792			36,479,308
TCW Multisector Credit Income ETF		1,172,241		(710,421	)		461,820			47,162,423
TCW Senior Loan ETF		1,921,984		(6,097,479	)		(4,175,495	)		250,613,916

At October 31, 2024, net unrealized appreciation (depreciation) on investments for federal income tax purposes was as follows:


Fund	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost of Investments for Federal Income Tax Purposes
TCW Flexible Income ETF	$	7,104,608	$	(42,256,115	)	$	(35,151,507	)	$	506,449,273

At October 31, 2025, the components of distributable earnings (loss) on a tax basis were as follows:


Fund	Undistributed Ordinary Income		Undistributed Long-term Gains		Accumulated Capital loss Carryforwards and Post- October losses			Other Temporary Differences		Net unrealized Appreciation (Depreciation)			Total Distributable Earnings
TCW AAA CLO ETF	$	1,713,503	$	—	$	(99,671	)	$	—	$	369,012		$	1,982,844
TCW Core Plus Bond ETF		2,447,708		—		(90,847,326	)		—		156,986			(88,242,632	)
TCW Corporate Bond ETF		133,874		—		(2,222,022	)		—		414,416			(1,673,732	)
TCW Flexible Income ETF		13,976,190		—		(20,630,982	)		—		(16,973,529	)		(23,628,321	)
TCW High Yield Bond ETF		394,176		—		(8,268,882	)		—		54,657			(7,820,049	)
TCW Multisector Credit Income ETF		425,857		—		(24,971	)		—		461,841			862,727
TCW Senior Loan ETF		2,306,713		—		(25,620,379	)		—		(4,176,263	)		(27,489,929	)

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NOTE 5 — FEDERAL INCOME TAXES (Continued)

At October 31, 2024, the components of distributable earnings (loss) on a tax basis were as follows:


Fund	Undistributed Ordinary Income		Undistributed Long-term Gains		Accumulated Capital loss Carryforwards and Post- October losses			Other Temporary Differences		Net unrealized Appreciation (Depreciation)			Total Distributable Earnings
TCW Flexible Income ETF	$	968,143	$	—	$	(20,277,084	)	$	—	$	(35,152,135	)	$	(54,461,076	)

During the year ended October 31, 2025, the tax character of distributions paid was as follows:


Fund	Ordinary Income *		Long-Term Capital Gain		Return of Capital		Total Distributions
TCW AAA CLO ETF	$	8,743,630	$	—	$	—	$	8,743,630
TCW Core Plus Bond ETF		8,842,643		—		—		8,842,643
TCW Corporate Bond ETF		593,939		—		—		593,939
TCW Flexible Income ETF		53,585,406		—		—		53,585,406
TCW High Yield Bond ETF		2,632,757		—		—		2,632,757
TCW Multisector Credit Income ETF		2,942,000		—		—		2,942,000
TCW Senior Loan ETF		12,901,702		—		—		12,901,702

^*	For tax purposes short-term capital gain distributions are considered ordinary income distributions.

During the year ended October 31, 2024, the tax character of distributions paid was as follows:


Fund	Ordinary Income *		Long-Term Capital Gain		Return of Capital		Total Distributions
TCW Flexible Income ETF	$	13,514,773	$	—	$	—	$	13,514,773

^*	For tax purposes short-term capital gain distributions are considered ordinary income distributions.

At October 31, 2025, the following Funds had net realized loss carryforwards for federal income tax purposes:


	No Expiration
Fund	Short-Term Capital Losses		Long-Term Capital Losses		Total
TCW AAA CLO ETF	$	99,671		—	$	99,671
TCW Core Plus Bond ETF		63,413,282		27,434,044		90,847,326
TCW Corporate Bond ETF		582,858		1,639,164		2,222,022
TCW Flexible Income ETF		—		20,630,982		20,630,982
TCW High Yield Bond ETF		2,077,955		6,190,927		8,268,882
TCW Multisector Credit Income ETF		22,165		2,806		24,971
TCW Senior Loan ETF		644,074		24,976,305		25,620,379

At October 31, 2024, the following Fund had net realized loss carryforwards for federal income tax purposes:


	No Expiration
Fund	Short-Term Capital Losses		Long-Term Capital Losses		Total
TCW Flexible Income ETF	$	6,061,751	$	14,223,748	$	20,285,499

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Notes to Financial Statements (Continued)

NOTE 5 — FEDERAL INCOME TAXES (Continued)

At October 31, 2025, the effect of permanent book/tax reclassifications primarily related to in-kind transactions resulted in increase/(decrease) to the components of net assets as follows:


Fund	Total Distributable Earnings		Paid in Capital
TCW AAA CLO ETF	$	—	$	—
TCW Core Plus Bond ETF		925		(925	)
TCW Corporate Bond ETF		—		—
TCW Flexible Income ETF		92		(92	)
TCW High Yield Bond ETF		—		—
TCW Multisector Credit Income ETF		136		(136	)
TCW Senior Loan ETF		36,738		(36,738	)

At October 31, 2024, the effect of permanent book/tax reclassifications primarily related to in-kind transactions resulted in increase/(decrease) to the components of net assets as follows:


Fund	Total Distributable Earnings			Paid in Capital
TCW Flexible Income ETF	$	(71	)	$	71

NOTE 6 — MANAGEMENT AND OTHER AGREEMENTS

Management

The Adviser, located at 515 South Flower Street, Los Angeles, CA 90071, furnishes investment advisory services to the Funds pursuant to an Investment Advisory Agreement with the Trust on behalf of the Funds (the “Investment Advisory Agreement”), subject to the supervision and direction of the Board. The Adviser is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended.

For its investment advisory services to the Funds, the Adviser is paid a management fee from the Funds based on a percentage of the Fund’s average daily net assets, at the annual rate of 0.20% for the TCW AAA CLO ETF, 0.35% for the TCW Corporate Bond ETF, 0.40% for the TCW Flexible Income ETF, 0.50% for the TCW High Yield Bond ETF, 0.56% for the TCW Multisector Credit Income ETF, 0.65% for the TCW Senior Loan ETF. The Adviser may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses, as may be specified in a separate letter of agreement.

Prior to the reorganization into the TCW Core Plus Bond ETF, for the period April 1, 2025 to June 16, 2025, the TCW MetWest Intermediate Bond Fund paid Metropolitan West Asset Management, LLC (the previous Adviser) a management fee based on a percentage of the TCW MetWest Intermediate Bond Fund’s average daily net assets, at the annual rate of 0.35%.

Prior to the reorganization into the TCW Corporate Bond ETF, for the period April 1, 2024 to November 15, 2024, the TCW MetWest Corporate Bond Fund paid Metropolitan West Asset Management, LLC (the previous Adviser) a management fee based on a percentage of the TCW MetWest Corporate Bond Fund’s average daily net assets, at the annual rate of 0.40%.

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NOTE 6 — MANAGEMENT AND OTHER AGREEMENTS (Continued)

Prior to the reorganization into the TCW High Yield Bond ETF, for the period November 1, 2024 to November 15, 2024, the TCW High Yield Bond Fund paid the Adviser a management fee based on a percentage of the TCW High Yield Bond Fund’s average daily net assets, at the annual rate of 0.45%.

Prior to the reorganization into the TCW Senior Loan ETF, for the period April 1, 2024 to November 15, 2024, the TCW MetWest Floating Rate Income Fund paid Metropolitan West Asset Management, LLC (the previous Adviser) a management fee based on a percentage of the TCW MetWest Floating Rate Income Fund’s average daily net assets, at the annual rate of 0.55%.

Pursuant to the Investment Advisory Agreement between the Adviser and the Trust (entered into on behalf of the Funds), the Adviser is responsible for substantially all expenses of the Funds, except (i) interest and taxes (including, but not limited to, income, excise, transfer and withholding taxes); (ii) expenses of the Funds incurred with respect to the acquisition, holding, voting and/or disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions; (iii) expenses incurred in connection with any distribution plan adopted by the Trust in compliance with Rule 12b-1 under the 1940 Act, including distribution fees; (iv) the advisory fee payable to the Adviser under the Investment Advisory Agreement; (v) litigation expenses (including fees and expenses of counsel retained by or on behalf of the Trust or any Fund) and any fees, costs or expenses payable by the Trust or any Fund pursuant to indemnification obligations to which the Trust or such Fund may be subject (pursuant to contract or otherwise); and (vi) any extraordinary expenses, as determined by a majority of the Independent Trustees.

Prior to the reorganization into the TCW Core Plus Bond ETF, for the period April 1, 2025 to June 15, 2025, the TCW MetWest Intermediate Bond Fund incurred distribution 12b-1 fees. These fees were no longer applicable subsequent to the reorganization.

Prior to the reorganization into the TCW Corporate Bond ETF and TCW Senior Loan ETF, for the period April 1, 2024 to November 15, 2024, the TCW MetWest Corporate Bond Fund and the TCW MetWest Floating Rate Income Fund incurred distribution 12b-1 fees. These fees were no longer applicable subsequent to the reorganization.

