UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23617

TCW ETF Trust

On behalf of the following series:

TCW AAA CLO ETF (Ticker: ACLO)

TCW Core Plus Bond ETF (Ticker: FIXT)

TCW Corporate Bond ETF (Ticker: IGCB)

TCW Flexible Income ETF (Ticker: FLXR)

TCW High Yield Bond ETF (Ticker: HYBX)

TCW Multisector Credit Income ETF (Ticker: MUSE)

TCW Senior Loan ETF (Ticker: SLNZ)

(Exact name of registrant as specified in charter)

515 South Flower Street, Los Angeles, CA 90071

(Address of principal executive offices)

Peter Davidson, Esq.

Vice President and Secretary

515 South Flower Street

Los Angeles, CA 90071

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2026

Item 1.

Reports to Shareholders.

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

TCW AAA CLO ETF

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

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about the TCW AAA CLO ETF (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.tcw.com/products/etfs. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized.

Key Fund Statistics

Total Net Assets$497,013,523
# of Portfolio Holdings298
Portfolio Turnover Rate20%

What did the Fund invest in?

Asset Allocation (as a % of Net Assets)

Table Summary
Asset-Backed Securities	99.4%
Short-Term Investments	0.4%
Other Assets in Excess of Liabilities	0.2%

Top Ten Holdings (as a % of Net Assets)

Table Summary
AMMC CLO 27 Ltd., Class A2R, 5.03%, due 01/20/37 (3 mo. USD Term SOFR + 1.350%)	1.1%
Rockford Tower CLO Ltd., Class A1, 4.88%, due 03/31/38 (3 mo. USD Term SOFR + 1.210%)	1.1%
Octagon Investment Partners XXI Ltd., Class A2R4, 4.80%, due 02/14/31 (3 mo. USD Term SOFR + 1.150%)	1.1%
Madison Park Funding XLIX Ltd., Class AR, 4.73%, due 10/19/34 (3 mo. USD Term SOFR + 1.050%)	1.1%
Golub Capital Partners CLO 53B Ltd., Class AR, 4.66%, due 07/20/34 (3 mo. USD Term SOFR + 0.980%)	1.1%
Octagon Investment Partners 51 Ltd., Class AR, 4.67%, due 07/20/34 (3 mo. USD Term SOFR + 0.990%)	1.1%
Rad CLO 21 Ltd., Class A1R, 4.74%, due 01/25/37 (3 mo. USD Term SOFR + 1.070%)	1.1%
Dryden 68 CLO Ltd., Class ARR, 4.77%, due 07/15/35 (3 mo. USD Term SOFR + 1.100%)	1.1%
AGL CLO 16 Ltd., Class AR, 4.63%, due 01/20/35 (3 mo. USD Term SOFR + 0.950%)	1.0%
Golub Capital Partners CLO 77 B Ltd., Class A1, 4.92%, due 01/25/38 (3 mo. USD Term SOFR + 1.250%)	1.0%

Householding

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

Additional Information

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

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

TCW AAA CLO ETF

Semi-Annual Shareholder Report — April 30, 2026

Ticker: ACLO

TSR ACLO-0426

TCW Core Plus Bond ETF

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

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about the TCW Core Plus Bond ETF (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.tcw.com/products/etfs. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
TCW Core Plus Bond ETF	$19	0.39%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Key Fund Statistics

Total Net Assets$211,640,554
# of Portfolio Holdings565
Portfolio Turnover Rate192%

What did the Fund invest in?

Asset Allocation (as a % of Net Assets)

Table Summary
Residential Mortgage-Backed Securities - Agency	35.5%
Corporate Bonds	22.4%
U.S. Treasury Securities	16.7%
Short-Term Investments	10.7%
Residential Mortgage-Backed Securities - Non-Agency	8.6%
Bank Loans	6.9%
Asset-Backed Securities	6.7%
Commercial Mortgage-Backed Securities - Non-Agency	3.8%
Other Security Types^{Footnote Reference*}	4.7%
Liabilities in Excess of Other Assets	(16.0%)

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

Top Ten Holdings (as a % of Net Assets)

Table Summary
U.S. Treasury Notes, 4.13%, due 04/30/33	5.2%
Uniform Mortgage-Backed Security, TBA, 3.50%, due 01/01/52	4.0%
Uniform Mortgage-Backed Security, TBA, 4.00%, due 06/01/55	3.3%
U.S. Treasury Bonds, 4.75%, due 02/15/56	2.8%
U.S. Treasury Notes, 4.13%, due 02/15/36	2.6%
U.S. Treasury Notes, 3.75%, due 04/30/28	2.5%
Federal National Mortgage Association, 4.50%, due 09/01/52	2.2%
U.S. Treasury Notes, 3.88%, due 04/30/31	2.1%
Federal National Mortgage Association, 2.00%, due 03/01/52	2.1%
TCW Private Asset Income Fund, Class I	1.6%

Householding

Additional Information

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

TCW Core Plus Bond ETF

Semi-Annual Shareholder Report — April 30, 2026

Ticker: FIXT

TSR FIXT-0426

TCW Corporate Bond ETF

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

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about the TCW Corporate Bond ETF (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.tcw.com/products/etfs. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
TCW Corporate Bond ETF	$17	0.35%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Key Fund Statistics

Total Net Assets$39,433,902
# of Portfolio Holdings395
Portfolio Turnover Rate94%

What did the Fund invest in?

Asset Allocation (as a % of Net Assets)

Table Summary
Corporate Bonds	83.3%
U.S. Treasury Securities	9.9%
Short-Term Investments	7.4%
Foreign Government Bonds	0.4%
Asset-Backed Securities	0.1%
Municipal Bonds	0.0%^{Footnote Reference1}
Residential Mortgage-Backed Securities - Agency	0.0%^{Footnote Reference1}
Convertible Corporate Bonds	0.0%^{Footnote Reference1}
Other Security Types^{Footnote Reference*}	0.0%^{Footnote Reference1}
Liabilities in Excess of Other Assets	(1.1%)

Footnote	Description
Footnote¹	Less than 0.01%
Footnote^*	Please refer to the Fund’s Semi-Annual Financial Statements which are available on the Fund’s website at www.tcw.com/products/etfs for a complete listing of all categories.

Top Ten Holdings (as a % of Net Assets)

Table Summary
U.S. Treasury Notes, 3.75%, due 04/30/28	4.0%
U.S. Treasury Bonds, 4.75%, due 02/15/56	3.7%
Bank of America Corp., 2.69%, due 04/22/32 (1 day USD SOFR + 1.320%)	1.6%
JPMorgan Chase & Co., 2.55%, due 11/08/32 (1 day USD SOFR + 1.180%)	1.4%
Wells Fargo & Co., 3.35%, due 03/02/33 (1 day USD SOFR + 1.500%)	1.3%
Goldman Sachs Group, Inc., 1.99%, due 01/27/32 (1 day USD SOFR + 1.090%)	1.2%
T-Mobile USA, Inc., 2.55%, due 02/15/31	1.1%
U.S. Treasury Notes, 4.13%, due 02/15/36	1.1%
UnitedHealth Group, Inc., 5.15%, due 07/15/34	1.0%
Abbott Laboratories, 4.65%, due 03/15/36	1.0%

Householding

Additional Information

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

TCW Corporate Bond ETF

Semi-Annual Shareholder Report — April 30, 2026

Ticker: IGCB

TSR IGCB-0426

TCW Flexible Income ETF

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

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about the TCW Flexible Income ETF (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.tcw.com/products/etfs. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
TCW Flexible Income ETF	$20	0.39%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Key Fund Statistics

Total Net Assets$3,045,811,959
# of Portfolio Holdings1,566
Portfolio Turnover Rate110%

What did the Fund invest in?

Asset Allocation (as a % of Net Assets)

Table Summary
Residential Mortgage-Backed Securities - Agency	22.0%
Corporate Bonds	21.9%
Residential Mortgage-Backed Securities - Non-Agency	20.7%
Commercial Mortgage-Backed Securities - Non-Agency	17.1%
Asset-Backed Securities	13.5%
Bank Loans	7.3%
Money Market Investments	4.0%
Foreign Government Bonds	2.4%
Other Security Types^{Footnote Reference*}	3.8%
Liabilities in Excess of Other Assets	(12.7%)

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

Top Ten Holdings (as a % of Net Assets)

Table Summary
Uniform Mortgage-Backed Security, TBA, 4.50%, due 02/01/56	3.0%
Uniform Mortgage-Backed Security, TBA, 4.00%, due 06/01/55	2.8%
Uniform Mortgage-Backed Security, TBA, 3.50%, due 01/01/52	2.2%
TCW Private Asset Income Fund, Class I	2.0%
Government National Mortgage Association, TBA, 4.00%, due 07/01/55	1.6%
Uniform Mortgage-Backed Security, TBA, 5.50%, due 01/01/56	1.3%
Federal Home Loan Mortgage Corp., 4.00%, due 09/01/52	1.3%
Uniform Mortgage-Backed Security, TBA, 5.00%, due 02/01/56	1.1%
Federal Home Loan Mortgage Corp., 4.50%, due 02/01/53	1.0%
U.S. Treasury Notes, 3.75%, due 04/30/28	0.9%

Householding

Additional Information

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

TCW Flexible Income ETF

Semi-Annual Shareholder Report — April 30, 2026

Ticker: FLXR

TSR FLXR-0426

TCW High Yield Bond ETF

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

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about the TCW High Yield Bond ETF (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.tcw.com/products/etfs. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized.

Key Fund Statistics

Total Net Assets$32,513,089
# of Portfolio Holdings273
Portfolio Turnover Rate41%

What did the Fund invest in?

Asset Allocation (as a % of Net Assets)

Table Summary
Corporate Bonds	88.5%
Bank Loans	5.7%
Short-Term Investments	2.8%
Common Stock	0.5%
Convertible Corporate Bonds	0.0%^{Footnote Reference1}
Warrants	0.0%^{Footnote Reference1}
Other Assets in Excess of Liabilities	2.5%

Footnote	Description
Footnote¹	Less than 0.01%

Top Ten Holdings (as a % of Net Assets)

Table Summary
CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, due 06/01/29	1.4%
GGAM Finance Ltd., 8.00%, due 02/15/27	1.3%
CSC Holdings LLC, 6.50%, due 02/01/29	1.2%
1261229 BC Ltd., 10.00%, due 04/15/32	1.0%
Cloud Software Group, Inc., 8.25%, due 06/30/32	0.9%
CCO Holdings LLC/CCO Holdings Capital Corp., 7.38%, due 02/01/36	0.9%
Discovery Global Holdings, Inc., 5.05%, due 03/15/42	0.9%
Jane Street Group/JSG Finance, Inc., 6.13%, due 11/01/32	0.9%
TransDigm, Inc., 6.38%, due 03/01/29	0.9%
Sunoco LP, 7.88%, due 09/18/30 (5 yr. CMT + 4.230%)	0.8%

Householding

Additional Information

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

TCW High Yield Bond ETF

Semi-Annual Shareholder Report — April 30, 2026

Ticker: HYBX

TSR HYBX-0426

TCW Multisector Credit Income ETF

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

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about the TCW Multisector Credit Income ETF (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.tcw.com/products/etfs. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
TCW Multisector Credit Income ETF	$28	0.56%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Key Fund Statistics

Total Net Assets$39,360,095
# of Portfolio Holdings252
Portfolio Turnover Rate38%

What did the Fund invest in?

Asset Allocation (as a % of Net Assets)

Table Summary
Corporate Bonds	44.7%
Bank Loans	29.8%
Foreign Government Bonds	17.8%
Asset-Backed Securities	3.1%
Short-Term Investments	0.9%
Common Stock	0.2%
Convertible Corporate Bonds	0.0%^{Footnote Reference1}
Other Assets in Excess of Liabilities	3.5%

Footnote	Description
Footnote¹	Less than 0.01%

Top Ten Holdings (as a % of Net Assets)

Table Summary
Romania Government International Bonds, 6.38%, due 01/30/34	1.1%
Abu Dhabi Government International Bonds, 5.50%, due 04/30/54	1.1%
Ecopetrol SA, 5.88%, due 11/02/51	1.0%
Samarco Mineracao SA, 9.50%, due 06/30/31	1.0%
Angola Government International Bonds, 8.75%, due 04/14/32	1.0%
Republic of Kenya Government International Bonds, 7.88%, due 10/09/33	1.0%
Avolon TLB Borrower 1 U.S. LLC, 5.41%, due 06/24/30 (1 mo. USD Term SOFR + 0.018%)	0.9%
TCP Sunbelt Acquisition Co., 7.92%, due 10/24/31 (3 mo. USD Term SOFR + 0.043%)	0.9%
Delivery Hero SE, 8.64%, due 12/12/29 (3 mo. USD Term SOFR + 0.050%)	0.9%
Saudi Government International Bonds, 5.00%, due 01/18/53	0.9%

Householding

Additional Information

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

TCW Multisector Credit Income ETF

Semi-Annual Shareholder Report — April 30, 2026

Ticker: MUSE

TSR MUSE-0426

TCW Senior Loan ETF

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

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about the TCW Senior Loan ETF (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.tcw.com/products/etfs. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
TCW Senior Loan ETF	$32	0.65%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized.

Key Fund Statistics

Total Net Assets$227,424,594
# of Portfolio Holdings292
Portfolio Turnover Rate52%

What did the Fund invest in?

Asset Allocation (as a % of Net Assets)

Table Summary
Bank Loans	86.6%
Short-Term Investments	8.9%
Corporate Bonds	5.7%
U.S. Treasury Securities	0.6%
Common Stock	0.2%
Foreign Government Bonds	0.1%
Preferred Stock	0.1%
Convertible Corporate Bonds	0.0%^{Footnote Reference1}
Other Security Types^{Footnote Reference*}	0.0%^{Footnote Reference1}
Liabilities in Excess of Other Assets	(2.2%)

Footnote	Description
Footnote¹	Less than 0.01%
Footnote^*	Please refer to the Fund’s Semi-Annual Financial Statements which are available on the Fund’s website at www.tcw.com/products/etfs for a complete listing of all categories.

Top Ten Holdings (as a % of Net Assets)

Table Summary
TKO Worldwide Holdings LLC, 5.66%, due 11/21/31 (3 mo. USD Term SOFR + 0.020%)	0.8%
Peer Holding III BV, 6.20%, due 10/28/30 (3 mo. USD Term SOFR + 0.025%)	0.8%
Pelican Products, Inc., 8.21%, due 12/29/28 (3 mo. USD Term SOFR + 0.043%)	0.7%
Corpay Technologies Operating Co. LLC, 5.40%, due 04/28/28 (1 mo. USD Term SOFR + 0.018%)	0.7%
Naked Juice LLC, 9.20%, due 01/24/29 (3 mo. USD Term SOFR + 0.055%)	0.7%
Sabert Corp., 6.77%, due 12/10/26 (1 mo. USD Term SOFR + 0.030%)	0.7%
TCP Sunbelt Acquisition Co., 7.92%, due 10/24/31 (3 mo. USD Term SOFR + 0.043%)	0.7%
Delivery Hero SE, 8.64%, due 12/12/29 (3 mo. USD Term SOFR + 0.050%)	0.6%
Acadia Healthcare Co., Inc., 5.65%, due 02/28/30 (1 mo. USD Term SOFR + 0.020%)	0.6%
Quartz Acquireco LLC, 5.95%, due 06/28/30 (3 mo. USD Term SOFR + 0.023%)	0.6%

Householding

Additional Information

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

TCW Senior Loan ETF

Semi-Annual Shareholder Report — April 30, 2026

Ticker: SLNZ

TSR SLNZ-0426

TCW AAA CLO ETF

Schedule of Investments (Unaudited)

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

FIXED INCOME SECURITIES — 99.4% of Net Assets

ASSET-BACKED SECURITIES — 99.4%

522 Funding CLO A Ltd. Series 2017-1A, Class BR

5.64% (3 mo. USD Term SOFR + 1.962%) ^(1),(2)

10/20/34

320,000

320,488

522 Funding CLO Ltd. Series 2019-5A

4.69% (3 mo. USD Term SOFR + 1.020%) ^(1),(2)

04/15/35

1,525,000

1,523,623

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

5.11% (3 mo. USD Term SOFR + 1.430%) ^(1),(2)

07/20/37

500,000

500,613

Adagio IV CLO Ltd. Series IV-A, Class BRRR

4.25% (3 mo. EUR EURIBOR + 2.050%) ^(1),(2)

07/15/38

EUR

1,100,000

1,292,831

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

4.78% (3 mo. USD Term SOFR + 1.100%) ^(1),(2)

10/20/34

1,900,000

1,899,806

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

4.63% (3 mo. USD Term SOFR + 0.950%) ^(1),(2)

01/20/35

5,150,000

5,139,875

AGL CLO 17 Ltd. Series 2022-17A

4.62% (3 mo. USD Term SOFR + 0.950%) ^(1),(2)

01/21/35

1,000,000

998,387

AGL CLO 22 Ltd. Series 2022-22A, Class A1R

4.87% (3 mo. USD Term SOFR + 1.190%) ^(1),(2)

01/20/37

1,600,000

1,600,528

AGL CLO 43 Ltd. Series 2025-43A, Class A2

5.17% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

09/10/38

500,000

500,509

AGL Core CLO 4 Ltd. Series 2020-4A, Class AR2

5.06% (3 mo. USD Term SOFR + 1.380%) ^(1),(2)

10/20/37

250,000

250,556

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

5.18% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

07/17/37

850,000

850,573

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

5.01% (3 mo. USD Term SOFR + 1.350%) ^(1),(2)

07/20/37

523,000

523,518

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

5.18% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

04/19/37

250,000

250,399

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Aimco CLO Ltd. Series 2024-19A, Class A

5.03% (3 mo. USD Term SOFR + 1.350%) ^(1),(2)

10/20/37

337,000

337,661

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

4.83% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

07/20/31

471,794

471,956

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

5.03% (3 mo. USD Term SOFR + 1.350%) ^(1),(2)

07/20/31

590,000

590,581

Allegany Park CLO Ltd. Series 2019-1A, Class ARR

4.78% (3 mo. USD Term SOFR + 1.100%) ^(1),(2)

01/20/35

1,000,000

999,817

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

5.57% (3 mo. USD Term SOFR + 1.900%) ^(1),(2)

07/24/37

625,000

626,128

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

5.06% (3 mo. USD Term SOFR + 1.390%) ^(1),(2)

10/15/37

2,000,000

2,002,572

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

5.11% (3 mo. USD Term SOFR + 1.440%) ^(1),(2)

07/21/37

2,000,000

2,002,276

Allegro CLO XIII Ltd. Series 2021-1A, Class A1R

5.02% (3 mo. USD Term SOFR + 1.340%) ^(1),(2)

07/20/38

1,000,000

1,002,097

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

4.88% (3 mo. USD Term SOFR + 1.200%) ^(1),(2)

01/20/35

3,405,000

3,406,444

AMMC CLO 27 Ltd. Series 2022-27A, Class A1R

4.76% (3 mo. USD Term SOFR + 1.080%) ^(1),(2)

01/20/37

3,160,000

3,161,400

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

5.03% (3 mo. USD Term SOFR + 1.350%) ^(1),(2)

01/20/37

5,600,000

5,590,788

AMMC CLO 28 Ltd. Series 2024-28A, Class A1A

5.23% (3 mo. USD Term SOFR + 1.550%) ^(1),(2)

07/20/37

230,000

230,347

AMMC CLO 31 Ltd. Series 2025-31A, Class A1

4.99% (3 mo. USD Term SOFR + 1.310%) ^(1),(2)

02/20/38

2,000,000

2,002,334

See accompanying Notes to Financial Statements.

TCW AAA CLO ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Anchorage Capital CLO 20 Ltd. Series 2021-20A, Class A1R

4.78% (3 mo. USD Term SOFR + 1.100%) ^(1),(2)

01/20/35

500,000

499,808

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

5.18% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

07/20/31

76,062

76,113

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

5.17% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

10/24/37

400,000

400,330

Apidos CLO XLVI Ltd. Series 2023-46A, Class A2R

5.07% (3 mo. USD Term SOFR + 1.400%) ^(1),(2)

10/24/38

2,350,000

2,348,219

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

4.78% (3 mo. USD Term SOFR + 1.100%) ^(1),(2)

01/20/33

1,588,499

1,592,608

Aqueduct European CLO Series 2025-15A, Class BR3

4.17% (3 mo. EUR EURIBOR + 2.000%) ^(1),(2)

01/25/39

EUR

750,000

883,813

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

4.24% (3 mo. EUR EURIBOR + 2.000%) ^(1),(2)

01/18/39

EUR

1,000,000

1,176,449

Aqueduct European CLO 8 DAC Series 2024-8A, Class BR

4.20% (3 mo. EUR EURIBOR + 2.000%) ^(1),(2)

01/15/39

EUR

1,100,000

1,297,416

Arbour CLO IV DAC Series 4A, Class BRRR

4.06% (3 mo. EUR EURIBOR + 2.000%) ^(1),(2)

11/15/39

EUR

1,100,000

1,295,617

Arbour CLO V DAC Series 5A, Class BR

4.15% (3 mo. EUR EURIBOR + 2.000%) ^(1),(2)

06/15/38

EUR

850,000

1,001,887

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

5.03% (3 mo. USD Term SOFR + 1.360%) ^(1),(2)

10/15/37

660,000

661,690

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

5.17% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

01/25/34

1,250,000

1,251,244

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

4.79% (3 mo. USD Term SOFR + 1.120%) ^(1),(2)

07/25/34

3,250,000

3,251,622

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

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

5.02% (3 mo. USD Term SOFR + 1.350%) ^(1),(2)

04/15/34

2,000,000

1,998,450

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

4.82% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

10/28/34

2,350,000

2,350,813

ARES XXVII CLO Ltd. Series 2013-2A, Class BR3

5.32% (3 mo. USD Term SOFR + 1.650%) ^(1),(2)

10/28/34

320,000

320,380

Bain Capital Credit CLO Ltd. Series 2019-2A, Class BR3

5.13% (3 mo. USD Term SOFR + 1.450%) ^(1),(2)

10/17/32

2,750,000

2,752,695

Bain Capital Credit CLO Ltd. Series 2020-2A, Class AR3

4.66% (3 mo. USD Term SOFR + 0.980%) ^(1),(2)

07/19/34

4,000,000

3,992,384

Bain Capital Credit CLO Ltd. Series 2020-5A

4.83% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

04/20/34

3,570,000

3,571,817

Bain Capital Credit CLO Ltd. Series 2021-3A

5.22% (3 mo. USD Term SOFR + 1.550%) ^(1),(2)

07/24/34

1,500,000

1,500,807

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

4.73% (3 mo. USD Term SOFR + 1.060%) ^(1),(2)

07/24/34

1,250,000

1,249,263

Bain Capital Credit CLO Ltd. Series 2021-4A

4.68% (3 mo. USD Term SOFR + 1.000%) ^(1),(2)

10/20/34

4,000,000

4,002,556

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

4.76% (3 mo. USD Term SOFR + 1.090%) ^(1),(2)

10/21/34

1,700,000

1,699,121

Bain Capital Credit CLO Ltd. Series 2022-2A, Class A1R

4.81% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

04/22/35

950,000

950,317

Bain Capital Credit CLO Ltd. Series 2022-3A, Class A1R

4.84% (3 mo. USD Term SOFR + 1.160%) ^(1),(2)

07/17/35

750,000

750,174

Bain Capital Credit CLO Ltd. Series 2022-3A, Class BR

5.31% (3 mo. USD Term SOFR + 1.630%) ^(1),(2)

07/17/35

780,000

780,773

See accompanying Notes to Financial Statements.

TCW AAA CLO ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

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

5.06% (3 mo. USD Term SOFR + 1.380%) ^(1),(2)

10/16/37

2,000,000

2,002,886

Ballyrock CLO 20 Ltd. Series 2022-20A, Class A1A3

4.72% (-3 mo. USD Term SOFR + 1.050%) ^(1),(2)

10/15/36

4,000,000

3,994,176

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

4.82% (3 mo. USD Term SOFR + 1.140%) ^(1),(2)

01/20/36

1,000,000

999,616

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

4.81% (3 mo. USD Term SOFR + 1.130%) ^(1),(2)

01/18/35

1,750,000

1,750,493

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

5.31% (3 mo. USD Term SOFR + 1.630%) ^(1),(2)

01/18/35

1,750,000

1,751,580

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

5.04% (3 mo. USD Term SOFR + 1.370%) ^(1),(2)

07/15/39

675,000

676,146

Barings CLO Ltd. Series 2024-2A, Class A1

5.10% (3 mo. USD Term SOFR + 1.430%) ^(1),(2)

07/15/39

250,000

250,475

Barings Loan Partners CLO Ltd. 5 Series LP-5A, Class A

4.90% (3 mo. USD Term SOFR + 1.220%) ^(1),(2)

01/20/35

3,500,000

3,502,145

Battery Park CLO Ltd. Series 2019-1A, Class AR

5.07% (3 mo. USD Term SOFR + 1.400%) ^(1),(2)

07/15/36

100,000

100,149

BBAM U.S. CLO III Ltd. Series 2023-3A, Class A1R

4.84% (3 mo. USD Term SOFR + 1.170%) ^(1),(2)

10/15/38

1,500,000

1,499,075

Beechwood Park CLO Ltd. Series 2019-1A

4.75% (3 mo. USD Term SOFR + 1.070%) ^(1),(2)

01/17/35

1,500,000

1,499,772

Benefit Street Partners CLO 43 Ltd. Series 2025-43A, Class B

5.28% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)

10/20/38

750,000

752,082

Benefit Street Partners CLO XXII Ltd. Series 2020-22A, Class ARR

4.83% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

04/20/35

800,000

800,340

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

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

5.03% (3 mo. USD Term SOFR + 1.360%) ^(1),(2)

01/25/38

1,500,000

1,503,141

Birch Grove CLO 13 Ltd. Series 2025-13A, Class A2

5.22% (3 mo. USD Term SOFR + 1.550%) ^(1),(2)

10/23/38

2,500,000

2,502,552

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

4.98% (3 mo. USD Term SOFR + 1.300%) ^(1),(2)

04/20/30

1,000,000

999,785

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

5.01% (3 mo. USD Term SOFR + 1.342%) ^(1),(2)

07/15/31

148,320

148,526

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

4.82% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

04/15/35

4,100,000

4,101,968

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

5.08% (3 mo. USD Term SOFR + 1.400%) ^(1),(2)

04/19/34

1,200,000

1,198,787

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

4.77% (3 mo. USD Term SOFR + 1.100%) ^(1),(2)

10/15/34

3,000,000

3,000,711

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

5.22% (3 mo. USD Term SOFR + 1.550%) ^(1),(2)

10/15/34

1,500,000

1,501,464

Boyce Park CLO Ltd. Series 2022-1A, Class A2R

4.92% (3 mo. USD Term SOFR + 1.250%) ^(1),(2)

04/21/35

4,000,000

3,997,396

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

5.18% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

04/19/37

250,000

250,364

Buckhorn Park CLO Ltd. Series 2019-1A, Class ARR

4.75% (3 mo. USD Term SOFR + 1.070%) ^(1),(2)

07/18/34

3,700,000

3,701,047

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

5.58% (3 mo. USD Term SOFR + 1.900%) ^(1),(2)

07/20/37

250,000

250,380

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

5.10% (3 mo. USD Term SOFR + 1.420%) ^(1),(2)

07/20/37

500,000

500,519

See accompanying Notes to Financial Statements.

TCW AAA CLO ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Cedar Funding VI CLO Ltd. Series 2016-6A, Class AR3

4.77% (3 mo. USD Term SOFR + 1.090%) ^(1),(2)

04/20/34

1,100,000

1,101,356

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

4.97% (3 mo. USD Term SOFR + 1.300%) ^(1),(2)

05/29/32

1,200,000

1,199,604

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

4.87% (3 mo. USD Term SOFR + 1.200%) ^(1),(2)

01/25/38

3,000,000

3,000,099

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

5.05% (3 mo. USD Term SOFR + 1.380%) ^(1),(2)

10/15/37

850,000

851,043

Cedar Funding XVII CLO Ltd. Series 2023-17A, Class AR

5.03% (3 mo. USD Term SOFR + 1.350%) ^(1),(2)

07/20/38

836,000

837,873

CIFC Funding Ltd. Series 2014-4RA, Class A1A2

4.67% (3 mo. USD Term SOFR + 0.990%) ^(1),(2)

01/17/35

1,333,000

1,332,467

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

4.88% (3 mo. USD Term SOFR + 1.200%) ^(1),(2)

01/17/35

4,000,000

3,973,448

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

5.72% (3 mo. USD Term SOFR + 2.050%) ^(1),(2)

04/21/37

510,000

511,044

CIFC Funding Ltd. Series 2019-1A, Class A1R2

5.04% (3 mo. USD Term SOFR + 1.360%) ^(1),(2)

10/20/37

425,000

425,742

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

5.09% (3 mo. USD Term SOFR + 1.420%) ^(1),(2)

07/25/37

830,000

831,736

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

4.76% (3 mo. USD Term SOFR + 1.090%) ^(1),(2)

01/23/35

1,000,000

1,000,273

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

5.18% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

04/18/37

250,000

250,374

Clover CLO LLC Series 2021-3A, Class AR

4.74% (3 mo. USD Term SOFR + 1.070%) ^(1),(2)

01/25/35

2,500,000

2,499,050

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Contego CLO IV DAC Series 4A, Class B1RR

4.22% (3 mo. EUR EURIBOR + 2.050%) ^(1),(2)

10/23/39

EUR

1,100,000

1,294,635

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

5.03% (3 mo. USD Term SOFR + 1.360%) ^(1),(2)

10/21/37

400,000

400,412

Dryden 104 CLO Ltd. Series 2022-104A, Class A1R

4.95% (3 mo. USD Term SOFR + 1.290%) ^(1),(2)

08/20/34

250,000

250,141

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

5.12% (3 mo. USD Term SOFR + 1.450%) ^(1),(2)

04/15/38

2,000,000

2,005,656

Dryden 108 CLO Ltd. Series 2022-108A, Class A1R

5.04% (3 mo. USD Term SOFR + 1.360%) ^(1),(2)

07/18/37

3,000,000

3,005,487

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

5.19% (3 mo. USD Term SOFR + 1.510%) ^(1),(2)

07/18/37

600,000

600,308

Dryden 113 CLO Ltd. Series 2022-113A, Class AR3

4.76% (3 mo. USD Term SOFR + 1.090%) ^(1),(2)

10/15/37

3,350,000

3,347,484

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

4.80% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

08/15/31

1,391,434

1,392,492

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

4.75% (3 mo. USD Term SOFR + 1.070%) ^(1),(2)

04/20/34

3,220,000

3,221,565

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

4.75% (3 mo. USD Term SOFR + 1.080%) ^(1),(2)

10/15/30

16,873

16,878

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

4.95% (3 mo. USD Term SOFR + 1.282%) ^(1),(2)

04/15/31

575,790

576,948

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

4.77% (3 mo. USD Term SOFR + 1.100%) ^(1),(2)

07/15/35

5,288,000

5,291,659

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

4.75% (3 mo. USD Term SOFR + 1.100%) ^(1),(2)

05/15/32

1,559,379

1,560,099

See accompanying Notes to Financial Statements.

TCW AAA CLO ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Dryden 75 CLO Ltd. Series 2019-75A, Class AR3

4.71% (3 mo. USD Term SOFR + 1.040%) ^(1),(2)

04/14/34

3,000,000

2,999,361

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

5.18% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

01/17/33

2,000,000

2,001,428

Dryden 85 CLO Ltd. Series 2020-85A, Class BR2

5.47% (3 mo. USD Term SOFR + 1.800%) ^(1),(2)

07/15/37

955,000

957,338

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

4.81% (3 mo. USD Term SOFR + 1.130%) ^(1),(2)

07/17/34

250,000

250,313

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

5.00% (3 mo. USD Term SOFR + 1.330%) ^(1),(2)

01/15/38

620,000

621,768

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

5.03% (3 mo. USD Term SOFR + 1.360%) ^(1),(2)

10/15/37

400,000

400,911

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

5.26% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)

08/20/34

4,000,000

4,002,868

Eaton Vance CLO Ltd. Series 2014-1RA, Class CR

4.77% (3 mo. USD Term SOFR + 1.100%) ^(1),(2)

07/15/30

2,000,000

2,000,122

Eaton Vance CLO Ltd. Series 2020-2A, Class AR2

5.05% (3 mo. USD Term SOFR + 1.380%) ^(1),(2)

10/15/37

1,600,000

1,601,541

Elm Park CLO DAC Series 1A, Class BR3

4.15% (3 mo. EUR EURIBOR + 1.950%) ^(1),(2)

01/15/38

EUR

900,000

1,061,665

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

4.81% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

04/22/35

3,010,000

3,011,725

Elmwood CLO 25 Ltd. Series 2024-1A, Class A1

5.21% (3 mo. USD Term SOFR + 1.530%) ^(1),(2)

04/17/37

500,000

500,820

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

5.02% (3 mo. USD Term SOFR + 1.340%) ^(1),(2)

10/20/37

850,000

851,177

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

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

5.28% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)

07/18/37

850,000

850,833

Elmwood CLO IV Ltd. Series 2020-1A, Class ARR

4.93% (3 mo. USD Term SOFR + 1.250%) ^(1),(2)

04/18/37

3,000,000

3,006,426

Elmwood European CLO 1 Series 2026-1A, Class A2

4.18% (3 mo. EUR EURIBOR + 1.550%) ^(1),(2)

04/16/40

EUR

1,600,000

1,879,640

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

5.03% (3 mo. USD Term SOFR + 1.350%) ^(1),(2)

10/17/37

850,000

851,634

Flatiron CLO 28 Ltd. Series 2024-1A, Class A1R

4.75% (3 mo. USD Term SOFR + 1.080%) ^(1),(2)

07/15/36

1,950,000

1,947,535

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

4.76% (3 mo. USD Term SOFR + 1.080%) ^(1),(2)

10/20/34

250,000

250,272

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

5.33% (3 mo. USD Term SOFR + 1.650%) ^(1),(2)

07/20/37

250,000

250,428

GoldenTree Loan Management U.S. CLO 15 Ltd. Series 2022-15A, Class AJR

5.11% (3 mo. USD Term SOFR + 1.430%) ^(1),(2)

10/20/38

3,000,000

3,002,199

GoldenTree Loan Management U.S. CLO 27 Ltd. Series 2025-27A, Class AJ

5.10% (3 mo. USD Term SOFR + 1.420%) ^(1),(2)

01/20/39

1,000,000

1,000,590

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

4.83% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

10/20/34

1,130,000

1,131,257

Golub Capital Partners CLO 50B-R Ltd. Series 2020-50A

4.79% (3 mo. USD Term SOFR + 1.110%) ^(1),(2)

04/20/35

1,300,000

1,299,492

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

4.66% (3 mo. USD Term SOFR + 0.980%) ^(1),(2)

07/20/34

5,500,000

5,490,512

See accompanying Notes to Financial Statements.

TCW AAA CLO ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

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

5.03% (3 mo. USD Term SOFR + 1.350%) ^(1),(2)

07/20/34

2,100,000

2,102,066

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

4.98% (3 mo. USD Term SOFR + 1.310%) ^(1),(2)

10/25/34

500,000

500,549

Golub Capital Partners CLO 62B Ltd. Series 2022-62A, Class AR

5.04% (3 mo. USD Term SOFR + 1.370%) ^(1),(2)

10/15/37

500,000

500,535

Golub Capital Partners CLO 74 B Ltd. Series 2024-74A, Class A

5.17% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

07/25/37

2,500,000

2,503,405

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

5.34% (3 mo. USD Term SOFR + 1.670%) ^(1),(2)

10/25/37

750,000

751,151

Golub Capital Partners CLO 77 B Ltd. Series 2024-77A, Class A1

4.92% (3 mo. USD Term SOFR + 1.250%) ^(1),(2)

01/25/38

5,000,000

5,003,170

Greenacre Park CLO LLC Series 2021-2A, Class AR

5.05% (3 mo. USD Term SOFR + 1.370%) ^(1),(2)

07/20/37

250,000

250,632

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

5.02% (3 mo. USD Term SOFR + 1.340%) ^(1),(2)

10/20/37

1,540,000

1,542,022

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

5.03% (3 mo. USD Term SOFR + 1.350%) ^(1),(2)

10/20/37

1,250,000

1,252,350

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

4.84% (3 mo. USD Term SOFR + 1.160%) ^(1),(2)

01/20/37

3,000,000

3,000,579

Henley CLO XII DAC Series 12X, Class B

4.20% (3 mo. EUR EURIBOR + 2.000%)^(1),(3)

01/15/38

EUR

700,000

823,594

Higley Park CLO Ltd. Series 2025-1A, Class A2

5.19% (3 mo. USD Term SOFR + 1.520%) ^(1),(2)

07/24/38

1,000,000

1,001,682

HPS Loan Management Ltd. Series 10A-16

4.80% (3 mo. USD Term SOFR + 1.120%) ^(1),(2)

04/20/34

2,500,000

2,501,357

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

HPS Loan Management Ltd. Series 2021-16A, Class A1R

4.78% (3 mo. USD Term SOFR + 1.110%) ^(1),(2)

01/23/35

3,650,000

3,650,978

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

5.32% (3 mo. USD Term SOFR + 1.650%) ^(1),(2)

01/23/35

2,500,000

2,502,777

HPS Loan Management Ltd. Series 2023-17A, Class AR

4.94% (3 mo. USD Term SOFR + 1.270%) ^(1),(2)

04/23/38

3,750,000

3,754,957

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

5.23% (3 mo. USD Term SOFR + 1.550%) ^(1),(2)

07/20/39

2,000,000

2,003,326

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

5.05% (3 mo. USD Term SOFR + 1.370%) ^(1),(2)

10/20/37

1,850,000

1,854,183

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

4.77% (3 mo. USD Term SOFR + 1.100%) ^(1),(2)

07/15/34

1,550,000

1,550,178

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

5.27% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)

07/15/34

1,000,000

1,000,980

Invesco CLO Ltd. Series 2021-3A, Class A1R

4.74% (3 mo. USD Term SOFR + 1.080%) ^(1),(2)

10/22/34

900,000

899,894

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

4.83% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

07/20/35

1,500,000

1,500,350

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

5.00% (3 mo. USD Term SOFR + 1.330%) ^(1),(2)

01/15/38

1,000,000

1,001,929

Juniper Valley Park CLO Ltd. Series 2023-1A, Class ARR

4.76% (3 mo. USD Term SOFR + 1.080%) ^(1),(2)

07/20/36

3,000,000

3,001,293

KKR CLO 17 Ltd. Series 17, Class BR

5.53% (3 mo. USD Term SOFR + 1.862%) ^(1),(2)

04/15/34

500,000

500,906

KKR CLO 27 Ltd. Series 27A, Class A1R2

4.78% (3 mo. USD Term SOFR + 1.110%) ^(1),(2)

01/15/35

250,000

250,062

See accompanying Notes to Financial Statements.

TCW AAA CLO ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

KKR CLO 28 Ltd. Series 28A, Class AR2

4.80% (3 mo. USD Term SOFR + 1.120%) ^(1),(2)

02/09/35

3,000,000

3,001,443

KKR CLO 33 Ltd. Series 33A, Class AR

4.76% (3 mo. USD Term SOFR + 1.080%) ^(1),(2)

07/20/34

3,000,000

2,999,886

LCM 29 Ltd. Series 29A, Class AR

5.00% (3 mo. USD Term SOFR + 1.332%) ^(1),(2)

04/15/31

176,140

176,425

LCM 31 Ltd. Series 31A, Class BR

5.43% (3 mo. USD Term SOFR + 1.750%) ^(1),(2)

07/20/34

2,700,000

2,701,812

LCM 32 Ltd. Series 32A, Class A1

5.05% (3 mo. USD Term SOFR + 1.372%) ^(1),(2)

07/20/34

1,000,000

1,000,524

LCM 33 Ltd. Series 33A, Class AR

4.86% (3 mo. USD Term SOFR + 1.180%) ^(1),(2)

07/20/34

2,250,000

2,251,271

LCM 33 Ltd. Series 33A, Class BR

5.48% (3 mo. USD Term SOFR + 1.800%) ^(1),(2)

07/20/34

1,500,000

1,501,146

LCM 34 Ltd. Series 34A, Class A1R

4.86% (3 mo. USD Term SOFR + 1.180%) ^(1),(2)

10/20/34

2,000,000

2,000,696

LCM 34 Ltd. Series 34A, Class A2R

5.28% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)

10/20/34

3,000,000

3,002,115

LCM 34 Ltd. Series 34A, Class BR

5.38% (3 mo. USD Term SOFR + 1.700%) ^(1),(2)

10/20/34

510,000

510,318

LCM 35 Ltd. Series 35A, Class A1R

4.75% (3 mo. USD Term SOFR + 1.080%) ^(1),(2)

10/15/34

600,000

599,523

LCM 35 Ltd. Series 35A, Class BR

5.32% (3 mo. USD Term SOFR + 1.650%) ^(1),(2)

10/15/34

1,250,000

1,250,881

LCM 36 Ltd. Series 36A, Class A1R

4.74% (3 mo. USD Term SOFR + 1.070%) ^(1),(2)

01/15/34

1,766,000

1,764,246

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

LCM 37 Ltd. Series 37A, Class A1R

4.73% (3 mo. USD Term SOFR + 1.060%) ^(1),(2)

04/15/34

1,481,081

1,480,987

LCM 40 Ltd. Series 40A, Class A1R

5.04% (3 mo. USD Term SOFR + 1.370%) ^(1),(2)

01/15/38

1,000,000

1,000,748

LCM 40 Ltd. Series 40A, Class A2R

5.32% (3 mo. USD Term SOFR + 1.650%) ^(1),(2)

01/15/38

3,000,000

3,002,496

LCM 41 Ltd. Series 41A

4.87% (3 mo. USD Term SOFR + 1.200%) ^(1),(2)

04/15/36

3,500,000

3,498,376

LCM 41 Ltd. Series 41A, Class A2R

5.22% (3 mo. USD Term SOFR + 1.550%) ^(1),(2)

04/15/36

2,500,000

2,500,910

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

5.18% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

04/18/37

395,000

395,591

Madison Park Funding LVII Ltd. Series 2022-57A

5.37% (3 mo. USD Term SOFR + 1.700%) ^(1),(2)

07/27/34

3,125,000

3,128,384

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

5.18% (3 mo. USD Term SOFR + 1.510%) ^(1),(2)

04/25/37

850,000

851,364

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

4.73% (3 mo. USD Term SOFR + 1.050%) ^(1),(2)

10/19/34

5,500,000

5,498,405

Madison Park Funding XLIX Ltd. Series 2021-49A, Class B1R

5.13% (3 mo. USD Term SOFR + 1.450%) ^(1),(2)

10/19/34

2,000,000

2,000,002

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

4.75% (3 mo. USD Term SOFR + 1.080%) ^(1),(2)

07/15/34

1,000,000

999,568

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

4.67% (3 mo. USD Term SOFR + 1.000%) ^(1),(2)

10/15/34

5,000,000

5,001,250

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

5.18% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

04/20/38

2,250,000

2,252,140

See accompanying Notes to Financial Statements.

TCW AAA CLO ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Madison Park Funding XXXIX Ltd. Series 2021-39A

5.41% (3 mo. USD Term SOFR + 1.750%) ^(1),(2)

10/22/34

185,000

185,258

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

5.20% (3 mo. USD Term SOFR + 1.530%) ^(1),(2)

04/15/37

2,275,000

2,278,544

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

5.13% (3 mo. USD Term SOFR + 1.450%) ^(1),(2)

04/17/34

500,000

500,264

Magnetite XXIII Ltd. Series 2019-23A, Class AR2

4.66% (-3 mo. USD Term SOFR + 0.990%) ^(1),(2)

01/25/35

2,700,000

2,696,428

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

5.06% (3 mo. USD Term SOFR + 1.400%) ^(1),(2)

07/22/38

1,400,000

1,401,737

Neuberger Berman Euro CLO DAC Series 2025-8A, Class A2

3.76% (3 mo. EUR EURIBOR + 1.735%) ^(1),(2)

01/20/39

EUR

2,000,000

2,354,081

Neuberger Berman Loan Advisers CLO 38 Ltd. Series 2020-38A, Class BR2

5.08% (3 mo. USD Term SOFR + 1.400%) ^(1),(2)

10/20/36

1,000,000

1,000,984

Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R

5.21% (3 mo. USD Term SOFR + 1.530%) ^(1),(2)

04/20/38

250,000

250,213

Neuberger Berman Loan Advisers CLO 41 Ltd. Series 2021-41A, Class AR

4.72% (3 mo. USD Term SOFR + 1.050%) ^(1),(2)

04/15/34

500,000

500,224

Neuberger Berman Loan Advisers CLO 42 Ltd. Series 2021-42A, Class AR

4.63% (3 mo. USD Term SOFR + 0.950%) ^(1),(2)

07/16/36

755,000

754,068

Neuberger Berman Loan Advisers CLO 43Ltd. Series 2021-43A

4.73% (3 mo. USD Term SOFR + 1.050%) ^(1),(2)

07/17/36

1,120,000

1,119,965

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

4.73% (3 mo. USD Term SOFR + 1.060%) ^(1),(2)

10/14/36

4,000,000

4,004,000

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Neuberger Berman Loan Advisers CLO 50 Ltd. Series 2022-50A

4.71% (3 mo. USD Term SOFR + 1.040%) ^(1),(2)

07/23/36

1,750,000

1,746,906

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

5.02% (3 mo. USD Term SOFR + 1.350%) ^(1),(2)

10/24/38

850,000

851,262

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

5.04% (3 mo. USD Term SOFR + 1.360%) ^(1),(2)

10/19/38

2,000,000

2,002,490

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

5.22% (3 mo. USD Term SOFR + 1.550%) ^(1),(2)

10/25/36

2,000,000

2,004,100

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

4.80% (3 mo. USD Term SOFR + 1.120%) ^(1),(2)

07/20/34

2,500,000

2,498,757

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

5.23% (3 mo. USD Term SOFR + 1.550%) ^(1),(2)

01/20/36

500,000

500,955

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

5.03% (3 mo. USD Term SOFR + 1.350%) ^(1),(2)

10/20/37

850,000

852,034

OCP CLO Ltd. Series 2023-26A, Class AR

4.76% (3 mo. USD Term SOFR + 1.080%) ^(1),(2)

04/17/37

1,850,000

1,846,866

OCP CLO Ltd. Series 2024-33A, Class A1

5.18% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

07/20/37

480,000

480,724

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

4.09% (3 mo. EUR EURIBOR + 1.850%) ^(1),(2)

10/20/39

EUR

950,000

1,116,986

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

4.74% (3 mo. USD Term SOFR + 1.070%) ^(1),(2)

10/15/34

1,300,000

1,301,023

Octagon 64 Ltd. Series 2022-1A, Class A1R

4.93% (3 mo. USD Term SOFR + 1.260%) ^(1),(2)

07/21/35

4,700,000

4,703,121

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

5.10% (3 mo. USD Term SOFR + 1.420%) ^(1),(2)

07/18/37

850,000

850,993

See accompanying Notes to Financial Statements.

TCW AAA CLO ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

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

5.13% (3 mo. USD Term SOFR + 1.462%) ^(1),(2)

04/15/31

137,656

137,712

Octagon Investment Partners 40 Ltd. Series 2019-1A, Class A1RR

4.72% (3 mo. USD Term SOFR + 1.040%) ^(1),(2)

01/20/35

2,300,000

2,296,129

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

4.98% (3 mo. USD Term SOFR + 1.300%) ^(1),(2)

01/20/35

2,000,000

1,991,014

Octagon Investment Partners 41 Ltd. Series 2019-2A, Class A1R2

4.76% (3 mo. USD Term SOFR + 1.090%) ^(1),(2)

10/15/33

1,600,000

1,600,768

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

5.27% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)

10/15/33

2,000,000

2,002,012

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

4.82% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

04/15/35

2,000,000

2,000,736

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

5.27% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)

04/15/35

600,000

600,588

Octagon Investment Partners 49 Ltd. Series 2020-5A

5.22% (3 mo. USD Term SOFR + 1.550%) ^(1),(2)

04/15/37

2,000,000

2,003,044

Octagon Investment Partners 50 Ltd. Series 2020-4A, Class AR2

4.75% (3 mo. USD Term SOFR + 1.080%) ^(1),(2)

01/15/35

3,000,000

2,997,495

Octagon Investment Partners 50 Ltd. Series 2020-4A, Class BR2

5.22% (3 mo. USD Term SOFR + 1.550%) ^(1),(2)

01/15/35

2,000,000

2,001,064

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

4.67% (3 mo. USD Term SOFR + 0.990%) ^(1),(2)

07/20/34

5,500,000

5,488,538

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

4.80% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

02/14/31

5,500,000

5,502,238

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

5.68% (3 mo. USD Term SOFR + 2.000%) ^(1),(2)

04/20/37

250,000

250,521

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

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

4.95% (3 mo. USD Term SOFR + 1.290%) ^(1),(2)

01/22/38

1,000,000

1,001,623

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

5.03% (3 mo. USD Term SOFR + 1.350%) ^(1),(2)

10/18/37

400,000

400,689

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

5.27% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)

07/15/37

1,830,000

1,833,354

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

5.08% (3 mo. USD Term SOFR + 1.400%) ^(1),(2)

07/20/37

500,000

500,732

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

5.17% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

01/15/38

1,000,000

1,001,170

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

3.98% (3 mo. EUR EURIBOR + 2.000%) ^(1),(2)

02/15/35

EUR

850,000

997,111

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

4.00% (3 mo. EUR EURIBOR + 1.800%) ^(1),(2)

07/15/35

EUR

475,000

557,979

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

5.17% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

01/25/32

4,000,000

4,005,056

Palmer Square Loan Funding Ltd. Series 2024-2A, Class A2R

4.82% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

01/15/33

3,000,000

3,000,510

Palmer Square Loan Funding Ltd. Series 2024-3A

4.81% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

08/08/32

1,000,000

999,409

Palmer Square Loan Funding Ltd. Series 2025-3A, Class A1

4.66% (3 mo. USD Term SOFR + 0.950%) ^(1),(2)

01/15/34

300,000

299,877

Palmer Square Loan Funding Ltd. Series 2025-3A, Class A2

5.11% (3 mo. USD Term SOFR + 1.400%) ^(1),(2)

01/15/34

132,000

132,093

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

5.20% (3 mo. USD Term SOFR + 1.550%) ^(1),(2)

02/14/34

2,045,000

2,046,397

See accompanying Notes to Financial Statements.

TCW AAA CLO ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Park Avenue Institutional Advisers CLO Ltd. Series 2019-2A, Class A1RR

4.72% (-3 mo. USD Term SOFR + 1.050%) ^(1),(2)

10/15/34

1,500,000

1,498,589

Park Avenue Institutional Advisers CLO Ltd. Series 2019-2A, Class A2RR

5.17% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

10/15/34

2,000,000

2,001,954

Park Avenue Institutional Advisers CLO Ltd. Series 2021-2A, Class BR

5.27% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)

07/15/34

1,500,000

1,501,333

Park Avenue Institutional Advisers CLO Ltd. Series 2022-1A, Class A2

5.55% (3 mo. USD Term SOFR + 1.870%) ^(1),(2)

04/20/35

380,000

380,649

Penta CLO 20 DAC Series 2025-20X, Class B

4.10% (3 mo. EUR EURIBOR + 1.900%)^(1),(3)

10/15/39

EUR

1,750,000

2,060,537

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

4.74% (3 mo. USD Term SOFR + 1.070%) ^(1),(2)

01/25/37

5,500,000

5,487,636

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

5.05% (3 mo. USD Term SOFR + 1.370%) ^(1),(2)

10/20/37

400,000

400,986

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

5.08% (3 mo. USD Term SOFR + 1.400%) ^(1),(2)

07/17/37

2,000,000

2,002,340

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

5.20% (3 mo. USD Term SOFR + 1.530%) ^(1),(2)

04/26/37

500,000

500,469

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

5.40% (3 mo. USD Term SOFR + 1.730%) ^(1),(2)

04/26/37

1,500,000

1,502,049

Riserva CLO Ltd. Series 2016-3A, Class AR3

4.73% (3 mo. USD Term SOFR + 1.050%) ^(1),(2)

01/18/34

2,718,379

2,720,700

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

5.02% (3 mo. USD Term SOFR + 1.362%) ^(1),(2)

05/20/31

774,745

775,076

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

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

4.78% (3 mo. USD Term SOFR + 1.100%) ^(1),(2)

04/20/34

825,000

825,401

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

5.28% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)

04/20/34

2,000,000

2,001,438

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

4.79% (3 mo. USD Term SOFR + 1.130%) ^(1),(2)

08/20/32

659,585

660,391

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

4.77% (3 mo. USD Term SOFR + 1.090%) ^(1),(2)

01/20/36

2,010,000

2,010,422

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

5.18% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

07/20/34

2,000,000

2,000,940

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

5.38% (3 mo. USD Term SOFR + 1.700%) ^(1),(2)

07/20/35

2,020,000

2,021,545

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

4.88% (3 mo. USD Term SOFR + 1.210%) ^(1),(2)

03/31/38

5,500,000

5,502,634

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

4.34% (3 mo. EUR EURIBOR + 2.100%) ^(1),(2)

01/20/38

EUR

750,000

882,174

RR 14 Ltd. Series 2021-14A, Class A1

5.05% (3 mo. USD Term SOFR + 1.382%) ^(1),(2)

04/15/36

500,000

500,584

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

5.17% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

07/15/36

2,000,000

2,001,954

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

4.79% (3 mo. USD Term SOFR + 1.120%) ^(1),(2)

04/15/38

3,000,000

2,997,726

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

5.17% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

07/15/39

1,500,000

1,502,131

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

4.83% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

10/20/34

1,150,000

1,150,869

See accompanying Notes to Financial Statements.

TCW AAA CLO ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Sixth Street CLO XX Ltd. Series 2021-20A, Class A1R

5.00% (3 mo. USD Term SOFR + 1.320%) ^(1),(2)

07/17/38

650,000

651,426

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

5.04% (3 mo. USD Term SOFR + 1.370%) ^(1),(2)

10/21/37

2,000,000

2,002,926

Sixth Street CLO XXII Ltd. Series 2023-22A, Class AR

4.80% (3 mo. USD Term SOFR + 1.130%) ^(1),(2)

04/21/38

2,000,000

1,996,000

Symphony CLO 36 Ltd. Series 2022-36A, Class AR

5.03% (3 mo. USD Term SOFR + 1.360%) ^(1),(2)

10/24/37

2,700,000

2,702,956

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

5.19% (3 mo. USD Term SOFR + 1.520%) ^(1),(2)

04/15/37

850,000

851,129

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

4.86% (3 mo. USD Term SOFR + 1.180%) ^(1),(2)

04/18/33

369,935

370,179

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

5.02% (3 mo. USD Term SOFR + 1.350%) ^(1),(2)

01/15/34

2,000,000

2,001,956

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

4.80% (3 mo. USD Term SOFR + 1.130%) ^(1),(2)

10/23/35

3,275,000

3,273,012

Symphony CLO XXIX Ltd. Series 2021-29A, Class AR

4.82% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

10/15/35

800,000

799,726

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

5.18% (3 mo. USD Term SOFR + 1.500%) ^(1),(2)

04/19/34

1,800,000

1,801,769

Symphony CLO XXXII Ltd. Series 2022-32A, Class AR

4.82% (3 mo. USD Term SOFR + 1.150%) ^(1),(2)

10/23/35

500,000

499,853

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

4.95% (3 mo. USD Term SOFR + 1.282%) ^(1),(2)

10/13/32

213,975

214,220

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

5.04% (3 mo. USD Term SOFR + 1.370%) ^(1),(2)

10/21/37

321,000

321,456

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

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

4.72% (3 mo. USD Term SOFR + 1.050%) ^(1),(2)

04/15/34

2,200,000

2,201,181

Trestles CLO II Ltd. Series 2018-2A, Class A1R

5.24% (3 mo. USD Term SOFR + 1.570%) ^(1),(2)

07/25/37

2,000,000

2,003,208

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

4.93% (3 mo. USD Term SOFR + 1.250%) ^(1),(2)

10/20/34

2,800,000

2,801,319

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

5.01% (3 mo. USD Term SOFR + 1.330%) ^(1),(2)

06/11/35

3,300,000

3,302,488

Trinitas CLO VI Ltd. Series 2017-6A, Class AR4

4.78% (3 mo. USD Term SOFR + 1.110%) ^(1),(2)

01/25/34

280,792

280,665

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

5.32% (3 mo. USD Term SOFR + 1.650%) ^(1),(2)

01/25/34

1,000,000

1,000,665

Trinitas CLO VII Ltd. Series 2017-7A

4.73% (3 mo. USD Term SOFR + 1.060%) ^(1),(2)

01/25/35

3,750,000

3,748,361

Trinitas CLO VII Ltd. Series 2017-7A, Class B1R2

5.27% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)

01/25/35

1,000,000

1,000,371

Trinitas CLO X Ltd. Series 2019-10A, Class AR2

4.81% (3 mo. USD Term SOFR + 1.140%) ^(1),(2)

01/15/35

1,950,000

1,948,128

Trinitas CLO XIV Ltd. Series 2020-14A, Class A1R2

4.77% (3 mo. USD Term SOFR + 1.100%) ^(1),(2)

01/25/34

1,850,859

1,851,349

Trinitas CLO XIV Ltd. Series 2020-14A, Class BR2

5.37% (3 mo. USD Term SOFR + 1.700%) ^(1),(2)

01/25/34

1,750,000

1,751,374

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

4.81% (3 mo. USD Term SOFR + 1.130%) ^(1),(2)

07/20/34

3,000,000

2,998,287

Trinitas CLO XXX Ltd. Series 2024-30A, Class A1

5.04% (3 mo. USD Term SOFR + 1.370%) ^(1),(2)

10/23/37

1,000,000

1,001,070

See accompanying Notes to Financial Statements.

TCW AAA CLO ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Valley Stream Park CLO Ltd. Series 2022-1A

4.87% (3 mo. USD Term SOFR + 1.190%) ^(1),(2)

01/20/37

4,070,000

4,072,352

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

5.64% (3 mo. USD Term SOFR + 1.961%) ^(1),(2)

10/18/31

327,073

327,849

Voya CLO Ltd. Series 2015-3A

5.48% (3 mo. USD Term SOFR + 1.800%) ^(1),(2)

10/20/31

925,000

925,808

Voya CLO Ltd. Series 2017-3A, Class A1RR

4.74% (3 mo. USD Term SOFR + 1.060%) ^(1),(2)

04/20/34

4,875,000

4,875,010

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

5.28% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)

04/20/34

2,000,000

2,001,626

Voya CLO Ltd. Series 2018-4A, Class A1RR

5.03% (3 mo. USD Term SOFR + 1.360%) ^(1),(2)

10/15/37

750,000

750,750

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

5.27% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)

10/15/37

850,000

850,791

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

4.88% (3 mo. USD Term SOFR + 1.200%) ^(1),(2)

07/20/32

1,559,695

1,561,626

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Voya CLO Ltd. Series 2019-3A, Class BR

5.59% (3 mo. USD Term SOFR + 1.912%) ^(1),(2)

10/17/32

500,000

500,922

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

4.76% (3 mo. USD Term SOFR + 1.080%) ^(1),(2)

07/16/34

1,500,000

1,499,267

Voya CLO Ltd. Series 2022-3A, Class A2R2

5.08% (3 mo. USD Term SOFR + 1.400%) ^(1),(2)

10/20/36

400,000

398,796

Total Asset-Backed Securities

(Cost: $493,649,553)

494,023,428

Total Fixed Income Securities

(Cost: $493,649,553)

494,023,428

Issues

Value

MONEY MARKET INVESTMENTS — 0.4%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 3.60% ⁽⁴⁾

1,473,326

TCW Central Cash Fund, 3.69% ^(4),(5)

343,243

Total Money Market Investments

(Cost: $1,816,569)

1,816,569

Total Investments (99.8%)

(Cost: $495,466,122)

495,839,997

Excess Of Other Assets Over Liabilities (0.2%)

1,173,526

Net Assets (100.0%)

497,013,523


Forward Currency Exchange Contracts

Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for USD		Contracts at Value		Unrealized Appreciation (Depreciation)
SELL ⁽⁷⁾
Bank of New York		EUR		1,600,000		06/26/26	$	1,872,693	$	1,882,300	$	(9,607	)
Goldman Sachs & Co.		EUR		15,491,436		06/26/26		17,918,712		18,224,709		(305,997	)

							$	19,791,405	$	20,107,009	$	(315,604	)

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

Schedule of Investments (Unaudited)

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

FIXED INCOME SECURITIES — 103.3% of Net Assets

ASSET-BACKED SECURITIES — 6.7%

Aqueduct European CLO Series 2025-15A, Class CR3

4.62% (3 mo. EUR EURIBOR + 2.450%) ^(1),(2)

01/25/39

EUR

450,000

529,448

Bain Capital Credit CLO Ltd. Series 2020-2A, Class CR3

5.33% (3 mo. USD Term SOFR + 1.650%) ^(1),(2)

07/19/34

425,000

423,237

DailyPay Securitization Trust Series 2025-1A, Class A

5.63% ⁽²⁾

06/26/28

375,000

375,907

Edgeconnex Data Centers Issuer LLC Series 2022-1, Class A2

4.25% ⁽²⁾

03/25/52

433,613

422,641

Elmwood CLO IV Ltd. Series 2020-1A, Class CRR

5.63% (3 mo. USD Term SOFR + 1.950%) ^(1),(2)

04/18/37

550,000

550,350

FIGRE Trust Series 2026-FL1, Class A3

5.94% ⁽²⁾

03/25/56

410,253

411,549

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

4.34% ⁽²⁾

12/27/27

250,000

247,523

LMDV Issuer Co. LLC Series 2025-1A, Class C

7.88% ⁽²⁾

12/15/55

300,000

303,780

Neuberger Berman Loan Advisers Lasalle Street Lending CLO I Ltd. Series 2023-1A, Class D1R

7.02% (3 mo. USD Term SOFR + 3.350%) ^(1),(2)

10/25/36

300,000

300,653

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

4.15% (3 mo. EUR EURIBOR + 1.950%) ^(1),(2)

04/15/37

EUR

750,000

881,992

Skyline Aviation, Inc. Class A

3.23% ⁽³⁾

07/03/38

1,600,530

1,514,630

SLC Student Loan Trust Series 2004-1, Class B

4.34% (90 day USD SOFR Average + 0.552%) ⁽¹⁾

08/15/31

73,166

64,704

SLC Student Loan Trust Series 2008-1, Class A4A

5.55% (90 day USD SOFR Average + 1.862%) ⁽¹⁾

12/15/32

71,761

72,032

SLM Student Loan Trust Series 2004-2, Class B

4.40% (90 day USD SOFR Average + 0.732%) ⁽¹⁾

07/25/39

63,285

60,462

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

SLM Student Loan Trust Series 2006-8, Class A6

4.09% (90 day USD SOFR Average + 0.422%) ⁽¹⁾

01/25/41

481,515

463,085

SLM Student Loan Trust Series 2008-2, Class B

5.13% (90 day USD SOFR Average + 1.460%) ⁽¹⁾

01/25/83

185,000

199,781

SLM Student Loan Trust Series 2008-3, Class B

5.13% (90 day USD SOFR Average + 1.462%) ⁽¹⁾

04/26/83

185,000

193,781

SLM Student Loan Trust Series 2008-4, Class B

5.78% (90 day USD SOFR Average + 2.112%)⁽¹⁾

04/25/73

185,000

197,317

SLM Student Loan Trust Series 2008-5, Class B

5.78% (90 day USD SOFR Average + 2.112%) ⁽¹⁾

07/25/73

2,235,000

2,388,724

SLM Student Loan Trust Series 2008-6, Class B

5.78% (90 day USD SOFR Average + 2.112%) ⁽¹⁾

07/26/83

185,000

192,942

SLM Student Loan Trust Series 2008-7, Class B

5.78% (90 day USD SOFR Average + 2.112%) ⁽¹⁾

07/26/83

185,000

185,900

SLM Student Loan Trust Series 2012-7, Class A3

4.41% (30 day USD SOFR Average + 0.764%) ⁽¹⁾

05/26/26

290,896

284,628

Structured Receivables Finance LLC Series 2010-A, Class B

7.61% ⁽²⁾

01/16/46

74,865

75,200

Switch ABS Issuer LLC Series 2025-2A, Class B

6.24% ⁽²⁾

10/25/55

270,000

260,091

Unity-Peace Park CLO Ltd. Series 2022-1A, Class CR

5.33% (3 mo. USD Term SOFR + 1.650%) ^(1),(2)

04/20/35

450,000

449,046

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

5.53% (3 mo. USD Term SOFR + 1.862%) ^(1),(2)

07/14/31

1,650,000

1,655,135

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

5.28% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)

04/20/34

1,500,000

1,501,220

Total Asset-Backed Securities

(Cost: $14,025,974)

14,205,758

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 35.5%

Federal Home Loan Mortgage Corp., Pool #SD8204

2.00%		04/01/52	$	1,678,446	$	1,351,596

Federal Home Loan Mortgage Corp., Pool #SD8219

2.50%		06/01/52		1,263,542		1,065,028

Federal Home Loan Mortgage Corp., Pool #SD8225

3.00%		07/01/52		2,154,170		1,891,772

Federal Home Loan Mortgage Corp., Pool #C03813

3.50%		04/01/42		380,100		358,554

Federal Home Loan Mortgage Corp., Pool #SD7503

3.50%		08/01/49		1,815,473		1,677,439

Federal Home Loan Mortgage Corp., Pool #SD8244

4.00%		09/01/52		1,264,131		1,191,262

Federal Home Loan Mortgage Corp., Pool #SD8297

4.00%		02/01/53		3,309,980		3,118,156

Federal Home Loan Mortgage Corp., Pool #SD5323

4.00%		01/01/54		2,527,910		2,381,800

Federal Home Loan Mortgage Corp., Pool #SD8257

4.50%		10/01/52		614,977		595,341

Federal Home Loan Mortgage Corp., Pool #SD6706

4.50%		01/01/54		1,262,770		1,221,065

Federal Home Loan Mortgage Corp., Pool #G08844

5.00%		10/01/48		104,495		105,137

Federal Home Loan Mortgage Corp., Pool #SD8491

5.00%		12/01/54		2,030,192		2,004,817

Federal Home Loan Mortgage Corp., Pool #G01644

5.50%		02/01/34		19,052		19,511

Federal Home Loan Mortgage Corp., Pool #A25162

5.50%		05/01/34		33,240		34,040

Federal Home Loan Mortgage Corp., Pool #A33262

5.50%		02/01/35		14,064		14,500

Federal Home Loan Mortgage Corp., Pool #A68781

5.50%		10/01/37		2,135		2,205

Federal Home Loan Mortgage Corp., Pool #RQ0013

5.50%		06/01/55		440,794		443,368

Federal Home Loan Mortgage Corp., Pool #G02366

6.50%		10/01/36		15,508		16,512

Federal Home Loan Mortgage Corp., Pool #G01548

7.50%		07/01/32		96,421		102,788

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

6.00%		07/15/29		4,747		4,834

Federal National Mortgage Association, Pool #MA4333

2.00%		05/01/41		514,938		448,710

Federal National Mortgage Association, Pool #MA4547

2.00%		02/01/52		2,397,755		1,931,039

Federal National Mortgage Association, Pool #MA4562

2.00%		03/01/52		5,435,196		4,362,759


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Federal National Mortgage Association, Pool #FS1598

2.00%		04/01/52	$	988,407	$	795,931

Federal National Mortgage Association, Pool #MA4512

2.50%		01/01/52		914,807		772,290

Federal National Mortgage Association, Pool #MA1527

3.00%		08/01/33		7,195		6,935

Federal National Mortgage Association, Pool #MA1561

3.00%		09/01/33		403,470		388,752

Federal National Mortgage Association, Pool #MA3811

3.00%		10/01/49		341,037		299,196

Federal National Mortgage Association, Pool #FS2646

3.00%		06/01/52		2,578,992		2,273,742

Federal National Mortgage Association, Pool #MA1608

3.50%		10/01/33		348,992		340,525

Federal National Mortgage Association, Pool #FM2318

3.50%		09/01/49		690,727		638,210

Federal National Mortgage Association, Pool #MA4732

4.00%		09/01/52		585,677		552,285

Federal National Mortgage Association, Pool #AL0209

4.50%		05/01/41		120,787		119,804

Federal National Mortgage Association, Pool #CA1710

4.50%		05/01/48		5,547		5,432

Federal National Mortgage Association, Pool #CA1711

4.50%		05/01/48		393,458		385,315

Federal National Mortgage Association, Pool #CA2208

4.50%		08/01/48		5,150		5,043

Federal National Mortgage Association, Pool #MA3537

4.50%		12/01/48		354,170		346,819

Federal National Mortgage Association, Pool #MA4733

4.50%		09/01/52		4,877,498		4,722,214

Federal National Mortgage Association, Pool #MA4784

4.50%		10/01/52		411,500		398,361

Federal National Mortgage Association, Pool #FS9508

4.50%		03/01/54		519,405		502,251

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

April 30, 2026


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Federal National Mortgage Association, Pool #776708

5.00%		05/01/34	$	37,520	$	37,890

Federal National Mortgage Association, Pool #764388

5.38% (6 mo. USD RFUCCT + 1.383%) ⁽¹⁾		03/01/34		5,033		5,047

Federal National Mortgage Association, Pool #890221

5.50%		12/01/33		38,677		39,561

Federal National Mortgage Association, Pool #889184

5.50%		09/01/36		28,585		29,238

Federal National Mortgage Association, Pool #MA5072

5.50%		07/01/53		683,820		690,955

Federal National Mortgage Association, Pool #844773

6.00% (1 yr. USD RFUCCT + 1.559%) ⁽¹⁾		12/01/35		2,148		2,180

Federal National Mortgage Association, Pool #939419

6.27% (1 yr. USD RFUCCT + 1.265%) ⁽¹⁾		05/01/37		16,749		16,782

Federal National Mortgage Association, Pool #549740

6.50%		10/01/27		359		360

Federal National Mortgage Association, Pool #735861

6.50%		09/01/33		16,625		17,330

Federal National Mortgage Association, Pool #253974

7.00%		08/01/31		229		244

Federal National Mortgage Association, Pool #545191

7.00%		09/01/31		242		258

Federal National Mortgage Association, Pool #630599

7.00%		05/01/32		1,180		1,259

Federal National Mortgage Association, Pool #655928

7.00%		08/01/32		624		665

Federal National Mortgage Association, Pool #735207

7.00%		04/01/34		353		375

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

6.50%		10/25/31		37,350		38,702

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

4.23% (30 day USD SOFR Average + 0.584%) ⁽¹⁾		07/25/37		20,119		20,036


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

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

3.50%		06/25/47	$	1,814	$	1,775

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

3.00%		06/25/48		138,642		124,401

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

4.00%		05/25/47		48,192		47,742

Government National Mortgage Association, Pool #MA6080

3.00%		08/20/49		17,122		15,025

Government National Mortgage Association, Pool #MA6209

3.00%		10/20/49		292,158		256,388

Government National Mortgage Association, Pool #MA6030

3.50%		07/20/49		32,739		29,701

Government National Mortgage Association, Pool #MA4511

4.00%		06/20/47		2,414		2,304

Government National Mortgage Association, Pool #MA4838

4.00%		11/20/47		217,272		207,308

Government National Mortgage Association, Pool #MA4901

4.00%		12/20/47		178,818		170,617

Government National Mortgage Association, Pool #782810

4.50%		11/15/39		228,083		226,598

Government National Mortgage Association, Pool #MA4588

4.50%		07/20/47		85,273		84,097

Government National Mortgage Association, Pool #MA5399

4.50%		08/20/48		215,407		211,413

Government National Mortgage Association, Pool #MA8347

4.50%		10/20/52		667,124		649,605

Government National Mortgage Association, Pool #MA4454

5.00%		05/20/47		9,667		9,838

Government National Mortgage Association, Pool #MA4589

5.00%		07/20/47		470,670		478,998

Government National Mortgage Association, Pool #MA5530

5.00%		10/20/48		2,531		2,556

Government National Mortgage Association, Pool #80968

5.38% (1 yr. CMT + 1.500%) ⁽¹⁾		07/20/34		5,149		5,230

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Government National Mortgage Association, Pool #MA9488

5.50%		02/20/54	$	780,223	$	791,701

Government National Mortgage Association, TBA

2.50% ⁽⁴⁾		11/01/51		2,950,000		2,527,259

3.50% ⁽⁴⁾		08/01/55		2,575,000		2,326,155

4.00% ⁽⁴⁾		07/01/55		3,000,000		2,796,612

5.00% ⁽⁴⁾		02/01/56		750,000		743,715

5.50% ⁽⁴⁾		01/01/56		825,000		830,833

Uniform Mortgage-Backed Security, TBA

2.50% ⁽⁴⁾		10/01/51		3,400,000		2,848,588

3.50% ⁽⁴⁾		01/01/52		9,300,000		8,470,649

4.00% ⁽⁴⁾		06/01/55		7,400,000		6,942,491

4.50% ⁽⁴⁾		02/01/56		2,850,000		2,742,475

5.00% ⁽⁴⁾		02/01/56		2,575,000		2,537,634

5.50% ⁽⁴⁾		01/01/56		1,150,000		1,156,066


Total Residential Mortgage-Backed Securities — Agency

(Cost: $75,789,771)						75,033,994


COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 3.8%

ACREC LLC Series 2026-FL4, Class C

5.66% (1 mo. USD Term SOFR + 2.000%)^(1),(2)		01/18/43		380,000		380,759

ALA Trust Series 2025-OANA, Class C

5.75% (1 mo. USD Term SOFR + 2.092%) ^(1),(2)		06/15/40		520,000		522,895

AMSR Trust Series 2025-SFR1, Class E1

3.66% ⁽²⁾		06/17/42		520,000		478,165

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

4.23% ^(2),(5)		08/10/38		1,095,000		1,073,113

DBC Mortgage Trust Series 2025-DBC, Class C

5.71% (1 mo. USD Term SOFR + 2.050%) ^(1),(2)		11/15/42		575,000		576,166

DC Office Trust Series 2019-MTC, Class A

2.97% ⁽²⁾		09/15/45		765,000		690,539

FirstKey Homes Trust Series 2021-SFR2, Class E2

2.36% ⁽²⁾		09/17/38		320,000		316,147

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

3.40% ⁽²⁾		06/05/39		740,000		700,154

MKT Mortgage Trust Series 2020-525M, Class A

2.69% ⁽²⁾		02/12/40		520,000		470,620

NYCT Trust Series 2024-3ELV, Class C

6.49% (1 mo. USD Term SOFR + 2.840%) ^(1),(2)		08/15/29		520,000		519,156

Issues

Maturity
Date

Principal
Amount

Value

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

PFP Ltd. Series 2026-13, Class C

5.66% (1 mo. USD Term SOFR + 2.000%) ^(1),(2)

08/18/43

430,000

430,971

Progress Residential Trust Series 2024-SFR2, Class F

3.65% ^(2),(5)

04/17/41

450,000

419,308

Progress Residential Trust Series 2025-SFR1, Class E2

3.75% ⁽²⁾

02/17/42

620,000

576,217

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

4.14% ^(2),(5)

01/05/43

45,000

39,496

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

3.76% ^(2),(5)

03/25/49

862,214

831,858

Total Commercial Mortgage-Backed Securities — Non-Agency

(Cost: $8,278,652)

8,025,564

RESIDENTIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY — 8.6%

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

4.79% (1 mo. USD Term SOFR + 1.134%) ⁽¹⁾

04/25/35

419,693

417,204

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

4.74% (1 mo. USD Term SOFR + 1.089%) ⁽¹⁾

12/25/34

226,224

214,284

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

6.50%

06/25/32

2,986

3,042

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

4.05% ^(2),(5)

07/26/36

1,700,000

1,510,356

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

4.70% (1 mo. USD Term SOFR + 1.044%) ⁽¹⁾

01/25/35

2,715

2,716

C-BASS Trust Series 2007-CB5, Class A1

3.89% (1 mo. USD Term SOFR + 0.234%) ⁽¹⁾

04/25/37

82,824

49,306

C-BASS Trust Series 2007-CB5, Class A3

4.27% (1 mo. USD Term SOFR + 0.614%) ⁽¹⁾

04/25/37

984,158

585,326

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

3.95% (1 mo. USD Term SOFR + 0.294%) ^(1),(2)

05/25/36

20,587

20,026

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

April 30, 2026


Issues	Maturity Date		Principal Amount		Value

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

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

5.43% ⁽⁵⁾		08/25/34	$	35,880	$	34,112

CIM Trust Series 2021-R3, Class A1A

1.95% ^(2),(5)		06/25/57		1,234,271		1,151,025

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

4.40% (1 mo. USD Term SOFR + 0.744%) ⁽¹⁾		02/25/35		1,245,249		1,185,323

COOPR Residential Mortgage Trust Series 2025-CES3, Class M1

5.63% ^(2),(5)		09/25/60		500,000		492,713

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

4.89% (1 mo. USD Term SOFR + 1.239%) ⁽¹⁾		11/25/35		1,168,557		1,163,415

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

6.49%		09/25/28		8,372		8,357

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

3.38%		12/25/32		240,347		236,946

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

2.93%		12/25/36		293,970		240,129

Cross Mortgage Trust Series 2025-H5, Class A3

5.86% ⁽²⁾		07/25/70		1,367,949		1,372,692

CSMC Trust Series 2022-ATH2, Class A1

4.55% ^(2),(5)		05/25/67		1,256,690		1,254,283

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

2.45% (-30 day USD SOFR Average + 6.086%) ⁽¹⁾		06/15/38		290,777		20,130

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

2.86% (-30 day USD SOFR Average + 6.496%) ⁽¹⁾		04/15/42		281,959		28,537

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA6, Class B2

11.15% (30 day USD SOFR Average + 7.500%) ^(1),(2)		10/25/41		650,000		668,274

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

4.65% (30 day USD SOFR Average + 1.000%) ^(1),(2)		12/25/41		83,311		83,283


Issues	Maturity Date		Principal Amount		Value

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

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

9.80% (-30 day USD SOFR Average + 99.197%) ⁽¹⁾		01/25/34	$	1,199	$	1,313

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

2.29% (-30 day USD SOFR Average + 5.936%) ⁽¹⁾		11/25/36		295,812		22,152

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

0.55% (-30 day USD SOFR Average + 8.036%) ⁽¹⁾		09/25/42		4,125,923		43,703

FIGRE Trust Series 2025-FL2, Class A3

5.56% ⁽²⁾		11/25/55		469,740		467,329

FIGRE Trust Series 2025-HE7, Class C

5.35% ^(2),(5)		11/25/55		667,648		662,601

FIGRE Trust Series 2025-HE8, Class C

5.46% ^(2),(5)		11/25/55		660,984		656,914

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

4.79% ⁽⁵⁾		09/25/34		16,509		16,656

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

5.77% (1 mo. USD Term SOFR + 2.114%) ⁽¹⁾		10/25/37		1,042,675		990,722

Homeward Opportunities Fund Trust Series 2025-RRTL2, Class A2

5.66% ⁽²⁾		09/25/40		640,000		642,311

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

4.63% (1 mo. USD Term SOFR + 0.974%) ⁽¹⁾		09/25/34		5,517		4,833

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

4.57% (1 mo. USD Term SOFR + 0.914%) ⁽¹⁾		11/25/34		15,861		14,919

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

3.27% ⁽⁵⁾		06/25/37		381,908		347,465

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

6.61%		02/25/28		16,441		16,489

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

6.75%		02/25/28		4,377		4,390

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

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

JPMorgan Mortgage Trust Series 2007-A3, Class 3A2

4.68% ⁽⁵⁾		05/25/37	$	70,702	$	61,193

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

4.34% ⁽⁵⁾		01/25/34		19,147		18,807

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

6.53% ⁽⁵⁾		10/25/32		3,047		3,010

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

4.13% (1 mo. USD Term SOFR + 0.474%) ⁽¹⁾		06/25/37		107,478		107,688

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

4.27% (1 mo. USD Term SOFR + 0.614%) ⁽¹⁾		06/25/37		198,616		199,650

Mid-State Trust XI Series 11, Class A1

4.86%		07/15/38		50,760		50,798

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

4.70% (1 mo. USD Term SOFR + 1.044%) ⁽¹⁾		07/25/34		84,994		90,044

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

4.80% (1 mo. USD Term SOFR + 1.149%) ⁽¹⁾		07/25/35		946,400		932,375

New York Mortgage Trust Series 2005-3, Class A1

4.25% (1 mo. USD Term SOFR + 0.594%) ⁽¹⁾		02/25/36		83,753		83,752

RCKT Mortgage Trust Series 2025-CES11, Class A2

5.23% ⁽²⁾		11/25/55		530,000		526,330

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

8.00%		04/25/31		15,196		5,264

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

7.00%		11/25/31		4,251		3,687

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

3.74% ⁽⁵⁾		12/25/34		9,317		8,575

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

5.48% ⁽⁵⁾		10/25/34		386,942		376,932

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

4.26% (1 mo. USD Term SOFR + 0.594%) ⁽¹⁾		04/19/35		174,059		171,166


Issues	Maturity Date		Principal Amount		Value

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

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

5.15% (1 yr. MTA + 1.480%) ⁽¹⁾		02/25/36	$	163,083	$	140,986

Vista Point Securitization Trust Series 2024-CES2, Class A3

5.91% ⁽²⁾		10/25/54		640,000		643,803

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

5.33% (1 mo. USD Term SOFR + 1.674%) ⁽¹⁾		10/25/45		229,479		226,000


Total Residential Mortgage-Backed Securities — Non-Agency

(Cost: $18,986,551)						18,283,336


CORPORATE BONDS — 22.4%

Aerospace/Defense — 0.2%

TransDigm, Inc.

