Annual
Report
September
30,
2023
DoubleLine
Opportunistic
Bond
ETF
NYSE:
DBND
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
NYSE:
CAPE
DoubleLine
Commercial
Real
Estate
ETF
NYSE:
DCMB
DoubleLine
Mortgage
ETF
NYSE:
DMBS
DoubleLine
|
|
2002
North
Tampa
Street,
Suite
200
|
|
Tampa,
FL
33602
|
|
(813)
791-7333
[email protected]
|
|
www.doubleline.com
Annual
Report
|
September
30,
2023
3
Table
of
Contents
Page
President’s
Letter
4
Management’s
Discussion
of
Fund
Performance
6
Standardized
Performance
Summary
11
Growth
of
Investment
12
Schedules
of
Investments
16
Statements
of
Assets
and
Liabilities
39
Statements
of
Operations
40
Statements
of
Changes
in
Net
Assets
41
Financial
Highlights
43
Notes
to
Financial
Statements
47
Report
of
Independent
Registered
Public
Accounting
Firm
63
Shareholder
Expenses
65
Evaluation
of
Advisory
Agreement
by
the
Board
of
Trustees
66
Statement
Regarding
the
Funds’
Liquidity
Risk
Management
Program
68
Federal
Tax
Information
69
Trustees
and
Officers
70
Information
About
Proxy
Voting
73
Information
About
Portfolio
Holdings
73
Householding—Important
Notice
Regarding
Delivery
of
Shareholder
Documents
74
Privacy
Policy
75
President’s
Letter
4
DoubleLine
ETF
Trust
(Unaudited)
September
30,
2023
Dear
DoubleLine
Funds
Shareholder,
On
behalf
of
the
DoubleLine
Funds,
I
am
pleased
to
deliver
the
Annual
Report
for
the period
ended
September
30,
2023.
On
the
following
pages,
you
will
find
specific
information
regarding
each
Fund’s
operation
and
holdings.
In
addition,
we
discuss
each
Fund’s
investment
performance
and
the
main
drivers
of
that
performance
during
the
reporting
period.
Across
the
review
period,
financial
markets,
including
many
of
the
sectors
in
which
the
DoubleLine
Funds
invest,
faced
divergent
risks
and
fluctuating
risk
sentiment.
The
Federal
Reserve
tightened
monetary
policy
consistently
over
the
period,
which
was
marked
by
inflation
receding
from
multidecade
highs.
In
March,
Silicon
Valley
Bank
and
Signature
Bank,
two
regional
lenders,
were
taken
under
receivership
by
the
Federal
Deposit
Insurance
Corp.
In
an
effort
to
head
off
potential
contagion
throughout
the
banking
sector,
federal
regulators
unveiled
emergency
liquidity
measures,
including
the
creation
of
a
Bank
Term
Funding
Program,
which
offered
loans
of
up
to
one
year
to
banks
that
pledged
qualifying
collateral
such
as
U.S.
Treasuries
and
Agency
mortgage-backed
securities
(MBS),
among
other
assets.
Concerns
over
the
financial
stability
of
the
banking
sector,
which
were
ultimately
short-lived,
sent
shockwaves
of
volatility
through
the
Treasury
curve.
For
the
period,
stocks
broadly
rallied
while
bond
returns
were
muted
as
the
benchmark
S&P
500
Index
and
Bloomberg
US
Aggregate
Bond
Index
returned
21.62%
and
0.64%,
respectively.
Despite
elevated,
albeit
declining,
inflation
and
tightening
monetary
conditions,
economic
fundamentals
were
largely
resilient
during
the
reporting
period.
U.S.
gross
domestic
product
(GDP)
was
positive
on
a
year-over-year
(YoY)
and
quarter-over-quarter
(QoQ)
basis
each
quarter
from
September
30,
2022,
through
June
30,
2023,
with
the
strongest
YoY
print
at
a
2.4%
seasonally
adjusted
annualized
rate
as
of
June
30,
2023.
Domestic
growth
was
buoyed
by
a
robust
labor
market,
as
the
U-3
unemployment
rate
finished
the
period
at
3.8%,
near
the
measure’s
lowest
reading
in
over
50
years.
The
labor
market
still
appeared
tight
by
historical
standards,
as
the
Job
Openings
and
Labor
Turnover
Survey
data
for
August
showed
the
ratio
of
vacancies
per
unemployed
job
seeker
to
be
1.5.
A
strong
labor
market,
and
relatedly
strong
consumer
buying
power,
has
contributed
to
higher
growth
estimates,
with
third
quarter
real
GDP
forecast
to
grow
at
a
seasonally
adjusted
annualized
rate
of
2.0%
QoQ.
However,
other
indicators
such
as
the
ISM
Manufacturing
PMI
and
Leading
Economic
Index
have
been
weakening
for
some
time,
with
the
latter
at
a
level
historically
associated
with
recession.
The
Fed
increased
the
target
federal
funds
rate
in
the
12-month
period
by
225
basis
points
(bps)
to
an
upper-bound
rate
of
5.50%.
Two-year
Treasury
yields
rose
76
bps,
five-year
yields
rose
52
bps,
10-year
yields
rose
74
bps,
and
30-year
yields
rose
92
bps
in
the
period.
Traditional
fixed-income
sectors,
including
Treasuries,
Agency
MBS
and
investment
grade
corporate
bonds,
were
all
impacted
by
rising
interest
rates
across
the
Treasury
curve.
Disparate
returns
across
the
fixed
income
universe
were
largely
attributable
to
duration
risk,
as
Treasuries
and
Agency
MBS
experienced
negative
returns
while
corporate
bonds
posted
positive
returns
driven
by
spread
tightening
amid
strong
corporate
earnings.
Bifurcated
returns
in
fixed
income
were
not
confined
to
the
U.S.,
as
sovereign
bonds
from
developed
markets
posted
muted
returns
while
emerging
markets
sovereign
bonds
were
among
the
best-performing
sectors
in
the
global
fixed-income
landscape.
Global
central
banks
largely
tightened
policy
rates
in
the
period,
as
decades-high
inflation
proved
to
be
a
global
phenomenon.
The
European
Central
Bank
hiked
its
deposit
facility
rate
325
bps.
European
equities
returned
19.93%,
as
tracked
by
the
MSCI
Europe
Index,
despite
fallout
from
the
Russia-Ukraine
war.
In
China,
the
country’s
reopening
from
COVID-19
stoked
optimism
for
economic
growth,
which
was
ultimately
undercut
by
property
sector
concerns
and
lackluster
policy
support
from
the
central
bank.
In
the
12-month
period,
the
People’s
Bank
of
China
(Unaudited)
September
30,
2023
|
September
30,
2023
5
cut
the
borrowing
cost
of
its
medium-term
policy
loans
by
only
25
bps
to
2.50%
from
2.75%,
leaving
something
to
be
desired
for
investors
seeking
more
meaningful
stimulus
to
address
the
economy’s
fragility.
Investors
will
be
keeping
a
close
eye
on
Chinese
economic
growth
moving
forward,
as
the
world’s
second
largest
economy
might
need
a
governmental
fiscal
boost
to
reach
the
country’s
stated
2023
GDP
growth
target
of
5%.
The
DoubleLine
investment
team
strives
to
deliver
attractive
risk-adjusted
returns
to
our
investors
through
full
economic
cycles
and
variable
interest-rate
environments
using
a
time-tested
process.
Therefore,
while
the
challenging
conditions
of
the
last
year
have
muted
returns,
we
are
confident
in
our
ability
to
take
advantage
of
future
opportunities
by
drawing
upon
the
extensive
experience
of
our
team.
If
you
have
any
questions
regarding
the
DoubleLine
Funds,
please
don’t
hesitate
to
call
us
at
1
(855)
937-0772
or
visit
our
website
www.doubleline.com,
where
our
investment
management
team
offers
deeper
insights
and
analysis
on
relevant
capital
market
activity
impacting
investors
today.
Thank
you
for
your
continued
support
and
entrusting
DoubleLine
with
your
investments.
We
deeply
value
your
trust,
and
we
will
continue
to
work
diligently
to
meet
your
broad
investment
needs.
Sincerely,
Ronald
R.
Redell
,
CFA
President
DoubleLine
ETF
Trust
November
1,
2023
Management’s
Discussion
of
Fund
Performance
6
DoubleLine
ETF
Trust
(Unaudited)
September
30,
2023
DoubleLine
Opportunistic
Bond
ETF
For
the
12-month
period
ended
September
30,
2023,
the
DoubleLine
Opportunistic
Bond
ETF
outperformed
the
benchmark
Bloomberg
US
Aggregate
Bond
Index
return
of
0.64%.
The
period
was
characterized
by
declining
global
growth,
persistently
hawkish
policy
from
the
Federal
Reserve
and
an
increase
in
interest
rates
across
the
U.S.
Treasury
curve.
The
Fund’s
outperformance
was
driven
by
its
overweight
relative
to
the
index
to
fixed
income
credit
sectors
in
a
period
when
credit
spreads
generally
tightened.
The
biggest
contributors
to
the
Fund’s
performance
were
investment
grade
corporates,
domestic
high
yield
corporates
and
non-Agency
residential
mortgage-backed
securities.
All
three
sectors
generated
strong
interest
income
and
experienced
spread
tightening
en
route
to
outperforming
every
sector
in
the
index.
The
biggest
detractor
from
performance
was
Treasuries,
which
experienced
duration-related
price
declines
in
a
period
of
rising
interest
rates.
For
additional
performance
information,
please
refer
to
the
“Standardized
Performance
Summary.”
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF
For
the
12-month
period
ended
September
30,
2023,
the
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
posted
a
significant
positive
return
but
underperformed
the
S&P
500
Index’s
21.62%.
During
the
period,
the
Shiller
Barclays
CAPE®
U.S.
Sector
Total
Return
USD
Index,
which
the
Fund
is
guided
by,
was
allocated
to
eight
sectors:
consumer
discretionary,
consumer
staples,
communication
services,
financials,
healthcare,
materials,
technology
and
real
estate.
The
Fund
owned
U.S.
equity
securities
in
these
eight
sectors
during
the
period,
and
six
of
the
eight
allocations
appreciated
in
value.
The
technology
and
consumer
discretionary
allocations
were
the
biggest
contributors
to
Fund
performance;
consumer
staples
and
healthcare
were
the
biggest
detractors.
This
ETF
is
different
from
traditional
ETFs.
Traditional
ETFs
tell
the
public
what
assets
they
hold
each
day.
This
ETF
will
not.
This
may
create
additional
risks
for
your
investment.
For
example:  
• You
may
have
to
pay
more
money
to
trade
the
ETF’s
shares.
This
ETF
will
provide
less
information
to
traders,
who
tend
to
charge
more
for
trades
when
they
have
less
information.
• The
price
you
pay
to
buy
ETF
shares
on
an
exchange
may
not
match
the
value
of
the
ETF’s
portfolio.
The
same
is
true
when
you
sell
shares.
These
price
differences
may
be
greater
for
this
ETF
compared
to
other
ETFs
because
it
provides
less
information
to
traders.
• These
additional
risks
may
be
even
greater
in
bad
or
uncertain
market
conditions.
The
differences
between
this
ETF
and
other
ETFs
may
also
have
advantages.
By
keeping
certain
information
about
the
ETF
secret,
this
ETF
may
face
less
risk
that
other
traders
can
predict
or
copy
its
investment
strategy.
This
may
improve
the
ETF’s
performance.
If
other
traders
are
able
to
copy
or
predict
the
ETF’s
investment
strategy,
however,
this
may
hurt
the
ETF’s
performance.
For
additional
information
regarding
the
unique
attributes
and
risks
of
the
ETF,
see
the
Prospectus
and
SAI,
which
are
available
on
www.doubleline.
com.
For
additional
performance
information,
please
refer
to
the
“Standardized
Performance
Summary.”
12-Month
Period
Ended
9-30-23
12
months
Total
Return
based
on
NAV
0.84%
Total
Return
based
on
Market
Price
0.73%
Bloomberg
US
Aggregate
Bond
Index
*
0.64%
*
Reflects
no
deduction
for
fees,
expenses,
or
taxes.
12-Month
Period
Ended
9-30-23
12
months
Total
Return
based
on
NAV
19.54%
Total
Return
based
on
Market
Price
19.47%
S&P
500
Index
*
21.62%
*
Reflects
no
deduction
for
fees,
expenses,
or
taxes.
(Unaudited)
September
30,
2023
Annual
Report
|
September
30,
2023
7
DoubleLine
Commercial
Real
Estate
ETF
From
inception
until
September
30,
2023,
the
DoubleLine
Commercial
Real
Estate
ETF
significantly
outperformed
the
benchmark
Bloomberg
US
Aggregate
1-3
Year
Bond
Index
return
of
0.37%.
Yields
pushed
higher
across
the
U.S.
Treasury
curve
in
the
period,
with
the
two-year
yield
up
102
basis
points
(bps)
and
the
five-year
yield
up
104
bps.
A
shorter
duration
profile
relative
to
the
index
and
asset
allocation
contributed
to
the
Fund’s
performance.
The
Fund
benefited
from
maintaining
a
duration
roughly
one
year
shorter
than
the
index
during
a
period
of
rising
interest
rates.
While
the
Fund’s
Agency
commercial
mortgage-backed
securities
(CMBS)
exposure
detracted
from
performance,
the
Fund
benefited
from
its
allocation
to
non-Agency
CMBS.
The
Fund
was
predominantly
allocated
to
the
AAA-rated
portion
of
the
capital
structure,
which
protected
the
Fund
from
losses
and
spread
widening
exhibited
by
lower-rated
securities.
The
Fund
also
benefited
from
its
exposure
to
floating-rate
assets,
boosted
by
the
significant
rise
in
interest
rates.
In
addition,
the
Fund
tactically
added
a
diversified
mix
of
property
types
that
softened
headline
risk
impacts
throughout
the
period.
For
additional
performance
information,
please
refer
to
the
“Standardized
Performance
Summary.”
DoubleLine
Mortgage
ETF 
From
inception
until
September
30,
2023,
the
DoubleLine
Mortgage
ETF
performed
in
line
with
the
benchmark
Bloomberg
US
Mortgage-Backed
Securities
(MBS)
Index
return
of
negative
4.67%.
U.S.
Treasury
yields
pushed
higher
across
the
curve
in
the
period,
with
the
two-year
yield
up
102
basis
points
(bps),
10-year
yield
up
110
bps
and
30-year
yield
up
105
bps.
Out-of-index
exposures,
such
as
Agency
collateralized
mortgage
obligations
(CMOs)
and
non-Agency
MBS,
contributed
to
the
Fund’s
performance.
The
CMO
allocation
benefited
from
higher
carry
as
well
as
a
short
overall
duration;
the
non-Agency
MBS
allocation
benefited
from
spread
tightening
and
supply-demand
dynamics.
The
Fund
also
benefited
from
a
compositional
pass-through
makeup
that
is
weighted
more
toward
higher-coupon
securities
relative
to
the
index.
Treasury
exposures
detracted
from
Fund
performance,
hurt
by
their
long
duration
in
a
period
of
rising
interest
rates.
For
additional
performance
information,
please
refer
to
the
“Standardized
Performance
Summary.”
Past
Performance
is
not
a
guarantee
of
future
results. Fund
investing
involves
risk. 
Principal
loss
is
possible.
Diversification
does
not
assure
a
profit
or
protect
against
loss
in
a
declining
market.
Opinions
expressed
herein
are
as
of
September
30,
2023,
and
are
subject
to
change
at
any
time,
are
not
guaranteed
and
should
not
be
considered
investment
advice.
This
report
is
for
the
information
of
shareholders
of
the
Funds.
It
may
also
be
used
as
sales
literature
when
preceded
or
accompanied
by
the
current
prospectus.
Each
Fund's
investment
objectives,
risks,
charges
and
expenses
must
be
considered
carefully
before
investing.
The
statutory
prospectus
and
summary
prospectus
contain
this
and
other
important
information
about
the
investment
company,
and
may
be
obtained
by
calling
(855)
937-0772,
or
visiting
www.doubleline.com.
Read
them
carefully
before
investing.
The
performance
information
shown
assumes
the
reinvestment
of
all
dividends
and
distributions.
Investment
performance
reflects
management
fees
and
other
fund
expenses,
including
any
applicable
fee
waivers
that
are
in
effect
with
respect
to
a
particular
Fund.
In
the
absence
of
such
waivers,
total
return
would
be
reduced.
Returns
over
1
year
are
average
annual
returns.
Performance
data
quoted
represents
past
performance;
past
performance
does
not
guarantee
future
results
and
does
not
reflect
the
deduction
of
any
taxes
a
shareholder
would
pay
on
fund
distributions
or
the
sale
of
fund
shares.
The
investment
return
and
principal
value
of
an
investment
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
the
original
cost.
Current
performance
of
the
Fund
may
be
lower
or
higher
than
the
performance
quoted.
The
Funds’
gross
and
net
expense
ratios
also
include
“acquired
fund
fees
and
expenses,”
which
are
expenses
incurred
indirectly
as
a
result
of
a
Fund’s
investments
in
one
or
more
underlying
funds,
including
ETFs
and
money
market
funds.
Because
these
costs
are
indirect,
the
expense
ratios
will
not
correlate
to
the
expense
ratios
in
the
Funds’
financial
statements,
since
financial
statements
only
include
direct
costs
of
the
Funds
and
not
indirect
costs
of
investing
in
the
underlying
funds.
Performance
data
current
to
the
most
recent
month-end
may
be
obtained
by
calling
(855)
937-0772,
or
visiting
www.doubleline.com 
Since
Inception
Period
Ended
9-30-23
Since
Inception
(March
31,
2023)
Total
Return
based
on
NAV
2.69%
Total
Return
based
on
Market
Price
2.91%
Bloomberg
US
Aggregate
1-3
Year
Bond
Index
*
0.37%
*
Reflects
no
deduction
for
fees,
expenses,
or
taxes.
Since
Inception
Period
Ended
9-30-23
Since
Inception
(March
31,
2023)
Total
Return
based
on
NAV
-4.67%
Total
Return
based
on
Market
Price
-4.55%
Bloomberg
US
Agency
Mortgage-Backed
Securities
(MBS)
Index
*
-4.67%
*
Reflects
no
deduction
for
fees,
expenses,
or
taxes.
Management’s
Discussion
of
Fund
Performance
(Cont.)
8
DoubleLine
ETF
Trust
Fund
holdings
and
sector
allocations
are
subject
to
change
at
any
time
and
are
not
recommendations
to
buy
or
sell
any
security.
Please
refer
to
the
Schedules
of
Investments
for
a
complete
list
of
Fund
holdings
as
of
period
end. 
DoubleLine
Opportunistic
Bond
ETF
(DBND)
Disclosure
Investments
in
debt
securities
typically
decrease
in
value
when
interest
rates
rise.
This
risk
is
usually
greater
for
longer-term
debt
securities.
Investments
in
lower-rated
and
non-rated
securities
present
a
greater
risk
of
loss
to
principal
and
interest
than
higher-rated
securities.
