UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23617

TCW ETF Trust

On behalf of the following series:

TCW AAA CLO ETF (Ticker: ACLO)

TCW Corporate Bond ETF (Ticker: IGCB)

TCW Flexible Income ETF (Ticker: FLXR)

TCW High Yield Bond ETF (Ticker: HYBX)

TCW Multisector Credit Income ETF (Ticker: MUSE)

TCW Senior Loan ETF (Ticker: SLNZ)

(Exact name of registrant as specified in charter)

515 South Flower Street, Los Angeles, CA 90071

(Address of principal executive offices)

Peter Davidson, Esq.

Vice President and Secretary

515 South Flower Street

Los Angeles, CA 90071

(Name and address of agent for service)

Registrant’s telephone number, including area code: (213) 244-0000

Date of fiscal year end: October 31

Date of reporting period: April 30, 2025

Item 1.

Reports to Shareholders.

(a)	The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”):

TCW AAA CLO ETF

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

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW AAA CLO ETF for the period of November 15, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). This report contains material fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
TCW AAA CLO ETF	$9^{Footnote Reference+}	0.20%^{Footnote Reference*}

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

Key Fund Statistics

Total Net Assets$266,552,233
# of Portfolio Holdings175
Portfolio Turnover Rate43%

What did the Fund invest in?

Asset Allocation (as a % of Net Assets)

Asset-Backed Securities	97.3%
Short-Term Investments	1.8%
Other Assets in Excess of Liabilities	0.9%

Top Ten Holdings (as a % of Net Assets)

Octagon Investment Partners 51 Ltd., Class AR, 5.26%, due 07/20/34 (3 mo. USD Term SOFR + 0.990%)	2.1%
Madison Park Funding XLIX Ltd., Class AR, 5.32%, due 10/19/34 (3 mo. USD Term SOFR + 1.050%)	2.1%
Rockford Tower CLO Ltd., Class A1, 5.47%, due 03/31/38 (3 mo. USD Term SOFR + 1.210%)	2.1%
Cedar Funding XII CLO Ltd., Class ARR, 5.46%, due 01/25/38 (3 mo. USD Term SOFR + 1.200%)	2.0%
Oak Hill Credit Partners X-R Ltd., Class AR2, 5.40%, due 04/20/38 (3 mo. USD Term SOFR + 1.130%)	2.0%
Bain Capital Credit CLO Ltd., Class AR, 5.21%, due 04/18/34 (3 mo. USD Term SOFR + 0.940%)	2.0%
RR 26 Ltd., Class A1R, 5.38%, due 04/15/38 (3 mo. USD Term SOFR + 1.120%)	2.0%
Allegro CLO XV Ltd., Class A1R, 5.49%, due 04/20/38 (3 mo. USD Term SOFR + 1.180%)	2.0%
Golub Capital Partners CLO 53B Ltd., Class AR, 5.29%, due 07/20/34 (3 mo. USD Term SOFR + 0.980%)	2.0%
Octagon Investment Partners XXI Ltd., Class A2R4, 5.45%, due 02/14/31 (3 mo. USD Term SOFR + 1.150%)	2.0%

Material Fund Changes

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after October 31, 2025 at www.tcw.com/Literature/Fund-Literature or upon request by contacting us at 800-FUND-TCW (800-386-3829).

The TCW AAA CLO underwent a strategy change during the period. Please see the Fund's prospectus for further information on the Fund’s investment objectives and strategies.

Householding

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

Additional Information

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

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

TCW AAA CLO ETF

Semi-Annual Shareholder Report — April 30, 2025

Ticker: ACLO

TSR ACLO-0425

TCW Corporate Bond ETF

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

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Corporate Bond ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). This report contains material fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
TCW Corporate Bond ETF	$24	0.47%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Key Fund Statistics

Total Net Assets$25,732,532
# of Portfolio Holdings341
Portfolio Turnover Rate402%

What did the Fund invest in?

Asset Allocation (as a % of Net Assets)

Corporate Bonds	85.2%
U.S. Treasury Securities	7.1%
Short-Term Investments	7.1%
Municipal Bonds	0.5%
Asset-Backed Securities	0.1%
Commercial Mortgage-Backed Securities - Agency	0.1%
Residential Mortgage-Backed Securities - Agency	0.0%
Convertible Corporate Bonds	0.0%
Other Security Types^{Footnote Reference*}	0.0%
Liabilities in Excess of Other Assets	(0.1%)

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

Top Ten Holdings (as a % of Net Assets)

U.S. Treasury Bonds, 4.63%, due 02/15/55	7.1%
Bank of America Corp., 2.69%, due 04/22/32 (1 day USD SOFR + 1.320%)	2.2%
JPMorgan Chase & Co., 2.55%, due 11/08/32 (1 day USD SOFR + 1.180%)	1.9%
Wells Fargo & Co., 3.35%, due 03/02/33 (1 day USD SOFR + 1.500%)	1.7%
Goldman Sachs Group, Inc., 1.99%, due 01/27/32 (1 day USD SOFR + 1.090%)	1.6%
T-Mobile USA, Inc., 2.55%, due 02/15/31	1.5%
UnitedHealth Group, Inc., 5.15%, due 07/15/34	1.5%
Florida Power & Light Co., 5.30%, due 06/15/34	1.3%
Verizon Communications, Inc., 4.50%, due 08/10/33	1.1%
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 5.15%, due 09/20/29	1.1%

Material Fund Changes

On November 18, 2024, the TCW MetWest Corporate Bond Fund was reorganized into the TCW Corporate Bond ETF, a new series of the TCW ETF Trust, as previously announced.

Householding

Additional Information

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

TCW Corporate Bond ETF

Semi-Annual Shareholder Report — April 30, 2025

Ticker: IGCB

TSR IGCB-0425

TCW Flexible Income ETF

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

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Flexible Income ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
TCW Flexible Income ETF	$20	0.40%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Key Fund Statistics

Total Net Assets$975,629,710
# of Portfolio Holdings1,280
Portfolio Turnover Rate171%

What did the Fund invest in?

Asset Allocation (as a % of Net Assets)

Residential Mortgage-Backed Securities - Agency	22.5%
Corporate Bonds	21.6%
Asset-Backed Securities	19.7%
Residential Mortgage-Backed Securities - Non-Agency	12.5%
Commercial Mortgage-Backed Securities - Non-Agency	11.9%
Bank Loans	8.4%
U.S. Treasury Securities	5.8%
Short-Term Investments	1.8%
Other Security Types^{Footnote Reference*}	1.6%
Liabilities in Excess of Other Assets	(5.8%)

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

Top Ten Holdings (as a % of Net Assets)

U.S. Treasury Notes, 3.75%, due 04/30/27	3.4%
U.S. Treasury Notes, 3.88%, due 04/30/30	2.1%
Uniform Mortgage-Backed Security, TBA, 4.00%, due 06/01/52	1.6%
Uniform Mortgage-Backed Security, TBA, 4.50%, due 05/01/55	1.4%
Uniform Mortgage-Backed Security, TBA, 5.00%, due 05/01/54	1.3%
Government National Mortgage Association, TBA, 5.50%, due 05/20/54	1.1%
Federal Home Loan Mortgage Corp. REMICS, Class FA, 5.55%, due 02/25/55 (30 day USD SOFR Average + 1.200%)	1.0%
Federal National Mortgage Association, 4.50%, due 10/01/54	1.0%
Government National Mortgage Association, TBA, 4.00%, due 05/20/55	0.9%
Uniform Mortgage-Backed Security, TBA, 3.50%, due 03/01/52	0.9%

Householding

Additional Information

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

TCW Flexible Income ETF

Semi-Annual Shareholder Report — April 30, 2025

Ticker: FLXR

TSR FLXR-0425

TCW High Yield Bond ETF

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

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW High Yield Bond ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). This report contains material fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
TCW High Yield Bond ETF	$25	0.50%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Key Fund Statistics

Total Net Assets$40,400,066
# of Portfolio Holdings334
Portfolio Turnover Rate71%

What did the Fund invest in?

Asset Allocation (as a % of Net Assets)

Corporate Bonds	83.5%
Bank Loans	13.7%
Short-Term Investments	1.5%
Convertible Corporate Bonds	0.2%
Warrants	-%
Other Assets in Excess of Liabilities	1.1%

Top Ten Holdings (as a % of Net Assets)

CSC Holdings LLC, 6.50%, due 02/01/29	1.5%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, due 01/15/34	1.0%
EchoStar Corp., 10.75%, due 11/30/29	0.9%
1261229 BC Ltd., 10.00%, due 04/15/32	0.8%
Tenet Healthcare Corp., 6.75%, due 05/15/31	0.8%
Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, due 10/01/31	0.7%
Archrock Partners LP/Archrock Partners Finance Corp., 6.63%, due 09/01/32	0.7%
Ferrellgas LP/Ferrellgas Finance Corp., 5.88%, due 04/01/29	0.7%
1011778 BC ULC/New Red Finance, Inc., 4.00%, due 10/15/30	0.7%
TransDigm, Inc., 6.38%, due 03/01/29	0.7%

Material Fund Changes

On November 18, 2024, the TCW High Yield Bond Fund was reorganized into the TCW High Yield Bond ETF, a new series of the TCW ETF Trust, as previously announced.

Householding

Additional Information

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

TCW High Yield Bond ETF

Semi-Annual Shareholder Report — April 30, 2025

Ticker: HYBX

TSR HYBX-0425

TCW Multisector Credit Income ETF

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

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Multisector Credit Income ETF for the period of November 15, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
TCW Multisector Credit Income ETF	$26^{Footnote Reference+}	0.56%^{Footnote Reference*}

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

Key Fund Statistics

Total Net Assets$49,455,830
# of Portfolio Holdings305
Portfolio Turnover Rate23%

What did the Fund invest in?

Asset Allocation (as a % of Net Assets)

Corporate Bonds	49.5%
Bank Loans	35.4%
Foreign Government Bonds	10.9%
Asset-Backed Securities	4.0%
Short-Term Investments	1.8%
Convertible Corporate Bonds	0.2%
Liabilities in Excess of Other Assets	(1.8%)

Top Ten Holdings (as a % of Net Assets)

Magnite, Inc., 7.32%, due 02/06/31	0.7%
AES Andes SA, 6.25%, due 03/14/32	0.7%
Tidal Waste & Recycling Holdings LLC, 7.80%, due 10/24/31	0.7%
TCP Sunbelt Acquisition Co., 8.57%, due 10/24/31	0.7%
Kestrel Acquisition LLC, 7.80%, due 11/06/31	0.7%
Energean Israel Finance Ltd., 5.38%, due 03/30/28	0.7%
Delivery Hero SE, 9.31%, due 12/12/29	0.7%
Avolon TLB Borrower 1 U.S. LLC, 6.07%, due 06/24/30	0.7%
Open Text Corp., 6.07%, due 01/31/30	0.7%
Virgin Media Bristol LLC, 6.94%, due 01/31/28	0.7%

Householding

Additional Information

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

TCW Multisector Credit Income ETF

Semi-Annual Shareholder Report — April 30, 2025

Ticker: MUSE

TSR MUSE-0425

TCW Senior Loan ETF

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

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about the TCW Senior Loan ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). This report contains material fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
TCW Senior Loan ETF	$35	0.68%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Key Fund Statistics

Total Net Assets$328,598,497
# of Portfolio Holdings362
Portfolio Turnover Rate125%

What did the Fund invest in?

Asset Allocation (as a % of Net Assets)

Bank Loans	89.7%
Short-Term Investments	14.5%
Corporate Bonds	2.9%
Asset-Backed Securities	0.7%
U.S. Treasury Securities	0.4%
Common Stock	0.1%
Preferred Stock	0.1%
Warrants	0.0%
Liabilities in Excess of Other Assets	(8.4%)

Top Ten Holdings (as a % of Net Assets)

Charter Communications Operating LLC, 6.55%, due 12/15/31	0.6%
Delivery Hero SE, 9.31%, due 12/12/29	0.6%
EagleView Technology Corp., 8.07%, due 08/14/25	0.6%
Heartland Dental LLC, 8.82%, due 04/28/28	0.6%
Peer Holding III BV, 6.80%, due 10/28/30	0.5%
United Natural Foods, Inc., 9.07%, due 05/01/31	0.5%
AmWINS Group, Inc., 6.57%, due 01/30/32	0.5%
Flutter Financing BV, 6.05%, due 11/30/30	0.5%
TransDigm, Inc., 7.05%, due 08/24/28	0.5%
DTI Holdco, Inc., 8.32%, due 04/26/29	0.5%

Material Fund Changes

On November 18, 2024, the TCW MetWest Floating Rate Income Fund was reorganized into the TCW Senior Loan ETF, a new series of the TCW ETF Trust, as previously announced.

Householding

Additional Information

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

TCW Senior Loan ETF

Semi-Annual Shareholder Report — April 30, 2025

Ticker: SLNZ

TSR SLNZ-0425

LOGO

TCW AAA CLO ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

FIXED INCOME SECURITIES —97.3% of Net Assets

ASSET-BACKED SECURITIES—97.3%

Adagio X Eur CLO DAC Series X-X, Class B1R

4.74% (3 mo. EUR EURIBOR + 2.500%)^(1),(2)

10/20/37

EUR

1,175,000

1,335,114

AGL CLO 13 Ltd. Series 2021-13A, Class A1

5.69% (3 mo. USD Term SOFR + 1.422%)^(1),(3)

10/20/34

1,000,000

1,000,852

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

5.22% (3 mo. USD Term SOFR + 0.950%)^(1),(3)

01/20/35

5,000,000

4,950,640

AIMCO CLO Series 2017-AA, Class AR2

5.41% (3 mo. USD Term SOFR + 1.140%)^(1),(3)

01/20/38

3,500,000

3,473,666

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

5.78% (3 mo. USD Term SOFR + 1.500%)^(1),(3)

07/17/37

850,000

845,792

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

5.77% (3 mo. USD Term SOFR + 1.500%)^(1),(3)

04/19/37

250,000

250,088

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

5.42% (3 mo. USD Term SOFR + 1.150%)^(1),(3)

07/20/31

2,000,000

1,986,976

Allegro CLO XV Ltd. Series 2022-1A, Class A1R

5.49% (3 mo. USD Term SOFR + 1.180%)^(1),(3)

04/20/38

5,500,000

5,453,107

AMMC CLO 23 Ltd. Series 2020-23A, Class A1R2

5.70% (3 mo. USD Term SOFR + 1.420%)^(1),(3)

04/17/35

600,000

600,285

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

5.47% (3 mo. USD Term SOFR + 1.200%)^(1),(3)

01/20/35

1,405,000

1,396,980

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

5.62% (3 mo. USD Term SOFR + 1.350%)^(1),(3)

01/20/37

5,500,000

5,403,128

Issues

Maturity

Date

Principal

Amount

Value

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

5.94% (3 mo. USD Term SOFR + 1.680%)^(1),(3)

01/15/37

825,000

826,502

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

5.78% (3 mo. USD Term SOFR + 1.500%)^(1),(3)

10/24/37

400,000

397,705

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

5.78% (3 mo. USD Term SOFR + 1.500%)^(1),(3)

04/26/37

500,000

500,179

Apidos CLO XX Ltd. Series 2015-20A, Class A1RA

5.62% (3 mo. USD Term SOFR + 1.362%)^(1),(3)

07/16/31

2,882,667

2,884,316

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

5.41% (3 mo. USD Term SOFR + 1.140%)^(1),(3)

01/20/37

1,000,000

992,997

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

5.62% (3 mo. USD Term SOFR + 1.362%)^(1),(3)

04/15/31

2,079,903

2,081,729

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

5.37% (3 mo. USD Term SOFR + 1.100%)^(1),(3)

01/20/33

1,243,941

1,245,070

Apidos Loan Fund Ltd. Series 2024-1A, Class A1

5.55% (3 mo. USD Term SOFR + 1.270%)^(1),(3)

04/25/35

3,000,000

2,997,738

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

4.75% (3 mo. EUR EURIBOR + 2.000%)^(1),(3)

01/18/39

EUR

1,000,000

1,132,747

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

5.62% (3 mo. USD Term SOFR + 1.360%)^(1),(3)

10/15/37

660,000

657,567

ARES Loan Funding IV Ltd. Series 2023-ALF4A, Class A1

6.01% (3 mo. USD Term SOFR + 1.750%)^(1),(3)

10/15/36

180,000

180,343

See accompanying Notes to Financial Statements.

LOGO

TCW AAA CLO ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

ARES XLIV CLO Ltd. Series 2017-44A, Class A1R

5.60% (3 mo. USD Term SOFR + 1.342%)^(1),(3)

04/15/34

1,610,000

1,608,548

ARES XLVII CLO Ltd. Series 2018-47A, Class B

5.97% (3 mo. USD Term SOFR + 1.712%)^(1),(3)

04/15/30

825,000

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

5.43% (3 mo. USD Term SOFR + 1.150%)^(1),(3)

10/28/34

1,000,000

993,303

ARES XXXIV CLO Ltd. Series 2015-2A, Class AR3

5.60% (3 mo. USD Term SOFR + 1.320%)^(1),(3)

04/17/33

1,100,000

1,100,445

Aurium CLO VIII DAC Series 8X, Class B1

3.89% (3 mo. EUR EURIBOR + 1.500%)^(1),(2)

06/23/34

EUR

850,000

947,132

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

5.49% (3 mo. USD Term SOFR + 1.210%)^(1),(3)

10/23/34

190,000

189,244

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

5.21% (3 mo. USD Term SOFR + 0.940%)^(1),(3)

04/18/34

5,500,000

5,458,915

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

5.34% (3 mo. USD Term SOFR + 1.060%)^(1),(3)

07/24/34

1,000,000

996,356

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

5.36% (3 mo. USD Term SOFR + 1.090%)^(1),(3)

10/21/34

1,000,000

992,131

Bain Capital Credit CLO Ltd. Series 2022-2A, Class A1

5.59% (3 mo. USD Term SOFR + 1.320%)^(1),(3)

04/22/35

1,000,000

997,346

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

5.54% (3 mo. USD Term SOFR + 1.272%)^(1),(3)

10/20/31

1,415,324

1,415,726

Issues

Maturity

Date

Principal

Amount

Value

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

5.41% (3 mo. USD Term SOFR + 1.140%)^(1),(3)

01/20/36

1,000,000

993,000

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

6.02% (3 mo. USD Term SOFR + 1.750%)^(1),(3)

01/20/37

250,000

250,629

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

5.90% (3 mo. USD Term SOFR + 1.630%)^(1),(3)

01/20/37

250,000

250,500

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

5.58% (3 mo. USD Term SOFR + 1.300%)^(1),(3)

01/17/35

500,000

499,999

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

5.60% (3 mo. USD Term SOFR + 1.342%)^(1),(3)

07/15/31

647,057

646,792

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

5.63% (3 mo. USD Term SOFR + 1.370%)^(1),(3)

10/15/31

275,000

273,807

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

6.17% (3 mo. USD Term SOFR + 1.900%)^(1),(3)

07/20/37

250,000

250,282

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

5.66% (3 mo. USD Term SOFR + 1.382%)^(1),(3)

07/17/34

170,000

170,045

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

5.69% (3 mo. USD Term SOFR + 1.420%)^(1),(3)

07/20/37

500,000

500,375

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

5.35% (3 mo. USD Term SOFR + 1.080%)^(1),(3)

01/20/31

1,128,091

1,127,123

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

5.61% (3 mo. USD Term SOFR + 1.300%)^(1),(3)

05/29/32

800,000

796,102

See accompanying Notes to Financial Statements.

LOGO

TCW AAA CLO ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

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

5.46% (3 mo. USD Term SOFR + 1.200%)^(1),(3)

01/25/38

5,500,000

5,463,738

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

5.64% (3 mo. USD Term SOFR + 1.380%)^(1),(3)

10/15/37

850,000

848,636

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

5.48% (3 mo. USD Term SOFR + 1.200%)^(1),(3)

01/17/35

4,000,000

3,978,000

CIFC Funding Ltd. Series 2015-1A, Class ARR

5.64% (3 mo. USD Term SOFR + 1.372%)^(1),(3)

01/22/31

391,240

391,589

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

5.72% (3 mo. USD Term SOFR + 1.450%)^(1),(3)

10/21/31

800,000

794,787

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

5.70% (3 mo. USD Term SOFR + 1.420%)^(1),(3)

07/25/37

830,000

828,313

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

5.77% (3 mo. USD Term SOFR + 1.500%)^(1),(3)

04/18/37

250,000

250,087

Clover CLO LLC Series 2021-3A, Class AR

5.35% (3 mo. USD Term SOFR + 1.070%)^(1),(3)

01/25/35

1,000,000

992,317

Contego CLO VI DAC Series 6X, Class B2R

3.88% (3 mo. EUR EURIBOR + 1.600%)^(1),(2)

04/15/34

EUR

1,200,000

1,340,364

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

5.63% (3 mo. USD Term SOFR + 1.360%)^(1),(3)

10/21/37

400,000

399,564

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

5.78% (3 mo. USD Term SOFR + 1.510%)^(1),(3)

07/18/37

600,000

596,626

Issues

Maturity

Date

Principal

Amount

Value

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

5.47% (3 mo. USD Term SOFR + 1.150%)^(1),(3)

08/15/31

3,802,600

3,801,284

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

5.34% (3 mo. USD Term SOFR + 1.070%)^(1),(3)

04/20/34

1,000,000

993,814

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

5.34% (3 mo. USD Term SOFR + 1.080%)^(1),(3)

10/15/30

144,112

144,011

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

5.54% (3 mo. USD Term SOFR + 1.282%)^(1),(3)

04/15/31

2,149,681

2,150,712

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

5.36% (3 mo. USD Term SOFR + 1.100%)^(1),(3)

07/15/35

5,163,000

5,122,796

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

5.42% (3 mo. USD Term SOFR + 1.100%)^(1),(3)

05/15/32

2,442,242

2,439,214

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

5.53% (3 mo. USD Term SOFR + 1.250%)^(1),(3)

01/17/33

2,892,375

2,891,854

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

5.59% (3 mo. USD Term SOFR + 1.330%)^(1),(3)

01/15/38

620,000

618,627

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

5.62% (3 mo. USD Term SOFR + 1.360%)^(1),(3)

10/15/37

400,000

399,358

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

5.92% (3 mo. USD Term SOFR + 1.600%)^(1),(3)

08/20/34

4,000,000

3,976,280

Eaton Vance CLO Ltd. Series 2013-1A, Class A13R

5.77% (3 mo. USD Term SOFR + 1.512%)^(1),(3)

01/15/34

3,130,000

3,128,435

See accompanying Notes to Financial Statements.

LOGO

TCW AAA CLO ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Elmwood CLO 15 Ltd. Series 2022-2A, Class A1

5.61% (3 mo. USD Term SOFR + 1.340%)^(1),(3)

04/22/35

2,238,844

2,239,404

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

5.61% (3 mo. USD Term SOFR + 1.340%)^(1),(3)

10/20/37

850,000

849,996

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

5.87% (3 mo. USD Term SOFR + 1.600%)^(1),(3)

07/18/37

850,000

848,821

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

5.46% (3 mo. USD Term SOFR + 1.140%)^(1),(3)

04/20/38

2,500,000

2,491,042

Elmwood CLO X Ltd. Series 2021-3A, Class A1R

5.54% (3 mo. USD Term SOFR + 1.270%)^(1),(3)

04/20/34

3,000,000

2,999,991

Flatiron CLO 20 Ltd. Series 2020-1A, Class AR

5.70% (3 mo. USD Term SOFR + 1.380%)^(1),(3)

05/20/36

482,000

482,224

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

5.63% (3 mo. USD Term SOFR + 1.350%)^(1),(3)

10/17/37

850,000

846,427

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

5.50% (3 mo. USD Term SOFR + 1.240%)^(1),(3)

04/16/34

1,900,000

1,892,299

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

5.35% (3 mo. USD Term SOFR + 1.080%)^(1),(3)

10/20/34

250,000

248,629

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

5.92% (3 mo. USD Term SOFR + 1.650%)^(1),(3)

07/20/37

250,000

248,495

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

5.77% (3 mo. USD Term SOFR + 1.500%)^(1),(3)

04/20/37

500,000

500,638

Issues

Maturity

Date

Principal

Amount

Value

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

5.37% (3 mo. USD Term SOFR + 1.100%)^(1),(3)

04/20/34

2,850,000

2,839,652

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

5.42% (3 mo. USD Term SOFR + 1.150%)^(1),(3)

10/20/34

1,130,000

1,124,499

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

5.77% (3 mo. USD Term SOFR + 1.500%)^(1),(3)

04/20/37

550,000

550,782

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

5.29% (3 mo. USD Term SOFR + 0.980%)^(1),(3)

07/20/34

5,500,000

5,451,875

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

5.59% (3 mo. USD Term SOFR + 1.310%)^(1),(3)

10/25/34

500,000

498,830

Golub Capital Partners CLO 66B Ltd. Series 2023-66A, Class A

6.23% (3 mo. USD Term SOFR + 1.950%)^(1),(3)

04/25/36

400,000

400,338

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

5.95% (3 mo. USD Term SOFR + 1.670%)^(1),(3)

10/25/37

750,000

740,509

Harbor Park CLO 18-1 Ltd. Series 2018-1A, Class B1R

5.97% (3 mo. USD Term SOFR + 1.700%)^(1),(3)

01/20/31

840,000

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

5.43% (3 mo. USD Term SOFR + 1.160%)^(1),(3)

01/20/37

1,000,000

993,779

Henley CLO I DAC Series 1X, Class B1R

3.81% (3 mo. EUR EURIBOR + 1.650%)^(1),(2)

07/25/34

EUR

850,000

953,632

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

5.59% (3 mo. USD Term SOFR + 1.320%)^(1),(3)

01/22/35

530,000

528,678

See accompanying Notes to Financial Statements.

LOGO

TCW AAA CLO ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

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

5.64% (3 mo. USD Term SOFR + 1.382%)^(1),(3)

07/15/34

595,000

595,446

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

6.32% (3 mo. USD Term SOFR + 2.050%)^(1),(3)

04/22/37

250,000

250,431

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

5.65% (3 mo. USD Term SOFR + 1.330%)^(1),(3)

01/15/38

1,000,000

998,800

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

5.66% (3 mo. USD Term SOFR + 1.392%)^(1),(3)

01/21/35

300,000

300,070

LCM 29 Ltd. Series 29A, Class AR

5.59% (3 mo. USD Term SOFR + 1.332%)^(1),(3)

04/15/31

1,657,275

1,656,553

LCM 34 Ltd. Series 34A, Class A1

5.70% (3 mo. USD Term SOFR + 1.432%)^(1),(3)

10/20/34

1,400,000

1,397,809

LCM 35 Ltd. Series 35A, Class BR

5.91% (3 mo. USD Term SOFR + 1.650%)^(1),(3)

10/15/34

1,000,000

991,700

LCM 37 Ltd. Series 37A, Class A1R

5.32% (3 mo. USD Term SOFR + 1.060%)^(1),(3)

04/15/34

1,000,000

997,588

LCM 40 Ltd. Series 40A, Class A1R

5.63% (3 mo. USD Term SOFR + 1.370%)^(1),(3)

01/15/38

1,000,000

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

5.77% (3 mo. USD Term SOFR + 1.500%)^(1),(3)

04/18/37

395,000

395,500

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

5.79% (3 mo. USD Term SOFR + 1.510%)^(1),(3)

04/25/37

850,000

851,407

Issues

Maturity

Date

Principal

Amount

Value

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

5.32% (3 mo. USD Term SOFR + 1.050%)^(1),(3)

10/19/34

5,500,000

5,468,518

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

5.34% (3 mo. USD Term SOFR + 1.080%)^(1),(3)

07/15/34

1,000,000

993,477

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

5.26% (3 mo. USD Term SOFR + 1.000%)^(1),(3)

10/15/34

5,000,000

4,967,440

Madison Park Funding XXIII Ltd. Series 2017-23A, Class AR

5.51% (3 mo. USD Term SOFR + 1.232%)^(1),(3)

07/27/31

2,741,765

2,741,079

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

5.82% (3 mo. USD Term SOFR + 1.500%)^(1),(3)

04/20/38

2,250,000

2,234,556

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

5.79% (3 mo. USD Term SOFR + 1.530%)^(1),(3)

04/15/37

850,000

851,191

Madison Park Funding XXXVIII Ltd. Series 2021-38A, Class A

5.66% (3 mo. USD Term SOFR + 1.382%)^(1),(3)

07/17/34

1,000,000

1,000,260

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

5.73% (3 mo. USD Term SOFR + 1.450%)^(1),(3)

04/17/34

500,000

494,585

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

5.74% (3 mo. USD Term SOFR + 1.462%)^(1),(3)

01/25/32

590,778

591,609

Magnetite XXVII Ltd. Series 2020-27A, Class AR

5.67% (3 mo. USD Term SOFR + 1.402%)^(1),(3)

10/20/34

278,000

278,172

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

5.67% (3 mo. USD Term SOFR + 1.400%)^(1),(3)

07/22/38

400,000

400,468

See accompanying Notes to Financial Statements.

LOGO

TCW AAA CLO ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Neuberger Berman Loan Advisers CLO 36 Ltd. Series 2020-36A, Class BR2

6.07% (3 mo. USD Term SOFR + 1.800%)^(1),(3)

04/20/33

2,000,000

1,997,318

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

5.63% (3 mo. USD Term SOFR + 1.350%)^(1),(3)

10/24/38

850,000

850,487

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

5.43% (3 mo. USD Term SOFR + 1.150%)^(1),(3)

07/25/35

250,000

249,492

Oak Hill Credit Partners X-R Ltd. Series 2014-10RA, Class AR2

5.40% (3 mo. USD Term SOFR + 1.130%)^(1),(3)

04/20/38

5,500,000

5,461,137

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

5.82% (3 mo. USD Term SOFR + 1.550%)^(1),(3)

01/20/36

500,000

497,997

OCP CLO Ltd. Series 2016-11A, Class B1R2

6.23% (3 mo. USD Term SOFR + 1.950%)^(1),(3)

04/26/36

825,000

824,162

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

5.62% (3 mo. USD Term SOFR + 1.350%)^(1),(3)

10/20/37

850,000

848,717

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

5.44% (3 mo. USD Term SOFR + 1.160%)^(1),(3)

01/17/37

1,000,000

991,791

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

6.07% (3 mo. USD Term SOFR + 1.750%)^(1),(3)

11/16/36

300,000

300,633

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

5.48% (3 mo. USD Term SOFR + 1.222%)^(1),(3)

04/16/31

880,089

880,279

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

5.69% (3 mo. USD Term SOFR + 1.420%)^(1),(3)

07/18/37

850,000

850,660

Issues

Maturity

Date

Principal

Amount

Value

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

5.57% (3 mo. USD Term SOFR + 1.300%)^(1),(3),(4)

01/20/35

2,000,000

1,978,578

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

5.86% (3 mo. USD Term SOFR + 1.600%)^(1),(3)

10/15/33

2,000,000

1,997,640

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

6.11% (3 mo. USD Term SOFR + 1.850%)^(1),(3)

04/15/35

770,000

762,276

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

5.26% (3 mo. USD Term SOFR + 0.990%)^(1),(3)

07/20/34

5,500,000

5,469,750

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

5.88% (3 mo. USD Term SOFR + 1.612%)^(1),(3)

07/19/30

400,000

399,614

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

5.45% (3 mo. USD Term SOFR + 1.150%)^(1),(3)

02/14/31

5,500,000

5,449,779

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

6.27% (3 mo. USD Term SOFR + 2.000%)^(1),(3)

04/20/37

250,000

250,671

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

5.56% (3 mo. USD Term SOFR + 1.290%)^(1),(3)

01/22/38

1,000,000

997,279

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

5.62% (3 mo. USD Term SOFR + 1.350%)^(1),(3)

10/18/37

400,000

400,191

Palmer Square CLO Ltd. Series 2019-1A, Class A1R

5.73% (3 mo. USD Term SOFR + 1.412%)^(1),(3)

11/14/34

3,500,000

3,501,204

Palmer Square CLO Ltd. Series 2022-1A, Class A

5.59% (3 mo. USD Term SOFR + 1.320%)^(1),(3)

04/20/35

1,180,000

1,180,649

See accompanying Notes to Financial Statements.

LOGO

TCW AAA CLO ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

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

5.67% (3 mo. USD Term SOFR + 1.400%)^(1),(3)

07/20/37

500,000

499,745

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

5.83% (3 mo. USD Term SOFR + 1.500%)^(1),(3)

01/15/38

1,000,000

995,631

Palmer Square European CLO DAC Series 2021-1X, Class B

3.63% (3 mo. EUR EURIBOR + 1.350%)^(1),(2)

04/15/34

EUR

900,000

984,224

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

5.78% (3 mo. USD Term SOFR + 1.500%)^(1),(3)

01/25/32

4,000,000

4,002,068

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

5.61% (3 mo. USD Term SOFR + 1.342%)^(1),(3)

07/20/34

1,100,000

1,099,448

Providus CLO III DAC Series 3X, Class B1R

3.89% (3 mo. EUR EURIBOR + 1.650%)^(1),(2)

07/18/34

400,000

447,232

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

5.35% (3 mo. USD Term SOFR + 1.070%)^(1),(3),(4)

01/25/37

5,500,000

5,445,396

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

6.10% (3 mo. USD Term SOFR + 1.830%)^(1),(3)

01/20/37

400,000

401,057

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

5.64% (3 mo. USD Term SOFR + 1.370%)^(1),(3)

10/20/37

400,000

398,318

Recette CLO Ltd. Series 2015-1A, Class ARR

5.61% (3 mo. USD Term SOFR + 1.342%)^(1),(3)

04/20/34

250,000

249,625

Regatta XIV Funding Ltd. Series 2018-3A, Class BR

5.78% (3 mo. USD Term SOFR + 1.500%)^(1),(3)

10/25/31

2,200,000

2,188,923

Issues

Maturity

Date

Principal

Amount

Value

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

5.46% (3 mo. USD Term SOFR + 1.200%)^(1),(3)

01/15/33

1,849,795

1,850,671

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

5.81% (3 mo. USD Term SOFR + 1.530%)^(1),(3)

04/26/37

250,000

250,427

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

5.68% (3 mo. USD Term SOFR + 1.362%)^(1),(3)

05/20/31

3,860,588

3,861,753

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

5.45% (3 mo. USD Term SOFR + 1.130%)^(1),(3)

08/20/32

1,079,416

1,077,625

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

5.36% (3 mo. USD Term SOFR + 1.090%)^(1),(3)

01/20/36

1,600,000

1,588,517

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

5.47% (3 mo. USD Term SOFR + 1.210%)^(1),(3)

03/31/38

5,500,000

5,465,350

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

4.34% (3 mo. EUR EURIBOR + 2.100%)^(1),(3)

01/20/38

EUR

750,000

850,227

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

5.38% (3 mo. USD Term SOFR + 1.120%)^(1),(3)

04/15/38

5,500,000

5,453,360

RR 27 Ltd. Series 2023-27A, Class A1B

6.21% (3 mo. USD Term SOFR + 1.950%)^(1),(3)

10/15/35

500,000

500,671

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

5.96% (3 mo. USD Term SOFR + 1.700%)^(1),(3)

07/15/37

500,000

499,478

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

5.42% (3 mo. USD Term SOFR + 1.150%)^(1),(3)

10/20/34

1,000,000

994,696

See accompanying Notes to Financial Statements.

LOGO

TCW AAA CLO ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Sixth Street CLO XVII Ltd. Series 2021-17A, Class A1R

5.43% (3 mo. USD Term SOFR + 1.150%)^(1),(3)

04/17/38

2,500,000

2,479,000

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

5.64% (3 mo. USD Term SOFR + 1.370%)^(1),(3)

10/21/37

2,000,000

1,995,760

Southwick Park CLO LLC Series 2019-4A, Class A1R

5.59% (3 mo. USD Term SOFR + 1.322%)^(1),(3)

07/20/32

967,571

968,108

Symphony CLO 35 Ltd. Series 2022-35A, Class AR

6.00% (3 mo. USD Term SOFR + 1.700%)^(1),(3)

10/24/36

400,000

400,480

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

5.78% (3 mo. USD Term SOFR + 1.520%)^(1),(3)

04/15/37

850,000

850,689

Symphony CLO XVIII Ltd. Series 2016-18A, Class A1R3

5.38% (3 mo. USD Term SOFR + 1.100%)^(1),(3)

07/23/33

2,947,574

2,941,488

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

5.45% (3 mo. USD Term SOFR + 1.180%)^(1),(3)

04/18/33

800,000

799,081

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

5.51% (3 mo. USD Term SOFR + 1.242%)^(1),(3)

04/19/34

2,000,000

1,991,972

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

5.68% (3 mo. USD Term SOFR + 1.402%)^(1),(3)

10/23/34

1,000,000

999,442

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

5.52% (3 mo. USD Term SOFR + 1.282%)^(1),(3)

10/13/32

2,366,823

2,367,462

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

5.52% (3 mo. USD Term SOFR + 1.250%)^(1),(3)

10/20/34

2,500,000

2,482,212


Issues	Maturity Date	Principal Amount		Value
Voya CLO Ltd. Series 2013-3A, Class A2RR
6.23% (3 mo. USD Term SOFR + 1.961%)^(1),(3)	10/18/31	$	327,073	$	327,322
Voya CLO Ltd. Series 2015-3A, Class A1R3
5.42% (3 mo. USD Term SOFR + 1.150%)^(1),(3)	10/20/31		1,180,938		1,180,560
Voya CLO Ltd. Series 2017-3A, Class AAR2
5.87% (3 mo. USD Term SOFR + 1.600%)^(1),(3)	04/20/34		2,000,000		1,993,800
Voya CLO Ltd. Series 2019-1A, Class A2RR
5.86% (3 mo. USD Term SOFR + 1.600%)^(1),(3)	10/15/37		850,000		846,644

Total Asset-backed Securities (Cost: $260,050,061)					259,322,692


Total Fixed Income Securities (Cost: $260,050,061)					259,322,692


		Shares
MONEY MARKET INVESTMENTS—1.8%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29%⁽⁵⁾			2,156,685		2,156,685
TCW Central Cash Fund 4.34%^(5),(6)			2,692,127		2,692,127

Total Money Market Investments (Cost: $4,848,812)					4,848,812

Total Investments (99.1%) (Cost: $264,898,873)					264,171,504

Excess Of Other Assets Over Liabilities (0.9%)					2,380,729
Net Assets (100.0%)				$	266,552,233

See accompanying Notes to Financial Statements.

LOGO

TCW Corporate Bond ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES —93.0% of Net Assets

ASSET-BACKED SECURITIES —0.1% (Cost: $34,144)
Skyline Aviation, Inc. Class A
3.23% ⁽¹⁾		07/03/38	$	34,144	$	31,848
COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY—0.1%
Government National Mortgage Association Series 2009-111, Class IO (I/O)
0.19% ⁽²⁾		09/16/51		481,501		18,347
Government National Mortgage Association Series 2012-144, Class IO (I/O)
0.33% ⁽²⁾		01/16/53		129,275		1,492

Total Commercial Mortgage-backed Securities — Agency
(Cost: $19,702)						19,839

COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY—0.0%
COMM Mortgage Trust Series 2014-UBS5, Class XA (I/O)
0.68% ^(1),(2)		09/10/47		41,793		1
GS Mortgage Securities Trust Series 2010-C1, Class X (I/O)
0.54% ^(2),(3)		08/10/43		1,200,548		137

Total Commercial Mortgage-backed Securities — Non-agency
(Cost: $55,193)						138

CORPORATE BONDS—85.2%

Aerospace & Defense — 1.4%
BAE Systems Holdings, Inc. (United Kingdom)
3.85% ⁽³⁾		12/15/25		20,000		19,897
Boeing Co.
5.81%		05/01/50		5,000		4,694
5.93%		05/01/60		12,000		11,119
6.53%		05/01/34		133,000		143,200
Lockheed Martin Corp.
4.80%		08/15/34		185,000		183,324
Northrop Grumman Corp.
5.15%		05/01/40		5,000		4,813

						367,047


Agriculture — 1.0%
Altria Group, Inc.
3.70%		02/04/51		5,000		3,377
4.88%		02/04/28		45,000		45,539
BAT Capital Corp. (United Kingdom)
4.39%		08/15/37		210,000		184,552
Imperial Brands Finance PLC (United Kingdom)
4.25% ⁽³⁾		07/21/25		35,000		34,920

						268,388


Issues	Maturity Date		Principal Amount		Value

Airlines — 0.7%
Delta Air Lines Pass-Through Trust Series 2020-1, Class AA
2.00%		12/10/29	$	18,273	$	17,135
JetBlue Pass-Through Trust Series 2019-1, Class AA
2.75%		11/15/33		11,525		9,901
JetBlue Pass-Through Trust Series 2020-1, Class A
4.00%		05/15/34		22,148		20,438
United Airlines Pass-Through Trust Series 2016-2, Class AA
2.88%		04/07/30		6,236		5,823
United Airlines Pass-Through Trust Series 2023-1, Class A
5.80%		07/15/37		114,638		113,798

						167,095


Auto Manufacturers — 0.2%
Volkswagen Group of America Finance LLC (Germany)
5.65% ⁽³⁾		03/25/32		17,000		17,008
5.80% ⁽³⁾		03/27/35		40,000		39,831

						56,839


Banks — 16.3%
Bank of America Corp.
1.66% (1 day USD SOFR + 0.910%)⁽⁴⁾		03/11/27		8,000		7,805
1.92% (1 day USD SOFR + 1.370%)⁽⁴⁾		10/24/31		30,000		25,886
2.09% (1 day USD SOFR + 1.060%)⁽⁴⁾		06/14/29		125,000		116,465
2.69% (1 day USD SOFR + 1.320%)⁽⁴⁾		04/22/32		630,000		557,386
Bank of New York Mellon Corp.
5.83% (1 Day USD SOFR Index + 2.074%)⁽⁴⁾		10/25/33		235,000		248,073
Citigroup, Inc.
1.46% (1 day USD SOFR + 0.770%)⁽⁴⁾		06/09/27		15,000		14,490
2.52% (SOFR + 1.177%)⁽⁴⁾		11/03/32		270,000		232,632

See accompanying Notes to Financial Statements.

LOGO

TCW Corporate Bond ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date		Principal Amount		Value

Beverages — 2.9%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.90%		02/01/46	$	205,000	$	186,866
Bacardi Ltd.
4.70%⁽³⁾		05/15/28		50,000		50,024
5.30%⁽³⁾		05/15/48		25,000		21,177
Becle SAB de CV (Mexico)
2.50%⁽³⁾		10/14/31		70,000		56,860
Coca-Cola Co.
4.65%		08/14/34		170,000		169,901
Constellation Brands, Inc.
2.25%		08/01/31		45,000		38,474
Diageo Investment Corp. (United Kingdom)
5.63%		04/15/35		200,000		205,984
JDE Peet’s NV (Netherlands)
2.25%⁽³⁾		09/24/31		25,000		21,143

						750,429


Biotechnology — 1.6%
Amgen, Inc.
4.40%		05/01/45		5,000		4,174
4.88%		03/01/53		10,000		8,567
5.65%		03/02/53		145,000		139,174
5.75%		03/02/63		10,000		9,537
Gilead Sciences, Inc.
2.60%		10/01/40		80,000		56,681
5.10%		06/15/35		90,000		90,375
Illumina, Inc.
2.55%		03/23/31		20,000		17,215
Royalty Pharma PLC
1.75%		09/02/27		95,000		89,153

						414,876


Chemicals — 0.3%
International Flavors & Fragrances, Inc.
1.23%⁽³⁾		10/01/25		35,000		34,389
5.00%		09/26/48		40,000		33,344
Solvay Finance America LLC (Belgium)
5.85%⁽³⁾		06/04/34		10,000		10,159

						77,892


Commercial Services — 0.5%
Global Payments, Inc.
4.45%		06/01/28		30,000		29,764
RELX Capital, Inc. (United Kingdom)
4.00%		03/18/29		10,000		9,890


Issues	Maturity Date			Principal Amount		Value
Rollins, Inc.
5.25%⁽³⁾		02/24/35		$	90,000	$	89,919

							129,573


Computers — 2.0%
Apple, Inc.
2.65%		02/08/51			315,000		194,944
Booz Allen Hamilton, Inc.
5.95%		04/15/35			55,000		54,770
Dell International LLC/EMC Corp.
5.00%		04/01/30			105,000		105,681
International Business Machines Corp.
5.20%		02/10/35			155,000		155,357

							510,752


Cosmetics/Personal Care — 0.3%
Kenvue, Inc.
4.90%		03/22/33			70,000		70,905


Diversified Financial Services — 2.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
3.00%		10/29/28			15,000		14,166
3.30%		01/30/32			128,000		113,157
3.88%		01/23/28			4,000		3,916
Air Lease Corp.
3.63%		12/01/27			34,000		33,205
American Express Co.
6.49% (1 day USD SOFR + 1.940%)⁽⁴⁾		10/30/31			90,000		97,630
Avolon Holdings Funding Ltd. (Ireland)
2.53%⁽³⁾		11/18/27			3,000		2,816
2.75%⁽³⁾		02/21/28			10,000		9,378
4.38%⁽³⁾		05/01/26			10,000		9,925
Blackrock, Inc.
3.75%		07/18/35	EUR		100,000		116,181
Capital One Financial Corp.
3.27% (1 day USD SOFR + 1.790%)⁽⁴⁾		03/01/30		$	10,000		9,424
Discover Financial Services
6.70%		11/29/32			10,000		10,729
LSEGA Financing PLC (United Kingdom)
2.00%⁽³⁾		04/06/28			20,000		18,738

See accompanying Notes to Financial Statements.

LOGO

TCW Corporate Bond ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date			Principal Amount		Value
Mastercard, Inc.
4.55%		01/15/35		$	140,000	$	136,842
Raymond James Financial, Inc.
3.75%		04/01/51			10,000		7,118
Visa, Inc.
3.13%⁽⁵⁾		05/15/33	EUR		100,000		112,519

							695,744


Electric — 7.3%
AEP Transmission Co. LLC
2.75%		08/15/51		$	190,000		113,141
3.65%		04/01/50			5,000		3,638
Alabama Power Co.
5.10%		04/02/35			190,000		190,885
5.50%		03/15/41			9,000		8,815
Alliant Energy Finance LLC
1.40%⁽³⁾		03/15/26			60,000		57,944
Appalachian Power Co.
4.45%		06/01/45			10,000		8,017
Arizona Public Service Co.
3.35%		05/15/50			15,000		10,064
6.35%		12/15/32			110,000		117,109
Baltimore Gas & Electric Co.
2.90%		06/15/50			48,000		29,910
Black Hills Corp.
4.35%		05/01/33			15,000		14,106
CenterPoint Energy Houston Electric LLC
5.15%		03/01/34			130,000		130,641
Commonwealth Edison Co.
6.45%		01/15/38			5,000		5,497
Consolidated Edison Co. of New York, Inc.
3.88%		06/15/47			35,000		26,713
Duke Energy Carolinas LLC
3.75%		06/01/45			70,000		53,435
3.88%		03/15/46			10,000		7,768
Duke Energy Progress LLC
5.05%		03/15/35			230,000		229,234
Evergy Kansas Central, Inc.
5.70%		03/15/53			10,000		9,774
FirstEnergy Transmission LLC
5.45%⁽³⁾		07/15/44			95,000		90,921
Florida Power & Light Co.
5.30%		06/15/34			320,000		328,570
5.60%		06/15/54			15,000		14,917
Indianapolis Power & Light Co.
5.70%⁽³⁾		04/01/54			5,000		4,870


Issues	Maturity Date		Principal Amount		Value
International Transmission Co.
4.63%		08/15/43	$	105,000	$	89,387
Interstate Power & Light Co.
2.30%		06/01/30		30,000		26,821
MidAmerican Energy Co.
5.85%		09/15/54		5,000		5,070
Narragansett Electric Co.
3.40%⁽³⁾		04/09/30		10,000		9,508
Oncor Electric Delivery Co. LLC
4.60%		06/01/52		50,000		41,580
5.35%⁽³⁾		04/01/35		85,000		86,175
PacifiCorp
4.13%		01/15/49		40,000		30,314
Public Service Co. of New Mexico
3.85%		08/01/25		20,000		19,917
Southern Co.
6.38% (5 yr. CMT + 2.069%)⁽⁴⁾		03/15/55		25,000		25,503
Tucson Electric Power Co.
3.25%		05/01/51		10,000		6,533
Virginia Electric & Power Co.
2.45%		12/15/50		102,000		56,247
3.80%		09/15/47		10,000		7,416
Xcel Energy, Inc.
4.80%		09/15/41		35,000		30,520

						1,890,960


Engineering & Construction — 0.0%
Sydney Airport Finance Co. Pty. Ltd. (Australia)
3.63%⁽³⁾		04/28/26		5,000		4,958


Entertainment — 0.5%
WarnerMedia Holdings, Inc.
5.05%		03/15/42		147,000		110,741
5.14%		03/15/52		40,000		27,493

						138,234


Environmental Control — 1.5%
GFL Environmental, Inc.
6.75%⁽³⁾		01/15/31		10,000		10,421
Republic Services, Inc.
5.15%		03/15/35		180,000		182,101
Waste Management, Inc.
4.95%		03/15/35		195,000		194,391

						386,913

See accompanying Notes to Financial Statements.

LOGO

TCW Corporate Bond ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date		Principal Amount		Value

Food — 1.5%
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL
4.38%		02/02/52	$	102,000	$	78,604
Kraft Heinz Foods Co.
4.63%		10/01/39		10,000		8,993
Mars, Inc.
4.80%⁽³⁾		03/01/30		200,000		202,548
Pilgrim’s Pride Corp.
3.50%		03/01/32		80,000		71,134
Smithfield Foods, Inc.
2.63%⁽³⁾		09/13/31		25,000		21,229

						382,508


Gas — 1.0%
Boston Gas Co.
3.76%⁽³⁾		03/16/32		80,000		72,984
KeySpan Gas East Corp.
5.82%⁽³⁾		04/01/41		15,000		14,423
NiSource, Inc.
5.40%		06/30/33		140,000		141,247
Southern Co. Gas Capital Corp.
4.40%		06/01/43		10,000		8,309
5.88%		03/15/41		15,000		15,044

						252,007


Health Care-Products — 3.6%
Alcon Finance Corp.
2.60%⁽³⁾		05/27/30		115,000		103,533
Baxter International, Inc.
3.95%		04/01/30		110,000		106,118
GE HealthCare Technologies, Inc.
5.86%		03/15/30		175,000		183,507
Medtronic Global Holdings SCA
4.50%		03/30/33		150,000		147,102
Revvity, Inc.
2.55%		03/15/31		25,000		21,654
Smith & Nephew PLC (United Kingdom)
2.03%		10/14/30		30,000		26,051
STERIS Irish FinCo UnLtd Co.
2.70%		03/15/31		15,000		13,326
Stryker Corp.
4.70%		02/10/28		150,000		151,768
Thermo Fisher Scientific, Inc.
5.09%		08/10/33		170,000		172,040

						925,099


Issues	Maturity Date		Principal Amount		Value

Health Care-Services — 5.5%
Barnabas Health, Inc.
4.00%		07/01/28	$	5,000	$	4,831
Centene Corp.
3.00%		10/15/30		123,000		108,014
Children’s Hospital Medical Center
2.82%		11/15/50		20,000		12,539
Cigna Group
5.40%		03/15/33		85,000		87,058
CommonSpirit Health
2.78%		10/01/30		15,000		13,565
Elevance Health, Inc.
5.20%		02/15/35		205,000		205,357
HCA, Inc.
5.25%		06/15/49		90,000		78,201
5.75%		03/01/35		100,000		101,013
Health Care Service Corp. A Mutual Legal Reserve Co.
5.45%⁽³⁾		06/15/34		20,000		20,188
Humana, Inc.
5.38%		04/15/31		160,000		162,251
IQVIA, Inc.
6.25%		02/01/29		10,000		10,408
Mass General Brigham, Inc.
3.34%		07/01/60		10,000		6,516
Roche Holdings, Inc.
4.59%⁽³⁾		09/09/34		75,000		73,418
5.59%⁽³⁾		11/13/33		15,000		15,789
Sharp HealthCare
2.68%		08/01/50		50,000		30,566
UnitedHealth Group, Inc.
3.70%		08/15/49		10,000		7,221
4.25%		04/15/47		15,000		12,010
5.15%		07/15/34		395,000		396,406
5.63%		07/15/54		10,000		9,629
Universal Health Services, Inc.
1.65%		09/01/26		40,000		38,364
West Virginia United Health System Obligated Group
3.13%		06/01/50		35,000		22,356

						1,415,700


Insurance — 2.7%
Allstate Corp.
3.85%		08/10/49		20,000		14,687
Aon Corp./Aon Global Holdings PLC
3.90%		02/28/52		115,000		83,890

See accompanying Notes to Financial Statements.

LOGO

TCW Corporate Bond ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date			Principal Amount		Value
Arthur J Gallagher & Co.
3.05%		03/09/52		$	15,000	$	9,217
6.50%		02/15/34			10,000		10,869
Athene Global Funding
1.61%⁽³⁾		06/29/26			15,000		14,501
1.99%⁽³⁾		08/19/28			10,000		9,178
Farmers Insurance Exchange
4.75% (3 mo. USD LIBOR + 3.231%)^(3),(4)		11/01/57			35,000		28,671
Guardian Life Insurance Co. of America
3.70%⁽³⁾		01/22/70			45,000		30,477
Metropolitan Life Global Funding I
3.30%⁽³⁾		03/21/29			230,000		220,984
MMI Capital Trust I
7.63%		12/15/27			25,000		26,479
New York Life Global Funding
4.55%⁽³⁾		01/28/33			225,000		219,022
New York Life Insurance Co.
3.75%⁽³⁾		05/15/50			15,000		10,872
Willis North America, Inc.
5.35%		05/15/33			20,000		20,206

							699,053


Internet — 2.4%
Alphabet, Inc.
3.00%		05/06/33	EUR		100,000		112,847
Amazon.com, Inc.
3.10%		05/12/51	$		35,000		23,623
3.95%		04/13/52			200,000		157,764
Meta Platforms, Inc.
4.75%		08/15/34			95,000		94,698
5.40%		08/15/54			20,000		19,301
5.60%		05/15/53			90,000		89,051
Uber Technologies, Inc.
4.80%		09/15/34			130,000		126,204

							623,488


Lodging — 0.5%
Choice Hotels International, Inc.
5.85%		08/01/34			10,000		9,830
Hyatt Hotels Corp.
5.05%		03/30/28			50,000		50,261
5.50%		06/30/34			10,000		9,713


Issues	Maturity Date		Principal Amount		Value
Las Vegas Sands Corp.
6.00%		06/14/30	$	50,000	$	50,197

						120,001


Media — 2.0%
Charter Communications Operating LLC/Charter Communications Operating Capital
2.30%		02/01/32		5,000		4,066
3.90%		06/01/52		270,000		171,804
5.38%		05/01/47		37,000		30,088
Comcast Corp.
4.00%		11/01/49		90,000		67,751
4.40%		08/15/35		130,000		122,443
Cox Communications, Inc.
2.60%⁽³⁾		06/15/31		85,000		74,140
Fox Corp.
6.50%		10/13/33		15,000		15,965
Time Warner Cable LLC
5.50%		09/01/41		18,000		15,417

						501,674


Office/Business Equipment — 0.1%
CDW LLC/CDW Finance Corp.
3.28%		12/01/28		25,000		23,579


Oil & Gas — 0.1%
Aker BP ASA (Norway)
3.10%⁽³⁾		07/15/31		30,000		26,311


Packaging & Containers — 1.2%
Amcor Finance USA, Inc.
5.63%		05/26/33		80,000		82,200
Amcor Flexibles North America, Inc.
2.63%		06/19/30		5,000		4,499
5.50%⁽³⁾		03/17/35		65,000		64,822
Berry Global, Inc.
1.57%		01/15/26		13,000		12,676
CCL Industries, Inc. (Canada)
3.05%⁽³⁾		06/01/30		25,000		22,784
Sealed Air Corp.
1.57%⁽³⁾		10/15/26		20,000		19,039
Smurfit Kappa Treasury ULC (Ireland)
5.44%⁽³⁾		04/03/34		85,000		85,204
Sonoco Products Co.
3.13%		05/01/30		25,000		22,988

						314,212

See accompanying Notes to Financial Statements.