Prior to the reorganization into the TCW Corporate Bond ETF, for the period April 1, 2024 to November 15, 2024, the Adviser limited the operating expenses of the TCW MetWest Corporate Bond Fund Class I not to exceed 0.50% relative to the TCW MetWest Corporate Bond Fund Class I average daily net assets.

Prior to the reorganization into the TCW Senior Loan ETF, for the period April 1, 2024 to November 15, 2024, the Adviser limited the operating expenses of the TCW MetWest Floating Rate Income Fund Class I not to exceed 0.70% relative to the TCW MetWest Floating Rate Income Fund Class I average daily net assets.

Administrator, Custodian, Transfer Agent and Accounting Agent

State Street Bank and Trust Company (“State Street” or the “Bank”), located at One Congress Street, Suite 1, Boston, MA 02114-2016, is the Fund’s administrator, fund accountant, transfer and dividend agent and custodian. State Street is primarily in the business of providing administrative, fund accounting and transfer and dividend agent services to retail and institutional mutual funds and exchange traded funds. Prior to the reorganization referenced in Note 6, The Bank of New York Mellon served is the Fund’s administrator, fund accountant, transfer and dividend agent and custodian.

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NOTE 6 — MANAGEMENT AND OTHER AGREEMENTS (Continued)

Distribution

Foreside Financial Services, LLC (the “Distributor”), Three Canal Plaza, Suite 100, Portland, Maine 04101, is the distributor for the shares of the Trust. The Distributor is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. (“FINRA”).

Organizational and Offering Costs

The Adviser has paid or assumed all organizational and offering expenses for the Funds.

Board of Trustees Compensation

The Trust pays each Independent Trustee an annual retainer of $27,500 per calendar year, plus a $1,500 per-meeting fee for in-person attendance and $250 for telephonic attendance for each Board of Trustees meeting attended by that Independent Trustee. The Independent Chair of the Board of Trustees receives an additional annual retainer of $10,500, the Independent Vice Chair receives an additional annual retainer of $7,000, and the Chairs of the Audit Committee and the Nominating and Governance Committee each receive an additional annual retainer of $1,750. The Independent Trustees’ compensation is paid by the Adviser from the management fees it receives from the Funds.

NOTE 7 — FUND REORGANIZATIONS

On November 15, 2024, the TCW Corporate Bond ETF acquired all of the assets and assumed all of the liabilities of the TCW MetWest Corporate Bond Fund pursuant to a plan of reorganization approved by the board of the TCW MetWest Corporate Bond Fund and the Board of Trustees of the Trust on September 9, 2024. The acquisition was accomplished by a tax-free exchange as follows:

On the close of business on November 15, 2024, 110,118 shares of the TCW MetWest Corporate Bond Fund, valued at $4,983,150, were outstanding. After the reorganization, the TCW Corporate Bond ETF had 110,118 shares valued at $4,983,150.

The investment portfolio of the TCW MetWest Corporate Bond Fund, with a value of $5,134,310 and identified cost of $5,738,478, was the principal asset acquired by the TCW Corporate Bond ETF. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the TCW MetWest Corporate Bond Fund was carried forward to align ongoing reporting of the fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the TCW MetWest Corporate Bond Fund that have been reflected in the statement of operations since November 15, 2024, for the TCW Corporate Bond ETF.


	Before Reorganization			After Reorganization
	TCW MetWest Corporate Bond Fund			TCW Corporate Bond ETF
Net Assets	$	4,983,150		$	4,983,150
Shares Outstanding		110,118			110,118
Net Asset Value Per Share	$	45.25		$	45.25
Net Unrealized Depreciation	$	(604,168	)	$	(604,168	)

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NOTE 7 — FUND REORGANIZATIONS (Continued)

The Predecessor Fund and the Acquiring Fund had identical investment objectives and substantially similar principal investment strategies and principal risks. For financial reporting purposes, the Predecessor Fund’s financial and performance history prior to the Reorganization is carried forward and reflected in the Acquiring Fund’s financial statements and financial highlights.

On November 15, 2024, the TCW High Yield Bond ETF acquired all of the assets and assumed all of the liabilities of the TCW High Yield Bond Fund pursuant to a plan of reorganization approved by the board of the TCW High Yield Bond Fund and the Board of Trustees of the Trust on April 8, 2024. The acquisition was accomplished by a tax-free exchange as follows:

On the close of business on November 15, 2024, 1,322,812 shares of the TCW High Yield Bond Fund, valued at $40,656,611, were outstanding. After the reorganization, the TCW High Yield Bond ETF had 1,322,812 shares valued at $40,656,611.

The investment portfolio of the TCW High Yield Bond Fund, with a value of $40,177,909 and identified cost of $40,717,516, was the principal asset acquired by the TCW High Yield Bond ETF. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the TCW High Yield Bond Fund was carried forward to align ongoing reporting of the fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the TCW High Yield Bond Fund that have been reflected in the statement of operations since November 15, 2024, for the TCW High Yield Bond ETF.


	Before Reorganization			After Reorganization
	TCW High Yield Bond Fund			TCW High Yield Bond ETF
Net Assets	$	40,656,611		$	40,656,611
Shares Outstanding		1,322,812			1,322,812
Net Asset Value Per Share	$	30.73		$	30.73
Net Unrealized Depreciation	$	(518,452	)	$	(518,452	)

On November 15, 2024, the TCW Senior Loan ETF acquired all of the assets and assumed all of the liabilities of the TCW MetWest Floating Rate Income Fund pursuant to a plan of reorganization approved by the board of the TCW MetWest Floating Rate Income Fund and the Board of Trustees of the Trust on June 10, 2024. The acquisition was accomplished by a tax-free exchange as follows:

On the close of business on November 15, 2024, 6,173,628 shares of the TCW MetWest Floating Rate Income Fund, valued at $293,938,143, were outstanding. After the reorganization, the TCW Senior Loan ETF had 6,173,628 shares valued at $293,938,143.

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Notes to Financial Statements (Continued)

NOTE 7 — FUND REORGANIZATIONS (Continued)

The investment portfolio of the TCW MetWest Floating Rate Income Fund, with a value of $279,190,430 and identified cost of $279,441,046, was the principal asset acquired by the TCW Senior Loan ETF. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the TCW MetWest Floating Rate Income Fund was carried forward to align ongoing reporting of the fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the TCW MetWest Floating Rate Income Fund that have been reflected in the statement of operations since November 15, 2024, for the TCW Senior Loan ETF.


	Before Reorganization			After Reorganization
	TCW MetWest Floating Rate Income Fund			TCW Senior Loan ETF
Net Assets	$	293,938,143		$	293,938,143
Shares Outstanding		6,173,628			6,173,628
Net Asset Value Per Share	$	47.61		$	47.61
Net Unrealized Depreciation	$	(250,616	)	$	(250,616	)

On June 13, 2025, the TCW Core Plus Bond ETF acquired all of the assets and assumed all of the liabilities of the TCW MetWest Intermediate Bond Fund pursuant to a plan of reorganization approved by the board of the TCW MetWest Intermediate Bond Fund and the Board of Trustees of the Trust on March 27, 2025. The acquisition was accomplished by a tax-free exchange as follows:

On the close of business on June 13, 2025, 9,875,433 shares of the TCW MetWest Intermediate Bond Fund, valued at $373,788,338, were outstanding. After the reorganization, the TCW Core Plus Bond ETF had 9,875,433 shares valued at $373,788,338.

The investment portfolio of the TCW MetWest Intermediate Bond Fund, with a value of $421,941,809 and identified cost of $422,021,333, was the principal asset acquired by the TCW Core Plus Bond ETF. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the TCW MetWest Intermediate Bond Fund was carried forward to align ongoing reporting of the fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and

172

TCW ETF Trust

October 31, 2025

NOTE 7 — FUND REORGANIZATIONS (Continued)

earnings of the TCW MetWest Intermediate Bond Fund that have been reflected in the statement of operations since June 13, 2025, for the TCW Core Plus Bond ETF.


	Before Reorganization			After Reorganization
	TCW MetWest Intermediate Bond Fund			TCW Core Plus Bond ETF
Net Assets	$	373,788,338		$	373,788,338
Shares Outstanding		9,875,433			9,875,433
Net Asset Value Per Share	$	37.85		$	37.85
Net Unrealized Depreciation	$	(79,524	)	$	(79,524	)

NOTE 8 — RELATED PARTIES

At October 31, 2025, certain officers and Trustees of the Trust are also officers or employees of the Adviser or affiliated with the Distributor.

