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:  811-23746

DoubleLine ETF Trust

(Exact name of registrant as specified in charter)

 

2002 N. Tampa Street, Suite 200
Tampa, FL 33602
(Address of principal executive offices) (Zip code)
 
Ronald R. Redell, President
2002 N. Tampa Street, Suite 200
Tampa, FL 33602
(Name and Address of Agent for Service)
 
Registrant’s telephone number, including area code: (813) 791-7333
 
Date of fiscal year end: March 31
 
Date of reporting period: March 31, 2026
 
Item 1. Reports to Stockholders.
 
(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 (“1940 Act”).
 
0001886172falseN-CSRDoubleLine ETF TrustN-1A2026-03-310001886172dbl:C000257761Member2025-04-012026-03-3100018861722025-04-012026-03-310001886172dbl:C000257761Member2019-09-032019-09-030001886172dbl:BloombergUSAggregateBondIndex3061AdditionalIndexMember2019-09-032019-09-030001886172dbl:C000257761Member2019-09-042020-03-310001886172dbl:BloombergUSAggregateBondIndex3061AdditionalIndexMember2019-09-042020-03-310001886172dbl:C000257761Member2019-09-042021-03-310001886172dbl:BloombergUSAggregateBondIndex3061AdditionalIndexMember2019-09-042021-03-310001886172dbl:C000257761Member2019-09-042022-03-310001886172dbl:BloombergUSAggregateBondIndex3061AdditionalIndexMember2019-09-042022-03-310001886172dbl:C000257761Member2019-09-042023-03-310001886172dbl:BloombergUSAggregateBondIndex3061AdditionalIndexMember2019-09-042023-03-310001886172dbl:C000257761Member2019-09-042024-03-310001886172dbl:BloombergUSAggregateBondIndex3061AdditionalIndexMember2019-09-042024-03-310001886172dbl:C000257761Member2019-09-042025-03-310001886172dbl:BloombergUSAggregateBondIndex3061AdditionalIndexMember2019-09-042025-03-310001886172dbl:C000257761Member2019-09-042026-03-310001886172dbl:BloombergUSAggregateBondIndex3061AdditionalIndexMember2019-09-042026-03-310001886172dbl:C000257761Memberoef:WithoutSalesLoadMember2025-04-012026-03-310001886172dbl:C000257761Memberoef:WithoutSalesLoadMember2021-04-012026-03-310001886172dbl:C000257761Memberoef:WithoutSalesLoadMember2019-09-032026-03-310001886172dbl:BloombergUSAggregateBondIndex3061AdditionalIndexMember2025-04-012026-03-310001886172dbl:BloombergUSAggregateBondIndex3061AdditionalIndexMember2021-04-012026-03-310001886172dbl:BloombergUSAggregateBondIndex3061AdditionalIndexMember2019-09-032026-03-310001886172dbl:C000257761Member2026-03-310001886172dbl:C000257761Memberdbl:NonMinusAgencyResidentialCollateralizedMortgageObligationsSectorMember2026-03-310001886172dbl:C000257761Memberdbl:USGovernmentandAgencyMortgageMinusBackedObligationsSectorMember2026-03-310001886172dbl:C000257761Memberdbl:CollateralizedLoanObligationsSectorMember2026-03-310001886172dbl:C000257761Memberdbl:NonMinusAgencyCommercialMortgageMinusBackedObligationsSectorMember2026-03-310001886172dbl:C000257761Memberdbl:AssetMinusBackedObligationsSectorMember2026-03-310001886172dbl:C000257761Memberdbl:MoneyMarketFundsSectorMember2026-03-310001886172dbl:C000257761Memberdbl:OtherSecCTIMember2026-03-310001886172dbl:C000257761Memberdbl:GovernmentCTIMember2026-03-310001886172dbl:C000257761Memberdbl:AgencyCTIMember2026-03-310001886172dbl:C000257761Memberdbl:AAACTIMember2026-03-310001886172dbl:C000257761Memberdbl:AACTIMember2026-03-310001886172dbl:C000257761Memberdbl:ACTIMember2026-03-310001886172dbl:C000257761Memberdbl:BBBCTIMember2026-03-310001886172dbl:C000257761Memberdbl:BBCTIMember2026-03-310001886172dbl:C000257761Memberdbl:BCTIMember2026-03-310001886172dbl:C000257761Memberdbl:NotRatedCTIMember2026-03-310001886172dbl:C000257761Memberdbl:OtherCTIMember2026-03-310001886172dbl:C000257761Memberdbl:FHLMCUMBS0801205555CTIMember2026-03-310001886172dbl:C000257761Memberdbl:FNMAREMICS1025205245318996FBCTIMember2026-03-310001886172dbl:C000257761Memberdbl:FHLMCUMBS0901205555CTIMember2026-03-310001886172dbl:C000257761Memberdbl:FHLMCUMBS0701205555CTIMember2026-03-310001886172dbl:C000257761Memberdbl:VerusSecuritizationTrust1125207052700004A3CTIMember2026-03-310001886172dbl:C000257761Memberdbl:COLTMortgageLoanTrust0325207154230004M1CTIMember2026-03-310001886172dbl:C000257761Memberdbl:AspireMortgageTrust0125206654039996M1CTIMember2026-03-310001886172dbl:C000257761Memberdbl:OBXTrust0125206355580004M1CTIMember2026-03-310001886172dbl:C000257761Memberdbl:DeephavenResidentialMortgageTrust1225207057729996M1CTIMember2026-03-310001886172dbl:C000257761Memberdbl:SantanderMortgageAssetReceivableTrust1125206557999996M1CTIMember2026-03-31iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pureutr:Ddbl:Holding

Annual Shareholder Report 

DoubleLine Securitized Credit ETF 

 NYSE Arca: DSCO   (Inception Date: September 3, 2019)

March 31, 2026 

Image

This annual shareholder report contains important information about the DoubleLine Securitized Credit ETF for the period of 4/1/2025 to 3/31/2026. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

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

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

(based on a hypothetical $10,000 investment) 

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
DSCO
$74
0.72%

How did the Fund perform last year?

For the 12-month period ended March 31, 2026, the DoubleLine Securitized Credit ETF outperformed the benchmark Bloomberg US Aggregate Bond Index return of 4.35% on a net asset value basis.

How did the Fund perform since inception? 

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. ETF expenses, management fees and other expenses were deducted.

Costs of a $10,000 Investment

Growth of 10K Chart
Table Summary
DoubleLine Securitized Credit ETF (DSCO)
Bloomberg US Aggregate Bond Index
9/3/2019
$10,000
$10,000
3/31/2020
$8,265
$10,260
3/31/2021
$9,893
$10,333
3/31/2022
$9,654
$9,904
3/31/2023
$8,872
$9,430
3/31/2024
$9,908
$9,590
3/31/2025
$10,775
$10,058
3/31/2026
$11,353
$10,495

What factors influenced performance? 

All sectors within the Fund generated positive performance. The biggest contributor to Fund performance was non-Agency residential mortgage-backed securities, supported by a favorable supply-demand dynamic.

Positioning

The duration of the Fund increased while the yield to maturity decreased primarily in response to market conditions, rather than positioning by the investment team. The target allocations to non-Agency residential mortgage-backed securities and asset-backed securities increased. The target allocations to Agency mortgage-backed securities and collateralized loan obligations decreased.

Top Contributors

  • Thin up arrow

    Non-Agency Residential Mortgage-Backed Securities

  • Thin up arrow

    Commercial Mortgage-Backed Securities

Top Detractors

  • Thin down arrow

    All holdings within the Fund contributed to performance.

Annual Performance (%)Footnote Reference1

Table Summary
1 Year
5 years
Since Inception September 3, 2019
Total Return based on NAV
5.37%
2.79%
1.95%
Bloomberg US Aggregate Bond Index
4.35%
0.31%
0.74%
FootnoteDescription
Footnote1
DoubleLine Securitized Credit Fund, a series of DoubleLine Funds Trust (the "Predecessor Fund"), reorganized into the Fund on January 30, 2026, following shareholder approval (the "Reorganization"). The Predecessor Fund commenced operations on September 3, 2019. The Fund commenced operations as an ETF as of January 30, 2026 and, as result of the Reorganization, adopted the performance history of Class I Shares of the Predecessor Fund.

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

Key Fund Statistics

  • Net Assets$176,493,054
  • Number of Portfolio Holdings285
  • Portfolio Turnover Rate57%
  • Net Investment Advisory Fees$490,901

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

Table Summary
Non-Agency Residential Collateralized Mortgage Obligations
33.1
U.S. Government and Agency Mortgage-Backed Obligations
19.7
Collateralized Loan Obligations
16.8
Non-Agency Commercial Mortgage-Backed Obligations
14.2
Asset-Backed Obligations
10.9
Short-Term Investments
5.7
Other
-0.4

Credit Quality Breakdown (% of Net Assets)

Table Summary
Government
8.6
Agency
11.1
AAA
17.4
AA
4.7
A
12.4
BBB
31.1
BB
5.4
B
1.4
Not Rated
2.5
Other
5.4
Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody’s Ratings, if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

Top Holdings (% of Net Assets)

Table Summary
FHLMC UMBS, Pool SL2456, 5.50%, 08/01/2055
1.8
FNMA REMICS, Series 2022-68-FB (SOFR 30 Day Average + 0.87%, 6.00% Cap), 4.53%, 10/25/2052
1.6
FHLMC UMBS, Pool SL3050, 5.50%, 09/01/2055
1.6
FHLMC UMBS, Pool SL2062, 5.50%, 07/01/2055
1.1
Verus Securitization Trust, Series 2025-11-A3, 5.27%, 11/25/2070
1.1
COLT Mortgage Loan Trust, Series 2026-2-M1, 5.42%, 03/25/2071
1.0
Aspire Mortgage Trust, Series 2026-1-M1, 5.40%, 01/25/2066
1.0
OBX Trust, Series 2026-R1-M1, 5.56%, 01/25/2063
1.0
Deephaven Residential Mortgage Trust, Series 2026-INV1-M1, 5.77%, 12/25/2070
1.0
Santander Mortgage Asset Receivable Trust, Series 2026-NQM1-M1, 5.80%, 11/25/2065
1.0

How has the Fund changed? 

DoubleLine Securitized Credit Fund, a series of DoubleLine Funds Trust was reorganized into the Fund on January 30, 2026 following shareholder approval. The Fund commenced operations as an ETF as of that date and, as result of the Reorganization, adopted the performance and financial history of Class I Shares of the Predecessor Fund, which had a different independent registered public accounting firm. For periods prior to March 31, 2025, the financial information was audited by the Predecessor's independent registered public accounting firm.

An image of a QR code that, when scanned, navigates the user to the following URL: http://www.doubleline.com/fund-documents/

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

Image

Householding

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

DoubleLine® is a registered trademark of DoubleLine Capital LP

©2026 DoubleLine Capital LP

 

DSCO326

(b)           Not applicable.
 
Item 2. Code of Ethics.
 
As of the end of the period, March 31, 2026, the Registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third-party (the “Code of Ethics”). During the period covered by this report, no substantive amendments were made to the Code of Ethics.  During the period covered by this report, there have been no waivers granted under the Code of Ethics.
 
Item 3. Audit Committee Financial Expert.
 
The Registrant’s Board of Trustees has determined that the Registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR), serving on its audit committee. John C. Salter is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).
 
Item 4. Principal Accountant Fees and Services.
 
The information in the table below is for services rendered to the Registrant by PricewaterhouseCoopers LLP (“PwC”) for the fiscal years ended March 31, 2025 and March 31, 2026, respectively.
 
 
2025
2026
Audit Fees(a)
$36,235
$0
Audit Related Fees(b)
0
0
Tax Fees(c)
$13,396
$0
All Other Fees(d)
  0
0
Total:
$49,631
$0
 
 
 
The information in the table below is for services rendered to the Registrant by Deloitte &
Touche LLP (“Deloitte”) for the fiscal years ended March 31, 2025 and March 31, 2026, respectively.
 
 
2025
2026
Audit Fees(a)
$
$47,000
Audit Related Fees(b)
0
 0
Tax Fees(c)
$0
$11,355
All Other Fees(d)
  0
0
Total:
$0
$58,355
 
(a)          Audit Fees: These fees relate to professional services rendered by PwC and Deloitte for the audit of the Registrant’s annual financial statement or services normally provided by the independent registered public accounting firm in connection with statutory and regulatory filing or engagements. These services include the audits of the financial statements of the Registrant and issuance of consents.
 
(b)           Audit Related Fees: These fees relate to assurance and related services by PwC and Deloitte related to audit services in connection with the March 31, 2025 and March 31, 2026 annual financial statement.
 
(c)           Tax Fees: These fees relate to professional services rendered by PwC and Deloitte for tax compliance, tax advice and tax planning.      
 
(d)           All Other Fees: These fees relate to products and services provided by PwC and Deloitte other than those reported under “Audit Fees,” “Audit-Related Fees,” and “Tax Fees” above.
 
(e)(1)      Per Rule 2-01(c)(7)(A) and the charter of the Registrant’s Audit Committee, the Audit Committee approves and recommends the principal accountant for the Registrant, pre-approves (i) the principal accountant’s provision of all audit and permissible non-audit services to the Registrant (including the fees and other compensation to be paid to the principal accountant), and (ii) the principal accountant’s provision of any permissible non-audit services to the Registrant’s investment adviser (the “Adviser”), sub-adviser or any entity controlling, controlled by, or under common control with any investment adviser or sub-adviser, if the engagement relates directly to the operations of the financial reporting of the Trust.
 
(e)(2)      None of the services described in each of Items 4(b) through (d) were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
 
(f)             Not Applicable.
 
(g)           The aggregate fees billed by PwC for non-audit services rendered to the Registrant and service affiliates for the fiscal-years ended March 31, 2025, and March 31, 2026, were $13,396 and $0, respectively.
 
The aggregate fees billed by Deloitte for non-audit services rendered to the Registrant and service affiliates for the fiscal-years ended March 31, 2025, and March 31, 2026, were $0 and $11,355, respectively.  
 
(h)           Not applicable.                  
 
(i)            Not applicable.
 
(j)            Not applicable. 
 
Item 5. Audit Committee of Listed Registrants.
(a)           The Registrant is an issuer as defined in Section 10A-3 of the Securities Exchange Act of 1934 and has a separately-designated standing Audit Committee in accordance with Section 3(a)(58)(A) of such Act.  All of the Board’s independent Trustees, William A. Odell, Yury Friedman, Joseph A. Ciprari and John C. Salter, are members of the Audit Committee.
(b)           Not Applicable.
 
 
 
Item 6. Investments
 
(a)           The Registrant’s Schedule of Investments is included as part of the Financial Statements filed under Item 7(a) of this Form.
 
(b)           Not applicable.
 
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
 
(a)           Copy of the most recent financial statements:
 
(b)           Included as part of the financial statements filed under Item 7(a) of this Form.
 