LOGO

TCW Corporate Bond ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date		Principal Amount		Value

Pharmaceuticals — 5.3%
AbbVie, Inc.
4.40%		11/06/42	$	50,000	$	43,611
5.20%		03/15/35		175,000		177,476
Bayer U.S. Finance II LLC (Germany)
4.38%⁽³⁾		12/15/28		10,000		9,813
4.88%⁽³⁾		06/25/48		77,000		60,699
Bristol-Myers Squibb Co.
5.20%		02/22/34		175,000		177,270
CVS Health Corp.
5.05%		03/25/48		113,000		96,191
5.30%		06/01/33		178,000		176,855
Elanco Animal Health, Inc.
6.65%		08/28/28		5,000		5,080
Eli Lilly & Co.
4.75%		02/12/30		255,000		261,602
Johnson & Johnson
3.40%		01/15/38		75,000		64,236
5.00%		03/01/35		130,000		132,782
Merck & Co., Inc.
5.00%		05/17/53		120,000		109,312
Pfizer Investment Enterprises Pte. Ltd.
4.75%		05/19/33		45,000		44,437
Zoetis, Inc.
5.60%		11/16/32		10,000		10,476

						1,369,840


Pipelines — 2.4%
Columbia Pipelines Operating Co. LLC
6.04%⁽³⁾		11/15/33		135,000		139,617
Energy Transfer LP
5.00%		05/15/50		195,000		156,396
6.13%		12/15/45		7,000		6,660
6.20%		04/01/55		10,000		9,383
Kinder Morgan Energy Partners LP
6.95%		01/15/38		5,000		5,438
Kinder Morgan, Inc.
7.80%		08/01/31		5,000		5,674
NGPL PipeCo LLC
3.25%⁽³⁾		07/15/31		20,000		17,692
4.88%⁽³⁾		08/15/27		10,000		10,000
Pipeline Funding Co. LLC
7.50%⁽³⁾		01/15/30		23,907		24,994
Plains All American Pipeline LP/PAA Finance Corp.
4.50%		12/15/26		13,000		13,006
Sabine Pass Liquefaction LLC
4.20%		03/15/28		103,000		102,301


Issues	Maturity Date		Principal Amount		Value
Southern Natural Gas Co. LLC
4.80%⁽³⁾		03/15/47	$	15,000	$	12,400
TransCanada PipeLines Ltd.
4.63%		03/01/34		110,000		103,310
Williams Cos., Inc.
3.50%		10/15/51		15,000		9,926

						616,797


REIT — 3.7%
American Assets Trust LP
3.38%		02/01/31		30,000		26,182
American Homes 4 Rent LP
2.38%		07/15/31		55,000		47,453
American Tower Corp.
2.70%		04/15/31		211,000		187,701
5.55%		07/15/33		70,000		71,648
Americold Realty Operating Partnership LP
5.41%		09/12/34		70,000		68,030
Boston Properties LP
2.55%		04/01/32		10,000		8,234
3.40%		06/21/29		5,000		4,692
Crown Castle, Inc.
3.30%		07/01/30		105,000		97,298
CubeSmart LP
4.38%		02/15/29		15,000		14,823
Digital Realty Trust LP
3.60%		07/01/29		15,000		14,443
DOC Dr. LLC
2.63%		11/01/31		10,000		8,627
Equinix, Inc.
2.50%		05/15/31		45,000		39,474
Essex Portfolio LP
2.65%		03/15/32		5,000		4,276
5.50%		04/01/34		15,000		15,091
Extra Space Storage LP
2.20%		10/15/30		25,000		21,860
GLP Capital LP/GLP Financing II, Inc.
3.25%		01/15/32		2,000		1,726
4.00%		01/15/30		25,000		23,598
Healthcare Realty Holdings LP
3.63%		01/15/28		30,000		29,094
Host Hotels & Resorts LP
3.50%		09/15/30		30,000		27,353
Hudson Pacific Properties LP
3.95%		11/01/27		10,000		8,692
Invitation Homes Operating Partnership LP
5.50%		08/15/33		5,000		5,000

See accompanying Notes to Financial Statements.

LOGO

TCW Corporate Bond ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date		Principal Amount		Value
LXP Industrial Trust
2.38%		10/01/31	$	15,000	$	12,563
2.70%		09/15/30		10,000		8,811
NNN REIT, Inc.
5.60%		10/15/33		35,000		35,479
Piedmont Operating Partnership LP
2.75%		04/01/32		30,000		23,366
Realty Income Corp.
5.13%		04/15/35		60,000		59,451
VICI Properties LP
5.13%		05/15/32		75,000		73,598
Weyerhaeuser Co.
3.38%		03/09/33		10,000		8,823

						947,386


Retail — 1.9%
AutoZone, Inc.
5.13%		06/15/30		35,000		35,782
Home Depot, Inc.
4.95%		06/25/34		260,000		261,695
Lowe’s Cos., Inc.
5.75%		07/01/53		10,000		9,591
McDonald’s Corp.
4.20%		04/01/50		70,000		55,223
4.95%		03/03/35		130,000		128,900

						491,191


Semiconductors — 1.3%
Broadcom, Inc.
2.60%⁽³⁾		02/15/33		275,000		231,737
Intel Corp.
2.00%		08/12/31		5,000		4,184
3.05%		08/12/51		91,000		52,183
3.25%		11/15/49		40,000		24,442
5.70%		02/10/53		13,000		11,647
Micron Technology, Inc.
2.70%		04/15/32		25,000		21,212

						345,405


Software — 2.7%
AppLovin Corp.
5.50%		12/01/34		65,000		64,954
Atlassian Corp.
5.50%		05/15/34		20,000		20,136
Cadence Design Systems, Inc.
4.70%		09/10/34		20,000		19,598


Issues	Maturity Date		Principal Amount		Value
Constellation Software, Inc. (Canada)
5.46%⁽³⁾		02/16/34	$	45,000	$	45,252
Fiserv, Inc.
2.65%		06/01/30		25,000		22,597
Microsoft Corp.
2.92%		03/17/52		150,000		99,883
Open Text Corp. (Canada)
6.90%⁽³⁾		12/01/27		17,000		17,487
Oracle Corp.
3.60%		04/01/50		45,000		30,685
3.95%		03/25/51		277,000		199,819
Paychex, Inc.
5.60%		04/15/35		125,000		127,022
Synopsys, Inc.
5.15%		04/01/35		30,000		30,113
Take-Two Interactive Software, Inc.
4.00%		04/14/32		15,000		14,057

						691,603


Telecommunications — 6.0%
AT&T, Inc.
3.55%		09/15/55		85,000		56,804
3.80%		12/01/57		128,000		88,401
Cisco Systems, Inc.
5.05%		02/26/34		230,000		233,024
Sprint Capital Corp.
8.75%		03/15/32		25,000		30,031
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
5.15%⁽³⁾		09/20/29		285,000		287,217
T-Mobile USA, Inc.
2.55%		02/15/31		448,000		397,542
5.05%		07/15/33		5,000		4,969
5.13%		05/15/32		60,000		60,717
Verizon Communications, Inc.
4.50%		08/10/33		300,000		289,152
Vodafone Group PLC (United Kingdom)
4.25%		09/17/50		121,000		91,791

						1,539,648


Transportation — 1.9%
Burlington Northern Santa Fe LLC
4.05%		06/15/48		15,000		11,948
5.50%		03/15/55		120,000		117,683
CSX Corp.
4.90%		03/15/55		130,000		115,777

See accompanying Notes to Financial Statements.

LOGO

TCW Corporate Bond ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date		Principal Amount		Value
Union Pacific Corp.
2.97%		09/16/62	$	25,000	$	14,370
5.10%		02/20/35		225,000		226,728

						486,506


Water — 0.2%
Essential Utilities, Inc.
5.30%		05/01/52		50,000		44,740

Total Corporate Bonds (Cost: $22,053,839)						21,931,563

MUNICIPAL BONDS—0.5%

Municipal Bonds — 0.5%
City of Los Angeles Department of Airports, Revenue Bond
3.89%		05/15/38		15,000		13,561
County of Miami-Dade Aviation Revenue, Revenue Bond
3.50%		10/01/31		15,000		14,152
Empire State Development Corp., Revenue Bond
2.54%		03/15/34		5,000		4,245
2.54%		03/15/34		5,000		4,212
2.59%		03/15/35		20,000		16,545
Maryland Economic Development Corp., Revenue Bond
5.43%		05/31/56		10,000		9,505
Massachusetts School Building Authority, Revenue Bond
2.97%		10/15/32		10,000		8,999
New York City Transitional Finance Authority Future Tax Secured Revenue
1.97%		02/01/33		20,000		16,593
3.73%		08/01/29		5,000		4,901
San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bond
3.05%		05/01/34		35,000		30,518

						123,231

Total Municipal Bonds (Cost: $139,194)						123,231

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY—0.0%
Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O)
1.53% (-30 day USD SOFR Average + 5.886%)⁽⁴⁾		11/25/41		17,198		1,365


Issues	Maturity Date		Principal Amount		Value
Federal National Mortgage Association REMICS Series 2012-128, Class UA
2.50%		06/25/42	$	6,926	$	5,967

Total Residential Mortgage-backed Securities — Agency
(Cost: $15,648)						7,332

U.S. TREASURY SECURITY —7.1% (Cost: $1,773,995)
U.S. Treasury Bonds
4.63%		02/15/55		1,840,000		1,822,031

Total Fixed Income Securities (Cost: $24,091,715)						23,935,982


CONVERTIBLE SECURITIES (—% )

CONVERTIBLE CORPORATE BONDS—0.0%

Commercial Services — 0.0%
Worldline SA (France)
0.00%^(6),(7)		07/30/26		5,000		5,495

Total Convertible Corporate Bonds (Cost: $5,239)						5,495


			Shares
MONEY MARKET INVESTMENTS—7.1%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29%⁽⁸⁾				254,072		254,072
TCW Central Cash Fund 4.34%^(8),(9)				1,565,016		1,565,016
Total Money Market Investments (Cost: $1,819,088)						1,819,088

Total Investments (100.1%) (Cost: $25,916,042)						25,760,565

Liabilities In Excess Of Other Assets (-0.1%)						(28,033	)
Net Assets (100.0%)					$	25,732,532

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES—103.3% of Net Assets
CORPORATE BONDS—21.6%

Advertising — 0.0%
Advantage Sales & Marketing, Inc.
6.50% ⁽¹⁾		11/15/28	$	239,000	$	192,591

Aerospace & Defense — 0.4%
BAE Systems Holdings, Inc. (United Kingdom)
3.85% ⁽¹⁾		12/15/25		250,000		248,705
Boeing Co.
5.81%		05/01/50		305,000		286,346
6.53%		05/01/34		1,250,000		1,345,862
General Electric Co.
4.94% (3 mo. USD Term SOFR + 0.642%)⁽²⁾		05/05/26		57,000		57,009
5.06% (3 mo. USD Term SOFR + 0.742%)⁽²⁾		08/15/36		52,000		48,323
Lockheed Martin Corp.
4.80%		08/15/34		55,000		54,502
TransDigm, Inc.
6.00% ⁽¹⁾		01/15/33		1,665,000		1,663,318

						3,704,065

Agriculture — 0.2%
Altria Group, Inc.
4.88%		02/04/28		490,000		495,870
BAT Capital Corp. (United Kingdom)
3.56%		08/15/27		44,000		43,198
5.65%		03/16/52		244,000		220,095
BAT International Finance PLC (United Kingdom)
1.67%		03/25/26		83,000		80,819
Imperial Brands Finance PLC (United Kingdom)
4.25% ⁽¹⁾		07/21/25		160,000		159,634
6.13% ⁽¹⁾		07/27/27		195,000		201,365
Japan Tobacco, Inc.
4.85% ⁽¹⁾		05/15/28		1,190,000		1,206,696

						2,407,677

Airlines — 0.0%
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.75% ⁽¹⁾		04/20/29		58,000		56,298
Delta Air Lines Pass-Through Trust Series 2020-1, Class AA
2.00%		12/10/29		18,273		17,136


Issues	Maturity Date			Principal Amount		Value
JetBlue Pass-Through Trust Series 2019-1, Class AA
2.75%		11/15/33		$	23,050	$	19,801
JetBlue Pass-Through Trust Series 2020-1, Class A
4.00%		05/15/34			55,369		51,095

							144,330

Apparel — 0.1%
Crocs, Inc.
4.13% ⁽¹⁾		08/15/31			980,000		857,382

Auto Manufacturers — 0.2%
Volkswagen Financial Services AG (Germany)
3.88% ⁽³⁾		11/19/31	EUR		1,100,000		1,244,877
Volkswagen Group of America Finance LLC (Germany)
5.65% ⁽¹⁾		03/25/32	EUR		70,000		70,033
5.80% ⁽¹⁾		03/27/35	EUR		200,000		199,156
Volkswagen International Finance NV (Germany)
7.88% (9 yr. EUR Swap + 4.783%)^(3),(4),(2)		09/06/32	EUR		300,000		379,268

							1,893,334

Auto Parts & Equipment — 0.1%
Forvia SE (France)
8.00% ⁽¹⁾		06/15/30			385,000		383,787
ZF North America Capital, Inc. (Germany)
6.88% ⁽¹⁾		04/23/32			760,000		667,972

							1,051,759

Banks — 3.7%
Bank of America Corp.
1.32% (1 day USD SOFR + 1.150%)⁽²⁾		06/19/26			165,000		164,229
1.92% (1 day USD SOFR + 1.370%)⁽²⁾		10/24/31			1,085,000		936,192
2.55% (1 day USD SOFR + 1.050%)⁽²⁾		02/04/28			2,625,000		2,540,134
2.59% (1 day USD SOFR + 2.150%)⁽²⁾		04/29/31			270,000		243,910
2.65% (1 day USD SOFR + 1.220%)⁽²⁾		03/11/32			225,000		199,645
2.69% (1 day USD SOFR + 1.320%)⁽²⁾		04/22/32			885,000		782,995

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date		Principal Amount		Value
4.01% (3 mo. USD Term SOFR + 1.382%)⁽²⁾		04/23/29	$	255,000	$	252,679
4.32% (1 day USD SOFR + 1.560%)⁽²⁾		04/26/28		3,500,000		3,496,675
4.95% (1 day USD SOFR + 1.340%)⁽²⁾		10/22/35		625,000		610,812
5.77% (1 day USD SOFR + 1.490%)⁽²⁾		04/22/35		560,000		580,642
Morgan Stanley
0.99% (1 day USD SOFR + 0.720%)⁽²⁾		12/10/26		145,000		141,746
1.79% (1 day USD SOFR + 1.034%)⁽²⁾		02/13/32		120,000		101,195
2.24% (1 day USD SOFR + 1.178%)⁽²⁾		07/21/32		425,000		362,274
2.51% (1 day USD SOFR + 1.200%)⁽²⁾		10/20/32		635,000		548,380
2.94% (1 day USD SOFR + 1.290%)⁽²⁾		01/21/33		1,065,000		934,889
5.59% (1 day USD SOFR + 1.418%)⁽²⁾		01/18/36		650,000		660,062
5.83% (1 day USD SOFR + 1.580%)⁽²⁾		04/19/35		120,000		124,073
PNC Financial Services Group, Inc.
3.40% (5 yr. CMT + 2.595%)^(2),(4)		09/15/26		105,000		98,566
5.58% (1 day USD SOFR + 1.841%)⁽²⁾		06/12/29		1,370,000		1,412,744
6.88% (1 day USD SOFR + 2.284%)⁽²⁾		10/20/34		205,000		225,500


Issues	Maturity Date			Principal Amount		Value
Santander U.K. Group Holdings PLC (United Kingdom)
1.67% (1 day USD SOFR + 0.989%)⁽²⁾		06/14/27		$	290,000	$	279,980
U.S. Bancorp
4.84% (1 day USD SOFR + 1.600%)⁽²⁾		02/01/34			150,000		145,785
5.68% (1 day USD SOFR + 1.860%)⁽²⁾		01/23/35			150,000		152,981
5.85% (1 day USD SOFR + 2.090%)⁽²⁾		10/21/33			50,000		51,816
Wells Fargo & Co.
2.39% (1 day USD SOFR + 2.100%)⁽²⁾		06/02/28			560,000		536,939
2.57% (3 mo. USD Term SOFR + 1.262%)⁽²⁾		02/11/31			2,385,000		2,158,997
3.35% (1 day USD SOFR + 1.500%)⁽²⁾		03/02/33			345,000		310,107
5.21% (1 day USD SOFR + 1.380%)⁽²⁾		12/03/35			390,000		385,258
5.24% (1 day USD SOFR + 1.110%)⁽²⁾		01/24/31			770,000		786,085
5.50% (1 day USD SOFR + 1.780%)⁽²⁾		01/23/35			225,000		226,654
5.57% (1 day USD SOFR + 1.740%)⁽²⁾		07/25/29			410,000		422,132

							35,977,597

Beverages — 0.3%
Anheuser-Busch InBev SA (Belgium)
3.95% ⁽³⁾		03/22/44	EUR		970,000		1,076,031
Becle SAB de CV (Mexico)
2.50% ⁽¹⁾		10/14/31			1,790,000		1,453,999
JDE Peet’s NV (Netherlands)
2.25% ⁽¹⁾		09/24/31			750,000		634,275

							3,164,305

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date			Principal Amount		Value
Biotechnology — 0.0%
Amgen, Inc.
3.15%		02/21/40		$	100,000	$	75,671

Building Materials — 0.1%
Quikrete Holdings, Inc.
6.38% ⁽¹⁾		03/01/32			761,000		766,723

Chemicals — 0.3%
Axalta Coating Systems Dutch Holding B BV
7.25% ⁽¹⁾		02/15/31			50,000		51,830
International Flavors & Fragrances, Inc.
1.83% ⁽¹⁾		10/15/27			405,000		378,582
2.30% ⁽¹⁾		11/01/30			505,000		439,486
3.27%⁽¹⁾		11/15/40			55,000		39,579
3.47%⁽¹⁾		12/01/50			45,000		29,060
4.38%		06/01/47			115,000		87,226
Itelyum Regeneration SpA (Italy)
5.75%⁽¹⁾		04/15/30	EUR		250,000		281,935
SCIH Salt Holdings, Inc.
4.88%⁽¹⁾		05/01/28		$	218,000		209,341
SK Invictus Intermediate II SARL (Luxembourg)
5.00%⁽¹⁾		10/30/29			431,000		404,886
Tronox, Inc.
4.63%⁽¹⁾		03/15/29			63,000		51,254
WR Grace Holdings LLC
5.63%⁽¹⁾		08/15/29			63,000		55,901
7.38%⁽¹⁾		03/01/31			882,000		887,248

							2,916,328

Commercial Services — 0.8%
AA Bond Co. Ltd. (United Kingdom)
8.45%⁽³⁾		07/31/50	GBP		210,000		297,753
Adtalem Global Education, Inc.
5.50%⁽¹⁾		03/01/28		$	1,142,000		1,127,759
Allied Universal Holdco LLC/Allied Universal Finance Corp.
9.75%⁽¹⁾		07/15/27			825,000		828,457
Block, Inc.
6.50%⁽¹⁾		05/15/32			51,000		52,241
Deluxe Corp.
8.13%⁽¹⁾		09/15/29			52,000		52,092
Grand Canyon University
5.13%		10/01/28			1,000,000		943,000
OT Midco Ltd.
10.00% ⁽¹⁾		02/15/30			700,000		572,404
RAC Bond Co. PLC (United Kingdom)
8.25% ⁽³⁾		05/06/46	GBP		100,000		144,607
Raven Acquisition Holdings LLC
6.88% ⁽¹⁾		11/15/31		$	425,000		416,088


Issues	Maturity Date			Principal Amount		Value
Rollins, Inc.
5.25% ⁽¹⁾		02/24/35		$	1,090,000	$	1,089,019
Upbound Group, Inc.
6.38% ⁽¹⁾		02/15/29			950,000		897,978
Valvoline, Inc.
3.63% ⁽¹⁾		06/15/31			400,000		350,588
Veritiv Operating Co.
10.50% ⁽¹⁾		11/30/30			49,000		51,342
VT Topco, Inc.
8.50% ⁽¹⁾		08/15/30			560,000		586,281
WEX, Inc.
6.50% ⁽¹⁾		03/15/33			350,000		340,704
ZipRecruiter, Inc.
5.00% ⁽¹⁾		01/15/30			59,000		49,460

							7,799,773

Computers — 0.4%
Amentum Holdings, Inc.
7.25% ⁽¹⁾		08/01/32			261,000		265,779
Dell International LLC/EMC Corp.
4.75%		04/01/28			1,135,000		1,144,500
5.00%		04/01/30			840,000		845,451
McAfee Corp.
7.38% ⁽¹⁾		02/15/30			763,000		659,774
NCR Voyix Corp.
5.00% ⁽¹⁾		10/01/28			675,000		654,892

							3,570,396

Cosmetics/Personal Care — 0.1%
Edgewell Personal Care Co.
4.13% ⁽¹⁾		04/01/29			860,000		805,631

Diversified Financial Services — 0.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
2.45%		10/29/26			123,000		119,009
3.88%		01/23/28			5,000		4,896
4.45%		10/01/25			110,000		109,856
Air Lease Corp.
2.88%		01/15/26			380,000		374,657
Avolon Holdings Funding Ltd. (Ireland)
2.53% ⁽¹⁾		11/18/27			1,083,000		1,016,460
Blackrock, Inc.
3.75%		07/18/35	EUR		730,000		848,119
Charles Schwab Corp.
5.00% (5 yr. CMT + 3.256%)^(2),(4)		06/01/27		$	200,000		195,380

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date			Principal Amount		Value
EZCORP, Inc.
7.38% ⁽¹⁾		04/01/32		$	1,135,000	$	1,192,204
GGAM Finance Ltd. (Ireland)
8.00% ⁽¹⁾		02/15/27			115,000		118,036
8.00% ⁽¹⁾		06/15/28			892,000		935,574
Jane Street Group/JSG Finance, Inc.
6.13% ⁽¹⁾		11/01/32			450,000		442,818
6.75% ⁽¹⁾		05/01/33			90,000		90,502
7.13% ⁽¹⁾		04/30/31			330,000		340,590
Visa, Inc.
3.13% ⁽⁵⁾		05/15/33	EUR		645,000		725,749
3.88% ⁽⁵⁾		05/15/44	EUR		150,000		167,251

							6,681,101

Electric — 0.7%
Alliant Energy Finance LLC
1.40% ⁽¹⁾		03/15/26		$	245,000		236,606
3.60% ⁽¹⁾		03/01/32			655,000		595,637
Alpha Generation LLC
6.75% ⁽¹⁾		10/15/32			259,000		264,680
Amprion GmbH (Germany)
4.00% ⁽³⁾		05/21/44	EUR		100,000		111,300
Arizona Public Service Co.
6.35%		12/15/32			135,000		143,725
Duke Energy Carolinas LLC
4.00%		09/30/42			250,000		202,843
5.35%		01/15/53			195,000		184,300
Duke Energy Progress LLC
5.05%		03/15/35			695,000		692,686
E.ON SE (Germany)
3.50% ⁽³⁾		04/16/33	EUR		525,000		600,587
3.88% ⁽³⁾		09/05/38	EUR		300,000		338,764
Elia Group SA (Belgium)
3.88% ⁽³⁾		06/11/31	EUR		100,000		115,716
Eurogrid GmbH (Germany)
1.11% ⁽³⁾		05/15/32	EUR		200,000		195,890
3.28% ⁽³⁾		09/05/31	EUR		200,000		226,137
FirstEnergy Transmission LLC
2.87% ⁽¹⁾		09/15/28		$	418,000		396,398
MVM Energetika Zrt (Hungary)
6.50% ⁽³⁾		03/13/31			400,000		409,212
National Grid Electricity Transmission PLC (United Kingdom)
0.82% ⁽³⁾		07/07/32	EUR		325,000		311,091
Pike Corp.
8.63% ⁽¹⁾		01/31/31			775,000		813,913
Public Service Co. of New Mexico
3.85%		08/01/25			40,000		39,834


Issues	Maturity Date			Principal Amount		Value
Scottish Hydro Electric Transmission PLC (United Kingdom)
3.38% ⁽³⁾		09/04/32	EUR		250,000	$	284,261
Southwestern Electric Power Co.
5.30%		04/01/33		$	600,000		598,116
TenneT Holding BV (Netherlands)
2.75% ⁽³⁾		05/17/42	EUR		115,000		121,643
Tucson Electric Power Co.
5.50%		04/15/53		$	305,000		287,209

							7,170,548

Electrical Components & Equipment — 0.1%
Energizer Holdings, Inc.
4.38% ⁽¹⁾		03/31/29			925,000		864,283

Engineering & Construction — 0.2%
Artera Services LLC
8.50% ⁽¹⁾		02/15/31			240,000		228,022
Cellnex Finance Co. SA (Spain)
2.00% ⁽³⁾		09/15/32	EUR		400,000		407,636
Heathrow Funding Ltd. (United Kingdom)
1.13% ⁽³⁾		10/08/32	EUR		565,000		575,018
3.88% ⁽³⁾		01/16/38	EUR		250,000		282,589

							1,493,265

Entertainment — 0.9%
Banijay Entertainment SAS (France)
8.13% ⁽¹⁾		05/01/29		$	350,000		358,691
Caesars Entertainment, Inc.
6.50% ⁽¹⁾		02/15/32			820,000		825,330
8.13% ⁽¹⁾		07/01/27			786,000		789,238
Churchill Downs, Inc.
5.75% ⁽¹⁾		04/01/30			798,000		781,314
Everi Holdings, Inc.
5.00% ⁽¹⁾		07/15/29			350,000		351,813
Flutter Treasury DAC (Ireland)
5.00% ⁽¹⁾		04/29/29			100,000		117,428
Great Canadian Gaming Corp.
8.75% ⁽¹⁾		11/15/29			745,000		740,463
La Francaise des Jeux SACA (France)
3.38% ⁽³⁾		11/21/33	EUR		500,000		556,139
Live Nation Entertainment, Inc.
5.63% ⁽¹⁾		03/15/26		$	355,000		353,775
Lottomatica Group SpA (Italy)
4.88% ^(1),(5)		01/31/31	EUR		430,000		491,369
Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.
6.63% ⁽¹⁾		02/01/33			803,000		794,239
WarnerMedia Holdings, Inc.
4.28%		03/15/32			1,520,000		1,302,138

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date			Principal Amount		Value
5.05%		03/15/42		$	260,000	$	195,868
5.14%		03/15/52			1,400,000		962,262
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
6.25% ⁽¹⁾		03/15/33			55,000		53,325

							8,673,392

Environmental Control — 0.2%
GFL Environmental, Inc.
6.75% ⁽¹⁾		01/15/31			576,000		600,261
Waste Pro USA, Inc.
7.00% ⁽¹⁾		02/01/33			1,080,000		1,105,931

							1,706,192

Food — 0.7%
ELO SACA (France)
6.00% ⁽³⁾		03/22/29			300,000		315,766
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL
3.75%		12/01/31			385,000		354,158
6.75%		03/15/34			172,000		186,764
Mars, Inc.
4.80% ⁽¹⁾		03/01/30			1,620,000		1,640,639
Mondelez International, Inc.
2.38%		03/06/35	EUR		235,000		237,218
Pilgrim’s Pride Corp.
4.25%		04/15/31		$	1,430,000		1,355,583
6.25%		07/01/33			950,000		991,059
Post Holdings, Inc.
4.63% ⁽¹⁾		04/15/30			675,000		637,841
5.50% ⁽¹⁾		12/15/29			53,000		52,073
6.25% ⁽¹⁾		10/15/34			950,000		944,490
Smithfield Foods, Inc.
5.20% ⁽¹⁾		04/01/29			5,000		5,016

							6,720,607

Gas — 0.4%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.88%		08/20/26			500,000		494,470
9.38% ⁽¹⁾		06/01/28			687,000		683,180
CenterPoint Energy Resources Corp.
5.40%		03/01/33			765,000		783,490
KeySpan Gas East Corp.
5.99% ⁽¹⁾		03/06/33			385,000		393,682
National Gas Transmission PLC (United Kingdom)
4.25% ⁽³⁾		04/05/30	EUR		200,000		237,670
Venture Global Plaquemines LNG LLC
7.50% ⁽¹⁾		05/01/33		$	119,000		122,228


Issues	Maturity Date			Principal Amount		Value
7.75% ⁽¹⁾		05/01/35		$	820,000	$	842,591

							3,557,311

Health Care-Products — 0.5%
American Medical Systems Europe BV
3.00%		03/08/31	EUR		700,000		788,602
Bausch & Lomb Corp.
8.38% ⁽¹⁾		10/01/28		$	320,000		334,400
Medline Borrower LP
5.25% ⁽¹⁾		10/01/29			897,000		853,020
Medtronic Global Holdings SCA
1.38%		10/15/40	EUR		115,000		91,600
3.38%		10/15/34	EUR		185,000		209,215
Sartorius Finance BV (Germany)
4.50% ⁽³⁾		09/14/32	EUR		100,000		118,488
Sotera Health Holdings LLC
7.38% ⁽¹⁾		06/01/31		$	356,000		366,424
Stryker Corp.
4.70%		02/10/28			1,465,000		1,482,272
Thermo Fisher Scientific, Inc.
0.50%		03/01/28	EUR		735,000		787,399

							5,031,420

Health Care-Services — 1.2%
Centene Corp.
3.00%		10/15/30		$	1,323,000		1,161,806
Cerba Healthcare SACA (France)
3.50% ⁽³⁾		05/31/28	EUR		385,000		326,116
Elevance Health, Inc.
5.20%		02/15/35		$	185,000		185,322
Fortrea Holdings, Inc.
7.50% ⁽¹⁾		07/01/30			1,350,000		1,174,473
HAH Group Holding Co. LLC
9.75% ⁽¹⁾		10/01/31			299,000		287,503
HCA, Inc.
5.38%		09/01/26			1,260,000		1,267,774
5.63%		09/01/28			275,000		281,787
Heartland Dental LLC/Heartland Dental Finance Corp.
10.50% ⁽¹⁾		04/30/28			49,000		51,697
Humana, Inc.
5.55%		05/01/35			570,000		565,822
Kedrion SpA (Italy)
6.50% ⁽¹⁾		09/01/29			669,000		641,431
Lonza Finance International NV (Switzerland)
3.50% ⁽³⁾		09/04/34	EUR		229,000		257,594
3.88% ⁽³⁾		04/24/36	EUR		210,000		241,993
ModivCare, Inc.
5.00% ^(1),(6)		10/01/29		$	744,450		230,779

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date		Principal Amount		Value
Molina Healthcare, Inc.
4.38% ⁽¹⁾		06/15/28	$	54,000	$	51,969
6.25% ⁽¹⁾		01/15/33		2,330,000		2,316,300
Prime Healthcare Services, Inc.
9.38% ⁽¹⁾		09/01/29		325,000		310,043
Star Parent, Inc.
9.00% ⁽¹⁾		10/01/30		810,000		820,012
Tenet Healthcare Corp.
5.13%		11/01/27		1,950,000		1,935,297

						12,107,718

Household Products/Wares — 0.2%
Central Garden & Pet Co.
4.13%		10/15/30		575,000		527,591
4.13% ⁽¹⁾		04/30/31		58,000		52,280
Spectrum Brands, Inc.
3.88% ⁽¹⁾		03/15/31		1,695,000		1,399,714

						1,979,585

Insurance — 0.3%
Acrisure LLC/Acrisure Finance, Inc.
4.25% ⁽¹⁾		02/15/29		175,000		163,840
6.00% ⁽¹⁾		08/01/29		405,000		387,111
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
7.00% ⁽¹⁾		01/15/31		52,000		52,798
Athene Global Funding
1.99% ⁽¹⁾		08/19/28		15,000		13,767
2.72% ⁽¹⁾		01/07/29		95,000		88,046
3.21% ⁽¹⁾		03/08/27		130,000		126,035
Farmers Exchange Capital II
6.15% (3 mo. USD Term SOFR + 4.006%)^(1),(2)		11/01/53		550,000		530,096
Farmers Exchange Capital III
5.45% (3 mo. USD LIBOR + 3.454%)^(1),(2)		10/15/54		85,000		77,200
Farmers Insurance Exchange
4.75% (3 mo. USD LIBOR + 3.231%)^(1),(2)		11/01/57		135,000		110,587
7.00% (10 yr. CMT + 3.864%)^(1),(2)		10/15/64		265,000		269,449
HUB International Ltd.
7.25% ⁽¹⁾		06/15/30		417,000		432,779


Issues	Maturity Date			Principal Amount		Value
Metropolitan Life Global Funding I
2.95% ⁽¹⁾		04/09/30		$	15,000	$	13,944
Panther Escrow Issuer LLC
7.13% ⁽¹⁾		06/01/31			375,000		385,425

							2,651,077

Internet — 0.3%
Alphabet, Inc.
3.88%		05/06/45	EUR		405,000		432,653
Gen Digital, Inc.
6.25% ⁽¹⁾		04/01/33		$	250,000		249,602
6.75% ⁽¹⁾		09/30/27			328,000		333,769
Snap, Inc.
6.88% ⁽¹⁾		03/01/33			1,258,000		1,256,868
Uber Technologies, Inc.
4.30%		01/15/30			700,000		693,490

							2,966,382

Investment Companies — 0.1%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
9.00%		06/15/30			730,000		688,149
9.75%		01/15/29			285,000		281,517
10.00% ⁽¹⁾		11/15/29			368,000		360,839

							1,330,505

Leisure Time — 0.1%
MajorDrive Holdings IV LLC
6.38% ⁽¹⁾		06/01/29			74,000		55,464
Sabre GLBL, Inc.
10.75% ⁽¹⁾		11/15/29			447,000		428,413

							483,877

Lodging — 0.4%
Boyd Gaming Corp.
4.75% ⁽¹⁾		06/15/31			700,000		653,408
Hyatt Hotels Corp.
5.05%		03/30/28			905,000		909,733
Las Vegas Sands Corp.
5.63%		06/15/28			1,825,000		1,827,354
MGM Resorts International
6.50%		04/15/32			527,000		519,933

							3,910,428

Machinery-Diversified — 0.0%
Oregon Tool Lux LP
7.88% ⁽¹⁾		10/15/29			549,538		285,742

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date		Principal Amount		Value
Media — 0.9%
AMC Networks, Inc.
10.25% ⁽¹⁾		01/15/29	$	385,000	$	398,660
CCO Holdings LLC/CCO Holdings Capital Corp.
4.25% ⁽¹⁾		01/15/34		775,000		653,604
4.75% ⁽¹⁾		03/01/30		850,000		803,947
Charter Communications Operating LLC/Charter Communications Operating Capital
2.80%		04/01/31		140,000		121,559
3.70%		04/01/51		530,000		328,531
3.90%		06/01/52		360,000		229,072
4.80%		03/01/50		250,000		186,525
5.38%		05/01/47		141,000		114,658
6.65%		02/01/34		246,000		254,819
CSC Holdings LLC
4.63% ⁽¹⁾		12/01/30		300,000		139,119
6.50% ⁽¹⁾		02/01/29		77,000		63,017
11.75% ⁽¹⁾		01/31/29		934,000		883,134
Sinclair Television Group, Inc.
8.13% ⁽¹⁾		02/15/33		668,000		662,396
Sirius XM Radio LLC
3.88% ⁽¹⁾		09/01/31		791,000		678,995
5.00% ⁽¹⁾		08/01/27		1,820,000		1,800,726
Time Warner Cable LLC
5.50%		09/01/41		510,000		436,805
Univision Communications, Inc.
8.50% ⁽¹⁾		07/31/31		55,000		52,044
VZ Secured Financing BV (Netherlands)
5.00% ⁽¹⁾		01/15/32		1,475,000		1,287,867
Ziggo Bond Co. BV (Netherlands)
5.13% ⁽¹⁾		02/28/30		53,000		46,955

						9,142,433

Mining — 0.1%
Corp. Nacional del Cobre de Chile (Chile)
5.13% ⁽³⁾		02/02/33		200,000		192,964
5.95% ⁽³⁾		01/08/34		200,000		202,722
Novelis Corp.
3.25% ⁽¹⁾		11/15/26		275,000		267,083

						662,769

Office/Business Equipment — 0.1%
Xerox Corp.
10.25% ⁽¹⁾		10/15/30		826,000		841,892

Oil & Gas — 0.3%
Ecopetrol SA (Colombia)
8.88%		01/13/33		250,000		250,365


Issues	Maturity Date		Principal Amount		Value
KazMunayGas National Co. JSC
3.50% ⁽¹⁾		04/14/33	$	400,000	$	332,908
Matador Resources Co.
6.50% ⁽¹⁾		04/15/32		163,000		157,158
Parkland Corp. (Canada)
6.63% ⁽¹⁾		08/15/32		389,000		387,288
Pertamina Persero PT (Indonesia)
3.10% ⁽¹⁾		08/27/30		600,000		548,814
Petroleos Mexicanos
6.35%		02/12/48		5,000		3,223
Sunoco LP
6.25% ⁽¹⁾		07/01/33		300,000		299,871
Transocean Titan Financing Ltd.
8.38% ⁽¹⁾		02/01/28		356,476		353,510
Transocean, Inc.
8.75% ⁽¹⁾		02/15/30		252,000		246,454

						2,579,591

Oil & Gas Services — 0.3%
Archrock Partners LP/Archrock Partners Finance Corp.
6.25% ⁽¹⁾		04/01/28		103,000		102,783
6.63% ⁽¹⁾		09/01/32		856,000		851,823
USA Compression Partners LP/USA Compression Finance Corp.
6.88%		09/01/27		1,420,000		1,411,068
7.13% ⁽¹⁾		03/15/29		650,000		656,734

						3,022,408

Packaging & Containers — 0.6%
Amcor Finance USA, Inc.
4.50%		05/15/28		245,000		244,424
Amcor Flexibles North America, Inc.
4.80% ⁽¹⁾		03/17/28		2,225,000		2,242,555
Amcor Group Finance PLC
5.45%		05/23/29		670,000		683,561
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
4.13% ⁽¹⁾		08/15/26		382,000		337,772
5.25% ⁽¹⁾		08/15/27		510,000		235,156
5.25% ⁽¹⁾		08/15/27		305,000		141,090
Berry Global, Inc.
1.65%		01/15/27		40,000		37,961
5.50%		04/15/28		255,000		260,569
5.65%		01/15/34		150,000		151,467
Clearwater Paper Corp.
4.75% ⁽¹⁾		08/15/28		822,000		766,819
Clydesdale Acquisition Holdings, Inc.
6.63% ⁽¹⁾		04/15/29		425,000		429,195
Graham Packaging Co., Inc.
7.13% ⁽¹⁾		08/15/28		53,000		51,844

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date			Principal Amount		Value
Graphic Packaging International LLC
6.38% ⁽¹⁾		07/15/32		$	325,000	$	327,236
Trivium Packaging Finance BV (Netherlands)
5.50% ⁽¹⁾		08/15/26			245,000		242,802

							6,152,451

Pharmaceuticals — 0.9%
1261229 BC Ltd.
10.00% ⁽¹⁾		04/15/32			1,372,000		1,346,206
180 Medical, Inc. (United Kingdom)
3.88% ⁽¹⁾		10/15/29			269,000		251,792
Bayer U.S. Finance II LLC (Germany)
4.25% ⁽¹⁾		12/15/25			255,000		253,830
4.38% ⁽¹⁾		12/15/28			510,000		500,443
4.40% ⁽¹⁾		07/15/44			245,000		184,056
4.88% ⁽¹⁾		06/25/48			80,000		63,064
6.50% ⁽¹⁾		11/21/33			500,000		522,835
Bayer U.S. Finance LLC (Germany)
6.88% ⁽¹⁾		11/21/53			345,000		349,837
CVS Health Corp.
4.78%		03/25/38			75,000		67,727
5.05%		03/25/48			330,000		280,913
5.70%		06/01/34			1,165,000		1,184,001
5.88%		06/01/53			212,000		199,115
6.75% (5 yr. CMT + 2.516%)⁽²⁾		12/10/54			1,290,000		1,284,853
Grifols SA (Spain)
4.75% ⁽¹⁾		10/15/28	EUR		410,000		381,964
7.50% ⁽³⁾		05/01/30	EUR		827,000		986,062
Johnson & Johnson
3.05%		02/26/33		$	550,000		625,479
3.60%		02/26/45			265,000		291,469
MSD Netherlands Capital BV
3.50%		05/30/37	EUR		160,000		179,581

							8,953,227

Pipelines — 0.7%
Energy Transfer LP
6.63% (3 mo. USD LIBOR + 4.155%)^(2),(4)		02/15/28			733,000		707,037
Global Partners LP/GLP Finance Corp.
6.88%		01/15/29			430,000		427,953
8.25% ⁽¹⁾		01/15/32			425,000		433,067
NGL Energy Operating LLC/NGL Energy Finance Corp.
8.38% ⁽¹⁾		02/15/32			942,000		858,953


Issues	Maturity Date			Principal Amount		Value
NGPL PipeCo LLC
4.88% ⁽¹⁾		08/15/27		$	40,000	$	40,002
Pipeline Funding Co. LLC
7.50% ⁽¹⁾		01/15/30			139,458		145,800
Rockies Express Pipeline LLC
6.88% ⁽¹⁾		04/15/40			216,000		204,003
Southern Natural Gas Co. LLC
4.80% ⁽¹⁾		03/15/47			65,000		53,733
TMS Issuer SARL
5.78% ⁽³⁾		08/23/32			400,000		413,660
TransMontaigne Partners LLC
8.50% ⁽¹⁾		06/15/30			650,000		654,712
Venture Global Calcasieu Pass LLC
3.88% ⁽¹⁾		11/01/33			750,000		633,023
4.13% ⁽¹⁾		08/15/31			580,000		522,070
Venture Global LNG, Inc.
7.00% ⁽¹⁾		01/15/30			150,000		141,470
9.00% (5 yr. CMT + 5.440%)^(1),(4),(2)		09/30/29			1,150,000		988,321
9.88% ⁽¹⁾		02/01/32			779,000		793,092

							7,016,896

Real Estate — 0.1%
Blackstone Property Partners Europe Holdings SARL (Luxembourg)
1.00% ⁽³⁾		05/04/28	EUR		195,000		208,146
Vonovia SE (Germany)
0.75% ⁽³⁾		09/01/32	EUR		100,000		92,649
1.50% ⁽³⁾		06/14/41	EUR		600,000		448,140

							748,935

REIT — 1.1%
American Assets Trust LP
3.38%		02/01/31		$	500,000		436,360
American Homes 4 Rent LP
3.38%		07/15/51			675,000		430,981
American Tower Corp.
2.10%		06/15/30			1,050,000		926,047
4.90%		03/15/30			500,000		505,410
Americold Realty Operating Partnership LP (REIT)
5.60%		05/15/32			1,120,000		1,123,528
Boston Properties LP (REIT)
2.75%		10/01/26			10,000		9,701
Crown Castle, Inc. (REIT)
2.10%		04/01/31			1,250,000		1,062,712

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date			Principal Amount		Value
Digital Dutch Finco BV
1.25% ⁽³⁾		02/01/31	EUR		220,000	$	220,863
3.88% ⁽³⁾		03/15/35	EUR		500,000		555,255
Digital Intrepid Holding BV
0.63% ⁽³⁾		07/15/31	EUR		100,000		95,396
Equinix Europe 2 Financing Corp. LLC (REIT)
3.63%		11/22/34	EUR		490,000		542,069
Extra Space Storage LP
2.40%		10/15/31		$	71,000		60,688
GLP Capital LP/GLP Financing II, Inc.
4.00%		01/15/31			73,000		67,811
5.38%		04/15/26			1,040,000		1,037,525
5.75%		06/01/28			10,000		10,156
Healthcare Realty Holdings LP
3.10%		02/15/30			35,000		32,144
3.63%		01/15/28			150,000		145,472
Hudson Pacific Properties LP
3.25%		01/15/30			525,000		348,080
3.95%		11/01/27			511,000		444,166
5.95%		02/15/28			638,000		533,451
Iron Mountain, Inc. (REIT)
6.25% ⁽¹⁾		01/15/33			335,000		334,682
LXP Industrial Trust
2.70%		09/15/30			160,000		140,973
Prologis Euro Finance LLC
4.00%		05/05/34			290,000		335,488
4.63%		05/23/33			150,000		183,743
Realty Income Corp.
5.13%		07/06/34	EUR		885,000		1,102,248
VICI Properties LP
5.63%		05/15/52		$	50,000		44,847
VICI Properties LP/VICI Note Co., Inc.
3.88% ⁽¹⁾		02/15/29			30,000		28,798
5.75% ⁽¹⁾		02/01/27			65,000		65,821
WP Carey, Inc. (REIT)
4.25%		07/23/32	EUR		200,000		233,449

							11,057,864

Retail — 0.6%
1011778 BC ULC/New Red Finance, Inc. (Canada)
4.00% ⁽¹⁾		10/15/30		$	130,000		118,486
Bloomin’ Brands, Inc./OSI Restaurant Partners LLC
5.13% ⁽¹⁾		04/15/29			818,000		707,693
Ferrellgas LP/Ferrellgas Finance Corp.
5.38% ⁽¹⁾		04/01/26			810,000		788,332
5.88% ⁽¹⁾		04/01/29			826,000		717,464
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.
6.75% ⁽¹⁾		01/15/30			60,000		52,493


Issues	Maturity Date			Principal Amount		Value
FirstCash, Inc.
6.88% ⁽¹⁾		03/01/32		$	320,000	$	327,597
LCM Investments Holdings II LLC
8.25% ⁽¹⁾		08/01/31			50,000		52,398
Lithia Motors, Inc.
3.88% ⁽¹⁾		06/01/29			325,000		302,110
Michaels Cos., Inc.
5.25% ⁽¹⁾		05/01/28			704,000		370,044
7.88% ⁽¹⁾		05/01/29			210,000		73,849
Murphy Oil USA, Inc.
3.75% ⁽¹⁾		02/15/31			58,000		52,364
Papa John’s International, Inc.
3.88% ⁽¹⁾		09/15/29			695,000		646,051
Raising Cane’s Restaurants LLC
9.38% ⁽¹⁾		05/01/29			320,000		340,051
Saks Global Enterprises LLC
11.00% ⁽¹⁾		12/15/29			700,000		424,949
Staples, Inc.
10.75% ⁽¹⁾		09/01/29			175,000		152,281
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.00% ⁽¹⁾		06/01/31			435,000		398,395

							5,524,557

Semiconductors — 0.1%
Foundry JV Holdco LLC
5.50% ⁽¹⁾		01/25/31			185,000		187,616
Intel Corp.
2.00%		08/12/31			560,000		468,563
5.70%		02/10/53			130,000		116,471

							772,650

Software — 0.8%
Cloud Software Group, Inc.
8.25% ⁽¹⁾		06/30/32			625,000		652,787
9.00% ⁽¹⁾		09/30/29			440,000		443,978
Fiserv Funding ULC
4.00%		06/15/36	EUR		925,000		1,041,998
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL
8.75% ⁽¹⁾		05/01/29		$	678,000		658,514
Open Text Corp. (Canada)
6.90% ⁽¹⁾		12/01/27			760,000		781,751
Oracle Corp.
4.80%		08/03/28			880,000		891,713
Paychex, Inc.
5.10%		04/15/30			2,380,000		2,418,151
RingCentral, Inc.
8.50% ⁽¹⁾		08/15/30			336,000		353,852

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date			Principal Amount		Value
SS&C Technologies, Inc.
5.50% ⁽¹⁾		09/30/27		$	52,000	$	51,813
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.
3.88% ⁽¹⁾		02/01/29			282,000		259,491

							7,554,048

Telecommunications — 1.2%
Altice Financing SA (Luxembourg)
5.75% ⁽¹⁾		08/15/29			395,000		290,850
9.63% ⁽¹⁾		07/15/27			809,000		699,834
CommScope LLC
9.50% ⁽¹⁾		12/15/31			556,000		569,177
Consolidated Communications, Inc.
6.50% ⁽¹⁾		10/01/28			1,363,000		1,343,114
EchoStar Corp.
10.75%		11/30/29			1,965,000		2,078,950
Frontier Communications Holdings LLC
5.88% ⁽¹⁾		10/15/27			155,000		154,946
8.63% ⁽¹⁾		03/15/31			1,351,000		1,433,668
Global Switch Finance BV (United Kingdom)
1.38% ⁽³⁾		10/07/30	EUR		725,000		777,754
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
5.15% ⁽¹⁾		09/20/29		$	403,800		406,942
T-Mobile USA, Inc.
2.55%		02/15/31			996,000		883,820
5.13%		05/15/32			1,075,000		1,087,846
Vmed O2 U.K. Financing I PLC (United Kingdom)
7.75% ⁽¹⁾		04/15/32			747,000		754,096
Windstream Services LLC/Windstream Escrow Finance Corp.
8.25% ⁽¹⁾		10/01/31			674,000		691,524
Zayo Group Holdings, Inc.
4.00% ⁽¹⁾		03/01/27			850,000		782,578

							11,955,099

Water — 0.1%
Holding d’Infrastructures des Metiers de l’Environnement (France)
4.88% ⁽³⁾		10/24/29			200,000		231,371
Severn Trent Utilities Finance PLC (United Kingdom)
3.88% ⁽³⁾		08/04/35	EUR		445,000		503,327
Suez SACA (France)
2.88% ⁽³⁾		05/24/34	EUR		200,000		211,778
United Utilities Water Finance PLC (United Kingdom)
3.75% ⁽³⁾		05/23/34	EUR		420,000		476,820

							1,423,296

Total Corporate Bonds
(Cost: $210,406,066)							210,349,111


Issues	Maturity Date		Principal Amount		Value
MUNICIPAL BONDS—0.1%
City of Los Angeles Department of Airports, Revenue Bond
3.89%		05/15/38	$	100,000	$	90,406
City of New York, General Obligation Unlimited
3.62%		04/01/31		155,000		148,252
County of Miami-Dade Aviation Revenue, Revenue Bond
2.61%		10/01/32		100,000		87,253
Empire State Development Corp., Revenue Bond
2.00%		03/15/33		100,000		82,792
2.54%		03/15/34		135,000		113,720
2.54%		03/15/34		40,000		33,958
New York City Transitional Finance Authority Future Tax Secured Revenue
1.85%		08/01/32		75,000		62,264
State of Ohio, Revenue Bond
2.89%		01/01/32		100,000		90,335

Total Municipal Bonds
(Cost: $821,355)						708,980

FOREIGN GOVERNMENT BONDS—0.7%
Brazil Government International Bonds
6.00%		10/20/33		600,000		593,304
6.13%		03/15/34		400,000		392,520
Colombia Government International Bonds
8.00%		04/20/33		400,000		406,640
Costa Rica Government International Bonds
6.55% ⁽³⁾		04/03/34		400,000		409,248
Finance Department Government of Sharjah
6.50% ⁽¹⁾		11/23/32		200,000		208,498
Guatemala Government Bonds
3.70% ⁽³⁾		10/07/33		200,000		166,306
5.25% ⁽³⁾		08/10/29		300,000		296,535
Indonesia Government International Bonds
4.75%		09/10/34		200,000		194,392
Israel Government International Bonds
5.38%		02/19/30		440,000		444,352
Mexico Government International Bonds
2.66%		05/24/31		400,000		340,560
4.88%		05/19/33		475,000		437,470
6.35%		02/09/35		300,000		298,500
Panama Government International Bonds
2.25%		09/29/32		400,000		294,012
6.40%		02/14/35		400,000		378,996
Paraguay Government International Bonds
4.95% ⁽³⁾		04/28/31		400,000		394,564
Perusahaan Penerbit SBSN Indonesia III
2.80% ⁽³⁾		06/23/30		200,000		182,592

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date			Principal Amount		Value
Republic of South Africa Government International Bonds
5.88%		06/22/30		$	450,000	$	436,549
5.88%		04/20/32			400,000		376,900
Romania Government International Bonds
3.63% ⁽³⁾		03/27/32			300,000		249,132
6.63% ⁽¹⁾		02/17/28			200,000		204,910
Uruguay Government International Bonds
5.44%		02/14/37			200,000		204,042

Total Foreign Government Bonds
(Cost: $6,891,191)							6,910,022

ASSET-BACKED SECURITIES—19.7%
522 Funding CLO Ltd. Series 2020-6A, Class CR2
6.23% (3 mo. USD Term SOFR + 1.950%)^(1),(2)		10/23/34			1,100,000		1,081,785
Adagio IV CLO Ltd. Series IV-X, Class B1RR
3.93% (3 mo. EUR EURIBOR + 1.650%)^(2),(3)		04/15/34	EUR		975,000		1,090,447
AGL CLO 13 Ltd. Series 2021-13A, Class B
6.18% (3 mo. USD Term SOFR + 1.912%)^(1),(2)		10/20/34		$	600,000		599,844
AIMCO CLO Series 2017-AA, Class SUB
0.00% ^(1),(7)		01/20/38			4,250,000		2,290,410
AIMCO CLO 14 Ltd. Series 2021-14A, Class SUB
0.00% ^(1),(7)		04/20/34			700,000		462,814
Alinea CLO Ltd. Series 2018-1A, Class DR
6.52% (3 mo. USD Term SOFR + 2.250%)^(1),(2)		07/20/31			750,000		743,333
Allegro CLO XVI Ltd. Series 2024-1A, Class C
6.98% (3 mo. USD Term SOFR + 2.700%)^(1),(2)		04/25/37			1,000,000		1,005,303
ALLO Issuer LLC Series 2023-1A, Class C
12.18% ⁽¹⁾		06/20/53			469,000		505,303
ALLO Issuer LLC Series 2024-1A, Class C
11.19% ⁽¹⁾		07/20/54			2,734,000		2,959,495

Issues

Maturity

Date

Principal

Amount

Value

ALLO Issuer LLC Series 2025-1A, Class C

8.10% ⁽¹⁾

04/20/55

1,750,000

1,735,207

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

5.87% (3 mo. USD Term SOFR + 1.600%)^(1),(2)

01/20/35

700,000

695,820

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

10.77% (3 mo. USD Term SOFR + 6.500%)^(1),(2)

01/20/35

1,000,000

986,168

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

6.07% (3 mo. USD Term SOFR + 1.800%)^(1),(2)

01/20/37

3,000,000

2,940,204

AMMC CLO 31 Ltd. Series 2025-31A, Class E

9.74% (3 mo. USD Term SOFR + 5.450%)^(1),(2)

02/20/38

1,000,000

986,126

AMSR Trust Series 2020-SFR2, Class H

5.25% ⁽¹⁾

07/17/37

2,400,000

2,384,774

AMSR Trust Series 2020-SFR3, Class H

6.50% ⁽¹⁾

09/17/37

1,775,000

1,761,424

AMSR Trust Series 2021-SFR1, Class G

4.61% ⁽¹⁾

06/17/38

2,500,000

2,301,113

AMSR Trust Series 2021-SFR2, Class F1

3.28% ⁽¹⁾

08/17/38

1,225,000

1,165,640

AMSR Trust Series 2021-SFR3, Class G

3.80% ⁽¹⁾

10/17/38

2,160,000

2,051,471

AMSR Trust Series 2022-SFR1, Class F

6.02% ⁽¹⁾

03/17/39

3,150,000

3,123,987

Angel Oak Mortgage Trust Series 2025-HB1, Class M3

7.40% (30 day USD SOFR Average + 3.050%)^(1),(2)

02/25/55

1,832,000

1,833,145

Applebee’s Funding LLC/IHOP Funding LLC Series 2019-1A, Class A2II

4.72% ⁽¹⁾

06/05/49

2,074,050

2,037,824

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Aqueduct European CLO 9 DAC Series 2025-9A, Class B

4.06% (3 mo. EUR EURIBOR + 1.750%)^(1),(2)

04/15/38

EUR

1,775,000

1,982,658

Arbour CLO VI DAC Series 6A, Class BR

4.46% (3 mo. EUR EURIBOR + 1.900%)^(1),(2)

11/15/37

EUR

1,500,000

1,694,858

Arbour CLO VII DAC Series 7A, Class BR

4.55% (3 mo. EUR EURIBOR + 2.050%)^(1),(2)

12/15/38

1,350,000

1,529,501

Aurium CLO XIII DAC Series 13A, Class B

4.07% (3 mo. EUR EURIBOR + 1.700%)^(1),(2)

04/15/38

EUR

1,775,000

1,985,473

Avis Budget Rental Car Funding AESOP LLC Series 2021-1A, Class D

3.71% ⁽¹⁾

08/20/27

1,540,000

1,488,913

Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class D

4.08% ⁽¹⁾

02/20/28

1,647,000

1,578,774

Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class D

7.32% ⁽¹⁾

02/20/28

1,500,000

1,507,261

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

6.18% (3 mo. USD Term SOFR + 1.900%)^(1),(2)

07/24/34

1,200,000

1,179,281

Bardot CLO Ltd. Series 2019-2A, Class DRR

6.77% (3 mo. USD Term SOFR + 2.500%)^(1),(2)

10/22/32

1,200,000

1,185,293

Bayard Park CLO Ltd. Series 2025-1A, Class SUB

0.00% ^(1),(7)

07/24/38

2,150,000

1,766,655

BCRED CLO LLC Series 2023-1A, Class A

6.57% (3 mo. USD Term SOFR + 2.300%)^(1),(2)