NOTE 9 — COMMITTED LINE OF CREDIT

The Funds, together with the TCW Metropolitan West Funds and the TCW Funds, Inc., have entered into a $250,000,000 committed revolving line of credit agreement with State Street Bank and Trust Company (the “Bank”) for temporary borrowing purposes, with an expiration date of December 17, 2026. The interest rate on borrowing is the higher Federal Funds Effective Rate plus 0.10%, plus 1.25% or the Overnight Bank Funding Rate plus 0.10%, plus 1.25%. There were no borrowings from the line of credit as of or during the year ended October 31, 2025. The Funds pay the Bank a commitment fee equal to 0.25% per annum on the unused portion of the committed line amount. The commitment fees incurred by the Funds would be presented in each Fund’s Statements of Operations. The commitment fees would be allocated to each applicable Fund in proportion to its relative average daily net assets and the interest expenses are charged directly to the applicable Fund.

NOTE 10 — CREATION AND REDEMPTION TRANSACTIONS

Each Fund issues and redeems shares (“Shares”) at NAV only in aggregations of a specified number of Shares (each a “Creation Unit”). The Funds may issue and redeem Creation Units of its Shares in exchange for a designated basket of portfolio investments (including any portion of such investments for which cash may be substituted) (“Deposit Instruments”), together with the deposit of a specified cash payment (“Cash Component”). Shares of each Fund are listed and trade on the New York Stock Exchange LLC (the “Exchange” or “NYSE”), a national securities exchange. Shares of the Funds are traded in the secondary market and elsewhere at market values that may be at, above or below each Fund’s NAV. Shares are redeemable only in Creation Units by authorized participants that have entered into agreements with the Distributor (“Authorized Participants”), and, generally, in exchange for securities in kind and or a cash amount. Creation Units typically are large blocks of a specified number of shares or multiples thereof. In the event of liquidation of a Fund, the Trust may lower the number of shares in a Creation Unit.

173

TCW ETF Trust

Notes to Financial Statements (Continued)

NOTE 10 — CREATION AND REDEMPTION TRANSACTIONS (Continued)

Shares may be issued in advance of receipt of Deposit Instruments, subject to various conditions, including a requirement that the Authorized Participant maintain with the Trust a cash deposit in an amount at least equal to a specified percentage, as set forth in the applicable Participant Agreement, of the value of the missing Deposit Instruments. The Trust may use such cash deposit at any time to purchase Deposit Instruments. Transaction fees and other costs associated with creations or redemptions that include cash may be higher than the transaction fees and other costs associated with in-kind creations or redemptions. In all cases, conditions with respect to creations and redemptions of Shares and fees will be limited in accordance with the requirements of SEC rules and regulations applicable to management investment companies offering redeemable securities.

NOTE 11 — CAPITAL SHARE TRANSACTIONS

Transactions in each Fund’s shares were as follows:



TCW AAA CLO ETF	For the Period November 15, 2024 (Commencement of Operations) through October 31, 2025
	Shares			Amount
Shares Sold		6,660,000		$	334,494,501
Shares Redeemed		(260,000	)		(13,081,127	)

Net Increase		6,400,000		$	321,413,374


TCW Flexible Income ETF^{(1) (2)}	Year Ended October 31, 2025				Year Ended October 31, 2024
	Shares		Amount		Shares			Amount
Shares Sold		42,150,000	$	1,654,358,678		2,458,126		$	96,184,409
Shares Sold — shares converted from Class M ⁽³⁾		—		—		1,292,294			49,107,849
Shares Issued upon Reinvestment of Dividends		14		564		132,725			5,029,014
Shares Redeemed		—		—		(986,495	)		(37,486,951	)

Net Increase		42,150,014	$	1,654,359,242		2,896,650		$	112,834,321

⁽¹⁾

The TCW Flexible Income ETF (FLXR) acquired the assets and liabilities of the predecessor mutual fund, the TCW MetWest Flexible Income Fund (the “Predecessor Fund”), at the close of business on June 21, 2024. As a result of the reorganization, the TCW Flexible Income ETF adopted the accounting and performance history of Class I Shares of the Predecessor Fund. Financial information disclosed for periods prior to June 21, 2024 include those of the Predecessor Fund.

⁽²⁾	Per share amounts were adjusted to reflect a 1:5 reverse stock split effective June 12, 2024.

⁽³⁾	M Class shares were converted into TCW Flexible Income ETF shares at the close of business on June 10, 2024.


TCW High Yield Bond ETF^{(1) (2)}	Year Ended October 31, 2025						Year Ended October 31, 2024
	Shares			Amount			Shares			Amount
Shares Sold		125,367		$	3,743,661			225,947		$	6,844,132
Shares Sold — shares converted from Class N ⁽³⁾		—			—			190,495			5,898,777
Shares Issued upon Reinvestment of Dividends		6,953			213,120			84,233			2,538,503
Shares Redeemed		(284,567	)		(8,683,937	)		(799,689	)		(24,255,487	)

Net Decrease		(152,247	)	$	(4,727,156	)		(299,014	)	$	(8,974,075	)

⁽¹⁾

The TCW High Yield Bond ETF (HYBX) acquired the assets and liabilities of the predecessor mutual fund, the TCW High Yield Bond Fund Class I (the “Predecessor Fund”), at the close of business on November 15, 2024. As a result of the transaction, the TCW High Yield Bond ETF adopted the accounting and performance history of the Predecessor Fund (inclusive of any expense limitation agreements that were in place). Financial information disclosed for periods prior to November 15, 2024 include those of the Predecessor Fund.

⁽²⁾	Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.

⁽³⁾	N Class shares were converted into TCW High Yield Bond ETF shares at the close of business on October 18, 2024.

174

TCW ETF Trust

October 31, 2025

NOTE 11 — CAPITAL SHARE TRANSACTIONS (Continued)



TCW Multisector Credit Income ETF							For the Period November 15, 2024 (Commencement of Operations) through October 31, 2025
							Shares			Amount
Shares Sold								1,000,000		$	50,000,000

Net Increase								1,000,000		$	50,000,000

TCW Corporate Bond ETF^{(1) (2)}	For the Period April 1, 2025 through October 31, 2025						Year Ended March 31, 2025
	Shares			Amount			Shares			Amount
Shares Sold		430,000		$	19,608,573			78,075		$	3,573,099
Shares Sold-shares converted from Class M ⁽³⁾		—			—			50,461			2,330,001
Shares Issued upon Reinvestment of Dividends		—			—			1,283			58,030
Shares Redeemed		(10,000	)		(454,363	)		(2,640	)		(117,854	)

Net Increase		420,000		$	19,154,210			127,179		$	5,843,276

⁽¹⁾

⁽²⁾	Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.

⁽³⁾	M Class shares were converted into TCW Corporate Bond ETF shares at the close of business on October 18, 2024.



TCW Senior Loan ETF^{(1) (2)}	For the Period April 1, 2025 through October 31, 2025						Year Ended March 31, 2025
	Shares			Amount			Shares			Amount
Shares Sold		770,000		$	35,900,804			946,675		$	44,131,030
Shares Sold-shares converted from Class M ⁽³⁾		—			—			148,325			7,040,099
Shares Issued upon Reinvestment of Dividends		—			—			229,502			10,890,222
Shares Redeemed		(1,600,000	)		(75,075,665	)		(1,268,332	)		(59,454,945	)

Net Increase (Decrease)		(830,000	)	$	(39,174,861	)		56,170		$	2,606,406

⁽¹⁾

⁽²⁾	Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.

⁽³⁾	M Class shares were converted into TCW Senior Loan ETF shares at the close of business on October 18, 2024.


TCW Core Plus Bond ETF^{(1) (2)}	For the Period from April 1, 2025 through October 31, 2025						Year Ended March 31, 2025
	Shares			Amount			Shares			Amount
Shares Sold		896,193		$	34,126,980			3,490,947		$	131,180,098
Shares Sold - shares converted from Class M		411,422			15,541,542			—			—
Shares Issued upon Reinvestment of Dividends		96,795			3,666,823			817,702			30,652,342
Shares Redeemed		(12,031,377	)		(456,840,408	)		(13,103,584	)		(492,769,621	)

Net Increase (Decrease)		(10,626,967	)	$	(403,505,063	)		(8,794,935	)	$	(330,937,181	)

⁽¹⁾

⁽²⁾	Per share amounts were adjusted to reflect a 1:4 reverse stock split effective May 22, 2025.

175

TCW ETF Trust

Notes to Financial Statements (Continued)

NOTE 12 — PURCHASES AND SALES OF SECURITIES

Investment transactions (excluding short-term investments) for the year ended October 31, 2025 were as follows:


	Purchases at Cost		Sales or Maturity Proceeds		U.S. Government Purchases at Cost		U.S. Government Sales or Maturity Proceeds
TCW AAA CLO ETF	$	461,011,301	$	150,055,901	$	—	$	—
TCW Flexible Income ETF		1,471,357,660		279,289,521		4,888,376,354		4,318,530,578
TCW High Yield Bond ETF		40,518,901		44,325,574		1,348,354		1,415,064
TCW Multisector Credit Income ETF		77,361,315		35,490,193		—		—


	Purchases at Cost		Sales or Maturity Proceeds		U.S. Government Purchases at Cost		U.S. Government Sales or Maturity Proceeds
TCW Corporate Bond ETF	$	19,161,802	$	2,286,219	$	30,107,001	$	28,252,678
TCW Senior Loan ETF		126,262,345		160,757,232		9,545,127		9,638,813


	Purchases at Cost		Sales or Maturity Proceeds		U.S. Government Purchases at Cost		U.S. Government Sales or Maturity Proceeds
TCW Core Plus Bond ETF	$	401,735,163	$	540,765,529	$	1,656,743,547	$	1,940,921,494

All creation and redemption transactions for the Funds were on a cash basis.