6.75% ⁽²⁾		01/31/34		440,000		452,153


Agriculture — 0.4%

Altria Group, Inc.

4.88%		02/04/28		400,000		403,400

BAT Capital Corp. (United Kingdom)

3.56%		08/15/27		145,000		143,508

Imperial Brands Finance PLC (United Kingdom)

6.13% ⁽²⁾		07/27/27		235,000		239,401


						786,309


Auto Manufacturers — 0.1%

Volkswagen International Finance NV (Germany)

7.88% (9 yr. EUR Swap + 4.783%) ^(1),(6),(7)		09/06/32	EUR	200,000		262,038


Auto Parts & Equipment — 0.1%

Robert Bosch GmbH (Germany)

4.38% ⁽⁶⁾		06/02/43	EUR	100,000		114,038


Banks — 4.1%

Bank of America Corp.

1.92% (1 day USD SOFR + 1.370%) ⁽¹⁾		10/24/31		885,000		785,491

2.55% (1 day USD SOFR + 1.050%) ⁽¹⁾		02/04/28		85,000		83,836

2.69% (1 day USD SOFR + 1.320%) ⁽¹⁾		04/22/32		130,000		117,949

3.42% (3 mo. USD Term SOFR + 1.302%) ⁽¹⁾		12/20/28		360,000		354,168

Citibank NA

4.91%		05/29/30		180,000		182,954

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

Banks (Continued)

Citigroup, Inc.

3.52% (3 mo. USD Term SOFR + 1.413%) ⁽¹⁾

10/27/28

435,000

429,101

Goldman Sachs Group, Inc.

3.81% (3.814% to 04/23/28 then 3 mo. USD LIBOR + 1.158%) ⁽¹⁾

04/23/29

1,230,000

1,212,841

JPMorgan Chase & Co.

2.07% (1 day USD SOFR + 1.015%) ⁽¹⁾

06/01/29

30,000

28,582

2.96% (1 day USD SOFR + 1.260%) ⁽¹⁾

01/25/33

500,000

454,075

4.01% (3 mo. USD Term SOFR + 1.382%) ⁽¹⁾

04/23/29

1,055,000

1,046,803

Morgan Stanley

2.51% (1 day USD SOFR + 1.200%) ⁽¹⁾

10/20/32

290,000

257,247

Morgan Stanley Bank NA

5.02% (1 day USD SOFR + 0.906%) ⁽¹⁾

01/12/29

680,000

686,514

Morgan Stanley Private Bank NA

4.20% (1 day USD SOFR + 0.780%) ⁽¹⁾

11/17/28

895,000

892,082

Wells Fargo & Co.

2.39% (1 day USD SOFR + 2.100%) ⁽¹⁾

06/02/28

1,860,000

1,819,880

5.57% (1 day USD SOFR + 1.740%) ⁽¹⁾

07/25/29

395,000

403,840

8,755,363

Beverages — 0.1%

Maple Parent Holdings Corp.

4.73% ⁽²⁾

03/26/35

EUR

100,000

117,847

Biotechnology — 0.1%

Genmab AS/Genmab Finance LLC (Denmark)

6.25% ⁽²⁾

12/15/32

125,000

128,302

Building Materials — 0.1%

JH North America Holdings, Inc.

6.13% ⁽²⁾

07/31/32

223,000

223,745

Chemicals — 0.2%

International Flavors & Fragrances, Inc.

2.30% ⁽²⁾

11/01/30

475,000

425,163

Commercial Services — 0.3%

AA Bond Co. Ltd. (United Kingdom)

5.50% ⁽⁶⁾

07/31/50

GBP

100,000

132,064

7.38% ⁽⁶⁾

07/31/50

GBP

100,000

141,349


Issues	Maturity Date		Principal Amount		Value

Commercial Services (Continued)

Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxemburg)

7.00% ⁽²⁾		05/21/30	$	111,000	$	114,625

Rollins, Inc.

5.25%		02/24/35		200,000		199,992

VT Topco, Inc.

8.50% ⁽²⁾		08/15/30		136,000		139,303


						727,333


Computers — 0.2%

Dell International LLC/EMC Corp.

4.75%		04/01/28		470,000		472,876


Cosmetics/Personal Care — 0.2%

Edgewell Personal Care Co.

4.13% ⁽²⁾		04/01/29		123,000		117,593

Opal Bidco SAS (France)

6.50% ⁽²⁾		03/31/32		112,000		114,377

Perrigo Finance Unlimited Co.

6.13%		09/30/32		119,000		112,173


						344,143


Diversified Financial Services — 0.6%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)

2.45%		10/29/26		645,000		639,685

Avolon Holdings Funding Ltd. (Ireland)

2.53% ⁽²⁾		11/18/27		136,000		131,845

Jane Street Group/JSG Finance, Inc.

6.75% ⁽²⁾		05/01/33		334,000		343,372

Sumisho Air Lease Corp.

3.63%		12/01/27		205,000		201,913


						1,316,815


Electric — 1.7%

Alliant Energy Corp.

5.75% (5 yr. CMT + 2.077%) ⁽¹⁾		04/01/56		140,000		137,575

Alliant Energy Finance LLC

3.60% ⁽²⁾		03/01/32		175,000		162,762

Alpha Generation LLC

6.25% ⁽²⁾		01/15/34		115,000		114,209

Amprion GmbH (Germany)

4.58% ⁽⁶⁾		01/15/46	EUR	100,000		115,602

Appalachian Power Co.

3.30%		06/01/27		410,000		405,302

Ausgrid Finance Pty. Ltd. (Australia)

5.95% ⁽⁶⁾		12/10/35	AUD	100,000		70,161

CenterPoint Energy, Inc.

5.95% (5 yr. CMT + 2.223%) ⁽¹⁾		04/01/56		265,000		264,165

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Electric (Continued)

Dominion Energy, Inc.

6.00% (5 yr. CMT + 2.262%) ⁽¹⁾		02/15/56	$	140,000	$	140,392

6.20% (5 yr. CMT + 2.006%) ⁽¹⁾		02/15/56		380,000		380,566

Duke Energy Corp.

2.65%		09/01/26		30,000		29,844

Electricite de France SA

2.00% ⁽⁶⁾		12/09/49	EUR	100,000		69,873

4.63% ⁽⁶⁾		05/07/45	EUR	100,000		114,235

4.75% ⁽⁶⁾		06/17/44	EUR	200,000		233,596

Enel SpA (Italy)

4.50% (EUAMDB05 + 1.821%) ^(6),(7),(1)		10/14/34	EUR	100,000		112,473

Entergy Corp.

6.10% (5 yr. CMT + 2.013%) ⁽¹⁾		06/15/56		75,000		74,768

Eversource Energy

4.60%		07/01/27		595,000		595,797

FirstEnergy Transmission LLC

2.87% ⁽²⁾		09/15/28		353,000		339,586

Southwestern Electric Power Co.

5.30%		04/01/33		150,000		152,144

Trans-Allegheny Interstate Line Co.

5.00% ⁽²⁾		01/15/31		130,000		131,976


						3,645,026


Electrical Components & Equipment — 0.1%

Energizer Holdings, Inc.

6.00% ⁽²⁾		09/15/33		121,000		115,751


Engineering & Construction — 0.0%

Sydney Airport Finance Co. Pty. Ltd.

5.90% ⁽⁶⁾		04/19/34	AUD	60,000		42,502


Entertainment — 0.4%

Caesars Entertainment, Inc.

6.50% ⁽²⁾		02/15/32		113,000		110,074

Flutter Treasury DAC (Ireland)

5.00% ⁽²⁾		04/29/29	EUR	190,000		226,744

Great Canadian Gaming Corp./Raptor LLC (Canada)

8.75% ⁽²⁾		11/15/29		75,000		73,179

Light & Wonder International, Inc.

6.25% ⁽²⁾		10/01/33		116,000		115,319

Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada)

8.00% ⁽²⁾		08/01/30		39,000		38,545

Rivers Enterprise Borrower LLC

6.25% ⁽²⁾		10/15/30		209,000		212,827

Voyager Parent LLC

9.25% ⁽²⁾		07/01/32		101,000		107,652


						884,340


Issues	Maturity Date		Principal Amount		Value

Environmental Control — 0.3%

Luna 2 5 SARL (Luxemburg)

5.50% ⁽⁶⁾		07/01/32	EUR	100,000	$	117,771

Seche Environnement SACA (France)

5.87% (5 yr. EURIBOR ICE Swap + 3.707%) ^(1),(6),(7)		01/09/31	EUR	100,000		116,318

Wrangler Holdco Corp. (Canada)

6.63% ⁽²⁾		04/01/32		330,000		340,435


						574,524


Food — 0.4%

JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings

6.75%		03/15/34		36,000		39,259

Pilgrim’s Pride Corp.

3.50%		03/01/32		510,000		466,043

Post Holdings, Inc.

6.25% ⁽²⁾		10/15/34		343,000		339,351


						844,653


Gas — 0.2%

AmeriGas Partners LP/AmeriGas Finance Corp.

9.38% ⁽²⁾		06/01/28		15,000		15,396

9.50% ⁽²⁾		06/01/30		35,000		37,323

NiSource, Inc.

5.75% (5 yr. CMT + 2.035%) ⁽¹⁾		07/15/56		250,000		250,282

Nortegas Energia Grupo SL (Spain)

4.13% ⁽⁶⁾		01/21/33	EUR	100,000		114,997

Redexis SA

4.38% ⁽⁶⁾		05/30/31	EUR	100,000		118,762


						536,760


Health Care-Products — 0.6%

Alcon Finance Corp.

2.75% ⁽²⁾		09/23/26		450,000		447,620

Medline Borrower LP

3.88% ⁽²⁾		04/01/29		185,000		179,866

5.25% ⁽²⁾		10/01/29		346,000		344,509

Sartorius Finance BV (Germany)

4.50% ⁽⁶⁾		09/14/32	EUR	100,000		121,130

4.88% ⁽⁶⁾		09/14/35	EUR	100,000		122,955


						1,216,080


Health Care-Services — 1.9%

Baylor Scott & White Holdings

2.65%		11/15/26		1,530,000		1,510,493

Cigna Group

5.25%		01/15/36		430,000		430,576

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

April 30, 2026


Issues	Maturity Date		Principal Amount		Value

Health Care-Services (Continued)

Elevance Health, Inc.

5.00%		01/15/36	$	180,000	$	176,800

HCA, Inc.

2.38%		07/15/31		200,000		177,470

Humana, Inc.

5.55%		05/01/35		430,000		427,282

IQVIA, Inc.

5.70%		05/15/28		475,000		483,963

Kedrion SpA (Italy)

6.50% ⁽²⁾		09/01/29		188,000		184,500

ModivCare, Inc.

0.00%^{(2),(8),(9),(10)}		10/01/29		877,800		13,167

Molina Healthcare, Inc.

6.50% ⁽²⁾		02/15/31		28,000		28,504

Tenet Healthcare Corp.

5.50% ⁽²⁾		11/15/32		339,000		338,827

UnitedHealth Group, Inc.

5.63%		07/15/54		250,000		239,805


						4,011,387


Housewares — 0.1%

Central Garden & Pet Co.

4.13% ⁽²⁾		04/30/31		248,000		233,475

Newell Brands, Inc.

7.38%		04/01/36		40,000		38,190


						271,665


Insurance — 0.7%

Acrisure LLC/Acrisure Finance, Inc.

8.25% ⁽²⁾		02/01/29		20,000		20,077

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer

6.50% ⁽²⁾		10/01/31		9,000		9,086

7.00% ⁽²⁾		01/15/31		11,000		11,218

7.38% ⁽²⁾		10/01/32		19,000		18,690

Farmers Exchange Capital

7.05% ⁽²⁾		07/15/28		1,245,000		1,289,695

Marsh & McLennan Cos., Inc.

4.95%		03/15/36		200,000		197,290


						1,546,056


Internet — 0.9%

Amazon.com, Inc.

4.85%		03/16/64	EUR	165,000		192,161

4.88%		03/13/36		150,000		147,863

5.80%		03/13/56		365,000		359,397

Booking Holdings, Inc.

3.88%		03/21/45	EUR	100,000		103,433

Getty Images, Inc.

10.50% ⁽²⁾		11/15/30		45,000		39,936


Issues	Maturity Date		Principal Amount		Value

Internet (Continued)

Meta Platforms, Inc.

5.63%		11/15/55	$	750,000	$	687,907

6.30%		05/15/56		179,000		178,755

Snap, Inc.

6.88% ⁽²⁾		03/01/33		165,000		160,834


						1,870,286


Investment Companies — 0.1%

Icahn Enterprises LP/Icahn Enterprises Finance Corp.

9.00%		06/15/30		299,000		288,640


Lodging — 0.4%

Hyatt Hotels Corp.

5.05%		03/30/28		520,000		525,127

Las Vegas Sands Corp.

6.00%		06/14/30		335,000		345,452


						870,579


Machinery-Construction & Mining — 0.1%

Eaton Capital ULC

3.55%		03/10/34	EUR	105,000		121,635


Machinery-Diversified — 0.0%

Oregon Tool Lux LP

7.88% ⁽²⁾		10/15/29		3,127		563


Media — 0.8%

CCO Holdings LLC/CCO Holdings Capital Corp.

7.38% ⁽²⁾		02/01/36		100,000		98,121

Charter Communications Operating LLC/Charter Communications Operating Capital

2.80%		04/01/31		620,000		555,334

CSC Holdings LLC

5.75% ⁽²⁾		01/15/30		59,000		21,366

11.75% ⁽²⁾		01/31/29		460,000		329,479

EchoStar Corp.

10.75%		11/30/29		201,000		218,157

Midcontinent Communications

8.00% ⁽²⁾		08/15/32		15,000		14,164

Virgin Media O2 Vendor Financing Notes VI DAC (Ireland)

8.50% ⁽²⁾		03/15/33		47,000		42,331

Virgin Media Secured Finance PLC (United Kingdom)

5.50% ⁽²⁾		05/15/29		193,000		186,612

VZ Secured Financing BV (Netherlands)

5.00% ⁽²⁾		01/15/32		208,000		183,052


						1,648,616


Mining — 0.1%

Corp. Nacional del Cobre de Chile

5.95% ⁽⁶⁾		01/08/34		300,000		310,908

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Miscellaneous Manufacturers — 0.1%

Dyno Nobel Ltd. (Australia)

5.40%		11/08/32	AUD	80,000	$	55,214

5.82%		08/08/35	AUD	90,000		61,821

Smiths Group PLC (United Kingdom)

3.63% ⁽⁶⁾		11/13/33	EUR	100,000		113,665


						230,700


Oil & Gas — 0.2%

Ecopetrol SA (Colombia)

8.88%		01/13/33		190,000		204,100

Sunoco LP

5.63% ⁽²⁾		07/15/34		25,000		24,674

7.88% (5 yr. CMT + 4.230%) ^(1),(2),(7)		09/18/30		125,000		129,598

Transocean International Ltd.

8.75% ⁽²⁾		02/15/30		151,900		159,328


						517,700


Packaging & Containers — 0.3%

Amcor U.K. Finance PLC (Australia)

3.75%		02/20/33	EUR	200,000		230,056

Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26

12.00% ⁽²⁾		12/01/30		30,000		27,006

Ball Corp.

5.50%		09/15/33		226,000		226,642

Graphic Packaging International LLC

6.38% ⁽²⁾		07/15/32		100,000		100,028


						583,732


Pharmaceuticals — 0.8%

1261229 BC Ltd.

10.00% ⁽²⁾		04/15/32		304,000		314,263

Bayer U.S. Finance II LLC (Germany)

4.40% ⁽²⁾		07/15/44		250,000		198,615

CVS Health Corp.

5.05%		03/25/48		200,000		172,602

5.30%		06/01/33		472,000		478,311

Teva Pharmaceutical Finance Netherlands III BV (Israel)

6.00%		12/01/32		431,000		449,115


						1,612,906


Pipelines — 0.5%

Energy Transfer LP

6.94% (3 mo. USD Term SOFR + 3.279%) ⁽¹⁾		11/01/66		347,000		345,924

Global Partners LP/GLP Finance Corp.

7.13% ⁽²⁾		07/01/33		112,000		114,799


Issues	Maturity Date		Principal Amount		Value

Pipelines (Continued)

NGL Energy Operating LLC/NGL Energy Finance Corp.

8.13% ⁽²⁾		02/15/29	$	113,000	$	117,268

Venture Global LNG, Inc.

9.00% (5 yr. CMT + 5.440%) ^(1),(2),(7)		09/30/29		245,000		242,337

Venture Global Plaquemines LNG LLC

6.75% ⁽²⁾		01/15/36		190,000		202,101


						1,022,429


Real Estate — 0.1%

LEG Immobilien SE (Germany)

0.88% ⁽⁶⁾		03/30/33	EUR	200,000		189,600

Vonovia SE (Germany)

5.72% ⁽⁶⁾		09/03/35	AUD	180,000		122,040


						311,640


REIT — 1.8%

American Tower Corp.

3.60%		01/15/28		360,000		355,032

4.70%		12/15/32		100,000		98,750

Crown Castle, Inc. (REIT)

2.50%		07/15/31		333,000		294,985

CubeSmart LP

4.38%		02/15/29		423,000		420,580

Extra Space Storage LP

3.90%		04/01/29		385,000		378,128

GLP Capital LP/GLP Financing II, Inc.

5.75%		06/01/28		240,000		243,273

5.75%		11/01/37		85,000		83,300

Healthcare Realty Holdings LP

3.50%		08/01/26		225,000		224,597

3.63%		01/15/28		211,000		207,544

Host Hotels & Resorts LP (REIT)

3.38%		12/15/29		358,000		340,995

Hudson Pacific Properties LP

3.95%		11/01/27		215,000		208,000

4.65%		04/01/29		24,000		21,506

Kilroy Realty LP (REIT)

4.25%		08/15/29		221,000		214,074

LXP Industrial Trust

6.75%		11/15/28		105,000		109,773

RHP Hotel Properties LP/RHP Finance Corp. (REIT)

7.25% ⁽²⁾		07/15/28		110,000		112,559

VICI Properties LP/VICI Notes Co., Inc.

3.88% ⁽²⁾		02/15/29		90,000		87,621

5.75% ⁽²⁾		02/01/27		200,000		201,058

WP Carey, Inc. (REIT)

3.75%		05/10/35	EUR	130,000		145,928


						3,747,703

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

April 30, 2026


Issues	Maturity Date		Principal Amount		Value

Retail — 0.4%

BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc.

9.50% ⁽²⁾		07/01/32	$	300,000	$	259,329

Ferrellgas LP/Ferrellgas Finance Corp.

5.88% ⁽²⁾		04/01/29		104,000		101,370

9.25% ⁽²⁾		01/15/31		65,000		68,210

FirstCash, Inc.

6.13% ⁽²⁾		05/01/34		20,000		19,974

Michaels Cos., Inc.

8.50% ⁽²⁾		03/15/33		15,000		14,826

Murphy Oil USA, Inc.

3.75% ⁽²⁾		02/15/31		123,000		114,984

QXO Building Products, Inc.

6.75% ⁽²⁾		04/30/32		111,000		113,320

Suburban Propane Partners LP/Suburban Energy Finance Corp.

6.50% ⁽²⁾		12/15/35		110,000		109,001


						801,014


Semiconductors — 0.2%

Foundry JV Holdco LLC

5.50% ⁽²⁾		01/25/31		350,000		359,572


Software — 1.1%

Cloud Software Group, Inc.

8.25% ⁽²⁾		06/30/32		108,000		102,626

Fiserv, Inc.

5.25%		08/11/35		300,000		292,734

5.45%		03/15/34		135,000		134,197

5.63%		08/21/33		100,000		101,295

Open Text Corp. (Canada)

6.90% ⁽²⁾		12/01/27		380,000		388,816

Oracle Corp.

3.80%		11/15/37		80,000		63,342

5.20%		09/26/35		510,000		475,091

6.55%		02/04/46		20,000		18,575

6.70%		02/04/56		115,000		106,055

Paychex, Inc.

5.35%		04/15/32		105,000		105,947

Salesforce, Inc.

4.90%		09/15/31		105,000		104,736

5.55%		03/15/36		210,000		209,490

TeamSystem SpA (Italy)

5.00% ⁽⁶⁾		07/01/31	EUR	100,000		110,641

UKG, Inc.

6.88% ⁽²⁾		02/01/31		40,000		38,950


						2,252,495


Telecommunications — 0.9%

Altice Financing SA (Luxembourg)

9.63% ⁽²⁾		07/15/27		148,000		114,885


Issues	Maturity Date		Principal Amount		Value

Telecommunications (Continued)

Altice France SA

6.50% ⁽²⁾		04/15/32	$	5,541	$	5,456

6.88% ⁽²⁾		07/15/32		22,000		21,668

9.50% ⁽²⁾		11/01/29		4,133		4,222

Global Switch Finance BV (United Kingdom)

1.38% ⁽⁶⁾		10/07/30	EUR	925,000		1,005,116

Road Michigan Property Owner I LLC

7.50% ⁽²⁾		03/30/45		35,000		35,075

Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC

5.15% ⁽²⁾		09/20/29		714,000		716,263


						1,902,685


Transportation — 0.2%

Aurizon Network Pty. Ltd. (Australia)

2.90% ⁽⁶⁾		09/02/30	AUD	310,000		196,626

Pacific National Finance Pty. Ltd. (Australia)

3.70%		09/24/29	AUD	290,000		190,619


						387,245


Trucking & Leasing — 0.1%

SMBC Aviation Capital Finance DAC (Ireland)

5.10% ⁽²⁾		04/01/30		110,000		110,998

5.30% ⁽²⁾		04/03/29		165,000		167,407


						278,405


Water — 0.2%

DWR Cymru Financing U.K. PLC

2.38% ⁽⁶⁾		03/31/34	GBP	100,000		101,487

Severn Trent Utilities Finance PLC

3.88% ⁽⁶⁾		08/04/37	EUR	175,000		199,153

Yorkshire Water Finance PLC (United Kingdom)

6.38% ⁽⁶⁾		11/18/34	GBP	135,000		184,844


						485,484


Total Corporate Bonds

(Cost: $47,978,734)						47,419,806


MUNICIPAL BONDS — 0.0%

New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds

5.15%		02/01/36		3,000		3,040

New York State Dormitory Authority, Revenue Bonds

5.50%		03/15/30		1,821		1,845


Total Municipal Bonds

(Cost: $4,936)						4,885


FOREIGN GOVERNMENT BONDS — 2.7%

Angola Government International Bonds

8.75% ⁽²⁾		04/14/32		115,000		119,875

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

FOREIGN GOVERNMENT BONDS (Continued)

Brazil Government International Bonds

6.63%		03/15/35	$	614,000	$	636,712

Colombia Government International Bonds

7.75%		11/07/36		200,000		211,246

Mexico Government International Bonds

6.35%		02/09/35		550,000		567,908

New South Wales Treasury Corp.

4.75% ⁽⁶⁾		02/20/37	AUD	685,000		456,489

5.25% ⁽⁶⁾		02/24/38	AUD	255,000		175,522

Queensland Treasury Corp.

5.00% ⁽⁶⁾		07/21/37	AUD	685,000		462,930

5.25% ⁽⁶⁾		08/13/38	AUD	410,000		279,996

Republic of South Africa Government International Bonds

5.88%		04/20/32		267,000		271,133

Romania Government International Bonds

6.38% ⁽⁶⁾		01/30/34		562,000		568,429

Treasury Corp. of Victoria

2.00%		11/20/37	AUD	305,000		149,045

Turkiye Government Bonds

36.00%		08/12/26	TRY	19,462,800		427,534

U.K. Gilts

4.38% ⁽⁶⁾		03/07/28	GBP	1,070,000		1,454,007


Total Foreign Government Bonds

(Cost: $5,650,265)						5,780,826


U.S. TREASURY SECURITIES — 16.7%

U.S. Treasury Bonds

4.75%		02/15/56		6,059,000		5,834,154

U.S. Treasury Notes

3.75%		04/30/28		5,323,000		5,309,381

3.88%		03/31/28		3,085,000		3,084,518

3.88%		03/31/31		138,000		137,105

3.88%		04/30/31		4,574,000		4,543,805

4.13%		04/30/33		11,125,000		11,069,375

4.13%		02/15/36		5,552,000		5,435,538


Total U.S. Treasury Securities

(Cost: $35,667,872)						35,413,876


BANK LOANS — 6.9%

Advertising — 0.1%

Advantage Sales & Marketing, Inc. 2026 First Out Term Loan

9.93% (3 mo. USD Term SOFR + 6.000%) ⁽¹⁾		04/19/30		166,888		137,057

Research Now Group, Inc. 2024 First Lien First Out Term Loan

8.91% (3 mo. USD Term SOFR + 5.000%) ⁽¹⁾		07/15/28		15,396		15,173


						152,230

Issues

Maturity
Date

Principal
Amount

Value

Aerospace & Defense — 0.2%

HDI Aerospace Intermediate Holding III Corp. Term Loan B

7.42% (3 mo. USD Term SOFR + 3.750%) ⁽¹⁾

02/11/32

129,197

129,951

PMI U.S. Bidco, Inc Delayed Draw Term Loan

0.00% ⁽¹¹⁾

03/16/33

20,690

20,845

PMI U.S. Bidco, Inc Term Loan B

0.00% ⁽¹¹⁾

03/16/33

129,310

130,280

TransDigm, Inc. 2023 Term Loan J

6.15% (1 mo. USD Term SOFR + 2.500%) ⁽¹⁾

02/28/31

58,485

58,638

TransDigm, Inc. 2025 Term Loan M

6.15% (1 mo. USD Term SOFR + 2.500%) ⁽¹⁾

08/19/32

38,171

38,279

377,993

Apparel — 0.1%

ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B

5.90% (1 mo. USD Term SOFR + 2.250%) ⁽¹⁾

12/21/28

142,578

143,051

Banks — 0.0%

Chrysaor Bidco SARL 2025 USD Term Loan B

6.92% (3 mo. USD Term SOFR + 3.250%) ⁽¹⁾

10/30/31

99,501

100,123

Beverages — 0.2%

Arterra Wines Canada, Inc. 2020 Term Loan

7.46% (3 mo. USD Term SOFR + 3.500%) ⁽¹⁾

11/24/27

81,346

79,947

Celsius Holdings, Inc. 2025 Term Loan B

5.95% (3 mo. USD Term SOFR + 2.250%) ⁽¹⁾

04/01/32

34,085

34,302

Naked Juice LLC 2025 FLFO Term Loan

9.20% (3 mo. USD Term SOFR + 5.500%) ⁽¹⁾

01/24/29

246,778

246,582

Naked Juice LLC 2025 FLSO Term Loan

7.05% (3 mo. USD Term SOFR + 3.250%) ⁽¹⁾

01/24/29

31,528

17,937

Primo Brands Corp. 2026 Term Loan B

6.43% (3 mo. USD Term SOFR + 2.750%) ⁽¹⁾

03/31/31

46,255

46,600

425,368

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

Chemicals — 0.0%

Nouryon Finance BV 2024 USD Term Loan B2

6.94% (6 mo. USD Term SOFR + 3.250%) ⁽¹⁾

04/03/28

99,496

99,092

Commercial Services — 0.6%

Amspec Parent LLC 2025 Term Loan

7.20% (3 mo. USD Term SOFR + 3.500%) ⁽¹⁾

12/22/31

112,382

112,488

CCRR Parent, Inc. Term Loan B

8.18% (3 mo. USD Term SOFR + 4.250%) ⁽¹⁾

03/06/28

17,978

6,278

CCRR Parent, Inc. US Acquisition Facility

8.02% (3 mo. USD Term SOFR + 4.250%) ⁽¹⁾

03/06/28

50,692

17,362

DTI Holdco, Inc. 2025 Term Loan B

7.65% (1 mo. USD Term SOFR + 4.000%) ⁽¹⁾

04/26/29

115,646

105,286

Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan

7.20% (3 mo. USD Term SOFR + 3.500%) ⁽¹⁾

07/06/29

155,203

156,271

Fugue Finance BV 2026 USD Term Loan B

5.92% (3 mo. USD Term SOFR + 2.250%) ⁽¹⁾

01/09/32

83,705

83,558

Kelso Industries LLC Term Loan

9.40% (1 mo. USD Term SOFR + 5.750%) ⁽¹⁾

12/30/29

85,577

KUEHG Corp. 2025 Term Loan

6.45% (3 mo. USD Term SOFR + 2.750%) ⁽¹⁾

06/12/30

8,541

7,983

Lernen Bidco Ltd. 2025 USD Term Loan B3

7.41% (6 mo. USD Term SOFR + 3.500%) ⁽¹⁾

10/27/31

99,501

97,511

Nuvei Technologies Corp. 2025 Repriced Term Loan B

6.15% (1 mo. USD Term SOFR + 2.500%) ⁽¹⁾

11/17/31

149,248

147,588

Priority Holdings LLC 2025 Term Loan B

7.40% (1 mo. USD Term SOFR + 3.750%) ⁽¹⁾

08/02/32

150,000

145,987

Prometric Holdings, Inc. 2025 Term Loan B

7.40% (1 mo. USD Term SOFR + 3.750%) ⁽¹⁾

06/25/32

99,500

99,640


Issues	Maturity Date		Principal Amount		Value

Commercial Services (Continued)

Secretariat Advisors LLC 2025 Term Loan B

7.70% (3 mo. USD Term SOFR + 4.000%) ⁽¹⁾		02/28/32	$	51,149	$	50,382

TTF Holdings LLC 2024 Term Loan

7.38% (6 mo. USD Term SOFR + 3.750%) ⁽¹⁾		07/18/31		78,798		59,657


						1,175,568


Computers — 0.2%

McAfee LLC 2024 USD 1st Lien Term Loan B

6.65% (1 mo. USD Term SOFR + 3.000%) ⁽¹⁾		03/01/29		69,818		61,702

NCR Atleos LLC 2025 Term Loan B

6.69% (3 mo. USD Term SOFR + 3.000%) ⁽¹⁾		04/16/29		97,513		97,604

Peraton Corp. Term Loan B

7.51% (3 mo. USD Term SOFR + 3.750%) ⁽¹⁾		02/01/28		51,082		43,794

Plano HoldCo, Inc. Term Loan B

7.20% (3 mo. USD Term SOFR + 3.500%) ⁽¹⁾		10/02/31		99,000		80,602

Surf Holdings LLC 2025 Incremental Term Loan

7.27% (1 mo. USD Term SOFR + 3.500%) ⁽¹⁾		03/05/27		149,209		144,826

Tempo Acquisition LLC 2025 Repriced Term Loan B

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾		08/31/28		123,431		91,785


						520,313


Cosmetics/Personal Care — 0.1%

ACP Tara Holdings, Inc. 2025 Term Loan B

6.95% (3 mo. USD Term SOFR + 3.250%) ⁽¹⁾		12/15/32		100,000		100,400

Opal Bidco SAS USD Term Loan B4

6.70% (3 mo. USD Term SOFR + 3.000%) ⁽¹⁾		04/28/32		12,974		13,041


						113,441


Distribution & Wholesale — 0.1%

BCPE Empire Holdings, Inc. 2025 Term Loan B

6.90% (1 mo. USD Term SOFR + 3.250%) ⁽¹⁾		12/11/30		70,304		70,249

BCPE Empire Holdings, Inc. 2026 10th Amendment Term Loan

7.15% (1 mo. USD Term SOFR + 3.500%) ⁽¹⁾		12/29/32		46,246		46,261

Gloves Buyer, Inc. 2025 Term Loan

7.65% (1 mo. USD Term SOFR + 4.000%) ⁽¹⁾		05/21/32		99,500		99,614


						216,124

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Diversified Financial Services — 0.2%

Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6

5.41% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

06/24/30

442,249

444,504

Blackhawk Network Holdings, Inc. 2026 Term Loan B

7.15% (1 mo. USD Term SOFR + 3.500%) ⁽¹⁾

03/12/29

47,309

46,946

491,450

Electric — 0.1%

Alpha Generation LLC Term Loan B

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

09/30/31

59,179

59,252

Cornerstone Generation LLC Term Loan B

5.91% (3 mo. USD Term SOFR + 2.250%) ⁽¹⁾

08/11/32

20,555

20,635

Potomac Energy Center LLC 2026 Term Loan B

6.41% (3 mo. USD Term SOFR + 2.750%) ⁽¹⁾

08/05/32

22,592

22,790

South Field LLC 2025 1st Lien Term Loan B

6.70% (3 mo. USD Term SOFR + 3.000%) ⁽¹⁾

08/29/31

24,485

24,623

South Field LLC 2025 1st Lien Term Loan C

6.70% (3 mo. USD Term SOFR + 3.000%) ⁽¹⁾

08/29/31

1,531

1,540

128,840

Electrical Components & Equipment — 0.0%

Pelican Products, Inc. 2021 Term Loan

8.21% (3 mo. USD Term SOFR + 4.250%) ⁽¹⁾

12/29/28

71,297

67,660

Electronics — 0.1%

LSF12 Crown U.S. Commercial Bidco LLC 2026 Term Loan B

6.66% (1 mo. USD Term SOFR + 3.000%) ⁽¹⁾

12/02/31

91,034

91,660

TCP Sunbelt Acquisition Co. 2024 Term Loan B

7.92% (3 mo. USD Term SOFR + 4.250%) ⁽¹⁾

10/24/31

142,812

142,991

234,651

Entertainment — 0.5%

Allwyn Entertainment Financing U.S. LLC 2025 1st Lien Term Loan B

6.16% (3 mo. USD Term SOFR + 2.500%) ⁽¹⁾

11/24/32

100,000

99,047

Churchill Downs, Inc. 2021 Incremental Term Loan B1

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

03/17/28

99,476

99,725

Issues

Maturity
Date

Principal
Amount

Value

Entertainment (Continued)

City Football Group Ltd. 2024 Term Loan

7.43% (3 mo. USD Term SOFR + 3.500%) ⁽¹⁾

07/22/30

99,494

DK Crown Holdings, Inc. 2025 Term Loan B

5.41% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

03/04/32

129,070

129,428

EOC Borrower LLC Term Loan A

7.40% (1 mo. USD Term SOFR + 3.750%) ⁽¹⁾

03/24/28

13,547

13,581

Flutter Financing BV 2024 Term Loan B

5.45% (3 mo. USD Term SOFR + 1.750%) ⁽¹⁾

11/30/30

86,935

86,826

Great Canadian Gaming Corp. 2024 Term Loan B

8.44% (3 mo. USD Term SOFR + 4.750%) ⁽¹⁾

11/01/29

150,000

146,625

GVC Holdings Gibraltar Ltd. 2025 Term Loan B6 (2029)

5.95% (3 mo. USD Term SOFR + 2.250%) ⁽¹⁾

10/31/29

29,531

29,607

PENN Entertainment, Inc. 2022 Term Loan B

6.15% (1 mo. USD Term SOFR + 2.500%) ⁽¹⁾

05/03/29

120,808

121,440

Showtime Acquisition LLC 2024 1st Lien Term Loan

8.40% (3 mo. USD Term SOFR + 4.750%) ⁽¹⁾

08/16/31

63,822

63,450

TKO Worldwide Holdings LLC 2025 Term Loan

5.66% (3 mo. USD Term SOFR + 2.000%) ⁽¹⁾

11/21/31

102,196

102,586

Voyager Parent LLC Repriced Term Loan B

7.95% (3 mo. USD Term SOFR + 4.250%) ⁽¹⁾

07/01/32

162,068

162,323

1,154,132

Environmental Control —0.1%

Action Environmental Group, Inc. 2023 Term Loan B

6.69% (3 mo. USD Term SOFR + 3.000%) ⁽¹⁾

10/24/30

10,687

10,695

Heritage Environmental Services, Inc. 2026 Term Loan B

6.68% (3 mo. USD Term SOFR + 3.000%) ⁽¹⁾

04/01/33

59,276

59,572

MIP V Waste Holdings LLC 2025 Term Loan B

6.41% (3 mo. USD Term SOFR + 2.750%) ⁽¹⁾

08/20/32

149,248

150,088

220,355

Food — 0.2%

BCPE North Star U.S. HoldCo 2, Inc. Term Loan

7.77% (1 mo. USD Term SOFR + 4.000%) ⁽¹⁾

06/09/28

152,437

152,128

C&S Wholesale Grocers, Inc. Term Loan B

8.70% (3 mo. USD Term SOFR + 5.000%) ⁽¹⁾

09/20/30

80,093

78,191

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

Food (Continued)

United Natural Foods, Inc. 2024 Term Loan

8.40% (1 mo. USD Term SOFR + 4.750%) ⁽¹⁾

05/01/31

178,086

179,377

Upfield BV 2026 Term Loan B15

0.00% ⁽¹¹⁾

10/31/30

99,749

98,302

507,998

Health Care-Products — 0.1%

Hologic, Inc. 2026 USD Term Loan B

5.92% (3 mo. USD Term SOFR + 2.250%) ⁽¹⁾

04/07/33

83,140

82,777

QuidelOrtho Corp. Term Loan

7.65% (1 mo. USD Term SOFR + 4.000%) ⁽¹⁾

08/20/32

14,490

14,092

QuidelOrtho Corp. Term Loan A

5.90% (1 mo. USD Term SOFR + 2.250%) ⁽¹⁾

08/21/30

97,023

92,172

189,041

Health Care-Services — 0.2%

Heartland Dental LLC 2025 Term Loan

7.40% (1 mo. USD Term SOFR + 3.750%) ⁽¹⁾

08/25/32

39,752

39,831

IQVIA, Inc. 2025 Incremental Term Loan B5

5.45% (3 mo. USD Term SOFR + 1.750%) ⁽¹⁾

01/02/31

118,027

119,097

ModivCare Buyer LLC Takeback Term Loan

8.70% (3 mo. USD Term SOFR + 5.000%) ⁽¹⁾

12/30/32

143,827

130,043

Pediatric Associates Holding Co. LLC 2021 Term Loan B

7.18% (3 mo. USD Term SOFR + 3.250%) ⁽¹⁾

12/29/28

25,584

25,385

Star Parent, Inc. Term Loan B

7.70% (3 mo. USD Term SOFR + 4.000%) ⁽¹⁾

09/27/30

116,700

116,883

431,239

Holding Companies — Diversified — 0.1%

GC Ferry Acquisition I, Inc. Term Loan

7.20% (3 mo. USD Term SOFR + 3.500%) ⁽¹⁾

08/16/32

102,286

102,173

Household Products/Wares — 0.0%

Lavender Dutch BorrowerCo BV USD Term Loan

6.95% (3 mo. USD Term SOFR + 3.250%) ⁽¹⁾

12/30/32

99,750

99,345

Internet — 0.3%

Arches Buyer, Inc. 2021 Term Loan B

7.00% (1 mo. USD Term SOFR + 3.250%) ⁽¹⁾

12/06/27

150,082

150,101

Issues

Maturity
Date

Principal
Amount

Value

Internet (Continued)

Barracuda Networks, Inc. 2022 Term Loan

8.16% (3 mo. USD Term SOFR + 4.500%) ⁽¹⁾

08/15/29

27,933

19,279

Delivery Hero SE 2024 USD Term Loan B

8.64% (3 mo. USD Term SOFR + 5.000%) ⁽¹⁾

12/12/29

101,727

101,472

MH Sub I LLC 2023 Term Loan

7.90% (1 mo. USD Term SOFR + 4.250%) ⁽¹⁾

05/03/28

46,336

42,813

MH Sub I LLC 2024 Term Loan B4

7.90% (1 mo. USD Term SOFR + 4.250%) ⁽¹⁾

12/31/31

72,663

57,626

PUG LLC 2024 Extended Term Loan B

8.40% (1 mo. USD Term SOFR + 4.750%) ⁽¹⁾

03/15/30

94,067

93,456

Red Ventures LLC 2024 Term Loan B

6.40% (1 mo. USD Term SOFR + 2.750%) ⁽¹⁾

03/04/30

47,297

42,437

WatchGuard Technologies, Inc. Term Loan

8.90% (1 mo. USD Term SOFR + 5.250%) ⁽¹⁾

07/02/29

99,485

92,148

599,332

Lodging — 0.3%

Hilton Domestic Operating Co., Inc. 2023 Term Loan B4

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

11/08/30

343,841

345,898

Station Casinos LLC 2024 Term Loan B

5.65% (1 mo. USD Term SOFR + 2.000%) ⁽¹⁾

03/14/31

122,110

122,565

Wyndham Hotels & Resorts, Inc. 2024 Term Loan

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

05/24/30

99,494

100,240

568,703

Machinery-Construction & Mining — 0.2%

Tenaska Westmoreland Management LLC Term Loan B

5.88% (3 mo. USD Term SOFR + 2.250%) ⁽¹⁾

02/18/33

150,000

150,562

Terex Corp. 2025 Term Loan

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

10/08/31

99,499

100,152

WEC U.S. Holdings Ltd. 2024 Term Loan

5.66% (1 mo. USD Term SOFR + 2.000%) ⁽¹⁾

01/27/31

149,619

150,113

400,827

Media — 0.5%

Charter Communications Operating LLC 2024 Term Loan B5

5.94% (3 mo. USD Term SOFR + 2.250%) ⁽¹⁾

12/15/31

884,953

885,462

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Media (Continued)

Virgin Media Bristol LLC 2023 USD Term Loan Y

6.97% (6 mo. USD Term SOFR + 3.175%) ⁽¹⁾

03/31/31

150,000

140,735

Ziggo Financing Partnership 2025 Term Loan B

6.91% (6 mo. USD Term SOFR + 3.220%) ⁽¹⁾

01/15/33

118,685

117,884

1,144,081

Miscellaneous Manufacturers — 0.1%

Cleanova U.S. Holdings LLC 2025 Term Loan B

8.42% (3 mo. USD Term SOFR + 4.750%) ⁽¹⁾

06/14/32

175,137

173,386

Office/Business Equipment — 0.1%

Xerox Holdings Corp. 2023 Non-CoOp Term Loan

7.73% (6 mo. USD Term SOFR + 4.000%) ⁽¹⁾

11/19/29

245,421

174,863

Packaging & Containers — 0.0%

Balcan Innovations, Inc. Term Loan B

8.40% (1 mo. USD Term SOFR + 4.750%) ⁽¹⁾

10/18/31

44,266

29,768

Pharmaceuticals — 0.1%

Elanco Animal Health, Inc. 2025 Term Loan B

5.41% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

10/31/32

99,750

100,171

Jazz Financing Lux SARL 2024 1st Lien Term Loan B2

5.90% (1 mo. USD Term SOFR + 2.250%) ⁽¹⁾

05/05/28

44,969

45,228

145,399

Pipelines — 0.0%

ITT Holdings LLC 2026 Term Loan B

5.63% (1 mo. USD Term SOFR + 1.975%) ⁽¹⁾

10/11/30

99,499

99,772

REIT — 1.2%

Healthpeak Properties, Inc. 2024 Term Loan A3

4.50% (3 mo. USD Term SOFR + 0.850%) ⁽¹⁾

03/01/29

565,051

557,282

Healthpeak Properties, Inc. Term Loan A1

4.49% (1 mo. USD Term SOFR + 0.840%) ⁽¹⁾

08/20/27

279,976

277,526

Issues

Maturity
Date

Principal
Amount

Value

REIT (Continued)

Healthpeak Properties, Inc. Term Loan A2

4.49% (1 mo. USD Term SOFR + 0.840%) ⁽¹⁾

02/22/27

279,976

277,526

Invitation Homes Operating Partnership LP 2024 Term Loan

4.50% (1 mo. USD Term SOFR + 0.850%) ⁽¹⁾

09/09/28

796,510

784,562

Iron Mountain, Inc. 2022 Term Loan A

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

03/18/30

336,875

334,207

OEG Borrower LLC 2024 Term Loan B

7.19% (3 mo. USD Term SOFR + 3.500%) ⁽¹⁾

06/30/31

99,495

100,241

Outfront Media Capital LLC 2025 Term Loan B

5.65% (1 mo. USD Term SOFR + 2.000%) ⁽¹⁾

09/24/32

150,000

150,891

2,482,235

Retail — 0.3%

1011778 BC Unlimited Liability Co. 2024 Term Loan B6

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

09/20/30

114,278

114,528

BW Gas & Convenience Holdings LLC 2021 Term Loan B

7.27% (1 mo. USD Term SOFR + 3.500%) ⁽¹⁾

03/31/28

99,478

99,644

Dave & Buster’s, Inc. 2024 1st Lien Term Loan B

6.94% (3 mo. USD Term SOFR + 3.250%) ⁽¹⁾

11/01/31

51,326

44,622

KFC Holding Co. 2021 Term Loan B

5.53% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

03/15/28

79,246

79,662

Michaels Cos., Inc. 2026 Term Loan B

8.67% (3 mo. USD Term SOFR + 5.000%) ⁽¹⁾

03/15/33

50,000

49,568

Pacific Bells LLC 2024 Repriced Term Loan B

7.20% (3 mo. USD Term SOFR + 3.500%) ⁽¹⁾

11/13/28

99,500

100,246

Peer Holding III BV 2025 USD Term Loan B5B

6.20% (3 mo. USD Term SOFR + 2.500%) ⁽¹⁾

07/01/31

94,798

95,177

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

Retail (Continued)

Raising Cane’s Restaurants LLC 2025 Term Loan B

5.65% (1 mo. USD Term SOFR + 2.000%) ⁽¹⁾

11/03/32

143,389

143,703

727,150

Software — 0.5%

Boxer Parent Co., Inc. 2025 USD Term Loan B

6.67% (3 mo. USD Term SOFR + 3.000%) ⁽¹⁾

07/30/31

99,497

92,387

Cast & Crew Payroll LLC 2021 Incremental Term Loan

7.41% (3 mo. USD Term SOFR + 3.750%) ⁽¹⁾

12/29/28

21,147

9,463

Cloud Software Group, Inc. 2025 Term Loan B (2031)

6.95% (3 mo. USD Term SOFR + 3.250%) ⁽¹⁾

03/21/31

168,606

156,436

Cloudera, Inc. 2021 Term Loan

7.50% (1 mo. USD Term SOFR + 3.750%) ⁽¹⁾

10/08/28

99,481

89,906

Darktrace PLC 1st Lien Term Loan

6.93% (3 mo. USD Term SOFR + 3.250%) ⁽¹⁾

10/09/31

147,185

138,753

Electronic Arts, Inc. Term Loan B

0.00% ⁽¹¹⁾

03/24/33

30,885

30,931

Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B

6.15% (1 mo. USD Term SOFR + 2.500%) ⁽¹⁾

01/30/32

13,836

13,402

Planview Parent, Inc. 2024 1st Lien Term Loan

7.20% (3 mo. USD Term SOFR + 3.500%) ⁽¹⁾

12/17/27

75,797

58,577

Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B

6.95% (3 mo. USD Term SOFR + 3.250%) ⁽¹⁾

10/26/30

147,892

116,835

Quartz Acquireco LLC 2025 Term Loan B

5.95% (3 mo. USD Term SOFR + 2.250%) ⁽¹⁾

06/28/30

262,726

219,542

Renaissance Holding Corp. 2024 1st Lien Term Loan

7.66% (3 mo. USD Term SOFR + 4.000%) ⁽¹⁾

04/05/30

83,549

57,082

Issues

Maturity
Date

Principal
Amount

Value

Software (Continued)

SonarSource Financing LLC Term Loan

8.18% (3 mo. USD Term SOFR + 4.500%) ⁽¹⁾

12/19/30

16,623

15,210

998,524

Telecommunications — 0.1%

GOGO Intermediate Holdings LLC Term Loan B

7.52% (1 mo. USD Term SOFR + 3.750%) ⁽¹⁾

04/30/28

73,147

65,753

Zayo Group Holdings, Inc. 2025 USD Term Loan

6.77% (1 mo. USD Term SOFR + 3.000%) ⁽¹⁾

03/11/30

99,437

99,340

165,093

Total Bank Loans

(Cost: $14,882,383)

14,659,320

Total Fixed Income Securities

(Cost: $221,265,138)

218,827,365

CONVERTIBLE SECURITIES — 0.2%

CONVERTIBLE CORPORATE BONDS — 0.2%

Beverages — 0.1%

Davide Campari-Milano NV (Italy)

2.38% ⁽⁶⁾

01/17/29

EUR

200,000

229,517

Commercial Services — 0.0%

Worldline SA (France)

0.00% ^(6),(10)

07/30/26

EUR

18,354

21,989

Engineering & Construction — 0.1%

Cellnex Telecom SA

0.75% ⁽⁶⁾

11/20/31

EUR

100,000

105,435

Total Convertible Corporate Bonds

(Cost: $325,604)

356,941

Total Convertible Securities

(Cost: $325,604)

356,941

Security

Value

COMMON STOCK — 0.1%

Health Care-Services — 0.1%

ModivCare, Inc. ⁽¹²⁾

30,082

195,533

Total Common Stock

(Cost: $195,533)

195,533

INVESTMENT COMPANIES — 1.7%

TCW Private Asset Income Fund — I Class ⁽¹³⁾

347,821

3,471,258

Total Investment Companies

(Cost: $3,477,805)

3,471,258

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

April 30, 2026


Forward Currency Exchange Contracts

Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for USD		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY ⁽¹⁷⁾
JP Morgan Chase Bank		EUR		166,123		06/26/26	$	195,191	$	195,333	$	142

							$	195,191	$	195,333	$	142

SELL ⁽¹⁸⁾
JP Morgan Chase Bank		AUD		3,303,838		06/26/26	$	2,270,547	$	2,372,965	$	(102,418	)
Goldman Sachs & Co.		EUR		5,542,864		06/26/26		6,412,093		6,517,510		(105,417	)
Citibank N.A.		GBP		1,396,231		06/26/26		1,858,468		1,897,073		(38,605	)
JP Morgan Chase Bank		GBP		105,515		06/26/26		139,511		143,364		(3,853	)

							$	10,680,619	$	10,930,912	$	(250,293	)


Swaptions

Description	Counterparty	Interest Rate		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation (Depreciation)
Purchased Swaptions — OTC
5-Year Interest Rate Swap	Barclays Capital		4.06		10/19/26	$	4,745,000		$	4,745,000		$	24,917		$	14,235		$	10,682

Written Swaptions — OTC
2-Year Interest Rate Swap	JP Morgan Chase Bank		3.60		7/15/26		(8,154,000	)		(8,154,000	)		(3,016	)		(6,640	)		3,624
2-Year Interest Rate Swap	JP Morgan Chase Bank		4.60		7/15/26		(8,154,000	)		(8,154,000	)		(29,095	)		(14,386	)		(14,709	)

Total Written Swaptions												$	(32,111	)	$	(21,026	)	$	(11,085	)


Centrally Cleared—Interest Rate Swap Agreements

Notional Amount	Expiration Date	Payment Made by Fund Frequency		Payment Made by Fund		Payment Received by Fund Frequency		Payment Received by Fund			Unrealized Appreciation (Depreciation)			Premium Paid			Value
GBP 7,265,000	03/20/28		Annual		12—Month SONIA		Annual		3.933	%	$	(38,704	)	$	(29,689	)	$	(68,393	)

Notes to the Schedule of Investments:

ABS

Asset-Backed Securities.

AUD

Australian Dollar.

CLO

Collateralized Loan Obligation.

CMT

Constant Maturity Treasury Index.

EUR

Euro Currency.

EURIBOR

Euro Interbank Offered Rate.

GBP

British Pound Sterling.

I/F

Inverse Floating rate security whose interest rate moves in the opposite direction of prevailing interest rates.

I/O

Interest Only Security.

LIBOR

London Interbank Offered Rate.

PAC

Planned Amortization Class.

PIK

Payment In Kind.

REIT

Real Estate Investment Trust.

REMIC

Real Estate Mortgage Investment Conduits.

RFUCCT

Refinitiv USD IBOR Consumer Cash Fallbacks Term.

See accompanying Notes to Financial Statements.

TCW Core Plus Bond ETF

Fair Valuation Summary (Unaudited)

April 30, 2026

The following is a summary of the fair valuations according to the inputs used as of April 30, 2026 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Residential Mortgage-Backed Securities — Agency	$	—		$	75,033,994		$	—	$	75,033,994
Corporate Bonds		—			47,419,806			—		47,419,806
U.S. Treasury Securities		—			35,413,876			—		35,413,876
Residential Mortgage-Backed Securities — Non-Agency		—			18,283,336			—		18,283,336
Bank Loans		—			14,659,320			—		14,659,320
Asset-Backed Securities		—			12,691,128			1,514,630		14,205,758
Commercial Mortgage-Backed Securities — Non-Agency		—			8,025,564			—		8,025,564
Foreign Government Bonds		—			5,780,826			—		5,780,826
Municipal Bonds		—			4,885			—		4,885

Total Fixed Income Securities		—			217,312,735			1,514,630		218,827,365

Convertible Securities
Convertible Corporate Bonds		—			356,941			—		356,941
Equity Securities
Money Market Investments		22,543,482			—			—		22,543,482
Investment Companies		—			3,471,258			—		3,471,258
Common Stock		—			195,533			—		195,533

Total Equity Securities		22,543,482			3,666,791			—		26,210,273

Swaptions
Purchased Swaptions — OTC		—			24,917			—		24,917
Net Unrealized Appreciation (Depreciation) on Unfunded Commitments		—			(113	)		—		(113	)

Total Investments	$	22,543,482		$	221,361,271		$	1,514,630	$	245,419,383

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—			142			—		142
Futures Contracts
Interest Rate Risk		127,872			—			—		127,872

Total	$	22,671,354		$	221,361,413		$	1,514,630	$	245,547,397

Liability Derivatives
Futures Contracts
Interest Rate Risk	$	(1,137,038	)	$	—		$	—	$	(1,137,038	)
Forward Currency Contracts
Foreign Currency Risk		—			(250,293	)		—		(250,293	)
Written Swaptions — OTC
Interest Rate Risk		—			(32,111	)		—		(32,111	)
Swap Agreements
Interest Rate Risk		—			(68,393	)		—		(68,393	)

Total	$	(1,137,038	)	$	(350,797	)	$	—	$	(1,487,835	)

See accompanying Notes to Financial Statements.

TCW Corporate Bond ETF

Schedule of Investments (Unaudited)


Issues	Maturity Date		Principal Amount		Value

FIXED INCOME SECURITIES — 93.7% of Net Assets

ASSET-BACKED SECURITIES — 0.1% (Cost: $31,315)

Skyline Aviation, Inc. Class A

3.23% ⁽¹⁾		07/03/38	$	31,315	$	29,634


COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY — 0.0%

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

0.00% ^(2),(3)		09/16/51		381,608		3,418

Government National Mortgage Association Series 2012-144, Class IO (I/O)

0.35% ⁽²⁾		01/16/53		99,931		1,143


Total Commercial Mortgage-Backed Securities — Agency

(Cost: $15,041)						4,561


COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 0.0% (Cost: $13,227)

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

0.69% ⁽²⁾		09/10/47		25,473		—


CORPORATE BONDS — 83.3%

Aerospace & Defense — 2.2%

Boeing Co.

5.81%		05/01/50		105,000		102,325

5.93%		05/01/60		12,000		11,616

6.53%		05/01/34		58,000		63,458

Honeywell Aerospace, Inc.

4.95% ⁽⁴⁾		03/16/36		185,000		182,980

Lockheed Martin Corp.

4.80%		08/15/34		235,000		234,243

5.20%		02/15/55		5,000		4,631

Northrop Grumman Corp.

5.15%		05/01/40		5,000		4,896

5.20%		06/01/54		140,000		128,450

RTX Corp.

6.40%		03/15/54		135,000		145,371


						877,970


Agriculture — 0.7%

Altria Group, Inc.

3.70%		02/04/51		5,000		3,441

4.88%		02/04/28		45,000		45,383

BAT Capital Corp. (United Kingdom)

4.39%		08/15/37		230,000		209,378

Imperial Brands Finance PLC (United Kingdom)

4.50% ⁽⁴⁾		06/30/28		30,000		30,029


						288,231


Airlines — 0.5%

Delta Air Lines Pass-Through Trust Series 2020-1, Class AA

2.00%		12/10/29		16,778		16,236


Issues	Maturity Date		Principal Amount		Value

Airlines (Continued)

JetBlue Pass-Through Trust Series 2019-1, Class AA

2.75%		11/15/33	$	39,576	$	34,836

JetBlue Pass-Through Trust Series 2020-1, Class A

4.00%		05/15/34		20,184		19,022

United Airlines Pass-Through Trust Series 2016-2, Class AA

2.88%		04/07/30		5,808		5,586

United Airlines Pass-Through Trust Series 2023-1, Class A

5.80%		07/15/37		122,935		127,453


						203,133


Auto Manufacturers — 0.2%

Volkswagen Group of America Finance LLC (Germany)

5.65% ⁽⁴⁾		03/25/32		17,000		17,338

5.80% ⁽⁴⁾		03/27/35		65,000		65,623


						82,961


Banks — 15.1%

Bank of America Corp.

1.92% (1 day USD SOFR + 1.370%) ⁽⁵⁾		10/24/31		30,000		26,627

2.09% (1 day USD SOFR + 1.060%) ⁽⁵⁾		06/14/29		55,000		52,360

2.69% (1 day USD SOFR + 1.320%) ⁽⁵⁾		04/22/32		680,000		616,964

5.47% (1 day USD SOFR + 1.650%) ⁽⁵⁾		01/23/35		390,000		398,604

Bank of New York Mellon Corp.

5.83% (1 day USD SOFR Index + 2.074%) ⁽⁵⁾		10/25/33		235,000		248,722

Citigroup, Inc.

1.46% (1 day USD SOFR + 0.770%) ⁽⁵⁾		06/09/27		15,000		14,951

2.52% (1 day USD SOFR + 1.177%) ^{( 5)}		11/03/32		270,000		239,312

2.57% (1 day USD SOFR + 2.107%) ^{( 5)}		06/03/31		50,000		45,979

2.98% (1 day USD SOFR + 1.422%) ⁽⁵⁾		11/05/30		1,000		946

5.33% (1 day USD SOFR + 1.465%) ⁽⁵⁾		03/27/36		285,000		286,331

Goldman Sachs Group, Inc.

1.99% (1 day USD SOFR + 1.090%) ⁽⁵⁾		01/27/32		535,000		470,827

2.60%		02/07/30		80,000		74,562

5.02% (1 day USD SOFR + 1.420%) ⁽⁵⁾		10/23/35		275,000		270,545

HSBC Holdings PLC (United Kingdom)

2.80% (1 day USD SOFR + 1.187%) ⁽⁵⁾		05/24/32		70,000		63,363

See accompanying Notes to Financial Statements.

TCW Corporate Bond ETF

April 30, 2026


Issues	Maturity Date		Principal Amount		Value

Banks (Continued)

JPMorgan Chase & Co.

1.95% (1 day USD SOFR + 1.065%) ⁽⁵⁾		02/04/32	$	95,000	$	83,849

2.55% (1 day USD SOFR + 1.180%) ⁽⁵⁾		11/08/32		600,000		534,432

2.96% (1 day USD SOFR + 1.260%) ⁽⁵⁾		01/25/33		400,000		363,260

3.90% (3 mo. USD Term SOFR + 1.482%) ⁽⁵⁾		01/23/49		98,000		75,443

Lloyds Banking Group PLC (United Kingdom)

1.63% (1 yr. CMT + 0.850%) ⁽⁵⁾		05/11/27		10,000		9,990

Morgan Stanley

1.59% (1 day USD SOFR + 0.879%) ⁽⁵⁾		05/04/27		25,000		25,000

1.93% (1 day USD SOFR + 1.020%) ⁽⁵⁾		04/28/32		240,000		208,860

2.24% (1 day USD SOFR + 1.178%) ⁽⁵⁾		07/21/32		305,000		268,458

5.59% (1 day USD SOFR + 1.418%) ⁽⁵⁾		01/18/36		380,000		389,713

Morgan Stanley Private Bank NA

4.20% (1 day USD SOFR + 0.780%) ⁽⁵⁾		11/17/28		15,000		14,951

4.47% (1 day USD SOFR + 0.770%) ⁽⁵⁾		07/06/28		5,000		5,000

PNC Financial Services Group, Inc.

5.22% (1 day USD SOFR + 1.072%) ⁽⁵⁾		01/29/31		105,000		107,170

5.68% (1 day USD SOFR + 1.902%) ⁽⁵⁾		01/22/35		70,000		72,178

6.88% (1 day USD SOFR + 2.284%)⁽⁵⁾		10/20/34		35,000		38,710

U.S. Bancorp

4.84% (1 day USD SOFR + 1.600%)⁽⁵⁾		02/01/34		140,000		138,540

5.42% (1 day USD SOFR + 1.411%)⁽⁵⁾		02/12/36		35,000		35,673

Wells Fargo & Co.

2.39% (1 day USD SOFR + 2.100%)⁽⁵⁾		06/02/28		30,000		29,353

3.35% (1 day USD SOFR + 1.500%)⁽⁵⁾		03/02/33		560,000		515,687

5.24% (1 day USD SOFR + 1.110%)⁽⁵⁾		01/24/31		20,000		20,393

5.50% (1 day USD SOFR + 1.780%)⁽⁵⁾		01/23/35		220,000		224,325


						5,971,078


Beverages — 2.4%

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium)

4.90%		02/01/46		355,000		321,736


Issues	Maturity Date		Principal Amount		Value

Beverages (Continued)

Bacardi Ltd.

4.70%⁽⁴⁾		05/15/28	$	50,000	$	50,008

5.30%⁽⁴⁾		05/15/48		25,000		21,822

Becle SAB de CV (Mexico)

2.50%⁽⁴⁾		10/14/31		90,000		77,651

Coca-Cola Co.

4.65%		08/14/34		170,000		170,930

Constellation Brands, Inc.

2.25%		08/01/31		95,000		83,976

Diageo Investment Corp. (United Kingdom)

5.63%		04/15/35		200,000		208,264

JDE Peet’s NV (Netherlands)

2.25%⁽⁴⁾		09/24/31		25,000		21,795


						956,182


Biotechnology — 1.6%

Amgen, Inc.

4.40%		05/01/45		5,000		4,215

4.88%		03/01/53		10,000		8,594

5.65%		03/02/53		195,000		187,407

5.75%		03/02/63		10,000		9,558

Biogen, Inc.

5.75%		05/15/35		65,000		67,694

Gilead Sciences, Inc.

2.60%		10/01/40		80,000		57,856

5.10%		06/15/35		190,000		191,558

Illumina, Inc.

2.55%		03/23/31		20,000		18,018

Royalty Pharma PLC

1.75%		09/02/27		95,000		91,715


						636,615


Chemicals — 0.2%

International Flavors & Fragrances, Inc.

5.00%		09/26/48		40,000		34,699

LYB International Finance III LLC

4.20%		05/01/50		50,000		35,845

Solvay Finance America LLC (Belgium)

5.85%⁽⁴⁾		06/04/34		10,000		10,185


						80,729


Commercial Services — 0.6%

Global Payments, Inc.

4.45%		06/01/28		30,000		29,770

5.30%		08/15/29		75,000		75,476

RELX Capital, Inc. (United Kingdom)

4.00%		03/18/29		10,000		9,878

Rollins, Inc.

5.25%		02/24/35		105,000		104,996


						220,120

See accompanying Notes to Financial Statements.

TCW Corporate Bond ETF

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Computers — 1.8%

Apple, Inc.

2.65%		02/08/51	$	230,000	$	139,884

Booz Allen Hamilton, Inc.

5.95%		04/15/35		75,000		75,616

Dell International LLC/EMC Corp.

4.50%		02/15/31		120,000		118,833

5.00%		04/01/30		105,000		106,448

Gartner, Inc.

4.95%		03/20/31		100,000		97,341

International Business Machines Corp.

5.20%		02/10/35		155,000		155,313


						693,435


Cosmetics/Personal Care — 0.2%

Kenvue, Inc.

4.90%		03/22/33		70,000		70,458


Diversified Financial Services — 2.1%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)

3.00%		10/29/28		15,000		14,454

3.30%		01/30/32		128,000		117,137

3.88%		01/23/28		4,000		3,958

American Express Co.

4.92% (1 day USD SOFR + 1.220%)⁽⁵⁾		07/20/33		65,000		65,179

6.49% (1 day USD SOFR + 1.940%)⁽⁵⁾		10/30/31		90,000		96,648

Avolon Holdings Funding Ltd. (Ireland)

2.53%⁽⁴⁾		11/18/27		2,000		1,939

2.75%⁽⁴⁾		02/21/28		10,000		9,659

Blackrock, Inc.

3.75%		07/18/35	EUR	100,000		117,062

Capital One Financial Corp.

3.27% (1 day USD SOFR + 1.790%)⁽⁵⁾		03/01/30		10,000		9,645

6.70%		11/29/32		10,000		10,912

LSEG U.S. Fin Corp.

5.25%⁽⁴⁾		03/23/36		130,000		129,527

LSEGA Financing PLC (United Kingdom)

2.00%⁽⁴⁾		04/06/28		20,000		19,096

Mastercard, Inc.

4.55%		01/15/35		140,000		137,316

Raymond James Financial, Inc.

3.75%		04/01/51		110,000		79,327

Sumisho Air Lease Corp.

3.63%		12/01/27		34,000		33,488


						845,347


Issues	Maturity Date		Principal Amount		Value

Electric — 8.0%

AEP Transmission Co. LLC

2.75%		08/15/51	$	240,000	$	144,454

3.65%		04/01/50		5,000		3,625

Alabama Power Co.

5.10%		04/02/35		225,000		227,200

5.50%		03/15/41		9,000		8,994

Alliant Energy Corp.

5.75% (5 yr. CMT + 2.077%)⁽⁵⁾		04/01/56		95,000		93,355

American Electric Power Co., Inc.

5.80% (5 yr. CMT + 2.128%)⁽⁵⁾		03/15/56		95,000		94,732

Arizona Public Service Co.

3.35%		05/15/50		15,000		9,995

6.35%		12/15/32		110,000		117,614

Ausgrid Finance Pty. Ltd. (Australia)

5.95%⁽⁶⁾		12/10/35	AUD	20,000		14,032

Baltimore Gas & Electric Co.

2.90%		06/15/50		98,000		61,297

Black Hills Corp.

4.35%		05/01/33		15,000		14,287

CenterPoint Energy Houston Electric LLC

5.15%		03/01/34		130,000		131,308

CenterPoint Energy, Inc.

5.95% (5 yr. CMT + 2.223%)⁽⁵⁾		04/01/56		70,000		69,779

Cleco Power LLC

5.30%⁽⁴⁾		01/15/36		105,000		104,214

Commonwealth Edison Co.

6.45%		01/15/38		5,000		5,489

Consolidated Edison Co. of New York, Inc.

3.88%		06/15/47		35,000		26,760

6.15%		11/15/52		30,000		31,225

Dominion Energy, Inc.

6.20% (5 yr. CMT + 2.006%)⁽⁵⁾		02/15/56		80,000		80,119

Duke Energy Carolinas LLC

3.75%		06/01/45		70,000		53,604

3.88%		03/15/46		195,000		150,513

Duke Energy Progress LLC

5.05%		03/15/35		280,000		280,882

Electricite de France SA

2.00%⁽⁶⁾		12/09/49	EUR	100,000		69,873

Entergy Corp.

6.10% (5 yr. CMT + 2.013%)⁽⁵⁾		06/15/56		55,000		54,829

Evergy Kansas Central, Inc.