01/20/36

1,200,000

1,203,968

Issues

Maturity

Date

Principal

Amount

Value

Blue Stream Issuer LLC Series 2024-1A, Class C

8.71% ⁽¹⁾

11/20/54

2,430,000

2,507,067

BMO SBA COOF Trust Series 2019-1, Class A (I/O)

1.38% ^(1),(8)

10/25/45

1,799,493

72,500

Capital Street Master Trust Series 2024-1, Class A

5.70% (30 day USD SOFR Average + 1.350%)^(1),(2)

10/16/28

1,100,000

1,100,254

Carvana Auto Receivables Trust Series 2020-P1, Class R

0.00% ^(1),(9)

09/08/27

1,300

100,030

Carvana Auto Receivables Trust Series 2021-N3, Class R

0.00% ^(1),(9)

06/12/28

1,500

95,699

Carvana Auto Receivables Trust Series 2022-P2, Class R

0.00% ^(1),(9)

05/10/29

3,050

372,742

Carvana Auto Receivables Trust Series 2023-N3, Class R

0.00% ^(1),(9)

09/10/30

2,200

499,107

Carvana Auto Receivables Trust Series 2023-N3, Class XS (I/O)

0.00% ^(1),(7)

09/10/30

18,241,529

256,439

Carvana Auto Receivables Trust Series 2023-P1, Class R

0.00% ^(1),(9)

03/11/30

3,100

300,754

Carvana Auto Receivables Trust Series 2023-P2, Class R

0.00% ^(1),(9)

06/10/30

2,000

285,288

Carvana Auto Receivables Trust Series 2023-P3, Class R

0.00% ^(1),(9)

08/12/30

2,000

269,533

CIFC Funding Ltd. Series 2017-4A, Class A2R

6.09% (3 mo. USD Term SOFR + 1.812%)^(1),(2)

10/24/30

575,000

575,362

CIFC Funding Ltd. Series 2018-1A, Class SUB

0.00% ^(1),(7)

01/18/38

575,000

217,087

CIFC Funding Ltd. Series 2022-2A, Class B

0.00% ^(1),(7)

04/19/35

475,000

330,125

CLI Funding VIII LLC Series 2022-1A, Class B

3.12% ⁽¹⁾

01/18/47

241,384

216,979

Cloud Capital Holdco LP Series 2024-1A, Class A2

5.78% ⁽¹⁾

11/22/49

1,860,000

1,868,379

CoreVest American Finance Ltd. Series 2019-3, Class XA (I/O)

2.16% ^(1),(8)

10/15/52

97,115

527

CoreVest American Finance Trust Series 2021-1, Class XB (I/O)

1.61% ^(1),(8)

04/15/53

4,459,000

213,699

CVC Cordatus Loan Fund XXI DAC Series 21X, Class B1

4.09% (3 mo. EUR EURIBOR + 1.700%)^(2),(3)

09/22/34

1,200,000

1,351,888

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

CyrusOne Data Centers Issuer I LLC Series 2024-1A, Class A2

4.65% ⁽¹⁾

03/22/49

1,700,000

1,648,763

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

6.21% (3 mo. USD Term SOFR + 1.950%)^(1),(2)

10/15/30

1,300,000

1,299,201

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

5.42% (3 mo. USD Term SOFR + 1.162%)^(1),(2)

04/15/29

19,332

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

0.00% ^(1),(7)

07/18/37

3,500,000

1,897,056

FHF Issuer Trust Series 2025-1A, Class D

5.95% ⁽¹⁾

06/15/32

890,000

884,180

Fidelity Grand Harbour CLO DAC Series 2023-1A, Class B1R

4.31% (3 mo. EUR EURIBOR + 1.750%)^(1),(2)

02/15/38

EUR

2,140,000

2,379,693

FirstKey Homes Trust Series 2020-SFR1, Class F2

4.28% ⁽¹⁾

08/17/37

1,688,000

1,674,159

FirstKey Homes Trust Series 2021-SFR1, Class F1

3.24% ⁽¹⁾

08/17/38

4,000,000

3,864,922

FirstKey Homes Trust Series 2021-SFR3, Class E1

2.99% ⁽¹⁾

12/17/38

944,000

904,535

FirstKey Homes Trust Series 2022-SFR1, Class D

5.20% ⁽¹⁾

05/19/39

1,600,000

1,604,021

Flatiron RR CLO 22 LLC Series 2021-2A, Class DR

6.66% (3 mo. USD Term SOFR + 2.400%)^(1),(2)

10/15/34

1,150,000

1,126,575

Flexential Issuer Series 2021-1A, Class A2

3.25% ⁽¹⁾

11/27/51

2,250,000

2,147,415

Flexential Issuer Series 2021-1A, Class B

3.72% ⁽¹⁾

11/27/51

3,000,000

2,847,549

FRTKL Group, Inc. Series 2021-SFR1, Class F

3.17% ⁽¹⁾

09/17/38

1,779,000

1,681,226

GLS Auto Receivables Issuer Trust Series 2023-2A, Class D

6.31% ⁽¹⁾

03/15/29

1,110,000

1,133,037

GoldenTree Loan Management U.S. CLO 17 Ltd. Series 2023-17A, Class D

9.27% (3 mo. USD Term SOFR + 5.000%)^(1),(2)

07/20/36

850,000

853,786

Issues

Maturity

Date

Principal

Amount

Value

Golub Capital Partners CLO 42M-R Ltd. Series 2019-42RA, Class A2R

7.03% (3 mo. USD Term SOFR + 2.750%)^(1),(2)

01/20/36

800,000

805,400

Golub Capital Partners CLO 69M Ltd. Series 2023-69A, Class B1

7.55% (3 mo. USD Term SOFR + 3.250%)^(1),(2)

11/09/36

1,200,000

1,208,034

Hertz Vehicle Financing III LP Series 2021-2A, Class C

2.52% ⁽¹⁾

12/27/27

950,000

903,136

HOA Funding LLC Series 2021-1A, Class A2

4.72% ⁽¹⁾

08/20/51

814,278

244,296

Hotwire Funding LLC Series 2024-1A, Class C

9.19% ⁽¹⁾

06/20/54

1,500,000

1,538,317

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

10.02% (3 mo. USD Term SOFR + 5.750%)^(1),(2)

07/20/36

850,000

853,771

HPS Loan Management Ltd. Series 2024-19A, Class C2

7.16% (3 mo. USD Term SOFR + 2.900%)^(1),(2)

04/15/37

1,000,000

1,007,034

Huntington Bank Auto Credit-Linked Notes Series 2025-1, Class D

7.85% (30 day USD SOFR Average + 3.500%)^(1),(2)

03/21/33

1,203,111

1,191,113

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

0.00% ^(1),(7)

07/15/34

5,000,000

1,437,255

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

0.00%^(1),(7),(10)

07/15/34

500,000

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

0.00% ^(1),(7)

01/15/38

1,400,000

1,028,860

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

0.00%^(1),(7),(10)

01/15/38

1,400,000

48,710

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

JG Wentworth XLII LLC Series 2018-2A, Class B

4.70% ⁽¹⁾

10/15/77

146,736

132,795

JG Wentworth XXXIX LLC Series 2017-2A, Class B

5.09% ⁽¹⁾

09/17/74

275,583

249,535

JGWPT XXX LLC Series 2013-3A, Class A

4.08% ⁽¹⁾

01/17/73

32,423

30,740

JGWPT XXXII LLC Series 2014-2A, Class A

3.61% ⁽¹⁾

01/17/73

32,420

29,495

LCM 35 Ltd. Series 35A, Class BR

5.91% (3 mo. USD Term SOFR + 1.650%)^(1),(2)

10/15/34

1,700,000

1,685,890

Lunar Structured Aircraft Portfolio Notes Series 2021-1, Class A

2.64% ⁽¹⁾

10/15/46

922,374

858,802

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

7.01% (3 mo. USD Term SOFR + 2.750%)^(1),(2)

10/15/34

1,500,000

1,462,761

Madison Park Funding XLVIII Ltd. Series 2021-48A, Class A

5.68% (3 mo. USD LIBOR + 1.150%)^(1),(2)

04/19/33

907,971

908,739

Magnetite XLII Ltd. Series 2024-42A, Class SUB

0.00% ^(1),(7)

01/25/38

1,000,000

896,747

MetroNet Infrastructure Issuer LLC Series 2024-1A, Class B

7.59% ⁽¹⁾

04/20/54

2,015,000

2,086,757

MetroNet Infrastructure Issuer LLC Series 2024-1A, Class C

10.86% ⁽¹⁾

04/20/54

1,500,000

1,588,502

Navient Student Loan Trust Series 2018-4A, Class B

5.77% (30 day USD SOFR Average + 1.414%)^(1),(2)

06/27/67

850,000

797,515

NCFA LLC – Loan Participation 1

2.75% ⁽¹⁰⁾

06/12/28

1,321,825

NCFA LLC – Loan Participation 2

0.00% ⁽¹⁰⁾

12/19/27

1,476,091

Nelnet Student Loan Trust Series 2007-1, Class B2

5.96% ⁽⁸⁾

08/25/37

810,000

720,670

Neuberger Berman CLO XVII Ltd. Series 2014-17A, Class ER3

11.02% (3 mo. USD Term SOFR + 6.750%)^(1),(2)

07/22/38

1,800,000

1,797,982


Issues	Maturity Date			Principal Amount		Value
Neuberger Berman Loan Advisers CLO 40 Ltd. Series 2021-40A, Class SUB
0.00% ^(1),(7)		04/16/33		$	275,000	$	102,029
Newday Funding Master Issuer PLC Series 2024-2X, Class E
8.37% (1 day GBP SONIA + 3.900%)^(2),(3)		07/15/32	GBP		1,600,000		2,124,066
OCP Aegis CLO Ltd. Series 2023-29A, Class D2R
8.12% (3 mo. USD Term SOFR + 3.850%)^(1),(2)		01/20/36		$	1,100,000		1,079,044
OCP CLO Ltd. Series 2021-23A, Class SUB
0.00% ^(1),(7)		01/17/37			4,395,000		2,220,793
OCP CLO Ltd. Series 2023-28A, Class D
9.61% (3 mo. USD Term SOFR + 5.350%)^(1),(2)		07/16/36			900,000		903,911
Octagon Investment Partners 44 Ltd. Series 2019-1A, Class BR
6.22% (3 mo. USD Term SOFR + 1.962%)^(1),(2)		10/15/34			700,000		694,538
Palmer Square CLO Ltd. Series 2015-1A, Class BR5
6.23% (3 mo. USD Term SOFR + 1.900%)^(1),(2)		05/21/34			1,300,000		1,287,863
Palmer Square CLO Ltd. Series 2021-1A, Class SUB
0.00% ^(1),(7)		04/20/38			2,212,000		1,102,653
Palmer Square European Loan Funding DAC Series 2024-3A, Class B
4.54% (3 mo. EUR EURIBOR + 1.850%)^(1),(2)		05/15/34	EUR		1,400,000		1,574,413
PHEAA Student Loan Trust Series 2014-3A, Class A
5.06% (30 day USD SOFR Average + 0.704%)^(1),(2)		08/25/40		$	14,867		14,625

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

PRET LLC Series 2021-RN3, Class A1

4.84% ⁽¹⁾

09/25/51

1,322,456

1,318,309

PRET LLC Series 2024-NPL3, Class A1

7.52% ⁽¹⁾

04/27/54

1,230,710

1,235,702

PRET LLC Series 2024-RN2, Class A1

7.12% ⁽¹⁾

04/25/54

1,904,943

1,917,540

PRET LLC Series 2025-NPL4, Class A1

6.37% ^(1),(8)

04/25/55

4,500,000

4,500,022

PRET Trust Series 2025-NPL1, Class A1

6.06% ⁽¹⁾

02/25/55

1,905,196

1,908,038

Progress Residential Trust Series 2021-SFR10, Class F

4.61% ⁽¹⁾

12/17/40

1,173,925

1,115,191

Progress Residential Trust Series 2021-SFR11, Class F

4.42% ⁽¹⁾

01/17/39

1,250,000

1,203,516

Progress Residential Trust Series 2021-SFR3, Class G

4.25% ⁽¹⁾

05/17/26

1,211,000

1,185,851

Progress Residential Trust Series 2021-SFR4, Class F

3.41% ⁽¹⁾

05/17/38

1,530,000

1,496,633

Progress Residential Trust Series 2021-SFR6, Class G

4.00% ⁽¹⁾

07/17/38

1,250,000

1,218,841

Progress Residential Trust Series 2021-SFR8, Class G

4.01% ⁽¹⁾

10/17/38

1,488,000

1,453,384

Progress Residential Trust Series 2021-SFR9, Class E1

2.81% ⁽¹⁾

11/17/40

1,531,000

1,424,407

Progress Residential Trust Series 2022-SFR1, Class G

5.52% ⁽¹⁾

02/17/41

3,000,000

2,804,074

Progress Residential Trust Series 2022-SFR3, Class E2

5.60% ⁽¹⁾

04/17/39

1,646,000

1,636,440

Progress Residential Trust Series 2024-SFR5, Class E2

3.63% ^(1),(8)

08/09/29

2,050,000

1,863,777

Rockford Tower CLO Ltd. Series 2017-3A, Class A

5.72% (3 mo. USD Term SOFR + 1.452%)^(1),(2)

10/20/30

213,081

213,231

Rockford Tower CLO Ltd. Series 2019-2A, Class BR2

5.97% (3 mo. USD Term SOFR + 1.650%)^(1),(2)

08/20/32

2,000,000

1,994,050

Rockford Tower CLO Ltd. Series 2021-3A, Class D2R

8.51% (3 mo. USD Term SOFR + 4.250%)^(1),(2)

01/15/38

2,850,000

2,806,406

Issues

Maturity

Date

Principal

Amount

Value

Rockford Tower CLO Ltd. Series 2023-1A, Class D

9.59% (3 mo. USD Term SOFR + 5.320%)^(1),(2)

01/20/36

850,000

854,934

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

9.86% (3 mo. USD Term SOFR + 5.600%)^(1),(2)

03/31/38

1,100,000

1,023,220

Sabey Data Center Issuer LLC Series 2021-1, Class A2

1.88% ⁽¹⁾

06/20/46

1,325,000

1,265,870

Sabey Data Center Issuer LLC Series 2023-1, Class A2

6.25% ⁽¹⁾

04/20/48

175,000

175,891

Santander Consumer Auto Receivables Trust Series 2020-BA, Class R

0.00% ^(1),(9)

08/15/28

2,000

582,938

Santander Consumer Auto Receivables Trust Series 2021-CA, Class R

0.00% ^(1),(9)

06/15/28

5,150

523,952

Sierra Timeshare Receivables Funding LLC Series 2024-2A, Class C

5.83% ⁽¹⁾

06/20/41

628,198

634,833

Skyline Aviation, Inc. Class A

3.23% ⁽¹⁰⁾

07/03/38

417,320

389,249

Slam Ltd. Series 2024-1A, Class A

5.34% ⁽¹⁾

09/15/49

2,089,582

2,086,573

SLM Student Loan Trust Series 2004-1, Class B

5.12% (90 day USD SOFR Average +
0.762%)⁽²⁾

07/25/39

104,262

99,591

SLM Student Loan Trust Series 2008-5, Class A4

6.32% (90 day USD SOFR Average +
1.962%)⁽²⁾

07/25/23

28,935

29,072

SLM Student Loan Trust Series 2008-7, Class A4

5.52% (90 day USD SOFR Average +
1.162%)⁽²⁾

07/25/23

6,924

6,802

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

SLM Student Loan Trust Series 2008-7, Class B

6.47% (90 day USD SOFR Average + 2.112%)⁽²⁾

07/26/83

10,000

10,122

Stratus CLO Ltd. Series 2021-3A, Class SUB

0.00% ^(1),(7)

12/29/29

975,000

146

Switch ABS Issuer LLC Series 2024-1A, Class B

6.50% ⁽¹⁾

03/25/54

400,000

401,980

Switch ABS Issuer LLC Series 2024-2A, Class C

10.03% ⁽¹⁾

06/25/54

2,350,000

2,451,719

Taco Bell Funding LLC Series 2016-1A, Class A23

4.97% ⁽¹⁾

05/25/46

721,875

722,123

Taco Bell Funding LLC Series 2021-1A, Class A2I

1.95% ⁽¹⁾

08/25/51

953,025

904,415

Textainer Marine Containers VII Ltd. Series 2021-1A, Class B

2.52% ⁽¹⁾

02/20/46

511,541

467,840

Tricon Residential Trust Series 2021-SFR1, Class F

3.69% ⁽¹⁾

07/17/38

6,690,000

6,507,341

Tricon Residential Trust Series 2022-SFR1, Class E2

5.74% ⁽¹⁾

04/17/39

1,600,000

1,597,839

Tricon Residential Trust Series 2024-SFR4, Class D

5.35% ⁽¹⁾

11/17/41

1,480,000

1,446,506

Vantage Data Centers Jersey Borrower SPV Ltd. Series 2024-1A, Class A2

6.17% ⁽¹⁾

05/28/39

GBP

1,550,000

2,107,852

Vault DI Issuer LLC Series 2021-1A, Class A2

2.80% ⁽¹⁾

07/15/46

1,700,000

1,635,870

VB-S1 Issuer LLC Series 2022-1A, Class F

5.27% ⁽¹⁾

02/15/52

2,075,000

1,957,907

Vista Point Securitization Trust Series 2024-CES2, Class A3

5.91% ⁽¹⁾

10/25/54

700,000

702,955

Vista Point Securitization Trust Series 2024-CES2, Class B1

7.50% ^(1),(8)

10/25/54

1,000,000

1,006,969

Wendy’s Funding LLC Series 2019-1A, Class A2I

3.78% ⁽¹⁾

06/15/49

1,748,183

1,723,420

Whetstone Park CLO Ltd. Series 2021-1A, Class SUB

0.00% ^(1),(7)

01/20/35

2,180,000

987,978

Wingstop Funding LLC Series 2020-1A, Class A2

2.84% ⁽¹⁾

12/05/50

1,477,500

1,402,713

Ziply Fiber Issuer LLC Series 2024-1A, Class B

7.81% ⁽¹⁾

04/20/54

825,000

858,987

Total Asset-backed Securities

(Cost: $193,451,538)

191,720,912

Issues

Maturity

Date

Principal

Amount

Value

COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY—0.1%

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K037, Class X3 (I/O)

5.11% ⁽⁸⁾

01/25/42

14,744

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X1 (I/O)

0.67% ⁽⁸⁾

07/25/25

8,987,464

4,396

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X3 (I/O)

1.60% ⁽⁸⁾

10/25/43

2,925,000

7,718

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K050, Class X1 (I/O)

0.42% ⁽⁸⁾

08/25/25

19,063,637

11,330

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K056, Class X3 (I/O)

2.19% ⁽⁸⁾

06/25/44

6,243,936

138,148

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K062, Class X3 (I/O)

2.15% ⁽⁸⁾

01/25/45

2,999,971

93,979

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K106, Class X1 (I/O)

1.44% ⁽⁸⁾

01/25/30

9,182,923

484,051

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K732, Class X3 (I/O)

2.31% ⁽⁸⁾

05/25/46

4,850,000

14,108

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K735, Class X3 (I/O)

2.23% ⁽⁸⁾

05/25/47

3,160,000

67,890

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K736, Class X3 (I/O)

2.07% ⁽⁸⁾

09/25/47

2,495,000

56,900

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC05, Class X1 (I/O)

1.34% ⁽⁸⁾

06/25/27

598,645

9,568

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KLU1, Class X3 (I/O)

4.17% ⁽⁸⁾

01/25/31

157,928

16,018

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT1 (I/O)

1.66% ⁽⁸⁾

05/25/25

1,550,111

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT2 (I/O)

1.81% ⁽⁸⁾

05/25/27

3,538,826

99,298

Federal National Mortgage Association, Pool #462209

6.37% (1 yr. CMT + 2.176%)⁽²⁾

04/01/36

42,010

41,786

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Federal National Mortgage Association-ACES Series 2016-M11, Class X2 (ACES) (I/O)

3.10% ⁽⁸⁾

07/25/39

223,494

4,149

Federal National Mortgage Association-Aces Series 2016-M2, Class X3 (I/O)

2.04% ⁽⁸⁾

04/25/36

59,937

Federal National Mortgage Association-Aces Series 2016-M4, Class X2 (I/O)

2.72% ⁽⁸⁾

01/25/39

419,906

15,719

Government National Mortgage Association Series 2009-111, Class IO (I/O)

0.19% ⁽⁸⁾

09/16/51

856,002

32,617

Government National Mortgage Association Series 2011-119, Class IO (I/O)

0.14% ⁽⁸⁾

08/16/51

1,060,527

1,210

Government National Mortgage Association Series 2012-123, Class IO (I/O)

0.61% ⁽⁸⁾

12/16/51

1,386,287

22,995

Government National Mortgage Association Series 2012-135, Class IO (I/O)

0.34% ⁽⁸⁾

01/16/53

245,827

2,826

Government National Mortgage Association Series 2013-33, Class IO (I/O)

0.18% ⁽⁸⁾

04/16/54

299,493

657

Government National Mortgage Association Series 2014-126, Class IO (I/O)

0.71% ⁽⁸⁾

02/16/55

4,443,628

135,423

Total Commercial Mortgage-Backed Securities — Agency (Cost: $2,775,831)

1,260,797

COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY—11.9%

1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2

3.90% ⁽¹⁾

08/10/35

2,715,000

2,676,257

1211 Avenue of the Americas Trust Series 2015-1211, Class C

4.28% ^(1),(8)

08/10/35

1,080,000

1,022,258

245 Park Avenue Trust Series 2017-245P, Class E

3.78% ^(1),(8)

06/05/37

4,800,000

4,435,357

280 Park Avenue Mortgage Trust Series 2017-280P, Class C

5.85% (1 mo. USD Term SOFR + 1.550%)^(1),(2)

09/15/34

1,700,000

1,617,708

280 Park Avenue Mortgage Trust Series 2017-280P, Class E

6.72% (1 mo. USD Term SOFR + 2.419%)^(1),(2)

09/15/34

2,000,000

1,884,453

Issues

Maturity

Date

Principal

Amount

Value

AOA Mortgage Trust Series 2021-1177, Class B

5.61% (1 mo. USD Term SOFR + 1.289%)^(1),(2)

10/15/38

1,600,000

1,498,054

Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class XA (I/O)

0.85% ⁽⁸⁾

09/15/48

5,057,495

1,591

Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class XE (I/O)

1.25% ^(1),(8)

09/15/48

500,000

1,994

Bank Series 2020-BN25, Class C

3.46% ⁽⁸⁾

01/15/63

1,815,000

1,552,753

BBCMS Trust Series 2015-SRCH, Class D

5.12% ^(1),(8)

08/10/35

3,100,000

2,886,841

Benchmark Mortgage Trust Series 2020-B18, Class AGNF

4.14% ⁽¹⁾

07/15/53

529,000

514,527

Benchmark Mortgage Trust Series 2024-V10, Class C

5.68% ⁽⁸⁾

09/15/57

1,338,000

1,304,006

Benchmark Mortgage Trust Series 2024-V8, Class C

7.18% ⁽⁸⁾

07/15/57

2,000,000

2,059,099

BFLD Commercial Mortgage Trust Series 2024-UNIV, Class D

7.01% (1 mo. USD Term SOFR + 2.691%)^(1),(2)

11/15/41

1,850,000

1,846,531

BGME Trust Series 2021-VR, Class C

3.09% ^(1),(8)

01/10/43

1,600,000

1,196,874

Blackstone Industrial Portfolio

2.23% ⁽¹⁰⁾

04/09/25

187,581

185,199

BX Commercial Mortgage Trust Series 2020-VIV2, Class C

3.66% ^(1),(8)

03/09/44

1,100,000

993,115

BX Commercial Mortgage Trust Series 2020-VIVA, Class E

3.67% ^(1),(8)

03/11/44

1,200,000

1,058,954

BX Commercial Mortgage Trust Series 2021-VINO, Class D

5.79% (1 mo. USD Term SOFR + 1.467%)^(1),(2)

05/15/38

840,000

833,415

BX Commercial Mortgage Trust Series 2024-BRBK, Class D

10.29% (1 mo. USD Term SOFR + 5.971%)^(1),(2)

10/15/41

1,147,000

1,130,389

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

BX Commercial Mortgage Trust Series 2025-SPOT, Class E

8.01% (1 mo. USD Term SOFR + 3.690%)^(1),(2)

04/15/40

1,800,000

1,788,800

BX Trust Series 2021-ARIA, Class F

7.03% (1 mo. USD Term SOFR + 2.708%)^(1),(2)

10/15/36

1,600,000

1,576,015

BX Trust Series 2021-ARIA, Class G

7.58% (1 mo. USD Term SOFR + 3.257%)^(1),(2)

10/15/36

1,500,000

1,473,269

BX Trust Series 2021-VIEW, Class E

8.04% (1 mo. USD Term SOFR + 3.714%)^(1),(2)

06/15/36

1,850,000

1,817,078

BX Trust Series 2022-FOX2, Class E

7.28% (1 mo. USD Term SOFR + 2.959%)^(1),(2)

04/15/39

886,559

876,872

BX Trust Series 2022-LBA6, Class D

6.32% (1 mo. USD Term SOFR + 2.000%)^(1),(2)

01/15/39

1,240,000

1,232,446

BX Trust Series 2024-BIO, Class B

6.26% (1 mo. USD Term SOFR + 1.941%)^(1),(2)

02/15/41

2,000,000

1,983,729

BX Trust Series 2024-BIO, Class C

6.96% (1 mo. USD Term SOFR + 2.640%)^(1),(2)

02/15/41

927,000

913,122

BX Trust Series 2024-BIO, Class D

7.96% (1 mo. USD Term SOFR + 3.639%)^(1),(2)

02/15/41

530,000

515,764

Issues

Maturity

Date

Principal

Amount

Value

BX Trust Series 2025-ROIC, Class E

7.26% (1 mo. USD Term SOFR + 2.941%)^(1),(2)

03/15/30

1,634,000

1,574,662

BX Trust Series 2025-VLT6, Class E

7.51% (1 mo. USD Term SOFR + 3.191%)^(1),(2)

03/15/42

1,400,000

1,355,409

BXHPP Trust Series 2021-FILM, Class E

6.44% (1 mo. USD Term SOFR + 2.114%)^(1),(2)

08/15/36

1,200,000

1,050,904

BXP Trust Series 2017-GM, Class D

3.54% ^(1),(8)

06/13/39

1,000,000

943,082

BXP Trust Series 2017-GM, Class E

3.54% ^(1),(8)

06/13/39

750,000

695,119

BXSC Commercial Mortgage Trust Series 2022-WSS, Class B

6.41% (1 mo. USD Term SOFR + 2.092%)^(1),(2)

03/15/35

1,809,000

1,808,447

CAMB Commercial Mortgage Trust Series 2019-LIFE, Class B

5.87% (1 mo. USD Term SOFR + 1.547%)^(1),(2)

12/15/37

1,050,000

1,047,828

CAMB Commercial Mortgage Trust Series 2019-LIFE, Class E

6.77% (1 mo. USD Term SOFR + 2.447%)^(1),(2)

12/15/37

1,040,000

1,033,965

CD Mortgage Trust Series 2016-CD1, Class XA (I/O)

1.47% ⁽⁸⁾

08/10/49

8,589,298

66,603

Century Plaza Towers Series 2019-CPT, Class F

3.10% ^(1),(8)

11/13/39

450,000

335,599

CGMS Commercial Mortgage Trust Series 2017-B1, Class XF (I/O)

0.95% ^(1),(8)

08/15/50

11,628,000

186,386

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

CHI Commercial Mortgage Trust Series 2025-SFT, Class D

7.57% ^(1),(8)

04/15/42

1,920,000

1,954,343

Citigroup Commercial Mortgage Trust Series 2016-GC36, Class XA (I/O)

1.36% ⁽⁸⁾

02/10/49

5,142,159

21,441

Citigroup Commercial Mortgage Trust Series 2020-555, Class A

2.65% ⁽¹⁾

12/10/41

1,450,000

1,292,237

COMM Mortgage Trust Series 2012-CR4, Class XA (I/O)

1.29% ⁽⁸⁾

10/15/45

160,043

2,475

COMM Mortgage Trust Series 2012-LC4, Class XB (I/O)

0.43% ^(1),(8),(10)

12/10/44

981,981

COMM Mortgage Trust Series 2014-CR19, Class XC (I/O)

0.77% ^(1),(8),(10)

08/10/47

1,200,000

4,446

COMM Mortgage Trust Series 2014-UBS3, Class XA (I/O)

0.77% ^(8),(10)

06/10/47

144,657

COMM Mortgage Trust Series 2014-UBS5, Class XA (I/O)

0.68% ^(10),(8)

09/10/47

2,152,598

COMM Mortgage Trust Series 2015-CR22, Class XA (I/O)

0.55% ⁽⁸⁾

03/10/48

1,777,780

144

COMM Mortgage Trust Series 2015-CR25, Class XA (I/O)

0.92% ^(8),(10)

08/10/48

5,742,887

107

COMM Mortgage Trust Series 2015-LC21, Class XE (I/O)

1.20% ^(1),(8)

07/10/48

10,015,000

9,621

COMM Mortgage Trust Series 2016-787S, Class D

3.96% ^(1),(8)

02/10/36

950,000

915,199

COMM Mortgage Trust Series 2016-CR28, Class XA (I/O)

0.73% ⁽⁸⁾

02/10/49

11,375,736

13,775

Commercial Mortgage Lease-Backed Certificates Series 2001-CMLB, Class X (I/O)

1.81% ^(1),(8)

06/20/31

8,388

CONE Trust Series 2024-DFW1, Class B

6.61% (1 mo. USD Term SOFR + 2.291%)^(1),(2)

08/15/41

1,267,000

1,263,509

CSAIL Commercial Mortgage Trust Series 2015-C2, Class XA (I/O)

0.70% ^(8),(10)

06/15/57

4,600,905

279

CSAIL Commercial Mortgage Trust Series 2019-C16, Class XA (I/O)

1.69% ⁽⁸⁾

06/15/52

548,527

28,075

DBGS Mortgage Trust Series 2021-W52, Class C

6.74% (1 mo. USD Term SOFR + 2.414%)^(1),(2)

10/15/36

1,350,000

1,297,635

DBJPM Mortgage Trust Series 2016-C1, Class XA (I/O)

1.51% ⁽⁸⁾

05/10/49

8,457,591

41,464

Issues

Maturity

Date

Principal

Amount

Value

DBSG Mortgage Trust Series 2024-ALTA, Class D

7.30% ^(1),(8)

06/10/37

500,000

502,156

Del Amo Fashion Center Trust Series 2017-AMO, Class D

3.76% ^(1),(8)

06/05/35

1,515,000

1,402,207

DOLP Trust Series 2021-NYC, Class A

2.96% ⁽¹⁾

05/10/41

1,458,000

1,295,870

DOLP Trust Series 2021-NYC, Class E

3.70% ^(1),(8)

05/10/41

600,000

480,441

DOLP Trust Series 2021-NYC, Class G

3.70% ^(1),(8)

05/10/41

2,250,000

1,523,460

Eleven Madison Trust Mortgage Trust Series 2015-11MD, Class A

3.67% ^(1),(8)

09/10/35

1,114,500

1,102,381

Extended Stay America Trust Series 2021-ESH, Class F

8.14% (1 mo. USD Term SOFR + 3.814%)^(1),(2)

07/15/38

1,504,091

1,488,451

Fontainebleau Miami Beach Mortgage Trust Series 2024-FBLU, Class E

7.47% (1 mo. USD Term SOFR + 3.150%)^(1),(2)

12/15/39

1,250,000

1,243,057

FS Commercial Mortgage Trust Series 2023-4SZN, Class E

10.76%^(1),(8)

11/10/39

1,000,000

1,024,761

GS Mortgage Securities Corp. Trust Series 2024-UPTN, Class E

10.02% (1 mo. USD Term SOFR + 5.700%)^(1),(2)

10/15/29

1,450,000

1,466,652

GS Mortgage Securities Trust Series 2010-C1, Class X (I/O)

0.54% ^(1),(8)

08/10/43

5,051,785

577

GS Mortgage Securities Trust Series 2011-GC5, Class XA (I/O)

0.09% ^(1),(8)

08/10/44

413,931

270

GS Mortgage Securities Trust Series 2015-GC32, Class XA (I/O)

0.75% ^(8),(10)

07/10/48

14,565,872

224

GS Mortgage Securities Trust Series 2015-GC34, Class XA (I/O)

1.34% ⁽⁸⁾

10/10/48

4,919,613

4,182

GS Mortgage Securities Trust Series 2015-GS1, Class XA (I/O)

0.90% ⁽⁸⁾

11/10/48

7,731,600

21,617

GS Mortgage Securities Trust Series 2016-GS2, Class XA (I/O)

1.88% ⁽⁸⁾

05/10/49

243,613

1,967

GS Mortgage Securities Trust Series 2016-GS4, Class XA (I/O)

0.68% ⁽⁸⁾

11/10/49

14,261,618

82,081

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date		Principal Amount		Value
GSCG Trust Series 2019-600C, Class G
4.12% ^(1),(8)		09/06/34	$	285,000	$	3,022
GWT Trust Series 2024-WLF2, Class B
6.46% (1 mo. USD Term SOFR + 2.141%)^(1),(2)		05/15/41		522,000		521,879
Hilton USA Trust Series 2016-HHV, Class F
4.33% ^(1),(8)		11/05/38		1,835,000		1,749,140
Hudson Yards Mortgage Trust Series 2019-30HY, Class D
3.56% ^(1),(8)		07/10/39		800,000		724,120
Hudson Yards Mortgage Trust Series 2025-SPRL, Class E
6.90% ^(1),(8)		01/13/40		1,000,000		1,023,281
Hudson Yards Mortgage Trust Series 2025-SPRL, Class F
7.65% ^(1),(8)		01/13/40		1,550,000		1,571,593
IRV Trust Series 2025-200P, Class D
6.37% ^(1),(8)		03/14/47		1,370,000		1,348,783
JPMBB Commercial Mortgage Securities Trust Series 2015-C30, Class XA (I/O)
0.52% ^(8),(10)		07/15/48		17,700,974		244
JPMBB Commercial Mortgage Securities Trust Series 2015-C30, Class XNR (I/O)
0.25% ^(1),(8)		07/15/48		4,714,625		1,891
JPMBB Commercial Mortgage Securities Trust Series 2015-C31, Class XA (I/O)
0.96% ⁽⁸⁾		08/15/48		4,181,049		82
JPMCC Commercial Mortgage Securities Trust Series 2017-JP5, Class XA (I/O)
0.91% ⁽⁸⁾		03/15/50		3,717,864		43,957
JPMCC Commercial Mortgage Securities Trust Series 2019-COR4, Class A3
3.76%		03/10/52		500,000		483,640
JPMDB Commercial Mortgage Securities Trust Series 2016-C2, Class XA (I/O)
1.62% ⁽⁸⁾		06/15/49		234,551		1,929
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX, Class XB (I/O)
0.59%^(1),(8),(10)		06/15/45		49,808,189		201,643
JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-LOOP, Class XB (I/O)
0.38% ^(1),(8)		12/05/38		2,010,000		7,252
JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN, Class XAFX (I/O)
2.03% ^(1),(8)		01/16/37		450,000		12,489
JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN, Class XBFX (I/O)
0.68% ^(1),(8)		01/16/37		1,450,000		12,874

Issues

Maturity

Date

Principal

Amount

Value

Last Mile Logistics Pan Euro Finance DAC Series 1A, Class F

6.21% (3 mo. EUR EURIBOR + 3.650%)^(1),(2)

08/17/33

EUR

490,928

541,130

Last Mile Securities PE DAC Series 2021-1A, Class F

7.56% (3 mo. EUR EURIBOR + 5.000%)^(1),(2)

08/17/31

EUR

754,845

838,110

Last Mile Securities PE DAC Series 2021-1X, Class E

6.06% (3 mo. EUR EURIBOR + 3.500%)^(2),(3)

08/17/31

EUR

1,199,753

1,337,504

MHC Trust Series 2021-MHC2, Class E

6.39% (1 mo. USD Term SOFR + 2.064%)^(1),(2)

05/15/38

808,000

802,488

Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5, Class XC (I/O)

0.20% ^(1),(8),(10)

08/15/45

22,375,483

Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12, Class XC (I/O)

1.15% ^(1),(8)

10/15/46

15,985,117

244,375

Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C21, Class XA (I/O)

0.32% ^(8),(10)

03/15/48

67,694

—

Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class XA (I/O)

0.88% ^(8),(10)

04/15/48

239,776

Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24, Class XA (I/O)

0.77% ^(8),(10)

05/15/48

4,962,506

1,033

Morgan Stanley Capital I Trust Series 2011-C2, Class XB (I/O)

0.53% ^(1),(8),(10)

06/15/44

10,412,143

38,310

Natixis Commercial Mortgage Securities Trust Series 2018-ALXA, Class E

4.46% ^(1),(8)

01/15/43

100,000

82,779

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

NRTH Mortgage Trust Series 2024-PARK, Class A

5.96% (1 mo. USD Term SOFR + 1.641%)^(1),(2)

03/15/39

701,000

697,082

NXPT Commercial Mortgage Trust Series 2024-STOR, Class E

6.93% ^(1),(8)

11/05/41

811,000

830,044

NYC Commercial Mortgage Trust Series 2021-909, Class D

3.31% ^(1),(8)

04/10/43

1,400,000

1,053,166

NYC Commercial Mortgage Trust Series 2025-3BP, Class D

6.76% (1 mo. USD Term SOFR + 2.441%)^(1),(2)

02/15/42

2,050,000

1,986,731

NYC Trust Series 2024-3ELV, Class C

7.16% (1 mo. USD Term SOFR + 2.840%)^(1),(2)

08/15/29

2,050,000

2,025,166

NYO Commercial Mortgage Trust Series 2021-1290, Class B

5.98% (1 mo. USD Term SOFR + 1.659%)^(1),(2)

12/15/38

1,780,000

1,741,278

NYO Commercial Mortgage Trust Series 2021-1290, Class C

6.43% (1 mo. USD Term SOFR + 2.109%)^(1),(2)

11/15/38

820,000

791,112

NYO Commercial Mortgage Trust Series 2021-1290, Class D

6.98% (1 mo. USD Term SOFR + 2.659%)^(1),(2)

11/15/38

965,000

918,631

RIDE Series 2025-SHRE, Class E

8.07% ^(1),(8)

02/14/47

2,500,000

2,494,507

ROCK Trust Series 2024-CNTR, Class E

8.82% ⁽¹⁾

11/13/41

1,370,000

1,437,266

Sequoia Logistics DAC Series 2025-1A, Class E

6.34% (3 mo. EUR EURIBOR + 3.800%)^(1),(2)

02/17/37

EUR

1,350,000

1,409,997

SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2A

3.66% ^(1),(8)

01/05/43

400,000

343,613

Issues

Maturity

Date

Principal

Amount

Value

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

4.14% ^(1),(8)

01/05/43

460,000

407,236

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

4.53% ^(1),(8)

01/05/43

925,000

773,522

SFO Commercial Mortgage Trust Series 2021-555, Class A

5.59% (1 mo. USD Term SOFR + 1.264%)^(1),(2)

05/15/38

1,040,000

1,026,492

SFO Commercial Mortgage Trust Series 2021-555, Class D

6.84% (1 mo. USD Term SOFR + 2.514%)^(1),(2)

05/15/38

500,000

478,885

SMRT Commercial Mortgage Trust Series 2022-MINI, Class D

6.27% (1 mo. USD Term SOFR + 1.950%)^(1),(2)

01/15/39

1,400,000

1,366,853

SMRT Commercial Mortgage Trust Series 2022-MINI, Class F

7.67% (1 mo. USD Term SOFR + 3.350%)^(1),(2)

01/15/39

1,000,000

944,881

SREIT Trust Series 2021-MFP2, Class C

5.81% (1 mo. USD Term SOFR + 1.485%)^(1),(2)

11/15/36

1,060,000

1,052,818

STWD Trust Series 2021-FLWR, Class F

7.11% (1 mo. USD Term SOFR + 2.787%)^(1),(2)

07/15/36

440,000

436,846

SWCH Commercial Mortgage Trust Series 2025-DATA, Class E

7.66% (1 mo. USD Term SOFR + 3.340%)^(1),(2)

03/15/42

2,150,000

2,072,592

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Taurus U.K. DAC Series 2021-UK1A, Class D

7.08% (1 day GBP SONIA + 2.600%)^(1),(2)

05/17/31

GBP

1,464,245

1,925,514

TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D

7.41% (1 mo. USD Term SOFR + 3.091%)^(1),(2)

04/15/42

1,325,000

1,319,776

U.K. Logistics DAC Series 2024-2A, Class D

7.71% (1 day GBP SONIA + 3.100%)^(1),(2)

02/17/35

GBP

825,000

1,046,816

U.K. Logistics DAC Series 2025-1A, Class E

9.96% (1 day GBP SONIA + 5.500%)^(1),(2)

05/17/35

GBP

1,300,000

1,781,908

UBS Commercial Mortgage Trust Series 2017-C4, Class XA (I/O)

1.24% ⁽⁸⁾

10/15/50

7,915,835

162,394

VNDO Trust Series 2016-350P, Class D

4.03% ^(1),(8)

01/10/35

1,060,000

1,026,861

WB Commercial Mortgage Trust Series 2024-HQ, Class B

6.63% ^(1),(8)

03/15/40

1,049,000

1,054,190

Wells Fargo Commercial Mortgage Trust Series 2015-C31, Class XA (I/O)

1.09% ⁽⁸⁾

11/15/48

13,334,924

13,390

Wells Fargo Commercial Mortgage Trust Series 2015-LC20, Class XF (I/O)

2.07% ^(1),(8)

04/15/50

415,000

11,522

Wells Fargo Commercial Mortgage Trust Series 2015-NXS3, Class XA (I/O)

1.01% ⁽⁸⁾

09/15/57

8,258,217

9,310

Wells Fargo Commercial Mortgage Trust Series 2016-C34, Class XA (I/O)

2.20% ⁽⁸⁾

06/15/49

5,498,631

56,514

Wells Fargo Commercial Mortgage Trust Series 2018-C47, Class AS

4.67% ⁽⁸⁾

09/15/61

1,100,000

1,084,279

Wells Fargo Commercial Mortgage Trust Series 2019-JWDR, Class F

4.71% ^(1),(8)

09/15/31

728,000

706,601

Wells Fargo Commercial Mortgage Trust Series 2024-5C1, Class C

7.03% ⁽⁸⁾

07/15/57

847,000

864,446


Issues	Maturity Date		Principal Amount		Value
WFRBS Commercial Mortgage Trust Series 2012-C10, Class XB (I/O)
0.42% ^(1),(8),(10)		12/15/45	$	39,718,009	$	357
WFRBS Commercial Mortgage Trust Series 2014-C22, Class XA (I/O)
0.39% ^(8),(10)		09/15/57		209,623		42

Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $123,599,825)						116,405,896

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY—22.5%
Federal Home Loan Mortgage Corp., Pool #QE4038
3.00%		06/01/52		1,185,400		1,029,000
Federal Home Loan Mortgage Corp., Pool #RA5286
2.50%		05/01/51		643,466		535,783
Federal Home Loan Mortgage Corp., Pool #RA6427
3.00%		12/01/51		509,862		442,432
Federal Home Loan Mortgage Corp., Pool #SD3246
4.00%		08/01/52		1,696,653		1,584,730
Federal Home Loan Mortgage Corp., Pool #SD5324
4.00%		02/01/53		363,542		339,504
Federal Home Loan Mortgage Corp., Pool #SD8199
2.00%		03/01/52		3,251,082		2,581,564
Federal Home Loan Mortgage Corp., Pool #SD8213
3.00%		05/01/52		1,641,977		1,425,527
Federal Home Loan Mortgage Corp., Pool #SD8220
3.00%		06/01/52		2,092,782		1,816,662
Federal Home Loan Mortgage Corp., Pool #SD8225
3.00%		07/01/52		956,901		830,648
Federal Home Loan Mortgage Corp., Pool #SD8238
4.50%		08/01/52		3,405,699		3,267,001
Federal Home Loan Mortgage Corp., Pool #SD8244
4.00%		09/01/52		2,952,100		2,756,443
Federal Home Loan Mortgage Corp., Pool #SD8245
4.50%		09/01/52		2,537,751		2,434,008
Federal Home Loan Mortgage Corp., Pool #SD8257
4.50%		10/01/52		504,771		484,058
Federal Home Loan Mortgage Corp., Pool #SD8265
4.00%		11/01/52		659,444		615,534
Federal Home Loan Mortgage Corp., Pool #SD8266
4.50%		11/01/52		2,845,354		2,728,156
Federal Home Loan Mortgage Corp., Pool #SD8275
4.50%		12/01/52		2,943,987		2,822,726
Federal Home Loan Mortgage Corp. REMICS Series 5460, Class AF
5.40% (30 day USD SOFR Average + 1.050%)⁽²⁾		10/25/54		4,745,971		4,700,915

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date		Principal Amount		Value
Federal Home Loan Mortgage Corp. REMICS Series 5500, Class SJ
1.40% (-30 day USD SOFR Average + 5.750%)⁽²⁾		02/25/55	$	6,674,605	$	669,541
Federal Home Loan Mortgage Corp. REMICS Series 5503, Class FA
5.55% (30 day USD SOFR Average + 1.200%)⁽²⁾		02/25/55		9,777,145		9,743,154
Federal Home Loan Mortgage Corp. REMICS Series 5504, Class FC
5.50% (30 day USD SOFR Average + 1.150%)⁽²⁾		02/25/55		5,871,761		5,838,934
Federal Home Loan Mortgage Corp. REMICS Series 5509, Class FB
5.50% (30 day USD SOFR Average + 1.150%)⁽²⁾		02/25/55		6,889,580		6,848,871
Federal Home Loan Mortgage Corp. REMICS Series 5534, Class FV
5.44% (30 day USD SOFR Average + 1.100%)⁽²⁾		05/25/55		5,000,000		4,964,649
Federal Home Loan Mortgage Corp. STRIPS Series 240, Class IO (I/O)
5.50%		07/15/36		169,171		32,078
Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) ⁽¹⁰⁾
2.00%		03/15/52		6,381,564		846,709
Federal National Mortgage Association, Pool #BV3023
2.00%		02/01/52		721,577		572,978
Federal National Mortgage Association, Pool #BV8463
2.50%		04/01/52		1,750,407		1,457,934
Federal National Mortgage Association, Pool #BV8515
3.00%		05/01/52		2,230,782		1,936,455
Federal National Mortgage Association, Pool #CB2403
2.50%		12/01/51		1,742,420		1,450,356
Federal National Mortgage Association, Pool #FA0658
4.50%		10/01/54		9,797,194		9,372,835


Issues	Maturity Date		Principal Amount		Value
Federal National Mortgage Association, Pool #FS3806
2.50%		07/01/52	$	1,405,650	$	1,171,705
Federal National Mortgage Association, Pool #FS6380
2.50%		02/01/52		751,010		625,491
Federal National Mortgage Association, Pool #FS6925
2.50%		12/01/51		2,244,732		1,869,648
Federal National Mortgage Association, Pool #FS6943
3.00%		06/01/52		3,627,419		3,147,689
Federal National Mortgage Association, Pool #FS7577
2.50%		01/01/54		768,149		639,800
Federal National Mortgage Association, Pool #MA4562
2.00%		03/01/52		2,003,629		1,591,008
Federal National Mortgage Association, Pool #MA4700
4.00%		08/01/52		3,057,093		2,854,952
Federal National Mortgage Association, Pool #MA4783
4.00%		10/01/52		1,733,460		1,618,302
Federal National Mortgage Association, Pool #MA4784
4.50%		10/01/52		1,119,894		1,073,940
Federal National Mortgage Association Interest STRIPS Series 426, Class C24 (I/O) ⁽¹⁰⁾
1.50%		01/25/52		33,047,524		3,615,704
Federal National Mortgage Association Interest STRIPS Series 426, Class C40 (I/O)
2.00%		06/25/51		1,384,596		181,681
Federal National Mortgage Association Interest STRIPS Series 426, Class C41 (I/O)
2.00%		03/25/51		5,071,725		664,562
Federal National Mortgage Association Interest STRIPS Series 426, Class C42 (I/O)
2.00%		11/25/50		3,330,910		429,105
Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O)⁽¹⁰⁾
2.00%		10/25/52		7,808,454		1,025,011
Federal National Mortgage Association REMICS Series 2005-56, Class SP (I/F) (PAC)
6.00% (-30 day USD SOFR Average + 41.613%)⁽²⁾		08/25/33		120		120
Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O)
1.53% (-30 day USD SOFR Average + 5.886%)⁽²⁾		11/25/41		51,595		4,094

See accompanying Notes to Financial Statements.

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SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date		Principal Amount		Value
Federal National Mortgage Association REMICS Series 2012-139, Class AI (I/O)
3.00%		12/25/27	$	61,652	$	1,521
Federal National Mortgage Association REMICS Series 2024-76, Class SY (I/O)
1.15% (-30 day USD SOFR Average + 5.500%)⁽²⁾		11/25/54		15,149,357		1,242,627
Federal National Mortgage Association REMICS Series 2024-81, Class SE (I/O)
1.00% (-30 day USD SOFR Average + 5.350%)⁽²⁾		07/25/54		12,123,044		759,878
Federal National Mortgage Association REMICS Series 2024-87, Class FB
5.45% (30 day USD SOFR Average + 1.100%)⁽²⁾		12/25/54		7,346,012		7,290,113
Federal National Mortgage Association REMICS Series 2024-91, Class SB (I/O)
1.50% (-30 day USD SOFR Average + 5.850%)⁽²⁾		12/25/54		7,065,271		616,648
Federal National Mortgage Association REMICS Series 2024-98, Class SG
1.65% (-30 day USD SOFR Average + 6.000%)⁽²⁾		11/25/54		1,080,087		112,055
Federal National Mortgage Association REMICS Series 2024-99, Class FB
5.50% (30 day USD SOFR Average + 1.150%)⁽²⁾		01/25/55		5,498,977		5,471,316
Government National Mortgage Association, Pool #MA8427
4.50%		11/20/52		1,724,809		1,661,351
Government National Mortgage Association, Pool #MA9963
4.50%		10/20/54		2,739,874		2,622,919


Issues	Maturity Date		Principal Amount		Value
Government National Mortgage Association REMICS Series 2003-110, Class S (I/O)
2.17% (-1 mo. USD Term SOFR + 6.486%)⁽²⁾		10/20/33	$	181,224	$	14,021
Government National Mortgage Association REMICS Series 2018-124, Class NW
3.50%		09/20/48		21,731		19,841
Government National Mortgage Association REMICS Series 2018-154, Class BP (PAC)
3.50%		11/20/48		2,091		1,987
Government National Mortgage Association REMICS Series 2024-159, Class XS (I/O)
1.15% (-30 day USD SOFR Average + 5.500%)⁽²⁾		10/20/54		11,446,373		995,198
Government National Mortgage Association REMICS Series 2025-41, Class HS
0.99% (-30 day USD SOFR Average + 5.340%)⁽²⁾		03/20/55		12,129,709		955,605
Government National Mortgage Association REMICS Series 2025-45, Class ST (I/O)
0.95% (-30 day USD SOFR Average + 5.300%)⁽²⁾		03/20/55		14,334,559		928,830
Government National Mortgage Association, TBA
5.00% ⁽¹¹⁾		02/01/55		8,325,000		8,165,272
5.50% ⁽¹¹⁾		02/01/55		10,975,000		10,967,076
4.00% ⁽¹¹⁾		05/01/52		9,400,000		8,748,773
4.50% ⁽¹¹⁾		09/01/54		5,400,000		5,167,581
Uniform Mortgage-Backed Security, TBA
2.00% ⁽¹¹⁾		11/01/51		7,225,000		5,732,647
2.50% ⁽¹¹⁾		11/01/51		7,525,000		6,257,549
3.00% ⁽¹¹⁾		01/01/52		7,600,000		6,591,286
3.50% ⁽¹¹⁾		02/01/52		9,500,000		8,572,563
4.00% ⁽¹¹⁾		03/01/52		17,100,000		15,932,968
4.50% ⁽¹¹⁾		07/01/54		14,000,000		13,387,822
5.00% ⁽¹¹⁾		07/01/54		12,600,000		12,336,402

Total Residential Mortgage-Backed Securities — Agency (Cost: $217,779,262)						219,195,846

See accompanying Notes to Financial Statements.

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SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY—12.5%

ACRA Trust Series 2024-NQM1, Class M1A

6.19% ^(1),(8)

10/25/64

1,470,000

1,469,364

Ajax Mortgage Loan Trust Series 2021-D, Class A

5.00% ⁽¹⁾

03/25/60

1,333,514

1,333,954

American Home Mortgage Assets Trust Series 2006-6, Class XP (P/O)

0.04% ^(10),(8)

12/25/46

18,920,031

163,566

American Home Mortgage Assets Trust Series 2007-1, Class A1

5.27% (1 yr. MTA + 0.700%)⁽²⁾

02/25/47

2,230,069

761,590

American Home Mortgage Assets Trust Series 2007-5, Class XP (P/O)

0.07% ^(10),(8)

06/25/47

7,449

106

AOMT Series 2024-6, Class A2

4.65% ⁽¹⁾

11/25/67

2,300,713

2,261,817

Banc of America Alternative Loan Trust Series 2006-5, Class CB8

4.75% (1 mo. USD Term SOFR + 0.424%)^(2),(12)

06/25/46

1,451,881

1,157,534

Banc of America Alternative Loan Trust Series 2006-5, Class CB9 (I/O)

2.25% (-1 mo. USD Term SOFR + 6.576%)^(2),(10)

06/25/46

1,451,890

180,481

Banc of America Funding Trust Series 2006-3, Class 5A3

5.50% ⁽¹²⁾

03/25/36

4,270

3,843

Banc of America Funding Trust Series 2006-7, Class T2A5

6.54% ⁽¹²⁾

10/25/36

604,363

546,212

Banc of America Funding Trust Series 2014-R5, Class 1A2

4.12% (6 mo. USD Term SOFR + 1.928%)^(1),(2)

09/26/45

998,925

704,203

BCAP LLC Trust Series 2007-AA2, Class 2A12

5.50% ⁽¹²⁾

04/25/37

2,359,999

959,982

BCMSC Trust Series 1999-B, Class A2

6.98% ⁽⁸⁾

06/15/12

997,492

72,461

BCMSC Trust Series 2000-A, Class A3

7.83% ⁽⁸⁾

06/15/30

1,658,345

128,873

BCMSC Trust Series 2000-A, Class A4

8.29% ⁽⁸⁾

06/15/30

142,144

11,697


Issues	Maturity Date			Principal Amount		Value
Bear Stearns ARM Trust Series 2004-3, Class 2A
4.89% ⁽⁸⁾		07/25/34		$	4,653	$	4,294
Bear Stearns ARM Trust Series 2005-10, Class A3
6.62% ⁽⁸⁾		10/25/35			96,495		94,066
C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B
3.53%		02/25/37			810,787		477,390
C-BASS Trust Series 2006-CB7, Class A4
4.76% (1 mo. USD Term SOFR + 0.434%)⁽²⁾		10/25/36			32,162		21,585
C-BASS Trust Series 2007-CB1, Class AF3
3.15%		01/25/37			935,343		259,333
C-BASS Trust Series 2007-CB1, Class AF6
3.15%		01/25/37			1,651,274		457,702
Cascade MH Asset Trust Series 2022-MH1, Class A
4.25% ⁽¹⁾		08/25/54			1,099,611		1,065,475
CFMT LLC Series 2024-NR1, Class A1
6.41% ⁽¹⁾		11/25/29			1,511,603		1,517,359
CFMT LLC Series 2024-R1, Class A3
4.00% ⁽¹⁾		10/25/54			1,500,000		1,406,619
CHL Mortgage Pass-Through Trust Series 2007-20, Class A1
6.50%		01/25/38			198,718		87,023
CHL Mortgage Pass-Through Trust Series 2007-7, Class A9
5.50%		06/25/37			581,601		258,271
CHNGE Mortgage Trust Series 2023-1, Class M1
8.17% ^(1),(8)		03/25/58			580,000		588,608
CIM Trust Series 2021-R5, Class A1B
2.00% ^(1),(8)		08/25/61			681,000		446,691
CIM Trust Series 2025-R1, Class A1
5.00% ⁽¹⁾		02/25/99			2,235,174		2,205,892
Citadel PLC Series 2024-1, Class X
8.47% (1 day GBP SONIA + 4.000%)^(2),(3)		04/28/60	GBP		560,580		747,465
Citigroup Mortgage Loan Trust Series 2006-WF1, Class A2C
4.51%		03/25/36	$		27,412		12,662
Citigroup Mortgage Loan Trust Series 2009-10, Class 2A2
7.00% ^(1),(8)		12/25/35			487,190		343,776
Citigroup Mortgage Loan Trust, Inc. Series 2005-WF2, Class AF6A
6.13%		08/25/35			1,368,239		1,255,355
CitiMortgage Alternative Loan Trust Series 2005-A1, Class 1A5
5.50% ⁽¹²⁾		07/25/35			1,295,833		1,209,395
CitiMortgage Alternative Loan Trust Series 2006-A1, Class 1A5
5.50% ⁽¹²⁾		04/25/36			218,175		203,564

See accompanying Notes to Financial Statements.