NOTE 13 — RESTRICTED SECURITIES

The Funds are permitted to invest in securities that have legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered before being sold to the public (exemption rules apply). Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”). However, the Company considers 144A securities to be restricted if those securities have been deemed illiquid. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. The restricted securities held by the Funds at October 31, 2025 are listed below.


Issuer Description	Acquisition Date		Acquisition Cost		Aggregate Value		Percentage of Net Assets
TCW Flexible Income ETF
COMM Mortgage Trust Series 2012-LC4, Class XB (I/O), 0.52%, 12/10/44		1/22/2019	$	16,787	$	10		0.00	%
COMM Mortgage Trust Series 2015-LC21, Class XE (I/O), 1.05%, 07/10/48		5/19/2021		375,578		100		0.00	%
HarborView Mortgage Loan Trust Series 2005-9, Class 2X (I/O), 0.00%, 06/20/35		3/4/2019		18,791		1		0.00	%
HOA Funding LLC Series 2021-1A, Class A2, 4.72%, 08/20/51		5/25/2022		709,745		166,928		0.01	%
Invesco CLO Ltd. Series 2021-2A, Class Y, 0.00%, 07/15/34		3/27/2025		5		0		0.00	%
Invesco U.S. CLO Ltd. Series 2024-4A, Class Y, 0.05%, 01/15/38		11/25/2024		0		0		0.00	%
Morgan Stanley Bank of America Merrill Lynch Trust Series, 2012-C5, Class XC (I/O), 0.09%, 08/15/45		4/14/2020		60,753		213		0.00	%
New Mountain CLO 8 Ltd. Series CLO-8A, Class M, 0.00%, 10/20/38		9/16/2025		40		0		0.00	%
WFRBS Commercial Mortgage Trust Series 2012-C10, Class XB (I/O), 0.34%, 12/15/45		4/21/2020		391,188		382		0.00	%

			$	1,572,887	$	167,634		0.01	%

176

TCW ETF Trust

October 31, 2025

NOTE 14 — COMMITMENTS AND CONTINGENCIES

The following Funds had unfunded commitments and unrealized gain (loss) by investment as of October 31, 2025:


Core Plus Bond ETF
UNFUNDED COMMITMENTS	MATURITY	AMOUNT		UNREALIZED GAIN (LOSS)
GC Ferry Acquisition I, Inc., Delayed Draw Term Loan	08/16/32	$	2,924	$	(1	)
Kelso Industries LLC, Delayed Draw Term Loan	12/30/29		3,980		10

			6,904		9


Flexible Income ETF
UNFUNDED COMMITMENTS	MATURITY	AMOUNT		UNREALIZED GAIN (LOSS)
American Rock Salt Company LLC, 2024 First Out Delayed Draw Term Loan	06/09/28	$	47,311	$	(197	)
GC Ferry Acquisition I Inc., Delayed Draw Term Loan	08/16/32		87,126		(30	)
Kelso Industries LLC, Delayed Draw Term Loan	12/30/29		5,306		13

			139,743		(214	)


High Yield Bond ETF
UNFUNDED COMMITMENTS	MATURITY	AMOUNT		UNREALIZED GAIN (LOSS)
Kelso Industries LLC, Delayed Draw Term Loan	12/30/29	$	2,211	$	6

			2,211		6


Multisector Credit Income ETF
UNFUNDED COMMITMENTS	MATURITY	AMOUNT		UNREALIZED GAIN (LOSS)
Air Comm Corporation, LLC, 2025 Delayed Draw Term Loan	12/11/31	$	11,538	$	29
Archkey Solutions LLC, 2024 Delayed Draw Term Loan B	11/01/31		25,862		86
GC Ferry Acquisition I Inc., Delayed Draw Term Loan	08/16/32		18,229		(6	)

			55,629		109


Senior Loan ETF
UNFUNDED COMMITMENTS	MATURITY	AMOUNT		UNREALIZED GAIN (LOSS)
Air Comm Corporation, LLC, 2025 Delayed Draw Term Loan	12/11/31	$	16,248	$	40
American Rock Salt Company LLC, 2024 First Out Delayed Draw Term Loan	06/09/28		140,786		(586	)
Archkey Solutions LLC, 2024 Delayed Draw Term Loan B	11/01/31		122,605		1,701
Clydesdale Acquisition Holdings Inc., 2025 Delayed Draw Term Loan	04/01/32		5,607		(6	)
GC Ferry Acquisition I Inc., Delayed Draw Term Loan	08/16/32		72,917		(25	)
Kelso Industries LLC, Delayed Draw Term Loan	12/30/29		70,251		176
Secretariat Advisors, LLC, 2025 Delayed Draw Term Loan	02/28/32		149,343		1,461
Splat Super Holdco, LLC, 2025 Delayed Draw Term Loan	07/02/32		209,109		(3,529	)

			786,866		(768	)

NOTE 15 — INDEMNIFICATIONS

Under the Trust’s organizational documents, its Officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into agreements with service providers that may

177

TCW ETF Trust

Notes to Financial Statements (Continued)

NOTE 15 — INDEMNIFICATIONS (Continued)

contain indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote. The Trust has not accrued any liability in connection with such indemnification.

NOTE 16 — SEGMENT REPORTING

In the reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds’ financial position or the results of their operations. The Funds represent a single operating segment as the operating results of the Funds are monitored as a whole and their long-term asset allocation is determined in accordance with the terms of the applicable prospectus, based on defined investment objectives that is executed by the Funds’ portfolio management team. A senior executive team comprised of the Funds’ Principal Executive Officer and Principal Financial Officer, serves as the Funds’ chief operating decision maker (“CODM”), who act in accordance with Board of Trustee reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess the Funds’ profits and losses and to make resource allocation decisions. Segment assets are reflected in the Statements of Assets and Liabilities as Net Assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying Statement of Operations.

NOTE 17 — NEW ACCOUNTING PRONOUNCEMENTS

In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosure requirements, including, but not limited to, those with respect to the Fund’s income tax rate reconciliation and income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the ASU and its impact to the financial statements.

NOTE 18 — SUBSEQUENT EVENTS

Management has evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that there are no material events that would require recognition or disclosure in the Funds’ financial statements.

178

TCW AAA CLO ETF

Financial Highlights


	For the Period from November 15, 2024 (Commencement of Operations) through October 31, 2025
Net Asset Value per Share, Beginning of period	$	50.00

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		2.52
Net Realized and Unrealized Gain on Investments		0.10

Total from Investment Operations		2.62

Less Distributions:
Distributions from Net Investment Income		(2.09	)

Total Distributions		(2.09	)

Net Asset Value per Share, End of period	$	50.53

Market Value per Share, End of period		50.52

Total Return		5.34	%⁽²⁾
Total Return Market Price		5.32	%⁽²⁾
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	323,396	⁽³⁾
Ratio of Expenses to Average Net Assets		0.20	%⁽³⁾
Ratio of Net Investment Income to Average Net Assets		5.29	%⁽³⁾
Portfolio Turnover Rate⁽⁴⁾		72	%⁽²⁾

(1)	Computed using average shares outstanding throughout the period.

(2)	Not Annualized.

(3)	Annualized.

(4)	The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.

See accompanying Notes to Financial Statements.

179

TCW Core Plus Bond ETF

Financial Highlights


	For the Period from April 1, 2025 through October 31, 2025⁽¹⁾⁽²⁾ ⁽³⁾			Year Ended March 31,
				2025			2024			2023			2022			2021
Net Asset Value per Share, Beginning of year	$	37.80		$	37.40		$	38.24		$	40.40		$	42.92		$	42.60

Income (Loss) from Investment Operations:
Net Investment Income (Loss)⁽⁴⁾		0.94			1.60			1.60			1.24			0.56			0.64
Net Realized and Unrealized Gain (Loss) on Investments		0.74			0.36			(0.84	)		(2.16	)		(2.40	)		1.40

Total from Investment Operations		1.68			1.96			0.76			(0.92	)		(1.84	)		2.04

Less Distributions:
Distributions from Net Investment Income		(0.70	)		(1.56	)		(1.60	)		(1.24	)		(0.56	)		(0.64	)

Total Distributions		(0.70	)		(1.56	)		(1.60	)		(1.24	)		(0.68	)		(1.72	)

Net Asset Value per Share, End of year	$	38.78		$	37.80		$	37.40		$	38.24		$	40.40		$	42.92

Market Value per Share, End of year		38.73			—			—			—			—			—


Total Return		4.90	%⁽⁵⁾		5.38	%		2.12	%		(2.22	%)		(4.33	%)		4.76	%

Total Return Market Price		4.76	%⁽⁵⁾		N/A			N/A			N/A			N/A			N/A

Ratios/Supplemental Data:

Net Assets, End of year (in thousands)	$	234,436		$	630,414		$	952,523		$	876,918		$	768,271		$	766,063

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.49	%⁽⁶⁾		0.49	%		0.48	%		0.49	%		0.47	%		0.48	%

After Expense Reimbursement		0.45	%⁽⁶⁾		0.49	%		0.48	%		0.49	%		0.47	%		0.48	%

Ratio of Net Investment Income to Average Net Assets		4.17	%⁽⁶⁾		4.21	%		4.33	%		3.26	%		1.29	%		1.44	%

Portfolio Turnover Rate⁽⁷⁾		446	%⁽⁵⁾		643	%		588	%		516	%		399	%		372	%

(1)

(2)	Per share amounts were adjusted to reflect a 1:4 reverse stock split effective May 22, 2025.

