| (b) | Not applicable. |
Item 2. Code Of Ethics.
Not Applicable. This item is only required in an annual report on Form N-CSR.
Item 3. Audit Committee Financial Expert.
Not Applicable. This item is only required in an annual report on Form N-CSR.
Item 4. Principal Accountant Fees And Services.
Not Applicable. This item is only required in an annual report on Form N-CSR.
Item 5. Audit Committee Of Listed Registrants.
Not Applicable. This item is only required in an annual report on Form N-CSR.
Item 6. Investments.
| (a) | A Schedule of Investments is included as part of the report to shareholders filed under Item 7(a) of this Form N-CSR. |
| (b) | Not Applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Companies.
| (a) | The Registrant’s Financial Statements are attached herewith. |
[This Page Intentionally Left Blank]
Table of Contents
|
Schedule of Investments TCW Artificial Intelligence ETF |
|
April 30, 2026 (Unaudited)
| Investments | Shares | Value | ||||||
| COMMON STOCKS - 97.4% | ||||||||
| Automobiles - 2.1% | ||||||||
| Tesla, Inc.* | 5,837 | $ | 2,227,574 | |||||
| Broadline Retail - 4.3% | ||||||||
| Amazon.com, Inc.* | 17,415 | 4,616,020 | ||||||
| Communications Equipment - 15.4% | ||||||||
| Arista Networks, Inc.* | 36,816 | 6,358,491 | ||||||
| Lumentum Holdings, Inc.* | 8,379 | 7,560,539 | ||||||
| Motorola Solutions, Inc. | 5,887 | 2,584,570 | ||||||
| 16,503,600 | ||||||||
| Electrical Equipment - 7.8% | ||||||||
| Eaton Corp. plc | 7,217 | 3,125,033 | ||||||
| Vertiv Holdings Co., Class A | 15,908 | 5,225,619 | ||||||
| 8,350,652 | ||||||||
| Electronic Equipment, Instruments & Components - 3.7% | ||||||||
| Celestica, Inc.* | 4,477 | 1,833,734 | ||||||
| Cognex Corp. | 37,664 | 2,090,729 | ||||||
| 3,924,463 | ||||||||
| Entertainment - 1.8% | ||||||||
| Spotify Technology S.A.* | 4,252 | 1,898,731 | ||||||
| Interactive Media & Services - 8.1% | ||||||||
| Alphabet, Inc., Class A | 17,023 | 6,550,451 | ||||||
| Reddit, Inc., Class A* | 14,602 | 2,149,852 | ||||||
| 8,700,303 | ||||||||
| IT Services - 6.6% | ||||||||
| CoreWeave, Inc., Class A* | 5,125 | 571,950 | ||||||
| DigitalOcean Holdings, Inc.* | 41,767 | 4,027,592 | ||||||
| International Business Machines Corp. | 10,748 | 2,482,573 | ||||||
| 7,082,115 | ||||||||
| Machinery - 4.2% | ||||||||
| Deere & Co. | 2,816 | 1,661,074 | ||||||
| Symbotic, Inc., Class A* | 48,993 | 2,895,486 | ||||||
| 4,556,560 | ||||||||
| Investments | Shares | Value | ||||||
| Semiconductors & Semiconductor Equipment - 31.0% | ||||||||
| ASML Holding NV | 2,027 | $ | 2,916,833 | |||||
| Broadcom, Inc. | 17,040 | 7,113,007 | ||||||
| KLA Corp. | 1,536 | 2,688,538 | ||||||
| Marvell Technology, Inc. | 29,927 | 4,942,444 | ||||||
| Micron Technology, Inc. | 8,495 | 4,393,274 | ||||||
| NVIDIA Corp. | 38,331 | 7,649,717 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 9,367 | 3,709,894 | ||||||
| 33,413,707 | ||||||||
| Software - 12.4% | ||||||||
| Cadence Design Systems, Inc.* | 5,260 | 1,733,643 | ||||||
| Datadog, Inc., Class A* | 11,500 | 1,520,185 | ||||||
| Microsoft Corp. | 3,001 | 1,223,748 | ||||||
| Nebius Group NV, Class A* | 8,937 | 1,235,362 | ||||||
| Oracle Corp. | 7,238 | 1,168,141 | ||||||
| Palantir Technologies, Inc., Class A* | 13,508 | 1,879,098 | ||||||
| Palo Alto Networks, Inc.* | 21,187 | 3,799,253 | ||||||
| ServiceNow, Inc.* | 7,995 | 706,038 | ||||||
| 13,265,468 | ||||||||
| Total Common
Stocks (Cost $66,047,525) |
104,539,193 | |||||||
| Principal | ||||||||
| Short-Term Investments - 2.6% | ||||||||
| Time Deposit - 2.6% | ||||||||
| Sumitomo Mitsui Banking
Corp., Tokyo 2.98% 5/1/2026 (Cost $2,839,591) |
$ | 2,839,591 | 2,839,591 | |||||
| Total Investments -
100.0% (Cost $68,887,116) |
$ | 107,378,784 | ||||||
| Liabilities in Excess of Other Assets - 0.0%† | (50,569 | ) | ||||||
| Net Assets - 100.0% | $ | 107,328,215 | ||||||
| * | Non-income producing security. |
| † | Represents less than 0.05%. |
See accompanying Notes to Financial Statements.
1
|
Schedule of Investments (Continued) TCW Artificial Intelligence ETF |
|
April 30, 2026 (Unaudited)
Fair Value Measurement
The Fund discloses the fair market value of its investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (2) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs).
The three levels defined by the hierarchy are as follows:
| ● | Level 1 — Quoted prices in active markets for identical assets that the Fund has the ability to access. |
| ● | Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| ● | Level 3 — Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the fair valuations according to the inputs used as of April 30, 2026 in valuing the Fund’s investments.
| Level 1* | Level 2* | Level 3* | Total | |||||||||||||
| Investments | ||||||||||||||||
| Assets | ||||||||||||||||
| Common Stocks** | $ | 104,539,193 | $ | – | $ | – | $ | 104,539,193 | ||||||||
| Short-Term Investments | ||||||||||||||||
| Time Deposit | 2,839,591 | – | – | 2,839,591 | ||||||||||||
| Total Investments | $ | 107,378,784 | $ | – | $ | – | $ | 107,378,784 | ||||||||
| * | Please refer to Note 2. |
| ** | Please refer to the Schedule of Investments to view securities segregated by industry. |
See accompanying Notes to Financial Statements.
2
|
Schedule of Investments TCW Durable Growth ETF |
|
April 30, 2026 (Unaudited)
| Investments | Shares | Value | ||||||
| COMMON STOCKS - 96.4% | ||||||||
| Aerospace & Defense - 19.9% | ||||||||
| General Electric Co. | 14,360 | $ | 4,163,395 | |||||
| HEICO Corp. | 10,108 | 2,728,351 | ||||||
| Safran S.A. | 6,544 | 2,096,740 | ||||||
| TransDigm Group, Inc. | 4,648 | 5,391,588 | ||||||
| 14,380,074 | ||||||||
| Building Products - 3.0% | ||||||||
| Trane Technologies plc | 4,422 | 2,178,012 | ||||||
| Capital Markets - 4.4% | ||||||||
| LPL Financial Holdings, Inc. | 5,836 | 1,949,983 | ||||||
| S&P Global, Inc. | 2,832 | 1,221,243 | ||||||
| 3,171,226 | ||||||||
| Chemicals - 3.9% | ||||||||
| Linde plc | 5,538 | 2,775,313 | ||||||
| Commercial Services & Supplies - 3.9% | ||||||||
| RB Global, Inc. | 16,740 | 1,745,982 | ||||||
| Waste Connections, Inc. | 6,362 | 1,047,949 | ||||||
| 2,793,931 | ||||||||
| Electrical Equipment - 7.7% | ||||||||
| AMETEK, Inc. | 7,514 | 1,769,547 | ||||||
| Eaton Corp. plc | 4,077 | 1,765,382 | ||||||
| Forgent Power Solutions, Inc., Class A* | 52,756 | 1,984,680 | ||||||
| 5,519,609 | ||||||||
| Electronic Equipment, Instruments & Components - 2.1% | ||||||||
| Mirion Technologies, Inc., Class A* | 77,329 | 1,527,248 | ||||||
| Financial Services - 6.8% | ||||||||
| Jack Henry & Associates, Inc. | 8,025 | 1,233,844 | ||||||
| Mastercard, Inc., Class A | 3,480 | 1,750,162 | ||||||
| Visa, Inc., Class A | 5,678 | 1,872,831 | ||||||
| 4,856,837 | ||||||||
| Health Care Providers & Services - 2.7% | ||||||||
| McKesson Corp. | 2,397 | 1,954,034 | ||||||
| Hotels, Restaurants & Leisure - 4.0% | ||||||||
| Hilton Worldwide Holdings, Inc. | 8,779 | 2,845,011 | ||||||
| Investments | Shares | Value | ||||||
| Interactive Media & Services - 8.8% | ||||||||
| Alphabet, Inc., Class A | 16,386 | $ | 6,305,333 | |||||
| Life Sciences Tools & Services - 1.2% | ||||||||
| Danaher Corp. | 4,855 | 868,802 | ||||||
| Semiconductors & Semiconductor Equipment - 13.6% | ||||||||
| ASML Holding NV | 2,096 | 3,016,123 | ||||||
| Broadcom, Inc. | 16,119 | 6,728,554 | ||||||
| 9,744,677 | ||||||||
| Software - 10.4% | ||||||||
| Cadence Design Systems, Inc.* | 5,193 | 1,711,561 | ||||||
| Constellation Software, Inc. | 355 | 646,542 | ||||||
| Crowdstrike Holdings, Inc., Class A* | 3,080 | 1,372,910 | ||||||
| Fair Isaac Corp.* | 1,255 | 1,286,375 | ||||||
| Microsoft Corp. | 6,015 | 2,452,797 | ||||||
| 7,470,185 | ||||||||
| Specialty Retail - 4.0% | ||||||||
| O’Reilly Automotive, Inc.* | 28,891 | 2,871,765 | ||||||
| Total Common
Stocks (Cost $64,041,878) |
69,262,057 | |||||||
| WARRANTS - 0.0%† | ||||||||
| Software - 0.0%† | ||||||||
| Constellation Software,
Inc.*†† (Cost $0) |
14,592 | 0 | ** | |||||
| Principal | ||||||||
| Short-Term Investments - 3.6% | ||||||||
| Time Deposit - 3.6% | ||||||||
| Citibank, New York 2.98%
5/1/2026 (Cost $2,583,748) |
$ | 2,583,748 | 2,583,748 | |||||
| Total Investments -
100.0% (Cost $66,625,626) |
$ | 71,845,805 | ||||||
| Liabilities in Excess of Other Assets - 0.0%† | (24,583 | ) | ||||||
| Net Assets - 100.0% | $ | 71,821,222 | ||||||
| * | Non-income producing security. |
| ** | Amount rounds to less than $0.50. |
| † | Represents less than 0.05%. |
| †† | For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs. |
See accompanying Notes to Financial Statements.
3
|
Schedule of Investments (Continued) TCW Durable Growth ETF |
|
April 30, 2026 (Unaudited)
Fair Value Measurement
The Fund discloses the fair market value of its investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (2) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs).
The three levels defined by the hierarchy are as follows:
| ● | Level 1 — Quoted prices in active markets for identical assets that the Fund has the ability to access. |
| ● | Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| ● | Level 3 — Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the fair valuations according to the inputs used as of April 30, 2026 in valuing the Fund’s investments.
| Level 1* | Level 2* | Level 3* | Total | |||||||||||||
| Investments | ||||||||||||||||
| Assets | ||||||||||||||||
| Common Stocks** | $ | 69,262,057 | $ | – | $ | – | $ | 69,262,057 | ||||||||
| Warrants** | – | – | 0 | *** | 0 | *** | ||||||||||
| Short-Term Investments | ||||||||||||||||
| Time Deposit | 2,583,748 | – | – | 2,583,748 | ||||||||||||
| Total Investments | $ | 71,845,805 | $ | – | $ | 0 | *** | $ | 71,845,805 | |||||||
| * | Please refer to Note 2. |
| ** | Please refer to the Schedule of Investments to view securities segregated by industry. |
| *** | Amount rounds to less than $0.50. |
See accompanying Notes to Financial Statements.
4
|
Schedule of Investments TCW Transform 500 ETF |
|
April 30, 2026 (Unaudited)
| Investments | Shares | Value | ||||||
| COMMON STOCKS - 100.0% | ||||||||
| Aerospace & Defense - 2.2% | ||||||||
| ATI, Inc.* | 2,232 | $ | 346,987 | |||||
| Axon Enterprise, Inc.* | 1,258 | 505,414 | ||||||
| Boeing Co.* | 13,031 | 2,984,490 | ||||||
| Curtiss-Wright Corp. | 612 | 440,762 | ||||||
| General Dynamics Corp. | 4,038 | 1,390,283 | ||||||
| General Electric Co. | 17,408 | 5,047,102 | ||||||
| HEICO Corp. | 704 | 190,024 | ||||||
| HEICO Corp., Class A | 1,280 | 267,546 | ||||||
| Howmet Aerospace, Inc. | 6,453 | 1,568,337 | ||||||
| L3Harris Technologies, Inc. | 3,100 | 993,705 | ||||||
| Lockheed Martin Corp. | 3,256 | 1,686,510 | ||||||
| Northrop Grumman Corp. | 2,356 | 1,365,255 | ||||||
| Rocket Lab Corp.* | 8,119 | 669,899 | ||||||
| RTX Corp. | 22,261 | 3,919,494 | ||||||
| Textron, Inc. | 2,999 | 287,784 | ||||||
| TransDigm Group, Inc. | 938 | 1,088,061 | ||||||
| Woodward, Inc. | 980 | 355,730 | ||||||
| 23,107,383 | ||||||||
| Air Freight & Logistics - 0.3% | ||||||||
| CH Robinson Worldwide, Inc. | 1,958 | 355,984 | ||||||
| Expeditors International of Washington, Inc. | 2,218 | 328,020 | ||||||
| FedEx Corp. | 3,668 | 1,479,341 | ||||||
| United Parcel Service, Inc., Class B | 12,290 | 1,337,152 | ||||||
| 3,500,497 | ||||||||
| Automobile Components - 0.0%† | ||||||||
| Aptiv plc* | 3,462 | 208,620 | ||||||
| Automobiles - 1.9% | ||||||||
| Ford Motor Co. | 65,328 | 789,162 | ||||||
| General Motors Co. | 15,019 | 1,154,811 | ||||||
| Tesla, Inc.* | 46,866 | 17,885,472 | ||||||
| 19,829,445 | ||||||||
| Banks - 3.4% | ||||||||
| Bank of America Corp. | 109,752 | 5,867,342 | ||||||
| Citigroup, Inc. | 29,063 | 3,719,483 | ||||||
| Citizens Financial Group, Inc. | 7,117 | 462,961 | ||||||
| Fifth Third Bancorp | 14,993 | 761,045 | ||||||
| Investments | Shares | Value | ||||||
| First Citizens BancShares, Inc., Class A | 138 | $ | 273,767 | |||||
| Huntington Bancshares, Inc. | 32,923 | 551,789 | ||||||
| JPMorgan Chase & Co. | 44,808 | 14,035,209 | ||||||
| KeyCorp | 15,657 | 346,176 | ||||||
| M&T Bank Corp. | 2,553 | 558,162 | ||||||
| PNC Financial Services Group, Inc. (The) | 6,711 | 1,496,553 | ||||||
| Regions Financial Corp. | 14,421 | 411,720 | ||||||
| Truist Financial Corp. | 20,975 | 1,080,213 | ||||||
| US Bancorp | 25,842 | 1,464,208 | ||||||
| Wells Fargo & Co. | 51,432 | 4,229,253 | ||||||
| 35,257,881 | ||||||||
| Beverages - 1.0% | ||||||||
| Brown-Forman Corp., Class B | 4,859 | 125,216 | ||||||
| Coca-Cola Co. | 64,981 | 5,117,903 | ||||||
| Constellation Brands, Inc., Class A | 2,463 | 385,657 | ||||||
| Keurig Dr Pepper, Inc. | 20,202 | 593,939 | ||||||
| Monster Beverage Corp.* | 11,386 | 877,519 | ||||||
| PepsiCo, Inc. | 22,769 | 3,608,659 | ||||||
| 10,708,893 | ||||||||
| Biotechnology - 1.8% | ||||||||
| AbbVie, Inc. | 29,362 | 6,204,777 | ||||||
| Alnylam Pharmaceuticals, Inc.* | 2,114 | 654,262 | ||||||
| Amgen, Inc. | 8,940 | 3,095,474 | ||||||
| Biogen, Inc.* | 2,352 | 445,187 | ||||||
| Gilead Sciences, Inc. | 20,633 | 2,699,621 | ||||||
| Incyte Corp.* | 2,687 | 255,990 | ||||||
| Insmed, Inc.* | 3,472 | 473,338 | ||||||
| Moderna, Inc.* | 5,735 | 263,466 | ||||||
| Natera, Inc.* | 2,247 | 463,242 | ||||||
| Regeneron Pharmaceuticals, Inc. | 1,675 | 1,184,326 | ||||||
| Revolution Medicines, Inc.* | 3,092 | 445,619 | ||||||
| Roivant Sciences Ltd.* | 6,420 | 183,163 | ||||||
| United Therapeutics Corp.* | 659 | 376,520 | ||||||
| Vertex Pharmaceuticals, Inc.* | 4,215 | 1,801,407 | ||||||
| 18,546,392 | ||||||||
See accompanying Notes to Financial Statements.