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TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date		Principal Amount		Value
CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A1
6.00% ⁽¹²⁾		01/25/37	$	92,233	$	82,221
CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A5
6.00% ⁽¹²⁾		01/25/37		176,056		156,945
CitiMortgage Alternative Loan Trust Series 2007-A2, Class 1A13
5.75% ⁽¹²⁾		02/25/37		206,046		182,748
CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A7
5.75% ⁽¹²⁾		03/25/37		165,420		150,019
CitiMortgage Alternative Loan Trust Series 2007-A5, Class 1A1
6.00% ⁽¹²⁾		05/25/37		708,386		660,882
COLT Mortgage Loan Trust Series 2022-7, Class B1
6.28% ^(1),(8)		04/25/67		1,520,000		1,511,599
COLT Mortgage Loan Trust Series 2024-7, Class B1
7.17% ^(1),(8)		12/26/69		1,000,000		991,012
Conseco Finance Securitizations Corp. Series 2000-1, Class A5
8.06% ⁽⁸⁾		09/01/29		3,422,743		497,019
Conseco Finance Securitizations Corp. Series 2000-4, Class A5
7.97%		05/01/32		1,992,158		280,778
Countrywide Alternative Loan Trust Series 2004-30CB, Class 1A6
5.50% ⁽¹²⁾		02/25/35		770,209		759,607
Countrywide Alternative Loan Trust Series 2005-10CB, Class 1A8
5.50%		05/25/35		1,335,903		1,096,834
Countrywide Alternative Loan Trust Series 2005-46CB, Class A3
5.50% ⁽¹²⁾		10/25/35		223,952		155,044
Countrywide Alternative Loan Trust Series 2005-46CB, Class A4
5.25% ⁽¹²⁾		10/25/35		169,226		114,902
Countrywide Alternative Loan Trust Series 2005-46CB, Class A7
5.50% ⁽¹²⁾		10/25/35		477,376		330,493
Countrywide Alternative Loan Trust Series 2005-55CB, Class 1A1
5.50% ⁽¹²⁾		11/25/35		180,956		119,307
Countrywide Alternative Loan Trust Series 2005-64CB, Class 2A1
6.00%		11/25/35		2,988,797		422,310
Countrywide Alternative Loan Trust Series 2005-65CB, Class 2A4
5.50% ⁽¹²⁾		12/25/35		283,380		195,374
Countrywide Alternative Loan Trust Series 2005-67CB, Class A1
5.50%		01/25/36		55,565		41,049
Countrywide Alternative Loan Trust Series 2005-74T1, Class A5
6.00% ⁽¹²⁾		01/25/36		452,443		259,238
Countrywide Alternative Loan Trust Series 2005-7CB, Class 2A2 (I/O)
0.61% (-1 mo. USD Term SOFR + 4.936%)^(2),(10)		03/01/38		1,170,364		71,333
Countrywide Alternative Loan Trust Series 2005-86CB, Class A1
5.50% ⁽¹²⁾		02/25/36		507,850		290,109


Issues	Maturity Date		Principal Amount		Value
Countrywide Alternative Loan Trust Series 2005-86CB, Class A8
5.50% ⁽¹²⁾		02/25/36	$	232,160	$	132,621
Countrywide Alternative Loan Trust Series 2006-19CB, Class A15 (PAC)
6.00%		08/25/36		113,421		64,538
Countrywide Alternative Loan Trust Series 2006-19CB, Class A17 (TAC)
4.84% (1 mo. USD Term SOFR + 0.514%)⁽²⁾		08/25/36		3,761,882		1,636,745
Countrywide Alternative Loan Trust Series 2006-19CB, Class A18 (I/O)
1.16% (-1 mo. USD Term SOFR + 5.486%)^(2),(10)		08/25/36		3,631,212		443,708
Countrywide Alternative Loan Trust Series 2006-32CB, Class A18
6.00% ⁽¹²⁾		11/25/36		129,528		73,994
Countrywide Alternative Loan Trust Series 2006-34, Class A5
6.25%		11/25/46		1,255,216		558,357
Countrywide Alternative Loan Trust Series 2006-J1, Class 1A11
5.50% ⁽¹²⁾		02/25/36		176,709		119,674
Countrywide Alternative Loan Trust Series 2007-13, Class A1 (PAC)
6.00%		06/25/47		269,498		135,744
Countrywide Alternative Loan Trust Series 2007-15CB, Class A6
5.75% ⁽¹²⁾		07/25/37		513,416		294,747
Countrywide Alternative Loan Trust Series 2007-15CB, Class A7
6.00% ⁽¹²⁾		07/25/37		1,828,626		1,085,233
Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A7
6.00% ⁽¹²⁾		08/25/37		6,358		4,686
Countrywide Alternative Loan Trust Series 2007-18CB, Class 2A25
6.00% ⁽¹²⁾		08/25/37		293,799		173,787
Countrywide Alternative Loan Trust Series 2007-22, Class 2A16
6.50%		09/25/37		235,543		85,851
Countrywide Alternative Loan Trust Series 2007-5CB, Class 1A3
6.00% ⁽¹²⁾		04/25/37		170,680		85,629
Countrywide Alternative Loan Trust Series 2007-5CB, Class 1A4
6.00% ⁽¹²⁾		04/25/37		503,536		252,623
Credit-Based Asset Servicing & Securitization LLC Series 2006-MH1, Class B1
6.75% ⁽¹⁾		10/25/36		25,382		25,234
Cross Mortgage Trust Series 2024-H6, Class A2
5.38% ⁽¹⁾		09/25/69		941,318		940,220

See accompanying Notes to Financial Statements.

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SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date		Principal Amount		Value
Cross Mortgage Trust Series 2024-H6, Class A3
5.48% ⁽¹⁾		09/25/69	$	847,187	$	844,888
CSMC Mortgage-Backed Trust Series 2006-7, Class 10A6
6.50%		08/25/36		1,024,153		492,410
CSMC Mortgage-Backed Trust Series 2006-7, Class 8A11
6.50%		08/25/36		391,230		150,770
CSMC Mortgage-Backed Trust Series 2007-5, Class 1A9
7.00% ⁽⁸⁾		08/25/37		721,705		405,101
CSMC Trust Series 2014-8R, Class 3A2
5.55% ^(1),(8),(12)		02/27/36		938,445		807,718
CSMC Trust Series 2020-RPL6, Class A1
3.49% ^(1),(8)		03/25/59		1,556,127		1,554,155
Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB2, Class A2
4.72% ^(8),(12)		06/25/36		182,910		166,997
Deutsche Mortgage & Asset Receiving Corp. Series 2014-RS1, Class 1A2
6.51% ^(1),(8),(12)		07/27/37		277,766		224,838
EFMT Series 2024-NQM1, Class B1B
7.65% ^(1),(8)		11/25/69		1,300,000		1,301,634
Ellington Financial Mortgage Trust Series 2022-4, Class B1
5.93% ^(1),(8)		09/25/67		900,000		888,170
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA1, Class M2
6.85% (30 day USD SOFR Average + 2.500%)^(1),(2)		01/25/42		1,000,000		1,014,786
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R04, Class 2B1
9.72% (30 day USD SOFR Average + 5.364%)^(1),(2)		06/25/39		757,525		783,895
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R06, Class 2B1
8.22% (30 day USD SOFR Average + 3.864%)^(1),(2)		09/25/39		849,149		867,152
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R07, Class 1B1
7.87% (30 day USD SOFR Average + 3.514%)^(1),(2)		10/25/39		858,826		875,305


Issues	Maturity Date		Principal Amount		Value
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2
10.35% (30 day USD SOFR Average + 6.000%)^(1),(2)		10/25/41	$	1,400,000	$	1,456,011
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2
9.85% (30 day USD SOFR Average + 5.500%)^(1),(2)		12/25/41		2,620,000		2,712,217
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2
10.35% (30 day USD SOFR Average + 6.000%)^(1),(2)		12/25/41		2,510,000		2,621,748
First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C
4.76% (1 mo. USD Term SOFR + 0.434%)⁽²⁾		10/25/36		342,875		222,457
First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2D
4.88% (1 mo. USD Term SOFR + 0.554%)⁽²⁾		03/25/37		641,964		300,261
First Horizon Alternative Mortgage Securities Trust Series 2007-FA1, Class A4
6.25%		03/25/37		535,410		188,938
First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A4
5.75%		04/25/37		705,772		222,197
GCAT Trust Series 2021-NQM6, Class A1
1.86% ^(1),(8)		08/25/66		1,334,527		1,219,564
GSAA Home Equity Trust Series 2007-5, Class 1F3B
6.00% ⁽⁸⁾		05/25/37		4,300,000		301,924

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date		Principal Amount		Value
GSAA Home Equity Trust Series 2007-5, Class 1F5B
6.44%		05/25/37	$	1,987,261	$	139,942
GSAA Home Equity Trust Series 2007-5, Class 2A2A
4.90% (1 mo. USD Term SOFR + 0.574%)⁽²⁾		04/25/47		731,165		315,059
GSAA Trust Series 2006-7, Class AF3
6.72%		03/25/46		2,732,912		986,764
GSAA Trust Series 2007-3, Class 2A1B
4.64% (1 mo. USD Term SOFR + 0.314%)⁽²⁾		03/25/47		166,316		7,592
GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1
5.32% ⁽⁸⁾		09/25/35		2,769		2,603
HarborView Mortgage Loan Trust Series 2005-9, Class 2A1A
5.11% (1 mo. USD Term SOFR + 0.794%)⁽²⁾		06/20/35		12,202		11,349
HarborView Mortgage Loan Trust Series 2005-9, Class 2X (I/O)
0.00% ^(1),(7),(10)		06/20/35		894,777		1
HarborView Mortgage Loan Trust Series 2006-4, Class 1A1A
4.79% (1 mo. USD Term SOFR + 0.474%)⁽²⁾		05/19/46		2,378,792		1,185,532
HarborView Mortgage Loan Trust Series 2006-5, Class X2 (I/O)
0.07% ^(10),(8)		07/19/46		2,484,322		25
HSI Asset Loan Obligation Trust Series 2007-WF1, Class A5
6.72%		12/25/36		242,626		80,538
IndyMac INDX Mortgage Loan Trust Series 2006-AR3, Class 2A1A
3.85% ⁽⁸⁾		03/25/36		68,393		46,016
JPMorgan Alternative Loan Trust Series 2006-S1, Class 3A4
6.18% ⁽⁸⁾		03/25/36		859,169		760,672
JPMorgan Mortgage Acquisition Trust Series 2006-CH2, Class AF3
5.46%		09/25/29		422,076		254,239
JPMorgan Mortgage Acquisition Trust Series 2006-CW2, Class AF4
6.08%		08/25/36		1,347,444		795,349
JPMorgan Mortgage Acquisition Trust Series 2006-CW2, Class AF5
6.34%		08/25/36		256,056		151,088
JPMorgan Mortgage Acquisition Trust Series 2006-WF1, Class A5
6.91%		07/25/36		1,600,891		426,419
JPMorgan Mortgage Acquisition Trust Series 2007-CH1, Class AF6
4.49%		11/25/36		1,089		1,080


Issues	Maturity Date		Principal Amount		Value
JPMorgan Mortgage Acquisition Trust Series 2007-CH2, Class AF2
4.24%		01/25/37	$	368,457	$	182,640
JPMorgan Mortgage Acquisition Trust Series 2007-CH2, Class AF3
4.24%		10/25/30		565,678		280,367
JPMorgan Mortgage Trust Series 2007-S1, Class 2A11
6.00%		03/25/37		353,607		130,986
JPMorgan Mortgage Trust Series 2024-CES1, Class A1B
6.02% ⁽¹⁾		06/25/54		1,059,234		1,064,253
JPMorgan Mortgage Trust Series 2024-CES1, Class A2
6.15% ⁽¹⁾		06/25/54		532,852		537,181
JPMorgan Mortgage Trust Series 2025-CES1, Class A3
6.07% ^(1),(8)		05/25/55		1,539,000		1,552,014
Lehman ABS Manufactured Housing Contract Trust Series 2001-B, Class M1
6.63% ⁽⁸⁾		04/15/40		278,121		280,918
Lehman Mortgage Trust Series 2006-1, Class 1A5
5.50%		02/25/36		129,478		60,155
Lehman Mortgage Trust Series 2006-7, Class 2A5 (I/O) (I/F)
2.11% (-1 mo. USD Term SOFR + 6.436%)^(2),(10)		11/25/36		182,847		21,602
Lehman Mortgage Trust Series 2006-9, Class 3A2
(I/O) 2.79% (-1 mo. USD Term SOFR + 7.116%)⁽²⁾		01/25/37		5,513,250		340,145
Lehman Mortgage Trust Series 2007-5, Class 10A2
(I/O) 1.90% (-1 mo. USD Term SOFR + 6.226%)^(2),(10)		06/25/37		8,161,155		962,478
Lehman Mortgage Trust Series 2007-5, Class 7A3
7.50% ⁽¹²⁾		10/25/36		482,837		151,853
Lehman XS Trust Series 2005-1, Class 3A4
5.37%		07/25/35		26,089		27,455
Lehman XS Trust Series 2006-17, Class 1A (I/O)
0.60% ⁽¹⁰⁾		08/25/46		6,853,441		137,698
Lehman XS Trust Series 2006-17, Class 1A3
4.94% (1 mo. USD Term SOFR + 0.614%)⁽²⁾		08/25/46		165,503		141,836

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date		Principal Amount		Value
MASTR Alternative Loan Trust Series 2005-2, Class 4A3
4.84% (1 mo. USD Term SOFR + 0.514%)⁽²⁾		03/25/35	$	5,247	$	5,146
MASTR Asset-Backed Securities Trust Series 2006-NC2, Class A3
4.66% (1 mo. USD Term SOFR + 0.334%)⁽²⁾		08/25/36		664,482		240,284
Merrill Lynch Alternative Note Asset Trust Series 2007-A1, Class A3
4.76% (1 mo. USD Term SOFR + 0.434%)⁽²⁾		01/25/37		622,256		183,640
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2B
4.70% (1 mo. USD Term SOFR + 0.374%)⁽²⁾		06/25/37		193,162		190,717
Merrill Lynch Mortgage Investors Trust Series 2004-B, Class A1
4.94% (1 mo. USD Term SOFR + 0.614%)⁽²⁾		05/25/29		3,009		2,890
Merrill Lynch Mortgage Investors Trust Series 2006-HE6, Class A2B
4.12% (1 mo. USD Term SOFR + 0.414%)⁽²⁾		11/25/37		738,183		233,577
Merrill Lynch Mortgage Investors Trust Series 2006-RM2, Class A1A
4.81% (1 mo. USD Term SOFR + 0.484%)⁽²⁾		05/25/37		3,365,977		933,828
Mid-State Capital Corp. Trust Series 2005-1, Class A
5.75%		01/15/40		1,698		1,696
Mid-State Capital Corp. Trust Series 2006-1, Class A
5.79% ⁽¹⁾		10/15/40		23,511		23,591
Mid-State Trust XI Series 11, Class A1
4.86%		07/15/38		923		920
Morgan Stanley Mortgage Loan Trust Series 2007-13, Class 6A1
6.00%		10/25/37		173,063		90,169


Issues	Maturity Date		Principal Amount		Value
Morgan Stanley Residential Mortgage Loan Trust Series 2024-INV3, Class A1
6.50% ^(1),(8)		06/25/54	$	1,571,283	$	1,595,660
Nationstar Home Equity Loan Trust Series 2007-C, Class 2AV4
4.69% (1 mo. USD Term SOFR + 0.364%)⁽²⁾		06/25/37		14,131		13,639
Oakwood Mortgage Investors, Inc. Series 1999-C, Class A2
7.48%		08/15/27		217,521		164,684
OBX Trust Series 2022-NQM7, Class A3
5.70% ⁽¹⁾		08/25/62		1,222,323		1,221,541
PMT Loan Trust Series 2024-INV1, Class A29
6.00% ^(1),(8)		10/25/59		1,197,416		1,199,295
PRET LLC Series 2021-RN2, Class A1
4.74% ⁽¹⁾		07/25/51		1,300,841		1,291,205
PRET LLC Series 2022-RN2, Class A1
5.00% ⁽¹⁾		06/25/52		542,954		544,279
PRET LLC Series 2024-NPL4, Class A1
7.00% ⁽¹⁾		07/25/54		1,391,196		1,393,610
PRKCM Trust Series 2023-AFC1, Class B1
7.45% ^(1),(8)		02/25/58		1,200,000		1,204,042
PRPM LLC Series 2021-11, Class A1
5.49% ⁽¹⁾		11/25/26		243,240		243,739
PRPM LLC Series 2021-4, Class A1
5.87% ⁽¹⁾		04/25/26		1,574,991		1,578,963
PRPM LLC Series 2022-3, Class A1
5.56% ⁽¹⁾		06/25/27		818,942		818,997
PRPM LLC Series 2022-4, Class A1
5.00% ⁽¹⁾		08/25/27		214,237		213,818
PRPM LLC Series 2024-5, Class A1
5.69% ⁽¹⁾		09/25/29		1,264,729		1,265,422
PRPM LLC Series 2024-RCF4, Class A2
4.00% ⁽¹⁾		07/25/54		1,600,000		1,516,613
PRPM LLC Series 2024-RPL1, Class M1
4.20% ^(1),(8)		12/25/64		1,600,000		1,491,264
PRPM LLC Series 2024-RPL3, Class A2
4.00% ⁽¹⁾		11/25/54		1,150,000		1,073,227
PRPM LLC Series 2024-RPL4, Class M1
4.00% ⁽¹⁾		12/25/54		1,280,000		1,150,521
PRPM LLC Series 2025-RCF1, Class A2
4.50% ⁽¹⁾		02/25/55		3,000,000		2,893,499
PRPM Trust Series 2023-NQM2, Class B1
6.96% ^(1),(8)		08/25/68		1,250,000		1,238,980

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

PRPM Trust Series 2023-NQM3, Class B2

7.44% ^(1),(8)

11/25/68

850,000

838,558

PRPM Trust Series 2025-NQM1, Class M1B

7.14% ^(1),(8)

11/25/69

2,300,000

2,322,621

RALI Trust Series 2005-QS14, Class 3A3

6.00% ⁽¹²⁾

09/25/35

100,458

87,853

RALI Trust Series 2005-QS16, Class A7

5.50% ⁽¹²⁾

11/25/35

320,501

281,757

RALI Trust Series 2006-QS15, Class A3

6.50% ⁽¹²⁾

10/25/36

687,179

593,181

RALI Trust Series 2006-QS18, Class 2A2 (I/O)

2.11% (-1 mo. USD Term SOFR + 6.436%)^(2),(10)

12/25/36

3,457,074

441,797

RALI Trust Series 2006-QS4, Class A2 (PAC)

6.00% ⁽¹²⁾

04/25/36

252,200

204,584

RALI Trust Series 2006-QS4, Class A4

6.00% ⁽¹²⁾

04/25/36

312,421

253,435

RALI Trust Series 2006-QS6, Class 1A15

6.00% ⁽¹²⁾

06/25/36

123,259

100,042

RALI Trust Series 2006-QS6, Class 1A2

6.00% ⁽¹²⁾

06/25/36

484,205

393,001

RALI Trust Series 2006-QS6, Class 1A4

6.00% ⁽¹²⁾

06/25/36

808,106

655,892

RALI Trust Series 2007-QH9, Class X (P/O)

0.71% ^(10),(8)

11/25/37

9,668,066

294,745

RALI Trust Series 2007-QO2, Class A1

4.59% (1 mo. USD Term SOFR + 0.264%)⁽²⁾

02/25/47

502,300

149,170

RALI Trust Series 2007-QS1, Class 1A4

6.00% ⁽¹²⁾

01/25/37

387,640

306,089

RALI Trust Series 2007-QS1, Class 2A1 (I/O)

2.20% (-1 mo. USD Term SOFR + 6.526%)^(2),(10)

01/25/37

5,436,783

638,883

RALI Trust Series 2007-QS3, Class A1

6.50% ⁽¹²⁾

02/25/37

371,698

309,592

RALI Trust Series 2007-QS7, Class 1A1 (PAC)

6.00% ⁽¹²⁾

05/25/37

41,438

33,522

RAMP Trust Series 2006-EFC2, Class A4

4.88% (1 mo. USD Term SOFR + 0.554%)⁽²⁾

12/25/36

12,616

12,491


Issues	Maturity Date		Principal Amount		Value
RCKT Mortgage Trust Series 2024-CES5, Class A3
6.44% ⁽¹⁾		08/25/44	$	860,000	$	869,838
RCKT Mortgage Trust Series 2024-CES6, Class B1
7.23% ⁽¹⁾		09/25/44		2,300,000		2,333,059
RCKT Mortgage Trust Series 2024-CES8, Class A2
5.66% ⁽¹⁾		11/25/44		1,560,000		1,558,320
Residential Asset Securitization Trust Series 2003-A15, Class 1A3 (I/O)
3.11% (-1 mo. USD Term SOFR + 7.436%)^(2),(10)		02/25/34		348,686		42,023
Residential Asset Securitization Trust Series 2005-A8CB, Class A9
5.38% ⁽¹²⁾		07/25/35		218,806		120,482
Residential Asset Securitization Trust Series 2006-A12, Class A1
6.25%		11/25/36		503,301		182,472
Residential Asset Securitization Trust Series 2006-A15, Class A2
6.25%		01/25/37		508,001		165,853
Residential Asset Securitization Trust Series 2006-A16, Class 1A3
6.00%		02/25/37		333,135		124,998
Residential Asset Securitization Trust Series 2006-A5CB, Class A4
6.00%		06/25/36		209,021		79,623
Residential Asset Securitization Trust Series 2007-A1, Class A1
6.00%		03/25/37		326,039		99,126
Residential Asset Securitization Trust Series 2007-A3, Class 1A4
5.75% ⁽¹²⁾		04/25/37		465,234		210,575
Residential Asset Securitization Trust Series 2007-A6, Class 1A3
6.00%		06/25/37		138,762		71,213
RFMSI Trust Series 2006-S10, Class 1A1
6.00% ⁽¹²⁾		10/25/36		578,548		465,904
RFMSI Trust Series 2006-S3, Class A7
5.50% ⁽¹²⁾		03/25/36		384,323		311,374
RFMSI Trust Series 2006-S6, Class A10
6.00% ⁽¹²⁾		07/25/36		186,101		162,613
RFMSI Trust Series 2006-S6, Class A14
6.00% ⁽¹²⁾		07/25/36		59,673		52,142
RFMSI Trust Series 2007-S8, Class 1A1
6.00%		09/25/37		132,999		90,576
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF4
2.83%		01/25/36		229,265		194,763

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Securitized Asset-Backed Receivables LLC Trust Series 2007-NC1, Class A2B

4.74% (1 mo. USD Term SOFR + 0.414%)⁽²⁾

12/25/36

817,230

390,698

Shamrock Residential DAC Series 2024-1A, Class C

4.57% (1 mo. EUR EURIBOR + 2.200%)^(1),(2),(10)

12/24/78

EUR

1,075,000

1,214,123

Soundview Home Loan Trust Series 2007-OPT2, Class 2A4

4.69% (1 mo. USD Term SOFR + 0.364%)⁽²⁾

07/25/37

227,975

180,017

Soundview Home Loan Trust Series 2007-OPT4, Class 1A1

5.44% (1 mo. USD Term SOFR + 1.114%)⁽²⁾

09/25/37

358,270

253,805

Structured Adjustable Rate Mortgage Loan Trust Series 2004-1, Class 4A1

6.53% ⁽⁸⁾

02/25/34

684

654

Structured Asset Mortgage Investments II Trust Series 2006-AR2, Class A1

4.90% (1 mo. USD Term SOFR + 0.574%)⁽²⁾

02/25/36

8,152

7,316

Towd Point Mortgage Trust Series 2024-CES1, Class A1B

6.05% ^(1),(8)

01/25/64

845,226

849,860

VCAT LLC Series 2025-NPL1, Class A1

5.88% ⁽¹⁾

01/25/55

2,032,083

2,029,518

Verus Securitization Trust Series 2022-2, Class A2

4.26% ^(1),(12)

02/25/67

846,945

805,311

Verus Securitization Trust Series 2022-INV2, Class M1

6.77% ^(1),(8)

10/25/67

864,000

862,553

Verus Securitization Trust Series 2023-1, Class B1

6.88% ^(1),(8)

12/25/67

1,150,000

1,141,340

Verus Securitization Trust Series 2023-INV1, Class B1

7.50% ^(1),(8)

02/25/68

1,120,000

1,115,039

Verus Securitization Trust Series 2024-INV2, Class B2

7.99% ^(1),(8)

08/26/69

550,000

539,419

Verus Securitization Trust Series 2025-INV1, Class B1

6.95% ^(1),(8)

02/25/70

1,750,000

1,754,522

Issues

Maturity

Date

Principal

Amount

Value

Visio Trust Series 2023-1, Class B1

7.84% ^(1),(8)

03/25/58

900,000

910,684

VOLT CIII LLC Series 2021-CF1, Class A1

4.99% ⁽¹⁾

08/25/51

477,678

477,559

VOLT XCII LLC Series 2021-NPL1, Class A1

5.89% ⁽¹⁾

02/27/51

16,040

16,041

VOLT XCVI LLC Series 2021-NPL5, Class A2

8.83% ⁽¹⁾

03/27/51

994,281

994,201

Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-2, Class 1A6

6.00% ⁽¹²⁾

03/25/36

17,732

17,117

Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-AR3, Class X3 (I/O)

1.15% ⁽¹⁰⁾

05/25/46

5,484,327

254,268

Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 1A1

6.00% ⁽¹²⁾

06/25/37

148,969

134,650

Wells Fargo Alternative Loan Trust Series 2007-PA5, Class 1A1

6.25% ⁽¹²⁾

11/25/37

266,607

237,634

Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR14, Class 2A3

7.39% ^(8),(12)

10/25/36

24,066

21,396

Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR4, Class 2A1

6.15% ^(8),(12)

04/25/36

5,281

5,127

Wells Fargo Mortgage-Backed Securities Trust Series 2007-7, Class A1

6.00% ⁽¹²⁾

06/25/37

1,302,577

1,201,877

Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $140,071,829)

122,045,759

BANK LOANS—8.4%

Advertising — 0.1%

Advantage Sales & Marketing, Inc. 2024 Term Loan

8.79% (3 mo. USD Term SOFR + 4.250%)⁽²⁾

10/28/27

500,000

442,525

Planet U.S. Buyer LLC 2024 Term Loan B

7.32% (3 mo. USD Term SOFR + 3.000%)⁽²⁾

02/07/31

447,896

446,160

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date		Principal Amount		Value
Red Ventures LLC 2024 Term Loan B
7.07% (1 mo. USD Term SOFR + 2.750%)⁽²⁾		03/03/30	$	258,349	$	251,374

						1,140,059


Aerospace & Defense — 0.1%
TransDigm, Inc. 2023 Term Loan J
6.80% (3 mo. USD Term SOFR + 2.500%)⁽²⁾		02/28/31		725,780		719,462
TransDigm, Inc. 2024 Term Loan I
7.05% (3 mo. USD Term SOFR + 2.750%)⁽²⁾		08/24/28		428,278		428,224

						1,147,686


Apparel — 0.1%
ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B
6.57% (1 mo. USD Term SOFR + 2.250%)⁽²⁾		12/21/28		733,747		721,504
ABG Intermediate Holdings 2 LLC 2025 Delayed Draw Term Loan
6.57% (1 mo. USD Term SOFR + 2.250%)⁽²⁾		02/13/32		500,000		490,313

						1,211,817


Beverages — 0.4%
Arterra Wines Canada, Inc. 2020 Term Loan
8.06% (3 mo. USD Term SOFR + 3.500%)⁽²⁾		11/24/27		498,698		489,774
Celsius Holdings, Inc. Term Loan
7.55% (3 mo. USD Term SOFR + 3.250%)⁽²⁾		04/01/32		538,755		536,285

Issues

Maturity

Date

Principal

Amount

Value

Naked Juice LLC 2025 FLFO Term Loan

9.71% (3 mo. USD Term SOFR + 5.500%)⁽²⁾

01/24/29

2,224,331

2,148,703

Naked Juice LLC 2025 FLSO Term Loan

7.46% (3 mo. USD Term SOFR + 3.250%)⁽²⁾

01/24/29

246,436

157,103

Naked Juice LLC 2025 FLTO Term Loan

10.31% (3 mo. USD Term SOFR + 6.000%)⁽²⁾

01/24/30

141,951

41,875

Triton Water Holdings, Inc. 2025 Term Loan B

6.55% (3 mo. USD Term SOFR + 2.250%)⁽²⁾

03/31/28

498,750

495,571

3,869,311

Chemicals — 0.1%

Chemours Co. 2023 USD Term Loan B

7.32% (1 mo. USD Term SOFR + 3.000%)⁽²⁾

08/18/28

561,482

549,082

Mativ Holdings, Inc. Delayed Draw Term Loan A

6.92% (1 mo. USD Term SOFR + 2.500%)⁽²⁾

05/06/27

84,299

83,456

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Schweitzer-Mauduit International, Inc. 2021 Term Loan B

8.19% (1 mo. USD Term SOFR + 3.750%)⁽²⁾

04/20/28

86,097

85,666

SCIH Salt Holdings, Inc. 2021 Incremental Term Loan B

7.28% (3 mo. USD Term SOFR + 3.000%)⁽²⁾

01/31/29

498,750

494,810

1,213,014

Commercial Services — 0.7%

Albion Financing 3 SARL 2025 USD Term Loan B

7.30% (3 mo. USD Term SOFR + 3.000%)⁽²⁾

08/16/29

76,571

76,643

Amspec Parent LLC 2024 Term Loan

8.55% (3 mo. USD Term SOFR + 4.250%)^(2),(13)

12/22/31

162,693

ASP Dream Acquisition Co. LLC Term Loan B

8.67% (1 mo. USD Term SOFR + 4.250%)⁽²⁾

12/15/28

1,128,750

1,083,600

Belron Finance 2019 LLC 2024 USD Term Loan B

7.05% (3 mo. USD Term SOFR + 2.750%)⁽²⁾

10/16/31

342,059

341,679

Boost Newco Borrower LLC 2025 USD Term Loan B

6.30% (3 mo. USD Term SOFR + 2.000%)⁽²⁾

01/31/31

637,937

637,405

CCRR Parent, Inc. Term Loan B

8.82% (3 mo. USD Term SOFR + 4.250%)⁽²⁾

03/06/28

134,519

54,704

CCRR Parent, Inc. US Acquisition Facility

8.56% (3 mo. USD Term SOFR + 4.250%)⁽²⁾

03/06/28

405,551

171,684

Issues

Maturity

Date

Principal

Amount

Value

Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan

8.05% (3 mo. USD Term SOFR + 3.750%)⁽²⁾

07/06/29

248,866

248,476

Kelso Industries LLC Delayed Draw Term Loan

10.03% (3 mo. USD Term SOFR + 5.750%)⁽²⁾

12/30/29

23,867

5,958

Kelso Industries LLC Term Loan

10.07% (1 mo. USD Term SOFR + 5.750%)^(2),(14)

12/30/29

95,533

94,697

KUEHG Corp. 2024 Term Loan

7.55% (3 mo. USD Term SOFR + 3.250%)⁽²⁾

06/12/30

202,620

202,186

Nuvei Technologies Corp. 2024 Term Loan B1

7.32% (1 mo. USD Term SOFR + 3.000%)⁽²⁾

11/17/31

500,000

497,420

Priority Holdings LLC 2024 Term Loan B

9.07% (1 mo. USD Term SOFR + 4.750%)⁽²⁾

05/16/31

345,430

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Ryan LLC Term Loan

7.82% (1 mo. USD Term SOFR + 3.500%)⁽²⁾

11/14/30

378,430

378,005

Spin Holdco, Inc. 2021 Term Loan

8.56% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

03/04/28

229,361

188,632

TruGreen LP 2020 Term Loan

8.42% (1 mo. USD Term SOFR + 4.000%)⁽²⁾

11/02/27

669,858

636,365

Valvoline, Inc. Term Loan B

0.00% ⁽¹⁵⁾

03/19/32

659,040

658,216

Veritiv Corp. Term Loan B

8.30% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

11/30/30

568,112

564,431

6,348,224

Computers — 0.4%

Amentum Government Services Holdings LLC 2024 Term Loan B

6.57% (1 mo. USD Term SOFR + 2.250%)⁽²⁾

09/29/31

349,125

345,471

McAfee LLC 2024 USD 1st Lien Term Loan B

7.32% (1 mo. USD Term SOFR + 3.000%)⁽²⁾

03/01/29

134,303

126,608

Nielsen Consumer, Inc. 2025 USD Term Loan

7.82% (1 mo. USD Term SOFR + 3.500%)⁽²⁾

03/06/28

500,000

499,375

Peraton Corp. Term Loan B

8.17% (1 mo. USD Term SOFR + 3.750%)⁽²⁾

02/01/28

905,850

819,631

Twitter, Inc. 2025 Fixed Term Loan

0.00% ⁽¹⁵⁾

10/26/29

757,359

739,846

Issues

Maturity

Date

Principal

Amount

Value

Twitter, Inc. Term Loan

10.95% (3 mo. USD Term SOFR + 6.500%)⁽²⁾

10/26/29

1,609,133

1,562,267

4,093,198

Cosmetics/Personal Care — 0.1%

Opal U.S. LLC Term Loan B

0.00% ⁽¹⁵⁾

03/31/32

1,145,067

1,137,200

Distribution &Wholesale — 0.1%

BCPE Empire Holdings, Inc. 2025 Term Loan B

7.57% (1 mo. USD Term SOFR + 3.250%)⁽²⁾

12/11/30

809,350

802,373

Gloves Buyer, Inc. 2025 Term Loan

0.00% ⁽¹⁵⁾

01/17/32

525,012

504,274

1,306,647

Diversified Financial Services — 0.7%

Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6

6.07% (1 mo. USD Term SOFR + 1.750%)⁽²⁾

06/24/30

1,147,987

1,144,881

Blackhawk Network Holdings, Inc. 2025 Term Loan B

8.32% (1 mo. USD Term SOFR + 4.000%)⁽²⁾

03/12/29

820,638

821,089

Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B

7.51% (6 mo. USD Term SOFR + 3.250%)⁽²⁾

01/27/32

200,000

198,438

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Deerfield Dakota Holding LLC 2020 USD Term Loan B

8.05% (3 mo. USD Term SOFR + 3.750%)⁽²⁾

04/09/27

801,595

761,880

Delos Aircraft DAC Term Loan

0.00% ⁽¹⁵⁾

10/31/27

1,670,000

1,673,574

Guggenheim Partners LLC 2024 Term Loan B

6.80% (3 mo. USD Term SOFR + 2.500%)⁽²⁾

11/26/31

219,250

219,341

Jane Street Group LLC 2024 Term Loan B1

6.31% (3 mo. USD Term SOFR + 2.000%)⁽²⁾

12/15/31

467,444

461,668

Jefferies Finance LLC 2024 Term Loan

7.32% (1 mo. USD Term SOFR + 3.000%)⁽²⁾

10/21/31

171,646

171,861

Setanta Aircraft Leasing DAC 2024 Term Loan B

6.05% (3 mo. USD Term SOFR + 1.750%)^(2),(10)

11/05/28

835,000

837,088

Summit Acquisition, Inc. 2024 Term Loan B

8.07% (1 mo. USD Term SOFR + 3.750%)⁽²⁾

10/16/31

647,360

647,765

6,937,585

Electric — 0.3%

Alpha Generation LLC Term Loan B

7.07% (1 mo. USD Term SOFR + 2.750%)⁽²⁾

09/30/31

625,814

626,653

Calpine Corp. 2024 Term Loan B10

6.07% (1 mo. USD Term SOFR + 1.750%)⁽²⁾

01/31/31

179,916

179,399

Cornerstone Generation LLC Term Loan B

0.00% ⁽¹⁵⁾

10/28/31

181,482

181,898

Issues

Maturity

Date

Principal

Amount

Value

Edgewater Generation LLC 2024 Term Loan B

7.30% (3 mo. USD Term SOFR + 3.000%)⁽²⁾

08/01/30

90,509

90,453

EFS Cogen Holdings I LLC 2020 Term Loan B

7.80% (3 mo. USD Term SOFR + 3.500%)⁽²⁾

10/03/31

350,951

351,645

Kestrel Acquisition LLC 2024 Term Loan B

7.80% (3 mo. USD Term SOFR + 3.500%)⁽²⁾

11/06/31

229,433

229,839

Potomac Energy Center LLC 2025 Term Loan

0.00% ⁽¹⁵⁾

03/14/32

253,076

252,127

Potomac Energy Center LLC Term Loan

10.56% (3 mo. USD Term SOFR + 6.000%)⁽²⁾

11/12/26

318,472

320,065

South Field LLC 2025 Term Loan B

7.55% (3 mo. USD Term SOFR + 3.250%)⁽²⁾

08/29/31

357,633

356,517

South Field LLC 2025 Term Loan C

7.55% (3 mo. USD Term SOFR + 3.250%)⁽²⁾

08/29/31

22,862

22,790

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Talen Energy Supply LLC 2023 Term Loan B

6.82% (3 mo. USD Term SOFR + 2.500%)⁽²⁾

05/17/30

498,731

498,108

Vistra Operations Co. LLC 1st Lien Term Loan B3

6.07% (1 mo. USD Term SOFR + 1.750%)⁽²⁾

12/20/30

186,847

186,432

3,295,926

Electrical Components & Equipment — 0.0%

Pelican Products, Inc. 2021 Term Loan

8.81% (3 mo. USD Term SOFR + 4.250%)⁽²⁾

12/29/28

351,019

315,353

Electronics — 0.1%

II-VI, Inc. 2024 1st Lien Term Loan B

6.32% (1 mo. USD Term SOFR + 2.000%)⁽²⁾

07/02/29

482,082

477,663

TCP Sunbelt Acquisition Co. 2024 Term Loan B

8.57% (3 mo. USD Term SOFR + 4.250%)⁽²⁾

10/24/31

44,888

45,000

522,663

Energy-Alternate Sources — 0.1%

KAMC Holdings, Inc. 2019 Term Loan

8.57% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

08/14/26

493,431

473,026

Engineering & Construction — 0.1%

Artera Services LLC 2024 Term Loan

8.80% (3 mo. USD Term SOFR + 4.500%)⁽²⁾

02/15/31

56,542

54,051

DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan

7.94% (1 mo. USD Term SOFR + 3.500%)^(2),(16)

03/31/28

575,392

574,961


Issues	Maturity Date			Principal Amount		Value
Legence Holdings LLC 2025 Term Loan B
7.57% (1 mo. USD Term SOFR + 3.250%)⁽²⁾		12/18/28		$	498,708	$	492,599

							1,121,611

Entertainment — 0.2%
DK Crown Holdings, Inc. 2025 Term Loan B
6.07% (1 mo. USD Term SOFR + 1.750%)⁽²⁾		03/04/32			128,352		127,416
EOC Borrower LLC Term Loan B
7.32% (1 mo. USD Term SOFR + 3.000%)⁽²⁾		03/24/32			500,000		495,207
Flutter Financing BV 2024 Term Loan B
6.05% (3 mo. USD Term SOFR + 1.750%)⁽²⁾		11/30/30	EUR		249,369		246,174
Great Canadian Gaming Corp. 2024 Term Loan B
9.05% (3 mo. USD Term SOFR + 4.750%)⁽²⁾		11/01/29		$	350,000		338,275
J&J Ventures Gaming LLC 2025 Repriced Term Loan B
7.82% (1 mo. USD Term SOFR + 3.500%)⁽²⁾		04/26/30			500,000		478,908

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Showtime Acquisition LLC 2024 1st Lien Term Loan

9.07% (3 mo. USD Term SOFR + 4.750%)⁽²⁾

08/13/31

300,661

301,413

UFC Holdings LLC 2024 Term Loan B

6.58% (3 mo. USD Term SOFR + 2.250%)⁽²⁾

11/21/31

281,355

281,399

2,268,792

Environmental Control — 0.1%

GFL Environmental, Inc. 2025 Term Loan B

6.82% (3 mo. USD Term SOFR + 2.500%)⁽²⁾

02/04/32

500,000

494,375

Food — 0.2%

8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan

8.19% (1 mo. USD Term SOFR + 3.750%)⁽²⁾

10/01/25

436,781

414,942

BCPE North Star U.S. HoldCo 2, Inc. Term Loan

8.44% (1 mo. USD Term SOFR + 4.000%)⁽²⁾

06/09/28

749,727

730,519

United Natural Foods, Inc. 2024 Term Loan

9.07% (1 mo. USD Term SOFR + 4.750%)⁽²⁾

05/01/31

300,882

302,386

1,447,847

Health Care-Products — 0.2%

Bausch & Lomb Corp. 2023 Incremental Term Loan

8.32% (1 mo. USD Term SOFR + 4.000%)⁽²⁾

09/29/28

338,430

336,457

Bausch & Lomb Corp. Term Loan

7.67% (1 mo. USD Term SOFR + 3.250%)⁽²⁾

05/10/27

561,384

555,736

Issues

Maturity

Date

Principal

Amount

Value

Medline Borrower LP 2024 Add-on Term Loan B

0.00% ⁽¹⁵⁾

10/23/28

1,028,295

1,022,562

NSM Top Holdings Corp. 2024 Term Loan

9.65% (3 mo. USD Term SOFR + 5.250%)⁽²⁾

05/14/29

94,987

95,145

2,009,900

Health Care-Services — 0.5%

ADMI Corp. 2021 Incremental Term Loan B3

8.19% (1 mo. USD Term SOFR + 3.750%)⁽²⁾

12/23/27

498,708

477,513

ADMI Corp. 2023 Term Loan B5

10.07% (1 mo. USD Term SOFR + 5.750%)⁽²⁾

12/23/27

83,676

82,700

Aveanna Healthcare LLC 2021 Term Loan B

8.16% (3 mo. USD Term SOFR + 3.750%)⁽²⁾

07/17/28

259,772

255,552

Charlotte Buyer, Inc. 2025 Repriced Term Loan B

8.57% (1 mo. USD Term SOFR + 4.250%)⁽²⁾

02/11/28

349,125

347,971

Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B

8.53% (3 mo. USD Term SOFR + 4.250%)⁽²⁾

03/30/29

498,718

462,873

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Heartland Dental LLC 2024 Term Loan

8.82% (1 mo. USD Term SOFR + 4.500%)⁽²⁾

04/28/28

284,007

281,399

Help At Home, Inc. 2024 Term Loan B

9.32% (1 mo. USD Term SOFR + 5.000%)⁽²⁾

09/24/31

349,125

338,761

IQVIA, Inc. 2025 Repriced Term Loan B

6.05% (3 mo. USD Term SOFR + 1.750%)⁽²⁾

01/02/31

124,507

124,600

ModivCare, Inc. 2024 Term Loan B

9.05% (3 mo. USD Term SOFR + 4.750%)⁽²⁾

07/01/31

797,980

548,364

Modivcare, Inc. 2025 Incremental Term Loan

11.71% (3 mo. USD Term SOFR + 7.500%)⁽²⁾

01/09/26

271,354

211,444

NAPA Management Services Corp. Term Loan B

9.67% (1 mo. USD Term SOFR + 5.250%)⁽²⁾

02/23/29

1,384,703

1,239,600

Star Parent, Inc. Term Loan B

8.30% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

09/27/30

190,368

184,539

U.S. Anesthesia Partners, Inc. 2021 Term Loan

8.69% (1 mo. USD Term SOFR + 4.250%)⁽²⁾

10/01/28

458,375

454,277

5,009,593

Home Furnishings — 0.2%

AI Aqua Merger Sub, Inc. 2024 1st Lien Term Loan B

7.32% (1 mo. USD Term SOFR + 3.000%)⁽²⁾

07/31/28

1,470,298

1,455,242

Issues

Maturity

Date

Principal

Amount

Value

Insurance — 0.4%

Acrisure LLC 2024 1st Lien Term Loan B1

7.07% (1 mo. USD Term SOFR + 2.750%)⁽²⁾

02/15/27

528,526

528,032

AmWINS Group, Inc. 2025 Term Loan B

6.57% (1 mo. USD Term SOFR + 2.250%)⁽²⁾

01/30/32

922,688

919,158

Asurion LLC 2020 Term Loan B8

7.69% (1 mo. USD Term SOFR + 3.250%)⁽²⁾

12/23/26

320,237

318,184

Asurion LLC 2021 Second Lien Term Loan B4

9.69% (1 mo. USD Term SOFR + 5.250%)⁽²⁾

01/20/29

733,916

676,120

Asurion LLC 2023 Term Loan B11

8.67% (1 mo. USD Term SOFR + 4.250%)⁽²⁾

08/19/28

1,570,667

1,526,634

Asurion LLC 2024 Term Loan B12

8.57% (1 mo. USD Term SOFR + 4.250%)⁽²⁾

09/19/30

181,800

174,273

4,142,401

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date		Principal Amount		Value
Internet — 0.6%
Arches Buyer, Inc. 2021 Term Loan B
7.67% (1 mo. USD Term SOFR + 3.250%)⁽²⁾		12/06/27	$	122,442	$	120,162
Barracuda Networks, Inc. 2022 Term Loan
8.78% (3 mo. USD Term SOFR + 4.500%)⁽²⁾		08/15/29		543,414		455,759
Delivery Hero SE 2024 USD Term Loan B
9.31% (3 mo. USD Term SOFR + 5.000%)⁽²⁾		12/12/29		1,095,591		1,097,508
Getty Images, Inc. 2025 USD Term Loan B
11.25%		02/21/30		700,098		693,972
Magnite, Inc. 2025 Repriced Term Loan B
7.32% (1 mo. USD Term SOFR + 3.000%)⁽²⁾		02/06/31		554,264		541,101
MH Sub I LLC 2023 Term Loan
8.57% (1 mo. USD Term SOFR + 4.250%)⁽²⁾		05/03/28		807,370		765,992
MH Sub I LLC 2024 Term Loan B4
8.57% (1 mo. USD Term SOFR + 4.250%)⁽²⁾		12/31/31		663,557		583,870
Proofpoint, Inc. 2024 Term Loan
7.32% (1 mo. USD Term SOFR + 3.000%)⁽²⁾		08/31/28		305,127		303,659
PUG LLC 2024 Extended Term Loan B
9.07% (1 mo. USD Term SOFR + 4.750%)⁽²⁾		03/15/30		100,167		98,884
Research Now Group, Inc. 2024 First Lien First Out Term Loan
9.58% (3 mo. USD Term SOFR + 5.000%)⁽²⁾		07/15/28		603,317		602,846

Issues

Maturity

Date

Principal

Amount

Value

TripAdvisor, Inc. Term Loan

7.05% (3 mo. USD Term SOFR + 2.750%)⁽²⁾

07/08/31

382,617

374,008

5,637,761

Investment Companies — 0.0%

Intrado Corp. 2023 Term Loan B

7.80% (3 mo. USD Term SOFR + 3.500%)⁽²⁾

01/31/30

349,116

339,007

Leisure Time — 0.2%

City Football Group Ltd. 2024 Term Loan

8.04% (3 mo. USD Term SOFR + 3.500%)⁽²⁾

07/22/30

960,502

943,295

MajorDrive Holdings IV LLC Term Loan B

8.56% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

06/01/28

701,761

653,908

Sabre GLBL, Inc. 2024 Term Loan B1

10.42% (1 mo. USD Term SOFR + 6.000%)⁽²⁾

11/15/29

694,344

656,735

2,253,938

Lodging — 0.1%

Fertitta Entertainment LLC 2022 Term Loan B

7.82% (1 mo. USD Term SOFR + 3.500%)⁽²⁾

01/27/29

126,476

123,512

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Hilton Domestic Operating Co., Inc. 2023 Term Loan B4

6.08% (1 mo. USD Term SOFR + 1.750%)⁽²⁾

11/08/30

424,611

423,826

547,338

Machinery-Construction & Mining — 0.0%

WEC U.S. Holdings Ltd. 2024 Term Loan

6.57% (1 mo. USD Term SOFR + 2.250%)⁽²⁾

01/27/31

367,264

364,396

Machinery-Diversified — 0.1%

Arcline FM Holdings LLC 2024 Term Loan

7.82% (3 mo. USD Term SOFR + 4.319%)⁽²⁾

06/23/28

349,123

348,613

Oregon Tool, Inc. 2025 1st Lien Term Loan

9.67% (3 mo. USD Term SOFR + 5.350%)⁽²⁾

10/15/29

54,649

54,837

Oregon Tool, Inc. 2025 2nd Lien Term Loan

8.58% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

10/15/29

717,439

537,480

940,930

Media — 0.2%

Charter Communications Operating LLC 2024 Term Loan B5

6.55% (3 mo. USD Term SOFR + 2.250%)⁽²⁾

12/15/31

173,821

173,419

CSC Holdings LLC 2019 Term Loan B5

9.00% (3 mo. USD LIBOR + 2.500%)⁽²⁾

04/15/27

525,691

507,258

NEP Group, Inc. 2023 Term Loan B

7.82% (3 mo. USD Term SOFR + 3.250%)⁽²⁾

08/19/26

983,471

888,502


Issues	Maturity Date		Principal Amount		Value
Telenet Financing USD LLC 2020 USD Term Loan AR
6.44% (1 mo. USD Term SOFR + 2.000%)⁽²⁾		04/30/28	$	500,000	$	489,688
Virgin Media Bristol LLC USD Term Loan N
6.94% (1 mo. USD Term SOFR + 2.500%)⁽²⁾		01/31/28		221,162		218,478

						2,277,345

Mining — 0.0%
American Rock Salt Co. LLC 2024 First Out Delayed Draw Term Loan
11.44% (1 mo. USD Term SOFR + 7.000%)^(2),(17)		06/09/28		118,226		29,779
American Rock Salt Co. LLC 2024 First Out Term Loan
11.44% (1 mo. USD Term SOFR + 7.000%)⁽²⁾		06/09/28		111,062		111,896

						141,675

Miscellaneous Manufacturers — 0.2%
Technimark Holdings LLC 2024 Term Loan
7.57% (1 mo. USD Term SOFR + 3.250%)⁽²⁾		04/14/31		783,940		773,655
Technimark Holdings LLC Term Loan
0.00% ⁽¹⁵⁾		04/14/31		787,879		777,542

						1,551,197

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Office/Business Equipment — 0.1%

Xerox Holdings Corp. 2023 Term Loan B

8.30% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

11/17/29

696,926

649,883

Packaging & Containers — 0.1%

Balcan Innovations, Inc. Term Loan B

9.03% (3 mo. USD Term SOFR + 4.750%)⁽²⁾

10/10/31

581,065

575,254

Plaze, Inc. 2020 Incremental Term Loan

8.19% (1 mo. USD Term SOFR + 3.750%)⁽²⁾

08/03/26

671,141

628,118

Proampac PG Borrower LLC 2024 Term Loan

8.32% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

09/15/28

145,889

143,955

1,347,327

Pharmaceuticals — 0.3%

Gainwell Acquisition Corp. Term Loan B

8.40% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

10/01/27

938,445

875,541

Grifols Worldwide Operations USA, Inc. 2019 USD Term Loan B

6.46% (3 mo. USD Term SOFR + 2.000%)⁽²⁾

11/15/27

87,976

86,845

Jazz Financing Lux SARL 2024 1st Lien Term Loan B

6.57% (1 mo. USD Term SOFR + 2.250%)⁽²⁾

05/05/28

1,000,000

977,120

Organon & Co. 2024 USD Term Loan

6.57% (1 mo. USD Term SOFR + 2.250%)⁽²⁾

05/19/31

199,854

191,859

Issues

Maturity

Date

Principal

Amount

Value

Pathway Vet Alliance LLC 2021 Term Loan

9.32% (1 mo. USD Term SOFR + 5.000%)⁽²⁾

03/31/27

95,759

75,131

Pathway Vet Alliance LLC 2025 Tranche A Term Loan A

9.28% (3 mo. USD Term SOFR + 5.000%)⁽²⁾

06/30/28

14,538

14,405

Southern Veterinary Partners LLC 2024 1st Lien Term Loan

7.53% (3 mo. USD Term SOFR + 3.250%)⁽²⁾

12/04/31

521,588

520,613

2,741,514

REIT — 0.1%

Healthpeak Properties, Inc. 2024 Term Loan A3

5.15% (3 mo. USD Term SOFR + 0.850%)⁽²⁾

03/01/29

223,979

218,380

Healthpeak Properties, Inc. Term Loan A1

5.26% (1 mo. USD Term SOFR + 0.840%)⁽²⁾

08/20/27

110,979

108,204

Healthpeak Properties, Inc. Term Loan A2

5.26% (1 mo. USD Term SOFR + 0.840%)⁽²⁾

02/22/27

110,979

108,204

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date		Principal Amount		Value
Invitation Homes Operating Partnership LP 2024 Term Loan
5.24% (1 mo. USD Term SOFR + 0.850%)⁽²⁾		09/09/28	$	739,444	$	728,353

						1,163,141

Retail — 0.4%
1011778 B.C. Unlimited Liability Co. 2024 Term Loan B6
6.07% (1 mo. USD Term SOFR + 1.750%)⁽²⁾		09/20/30		298,822		296,464
BW Gas & Convenience Holdings LLC 2021 Term Loan B
7.94% (1 mo. USD Term SOFR + 3.500%)⁽²⁾		03/31/28		507,435		497,842
Dave & Buster’s, Inc. 2024 1st Lien Term Loan B
7.53% (3 mo. USD Term SOFR + 3.250%)⁽²⁾		11/01/31		501,805		465,974
Great Outdoors Group LLC 2025 Term Loan B
7.57% (1 mo. USD Term SOFR + 3.250%)⁽²⁾		01/23/32		57,771		56,630
Lakeshore Intermediate LLC Term Loan
7.94% (1 mo. USD Term SOFR + 3.500%)⁽²⁾		09/29/28		497,429		461,211
Michaels Cos., Inc. 2021 Term Loan B
8.81% (3 mo. USD Term SOFR + 4.250%)⁽²⁾		04/17/28		163,625		90,853
Pacific Bells LLC 2024 Repriced Term Loan B
8.30% (3 mo. USD Term SOFR + 4.000%)⁽²⁾		11/13/28		498,711		497,879
Peer Holding III BV 2025 Term Loan B5B
0.00% ⁽¹⁵⁾		07/01/31		1,014,197		1,011,347

						3,378,200

Issues

Maturity

Date

Principal

Amount

Value

Software — 0.6%

Athenahealth Group, Inc. 2025 Term Loan B

7.32% (1 mo. USD Term SOFR + 3.000%)⁽²⁾

02/15/29

229,048

227,510

Boxer Parent Co., Inc. 2024 2nd Lien Term Loan

10.07% (1 mo. USD Term SOFR + 5.750%)⁽²⁾

07/30/32

368,189

349,165

Boxer Parent Co., Inc. 2025 USD Term Loan B

7.32% (1 mo. USD Term SOFR + 3.000%)⁽²⁾

07/30/31

335,756

329,632

Cast & Crew Payroll LLC 2021 Incremental Term Loan

8.07% (1 mo. USD Term SOFR + 3.750%)⁽²⁾

12/29/28

225,367

216,531

Castle U.S. Holding Corp. 2025 New Money FLFO Term Loan

0.00% ⁽¹⁵⁾

04/29/30

39,382

39,160

Castle U.S. Holding Corp. USD Term Loan B

8.29% (3 mo. USD Term SOFR + 3.750%)^(2),(10)

01/29/27

288,331

180,380

Cloud Software Group, Inc. 2024 1st Lien Term Loan B

7.80% (3 mo. USD Term SOFR + 3.500%)⁽²⁾

03/29/29

935,405

925,517

See accompanying Notes to Financial Statements.