Annual
Financial
Statements
and
Other
Information
March
31,
2026
DoubleLine
Securitized
Credit
ETF*
NYSE
ARCA:
DSCO
*
DoubleLine
Securitized
Credit
Fund
(formerly
known
as
DoubleLine
Income
Fund)
reorganized
with
and
into
DoubleLine
Securitized
Credit
ETF
on
January
30,
2026
DoubleLine
|
|
2002
North
Tampa
Street,
Suite
200
|
|
Tampa,
FL
33602
|
|
(813)
791-7333
ETFinfo@doubleline.com
|
|
www.doubleline.com
Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
3
Table
of
Contents
Page
Schedule
of
Investments
4
Statement
of
Assets
and
Liabilities
11
Statement
of
Operations
12
Statements
of
Changes
in
Net
Assets
13
Financial
Highlights
14
Notes
to
Financial
Statements
15
Report
of
Independent
Registered
Public
Accounting
Firm
29
Federal
Tax
Information
30
Privacy
Policy
31
Form
N-CSR
–
Items
8-11
37
Schedule
of
Investments
DoubleLine
Securitized
Credit
ETF
March
31,
2026
4
DoubleLine
ETF
Trust
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
P
RINCIPAL
A
MOUNT
$/S
HARES
S
ECURITY
D
ESCRIPTION
R
ATE
M
ATURITY
V
ALUE
$
ASSET-BACKED
OBLIGATIONS
10.9%
AASET
,
459,564
Series
2025-1A-B
6.58%
(a)
02/16/2050
460,245
Aaset
Ltd.
,
268,240
Series
2024-2A-B
6.61%
(a)
09/16/2049
268,357
Aaset
Trust
,
402,126
Series
2024-1A-B
6.90%
(a)
05/16/2049
404,895
Affirm
Asset
Securitization
Trust
,
565,324
Series
2025-X2-A
4.45%
(a)
10/15/2030
565,804
ALTDE
Trust
,
925,681
Series
2025-1A-B
6.53%
(a)
08/15/2050
924,323
AmeriCredit
Automobile
Receivables
Trust
,
950,000
Series
2026-1-A2
4.03%
(a)
04/18/2029
949,714
Avant
Credit
Card
Master
Trust
,
650,000
Series
2025-1A-D
5.72%
(a)
04/15/2031
640,570
Castlelake
Aircraft
Structured
Trust
,
700,000
Series
2026-1A-B
5.76%
(a)
03/15/2051
690,145
Compass
Datacenters
Issuer
II
LLC
,
500,000
Series
2024-1A-B
7.00%
(a)
02/25/2049
506,088
DataBank
Issuer
II
LLC
,
1,000,000
Series
2025-1A-B
5.67%
(a)
09/27/2055
963,701
Hardee's
Funding
LLC
,
490,000
Series
2024-1A-A2
7.25%
(a)
03/20/2054
500,954
Hotwire
Funding
LLC
,
1,000,000
Series
2021-1-B
2.66%
(a)
11/20/2051
984,854
Lunar
Structured
Aircraft
Portfolio
Notes
,
365,675
Series
2021-1-C
5.68%
(a)
10/15/2046
361,814
MAST
Ltd.
,
695,833
Series
2026-1A-A
5.13%
(a)
02/15/2051
681,169
MetroNet
Infrastructure
Issuer
LLC
,
750,000
Series
2026-1A-A2
5.27%
(a)
04/20/2056
754,307
Navigator
Aviation
Ltd.
,
976,046
Series
2025-1-B
5.89%
(a)
10/15/2050
955,374
NBC
Funding
LLC
,
500,000
Series
2025-1A-A2
6.21%
(a)
07/30/2055
498,588
Phantom
Aviation
,
498,171
Series
2026-1A-B
6.03%
(a)
01/15/2051
502,768
Progress
Residential
Trust
,
1,200,000
Series
2024-SFR2-D
3.40%
(a)(b)
04/17/2041
1,134,886
QTS
Issuer
ABS
II
LLC
,
1,000,000
Series
2025-1A-B
5.78%
(a)
10/05/2055
969,803
Retained
Vantage
Data
Centers
Issuer
LLC
,
500,000
Series
2023-1A-B
5.75%
(a)
09/15/2048
493,998
SEB
Funding
LLC
,
250,000
Series
2026-1A-A2
6.67%
(a)
01/30/2056
248,622
SSI
ABS
Issuer
LLC
,
242,642
Series
2025-1-A
6.15%
(a)
07/25/2065
241,061
Sunnova
Helios
II
Issuer
LLC
,
511,244
Series
2019-AA-B
4.49%
(a)
06/20/2046
455,754
Switch
ABS
Issuer
LLC
,
500,000
Series
2024-1A-B
6.50%
(a)
03/25/2054
500,590
750,000
Series
2024-2A-C
10.03%
(a)
06/25/2054
765,522
Uniti
Fiber
Abs
Issuer
LLC
,
500,000
Series
2025-1A-B
6.37%
(a)
04/20/2055
508,849
Upstart
Securitization
Trust
,
478,634
Series
2022-4-B
8.68%
(a)
08/20/2032
482,032
500,000
Series
2025-2-C
6.02%
(a)
06/20/2035
505,078
1,150,000
Series
2025-3-C
5.43%
(a)
09/20/2035
1,145,416
Willis
Engine
Structured
Trust
V
,
186,488
Series
2020-A-C
6.66%
(a)
03/15/2045
184,704
Total
Asset-Backed
Obligations
(Cost
$19,175,484)
19,249,985
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
COLLATERALIZED
LOAN
OBLIGATIONS
16.8%
Acore
Issuer
LLC
,
460,000
Series
2026-FL1-A
(CME
Term
SOFR
1
Month
+
1.45%)
5.13%
(a)
08/20/2043
460,573
ACRES
LLC
,
370,000
Series
2025-FL3-A
(CME
Term
SOFR
1
Month
+
1.62%)
5.30%
(a)
08/18/2040
370,940
Anthelion
CLO
Ltd.
,
500,000
Series
2025-1A-A1
(CME
Term
SOFR
3
Month
+
1.50%)
5.17%
(a)
07/20/2036
500,477
Apidos
Loan
Fund
Ltd.
,
500,000
Series
2024-1A-D1R
(CME
Term
SOFR
3
Month
+
2.70%)
6.37%
(a)
10/25/2038
496,537
Arbor
Realty
Collateralized
Loan
Obligation
Ltd.
,
450,000
Series
2025-BTR1-A
(CME
Term
SOFR
1
Month
+
1.93%)
5.60%
(a)
01/20/2041
450,750
Arbor
Realty
Commercial
Real
Estate
Notes
LLC
,
387,000
Series
2026-FL1-A
(CME
Term
SOFR
1
Month
+
1.50%)
5.17%
(a)
09/20/2043
387,483
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.
,
116,022
Series
2022-FL1-A
(SOFR
30
Day
Average
+
1.45%,
1.45%
Floor)
5.12%
(a)
01/15/2037
116,169
AREIT
Ltd.
,
74,148
Series
2023-CRE8-A
(CME
Term
SOFR
1
Month
+
2.11%)
5.79%
(a)
08/17/2041
74,241
Bain
Capital
Credit
CLO
Ltd.
,
500,000
Series
2021-1A-AR
(CME
Term
SOFR
3
Month
+
0.94%)
4.61%
(a)
04/18/2034
499,341
1,000,000
Series
2025-3A-D1
(CME
Term
SOFR
3
Month
+
2.85%)
6.52%
(a)
07/23/2038
991,325
BDS
LLC
,
530,000
Series
2025-FL16-C
(CME
Term
SOFR
1
Month
+
2.10%)
5.78%
(a)
06/19/2043
529,210
Benefit
Street
Partners
CLO
41
Ltd.
,
1,000,000
Series
2025-41A-A
(CME
Term
SOFR
3
Month
+
1.30%)
4.97%
(a)
07/25/2038
1,000,513
BSPRT
Issuer
LLC
,
480,000
Series
2026-FL13-A
(CME
Term
SOFR
1
Month
+
1.50%)
0.00%
(a)
10/18/2043
481,200
BSPRT
Issuer
Ltd.
,
429,096
Series
2023-FL10-A
(CME
Term
SOFR
1
Month
+
2.26%,
2.26%
Floor)
5.93%
(a)
09/15/2035
430,189
250,000
Series
2023-FL10-B
(CME
Term
SOFR
1
Month
+
3.27%,
3.27%
Floor)
6.94%
(a)
09/15/2035
250,794
Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
5
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Canyon
Capital
CLO
Ltd.
,
500,000
Series
2021-1A-E
(CME
Term
SOFR
3
Month
+
6.67%)
10.34%
(a)
04/15/2034
432,935
Canyon
CLO
Ltd.
,
500,000
Series
2021-3A-ER
(CME
Term
SOFR
3
Month
+
6.00%)
9.67%
(a)
07/15/2034
448,410
Carlyle
US
CLO
Ltd.
,
500,000
Series
2018-4A-D1R
(CME
Term
SOFR
3
Month
+
3.10%)
6.77%
(a)
10/17/2037
500,289
500,000
Series
2024-2A-D
(CME
Term
SOFR
3
Month
+
3.85%)
7.52%
(a)
04/25/2037
500,283
500,000
Series
2026-1A-D1
(CME
Term
SOFR
3
Month
+
2.60%)
0.00%
(a)
04/25/2039
496,752
CarVal
CLO
IX-C
Ltd.
,
500,000
Series
2024-1A-B
(CME
Term
SOFR
3
Month
+
2.10%)
5.77%
(a)
04/20/2037
499,379
1,000,000
Series
2024-1A-D
(CME
Term
SOFR
3
Month
+
3.90%)
7.57%
(a)
04/20/2037
1,002,561
Clover
CLO
LLC
,
500,000
Series
2018-1A-A1RR
(CME
Term
SOFR
3
Month
+
1.53%)
5.20%
(a)
04/20/2037
500,382
Elmwood
CLO
28
Ltd.
,
500,000
Series
2024-4A-E
(CME
Term
SOFR
3
Month
+
6.00%)
9.67%
(a)
04/17/2037
479,772
Empower
CLO
Ltd.
,
500,000
Series
2024-1A-D1
(CME
Term
SOFR
3
Month
+
3.75%)
7.42%
(a)
04/25/2037
500,040
FS
Rialto
,
78,902
Series
2021-FL2-A
(CME
Term
SOFR
1
Month
+
1.33%,
1.33%
Floor)
5.01%
(a)
05/16/2038
78,997
270,000
Series
2021-FL2-B
(CME
Term
SOFR
1
Month
+
2.01%)
5.69%
(a)
05/16/2038
270,667
194,725
Series
2021-FL3-A
(CME
Term
SOFR
1
Month
+
1.36%,
1.36%
Floor)
5.04%
(a)
11/16/2036
195,140
388,000
Series
2021-FL3-AS
(CME
Term
SOFR
1
Month
+
1.66%)
5.34%
(a)
11/16/2036
388,571
FS
Rialto
Issuer
LLC
,
360,000
Series
2026-FL11-C
(CME
Term
SOFR
1
Month
+
2.05%)
5.73%
(a)
01/19/2044
361,117
GoldenTree
Loan
Management
US
CLO
14
Ltd.
,
1,000,000
Series
2022-14A-DR
(CME
Term
SOFR
3
Month
+
3.00%)
6.67%
(a)
07/20/2037
1,001,230
GoldenTree
Loan
Management
US
CLO
22
Ltd.
,
500,000
Series
2024-22A-D
(CME
Term
SOFR
3
Month
+
2.85%)
6.52%
(a)
10/20/2037
496,121
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
GPMT
Ltd.
,
165,337
Series
2021-FL3-AS
(CME
Term
SOFR
1
Month
+
1.96%)
5.64%
(a)
07/16/2035
165,625
470,372
Series
2021-FL4-A
(CME
Term
SOFR
1
Month
+
1.46%,
1.35%
Floor)
5.14%
(a)
12/15/2036
471,844
300,000
Series
2021-FL4-B
(CME
Term
SOFR
1
Month
+
2.06%)
5.74%
(a)
12/15/2036
299,074
GS
REFT
Issuer
Ltd.
,
387,000
Series
2026-FL1-A
(CME
Term
SOFR
1
Month
+
1.50%)
5.17%
(a)
04/19/2043
387,968
Harvest
US
CLO
Ltd.
,
500,000
Series
2024-1A-D
(CME
Term
SOFR
3
Month
+
4.50%)
8.17%
(a)
04/18/2037
499,542
Juniper
Valley
Park
CLO
Ltd.
,
1,000,000
Series
2023-1A-ARR
(CME
Term
SOFR
3
Month
+
1.08%)
4.75%
(a)
07/20/2036
999,037
Katayma
CLO
II
Ltd.
,
500,000
Series
2024-2A-A1
(CME
Term
SOFR
3
Month
+
1.65%)
5.32%
(a)
04/20/2037
500,494
500,000
Series
2024-2A-D
(CME
Term
SOFR
3
Month
+
4.50%)
8.17%
(a)
04/20/2037
499,057
KREF
Ltd.
,
150,616
Series
2021-FL2-A
(CME
Term
SOFR
1
Month
+
1.18%,
1.07%
Floor)
4.86%
(a)
02/15/2039
150,972
500,000
Series
2021-FL2-AS
(CME
Term
SOFR
1
Month
+
1.41%,
1.30%
Floor)
5.09%
(a)
02/15/2039
500,874
LMNT
CRE
LLC
,
490,000
Series
2025-FL3-C
(CME
Term
SOFR
1
Month
+
2.75%)
6.42%
(a)
07/21/2043
496,035
LoanCore
Issuer
Ltd.
,
76,819
Series
2021-CRE5-AS
(CME
Term
SOFR
1
Month
+
1.86%,
1.86%
Floor)
5.54%
(a)
07/15/2036
77,209
14,106
Series
2021-CRE6-A
(CME
Term
SOFR
1
Month
+
1.41%,
1.30%
Floor)
5.09%
(a)
11/15/2038
14,142
MF1
LLC
,
181,509
Series
2022-FL9-A
(CME
Term
SOFR
1
Month
+
2.15%)
5.83%
(a)
06/19/2037
181,793
300,000
Series
2024-FL14-A
(CME
Term
SOFR
1
Month
+
1.74%)
5.41%
(a)
03/19/2039
300,633
250,000
Series
2024-FL15-B
(CME
Term
SOFR
1
Month
+
2.49%)
6.17%
(a)
08/18/2041
250,823
420,000
Series
2025-FL17-E
(CME
Term
SOFR
1
Month
+
3.49%)
7.17%
(a)
02/18/2040
421,790
6
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Securitized
Credit
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
March
31,
2026
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
530,000
Series
2026-FL21-C
(CME
Term
SOFR
1
Month
+
1.95%)
5.63%
(a)
02/18/2041
531,949
MF1
Ltd.
,
310,000
Series
2021-FL7-C
(CME
Term
SOFR
1
Month
+
2.16%)
5.84%
(a)
10/16/2036
310,174
MF1
Multifamily
Housing
Mortgage
Loan
Trust
,
250,000
Series
2021-FL7-B
(CME
Term
SOFR
1
Month
+
1.86%,
1.75%
Floor)
5.54%
(a)
10/16/2036
250,319
OCP
CLO
Ltd.
,
500,000
Series
2024-31A-D1AR
(CME
Term
SOFR
3
Month
+
2.50%)
6.17%
(a)
04/20/2039
494,126
Octagon
53
Ltd.
,
500,000
Series
2021-1A-E
(CME
Term
SOFR
3
Month
+
6.76%)
10.43%
(a)
04/15/2034
393,435
Octagon
73
Ltd.
,
500,000
Series
2025-4A-D
(CME
Term
SOFR
3
Month
+
2.80%)
6.65%
(a)
10/20/2038
497,422
Rockford
Tower
CLO
Ltd.
,
1,000,000
Series
2024-1A-A1
(CME
Term
SOFR
3
Month
+
1.61%)
5.28%
(a)
04/20/2037
1,000,825
Rockland
Park
CLO
Ltd.
,
500,000
Series
2021-1A-A1R
(CME
Term
SOFR
3
Month
+
1.30%)
4.97%
(a)
07/20/2038
500,517
RR
2
Ltd.
,
1,000,000
Series
2017-2A-DR
(CME
Term
SOFR
3
Month
+
6.06%)
9.73%
(a)
04/15/2036
902,195
Sound
Point
CLO
XXIV
,
500,000
Series
2019-3A-DR
(CME
Term
SOFR
3
Month
+
3.76%)
7.43%
(a)
10/25/2034
451,476
Sound
Point
CLO
XXVI
Ltd.
,
1,000,000
Series
2020-1A-ER
(CME
Term
SOFR
3
Month
+
7.12%)
10.79%
(a)
07/20/2034
838,941
Sound
Point
CLO
XXXI
Ltd.
,
500,000
Series
2021-3A-D
(CME
Term
SOFR
3
Month
+
3.51%,
3.25%
Floor)
7.18%
(a)
10/25/2034
471,772
STWD
Ltd.
,
25,917
Series
2021-FL2-A
(CME
Term
SOFR
1
Month
+
1.31%,
1.20%
Floor)
4.99%
(a)
04/18/2038
25,923
39,134
Series
2022-FL3-A
(SOFR
30
Day
Average
+
1.35%,
1.35%
Floor)
5.02%
(a)
11/15/2038
39,181
370,000
Series
2022-FL3-AS
(SOFR
30
Day
Average
+
1.80%)
5.47%
(a)
11/15/2038
370,460
400,000
Series
2022-FL3-B
(SOFR
30
Day
Average
+
1.95%)
5.62%
(a)
11/15/2038
400,998
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
TRTX
Issuer
Ltd.
,
250,000
Series
2022-FL5-AS
(CME
Term
SOFR
1
Month
+
2.15%,
2.15%
Floor)
5.83%
(a)
02/15/2039
250,311
450,000
Series
2022-FL5-B
(CME
Term
SOFR
1
Month
+
2.45%)
6.13%
(a)
02/15/2039
450,832
Total
Collateralized
Loan
Obligations
(Cost
$30,075,113)
29,590,156
NON-AGENCY
COMMERCIAL
MORTGAGE-BACKED
OBLIGATIONS
14.2%
ARDN
Mortgage
Trust
,
270,000
Series
2025-ARCP-A
(CME
Term
SOFR
1
Month
+
1.75%)
5.42%
(a)
06/15/2035
269,369
BAMLL
Commercial
Mortgage
Securities
Trust
,
500,000
Series
2015-HAUL-B
4.31%
(a)
07/07/2043
488,514
BANK
,
339,155
Series
2019-BN19-A2
2.93%
08/15/2061
324,699
350,000
Series
2021-BN34-ASB
2.19%
06/15/2063
331,254
BANK5
,
500,000
Series
2024-5YR11-A3
5.89%
11/15/2057
519,426
350,000
Series
2024-5YR9-C
6.42%
(b)
08/15/2057
356,822
190,000
Series
2025-5YR15-D
4.00%
(a)
07/15/2058
167,388
392,000
Series
2025-5YR16-AS
5.75%
(b)
08/15/2063
401,943
500,000
Series
2025-5YR17-AS
5.63%
(b)
11/15/2058
510,747
160,000
Series
2026-5YR20-A3
5.10%
02/15/2059
162,461
4,727,916
Series
2026-5YR20-XA
1.31%
(b)(c)
02/15/2059
262,923
10,931,000
Series
2026-5YR21-XA
1.00%
(b)(c)
04/15/2059
384,042
BBCMS
Mortgage
Trust
,
387,000
Series
2024-5C25-AS
6.36%
(b)
03/15/2057
401,606
11,248,519
Series
2024-5C27-XA
0.81%
(a)
(b)(c)
07/15/2057
254,412
500,000
Series
2025-5C37-AS
5.38%
(b)
09/15/2058
506,870
450,000
Series
2025-5C38-B
5.72%
(b)
11/15/2058
457,590
3,580,000
Series
2025-5C38-XA
1.46%
(b)(c)
11/15/2058
211,769
3,179,000
Series
2025-C32-XD
2.31%
(a)
(b)(c)
02/15/2062
509,610
326,000
Series
2026-5C40-B
5.78%
(b)
02/15/2059
330,930
5,903,661
Series
2026-5C40-XA
1.23%
(b)(c)
02/15/2059
311,619
Benchmark
Mortgage
Trust
,
375,000
Series
2019-B13-A3
2.70%
08/15/2057
353,181
5,598,906
Series
2020-B22-XA
1.49%
(b)(c)
01/15/2054
316,654
100,000
Series
2024-V6-AS
6.38%
03/15/2057
103,497
350,000
Series
2024-V9-A3
5.60%
08/15/2057
359,287
140,000
Series
2025-V16-AS
5.86%
(b)
08/15/2058
144,904
3,940,000
Series
2025-V17-XA
1.51%
(b)(c)
09/15/2058
231,450
287,000
Series
2025-V18-AS
5.59%
10/15/2058
291,820
363,000
Series
2026-V21-A3
5.13%
03/15/2031
367,483
4,526,000
Series
2026-V21-XA
1.65%
(b)(c)
11/15/2030
286,587
BMO
Mortgage
Trust
,
250,000
Series
2024-5C6-A3
5.32%
09/15/2057
254,595
390,000
Series
2025-5C10-AS
5.95%
(b)
05/15/2058
403,660
250,000
Series
2025-5C11-D
4.50%
(a)
07/15/2058
220,468
7,580,548
Series
2025-5C11-XA
1.11%
(b)(c)
07/15/2058
325,641
500,000
Series
2025-5C12-AS
5.56%
10/15/2058
511,057
BPR
Commercial
Mortgage
Trust
,
200,000
Series
2025-STAR-A
4.62%
(a)(b)
11/05/2042
198,566
BSTN
Commercial
Mortgage
Trust
,
200,000
Series
2025-HUB-A
4.57%
(a)(b)
04/13/2041
199,974
Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
7
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
BX
Commercial
Mortgage
Trust
,
216,645
Series
2021-ACNT-B
(CME
Term
SOFR
1
Month
+
1.36%)
5.04%
(a)
11/15/2038
216,559
265,636
Series
2024-MF-C
(CME
Term
SOFR
1
Month
+
1.94%)
5.61%
(a)
02/15/2039
266,001
290,000
Series
2026-ALOHA-D
(CME
Term
SOFR
1
Month
+
2.15%)
0.00%
(a)
04/15/2043
290,725
270,000
Series
2026-CSMO-C
(CME
Term
SOFR
1
Month
+
2.00%)
5.67%
(a)
02/15/2043
270,818
370,000
Series
2026-XL6-C
(CME
Term
SOFR
1
Month
+
1.60%)
5.27%
(a)
03/15/2043
367,472
BX
Trust
,
188,093
Series
2025-ARIA-C
5.52%
(a)(b)
12/13/2042
187,731
270,000
Series
2026-CART-C
(CME
Term
SOFR
1
Month
+
1.55%)
5.22%
(a)
02/15/2036
268,197
BXP
Trust
,
200,000
Series
2017-GM-C
3.42%
(a)(b)
06/13/2039
195,295
Citigroup
Commercial
Mortgage
Trust
,
270,000
Series
2023-SMRT-B
5.85%
(a)(b)
10/12/2040
273,932
Commercial
Mortgage
Trust
,
401,603
Series
2016-DC2-B
4.73%
(b)
02/10/2049
401,973
CSAIL
Commercial
Mortgage
Trust
,
367,924
Series
2017-CX9-A4
3.18%
09/15/2050
363,869
CSMC
Trust
,
139,000
Series
2021-B33-A2
3.17%
(a)
10/10/2043
123,583
FS
Trust
,
270,000
Series
2026-HULA-A
(CME
Term
SOFR
1
Month
+
1.45%)
5.13%
(a)
03/15/2041
270,343
GS
Mortgage
Securities
Trust
,
375,000
Series
2013-GC13-B
3.86%
(a)(b)
07/10/2046
367,963
GSMS
Trust
,
200,000
Series
2026-DAWN-A
5.82%
(a)(b)
04/10/2043
199,983
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
420,000
Series
2015-JP1-AS
4.12%
(b)
01/15/2049
416,445
1,000,000
Series
2019-UES-G
4.45%
(a)(b)
05/05/2032
932,022
JPMBB
Commercial
Mortgage
Securities
Trust
,
287,609
Series
2014-C23-UH5
4.71%
(a)
09/15/2047
287,131
3,903
Series
2015-C27-A4
3.18%
02/15/2048
3,846
406,157
Series
2015-C30-AS
4.23%
(b)
07/15/2048
399,740
KIND
Commercial
Mortgage
Trust
,
200,000
Series
2024-1-A
(CME
Term
SOFR
1
Month
+
1.89%)
5.56%
(a)
08/15/2041
200,166
LBTY
Commercial
Mortgage
Trust
,
100,000
Series
2026-225L-C
5.08%
(a)(b)
02/10/2043
98,469
MHP
Commercial
Mortgage
Trust
,
230,000
Series
2021-STOR-A
(CME
Term
SOFR
1
Month
+
0.81%)
4.49%
(a)
07/15/2038
229,920
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
359,000
Series
2025-5C1-C
6.64%
(b)
03/15/2058
370,658
300,000
Series
2025-5C2-C
5.74%
(b)
11/15/2058
294,726
Morgan
Stanley
Capital
I
Trust
,
300,000
Series
2016-UB11-AS
2.98%
08/15/2049
297,321
NYC
Commercial
Mortgage
Trust
,
250,000
Series
2026-7W34-A
4.87%
(a)(b)
02/05/2041
249,369
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
PLYM
Commercial
Mortgage
Trust
,
270,000
Series
2026-IND-C
(CME
Term
SOFR
1
Month
+
1.65%)
5.32%
(a)
03/15/2043
268,171
SFO
Commercial
Mortgage
Trust
,
250,000
Series
2021-555-A
(CME
Term
SOFR
1
Month
+
1.26%)
4.94%
(a)
05/15/2038
249,743
SREIT
Trust
,
300,000
Series
2021-MFP2-B
(CME
Term
SOFR
1
Month
+
1.29%)
4.96%
(a)
11/15/2036
299,876
UBS
Commercial
Mortgage
Trust
,
422,000
Series
2018-C13-B
4.79%
(b)
10/15/2051
400,394
VEGAS
Trust
,
115,000
Series
2024-TI-A
5.52%
(a)
11/10/2039
115,308
Velocity
Commercial
Capital
Loan
Trust
,
129,753
Series
2019-1-M4
4.61%
(a)(b)
03/25/2049
117,276
72,938
Series
2019-1-M5
5.70%
(a)(b)
03/25/2049
64,847
113,743
Series
2019-1-M6
6.79%
(a)(b)
03/25/2049
98,455
Wells
Fargo
Commercial
Mortgage
Trust
,
489,610
Series
2019-C50-A4
3.47%
05/15/2052
477,353
2,050,000
Series
2024-C63-XD
2.30%
(a)
(b)(c)
08/15/2057
310,638
10,304,895
Series
2025-5C3-XA
0.81%
(b)(c)
01/15/2058
288,944
500,000
Series
2025-5C6-AS
5.58%
(b)
10/15/2058
509,097
4,446,990
Series
2025-5C6-XA
1.37%
(b)(c)
10/15/2058
235,605
400,000
Series
2025-5C7-B
5.86%
(b)
12/15/2058
405,488
280,000
Series
2025-VTT-C
5.45%
(a)(b)
03/15/2038
280,651
150,000
Series
2026-1250B-A
4.83%
(a)(b)
03/10/2041
148,684
540,000
Series
2026-5C8-A3
5.03%
03/15/2059
545,812
360,000
Series
2026-5C8-C
5.55%
03/15/2059
352,850
6,070,000
Series
2026-5C8-XA
1.58%
(b)(c)
03/15/2059
355,292
Total
Non-Agency
Commercial
Mortgage-Backed
Obligations
(Cost
$25,531,147)
25,101,559
NON-AGENCY
RESIDENTIAL
COLLATERALIZED
MORTGAGE
OBLIGATIONS
33.1%
Angel
Oak
Mortgage
Trust
,
1,750,000
Series
2026-1-M1
5.53%
(a)(b)
02/25/2071
1,721,613
Aspire
Mortgage
Trust
,
1,750,000
Series
2026-1-M1
5.40%
(a)(b)
01/25/2066
1,755,182
BRAVO
Residential
Funding
Trust
,
1,300,000
Series
2026-NQM1-M1
5.65%
(a)(b)
12/25/2065
1,292,438
COLT
Mortgage
Loan
Trust
,
1,750,000
Series
2026-2-M1
5.42%
(a)(b)
03/25/2071
1,760,610
Connecticut
Avenue
Securities
Trust
,
1,250,000
Series
2023-R01-
1M2
(SOFR
30
Day
Average
+
3.75%)
7.41%
(a)
12/25/2042
1,300,513
1,300,000
Series
2024-R01-
1M2
(SOFR
30
Day
Average
+
1.80%,
1.80%
Floor)
5.46%
(a)
01/25/2044
1,311,722
1,000,000
Series
2024-R02-
1B1
(SOFR
30
Day
Average
+
2.50%)
6.16%
(a)
02/25/2044
1,013,841
1,200,000
Series
2024-R03-
2M2
(SOFR
30
Day
Average
+
1.95%)
5.61%
(a)
03/25/2044
1,203,489
1,250,000
Series
2024-R04-
1B1
(SOFR
30
Day
Average
+
2.20%)
5.86%
(a)
05/25/2044
1,264,802
8
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Securitized
Credit
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
March
31,
2026
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
1,435,557
Series
2024-R05-
2M2
(SOFR
30
Day
Average
+
1.70%,
1.90%
Floor)
5.36%
(a)
07/25/2044
1,438,774
Cross
Mortgage
Trust
,
528,860
Series
2024-H1-A1
6.09%
(a)(d)
12/25/2068
531,448
CSMC
Trust
,
1,372,000
Series
2021-NQM4-B2
4.18%
(a)(b)
05/25/2066
1,062,230
Deephaven
Residential
Mortgage
Trust
,
1,750,000
Series
2026-INV1-M1
5.77%
(a)(b)
12/25/2070
1,733,276
EFMT
,
1,168,524
Series
2025-INV5-A3
5.38%
(a)(d)
12/25/2070
1,165,205
1,200,000
Series
2025-INV5-M1
5.84%
(a)(b)
12/25/2070
1,191,538
1,026,791
Series
2025-NQM2-A3
5.95%
(a)(d)
06/25/2070
1,031,123
1,250,000
Series
2025-NQM2-M1A
6.27%
(a)(b)
06/25/2070
1,259,488
1,500,000
Series
2025-NQM5-M1
5.77%
(a)(b)
11/25/2070
1,491,978
1,500,000
Series
2026-NQM3-M1
5.70%
(a)(b)
03/25/2071
1,497,879
FHLMC
STACR
REMICS
Trust
,
1,200,000
Series
2024-DNA1-M2
(SOFR
30
Day
Average
+
1.95%)
5.61%
(a)
02/25/2044
1,211,516
MFA
Trust
,
1,141,615
Series
2025-NQM5-A3
5.44%
(a)(d)
11/25/2070
1,145,225
1,200,000
Series
2025-NQM5-M1
5.89%
(a)(b)
11/25/2070
1,205,752
Morgan
Stanley
Residential
Mortgage
Loan
Trust
,
1,500,000
Series
2026-NQM1-M1
5.67%
(a)(b)
12/25/2070
1,481,266
New
Residential
Mortgage
Loan
Trust
,
1,750,000
Series
2026-NQM2-M1
5.48%
(a)(b)
12/25/2065
1,711,031
OBX
Trust
,
550,951
Series
2024-NQM10-A1
6.18%
(a)(d)
05/25/2064
556,660
1,750,000
Series
2026-R1-M1
5.56%
(a)(b)
01/25/2063
1,754,373
PFP
Ltd.
,
298,659
Series
2024-11-B
(CME
Term
SOFR
1
Month
+
2.49%)
6.16%
(a)
09/17/2039
299,317
PRPM
LLC
,
1,081,284
Series
2025-4-A1
6.18%
(a)(d)
06/25/2030
1,080,161
1,100,000
Series
2025-6-A2
8.33%
(a)(d)
08/25/2028
1,100,254
1,200,000
Series
2025-7-A2
7.45%
(a)(d)
08/25/2030
1,197,240
PRPM
Trust
,
1,300,000
Series
2025-NQM3-B1
6.89%
(a)(b)
05/25/2070
1,301,974
Santander
Mortgage
Asset
Receivable
Trust
,
1,200,000
Series
2025-NQM6-B1
6.82%
(a)(b)
11/25/2065
1,195,622
1,750,000
Series
2026-NQM1-M1
5.80%
(a)(b)
11/25/2065
1,732,572
1,750,000
Series
2026-NQM2-M1
5.69%
(a)(b)
01/25/2066
1,725,912
SG
Residential
Mortgage
Trust
,
1,250,000
Series
2021-1-B2
4.30%
(a)(b)
07/25/2061
964,987
Verus
Securitization
Trust
,
1,500,000
Series
2021-3-B2
3.96%
(a)(b)
06/25/2066
1,165,766
1,000,000
Series
2024-1-M1
6.67%
(a)(b)
01/25/2069
1,003,740
1,250,000
Series
2024-6-M1
6.18%
(a)(b)
07/25/2069
1,253,979
1,290,682
Series
2025-10-A2
5.21%
(a)(d)
06/25/2070
1,288,162
1,290,682
Series
2025-10-A3
5.37%
(a)(d)
06/25/2070
1,289,166
1,925,200
Series
2025-11-A3
5.27%
(a)(d)
11/25/2070
1,915,031
500,000
Series
2025-11-B1
6.41%
(a)(b)
11/25/2070
493,390
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
1,100,000
Series
2025-3-B1
7.49%
(a)(b)
05/25/2070
1,113,029
1,156,660
Series
2025-R2-A3
5.34%
(a)(d)
07/25/2067
1,152,300
1,200,000
Series
2025-R2-M1
5.82%
(a)(b)
07/25/2067
1,203,836
1,750,000
Series
2026-1-M1
5.67%
(a)(b)
01/25/2071
1,730,447
Total
Non-Agency
Residential
Collateralized
Mortgage
Obligations
(Cost
$59,310,540)
58,299,857
U.S.
GOVERNMENT
AND
AGENCY
MORTGAGE-BACKED
OBLIGATIONS
19.7%
FHLMC
,
19,207,000
Series
2021-P010-X
0.91%
(b)(c)
10/25/2029
473,278
FHLMC
REMICS
,
993,547
Series
5004-LS
(SOFR
30
Day
Average
+
6.04%,
6.15%
Cap)
2.37%
(c)
07/25/2050
120,197
7,045,514
Series
5038-IQ
2.50%
(c)
10/25/2050
1,074,653
3,428,450
Series
5112-SC
(SOFR
30
Day
Average
+
2.50%,
2.50%
Cap)
0.00%
(c)
06/25/2051
1,770
3,075,660
Series
5127-AI
3.00%
(c)
06/25/2051
532,988
3,221,257
Series
5166-DI
3.00%
(c)
09/15/2048
384,990
2,529,821
Series
5547-QI
3.00%
(c)
04/25/2051
449,249
FHLMC
UMBS
,
1,528,609
Pool
SD6509
6.00%
08/01/2054
1,563,815
1,961,931
Pool
SL2062
5.50%
07/01/2055
2,013,485
3,059,669
Pool
SL2456
5.50%
08/01/2055
3,096,259
2,779,539
Pool
SL3050
5.50%
09/01/2055
2,833,871
FNMA
REMICS
,
884,666
Series
2020-54-AS
(SOFR
30
Day
Average
+
6.04%,
6.15%
Cap)
2.37%
(c)
08/25/2050
105,372
2,867,720
Series
2020-75-WI
2.50%
(c)
11/25/2050
448,529
1,116,358
Series
2020-77-S
(SOFR
30
Day
Average
+
4.15%,
4.15%
Cap)
0.49%
(c)
11/25/2050
48,098
3,440,546
Series
2020-80-IB
2.50%
(c)
11/25/2050
546,496
890,494
Series
2020-M10-X2
1.72%
(b)(c)
12/25/2030
47,310
3,321,027
Series
2021-20-PI
2.50%
(c)
04/25/2051
517,049
2,756,271
Series
2021-3-MI
3.50%
(c)
02/25/2051
529,710
1,790,255
Series
2021-43-
2.50%
(c)
06/25/2051
276,405
3,629,319
Series
2021-85-IN
2.50%
