Annual Shareholder Report

DoubleLine Opportunistic Core Bond ETF

NYSE Arca: DBND (Inception Date: March 31, 2022)

September 30, 2025

This annual shareholder report contains important information about the DoubleLine Opportunistic Core Bond ETF (formerly known as DoubleLine Opportunistic Bond ETF) for the period of 10/1/2024 to 9/30/2025. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
DBND	$47	0.46%

How did the Fund perform last year?

For the 12-month period ended September 30, 2025, the DoubleLine Opportunistic Core Bond ETF outperformed the benchmark Bloomberg US Aggregate Bond Index return of 2.88% on a net asset value basis.

How did the Fund perform since inception?

The cost of a $10,000 investment line graph reflects a hypothetical $10,000 investment in the Fund. The line graph uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, management fees and other expenses were deducted.

Costs of a $10,000 Investment

	DoubleLine Opportunistic Core Bond ETF (DBND)	Bloomberg US Aggregate Bond Index
3/31/2022	$10,000	$10,000
9/30/2022	$9,248	$9,078
9/30/2023	$9,315	$9,136
9/30/2024	$10,526	$10,193
9/30/2025	$10,860	$10,487

What factors influenced performance?

Over the period, fixed income assets generally provided solid gains despite persistent inflation, trade tensions and shifting monetary policy expectations. Late 2024 marked improving sentiment as inflation eased and growth held firm ahead of the Fed’s eventual pivot. After a volatile start to 2025, progress in trade talks and dovish Federal Reserve signals supported a broad recovery across risk assets. The Fed’s September rate cut, its first since 2024, drove strong performance in risk- and credit-sensitive assets while longer-duration sectors lagged.

Positioning

The Fund was positioned with a shorter duration and a larger credit allocation than the index, with sizable allocations to government-backed and securitized credit assets that offered attractive spread levels while the Fund sought to maintain downside protection. The Fund also provided diversification with corporate credit assets and emerging markets debt.

Top Contributors

Agency mortgage-backed securities
Non-Agency residential mortgage-backed securities
Investment grade corporate bonds

Top Detractors

U.S. Treasuries. Although this allocation generated positive returns, Treasuries were relative performance laggards.

Annual Performance (%)

	1 Year	Since Inception March 31, 2022
Total Return based on NAV	3.41%	2.40%
Bloomberg US Aggregate Bond Index	2.88%	1.37%

Performance data quoted represents past performance and does not guarantee future results. The performance data in the above table and line graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Key Fund Statistics

Net Assets$558,660,841
Number of Portfolio Holdings984
Portfolio Turnover Rate39%
Net Investment Advisory Fees$1,968,534

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

US Government and Agency Mortgage Backed Obligations	23.6
US Government and Agency Obligations	21.4
US Corporate Bonds	14.3
Non-Agency Residential Collateralized Mortgage Obligations	9.1
Asset Backed Obligations	8.7
Foreign Corporate Bonds	7.5
Non-Agency Commercial Mortgage Backed Obligations	4.3
Affiliated Mutual Funds	3.3
Collateralized Loan Obligations	3.2
Bank Loans	2.4
Short-Term Investments	2.1
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.4
Other	-0.3

Credit Quality Breakdown (% of Net Assets)

Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody’s Ratings, if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.
Government	23.9
Agency	22.0
AAA	11.5
AA	3.6
A	9.2
BBB	15.6
BB	5.7
B	3.6
CCC and Below	0.8
Unrated Securities	2.3
Other	1.8

Top Holdings (% of Net Assets)

U.S. Treasury Notes, 0.63%, 08/15/2030	6.1
U.S. Treasury Notes, 0.88%, 11/15/2030	5.3
U.S. Treasury Notes, 0.63%, 05/15/2030	4.2
U.S. Treasury Bonds, 1.38%, 11/15/2040	3.5
Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class, 4.05%	1.1
JPMorgan U.S. Government Money Market Fund - Class IM, 4.09%	1.1
U.S. Treasury Bonds, 1.13%, 05/15/2040	1.0
PRPM Trust, Series 2025-NQM4-M1, 5.83%, 07/25/2070	0.9

How has the Fund changed?

Effective February 3, 2025, DoubleLine Opportunistic Bond ETF was renamed DoubleLine Opportunistic Core Bond ETF.

Effective February 3, 2025, the Fund's management fee was reduced from 0.50% to 0.45%.