(3)	The Fund has changed its fiscal year-end from March 31 to October 31. This period represents the seven-month period from April 1, 2025 to October 31, 2025.

(4)	Computed using average shares outstanding throughout the period.

(5)	Not annualized.

(6)	Annualized.

(7)	The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.

See accompanying Notes to Financial Statements.

180

TCW Corporate Bond ETF

Financial Highlights


	For the Period from April 1, 2025 through October 31, 2025⁽¹⁾			Year Ended March 31,
				2025^(2) (3)			2024			2023			2022			2021
Net Asset Value per Share, Beginning of year	$	45.77		$	44.95		$	45.15		$	49.45		$	53.25		$	51.60

Income (Loss) from Investment Operations:
Net Investment Income⁽⁴⁾		1.19			2.20			1.75			1.40			1.20			2.00
Net Realized and Unrealized Gain (Loss) on Investments		1.14			0.32			(0.20	)		(4.30	)		(3.45	)		2.05

Total from Investment Operations		2.33			2.52			1.55			(2.90	)		(2.25	)		4.05

Less Distributions:
Distributions from Net Investment Income		(1.18	)		(1.70	)		(1.75	)		(1.40	)		(1.20	)		(2.15	)
Distributions from Net Realized Gain		—			—			—			—			(0.35	)		(0.25	)

Total Distributions		(1.18	)		(1.70	)		(1.75	)		(1.40	)		(1.55	)		(2.40	)

Net Asset Value per Share, End of year	$	46.92		$	45.77		$	44.95		$	45.15		$	49.45		$	53.25

Market Value per Share, End of year		46.89			45.77			—			—			—			—


Total Return		5.10	%⁽⁵⁾		5.55	%		3.52	%		(5.79	%)		(4.44	%)		7.81	%

Total Return Market Price		5.18	%⁽⁵⁾		5.55	%		N/A			N/A			N/A			N/A

Ratios/Supplemental Data:

Net Assets, End of year (in thousands)	$	28,160		$	8,244		$	2,379		$	2,870		$	6,935		$	4,730

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.35	%⁽⁶⁾		3.59	%		4.24	%		3.39	%		2.40	%		3.54	%

After Expense Reimbursement		0.35	%⁽⁶⁾		0.51	%		0.50	%		0.50	%		0.50	%		0.50	%

Ratio of Net Investment Income to Average Net Assets		4.56	%⁽⁶⁾		3.55	%		3.92	%		3.05	%		2.25	%		3.64	%

Portfolio Turnover Rate⁽⁷⁾		133	%⁽⁵⁾		169	%		136	%		124	%		148	%		84	%

(1)	The Fund has changed its fiscal year-end from March 31 to October 31. This period represents the seven-month period from April 1, 2025 to October 31, 2025.

(2)

(3)	Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.

(4)	Computed using average shares outstanding throughout the period.

(5)	Not annualized.

(6)	Annualized.

(7)	The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.

See accompanying Notes to Financial Statements.

181

TCW Flexible Income ETF

Financial Highlights


	Year Ended October 31,						Year Ended March 31,
	2025			2024^(1)(2)(3)			2024			2023			2022			2021
Net Asset Value per Share, Beginning of year	$	38.81		$	38.50		$	39.45		$	43.75		$	49.30		$	49.10

Income (Loss) from Investment Operations:
Net Investment Income⁽⁴⁾		2.23			1.64			3.10			3.50			4.55			3.65
Net Realized and Unrealized Gain (Loss) on Investments		0.85			0.15			(0.95	)		(4.15	)		(5.40	)		1.50

Total from Investment Operations		3.08			1.79			2.15			(0.65	)		(0.85	)		5.15

Less Distributions:
Distributions from Net Investment Income		(2.15	)		(1.48	)		(3.10	)		(3.65	)		(4.55	)		(4.85	)
Distributions from Net Realized Gain		—			—			—			—			(0.15	)		(0.10	)

Total Distributions		(2.15	)		(1.48	)		(3.10	)		(3.65	)		(4.70	)		(4.95	)

Net Asset Value per Share, End of year	$	39.74		$	38.81		$	38.50		$	39.45		$	43.75		$	49.30

Market Value per Share, End of year		39.85			38.90			—			—			—			—

Total Return		8.18	%		4.61	%⁽⁵⁾		5.77	%		(1.25	%)		(2.05	%)		10.83	%
Total Return Market Price		8.21	%		4.85	%⁽⁵⁾		N/A			N/A			N/A			N/A

Ratios/Supplemental Data:

Net Assets, End of year (in thousands)	$	2,107,066		$	421,872		$	307,196		$	281,372		$	177,717		$	158,834

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.40	%		0.57	%⁽⁶⁾		0.68	%		0.74	%		0.79	%		1.01	%

After Expense Reimbursement		0.40	%		0.49	%⁽⁶⁾		0.55	%		0.55	%		0.55	%		0.55	%
Ratio of Net Investment Income to Average Net Assets		5.72	%		7.25	%⁽⁶⁾		8.07	%		8.78	%		9.55	%		7.41	%
Portfolio Turnover Rate⁽⁷⁾		390	%		181	%⁽⁵⁾		332	%		248	%		210	%		177	%

(1)	The TCW Flexible Income ETF has changed its fiscal year-end from March 31 to October 31. This period represents the seven-month period from April 1, 2024 to October 31, 2024.

(2)	Per share amounts were adjusted to reflect a 1:5 reverse stock split effective June 12, 2024.

(3)

The TCW Flexible Income ETF (FLXR) acquired the assets and liabilities of the predecessor mutual fund, the MetWest Flexible Income Fund Class I (the “Predecessor Fund”), at the close of business on June 21, 2024. As a result of the transaction, the ETF adopted the accounting and performance history of the Predecessor Fund (inclusive of any expense limitation agreements that were in place). Financial information disclosed for periods prior to June 21, 2024 include those of the Predecessor Fund.

(4)	Computed using average shares outstanding throughout the period.

(5)	Not annualized.

(6)	Annualized.

(7)	The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.

See accompanying Notes to Financial Statements.

182

TCW High Yield Bond ETF

Financial Highlights


	Year Ended October 31,
	2025			2024			2023			2022			2021
Net Asset Value per Share, Beginning of year	$	30.65	⁽¹⁾⁽²⁾	$	28.60		$	29.00		$	34.45		$	33.30

Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		2.09			1.90			1.75			1.40			1.15
Net Realized and Unrealized Gain (Loss) on Investments		(0.10	)		2.00			(0.30	)		(4.70	)		1.20

Total from Investment Operations		1.99			3.90			1.45			(3.30	)		2.35

Less Distributions:
Distributions from Net Investment Income		(2.02	)		(1.85	)		(1.85	)		(1.50	)		(1.20	)
Distributions from Net Realized Gain		—			—			—			(0.65	)		—

Total Distributions		(2.02	)		(1.85	)		(1.85	)		(2.15	)		(1.20	)

Net Asset Value per Share, End of year	$	30.62		$	30.65		$	28.60		$	29.00		$	34.45

Market Value per Share, End of year		30.40			—			—			—			—

Total Return		6.74	%		13.89	%		4.95	%		(9.97	%)		7.18	%
Total Return Market Price		5.69	%		N/A			N/A			N/A			N/A

Ratios/Supplemental Data:

Net Assets, End of year (in thousands)	$	36,836		$	41,534		$	47,270		$	50,992		$	96,223

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.58	%		1.10	%		0.88	%		0.84	%		0.76	%

After Expense Reimbursement		0.50	%		0.55	%		0.55	%		0.55	%		0.55	%
Ratio of Net Investment Income to Average Net Assets		6.84	%		6.33	%		5.95	%		4.46	%		3.36	%
Portfolio Turnover Rate⁽⁴⁾		111	%		65	%		63	%		94	%		82	%

(1)

(2)	Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.

(3)	Computed using average shares outstanding throughout the period.

(4)	The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.

See accompanying Notes to Financial Statements.