LOGO

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Cotiviti Corp. 2025 2nd Amendment Term Loan

7.08% (1 mo. USD Term SOFR + 2.750%)⁽²⁾

03/26/32

376,690

369,313

DTI Holdco, Inc. 2025 Term Loan B

8.32% (1 mo. USD Term SOFR + 4.000%)⁽²⁾

04/26/29

272,232

268,363

EagleView Technology Corp. 2018 Add On Term Loan B

8.07% (3 mo. USD Term SOFR + 3.500%)⁽²⁾

08/14/25

751,739

734,122

ECI Macola Max Holding LLC 2024 Term Loan

0.00% ⁽¹⁵⁾

05/09/30

565,808

564,676

Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B

6.82% (1 mo. USD Term SOFR + 2.500%)⁽²⁾

01/30/32

498,750

492,775

Modena Buyer LLC Term Loan

0.00% ⁽¹⁵⁾

07/01/31

335,756

319,388

Renaissance Holdings Corp. 2024 1st Lien Term Loan

8.28% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

04/05/30

564,345

527,896

SolarWinds Holdings, Inc. 2025 Term Loan

8.26% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

04/16/32

467,924

452,864

5,997,292

Telecommunications — 0.2%

Altice France SA 2023 USD Term Loan B14

9.76% (3 mo. USD Term SOFR + 5.500%)⁽²⁾

08/15/28

180,699

163,397

CCI Buyer, Inc. Term Loan

8.30% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

12/17/27

515,128

515,978


Issues	Maturity Date			Principal Amount		Value
Frontier Communications Corp. 2025 Term Loan B
6.79% (6 mo. USD Term SOFR + 2.500%)⁽²⁾		07/01/31		$	246,448	$	245,627
Zayo Group Holdings, Inc. USD Term Loan
7.44% (1 mo. USD Term SOFR + 3.000%)⁽²⁾		03/09/27			500,000		466,563

							1,391,565

Total Bank Loans (Cost: $83,461,534)							81,683,979

U.S. TREASURY SECURITIES—5.8%
U.S. Treasury Notes
3.75%		04/30/27			33,033,000		33,134,938
3.75%		04/15/28			3,870,000		3,888,594
3.88%		04/30/30			19,904,000		20,050,948

Total U.S. Treasury Securities (Cost: $56,688,853)							57,074,480

Total Fixed Income Securities (Cost: $1,035,947,284)							1,007,355,782

CONVERTIBLE SECURITIES—0.0% of Net Assets
CONVERTIBLE CORPORATE BONDS—0.0%

Beverages — 0.0%
Davide Campari-Milano NV (Italy)
2.38% ⁽³⁾		01/17/29	EUR		100,000		108,761

Commercial Services — 0.0%
Worldline SA (France)
0.00% ⁽³⁾		07/30/26	EUR		280,000		307,727

Total Convertible Corporate Bonds (Cost: $389,835)							416,488


Total Convertible Securities (Cost: $389,835)							416,488

See accompanying Notes to Financial Statements.

LOGO

TCW High Yield Bond ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date	Principal Amount		Value
FIXED INCOME SECURITIES — 97.2% of Net Assets
CORPORATE BONDS — 83.5%

Advertising — 0.7%
Advantage Sales & Marketing, Inc.
6.50% ⁽¹⁾	11/15/28	$	144,000	$	116,038
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.63% ⁽¹⁾	03/15/30		105,000		97,321
7.38% ⁽¹⁾	02/15/31		57,000		59,823

					273,182


Aerospace & Defense — 1.3%
TransDigm, Inc.
4.63%	01/15/29		135,000		130,033
6.38% ⁽¹⁾	03/01/29		277,000		282,593
6.75% ⁽¹⁾	08/15/28		18,000		18,375
6.88% ⁽¹⁾	12/15/30		70,000		72,217

					503,218


Agriculture — 0.3%
Darling Ingredients, Inc.
6.00% ⁽¹⁾	06/15/30		139,000		138,768


Airlines — 0.3%
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.50% ⁽¹⁾	04/20/26		20,351		20,237
5.75% ⁽¹⁾	04/20/29		70,000		67,946
JetBlue Airways Corp./JetBlue Loyalty LP
9.88% ⁽¹⁾	09/20/31		38,000		35,049

					123,232


Apparel — 0.5%
Crocs, Inc.
4.13% ⁽¹⁾	08/15/31		229,000		200,347


Auto Manufacturers — 0.2%
Allison Transmission, Inc.
3.75% ⁽¹⁾	01/30/31		100,000		89,950


Auto Parts & Equipment — 0.9%
Clarios Global LP/Clarios U.S. Finance Co.
6.75% ⁽¹⁾	05/15/28		59,000		60,019
6.75% ⁽¹⁾	02/15/30		100,000		101,931
Forvia SE (France)
8.00% ⁽¹⁾	06/15/30		58,000		57,817
ZF North America Capital, Inc. (Germany)
6.88% ⁽¹⁾	04/23/32		140,000		123,048

					342,815


Issues	Maturity Date	Principal Amount		Value

Beverages — 0.5%
Primo Water Holdings, Inc./Triton Water Holdings, Inc.
6.25% ⁽¹⁾	04/01/29	$	209,000	$	208,200


Building Materials — 0.5%
Quikrete Holdings, Inc.
6.38% ⁽¹⁾	03/01/32		155,000		156,166
Standard Building Solutions, Inc.
6.50% ⁽¹⁾	08/15/32		59,000		59,815

					215,981


Chemicals — 2.3%
Axalta Coating Systems Dutch Holding B BV
7.25% ⁽¹⁾	02/15/31		150,000		155,488
INEOS Finance PLC (Luxembourg)
7.50% ⁽¹⁾	04/15/29		49,000		46,110
Olympus Water U.S. Holding Corp.
7.13% ⁽¹⁾	10/01/27		125,000		125,459
SCIH Salt Holdings, Inc.
4.88% ⁽¹⁾	05/01/28		108,000		103,710
6.63% ⁽¹⁾	05/01/29		104,000		101,497
SCIL IV LLC/SCIL USA Holdings LLC
5.38% ⁽¹⁾	11/01/26		102,000		100,780
SK Invictus Intermediate II SARL (Luxembourg)
5.00% ⁽¹⁾	10/30/29		43,000		40,395
Tronox, Inc.
4.63% ⁽¹⁾	03/15/29		110,000		89,492
WR Grace Holdings LLC
5.63% ⁽¹⁾	08/15/29		64,000		56,788
7.38% ⁽¹⁾	03/01/31		96,000		96,571

					916,290


Commercial Services — 6.5%
ADT Security Corp.
4.88% ⁽¹⁾	07/15/32		107,000		100,904
Adtalem Global Education, Inc.
5.50% ⁽¹⁾	03/01/28		141,000		139,242
Allied Universal Holdco LLC
7.88% ⁽¹⁾	02/15/31		98,000		100,223
Allied Universal Holdco LLC/Allied Universal Finance Corp.
9.75% ⁽¹⁾	07/15/27		59,000		59,247
Block, Inc.
6.50% ⁽¹⁾	05/15/32		188,000		192,574
Brink’s Co.
6.75% ⁽¹⁾	06/15/32		97,000		99,428

See accompanying Notes to Financial Statements.

LOGO

TCW High Yield Bond ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date	Principal Amount		Value
Carriage Services, Inc.
4.25% ⁽¹⁾	05/15/29	$	224,000	$	205,789
Deluxe Corp.
8.13% ⁽¹⁾	09/15/29		60,000		60,106
EquipmentShare.com, Inc.
8.00% ⁽¹⁾	03/15/33		39,000		38,534
Garda World Security Corp. (Canada)
8.38% ⁽¹⁾	11/15/32		60,000		59,234
Grand Canyon University
5.13%	10/01/28		150,000		141,450
OT Midco Ltd.
10.00% ⁽¹⁾	02/15/30		110,000		89,949
Prime Security Services Borrower LLC/Prime Finance, Inc.
6.25% ⁽¹⁾	01/15/28		135,000		134,958
Raven Acquisition Holdings LLC
6.88% ⁽¹⁾	11/15/31		65,000		63,637
Service Corp. International
5.75%	10/15/32		203,000		201,120
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.
6.75% ⁽¹⁾	08/15/32		95,000		96,416
Sotheby’s
7.38% ⁽¹⁾	10/15/27		59,000		55,413
United Rentals North America, Inc.
6.13% ⁽¹⁾	03/15/34		100,000		101,229
Upbound Group, Inc.
6.38% ⁽¹⁾	02/15/29		205,000		193,774
Valvoline, Inc.
3.63% ⁽¹⁾	06/15/31		160,000		140,235
Veritiv Operating Co.
10.50% ⁽¹⁾	11/30/30		36,000		37,720
VT Topco, Inc.
8.50% ⁽¹⁾	08/15/30		93,000		97,365
WEX, Inc.
6.50% ⁽¹⁾	03/15/33		97,000		94,424
ZipRecruiter, Inc.
5.00% ⁽¹⁾	01/15/30		152,000		127,422

					2,630,393


Computers — 0.9%
Insight Enterprises, Inc.
6.63% ⁽¹⁾	05/15/32		139,000		141,250
McAfee Corp.
7.38% ⁽¹⁾	02/15/30		150,000		129,707
NCR Voyix Corp.
5.13% ⁽¹⁾	04/15/29		105,000		101,215

					372,172


Issues	Maturity Date	Principal Amount		Value

Cosmetics/Personal Care — 1.3%
Edgewell Personal Care Co.
4.13% ⁽¹⁾	04/01/29	$	140,000	$	131,149
Opal Bidco SAS (France)
6.50% ⁽¹⁾	03/31/32		55,000		55,097
Perrigo Finance Unlimited Co.
6.13%	09/30/32		142,000		141,158
Prestige Brands, Inc.
3.75% ⁽¹⁾	04/01/31		215,000		194,420

					521,824


Distribution & Wholesale — 0.4%
Ritchie Bros Holdings, Inc. (Canada)
6.75% ⁽¹⁾	03/15/28		137,000		139,935


Diversified Financial Services — 1.1%
EZCORP, Inc.
7.38% ⁽¹⁾	04/01/32		135,000		141,804
GGAM Finance Ltd. (Ireland)
8.00% ⁽¹⁾	02/15/27		115,000		118,036
Jane Street Group/JSG Finance, Inc.
6.13% ⁽¹⁾	11/01/32		90,000		88,563
7.13% ⁽¹⁾	04/30/31		109,000		112,498

					460,901


Electric — 1.8%
Alpha Generation LLC
6.75% ⁽¹⁾	10/15/32		105,000		107,303
Calpine Corp.
5.00% ⁽¹⁾	02/01/31		42,000		40,479
Pike Corp.
8.63% ⁽¹⁾	01/31/31		186,000		195,339
Southern Co.
6.38% (5 yr. CMT + 2.069%)⁽²⁾	03/15/55		95,000		96,911
Talen Energy Supply LLC
8.63% ⁽¹⁾	06/01/30		127,000		135,612
Vistra Operations Co. LLC
6.88%⁽¹⁾	04/15/32		137,000		142,137

					717,781


Electrical Components & Equipment — 0.3%
Energizer Holdings, Inc.
4.38% ⁽¹⁾	03/31/29		125,000		116,795

See accompanying Notes to Financial Statements.

LOGO

TCW High Yield Bond ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date	Principal Amount		Value

Electronics — 0.5%
Coherent Corp.
5.00% ⁽¹⁾	12/15/29	$	65,000	$	62,383
Sensata Technologies, Inc.
6.63% ⁽¹⁾	07/15/32		136,000		134,923

					197,306


Engineering & Construction — 0.1%
Brand Industrial Services, Inc.
10.38% ⁽¹⁾	08/01/30		37,000		35,285


Entertainment — 3.4%
Banijay Entertainment SAS (France)
8.13% ⁽¹⁾	05/01/29		110,000		112,731
Caesars Entertainment, Inc.
6.50% ⁽¹⁾	02/15/32		5,000		5,033
8.13% ⁽¹⁾	07/01/27		92,000		92,379
CCM Merger, Inc.
6.38% ⁽¹⁾	05/01/26		101,000		101,255
Churchill Downs, Inc.
6.75% ⁽¹⁾	05/01/31		139,000		140,592
Cinemark USA, Inc.
7.00% ⁽¹⁾	08/01/32		97,000		99,270
Everi Holdings, Inc.
5.00% ⁽¹⁾	07/15/29		202,000		203,046
Great Canadian Gaming Corp.
8.75% ⁽¹⁾	11/15/29		130,000		129,208
Light & Wonder International, Inc.
7.50% ⁽¹⁾	09/01/31		58,000		59,637
Live Nation Entertainment, Inc.
4.75% ⁽¹⁾	10/15/27		115,000		112,679
Penn Entertainment, Inc.
5.63% ⁽¹⁾	01/15/27		65,000		64,191
Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.
6.63% ⁽¹⁾	02/01/33		98,000		96,931
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
6.25% ⁽¹⁾	03/15/33		141,000		136,705

					1,353,657


Environmental Control — 0.7%
Madison IAQ LLC
5.88% ⁽¹⁾	06/30/29		103,000		97,482
Waste Pro USA, Inc.
7.00% ⁽¹⁾	02/01/33		195,000		199,682

					297,164


Issues	Maturity Date		Principal Amount		Value

Food — 2.6%
B&G Foods, Inc.
8.00% ⁽¹⁾	09/15/28		$	59,000	$	58,560
ELO SACA (France)
3.25%⁽³⁾	07/23/27	EUR		200,000		217,820
Post Holdings, Inc.
4.50% ⁽¹⁾	09/15/31		$	222,000		202,393
4.63% ⁽¹⁾	04/15/30			210,000		198,440
6.38% ⁽¹⁾	03/01/33			201,000		199,374
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed
4.63% ⁽¹⁾	03/01/29			108,000		100,497
TreeHouse Foods, Inc.
4.00%	09/01/28			67,000		60,191

						1,037,275


Gas — 1.2%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.88%	08/20/26			105,000		103,839
9.38% ⁽¹⁾	06/01/28			192,000		190,932
Venture Global Plaquemines LNG LLC
7.50% ⁽¹⁾	05/01/33			100,000		102,713
7.75% ⁽¹⁾	05/01/35			100,000		102,755

						500,239


Hand/Machine Tools — 0.3%
IMA Industria Macchine Automatiche SpA (Italy)
6.03% (3 mo. EUR EURIBOR + 3.750%)⁽¹⁾^,(2)	04/15/29			100,000		113,351


Health Care-Products — 1.6%
Bausch & Lomb Corp.
8.38% ⁽¹⁾	10/01/28			185,000		193,325
Medline Borrower LP
5.25% ⁽¹⁾	10/01/29			149,000		141,694
Medline Borrower LP/Medline Co-Issuer, Inc.
6.25% ⁽¹⁾	04/01/29			99,000		99,923
Neogen Food Safety Corp.
8.63% ⁽¹⁾	07/20/30			92,000		93,125
Sotera Health Holdings LLC
7.38% ⁽¹⁾	06/01/31			95,000		97,782

						625,849

See accompanying Notes to Financial Statements.

LOGO

TCW High Yield Bond ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date	Principal Amount		Value

Health Care-Services — 5.4%
Charles River Laboratories International, Inc.
4.25% ⁽¹⁾	05/01/28	$	100,000	$	95,226
CHS/Community Health Systems, Inc.
5.25% ⁽¹⁾	05/15/30		209,000		178,603
DaVita, Inc.
6.88% ⁽¹⁾	09/01/32		98,000		99,082
Fortrea Holdings, Inc.
7.50% ⁽¹⁾	07/01/30		148,000		128,757
HAH Group Holding Co. LLC
9.75% ⁽¹⁾	10/01/31		136,000		130,771
HealthEquity, Inc.
4.50% ⁽¹⁾	10/01/29		62,000		58,615
Heartland Dental LLC/Heartland Dental Finance Corp.
10.50% ⁽¹⁾	04/30/28		75,000		79,129
IQVIA, Inc.
6.50% ⁽¹⁾	05/15/30		138,000		140,382
Kedrion SpA (Italy)
6.50% ⁽¹⁾	09/01/29		250,000		239,698
ModivCare, Inc.
5.00% ^(1),(4)	10/01/29		210,000		65,100
Molina Healthcare, Inc.
6.25% ⁽¹⁾	01/15/33		276,000		274,377
Star Parent, Inc.
9.00% ⁽¹⁾	10/01/30		155,000		156,916
Surgery Center Holdings, Inc.
7.25% ⁽¹⁾	04/15/32		138,000		137,804
Tenet Healthcare Corp.
6.75%	05/15/31		298,000		305,718
6.88%	11/15/31		96,000		98,656

					2,188,834


Home Furnishings — 0.3%
Tempur Sealy International, Inc.
3.88% ⁽¹⁾	10/15/31		115,000		101,191


Household Products/Wares — 0.7%
Central Garden & Pet Co.
4.13%	10/15/30		65,000		59,641
4.13% ⁽¹⁾	04/30/31		90,000		81,124
Spectrum Brands, Inc.
3.88% ⁽¹⁾	03/15/31		193,000		159,377

					300,142


Housewares — 0.3%
Newell Brands, Inc.
6.38%	05/15/30		115,000		104,931


Issues	Maturity Date	Principal Amount		Value

Insurance — 2.6%
Acrisure LLC/Acrisure Finance, Inc.
7.50% ⁽¹⁾	11/06/30	$	95,000	$	97,219
8.25% ⁽¹⁾	02/01/29		97,000		99,389
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
7.00% ⁽¹⁾	01/15/31		139,000		141,134
7.38% ⁽¹⁾	10/01/32		100,000		101,146
AmWINS Group, Inc.
6.38% ⁽¹⁾	02/15/29		60,000		60,751
Ardonagh Group Finance Ltd. (United Kingdom)
8.88% ⁽¹⁾	02/15/32		60,000		61,264
Farmers Exchange Capital II
6.15% (3 mo. USD Term SOFR + 4.006%)⁽¹⁾^,(2)	11/01/53		160,000		154,209
HUB International Ltd.
7.25% ⁽¹⁾	06/15/30		115,000		119,352
7.38% ⁽¹⁾	01/31/32		136,000		140,191
Panther Escrow Issuer LLC
7.13% ⁽¹⁾	06/01/31		70,000		71,946

					1,046,601


Internet — 1.5%
Arches Buyer, Inc.
6.13% ⁽¹⁾	12/01/28		128,000		115,561
Cogent Communications Group LLC
7.00% ⁽¹⁾	06/15/27		100,000		100,567
ION Trading Technologies SARL (Luxembourg)
9.50% ⁽¹⁾	05/30/29		38,000		37,032
Match Group Holdings II LLC
5.63% ⁽¹⁾	02/15/29		143,000		140,320
Snap, Inc.
6.88% ⁽¹⁾	03/01/33		226,000		225,797

					619,277


Investment Companies — 0.7%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
9.00%	06/15/30		45,000		42,420
9.75%	01/15/29		135,000		133,350
10.00% ⁽¹⁾	11/15/29		114,000		111,782

					287,552


Iron & Steel — 0.7%
ATI, Inc.
5.13%	10/01/31		74,000		70,142
7.25%	08/15/30		30,000		31,240

See accompanying Notes to Financial Statements.

LOGO

TCW High Yield Bond ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date	Principal Amount		Value
Carpenter Technology Corp.
7.63%	03/15/30	$	97,000	$	100,021
Cleveland-Cliffs, Inc.
7.38% ⁽¹⁾	05/01/33		80,000		75,262

					276,665


Leisure Time — 0.5%
MajorDrive Holdings IV LLC
6.38% ⁽¹⁾	06/01/29		125,000		93,689
Sabre GLBL, Inc.
10.75% ⁽¹⁾	11/15/29		125,000		119,802

					213,491


Lodging — 2.0%
Hilton Domestic Operating Co., Inc.
3.63% ⁽¹⁾	02/15/32		147,000		130,352
Las Vegas Sands Corp.
6.00%	06/14/30		100,000		100,393
MGM Resorts International
6.50%	04/15/32		176,000		173,640
Studio City Finance Ltd.
5.00% ⁽¹⁾	01/15/29		110,000		97,019
Wyndham Hotels & Resorts, Inc.
4.38% ⁽¹⁾	08/15/28		237,000		228,321
Wynn Macau Ltd.
5.13% ⁽¹⁾	12/15/29		64,000		58,863

					788,588


Machinery-Construction & Mining — 0.3%
BWX Technologies, Inc.
4.13% ⁽¹⁾	06/30/28		104,000		100,389


Machinery-Diversified — 0.5%
Oregon Tool Lux LP
7.88% ⁽¹⁾	10/15/29		10,548		5,485
SPX FLOW, Inc.
8.75% ⁽¹⁾	04/01/30		97,000		98,148
TK Elevator Holdco GmbH (Germany)
7.63% ⁽¹⁾	07/15/28		98,000		98,400

					202,033


Media — 6.6%
AMC Networks, Inc.
10.25% ⁽¹⁾	01/15/29		103,000		106,654
CCO Holdings LLC/CCO Holdings Capital Corp.
4.25% ⁽¹⁾	01/15/34		484,000		408,186


Issues	Maturity Date	Principal Amount		Value
CSC Holdings LLC
6.50% ⁽¹⁾	02/01/29	$	725,000	$	593,340
7.50% ⁽¹⁾	04/01/28		110,000		80,850
11.75% ⁽¹⁾	01/31/29		14,000		13,238
DirectTV Financing LLC/DirectTV Financing Co-Obligor, Inc.
10.00% ⁽¹⁾	02/15/31		107,000		101,732
DISH DBS Corp.
5.75% ⁽¹⁾	12/01/28		112,000		94,220
7.38%	07/01/28		132,000		89,380
7.75%	07/01/26		30,000		26,180
Gray Media, Inc.
10.50% ⁽¹⁾	07/15/29		57,000		58,571
Midcontinent Communications
8.00% ⁽¹⁾	08/15/32		38,000		38,815
Sinclair Television Group, Inc.
8.13% ⁽¹⁾	02/15/33		143,000		141,800
Sirius XM Radio LLC
5.00% ⁽¹⁾	08/01/27		160,000		158,306
5.50% ⁽¹⁾	07/01/29		247,000		240,897
Univision Communications, Inc.
8.50% ⁽¹⁾	07/31/31		139,000		131,530
Virgin Media Finance PLC (United Kingdom)
5.00% ⁽¹⁾	07/15/30		116,000		101,793
VZ Secured Financing BV (Netherlands)
5.00% ⁽¹⁾	01/15/32		200,000		174,626
Ziggo Bond Co. BV (Netherlands)
5.13% ⁽¹⁾	02/28/30		110,000		97,455

					2,657,573


Mining — 0.4%
Novelis Corp.
3.25% ⁽¹⁾	11/15/26		177,000		171,904


Office/Business Equipment — 0.7%
Xerox Corp.
10.25% ⁽¹⁾	10/15/30		161,000		164,098
Zebra Technologies Corp.
6.50% ⁽¹⁾	06/01/32		135,000		135,795

					299,893


Oil & Gas — 1.9%
Hilcorp Energy I LP/Hilcorp Finance Co.
6.88% ⁽¹⁾	05/15/34		84,000		71,426
Matador Resources Co.
6.25% ⁽¹⁾	04/15/33		102,000		96,110
Parkland Corp. (Canada)
6.63% ⁽¹⁾	08/15/32		40,000		39,824

See accompanying Notes to Financial Statements.

LOGO

TCW High Yield Bond ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date	Principal Amount		Value
SM Energy Co.
6.75% ⁽¹⁾	08/01/29	$	139,000	$	130,083
Sunoco LP
6.25% ⁽¹⁾	07/01/33		74,000		73,968
7.00% ⁽¹⁾	05/01/29		120,000		123,469
Transocean Poseidon Ltd.
6.88% ⁽¹⁾	02/01/27		19,950		19,902
Transocean Titan Financing Ltd.
8.38% ⁽¹⁾	02/01/28		190,000		188,419
Vital Energy, Inc.
7.75% ⁽¹⁾	07/31/29		40,000		33,760

					776,961


Oil & Gas Services — 1.9%
Archrock Partners LP/Archrock Partners Finance Corp.
6.63% ⁽¹⁾	09/01/32		295,000		293,560
Aris Water Holdings LLC
7.25% ⁽¹⁾	04/01/30		150,000		149,067
USA Compression Partners LP/USA Compression Finance Corp.
6.88%	09/01/27		55,000		54,654
7.13% ⁽¹⁾	03/15/29		275,000		277,849

					775,130


Packaging & Containers — 2.2%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
4.13% ⁽¹⁾	08/15/26		80,000		70,738
5.25% ⁽¹⁾	08/15/27		99,000		45,796
Clearwater Paper Corp.
4.75% ⁽¹⁾	08/15/28		148,000		138,065
Clydesdale Acquisition Holdings, Inc.
6.63% ⁽¹⁾	04/15/29		95,000		95,938
Graham Packaging Co., Inc.
7.13% ⁽¹⁾	08/15/28		101,000		98,797
Graphic Packaging International LLC
6.38% ⁽¹⁾	07/15/32		195,000		196,342
Sealed Air Corp.
6.50% ⁽¹⁾	07/15/32		195,000		198,656
Trivium Packaging Finance BV (Netherlands)
8.50% ⁽¹⁾	08/15/27		60,000		59,392

					903,724


Pharmaceuticals — 2.9%
1261229 BC Ltd.
10.00% ⁽¹⁾	04/15/32		320,000		313,984


Issues	Maturity Date		Principal Amount		Value
180 Medical, Inc. (United Kingdom)
3.88% ⁽¹⁾	10/15/29		$	109,000	$	102,027
CVS Health Corp.
6.75% (5 yr. CMT + 2.516% )⁽²⁾	12/10/54			145,000		144,422
Grifols SA (Spain)
7.50% ⁽³⁾	05/01/30	EUR		135,000		160,965
Jazz Securities DAC
4.38% ⁽¹⁾	01/15/29		$	212,000		201,474
Option Care Health, Inc.
4.38% ⁽¹⁾	10/31/29			220,000		208,217
Organon & Co./Organon Foreign Debt Co-Issuer BV
6.75% ⁽¹⁾	05/15/34			61,000		57,614

						1,188,703


Pipelines — 4.6%
Antero Midstream Partners LP/Antero Midstream Finance Corp.
6.63% ⁽¹⁾	02/01/32			98,000		99,063
Buckeye Partners LP
6.75% ⁽¹⁾	02/01/30			75,000		76,347
6.75%	08/15/33			97,000		97,680
Energy Transfer LP
6.63% (3 mo. USD LIBOR + 4.155%)^(2),(5)	02/15/28			240,000		231,499
Global Partners LP/GLP Finance Corp.
8.25% ⁽¹⁾	01/15/32			192,000		195,644
NGL Energy Operating LLC/NGL Energy Finance Corp.
8.13% ⁽¹⁾	02/15/29			65,000		61,195
8.38% ⁽¹⁾	02/15/32			86,000		78,418
Rockies Express Pipeline LLC
4.95% ⁽¹⁾	07/15/29			63,000		60,299
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
6.00% ⁽¹⁾	09/01/31			106,000		97,821
TransMontaigne Partners LLC
8.50% ⁽¹⁾	06/15/30			135,000		135,979
Venture Global Calcasieu Pass LLC
4.13% ⁽¹⁾	08/15/31			250,000		225,030
Venture Global LNG, Inc.
7.00% ⁽¹⁾	01/15/30			273,000		257,475
9.00% (5 yr. CMT + 5.440%)^(1),(2),(5)	09/30/29			65,000		55,862

See accompanying Notes to Financial Statements.

LOGO

TCW High Yield Bond ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date	Principal Amount		Value
9.88% ⁽¹⁾	02/01/32	$	182,000	$	185,292

					1,857,604


Real Estate — 0.3%
Cushman & Wakefield U.S. Borrower LLC
8.88% ⁽¹⁾	09/01/31		129,000		138,113


REIT — 1.3%
Hudson Pacific Properties LP
3.95%	11/01/27		105,000		91,267
5.95%	02/15/28		120,000		100,336
Iron Mountain, Inc.
6.25% ⁽¹⁾	01/15/33		205,000		204,805
RHP Hotel Properties LP/RHP Finance Corp. (REIT)
6.50% ⁽¹⁾	04/01/32		130,000		129,813

					526,221


Retail — 7.8%
1011778 BC ULC/New Red Finance, Inc. (Canada)
4.00% ⁽¹⁾	10/15/30		312,000		284,366
Arcos Dorados BV (Brazil)
6.38% ⁽¹⁾	01/29/32		98,000		99,519
Asbury Automotive Group, Inc.
5.00% ⁽¹⁾	02/15/32		109,000		99,403
Beacon Roofing Supply, Inc.
6.75% ⁽¹⁾	04/30/32		115,000		115,361
Bloomin’ Brands, Inc./OSI Restaurant Partners LLC
5.13% ⁽¹⁾	04/15/29		110,000		95,167
Brinker International, Inc.
8.25% ⁽¹⁾	07/15/30		93,000		97,847
eG Global Finance PLC (United Kingdom)
12.00% ⁽¹⁾	11/30/28		35,000		38,523
Ferrellgas LP/Ferrellgas Finance Corp.
5.38% ⁽¹⁾	04/01/26		250,000		243,312
5.88% ⁽¹⁾	04/01/29		328,000		284,901
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.
4.63% ⁽¹⁾	01/15/29		64,000		59,446
6.75% ⁽¹⁾	01/15/30		79,000		69,116
FirstCash, Inc.
6.88% ⁽¹⁾	03/01/32		236,000		241,603
Group 1 Automotive, Inc.
6.38% ⁽¹⁾	01/15/30		98,000		99,301
LCM Investments Holdings II LLC
8.25% ⁽¹⁾	08/01/31		133,000		139,380
Lithia Motors, Inc.
3.88% ⁽¹⁾	06/01/29		95,000		88,309


Issues	Maturity Date	Principal Amount		Value
Macy’s Retail Holdings LLC
6.13% ⁽¹⁾	03/15/32	$	42,000	$	37,838
Michaels Cos., Inc.
5.25% ⁽¹⁾	05/01/28		360,000		189,227
Murphy Oil USA, Inc.
3.75% ⁽¹⁾	02/15/31		160,000		144,453
Papa John’s International, Inc.
3.88% ⁽¹⁾	09/15/29		223,000		207,294
Raising Cane’s Restaurants LLC
9.38% ⁽¹⁾	05/01/29		132,000		140,271
Saks Global Enterprises LLC
11.00% ⁽¹⁾	12/15/29		100,000		60,707
Sally Holdings LLC/Sally Capital, Inc.
6.75%	03/01/32		98,000		98,909
Staples, Inc.
10.75% ⁽¹⁾	09/01/29		101,000		87,888
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.00% ⁽¹⁾	06/01/31		154,000		141,041

					3,163,182


Software — 1.9%
Cloud Software Group, Inc.
8.25% ⁽¹⁾	06/30/32		254,000		265,293
9.00% ⁽¹⁾	09/30/29		60,000		60,542
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL
8.75% ⁽¹⁾	05/01/29		165,000		160,258
RingCentral, Inc.
8.50% ⁽¹⁾	08/15/30		133,000		140,066
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.
3.88% ⁽¹⁾	02/01/29		165,000		151,830

					777,989


Telecommunications — 5.3%
Altice Financing SA (Luxembourg)
5.75% ⁽¹⁾	08/15/29		206,000		151,684
9.63% ⁽¹⁾	07/15/27		288,000		249,137
CommScope LLC
9.50% ⁽¹⁾	12/15/31		125,000		127,962
Consolidated Communications, Inc.
6.50% ⁽¹⁾	10/01/28		193,000		190,184
EchoStar Corp.
10.75%	11/30/29		325,000		343,847
Frontier Communications Holdings LLC
6.75% ⁽¹⁾	05/01/29		141,000		141,777
8.63% ⁽¹⁾	03/15/31		220,000		233,462

See accompanying Notes to Financial Statements.

LOGO

TCW High Yield Bond ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Global Switch Finance BV (United Kingdom)

1.38% ⁽³⁾

10/07/30

EUR

115,000

123,368

Level 3 Financing, Inc.

10.50% ⁽¹⁾

04/15/29

89,000

98,841

Vmed O2 U.K. Financing I PLC (United Kingdom)

7.75% ⁽¹⁾

04/15/32

101,000

101,960

Windstream Services LLC/Windstream Escrow Finance Corp.

8.25% ⁽¹⁾

10/01/31

292,000

299,592

Zayo Group Holdings, Inc.

4.00% ⁽¹⁾

03/01/27

65,000

59,844

2,121,658

Total Corporate Bonds

(Cost: $34,129,059)

33,720,259

BANK LOANS — 13.7%

Advertising — 0.2%

Neptune Bidco U.S., Inc. 2022 USD Term Loan B

9.33% (3 mo. USD Term SOFR + 5.000%)⁽²⁾

04/11/29

89,679

79,391

Auto Parts & Equipment — 0.4%

First Brands Group LLC 2021 Term Loan

9.54% (3 mo. USD Term SOFR + 5.000%)⁽²⁾

03/30/27

193,481

180,387

Beverages — 0.9%

Celsius Holdings, Inc. Term Loan

7.55% (3 mo. USD Term SOFR + 3.250%)⁽²⁾

04/01/32

57,000

56,739

Naked Juice LLC 2025 FLFO Term Loan

9.71% (3 mo. USD Term SOFR + 5.500%)⁽²⁾

01/24/29

250,000

241,500

Pegasus Bidco BV 2024 Term Loan B

7.57% (3 mo. USD Term SOFR + 3.250%)⁽²⁾

07/12/29

82,953

82,901

381,140

Issues

Maturity

Date

Principal

Amount

Value

Commercial Services — 1.4%

Belron Finance 2019 LLC 2024 USD Term Loan B

7.05% (3 mo. USD Term SOFR + 2.750%)⁽²⁾

10/16/31

65,670

65,597

Kelso Industries LLC Term Loan

10.07% (1 mo. USD Term SOFR + 5.750%)^(2),(6)

12/30/29

39,775

39,427

Ryan LLC Term Loan

7.82% (1 mo. USD Term SOFR + 3.500%)⁽²⁾

11/14/30

148,921

148,754

Valvoline, Inc. Term Loan B

0.00%⁽⁷⁾

03/19/32

100,000

99,875

Veritiv Corp. Term Loan B

8.30% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

11/30/30

149,250

148,283

VT Topco, Inc. 2024 1st Lien Term Loan B

7.30% (3 mo. USD Term SOFR + 3.000%)⁽²⁾

08/09/30

74,066

74,005

575,941

Computers — 0.8%

Amentum Government Services Holdings LLC 2024 Term Loan B

6.57% (1 mo. USD Term SOFR + 2.250%)⁽²⁾

09/29/31

249,375

246,765

Nielsen Consumer, Inc. 2025 USD Term Loan

7.82% (1 mo. USD Term SOFR + 3.500%)⁽²⁾

03/06/28

74,813

74,719

321,484

Cosmetics/Personal Care — 0.1%

Opal U.S. LLC Term Loan B

0.00%⁽⁷⁾

03/31/32

60,000

59,588

See accompanying Notes to Financial Statements.

LOGO

TCW High Yield Bond ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Diversified Financial Services — 0.5%

Jane Street Group LLC 2024 Term Loan B1

6.31% (3 mo. USD Term SOFR + 2.000%)⁽²⁾

12/15/31

193,474

191,084

Electric — 0.9%

Alpha Generation LLC Term Loan B

7.07% (1 mo. USD Term SOFR + 2.750%)⁽²⁾

09/30/31

109,450

109,597

Edgewater Generation LLC 2025 Repriced Term Loan

7.32% (1 mo. USD Term SOFR + 3.000%)⁽²⁾

08/01/30

106,605

106,539

Kestrel Acquisition LLC 2024 Term Loan B

7.80% (3 mo. USD Term SOFR + 3.500%)⁽²⁾

11/06/31

65,670

65,786

South Field LLC 2025 Term Loan B

7.55% (3 mo. USD Term SOFR + 3.250%)⁽²⁾

08/29/31

59,665

59,479

South Field LLC 2025 Term Loan C

7.55% (3 mo. USD Term SOFR + 3.250%)⁽²⁾

08/29/31

3,814

3,802

345,203

Electrical Components & Equipment — 0.1%

Pelican Products, Inc. 2021 Term Loan

8.81% (3 mo. USD Term SOFR + 4.250%)⁽²⁾

12/29/28

60,000

53,904

Electronics — 0.2%

TCP Sunbelt Acquisition Co. 2024 Term Loan B

8.57% (3 mo. USD Term SOFR + 4.250%)⁽²⁾

10/24/31

64,838

65,000


Issues	Maturity Date	Principal Amount		Value

Engineering & Construction — 0.4%
Astrion Group LLC 2024 Term Loan
9.31% (3 mo. USD Term SOFR + 5.000%)⁽²⁾	08/15/31	$	65,835	$	63,860
DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan
7.94% (1 mo. USD Term SOFR + 3.500%)^(2),(8)	03/31/28		101,291		101,215

					165,075


Entertainment — 1.0%
Light & Wonder International, Inc. 2024 Term Loan
6.57% (1 mo. USD Term SOFR + 2.250%)⁽²⁾	04/14/29		138,951		139,009
Ontario Gaming GTA LP Term Loan B
8.55% (3 mo. USD Term SOFR + 4.250%)⁽²⁾	08/01/30		105,904		102,753
Showtime Acquisition LLC 2024 1st Lien Term Loan
9.07% (3 mo. USD Term SOFR + 4.750%)⁽²⁾	08/13/31		154,313		154,699

					396,461


Food — 0.7%
Chobani LLC 2025 Repriced Term Loan B
6.82% (1 mo. USD Term SOFR + 2.500%)⁽²⁾	10/25/27		123,441		123,569
United Natural Foods, Inc. 2024 Term Loan
9.07% (1 mo. USD Term SOFR + 4.750%)⁽²⁾	05/01/31		153,450		154,217

					277,786

See accompanying Notes to Financial Statements.

LOGO

TCW High Yield Bond ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date	Principal Amount		Value

Health Care-Products — 0.2%
Auris Luxembourg III SARL 2024 Term Loan B4
8.05% (3 mo. USD Term SOFR + 3.750%)⁽²⁾	02/28/29	$	28,542	$	28,280
Sotera Health Holdings LLC 2024 Term Loan B
7.55% (3 mo. USD Term SOFR + 3.250%)⁽²⁾	05/30/31		49,750		49,719

					77,999


Health Care-Services — 1.2%
ADMI Corp. 2023 Term Loan B5
10.07% (1 mo. USD Term SOFR + 5.750%)⁽²⁾	12/23/27		64,510		63,758
Heartland Dental LLC 2024 Term Loan
8.82% (1 mo. USD Term SOFR + 4.500%)⁽²⁾	04/28/28		74,250		73,568
ModivCare, Inc. 2024 Term Loan B
9.05% (3 mo. USD Term SOFR + 4.750%)⁽²⁾	07/01/31		224,432		154,227
Modivcare, Inc. 2025 Incremental Term Loan
11.71% (3 mo. USD Term SOFR + 7.500%)⁽²⁾	01/09/26		33,811		26,346
Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan
9.80% (3 mo. USD Term SOFR + 5.500%)⁽²⁾	06/20/28		70,000		70,117
Star Parent, Inc. Term Loan B
8.30% (3 mo. USD Term SOFR + 4.000%)⁽²⁾	09/27/30		84,795		82,198

					470,214

Issues

Maturity

Date

Principal

Amount

Value

Insurance — 0.2%

Asurion LLC 2020 Term Loan B8

7.69% (1 mo. USD Term SOFR + 3.250%)⁽²⁾

12/23/26

75,031

74,550

Internet — 1.2%

Barracuda Networks, Inc. 2022 Term Loan

8.78% (3 mo. USD Term SOFR + 4.500%)⁽²⁾

08/15/29

69,821

58,559

Delivery Hero SE 2024 USD Term Loan B

9.31% (3 mo. USD Term SOFR + 5.000%)⁽²⁾

12/12/29

69,474

69,595

Getty Images, Inc. 2025 USD Term Loan B

11.25%

02/21/30

102,500

101,603

Magnite, Inc. 2025 Repriced Term Loan B

7.32% (1 mo. USD Term SOFR + 3.000%)⁽²⁾

02/06/31

190,042

185,529

MH Sub I LLC 2023 Term Loan

8.57% (1 mo. USD Term SOFR + 4.250%)⁽²⁾

05/03/28

52,413

49,727

465,013

Leisure Time — 0.1%

MajorDrive Holdings IV LLC Term Loan B

8.56% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

06/01/28

56,852

52,975

Machinery-Diversified — 0.3%

Oregon Tool, Inc. 2025 1st Lien Term Loan

9.67% (3 mo. USD Term SOFR + 5.350%)⁽²⁾

10/15/29

38,405

38,537

See accompanying Notes to Financial Statements.

LOGO

TCW High Yield Bond ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Oregon Tool, Inc. 2025 2nd Lien Term Loan

8.58% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

10/15/29

129,765

97,215

135,752

Media — 0.2%

Virgin Media Bristol LLC 2023 USD Term Loan Y

7.37% (6 mo. USD Term SOFR + 3.175%)⁽²⁾

03/31/31

66,750

65,013

Office/Business Equipment — 0.3%

Xerox Holdings Corp. 2023 Term Loan B

8.30% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

11/17/29

138,247

128,916

Oil & Gas — 0.2%

WaterBridge Midstream Operating LLC 2024 1st Lien Term Loan B

9.05% (3 mo. USD Term SOFR + 4.750%)⁽²⁾

06/27/29

99,500

95,299

Packaging & Containers — 0.2%

Plaze, Inc. 2020 Incremental Term Loan

8.19% (1 mo. USD Term SOFR + 3.750%)⁽²⁾

08/03/26

81,640

76,406

Pharmaceuticals — 0.1%

Gainwell Acquisition Corp. Term Loan B

8.40% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

10/01/27

39,896

37,222

REIT — 0.4%

OEG Borrower LLC 2024 Term Loan B

7.80% (3 mo. USD Term SOFR + 3.500%)⁽²⁾

06/30/31

159,500

159,201

Issues

Maturity

Date

Principal

Amount

Value

Retail — 0.6%

1011778 B.C. Unlimited Liability Co. 2024 Term Loan B6

6.07% (1 mo. USD Term SOFR + 1.750%)⁽²⁾

09/20/30

114,138

113,237

Tacala LLC 2024 Term Loan

7.82% (1 mo. USD Term SOFR + 3.500%)⁽²⁾

01/31/31

138,603

251,840

Software — 0.9%

Boxer Parent Co., Inc. 2025 USD Term Loan B

7.32% (1 mo. USD Term SOFR + 3.000%)⁽²⁾

07/30/31

50,000

49,088

DTI Holdco, Inc. 2025 Term Loan B

8.32% (1 mo. USD Term SOFR + 4.000%)⁽²⁾

04/26/29

150,000

147,868

EagleView Technology Corp. 2018 Add On Term Loan B

8.07% (3 mo. USD Term SOFR + 3.500%)⁽²⁾

08/14/25

170,939

166,933

363,889

Total Bank Loans

(Cost: $5,707,703)

5,546,733

Total Fixed Income Securities

(Cost: $39,836,762)

39,266,992

CONVERTIBLE SECURITIES (0.2%)

CONVERTIBLE CORPORATE BONDS—0.2%

(Cost: $63,214)

Commercial Services — 0.2%

Worldline SA (France)

0.00%^(3),(9)

07/30/26

61,920

68,051

Total Convertible Securities

(Cost: $63,214)

68,051

See accompanying Notes to Financial Statements.

LOGO

TCW Multisector Credit Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity
Date

Principal
Amount

Value

FIXED INCOME SECURITIES — 99.8% of Net Assets

CORPORATE BONDS — 49.5%

Advertising — 0.1%

Neptune Bidco U.S., Inc.

9.29% ⁽¹⁾

04/15/29

79,000

70,403

Aerospace/Defense — 0.3%

TransDigm, Inc.

6.88% ⁽¹⁾

12/15/30

166,000

171,257

Apparel — 0.2%

Crocs, Inc.

4.13% ⁽¹⁾

08/15/31

85,000

74,365

Auto Manufacturers — 0.4%

Allison Transmission, Inc.

3.75% ⁽¹⁾

01/30/31

83,000

74,658

Volkswagen International Finance NV (Germany)

7.88% (9 yr. EUR Swap + 4.783%)^(2),(3),(4)

09/06/32

EUR

100,000

126,423

201,081

Auto Parts & Equipment — 0.2%

Clarios Global LP/Clarios U.S. Finance Co.

6.75% ⁽¹⁾

02/15/30

120,000

122,317

Banks — 2.3%

Akbank TAS

9.37% (5 yr. CMT + 5.270%)^(1),(4),(3)

03/14/29

253,000

252,833

Banco Mercantil del Norte SA (Mexico)

8.38% (5 yr. CMT + 4.072%)^(1),(4),(3)

05/20/31

204,000

201,056

BBVA Bancomer SA

5.13% (5 yr. CMT + 2.65%)^(2),(4)

01/18/33

214,000

202,515

Turkiye Vakiflar Bankasi TAO

10.12% (5 yr. CMT + 5.493%)^(1),(4),(3)

04/24/29

200,000

204,388


Issues	Maturity Date	Principal Amount		Value
Yapi ve Kredi Bankasi AS
9.74% (5 yr. CMT + 5.499%)^(1),(4),(3)	04/04/29	$	251,000	$	253,811

					1,114,603


Beverages — 0.4%
Primo Water Holdings, Inc./Triton Water Holdings, Inc.
6.25%⁽¹⁾	04/01/29		174,000		173,334


Chemicals — 2.0%
Axalta Coating Systems Dutch Holding B BV
7.25%⁽¹⁾	02/15/31		119,000		123,354
International Flavors & Fragrances, Inc.
2.30%⁽¹⁾	11/01/30		125,000		108,784
OCP SA
6.75%⁽¹⁾	05/02/34		259,000		261,898
Orbia Advance Corp. SAB de CV (Mexico)
7.50%⁽¹⁾	05/13/35		237,000		235,410
SCIH Salt Holdings, Inc.
4.88%⁽¹⁾	05/01/28		79,000		75,862
SK Invictus Intermediate II SARL (Luxembourg)
5.00%⁽¹⁾	10/30/29		128,000		120,244
WR Grace Holdings LLC
5.63%⁽¹⁾	08/15/29		80,000		70,985

					996,537


Commercial Services — 2.5%
Adtalem Global Education, Inc.
5.50%⁽¹⁾	03/01/28		75,000		74,065
Block, Inc.
3.50%	06/01/31		138,000		123,441
Carriage Services, Inc.
4.25%⁽¹⁾	05/15/29		135,000		124,024
Deluxe Corp.
8.13%⁽¹⁾	09/15/29		75,000		75,133
Grand Canyon University
5.13%	10/01/28		185,000		174,455
Upbound Group, Inc.
6.38%⁽¹⁾	02/15/29		262,000		247,653
Veritiv Operating Co.
10.50%⁽¹⁾	11/30/30		157,000		164,503
VT Topco, Inc.
8.50%⁽¹⁾	08/15/30		116,000		121,444
WASH Multifamily Acquisition, Inc.
5.75%⁽¹⁾	04/15/26		75,000		74,296

See accompanying Notes to Financial Statements.

LOGO

TCW Multisector Credit Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date		Principal Amount		Value
WEX, Inc.
6.50%⁽¹⁾	03/15/33		$	50,000	$	48,672

						1,227,686


Computers — 0.4%
Amentum Holdings, Inc.
7.25%⁽¹⁾	08/01/32			72,000		73,318
NCR Voyix Corp.
5.13%⁽¹⁾	04/15/29			129,000		124,350

						197,668


Cosmetics/Personal Care — 0.4%
Perrigo Finance Unlimited Co.
6.13%	09/30/32			75,000		74,555
Prestige Brands, Inc.
3.75%⁽¹⁾	04/01/31			139,000		125,695

						200,250


Diversified Financial Services — 1.0%
Blackrock, Inc.
3.75%	07/18/35	EUR		100,000		116,180
EZCORP, Inc.
7.38%⁽¹⁾	04/01/32		$	75,000		78,780
GGAM Finance Ltd. (Ireland)
8.00%⁽¹⁾	06/15/28			160,000		167,816
Jane Street Group/JSG Finance, Inc.
7.13%⁽¹⁾	04/30/31			119,000		122,819

						485,595


Electric — 5.4%
AES Andes SA
8.15% (5 yr. CMT + 3.835%)^(1),(4)	06/10/55			200,000		204,350
AES Andes SA (Chile)
6.25%⁽¹⁾	03/14/32			350,000		351,337
Alpha Generation LLC
6.75%⁽¹⁾	10/15/32			122,000		124,675
Black Hills Corp.
6.15%	05/15/34			125,000		130,306
Continuum Green Energy India Pvt/Co-Issuers (India)
7.50%⁽²⁾	06/26/33			244,313		244,867
Eskom Holdings SOC Ltd. (South Africa)
6.35%⁽¹⁾	08/10/28			201,000		198,926
FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple
7.25%⁽¹⁾	01/31/41			198,850		197,496


Issues	Maturity Date		Principal Amount		Value
MVM Energetika Zrt (Hungary)
6.50%⁽²⁾	03/13/31		$	329,000	$	336,577
Pike Corp.
8.63%⁽¹⁾	01/31/31			160,000		168,034
Southwestern Electric Power Co.
5.30%	04/01/33			125,000		124,607
Termocandelaria Power SA
7.75%⁽¹⁾	09/17/31			263,000		260,649
Zorlu Enerji Elektrik Uretim AS
11.00%⁽¹⁾	04/23/30			334,000		307,574

						2,649,398


Electrical Components & Equipment — 0.2%
Energizer Holdings, Inc.
4.38%⁽¹⁾	03/31/29			79,000		73,814


Electronics — 0.1%
Coherent Corp.
5.00%⁽¹⁾	12/15/29			76,000		72,940


Energy-Alternate Sources — 0.5%
Greenko Power II Ltd. (India)
4.30%⁽²⁾	12/13/28			272,210		249,276


Engineering & Construction — 0.6%
Heathrow Funding Ltd. (United Kingdom)
1.13% ⁽²⁾	10/08/32	EUR		100,000		101,773
IRB Infrastructure Developers Ltd. (India)
7.11% ⁽¹⁾	03/11/32		$	200,000		195,626

						297,399


Entertainment — 2.1%
Banijay Entertainment SAS (France)
8.13% ⁽¹⁾	05/01/29			72,000		73,788
Caesars Entertainment, Inc.
4.63% ⁽¹⁾	10/15/29			80,000		74,116
6.50% ⁽¹⁾	02/15/32			75,000		75,488
Churchill Downs, Inc.
6.75% ⁽¹⁾	05/01/31			73,000		73,836
Cinemark USA, Inc.
7.00% ⁽¹⁾	08/01/32			71,000		72,661
Everi Holdings, Inc.
5.00% ⁽¹⁾	07/15/29			74,000		74,383
Great Canadian Gaming Corp.
8.75% ⁽¹⁾	11/15/29			72,000		71,562
Light & Wonder International, Inc.
7.50% ⁽¹⁾	09/01/31			71,000		73,004

See accompanying Notes to Financial Statements.

LOGO

TCW Multisector Credit Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date		Principal Amount		Value
Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada)
8.00% ⁽¹⁾	08/01/30		$	118,000	$	113,735
Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.
6.63% ⁽¹⁾	02/01/33			125,000		123,636
WarnerMedia Holdings, Inc.
5.14%	03/15/52			225,000		154,649
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
6.25% ⁽¹⁾	03/15/33			75,000		72,716

						1,053,574


Environmental Control — 0.4%
GFL Environmental, Inc.
6.75% ⁽¹⁾	01/15/31			70,000		72,949
Waste Pro USA, Inc.
7.00% ⁽¹⁾	02/01/33			125,000		128,001

						200,950


Food — 0.5%
Pilgrim’s Pride Corp.
6.88%	05/15/34			75,000		81,332
Post Holdings, Inc.
6.38% ⁽¹⁾	03/01/33			174,000		172,592

						253,924


Gas — 1.3%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.88%	08/20/26			17,000		16,812
9.38% ⁽¹⁾	06/01/28			55,000		54,694
Brooklyn Union Gas Co.
6.39% ⁽¹⁾	09/15/33			150,000		158,105
China Oil & Gas Group Ltd.
4.70% ⁽²⁾	06/30/26			200,000		192,210
National Gas Transmission PLC (United Kingdom)
4.25% ⁽²⁾	04/05/30	EUR		100,000		118,835
Venture Global Plaquemines LNG LLC
7.75% ⁽¹⁾	05/01/35		$	120,000		123,306

						663,962


Health Care-Products — 0.6%
Bausch & Lomb Corp.
8.38% ⁽¹⁾	10/01/28			117,000		122,265
Medline Borrower LP
5.25% ⁽¹⁾	10/01/29			15,000		14,264
Teleflex, Inc.
4.25% ⁽¹⁾	06/01/28			77,000		73,834


Issues	Maturity Date		Principal Amount		Value
Thermo Fisher Scientific, Inc.
0.50%	03/01/28	EUR		100,000	$	107,129

						317,492


Health Care-Services — 1.8%
Centene Corp.
3.38%	02/15/30		$	125,000		114,055
HAH Group Holding Co. LLC
9.75% ⁽¹⁾	10/01/31			72,000		69,232
HealthEquity, Inc.
4.50% ⁽¹⁾	10/01/29			78,000		73,742
Kedrion SpA (Italy)
6.50% ⁽¹⁾	09/01/29			180,000		172,582
ModivCare, Inc.
5.00% ^(1),(5)	10/01/29			258,300		80,073
Molina Healthcare, Inc.
6.25% ⁽¹⁾	01/15/33			125,000		124,265
Surgery Center Holdings, Inc.
7.25% ⁽¹⁾	04/15/32			73,000		72,896
Tenet Healthcare Corp.
6.75%	05/15/31			122,000		125,160
UnitedHealth Group, Inc.
5.15%	07/15/34			50,000		50,178

						882,183


Household Products/Wares — 0.6%
Central Garden & Pet Co.
4.13% ⁽¹⁾	04/30/31			222,000		200,107
Spectrum Brands, Inc.
3.88% ⁽¹⁾	03/15/31			142,000		117,262

						317,369


Insurance — 1.8%
Acrisure LLC/Acrisure Finance, Inc.
7.50% ⁽¹⁾	11/06/30			162,000		165,784
8.25% ⁽¹⁾	02/01/29			72,000		73,773
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
7.00% ⁽¹⁾	01/15/31			120,000		121,842
7.38% ⁽¹⁾	10/01/32			74,000		74,848
AmWINS Group, Inc.
4.88% ⁽¹⁾	06/30/29			78,000		74,391
AssuredPartners, Inc.
7.50% ⁽¹⁾	02/15/32			72,000		76,642

See accompanying Notes to Financial Statements.

LOGO

TCW Multisector Credit Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date	Principal Amount		Value
Farmers Exchange Capital II
6.15% (3 mo. USD Term SOFR + 4.006%)^(1),(4)	11/01/53	$	200,000	$	192,762
HUB International Ltd.
7.38% ⁽¹⁾	01/31/32		119,000		122,668

					902,710


Internet — 0.4%
Cogent Communications Group, Inc./Cogent Communications Finance, Inc.
7.00% ⁽¹⁾	06/15/27		72,000		72,426
Snap, Inc.
6.88% ⁽¹⁾	03/01/33		125,000		124,887

					197,313


Iron & Steel — 1.2%
CSN Resources SA
8.88% ⁽¹⁾	12/05/30		255,000		244,573
Samarco Mineracao SA
9.50% ^(1),(6)	06/30/31		360,290		339,393

					583,966


Leisure Time — 0.3%
MajorDrive Holdings IV LLC
6.38% ⁽¹⁾	06/01/29		180,000		134,912


Lodging — 0.6%
Hilton Domestic Operating Co., Inc.
3.63% ⁽¹⁾	02/15/32		140,000		124,145
MGM Resorts International
6.50%	04/15/32		75,000		73,994
Wyndham Hotels & Resorts, Inc.
4.38% ⁽¹⁾	08/15/28		77,000		74,181

					272,320


Machinery-Diversified — 0.2%
TK Elevator U.S. Newco, Inc. (Germany)
5.25% ⁽¹⁾	07/15/27		75,000		73,855


Media — 1.1%
Charter Communications Operating LLC/Charter Communications Operating Capital
3.90%	06/01/52		55,000		34,997


Issues	Maturity Date	Principal Amount		Value
CSC Holdings LLC
7.50% ⁽¹⁾	04/01/28	$	33,000	$	24,255
11.75% ⁽¹⁾	01/31/29		147,000		138,994
DISH Network Corp.
11.75% ⁽¹⁾	11/15/27		118,000		124,072
Sirius XM Radio LLC
3.88% ⁽¹⁾	09/01/31		86,000		73,823
VZ Secured Financing BV (Netherlands)
5.00% ⁽¹⁾	01/15/32		191,000		166,768

					562,909


Mining — 1.5%
Aris Mining Corp.
8.00% ⁽¹⁾	10/31/29		174,000		175,914
First Quantum Minerals Ltd. (Zambia)
8.63% ⁽²⁾	06/01/31		320,000		324,704
Novelis Corp.
3.25% ⁽¹⁾	11/15/26		80,000		77,697
Volcan Cia Minera SAA (Peru)
8.75% ⁽²⁾	01/24/30		173,000		163,590

					741,905


Municipal Bonds — 0.6%
Istanbul Metropolitan Municipality
10.50% ⁽¹⁾	12/06/28		296,000		315,870


Oil & Gas — 3.2%
Energean Israel Finance Ltd.
5.38% ⁽²⁾	03/30/28		369,279		348,861
Gran Tierra Energy, Inc. (Colombia)
9.50% ⁽²⁾	10/15/29		355,000		279,545
Leviathan Bond Ltd. (Israel)
6.75% ⁽²⁾	06/30/30		212,490		206,145
Petroleos Mexicanos
5.95%	01/28/31		386,000		320,098
SM Energy Co.
7.00% ⁽¹⁾	08/01/32		73,000		67,391
Transocean Titan Financing Ltd.
8.38% ⁽¹⁾	02/01/28		106,762		105,874
Uzbekneftegaz JSC
8.75% ⁽¹⁾	05/07/30		205,000		229,379

					1,557,293


Oil & Gas Services — 2.3%
Archrock Partners LP/Archrock Partners Finance Corp.
6.63% ⁽¹⁾	09/01/32		246,000		244,800

See accompanying Notes to Financial Statements.