5
|
Schedule of Investments (Continued) TCW Transform 500 ETF |
|
April 30, 2026 (Unaudited)
| Investments | Shares | Value | ||||||
| Broadline Retail - 4.4% | ||||||||
| Amazon.com, Inc.* | 163,175 | $ | 43,251,165 | |||||
| Coupang, Inc., Class A* | 22,397 | 447,492 | ||||||
| eBay, Inc. | 7,517 | 777,859 | ||||||
| MercadoLibre, Inc.* | 782 | 1,401,837 | ||||||
| 45,878,353 | ||||||||
| Building Products - 0.5% | ||||||||
| Carlisle Cos, Inc. | 682 | 242,287 | ||||||
| Carrier Global Corp. | 13,082 | 878,718 | ||||||
| Johnson Controls International plc | 10,164 | 1,484,249 | ||||||
| Lennox International, Inc. | 543 | 290,445 | ||||||
| Masco Corp. | 3,505 | 251,729 | ||||||
| Trane Technologies plc | 3,677 | 1,811,070 | ||||||
| 4,958,498 | ||||||||
| Capital Markets - 3.0% | ||||||||
| Ameriprise Financial, Inc. | 1,544 | 733,076 | ||||||
| Ares Management Corp., Class A | 3,375 | 396,225 | ||||||
| Bank of New York Mellon Corp. (The) | 11,411 | 1,533,296 | ||||||
| Blackrock, Inc. | 2,311 | 2,462,602 | ||||||
| Blackstone, Inc. | 12,439 | 1,562,090 | ||||||
| Carlyle Group, Inc. (The) | 3,582 | 179,351 | ||||||
| Charles Schwab Corp. (The) | 27,749 | 2,542,917 | ||||||
| CME Group, Inc., Class A | 5,981 | 1,721,451 | ||||||
| Coinbase Global, Inc., Class A* | 3,753 | 704,701 | ||||||
| Goldman Sachs Group, Inc. (The) | 4,988 | 4,607,764 | ||||||
| Interactive Brokers Group, Inc., Class A | 7,362 | 585,279 | ||||||
| Intercontinental Exchange, Inc. | 9,509 | 1,503,278 | ||||||
| KKR & Co., Inc. | 11,064 | 1,154,418 | ||||||
| LPL Financial Holdings, Inc. | 1,330 | 444,393 | ||||||
| Moody’s Corp. | 2,580 | 1,191,573 | ||||||
| Morgan Stanley | 20,096 | 3,830,096 | ||||||
| MSCI, Inc., Class A | 1,182 | 699,047 | ||||||
| Nasdaq, Inc. | 6,191 | 569,015 | ||||||
| Northern Trust Corp. | 3,161 | 525,801 | ||||||
| Raymond James Financial, Inc. | 2,844 | 450,262 | ||||||
| Investments | Shares | Value | ||||||
| Robinhood Markets, Inc., Class A* | 12,463 | $ | 908,428 | |||||
| S&P Global, Inc. | 4,969 | 2,142,782 | ||||||
| State Street Corp. | 4,636 | 708,566 | ||||||
| T Rowe Price Group, Inc. | 3,604 | 370,780 | ||||||
| TPG, Inc.* | 3,704 | – | ||||||
| 31,527,191 | ||||||||
| Chemicals - 1.0% | ||||||||
| Air Products & Chemicals, Inc. | 3,695 | 1,108,685 | ||||||
| Albemarle Corp. | 1,948 | 383,172 | ||||||
| CF Industries Holdings, Inc. | 2,604 | 323,417 | ||||||
| Corteva, Inc. | 11,167 | 904,639 | ||||||
| Dow, Inc. | 11,653 | 471,830 | ||||||
| DuPont de Nemours, Inc. | 6,946 | 317,154 | ||||||
| Ecolab, Inc. | 4,178 | 1,088,787 | ||||||
| International Flavors & Fragrances, Inc. | 4,245 | 297,999 | ||||||
| Linde plc | 7,750 | 3,883,834 | ||||||
| LyondellBasell Industries NV, Class A | 4,299 | 320,705 | ||||||
| PPG Industries, Inc. | 3,775 | 409,588 | ||||||
| Sherwin-Williams Co. | 3,803 | 1,223,083 | ||||||
| 10,732,893 | ||||||||
| Commercial Services & Supplies - 0.4% | ||||||||
| Cintas Corp. | 5,713 | 998,118 | ||||||
| Copart, Inc.* | 13,973 | 462,646 | ||||||
| Republic Services, Inc., Class A | 3,335 | 697,749 | ||||||
| Rollins, Inc. | 4,894 | 272,743 | ||||||
| Veralto Corp. | 3,932 | 346,802 | ||||||
| Waste Management, Inc. | 6,109 | 1,420,648 | ||||||
| 4,198,706 | ||||||||
| Communications Equipment - 1.2% | ||||||||
| Arista Networks, Inc.* | 17,085 | 2,950,750 | ||||||
| Ciena Corp.* | 2,350 | 1,239,813 | ||||||
| Cisco Systems, Inc. (Delaware) | 65,674 | 6,009,171 | ||||||
| Lumentum Holdings, Inc.* | 1,183 | 1,067,445 | ||||||
| Motorola Solutions, Inc. | 2,779 | 1,220,064 | ||||||
| 12,487,243 | ||||||||
See accompanying Notes to Financial Statements.
6
|
Schedule of Investments (Continued) TCW Transform 500 ETF |
|
April 30, 2026 (Unaudited)
| Investments | Shares | Value | ||||||
| Construction & Engineering - 0.4% | ||||||||
| Comfort Systems USA, Inc. | 585 | $ | 1,076,546 | |||||
| EMCOR Group, Inc. | 740 | 659,836 | ||||||
| MasTec, Inc.* | 1,017 | 400,749 | ||||||
| Quanta Services, Inc. | 2,450 | 1,783,036 | ||||||
| 3,920,167 | ||||||||
| Construction Materials - 0.3% | ||||||||
| CRH plc | 11,114 | 1,316,120 | ||||||
| Martin Marietta Materials, Inc. | 1,007 | 623,403 | ||||||
| Vulcan Materials Co. | 2,208 | 666,242 | ||||||
| 2,605,765 | ||||||||
| Consumer Finance - 0.5% | ||||||||
| American Express Co. | 8,952 | 2,891,943 | ||||||
| Capital One Financial Corp. | 10,327 | 1,975,555 | ||||||
| SoFi Technologies, Inc.* | 20,626 | 332,079 | ||||||
| Synchrony Financial | 5,775 | 440,055 | ||||||
| 5,639,632 | ||||||||
| Consumer Staples Distribution & Retail - 2.0% | ||||||||
| Casey’s General Stores, Inc. | 605 | 497,401 | ||||||
| Costco Wholesale Corp. | 7,382 | 7,489,260 | ||||||
| Dollar General Corp. | 3,646 | 422,498 | ||||||
| Dollar Tree, Inc.* | 3,128 | 303,760 | ||||||
| Kroger Co. | 9,777 | 665,520 | ||||||
| Sysco Corp. | 7,941 | 593,272 | ||||||
| Target Corp. | 7,549 | 979,483 | ||||||
| US Foods Holding Corp.* | 3,641 | 340,397 | ||||||
| Walmart, Inc. | 71,444 | 9,425,608 | ||||||
| 20,717,199 | ||||||||
| Containers & Packaging - 0.2% | ||||||||
| Amcor plc | 7,588 | 288,648 | ||||||
| Avery Dennison Corp. | 1,307 | 214,257 | ||||||
| Ball Corp. | 4,179 | 255,253 | ||||||
| International Paper Co. | 8,656 | 263,316 | ||||||
| Packaging Corp. of America | 1,482 | 316,332 | ||||||
| Smurfit Westrock plc | 8,586 | 329,616 | ||||||
| 1,667,422 | ||||||||
| Distributors - 0.0%† | ||||||||
| Genuine Parts Co. | 2,306 | 247,272 | ||||||
| Investments | Shares | Value | ||||||
| Diversified REITs - 0.0%† | ||||||||
| WP Carey, Inc. | 3,611 | $ | 263,350 | |||||
| Diversified Telecommunication Services - 0.8% | ||||||||
| AST SpaceMobile, Inc., Class A* | 3,989 | 294,787 | ||||||
| AT&T, Inc. | 116,424 | 3,042,159 | ||||||
| Comcast Corp., Class A | 60,443 | 1,634,379 | ||||||
| Verizon Communications, Inc. | 70,120 | 3,367,864 | ||||||
| 8,339,189 | ||||||||
| Electric Utilities - 1.5% | ||||||||
| American Electric Power Co., Inc. | 8,566 | 1,174,484 | ||||||
| Constellation Energy Corp. | 5,646 | 1,767,198 | ||||||
| Duke Energy Corp. | 12,926 | 1,674,563 | ||||||
| Edison International | 6,379 | 443,277 | ||||||
| Entergy Corp. | 7,401 | 872,652 | ||||||
| Evergy, Inc. | 3,817 | 316,200 | ||||||
| Eversource Energy | 6,239 | 441,097 | ||||||
| Exelon Corp. | 16,789 | 772,126 | ||||||
| FirstEnergy Corp. | 8,579 | 407,674 | ||||||
| NextEra Energy, Inc. | 34,600 | 3,386,649 | ||||||
| NRG Energy, Inc. | 3,138 | 488,210 | ||||||
| PG&E Corp. | 36,408 | 605,101 | ||||||
| PPL Corp. | 11,732 | 439,246 | ||||||
| Southern Co. | 18,294 | 1,769,030 | ||||||
| Xcel Energy, Inc. | 9,838 | 816,062 | ||||||
| 15,373,569 | ||||||||
| Electrical Equipment - 1.4% | ||||||||
| AMETEK, Inc. | 3,831 | 902,201 | ||||||
| Bloom Energy Corp., Class A* | 4,359 | 1,235,166 | ||||||
| Eaton Corp. plc | 6,459 | 2,796,812 | ||||||
| Emerson Electric Co. | 9,369 | 1,315,782 | ||||||
| GE Vernova, Inc. | 4,482 | 4,856,067 | ||||||
| Hubbell, Inc., Class B | 889 | 451,763 | ||||||
| Rockwell Automation, Inc. | 1,880 | 768,751 | ||||||
| Vertiv Holdings Co., Class A | 6,230 | 2,046,493 | ||||||
| 14,373,035 | ||||||||
See accompanying Notes to Financial Statements.
7
|
Schedule of Investments (Continued) TCW Transform 500 ETF |
|
April 30, 2026 (Unaudited)
| Investments | Shares | Value | ||||||
| Electronic Equipment, Instruments & Components - 1.0% | ||||||||
| Amphenol Corp., Class A | 20,284 | $ | 2,987,225 | |||||
| CDW Corp. | 2,189 | 299,696 | ||||||
| Coherent Corp.* | 2,930 | 936,750 | ||||||
| Corning, Inc. | 12,529 | 2,057,763 | ||||||
| Flex Ltd.* | 5,873 | 537,673 | ||||||
| Jabil, Inc. | 1,657 | 559,221 | ||||||
| Keysight Technologies, Inc.* | 2,862 | 1,001,442 | ||||||
| TE Connectivity plc | 4,875 | 1,031,843 | ||||||
| Teledyne Technologies, Inc.* | 780 | 503,763 | ||||||
| 9,915,376 | ||||||||
| Energy Equipment & Services - 0.3% | ||||||||
| Baker Hughes Co., Class A | 16,456 | 1,146,490 | ||||||
| Halliburton Co. | 13,915 | 588,605 | ||||||
| SLB Ltd. | 24,668 | 1,403,115 | ||||||
| TechnipFMC plc | 6,344 | 479,416 | ||||||
| 3,617,626 | ||||||||
| Entertainment - 1.3% | ||||||||
| Electronic Arts, Inc. | 3,790 | 766,982 | ||||||
| Liberty Media Corp.-Liberty Formula One, Class A* | 388 | 30,730 | ||||||
| Liberty Media Corp.-Liberty Formula One, Class C* | 3,528 | 303,232 | ||||||
| Live Nation Entertainment, Inc.* | 2,386 | 376,845 | ||||||
| Netflix, Inc.* | 70,217 | 6,573,012 | ||||||
| ROBLOX Corp., Class A* | 10,433 | 576,528 | ||||||
| Take-Two Interactive Software, Inc.* | 2,825 | 603,872 | ||||||
| Walt Disney Co. | 29,461 | 3,056,579 | ||||||
| Warner Bros Discovery, Inc.* | 37,686 | 1,019,406 | ||||||
| 13,307,186 | ||||||||
| Financial Services - 3.4% | ||||||||
| Affirm Holdings, Inc., Class A* | 4,447 | 285,853 | ||||||
| Apollo Global Management, Inc. | 6,882 | 885,851 | ||||||
| Berkshire Hathaway, Inc., Class B* | 30,592 | 14,488,372 | ||||||
| Block, Inc., Class A* | 9,099 | 641,570 | ||||||
| Investments | Shares | Value | ||||||
| Corebridge Financial, Inc. | 4,181 | $ | 115,145 | |||||
| Corpay, Inc.* | 1,122 | 343,859 | ||||||
| Fidelity National Information Services, Inc. | 8,736 | 406,486 | ||||||
| Fiserv, Inc.* | 8,977 | 562,409 | ||||||
| Global Payments, Inc. | 3,907 | 281,148 | ||||||
| Mastercard, Inc., Class A | 13,508 | 6,793,443 | ||||||
| PayPal Holdings, Inc. | 15,545 | 779,426 | ||||||
| Toast, Inc., Class A* | 8,680 | 247,554 | ||||||
| Visa, Inc., Class A | 27,958 | 9,221,667 | ||||||
| 35,052,783 | ||||||||
| Food Products - 0.4% | ||||||||
| Archer-Daniels-Midland Co. | 7,538 | 561,883 | ||||||
| Bunge Global S.A. | 2,242 | 284,891 | ||||||
| General Mills, Inc. | 8,862 | 312,917 | ||||||
| Hershey Co. | 2,452 | 455,434 | ||||||
| Hormel Foods Corp. | 4,817 | 103,421 | ||||||
| Kraft Heinz Co. | 14,468 | 327,845 | ||||||
| McCormick & Co., Inc. | 4,179 | 212,460 | ||||||
| Mondelez International, Inc., Class A | 21,546 | 1,323,787 | ||||||
| Tyson Foods, Inc., Class A | 4,521 | 289,660 | ||||||
| 3,872,298 | ||||||||
| Gas Utilities - 0.1% | ||||||||
| Atmos Energy Corp. | 2,746 | 521,685 | ||||||
| Ground Transportation - 0.9% | ||||||||
| CSX Corp. | 31,004 | 1,408,512 | ||||||
| JB Hunt Transport Services, Inc. | 1,276 | 320,952 | ||||||
| Norfolk Southern Corp. | 3,761 | 1,187,837 | ||||||
| Old Dominion Freight Line, Inc. | 3,039 | 645,575 | ||||||
| Uber Technologies, Inc.* | 34,356 | 2,563,301 | ||||||
| Union Pacific Corp. | 9,853 | 2,655,186 | ||||||
| XPO, Inc.* | 1,957 | 430,794 | ||||||
| 9,212,157 | ||||||||
| Health Care Equipment & Supplies - 1.4% | ||||||||
| Abbott Laboratories | 28,916 | 2,625,284 | ||||||
| Becton Dickinson & Co. | 4,775 | 711,666 | ||||||
| Boston Scientific Corp.* | 24,580 | 1,416,054 | ||||||
| Cooper Cos, Inc. (The)* | 3,291 | 207,004 | ||||||
| Dexcom, Inc.* | 6,485 | 386,182 | ||||||
See accompanying Notes to Financial Statements.