183

TCW Multisector Credit Income ETF

Financial Highlights


	For the Period from November 15, 2024 (Commencement of Operations) through October 31, 2025
Net Asset Value per Share, Beginning of period	$	50.00


Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		3.41
Net Realized and Unrealized Gain on Investments		0.39


Total from Investment Operations		3.80


Less Distributions:
Distributions from Net Investment Income		(2.94)

Total Distributions		(2.94)


Net Asset Value per Share, End of period	$	50.86

Market Value per Share, End of period		50.86


Total Return		7.87	%⁽²⁾

Total Return Market Price		7.87	%⁽²⁾

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	50,863

Ratio of Expenses to Average Net Assets		0.56	%⁽³⁾

Ratio of Net Investment Income to Average Net Assets		7.13	%⁽³⁾

Portfolio Turnover Rate⁽⁴⁾		75	%⁽²⁾

(1)	Computed using average shares outstanding throughout the period.

(2)	Not Annualized.

(3)	Annualized.

(4)	The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.

See accompanying Notes to Financial Statements.

184

TCW Senior Loan ETF

Financial Highlights


	For the Period from April 1, 2025 through October 31, 2025⁽¹⁾			Year Ended March 31,
				2025^(2) (3)			2024			2023			2022			2021
Net Asset Value per Share, Beginning of year	$	47.20		$	47.45		$	46.45		$	48.90		$	49.75		$	44.90

Income (Loss) from Investment Operations:
Net Investment Income⁽⁴⁾		2.05			3.91			4.15			2.90			1.65			1.60
Net Realized and Unrealized Gain (Loss) on Investments		(0.36	)		(0.49	)		1.00			(2.35	)		(0.85	)		4.85

Total from Investment Operations		1.69			3.42			5.15			0.55			0.80			6.45

Less Distributions:
Distributions from Net Investment Income		(1.93	)		(3.67	)		(4.15	)		(3.00	)		(1.65	)		(1.60	)

Total Distributions		(1.93	)		(3.67	)		(4.15	)		(3.00	)		(1.65	)		(1.60	)

Net Asset Value per Share, End of year	$	46.96		$	47.20		$	47.45		$	46.45		$	48.90		$	49.75

Market Value per Share, End of year		46.94			47.27			—			—			—			—


Total Return		3.66	%⁽⁵⁾		7.13	%		11.58	%		1.26	%		1.61	%		14.52	%

Total Return Market Price		3.46	%⁽⁵⁾		7.28	%		N/A			N/A			N/A			N/A

Ratios/Supplemental Data:

Net Assets, End of year (in thousands)	$	253,310		$	293,768		$	292,519		$	328,416		$	475,105		$	417,927

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.65	%⁽⁹⁾		0.70	%		0.70	%⁽⁶⁾		0.70	%		0.69	%⁽⁷⁾		0.70	%⁽⁸⁾

After Expense Reimbursement		0.65	%⁽⁹⁾		0.69	%		0.70	%		0.70	%		0.69	%		0.70	%

Ratio of Net Investment Income to Average Net Assets		7.44	%⁽⁹⁾		8.09	%		8.85	%		6.22	%		3.32	%		3.25	%

Portfolio Turnover Rate⁽¹⁰⁾		47	%⁽⁵⁾		117	%		77	%		43	%		49	%		38	%

(1)	The Fund has changed its fiscal year-end from March 31 to October 31. This period represents the seven-month period from April 1, 2025 to October 31, 2025.

(2)

(3)	Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.

(4)	Computed using average shares outstanding throughout the period.

(5)	Not annualized.

(6)	Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.70%.

(7)	Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.69%.

(8)	Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.68%.

(9)	Annualized.

(10)	The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.

See accompanying Notes to Financial Statements.

185

TCW ETF Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of TCW ETF Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of TCW AAA CLO ETF, TCW Core Plus Bond ETF (formerly TCW MetWest Intermediate Bond Fund), TCW Corporate Bond ETF (formerly TCW MetWest Corporate Bond Fund), TCW Flexible Income ETF, TCW High Yield Bond ETF (formerly TCW High Yield Bond Fund), TCW Multisector Credit Income ETF, and TCW Senior Loan ETF (formerly TCW MetWest Floating Rate Income Fund) (the “Funds”), seven of the twelve funds constituting TCW ETF Trust, including the schedules of investments, as of October 31, 2025, the related statements of operations, changes in net assets, and the financial highlights for the periods indicated in the table below, and the related notes (collectively referred to as the ”financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds listed above constituting TCW ETF Trust as of October 31, 2025, and the results of their operations for the period listed in the table below, the changes in their net assets for the period listed in the table below, and the financial highlights for the period listed in the table below, in conformity with accounting principles generally accepted in the United States of America.



Individual Fund Comprising the TCW ETF Trust	Statement of Operations	Statements of Changes in Net Assets	Financial Highlights

TCW AAA CLO ETF	For the period from November 15, 2024 (Commencement of Operations) through October 31, 2025	For the period from November 15, 2024 (Commencement of Operations) through October 31, 2025	For the period from November 15, 2024 (Commencement of Operations) through October 31, 2025

TCW Core Plus Bond ETF	For the period from April 1, 2025 through October 31, 2025, and the year ended March 31, 2025	For the period from April 1, 2025 through October 31, 2025, and the years ended March 31, 2025 and 2024	For the period from April 1, 2025 through October 31, 2025, and the years ended March 31, 2025, 2024, 2023, 2022, and 2021

TCW Corporate Bond ETF	For the period from April 1, 2025 through October 31, 2025, and the year ended March 31, 2025	For the period from April 1, 2025 through October 31, 2025, and the years ended March 31, 2025 and 2024	For the period from April 1, 2025 through October 31, 2025, and the years ended March 31, 2025, 2024, 2023, 2022, and 2021

186

TCW ETF Trust

Report of Independent Registered Public Accounting Firm (Continued)



Individual Fund Comprising the TCW ETF Trust	Statement of Operations	Statements of Changes in Net Assets	Financial Highlights

TCW Flexible Income ETF	For the year ended October 31, 2025	For the year ended October 31, 2025, and the period from April 1, 2024 through October 31, 2024 and the year ended March 31, 2024	For the year ended October 31, 2025, the period from April 1, 2024 through October 31, 2024, and the years ended March 31, 2024, 2023, 2022, and 2021

TCW High Yield Bond ETF	For the year ended October 31, 2025	For the years ended October 31, 2025 and 2024	For the years ended October 31, 2025, 2024, 2023, 2022, and 2021

TCW Multisector Credit Income ETF	For the period from November 15, 2024 (Commencement of Operations) through October 31, 2025	For the period from November 15, 2024 (Commencement of Operations) through October 31, 2025	For the period from November 15, 2024 (Commencement of Operations) through October 31, 2025

TCW Senior Loan ETF	For the period from April 1, 2025 through October 31, 2025, and the year ended March 31, 2025	For the period from April 1, 2025 through October 31, 2025, and the years ended March 31, 2025 and 2024	For the period from April 1, 2025 through October 31, 2025, and the years ended March 31, 2025, 2024, 2023, 2022, and 2021

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

187

TCW ETF Trust

Board Approval of Investment Advisory Agreement (Unaudited)

Renewal of Investment Advisory Agreement

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of non-interested (“Independent”) Trustees, voting separately, annually approve the continuation of each Fund’s investment advisory agreement (each, an “Agreement”) with TCW Investment Management Company LLC (the “Advisor”). The Trustees consider matters bearing on the Funds and their advisory agreements throughout the year, including a review of performance data at each regular meeting. In addition, at an in-person meeting on September 15, 2025, the Board approved the renewal of the Agreement for an additional one-year term from [TCW to insert contract begin date] through [TCW to insert contract end date]. The renewal of the Agreement was approved by the Board (including by a majority of the Independent Trustees) upon the recommendation of the Independent Trustees. The Independent Trustees also met by videoconference in a working session on August 21, 2025 to hear presentations by representatives of the Advisor, to ask related questions, to review and discuss materials provided by the Advisor for their consideration, and to meet separately with their independent legal counsel. On September 15, 2025, they also met separately with their independent legal counsel to review and discuss supplemental information that had been requested on their behalf by their independent legal counsel and presented by the Advisor. The information, material facts, and conclusions that formed the basis for the Independent Trustees’ recommendation and the Board’s subsequent approval are described below.

1. Information received

Materials reviewed—Over the period since October 13, 2023, when the Advisor acquired the exchange-traded fund platform of Engine No. 1 LLC (“Engine No. 1”), the former investment adviser to the Trust, the Trustees received a wide variety of materials relating to the services provided by the Advisor, including reports on the Advisor’s investment processes, as well as on each Fund’s investment results, portfolio composition, portfolio trading practices, compliance monitoring, shareholder services, and other information relating to the nature, extent, and quality of services provided by the Advisor to the Funds. In addition, the Board reviewed information furnished to the Independent Trustees in response to a detailed request sent to the Advisor on their behalf. The information in the Advisor’s responses included extensive materials regarding each Fund’s investment results, advisory fee comparisons to advisory fees charged by the Advisor to its institutional clients, financial and profitability information regarding the Advisor, descriptions of various services provided to the Funds and to other advisory and sub-advisory clients, descriptions of functions such as compliance monitoring and portfolio trading practices, and information about the personnel providing investment management services to each Fund. The Trustees also considered information provided by an independent data provider, Broadridge, comparing the investment performance and the fee and expense levels of each Fund to those of appropriate peer groups of registered funds selected by Broadridge. After reviewing this information, the Trustees requested additional information from the Advisor, which the Advisor provided and the Trustees considered.