Householding

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at (855) 937-0772, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

DoubleLine^® is a registered trademark of DoubleLine Capital LP

DBND925

Annual Shareholder Report

DoubleLine Shiller CAPE^® U.S. Equities ETF

NYSE Arca: CAPE (Inception Date: March 31, 2022)

September 30, 2025

This annual shareholder report contains important information about the DoubleLine Shiller CAPE^® U.S. Equities ETF for the period of 10/1/2024 to 9/30/2025. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
CAPE	$69	0.65%

How did the Fund perform last year?

For the 12-month period ended September 30, 2025, the DoubleLine Shiller CAPE^® U.S. Equities ETF posted positive performance but underperformed the benchmark S&P 500^® Index return of 17.60% on a net asset value basis.

How did the Fund perform since inception?

Costs of a $10,000 Investment

	DoubleLine Shiller CAPE^® U.S. Equities ETF (CAPE)	S&P 500^® Index
3/31/2022	$10,000	$10,000
9/30/2022	$8,024	$7,980
9/30/2023	$9,586	$9,705
9/30/2024	$12,131	$13,233
9/30/2025	$13,530	$15,562

What factors influenced performance?

Fund performance was influenced by the Global Industry Classification Standard sector allocations and securities in each sector. The communication services and consumer discretionary exposures were the biggest contributors to performance. The financial services and health care exposures also contributed. The materials, real estate and consumer staples exposures detracted from performance.

Positioning

The Shiller Barclays CAPE^® U.S. Sector Total Return USD Index, which the Fund is guided by, was allocated to seven sectors: communication services, consumer discretionary, consumer staples, financials, health care, materials and real estate. The Fund owned U.S. equity securities in these sectors during the period.

Top Contributors

Communication services
Consumer discretionary
Financial services
Health care

Top Detractors

Materials
Real estate
Consumer staples

Annual Performance (%)

	1 Year	Since Inception March 31, 2022
Total Return based on NAV	11.23%	9.01%
S&P 500^® Index	17.60%	13.45%

Key Fund Statistics

Net Assets$330,950,121
Number of Portfolio Holdings155
Portfolio Turnover Rate255%
Net Investment Advisory Fees$2,214,550

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

Communication Services	26.0
Materials	24.4
Financials	24.3
Consumer Staples	24.2
Real Estate	0.7
Short-Term Investment	0.3
Other	0.1

Portfolio Characteristics

^{Footnote Reference1} Forward 12-Month Price-to-Earnings Ratio.
Median Market Cap ($B)	$20.63
Average Mkt Cap ($B)	$101.37
Price-to-Earnings^{Footnote Reference1}	21.84%
Price-to-Book	3.26%

Top Holdings (% of Net Assets)

Meta Platforms, Inc. - Class A	4.5
Linde plc	4.0
Alphabet, Inc. - Class A	3.2
Alphabet, Inc. - Class C	2.6
Walmart, Inc.	2.6
Costco Wholesale Corp.	2.4
Procter & Gamble Co. (The)	2.1
Welltower, Inc.	2.0
Prologis, Inc.	2.0
Netflix, Inc.	1.9

Householding

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

DoubleLine^® is a registered trademark of DoubleLine Capital LP

CAPE925

Annual Shareholder Report

DoubleLine Commercial Real Estate ETF

NYSE Arca: DCRE (Inception Date: March 31, 2023)

September 30, 2025

This annual shareholder report contains important information about the DoubleLine Commercial Real Estate ETF for the period of 10/1/2024 to 9/30/2025. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
DCRE	$40	0.39%

How did the Fund perform last year?

For the 12-month period ended September 30, 2025, the DoubleLine Commercial Real Estate ETF outperformed the benchmark Bloomberg US Aggregate 1-3 Year Index return of 4.14% on a net asset value basis.

How did the Fund perform since inception?

Costs of a $10,000 Investment

	DoubleLine Commercial Real Estate ETF (DCRE)	Bloomberg US Aggregate 1-3 Year Index	Bloomberg US Aggregate Bond Index
3/31/2023	$10,000	$10,000	$10,000
9/30/2023	$10,291	$10,037	$9,136
9/30/2024	$11,177	$10,763	$10,193
9/30/2025	$11,780	$11,209	$10,487

What factors influenced performance?