(c)
02/25/2050
576,471
2,911,513
Series
2022-68-FB
(SOFR
30
Day
Average
+
0.87%,
6.00%
Cap)
4.53%
10/25/2052
2,883,892
3,528,333
Series
2024-22-IE
2.50%
(c)
11/25/2050
561,743
415,081
Series
2024-32-
2.50%
(c)
04/25/2051
63,001
5,172,314
Series
437-C2
1.50%
(c)
03/25/2052
489,187
GNMA
,
1,058,372
Series
2015-124-AF
(CME
Term
SOFR
1
Month
+
0.36%,
6.50%
Cap)
4.04%
09/20/2045
1,033,004
1,786,451
Series
2020-138-IL
3.50%
(c)
09/20/2050
341,378
1,396,541
Series
2020-142-SD
(CME
Term
SOFR
1
Month
+
6.19%,
6.30%
Cap)
2.51%
(c)
09/20/2050
186,862
2,577,405
Series
2020-151-TI
2.50%
(c)
10/20/2050
363,479
3,661,281
Series
2020-167-DI
2.50%
(c)
11/20/2050
532,763
3,442,550
Series
2020-173-AI
2.50%
(c)
11/20/2050
499,218
Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
9
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
830,495
Series
2020-189-SP
(CME
Term
SOFR
1
Month
+
6.19%,
6.30%
Cap)
2.51%
(c)
12/20/2050
114,184
1,843,282
Series
2020-196-DI
2.50%
(c)
12/20/2050
257,100
2,994,186
Series
2021-125-
AS
(SOFR
30
Day
Average
+
3.25%,
3.25%
Cap)
0.00%
(c)
07/20/2051
26,655
2,204,345
Series
2021-15-PI
3.00%
(c)
01/20/2051
347,665
2,075,937
Series
2021-189-
0.88%
(b)(c)
06/16/2061
127,812
2,283,758
Series
2021-2-
0.88%
(b)(c)
06/16/2063
143,353
2,522,243
Series
2021-46-ES
(CME
Term
SOFR
1
Month
+
2.69%,
2.80%
Cap)
0.00%
(c)
03/20/2051
12,524
3,595,818
Series
2021-59-S
(SOFR
30
Day
Average
+
2.60%,
2.60%
Cap)
0.00%
(c)
04/20/2051
15,129
3,231,995
Series
2021-80-
0.90%
(b)(c)
12/16/2062
216,750
1,321,177
Series
2021-98-SB
(CME
Term
SOFR
1
Month
+
6.19%,
6.30%
Cap)
2.51%
(c)
06/20/2051
152,701
4,009,296
Series
2022-105-
2.50%
(c)
06/20/2051
582,079
25,730,665
Series
2022-109-
0.62%
(b)(c)
08/16/2064
1,302,286
827,760
Series
2022-112-AI
2.50%
(c)
10/20/2050
124,126
21,730,148
Series
2022-13-
0.83%
(b)(c)
01/16/2063
1,313,346
21,764,746
Series
2022-21-
0.79%
(b)(c)
10/16/2063
1,307,389
366,960
Series
2022-218-IB
3.00%
(c)
07/20/2050
64,358
17,900,742
Series
2022-67-
0.90%
(b)(c)
08/16/2063
1,292,822
30,246,441
Series
2022-77-
0.51%
(b)(c)
09/16/2063
1,329,924
3,874,160
Series
2022-83-
2.50%
(c)
11/20/2051
551,162
2,971,444
Series
2023-19-GI
3.00%
(c)
11/20/2051
421,681
2,149,687
Series
2023-79-JI
2.50%
(c)
02/20/2051
294,478
1,653,695
Series
2024-13-IA
3.00%
(c)
05/20/2051
268,633
8,098,353
Series
2024-156-IA
0.87%
(b)(c)
07/16/2066
553,875
3,583,301
Series
2024-158-
1.08%
(b)(c)
12/16/2065
273,544
672,487
Series
2024-170-
1.00%
(b)(c)
03/16/2066
48,356
1,208,509
Series
2024-170-AI
0.76%
(b)(c)
10/16/2065
73,050
2,726,742
Series
2024-24-DI
3.50%
(c)
11/20/2051
483,003
3,225,872
Series
2024-6-BI
3.00%
(c)
12/20/2051
471,500
Total
U.S.
Government
and
Agency
Mortgage-
Backed
Obligations
(Cost
$35,805,121)
34,764,007
SHORT
TERM
INVESTMENTS
5.7%
10,123,973
JPMorgan
U.S.
Government
Money
Market
Fund
-
Class
IM
3.60%
(e)
10,123,973
Total
Short
Term
Investments
(Cost
$10,123,973)
10,123,973
Total
Investments
100.4%
(Cost
$180,021,378)
177,129,537
Liabilities
in
Excess
of
Other
Assets
(0.4)%
(636,483)
NET
ASSETS
100.0%
$176,493,054
10
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Securitized
Credit
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
March
31,
2026
(a)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
buyers.
At
March
31,
2026,
the
value
of
these
securities
amounted
to
approximately
$116,697,627
or
66.12%
of
net
assets.
(b)
Coupon
rate
is
variable
or
floats
based
on
components
including
but
not
limited
to
reference
rate
and
spread.
These
securities
may
not
indicate
a
reference
rate
and/or
spread
in
their
description.
The
rate
disclosed
is
as
of
period
end.
(c)
Interest
only
security.
(d)
Step
bond;
coupon
rate
changes
based
on
a
predetermined
schedule
or
event.
The
interest
rate
shown
is
the
rate
in
effect
as
of
period
end.
(e)
Seven-day
yield
as
of
period
end.
Abbreviations:
FHLMC
Federal
Home
Loan
Mortgage
Corporation
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
SOFR
Secured
Overnight
Financing
Rate
UMBS
Uniform
Mortgage
Backed
Securities
STACR
Structured
Agency
Credit
Risk
REMIC
Real
Estate
Mortgage
Investment
Conduit
Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
11
Statement
of
Assets
and
Liabilities
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
March
31,
2026
DoubleLine
Securitized
Credit
ETF
#
ASSETS
Investments
in
Unaffiliated
Securities,
at
Value*
$
167,005,564
Short
Term
Investments*
10,123,973
Interest
and
Dividends
Receivable
1,146,518
Total
Assets
178,276,055
LIABILITIES
Payable
for
Investments
Purchased
1,657,457
Advisory
Fees
Payable
73,106
Due
to
Custodian
29,785
Merger
Expenses
22,653
Total
Liabilities
1,783,001
Commitments
and
Contingencies
(See
Notes
2)
Net
Assets
$
176,493,054
NET
ASSETS
CONSISTS
OF:
Paid-In
Capital
$
198,560,651
Total
Distributable
Earnings
(Loss)
(See
Note
8)
(22,067,597)
Net
Assets
$
176,493,054
*Identified
Cost:
Investments
in
Unaffiliated
Securities
$
169,897,405
Short
Term
Investments
10,123,973
Shares
Outstanding
and
Net
Asset
Value
Per
Share:
Shares
Outstanding
(unlimited
number
of
shares
authorized
$
0.001
par
value)
7,088,959
Net
Asset
Value
Per
Share
$
24.90
#
  The
Fund
acquired
all
the
assets
and
liabilities
of
the
DoubleLine
Securitized
Credit
Fund
("Predecessor
Fund"),
formerly
known
as
the
DoubleLine
Income
Fund,
in
a
reorganization
that
occurred
as
of
the
close
of
business
on
January
30,
2026
("Reorganization").
The
Fund
commenced
operations
as
an
exchange-traded
fund
("ETF")
as
of
that
date
and,
as
result
of
the
Reorganization,
adopted
the
financial
history
of
Class
I
Shares
of
the
Predecessor
Fund.
See
Notes
to
Financial
Statements
for
further
Information
on
the
Reorganization.
Statement
of
Operations
12
DoubleLine
ETF
Trust
For
the
year
ended
March
31,
2026
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Securitized
Credit
ETF
#
INVESTMENT
INCOME
Income:
Interest
$
8,245,340
Dividends
from
Unaffiliated
Securities
392,955
Total
Investment
Income
8,638,295
Expenses:
Management
Fees
668,608
Sub-Transfer
Agent
Expenses
73,796
Transfer
Agent
Expenses
10,846
Administration,
Fund
Accounting
and
Custodian
Fees
87,189
Distribution
Fees
24,757
Shareholder
Reporting
Expenses
5,964
Registration
Fees
76,720
Professional
Fees
67,229
Trustees
Fees
1,921
Insurance
Expenses
3,864
Miscellaneous
Expenses
159,559
Total
Expenses
1,180,453
Less:
Fees
Waived
(177,707)
Net
Expenses
1,002,746
Net
Investment
Income
(Loss)
7,635,549
REALIZED
&
UNREALIZED
GAIN
(LOSS)
ON
INVESTMENTS
Net
Realized
Gain
(Loss)
on:
Investments
in
Unaffiliated
Securities
156,692
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Investments
in
Unaffiliated
Securities
(1,357,644)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
(1,200,952)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
$
6,434,597
#
The
Fund
acquired
all
the
assets
and
liabilities
of
the
DoubleLine
Securitized
Credit
Fund
("Predecessor
Fund"),
formerly
known
as
the
DoubleLine
Income
Fund,
in
a
reorganization
that
occurred
as
of
the
close
of
business
on
January
30,
2026
("Reorganization").
The
Fund
commenced
operations
as
an
exchange-traded
fund
("ETF")
as
of
that
date
and,
as
result
of
the
Reorganization,
adopted
the
financial
history
of
Class
I
Shares
of
the
Predecessor
Fund.
See
Notes
to
Financial
Statements
for
further
Information
on
the
Reorganization.
Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
13
Statements
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Securitized
Credit
ETF
#
Year
Ended
March
31,
2026
Year
Ended
March
31,
2025
OPERATIONS
Net
Investment
Income
(Loss)
$
7,635,549
$
6,365,208
Net
Realized
Gain
(Loss)
on
Investments
156,692
(1,407,141)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Investments
(1,357,644)
3,599,201
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
6,434,597
8,557,268
DISTRIBUTIONS
TO
SHAREHOLDERS
Distributable
Earnings
(7,471,518)
(6,872,041)
Total
Distributions
to
Shareholders
(7,471,518)
(6,872,041)
NET
SHARE
TRANSACTIONS
(a)
Proceeds
from
Shares
Issued
115,537,931
69,502,866
Reinvested
Dividends
5,517,360
5,730,244
Cost
of  Shares
Redeemed
(55,553,950)
(57,344,891)
Class
N:
Proceeds
from
Shares
Issued
—
13,818,615
Reinvested
Dividends
—
511,969
Cost
of  Shares
Redeemed
—
(5,631,304)
Increase
(Decrease)
in
Net
Assets
Resulting
from
Net
Share
Transactions
65,501,341
26,587,499
Total
Increase
(Decrease)
in
Net
Assets
$
64,464,420
$
28,272,726
NET
ASSETS
Beginning
of
Period
$
112,028,634
$
83,755,908
End
of
Period
$
176,493,054
$
112,028,634
SHARE
TRANSACTIONS
Shares
Issued
4,602,801
8,778,087
Shares
Reinvested
220,205
724,690
Shares
Redeemed
(2,218,502)
(7,220,335)
Class
N:
Shares
Issued
—
1,736,985
Shares
Reinvested
—
64,522
Shares
Redeemed
—
(709,092)
#
The
Fund
acquired
all
the
assets
and
liabilities
of
the
DoubleLine
Securitized
Credit
Fund
("Predecessor
Fund"),
formerly
known
as
the
DoubleLine
Income
Fund,
in
a
reorganization
that
occurred
as
of
the
close
of
business
on
January
30,
2026
("Reorganization").
The
Fund
commenced
operations
as
an
exchange-traded
fund
("ETF")
as
of
that
date
and,
as
result
of
the
Reorganization,
adopted
the
financial
history
of
Class
I
Shares
of
the
Predecessor
Fund.
See
Notes
to
Financial
Statements
for
further
Information
on
the
Reorganization.
(a)
Capital
transactions
may
include
transaction
fees
associated
with
Creation
and
Redemption
transactions
which
occurred
during
the
period.
See
Note
6
to
the
Financial
Statements.
Financial
Highlights
14
DoubleLine
ETF
Trust
March
31,
2026
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Securitized
Credit
ETF
Year
Ended
March
31,
2026
(a)
Year
Ended
March
31,
2025
(a)
Year
Ended
March
31,
2024
(a)
Year
Ended
March
31,
2023
(a)
Year
Ended
March
31,
2022
(a)
Net
Asset
Value,
Beginning
of
Period
(b)
$
24.99
$
24.55
$
23.70
$
27.14
$
29.21
Income
(Loss)
from
Investment
Operations:
(b)
Net
Investment
Income
(Loss)
(c)
1.43
1.54
1.45
1.26
1.32
Net
Gain
(Loss)
on
Investments
(Realized
and
Unrealized)
(0.11)
0.54
1.19
(3.44)
(1.97)
Total
from
Investment
Operations
1.32
2.08
2.64
(2.18)
(0.65)
Less
Distributions:
(b)
Distributions
from
Net
Investment
Income
(1.41)
(1.64)
(1.79)
(1.26)
(1.39)
Distribution
in
Excess
—
—
—
—
(0.03)
Total
Distributions
(1.41)
(1.64)
(1.79)
(1.26)
(1.42)
Net
Asset
Value,
End
of
Period
(b)
$
24.90
$
24.99
$
24.55
$
23.70
$
27.14
Total
Return
(d)
5.37%
8.75%
11.67%
(8.10)%
(2.42)%
Supplemental
Data:
Net
Assets,
End
of
Period
(000's)
$
176,493
$
99,290
$
79,772
$
50,732
$
89,732
Ratios
to
Average
Net
Assets:
Expenses
Before
Advisory
Fees
(Waived)
and
Other
Fees
(Reimbursed)/Recouped
0.85%
0.83%
0.88%
0.83%
0.72%
Expenses
After
Investment
Advisory
Fees
(Waived)
0.72%
0.83%
0.88%
0.83%
0.72%
Expenses
After
Advisory
Fees
(Waived)
and
Other
Fees
(Reimbursed)/Recouped
(e)
0.72%
0.65%
0.65%
0.65%
0.65%
Net
Investment
Income
(Loss)
(e)
5.70%
6.19%
6.13%
5.01%
4.55%
Portfolio
Turnover
Rate
(d)
57%
31%
66%
23%
14%
(a)
The
Fund
acquired
all
the
assets
and
liabilities
of
the
DoubleLine
Securitized
Credit
Fund
("Predecessor
Fund"),
formerly
known
as
the
DoubleLine
Income
Fund,
in
a
reorganization
that
occurred
as
of
the
close
of
business
on
January
30,
2026
("Reorganization").
The
Fund
commenced
operations
as
an
exchange-traded
fund
("ETF")
as
of
that
date
and,
as
result
of
the
Reorganization,
adopted
the
financial
history
of
Class
I
Shares
of
the
Predecessor
Fund.
See
Notes
to
Financial
Statements
for
further
Information
on
the
Reorganization.
For
the
fiscal
years
ended
March
31,
2022,
2023,
2024,
and
2025,
the
information
presented
was
audited
by
the
independent
registered
public
accounting
firm
of
the
Predecessor
Fund.
(b)
Per
share
amounts
reflect
the
conversion
of
the
Predecessor
Fund
into
the
Fund
as
of
the
close
of
January
30,
2026.
As
further
described
in
Fund
Reorganization
footnote,
per
share
amounts
have
been
adjusted
to
reflect
the
impact
of
the
change
in
capital
structure
associated
with
the
reorganization.
All
financial
information
prior
to
the
reorganization
is
that
of
the
Predecessor
Fund.
(c)
Calculated
based
on
average
shares
outstanding
during
the
period.
(d)
Not
annualized
for
periods
less
than
one
year.
(e)
Annualized
for
periods
less
than
one
year.
Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
15
Notes
to
Financial
Statements
March
31,
2026
1. Organization
DoubleLine
ETF
Trust,
a
Delaware
statutory
trust
(the
“Trust”),
was
formed
on
September
27,
2021
and
is
registered
with
the
Securities
and
Exchange
Commission
as
an
open-end
management
investment
company.
As
of
March
31,
2026,
the
Trust
consists
of
ten series.
These
Financial
Statements
are
for
DoubleLine
Securitized
Credit
ETF
(the
“Fund”).
DoubleLine
Securitized
Credit ETF (the
"Fund")
is
the
successor
to
DoubleLine
Securitized
Credit
Fund
(the
"Predecessor
Fund"),
following
the
reorganization
of
the
Predecessor
Fund
into the Fund
(Footnote
12).
Prior
to
its name
change
on
Aug
19,
2025,
the
Predecessor
Fund
was
known
as
DoubleLine
Income
Fund.   
The
Fund
is
managed
by
DoubleLine
ETF
Adviser
LP
(the
“Adviser”),
which
is
registered
as
an
investment
Adviser
with
the
U.S.
Securities
and
Exchange
Commission.
The
Fund
offers
one
class
of
shares.
The
Fund
is
classified
as
a
diversified
fund
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”).
Currently
under
the
1940
Act,
a
diversified
fund
generally
may
not,
with
respect
to
75%
of
its
total
assets,
invest
more
than
5%
of
its
total
assets
in
the
securities
of
any
one
issuer
or
own
more
than
10%
of
the
outstanding
voting
securities
of
such
issuer
(except,
in
each
case,
U.S.
Government
securities,
cash,
cash
items
and
the
securities
of
other
investment
companies).
The
remaining
25%
of
the fund’s
total
assets
is
not
subject
to
this
limitation.
Effective
January
30,
2026,
DoubleLine
Securitized
Credit
Fund,
a
series
of
DoubleLine
Funds
Trust
("the
Predecessor
Fund"),
reorganized
into
the
newly
created
DoubleLine
Securitized
Credit
ETF.
The
Predecessor
Fund,
which
had
a
different
independent
registered
public
accounting
firm, was
the
accounting
survivor
in
the
reorganization,
and,
as
such,
the
financial
statements
and
financial
highlights
of
the
Fund
reflects
the
financial
information
of
the
Predecessor
Fund
through
January
30,
2026
(See
Note
12). For
the
fiscal
years
ended
March
31,
2022,
2023,
2024,
and
2025,
the
information
presented
was
audited
by
the
independent
registered
public
accounting
firm
of
the
Predecessor
Fund.
The
Fund’s
investment
objectives
and
dates
the
Fund
commenced
operations
and
public
trading
are
as
follows:
The
fiscal
year
end
for
the
Fund
is
March
31,
and
the
year
covered
by
these
Financial
Statements
is
for
the
year
ended
March
31,
2026
(the
"year
end").
2. Significant
Accounting
Policies 
The
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
issued
in
Topic
946,
Financial
Services
–
Investment
Companies,
by
the
Financial
Accounting
Standards
Board
(“FASB”).
The
following
is
a
summary
of
the
significant
accounting
policies
of
the
Fund.
These
policies
are
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“US
GAAP”). 
A. Security
Valuation.
The
Fund
has
adopted
US
GAAP
fair
value
accounting
standards
which
establish
a
definition
of
fair
value
and
set
out
a
hierarchy
for
measuring
fair
value.
These
standards
require
additional
disclosures
about
the
various
inputs
and
valuation
techniques
used
to
develop
the
measurements
of
fair
value
and
a
discussion
of
changes
in
valuation
techniques
and
related
inputs
during
the
year
ended
March
31,
2026.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1—
Unadjusted
quoted
market
prices
in
active
markets
for
identical
securities
Level
2—
Quoted
prices
for
identical
or
similar
assets
in
markets
that
are
not
active,
or
inputs
derived
from
observable
market
data
Level
3—
Significant
unobservable
inputs
(including
the
reporting
entity’s
estimates
and
assumptions)
Fund
Name
Investment
Objective
Commencement
of
Operations
as
an
ETF
1
Commencement
of
Public
Trading
as
an
ETF
1
Commencement
of
Predecessor
Fund
Investment
Operations
DoubleLine
Securitized
Credit
ETF
Provide
income
as
a
primary
investment
objective
and
total
return
as
a
secondary
investment
objective
January
30,
2026
February
2,
2026
September
3,
2019
1
On
January
30,
2026,
the
Fund
acquired
all
of
the
assets
and
assumed
all
of
the
liabilities
of
the
DoubleLine
Securitized
Credit
Fund
(the
“Predecessor
Fund”)
pursuant
to
an
agreement
and
plan
of
reorganization
approved
by
the
board
of
DoubleLine
Funds
Trust
and
the
Board
of
Trustees
of
the
Trust
on
August
19,
2025.
See
Note
12.
Notes
to
Financial
Statements
(Cont.)
16
DoubleLine
ETF
Trust
March
31,
2026
Valuations for
domestic
and
foreign
fixed
income
securities
are
normally
determined
on
the
basis
of
evaluations
provided
by
independent
pricing
services.
Vendors
typically
value
such
securities
based
on
one
or
more
inputs
described
in
the
following
table
which
is
not
intended
to
be
a
complete
list.
The
table
provides
examples
of
inputs
that
are
commonly
relevant
for
valuing
particular
classes
of
fixed
income
securities
in
which
the
Fund
is authorized
to
invest.
However,
these
classifications
are
not
exclusive,
and
any
of
the
inputs
may
be
used
to
value
any
other
class
of
fixed-income
securities.
Securities
that
use
similar
valuation
techniques
and
inputs
as
described
in
the
following
table
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
To
the
extent
the
significant
inputs
are
unobservable,
the
values
generally
would
be
categorized
as
Level
3.
Assets
and
liabilities
may
be
transferred
between
levels. 
Investments
in
registered
open-end
management
investment
companies
will
be
valued
based
upon
the
net
asset
value
("NAV")
of
such
investments
and
are
categorized
as
Level
1
of
the
fair
value
hierarchy. 
Common
stocks,
exchange-traded
funds
and
financial
derivative
instruments,
such
as
futures
contracts
or
options
contracts,
that
are
traded
on
a
national
securities
or
commodities
exchange,
are
typically
valued
at
the
last
reported
sales
price,
in
the
case
of
common
stocks
and
exchange-traded
funds,
or,
in
the
case
of
futures
contracts
or
options
contracts,
the
settlement
price
determined
by
the
relevant
exchange.
To
the
extent
these
securities
are
actively
traded
and
valuation
adjustments
are
not
applied,
they
are
categorized
as
Level
1
of
the
fair
value
hierarchy.
The
Fund's
holdings
in
whole
loans,
securitizations
and
certain
other
types
of
alternative
lending-related
instruments
may
be
valued
based
on
prices
provided
by
a
third-party
pricing
service.
Senior
secured
floating
rate
loans
for
which
an
active
secondary
market
exists
to
a
reliable
degree
will
be
valued
at
the
mean
of
the
last
available
bid/ask
prices
in
the
market
for
such
loans,
as
provided
by
an
independent
pricing
service.
Where
an
active
secondary
market
does
not
exist
to
a
reliable
degree
in
the
judgment
of
the
Adviser,
such
loans
will
be
valued
at
fair
value
based
on
certain
factors.
In
respect
of
certain
commercial
real
estate-related,
residential
real
estate-related
and
certain
other
investments
for
which
a
limited
market
may
exist,
the
Fund's
may
value
such
investments
based
on
appraisals
conducted
by
an
independent
valuation
Advisor
or
a
similar
pricing
agent.
However,
an
independent
valuation
firm
may
not
be
retained
to
undertake
an
evaluation
of
an
asset
unless
the
NAV,
market
price
and
other
aspects
of
an
investment
exceed
certain
significance
thresholds.
Over-the-counter
financial
derivative
instruments,
such
as
forward
currency
exchange
contracts,
options
contracts,
or
swap
agreements,
derive
their
values
from
underlying
asset
prices,
indices,
reference
rates,
other
inputs
or
a
combination
of
these
factors.
These
instruments
are
normally
valued
on
the
basis
of
valuations
obtained
from
counterparties,
published
index
closing
levels
or
evaluated
prices
supplied
by
independent
pricing
services,
some
or
all
of
which
may
be
based
on
market
data
from
trading
on
exchanges
that
closed
significantly
before
the
time
as
of
which
the
Fund
calculates
its
NAV.
Forward
foreign
currency
contracts
are
generally
valued
based
on
rates
provided
by
independent
data
providers.
The
Fund
does
not
normally
take
into
account
trading,
clearances
or
settlements
that
take
place
after
the
close
of
the
principal
exchange
or
market
on
which
such
securities
are
traded.
Depending
on
the
instrument
and
the
terms
of
the
transaction,
the
value
of
the
derivative
instruments
can
be
estimated
by
a
pricing
service
provider
using
a
series
of
techniques,
such
as
simulation
pricing
models.
The
pricing
models
use
issuer
details
and
other
inputs
that
are
observed
from
actively
quoted
markets
such
as
indices,
spreads,
interest
rates,
curves,
dividends
and
exchange
rates.
Derivatives
that
use
similar
valuation
techniques
and
inputs
as
described
above
are
normally
categorized
as
Level
2
of
the
fair
value
hierarchy.
The
Board
of
Trustees
(the
“Board”)
has
adopted
a
pricing
and
valuation
policy
for
use
by the
Fund
and
its
Valuation
Designee
(as
defined
below)
in
calculating the
Fund’s
NAV.
Pursuant
to
Rule
2a-5
under
the
1940
Act, the
Fund
has
designated
its
Adviser
as
the
“Valuation
Designee”
to
perform
all
of
the
fair
value
determinations
as
well
as
to
perform
all
of
the
responsibilities
that
may
be
Fixed-income
class
Examples
of
Inputs
All
Benchmark
yields,
transactions,
bids,
offers,
quotations
from
dealers
and
trading
systems,
new
issues,
spreads
and
other
relationships
observed
in
the
markets
among
comparable
securities;
and
proprietary
pricing
models
such
as
yield
measures
calculated
using
factors
such
as
cash
flows,
financial
or
collateral
performance
and
other
reference
data
(collectively
referred
to
as
“standard
inputs”)
Corporate
bonds
and
notes;
    convertible
securities
Standard
inputs
and
underlying
equity
of
the
issuer
US
bonds
and
notes
of
government
and  
    government
agencies
Standard
inputs
Residential
and
commercial
mortgage-backed
obligations;
asset-backed
obligations
(including
collateralized
loan
obligations)
Standard
inputs
and
cash
flows,
prepayment
information,
default
rates,
delinquency
and
loss
assumptions,
collateral
characteristics,
credit
enhancements
and
specific
deal
information,
trustee
reports
Notes
to
Financial
Statements
(Cont.)
March
31,
2026
Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
17
performed
by
the
Valuation
Designee
in
accordance
with
Rule
2a-5.
The Adviser,
as
the
Valuation
Designee,
is
authorized
to
make
all
necessary
determinations
of
the
fair
values
of
portfolio
securities
and
other
assets
for
which
market
quotations
are
not
readily
available
or
if
it
is
deemed
that
the
prices
obtained
from
brokers
and
dealers
or
independent
pricing
services
are
unreliable.
The
following
is
a
summary
of
the
fair
valuations
according
to
the
inputs
used
to
value
the
Fund's
investments
as
of
March
31,
2026:
B. Federal
Income
Taxes.
 The
Fund
has
elected
to
be
taxed
as
a
"regulated
investment
company"
and
intends
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders
and
otherwise
comply
with
the