Review process—The Trustees’ determinations were made on the basis of each Trustee’s business judgment after consideration of all the information presented. The Independent Trustees were advised by their independent legal counsel throughout the renewal process and received and reviewed advice from their independent legal counsel regarding legal and industry standards applicable to the renewal of the Agreement, including a legal memorandum from their independent legal counsel discussing their fiduciary duties related to their approval of the continuation of the

189

TCW ETF Trust

Board Approval of Investment Advisory Agreement (Unaudited) (Continued)

Agreement. The Independent Trustees also discussed the renewal of the Agreement with the Advisor’s representatives and in private sessions at which no representatives of the Advisor were present. In deciding to recommend the renewal of the Agreement with respect to each Fund, the Independent Trustees did not identify any single piece of information or particular factor that, in isolation, was the controlling factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for each Fund are the result of years of review and discussion between the Independent Trustees and the Board, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years. This summary describes the most important, but not all, of the factors considered by the Board and the Independent Trustees.

2. Nature, extent, and quality of services provided by the Advisor

The Board and the Independent Trustees noted that the Advisor had become investment adviser to the Trust effective October 13, 2023, when the Advisor acquired the exchange-traded fund platform of Engine No. 1. The Board and the Independent Trustees considered the depth and quality of the Advisor’s investment management process, including its research and strong analytical capabilities; the experience, capability, and integrity of its senior management and other personnel; the advance planning and transition arrangements put in place with respect to the changes in key portfolio management and other personnel; and the overall resources available to the Advisor in managing the Funds’ assets. The Board and the Independent Trustees considered the ability of the Advisor to attract and retain well-qualified investment professionals, noting in particular the Advisor’s hiring of professionals in various areas over the past several years, continued upgrading of resources in its middle office and back office operations and other areas, as well as a continuing and extensive program of infrastructure and systems enhancements, including business continuity, cybersecurity, and the modernization of the technology ecosystem with the implementation of Aladdin, as well as investments in sales and marketing to increase brand awareness, updates to information security defenses, and budgeting for certain future initiatives. The Board and the Independent Trustees noted the significant role played by the Advisor, as valuation designee, with respect to the valuation of portfolio securities, including research and analysis related to fair valued securities and due diligence and oversight of pricing vendors. The Board and the Independent Trustees also considered that the Advisor made available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, operations, administration, research, portfolio accounting, and legal matters. They noted the substantial additional resources made available by The TCW Group, Inc., the parent company of the Advisor (“TCW”). The Board and the Independent Trustees examined and discussed a detailed description of the extensive additional services provided to the Funds to support their operations and compliance, as compared to the much narrower range of services provided to the Advisor’s institutional and sub-advised clients, as well as the Advisor’s oversight and coordination of numerous outside service providers to the Funds. They further noted the high level of regular communication between the Advisor and the Independent Trustees. The Advisor explained its responsibility to supervise the activities of the Funds’ various service providers, as well as supporting the Independent Trustees and their meetings, regulatory filings, and various operational personnel, and the related costs.

190

TCW ETF Trust

The Board and the Independent Trustees concluded that the nature, extent, and quality of the services provided by the Advisor are of a high quality and have benefited and should continue to benefit the Funds and their shareholders.

3. Investment results

The Board and the Independent Trustees considered the investment results of each Fund in light of its investment objective(s) and principal investment strategies. They compared each Fund’s total returns with the total returns of other registered funds in peer group reports prepared by Broadridge with respect to various longer and more recent periods all ended May 31, 2025. The Board and the Independent Trustees reviewed information as to peer group selections presented by Broadridge and discussed the methodology for those selections with Broadridge. In reviewing each Fund’s relative performance, the Board and the Independent Trustees took into account each Fund’s investment strategies, distinct characteristics, asset size and diversification.

The Board and the Independent Trustees reviewed each Fund’s performance over the relevant periods. The Board and the Independent Trustees noted that the investment performance of each Fund was generally close to or above the median performance of the applicable peer group during the three-year period emphasized by Broadridge in the supplemental materials, and for the period since inception for those Funds with shorter operating histories. The Board indicated that it would continue to monitor portfolio investment performance on a regular basis and discuss with the Advisor from time to time any instances of long-term underperformance that may arise.

The Board and the Independent Trustees noted that the performance of the Funds for the various periods reviewed ranked in the first, second or third quintiles, with certain exceptions, as noted below. The Board and the Independent Trustees considered that certain of the Funds, including the Flexible Income ETF, Corporate Bond ETF, High Yield Bond ETF and Senior Loan ETF were newly formed but had acquired the performance history of their respective predecessor mutual fund, each of which was managed by the Advisor or its affiliate. The Board and the Independent Trustees further considered that certain other Funds had relatively short operating histories, and that these Funds had been managed by another investment adviser prior to October 13, 2023.

For the Flexible Income ETF, the Board and the Independent Trustees noted that the Fund’s performance was in the first quintile for the five-, three-and one-year periods. The Board and the Independent Trustees further noted that the Fund had acquired the assets and liabilities of its predecessor mutual fund, the Metropolitan West Flexible Income Fund, effective June 24, 2024 and had adopted the performance history of that mutual fund.

For the Corporate Bond ETF, the Board and the Independent Trustees noted that the Fund’s performance was in the fourth quintile for the five- and three-year periods and in the second quintile for the one-year period and for the period since the Fund’s inception on June 29, 2018. The Board and the Independent Trustees further noted that the Fund had acquired the assets and liabilities of its predecessor mutual fund, the TCW Metropolitan West Corporate Bond Fund, effective November 18, 2024 and had adopted the performance history of that mutual fund. The Board and the Independent Trustees also took into account the Advisor’s discussions of the Fund’s relative underperformance for certain periods, including that the Fund’s underweight position in corporate credit as spreads have tightened and an overweight position in duration as rates have risen contributed to its underperformance. The Board and the Independent Trustees noted that, while the Fund

191

TCW ETF Trust

Board Approval of Investment Advisory Agreement (Unaudited) (Continued)

underperformed relative to its benchmark and peer groups for certain periods, recent performance has been stronger.

For the High Yield Bond ETF, the Board and the Independent Trustees noted that the Fund’s performance was in the second quintile for the ten-year period, the fifth quintile for the five- and three-year periods and the fourth quintile for the one-year period. The Board and the Independent Trustees noted that the Fund had acquired the assets and liabilities of its predecessor mutual fund, the TCW High Yield Bond Fund, effective November 18, 2024 and had adopted the performance history of that mutual fund. The Board and the Independent Trustees also took into account the Advisor’s discussions of the relative underperformance of the Fund for certain periods, including that the Fund’s defensive positioning contributed to that underperformance, and noted the Fund’s stronger performance for the seven- and ten-year periods ended May 31, 2025.

For the Senior Loan ETF, the Board and the Independent Trustees noted that the Fund’s performance was in the third quintile for the five- and one-year periods and the second quintile for the three-year period. The Board and the Independent Trustees further noted that the Fund had acquired the assets and liabilities of its predecessor mutual fund, the TCW MetWest Floating Rate Income Fund, effective November 18, 2024 and had adopted the performance history of that mutual fund.

For the Multisector Credit Income ETF, the Board and the Independent Trustees noted that the Fund’s performance was in the second quintile for the period since the Fund’s inception on November 15, 2024. The Board and the Independent Directors considered the Fund’s limited operating history.

For AAA CLO ETF, the Board and the Independent Trustees noted that the Fund’s performance was ranked in the first quintile for the period since the Fund’s inception on November 15, 2024. The Board and the Independent Directors considered the Fund’s limited operating history.

4. Advisory fees and total expenses

The Board and the Independent Trustees compared the management fees and net total expenses of each Fund (each as a percentage of average net assets) with the median management fee and operating expense level of the other registered funds in the relevant Broadridge peer groups. These comparisons assisted the Board and the Independent Trustees by providing a reasonable statistical measure to assess each Fund’s fees relative to its relevant peers. The Board and the Independent Trustees noted that each Fund is an actively-managed ETF and that peer group comparisons are more challenging when considering active ETFs because of the uniqueness and complexity of investment styles among the respective peer funds.

The Flexible Income ETF was below the medians of the peer group funds for both management fees and net total expenses.

The Corporate Bond ETF was the same as the medians of the peer group funds for both management fees and net total expenses.

The High Yield Bond ETF, Senior Loan ETF, and Multisector Credit Income ETF were above the medians of their respective peer group funds for both management fees and net total expenses.