8
|
Schedule of Investments (Continued) TCW Transform 500 ETF |
|
April 30, 2026 (Unaudited)
| Investments | Shares | Value | ||||||
| Edwards Lifesciences Corp.* | 9,574 | $ | 799,429 | |||||
| GE HealthCare Technologies, Inc. | 7,556 | 459,707 | ||||||
| IDEXX Laboratories, Inc.* | 1,275 | 715,020 | ||||||
| Insulet Corp.* | 1,160 | 199,682 | ||||||
| Intuitive Surgical, Inc.* | 5,866 | 2,684,340 | ||||||
| Medtronic plc | 21,329 | 1,727,009 | ||||||
| ResMed, Inc. | 2,444 | 522,552 | ||||||
| STERIS plc | 1,582 | 343,104 | ||||||
| Stryker Corp. | 6,010 | 1,893,931 | ||||||
| Zimmer Biomet Holdings, Inc. | 3,311 | 272,926 | ||||||
| 14,963,890 | ||||||||
| Health Care Providers & Services - 1.6% | ||||||||
| Cardinal Health, Inc. | 3,965 | 764,769 | ||||||
| Cencora, Inc. | 3,044 | 937,582 | ||||||
| Centene Corp.* | 7,795 | 418,514 | ||||||
| Cigna Group (The) | 4,364 | 1,268,091 | ||||||
| CVS Health Corp. | 21,017 | 1,750,506 | ||||||
| Elevance Health, Inc. | 3,689 | 1,388,613 | ||||||
| HCA Healthcare, Inc. | 2,694 | 1,170,408 | ||||||
| Humana, Inc. | 2,000 | 472,880 | ||||||
| Labcorp Holdings, Inc. | 1,392 | 357,466 | ||||||
| McKesson Corp. | 2,053 | 1,673,606 | ||||||
| Quest Diagnostics, Inc. | 1,844 | 358,105 | ||||||
| Tenet Healthcare Corp.* | 1,455 | 257,710 | ||||||
| UnitedHealth Group, Inc. | 15,071 | 5,583,504 | ||||||
| 16,401,754 | ||||||||
| Health Care REITs - 0.3% | ||||||||
| Ventas, Inc. | 7,437 | 653,415 | ||||||
| Welltower, Inc. | 11,583 | 2,517,449 | ||||||
| 3,170,864 | ||||||||
| Health Care Technology - 0.0%† | ||||||||
| Veeva Systems, Inc., Class A* | 2,489 | 388,209 | ||||||
| Hotels, Restaurants & Leisure - 1.6% | ||||||||
| Airbnb, Inc., Class A* | 6,953 | 975,923 | ||||||
| Booking Holdings, Inc. | 13,234 | 2,228,076 | ||||||
| Carnival Corp. | 19,045 | 504,883 | ||||||
| Chipotle Mexican Grill, Inc., Class A* | 21,836 | 742,206 | ||||||
| Darden Restaurants, Inc. | 1,948 | 390,691 | ||||||
| Domino’s Pizza, Inc. | 527 | 178,874 | ||||||
| DoorDash, Inc., Class A* | 6,190 | 1,043,944 | ||||||
| Investments | Shares | Value | ||||||
| Expedia Group, Inc. | 1,940 | $ | 481,838 | |||||
| Flutter Entertainment plc* | 2,758 | 297,671 | ||||||
| Hilton Worldwide Holdings, Inc. | 3,625 | 1,174,754 | ||||||
| Las Vegas Sands Corp. | 5,161 | 281,842 | ||||||
| Marriott International, Inc., Class A | 3,673 | 1,328,487 | ||||||
| McDonald’s Corp. | 11,814 | 3,468,472 | ||||||
| Royal Caribbean Cruises Ltd. | 4,201 | 1,108,056 | ||||||
| Starbucks Corp. | 18,885 | 1,989,157 | ||||||
| Yum! Brands, Inc. | 4,662 | 744,288 | ||||||
| 16,939,162 | ||||||||
| Household Durables - 0.2% | ||||||||
| DR Horton, Inc. | 4,322 | 664,983 | ||||||
| Garmin Ltd. | 2,689 | 675,316 | ||||||
| Lennar Corp., Class A | 3,488 | 314,966 | ||||||
| Lennar Corp., Class B | 158 | 13,964 | ||||||
| NVR, Inc.* | 44 | 277,898 | ||||||
| PulteGroup, Inc. | 3,235 | 395,835 | ||||||
| 2,342,962 | ||||||||
| Household Products - 0.8% | ||||||||
| Church & Dwight Co., Inc. | 3,994 | 387,658 | ||||||
| Clorox Co. | 2,061 | 198,763 | ||||||
| Colgate-Palmolive Co. | 13,478 | 1,150,482 | ||||||
| Kimberly-Clark Corp. | 5,535 | 544,810 | ||||||
| Procter & Gamble Co. | 38,650 | 5,685,028 | ||||||
| 7,966,741 | ||||||||
| Independent Power & Renewable Electricity Producers - 0.1% | ||||||||
| Vistra Corp. | 5,615 | 886,272 | ||||||
| Industrial Conglomerates - 0.3% | ||||||||
| 3M Co. | 8,858 | 1,297,874 | ||||||
| Honeywell International, Inc. | 10,559 | 2,263,111 | ||||||
| 3,560,985 | ||||||||
| Industrial REITs - 0.2% | ||||||||
| Prologis, Inc. | 15,452 | 2,194,493 | ||||||
| Insurance - 1.5% | ||||||||
| Aflac, Inc. | 7,836 | 890,718 | ||||||
| Allstate Corp. (The) | 4,312 | 936,825 | ||||||
| American International Group, Inc. | 8,915 | 666,842 | ||||||
| Aon plc, Class A | 3,575 | 1,114,149 | ||||||
| Arch Capital Group Ltd.* | 5,958 | 562,793 | ||||||
See accompanying Notes to Financial Statements.
9
|
Schedule of Investments (Continued) TCW Transform 500 ETF |
|
April 30, 2026 (Unaudited)
| Investments | Shares | Value | ||||||
| Arthur J Gallagher & Co. | 4,231 | $ | 873,278 | |||||
| Brown & Brown, Inc. | 4,622 | 278,013 | ||||||
| Chubb Ltd. | 6,087 | 1,990,450 | ||||||
| Cincinnati Financial Corp. | 2,576 | 421,434 | ||||||
| Everest Group Ltd. | 708 | 252,586 | ||||||
| Hartford Insurance Group, Inc. (The) | 4,582 | 626,863 | ||||||
| Loews Corp. | 2,907 | 327,357 | ||||||
| Markel Group, Inc.* | 198 | 350,949 | ||||||
| Marsh & McLennan Cos, Inc. | 8,064 | 1,352,414 | ||||||
| MetLife, Inc. | 9,194 | 736,439 | ||||||
| Principal Financial Group, Inc. | 3,723 | 375,688 | ||||||
| Progressive Corp. (The) | 9,719 | 1,956,241 | ||||||
| Prudential Financial, Inc. | 5,814 | 570,412 | ||||||
| Travelers Cos, Inc. (The) | 3,610 | 1,101,555 | ||||||
| W R Berkley Corp. | 4,774 | 319,046 | ||||||
| Willis Towers Watson plc | 1,527 | 391,217 | ||||||
| 16,095,269 | ||||||||
| Interactive Media & Services - 8.9% | ||||||||
| Alphabet, Inc., Class A | 96,823 | 37,257,491 | ||||||
| Alphabet, Inc., Class C | 84,164 | 32,145,598 | ||||||
| Meta Platforms, Inc., Class A | 36,374 | 22,257,614 | ||||||
| Reddit, Inc., Class A* | 2,100 | 309,183 | ||||||
| 91,969,886 | ||||||||
| IT Services - 0.9% | ||||||||
| Accenture plc, Class A | 10,225 | 1,827,310 | ||||||
| Cloudflare, Inc., Class A* | 5,148 | 1,055,186 | ||||||
| Cognizant Technology Solutions Corp., Class A | 8,027 | 424,628 | ||||||
| CoreWeave, Inc., Class A* | 4,173 | 465,707 | ||||||
| International Business Machines Corp. | 15,545 | 3,590,583 | ||||||
| MongoDB, Inc., Class A* | 1,306 | 327,584 | ||||||
| Snowflake, Inc., Class A* | 5,549 | 757,272 | ||||||
| Twilio, Inc., Class A* | 2,426 | 359,194 | ||||||
| VeriSign, Inc. | 1,326 | 356,243 | ||||||
| 9,163,707 | ||||||||
| Life Sciences Tools & Services - 0.7% | ||||||||
| Agilent Technologies, Inc. | 4,738 | 547,476 | ||||||
| Danaher Corp. | 10,713 | 1,917,091 | ||||||
| Illumina, Inc.* | 2,536 | 321,413 | ||||||
| IQVIA Holdings, Inc.* | 2,802 | 443,753 | ||||||
| Investments | Shares | Value | ||||||
| Mettler-Toledo International, Inc.* | 338 | $ | 431,494 | |||||
| Thermo Fisher Scientific, Inc. | 6,248 | 2,992,542 | ||||||
| Waters Corp.* | 1,631 | 504,354 | ||||||
| West Pharmaceutical Services, Inc. | 1,195 | 355,620 | ||||||
| 7,513,743 | ||||||||
| Machinery - 1.8% | ||||||||
| Caterpillar, Inc. | 7,738 | 6,887,672 | ||||||
| Cummins, Inc. | 2,286 | 1,533,929 | ||||||
| Deere & Co. | 4,148 | 2,446,781 | ||||||
| Dover Corp. | 2,283 | 516,894 | ||||||
| Fortive Corp. | 5,277 | 315,512 | ||||||
| IDEX Corp. | 1,194 | 260,113 | ||||||
| Illinois Tool Works, Inc. | 4,810 | 1,241,028 | ||||||
| Ingersoll Rand, Inc. | 6,558 | 523,722 | ||||||
| Otis Worldwide Corp. | 6,465 | 503,494 | ||||||
| PACCAR, Inc. | 8,551 | 1,015,859 | ||||||
| Parker-Hannifin Corp. | 2,015 | 1,832,481 | ||||||
| Snap-on, Inc. | 846 | 324,356 | ||||||
| Westinghouse Air Brake Technologies Corp. | 2,841 | 766,757 | ||||||
| Xylem, Inc./NY | 4,005 | 473,231 | ||||||
| 18,641,829 | ||||||||
| Media - 0.1% | ||||||||
| Charter Communications, Inc., Class A* | 1,500 | 247,755 | ||||||
| Fox Corp., Class A | 3,340 | 212,057 | ||||||
| Fox Corp., Class B | 2,298 | 131,032 | ||||||
| News Corp., Class A | 6,294 | 165,658 | ||||||
| News Corp., Class B | 1,716 | 52,304 | ||||||
| Omnicom Group, Inc. | 5,153 | 395,337 | ||||||
| 1,204,143 | ||||||||
| Metals & Mining - 0.5% | ||||||||
| Freeport-McMoRan, Inc. | 23,880 | 1,379,786 | ||||||
| Newmont Corp. | 18,093 | 2,009,951 | ||||||
| Nucor Corp. | 3,795 | 854,976 | ||||||
| Reliance, Inc. | 874 | 316,825 | ||||||
| Royal Gold, Inc. | 1,339 | 312,496 | ||||||
| Southern Copper Corp. | 1,525 | 261,827 | ||||||
| Steel Dynamics, Inc. | 2,268 | 518,601 | ||||||
| 5,654,462 | ||||||||
See accompanying Notes to Financial Statements.
10
|
Schedule of Investments (Continued) TCW Transform 500 ETF |
|
April 30, 2026 (Unaudited)
| Investments | Shares | Value | ||||||
| Multi-Utilities - 0.6% | ||||||||
| Ameren Corp. | 4,484 | $ | 509,607 | |||||
| CenterPoint Energy, Inc. | 10,844 | 473,341 | ||||||
| CMS Energy Corp. | 4,957 | 380,400 | ||||||
| Consolidated Edison, Inc. | 5,992 | 668,048 | ||||||
| Dominion Energy, Inc. | 14,173 | 914,159 | ||||||
| DTE Energy Co. | 3,427 | 519,842 | ||||||
| NiSource, Inc. | 7,755 | 374,411 | ||||||
| Public Service Enterprise Group, Inc. | 8,279 | 676,063 | ||||||
| Sempra | 10,842 | 1,031,290 | ||||||
| WEC Energy Group, Inc. | 5,220 | 615,647 | ||||||
| 6,162,808 | ||||||||
| Oil, Gas & Consumable Fuels - 3.2% | ||||||||
| Cheniere Energy, Inc. | 3,572 | 982,121 | ||||||
| Chevron Corp. | 30,712 | 5,936,937 | ||||||
| ConocoPhillips | 20,530 | 2,582,263 | ||||||
| Coterra Energy, Inc. | 12,593 | 452,215 | ||||||
| Devon Energy Corp. | 9,810 | 503,940 | ||||||
| Diamondback Energy, Inc. | 3,067 | 630,667 | ||||||
| EOG Resources, Inc. | 9,059 | 1,273,424 | ||||||
| EQT Corp. | 10,295 | 618,524 | ||||||
| Expand Energy Corp. | 3,784 | 386,536 | ||||||
| Exxon Mobil Corp. | 69,227 | 10,683,802 | ||||||
| Kinder Morgan, Inc. | 32,678 | 1,074,126 | ||||||
| Marathon Petroleum Corp. | 4,804 | 1,192,785 | ||||||
| Occidental Petroleum Corp. | 10,890 | 659,716 | ||||||
| ONEOK, Inc. | 10,324 | 954,557 | ||||||
| Phillips 66 | 6,687 | 1,197,976 | ||||||
| Targa Resources Corp. | 3,541 | 920,943 | ||||||
| Texas Pacific Land Corp. | 948 | 420,599 | ||||||
| Valero Energy Corp. | 5,057 | 1,277,297 | ||||||
| Williams Cos, Inc. (The) | 20,199 | 1,541,386 | ||||||
| 33,289,814 | ||||||||
| Passenger Airlines - 0.1% | ||||||||
| Delta Air Lines, Inc. | 10,826 | 736,060 | ||||||
| Southwest Airlines Co. | 7,625 | 289,140 | ||||||
| United Airlines Holdings, Inc.* | 5,433 | 488,970 | ||||||
| 1,514,170 | ||||||||
| Investments | Shares | Value | ||||||
| Personal Care Products - 0.1% | ||||||||
| Estee Lauder Cos, Inc. (The), Class A | 4,039 | $ | 309,832 | |||||
| Kenvue, Inc. | 28,821 | 505,232 | ||||||
| 815,064 | ||||||||
| Pharmaceuticals - 3.0% | ||||||||
| Bristol-Myers Squibb Co. | 33,839 | 2,050,305 | ||||||
| Eli Lilly & Co. | 13,239 | 12,373,169 | ||||||
| Johnson & Johnson | 40,035 | 9,202,045 | ||||||
| Merck & Co., Inc. | 41,278 | 4,506,732 | ||||||
| Pfizer, Inc. | 94,246 | 2,516,368 | ||||||
| Zoetis, Inc., Class A | 7,067 | 812,493 | ||||||
| 31,461,112 | ||||||||
| Professional Services - 0.4% | ||||||||
| Automatic Data Processing, Inc. | 6,690 | 1,417,880 | ||||||
| Broadridge Financial Solutions, Inc. | 1,949 | 300,107 | ||||||
| Equifax, Inc. | 2,047 | 356,055 | ||||||
| Jacobs Solutions, Inc. | 1,951 | 252,479 | ||||||
| Leidos Holdings, Inc. | 2,011 | 300,081 | ||||||
| Paychex, Inc. | 5,383 | 498,627 | ||||||
| SS&C Technologies Holdings, Inc. | 3,581 | 248,163 | ||||||
| TransUnion | 3,218 | 228,478 | ||||||
| Verisk Analytics, Inc., Class A | 2,333 | 430,415 | ||||||
| 4,032,285 | ||||||||
| Real Estate Management & Development - 0.1% | ||||||||
| CBRE Group, Inc., Class A* | 4,943 | 705,514 | ||||||
| CoStar Group, Inc.* | 6,621 | 229,153 | ||||||
| 934,667 | ||||||||
| Residential REITs - 0.2% | ||||||||
| AvalonBay Communities, Inc. | 2,274 | 416,142 | ||||||
| Equity Residential | 5,709 | 373,254 | ||||||
| Essex Property Trust, Inc. | 1,019 | 268,211 | ||||||
| Invitation Homes, Inc. | 9,271 | 266,727 | ||||||
| Mid-America Apartment Communities, Inc. | 1,937 | 250,222 | ||||||
| Sun Communities, Inc. | 1,835 | 234,586 | ||||||
| 1,809,142 | ||||||||
See accompanying Notes to Financial Statements.