5.70%		03/15/53		10,000		9,799

FirstEnergy Transmission LLC

5.45%⁽⁴⁾		07/15/44		120,000		114,072

See accompanying Notes to Financial Statements.

TCW Corporate Bond ETF

April 30, 2026


Issues	Maturity Date		Principal Amount		Value

Electric (Continued)

Florida Power & Light Co.

5.30%		06/15/34	$	320,000	$	329,139

5.60%		06/15/54		140,000		136,801

International Transmission Co.

4.63%		08/15/43		105,000		91,604

Interstate Power & Light Co.

2.30%		06/01/30		30,000		27,455

MidAmerican Energy Co.

4.25%		05/01/46		25,000		20,511

5.85%		09/15/54		55,000		55,143

Narragansett Electric Co.

3.40%⁽⁴⁾		04/09/30		10,000		9,560

Oncor Electric Delivery Co. LLC

4.60%		06/01/52		50,000		40,976

5.35%		04/01/35		85,000		86,714

PacifiCorp

4.13%		01/15/49		40,000		30,119

Public Service Co. of Oklahoma

5.45%		01/15/36		65,000		65,484

Southern Co.

6.00% (5 yr. CMT + 1.993%)⁽⁵⁾		04/01/58		65,000		65,740

Tucson Electric Power Co.

3.25%		05/01/51		10,000		6,591

Virginia Electric & Power Co.

2.45%		12/15/50		102,000		57,141

3.80%		09/15/47		10,000		7,490

Vistra Operations Co. LLC

5.70%⁽⁴⁾		12/30/34		75,000		75,715

WEC Energy Group, Inc.

5.63% (5 yr. CMT + 1.905%)⁽⁵⁾		05/15/56		40,000		39,740

Xcel Energy, Inc.

4.80%		09/15/41		35,000		31,231


						3,149,205


Electronics — 0.8%

Amphenol Corp.

4.63%		02/15/36		225,000		217,588

Hubbell, Inc.

4.80%		11/15/35		95,000		92,703


						310,291


Engineering & Construction — 0.1%

Sydney Airport Finance Co. Pty. Ltd.

5.90%⁽⁶⁾		04/19/34	AUD	40,000		28,335


Entertainment — 0.2%

Flutter Treasury DAC (Ireland)

5.88%⁽⁴⁾		06/04/31		65,000		64,735


Issues	Maturity Date		Principal Amount		Value

Environmental Control — 0.2%

Waste Management, Inc.

4.95%		03/15/35	$	75,000	$	75,070


Food — 1.0%

JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings

4.38%		02/02/52		67,000		50,458

JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL

5.75%		04/01/33		140,000		144,266

Kraft Heinz Foods Co.

4.63%		10/01/39		10,000		8,847

Pilgrim’s Pride Corp.

3.50%		03/01/32		130,000		118,795

Smithfield Foods, Inc.

2.63%⁽⁴⁾		09/13/31		75,000		66,232


						388,598


Gas — 1.1%

Boston Gas Co.

3.76%⁽⁴⁾		03/16/32		130,000		121,830

KeySpan Gas East Corp.

3.59%⁽⁴⁾		01/18/52		25,000		16,607

5.82%⁽⁴⁾		04/01/41		40,000		39,831

NiSource, Inc.

5.40%		06/30/33		140,000		143,634

5.75% (5 yr. CMT + 2.035%)⁽⁵⁾		07/15/56		40,000		40,045

Northwest Natural Holding Co.

7.00% (5 yr. CMT + 2.701%)⁽⁵⁾		09/15/55		60,000		62,053

Southern Co. Gas Capital Corp.

4.40%		06/01/43		10,000		8,376

5.88%		03/15/41		15,000		15,321


						447,697


Health Care-Products — 3.8%

Abbott Laboratories

4.65%		03/15/36		410,000		398,762

Alcon Finance Corp.

2.60%⁽⁴⁾		05/27/30		140,000		129,578

Augusta SpinCo Corp.

5.25%		03/23/36		55,000		54,787

Baxter International, Inc.

3.95%		04/01/30		110,000		105,745

GE HealthCare Technologies, Inc.

5.86%		03/15/30		175,000		182,310

Medline Borrower LP

3.88%⁽⁴⁾		04/01/29		160,000		155,560

Revvity, Inc.

2.55%		03/15/31		25,000		22,486

See accompanying Notes to Financial Statements.

TCW Corporate Bond ETF

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Health Care-Products (Continued)

Smith & Nephew PLC (United Kingdom)

2.03%		10/14/30	$	30,000	$	26,804

STERIS Irish FinCo UnLtd Co.

2.70%		03/15/31		15,000		13,674

Stryker Corp.

4.70%		02/10/28		150,000		150,943

Thermo Fisher Scientific, Inc.

4.90%		02/12/36		25,000		24,726

5.09%		08/10/33		170,000		172,921

VSP Optical Group, Inc.

5.45%⁽⁴⁾		12/01/35		75,000		74,107


						1,512,403


Health Care-Services — 4.2%

Children’s Hospital Medical Center

2.82%		11/15/50		20,000		12,742

Cigna Group

5.25%		01/15/36		220,000		220,295

5.40%		03/15/33		85,000		87,422

Elevance Health, Inc.

5.00%		01/15/36		195,000		191,533

5.20%		02/15/35		120,000		120,039

HCA, Inc.

3.50%		07/15/51		100,000		66,024

5.25%		06/15/49		40,000		35,333

Health Care Service Corp. A Mutual Legal Reserve Co.

5.45%⁽⁴⁾		06/15/34		70,000		70,050

Humana, Inc.

5.38%		04/15/31		160,000		162,234

IQVIA, Inc.

6.25%		02/01/29		10,000		10,380

Sharp HealthCare

2.68%		08/01/50		50,000		30,265

UnitedHealth Group, Inc.

3.70%		08/15/49		10,000		7,254

4.25%		04/15/47		15,000		12,095

5.15%		07/15/34		395,000		399,870

5.63%		07/15/54		180,000		172,660

Universal Health Services, Inc.

1.65%		09/01/26		40,000		39,646

West Virginia United Health System Obligated Group

3.13%		06/01/50		35,000		22,340


						1,660,182


Insurance — 3.8%

Allstate Corp.

3.85%		08/10/49		20,000		14,834

Aon Corp./Aon Global Holdings PLC

3.90%		02/28/52		115,000		84,010


Issues	Maturity Date		Principal Amount		Value

Insurance (Continued)

Arthur J Gallagher & Co.

3.05%		03/09/52	$	15,000	$	9,213

6.50%		02/15/34		85,000		91,717

Athene Global Funding

1.61%⁽⁴⁾		06/29/26		15,000		14,935

Farmers Exchange Capital II

6.15% (3 mo. USD Term SOFR + 4.006%)^(4),(5)		11/01/53		170,000		165,541

Farmers Insurance Exchange

4.75% (3 mo. USD LIBOR + 3.231%)^(4),(5)		11/01/57		35,000		29,334

Guardian Life Insurance Co. of America

3.70% ⁽⁴⁾		01/22/70		45,000		29,169

Marsh & McLennan Cos., Inc.

4.95%		03/15/36		230,000		226,883

Metropolitan Life Global Funding I

3.30%⁽⁴⁾		03/21/29		230,000		222,849

MMI Capital Trust I

7.63%		12/15/27		25,000		26,008

New York Life Global Funding

4.55%⁽⁴⁾		01/28/33		340,000		335,505

NLG Global Funding

4.35%⁽⁴⁾		09/15/30		40,000		39,299

Teachers Insurance & Annuity Association of America

3.30%⁽⁴⁾		05/15/50		200,000		133,072

Willis North America, Inc.

5.35%		05/15/33		70,000		70,952


						1,493,321


Internet — 4.6%

Airbnb, Inc.

5.25%		03/16/36		85,000		84,821

Alphabet, Inc.

3.00%		05/06/33	EUR	100,000		114,305

4.70%		11/15/35		85,000		83,420

4.80%		02/15/36		95,000		93,742

5.25%		05/15/55		135,000		125,816

Amazon.com, Inc.

3.95%		04/13/52		135,000		102,492

5.45%		11/20/55		145,000		137,019

5.80%		03/13/56		190,000		187,084

AppLovin Corp.

5.50%		12/01/34		135,000		134,831

Expedia Group, Inc.

5.50%		04/15/36		100,000		98,073

Meta Platforms, Inc.

4.88%		11/15/35		160,000		156,120

5.40%		08/15/54		70,000		62,282

5.60%		05/15/53		90,000		82,745

See accompanying Notes to Financial Statements.

TCW Corporate Bond ETF

April 30, 2026


Issues	Maturity Date		Principal Amount		Value

Internet (Continued)

5.63%		11/15/55	$	115,000	$	105,479

6.30%		05/15/56		102,000		101,860

Uber Technologies, Inc.

4.80%		09/15/34		130,000		127,451


						1,797,540


Leisure Time — 0.3%

Royal Caribbean Cruises Ltd.

5.38%		01/15/36		135,000		132,786


Lodging — 0.4%

Choice Hotels International, Inc.

5.85%		08/01/34		40,000		40,507

Hyatt Hotels Corp.

5.05%		03/30/28		50,000		50,493

5.50%		06/30/34		10,000		10,158

Las Vegas Sands Corp.

6.00%		06/14/30		65,000		67,028


						168,186


Machinery-Construction & Mining — 0.4%

GE Vernova, Inc.

4.88%		02/04/36		140,000		138,467


Media — 1.4%

Charter Communications Operating LLC/Charter Communications Operating Capital

3.90%		06/01/52		235,000		147,907

4.80%		03/01/50		30,000		22,076

5.38%		05/01/47		37,000		29,723

Comcast Corp.

3.97%		11/01/47		60,000		44,062

4.00%		11/01/49		90,000		65,194

4.40%		08/15/35		130,000		122,648

Cox Communications, Inc.

2.60%⁽⁴⁾		06/15/31		85,000		75,426

Fox Corp.

6.50%		10/13/33		40,000		42,965

Time Warner Cable LLC

5.50%		09/01/41		18,000		15,528


						565,529


Miscellaneous Manufacturers — 0.7%

Dyno Nobel Ltd. (Australia)

5.40%		11/08/32	AUD	60,000		41,410

Eaton Corp.

4.50%		03/06/33		250,000		246,518


						287,928


Office/Business Equipment — 0.1%

CDW LLC/CDW Finance Corp.

3.28%		12/01/28		25,000		24,046


Issues	Maturity Date		Principal Amount		Value

Oil & Gas — 0.2%

Aker BP ASA (Norway)

3.10%⁽⁴⁾		07/15/31	$	80,000	$	73,213


Packaging & Containers — 0.8%

Amcor Finance USA, Inc.

5.63%		05/26/33		145,000		149,753

Amcor Flexibles North America, Inc.

2.63%		06/19/30		5,000		4,622

AptarGroup, Inc.

4.75%		03/30/31		70,000		69,516

CCL Industries, Inc. (Canada)

3.05% ⁽⁴⁾		06/01/30		25,000		23,432

Smurfit Kappa Treasury ULC (Ireland)

5.44%		04/03/34		35,000		35,543

Sonoco Products Co.

3.13%		05/01/30		25,000		23,563


						306,429


Pharmaceuticals — 5.7%

AbbVie, Inc.

4.40%		11/06/42		100,000		87,549

5.20%		03/15/35		200,000		203,400

5.55%		03/15/56		75,000		72,631

Bayer U.S. Finance II LLC (Germany)

4.38%⁽⁴⁾		12/15/28		10,000		9,921

4.88%⁽⁴⁾		06/25/48		142,000		117,119

Becton Dickinson & Co.

4.30%		08/22/32		50,000		48,476

Bristol-Myers Squibb Co.

5.20%		02/22/34		120,000		122,889

CVS Health Corp.

5.05%		03/25/48		233,000		201,081

5.30%		06/01/33		178,000		180,380

Elanco Animal Health, Inc.

6.40%		08/28/28		5,000		5,134

Eli Lilly & Co.

4.90%		10/15/35		250,000		249,730

EMD Finance LLC (Germany)

5.00%⁽⁴⁾		10/15/35		80,000		79,056

Johnson & Johnson

3.40%		01/15/38		75,000		64,997

5.00%		03/01/35		65,000		66,869

Merck & Co., Inc.

4.75%		12/04/35		145,000		142,084

5.00%		05/17/53		120,000		107,408

Novartis Capital Corp.

4.90%		03/18/36		285,000		283,031

Pfizer Investment Enterprises Pte. Ltd.

4.75%		05/19/33		95,000		94,555

See accompanying Notes to Financial Statements.

TCW Corporate Bond ETF

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Pharmaceuticals (Continued)

Takeda Pharmaceutical Co. Ltd. (Japan)

5.30%		07/05/34	$	85,000	$	86,249

Teva Pharmaceutical Finance Netherlands IV BV (Israel)

5.75%		12/01/30		40,000		41,075


						2,263,634


Pipelines — 1.9%

Columbia Pipelines Operating Co. LLC

6.04%⁽⁴⁾		11/15/33		135,000		142,618

Energy Transfer LP

5.00%		05/15/50		195,000		162,739

6.13%		12/15/45		7,000		6,846

Kinder Morgan Energy Partners LP

6.95%		01/15/38		5,000		5,592

Kinder Morgan, Inc.

7.80%		08/01/31		5,000		5,713

NGPL PipeCo LLC

3.25%⁽⁴⁾		07/15/31		50,000		45,943

4.88%⁽⁴⁾		08/15/27		10,000		10,015

Pipeline Funding Co. LLC

7.50%⁽⁴⁾		01/15/30		22,932		23,289

Plains All American Pipeline LP/PAA Finance Corp.

4.50%		12/15/26		13,000		13,017

Sabine Pass Liquefaction LLC

4.20%		03/15/28		103,000		102,577

Southern Natural Gas Co. LLC

4.80%⁽⁴⁾		03/15/47		40,000		34,355

TransCanada PipeLines Ltd. (Canada)

4.63%		03/01/34		110,000		106,550

Williams Cos., Inc.

3.50%		10/15/51		115,000		78,214


						737,468


Real Estate — 0.1%

Vonovia SE (Germany)

5.72% ⁽⁶⁾		09/03/35	AUD	40,000		27,120


REIT — 3.9%

American Assets Trust LP

3.38%		02/01/31		55,000		50,073

American Homes 4 Rent LP

2.38%		07/15/31		55,000		48,560

American Tower Corp.

2.70%		04/15/31		386,000		351,094

4.70%		12/15/32		40,000		39,500

Boston Properties LP

2.55%		04/01/32		10,000		8,677

Crown Castle, Inc.

3.30%		07/01/30		105,000		98,902

CubeSmart LP

4.38%		02/15/29		15,000		14,914


Issues	Maturity Date		Principal Amount		Value

REIT (Continued)

Digital Realty Trust LP

3.60%		07/01/29	$	15,000	$	14,597

DOC Dr. LLC

2.63%		11/01/31		10,000		8,899

Equinix, Inc.

2.50%		05/15/31		145,000		130,055

Essex Portfolio LP

2.65%		03/15/32		5,000		4,421

5.50%		04/01/34		15,000		15,300

Extra Space Storage LP

2.20%		10/15/30		25,000		22,404

GLP Capital LP/GLP Financing II, Inc.

3.25%		01/15/32		22,000		19,713

4.00%		01/15/30		55,000		52,874

5.63%		03/01/36		85,000		83,455

Healthcare Realty Holdings LP

3.63%		01/15/28		30,000		29,509

Host Hotels & Resorts LP

3.50%		09/15/30		30,000		28,349

5.70%		06/15/32		35,000		36,056

Hudson Pacific Properties LP

3.95%		11/01/27		10,000		9,674

Invitation Homes Operating Partnership LP

5.50%		08/15/33		5,000		5,072

LXP Industrial Trust

2.38%		10/01/31		15,000		13,058

2.70%		09/15/30		10,000		9,133

NNN REIT, Inc.

5.60%		10/15/33		35,000		35,974

Phillips Edison Grocery Center Operating Partnership I LP (REIT)

4.75%		03/15/33		65,000		63,751

Piedmont Operating Partnership LP

2.75%		04/01/32		30,000		25,496

Public Storage Operating Co. (REIT)

5.00%		12/15/35		100,000		98,875

Realty Income Corp.

5.13%		04/15/35		45,000		45,102

VICI Properties LP

5.13%		05/15/32		75,000		74,375

Weyerhaeuser Co.

3.38%		03/09/33		10,000		9,018

WP Carey, Inc.

4.65%		07/15/30		75,000		74,846


						1,521,726


Retail — 1.8%

AutoNation, Inc.

3.85%		03/01/32		35,000		32,671

See accompanying Notes to Financial Statements.

TCW Corporate Bond ETF

April 30, 2026


Issues	Maturity Date		Principal Amount		Value

Retail (Continued)

AutoZone, Inc.

5.13%		06/15/30	$	35,000	$	35,675

Home Depot, Inc.

4.95%		06/25/34		360,000		362,250

Lowe’s Cos., Inc.

5.75%		07/01/53		80,000		77,355

McDonald’s Corp.

4.20%		04/01/50		70,000		55,348

4.95%		03/03/35		60,000		59,808

Starbucks Corp.

4.80%		05/15/30		100,000		101,058


						724,165


Semiconductors — 1.3%

Broadcom, Inc.

3.14%⁽⁴⁾		11/15/35		350,000		298,519

Intel Corp.

2.00%		08/12/31		5,000		4,362

3.05%		08/12/51		51,000		31,452

3.25%		11/15/49		115,000		74,312

5.70%		02/10/53		13,000		12,185

Micron Technology, Inc.

2.70%		04/15/32		50,000		44,660

Texas Instruments, Inc.

5.15%		02/08/54		50,000		46,815


						512,305


Software — 2.9%

Atlassian Corp.

5.50%		05/15/34		50,000		48,822

Cadence Design Systems, Inc.

4.70%		09/10/34		20,000		19,712

Constellation Software, Inc. (Canada)

5.46%⁽⁴⁾		02/16/34		125,000		122,488

Fiserv, Inc.

2.65%		06/01/30		25,000		22,871

5.25%		08/11/35		90,000		87,820

5.63%		08/21/33		35,000		35,453

Microsoft Corp.

2.92%		03/17/52		150,000		95,586

Open Text Corp. (Canada)

6.90%⁽⁴⁾		12/01/27		17,000		17,394

Oracle Corp.

3.95%		03/25/51		397,000		249,995

5.70%		02/04/36		80,000		76,866

6.70%		02/04/56		35,000		32,278

Paychex, Inc.

5.60%		04/15/35		125,000		125,209


Issues	Maturity Date		Principal Amount		Value

Software (Continued)

Salesforce, Inc.

5.55%		03/15/36	$	145,000	$	144,648

6.55%		03/15/56		35,000		34,790

Synopsys, Inc.

5.15%		04/01/35		30,000		30,013

Take-Two Interactive Software, Inc.

4.00%		04/14/32		15,000		14,312


						1,158,257


Telecommunications — 4.4%

AT&T, Inc.

3.55%		09/15/55		85,000		54,727

3.80%		12/01/57		253,000		168,931

4.50%		05/15/35		125,000		118,289

5.25%		10/30/36		20,000		19,763

Cisco Systems, Inc.

5.05%		02/26/34		230,000		233,165

Road Michigan Property Owner I LLC

7.50%⁽⁴⁾		03/30/45		80,000		80,170

Sprint Capital Corp.

8.75%		03/15/32		25,000		29,746

Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC

5.15%⁽⁴⁾		09/20/29		222,000		222,704

T-Mobile USA, Inc.

2.55%		02/15/31		478,000		434,665

5.05%		07/15/33		5,000		5,024

5.13%		05/15/32		60,000		60,782

Verizon Communications, Inc.

4.50%		08/10/33		300,000		291,312


						1,719,278


Toys/Games/Hobbies — 0.2%

Mattel, Inc.

5.00%		11/17/30		60,000		60,182


Transportation — 1.3%

Aurizon Network Pty. Ltd. (Australia)

2.90%⁽⁶⁾		09/02/30	AUD	40,000		25,371

Burlington Northern Santa Fe LLC

4.05%		06/15/48		15,000		11,816

5.50%		03/15/55		120,000		115,703

5.55%		03/15/56		45,000		43,569

CSX Corp.

4.90%		03/15/55		130,000		115,041

Norfolk Southern Corp.

4.55%		06/01/53		100,000		82,842

Pacific National Finance Pty. Ltd. (Australia)

3.70%		09/24/29	AUD	30,000		19,719

Union Pacific Corp.

2.97%		09/16/62		25,000		14,416

5.60%		12/01/54		90,000		88,067


						516,544

See accompanying Notes to Financial Statements.

TCW Corporate Bond ETF

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Water — 0.1%

Essential Utilities, Inc.

5.30%		05/01/52	$	50,000	$	45,328


Total Corporate Bonds

(Cost: $33,049,303)						32,836,227


FOREIGN GOVERNMENT BONDS — 0.4%

New South Wales Treasury Corp.

4.75%⁽⁶⁾		02/20/37	AUD	100,000		66,641

Queensland Treasury Corp.

5.00%⁽⁶⁾		07/21/37	AUD	100,000		67,581

5.25%⁽⁶⁾		08/13/38	AUD	25,000		17,073

Treasury Corp. of Victoria

2.00%		11/20/37	AUD	35,000		17,103


Total Foreign Government Bonds

(Cost: $161,803)						168,398


MUNICIPAL BOND — 0.0% (Cost: $10,000)

Maryland Economic Development Corp., Revenue Bonds

5.43%		05/31/56		10,000		9,547


RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 0.0%

Federal National Mortgage Association REMICS Series 2012-128, Class UA

2.50%		06/25/42		6,926		6,238

Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O) (I/F)

2.24% (-30 day USD SOFR Average + 5.886%)⁽⁵⁾		11/25/41		16,491		1,199


Total Residential Mortgage-Backed Securities — Agency

(Cost: $18,064)						7,437


U.S. TREASURY SECURITIES — 9.9%

U.S. Treasury Bonds

4.75%		02/15/56		1,512,000		1,455,891

U.S. Treasury Notes

3.75%		04/30/28		1,570,000		1,565,983

3.88%		03/31/28		389,000		388,939

3.88%		04/30/31		66,000		65,564

4.13%		02/15/36		427,000		418,043


Total U.S. Treasury Securities

(Cost: $3,912,099)						3,894,420


Total Fixed Income Securities

(Cost: $37,210,852)						36,950,224

Issues

Maturity
Date

Principal
Amount

Value

CONVERTIBLE SECURITIES — 0.0%

CONVERTIBLE CORPORATE BONDS — 0.0%

Commercial Services — 0.0%

Worldline SA (France)

0.00%^(3),(6)

07/30/26

EUR

5,722

6,856

Total Convertible Corporate Bonds

(Cost: $6,248)

6,856

Issues

Value

MONEY MARKET INVESTMENTS — 7.4%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 3.60% ⁽⁷⁾

217,802

TCW Central Cash Fund, 3.69%^(7),(8)

2,708,635

Total Money Market Investments

(Cost: $2,926,437)

2,926,437

Total Investments (101.1%)

(Cost: $40,143,537)

39,883,517

Liabilities In Excess Of Other Assets (-1.1%)

(449,615

)

Net Assets (100.0%)

39,433,902

See accompanying Notes to Financial Statements.

TCW Corporate Bond ETF

April 30, 2026


Futures Contracts

Number of Contracts	Type	Expiration Date		Notional Contract Value			Market Value			Net Unrealized Appreciation (Depreciation)
Long Futures
78	2-Year U.S. Treasury Note Futures		06/30/26	$	16,266,517		$	16,155,750		$	(110,767	)
1	Euro-Bobl Futures		06/08/26		138,105			135,498			(2,607	)
1	U.S. Long Bond Futures		06/18/26		117,565			112,844			(4,721	)
1	U.S. Ultra Long Bond Futures		06/18/26		119,752			115,031			(4,721	)

				$	16,641,939		$	16,519,123		$	(122,816	)

Short Futures
3	10-Year Australian Bond Futures		06/15/26	$	(233,002	)	$	(231,240	)	$	1,762
4	10-Year U.S. Treasury Note Futures		06/18/26		(453,713	)		(451,438	)		2,275
5	3-Year Australian Bond Futures		06/15/26		(373,937	)		(372,115	)		1,822
64	5-Year U.S. Treasury Note Futures		06/30/26		(7,017,917	)		(6,901,500	)		116,417
3	Euro-Bund Futures		06/08/26		(453,053	)		(441,386	)		11,667

				$	(8,531,622	)	$	(8,397,679	)	$	133,943


Forward Currency Exchange Contracts

Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for USD		Contracts at Value		Unrealized Appreciation (Depreciation)
SELL ⁽⁹⁾
Goldman Sachs & Co.		AUD		473,987		06/26/26	$	325,984	$	340,911	$	(14,927	)
Goldman Sachs & Co.		EUR		264,005		06/26/26		305,371		310,586		(5,215	)

							$	631,355	$	651,497	$	(20,142	)

Notes to the Schedule of Investments:

I/F

Inverse Floating rate security whose interest rate moves in the opposite direction of prevailing interest rates.

I/O

Interest Only Security.

LIBOR

London Interbank Offered Rate.

REIT

Real Estate Investment Trust.

REMICS

Real Estate Mortgage Investment Conduits.

SOFR

Secured Overnight Financing Rate.

AUD

Australian Dollar.

EUR

Euro Currency.

(1)

For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.

(2)

Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(3)

Security is not accruing interest.

(4)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2026, the value of these securities amounted to $4,025,109 or 10.2% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Trust’s Board of Trustees.

(5)

Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2026.

(6)

Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At April 30, 2026, the value of these securities amounted to $322,882 or 0.8% of net assets.

(7)

Rate disclosed is the 7-day net yield as of April 30, 2026.

(8)

Affiliated issuer.

(9)

Fund sells foreign currency, buys USD.

See accompanying Notes to Financial Statements.

TCW Corporate Bond ETF

Fair Valuation Summary (Unaudited)

April 30, 2026

The following is a summary of the fair valuations according to the inputs used as of April 30, 2026 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Corporate Bonds	$	—		$	32,836,227		$	—	$	32,836,227
U.S. Treasury Securities		—			3,894,420			—		3,894,420
Foreign Government Bonds		—			168,398			—		168,398
Asset-Backed Securities		—			—			29,634		29,634
Municipal Bonds		—			9,547			—		9,547
Residential Mortgage-Backed Securities — Agency		—			7,437			—		7,437
Commercial Mortgage-Backed Securities — Agency		—			4,561			—		4,561
Commercial Mortgage-Backed Securities — Non-Agency		—			0			—		0

Total Fixed Income Securities		—			36,920,590			29,634		36,950,224

Convertible Securities
Convertible Corporate Bonds		—			6,856			—		6,856
Equity Securities
Money Market Investments		2,926,437			—			—		2,926,437

Total Investments	$	2,926,437		$	36,927,446		$	29,634	$	39,883,517

Asset Derivatives
Futures Contracts
Interest Rate Risk		133,943			—			—		133,943

Total	$	3,060,380		$	36,927,446		$	29,634	$	40,017,460

Liability Derivatives
Futures Contracts
Interest Rate Risk	$	(122,816	)	$	—		$	—	$	(122,816	)
Forward Currency Contracts
Foreign Currency Risk		—			(20,142	)		—		(20,142	)

Total	$	(122,816	)	$	(20,142	)	$	—	$	(142,958	)

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Unaudited)


Issues	Maturity Date		Principal Amount		Value

FIXED INCOME SECURITIES — 106.4% of Net Assets

CORPORATE BONDS — 22.0%

Advertising — 0.0%

Clear Channel Outdoor Holdings, Inc.

7.13% ⁽¹⁾		02/15/31	$	517,000	$	538,388


Aerospace & Defense — 0.1%

General Electric Co.

4.30% (3 mo. USD Term SOFR + 0.642%) ⁽²⁾		05/05/26		57,000		57,000

4.39% (3 mo. USD Term SOFR + 0.742%) ⁽²⁾		08/15/36		52,000		49,085

TransDigm, Inc.

6.00% ⁽¹⁾		01/15/33		1,665,000		1,682,616

6.38% ⁽¹⁾		05/31/33		1,827,000		1,843,827

6.75% ⁽¹⁾		01/31/34		670,000		688,505


						4,321,033


Agriculture — 0.1%

Altria Group, Inc.

4.88%		02/04/28		490,000		494,165

BAT Capital Corp. (United Kingdom)

3.56%		08/15/27		44,000		43,547

Imperial Brands Finance PLC (United Kingdom)

4.50% ⁽¹⁾		06/30/28		2,955,000		2,957,867

6.13% ⁽¹⁾		07/27/27		195,000		198,652


						3,694,231


Airlines — 0.2%

American Airlines, Inc./AAdvantage Loyalty IP Ltd.

5.75% ⁽¹⁾		04/20/29		4,213,000		4,218,308

Delta Air Lines Pass-Through Trust Series 2020-1, Class AA

2.00%		12/10/29		16,778		16,236

JetBlue Pass-Through Trust Series 2019-1, Class AA

2.75%		11/15/33		2,209,062		1,944,505

JetBlue Pass-Through Trust Series 2020-1, Class A

4.00%		05/15/34		50,461		47,555


						6,226,604


Apparel — 0.1%

Crocs, Inc.

4.13% ⁽¹⁾		08/15/31		1,897,000		1,765,879


Auto Manufacturers — 0.1%

Volkswagen Group of America Finance LLC (Germany)

5.65% ⁽¹⁾		03/25/32		70,000		71,392


Issues	Maturity Date		Principal Amount		Value

Auto Manufacturers (Continued)

Volkswagen International Finance NV (Germany)

7.88% (9 yr. EUR Swap + 4.783%) ^(2),(3),(4)		09/06/32	EUR	1,200,000	$	1,572,230


						1,643,622


Auto Parts & Equipment — 0.2%

Cyprium Corp./Cyprium Holdings Luxembourg SARL

6.38% ⁽¹⁾		04/15/34		655,000		654,699

IHO Verwaltungs GmbH (Germany) (7.38% Cash or 8.12% PIK)

7.38% ⁽¹⁾		05/15/33		2,600,000		2,645,344

Robert Bosch GmbH (Germany)

4.38% ⁽⁴⁾		06/02/43	EUR	2,500,000		2,850,942

ZF North America Capital, Inc. (Germany)

7.50% ⁽¹⁾		03/24/31		180,000		180,846


						6,331,831


Banks — 3.1%

Bank of America Corp.

1.73% (1 day USD SOFR + 0.960%) ⁽²⁾		07/22/27		7,815,000		7,769,204

1.92% (1 day USD SOFR + 1.370%) ⁽²⁾		10/24/31		5,025,000		4,459,989

2.55% (1 day USD SOFR + 1.050%) ⁽²⁾		02/04/28		2,625,000		2,589,037

2.65% (1 day USD SOFR + 1.220%) ⁽²⁾		03/11/32		225,000		204,557

2.97% (1 day USD SOFR + 1.330%) ⁽²⁾		02/04/33		1,395,000		1,263,410

3.42% (3 mo. USD Term SOFR + 1.302%) ⁽²⁾		12/20/28		685,000		673,903

4.38% (5 yr. CMT + 2.760%)^(2),(3)		01/27/27		100,000		99,150

Citibank NA

4.88% (1 day USD SOFR + 0.712%) ⁽²⁾		11/19/27		5,000,000		5,017,200

4.91%		05/29/30		2,000,000		2,032,820

Citigroup, Inc.

2.52% (1 day USD SOFR + 1.177%) ⁽²⁾		11/03/32		510,000		452,033

6.63% (5 yr. CMT + 3.001%) ^(2),(3)		02/15/31		3,075,000		3,110,824

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

April 30, 2026


Issues	Maturity Date		Principal Amount		Value

Banks (Continued)

Goldman Sachs Group, Inc.

1.54% (1 day USD SOFR + 0.818%) ⁽²⁾		09/10/27	$	5,000	$	4,949

1.95% (1 day USD SOFR + 0.913%) ⁽²⁾		10/21/27		325,000		321,285

2.38% (1 day USD SOFR + 1.248%) ⁽²⁾		07/21/32		1,000,000		885,830

3.81% (3 mo. USD Term SOFR + 1.420%) ⁽²⁾		04/23/29		2,075,000		2,046,054

JPMorgan Chase & Co.

1.76% (3 mo. USD Term SOFR + 1.105%) ⁽²⁾		11/19/31		3,080,000		2,714,743

2.07% (1 day USD SOFR + 1.015%) ⁽²⁾		06/01/29		120,000		114,326

2.18% (1 day USD SOFR + 1.890%) ⁽²⁾		06/01/28		5,000,000		4,884,100

2.55% (1 day USD SOFR + 1.180%) ⁽²⁾		11/08/32		2,770,000		2,467,294

2.58% (3 mo. USD Term SOFR + 1.250%) ⁽²⁾		04/22/32		760,000		687,914

3.65% (5 yr. CMT + 2.850%) ^(2),(3)		06/01/26		115,000		114,869

4.01% (3 mo. USD Term SOFR + 1.382%) ⁽²⁾		04/23/29		255,000		253,019

4.32% (1 day USD SOFR + 1.560%) ⁽²⁾		04/26/28		3,500,000		3,499,125

4.98% (1 day USD SOFR + 0.930%) ⁽²⁾		07/22/28		1,470,000		1,479,937

5.77% (1 day USD SOFR + 1.490%) ⁽²⁾		04/22/35		415,000		432,787

Morgan Stanley

2.24% (1 day USD SOFR + 1.178%) ⁽²⁾		07/21/32		425,000		374,081

2.94% (1 day USD SOFR + 1.290%) ⁽²⁾		01/21/33		354,000		319,244

5.83% (1 day USD SOFR + 1.580%) ⁽²⁾		04/19/35		3,120,000		3,244,706

Morgan Stanley Bank NA

5.50% (1 day USD SOFR + 0.865%) ⁽²⁾		05/26/28		10,000,000		10,112,600

Morgan Stanley Private Bank NA

4.20% (1 day USD SOFR + 0.780%) ⁽²⁾		11/17/28		5,685,000		5,666,467

4.47% (1 day USD SOFR + 1.020%) ⁽²⁾		11/19/31		2,370,000		2,337,792

4.73% (1 day USD SOFR + 1.080%) ⁽²⁾		07/18/31		3,200,000		3,196,736

PNC Financial Services Group, Inc.

3.40% (5 yr. CMT + 2.595%) ^(2),(3)		09/15/26		105,000		103,784


Issues	Maturity Date		Principal Amount		Value

Banks (Continued)

5.58% (1 day USD SOFR + 1.841%) ⁽²⁾		06/12/29	$	1,370,000	$	1,403,346

Santander U.K. Group Holdings PLC (United Kingdom)

1.67% (1 day USD SOFR + 0.989%) ⁽²⁾		06/14/27		290,000		288,936

U.S. Bancorp

5.08% (1 day USD SOFR + 1.296%) ⁽²⁾		05/15/31		2,250,000		2,285,325

5.78% (1 day USD SOFR + 2.020%) ⁽²⁾		06/12/29		5,000,000		5,132,800

Wells Fargo & Co.

2.39% (1 day USD SOFR + 2.100%) ⁽²⁾		06/02/28		460,000		450,078

2.57% (3 mo. USD Term SOFR + 1.262%) ⁽²⁾		02/11/31		3,440,000		3,192,389

2.88% (3 mo. USD Term SOFR + 1.432%) ⁽²⁾		10/30/30		5,000,000		4,721,400

3.35% (1 day USD SOFR + 1.500%) ⁽²⁾		03/02/33		2,835,000		2,610,666

5.50% (1 day USD SOFR + 1.780%) ⁽²⁾		01/23/35		225,000		229,423


						93,248,132


Beverages — 0.2%

Anheuser-Busch InBev SA (Belgium)

4.13% ⁽⁴⁾		05/19/45	EUR	1,400,000		1,563,879

Becle SAB de CV (Mexico)

2.50% ⁽¹⁾		10/14/31		1,790,000		1,544,394

Heineken NV (Netherlands)

4.24% ⁽⁴⁾		11/14/45	EUR	925,000		1,035,285

JDE Peet’s NV (Netherlands)

2.25% ⁽¹⁾		09/24/31		750,000		653,850

Maple Parent Holdings Corp.

4.73% ⁽¹⁾		03/26/35	EUR	1,755,000		2,068,221


						6,865,629


Biotechnology — 0.0%

Amgen, Inc.

3.15%		02/21/40		100,000		77,751

BioMarin Pharmaceutical, Inc.

5.50% ⁽¹⁾		02/15/34		675,000		670,626

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Biotechnology (Continued)

Genmab AS/Genmab Finance LLC (Denmark)

6.25% ⁽¹⁾		12/15/32	$	462,000	$	474,206


						1,222,583


Building Materials — 0.1%

JH North America Holdings, Inc.

6.13% ⁽¹⁾		07/31/32		2,975,000		2,984,937


Chemicals — 0.2%

Axalta Coating Systems Dutch Holding B BV

7.25% ⁽¹⁾		02/15/31		50,000		51,969

FIS Fabbrica Italiana Sintetici SpA

5.25% ⁽¹⁾		02/05/31	EUR	1,100,000		1,282,171

International Flavors & Fragrances, Inc.

1.83% ⁽¹⁾		10/15/27		405,000		388,707

2.30% ⁽¹⁾		11/01/30		505,000		452,015

3.27% ⁽¹⁾		11/15/40		55,000		41,195

Itelyum Regeneration SpA (Italy)

5.75% ⁽¹⁾		04/15/30	EUR	250,000		296,619

5.75% ⁽⁴⁾		04/15/30	EUR	820,000		972,912

Monitchem HoldCo 3 SA (Luxembourg)

8.75%⁽⁴⁾		05/01/28	EUR	500,000		593,485

SCIH Salt Holdings, Inc.

4.88%⁽¹⁾		05/01/28		608,000		602,650

SK Invictus Intermediate II SARL

5.00%⁽¹⁾		10/30/29		431,000		424,690

WR Grace Holdings LLC

7.00%⁽¹⁾		08/01/33		500,000		499,685

7.38%⁽¹⁾		03/01/31		1,732,000		1,751,589


						7,357,687


Commercial Services — 0.6%

AA Bond Co. Ltd. (United Kingdom)

5.50%⁽⁴⁾		07/31/50	GBP	940,000		1,241,397

ADT Security Corp.

5.88%⁽¹⁾		10/15/33	$	650,000		640,809

Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxemburg)

7.00%⁽¹⁾		05/21/30		1,645,000		1,698,726

Allied Universal Holdco LLC/Allied Universal Finance Corp.

6.88%⁽¹⁾		06/15/30		145,000		149,270

BCP V Modular Services Finance II PLC

4.75%⁽⁴⁾		11/30/28	EUR	670,000		744,409

Block, Inc.

6.50%		05/15/32		51,000		52,020

Deluxe Corp.

8.13%⁽¹⁾		09/15/29		52,000		54,331

Global Payments, Inc.

4.50%		11/15/28		4,215,000		4,182,587


Issues	Maturity Date		Principal Amount		Value

Commercial Services (Continued)

Grand Canyon University

5.13%		10/01/28	$	1,000,000	$	993,430

Herc Holdings, Inc.

7.25%⁽¹⁾		06/15/33		486,000		509,099

ION Platform Finance U.S., Inc.

7.88%⁽¹⁾		09/30/32		500,000		388,095

RAC Bond Co. PLC (United Kingdom)

8.25%⁽⁴⁾		05/06/46	GBP	100,000		143,607

Raven Acquisition Holdings LLC

6.88%⁽¹⁾		11/15/31		1,130,000		1,120,079

Rentokil Terminix Funding LLC

5.00%⁽¹⁾		04/28/30		1,970,000		1,986,942

Rollins, Inc.

5.25%		02/24/35		1,090,000		1,089,956

Upbound Group, Inc.

6.38%⁽¹⁾		02/15/29		1,724,000		1,706,932

VT Topco, Inc.

8.50%⁽¹⁾		08/15/30		2,883,000		2,953,028


						19,654,717


Computers — 0.3%

Dell International LLC/EMC Corp.

4.75%		04/01/28		1,135,000		1,141,946

5.00%		04/01/30		840,000		851,584

Gartner, Inc.

3.75%⁽¹⁾		10/01/30		4,200,000		3,853,164

McAfee Corp.

7.38%⁽¹⁾		02/15/30		301,000		244,090

NCR Voyix Corp.

5.00%⁽¹⁾		10/01/28		675,000		661,878

Science Applications International Corp.

5.88%⁽¹⁾		11/01/33		800,000		789,496


						7,542,158


Cosmetics/Personal Care — 0.1%

Edgewell Personal Care Co.

4.13% ⁽¹⁾		04/01/29		860,000		822,194

Perrigo Finance Unlimited Co.

5.15%		06/15/30		2,507,000		2,379,018

6.13%		09/30/32		1,113,000		1,049,147


						4,250,359


Diversified Financial Services — 0.3%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)

2.45%		10/29/26		123,000		121,987

3.88%		01/23/28		5,000		4,948

American Express Co.

4.92% (1 day USD SOFR + 1.220%) ⁽²⁾		07/20/33		1,680,000		1,684,620

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

April 30, 2026


Issues	Maturity Date		Principal Amount		Value

Diversified Financial Services (Continued)

AT&T Reign II Multi-Property Lease-Backed Pass-Through Trust

6.09% ⁽¹⁾		12/15/44	$	2,600,944	$	2,601,178

Avolon Holdings Funding Ltd. (Ireland)

2.53% ⁽¹⁾		11/18/27		1,976,000		1,915,633

Blackrock, Inc.

3.75%		07/18/35	EUR	730,000		854,554

EZCORP, Inc.

7.38% ⁽¹⁾		04/01/32		150,000		159,549

GGAM Finance Ltd. (Ireland)

8.00% ⁽¹⁾		06/15/28		892,000		929,223

8.00% ⁽¹⁾		02/15/27		115,000		116,108

Jane Street Group/JSG Finance, Inc.

6.13% ⁽¹⁾		11/01/32		780,000		784,743

6.75% ⁽¹⁾		05/01/33		90,000		92,525

7.13% ⁽¹⁾		04/30/31		905,000		939,091


						10,204,159


Electric — 1.9%

Alliant Energy Corp.

5.75% (5 yr. CMT + 2.077%) ⁽²⁾		04/01/56		3,630,000		3,567,128

Alliant Energy Finance LLC

3.60% ⁽¹⁾		03/01/32		655,000		609,196

5.95% ⁽¹⁾		03/30/29		1,500,000		1,552,050

Alpha Generation LLC

6.25% ⁽¹⁾		01/15/34		1,785,000		1,772,719

American Electric Power Co., Inc.

5.80% (5 yr. CMT + 2.128%) ⁽²⁾		03/15/56		5,570,000		5,554,293

Amprion GmbH (Germany)

4.58% ⁽⁴⁾		01/15/46	EUR	1,600,000		1,849,634

Arizona Public Service Co.

6.35%		12/15/32		135,000		144,345

Ausgrid Finance Pty. Ltd. (Australia)

5.95% ⁽⁴⁾		12/10/35	AUD	1,520,000		1,066,441

CenterPoint Energy, Inc.

5.95% (5 yr. CMT + 2.223%) ⁽²⁾		04/01/56		4,685,000		4,670,242

Dominion Energy, Inc.

6.00% (5 yr. CMT + 2.262%) ⁽²⁾		02/15/56		5,325,000		5,339,910

Electricite de France SA

4.75% ⁽⁴⁾		06/17/44	EUR	3,100,000		3,620,741

5.64% ⁽⁴⁾		08/28/35	AUD	610,000		419,864

7.38% (5 yr. U.K. Government Bond + 3.775%)^(2),(3),(4)		06/17/35	GBP	300,000		418,692

9.13% (5 yr. CMT + 5.411%) ^(1),(2),(3)		03/15/33		575,000		673,244


Issues	Maturity Date		Principal Amount		Value

Electric (Continued)

Elia Group SA (Belgium)

3.88% ⁽⁴⁾		06/11/31	EUR	100,000	$	117,836

EnBW Energie Baden-Wuerttemberg AG (Germany)

4.50% (5 yr. EURIBOR ICE Swap + 1.846%)^(2),(4)		02/10/56	EUR	1,200,000		1,353,565

EnBW International Finance BV (Germany)

5.79% ⁽⁴⁾		02/26/36	AUD	1,570,000		1,086,511

Enel SpA (Italy)

4.50% (5 yr. EURIBOR ICE Swap + 1.821%)^(2),(3),(4)		10/14/34	EUR	1,470,000		1,653,356

Entergy Corp.

5.88% (5 yr. CMT + 2.179%) ⁽²⁾		06/15/56		2,000,000		2,000,780

Eurogrid GmbH (Germany)

3.28% ⁽⁴⁾		09/05/31	EUR	200,000		231,139

FirstEnergy Transmission LLC

2.87% ⁽¹⁾		09/15/28		418,000		402,116

Florida Power & Light Co.

5.70%		03/15/55		2,000,000		1,979,680

Interstate Power & Light Co.

5.70%		10/15/33		1,000,000		1,042,040

MVM Energetika Zrt (Hungary)

6.50% ⁽⁴⁾		03/13/31		400,000		419,444

Public Service Co. of Oklahoma

5.45%		01/15/36		3,000,000		3,022,350

Southern Co.

3.75% (5 yr. CMT + 2.915%) ⁽²⁾		09/15/51		9,500,000		9,460,385

Southwestern Electric Power Co.

5.30%		04/01/33		600,000		608,574

TenneT Holding BV (Netherlands)

4.88% (5 yr. EURIBOR ICE Swap + 2.214%) ^(2),(3),(4)		12/21/31	EUR	2,000,000		2,407,390

Tucson Electric Power Co.

5.50%		04/15/53		305,000		288,481

Vistra Operations Co. LLC

6.88%⁽¹⁾		04/15/32		1,720,000		1,796,557


						59,128,703


Electrical Components & Equipment — 0.1%

Energizer Holdings, Inc.

6.00% ⁽¹⁾		09/15/33		2,245,000		2,147,612

WESCO Distribution, Inc.

5.25% ⁽¹⁾		04/15/31		1,700,000		1,701,139


						3,848,751

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Electronics — 0.1%

Amphenol Corp.

4.63%

02/15/36

2,895,000

2,799,639

Engineering & Construction — 0.1%

Heathrow Funding Ltd. (United Kingdom)

3.88% ⁽⁴⁾

01/16/38

EUR

250,000

285,549

4.50% ⁽⁴⁾

07/11/35

EUR

865,000

1,049,531

Sydney Airport Finance Co. Pty. Ltd.

5.90% ⁽⁴⁾

04/19/34

AUD

750,000

531,280

1,866,360

Entertainment — 0.6%

Banijay Entertainment SAS (France)

8.13% ⁽¹⁾

05/01/29

350,000

361,623

Brightstar Lottery PLC/Brightstar Global Solutions Corp. (United Kingdom)

5.75% ⁽¹⁾

01/15/33

910,000

891,572

Caesars Entertainment, Inc.

6.00% ⁽¹⁾

10/15/32

1,000,000

896,970

6.50% ⁽¹⁾

02/15/32

2,220,000

2,162,524

7.00% ⁽¹⁾

02/15/30

1,000,000

1,015,530

Churchill Downs, Inc.

5.75% ⁽¹⁾

04/01/30

798,000

797,106

FDJ United (France)

3.38% ⁽⁴⁾

11/21/33

EUR

1,000,000

1,134,908

Flutter Treasury DAC (Ireland)

5.00% ⁽¹⁾

04/29/29

EUR

100,000

119,339

6.13% ⁽⁴⁾

06/04/31

GBP

525,000

701,906

Great Canadian Gaming Corp./Raptor LLC (Canada)

8.75% ⁽¹⁾

11/15/29

1,074,000

1,047,923

LHMC Finco 2 SARL (Luxemburg) (8.63% Cash or 9.38% PIK)

9.38% ⁽¹⁾

05/15/30

EUR

1,037,180

1,280,950

9.38% ⁽⁴⁾

05/15/30

EUR

1,000,000

1,235,032

Light & Wonder International, Inc.

6.25% ⁽¹⁾

10/01/33

1,081,000

1,074,655

Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada)

8.00% ⁽¹⁾

08/01/30

2,484,000

2,455,012

Rivers Enterprise Borrower LLC

6.25% ⁽¹⁾

10/15/30

1,800,000

1,832,958

Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.

6.63% ⁽¹⁾

02/01/33

803,000

819,710

Voyager Parent LLC

9.25% ⁽¹⁾

07/01/32

760,000

810,054

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.

6.25% ⁽¹⁾

03/15/33

55,000

55,289

18,693,061


Issues	Maturity Date		Principal Amount		Value

Environmental Control — 0.4%

GFL Environmental, Inc.

4.00% ⁽¹⁾		08/01/28	$	2,879,000	$	2,813,848

Luna 1.5 SARL (Luxemburg)

10.50% ⁽⁴⁾		07/01/32	EUR	1,000,000		1,249,960

Luna 2 5 SARL (Luxemburg)

5.50% ⁽¹⁾		07/01/32	EUR	1,100,000		1,295,482

5.50% ⁽⁴⁾		07/01/32	EUR	1,000,000		1,177,711

Seche Environnement SACA (France)

5.87% (5 yr. EURIBOR ICE Swap + 3.707%) ^(2),(3),(4)		01/09/31	EUR	2,000,000		2,326,361

Waste Pro USA, Inc.

7.00% ⁽¹⁾		02/01/33		1,970,000		2,008,218


						10,871,580


Financial — 0.1%

Nomura Corporate Funding Americas LLC

0.00%^(5),(6)		10/27/26		3,261,891		3,256,673


Food — 0.3%

JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings

3.75%		12/01/31		385,000		360,776

6.75%		03/15/34		202,000		220,287

JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL

5.75%		04/01/33		2,000,000		2,060,940

Pilgrim’s Pride Corp.

4.25%		04/15/31		2,930,000		2,817,312

6.25%		07/01/33		950,000		998,241

Post Holdings, Inc.

4.63% ⁽¹⁾		04/15/30		1,475,000		1,430,086

6.25% ⁽¹⁾		10/15/34		950,000		939,892

Smithfield Foods, Inc.

5.20% ⁽¹⁾		04/01/29		5,000		5,047


						8,832,581


Gas — 0.4%

AmeriGas Partners LP/AmeriGas Finance Corp.

9.38% ⁽¹⁾		06/01/28		46,000		47,216

9.50% ⁽¹⁾		06/01/30		1,619,000		1,726,437

CenterPoint Energy Resources Corp.

5.40%		03/01/33		765,000		784,874

KeySpan Gas East Corp.

5.99% ⁽¹⁾		03/06/33		385,000		402,983

National Gas Transmission PLC (United Kingdom)

4.25% ⁽⁴⁾		04/05/30	EUR	200,000		240,699

NiSource, Inc.

5.75% (5 yr. CMT + 2.035%) ⁽²⁾		07/15/56		3,160,000		3,163,571

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

April 30, 2026


Issues	Maturity Date		Principal Amount		Value

Gas (Continued)

Nortegas Energia Grupo SL (Spain)

4.13% ⁽⁴⁾		01/21/33	EUR	900,000	$	1,034,969

Northwest Natural Holding Co.

7.00% (5 yr. CMT + 2.701%) ⁽²⁾		09/15/55		2,000,000		2,068,440

Redexis SA

4.38% ⁽⁴⁾		05/30/31	EUR	1,100,000		1,306,378


						10,775,567


Health Care-Products — 0.4%

180 Medical, Inc. (United Kingdom)

3.88% ⁽¹⁾		10/15/29		269,000		259,835

Medline Borrower LP

3.88% ⁽¹⁾		04/01/29		8,925,000		8,677,331

Sartorius Finance BV (Germany)

4.50% ⁽⁴⁾		09/14/32	EUR	100,000		121,130

4.88% ⁽⁴⁾		09/14/35	EUR	1,600,000		1,967,281

Stryker Corp.

4.70%		02/10/28		1,465,000		1,474,215


						12,499,792


Health Care-Services — 0.9%

Cigna Group

4.50%		09/15/30		6,995,000		6,989,404

5.25%		01/15/36		1,000,000		1,001,340

HCA, Inc.

2.38%		07/15/31		2,000,000		1,774,700

5.38%		09/01/26		1,260,000		1,261,613

5.63%		09/01/28		3,275,000		3,339,812

Heartland Dental LLC/Heartland Dental Finance Corp.

10.50% ⁽¹⁾		04/30/28		11,000		11,337

Humana, Inc.

5.55%		05/01/35		570,000		566,398

Kedrion SpA (Italy)

6.50% ⁽¹⁾		09/01/29		669,000		656,543

Mehilainen Yhtiot OYJ (Finland)

5.13% ⁽¹⁾		06/30/32	EUR	1,145,000		1,350,494

ModivCare, Inc.

0.00% ^{(1),(6),(7),(8)}		10/01/29		744,450		11,167

Molina Healthcare, Inc.

6.25% ⁽¹⁾		01/15/33		635,000		634,841

Star Parent, Inc.

9.00% ⁽¹⁾		10/01/30		2,583,000		2,706,312

Tenet Healthcare Corp.

5.13%		11/01/27		1,950,000		1,950,488

UnitedHealth Group, Inc.

5.63%		07/15/54		5,500,000		5,275,710


						27,530,159


Issues	Maturity Date		Principal Amount		Value

Household Products/Wares — 0.1%

Spectrum Brands, Inc.

3.88% ⁽¹⁾		03/15/31	$	2,214,000	$	1,941,457


Housewares — 0.1%

Central Garden & Pet Co.

4.13% ⁽¹⁾		04/30/31		58,000		54,603

4.13%		10/15/30		575,000		544,738

Newell Brands, Inc.

7.38%		04/01/36		1,685,000		1,608,753


						2,208,094


Insurance — 0.5%

Acrisure LLC/Acrisure Finance, Inc.

4.25% ⁽¹⁾		02/15/29		522,000		498,828

6.00% ⁽¹⁾		08/01/29		405,000		385,204

7.50% ⁽¹⁾		11/06/30		380,000		386,164

8.25% ⁽¹⁾		02/01/29		1,000,000		1,003,840

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer

6.50% ⁽¹⁾		10/01/31		938,000		946,949

7.00% ⁽¹⁾		01/15/31		1,155,000		1,177,892

7.38% ⁽¹⁾		10/01/32		1,444,000		1,420,434

Ardonagh Finco Ltd.

7.75% ⁽¹⁾		02/15/31		1,350,000		1,377,675

Asurion LLC/Asurion Co-Issuer, Inc.

8.38% ⁽¹⁾		02/01/34		805,000		795,308

Farmers Exchange Capital

7.05% ⁽¹⁾		07/15/28		3,000,000		3,107,700

Farmers Exchange Capital II

6.15% (3 mo. USD Term SOFR + 4.006%) ^(1),(2)		11/01/53		550,000		535,573

Farmers Exchange Capital III

5.45% (3 mo. USD Term SOFR + 3.716%) ^(1),(2)		10/15/54		835,000		764,108

Farmers Insurance Exchange

4.75% (3 mo. USD LIBOR + 3.231%) ^(1),(2)		11/01/57		135,000		113,144

7.00% (10 yr. CMT + 3.864%) ^(1),(2)		10/15/64		265,000		266,047

HUB International Ltd.

7.25% ⁽¹⁾		06/15/30		417,000		431,524

Marsh & McLennan Cos., Inc.

4.95%		03/15/36		1,500,000		1,479,675

Metropolitan Life Global Funding I

2.95% ⁽¹⁾		04/09/30		15,000		14,117

Panther Escrow Issuer LLC

7.13% ⁽¹⁾		06/01/31		375,000		377,167


						15,081,349

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Internet — 1.4%

Airbnb, Inc.

5.25%		03/16/36	$	2,805,000	$	2,799,081

Alphabet, Inc.

3.50%		11/06/38	EUR	1,375,000		1,539,809

4.00%		11/06/44	EUR	1,305,000		1,469,506

Amazon.com, Inc.

4.85%		03/16/64	EUR	4,125,000		4,804,027

4.88%		03/13/36		3,000,000		2,957,250

5.80%		03/13/56		2,800,000		2,757,020

Booking Holdings, Inc.

3.88%		03/21/45	EUR	500,000		517,163

4.00%		03/01/44	EUR	530,000		562,568

Cerved Group SpA (Italy)

7.40% (3 mo. EUR EURIBOR + 5.250%) ^(2),(4)		02/15/29	EUR	745,000		737,452

Gen Digital, Inc.

6.75% ⁽¹⁾		09/30/27		328,000		330,001

Getty Images, Inc.

10.50% ⁽¹⁾		11/15/30		2,490,000		2,209,800

ION Platform Finance U.S., Inc./ION Platform Finance SARL

8.75% ⁽¹⁾		05/01/29		678,000		630,859

Meta Platforms, Inc.

4.60%		11/15/32		8,945,000		8,834,708

4.88%		11/15/35		2,800,000		2,732,100

5.63%		11/15/55		2,250,000		2,063,722

6.30%		05/15/56		2,576,000		2,572,471

Snap, Inc.

6.88% ⁽¹⁾		03/01/33		1,258,000		1,226,236

6.88% ⁽¹⁾		03/15/34		1,845,000		1,787,989

Uber Technologies, Inc.

4.30%		01/15/30		700,000		694,722


						41,226,484


Investment Companies — 0.1%

Icahn Enterprises LP/Icahn Enterprises Finance Corp.

9.75%		01/15/29		370,000		372,094

10.00% ⁽¹⁾		11/15/29		2,957,000		2,986,748


						3,358,842


Iron & Steel — 0.2%

CSN Inova Ventures

6.75% ⁽⁴⁾		01/28/28		300,000		256,074

CSN Inova Ventures (Brazil)

6.75% ⁽¹⁾		01/28/28		2,369,000		2,022,131

CSN Resources SA

8.88% ⁽⁴⁾		12/05/30		1,000,000		813,460


Issues	Maturity Date		Principal Amount		Value

Iron & Steel (Continued)

CSN Resources SA (Brazil)

5.88% ⁽¹⁾		04/08/32	$	4,396,000	$	3,018,865


						6,110,530


Leisure Time — 0.0%

Sabre GLBL, Inc.

10.75% ⁽¹⁾		11/15/29		197,000		171,559

10.75% ⁽¹⁾		03/15/30		250,000		215,965


						387,524


Lodging — 0.3%

Hyatt Hotels Corp.

5.05%		03/30/28		3,405,000		3,438,573

Las Vegas Sands Corp.

5.63%		06/15/28		1,825,000		1,850,203

6.00%		06/14/30		1,500,000		1,546,800

MGM Resorts International

6.50%		04/15/32		527,000		534,542

Wyndham Hotels & Resorts, Inc.

5.63% ⁽¹⁾		03/01/33		2,635,000		2,610,468


						9,980,586


Machinery-Construction & Mining — 0.1%

Eaton Capital ULC

3.55%		03/10/34	EUR	1,370,000		1,587,046


Machinery-Diversified — 0.1%

Columbus McKinnon Corp.

7.13% ⁽¹⁾		02/01/33		605,000		609,126

Lsf12 Helix Parent LLC

7.13% ⁽¹⁾		02/01/33		1,110,000		1,084,348

Oregon Tool Lux LP

7.88% ⁽¹⁾		10/15/29		549,538		98,862


						1,792,336


Media — 1.2%

Belo Corp.

7.25%		09/15/27		1,675,000		1,718,248

CCO Holdings LLC/CCO Holdings Capital Corp.

5.38% ⁽¹⁾		06/01/29		2,471,000		2,434,108

7.00% ⁽¹⁾		02/01/33		1,250,000		1,233,763

7.38% ⁽¹⁾		02/01/36		3,380,000		3,316,490

Charter Communications Operating LLC/Charter Communications Operating Capital

2.80%		04/01/31		140,000		125,398

3.70%		04/01/51		530,000		325,521

3.90%		06/01/52		1,360,000		855,970

4.80%		03/01/50		250,000		183,965

5.85%		12/01/35		1,175,000		1,147,223

6.65%		02/01/34		246,000		255,609

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

April 30, 2026


Issues	Maturity Date		Principal Amount		Value

Media (Continued)

CSC Holdings LLC

4.63% ⁽¹⁾		12/01/30	$	300,000	$	106,674

6.50% ⁽¹⁾		02/01/29		2,430,000		1,511,727

11.75% ⁽¹⁾		01/31/29		4,201,000		3,009,008

DISH DBS Corp.

7.75%		07/01/26		2,250,000		2,245,950

DISH Network Corp.

11.75% ⁽¹⁾		11/15/27		1,277,000		1,318,030

EchoStar Corp.

10.75%		11/30/29		2,628,000		2,852,326

Midcontinent Communications

8.00% ⁽¹⁾		08/15/32		1,755,000		1,657,141

Sinclair Television Group, Inc.

4.38% ⁽¹⁾		12/31/32		1,000,000		777,270

8.13% ⁽¹⁾		02/15/33		1,693,000		1,754,371

Sirius XM Radio LLC

4.13% ⁽¹⁾		07/01/30		1,685,000		1,571,819

5.00% ⁽¹⁾		08/01/27		955,000		953,071

Time Warner Cable LLC

5.50%		09/01/41		1,535,000		1,324,214

Univision Communications, Inc.

8.88% ⁽¹⁾		04/15/33		3,460,000		3,480,968

Virgin Media O2 Vendor Financing Notes VI DAC (Ireland)

8.50% ⁽¹⁾		03/15/33		2,373,000		2,137,266

VZ Secured Financing BV (Netherlands)

5.00% ⁽¹⁾		01/15/32		1,475,000		1,298,088

Ziggo Bonds Co. BV (Netherlands)

5.13% ⁽¹⁾		02/28/30		53,000		46,545


						37,640,763


Mining — 0.0%

Corp. Nacional del Cobre de Chile

5.13% ⁽⁴⁾		02/02/33		407,000		406,564

5.95% ⁽⁴⁾		01/08/34		407,000		421,799


						828,363


Miscellaneous Manufacturers — 0.2%

Dyno Nobel Ltd. (Australia)

5.40%		11/08/32	AUD	2,230,000		1,539,086

Smiths Group PLC (United Kingdom)

3.63% ⁽⁴⁾		11/13/33	EUR	3,845,000		4,370,443


						5,909,529


Oil & Gas — 0.4%

Ecopetrol SA

8.38%		01/19/36		1,660,000		1,721,669

KazMunayGas National Co. JSC (Kazakhstan)

3.50% ⁽¹⁾		04/14/33		2,073,000		1,890,991

Matador Resources Co.

6.00% ⁽¹⁾		04/15/34		1,000,000		1,004,590


Issues	Maturity Date		Principal Amount		Value

Oil & Gas (Continued)

SM Energy Co.

9.63% ⁽¹⁾		06/15/33	$	1,500,000	$	1,673,955

Sunoco LP

5.63% ⁽¹⁾		07/15/34		560,000		552,703

5.88% ⁽¹⁾		03/15/34		1,555,000		1,550,522

7.88% (5 yr. CMT + 4.230%) ^(1),(2),(3)		09/18/30		4,300,000		4,458,154

Transocean International Ltd.

8.75% ⁽¹⁾		02/15/30		220,500		231,282


						13,083,866


Oil & Gas Services — 0.1%

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.

4.74%		03/11/46	EUR	1,160,000		1,370,310

Kodiak Gas Services LLC

6.50% ⁽¹⁾		10/01/33		728,000		745,035

6.75% ⁽¹⁾		10/01/35		500,000		519,675

WBI Operating LLC

6.50% ⁽¹⁾		10/15/33		480,000		485,655


						3,120,675


Packaging & Containers — 0.3%

Amcor Finance USA, Inc.

4.50%		05/15/28		245,000		245,367

Amcor Flexibles North America, Inc.

4.80%		03/17/28		2,225,000		2,238,595

5.10%		03/17/30		1,000,000		1,012,970

5.50%		03/17/35		755,000		766,506

Amcor Group Finance PLC

5.45%		05/23/29		2,170,000		2,222,297

Amcor U.K. Finance PLC (Australia)

3.75%		02/20/33	EUR	700,000		805,198

Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26

12.00% ⁽¹⁾		12/01/30		882,000		793,968

Berry Global, Inc.

1.65%		01/15/27		40,000		39,254

5.50%		04/15/28		255,000		259,751

5.65%		01/15/34		150,000		153,850

Graphic Packaging International LLC

6.38% ⁽¹⁾		07/15/32		1,285,000		1,285,360


						9,823,116


Pharmaceuticals — 0.6%

1261229 BC Ltd.

10.00% ⁽¹⁾		04/15/32		3,872,000		4,002,719

Bayer U.S. Finance II LLC (Germany)

4.38% ⁽¹⁾		12/15/28		510,000		505,951

4.40% ⁽¹⁾		07/15/44		245,000		194,643

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Pharmaceuticals (Continued)

4.63% ⁽¹⁾		06/25/38	$	750,000	$	676,223

4.88% ⁽¹⁾		06/25/48		2,080,000		1,715,542

6.50% ⁽¹⁾		11/21/33		500,000		532,940

Bayer U.S. Finance LLC (Germany)

6.88% ⁽¹⁾		11/21/53		345,000		366,908

CVS Health Corp.

4.78%		03/25/38		75,000		69,617

5.05%		03/25/48		3,250,000		2,804,782

5.88%		06/01/53		212,000		201,576

6.75% (5 yr. CMT + 2.516%) ⁽²⁾		12/10/54		1,290,000		1,337,601

7.00% (5 yr. CMT + 2.886%) ⁽²⁾		03/10/55		1,275,000		1,323,845

Dolcetto Holdco SpA (Italy)

5.63% ⁽⁴⁾		07/14/32	EUR	625,000		734,199

Grifols SA (Spain)

7.50% ⁽⁴⁾		05/01/30	EUR	827,000		1,009,724

Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc.

8.75% ⁽¹⁾		04/17/32		932,000		841,512

Teva Pharmaceutical Finance Netherlands III BV (Israel)

6.00%		12/01/32		274,000		285,516

Teva Pharmaceutical Finance Netherlands IV BV (Israel)

5.75%		12/01/30		274,000		281,362


						16,884,660


Pipelines — 0.7%

CQP Holdco LP/BIP-V Chinook Holdco LLC

5.50% ⁽¹⁾		06/15/31		1,860,000		1,839,280

Energy Transfer LP

6.63% (3 mo. USD Term SOFR + 4.417%) ^(2),(3)		02/15/28		2,733,000		2,759,127

Global Partners LP/GLP Finance Corp.

6.88%		01/15/29		430,000		434,042

8.25% ⁽¹⁾		01/15/32		425,000		446,118

ITT Holdings LLC

6.50% ⁽¹⁾		08/01/29		1,963,000		1,935,459

NGL Energy Operating LLC/NGL Energy Finance Corp.

8.38% ⁽¹⁾		02/15/32		2,373,000		2,491,745

NGPL PipeCo LLC

4.88% ⁽¹⁾		08/15/27		40,000		40,060

Pipeline Funding Co. LLC

7.50% ⁽¹⁾		01/15/30		133,770		135,854

Rockies Express Pipeline LLC

6.88% ⁽¹⁾		04/15/40		216,000		218,272

Southern Natural Gas Co. LLC

4.80% ⁽¹⁾		03/15/47		65,000		55,827


Issues	Maturity Date		Principal Amount		Value

Pipelines (Continued)

TransMontaigne Partners LLC

8.50% ⁽¹⁾		06/15/30	$	2,150,000	$	2,224,497

Venture Global Calcasieu Pass LLC

3.88% ⁽¹⁾		11/01/33		750,000		669,503

4.13% ⁽¹⁾		08/15/31		580,000		544,057

Venture Global LNG, Inc.

9.00% (5 yr. CMT + 5.440%) ^(1),(2),(3)		09/30/29		3,505,000		3,466,901

9.88% ⁽¹⁾		02/01/32		922,000		989,924

Venture Global Plaquemines LNG LLC

6.50% ⁽¹⁾		01/15/34		128,000		134,171

6.75% ⁽¹⁾		01/15/36		1,224,000		1,301,957


						19,686,794


Real Estate — 0.2%

Blackstone Property Partners Europe Holdings SARL (Luxembourg)

1.00% ⁽⁴⁾		05/04/28	EUR	195,000		217,876

Blackstone Property Partners Europe Holdings SARL (Luxemburg)

3.50% ⁽⁴⁾		01/29/31	EUR	555,000		638,973

DVI Deutsche Vermoegens- & Immobilienverwaltungs GmbH

4.88% ⁽⁴⁾		08/21/30	EUR	1,200,000		1,428,421

Finco Opal SARL (Luxemburg)

9.76% (3 mo. EUR EURIBOR + 7.750%) ^(2),(4)		03/02/30	EUR	2,700,000		3,135,866

Vonovia SE (Germany)

0.75% ⁽⁴⁾		09/01/32	EUR	100,000		97,140

5.72% ⁽⁴⁾		09/03/35	AUD	1,750,000		1,186,498


						6,704,774


REIT — 1.2%

American Assets Trust LP

3.38%		02/01/31		1,200,000		1,092,492

American Tower Corp.

2.10%		06/15/30		2,550,000		2,307,113

2.90%		01/15/30		3,000,000		2,824,950

4.70%		12/15/32		2,000,000		1,975,000

4.90%		03/15/30		500,000		505,120

5.55%		07/15/33		1,500,000		1,545,285

5.90%		11/15/33		4,500,000		4,719,150

Americold Realty Operating Partnership LP (REIT)

5.60%		05/15/32		1,120,000		1,116,528

Boston Properties LP (REIT)

2.75%		10/01/26		10,000		9,937

Crown Castle, Inc. (REIT)

2.10%		04/01/31		1,250,000		1,095,813

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

April 30, 2026


Issues	Maturity Date		Principal Amount		Value

REIT (Continued)

Digital Dutch Finco BV

1.25% ⁽⁴⁾		02/01/31	EUR	220,000	$	230,707

3.88% ⁽⁴⁾		03/15/35	EUR	500,000		566,157

Equinix Asia Financing Corp. Pte. Ltd. (REIT)

4.40%		03/15/31		3,700,000		3,633,622

Equinix Europe 2 Financing Corp. LLC (REIT)

3.63%		11/22/34	EUR	785,000		885,503

Extra Space Storage LP

2.40%		10/15/31		71,000		62,440

GLP Capital LP/GLP Financing II, Inc.

4.00%		01/15/31		73,000		69,176

5.30%		01/15/29		2,500,000		2,519,800

5.75%		06/01/28		10,000		10,136

Healthcare Realty Holdings LP

3.10%		02/15/30		35,000		32,968

3.63%		01/15/28		150,000		147,543

Host Hotels & Resorts LP (REIT)

5.70%		06/15/32		1,120,000		1,153,802

Hudson Pacific Properties LP

3.25%		01/15/30		422,000		361,274

3.95%		11/01/27		1,869,000		1,808,145

5.95%		02/15/28		638,000		623,115

Iron Mountain, Inc. (REIT)

6.25% ⁽¹⁾		01/15/33		1,395,000		1,414,572

LXP Industrial Trust

2.70%		09/15/30		160,000		146,128

Phillips Edison Grocery Center Operating Partnership I LP (REIT)

4.75%		03/15/33		2,755,000		2,702,049

VICI Properties LP/VICI Notes Co., Inc.

3.88% ⁽¹⁾		02/15/29		30,000		29,207

5.75% ⁽¹⁾		02/01/27		65,000		65,344

WP Carey, Inc.

3.75%		05/10/35	EUR	2,010,000		2,256,276

4.25%		07/23/32	EUR	200,000		238,472


						36,147,824


Retail — 0.8%

Asbury Automotive Group, Inc.

4.63% ⁽¹⁾		11/15/29		1,550,000		1,510,150

BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc.

9.50% ⁽¹⁾		07/01/32		1,990,000		1,720,216

Ferrellgas LP/Ferrellgas Finance Corp.

9.25% ⁽¹⁾		01/15/31		4,106,000		4,308,795

FirstCash, Inc.

6.13% ⁽¹⁾		05/01/34		1,950,000		1,947,445

6.88% ⁽¹⁾		03/01/32		320,000		328,096

HOA RoyaltyCo LLC Series 2025-1, Class A-2I

4.72% ^(1),(5),(7)		11/22/55		793,589		15,872


Issues	Maturity Date		Principal Amount		Value

Retail (Continued)

LCM Investments Holdings II LLC

8.25% ⁽¹⁾		08/01/31	$	50,000	$	52,387

Lithia Motors, Inc.

3.88% ⁽¹⁾		06/01/29		325,000		311,877

Macy’s Retail Holdings LLC

7.38% ⁽¹⁾		08/01/33		676,000		702,675

Michaels Cos., Inc.

8.50% ⁽¹⁾		03/15/33		2,125,000		2,100,350

11.00% ⁽¹⁾		03/15/34		270,000		260,790

Murphy Oil USA, Inc.

3.75% ⁽¹⁾		02/15/31		58,000		54,220

Papa John’s International, Inc.

3.88% ⁽¹⁾		09/15/29		2,535,000		2,438,594

Punch Finance PLC

7.88% ⁽⁴⁾		12/30/30	GBP	910,000		1,258,231

Staples, Inc.

10.75% ⁽¹⁾		09/01/29		646,000		618,913

Stonegate Pub Co. Financing PLC (United Kingdom)

8.62% (3 mo. EUR EURIBOR + 6.625%) ^(2),(4)		07/31/29	EUR	1,710,000		2,008,807

Suburban Propane Partners LP/Suburban Energy Finance Corp.

6.50% ⁽¹⁾		12/15/35		4,360,000		4,320,411


						23,957,829


Semiconductors — 0.1%

Foundry JV Holdco LLC

5.50% ⁽¹⁾		01/25/31		185,000		190,060

Intel Corp.

2.00%		08/12/31		560,000		488,583

3.73%		12/08/47		2,000,000		1,430,440


						2,109,083


Software — 0.9%

Atlassian Corp.

5.50%		05/15/34		1,400,000		1,367,016

Cloud Software Group, Inc.

8.25% ⁽¹⁾		06/30/32		2,957,000		2,809,860

Constellation Software, Inc. (Canada)

5.46% ⁽¹⁾		02/16/34		1,470,000		1,440,453

Fiserv, Inc.

4.55%		02/15/31		675,000		661,696

5.25%		08/11/35		2,370,000		2,312,599

5.45%		03/15/34		1,505,000		1,496,045

5.63%		08/21/33		675,000		683,741

Open Text Corp. (Canada)

6.90% ⁽¹⁾		12/01/27		760,000		777,632

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Software (Continued)

Open Text Holdings, Inc. (Canada)

4.13% ⁽¹⁾		12/01/31	$	2,350,000	$	2,008,639

Paychex, Inc.