The AAA CLO ETF was the same as the median of the peer group funds for management fees and below the median for net total expenses.

192

TCW ETF Trust

The Board and the Independent Trustees observed the unitary fee structure of the Funds, under which the Advisor is responsible for substantially all other costs associated with managing and operating the Fund, except as set forth in the investment management agreement, and that the Advisor pays all distribution costs out of its own profits. The Board and the Independent Trustees considered that the unitary fee structure is used by exchange-traded funds due to the lower cost associated with ongoing management and distribution. The Board and the Independent Trustees also considered how these arrangements affected the expenses borne by each Fund’s shareholders and noted that the net total expense ratios were reasonable when taking into account the unitary fee arrangement.

The Board and the Independent Trustees also reviewed information regarding the advisory fees charged by the Advisor to its institutional and sub-advisory clients with similar investment mandates. The Board and the Independent Trustees concluded that, although the fees paid by those clients generally were lower than advisory fees paid by the Funds, the differences appropriately reflected the more extensive services provided by the Advisor to the Funds and the Advisor’s significantly greater responsibilities and expenses with respect to the Funds, including the additional time spent by portfolio managers for reasons such as managing the more active cash flows from creations and redemptions by authorized participants, the additional risks of managing a pool of assets for public investors, administrative burdens, daily pricing, valuation and liquidity responsibilities, the supervision of vendors and service providers, and the costs of additional infrastructure and operational resources and personnel and of complying with and supporting the more comprehensive regulatory and governance regime applicable to registered funds.

Based on these factors, the Trustees concluded that each Fund’s advisory fee was not unreasonable.

5. The Advisor’s costs, level of profits, and economies of scale

The Board and the Independent Trustees reviewed information regarding the Advisor’s costs of providing services to the Funds, as well as the resulting level of profits to the Advisor. They reviewed the Advisor’s stated assumptions and methods of allocating certain costs, such as personnel costs, which constitute the Advisor’s largest operating cost. The Board and the Independent Trustees recognized that the Advisor should be entitled to earn a reasonable level of profits for the services that it provides to each Fund. The Board and the Independent Trustees also reviewed a comparison of the Advisor’s profitability with respect to the Funds to the profitability of certain unaffiliated publicly traded asset managers, which the Advisor believed supported its view that the Advisor’s profitability was reasonable. Based on their review, the Board and the Independent Trustees concluded that they were satisfied that the Advisor’s level of profitability from its relationship with each Fund was not unreasonable or excessive.

The Board and the Independent Trustees considered the extent to which potential economies of scale could be realized as the Funds grow and whether the advisory fees reflect those potential economies of scale. They recognized that the advisory fees for the Funds do not have breakpoints, which would otherwise result in lower advisory fee rates as the Funds grow larger. The Board and the Independent Trustees recognized the benefits of the Advisor’s substantial past and ongoing investment in the advisory business, such as successfully recruiting and retaining key professional talent, systems and technology upgrades, added resources dedicated to legal, compliance, risk management and cybersecurity programs, and improvements to the overall firm infrastructure, as well as the financial pressures of competing against much larger firms and passive investment

193

TCW ETF Trust

Board Approval of Investment Advisory Agreement (Unaudited) (Continued)

products. The Board and the Independent Trustees also recognized that the Funds benefit from receiving investment advice from an organization with other types of advisory clients in addition to ETFs. The Board and the Independent Trustees considered the risk borne by the Advisor that the Funds’ net assets and thus the Advisor’s fees might decline in the event of sales and that smaller Funds might not grow to become profitable. The Board and the Independent Trustees concluded that the Advisor was appropriately sharing potential economies of scale with the Funds through reasonable fees and expenses, and through reinvesting in its capabilities for serving the Funds and their shareholders.

6. Ancillary benefits

The Board and the Independent Trustees also considered ancillary benefits received or to be received by the Advisor and its affiliates as a result of the relationship of the Advisor with the Funds. The Board and the Independent Trustees noted that, in addition to the fees the Advisor receives under the Agreement, the Advisor receives additional benefits in connection with management of the Funds in the form of reports, research and other services from brokers and their affiliates in return for brokerage commissions paid to such brokers. The Board and the Independent Trustees concluded that any potential benefits received or to be derived by the Advisor from its relationships with the Funds are reasonably related to the services provided by the Advisor to the Funds.

7. Conclusions

Based on their overall review, including their consideration of each of the factors referred to above (and others), the Board and the Independent Trustees concluded that the Agreement is fair and reasonable to each Fund and its shareholders, that each Fund’s shareholders received reasonable value in return for the advisory fees and other amounts paid to the Advisor by each Fund, and that the renewal of the Agreement was in the best interests of each Fund and its shareholders.

194

TCW ETF Trust

Supplemental Information (Unaudited)

Quarterly Portfolio Schedule. The TCW ETF Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year to date on Form NPORT-P. Such filings occur no later than 60 days after the end of the Funds’ first and third quarters and are available on the SEC’s website at www.sec.gov. In addition, each Fund’s full portfolio holdings are updated daily and available on TCW’s website at www.tcw.com/Literature/Fund-Literature.

Proxy Voting Policies and Procedures. A description of TCW Investment Management Company LLC’s proxy voting policies and procedures, which are applicable to the Funds in the TCW ETF Trust is available on TCW’s website at www.tcw.com/Global-Proxy-Voting-Policy and on the SEC’s website at www.sec.gov.

Proxy Voting Record. The TCW ETF Trust is required to disclose annually the Fund’s complete proxy voting record on Form N-PX covering the period July 1 through June 30 and file it with the SEC no later than August 31. Form N-PX for the Fund is available by calling 800-FUND-TCW (800-386-3829) to obtain a hard copy. The Fund’s Form N-PX will also be available on the Fund’s website at www.tcw.com/Literature/Fund-Literature and on the SEC’s website at www.sec.gov.

Premium/Discount Information. Information about the difference between daily market values on the secondary Market for shares of each Fund and each Fund’s net asset value can be found on TCW’s website at www.tcw.com/Literature/Fund- Literature.

Code of Ethics. The Trust and the Adviser have each adopted codes of ethics pursuant to Rule 17j-1 under the 1940 Act. Each code of ethics may be examined at the office of the SEC in Washington, D.C. or on the Internet at the SEC’s website at www.sec.gov.

195

LOGO

TCW ETF Trust

515 South Flower Street

Los Angeles, CA 90071

800 386 3829

tcw.com

Board of Trustees

Patrick C. Haden

Martin Luther King III

Peter McMillan

Victoria B. Rogers

Robert G. Rooney

Michael Swell

Andrew Tarica

David Vick

Richard Villa

Adviser

TCW Investment Management Company LLC

515 South Flower Street

Los Angeles, CA 90071

Custodian

State Street Bank & Trust Company

One Congress Street, Suite 1

Boston, MA 02114

Transfer Agent

State Street Bank & Trust Company

One Congress Street, Suite 1

Boston, MA 02114

Officers

Richard Villa

President and Principal Executive Officer

Treasurer, Principal Financial Officer

Principal Accounting Officer

Drew Bowden

Executive Vice President

Eric Chan

Assistant Treasurer

Peter Davidson

Vice President and Secretary

Lisa Eisen

Tax Officer

Alenoush Terzian

Chief Compliance Officer and

Anti-Money Laundering Officer

Independent Registered

Public Accounting Firm

Deloitte & Touche LLP

555 West 5th Street, Suite 2700

Los Angeles, CA 90013

Distributor

Foreside Financial Services, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

For Additional Information

Call 800 FUND TCW (800 386 3829)

or visit tcw.com

A description of the Funds’ proxy voting policies, procedures, and how the Funds voted proxies relating to their portfolios’ securities during the most recent 12-month period ending June 30 are available (i) without charge, upon request, by calling 800 386 3829; (ii) on the Securities and Exchange Commission’s website at www.sec.gov.

In addition to its annual and semi-annual reports, the Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. Such filings occur no later than 60 days after the end of the Funds’ first and third quarters and are available on the SEC’s website at www.sec.gov.

To reduce expenses, we may mail only one copy of the Fund’s prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at 800 386 3829 (or contact your financial institution). We will begin sending you individual copies thirty days after receiving your request.

This report is submitted for general information to the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective Prospectus, which includes details regarding the Funds’ objectives, policies, expenses and other information.


Schedules of Investments			1

TCW AAA CLO ETF			1

TCW Core Plus Bond ETF			12

TCW Corporate Bond ETF			32

TCW Flexible Income ETF			44

TCW High Yield Bond ETF			91

TCW Multisector Credit Income ETF			102

TCW Senior Loan ETF			113

Statements of Assets and Liabilities			128

Statements of Operations			131

Statements of Changes in Net Assets			135

Notes to Financial Statements			140

Financial Highlights			179

Report of Independent Registered Public Accounting Firm			186

Board Approval of Investment Advisory Agreement (Unaudited)			189

Supplemental Information (Unaudited)			195