11
|
Schedule of Investments (Continued) TCW Transform 500 ETF |
|
April 30, 2026 (Unaudited)
| Investments | Shares | Value | ||||||
| Retail REITs - 0.2% | ||||||||
| Realty Income Corp. | 14,809 | $ | 951,330 | |||||
| Simon Property Group, Inc. | 5,398 | 1,099,627 | ||||||
| 2,050,957 | ||||||||
| Semiconductors & Semiconductor Equipment - 16.5% | ||||||||
| Advanced Micro Devices, Inc.* | 27,061 | 9,592,854 | ||||||
| Analog Devices, Inc. | 8,119 | 3,265,949 | ||||||
| Applied Materials, Inc. | 13,185 | 5,201,351 | ||||||
| Astera Labs, Inc.* | 2,296 | 447,123 | ||||||
| Broadcom, Inc. | 77,352 | 32,289,045 | ||||||
| Credo Technology Group Holding Ltd.* | 2,689 | 467,913 | ||||||
| First Solar, Inc.* | 1,692 | 341,598 | ||||||
| Intel Corp.* | 72,273 | 6,828,353 | ||||||
| KLA Corp. | 2,180 | 3,815,763 | ||||||
| Lam Research Corp. | 20,868 | 5,381,022 | ||||||
| Marvell Technology, Inc. | 14,482 | 2,391,702 | ||||||
| Microchip Technology, Inc. | 8,998 | 836,004 | ||||||
| Micron Technology, Inc. | 18,699 | 9,670,375 | ||||||
| Monolithic Power Systems, Inc. | 760 | 1,226,952 | ||||||
| NVIDIA Corp. | 389,656 | 77,763,648 | ||||||
| NXP Semiconductors NV | 4,025 | 1,181,700 | ||||||
| ON Semiconductor Corp.* | 6,685 | 673,915 | ||||||
| Qnity Electronics, Inc. | 3,473 | 488,512 | ||||||
| QUALCOMM, Inc. | 17,762 | 3,189,700 | ||||||
| Teradyne, Inc. | 2,602 | 893,709 | ||||||
| Texas Instruments, Inc. | 15,104 | 4,245,432 | ||||||
| 170,192,620 | ||||||||
| Software - 8.1% | ||||||||
| Adobe, Inc.* | 6,827 | 1,680,125 | ||||||
| AppLovin Corp., Class A* | 3,541 | 1,580,525 | ||||||
| Atlassian Corp., Class A* | 2,769 | 189,926 | ||||||
| Autodesk, Inc.* | 3,539 | 838,743 | ||||||
| Cadence Design Systems, Inc.* | 4,523 | 1,490,736 | ||||||
| Crowdstrike Holdings, Inc., Class A* | 4,050 | 1,805,288 | ||||||
| Datadog, Inc., Class A* | 5,104 | 674,698 | ||||||
| Fair Isaac Corp.* | 388 | 397,700 | ||||||
| Fortinet, Inc.* | 10,465 | 882,304 | ||||||
| Gen Digital, Inc. | 9,440 | 182,098 | ||||||
| Investments | Shares | Value | ||||||
| HubSpot, Inc.* | 828 | $ | 183,617 | |||||
| Intuit, Inc. | 4,532 | 1,760,682 | ||||||
| Microsoft Corp. | 123,493 | 50,357,975 | ||||||
| Oracle Corp. | 28,249 | 4,559,106 | ||||||
| Palantir Technologies, Inc., Class A* | 36,729 | 5,109,371 | ||||||
| Palo Alto Networks, Inc.* | 13,326 | 2,389,618 | ||||||
| PTC, Inc.* | 1,981 | 270,010 | ||||||
| Roper Technologies, Inc. | 1,769 | 627,659 | ||||||
| Salesforce, Inc. | 15,084 | 2,662,779 | ||||||
| ServiceNow, Inc.* | 17,396 | 1,536,241 | ||||||
| Strategy, Inc., Class A* | 5,198 | 860,009 | ||||||
| Synopsys, Inc.* | 3,179 | 1,534,185 | ||||||
| Trimble, Inc.* | 3,964 | 266,856 | ||||||
| Tyler Technologies, Inc.* | 714 | 243,574 | ||||||
| Workday, Inc., Class A* | 3,532 | 432,317 | ||||||
| Zoom Communications, Inc., Class A* | 3,985 | 387,143 | ||||||
| Zscaler, Inc.* | 1,643 | 214,707 | ||||||
| 83,117,992 | ||||||||
| Specialized REITs - 0.8% | ||||||||
| American Tower Corp. | 7,753 | 1,416,552 | ||||||
| Crown Castle, Inc. | 6,866 | 609,563 | ||||||
| Digital Realty Trust, Inc. | 5,342 | 1,073,421 | ||||||
| Equinix, Inc. | 1,627 | 1,761,765 | ||||||
| Extra Space Storage, Inc. | 3,401 | 487,465 | ||||||
| Iron Mountain, Inc. | 4,906 | 618,107 | ||||||
| Public Storage | 2,632 | 796,048 | ||||||
| SBA Communications Corp., Class A | 1,792 | 396,390 | ||||||
| VICI Properties, Inc., Class A | 17,825 | 520,490 | ||||||
| Weyerhaeuser Co. | 11,509 | 282,201 | ||||||
| 7,962,002 | ||||||||
| Specialty Retail - 1.6% | ||||||||
| AutoZone, Inc.* | 275 | 1,018,608 | ||||||
| Best Buy Co., Inc. | 3,245 | 196,290 | ||||||
| Burlington Stores, Inc.* | 1,042 | 333,450 | ||||||
| Carvana Co., Class A* | 2,296 | 908,757 | ||||||
| Home Depot, Inc. (The) | 16,530 | 5,435,065 | ||||||
| Lowe’s Cos, Inc. | 9,313 | 2,223,851 | ||||||
| O’Reilly Automotive, Inc.* | 13,990 | 1,390,606 | ||||||
| Ross Stores, Inc. | 5,301 | 1,207,515 | ||||||
| TJX Cos, Inc. (The) | 18,449 | 2,891,881 | ||||||
See accompanying Notes to Financial Statements.
12
|
Schedule of Investments (Continued) TCW Transform 500 ETF |
|
April 30, 2026 (Unaudited)
| Investments | Shares | Value | ||||||
| Tractor Supply Co. | 8,461 | $ | 296,981 | |||||
| Ulta Beauty, Inc.* | 736 | 395,585 | ||||||
| Williams-Sonoma, Inc. | 1,981 | 358,977 | ||||||
| 16,657,566 | ||||||||
| Technology Hardware, Storage & Peripherals - 7.4% | ||||||||
| Apple, Inc. | 243,912 | 66,185,522 | ||||||
| Dell Technologies, Inc., Class C | 5,015 | 1,047,884 | ||||||
| Everpure, Inc., Class A* | 5,104 | 364,681 | ||||||
| Hewlett Packard Enterprise Co. | 21,846 | 628,509 | ||||||
| HP, Inc. | 15,651 | 326,480 | ||||||
| NetApp, Inc. | 3,201 | 354,575 | ||||||
| Sandisk Corp.* | 2,320 | 2,543,903 | ||||||
| Seagate Technology Holdings plc | 3,718 | 2,504,594 | ||||||
| Super Micro Computer, Inc.* | 8,773 | 240,380 | ||||||
| Western Digital Corp. | 5,616 | 2,440,264 | ||||||
| 76,636,792 | ||||||||
| Textiles, Apparel & Luxury Goods - 0.2% | ||||||||
| Deckers Outdoor Corp.* | 2,354 | 240,579 | ||||||
| Lululemon Athletica, Inc.* | 1,702 | 234,365 | ||||||
| NIKE, Inc., Class B | 18,750 | 831,750 | ||||||
| Tapestry, Inc. | 3,439 | 498,793 | ||||||
| 1,805,487 | ||||||||
| Tobacco - 0.6% | ||||||||
| Altria Group, Inc. | 27,938 | 2,029,696 | ||||||
| Philip Morris International, Inc. | 25,861 | 4,268,875 | ||||||
| 6,298,571 | ||||||||
| Trading Companies & Distributors - 0.3% | ||||||||
| Fastenal Co. | 18,993 | 853,355 | ||||||
| Ferguson Enterprises, Inc. | 3,334 | 892,545 | ||||||
| United Rentals, Inc. | 1,056 | 1,013,592 | ||||||
| WW Grainger, Inc. | 743 | 862,883 | ||||||
| 3,622,375 | ||||||||
| Water Utilities - 0.0%† | ||||||||
| American Water Works Co., Inc. | 3,238 | 415,824 | ||||||
| Investments | Shares | Value | ||||||
| Wireless Telecommunication Services - 0.1% | ||||||||
| T-Mobile US, Inc. | 7,897 | $ | 1,543,864 | |||||
| Total Common
Stocks (Cost $733,382,143) |
1,038,969,189 | |||||||
| Principal | ||||||||
| Short-Term Investments - 0.0%† | ||||||||
| Time Deposit - 0.0%† | ||||||||
| JP Morgan Chase, New
York 2.98% 5/1/2026 (Cost $145,620) |
$ | 145,620 | 145,620 | |||||
| Total Investments -
100.0% (Cost $733,527,763) |
$ | 1,039,114,809 | ||||||
| Other Assets Less Liabilities - 0.0%† | 458,026 | |||||||
| Net Assets - 100.0% | $ | 1,039,572,835 | ||||||
| * | Non-income producing security. |
| † | Represents less than 0.05%. |
See accompanying Notes to Financial Statements.
13
|
Schedule of Investments (Continued) TCW Transform 500 ETF |
|
April 30, 2026 (Unaudited)
Futures Contracts Purchased
TCW Transform 500 ETF had the following open long futures contracts as of April 30, 2026:
| Number
of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Market Value |
Net Unrealized Appreciation |
||||||||||||||||
| S&P 500 Micro E-Mini Index | 15 | 6/18/2026 | USD | $ | 509,496 | $ | 543,281 | $ | 33,785 | ||||||||||||
Fair Value Measurement
The Fund discloses the fair market value of its investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (2) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs).
The three levels defined by the hierarchy are as follows:
| ● | Level 1 — Quoted prices in active markets for identical assets that the Fund has the ability to access. |
| ● | Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| ● | Level 3 — Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the fair valuations according to the inputs used as of April 30, 2026 in valuing the Fund’s investments.
| Level 1* | Level 2* | Level 3* | Total | |||||||||||||
| Investments | ||||||||||||||||
| Assets | ||||||||||||||||
| Common Stocks** | $ | 1,038,969,189 | $ | – | $ | – | $ | 1,038,969,189 | ||||||||
| Short-Term Investments | ||||||||||||||||
| Time Deposit | 145,620 | – | – | 145,620 | ||||||||||||
| Total Investments | $ | 1,039,114,809 | $ | – | $ | – | $ | 1,039,114,809 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Assets | ||||||||||||||||
| Futures Contracts*** | $ | 33,785 | $ | – | $ | – | $ | 33,785 | ||||||||
| Total Other Financial Instruments | $ | 33,785 | $ | – | $ | – | $ | 33,785 | ||||||||
| * | Please refer to Note 2. |
| ** | Please refer to the Schedule of Investments to view securities segregated by industry. |
| *** | Futures Contracts Purchased. |
See accompanying Notes to Financial Statements.
14
|
Schedule of Investments TCW Transform Supply Chain ETF |
|
April 30, 2026 (Unaudited)
| Investments | Shares | Value | ||||||
| COMMON STOCKS - 99.6% | ||||||||
| Aerospace & Defense - 9.8% | ||||||||
| Carpenter Technology Corp. | 1,392 | $ | 596,054 | |||||
| TransDigm Group, Inc. | 507 | 588,110 | ||||||
| 1,184,164 | ||||||||
| Broadline Retail - 3.5% | ||||||||
| Amazon.com, Inc.* | 1,619 | 429,132 | ||||||
| Building Products - 6.6% | ||||||||
| Advanced Drainage Systems, Inc. | 2,228 | 332,529 | ||||||
| Trane Technologies plc | 948 | 466,928 | ||||||
| 799,457 | ||||||||
| Commercial Services & Supplies - 4.6% | ||||||||
| GFL Environmental, Inc. | 10,302 | 413,214 | ||||||
| Waste Connections, Inc. | 913 | 150,389 | ||||||
| 563,603 | ||||||||
| Construction & Engineering - 1.7% | ||||||||
| API Group Corp.* | 4,535 | 207,340 | ||||||
| Construction Materials - 7.6% | ||||||||
| Martin Marietta Materials, Inc. | 1,031 | 638,261 | ||||||
| Vulcan Materials Co. | 947 | 285,748 | ||||||
| 924,009 | ||||||||
| Electrical Equipment - 12.4% | ||||||||
| Eaton Corp. plc | 1,831 | 792,841 | ||||||
| Forgent Power Solutions, Inc., Class A* | 18,551 | 697,889 | ||||||
| 1,490,730 | ||||||||
| Electronic Equipment, Instruments & Components - 2.6% | ||||||||
| Cognex Corp. | 5,752 | 319,294 | ||||||
| Ground Transportation - 5.8% | ||||||||
| Canadian Pacific Kansas City Ltd. | 2,533 | 220,270 | ||||||
| CSX Corp. | 3,983 | 180,948 | ||||||
| Saia, Inc.* | 660 | 296,221 | ||||||
| 697,439 | ||||||||
| Industrial Conglomerates - 2.0% | ||||||||
| Siemens AG | 805 | 238,606 | ||||||
| Investments | Shares | Value | ||||||
| Machinery - 5.3% | ||||||||
| Caterpillar, Inc. | 328 | $ | 291,956 | |||||
| Ingersoll Rand, Inc. | 1,939 | 154,849 | ||||||
| Symbotic, Inc., Class A* | 3,401 | 200,999 | ||||||
| 647,804 | ||||||||
| Semiconductors & Semiconductor Equipment - 31.8% | ||||||||
| ASML Holding NV | 349 | 502,208 | ||||||
| Broadcom, Inc. | 2,057 | 858,654 | ||||||
| Lam Research Corp. | 2,428 | 626,084 | ||||||
| NVIDIA Corp. | 4,716 | 941,171 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 2,327 | 921,631 | ||||||
| 3,849,748 | ||||||||
| Software - 0.8% | ||||||||
| PTC, Inc.* | 701 | 95,546 | ||||||
| Specialty Retail - 2.1% | ||||||||
| O’Reilly Automotive, Inc.* | 2,580 | 256,452 | ||||||
| Trading Companies & Distributors - 3.0% | ||||||||
| Ferguson Enterprises, Inc. | 1,380 | 369,440 | ||||||
| Total Common
Stocks (Cost $9,064,178) |
12,072,764 | |||||||
| Principal | ||||||||
| Short-Term Investments - 0.2% | ||||||||
| Time Deposit - 0.2% | ||||||||
| Citibank, New York
2.98%5/1/2026 (Cost $28,443) |
$ | 28,443 | 28,443 | |||||
| Total Investments -
99.8% (Cost $9,092,621) |
$ | 12,101,207 | ||||||
| Other Assets Less Liabilities - 0.2% | 25,662 | |||||||
| Net Assets - 100.0% | $ | 12,126,869 | ||||||
| * | Non-income producing security. |
See accompanying Notes to Financial Statements.