5.10%		04/15/30		3,880,000		3,920,895

5.35%		04/15/32		700,000		706,314

RingCentral, Inc.

8.50% ⁽¹⁾		08/15/30		336,000		350,955

Salesforce, Inc.

4.65%		03/15/29		1,600,000		1,603,152

5.55%		03/15/36		3,000,000		2,992,710

SS&C Technologies, Inc.

5.50% ⁽¹⁾		09/30/27		52,000		52,029

6.50% ⁽¹⁾		06/01/32		1,615,000		1,635,704

TeamSystem SpA (Italy)

5.00% ⁽⁴⁾		07/01/31	EUR	840,000		929,385

5.45% (3 mo. EUR EURIBOR + 3.250%) ^(1),(2)		07/01/32	EUR	800,000		901,260

UKG, Inc.

6.88% ⁽¹⁾		02/01/31		1,570,000		1,528,788

ZoomInfo Technologies LLC/ZoomInfo Finance Corp.

3.88% ⁽¹⁾		02/01/29		282,000		229,410


						28,408,283


Telecommunications — 0.8%

Altice Financing SA (Luxembourg)

9.63% ⁽¹⁾		07/15/27		4,553,000		3,534,266

Altice France SA

6.50% ⁽¹⁾		04/15/32		1,133,875		1,116,527

9.50% ⁽¹⁾		11/01/29		940,890		961,213

Global Switch Finance BV (United Kingdom)

1.38% ⁽⁴⁾		10/07/30	EUR	725,000		787,794

Level 3 Financing, Inc.

6.88% ⁽¹⁾		06/30/33		380,000		392,760

Meridian Arc Holdco LLC

6.25% ⁽¹⁾		04/30/31		2,465,000		2,466,282

Road Michigan Property Owner I LLC

7.50% ⁽¹⁾		03/30/45		4,410,000		4,419,393

Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC

5.15% ⁽¹⁾		09/20/29		1,028,400		1,031,660

SV RNO Property Owner 1 LLC

5.88% ⁽¹⁾		03/01/31		749,000		737,390

T-Mobile USA, Inc.

2.55%		02/15/31		6,996,000		6,361,743

5.00%		02/15/36		1,300,000		1,273,636

Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC

8.63% ⁽¹⁾		06/15/32		415,000		434,908


Issues	Maturity Date		Principal Amount		Value

Telecommunications (Continued)

Windstream Services LLC/Windstream Escrow Finance Corp.

8.25% ⁽¹⁾		10/01/31	$	417,000	$	441,453

Zayo Group Holdings, Inc. (5.75% Cash or 0.50% PIK) due 3/29/27

9.25% ⁽¹⁾		03/09/30		1,610,917		1,612,995


						25,572,020


Toys/Games/Hobbies — 0.1%

Mattel, Inc.

5.00%		11/17/30		2,200,000		2,206,666


Transportation — 0.1%

Aurizon Network Pty. Ltd. (Australia)

2.90% ⁽⁴⁾		09/02/30	AUD	1,700,000		1,078,269

6.10% ⁽⁴⁾		09/12/31	AUD	1,240,000		891,417

Pacific National Finance Pty. Ltd. (Australia)

3.70%		09/24/29	AUD	2,160,000		1,419,784


						3,389,470


Water — 0.4%

DWR Cymru Financing U.K. PLC

2.38% ⁽⁴⁾		03/31/34	GBP	2,130,000		2,161,682

2.50% ⁽⁴⁾		03/31/36	GBP	530,000		521,390

Severn Trent Utilities Finance PLC

3.88% ⁽⁴⁾		08/04/37	EUR	3,300,000		3,755,458

United Utilities Water Finance PLC (United Kingdom)

3.75% ⁽⁴⁾		05/23/34	EUR	420,000		488,358

Veolia Environnement SA (France) (I/F)

2.50% (-5 yr. EUR Swap + 2.840%) ^(2),(3),(4)		01/20/29	EUR	800,000		895,711

Yorkshire Water Finance PLC (United Kingdom)

2.75% ⁽⁴⁾		04/18/41	GBP	935,000		782,847

6.38% ⁽⁴⁾		11/18/34	GBP	2,070,000		2,834,272


						11,439,718


Total Corporate Bonds

(Cost: $671,377,839)						668,542,496


FOREIGN GOVERNMENT BONDS — 2.4%

Abu Dhabi Government International Bonds

5.50% ⁽¹⁾		04/30/54		2,516,000		2,453,251

Brazil Government International Bonds

6.00%		10/20/33		1,539,000		1,556,314

6.13%		03/15/34		814,000		825,990

6.63%		03/15/35		867,000		899,070

Colombia Government International Bonds

7.75%		11/07/36		1,940,000		2,049,086

Guatemala Government Bonds

3.70% ⁽⁴⁾		10/07/33		507,000		454,313

6.25% ⁽⁴⁾		08/15/36		3,034,000		3,177,053

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

April 30, 2026


Issues	Maturity Date		Principal Amount		Value

FOREIGN GOVERNMENT BONDS (Continued)

Hungary Government International Bonds

5.50% ⁽¹⁾		03/26/36	$	546,000	$	547,229

Mexico Government International Bonds

4.88%		05/19/33		1,293,000		1,235,190

5.63%		09/22/35		2,551,000		2,495,210

6.35%		02/09/35		610,000		629,862

New South Wales Treasury Corp.

5.25% ⁽⁴⁾		02/24/38	AUD	7,030,000		4,838,909

5.25%		02/22/39	AUD	1,195,000		815,938

Qatar Government International Bonds

5.10% ⁽¹⁾		04/23/48		2,812,000		2,676,068

Queensland Treasury Corp.

5.25% ⁽⁴⁾		08/13/38	AUD	3,450,000		2,356,060

Republic of South Africa Government International Bonds

5.88%		06/22/30		632,000		644,640

5.88%		04/20/32		557,000		565,622

Romania Government International Bonds

5.75% ⁽⁴⁾		03/24/35		1,900,000		1,828,389

6.63% ⁽¹⁾		05/16/36		594,000		600,611

6.63% ⁽⁴⁾		05/16/36		2,732,000		2,762,407

Treasury Corp. of Victoria

2.00%		11/20/37	AUD	2,415,000		1,180,146

5.50%		09/15/39	AUD	2,010,000		1,386,669

Turkiye Government Bonds

36.00%		08/12/26	TRY	570,500,000		12,532,004

U.K. Gilts

4.38% ⁽⁴⁾		03/07/28	GBP	18,375,000		24,969,521


Total Foreign Government Bonds

(Cost: $73,292,470)						73,479,552


ASSET-BACKED SECURITIES — 13.5%

522 Funding CLO Ltd. Series 2020-6A, Class CR2

5.62% (3 mo. USD Term SOFR + 1.950%) ^(1),(2)		10/23/34		1,100,000		1,087,337

Abry Liquid Credit CLO Ltd. Series 2025-2A, Class C

5.78% (3 mo. USD Term SOFR + 2.100%) ^(1),(2)		01/15/39		5,750,000		5,773,190

AIMCO CLO 14 Ltd. Series 2021-14A, Class SUB

0.00% ^(1),(6),(9)		10/20/38		700,000		445,372

Aligned Data Centers Issuer LLC Series 2021-1A, Class B

2.48% ⁽¹⁾		08/15/46		8,000,000		7,931,075

Aligned Data Centers Issuer LLC Series 2022-1A, Class A2

6.35% ⁽¹⁾		10/15/47		4,505,000		4,509,022

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

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

5.93% (3 mo. USD Term SOFR + 2.250%) ^(1),(2)

07/20/31

750,000

743,425

ALLO Issuer LLC Series 2023-1A, Class C

12.18% ⁽¹⁾

06/20/53

3,149,000

3,261,682

ALLO Issuer LLC Series 2024-1A, Class C

11.19% ⁽¹⁾

07/20/54

2,734,000

2,882,423

ALLO Issuer LLC Series 2025-1A, Class C

8.10% ⁽¹⁾

04/20/55

1,750,000

1,794,508

AMMC CLO 23 Ltd. Series 2020-23A, Class D1R3

6.88% (3 mo. USD Term SOFR + 3.200%) ^(1),(2)

07/17/38

3,200,000

3,199,882

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

5.28% (3 mo. USD Term SOFR + 1.600%) ^(1),(2)

01/20/35

700,000

700,470

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

5.48% (3 mo. USD Term SOFR + 1.800%) ^(1),(2)

01/20/37

3,000,000

2,983,869

Anchorage Credit Funding 19 Ltd. Series 2025-19A, Class C

5.59% ⁽¹⁾

10/25/40

2,300,000

2,273,081

APL Finance DAC Series 2025-1A, Class C

5.82% ⁽¹⁾

03/20/36

3,509,000

3,496,292

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

3.95% (3 mo. EUR EURIBOR + 1.750%) ^(1),(2)

04/15/38

EUR

1,775,000

2,087,359

Arbour CLO VI DAC Series 6A, Class BR

3.88% (3 mo. EUR EURIBOR + 1.900%) ^(1),(2)

11/15/37

EUR

1,500,000

1,763,980

Arbour CLO VII DAC Series 7A, Class BR

4.20% (3 mo. EUR EURIBOR + 2.050%) ^(1),(2)

12/15/38

EUR

1,350,000

1,587,552

Aurium CLO XIII DAC Series 13A, Class B

3.90% (3 mo. EUR EURIBOR + 1.700%) ^(1),(2)

04/15/38

EUR

1,775,000

2,080,130

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

3.71% ⁽¹⁾

08/20/27

1,026,667

1,023,160

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

4.08% ⁽¹⁾

02/20/28

3,682,000

3,647,299

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

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

7.32% ⁽¹⁾

02/20/28

3,580,000

3,614,728

Avis Budget Rental Car Funding AESOP LLC Series 2023-4A, Class D

7.31% ⁽¹⁾

06/20/29

5,605,000

5,683,053

Avis Budget Rental Car Funding AESOP LLC Series 2023-5A, Class D

7.35% ⁽¹⁾

04/20/28

2,780,000

2,804,280

Bain Capital Credit CLO Ltd. Series 2020-4A, Class DBR2 (I/F)

6.63% (3 mo. USD Term SOFR+ 2.950%) ^(1),(2)

10/20/36

2,100,000

2,075,281

Bain Capital Credit CLO Ltd. Series 2020-4A, Class ERR (I/F)

10.43% (3 mo. USD Term SOFR+ 6.750%) ^(1),(2)

10/20/36

1,000,000

944,955

Bain Capital Credit CLO Ltd. Series 2021-3A

5.22% (3 mo. USD Term SOFR + 1.550%) ^(1),(2)

07/24/34

2,650,000

2,651,426

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

5.57% (3 mo. USD Term SOFR + 1.900%) ^(1),(2)

07/24/34

1,200,000

1,199,711

Bain Capital Credit CLO Ltd. Series 2023-2A, Class SUB

0.00% ^(1),(6),(9)

07/18/38

3,200,000

1,614,938

Ballyrock CLO 19 Ltd. Series 2022-19A, Class CR

6.78% (3 mo. USD Term SOFR + 3.100%) ^(1),(2)

04/20/35

2,000,000

1,984,836

Ballyrock CLO 20 Ltd. Series 2022-20A, Class C1R3 (I/F)

6.47% (3 mo. USD Term SOFR + 2.800%) ^(1),(2)

10/15/36

1,400,000

1,375,193

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

6.16% (3 mo. USD Term SOFR + 2.500%) ^(1),(2)

10/22/32

1,200,000

1,195,180

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

0.00% ^(1),(6),(9)

04/20/34

3,000,000

660,000

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

0.00% ^(1),(6),(9)

07/24/38

2,150,000

1,157,330

BBAM U.S. CLO VI Ltd. Series 2025-6A, Class SUB

0.00% ^(1),(6),(9)

01/27/39

2,200,000

1,650,499

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

BCRED CLO LLC Series 2023-1A, Class A

5.98% (3 mo. USD Term SOFR + 2.300%) ^(1),(2)

01/20/36

1,200,000

1,202,642

Blackbird Capital II Aircraft Lease Ltd. Series 2021-1A, Class B

3.45% ⁽¹⁾

07/15/46

4,521,005

4,327,265

Blue Stream Issuer LLC Series 2023-1A, Class C

8.90% ⁽¹⁾

05/20/53

4,200,000

4,264,007

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

8.71% ⁽¹⁾

11/20/54

2,430,000

2,520,010

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

1.29% ^(1),(9)

10/25/45

1,307,725

29,101

CARS-DB4 LP Series 2020-1A, Class B3

4.95% ⁽¹⁾

02/15/50

4,980,000

4,682,765

CARS-DB5 LP Series 2021-1A

1.44% ⁽¹⁾

08/15/51

2,778,796

2,751,922

Carvana Auto Receivables Trust Series 2021-N3, Class R

0.00% ^(1),(10)

06/12/28

1,500

112,161

Carvana Auto Receivables Trust Series 2022-P2, Class R

0.00% ^(1),(10)

05/10/29

3,050

301,118

Carvana Auto Receivables Trust Series 2023-N3, Class R

0.00% ^(1),(10)

09/10/30

2,200

395,892

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

0.00% ^(1),(6)

09/10/30

12,241,214

202,763

Carvana Auto Receivables Trust Series 2023-P1, Class R

0.00% ^(1),(10)

03/11/30

3,100

194,493

Carvana Auto Receivables Trust Series 2023-P2, Class R

0.00% ^(1),(10)

06/10/30

2,000

126,375

Carvana Auto Receivables Trust Series 2023-P3, Class R

0.00% ^(1),(10)

08/12/30

2,000

193,354

Castlelake Aircraft Structured Trust Series 2025-1A, Class A

5.78% ⁽¹⁾

02/15/50

3,197,678

3,224,727

Castlelake Aircraft Structured Trust Series 2025-2A, Class A

5.47% ⁽¹⁾

08/15/50

2,024,113

2,025,965

Castlelake Aircraft Structured Trust Series 2025-3A, Class A

5.09% ⁽¹⁾

11/15/50

1,577,483

1,558,735

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

5.48% (3 mo. USD Term SOFR + 1.812%) ^(1),(2)

10/24/30

393,034

393,716

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

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

0.00% ^(1),(6)

04/19/35

475,000

197,465

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

3.12% ⁽¹⁾

01/18/47

214,984

195,623

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

5.78% ⁽¹⁾

11/22/49

6,145,000

6,166,169

Cologix Canadian Issuer LP Series 2022-1CAN, Class A2

4.94% ⁽¹⁾

01/25/52

CAD

1,290,000

944,458

Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-1A, Class C

9.41% ⁽¹⁾

05/20/55

7,415,000

7,779,462

Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-4A, Class C

8.10% ⁽¹⁾

12/20/55

3,100,000

3,186,786

Contego CLO XII DAC Series 12A, Class CR

4.57% (3 mo. EUR EURIBOR + 2.400%) ^(1),(2)

01/25/40

EUR

3,600,000

4,234,181

DailyPay Securitization Trust Series 2025-1A, Class B

6.20% ⁽¹⁾

06/26/28

2,920,000

2,935,267

Davis Park CLO Ltd. Series 2022-1A, Class D1R

6.78% (3 mo. USD Term SOFR + 3.100%) ^(1),(2)

07/20/38

3,500,000

3,446,226

Diamond Infrastructure Funding LLC Series 2021-1A, Class C

3.48% ⁽¹⁾

04/15/49

5,290,000

5,172,996

Diamond Issuer LLC Series 2021-1A, Class C

3.79% ⁽¹⁾

11/20/51

4,550,000

4,400,025

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

5.62% (3 mo. USD Term SOFR + 1.950%) ^(1),(2)

10/15/30

1,300,000

1,299,280

Dryden 68 CLO Ltd. Series 2019-68A

5.47% (3 mo. USD Term SOFR + 1.800%) ^(1),(2)

07/15/35

5,750,000

5,725,976

Dryden 75 CLO Ltd. Series 2019-75A

5.73% (3 mo. USD Term SOFR + 2.062%) ^(1),(2)

04/15/34

3,700,000

3,685,341

Dryden 98 CLO Ltd. Series 2022-98A

5.58% (3 mo. USD Term SOFR + 1.900%) ^(1),(2)

04/20/35

3,025,000

3,003,734

Edgeconnex Data Centers Issuer LLC Series 2022-1, Class A2

4.25% ⁽¹⁾

03/25/52

8,187,350

7,980,195

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Elmwood CLO 17 Ltd. Series 2022-4A, Class SUB

4.11% ^(1),(9)

07/17/37

4,000,000

2,091,772

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

9.63% (3 mo. USD Term SOFR + 5.950%) ^(1),(2)

07/18/37

1,900,000

1,833,679

Elmwood CLO IV Ltd. Series 2020-1A, Class CRR

5.63% (3 mo. USD Term SOFR + 1.950%)^(1),(2)

04/18/37

8,160,000

8,165,190

Elmwood CLO VI Ltd. Series 2020-3A, Class D1RR

6.78% (3 mo. USD Term SOFR + 3.100%) ^(1),(2)

07/18/37

3,400,000

3,405,780

eStruxture Issuer LP Series 2025-1, Class A2

5.89% ⁽¹⁾

07/20/55

CAD

4,740,000

3,479,709

Exeter Automobile Receivables Trust Series 2024-5A, Class E

7.22% ⁽¹⁾

05/17/32

2,690,000

2,754,212

ExteNet Issuer LLC Series 2025-1A, Class C

8.27% ⁽¹⁾

07/25/54

2,500,000

2,556,365

FHF Issuer Trust Series 2024-3A, Class A2

4.94% ⁽¹⁾

11/15/30

2,474,593

2,471,003

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

3.73% (3 mo. EUR EURIBOR + 1.750%) ^(1),(2)

02/15/38

EUR

2,140,000

2,509,174

FIGRE Trust Series 2026-FL1, Class M1

6.23% ^(1),(9)

03/25/56

5,630,000

5,652,392

FIGRE Trust Series 2026-HF3, Class C

5.65% (30 day USD SOFR Average + 2.000%) ^(1),(2)

03/25/56

4,885,390

4,881,695

FIP Master Funding LLC Series 2025-1A, Class A5

5.66% ⁽¹⁾

10/15/55

2,500,000

2,447,237

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

6.31% ⁽¹⁾

03/15/29

1,110,000

1,129,397

GoldenTree Loan Management U.S. CLO 15 Ltd. Series 2022-15A, Class DR2

6.33% (3 mo. USD Term SOFR + 2.650%) ^(1),(2)

10/20/38

2,500,000

2,505,730

GoldenTree Loan Management U.S. CLO 22 Ltd. Series 2024-22A, Class F

11.60% (3 mo. USD Term SOFR + 7.920%) ^(1),(2)

10/20/37

1,000,000

975,693

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Harriman Park CLO Ltd. Series 2020-1A, Class ERR

9.68% (3 mo. USD Term SOFR + 6.000%) ^(1),(2)

07/20/38

1,950,000

1,735,894

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

2.52% ⁽¹⁾

12/27/27

950,000

939,769

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

4.34% ⁽¹⁾

12/27/27

11,990,000

11,871,226

Hertz Vehicle Financing LLC Series 2022-2A

5.16% ⁽¹⁾

06/26/28

6,160,000

6,073,227

HOA Funding LLC

0.00% ^(1),(5),(6)

08/20/51

814,277

—

Hotwire Funding LLC Series 2021-1, Class C

4.46% ⁽¹⁾

11/20/51

3,000,000

2,978,871

Hotwire Funding LLC Series 2024-1A, Class C

9.19% ⁽¹⁾

06/20/54

2,250,000

2,330,339

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

5.32% (3 mo. USD Term SOFR + 1.650%) ^(1),(2)

01/23/35

6,075,000

6,081,749

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

6.57% (3 mo. USD Term SOFR + 2.900%) ^(1),(2)

04/15/37

1,000,000

1,000,050

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

7.14% (30 day USD SOFR Average + 3.500%) ^(1),(2)

03/21/33

779,502

771,358

Huntington Bank Auto Credit-Linked Notes Series 2025-2, Class C

5.99% (30 day USD SOFR Average + 2.350%) ^(1),(2)

09/20/33

1,195,230

1,197,918

Huntington Bank Auto Credit-Linked Notes Series 2025-2, Class D

6.89% (30 day USD SOFR Average + 3.250%) ^(1),(2)

09/20/33

1,552,538

1,518,569

Huntington Bank Auto Credit-Linked Notes Series 2025-2, Class E

10.24% (30 day USD SOFR Average + 6.600%) ^(1),(2)

09/20/33

1,341,618

1,307,467

Huntington Bank Auto Credit-Linked Notes Series 2026-1

12.29% (30 day USD SOFR Average + 8.650%) ^(1),(2)

02/20/34

1,914,059

1,916,988

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

ICG U.S. CLO Ltd. Series 2022-1A, Class DR

6.78% (3 mo. USD Term SOFR + 3.100%) ^(1),(2)

10/20/38

2,800,000

2,806,390

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

0.00% ^(1),(6)

07/15/34

5,000,000

709,290

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

0.00% ^{(1),(5),(6),(8)}

07/15/34

500,000

—

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

0.00% ^(1),(6)

01/15/38

1,400,000

728,990

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

0.05% ^{(1),(5),(8),(9)}

01/15/38

1,400,000

—

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

4.70% ⁽¹⁾

10/15/77

133,730

121,160

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

5.09% ⁽¹⁾

09/17/74

251,913

227,118

JGWPT XXX LLC Series 2013-3A, Class A

4.08% ⁽¹⁾

01/17/73

29,260

27,797

JGWPT XXXII LLC Series 2014-2A, Class A

3.61% ⁽¹⁾

01/17/73

29,342

26,574

Kinetic ABS Issuer LLC Series 2026-1A, Class C

7.65% ⁽¹⁾

02/25/56

3,500,000

3,577,954

LCM 35 Ltd. Series 35A, Class BR

5.32% (3 mo. USD Term SOFR + 1.650%) ^(1),(2)

10/15/34

1,700,000

1,701,198

LMDV Issuer Co. LLC Series 2025-1A, Class C

7.88% ⁽¹⁾

12/15/55

6,275,000

6,354,072

LMRK Issuer Co. 2 LLC Series 2025-1A, Class B

6.20% ⁽¹⁾

09/15/55

5,705,000

5,706,292

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

2.64% ⁽¹⁾

10/15/46

1,297,025

1,233,405

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

7.43% ^(1),(9)

01/25/38

7,186,000

4,449,305

MAPS Trust Series 2026-1A, Class B

6.13% ⁽¹⁾

01/15/51

2,945,451

2,930,280

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

5.06% (30 day USD SOFR Average + 1.414%) ^(1),(2)

06/27/67

850,000

817,441

NCFA LLC – Loan Participation 1

2.75% ⁽⁵⁾

06/12/28

1,998,499

1,996,301

NCFA LLC – Loan Participation 2

3.14% ⁽⁵⁾

12/19/27

2,209,287

2,207,078

NCFA LLC – Loan Participation 3

7.90% ^(5),(9)

04/11/30

1,900,000

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

NCFA LLC – Loan Participation 5

6.16%

07/03/27

6,200,000

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

10.41% (3 mo. USD Term SOFR + 6.750%) ^(1),(2)

07/22/38

1,800,000

1,805,078

Neuberger Berman Loan Advisers CLO 26 Ltd. Series 2017-26A

0.00% ^(1),(6)

10/18/38

5,540,000

1,701,761

Neuberger Berman Loan Advisers CLO 40 Ltd. Series 2021-40A, Class SUB

0.00% ^(1),(6)

10/16/37

316,250

104,825

Neuberger Berman Loan Advisers CLO 44 Ltd. Series 2021-44A, Class DR

6.33% (3 mo. USD Term SOFR + 2.650%) ^(1),(2)

10/16/35

2,750,000

2,733,291

New Mountain CLO 8 Ltd. Series CLO-8A, Class M

0.10% ^(1),(5),(8)

10/20/38

400,000

—

New Mountain CLO 8 Ltd. Series CLO-8A, Class SUB

0.00% ^(1),(6)

10/20/38

4,000,000

2,680,904

Newday Funding Master Issuer PLC Series 2024-2X, Class E

7.64% (1 day GBP SONIA + 3.900%) ^(2),(4)

07/15/32

GBP

1,600,000

2,216,017

Newday Funding Master Issuer PLC Series 2025-2A, Class E

6.74% (1 day GBP SONIA + 3.000%) ^(1),(2)

07/15/33

GBP

2,500,000

3,402,582

NMEF Funding LLC Series 2025-B, Class E

7.66% ⁽¹⁾

01/18/33

2,300,000

2,316,718

OCP Aegis CLO Ltd. Series 2023-29A, Class D2R

7.53% (3 mo. USD Term SOFR + 3.850%) ^(1),(2)

01/20/36

1,100,000

1,092,886

OCP Aegis CLO Ltd. Series 2024-39A, Class D1R

6.28% (3 mo. USD Term SOFR + 2.600%) ^(1),(2)

04/16/38

2,000,000

2,004,120

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

0.00% ^(1),(6)

01/17/39

4,714,493

2,089,529

Oxford Finance Funding Trust LLC Series 2025-1A, Class B

6.49% ⁽¹⁾

02/15/35

3,770,000

3,779,830

Palmer Square European Loan Funding DAC Series 2024-3A, Class B

3.83% (3 mo. EUR EURIBOR + 1.850%) ^(1),(2)

05/15/34

EUR

1,400,000

1,645,814

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Park Avenue Institutional Advisers CLO Ltd. Series 2017-1A, Class B1R2

5.50% (3 mo. USD Term SOFR + 1.850%) ^(1),(2)

02/14/34

2,850,000

2,841,325

Park Avenue Institutional Advisers CLO Ltd. Series 2021-2A, Class DR

7.02% (3 mo. USD Term SOFR + 3.350%) ^(1),(2)

07/15/34

2,200,000

2,202,266

PHEAA Student Loan Trust Series 2014-3A, Class A

4.35% (30 day USD SOFR Average + 0.704%) ^(1),(2)

08/25/40

12,528

12,403

Pretium Mortgage Credit Partners LLC Series 2025-NPL7, Class A1

5.66% ⁽¹⁾

07/25/55

6,261,023

6,277,505

Pretium Mortgage Credit Partners LLC Series 2026-NPL5, Class A1

5.71% ⁽¹⁾

04/25/56

7,260,000

7,278,077

QTS Issuer ABS II LLC Series 2026-1A, Class B

6.73% ⁽¹⁾

01/05/56

3,500,000

3,458,791

Rockford Tower CLO Ltd. Series 2019-1A, Class CR2

5.53% (3 mo. USD Term SOFR + 1.850%) ^(1),(2)

04/20/34

2,920,000

2,907,920

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

7.04% (3 mo. USD Term SOFR + 3.362%) ^(1),(2)

04/20/34

1,900,000

1,847,784

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

5.31% (3 mo. USD Term SOFR + 1.650%) ^(1),(2)

08/20/32

2,000,000

2,001,862

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

7.92% (3 mo. USD Term SOFR + 4.250%) ^(1),(2)

01/15/38

2,850,000

2,784,741

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

1.88% ⁽¹⁾

06/20/46

1,325,000

1,319,613

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

0.00% ^(1),(5),(10)

06/15/28

5,150

558,295

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

5.83% ⁽¹⁾

06/20/41

363,857

366,945

Sierra Timeshare Receivables Funding LLC Series 2025-2A, Class D

6.79% ⁽¹⁾

04/20/44

1,171,005

1,172,162

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

Sixth Street CLO VIII Ltd. Series 2017-8A, Class CR2

6.63% (3 mo. USD Term SOFR + 2.950%) ^(1),(2)

10/20/34

3,450,000

3,410,863

Sixth Street CLO XX Ltd. Series 2021-20A, Class SUB

0.00% ^(1),(6)

07/17/38

3,100,250

1,224,906

Skyline Aviation, Inc. Class A

3.23% ⁽⁵⁾

07/03/38

382,735

362,194

Slam Ltd. Series 2024-1A, Class A

5.34% ⁽¹⁾

09/15/49

1,946,817

1,942,801

SLM Student Loan Trust Series 2004-1, Class B

4.43% (90 day USD SOFR Average + 0.762%) ⁽²⁾

07/25/39

93,033

88,681

SLM Student Loan Trust Series 2008-5, Class A4

5.63% (90 day USD SOFR Average + 1.962%) ⁽²⁾

07/25/23

18,507

18,591

SLM Student Loan Trust Series 2008-7, Class A4

4.83% (90 day USD SOFR Average + 1.162%) ⁽²⁾

07/25/23

5,609

5,582

SLM Student Loan Trust Series 2008-7, Class B

5.78% (90 day USD SOFR Average + 2.112%) ⁽²⁾

07/26/83

10,000

10,049

SVC ABS LLC Series 2026-1A

7.55% ⁽¹⁾

03/20/56

5,300,000

5,451,816

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

6.50% ⁽¹⁾

03/25/54

400,000

398,342

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

10.03% ⁽¹⁾

06/25/54

6,860,000

7,002,383

Switch ABS Issuer LLC Series 2025-2A, Class B

6.24% ⁽¹⁾

10/25/55

3,215,000

3,097,007

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

1.95% ⁽¹⁾

08/25/51

953,025

933,623

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

2.52% ⁽¹⁾

02/20/46

450,156

422,437

Trinitas CLO XXII Ltd. Series 2023-22A, Class D1R

6.78% (3 mo. USD Term SOFR + 3.100%) ^(1),(2)

03/20/38

1,740,000

1,736,353

Truist Bank Auto Credit-Linked Notes Series 2025-1, Class C

6.81% ⁽¹⁾

09/26/33

1,691,288

1,686,659

Issues

Maturity
Date

Principal
Amount

Value

ASSET-BACKED SECURITIES (Continued)

U.S. Bank C&I Credit-Linked Notes Series 2025-SUP2, Class D

5.85% (30 day USD SOFR Average + 2.200%) ^(1),(2)

09/25/32

3,565,552

3,580,746

Unity-Peace Park CLO Ltd. Series 2022-1A, Class CR

5.33% (3 mo. USD Term SOFR + 1.650%) ^(1),(2)

04/20/35

2,800,000

2,794,067

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

5.27% ⁽¹⁾

02/15/52

2,075,000

2,059,223

VB-S1 Issuer LLC Series 2026-1A, Class F

6.84% ⁽¹⁾

03/15/56

2,860,000

2,875,417

Voya CLO Ltd. Series 2019-4A, Class ER

10.64% (3 mo. USD Term SOFR + 6.972%) ^(1),(2)

01/15/35

1,351,000

1,300,082

Western Funding Auto Loan Trust Series 2025-1, Class D

5.79% ⁽¹⁾

01/15/36

2,500,000

2,527,862

Wingstop Funding LLC Series 2020-1A, Class A2

2.84% ⁽¹⁾

12/05/50

1,477,500

1,433,585

Wireless PropCo Funding LLC Series 2025-1A, Class C

8.51% ⁽¹⁾

06/25/55

2,250,000

2,264,246

Total Asset-Backed Securities

(Cost: $418,119,228)

410,276,370

COMMERCIAL MORTGAGE-BACKED SECURITIES —
AGENCY — 0.0%

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

4.19% ⁽⁹⁾

10/25/43

181,304

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

2.17% ⁽⁹⁾

06/25/44

6,243,936

11,671

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

2.15% ⁽⁹⁾

01/25/45

2,999,971

39,802

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

1.44% ⁽⁹⁾

01/25/30

9,044,284

386,365

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

2.22% ⁽⁹⁾

05/25/47

3,160,000

185

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

COMMERCIAL MORTGAGE-BACKED SECURITIES —
AGENCY (Continued)

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

2.06% ⁽⁹⁾

09/25/47

2,495,000

9,097

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

1.26% ⁽⁹⁾

06/25/27

444,512

3,370

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

4.17% ⁽⁹⁾

01/25/31

134,708

13,628

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

1.81% ⁽⁹⁾

05/25/27

3,094,338

48,653

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

3.02% ⁽⁹⁾

07/25/39

169,515

3,051

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

2.04% ⁽⁹⁾

04/25/36

51,821

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

2.71% ⁽⁹⁾

01/25/39

383,487

13,109

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

0.00% ⁽⁶⁾

09/16/51

678,413

6,076

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

0.10% ⁽⁹⁾

08/16/51

1,020,141

784

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

0.60% ⁽⁹⁾

12/16/51

1,165,850

18,605

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

0.35% ⁽⁹⁾

01/16/53

203,310

2,731

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

0.15% ⁽⁹⁾

04/16/54

277,293

469

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

0.69%⁽⁹⁾

02/16/55

3,995,442

119,331

Total Commercial Mortgage-Backed Securities — Agency

(Cost: $1,922,569)

676,947

COMMERCIAL MORTGAGE-BACKED SECURITIES —
NON-AGENCY — 17.1%

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

3.90% ⁽¹⁾

08/10/35

2,715,000

2,629,138

Issues

Maturity
Date

Principal
Amount

Value

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

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

4.28% ^(1),(9)

08/10/35

1,080,000

1,035,315

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

4.28% ^(1),(9)

08/10/35

4,365,000

4,163,119

1345 Trust Series 2025-AOA, Class D

6.65% (1 mo. USD Term SOFR + 3.000%) ^(1),(2)

06/15/42

3,000,000

3,004,159

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

3.78% ^(1),(9)

06/05/37

4,800,000

4,668,068

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

5.21% (1 mo. USD Term SOFR + 1.550%) ^(1),(2)

09/15/34

1,700,000

1,691,938

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

6.08% (1 mo. USD Term SOFR + 2.419%) ^(1),(2)

09/15/34

4,430,280

4,377,116

ACRE Multifamily Housing Mortgage Loan Trust Series 2022-Q018, Class B

7.64% (30 day USD SOFR Average + 4.000%) ^(1),(2)

06/25/27

3,070,725

3,059,329

ACREC LLC Series 2026-FL4, Class C

5.66% (1 mo. USD Term SOFR + 2.000%) ^(1),(2)

01/18/43

4,000,000

4,007,992

AMSR Trust Series 2021-SFR1, Class F

3.60% ⁽¹⁾

06/17/38

3,530,000

3,378,618

AMSR Trust Series 2021-SFR1, Class G

4.61% ⁽¹⁾

06/17/38

2,500,000

2,430,961

AMSR Trust Series 2021-SFR3

3.23% ⁽¹⁾

10/17/38

5,809,000

5,747,031

AMSR Trust Series 2021-SFR3, Class G

3.80% ⁽¹⁾

10/17/38

4,260,000

4,222,886

AMSR Trust Series 2021-SFR3, Class H

4.90% ⁽¹⁾

10/17/38

1,500,000

1,493,573

AMSR Trust Series 2021-SFR3, Class I

5.88% ⁽¹⁾

10/17/38

4,520,000

4,511,704

AMSR Trust Series 2022-SFR1, Class F

6.02% ⁽¹⁾

03/17/39

3,150,000

3,147,933

AMSR Trust Series 2022-SFR1, Class G

5.00% ⁽¹⁾

03/17/39

3,290,000

3,255,734

AMSR Trust Series 2024-SFR1, Class E

4.29% ⁽¹⁾

07/17/41

4,653,000

4,423,668

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

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

AMSR Trust Series 2024-SFR2, Class F1

4.15% ⁽¹⁾

11/17/41

3,200,000

2,975,721

AMSR Trust Series 2025-SFR1, Class F1

3.66% ⁽¹⁾

06/17/42

3,000,000

2,665,310

AMSR Trust Series 2025-SFR2, Class E2

4.28% ⁽¹⁾

11/17/42

4,560,000

4,243,875

AMSR Trust Series 2025-SFR2, Class F1

4.28% ⁽¹⁾

11/17/42

9,380,000

8,565,194

Arbor Realty Commercial Real Estate Notes LLC Series 2025-FL1, Class C

6.35% (1 mo. USD Term SOFR + 2.693%) ^(1),(2)

01/20/43

2,300,000

2,300,723

ARZ Trust Series 2024-BILT, Class F

8.27% ⁽¹⁾

06/11/39

2,325,000

2,387,224

ARZ Trust Series 2024-BILT, Class G

8.80% ⁽¹⁾

06/11/39

2,400,000

2,454,745

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

1.25% ^(1),(9)

09/15/48

500,000

143

Bank Series 2020-BN25, Class C

3.46% ⁽⁹⁾

01/15/63

5,941,000

5,128,301

BBCMS Trust Series 2015-SRCH, Class D

5.12% ^(1),(9)

08/10/35

4,500,000

4,192,740

Benchmark Mortgage Trust Series 2024-V10, Class C

5.68% ⁽⁹⁾

09/15/57

1,338,000

1,318,130

Benchmark Mortgage Trust Series 2024-V8, Class C

7.18% ⁽⁹⁾

07/15/57

2,000,000

2,062,971

BFLD Commercial Mortgage Trust Series 2024-UNIV, Class D

6.35% (1 mo. USD Term SOFR + 2.691%) ^(1),(2)

11/15/41

3,010,000

3,018,074

BGME Trust Series 2021-VR, Class C

3.09% ^(1),(9)

01/10/43

1,600,000

1,232,481

BGME Trust Series 2021-VR, Class D

3.09% ^(1),(9)

01/10/43

1,700,000

1,254,626

BPR Commercial Mortgage Trust Series 2024-PARK, Class E

10.01% ^(1),(9)

11/05/39

2,690,000

2,919,607

BX Commercial Mortgage Trust Series 2020-VIV2, Class C

3.66% ^(1),(9)

03/09/44

1,100,000

1,027,953

BX Commercial Mortgage Trust Series 2020-VIVA, Class E

3.67% ^(1),(9)

03/11/44

1,200,000

1,074,919

Issues

Maturity
Date

Principal
Amount

Value

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

BX Commercial Mortgage Trust Series 2025-BCAT, Class D

6.30% (1 mo. USD Term SOFR + 2.650%) ^(1),(2)

08/15/42

4,148,600

4,171,343

BX Commercial Mortgage Trust Series 2025-BCAT, Class E

7.15% (1 mo. USD Term SOFR + 3.500%) ^(1),(2)

08/15/42

6,109,756

6,151,120

BX Commercial Mortgage Trust Series 2025-SPOT, Class E

7.34% (1 mo. USD Term SOFR + 3.690%) ^(1),(2)

04/15/40

2,085,277

2,091,576

BX Commercial Mortgage Trust Series 2026-CSMO, Class D

6.10% (1 mo. USD Term SOFR + 2.450%) ^(1),(2)

02/15/43

3,840,000

3,866,001

BX Mortgage Trust Series 2021-PAC, Class G

6.72% (1 mo. USD Term SOFR + 3.061%) ^(1),(2)

10/15/36

2,059,000

2,048,963

BX Trust Series 2019-OC11, Class E

4.08% ^(1),(9)

12/09/41

3,000,000

2,753,641

BX Trust Series 2022-CLS, Class B

6.30% ⁽¹⁾

10/13/27

2,955,000

2,949,026

BX Trust Series 2022-LBA6, Class D

5.65% (1 mo. USD Term SOFR + 2.000%)^(1),(2)

01/15/39

1,240,000

1,241,162

BX Trust Series 2023-LIFE, Class C

5.88% ⁽¹⁾

02/15/28

3,920,000

3,798,330

BX Trust Series 2023-LIFE, Class D

6.87% ⁽¹⁾

02/15/28

4,300,000

4,140,487

BX Trust Series 2024-BIO, Class B

5.60% (1 mo. USD Term SOFR + 1.941%) ^(1),(2)

02/15/41

2,000,000

1,998,395

BX Trust Series 2024-BIO, Class C

6.29% (1 mo. USD Term SOFR + 2.640%) ^(1),(2)

02/15/41

1,837,000

1,829,724

BX Trust Series 2024-BIO, Class D

7.29% (1 mo. USD Term SOFR + 3.639%) ^(1),(2)

02/15/41

1,530,000

1,519,393

BX Trust Series 2025-LUNR, Class E

7.60% (1 mo. USD Term SOFR + 3.950%) ^(1),(2)

06/15/40

1,556,520

1,561,692

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

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

BX Trust Series 2025-ROIC, Class E

6.60% (1 mo. USD Term SOFR + 2.941%) ^(1),(2)

03/15/30

1,594,810

1,597,999

BX Trust Series 2025-VLT6, Class E

6.85% (1 mo. USD Term SOFR + 3.191%) ^(1),(2)

03/15/42

1,400,000

1,392,494

BX Trust Series 2025-VLT7, Class D

6.90% (1 mo. USD Term SOFR + 3.250%) ^(1),(2)

07/15/44

5,620,000

5,629,119

BXHPP Trust Series 2021-FILM, Class E

5.77% (1 mo. USD Term SOFR + 2.114%) ^(1),(2)

08/15/36

1,200,000

1,019,025

BXP Trust Series 2017-GM, Class D

3.54% ^(1),(9)

06/13/39

1,000,000

977,690

BXP Trust Series 2017-GM, Class E

3.54% ^(1),(9)

06/13/39

750,000

726,035

BXSC Commercial Mortgage Trust Series 2022-WSS, Class B

5.75% (1 mo. USD Term SOFR + 2.092%) ^(1),(2)

03/15/35

1,643,972

1,644,694

Caister Finance DAC Series 1A, Class E

9.50% (1 day GBP SONIA + 5.750%) ^(1),(2)

08/17/35

GBP

2,115,000

2,867,746

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

1.45% ⁽⁹⁾

08/10/49

6,312,013

246

Century Plaza Towers Series 2019-CPT, Class F

3.10% ^(1),(9)

11/13/39

450,000

361,929

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

0.94% ^(1),(9)

08/15/50

11,628,000

97,818

CHI Commercial Mortgage Trust Series 2025-SFT, Class D

7.57% ^(1),(9)

04/15/42

1,920,000

1,956,624

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

1.11% ⁽⁹⁾

02/10/49

1,158,776

Citigroup Commercial Mortgage Trust Series 2020-555, Class A

2.65% ⁽¹⁾

12/10/41

1,450,000

1,314,648

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

1.29% ⁽⁹⁾

10/15/45

160,043

3,687

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

0.49% ^(1),(8),(9)

12/10/44

793,834

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

0.85% ^(1),(9)

08/10/47

848,941

4,132

Issues

Maturity
Date

Principal
Amount

Value

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

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

0.69% ⁽⁹⁾

09/10/47

1,312,003

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

1.14% ^(1),(8),(9)

07/10/48

10,015,000

245

CONE Trust Series 2024-DFW1, Class B

5.95% (1 mo. USD Term SOFR + 2.291%) ^(1),(2)

08/15/41

1,267,000

1,260,764

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

2.15% ^(1),(9)

10/15/52

40,837

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

1.48% ^(1),(9)

04/15/53

4,459,000

175,742

CRSNT Trust Series 2026-MOON, Class D

6.05% (1 mo. USD Term SOFR + 2.400%) ^(1),(2)

02/15/43

2,700,000

2,709,890

CRSNT Trust Series 2026-MOON, Class E

7.15% (1 mo. USD Term SOFR + 3.500%) ^(1),(2)

02/15/43

3,000,000

3,017,543

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

1.69% ⁽⁹⁾

06/15/52

529,823

19,825

DBGS Mortgage Trust Series 2021-W52, Class B

5.67% (1 mo. USD Term SOFR+ 2.011%) ^(1),(2)

10/15/39

3,600,000

3,576,485

DBGS Mortgage Trust Series 2021-W52, Class C

6.22% (1 mo. USD Term SOFR + 2.564%) ^(1),(2)

10/15/39

1,350,000

1,324,989

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

1.26% ⁽⁹⁾

05/10/49

1,365,421

DBSG Mortgage Trust Series 2024-ALTA, Class D

7.30% ^(1),(9)

06/10/37

500,000

502,812

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

3.76% ^(1),(9)

06/05/35

1,515,000

1,449,496

DGWD Trust Series 2025-INFL

6.40% (1 mo. USD Term SOFR + 2.750%) ^(1),(2)

08/15/35

2,510,000

2,503,700

DGWD Trust Series 2025-INFL, Class E

7.65% (1 mo. USD Term SOFR + 4.000%) ^(1),(2)

08/15/35

2,425,000

2,424,624

DOLP Trust Series 2021-NYC, Class A

2.96% ⁽¹⁾

05/10/41

1,458,000

1,313,077

DOLP Trust Series 2021-NYC, Class E

3.70% ^(1),(9)

05/10/41

600,000

489,029

DOLP Trust Series 2021-NYC, Class G

3.70% ^(1),(9)

05/10/41

2,250,000

1,623,571

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

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

ELP Commercial Mortgage Trust Series 2025-ELP, Class E

6.67% ^(1),(9)

11/13/42

4,150,000

4,103,769

Extended Stay America Trust Series 2025-ESH, Class D

6.25% (1 mo. USD Term SOFR + 2.600%) ^(1),(2)

10/15/42

5,335,759

5,370,117

FirstKey Homes Trust Series 2021-SFR1, Class F1

3.24% ⁽¹⁾

08/17/38

9,000,000

8,935,591

FirstKey Homes Trust Series 2021-SFR1, Class F3

3.69% ⁽¹⁾

08/17/38

6,393,000

6,350,426

FirstKey Homes Trust Series 2021-SFR3, Class E1

2.99% ⁽¹⁾

12/17/38

944,000

929,522

FirstKey Homes Trust Series 2022-SFR1, Class D

5.20% ⁽¹⁾

05/19/39

1,600,000

1,591,332

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

6.25% (1 mo. USD Term SOFR + 2.600%) ^(1),(2)

12/15/39

5,000,000

5,031,675

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

6.80% (1 mo. USD Term SOFR + 3.150%) ^(1),(2)

12/15/39

3,887,000

3,913,118

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

3.17% ⁽¹⁾

09/17/38

1,779,000

1,755,416

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

4.11% ⁽¹⁾

09/17/38

5,073,000

5,004,387

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

10.76% ^(1),(9)

11/10/39

1,000,000

1,013,682

Great Wolf Trust Series 2024-WOLF, Class C

6.05% (1 mo. USD Term SOFR + 2.391%) ^(1),(2)

03/15/39

4,000,000

4,020,311

Great Wolf Trust Series 2024-WOLF, Class E

7.29% (1 mo. USD Term SOFR + 3.639%) ^(1),(2)

03/15/39

3,225,000

3,248,275

Great Wolf Trust Series 2024-WOLF, Class F

8.09% (1 mo. USD Term SOFR + 4.438%) ^(1),(2)

03/15/39

2,610,000

2,630,297

GS Mortgage Securities Corp. Trust Series 2017-375H, Class B

3.60% ^(1),(9)

09/10/37

2,920,000

2,824,032

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

9.35% (1 mo. USD Term SOFR + 5.700%) ^(1),(2)

10/15/29

1,450,000

1,461,710

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

0.79% ⁽⁹⁾

10/10/48

254,949

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

1.61% ⁽⁹⁾

05/10/49

69,025


Issues	Maturity Date		Principal Amount		Value

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

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

0.57% ⁽⁹⁾		11/10/49	$	12,594,511	$	4,329

GWT Trust Series 2024-WLF2, Class B

5.80% (1 mo. USD Term SOFR + 2.141%) ^(1),(2)		05/15/41		522,000		524,045

HAVN Trust Series 2025-MOB, Class D

7.45% (1 mo. USD Term SOFR + 3.800%) ^(1),(2)		10/15/35		3,315,000		3,200,803

Hilton USA Trust Series 2016-HHV, Class F

4.33%^(1),(9)		11/05/38		5,135,000		5,068,158

Hilton USA Trust Series 2025-NVIL, Class E

8.94% (1 mo. USD Term SOFR + 5.288%) ^(1),(2)		07/15/42		1,010,000		1,018,746

Hilton USA Trust Series 2025-NVIL, Class F

10.59% (1 mo. USD Term SOFR + 6.936%) ^(1),(2)		07/15/42		1,075,000		1,076,732

Hudson Yards Mortgage Trust Series 2019-30HY, Class D

3.56% ^(1),(9)		07/10/39		800,000		742,406

Hudson Yards Mortgage Trust Series 2019-55HY, Class D

3.04% ^(1),(9)		12/10/41		4,000,000		3,610,750

Hudson Yards Mortgage Trust Series 2025-SPRL, Class E

6.90% ^(1),(9)		01/13/40		1,000,000		1,031,066

Hudson Yards Mortgage Trust Series 2025-SPRL, Class F

7.65% ^(1),(9)		01/13/40		1,550,000		1,571,397

ILPT Commercial Mortgage Trust Series 2025-LPF2, Class E

8.47% ^(1),(9)		07/13/42		2,235,000		2,276,322

IRV Trust Series 2025-200P, Class D

6.37% ^(1),(9)		03/14/47		1,370,000		1,391,278

JPMBB Commercial Mortgage Securities Trust Series 2015-C30, Class XA (I/O)

0.02% ⁽⁹⁾		07/15/48		2,506,940		25

JPMBB Commercial Mortgage Securities Trust Series 2015-C31, Class XA (I/O)

0.59% ⁽⁹⁾		08/15/48		184,741		2

JPMCC Commercial Mortgage Securities Trust Series 2017-JP5, Class XA (I/O)

0.91% ⁽⁹⁾		03/15/50		3,653,666		17,185

JPMDB Commercial Mortgage Securities Trust Series 2016-C2, Class XA (I/O)

1.50% ⁽⁹⁾		06/15/49		100,664		4

JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX, Class XB (I/O)

0.62% ^(1),(9)		06/15/45		47,432,847		25,490

JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-COR4, Class A3

3.76%		03/10/52		500,000		493,634

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

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

JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-LOOP, Class XB (I/O)

0.38% ^(1),(9)

12/05/38

2,003,380

1,638

JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN, Class XAFX (I/O)

2.03% ^(1),(9)

01/16/37

450,000

8,417

JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN, Class XBFX (I/O)

0.68% ^(1),(9)

01/16/37

1,450,000

8,601

KSL Commercial Mortgage Trust Series 2025-MH, Class E

7.60% (1 mo. USD Term SOFR + 3.940%) ^(1),(2)

12/15/42

6,500,000

6,479,929

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

4.70% (3 mo. EUR EURIBOR + 2.700%) ^(1),(2)

08/17/33

EUR

992,934

1,165,139

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

5.65% (3 mo. EUR EURIBOR + 3.650%) ^(1),(2)

08/17/33

EUR

485,305

567,944

Last Mile Logistics Pan Euro Finance DAC Series 1X, Class D

3.90% (3 mo. EUR EURIBOR + 1.900%) ^(2),(4)

08/17/33

EUR

2,377,996

2,791,916

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

7.00% (3 mo. EUR EURIBOR + 5.000%) ^(1),(2)

08/17/31

EUR

754,845

886,705

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

5.50% (3 mo. EUR EURIBOR + 3.500%) ^(2),(4)

08/17/31

EUR

1,199,753

1,408,390

LMRE SFR1 Trust Series 2025-SFR1, Class F1

6.85% ⁽¹⁾

12/17/42

5,370,000

5,343,853

MAD Commercial Mortgage Trust Series 2025-11MD, Class D

6.57% ^(1),(9)

10/15/42

2,300,000

2,329,495

MAD Commercial Mortgage Trust Series 2025-11MD, Class E

7.57% ^(1),(9)

10/15/42

2,300,000

2,309,873

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

0.27% ^(1),(8),(9)

08/15/45

17,302,522

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

1.14% ^(1),(9)

10/15/46

15,953,130

229,035

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

0.65% ⁽⁹⁾

04/15/48

159,492

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

0.55% ^(1),(9)

06/15/44

10,023,973

38,382

Issues

Maturity
Date

Principal
Amount

Value

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

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

4.46% ^(1),(9)

01/15/43

100,000

88,312

Natixis Commercial Mortgage Securities Trust Series 2020-2PAC, Class AMZ1

3.62% ^(1),(9)

01/15/37

3,041,000

2,607,686

New Residential Mortgage Loan Trust Series 2022-SFR1, Class G

5.00% ⁽¹⁾

02/17/39

7,900,000

7,764,964

New Residential Mortgage Loan Trust Series 2022-SFR1, Class H

5.40% ⁽¹⁾

02/17/39

3,680,000

3,616,772

NXPT Commercial Mortgage Trust Series 2024-STOR, Class E

6.93% ^(1),(9)

11/05/41

811,000

810,766

NYC Commercial Mortgage Trust Series 2021-909, Class D

3.31% ^(1),(9)

04/10/43

1,400,000

1,092,480

NYC Commercial Mortgage Trust Series 2025-1155, Class C

6.81% ⁽¹⁾

06/10/42

3,800,000

3,879,921

NYC Commercial Mortgage Trust Series 2025-1155, Class E

7.60% ^(1),(9)

06/10/42

3,355,000

3,337,695

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

6.10% (1 mo. USD Term SOFR + 2.441%) ^(1),(2)

02/15/42

4,200,000

4,213,617

NYCT Trust Series 2024-3ELV, Class C

6.49% (1 mo. USD Term SOFR + 2.840%) ^(1),(2)

08/15/29

6,500,000

6,489,447

NYO Commercial Mortgage Trust Series 2021-1290, Class B

5.31% (1 mo. USD Term SOFR + 1.659%) ^(1),(2)

12/15/38

1,780,000

1,775,528

NYO Commercial Mortgage Trust Series 2021-1290, Class C

5.76% (1 mo. USD Term SOFR + 2.109%) ^(1),(2)

11/15/38

820,000

816,380

NYO Commercial Mortgage Trust Series 2021-1290, Class D

6.31% (1 mo. USD Term SOFR + 2.659%) ^(1),(2)

11/15/38

2,765,000

2,750,195

PFP Ltd. Series 2025-12, Class C

6.20% (1 mo. USD Term SOFR + 2.542%) ^(1),(2)

12/18/42

2,840,000

2,846,430

PFP Ltd. Series 2025-12, Class D

6.75% (1 mo. USD Term SOFR + 3.091%) ^(1),(2)

12/18/42

1,834,000

1,839,248

Progress Residential Trust Series 2021-SFR10, Class F

4.61% ⁽¹⁾

12/17/40

1,123,309

1,099,222

Progress Residential Trust Series 2021-SFR10, Class H

5.23% ⁽¹⁾

12/17/40

7,968,423

7,789,846

Progress Residential Trust Series 2021-SFR11, Class F

4.42% ⁽¹⁾

01/17/39

1,250,000

1,214,889

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

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

Progress Residential Trust Series 2021-SFR3, Class G

4.25% ⁽¹⁾

05/17/26

11,631,000

11,602,066

Progress Residential Trust Series 2021-SFR6, Class G

4.00% ⁽¹⁾

07/17/38

5,890,000

5,858,772

Progress Residential Trust Series 2021-SFR8

3.18% ⁽¹⁾

10/17/38

2,433,000

2,407,971

Progress Residential Trust Series 2021-SFR8, Class G

4.01% ⁽¹⁾

10/17/38

1,488,000

1,473,073

Progress Residential Trust Series 2021-SFR9, Class E1

2.81% ⁽¹⁾

11/17/40

1,531,000

1,446,799

Progress Residential Trust Series 2022-SFR1, Class F

4.88% ⁽¹⁾

02/17/41

1,770,000

1,714,154

Progress Residential Trust Series 2022-SFR1, Class G

5.52% ⁽¹⁾

02/17/41

5,160,000

5,036,906

Progress Residential Trust Series 2022-SFR1, Class H

5.25% ⁽¹⁾

02/17/41

7,720,000

7,496,954

Progress Residential Trust Series 2022-SFR3, Class E2

5.60% ⁽¹⁾

04/17/39

2,895,000

2,888,097

Progress Residential Trust Series 2023-SFR1, Class E1

6.15% ⁽¹⁾

03/17/40

3,600,000

3,573,453

Progress Residential Trust Series 2023-SFR2, Class E1

4.75% ⁽¹⁾

10/17/40

5,141,000

5,025,757

Progress Residential Trust Series 2024-SFR2, Class E2

3.65% ^(1),(9)

04/17/41

2,800,000

2,639,652

Progress Residential Trust Series 2024-SFR2, Class F

3.65% ^(1),(9)

04/17/41

5,000,000

4,658,973

Progress Residential Trust Series 2024-SFR4, Class E2

3.40% ⁽¹⁾

07/17/41

4,500,000

4,188,952

Progress Residential Trust Series 2024-SFR4, Class F1

3.40% ⁽¹⁾

07/17/41

6,482,000

5,981,908

Progress Residential Trust Series 2024-SFR5, Class E1

3.38% ^(1),(9)

08/17/41

7,860,000

7,259,628

Progress Residential Trust Series 2024-SFR5, Class E2

3.63% ^(1),(9)

08/17/41

2,050,000

1,891,717

Progress Residential Trust Series 2025-SFR1, Class E2

3.75% ⁽¹⁾

02/17/42

5,780,000

5,371,834

RIDE Series 2025-SHRE, Class D

6.97% ^(1),(9)

02/14/47

3,000,000

3,037,924

RIDE Series 2025-SHRE, Class E

8.07% ^(1),(9)

02/14/47

2,500,000

2,556,549

ROCK Trust Series 2024-CNTR, Class E

8.82% ⁽¹⁾

11/13/41

4,175,000

4,379,672

SCG Commercial Mortgage Trust Series 2025-FLWR, Class D

5.95% (1 mo. USD Term SOFR + 2.300%) ^(1),(2)

08/15/42

3,500,000

3,516,033

Sequoia Logistics DAC Series 2025-1A, Class E

5.80% (3 mo. EUR EURIBOR + 3.800%) ^(1),(2)

02/17/37

EUR

3,350,000

3,923,096

Issues

Maturity
Date

Principal
Amount

Value

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

Sequoia Logistics DAC Series 2025-1X, Class C

3.90% (3 mo. EUR EURIBOR + 1.900%) ^(2),(4)

02/17/37

EUR

3,840,000

4,518,587

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

3.66% ^(1),(9)

01/05/43

400,000

351,135

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

4.14% ^(1),(9)

01/05/43

460,000

403,739

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

4.53% ^(1),(9)

01/05/43

925,000

727,693

SFO Commercial Mortgage Trust Series 2021-555, Class A

4.92% (1 mo. USD Term SOFR + 1.264%) ^(1),(2)

05/15/38

1,040,000

1,040,179

SFO Commercial Mortgage Trust Series 2021-555, Class D

6.17% (1 mo. USD Term SOFR + 2.514%) ^(1),(2)

05/15/38

500,000

497,024

SLG Office Trust Series 2021-OVA, Class E

2.85% ⁽¹⁾

07/15/41

4,700,000

4,058,711

SMRT Commercial Mortgage Trust Series 2022-MINI, Class D

5.61% (1 mo. USD Term SOFR + 1.950%) ^(1),(2)

01/15/39

1,400,000

1,397,477

SMRT Commercial Mortgage Trust Series 2022-MINI, Class F

7.01% (1 mo. USD Term SOFR + 3.350%) ^(1),(2)

01/15/39

6,500,000

6,376,519

SREIT Trust Series 2021-MFP2, Class C

5.14% (1 mo. USD Term SOFR + 1.485%) ^(1),(2)

11/15/36

1,060,000

1,059,886

SREIT Trust Series 2021-PALM, Class D

5.18% (1 mo. USD Term SOFR + 1.524%) ^(1),(2)

10/15/34

3,860,000

3,860,869

SREIT Trust Series 2021-PALM, Class E

5.68% (1 mo. USD Term SOFR + 2.024%) ^(1),(2)

10/15/34

4,100,000

4,101,617

STWD LLC Series 2025-FL4, Class D

6.31% (1 mo. USD Term SOFR + 2.650%) ^(1),(2)

11/19/42

3,500,000

3,490,704

SWCH Commercial Mortgage Trust Series 2025-DATA, Class E

6.99% (1 mo. USD Term SOFR + 3.340%) ^(1),(2)

02/15/42

6,300,000

6,243,431

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

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

TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D

6.75% (1 mo. USD Term SOFR + 3.091%) ^(1),(2)

04/15/42

1,325,000

1,326,792

Tricon Residential Trust Series 2021-SFR1, Class F

3.69% ⁽¹⁾

07/17/38

7,900,000

7,858,241

Tricon Residential Trust Series 2021-SFR1, Class G

4.13% ⁽¹⁾

07/17/38

4,300,000

4,274,660

Tricon Residential Trust Series 2022-SFR1, Class E2

5.74% ⁽¹⁾

04/17/39

1,600,000

1,588,273

Tricon Residential Trust Series 2024-SFR4, Class D

5.35% ⁽¹⁾

11/17/41

1,480,000

1,465,399

TRTX Issuer Ltd. Series 2025-FL7, Class B (I/F)

5.61% (1 mo. USD Term SOFR + 1.950%) ^(1),(2)

06/18/43

3,000,000

3,000,633

TRTX Issuer Ltd. Series 2025-FL7, Class C (I/F)

5.86% (1 mo. USD Term SOFR + 2.200%) ^(1),(2)

06/18/43

1,000,000

1,005,906

TRTX Issuer Ltd. Series 2025-FL7, Class D (I/F)

6.31% (1 mo. USD Term SOFR + 2.650%) ^(1),(2)

06/18/43

3,125,000

3,121,794

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

6.85% (1 day GBP SONIA + 3.100%) ^(1),(2)

02/17/35

GBP

701,602

945,830

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

6.85% (1 day GBP SONIA + 3.100%) ^(2),(4)

02/17/35

GBP

390,346

526,225

U.K. Logistics DAC Series 2024-2X, Class E

8.00% (1 day GBP SONIA + 4.250%) ^(2),(4)

02/17/35

GBP

1,275,640

1,697,965

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

9.25% (1 day GBP SONIA + 5.500%) ^(1),(2)

05/17/35

GBP

933,241

1,269,446

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

1.23% ⁽⁹⁾

10/15/50

7,700,093

79,928

WBHT Commercial Mortgage Trust Series 2025-WBM, Class B

5.85% (1 mo. USD Term SOFR + 2.192%) ^(1),(2)

06/15/42

3,125,000

3,119,795

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

2.22% ^(1),(9)

04/15/50

415,000

11,264

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

4.67% ⁽⁹⁾

09/15/61

1,100,000

1,090,826


Issues	Maturity Date		Principal Amount		Value

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

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

7.03% ⁽⁹⁾		07/15/57	$	847,000	$	857,448

WFRBS Commercial Mortgage Trust Series 2012-C10, Class XB (I/O)

0.39% ^(1),(8),(9)		12/15/45		37,770,655		314

WFRBS Commercial Mortgage Trust Series 2014-C22, Class XA (I/O)

0.38% ⁽⁹⁾		09/15/57		188,962		30


Total Commercial Mortgage-Backed Securities — Non-Agency

(Cost: $518,977,996)						519,314,746


RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY — 23.2%

Federal Home Loan Mortgage Corp., Pool #SD8237

4.00%		08/01/52		1,706,410		1,608,179

Federal Home Loan Mortgage Corp., Pool #SD8244

4.00%		09/01/52		41,284,114		38,904,350

Federal Home Loan Mortgage Corp., Pool #SD8265

4.00%		11/01/52		603,777		568,880

Federal Home Loan Mortgage Corp., Pool #SD5324

4.00%		02/01/53		327,243		308,405

Federal Home Loan Mortgage Corp., Pool #SD8238

4.50%		08/01/52		3,107,669		3,009,019

Federal Home Loan Mortgage Corp., Pool #SD8245

4.50%		09/01/52		6,099,248		5,909,310

Federal Home Loan Mortgage Corp., Pool #SD8257

4.50%		10/01/52		461,232		446,506

Federal Home Loan Mortgage Corp., Pool #SD8266

4.50%		11/01/52		2,604,705		2,521,296

Federal Home Loan Mortgage Corp., Pool #SD8275

4.50%		12/01/52		2,682,380		2,596,484

Federal Home Loan Mortgage Corp., Pool #SD8298

4.50%		02/01/53		30,354,301		29,359,882

Federal Home Loan Mortgage Corp., Pool #SD8299

5.00%		02/01/53		2,424,209		2,404,675

Federal Home Loan Mortgage Corp., Pool #SD8323

5.00%		05/01/53		6,856,219		6,791,841

Federal Home Loan Mortgage Corp. REMICS Series 4994, Class LI (I/O)

4.00%		12/25/48		7,206,594		1,439,331

Federal Home Loan Mortgage Corp. REMICS Series 5070 (I/O)

3.50%		02/25/51		9,148,513		1,457,572

Federal Home Loan Mortgage Corp. REMICS Series 5100 (I/O)

4.00%		02/25/47		11,372,485		1,942,999

Federal Home Loan Mortgage Corp. REMICS Series 5104, Class HI (I/O) (PAC)

3.50%		06/25/49		13,676,528		2,580,136

Federal Home Loan Mortgage Corp. REMICS Series 5149 (I/O)

4.00%		10/25/48		6,174,475		1,185,778

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY (Continued)

Federal Home Loan Mortgage Corp. REMICS Series 5452, Class JF

4.95% (30 day USD SOFR Average + 1.300%) ⁽²⁾

09/25/54

1,538,995

1,552,459

Federal Home Loan Mortgage Corp. REMICS Series 5473, Class DF

4.80% (30 day USD SOFR Average + 1.150%) ⁽²⁾

11/25/54

3,076,188

3,098,754

Federal Home Loan Mortgage Corp. REMICS Series 5492, Class SH (I/O) (I/F)

2.35% (-30 day USD SOFR Average + 6.000%) ⁽²⁾

01/25/55

6,082,676

458,774

Federal Home Loan Mortgage Corp. REMICS Series 5500, Class AF

4.65% (30 day USD SOFR Average + 1.000%) ⁽²⁾

02/25/55

1,085,375

1,088,960

Federal Home Loan Mortgage Corp. REMICS Series 5500, Class SJ (I/F)

2.10% (-30 day USD SOFR Average + 5.750%) ⁽²⁾

02/25/55

6,044,590

462,583

Federal Home Loan Mortgage Corp. REMICS Series 5524, Class FB

4.85% (30 day USD SOFR Average + 1.200%) ⁽²⁾

04/25/55

11,699,812

11,780,135

Federal Home Loan Mortgage Corp. REMICS Series 5527, Class FD

4.85% (30 day USD SOFR Average + 1.200%) ⁽²⁾

09/25/54

13,149,360

13,241,172

Federal Home Loan Mortgage Corp. REMICS Series 5544, Class SD (I/O) (I/F)

1.40% (-30 day USD SOFR Average + 5.050%) ⁽²⁾

06/25/55

13,057,159

703,871

Federal Home Loan Mortgage Corp. REMICS Series 5546, Class AS (I/F)

5.03% (-30 day USD SOFR Average + 10.500%) ⁽²⁾

06/25/55

1,137,692

1,078,558

Federal Home Loan Mortgage Corp. REMICS Series 5547, Class S (I/F)

5.11% (-30 day USD SOFR Average + 10.575%) ⁽²⁾

06/25/55

1,140,104

1,055,637

Federal Home Loan Mortgage Corp. REMICS Series 5548, Class S (I/F)

5.59% (-30 day USD SOFR Average + 11.667%) ⁽²⁾

06/25/55

1,093,756

1,049,545


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Federal Home Loan Mortgage Corp. REMICS Series 5549, Class DF

5.05% (30 day USD SOFR Average + 1.400%) ⁽²⁾		06/25/55	$	1,995,183	$	2,018,218

Federal Home Loan Mortgage Corp. REMICS Series 5549, Class JS (I/F)

5.03% (-30 day USD SOFR Average + 10.500%) ⁽²⁾		06/25/55		372,886		354,116

Federal Home Loan Mortgage Corp. REMICS Series 5566, Class AS (I/F)

5.11% (-30 day USD SOFR Average + 10.575%) ⁽²⁾		08/25/55		1,260,918		1,170,491

Federal Home Loan Mortgage Corp. REMICS Series 5578, Class SD (I/O) (I/F)

2.25% (-30 day USD SOFR Average + 5.900%) ⁽²⁾		09/25/55		17,932,308		1,664,183

Federal Home Loan Mortgage Corp. REMICS Series 5617 (I/O)

4.00%		08/25/51		12,005,901		2,535,602

Federal Home Loan Mortgage Corp. STRIPS Series 240 (I/O)

5.50%		07/15/36		144,624		24,628

Federal Home Loan Mortgage Corp. STRIPS Series 377, Class C1

2.00%		01/25/51		6,046,105		803,663

Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O)

2.00%		03/15/52		5,920,637		760,028

Federal Home Loan Mortgage Corp. STRIPS Series 389, Class C35 (I/O)

2.00%		06/15/52		11,355,139		1,557,070

Federal Home Loan Mortgage Corp. STRIPS Series 389, Class C40 (I/O)

2.50%		10/15/52		5,181,415		804,299

Federal Home Loan Mortgage Corp. STRIPS Series 390, Class C12 (I/O)

4.00%		11/15/52		13,461,691		3,021,180

Federal Home Loan Mortgage Corp. STRIPS Series 399 (I/O)

3.50%		12/25/52		5,869,096		1,131,697

Federal Home Loan Mortgage Corp. STRIPS Series 405, Class C16 (I/O)

2.00%		07/25/52		18,552,194		2,433,495

Federal Home Loan Mortgage Corp. STRIPS Series 408, Class C37

2.00%		03/25/52		15,101,798		2,166,675

Federal National Mortgage Association, Pool #MA4626

4.00%		06/01/52		6,949,665		6,550,676

Federal National Mortgage Association, Pool #MA4700

4.00%		08/01/52		2,804,717		2,643,260

Federal National Mortgage Association, Pool #MA4784

4.50%		10/01/52		5,835,821		5,649,486

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

April 30, 2026


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Federal National Mortgage Association, Pool #FS9508

4.50%		03/01/54	$	4,144,843	$	4,007,954

Federal National Mortgage Association, Pool #FA0658

4.50%		10/01/54		9,102,290		8,799,984

Federal National Mortgage Association, Pool #MA5009

5.00%		05/01/53		9,453,838		9,359,107

Federal National Mortgage Association, Pool #462209

5.69% (1 yr. CMT + 2.176%) ⁽²⁾		04/01/36		36,180		36,061

Federal National Mortgage Association Interest STRIPS Series 426, Class C24 (I/O)

1.50%		01/25/52		35,380,869		3,964,904

Federal National Mortgage Association Interest STRIPS Series 426, Class C40 (I/O)

2.00%		06/25/51		1,282,322		172,171

Federal National Mortgage Association Interest STRIPS Series 426, Class C41 (I/O)

2.00%		03/25/51		4,735,926		631,663

Federal National Mortgage Association Interest STRIPS Series 426, Class C42 (I/O)

2.00%		11/25/50		3,089,057		413,227

Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O)

2.00%		10/25/52		7,248,900		923,760

Federal National Mortgage Association Interest STRIPS Series 435, Class C24 (I/O)

2.00%		04/25/52		10,180,090		1,348,073

Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O) (I/F)

2.24% (-30 day USD SOFR Average + 5.886%) ⁽²⁾		11/25/41		49,472		3,597

Federal National Mortgage Association REMICS Series 2012-139, Class AI (I/O)

3.00%		12/25/27		27,458		408

Federal National Mortgage Association REMICS Series 2021-59 (I/O)

4.00%		09/25/51		8,432,472		2,059,639

Federal National Mortgage Association REMICS Series 2021-70 (I/O)

4.00%		10/25/51		8,426,142		1,849,160

Federal National Mortgage Association REMICS Series 2024-73, Class FB

4.85% (30 day USD SOFR Average + 1.200%) ⁽²⁾		10/25/54		1,858,089		1,871,021

Federal National Mortgage Association REMICS Series 2024-76, Class SY (I/O) (I/F)

1.85% (-30 day USD SOFR Average + 5.500%) ⁽²⁾		11/25/54		13,571,053		943,904

Issues

Maturity
Date

Principal
Amount

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES —
AGENCY (Continued)

Federal National Mortgage Association REMICS Series 2024-81, Class SE (I/O) (I/F)

1.70% (-30 day USD SOFR Average + 5.350%) ⁽²⁾

07/25/54

11,853,541

589,694

Federal National Mortgage Association REMICS Series 2024-91, Class SB (I/O) (I/F)

2.20% (-30 day USD SOFR Average + 5.850%) ⁽²⁾

12/25/54

6,257,317

444,564

Federal National Mortgage Association REMICS Series 2024-96, Class FC

4.85% (30 day USD SOFR Average + 1.200%) ⁽²⁾

12/25/54

7,524,628

7,580,590

Federal National Mortgage Association REMICS Series 2024-98, Class SE (I/O) (I/F)

2.33% (-30 day USD SOFR Average + 5.980%) ⁽²⁾

12/25/54

2,738,653

233,816

Federal National Mortgage Association REMICS Series 2024-98, Class SG (I/F)

2.35% (-30 day USD SOFR Average + 6.000%) ⁽²⁾

11/25/54

967,561

86,725

Federal National Mortgage Association REMICS Series 2025-104, Class SB (I/O)

1.90% (30 day USD SOFR Average + 5.550%) ⁽²⁾

12/25/55

22,652,472

1,909,837

Federal National Mortgage Association REMICS Series 2025-13, Class FA

4.95% (30 day USD SOFR Average + 1.300%) ⁽²⁾

03/25/55

3,576,066

3,607,635

Federal National Mortgage Association REMICS Series 2025-15, Class FQ

4.85% (30 day USD SOFR Average + 1.200%) ⁽²⁾

04/25/55

1,001,802

1,009,080

Federal National Mortgage Association REMICS Series 2025-40, Class S (I/F)

5.59% (-30 day USD SOFR Average + 11.667%) ⁽²⁾

02/25/55

239,725

226,595

Federal National Mortgage Association REMICS Series 2025-49, Class SC (I/O) (I/F)

1.55% (-30 day USD SOFR Average + 5.200%) ⁽²⁾

06/25/55

17,890,475

828,793

Federal National Mortgage Association REMICS Series 2025-59, Class DS (I/O) (I/F)

2.21% (-30 day USD SOFR Average + 5.857%) ⁽²⁾

08/25/55

16,290,360

1,099,385

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Federal National Mortgage Association REMICS Series 2025-85, Class EF

4.85% (30 day USD SOFR Average + 1.200%) ⁽²⁾		09/25/55	$	11,729,945	$	11,810,984

Federal National Mortgage Association REMICS Series 2025-87, Class SA (I/O) (I/F)