provisions
of
Subchapter
M
of
the
Internal
Revenue
Code
of
1986,
as
amended
(the
"Internal
Revenue
Code")
applicable
to
regulated
investment
companies.
Therefore,
no
provision
for
U.S.
federal
income
taxes
has
been
made.
The
Fund
may
be
subject
to
a
nondeductible
4%
excise
tax
calculated
as
a
percentage
of
certain
undistributed
amounts
of
net
investment
income
and
net
capital
gains.
The
Fund
adopted
FASB
Accounting
Standards
Update
2023-09,
Income
Taxes
(Topic
740)—Improvements
to
Income
Tax
Disclosures
(“ASU
2023-09”).
The
amendments
enhance
income
tax
disclosures
by
requiring
greater
disclosure
of
income
taxes
paid
by
jurisdiction.
During
the
year
ended
March 31,
2026,
the
Fund
did
not
pay
a
significant
amount
of
foreign
or
U.S.
federal,
state
or
local
income
taxes
and
therefore
did
not
include
any
additional
disclosures
in
these
financial
statements. 
Management
has
analyzed
the
Fund's
tax
positions,
and
has
concluded
that
no
liability
should
be
recorded
related
to
uncertain
tax
positions
expected
to
be
taken
on
the
tax
return
for
the
period.
The
Fund identifies
its
major
tax
jurisdictions
as
U.S.
Federal,
the
State
of
Florida
and
the
State
of
Delaware.
The
Fund
is
not
aware
of
any
tax
positions
for
which
it
is
reasonably
possible
that
the
total
amounts
of
unrecognized
tax
benefits
will
significantly
change
in
the
next
twelve
months.
C. Security
Transactions,
Investment
Income.
Investment
securities
transactions
are
accounted
for
on
trade
date.
Gains
and
losses
realized
on
sales
of
securities
are
determined
on
a
specific
identification
basis.
Interest
income,
including
non-cash
interest,
is
recorded
on
an
accrual
basis.
Discounts/premiums
on
debt
securities
purchased,
which
may
include
residual
and
subordinated
notes,
are
accreted/amortized
over
the
life
of
the
respective
securities
using
the
effective
interest
method
except
for
certain
deep
discount
bonds
where
management
does
not
expect
the
par
value
above
the
bond's
cost
to
be
fully
realized.
Dividend
income
and
corporate
action
transactions,
if
any,
are
recorded
on
the
ex-date.
Non-cash
dividends
included
in
dividend
income,
if
any,
are
recorded
at
the
fair
market
value
of
securities
received.
Paydown
gains
and
losses
on
mortgage-related
and
other
asset-backed
securities
are
recorded
as
components
of
interest
income
on
the
Statements
of
Operations.
D. Dividends
and
Distributions
to
Shareholders.
  Dividends
from
net
investment
income
will
be
declared
and
paid
monthly.
The
Fund
will
distribute
any
net
realized
long
or
short-term
capital
gains
at
least
annually.
Distributions
are
recorded
on
the
ex-dividend
date.
Income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations
which
may
differ
from
US
GAAP.
Permanent
book
and
tax
basis
differences
relating
to
shareholder
distributions
will
result
in
reclassifications
between
paid-
in
capital,
undistributed
(accumulated)
net
investment
income
(loss),
and/or
undistributed
(accumulated)
realized
gain
(loss).
Undistributed
(accumulated)
net
investment
income
or
loss
may
include
temporary
book
and
tax
basis
differences
which
will
reverse
in
a
subsequent
year.
Any
taxable
income
or
capital
gain
remaining
at
fiscal
year-end
is
distributed
in
the
following
year.
Category
DoubleLine
Securitized
Credit
ETF
Investments
in
Securities
Level
1
Money
Market
Funds
$
10,123,973
Total
Level
1
10,123,973
Level
2
Non-Agency
Residential
Collateralized
Mortgage
Obligations
58,299,857
US
Government
and
Agency
Mortgage
Backed
Obligations
34,764,007
Collateralized
Loan
Obligations
29,590,156
Non-Agency
Commercial
Mortgage
Backed
Obligations
25,101,559
Asset
Backed
Obligations
19,249,985
Total
Level
2
167,005,564
Level
3
—
Total
$
177,129,537
Notes
to
Financial
Statements
(Cont.)
18
DoubleLine
ETF
Trust
March
31,
2026
Distributions
from
investment
companies
will
be
classified
as
investment
income
or
realized
gains
in
the
Statements
of
Operations
based
on
the
U.S.
income
tax
characteristics
of
the
distribution
if
such
information
is
available.
In
cases
where
the
tax
characteristics
are
not
available,
such
distributions
are
generally
classified
as
investment
income.
E. Use
of
Estimates.
 The
preparation
of
financial
statements
in
conformity
with
US
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements,
as
well
as
the
reported
amounts
of
revenues
and
expenses
during
the
period.
Actual
results
could
differ
from
those
estimates.
F. Share
Valuation.
The
NAV
per
share
of
the
Fund
is
calculated
by
dividing
the
sum
of
the
value
of
the
securities
held
by
the
Fund,
plus
cash
and
other
assets,
minus
all
liabilities
(including
estimated
accrued
expenses),
by
the
total
number
of
shares
outstanding,
rounded
to
the
nearest
cent.
The
NAV
is
typically
calculated
on
days
when
the
New
York
Stock
Exchange
("NYSE")
opens
for
regular
trading.
G. Unfunded
Loan
Commitments.
 The
Fund
may
enter
into
certain
credit
agreements,
of
which
all
or
a
portion
may
be
unfunded.
As
of
the
year
ended
March
31,
2026,
the
Fund
had
no
unfunded
positions. 
H. Guarantees
and
Indemnifications.
Under
the
Trust's
organizational
documents,
each
Trustee
and
officer
of
the
Fund
is
indemnified,
to
the
extent
permitted
by
the
1940
Act,
against
certain
liabilities
that
may
arise
out
of
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enter
into
contracts
that
contain
a
variety
of
indemnification
clauses.
The
Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Fund
that
have
not
yet
occurred.
However,
the
Fund
have
not
had
prior
claims
or
losses
pursuant
to
these
contracts. 
I. Mortgage
Dollar
Rolls.
The
Fund
have
entered
into
mortgage
dollar
roll
transactions
of
TBA
securities
which
the
Fund
sell
a
TBA
mortgage-backed
security
to
a
counterparty
and
simultaneously
enter
into
an
agreement
with
the
same
counterparty
to
buy
back
a
similar
TBA
security
on
a
specific
future
date
at
a
predetermined
price.
Mortgage
dollar
rolls
are
accounted
for
as
purchase
and
sale
transactions
and
may
result
in
an
increase
to
the
fund's
portfolio
turnover
rate.
J. Segment
Reporting.
The
Fund
have
adopted
FASB
ASU
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures
(“ASU
2023-07”),
which
requires
incremental
disclosures
relating
to
a
public
entity's
reportable
segments.
The Fund
operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
Trust's
president
and
principal
executive
officer
and
the
Trust's
treasurer
and
principal
financial
and
accounting
officer
together
serve
as
the Fund's
chief
operating
decision
maker
(“CODM”).
The
Fund's
total
returns,
expense
ratios,
and
changes
in
net
assets,
which
are
used
by
the
CODM
to
assess
segment
performance
and
to
make
resource
allocation
decisions
to
the
segment,
are
consistent
with
that
presented
within
the
Fund's
financial
statements
and
financial
highlights.
Segment
assets
are
reflected
in
the
Fund's
Statement
of
Assets
and
Liabilities
as
“net
assets,”
which
consist
primarily
of
investment
securities,
at
value,
and
significant
segment
expenses
are
listed
in
the Fund's
accompanying
Statement
of
Operations.
3. Related
Party
Transactions 
The
Trust
and
the
Adviser
entered
into
an
Investment
Management
Agreement,
under
the
terms
of
which
the
Adviser
manages
the
investment
of
the
assets
of
the Fund,
place
orders
for
the
purchase
and
sale
of
its
portfolio
securities,
and
is responsible
for
providing
resources
to
assist
with
the
day-to-day
management
of
the
Trust's
business
affairs.
As
compensation
for their
services,
the
Adviser is entitled
to
a
monthly
fee
at
the
annual
rates
of
the
average
daily
net
assets
of
the
Fund
in
the
following
table. The
Adviser
will
pay
all
operating
expenses
of
the
Fund,
except
the
Advisory fees,
interest
expenses,
dividends
and
other
expenses
on
securities
sold
short,
taxes,
expenses
incurred
with
respect
to
the
acquisition
and
disposition
of
portfolio
securities
and
the
execution
of
portfolio
transactions,
including
brokerage
commissions,
acquired
fund
fees
and
expenses,
accrued
deferred
tax
liabilities,
distribution
fees
or
expenses,
and
any
extraordinary
expenses
(such
as
litigation). 
Prior
to
January
30,
2026,
DoubleLine
Securitized
Credit
Fund
(the
"Predecessor
Fund")
paid
an
Advisory
fee
to
DoubleLine
Capital
LP
(the
“Prior
Adviser”),
accrued
daily
and
paid
monthly,
by
applying
the
annual
rate
of
0.50%
to
the
average
net
assets
of
the
Advisory
Fee*
DoubleLine
Securitized
Credit
ETF
0.49%
*
Predecessor
fund
advisory
fee
was
0.50%.
Notes
to
Financial
Statements
(Cont.)
March
31,
2026
Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
19
Predecessor
Fund
determined
as
of
the
close
of
each
business
day.
Prior
to
January
30,
2026,
the
Predecessor
Fund
paid
the
Prior
Adviser
$531,
813.
The
Prior
Adviser
had
contractually
agreed
to
limit
certain
of
the
Predecessor
Fund’s
ordinary
operating
expenses
so
that
its
ratio
of
such
expenses
to
average
net
assets
did
not
exceed
0.65%
for
Class
I
and
0.90%
for
Class
N.
For
the
purposes
of
the
expense
limitation
agreement
between
the
Prior
Adviser
and
the
Predecessor
Fund,
“ordinary
operating
expenses”
excluded
taxes,
commissions,
mark-ups,
litigation
expenses,
indemnification
expenses,
interest
expenses,
acquired
fund
fees
and
expenses,
and
any
extraordinary
expenses.
The
Predecessor
Fund’s
expense
limitation
was
expected
to
apply
until
at
least
August
1,
2026.
The
expense
limitation
could
be
terminated
during
the
term
only
by
a
majority
vote
of
the
disinterested
Trustees
of
the
Board.
Prior
to
January
30,
2026,
the
Prior
Advisor
waived
$177,707
of
the
Predecessor
Fund’s
expenses. 
If the
Fund
invested
in
other
investment
vehicles
sponsored
by
an
Adviser
(“other
DoubleLine
Funds”)
during
the
period,
such
Adviser
waived
its
Advisory
fee
to
the
Fund
in
an
amount
equal
to
the
Advisory
fees
paid
to
the
Adviser
by
the
other
DoubleLine
Funds
in
respect
of
Fund
assets
so
invested.
The
Adviser
may
not
seek
reimbursement
from
the
Fund
with
respect
to
any
Advisory
fees
waived. Accordingly,
as
of
the
year
ended
March
31,
2026,
the
Fund
did
not
have
investments
in
other
DoubleLine
Funds. 
4. Distribution
Fees
Foreside
Fund
Services,
LLC
serves
as
the
Fund's
Distributor.
The
Trust
has
adopted
a
Plan
of
Distribution
Pursuant
to
Rule
12b-1
under
the
Investment
Company
Act
of
1940
(the
“Plan”),
however
the
Plan
has
yet
to
be
implemented
or
commence
operations.
Under
the
Plan,
the Fund
would
be
authorized
to
pay
distribution
fees
to
the
Distributor,
who
in
turn
would
be
permitted
to
pay
other
firms
that
provide
distribution
and
shareholder
services
(“Service
Providers”).
If
a
Service
Provider
were
to
provide
such
services,
the
Fund
would
be
permitted
to
pay
fees
at
an
annual
rate
not
to
exceed
0.25%
of
average
daily
net
assets,
pursuant
to
the
terms
of
the
Plan
and
Rule
12b-1
under
the
1940
Act.
Because
the
Plan
has
not
been
implemented
or
commenced
operations,
no
distribution
or
service
fees
are
currently
paid
by
the
Fund
and
there
are
no
current
plans
to
impose
these
fees.
In
the
event
the
Plan
is
ever
implemented
and
commences
operations
and
Rule
12b-1
fees
are
charged,
over
time
they
would
increase
the
cost
of
an
investment
in
the
Fund
and
may
cost
you
more
than
other
types
of
sales
charges.
5. Administrator,
Transfer
Agent,
Custodian
and
Distributor
JPMorgan
Chase
Bank,
N.A.
provides
fund
accounting,
fund
administrative
and
transfer
agency
services
to
the
Fund
pursuant
to
the Fund
Services
Agreement.
JPMorgan
Chase
Bank,
N.A.
serves
as
the
Fund's
Custodian
pursuant
to
a
Custody
Agreement.
Foreside
Fund
Services,
LLC
serves
as
the
Fund's
distributor
pursuant
to
a
Distribution
Agreement.
6. Issuance
and
Redemption
of
Fund Shares 
The
Fund
is
an
exchange-traded
fund
or
“ETF.”
The
Fund
will
only
issue
or
redeem
shares
aggregated
into
blocks
of
20,000
shares
or
multiples
thereof
(“Creation
Units”)
to
Authorized
Participants
who
have
entered
into
agreements
with
Foreside
Fund
Services,
LLC
as
the
Fund’s
distributor
(the
“Distributor”).
An
Authorized
Participant
is
either
(1)
a
“Participating
Party,”
(i.e.,
a
broker-dealer
or
other
participant
in
the
clearing
process
of
the
Continuous
Net
Settlement
System
of
the
NSCC),
or
(2)
a
participant
of
DTC,
and,
in
each
case,
must
have
executed
an
agreement
with
the
distributor
with
respect
to
creations
and
redemptions
of
Creation
Units.
The
Fund
will
issue
or
redeem
Creation
Units
in
return
for
a
basket
of
securities
and/
or
cash
(including
any
portion
of
such
securities
for
which
cash
may
be
substituted)
that
the
Fund
specifies
each
day.
Cash
may
be
substituted
equivalent
to
the
value
of
certain
securities
generally
when
they
are
not
available
in
sufficient
quantity
for
delivery. 
Individual
Fund
shares
may only
be
purchased
and
sold
on
a
national
securities
exchange
through
a
broker-dealer
and
investors
may
pay
a
commission
to
such
broker-dealers
in
connection
with
their
purchase
or
sale. The
price
of
Fund
shares
is
based
on
market
price,
and
because
ETF
shares
trade
at
market
prices
rather
than
NAV,
shares
may
trade
at
a
price
greater
than
NAV
(a
premium)
or
less
than
NAV
(a
discount).
NAV
per
share
is
calculated
by
dividing
the Fund’s
net
assets
by
the
number
of
Fund
shares
outstanding.
Your
transaction
will
be
priced
at
NAV
if
you
purchase
or
redeem
Fund
shares
in
Creation
Units.
The
Fund’s
NAV
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
("NYSE").
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Authorized
Participants
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
the
Fund's
Administrator
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Additionally,
a
portion
of
the
transaction
fee
is
used
to
offset
transactional
costs
typically
accrued
in
the
Fund's
custody
expenses
directly
related
to
the
issuance
and
redemption
of
Creation
Units.
An
additional
variable
fee
may
be
charged
for
certain
transactions.
Such
fees
would
be
included
in
the
receivable
for
capital
shares
issued
on
the
Statements
of
Assets
and
Liabilities. 
Notes
to
Financial
Statements
(Cont.)
20
DoubleLine
ETF
Trust
March
31,
2026
7. Purchases
and
Sales
of
Securities 
Investment
transactions
(excluding
short-term
investments
and
in-kind
transactions)
for
the year
ended
March
31,
2026 were
as
follows:
For
the
period
ended
March
31,
2026,
there
were
no Investment
related
In-Kind
transactions.
8. Income
Tax
Information
and
Distributions
to
Shareholders
The
tax
character
of
distributions
for
the
Fund were
as
follows:
The
cost
basis
of
investments
for
federal
income
tax
purposes
as
of March
31,
2026 were
as
follows:
As
of March
31,
2026 year
end,
the
components
of
accumulated
earnings
(losses)
for
income
tax
purposes
were
as
follows:
For
the
tax
year ended
March
31,
2026,
the Fund
had
available
capital
loss
carryforwards
to
offset
future
net
capital
gains
to
the
extent
provided
by
regulations
and
utilized
capital
loss
carryforwards
to
offset
net
capital
gains.
All
Other
U.S.
Government
1
Purchases
at
Cost
Sales
or
Maturity
Proceeds
Purchases
at
Cost
Sales
or
Maturity
Proceeds
DoubleLine
Securitized
Credit
ETF
$
132,797,397
$
71,675,846
$
—
$
—
1
U.S.
Government
transactions
are
defined
as
those
involving
long-term
U.S.
Treasury
bills,
bonds
and
notes.
Year
Ended
March
31,
2026
Year
Ended
March
31,
2025
Ordinary
Income
Ordinary
Income
DoubleLine
Securitized
Credit
ETF
$
7,471,518
$
6,872,041
DoubleLine
Securitized
Credit
ETF
Tax
Cost
of
Investments
$
180,041,101
Gross
Tax
Unrealized
Appreciation
984,174
Gross
Tax
Unrealized
Depreciation
(3,895,738)
Net
Tax
Unrealized
Appreciation
(Depreciation)
(2,911,564)
DoubleLine
Securitized
Credit
ETF
Net
Tax
Unrealized
Appreciation
(Depreciation)
$
(2,911,564
)
Undistributed
Ordinary
Income
898,539
Undistributed
Long
Term
Capital
Gains
—
Total
Distributable
Earnings
898,539
Other
Accumulated
Gains
(Losses)
(20,054,572
)
Total
Accumulated
Earnings
(Losses)
(22,067,597
)
Notes
to
Financial
Statements
(Cont.)
March
31,
2026
Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
21
Additionally,
US
GAAP
requires
that
certain
components
of
net
assets
relating
to
permanent
differences
be
reclassified
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAV
per
share.
The
permanent
differences
primarily
relate
to
paydown
losses
and
prior
period
adjustments.
For
the year
ended
March
31,
2026,
the
following
table
shows
the
reclassifications
made:
9. Remuneration
Paid
to
Trustees,
Officers
and
Others
Trustees
who
are
not
affiliated
with
the
Adviser
and
its
affiliates
received,
as
a
group,
fees
of
$1,921
from
the
Fund
for
the
year
ended
March
31,
2026.
In
prior
years,
certain
trustees
elected
to
defer
the
cash
payment
of
part
or
all
of
their
compensation.
The
Fund
had
deferred
balance
of
$901
prior
to
Reorganization
and
it
was
paid
out
before
January
30,
2026.
Certain
trustees
and
officers
of
the
Fund
are
also
officers
of
the
Adviser;
such
trustees
and
officers
are
not
compensated
by
the
Fund. 
10. To-Be-Announced
Securities
The
Fund
may
invest
in
to-be-announced
securities
(“TBAs”).
TBAs
is
a
term
that
is
generally
used
to
describe
forward
settling
mortgage-backed
securities.
These
TBAs
are
generally
issued
by
U.S.
Government
Agencies
or
U.S.
Government
Sponsored
Entities
such
as
Freddie
Mac,
Fannie
Mae
and
Ginnie
Mae.
The
actual
mortgage-backed
security
that
will
be
delivered
to
the
buyer
at
the
time
TBAs
trades
are
entered
is
not
known,
however,
the
terms
of
the
acceptable
pools
of
loans
that
will
comprise
the
mortgage-
backed
security
are
determined
at
the
time
the
trade
is
entered
into
(coupon
rate,
maturity,
credit
quality,
etc.).
Investment
in
TBAs
will
generally
increase
the
Fund’s
exposure
to
interest
rate
risk
and
could
also
expose
the
Fund
to
counterparty
default
risk.
In
order
to
mitigate
counterparty
default
risk,
the
Fund
only
enters
TBAs
with
counterparties
for
which
the
risk
of
default
is
determined
to
be
remote. 
11. Principal
Risks
Active
Management
Risk:
The
risk
that
the
Fund
will
fail
to
meet
its
investment
objective
and
that
the
Fund's
investment
performance will
depend,
at
least
in
part,
on
how
its
assets
are
allocated
and
reallocated
among
asset
classes,
sectors,
underlying
funds
and/or
investments
and
that
such
allocation
will
focus
on
asset
classes,
sectors,
underlying
funds,
and/
or
investments
that
perform
poorly
or
underperform
other
asset
classes,
sectors,
underlying
funds,
and/or
available
investments.
Any
given
investment
strategy
may
fail
to
produce
the
intended
results,
and
the
Fund's
portfolio
may
underperform
other
comparable
funds
because
of
portfolio
management
decisions
related
to,
among
other
things,
the
selection
of
investments,
portfolio
construction,
risk
assessments,
and/or
the
outlook
on
market
trends
and
opportunities.  
Asset-Backed
Securities
Investment
Risk:
the
risk
that
borrowers
may
default
on
the
obligations
that
underlie
the
asset-
backed
security
and
that,
during
periods
of
falling
interest
rates,
asset-backed
securities
may
be
called
or
prepaid,
which
may
result
in
the Fund
having
to
reinvest
proceeds
in
other
investments
at
a
lower
interest
rate,
and
the
risk
that
the
impairment
of
the
value
of
the
collateral
underlying
a
security
in
which
the
Fund
invests
(due,
for
example,
to
non-payment
of
loans)
will
result
in
a
reduction
in
the
value
of
the
security.
Cash
Position Risk:
The
risk
that
to
the
extent
that
the
Fund
holds
assets
in
cash,
cash
equivalents,
and
other
shortterm
investments,
the
ability
of
the
Fund
to
meet
its
objective
may
be
limited.
Cash
equivalents
and
other
short-term
investments
include
short-term
U.S.
Treasury
securities,
commercial
paper,
repurchase
agreements
and
money
market
funds.
Cash
Transactions
Risk:
  Unlike
most
other
ETFs,
the
Fund
may,
from
time
to
time,
effect
creations
and
redemptions
in
cash
or
partially
in
cash.
Therefore,
it
may
be
required
to
sell
portfolio
securities
and
subsequently
recognize
gains
on
such
sales
Capital
Loss
Carryforward
Utilized
Capital
Loss
Carryforward
Expires
DoubleLine
Securitized
Credit
ETF
$
(20,054,572
)
$
128,897
Indefinite
Undistributed
(Accumulated)
Net
Investment
Income
(Loss)
Accumulated
Net
Realized
Gain
(Loss)
Paid
In
Capital
DoubleLine
Securitized
Credit
ETF
$
623,481
$
(623,483)
$
2
Notes
to
Financial
Statements
(Cont.)
22
DoubleLine
ETF
Trust
March
31,
2026
that
the
Fund
might
not
have
recognized
if
it
were
to
distribute
portfolio
securities
in-kind.
As
such,
investments
in
shares
of
the
Fund
may
be
less
tax-efficient
than
an
investment
in
an
ETF
that
distributes
portfolio
securities
entirely
in-kind.
Collateralized
Debt
Obligations
Risk:
The risks
of
an
investment
in
a
collateralized
debt
obligation ("
CDO
")
depend
largely
on
the
quality
and
type
of
the
collateral
and
the
tranche
of
the
CDO
in
which
the Fund
invests.
Normally,
collateralized
bond
obligations, collateralized
loan
obligations and
other
CDOs
are
privately
offered
and
sold,
and
thus
are
not
registered
under
the
securities
laws.
As
a
result,
investments
in
CDOs
may
be
illiquid.
In
addition
to
the
risks
associated
with
debt
instruments
(e.g.,
interest
rate
risk
and
credit
risk),
CDOs
carry
additional
risks
including,
but
not
limited
to:
(
i
)
the
possibility
that
distributions
from
collateral
will
not
be
adequate
to
make
interest
or
other
payments;
(ii)
the
quality
of
the
collateral
may
decline
in
value
or
default;
(iii)
the
possibility
that
the Fund
may
invest
in
CDOs
that
are
subordinate
to
other
classes
of
the
issuer's
securities;
and
(iv)
the
complex
structure
of
the
security
may
not
be
fully
understood
at
the
time
of
investment
and
may
produce
disputes
with
the
issuer
or
unexpected
investment
results. 
Counterparty
Risk:
The
risk
that
the
Fund
will
be
subject
to
credit
risk
with
respect
to
the
counterparties
to
the
derivative
contracts
and
other
instruments
entered
into
directly
by
the
Fund
or
held
by
special
purpose
or
structured
vehicles
in
which
the
Fund
invests;
that
the
Fund’s
counterparty
will
be
unable
or
unwilling
to
perform
its
obligations;
that
the
Fund
will
be
unable
to
enforce
contractual
remedies
if
its
counterparty
defaults;
that
if
a
counterparty
(or
an
affiliate
of
a
counterparty)
becomes
bankrupt,
the
Fund
may
experience
significant
delays
in
obtaining
any
recovery
or
may
obtain
limited
or
no
recovery
in
a
bankruptcy
or
other
insolvency
proceeding.
To
the
extent
that
the
Fund
enters
into
multiple
transactions
with
a
single
or
a
small
set
of
counterparties,
it
will
be
subject
to
increased
counterparty
risk.
Debt
Securities
Risks
Credit Risk:
The
risk
that
an
issuer,
counterparty
or
other
obligor
to
the
Fund
will
fail
to
pay
its
obligations
to
the
Fund
when
they
are
due,
which
may
reduce
the
Fund’s
income
and/or
reduce,
in
whole
or
in
part,
the
value
of
the
Fund’s
investment.
Actual
or
perceived
changes
in
the
financial
condition
of
an
obligor,
changes
in
economic,
social
or
political
conditions
that
affect
a
particular
type
of
security,
instrument,
or
obligor,
and
changes
in
economic,
social
or
political
conditions
generally
can
increase
the
risk
of
default
by
an
obligor,
which
can
affect
a
security’s
or
other
instrument’s
credit
quality
or
value
and
an