15
|
Schedule of Investments (Continued) TCW Transform Supply Chain ETF |
|
April 30, 2026 (Unaudited)
Fair Value Measurement
The Fund discloses the fair market value of its investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (2) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs).
The three levels defined by the hierarchy are as follows:
| ● | Level 1 — Quoted prices in active markets for identical assets that the Fund has the ability to access. |
| ● | Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| ● | Level 3 — Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the fair valuations according to the inputs used as of April 30, 2026 in valuing the Fund’s investments.
| Level 1* | Level 2* | Level 3* | Total | |||||||||||||
| Investments | ||||||||||||||||
| Assets | ||||||||||||||||
| Common Stocks** | $ | 12,072,764 | $ | – | $ | – | $ | 12,072,764 | ||||||||
| Short-Term Investments | ||||||||||||||||
| Time Deposit | 28,443 | – | – | 28,443 | ||||||||||||
| Total Investments | $ | 12,101,207 | $ | – | $ | – | $ | 12,101,207 | ||||||||
| * | Please refer to Note 2. |
| ** | Please refer to the Schedule of Investments to view securities segregated by industry. |
See accompanying Notes to Financial Statements.
16
|
Schedule of Investments TCW Transform Systems ETF |
|
April 30, 2026 (Unaudited)
| Investments | Shares | Value | ||||||
| COMMON STOCKS - 99.3% | ||||||||
| Aerospace & Defense - 16.5% | ||||||||
| Airbus SE | 236,126 | $ | 48,464,368 | |||||
| General Electric Co. | 387,900 | 112,463,847 | ||||||
| Safran S.A. | 256,675 | 82,240,324 | ||||||
| 243,168,539 | ||||||||
| Building Products - 4.2% | ||||||||
| Trane Technologies plc | 124,507 | 61,324,678 | ||||||
| Commercial Services & Supplies - 2.0% | ||||||||
| Republic Services, Inc., Class A | 143,762 | 30,077,886 | ||||||
| Communications Equipment - 3.0% | ||||||||
| Arista Networks, Inc.* | 257,757 | 44,517,211 | ||||||
| Construction & Engineering - 3.3% | ||||||||
| Comfort Systems USA, Inc. | 8,183 | 15,058,766 | ||||||
| Quanta Services, Inc. | 45,914 | 33,414,832 | ||||||
| 48,473,598 | ||||||||
| Construction Materials - 2.0% | ||||||||
| Martin Marietta Materials, Inc. | 47,336 | 29,304,298 | ||||||
| Electrical Equipment - 24.3% | ||||||||
| Bloom Energy Corp., Class A* | 173,043 | 49,033,464 | ||||||
| GE Vernova, Inc. | 65,825 | 71,318,754 | ||||||
| Powell Industries, Inc. | 232,169 | 64,373,499 | ||||||
| Schneider Electric SE | 103,334 | 32,575,257 | ||||||
| Siemens Energy AG | 177,201 | 37,555,575 | ||||||
| Vertiv Holdings Co., Class A | 316,521 | 103,973,982 | ||||||
| 358,830,531 | ||||||||
| Electronic Equipment, Instruments & Components - 2.2% | ||||||||
| Mirion Technologies, Inc., Class A* | 1,673,112 | 33,043,962 | ||||||
| Ground Transportation - 2.2% | ||||||||
| Union Pacific Corp. | 119,948 | 32,323,587 | ||||||
| Independent Power & Renewable Electricity Producers - 1.3% | ||||||||
| Vistra Corp. | 121,414 | 19,163,986 | ||||||
| Machinery - 6.0% | ||||||||
| Caterpillar, Inc. | 39,431 | 35,097,927 | ||||||
| Sandvik AB | 1,296,881 | 53,812,257 | ||||||
| 88,910,184 | ||||||||
| Investments | Shares | Value | ||||||
| Oil, Gas & Consumable Fuels - 11.5% | ||||||||
| Cameco Corp. | 289,030 | $ | 35,562,251 | |||||
| Cheniere Energy, Inc. | 87,238 | 23,986,088 | ||||||
| Exxon Mobil Corp. | 346,399 | 53,459,758 | ||||||
| Venture Global, Inc., Class A | 4,258,828 | 56,514,648 | ||||||
| 169,522,745 | ||||||||
| Semiconductors & Semiconductor Equipment - 19.4% | ||||||||
| Applied Materials, Inc. | 157,280 | 62,045,387 | ||||||
| Broadcom, Inc. | 185,117 | 77,273,388 | ||||||
| First Solar, Inc.* | 66,413 | 13,408,121 | ||||||
| KLA Corp. | 33,556 | 58,734,745 | ||||||
| Qnity Electronics, Inc. | 337,063 | 47,411,282 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 67,282 | 26,647,709 | ||||||
| 285,520,632 | ||||||||
| Software - 1.4% | ||||||||
| Microsoft Corp. | 49,266 | 20,089,689 | ||||||
| Total Common Stocks
(Cost $1,107,892,422) |
1,464,271,526 | |||||||
| Principal | ||||||||
| Short-Term Investments - 0.7% | ||||||||
| Time Deposit - 0.7% | ||||||||
| JP Morgan Chase, New
York 2.98% 5/1/2026 (Cost $10,322,118) |
$ | 10,322,118 | 10,322,118 | |||||
| Total Investments -
100.1% (Cost $1,118,214,540) |
$ | 1,474,593,644 | ||||||
| Other Assets Less Liabilities - (0.1)%† | (1,313,100 | ) | ||||||
| Net Assets - 100.0% | $ | 1,473,280,544 | ||||||
| * | Non-income producing security. |
| † | Represents less than 0.05%. |
See accompanying Notes to Financial Statements.
17
|
Schedule of Investments (Continued) TCW Transform Systems ETF |
|
April 30, 2026 (Unaudited)
Fair Value Measurement
The Fund discloses the fair market value of its investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (2) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs).
The three levels defined by the hierarchy are as follows:
| ● | Level 1 — Quoted prices in active markets for identical assets that the Fund has the ability to access. |
| ● | Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| ● | Level 3 — Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the fair valuations according to the inputs used as of April 30, 2026 in valuing the Fund’s investments.
| Level 1* | Level 2* | Level 3* | Total | |||||||||||||
| Investments | ||||||||||||||||
| Assets | ||||||||||||||||
| Common Stocks** | $ | 1,464,271,526 | $ | – | $ | – | $ | 1,464,271,526 | ||||||||
| Short-Term Investments | ||||||||||||||||
| Time Deposit | 10,322,118 | – | – | 10,322,118 | ||||||||||||
| Total Investments | $ | 1,474,593,644 | $ | – | $ | – | $ | 1,474,593,644 | ||||||||
| * | Please refer to Note 2. |
| ** | Please refer to the Schedule of Investments to view securities segregated by industry. |
See accompanying Notes to Financial Statements.
18
|
Statements of Assets and Liabilities |
|
April 30, 2026 (Unaudited)
| TCW Artificial Intelligence ETF |
TCW Durable Growth ETF |
TCW Transform 500 ETF |
||||||||||
| ASSETS: | ||||||||||||
| Investments in securities at value (Note 2) | $ | 104,539,193 | $ | 69,262,057 | $ | 1,038,969,189 | ||||||
| Investments in time deposit at value (Note 2) | 2,839,591 | 2,583,748 | 145,620 | |||||||||
| Segregated cash balance with broker for future contracts | – | – | 56,896 | |||||||||
| Receivables: | ||||||||||||
| Dividends and interest | 9,302 | 9,716 | 403,918 | |||||||||
| Reclaims | – | 10,723 | 4,145 | |||||||||
| Unrealized appreciation on futures contracts | – | – | 33,785 | |||||||||
| Total Assets | 107,388,086 | 71,866,244 | 1,039,613,553 | |||||||||
| LIABILITIES: | ||||||||||||
| Payables: | ||||||||||||
| Management fees (Note 3) | 59,871 | 45,022 | 40,718 | |||||||||
| Total Liabilities | 59,871 | 45,022 | 40,718 | |||||||||
| NET ASSETS | $ | 107,328,215 | $ | 71,821,222 | $ | 1,039,572,835 | ||||||
| NET ASSETS CONSIST OF: | ||||||||||||
| Paid-in capital | $ | 64,086,304 | $ | 67,513,638 | $ | 749,582,933 | ||||||
| Total distributable earnings (accumulated loss) | 43,241,911 | 4,307,584 | 289,989,902 | |||||||||
| NET ASSETS | $ | 107,328,215 | $ | 71,821,222 | $ | 1,039,572,835 | ||||||
| Shares outstanding | 2,299,741 | 2,382,997 | 12,300,000 | |||||||||
| Net asset value, per share | $ | 46.67 | $ | 30.14 | $ | 84.52 | ||||||
| Investment in securities at cost | $ | 66,047,525 | $ | 64,041,878 | $ | 733,382,143 | ||||||
| Investments in time deposit at cost | $ | 2,839,591 | $ | 2,583,748 | $ | 145,620 | ||||||
See accompanying Notes to Financial Statements.
19
|
Statements of Assets and Liabilities (Continued) |
|
April 30, 2026 (Unaudited)
| TCW Transform Supply Chain ETF |
TCW Transform Systems ETF |
|||||||
| ASSETS: | ||||||||
| Investments in securities at value (Note 2) | $ | 12,072,764 | $ | 1,464,271,526 | ||||
| Investments in time deposit at value (Note 2) | 28,443 | 10,322,118 | ||||||
| Foreign currency at value | – | 545 | ||||||
| Receivables: | ||||||||
| Dividends and interest | 1,718 | 770,998 | ||||||
| Capital shares sold | – | 147 | ||||||
| Investment securities sold | 27,868 | – | ||||||
| Reclaims | 3,171 | 90,075 | ||||||
| Total Assets | 12,133,964 | 1,475,455,409 | ||||||
| LIABILITIES: | ||||||||
| Payables: | ||||||||
| Investment securities purchased | – | 1,339,045 | ||||||
| Management fees (Note 3) | 7,095 | 835,820 | ||||||
| Total Liabilities | 7,095 | 2,174,865 | ||||||
| NET ASSETS | $ | 12,126,869 | $ | 1,473,280,544 | ||||
| NET ASSETS CONSIST OF: | ||||||||
| Paid-in capital | $ | 10,519,384 | $ | 1,168,199,238 | ||||
| Total distributable earnings (accumulated loss) | 1,607,485 | 305,081,306 | ||||||
| NET ASSETS | $ | 12,126,869 | $ | 1,473,280,544 | ||||
| Shares outstanding | 150,000 | 13,100,000 | ||||||
| Net asset value, per share | $ | 80.85 | $ | 112.46 | ||||
| Investment in securities at cost | $ | 9,064,178 | $ | 1,107,892,422 | ||||
| Investments in time deposit at cost | $ | 28,443 | $ | 10,322,118 | ||||
| Foreign currency at cost | $ | – | $ | 545 | ||||
See accompanying Notes to Financial Statements.
20
|
Statements of Operations |
|
For the Period Ended April 30, 2026 (Unaudited)
| TCW Artificial Intelligence ETF |
TCW Durable Growth ETF |
TCW Transform 500 ETF |
||||||||||
| INVESTMENT INCOME: | ||||||||||||
| Dividend income | $ | 156,535 | $ | 226,769 | $ | 5,365,180 | ||||||
| Special dividends (Note 2) | – | – | 160,807 | |||||||||
| Interest income | 31,992 | 34,539 | 3,035 | |||||||||
| Other income | 79 | 6 | 957 | |||||||||
| Foreign withholding tax on dividends | (4,842 | ) | (7,490 | ) | (1,192 | ) | ||||||
| Total Income | 183,764 | 253,824 | 5,528,787 | |||||||||
| EXPENSES: | ||||||||||||
| Management fees (Note 3) | 329,899 | 359,552 | 235,704 | |||||||||
| Total Expenses | 329,899 | 359,552 | 235,704 | |||||||||
| Net Expenses | 329,899 | 359,552 | 235,704 | |||||||||
| Net Investment Income (Loss)(1) | (146,135 | ) | (105,728 | ) | 5,293,083 | |||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||
| Investments in securities | (1,323,306 | ) | (3,097,361 | ) | (4,841,497 | ) | ||||||
| Foreign currency transactions | – | 3,004 | – | |||||||||
| In-kind redemptions of investments | 11,818,815 | 9,840,160 | 6,619,033 | |||||||||
| Expiration or closing of futures contracts | – | – | (8,760 | ) | ||||||||
| Net realized gain (loss) | 10,495,509 | 6,745,803 | 1,768,776 | |||||||||
| Change in unrealized appreciation (depreciation) on: | ||||||||||||
| Investments in securities | 8,185,716 | (12,698,559 | ) | 48,577,561 | ||||||||
| Future contracts | – | – | 20,252 | |||||||||
| Change in unrealized appreciation (depreciation) | 8,185,716 | (12,698,559 | ) | 48,597,813 | ||||||||
| Net realized and unrealized gain (loss) on investments | 18,681,225 | (5,952,756 | ) | 50,366,589 | ||||||||
| Net Increase (Decrease) in Net Assets Resulting From Operations | $ | 18,535,090 | $ | (6,058,484 | ) | $ | 55,659,672 | |||||
| (1) | Net investment income (loss) represents dividends and other income received by the Fund from its underlying investments less expenses paid by the Fund during the period. |
See accompanying Notes to Financial Statements.
21
|
Statements of Operations (Continued) |
|
For the Period Ended April 30, 2026 (Unaudited)
| TCW Transform Supply Chain ETF |
TCW Transform Systems ETF |
|||||||
| INVESTMENT INCOME: | ||||||||
| Dividend income | $ | 34,419 | $ | 4,317,559 | ||||
| Interest income | 1,761 | 113,091 | ||||||
| Other income | – | 1,702 | ||||||
| Foreign withholding tax on dividends | (2,683 | ) | (305,998 | ) | ||||
| Total Income | 33,497 | 4,126,354 | ||||||
| EXPENSES: | ||||||||
| Management fees (Note 3) | 40,747 | 4,027,678 | ||||||
| Total Expenses | 40,747 | 4,027,678 | ||||||
| Net Expenses | 40,747 | 4,027,678 | ||||||
| Net Investment Income (Loss)(1) | (7,250 | ) | 98,676 | |||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||
| Net realized gain (loss) on: | ||||||||
| Investments in securities | (53,203 | ) | (24,328,964 | ) | ||||
| Foreign currency transactions | (673 | ) | (1,206,027 | ) | ||||
| In-kind redemptions of investments | – | 8,212,517 | ||||||
| Net realized gain (loss) | (53,876 | ) | (17,322,474 | ) | ||||
| Change in unrealized appreciation (depreciation) on: | ||||||||
| Investments in securities | 1,299,132 | 159,439,328 | ||||||
| Translation of assets and liabilities denominated in foreign currencies | 36 | 5,344 | ||||||
| Change in unrealized appreciation (depreciation) | 1,299,168 | 159,444,672 | ||||||
| Net realized and unrealized gain (loss) on investments | 1,245,292 | 142,122,198 | ||||||
| Net Increase (Decrease) in Net Assets Resulting From Operations | $ | 1,238,042 | $ | 142,220,874 | ||||
| (1) | Net investment income (loss) represents dividends and other income received by the Fund from its underlying investments less expenses paid by the Fund during the period. |
See accompanying Notes to Financial Statements.