2.25% (-30 day USD SOFR Average + 5.900%) ⁽²⁾		10/25/55		9,182,426		786,001

Federal National Mortgage Association REMICS Series 2025-92, Class FD

4.80% (30 day USD SOFR Average + 1.150%) ⁽²⁾		11/25/55		10,722,937		10,802,306

Federal National Mortgage Association REMICS Series 2026-10, Class FA

4.60% (30 day USD SOFR Average + 0.950%) ⁽²⁾		10/25/54		3,889,382		3,878,327

Federal National Mortgage Association REMICS Series 2026-5, Class CF

4.70% (30 day USD SOFR Average + 1.050%) ⁽²⁾		02/25/56		5,149,704		5,146,173

Government National Mortgage Association, Pool #MA8346

4.00%		10/20/52		13,318,804		12,568,083

Government National Mortgage Association, Pool #MA8427

4.50%		11/20/52		1,541,208		1,499,561

Government National Mortgage Association, Pool #MA8948

5.50%		06/20/53		6,284,243		6,388,818

Government National Mortgage Association, Pool #MA9488

5.50%		02/20/54		9,396,604		9,534,831

Government National Mortgage Association REMICS Series 2003-110, Class S (I/O) (I/F)

2.82% (-1 mo. USD Term SOFR + 6.486%) ⁽²⁾		10/20/33		140,887		9,319

Government National Mortgage Association REMICS Series 2018-124, Class NW

3.50%		09/20/48		19,593		18,095

Government National Mortgage Association REMICS Series 2018-154, Class BP (PAC)

3.50%		11/20/48		1,895		1,800

Government National Mortgage Association REMICS Series 2024-151, Class ES (I/O) (I/F)

1.76% (-30 day USD SOFR Average + 5.400%) ⁽²⁾		09/20/54		12,150,301		643,668

Government National Mortgage Association REMICS Series 2024-159, Class XS (I/O) (I/F)

1.86% (-30 day USD SOFR Average + 5.500%) ⁽²⁾		10/20/54		10,351,588		741,392


Issues	Maturity Date		Principal Amount		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY (Continued)

Government National Mortgage Association REMICS Series 2025-134, Class SJ (I/O) (I/F)

2.31% (-30 day USD SOFR Average + 5.950%) ⁽²⁾		08/20/55	$	11,222,123	$	947,139

Government National Mortgage Association REMICS Series 2025-27, Class FG

4.84% (30 day USD SOFR Average + 1.200%) ⁽²⁾		02/20/55		1,963,317		1,978,155

Government National Mortgage Association REMICS Series 2025-41, Class HS (I/F)

1.70% (-30 day USD SOFR Average + 5.340%) ⁽²⁾		03/20/55		10,986,486		614,458

Government National Mortgage Association REMICS Series 2025-45, Class ST (I/O) (I/F)

1.66% (-30 day USD SOFR Average + 5.300%) ⁽²⁾		03/20/55		13,117,968		663,288

Government National Mortgage Association REMICS Series 2026-10, Class CF

4.67% (30 day USD SOFR Average + 1.030%) ⁽²⁾		01/20/56		4,627,187		4,625,946

Government National Mortgage Association, TBA

4.00% ⁽¹¹⁾		07/01/55		52,200,000		48,661,049

4.50% ⁽¹¹⁾		02/01/56		11,600,000		11,182,412

5.00% ⁽¹¹⁾		02/01/56		21,350,000		21,171,076

5.50% ⁽¹¹⁾		01/01/56		5,950,000		5,992,067

Uniform Mortgage-Backed Security, TBA

3.50% ⁽¹¹⁾		01/01/52		74,475,000		67,833,506

4.00% ⁽¹¹⁾		06/01/55		91,675,000		86,007,147

4.50% ⁽¹¹⁾		02/01/56		96,225,000		92,594,623

5.00% ⁽¹¹⁾		02/01/56		34,800,000		34,295,017

5.50% ⁽¹¹⁾		01/01/56		39,100,000		39,306,252


Total Residential Mortgage-Backed Securities — Agency

(Cost: $707,765,764)						707,596,698


RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY — 19.5%

ACRA Trust Series 2024-NQM1, Class M1A

6.19% ^(1),(9)		10/25/64		1,470,000		1,481,597

Ajax Mortgage Loan Trust Series 2021-D, Class A

6.00% ⁽¹⁾		03/25/60		2,604,255		2,608,145

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

0.04% ⁽⁹⁾		12/25/46		17,025,811		70,301

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

April 30, 2026


Issues	Maturity Date		Principal Amount		Value

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

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

4.21% (1 yr. MTA + 0.700%) ⁽²⁾		02/25/47	$	2,199,820	$	740,749

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

0.06% ⁽⁹⁾		06/25/47		6,167		49

Angel Oak Mortgage Trust Series 2024-11, Class M1A

6.58% ^(1),(9)		08/25/69		1,925,000		1,943,204

Angel Oak Mortgage Trust Series 2024-6, Class A2

4.65% ⁽¹⁾		11/25/67		2,005,378		1,995,949

Angel Oak Mortgage Trust Series 2025-13, Class M1

5.74% ^(1),(9)		10/25/70		4,502,000		4,469,214

Angel Oak Mortgage Trust Series 2025-HB1, Class M3

6.70% (30 day USD SOFR Average + 3.050%) ^(1),(2)		02/25/55		1,832,000		1,845,626

Angel Oak Mortgage Trust Series 2026-1, Class M1

5.53% ^(1),(9)		02/25/71		4,200,000		4,117,541

Aspire Mortgage Trust Series 2026-1, Class M1

5.40% ^(1),(9)		01/25/66		3,000,000		2,950,204

Atlas Funding PLC Series 2023-1, Class F

13.47% (1 day GBP SONIA + 9.730%) ^(2),(4)		01/20/61	GBP	725,000		1,012,405

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

4.08% (1 mo. USD Term SOFR + 0.424%) ⁽²⁾		06/25/46		1,314,141		1,082,776

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

2.92% (-1 mo. USD Term SOFR + 6.576%) ⁽²⁾		06/25/46		1,314,149		155,836

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

5.50%		03/25/36		4,011		3,674

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

6.54%		10/25/36		536,728		487,909

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

3.71% (6 mo. USD Term SOFR + 1.928%) ^(1),(2)		09/26/45		900,925		639,101

BCAP LLC Trust Series 2007-AA2, Class 2A12

5.50%		04/25/37		2,358,611		923,315

BCMSC Trust Series 1999-B, Class A2

6.98% ⁽⁹⁾		06/15/12		997,492		47,925

BCMSC Trust Series 2000-A, Class A3

7.83% ⁽⁹⁾		06/15/30		1,658,345		89,483

BCMSC Trust Series 2000-A, Class A4

8.29% ⁽⁹⁾		06/15/30		142,144		8,122


Issues	Maturity Date		Principal Amount		Value

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

Bear Stearns ARM Trust Series 2004-3, Class 2A

4.63% ⁽⁹⁾		07/25/34	$	4,099	$	3,919

Bear Stearns ARM Trust Series 2005-10, Class A3

5.86% ⁽⁹⁾		10/25/35		82,519		82,566

Braccan Mortgage Funding PLC Series 2025-1A, Class X

7.68% (1 day GBP SONIA + 3.930%) ^(1),(2)		05/17/67	GBP	1,186,874		1,620,946

BRAVO Residential Funding Trust Series 2023-NQM5, Class B1

7.27% ^(1),(9)		06/25/63		3,210,000		3,211,796

BRAVO Residential Funding Trust Series 2025-NQM6, Class M1

6.03% ^(1),(9)		06/25/65		1,650,000		1,647,940

BRAVO Residential Funding Trust Series 2025-NQM9, Class A3

5.55% ⁽¹⁾		09/25/65		6,716,320		6,714,567

C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B

3.45%		02/25/37		753,308		427,252

C-BASS Trust Series 2006-CB7, Class A4

4.09% (1 mo. USD Term SOFR + 0.434%) ⁽²⁾		10/25/36		29,205		20,252

C-BASS Trust Series 2007-CB1, Class AF3

3.09%		01/25/37		909,708		245,665

C-BASS Trust Series 2007-CB1, Class AF6

3.09%		01/25/37		1,606,017		433,576

Cascade MH Asset Trust Series 2022-MH1, Class A

4.25% ⁽¹⁾		08/25/54		1,019,210		1,000,537

CFMT LLC Series 2024-NR1, Class A1

6.41% ⁽¹⁾		11/25/29		5,620,081		5,631,971

CFMT LLC Series 2024-R1, Class A3

4.00% ⁽¹⁾		10/25/54		1,500,000		1,434,767

CHL Mortgage Pass-Through Trust Series 2007-20, Class A1

6.50%		01/25/38		196,389		81,974

CHL Mortgage Pass-Through Trust Series 2007-7, Class A9

5.50%		06/25/37		574,321		243,794

CHNGE Mortgage Trust Series 2023-1, Class M1

8.05% ^(1),(9)		03/25/58		580,000		578,033

CIM Trust Series 2021-R5, Class A1B

2.00% ^(1),(9)		08/25/61		681,000		460,882

CIM Trust Series 2025-R1, Class A1

5.00% ⁽¹⁾		02/25/99		2,007,393		1,989,180

Citigroup Mortgage Loan Trust, Inc. Series 2005-WF2, Class AF6A

6.13%		08/25/35		1,208,840		1,130,304

Citigroup Mortgage Loan Trust, Inc. Series 2006-WF1, Class A2C

6.10%		03/25/36		26,120		11,801

Citigroup Mortgage Loan Trust, Inc. Series 2009-10, Class 2A2

7.00% ^(1),(9)		12/25/35		476,879		334,578

CitiMortgage Alternative Loan Trust Series 2005-A1, Class 1A5

5.50%		07/25/35		921,703		898,174

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

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

CitiMortgage Alternative Loan Trust Series 2006-A1, Class 1A5

5.50%		04/25/36	$	192,303	$	177,910

CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A1

6.00%		01/25/37		82,366		73,180

CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A5

6.00%		01/25/37		157,222		139,688

CitiMortgage Alternative Loan Trust Series 2007-A2, Class 1A13

5.75%		02/25/37		179,984		161,665

CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A7

5.75%		03/25/37		148,560		132,172

CitiMortgage Alternative Loan Trust Series 2007-A5, Class 1A1

6.00%		05/25/37		631,179		587,022

CLIP Trust Series 2026-NQM1, Class M1

5.96% ^(1),(9)		05/25/71		4,238,000		4,235,944

COLT Mortgage Loan Trust Series 2024-7, Class B1

7.12% ^(1),(9)		12/26/69		1,000,000		1,007,342

COLT Mortgage Loan Trust Series 2025-7, Class B1

6.92% ^(1),(9)		06/25/70		2,000,000		2,003,883

Conseco Finance Securitizations Corp. Series 2000-1, Class A5

8.06% ⁽⁹⁾		09/01/29		3,422,743		382,930

Conseco Finance Securitizations Corp. Series 2000-4, Class A5

7.97%		05/01/32		1,992,158		225,047

COOPR Residential Mortgage Trust Series 2025-CES2, Class B1

7.32% ^(1),(9)		06/25/60		2,434,000		2,462,525

COOPR Residential Mortgage Trust Series 2025-CES3, Class M1

5.63% ^(1),(9)		09/25/60		4,500,000		4,434,412

Countrywide Alternative Loan Trust Series 2004-30CB, Class 1A6

5.50%		02/25/35		661,975		660,781

Countrywide Alternative Loan Trust Series 2005-10CB, Class 1A8

5.50%		05/25/35		1,198,667		963,132

Countrywide Alternative Loan Trust Series 2005-46CB, Class A3

5.50%		10/25/35		206,746		141,166

Countrywide Alternative Loan Trust Series 2005-46CB, Class A4

5.25%		10/25/35		156,225		104,618

Countrywide Alternative Loan Trust Series 2005-46CB, Class A7

5.50%		10/25/35		440,700		300,909

Countrywide Alternative Loan Trust Series 2005-55CB, Class 1A1

5.50%		11/25/35		175,027		112,266

Countrywide Alternative Loan Trust Series 2005-64CB, Class 2A1

6.00%		11/25/35		2,989,072		402,887

Countrywide Alternative Loan Trust Series 2005-65CB, Class 2A4

5.50%		12/25/35		253,046		167,003

Countrywide Alternative Loan Trust Series 2005-67CB, Class A1

5.50%		01/25/36		52,101		37,796

Countrywide Alternative Loan Trust Series 2005-74T1, Class A5

6.00%		01/25/36		439,873		243,856


Issues	Maturity Date		Principal Amount		Value

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

Countrywide Alternative Loan Trust Series 2005-7CB, Class 2A2 (I/O) (I/F)

1.28% (-1 mo. USD Term SOFR + 4.936%) ⁽²⁾		03/01/38	$	1,039,560	$	51,015

Countrywide Alternative Loan Trust Series 2005-86CB, Class A1

5.50%		02/25/36		488,348		266,262

Countrywide Alternative Loan Trust Series 2005-86CB, Class A8

5.50%		02/25/36		223,245		121,720

Countrywide Alternative Loan Trust Series 2006-19CB, Class A15 (PAC)

6.00%		08/25/36		110,532		59,459

Countrywide Alternative Loan Trust Series 2006-19CB, Class A17 (TAC)

4.17% (1 mo. USD Term SOFR + 0.514%) ⁽²⁾		08/25/36		3,667,111		1,522,599

Countrywide Alternative Loan Trust Series 2006-19CB, Class A18 (I/O) (I/F)

1.83% (-1 mo. USD Term SOFR + 5.486%) ⁽²⁾		08/25/36		3,539,451		365,629

Countrywide Alternative Loan Trust Series 2006-32CB, Class A18

6.00%		11/25/36		124,917		67,802

Countrywide Alternative Loan Trust Series 2006-34, Class A5

6.25%		11/25/46		1,255,091		552,414

Countrywide Alternative Loan Trust Series 2006-J1, Class 1A11

5.50%		02/25/36		166,207		109,679

Countrywide Alternative Loan Trust Series 2007-13, Class A1 (PAC)

6.00%		06/25/47		268,917		135,775

Countrywide Alternative Loan Trust Series 2007-15CB, Class A6

5.75%		07/25/37		500,649		276,103

Countrywide Alternative Loan Trust Series 2007-15CB, Class A7

6.00%		07/25/37		1,783,153		1,017,258

Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A7

6.00%		08/25/37		5,920		4,250

Countrywide Alternative Loan Trust Series 2007-18CB, Class 2A25

6.00%		08/25/37		287,942		163,856

Countrywide Alternative Loan Trust Series 2007-22, Class 2A16

6.50%		09/25/37		235,676		88,427

Countrywide Alternative Loan Trust Series 2007-5CB, Class 1A3

6.00%		04/25/37		166,220		78,605

Countrywide Alternative Loan Trust Series 2007-5CB, Class 1A4

6.00%		04/25/37		490,368		231,896

Credit-Based Asset Servicing & Securitization LLC Series 2006-MH1, Class B1

6.75% ⁽¹⁾		10/25/36		16,051		15,981

Cross Mortgage Trust Series 2024-H4, Class B1B

8.11% ^(1),(9)		07/25/69		3,768,000		3,794,377

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

April 30, 2026


Issues	Maturity Date		Principal Amount		Value

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

Cross Mortgage Trust Series 2024-H5, Class B1B

8.11% ^(1),(9)		08/26/69	$	3,654,000	$	3,677,958

Cross Mortgage Trust Series 2024-H6, Class A2

5.38% ⁽¹⁾		09/25/69		650,699		651,064

Cross Mortgage Trust Series 2024-H6, Class A3

5.48% ⁽¹⁾		09/25/69		585,629		585,442

Cross Mortgage Trust Series 2024-H7, Class B1B

7.57% ^(1),(9)		11/25/69		3,930,000		3,931,447

Cross Mortgage Trust Series 2024-H8, Class B1B

7.34% ^(1),(9)		12/25/69		3,300,000		3,292,295

Cross Mortgage Trust Series 2025-CES1, Class B1

6.68% ^(1),(9)		11/25/60		4,200,000		4,184,726

Cross Mortgage Trust Series 2025-H10, Class M1

5.90% ^(1),(9)		01/25/71		5,303,000		5,257,061

Cross Mortgage Trust Series 2025-H5, Class B1B

7.63% ^(1),(9)		07/25/70		3,160,000		3,191,710

Cross Mortgage Trust Series 2026-NQM1, Class M1

5.53% ^(1),(9)		02/25/61		4,684,000		4,580,463

Cross Mortgage Trust Series 2026-NQM2, Class A3

5.24% ⁽¹⁾		03/25/61		6,651,947		6,615,285

Cross Mortgage Trust Series 2026-NQM3, Class M1

5.80% ^(1),(9)		03/25/71		3,230,000		3,199,912

Cross Mortgage Trust Series 2026-NQM4, Class M1

6.14% ^(1),(9)		04/25/71		7,015,000		7,052,893

Cross Mortgage Trust Series 2026-NQM5, Class M1

6.00% ^(1),(9)		03/25/71		6,613,000		6,607,337

CSMC Mortgage-Backed Trust Series 2006-7, Class 10A6

6.50%		08/25/36		1,021,126		474,864

CSMC Mortgage-Backed Trust Series 2006-7, Class 8A11

6.50%		08/25/36		390,432		134,734

CSMC Mortgage-Backed Trust Series 2007-5, Class 1A9

7.00% ⁽⁹⁾		08/25/37		721,840		384,006

CSMC Trust Series 2014-8R, Class 3A2

5.39% ^(1),(9)		02/27/36		837,934		709,756

Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB2, Class A2

6.16% ⁽⁹⁾		06/25/36		163,512		150,435

Deutsche Mortgage & Asset Receiving Corp. Series 2014-RS1, Class 1A2

6.50% ^(1),(9)		07/27/37		253,234		209,453

EFMT Series 2025-INV2, Class B1

7.50% ^(1),(9)		05/26/70		4,000,000		4,041,262

Ellington Financial Mortgage Trust Series 2022-4, Class B1

5.84% ^(1),(9)		09/25/67		900,000		894,886

Ellington Financial Mortgage Trust Series 2024-CES1, Class B1

7.04% ^(1),(9)		01/26/60		4,263,000		4,289,619

Ellington Financial Mortgage Trust Series 2024-NQM1, Class B1B

7.47% ^(1),(9)		11/25/69		2,867,000		2,869,816

Issues

Maturity
Date

Principal
Amount

Value

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

Ellington Financial Mortgage Trust Series 2025-CES4, Class B1

7.05% ^(1),(9)

06/25/60

2,811,000

2,829,992

Ellington Financial Mortgage Trust Series 2025-NQM6, Class A3

5.40% ⁽¹⁾

12/25/70

3,992,826

3,973,503

Ellington Financial Mortgage Trust Series 2026-AE2, Class A13

5.50% ^(1),(9)

04/25/61

6,000,000

5,942,596

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA6, Class B2

11.15% (30 day USD SOFR Average + 7.500%) ^(1),(2)

10/25/41

7,130,000

7,330,453

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA7, Class B2

11.45% (30 day USD SOFR Average + 7.800%) ^(1),(2)

11/25/41

6,125,000

6,335,083

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA3, Class B2

9.90% (30 day USD SOFR Average + 6.250%) ^(1),(2)

09/25/41

6,820,789

6,942,699

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA1, Class M2

6.15% (30 day USD SOFR Average + 2.500%) ^(1),(2)

01/25/42

1,000,000

1,010,046

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-HRP1, Class B1

13.01% (30 day USD SOFR Average + 9.364%) ^(1),(2)

11/25/39

3,670,414

3,819,393

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R04, Class 2B1

9.01% (30 day USD SOFR Average + 5.364%) ^(1),(2)

06/25/39

680,424

684,457

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R06, Class 2B1

7.51% (30 day USD SOFR Average + 3.864%) ^(1),(2)

09/25/39

754,456

761,929

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2

9.65% (30 day USD SOFR Average + 6.000%) ^(1),(2)

10/25/41

6,635,000

6,773,531

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R02

9.85% (30 day USD SOFR Average + 6.200%) ^(1),(2)

11/25/41

5,000,000

5,127,341

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

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

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2

9.15% (30 day USD SOFR Average + 5.500%) ^(1),(2)		12/25/41	$	7,330,000	$	7,511,471

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2

9.65% (30 day USD SOFR Average + 6.000%) ^(1),(2)		12/25/41		6,610,000		6,797,245

FIGRE Trust Series 2025-HE3, Class C

5.91% ^(1),(9)		05/25/55		1,566,928		1,575,229

FIGRE Trust Series 2025-HE5, Class C

5.69% ^(1),(9)		08/25/55		7,490,088		7,483,233

First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C

4.09% (1 mo. USD Term SOFR + 0.434%) ⁽²⁾		10/25/36		9,532,105		6,184,852

First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2D

4.21% (1 mo. USD Term SOFR + 0.554%) ⁽²⁾		03/25/37		619,441		293,406

First Horizon Alternative Mortgage Securities Trust Series 2007-FA1, Class A4

6.25%		03/25/37		533,543		168,938

First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A4

5.75%		04/25/37		705,770		214,721

GCAT Trust Series 2021-NQM6, Class A1

1.86% ^(1),(9)		08/25/66		1,080,503		992,917

GCAT Trust Series 2024-NQM2, Class B2

7.98% ^(1),(9)		06/25/59		4,050,000		4,115,689

GCAT Trust Series 2025-NQM1, Class B1

7.08% ^(1),(9)		11/25/69		4,036,000		4,049,211

GCAT Trust Series 2025-NQM3, Class A3

5.96% ⁽¹⁾		05/25/70		1,516,718		1,523,104

GCAT Trust Series 2025-NQM4, Class B1

7.20% ^(1),(9)		06/25/70		3,356,000		3,373,887

GCAT Trust Series 2025-NQM6, Class M1

5.78% ^(1),(9)		10/25/70		4,206,500		4,172,798

GCAT Trust Series 2026-NQM1, Class M1

5.53% ^(1),(9)		12/25/70		7,110,000		7,028,374

GCAT Trust Series 2026-NQM2, Class B1

6.61% ^(1),(9)		02/25/71		2,895,000		2,823,209

GCAT Trust Series 2026-NQM2, Class M1

6.15% ^(1),(9)		02/25/71		2,856,000		2,862,062

GSAA Home Equity Trust Series 2007-5, Class 1F3B

6.00% ⁽⁹⁾		05/25/37		4,300,000		278,888

GSAA Home Equity Trust Series 2007-5, Class 1F5B

6.44%		05/25/37		1,987,261		129,165


Issues	Maturity Date		Principal Amount		Value

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

GSAA Home Equity Trust Series 2007-5, Class 2A2A

4.23% (1 mo. USD Term SOFR + 0.574%) ⁽²⁾		04/25/47	$	695,037	$	299,423

GSAA Trust Series 2006-7, Class AF3

6.72%		03/25/46		2,605,450		884,067

GSAA Trust Series 2007-3, Class 2A1B

3.97% (1 mo. USD Term SOFR + 0.314%) ⁽²⁾		03/25/47		166,316		7,376

GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1

4.86% ⁽⁹⁾		09/25/35		2,180		2,103

HarborView Mortgage Loan Trust Series 2005-9, Class 2A1A

4.46% (1 mo. USD Term SOFR + 0.794%) ⁽²⁾		06/20/35		11,063		10,472

HarborView Mortgage Loan Trust Series 2006-4, Class 1A1A

4.14% (1 mo. USD Term SOFR + 0.474%) ⁽²⁾		05/19/46		2,336,591		1,158,534

HOMES Trust Series 2023-NQM1, Class B1

6.95% ^(1),(9)		01/25/68		2,900,000		2,891,653

HOMES Trust Series 2024-NQM2, Class B1

7.69% ^(1),(9)		10/25/69		5,461,000		5,551,037

HOMES Trust Series 2025-NQM1, Class M1

6.52% ^(1),(9)		01/25/70		3,542,000		3,566,604

HOMES Trust Series 2025-NQM3, Class B1

7.41% ^(1),(9)		02/25/70		2,794,000		2,819,601

HOMES Trust Series 2025-NQM4, Class B1

6.90% ^(1),(9)		08/25/70		2,405,500		2,408,025

Homeward Opportunities Fund Trust Series 2024-RRTL2, Class A2

6.37% ⁽¹⁾		09/25/39		3,800,000		3,805,336

Homeward Opportunities Fund Trust Series 2025-RRTL1, Class M1

6.83% ^(1),(9)		03/25/40		2,645,000		2,659,408

Homeward Opportunities Fund Trust Series 2025-RRTL2, Class A2

5.66% ⁽¹⁾		09/25/40		4,130,000		4,144,914

HSI Asset Loan Obligation Trust Series 2007-WF1, Class A5

6.72%		12/25/36		235,132		71,733

IndyMac INDX Mortgage Loan Trust Series 2006-AR3, Class 2A1A

3.63% ⁽⁹⁾		03/25/36		63,276		42,665

JP Morgan Mortgage Trust Series 2025-CES5, Class B1

6.69% ^(1),(9)		02/25/56		3,980,000		3,983,125

JP Morgan Mortgage Trust Series 2025-CES7, Class B1

6.95% ^(1),(9)		04/25/56		4,000,000		4,038,946

JPMorgan Alternative Loan Trust Series 2006-S1, Class 3A4

6.18% ⁽⁹⁾		03/25/36		850,985		764,322

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

April 30, 2026


Issues	Maturity Date		Principal Amount		Value

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

JPMorgan Mortgage Acquisition Trust Series 2006-CH2, Class AF3

5.96%		09/25/29	$	397,440	$	233,274

JPMorgan Mortgage Acquisition Trust Series 2006-CW2, Class AF4

6.08%		08/25/36		1,288,021		743,165

JPMorgan Mortgage Acquisition Trust Series 2006-CW2, Class AF5

6.34%		08/25/36		244,764		141,174

JPMorgan Mortgage Acquisition Trust Series 2006-WF1, Class A5

6.91%		07/25/36		1,557,780		389,899

JPMorgan Mortgage Acquisition Trust Series 2007-CH1, Class AF6

4.36%		11/25/36		509		504

JPMorgan Mortgage Acquisition Trust Series 2007-CH2, Class AF2

4.10%		01/25/37		353,344		170,680

JPMorgan Mortgage Acquisition Trust Series 2007-CH2, Class AF3

4.10%		10/25/30		542,477		262,006

JPMorgan Mortgage Trust Series 2007-S1, Class 2A11

6.00%		03/25/37		351,625		126,562

JPMorgan Mortgage Trust Series 2024-CES1, Class A1B

6.02% ⁽¹⁾		06/25/54		642,632		645,994

JPMorgan Mortgage Trust Series 2024-CES1, Class A2

6.15% ⁽¹⁾		06/25/54		532,852		536,348

JPMorgan Mortgage Trust Series 2025-CES1, Class A3

6.07% ^(1),(9)		05/25/55		1,539,000		1,547,899

JPMorgan Mortgage Trust Series 2025-NQM1, Class B1

7.39% ^(1),(9)		06/25/65		3,243,000		3,292,776

JPMorgan Mortgage Trust Series 2025-NQM1, Class M1A

6.35% ^(1),(9)		06/25/65		3,190,000		3,206,090

JPMorgan Mortgage Trust Series 2025-NQM2, Class B1

7.61% ^(1),(9)		09/25/65		3,046,000		3,080,357

Knock Issuer Trust Series 2025-1, Class A1

7.12% ⁽¹⁾		02/25/30		2,545,000		2,567,630

Lehman ABS Manufactured Housing Contract Trust Series 2001-B, Class M1

6.63% ⁽⁹⁾		04/15/40		107,455		108,125

Lehman Mortgage Trust Series 2006-1, Class 1A5

5.50%		02/25/36		127,984		57,639

Lehman Mortgage Trust Series 2006-7, Class 2A5 (I/O) (I/F)

2.78% (-1 mo. USD Term SOFR + 6.436%) ⁽²⁾		11/25/36		183,011		19,848

Lehman Mortgage Trust Series 2006-9, Class 3A2 (I/O) (I/F)

3.46% (-1 mo. USD Term SOFR + 7.116%) ⁽²⁾		01/25/37		5,516,835		356,444


Issues	Maturity Date		Principal Amount		Value

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

Lehman Mortgage Trust Series 2007-5, Class 10A2 (I/O) (I/F)

2.57% (-1 mo. USD Term SOFR + 6.226%) ⁽²⁾		06/25/37	$	8,148,788	$	815,666

Lehman Mortgage Trust Series 2007-5, Class 7A3

7.50%		10/25/36		482,001		133,075

Lehman XS Trust Series 2005-1, Class 3A4

5.37%		07/25/35		21,582		23,132

Lehman XS Trust Series 2006-17, Class 1A (I/O)

0.60%		08/25/46		6,219,350		150,141

Lehman XS Trust Series 2006-17, Class 1A3

4.27% (1 mo. USD Term SOFR + 0.614%) ⁽²⁾		08/25/46		155,465		144,967

LHOME Mortgage Trust Series 2025-RTL1, Class A2

5.95% ⁽¹⁾		01/25/40		3,609,000		3,622,965

LHOME Mortgage Trust Series 2025-RTL2, Class A2

6.10% ^(1),(9)		04/25/40		2,905,000		2,914,497

LHOME Mortgage Trust Series 2025-RTL3, Class A2

5.67% ⁽¹⁾		08/25/40		4,175,000		4,192,016

LHOME Mortgage Trust Series 2025-RTL3, Class M1

6.89% ^(1),(9)		08/25/40		4,398,000		4,415,699

LHOME Mortgage Trust Series 2026-RTL1, Class A2

5.21% ⁽¹⁾		01/25/41		6,250,000		6,220,622

MASTR Alternative Loan Trust Series 2005-2, Class 4A3

4.17% (1 mo. USD Term SOFR + 0.514%) ⁽²⁾		03/25/35		2,696		2,676

MASTR Asset-Backed Securities Trust Series 2006-NC2, Class A3

3.99% (1 mo. USD Term SOFR + 0.334%) ⁽²⁾		08/25/36		635,987		220,316

Merrill Lynch Alternative Notes Asset Trust Series 2007-A1, Class A3

4.09% (1 mo. USD Term SOFR + 0.434%) ⁽²⁾		01/25/37		603,958		180,151

Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2B

4.03% (1 mo. USD Term SOFR + 0.374%) ⁽²⁾		06/25/37		172,804		172,705

Merrill Lynch Mortgage Investors Trust Series 2004-B, Class A1

4.27% (1 mo. USD Term SOFR + 0.614%) ⁽²⁾		05/25/29		2,152		2,117

Merrill Lynch Mortgage Investors Trust Series 2006-HE6, Class A2B

3.73% (1 mo. USD Term SOFR + 0.414%) ⁽²⁾		11/25/37		708,248		213,113

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

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

Merrill Lynch Mortgage Investors Trust Series 2006-RM2, Class A1A

4.14% (1 mo. USD Term SOFR + 0.484%) ⁽²⁾		05/25/37	$	3,267,087	$	941,886

Mid-State Capital Corp. Trust Series 2005-1, Class A

5.75%		01/15/40		394		394

Mid-State Capital Corp. Trust Series 2006-1, Class A

5.79% ⁽¹⁾		10/15/40		17,659		17,747

Mid-State Trust XI Series 11, Class A1

4.86%		07/15/38		368		369

Morgan Stanley Mortgage Loan Trust Series 2007-13, Class 6A1

6.00%		10/25/37		172,961		89,712

Morgan Stanley Residential Mortgage Loan Trust Series 2024-INV3, Class A1

6.50% ^(1),(9)		06/25/54		1,195,203		1,227,098

Morgan Stanley Residential Mortgage Loan Trust Series 2025-NQM1, Class B1B

7.12% ^(1),(9)		11/25/69		3,350,000		3,341,189

Morgan Stanley Residential Mortgage Loan Trust Series 2025-NQM5, Class M1

6.14% ^(1),(9)		07/25/70		4,055,000		4,066,352

Morgan Stanley Residential Mortgage Loan Trust Series 2025-NQM9, Class A3

5.32% ⁽¹⁾		09/25/70		5,746,534		5,711,149

Morgan Stanley Residential Mortgage Loan Trust Series 2026-NQM1, Class A3

5.13% ⁽¹⁾		12/25/70		3,570,393		3,545,680

Morgan Stanley Residential Mortgage Loan Trust Series 2026-NQM1, Class M1

5.67% ^(1),(9)		12/25/70		4,150,000		4,100,592

Morgan Stanley Residential Mortgage Loan Trust Series 2026-NQM2, Class M1

5.48% ^(1),(9)		01/26/71		5,018,000		4,944,434

Mortimer PLC Series 2024-MIX, Class E

9.67% (1 day GBP SONIA + 5.920%) ^(2),(4)		09/22/67	GBP	1,400,000		2,044,385

Nationstar Home Equity Loan Trust Series 2007-C, Class 2AV4

4.27% (1 mo. USD Term SOFR + 0.614%) ⁽²⁾		06/25/37		11,539		11,314

NEW Residential Mortgage Loan Trust Series 2025-NQM2, Class B1

7.26% ^(1),(9)		04/25/65		3,550,000		3,743,067

New Residential Mortgage Loan Trust Series 2026-NQM4, Class M1

5.67% ^(1),(9)		02/25/66		6,720,000		6,634,493

New Residential Mortgage Loan Trust Series 2026-NQM5, Class M1

5.92% ^(1),(9)		04/25/66		5,610,000		5,605,138


Issues	Maturity Date		Principal Amount		Value

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

Oakwood Mortgage Investors, Inc. Series 1999-C, Class A2

7.48%		08/15/27	$	166,881	$	114,098

OBX Trust Series 2022-NQM7, Class A3

5.70% ⁽¹⁾		08/25/62		1,062,166		1,061,719

OBX Trust Series 2024-NQM16, Class M1

6.37% ^(1),(9)		10/25/64		4,000,000		4,021,856

OBX Trust Series 2025-NQM6, Class A3

5.96% ⁽¹⁾		03/25/65		5,073,952		5,099,322

OBX Trust Series 2026-NQM1, Class M1

5.64% ^(1),(9)		11/25/65		5,250,000		5,170,156

OBX Trust Series 2026-NQM4, Class M1

5.71% ^(1),(9)		02/25/66		6,000,000		5,989,169

PMT Loan Trust Series 2024-INV1, Class A29

6.00% ^(1),(9)		10/25/59		975,065		985,127

PMT Loan Trust Series 2026-INV4, Class A28

6.00% ^(1),(9)		03/25/57		5,000,000		5,035,662

PRET LLC Series 2025-NPL8, Class A1

5.73% ⁽¹⁾		08/25/55		4,428,371		4,443,885

PRET LLC Series 2025-NPL9, Class A1

5.39% ⁽¹⁾		08/25/55		3,998,970		4,006,426

Pretium Mortgage Credit Partners LLC Series 2025-NPL4, Class A1

6.37% ⁽¹⁾		04/25/55		6,642,384		6,655,393

Pretium Mortgage Credit Partners LLC Series 2025-NPL6, Class A1

5.74% ⁽¹⁾		06/25/55		3,292,286		3,298,936

Pretium Mortgage Credit Partners LLC Series 2026-NPL1, Class A1

5.18% ⁽¹⁾		01/25/56		6,003,348		5,962,460

Pretium Mortgage Credit Partners LLC Series 2026-NPL4

5.51% ⁽¹⁾		04/25/56		6,995,000		6,978,939

PRKCM Trust Series 2023-AFC1, Class B1

7.35% ^(1),(9)		02/25/58		1,200,000		1,196,692

PRPM LLC Series 2024-RPL1, Class B1

4.04% ^(1),(9)		12/25/64		8,131,000		7,856,997

PRPM LLC Series 2024-RPL1, Class M1

4.04% ^(1),(9)		12/25/64		1,600,000		1,570,200

PRPM LLC Series 2024-RPL3, Class A2

4.00% ⁽¹⁾		11/25/54		1,150,000		1,116,563

PRPM LLC Series 2024-RPL4, Class M1

4.00% ⁽¹⁾		12/25/54		1,280,000		1,226,260

PRPM LLC Series 2025-RCF1, Class A2

4.50% ⁽¹⁾		02/25/55		3,000,000		2,941,713

PRPM LLC Series 2025-RPL3, Class M2

3.25% ⁽¹⁾		04/25/55		4,150,000		3,855,614

PRPM LLC Series 2026-RCF2, Class M1

5.50% ^(1),(9)		03/25/56		5,000,000		4,926,183

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

April 30, 2026


Issues	Maturity Date		Principal Amount		Value

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

PRPM Trust Series 2023-NQM2, Class B1

6.85% ^(1),(9)		08/25/68	$	1,250,000	$	1,251,264

PRPM Trust Series 2023-NQM3, Class B2

7.34% ^(1),(9)		11/25/68		850,000		855,551

PRPM Trust Series 2025-NQM1, Class M1B

7.14% ^(1),(9)		11/25/69		2,300,000		2,325,568

PRPM Trust Series 2026-RCF1, Class M1

5.50% ⁽¹⁾		01/25/56		5,000,000		4,925,021

RALI Trust Series 2005-QS14, Class 3A3

6.00%		09/25/35		89,077		79,742

RALI Trust Series 2005-QS16, Class A7

5.50%		11/25/35		291,896		260,725

RALI Trust Series 2006-QS15, Class A3

6.50%		10/25/36		623,719		550,808

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

2.78% (-1 mo. USD Term SOFR + 6.436%) ⁽²⁾		12/25/36		3,063,348		344,783

RALI Trust Series 2006-QS4, Class A2 (PAC)

6.00%		04/25/36		219,712		180,430

RALI Trust Series 2006-QS4, Class A4

6.00%		04/25/36		272,175		223,514

RALI Trust Series 2006-QS6, Class 1A15

6.00%		06/25/36		110,632		92,720

RALI Trust Series 2006-QS6, Class 1A2

6.00%		06/25/36		434,603		364,239

RALI Trust Series 2006-QS6, Class 1A4

6.00%		06/25/36		725,324		607,891

RALI Trust Series 2007-QH9, Class X (P/O)

0.70% ⁽⁹⁾		11/25/37		9,242,857		308,706

RALI Trust Series 2007-QO2, Class A1

3.92% (1 mo. USD Term SOFR + 0.264%) ⁽²⁾		02/25/47		502,303		146,465

RALI Trust Series 2007-QS1, Class 1A4

6.00%		01/25/37		361,068		300,795

RALI Trust Series 2007-QS1, Class 2A1 (I/O) (I/F)

2.87% (-1 mo. USD Term SOFR + 6.526%) ⁽²⁾		01/25/37		5,079,315		666,442

RALI Trust Series 2007-QS3, Class A1

6.50%		02/25/37		339,831		288,935

RALI Trust Series 2007-QS7, Class 1A1 (PAC)

6.00%		05/25/37		37,941		31,936

RCKT Mortgage Trust Series 2024-CES5, Class A3

6.44% ⁽¹⁾		08/25/44		860,000		868,983

RCKT Mortgage Trust Series 2024-CES6, Class B1

7.23% ⁽¹⁾		09/25/44		2,300,000		2,316,709

RCKT Mortgage Trust Series 2024-CES7, Class B1

7.31% ⁽¹⁾		10/25/44		4,325,000		4,371,142


Issues	Maturity Date		Principal Amount		Value

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

RCKT Mortgage Trust Series 2024-CES8, Class A2

5.66% ⁽¹⁾		11/25/44	$	1,560,000	$	1,566,055

RCKT Mortgage Trust Series 2024-CES8, Class B1

7.40% ⁽¹⁾		11/25/44		5,010,000		5,075,543

RCKT Mortgage Trust Series 2025-CES1, Class B2B

6.64% ^(1),(9)		01/25/45		2,300,000		2,276,922

RCKT Mortgage Trust Series 2025-CES12, Class B1

6.55% ^(1),(9)		11/25/55		4,314,000		4,370,703

RCKT Mortgage Trust Series 2025-CES12, Class M1

5.65% ^(1),(9)		11/25/55		5,000,000		4,970,663

RCKT Mortgage Trust Series 2025-CES4, Class B1

6.93% ^(1),(9)		04/25/55		4,450,000		4,494,369

RCKT Mortgage Trust Series 2025-CES5, Class B1A

6.88% ^(1),(9)		05/25/55		4,500,000		4,531,810

RCKT Mortgage Trust Series 2025-CES7, Class B1

6.97% ^(1),(9)		07/25/55		3,890,000		3,919,162

RCKT Mortgage Trust Series 2025-CES8, Class B1A

6.04% ^(1),(9)		08/25/55		5,250,000		5,199,066

Residential Asset Mortgage Products Trust Series 2006-EFC2, Class A4

4.21% (1 mo. USD Term SOFR + 0.554%) ⁽²⁾		12/25/36		1,369		1,368

Residential Asset Securitization Trust Series 2003-A15, Class 1A3 (I/O) (I/F)

3.78% (-1 mo. USD Term SOFR + 7.436%) ⁽²⁾		02/25/34		280,002		32,619

Residential Asset Securitization Trust Series 2005-A8CB, Class A9

5.38%		07/25/35		215,322		105,335

Residential Asset Securitization Trust Series 2006-A12, Class A1

6.25%		11/25/36		508,297		167,541

Residential Asset Securitization Trust Series 2006-A15, Class A2

6.25%		01/25/37		506,908		154,699

Residential Asset Securitization Trust Series 2006-A16, Class 1A3

6.00%		02/25/37		333,392		134,111

Residential Asset Securitization Trust Series 2006-A5CB, Class A4

6.00%		06/25/36		210,054		68,983

Residential Asset Securitization Trust Series 2007-A1, Class A1

6.00%		03/25/37		321,687		96,473

Residential Asset Securitization Trust Series 2007-A3, Class 1A4

5.75%		04/25/37		459,325		195,502

Residential Asset Securitization Trust Series 2007-A6, Class 1A3

6.00%		06/25/37		137,253		65,684

RFMSI Trust Series 2006-S10, Class 1A1

6.00%		10/25/36		549,249		450,188

RFMSI Trust Series 2006-S3, Class A7

5.50%		03/25/36		310,948		249,608

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

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

RFMSI Trust Series 2006-S6, Class A10

6.00%		07/25/36	$	172,381	$	149,848

RFMSI Trust Series 2006-S6, Class A14

6.00%		07/25/36		55,274		48,048

RFMSI Trust Series 2007-S8, Class 1A1

6.00%		09/25/37		122,273		83,232

Saluda Grade Alternative Mortgage Trust Series 2024-FIG5, Class C

6.85% ^(1),(9)		04/25/54		3,362,341		3,448,359

Saluda Grade Alternative Mortgage Trust Series 2024-FIG5, Class E

8.49% ^(1),(9)		04/25/54		2,380,005		2,445,535

Saluda Grade Alternative Mortgage Trust Series 2025-LOC5, Class M3

6.50% (1 mo. USD Term SOFR + 2.850%) ^(1),(2)		10/25/55		3,580,000		3,579,378

Santander Mortgage Asset Receivable Trust Series 2025-CES1, Class B1

6.47% ^(1),(9)		09/25/55		3,255,000		3,235,609

Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF4

2.80%		01/25/36		217,611		186,079

Securitized Asset-Backed Receivables LLC Trust Series 2007-NC1, Class A2B

4.07% (1 mo. USD Term SOFR + 0.414%) ⁽²⁾		12/25/36		795,691		398,625

Sequoia Mortgage Trust Series 2026-5, Class A19

5.50% ^(1),(9)		05/25/56		7,320,000		7,235,566

Shamrock Residential DAC Series 2024-1A, Class C

4.14% (1 mo. EUR EURIBOR + 2.200%) ^(1),(2)		12/24/78	EUR	1,075,000		1,257,621

Soundview Home Loan Trust Series 2007-OPT2, Class 2A4

4.02% (1 mo. USD Term SOFR + 0.364%) ⁽²⁾		07/25/37		207,893		170,958

Soundview Home Loan Trust Series 2007-OPT4, Class 1A1

4.77% (1 mo. USD Term SOFR + 1.114%) ⁽²⁾		09/25/37		338,423		254,006

Structured Adjustable Rate Mortgage Loan Trust Series 2004-1, Class 4A1

5.94% ⁽⁹⁾		02/25/34		591		576

Structured Asset Mortgage Investments II Trust Series 2006-AR2, Class A1

4.23% (1 mo. USD Term SOFR + 0.574%) ⁽²⁾		02/25/36		6,852		6,468

Towd Point Mortgage Trust Series 2024-CES1, Class A1B

6.05% ^(1),(9)		01/25/64		571,038		573,012


Issues	Maturity Date		Principal Amount		Value

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

Towd Point Mortgage Trust Series 2026-CES1, Class M2

5.87% ^(1),(9)		01/25/66	$	2,250,000	$	2,231,954

VCAT LLC Series 2026-NPL1, Class A1

5.10% ⁽¹⁾		01/25/56		5,820,619		5,797,833

VCAT LLC Series 2026-NPL2

5.06% ⁽¹⁾		02/25/56		6,468,246		6,451,506

Verus Securitization Trust Series 2022-2, Class A2

4.26% ⁽¹⁾		02/25/67		755,188		721,714

Verus Securitization Trust Series 2024-1, Class B1

7.91% ^(1),(9)		01/25/69		2,980,000		3,019,205

Verus Securitization Trust Series 2024-INV1, Class B2

8.44% ^(1),(9)		03/25/69		3,000,000		3,034,394

Verus Securitization Trust Series 2024-INV2, Class B2

7.91% ^(1),(9)		08/26/69		550,000		550,533

Verus Securitization Trust Series 2025-12, Class B1

6.56% ^(1),(9)		12/25/70		3,090,000		3,071,097

Verus Securitization Trust Series 2025-6, Class B1

6.87% ^(1),(9)		07/25/70		2,250,000		2,256,061

Verus Securitization Trust Series 2025-7, Class M1

5.82% ^(1),(9)		08/25/70		4,144,000		4,139,537

Verus Securitization Trust Series 2025-INV1, Class B1

6.95% ^(1),(9)		02/25/70		1,750,000		1,773,799

Visio Trust Series 2023-1, Class B1

7.80% ^(1),(9)		03/25/58		900,000		897,571

Vista Point Securitization Trust Series 2024-CES2, Class A3

5.91% ⁽¹⁾		10/25/54		2,060,000		2,072,240

Vista Point Securitization Trust Series 2024-CES2, Class B1

7.50% ^(1),(9)		10/25/54		1,000,000		1,010,473

Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-2, Class 1A6

6.00%		03/25/36		16,771		16,680

Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-AR3, Class X3 (I/O)

1.15%		05/25/46		5,201,538		232,275

Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 1A1

6.00%		06/25/37		138,155		127,635

Wells Fargo Alternative Loan Trust Series 2007-PA5, Class 1A1

6.25%		11/25/37		233,289		201,318

Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR14, Class 2A3

6.49% ⁽⁹⁾		10/25/36		20,184		18,699

Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR4, Class 2A1

5.69% ⁽⁹⁾		04/25/36		4,025		4,014

Wells Fargo Mortgage-Backed Securities Trust Series 2007-7, Class A1

6.00%		06/25/37		1,123,140		1,057,225


Total Residential Mortgage-Backed Securities — Non-Agency

(Cost: $614,070,883)						593,860,127

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

BANK LOANS — 7.3%

Advertising — 0.1%

Advantage Sales & Marketing, Inc. 2026 First Out Term Loan

9.77% (1 mo. USD Term SOFR + 6.000%) ⁽²⁾

04/19/30

1,013,080

831,997

Neptune Bidco U.S., Inc. 2026 USD Term Loan B

8.77% (3 mo. USD Term SOFR + 5.000%) ⁽²⁾

02/03/33

900,000

883,184

Research Now Group, Inc. 2024 First Lien First Out Term Loan

8.91% (3 mo. USD Term SOFR + 5.000%) ⁽²⁾

07/15/28

453,621

447,043

2,162,224

Aerospace & Defense — 0.2%

HDI Aerospace Intermediate Holding III Corp. Term Loan B

7.42% (3 mo. USD Term SOFR + 3.750%) ⁽²⁾

02/11/32

811,800

816,533

PMI U.S. Bidco, Inc Delayed Draw Term Loan

0.00% ⁽¹²⁾

03/16/33

206,897

208,448

PMI U.S. Bidco, Inc Term Loan B

0.00% ⁽¹²⁾

03/16/33

1,293,103

1,302,802

TransDigm, Inc. 2023 Term Loan J

6.15% (1 mo. USD Term SOFR + 2.500%) ⁽²⁾

02/28/31

1,143,518

1,146,514

TransDigm, Inc. 2025 Term Loan M

6.15% (1 mo. USD Term SOFR + 2.500%) ⁽²⁾

08/19/32

1,459,264

1,463,401

4,937,698

Apparel — 0.1%

ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B

5.90% (1 mo. USD Term SOFR + 2.250%) ⁽²⁾

12/21/28

1,223,847

1,227,904

WH Borrower LLC 2025 Term Loan B

8.16% (3 mo. USD Term SOFR + 4.500%) ⁽²⁾

02/20/32

1,093,222

1,096,130

2,324,034

Auto Manufacturers — 0.0%

Allison Transmission, Inc. 2025 Incremental Term Loan B

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽²⁾

01/02/33

700,000

705,064

Issues

Maturity
Date

Principal
Amount

Value

Auto Parts & Equipment — 0.0%

First Brands Group LLC 2025 PIK DIP Roll-Up Term Loan B

10.66% (1 mo. USD Term SOFR + 7.000%) ⁽²⁾

06/29/26

287,147

1,130

Banks — 0.0%

Chrysaor Bidco SARL 2025 USD Term Loan B

6.92% (3 mo. USD Term SOFR + 3.250%) ⁽²⁾

10/30/31

995,006

1,001,230

Beverages — 0.2%

Arterra Wines Canada, Inc. 2020 Term Loan

7.46% (3 mo. USD Term SOFR + 3.500%) ⁽²⁾

11/24/27

1,440,368

1,415,608

Celsius Holdings, Inc. 2025 Term Loan B

5.95% (3 mo. USD Term SOFR + 2.250%) ⁽²⁾

04/01/32

416,936

419,586

Naked Juice LLC 2025 FLFO Term Loan

9.20% (3 mo. USD Term SOFR + 5.500%) ⁽²⁾

01/24/29

2,226,519

2,224,749

Naked Juice LLC 2025 FLSO Term Loan

7.05% (3 mo. USD Term SOFR + 3.250%) ⁽²⁾

01/24/29

48,878

27,808

Naked Juice LLC 2025 FLTO Term Loan

9.80% (3 mo. USD Term SOFR + 6.000%) ⁽²⁾

01/24/30

76,403

17,063

Pegasus BidCo BV 2025 USD Repriced Term Loan B

0.00% ⁽¹²⁾

07/12/29

1,500,000

1,508,910

Primo Brands Corp. 2026 Term Loan B

6.43% (3 mo. USD Term SOFR + 2.750%) ⁽²⁾

03/31/31

914,999

921,825

6,535,549

Biotechnology — 0.1%

BioMarin Pharmaceutical, Inc. Term Loan B

0.00% ⁽¹²⁾

04/27/33

1,500,000

1,506,097

Genmab AS Term Loan B

6.70% (3 mo. USD Term SOFR + 3.000%) ⁽²⁾

12/13/32

1,462,500

1,473,374

Grifols Worldwide Operations USA, Inc. 2026 USD Term Loan B

6.19% (6 mo. USD Term SOFR + 2.500%) ⁽²⁾

04/14/33

737,500

740,067

3,719,538

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Chemicals — 0.0%

Nouryon Finance BV 2024 USD Term Loan B2

6.94% (6 mo. USD Term SOFR + 3.250%) ⁽²⁾

04/03/28

994,962

990,923

Commercial Services — 0.8%

Albion Financing 3 SARL 2025 USD Term Loan

6.66% (3 mo. USD Term SOFR + 3.000%) ⁽²⁾

05/21/31

992,500

998,579

Allied Universal Holdco LLC 2025 USD Term Loan B

6.90% (1 mo. USD Term SOFR + 3.250%) ⁽²⁾

08/20/32

1,293,500

1,298,687

Amspec Parent LLC 2025 Term Loan

7.20% (3 mo. USD Term SOFR + 3.500%) ⁽²⁾

12/22/31

1,496,232

1,497,638

ASP Dream Acquisition Co. LLC Term Loan B

8.00% (1 mo. USD Term SOFR + 4.250%) ⁽²⁾

12/15/28

1,117,113

1,055,672

Belron Finance 2019 LLC 2026 Repriced Term Loan B

5.66% (3 mo. USD Term SOFR + 2.000%) ⁽²⁾

10/16/31

1,496,250

1,505,295

Berkeley Research Group LLC Term Loan B

6.95% (3 mo. USD Term SOFR + 3.250%) ⁽²⁾

05/01/32

885,833

869,445

CCRR Parent, Inc. Term Loan B

8.18% (3 mo. USD Term SOFR + 4.250%) ⁽²⁾

03/06/28

133,145

46,493

CCRR Parent, Inc. US Acquisition Facility

8.02% (3 mo. USD Term SOFR + 4.250%) ⁽²⁾

03/06/28

401,402

137,480

DTI Holdco, Inc. 2025 Term Loan B

7.65% (1 mo. USD Term SOFR + 4.000%) ⁽²⁾

04/26/29

1,012,937

922,193

Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan

7.20% (3 mo. USD Term SOFR + 3.500%) ⁽²⁾

07/06/29

1,493,214

1,503,487

Fugue Finance BV 2026 USD Term Loan B

5.92% (3 mo. USD Term SOFR + 2.250%) ⁽²⁾

01/09/32

1,005,818

1,004,057

Inspired Finco Holdings Ltd. 2026 USD Term Loan B

6.41% (3 mo. USD Term SOFR + 2.750%) ⁽²⁾

02/28/31

1,000,000

1,000,630

Issues

Maturity
Date

Principal
Amount

Value

Commercial Services (Continued)

Kelso Industries LLC Term Loan

9.40% (1 mo. USD Term SOFR + 5.750%) ⁽²⁾

12/30/29

114,103

KUEHG Corp. 2025 Term Loan

6.45% (3 mo. USD Term SOFR + 2.750%) ⁽²⁾

06/12/30

994,987

930,065

Lernen Bidco Ltd. 2025 USD Term Loan B3

7.41% (6 mo. USD Term SOFR + 3.500%) ⁽²⁾

10/27/31

995,006

975,106

Nuvei Technologies Corp. 2025 Repriced Term Loan B

6.15% (1 mo. USD Term SOFR + 2.500%) ⁽²⁾

11/17/31

1,337,509

1,322,636

Prime Security Services Borrower LLC 2025 Incremental Term Loan B

5.41% (1 mo. USD Term SOFR + 1.750%) ⁽²⁾

03/07/32

994,975

986,035

Priority Holdings LLC 2025 Term Loan B

7.40% (1 mo. USD Term SOFR + 3.750%) ⁽²⁾

08/02/32

1,490,424

1,450,555

Prometric Holdings, Inc. 2025 Term Loan B

7.40% (1 mo. USD Term SOFR + 3.750%) ⁽²⁾

06/25/32

1,493,747

1,495,846

Secretariat Advisors LLC 2025 Term Loan B

7.70% (3 mo. USD Term SOFR + 4.000%) ⁽²⁾

02/28/32

1,223,313

1,204,963

TTF Holdings LLC 2024 Term Loan

7.38% (6 mo. USD Term SOFR + 3.750%) ⁽²⁾

07/18/31

1,522,106

1,152,363

Valvoline, Inc. Term Loan B

5.66% (1 mo. USD Term SOFR + 2.000%) ⁽²⁾

12/01/32

657,392

660,988

Veritiv Corp. Term Loan B

7.70% (3 mo. USD Term SOFR + 4.000%) ⁽²⁾

12/02/30

562,402

545,792

XPLOR T1 LLC 2025 Term Loan

7.17% (3 mo. USD Term SOFR + 3.500%) ⁽²⁾

12/01/32

995,000

927,838

23,605,946

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

Computers — 0.3%

Access CIG LLC 2025 Term Loan

7.70% (1 mo. USD Term SOFR + 4.000%) ⁽²⁾

08/19/30

989,981

898,720

Cyberswift U.S. Finco LLC Term Loan B

7.68% (3 mo. USD Term SOFR + 4.000%) ⁽²⁾

10/08/32

1,000,000

982,080

McAfee LLC 2024 USD 1st Lien Term Loan B

6.65% (1 mo. USD Term SOFR + 3.000%) ⁽²⁾

03/01/29

1,177,319

1,040,456

NCR Atleos LLC 2025 Term Loan B

6.69% (3 mo. USD Term SOFR + 3.000%) ⁽²⁾

04/16/29

975,128

976,040

Peraton Corp. Term Loan B

7.51% (3 mo. USD Term SOFR + 3.750%) ⁽²⁾

02/01/28

689,132

590,810

Plano HoldCo, Inc. Term Loan B

7.20% (3 mo. USD Term SOFR + 3.500%) ⁽²⁾

10/02/31

991,861

807,538

Surf Holdings LLC 2025 Incremental Term Loan

7.27% (1 mo. USD Term SOFR + 3.500%) ⁽²⁾

03/05/27

1,488,165

1,444,451

Tempo Acquisition LLC 2025 Repriced Term Loan B

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽²⁾

08/31/28

1,089,722

810,328

7,550,423

Cosmetics/Personal Care — 0.1%

ACP Tara Holdings, Inc. 2025 Term Loan B

6.95% (3 mo. USD Term SOFR + 3.250%) ⁽²⁾

12/15/32

1,000,000

1,004,000

Opal Bidco SAS USD Term Loan B4

6.70% (3 mo. USD Term SOFR + 3.000%) ⁽²⁾

04/28/32

878,427

883,004

1,887,004

Distribution & Wholesale — 0.1%

BCPE Empire Holdings, Inc. 2025 Term Loan B

6.90% (1 mo. USD Term SOFR + 3.250%) ⁽²⁾

12/11/30

1,052,846

1,052,025

BCPE Empire Holdings, Inc. 2026 10th Amendment Term Loan

7.15% (1 mo. USD Term SOFR + 3.500%) ⁽²⁾

12/29/32

1,500,000

1,500,465

Issues

Maturity
Date

Principal
Amount

Value

Distribution & Wholesale (Continued)

Gloves Buyer, Inc. 2025 Term Loan

7.65% (1 mo. USD Term SOFR + 4.000%) ⁽²⁾

05/21/32

1,019,887

1,021,055

3,573,545

Diversified Financial Services — 0.2%

Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6

5.41% (1 mo. USD Term SOFR + 1.750%) ⁽²⁾

06/24/30

1,136,478

1,142,274

Blackhawk Network Holdings, Inc. 2026 Term Loan B

7.15% (1 mo. USD Term SOFR + 3.500%) ⁽²⁾

03/12/29

1,558,672

1,546,709

Corpay Technologies Operating Co. LLC 2025 Term Loan B

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽²⁾

11/05/32

997,500

998,358

Guggenheim Partners LLC 2024 Term Loan B

6.20% (3 mo. USD Term SOFR + 2.500%) ⁽²⁾

11/26/31

1,013,022

1,016,821

Jane Street Group LLC 2024 Term Loan B1

5.67% (3 mo. USD Term SOFR + 2.000%) ⁽²⁾

12/15/31

1,454,708

1,453,981

6,158,143

Electric — 0.2%

Alpha Generation LLC Term Loan B

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽²⁾

09/30/31

1,763,388

1,765,557

Astoria Energy LLC 2025 Term Loan B

5.95% (3 mo. USD Term SOFR + 2.250%) ⁽²⁾

06/23/32

1,485,627

1,492,707

Cornerstone Generation LLC Term Loan B

5.91% (3 mo. USD Term SOFR + 2.250%) ⁽²⁾

08/11/32

162,787

163,426

Potomac Energy Center LLC 2026 Term Loan B

6.41% (3 mo. USD Term SOFR + 2.750%) ⁽²⁾

08/05/32

232,828

234,865

South Field LLC 2025 1st Lien Term Loan B

6.70% (3 mo. USD Term SOFR + 3.000%) ⁽²⁾

08/29/31

343,048

344,978

South Field LLC 2025 1st Lien Term Loan C

6.70% (3 mo. USD Term SOFR + 3.000%) ⁽²⁾

08/29/31

21,453

21,573

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Electric (Continued)

Talen Energy Supply LLC 2023 Term Loan B

6.15% (3 mo. USD Term SOFR + 2.500%) ⁽²⁾

05/17/30

991,097

995,686

5,018,792

Electrical Components & Equipment — 0.1%

Pelican Products, Inc. 2021 Term Loan

8.21% (3 mo. USD Term SOFR + 4.250%) ⁽²⁾

12/29/28

2,147,697

2,038,132

Electronics — 0.1%

Coherent Corp. 2025 Term Loan B2

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽²⁾

07/02/29

241,897

242,804

LSF12 Crown U.S. Commercial Bidco LLC 2026 Term Loan B

6.66% (1 mo. USD Term SOFR + 3.000%) ⁽²⁾

12/02/31

904,401

910,619

TCP Sunbelt Acquisition Co. 2024 Term Loan B

7.92% (3 mo. USD Term SOFR + 4.250%) ⁽²⁾

10/24/31

1,044,438

1,045,743

2,199,166

Engineering & Construction — 0.1%

Astrion Group LLC 2024 Term Loan

8.70% (3 mo. USD Term SOFR + 5.000%) ⁽²⁾

08/29/31

1,488,693

1,185,990

Legence Holdings LLC 2025 Repriced Term Loan B

5.90% (1 mo. USD Term SOFR + 2.250%) ⁽²⁾

12/16/31

250,189

251,640

SBA Senior Finance II LLC 2024 Term Loan B

5.41% (1 mo. USD Term SOFR + 1.750%) ⁽²⁾

01/25/31

1,492,386

1,500,937

2,938,567

Entertainment — 0.6%

Allwyn Entertainment Financing U.S. LLC 2025 1st Lien Term Loan B

6.16% (3 mo. USD Term SOFR + 2.500%) ⁽²⁾

11/24/32

1,150,000

1,139,041

Betclic Everest Group SAS 2026 Term Loan B

0.00% ⁽¹²⁾

12/10/31

EUR

1,380,555

1,624,485

Churchill Downs, Inc. 2021 Incremental Term Loan B1

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽²⁾

03/17/28

994,764

997,251

Issues

Maturity
Date

Principal
Amount

Value

Entertainment (Continued)

City Football Group Ltd. 2024 Term Loan

7.43% (3 mo. USD Term SOFR + 3.500%) ⁽²⁾

07/22/30

1,449,556

DK Crown Holdings, Inc. 2025 Term Loan B

5.41% (1 mo. USD Term SOFR + 1.750%) ⁽²⁾

03/04/32

1,117,068

1,120,168

EOC Borrower LLC Term Loan A

7.40% (1 mo. USD Term SOFR + 3.750%) ⁽²⁾

03/24/28

426,719

427,788

EOC Borrower LLC Term Loan B

6.40% (1 mo. USD Term SOFR + 2.750%) ⁽²⁾

03/24/32

496,250

498,917

Flutter Financing BV 2024 Term Loan B

5.45% (3 mo. USD Term SOFR + 1.750%) ⁽²⁾

11/30/30

908,082

906,947

Great Canadian Gaming Corp. 2024 Term Loan B

8.44% (3 mo. USD Term SOFR + 4.750%) ⁽²⁾

11/01/29

2,000,000

1,955,000

GVC Holdings Gibraltar Ltd. 2025 Term Loan B6 (2029)

5.95% (3 mo. USD Term SOFR + 2.250%) ⁽²⁾

10/31/29

967,004

969,499

J&J Ventures Gaming LLC 2025 Repriced Term Loan B

7.15% (1 mo. USD Term SOFR + 3.500%) ⁽²⁾

04/26/30

992,932

988,588

Light and Wonder International, Inc. 2026 Term Loan B

5.65% (1 mo. USD Term SOFR + 2.000%) ⁽²⁾

04/16/29

1,500,000

1,502,812

Live Nation Entertainment, Inc. 2025 Term Loan B

5.66% (1 mo. USD Term SOFR + 2.000%) ⁽²⁾

10/21/32

997,500

999,994

PENN Entertainment, Inc. 2022 Term Loan B

6.15% (1 mo. USD Term SOFR + 2.500%) ⁽²⁾

05/03/29

994,832

1,000,035

TKO Worldwide Holdings LLC 2025 Term Loan

5.66% (3 mo. USD Term SOFR + 2.000%) ⁽²⁾

11/21/31

1,491,244

1,496,940

Voyager Parent LLC Repriced Term Loan B

7.95% (3 mo. USD Term SOFR + 4.250%) ⁽²⁾

07/01/32

1,423,918

1,426,161

18,503,182

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

Environmental Control — 0.1%

Action Environmental Group, Inc. 2023 Term Loan B

6.69% (3 mo. USD Term SOFR + 3.000%) ⁽²⁾

10/24/30

994,924

995,670

Heritage Environmental Services, Inc. 2026 Term Loan B

6.68% (3 mo. USD Term SOFR + 3.000%) ⁽²⁾

04/01/33

1,173,113

1,178,978

MIP V Waste Holdings LLC 2025 Term Loan B

6.41% (3 mo. USD Term SOFR + 2.750%) ⁽²⁾

08/20/32

992,500

998,083

3,172,731

Food — 0.3%

1440 Food Topco LLC Term Loan B

8.65% (1 mo. USD Term SOFR + 5.000%) ⁽²⁾

10/31/31

740,954

597,024

BCPE North Star U.S. HoldCo 2, Inc. Term Loan

7.77% (1 mo. USD Term SOFR + 4.000%) ⁽²⁾

06/09/28

1,489,356

1,486,333

C&S Wholesale Grocers, Inc. Term Loan B

8.70% (3 mo. USD Term SOFR + 5.000%) ⁽²⁾

09/20/30

1,587,846

1,550,134

Chobani LLC 2025 Term Loan B

5.90% (1 mo. USD Term SOFR + 2.250%) ⁽²⁾

10/28/32

997,500

1,004,268

Snacking Investments Bidco Pty. Ltd. 2025 Term Loan B

6.66% (3 mo. USD Term SOFR + 3.000%) ⁽²⁾

10/29/32

1,496,250

1,502,325

United Natural Foods, Inc. 2024 Term Loan

8.40% (1 mo. USD Term SOFR + 4.750%) ⁽²⁾

05/01/31

978,705

985,801

Upfield BV 2026 Term Loan B15

0.00% ⁽¹²⁾

10/31/30

1,498,744

1,477,012

8,602,897

Forest Products & Paper — 0.0%

Glatfelter Corp. Term Loan B

7.92% (3 mo. USD Term SOFR + 4.250%) ⁽²⁾

11/04/31

801,989

774,321

Health Care-Products — 0.2%

Antylia Scientific Term Loan

7.69% (3 mo. USD Term SOFR + 4.000%) ⁽²⁾

05/27/32

98,713

97,911

Issues

Maturity
Date

Principal
Amount

Value

Health Care-Products (Continued)

Hologic, Inc. 2026 USD Term Loan B

5.92% (3 mo. USD Term SOFR + 2.250%) ⁽²⁾

04/07/33

1,462,085

1,455,696

Medline Borrower LP 2025 Incremental Term Loan B

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽²⁾

10/23/30

1,496,231

1,503,779

Medline Borrower LP 2025 Term Loan B

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽²⁾

10/23/28

162,145

162,891

QuidelOrtho Corp. Term Loan

7.65% (1 mo. USD Term SOFR + 4.000%) ⁽²⁾

08/20/32

1,318,549

1,282,289

4,502,566

Health Care-Services — 0.4%

ADMI Corp. 2021 Incremental Term Loan B3

7.52% (1 mo. USD Term SOFR + 3.750%) ⁽²⁾

12/23/27

493,540

463,928

ADMI Corp. 2021 Term Loan B2

7.14% (1 mo. USD Term SOFR + 3.375%) ⁽²⁾

12/23/27

418,978

402,481

ADMI Corp. 2023 Term Loan B5

9.40% (1 mo. USD Term SOFR + 5.750%) ⁽²⁾

12/23/27

82,829

78,480

Charlotte Buyer, Inc. 2025 Repriced Term Loan B

7.90% (1 mo. USD Term SOFR + 4.250%) ⁽²⁾

02/11/28

1,491,088

1,490,976

Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B

7.91% (3 mo. USD Term SOFR + 4.250%) ⁽²⁾

03/30/29

997,409

953,563

Dermatology Intermediate Holdings III, Inc. 2023 Incremental Term Loan B

9.16% (3 mo. USD Term SOFR + 5.500%) ⁽²⁾

03/30/29

493,613

472,017

Heartland Dental LLC 2025 Term Loan

7.40% (1 mo. USD Term SOFR + 3.750%) ⁽²⁾

08/25/32

1,386,277

1,389,057

IQVIA, Inc. 2025 Incremental Term Loan B5

5.45% (3 mo. USD Term SOFR + 1.750%) ⁽²⁾

01/02/31

123,259

124,376

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Health Care-Services (Continued)

Lumexa Imaging, Inc. Term Loan B

6.70% (3 mo. USD Term SOFR + 3.000%) ⁽²⁾

12/17/32

1,496,250

1,504,898

ModivCare Buyer LLC Takeback Term Loan

8.70% (3 mo. USD Term SOFR + 5.000%) ⁽²⁾

12/30/32

1,117,360

1,010,278

NAPA Management Services Corp. Term Loan B

9.00% (1 mo. USD Term SOFR + 5.250%) ⁽²⁾

02/23/29

1,370,428

866,898

Pediatric Associates Holding Co. LLC 2021 Term Loan B

7.18% (3 mo. USD Term SOFR + 3.250%) ⁽²⁾

12/29/28

1,248,070

1,238,360

Star Parent, Inc. Term Loan B

7.70% (3 mo. USD Term SOFR + 4.000%) ⁽²⁾

09/27/30

1,483,112

1,485,433

U.S. Fertility Enterprises LLC 2025 Term Loan

7.15% (1 mo. USD Term SOFR + 3.500%) ⁽²⁾

12/30/32

1,302,632

1,310,285

12,791,030

Holding Companies — Diversified — 0.0%

GC Ferry Acquisition I, Inc. Term Loan

7.20% (3 mo. USD Term SOFR + 3.500%) ⁽²⁾

08/16/32

1,361,065

1,359,554

Household Products/Wares — 0.1%

Lavender Dutch BorrowerCo BV USD Term Loan

6.95% (3 mo. USD Term SOFR + 3.250%) ⁽²⁾

12/30/32

1,496,250

1,490,175

Insurance — 0.0%

Asurion LLC 2024 Term Loan B12

7.90% (1 mo. USD Term SOFR + 4.250%) ⁽²⁾

09/19/30

179,973

180,408

Internet — 0.3%

Arches Buyer, Inc. 2021 Term Loan B

7.00% (1 mo. USD Term SOFR + 3.250%) ⁽²⁾

12/06/27

1,490,255

1,490,441

Barracuda Networks, Inc. 2022 Term Loan

8.16% (3 mo. USD Term SOFR + 4.500%) ⁽²⁾

08/15/29

537,855

371,225

Delivery Hero SE 2024 USD Term Loan B

8.64% (3 mo. USD Term SOFR + 5.000%) ⁽²⁾

12/12/29

2,033,876

2,028,791

Issues

Maturity
Date

Principal
Amount

Value

Internet (Continued)

Magnite, Inc. 2025 Repriced Term Loan B

6.65% (1 mo. USD Term SOFR + 3.000%) ⁽²⁾

02/06/31

797,465

789,889

MH Sub I LLC 2023 Term Loan

7.90% (1 mo. USD Term SOFR + 4.250%) ⁽²⁾

05/03/28

799,153

738,397

MH Sub I LLC 2024 Term Loan B4

7.90% (1 mo. USD Term SOFR + 4.250%) ⁽²⁾

12/31/31

656,905

520,962

PUG LLC 2024 Extended Term Loan B

8.40% (1 mo. USD Term SOFR + 4.750%) ⁽²⁾

03/15/30

1,542,276

1,532,251

Red Ventures LLC 2024 Term Loan B

6.40% (1 mo. USD Term SOFR + 2.750%) ⁽²⁾

03/04/30

474,110

425,395

TripAdvisor, Inc. Term Loan

6.40% (1 mo. USD Term SOFR + 2.750%) ⁽²⁾

07/08/31

1,000,615

940,078

WatchGuard Technologies, Inc. Term Loan

8.90% (1 mo. USD Term SOFR + 5.250%) ⁽²⁾

07/02/29

1,493,553

1,383,404

10,220,833

Investment Companies — 0.0%

AAL Delaware Holdco, Inc. 2025 Term Loan

6.40% (1 mo. USD Term SOFR + 2.750%) ⁽²⁾

07/30/31

994,962

1,000,832

Leisure Time — 0.0%

Alterra Mountain Co. 2025 Term Loan B9

6.15% (1 mo. USD Term SOFR + 2.500%) ⁽²⁾

08/17/28

997,494

1,000,611

Lodging — 0.1%

Four Seasons Hotels Ltd. 2025 Term Loan B

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽²⁾

09/22/32

903,242

911,371

Hilton Domestic Operating Co., Inc. 2023 Term Loan B4

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽²⁾

11/08/30

924,611

930,145

Station Casinos LLC 2024 Term Loan B

5.65% (1 mo. USD Term SOFR + 2.000%) ⁽²⁾

03/14/31

1,493,652

1,499,216

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

Lodging (Continued)

Wyndham Hotels & Resorts, Inc. 2024 Term Loan

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽²⁾

05/24/30

994,937

1,002,399

4,343,131

Machinery-Construction & Mining — 0.2%

SGB-SMIT MidCo GmbH Term Loan B

0.00% ⁽¹²⁾

03/10/33

EUR

1,990,738

2,358,823

Tenaska Westmoreland Management LLC Term Loan B

5.88% (3 mo. USD Term SOFR + 2.250%) ⁽²⁾

02/18/33

1,500,000

1,505,625

Terex Corp. 2025 Term Loan

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽²⁾

10/08/31

994,987

1,001,520

WEC U.S. Holdings Ltd. 2024 Term Loan

5.66% (1 mo. USD Term SOFR + 2.000%) ⁽²⁾

01/27/31

1,604,094

1,609,387

6,475,355

Machinery-Diversified — 0.1%

Pro Mach Group, Inc. 2025 1st Lien Term Loan B

6.40% (1 mo. USD Term SOFR + 2.750%) ⁽²⁾

10/15/32

1,496,250

1,503,769

Media — 0.3%

Charter Communications Operating LLC 2024 Term Loan B5

5.94% (3 mo. USD Term SOFR + 2.250%) ⁽²⁾

12/15/31

3,149,465

3,151,276

Mission Broadcasting, Inc. 2021 Term Loan B

6.28% (1 mo. USD Term SOFR + 2.500%) ⁽²⁾

06/02/28

997,382

999,377

NEP Group, Inc. 2025 Term Loan B

8.15% (1 mo. USD Term SOFR + 4.500%) ⁽²⁾

10/17/31

500,000

452,378

Nexstar Broadcasting, Inc. 2025 Term Loan B5

6.16% (1 mo. USD Term SOFR + 2.500%) ⁽²⁾

06/28/32

992,500

992,639

Telenet Financing USD LLC 2020 USD Term Loan AR

5.77% (1 mo. USD Term SOFR + 2.000%) ⁽²⁾

04/28/28

500,000

498,297

Virgin Media Bristol LLC 2020 USD Term Loan Q

7.02% (1 mo. USD Term SOFR + 3.250%) ⁽²⁾

01/31/29

1,500,000

1,472,505

Issues

Maturity
Date

Principal
Amount

Value

Media (Continued)