Investments
in
ABS,
MBS,
and
floating
rate
securities
include
additional
risks
that
investors
should
be
aware
of
such
as
credit
risk,
prepayment
risk,
possible
illiquidity
and
default,
as
well
as
increased
susceptibility
to
adverse
economic
developments.
Investments
in
floating
rate
securities
include
additional
risks
that
investors
should
be
aware
of
such
as
credit
risk,
interest
rate
risk,
possible
illiquidity
and
default,
as
well
as
increased
susceptibility
to
adverse
economic
developments.
The
Fund
invests
in
foreign
securities
which
involve
greater
volatility
and
political,
economic
and
currency
risks
and
differences
in
accounting
methods.
These
risks
are
greater
for
investments
in
emerging
markets.
The
Fund
may
use
leverage
which
may
cause
the
effect
of
an
increase
or
decrease
in
the
value
of
the
portfolio
securities
to
be
magnified
and
the
Fund
to
be
more
volatile
than
if
leverage
was
not
used.
Derivatives
involve
special
risks
including
correlation,
counterparty,
liquidity,
operational,
accounting
and
tax
risks.
These
risks,
in
certain
cases,
may
be
greater
than
the
risks
presented
by
more
traditional
investments.
The
Fund
is
a
“non-diversified”
investment
company
and
therefore
may
invest
a
greater
percentage
of
its
assets
in
the
securities
of
a
single
issuer
or
a
limited
number
of
issuers
than
funds
that
are
“diversified.”
Accordingly,
the
Fund
is
more
susceptible
to
risks
associated
with
a
single
economic,
political
or
regulatory
occurrence
than
a
diversified
fund
might
be. 
Investing
in
ETFs
involve
additional
risks
such
as
the
market
price
of
the
shares
may
trade
at
a
discount
to
its
net
asset
value
("NAV"),
an
active
secondary
trading
market
may
not
develop
or
be
maintained,
or
trading
may
be
halted
by
the
exchange
in
which
they
trade,
which
may
impact
a
Funds
ability
to
sell
its
shares.
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF
(CAPE)
Disclosure 
Equities
may
decline
in
value
due
to
both
real
and
perceived
general
market,
economic
and
industry
conditions.
The
Fund
is
a
“non-diversified”
investment
company
and
therefore
may
invest
a
greater
percentage
of
its
assets
in
the
securities
of
a
single
issuer
or
a
limited
number
of
issuers
than
funds
that
are
“diversified.”
Accordingly,
the
Fund
is
more
susceptible
to
risks
associated
with
a
single
economic,
political
or
regulatory
occurrence
than
a
diversified
fund
might
be.
ETF
investments
involve
additional
risks
such
as
the
market
price
trading
at
a
discount
to
its
net
asset
value,
an
active
secondary
trading
market
may
not
develop
or
be
maintained,
or
trading
may
be
halted
by
the
exchange
in
which
they
trade,
which
may
impact
a
fund’s
ability
to
sell
its
shares.
Barclays
Bank
PLC
and
its
affiliates
(“Barclays”)
is
not
the
developer
or
implementer
of
the
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF
(the
“ETF”)
and
Barclays
has
no
responsibilities,
obligations
or
duties
to
investors
in
the
ETF.
The
Shiller
Barclays
CAPE
®
US
Sector
USD
Index
(the
“Index”)
is
a
trademark
owned
by
Barclays
Bank
PLC
and
licensed
for
use
by
DoubleLine.
While
DoubleLine
may
execute
transaction(s)
with
Barclays
in
or
relating
to
the
ETF
or
the
Index,
investors
acquire
interests
solely
in
their
account
and
investors
neither
acquire
any
interest
in
the
ETF
or
the
Index
nor
enter
into
any
relationship
of
any
kind
whatsoever
with
Barclays
upon
making
an
investment.
The
ETF
is
not
sponsored,
endorsed,
sold
or
promoted
by
Barclays
and
Barclays
makes
no
representation
regarding
the
advisability
of
investing
in
the
ETF
or
the
use
of
the
Index
or
any
data
included
therein.
Barclays
shall
not
be
liable
in
any
way
to
investors
or
to
other
third
parties
in
respect
of
the
use
or
accuracy
of
the
ETF,
the
Index
or
any
data
included
therein.
The
Shiller
Barclays
Indices
have
been
developed
in
part
by
RSBB-I,
LLC,
the
research
principal
of
which
is
Robert
J.
Shiller.
RSBB-I,
LLC
is
not
an
investment
advisor,
and
does
not
guarantee
the
accuracy
or
completeness
of
the
Shiller
Barclays
Indices
or
any
data
or
methodology
either
included
therein
or
upon
which
it
is
based.
Neither
RSBB-I,
LLC
nor
Robert
J.
Shiller
or
any
of
their
respective
partners,
employees,
subcontractors,
agents,
suppliers
and
vendors
(collectively,
the
“protected
parties”),
shall
have
any
liability,
whether
caused
by
the
negligence
of
a
protected
party
or
otherwise,
for
any
errors,
omissions,
or
interruptions
therein,
and
make
no
warranties,
express
or
implied,
as
to
performance
or
results
experienced
by
any
party
from
the
use
of
any
information
included
therein
or
upon
which
it
is
based,
and
expressly
disclaim
all
warranties
of
merchantability
or
fitness
for
a
particular
purpose
with
respect
thereto,
and
shall
not
be
liable
for
any
claims
or
losses
of
any
nature
in
connection
with
the
use
of
such
information,
including
but
not
limited
to,
lost
profits
or
punitive
or
consequential
damages,
even
if
RSBB-I,
LLC,
Robert
J.
Shiller
or
any
protected
party
is
advised
of
the
possibility
of
same.
Shiller
Barclays
CAPE
US
Sector
TR
USD
Index
incorporates
the
principles
of
long-term
investing
distilled
by
Dr.
Robert
Shiller
and
expressed
through
the
CAPE
®
(Cyclically
Adjusted
Price
Earnings)
ratio
(the
“CAPE
®
Ratio”).
It
aims
to
identify
undervalued
sectors
based
on
a
modified
CAPE
®
Ratio,
and
then
uses
a
momentum
factor
to
seek
to
mitigate
the
effects
of
potential
value
trap.
None
of
the
information
supplied
by
Barclays
Bank
PLC
and
used
in
this
publication
may
be
reproduced
in
any
manner
without
the
prior
written
permission
of
Barclays
Capital,
the
investment
banking
division
of
Barclays
Bank
PLC.
Barclays
Bank
PLC
is
registered
in
England
No.
1026167.
Registered
office
1
Churchill
Place
London
E14
5HP.
DoubleLine
Commercial
Real
Estate
ETF
(DCMB)
Disclosure
The
value
of
an
instrument
with
a
longer
duration
(whether
positive
or
negative)
will
be
more
sensitive
to
changes
in
interest
rates
than
a
similar
instrument
with
a
shorter
duration.
There
is
the
risk
that
the
Fund
may
be
unable
to
sell
a
portfolio
investment
at
a
desirable
time
or
at
the
value
the
Fund
has
placed
on
the
investment.
Illiquidity
may
be
the
result
of,
for
example,
low
trading
volume,
lack
of
a
market
maker,
or
contractual
or
legal
restrictions
that
limit
or
prevent
the
Fund
from
selling
securities
or
closing
derivative
positions.
Investments
in
debt
securities
typically
decrease
in
value
when
interest
rates
rise.
This
risk
is
usually
greater
for
longer-term
debt
securities.
There
is
risk
that
borrowers
may
default
on
their
mortgage
obligations
or
the
guarantees
underlying
the
mortgage-backed
securities
will
default
or
otherwise
fail
and
that,
during
periods
of
falling
interest
rates,
mortgage-backed
securities
will
be
called
or
prepaid,
which
may
result
in
the
Fund
having
to
reinvest
proceeds
in
other
investments
at
a
lower
interest
rate.
The
fund
is
a
“non-diversified”
investment
company
and
therefore
may
invest
a
greater
percentage
of
its
assets
in
the
securities
of
a
single
issuer
or
a
limited
number
of
issuers
than
funds
that
are
“diversified.”
Accordingly,
the
fund
is
more
susceptible
to
risks
associated
with
a
single
economic,
political
or
regulatory
occurrence
than
a
diversified
fund
might
be.
Derivatives
involve
special
risks
including
correlation,
counterparty,
liquidity,
operational,
accounting
and
tax
risks.
These
risks,
in
certain
cases,
may
be
greater
than
the
risks
presented
by
more
traditional
investments.   
(Unaudited)
September
30,
2023
Annual
Report
|
September
30,
2023
9
Investing
in
ETFs
involves
additional
risks
such
as
the
market
price
of
the
shares
may
trade
at
a
discount
to
its
net
asset
value
("NAV"),
an
active
secondary
trading
market
may
not
develop
or
be
maintained,
or
trading
may
be
halted
by
the
exchange
in
which
they
trade,
which
may
impact
a
fund's
ability
to
sell
its
shares.
DoubleLine
Mortgage
ETF
(DMBS)
Disclosure
Investments
in
debt
securities
typically
decrease
in
value
when
interest
rates
rise.
This
risk
is
usually
greater
for
longer-term
debt
securities.
The
value
of
an
instrument
with
a
longer
duration
(whether
positive
or
negative)
will
be
more
sensitive
to
changes
in
interest
rates
than
a
similar
instrument
with
a
shorter
duration.
There
is
the
risk
that
the
Fund
may
be
unable
to
sell
a
portfolio
investment
at
a
desirable
time
or
at
the
value
the
Fund
has
placed
on
the
investment.
Illiquidity
may
be
the
result
of,
for
example,
low
trading
volume,
lack
of
a
market
maker,
or
contractual
or
legal
restrictions
that
limit
or
prevent
the
Fund
from
selling
securities
or
closing
derivative
positions.
There
is
risk
that
borrowers
may
default
on
their
mortgage
obligations
or
the
guarantees
underlying
the
mortgage-backed
securities
will
default
or
otherwise
fail
and
that,
during
periods
of
falling
interest
rates,
mortgage-backed
securities
will
be
called
or
prepaid,
which
may
result
in
the
Fund
having
to
reinvest
proceeds
in
other
investments
at
a
lower
interest
rate.
Derivatives
involve
special
risks
including
correlation,
counterparty,
liquidity,
operational,
accounting
and
tax
risks.
These
risks,
in
certain
cases,
may
be
greater
than
the
risks
presented
by
more
traditional
investments.
The
Fund
is
a
“non-diversified”
investment
company
and
therefore
may
invest
a
greater
percentage
of
its
assets
in
the
securities
of
a
single
issuer
or
a
limited
number
of
issuers
than
funds
that
are
“diversified.”
Accordingly,
the
Fund
is
more
susceptible
to
risks
associated
with
a
single
economic,
political
or
regulatory
occurrence
than
a
diversified
fund
might
be. 
Investing
in
ETFs
involves
additional
risks
such
as
the
market
price
of
the
shares
may
trade
at
a
discount
to
its
net
asset
value
("NAV"),
an
active
secondary
trading
market
may
not
develop
or
be
maintained,
or
trading
may
be
halted
by
the
exchange
in
which
they
trade,
which
may
impact
a
fund's
ability
to
sell
its
shares.
Agency
Refers
to
mortgage-backed
securities
(MBS)
whose
principal
and
interest
are
guaranteed
by
a
U.S.
government
agency
such
as
Fannie
Mae
(FNMA)
or
Freddie
Mac
(FHLMC).
Basis
Points
(bps)
Basis
points
(or
basis
point
(bp))
refer
to
a
common
unit
of
measure
for
interest
rates
and
other
percentages
in
finance.
One
basis
point
is
equal
to
1/100th
of
1%,
or
0.01%
or
0.0001,
and
is
used
to
denote
the
percentage
change
in
a
financial
instrument.
The
relationship
between
percentage
changes
and
basis
points
can
be
summarized
as:
1%
change
=
100
basis
points;
0.01%
=
1
basis
point.
Bloomberg
US
Agency
Mortgage-Backed
Securities
(MBS)
Index
This
index
tracks
Agency
mortgage-backed
pass-through
securities
guaranteed
by
government-
sponsored
enterprises
(GSEs).
Bloomberg
US
Aggregate
Bond
Index
This
index
(the
“Agg”)
represents
securities
that
are
SEC
registered,
taxable
and
dollar
denominated.
It
covers
the
U.S.
investment
grade,
fixed-rate
bond
market,
with
components
for
government
and
corporate
securities,
mortgage
pass-through
securities
and
asset-backed
securities.
These
major
sectors
are
subdivided
into
more
specific
indexes
that
are
calculated
and
reported
on
a
regular
basis.
Bloomberg
US
Aggregate
1-3
Year
Bond
Index
This
index
tracks
the
one-
to
three-year
component
of
the
Bloomberg
US
Aggregate
Bond
Index,
which
represents
securities
that
are
SEC
registered,
taxable
and
dollar
denominated
in
the
U.S.
investment
grade,
fixed-rate
bond
market.
Collateralized
Mortgage
Obligation
(CMO)
Refers
to
a
type
of
mortgage-backed
security
that
contains
a
pool
of
mortgages
bundled
together
and
sold
as
an
investment.
Organized
by
maturity
and
level
of
risk,
CMOs
receive
cash
flows
as
borrowers
repay
the
mortgages
that
act
as
collateral
on
these
securities.
In
turn,
CMOs
distribute
principal
and
interest
payments
to
investors
based
on
predetermined
rules
and
agreements.
Commercial
Mortgage-Backed
Securities
(CMBS)
Securitized
loans
made
on
commercial
rather
than
residential
properties.
Dow
Jones
Industrial
Average
(DJIA)
This
index
tracks
30
large
publicly
owned
companies
trading
on
the
New
York
Stock
Exchange
and
the
Nasdaq.
Duration
Measure
of
the
sensitivity
of
the
price
of
a
bond
or
other
debt
instrument
to
a
change
in
interest
rates.
Federal
Funds
Rate
Target
interest
rate,
set
by
the
Federal
Reserve
at
its
Federal
Open
Market
Committee
(FOMC)
meetings,
at
which
commercial
banks
borrow
and
lend
their
excess
reserves
to
each
other
overnight.
The
Fed
sets
a
target
federal
funds
rate
eight
times
a
year,
based
on
prevailing
economic
conditions.
Federal
Open
Market
Committee
(FOMC)
Branch
of
the
Federal
Reserve
System
that
determines
the
direction
of
monetary
policy
specifically
by
directing
open
market
operations.
The
FOMC
comprises
the
seven
board
governors
and
five
(out
of
12)
Federal
Reserve
Bank
presidents.
Gross
Domestic
Product
(GDP)
Market
value
of
all
final
goods
and
services
produced
within
a
country
in
a
given
period.
GDP
is
considered
an
indicator
of
a
country’s
standard
of
living.
High
Yield
(HY)
Bonds
that
pay
higher
interest
rates
because
they
have
lower
credit
ratings
than
investment
grade
(IG)
bonds.
HY
bonds
are
more
likely
to
default,
so
they
must
pay
a
higher
yield
than
IG
bonds
to
compensate
investors.
Investment
Grade
(IG)
Rating
that
signifies
a
municipal
or
corporate
bond
presents
a
relatively
low
risk
of
default.
Bonds
below
this
designation
are
considered
to
have
a
high
risk
of
default
and
are
commonly
referred
to
as
high
yield
(HY)
or
“junk
bonds.”
The
higher
the
bond
rating
the
more
likely
the
bond
will
return
100
cents
on
the
U.S.
dollar.
ISM
Manufacturing
PMI
This
index
(which
used
to
be
called
the
ISM
Manufacturing
Purchasing
Managers
Index)
is
compiled
by
the
Institute
for
Supply
Management
and
tracks
the
economic
health
of
the
manufacturing
sector.
The
index
is
based
on
five
major
indicators:
new
orders,
inventory
levels,
production,
supplier
deliveries
and
employment
environment.
A
number
below
50
is
considered
a
contractionary
signal
for
the
economy;
a
number
above
50
is
considered
expansionary.
Job
Openings
and
Labor
Turnover
Survey
(JOLTS)
Conducted
by
the
U.S.
Bureau
of
Labor
Statistics,
JOLTS
involves
the
monthly
collection,
processing
and
dissemination
of
job
openings
and
labor
turnover
data.
The
data,
collected
from
sampled
establishments
on
a
voluntary
basis,
includes
employment,
job
openings,
hires,
quits,
layoffs,
discharges
and
other
separations.
The
number
of
unfilled
jobs
used
to
calculate
the
job
openings
rate
is
an
important
measure
of
the
unmet
demand
for
labor,
providing
a
more
complete
picture
of
the
U.S.
labor
market
than
by
looking
solely
at
the
unemployment
rate.
Leading
Economic
Index
(LEI)
This
index,
published
by
the
Conference
Board,
tracks
a
group
of
composite
indexes
(manufacturers’
orders,
initial
unemployment
insurance
claims,
et
al.)
as
a
means
of
gauging
the
strength
of
a
particular
industry
or
the
economy.
Morgan
Stanley
Capital
International
(MSCI)
Europe
Index
This
index
is
U.S.
dollar
denominated
and
represents
the
performance
of
large-
and
mid-cap
equities
across
15
developed
countries
in
Europe.
It
covers
approximately
85%
of
the
free
float-adjusted
market
capitalization
in
each
country.
Mortgage-Backed
Securities
(MBS)
Investment
similar
to
a
bond
that
is
made
up
of
a
bundle
of
home
loans
bought
from
the
banks
that
issued
them.
Investors
in
MBS
receive
periodic
payments
similar
to
bond
coupon
payments.
Non-Agency
Residential
Mortgage-Backed
Security
(RMBS)
Debt-based
security
(similar
to
a
bond),
backed
by
the
interest
paid
on
loans
for
residences.
The
interest
on
loans
such
as
mortgages,
home-equity
loans
and
subprime
mortgages
is
considered
to
be
something
with
a
comparatively
low
rate
of
default
and
a
comparatively
high
rate
of
interest,
since
there
is
a
high
demand
for
the
ownership
of
a
personal
or
family
residence.
“Non-Agency”
refers
to
RMBS
not
issued
by
the
government-
sponsored
enterprises.
Management’s
Discussion
of
Fund
Performance
(Cont.)
10
DoubleLine
ETF
Trust
Russell
1000
Value
(RLV)
Index
This
index
measures
the
performance
of
the
large-capitalization
value
segment
of
the
U.S.
equity
universe.
It
includes
Russell
1000
Index
companies
with
lower
price-to-book
ratios
and
lower
expected
growth
values.
Value
stocks
are
shares
of
a
company
that
appear
to
trade
at
a
lower
price
relative
to
the
company’s
fundamentals.
S&P
500
Index
This
unmanaged
capitalization-weighted
index
of
the
stocks
of
the
500
largest
publicly
traded
U.S.
companies
is
designed
to
measure
performance
of
the
broad
domestic
economy
through
changes
in
the
aggregate
market
value
of
the
500
stocks,
which
represent
all
major
industries.
Shiller
Barclays
CAPE
®
U.S.