22
|
Statements of Changes in Net Assets |
|
| TCW
Artificial Intelligence ETF |
TCW
Durable Growth ETF |
|||||||||||||||
| For
the Period Ended April 30, 2026 (Unaudited) |
For
the Year Ended October 31, 2025 |
For
the Period Ended April 30, 2026 (Unaudited) |
For
the Year Ended October 31, 2025 |
|||||||||||||
| OPERATIONS: | ||||||||||||||||
| Net investment income (loss)(1) | $ | (146,135 | ) | $ | (195,088 | ) | $ | (105,728 | ) | $ | 270,833 | |||||
| Net realized gain (loss) on investments | 10,495,509 | 5,281,548 | 6,745,803 | 46,601,563 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on investments | 8,185,716 | 16,851,151 | (12,698,559 | ) | (50,038,137 | ) | ||||||||||
| Net increase (decrease) in net assets resulting from operations | 18,535,090 | 21,937,611 | (6,058,484 | ) | (3,165,741 | ) | ||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
| Distributions from distributable earnings | – | – | – | (16,810,793 | ) | |||||||||||
| CAPITAL TRANSACTIONS: | ||||||||||||||||
| Proceeds from shares sold | 22,512,829 | 29,877,760 | 2,470,566 | 96,816,451 | ||||||||||||
| Cost of shares redeemed | (21,744,725 | ) | (19,202,492 | ) | (49,862,346 | ) | (120,082,477 | ) | ||||||||
| Net increase (decrease) in net assets from capital transactions | 768,104 | 10,675,268 | (47,391,780 | ) | (23,266,026 | ) | ||||||||||
| Increase (decrease) in net assets | 19,303,194 | 32,612,879 | (53,450,264 | ) | (43,242,560 | ) | ||||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of period/year | 88,025,021 | 55,412,142 | 125,271,486 | 168,514,046 | ||||||||||||
| End of period/year | $ | 107,328,215 | $ | 88,025,021 | $ | 71,821,222 | $ | 125,271,486 | ||||||||
| CHANGES IN SHARES OUTSTANDING: | ||||||||||||||||
| Shares outstanding, beginning of period/year | 2,299,741 | 2,039,741 | 3,942,997 | 4,622,997 | ||||||||||||
| Shares sold | 560,000 | 960,000 | 80,000 | 2,800,000 | ||||||||||||
| Shares redeemed | (560,000 | ) | (700,000 | ) | (1,640,000 | ) | (3,480,000 | ) | ||||||||
| Shares outstanding, end of period/year | 2,299,741 | 2,299,741 | 2,382,997 | 3,942,997 | ||||||||||||
| (1) | Net investment income (loss) represents dividends and other income received by the Fund from its underlying investments less expenses paid by the Fund during the period. |
See accompanying Notes to Financial Statements.
23
|
Statements of Changes in Net Assets (Continued) |
|
| TCW Transform 500 ETF |
TCW
Transform Supply Chain ETF |
|||||||||||||||
| For
the Period Ended April 30, 2026 (Unaudited) |
For
the Year Ended October 31, 2025 |
For
the Period Ended April 30, 2026 (Unaudited) |
For
the Year Ended October 31, 2025 |
|||||||||||||
| OPERATIONS: | ||||||||||||||||
| Net investment income (loss)(1) | $ | 5,293,083 | $ | 9,434,479 | $ | (7,250 | ) | $ | 36,264 | |||||||
| Net realized gain (loss) on investments | 1,768,776 | 18,846,128 | (53,876 | ) | 1,147,393 | |||||||||||
| Net change in unrealized appreciation (depreciation) on investments | 48,597,813 | 134,886,228 | 1,299,168 | (591,755 | ) | |||||||||||
| Net increase (decrease) in net assets resulting from operations | 55,659,672 | 163,166,835 | 1,238,042 | 591,902 | ||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
| Distributions from distributable earnings | (4,592,087 | ) | (9,422,918 | ) | – | (116,709 | ) | |||||||||
| CAPITAL TRANSACTIONS: | ||||||||||||||||
| Proceeds from shares sold | 62,910,001 | 173,840,102 | – | 2,045,763 | ||||||||||||
| Cost of shares redeemed | (14,536,017 | ) | (66,853,313 | ) | – | (13,144,432 | ) | |||||||||
| Net increase (decrease) in net assets from capital transactions | 48,373,984 | 106,986,789 | – | (11,098,669 | ) | |||||||||||
| Increase (decrease) in net assets | 99,441,569 | 260,730,706 | 1,238,042 | (10,623,476 | ) | |||||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of period/year | 940,131,266 | 679,400,560 | 10,888,827 | 21,512,303 | ||||||||||||
| End of period/year | $ | 1,039,572,835 | $ | 940,131,266 | $ | 12,126,869 | $ | 10,888,827 | ||||||||
| CHANGES IN SHARES OUTSTANDING: | ||||||||||||||||
| Shares outstanding, beginning of period/year | 11,700,000 | 10,200,000 | 150,000 | 330,000 | ||||||||||||
| Shares sold | 780,000 | 2,460,000 | – | 30,000 | ||||||||||||
| Shares redeemed | (180,000 | ) | (960,000 | ) | – | (210,000 | ) | |||||||||
| Shares outstanding, end of period/year | 12,300,000 | 11,700,000 | 150,000 | 150,000 | ||||||||||||
| (1) | Net investment income (loss) represents dividends and other income received by the Fund from its underlying investments less expenses paid by the Fund during the period. |
See accompanying Notes to Financial Statements.
24
|
Statements of Changes in Net Assets (Continued) |
|
| TCW
Transform Systems ETF |
||||||||
| For
the Period Ended April 30, 2026 (Unaudited) |
For
the Year Ended October 31, 2025 |
|||||||
| OPERATIONS: | ||||||||
| Net investment income (loss)(1) | $ | 98,676 | $ | 869,996 | ||||
| Net realized gain (loss) on investments | (17,322,474 | ) | (5,622,538 | ) | ||||
| Net change in unrealized appreciation (depreciation) on investments | 159,444,672 | 174,607,753 | ||||||
| Net increase (decrease) in net assets resulting from operations | 142,220,874 | 169,855,211 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
| Distributions from distributable earnings | – | (1,437,889 | ) | |||||
| CAPITAL TRANSACTIONS: | ||||||||
| Proceeds from shares sold | 527,070,247 | 469,019,278 | ||||||
| Cost of shares redeemed | (24,867,969 | ) | (33,860,301 | ) | ||||
| Net increase (decrease) in net assets from capital transactions | 502,202,278 | 435,158,977 | ||||||
| Increase (decrease) in net assets | 644,423,152 | 603,576,299 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period/year | 828,857,392 | 225,281,093 | ||||||
| End of period/year | $ | 1,473,280,544 | $ | 828,857,392 | ||||
| CHANGES IN SHARES OUTSTANDING: | ||||||||
| Shares outstanding, beginning of period/year | 8,120,000 | 3,090,000 | ||||||
| Shares sold | 5,220,000 | 5,470,000 | ||||||
| Shares redeemed | (240,000 | ) | (440,000 | ) | ||||
| Shares outstanding, end of period/year | 13,100,000 | 8,120,000 | ||||||
| (1) | Net investment income (loss) represents dividends and other income received by the Fund from its underlying investments less expenses paid by the Fund during the period. |
See accompanying Notes to Financial Statements.
25
|
Financial Highlights TCW Artificial Intelligence ETF |
|
For a share outstanding throughout the period/year presented.
| For
the Period Ended April 30, 2026 (Unaudited) |
For
the Year Ended October 31, 2025 |
For
the Year Ended October 31, 2024(1) |
For
the Year Ended October 31, 2023 |
For
the Year Ended October 31, 2022 |
For
the Year Ended October 31, 2021 |
|||||||||||||||||||
| Per Share Data: | ||||||||||||||||||||||||
| Net asset value, beginning of period/year | $ | 38.28 | $ | 27.17 | $ | 18.51 | $ | 14.88 | $ | 24.99 | $ | 18.31 | ||||||||||||
| Net investment income (loss)(2) | (0.06 | ) | (0.09 | ) | (0.07 | ) | (0.04 | ) | (0.07 | ) | (0.11 | ) | ||||||||||||
| Net realized and unrealized gain (loss) on investments | 8.45 | 11.20 | 8.73 | 3.67 | (8.97 | ) | 6.79 | |||||||||||||||||
| Total gain (loss) from investment operations | 8.39 | 11.11 | 8.66 | 3.63 | (9.04 | ) | 6.68 | |||||||||||||||||
| Distributions to Shareholders: | ||||||||||||||||||||||||
| Net realized gains | – | – | – | – | (1.07 | ) | – | |||||||||||||||||
| Total distributions | – | – | – | – | (1.07 | ) | – | |||||||||||||||||
| Net asset value, end of period/year | $ | 46.67 | $ | 38.28 | $ | 27.17 | $ | 18.51 | $ | 14.88 | $ | 24.99 | ||||||||||||
| Market value, end of period/year | $ | 46.70 | $ | 38.33 | $ | 27.15 | – | – | – | |||||||||||||||
| Total Return at Net Asset Value(3) | 21.93 | % | 40.90 | % | 46.77 | % | 24.40 | % | -37.81 | % | 36.48 | % | ||||||||||||
| Total Return at Market Value(3) | 21.84 | % | 41.16 | % | 46.68 | % | – | – | – | |||||||||||||||
| Ratios/Supplemental Data: | ||||||||||||||||||||||||
| Net assets, end of period/year (000’s omitted) | $ | 107,328 | $ | 88,025 | $ | 55,412 | $ | 20,609 | $ | 7,780 | $ | 13,542 | ||||||||||||
| Ratio to average net assets of: | ||||||||||||||||||||||||
| Expenses Before Reimbursement | 0.75 | %(4) | 0.75 | % | 0.90 | % | 1.57 | % | 1.78 | % | 1.66 | % | ||||||||||||
| Net Expenses | 0.75 | %(4) | 0.75 | % | 0.81 | % | 0.90 | % | 0.90 | % | 0.90 | % | ||||||||||||
| Net investment income (loss)(5) | (0.33 | )%(4) | (0.30 | )% | (0.27 | )% | (0.21 | )% | (0.38 | )% | (0.51 | )% | ||||||||||||
| Portfolio turnover rate(6) | 5 | % | 20 | % | 25 | %(7) | 32 | % | 47 | % | 88 | % | ||||||||||||
| (1) | TCW Artificial Intelligence ETF acquired the assets and liabilities of the TCW Artificial Intelligence Equity Fund, a series of the TCW Funds, Inc., at the close of business on May 3, 2024. As a result of the reorganization, the TCW Artificial Intelligence ETF is the accounting successor of the TCW Artificial Intelligence Equity Fund. Financial information above for the periods prior to May 3, 2024 reflect the performance of Class I of the TCW Artificial Intelligence Equity Fund. |
| (2) | Based on average daily shares outstanding. |
| (3) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. Market values are based on the trade price at which shares are bought and sold on the NASDAQ (National Association of Securities Dealers’ Automatic Quotation System) using the closing price. Total return calculated for a period of less than one year is not annualized. |
| (4) | Annualized. |
| (5) | Net investment income (loss) represents dividends and other income received by the Fund from its underlying investments less expenses paid by the Fund during the period. |
| (6) | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
| (7) | The portfolio turnover calculation was adjusted to exclude the value of securities acquired in connection with the Fund’s acquisition of the assets and liabilities of the TCW Artificial Intelligence Equity Fund at the close of business on May 3, 2024. The portfolio turnover rate would have been 25% without the adjustment. |
See accompanying Notes to Financial Statements.
26
|
Financial Highlights TCW Durable Growth ETF |
|
For a share outstanding throughout the period/year presented.
| For
the Period Ended April 30, 2026 (Unaudited) |
For
the Year Ended October 31, 2025 |
For
the Year Ended October 31, 2024(1) |
For
the Year Ended October 31, 2023 |
For
the Year Ended October 31, 2022 |
For
the Year Ended October 31, 2021 |
|||||||||||||||||||
| Per Share Data: | ||||||||||||||||||||||||
| Net asset value, beginning of period/year | $ | 31.77 | $ | 36.45 | $ | 25.76 | $ | 22.06 | $ | 31.80 | $ | 22.64 | ||||||||||||
| Net investment income (loss)(2) | (0.03 | ) | 0.06 | 0.08 | (3) | 0.06 | (0.05 | ) | 0.11 | |||||||||||||||
| Net realized and unrealized gain (loss) on investments | (1.60 | ) | (0.93 | ) | 10.67 | 3.64 | (6.03 | ) | 9.05 | |||||||||||||||
| Total gain (loss) from investment operations | (1.63 | ) | (0.87 | ) | 10.75 | 3.70 | (6.08 | ) | 9.16 | |||||||||||||||
| Distributions to Shareholders: | ||||||||||||||||||||||||
| Net investment income | – | (0.12 | ) | (0.06 | ) | – | (4) | – | – | (4) | ||||||||||||||
| Net realized gains | – | (3.69 | ) | – | – | (3.66 | ) | – | ||||||||||||||||
| Total distributions | – | (3.81 | ) | (0.06 | ) | – | (4) | (3.66 | ) | – | (4) | |||||||||||||
| Net asset value, end of period/year | $ | 30.14 | $ | 31.77 | $ | 36.45 | $ | 25.76 | $ | 22.06 | $ | 31.80 | ||||||||||||
| Market value, end of period/year | $ | 30.05 | $ | 31.74 | $ | 36.42 | – | – | – | |||||||||||||||
| Total Return at Net Asset Value(5) | -5.14 | % | -2.86 | % | 41.78 | % | 16.78 | % | -21.95 | % | 40.46 | % | ||||||||||||
| Total Return at Market Value(5) | -5.30 | % | -2.84 | % | 41.66 | % | – | – | – | |||||||||||||||
| Ratios/Supplemental Data: | ||||||||||||||||||||||||
| Net assets, end of period/year (000’s omitted) | $ | 71.821 | $ | 125,271 | $ | 168,514 | $ | 145,705 | $ | 128,086 | $ | 201,523 | ||||||||||||
| Ratio to average net assets of: | ||||||||||||||||||||||||
| Expenses Before Reimbursement | 0.75 | % | 0.75 | % | 0.76 | % | 0.79 | % | 0.81 | % | 0.80 | % | ||||||||||||
| Net Expenses | 0.75 | %(6) | 0.75 | % | 0.76 | % | 0.79 | % | 0.81 | % | 0.80 | % | ||||||||||||
| Net investment income (loss) | (0.22 | )%(6) | 0.19 | % | 0.24 | % | 0.25 | % | (0.19 | )% | 0.37 | % | ||||||||||||
| Net investment income (loss) excluding special dividends | (0.22 | )%(6) | (0.29 | )% | (0.03 | )% | 0.25 | % | (0.19 | )% | 0.37 | % | ||||||||||||
| Portfolio turnover rate(7) | 44 | % | 46 | % | 40 | %(8) | 34 | % | 52 | % | 135 | % | ||||||||||||
| (1) | TCW Durable Growth ETF acquired the assets and liabilities of the TCW New America Premier Equities Fund, a series of the TCW Funds, Inc., at the close of business on May 3, 2024. As a result of the reorganization, the TCW Durable Growth ETF is the accounting successor of the TCW New America Premier Equities Fund. Financial information above for the periods prior to May 3, 2024 reflect the performance of Class I of the TCW New America Premier Equities Fund. |
| (2) | Based on average daily shares outstanding. |
| (3) | This ratio reflects the inclusion of large, non-recurring dividends (special dividends) recognized by the Fund during the period. If a special dividend had not been received during a period, this ratio would have been lower. The net investment income (loss) per share excluding special dividends is $(0.03) for the year ended October 31, 2024. |
| (4) | Amount rounds to less than $0.01 per share. |
| (5) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. Market values are based on the trade price at which shares are bought and sold on the NASDAQ (National Association of Securities Dealers’ Automatic Quotation System) using the closing price. Total return calculated for a period of less than one year is not annualized. |
| (6) | Annualized. |
| (7) | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
| (8) | The portfolio turnover calculation was adjusted to exclude the value of securities acquired in connection with the Fund’s acquisition of the assets and liabilities of the TCW New America Premier Equities Fund at the close of business on May 3, 2024. The portfolio turnover rate would have been 40% without the adjustment. |
See accompanying Notes to Financial Statements.