obligor’s
ability
to
honor
its
obligations
when
due.
The
values
of
lower-quality
debt
securities
(including
debt
securities
commonly
known
as
"high
yield"
securities
or
“junk
bonds”),
including
floating
rate
loans,
tend
to
be
particularly
sensitive
to
these
changes.
Certain
debt
securities
in
the
lowest
investment
grade
category
also
may
be
considered
to
possess
some
speculative
characteristics
by
certain
rating
agencies.
The
values
of
securities
or
instruments
also
may
decline
for
a
number
of
other
reasons
that
relate
directly
to
the
obligor,
such
as
management
performance,
financial
leverage,
and
reduced
demand
for
the
obligor’s
goods
and
services,
as
well
as
the
historical
and
prospective
earnings
of
the
obligor
and
the
value
of
its
assets.
Extension
Risk:
Refers
to
the risk
that
if
interest
rates
rise,
repayments
of
principal
on
certain
debt
securities,
including,
but
not
limited
to,
floating
rate
loans
and
mortgage-related
securities,
may
occur
at
a
slower
rate
than
expected
and
the
expected
maturity
of
those
securities
could
lengthen
as
a
result.
Securities
that
are
subject
to
extension
risk
generally
have
a
greater
potential
for
loss
when
prevailing
interest
rates
rise,
which
could
cause
their
values
to
fall
sharply. The
values
of
interest-only
and
principal-only
securities
are
especially
sensitive
to
interest
rate
changes,
which
can
affect
not
only
their
prices
but
can
also
change
the
income
flows
and
repayment
assumption
about
those
investments.
Interest
Rate
Risk:
The
risk
that
debt
instruments
will
change
invalue
because
of
changes
in
interest
rates.
The
value
of
an
instrument
with
a
longer
duration
(whether
positive
or
negative)
will
be
more
sensitive
to
changes
in
interest
rates
than
a
similar
instrument
with
a
shorter
duration.
Bonds
and
other
debt
instruments
typically
have
a
positive
duration.
The
value
of
a
debt
instrument
with
positive
duration
will
generally
decline
if
interest
rates
increase.
Certain
other
investments,
such
as
inverse
floaters
and
certain
derivative
instruments,
may
have
a
negative
duration.
The
value
of
instruments
with
a
negative
duration
will
generally
decline
if
interest
rates
decrease.
Inverse
floaters,
interest-only
and
principal-only
securities
are
especially
sensitive
to
interest
rate
changes,
which
can
affect
not
only
their
prices
but
can
also
change
the
income
flows
and
repayment
assumptions
about
those
investments.
The
U.S.
government
and
the
U.S.
Federal
Reserve,
as
well
as
certain
foreign
governments
and
central
banks,
have
from
time
to
time
taken
steps
to
support
financial
markets.
The
U.S.
government
and
the
U.S.
Federal
Reserve
may,
conversely,
reduce
market
support
activities,
including
by
taking
action
intended
to
increase
certain
interest
rates.
This
and
other
government
intervention
may
not
work
as
intended,
particularly
if
the
efforts
are
perceived
by
investors
as
being
unlikely
to
achieve
the
desired
results.
Changes
in
government
activities
in
this
regard,
such
as
changes
in
interest
rate
policy,
can
negatively
affect
financial
markets
generally,
increase
market
volatility
and
reduce
the
value
and
liquidity
Notes
to
Financial
Statements
(Cont.)
March
31,
2026
Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
23
of
securities
in
which
the
Fund
invests.
Further,
in
market
environments
where
interest
rates
are
rising,
issuers
may
be
less
willing
or
able
to
make
principal
and
interest
payments
on
fixed-income
investments
when
due.
Prepayment Risk. 
 The
risk
that
the
issuer
of
a
debt
security,
including
floating
rate
loans
and
mortgage-related
securities,
repays
all
or
a
portion
of
the
principal
prior
to
the
security's
maturity.
In
times
of
declining
interest
rates,
there
is
a
greater
likelihood
that
the
Fund's
higher
yielding
securities
will
be
pre-paid
with
the
Fund
being
unable
to
reinvest
the
proceeds
in
an
investment
with
as
great
a
yield.
Prepayments
can
therefore
result
in
lower
yields
to
shareholders
of
the
Fund.
Defaulted
Securities
Risk:
The
significant
risk
of
the
uncertainty
of
repayment
of
defaulted
securities
(e.g.,
a
security
on
which
a
principal
or
interest
payment
is
not
made
when
due)
and
obligations
of
distressed
issuers
(including
insolvent
issuers
or
issuers
in
payment
or
covenant
default,
in
workout
or
restructuring
or
in
bankruptcy
or
similar
proceedings).
Such
investments
entail
high
risk
and
have
speculative
characteristics.
Derivatives
Risk:
The
risk
that
an
investment
in
derivatives
will
not
perform
as
anticipated
by
the
Adviser,
may
not
be
available
at
the
time
or
price
desired,
cannot
be
closed
out
at
a
favorable
time
or
price,
will
increase
the
Fund’s
transaction
costs,
or
will
increase
the
Fund’s
volatility;
that
derivatives
may
create
investment
leverage;
that,
when
a
derivative
is
used
as
a
substitute
for
or
alternative
to
a
direct
cash
investment,
the
transaction
may
not
provide
a
return
that
corresponds
precisely
or
at
all
with
that
of
the
cash
investment;
that
the
positions
may
be
improperly
executed
or
constructed;
that
the
Fund’s
counterparty
will
be
unable
or
unwilling
to
perform
its
obligations;
or
that,
when
used
for
hedging
purposes,
derivatives
will
not
provide
the
anticipated
protection,
causing
the
Fund
to
lose
money
on
both
the
derivatives
transaction
and
the
exposure
the
Fund
sought
to
hedge. 
Emerging
Markets
Country
Risk:
The
risk
that
investing
in
emerging
markets,
as
compared
to
foreign
developed
markets,
increases
the
likelihood
that
the
Fund
will
lose
money,
due
to
more
limited
information
about
the
issuer
and/
or
the
security;
higher
brokerage
costs;
different
accounting,
auditing
and
financial
reporting
standards;
less
developed
legal
systems;
fewer
investor
protections;
less
regulatory
oversight;
thinner
trading
markets;
the
possibility
of
currency
blockages
or
transfer
restrictions;
an
emerging
market
country’s
dependence
on
revenue
from
particular
commodities
or
international
aid;
and
the
risk
of
expropriation,
nationalization
or
other
adverse
political
or
economic
developments.
ETF
related
risks: 
Authorized
Participant
Concentration
Risk:
  As
an
ETF,
the
Fund
issues
and
redeems
shares
on
a
continuous
basis
at
net
asset
value
(“NAV”)
only
in
a
large
specified
number
of
shares
called
a
“Creation
Unit.”
Only
a
limited
number
of
institutional
investors
(known
as
“Authorized
Participants”)
are
authorized
to
purchase
(or
create)
and
redeem
shares
directly
from
the
Fund.
To
the
extent
that
these
institutions
exit
the
business
or
are
unable
to
proceed
with
creation
and/or
redemption
orders
with
respect
to
the
Fund
and
no
other
Authorized
Participant
is
able
to
step
forward
to
create
or
redeem,
in
either
of
these
cases,
Fund
shares
may
trade
at
a
discount
to
NAV
and
possibly
face
trading
halts
and/or
delisting.
Secondary
Market
Trading
Risk:
 As
an
ETF,
shares
of
the
Fund
trade
on
an
exchange,
the
NYSE
Arca,
Inc.
(the
"Exchange").
The
Fund
faces
numerous
market
trading
risks,
including
the
potential
lack
of
an
active
market
for
Fund
shares,
losses
from
trading
in
secondary
markets,
periods
of
high
volatility
and
disruptions
in
the
creation/redemption
process.
Any
of
these
factors,
among
others,
may
lead
to
the
Fund's
shares
trading
at
a
premium
or
discount
to
NAV.
Absence
of
Active
Market:
Although
the
Fund's
shares
are
currently
listed
for
trading
on
the
Exchange,
there
can
be
no
assurance
that
an
active
trading
market
for
such
shares
will
develop
or
be
maintained
by
market
makers
or
Authorized
Participants.
Authorized
Participants
are
not
obligated
to
execute
purchase
or
redemption
orders
for
Creation
Units.
In
periods
of
market
volatility,
market
makers
and/or
Authorized
Participants
may
be
less
willing
to
transact
in
Fund
shares.
The
absence
of
an
active
market
for
the
Fund's
shares
may
contribute
to
the
Fund's
shares
trading
at
a
premium
or
discount
to
NAV. 
Early
Close/Trading
Halt/Delisting
Risk:
Trading
in
Fund
shares
may
be
halted
due
to
market
conditions
or
for
other
reasons
that,
in
the
view
of
the
Exchange,
make
trading
in
shares
of
the
Fund
inadvisable.
Additionally,
an
exchange
or
market
may
close
or
issue
trading
halts
on
specific
securities,
or
the
ability
to
buy
or
sell
certain
securities
or
financial
instruments
may
be
restricted,
which
may
result
in
the
Fund
being
unable
to
buy
or
sell
certain
securities
or
financial
instruments.
In
such
circumstances,
the
Fund
may
be
unable
to
rebalance
its
portfolio,
may
be
unable
to
accurately
price
its
investments
and/or
may
incur
substantial
trading
losses.
The
Fund
must
satisfy
various
standards
established
by
the
Exchange
in
order
to
ensure
that
Fund
shares
can
Notes
to
Financial
Statements
(Cont.)
24
DoubleLine
ETF
Trust
March
31,
2026
continue
to
be
listed
for
trading.
There
can
be
no
assurance
that
the
requirements
of
the
Exchange
necessary
to
maintain
the
listing
of
the
Fund
will
continue
to
be
met. 
Trading
in
fund
shares
is
subject
to
expenses:
Most
Fund
investors
will
buy
and
sell
Fund
shares
on
the
Exchange
or
on
another
secondary
market.
When
buying
or
selling
shares
of
the
Fund,
investors
typically
will
pay
brokerage
commissions
or
other
charges
imposed
by
brokers
as
determined
by
that
broker.
In
addition,
secondary
market
investors
will
also
incur
the
cost
of
the
difference
between
the
price
that
a
buyer
is
willing
to
pay
for
shares
(the
"bid"
price)
and
the
price
at
which
a
seller
is
willing
to
sell
shares
(the
"ask"
price).
This
difference
in
bid
and
ask
prices
is
often
referred
to
as
the
"spread"
or
"bid/ask
spread." 
Fund
shares
may
be
sold
short:
Shares
of
the
Fund,
similar
to
shares
of
other
issuers
listed
on
a
stock
exchange,
may
be
sold
short
and
are
therefore
subject
to
the
risk
of
increased
volatility
and
price
decreases
associated
with
short
selling
activity. 
Fund
shares
may
trade
at
prices
other
than
NAV
:
Shares
of
the
Fund
trade
on
the
Exchange
at
prices
at,
above
or
below
the
Fund’s
most
recent
NAV.
The
NAV
of
the
Fund
is
calculated
at
the
end
of
each
business
day
and
fluctuates
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
trading
price
of
the
Fund’s
shares
fluctuates
continuously
throughout
trading
hours
in
response
to
relative
supply
of
and
demand
for
Fund
shares
on
the
Exchange
and
the
underlying
value
of
the
Fund’s
portfolio
holdings
or
NAV.
As
a
result,
the
trading
prices
of
the
Fund’s
shares
may
deviate
significantly
from
NAV
during
periods
of
market
volatility,
including
during
periods
of
high
redemption
requests
or
other
unusual
market
conditions.
Any of
these
factors, among
others, may lead to the fund's shares trading at a premium or discount to
NAV.
Disruptions
to
creations
and
redemptions,
the
existence
of
extreme
market
volatility
or
potential
lack
of
an
active
trading
market
for
Fund
shares
may
result
in
shares
trading
at
a
significant
premium
or
discount
to
NAV
and/or
in
a
reduced
liquidity
of
a
shareholder’s
investment.
During
such
periods,
shareholders
may
be
unable
to
sell
their
shares,
may
pay
significantly
more
than
NAV
when
buying
Fund
shares,
or
may
receive
significantly
less
than
NAV
when
selling
Fund
shares.
Financial
Services
Risk:
The
risk
that
an
investment
in
issuers
in
the
financial
services
sector
or
transactions
with
one
or
more
counterparties
in
the
financial
services
sector
may
be
adversely
affected
by,
among
other
things:
(
i
)
changes
in
governmental
regulation,
which
may
limit
both
the
amounts
and
the
types
of
loans
and
other
financial
commitments
financial
services
companies
can
make,
the
interest
rates
and
fees
they
can
charge,
the
scope
of
their
activities,
the
prices
they
can
charge
and
the
amount
of
capital
they
must
maintain;
(ii)
fluctuations,
including
as
a
result
of
interest
rate
changes
or
increased
competition,
in
the
availability
and
cost
of
capital
of
funds
on
which
the
profitability
of
financial
services
companies
is
largely
dependent;
(iii)
deterioration
of
the
credit
markets;
(iv)
credit
losses
resulting
from
financial
difficulties
of
borrowers,
especially
when
financial
services
companies
are
exposed
to
non-diversified
or
concentrated
loan
portfolios;
(v)
financial
losses
associated
with
investment
activities,
especially
when
financial
services
companies
are
exposed
to
financial
leverage;
(vi)
the
risk
that
any
financial
services
company
experiences
substantial
declines
in
the
valuations
of
its
assets,
takes
action
to
raise
capital,
or
ceases
operations;
(vii)
the
risk
that
a
market
shock
or
other
unexpected
market,
economic,
political,
regulatory,
or
other
event
might
lead
to
a
sudden
decline
in
the
values
of
most
or
all
companies
in
the
financial
services
sector;
(viii)
events
leading
to
limited
liquidity,
defaults,
non-performance
or
other
adverse
developments
that
affect
financial
institutions
or
the
financial
services
industry
generally,
or
concerns
or
rumors
about
any
events
of
these
kinds
or
other
similar
risks,
leading
to
market-wide
liquidity
problems;
and
(ix)
the
interconnectedness
or
interdependence
among
financial
services
companies,
including
the
risk
that
the
financial
distress
or
failure
of
one
financial
services
company
may
materially
and
adversely
affect
a
number
of
other
financial
services
companies.
Focused
Investment
Risk:
The
risk
that
the fund
that
invests
a
substantial
portion
of
its
assets
in
a
particular
market,
industry,
sector,
group
of
industries
or
sectors,
country,
region,
group
of
countries
or
asset
class
is,
relative
to
the fund
that
invests
in
a
more
diverse
investment
portfolio,
more
susceptible
to
any
single
economic,
market,
political,
regulatory
or
other
occurrence.
This
is
because,
for
example,
issuers
in
a
particular
market,
industry,
region,
sector
or
asset
class
may
react
similarly
to
specific
economic,
market,
regulatory,
political
or
other
developments.
The
particular
markets,
industries,
regions,
sectors
or
asset
classes
in
which
the
Fund
may
focus
its
investments
may
change
over
time
and
the
Fund
may
alter
its
focus
at
inopportune
times. 
Foreign
Currency
Risk:
  The
risk
that
fluctuations
in
exchange
rates
may
adversely
affect
the
value
of
the Fund’s
investments
denominated
in
foreign
currencies.
Foreign
Investing Risk:
The
risk
that
investments
in
foreign
securities
or
in
issuers
with
significant
exposure
to
foreign
markets,
as
compared
to
investments
in
U.S.
securities
or
in
issuers
with
predominantly
domestic
market
exposure,
may
Notes
to
Financial
Statements
(Cont.)
March
31,
2026
Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
25
be
more
vulnerable
to
economic,
political,
and
social
instability
and
subject
to
less
government
supervision,
less
protective
custody
practices,
lack
of
transparency,
inadequate
regulatory
and
accounting
standards,
delayed
or
infrequent
settlement
of
transactions,
and non-U.S.
taxes.
If
the Fund
buys
securities
denominated
in
a
foreign
currency,
receives
income
in
foreign
currencies,
or
holds
foreign
currencies
from
time
to
time,
the
value
of
the
Fund’s
assets,
as
measured
in
U.S.
dollars,
can
be
affected
unfavorably
by
changes
in
exchange
rates
relative
to
the
U.S.
dollar
or
other
foreign
currencies.
Foreign
markets
are
also
subject
to
the
risk
that
a
foreign
government
could
restrict
foreign
exchange
transactions
or
otherwise
implement
unfavorable
currency
regulations.
In
addition,
foreign
securities
may
be
subject
to
currency
exchange
rates
or
regulations,
the
imposition
of
economic
sanctions,
tariffs or
other
government
restrictions,
higher
transaction
and
other
costs,
reduced
liquidity,
and
delays
in
settlement.
High
Yield
Risk:
 The
risk
that
debt
instruments
rated
below
investment
grade
or
debt
instruments
that
are
unrated
and
of
comparable
or
lesser
quality
are
predominantly
speculative.
These
instruments,
commonly
known
as
"junk
bonds,"
have
a
higher
degree
of
default
risk
and
may
be
less
liquid
than
higher-rated
bonds.
These
instruments
may
be
subject
to
greater
price
volatility
due
to
such
factors
as
specific
corporate
developments,
interest
rate
sensitivity,
negative
perceptions
of
high
yield
investments
generally,
and
less
secondary
market
liquidity.
Inflation-Indexed
Bond
Risk:
The
risk
that
such
bonds
will
change
in
value
in
response
to
actual
or
anticipated
changes
in
inflation
rates
in
a
manner
unanticipated
by
the Fund's
portfolio
management
team
or
investors
generally.
Inflation-indexed
bonds
are
subject
to
debt
securities
risks. 
Investment
Company
and
Exchange-Traded
Fund
Risk:
The
risk
that
an
investment
company
or
other
pooled
investment
vehicle,
including
any
ETFs
or
money
market
funds,
in
which
the
Fund
invests
will
not
achieve
its
investment
objective
or
execute
its
investment
strategies
effectively
or
that
significant
purchase
or
redemption
activity
by
shareholders
of
such
an
investment
company
might
negatively
affect
the
value
of
its
shares.
The
Fund
must
pay
its
pro
rata
portion
of
an
investment
company’s
fees
and
expenses.
To
the
extent
the
Adviser
determine
to
invest
Fund
assets
in
other
investment
companies,
the
Adviser
will
have
an
incentive
to
invest
in
other
investment
vehicles
sponsored
or
advised
by
the
Adviser
or
a
related
party
of
the
Adviser
over
investment
companies
sponsored
or
managed
by
others
and
to
maintain
such
investments
once
made
due
to
its
own
financial
interest
in
those
products
and
other
business
considerations.
Large
Transactions Risk:
 The risk
that
certain
account
holders,
including
the
Adviser
or
funds
or
accounts
over
which
the
Adviser(or
related
parties
of
the
Adviser)
have
investment
discretion,
may
from
time
to
time
own
or
control
a
significant
percentage
of
the
Fund’s
shares.
The
Fund
is
subject
to
the
risk
that
a
redemption
by
those
shareholders
of
all
or
a
portion
of
their
Fund
shares,
including
as
a
result
of
an
asset
allocation
decision
made
by
the
Adviser
(or
related
parties
of
the
Adviser),
will
adversely
affect
the
Fund’s
performance
if
it
is
forced
to
sell
portfolio
securities
or
invest
cash
when
the
Adviser
would
not
otherwise
choose
to
do
so.
In
addition,
a
large
number
of
shareholders
collectively
may
purchase
or
sell
Fund
shares
in
large
amounts
rapidly
or
unexpectedly.
Redemptions
of
a
large
number
of
shares
may
affect
the
liquidity
of
the
Fund’s
portfolio,
increase
the
Fund’s
transaction
costs,
and
accelerate
the
realization
of
taxable
income
and/or
gains
to
shareholders.
Shareholder
redemptions
can
only
be
effected
in
Creation
Units.
Leverage
Risk: 
  The
risk
that
certain
investments
by the
Fund
involving
leverage
may
have
the
effect
of
increasing
the
volatility
of
the
value
of
the
Fund's
portfolio,
and
the
risk
of
loss
in
excess
of
invested
capital.
Limited
Operating
History
Risk:
  The
risk
that the
Fund
that
has
recently
been
formed
has
a
limited
operating
history
to
evaluate.
The
Fund
may
not
attract
sufficient
assets
to
achieve
or
maximize
investment
and
operational
efficiencies
and
remain
viable.
If
the
Fund
fails
to
achieve
sufficient
scale,
it
may
be
liquidated.
Liquidity
Risk:
The
risk
that
the
Fund
may
be
unable
to
sell
a
portfolio
investment
at
a
desirable
time
or
at
the
value
the
Fund
has
placed
on
the
investment. 
Loan
Risk:
 The
risk
that
(
i
)
if
the
Fund
holds
a
loan
through
another
financial
intermediary,
or
relies
on
a
financial
intermediary
to
administer
the
loan,
its
receipt
of
principal
and
interest
on
the
loan
may
be
subject
to
the
credit
risk
of
that
financial
intermediary;
(ii)
any
collateral
securing
a
loan
may
be
insufficient
or
unavailable
to
the
Fund,
because,
for
example,
the
value
of
the
collateral
securing
a
loan
can
decline,
be
insufficient
to
meet
the
obligations
of
the
borrower,
or
be
difficult
to
liquidate,
and
the
Fund's
rights
to
collateral
may
be
limited
by
bankruptcy
or
insolvency
laws;
(iii)
investments
in
highly
leveraged
loans
or
loans
of
stressed,
distressed,
or
defaulted
issuers
may
be
subject
to
significant
credit
and
liquidity
risk;
(iv)
a
bankruptcy
or
other
court
proceeding
could
delay
or
limit
the
ability
of
the
Fund
to
collect
the
principal
and
interest
payments
on
that
borrower's
loans
or
adversely
affect
the
Fund's
rights
in
collateral
relating
to
a
loan;
(v)
there
may
be
limited
public
information
available
regarding
the
loan
and
the
relevant
borrower(s);
(vi)
the
use
of
a
particular
interest
rate
benchmark,
may
limit
the
Fund’s
ability
to
achieve
a
net
return
to
shareholders
that
consistently
approximates
the
average
published
Prime
Rate
of
U.S.
banks;
(vii)
the
prices
of
certain
floating
rate
loans
that
include
a
feature
that
Notes
to
Financial
Statements
(Cont.)
26
DoubleLine
ETF
Trust
March
31,
2026
prevents
their
interest
rates
from
adjusting
if
market
interest
rates
are
below
a
specified
minimum
level
may
appreciate
less
than
other
instruments
in
response
to
changes
in
interest
rates
should
interest
rates
rise
but
remain
below
the
applicable
minimum
level;
(viii)
if
a
borrower
fails
to
comply
with
various
restrictive
covenants
that
may
be
found
in
loan
agreements,
the
borrower
may
default
in
payment
of
the
loan;
(ix)
if
the
Fund
invests
in
loans
that
contain
fewer
or
less
restrictive
constraints
on
the
borrower
than
certain
other
types
of
loans
(“covenant-lite”
loans),
it
may
have
fewer
rights
against
the
borrowers
of
such
loans,
including
fewer
protections
against
the
possibility
of
default
and
fewer
remedies
in
the
event
of
default;
(x)
the
loan
is
unsecured;
(xi)
there
is
a
limited
secondary
market;
(xii)
transactions
in
loans
may
settle
on
a
delayed
basis,
and
the
Fund
may
not
receive
the
proceeds
from
the
sale
of
a
loan
for
a
substantial
period
of
time
after
the
sale,
which
may
result
in
sale
proceeds
related
to
the
sale
of
loans
not
being
available
to
make
additional
investments
or
to
meet
the
Fund’s
redemption
obligations
until
potentially
a
substantial
period
after
the
sale
of
the
loans;
and
(xiii)
loans
may
be
difficult
to
value
and
may
be
illiquid,
which
may
adversely
affect
an
investment
in
the
Fund.
The
Fund
may
invest
in
loans
directly
or
indirectly
by
investing
in
shares
of
another
investment
company
and
in
either
case
will
be
subject
to
the
risks
described
above.
Market Risk:
 The
risk
that
markets
will
perform
poorly
or
that
the
returns
from
the
securities
in
which
the
Fund
invests
will
underperform
returns
from
the
general
securities
markets
or
other
types
of
investments.
Markets
may,
in
response
to
governmental
actions
or
intervention
or
general
market
conditions,
including
real
or
perceived
adverse
political,
economic
or
market
conditions,
tariffs
and
trade
disruptions,
inflation,
recession,
changes
in
interest
or
currency
rates,
lack
of
liquidity
in
the
bond
markets
or
adverse
investor
sentiment,
or
other
external
factors,
experience
periods
of
high
volatility
and
reduced
liquidity.
During
those
periods,
the
Fund
may
experience
high
levels
of
shareholder
redemptions,
which
may
only
occur
in
Creation
Units.
To
satisfy
such
redemptions,
the
Fund
may
have
to
sell
securities
at
times
when
the
Fund
would
otherwise
not
do
so,
and
potentially
at
unfavorable
prices.
Certain
securities
may
be
difficult
to
value
during
such
periods.
Market
risk
involves
the