The fourth quarter of 2024 and early 2025 were characterized by risk-off sentiment as investors sought safety amid slowing global growth and renewed trade tensions, sending U.S. interest rates lower. As 2025 progressed, improving economic data, easing trade concerns and rising expectations for policy normalization fueled a broad-based recovery across risk assets. The Federal Reserve’s dovish pivot, culminating in a September rate cut, its first since 2024, further boosted investor confidence and supported gains in equities and credit while longer-duration fixed-income sectors lagged modestly amid fluctuating yields.

Positioning

The Fund primarily comprised non-Agency commercial mortgage-backed securities (CMBS) while maintaining a smaller allocation to Agency CMBS. During the period, the Fund tactically added some duration on the short end of the U.S. Treasury yield curve in order to capture duration-related benefits from the Federal Reserve lowering the federal funds rate.

Top Contributors

Non-Agency CMBS

Top Detractors

Agency CMBS. Although this allocation generated positive returns, Agency CMBS were relative performance laggards.

Annual Performance (%)

	1 Year	Since Inception March 31, 2023
Total Return based on NAV	5.60%	6.80%
Bloomberg US Aggregate 1-3 Year Index	4.14%	4.66%
Bloomberg US Aggregate Bond Index	2.88%	1.37%

Key Fund Statistics

Net Assets$317,907,759
Number of Portfolio Holdings245
Portfolio Turnover Rate66%
Net Investment Advisory Fees$1,015,793

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

Non-Agency Commercial Mortgage Backed Obligations	64.4
Collateralized Loan Obligations	19.8
US Government and Agency Mortgage Backed Obligations	13.9
Short-Term Investments	2.4
Non-Agency Residential Collateralized Mortgage Obligations	0.7
Other	-1.2

Credit Quality Breakdown (% of Net Assets)

Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody’s Ratings, if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.
Agency	13.9
AAA	73.9
AA	6.3
A	4.7
Other	1.2

Top Holdings (% of Net Assets)

BANK5, Series 2023-5YR2-A3, 6.66%, 07/15/2056	2.0
FNMA, Pool BZ3936, 4.78%, 05/01/2030	2.0
FNMA, Pool BZ1029, 4.93%, 06/01/2029	1.5
FHLMC Multifamily Structured Pass-Through Certificates, Series K518-A2, 5.40%, 01/25/2029	1.3
FNMA, Pool BZ0638, 4.82%, 04/01/2029	1.3
FHLMC, Multifamily Structured Pass-Through Certificates, Series K088-A2, 3.69%, 01/25/2029	1.3
ACRES LLC, Series 2025-FL3-A (CME Term SOFR 1 Month + 1.62%), 5.75%, 08/18/2040	1.3
Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class, 4.05%	1.2
JPMorgan U.S. Government Money Market Fund - Class IM, 4.09%	1.2
GPMT Ltd., Series 2021-FL4-A (CME Term SOFR 1 Month + 1.46%, 1.35% Floor), 5.60%, 12/15/2036	1.1

Householding

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

DoubleLine^® is a registered trademark of DoubleLine Capital LP

DCRE925

Annual Shareholder Report

DoubleLine Mortgage ETF

NYSE Arca: DMBS (Inception Date: March 31, 2023)

September 30, 2025

This annual shareholder report contains important information about the DoubleLine Mortgage ETF for the period of 10/1/2024 to 9/30/2025. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
DMBS	$40	0.39%

How did the Fund perform last year?

For the 12-month period ended September 30, 2025, the DoubleLine Mortgage ETF outperformed the benchmark Bloomberg US Mortgage-Backed Securities Index return of 3.39% on a net asset value basis.

How did the Fund perform since inception?

Costs of a $10,000 Investment

	DoubleLine Mortgage ETF (DMBS)	Bloomberg US Mortgage-Backed Securities (MBS) Index	Bloomberg US Aggregate Bond Index
3/31/2023	$10,000	$10,000	$10,000
9/30/2023	$9,545	$9,533	$9,136
9/30/2024	$10,712	$10,707	$10,193
9/30/2025	$11,110	$11,070	$10,487

What factors influenced performance?

The fourth quarter of 2024 and early 2025 were characterized by risk-off sentiment as investors sought safety amid slowing global growth and renewed trade tensions, sending U.S. interest rates lower. As 2025 progressed, improving economic data, easing trade concerns and expectations for policy normalization fueled a broad-based recovery across risk assets. The Federal Reserve’s dovish pivot, culminating in a September rate cut, its first since 2024, further boosted investor confidence and supported gains in equities and credit while longer-duration fixed-income sectors lagged modestly amid fluctuating U.S. Treasury yields.