Sector
Total
Return
USD
Index
This
index
incorporates
the
principles
of
long-term
investing
distilled
by
Dr.
Robert
Shiller
and
expressed
through
the
CAPE
®
(cyclically
adjusted
price-to-earnings)
ratio
(the
“CAPE
®
ratio”).
It
aims
to
identify
undervalued
sectors
based
on
a
modified
CAPE
®
ratio
and
then
uses
a
momentum
factor
to
seek
to
mitigate
the
effects
of
potential
value
traps.
Spread
Difference
between
yields
on
differing
debt
instruments,
calculated
by
deducting
the
yield
of
one
instrument
from
another.
The
higher
the
yield
spread,
the
greater
the
difference
between
the
yields
offered
by
each
instrument.
The
spread
can
be
measured
between
debt
instruments
of
differing
maturities,
credit
ratings
or
risk.
U-3
Unemployment
Rate
Officially
recognized
rate
of
unemployment,
compiled
and
released
monthly
by
the
U.S.
Bureau
of
Labor
Statistics,
measuring
the
number
of
unemployed
people
as
a
percentage
of
the
labor
force.
An
investment
cannot
be
made
directly
in
an
index.
The
performance
of
any
index
mentioned
in
this
commentary
has
not
been
adjusted
for
ongoing
expenses
applicable
to
fund
investments.
This
commentary
may
include
statements
that
constitute
“forward-looking
statements”
under
the
U.S.
securities
laws.
Forward-looking
statements
include,
among
other
things,
projections,
estimates,
and
information
about
possible
or
future
results
related
to
a
Fund
and
market
or
regulatory
developments.
The
views
expressed
above
are
not
guarantees
of
future
performance
or
economic
results
and
involve
certain
risks,
uncertainties
and
assumptions
that
could
cause
actual
outcomes
and
results
to
differ
materially
from
the
views
expressed
herein.
DoubleLine
has
no
obligation
to
provide
revised
assessments
in
the
event
of
changed
circumstances.
While
we
have
gathered
this
information
from
sources
believed
to
be
reliable,
DoubleLine
cannot
guarantee
the
accuracy
of
the
information
provided.
Securities
discussed
are
not
recommendations
and
are
presented
as
examples
of
issue
selection
or
portfolio
management
processes.
They
have
been
picked
for
comparison
or
illustration
purposes
only.
No
security
presented
within
is
either
offered
for
sale
or
purchase.
DoubleLine
reserves
the
right
to
change
its
investment
perspective
and
outlook
without
notice
as
market
conditions
dictate
or
as
additional
information
becomes
available.
Investment
strategies
may
not
achieve
the
desired
results
due
to
implementation
lag,
other
timing
factors,
portfolio
management
decision
making,
economic
or
market
conditions
or
other
unanticipated
factors.
The
views
and
forecasts
expressed
in
this
material
are
as
of
the
date
indicated,
are
subject
to
change
without
notice,
may
not
come
to
pass
and
do
not
represent
a
recommendation
or
offer
of
any
particular
security,
strategy,
or
investment.
Past
performance
is
no
guarantee
of
future
results.
DoubleLine
ETFs
are
distributed
by
Foreside
Fund
Distributors,
LLC.
DoubleLine
®
is
a
registered
trademark
of
DoubleLine
Capital
LP.
©
2023
DoubleLine
Capital
LP
Annual
Report
|
September
30,
2023
11
Standardized
Performance
Summary
(Unaudited)
September
30,
2023
*Reflects
no
deduction
for
fees,
expenses
and
taxes.
Performance
data
quoted
represents
past
performance.
Past
performance
does
not
guarantee
future
results.
The
investment
return
and
principal
value
of
an
investment
will
fluctuate
so
that
an
investor's
shares,
when
redeemed,
may
be
worth
more
or
less
than
the
original
cost.
Current
performance
of
the
fund
may
be
lower
or
higher
than
the
performance
quoted.
Performance
current
to
the
most
recent
month-end
may
be
obtained
by
calling
(855)
937-0772
or
by
visiting
www.doubleline.
com.  
Short
term
performance,
in
particular,
is
not
a
good
indication
of
the
fund’s
future
performance,
and
an
investment
should
not
be
made
based
solely
on
returns.
DBND
DoubleLine
Opportunistic
Bond
ETF
Returns
as
of
September
30,
2023
1-Year
Since
Inception  
(Not
Annualized)
(03-31-22
to
09-30-23)
Expense
Ratio
Total
Return
based
on
NAV
0.84%
-4.60%
0.50%
Total
Return
based
on
Market
Price
0.73%
-4.62%
Bloomberg
US
Aggregate
Bond
Index
*
0.64%
-5.84%
CAPE
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
Returns
as
of
September
30,
2023
1-Year
Since
Inception  
(Not
Annualized)
(03-31-22
to
09-30-23)
Expense
Ratio
Total
Return
based
on
NAV
19.54%
-2.70%
0.65%
Total
Return
based
on
Market
Price
19.47%
-2.78%
S&P
500
Index
*
21.62%
-1.97%
DCMB
DoubleLine
Commercial
Real
Estate
ETF
Returns
as
of
September
30,
2023
Since
Inception  
(Not
Annualized)
(03-31-23
to
09-30-23)
Expense
Ratio
Total
Return
based
on
NAV
2.69%
0.39%
Total
Return
based
on
Market
Price
2.91%
Bloomberg
US
Aggregate
1-3
Year
Bond
Index
*
0.37%
DMBS
DoubleLine
Mortgage
ETF
Returns
as
of
September
30,
2023
Since
Inception  
(Not
Annualized)
(03-31-23
to
09-30-23)
Expense
Ratio
Total
Return
based
on
NAV
-4.67%
0.49%
Total
Return
based
on
Market
Price
-4.55%
Bloomberg
US
Agency
Mortgage-Backed
Securities
(MBS)
Index
*
-4.67%
Growth
of
Investment
12
DoubleLine
ETF
Trust
(Unaudited)
September
30,
2023
DoubleLine
Opportunistic
Bond
ETF
Value
of
a
$100,000
Investment
Average
Total
Returns
1
As
of
September
30,
2023
2
1
Year
Since
Inception
(3/31/2022)
DoubleLine
Opportunistic
Bond
ETF
Total
Return
based
on
NAV
0.84%
-4.60%
Total
Return
based
on
Market
Price
0.73%
-4.62%
Bloomberg
US
Aggregate
Bond
Index
0.64%
-5.84%
1
Past
performance
is
not
an
indication
of
future
results.
Returns
represent
past
performance
and
reflect
changes
in
share
prices,
the
reinvestment
of
all
dividends
and
capital
gains,
expense
limitations
and
the
effects
of
compounding.
The
prospectus
contains
more
complete
information
on
the
investment
objectives,
risks,
charges
and
expenses
of
the
investment
company,
which
investors
should
read
and
consider
carefully
before
investing.
To
obtain
a
prospectus,
contact
a
registered
representative
or
visit
www.doubleLine.com
.
Total
investment
return
and
principal
value
of
your
investment
will
fluctuate,
and
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
Call
(855)
937-0772
or
visit
www.doubleLine.com
for
performance
results
current
to
the
most
recent
month-end.
2
Bloomberg
US
Aggregate
Bond
Index
This
index
(the
“Agg”)
represents
securities
that
are
SEC
registered,
taxable
and
dollar
denominated.
It
covers
the
U.S.
investment
grade,
fixed-rate
bond
market,
with
components
for
government
and
corporate
securities,
mortgage
pass-through
securities
and
asset-
backed
securities.
These
major
sectors
are
subdivided
into
more
specific
indexes
that
are
calculated
and
reported
on
a
regular
basis.
Index
performance
reflects
no
deduction
for
fees,
expenses
or
taxes.
The
Fund’s
investments
likely
will
diverge
widely
from
the
components
of
the
benchmark
index,
which
could
lead
to
performance
dispersion
between
the
Fund
and
the
benchmark
index,
meaning
that
the
Fund
could
outperform
or
underperform
the
indices
at
any
given
time.
Please
note
that
an
investor
cannot
invest
directly
in
an
index.
Growth
of
Investment
(Cont.)
(Unaudited)
September
30,
2023
Annual
Report
|
September
30,
2023
13
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF
Value
of
a
$100,000
Investment
Average
Total
Returns
1
As
of
September
30,
2023
2
1
Year
Since
Inception
(3/31/2022)
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
Total
Return
based
on
NAV
19.54%
-2.70%
Total
Return
based
on
Market
Price
19.47%
-2.78%
S&P
500
Index
21.62%
-1.97%
1
Past
performance
is
not
an
indication
of
future
results.
Returns
represent
past
performance
and
reflect
changes
in
share
prices,
the
reinvestment
of
all
dividends
and
capital
gains,
expense
limitations
and
the
effects
of
compounding.
The
prospectus
contains
more
complete
information
on
the
investment
objectives,
risks,
charges
and
expenses
of
the
investment
company,
which
investors
should
read
and
consider
carefully
before
investing.
To
obtain
a
prospectus,
contact
a
registered
representative
or
visit
www.doubleLine.com
.
Total
investment
return
and
principal
value
of
your
investment
will
fluctuate,
and
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
Call
(855)
937-0772
or
visit
www.doubleLine.com
for
performance
results
current
to
the
most
recent
month-end.
2
S&P
500
Index
This
unmanaged
capitalization-weighted
index
of
the
stocks
of
the
500
largest
publicly
traded
U.S.
companies
is
designed
to
measure
performance
of
the
broad
domestic
economy
through
changes
in
the
aggregate
market
value
of
the
500
stocks,
which
represent
all
major
industries.
Index
performance
reflects
no
deduction
for
fees,
expenses
or
taxes.
The
Fund’s
investments
likely
will
diverge
widely
from
the
components
of
the
indices,
which
could
lead
to
performance
dispersion
between
the
Fund
and
each
applicable
index,
meaning
that
the
Fund
could
outperform
or
underperform
the
indices
at
any
given
time.
Please
note
that
an
investor
cannot
invest
directly
in
an
index.
Growth
of
Investment
(Cont.)
14
DoubleLine
ETF
Trust
(Unaudited)
September
30,
2023
DoubleLine
Commercial
Real
Estate
ETF
Value
of
a
$100,000
Investment
Since
Inception
Total
Returns
1
As
of
September
30,
2023
2
Since
Inception
(3/31/2023)
DoubleLine
Commercial
Real
Estate
ETF
Total
Return
based
on
NAV
2.69%
Total
Return
based
on
Market
Price
2.91%
Bloomberg
US
Aggregate
1-3
Year
Bond
Index
0.37%
1
Past
performance
is
not
an
indication
of
future
results.
Returns
represent
past
performance
and
reflect
changes
in
share
prices,
the
reinvestment
of
all
dividends
and
capital
gains,
expense
limitations
and
the
effects
of
compounding.
The
prospectus
contains
more
complete
information
on
the
investment
objectives,
risks,
charges
and
expenses
of
the
investment
company,
which
investors
should
read
and
consider
carefully
before
investing.
To
obtain
a
prospectus,
contact
a
registered
representative
or
visit
www.doubleLine.com
.
Total
investment
return
and
principal
value
of
your
investment
will
fluctuate,
and
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
Call
(855)
937-0772
or
visit
www.doubleLine.com
for
performance
results
current
to
the
most
recent
month-end.
2
Bloomberg
US
Aggregate
1-3
Year
Bond
Index
This
index
tracks
the
one-
to
three-year
component
of
the
Bloomberg
US
Aggregate
Bond
Index,
which
represents
securities
that
are
SEC
registered,
taxable
and
dollar
denominated
in
the
U.S.
investment
grade,
fixed-rate
bond
market.
Index
performance
reflects
no
deduction
for
fees,
expenses
or
taxes.
The
Fund’s
investments
likely
will
diverge
widely
from
the
components
of
the
benchmark
index,
which
could
lead
to
performance
dispersion
between
the
Fund
and
the
benchmark
index,
meaning
that
the
Fund
could
outperform
or
underperform
the
indices
at
any
given
time.
Please
note
that
an
investor
cannot
invest
directly
in
an
index.
Growth
of
Investment
(Cont.)
(Unaudited)
September
30,
2023
Annual
Report
|
September
30,
2023
15
DoubleLine
Mortgage
ETF
Value
of
a
$100,000
Investment
Since
Inception
Total
Returns
1
As
of
September
30,
2023
2
Since
Inception
(3/31/2023)
DoubleLine
Mortgage
ETF
Total
Return
based
on
NAV
-4.67%
Total
Return
based
on
Market
Price
-4.55%
Bloomberg
US
Agency
Mortgage-Backed
Securities
(MBS)
Index
-4.67%
1
Past
performance
is
not
an
indication
of
future
results.
Returns
represent
past
performance
and
reflect
changes
in
share
prices,
the
reinvestment
of
all
dividends
and
capital
gains,
expense
limitations
and
the
effects
of
compounding.
The
prospectus
contains
more
complete
information
on
the
investment
objectives,
risks,
charges
and
expenses
of
the
investment
company,
which
investors
should
read
and
consider
carefully
before
investing.
To
obtain
a
prospectus,
contact
a
registered
representative
or
visit
www.doubleLine.com
.
Total
investment
return
and
principal
value
of
your
investment
will
fluctuate,
and
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
Call
(855)
937-0772
or
visit
www.doubleLine.com
for
performance
results
current
to
the
most
recent
month-end.
2
Bloomberg
US
Agency
Mortgage-Backed
Securities
(MBS)
Index
This
index
tracks
Agency
mortgage-backed
pass-through
securities
guaranteed
by
government-sponsored
enterprises
(GSEs).
Index
performance
reflects
no
deduction
for
fees,
expenses
or
taxes.
The
Fund’s
investments
likely
will
diverge
widely
from
the
components
of
the
benchmark
index,
which
could
lead
to
performance
dispersion
between
the
Fund
and
the
benchmark
index,
meaning
that
the
Fund
could
outperform
or
underperform
the
indices
at
any
given
time.
Please
note
that
an
investor
cannot
invest
directly
in
an
index.
Schedule
of
Investments
DoubleLine
Opportunistic
Bond
ETF
September
30,
2023
16
DoubleLine
ETF
Trust
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
P
RINCIPAL
A
MOUNT
$/S
HARES
S
ECURITY
D
ESCRIPTION
R
ATE
M
ATURITY
V
ALUE
$
ASSET
BACKED
OBLIGATIONS
9.6%
Affirm
Asset
Securitization
Trust
,
750,000
Series
2022-A-A
4.30%
(a)
05/17/2027
734,235
Aligned
Data
Centers
Issuer
LLC
,
600,000
Series
2023-1A-A2
6.00%
(a)
08/17/2048
578,569
AMSR
Trust
,
2,100,000
Series
2023-SFR2-A
3.95%
(a)
06/17/2040
1,919,351
CyrusOne
Data
Centers
Issuer
I
LLC
,
500,000
Series
2023-1A-A2
4.30%
(a)
04/20/2048
441,774
DataBank
Issuer
,
500,000
Series
2023-1A-A2
5.12%
(a)
02/25/2053
454,959
Diamond
Resorts
Owner
Trust
,
150,370
Series
2021-1A-A
1.51%
(a)
11/21/2033
138,034
EWC
Master
Issuer
LLC
,
493,750
Series
2022-1A-A2
5.50%
(a)
03/15/2052
455,844
GLS
Auto
Receivables
Issuer
Trust
,
434,386
Series
2021-2A-C
1.08%
(a)
06/15/2026
425,199
Hilton
Grand
Vacations
Trust
,
260,873
Series
2022-1D-C
4.69%
(a)
06/20/2034
245,856
Lendbuzz
Securitization
Trust
,
745,694
Series
2022-1A-A
4.22%
(a)
05/17/2027
723,424
MetroNet
Infrastructure
Issuer
LLC
,
300,000
Series
2023-1A-A2
6.56%
(a)
04/20/2053
290,985
Mosaic
Solar
Loan
Trust
,
606,506
Series
2018-2GS-A
4.20%
(a)
02/22/2044
540,674
Pagaya
AI
Debt
Trust
,
424,379
Series
2023-3-A
7.60%
(a)
12/16/2030
426,541
PAGAYA
AI
Debt
Trust
,
204,858
Series
2022-2-A
4.97%
(a)
01/15/2030
202,723
PRET
LLC
,
364,379
Series
2022-NPL2-A1
5.24%
(a)(b)
04/25/2052
355,007
383,482
Series
2022-NPL3-A1
5.93%
(a)(b)
06/25/2052
373,067
Prosper
Marketplace
Issuance
Trust
,
1,000,000
Series
2023-1A-A
7.06%
(a)
07/16/2029
1,000,846
PRPM
LLC
,
1,019,346
Series
2022-5-A1
6.90%
(a)(b)
09/27/2027
1,012,898
Santander
Drive
Auto
Receivables
Trust
,
698,497
Series
2020-4-D
1.48%
01/15/2027
680,496
SEB
Funding
LLC
,
498,750
Series
2021-1A-A2
4.97%
(a)
01/30/2052
446,532
Sierra
Timeshare
Receivables
Funding
LLC
,
269,778
Series
2019-2A-A
2.59%
(a)
05/20/2036
261,797
SMB
Private
Education
Loan
Trust
,
750,000
Series
2021-A-B
2.31%
(a)
01/15/2053
682,737
STWD
Ltd.
,
300,000
Series
2019-FL1-AS
(CME
Term
SOFR
1
Month
+
1.51%,
1.51%
Floor)
6.85%
(a)
07/15/2038
291,450
Theorem
Funding
Trust
,
365,059
Series
2023-1A-A
7.58%
(a)
04/15/2029
366,558
TierPoint
Issuer
LLC
,
500,000
Series
2023-1A-A2
6.00%
(a)
06/25/2053
477,924
TRTX
Issuer
Ltd.
,
208,357
Series
2021-FL4-A
(CME
Term
SOFR
1
Month
+
1.31%,
1.20%
Floor)
6.65%
(a)
03/15/2038
204,329
Upstart
Securitization
Trust
,
500,000
Series
2021-4-B
1.84%
(a)
09/20/2031
480,208
1,000,000
Series
2021-5-B
2.49%
(a)
11/20/2031
953,916
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Vantage
Data
Centers
Issuer
LLC
,
623,458
Series
2019-1A-A2
3.19%
(a)
07/15/2044
605,679
VOLT
C
LLC
,
340,943
Series
2021-NPL9-A1
1.99%
(a)(b)
05/25/2051
316,797
VOLT
CI
LLC
,
433,461
Series
2021-NP10-A1
1.99%
(a)(b)
05/25/2051
397,960
Washington
Mutual
WMABS
Trust
,
844,880
Series
2006-HE2-A3
(CME
Term
SOFR
1
Month
+
0.41%,
0.30%
Floor)
5.73%
05/25/2036
635,484
3,631,435
Series
2007-HE2-
2A2
(CME
Term
SOFR
1
Month
+
0.33%,
0.22%
Floor)
5.65%
02/25/2037
1,024,275
Total
Asset
Backed
Obligations
(Cost
$18,452,916)
18,146,128
BANK
LOANS
3.2%
1011778
B.C.