risk
that
the
value
of
the
Fund’s
investment
portfolio
will
change,
potentially
frequently
and
in
large
amounts,
as
the
prices
of
its
investments
go
up
or
down.
During
periods
of
severe
market
stress,
it
is
possible
that
the
market
for
some
or
all
of
the
Fund’s
investments
may
become
highly
illiquid.
The
U.S.
government
and
the
U.S.
Federal
Reserve,
as
well
as
certain
foreign
governments
and
central
banks,
have
from
time
to
time
taken
steps
to
support
financial
markets.
The
U.S.
government
and
the
U.S.
Federal
Reserve
may,
conversely,
reduce
market
support
activities,
including
by
taking
action
intended
to
increase
certain
interest
rates.
This
and
other
government
intervention
may
not
work
as
intended,
particularly
if
the
efforts
are
perceived
by
investors
as
being
unlikely
to
achieve
the
desired
results.
Changes
in
government
activities
in
this
regard,
such
as
changes
in
interest
rate
policy,
can
negatively
affect
financial
markets
generally,
increase
market
volatility
and
reduce
the
value
and
liquidity
of
securities
in
which
the
Fund
invests.
Mortgage-Backed
Securities
Risk:
  The
risk
that
borrowers
may
default
on
their
mortgage
obligations
or
the
guarantees
underlying
the
mortgage-backed
securities
will
default
or
otherwise
fail
and
that,
during
periods
of
falling
interest
rates,
mortgage-backed
securities
will
be
called
or
prepaid,
which
may
result
in
the Fund
having
to
reinvest
proceeds
in
other
investments
at
a
lower
interest
rate.
During
periods
of
rising
interest
rates,
the
average
life
of
a
mortgage-backed
security
may
extend,
which
may
lock
in
a
below-market
interest
rate,
increase
the
security's
duration,
and
reduce
the
value
of
the
security.
Enforcing
rights
against
the
underlying
assets
or
collateral
may
be
difficult,
or
the
underlying
assets
or
collateral
may
be
insufficient
if
the
issuer
defaults.
The
values
of
certain
types
of
mortgage-backed
securities,
such
as
inverse
floaters
and
interest-only
and
principal-only
securities,
may
be
extremely
sensitive
to
changes
in
interest
rates
and
prepayment
rates.
The
Fund
may
invest
in
mortgage-backed
securities
that
are
subordinate
in
their
right
to
receive
payment
of
interest
and
repayment
of
principal
to
other
classes
of
the
issuer's
securities.
Operational
And
Information
Security
Risks:
 An
investment
in the
Fund,
like
any
fund,
can
involve
operational
risks
arising
from
factors
such
as
processing
errors,
human
errors,
inadequate
or
failed
internal
or
external
processes,
failures
in
systems
and
technology,
changes
in
personnel
and
errors
caused
by
third-party
service
providers.
The
rapid
development
and
increasingly
widespread
use
of
artificial
intelligence
in
the
financial
services
industry,
including
machine
learning
technology
and
generative
artificial
intelligence
such
as
ChatGPT,
could
exacerbate
these
risks.
The
occurrence
of
any
of
these
failures,
errors
or
breaches
could
result
in
investment
losses
to
the Fund,
a
loss
of
information,
regulatory
scrutiny,
reputational
damage
or
other
events,
any
of
which
could
have
a
material
adverse
effect
on
the Fund.
While
the
Fund
seek
to
minimize
such
events
through
controls
and
oversight,
there
may
still
be
failures
that
could
cause
losses
to
the Fund.
Real
Estate
Sector Risk: 
 The
risk
that
real
estate-related
investments
may
decline
in
value
as
a
result
of
factors
affecting
the
real
estate
sector,
such
as
the
supply
of
real
property
in
certain
markets,
changes
in
zoning
laws,
delays
in
completion
of
construction,
changes
in
real
estate
values,
changes
in
property
taxes,
levels
of
occupancy,
and
local,
regional
and
general
market
conditions.
Along
with
the
risks
common
to
different
types
of
real
estate-related
investments,
real
estate
investment
trusts
(“REITs”),
no
matter
the
type,
involve
additional
risk
factors,
including
poor
performance
by
the
REIT’s
manager,
adverse
changes
to
the
tax
laws,
and
the
possible
failure
by
the
REIT
to
qualify
for
the
favorable
tax
treatment
Notes
to
Financial
Statements
(Cont.)
March
31,
2026
Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
27
available
to
REITs
under
the
Internal
Revenue
Code
or
the
exemption
from
registration
under
the
1940
Act.
REITs
are
not
diversified
and
are
heavily
dependent
on
cash
flow
earned
on
the
property
interests
they
hold.
Restricted
Securities
Risk:
the
risk
that
the Fund
may
be
prevented
or
limited
by
law
or
the
terms
of
an
agreement
from
selling
a
security
(a
"
restricted
security
").
To
the
extent
that
the Fund
is
permitted
to
sell
a
restricted
security,
there
can
be
no
assurance
that
a
trading
market
will
exist
at
any
particular
time,
and
the
Fund
may
be
unable
to
dispose
of
the
security
promptly
at
reasonable
prices
or
at
all.
The
Fund
may
have
to
bear
the
expense
of
registering
the
securities
for
resale
and
the
risk
of
substantial
delays
in
effecting
the
registration.
Also,
restricted
securities
may
be
difficult
to
value
because
market
quotations
may
not
be
readily
available,
and
the
values
of
restricted
securities
may
have
significant
volatility.
Securities
or
Sector
Selection
Risk: 
  The
risk
that
the
securities
held
by
the
Fund
will
underperform
securities
held
in
other
funds
investing
in
similar
asset
classes
or
comparable
benchmarks
because
of
the
portfolio
managers’
choice
of
securities
or
sectors
for
investment.
To
the
extent
the
Fund
allocates
a
higher
percentage
of
its
investment
portfolio
to
a
particular
sector
or
related
sectors,
the
Fund
will
be
more
susceptible
to
events
or
factors
affecting
companies
in
that
sector
or
related
sectors.
For
example,
the
values
of
securities
of
companies
in
the
same
or
related
sectors
may
be
negatively
affected
by
the
common
characteristics
they
share,
the
common
business
risks
to
which
they
are
subject,
common
regulatory
burdens,
or
regulatory
changes
that
affect
them
similarly.
Such
characteristics,
risks,
burdens
or
changes
include,
but
are
not
limited
to,
changes
in
governmental
regulation,
inflation
or
deflation,
rising
or
falling
interest
rates,
competition
from
new
entrants,
and
other
economic,
market,
political
or
other
developments
specific
to
that
sector
or
related
sectors.
Short
Position
Risk: 
The
risk
that
an
increase
in
the
value
of
an
instrument,
index
or
interest
rate
with
respect
to
which
the
Fund
has
established
a
short
position
will
result
in
a
loss
to
the
Fund.
Structured
Products
and
Structured
Notes
Risk: 
The
risk
that
an
investment
in
a
structured
product,
which
includes,
among
other
things,
CDOs,
mortgage-backed
securities,
other
types
of
asset-backed
securities
and
certain
types
of
structured
notes,
may
decline
in
value
due
to
changes
in
the
underlying
instruments,
indexes,
interest
rates
or
other
factors
on
which
the
product
is
based
(“
reference
measure
”).
Depending
on
the
reference
measure
used
and
the
use
of
multipliers
or
deflators
(if
any),
changes
in
interest
rates
and
movement
of
the
reference
measure
may
cause
significant
price
and
cash
flow
fluctuations.
Application
of
a
multiplier
is
comparable
to
the
use
of
financial
leverage,
a
speculative
technique.
Holders
of
structured
products
indirectly
bear
risks
associated
with
the
reference
measure,
are
subject
to
counterparty
risk
and
typically
do
not
have
direct
rights
against
the
reference
measure.
Structured
products
are
generally
privately
offered
and
sold,
and
thus,
are
not
registered
under
the
securities
laws
and
may
be
thinly
traded
or
have
a
limited
trading
market
and
may
have
the
effect
of
increasing
the
Fund’s
illiquidity,
reducing
the
Fund’s
income
and
the
value
of
the
investment.
At
a
particular
point
in
time,
the
Fund
may
be
unable
to
find
qualified
buyers
for
these
securities.
Investments
in
structured
notes
involve
risks
including
interest
rate
risk,
credit
risk
and
market
risk.
U.S.
Government
Securities
Risk:
 The
risk
that
debt
securities
issued
or
guaranteed
by
certain
U.S.
government
agencies,
instrumentalities,
and
sponsored
enterprises
are
not
supported
by
the
full
faith
and
credit
of
the
U.S.
government,
and
so
investments
in
their
securities
or
obligations
issued
by
them
involve
credit
risk
greater
than
investments
in
other
types
of
U.S.
government
securities. 
Valuation
Risk: 
The
risk
that
the Fund
will
not
value
its
investments
in
a
manner
that
accurately
reflects
their
market
values
or
that
the
Fund
will
not
be
able
to
sell
any
investment
at
a
price
equal
to
the
valuation
ascribed
to
that
investment
for
purposes
of
calculating
the
Fund's
NAV.
The
valuation
of
the Fund's
investments
involves
subjective
judgment.
Certain
securities
in
which
the
Fund
may
invest
may
be
more
difficult
to
value
accurately,
especially
during
periods
of
market
disruptions
or
extreme
market
volatility.
Incorrect
valuations
of
the
Fund's
portfolio
holdings
could
result
in
the
Fund's
shareholder
transactions
being
effected
at
a
NAV
that
does
not
accurately
reflect
the
underlying
value
of
the
Fund's
portfolio,
resulting
in
the
dilution
of
shareholder
interests. 
12. Fund
Reorganization
On
January
30,
2026,
the
DoubleLine
Securitized
Credit
ETF
acquired
all
of
the
assets
and
assumed
all
of
the
liabilities
of
the
DoubleLine
Securitized
Credit
Fund,
formerly
known
as
the
DoubleLine
Income
Fund
("Predecessor
Fund") pursuant
to
an
agreement
and
plan
of
reorganization
approved
by
the
board
of
DoubleLine
Funds
Trust
and
the
Board
of
Trustees
of
the
Trust
on
August
19,
2025
(the
“Reorganization”).
The
Reorganization
was
accomplished
by
a
tax-free
exchange
as
follows:
On
the
close
of
business
on
January
30,
2026,
19,417,915
shares
of
Class
I
and
Class
N
of
the
Predecessor
Fund,
valued
at
$154,236,268,
were
outstanding.
After
the
Reorganization,
the
Fund
had
6,168,958
shares
outstanding
valued
at
$154,223,950.
Notes
to
Financial
Statements
(Cont.)
28
DoubleLine
ETF
Trust
March
31,
2026
The
investment
portfolio
of
the
Predecessor
Fund,
with
a
value
of
$146,822,678
and
identified
cost
of
$148,117,932,
was
the
principal
asset
acquired
by
the
Fund.
For
financial
reporting
purposes,
assets
received
and
shares
issued
by
the
Fund
were
recorded
at
fair
value;
however,
the
cost
basis
of
the
investments
received
from
the
Predecessor
Fund
was
carried
forward
to
align
ongoing
reporting
of
the
Fund’s
realized
and
unrealized
gains
and
losses
with
amounts
distributable
to
shareholders
for
tax
purposes.
Historical
share
transaction
and
per
share
information
for
the
Predecessor
Fund
was
retroactively
adjusted
to
reflect
the
change
in
capital
structure
due
to
the
reorganization.
Because
the
combined
investment
portfolios
have
been
managed
as
a
single
integrated
portfolio
since
the
Reorganization
was
completed,
it
is
not
practicable
to
separate
the
amounts
of
revenue
and
earnings
of
the
Predecessor
Fund
that
have
been
reflected
in
the
statement
of
operations
since
January
30,
2026,
for
the
Fund.
The
Predecessor
Fund
and
the
Acquiring
Fund
("DoubleLine
Securitized
Credit
ETF")
had
identical
investment
objectives
and
substantially
similar
principal
investment
strategies
and
principal
risks.
For
financial
reporting
purposes,
the
Predecessor
Fund’s
financial
and
performance
history
prior
to
the
Reorganization
is
carried
forward
and
reflected
in
the
Acquiring
Fund’s
financial
statements
and
financial
highlights.
13. Subsequent
Events 
In
preparing
these
financial
statements,
the
Fund
has
evaluated
events
and
transactions
for
potential
recognition
or
disclosure
through
the
date
the
financial
statements
were
issued.
The
Fund
has
determined
there
are
no
subsequent
events
that
would
need
to
be
disclosed
in
the
Fund's
financial
statements. 
Before
Reorganization
After
Reorganization
DoubleLine
Securitized
Credit
Fund
DoubleLine
Securitized
Credit
ETF
Net
Assets
$
154,236,268
$
154,223,950
Shares
Outstanding
19,417,915
6,168,958
Net
Asset
Value
Per
Share
$
7.94
$
25.00
Net
Unrealized
Appreciation
$
(1,295,254)
$
(1,295,236)
Annual
Report
|
March
31,
2026
29
Report
of
Independent
Registered
Public
Accounting
Firm
March
31,
2026
The
Board
of
Trustees
and
Shareholders
of
DoubleLine
Securitized
Credit
ETF:
Opinion
on
the
Financial
Statements
and
Financial
Highlights
We
have
audited
the
accompanying
statement
of
assets
and
liabilities
of
DoubleLine
Securitized
Credit
ETF
(formerly
DoubleLine
Securitized
Credit
Fund)
(the
“Fund”),
including
the
schedule
of
investments,
as
of
March
31,
2026,
the
related
statements
of
operations,
changes
in
net
assets,
and
financial
highlights
for
the
year
then
ended,
and
the
related
notes
(collectively
referred
to
as
the
”financial
statements
and
financial
highlights”).
In
our
opinion,
the
financial
statements
and
financial
highlights
present
fairly,
in
all
material
respects,
the
financial
position
of
DoubleLine
Securitized
Credit
ETF
as
of
March
31,
2026,
and
the
results
of
its
operations,
the
changes
in
its
net
assets,
and
the
financial
highlights
for
the
year
then
ended
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
The
statement
of
changes
in
net
assets
for
the
year
ended
March
31,
2025,
and
the
financial
highlights
for
each
of
the
four
years
in
the
period
ended
March
31,
2025,
before
the
effects
of
the
adjustments
to
retrospectively
adjust
the
financial
highlights
for
the
effect
of
the
reorganization
discussed
in
Note
12
to
the
financial
statements,
were
audited
by
predecessor
auditors
whose
report,
dated
May
21,
2025,
expressed
an
unqualified
opinion
on
those
statements.
We
have
also
audited
the
adjustments
to
the
financial
highlights
for
each
of
the
four
years
in
the
period
ended
March
31,
2025
to
retrospectively
adjust
the
financial
highlights
to
give
effect
to
the
reorganization
discussed
in
Note
12
to
the
financial
statements.
Our
procedures
included
(1)
comparing
the
amounts
shown
in
the
financial
highlights
to
the
Fund's
underlying
accounting
analysis,
(2)
comparing
the
previously
reported
financial
highlights
per
the
Fund's
accounting
analysis
to
the
previously
issued
financial
statements,
and
(3)
recalculating
the
revised
per
share
amounts
to
give
effect
to
the
change
in
capital
structure
and
testing
the
mathematical
accuracy
of
the
underlying
analysis.
In
our
opinion,
such
retrospective
adjustments
are
appropriate
and
have
been
properly
applied.
However,
we
were
not
engaged
to
audit,
review,
or
apply
any
procedures
to
financial
statements
of
the
Fund
for
each
of
the
four
years
in
the
period
ended
March
31,
2025
other
than
with
respect
to
the
retrospective
adjustments,
and
accordingly,
we
do
not
express
an
opinion
or
any
other
form
of
assurance
on
the
financial
statements
taken
as
a
whole
for
each
of
the
four
years
in
the
period
ended
March
31,
2025.
Basis
for
Opinion
These
financial
statements
and
financial
highlights
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
and
financial
highlights
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audit
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
and
financial
highlights
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Fund
is
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
their
internal
control
over
financial
reporting.
As
part
of
our
audits
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Fund’s
internal
control
over
financial
reporting.
Accordingly,
we
express
no
such
opinion.
Our
audit
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements
and
financial
highlights,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements
and
financial
highlights.
Our
audit
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements
and
financial
highlights.
Our
procedures
included
confirmation
of
investments
owned
as
of
March
31,
2026,
by
correspondence
with
the
custodian,
transfer
agent,
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
Deloitte
&
Touche
LLP
Costa
Mesa,
California
May
28,
2026
We
have
served
as
the
auditor
of
one
or
more
affiliated
investment
companies
of
DoubleLine
Funds
investment
companies
since
2013.
Federal
Tax
Information
30
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2026
For
the
year
ended
March
31,
2026,
certain
dividends
paid
by
the
Fund
may
be
subject
to
a
maximum
tax
rate
of
15%
(20%
for
taxpayers
with
taxable
income
greater
than
$545,500
for
single
individuals
and
$613,700
for
married
couples
filing
jointly),
as
provided
for
by
the
Jobs
and
Growth
Tax
Relief
Reconciliation
Act
of
2003
and
The
Tax
Cuts
and
Jobs
Act
of
2017.
The
percentage
of
dividends
declared
from
ordinary
income
designated
as
qualified
dividend
income
was
as
follows:
For
corporate
shareholders,
the
percent
of
ordinary
income
distributions
qualifying
for
the
corporate
dividends
received
deduction
for
the
year
ended
March
31,
2026 was
as
follows:
The
percentage
of
taxable
ordinary
income
distributions
that
are
designated
as
short-term
capital
gain
distributions
under
Internal
Revenue
Section
871(k)(2)(c)
for
the year
ended
March
31,
2026 for
the
Fund
was
as
follows:
The
percentage
of
taxable
ordinary
income
distributions
that
are
designated
as
interest
related
dividends
under
Internal
Revenue
Section
871(k)(1)(c)
for
the
year
ended
March
31,
2026 for the Fund
was
as
follows:
Shareholders
are
advised
to
consult
their
own
tax
adviser
with
respect
to
the
tax
consequences
of
their
investment
in
the
Fund. 
Qualified
Dividend
Income
DoubleLine
Securitized
Credit
ETF
0.00%
Dividends
Received
Deduction
DoubleLine
Securitized
Credit
ETF
0.00%
Qualified
Short-Term
Gains
DoubleLine
Securitized
Credit
ETF
0.00%
Qualified
Interest
Income
DoubleLine
Securitized
Credit
ETF
74.68%
Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
31
Privacy
Policy
March
31,
2026
At
DoubleLine,
we
care
about
your
privacy,
value
the
trust
you
place
in
us
when
you
share
your
personal
information,
and
recognize
the
obligation
to
keep
this
information
secure.
This
notice
provides
information
about
how
DoubleLine
(“we,”
“our,”
and
“us”)
collects,
uses,
discloses,
and
protects
your
personal
information,
and
how
you
might
choose
to
limit
our
ability
to
share
certain
information
about
you.
Please
read
this
notice
carefully.
Information
We
Collect
or
Receive
About
You
We
may
collect
and
retain
certain
non-public
personal
information
about
you,
including
your:
Contact
information,
such
as
your
name,
address,
email
address,
your
home
and
mobile
telephone
numbers;
 Personal
information,
such
as
your
date
of
birth,
social
security
number,
driver’s
license
number,
state
identification
card
or
passport
number;
Account
information,
such
as
your
account
number,
your
balance,
investment
transaction
activities
(including
to
the
extent
necessary
for
our
servicing
of
your
account(s)
with
us);
Internet
or
other
electronic
network
activity,
but
not
limited
to,
browsing
history,
search
history
and
information
regarding
your
interaction
with
our
website;
Financial
information,
such
as
your
risk
tolerance,
sources
of
wealth
and
your
assets,
which
may
include
details
of
shareholdings
and
beneficial
interests
in
financial
instruments,
and
your
bank
details;
and
Beneficial
information,
such
as
your
family
relationships,
which
may
include
your
marital
status,
the
identity
of
your
spouse
and
dependents
that
you
have.
How
We
Use
Your
Information
We
collect
only
the
information
we
need.
DoubleLine
does
not
sell
your
non-public
personal
information
to
any
third
parties.
We
may
use
the
information
we
collect
from
you
in
a
variety
of
ways,
including:
To
provide
information
and
communicate
with
you
including
through
emails
and/or
text
messages;
To
support
our
routine
business
operations
(e.g.,
operate
our
websites,
complete
financial
transactions
that
you
request,
etc.);
To
promote
our
products
and
services;
To
comply
with
applicable
legal,
regulatory
and
reporting
obligations;
and
To
create
and
maintain
records
to
the
extent
necessary
for
account
servicing,
process
transactions,
and
for
third-party
delivery
services.
Where
We
Obtain
Your
Information
Depending
on
your
relationship
with
DoubleLine,
we
may
collect
or
receive
information
about
you
directly
from
you
and
from
other
sources
including
from:
Your
account
application,
your
employer,
retirement
plan
sponsors,
financial
intermediaries
and
service
providers;
and
Cookies,
beacons,
pixel
tags
and
other
similar
technologies
linked
to
your
IP
address,
web
browser,
social
media
and
other
online
service
providers.
What
is
the
Legal
Basis
for
Collecting
and
Processing
Your
Information
We
may
collect
your
information
for
the
following
basis:
Administration
of
our
funds
and
business;
Performance
of
the
contract
we
have
with
you;
Processing
for
the
proper
administration
of
our
website;
Compliance
with
a
legal
and
regulatory
obligation;
Consent,
where
required
by
applicable
law;
or
Consent,
to
the
processing
where
it
is
entirely
voluntary,
and
not
necessary
or
compulsory
in
any
way.
If
you
have
provided
consent
to
processing
and
subsequently
withdraw
that
consent,
we
may
still
process
your
personal
data
where
we
have
another
lawful
basis
for
doing
so,
provided
that
you
have
not
expressly
asked
us
to
stop
processing
your
personal
data.
Where
we
need
to
collect
personal
data
by
law
or
under
the
terms
of
a
contract
that
we
have
with
you
and
you
fail
to
provide
that
personal
data
when
requested,
we
may
not
be
able
to
perform
the
contract
we
have
with
you.
Privacy
Policy
(Cont.)
32
DoubleLine
ETF
Trust
March
31,
2026
If
you
require
further
details
about
the
specific
lawful
basis
that
we
are
relying
on
to
process
any
personal
data,
please
contact
us
(see
Contact
Us
below).
Information
Collected
From
Cookies
Our
website
may
collect
certain
information
about
you
through
the
use
of
cookies
to
help
DoubleLine
and
its
service
providers
understand
how
the
website
is
used.
Information
collected
from
your
web
browser
(including
small
files
stored
on
your
device
that
are
commonly
referred
to
as
“cookies”)
allow
the
websites
to
recognize
your
web
browser
and
help
to
personalize
and
improve
your
user
experience
and
enhance
navigation
of
the
website.
You
can
change
your
cookie
preferences
by
changing
the
setting
on
your
web
browser
to
delete
or
reject
cookies.
If
you
delete
or
reject
cookies,
some
website
pages
may
not
function
properly.
We
also
use
web
analytics
services,
which
currently
include
but
are
not
limited
to
Google
Analytics
and
Adobe
Analytics.
Such
web
analytics
services
use
cookies
and
similar
technologies
to
evaluate
your
use
of
the
domain,
compile
statistical
reports
on
domain
activity
and
provide
other
services
related
to
our
website.
To
read
Google’s
security
and
privacy
policies
and
adjust
your
privacy
setting,
please
go
to
https://policies.google.com/privacy?hl=en.#infochoices.
You
can
choose
not
to
have
your
data
used
by
Google
Analytics
by
downloading
their
opt-out
browser
add-on.
To
download
the
opt-out
browser,
please
go
to:
https://tools.google.com/
dlpage/gaoptout.
For
more
information
about
Adobe
Analytics,
or
to
opt
out
of
Adobe
Analytics,
please
go
to:
http://www.adobe.
com/privacy/opt-out.html.
Information
We
May
Disclose
We
do
not
share
your
information
with
nonaffiliated
third
parties
for
marketing
purposes.
We
maintain
physical,
electronic,
and