Positioning

The Fund maintained on average a duration that was a half-year shorter than the index over the period.

Top Contributors

Duration positioning, as the U.S. Treasury yield curve bear steepened over the period.
Non-Agency mortgage-backed securities

Top Detractors

Agency mortgage-backed securities. Although this allocation generated positive returns, Agency mortgage-backed securities were relative performance laggards.

Annual Performance (%)

	1 Year	Since Inception March 31, 2023
Total Return based on NAV	3.82%	4.30%
Bloomberg US Mortgage-Backed Securities (MBS) Index	3.39%	4.14%
Bloomberg US Aggregate Bond Index	2.88%	1.37%

Key Fund Statistics

Net Assets$533,603,676
Number of Portfolio Holdings168
Portfolio Turnover Rate247%
Net Investment Advisory Fees$1,569,567

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

US Government and Agency Mortgage Backed Obligations	91.8
Non-Agency Residential Collateralized Mortgage Obligations	14.5
Short-Term Investments	0.2
Other	-6.5

Credit Quality Breakdown (% of Net Assets)

Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody’s Ratings, if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.
Government	5.5
Agency	79.2
AAA	2.4
AA	0.2
A	0.8
BBB	11.1
Other	0.8

Top Holdings (% of Net Assets)

FNMA/FHLMC UMBS, 30 Year, Single Family, Pool, 5.50%, 10/25/2055	3.4
FNMA UMBS, Pool FA2724, 5.50%, 09/01/2055	2.8
FHLMC UMBS, Pool SD8492, 5.00%, 01/01/2055	2.7
FNMA UMBS, Pool FA1962, 5.50%, 02/01/2055	2.5
FHLMC UMBS, Pool QD7607, 2.00%, 02/01/2052	2.5
FNMA UMBS, Pool FM8731, 2.00%, 09/01/2051	2.4
FNMA/FHLMC UMBS, 30 Year, Single Family, Pool, 2.50%, 10/25/2055	2.4
FNMA UMBS, Pool FA2752, 2.50%, 07/01/2052	2.1
FNMA/FHLMC UMBS, 30 Year, Single Family, Pool, 3.00%, 10/25/2055	1.9
FHLMC UMBS, Pool SL0810, 5.50%, 04/01/2055	1.8

Householding

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

DoubleLine^® is a registered trademark of DoubleLine Capital LP

DMBS925

Annual Shareholder Report

DoubleLine Commodity Strategy ETF

NYSE Arca: DCMT (Inception Date: January 31, 2024)

September 30, 2025

This annual shareholder report contains important information about the DoubleLine Commodity Strategy ETF for the period of 10/1/2024 to 9/30/2025. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
DCMT	$68	0.65%

How did the Fund perform last year?

For the 12-month period ended September 30, 2025, the DoubleLine Commodity Strategy ETF underperformed the Bloomberg Commodity Total Return Index return of 8.88% on a net asset value basis.

How did the Fund perform since inception?

Costs of a $10,000 Investment

	DoubleLine Commodity Strategy ETF (DCMT)	Bloomberg Commodity Total Return Index	S&P 500^® Index
1/31/2024	$10,000	$10,000	$10,000
9/30/2024	$10,116	$10,544	$12,006
9/30/2025	$10,985	$11,480	$14,119

What factors influenced performance?

The Fund was allocated to the Barclays Backwardation Tilt Multi-Strategy Index, which the Fund gained exposure to through the use of swap contracts. The biggest contributors by sector to Fund performance were precious metals and livestock. The biggest detractors were energy and agriculture. The Fund’s use of derivative instruments to gain exposure to commodities facilitated investment of the Fund’s remaining assets in U.S. Treasuries, which increased in value.

Positioning

The Fund had diversified exposure to commodities in all sectors, including industrial metals, energy, livestock, agriculture and precious metals. The Fund was also positioned on average farther out on the commodity futures curve relative to the index.

Top Contributors

Gold
Coffee
Live cattle

Top Detractors

Soybean meal
Sugar
Natural gas

Annual Performance (%)

	1 Year	Since Inception January 31, 2024
Total Return based on NAV	8.44%	5.69%
Bloomberg Commodity Total Return Index	8.88%	8.64%
S&P 500^® Index	17.60%	23.01%

Key Fund Statistics

Net Assets$21,583,063
Number of Portfolio Holdings5
Portfolio Turnover Rate82%
Net Investment Advisory Fees$141,412

What did the Fund invest in?