27
|
Financial Highlights TCW Transform 500 ETF |
|
For a share outstanding throughout the period/year presented.
| For
the Period Ended April 30, 2026 (Unaudited) |
For
the Year Ended October 31, 2025 |
For
the Year Ended October 31, 2024 |
For
the Year Ended October 31, 2023 |
For
the Year Ended October 31, 2022 |
For
the Period June 22, 2021 through October 31, 2021(1) |
|||||||||||||||||||
| Per Share Data: | ||||||||||||||||||||||||
| Net asset value, beginning of period/year | $ | 80.35 | $ | 66.61 | $ | 48.75 | $ | 44.79 | $ | 54.50 | $ | 50.18 | ||||||||||||
| Net investment income (loss)(2) | 0.45 | (3) | 0.86 | 0.83 | (3) | 0.76 | 0.72 | 0.22 | ||||||||||||||||
| Net realized and unrealized gain (loss) on investments | 4.10 | 13.72 | 17.85 | 3.94 | (9.79 | ) | 4.23 | |||||||||||||||||
| Total gain (loss) from investment operations | 4.55 | 14.58 | 18.68 | 4.70 | (9.07 | ) | 4.45 | |||||||||||||||||
| Distributions to Shareholders: | ||||||||||||||||||||||||
| Net investment income | (0.38 | ) | (0.84 | ) | (0.82 | ) | (0.74 | ) | (0.64 | ) | (0.13 | ) | ||||||||||||
| Total distributions | (0.38 | ) | (0.84 | ) | (0.82 | ) | (0.74 | ) | (0.64 | ) | (0.13 | ) | ||||||||||||
| Net asset value, end of period/year | $ | 84.52 | $ | 80.35 | $ | 66.61 | $ | 48.75 | $ | 44.79 | $ | 54.50 | ||||||||||||
| Market value, end of period/year | $ | 84.56 | $ | 80.39 | $ | 66.63 | $ | 48.72 | $ | 44.78 | $ | 54.49 | ||||||||||||
| Total Return at Net Asset Value(4) | 5.69 | % | 22.06 | % | 38.48 | % | 10.51 | % | -16.72 | % | 8.87 | % | ||||||||||||
| Total Return at Market Value(4) | 5.69 | % | 22.08 | % | 38.60 | % | 10.47 | % | -16.72 | % | 8.86 | % | ||||||||||||
| Ratios/Supplemental Data: | ||||||||||||||||||||||||
| Net assets, end of period/year (000’s omitted) | $ | 1,039,573 | $ | 940,131 | $ | 679,401 | $ | 538,167 | $ | 357,426 | $ | 235,434 | ||||||||||||
| Ratio to average net assets of: | ||||||||||||||||||||||||
| Net Expenses | 0.05 | %(6) | 0.05 | % | 0.05 | % | 0.05 | % | 0.05 | % | 0.05 | %(5) | ||||||||||||
| Net investment income (loss) | 1.13 | %(6) | 1.20 | % | 1.38 | % | 1.55 | % | 1.47 | % | 1.15 | %(5) | ||||||||||||
| Net investment income (loss) excluding special dividends | 1.09 | %(6) | 1.18 | % | 1.34 | % | 1.55 | % | 1.47 | % | 1.15 | %(5) | ||||||||||||
| Portfolio turnover rate(6) | 1 | % | 3 | % | 3 | % | 2 | % | 4 | % | 1 | % | ||||||||||||
| (1) | Commencement of investment operations on June 22, 2021. |
| (2) | Based on average daily shares outstanding. |
| (3) | This ratio reflects the inclusion of large, non-recurring dividends (special dividends) recognized by the Fund during the period. If a special dividend had not been received during a period, this ratio would have been lower. The net investment income (loss) per share excluding special dividends is $0.43 for the period ended April 30, 2026, $0.84 for the year ended October 31, 2025 and $0.81 for the year ended October 31, 2024. |
| (4) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. Market values are based on the trade price at which shares are bought and sold on the NASDAQ (National Association of Securities Dealers’ Automatic Quotation System) using the closing price. Total return calculated for a period of less than one year is not annualized. |
| (5) | Annualized. |
| (6) | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
See accompanying Notes to Financial Statements.
28
|
Financial Highlights TCW Transform Supply Chain ETF |
|
For a share outstanding throughout the period/year presented.
| For
the Period Ended April 30, 2026 (Unaudited) |
For
the Year Ended October 31, 2025 |
For
the Year Ended October 31, 2024 |
For
the Period February 14, 2023 through October 31, 2023(1) |
|||||||||||||
| Per Share Data: | ||||||||||||||||
| Net asset value, beginning of period/year | $ | 72.59 | $ | 65.19 | $ | 47.07 | $ | 50.04 | ||||||||
| Net investment income (loss)(2) | (0.05 | ) | 0.16 | 0.44 | (3) | 0.15 | ||||||||||
| Net realized and unrealized gain (loss) on investments | 8.31 | 7.73 | 17.84 | (2.96 | ) | |||||||||||
| Total gain (loss) from investment operations | 8.26 | 7.89 | 18.28 | (2.81 | ) | |||||||||||
| Distributions to Shareholders: | ||||||||||||||||
| Net investment income | – | (0.49 | ) | (0.16 | ) | (0.16 | ) | |||||||||
| Total distributions | – | (0.49 | ) | (0.16 | ) | (0.16 | ) | |||||||||
| Net asset value, end of period/year | $ | 80.85 | $ | 72.59 | $ | 65.19 | $ | 47.07 | ||||||||
| Market value, end of period/year | $ | 80.75 | $ | 72.51 | $ | 65.31 | $ | 47.07 | ||||||||
| Total Return at Net Asset Value(4) | 11.37 | % | 12.17 | % | 38.85 | % | -5.63 | % | ||||||||
| Total Return at Market Value(4) | 11.37 | % | 11.84 | % | 39.11 | % | -5.63 | % | ||||||||
| Ratios/Supplemental Data: | ||||||||||||||||
| Net assets, end of period/year (000’s omitted) | $ | 12,127 | $ | 10,889 | $ | 21,512 | $ | 9,415 | ||||||||
| Ratio to average net assets of: | ||||||||||||||||
| Expenses | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | %(5) | ||||||||
| Net investment income (loss) | (0.13 | )% | 0.25 | % | 0.71 | % | 0.42 | %(5) | ||||||||
| Net investment income (loss) excluding special dividends | (0.13 | )% | (0.08 | )% | 0.14 | % | 0.42 | % | ||||||||
| Portfolio turnover rate(6) | 36 | % | 58 | % | 35 | % | 63 | % | ||||||||
| (1) | Commencement of investment operations on February 14, 2023. |
| (2) | Based on average daily shares outstanding. |
| (3) | This ratio reflects the inclusion of large, non-recurring dividends (special dividends) recognized by the Fund during the period. If a special dividend had not been received during a period, this ratio would have been lower. The net investment income (loss) per share excluding special dividends is $0.08 for the year ended October 31, 2024. |
| (4) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. Market values are based on the trade price at which shares are bought and sold on the NASDAQ (National Association of Securities Dealers’ Automatic Quotation System) using the closing price. Total return calculated for a period of less than one year is not annualized. |
| (5) | Annualized. |
| (6) | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
See accompanying Notes to Financial Statements.
29
|
Financial Highlights TCW Transform Systems ETF |
|
For a share outstanding throughout the period/year presented.
| For
the Period Ended April 30, 2026 (Unaudited) |
For
the Year Ended October 31, 2025 |
For
the Year Ended October 31, 2024 |
For
the Year Ended October 31, 2023 |
For
the Period February 2, 2022 through October 31, 2022(1) |
||||||||||||||||
| Per Share Data: | ||||||||||||||||||||
| Net asset value, beginning of period/year | $ | 102.08 | $ | 72.91 | $ | 50.49 | $ | 50.16 | $ | 49.94 | ||||||||||
| Net investment income (loss)(2) | 0.01 | 0.16 | 0.41 | 0.40 | (3) | 0.35 | (3) | |||||||||||||
| Net realized and unrealized gain (loss) on investments | 10.37 | 29.29 | 22.45 | 0.34 | 0.18 | |||||||||||||||
| Total gain (loss) from investment operations | 10.38 | 29.45 | 22.86 | 0.74 | 0.53 | |||||||||||||||
| Distributions to Shareholders: | ||||||||||||||||||||
| Net investment income | – | (0.28 | ) | (0.44 | ) | (0.41 | ) | (0.31 | ) | |||||||||||
| Total distributions | – | (0.28 | ) | (0.44 | ) | (0.41 | ) | (0.31 | ) | |||||||||||
| Net asset value, end of period/year | $ | 112.46 | $ | 102.08 | $ | 72.91 | $ | 50.49 | $ | 50.16 | ||||||||||
| Market value, end of period/year | $ | 112.82 | $ | 102.35 | $ | 72.95 | $ | 50.53 | $ | 50.18 | ||||||||||
| Total Return at Net Asset Value(4) | 10.17 | % | 40.49 | % | 45.38 | % | 1.50 | % | 1.09 | % | ||||||||||
| Total Return at Market Value(4) | 10.23 | % | 40.78 | % | 45.34 | % | 1.55 | % | 1.13 | % | ||||||||||
| Ratios/Supplemental Data: | ||||||||||||||||||||
| Net assets, end of period/year (000’s omitted) | $ | 1,473,281 | $ | 828,857 | $ | 225,281 | $ | 124,205 | $ | 90,283 | ||||||||||
| Ratio to average net assets of: | ||||||||||||||||||||
| Expenses | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | %(5) | ||||||||||
| Net investment income (loss) | 0.02 | % | 0.19 | % | 0.63 | % | 0.79 | % | 0.94 | %(5) | ||||||||||
| Net investment income (loss) excluding special dividends | 0.02 | % | 0.19 | % | 0.63 | % | 0.75 | % | 0.66 | %(5) | ||||||||||
| Portfolio turnover rate(6) | 48 | % | 52 | % | 28 | % | 91 | % | 261 | % | ||||||||||
| (1) | Commencement of investment operations on February 2, 2022. |
| (2) | Based on average daily shares outstanding. |
| (3) | This ratio reflects the inclusion of large, non-recurring dividends (special dividends) recognized by the Fund during the period. If a special dividend had not been received during a period, this ratio would have been lower. The net investment income (loss) per share excluding special dividends is $0.38 for the year ended October 31, 2023 and $0.24 for the period February 2, 2022 through October 31, 2022. |
| (4) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. Market values are based on the trade price at which shares are bought and sold on the NASDAQ (National Association of Securities Dealers’ Automatic Quotation System) using the closing price. Total return calculated for a period of less than one year is not annualized. |
| (5) | Annualized. |
| (6) | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
See accompanying Notes to Financial Statements.
30
|
Notes to Financial Statements April 30, 2026 (Unaudited) |
|
| 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 or portfolios. As of April 30, 2026, the Trust consisted of twelve operating investment portfolios, five of which are presented herein: TCW Artificial Intelligence ETF, TCW Durable Growth ETF, TCW Transform 500 ETF, TCW Transform Supply Chain ETF and TCW Transform Systems ETF (each a “Fund” and collectively, 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 | |
| Diversified Fund | ||
| TCW Transform 500 ETF | Seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Large Cap Select IndexSM. | |
| Non-Diversified Funds | ||
| TCW Artificial Intelligence ETF | Seeks long-term growth of capital by investing at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in securities of businesses that the Adviser has identified as using, or as having demonstrated an intent to use, predictive or generative AI in a way that is or has the potential to deliver a material improvement in the company’s financial condition. | |
| TCW Durable Growth ETF | Seeks to invest in the companies that the Adviser believes will benefit from transformation as a result of technological innovations, market dynamics, and/or changes in client preferences. The Adviser aims to actively capture returns from “durable growth” companies — companies that it believes have long-term growth, quality, and durability characteristics as a result of such economic transformation or could play a central role in enabling other companies to do the same. | |
| TCW Transform Supply Chain ETF | Seeks long-term growth of capital by investing in the equities of companies that it deems are creating value through supply chain transformation. | |
| TCW Transform Systems ETF | Seeks long-term growth of capital by investing in companies that the Adviser believes will benefit (by either leading, winning in or enabling) the global transformation in the systems supporting how energy and power are sourced, produced, and consumed. |
There can be no assurance that the Funds will achieve their respective investment objectives.
| 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 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
31
|
Notes to Financial Statements (Continued) April 30, 2026 (Unaudited) |
|
(“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 National Association of Securities Dealers’ Automatic Quotation System (“NASDAQ”), 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 Valuations
Generally, securities traded or dealt in upon one or more securities exchanges for which market quotations are readily available and not subject to restrictions against resale are valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. Securities primarily traded in the National Association of Securities Dealers’ Automated Quotation System (“NASDAQ”) National Market System for which market quotations are readily available are valued using the NASDAQ Official Closing Price. Securities that are not traded or dealt in any securities exchange and for which over-the-counter market quotations are readily available generally are valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the-counter market. Futures contracts listed for trading on a futures exchange or board of trade for which market quotations are generally available are valued at the last quoted sale price, or, in the absence of a sale, at the mean of the last bid and ask price. Investments in open-end regulated investment companies are valued at NAV.
Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board”) of the Trust has designated the Adviser as the “valuation designee” with respect to the fair valuation of each Fund’s portfolio securities, subject to oversight by and period 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.
The Funds may use fair value pricing in a variety of circumstances, including but not limited to, situations when the value of a Fund’s security has been materially affected by events occurring after the close of the market on which such security is principally traded (such as a corporate action or other news that may materially affect the price of such security) or trading in such security has been suspended or halted.
The Funds may use independent pricing services to assist in calculating the value of each Fund’s securities or other assets.
Each Fund discloses the fair market value of its investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (2) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs).
The three levels defined by the hierarchy are as follows:
| ● | Level 1 — Quoted prices in active markets for identical assets that the Fund has the ability to access. |
| ● | Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| ● | Level 3 — Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
32
|
Notes to Financial Statements (Continued) April 30, 2026 (Unaudited) |
|
Security Transactions and Related Investment Income
Security transactions are recorded on a trade date basis. 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 the Funds, if any, are presented separately on the Statements 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.
Dividend Distributions
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 gain (loss) in the Statements 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.
Net realized gains (losses) on foreign currency transactions reported on the Statements of Operations arise from sales of foreign currency, including foreign exchange contracts, net currency gains and losses realized between the trade and settlement dates on securities transactions and the difference in the amounts of dividends and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net changes in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies reported on the Statements of Operations arise from changes (due to the changes in the exchange rate) in the value of foreign currency and assets and liabilities (other than investments) denominated in foreign currencies, which are held at period end.
Futures Contracts
Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific asset, currency, rate or index at a specified future time and at a specified price. Stock index futures are based on investments that reflect the market value of common stock of the firms included in an underlying index. The Funds may enter into futures contracts to purchase securities indexes when the Adviser anticipates purchasing the underlying securities and believes prices will rise before the purchase will be made. To the extent required by law, liquid assets committed to futures contracts will be maintained.
Futures contracts may be bought and sold on U.S. and non-U.S. exchanges. Futures contracts in the U.S. have been designed by exchanges that have been designated “contract markets” by the Commodity Futures Trading Commission (“CFTC”) and must be executed through the futures commission merchant (“FCM”). Each exchange guarantees performance of the contracts as between the clearing members of the exchange, thereby reducing the risk of counterparty default. Futures contracts may also be entered into on certain exempt markets, including exempt boards of trade and
33
|
Notes to Financial Statements (Continued) April 30, 2026 (Unaudited) |
|
electronic trading facilities, available to certain market participants. Because all transactions in the futures market are made, offset or fulfilled by an FCM through a clearinghouse associated with the exchange on which the contracts are traded, the Funds will incur brokerage fees when they buy or sell futures contracts.
Upon entering into a futures contract, the Funds will be required to deliver to an account controlled by the FCM an amount of cash or cash equivalents known as “initial margin,” which is in the nature of a performance bond or good faith deposit on the contract and is returned to the Funds upon termination of the futures contract, assuming all contractual obligations have been satisfied. Subsequent payments, known as “variation margin,” to and from the FCM will be made daily as the price of the instrument or index underlying the futures contract fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as “marking-to-market.”
At any time prior to the expiration of a futures contract, the Funds may elect to close the position by taking an opposite position, which will operate to terminate the Fund’s existing position in the contract. This transaction, which is effected through a member of an exchange, cancels the obligation to make or take delivery of the underlying instrument or asset. Although some futures contracts by their terms require the actual delivery or acquisition of the underlying instrument or asset, some require cash settlement.
There are several risks accompanying the utilization of futures contracts. Utilization of futures by the TCW Transform 500 ETF involves the risk of imperfect or even negative correlation to the Morningstar® US Large Cap Select IndexSM (its “Underlying Index”) if the index underlying the futures contract differs from the Underlying Index. For each Fund, there is also the risk of loss of margin deposits in the event of bankruptcy of a broker with whom the Fund has an open position in the futures contract.