Unlimited
Liability
Co.
,
115,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.25%)
7.57%
09/23/2030
114,701
Access
CIG
LLC
,
35,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
5.00%,
0.50%
Floor)
10.32%
08/18/2028
34,606
Acrisure
LLC
,
99,742
Senior
Secured
First
Lien
Term
Loan
(1
Month
LIBOR
USD
+
3.50%)
(c)
8.93%
02/15/2027
98,548
ADMI
Corp.
,
29,924
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%,
0.50%
Floor)
9.18%
12/23/2027
27,989
Ali
Group
North
America
Corp.
,
113,488
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.00%)
7.43%
07/30/2029
113,567
AlixPartners
LLP
,
89,533
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%,
0.50%
Floor)
8.18%
02/04/2028
89,578
Annual
Report
|
September
30,
2023
17
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
September
30,
2023
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Allied
Universal
Holdco
LLC
,
119,695
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%,
0.50%
Floor)
9.17%
05/12/2028
115,811
Allspring
Buyer
LLC
,
59,848
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.25%,
0.50%
Floor)
8.95%
11/01/2028
59,362
Alterra
Mountain
Co.
,
89,543
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.50%,
0.50%
Floor)
8.93%
08/17/2028
89,581
AmWINS
Group,
Inc.
,
119,387
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.25%,
0.75%
Floor)
7.68%
02/19/2028
118,817
Applied
Systems,
Inc.
,
59,700
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.50%,
0.50%
Floor)
9.89%
09/18/2026
59,950
APX
Group,
Inc.
,
114,416
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%,
0.50%
Floor)
8.69%
07/10/2028
114,543
AssuredPartners,
Inc.
,
35,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%)
9.07%
02/12/2027
35,066
athenahealth
Group,
Inc.
,
39,875
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%,
0.50%
Floor)
8.57%
02/15/2029
39,239
Bausch
&
Lomb
Corp.
,
74,435
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.25%,
0.50%
Floor)
8.76%
05/10/2027
72,491
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
30,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.00%)
9.32%
09/29/2028
29,663
BCPE
Empire
Holdings,
Inc.
,
119,700
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.75%,
0.50%
Floor)
10.07%
12/11/2028
119,835
Boxer
Parent
Co.,
Inc.
,
43,068
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%)
9.18%
10/02/2025
43,074
Buckeye
Partners
LP
,
59,846
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.25%)
7.68%
11/01/2026
59,874
Carnival
Corp.
,
25,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%,
0.75%
Floor)
8.33%
08/09/2027
24,979
Castlelake
Aviation
One
DAC
,
104,203
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.75%,
0.50%
Floor)
8.42%
10/22/2026
104,220
Catalent
Pharma
Solutions,
Inc.
,
119,693
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.00%,
0.50%
Floor)
7.44%
02/22/2028
117,318
CHG
Healthcare
Services,
Inc.
,
129,670
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%,
0.50%
Floor)
8.70%
09/29/2028
129,295
Clarios
Global
LP
,
95,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%)
9.07%
05/06/2030
94,956
CSC
Holdings
LLC
,
20,000
Senior
Secured
First
Lien
Term
Loan
(1
Month
LIBOR
USD
+
2.50%)
(c)
7.95%
04/15/2027
18,175
18
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
DIRECTV
Financing
LLC
,
23,699
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
5.00%,
0.75%
Floor)
10.43%
08/02/2027
23,216
Dynasty
Acquisition
Co.,
Inc.
,
74,813
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.00%)
9.32%
08/24/2028
74,750
Fertitta
Entertainment
LLC
,
99,747
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.00%,
0.50%
Floor)
9.32%
01/27/2029
98,910
Focus
Financial
Partners
LLC
,
114,707
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.50%,
0.50%
Floor)
7.82%
06/30/2028
114,513
Froneri
International
Ltd.
,
59,845
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.25%)
7.67%
01/29/2027
59,515
Gen
Digital,
Inc.
,
54,704
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.00%,
0.50%
Floor)
7.42%
09/12/2029
54,598
Genesys
Cloud
Services
Holdings
I
LLC
,
115,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.00%,
0.75%
Floor)
9.45%
12/01/2027
115,229
GIP
Pilot
Acquisition
Partners
LP
,
20,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%)
8.33%
09/18/2030
19,975
Graham
Packaging
Co.,
Inc.
,
19,943
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%,
0.75%
Floor)
8.43%
08/04/2027
19,927
Gray
Television,
Inc.
,
29,266
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%)
8.44%
12/01/2028
28,608
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Grifols
Worldwide
Operations
Ltd.
,
95,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.00%)
7.42%
11/15/2027
93,528
GTCR
W
Merger
Sub
LLC
,
85,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%,
0.50%
Floor)
8.33%
09/20/2030
85,031
Hub
International
Ltd.
,
15,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.25%,
0.75%
Floor)
9.58%
06/20/2030
15,058
Ineos
U.S.
Finance
LLC
,
104,738
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.50%)
8.92%
02/18/2030
104,083
ION
Trading
Finance
Ltd.
,
59,847
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.75%)
10.24%
04/01/2028
59,155
IRB
Holding
Corp.
,
119,697
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%,
0.75%
Floor)
8.43%
12/15/2027
119,403
Jazz
Pharmaceuticals
plc
,
69,409
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.50%,
0.50%
Floor)
8.93%
05/05/2028
69,433
Leslie's
Poolmart,
Inc.
,
24,631
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%,
0.50%
Floor)
8.18%
03/09/2028
24,301
Lifepoint
Health,
Inc.
,
115,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
5.50%)
10.82%
11/16/2028
111,981
Light
&
Wonder
International,
Inc.
,
79,397
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%,
0.50%
Floor)
8.43%
04/14/2029
79,496
Annual
Report
|
September
30,
2023
19
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
September
30,
2023
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Mavis
Tire
Express
Services
Topco
Corp.
,
89,542
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.00%,
0.75%
Floor)
9.43%
05/04/2028
89,430
McAfee
Corp.
,
29,924
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%,
0.50%
Floor)
9.18%
03/01/2029
29,279
Medline
Borrower
LP
,
114,381
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%,
0.50%
Floor)
8.68%
10/23/2028
114,206
Olympus
Water
U.S.
Holding
Corp.
,
49,873
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.75%,
0.50%
Floor)
9.40%
11/09/2028
49,285
Organon
&
Co.
,
115,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%,
0.50%
Floor)
8.44%
06/02/2028
114,971
Osmosis
Buyer
Ltd.
,
114,521
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%,
0.50%
Floor)
9.08%
07/31/2028
113,546
Parexel
International,
Inc.
,
114,419
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%,
0.50%
Floor)
8.68%
11/15/2028
113,756
Penn
Entertainment,
Inc.
,
129,070
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%,
0.50%
Floor)
8.17%
05/03/2029
129,070
Perrigo
Co.
plc
,
44,773
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.25%)
7.67%
04/20/2029
44,675
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Petco
Health
&
Wellness
Co.,
Inc.
,
44,581
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.25%,
0.75%
Floor)
8.90%
03/03/2028
44,156
PetSmart
LLC
,
119,391
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%,
0.75%
Floor)
9.17%
02/11/2028
119,209
Pilot
Travel
Centers
LLC
,
114,415
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.00%)
7.42%
08/04/2028
114,415
Playa
Resorts
Holding
BV
,
59,925
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.25%,
0.50%
Floor)
9.58%
01/05/2029
60,017
Pregis
TopCo
LLC
,
49,870
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%)
9.07%
07/31/2026
49,853
Prime
Security
Services
Borrower
LLC
,
79,389
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%,
0.75%
Floor)
8.19%
09/23/2026
79,362
Proofpoint,
Inc.
,
114,708
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%,
0.50%
Floor)
8.68%
08/31/2028
113,903
QUIKRETE
Holdings,
Inc.
,
24,937
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%)
8.18%
03/19/2029
24,971
RealPage,
Inc.
,
119,695
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%,
0.50%
Floor)
8.43%
04/24/2028
118,473
20
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Scientific
Games
Holdings
LP
,
44,887
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.50%,
0.50%
Floor)
8.77%
04/04/2029
44,690
SMG
U.S.
Midco
2,
Inc.
,
119,380
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.50%)
8.13%
01/23/2025
119,436
Sophia
LP
,
99,746
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.50%,
0.50%
Floor)
8.82%
10/07/2027
99,642
Sotera
Health
Holdings
LLC
,
115,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%,
0.50%
Floor)
8.18%
12/11/2026
114,324
SWF
Holdings
I
Corp.
,
34,911
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.00%,
0.75%
Floor)
9.43%
10/06/2028
29,798
UKG,
Inc.
,
119,689
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.75%)
9.22%
05/04/2026
119,708
Virgin
Media
Bristol
LLC
,
115,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
6
Month
+
3.25%)
8.31%
03/31/2031
112,454
Vistra
Operations
Co.
LLC
,
114,023
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
1.75%)
7.18%
12/31/2025
114,112
Wand
Newco
3,
Inc.
,
49,870
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%)
8.17%
02/05/2026
49,847
Whatabrands
LLC
,
119,392
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%,
0.50%
Floor)
8.43%
08/03/2028
119,094
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
WMG
Acquisition
Corp.
,
120,000
Senior
Secured
First
Lien
Term
Loan
(1
Month
LIBOR
USD
+
2.13%)
(c)
7.56%
01/20/2028
120,105
Wyndham
Hotels
&
Resorts,
Inc.
,
59,850
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.25%)
7.67%
05/24/2030
59,968
Zayo
Group
Holdings,
Inc.
,
30,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%)
8.43%
03/09/2027
24,587
Total
Bank
Loans
(Cost
$5,920,501)
5,946,290
COLLATERALIZED
LOAN
OBLIGATIONS
4.5%
Bain
Capital
Credit
CLO
Ltd.
,
500,000
Series
2023-4A-C
(CME
Term
SOFR
3
Month
+
2.90%,
2.90%
Floor)
8.30%
(a)
10/21/2036
500,000
Dryden
78
CLO
Ltd.
,
500,000
Series
2020-78A-B
(CME
Term
SOFR
3
Month
+
1.76%,
1.50%
Floor)
7.07%
(a)
04/17/2033
494,900
Eaton
Vance
CLO
Ltd.
,
500,000
Series
2013-1A-A23R
(CME
Term
SOFR
3
Month
+
1.81%,
1.55%
Floor)
7.12%
(a)
01/15/2034
489,650
Empower
CLO
Ltd.
,
500,000
Series
2023-2A-B
(CME
Term
SOFR
3
Month
+
2.75%,
2.75%
Floor)
8.09%
(a)
07/15/2036
502,300
LoanCore
Issuer
Ltd.
,
250,000
Series
2021-CRE5-A
(1
Month
LIBOR
USD
+
1.30%,
1.30%
Floor)
(c)
6.75%
(a)
07/15/2036
247,134
Marble
Point
CLO
XI
Ltd.
,
500,000
Series
2017-2A-B
(CME
Term
SOFR
3
Month
+
1.76%,
1.50%
Floor)
7.07%
(a)
12/18/2030
490,900
MF1
Ltd.
,
160,000
Series
2021-FL7-A
(CME
Term
SOFR
1
Month
+
1.19%,
1.08%
Floor)
6.53%
(a)
10/16/2036
157,569
Park
Avenue
Institutional
Advisers
CLO
Ltd.
,
500,000
Series
2018-1A-BR
(CME
Term
SOFR
3
Month
+
2.36%,
2.10%
Floor)
7.69%
(a)
10/20/2031
489,576
Annual
Report
|
September
30,
2023
21
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
September
30,
2023
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Race
Point
IX
CLO
Ltd.
,
1,000,000
Series
2015-9A-BR
(CME
Term
SOFR
3
Month
+
2.41%,
0.26%
Floor)
7.72%
(a)
10/15/2030
983,035
Steele
Creek
CLO
Ltd.
,
937,668
Series
2017-1A-A
(CME
Term
SOFR
3
Month
+
1.51%)
6.82%
(a)
10/15/2030
934,768
Stratus
CLO
Ltd.
,
500,000
Series
2021-1A-C
(CME
Term
SOFR
3
Month
+
2.01%,
2.01%
Floor)
7.34%
(a)
12/29/2029
486,830
STWD
Ltd.
,
160,000
Series
2021-FL2-A
(CME
Term
SOFR
1
Month
+
1.31%,
1.20%
Floor)
6.65%
(a)
04/18/2038
157,027
Venture
XXVI
CLO
Ltd.
,
500,000
Series
2017-26A-BR
(CME
Term
SOFR
3
Month
+
1.96%,
1.70%
Floor)
7.29%
(a)
01/20/2029
494,200
Voya
CLO
Ltd.
,
1,000,000
Series
2013-1A-BR
(CME
Term
SOFR
3
Month
+
2.16%)
7.47%
(a)
10/15/2030
970,145
Wellfleet
CLO
Ltd.
,
500,000
Series
2017-3A-A2
(CME
Term
SOFR
3
Month
+
1.76%,
1.50%
Floor)
7.07%
(a)
01/17/2031
490,050
Wind
River
CLO
Ltd.
,
500,000
Series
2016-2A-BR
(CME
Term
SOFR
3
Month
+
2.06%,
1.80%
Floor)
7.43%
(a)
11/01/2031
492,750
Total
Collateralized
Loan
Obligations
(Cost
$8,265,620)
8,380,834
FOREIGN
CORPORATE
BONDS
7.6%
AUSTRALIA
0.5%
265,000
BHP
Billiton
Finance
USA
Ltd.
5.25%
09/08/2030
259,006
170,000
Glencore
Funding
LLC
1.63%
(a)
04/27/2026
153,168
260,000
Macquarie
Group
Ltd.
(Secured
Overnight
Financing
Rate
+
2.21%)
5.11%
(a)
08/09/2026
256,453
365,000
Westpac
Banking
Corp.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.53%)
3.02%
11/18/2036
270,426
939,053
BERMUDA
0.1%
330,000
Triton
Container
International
Ltd.
3.25%
03/15/2032
247,163
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
BRAZIL
0.9%
200,000
Banco
do
Brasil
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
4.40%)
6.25%
(d)
04/15/2024
185,024
200,000
Banco
do
Estado
do
Rio
Grande
do
Sul
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.93%)
5.38%
01/28/2031
183,018
200,000
Braskem
Netherlands
Finance
BV
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
8.22%)
8.50%
01/23/2081
197,083
250,000
Cosan
Overseas
Ltd.
8.25%
(d)
11/05/2023
249,561
353,704
Guara
Norte
Sarl
5.20%
06/15/2034
301,382
200,000
Minerva
Luxembourg
SA
4.38%
03/18/2031
154,957
168,118
MV24
Capital
BV
6.75%
06/01/2034
148,463
200,000
NBM
US
Holdings,
Inc.
6.63%
08/06/2029
182,587
1,602,075
CANADA
0.8%
320,000
Bank
of
Montreal
(5
Year
Swap
Rate
USD
+
1.43%)
3.80%
12/15/2032
279,765
570,000
Bank
of
Nova
Scotia
(The)
3.45%
04/11/2025
548,937
195,000
Bombardier,
Inc.
7.88%
(a)
04/15/2027
190,438
30,000
Garda
World
Security
Corp.
4.63%
(a)
02/15/2027
27,481
35,000
Garda
World
Security
Corp.
6.00%
(a)
06/01/2029
28,664
80,000
Parkland
Corp.
4.63%
(a)
05/01/2030
68,302
85,000
Titan
Acquisition
Ltd.
7.75%
(a)
04/15/2026
83,409
250,000
Toronto-Dominion
Bank
(The)
4.69%
09/15/2027
240,549
1,467,545
CAYMAN
ISLANDS
0.1%
205,000
Global
Aircraft
Leasing
Co.
Ltd.
6.50%
(a)
09/15/2024
195,581
CHILE
0.2%
200,000
Agrosuper
SA
4.60%
01/20/2032
160,694
200,000
CAP
SA
3.90%
04/27/2031
147,630
200,000
Chile
Electricity
PEC
SpA
0.00%
01/25/2028
155,599
463,923
CHINA
0.2%
480,000
NXP
BV
3.88%
06/18/2026
456,550
22
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
COLOMBIA
0.8%
250,000
AI
Candelaria
Spain
SA
5.75%
06/15/2033
177,162
350,000
Banco
GNB
Sudameris
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.56%)
7.05%
04/03/2027
329,598
200,000
Bancolombia
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.94%)
4.63%
12/18/2029
172,425
200,000
Ecopetrol
SA
5.38%
06/26/2026
192,218
200,000
Empresas
Publicas
de
Medellin
ESP
4.25%
07/18/2029
161,038
182,000
Fideicomiso
PA
Pacifico
Tres
8.25%
01/15/2035
165,074
400,000
Geopark
Ltd.
5.50%
01/17/2027
343,352
1,540,867
GUATEMALA
0.2%
150,000
Banco
Industrial
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.44%)
4.88%
01/29/2031
138,459
200,000
CT
Trust
5.13%
02/03/2032
156,224
180,000
Millicom
International
Cellular
SA
6.25%
03/25/2029
152,998
447,681
INDIA
0.6%
200,000
Adani
Electricity
Mumbai
Ltd.
3.87%
07/22/2031
139,761
183,000
Adani
International
Container
Terminal
Pvt.
Ltd.
3.00%
02/16/2031
138,060
200,000
Adani
Ports
&
Special
Economic
Zone
Ltd.
3.83%
02/02/2032
141,779
163,000
Adani
Transmission
Step-One
Ltd.
4.25%
05/21/2036
122,290
168,000
JSW
Hydro
Energy
Ltd.
4.13%
05/18/2031
139,932
200,000
Network
i2i
Ltd.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.27%)
5.65%
(d)
01/15/2025
195,500
200,000
UPL
Corp.
Ltd.
4.50%
03/08/2028
172,923
1,050,245
INDONESIA
0.2%
160,920
LLPL
Capital
Pte.
Ltd.
6.88%
02/04/2039
143,544
200,000
Minejesa
Capital
BV
4.63%
08/10/2030
178,450
321,994
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
IRELAND
0.2%
520,000
Avolon
Holdings
Funding
Ltd.
3.25%
(a)
02/15/2027
463,555
ISRAEL
0.2%
200,000
Bank
Hapoalim
BM
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.16%)
3.26%
(a)
01/21/2032
171,249
200,000
Bank
Leumi
Le-
Israel
BM
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.63%)
3.28%
(a)
01/29/2031
179,030
350,279
KUWAIT
0.1%
200,000
MEGlobal
Canada
ULC
5.00%
05/18/2025
195,322
MEXICO
0.7%
200,000
Banco
Mercantil
del
Norte
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
5.35%)
7.63%
(d)
01/10/2028
184,272
200,000
Banco
Nacional
de
Comercio
Exterior
SNC
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%)
2.72%
08/11/2031
165,743
200,000
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%)
5.95%
10/01/2028
197,700
400,000
BBVA
Bancomer
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%)
5.13%
01/18/2033
344,724
200,000
Cemex
SAB
de
CV
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.16%)
9.13%
(a)(d)
03/14/2028
208,451
131,562
Mexico
Generadora
de
Energia
S
de
rl
5.50%
12/06/2032
125,242
Annual
Report
|
September
30,
2023
23
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
September
30,
2023
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
100,000
Petroleos
Mexicanos
6.75%
09/21/2047
59,355
1,285,487
PANAMA
0.2%
200,000
Banco
General
SA
4.13%
08/07/2027
184,468
200,000
Global
Bank
Corp.