Collateral (% of Net Assets)

Treasury Bills	89.5
Cash	10.5

Commodity Exposure (% of Net Assets)

The Fund gained exposure to these allocations through the use of swap contracts.
Energy	40.4
Agriculture	24.4
Precious Metals	12.8
Livestock	11.6
Industrial Metals	10.8

Top Holdings (% of Net Assets)

U.S. Treasury Bills, 0.00%, 11/06/2025	51.7
U.S. Treasury Bills, 0.00%, 11/13/2025	37.8
JPMorgan U.S. Government Money Market Fund - Class IM, 4.09%	5.5
Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class, 4.05%	5.5

Householding

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

DoubleLine^® is a registered trademark of DoubleLine Capital LP

DCMT925

Annual Shareholder Report

DoubleLine Fortune 500 Equal Weight ETF

NYSE Arca: DFVE (Inception Date: January 31, 2024)

September 30, 2025

This annual shareholder report contains important information about the DoubleLine Fortune 500 Equal Weight ETF for the period of 10/1/2024 to 9/30/2025. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
DFVE	$21	0.20%

How did the Fund perform last year?

For the 12-month period ended September 30, 2025, the DoubleLine Fortune 500 Equal Weight ETF underperformed the Barclays Fortune 500 Equal Weighted Total Return Index return of 10.48% on a net asset value basis. The Fund outperformed the S&P 500 Equal Weight Index return of 7.85% on a net asset value basis. The Fund underperformed the S&P 500^® Index return of 17.60% on a net asset value basis.

How did the Fund perform since inception?

Costs of a $10,000 Investment

	DoubleLine Fortune 500 Equal Weight ETF (DFVE)	Barclays Fortune 500 Equal Weighted Total Return Index	S&P 500 Equal Weight Index
1/31/2024	$10,000	$10,000	$10,000
9/30/2024	$11,697	$11,730	$11,611
9/30/2025	$12,893	$12,960	$12,522

What factors influenced performance?

Fund performance was influenced by the performance of the U.S. equities market. The Fund’s outperformance versus the S&P 500 Equal Weight Index was driven by compositional differences between Barclays Fortune 500 Equal Weighted Total Return Index allocations, which the Fund is guided by, and S&P 500 Equal Weight Index allocations. The underperformance of the Fund versus the S&P 500^® Index was due to the top-heavy nature of the index and the outperformance of artificial intelligence names, particularly NVDA, Nvidia Corp.

Positioning

The Fund was positioned in a diversified fashion during the period in the Barclays Fortune 500 Equal Weighted Total Return Index, with over 450 unique securities with an equal allocation of capital to each security during quarterly rebalances.

Top Contributors

SATS, EchoStar Corp.
WDC, Western Digital Corp.
WBD, Warner Bros Discovery Inc.

Top Detractors

CE, Celanese Corp.
OMI, Owens & Minor Inc.
QVCGA, QVC Group Inc.

Annual Performance (%)

	1 Year	Since Inception January 31, 2024
Total Return based on NAV	10.20%	16.44%
Barclays Fortune 500 Equal Weighted Total Return Index	10.48%	16.84%
S&P 500 Equal Weight Index	7.85%	14.46%

Key Fund Statistics

Net Assets$16,988,736
Number of Portfolio Holdings451
Portfolio Turnover Rate17%
Net Investment Advisory Fees$29,255

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

Industrials	17.2
Consumer Discretionary	15.6
Financials	15.0
Health Care	10.1
Information Technology	9.9
Consumer Staples	8.9
Materials	5.8
Energy	5.5
Utilities	5.4
Communication Services	5.1
Real Estate	1.3
Short-Term Investment	0.1
Other	0.1

Portfolio Characteristics

^{Footnote Reference1} Forward 12-Month Price-to-Earnings Ratio.
Median Market Cap ($B)	$33.71
Average Mkt Cap ($B)	$122.70
Price-to-Earnings^{Footnote Reference1}	16.66%
Price-to-Book	2.58%

Top Holdings (% of Net Assets)