Because the futures market generally imposes less burdensome margin requirements than the securities market, an increased amount of participation by speculators in the futures market could result in price fluctuations. Certain financial futures exchanges limit the amount of fluctuation permitted in futures contract prices during a single trading day. The daily limit establishes the maximum amount by which the price of a futures contract may vary either up or down from the previous day’s settlement price at the end of a trading session. Once the daily limit has been reached in a particular type of contract, no trades may be made on that day at a price beyond that limit. It is possible that futures contract prices could move to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and subjecting the Funds to substantial losses. In the event of adverse price movements, the Funds would be required to make daily cash payments of variation margin.
For the period ended April 30, 2026, the average monthly notional amount of open futures contracts for the TCW Transform 500 ETF was $623,891. The range of monthly notional amounts was $399,990 to $828,958. For the period ended April 30, 2026, TCW Artificial Intelligence ETF, TCW Durable Growth ETF, TCW Transform Supply Chain ETF and TCW Transform Systems ETF did not hold open futures contracts.
The following tables indicate the location of derivative-related items on the Statements of Assets and Liabilities as well as the effect of derivative instruments on the Statements of Operations during the reporting period.
Fair Value of Derivative Instruments as of April 30, 2026
TCW Transform 500 ETF
| Asset Derivatives | Liability Derivatives | |||||||||||
| Derivatives Not Accounted for as Hedging Instruments under ASC 815 | Statements
of Assets and Liabilities |
Unrealized Appreciation* |
Statements
of Assets and Liabilities |
Unrealized Depreciation* |
||||||||
| Equity Index Futures Contracts | Unrealized appreciation futures on contracts* | $ | 33,785 | * | Unrealized depreciation futures on contracts* | $ | — | * | ||||
| * | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. |
34
|
Notes to Financial Statements (Continued) April 30, 2026 (Unaudited) |
|
| Derivatives Not Accounted for as Hedging Instruments under ASC 815 | Location of Gain (Loss) on Derivatives | Realized
Gain (Loss) on Derivatives |
Change
in Unrealized Appreciation (Depreciation) on Derivatives |
|||||||
| Equity Index Futures Contracts | Net realized gain (loss) on expiration or closing of futures contracts; change in net unrealized appreciation (depreciation) on futures contracts | $ | (8,760 | ) | $ | 20,252 | ||||
Time Deposits
Each Fund places excess cash balances into overnight time deposits with one or more eligible deposit institutions that meet credit and risk standards approved by the Funds. These are classified as short-term investments in the Funds’ Schedules of Investments.
Securities Lending
The Funds may lend portfolio securities to certain borrowers. The borrowers provide collateral that is maintained in an amount at least equal to the current market value of the securities loaned. The Funds may terminate a loan at any time and obtain the return of the securities loaned. The Funds receive the value of any interest or cash or noncash distributions paid on the loaned securities. Distributions received on loaned securities in lieu of dividend payments (i.e., substitute payments) would not be considered qualified dividend income.
With respect to loans that are collateralized by cash, the borrower will be entitled to receive a fee based on the amount of cash collateral. The Funds are compensated by the difference between the amount earned on the reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, the Funds are compensated by a fee paid by the borrower equal to a percentage of the market value of the loaned securities. Any cash collateral may be reinvested in certain short-term instruments either directly on behalf of the lending Funds or through one or more joint accounts or money market funds, which may include those managed by the Adviser.
The Funds may pay a portion of the interest or fees earned from securities lending to a borrower as described above, and to one or more securities lending agents approved by the Board who administer the lending program for the Funds in accordance with guidelines approved by the Board. In such capacity, the lending agent causes the delivery of loaned securities from the Funds to borrowers, arranges for the return of loaned securities to the Funds at the termination of a loan, requests deposit of collateral, monitors the daily value of the loaned securities and collateral, requests that borrowers add to the collateral when required by the loan agreements, and provides recordkeeping and accounting services necessary for the operation of the program. Securities lending involves exposure to certain risks, including operational risk (i.e., the risk of losses resulting from problems in the settlement and accounting process), “gap” risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and the fees the Funds have agreed to pay a borrower), and credit, legal, counterparty and market risk. In the event a borrower does not return the Funds’ securities as agreed, the Funds may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated plus the transaction costs incurred in purchasing replacement securities.
Investing cash collateral subjects the Funds to greater market risk, including losses on the collateral and, should the Funds need to look to the collateral in the event of the borrower’s default, losses on the loan secured by that collateral.
TCW Artificial Intelligence ETF, TCW Durable Growth ETF, TCW Transform 500 ETF, TCW Transform Supply Chain ETF and TCW Transform Systems ETF did not have any securities on loan as of April 30, 2026.
35
|
Notes to Financial Statements (Continued) April 30, 2026 (Unaudited) |
|
Warrants
Warrants are generally valued based on quoted prices from the applicable exchange. To the extent these securities are not actively traded, and valuation adjustments are applied, they are generally categorized as Level 3 of the fair value hierarchy.
The summary of the inputs used as of April 30, 2026 in valuing the 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:
| Warrants | Total | |||||||
| TCW Durable Growth ETF | ||||||||
| Balance as of October 31, 2025 | $ | 0 | * | $ | 0 | * | ||
| Accrued Discounts (Premiums) | – | – | ||||||
| Realized Gain (Loss) | – | – | ||||||
| Change in Unrealized Appreciation (Depreciation) | – | – | ||||||
| Purchases | – | – | ||||||
| Sales | – | – | ||||||
| Transfer in to Level 3 | – | – | ||||||
| Transfer out of Level 3 | – | – | ||||||
| Balance as of April 30, 2026 | $ | 0 | * | $ | 0 | * | ||
| * | Amount rounds to less than $0.50. |
Significant unobservable valuation inputs for Level 3 investments as of April 30, 2026 are as follows:
| Description | Fair Value at April 30, 2026 |
Valuation Techniques |
Unobservable Input |
Price
or Price Range |
Average Weighted Price |
Input
to Valuation If Input Increases | ||||||||||||
| TCW Durable Growth ETF | ||||||||||||||||||
| Warrants | $ | 0 | ** | Fair Value | Issuer Corporate Action | $ | 0.000 | * | $ | 0.000 | * | Increase | ||||||
| * | Amount rounds to less than $0.0005. |
| ** | Amount rounds to less than $0.50. |
| 3. | 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. Effective October 13, 2023, TCW Group Inc. acquired the ETF business from Engine No. 1 and the Funds’ investment adviser became TCW Investment Management Company LLC. Prior to that date, the Funds’ investment adviser was Fund Management at Engine No. 1 LLC.
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 0.75% for the TCW Artificial Intelligence ETF, 0.75% for the TCW Durable Growth ETF, 0.05% for the TCW Transform 500 ETF, 0.75% for the TCW Transform Supply
36
|
Notes to Financial Statements (Continued) April 30, 2026 (Unaudited) |
|
Chain ETF and 0.75% for the TCW Transform Systems ETF for the period. 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.
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.
Administrator, Custodian, Transfer Agent and Accounting Agent
Brown Brothers Harriman & Co. (“BBH”), which has its principal office at 50 Post Office Square, Boston, Massachusetts 02110, is the Funds’ administrator, fund accountant, transfer and dividend agent and custodian. BBH is primarily in the business of providing administrative, fund accounting and transfer agent services to retail and institutional mutual funds.
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 receives 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.
| 4. | Related Parties |
At April 30, 2026, certain officers and Trustees of the Trust are also officers or employees of the Adviser or affiliated with the Distributor.
| 5. | 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 National Association of Securities Dealers’ Automatic Quotation System (the “Exchange” or “NASDAQ”), 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,
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Notes to Financial Statements (Continued) April 30, 2026 (Unaudited) |
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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.
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.
| 6. | Risk Considerations |
Principal Investment Risks. Shareholders of the Funds are subject to the risk that their investment could lose money. The Funds are subject to certain risks, including those noted below and in the Funds’ prospectuses, any of which may adversely affect a Fund’s NAV, trading price, yield, total return and ability to meet its investment objective.
Active Management Risk. The TCW Artificial Intelligence ETF, TCW Durable Growth ETF, TCW Transform Supply Chain ETF and TCW Transform Systems ETF are actively managed, which means that investment decisions are made based on the Adviser’s investment views. There is no guarantee that the investment views will produce the desired results or expected returns, which may cause the Fund to fail to meet its investment objective or to underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active trading that can accompany active management may result in high portfolio turnover, which may have a negative impact on performance. Active trading may result in higher brokerage costs or mark-up charges, which are ultimately passed on to shareholders of the Fund. Active trading may also result in adverse tax consequences.
Non-Diversified Fund Risk. Although the TCW Artificial Intelligence ETF, TCW Durable Growth ETF, TCW Transform Supply Chain ETF and TCW Transform Systems ETF intend to invest in a variety of securities and instruments, these Funds are considered to be non-diversified, which means that they may invest more of their assets in the securities of a single issuer or a smaller number of issuers than if they were diversified funds. As a result, these Funds may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Funds’ volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Funds’ performance.
Concentration Risk. The Funds may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Funds’ investments more than the market as a whole, to the extent that the Funds’ investments are concentrated in the securities and/or other assets of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class.
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.
Industrials Sector Risk (TCW Artificial Intelligence ETF). The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand changes related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Global events, trade disputes and changes in government regulations, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector.
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Notes to Financial Statements (Continued) April 30, 2026 (Unaudited) |
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Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies in this sector tend to rely to a significant extent on government demand for their products and services.
Supply Chain Risk (TCW Transform Supply Chain ETF). Companies’ supply chains are generally subject to risk such as legislative or regulatory changes; adverse market conditions and/or increased competition; technological developments and changing technology; cyberattacks that may compromise a company’s operations or business; occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements, exchange rate movements, and insurance costs; pandemics, natural disasters or other crisis; boarder and/or import controls; pent-up/increased demand; mobility restrictions; shortages of product and labor; dependence on intellectual property rights, and potential loss or impairment of those rights; research and development costs; and rapid product obsolescence. Global, regional, or local events, such as changes to trade relations, trade restrictions, and/or military conflict, may materially disrupt or indefinitely impair the operations of these companies. Securities of these companies may be cyclical and occasionally subject to sharp price movements. Certain companies may be subject to significant regulation, including environmental regulation, by federal, state and local governmental agencies.
Technology Sector Risk (TCW Artificial Intelligence ETF, TCW Durable Growth ETF, TCW Transform 500 ETF, TCW Transform Supply Chain ETF). Technology companies, including information technology companies, may have limited product lines, markets, financial resources or personnel. Technology companies typically face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. Companies in the technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action.
| 7. | Federal Income Taxes |
It is the policy of each Fund 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 penalties for the period ended April 30, 2026. 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 April 30, 2026, net unrealized appreciation (depreciation) on investments and derivatives for federal income tax purposes was as follows:
| Fund | Cost | Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net
Unrealized Appreciation (Depreciation) |
||||||||||||
| TCW Artificial Intelligence ETF | $ | 68,795,198 | $ | 40,493,445 | $ | (1,909,859 | ) | $ | 38,583,586 | |||||||
| TCW Durable Growth ETF | $ | 67,366,561 | $ | 8,482,376 | $ | (4,003,132 | ) | $ | 4,479,244 | |||||||
| TCW Transform 500 ETF | $ | 735,855,636 | $ | 345,564,237 | $ | (41,907,403 | ) | $ | 303,656,834 | |||||||
| TCW Transform Supply Chain ETF | $ | 9,158,068 | $ | 3,109,561 | $ | (166,422 | ) | $ | 2,943,139 | |||||||
| TCW Transform Systems ETF | $ | 1,126,659,050 | $ | 366,909,920 | $ | (18,975,326 | ) | $ | 347,934,594 | |||||||
The differences between book-basis and tax-basis components of unrealized appreciation/(depreciation) are primarily attributable to tax deferral of losses on wash sales for tax purposes.
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Notes to Financial Statements (Continued) April 30, 2026 (Unaudited) |
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At October 31, 2025, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
| Fund | Short-Term | Long-Term | Total Amount | |||||||||
| TCW Artificial Intelligence ETF | $ | 3,069,513 | $ | 2,434,196 | $ | 5,503,709 | ||||||
| TCW Durable Growth ETF | $ | 6,728,966 | $ | 82,770 | $ | 6,811,736 | ||||||
| TCW Transform 500 ETF | $ | 5,229,928 | $ | 11,382,426 | $ | 16,612,354 | ||||||
| TCW Transform Supply Chain ETF | $ | 1,047,764 | $ | 226,984 | $ | 1,274,748 | ||||||
| TCW Transform Systems ETF | $ | 22,291,925 | $ | 3,344,824 | $ | 25,636,749 | ||||||
During the period ended April 30, 2026, the Funds adopted Financial Accounting Standards Board Accounting Standards Update No. 2023 09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require enhanced annual disclosures related to income taxes, including disclosure of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign jurisdictions, as well as separate disclosure of income taxes paid to individual jurisdictions representing 5% or more of total income taxes paid for the period. The adoption of ASU 2023 09 impacted financial statement disclosures only and did not affect the Fund’s financial position, results of operations, or cash flows.
| 8. | Purchases and Sales of Securities |
Investment transactions (excluding in-kind subscriptions and redemptions and short-term investments) for the period ended April 30, 2026 were as follows:
| Fund | Purchases | Sales | ||||||
| TCW Artificial Intelligence ETF | $ | 17,152,817 | $ | 4,583,041 | ||||
| TCW Durable Growth ETF | $ | 46,602,146 | $ | 41,382,513 | ||||
| TCW Transform 500 ETF | $ | 25,483,447 | $ | 14,225,921 | ||||
| TCW Transform Supply Chain ETF | $ | 4,328,129 | $ | 3,979,110 | ||||
| TCW Transform Systems ETF | $ | 554,639,977 | $ | 518,262,993 | ||||
For the period ended April 30, 2026, the cost of in-kind subscriptions and the proceeds from in-kind redemptions were as follows:
| In-Kind | ||||||||
| Fund | Subscriptions | Redemptions | ||||||
| TCW Artificial Intelligence ETF | $ | 5,991,627 | $ | 18,896,272 | ||||
| TCW Durable Growth ETF | $ | 1,155,430 | $ | 48,585,407 | ||||
| TCW Transform 500 ETF | $ | 53,218,352 | $ | 14,554,667 | ||||
| TCW Transform Supply Chain ETF | $ | – | $ | – | ||||
| TCW Transform Systems ETF | $ | 496,710,296 | $ | 23,728,472 | ||||
| 9. | 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 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.
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Notes to Financial Statements (Continued) April 30, 2026 (Unaudited) |
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| 10. | Segment Reporting |
The Funds have 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 its operations. The Funds represent a single operating segment as the operating results of the Funds are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its 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.
| 11. | 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 other material events that would require recognition or disclosure in the Funds’ financial statements.
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Supplemental Information (Unaudited) |
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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. The Forms NPORT-P will be available on the SEC’s website at www.sec.gov. In addition, each Fund’s full portfolio holdings are updated daily and available on the Funds’ website at www.tcw.com/Products/ETFs.
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 the Funds’ website at www.tcw.com/Products/ETFs and on the SEC’s website at www.sec.gov.
Proxy Voting Record. The TCW ETF Trust is required to disclose annually the Funds’ 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 Funds are available by writing to the Administrator at 50 Post Office Square, Boston, MA 02110. The Funds’ Form N-PX will also be available on the Funds’ website at www.tcw.com/Products/ETFs 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 the Funds in the TCW ETF Trust and such Funds’ net asset value can be found on our website, www.tcw.com/Products/ETFs.
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.
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General Information |
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Investment Adviser
TCW Investment Management
Company LLC
515 South Flower Street
Los Angeles, CA 90071
Administrator, Custodian, Transfer Agent and Accounting Agent
Brown Brothers Harriman &
Co. 50
Post Office Square
Boston, MA 02110
Distributor
Foreside Financial Services,
LLC
Three Canal Plaza, Suite 100
Portland, ME 04101
Independent Registered Public Accounting Firm
Deloitte & Touche,
LLP
555 West 5th Street
Los Angeles, CA 90013
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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 Brown Brothers Harriman & Co. 50 Post Office Square Boston, MA 02110
Transfer Agent Brown Brothers Harriman & Co. 50 Post Office Square Boston, MA 02110 |
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.