(3
Month
LIBOR
USD
+
3.30%)
(c)
5.25%
04/16/2029
181,689
366,157
PARAGUAY
0.2%
200,000
Frigorifico
Concepcion
SA
7.70%
07/21/2028
165,577
360,000
Rutas
2
&
7
Finance
Ltd.
0.00%
09/30/2036
231,183
396,760
PERU
0.7%
200,000
Banco
de
Credito
del
Peru
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%)
3.13%
07/01/2030
183,808
100,000
Banco
Internacional
del
Peru
SAA
Interbank
(3
Month
LIBOR
USD
+
5.76%)
(c)
6.63%
03/19/2029
98,841
200,000
Banco
Internacional
del
Peru
SAA
Interbank
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.71%)
4.00%
07/08/2030
184,245
200,000
Corp.
Financiera
de
Desarrollo
SA
(3
Month
LIBOR
USD
+
5.61%)
(c)
5.25%
07/15/2029
195,252
200,000
Inkia
Energy
Ltd.
5.88%
11/09/2027
192,250
90,323
Lima
Metro
Line
2
Finance
Ltd.
5.88%
07/05/2034
87,223
400,000
Petroleos
del
Peru
SA
5.63%
06/19/2047
242,149
200,000
Transportadora
de
Gas
del
Peru
SA
4.25%
04/30/2028
189,169
1,372,937
SAUDI
ARABIA
0.1%
200,000
EIG
Pearl
Holdings
Sarl
3.55%
08/31/2036
162,493
SINGAPORE
0.3%
200,000
DBS
Group
Holdings
Ltd.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.10%)
1.82%
03/10/2031
181,777
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
200,000
Oversea-Chinese
Banking
Corp.
Ltd.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.58%)
1.83%
09/10/2030
184,087
200,000
United
Overseas
Bank
Ltd.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.23%)
2.00%
10/14/2031
177,472
543,336
SOUTH
AFRICA
0.1%
200,000
Sasol
Financing
USA
LLC
4.38%
09/18/2026
177,493
SOUTH
KOREA
0.1%
200,000
Woori
Bank
4.75%
04/30/2024
198,094
UNITED
ARAB
EMIRATES
0.1%
145,874
Galaxy
Pipeline
Assets
Bidco
Ltd.
1.75%
09/30/2027
134,859
Total
Foreign
Corporate
Bonds
(Cost
$14,571,329)
14,379,449
FOREIGN
GOVERNMENT
BONDS,
FOREIGN
AGENCIES
AND
FOREIGN
GOVERNMENT
SPONSORED
CORPORATIONS
0.1%
DOMINICAN
REPUBLIC
0.1%
150,000
Dominican
Republic
Government
Bond
8.63%
04/20/2027
154,883
Total
Foreign
Government
Bonds,
Foreign
Agencies
and
Foreign
Government
Sponsored
Corporations
(Cost
$156,753)
154,883
NON-AGENCY
COMMERCIAL
MORTGAGE
BACKED
OBLIGATIONS
5.4%
BANK
,
160,000
Series
2019-BN23-A3
2.92%
12/15/2052
134,829
300,000
Series
2021-BN38-A5
2.52%
12/15/2064
233,737
6,007,747
Series
2023-BNK46-XA
0.75%
(e)(f)
08/15/2056
243,739
Bank
of
America
Merrill
Lynch
Commercial
Mortgage
Trust
,
266,000
Series
2016-UB10-C
4.99%
(e)
07/15/2049
229,581
BANK5
,
11,942,807
Series
2023-5YR1-XA
0.48%
(e)(f)
04/15/2056
144,675
BBCMS
Mortgage
Trust
,
300,000
Series
2021-C12-A5
2.69%
11/15/2054
238,444
180,000
Series
2021-C12-AS
2.90%
11/15/2054
137,942
250,000
Series
2021-C9-A5
2.30%
02/15/2054
196,573
100,000
Series
2022-C16-A5
4.60%
(e)
06/15/2055
91,343
200,000
Series
2022-C17-A5
4.44%
09/15/2055
180,508
250,000
Series
2023-C19-A5
5.45%
04/15/2056
242,511
Benchmark
Mortgage
Trust
,
7,705,473
Series
2018-B2-XA
0.60%
(e)(f)
02/15/2051
108,788
190,000
Series
2020-B19-A2
1.69%
09/15/2053
168,289
250,000
Series
2021-B31-A5
2.67%
12/15/2054
197,711
250,000
Series
2022-B35-C
4.59%
(e)
05/15/2055
167,629
200,000
Series
2023-B38-A4
5.52%
04/15/2056
194,800
7,097,611
Series
2023-V3-XA
1.05%
(e)(f)
07/15/2056
239,902
24
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
BX
Commercial
Mortgage
Trust
,
188,957
Series
2021-VINO-A
(CME
Term
SOFR
1
Month
+
0.77%,
0.77%
Floor)
6.10%
(a)
05/15/2038
185,569
Cantor
Commercial
Real
Estate
Lending
,
500,000
Series
2019-CF1-C
4.35%
(e)
05/15/2052
366,652
CFCRE
Commercial
Mortgage
Trust
,
184,634
Series
2016-C6-A2
2.95%
11/10/2049
170,698
Citigroup
Commercial
Mortgage
Trust
,
250,000
Series
2015-GC27-C
4.57%
(e)
02/10/2048
227,887
100,000
Series
2022-GC48-A5
4.74%
(e)
05/15/2054
91,539
Commercial
Mortgage
Trust
,
205,000
Series
2016-DC2-C
4.81%
(e)
02/10/2049
181,654
CSMC
Trust
,
273,000
Series
2021-B33-A2
3.17%
(a)
10/10/2043
194,773
DBJPM
16-C1
Mortgage
Trust
,
290,000
Series
2016-C1-B
4.20%
(e)
05/10/2049
251,965
250,000
Series
2016-C1-C
3.47%
(e)
05/10/2049
205,704
Del
Amo
Fashion
Center
Trust
,
250,000
Series
2017-AMO-C
3.76%
(a)(e)
06/05/2035
196,166
FIVE
Mortgage
Trust
,
250,000
Series
2023-V1-D
6.62%
(a)(e)
02/10/2056
203,221
GS
Mortgage
Securities
Corp.
II
,
250,000
Series
2023-SHIP-A
4.47%
(a)(e)
09/10/2038
239,114
GS
Mortgage
Securities
Trust
,
9,412,510
Series
2017-GS7-XA
1.23%
(e)(f)
08/10/2050
294,599
250,000
Series
2019-GC42-A3
2.75%
09/10/2052
211,744
250,000
Series
2019-GSA1-C
3.93%
(e)
11/10/2052
185,252
IMT
Trust
,
250,000
Series
2017-APTS-AFX
3.48%
(a)
06/15/2034
243,442
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
488,140
Series
2022-NLP-A
(CME
Term
SOFR
1
Month
+
0.60%,
0.60%
Floor)
5.93%
(a)
04/15/2037
450,087
JPMBB
Commercial
Mortgage
Securities
Trust
,
325,000
Series
2014-C21-B
4.34%
(e)
08/15/2047
300,824
JPMCC
Commercial
Mortgage
Securities
Trust
,
8,113,673
Series
2017-JP6-XA
1.17%
(e)(f)
07/15/2050
209,254
LSTAR
Commercial
Mortgage
Trust
,
250,000
Series
2015-3-D
3.28%
(a)(e)
04/20/2048
226,569
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
250,000
Series
2016-C31-C
4.40%
(e)
11/15/2049
191,255
Morgan
Stanley
Capital
I
Trust
,
283,000
Series
2018-L1-C
4.94%
(e)
10/15/2051
220,657
RIAL
Issuer
Ltd.
,
350,000
Series
2022-FL8-A
(CME
Term
SOFR
1
Month
+
2.25%,
2.25%
Floor)
7.58%
(a)
01/19/2037
344,658
SREIT
Trust
,
270,000
Series
2021-MFP-A
(CME
Term
SOFR
1
Month
+
0.85%,
0.73%
Floor)
6.18%
(a)
11/15/2038
265,199
UBS
Commercial
Mortgage
Trust
,
273,308
Series
2017-C4-A3
3.30%
10/15/2050
248,637
324,000
Series
2018-C10-C
5.22%
(e)
05/15/2051
255,185
200,000
Series
2018-C8-C
4.84%
(e)
02/15/2051
160,747
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Wells
Fargo
Commercial
Mortgage
Trust
,
306,000
Series
2017-C41-B
4.19%
(e)
11/15/2050
251,209
320,000
Series
2018-C45-C
4.73%
06/15/2051
266,020
246,000
Series
2021-C60-A3
2.06%
08/15/2054
191,939
WFRBS
Commercial
Mortgage
Trust
,
9,254,963
Series
2014-C21-XA
1.15%
(e)(f)
08/15/2047
62,826
Total
Non-Agency
Commercial
Mortgage
Backed
Obligations
(Cost
$10,914,660)
10,246,046
NON-AGENCY
RESIDENTIAL
COLLATERALIZED
MORTGAGE
OBLIGATIONS
10.1%
BRAVO
Residential
Funding
Trust
,
1,247,404
Series
2023-NQM3-A1
4.85%
(a)
(b)(e)
09/25/2062
1,196,041
1,991,339
Series
2023-NQM5-A1
6.50%
(a)(b)
06/25/2063
1,981,336
Citigroup
Mortgage
Loan
Trust
,
533,616
Series
2007-AR8-2A1A
4.39%
(e)
07/25/2037
462,261
Connecticut
Avenue
Securities
Trust
,
500,000
Series
2022-R01-
1M2
(Secured
Overnight
Financing
Rate
30
Day
Average
+
1.90%)
7.21%
(a)
12/25/2041
491,512
Deephaven
Residential
Mortgage
Trust
,
1,003,489
Series
2022-2-A1
4.30%
(a)(e)
03/25/2067
923,617
FHLMC
STACR
REMIC
Trust
,
500,000
Series
2022-DNA2-
M1B
(Secured
Overnight
Financing
Rate
30
Day
Average
+
2.40%)
7.71%
(a)
02/25/2042
503,489
HOMES
Trust
,
922,746
Series
2023-NQM1-A1
6.18%
(a)(b)
01/25/2068
916,044
Legacy
Mortgage
Asset
Trust
,
444,805
Series
2021-GS2-A1
1.75%
(a)
(b)(e)
04/25/2061
412,958
New
Residential
Mortgage
Loan
Trust
,
986,603
Series
2019-RPL2-A1
3.25%
(a)(e)
02/25/2059
924,046
OBX
Trust
,
922,352
Series
2023-NQM2-A1
6.32%
(a)(b)
01/25/2062
920,542
943,534
Series
2023-NQM3-A3
6.76%
(a)(b)
02/25/2063
938,329
RFMSI
Trust
,
1,422,242
Series
2006-S4-A7
6.00%
04/25/2036
1,094,603
Structured
Asset
Mortgage
Investments
II
Trust
,
1,388,113
Series
2007-AR3-
1A3
(CME
Term
SOFR
1
Month
+
0.53%,
0.42%
Floor)
5.85%
09/25/2047
1,137,660
Towd
Point
Mortgage
Trust
,
1,824,631
Series
2018-5-A1
3.25%
(a)(e)
07/25/2058
1,676,331
878,174
Series
2020-2-A1A
1.64%
(a)(e)
04/25/2060
758,210
274,042
Series
2020-3-A1
3.09%
(a)(e)
02/25/2063
254,636
1,033,227
Series
2022-1-A1
3.75%
(a)(e)
07/25/2062
935,355
Verus
Securitization
Trust
,
531,820
Series
2021-8-A1
1.82%
(a)(e)
11/25/2066
440,261
Annual
Report
|
September
30,
2023
25
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
September
30,
2023
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
1,388,402
Series
2023-4-A1
5.81%
(a)(b)
05/25/2068
1,361,652
904,238
Series
2023-INV1-A3
6.76%
(a)(b)
02/25/2068
897,033
WaMu
Mortgage-Backed
Pass-Through
Certificates
Trust
,
427,242
Series
2006-AR16-2A1
3.44%
(e)
12/25/2036
366,815
Wells
Fargo
Mortgage
Backed
Securities
Trust
,
357,219
Series
2006-AR14-2A1
6.32%
(e)
10/25/2036
313,293
Total
Non-Agency
Residential
Collateralized
Mortgage
Obligations
(Cost
$19,395,843)
18,906,024
US
CORPORATE
BONDS
16.3%
520,000
AbbVie,
Inc.
4.70%
05/14/2045
443,517
70,000
Academy
Ltd.
6.00%
(a)
11/15/2027
66,241
235,000
AdaptHealth
LLC
5.13%
(a)
03/01/2030
182,308
195,000
Advanced
Drainage
Systems,
Inc.
6.38%
(a)
06/15/2030
187,509
130,000
AEP
Transmission
Co.
LLC
5.40%
03/15/2053
121,113
40,000
Aethon
United
BR
LP
8.25%
(a)
02/15/2026
39,723
270,000
Air
Lease
Corp.
1.88%
08/15/2026
240,034
435,000
Alexandria
Real
Estate
Equities,
Inc.
3.00%
05/18/2051
246,112
65,000
Alliant
Holdings
Intermediate
LLC
6.75%
(a)
04/15/2028
62,792
175,000
Allied
Universal
Holdco
LLC
6.63%
(a)
07/15/2026
166,059
70,000
Allied
Universal
Holdco
LLC
9.75%
(a)
07/15/2027
62,712
195,000
American
Airlines,
Inc.
7.25%
(a)
02/15/2028
186,634
105,000
American
Airlines,
Inc.
5.75%
(a)
04/20/2029
97,742
285,000
American
Express
Co.
5.85%
11/05/2027
287,188
70,000
Amgen,
Inc.
5.25%
03/02/2030
68,417
135,000
Amgen,
Inc.
5.75%
03/02/2063
124,650
35,000
AmWINS
Group,
Inc.
4.88%
(a)
06/30/2029
30,714
220,000
AssuredPartners,
Inc.
5.63%
(a)
01/15/2029
190,727
405,000
AT&T,
Inc.
3.50%
09/15/2053
250,451
230,000
AthenaHealth
Group,
Inc.
6.50%
(a)
02/15/2030
192,658
430,000
Athene
Global
Funding
(Secured
Overnight
Financing
Rate
Compounded
Index
+
0.56%)
5.90%
(a)
08/19/2024
425,841
80,000
Bank
of
America
Corp.
(Secured
Overnight
Financing
Rate
+
1.11%)
3.84%
04/25/2025
78,879
45,000
Bank
of
America
Corp.
(Secured
Overnight
Financing
Rate
+
1.75%)
4.83%
07/22/2026
43,886
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
558,000
Bank
of
America
Corp.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.20%)
2.48%
09/21/2036
406,420
115,000
Bausch
&
Lomb
Escrow
Corp.
8.38%
(a)
10/01/2028
115,485
60,000
BCPE
Empire
Holdings,
Inc.
7.63%
(a)
05/01/2027
57,058
160,000
Beacon
Roofing
Supply,
Inc.
6.50%
(a)
08/01/2030
155,229
225,000
Becton
Dickinson
&
Co.
4.69%
02/13/2028
218,236
15,000
Blackstone
Holdings
Finance
Co.
LLC
2.00%
(a)
01/30/2032
10,952
275,000
Boeing
Co.
(The)
2.95%
02/01/2030
231,595
75,000
Boyd
Gaming
Corp.
4.75%
(a)
06/15/2031
63,913
50,000
Boyne
USA,
Inc.
4.75%
(a)
05/15/2029
43,792
225,000
BP
Capital
Markets
America,
Inc.
4.89%
09/11/2033
211,355
715,000
Broadcom,
Inc.
3.50%
(a)
02/15/2041
497,327
95,000
Brooklyn
Union
Gas
Co.
(The)
4.49%
(a)
03/04/2049
67,166
5,000
Brown
&
Brown,
Inc.
2.38%
03/15/2031
3,868
90,000
Builders
FirstSource,
Inc.
5.00%
(a)
03/01/2030
80,349
20,000
Builders
FirstSource,
Inc.
6.38%
(a)
06/15/2032
18,852
140,000
Caesars
Entertainment,
Inc.
7.00%
(a)
02/15/2030
136,377
50,000
Callon
Petroleum
Co.
7.50%
(a)
06/15/2030
48,543
50,000
Calpine
Corp.
5.13%
(a)
03/15/2028
44,579
210,000
Carnival
Corp.
5.75%
(a)
03/01/2027
190,279
125,000
CCO
Holdings
LLC
5.13%
(a)
05/01/2027
116,595
145,000
CCO
Holdings
LLC
4.75%
(a)
02/01/2032
116,162
3,000
Cengage
Learning,
Inc.
9.50%
(a)
06/15/2024
3,020
75,000
Central
Parent
LLC
8.00%
(a)
06/15/2029
74,790
560,000
Charter
Communications
Operating
LLC
4.91%
07/23/2025
547,388
305,000
Cheniere
Energy,
Inc.
4.63%
10/15/2028
280,712
70,000
Chesapeake
Energy
Corp.
5.88%
(a)
02/01/2029
65,930
40,000
Chord
Energy
Corp.
6.38%
(a)
06/01/2026
39,260
30,000
CHS/Community
Health
Systems,
Inc.
6.00%
(a)
01/15/2029
24,260
15,000
Citigroup,
Inc.
(CME
Term
SOFR
3
Month
+
1.65%)
3.67%
07/24/2028
13,767
485,000
Citigroup,
Inc.
(Secured
Overnight
Financing
Rate
+
1.35%)
3.06%
01/25/2033
383,593
95,000
Civitas
Resources,
Inc.
8.38%
(a)
07/01/2028
96,781
26
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
25,000
Clear
Channel
Outdoor
Holdings,
Inc.
7.75%
(a)
04/15/2028
19,998
60,000
CNX
Resources
Corp.
6.00%
(a)
01/15/2029
56,122
265,000
Comcast
Corp.
3.40%
04/01/2030
233,881
50,000
CommScope,
Inc.
6.00%
(a)
03/01/2026
46,730
270,000
Constellation
Brands,
Inc.
3.15%
08/01/2029
236,759
65,000
Coty,
Inc.
5.00%
(a)
04/15/2026
62,513
190,000
Coty,
Inc.
6.63%
(a)
07/15/2030
185,719
287,000
Crown
Castle,
Inc.
3.65%
09/01/2027
263,687
350,000
CSX
Corp.
3.80%
11/01/2046
256,555
65,000
CVS
Health
Corp.
5.13%
02/21/2030
62,544
110,000
CVS
Health
Corp.