EchoStar Corp. - Class A	0.6
Dick's Sporting Goods, Inc.	0.4
Warner Bros Discovery, Inc.	0.4
Western Digital Corp.	0.3
Micron Technology, Inc.	0.3
United Natural Foods, Inc.	0.3
Intel Corp.	0.3
Macy's, Inc.	0.3
Lam Research Corp.	0.3
Lumen Technologies, Inc.	0.3

Householding

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

DoubleLine^® is a registered trademark of DoubleLine Capital LP

DFVE925

Annual Shareholder Report

DoubleLine Multi-Sector Income ETF

NYSE Arca: DMX (Inception Date: November 29, 2024)

September 30, 2025

This annual shareholder report contains important information about the DoubleLine Multi-Sector Income ETF for the period of 11/29/2024 to 9/30/2025. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference**}
DMX	$42	0.49%

Footnote	Description
Footnote^*	Amount shown reflects the expenses of the Fund from inception date through September 30, 2025. Expenses would be higher if the Fund had been in operations for the full year.
Footnote^**	Annualized

How did the Fund perform last year?

From inception through September 30, 2025, the DoubleLine Multi-Sector Income ETF outperformed the benchmark Bloomberg US Universal Total Return Index return of 4.70% on a net asset value basis.

How did the Fund perform since inception?

Costs of a $10,000 Investment

	DoubleLine Multi-Sector Income ETF (DMX)	Bloomberg US Universal Total Return Index
11/29/2024	$10,000	$10,000
12/31/2024	$10,047	$9,849
3/31/2025	$10,107	$10,111
6/30/2025	$10,385	$10,252
9/30/2025	$10,602	$10,470

What factors influenced performance?

Performance of the Fund was driven by rallying interest rates and credit spreads along with robust interest income from the Fund’s credit-related holdings.

Positioning

The Fund used a diversified mix of securitized and nonsecuritized fixed-income credit sectors. Specifically, domestic high yield bonds, bank loans, and non-Agency residential and non-Agency commercial mortgage-backed securities made up the majority of Fund assets. The Fund was generally positioned with a lower duration than the benchmark while enjoying a strong relative yield advantage.

Top Contributors

Collateralized loan obligations
Asset-backed securities

Top Detractors

U.S. Treasuries. Although this allocation generated positive returns, Treasuries were relative performance laggards.

Annual Performance (%)

	Since Inception November 29, 2024
Total Return based on NAV	5.81%
Bloomberg US Universal Total Return Index	4.70%

Key Fund Statistics

Net Assets$53,645,976
Number of Portfolio Holdings424
Portfolio Turnover Rate54%
Net Investment Advisory Fees$146,181

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

US Corporate Bonds	38.2
Bank Loans	26.4
Non-Agency Residential Collateralized Mortgage Obligations	10.3
Non-Agency Commercial Mortgage Backed Obligations	8.7
Collateralized Loan Obligations	6.2
Short-Term Investments	6.0
Asset Backed Obligations	3.5
Foreign Corporate Bonds	3.4
Other	-2.7

Credit Quality Breakdown (% of Net Assets)

Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody’s Ratings, if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.
Investment Grade	33.6
Below Investment Grade	61.8
Unrated	1.3
Other	3.3

Top Holdings (% of Net Assets)

Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class, 4.05%	3.0
JPMorgan U.S. Government Money Market Fund - Class IM, 4.09%	3.0
Bain Capital Credit CLO, Series 2018-2A-DR (CME Term SOFR 3 Month + 2.95%, 2.95% Floor), 7.28%, 07/19/2031	1.9
Verus Securitization Trust, Series 2025-5-B1, 7.06%, 06/25/2070	1.4
Verus Securitization Trust, Series 2025-6-B1, 6.87%, 07/25/2070	1.4
Verus Securitization Trust, Series 2024-9-B1, 6.85%, 11/25/2069	1.2
Verus Securitization Trust, Series 2025-2-B1, 6.97%, 03/25/2070	1.2
OBX Trust, Series 2024-NQM18-M1, 6.17%, 10/25/2064	1.2
OBX Trust, Series 2024-NQM17-M1, 6.65%, 11/25/2064	1.1
Verus Securitization Trust, Series 2025-1-B1, 7.01%, 01/25/2070	0.9

Householding

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

DoubleLine^® is a registered trademark of DoubleLine Capital LP

DMX925

Annual Shareholder Report

DoubleLine Asset-Backed Securities ETF

NYSE Arca: DABS (Inception Date: February 28, 2025)

September 30, 2025

This annual shareholder report contains important information about the DoubleLine Asset-Backed Securities ETF for the period of 2/28/2025 to 9/30/2025. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference**}
DABS	$23	0.39%

Footnote	Description
Footnote^*	Amount shown reflects the expenses of the Fund from inception date through September 30, 2025. Expenses would be higher if the Fund had been in operations for the full year.
Footnote^**	Annualized

How did the Fund perform last year?