Virgin Media Bristol LLC 2023 USD Term Loan Y

6.97% (6 mo. USD Term SOFR + 3.175%) ⁽²⁾

03/31/31

1,871,507

1,755,904

Ziggo Financing Partnership 2025 Term Loan B

6.91% (6 mo. USD Term SOFR + 3.220%) ⁽²⁾

01/15/33

1,000,000

993,250

10,315,626

Mining — 0.0%

American Rock Salt Co. LLC 2024 First Out Term Loan

10.77% (1 mo. USD Term SOFR + 7.000%) ⁽²⁾

06/09/28

180,252

181,469

Miscellaneous Manufacturers — 0.1%

Cleanova U.S. Holdings LLC 2025 Term Loan B

8.42% (3 mo. USD Term SOFR + 4.750%) ⁽²⁾

06/14/32

1,461,875

1,447,257

Plastipak Packaging, Inc. 2025 Term Loan B

6.15% (1 mo. USD Term SOFR + 2.500%) ⁽²⁾

09/24/32

995,000

993,547

2,440,804

Office/Business Equipment — 0.1%

Xerox Holdings Corp. 2023 Non-CoOp Term Loan

7.73% (6 mo. USD Term SOFR + 4.000%) ⁽²⁾

11/19/29

3,415,999

2,433,899

Oil & Gas — 0.0%

Liquid Tech Solutions LLC 2025 Term Loan

7.16% (1 mo. USD Term SOFR + 3.500%) ⁽²⁾

10/12/32

1,360,681

1,360,110

Packaging & Containers — 0.2%

Amneal Pharmaceuticals LLC 2026 Term Loan

6.65% (1 mo. USD Term SOFR + 3.000%) ⁽²⁾

08/01/32

995,000

1,000,597

Balcan Innovations, Inc. Term Loan B

8.40% (1 mo. USD Term SOFR + 4.750%) ⁽²⁾

10/18/31

575,254

386,858

Clydesdale Acquisition Holdings, Inc. Term Loan B

6.83% (1 mo. USD Term SOFR + 3.175%) ⁽²⁾

04/13/29

900,000

861,133

Dechra Pharmaceuticals Holdings Ltd. 2026 USD Term Loan B3

6.39% (6 mo. USD Term SOFR + 2.750%) ⁽²⁾

01/27/32

1,498,500

1,503,812

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Packaging & Containers (Continued)

LSF12 Pillar Investments SARL EUR Term Loan B

0.00% ⁽¹²⁾

04/30/33

EUR

1,929,176

2,252,856

6,005,256

Pharmaceuticals — 0.1%

Alkermes, Inc. 2026 Term Loan B

6.40% (1 mo. USD Term SOFR + 2.750%) ⁽²⁾

08/12/31

1,000,000

1,008,755

Elanco Animal Health, Inc. 2025 Term Loan B

5.41% (1 mo. USD Term SOFR + 1.750%) ⁽²⁾

10/31/32

997,500

1,001,709

Jazz Financing Lux SARL 2024 1st Lien Term Loan B2

5.90% (1 mo. USD Term SOFR + 2.250%) ⁽²⁾

05/05/28

875,923

880,973

Paradigm Parent LLC 1st Lien Term Loan

8.20% (3 mo. USD Term SOFR + 4.500%) ⁽²⁾

04/16/32

597,000

521,071

3,412,508

Pipelines — 0.2%

Calcasieu Pass Funding LLC 2026 Term Loan B

6.95% (6 mo. USD Term SOFR + 3.250%) ⁽²⁾

04/11/33

1,500,000

1,506,562

Colossus Acquireco LLC Term Loan B

5.38% (3 mo. USD Term SOFR + 1.750%) ⁽²⁾

07/30/32

995,000

996,244

Crescent Midstream Operating LLC Term Loan B

7.42% (3 mo. USD Term SOFR + 3.750%) ⁽²⁾

02/18/33

1,500,000

1,510,005

Freeport LNG Investments LLLP 2026 Term Loan B

6.93% (3 mo. USD Term SOFR + 3.250%) ⁽²⁾

02/11/33

1,500,000

1,504,222

ITT Holdings LLC 2026 Term Loan B

5.63% (1 mo. USD Term SOFR + 1.975%) ⁽²⁾

10/11/30

994,987

997,724

6,514,757

REIT — 0.1%

Healthpeak Properties, Inc. 2024 Term Loan A3

4.50% (3 mo. USD Term SOFR + 0.850%) ⁽²⁾

03/01/29

223,979

220,899

Healthpeak Properties, Inc. Term Loan A1

4.49% (1 mo. USD Term SOFR + 0.840%) ⁽²⁾

08/20/27

110,979

110,008

Issues

Maturity
Date

Principal
Amount

Value

REIT (Continued)

Healthpeak Properties, Inc. Term Loan A2

4.49% (1 mo. USD Term SOFR + 0.840%) ⁽²⁾

02/22/27

110,979

110,008

Invitation Homes Operating Partnership LP 2024 Term Loan

4.50% (1 mo. USD Term SOFR + 0.850%) ⁽²⁾

09/09/28

739,444

728,352

Iron Mountain, Inc. 2022 Term Loan A

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽²⁾

03/18/30

962,500

954,877

OEG Borrower LLC 2024 Term Loan B

7.19% (3 mo. USD Term SOFR + 3.500%) ⁽²⁾

06/30/31

994,950

1,002,412

Outfront Media Capital LLC 2025 Term Loan B

5.65% (1 mo. USD Term SOFR + 2.000%) ⁽²⁾

09/24/32

1,000,000

1,005,940

4,132,496

Retail — 0.4%

1011778 BC Unlimited Liability Co. 2024 Term Loan B6

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽²⁾

09/20/30

866,406

868,299

BW Gas & Convenience Holdings LLC 2021 Term Loan B

7.27% (1 mo. USD Term SOFR + 3.500%) ⁽²⁾

03/31/28

999,552

1,001,216

Dave & Buster’s, Inc. 2024 1st Lien Term Loan B

6.94% (3 mo. USD Term SOFR + 3.250%) ⁽²⁾

11/01/31

498,023

432,969

Lakeshore Intermediate LLC Term Loan

7.46% (3 mo. USD Term SOFR + 3.500%) ⁽²⁾

09/29/28

492,288

424,598

Men’s Wearhouse, Inc. 2026 Term Loan B

9.41% (3 mo. USD Term SOFR + 5.750%) ⁽²⁾

01/28/31

1,500,000

1,515,472

Michaels Cos., Inc. 2026 Term Loan B

8.67% (3 mo. USD Term SOFR + 5.000%) ⁽²⁾

03/15/33

1,400,000

1,387,897

Pacific Bells LLC 2024 Repriced Term Loan B

7.20% (3 mo. USD Term SOFR + 3.500%) ⁽²⁾

11/13/28

991,153

998,587

Peer Holding III BV 2025 USD Term Loan B

5.95% (3 mo. USD Term SOFR + 2.250%) ⁽²⁾

10/14/32

1,100,000

1,102,338

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

Retail (Continued)

Peer Holding III BV 2025 USD Term Loan B5B

6.20% (3 mo. USD Term SOFR + 2.500%) ⁽²⁾

07/01/31

1,717,749

1,724,620

Raising Cane’s Restaurants LLC 2025 Term Loan B

5.65% (1 mo. USD Term SOFR + 2.000%) ⁽²⁾

11/03/32

1,496,250

1,499,527

10,955,523

Software — 0.6%

Boxer Parent Co., Inc. 2025 USD Term Loan B

6.67% (3 mo. USD Term SOFR + 3.000%) ⁽²⁾

07/30/31

1,640,844

1,523,589

Cast & Crew Payroll LLC 2021 Incremental Term Loan

7.41% (3 mo. USD Term SOFR + 3.750%) ⁽²⁾

12/29/28

967,206

432,830

Cloud Software Group, Inc. 2025 Term Loan B (2031)

6.95% (3 mo. USD Term SOFR + 3.250%) ⁽²⁾

03/21/31

1,493,747

1,385,921

Cloudera, Inc. 2021 Term Loan

7.50% (1 mo. USD Term SOFR + 3.750%) ⁽²⁾

10/08/28

1,487,067

1,343,944

Darktrace PLC 1st Lien Term Loan

6.93% (3 mo. USD Term SOFR + 3.250%) ⁽²⁾

10/09/31

743,086

700,518

Dayforce, Inc. 2026 Term Loan

6.66% (3 mo. USD Term SOFR + 3.000%) ⁽²⁾

02/04/33

800,000

756,700

EagleView Technology Corp. 2025 Term Loan

10.20% (3 mo. USD Term SOFR + 6.500%) ⁽²⁾

08/14/28

206,013

187,618

Electronic Arts, Inc. Term Loan B

0.00% ⁽¹²⁾

03/24/33

614,066

614,988

EP Purchaser LLC 2023 Term Loan B

8.29% (3 mo. USD Term SOFR + 4.500%) ⁽²⁾

11/06/28

430,542

285,081

Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B

6.15% (1 mo. USD Term SOFR + 2.500%) ⁽²⁾

01/30/32

570,709

552,803

Mermaid Bidco, Inc. 2024 USD Term Loan B

6.91% (3 mo. USD Term SOFR + 3.250%) ⁽²⁾

07/03/31

1,789,131

1,755,585

Issues

Maturity
Date

Principal
Amount

Value

Software (Continued)

Planview Parent, Inc. 2024 1st Lien Term Loan

7.20% (3 mo. USD Term SOFR + 3.500%) ⁽²⁾

12/17/27

1,467,517

1,134,119

Playtika Holding Corp. 2021 Term Loan B1

6.52% (1 mo. USD Term SOFR + 2.750%) ⁽²⁾

03/13/28

241,106

232,459

Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B

6.95% (3 mo. USD Term SOFR + 3.250%) ⁽²⁾

10/26/30

1,493,684

1,180,010

Quartz Acquireco LLC 2025 Term Loan B

5.95% (3 mo. USD Term SOFR + 2.250%) ⁽²⁾

06/28/30

2,178,117

1,820,100

Renaissance Holding Corp. 2024 1st Lien Term Loan

7.66% (3 mo. USD Term SOFR + 4.000%) ⁽²⁾

04/05/30

2,078,823

1,420,283

SolarWinds Holdings, Inc. 2025 Term Loan

7.67% (3 mo. USD Term SOFR + 4.000%) ⁽²⁾

04/16/32

1,086,331

926,097

SonarSource Financing LLC Term Loan

8.18% (3 mo. USD Term SOFR + 4.500%) ⁽²⁾

12/19/30

867,685

793,931

Tuple U.S. Bidco LLC Term Loan B

7.38% (6 mo. USD Term SOFR + 3.750%) ⁽²⁾

01/18/33

1,250,000

1,225,000

18,271,576

Telecommunications — 0.1%

GOGO Intermediate Holdings LLC Term Loan B

7.52% (1 mo. USD Term SOFR + 3.750%) ⁽²⁾

04/30/28

1,275,273

1,146,356

Zayo Group Holdings, Inc. 2025 USD Term Loan

6.77% (1 mo. USD Term SOFR + 3.000%) ⁽²⁾

03/11/30

848,506

847,674

1,994,030

Total Bank Loans

(Cost: $227,542,731)

221,286,557

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

U.S. TREASURY SECURITIES — 1.4%

U.S. Treasury Notes

3.75%

04/30/28

26,701,000

26,632,683

3.88%

04/30/31

12,828,000

12,743,315

4.13%

02/15/36

3,761,000

3,682,107

Total U.S. Treasury Securities

(Cost: $43,113,201)

43,058,105

Total Fixed Income Securities

(Cost: $3,276,182,681)

3,238,091,598

CONVERTIBLE SECURITIES — 0.2%

CONVERTIBLE CORPORATE BONDS — 0.2%

Beverages — 0.0%

Davide Campari-Milano NV (Italy)

2.38% ⁽⁴⁾

01/17/29

EUR

1,500,000

1,721,374

Commercial Services — 0.0%

Worldline SA (France)

0.00% ^(4),(6)

07/30/26

EUR

486,606

582,973

Engineering & Construction — 0.1%

Cellnex Telecom SA

0.75% ⁽⁴⁾

11/20/31

EUR

1,800,000

1,897,827

Internet — 0.1%

Delivery Hero SE

1.50% ⁽⁴⁾

01/15/28

EUR

2,600,000

2,877,402

Total Convertible Corporate Bonds

(Cost: $6,944,699)

7,079,576

Total Convertible Securities

(Cost: $6,944,699)

7,079,576

Issues

Value

COMMON STOCK — 0.0%

Beverages — 0.0%

Luxco Co. Ltd. ⁽¹³⁾

5,862

120,513

Health Care-Services — 0.0%

ModivCare, Inc. ⁽¹³⁾

71,577

465,250

Packaging & Containers — 0.0%

Ardagh Holdings SA ⁽¹³⁾

32,376

210,444

Real Estate — 0.0%

China Aoyuan Group Ltd. ⁽¹³⁾

30,741

232

REIT — 0.0%

AGNC Investment Corp.

25,500

281,010

Software — 0.0%

Research Now Group LLC ⁽¹³⁾

506

1,476

Total Common Stock

(Cost: $1,655,945)

1,078,925


Issues			Shares		Value

WARRANTS — 0.0%

Cineworld Group PLC ^(5),(13)			$	152,713	$	2


Total Warrants

(Cost: $0)						2


INVESTMENT COMPANIES — 2.0%

TCW Private Asset Income Fund — I Class ⁽¹⁴⁾				5,995,430		59,834,393


Total Investment Companies

(Cost: $60,037,833)						59,834,393


MONEY MARKET INVESTMENTS — 4.0%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 3.60% ⁽¹⁵⁾				12,288,283		12,288,283


TCW Central Cash Fund, 3.69% ^(14),(15)				110,900,997		110,900,997


Total Money Market Investments

(Cost: $123,189,280)						123,189,280



Issues	Maturity Date		Principal Amount		Value

SHORT -TERM INVESTMENTS — 0.1%

Egypt Treasury Bills

0.00% ⁽⁶⁾		12/01/26	EGP	148,425,000		2,441,541


Total Short-Term Investments

(Cost: $2,777,537)						2,441,541


Total Investments (112.7%)

(Cost: $3,470,787,975)						3,431,715,315


Net Unrealized Appreciation (Depreciation) On Unfunded Commitments ⁽¹⁶⁾ (-0.0%)						(1,071	)

Liabilities In Excess Of Other Assets (-12.7%)					(385,902,285)


Net Assets (100.0%)					$	3,045,811,959

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

April 30, 2026


Forward Currency Exchange Contracts

Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for USD		Contracts at Value		Unrealized Appreciation (Depreciation)
BUY⁽¹⁷⁾
Bank of New York		EUR		4,169,597		06/26/26	$	4,913,588	$	4,905,272	$	(8,316	)
JP Morgan Chase Bank		EUR		745,567		06/26/26		876,056		877,113		1,057

							$	5,789,644	$	5,782,385	$	(7,259	)

SELL⁽¹⁸⁾
Goldman Sachs & Co.		AUD		27,597,227		06/26/26	$	18,979,992	$	19,849,103	$	(869,111	)
Bank of New York		AUD		1,243,125		06/26/26		855,912		894,108		(38,196	)
Bank of New York		CAD		6,027,798		06/26/26		4,380,659		4,448,004		(67,345	)
Bank of New York		EUR		4,106,935		06/26/26		4,821,065		4,831,553		(10,488	)
JP Morgan Chase Bank		EUR		2,065,297		06/26/26		2,423,113		2,429,694		(6,581	)
Bank of New York		EUR		11,170,366		06/26/26		12,929,842		13,141,240		(211,398	)
Goldman Sachs & Co.		EUR		91,926,176		06/26/26		106,329,629		108,145,416		(1,815,787	)
Bank of New York		GBP		1,897,535		06/26/26		2,546,810		2,581,785		(34,975	)
Goldman Sachs & Co.		GBP		37,641,860		06/26/26		50,110,726		51,215,490		(1,104,764	)

							$	203,377,748	$	207,536,393	$	(4,158,645	)


Futures Contracts

Number of Contracts	Type	Expiration Date		Notional Contract Value			Value			Net Unrealized Appreciation (Depreciation)
Long Futures
5,677	5-Year U.S. Treasury Note Futures		06/30/26	$	620,763,718		$	612,184,620		$	(8,579,098	)

				$	620,763,718		$	612,184,620		$	(8,579,098	)

Short Futures
143	10-Year Australian Bond Futures		06/15/26	$	(11,106,984	)	$	(11,022,445	)	$	84,539
1,847	10-Year U.S. Treasury Note Futures		06/18/26		(213,229,575	)		(208,451,266	)		4,778,309
113	2-Year U.S. Treasury Note Futures		06/30/26		(23,446,562	)		(23,405,125	)		41,437
319	3-Year Australian Bond Futures		06/15/26		(23,857,156	)		(23,740,918	)		116,238
56	30-Year Euro-Buxl Futures		06/08/26		(7,249,459	)		(7,162,643	)		86,816
28	5-Year Canadian Bond Futures		06/19/26		(2,368,401	)		(2,326,617	)		41,784
363	Euro Schatz Futures		06/08/26		(45,397,394	)		(45,053,184	)		344,210
219	Euro-Bobl Futures		06/08/26		(29,733,604	)		(29,674,031	)		59,573
187	Euro-Bund Futures		06/08/26		(28,088,086	)		(27,513,072	)		575,014
49	Long Gilt Futures		06/26/26		(6,110,743	)		(5,773,539	)		337,204
584	U.S. Ultra Long Bond Futures		06/18/26		(69,847,870	)		(67,178,250	)		2,669,620

				$	(460,435,834	)	$	(451,301,090	)	$	9,134,744


Centrally Cleared - Interest Rate Swap Agreements

Notional Amount	Expiration Date		Payment Made by Fund Frequency		Payment Made by Fund		Payment Received by Fund Frequency		Payment Received by Fund			Unrealized Appreciation (Depreciation)			Premium Paid			Value
GBP 147,415,000		03/20/28		Annual		12 - Month SONIA		Annual		3.933	%	$	(629,160	)	$	(758,616	)	$	(1,387,776	)

See accompanying Notes to Financial Statements.

TCW Flexible Income ETF

Fair Valuation Summary (Unaudited)

The following is a summary of the fair valuations according to the inputs used as of April 30, 2026 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Residential Mortgage-Backed Securities — Agency	$	—		$	707,596,698		$	—	$	707,596,698
Corporate Bonds		—			665,269,951			3,272,545		668,542,496
Residential Mortgage-Backed Securities — Non-Agency		—			593,860,127			—		593,860,127
Commercial Mortgage-Backed Securities — Non-Agency		—			519,314,746			—		519,314,746
Asset-Backed Securities		—			403,252,502			7,023,868		410,276,370
Bank Loans		—			221,286,557			—		221,286,557
Foreign Government Bonds		—			73,479,552			—		73,479,552
U.S. Treasury Securities		—			43,058,105			—		43,058,105
Commercial Mortgage-Backed Securities — Agency		—			676,947			—		676,947

Total Fixed Income Securities		—			3,227,795,185			10,296,413		3,238,091,598

Convertible Securities
Convertible Corporate Bonds		—			7,079,576			—		7,079,576
Equity Securities
Money Market Investments		123,189,280			—			—		123,189,280
Investment Companies		—			59,834,393			—		59,834,393
Common Stock		232			1,078,693			—		1,078,925
Warrants		—			—			2		2

Total Equity Securities		123,189,512			60,913,086			2		184,102,600

Short -Term Investments
Short-Term Investment		—			2,441,541			—		2,441,541
Net Unrealized Appreciation (Depreciation) on Unfunded Commitments		—			(1,071	)		—		(1,071	)

Total Investments	$	123,189,512		$	3,298,228,317		$	10,296,415	$	3,431,714,244

Asset Derivatives
Forward Currency Contracts
Foreign Currency Risk		—			1,057			—		1,057
Futures Contracts
Interest Rate Risk		9,134,744			—			—		9,134,744

Total	$	132,324,256		$	3,298,229,374		$	10,296,415	$	3,440,850,045

Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—		$	(4,166,961	)	$	—	$	(4,166,961	)
Futures Contracts
Interest Rate Risk		(8,579,098	)		—			—		(8,579,098	)
Swap Agreements
Interest Rate Risk		—			(1,387,776	)		—		(1,387,776	)

Total	$	(8,579,098	)	$	(5,554,737	)	$	—	$	(14,133,835	)

See accompanying Notes to Financial Statements.

TCW High Yield Bond ETF

Schedule of Investments (Unaudited)

April 30, 2026


Issues	Maturity Date		Principal Amount		Value

FIXED INCOME SECURITIES — 94.2% of Net Assets

CORPORATE BONDS — 88.5%

Advertising — 1.0%

Advantage Sales & Marketing, Inc.

9.00%⁽¹⁾		11/15/30	$	61,540	$	49,512

Clear Channel Outdoor Holdings, Inc.

7.13%⁽¹⁾		02/15/31		80,000		83,310

Neptune Bidco U.S., Inc.

10.38%⁽¹⁾		05/15/31		100,000		103,334

Outfront Media Capital LLC/Outfront Media Capital Corp.

4.63%⁽¹⁾		03/15/30		105,000		102,132


						338,288


Aerospace & Defense — 1.9%

TransDigm, Inc.

6.38%⁽¹⁾		03/01/29		277,000		282,997

6.38%⁽¹⁾		05/31/33		205,000		206,888

6.75%⁽¹⁾		01/31/34		45,000		46,243

6.88%⁽¹⁾		12/15/30		70,000		72,210


						608,338


Airlines — 1.0%

American Airlines, Inc./AAdvantage Loyalty IP Ltd.

5.75%⁽¹⁾		04/20/29		240,000		240,302

JetBlue Airways Corp./JetBlue Loyalty LP

9.88%⁽¹⁾		09/20/31		83,000		77,264


						317,566


Apparel — 0.5%

Crocs, Inc.

4.13% ⁽¹⁾		08/15/31		174,000		161,973


Auto Manufacturers — 0.4%

Allison Transmission, Inc.

3.75% ⁽¹⁾		01/30/31		100,000		94,018

Aston Martin Capital Holdings Ltd. (Jersey)

10.00% ⁽¹⁾		03/31/29		35,000		28,105


						122,123


Auto Parts & Equipment — 1.5%

Cyprium Corp./Cyprium Holdings Luxembourg SARL

6.38% ⁽¹⁾		04/15/34		200,000		199,908

IHO Verwaltungs GmbH (Germany) (7.38% Cash or 8.12% PIK)

7.38% ⁽¹⁾		05/15/33		114,000		115,988

ZF North America Capital, Inc. (Germany)

6.88% ⁽¹⁾		04/23/32		35,000		34,275

7.50% ⁽¹⁾		03/24/31		130,000		130,611


						480,782


Issues	Maturity Date		Principal Amount		Value

Banks — 0.5%

Citigroup, Inc.

6.63% (5 yr. CMT + 3.001%) ^(2),(3)		02/15/31	$	170,000	$	171,980


Beverages — 0.3%

Primo Water Holdings, Inc./Triton Water Holdings, Inc.

6.25% ⁽¹⁾		04/01/29		100,000		100,167


Biotechnology — 0.4%

Genmab AS/Genmab Finance LLC (Denmark)

6.25% ⁽¹⁾		12/15/32		125,000		128,302


Chemicals — 0.6%

SCIH Salt Holdings, Inc.

6.63% ⁽¹⁾		05/01/29		51,000		50,693

WR Grace Holdings LLC

7.00% ⁽¹⁾		08/01/33		90,000		89,943

7.38% ⁽¹⁾		03/01/31		60,000		60,679


						201,315


Commercial Services — 4.4%

ADT Security Corp.

5.88% ⁽¹⁾		10/15/33		130,000		128,162

Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxemburg)

7.00% ⁽¹⁾		05/21/30		155,000		160,062

Allied Universal Holdco LLC/Allied Universal Finance Corp.

6.88% ⁽¹⁾		06/15/30		130,000		133,829

Brink’s Co.

6.75% ⁽¹⁾		06/15/32		97,000		99,570

Carriage Services, Inc.

4.25% ⁽¹⁾		05/15/29		146,000		141,474

Garda World Security Corp. (Canada)

8.38% ⁽¹⁾		11/15/32		60,000		61,937

Grand Canyon University

5.13%		10/01/28		150,000		149,014

Herc Holdings, Inc.

7.25% ⁽¹⁾		06/15/33		166,000		173,890

Raven Acquisition Holdings LLC

6.88% ⁽¹⁾		11/15/31		115,000		113,990

Service Corp. International

5.75%		10/15/32		100,000		100,915

Upbound Group, Inc.

6.38% ⁽¹⁾		02/15/29		35,000		34,654

VT Topco, Inc.

8.50% ⁽¹⁾		08/15/30		124,000		127,012


						1,424,509


Computers — 0.5%

McAfee Corp.

7.38% ⁽¹⁾		02/15/30		45,000		36,492

See accompanying Notes to Financial Statements.

TCW High Yield Bond ETF

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Computers (Continued)

Science Applications International Corp.

5.88% ⁽¹⁾		11/01/33	$	140,000	$	138,162


						174,654


Cosmetics/Personal Care — 0.9%

Edgewell Personal Care Co.

4.13% ⁽¹⁾		04/01/29		140,000		133,846

Perrigo Finance Unlimited Co.

5.15%		06/15/30		30,000		28,469

6.13%		09/30/32		142,000		133,853


						296,168


Distribution & Wholesale — 0.4%

RB Global Holdings, Inc. (Canada)

6.75% ⁽¹⁾		03/15/28		137,000		138,985


Diversified Financial Services — 2.8%

GGAM Finance Ltd. (Ireland)

8.00% ⁽¹⁾		02/15/27		405,000		408,900

Jane Street Group/JSG Finance, Inc.

6.13% ⁽¹⁾		11/01/32		285,000		286,733

7.13% ⁽¹⁾		04/30/31		194,000		201,308


						896,941


Electric — 4.7%

Alliant Energy Corp.

5.75% (5 yr. CMT + 2.077%) ⁽²⁾		04/01/56		262,000		257,462

Alpha Generation LLC

6.25% ⁽¹⁾		01/15/34		130,000		129,106

6.75% ⁽¹⁾		10/15/32		105,000		107,544

American Electric Power Co., Inc.

6.05% (5 yr. CMT + 1.940%) ⁽²⁾		03/15/56		160,000		159,530

CenterPoint Energy, Inc.

5.95% (5 yr. CMT + 2.223%) ⁽²⁾		04/01/56		260,000		259,181

Dominion Energy, Inc.

6.20% (5 yr. CMT + 2.006%) ⁽²⁾		02/15/56		140,000		140,209

Entergy Corp.

5.88% (5 yr. CMT + 2.179%) ⁽²⁾		06/15/56		60,000		60,023

Southern Co.

6.00% (5 yr. CMT + 1.993%) ⁽²⁾		04/01/58		80,000		80,910

Vistra Operations Co. LLC

6.88% ⁽¹⁾		04/15/32		190,000		198,457

WEC Energy Group, Inc.

5.63% (5 yr. CMT + 1.905%) ⁽²⁾		05/15/56		140,000		139,091


						1,531,513


Issues	Maturity Date		Principal Amount		Value

Electrical Components & Equipment — 0.5%

Energizer Holdings, Inc.

6.00% ⁽¹⁾		09/15/33	$	177,000	$	169,322


Electronics — 0.6%

Coherent Corp.

5.00% ⁽¹⁾		12/15/29		65,000		64,354

Sensata Technologies, Inc.

6.63% ⁽¹⁾		07/15/32		136,000		140,302


						204,656


Engineering & Construction — 0.1%

Brand Industrial Services, Inc.

10.38% ⁽¹⁾		08/01/30		37,000		34,168


Entertainment — 5.1%

Banijay Entertainment SAS (France)

8.13% ⁽¹⁾		05/01/29		110,000		113,653

Brightstar Lottery PLC/Brightstar Global Solutions Corp. (United Kingdom)

5.75% ⁽¹⁾		01/15/33		55,000		53,886

Caesars Entertainment, Inc.

4.63% ⁽¹⁾		10/15/29		75,000		72,438

6.00% ⁽¹⁾		10/15/32		35,000		31,394

6.50% ⁽¹⁾		02/15/32		60,000		58,447

7.00% ⁽¹⁾		02/15/30		97,000		98,506

Churchill Downs, Inc.

6.75% ⁽¹⁾		05/01/31		33,000		33,776

Discovery Global Holdings, Inc.

5.05%		03/15/42		405,000		290,839

Great Canadian Gaming Corp./Raptor LLC (Canada)

8.75% ⁽¹⁾		11/15/29		90,000		87,815

Light & Wonder International, Inc.

6.25% ⁽¹⁾		10/01/33		205,000		203,797

Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada)

8.00% ⁽¹⁾		08/01/30		118,000		116,623

Rivers Enterprise Borrower LLC

6.25% ⁽¹⁾		10/15/30		140,000		142,563

Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.

6.63% ⁽¹⁾		02/01/33		98,000		100,039

Voyager Parent LLC

9.25% ⁽¹⁾		07/01/32		118,000		125,772

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.

6.25% ⁽¹⁾		03/15/33		141,000		141,740


						1,671,288


Environmental Control — 1.6%

GFL Environmental, Inc.

4.00% ⁽¹⁾		08/01/28		260,000		254,116

Luna 1.5 SARL (Luxemburg)

12.00% ⁽¹⁾		07/01/32		50,000		53,753

See accompanying Notes to Financial Statements.

TCW High Yield Bond ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

Environmental Control (Continued)

Waste Pro USA, Inc.

7.00% ⁽¹⁾

02/01/33

205,000

208,977

516,846

Food — 1.3%

Chobani LLC/Chobani Finance Corp., Inc.

6.38% ⁽¹⁾

04/15/34

115,000

117,472

Post Holdings, Inc.

6.38% ⁽¹⁾

03/01/33

201,000

201,123

Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed

4.63% ⁽¹⁾

03/01/29

108,000

104,350

422,945

Gas — 1.4%

AmeriGas Partners LP/AmeriGas Finance Corp.

9.50% ⁽¹⁾

06/01/30

112,000

119,432

NiSource, Inc.

5.75% (5 yr. CMT + 2.035%) ⁽²⁾

07/15/56

185,000

185,209

Northwest Natural Holding Co.

7.00% (5 yr. CMT + 2.701%) ⁽²⁾

09/15/55

145,000

149,962

454,603

Hand/Machine Tools — 0.4%

IMA Industria Macchine Automatiche SpA (Italy)

5.95% (3 mo. EUR EURIBOR + 3.750%) ^(1),(2)

04/15/29

EUR 100,000

118,364

Health Care-Products — 0.6%

Bausch & Lomb Corp.

8.38% ⁽¹⁾

10/01/28

83,000

85,867

Medline Borrower LP

5.25% ⁽¹⁾

10/01/29

104,000

103,552

189,419

Health Care-Services — 3.4%

CHS/Community Health Systems, Inc.

5.25% ⁽¹⁾

05/15/30

209,000

197,528

DaVita, Inc.

6.88% ⁽¹⁾

09/01/32

98,000

101,266

HealthEquity, Inc.

4.50% ⁽¹⁾

10/01/29

62,000

60,272

Heartland Dental LLC/Heartland Dental Finance Corp.

10.50% ⁽¹⁾

04/30/28

16,000

16,490

Kedrion SpA (Italy)

6.50% ⁽¹⁾

09/01/29

205,000

201,183

ModivCare, Inc.

0.00% ^{(1),(4),(5),(6)}

10/01/29

210,000

3,150


Issues	Maturity Date		Principal Amount		Value

Health Care-Services (Continued)

Molina Healthcare, Inc.

6.25% ⁽¹⁾		01/15/33	$	41,000	$	40,990

6.50% ⁽¹⁾		02/15/31		19,000		19,342

Star Parent, Inc.

9.00% ⁽¹⁾		10/01/30		23,000		24,098

Surgery Center Holdings, Inc.

7.25% ⁽¹⁾		04/15/32		138,000		137,901

Tenet Healthcare Corp.

6.75%		05/15/31		200,000		205,674

6.88%		11/15/31		96,000		102,292


						1,110,186


Home Builders — 0.5%

Installed Building Products, Inc.

5.63% ⁽¹⁾		02/01/34		175,000		174,179


Home Furnishings — 0.3%

Tempur Sealy International, Inc.

3.88% ⁽¹⁾		10/15/31		115,000		106,393


Household Products/Wares — 0.5%

Spectrum Brands, Inc.

3.88% ⁽¹⁾		03/15/31		193,000		169,242


Housewares — 1.1%

Central Garden & Pet Co.

4.13%		10/15/30		65,000		61,579

4.13% ⁽¹⁾		04/30/31		90,000		84,729

Newell Brands, Inc.

6.63%		05/15/32		125,000		121,420

7.38%		04/01/36		57,000		54,421

7.50%		04/01/46		45,000		38,760


						360,909


Insurance — 3.9%

Acrisure LLC/Acrisure Finance, Inc.

7.50% ⁽¹⁾		11/06/30		95,000		96,541

8.25% ⁽¹⁾		02/01/29		132,000		132,507

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer

7.00% ⁽¹⁾		01/15/31		169,000		172,350

7.38% ⁽¹⁾		10/01/32		130,000		127,878

AmWINS Group, Inc.

6.38% ⁽¹⁾		02/15/29		60,000		60,780

Ardonagh Finco Ltd.

7.75% ⁽¹⁾		02/15/31		125,000		127,562

Ardonagh Group Finance Ltd. (United Kingdom)

8.88% ⁽¹⁾		02/15/32		60,000		59,849

Asurion LLC/Asurion Co-Issuer, Inc.

8.00% ⁽¹⁾		12/31/32		80,000		83,701

8.38% ⁽¹⁾		02/01/34		50,000		49,398

See accompanying Notes to Financial Statements.

TCW High Yield Bond ETF

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Insurance (Continued)

Farmers Exchange Capital II

6.15% (3 mo. USD Term SOFR + 4.006%) ^(1),(2)		11/01/53	$	160,000	$	155,803

HUB International Ltd.

7.25% ⁽¹⁾		06/15/30		115,000		119,005

Panther Escrow Issuer LLC

7.13% ⁽¹⁾		06/01/31		70,000		70,405


						1,255,779


Internet — 1.7%

Getty Images, Inc.

10.50% ⁽¹⁾		11/15/30		45,000		39,936

11.25% ⁽¹⁾		02/21/30		82,500		73,527

ION Platform Finance U.S., Inc./ION Platform Finance SARL

8.75% ⁽¹⁾		05/01/29		140,000		130,266

Match Group Holdings II LLC

5.63% ⁽¹⁾		02/15/29		143,000		143,612

Snap, Inc.

6.88% ⁽¹⁾		03/01/33		171,000		166,682


						554,023


Investment Companies — 0.9%

Icahn Enterprises LP/Icahn Enterprises Finance Corp.

9.00%		06/15/30		45,000		43,441

9.75%		01/15/29		140,000		140,792

10.00% ⁽¹⁾		11/15/29		109,000		110,097


						294,330


Iron & Steel — 0.2%

Cleveland-Cliffs, Inc.

7.38% ⁽¹⁾		05/01/33		80,000		80,858


Leisure Time — 0.5%

Sabre Financial Borrower LLC

11.13% ⁽¹⁾		06/15/29		55,000		56,480

Sabre GLBL, Inc.

10.75% ⁽¹⁾		11/15/29		55,000		47,898

10.75% ⁽¹⁾		03/15/30		70,000		60,470


						164,848


Lodging — 1.8%

Hilton Domestic Operating Co., Inc.

5.88% ⁽¹⁾		04/01/29		158,000		160,305

MGM Resorts International

6.50%		04/15/32		75,000		76,073

Studio City Finance Ltd.

5.00% ⁽¹⁾		01/15/29		110,000		105,041

Wyndham Hotels & Resorts, Inc.

5.63% ⁽¹⁾		03/01/33		170,000		168,418


Issues	Maturity Date		Principal Amount		Value

Lodging (Continued)

Wynn Macau Ltd.

5.13% ⁽¹⁾		12/15/29	$	64,000	$	62,561


						572,398


Machinery-Diversified — 0.5%

Columbus McKinnon Corp.

7.13% ⁽¹⁾		02/01/33		53,000		53,361

Lsf12 Helix Parent LLC

7.13% ⁽¹⁾		02/01/33		120,000		117,227

Oregon Tool Lux LP

7.88% ⁽¹⁾		10/15/29		10,548		1,898


						172,486


Media — 10.2%

Belo Corp.

7.25%		09/15/27		160,000		164,131

CCO Holdings LLC/CCO Holdings Capital Corp.

5.38% ⁽¹⁾		06/01/29		449,000		442,296

7.38% ⁽¹⁾		02/01/36		304,000		298,288

CSC Holdings LLC

5.75% ⁽¹⁾		01/15/30		158,000		57,217

6.50% ⁽¹⁾		02/01/29		630,000		391,929

11.75% ⁽¹⁾		01/31/29		109,000		78,072

DirectTV Financing LLC/DirectTV Financing Co-Obligor, Inc.

10.00% ⁽¹⁾		02/15/31		107,000		111,385

DISH DBS Corp.

7.75%		07/01/26		210,000		209,622

DISH Network Corp.

11.75% ⁽¹⁾		11/15/27		105,000		108,374

EchoStar Corp.

10.75%		11/30/29		240,000		260,486

Gray Media, Inc.

10.50% ⁽¹⁾		07/15/29		51,000		54,179

Midcontinent Communications

8.00% ⁽¹⁾		08/15/32		129,000		121,807

Paramount Global

4.20%		06/01/29		75,000		72,286

4.95%		01/15/31		75,000		70,824

Sinclair Television Group, Inc.

4.38% ⁽¹⁾		12/31/32		50,000		38,863

8.13% ⁽¹⁾		02/15/33		90,000		93,262

Sirius XM Radio LLC

4.13% ⁽¹⁾		07/01/30		225,000		209,887

Univision Communications, Inc.

8.88% ⁽¹⁾		04/15/33		220,000		221,333

Virgin Media O2 Vendor Financing Notes VI DAC (Ireland)

8.50% ⁽¹⁾		03/15/33		74,000		66,649

VZ Secured Financing BV (Netherlands)

5.00% ⁽¹⁾		01/15/32		200,000		176,012

See accompanying Notes to Financial Statements.

100

TCW High Yield Bond ETF

April 30, 2026


Issues	Maturity Date		Principal Amount		Value

Media (Continued)

Ziggo Bonds Co. BV (Netherlands)

5.13% ⁽¹⁾		02/28/30	$	74,000	$	64,988


						3,311,890


Mining — 0.3%

Compass Minerals International, Inc.

8.00% ⁽¹⁾		07/01/30		100,000		104,500


Oil & Gas — 2.8%

Hilcorp Energy I LP/Hilcorp Finance Co.

6.88% ⁽¹⁾		05/15/34		84,000		84,508

Matador Resources Co.

6.00% ⁽¹⁾		04/15/34		120,000		120,551

6.25% ⁽¹⁾		04/15/33		102,000		103,792

SM Energy Co.

7.00%⁽¹⁾		08/01/32		78,000		80,109

9.63%⁽¹⁾		06/15/33		140,000		156,236

Sunoco LP

5.63% ⁽¹⁾		07/15/34		80,000		78,957

7.88% (5 yr. CMT + 4.230%) ^(1),(2),(3)		09/18/30		260,000		269,563


						893,716


Oil & Gas Services — 1.6%

Archrock Partners LP/Archrock Partners Finance Corp.

6.63% ⁽¹⁾		09/01/32		80,000		82,360

Archrock Services LP/Archrock Partners Finance Corp.

6.00% ⁽¹⁾		02/01/34		120,000		120,805

Kodiak Gas Services LLC

6.75% ⁽¹⁾		10/01/35		70,000		72,755

USA Compression Partners LP/USA Compression Finance Corp.

6.25% ⁽¹⁾		10/01/33		100,000		100,970

WBI Operating LLC

6.50% ⁽¹⁾		10/15/33		140,000		141,649


						518,539


Packaging & Containers — 0.6%

Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26

12.00% ⁽¹⁾		12/01/30		80,000		72,015

Graphic Packaging International LLC

6.38% ⁽¹⁾		07/15/32		130,000		130,037


						202,052


Pharmaceuticals — 2.9%

1261229 BC Ltd.

10.00% ⁽¹⁾		04/15/32		330,000		341,141

Amneal Pharmaceuticals LLC

6.88% ⁽¹⁾		08/01/32		31,000		32,235

CVS Health Corp.

6.75% (5 yr. CMT + 2.516%) ⁽²⁾		12/10/54		145,000		150,350


Issues	Maturity Date		Principal Amount		Value

Pharmaceuticals (Continued)

Grifols SA (Spain)

7.50% ⁽⁷⁾		05/01/30		EUR 135,000	$	164,828

Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc.

8.75% ⁽¹⁾		04/17/32		65,000		58,689

Teva Pharmaceutical Finance Netherlands III BV (Israel)

6.00%		12/01/32		174,000		181,313


						928,556


Pipelines — 5.0%

Buckeye Partners LP

6.75%		08/15/33		97,000		101,956

Energy Transfer LP

6.63% (3 mo. USD LIBOR + 4.155%) ^(2),(3)		02/15/28		240,000		242,294

Global Partners LP/GLP Finance Corp.

7.13% ⁽¹⁾		07/01/33		120,000		122,999

ITT Holdings LLC

6.50% ⁽¹⁾		08/01/29		155,000		152,825

NGL Energy Operating LLC/NGL Energy Finance Corp.

8.13% ⁽¹⁾		02/15/29		65,000		67,455

Rockies Express Pipeline LLC

4.95% ⁽¹⁾		07/15/29		63,000		62,360

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.

6.00% ⁽¹⁾		09/01/31		106,000		106,662

TransMontaigne Partners LLC

8.50% ⁽¹⁾		06/15/30		115,000		118,985

Venture Global Calcasieu Pass LLC

6.00% ⁽¹⁾		05/01/36		160,000		160,986

Venture Global LNG, Inc.

9.00% (5 yr. CMT + 5.440%) ^(1),(2),(3)		09/30/29		150,000		148,369

9.88% ⁽¹⁾		02/01/32		60,000		64,420

Venture Global Plaquemines LNG LLC

6.50% ⁽¹⁾		06/15/34		19,000		19,846

6.75% ⁽¹⁾		01/15/36		143,000		152,108

7.75% ⁽¹⁾		05/01/35		90,000		101,254


						1,622,519


Real Estate — 0.2%

Cushman & Wakefield U.S. Borrower LLC

8.88% ⁽¹⁾		09/01/31		54,000		56,859


REIT — 1.9%

GLP Capital LP/GLP Financing II, Inc. (REIT)

5.63%		03/01/36		165,000		162,002

Hudson Pacific Properties LP

5.95%		02/15/28		120,000		117,201

Iron Mountain, Inc.

6.25% ⁽¹⁾		01/15/33		205,000		207,876

See accompanying Notes to Financial Statements.

101

TCW High Yield Bond ETF

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

REIT (Continued)

RHP Hotel Properties LP/RHP Finance Corp. (REIT)

5.75% ⁽¹⁾		03/15/34	$	115,000	$	114,464


						601,543


Retail — 6.4%

1011778 BC ULC/New Red Finance, Inc. (Canada)

4.00% ⁽¹⁾		10/15/30		111,000		105,636

Asbury Automotive Group, Inc.

4.63% ⁽¹⁾		11/15/29		115,000		112,043

BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc.

9.50% ⁽¹⁾		07/01/32		150,000		129,665

Brinker International, Inc.

8.25% ⁽¹⁾		07/15/30		93,000		97,362

EG Global Finance PLC (United Kingdom)

12.00% ⁽¹⁾		11/30/28		35,000		37,364

Ferrellgas LP/Ferrellgas Finance Corp.

9.25% ⁽¹⁾		01/15/31		133,000		139,569

FirstCash, Inc.

6.88% ⁽¹⁾		03/01/32		236,000		241,971

LCM Investments Holdings II LLC

8.25% ⁽¹⁾		08/01/31		133,000		139,348

Lithia Motors, Inc.

5.50% ⁽¹⁾		10/01/30		60,000		59,734

Macy’s Retail Holdings LLC

7.38% ⁽¹⁾		08/01/33		82,000		85,236

Men’s Wearhouse LLC

9.00% ⁽¹⁾		02/01/31		50,000		52,929

Michaels Cos., Inc.

8.50% ⁽¹⁾		03/15/33		100,000		98,840

11.00% ⁽¹⁾		03/15/34		15,000		14,488

Murphy Oil USA, Inc.

3.75% ⁽¹⁾		02/15/31		100,000		93,483

Papa John’s International, Inc.

3.88% ⁽¹⁾		09/15/29		223,000		214,519

QXO Building Products, Inc.

6.75% ⁽¹⁾		04/30/32		115,000		117,404

Sally Holdings LLC/Sally Capital, Inc.

6.75%		04/01/32		98,000		101,018

Staples, Inc.

10.75% ⁽¹⁾		09/01/29		61,000		58,442

Suburban Propane Partners LP/Suburban Energy Finance Corp.

6.50% ⁽¹⁾		12/15/35		180,000		178,366


						2,077,417


Software — 3.2%

Cloud Software Group, Inc.

8.25% ⁽¹⁾		06/30/32		315,000		299,326

OAK-Eagle Acquireco, Inc.

7.25% ⁽¹⁾		07/01/33		90,000		92,712

Issues

Maturity
Date

Principal
Amount

Value

Software (Continued)

Open Text Corp. (Canada)

3.88% ⁽¹⁾

12/01/29

90,000

81,343

RingCentral, Inc.

8.50% ⁽¹⁾

08/15/30

31,000

32,380

Salesforce, Inc.

5.55%

03/15/36

115,000

114,720

SS&C Technologies, Inc.

6.50% ⁽¹⁾

06/01/32

110,000

111,410

UKG, Inc.

6.88% ⁽¹⁾

02/01/31

175,000

170,406

ZoomInfo Technologies LLC/ZoomInfo Finance Corp.

3.88% ⁽¹⁾

02/01/29

165,000

134,229

1,036,526

Telecommunications — 4.7%

Altice Financing SA (Luxembourg)

9.63% ⁽¹⁾

07/15/27

262,000

203,378

Altice France SA

6.50% ⁽¹⁾

04/15/32

106,367

104,740

6.88% ⁽¹⁾

07/15/32

40,000

39,396

APLD ComputeCo 2 LLC

6.75% ⁽¹⁾

03/15/31

48,000

47,613

Global Switch Finance BV (United Kingdom)

1.38% ⁽⁷⁾

10/07/30

EUR 115,000

124,960

Level 3 Financing, Inc.

6.88% ⁽¹⁾

06/30/33

210,000

217,052

Meridian Arc Holdco LLC

6.25% ⁽¹⁾

04/30/31

210,000

210,109

Road Michigan Property Owner I LLC

7.50% ⁽¹⁾

03/30/45

65,000

65,138

SV RNO Property Owner 1 LLC

5.88% ⁽¹⁾

03/01/31

146,000

143,737

Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC

8.63% ⁽¹⁾

06/15/32

95,000

99,557

Vmed O2 U.K. Financing I PLC (United Kingdom)

4.75% ⁽¹⁾

07/15/31

56,000

48,504

Windstream Services LLC/Windstream Escrow Finance Corp.

8.25% ⁽¹⁾

10/01/31

146,000

154,561

Zayo Group Holdings, Inc. (5.75% Cash or 0.50% PIK) due 3/29/27

9.25% ⁽¹⁾

03/09/30

71,998

72,091

1,530,836

Total Corporate Bonds

(Cost: $28,894,278)

28,775,799

BANK LOANS — 5.7%

Auto Parts & Equipment — 0.0%

First Brands Group LLC 2025 PIK DIP Roll-Up Term Loan B

10.66% (1 mo. USD Term SOFR + 7.000%) ⁽²⁾

06/29/26

110,826

436

See accompanying Notes to Financial Statements.

102

TCW High Yield Bond ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

Beverages — 0.8%

Naked Juice LLC 2025 FLFO Term Loan

9.20% (3 mo. USD Term SOFR + 5.500%) ⁽²⁾

01/24/29

250,000

249,801

Commercial Services — 0.1%

Kelso Industries LLC Term Loan

9.40% (1 mo. USD Term SOFR + 5.750%) ⁽²⁾

12/30/29

47,543

Electrical Components & Equipment — 0.2%

Pelican Products, Inc. 2021 Term Loan

8.21% (3 mo. USD Term SOFR + 4.250%) ⁽²⁾

12/29/28

59,380

56,351

Electronics — 0.2%

TCP Sunbelt Acquisition Co. 2024 Term Loan B

7.92% (3 mo. USD Term SOFR + 4.250%) ⁽²⁾

10/24/31

64,188

64,268

Engineering & Construction — 0.2%

Astrion Group LLC 2024 Term Loan

8.70% (3 mo. USD Term SOFR + 5.000%) ⁽²⁾

08/29/31

94,948

75,642

Health Care-Products — 0.3%

QuidelOrtho Corp. Term Loan

7.65% (1 mo. USD Term SOFR + 4.000%) ⁽²⁾

08/20/32

99,500

96,764

Health Care-Services — 0.7%

ADMI Corp. 2023 Term Loan B5

9.40% (1 mo. USD Term SOFR + 5.750%) ⁽²⁾

12/23/27

63,857

60,505

ModivCare Buyer LLC Takeback Term Loan

8.70% (3 mo. USD Term SOFR + 5.000%) ⁽²⁾

12/30/32

113,046

102,212

Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan

9.21% (3 mo. USD Term SOFR + 5.500%) ⁽²⁾

06/20/28

70,000

71,006

233,723

Internet — 0.8%

Barracuda Networks, Inc. 2022 Term Loan

8.16% (3 mo. USD Term SOFR + 4.500%) ⁽²⁾

08/15/29

34,287

23,665

Issues

Maturity
Date

Principal
Amount

Value

Internet (Continued)

Delivery Hero SE 2024 USD Term Loan B

8.64% (3 mo. USD Term SOFR + 5.000%) ⁽²⁾

12/12/29

124,488

124,176

MH Sub I LLC 2023 Term Loan

7.90% (1 mo. USD Term SOFR + 4.250%) ⁽²⁾

05/03/28

51,880

47,936

PUG LLC 2024 Extended Term Loan B

8.40% (1 mo. USD Term SOFR + 4.750%) ⁽²⁾

03/15/30

52,202

51,863

247,640

Media — 0.7%

Altice France SA 2025 USD Term Loan B14

10.55% (3 mo. USD Term SOFR + 6.875%) ⁽²⁾

05/31/31

117,979

120,403

Virgin Media Bristol LLC 2023 USD Term Loan Y

6.97% (6 mo. USD Term SOFR + 3.175%) ⁽²⁾

03/31/31

111,290

104,416

224,819

Office/Business Equipment — 0.3%

Xerox Holdings Corp. 2023 Non-CoOp Term Loan

7.73% (6 mo. USD Term SOFR + 4.000%) ⁽²⁾

11/19/29

150,228

107,037

Packaging & Containers — 0.2%

Sword Purchaser LLC USD Term Loan B

7.65% (1 mo. USD Term SOFR + 4.000%) ⁽²⁾

04/11/33

60,000

58,350

Pipelines — 0.4%

Venture Global Calcasieu Pass LLC Term Loan

0.00% ⁽⁸⁾

08/19/26

117,331

117,367

Software — 0.8%

Cast & Crew Payroll LLC 2021 Incremental Term Loan

7.41% (3 mo. USD Term SOFR + 3.750%) ⁽²⁾

12/29/28

79,584

35,614

Cloudera, Inc. 2021 Term Loan

7.50% (1 mo. USD Term SOFR + 3.750%) ⁽²⁾

10/08/28

54,173

48,959

Planview Parent, Inc. 2024 1st Lien Term Loan

7.20% (3 mo. USD Term SOFR + 3.500%) ⁽²⁾

12/17/27

79,697

61,591

See accompanying Notes to Financial Statements.

103

TCW High Yield Bond ETF

Fair Valuation Summary (Unaudited)

April 30, 2026

The following is a summary of the fair valuations according to the inputs used as of April 30, 2026 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Corporate Bonds	$	—	$	28,775,799		$	—	$	28,775,799
Bank Loans		—		1,836,678			—		1,836,678

Total Fixed Income Securities		—		30,612,477			—		30,612,477

Convertible Securities
Convertible Corporate Bonds		—		6,924			—		6,924
Equity Securities
Money Market Investments		902,687		—			—		902,687
Common Stock		—		166,965			—		166,965
Warrants		—		—			—		—

Total Equity Securities		902,687		166,965			—		1,069,652

Total Investments	$	902,687	$	30,786,366		$	—	$	31,689,053

Asset Derivatives
Futures Contracts
Interest Rate Risk		35,178		—			—		35,178

Total	$	937,865	$	30,786,366		$	—	$	31,724,231

Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(7,607	)	$	—	$	(7,607	)

Total	$	—	$	(7,607	)	$	—	$	(7,607	)

See accompanying Notes to Financial Statements.

107

TCW Multisector Credit Income ETF

Schedule of Investments (Unaudited)

Issues

Maturity
Date

Principal
Amount

Value

FIXED INCOME SECURITIES — 95.4% of Net Assets

CORPORATE BONDS — 44.7%

Advertising — 0.1%

Neptune Bidco U.S., Inc.

10.38% ⁽¹⁾

05/15/31

40,000

41,334

Airlines — 0.5%

American Airlines, Inc./AAdvantage Loyalty IP Ltd.

5.75% ⁽¹⁾

04/20/29

135,000

135,170

JetBlue Airways Corp./JetBlue Loyalty LP

9.88% ⁽¹⁾

09/20/31

75,000

69,817

204,987

Auto Manufacturers — 0.4%

Aston Martin Capital Holdings Ltd. (Jersey)

10.00% ⁽¹⁾

03/31/29

45,000

36,136

Volkswagen International Finance NV (Germany)

7.88% (9 yr.
EUR Swap +
4.783%)^(2),(3),(4)

09/06/32

EUR 100,000

131,019

167,155

Auto Parts & Equipment — 0.3%

IHO Verwaltungs GmbH (Germany) (7.38% Cash or 8.12% PIK)

7.38% ⁽¹⁾

05/15/33

100,000

101,744

Banks — 0.5%

Citigroup, Inc.

6.63% (5 yr.
CMT +
3.001%)^(3),(4)

02/15/31

210,000

212,446

Building Materials — 0.7%

Limak Cimento Sanayi ve Ticaret AS

9.75% ⁽²⁾

07/25/29

260,000

263,034

Chemicals — 0.6%

Orbia Advance Corp. SAB de CV

5.88% ⁽²⁾

09/17/44

253,000

197,150

WR Grace Holdings LLC

7.00% ⁽¹⁾

08/01/33

50,000

49,969

247,119

Coal — 0.7%

Indika Energy Tbk. PT

8.75% ⁽²⁾

05/07/29

270,000

274,973

Commercial Services — 1.6%

Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxemburg)

7.00% ⁽¹⁾

05/21/30

190,000

196,205

Carriage Services, Inc.

4.25% ⁽¹⁾

05/15/29

35,000

33,915

Kaspi.KZ JSC

5.90% ⁽¹⁾

04/28/31

200,000

199,688

Raven Acquisition Holdings LLC

6.88% ⁽¹⁾

11/15/31

100,000

99,122


Issues	Maturity Date		Principal Amount		Value

Commercial Services (Continued)

Upbound Group, Inc.

6.38% ⁽¹⁾		02/15/29	$	40,000	$	39,604

VT Topco, Inc.

8.50% ⁽¹⁾		08/15/30		65,000		66,579


						635,113


Cosmetics/Personal Care — 0.2%

Perrigo Finance Unlimited Co.

6.13%		09/30/32		75,000		70,697


Diversified Financial Services — 0.6%

Jane Street Group/JSG Finance, Inc.

6.13% ⁽¹⁾		11/01/32		125,000		125,760

7.13% ⁽¹⁾		04/30/31		119,000		123,483


						249,243


Electric — 6.0%

Alliant Energy Corp.

5.75% (5 yr. CMT + 2.077%)⁽⁴⁾		04/01/56		256,000		251,566

American Electric Power Co., Inc.

6.05% (5 yr. CMT + 1.940%)⁽⁴⁾		03/15/56		195,000		194,427

Aydem Yenilenebilir Enerji AS

9.88% ⁽²⁾		09/30/30		200,000		202,706

CenterPoint Energy, Inc.

5.95% (5 yr. CMT + 2.223%)⁽⁴⁾		04/01/56		253,000		252,203

Dominion Energy, Inc.

6.20% (5 yr. CMT + 2.006%)⁽⁴⁾		02/15/56		175,000		175,261

EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU

8.50% ⁽¹⁾		06/30/32		200,000		207,860

Entergy Corp.

5.88% (5 yr. CMT + 2.179%)⁽⁴⁾		06/15/56		75,000		75,029

Eskom Holdings

8.45% ⁽²⁾		08/10/28		200,000		211,032

FIEMEX Energia — Banco Actinver SA Institucion de Banca Multiple

7.25% ⁽¹⁾		01/31/41		198,101		205,362

Termocandelaria Power SA

7.75% ⁽¹⁾		09/17/31		263,000		270,943

Vistra Operations Co. LLC

6.88% ⁽¹⁾		04/15/32		95,000		99,228

WEC Energy Group, Inc.

5.63% (5 yr. CMT + 1.905%)⁽⁴⁾		05/15/56		210,000		208,637


						2,354,254

See accompanying Notes to Financial Statements.

108

TCW Multisector Credit Income ETF

April 30, 2026


Issues	Maturity Date		Principal Amount		Value

Engineering & Construction — 0.5%

IRB Infrastructure Developers Ltd. (India)

7.11% ⁽¹⁾		03/11/32	$	200,000	$	205,486


Entertainment — 1.9%

Banijay Entertainment SAS (France)

8.13% ⁽¹⁾		05/01/29		72,000		74,391

Brightstar Lottery PLC/Brightstar Global Solutions Corp. (United Kingdom)

5.75% ⁽¹⁾		01/15/33		60,000		58,785

Caesars Entertainment, Inc.

6.50% ⁽¹⁾		02/15/32		100,000		97,411

Discovery Global Holdings, Inc.

5.05%		03/15/42		190,000		136,443

Great Canadian Gaming Corp./Raptor LLC (Canada)

8.75% ⁽¹⁾		11/15/29		72,000		70,252

Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada)

8.00% ⁽¹⁾		08/01/30		118,000		116,623

Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.

6.63% ⁽¹⁾		02/01/33		125,000		127,601

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.

6.25% ⁽¹⁾		03/15/33		75,000		75,394


						756,900


Environmental Control — 0.5%

Luna 1.5 SARL (Luxemburg)

12.00% ⁽¹⁾		07/01/32		65,000		69,879

Waste Pro USA, Inc.

7.00% ⁽¹⁾		02/01/33		125,000		127,425


						197,304


Food — 0.4%

Post Holdings, Inc.

6.38% ⁽¹⁾		03/01/33		174,000		174,106


Gas — 1.2%

AmeriGas Partners LP/AmeriGas Finance Corp.

9.50% ⁽¹⁾		06/01/30		90,000		95,972

National Gas Transmission PLC (United Kingdom)

4.25% ⁽²⁾		04/05/30	EUR	100,000		120,350

NiSource, Inc.

5.75% (5 yr. CMT + 2.035%)⁽⁴⁾		07/15/56		255,000		255,288


						471,610


Health Care-Services — 1.5%

Kedrion SpA (Italy)

6.50% ⁽¹⁾		09/01/29		180,000		176,648

ModivCare, Inc.

0.00% ^{(1),(5),(6),(7)}		10/01/29		258,300		3,874

Molina Healthcare, Inc.

6.25% ⁽¹⁾		01/15/33		125,000		124,969

6.50% ⁽¹⁾		02/15/31		72,000		73,297


Issues	Maturity Date		Principal Amount		Value

Health Care-Services (Continued)

Star Parent, Inc.

9.00% ⁽¹⁾		10/01/30	$	132,000	$	138,302

Surgery Center Holdings, Inc.

7.25% ⁽¹⁾		04/15/32		73,000		72,947


						590,037


Household Products/Wares — 0.3%

Spectrum Brands, Inc.

3.88% ⁽¹⁾		03/15/31		142,000		124,520


Housewares — 0.3%

Newell Brands, Inc.

7.38%		04/01/36		125,000		119,344


Insurance — 1.9%

Acrisure LLC/Acrisure Finance, Inc.

7.50% ⁽¹⁾		11/06/30		162,000		164,628

8.25% ⁽¹⁾		02/01/29		72,000		72,276

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer

6.50% ⁽¹⁾		10/01/31		9,000		9,086

7.00% ⁽¹⁾		01/15/31		126,000		128,497

7.38% ⁽¹⁾		10/01/32		113,000		111,156

Ardonagh Finco Ltd.

7.75% ⁽¹⁾		02/15/31		135,000		137,768

Farmers Exchange Capital II

6.15% (3 mo. USD Term SOFR + 4.006%)^(1),(4)		11/01/53		120,000		116,852


						740,263


Internet — 1.1%

Cerved Group SpA (Italy)

7.40% (3 mo. EURIBOR + 5.250%)^(2),(4)		02/15/29	EUR	100,000		98,987

Getty Images, Inc.

10.50% ⁽¹⁾		11/15/30		20,000		17,749

11.25% ⁽¹⁾		02/21/30		155,000		138,141

Snap, Inc.

6.88% ⁽¹⁾		03/15/34		200,000		193,820


						448,697


Iron & Steel — 1.5%

CSN Resources SA

8.88% ⁽¹⁾		12/05/30		255,000		207,432

Samarco Mineracao SA (4.00% Cash or 5.00% PIK) due 12/31/26

9.50% ⁽¹⁾		06/30/31		390,031		391,240


						598,672


Leisure Time — 0.2%

Sabre Financial Borrower LLC

11.13% ⁽¹⁾		06/15/29		60,000		61,615

See accompanying Notes to Financial Statements.

109

TCW Multisector Credit Income ETF

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Lodging — 0.3%

Wyndham Hotels & Resorts, Inc.

5.63% ⁽¹⁾		03/01/33	$	100,000	$	99,069


Machinery-Diversified — 0.3%

Columbus McKinnon Corp.

7.13% ⁽¹⁾		02/01/33		60,000		60,409

Lsf12 Helix Parent LLC

7.13% ⁽¹⁾		02/01/33		60,000		58,614


						119,023


Media — 3.6%

CCO Holdings LLC/CCO Holdings Capital Corp.

7.38% ⁽¹⁾		02/01/36		275,000		269,833

Charter Communications Operating LLC/Charter

Communications Operating Capital

3.90%		06/01/52		55,000		34,616

CSC Holdings LLC

11.75% ⁽¹⁾		01/31/29		110,000		78,789

DISH DBS Corp.

7.75%		07/01/26		155,000		154,721

EchoStar Corp.

10.75%		11/30/29		85,000		92,256

Grupo Televisa SAB (Mexico)

8.50%		03/11/32		168,000		182,083

Midcontinent Communications

8.00% ⁽¹⁾		08/15/32		140,000		132,194

Sinclair Television Group, Inc.

4.38% ⁽¹⁾		12/31/32		100,000		77,727

Univision Communications, Inc.

8.88% ⁽¹⁾		04/15/33		95,000		95,576

Virgin Media O2 Vendor Financing Notes VI DAC (Ireland)

8.50% ⁽¹⁾		03/15/33		88,000		79,258

VZ Secured Financing BV (Netherlands)

5.00% ⁽¹⁾		01/15/32		226,000		198,893


						1,395,946


Municipal Bonds — 0.8%

Istanbul Metropolitan Municipality

10.50% ⁽¹⁾		12/06/28		296,000		320,834


Oil & Gas — 2.9%

Ecopetrol SA (Colombia)

5.88%		11/02/51		530,000		392,714

Gran Tierra Energy, Inc.

9.75% ⁽¹⁾		04/15/31		283,000		258,953

Petroleos Mexicanos

5.95%		01/28/31		199,000		194,903

Sunoco LP

7.88% (5 yr. CMT + 4.230%) ^(1),(3),(4)		09/18/30		287,000		297,556


						1,144,126


Issues	Maturity Date		Principal Amount		Value

Oil & Gas Services — 1.4%

Kodiak Gas Services LLC

6.75% ⁽¹⁾		10/01/35	$	25,000	$	25,984

USA Compression Partners LP/USA Compression Finance Corp.

6.25% ⁽¹⁾		10/01/33		125,000		126,212

WBI Operating LLC

6.50% ⁽¹⁾		10/15/33		70,000		70,825

Yinson Boronia Production BV (Brazil)

8.95% ⁽¹⁾		07/31/42		291,438		322,992


						546,013


Packaging & Containers — 0.6%

Ardagh Group SA

9.50% ⁽¹⁾		12/01/30		50,000		53,100

Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26

12.00% ⁽¹⁾		12/01/30		86,000		77,416

Graphic Packaging International LLC

6.38% ⁽¹⁾		07/15/32		95,000		95,027


						225,543


Pharmaceuticals — 0.5%

1261229 BC Ltd.

10.00% ⁽¹⁾		04/15/32		125,000		129,220

CVS Health Corp.

6.75% (5 yr. CMT + 2.516%)⁽⁴⁾		12/10/54		75,000		77,767


						206,987


Pipelines — 2.1%

Global Partners LP/GLP Finance Corp.

7.13% ⁽¹⁾		07/01/33		100,000		102,499

ITT Holdings LLC

6.50% ⁽¹⁾		08/01/29		140,000		138,036

NGL Energy Operating LLC/NGL Energy Finance Corp.

8.38% ⁽¹⁾		02/15/32		122,000		128,105

Venture Global LNG, Inc.

9.00% (5 yr. CMT + 5.440%)^(1),(3),(4)		09/30/29		205,000		202,772

9.88% ⁽¹⁾		02/01/32		38,000		40,799

Venture Global Plaquemines LNG LLC

6.75% ⁽¹⁾		01/15/36		187,000		198,910


						811,121


Real Estate — 0.5%

Port of Spain Waterfront Development

7.88% ⁽¹⁾		02/19/40		192,267		196,864


Regional (State & Province) — 0.3%

Provincia de Buenos Aires/Government Bonds

6.63% ⁽²⁾		09/01/37		168,097		129,718


REIT — 1.0%

GLP Capital LP/GLP Financing II, Inc. (REIT)

5.63%		03/01/36		140,000		137,456

See accompanying Notes to Financial Statements.

110

TCW Multisector Credit Income ETF

April 30, 2026


Issues	Maturity Date		Principal Amount		Value

REIT (Continued)

Hudson Pacific Properties LP

3.95%		11/01/27	$	199,000	$	192,521

Iron Mountain, Inc. (REIT)

5.63% ⁽¹⁾		07/15/32		76,000		75,498


						405,475


Retail — 2.6%

BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc.

9.50% ⁽¹⁾		07/01/32		175,000		151,275

Ferrellgas LP/Ferrellgas Finance Corp.

9.25% ⁽¹⁾		01/15/31		186,000		195,187

LCM Investments Holdings II LLC

8.25% ⁽¹⁾		08/01/31		117,000		122,584

Lithia Motors, Inc.

5.50% ⁽¹⁾		10/01/30		75,000		74,667

Men’s Wearhouse LLC

9.00% ⁽¹⁾		02/01/31		60,000		63,515

Michaels Cos., Inc.

8.50% ⁽¹⁾		03/15/33		120,000		118,608

11.00% ⁽¹⁾		03/15/34		20,000		19,318

Papa John’s International, Inc.

3.88% ⁽¹⁾		09/15/29		146,000		140,448

Suburban Propane Partners LP/Suburban Energy Finance Corp.

6.50% ⁽¹⁾		12/15/35		120,000		118,910


						1,004,512


Software — 1.2%

Salesforce, Inc.

5.55%		03/15/36		137,000		136,667

SS&C Technologies, Inc.

6.50% ⁽¹⁾		06/01/32		135,000		136,731

UKG, Inc.

6.88% ⁽¹⁾		02/01/31		140,000		136,325

ZoomInfo Technologies LLC/ZoomInfo Finance Corp.

3.88% ⁽¹⁾		02/01/29		81,000		65,894


						475,617


Telecommunications — 2.5%

Altice Financing SA (Luxembourg)

9.63% ⁽¹⁾		07/15/27		200,000		155,250

Altice France SA

9.50% ⁽¹⁾		11/01/29		123,717		126,389

Global Switch Finance BV (United Kingdom)

1.38% ⁽²⁾		10/07/30	EUR	100,000		108,661

Meridian Arc Holdco LLC

6.25% ⁽¹⁾		04/30/31		100,000		100,052

Telecom Argentina SA (Argentina)

9.50% ⁽¹⁾		07/18/31		251,000		268,066

Windstream Services LLC/Windstream Escrow Finance Corp.

8.25% ⁽¹⁾		10/01/31		125,000		132,330


Issues	Maturity Date		Principal Amount		Value

Telecommunications (Continued)

Zayo Group Holdings, Inc. (5.75% Cash or 0.50% PIK) due

3/29/27 9.25% ⁽¹⁾		03/09/30	$	80,204	$	80,307


						971,055


Water — 0.6%

Aegea Finance SARL

7.63% ⁽¹⁾		01/20/36		300,000		217,971


Total Corporate Bonds

(Cost: $17,722,304)						17,580,527


FOREIGN GOVERNMENT BONDS — 17.8%

Abu Dhabi Government International Bonds

5.00% ⁽¹⁾		04/30/34		300,000		307,515

5.50% ⁽¹⁾		04/30/54		425,000		414,401

Angola Government International Bonds

8.75% ⁽²⁾		04/14/32		370,000		385,684

Argentina Republic Government International Bonds

4.13%		07/09/35		266,529		199,071

Brazil Government International Bonds

7.13%		05/13/54		300,000		301,998

CBB International Sukuk Programme Co. WLL

5.88% ⁽¹⁾		06/05/32		159,000		154,643

5.88% ⁽²⁾		06/05/32		214,000		208,136

Colombia Government International Bonds

7.75%		11/07/36		318,000		335,881

Dominican Republic International Bonds

5.88% ⁽²⁾		01/30/60		305,000		265,588

Ecuador Government International Bonds

6.90% ⁽²⁾		07/31/35		239,849		222,587

Egypt Government International Bonds

7.30% ⁽²⁾		09/30/33		275,000		266,615

7.30% ⁽¹⁾		09/30/33		78,000		75,622

El Salvador Government International Bonds

9.50% ⁽²⁾		07/15/52		161,000		180,423

Gabon Government International Bonds

6.63% ⁽¹⁾		02/06/31		173,000		146,434

Ghana Government International Bonds

5.00% ⁽¹⁾		07/03/35		153,000		140,437

Hungary Government International Bonds

5.50% ⁽²⁾		03/26/36		200,000		200,450

6.75% ⁽²⁾		09/23/55		200,000		213,814

Ivory Coast Government International Bonds

6.13% ⁽¹⁾		06/15/33		288,000		281,148

Nigeria Government International Bonds

7.70% ⁽¹⁾		02/23/38		321,000		329,532

Oman Government International Bonds

6.75% ⁽¹⁾		01/17/48		180,000		196,330

Pakistan Government International Bonds

8.88% ⁽¹⁾		04/08/51		82,000		77,195

Panama Government International Bonds

6.40%		02/14/35		210,000		224,536

See accompanying Notes to Financial Statements.

111

TCW Multisector Credit Income ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

FOREIGN GOVERNMENT BONDS (Continued)

Republic of Kenya Government International Bonds

7.88% ⁽²⁾

10/09/33

400,000

381,892

Romania Government International Bonds

6.38% ⁽²⁾

01/30/34

432,000

436,942

7.63% ⁽²⁾

01/17/53

186,000

198,339

Saudi Government International Bonds

5.00% ⁽²⁾

01/18/53

390,000

336,227

5.00% ⁽¹⁾

01/18/53

92,000

79,315

Senegal Government International Bonds

6.25% ⁽¹⁾

05/23/33

221,000

124,735

Sri Lanka Government International Bonds

3.10% ⁽²⁾

01/15/30

141,000

134,503

Ukraine Government International Bonds

3.00% ⁽²⁾

02/01/36

350,000

178,777

Total Foreign Government Bonds

(Cost: $6,736,789)

6,998,770

ASSET-BACKED SECURITIES — 3.1%

Bear Mountain Park CLO Ltd. Series 2022-1A, Class BR

5.42% (3 mo. USD Term SOFR + 1.750%)^(1),(4)

07/15/37

225,000

225,354

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

4.76% (3 mo. USD Term SOFR + 1.080%)^(1),(4)

10/20/34

250,000

250,272

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

5.68% (3 mo. USD Term SOFR + 2.000%)^(1),(4)

04/20/37

250,000

250,521

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

4.77% (3 mo. USD Term SOFR + 1.090%)^(1),(4)

01/20/36

250,000

250,053

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

4.83% (3 mo. USD Term SOFR + 1.150%)^(1),(4)

10/20/34

250,000

250,189

Total Asset-Backed Securities

(Cost: $1,242,034)

1,226,389

BANK LOANS — 29.8%

Advertising — 0.2%

Neptune Bidco U.S., Inc. 2026 USD Term Loan B

8.77% (3 mo. USD Term SOFR + 5.000%)⁽⁴⁾

02/03/33

100,000

98,131

Aerospace & Defense — 1.5%

Air Comm Corp. LLC 2025 Term Loan

6.42% (3 mo. USD Term SOFR + 2.750%)⁽⁴⁾

12/11/31

236,100

237,354

Issues

Maturity
Date

Principal
Amount

Value

Aerospace & Defense (Continued)

HDI Aerospace Intermediate Holding III Corp. Term Loan B

7.42% (3 mo. USD Term SOFR + 3.750%)⁽⁴⁾

02/11/32

99,000

99,577

TransDigm, Inc. 2025 Term Loan M

6.15% (1 mo. USD Term SOFR + 2.500%)⁽⁴⁾

08/19/32

248,750

249,456

586,387

Airlines — 0.6%

Air Canada 2024 Term Loan B

5.41% (3 mo. USD Term SOFR + 1.750%)⁽⁴⁾

03/21/31

246,233

246,325

Auto Parts & Equipment — 0.0%

First Brands Group LLC 2025 PIK DIP Roll-Up Term Loan B

10.66% (1 mo. USD Term SOFR + 7.000%)⁽⁴⁾

06/29/26

99,720

392

Beverages — 0.8%

Arterra Wines Canada, Inc. 2020 Term Loan

7.46% (3 mo. USD Term SOFR + 3.500%)⁽⁴⁾

11/24/27

99,737

98,022

Celsius Holdings, Inc. 2025 Term Loan B

5.95% (3 mo. USD Term SOFR + 2.250%)⁽⁴⁾

04/01/32

96,736

97,351

Primo Brands Corp. 2026 Term Loan B

6.43% (3 mo. USD Term SOFR + 2.750%)⁽⁴⁾

03/31/31

100,000

100,746

296,119

Biotechnology — 0.2%

Genmab AS Term Loan B

6.70% (3 mo. USD Term SOFR + 3.000%)⁽⁴⁾

12/13/32

97,500

98,225

Commercial Services — 3.0%

Amspec Parent LLC 2025 Term Loan

7.20% (3 mo. USD Term SOFR + 3.500%)⁽⁴⁾

12/22/31

99,749

99,843

ASP Dream Acquisition Co. LLC Term Loan B

8.00% (1 mo. USD Term SOFR + 4.250%)⁽⁴⁾

12/15/28

246,787

233,213

Fugue Finance BV 2026 USD Term Loan B

5.92% (3 mo. USD Term SOFR + 2.250%)⁽⁴⁾

01/09/32

166,991

166,699

See accompanying Notes to Financial Statements.