LOGO

TCW Multisector Credit Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date	Principal Amount		Value
Aris Water Holdings LLC
7.25% ⁽¹⁾	04/01/30	$	125,000	$	124,222
Kodiak Gas Services LLC
7.25% ⁽¹⁾	02/15/29		71,000		72,202
USA Compression Partners LP/USA Compression Finance Corp.
6.88%	09/01/27		245,000		243,459
7.13% ⁽¹⁾	03/15/29		121,000		122,254
Yinson Boronia Production BV
8.95% ⁽¹⁾	07/31/42		297,354		305,415

					1,112,352


Packaging & Containers — 0.9%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
4.13% ⁽¹⁾	08/15/26		86,000		76,043
Clearwater Paper Corp.
4.75% ⁽¹⁾	08/15/28		183,000		170,715
Graham Packaging Co., Inc.
7.13% ⁽¹⁾	08/15/28		75,000		73,364
Sealed Air Corp./Sealed Air Corp. U.S.
7.25% ⁽¹⁾	02/15/31		120,000		124,996

					445,118


Pharmaceuticals — 2.0%
1261229 BC Ltd.
10.00% ⁽¹⁾	04/15/32		125,000		122,650
Bayer U.S. Finance II LLC (Germany)
4.40% ⁽¹⁾	07/15/44		107,000		80,384
4.88% ⁽¹⁾	06/25/48		186,000		146,624
Bayer U.S. Finance LLC (Germany)
6.88% ⁽¹⁾	11/21/53		30,000		30,421
CVS Health Corp.
5.70%	06/01/34		60,000		60,978
6.75% (5 yr. CMT + 2.516%)⁽⁴⁾	12/10/54		75,000		74,701
Grifols SA (Spain)
4.75% ⁽¹⁾	10/15/28		180,000		167,691
Jazz Securities DAC
4.38% ⁽¹⁾	01/15/29		135,000		128,297
Option Care Health, Inc.
4.38% ⁽¹⁾	10/31/29		81,000		76,662
Teva Pharmaceutical Finance Netherlands III BV (Israel)
8.13%	09/15/31		110,000		121,207

					1,009,615


Issues	Maturity Date		Principal Amount		Value

Pipelines — 1.8%
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates)
2.94% ⁽²⁾	09/30/40		$	313,550	$	255,271
Global Partners LP/GLP Finance Corp.
6.88%	01/15/29			122,000		121,419
NGL Energy Operating LLC/NGL Energy Finance Corp.
8.38% ⁽¹⁾	02/15/32			122,000		111,244
Rockies Express Pipeline LLC
4.80% ⁽¹⁾	05/15/30			80,000		75,018
Venture Global Calcasieu Pass LLC
4.13% ⁽¹⁾	08/15/31			190,000		171,023
Venture Global LNG, Inc.
9.00% (5 yr. CMT + 5.440%)^(1),(3),(4)	09/30/29			25,000		21,485
9.88% ⁽¹⁾	02/01/32			153,000		155,768

						911,228


Real Estate — 0.6%
Cushman & Wakefield U.S. Borrower LLC
8.88% ⁽¹⁾	09/01/31			114,000		122,053
Port of Spain Waterfront Development
7.88% ⁽¹⁾	02/19/40			200,000		188,116

						310,169


REIT — 1.0%
GLP Capital LP/GLP Financing II, Inc.
4.00%	01/15/30			125,000		117,990
Hudson Pacific Properties LP
3.95%	11/01/27			194,000		168,627
Iron Mountain, Inc. (REIT)
5.63% ⁽¹⁾	07/15/32			76,000		73,903
Realty Income Corp.
5.13%	07/06/34	EUR		100,000		124,548

						485,068


Retail — 2.3%
1011778 BC ULC/New Red Finance, Inc. (Canada)
4.00% ⁽¹⁾	10/15/30		$	83,000		75,649
Asbury Automotive Group, Inc.
5.00% ⁽¹⁾	02/15/32			81,000		73,868
Ferrellgas LP/Ferrellgas Finance Corp.
5.88% ⁽¹⁾	04/01/29			186,000		161,560
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.
6.75% ⁽¹⁾	01/15/30			132,000		115,484

See accompanying Notes to Financial Statements.

LOGO

TCW Multisector Credit Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date		Principal Amount		Value
FirstCash, Inc.
6.88% ⁽¹⁾	03/01/32		$	121,000	$	123,873
LCM Investments Holdings II LLC
8.25% ⁽¹⁾	08/01/31			117,000		122,612
Lithia Motors, Inc.
3.88% ⁽¹⁾	06/01/29			133,000		123,633
Michaels Cos., Inc.
5.25% ⁽¹⁾	05/01/28			65,000		34,166
Papa John’s International, Inc.
3.88% ⁽¹⁾	09/15/29			146,000		135,717
Saks Global Enterprises LLC
11.00% ⁽¹⁾	12/15/29			50,000		30,353
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.00% ⁽¹⁾	06/01/31			134,000		122,724

						1,119,639


Semiconductors — 0.0%
Intel Corp.
3.73%	12/08/47			15,000		10,231


Software — 0.8%
Cloud Software Group, Inc.
8.25% ⁽¹⁾	06/30/32			70,000		73,112
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL
8.75% ⁽¹⁾	05/01/29			72,000		69,931
RingCentral, Inc.
8.50% ⁽¹⁾	08/15/30			114,000		120,057
SS&C Technologies, Inc.
6.50% ⁽¹⁾	06/01/32			71,000		72,183
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.
3.88% ⁽¹⁾	02/01/29			81,000		74,534

						409,817


Telecommunications — 2.2%
Altice Financing SA (Luxembourg)
5.75% ⁽¹⁾	08/15/29			140,000		103,086
9.63% ⁽¹⁾	07/15/27			76,000		65,745
CommScope LLC
9.50% ⁽¹⁾	12/15/31			30,000		30,711
Consolidated Communications, Inc.
6.50% ⁽¹⁾	10/01/28			128,000		126,133
Frontier Communications Holdings LLC
6.75% ⁽¹⁾	05/01/29			173,000		173,953
8.63% ⁽¹⁾	03/15/31			65,000		68,977
Global Switch Finance BV (United Kingdom)
1.38% ⁽²⁾	10/07/30	EUR		100,000		107,276


Issues	Maturity Date		Principal Amount		Value
Telecom Argentina SA (Argentina)
9.50% ⁽¹⁾	07/18/31	EUR		251,000	$	262,348
Windstream Services LLC/Windstream Escrow Finance Corp.
8.25% ⁽¹⁾	10/01/31			125,000		128,250

						1,066,479


Water — 0.4%
Aegea Finance SARL (Brazil)
9.00% ⁽²⁾	01/20/31			200,000		208,676


Total Corporate Bonds (Cost: $24,807,508)						24,498,822

FOREIGN GOVERNMENT BONDS — 10.9%
Angola Government International Bonds
8.75% ⁽²⁾	04/14/32			370,000		286,139
Argentina Republic Government International Bonds
4.13%	07/09/35			266,529		177,101
Bahrain Government International Bonds
6.75% ⁽¹⁾	09/20/29			328,000		333,934
Colombia Government International Bonds
4.13%	05/15/51			460,000		255,088
Dominican Republic International Bonds
5.88% ⁽²⁾	01/30/60			305,000		251,198
Ecuador Government International Bonds
5.50% ⁽²⁾	07/31/35			239,849		144,001
Egypt Government International Bonds
5.88% ⁽¹⁾	02/16/31			396,000		320,712
El Salvador Government International Bonds
9.50% ⁽²⁾	07/15/52			161,000		160,960
Gabon Government International Bonds
6.63% ⁽¹⁾	02/06/31		$	203,000		143,612
Gabon Government International Bonds
6.60% ⁽¹⁾	06/13/36			263,000		263,592
Israel Government International Bonds
5.75%	03/12/54			289,000		259,629
Ivory Coast Government International Bonds
6.13% ⁽¹⁾	06/15/33			288,000		247,484
Jordan Government International Bonds
7.75% ⁽¹⁾	01/15/28			256,000		259,581
Mexico Government International Bonds
4.40%	02/12/52			282,000		189,473
Nigeria Government International Bonds
7.70% ⁽¹⁾	02/23/38			201,000		153,978
Oman Government International Bonds
6.25% ⁽¹⁾	01/25/31			200,000		210,076
Pakistan Government International Bonds
7.38% ⁽¹⁾	04/08/31			200,000		158,018

See accompanying Notes to Financial Statements.

LOGO

TCW Multisector Credit Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date	Principal Amount		Value
Panama Government International Bonds
6.40%	02/14/35	$	210,000	$	198,973
Republic of Kenya Government International Bonds
6.30% ⁽¹⁾	01/23/34		412,000		313,466
Republic of South Africa Government International Bonds
5.88%	06/22/30		204,000		197,902
Romania Government International Bonds
7.63% ⁽²⁾	01/17/53		186,000		179,297
Senegal Government International Bonds
6.25% ⁽¹⁾	05/23/33		387,000		268,795
Sri Lanka Government International Bonds
3.10% ⁽²⁾	01/15/30		215,000		175,939
Turkiye Government International Bonds
9.38%	01/19/33		200,000		220,082

Total Foreign Government Bonds (Cost: $5,585,218)					5,369,030

ASSET-BACKED SECURITIES — 4.0%
AMMC CLO 30 Ltd. Series 2024-30A, Class A1
5.94% (3 mo. USD Term SOFR + 1.680%)^(1),(4)	01/15/37		250,000		250,455
Bear Mountain Park CLO Ltd. Series 2022-1A, Class BR
6.01% (3 mo. USD Term SOFR + 1.750%)^(1),(4)	07/15/37		225,000		224,077
CIFC Funding Ltd. Series 2023-3A, Class B
6.57% (3 mo. USD Term SOFR + 2.300%)^(1),(4)	01/20/37		250,000		250,949
GoldenTree Loan Management U.S. CLO 11 Ltd. Series 2021-11A, Class AR
5.35% (3 mo. USD Term SOFR + 1.080%)^(1),(4)	10/20/34		250,000		248,629
OHA Credit Funding 1 Ltd. Series 2018-1A, Class B1R
6.27% (3 mo. USD Term SOFR + 2.000%)^(1),(4)	04/20/37		250,000		250,671

Issues

Maturity
Date

Principal
Amount

Value

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

5.36% (3 mo. USD Term SOFR + 1.090%)^(1),(4)

01/20/36

250,000

248,206

Rockford Tower CLO Ltd. Series 2022-2A, Class BR

6.77% (3 mo. USD Term SOFR + 2.500%)^(1),(4)

10/20/35

250,000

250,795

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

5.42% (3 mo. USD Term SOFR + 1.150%)^(1),(4)

10/20/34

250,000

248,674

Total Asset-backed Securities

(Cost: $1,986,880)

1,972,456

BANK LOANS — 35.4%

Aerospace/Defense — 0.5%

Air Comm Corp. LLC 2024 Term Loan

7.32% (1 mo. USD Term SOFR + 3.000%)^(4),(7)

11/21/31

230,769

228,894

Airlines — 0.5%

Air Canada 2024 Term Loan B

6.32% (1 mo. USD Term SOFR + 2.000%)⁽⁴⁾

03/21/31

248,744

246,282

Auto Parts & Equipment — 0.3%

First Brands Group LLC 2021 Term Loan

9.54% (3 mo. USD Term SOFR + 5.000%)⁽⁴⁾

03/30/27

174,547

162,734

Beverages — 0.5%

Celsius Holdings, Inc. Term Loan

7.55% (3 mo. USD Term SOFR + 3.250%)⁽⁴⁾

04/01/32

125,000

124,427

See accompanying Notes to Financial Statements.

LOGO

TCW Multisector Credit Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity
Date

Principal
Amount

Value

Naked Juice LLC 2025 FLFO Term Loan

9.71% (3 mo. USD Term SOFR + 5.500%)⁽⁴⁾

01/24/29

125,000

120,750

245,177

Commercial Services — 3.5%

Archkey Solutions LLC 2024 Term Loan B

9.03% (3 mo. USD Term SOFR + 4.750%)^(4),(8)

11/01/31

224,138

223,858

ASP Dream Acquisition Co. LLC Term Loan B

8.67% (1 mo. USD Term SOFR + 4.250%)⁽⁴⁾

12/15/28

249,357

239,383

Crisis Prevention Institute, Inc. 2024 Term Loan B

8.30% (3 mo. USD Term SOFR + 4.000%)⁽⁴⁾

04/09/31

249,375

245,634

Holding Socotec SAS 2024 USD Term Loan B

8.06% (3 mo. USD Term SOFR + 3.750%)⁽⁴⁾

06/30/28

125,000

Priority Holdings LLC 2024 Term Loan B

9.07% (1 mo. USD Term SOFR + 4.750%)⁽⁴⁾

05/16/31

246,736

Trans Union LLC 2024 Term Loan B9

6.07% (1 mo. USD Term SOFR + 1.750%)⁽⁴⁾

06/24/31

124,688

124,166

TruGreen LP 2020 Term Loan

8.42% (1 mo. USD Term SOFR + 4.000%)⁽⁴⁾

11/02/27

298,442

283,519

Issues

Maturity
Date

Principal
Amount

Value

Veritiv Corp. Term Loan B

8.30% (3 mo. USD Term SOFR + 4.000%)⁽⁴⁾

11/30/30

249,373

247,758

1,736,054

Computers — 0.5%

Peraton Corp. Term Loan B

8.17% (1 mo. USD Term SOFR + 3.750%)⁽⁴⁾

02/01/28

249,338

225,606

Cosmetics/Personal Care — 0.2%

Opal U.S. LLC Term Loan B

0.00% ⁽⁹⁾

03/31/32

125,000

124,141

Diversified Financial Services — 1.8%

Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6

6.07% (1 mo. USD Term SOFR + 1.750%)⁽⁴⁾

06/24/30

349,125

348,181

Blackhawk Network Holdings, Inc. 2025 Term Loan B

8.32% (1 mo. USD Term SOFR + 4.000%)⁽⁴⁾

03/12/29

174,125

174,221

Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B

7.51% (6 mo. USD Term SOFR + 3.250%)⁽⁴⁾

01/27/32

125,000

124,024

Guggenheim Partners LLC 2024 Term Loan B

6.80% (3 mo. USD Term SOFR + 2.500%)⁽⁴⁾

11/26/31

249,375

249,478

895,904

Electric — 2.8%

EFS Cogen Holdings I LLC 2020 Term Loan B

7.80% (3 mo. USD Term SOFR + 3.500%)⁽⁴⁾

10/03/31

248,125

248,616

See accompanying Notes to Financial Statements.

LOGO

TCW Multisector Credit Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity
Date

Principal
Amount

Value

Hamilton Projects Acquiror LLC 2024 Term Loan B

7.32% (1 mo. USD Term SOFR + 3.000%)⁽⁴⁾

05/22/31

102,549

103,017

Kestrel Acquisition LLC 2024 Term Loan B

7.80% (3 mo. USD Term SOFR + 3.500%)⁽⁴⁾

11/06/31

348,250

348,866

Potomac Energy Center LLC 2025 Term Loan

0.00% ⁽⁹⁾

03/14/32

125,000

124,531

Potomac Energy Center LLC Term Loan

10.56% (3 mo. USD Term SOFR + 6.000%)⁽⁴⁾

11/12/26

250,000

251,250

South Field LLC 2025 Term Loan B

7.55% (3 mo. USD Term SOFR + 3.250%)⁽⁴⁾

08/29/31

298,337

297,406

South Field LLC 2025 Term Loan C

7.55% (3 mo. USD Term SOFR + 3.250%)⁽⁴⁾

08/29/31

19,071

19,012

1,392,698

Electronics — 0.7%

TCP Sunbelt Acquisition Co. 2024 Term Loan B

8.57% (3 mo. USD Term SOFR + 4.250%)⁽⁴⁾

10/24/31

349,125

349,999

Engineering & Construction — 2.0%

Artera Services LLC 2024 Term Loan

8.80% (3 mo. USD Term SOFR + 4.500%)⁽⁴⁾

02/15/31

174,121

166,449

DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan

7.94% (1 mo. USD Term SOFR + 3.500%)⁽⁴⁾

03/31/28

248,711

248,525

Issues

Maturity
Date

Principal
Amount

Value

Legence Holdings LLC 2025 Term Loan B

7.57% (1 mo. USD Term SOFR + 3.250%)⁽⁴⁾

12/18/28

248,711

245,665

Wrench Group LLC 2019 Term Loan B

8.56% (3 mo. USD Term SOFR + 4.000%)⁽⁴⁾

10/30/28

348,241

342,582

1,003,221

Entertainment — 0.9%

Caesars Entertainment, Inc. Term Loan B

6.56% (3 mo. USD Term SOFR + 2.250%)⁽⁴⁾

02/06/30

260,317

257,324

Showtime Acquisition LLC 2024 1st Lien Term Loan

9.07% (3 mo. USD Term SOFR + 4.750%)⁽⁴⁾

08/13/31

174,563

174,999

432,323

Environmental Control — 0.7%

Tidal Waste & Recycling Holdings LLC Term Loan B

7.80% (3 mo. USD Term SOFR + 3.500%)⁽⁴⁾

10/24/31

350,000

351,020

Food — 1.3%

1440 Food Topco LLC Term Loan B

9.32% (1 mo. USD Term SOFR + 5.000%)⁽⁴⁾

10/31/31

125,000

119,258

8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan

8.19% (1 mo. USD Term SOFR + 3.750%)⁽⁴⁾

10/01/25

124,337

118,120

BCPE North Star U.S. HoldCo 2, Inc. Term Loan

8.44% (1 mo. USD Term SOFR + 4.000%)⁽⁴⁾

06/09/28

149,227

145,404

See accompanying Notes to Financial Statements.

LOGO

TCW Multisector Credit Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date	Principal Amount		Value
United Natural Foods, Inc. 2024 Term Loan
9.07% (1 mo. USD Term SOFR + 4.750%)⁽⁴⁾	05/01/31	$	248,744	$	249,988

					632,770


Forest Products & Paper — 0.5%
Glatfelter Corp. Term Loan B
8.56% (3 mo. USD Term SOFR + 4.250%)⁽⁴⁾	11/04/31		249,375		239,478


Health Care-Services — 2.7%
Dermatology Intermediate Holdings III, Inc. 2023 Incremental Term Loan B
9.78% (3 mo. USD Term SOFR + 5.500%)⁽⁴⁾	03/30/29		248,744		232,576
Heartland Dental LLC 2024 Term Loan
8.82% (1 mo. USD Term SOFR + 4.500%)⁽⁴⁾	04/28/28		348,241		345,043
Help At Home, Inc. 2024 Term Loan B
9.32% (1 mo. USD Term SOFR + 5.000%)⁽⁴⁾	09/24/31		349,125		338,761
Modivcare, Inc. 2025 Incremental Term Loan
11.71% (3 mo. USD Term SOFR + 7.500%)⁽⁴⁾	01/09/26		43,347		33,777
NAPA Management Services Corp. Term Loan B
9.67% (1 mo. USD Term SOFR + 5.250%)⁽⁴⁾	02/23/29		174,103		155,858
Star Parent, Inc. Term Loan B
8.30% (3 mo. USD Term SOFR + 4.000%)⁽⁴⁾	09/27/30		248,744		241,127

					1,347,142


Issues	Maturity Date	Principal Amount		Value

Insurance — 1.5%
AmWINS Group, Inc. 2025 Term Loan B
6.57% (1 mo. USD Term SOFR + 2.250%)⁽⁴⁾	01/30/32	$	250,000	$	249,044
Asurion LLC 2021 Second Lien Term Loan B4
9.69% (1 mo. USD Term SOFR + 5.250%)⁽⁴⁾	01/20/29		125,000		115,156
Asurion LLC 2022 Term Loan B10
8.42% (1 mo. USD Term SOFR + 4.000%)⁽⁴⁾	08/19/28		248,724		240,778
Asurion LLC 2023 Term Loan B11
8.67% (1 mo. USD Term SOFR + 4.250%)⁽⁴⁾	08/19/28		125,000		121,495

					726,473


Internet — 3.5%
Arches Buyer, Inc. 2021 Term Loan B
7.67% (1 mo. USD Term SOFR + 3.250%)⁽⁴⁾	12/06/27		249,349		244,705
Barracuda Networks, Inc. 2022 Term Loan
8.78% (3 mo. USD Term SOFR + 4.500%)⁽⁴⁾	08/15/29		174,109		146,025
Delivery Hero SE 2024 USD Term Loan B
9.31% (3 mo. USD Term SOFR + 5.000%)⁽⁴⁾	12/12/29		348,241		348,850
Getty Images, Inc. 2025 USD Term Loan B
11.25%	02/21/30		175,000		173,469
Magnite, Inc. 2025 Repriced Term Loan B
7.32% (1 mo. USD Term SOFR + 3.000%)⁽⁴⁾	02/06/31		375,000		366,094

See accompanying Notes to Financial Statements.

LOGO

TCW Multisector Credit Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity
Date

Principal
Amount

Value

MH Sub I LLC 2023 Term Loan

8.57% (1 mo. USD Term SOFR + 4.250%)⁽⁴⁾

05/03/28

348,228

330,381

TripAdvisor, Inc. Term Loan

7.05% (3 mo. USD Term SOFR + 2.750%)⁽⁴⁾

07/08/31

124,687

121,881

1,731,405

Leisure Time — 0.6%

MajorDrive Holdings IV LLC Term Loan B

8.56% (3 mo. USD Term SOFR + 4.000%)⁽⁴⁾

06/01/28

124,676

116,174

Sabre GLBL, Inc. 2022 1st Lien Term Loan B

9.42% (1 mo. USD Term SOFR + 5.000%)⁽⁴⁾

06/30/28

175,000

166,251

282,425

Machinery-Construction & Mining — 0.5%

WEC U.S. Holdings Ltd. 2024 Term Loan

6.57% (1 mo. USD Term SOFR + 2.250%)⁽⁴⁾

01/27/31

248,747

246,804

Machinery-Diversified — 0.7%

Arcline FM Holdings LLC 2024 Term Loan

7.82% (3 mo. USD Term SOFR + 4.319%)⁽⁴⁾

06/23/28

248,750

248,387

TK Elevator Midco GmbH 2025 Term Loan B

0.00% ⁽⁹⁾

04/30/30

125,000

124,664

373,051

Media — 1.5%

Charter Communications Operating LLC 2024 Term Loan B5

6.55% (3 mo. USD Term SOFR + 2.250%)⁽⁴⁾

12/15/31

124,688

124,399

Issues

Maturity
Date

Principal
Amount

Value

Telenet Financing USD LLC 2020 USD Term Loan AR

6.44% (1 mo. USD Term SOFR + 2.000%)⁽⁴⁾

04/30/28

300,000

293,813

Virgin Media Bristol LLC USD Term Loan N

6.94% (1 mo. USD Term SOFR + 2.500%)⁽⁴⁾

01/31/28

350,000

345,753

763,965

Office/Business Equipment — 0.6%

Xerox Holdings Corp. 2023 Term Loan B

8.30% (3 mo. USD Term SOFR + 4.000%)⁽⁴⁾

11/17/29

297,963

277,851

Oil & Gas — 0.3%

WaterBridge Midstream Operating LLC 2024 1st Lien Term Loan B

9.05% (3 mo. USD Term SOFR + 4.750%)⁽⁴⁾

06/27/29

174,125

166,773

Packaging & Containers — 0.3%

Balcan Innovations, Inc. Term Loan B

9.03% (3 mo. USD Term SOFR + 4.750%)⁽⁴⁾

10/10/31

175,000

173,250

Pharmaceuticals — 0.8%

Covetrus, Inc. Term Loan

9.30% (3 mo. USD Term SOFR + 5.000%)⁽⁴⁾

10/13/29

248,731

234,467

Gainwell Acquisition Corp. Term Loan B

8.40% (3 mo. USD Term SOFR + 4.000%)⁽⁴⁾

10/01/27

149,221

139,219

373,686

See accompanying Notes to Financial Statements.

LOGO

TCW Multisector Credit Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity
Date

Principal
Amount

Value

Retail — 0.5%

Lakeshore Intermediate LLC Term Loan

7.94% (1 mo. USD Term SOFR + 3.500%)⁽⁴⁾

09/29/28

248,715

230,606

Software — 3.7%

Boxer Parent Co., Inc. 2025 USD Term Loan B

7.32% (1 mo. USD Term SOFR + 3.000%)⁽⁴⁾

07/30/31

250,000

245,440

Cast & Crew Payroll LLC 2021 Incremental Term Loan

8.07% (1 mo. USD Term SOFR + 3.750%)⁽⁴⁾

12/29/28

124,357

119,482

Cloud Software Group, Inc. 2024 USD Term Loan

8.05% (3 mo. USD Term SOFR + 3.750%)⁽⁴⁾

03/21/31

249,375

246,881

Open Text Corp. 2023 Term Loan B

6.07% (1 mo. USD Term SOFR + 1.750%)⁽⁴⁾

01/31/30

347,164

346,556

Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B

7.55% (3 mo. USD Term SOFR + 3.250%)⁽⁴⁾

10/28/30

250,000

249,289

Renaissance Holdings Corp. 2024 1st Lien Term Loan

8.28% (3 mo. USD Term SOFR + 4.000%)⁽⁴⁾

04/05/30

248,741

232,676

SolarWinds Holdings, Inc. 2025 Term Loan

8.26% (3 mo. USD Term SOFR + 4.000%)⁽⁴⁾

04/16/32

125,000

120,977

Issues

Maturity
Date

Principal
Amount

Value

Surf Holdings LLC 2025 Incremental Term Loan

7.93% (1 mo. USD Term SOFR + 3.500%)⁽⁴⁾

03/05/27

249,346

249,483

1,810,784

Telecommunications — 1.5%

CCI Buyer, Inc. Term Loan

8.30% (3 mo. USD Term SOFR + 4.000%)⁽⁴⁾

12/17/27

248,705

249,115

Consolidated Communications, Inc. 2021 Term Loan B

7.94% (1 mo. USD Term SOFR + 3.500%)⁽⁴⁾

10/02/27

250,000

248,160

Zayo Group Holdings, Inc. 2022 USD Incremental Term Loan B

8.57% (1 mo. USD Term SOFR + 4.250%)⁽⁴⁾

03/09/27

248,718

233,314

730,589

Total Bank Loans

(Cost: $17,775,740)

17,501,105

Total Fixed Income Securities

(Cost: $50,155,346)

49,341,413

CONVERTIBLE SECURITIES (0.2%)

CONVERTIBLE CORPORATE BONDS — 0.2% (Cost: $76,838)

Commercial Services — 0.2%

Worldline SA (France)

0.00%^(2),(10)

07/30/26

77,400

85,064

Total Convertible Securities

(Cost: $76,838)

85,064

See accompanying Notes to Financial Statements.

LOGO

TCW Senior Loan ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

FIXED INCOME SECURITIES—93.7% of Net Assets

ASSET-BACKED SECURITIES—0.7%

AMMC CLO 18 Ltd. Series 2016-18A, Class BR

6.18% (3 mo. USD Term SOFR + 1.862%)^(1),(2)

05/26/31

915,000

916,957

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

5.94% (3 mo. USD Term SOFR + 1.680%)^(1),(2)

01/15/37

750,000

751,365

Elmwood CLO 15 Ltd. Series 2022-2A, Class A1

5.61% (3 mo. USD Term SOFR + 1.340%)^(1),(2)

04/22/35

250,000

250,063

Golub Capital Partners CLO 69M Ltd. Series 2023-69A, Class B1

7.55% (3 mo. USD Term SOFR + 3.250%)^(1),(2)

11/09/36

500,000

503,347

2,421,732

Total Asset-Backed Securities

(Cost: $2,393,326)

2,421,732

BANK LOANS—89.7%

Advertising — 1.2%

Advantage Sales & Marketing, Inc. 2024 Term Loan

8.79% (3 mo. USD Term SOFR + 4.250%)⁽¹⁾

10/28/27

1,379,086

1,220,560

Neptune Bidco U.S., Inc. 2022 USD Term Loan A

9.08% (3 mo. USD Term SOFR + 4.750%)⁽¹⁾

04/11/29

563,500

495,680

Planet U.S. Buyer LLC 2024 Term Loan B

7.32% (3 mo. USD Term SOFR + 3.000%)⁽¹⁾

02/07/31

1,151,182

1,146,722


Issues	Maturity Date	Principal Amount		Value
Red Ventures LLC 2024 Term Loan B
7.07% (1 mo. USD Term SOFR + 2.750%)⁽¹⁾	03/03/30	$	981,682	$	955,176

					3,818,138


Aerospace & Defense — 1.2%
Air Comm Corp. LLC 2024 Term Loan
7.32% (1 mo. USD Term SOFR + 3.000%)^(1),(3)	11/21/31		324,961		322,321
HDI Aerospace Intermediate Holding III Corp. Term Loan B
8.73% (3 mo. USD Term SOFR + 4.500%)⁽¹⁾	02/11/32		833,333		831,250
Novaria Holdings LLC 2024 Term Loan B
7.82% (1 mo. USD Term SOFR + 3.500%)⁽¹⁾	06/06/31		1,197,625		1,197,625
TransDigm, Inc. 2024 Term Loan I
7.05% (3 mo. USD Term SOFR + 2.750%)⁽¹⁾	08/24/28		1,720,737		1,720,522

					4,071,718


Agriculture — 0.2%
Alltech, Inc. 2025 Term Loan
8.69% (1 mo. USD Term SOFR + 4.250%)⁽¹⁾	08/13/30		549,604		543,558


Airlines — 0.5%
Air Canada 2024 Term Loan B
6.32% (1 mo. USD Term SOFR + 2.000%)⁽¹⁾	03/21/31		505,796		500,791
United Airlines, Inc. 2024 1st Lien Term Loan B
6.28% (3 mo. USD Term SOFR + 2.000%)⁽¹⁾	02/22/31		1,074,078		1,072,907

					1,573,698

See accompanying Notes to Financial Statements.

105

LOGO

TCW Senior Loan ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Apparel — 0.6%

ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B

6.57% (1 mo. USD Term SOFR + 2.250%)⁽¹⁾

12/21/28

1,181,634

1,161,918

WH Borrower LLC 2025 Term Loan B

9.07% (3 mo. USD Term SOFR + 4.750%)⁽¹⁾

02/20/32

1,000,000

963,750

2,125,668

Auto Parts & Equipment — 0.3%

First Brands Group LLC 2021 Term Loan

9.54% (3 mo. USD Term SOFR + 5.000%)⁽¹⁾

03/30/27

971,501

905,755

Banks — 0.1%

Chrysaor Bidco SARL USD Term Loan B

7.74% (3 mo. USD Term SOFR + 3.500%)^(1),(4)

10/30/31

288,755

289,568

Beverages — 1.9%

Arterra Wines Canada, Inc. 2020 Term Loan

8.06% (3 mo. USD Term SOFR + 3.500%)⁽¹⁾

11/24/27

1,019,499

1,001,255

Celsius Holdings, Inc. Term Loan

7.55% (3 mo. USD Term SOFR + 3.250%)⁽¹⁾

04/01/32

1,250,000

1,244,269

Naked Juice LLC 2025 FLFO Term Loan

9.71% (3 mo. USD Term SOFR + 5.500%)⁽¹⁾

01/24/29

375,571

362,802

Naked Juice LLC 2025 FLSO Term Loan

7.46% (3 mo. USD Term SOFR + 3.250%)⁽¹⁾

01/24/29

918,144

585,317


Issues	Maturity Date	Principal Amount		Value
Naked Juice LLC 2025 FLTO Term Loan
10.31% (3 mo. USD Term SOFR + 6.000%)⁽¹⁾	01/24/30	$	337,500	$	99,563
Pegasus Bidco BV 2024 Term Loan B
7.57% (3 mo. USD Term SOFR + 3.250%)⁽¹⁾	07/12/29		1,347,056		1,346,214
Triton Water Holdings, Inc. 2025 Term Loan B
6.55% (3 mo. USD Term SOFR + 2.250%)⁽¹⁾	03/31/28		1,497,500		1,487,953

					6,127,373


Building Materials — 0.2%
PHRG Intermediate LLC 2025 Term Loan B
8.32% (3 mo. USD Term SOFR + 4.000%)^(1),(5)	02/20/32		396,226		369,481
Standard Industries, Inc. 2021 Term Loan B
6.07% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾	09/22/28		163,182		163,552

					533,033

Chemicals — 1.6%
Archroma Finance SARL 2023 USD Term Loan B2A
9.80% (3 mo. USD Term SOFR + 5.500%)⁽¹⁾	06/30/27		1,182,189		1,142,781
Chemours Co. 2023 USD Term Loan B
7.32% (1 mo. USD Term SOFR + 3.000%)⁽¹⁾	08/18/28		496,222		485,263
Hexion Holdings Corp. 2024 Term Loan B
8.33% (1 mo. USD Term SOFR + 4.000%)⁽¹⁾	03/15/29		1,159,619		1,131,869

See accompanying Notes to Financial Statements.

106

LOGO

TCW Senior Loan ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Mativ Holdings, Inc. Delayed Draw Term Loan A

6.92% (1 mo. USD Term SOFR + 2.500%)⁽¹⁾

05/06/27

1,112,320

1,101,197

SCIH Salt Holdings, Inc. 2021 Incremental Term Loan B

7.28% (3 mo. USD Term SOFR + 3.000%)⁽¹⁾

01/31/29

1,537,977

1,525,827

5,386,937

Commercial Services — 13.9%

Albion Financing 3 SARL 2025 USD Term Loan B

7.30% (3 mo. USD Term SOFR + 3.000%)⁽¹⁾

08/16/29

1,536,333

1,537,777

AlixPartners LLP 2021 Term Loan B

0.00% ⁽⁶⁾

02/04/28

1,500,000

1,500,937

Allied Universal Holdco LLC 2021 USD Incremental Term Loan B

8.17% (1 mo. USD Term SOFR + 3.750%)⁽¹⁾

05/12/28

389,141

389,215

Amspec Parent LLC 2024 Term Loan

8.55% (3 mo. USD Term SOFR + 4.250%)^(1),(7)

12/22/31

1,256,667

Anticimex International AB 2024 Term Loan B6

7.97% (3 mo. USD Term SOFR + 3.400%)⁽¹⁾

11/16/28

1,504,112

1,502,699

APi Group DE, Inc. 2025 Term Loan

6.07% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

01/03/29

955,701

955,472

Archkey Solutions LLC 2024 Term Loan B

9.03% (3 mo. USD Term SOFR + 4.750%)^(1),(8)

11/01/31

1,062,580

1,061,252

Issues

Maturity

Date

Principal

Amount

Value

ASP Dream Acquisition Co. LLC Term Loan B

8.67% (1 mo. USD Term SOFR + 4.250%)⁽¹⁾

12/15/28

523,650

502,704

Belron Finance 2019 LLC 2024 USD Term Loan B

7.05% (3 mo. USD Term SOFR + 2.750%)⁽¹⁾

10/16/31

978,026

976,941

Berkeley Research Group LLC Term Loan B

0.00% ⁽⁶⁾

03/17/32

480,000

474,826

BIFM U.S. Finance LLC 2024 Incremental Term Loan

8.07% (1 mo. USD Term SOFR + 3.750%)⁽¹⁾

05/31/28

1,492,881

1,491,948

Boost Newco Borrower LLC 2025 USD Term Loan B

6.30% (3 mo. USD Term SOFR + 2.000%)⁽¹⁾

01/31/31

1,248,125

1,247,083

CCRR Parent, Inc. Term Loan B

8.82% (3 mo. USD Term SOFR + 4.250%)⁽¹⁾

03/06/28

836,736

340,271

Crisis Prevention Institute, Inc. 2024 Term Loan B

8.30% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾

04/09/31

1,246,875

1,228,172

Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan

8.05% (3 mo. USD Term SOFR + 3.750%)⁽¹⁾

07/06/29

1,310,920

1,308,868

Ensemble RCM LLC 2024 Term Loan B

7.28% (3 mo. USD Term SOFR + 3.000%)⁽¹⁾

08/01/29

1,548,816

1,549,451

Fugue Finance BV 2025 Term Loan B

7.50% (6 mo. USD Term SOFR + 3.250%)⁽¹⁾

01/09/32

1,200,000

1,200,150

See accompanying Notes to Financial Statements.

107

LOGO

TCW Senior Loan ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Garda World Security Corp. 2025 Term Loan B

7.29% (1 mo. USD Term SOFR + 3.000%)⁽¹⁾

02/01/29

1,500,000

1,489,500

Holding Socotec SAS 2024 USD Term Loan B

8.06% (3 mo. USD Term SOFR + 3.750%)⁽¹⁾

06/30/28

1,448,469

Kelso Industries LLC Delayed Draw Term Loan

10.03% (3 mo. USD Term SOFR + 5.750%)⁽¹⁾

12/30/29

47,084

46,672

Kelso Industries LLC Term Loan

10.07% (1 mo. USD Term SOFR + 5.750%)^(1),(9)

12/30/29

747,777

741,234

KUEHG Corp. 2024 Term Loan

7.55% (3 mo. USD Term SOFR + 3.250%)⁽¹⁾

06/12/30

1,641,375

1,637,862

Learning Care Group U.S. No. 2, Inc. 2024 Term Loan B

8.28% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾

08/11/28

1,217,557

1,213,904

Lernen Bidco Ltd. 2024 USD Term Loan B2

8.46% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾

10/27/31

1,500,000

1,495,627

Nuvei Technologies Corp. 2024 Term Loan B1

7.32% (1 mo. USD Term SOFR + 3.000%)⁽¹⁾

11/17/31

1,167,683

1,161,658

OMNIA Partners LLC 2024 Term Loan B

7.03% (3 mo. USD Term SOFR + 2.750%)⁽¹⁾

07/25/30


Issues	Maturity Date	Principal Amount		Value
Pre-Paid Legal Services, Inc. 2021 Term Loan
7.57% (1 mo. USD Term SOFR + 3.250%)⁽¹⁾	12/15/28	$	750,000	$	744,064
Prime Security Services Borrower LLC 2024 1st Lien Term Loan B
6.32% (1 mo. USD Term SOFR + 2.000%)⁽¹⁾	10/13/30		623,968		622,162
Priority Holdings LLC 2024 Term Loan B
9.07% (1 mo. USD Term SOFR + 4.750%)⁽¹⁾	05/16/31		986,944		986,944
Prometric Holdings, Inc. 2024 Term Loan
9.19% (1 mo. USD Term SOFR + 4.750%)⁽¹⁾	01/31/28		740,644		743,421
Raven Acquisition Holdings LLC Delayed Draw Term Loan
3.25%	11/19/31		13,334		13,211
Raven Acquisition Holdings LLC Term Loan B
7.57% (1 mo. USD Term SOFR + 3.250%)^(1),(10)	11/19/31		793,333		786,039
Ryan LLC Term Loan
7.82% (1 mo. USD Term SOFR + 3.500%)⁽¹⁾	11/14/30		1,239,844		1,238,449
Sabert Corp. 2024 Term Loan B
7.43% (1 mo. USD Term SOFR + 3.000%)⁽¹⁾	12/10/26		1,558,787		1,560,081
Secretariat Advisors LLC 2025 Delayed Draw Term Loan
0.00%	02/28/32		53,764		53,428
Secretariat Advisors LLC 2025 Term Loan B
8.31% (3 mo. USD Term SOFR + 4.000%)^(1),(11)	02/28/32		1,239,546		1,231,799

See accompanying Notes to Financial Statements.

108

LOGO

TCW Senior Loan ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Spring Education Group, Inc. Term Loan

8.30% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾

10/04/30

1,000,000

998,960

Teneo Holdings LLC 2024 Term Loan B

9.07% (1 mo. USD Term SOFR + 4.750%)⁽¹⁾

03/13/31

1,493,718

1,499,319

Trans Union LLC 2024 Term Loan B8

6.07% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

06/24/31

418,942

416,814

Trans Union LLC 2024 Term Loan B9

6.07% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

06/24/31

544,469

542,190

TruGreen LP 2020 2nd Lien Term Loan

13.04% (3 mo. USD Term SOFR + 8.500%)⁽¹⁾

11/02/28

500,000

392,500

TruGreen LP 2020 Term Loan

8.42% (1 mo. USD Term SOFR + 4.000%)⁽¹⁾

11/02/27

209,307

198,842

TTF Holdings LLC 2024 Term Loan

8.00% (6 mo. USD Term SOFR + 3.750%)⁽¹⁾

07/18/31

1,397,125

1,364,816

Valvoline, Inc. Term Loan B

0.00% ⁽⁶⁾

03/19/32

549,580

548,893

Veritiv Corp. Term Loan B

8.30% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾

11/30/30

1,493,747

1,484,067

Vistage Worldwide, Inc. Term Loan

8.05% (3 mo. USD Term SOFR + 3.750%)⁽¹⁾

07/13/29

1,246,803

1,237,452

Issues

Maturity

Date

Principal

Amount

Value

VT Topco, Inc. 2024 1st Lien Term Loan B

7.30% (3 mo. USD Term SOFR + 3.000%)⁽¹⁾

08/09/30

663,062

662,512

XPLOR T1 LLC Term Loan B

7.80% (3 mo. USD Term SOFR + 3.500%)⁽¹⁾

06/24/31

602,557

45,687,880

Computers — 4.5%

Access CIG LLC 2023 Term Loan

8.38% (6 mo. USD Term SOFR + 4.250%)⁽¹⁾

08/18/28

1,246,835

1,243,718

Amentum Government Services Holdings LLC 2024 Term Loan B

6.57% (1 mo. USD Term SOFR + 2.250%)⁽¹⁾

09/29/31

1,209,165

1,196,511

Clover Holdings 2 LLC Term Loan B

8.29% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾

12/09/31

1,118,367

Imprivata, Inc. 2024 Term Loan

7.78% (3 mo. USD Term SOFR + 3.500%)⁽¹⁾

12/01/27

1,504,343

1,509,705

McAfee LLC 2024 USD 1st Lien Term Loan B

7.32% (1 mo. USD Term SOFR + 3.000%)⁽¹⁾

03/01/29

963,363

908,172

NCR Atleos LLC 2024 Term Loan B

8.03% (3 mo. USD Term SOFR + 3.750%)⁽¹⁾

04/16/29

1,219,101

1,222,911

Nielsen Consumer, Inc. 2025 USD Term Loan

7.82% (1 mo. USD Term SOFR + 3.500%)⁽¹⁾

03/06/28

1,421,438

1,419,661

See accompanying Notes to Financial Statements.

109

LOGO

TCW Senior Loan ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Peraton Corp. 2nd Lien Term Loan B1

12.18% (3 mo. USD Term SOFR + 7.750%)⁽¹⁾

02/01/29

248,837

189,551

Peraton Corp. Term Loan B

8.17% (1 mo. USD Term SOFR + 3.750%)⁽¹⁾

02/01/28

1,557,710

1,409,447

SMX Group LLC Term Loan

8.80% (3 mo. USD Term SOFR + 4.500%)^(1),(5)

02/06/32

1,500,000

1,487,820

Tempo Acquisition LLC 2025 Repriced Term Loan B

6.07% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

08/31/28

1,220,480

1,212,565

Twitter, Inc. 2025 Fixed Term Loan

0.00% ⁽⁶⁾

10/26/29

1,000,000

976,875

Twitter, Inc. Term Loan

10.95% (3 mo. USD Term SOFR + 6.500%)⁽¹⁾

10/26/29

998,725

969,637

14,864,940

Cosmetics/Personal Care — 0.3%

Opal U.S. LLC Term Loan B

0.00% ⁽⁶⁾

03/31/32

1,125,000

1,117,271

Distribution &Wholesale — 0.9%

BCPE Empire Holdings, Inc. 2025 Term Loan B

7.57% (1 mo. USD Term SOFR + 3.250%)⁽¹⁾

12/11/30

978,454

970,020

Formulations Parent Corp. 2025 Term Loan B

8.21% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾

04/09/32

289,474

289,835

Gates Global LLC 2022 Term Loan B4

6.07% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

11/16/29

264,643

262,915

Issues

Maturity

Date

Principal

Amount

Value

Gloves Buyer, Inc. 2025 Term Loan

0.00% ⁽⁶⁾

01/17/32

1,188,679

1,141,726

Resideo Funding, Inc. 2024 1st Lien Term Loan B

6.07% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

02/11/28

292,778

292,780

2,957,276

Diversified Financial Services — 3.6%

Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6

6.07% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

06/24/30

990,019

987,341

Blackhawk Network Holdings, Inc. 2025 Term Loan B

8.32% (1 mo. USD Term SOFR + 4.000%)⁽¹⁾

03/12/29

1,492,509

1,493,330

Corpay Technologies Operating Co. LLC Term Loan B5

6.07% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

04/28/28

498,750

497,857

Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B

7.51% (6 mo. USD Term SOFR + 3.250%)⁽¹⁾

01/27/32

1,529,630

1,517,683

Deerfield Dakota Holding LLC 2020 USD Term Loan B

8.05% (3 mo. USD Term SOFR + 3.750%)⁽¹⁾

04/09/27

215,150

204,491

Delos Aircraft DAC Term Loan

0.00% ⁽⁶⁾

10/31/27

1,000,000

1,002,140

Guggenheim Partners LLC 2024 Term Loan B

6.80% (3 mo. USD Term SOFR + 2.500%)⁽¹⁾

11/26/31

984,408

984,816

Jane Street Group LLC 2024 Term Loan B1

6.31% (3 mo. USD Term SOFR + 2.000%)⁽¹⁾

12/15/31

1,000,000

987,645

See accompanying Notes to Financial Statements.

110

LOGO

TCW Senior Loan ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Jefferies Finance LLC 2024 Term Loan

7.32% (1 mo. USD Term SOFR + 3.000%)⁽¹⁾

10/21/31

997,500

998,747

Orion Advisor Solutions, Inc. 2024 Term Loan B

8.03% (3 mo. USD Term SOFR + 3.750%)⁽¹⁾

09/24/30

1,344,811

1,344,818

Setanta Aircraft Leasing DAC 2024 Term Loan B

6.05% (3 mo. USD Term SOFR + 1.750%)^(1),(5)

11/05/28

1,100,833

1,103,585

Summit Acquisition, Inc. 2024 Term Loan B

8.07% (1 mo. USD Term SOFR + 3.750%)⁽¹⁾

10/16/31

750,000

750,469

11,872,922

Electric — 3.1%

Alpha Generation LLC Term Loan B

7.07% (1 mo. USD Term SOFR + 2.750%)⁽¹⁾

09/30/31

868,131

869,295

Calpine Corp. 2024 Term Loan B10

6.07% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

01/31/31

184,576

184,046

Calpine Corp. 2024 Term Loan B5

6.07% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

02/15/32

1,214,286

1,210,570

Carroll County Energy LLC 2024 Term Loan B

7.55% (3 mo. USD Term SOFR + 3.250%)⁽¹⁾

06/30/31

1,069,411

1,074,758

Compass Power Generation LLC 2024 Term Loan B3

8.07% (1 mo. USD Term SOFR + 3.750%)⁽¹⁾

04/14/29

1,091,671

1,097,130

Issues

Maturity

Date

Principal

Amount

Value

Cornerstone Generation LLC Term Loan B

0.00% ⁽⁶⁾

10/28/31

1,250,000

1,252,863

Edgewater Generation LLC 2025 Repriced Term Loan

7.32% (1 mo. USD Term SOFR + 3.000%)⁽¹⁾

08/01/30

1,421,860

1,420,971

Lackawanna Energy Center LLC Term Loan B2

8.57% (1 mo. USD Term SOFR + 4.250%)⁽¹⁾

08/06/29

625

629

Potomac Energy Center LLC 2025 Term Loan

0.00% ⁽⁶⁾

03/14/32

750,000

747,188

Potomac Energy Center LLC Term Loan

10.56% (3 mo. USD Term SOFR + 6.000%)⁽¹⁾

11/12/26

746,137

749,868

South Field LLC 2025 Term Loan B

7.55% (3 mo. USD Term SOFR + 3.250%)⁽¹⁾

08/29/31

678,012

675,896

South Field LLC 2025 Term Loan C

7.55% (3 mo. USD Term SOFR + 3.250%)⁽¹⁾

08/29/31

43,342

43,206

Vistra Operations Co. LLC 1st Lien Term Loan B3

6.07% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

12/20/30

1,000,000

997,780

10,324,200

Electrical Components & Equipment — 0.4%

Pelican Products, Inc. 2021 Term Loan

8.81% (3 mo. USD Term SOFR + 4.250%)⁽¹⁾

12/29/28

1,466,134

1,317,167

Electronics — 1.0%

II-VI, Inc. 2024 1st Lien Term Loan B

6.32% (1 mo. USD Term SOFR + 2.000%)⁽¹⁾

07/02/29

1,366,663

1,354,138

See accompanying Notes to Financial Statements.

111

LOGO

TCW Senior Loan ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date	Principal Amount		Value
LSF12 Crown U.S. Commercial Bidco LLC Term Loan B
8.57% (1 mo. USD Term SOFR + 4.250%)⁽¹⁾	12/02/31	$	316,327	$	305,255
TCP Sunbelt Acquisition Co. 2024 Term Loan B
8.57% (3 mo. USD Term SOFR + 4.250%)⁽¹⁾	10/24/31		1,496,250		1,499,998

					3,159,391


Energy-Alternate Sources — 1.0%
KAMC Holdings, Inc. 2019 Term Loan
8.57% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾	08/14/26		1,769,930		1,696,735
Oregon Clean Energy LLC 2024 1st Lien Term Loan B
7.80% (3 mo. USD Term SOFR + 3.500%)⁽¹⁾	07/12/30		1,539,844		1,545,303

					3,242,038


Engineering & Construction — 1.8%
Astrion Group LLC 2024 Term Loan
9.31% (3 mo. USD Term SOFR + 5.000%)⁽¹⁾	08/15/31		1,401,665		1,359,615
DG Investment Intermediate Holdings 2, Inc. 2021 2nd Lien Term Loan
11.19% (1 mo. USD Term SOFR + 6.750%)⁽¹⁾	03/30/29		565,000		549,463
DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan
7.94% (1 mo. USD Term SOFR + 3.500%)^(1),(12)	03/31/28		1,053,561		1,052,771
DG Investment Intermediate Holdings 2, Inc. 2024 Delayed Draw Term Loan
3.50%	03/31/28		4,634		4,494

Issues

Maturity

Date

Principal

Amount

Value

Legence Holdings LLC 2025 Term Loan B

7.57% (1 mo. USD Term SOFR + 3.250%)⁽¹⁾

12/18/28

1,625,880

1,605,963

Wrench Group LLC 2019 Term Loan B

8.56% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾

10/30/28

1,241,666

1,221,489

5,793,795

Entertainment — 4.0%

Banijay Entertainment SAS 2025 USD Term Loan B3

7.07% (1 mo. USD Term SOFR + 2.750%)⁽¹⁾

03/01/28

968,205

964,168

Churchill Downs, Inc. 2021 Incremental Term Loan B1

6.07% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

03/17/28

498,701

496,831

Delta 2 Lux SARL 2024 Term Loan B1

6.30% (3 mo. USD Term SOFR + 2.000%)⁽¹⁾

09/30/31

242,137

241,533

Delta 2 Lux SARL 2024 Term Loan B2

0.00% ⁽⁶⁾

09/30/31

122,222

121,917

DK Crown Holdings, Inc. 2025 Term Loan B

6.07% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

03/04/32

1,250,000

1,240,887

EOC Borrower LLC Term Loan B

7.32% (1 mo. USD Term SOFR + 3.000%)⁽¹⁾

03/24/32

1,500,000

1,485,622

Flutter Financing BV 2024 Term Loan B

6.05% (3 mo. USD Term SOFR + 1.750%)⁽¹⁾

11/30/30

1,746,714

1,724,339

See accompanying Notes to Financial Statements.

112

LOGO

TCW Senior Loan ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Great Canadian Gaming Corp. 2024 Term Loan B

9.05% (3 mo. USD Term SOFR + 4.750%)⁽¹⁾

11/01/29

831,206

803,360

GVC Holdings Gibraltar Ltd. 2021 USD Term Loan B4

6.90% (3 mo. USD Term SOFR + 2.500%)⁽¹⁾

03/29/27

1,684,375

1,684,527

GVC Holdings Gibraltar Ltd. 2024 USD Term Loan B3

7.05% (3 mo. USD Term SOFR + 2.750%)⁽¹⁾

10/31/29

248,748

248,954

J&J Ventures Gaming LLC 2025 Repriced Term Loan B

7.82% (1 mo. USD Term SOFR + 3.500%)⁽¹⁾

04/26/30

1,244,997

1,192,477

Light & Wonder International, Inc. 2024 Term Loan B2

6.57% (1 mo. USD Term SOFR + 2.250%)⁽¹⁾

04/14/29

777,692

778,019

Penn Entertainment, Inc. 2022 Term Loan B

6.82% (1 mo. USD Term SOFR + 2.500%)⁽¹⁾

05/03/29

691,752

690,500

Showtime Acquisition LLC 2024 1st Lien Term Loan

9.07% (3 mo. USD Term SOFR + 4.750%)⁽¹⁾

08/13/31

1,389,850

1,393,325

13,066,459

Environmental Control — 1.6%

Action Environmental Group, Inc. 2023 Term Loan B

8.05% (3 mo. USD Term SOFR + 3.750%)⁽¹⁾

10/24/30

1,493,861

1,491,993

ERM Emerald U.S., Inc. USD Term Loan B1

7.30% (3 mo. USD Term SOFR + 3.000%)⁽¹⁾

07/12/28

979,470

980,082

Issues

Maturity

Date

Principal

Amount

Value

Filtration Group Corp. 2025 USD Term Loan B

7.32% (1 mo. USD Term SOFR + 3.000%)⁽¹⁾

10/21/28

1,000,855

1,001,125

GFL Environmental, Inc. 2025 Term Loan B

6.82% (3 mo. USD Term SOFR + 2.500%)⁽¹⁾

02/04/32

878,704

868,819

Heritage-Crystal Clean, Inc. Term Loan B

8.30% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾

10/17/30

356,889

356,666

Reworld Holding Corp. Term Loan B

6.58% (1 mo. USD Term SOFR + 2.250%)⁽¹⁾

11/30/28

445,992

444,783

Reworld Holding Corp. Term Loan C

6.58% (1 mo. USD Term SOFR + 2.250%)⁽¹⁾

11/30/28

34,350

34,257

5,177,725

Food — 3.2%

1440 Food Topco LLC Term Loan B

9.32% (1 mo. USD Term SOFR + 5.000%)⁽¹⁾

10/31/31

1,404,386

1,339,876

8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan

8.19% (1 mo. USD Term SOFR + 3.750%)⁽¹⁾

10/01/25

248,674

236,240

8th Avenue Food & Provisions, Inc. 2018 2nd Lien Term Loan

12.19% (1 mo. USD Term SOFR + 7.750%)⁽¹⁾

10/01/26

870,000

793,062

8th Avenue Food & Provisions, Inc. 2021 Incremental Term Loan

9.19% (1 mo. USD Term SOFR + 4.750%)⁽¹⁾

10/01/25

247,297

232,459

See accompanying Notes to Financial Statements.