From inception through September 30, 2025, the DoubleLine Asset-Backed Securities ETF outperformed the benchmark ICE BofA U.S. Fixed-Rate Asset-Backed Securities Index return of 3.04% on a net asset value basis.

How did the Fund perform since inception?

Costs of a $10,000 Investment

	DoubleLine Asset-Backed Securities ETF (DABS)	ICE BofA U.S. Fixed-Rate Asset-Backed Securities Index	Bloomberg US Agg 1-5 Yr USD Unhedged	Bloomberg US Aggregate Bond Index
2/28/2025	$10,000	$10,000	$10,000	$10,000
3/31/2025	$10,031	$10,021	$10,049	$10,004
4/30/2025	$10,069	$10,067	$10,138	$10,043
5/31/2025	$10,114	$10,083	$10,117	$9,971
6/30/2025	$10,242	$10,160	$10,201	$10,124
7/31/2025	$10,269	$10,174	$10,194	$10,098
8/31/2025	$10,397	$10,270	$10,304	$10,219
9/30/2025	$10,449	$10,304	$10,334	$10,330

What factors influenced performance?

Performance of the Fund was driven by interest rate moves, as rates declined sharply across the short-to-intermediate sections of the U.S. Treasury curve.

Positioning

The Fund maintained a diverse mix of asset-backed security exposures, with the largest allocations consisting of data infrastructure, aviation and consumer-related debt. These sectors offered attractive levels of interest income while the Fund sought to provide structural protections such as credit support.

Top Contributors

Aircraft asset-backed securities
Data infrastructure asset-backed securities

Top Detractors

Commercial solar asset-backed securities. Although this allocation generated positive returns, commercial solar asset-backed securities were relative performance laggards.

Annual Performance (%)

	Since Inception February 28, 2025
Total Return based on NAV	4.35%
ICE BofA U.S. Fixed-Rate Asset-Backed Securities Index	3.04%
Bloomberg US Agg 1-5 Yr USD Unhedged	3.34%
Bloomberg US Aggregate Bond Index	3.30%

Key Fund Statistics

Net Assets$73,445,510
Number of Portfolio Holdings101
Portfolio Turnover Rate31%
Net Investment Advisory Fees$115,620

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

Data Infrastructure	22.94
Consumer Loans	20.79
Aircraft	20.47
Whole Business	11.57
Auto Loans	8.81
Residential Solar	5.35
Home Improvement	3.85
Student Loans	1.93
Other	1.52
Cash	1.00
Commercial Solar	0.68
Timeshare	0.49
Container	0.47
Railcar	0.13

Credit Quality Breakdown (% of Net Assets)

Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody’s Ratings, if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.
AAA	8.7
AA	10.0
A	34.4
BBB	45.0
Not Rated	0.9
Other	1.0

Top Holdings (% of Net Assets)

EWC Master Issuer LLC, Series 2022-1A-A2, 5.50%, 03/15/2052	2.9
Lunar Structured Aircraft Portfolio Notes, Series 2021-1-B, 3.43%, 10/15/2046	2.1
Sabey Data Center Issuer LLC, Series 2025-2-A2, 5.97%, 04/20/2050	2.1
Carvana Auto Receivables Trust, Series 2021-P2-C, 1.60%, 06/10/2027	2.1
Cherry Securitization Trust, Series 2024-1A-A, 5.70%, 04/15/2032	2.1
Affirm Asset Securitization Trust, Series 2024-B-A, 4.62%, 09/15/2029	2.1
Upstart Securitization Trust, Series 2025-3-B, 5.02%, 09/20/2035	2.0
Upstart Securitization Trust, Series 2025-3-C, 5.43%, 09/20/2035	2.0
QTS Issuer ABS II LLC, Series 2025-1A-B, 5.78%, 10/05/2055	2.0
Castlelake Aircraft Structured Trust, Series 2025-1A-B, 6.50%, 02/15/2050	2.0

Householding

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

DoubleLine^® is a registered trademark of DoubleLine Capital LP

DABS925