5.30%
06/01/2033
104,259
160,000
CVS
Health
Corp.
5.88%
06/01/2053
148,086
488,000
Dollar
Tree,
Inc.
4.00%
05/15/2025
472,523
165,000
DTE
Energy
Co.
4.22%
(b)
11/01/2024
161,984
140,000
Duke
Energy
Carolinas
LLC
3.55%
03/15/2052
95,861
85,000
Duke
Energy
Corp.
4.30%
03/15/2028
80,653
85,000
Dun
&
Bradstreet
Corp.
(The)
5.00%
(a)
12/15/2029
73,386
275,000
Elevance
Health,
Inc.
2.38%
01/15/2025
262,753
95,000
Elevance
Health,
Inc.
4.55%
05/15/2052
76,984
295,000
Energy
Transfer
LP
4.75%
01/15/2026
287,142
90,000
Entergy
Louisiana
LLC
4.75%
09/15/2052
74,182
95,000
EQM
Midstream
Partners
LP
6.50%
(a)
07/01/2027
92,860
150,000
Equinix,
Inc.
3.90%
04/15/2032
128,297
255,000
Equinix,
Inc.
2.95%
09/15/2051
146,869
335,000
Essential
Utilities,
Inc.
2.70%
04/15/2030
276,270
200,000
Exelon
Corp.
5.15%
03/15/2028
196,407
90,000
Exelon
Corp.
4.10%
03/15/2052
65,222
230,000
Expedia
Group,
Inc.
5.00%
02/15/2026
225,337
245,000
Expedia
Group,
Inc.
3.25%
02/15/2030
207,378
75,000
Ferrellgas
LP
5.38%
(a)
04/01/2026
70,382
35,000
Fertitta
Entertainment
LLC
6.75%
(a)
01/15/2030
28,570
210,000
Fortrea
Holdings,
Inc.
7.50%
(a)
07/01/2030
204,596
60,000
Frontier
Communications
Holdings
LLC
5.88%
(a)
10/15/2027
54,625
285,000
General
Motors
Financial
Co.,
Inc.
2.40%
10/15/2028
236,448
80,000
Gilead
Sciences,
Inc.
5.55%
10/15/2053
76,974
115,000
Global
Payments,
Inc.
4.95%
08/15/2027
110,594
550,000
Goldman
Sachs
Group,
Inc.
(The)
(Secured
Overnight
Financing
Rate
+
0.82%)
6.14%
09/10/2027
540,181
45,000
Griffon
Corp.
5.75%
03/01/2028
40,899
40,000
Gulfport
Energy
Corp.
8.00%
(a)
05/17/2026
40,085
310,000
HCA,
Inc.
4.13%
06/15/2029
280,782
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
90,000
Hess
Midstream
Operations
LP
5.50%
(a)
10/15/2030
81,881
105,000
Hewlett
Packard
Enterprise
Co.
5.90%
10/01/2024
104,944
210,000
Hilcorp
Energy
I
LP
5.75%
(a)
02/01/2029
189,855
335,000
Host
Hotels
&
Resorts
LP
3.50%
09/15/2030
278,100
160,000
Hyundai
Capital
America
5.68%
(a)
06/26/2028
156,523
260,000
Intuit,
Inc.
5.50%
09/15/2053
249,638
370,000
Invitation
Homes
Operating
Partnership
LP
2.70%
01/15/2034
270,676
190,000
Iron
Mountain,
Inc.
7.00%
(a)
02/15/2029
185,999
140,000
JPMorgan
Chase
&
Co.
(Secured
Overnight
Financing
Rate
+
1.99%)
4.85%
07/25/2028
134,989
650,000
JPMorgan
Chase
&
Co.
(Secured
Overnight
Financing
Rate
+
1.26%)
2.96%
01/25/2033
517,678
235,000
Kinder
Morgan
Energy
Partners
LP
6.95%
01/15/2038
242,143
40,000
Level
3
Financing,
Inc.
10.50%
(a)
05/15/2030
40,299
50,000
Light
&
Wonder
International,
Inc.
7.25%
(a)
11/15/2029
49,055
85,000
Lowe's
Cos.,
Inc.
5.63%
04/15/2053
77,331
55,000
Madison
IAQ
LLC
4.13%
(a)
06/30/2028
47,529
110,000
Madison
IAQ
LLC
5.88%
(a)
06/30/2029
88,713
255,000
Marriott
International,
Inc.
3.13%
06/15/2026
238,509
260,000
Marvell
Technology,
Inc.
5.95%
09/15/2033
255,337
260,000
McDonald's
Corp.
3.60%
07/01/2030
232,280
55,000
McGraw-Hill
Education,
Inc.
5.75%
(a)
08/01/2028
47,523
275,000
Medline
Borrower
LP
5.25%
(a)
10/01/2029
238,014
330,000
Meta
Platforms,
Inc.
4.45%
08/15/2052
261,446
40,000
Metis
Merger
Sub
LLC
6.50%
(a)
05/15/2029
33,837
300,000
MetLife,
Inc.
5.25%
01/15/2054
268,197
85,000
Michaels
Cos.,
Inc.
(The)
5.25%
(a)
05/01/2028
67,982
155,000
Midwest
Gaming
Borrower
LLC
4.88%
(a)
05/01/2029
132,147
105,000
ModivCare
Escrow
Issuer,
Inc.
5.00%
(a)
10/01/2029
75,514
401,000
Monongahela
Power
Co.
5.40%
(a)
12/15/2043
355,281
650,000
Morgan
Stanley
(Secured
Overnight
Financing
Rate
+
1.36%)
2.48%
09/16/2036
472,630
Annual
Report
|
September
30,
2023
27
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
September
30,
2023
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
50,000
Nationstar
Mortgage
Holdings,
Inc.
5.75%
(a)
11/15/2031
41,430
100,000
NCL
Corp.
Ltd.
8.38%
(a)
02/01/2028
101,527
255,000
NetApp,
Inc.
1.88%
06/22/2025
238,581
155,000
Netflix,
Inc.
4.88%
04/15/2028
150,349
160,000
NGL
Energy
Operating
LLC
7.50%
(a)
02/01/2026
158,385
80,000
NRG
Energy,
Inc.
3.63%
(a)
02/15/2031
60,783
80,000
NuStar
Logistics
LP
6.00%
06/01/2026
77,697
135,000
Occidental
Petroleum
Corp.
6.63%
09/01/2030
136,936
40,000
OneMain
Finance
Corp.
6.88%
03/15/2025
39,721
20,000
Oracle
Corp.
6.25%
11/09/2032
20,258
35,000
Oracle
Corp.
3.80%
11/15/2037
26,719
320,000
Oracle
Corp.
3.60%
04/01/2050
207,179
125,000
Owens
&
Minor,
Inc.
6.63%
(a)
04/01/2030
111,085
340,000
Owens
Corning
4.40%
01/30/2048
260,004
340,000
Pacific
Gas
and
Electric
Co.
2.50%
02/01/2031
258,910
285,000
Packaging
Corp.
of
America
3.00%
12/15/2029
244,368
60,000
Pactiv
Evergreen
Group
Issuer
LLC
4.38%
(a)
10/15/2028
52,125
80,000
Park
Intermediate
Holdings
LLC
4.88%
(a)
05/15/2029
67,772
120,000
Parker-Hannifin
Corp.
4.25%
09/15/2027
114,698
263,000
Penske
Truck
Leasing
Co.
LP
4.20%
(a)
04/01/2027
245,128
50,000
Penske
Truck
Leasing
Co.
LP
4.40%
(a)
07/01/2027
46,888
100,000
Performance
Food
Group,
Inc.
5.50%
(a)
10/15/2027
94,835
295,000
Philip
Morris
International,
Inc.
5.13%
02/15/2030
283,059
140,000
Phillips
66
Co.
4.95%
12/01/2027
137,277
55,000
Pike
Corp.
5.50%
(a)
09/01/2028
48,173
50,000
Post
Holdings,
Inc.
5.50%
(a)
12/15/2029
45,385
125,000
Qorvo,
Inc.
1.75%
(a)
12/15/2024
117,607
355,000
Quanta
Services,
Inc.
2.35%
01/15/2032
266,638
30,000
Realogy
Group
LLC
5.75%
(a)
01/15/2029
21,732
115,000
Realty
Income
Corp.
5.05%
01/13/2026
113,419
115,000
Regal
Rexnord
Corp.
6.05%
(a)
02/15/2026
113,769
80,000
Roller
Bearing
Co.
of
America,
Inc.
4.38%
(a)
10/15/2029
68,913
160,000
Royal
Caribbean
Cruises
Ltd.
7.25%
(a)
01/15/2030
158,759
390,000
Royalty
Pharma
plc
3.30%
09/02/2040
255,651
110,000
Ryder
System,
Inc.
5.65%
03/01/2028
108,972
225,000
Sabine
Pass
Liquefaction
LLC
5.00%
03/15/2027
218,386
55,000
San
Diego
Gas
&
Electric
Co.
5.35%
04/01/2053
50,080
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
325,000
Santander
Holdings
USA,
Inc.
(Secured
Overnight
Financing
Rate
+
1.25%)
2.49%
01/06/2028
282,383
110,000
Scientific
Games
Holdings
LP
6.63%
(a)
03/01/2030
95,019
45,000
Scripps
Escrow
II,
Inc.
3.88%
(a)
01/15/2029
33,891
105,000
Sirius
XM
Radio,
Inc.
5.50%
(a)
07/01/2029
92,994
20,000
Sitio
Royalties
Operating
Partnership
LP
7.88%
(a)
11/01/2028
20,063
351,000
Smithfield
Foods,
Inc.
4.25%
(a)
02/01/2027
324,633
325,000
Southern
Co.
(The)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.92%)
3.75%
09/15/2051
284,277
30,000
SRS
Distribution,
Inc.
6.13%
(a)
07/01/2029
25,579
50,000
Staples,
Inc.
7.50%
(a)
04/15/2026
41,196
95,000
Suburban
Propane
Partners
LP
5.00%
(a)
06/01/2031
79,418
655,000
Synchrony
Financial
2.88%
10/28/2031
464,662
280,000
Sysco
Corp.
5.95%
04/01/2030
282,449
200,000
Tenet
Healthcare
Corp.
6.13%
06/15/2030
187,760
255,000
T-Mobile
USA,
Inc.
4.75%
02/01/2028
244,674
55,000
Townsquare
Media,
Inc.
6.88%
(a)
02/01/2026
52,008
85,000
TransDigm,
Inc.
5.50%
11/15/2027
79,674
78,750
Transocean
Poseidon
Ltd.
6.88%
(a)
02/01/2027
77,614
135,000
Trident
TPI
Holdings,
Inc.
12.75%
(a)
12/31/2028
141,244
115,000
Truist
Financial
Corp.
(Secured
Overnight
Financing
Rate
+
1.44%)
4.87%
01/26/2029
107,993
50,000
United
Airlines,
Inc.
4.63%
(a)
04/15/2029
43,029
230,000
UnitedHealth
Group,
Inc.
5.05%
04/15/2053
205,966
55,000
UnitedHealth
Group,
Inc.
4.95%
05/15/2062
47,492
55,000
Univision
Communications,
Inc.
7.38%
(a)
06/30/2030
50,332
75,000
US
Foods,
Inc.
4.75%
(a)
02/15/2029
67,121
95,000
US
Foods,
Inc.
7.25%
(a)
01/15/2032
95,023
95,000
Venture
Global
LNG,
Inc.
8.13%
(a)
06/01/2028
94,133
35,000
Venture
Global
LNG,
Inc.
8.38%
(a)
06/01/2031
34,441
260,000
Veralto
Corp.
5.35%
(a)
09/18/2028
257,187
50,000
Victoria's
Secret
&
Co.
4.63%
(a)
07/15/2029
36,309
135,000
Viking
Cruises
Ltd.
5.88%
(a)
09/15/2027
123,353
195,000
Viking
Cruises
Ltd.
9.13%
(a)
07/15/2031
195,289
28
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
60,000
Vistra
Operations
Co.
LLC
7.75%
(a)
10/15/2031
59,161
50,000
VT
Topco,
Inc.
8.50%
(a)
08/15/2030
49,578
175,000
WASH
Multifamily
Acquisition,
Inc.
5.75%
(a)
04/15/2026
163,607
80,000
Weatherford
International
Ltd.
8.63%
(a)
04/30/2030
80,683
140,000
Wells
Fargo
&
Co.
(Secured
Overnight
Financing
Rate
+
1.98%)
4.81%
07/25/2028
133,627
290,000
Wells
Fargo
&
Co.
(Secured
Overnight
Financing
Rate
+
1.74%)
5.57%
07/25/2029
283,038
330,000
Welltower
OP
LLC
2.05%
01/15/2029
273,042
254,000
Willis
North
America,
Inc.
4.50%
09/15/2028
238,468
260,000
Workday,
Inc.
3.70%
04/01/2029
235,966
60,000
WR
Grace
Holdings
LLC
5.63%
(a)
08/15/2029
48,592
225,000
WRKCo,
Inc.
3.75%
03/15/2025
218,527
235,000
XHR
LP
4.88%
(a)
06/01/2029
200,003
Total
US
Corporate
Bonds
(Cost
$32,310,844)
30,753,383
US
GOVERNMENT
AND
AGENCY
MORTGAGE
BACKED
OBLIGATIONS
19.1%
FHLMC
STRIPS
,
2,131,730
Series
358-300
3.00%
10/15/2047
1,850,988
FHLMC
UMBS
,
2,575,555
Pool
RA7673
4.50%
07/01/2052
2,368,071
1,396,836
Pool
RA7930
4.50%
09/01/2052
1,284,232
1,857,712
Pool
RA7939
5.00%
09/01/2052
1,755,717
2,913,059
Pool
SD2434
3.00%
08/01/2052
2,418,101
1,983,542
Pool
SD3574
3.00%
11/01/2048
1,678,369
1,684,704
Pool
SD3803
2.00%
02/01/2052
1,304,910
1,525,000
Pool
SD3892
5.50%
09/01/2053
1,478,863
FNMA
REMICS
,
1,143,300
Series
2017-112-ZC
3.00%
01/25/2048
848,317
1,419,137
Series
2018-53-Z
3.50%
07/25/2048
1,157,682
2,829,624
Series
2019-5-
FE
(Secured
Overnight
Financing
Rate
30
Day
Average
+
0.56%,
0.45%
Floor,
6.50%
Cap)
5.88%
03/25/2049
2,734,781
FNMA
UMBS
,
3,323,004
Pool
CA8256
2.50%
12/01/2050
2,648,089
1,880,175
Pool
CB4573
5.00%
09/01/2052
1,777,385
2,008,443
Pool
FS1472
3.50%
11/01/2050
1,753,299
2,885,512
Pool
FS3708
5.00%
01/01/2053
2,726,919
2,762,495
Pool
MA4600
3.50%
05/01/2052
2,380,613
585,229
Pool
MA4655
4.00%
07/01/2052
521,896
GNMA
,
1,253,347
Pool
785717
3.00%
11/20/2051
1,052,674
900,456
Pool
786227
3.00%
04/20/2052
759,566
1,392,489
Series
2013-116-WU
3.00%
12/20/2042
1,323,753
1,219,990
Series
2021-58-HP
3.00%
08/20/2050
1,043,973
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
1,136,804
Series
2022-23-BA
3.00%
05/20/2049
996,862
Total
US
Government
and
Agency
Mortgage
Backed
Obligations
(Cost
$37,653,647)
35,865,060
US
GOVERNMENT
AND
AGENCY
OBLIGATIONS
23.1%
4,150,000
U.S.
Treasury
Bonds
3.88%
05/15/2043
3,608,555
34,500,000
U.S.
Treasury
Bonds
4.13%
08/15/2053
31,324,922
9,000,000
U.S.
Treasury
Notes
3.88%
08/15/2033
8,505,001
Total
US
Government
and
Agency
Obligations
(Cost
$44,177,847)
43,438,478
SHORT
TERM
INVESTMENTS
1.4%
1,284,868
JPMorgan
U.S.
Government
Money
Market
Fund
-
Class
IM
5.27%
(g)
1,284,868
1,284,867
Morgan
Stanley
Institutional
Liquidity
Funds
Government
Portfolio
-
Institutional
Share
Class
5.27%
(g)
1,284,867
Total
Short
Term
Investments
(Cost
$2,569,735)
2,569,735
Total
Investments
100.4%
(Cost
$194,389,695)
188,786,310
Liabilities
in
Excess
of
Other
Assets
(0.4)%
(709,379)
NET
ASSETS
100.0%
$188,076,931
Annual
Report
|
September
30,
2023
29
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
September
30,
2023
INVESTMENT
BREAKDOWN
as
a
%
of
Net
Assets:
US
Government
and
Agency
Obligations
23.1
%
US
Government
and
Agency
Mortgage
Backed
Obligations
19.1
Non-Agency
Residential
Collateralized
Mortgage
Obligations
10.1
Asset
Backed
Obligations
9.6
Non-Agency
Commercial
Mortgage
Backed
Obligations
5.4
Banking
4.8
Collateralized
Loan
Obligations
4.5
Technology
1.8
Electric
1.7
Short
Term
Investments
1.4
Midstream
1.3
Healthcare
1.0
Food
and
Beverage
1.0
Pharmaceuticals
0.7
Transportation
Services
0.7
Cable
Satellite
0.6
Independent
0.6
Consumer
Cyclical
Services
0.6
Government
Owned,
No
Guarantee
0.5
Finance
Companies
0.5
Hotels,
Restaurants
&
Leisure
0.5
Building
Materials
0.5
Software
0.4
Wireless
0.4
Diversified
Manufacturing
0.4
Leisure
0.4
Retailers
0.4
Chemicals
0.4
Life
0.4
Media
Entertainment
0.3
Oil
Field
Services
0.3
Health
Insurance
0.3
Aerospace
&
Defense
0.3
Metals
and
Mining
0.3
Other
REITs
0.3
Wirelines
0.3
P&C
0.3
Gaming
0.3
Paper
0.2
Refining
0.2
Commercial
Services
&
Supplies
0.2
Automotive
0.2
Local
Authority
0.2
Railroads
0.2
Health
Care
Equipment
&
Supplies
0.2
Airlines
0.2
Other
Industrial
0.2
Specialty
Retail
0.2
Tobacco
0.2
Financial
Services
0.2
Other
Utility
0.2
Healthcare
REITs
0.1
Apartment
REITs
0.1
Insurance
0.1
Restaurants
0.1
Health
Care
Providers
&
Services
0.1
Consumer
Products
0.1
Office
REITs
0.1
Entertainment
0.1
Lodging
0.1
Integrated
0.1
Government
Sponsored
0.1
Packaging
0.1
INVESTMENT
BREAKDOWN
as
a
%
of
Net
Assets:
(Cont.)