112

TCW Multisector Credit Income ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

Commercial Services (Continued)

Jupiter Buyer, Inc. 2024 Term Loan B

7.70% (3 mo. USD Term SOFR + 4.000%)⁽⁴⁾

11/01/31

221,899

223,147

Nuvei Technologies Corp. 2025 Repriced Term Loan B

6.15% (1 mo. USD
Term SOFR + 2.500%)⁽⁴⁾

11/17/31

99,749

98,639

Priority Holdings LLC 2025 Term Loan B

7.40% (1 mo. USD Term SOFR + 3.750%)⁽⁴⁾

08/02/32

243,160

236,656

Trans Union LLC 2024 Term Loan B9

5.40% (1 mo. USD Term SOFR + 1.750%)⁽⁴⁾

06/24/31

123,438

123,592

1,181,789

Computers — 0.7%

Surf Holdings LLC 2025 Incremental Term Loan

7.27% (1 mo. USD
Term SOFR + 3.500%)⁽⁴⁾

03/05/27

246,730

239,482

Tempo Acquisition LLC 2025 Repriced Term Loan B

5.40% (1 mo. USD Term SOFR + 1.750%)⁽⁴⁾

08/31/28

49,874

37,087

276,569

Cosmetics/Personal Care — 0.3%

Opal Bidco SAS USD Term Loan B4

6.70% (3 mo. USD Term SOFR + 3.000%)⁽⁴⁾

04/28/32

124,375

125,023

Distribution & Wholesale — 0.6%

BCPE Empire Holdings, Inc. 2026 10th Amendment Term Loan

7.15% (1 mo. USD Term SOFR + 3.500%)⁽⁴⁾

12/29/32

150,000

150,046

Gloves Buyer, Inc. 2025 Term Loan

7.65% (1 mo. USD Term SOFR + 4.000%)⁽⁴⁾

05/21/32

99,500

99,614

249,660

Diversified Financial Services — 1.9%

Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6

5.41% (1 mo. USD
Term SOFR + 1.750%)⁽⁴⁾

06/24/30

345,625

347,387

Blackhawk Network Holdings, Inc. 2026 Term Loan B

7.15% (1 mo. USD
Term SOFR + 3.500%)⁽⁴⁾

03/12/29

172,384

171,061

Issues

Maturity
Date

Principal
Amount

Value

Diversified Financial Services (Continued)

Guggenheim Partners LLC 2024 Term Loan B

6.20% (3 mo. USD Term SOFR + 2.500%)⁽⁴⁾

11/26/31

246,875

247,801

766,249

Electric — 1.1%

Potomac Energy Center LLC 2026 Term Loan B

6.41% (3 mo. USD Term SOFR + 2.750%)⁽⁴⁾

08/05/32

114,999

116,005

South Field LLC 2025 1st Lien Term Loan B

6.70% (3 mo. USD Term SOFR + 3.000%) ⁽⁴⁾

08/29/31

286,170

287,780

South Field LLC 2025 1st Lien Term Loan C

6.70% (3 mo. USD Term SOFR + 3.000%)⁽⁴⁾

08/29/31

17,896

17,996

421,781

Electrical Components & Equipment — 0.6%

Pelican Products, Inc. 2021 Term Loan

8.21% (3 mo. USD Term SOFR + 4.250%)⁽⁴⁾

12/29/28

248,701

236,014

Electronics — 0.9%

TCP Sunbelt Acquisition Co. 2024 Term Loan B

7.92% (3 mo. USD Term SOFR + 4.250%)⁽⁴⁾

10/24/31

345,625

346,057

Engineering & Construction — 1.0%

Astrion Group LLC 2024 Term Loan

8.70% (3 mo. USD Term SOFR + 5.000%)⁽⁴⁾

08/29/31

204,560

162,966

Holding Socotec SAS 2026 USD Term Loan B

6.38% (3 mo. USD Term SOFR + 2.750%)⁽⁴⁾

06/02/31

123,750

124,078

Legence Holdings LLC 2025 Repriced Term Loan B

5.90% (1 mo. USD Term SOFR + 2.250%)⁽⁴⁾

12/16/31

124,772

125,496

412,540

Entertainment — 1.3%

City Football Group Ltd. 2024 Term Loan

7.43% (3 mo. USD Term SOFR + 3.500%)⁽⁴⁾

07/22/30

99,746

Great Canadian Gaming Corp. 2024 Term Loan B

8.44% (3 mo.USD Term SOFR + 4.750%)⁽⁴⁾

11/01/29

125,000

122,187

See accompanying Notes to Financial Statements.

113

TCW Multisector Credit Income ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Entertainment (Continued)

TKO Worldwide Holdings LLC 2025 Term Loan

5.66% (3 mo. USD Term SOFR + 2.000%)⁽⁴⁾

11/21/31

149,623

150,195

Voyager Parent LLC Repriced Term Loan B

7.95% (3 mo. USD Term SOFR + 4.250%)⁽⁴⁾

07/01/32

124,376

124,572

496,700

Environmental Control — 0.3%

Heritage Environmental Services, Inc. 2026 Term Loan B

6.68% (3 mo. USD Term SOFR + 3.000%)⁽⁴⁾

04/01/33

100,000

100,500

Food — 1.4%

1440 Food Topco LLC Term Loan B

8.65% (1 mo. USD Term SOFR + 5.000%)⁽⁴⁾

10/31/31

123,492

99,504

BCPE North Star U.S. HoldCo 2, Inc. Term Loan

7.77% (1 mo. USD Term SOFR + 4.000%)⁽⁴⁾

06/09/28

147,682

147,382

United Natural Foods, Inc. 2024 Term Loan

8.40% (1 mo. USD Term SOFR + 4.750%)⁽⁴⁾

05/01/31

186,744

188,098

Upfield BV 2026 Term Loan B15

0.00% ⁽⁸⁾

10/31/30

100,000

98,550

533,534

Forest Products & Paper — 0.5%

Glatfelter Corp. Term Loan B

7.92% (3 mo. USD Term SOFR + 4.250%)⁽⁴⁾

11/04/31

224,865

217,107

Health Care-Products — 0.6%

Hologic, Inc. 2026 USD Term Loan B

5.92% (3 mo. USD Term SOFR + 2.250%)⁽⁴⁾

04/07/33

100,000

99,563

QuidelOrtho Corp. Term Loan A

5.90% (1 mo. USD Term SOFR + 2.250%)⁽⁴⁾

08/21/30

148,101

140,696

240,259

Health Care-Services — 1.4%

Charlotte Buyer, Inc. 2025 Repriced Term Loan B

7.90% (1 mo. USD Term SOFR + 4.250%)⁽⁴⁾

02/11/28

99,747

99,740

Issues

Maturity
Date

Principal
Amount

Value

Health Care-Services (Continued)

Dermatology Intermediate Holdings III, Inc. 2023 Incremental Term Loan B

9.16% (3 mo. USD Term SOFR + 5.500%)⁽⁴⁾

03/30/29

121,866

116,534

Heartland Dental LLC 2025 Term Loan

7.40% (1 mo. USD Term SOFR + 3.750%)⁽⁴⁾

08/25/32

248,125

248,623

ModivCare Buyer LLC Takeback Term Loan

8.70% (3 mo. USD Term SOFR + 5.000%)⁽⁴⁾

12/30/32

75,901

68,627

533,524

Holding Companies—Diversified — 0.3%

GC Ferry Acquisition I, Inc. Term Loan

7.20% (3 mo. USD Term SOFR + 3.500%)⁽⁴⁾

08/16/32

106,504

106,386

Household Products/Wares — 0.3%

Lavender Dutch BorrowerCo BV USD Term Loan

6.95% (3 mo. USD Term SOFR + 3.250%)⁽⁴⁾

12/30/32

99,750

99,345

Insurance — 0.3%

Asurion LLC 2026 Term Loan B14

7.41% (3 mo. USD Term SOFR + 3.750%)⁽⁴⁾

02/23/33

130,000

128,118

Internet — 3.0%

Arches Buyer, Inc. 2021 Term Loan B

7.00% (1 mo. USD Term SOFR + 3.250%)⁽⁴⁾

12/06/27

48,315

48,321

Delivery Hero SE 2024 USD Term Loan B

8.64% (3 mo. USD Term SOFR + 5.000%)⁽⁴⁾

12/12/29

344,724

343,862

Magnite, Inc. 2025 Repriced Term Loan B

6.65% (1 mo. USD Term SOFR + 3.000%)⁽⁴⁾

02/06/31

280,214

277,552

MH Sub I LLC 2023 Term Loan

7.90% (1 mo. USD Term SOFR + 4.250%)⁽⁴⁾

05/03/28

205,945

190,287

PUG LLC 2024 Extended Term Loan B

8.40% (1 mo. USD Term SOFR + 4.750%)⁽⁴⁾

03/15/30

108,755

108,048

TripAdvisor, Inc. Term Loan

6.40% (1 mo. USD Term SOFR + 2.750%)⁽⁴⁾

07/08/31

123,434

115,966

See accompanying Notes to Financial Statements.

114

TCW Multisector Credit Income ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

Internet (Continued)

WatchGuard Technologies, Inc. Term Loan

8.90% (1 mo. USD Term SOFR + 5.250%)⁽⁴⁾

07/02/29

99,742

92,386

1,176,422

Machinery-Construction & Mining — 0.6%

WEC U.S. Holdings Ltd. 2024 Term Loan

5.66% (1 mo. USD Term SOFR + 2.000%)⁽⁴⁾

01/27/31

246,241

247,053

Media — 0.7%

Charter Communications Operating LLC 2024 Term Loan B5

5.94% (3 mo. USD Term SOFR + 2.250%)⁽⁴⁾

12/15/31

123,438

123,508

Ziggo Financing Partnership 2025 Term Loan B

6.91% (6 mo. USD Term SOFR + 3.220%)⁽⁴⁾

01/15/33

150,000

148,988

272,496

Miscellaneous Manufacturers — 0.6%

Cleanova U.S.Holdings LLC 2025 Term Loan B

8.42% (3 mo. USD Term SOFR + 4.750%)⁽⁴⁾

06/14/32

248,750

246,262

Office/Business Equipment — 0.5%

Xerox Holdings Corp. 2023 Non-CoOp Term Loan

7.73% (6 mo. USD Term SOFR + 4.000%)⁽⁴⁾

11/19/29

280,909

200,148

Retail — 1.3%

Peer Holding III BV 2025 USD Term Loan B

5.95% (3 mo. USD Term SOFR + 2.250%)⁽⁴⁾

10/14/32

250,000

250,531

Thermostat Purchaser III, Inc. 2024 Term Loan B

7.95% (3 mo. USD Term SOFR + 4.250%)⁽⁴⁾

08/31/28

248,106

243,920

494,451

Software — 3.1%

Boxer Parent Co., Inc. 2025 USD Term Loan B

6.67% (3 mo. USD Term SOFR + 3.000%)⁽⁴⁾

07/30/31

99,748

92,620

Cast & Crew Payroll LLC 2021 Incremental Term Loan

7.41% (3 mo. USD Term SOFR + 3.750%)⁽⁴⁾

12/29/28

123,072

55,075

Issues

Maturity
Date

Principal
Amount

Value

Software (Continued)

Cloud Software Group, Inc. 2025 Term Loan B (2031)

6.95% (3 mo. USD Term SOFR + 3.250%)⁽⁴⁾

03/21/31

247,506

229,640

Cloudera, Inc. 2021 Term Loan

7.50% (1 mo. USD Term SOFR + 3.750%)⁽⁴⁾

10/08/28

74,481

67,312

Electronic Arts, Inc. Term Loan B

0.00% ⁽⁸⁾

03/24/33

100,000

100,150

Planview Parent, Inc. 2024 1st Lien Term Loan

7.20% (3 mo. USD Term SOFR + 3.500%)⁽⁴⁾

12/17/27

99,747

77,086

Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B

6.95% (3 mo. USD Term SOFR + 3.250%)⁽⁴⁾

10/26/30

247,487

195,515

Quartz Acquireco LLC 2025 Term Loan B

5.95% (3 mo. USD Term SOFR + 2.250%)⁽⁴⁾

06/28/30

99,744

83,349

Renaissance Holding Corp. 2024 1st Lien Term Loan

7.66% (3 mo. USD Term SOFR + 4.000%)⁽⁴⁾

04/05/30

246,222

168,223

SolarWinds Holdings, Inc. 2025 Term Loan

7.67% (3 mo. USD Term SOFR + 4.000%)⁽⁴⁾

04/16/32

74,375

63,405

Tuple U.S. Bidco LLC Term Loan B

7.38% (6 mo. USD Term SOFR + 3.750%)⁽⁴⁾

01/18/33

100,000

98,000

1,230,375

Telecommunications — 0.2%

GOGO Intermediate Holdings LLC Term Loan B

7.52% (1 mo. USD Term SOFR + 3.750%)⁽⁴⁾

04/30/28

100,000

89,891

Total Bank Loans

(Cost: $12,254,042)

11,753,832

Total Fixed Income Securities

(Cost: $37,955,169)

37,559,518

CONVERTIBLE SECURITIES — 0.0%

CONVERTIBLE CORPORATE BONDS — 0.0%
(Cost: $7,196)

Commercial Services — 0.0%

Worldline SA (France)

0.00% ^(2),(5)

07/30/26

EUR

6,914

8,284

Total Convertible Securities

(Cost: $7,196)

8,284

See accompanying Notes to Financial Statements.

115

TCW Multisector Credit Income ETF

Schedule of Investments (Unaudited) (Continued)


Issues	Shares		Value

COMMON STOCK — 0.2%

Beverages — 0.1%

Luxco Co. Ltd.⁽⁹⁾	$	1,312	$	26,973

Health Care-Services — 0.1%

ModivCare, Inc.⁽⁹⁾		5,853		38,044


Total Common Stock

(Cost: $61,287)				65,017


MONEY MARKET INVESTMENTS — 0.9%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 3.60%⁽¹⁰⁾		196,659		196,659


Issues	Shares		Value

MONEY MARKET INVESTMENTS (Continued)

TCW Central Cash Fund, 3.69%^(10),(11)	$	171,341	$	171,341


Total Money Market Investments

(Cost: $368,000)				368,000


Total Investments (96.5%)

(Cost: $38,391,652)			$	38,000,819


Net Unrealized Appreciation (Depreciation) On Unfunded Commitments ⁽¹²⁾ (0.0%)				41

Excess Of Other Assets Over Liabilities (3.5%)			1,359,235


Net Assets (100.0%)			$	39,360,095


Forward Currency Exchange Contracts

Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for USD		Contracts at Value		Unrealized Appreciation (Depreciation)
SELL ⁽¹³⁾
Goldman Sachs & Co.		EUR		448,641		06/26/26	$	518,936	$	527,798	$	(8,862	)

							$	518,936	$	527,798	$	(8,862	)


Futures Contracts

Number of Contracts	Type	Expiration Date		Notional Contract Value			Market Value			Net Unrealized Appreciation (Depreciation)
Short Futures
4	10-Year U.S. Treasury Note Futures		06/18/26	$	(461,383	)	$	(451,438	)	$	9,945
12	5-Year U.S. Treasury Note Futures		06/30/26		(1,309,094	)		(1,294,031	)		15,063
3	Euro-Bobl Futures		06/08/26		(414,377	)		(406,494	)		7,883
1	U.S. Ultra Long Bond Futures		06/18/26		(116,748	)		(115,031	)		1,717

				$	(2,301,602	)	$	(2,266,994	)	$	34,608

Notes to the Schedule of Investments:

ABS

Asset-Backed Securities.

CLO

Collateralized Loan Obligation.

PAC

Planned Amortization Class.

PIK

Payment In Kind.

REIT

Real Estate Investment Trust.

SOFR

Secured Overnight Financing Rate.

EUR

Euro Currency.

(1)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2026, the value of these securities amounted to $15,849,548 or 40.3% of net assets. These securities are determined to be liquid by the Fund’s investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Trust’s Board of Trustees.

(2)

See accompanying Notes to Financial Statements.

116

TCW Multisector Credit Income ETF

Fair Valuation Summary (Unaudited)

April 30, 2026

The following is a summary of the fair valuations according to the inputs used as of April 30, 2026 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Corporate Bonds	$	—	$	17,580,527	$	—	$	17,580,527
Bank Loans		—		11,753,832		—		11,753,832
Foreign Government Bonds		—		6,998,770		—		6,998,770
Asset-Backed Securities		—		1,226,388		—		1,226,388

Total Fixed Income Securities		—		37,559,518		—		37,559,518

Convertible Securities
Convertible Corporate Bonds		—		8,284		—		8,284
Equity Securities
Money Market Investments		368,000		—		—		368,000
Common Stock		—		65,017		—		65,017

Total Equity Securities		368,000		65,017		—		433,017

Net Unrealized Appreciation (Depreciation) on Unfunded Commitments	$	—	$	41	$	—	$	41

Total Investments	$	368,000	$	37,632,860	$	—	$	38,000,860

Asset Derivatives
Futures Contracts
Interest Rate Risk		34,608		—		—		34,608

Total	$	402,608	$	37,632,860	$	—	$	38,035,468

See accompanying Notes to Financial Statements.

118

TCW Senior Loan ETF

Schedule of Investments (Unaudited)

April 30, 2026


Issues	Maturity Date		Principal Amount		Value

FIXED INCOME SECURITIES — 93.0% of Net Assets

BANK LOANS — 86.6%

Advertising — 0.8%

Advantage Sales & Marketing, Inc. 2026 First Out Term Loan

9.78% (3 mo. USD Term SOFR + 6.000%) ⁽¹⁾		04/19/30	$	1,026,817	$	843,278

Research Now Group, Inc. 2024 First Lien First Out Term Loan

8.91% (3 mo. USD Term SOFR + 5.000%) ⁽¹⁾		07/15/28		955,092		941,243


						1,784,521


Aerospace & Defense — 1.4%

Air Comm Corp. LLC 2025 Term Loan

6.42% (3 mo. USD Term SOFR + 2.750%) ⁽¹⁾		12/11/31		332,468		334,233

HDI Aerospace Intermediate Holding III Corp. Term Loan B

7.42% (3 mo. USD Term SOFR + 3.750%) ⁽¹⁾		02/11/32		1,226,940		1,234,093

PMI U.S. Bidco, Inc Delayed Draw Term Loan

0.00%		03/16/33		68,966		69,483

PMI U.S. Bidco, Inc Term Loan B

6.92% (3 mo. USD Term SOFR + 0.174%)		03/16/33		898,398		905,136

TransDigm, Inc. 2025 Term Loan M

6.15% (1 mo. USD Term SOFR + 2.500%) ⁽¹⁾		08/19/32		497,500		498,910

TransDigm, Inc. 2026 Term Loan N

0.00% ⁽²⁾		02/13/33		197,970		198,522


						3,240,377


Agriculture — 0.2%

Alltech, Inc. 2025 Term Loan

8.02% (1 mo. USD Term SOFR + 4.250%) ⁽¹⁾		08/13/30		544,108		546,660


Airlines — 0.7%

Air Canada 2024 Term Loan B

5.41% (3 mo. USD Term SOFR + 1.750%) ⁽¹⁾		03/21/31		501,955		502,143

United Airlines, Inc. 2026 Term Loan B

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾		02/22/31		1,063,229		1,067,551


						1,569,694

Issues

Maturity
Date

Principal
Amount

Value

Apparel — 0.8%

ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B

5.90% (1 mo. USD Term SOFR + 2.250%) ⁽¹⁾

12/21/28

1,169,758

1,173,635

WH Borrower LLC 2025 Term Loan B

8.16% (3 mo. USD Term SOFR + 4.500%) ⁽¹⁾

02/20/32

636,253

637,946

1,811,581

Auto Parts & Equipment — 0.0%

First Brands Group LLC 2025 PIK DIP Roll-Up Term Loan B

10.66% (1 mo. USD Term SOFR + 7.000%) ⁽¹⁾

06/29/26

556,475

2,190

Beverages — 2.3%

Arterra Wines Canada, Inc. 2020 Term Loan

7.46% (3 mo. USD Term SOFR + 3.500%) ⁽¹⁾

11/24/27

1,384,333

1,360,536

Naked Juice LLC 2025 FLFO Term Loan

9.20% (3 mo. USD Term SOFR + 5.500%) ⁽¹⁾

01/24/29

1,508,853

1,507,654

Pegasus BidCo BV 2025 USD Repriced Term Loan B

6.40% (3 mo. USD Term SOFR + 2.750%)

07/12/29

1,333,594

1,341,515

Primo Brands Corp. 2026 Term Loan B

6.43% (3 mo. USD Term SOFR + 2.750%) ⁽¹⁾

03/31/31

894,297

900,968

5,110,673

Biotechnology — 1.7%

BioMarin Pharmaceutical, Inc. Term Loan B

0.00% ⁽²⁾

04/27/33

1,197,350

1,202,217

Genmab AS Term Loan A

0.00% ⁽²⁾

12/12/30

250,000

248,750

Genmab AS Term Loan B

6.70% (3 mo. USD Term SOFR + 3.000%) ⁽¹⁾

12/13/32

1,294,999

1,304,627

Grifols Worldwide Operations USA, Inc. 2026 USD Term Loan B

6.19% (6 mo. USD Term SOFR + 2.500%) ⁽¹⁾

04/14/33

1,000,000

1,003,480

3,759,074

See accompanying Notes to Financial Statements.

119

TCW Senior Loan ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Chemicals — 0.6%

Archroma Finance SARL 2023 USD Term Loan B2A

9.15% (1 mo. USD Term SOFR + 5.500%) ⁽¹⁾

06/30/27

1,170,126

1,070,665

Mativ Holdings, Inc. 2026 Term Loan B

8.15% (1 mo. USD Term SOFR + 4.500%) ⁽¹⁾

04/04/33

298,099

296,236

1,366,901

Commercial Services — 9.2%

Albion Financing 3 SARL 2025 USD Term Loan

6.66% (3 mo. USD Term SOFR + 3.000%) ⁽¹⁾

05/21/31

526,727

529,953

Allied Universal Holdco LLC 2025 USD Term Loan B

6.90% (1 mo. USD Term SOFR + 3.250%) ⁽¹⁾

08/20/32

626,850

629,364

Amspec Parent LLC 2025 Term Loan

7.20% (3 mo. USD Term SOFR + 3.500%) ⁽¹⁾

12/22/31

1,039,415

1,040,392

APi Group DE, Inc. 2025 Term Loan

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

01/03/29

1,205,701

1,210,729

ASP Dream Acquisition Co. LLC Term Loan B

8.00% (1 mo. USD Term SOFR + 4.250%) ⁽¹⁾

12/15/28

873,138

825,116

Belron Finance 2019 LLC 2026 Repriced Term Loan B

5.66% (3 mo. USD Term SOFR + 2.000%) ⁽¹⁾

10/16/31

968,265

974,118

Camelot U.S. Acquisition LLC 2024 Term Loan B

6.40% (1 mo. USD Term SOFR + 2.750%) ⁽¹⁾

01/31/31

546,558

514,617

Camelot U.S. Acquisition LLC 2025 Incremental Term Loan B

0.00% ⁽²⁾

01/31/31

243,498

230,715

CCRR Parent, Inc. Term Loan B

8.18% (3 mo. USD Term SOFR + 4.250%) ⁽¹⁾

03/06/28

828,020

289,136

CHG Healthcare Services, Inc. 2026 Term Loan B

0.00% ⁽²⁾

09/29/31

161,317

160,914

Crisis Prevention Institute, Inc. 2024 Term Loan B

7.70% (3 mo. USD Term SOFR + 4.000%) ⁽¹⁾

04/09/31

184,845

181,302

Issues

Maturity
Date

Principal
Amount

Value

Commercial Services (Continued)

DTI Holdco, Inc. 2025 Term Loan B

7.65% (1 mo. USD Term SOFR + 4.000%) ⁽¹⁾

04/26/29

933,462

849,837

Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan

7.20% (3 mo. USD Term SOFR + 3.500%) ⁽¹⁾

07/06/29

800,141

805,646

Herc Holdings, Inc. 2026 Term Loan B

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

06/02/32

1,192,956

1,199,774

Inspired Finco Holdings Ltd. 2026 USD Term Loan B

6.41% (3 mo. USD Term SOFR + 2.750%) ⁽¹⁾

02/28/31

485,879

486,185

ION Platform Finance U.S., Inc. USD Term Loan

7.45% (3 mo. USD Term SOFR + 3.750%) ⁽¹⁾

10/07/32

750,000

603,480

Jupiter Buyer, Inc. 2024 Term Loan B

7.70% (3 mo. USD Term SOFR + 4.000%) ⁽¹⁾

11/01/31

1,051,967

1,057,885

Kelso Industries LLC Term Loan

9.40% (1 mo. USD Term SOFR + 5.750%) ⁽¹⁾

12/30/29

1,440,799

Lernen Bidco Ltd. 2025 USD Term Loan B3

7.41% (6 mo. USD Term SOFR + 3.500%) ⁽¹⁾

10/27/31

238,167

233,404

Nuvei Technologies Corp. 2025 Repriced Term Loan B

6.15% (1 mo. USD Term SOFR + 2.500%) ⁽¹⁾

11/17/31

406,028

401,513

Prime Security Services Borrower LLC 2024 1st Lien Term Loan B

5.66% (1 mo. USD Term SOFR + 2.000%) ⁽¹⁾

10/13/30

554,658

555,815

Prime Security Services Borrower LLC 2025 Incremental Term Loan B

5.41% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

03/07/32

246,870

244,652

Priority Holdings LLC 2025 Term Loan B

7.40% (1 mo. USD Term SOFR + 3.750%) ⁽¹⁾

08/02/32

1,094,747

1,065,463

Prometric Holdings, Inc. 2025 Term Loan B

7.40% (1 mo. USD Term SOFR + 3.750%) ⁽¹⁾

06/25/32

995,873

997,272

See accompanying Notes to Financial Statements.

120

TCW Senior Loan ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

Commercial Services (Continued)

Sabert Corp. 2024 Term Loan B

6.77% (1 mo. USD Term SOFR + 3.000%) ⁽¹⁾

12/10/26

1,503,444

1,505,324

Secretariat Advisors LLC 2025 Term Loan B

7.70% (3 mo. USD Term SOFR + 4.000%) ⁽¹⁾

02/28/32

135,731

133,695

TruGreen LP 2020 2nd Lien Term Loan

12.43% (3 mo. USD Term SOFR + 8.500%) ⁽¹⁾

11/02/28

500,000

462,917

TTF Holdings LLC 2024 Term Loan

7.38% (6 mo. USD Term SOFR + 3.750%) ⁽¹⁾

07/18/31

958,187

725,429

United Rentals, Inc. 2025 Repriced Term Loan B

5.15% (1 mo. USD Term SOFR + 1.500%) ⁽¹⁾

02/14/31

1,094,676

1,103,669

Veritiv Corp. Term Loan B

7.70% (3 mo. USD Term SOFR + 4.000%) ⁽¹⁾

12/02/30

484,273

469,970

20,929,085

Computers — 1.9%

McAfee LLC 2024 USD 1st Lien Term Loan B

6.65% (1 mo. USD Term SOFR + 3.000%) ⁽¹⁾

03/01/29

1,255,160

1,109,248

NCR Atleos LLC 2025 Term Loan B

6.69% (3 mo. USD Term SOFR + 3.000%) ⁽¹⁾

04/16/29

1,160,100

1,161,184

Surf Holdings LLC 2025 Incremental Term Loan

7.27% (1 mo. USD Term SOFR + 3.500%) ⁽¹⁾

03/05/27

1,481,026

1,437,521

Tempo Acquisition LLC 2025 Repriced Term Loan B

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

08/31/28

781,824

581,372

4,289,325

Cosmetics/Personal Care — 1.4%

ACP Tara Holdings, Inc. 2025 Term Loan B

6.95% (3 mo. USD Term SOFR + 3.250%) ⁽¹⁾

12/15/32

771,524

774,610

Opal Bidco SAS USD Term Loan B4

6.70% (3 mo. USD Term SOFR + 3.000%) ⁽¹⁾

04/28/32

1,119,375

1,125,207

Issues

Maturity
Date

Principal
Amount

Value

Cosmetics/Personal Care (Continued)

Perrigo Investments LLC 2024 Term Loan B

5.65% (1 mo. USD Term SOFR + 2.000%) ⁽¹⁾

04/20/29

1,278,299

1,279,366

3,179,183

Distribution & Wholesale — 1.7%

BCPE Empire Holdings, Inc. 2025 Term Loan B

6.90% (1 mo. USD Term SOFR + 3.250%) ⁽¹⁾

12/11/30

497,481

497,093

BCPE Empire Holdings, Inc. 2026 10th Amendment Term Loan

7.15% (1 mo. USD Term SOFR + 3.500%) ⁽¹⁾

12/29/32

500,000

500,155

Gloves Buyer, Inc. 2025 Term Loan

7.65% (1 mo. USD Term SOFR + 4.000%) ⁽¹⁾

05/21/32

1,247,500

1,248,929

Resideo Funding, Inc. 2024 1st Lien Term Loan B

5.66% (1 mo. USD Term SOFR + 2.000%) ⁽¹⁾

02/11/28

292,778

294,119

VSE Corp. Term Loan B

0.00% ⁽²⁾

03/17/33

1,250,000

1,257,294

3,797,590

Diversified Financial Services — 2.3%

Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6

5.41% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

06/24/30

980,094

985,092

Blackhawk Network Holdings, Inc. 2026 Term Loan B

7.15% (1 mo. USD Term SOFR + 3.500%) ⁽¹⁾

03/12/29

480,091

476,406

Corpay Technologies Operating Co. LLC Term Loan B5

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

04/28/28

1,603,997

1,608,007

Edelman Financial Engines Center LLC 2026 Term Loan B

0.00% ⁽²⁾

12/01/31

265,000

265,662

Guggenheim Partners LLC 2024 Term Loan B

6.20% (3 mo. USD Term SOFR + 2.500%) ⁽¹⁾

11/26/31

651,357

653,800

Jane Street Group LLC 2024 Term Loan B1

5.67% (3 mo. USD Term SOFR + 2.000%) ⁽¹⁾

12/15/31

473,744

473,507

Jupiter Borrower, Inc. Term Loan B

0.00% ⁽²⁾

03/25/33

400,000

402,000

See accompanying Notes to Financial Statements.

121

TCW Senior Loan ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Diversified Financial Services (Continued)

Setanta Aircraft Leasing DAC 2024 Term Loan B

5.45% (3 mo. USD Term SOFR + 1.750%) ⁽¹⁾

11/05/28

420,583

423,641

5,288,115

Electric — 2.7%

Alpha Generation LLC Term Loan B

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

09/30/31

370,606

371,062

Astoria Energy LLC 2025 Term Loan B

5.95% (3 mo. USD Term SOFR + 2.250%) ⁽¹⁾

06/23/32

470,105

472,346

Carroll County Energy LLC 2025 Repriced Term Loan

6.45% (3 mo. USD Term SOFR + 2.750%) ⁽¹⁾

06/30/31

494,237

498,253

Compass Power Generation LLC 2025 Term Loan B

6.90% (1 mo. USD Term SOFR + 3.250%) ⁽¹⁾

04/14/29

1,391,891

1,405,984

Cornerstone Generation LLC Term Loan B

5.91% (3 mo. USD Term SOFR + 2.250%) ⁽¹⁾

08/11/32

1,121,230

1,125,637

Indeck Niles LLC Term Loan B

6.42% (3 mo. USD Term SOFR + 2.750%) ⁽¹⁾

03/09/33

750,000

753,750

Potomac Energy Center LLC 2026 Term Loan B

6.41% (3 mo. USD Term SOFR + 2.750%) ⁽¹⁾

08/05/32

551,994

556,824

South Field LLC 2025 1st Lien Term Loan B

6.70% (3 mo. USD Term SOFR + 3.000%) ⁽¹⁾

08/29/31

650,362

654,020

South Field LLC 2025 1st Lien Term Loan C

6.70% (3 mo. USD Term SOFR + 3.000%) ⁽¹⁾

08/29/31

40,671

40,899

Talen Energy Supply LLC 2023 Term Loan B

6.15% (3 mo. USD Term SOFR + 2.500%) ⁽¹⁾

05/17/30

268,595

269,839

6,148,614

Electrical Components & Equipment — 1.0%

AZZ, Inc. Term Loan B

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

05/13/29

523,355

526,246


Issues	Maturity Date		Principal Amount		Value

Electrical Components & Equipment (Continued)

Energizer Holdings, Inc. 2025 Term Loan B

5.65% (1 mo. USD Term SOFR + 2.000%) ⁽¹⁾		03/19/32	$	221,962	$	222,702

Pelican Products, Inc. 2021 Term Loan

8.21% (3 mo. USD Term SOFR + 4.250%) ⁽¹⁾		12/29/28		1,699,681		1,612,972


						2,361,920


Electronics — 1.8%

Coherent Corp. 2025 Term Loan B2

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾		07/02/29		685,758		688,330

LSF12 Crown U.S. Commercial Bidco LLC 2026 Term Loan B

6.66% (1 mo. USD Term SOFR + 3.000%) ⁽¹⁾		12/02/31		920,172		926,498

Mirion Technologies, Inc. 2025 Repriced Term Loan B

5.70% (3 mo. USD Term SOFR + 2.000%) ⁽¹⁾		06/04/32		1,000,000		1,005,000

TCP Sunbelt Acquisition Co. 2024 Term Loan B

7.92% (3 mo. USD Term SOFR + 4.250%) ⁽¹⁾		10/24/31		1,481,250		1,483,101


						4,102,929


Engineering & Construction — 2.0%

Astrion Group LLC 2024 Term Loan

8.70% (3 mo. USD Term SOFR + 5.000%) ⁽¹⁾		08/29/31		1,387,614		1,105,463

DG Investment Intermediate Holdings 2, Inc. 2025 Term Loan

6.90% (1 mo. USD Term SOFR + 3.250%) ⁽¹⁾		07/09/32		854,167		856,307

Holding Socotec SAS 2026 USD Term Loan B

6.38% (3 mo. USD Term SOFR + 2.750%) ⁽¹⁾		06/02/31		500,180		501,508

ITG Communications LLC Term Loan B

8.45% (3 mo. USD Term SOFR + 4.750%) ⁽¹⁾		07/09/31		1,396,219		1,392,728

Legence Holdings LLC 2025 Repriced Term Loan B

5.90% (1 mo. USD Term SOFR + 2.250%) ⁽¹⁾		12/16/31		533,464		536,558

SBA Senior Finance II LLC 2024 Term Loan B

5.41% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾		01/25/31		232,409		233,741


						4,626,305

See accompanying Notes to Financial Statements.

122

TCW Senior Loan ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

Entertainment — 8.7%

Allwyn Entertainment Financing U.S. LLC 2025 1st Lien Term Loan B

6.16% (3 mo. USD Term SOFR + 2.500%) ⁽¹⁾

11/24/32

202,686

200,755

Allwyn Entertainment Financing U.S. LLC 2025 Term Loan B

5.67% (3 mo. USD Term SOFR + 2.000%) ⁽¹⁾

06/02/31

645,695

634,128

Banijay Entertainment SAS 2025 USD Term Loan B3

6.41% (1 mo. USD Term SOFR + 2.750%) ⁽¹⁾

03/01/28

957,537

963,527

Betclic Everest Group SAS 2026 Term Loan B

0.00% ⁽²⁾

12/10/31

512,000

515,200

Caesars Entertainment, Inc. 2022 Term Loan A

2.00% (3 mo. USD Term SOFR + 2.000%) ⁽¹⁾

01/31/28

270,956

268,134

Caesars Entertainment, Inc. Term Loan B

5.90% (1 mo. USD Term SOFR + 2.250%) ⁽¹⁾

02/06/30

1,073,462

1,044,392

Churchill Downs, Inc. 2021 Incremental Term Loan B1

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

03/17/28

1,293,507

1,296,740

City Football Group Ltd. 2024 Term Loan

7.43% (3 mo. USD Term SOFR + 3.500%) ⁽¹⁾

07/22/30

1,242,335

Delta 2 Lux SARL 2024 Term Loan B1

5.45% (3 mo. USD Term SOFR + 1.750%) ⁽¹⁾

09/30/31

1,366,667

1,371,108

DK Crown Holdings, Inc. 2025 Term Loan B

5.41% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

03/04/32

1,237,500

1,240,934

EOC Borrower LLC Term Loan A

7.40% (1 mo. USD Term SOFR + 3.750%) ⁽¹⁾

03/24/28

285,834

286,550

EOC Borrower LLC Term Loan B

6.40% (1 mo. USD Term SOFR + 2.750%) ⁽¹⁾

03/24/32

565,725

568,766

Flutter Financing BV 2024 Term Loan B

5.45% (3 mo. USD Term SOFR + 1.750%) ⁽¹⁾

11/30/30

1,278,666

1,277,068

Issues

Maturity
Date

Principal
Amount

Value

Entertainment (Continued)

Great Canadian Gaming Corp. 2024 Term Loan B

8.44% (3 mo. USD Term SOFR + 4.750%) ⁽¹⁾

11/01/29

1,372,458

1,341,578

GVC Holdings Gibraltar Ltd. 2025 Term Loan B6 (2029)

5.95% (3 mo. USD Term SOFR + 2.250%) ⁽¹⁾

10/31/29

1,341,380

1,344,840

Herschend Entertainment Co. LLC 2026 Term Loan B

6.15% (1 mo. USD Term SOFR + 2.500%) ⁽¹⁾

05/27/32

341,680

343,575

J&J Ventures Gaming LLC 2025 Repriced Term Loan B

7.15% (1 mo. USD Term SOFR + 3.500%) ⁽¹⁾

04/26/30

1,232,547

1,227,154

Light and Wonder International, Inc. 2026 Term Loan B

5.65% (1 mo. USD Term SOFR + 2.000%) ⁽¹⁾

04/16/29

771,830

773,277

PCI Gaming Authority Term Loan

5.65% (1 mo. USD Term SOFR + 2.000%) ⁽¹⁾

07/18/31

783,829

787,642

TKO Worldwide Holdings LLC 2025 Term Loan

5.66% (3 mo. USD Term SOFR + 2.000%) ⁽¹⁾

11/21/31

1,813,306

1,820,233

Voyager Parent LLC Repriced Term Loan B

7.95% (3 mo. USD Term SOFR + 4.250%) ⁽¹⁾

07/01/32

1,220,880

1,222,803

19,770,739

Environmental Control — 2.0%

Action Environmental Group, Inc. 2023 Term Loan B

6.69% (3 mo. USD Term SOFR + 3.000%) ⁽¹⁾

10/24/30

698,057

698,581

Heritage Environmental Services, Inc. 2026 Term Loan B

6.68% (3 mo. USD Term SOFR + 3.000%) ⁽¹⁾

04/01/33

735,000

738,675

Heritage-Crystal Clean, Inc. Term Loan B

7.46% (3 mo. USD Term SOFR + 3.750%) ⁽¹⁾

10/17/30

1,147,935

1,153,675

MIP V Waste Holdings LLC 2025 Term Loan B

6.41% (3 mo. USD Term SOFR + 2.750%) ⁽¹⁾

08/20/32

1,191,000

1,197,699

See accompanying Notes to Financial Statements.

123

TCW Senior Loan ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Environmental Control (Continued)

Reworld Holding Corp. 2025 1st Lien Term Loan C

5.91% (1 mo. USD Term SOFR + 2.250%) ⁽¹⁾

01/15/31

12,593

12,621

Reworld Holding Corp. 2025 Term Loan B1

5.91% (1 mo. USD Term SOFR + 2.250%) ⁽¹⁾

01/15/31

77,495

77,671

Reworld Holding Corp. Term Loan B

5.90% (1 mo. USD Term SOFR + 2.250%) ⁽¹⁾

11/30/28

555,657

557,105

4,436,027

Food — 3.0%

1440 Food Topco LLC Term Loan B

8.65% (1 mo. USD Term SOFR + 5.000%) ⁽¹⁾

10/31/31

629,389

507,130

B&G Foods, Inc. 2024 Term Loan B

0.00% ⁽²⁾

10/10/29

200,000

193,688

BCPE North Star U.S. HoldCo 2, Inc. Term Loan

7.77% (1 mo. USD Term SOFR + 4.000%) ⁽¹⁾

06/09/28

727,949

726,471

C&S Wholesale Grocers, Inc. Term Loan B

8.70% (3 mo. USD Term SOFR + 5.000%) ⁽¹⁾

09/20/30

995,000

971,369

Chobani LLC 2025 Term Loan B

5.90% (1 mo. USD Term SOFR + 2.250%) ⁽¹⁾

10/28/32

621,460

625,676

Nourish Buyer I, Inc. 2026 Repriced Term Loan B

7.67% (3 mo. USD Term SOFR + 4.000%) ⁽¹⁾

07/09/32

997,500

1,006,228

Snacking Investments Bidco Pty. Ltd. 2025 Term Loan B

6.66% (3 mo. USD Term SOFR + 3.000%) ⁽¹⁾

10/29/32

498,750

500,775

United Natural Foods, Inc. 2024 Term Loan

8.40% (1 mo. USD Term SOFR + 4.750%) ⁽¹⁾

05/01/31

1,300,673

1,310,103

Upfield BV 2026 Term Loan B15

0.00% ⁽²⁾

10/31/30

1,055,656

1,040,349

6,881,789

Food Service — 0.6%

Aramark Services, Inc. 2025 Repriced Term Loan

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

04/06/28

1,354,490

1,360,693


Issues	Maturity Date		Principal Amount		Value

Forest Products & Paper — 0.3%

Glatfelter Corp. Term Loan B

7.92% (3 mo. USD Term SOFR + 4.250%) ⁽¹⁾		11/04/31	$	636,290	$	614,338


Health Care-Products — 1.8%

Antylia Scientific Term Loan

0.00% ^(2),(1)		05/27/32		500,000		495,938

Hologic, Inc. 2026 USD Term Loan B

5.92% (3 mo. USD Term SOFR + 2.250%) ⁽¹⁾		04/07/33		1,150,000		1,144,974

Medline Borrower LP 2025 Incremental Term Loan B

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾		10/23/30		1,246,859		1,253,150

QuidelOrtho Corp. Delayed Draw Term Loan A

0.30%		08/21/30		84,807		80,566

QuidelOrtho Corp. Term Loan A

5.90% (1 mo. USD Term SOFR + 2.250%) ⁽¹⁾		08/21/30		1,098,996		1,044,047


						4,018,675


Health Care-Services — 6.5%

Acadia Healthcare Co., Inc. Term Loan A

5.65% (1 mo. USD Term SOFR + 2.000%) ⁽¹⁾		02/28/30		1,490,446		1,460,637

ADMI Corp. 2021 Incremental Term Loan B3

7.52% (1 mo. USD Term SOFR + 3.750%) ⁽¹⁾		12/23/27		497,396		467,552

ADMI Corp. 2023 Term Loan B5

9.40% (1 mo. USD Term SOFR + 5.750%) ⁽¹⁾		12/23/27		499,583		473,355

AHP Health Partners, Inc. 2025 Term Loan B

5.90% (1 mo. USD Term SOFR + 2.250%) ⁽¹⁾		09/20/32		497,500		500,040

Charlotte Buyer, Inc. 2025 Repriced Term Loan B

7.90% (1 mo. USD Term SOFR + 4.250%) ⁽¹⁾		02/11/28		949,090		949,018

Concentra Health Services, Inc. 2025 Repriced Term Loan B

5.65% (1 mo. USD Term SOFR + 2.000%) ⁽¹⁾		07/26/31		791,051		795,833

Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B

7.91% (3 mo. USD Term SOFR + 4.250%) ⁽¹⁾		03/30/29		258,421		247,061

See accompanying Notes to Financial Statements.

124

TCW Senior Loan ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

Health Care-Services (Continued)

Dermatology Intermediate Holdings III, Inc. 2023 Incremental Term Loan B

9.16% (3 mo. USD Term SOFR + 5.500%) ⁽¹⁾

03/30/29

1,265,395

1,210,034

Fortrea Holdings, Inc. Term Loan B

7.16% (3 mo. USD Term SOFR + 3.500%) ⁽¹⁾

07/01/30

1,349,041

1,303,849

Heartland Dental LLC 2025 Term Loan

7.40% (1 mo. USD Term SOFR + 3.750%) ⁽¹⁾

08/25/32

1,202,368

1,204,778

Help At Home, Inc. 2024 Term Loan B

8.65% (1 mo. USD Term SOFR + 5.000%) ⁽¹⁾

09/24/31

298,489

271,028

Lumexa Imaging, Inc. Term Loan B

6.70% (3 mo. USD Term SOFR + 3.000%) ⁽¹⁾

12/17/32

862,242

867,226

ModivCare Buyer LLC Takeback Term Loan

8.70% (3 mo. USD Term SOFR + 5.000%) ⁽¹⁾

12/30/32

233,873

211,460

NAPA Management Services Corp. Term Loan B

9.00% (1 mo. USD Term SOFR + 5.250%) ⁽¹⁾

02/23/29

1,036,802

655,855

Option Care Health, Inc. 2025 Term Loan B

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

09/22/32

534,045

537,116

Pediatric Associates Holding Co. LLC 2023 Incremental Term Loan

8.43% (3 mo. USD Term SOFR + 4.500%) ⁽¹⁾

12/29/28

347,466

346,163

Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan

9.21% (3 mo. USD Term SOFR + 5.500%) ⁽¹⁾

06/20/28

1,116,653

1,132,705

Sotera Health Holdings LLC 2025 Term Loan B

6.15% (1 mo. USD Term SOFR + 2.500%) ⁽¹⁾

05/30/31

998,747

1,003,950

U.S. Fertility Enterprises LLC 2025 Term Loan

7.15% (1 mo. USD Term SOFR + 3.500%) ⁽¹⁾

12/30/32

1,085,526

1,091,904

14,729,564

Issues

Maturity
Date

Principal
Amount

Value

Holding Companies - Diversified — 0.3%

Emerald X, Inc. 2025 Term Loan B1

0.00% ⁽²⁾

01/30/32

250,000

250,937

GC Ferry Acquisition I, Inc. Term Loan

7.20% (3 mo. USD Term SOFR + 3.500%) ⁽¹⁾

08/16/32

426,016

425,543

676,480

Household Products/Wares — 0.3%

Lavender Dutch BorrowerCo BV USD Term Loan

6.95% (3 mo. USD Term SOFR + 3.250%) ⁽¹⁾

12/30/32

763,750

760,649

Insurance — 0.1%

Asurion LLC 2024 Term Loan B12

7.90% (1 mo. USD Term SOFR + 4.250%) ⁽¹⁾

09/19/30

123,744

124,043

Internet — 2.5%

Arches Buyer, Inc. 2021 Term Loan B

7.00% (1 mo. USD Term SOFR + 3.250%) ⁽¹⁾

12/06/27

498,684

498,747

Barracuda Networks, Inc. 2022 Term Loan

8.16% (3 mo. USD Term SOFR + 4.500%) ⁽¹⁾

08/15/29

850,031

586,687

Delivery Hero SE 2024 USD Term Loan B

8.64% (3 mo. USD Term SOFR + 5.000%) ⁽¹⁾

12/12/29

1,467,245

1,463,577

Hoya Midco LLC 2025 Term Loan B

5.91% (3 mo. USD Term SOFR + 2.250%) ⁽¹⁾

02/01/29

1,091,463

431,810

MH Sub I LLC 2023 Term Loan

7.90% (1 mo. USD Term SOFR + 4.250%) ⁽¹⁾

05/03/28

260,002

240,235

MH Sub I LLC 2024 Term Loan B4

7.90% (1 mo. USD Term SOFR + 4.250%) ⁽¹⁾

12/31/31

246,972

195,862

PUG LLC 2024 Extended Term Loan B

8.40% (1 mo. USD Term SOFR + 4.750%) ⁽¹⁾

03/15/30

717,510

712,846

WatchGuard Technologies, Inc. Term Loan

8.90% (1 mo. USD Term SOFR + 5.250%) ⁽¹⁾

07/02/29

1,459,454

1,351,819

See accompanying Notes to Financial Statements.

125

TCW Senior Loan ETF

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Internet (Continued)

WeddingWire, Inc. 2024 Term Loan B

7.40% (1 mo. USD Term SOFR + 3.750%) ⁽¹⁾		01/31/28	$	369,063	$	311,216


						5,792,799


Investment Companies — 0.3%

AAL Delaware Holdco, Inc. 2025 Term Loan

6.40% (1 mo. USD Term SOFR + 2.750%) ⁽¹⁾		07/30/31		698,250		702,370


Leisure Time — 1.1%

Alterra Mountain Co. 2025 Term Loan B8

6.15% (1 mo. USD Term SOFR + 2.500%) ⁽¹⁾		05/31/30		461,242		463,163

Alterra Mountain Co. 2025 Term Loan B9

6.15% (1 mo. USD Term SOFR + 2.500%) ⁽¹⁾		08/17/28		794,847		797,331

Arcis Golf LLC 2025 Term Loan B

6.40% (1 mo. USD Term SOFR + 2.750%) ⁽¹⁾		11/24/28		1,256,236		1,262,913

Lakeland Tours LLC 2026 2nd Lien Term Loan A

9.00%		03/29/30		310,590		68,330


						2,591,737


Lodging — 0.8%

Four Seasons Hotels Ltd. 2025 Term Loan B

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾		09/22/32		385,187		388,654

Hilton Domestic Operating Co., Inc. 2023 Term Loan B4

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾		11/08/30		1,000,000		1,005,985

Station Casinos LLC 2024 Term Loan B

0.00% ^(2),(1)		03/14/31		500,000		501,863


						1,896,502


Machinery-Construction & Mining — 1.3%

Tenaska Westmoreland Management LLC Term Loan B

5.88% (3 mo. USD Term SOFR + 2.250%) ⁽¹⁾		02/18/33		780,525		783,452

Terex Corp. 2025 Term Loan

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾		10/08/31		794,000		799,213


Issues	Maturity Date		Principal Amount		Value

Machinery-Construction & Mining (Continued)

WEC U.S. Holdings Ltd. 2024 Term Loan

5.66% (1 mo. USD Term SOFR + 2.000%) ⁽¹⁾		01/27/31	$	1,280,684	$	1,284,910


						2,867,575


Machinery-Diversified — 1.0%

Bettcher Industries, Inc. 2026 Term Loan

7.68% (3 mo. USD Term SOFR + 4.000%) ⁽¹⁾		04/15/33		1,380,000		1,390,350

Engineered Machinery Holdings, Inc. 2025 USD Term Loan

6.95% (3 mo. USD Term SOFR + 3.250%) ⁽¹⁾		11/26/32		191,157		192,675

LSF12 Helix Parent LLC USD Term Loan B

7.15% (1 mo. USD Term SOFR + 3.500%) ⁽¹⁾		02/10/33		91,972		92,134

Pro Mach Group, Inc. 2025 1st Lien Term Loan B

6.40% (1 mo. USD Term SOFR + 2.750%) ⁽¹⁾		10/15/32		498,750		501,256


						2,176,415


Media — 1.7%

Charter Communications Operating LLC 2024 Term Loan B5

5.94% (3 mo. USD Term SOFR + 2.250%) ⁽¹⁾		12/15/31		738,741		739,166

MJH Healthcare Holdings LLC 2025 Repriced Term Loan B

6.40% (1 mo. USD Term SOFR + 2.750%) ⁽¹⁾		01/29/29		497,494		473,087

NEP Group, Inc. 2025 Term Loan B

8.15% (1 mo. USD Term SOFR + 4.500%) ⁽¹⁾		10/17/31		726,870		657,639

Telenet Financing USD LLC 2020 USD Term Loan AR

5.77% (1 mo. USD Term SOFR + 2.000%) ⁽¹⁾		04/28/28		361,146		359,916

Virgin Media Bristol LLC 2020 USD Term Loan Q

7.02% (1 mo. USD Term SOFR + 3.250%) ⁽¹⁾		01/31/29		1,000,666		982,323

Virgin Media Bristol LLC 2023 USD Term Loan Y

6.97% (6 mo. USD Term SOFR + 3.175%) ⁽¹⁾		03/31/31		700,000		656,761


						3,868,892

See accompanying Notes to Financial Statements.

126

TCW Senior Loan ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

Metal Fabricate & Hardware — 0.3%

TMS International Corp. 2025 Term Loan B

7.16% (3 mo. USD Term SOFR + 3.500%) ⁽¹⁾

03/04/30

750,000

751,875

Mining — 0.2%

American Rock Salt Co. LLC 2024 First Out Term Loan

10.77% (1 mo. USD Term SOFR + 7.000%) ⁽¹⁾

06/09/28

536,390

540,010

Miscellaneous Manufacturers — 0.8%

Cleanova U.S. Holdings LLC 2025 Term Loan B

8.42% (3 mo. USD Term SOFR + 4.750%) ⁽¹⁾

06/14/32

919,752

910,554

Plastipak Packaging, Inc. 2025 Term Loan B

6.15% (1 mo. USD Term SOFR + 2.500%) ⁽¹⁾

09/24/32

837,784

836,561

1,747,115

Office/Business Equipment — 0.4%

Xerox Holdings Corp. 2023 Non-CoOp Term Loan

7.73% (6 mo. USD Term SOFR + 4.000%) ⁽¹⁾

11/19/29

1,167,528

831,864

Oil & Gas — 0.5%

Apro LLC 2024 Term Loan B

7.40% (1 mo. USD Term SOFR + 3.750%) ⁽¹⁾

07/09/31

460,849

463,872

Liquid Tech Solutions LLC 2025 Delayed Draw Term Loan

1.00%

10/12/32

46,440

46,420

Liquid Tech Solutions LLC 2025 Term Loan

7.16% (1 mo. USD Term SOFR + 3.500%) ⁽¹⁾

10/12/32

680,341

680,055

1,190,347

Packaging & Containers — 1.7%

Amneal Pharmaceuticals LLC 2026 Term Loan

6.65% (1 mo. USD Term SOFR + 3.000%) ⁽¹⁾

08/01/32

1,044,750

1,050,627

Balcan Innovations, Inc. Term Loan B

8.40% (1 mo. USD Term SOFR + 4.750%) ⁽¹⁾

10/18/31

1,485,000

998,663

Clydesdale Acquisition Holdings, Inc. Term Loan B

6.83% (1 mo. USD Term SOFR + 3.175%) ⁽¹⁾

04/13/29

852,000

815,206

Issues

Maturity
Date

Principal
Amount

Value

Packaging & Containers (Continued)

Dechra Pharmaceuticals Holdings Ltd. 2026 USD Term Loan B3

6.39% (6 mo. USD Term SOFR + 2.750%) ⁽¹⁾

01/27/32

873,032

876,127

TricorBraun Holdings, Inc. 2021 Term Loan

0.00% ⁽²⁾

03/03/31

125,000

119,935

3,860,558

Pharmaceuticals — 2.4%

Alkermes, Inc. 2026 Term Loan B

6.40% (1 mo. USD Term SOFR + 2.750%) ⁽¹⁾

08/12/31

1,170,865

1,181,116

Elanco Animal Health, Inc. 2025 Term Loan B

5.41% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

10/31/32

650,000

652,743

Jazz Financing Lux SARL 2024 1st Lien Term Loan B2

5.90% (1 mo. USD Term SOFR + 2.250%) ⁽¹⁾

05/05/28

1,232,927

1,240,035

Paradigm Parent LLC 1st Lien Term Loan

8.20% (3 mo. USD Term SOFR + 4.500%) ⁽¹⁾

04/16/32

1,268,625

1,107,275

RxBenefits, Inc. 2025 Term Loan

8.65% (1 mo. USD Term SOFR + 5.000%) ⁽¹⁾

12/23/30

1,000,000

1,003,750

Southern Veterinary Partners LLC 2025 Term Loan B

6.15% (1 mo. USD Term SOFR + 2.500%) ⁽¹⁾

12/04/31

249,373

249,204

5,434,123

Pipelines — 3.1%

Birdsboro Power LLC Term Loan

6.95% (3 mo. USD Term SOFR + 3.250%) ⁽¹⁾

10/08/32

342,891

344,176

Calcasieu Pass Funding LLC 2026 Term Loan B

6.95% (6 mo. USD Term SOFR + 3.250%) ⁽¹⁾

04/11/33

882,863

886,726

Colossus Acquireco LLC Term Loan B

5.38% (3 mo. USD Term SOFR + 1.750%) ⁽¹⁾

07/30/32

1,000,000

1,001,250

Crescent Midstream Operating LLC Term Loan B

7.42% (3 mo. USD Term SOFR + 3.750%) ⁽¹⁾

02/18/33

1,025,000

1,031,837

See accompanying Notes to Financial Statements.

127

TCW Senior Loan ETF

Schedule of Investments (Unaudited) (Continued)

Issues

Maturity
Date

Principal
Amount

Value

Pipelines (Continued)

Freeport LNG Investments LLLP 2026 Term Loan B

6.93% (3 mo. USD Term SOFR + 3.250%) ⁽¹⁾

02/11/33

785,617

787,828

ITT Holdings LLC 2026 Term Loan B

5.63% (1 mo. USD Term SOFR + 1.975%) ⁽¹⁾

10/11/30

996,901

999,643

Stonepeak Bayou Holdings LP Term Loan B

6.45% (3 mo. USD Term SOFR + 2.750%) ⁽¹⁾

10/01/32

560,667

555,060

Traverse Midstream Partners LLC 2026 Term Loan B

0.00% ⁽²⁾

04/21/33

500,000

501,407

Venture Global Calcasieu Pass LLC Term Loan

0.00% ⁽²⁾

08/19/26

973,138

973,445

7,081,372

Real Estate — 0.2%

Hill Top Energy Center LLC Term Loan B

6.90% (1 mo. USD Term SOFR + 3.250%) ⁽¹⁾

06/26/32

484,438

487,769

REIT — 1.0%

Iron Mountain, Inc. 2022 Term Loan A

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

03/18/30

401,405

398,226

OEG Borrower LLC 2024 Term Loan B

7.19% (3 mo. USD Term SOFR + 3.500%) ⁽¹⁾

06/30/31

1,215,823

1,224,942

Outfront Media Capital LLC 2025 Term Loan B

5.65% (1 mo. USD Term SOFR + 2.000%) ⁽¹⁾

09/24/32

748,893

753,341

2,376,509

Retail — 5.6%

1011778 BC Unlimited Liability Co. 2024 Term Loan B6

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

09/20/30

947,501

949,571

Burlington Coat Factory Warehouse Corp. 2024 Term Loan B

5.40% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

09/24/31

494,975

495,594

BW Gas & Convenience Holdings LLC 2021 Term Loan B

7.27% (1 mo. USD Term SOFR + 3.500%) ⁽¹⁾

03/31/28

1,065,230

1,067,003

Issues

Maturity
Date

Principal
Amount

Value

Retail (Continued)

K-Mac Holdings Corp. 2025 Add-on Term Loan

6.90% (1 mo. USD Term SOFR + 3.250%) ⁽¹⁾

07/21/28

1,367,086

1,377,155

KFC Holding Co. 2021 Term Loan B

5.53% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

03/15/28

1,204,939

1,211,265

Men’s Wearhouse, Inc. 2026 Term Loan B

9.41% (3 mo. USD Term SOFR + 5.750%) ⁽¹⁾

01/28/31

1,000,000

1,010,315

Michaels Cos., Inc. 2026 Term Loan B

8.67% (3 mo. USD Term SOFR + 5.000%) ⁽¹⁾

03/15/33

400,000

396,542

Murphy USA, Inc. Term Loan B

5.41% (1 mo. USD Term SOFR + 1.750%) ⁽¹⁾

04/07/32

746,250

752,780

Pacific Bells LLC 2024 Repriced Term Loan B

7.20% (3 mo. USD Term SOFR + 3.500%) ⁽¹⁾

11/13/28

1,315,882

1,325,751

Peer Holding III BV 2025 USD Term Loan B4B

6.20% (3 mo. USD Term SOFR + 2.500%) ⁽¹⁾

10/28/30

1,745,769

1,753,188

Raising Cane’s Restaurants LLC 2025 Term Loan B

0.00% ^(2),(1)

11/03/32

500,000

501,095

Splat Super Holdco LLC 2025 Term Loan

8.65% (1 mo. USD Term SOFR + 5.000%) ⁽¹⁾

07/02/32

1,266,024

1,107,771

Thermostat Purchaser III, Inc. 2024 Term Loan B

7.95% (3 mo. USD Term SOFR + 4.250%) ⁽¹⁾

08/31/28

740,576

728,079

12,676,109

Software — 4.4%

Avison Young Canada, Inc. 2024 Third Out Term Loan

11.39% (3 mo. USD Term SOFR + 7.500%) ⁽¹⁾

03/12/29

173,865

37,091

Boxer Parent Co., Inc. 2025 USD Term Loan B

6.67% (3 mo. USD Term SOFR + 3.000%) ⁽¹⁾

07/30/31

648,363

602,031

Cast & Crew Payroll LLC 2021 Incremental Term Loan

7.41% (3 mo. USD Term SOFR + 3.750%) ⁽¹⁾

12/29/28

1,161,743

519,886

See accompanying Notes to Financial Statements.

128

TCW Senior Loan ETF

April 30, 2026

Issues

Maturity
Date

Principal
Amount

Value

Software (Continued)

Cloud Software Group, Inc. 2025 Term Loan B (2031)

6.95% (3 mo. USD Term SOFR + 3.250%) ⁽¹⁾

03/21/31

361,450

335,359

Cloudera, Inc. 2021 Term Loan

7.50% (1 mo. USD Term SOFR + 3.750%) ⁽¹⁾

10/08/28

1,154,443

1,043,334

Darktrace PLC 1st Lien Term Loan

6.93% (3 mo. USD Term SOFR + 3.250%) ⁽¹⁾

10/09/31

542,005

510,956

Electronic Arts, Inc. Term Loan B

0.00% ⁽²⁾

03/24/33

500,000

500,750

EP Purchaser LLC 2023 Term Loan B

8.29% (3 mo. USD Term SOFR + 4.500%) ⁽¹⁾

11/06/28

920,237

609,331

Planview Parent, Inc. 2024 1st Lien Term Loan

7.20% (3 mo. USD Term SOFR + 3.500%) ⁽¹⁾

12/17/27

1,593,808

1,231,719

Playtika Holding Corp. 2021 Term Loan B1

6.52% (1 mo. USD Term SOFR + 2.750%) ⁽¹⁾

03/13/28

994,695

959,020

Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B

6.95% (3 mo. USD Term SOFR + 3.250%) ⁽¹⁾

10/26/30

1,583,299

1,250,806

Quartz Acquireco LLC 2025 Term Loan B

5.95% (3 mo. USD Term SOFR + 2.250%) ⁽¹⁾

06/28/30

1,733,785

1,448,803

Renaissance Holding Corp. 2024 1st Lien Term Loan

7.66% (3 mo. USD Term SOFR + 4.000%) ⁽¹⁾

04/05/30

1,526,839

1,043,159

10,092,245

Telecommunications — 0.5%

Altice Financing SA 2022 USD Term Loan

8.67% (3 mo. USD Term SOFR + 5.000%) ⁽¹⁾

10/31/27

248,715

190,533

Cyxtera DC Holdings, Inc. Term Loan B

0.00% ⁽³⁾

01/16/27

292,034

—

GOGO Intermediate Holdings LLC Term Loan B

7.52% (1 mo. USD Term SOFR + 3.750%) ⁽¹⁾

04/30/28

575,000

516,873


Issues	Maturity Date		Principal Amount		Value

Telecommunications (Continued)

Zayo Group Holdings, Inc. 2025 USD Term Loan

6.77% (1 mo. USD Term SOFR + 3.000%) ⁽¹⁾		03/11/30	$	347,363	$	347,023


						1,054,429


Transportation — 0.7%

Genesee & Wyoming, Inc. 2024 Term Loan

5.45% (3 mo. USD Term SOFR + 1.750%) ⁽¹⁾		04/10/31		1,000,000		1,001,985

Kenan Advantage Group, Inc. 2024 Term Loan B4

0.00% ⁽²⁾		01/25/29		609,364		608,755


						1,610,740


Total Bank Loans

(Cost: $202,802,624)						196,919,089


CORPORATE BONDS — 5.7%

Aerospace & Defense — 1.1%

Honeywell Aerospace, Inc.

4.95% ⁽⁴⁾		03/16/36		1,000,000		989,080

Lockheed Martin Corp.

4.40%		08/15/30		1,000,000		1,000,060

Northrop Grumman Corp.

4.65%		07/15/30		500,000		503,115


						2,492,255


Commercial Services — 0.2%

Block, Inc.

6.50%		05/15/32		500,000		510,000


Electric — 0.2%

Duke Energy Carolinas LLC

4.85%		03/15/30		500,000		508,590


Entertainment — 0.2%

WMG Acquisition Corp.

3.88% ⁽⁴⁾		07/15/30		500,000		471,875


Environmental Control — 0.6%

Republic Services, Inc.

4.75%		07/15/30		1,000,000		1,011,840

Waste Pro USA, Inc.

7.00% ⁽⁴⁾		02/01/33		250,000		254,850


						1,266,690


Health Care-Products — 0.4%

Abbott Laboratories

4.00%		03/15/31		1,000,000		981,730


Health Care-Services — 0.2%

UnitedHealth Group, Inc.

4.50%		04/15/33		500,000		489,865

See accompanying Notes to Financial Statements.

129

TCW Senior Loan ETF

Schedule of Investments (Unaudited) (Continued)


Issues	Maturity Date		Principal Amount		Value

Household Products/Wares — 0.2%

Spectrum Brands, Inc.

3.88% ⁽⁴⁾		03/15/31	$	501,000	$	439,327


Internet — 0.6%

Getty Images, Inc.

10.50% ⁽⁴⁾		11/15/30		200,000		177,494

11.25% ⁽⁴⁾		02/21/30		500,000		445,615

Uber Technologies, Inc.

4.80%		09/15/34		750,000		735,292


						1,358,401


Packaging & Containers — 0.2%

Berry Global, Inc.

5.65%		01/15/34		500,000		512,835


Pharmaceuticals — 0.7%

Novartis Capital Corp.

4.90%		03/18/36		1,000,000		993,090

Teva Pharmaceutical Finance Netherlands IV BV (Israel)

5.75%		12/01/30		500,000		513,435


						1,506,525


Retail — 0.2%

1011778 BC ULC/New Red Finance, Inc. (Canada)

3.50% ⁽⁴⁾		02/15/29		500,000		481,740


Software — 0.2%

Constellation Software, Inc. (Canada)

5.46% ⁽⁴⁾		02/16/34		500,000		489,950


Telecommunications — 0.2%

Meridian Arc Holdco LLC

6.25% ⁽⁴⁾		04/30/31		500,000		500,260


Transportation — 0.5%

Union Pacific Corp.

5.10%		02/20/35		1,000,000		1,017,570


Total Corporate Bonds

(Cost: $13,082,729)						13,027,613


FOREIGN GOVERNMENT BONDS — 0.1%

Abu Dhabi Government International Bonds

4.25% ⁽⁴⁾		10/02/35		300,000		289,542


Total Foreign Government Bonds

(Cost: $290,196)						289,542


U.S. TREASURY SECURITIES — 0.6%

U.S. Treasury Notes

3.88%		03/31/31		110,000		109,287

3.88%		04/30/31		1,160,000		1,152,342


Total U.S. Treasury Securities

(Cost: $1,263,371)						1,261,629

Issues

Maturity
Date

Principal
Amount

Value

Total Fixed Income Securities

(Cost: $217,438,920)

211,497,873

CONVERTIBLE SECURITIES — 0.0%

CONVERTIBLE CORPORATE BONDS — 0.0%

Engineering & Construction — 0.0%

Cellnex Telecom SA

0.75% ⁽⁵⁾

11/20/31

EUR 100,000

105,435

Total Convertible Corporate Bonds

(Cost: $105,407)

105,435

Issues

Value

COMMON STOCK — 0.2%

Financial — 0.0%

WS Purchaser LLC ⁽⁶⁾

22,928

1,261

Health Care-Services — 0.2%

ModivCare, Inc. ⁽⁶⁾

58,076

377,494

Real Estate — 0.0%

Avison Young Canada, Inc. ⁽⁶⁾

370

Total Common Stock

(Cost: $378,762)

378,775

MONEY MARKET INVESTMENTS — 8.9%

State Street Institutional U.S. Government Money Market Fund — Premier Class, 3.60% ⁽⁷⁾

414,659

TCW Central Cash Fund, 3.69% ^(7),(8)

19,815,713

Total Money Market Investments

(Cost: $20,230,372)

20,230,372

PREFERRED STOCK — 0.1%

Real Estate — 0.1%

Avison Young Canada, Inc. ⁽⁶⁾

1,054,697

263,674

Total Preferred Stock

(Cost: $697,797)

263,674

WARRANTS — 0.0%

Cineworld Group PLC ^(3),(6)

229,579

Total Warrants

(Cost: $ —)

Total Investments (102.2%)

(Cost: $238,851,258)

232,476,132

Net Unrealized Appreciation (Depreciation) On Unfunded Commitments⁽⁹⁾ (-0.0%)

(4,522

)

Liabilities In Excess Of Other Assets (-2.2%)

(5,047,016)

Net Assets (100.0%)

227,424,594

See accompanying Notes to Financial Statements.

130

TCW Senior Loan ETF

Fair Valuation Summary (Unaudited)

April 30, 2026

The following is a summary of the fair valuations according to the inputs used as of April 30, 2026 in valuing the Fund’s investments:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Fixed Income Securities
Bank Loans	$	—	$	196,919,089		$	—	$	196,919,089
Corporate Bonds		—		13,027,613			—		13,027,613
U.S. Treasury Securities		—		1,261,629			—		1,261,629
Foreign Government Bonds		—		289,542			—		289,542

Total Fixed Income Securities		—		211,497,873			—		211,497,873

Convertible Securities
Convertible Corporate Bonds		—		105,435			—		105,435
Equity Securities
Money Market Investments		20,230,372		—			—		20,230,372
Common Stock		—		378,775			—		378,775
Preferred Stock		—		263,674			—		263,674
Warrants		—		—			3		3

Total Equity Securities		20,230,372		642,449			3		20,872,824

Net Unrealized Appreciation (Depreciation) on Unfunded Commitments	$	—	$	(4,522	)	$	—	$	(4,522	)

Total Investments	$	20,230,372	$	212,241,235		$	3	$	232,471,610

Asset Derivatives
Futures Contracts
Interest Rate Risk		3,889		—			—		3,889

Total	$	20,234,261	$	212,241,235		$	3	$	232,475,499

Liability Derivatives
Forward Currency Contracts
Foreign Currency Risk	$	—	$	(1,788	)	$	—	$	(1,788	)

Total	$	—	$	(1,788	)	$	—	$	(1,788	)

See accompanying Notes to Financial Statements.

133

TCW ETF Trust

Statements of Assets and Liabilities (Unaudited)

April 30, 2026


	TCW AAA CLO ETF		TCW Core Plus Bond ETF			TCW Corporate Bond ETF
ASSETS
Investments, at Value ⁽¹⁾	$	495,496,754	$	220,390,114		$	37,174,882
Investment in Affiliated Issuers, at Value ⁽²⁾		343,243		25,029,382			2,708,635
Foreign Currency, at Value ⁽³⁾		273,266		106,312			12,325
Cash		—		3,157,855			—
Receivable for Securities Sold		240		3,179,626			352,717
Interest and Dividends Receivable		994,485		1,472,586			410,780
Receivable from Investment Advisor		—		1,143			—
Unrealized Appreciation on Forward Currency Exchange Contracts		—		142			—
Receivable for Daily Variation Margin on Open Financial Futures Contracts		—		52,277			2,262
Cash Collateral Held for Brokers		300,000		1,449,355			130,006
Receivable for Daily Variation Margin on Open Centrally Cleared Swap Contracts		—		14,591			—
Prepaid Expenses		—		2,715			—

Total Assets		497,407,988		254,856,098			40,791,607

LIABILITIES
Payable for Securities Purchased		—		8,482,624			1,319,017
Payable for Purchase of When-Issued Securities		—		34,177,472			—
Accrued Directors’ Fees and Expenses		—		6,365			—
Deferred Accrued Directors’ Fees and Expenses		—		1,750			—
Accrued Management Fees		78,861		69,813			11,384
Options Written, at Value		—		32,111 ⁽⁴	⁾		—
Open OTC Swap Agreements, at Value		—		68,393			—
Unrealized Depreciation on Forward Currency Exchange Contracts		315,604		250,293			20,142
Transfer Agent Fees Payable		—		69,341			—
Administration Fee Payable		—		9,600			—
Audit Fees Payable		—		9,215			—
Interest payable on securities sold short		—		621			—
Custodian Fees Payable		—		29,515			—
Interest Payable on Borrowings		—		1,764			—
Legal Fees Payable		—		2,224			—
Net Unrealized Depreciation on Unfunded Loan Commitments		—		113			—
Other Accrued Expenses		—		4,330			7,162

Total Liabilities		394,465		43,215,544			1,357,705

NET ASSETS	$	497,013,523	$	211,640,554		$	39,433,902

NET ASSETS CONSIST OF:
Paid-in Capital	$	495,179,293	$	305,136,105		$	41,818,469
Accumulated Earnings (Loss)		1,834,230		(93,495,551	)		(2,384,567	)

NET ASSETS	$	497,013,523	$	211,640,554		$	39,433,902

NET ASSETS	$	497,013,523	$	211,640,554		$	39,433,902

CAPITAL SHARES OUTSTANDING		9,850,000		5,595,433			860,118

NET ASSET VALUE PER SHARE	$	50.46	$	37.82		$	45.85

(1)	The identified cost for the TCW AAA CLO ETF, the TCW Core Plus Bond ETF and the TCW Corporate Bond ETF at April 30, 2026 was $495,122,879, $222,785,868 and $37,434,902, respectively.