procedural
safeguards
to
guard
your
non-public
personal
information.
We
may
disclose
your
personal
data
to
our
affiliates
or
third
parties,
as
follows:
To
provide
services
essential
to
day-to-day
running
of
our
business,
to
process
account
transactions
and
maintain
your
account(s)
that
you
request
or
authorize;
To
disclose
your
name
and
address
to
companies
for
the
limited
purpose
of
mailing
account
related
materials
such
as
shareholder
reports
to
you;
To
alert
a
customer
about
other
financial
products
and
services
offered
by
DoubleLine;
If
DoubleLine
is
required
or
authorized
by
law
to
do
so,
such
as
for
the
purpose
of
compliance
with
regulatory
requirements
or
in
the
case
of
a
court
order,
legal
investigation,
or
other
properly
executed
governmental
request,
disclosing
information
in
connection
with
legal
proceedings
such
as
responding
to
a
subpoena;
If
you
are
enrolled
in
a
retirement
plan
offered
by
a
plans
sponsor
(your
employer
or
former
employer),
your
personal
information
may
be
shared
with
the
plan’s
third-party
administrator,
advisors
and
other
service
providers
as
authorized
or
directed
by
the
plan
sponsor;
and
We
may
share
your
personal
data
with
third
parties
to
whom
we
may
choose
to
sell,
transfer
or
merge
parts
of
our
business
or
our
assets
(including
in
relation
to
restructuring/insolvency
situations).
Alternatively,
we
may
seek
to
acquire
other
businesses
or
merge
with
them.
If
a
change
happens
to
our
business,
then
the
new
owners
may
use
your
personal
data
in
the
same
way
as
set
out
in
this
privacy
notice.
Your
personal
data
may
be
a
transferred
asset
in
any
sale
of
all
or
part
of
our
business.
If
you
prefer
that
we
not
disclose
non-public
personal
information
about
you
to
our
affiliates
for
this
purpose,
you
may
direct
us
not
to
make
such
disclosures
(other
than
disclosures
permitted
by
law)
by
contacting
us
(see
Contact
Us
below).
If
you
limit
this
sharing
and
you
have
a
joint
account,
your
decision
will
be
applied
to
all
owners
of
the
account.
Notice
Related
to
the
California
Consumer
Privacy
Act
(CCPA)
and
to
“Natural
Persons”
Residing
in
the
State
of
California
DoubleLine
collects
and
uses
information
that
identifies,
describes,
references,
links
or
relates
to,
or
is
associated
with,
a
particular
consumer
or
device
(“Personal
Information”).
Personal
Information
we
collect
from
our
customers
and
consumers
is
covered
under
the
Gramm-Leach-Bliley
Act
(“GLBA”)
and
is
therefore
excluded
from
the
scope
of
the
California
Consumer
Privacy
Act,
as
amended
by
the
California
Privacy
Rights
Act
(together,
“CCPA”).
However,
for
California
residents
who
are
not
DoubleLine
customers
or
consumers,
as
those
terms
are
defined
by
GLBA,
the
personal
information
we
collect
about
you
is
subject
to
the
CCPA.
As
such,
you
have
privacy
rights
with
respect
to
your
personal
information.
Privacy
Policy
(Cont.)
March
31,
2026
Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
33
Please
review
the
following
applicable
California
privacy
notice
that
is
available
at
the
link
below,
or
by
contacting
us
(see
Contact
Us
below).
CA
Privacy
Notice
for
Website
Visitors,
Media
Subscribers
and
Business
Representatives
Notice
to
“Natural
Persons”
Residing
in
the
European
Economic
Area
(the
“EEA”)
This
section
applies
to
the
collection,
receipt
or
other
processing
by
or
on
behalf
of
us
of
personal
data
(as
defined
in
the
European
Data
Privacy
Laws)
of
individuals
in
respect
of
the
European
Economic
Area
(“EEA”)
and/or
the
United
Kingdom
(“UK”).
We
will
process
your
personal
data
in
accordance
with
applicable
privacy
laws,
including
without
limitation,
where
applicable,
General
Data
Protection
Regulation
(Regulation
(EU)
2016/679)
(“EU
GDPR”),
the
EU
GDPR
as
it
forms
part
of
the
laws
of
England
and
Wales,
Scotland
and
Northern
Ireland
by
virtue
of
section
3
of
the
European
Union
Withdrawal
Act
2018
(“UK
GDPR”),
the
UK
Data
Protection
Act
2018,
the
Privacy
and
Electronic
Communications
(EC
Directive)
Regulations
2003,
(the
“European
Data
Privacy
Laws”).
We
are
the
data
controller
of
your
personal
data,
meaning
that
we
determine
the
purposes
and
means
of
the
processing
of
your
personal
data.
Full
details
of
the
types
of
personal
data
we
process,
our
lawful
bases
for
processing
and
how
we
may
share
your
personal
data
are
set
out
further
above.
If
you
reside
in
the
EEA
or
the
UK,
we
may
transfer
your
personal
information
outside
the
EEA
or
UK,
and
will
ensure
that
it
is
protected
and
transferred
in
a
manner
consistent
with
applicable
European
Data
Privacy
Laws.
This
can
be
done
in
a
number
of
different
ways,
for
instance:
The
country
to
which
we
send
the
personal
information
may
have
been
assessed
by
the
European
Commission
(or
such
other
competent
EEA
authority)
or
the
UK
Information
Commissioner’s
Office,
as
applicable,
as
providing
an
“adequate”
level
of
protection
for
personal
data;
or
The
recipient
may
have
signed
a
contract
based
on
standard
contractual
clauses
approved
by
the
European
Commission
and
the
UK
Information
Commissioner’s
Office,
as
applicable.
In
other
circumstances,
the
law
may
permit
us
to
otherwise
transfer
your
personal
information
outside
the
EEA
or
the
UK.
In
all
cases,
however,
any
transfer
of
your
personal
information
will
be
compliant
with
applicable
European
Data
Privacy
Laws.
Should
you
wish
to
obtain
a
copy
of
the
appropriate
or
suitable
safeguards
we
have
adopted
where
required
to
do
so
under
the
European
Privacy
Laws
or
would
like
to
know
where
they
have
been
made
available,
please
contact
us
(see
Contact
Us
below).
Notice
to
Investors
in
Cayman
Islands
Investment
Funds
If
you
are
a
natural
person,
please
review
this
notice
as
it
applies
to
you
directly.
If
you
are
a
legal
representative
of
a
corporate
or
entity
investor
that
provides
us
with
any
personal
information
about
individuals
(i.e.,
natural
persons),
you
agree
to
furnish
a
copy
of
this
notice
to
each
such
individual
or
otherwise
advise
them
of
its
content.
Any
international
transfer
of
personal
information
will
be
compliant
with
the
requirements
of
the
Data
Protection
Act,
(As
Revised)
of
the
Cayman
Islands.
Privacy
for
Children
DoubleLine
is
concerned
about
the
privacy
of
children.
Our
website
and
our
services
are
not
targeted
at
individuals
under
16
years
of
age,
and
we
do
not
knowingly
collect
any
personal
information
from
an
individual
under
16.
If
we
learn
that
a
child
under
the
age
of
13
(or
such
higher
age
as
required
by
applicable
law)
has
submitted
personally
identifiable
information
online
without
parental
consent,
we
will
take
all
reasonable
measures
to
delete
such
information
from
its
databases
and
to
not
use
such
information
for
any
purpose
(except
where
necessary
to
protect
the
safety
of
the
child
or
others
as
required
or
allowed
by
law).
If
you
become
aware
of
any
personally
identifiable
information,
we
have
collected
from
children
under
13
(or
such
higher
age
as
required
by
applicable
law),
please
notify
us
(see
Contact
Us
below).
We
do
not
sell
or
share
any
personal
information
and
have
no
actual
knowledge
about
selling
or
sharing
personal
information
of
individuals
under
the
age
of
16.
Privacy
Policy
(Cont.)
34
DoubleLine
ETF
Trust
March
31,
2026
Retention
of
Personal
Information
and
Security
Your
personal
information
will
be
retained
for
as
long
as
required:
For
the
purposes
for
which
the
personal
information
was
collected;
In
order
to
establish
or
defend
legal
rights
or
obligations
or
to
satisfy
any
reporting
or
accounting
obligations;
and/or
As
required
by
data
protection
laws
and
any
other
applicable
laws
or
regulatory
requirements,
including,
but
not
limited
to,
U.S.
laws
and
regulations
applicable
to
our
business.
Access
to
and
Control
of
Your
Personal
Information
Depending
on
your
country
of
domicile
or
applicable
law,
you
may
have
the
following
rights
in
respect
of
the
personal
information
that
we
process
about
you:
The
right
to
limit
the
use
and
disclosure
of
Sensitive
Personal
Information;
The
right
to
know
what
personal
information
we
have
collected,
used
or
disclosed
about
you;
The
right
to
access
and
port
personal
information;
The
right
to
opt
out
of
the
selling
and
sharing
of
personal
information;
The
right
to
correct
personal
information
about
you;
The
right
to
object
to
processing
of
personal
information;
The
right
to
request
that
we
delete
personal
information
we
have
collected,
used
or
disclosed
about
you;
The
right
to
restrict/suspend
processing
of
your
personal
data,
where
you
don’t
want
it
to
be
deleted;
The
right
to
withdraw
consent
at
any
time
where
we
are
relying
on
consent
to
process
your
personal
data;
and
The
right
to
be
free
from
discrimination
for
exercising
any
of
the
rights
above.
Although
you
have
the
right
to
request
that
your
personal
information
be
deleted
at
any
time,
applicable
laws
or
regulatory
requirements
may
prohibit
us
from
doing
so.
If
you
are
an
investor
in
the
DoubleLine
funds,
certain
of
the
rights
described
above
that
may
apply
to
DoubleLine
customers
outside
the
United
States
may
not
apply
to
you.
In
addition,
if
you
invest
in
a
DoubleLine
fund
through
a
financial
intermediary,
DoubleLine
may
not
have
access
to
personal
information
about
you.
Submitting
Requests
If
you
wish
to
exercise
any
of
the
rights
set
out
above,
please
contact
us
(see
Contact
Us
below).
We
will
endeavor
to
respond
within
one
month
of
receiving
the
request,
unless
the
request
is
complex,
in
which
case
it
may
take
longer.
We
may
also
need
to
request
specific
information
from
you
to
help
confirm
your
identity
and
your
right
to
access
the
relevant
personal
data
(or
to
exercise
any
of
its
other
rights).
Please
be
aware
that
there
are
exceptions
and
exemptions
that
apply
to
some
of
the
rights,
which
we
will
apply
in
accordance
with
the
applicable
European
Data
Privacy
Laws
(or
other
privacy
laws).
In
particular,
if
you
have
provided
consent
to
processing
and
subsequently
withdraw
that
consent,
we
may
still
process
that
personal
data
where
we
have
another
lawful
basis
for
doing
so
and
your
withdrawal
does
not
affect
the
lawfulness
of
any
processing
carried
out
before
you
withdrew
your
consent.
Automated
Decision-Making
We
shall
not
make
any
decisions
about
you
solely
using
automated
decision
making
(including
profiling)
based
on
your
personal
data
where
such
decision
produces
legal
effects
concerning
you
or
similarly
affects
you.
Complaints
To
the
extent
you
believe
we
have
not
addressed
your
concerns
or
otherwise
choose
to
do
so,
you
have
the
right
under
European
Data
Privacy
Laws
to
lodge
a
complaint
with
your
competent
EEA
or
UK
data
protection
authority,
as
applicable.
In
respect
of
the
UK,
the
UK
Information
Commissioner’s
Office
contact
details
are
available
at
www.ico.org.uk.
Contact
Us
DoubleLine
offers
several
options
for
exercising
your
rights.
Please
contact
us
at
Privacy@DoubleLine.com
or
at
1
(800)
285-1545.
Changes
To
DoubleLine’s
Privacy
Policy
DoubleLine
reserves
the
right
to
modify
its
privacy
policy
at
any
time,
but
in
the
event
that
there
is
a
change
that
affects
the
content
of
this
notice
materially,
DoubleLine
will
promptly
inform
its
customers
of
such
changes
in
accordance
with
applicable
law.
Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
37
Form
N-CSR
–
Items
8-11
March
31,
2026
Item
8.
Changes
in
and
Disagreements
with
Accountants
for
Open-End
Management
Investment
Companies
.
Not
applicable.
Item
9.
Proxy
Disclosures
for
Open-End
Management
Investment
Companies.
There
were
no
matters
submitted
during
the
period
covered
by
the
report
to
vote
of
shareholders,
through
the
solicitation
of
proxies
or
otherwise.
Item
10.
Remuneration
Paid
to
Directors,
Officers,
and
Others
of
Open-End
Management
Investment
Companies.
The
information
is
included
as
part
of
the
Financial
Statement
filed
under
Item
7
of
this
Form.
Item
11.
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
.
Board
Considerations
Regarding
the
Approval
of
the
Advisory
Agreement
for
the
DoubleLine
Securitized
Credit
ETF
At
a
meeting
held
on
August
19,
2025
(the
“August
Meeting”),
the
Board
of
Trustees
(the
“Board”
or
the
“Trustees”)
of
DoubleLine
ETF
Trust
(the
“Trust”),
including
the
Trustees
who
are
not
“interested
persons”
(as
defined
in
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”))
of
the
Trust
(the
“Independent
Trustees”),
voting
separately,
approved
the
investment
advisory
agreement
(the
“Advisory
Agreement”)
between
DoubleLine
ETF
Adviser
LP
(the
“Adviser”)
and
the
Trust,
on
behalf
of
a
new
series
of
the
Trust,
the
DoubleLine
Securitized
Credit
ETF
(the
“Fund”).
The
Trustees
met
with
personnel
from
the
Adviser’s
various
functional
groups
and
reviewed
detailed
information,
presented
both
orally
and
in
writing,
regarding
the
services
proposed
to
be
performed
by
the
Adviser
for
the
benefit
of
the
Fund,
the
Adviser’s
proposed
investment
program
for
the
Fund,
the
proposed
fees
and
estimated
expenses
of
the
Fund,
and
the
operations
of
the
Fund.
The
Trustees
also
considered
the
operational
structure
of
the
Adviser,
as
well
as
the
personnel,
services,
and
resources
the
Adviser
provides
under
the
Advisory
Agreement.
The
Trustees
also
considered
that
the
Fund
was
being
organized
as
a
shell
fund
to
receive
the
assets
and
liabilities
of
the
DoubleLine
Securitized
Credit
Fund
(the
“Target
Fund”)
in
a
tax-free
reorganization,
subject
to
approval
by
the
shareholders
of
the
Target
Fund.
In
determining
to
approve
the
Advisory
Agreement,
each
Trustee
evaluated
the
information
provided
to
the
Board
at
the
August
Meeting
relating
to
the
Advisory
Agreement,
as
well
as
other
information
provided
by
the
Adviser
to
the
Trustees
throughout
the
year,
including
through
the
Trustees’
ongoing
interactions
with
the
Adviser.
In
all
of
their
deliberations
regarding
the
Advisory
Agreement,
the
Independent
Trustees
were
advised
by
independent
legal
counsel
and
also
met
with
independent
legal
counsel
outside
the
presence
of
management
specifically
to
review
and
consider
information
related
to
the
Advisory
Agreement.
This
summary
describes
a
number,
but
not
necessarily
all,
of
the
most
important
factors
considered
by
the
Board
and
the
Independent
Trustees
in
determining
to
approve
the
Advisory
Agreement
in
their
reasonable
business
judgment.
Individual
Trustees
may
have
given
different
weights
to
certain
factors
and
assigned
various
degrees
of
materiality
to
information
received
in
connection
with
the
approval
process.
No
single
factor
was
determined
to
be
decisive
or
controlling.
Nature,
Extent,
and
Quality
of
Services
to
be
Provided
by
the
Adviser
The
Trustees
considered
the
nature,
extent,
and
quality
of
the
services
expected
to
be
provided
by
the
Adviser
to
the
Fund,
including
the
terms
of
the
proposed
Advisory
Agreement,
the
expertise
and
experience
of
investment
personnel,
the
resources
of
the
Adviser,
and
the
broader
compliance
history
and
compliance
program
of
the
Adviser
complex.
The
Trustees
noted
that
the
non-fee
terms
of
the
Agreements
were
substantially
the
same
as
those
of
the
investment
management
agreements
in
effect
for
the
most
recently
launched
exchange-traded
funds
(“ETFs”)
within
the
Trust.
In
their
evaluation
of
the
services
proposed
to
be
provided
by
the
Adviser,
the
Trustees
considered
that
the
Adviser
will
provide
a
full
investment
program
for
the
Fund,
including
a
number
of
back-office
services,
valuation
services,
compliance
services,
liquidity
monitoring
services,
certain
forms
of
information
technology
services
(such
as
internal
reporting),
assistance
with
accounting
services,
and
supervision
and
monitoring
of
the
Fund’s
other
service
providers.
The
Trustees
also
considered
the
nature,
extent,
and
structure
of
the
compliance
procedures
and
the
trading
capabilities
of
the
Adviser.
The
Trustees
considered
the
quality
and
depth
Form
N-CSR
–
Items
8-11
(Cont.)
38
DoubleLine
ETF
Trust
of
personnel,
resources,
and
compliance
policies
and
procedures
in
light
of
the
Fund’s
investment
strategy
and
the
Adviser’s
duties
under
the
proposed
Advisory
Agreement.
The
Board
also
considered
the
performance
record,
experience,
and
expertise
of
the
firm’s
portfolio
management
personnel,
including,
among
others,
those
who
would
serve
as
portfolio
managers
for
the
Fund.
The
Trustees
also
considered
performance
information
for
a
comparable
separately
managed
account
with
a
similar
investment
strategy
to
the
Fund
and
the
Target
Fund,
each
of
which
is
managed
by
DoubleLine
Capital
LP,
another
investment
adviser
within
the
DoubleLine
group
of
companies.
Additionally,
the
Board
considered
the
responses
of
the
Adviser
to
a
detailed
series
of
questions,
which
included
information
about
the
investment
advisory
services
to
be
provided
by
the
Adviser
to
the
Fund.
Based
on
the
factors
above
and
those
discussed
below,
and
in
light
of
the
Board’s
satisfaction
with
the
services
provided
by
the
Adviser
to
the
other
series
of
the
Trust,
the
Board
concluded,
within
the
context
of
its
full
deliberations,
that
the
nature,
extent,
and
quality
of
the
services
to
be
provided
to
the
Fund
by
the
Adviser
supported
the
approval
of
the
Advisory
Agreement.
Costs
of
Advisory
Services
In
considering
the
management
fees
payable
by
the
Fund
to
the
Adviser,
the
Trustees
reviewed
a
report
prepared
by
ISS
MI
(formerly
known
as
Strategic
Insight)
(the
“Strategic
Insight
Report”)
that
compared,
among
other
information,
the
Fund’s
proposed
gross
management
fee
rate
and
estimated
net
total
expense
ratio
against
the
gross
management
fee
rate
and
net
total
expense
ratio
of
a
group
of
peers
selected
by
ISS
MI.
The
Trustees
noted
that
the
Strategic
Insight
Report
indicated
that
the
Fund’s
proposed
management
fee
under
the
Advisory
Agreement
was
in
the
first
quartile
of
the
peer
group
and
below
the
peer
group
median.
In
reviewing
the
Strategic
Insight
Report,
the
Trustees
considered
the
Fund’s
unitary
fee
structure,
pursuant
to
which
the
Adviser
bears
substantially
all
ordinary
operating
expenses
of
the
Fund,
subject
to
certain
exceptions
enumerated
below
in
exchange
for
the
payment
of
the
unitary
fee
by
the
Fund,
and
noted
that
this
structure
was
comparable
to
the
structure
employed
by
certain
peers
but
different
from
the
structure
employed
by
peers
that
separated
management
fees
from
other
operating
expenses.
The
Trustees
also
considered
the
unitary
fee
in
light
of
the
services
proposed
to
be
provided
by
the
Adviser.
The
Board
considered
that
the
Adviser
would
pay
all
operating
expenses
of
the
Fund,
except
for:
(
i
)
management
fees;
(ii)
interest
charges
on
any
borrowings;
(iii)
dividends
and
other
expenses
on
securities
sold
short;
(iv)
taxes;
(v)
brokerage
commissions
and
other
expenses
incurred
in
placing
orders
for
the
purchase
and
sale
of
securities
and
other
investment
instruments;
(vi)
acquired
fund
fees
and
expenses;
(vii)
accrued
deferred
tax
liabilities;
(viii)
distribution
fees
or
expenses
paid
by
the
Trust
under
any
distribution
plan
adopted
pursuant
to
Rule
12b-1
under
the
1940
Act;
and
(ix) any
extraordinary
expenses
(such
as
litigation
expenses).
The
Trustees
considered
the
Adviser’s
pricing
policy
for
its
management
fees
and
that
the
Adviser
does
not
seek
to
be
a
lowest-cost
provider,
nor
does
it
have
a
policy
to
set
its
management
fees
below
the
median
of
a
Fund’s
peers,
but
rather
seeks
to
set
fees
at
a
competitive
level
that
reflects
the
Adviser’s
demonstrated
significant
expertise
and
experience
in
the
investment
strategies
proposed
to
be
pursued
by
the
Fund.
The
Board
concluded,
within
the
context
of
its
full
deliberations,
that
the
proposed
management
fees
were
reasonable
in
light
of
the
nature,
extent,
and
quality
of
the
services
expected
to
be
rendered
by
the
Adviser.
Investment
Performance,
Profitability,
and
Economies
of
Scale
Because
the
Fund
was
new
and
had
not
commenced
operations,
it
did
not
yet
have
its
own
investment
performance
record,
although
the
Board
took
into
account
the
performance
of
a
comparable
separately
managed
account
and
the
Target
Fund,
over
various
time
periods.
The
Trustees
noted
that
the
investment
strategy
employed
by
the
Target
Fund
was
identical
to
the
strategies
proposed
to
be
employed
for
the
Fund
and
determined,
within
the
context
of
their
full
deliberations,
that
the
performance
of
the
Target
Fund
was
sufficient
to
support
the
approval
of
the
Advisory
Agreement.
Because
the
Fund
was
new,
it
was
not
possible
to
determine
the
profitability
that
the
Adviser
might
achieve
with
respect
to
the
Fund
or
the
extent
to
which
economies
of
scale
would
be
realized
by
the
Adviser
as
the
assets
of
the
Fund
grow.
Nonetheless,
the
Trustees
considered
an
analysis
prepared
by
the
Adviser
showing
projected
profitability
with
respect
to
the
Fund
over
one-,
two-,
and
March
31,
2026
Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
39
three-year
periods.
The
Trustees
concluded
that
the
projected
profitability
was
reasonable
in
light
of
the
nature,
extent,
and
quality
of
the
services
to
be
provided
by
the
Adviser.
The
Trustees
also
considered
among
other
things
information
about
both
the
direct
and
the
indirect
benefits
to
the
Adviser.
The
Trustees
considered
other
benefits
that
could
potentially
be
received
by
the
Adviser
and
its
affiliates
as
a
result
of
the
Adviser’s
relationship
with
the
Fund,
including
possible
ancillary
benefits
to
the
Adviser’s
retail
and
institutional
investment
management
businesses
due
to
the
reputation
and
potential
growth
of
the
Fund.
In
their
evaluation
of
economies
of
scale,
the
Trustees
considered
management’s
view
that
the
proposed
fees
for
the
Fund
are
consistent
with
the
Adviser’s
pricing
philosophy
of
proposing
an
initial
fee
structure
that
allows
each
ETF
to
be
immediately
competitive
with
its
peers.
The
Trustees
considered
that
any
reduction
in
fixed
costs
associated
with
the
management
of
the
Fund
would
be
enjoyed
by
the
Adviser,
but
that
a
unitary
fee
structure
provides
a
level
of
certainty
in
expenses
for
the
Fund.
On
the
basis
of
these
considerations
as
well
as
others,
and
in
the
exercise
of
their
reasonable
business
judgment,
the
Trustees,
including
all
of
the
Independent
Trustees,
concluded
that
it
would
be
appropriate
to
approve
the
Advisory
Agreement
for
the
Fund
for
an
initial
two-year
period.
March
31,
2026
Investment
Adviser: 
DoubleLine
ETF
Adviser
LP
2002
North
Tampa
Street,
Suite
200
Tampa,
FL
33602
Distributor:
Foreside
Fund
Services,
LLC
Three
Canal
Plaza,
Suite
100
Portland,
ME
04101
Administrator
and
Transfer
Agent:
JP
Morgan
Chase
Bank,
N.A.
70
Fargo
Street
Boston,
MA
02210
Custodian:
JP
Morgan
Chase
Bank,
N.A.
383
Madison
Avenue
New
York,
NY
10017
Independent
Registered
Public
Accounting
Firm:
Deloitte
&
Touche
LLP
695
Town
Center
Drive,
Suite
100
Costa
Mesa,
CA
92626
Legal
Counsel:
Ropes
&
Gray
LLP
1211
Avenue
of
the
Americas
New
York,
NY
10036
Contact
Information:
doubleline.com
(855)
937-0772
DL-ARFINANCIALS-DSCO
DoubleLine
|
|
2002
North
Tampa
Street,
Suite
200
|
|
Tampa,
FL
33602
|
|
(813)
791-7333
ETFinfo@doubleline.com
|
|
www.doubleline.com
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
 