Media
0.1
%
Diversified
Consumer
Services
0.1
Foreign
Government
Bonds,
Foreign
Agencies
and
Foreign
Government
Sponsored
Corporations
0.1
Capital
Markets
0.1
Professional
Services
0.1
Distributors
0.1
Electric
Utilities
0.1
Machinery
0.1
Retail
REITs
0.1
Automobile
Components
0.1
Consumer
Finance
0.1
Containers
&
Packaging
0.0
(h)
Natural
Gas
0.0
(h)
Oil,
Gas
&
Consumable
Fuels
0.0
(h)
Food
Products
0.0
(h)
IT
Services
0.0
(h)
Building
Products
0.0
(h)
Diversified
Telecommunication
Services
0.0
(h)
Brokerage,
Asset
Managers
&
Exchanges
0.0
(h)
Other
Assets
and
Liabilities
(0.4
)
100.0
%
30
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(a)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
buyers.
(b)
Step
bond;
coupon
rate
changes
based
on
a
predetermined
schedule
or
event.
The
interest
rate
shown
is
the
rate
in
effect
as
of
period
end.
(c)
Securities
referencing
LIBOR
are
expected
to
transition
to
an
alternative
reference
rate
by
the
security's
next
scheduled
coupon
reset
date.
(d)
Perpetual
maturity.
The
date
disclosed
is
the
next
call
date
of
the
security.
(e)
Coupon
rate
is
variable
or
floats
based
on
components
including
but
not
limited
to
reference
rate
and
spread.
These
securities
may
not
indicate
a
reference
rate
and/or
spread
in
their
description.
The
rate
disclosed
is
as
of
period
end.
(f)
Interest
only
security
(g)
Seven-day
yield
as
of
period
end
(h)
Represents
less
than
0.05%
of
net
assets
Abbreviations:
FHLMC
Federal
Home
Loan
Mortgage
Corporation
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
LIBOR
London
Interbank
Offered
Rate
SOFR
Secured
Overnight
Financing
Rate
UMBS
Uniform
Mortgage
Backed
Securities
Schedules
of
Investments
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF
September
30,
2023
Annual
Report
|
September
30,
2023
31
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
SHARES
SECURITY
DESCRIPTION
VALUE
$
COMMON
STOCKS
99.7%
AUTOMOBILE
COMPONENTS
0.3%
6,493
Aptiv
plc
(a)
640,145
5,395
BorgWarner,
Inc.
217,796
857,941
AUTOMOBILES
5.7%
89,926
Ford
Motor
Co.
1,116,881
31,501
General
Motors
Co.
1,038,588
55,486
Tesla,
Inc.
(a)
13,883,707
16,039,176
BANKS
5.9%
106,480
Bank
of
America
Corp.
2,915,422
29,659
Citigroup,
Inc.
1,219,875
7,274
Citizens
Financial
Group,
Inc.
194,943
2,030
Comerica,
Inc.
84,347
10,487
Fifth
Third
Bancorp
265,636
22,301
Huntington
Bancshares,
Inc.
231,930
44,760
JPMorgan
Chase
&
Co.
6,491,095
14,415
KeyCorp
155,105
2,556
M&T
Bank
Corp.
323,206
6,135
PNC
Financial
Services
Group,
Inc.
(The)
753,194
14,452
Regions
Financial
Corp.
248,574
20,516
Truist
Financial
Corp.
586,963
23,980
US
Bancorp
792,779
56,352
Wells
Fargo
&
Co.
2,302,543
2,282
Zions
Bancorp
NA
79,619
16,645,231
BEVERAGES
5.2%
6,336
Brown-Forman
Corp.
-
Class
B
365,524
56,329
Coca-Cola
Co.
(The)
3,153,297
5,552
Constellation
Brands,
Inc.
-
Class
A
1,395,384
34,693
Keurig
Dr
Pepper,
Inc.
1,095,258
6,388
Molson
Coors
Beverage
Co.
-
Class
B
406,213
25,587
Monster
Beverage
Corp.
(a)
1,354,832
41,160
PepsiCo,
Inc.
6,974,150
14,744,658
BROADLINE
RETAIL
5.7%
121,622
Amazon.com,
Inc.
(a)
15,460,589
12,245
eBay,
Inc.
539,882
2,831
Etsy,
Inc.
(a)
182,826
16,183,297
CAPITAL
MARKETS
5.5%
1,580
Ameriprise
Financial,
Inc.
520,894
11,995
Bank
of
New
York
Mellon
Corp.
(The)
511,587
2,161
BlackRock,
Inc.
1,397,065
10,933
Blackstone,
Inc.
1,171,362
1,624
Cboe
Global
Markets,
Inc.
253,685
22,904
Charles
Schwab
Corp.
(The)
1,257,430
5,542
CME
Group,
Inc.
1,109,619
588
FactSet
Research
Systems,
Inc.
257,109
4,381
Franklin
Resources,
Inc.
107,685
5,078
Goldman
Sachs
Group,
Inc.
(The)
1,643,088
8,814
Intercontinental
Exchange,
Inc.
969,716
6,909
Invesco
Ltd.
100,319
580
MarketAxess
Holdings,
Inc.
123,911
2,430
Moody's
Corp.
768,293
19,652
Morgan
Stanley
1,604,979
1,218
MSCI,
Inc.
-
Class
A
624,931
5,221
Nasdaq,
Inc.
253,688
3,189
Northern
Trust
Corp.
221,572
2,896
Raymond
James
Financial,
Inc.
290,845
SHARES
SECURITY
DESCRIPTION
VALUE
$
5,012
S&P
Global,
Inc.
1,831,435
4,907
State
Street
Corp.
328,573
3,456
T
Rowe
Price
Group,
Inc.
362,431
15,710,217
CONSUMER
FINANCE
0.9%
8,961
American
Express
Co.
1,336,892
5,876
Capital
One
Financial
Corp.
570,266
3,850
Discover
Financial
Services
333,525
6,442
Synchrony
Financial
196,932
2,437,615
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
7.2%
13,198
Costco
Wholesale
Corp.
7,456,342
7,551
Dollar
General
Corp.
798,896
7,201
Dollar
Tree,
Inc.
(a)
766,546
22,796
Kroger
Co.
(The)
1,020,121
17,396
Sysco
Corp.
1,149,006
15,907
Target
Corp.
1,758,837
24,613
Walgreens
Boots
Alliance,
Inc.
547,393
42,536
Walmart,
Inc.
6,802,783
20,299,924
DISTRIBUTORS
0.4%
3,225
Genuine
Parts
Co.
465,625
6,147
LKQ
Corp.
304,338
898
Pool
Corp.
319,778
1,089,741
DIVERSIFIED
TELECOMMUNICATION
SERVICES
1.9%
160,339
AT&T,
Inc.
2,408,292
94,289
Verizon
Communications,
Inc.
3,055,906
5,464,198
ENTERTAINMENT
3.7%
16,046
Activision
Blizzard,
Inc.
1,502,387
5,528
Electronic
Arts,
Inc.
665,571
3,181
Live
Nation
Entertainment,
Inc.
(a)
264,150
9,939
Netflix,
Inc.
(a)
3,752,966
3,543
Take-Two
Interactive
Software,
Inc.
(a)
497,402
41,038
Walt
Disney
Co.
(The)
(a)
3,326,130
49,746
Warner
Bros
Discovery,
Inc.
(a)
540,242
10,548,848
FINANCIAL
SERVICES
8.5%
28,089
Berkshire
Hathaway,
Inc.
-
Class
B
(a)
9,839,577
9,126
Fidelity
National
Information
Services,
Inc.
504,394
9,389
Fiserv,
Inc.
(a)
1,060,581
1,139
FleetCor
Technologies,
Inc.
(a)
290,832
4,004
Global
Payments,
Inc.
462,022
1,123
Jack
Henry
&
Associates,
Inc.
169,730
12,815
Mastercard,
Inc.
-
Class
A
5,073,587
16,913
PayPal
Holdings,
Inc.
(a)
988,734
24,748
Visa,
Inc.
-
Class
A
5,692,287
24,081,744
FOOD
PRODUCTS
4.3%
18,402
Archer-Daniels-Midland
Co.
1,387,879
5,175
Bunge
Ltd.
560,194
6,803
Campbell
Soup
Co.
279,467
16,443
Conagra
Brands,
Inc.
450,867
20,192
General
Mills,
Inc.
1,292,086
5,179
Hershey
Co.
(The)
1,036,214
9,992
Hormel
Foods
Corp.
379,996
3,524
J
M
Smucker
Co.
(The)
433,135
9,098
Kellogg
Co.
541,422
27,593
Kraft
Heinz
Co.
(The)
928,229
32
DoubleLine
ETF
Trust
Schedules
of
Investments
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
SHARES
SECURITY
DESCRIPTION
VALUE
$
5,035
Lamb
Weston
Holdings,
Inc.
465,536
8,664
McCormick
&
Co.,
Inc.
(Non-Voting)
655,345
46,935
Mondelez
International,
Inc.
-
Class
A
3,257,289
9,849
Tyson
Foods,
Inc.
-
Class
A
497,276
12,164,935
HOTELS,
RESTAURANTS
&
LEISURE
5.8%
9,741
Airbnb,
Inc.
-
Class
A
(a)
1,336,563
819
Booking
Holdings,
Inc.
(a)
2,525,755
4,931
Caesars
Entertainment,
Inc.
(a)
228,552
22,981
Carnival
Corp.
(a)
315,299
634
Chipotle
Mexican
Grill,
Inc.
-
Class
A
(a)
1,161,380
2,774
Darden
Restaurants,
Inc.
397,292
803
Domino's
Pizza,
Inc.
304,169
3,168
Expedia
Group,
Inc.
(a)
326,526
5,995
Hilton
Worldwide
Holdings,
Inc.
900,329
7,474
Las
Vegas
Sands
Corp.
342,608
5,775
Marriott
International,
Inc.
-
Class
A
1,135,134
11,804
McDonald's
Corp.
3,109,646
6,420
MGM
Resorts
International
235,999
9,707
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
159,971
5,385
Royal
Caribbean
Cruises
Ltd.
(a)
496,174
26,332
Starbucks
Corp.
2,403,322
2,197
Wynn
Resorts
Ltd.
203,025
6,415
Yum!
Brands,
Inc.
801,490
16,383,234
HOUSEHOLD
DURABLES
1.0%
6,986
DR
Horton,
Inc.
750,785
3,519
Garmin
Ltd.
370,199
5,813
Lennar
Corp.
-
Class
A
652,393
1,215
Mohawk
Industries,
Inc.
(a)
104,259
75
NVR,
Inc.
(a)
447,248
5,023
PulteGroup,
Inc.
371,953
1,259
Whirlpool
Corp.
168,328
2,865,165
HOUSEHOLD
PRODUCTS
5.3%
8,488
Church
&
Dwight
Co.,
Inc.
777,755
4,259
Clorox
Co.
(The)
558,184
28,496
Colgate-Palmolive
Co.
2,026,351
11,642
Kimberly-Clark
Corp.
1,406,936
70,379
Procter
&
Gamble
Co.
(The)
10,265,481
15,034,707
INSURANCE
4.2%
8,327
Aflac,
Inc.
639,097
4,028
Allstate
Corp.
(The)
448,759
10,965
American
International
Group,
Inc.
664,479
3,124
Aon
plc
-
Class
A
1,012,863
5,744
Arch
Capital
Group
Ltd.
(a)
457,854
3,319
Arthur
J
Gallagher
&
Co.
756,500
817
Assurant,
Inc.
117,305
3,625
Brown
&
Brown,
Inc.
253,170
6,326
Chubb
Ltd.
1,316,947
2,416
Cincinnati
Financial
Corp.
247,133
668
Everest
Group
Ltd.
248,276
1,338
Globe
Life,
Inc.
145,481
4,711
Hartford
Financial
Services
Group,
Inc.
(The)
334,057
2,849
Loews
Corp.
180,370
7,607
Marsh
&
McLennan
Cos.,
Inc.
1,447,612
9,730
MetLife,
Inc.
612,114
3,424
Principal
Financial
Group,
Inc.
246,768
9,015
Progressive
Corp.
(The)
1,255,790
5,592
Prudential
Financial,
Inc.
530,625
3,527
Travelers
Cos.,
Inc.
(The)
575,994
SHARES
SECURITY
DESCRIPTION
VALUE
$
3,132
W
R
Berkley
Corp.
198,851
1,614
Willis
Towers
Watson
plc
337,261
12,027,306
INTERACTIVE
MEDIA
&
SERVICES
16.8%
133,067
Alphabet,
Inc.
-
Class
A
(a)
17,413,148
113,194
Alphabet,
Inc.
-
Class
C
(a)
14,924,629
6,237
Match
Group,
Inc.
(a)
244,334
49,849
Meta
Platforms,
Inc.
-
Class
A
(a)
14,965,168
47,547,279
LEISURE
PRODUCTS
0.1%
3,003
Hasbro,
Inc.
198,618
MEDIA
2.2%
2,283
Charter
Communications,
Inc.
-
Class
A
(a)
1,004,109
92,308
Comcast
Corp.
-
Class
A
4,092,937
5,690
Fox
Corp.
-
Class
A
177,528
2,959
Fox
Corp.
-
Class
B
85,456
8,634
Interpublic
Group
of
Cos.,
Inc.
(The)
247,450
8,545
News
Corp.
-
Class
A
171,413
2,591
News
Corp.
-
Class
B
54,074
4,432
Omnicom
Group,
Inc.
330,095
10,815
Paramount
Global
-
Class
B
139,514
6,302,576
PERSONAL
CARE
PRODUCTS
0.8%
7,967
Estee
Lauder
Cos.,
Inc.
(The)
-
Class
A
1,151,630
59,419
Kenvue,
Inc.
1,193,133
2,344,763
SPECIALTY
RETAIL
4.6%
416
AutoZone,
Inc.
(a)
1,056,636
5,269
Bath
&
Body
Works,
Inc.
178,092
4,469
Best
Buy
Co.,
Inc.
310,461
3,611
CarMax,
Inc.
(a)
255,406
10,015
Home
Depot,
Inc.
(The)
3,026,132
13,471
Lowe's
Cos.,
Inc.
2,799,813
1,388
O'Reilly
Automotive,
Inc.
(a)
1,261,498
7,844
Ross
Stores,
Inc.
885,980
26,378
TJX
Cos.,
Inc.
(The)
2,344,477
2,492
Tractor
Supply
Co.
506,001
1,145
Ulta
Beauty,
Inc.
(a)
457,370
13,081,866
TEXTILES,
APPAREL
&
LUXURY
GOODS
1.1%
28,173
NIKE,
Inc.
-
Class
B
2,693,902
930
Ralph
Lauren
Corp.
-
Class
A
107,964
5,335
Tapestry,
Inc.
153,381
7,629
VF
Corp.
134,805
3,090,052
TOBACCO
2.0%
61,297
Altria
Group,
Inc.
2,577,539
35,167
Philip
Morris
International,
Inc.
3,255,761
5,833,300
WIRELESS
TELECOMMUNICATION
SERVICES
0.6%
11,610
T-Mobile
US,
Inc.
(a)
1,625,980
Total
Common
Stocks
(Cost
$287,950,941)
282,602,371
SHORT
TERM
INVESTMENTS
0.3%
356,514
JPMorgan
U.S.
Government
Money
Market
Fund
-
Class
IM
5.27%
(b)
356,514
Annual
Report
|
September
30,
2023
33
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
September
30,
2023
Click
here
to
add
static
content
to
this
content
block.
SHARES
SECURITY
DESCRIPTION
VALUE
$
356,514
Morgan
Stanley
Institutional
Liquidity
Funds
Government
Portfolio
-
Institutional
Share
Class
5.27%
(b)
356,514
Total
Short
Term
Investments
(Cost
$713,028)
713,028
Total
Investments
100.0%
(Cost
$288,663,969)
283,315,399
Other
Assets
in
Excess
of
Liabilities
0.0%
(c)
130,494
NET
ASSETS
100.0%
$283,445,893
(a)
Non-income
producing
security
(b)
Seven-day
yield
as
of
period
end
(c)
Represents
less
than
0.05%
of
net
assets.
Schedules
of
Investments
DoubleLine
Commercial
Real
Estate
ETF
September
30,
2023
34
DoubleLine
ETF
Trust
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
P
RINCIPAL
A
MOUNT
$/S
HARES
S
ECURITY
D
ESCRIPTION
R
ATE
M
ATURITY
V
ALUE
$
ASSET
BACKED
OBLIGATIONS
7.8%
AREIT
Trust
,
465,085
Series
2021-CRE5-A
(CME
Term
SOFR
1
Month
+
1.19%,
1.08%
Floor)
6.53%
(a)
11/17/2038
459,415
BDS
,
1,033,839
Series
2021-FL8-A
(CME
Term
SOFR
1
Month
+
1.03%,
0.92%
Floor)
6.37%
(a)
01/18/2036
1,023,974
BXMT
Ltd.
,
749,808
Series
2020-FL2-A
(CME
Term
SOFR
1
Month
+
1.01%,
1.01%
Floor)
6.35%
(a)
02/15/2038
707,763
CLNC
Ltd.
,
22,162
Series
2019-FL1-A
(CME
Term
SOFR
1
Month
+
1.36%,
1.25%
Floor)
6.69%
(a)
08/20/2035
22,184
HERA
Commercial
Mortgage
Ltd.
,
172,550
Series
2021-FL1-A
(CME
Term
SOFR
1
Month
+
1.16%,
1.05%
Floor)
6.50%
(a)
02/18/2038
167,885
LoanCore
Issuer
Ltd.
,
72,540
Series
2021-CRE4-A
(Secured
Overnight
Financing
Rate
30
Day
Average
+
0.91%,
0.91%
Floor)
6.23%
(a)
07/15/2035
72,357
PFP
Ltd.
,
500,000
Series
2023-10-A
(CME
Term
SOFR
1
Month
+
2.36%,
2.37%
Floor)
7.70%
(a)
09/16/2038
501,433
Ready
Capital
Mortgage
Financing
LLC
,
322,166
Series
2021-FL5-A
(CME
Term
SOFR
1
Month
+
1.11%,
1.00%
Floor)
6.43%
(a)
04/25/2038
319,870
728,664
Series
2021-FL7-A
(CME
Term
SOFR
1
Month
+
1.31%,
1.20%
Floor)
6.63%
(a)
11/25/2036
720,498
STWD
Ltd.
,
751,340
Series
2019-FL1-A
(CME
Term
SOFR
1
Month
+
1.19%,
1.19%
Floor)
6.53%
(a)
07/15/2038
737,440
Total
Asset
Backed
Obligations
(Cost
$4,716,957)
4,732,819
COLLATERALIZED
LOAN
OBLIGATIONS
17.8%
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.
,
230,000
Series
2021-FL3-A
(CME
Term
SOFR
1
Month
+
1.18%,
1.18%
Floor)
6.52%
(a)
08/15/2034
227,354
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
BRSP
Ltd.
,
750,000
Series
2021-FL1-A
(CME
Term
SOFR
1
Month
+
1.26%,
1.15%
Floor)
6.59%
(a)
08/19/2038
733,153
BSPDF
Issuer
Ltd.