113

LOGO

TCW Senior Loan ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

BCPE North Star U.S. HoldCo 2, Inc. Term Loan

8.44% (1 mo. USD Term SOFR + 4.000%)⁽¹⁾

06/09/28

1,496,126

1,457,796

Chobani LLC 2025 Repriced Term Loan B

6.82% (1 mo. USD Term SOFR + 2.500%)⁽¹⁾

10/25/27

1,209,051

1,210,308

Simply Good Foods USA, Inc. 2023 Term Loan B

6.32% (1 mo. USD Term SOFR + 2.000%)⁽¹⁾

03/17/27

831,125

834,632

Snacking Investments Bidco Pty. Ltd. USD Term Loan

8.28% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾

12/18/26

1,671,051

1,674,443

United Natural Foods, Inc. 2024 Term Loan

9.07% (1 mo. USD Term SOFR + 4.750%)⁽¹⁾

05/01/31

1,732,500

1,741,162

Upfield BV 2025 USD Term Loan B12

8.07% (3 mo. USD Term SOFR + 3.750%)⁽¹⁾

01/03/28

1,085,890

1,080,597

10,600,575

Food Service — 0.3%

Aramark Services, Inc. 2024 Term Loan B7

6.32% (1 mo. USD Term SOFR + 2.000%)⁽¹⁾

04/06/28

1,000,000

1,003,625

Forest Products & Paper — 0.3%

Glatfelter Corp. Term Loan B

8.56% (3 mo. USD Term SOFR + 4.250%)⁽¹⁾

11/04/31

940,236

902,923

Issues

Maturity

Date

Principal

Amount

Value

Hand/Machine Tools — 0.3%

Madison Safety & Flow LLC 2025 Term Loan B

7.07% (1 mo. USD Term SOFR + 2.750%)⁽¹⁾

09/26/31

985,025

978,869

Health Care-Products — 1.0%

Bausch & Lomb Corp. 2023 Incremental Term Loan

8.32% (1 mo. USD Term SOFR + 4.000%)⁽¹⁾

09/29/28

236,946

235,564

Bausch & Lomb Corp. Term Loan

7.67% (1 mo. USD Term SOFR + 3.250%)⁽¹⁾

05/10/27

1,248,578

1,236,018

Medline Borrower LP 2024 Add-on Term Loan B

0.00% ⁽⁶⁾

10/23/28

1,000,000

994,425

NSM Top Holdings Corp. 2024 Term Loan

9.65% (3 mo. USD Term SOFR + 5.250%)⁽¹⁾

05/14/29

932,813

934,365

Resonetics LLC 2024 Term Loan B

7.55% (3 mo. USD Term SOFR + 3.250%)⁽¹⁾

06/18/31

1,434

1,424

3,401,796

Health Care-Services — 5.0%

ADMI Corp. 2023 Term Loan B5

10.07% (1 mo. USD Term SOFR + 5.750%)⁽¹⁾

12/23/27

1,509,783

1,492,172

Charlotte Buyer, Inc. 2025 Repriced Term Loan B

8.57% (1 mo. USD Term SOFR + 4.250%)⁽¹⁾

02/11/28

1,395,691

1,391,079

Concentra Health Services, Inc. 2025 Repriced Term Loan B

6.32% (1 mo. USD Term SOFR + 2.000%)⁽¹⁾

07/26/31

799,042

794,048

See accompanying Notes to Financial Statements.

114

LOGO

TCW Senior Loan ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B

8.53% (3 mo. USD Term SOFR + 4.250%)⁽¹⁾

03/30/29

889,213

825,301

Dermatology Intermediate Holdings III, Inc. 2023 Incremental Term Loan B

9.78% (3 mo. USD Term SOFR + 5.500%)⁽¹⁾

03/30/29

198,000

185,130

Fortrea Holdings, Inc. Term Loan B

0.00% ⁽⁶⁾

07/01/30

684,041

626,753

Heartland Dental LLC 2024 Term Loan

8.82% (1 mo. USD Term SOFR + 4.500%)⁽¹⁾

04/28/28

1,967,043

1,948,975

Help At Home, Inc. 2024 Term Loan B

9.32% (1 mo. USD Term SOFR + 5.000%)⁽¹⁾

09/24/31

1,264,179

1,226,651

Inception Holdco SARL 2025 USD Term Loan B

8.05% (3 mo. USD Term SOFR + 3.750%)⁽¹⁾

04/18/31

1,375,452

1,356,540

Loire Finco Luxembourg SARL 2025 Term Loan B

0.00% ⁽⁶⁾

01/31/30

552,632

548,945

ModivCare, Inc. 2024 Term Loan B

9.05% (3 mo. USD Term SOFR + 4.750%)⁽¹⁾

07/01/31

746,856

513,232

Modivcare, Inc. 2025 Incremental Term Loan

11.71% (3 mo. USD Term SOFR + 7.500%)⁽¹⁾

01/09/26

255,749

199,285

NAPA Management Services Corp. Term Loan B

9.67% (1 mo. USD Term SOFR + 5.250%)⁽¹⁾

02/23/29

1,550,193

1,387,748

Issues

Maturity

Date

Principal

Amount

Value

Parexel International Corp. 2025 Term Loan B

6.82% (1 mo. USD Term SOFR + 2.500%)⁽¹⁾

11/15/28

1,218,948

1,213,542

Pediatric Associates Holding Co. LLC 2021 Term Loan B

0.00% ⁽⁶⁾

12/29/28

587,455

551,229

Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan

9.80% (3 mo. USD Term SOFR + 5.500%)⁽¹⁾

06/20/28

1,116,653

1,118,518

Star Parent, Inc. Term Loan B

8.30% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾

09/27/30

750,000

727,035

Wellpath Holdings, Inc. 2024 New Money Delayed Draw Term Loan

11.53% (3 mo. USD Term SOFR + 7.250%)⁽¹⁾

06/09/25

178,839

181,521

16,287,704

Holding Companies - Diversified — 0.2%

Emerald X, Inc. 2025 Term Loan B

8.07% (1 mo. USD Term SOFR + 3.750%)⁽¹⁾

01/30/32

500,000

500,628

Home Furnishings — 0.2%

AI Aqua Merger Sub, Inc. 2024 1st Lien Term Loan B

7.32% (1 mo. USD Term SOFR + 3.000%)⁽¹⁾

07/31/28

600,000

593,856

Insurance — 2.1%

Acrisure LLC 2024 1st Lien Term Loan B1

7.07% (1 mo. USD Term SOFR + 2.750%)⁽¹⁾

02/15/27

1,418,820

1,417,494

See accompanying Notes to Financial Statements.

115

LOGO

TCW Senior Loan ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

AmWINS Group, Inc. 2025 Term Loan B

6.57% (1 mo. USD Term SOFR + 2.250%)⁽¹⁾

01/30/32

1,747,500

1,740,816

Asurion LLC 2020 Term Loan B8

7.69% (1 mo. USD Term SOFR + 3.250%)⁽¹⁾

12/23/26

748,377

743,580

Asurion LLC 2021 Second Lien Term Loan B4

9.69% (1 mo. USD Term SOFR + 5.250%)⁽¹⁾

01/20/29

500,000

460,625

Asurion LLC 2021 Term Loan B9

7.69% (1 mo. USD Term SOFR + 3.250%)⁽¹⁾

07/31/27

316,298

309,930

Asurion LLC 2022 Term Loan B10

8.42% (1 mo. USD Term SOFR + 4.000%)⁽¹⁾

08/19/28

750,012

726,049

Asurion LLC 2023 Term Loan B11

8.67% (1 mo. USD Term SOFR + 4.250%)⁽¹⁾

08/19/28

266,207

258,744

Goosehead Insurance Holdings LLC Term Loan B

7.79% (1 mo. USD Term SOFR + 3.500%)⁽¹⁾

01/08/32

413,793

Sedgwick Claims Management Services, Inc. 2023 Term Loan B

7.31% (3 mo. USD Term SOFR + 3.000%)⁽¹⁾

07/31/31

721,375

718,839

6,789,870

Internet — 4.7%

Barracuda Networks, Inc. 2022 Term Loan

8.78% (3 mo. USD Term SOFR + 4.500%)⁽¹⁾

08/15/29

1,515,724

1,271,231


Issues	Maturity Date	Principal Amount		Value
BEP Intermediate Holdco LLC Replacement Term Loan
7.57% (1 mo. USD Term SOFR + 3.250%)⁽¹⁾	04/25/31	$	738,614	$	739,537
Delivery Hero SE 2024 USD Term Loan B
9.31% (3 mo. USD Term SOFR + 5.000%)⁽¹⁾	12/12/29		1,986,034		1,989,509
Getty Images, Inc. 2025 USD Term Loan B
11.25%	02/21/30		1,000,000		991,250
Go Daddy Operating Co. LLC 2024 Term Loan B8
6.07% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾	11/09/29		1,398,168		1,395,211
Hoya Midco LLC 2025 Term Loan B
6.53% (3 mo. USD Term SOFR + 2.250%)⁽¹⁾	02/03/29		1,430,000		1,408,550
Magnite, Inc. 2025 Repriced Term Loan B
7.32% (1 mo. USD Term SOFR + 3.000%)⁽¹⁾	02/06/31		1,225,328		1,196,226
MH Sub I LLC 2023 Term Loan
8.57% (1 mo. USD Term SOFR + 4.250%)⁽¹⁾	05/03/28		877,583		832,607
MH Sub I LLC 2024 Term Loan B4
8.57% (1 mo. USD Term SOFR + 4.250%)⁽¹⁾	12/31/31		249,473		219,514
Polaris Purchaser, Inc. 2025 Term Loan B
7.80% (3 mo. USD Term SOFR + 3.500%)⁽¹⁾	03/03/31		1,014,895		969,225
Proofpoint, Inc. 2024 Term Loan
7.32% (1 mo. USD Term SOFR + 3.000%)⁽¹⁾	08/31/28		995,907		991,117

See accompanying Notes to Financial Statements.

116

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TCW Senior Loan ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

PUG LLC 2024 Extended Term Loan B

9.07% (1 mo. USD Term SOFR + 4.750%)⁽¹⁾

03/15/30

1,047

1,033

Research Now Group, Inc. 2024 First Lien First Out Term Loan

9.58% (3 mo. USD Term SOFR + 5.000%)⁽¹⁾

07/15/28

1,270,275

1,269,284

TripAdvisor, Inc. Term Loan

7.05% (3 mo. USD Term SOFR + 2.750%)⁽¹⁾

07/08/31

722,930

706,664

WatchGuard Technologies, Inc. Term Loan

9.57% (1 mo. USD Term SOFR + 5.250%)⁽¹⁾

07/02/29

1,474,961

1,445,698

15,426,656

Investment Companies — 0.4%

FinCo I LLC 2024 Term Loan B

6.57% (1 mo. USD Term SOFR + 2.250%)⁽¹⁾

06/27/29

734,286

733,643

Intrado Corp. 2023 Term Loan B

7.80% (3 mo. USD Term SOFR + 3.500%)⁽¹⁾

01/31/30

732,544

711,333

1,444,976

Iron & Steel — 0.2%

TMS International Corp. 2025 Term Loan B

7.78% (3 mo. USD Term SOFR + 3.500%)⁽¹⁾

03/02/30

681,219

680,367

Leisure Time — 1.6%

Alterra Mountain Co. 2024 Term Loan B

7.07% (1 mo. USD Term SOFR + 2.750%)⁽¹⁾

08/17/28

995,006

996,250


Issues	Maturity Date	Principal Amount		Value
Alterra Mountain Co. 2024 Term Loan B7
7.32% (1 mo. USD Term SOFR + 3.000%)⁽¹⁾	05/31/30	$	464,724	$	465,886
Arcis Golf LLC 2025 Term Loan B
7.07% (1 mo. USD Term SOFR + 2.750%)⁽¹⁾	11/24/28		1,625,150		1,616,008
City Football Group Ltd. 2024 Term Loan
8.04% (3 mo. USD Term SOFR + 3.500%)⁽¹⁾	07/22/30		2		2
Lakeland Tours LLC 2020 HoldCo Term Loan
8.00% ⁽⁵⁾	09/25/27		677,334		26,247
LC AHAB U.S. Bidco LLC Term Loan B
7.32% (1 mo. USD Term SOFR + 3.000%)⁽¹⁾	05/01/31		331,667		323,375
MajorDrive Holdings IV LLC Term Loan B
8.56% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾	06/01/28		1,307,545		1,218,384
Sabre GLBL, Inc. 2021 Term Loan B1
7.94% (1 mo. USD Term SOFR + 3.500%)^(1),(6)	12/17/27		115,193		110,082
Sabre GLBL, Inc. 2021 Term Loan B2
7.94% (1 mo. USD Term SOFR + 3.500%)^(1),(6)	12/17/27		134,436		128,471
Sabre GLBL, Inc. 2022 Term Loan B
8.67% (1 mo. USD Term SOFR + 4.250%)⁽¹⁾	06/30/28		364,746		344,229
Sabre GLBL, Inc. 2024 Term Loan B1
10.42% (1 mo. USD Term SOFR + 6.000%)⁽¹⁾	11/15/29		122,062		115,450

					5,344,384

See accompanying Notes to Financial Statements.

117

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TCW Senior Loan ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Lodging — 0.3%

Hilton Domestic Operating Co., Inc. 2023 Term Loan B4

6.08% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

11/08/30

1,000,000

998,150

Machinery-Construction & Mining — 0.3%

WEC U.S. Holdings Ltd. 2024 Term Loan

6.57% (1 mo. USD Term SOFR + 2.250%)⁽¹⁾

01/27/31

1,046,241

1,038,069

Machinery-Diversified — 1.2%

Arcline FM Holdings LLC 2024 Term Loan

7.82% (3 mo. USD Term SOFR + 4.319%)⁽¹⁾

06/23/28

1,445,358

1,443,247

Pro Mach Group, Inc. 2024 1st Lien Term Loan B

7.07% (1 mo. USD Term SOFR + 2.750%)⁽¹⁾

08/31/28

384,211

382,425

SPX Flow, Inc. 2024 1st Lien Term Loan B

7.32% (1 mo. USD Term SOFR + 3.000%)⁽¹⁾

04/05/29

1,172,576

1,169,035

TK Elevator U.S. Newco, Inc. USD Term Loan B

7.24% (6 mo. USD Term SOFR + 3.000%)⁽¹⁾

04/30/30

657,327

655,562

Victory Buyer LLC Term Loan

8.19% (1 mo. USD Term SOFR + 3.750%)⁽¹⁾

11/19/28

189,548

183,922

3,834,191

Media — 1.8%

Charter Communications Operating LLC 2023 Term Loan B4

0.00% ⁽⁶⁾

12/07/30

500,000

498,055

Charter Communications Operating LLC 2024 Term Loan B5

6.55% (3 mo. USD Term SOFR + 2.250%)⁽¹⁾

12/15/31

2,000,000

1,995,380

Issues

Maturity

Date

Principal

Amount

Value

CSC Holdings LLC 2019 Term Loan B5

9.00% (3 mo. USD LIBOR + 2.500%)⁽¹⁾

04/15/27

465,394

449,075

NEP Group, Inc. 2023 Incremental Term Loan B

8.57% (3 mo. USD Term SOFR + 4.000%)^(1),(13)

08/19/26

504,035

454,577

NEP Group, Inc. 2023 Term Loan B

7.82% (3 mo. USD Term SOFR + 3.250%)⁽¹⁾

08/19/26

989,858

894,272

NEP/NCP Holdco, Inc. 2018 2nd Lien Term Loan

11.57% (3 mo. USD Term SOFR + 7.000%)⁽¹⁾

10/19/26

440,000

278,714

United Talent Agency LLC 2024 Term Loan B

8.08% (1 mo. USD Term SOFR + 3.750%)⁽¹⁾

07/07/28

1,479,981

6,050,054

Metal Fabricate & Hardware — 0.4%

AZZ, Inc. Term Loan B

6.82% (1 mo. USD Term SOFR + 2.500%)⁽¹⁾

05/13/29

1,359,551

1,360,740

Mining — 0.3%

American Rock Salt Co. LLC 2024 First Out Delayed Draw Term Loan

11.44% (1 mo. USD Term SOFR + 7.000%)⁽¹⁾

06/09/28

87,839

88,498

American Rock Salt Co. LLC 2024 First Out Term Loan

11.44% (1 mo. USD Term SOFR + 7.000%)^(1),(14)

06/09/28

330,716

333,197

See accompanying Notes to Financial Statements.

118

LOGO

TCW Senior Loan ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Novelis Corp. 2025 Term Loan B

6.29% (3 mo. USD Term SOFR + 2.000%)⁽¹⁾

03/11/32

488,372

487,991

909,686

Miscellaneous Manufacturers — 0.4%

Rohm Holding GmbH USD Term Loan B

9.83% (3 mo. USD Term SOFR + 5.500%)⁽¹⁾

07/31/26

1,344,987

1,334,900

Office/Business Equipment — 0.3%

Xerox Holdings Corp. 2023 Term Loan B

8.30% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾

11/17/29

1,238,411

1,154,818

Oil & Gas — 0.4%

Apro LLC 2024 Term Loan B

8.05% (3 mo. USD Term SOFR + 3.750%)⁽¹⁾

07/09/31

705,415

701,006

Pasadena Performance Products LLC Term Loan B

7.81% (3 mo. USD Term SOFR + 3.500%)⁽¹⁾

02/27/32

603,448

602,317

1,303,323

Oil & Gas Services — 0.1%

ChampionX Corp. 2022 Term Loan B2

7.17% (1 mo. USD Term SOFR + 2.750%)⁽¹⁾

06/07/29

492,500

493,547

Packaging & Containers — 1.3%

Anchor Packaging, Inc. 2024 1st Lien Term Loan

7.58% (1 mo. USD Term SOFR + 3.250%)⁽¹⁾

07/18/29

3,759

3,758

Issues

Maturity

Date

Principal

Amount

Value

Balcan Innovations, Inc. Term Loan B

9.03% (3 mo. USD Term SOFR + 4.750%)⁽¹⁾

10/10/31

1,500,000

1,485,000

Clydesdale Acquisition Holdings, Inc. 2025 Delayed Draw Term Loan

0.00% ⁽⁶⁾

04/01/32

11,562

11,483

Clydesdale Acquisition Holdings, Inc. 2025 Term Loan B

0.00% ⁽⁶⁾

04/01/32

336,449

334,137

Graham Packaging Co., Inc. 2024 Term Loan B

6.82% (1 mo. USD Term SOFR + 2.500%)⁽¹⁾

08/04/27

1,186,253

1,185,944

Plaze, Inc. 2020 Incremental Term Loan

8.19% (1 mo. USD Term SOFR + 3.750%)⁽¹⁾

08/03/26

1,438,805

1,346,571

Pretium Packaging LLC First Out Term Loan A

9.29% (3 mo. USD Term SOFR + 3.750%)^(1),(13)

10/02/28

1,131

1,130

4,368,023

Pharmaceuticals — 2.8%

Curium Bidco SARL 2024 Term Loan B

7.80% (3 mo. USD Term SOFR + 3.500%)⁽¹⁾

07/31/29

1,484,436

1,469,592

Gainwell Acquisition Corp. Term Loan B

8.40% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾

10/01/27

533,607

497,839

IVC Acquisition Ltd. 2025 USD Repriced Term Loan B

8.05% (3 mo. USD Term SOFR + 3.750%)⁽¹⁾

12/12/28

1,309,710

1,302,067

Jazz Financing Lux SARL 2024 1st Lien Term Loan B

6.57% (1 mo. USD Term SOFR + 2.250%)⁽¹⁾

05/05/28

746,930

745,328

See accompanying Notes to Financial Statements.

119

LOGO

TCW Senior Loan ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

LSCS Holdings, Inc. 2025 Term Loan

8.80% (3 mo. USD Term SOFR + 4.500%)⁽¹⁾

03/04/32

559,983

547,210

Option Care Health, Inc. 2021 Term Loan B

6.57% (1 mo. USD Term SOFR + 2.250%)⁽¹⁾

10/27/28

538,120

538,905

Organon & Co. 2024 USD Term Loan

6.57% (1 mo. USD Term SOFR + 2.250%)⁽¹⁾

05/19/31

995,161

955,355

Perrigo Investments LLC 2024 Term Loan B

6.32% (1 mo. USD Term SOFR + 2.000%)⁽¹⁾

04/20/29

1,291,276

1,290,740

RxBenefits, Inc. 2020 Term Loan

8.94% (1 mo. USD Term SOFR + 4.500%)⁽¹⁾

12/20/27

241,719

241,115

RxBenefits, Inc. 2023 Incremental Term Loan

9.57% (1 mo. USD Term SOFR + 5.250%)⁽¹⁾

12/20/27

505,147

503,884

Southern Veterinary Partners LLC 2024 1st Lien Term Loan

7.53% (3 mo. USD Term SOFR + 3.250%)⁽¹⁾

12/04/31

1,280,612

1,278,217

9,370,252

Pipelines — 0.3%

ITT Holdings LLC 2024 Term Loan B

7.07% (1 mo. USD Term SOFR + 2.750%)⁽¹⁾

10/11/30

1,006,977

1,001,157

Issues

Maturity

Date

Principal

Amount

Value

Real Estate — 0.0%

Avison Young Canada, Inc. 2024 Second Out Term Loan

6.06% (3 mo. USD Term SOFR + 1.500%)⁽¹⁾

03/12/29

23,726

11,062

REIT — 0.8%

Iron Mountain, Inc. 2023 Term Loan B

6.32% (1 mo. USD Term SOFR + 2.000%)⁽¹⁾

01/31/31

535,767

534,159

OEG Borrower LLC 2024 Term Loan B

7.80% (3 mo. USD Term SOFR + 3.500%)⁽¹⁾

06/30/31

1,228,167

1,225,864

SBA Senior Finance II LLC 2024 Term Loan B

6.08% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

01/25/31

746,231

746,612

2,506,635

Retail — 3.3%

BW Gas & Convenience Holdings LLC 2021 Term Loan B

7.94% (1 mo. USD Term SOFR + 3.500%)⁽¹⁾

03/31/28

249,352

244,638

Dave & Buster’s, Inc. 2024 1st Lien Term Loan B

7.53% (3 mo. USD Term SOFR + 3.250%)⁽¹⁾

11/01/31

1,022,886

949,847

Great Outdoors Group LLC 2025 Term Loan B

7.57% (1 mo. USD Term SOFR + 3.250%)⁽¹⁾

01/23/32

411,530

403,402

K-Mac Holdings Corp. 2025 Term Loan

7.82% (1 mo. USD Term SOFR + 3.500%)⁽¹⁾

07/21/28

1,629,603

1,631,892

See accompanying Notes to Financial Statements.

120

LOGO

TCW Senior Loan ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

KFC Holding Co. 2021 Term Loan B

6.18% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

03/15/28

1,217,622

1,221,044

Michaels Cos., Inc. 2021 Term Loan B

8.81% (3 mo. USD Term SOFR + 4.250%)⁽¹⁾

04/17/28

147,182

81,723

Murphy USA, Inc. Term Loan B

6.07% (1 mo. USD Term SOFR + 1.750%)⁽¹⁾

01/31/28

750,000

754,219

Pacific Bells LLC 2024 Repriced Term Loan B

8.30% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾

11/13/28

1,329,364

1,327,144

Peer Holding III BV 2025 USD Term Loan B4B

6.80% (3 mo. USD Term SOFR + 2.500%)⁽¹⁾

10/28/30

1,763,583

1,758,442

Staples, Inc. 2024 Term Loan B

10.04% (3 mo. USD Term SOFR + 5.750%)⁽¹⁾

09/04/29

451,259

390,714

Tacala LLC 2024 Term Loan B

7.82% (1 mo. USD Term SOFR + 3.500%)⁽¹⁾

01/31/31

990,025

Whatabrands LLC 2024 1st Lien Term Loan B

0.00% ⁽⁶⁾

08/03/28

1,000,000

995,665

10,748,755

Semiconductors — 0.1%

Ultra Clean Holdings, Inc. 2024 1st Lien Term Loan B

7.57% (1 mo. USD Term SOFR + 3.250%)⁽¹⁾

02/25/28

406,169

405,536

Issues

Maturity

Date

Principal

Amount

Value

Software — 10.4%

AQA Acquisition Holding, Inc. 2024 Term Loan

8.28% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾

03/03/28

1,000,000

Avison Young Canada, Inc. 2024 Third Out Term Loan

6.08% (3 mo. USD Term SOFR + 1.500%)^(1),(5)

03/12/29

166,158

28,455

Boxer Parent Co., Inc. 2025 USD Term Loan B

7.32% (1 mo. USD Term SOFR + 3.000%)⁽¹⁾

07/30/31

1,445,000

1,418,643

Cast & Crew Payroll LLC 2021 Incremental Term Loan

8.07% (1 mo. USD Term SOFR + 3.750%)⁽¹⁾

12/29/28

1,403,772

1,348,737

Castle U.S. Holding Corp. 2025 New Money FLFO Term Loan

0.00% ⁽⁶⁾

04/29/30

130,894

130,159

Castle U.S. Holding Corp. USD Term Loan B

8.29% (3 mo. USD Term SOFR + 3.750%)^(1),(5)

01/29/27

958,333

599,533

Clearwater Analytics LLC 2025 Term Loan B

6.53% (3 mo. USD Term SOFR + 2.250%)⁽¹⁾

04/21/32

1,350,000

1,346,625

Cloud Software Group, Inc. 2024 1st Lien Term Loan B

7.80% (3 mo. USD Term SOFR + 3.500%)⁽¹⁾

03/29/29

1,023,987

1,013,163

Cloud Software Group, Inc. 2024 USD Term Loan

8.05% (3 mo. USD Term SOFR + 3.750%)⁽¹⁾

03/21/31

517,458

512,284

Cloudera, Inc. 2021 Term Loan

8.17% (1 mo. USD Term SOFR + 3.750%)⁽¹⁾

10/08/28

1,573,711

1,553,064

See accompanying Notes to Financial Statements.

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TCW Senior Loan ETF


SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025

Issues

Maturity

Date

Principal

Amount

Value

Cotiviti Corp. 2025 2nd Amendment Term Loan

7.08% (1 mo. USD Term SOFR + 2.750%)⁽¹⁾

03/26/32

975,000

955,905

DTI Holdco, Inc. 2025 Term Loan B

8.32% (1 mo. USD Term SOFR + 4.000%)⁽¹⁾

04/26/29

1,725,354

1,700,828

EagleView Technology Corp. 2018 Add On Term Loan B

8.07% (3 mo. USD Term SOFR + 3.500%)⁽¹⁾

08/14/25

2,029,011

1,981,461

ECI Macola Max Holding LLC 2024 Term Loan

0.00% ⁽⁶⁾

05/09/30

800,000

798,400

Ellucian Holdings, Inc. 2024 1st Lien Term Loan B

7.32% (1 mo. USD Term SOFR + 3.000%)⁽¹⁾

10/09/29

480,387

479,100

EP Purchaser LLC 2023 Term Loan B

9.06% (3 mo. USD Term SOFR + 4.500%)⁽¹⁾

11/06/28

1,071,430

1,076,787

Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B

6.82% (1 mo. USD Term SOFR + 2.500%)⁽¹⁾

01/30/32

746,375

737,433

IGT Holding IV AB 2025 USD Term Loan B5

7.78% (3 mo. USD Term SOFR + 3.500%)⁽¹⁾

09/01/31

744,898

746,760

Maverick Bidco, Inc. 2021 Term Loan

8.18% (3 mo. USD Term SOFR + 3.750%)⁽¹⁾

05/18/28

1,246,770

1,236,646

Maverick Bidco, Inc. 2023 Incremental Term Loan

0.00% ⁽⁶⁾

05/18/28

1,250,000

1,244,538

Modena Buyer LLC Term Loan

0.00% ⁽⁶⁾

07/01/31

500,000

475,625

Issues

Maturity

Date

Principal

Amount

Value

Open Text Corp. 2023 Term Loan B

6.07% (1 mo. USD Term SOFR + 1.750%)^(1),(5)

01/31/30

1,082,856

1,080,961

Planview Parent, Inc. 2024 1st Lien Term Loan

7.80% (3 mo. USD Term SOFR + 3.500%)⁽¹⁾

12/17/27

1,493,127

1,466,064

Playtika Holding Corp. 2021 Term Loan B1

7.19% (1 mo. USD Term SOFR + 2.750%)⁽¹⁾

03/13/28

1,286,023

1,259,563

Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B

7.55% (3 mo. USD Term SOFR + 3.250%)⁽¹⁾

10/28/30

1,599,373

1,594,823

PushPay USA, Inc. 2025 Term Loan

8.30% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾

08/15/31

1,345,200

1,339,315

Quartz Acquireco LLC 2025 Term Loan B

6.55% (3 mo. USD Term SOFR + 2.250%)⁽¹⁾

06/28/30

1,449,266

1,436,585

QXO, Inc. Term Loan B

0.00% ⁽⁶⁾

04/23/32

1,200,000

1,200,216

Renaissance Holdings Corp. 2024 1st Lien Term Loan

8.28% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾

04/05/30

1,181,320

1,105,024

SolarWinds Holdings, Inc. 2025 Term Loan

8.26% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾

04/16/32

1,125,000

1,088,792

SS&C Technologies, Inc. 2024 Term Loan B8

6.32% (1 mo. USD Term SOFR + 2.000%)⁽¹⁾

05/09/31

619,323

619,339

See accompanying Notes to Financial Statements.

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SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date	Principal Amount		Value
Surf Holdings LLC 2025 Incremental Term Loan
7.93% (1 mo. USD Term SOFR + 3.500%)⁽¹⁾	03/05/27	$	1,498,692	$	1,499,516

					34,074,344


Telecommunications — 1.8%
Altice Financing SA 2022 USD Term Loan
9.26% (3 mo. USD Term SOFR + 5.000%)⁽¹⁾	10/31/27		914,757		748,729
Altice France SA 2023 USD Term Loan B14
9.76% (3 mo. USD Term SOFR + 5.500%)⁽¹⁾	08/15/28		174,346		157,652
CCI Buyer, Inc. Term Loan
8.30% (3 mo. USD Term SOFR + 4.000%)⁽¹⁾	12/17/27		1,326,022		1,328,210
Consolidated Communications, Inc. 2021 Term Loan B
7.94% (1 mo. USD Term SOFR + 3.500%)⁽¹⁾	10/02/27		1,000,000		992,640
Cyxtera DC Holdings, Inc. Term Loan B
0.00% ⁽⁵⁾	01/16/26		292,034		—
Frontier Communications Corp. 2025 Term Loan B
6.79% (6 mo. USD Term SOFR + 2.500%)⁽¹⁾	07/01/31		1,496,875		1,491,890
Zayo Group Holdings, Inc. USD Term Loan
7.44% (1 mo. USD Term SOFR + 3.000%)⁽¹⁾	03/09/27		1,147,175		1,070,458

					5,789,579

Total Bank Loans (Cost: $298,305,164)					294,665,560

Issues

Maturity

Date

Principal

Amount

Value

CORPORATE BONDS—2.9%

Aerospace/Defense — 0.2%

Boeing Co.

6.30%

05/01/29

500,000

526,345

Commercial Services — 0.2%

Block, Inc.

6.50% ⁽²⁾

05/15/32

500,000

512,165

OT Midco Ltd.

10.00% ⁽²⁾

02/15/30

239,000

195,435

707,600

Electric — 0.3%

Alpha Generation LLC

6.75% ⁽²⁾

10/15/32

1,000,000

1,021,930

Entertainment — 0.1%

WMG Acquisition Corp.

3.88% ⁽²⁾

07/15/30

500,000

460,535

Environmental Control — 0.2%

Waste Pro USA, Inc.

7.00% ⁽²⁾

02/01/33

500,000

512,005

Health Care-Services — 0.2%

UnitedHealth Group, Inc.

4.50%

04/15/33

500,000

483,780

Household Products/Wares — 0.0%

Spectrum Brands, Inc.

3.88% ⁽²⁾

03/15/31

141,000

116,436

Internet — 0.2%

Uber Technologies, Inc.

4.80%

09/15/34

750,000

728,100

Media — 0.1%

VZ Secured Financing BV (Netherlands)

5.00% ⁽²⁾

01/15/32

500,000

436,565

Packaging & Containers — 0.2%

Berry Global, Inc.

5.65%

01/15/34

500,000

504,890

Pharmaceuticals — 0.4%

Bayer U.S. Finance II LLC (Germany)

6.50% ⁽²⁾

11/21/33

500,000

522,835

See accompanying Notes to Financial Statements.

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SCHEDULE OF INVESTMENTS (Unaudited)		April 30, 2025


Issues	Maturity Date		Principal Amount		Value
Bristol-Myers Squibb Co.
5.20%	02/22/34		$	500,000	$	506,485
Grifols SA (Spain)
4.75% ⁽²⁾	10/15/28			50,000		46,581
Johnson & Johnson
3.05%	02/26/33	EUR		250,000		284,309

						1,360,210


REIT — 0.1%
Hudson Pacific Properties LP
3.95%	11/01/27			500,000		434,605


Retail — 0.2%
1011778 BC ULC/New Red Finance, Inc. (Canada)
3.50% ⁽²⁾	02/15/29			500,000		468,710
Ferrellgas LP/Ferrellgas Finance Corp.
5.38% ⁽²⁾	04/01/26			200,000		194,650

						663,360


Software — 0.5%
Constellation Software, Inc. (Canada)
5.46% ⁽²⁾	02/16/34			1,000,000		1,005,590
Open Text Corp. (Canada)
6.90% ⁽²⁾	12/01/27			500,000		514,310

						1,519,900

Total Corporate Bonds (Cost: $9,360,045)						9,476,261

U.S. TREASURY SECURITY—0.4% (Cost: $1,399,994)
U.S. Treasury Notes
3.88%	04/30/30			1,406,000		1,416,380

Total Fixed Income Securities (Cost: $311,458,529)						307,979,933


			Shares
COMMON STOCK—0.1%

Real Estate — 0.0%
Avison Young Canada, Inc.^(5),(15)				370		56


Telecommunications — 0.1%
Intelsat SA^(5),(15)				9,683		388,530

Total Common Stock (Cost: $324,132)						388,586


Issues	Maturity Date	Shares		Value
PREFERRED STOCK—0.1% (Cost: $693,020)

Real Estate — 0.1%
Avison Young Canada, Inc.^(5),(15)			1,054,697	$	263,674


Issues		Shares
WARRANTS—0.0%

Entertainment — 0.0%
Cineworld Group PLC^(5),(15)			229,579		3

Total Warrants (Cost: $—)					3

MONEY MARKET INVESTMENTS—14.5%
State Street Institutional U.S. Government Money Market Fund — Premier Class⁽¹⁶⁾			633,509		633,509
TCW Central Cash Fund^(16),(17)			47,087,572		47,087,572
Total Money Market Investments (Cost: $47,721,081)					47,721,081

Total Investments (108.4%) (Cost: $360,196,762)					356,353,277

Net unrealized depreciation on unfunded commitments—0.00%					(5,833	)
Liabilities In Excess Of Other Assets (-8.4%)					(27,748,947	)
Net Assets (100.0%)				$	328,598,497

See accompanying Notes to Financial Statements.

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Statements of Assets and Liabilities (Unaudited)		April 30, 2025


	TCW AAA CLO ETF			TCW Corporate Bond ETF		TCW Flexible Income ETF
ASSETS
Investments, at Value⁽¹⁾	$	261,479,377		$	24,195,549	$	1,019,502,606
Investment in Affiliated Issuers, at Value⁽²⁾		2,692,127			1,565,016		12,338,323
Foreign Currency, at Value		83,848	⁽³⁾		—		349,621	⁽³⁾
Cash		—			40,793		—
Receivable for Securities Sold		2,998,445			—		43,140,122
Receivable for Fund Shares Sold		—			—		50,040,704
Interest and Dividends Receivable		973,734			247,937		5,750,252
Receivable from Investment Advisor		—			—		1,853
Receivable for Daily Variation Margin on Open Financial Futures Contracts		—			—		248,002
Cash Collateral Held for Brokers		300,000			111,293		4,445,001

Total Assets		268,527,531			26,160,588		1,135,816,484

LIABILITIES
Payable for Securities Purchased		1,668,581			411,707		47,938,701
Payable for Purchase of When-Issued Securities		—			—		109,979,511
Disbursements in Excess of Available Cash		—			—		62,023
Accrued Management Fees		42,005			5,636		271,031
Payable for Daily Variation Margin on Open Financial Futures Contracts		—			6,428		—
Unrealized Depreciation on Forward Currency Exchange Contracts		264,712			4,285		1,934,583
Net Unrealized Depreciation on Unfunded Loan Commitments		—			—		925

Total Liabilities		1,975,298			428,056		160,186,774

NET ASSETS	$	266,552,233		$	25,732,532	$	975,629,710

NET ASSETS CONSIST OF:
Paid-in Capital	$	267,001,936		$	27,918,912	$	1,023,809,320
Accumulated Earnings (Loss)		(449,703)			(2,186,380)		(48,179,610)

NET ASSETS	$	266,552,233		$	25,732,532	$	975,629,710


NET ASSETS	$	266,552,233		$	25,732,532	$	975,629,710
SHARES OUTSTANDING		5,320,000			560,118		24,960,812
NET ASSET VALUE PER SHARE	$	50.10		$	45.94	$	39.09

(1)	The identified cost for the TCW AAA CLO ETF, the TCW Corporate Bond ETF and the TCW Flexible Income ETF at April 30, 2025 was $262,206,746, $24,351,026 and $1,048,081,445, respectively.

(2)	The identified cost for the TCW AAA CLO ETF, the TCW Corporate Bond ETF and the TCW Flexible Income ETF at April 30, 2025 was $2,692,127, $1,565,016 and $12,332,015, respectively.

(3)	The identified cost for the TCW AAA CLO ETF and the TCW Flexible Income ETF at April 30, 2025 was $83,958 and $351,258, respectively.

See accompanying Notes to Financial Statements.

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Statements of Assets and Liabilities (Unaudited)		April 30, 2025


	TCW High Yield Bond ETF			TCW Multisector Credit Income ETF			TCW Senior Loan ETF
ASSETS
Investments, at Value⁽¹⁾	$	39,441,705		$	49,910,377		$	309,265,705
Investment in Affiliated Issuers, at Value⁽²⁾		504,237			422,702			47,087,572
Foreign Currency, at Value		3,972	⁽³⁾		4,822	⁽³⁾		—
Cash		—			—			1,875
Receivable for Securities Sold		355,534			630,057			20,783,305
Interest and Dividends Receivable		622,304			610,973			2,672,393
Cash Collateral Held for Brokers		62,907			100,000			20,000
Net Unrealized Appreciation on Unfunded Loan Commitments		2,172			—			—
Prepaid Expenses		3,333			—			—

Total Assets		40,996,164			51,678,931			379,830,850

LIABILITIES
Payable for Securities Purchased		455,315			2,158,201			51,044,313
Disbursements in Excess of Available Cash		4,109			900			—
Accrued Trustees’ Fees and Expenses		6,444			—			—
Deferred Accrued Trustees’ Fees and Expenses		7,445			—			—
Accrued Management Fees		15,947			22,552			168,254
Payable for Daily Variation Margin on Open Financial Futures Contracts		24,933			1,703			1,143
Unrealized Depreciation on Forward Currency Exchange Contracts		36,343			39,450			12,810
Transfer Agent Fees Payable		7,162			—			—
Administration Fee Payable		1,487			—			—
Audit Fees Payable		14,621			—			—
Accounting Fees Payable		1,101			—			—
Custodian Fees Payable		10,568			—			—
Legal Fees Payable		2,458			—			—
Net Unrealized Depreciation on Unfunded Loan Commitments		—			295			5,833
Other Accrued Expenses		8,165			—			—

Total Liabilities		596,098			2,223,101			51,232,353

NET ASSETS	$	40,400,066		$	49,455,830		$	328,598,497

NET ASSETS CONSIST OF:
Paid-in Capital	$	48,924,472		$	50,000,000		$	355,922,105
Accumulated Earnings (Loss)		(8,524,406)			(544,170)			(27,323,608)

NET ASSETS	$	40,400,066		$	49,455,830		$	328,598,497


NET ASSETS	$	40,400,066		$	49,455,830		$	328,598,497
CAPITAL SHARES OUTSTANDING		1,342,812			1,000,000			6,993,628
NET ASSET VALUE PER SHARE	$	30.09		$	49.46		$	46.99

(1)	The identified cost for the TCW High Yield Bond ETF, the TCW Multisector Credit Income ETF and the TCW Senior Loan ETF at April 30, 2025 was $40,006,638, $50,715,978 and $313,109,190, respectively.

(2)	The identified cost for the TCW High Yield Bond ETF, the TCW Multisector Credit Income ETF and the TCW Senior Loan ETF at April 30, 2025 was $504,237, $422,702 and $47,087,572, respectively.

(3)	The identified cost for the TCW High Yield Bond ETF and the TCW Multisector Credit Income ETF at April 30, 2025 was $3,937 and $4,827, respectively.

See accompanying Notes to Financial Statements.

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Statements of Operations (Unaudited)		Six Months Ended April 30, 2025


	TCW AAA CLO ETF⁽¹⁾			TCW Corporate Bond ETF ⁽²⁾			TCW Flexible Income ETF
INVESTMENT INCOME
Income:
Dividends	$	49,333		$	2,995		$	289,586
Dividends from Investment in Affiliated Issuers		376,347			8,327			693,752
Interest		2,875,389			276,820			17,145,952

Total		3,301,069			288,142			18,129,290

Expenses:
Management Fees		119,583			25,583			1,202,335
Administration Fees		—			55,718			—
Transfer Agent Fees		—			21,007			—
Custodian Fees		—			45,623			—
Professional Fees		—			14,155			—
Trustees’ Fees and Expenses		—			65			—
Registration Fees		—			18,488			—
Shareholder Reporting Expense		—			3,601			—
Other		—			9,602			—

Total		119,583			193,842			1,202,335

Less Expenses Borne by Investment Advisor:		—			(161,341	)		—

Net Expenses		119,583			32,501			1,202,335

Net Investment Income		3,181,486			255,641			16,926,955


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized (Loss) on:
Investments		(138,293	)		(275,736	)		(1,520,948	)
Foreign Currency		(14,623	)		(2,223	)		(263,569	)
Forward Currency Exchange Contracts		(102,236	)		2,769			(226,057	)
Futures Contracts		—			8,875			1,219,526
Swap Agreements		—			648
Change in Unrealized Appreciation (Depreciation) on:
Investments		(727,369	)		546,327			6,362,655
Foreign Currency		674			529			40,278
Forward Currency Exchange Contracts		(264,712	)		(4,285	)		(2,032,751	)
Futures Contracts		—			(3,067	)		2,458,857
Swap Agreements		—			(898	)		—
Investments in Affiliated Issuers		—			—			6,307

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		(1,246,559	)		272,939			6,044,298

INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,934,927		$	528,580		$	22,971,253

⁽¹⁾	For the period November 15, 2024 (Commencement of Operations) through April 30, 2025.

⁽²⁾	For the period April 1, 2024 through April 30, 2025.

See accompanying Notes to Financial Statements.

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Statements of Operations (Unaudited)		Six Months Ended April 30, 2025


	TCW High Yield Bond ETF			TCW Multisector Credit Income ETF⁽¹⁾			TCW Senior Loan ETF⁽²⁾
INVESTMENT INCOME
Income:
Dividends	$	15,225		$	25,296		$	704,721
Dividends from Investment in Affiliated Issuers		20,259			51,119			324,997
Interest		1,382,944			1,614,032			27,030,815

Total		1,418,428			1,690,447			28,060,533

Expenses:
Management Fees		96,708			125,610			1,904,995
Accounting Services Fees		4,112			—			—
Administration Fees		2,185			—			98,206
Transfer Agent Fees:		1,792			—			89,428
Custodian Fees		6,418			—			58,480
Professional Fees		417			—			24,952
Trustees’ Fees and Expenses		4,471			—			3,817
Registration Fees:		6,923			—			37,836
Distribution Fees:		—			—			13,654
Shareholder Reporting Expense		361			—			—
Other		7,036			—			16,714

Total		130,423			125,610			2,248,082

Less Expenses Borne by Investment Advisor:
I Class		(31,799	)		—			(50,504	)

Net Expenses		98,624			125,610			2,197,578

Net Investment Income		1,319,804			1,564,837			25,862,955


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized (Loss) on:
Investments		(596,603	)		(56,090	)		(3,447,639	)
Foreign Currency		(98	)		(2,900	)		14,034
Forward Currency Exchange Contracts		36,560			(23,624	)		62,019
Futures Contracts		(126,492	)		2,887			6,497
Change in Unrealized Appreciation (Depreciation) on:
Investments		(82,122	)		(806,002	)		(1,050,841	)
Foreign Currency		922			824			(7,969	)
Forward Currency Exchange Contracts		(50,637	)		(39,450	)		(27,927	)
Futures Contracts		87,002			(12,652	)		(10,509	)

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		(731,468	)		(937,007	)		(4,462,335	)

INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	588,336		$	627,830		$	21,400,620

⁽¹⁾	For the period November 15, 2024 (Commencement of Operations) through April 30, 2025.

⁽²⁾	For the period April 1, 2024 through April 30, 2025.

See accompanying Notes to Financial Statements.

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TCW ETF TRUST


Statements of Changes in Net Assets (Unaudited)


	TCW AAA CLO ETF		TCW Corporate Bond ETF⁽¹⁾
	For the period November 15, 2024 (Commencement of Operations) through April 30, 2025 (Unaudited)		For the period April 1, 2024 through April 30, 2025 (Unaudited)		Year Ended March 31, 2024
OPERATIONS
Net Investment Income	$	3,181,486	$	255,641	$	217,484
Net Realized Loss on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions		(255,152)		(265,667)		(592,903)
Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts		(991,407)		538,606		524,303

Increase (Decrease) in Net Assets Resulting from Operations		1,934,927		528,580		148,884

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(2,384,630)		(209,776)		(216,921)

NET CAPITAL SHARE TRANSACTIONS
ETF		267,001,936		23,101,185		(462,090)
M Class		—		(2,875,235)		(14,479)

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		267,001,936		20,225,950		(1,910,046)

Increase (Decrease) in Net Assets		266,552,233		20,544,754		(1,978,083)
NET ASSETS
Beginning of period		—		5,187,778		7,165,861

End of period	$	266,552,233	$	25,732,532	$	5,187,778

⁽¹⁾

The TCW Corporate Bond ETF (IGCB) acquired the assets and liabilities of the predecessor mutual fund, the TCW MetWest Corporate Bond Fund Class I (the “Predecessor Fund”), at the close of business on November 18, 2024. As a result of the reorganization, the TCW Corporate Bond ETF adopted the accounting and performance history of Class I Shares of the Predecessor Fund. Financial Information disclosed for periods prior to November 18, 2024 include those of the Predecessor Fund.

See accompanying Notes to Financial Statements.

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TCW ETF TRUST


Statements of Changes in Net Assets (Unaudited)


	TCW Flexible Income ETF⁽¹⁾				TCW High Yield Bond ETF⁽³⁾
	Six Months Ended April 30, 2025 (Unaudited)		Year Ended October 31, 2024⁽²⁾		Six Months Ended April 30, 2025 (Unaudited)		Year Ended October 31, 2024
OPERATIONS
Net Investment Income	$	16,926,955	$	14,475,358	$	1,319,804	$	3,061,304
Net Realized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions		(791,048)		684,081		(686,633)		(1,434,562)
Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts and Foreign Currency Transactions		6,835,346		(479,599)		(44,835)		5,044,825

Increase in Net Assets Resulting from Operations		22,971,253		14,679,840		588,336		6,671,567

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(16,687,978)		(13,514,773)		(1,264,061)		(2,908,463)

NET CAPITAL SHARE TRANSACTIONS
ETF		547,474,453		112,834,321		(458,278)		(8,974,075)
N Class		—		—		—		(6,918,553)
M Class		—		(48,882,875)		—		—

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		547,474,453		63,951,446		(458,278)		(15,892,628)

Increase (Decrease) in Net Assets		553,757,728		65,116,513		(1,134,003)		(12,129,524)
NET ASSETS
Beginning of period		421,871,982		356,755,469		41,534,069		53,663,593

End of period	$	975,629,710	$	421,871,982	$	40,400,066	$	41,534,069

⁽¹⁾

The TCW Flexible Income ETF (FLXR) acquired the assets and liabilities of the predecessor mutual fund, the MetWest Flexible Income Fund (the “Predecessor Fund”), at the close of business on June 21, 2024. As a result of the reorganization, the TCW Flexible Income ETF adopted the accounting and performance history of Class I Shares of the Predecessor Fund. Financial Information disclosed for periods prior to June 21, 2024 include those of the Predecessor Fund.

⁽²⁾	The Fund has changed its fiscal year-end from March 31 to October 31. This period represents the seven-month period from April 1, 2024 to October 31, 2024.

⁽³⁾

The TCW High Yield Bond ETF (HYBX) acquired the assets and liabilities of the predecessor mutual fund, the TCW High Yield Bond Fund Class I (the “Predecessor Fund”), at the close of business on November 18, 2024. As a result of the reorganization, the TCW High Yield Bond ETF adopted the accounting and performance history of Class I Shares of the Predecessor Fund. Financial Information disclosed for periods prior to November 18, 2024 include those of the Predecessor Fund.

See accompanying Notes to Financial Statements.

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TCW ETF TRUST


Statements of Changes in Net Assets (Unaudited)


	TCW Multisector Credit Income ETF		TCW Senior Loan ETF⁽¹⁾
	For the period from November 15, 2024 (Commencement of Operations) through April 30, 2025 (Unaudited)		For the period April 1, 2024 through April 30, 2025 (Unaudited)		Year Ended March 31, 2024
OPERATIONS
Net Investment Income	$	1,564,837	$	25,862,955	$	29,723,795
Net Realized Loss on Investments, Futures Contracts and Foreign Currency Transactions		(79,727)		(3,365,089)		(4,304,578)
Change in Unrealized Appreciation Depreciation on Investments, Futures Contracts and Foreign Currency Transactions		(857,280)		(1,097,246)		11,415,223

Increase (Decrease) in Net Assets Resulting from Operations		627,830		21,400,620		36,834,440

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(1,172,000)		(23,842,973)		(29,763,381)

NET CAPITAL SHARE TRANSACTIONS
ETF		50,000,000		38,515,500		(42,746,247)
Plan Class		—		(10,694)		105,060
M Class		—		(9,514,628)		(1,703,022)

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		50,000,000		28,990,178		(44,438,763)

Increase (Decrease) in Net Assets		49,455,830		26,547,825		(37,367,704)
NET ASSETS
Beginning of period		—		302,050,672		339,418,376

End of period	$	49,455,830	$	328,598,497	$	302,050,672

(1) The TCW Senior Loan ETF (SLNZ) acquired the assets and liabilities of the predecessor mutual fund, the TCW MetWest Floating Rate Income Fund Class I (the “Predecessor Fund”), at the close of business on November 18, 2024. As a result of the reorganization, the TCW Senior Loan ETF adopted the accounting and performance history of Class I Shares of the Predecessor Fund. Financial Information disclosed for periods prior to November 18, 2024 include those of the Predecessor Fund.

See accompanying Notes to Financial Statements.

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Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Funds disclose investments in their financial statements in a three-tier hierarchy. This hierarchy is utilized to establish classification of fair value measurements based on inputs. Inputs that go into fair value measurement refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the inputs market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical investments.

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates,

prepayment speeds, credit risk, etc.).

Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized as Level 3.

In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Level 1, Level 2, or Level 3.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

Fair Value Measurements: Descriptions of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Asset-backed securities (“ABS”) and mortgage-backed securities (“MBS”). The fair value of ABS and MBS is estimated based on pricing models that consider the estimated cash flows of each debt tranche of the issuer, establish a benchmark yield, and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, the prepayment speed assumptions and attributes of the collateral. To the extent the inputs are observable and timely, the values would be categorized as Level 2 of the fair value hierarchy; otherwise, they would be categorized as Level 3.

Bank loans. The fair value of bank loans is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable and are obtained from independent sources. Bank loans are generally categorized as Level 2 of the fair value hierarchy, unless key inputs are unobservable; they would then be categorized as Level 3.

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Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:


TCW Corporate Bond ETF	Asset-Backed Securities			Commercial Mortgage- Backed Securities — Non- Agency			Total
Balance as of October 31, 2024	$	33,144		$	518		$	33,662
Accrued Discounts (Premiums)		-			(18,649	)		(18,649	)
Realized Gain (Loss)		-			-			-
Change in Unrealized Appreciation (Depreciation)		1,668			18,310			19,978
Purchases		-			-			-
Sales		(2,964	)		(178	)		(3,142	)
Transfers in to Level 3		-			-			-
Transfers out of Level 3		-			-			-

Balance as of April 30, 2025	$	31,848		$	1	*	$	31,849

Change in Unrealized Appreciation (Depreciation) from Investments Still Held at April 30, 2025	$	1,668		$	4,090		$	5,758


TCW FLEXIBLE INCOME ETF	Asset-Backed Securities			Bank Loans			Commercial Mortgage- Backed Securities — Non-Agency			Common Stock		Corporate Convertible Bonds			Corporate Bonds			Mutual Funds		Residential Mortgage- Backed Securities — Agency			Residential Mortgage- Backed Securities — Non-Agency			Total
Balance as of October 31, 2024	$	395,664		$	127,519		$	686,890		$	336,156	$	2,504		$	39,562		$	-	$	-		$	3,493,797		$	5,082,092
Accrued Discounts (Premiums)		-			4,882			(147,957	)		-		201			2,481			-		(117,656	)		(219,677	)		(477,726	)
Realized Gain (Loss)		-			(199,715	)		(1,044,186	)		-		(2,216	)		(33,322	)		-		(73,589	)		(322,519	)		(1,675,547	)
Change in Unrealized Appreciation (Depreciation)		59,174			105,773			899,925			107,825		1,213			11,117			6,308		226,296			1,142,568			2,560,199
Purchases		3,110,005			1,019,432			-			-		-			-			6,307,906		5,452,373			1,121,804			17,011,520
Sales		(328,963	)		(40,423	)		(500,745	)		-		(1,702	)		(19,838	)		-		-			(9,163	)		(900,834	)
Transfers in to Level 3		-			-			538,061	⁽¹⁾		-		-			-			-		-			-			538,061
Transfers out of Level 3		-			-			-			-		-			-			-		-			(339,973	)		(339,973	)

Balance as of April 30, 2025	$	3,235,880		$	1,017,468		$	431,988		$	443,981	$	-		$	-		$	6,314,214	$	5,487,424		$	4,866,837		$	21,797,792

Change in Unrealized Appreciation (Depreciation) from Investments Still Held at April 30, 2025	$	59,174		$	105,773		$	902,911		$	107,825	$	-		$	-		$	6,308	$	226,296		$	1,142,568		$	2,550,855

(1) Financial assets transferred between Level 2 and Level 3 were due to a change in observable and/or unobservable inputs.


TCW Senior Loan ETF	Bank Loans			Common Stock			Preferred Stock			Warrant		Total
Balance as of October 31, 2024	$	1,899,654		$	260,230		$	474,614		$	-	$	2,634,498
Accrued Discounts (Premiums)		121,835			-			-			-		121,835
Realized Gain (Loss)		(338,815	)		-			-			-		(338,815	)
Change in Unrealized Appreciation (Depreciation)		(426,838	)		128,176			(211,940	)		3		(510,599	)
Purchases		4,120,752			-			-			-		4,120,752
Sales		(1,635,806	)		-			-			-		(1,635,806	)
Transfers in to Level 3		1,587,515	⁽¹⁾		180	⁽¹⁾		-			-		1,587,695
Transfers out of Level 3		(1,713,176	)⁽¹⁾		-			-			-		(1,713,176	)

Balance as of April 30, 2025	$	3,615,121		$	388,586		$	262,674		$	3	$	4,266,384

Change in Unrealized Appreciation (Depreciation) from Investments Still Held at April 30, 2025	$	(426,838	)	$	128,176		$	(211,940	)	$	3	$	(510,599	)

(1) Financial assets transferred between Level 2 and Level 3 were due to a change in observable and/or unobservable inputs.

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For the period ended April 30, 2025, the following Funds had derivatives and transactions in derivatives, grouped in the following risk categories:


Statement of Assets and Liabilities:
TCW AAA CLO ETF
	Credit Risk		Foreign Currency Risk			Interest Rate Risk			Total

Liability Derivatives
Forward Currency Exchange Contracts	$	—	$	(264,712	)	$	—		$	(264,712	)

Total Value	$	—	$	(264,712	)	$	—		$	(264,712	)

Statement of Operations:
Net Realized Gain (Loss)
Forward Currency Exchange Contracts	$	—	$	(102,236	)	$	—		$	(102,236	)

Net Realized Gain (Loss)	$	—	$	(102,236	)	$	—		$	(102,236	)

Net Change in Appreciation (Depreciation)
Forward Currency Exchange Contracts	$	—	$	(264,712	)		—		$	(264,712	)

Net Change in Appreciation (Depreciation)	$	—	$	(264,712	)	$	—		$	(264,712	)

Number of Contracts or Notional Amounts ⁽²⁾
Forward Currency Exchange Contracts	$	—	$	5,671,393		$	—		$	5,671,393

TCW Corporate Bond ETF

	Credit Risk		Foreign Currency Risk			Interest Rate Risk			Total
Asset Derivatives
Futures Contracts⁽¹⁾	$	—	$	—		$	27,836		$	27,836

Total Value	$	—	$	—		$	27,836		$	27,836

Liability Derivatives
Forward Currency Exchange Contracts	$	—	$	(4,285	)	$	—		$	(4,285	)
Futures Contracts		—		—			(34,400	)		(34,400	)

Total Value	$	—	$	(4,285	)	$	(34,400	)	$	(38,685	)

Statement of Operations:
Net Realized Gain (Loss)
Forward Currency Exchange Contracts	$	—	$	2,769		$	—		$	2,769
Futures Contracts		—		—			8,875			8,875
Swap Agreements		—		—			648			648

Net Realized Gain (Loss)	$	—	$	2,769		$	9,523		$	12,292

Net Change in Appreciation (Depreciation)
Forward Currency Exchange Contracts	$	—	$	(4,285	)	$	—		$	(4,285	)
Futures Contracts		—		—			(3,067	)		(3,067	)
Swap Agreements		—		—			(898	)		(898	)

Net Change in Appreciation (Depreciation)	$	—	$	(4,285	)	$	(3,965	)	$	(8,250	)

Number of Contracts or Notional Amounts ⁽²⁾
Forward Currency Exchange Contracts	$	—	$	43,630		$	—		$	43,630
Futures Contracts		—		—			20			20
Swap Agreements	$	—	$	—		$	63,000		$	63,000

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Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund’s net assets declines by a stated percentage or a Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.

Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral pledged or received by a Fund.

Cash collateral that has been pledged to cover obligations of a Fund is reported separately on the Statement of Assets and Liabilities. Non-cash collateral pledged by a Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold, typically $250,000 or $500,000, before a transfer is required, which is determined at the close of each business day and the collateral is transferred on the next business day. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by entering into agreements only with counterparties that the Adviser believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. The Funds have implemented the disclosure requirements pursuant to ASC 210 Balance Sheet (“ASC 210”), Disclosures about Offsetting Assets and Liabilities that requires disclosures to make financial statements that are prepared under GAAP more comparable to those prepared under International Financial Reporting Standards.

Master Agreements and Netting Arrangements. Certain Funds are parties to various agreements, including but not limited to International Swaps and Derivatives Association Agreements and related Credit Support Annex, Master Repurchase Agreements, and Master Securities Forward Transactions Agreements (collectively “Master Agreements”), which govern the terms of certain transactions with select counterparties. These Master Agreements generally include provisions for general obligations, representations, agreements, collateral, and certain events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions (“netting arrangements”). The netting arrangements are generally tied to credit-related events that, if triggered, would cause an event of default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination as a result of an event of default under the Master Agreement, the total value exposure of all transactions will be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in the event of a bankruptcy or insolvency of the counterparty. Credit-related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. Any election made by a counterparty to early terminate the transactions under a Master Agreement could have a material adverse impact on a Fund’s financial statements. A Fund’s overall exposure to credit risk, subject to netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions under the relevant Master Agreement with a counterparty in a given Fund exceeds a specified threshold, net of collateral already in place, typically $250,000 or $500,000 depending on the counterparty and the type of Master Agreement. Collateral under the Master Agreements is usually in the form of cash or U.S. Treasury Bills but could include other types of securities. If permitted under the Master Agreement, certain funds may rehypothecate cash collateral received from a counterparty. The value of all derivative transactions outstanding under a Master Agreement is calculated daily to determine

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the amount of collateral to be received or pledged by the counterparty. Posting of collateral for OTC derivative transactions are covered under tri-party collateral agreements between the Fund, the Fund’s custodian, and each counterparty. Collateral for centrally cleared derivatives transactions are posted with the applicable derivatives clearing organization.

The following table presents TCW AAA CLO ETF’s OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of April 30, 2025:


Counterparty	Gross Derivative Liabilities in the Statement of Assets and Liabilities		Collateral Pledged⁽¹⁾		Derivatives (Assets) Liabilities Available for Offset		Net Amount of Derivatives Liabilities⁽²⁾
Bank Of New York	$	24,541	$	—	$	—	$	24,541
Goldman Sachs & Co.		240,171		(240,171)		—		—

Total	$	264,712	$	(240,171)	$	—	$	24,541

(1) Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

(2) Represents the net amount receivable from the counterparty in the event of default.

The following table presents TCW Corporate Bond ETF’s OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of April 30, 2025:


Counterparty	Gross Derivative Liabilities in the Statement of Assets and Liabilities		Collateral Pledged⁽¹⁾		Derivatives (Assets) Liabilities Available for Offset		Net Amount of Derivatives Liabilities⁽²⁾
Citibank N.A.	$	244	$	—	$	—	$	244
Goldman Sachs & Co.		4,041		—		—		4,041

Total	$	4,285	$	—	$	—	$	4,285

(1) Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

(2) Represents the net amount receivable from the counterparty in the event of default.

The following table presents TCW Flexible Income ETF’s OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of April 30, 2025:


Counterparty	Gross Derivative Liabilities in the Statement of Assets and Liabilities		Collateral Pledged⁽¹⁾		Derivatives (Assets) Liabilities Available for Offset		Net Amount of Derivatives Liabilities⁽²⁾
Bank Of New York	$	78,890	$	—	$	—	$	78,890
Goldman Sachs & Co.		1,855,693		(1,855,693)		—		—

Total	$	1,934,583	$	(1,855,693)	$	—	$	78,890

(1) Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

(2) Represents the net amount receivable from the counterparty in the event of default.

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The following table presents TCW High Yield Bond ETF’s OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of April 30, 2025:


Counterparty	Gross Derivative Liabilities in the Statement of Assets and Liabilities		Collateral Pledged⁽¹⁾		Derivatives (Assets) Liabilities Available for Offset		Net Amount of Derivatives Liabilities⁽²⁾
Citibank N.A.	$	35,854	$	—	$	—	$	35,854
Goldman Sachs & Co.		489		—		—		489

Total	$	36,343	$	—	$	—	$	36,343

(1) Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

(2) Represents the net amount receivable from the counterparty in the event of default.

The following table presents TCW Multisector Credit Income ETF’s OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of April 30, 2025:


Counterparty	Gross Derivative Liabilities in the Statement of Assets and Liabilities		Collateral Pledged⁽¹⁾		Derivatives (Assets) Liabilities Available for Offset		Net Amount of Derivatives Liabilities⁽²⁾
Goldman Sachs & Co.	$	39,450	$	—	$	—	$	39,450

Total	$	39,450	$	—	$	—	$	39,450

(1) Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

(2) Represents the net amount receivable from the counterparty in the event of default.

The following table presents TCW Senior Loan ETF’s OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of April 30, 2025:


Counterparty	Gross Derivative Liabilities in the Statement of Assets and Liabilities		Collateral Pledged⁽¹⁾		Derivatives (Assets) Liabilities Available for Offset		Net Amount of Derivatives Liabilities⁽²⁾
Bank of America	$	12,810	$	—	$	—	$	12,810

Total	$	12,810	$	—	$	—	$	12,810

(1) Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

(2) Represents the net amount receivable from the counterparty in the event of default.

3. Portfolio Investments

Mortgage-Backed and Other Asset-Backed Securities: The Funds may invest in MBS which represent interests in pools of mortgages in which payments of both principal and interest on the securities are generally made monthly, in effect “passing through” monthly payments made by borrowers on the residential or commercial mortgage loans which underlie the securities (net of any fees paid to the issuer or guarantor of the securities). Mortgage pass-through securities differ from other forms of debt securities which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. The Funds may also invest in Collateralized Mortgage Obligations (“CMOs”). CMOs are debt obligations collateralized by residential or commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private

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mortgage pass-through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by the Government National Mortgage Association (Ginnie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) or Federal National Mortgage Corporation (Fannie Mae). The issuer of a series of CMOs may elect to be treated for tax purposes as a Real Estate Mortgage Investment Conduit. CMOs are structured into multiple classes, each bearing a different stated maturity. Monthly payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal only after shorter classes have been retired. An investor may be partially protected against a sooner than desired return of principal because of the sequential payments. The Funds may invest in stripped MBS. Stripped MBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest (the interest only or “IO” class), while the other class will receive all of the principal (the principal only or “PO” class). The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may not fully recoup its initial investment in IOs. Mortgage-backed and other asset-backed securities held by the Funds at April 30, 2025 are listed in the Funds’ Schedule of Investments.

Inflation-Indexed Bonds: The Funds may invest in inflation-indexed bonds, which are fixed income securities whose principal value or coupon is periodically adjusted according to the rate of inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income.

Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten, twenty, or thirty years, although it is possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount.

If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Funds may also invest in other inflation-related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds.

While the values of these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to declines in values. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond’s inflation measure.

When-Issued, Delayed-Delivery, To Be Announced (“TBA”) and Forward Commitment Transactions: The Funds may enter into when-issued, delayed-delivery, TBA or forward commitment transactions in order to lock in the purchase price of the underlying security or to adjust the interest rate exposure of each Fund’s existing portfolio. In when-issued, delayed-delivery, TBA or forward commitment transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. Although the Fund does not pay for the securities or start earning interest on them until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. If a Fund’s counterparty fails to deliver a security purchased on a when-issued, delayed-delivery, TBA or forward commitment basis, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

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Prior to settlement of these transactions, the value of the subject securities will fluctuate with market conditions. In addition, because the Fund is not required to pay for when-issued, delayed-delivery, TBA or forward commitment securities until the delivery date, they may result in a form of leverage to the extent the Fund does not set aside liquid assets to cover the commitment. To guard against this deemed leverage, the Fund monitors the obligations under these transactions on a daily basis and ensures that the Fund has sufficient liquid assets to cover them.

Dollar Roll Transactions: The Funds may enter into dollar roll transactions with financial institutions to take advantage of opportunities in the MBS market. A dollar roll transaction involves a simultaneous sale of securities by a Fund with an agreement to repurchase substantially similar securities at an agreed upon price and date, but generally will be collateralized at time of delivery by different pools of mortgages with different prepayment histories than those securities sold. These transactions are accounted for as financing transactions as opposed to sales and purchases. The differential between the sale price and the repurchase price is recorded as deferred income and recognized between the settlement dates of the sale and repurchase. During the period between the sale and repurchase, a Fund will not be entitled to receive interest and principal payments on the securities sold. Dollar roll transactions involve risk that the market value of the security sold by a Fund may decline below the repurchase price of the security and the counterparties may potentially be unable to complete the transaction. There were no such transactions by the Funds for the period ended April 30, 2025.

Repurchase Agreements: The Funds may enter into repurchase agreements under the terms of a Master Repurchase Agreement (“MRA”). In a repurchase agreement, the Funds purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. The MRA permits each Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from each Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, each Fund receives securities as collateral with a market value in excess of the repurchase price. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund recognizes a liability with respect to such excess collateral to reflect the Fund’s obligation under bankruptcy law to return the excess to the counterparty. There were no repurchase agreements outstanding as of April 30, 2025.

Reverse Repurchase Agreements: The Funds may enter into reverse repurchase agreements. Under a reverse repurchase agreement, a Fund sells portfolio assets subject to an agreement by the Fund to repurchase the same assets at an agreed upon price and date. The Funds may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. During the term of the reverse repurchase agreement, the Funds continue to receive the principal and interest payments on the securities sold. There were no reverse repurchase agreements outstanding during the period ended April 30, 2025.

Securities Lending: The Funds may lend their securities to qualified brokers. The loans must be collateralized at all times primarily with cash although the Funds can accept money market instruments or U.S. Government securities with a market value at least equal to the market value of the securities on loan. As with any extensions of credit, the Funds may bear the risk of delay in recovery or even loss of rights in the collateral if the borrowers of the securities fail financially. The Funds earn additional income for lending their securities by investing the cash collateral in short-term investments. The Funds did not lend any securities during the period ended April 30, 2025.

Derivatives:

Forward Currency Exchange Contracts: The Funds enter into forward currency exchange contracts as a hedge against fluctuations in foreign exchange rates. Forward currency exchange contracts are marked-to-market daily and the change in market value is recorded by the Funds as unrealized gains or losses in the Statement of Assets and Liabilities. When a contract is closed or delivery is taken, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of the foreign currency relative to the U.S. dollar. Outstanding forward currency exchange contracts at April 30, 2025 are disclosed in the Schedule of Investments.

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Futures Contracts: The Funds may enter into futures contracts. A Fund may seek to manage a variety of different risks through the use of futures contracts, such as interest rate risk, equity price risk, and currency risk. A Fund may use index futures to hedge against broad market risks to its portfolio or to gain broad market exposure. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made, and are settled in cash. Positions in futures may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk. Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by a Fund as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of a Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it.

When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. During the period ended April 30, 2025, the Funds utilized futures to help manage interest rate duration and credit market exposure. Futures contracts outstanding at April 30, 2025 are listed in the Funds’ Schedule of Investments.

Options: The Funds may purchase and sell put and call options on a security or an index of securities to enhance investment performance and/or to protect against changes in market prices. The Funds may also enter into currency options to hedge against or to take advantage of currency fluctuations.

A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price at any time before the expiration date. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If a Fund holds the security underlying the option, the option premium and any transaction costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option. A Fund may purchase call options to hedge against an increase in the price of securities that the Fund ultimately wants to buy. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit a Fund might have realized had it bought the underlying security at the time it purchased the call option.

Purchasing foreign currency options gives a Fund the right, but not the obligation, to buy or sell specified amounts of currency at a rate of exchange that may be exercised by a certain date. These currency options may be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option’s expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. Premiums paid for purchasing options that expire are treated as realized losses.

Options purchased or sold by a Fund may be traded on a securities or options exchange. Such options typically have minimal exposure to counterparty risk. However, an exchange or market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications

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imposed by an exchange or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace the expiring series, and opening transactions in existing series may be prohibited.

OTC options are options not traded on exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by a Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration.

Swap Agreements: The Funds may enter into swap agreements. Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount” (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a “basket” of securities representing a particular index).

In a total return swap, one party typically agrees to pay to the other a short-term interest rate in return for a payment at one or more times in the future based on the increase in the value of an underlying security or other asset, or index of securities or assets; if the underlying security, asset, or index declines in value, the party that pays the short-term interest rate must also pay to its counterparty a payment based on the amount of the decline. A Fund may take either side of such a swap, and so may take a long or short position in the underlying security, asset, or index. A Fund may enter into a total return swap to hedge against an exposure in its portfolio — such as interest rate risk (including to adjust the duration or credit quality of a Fund’s bond portfolio), equity risk, or credit risk — or generally to put cash to work efficiently in the markets in anticipation of, or as a replacement for, cash investments. A Fund may also enter into a total return swap to gain exposure to securities or markets in which it might not be able to invest directly (in so-called market access transactions).

Interest rate swaps are agreements in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. In more complex swaps, the notional principal amount may decline (or amortize) over time. A Fund’s maximum risk of loss due to counterparty default is the discounted NAV of the cash flows paid to/received from the counterparty over the interest rate swap’s remaining life.

The Funds may write (sell) and purchase put and call swaptions. Swaption contracts written by the Funds represent an option that gives the purchaser the right, but not the obligation, to enter into a new swap agreement, or to shorten, extend, cancel or modify an existing swap agreement, on a future date on specified terms. See “Swap Agreements” below. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. During the period ended April 30, 2025, none of the Funds held written swaptions.

A Fund may enter into credit default swap transactions as a “buyer” or “seller” of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a “reference entity”). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a “credit event” occurs, the buyer has the right to deliver to the seller bonds (or other obligations of the reference entity with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. When a Fund buys protection, it may or may not own securities of the reference entity. When a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund’s portfolio through the Fund’s indirect long exposure

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to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create such a “synthetic” long position.

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. A Fund also takes the risk that the market will move against its position in the swap agreement. In the case of a total return swap, the swap will change in value depending on the change in value of the asset or index on which the swap is written. When a Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking-to-market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on each Fund’s Statement of Operations upon termination or maturity of the swap agreement.

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded as realized gains and losses, respectively. During the period ended April 30, 2025, the TCW Corporate Bond ETF entered into interest rate swaps to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed rate bonds which may decrease when interest rates rise (interest rate risk).

4. Risk Considerations

Market Risk: The Funds’ investments will fluctuate with market conditions, and so will the value of your investment in the Funds. You could lose money on your investment in the Funds or the Funds could underperform other investments.

Liquidity Risk: The Funds’ investments in illiquid securities may reduce the returns of the Funds because they may not be able to sell the illiquid securities at an advantageous time or price. Investments in high yield securities, foreign securities, derivatives or other securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk. Certain investments in private placements and Rule 144A securities may be considered illiquid investments. The Funds may invest in private placements and Rule 144A securities.

Interest Rate Risk: The values of the Funds’ investments fluctuate in response to movements in interest rates. If rates rise, the values of debt securities generally fall. The longer the average duration of a Fund’s investment portfolio, the greater the change in value.

Mortgage-Backed and Other Asset-Backed Securities Risk: The Funds may invest in MBS or other ABS. The values of some mortgage-backed securities or other asset-backed securities may expose the Funds to a lower rate of return upon reinvestment of principal. When interest rates rise, the value of mortgage-related securities generally will decline; however, when interest rates are declining, the value of mortgage-related securities with prepayment features may not increase as much as other fixed-income securities. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may shorten or extend the effective maturity of the security beyond what was anticipated at the time of purchase. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

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Derivatives Risk: Use of derivatives, which at times is an important part of the Funds’ investment strategies, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Investments in derivatives could cause the Funds to lose more than the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Funds will achieve their objective through the use of the derivatives.

Credit Risk: The values of any of the Funds’ investments may also decline in response to events affecting the issuer or its credit rating. The lower-rated debt securities in which a Fund may invest are considered speculative and are subject to greater volatility and risk of loss than investment-grade securities, particularly in deteriorating economic conditions. The value of some mortgage-related securities in which the Funds invest also may fall because of unanticipated levels of principal prepayments that can occur when interest rates decline. Certain Funds invest a material portion of their assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults. Continuing shifts in the market’s perception of credit quality on securities backed by commercial and residential mortgage loans and other financial assets may result in increased volatility of market price and periods of illiquidity that can negatively impact the valuation of certain issuers held by the Funds.

MBS and ABS are characterized and classified in a variety of different ways. These classifications include a view of the securities’ cash flow structure (pass-through, sequential pay, prepayment-protected, interest only, principal only, etc.), the security of the claim on the underlying assets (senior, mezzanine and subordinated), as well as types of underlying collateral (prime conforming loans, prime non-conforming loans, Alt-A loans, subprime loans, commercial loans, etc.). In many cases, the classification incorporates a degree of subjectivity: a particular loan might be categorized as “prime” by the underwriting standards of one mortgage issuer while another might classify the loan as “subprime.” In addition to other functions, the risk associated with an investment in a mortgage loan must take into account the nature of the collateral, the form and the level of credit enhancement, the vintage of the loan, the geography of the loan, the purpose of the loan (refinance versus purchase versus equity takeout), the borrower’s credit quality (e.g., FICO score), and whether the loan is a first trust deed or a second lien.

Counterparty Risk: The Funds may be exposed to counterparty risk, the risk that an entity with which the Funds have unsettled or open transactions may not fulfill its obligations.

Foreign Currency Risk: The Funds may be exposed to the risk that the value of the Funds’ investments denominated in foreign currencies will decline in value because the foreign currencies have declined in value relative to the U.S. dollar.

Foreign Investing Risk: The Funds may be exposed to the risk that the Funds’ share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates in countries where the Funds invest.

U.S. Trade Policy Risk: There have been significant changes to United States trade policies, treaties and tariffs, and in the future there may be additional significant changes. These and any future developments, and continued uncertainty surrounding trade policies, treaties and tariffs, may have a material adverse effect on global economic conditions, inflation and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict the access by issuers of our portfolio securities to suppliers or customers, increase their supply-chain costs and expenses and could have material adverse effects on our portfolio investments.

Investment Style Risk: Certain Funds may also be subject to investment style risk. The Adviser’s investment styles may be out of favor at times or may not produce the best results over short or longer time periods and may increase the volatility of a Fund’s share price.

Bank Loan Risk: There is a risk of investing in corporate loans made by commercial banks and other financial institutions or institutional investors to companies that need capital to grow or restructure, which includes interest rate risk, liquidity risk and prepayment risk. A Fund may also be subject to the credit risk of other financial institutions and the risks associated with insufficient collateral securing a bank loan, limited available public information about a bank loan, delayed settlement, and less protection for holders of bank loans as compared to holders of registered securities. Bank loans are not registered and

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otherwise may not be treated as securities under the federal securities laws, meaning investors in loans have less protection against improper practices than investors in securities that are registered under or are otherwise subject to the protections of the securities laws.

5. Federal Income Taxes

It is the policy of the Funds to comply with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income, including any net realized gains on investments, to its shareholders. Therefore, no federal income tax provision is required. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of operations. Management of the Funds is required to determine whether a tax position taken by the Funds is more likely than not to be sustained upon examination by the applicable taxing authority. Based on its analysis, Management has concluded that the Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the period ended April 30, 2025. The Funds are subject to examination by the U.S. Federal and state tax authorities for returns filed for the prior three and four fiscal years, respectively.

At April 30, 2025, net unrealized appreciation for federal income tax purposes is comprised of the following components:


Fund	Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)		Cost of Investments for Federal Income Tax Purposes
TCW AAA CLO ETF	$	507,431	$	(1,234,800)	$	(727,369)	$	264,898,873
TCW Corporate Bond ETF		367,986		(592,998)		(225,012)		25,985,577
TCW Flexible Income ETF		14,805,639		(43,509,564)		(28,703,925)		1,060,544,854
TCW High Yield Bond ETF		671,049		(1,065,359)		(394,310)		40,340,252
TCW Multisector Credit Income ETF		266,675		(1,072,382)		(805,707)		51,138,680
TCW Senior Loan ETF		1,677,916		(5,586,218)		(3,908,302)		360,261,579

At October 31, 2024, the components of distributable earnings (loss) on a tax basis were as follows:


Fund	Undistributed Income		Undistributed Long-term Gains		Accumulated Capital loss Carryforwards and Post- October losses			Other Temporary Differences		Net unrealized Appreciation (Depreciation)			Total Earnings (Losses)
TCW Flexible Income ETF	$	968,143	$	—	$	(20,277,084	)	$	—	$	(35,152,135	)	$	(54,461,076)
TCW High Yield Bond ETF		529,747		—		(7,816,417	)		—		(341,032	)		(7,627,702)

At March 31, 2024, the components of distributable earnings (loss) on a tax basis were as follows:


Fund	Undistributed Income		Undistributed Long-term Gains		Accumulated Capital loss Carryforwards and Post- October losses			Other Temporary Differences			Net unrealized Appreciation (Depreciation)			Total Earnings (Losses)
TCW Corporate Bond ETF	$	533	$	—	$	(1,817,448	)	$	(270	)	$	(706,962	)	$	(2,524,147)
TCW Senior Loan ETF		671,369		—		(22,106,088	)		(520,482	)		(2,926,054	)		(24,881,255)

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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.

11. Capital Share Transactions

Transactions in each Fund’s shares were as follows:


	For the period November 15, 2024 (Commencement of Operations) through April 30, 2025 (Unaudited)
TCW AAA CLO ETF	Shares		Amount
Shares Sold		5,380,000	$	270,014,614
Shares Issued upon Reinvestment of Dividends		—		—
Shares Redeemed		(60,000)		(3,012,678)

Net Increase		5,320,000	$	267,001,936


TCW Corporate Bond ETF ^{(1) (2)}	For the period April 1, 2024 through April 30, 2025 (Unaudited)				Year Ended March 31, 2024
	Shares		Amount		Shares		Amount
Shares Sold		458,059	$	20,831,008		7,350	$	323,768
Shares Sold — shares converted from Class M ⁽³⁾		50,461		2,330,001		—		—
Shares Issued upon Reinvestment of Dividends		1,283		58,030		2,117		93,392
Shares Redeemed		(2,624)		(117,854)		(20,080)		(879,250)

Net Increase		507,179	$	23,101,185		(10,613)	$	(462,090)

⁽¹⁾

⁽²⁾	Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.

⁽³⁾	M Class shares were converted into TCW Corporate Bond ETF shares at the close of business on October 18, 2024.


TCW Flexible Income ETF ^{(1) (2)}	Six Months Ended April 30, 2025 (Unaudited)				Year Ended October 31, 2024
	Shares		Amount		Shares		Amount
Shares Sold		14,090,014	$	547,474,453		2,458,126	$	96,184,409
Shares Sold — shares converted from Class M ⁽³⁾		—		—		1,292,294		49,107,849
Shares Issued upon Reinvestment of Dividends		—		—		132,725		5,029,014
Shares Redeemed		—		—		(986,495)		(37,486,951)

Net Increase		14,090,014	$	547,474,453		2,896,650	$	112,834,321

⁽¹⁾

The TCW Flexible Income ETF (FLXR) acquired the assets and liabilities of the predecessor mutual fund, the TCW MetWest Flexible Income Fund (the “Predecessor Fund”), at the close of business on June 21, 2024. As a result of the reorganization, the TCW Flexible Income ETF adopted the accounting and performance history of Class I Shares of the Predecessor Fund. Financial Information disclosed for periods prior to June 21, 2024 include those of the Predecessor Fund.

⁽²⁾	Per share amounts were adjusted to reflect a 1:5 reverse stock split effective June 12, 2024.

⁽³⁾	M Class shares were converted into TCW Flexible Income ETF shares at the close of business on June 10, 2024.

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TCW High Yield Bond ETF ^{(1) (2)}	Six Months Ended April 30, 2025 (Unaudited)						Year Ended October 31, 2024
	Shares			Amount			Shares		Amount
Shares Sold		125,367		$	3,726,821			225,947	$	6,844,132
Shares Sold — shares converted from Class N ⁽³⁾		—			—			190,495		5,898,777
Shares Issued upon Reinvestment of Dividends		6,953			213,120			84,233		2,538,503
Shares Redeemed		(144,567)			(4,398,219)			(799,689)		(24,255,487)

Net Increase		(12,247	)	$	(458,278	)		(299,014)	$	(8,974,075)

⁽¹⁾

The TCW High Yield Bond ETF (HYBX) acquired the assets and liabilities of the predecessor mutual fund, the TCW High Yield Bond Class I (the “Predecessor Fund”), at the close of business on November 18, 2024. As a result of the reorganization, the TCW High Yield Bond ETF adopted the accounting and performance history of Class I Shares of the Predecessor Fund. Financial Information disclosed for periods prior to November 18, 2024 include those of the Predecessor Fund.

⁽²⁾	Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.

⁽³⁾	N Class shares were converted into TCW High Yield Bond ETF shares at the close of business on October 18, 2024.


TCW Multisector Credit Income ETF	Six Months Ended April 30, 2025 (Unaudited) ⁽¹⁾
	Shares		Amount
Shares Sold		1,000,000	$	50,000,000
Shares Issued upon Reinvestment of Dividends		—		—
Shares Redeemed		—		—

Net Increase		1,000,000	$	50,000,000

⁽¹⁾	For the period November 15, 2024 (Commencement of Operations) through April 30, 2025.


TCW Senior Loan ETF ^{(1) (2)}	For the period April 1, 2024 through April 30, 2025 (Unaudited)				Year Ended March 31, 2024
	Shares		Amount		Shares		Amount
Shares Sold		1,700,461	$	80,040,124		785,489	$	36,817,127
Shares Sold — shares converted from Class M ⁽³⁾		148,325		7,040,099		—		—
Shares Issued upon Reinvestment of Dividends		229,502		10,890,222		476,844		22,377,284
Shares Redeemed		(1,252,118)		(59,454,945)		(2,165,524))		(101,940,658)

Net Increase		826,170	$	38,515,500		(903,191)	$	(42,746,247)

⁽¹⁾

The TCW Senior Loan ETF (SLNZ) acquired the assets and liabilities of the predecessor mutual fund, the TCW MetWest Floating Rate Income Fund Class I Income Fund (the “Predecessor Fund”), at the close of business on November 18, 2024. As a result of the reorganization, the TCW Senior Loan ETF adopted the accounting and performance history of Class I Shares of the Predecessor Fund. Financial Information disclosed for periods prior to November 18, 2024 include those of the Predecessor Fund.

⁽²⁾	Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.

⁽³⁾	M Class shares were converted into TCW Senior Loan ETF shares at the close of business on October 18, 2024.

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TCW Multisector Credit Income ETF
UNFUNDED COMMITMENTS	MATURITY		AMOUNT		UNREALIZED GAIN (LOSS)
Air Comm Corp. LLC 2024 Term Loan		11/21/31	$	19,231		$	(108	)
Archkey Solutions LLC 2024 Term Loan B		11/01/31		25,862			(187	)

				45,093			(295	)


TCW Senior Loan ETF
UNFUNDED COMMITMENTS	MATURITY		AMOUNT		UNREALIZED GAIN (LOSS)
Air Comm Corp. LLC 2024 Term Loan		12/11/31	$	27,080		$	(221	)
American Rock Salt Co. LLC 2024 First Out Term Loan		06/09/28		263,973			1,980
Amspec Parent LLC 2024 Term Loan		12/22/31		193,333			—
Archkey Solutions LLC 2024 Term Loan B		11/01/31		122,605			(153	)
DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan		03/31/28		21,409			(642	)
Chrysaor Bidco Sarl		10/30/31		26,042			(4573	)
Kelso Industries LLC Term Loan		12/30/29		140,436			(1,229	)
Raven Acquisition Holdings LLC Term Loan B		11/19/31		43,333			(398	)
Secretariat Advisors, LLC		02/24/32		95,580			(597	)

				933,791			(5,833	)

16. 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.

17. New Accounting Pronouncements

In January 2021, the Financial Accounting Standards Board issued Accounting Standards Update No. 2021-01 (“ASU 2021-01”), “Reference Rate Reform (Topic 848)”. ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR; regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Funds’ financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). This change is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity’s segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new

165

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TCW Corporate Bond ETF


Financial Highlights


	For the period March 31, 2024 through April 30, 2025 (Unaudited)			(1) (2)	Year Ended March 31, 2024		Year Ended March 31, 2023		Year Ended March 31, 2022		Year Ended March 31, 2021		Year Ended March 31, 2020
Net Asset Value per Share, Beginning of period	$	44.95			$	45.15	$	49.45	$	53.25	$	51.60	$	51.55

Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		2.27				1.75		1.40		1.20		2.00		4.55
Net Realized and Unrealized Gain (Loss) on Investments		0.59				(0.20)		(4.30)		(3.45)		2.05		0.30

Total from Investment Operations		2.86				1.55		(2.90)		(2.25)		4.05		4.85

Less Distributions:
Distributions from Net Investment Income		(1.87)				(1.75)		(1.40)		(1.20)		(2.15)		(4.45)
Distributions from Net Realized Gain		—				—		—		(0.35)		(0.25)		(0.35)

Total Distributions		(1.87)				(1.75)		(1.40)		(1.55)		2.40		(4.80)

Net Asset Value per Share, End of period	$	45.94			$	44.95	$	45.15	$	49.45	$	53.25	$	51.60

Market Value per Share, End of period		45.92				—		—		—		—		—


Total Return		6.34%	⁽⁴⁾			3.52%		(5.79%)		(4.44%)		7.81%		9.46%
Total Return Market Price		6.29%	⁽⁴⁾			N/A		N/A		N/A		N/A		N/A
Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	25,733			$	2,379	$	2,870	$	6,935	$	4,730	$	2,392

Ratio of Expenses to Average Net Assets

Before Expense Reimbursement		2.83%	⁽⁵⁾			4.24%		3.39%		2.40%		3.54%		8.30%

After Expense Reimbursement		0.47%	⁽⁵⁾			0.50%		0.50%		0.50%		0.50%		0.50%

Ratio of Net Investment Income to Average Net Assets		3.73%	⁽⁵⁾			3.92%		3.05%		2.25%		3.64%		8.62%

Portfolio Turnover Rate		402%	⁽⁴⁾			136%		124%		148%		84%		65%

(1)	Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.

(2)

The TCW Corporate Bond ETF (IGCB) acquired the assets and liabilities of the predecessor mutual fund, the TCW MetWest Corporate Bond Fund Class I (the “Predecessor Fund”), at the close of business on November 18, 2024. As a result of the transaction, the TCW Corporate Bond ETF adopted the accounting and performance history of the Predecessor Fund (inclusive of any expense limitation agreements that were in place). Financial Information disclosed for periods prior to November 18, 2024 include those of the Predecessor Fund.

(3)	Computed using average shares outstanding throughout the period.

(4)	Not Annualized.

(5)	Annualized.

See accompanying Notes to Financial Statements.

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TCW Flexible Income ETF


Financial Highlights


	Six Months Ended April 30, 2025 (Unaudited)			Year Ended October 31, 2024(1)(2)(3)			Year Ended March 31, 2024		Year Ended March 31, 2023		Year Ended March 31, 2022			Year Ended March 31, 2021
Net Asset Value per Share, Beginning of period	$	38.81		$	38.50		$	39.45	$	43.75	$	49.30		$	49.10

Income (Loss) from Investment Operations:
Net Investment Income⁽⁴⁾		1.07			1.64			3.10		3.50		4.55			3.65
Net Realized and Unrealized Gain (Loss) on Investments		0.34			0.15			(0.95)		(4.15)		(5.40)			1.50

Total from Investment Operations		1.41			1.79			2.15		(0.65)		(0.85)			5.15

Less Distributions:
Distributions from Net Investment Income		(1.13)			(1.48)			(3.10)		(3.65)		(4.55)			(4.85)
Distributions from Net Realized Gain		—			—			—		—		(0.15)			(0.10)

Total Distributions		(1.13)			(1.48)			(3.10)		(3.65)		(4.70)			(4.95)

Net Asset Value per Share, End of period	$	39.09		$	38.81		$	38.50	$	39.45	$	43.75		$	49.30

Market Value per Share, End of period		39.23			38.90			—		—		—			—


Total Return		3.70%	⁽⁵⁾		4.61%	⁽⁵⁾		5.77%		(1.25%)		(2.05%	)		10.83%
Total Return Market Price		3.81%	⁽⁵⁾		4.85%	⁽⁵⁾		N/A		N/A		N/A			N/A
Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	975,630		$	421,872		$	307,196	$	281,372	$	177,717		$	158,834

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.40%	⁽⁶⁾		0.57%	⁽⁶⁾		0.68%		0.74%		0.79%			1.01%

After Expense Reimbursement		N/A			0.49%	⁽⁶⁾		0.55%		0.55%		0.55%			0.55%

Ratio of Net Investment Income to Average Net Assets		5.62%	⁽⁶⁾		7.25%	⁽⁶⁾		8.07%		8.78%		9.55%			7.41%

Portfolio Turnover Rate		171%	⁽⁵⁾		181%	⁽⁵⁾		332%		248%		210%			177%

(1)	The TCW Flexible Income ETF has changed its fiscal year-end from March 31 to October 31. This period represents the seven-month period from April 1, 2024 to October 31, 2024.

(2)	Per share amounts were adjusted to reflect a 1:5 reverse stock split effective June 12, 2024.

(3)

The TCW Flexible Income ETF (FLXR) acquired the assets and liabilities of the predecessor mutual fund, the MetWest Flexible Income Fund Class I (the “Predecessor Fund”), at the close of business on June 21, 2024. As a result of the transaction, the TCW Flexible Income ETF adopted the accounting and performance history of the Predecessor Fund (inclusive of any expense limitation agreements that were in place). Financial Information disclosed for periods prior to June 21, 2024 include those of the Predecessor Fund.

(4)	Computed using average shares outstanding throughout the period.

(5)	Not Annualized.

(6)	Annualized.

See accompanying Notes to Financial Statements.

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TCW High Yield Bond ETF


Financial Highlights


	Six Months Ended April 30, 2025 (Unaudited)			Year Ended October 31, 2024		Year Ended October 31, 2023		Year Ended October 31, 2022		Year Ended October 31, 2021		Year Ended October 31, 2020
Net Asset Value per Share, Beginning of period	$	30.65	⁽¹⁾⁽²⁾	$	28.60	$	29.00	$	34.45	$	33.30	$	32.45

Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		0.91			1.90		1.75		1.40		1.15		1.20
Net Realized and Unrealized Gain (Loss) on Investments		(0.48)			2.00		(0.30)		(4.70)		1.20		0.95

Total from Investment Operations		0.43			3.90		1.45		(3.30)		2.35		2.15

Less Distributions:
Distributions from Net Investment Income		(0.99)			(1.85)		(1.85)		(1.50)		(1.20)		(1.30)
Distributions from Net Realized Gain		—			—		—		(0.65)		—		—

Total Distributions		(0.99)			(1.85)		(1.85)		(2.15)		(1.20)		(1.30)

Net Asset Value per Share, End of period	$	30.09		$	30.65	$	28.60	$	29.00	$	34.45	$	33.30

Market Value per Share, End of period		30.08			—		—		—		—		—


Total Return		1.39%	⁽⁴⁾		13.89%		4.95%		(9.97%)		7.18%		6.88%
Total Return Market Price		1.38%			—		—		—		—		—
Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	40,400		$	41,534	$	47,270	$	50,992	$	96,223	$	85,990

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.67%	⁽⁵⁾		1.10%		0.88%		0.84%		0.76%		0.97%

After Expense Reimbursement		0.50%	⁽⁵⁾		0.55%		0.55%		0.55%		0.55%		0.55%

Ratio of Net Investment Income to Average Net Assets		6.76%	⁽⁵⁾		6.33%		5.95%		4.46%		3.36%		3.67%

Portfolio Turnover Rate		71%	⁽⁴⁾		65%		62%		94%		82%		111%

(1)

The TCW High Yield Bond ETF (HYBX) acquired the assets and liabilities of the predecessor mutual fund, the TCW High Yield Bond Class I (the “Predecessor Fund”), at the close of business on November 18, 2024. As a result of the transaction, the TCW High Yield Bond ETF adopted the accounting and performance history of the Predecessor Fund (inclusive of any expense limitation agreements that were in place). Financial Information disclosed for periods prior to November 18, 2024 include those of the Predecessor Fund.

(2)	Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.

(3)	Computed using average shares outstanding throughout the period.

(4)	For the six months ended April 30, 2025 and is not indicative of a full year’s operating results.

(5)	Annualized.

See accompanying Notes to Financial Statements.

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TCW Senior Loan ETF


Financial Highlights


	For the period March 31, 2024 through April 30, 2025 (Unaudited)^(1) (2)			Year Ended March 31, 2024			Year Ended March 31, 2023		Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Net Asset Value per Share, Beginning of year	$	47.45		$	46.45		$	48.90	$	49.75		$	44.90		$	49.50

Income (Loss) from Investment Operations:
Net Investment Income⁽³⁾		4.19			4.15			2.90		1.65			1.60			2.20
Net Realized and Unrealized Gain (Loss) on Investments		(.19)			1.00			(2.35)		0.85			4.85			(4.60)


Total from Investment Operations		4.00			5.15			0.55		0.80			6.45			(2.40)

Distributions from Net Investment Income		(4.46)			(4.15)			(3.00)		(1.65)			(1.60)			(2.20)


Net Asset Value per Share, End of year	$	46.99		$	47.45		$	46.45	$	48.90		$	49.75		$	44.90

Market Value per Share, End of year		46.99			—			—		—			—			—


Total Return		7.31%⁽⁴⁾			11.58%			1.26%		1.61%			14.52%			(5.17%)

Total Return Market Price		7.32%⁽⁴⁾			N/A			N/A		N/A			N/A			N/A

Ratios/Supplemental Data:

Net Assets, End of year (in thousands)	$	328,598		$	292,519		$	328,416	$	475,105		$	417,927		$	250,187

Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.70%	⁽⁵⁾		0.70%	⁽⁶⁾		0.70%		0.69%	⁽⁷⁾		0.70%	⁽⁸⁾		0.70%

After Expense Reimbursement		0.68%	⁽⁵⁾		0.70%			0.70%		0.69%			0.70%			0.70%

Ratio of Net Investment Income to Average Net Assets		8.03%	⁽⁵⁾		8.85%			6.22%		3.32%			3.25%			4.47%

Portfolio Turnover Rate		125%	⁽⁴⁾		77%			43%		49%			38%			51%

(1)	Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.

(2)

The TCW Senior Loan ETF (SLNZ) acquired the assets and liabilities of the predecessor mutual fund, the TCW MetWest Floating Rate Income Fund Class I (the “Predecessor Fund”), at the close of business on November 18, 2024. As a result of the transaction, the TCW Senior Loan ETF adopted the accounting and performance history of the Predecessor Fund (inclusive of any expense limitation agreements that were in place). Financial Information disclosed for periods prior to November 18, 2024 include those of the Predecessor Fund.

(3)	Computed using average shares outstanding throughout the period.

(4)	Not Annualized.

(5)	Annualized.

(6)	Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.70%.

(7)	Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.69%.

(8)	Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.68%.

See accompanying Notes to Financial Statements.

172


FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for USD		Contracts at Value		Unrealized Appreciation (Depreciation)

SELL ⁽⁷⁾
Goldman Sachs & Co.		EUR		6,200,000		07/11/25	$	6,812,779	$	7,052,950	$	(240,171	)
Bank Of New York		EUR		877,000		07/11/25		973,110		997,651		(24,541	)

							$	7,785,889	$	8,050,601	$	(264,712	)


Issues	Maturity Date		Principal Amount		Value
2.57% (1 day USD SOFR + 2.107%)⁽⁴⁾		06/03/31	$	50,000	$	44,775
2.98% (1 day USD SOFR + 1.422%)⁽⁴⁾		11/05/30		1,000		928
5.33% (1 day USD SOFR + 1.465%)⁽⁴⁾		03/27/36		165,000		163,942
Goldman Sachs Group, Inc.
1.99% (1 day USD SOFR + 1.090%)⁽⁴⁾		01/27/32		485,000		413,598
2.60%		02/07/30		80,000		73,090
5.02% (1 day USD SOFR + 1.420%)⁽⁴⁾		10/23/35		40,000		38,759
HSBC Holdings PLC (United Kingdom)
2.80% (1 day USD SOFR + 1.187%)⁽⁴⁾		05/24/32		70,000		61,678
JPMorgan Chase & Co.
1.04% (3 mo. USD Term SOFR + 0.695%)⁽⁴⁾		02/04/27		5,000		4,872
1.05% (1 day USD SOFR + 0.800%)⁽⁴⁾		11/19/26		40,000		39,222
1.58% (1 day USD SOFR + 0.885%)⁽⁴⁾		04/22/27		5,000		4,862
1.95% (1 day USD SOFR + 1.065%)⁽⁴⁾		02/04/32		20,000		17,176
2.07% (1 day USD SOFR + 1.015%)⁽⁴⁾		06/01/29		115,000		107,310
2.55% (1 day USD SOFR + 1.180%)⁽⁴⁾		11/08/32		550,000		479,902
3.90% (3 mo. USD Term SOFR + 1.482%)⁽⁴⁾		01/23/49		48,000		37,213
Lloyds Banking Group PLC (United Kingdom)
1.63% (1 yr. CMT + 0.850%)⁽⁴⁾		05/11/27		10,000		9,695


FUTURES CONTRACTS

Number of Contracts	Type	Expiration Date		Notional			Market Value			Net Unrealized Appreciation (Depreciation)

Long Futures
44	2-Year U.S. Treasury Note Futures		06/30/25	$	9,130,851		$	9,158,531		$	27,680
				$	9,130,851		$	9,158,531		$	27,680

Short Futures
22	10-Year U.S. Treasury Note Futures		06/18/25	$	(2,513,232	)	$	(2,524,156	)	$	(10,924	)
17	5-Year U.S. Treasury Note Futures		06/30/25		(1,835,396	)		(1,856,320	)		(20,924	)
2	Euro-Bobl Future		06/6/25		(271,202	)		(271,046	)		156
2	Euro-Bund Future		06/6/25		(296,022	)		(298,574	)		(2,552	)
				$	(4,915,852	)	$	(4,950,096	)	$	(34,244	)


FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for USD		Contracts at Value		Unrealized Appreciation (Depreciation)

BUY ⁽¹⁰⁾
Goldman Sachs & Co.		EUR		99,993		05/15/25	$	113,502	$	113,345	$	(157	)

SELL ⁽¹¹⁾
Goldman Sachs & Co.		EUR		199,993		07/11/25		223,622		227,506		(3,884	)
Citibank N.A.		EUR		4,700		07/11/25		5,103		5,347		(244	)

							$	228,725	$	232,853	$	(4,128	)


Notes to the Schedule of Investments:
EETC		Enhanced Equipment Trust Certificate.
I/O		Interest Only Security.
REIT		Real Estate Investment Trust.
REMICS		Real Estate Mortgage Investment Conduits.
SOFR		Secured Overnight Financing Rate.
EUR		Euro Currency.
(1)		For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.
(2)		Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(3)		Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2025, the value of these securities amounted to $2,908,143 or 11.3% of net assets. These securities are determined to be liquid by the Fund’s investment adviser, unless otherwise noted, under procedures established by and under the general supervision of the Trust’s Board of Trustees.
(4)		Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2025.
(5)		This security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(6)		Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At April 30, 2025, the value of these securities amounted to $5,495 or 0% of net assets.
(7)		Security is not accruing interest.
(8)		Rate disclosed is the 7-day net yield as of April 30, 2025.
(9)		Affiliated issuer.
(10)		Fund buys foreign currency, sells USD.
(11)		Fund sells foreign currency, buys USD.


Schedules of Investments (Unaudited)			1

TCW AAA CLO ETF			1

TCW Corporate Bond ETF			12

TCW Flexible Income ETF			24

TCW High Yield Bond ETF			73

TCW Multisector Credit Income ETF			88

TCW Senior Loan ETF			105

Statements of Assets and Liabilities (Unaudited)			129

Statements of Operations (Unaudited)			131

Statements of Changes in Net Assets (Unaudited)			133

Notes to Financial Statements (Unaudited)			136

Financial Highlights (Unaudited)			167

Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule			173


Name of Affiliated Fund	Value at October 31, 2024		Purchases at Cost		Proceeds from Sales		Number of Shares Held April 30, 2025		Value at April 30, 2025		Dividends and Interest Income Received		Distributions Received from Net Realized Gain		Net Realized Gain (Loss) on Investments		Net change in Unrealized Gain (Loss) on Investments
TCW Central Cash Fund	$	—	$	166,492,127	$	163,800,000		2,692,127	$	2,692,127	$	376,347	$	—	$	—	$	—
Total									$	2,692,127	$	376,347	$	—	$	—	$	—


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Asset-Backed Securities	$	—	$	259,322,692		$	—	$	259,322,692
Money Market Investments		4,848,812		—			—		4,848,812

Total Investments	$	4,848,812	$	259,322,692		$	—	$	264,171,504
Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(264,712	)	$	—	$	(264,712	)

Total	$	—	$	(264,712	)	$	—	$	(264,712	)


Name of Affiliated Fund	Value at October 31, 2024		Purchases at Cost		Proceeds from Sales		Number of Shares Held April 30, 2025		Value at April 30, 2025		Dividends and Interest Income Received		Distributions Received from Net Realized Gain		Net Realized Gain (Loss) on Investments		Net change in Unrealized Gain (Loss) on Investments
TCW Central Cash Fund	$	—	$	18,628,325	$	17,063,309		1,565,016	$	1,565,016	$	8,327	$	—	$	—	$	—
Total									$	1,565,016	$	8,327	$	—	$	—	$	—


Notes to the Schedule of Investments:
ABS		Asset-Backed Securities.
ACES		Alternative Credit Enhancement Securities.
CLO		Collateralized Loan Obligation.
EETC		Enhanced Equipment Trust Certificate.
I/F		Inverse Floating rate security whose interest rate moves in the opposite direction of prevailing interest rates.
I/O		Interest Only Security.
PAC		Planned Amortization Class.
REIT		Real Estate Investment Trust.
REMIC		Real Estate Mortgage Investment Conduits.
SOFR		Secured Overnight Financing Rate.


STRIPS		Separate Trading of Registered Interest and Principal Securities.
TBA		To Be Announced.
EUR		Euro Currency.
GBP		British Pound Sterling.
(1)		Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2025, the value of these securities amounted to $469,064,000 or 48.1% of net assets. These securities are determined to be liquid by the Fund’s investment adviser, unless otherwise noted, under procedures established by and under the general supervision of the Trust’s Board of Trustees.
(2)		Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2025.
(3)		Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At April 30, 2025, the value of these securities amounted to $23,559,288 or 2.4% of net assets.
(4)		Perpetual maturity.
(5)		This security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(6)		Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer — 5.00% cash or 10.00% PIK interest.
(7)		Security is not accruing interest.
(8)		Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(9)		This security is a residual or equity position that does not have a stated interest rate. This residual or equity position is entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debtholders and fund expenses.
(10)		For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.
(11)		Security purchased on a forward commitment with an approximate principal amount. The actual principal amount and maturity date will be determined upon settlement when the security is delivered.
(12)		A portion of the principal balance has been written-off during the period due to defaults in the underlying loans. Cost basis has been adjusted.
(13)		Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $25,030, at an interest rate of 8.55% and a maturity of December 22, 2031. The investment is accruing an unused commitment fee of 1.0% per annum.
(14)		Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $23,867, at an interest rate of 10.07% and a maturity of December 30, 2029. The investment is accruing an unused commitment fee of 5.70% per annum.
(15)		This position represents an unsettled bank loan at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.
(16)		Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $46,493, at an interest rate of 7.94% and a maturity of March 31, 2028. The investment is accruing an unused commitment fee of 3.5% per annum.
(17)		Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $118,225, at an interest rate of 11.43% and a maturity of June 9, 2028. The investment is accruing an unused commitment fee of 2.00% per annum.
(18)		Rate disclosed is the 7-day net yield as of April 30, 2025.
(19)		Affiliated issuer.
(20)		Non-income producing security.
(21)		Fund buys foreign currency, sells USD.
(22)		Fund sells foreign currency, buys USD.


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Corporate Bonds	$	—		$	24,498,822		$	—	$	24,498,822
Bank Loans		—			17,501,105			—		17,501,105
Foreign Government Bonds		—			5,369,030			—		5,369,030
Asset-Backed Securities		—			1,972,456			—		1,972,456

Total Fixed Income Securities		—			49,341,413			—		49,341,413
Money Market Investments		906,496			—			—		906,496
Convertible Corporate Bonds		—			85,064			—		85,064
Unfunded Commitments Depreciation		—			(295	)		—		(295	)

Total Investments	$	906,496		$	49,426,182		$	—	$	50,332,678
Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—		$	(39,450	)	$	—	$	(39,450	)
Futures Contracts
Interest Rate Risk		(12,652	)		—			—		(12,652	)

Total	$	(12,652	)	$	(39,450	)	$	—	$	(52,102	)


Futures Contracts

Number of Contracts	Type	Expiration Date	Notional		Market Value		Net Unrealized Appreciation (Depreciation)

Short Futures
3	Euro-Bobl Future	06/6/25	$	399,178	$	406,569	$	(7,391	)
1	Euro-Bund Future	06/6/25		145,819		149,287		(3,468	)
			$	544,997	$	555,856	$	(10,859	)


FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for USD		Contracts at Value		Unrealized Appreciation (Depreciation)

SELL (18)
Bank of America		EUR		252,000		07/11/25	$	273,858	$	286,668	$	(12,810	)

							$	273,858	$	286,668	$	(12,810	)


ETF Fund		Strategies

Non-Diversified Fund
TCW AAA CLO ETF		Seeks to provide capital preservation and current income by investing at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in collateralized loan obligations (“CLOs”) that are, at the time of purchase, rated AAA (or an equivalent rating) by at least one of the major rating agencies or, if unrated, determined by the Adviser to be of comparable quality. The Fund has no restrictions on investment maturity.

Diversified Fund
TCW Corporate Bond ETF		Seeks to maximize long-term total return, by investing at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in a diversified portfolio of corporate bonds of varying maturities issued by U.S. and foreign corporations, including those in developed market and emerging market countries. There is no limit on the weighted average maturity of the Fund’s portfolio, and the Fund’s average portfolio duration is expected, but not required, to vary from three to nine years.

TCW Flexible Income ETF		Seeks a high level of current income with a secondary objective of long-term capital appreciation by utilizing a flexible investment approach that allocates investments across a range of global investment opportunities related to credit, currencies and interest rates. The Fund will invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in fixed income securities and instruments that generate income. There is no limit on the weighted average maturity of the Fund’s portfolio, however, under normal circumstances, the Fund’s average portfolio duration is expected to vary from zero to eight years.

TCW High Yield Bond ETF		Seeks to maximize income and achieve above average total return consistent with reasonable risk over a full market cycle by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, in high yield/below investment grade bonds (commonly known


		as “junk bonds”). The Fund may invest up to 20% of its net assets in equity securities (including common stock and convertible and non-convertible preferred stocks).
TCW Multisector Credit Income ETF		Seeks long-term income by investing, under normal circumstances, at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in a multisector portfolio of fixed income securities and instruments. The Fund will generally allocate its assets among several fixed income sectors, including high yield securities; bank loans; and foreign securities, principally emerging market securities. The Fund is not required to gain exposure to any particular investment sector and sector exposures are expected to vary over time. The Fund does not have a duration target, however, under normal circumstances, the Fund’s average portfolio duration varies from zero to eight years.
TCW Senior Loan ETF		Seeks current income with a secondary objective of long-term capital appreciation, by investing at least 80% of the value its net assets, plus the amount of any borrowings for investment purposes, in senior secured floating rate investments and in investments that are the economic equivalent of senior secured floating rate loans. The Fund’s portfolio securities may have any duration or maturity.


	Ordinary Income*		Long-Term Capital Gain
TCW Flexible Income ETF	$	13,514,773	$	—
TCW High Yield Bond ETF		2,908,463		—


		No Expiration

	Short-Term Capital Losses		Long-Term Capital Losses		Total
TCW Flexible Income ETF	$	6,053,336	$	14,223,748	$	20,277,084
TCW High Yield Bond ETF		2,224,653		5,591,764		7,816,417


	Acquiring Fund	Predecessor Fund			Combined Funds

Paid-in Capital	$ —	$	7,478,980		$	7,478,980

Accumulated Net Investment Income	—		2,760			2,760

Accumulated Net Realized Gain	—		(1,874,257	)		(1,874,257	)

Net Unrealized Appreciation	—		(624,333	)		(624,333	)

Net Assets	—		4,983,150			4,983,150

Cost of Investments	—		5,789,364			5,789,364

Investment Securities at Value	—		5,165,031			5,165,031


	Purchases at Cost		Sales or Maturity Proceeds		U.S. Government Purchases at Cost		U.S. Government Sales or Maturity Proceeds
TCW AAA CLO ETF	$	319,120,158	$	58,931,480	$	—	$	—
TCW Corporate Bond ETF		18,461,886		1,116,193		26,237,500		24,976,510
TCW Flexible Income ETF		492,427,935		65,131,524		1,238,333,423		1,064,690,951
TCW High Yield Bond ETF		27,681,745		25,998,174		1,632,648		1,634,366
TCW Multisector Credit Income ETF		60,003,711		10,529,122		—		—
TCW Senior Loan ETF		349,716,583		337,507,528		19,735,882		18,159,537


	For the period November 15, 2024 (Commencement of Operations) through April 30, 2025 (Unaudited)
Net Asset Value per Share, Beginning of period	$	50.00

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		1.18
Net Realized and Unrealized Loss on Investments		(0.14)

Total from Investment Operations		1.04

Less Distributions:
Distributions from Net Investment Income		(0.94)

Total Distributions		(0.94)


Net Asset Value per Share, End of period	$	50.10

Market Value per Share, End of period		50.13


Total Return		2.10%⁽²⁾

Total Return Market Price		2.14%⁽²⁾

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	266,552

Ratio of Expenses to Average Net Assets		0.20%⁽³⁾

Ratio of Net Investment Income to Average Net Assets		5.32%⁽³⁾

Portfolio Turnover Rate		43%⁽²⁾


	For the period November 15, 2024 (Commencement of Operations) through April 30, 2025 (Unaudited)
Net Asset Value per Share, Beginning of period	$	50.00

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		1.56
Net Realized and Unrealized Loss on Investments		(0.93)


Total from Investment Operations		0.63

Less Distributions:
Distributions from Net Investment Income		(1.17)

Total Distributions		(1.17)

Net Asset Value per Share, End of period	$	49.46

Market Value per Share, End of period		49.43


Total Return		1.21%	⁽²⁾

Total Return Market Price		1.20%	⁽²⁾

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	49,456

Ratio of Expenses to Average Net Assets		0.56%	⁽³⁾

Ratio of Net Investment Income to Average Net Assets		6.98%	⁽³⁾

Portfolio Turnover Rate		23%	⁽²⁾


(a)(1)		Not required for this filing.

(a)(2)		Not applicable.

(a)(3)		EX-99.CERT – The certifications required by Rule 30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”) are filed herewith.

(a)(4)		Not applicable.

(a)(5)		Not applicable.

(b)		EX-99.906CERT – The certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act are filed herewith.

(101)		Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.


(Registrant)		TCW ETF Trust

By (Signature and Title)		/s/ Megan McClellan
		Megan McClellan
		President and Principal Executive Officer

Date		July 3, 2025


By (Signature and Title)		/s/ Richard M. Villa
		Richard M. Villa
		Treasurer, Principal Financial Officer, and Principal Accounting Officer

Date		July 3, 2025