Not applicable to the Registrant.
 
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
 
Not applicable to the Registrant.
 
Item 14. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
 
Not applicable to the Registrant.
 
Item 15. Submission of Matters to a Vote of Security Holders.
 
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees. 
 
Item 16. Controls and Procedures. 
 
(a)           The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
 
(b)           There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a - 3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.  
 
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
 
Not applicable to the Registrant.
 
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
 
Item 19. Exhibits.
 
(a)(1)      The Registrant’s Code of Ethics, as described in Item 2 of this Form, is filed herewith. ex99code.docx
 
(a)(2)      Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable
 
(a)(3)      Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.ex99cert.docx
 
(a)(4)      Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable.
 
(a)(5)      There has been no change to the Registrant’s independent public accountant during the reporting period.
 
(b)           Certification required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.ex99906cert.docx
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
DoubleLine ETF Trust
 
 
By:         /s/ Ronald Redell
Ronald R. Redell
President and Principal Executive Officer
May 28, 2026
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
 
 
By:         /s/ Ronald Redell
Ronald R. Redell
President and Principal Executive Officer
May 28, 2026
 
 
By:        
/s/ Henry Chase
Henry V. Chase
Treasurer and Principal Financial and Accounting Officer
May 28, 2026
 
 
 
 
 
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

ex99cert.htm

ex99code.htm

ex99906cert.htm

dbl-20260331.xsd

IDEA: R1.htm

IDEA: R2.htm

IDEA: R3.htm

IDEA: R4.htm

IDEA: R5.htm

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: primary-document_htm.xml