(2)	The identified cost for the TCW AAA CLO ETF, the TCW Core Plus Bond ETF and the TCW Corporate Bond ETF at April 30, 2026 was $343,243, $25,035,929 and $2,708,635, respectively.

(3)	The identified cost for the TCW AAA CLO ETF, the TCW Core Plus Bond ETF and the TCW Corporate Bond ETF at April 30, 2026 was $273,973, $104,018 and $12,008, respectively.

(4)	Premium received $0.

See accompanying Notes to Financial Statements.

134

TCW ETF Trust

Statements of Assets and Liabilities (Unaudited)

April 30, 2026


	TCW Flexible Income ETF			TCW High Yield Bond ETF			TCW Multisector Credit Income ETF
ASSETS
Investments, at Value ⁽¹⁾	$	3,260,979,925		$	30,989,053		$	37,829,478
Investment in Affiliated Issuers, at Value ⁽²⁾		170,735,390			700,000			171,341
Foreign Currency, at Value ⁽³⁾		2,099,603			32,799			26,001
Cash		2,112,983			6,947			37,193
Receivable for Securities Sold		14,716,832			487,687			944,249
Receivable for Fund Shares Sold		18,832,848			—			—
Interest and Dividends Receivable		22,319,735			533,868			530,514
Receivable from Investment Advisor		20,009			—			—
Unrealized Appreciation on Forward Currency Exchange Contracts		1,057			—			—
Receivable for Daily Variation Margin on Open Financial Futures Contracts		294,159			—			34,637
Cash Collateral Held for Brokers		14,205,035			40,000			11,021
Net Unrealized Appreciation on Unfunded Loan Commitments		—			—			41
Receivable for Daily Variation Margin on Open Centrally Cleared Swap Contracts		298,131			—			—
Prepaid Expenses		—			3,333			—

Total Assets		3,506,615,707			32,793,687			39,584,475

LIABILITIES
Payable for Securities Purchased		45,629,733			205,000			197,500
Payable for Purchase of When-Issued Securities		410,035,850			—			—
Accrued Directors’ Fees and Expenses		—			6,444			—
Deferred Accrued Directors’ Fees and Expenses		—			7,445			—
Accrued Management Fees		960,274			13,269			18,018
Payable to broker - variation margin on open futures contracts		—			3,993			—
Unrealized Depreciation on Forward Currency Exchange Contracts		4,166,961			7,607			8,862
Transfer Agent Fees Payable		—			2,236			—
Administration Fee Payable		—			1,487			—
Audit Fees Payable		—			12,251			—
Interest payable on securities sold short		9,859			—			—
Accounting Fees Payable		—			1,101			—
Custodian Fees Payable		—			9,793			—
Legal Fees Payable		—			2,458			—
Net Unrealized Depreciation on Unfunded Loan Commitments		1,071			—			—
Other Accrued Expenses		—			7,514			—

Total Liabilities		460,803,748			280,598			224,380

NET ASSETS	$	3,045,811,959		$	32,513,089		$	39,360,095

NET ASSETS CONSIST OF:
Paid-in Capital	$	3,099,763,904		$	41,012,684		$	39,410,404
Accumulated Earnings (Loss)		(53,951,945	)		(8,499,595	)		(50,309	)

NET ASSETS	$	3,045,811,959		$	32,513,089		$	39,360,095

NET ASSETS	$	3,045,811,959		$	32,513,089		$	39,360,095

CAPITAL SHARES OUTSTANDING		77,620,812			1,082,812			790,000

NET ASSET VALUE PER SHARE	$	39.24		$	30.03		$	49.82

(1)	The identified cost for the TCW Flexible Income ETF, the TCW High Yield Bond ETF and the TCW Multisector Credit Income ETF at April 30, 2026 was $3,299,849,145, $31,325,612 and $38,220,311, respectively.

(2)	The identified cost for the TCW Flexible Income ETF, the TCW High Yield Bond ETF and the TCW Multisector Credit Income ETF at April 30, 2026 was $170,938,830, $700,000 and $171,341, respectively.

(3)	The identified cost for the TCW Flexible Income ETF, the TCW High Yield Bond ETF and the TCW Multisector Credit Income ETF at April 30, 2026 was $2,071,918, $32,508 and $25,715, respectively.

See accompanying Notes to Financial Statements.

135

TCW ETF Trust

Statements of Operations (Unaudited)

Six Months Ended April 30, 2026


	TCW AAA CLO ETF			TCW Core Plus Bond ETF			TCW Corporate Bond ETF
INVESTMENT INCOME
Income:
Dividends	$	34,317		$	20,406		$	2,712
Dividends from Investment in Affiliated Issuers		142,225			476,798			28,558
Interest		9,155,984			4,641,347			763,082

Total		9,332,526			5,138,551			794,352

Expenses:
Management Fees		373,800			415,506			56,684

Total		373,800			415,506			56,684

Net Expenses		373,800			415,506			56,684

Net Investment Income		8,958,726			4,723,045			737,668

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		365,644			261,657			20,963
Realized Gain Received as Distribution from Affiliated Issuers		—			716			—
Foreign Currency		17,115			14,699			291
Forward Currency Exchange Contracts		467,428			86,290			(5,120	)
Futures Contracts		—			465,064			7,724
Swap Agreements		—			3,731			—
Change in Unrealized Appreciation (Depreciation) on:
Investments		(9	)		(2,600,849	)		(674,966	)
Foreign Currency		4,421			11,080			1,665
Forward Currency Exchange Contracts		(552,539	)		(374,429	)		(29,272	)
Futures Contracts		—			(1,229,079	)		11,145
Investments in Affiliated Issuers		—			(10,353	)		—
Options Written		—			(11,085	)		—
Swap Agreements		—			(38,704	)		—

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		302,060			(3,421,262	)		(667,570	)

INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	9,260,786		$	1,301,783		$	70,098

See accompanying Notes to Financial Statements.

137

TCW ETF Trust

Statements of Operations (Unaudited)

Six Months Ended April 30, 2026


	TCW Flexible Income ETF			TCW High Yield Bond ETF			TCW Multisector Credit Income ETF
INVESTMENT INCOME
Income:
Dividends	$	272,185		$	4,274		$	2,798
Dividends from Investment in Affiliated Issuers		3,710,200			7,446			13,910
Interest		75,638,407			1,317,469			1,598,408

Total		79,620,792			1,329,189			1,615,116

Expenses:
Management Fees		4,947,317			83,791			110,330

Total		4,947,317			83,791			110,330

Net Expenses		4,947,317			83,791			110,330

Net Investment Income		74,673,475			1,245,398			1,504,786

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		(2,875,624	)		(319,892	)		73,075
Realized Gain Received as Distribution from Affiliated Issuers		9,141			—			—
Foreign Currency		98,702			107			41
Forward Currency Exchange Contracts		1,561,889			11,001			17,369
Futures Contracts		(3,878,913	)		(2,495	)		(304	)
Swap Agreements		86,237			—			—
Change in Unrealized Appreciation (Depreciation) on:
Investments		(22,520,347	)		(226,006	)		(863,444	)
Foreign Currency		165,473			467			418
Forward Currency Exchange Contracts		(5,692,571	)		(15,273	)		(20,285	)
Futures Contracts		4,394,383			35,178			34,608
Investments in Affiliated Issuers		(159,335	)		—			—
Swap Agreements		(629,160	)		—			—

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions		(29,440,125	)		(516,913	)		(758,522	)

INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	45,233,350		$	728,485		$	746,264

See accompanying Notes to Financial Statements.

138

TCW ETF Trust

Statements of Changes in Net Assets


	TCW Core Plus Bond ETF
	Six Months Ended April 30, 2026 (Unaudited)			For the period from April 1, 2025 through October 31, 2025 ^(1), (2)			Year Ended March 31, 2025
OPERATIONS
Net Investment Income	$	4,723,045		$	9,980,517		$	34,704,263
Net Realized Gain (Loss) on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions		832,157			4,286,641			(475,177	)
Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Options Written, Foreign Currency Transactions and Swap Contracts		(4,253,419	)		2,082,114			9,257,868

Increase in Net Assets Resulting from Operations		1,301,783			16,349,272			43,486,954

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(6,554,702	)		(8,842,643	)		(34,449,634	)

NET CAPITAL SHARE TRANSACTIONS
Class M Shares		—			(16,182,242	)		(1,852,200	)
ETF		(17,542,285	)		(403,505,063	)		(330,937,181	)

Decrease in Net Assets Resulting from Net Capital Shares Transactions		(17,542,285	)		(419,687,305	)		(332,789,381	)

Decrease in Net Assets		(22,795,204	)		(412,180,676	)		(323,752,061	)
NET ASSETS
Beginning of period		234,435,758			646,616,434			970,368,495

End of period	$	211,640,554		$	234,435,758		$	646,616,434

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

(2)

The TCW Core Plus Bond ETF (FIXT) acquired the assets and liabilities of the predecessor mutual fund, the TCW MetWest Intermediate Bond Fund Class I (the “Predecessor Fund”), at the close of business on June 13, 2025. As a result of the reorganization, the TCW Core Plus Bond ETF adopted the accounting and performance history of the Predecessor Fund (inclusive of any expense limitation agreements that were in place). Financial information disclosed for periods prior to June 13, 2025 include those of the Predecessor Fund.

See accompanying Notes to Financial Statements.

141

TCW ETF Trust

Statements of Changes in Net Assets


	TCW Flexible Income ETF						TCW High Yield Bond ETF ⁽¹⁾
	Six Months Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025			Six Months Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025
OPERATIONS
Net Investment Income	$	74,673,475		$	60,761,763		$	1,245,398		$	2,719,155
Net Realized Gain (Loss) on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions		(4,998,568	)		6,559,483			(311,279	)		(510,509	)
Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts		(24,441,557	)		17,098,632			(205,634	)		452,743

Increase in Net Assets Resulting from Operations		45,233,350			84,419,878			728,485			2,661,389

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(75,556,974	)		(53,585,406	)		(1,408,031	)		(2,632,757	)

NET CAPITAL SHARE TRANSACTIONS
ETF		969,069,887			1,654,359,242			(3,642,910	)		(4,727,156	)

Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions		969,069,887			1,654,359,242			(3,642,910	)		(4,727,156	)

Increase (Decrease) in Net Assets		938,746,263			1,685,193,714			(4,322,456	)		(4,698,524	)
NET ASSETS
Beginning of period		2,107,065,696			421,871,982			36,835,545			41,534,069

End of period	$	3,045,811,959		$	2,107,065,696		$	32,513,089		$	36,835,545

(1)

The TCW High Yield Bond ETF (HYBX) acquired the assets and liabilities of the predecessor mutual fund, the TCW High Yield Bond Fund Class I (the “Predecessor Fund”), at the close of business on November 15, 2024. As a result of the reorganization, the TCW High Yield Bond ETF adopted the accounting and performance history of the Predecessor Fund (inclusive of any expense limitation agreements that were in place). Financial information disclosed for periods prior to November 15, 2024 include those of the Predecessor Fund.

See accompanying Notes to Financial Statements.

143

TCW ETF Trust

Statements of Changes in Net Assets


	TCW Senior Loan ETF
	Six Months Ended April 30, 2026 (Unaudited)			For the period from April 1, 2025 through October 31, 2025 ⁽¹⁾			Year Ended March 31, 2025 ⁽²⁾
OPERATIONS
Net Investment Income	$	8,360,994		$	13,719,118		$	23,962,948
Net Realized Loss on Investments, Futures Contracts and Foreign Currency Transactions		(3,487,733	)		(1,397,726	)		(2,749,477	)
Change in Unrealized Depreciation on Investments, Futures Contracts and Foreign Currency Transactions		(2,298,018	)		(702,825	)		(601,347	)

Increase in Net Assets Resulting from Operations		2,575,243			11,618,567			20,612,124

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(9,553,539	)		(12,901,702	)		(21,975,885	)

NET CAPITAL SHARE TRANSACTIONS
ETF		(18,907,109	)		(39,174,861	)		2,606,406
M Class		—			—			(9,514,628	)
Plan Class		—			—			(10,694	)

Decrease in Net Assets Resulting from Net Capital Shares Transactions		(18,907,109	)		(39,174,861	)		(6,918,916	)

Decrease in Net Assets		(25,885,405	)		(40,457,996	)		(8,282,677	)
NET ASSETS
Beginning of period		253,309,999			293,767,995			302,050,672

End of period	$	227,424,594		$	253,309,999		$	293,767,995

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

(2)

The TCW Senior Loan ETF acquired the assets and liabilities of the TCW MetWest Floating Rate Income Fund, a series of the TCW Metropolitan West Funds, Inc., at the close of business on November 15, 2024. As a result of the reorganization, the TCW Senior Loan ETF is the accounting successor of the TCW MetWest Floating Rate Income Fund. Financial information above for the periods prior to November 15, 2024 reflects the performance and expense limitation agreement that was in place for the TCW MetWest Floating Rate Income Fund.

See accompanying Notes to Financial Statements.

145

TCW ETF Trust

Notes to Financial Statements (Continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)


TCW Corporate Bond ETF	Asset-Backed Securities			Total
Balance as of October 31, 2025	$	30,745		$	30,745
Accrued Discounts (Premiums)		—			—
Realized Gain (Loss)		—			—
Change in Unrealized Appreciation (Depreciation)		315			315
Purchases		—			—
Sales		(1,426	)		(1,426	)
Transfers in to Level 3*		—			—
Transfers out of Level 3*		—			—

Balance as of April 30, 2026	$	29,634		$	29,634

Change in Unrealized Appreciation (Depreciation) from Investments Still Held at April 30, 2026	$	315		$	315

*	Financial assets transferred between Level 2 and Level 3 were due to a change in observable and/or unobservable inputs.


TCW Flexible Income ETF	Asset-Backed Securities			Warrants		Corporate Bonds			Total
Balance as of October 31, 2025	$	12,511,356		$	2	$	—		$	12,511,358
Accrued Discounts (Premiums)		33,018			—		—			33,018
Realized Gain (Loss)		(742,053	)		—		—			(742,053	)
Change in Unrealized Appreciation (Depreciation)		491,353			—		(148,065	)		343,288
Purchases		8			—		3,442,488			3,442,496
Sales		(2,546,696	)		—		(21,878	)		(2,568,574	)
Transfers in to Level 3*		558,295			—		—			558,295
Transfers out of Level 3*		(3,281,413	)		—		—			(3,281,413	)

Balance as of April 30, 2026	$	7,023,868		$	2	$	3,272,545		$	10,296,415

Change in Unrealized Appreciation (Depreciation) from Investments Still Held at April 30, 2026	$	216,288		$	—	$	(148,065	)	$	68,223

*	Financial assets transferred between Level 2 and Level 3 were due to a change in observable and/or unobservable inputs.


TCW Senior Loan ETF	Bank Loans			Warrant		Total
Balance as of October 31, 2025	$	—		$	3	$	3
Accrued Discounts (Premiums)		(119,055	)		—		(119,055	)
Realized Gain (Loss)		—			—		—
Change in Unrealized Appreciation (Depreciation)		(28,380	)		—		(28,380	)
Purchases		147,435			—		147,435
Sales		—			—		—
Transfers in to Level 3*		—			—		—
Transfers out of Level 3*		—			—		—

Balance as of April 30, 2026	$	—		$	3	$	3

Change in Unrealized Appreciation (Depreciation) from Investments Still Held at April 30, 2026	$	(28,380	)	$	—	$	(28,380	)

*	Financial assets transferred between Level 2 and Level 3 were due to a change in observable and/or unobservable inputs.

152

TCW ETF Trust

April 30, 2026

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)

TCW Core Plus Bond ETF


	Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Swaptions Purchased	$	—		$	24,917		$	24,917
Futures Contracts ⁽¹⁾		—			67,583			67,583
Forward Currency Exchange Contracts		142			—			142

Total Value	$	142		$	92,500		$	92,642

Liability Derivatives
Forward Currency Exchange Contracts	$	(250,293	)	$	—		$	(250,293	)
Swaptions Written		—			(32,111	)		(32,111	)
Swap Agreements		—			(68,393	)		(68,393	)
Futures Contracts ⁽¹⁾		—			(1,176,391	)		(1,176,391	)

Total Value	$	(250,293	)	$	(1,276,895	)	$	(1,527,188	)

Statement of Operations:
Net Realized Gain (Loss)
Forward Currency Exchange Contracts	$	86,290		$	—		$	86,290
Futures Contracts		—			464,841			464,841
Swaptions Purchased		—			(114,265	)		(114,265	)

Net Realized Gain (Loss)	$	86,290		$	350,576		$	436,866

Net Change in Appreciation (Depreciation)
Forward Currency Exchange Contracts	$	(374,429	)	$	—		$	(374,429	)
Futures Contracts		—			(1,390,095	)		(1,390,095	)
Swaptions Purchased		—			117,634			117,634
Swaptions Written		—			(11,085	)		(11,085	)
Swap Agreements		—			(38,704	)		(38,704	)

Net Change in Appreciation (Depreciation)	$	(374,429	)	$	(1,322,250	)	$	(1,696,679	)

Number of Contracts, Notional Amounts or Shares/Units ⁽²⁾
Forward Currency Exchange Contracts		14,409,232			—			14,409,232
Options Purchased		—			38,739,400			38,739,400
Futures Contracts		—			537			537
Swap Agreements		—			3,250,301			3,250,301

TCW Corporate Bond ETF

	Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Futures Contracts ⁽¹⁾	$	—		$	133,943		$	133,943

Total Value	$	—		$	133,943		$	133,943

Liability Derivatives
Forward Currency Exchange Contracts	$	(20,142	)	$	—		$	(20,142	)
Futures Contracts ⁽¹⁾		—			(122,816	)		(122,816	)

Total Value	$	(20,142	)	$	(122,816	)	$	(142,958	)

155

TCW ETF Trust

Notes to Financial Statements (Continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)


	Foreign Currency Risk			Interest Rate Risk			Total
Statement of Operations:
Net Realized Gain (Loss)
Forward Currency Exchange Contracts	$	(5,120	)	$	—		$	(5,120	)
Futures Contracts		—			7,724			7,724

Net Realized Gain (Loss)	$	(5,120	)	$	7,724		$	2,604

Net Change in Appreciation (Depreciation)
Forward Currency Exchange Contracts	$	(29,272	)	$	—		$	(29,272	)
Futures Contracts		—			11,145			11,145

Net Change in Appreciation (Depreciation)	$	(29,272	)	$	11,145		$	(18,127	)

Number of Contracts, Notional Amounts or Shares/Units ⁽²⁾
Forward Currency Exchange Contracts		935,891			—			935,891
Futures Contracts		—			153			153

TCW Flexible Income ETF

	Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Futures Contracts ⁽¹⁾	$	—		$	9,134,744		$	9,134,744
Forward Currency Exchange Contracts		1,057			—			1,057

Total Value	$	1,057		$	9,134,744		$	9,135,801

Liability Derivatives
Forward Currency Exchange Contracts	$	(4,166,961	)	$	—		$	(4,166,961	)
Swap Agreements		—			(1,387,776	)		(1,387,776	)
Futures Contracts ⁽¹⁾		—			(8,579,098	)		(8,579,098	)

Total Value	$	(4,166,961	)	$	(9,966,874	)	$	(14,133,835	)

Statement of Operations:
Net Realized Gain (Loss)
Forward Currency Exchange Contracts	$	1,561,889		$	—		$	1,561,889
Futures Contracts		—			(3,878,913	)		(3,878,913	)
Swap Agreements		—			86,237			86,237

Net Realized Gain (Loss)	$	1,561,889		$	(3,792,676	)	$	(2,230,787	)

Net Change in Appreciation (Depreciation)
Forward Currency Exchange Contracts	$	(5,692,571	)	$	—		$	(5,692,571	)
Futures Contracts		—			4,394,383			4,394,383
Swap Agreements		—			(629,160	)		(629,160	)

Net Change in Appreciation (Depreciation)	$	(5,692,571	)	$	3,765,223		$	(1,927,348	)

Number of Contracts, Notional Amounts or Shares/Units ⁽²⁾
Forward Currency Exchange Contracts		221,206,465			—			221,206,465
Futures Contracts		—			8,657			8,657
Swap Agreements		—			65,831,829			65,831,829

156

TCW ETF Trust

April 30, 2026

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)

TCW High Yield Bond ETF


	Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Futures Contracts ⁽¹⁾	$	—		$	35,178		$	35,178

Total Value	$	—		$	35,178		$	35,178

Liability Derivatives
Forward Currency Exchange Contracts	$	(7,607	)	$	—		$	(7,607	)

Total Value	$	(7,607	)	$	—		$	(7,607	)

Statement of Operations:
Net Realized Gain (Loss)
Forward Currency Exchange Contracts	$	11,001		$	—		$	11,001
Futures Contracts		—			(2,495	)		(2,495	)

Net Realized Gain (Loss)	$	11,001		$	(2,495	)	$	8,506

Net Change in Appreciation (Depreciation)
Forward Currency Exchange Contracts	$	(15,273	)	$	—		$	(15,273	)
Futures Contracts		—			35,178			35,178

Net Change in Appreciation (Depreciation)	$	(15,273	)	$	35,178		$	19,905

Number of Contracts, Notional Amounts or Shares/Units ⁽²⁾
Forward Currency Exchange Contracts		648,743			—			648,743
Futures Contracts		—			16			16

TCW Multisector Credit Income ETF

	Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Futures Contracts ⁽¹⁾	$	—		$	34,608		$	34,608

Total Value	$	—		$	34,608		$	34,608

Liability Derivatives
Forward Currency Exchange Contracts	$	(8,862	)	$	—		$	(8,862	)

Total Value	$	(8,862	)	$	—		$	(8,862	)

Statement of Operations:
Net Realized Gain (Loss)
Forward Currency Exchange Contracts	$	17,369		$	—		$	17,369
Futures Contracts		—			(304	)		(304	)

Net Realized Gain (Loss)	$	17,369		$	(304	)	$	17,065

Net Change in Appreciation (Depreciation)
Forward Currency Exchange Contracts	$	(20,285	)	$	—		$	(20,285	)
Futures Contracts		—			34,608			34,608

Net Change in Appreciation (Depreciation)	$	(20,285	)	$	34,608		$	14,323

Number of Contracts, Notional Amounts or Shares/Units ⁽²⁾
Forward Currency Exchange Contracts		860,691			—			860,691
Futures Contracts		—			19			19

157

TCW ETF Trust

Notes to Financial Statements (Continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)


TCW Senior Loan ETF
	Foreign Currency Risk			Interest Rate Risk			Total
Statement of Assets and Liabilities:
Asset Derivatives
Futures Contracts ⁽¹⁾	$	—		$	3,310		$	3,310

Total Value	$	—		$	3,310		$	3,310

Liability Derivatives
Forward Currency Exchange Contracts	$	(1,788	)	$	—		$	(1,788	)

Total Value	$	(1,788	)	$	—		$	(1,788	)

Statement of Operations:
Net Realized Gain (Loss)
Forward Currency Exchange Contracts	$	1,118		$	—		$	1,118
Futures Contracts		—			(1,652	)		(1,652	)

Net Realized Gain (Loss)	$	1,118		$	(1,652	)	$	(534	)

Net Change in Appreciation (Depreciation)
Forward Currency Exchange Contracts	$	(1,788	)	$	—		$	(1,788	)
Futures Contracts		—			4,900			4,900

Net Change in Appreciation (Depreciation)	$	(1,788	)	$	4,900		$	3,112

Number of Contracts, Notional Amounts or Shares/Units ⁽²⁾
Forward Currency Exchange Contracts		157,484			—			157,484
Futures Contracts		—			1			1

(1)	Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only variation margin on April 30, 2026 is reported within the Statement of Assets and Liabilities.

(2)	Amount disclosed represents average number of contracts or notional amounts, which are representative of the volume traded for the period ended Apirl 30, 2026.

Counterparty Credit Risk: Derivative contracts may be exposed to counterparty credit risk. Losses can occur if the counterparty does not perform under the contract.

The Funds’ risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Funds.

With exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Funds do not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

158

TCW ETF Trust

April 30, 2026

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)

TCW Core Plus Bond ETF


Counterparty	Gross Assets Subject to Master Agreements		Collateral Received⁽¹⁾		Derivatives Assets/ (Liabilities) Available for Offset			Net Amount of Assets⁽²⁾
Barclays Capital
Purchased Swaptions	$	24,917	$	—	$	—		$	24,917
JP Morgan Chase Bank
Forward Currency Exchange Contracts		142		—		(142	)		—

Total	$	25,059	$	—	$	(142	)	$	24,917


Counterparty	Gross Liabilities Subject to Master Agreements		Collateral Pledged⁽¹⁾			Derivatives (Assets)/ Liabilities Available for Offset			Net Amount of Liabilities⁽³⁾
Citibank N.A.
Forward Currency Exchange Contracts	$	38,605	$	—		$	—		$	38,605
Goldman Sachs & Co.
Forward Currency Exchange Contracts		105,417		(80,000	)		—			25,417
JP Morgan Chase Bank
Forward Currency Exchange Contracts		106,271		—			(142	)		106,129
JP Morgan Chase Bank
Written Swaptions		32,111		—			—			32,111

Total	$	282,404	$	(80,000	)	$	(142	)	$	202,262

⁽¹⁾	Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

⁽²⁾	Represents the net amount receivable from the counterparty in the event of default.

⁽³⁾	Represents the net amount payable to the counterparty in the event of default.

TCW Corporate Bond ETF


Counterparty	Gross Liabilities Subject to Master Agreements		Collateral Pledged⁽¹⁾		Derivatives (Assets)/ Liabilities Available for Offset		Net Amount of Liabilities⁽²⁾
Goldman Sachs & Co.
Forward Currency Exchange Contracts	$	20,142	$	—	$	—	$	20,142

Total	$	20,142	$	—	$	—	$	20,142

⁽¹⁾	Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

⁽²⁾	Represents the net amount payable to the counterparty in the event of default.

TCW Flexible Income ETF


Counterparty	Gross Assets Subject to Master Agreements		Collateral Received⁽¹⁾		Derivatives Assets/ (Liabilities) Available for Offset			Net Amount of Assets⁽²⁾
JP Morgan Chase Bank
Forward Currency Exchange Contracts	$	1,057	$	—	$	(1,057	)	$	—

Total	$	1,057	$	—	$	(1,057	)	$	—

161

TCW ETF Trust

Notes to Financial Statements (Continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)


Counterparty	Gross Liabilities Subject to Master Agreements		Collateral Pledged⁽¹⁾			Derivatives (Assets)/ Liabilities Available for Offset			Net Amount of Liabilities⁽³⁾
Bank of New York
Forward Currency Exchange Contracts	$	370,718	$	—		$	—		$	370,718
Goldman Sachs & Co.
Forward Currency Exchange Contracts		3,789,662		(1,240,000	)		—			2,549,662
JP Morgan Chase Bank
Forward Currency Exchange Contracts		6,581		—			(1,057	)		5,524

Total	$	4,166,961	$	(1,240,000	)	$	(1,057	)	$	2,925,904

⁽¹⁾	Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

⁽²⁾	Represents the net amount receivable from the counterparty in the event of default.

⁽³⁾	Represents the net amount payable to the counterparty in the event of default.

TCW High Yield Bond ETF


Counterparty	Gross Liabilities Subject to Master Agreements		Collateral Pledged⁽¹⁾		Derivatives (Assets)/ Liabilities Available for Offset		Net Amount of Liabilities⁽²⁾
Goldman Sachs & Co.
Forward Currency Exchange Contracts	$	7,607	$	—	$	—	$	7,607

Total	$	7,607	$	—	$	—	$	7,607

⁽¹⁾	Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

⁽²⁾	Represents the net amount payable to the counterparty in the event of default.

TCW Multisector Credit Income ETF


Counterparty	Gross Liabilities Subject to Master Agreements		Collateral Pledged⁽¹⁾		Derivatives (Assets)/ Liabilities Available for Offset		Net Amount of Liabilities⁽²⁾
Goldman Sachs & Co.
Forward Currency Exchange Contracts	$	8,862	$	—	$	—	$	8,862

Total	$	8,862	$	—	$	—	$	8,862

⁽¹⁾	Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

⁽²⁾	Represents the net amount payable to the counterparty in the event of default.

TCW Senior Loan ETF


Counterparty	Gross Liabilities Subject to Master Agreements		Collateral Pledged⁽¹⁾		Derivatives (Assets)/ Liabilities Available for Offset		Net Amount of Liabilities⁽²⁾
Goldman Sachs & Co.
Forward Currency Exchange Contracts	$	1,788	$	—	$	—	$	1,788

Total	$	1,788	$	—	$	—	$	1,788

⁽¹⁾	Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

⁽²⁾	Represents the net amount payable to the counterparty in the event of default.

NOTE 3 — PORTFOLIO INVESTMENTS

Mortgage-Backed and Other Asset-Backed Securities: The Funds may invest in MBS, which represent interests in pools of mortgages in which payments of both principal and interest on the securities are generally made monthly, in effect “passing through” monthly payments made by borrowers on the residential or commercial mortgage loans which underlie the securities (net of any

162

TCW ETF Trust

April 30, 2026

NOTE 10 — CREATION AND REDEMPTION TRANSACTIONS (Continued)

Exchange LLC (the “Exchange” or “NYSE”), a national securities exchange. Shares of the Funds are traded in the secondary market and elsewhere at market values that may be at, above or below each Fund’s NAV. Shares are redeemable only in Creation Units by authorized participants that have entered into agreements with the Distributor (“Authorized Participants”), and, generally, in exchange for securities in kind and or a cash amount. Creation Units typically are large blocks of a specified number of shares or multiples thereof. In the event of liquidation of a Fund, the Trust may lower the number of shares in a Creation Unit.

Shares may be issued in advance of receipt of Deposit Instruments, subject to various conditions, including a requirement that the Authorized Participant maintain with the Trust a cash deposit in an amount at least equal to a specified percentage, as set forth in the applicable Participant Agreement, of the value of the missing Deposit Instruments. The Trust may use such cash deposit at any time to purchase Deposit Instruments. Transaction fees and other costs associated with creations or redemptions that include cash may be higher than the transaction fees and other costs associated with in-kind creations or redemptions. In all cases, conditions with respect to creations and redemptions of Shares and fees will be limited in accordance with the requirements of SEC rules and regulations applicable to management investment companies offering redeemable securities.

NOTE 11 — CAPITAL SHARE TRANSACTIONS

Transactions in each Fund’s shares were as follows:


TCW AAA CLO ETF	Six Months Ended April 30, 2026 (Unaudited)						For the Period November 15, 2024 (Commencement of Operations) through October 31, 2025
	Shares			Amount			Shares			Amount
Shares Sold		3,800,000		$	191,396,716			6,660,000		$	334,494,501
Shares Redeemed		(350,000	)		(17,630,797	)		(260,000	)		(13,081,127	)

Net Increase		3,450,000		$	173,765,919			6,400,000		$	321,413,374


TCW Core Plus Bond ETF ⁽¹⁾⁽²⁾	Six Months Ended April 30, 2026 (Unaudited)						For the Period from April 1, 2025 through October 31, 2025
	Shares			Amount			Shares			Amount
Shares Sold		100,000		$	3,622,650			896,193		$	34,126,980
Shares Sold — shares converted from Class M		—			—			411,422			15,541,542
Shares Issued upon Reinvestment of Dividends		—			—			96,795			3,666,823
Shares Redeemed		(550,000	)		(21,164,935	)		(12,031,377	)		(456,840,408	)

Net Decrease		(450,000	)	$	(17,542,285	)		(10,626,967	)	$	(403,505,063	)


TCW Core Plus Bond ETF	Year Ended March 31, 2025
	Shares			Amount
Shares Sold		3,490,947		$	34,126,980
Shares Issued upon Reinvestment of Dividends		817,702			30,652,342
Shares Redeemed		(13,103,584	)		(492,769,621	)

Net Decrease		(8,794,935	)	$	(330,937,181	)

⁽¹⁾

⁽²⁾	Per share amounts were adjusted to reflect a 1:4 reverse stock split effective May 22, 2025.

179

TCW ETF Trust

Notes to Financial Statements (Continued)

NOTE 11 — CAPITAL SHARE TRANSACTIONS (Continued)


TCW Corporate Bond ETF ⁽¹⁾⁽²⁾	Six Months Ended April 30, 2026 (Unaudited)				For the Period April 1, 2025 through October 31, 2025
	Shares		Amount		Shares			Amount
Shares Sold		260,000	$	11,984,293		430,000		$	19,608,573
Shares Redeemed		—		—		(10,000	)		(454,363	)

Net Increase		260,000	$	11,984,293		420,000		$	19,154,210


TCW Corporate Bond ETF	Year Ended March 31, 2025
	Shares			Amount
Shares Sold		78,075		$	3,573,099
Shares Sold-shares converted from Class M ⁽³⁾		50,461			2,330,001
Shares Issued upon Reinvestment of Dividends		1,283			58,030
Shares Redeemed		(2,640	)		(117,854	)

Net Increase		127,179		$	5,843,276

⁽¹⁾

The TCW Corporate Bond ETF acquired the assets and liabilities of the TCW MetWest Corporate Bond Fund, a series of the TCW Metropolitan West Funds, Inc., at the close of business on November 15, 2024. As a result of the reorganization, the TCW Corporate Bond ETF is the accounting successor of the TCW MetWest Corporate Bond Fund. Financial information above for the periods prior to November 15, 2024 reflects the performance and expense limitation agreement that was in place for the TCW MetWest Corporate Bond Fund.

⁽²⁾	Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.

⁽³⁾	M Class shares were converted into TCW Corporate Bond ETF shares at the close of business on October 18, 2024.


TCW Flexible Income ETF	Six Months Ended April 30, 2026 (Unaudited)						Year Ended October 31, 2025
	Shares			Amount			Shares			Amount
Shares Sold		24,600,000		$	969,069,887			42,150,000		$	1,654,358,678
Shares Issued upon Reinvestment of Dividends		—			—			14			564

Net Increase		24,600,000		$	969,069,887			42,150,014		$	1,654,359,242


TCW High Yield Bond ETF ⁽¹⁾⁽²⁾	Six Months Ended April 30, 2026 (Unaudited)						Year Ended October 31, 2025
	Shares			Amount			Shares			Amount
Shares Sold		10,000		$	275,694			125,367		$	3,743,661
Shares Issued upon Reinvestment of Dividends		—			—			6,953			213,120
Shares Redeemed		(130,000	)		(3,918,604	)		(284,567	)		(8,683,937	)

Net Decrease		(120,000	)	$	(3,642,910	)		(152,247	)	$	(4,727,156	)

⁽¹⁾

⁽²⁾	Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.


TCW Multisector Credit Income ETF	Six Months Ended April 30, 2026 (Unaudited)						For the Period November 15, 2024 (Commencement of Operations) through October 31, 2025
	Shares			Amount			Shares		Amount
Shares Sold		—		$	—			1,000,000	$	50,000,000
Shares Redeemed		(210,000	)		(10,589,460	)		—		—

Net Decrease		(210,000	)	$	(10,589,460	)		1,000,000	$	50,000,000

180

TCW ETF Trust

April 30, 2026

NOTE 11 — CAPITAL SHARE TRANSACTIONS (Continued)


TCW Senior Loan ETF ⁽¹⁾⁽²⁾	Six Months Ended April 30, 2026 (Unaudited)						For the Period April 1, 2025 through October 31, 2025
	Shares			Amount			Shares			Amount
Shares Sold		90,000		$	4,550,027			770,000		$	35,900,804
Shares Redeemed		(510,000	)		(23,457,136	)		(1,600,000	)		(75,075,665	)

Net Decrease		(420,000	)	$	(18,907,109	)		(830,000	)	$	(39,174,861	)


TCW Senior Loan ETF	Year Ended March 31, 2025
	Shares			Amount
Shares Sold		946,675		$	44,131,030
Shares Sold-shares converted from Class M ⁽³⁾		148,325			7,040,099
Shares Issued upon Reinvestment of Dividends		229,502			10,890,222
Shares Redeemed		(1,268,332	)		(59,454,945	)

Net Decrease		56,170		$	2,606,406

⁽¹⁾

⁽²⁾	Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.

⁽³⁾	M Class shares were converted into TCW Senior Loan ETF shares at the close of business on October 18, 2024.

NOTE 12 — PURCHASES AND SALES OF SECURITIES

Investment transactions (excluding short-term investments) for the period ended April 30, 2026 were as follows:


	Purchases at Cost		Sales or Maturity Proceeds		U.S. Government Purchases at Cost		U.S. Government Sales or Maturity Proceeds
TCW AAA CLO ETF	$	258,112,638	$	75,746,963	$	—	$	—
TCW Core Plus Bond ETF		44,057,505		53,633,223		396,226,938		397,349,799
TCW Corporate Bond ETF		12,217,409		3,291,758		28,103,567		26,600,921
TCW Flexible Income ETF		1,384,273,569		416,954,664		2,737,565,332		2,614,148,440
TCW High Yield Bond ETF		13,451,291		18,042,419		—		—
TCW Multisector Credit Income ETF		14,939,498		20,573,114		—		—
TCW Senior Loan ETF		108,899,683		127,893,296		7,692,102		7,758,831

All creation and redemption transactions for the Funds were on a cash basis.

NOTE 13 — RESTRICTED SECURITIES

The Funds are permitted to invest in securities that have legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered before being sold to the public (exemption rules apply). Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”). However, the Company considers 144A securities to be restricted if those securities have been deemed illiquid. Disposal of

181

TCW ETF Trust

Notes to Financial Statements (Continued)

NOTE 13 — RESTRICTED SECURITIES (Continued)

these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. The restricted securities held by the Funds at April 30, 2026 are listed below.


TCW Core Plus Bond ETF
Issuer Description	Acquisition Date	Acquisition Cost		Aggregate Value		Percentage of Net Assets
ModivCare, Inc., 0.00%, 10/01/29	05/18/23	$	675,902	$	13,167		0.01	%

		$	675,902	$	13,167		0.01	%


TCW Flexible Income ETF
Issuer Description	Acquisition Date	Acquisition Cost		Aggregate Value		Percentage of Net Assets
COMM Mortgage Trust Series 2012-LC4, Class XB (I/O), 0.49%, 12/10/44	01/22/19	$	10,650	$	4		0.00	%
COMM Mortgage Trust Series 2015-LC21, Class XE (I/O), 1.14%, 07/10/48	05/19/21		335,956	$	241		0.00	%
ModivCare, Inc., 0.00%, 10/01/29	02/02/24		616,295		11,165		0.00	%
Invesco CLO Ltd. Series 2021-2A, Class Y, 0.00%, 07/15/34	03/27/25		5		0		0.00	%
Invesco U.S. CLO Ltd. Series 2024-4A, Class Y, 0.05%, 01/15/38	11/25/24		0		0		0.00	%
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5, Class XC (I/O), 0.27%, 08/15/45	04/14/20		19,838		57		0.00	%
New Mountain CLO 8 Ltd. Series CLO-8A, Class M, 0.10%, 10/20/38	09/16/25		40		0		0.00	%
WFRBS Commercial Mortgage Trust Series 2012-C10, Class XB (I/O), 0.39%, 12/15/45	04/21/20		303,070		309		0.00	%

		$	1,285,854	$	11,776		0.00	%


TCW High Yield Bond ETF
Issuer Description	Acquisition Date	Acquisition Cost		Aggregate Value		Percentage of Net Assets
ModivCare, Inc., 0.00%, 10/01/29	05/18/23	$	175,965	$	3,150		0.01	%

		$	175,965	$	3,150		0.01	%


TCW Multisector Credit Income ETF
Issuer Description	Acquisition Date	Acquisition Cost		Aggregate Value		Percentage of Net Assets
ModivCare, Inc., 0.00%, 10/01/29	11/15/24	$	186,818	$	3,874		0.01	%

		$	186,818	$	3,874		0.01	%

182

TCW ETF Trust

April 30, 2026

NOTE 14 — COMMITMENTS AND CONTINGENCIES

The following Funds had unfunded commitments and unrealized gain (loss) by investment as of April 30, 2026:


TCW Core Plus Bond ETF
UNFUNDED COMMITMENTS	MATURITY	AMOUNT		UNREALIZED GAIN (LOSS)
GC Ferry Acquisition I, Inc., Delayed Draw Term Loan	08/16/32	$	17,507	$	(20	)
Secretariat Advisors, LLC, 2025 Delayed Draw Term Loan	02/28/32		6,225		(93	)

			23,732		(113	)


TCW Flexible Income ETF
UNFUNDED COMMITMENTS	MATURITY	AMOUNT		UNREALIZED GAIN (LOSS)
American Rock Salt Company LLC, 2024 First Out Delayed Draw Term Loan	06/09/28	$	47,311	$	319
GC Ferry Acquisition I Inc., Delayed Draw Term Loan	08/16/32		232,959		(258	)
Liquid Tech Solutions LLC, 2025 Delayed Draw Term Loan	10/12/32		139,319		(58	)
Secretariat Advisors, LLC, 2025 Delayed Draw Term Loan	02/28/32		148,876		(2,233	)
US Fertility Enterprises LLC	12/30/32		197,368		1,159

			765,833		(1,071	)


TCW Multisector Credit Income ETF
UNFUNDED COMMITMENTS	MATURITY	AMOUNT		UNREALIZED GAIN (LOSS)
Air Comm Corporation, LLC, 2025 Delayed Draw Term Loan	12/11/31	$	11,538	$	61
GC Ferry Acquisition I Inc., Delayed Draw Term Loan	08/16/32		18,229		(20	)

			29,767		41


TCW Senior Loan ETF
UNFUNDED COMMITMENTS	MATURITY	AMOUNT		UNREALIZED GAIN (LOSS)
Air Comm Corporation, LLC, 2025 Delayed Draw Term Loan	12/11/31	$	16,248	$	86
American Rock Salt Company LLC, 2024 First Out Delayed Draw Term Loan	06/09/28		140,786		950
GC Ferry Acquisition I Inc., Delayed Draw Term Loan	08/16/32		72,917		(81	)
Liquid Tech Solutions LLC, 2025 Delayed Draw Term Loan	10/12/32		23,220		(10	)
PMI (Us) Bidco, Inc., Delayed Draw Term Loan	03/16/33		74,778		561
Secretariat Advisors, LLC, 2025 Delayed Draw Term Loan	02/28/32		149,343		(247	)
Splat Super Holdco, LLC, 2025 Delayed Draw Term Loan	07/02/32		53,976		(6,747	)
US Fertility Enterprises LLC, 2025 Delayed Draw Term Loan	12/30/32		164,474		966

			695,741		(4,522	)

NOTE 15 — INDEMNIFICATIONS

Under the Trust’s organizational documents, its Officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into agreements with service providers that may contain indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote. The Trust has not accrued any liability in connection with such indemnification.

183

TCW Core Plus Bond ETF

Financial Highlights


	Six Months Ended April 30, 2026 (Unaudited)			For the Period from April 1, 2025 through October 31, 2025^(1)(2)(3)			Year Ended March 31,
	Six Months Ended April 30, 2026 (Unaudited)						2025			2024			2023			2022
Net Asset Value per Share, Beginning of period	$	38.78		$	37.80		$	37.40		$	38.24		$	40.40		$	42.92

Income (Loss) from Investment Operations:
Net Investment Income⁽⁴⁾		0.84			0.94			1.60			1.60			1.24			0.56
Net Realized and Unrealized Gain (Loss) on Investments		(0.64	)		0.74			0.36			(0.84	)		(2.16	)		(2.40	)

Total from Investment Operations		0.20			1.68			1.96			0.76			(0.92	)		(1.84	)

Less Distributions:
Distributions from Net Investment Income		(1.16	)		(0.70	)		(1.56	)		(1.60	)		(1.24	)		(0.56	)

Total Distributions		(1.16	)		(0.70	)		(1.56	)		(1.60	)		(1.24	)		(0.68	)

Net Asset Value per Share, End of period	$	37.82		$	38.78		$	37.80		$	37.40		$	38.24		$	40.40

Market Value per Share, End of period	$	37.74		$	38.73			—			—			—			—

Total Return		0.52	%⁽⁵⁾		4.90	%⁽⁵⁾		5.38	%		2.12	%		(2.22	%)		(4.33	%)
Total Return Market Price		0.43	%⁽⁵⁾		4.76	%⁽⁵⁾		N/A			N/A			N/A			N/A
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	211,641		$	234,436		$	630,414		$	952,523		$	876,918		$	768,271
Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.39	%⁽⁶⁾		0.49	%⁽⁶⁾		0.49	%		0.48	%		0.49	%		0.47	%

After Expense Reimbursement		0.39	%⁽⁶⁾		0.45	%⁽⁶⁾		0.49	%		0.48	%		0.49	%		0.47	%
Ratio of Net Investment Income to Average Net Assets		4.47	%⁽⁶⁾		4.17	%⁽⁶⁾		4.21	%		4.33	%		3.26	%		1.29	%
Portfolio Turnover Rate⁽⁷⁾		192	%⁽⁵⁾		446	%⁽⁵⁾		643	%		588	%		516	%		399	%

(1)

(2)	Per share amounts were adjusted to reflect a 1:4 reverse stock split effective May 22, 2025.

(3)	The Fund has changed its fiscal year-end from March 31 to October 31. This period represents the seven-month period from April 1, 2025 to October 31, 2025.

(4)	Computed using average shares outstanding throughout the period.

(5)	Not annualized.

(6)	Annualized.

(7)	The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.

See accompanying Notes to Financial Statements.

186

TCW Corporate Bond ETF

Financial Highlights


	Six Months Ended April 30, 2026 (Unaudited)			For the Period from April 1, 2025 through October 31, 2025 ⁽¹⁾			Year Ended March 31,
	Six Months Ended April 30, 2026 (Unaudited)						2025 ⁽²⁾⁽³⁾			2024			2023			2022
Net Asset Value per Share, Beginning of period	$	46.92		$	45.77		$	44.95		$	45.15		$	49.45		$	53.25

Income (Loss) from Investment Operations:
Net Investment Income⁽⁴⁾		1.03			1.19			2.20			1.75			1.40			1.20
Net Realized and Unrealized Gain (Loss) on Investments		(0.97	)		1.14			0.32			(0.20	)		(4.30	)		(3.45	)

Total from Investment Operations		0.06			2.33			2.52			1.55			(2.90	)		(2.25	)

Less Distributions:
Distributions from Net Investment Income		(1.13	)		(1.18	)		(1.70	)		(1.75	)		(1.40	)		(1.20	)
Distributions from Net Realized Gain		—			—			—			—			—			(0.35	)

Total Distributions		(1.13	)		(1.18	)		(1.70	)		(1.75	)		(1.40	)		(1.55	)

Net Asset Value per Share, End of period	$	45.85		$	46.92		$	45.77		$	44.95		$	45.15		$	49.45

Market Value per Share, End of period	$	45.87		$	46.89		$	45.77			—			—			—

Total Return		0.11	%⁽⁵⁾		5.10	%⁽⁵⁾		5.55	%		3.52	%		(5.79	%)		(4.44	%)
Total Return Market Price		0.22	%⁽⁵⁾		5.18	%⁽⁵⁾		5.55	%		N/A			N/A			N/A
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	39,434		$	28,160		$	8,244		$	2,379		$	2,870		$	6,935
Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.35	%⁽⁶⁾		0.35	%⁽⁶⁾		3.59	%		4.24	%		3.39	%		2.40	%

After Expense Reimbursement		0.35	%⁽⁶⁾		0.35	%⁽⁶⁾		0.51	%		0.50	%		0.50	%		0.50	%
Ratio of Net Investment Income to Average Net Assets		4.55	%⁽⁶⁾		4.56	%⁽⁶⁾		3.55	%		3.92	%		3.05	%		2.25	%
Portfolio Turnover Rate⁽⁷⁾		94	%⁽⁵⁾		133	%⁽⁵⁾		169	%		136	%		124	%		148	%

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

(2)

(3)	Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.

(4)	Computed using average shares outstanding throughout the period.

(5)	Not annualized.

(6)	Annualized.

(7)	The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.

See accompanying Notes to Financial Statements.

187

TCW Flexible Income ETF

Financial Highlights


	Six Months Ended April 30, 2026 (Unaudited)			Year Ended October 31,						Year Ended March 31,
	Six Months Ended April 30, 2026 (Unaudited)			2025			2024 ^(1)(2)(3)			2024			2023			2022
Net Asset Value per Share, Beginning of period	$	39.74		$	38.81		$	38.50		$	39.45		$	43.75		$	49.30

Income (Loss) from Investment Operations:
Net Investment Income⁽⁴⁾		1.14			2.23			1.64			3.10			3.50			4.55
Net Realized and Unrealized Gain (Loss) on Investments		(0.44	)		0.85			0.15			(0.95	)		(4.15	)		(5.40	)

Total from Investment Operations		0.70			3.08			1.79			2.15			(0.65	)		(0.85	)

Less Distributions:
Distributions from Net Investment Income		(1.20	)		(2.15	)		(1.48	)		(3.10	)		(3.65	)		(4.55	)
Distributions from Net Realized Gain		—			—			—			—			—			(0.15	)

Total Distributions		(1.20	)		(2.15	)		(1.48	)		(3.10	)		(3.65	)		(4.70	)

Net Asset Value per Share, End of period	$	39.24		$	39.74		$	38.81		$	38.50		$	39.45		$	43.75

Market Value per Share, End of period	$	39.36		$	39.85		$	38.90			—			—			—

Total Return		1.78	%⁽⁵⁾		8.18	%		4.61	%⁽⁵⁾		5.77	%		(1.25	%)		(2.05	%)
Total Return Market Price		1.81	%⁽⁵⁾		8.21	%		4.85	%⁽⁵⁾		N/A			N/A			N/A
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	3,045,812		$	2,107,066		$	421,872		$	307,196		$	281,372		$	177,717
Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.39	%⁽⁶⁾		0.40	%		0.57	%⁽⁶⁾		0.68	%		0.74	%		0.79	%

After Expense Reimbursement		0.39	%⁽⁶⁾		0.40	%		0.49	%⁽⁶⁾		0.55	%		0.55	%		0.55	%
Ratio of Net Investment Income to Average Net Assets		5.91	%⁽⁶⁾		5.72	%		7.25	%⁽⁶⁾		8.07	%		8.78	%		9.55	%
Portfolio Turnover Rate⁽⁷⁾		110	%⁽⁵⁾		390	%		181	%⁽⁵⁾		332	%		248	%		210	%

(1)	The TCW Flexible Income ETF has changed its fiscal year-end from March 31 to October 31. This period represents the seven-month period from April 1, 2024 to October 31, 2024.

(2)	Per share amounts were adjusted to reflect a 1:5 reverse stock split effective June 12, 2024.

(3)

The TCW Flexible Income ETF (FLXR) acquired the assets and liabilities of the predecessor mutual fund, the MetWest Flexible Income Fund Class I (the “Predecessor Fund”), at the close of business on June 21, 2024. As a result of the reorganization, the ETF adopted the accounting and performance history of the Predecessor Fund (inclusive of any expense limitation agreements that were in place). Financial information disclosed for periods prior to June 21, 2024 include those of the Predecessor Fund.

(4)	Computed using average shares outstanding throughout the period.

(5)	Not annualized.

(6)	Annualized.

(7)	The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.

See accompanying Notes to Financial Statements.

188

TCW High Yield Bond ETF

Financial Highlights


	Six Months Ended April 30, 2026 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2026 (Unaudited)			2025			2024			2023			2022			2021
Net Asset Value per Share, Beginning of period	$	30.62		$	30.65 ⁽¹	⁾⁽²⁾	$	28.60		$	29.00		$	34.45		$	33.30

Income (Loss) from Investment Operations:
Net Investment Income ⁽³⁾		1.10			2.09			1.90			1.75			1.40			1.15
Net Realized and Unrealized Gain (Loss) on Investments		(0.47	)		(0.10	)		2.00			(0.30	)		(4.70	)		1.20

Total from Investment Operations		0.63			1.99			3.90			1.45			(3.30	)		2.35

Less Distributions:
Distributions from Net Investment Income		(1.22	)		(2.02	)		(1.85	)		(1.85	)		(1.50	)		(1.20	)
Distributions from Net Realized Gain		—			—			—			—			(0.65	)		—

Total Distributions		(1.22	)		(2.02	)		(1.85	)		(1.85	)		(2.15	)		(1.20	)

Net Asset Value per Share, End of period	$	30.03		$	30.62		$	30.65		$	28.60		$	29.00		$	34.45

Market Value per Share, End of period	$	30.03		$	30.40			—			—			—			—

Total Return		2.09	%⁽⁴⁾		6.74	%		13.89	%		4.95	%		(9.97	%)		7.18	%
Total Return Market Price		2.88	%⁽⁴⁾		5.69	%		N/A			N/A			N/A			N/A
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	32,513		$	36,836		$	41,534		$	47,270		$	50,992		$	96,223
Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.50	%⁽⁵⁾		0.58	%		1.10	%		0.88	%		0.84	%		0.76	%

After Expense Reimbursement		0.50	%⁽⁵⁾		0.50	%		0.55	%		0.55	%		0.55	%		0.55	%
Ratio of Net Investment Income to Average Net Assets		7.43	%⁽⁵⁾		6.84	%		6.33	%		5.95	%		4.46	%		3.36	%
Portfolio Turnover Rate ⁽⁶⁾		41	%⁽⁴⁾		111	%		65	%		63	%		94	%		82	%

(1)

(2)	Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.

(3)	Computed using average shares outstanding throughout the period.

(4)	Not annualized.

(5)	Annualized.

(6)	The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.

See accompanying Notes to Financial Statements.

189

TCW Senior Loan ETF

Financial Highlights


	Six Months Ended April 30, 2026 (Unaudited)			For the Period from April 1, 2025 through October 31, 2025⁽¹⁾			Year Ended March 31,
	Six Months Ended April 30, 2026 (Unaudited)						2025 ⁽²⁾⁽³⁾			2024			2023			2022
Net Asset Value per Share, Beginning of period	$	46.96		$	47.20		$	47.45		$	46.45		$	48.90		$	49.75

Income (Loss) from Investment Operations:
Net Investment Income⁽⁴⁾		1.62			2.05			3.91			4.15			2.90			1.65
Net Realized and Unrealized Gain (Loss) on Investments		(1.02	)		(0.36	)		(0.49	)		1.00			(2.35	)		(0.85	)

Total from Investment Operations		0.60			1.69			3.42			5.15			0.55			0.80

Less Distributions:
Distributions from Net Investment Income		(1.83	)		(1.93	)		(3.67	)		(4.15	)		(3.00	)		(1.65	)

Total Distributions		(1.83	)		(1.93	)		(3.67	)		(4.15	)		(3.00	)		(1.65	)

Net Asset Value per Share, End of period	$	45.73		$	46.96		$	47.20		$	47.45		$	46.45		$	48.90

Market Value per Share, End of period	$	45.75		$	46.94		$	47.27			—			—			—

Total Return		1.30	%⁽⁵⁾		3.66	%⁽⁵⁾		7.13	%		11.58	%		1.26	%		1.61	%
Total Return Market Price		1.40	%⁽⁵⁾		3.46	%⁽⁵⁾		7.28	%		N/A			N/A			N/A
Ratios/Supplemental Data:
Net Assets, End of period (in thousands)	$	227,425		$	253,310		$	293,768		$	292,519		$	328,416		$	475,105
Ratio of Expenses to Average Net Assets:

Before Expense Reimbursement		0.65	%⁽⁶⁾		0.65	%⁽⁶⁾		0.70	%		0.70	%⁽⁷⁾		0.70	%		0.69	%⁽⁸⁾

After Expense Reimbursement		0.65	%⁽⁶⁾		0.65	%⁽⁶⁾		0.69	%		0.70	%		0.70	%		0.69	%
Ratio of Net Investment Income to Average Net Assets		7.14	%⁽⁶⁾		7.44	%⁽⁶⁾		8.09	%		8.85	%		6.22	%		3.32	%
Portfolio Turnover Rate⁽⁹⁾		52	%⁽⁵⁾		47	%⁽⁵⁾		117	%		77	%		43	%		49	%

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

(2)

(3)	Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.

(4)	Computed using average shares outstanding throughout the period.

(5)	Not annualized.

(6)	Annualized.

(7)	Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.70%.

(8)	Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.69%.

(9)	The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.

See accompanying Notes to Financial Statements.

191

LOGO

TCW ETF Trust

515 South Flower Street

Los Angeles, CA 90071

800 386 3829

tcw.com

Board of Trustees

Patrick C. Haden

Martin Luther King III

Peter McMillan

Victoria B. Rogers

Robert G. Rooney

Michael Swell

Andrew Tarica

David Vick

Richard Villa

Advisor

TCW Investment Management Company LLC

515 South Flower Street

Los Angeles, CA 90071

Custodian

State Street Bank & Trust Company

One Congress Street, Suite 1

Boston, MA 02114

Transfer Agent

State Street Bank & Trust Company

One Congress Street, Suite 1

Boston, MA 02114

Officers

Richard Villa

President and Principal Executive Officer

Treasurer, Principal Financial Officer

Principal Accounting Officer

Drew Bowden

Executive Vice President

Eric Chan

Assistant Treasurer

Peter Davidson

Vice President and Secretary

Lisa Eisen

Tax Officer

Alenoush Terzian

Chief Compliance Officer and

Anti-Money Laundering Officer

Independent Registered

Public Accounting Firm

Deloitte & Touche LLP

555 West 5th Street, Suite 2700

Los Angeles, CA 90013

Distributor

Foreside Financial Services, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

For Additional Information

Call 800 FUND TCW (800 386 3829)

or visit tcw.com

A description of the Funds’ proxy voting policies, procedures, and how the Funds voted proxies relating to their portfolios’ securities during the most recent 12-month period ending June 30 are available (i) without charge, upon request, by calling 800 386 3829; (ii) on the Securities and Exchange Commission’s website at www.sec.gov.

In addition to its annual and semi-annual reports, the Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. Such filings occur no later than 60 days after the end of the Funds’ first and third quarters and are available on the SEC’s website at www.sec.gov.

To reduce expenses, we may mail only one copy of the Fund’s prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at 800 386 3829 (or contact your financial institution). We will begin sending you individual copies thirty days after receiving your request.

This report is submitted for general information to the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective Prospectus, which includes details regarding the Funds’ objectives, policies, expenses and other information.


Schedules of Investments (Unaudited)			1

TCW AAA CLO ETF			1

TCW Core Plus Bond ETF			15

TCW Corporate Bond ETF			36

TCW Flexible Income ETF			48

TCW High Yield Bond ETF			97

TCW Multisector Credit Income ETF			108

TCW Senior Loan ETF			119

Statements of Assets and Liabilities (Unaudited)			134

Statements of Operations (Unaudited)			137

Statements of Changes in Net Assets (Unaudited)			140

Notes to Financial Statements (Unaudited)			146

Financial Highlights (Unaudited)			185

Supplemental Information (Unaudited)			192


Name of Affiliated Fund	Value at October 31, 2025		Purchases at Cost		Proceeds from Sales		Number of Shares Held April 30, 2026		Value at April 30, 2026		Dividends and Interest Income Received		Distributions Received from Net Realized Gain		Net Realized Gain (Loss) on Investments		Net change in Unrealized Gain (Loss) on Investments
TCW Central Cash Fund
	$	8,123,243	$	174,820,000	$	182,600,000		343,243	$	343,243	$	142,225	$	—	$	—	$	—

Total									$	343,243	$	142,225	$	—	$	—	$	—


Name of Affiliated Fund	Value at October 31, 2025		Purchases at Cost		Proceeds from Sales		Number of Shares Held April 30, 2026		Value at April 30, 2026		Dividends and Interest Income Received		Distributions Received from Net Realized Gain		Net Realized Gain (Loss) on Investments		Net change in Unrealized Gain (Loss) on Investments
TCW Central Cash Fund
	$	3,462,341	$	13,361,000	$	16,652,000		171,341	$	171,341	$	13,910	$	—	$	—	$	—

Total									$	171,341	$	13,910	$	—	$	—	$	—


	TCW Senior Loan ETF
ASSETS
Investments, at Value ⁽¹⁾	$	212,527,595
Investment in Affiliated Issuers, at Value ⁽²⁾		19,815,713
Cash		686,043
Receivable for Securities Sold		15,350,490
Interest and Dividends Receivable		1,404,239
Cash Collateral Held for Brokers		20,000

Total Assets		249,804,080

LIABILITIES
Payable for Securities Purchased		22,251,763
Accrued Management Fees		120,711
Payable to broker - variation margin on open futures contracts		702
Unrealized Depreciation on Forward Currency Exchange Contracts		1,788
Net Unrealized Depreciation on Unfunded Loan Commitments		4,522

Total Liabilities		22,379,486

NET ASSETS	$	227,424,594

NET ASSETS CONSIST OF:
Paid-in Capital	$	261,892,819
Accumulated Earnings (Loss)		(34,468,225	)

NET ASSETS	$	227,424,594

NET ASSETS	$	227,424,594

CAPITAL SHARES OUTSTANDING:		4,973,628

NET ASSET VALUE PER SHARE:	$	45.73


	TCW AAA CLO ETF
	Six Months Ended April 30, 2026 (Unaudited)			For the Period from November 15, 2024 (Commencement of Operations) through October 31, 2025
OPERATIONS
Net Investment Income	$	8,958,726		$	10,716,379
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		850,187			(595,852	)
Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions		(548,127	)		605,947

Increase in Net Assets Resulting from Operations		9,260,786			10,726,474

DISTRIBUTIONS TO SHAREHOLDERS
Distributions to Shareholders		(9,409,400	)		(8,743,630	)

NET CAPITAL SHARE TRANSACTIONS
ETF		173,765,919			321,413,374

Increase in Net Assets Resulting from Net Capital Shares Transactions		173,765,919			321,413,374

Increase in Net Assets		173,617,305			323,396,218
NET ASSETS
Beginning of period		323,396,218			—

End of period	$	497,013,523		$	323,396,218


ETF Fund		Strategies
Non-Diversified Fund

TCW AAA CLO ETF		Seeks to provide capital preservation and current income by investing at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in U.S. dollar-denominated collateralized loan obligations (“CLOs”) that are, at the time of purchase, rated AAA (or an equivalent rating) by at least one of the major rating agencies or, if unrated, determined by the Adviser to be of comparable quality. The Fund has no restrictions on investment maturity.
Diversified Funds

TCW Core Plus Bond ETF		Seeks to maximize long-term total return by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in fixed income securities and instruments that generate income. The Fund’s investments include securities of any maturity, however, under normal market conditions, the Fund’s average portfolio duration varies within one and one-half (1.5) years (plus or minus) of the portfolio duration of the securities comprising the Bloomberg U.S. Aggregate Index.

TCW Corporate Bond ETF		Seeks to maximize long-term total return, by investing at least 80% of value of its net assets, plus the amount of any borrowings for investment purposes, in a diversified portfolio of corporate bonds of varying maturities issued by U.S. and foreign corporations, including those in developed market and emerging market countries. There is no limit on the weighted average maturity of the Fund’s portfolio, and the Fund’s average portfolio duration is expected, but not required, to vary from three to nine years.



TCW Flexible Income ETF		Seeks a high level of current income with a secondary objective of long-term capital appreciation by utilizing a flexible investment approach that allocates investments across a range of global investment opportunities related to credit, currencies and interest rates. The Fund will invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in fixed income securities and instruments that generate income. There is no limit on the weighted average maturity of the Fund’s portfolio, however, under normal circumstances, the Fund’s average portfolio duration is expected to vary from zero to eight years.

TCW High Yield Bond ETF		Seeks to maximize income and achieve above average total return consistent with reasonable risk over a full market cycle by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, in high yield/below investment grade bonds (commonly known as “junk bonds”). The Fund may invest up to 20% of its net assets in equity securities (including common stock and convertible and non-convertible preferred stocks).

TCW Multisector Credit Income ETF		Seeks long-term income by investing, under normal circumstances, at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in a multisector portfolio of fixed income securities and instruments. The Fund will generally allocate its assets among several fixed income sectors, including high yield securities; bank loans; and foreign securities, principally emerging market securities. The Fund is not required to gain exposure to any particular investment sector and sector exposures are expected to vary over time. The Fund does not have a duration target, however, under normal circumstances, the Fund’s average portfolio duration varies from zero to eight years.

TCW Senior Loan ETF		Seeks current income with a secondary objective of long-term capital appreciation, by investing at least 80% of the value its net assets, plus the amount of any borrowings for investment purposes, in senior secured floating rate investments and in investments that are the economic equivalent of senior secured floating rate loans. The Fund’s portfolio securities may have any duration or maturity.


Level 1 —		quoted prices in active markets for identical investments.
Level 2 —		other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3 —		significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).


	Fair Value at April 30, 2026		Valuation Techniques	Unobservable Input		Price or Price Range		Average Weighted Price		Input to Valuation If Input Increases
TCW Core Plus Bond ETF
Asset-Backed Securities	$	1,514,630	Broker Quote		Offered Quote	$	94.633	$	94.633		Increase

	Fair Value at April 30, 2026		Valuation Techniques	Unobservable Input		Price or Price Range		Average Weighted Price		Input to Valuation If Input Increases
TCW Corporate Bond ETF
Asset-Backed Securities	$	29,634	Broker Quote		Offered Quote	$	93.902	$	93.902		Increase

	Fair Value at April 30, 2026		Valuation Techniques	Unobservable Input		Price or Price Range		Average Weighted Price		Input to Valuation If Input Increases
TCW Flexible Income ETF
Asset-Backed Securities	$	6,465,573	Broker Quote		Offered Quote	$	94.633 - $99.900	$	99.616		Increase
Asset-Backed Securities	$	0	Fair Value		Zero Market Value	$	0.000	$	0.000		Increase
Asset-Backed Securities	$	558,295	Third-Party Vendor		Vendor Prices	$	10,840.689	$	10,840.689		Increase
Corporate Bonds	$	3,272,545	Fair Value		Broker Pricing	$	2.000 - $99.840	$	80.694		Increase
Warrants	$	2	Fair Value		Broker Pricing	$	0.000	$	0.000		Increase

	Fair Value at April 30, 2026		Valuation Techniques	Unobservable Input		Price or Price Range		Average Weighted Price		Input to Valuation If Input Increases
TCW Senior Loan ETF
Bank Loans	$	0	Fair Value		Broker Pricing	$	0.000	$	0.000		Increase
Warrants	$	3	Fair Value		Broker Pricing	$	0.000	$	0.000		Increase


Fund	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost of Investments for Federal Income Tax Purposes
TCW AAA CLO ETF	$	776,365	$	(402,490	)	$	373,875		$	495,466,122
TCW Core Plus Bond ETF		1,895,642		(4,348,520	)		(2,452,878	)		247,872,374
TCW Corporate Bond ETF		337,150		(631,121	)		(293,971	)		40,177,488
TCW Flexible Income ETF		25,002,654		(64,470,828	)		(39,468,174	)		3,471,183,489
TCW High Yield Bond ETF		800,440		(969,737	)		(169,297	)		31,858,350
TCW Multisector Credit Income ETF		791,559		(1,185,297	)		(393,738	)		38,394,557
TCW Senior Loan ETF		1,544,551		(7,993,322	)		(6,448,771	)		238,924,903


Fund	Undistributed Income		Undistributed Long-term Gains		Accumulated Capital loss Carryforwards and Post- October losses			Other Temporary Differences		Net Unrealized Appreciation (Depreciation)			Total Distributable Earnings
TCW AAA CLO ETF	$	1,713,503	$	—	$	(99,671	)	$	—	$	369,012		$	1,982,844
TCW Core Plus Bond ETF		2,447,708		—		(90,847,326	)		—		156,986			(88,242,632	)
TCW Corporate Bond ETF		133,874		—		(2,222,022	)		—		414,416			(1,673,732	)
TCW Flexible Income ETF		13,976,190		—		(20,630,982	)		—		(16,973,529	)		(23,628,321	)
TCW High Yield Bond ETF		394,176		—		(8,268,882	)		—		54,657			(7,820,049	)
TCW Multisector Credit Income ETF		425,857		—		(24,971	)		—		461,841			862,727
TCW Senior Loan ETF		2,306,713		—		(25,620,379	)		—		(4,176,263	)		(27,489,929	)


Fund	Ordinary Income*		Long-Term Capital Gain		Return of Capital		Total Distributions
TCW AAA CLO ETF	$	8,743,630	$	—	$	—	$	8,743,630
TCW Core Plus Bond ETF		8,842,643		—		—		8,842,643
TCW Corporate Bond ETF		593,939		—		—		593,939
TCW Flexible Income ETF		53,585,406		—		—		53,585,406
TCW High Yield Bond ETF		2,632,757		—		—		2,632,757
TCW Multisector Credit Income ETF		2,942,000		—		—		2,942,000
TCW Senior Loan ETF		12,901,702		—		—		12,901,702


	No Expiration
Fund	Short-Term Capital Losses		Long-Term Capital Losses		Total
TCW AAA CLO ETF	$	99,671	$	—	$	99,671
TCW Core Plus Bond ETF		63,413,282		27,434,044		90,847,326
TCW Corporate Bond ETF		582,858		1,639,164		2,222,022
TCW Flexible Income ETF		—		20,630,982		20,630,982
TCW High Yield Bond ETF		2,077,955		6,190,927		8,268,882
TCW Multisector Credit Income ETF		22,165		2,806		24,971
TCW Senior Loan ETF		644,074		24,976,305		25,620,379


	Total Distributable Earnings		Paid in Capital
TCW AAA CLO ETF	$	—	$	—
TCW Core Plus Bond ETF		925		(925	)
TCW Corporate Bond ETF		—		—
TCW Flexible Income ETF		92		(92	)
TCW High Yield Bond ETF		—		—
TCW Multisector Credit Income ETF		136		(136	)
TCW Senior Loan ETF		36,738		(36,738	)


	Before Reorganization			After Reorganization
	TCW MetWest Corporate Bond Fund			TCW Corporate Bond ETF
Net Assets	$	4,982,150		$	4,982,150
Shares Outstanding		110,118			110,118
Net Asset Value Per Share	$	45.25		$	45.25
Net Unrealized Depreciation	$	(604,168	)	$	(604,168	)


	Before Reorganization			After Reorganization
	TCW High Yield Bond Fund			TCW High Yield Bond ETF
Net Assets	$	40,656,611		$	40,656,611
Shares Outstanding		1,322,812			1,322,812
Net Asset Value Per Share	$	30.73		$	30.73
Net Unrealized Depreciation	$	(518,452	)	$	(518,452	)


	Before Reorganization			After Reorganization
	TCW MetWest Floating Rate Income Fund			TCW Senior Loan ETF
Net Assets	$	293,938,143		$	293,938,143
Shares Outstanding		6,173,628			6,173,628
Net Asset Value Per Share	$	47.61		$	47.61
Net Unrealized Depreciation	$	(250,616	)	$	(250,616	)


	Before Reorganization			After Reorganization
	TCW MetWest Intermediate Bond Fund			TCW Core Plus Bond ETF
Net Assets	$	373,788,338		$	373,788,338
Shares Outstanding		9,875,433			9,875,433
Net Asset Value Per Share	$	37.85		$	37.85
Net Unrealized Depreciation	$	(79,524	)	$	(79,524	)


	Six Months Ended April 30, 2026 (Unaudited)			For the Period from November 15, 2024 (Commencement of Operations) through October 31, 2025
Net Asset Value per Share, Beginning of period	$	50.53		$	50.00

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		—			2.52
Net Realized and Unrealized Gain on Investments		1.22			0.10

Total from Investment Operations		1.22			2.62

Less Distributions:
Distributions from Net Investment Income		(1.29	)		(2.09	)

Total Distributions		(1.29	)		(2.09	)

Net Asset Value per Share, End of period	$	50.46		$	50.53

Market Value per Share, End of period	$	50.48		$	50.52

Total Return		2.45	%⁽²⁾		5.34	%⁽²⁾
Total Return Market Price		2.51	%⁽²⁾		5.32	%⁽²⁾

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	497,014		$	323,396

Before Expense Reimbursement		0.20	%⁽³⁾		0.20	%⁽³⁾

After Expense Reimbursement		0.20	%⁽³⁾		0.20	%⁽³⁾

Ratio of Net Investment Income to Average Net Assets		4.79	%⁽³⁾		5.29	%⁽³⁾

Portfolio Turnover Rate ⁽⁴⁾		20	%⁽²⁾		72	%⁽²⁾


	Six Months Ended April 30, 2026 (Unaudited)			For the Period from November 15, 2024 (Commencement of Operations) through October 31, 2025
Net Asset Value per Share, Beginning of period	$	50.86		$	50.00

Income (Loss) from Investment Operations:
Net Investment Income ⁽¹⁾		1.88			3.41
Net Realized and Unrealized Gain (Loss) on Investments		(0.91	)		0.39

Total from Investment Operations		0.97			3.80

Less Distributions:
Distributions from Net Investment Income		(2.01	)		(2.94	)

Total Distributions		(2.01	)		(2.94	)

Net Asset Value per Share, End of period	$	49.82		$	50.86

Market Value per Share, End of period	$	49.81			50.86

Total Return		1.96	%⁽²⁾		7.87	%⁽²⁾
Total Return Market Price		1.93	%⁽²⁾		7.87	%⁽²⁾

Ratios/Supplemental Data:

Net Assets, End of period (in thousands)	$	39,360		$	50,863

Before Expense Reimbursement		0.56	%⁽³⁾		0.56	%⁽³⁾

After Expense Reimbursement		0.56	%⁽³⁾		0.56	%⁽³⁾

Ratio of Net Investment Income to Average Net Assets		7.64	%⁽³⁾		7.13	%⁽³⁾

Portfolio Turnover Rate ⁽⁴⁾		38	%⁽²⁾		75	%⁽²⁾


(a)(1)		Not required for this filing.

(a)(2)		Not applicable.

(a)(3)		EX-99.CERT – The certifications required by Rule 30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”) are filed herewith.

(a)(4)		Not applicable.

(a)(5)		Not applicable.

(b)		EX-99.906CERT – The certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act are filed herewith.

(101)		Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.


(Registrant)		TCW ETF Trust

By (Signature and Title)
		/s/ Richard M. Villa
		Richard M. Villa
		President, Principal Executive Officer, Treasurer, and Principal Financial and Accounting Officer

Date		July 9, 2026