,
650,000
Series
2021-FL1-A
(CME
Term
SOFR
1
Month
+
1.31%,
1.20%
Floor)
6.65%
(a)
10/15/2036
635,859
BSPRT
Issuer
Ltd.
,
1,000,000
Series
2021-FL6-A
(CME
Term
SOFR
1
Month
+
1.21%,
1.10%
Floor)
6.55%
(a)
03/15/2036
988,098
CHCP
Ltd.
,
365,945
Series
2021-FL1-A
(CME
Term
SOFR
1
Month
+
1.16%,
1.05%
Floor)
6.50%
(a)
02/15/2038
361,477
FS
Rialto
,
491,711
Series
2021-FL2-A
(CME
Term
SOFR
1
Month
+
1.33%,
1.33%
Floor)
6.67%
(a)
05/16/2038
483,987
500,000
Series
2021-FL3-A
(CME
Term
SOFR
1
Month
+
1.36%,
1.25%
Floor)
6.70%
(a)
11/16/2036
493,639
FS
Rialto
Issuer
LLC
,
750,000
Series
2022-FL4-A
(Secured
Overnight
Financing
Rate
30
Day
Average
+
1.90%,
1.90%
Floor)
7.21%
(a)
01/19/2039
744,095
GPMT
Ltd.
,
1,000,000
Series
2021-FL4-A
(CME
Term
SOFR
1
Month
+
1.46%,
1.35%
Floor)
6.79%
(a)
12/15/2036
971,345
HGI
CRE
CLO
Ltd.
,
672,857
Series
2021-FL2-A
(CME
Term
SOFR
1
Month
+
1.11%,
1.11%
Floor)
6.45%
(a)
09/17/2036
658,721
KREF
Ltd.
,
540,000
Series
2021-FL2-A
(CME
Term
SOFR
1
Month
+
1.18%,
1.07%
Floor)
6.52%
(a)
02/15/2039
534,611
LFT
CRE
Ltd.
,
490,000
Series
2021-FL1-A
(CME
Term
SOFR
1
Month
+
1.28%,
1.28%
Floor)
6.62%
(a)
06/15/2039
485,376
LoanCore
Issuer
Ltd.
,
850,000
Series
2021-CRE5-A
(1
Month
LIBOR
USD
+
1.30%,
1.30%
Floor)
(b)
6.75%
(a)
07/15/2036
840,256
Annual
Report
|
September
30,
2023
35
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
September
30,
2023
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
760,000
Series
2021-CRE6-A
(CME
Term
SOFR
1
Month
+
1.41%,
1.30%
Floor)
6.75%
(a)
11/15/2038
745,495
MF1
Ltd.
,
247,864
Series
2021-FL6-A
(CME
Term
SOFR
1
Month
+
1.21%,
1.10%
Floor)
6.55%
(a)
07/16/2036
242,483
850,000
Series
2021-FL7-A
(CME
Term
SOFR
1
Month
+
1.19%,
1.08%
Floor)
6.53%
(a)
10/16/2036
837,083
TRTX
Issuer
Ltd.
,
750,000
Series
2022-FL5-A
(Secured
Overnight
Financing
Rate
30
Day
Average
+
1.65%,
1.65%
Floor)
6.96%
(a)
02/15/2039
736,690
Total
Collateralized
Loan
Obligations
(Cost
$10,614,696)
10,719,722
NON-AGENCY
COMMERCIAL
MORTGAGE
BACKED
OBLIGATIONS
50.1%
3650R
Commercial
Mortgage
Trust
,
482,883
Series
2021-PF1-A1
1.12%
11/15/2054
443,963
BAMLL
Commercial
Mortgage
Securities
Trust
,
650,000
Series
2018-DSNY-A
(CME
Term
SOFR
1
Month
+
0.90%,
0.85%
Floor)
6.48%
(a)
09/15/2034
647,219
BANK
,
518,951
Series
2019-BN22-A1
2.08%
11/15/2062
505,653
653,595
Series
2021-BN33-A1
0.61%
05/15/2064
601,290
791,187
Series
2022-BNK39-A1
1.74%
02/15/2055
731,567
150,236
Series
2023-BNK45-A1
5.43%
02/15/2056
146,870
BANK5
,
107,277
Series
2023-5YR2-A1
6.20%
03/15/2028
107,067
22,300,000
Series
2023-5YR3-XA
0.79%
(c)(d)
09/15/2056
748,925
BBCMS
Mortgage
Trust
,
140,030
Series
2017-C1-ASB
3.49%
02/15/2050
133,068
233,993
Series
2023-C19-A1
5.70%
04/15/2056
229,707
Benchmark
Mortgage
Trust
,
12,967,716
Series
2019-B14-XA
0.90%
(c)(d)
12/15/2062
360,379
123,135
Series
2020-B16-A1
1.93%
02/15/2053
122,522
600,000
Series
2020-B19-A2
1.69%
09/15/2053
531,439
188,704
Series
2020-B21-A1
0.54%
12/17/2053
179,459
434,071
Series
2021-B28-A1
0.60%
08/15/2054
397,279
460,990
Series
2023-V2-A1
5.85%
05/15/2055
453,775
14,095,448
Series
2023-V2-XA
1.22%
(c)(d)
05/15/2055
543,831
BMO
Mortgage
Trust
,
622,064
Series
2022-C1-A1
2.20%
02/15/2055
581,947
160,698
Series
2022-C3-A1
5.43%
(c)
09/15/2054
157,679
BX
Commercial
Mortgage
Trust
,
750,000
Series
2019-IMC-A
(CME
Term
SOFR
1
Month
+
1.11%,
1.00%
Floor)
6.45%
(a)
04/15/2034
744,471
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
500,924
Series
2020-VKNG-A
(CME
Term
SOFR
1
Month
+
1.04%,
0.93%
Floor)
6.38%
(a)
10/15/2037
496,096
600,000
Series
2021-ACNT-A
(CME
Term
SOFR
1
Month
+
0.96%,
0.85%
Floor)
6.30%
(a)
11/15/2038
589,241
750,000
Series
2021-CIP-A
(CME
Term
SOFR
1
Month
+
1.04%,
0.92%
Floor)
6.37%
(a)
12/15/2038
734,935
Citigroup
Commercial
Mortgage
Trust
,
500,000
Series
2014-GC21-A5
3.86%
05/10/2047
493,975
750,000
Series
2015-GC27-A5
3.14%
02/10/2048
721,663
999,938
Series
2015-P1-A4
3.46%
09/15/2048
962,338
96,551
Series
2020-GC46-A1
1.85%
02/15/2053
93,090
Commercial
Mortgage
Trust
,
654,539
Series
2014-CR17-A4
3.70%
05/10/2047
646,578
520,000
Series
2014-CR18-AM
4.10%
07/15/2047
505,826
750,000
Series
2014-LC15-A4
4.01%
04/10/2047
743,186
355,000
Series
2014-UBS5-A4
3.84%
09/10/2047
344,352
390,000
Series
2015-DC1-A5
3.35%
02/10/2048
373,302
600,000
Series
2015-PC1-A5
3.90%
07/10/2050
576,823
CSAIL
Commercial
Mortgage
Trust
,
1,031,473
Series
2015-C3-A3
3.45%
08/15/2048
988,388
124,856
Series
2020-C19-A1
1.30%
03/15/2053
119,365
Great
Wolf
Trust
,
750,000
Series
2019-WOLF-A
(CME
Term
SOFR
1
Month
+
1.15%,
1.03%
Floor)
6.48%
(a)
12/15/2036
746,564
GS
Mortgage
Securities
Trust
,
860,000
Series
2014-GC18-A4
4.07%
01/10/2047
854,655
200,000
Series
2015-GC28-B
3.98%
02/10/2048
185,397
323,184
Series
2015-GC34-AAB
3.28%
10/10/2048
313,471
247,084
Series
2020-GC45-A1
2.02%
02/13/2053
242,017
IMT
Trust
,
500,000
Series
2017-APTS-AFX
3.48%
(a)
06/15/2034
486,885
JPMBB
Commercial
Mortgage
Securities
Trust
,
500,000
Series
2014-C18-A5
4.08%
02/15/2047
494,810
1,004,000
Series
2014-C21-A5
3.77%
08/15/2047
983,444
636,457
Series
2015-C30-A4
3.55%
07/15/2048
603,758
517,995
Series
2015-C31-A3
3.80%
08/15/2048
489,369
680,000
Series
2015-C32-A5
3.60%
11/15/2048
635,520
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
258,300
Series
2013-C10-AS
4.09%
(c)
07/15/2046
250,761
750,000
Series
2014-C16-AS
4.09%
06/15/2047
716,361
1,043,000
Series
2014-C17-A5
3.74%
08/15/2047
1,020,895
177,443
Series
2014-C18-A4
3.92%
10/15/2047
172,373
1,130,265
Series
2014-C19-A3
3.25%
12/15/2047
1,096,680
36
DoubleLine
ETF
Trust
Schedules
of
Investments
DoubleLine
Commercial
Real
Estate
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
TPGI
Trust
,
629,235
Series
2021-DGWD-A
(CME
Term
SOFR
1
Month
+
0.81%,
0.70%
Floor)
6.15%
(a)
06/15/2026
618,366
Wells
Fargo
Commercial
Mortgage
Trust
,
750,000
Series
2014-LC16-A5
3.82%
08/15/2050
733,704
1,000,000
Series
2015-C27-A5
3.45%
02/15/2048
954,665
600,000
Series
2015-LC20-A3
3.09%
04/15/2050
580,821
328,000
Series
2015-NXS3-AS
3.97%
(c)
09/15/2057
307,682
WFRBS
Commercial
Mortgage
Trust
,
194,716
Series
2013-C14-AS
3.49%
06/15/2046
181,439
500,000
Series
2014-C22-A5
3.75%
09/15/2057
484,677
392,736
Series
2014-C23-A4
3.65%
10/15/2057
384,997
Total
Non-Agency
Commercial
Mortgage
Backed
Obligations
(Cost
$30,293,654)
30,296,579
NON-AGENCY
RESIDENTIAL
COLLATERALIZED
MORTGAGE
OBLIGATIONS
1.9%
AREIT
Trust
,
447,037
Series
2022-CRE6-A
(Secured
Overnight
Financing
Rate
30
Day
Average
+
1.25%,
1.25%
Floor)
6.56%
(a)
01/20/2037
440,811
BXMT
Ltd.
,
749,826
Series
2020-FL3-A
(CME
Term
SOFR
1
Month
+
1.51%,
1.51%
Floor)
6.85%
(a)
11/15/2037
718,708
Total
Non-Agency
Residential
Collateralized
Mortgage
Obligations
(Cost
$1,159,872)
1,159,519
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
US
GOVERNMENT
AND
AGENCY
MORTGAGE
BACKED
OBLIGATIONS
18.0%
FHLMC
,
1,150,000
Pool
WN2424
5.10%
06/01/2028
1,127,954
FHLMC
Multifamily
Structured
Pass-Through
Certificates
,
1,208,135
Series
K083-A1
3.94%
07/25/2028
1,169,361
2,025,000
Series
K736-A2
2.28%
07/25/2026
1,875,426
FNMA
,
1,100,000
Pool
BL0240
3.54%
11/01/2025
1,055,676
690,000
Pool
BL0245
3.43%
11/01/2025
660,683
1,100,000
Pool
BS8040
5.14%
03/01/2028
1,086,135
FNMA
ACES
,
4,329,140
Series
2022-M13-A1
2.68%
(c)
04/25/2032
3,923,966
Total
US
Government
and
Agency
Mortgage
Backed
Obligations
(Cost
$11,046,265)
10,899,201
SHORT
TERM
INVESTMENTS
2.3%
689,099
JPMorgan
U.S.
Government
Money
Market
Fund
-
Class
IM
5.27%
(e)
689,099
689,099
Morgan
Stanley
Institutional
Liquidity
Funds
Government
Portfolio
-
Institutional
Share
Class
5.27%
(e)
689,099
Total
Short
Term
Investments
(Cost
$1,378,198)
1,378,198
Total
Investments
97.9%
(Cost
$59,209,642)
59,186,038
Other
Assets
in
Excess
of
Liabilities
2.1%
1,251,910
NET
ASSETS
100.0%
$60,437,948
(a)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
buyers.
(b)
Securities
referencing
LIBOR
are
expected
to
transition
to
an
alternative
reference
rate
by
the
security's
next
scheduled
coupon
reset
date.
(c)
Coupon
rate
is
variable
or
floats
based
on
components
including
but
not
limited
to
reference
rate
and
spread.
These
securities
may
not
indicate
a
reference
rate
and/or
spread
in
their
description.
The
rate
disclosed
is
as
of
period
end.
(d)
Interest
only
security
(e)
Seven-day
yield
as
of
period
end
Abbreviations:
FHLMC
Federal
Home
Loan
Mortgage
Corporation
FNMA
Federal
National
Mortgage
Association
LIBOR
London
Interbank
Offered
Rate
SOFR
Secured
Overnight
Financing
Rate
Schedules
of
Investments
DoubleLine
Mortgage
ETF
September
30,
2023
Annual
Report
|
September
30,
2023
37
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
P
RINCIPAL
A
MOUNT
$/S
HARES
S
ECURITY
D
ESCRIPTION
R
ATE
M
ATURITY
V
ALUE
$
ASSET
BACKED
OBLIGATIONS
0.9%
AMSR
Trust
,
1,000,000
Series
2023-SFR1-A
4.00%
(a)
04/17/2040
921,942
Total
Asset
Backed
Obligations
(Cost
$953,077)
921,942
NON-AGENCY
RESIDENTIAL
COLLATERALIZED
MORTGAGE
OBLIGATIONS
13.9%
CIM
Trust
,
950,432
Series
2023-R4-A1
5.00%
(a)(b)
05/25/2062
920,850
CSMC
Trust
,
996,624
Series
2018-RPL9-A
3.85%
(a)(b)
09/25/2057
921,187
1,090,630
Series
2021-RPL3-A1
2.00%
(a)(b)
01/25/2060
909,921
720,035
Series
2022-RPL4-A1
3.90%
(a)(b)
04/25/2062
662,224
Deephaven
Residential
Mortgage
Trust
,
919,865
Series
2022-2-A1
4.30%
(a)(b)
03/25/2067
846,649
FHLMC
STACR
REMIC
Trust
,
1,000,000
Series
2022-DNA3-
M1B
(Secured
Overnight
Financing
Rate
30
Day
Average
+
2.90%)
8.21%
(a)
04/25/2042
1,023,630
FHLMC
Structured
Agency
Credit
Risk
Debt
Notes
,
1,810,079
Series
2023-HQA2-
M1A
(Secured
Overnight
Financing
Rate
30
Day
Average
+
2.00%)
7.31%
(a)
06/25/2043
1,820,074
OBX
Trust
,
943,530
Series
2023-NQM3-A1
5.95%
(a)(c)
02/25/2063
934,025
1,912,067
Series
2023-NQM5-A1A
6.57%
(a)(c)
06/25/2063
1,914,704
Towd
Point
Mortgage
Trust
,
2,083,675
Series
2022-1-A1
3.75%
(a)(b)
07/25/2062
1,886,300
Verus
Securitization
Trust
,
1,906,614
Series
2023-5-A1
6.48%
(a)(c)
06/25/2068
1,896,883
Total
Non-Agency
Residential
Collateralized
Mortgage
Obligations
(Cost
$13,883,007)
13,736,447
US
GOVERNMENT
AND
AGENCY
MORTGAGE
BACKED
OBLIGATIONS
81.9%
FHLMC
REMICS
,
2,246,182
Series
4631-
GF
(Secured
Overnight
Financing
Rate
30
Day
Average
+
0.61%,
0.50%
Floor,
6.50%
Cap)
5.93%
11/15/2046
2,170,326
993,530
Series
4948-E
2.50%
10/25/2048
851,970
1,451,950
Series
5008-DI
3.00%
(d)
09/25/2050
200,460
FHLMC
UMBS
,
4,381,872
Pool
RB5166
3.00%
07/01/2042
3,708,965
2,575,486
Pool
SD2912
5.00%
05/01/2053
2,439,172
2,176,173
Pool
SD3139
3.50%
07/01/2052
1,874,741
6,686,052
Pool
SD8199
2.00%
03/01/2052
5,097,994
3,106,045
Pool
SD8288
5.00%
01/01/2053
2,934,472
FNMA
REMICS
,
2,500,000
Series
2016-88-B
3.00%
12/25/2056
2,010,358
1,424,361
Series
2017-99-PY
4.00%
12/25/2047
1,268,709
2,302,478
Series
2021-10-CA
2.00%
03/25/2051
1,851,047
3,859,125
Series
2021-3-NI
2.50%
(d)
02/25/2051
523,021
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
2,271,570
Series
2021-88-LA
2.50%
03/25/2050
1,865,251
FNMA
UMBS
,
5,722,951
Pool
CA8256
2.50%
12/01/2050
4,560,598
5,061,574
Pool
CB4794
4.50%
10/01/2052
4,653,551
6,602,138
Pool
FS0984
3.00%
04/01/2052
5,523,999
4,168,903
Pool
FS2040
2.00%
02/01/2052
3,175,953
5,229,023
Pool
FS2141
3.50%
06/01/2052
4,505,327
5,872,032
Pool
FS4764
2.50%
02/01/2052
4,719,212
2,956,354
Pool
FS4828
5.00%
05/01/2053
2,791,565
2,976,501
Pool
FS5704
2.00%
04/01/2052
2,276,656
4,030,697
Pool
MA3357
4.00%
05/01/2048
3,658,193
4,963,874
Pool
MA4492
2.00%
12/01/2051
3,789,236
1,474,237
Pool
MA4512
2.50%
01/01/2052
1,172,412
3,974,178
Pool
MA4733
4.50%
09/01/2052
3,652,937
487,885
Pool
MA5038
5.00%
06/01/2053
460,702
GNMA
,
3,095,026
Pool
786540
3.50%
02/20/2050
2,763,738
3,191,781
Pool
MA5076
3.00%
03/20/2048
2,739,398
1,058,658
Series
2016-116-DF
(CME
Term
SOFR
1
Month
+
0.51%,
0.40%
Floor,
6.50%
Cap)
5.84%
09/20/2046
1,022,926
1,491,112
Series
2019-31-GF
(CME
Term
SOFR
1
Month
+
0.56%,
0.45%
Floor,
6.50%
Cap)
5.89%
03/20/2049
1,447,177
3,733,553
Series
2020-153-CI
2.50%
(d)
10/20/2050
503,573
3,196,330
Series
2020-17-IG
3.00%
(d)
02/20/2050
497,354
Total
US
Government
and
Agency
Mortgage
Backed
Obligations
(Cost
$85,195,050)
80,710,993
US
GOVERNMENT
AND
AGENCY
OBLIGATIONS
1.4%
1,500,000
U.S.
Treasury
Bonds
4.13%
08/15/2053
1,361,953
Total
US
Government
and
Agency
Obligations
(Cost
$1,439,467)
1,361,953
SHORT
TERM
INVESTMENTS
1.5%
740,685
JPMorgan
U.S.
Government
Money
Market
Fund
-
Class
IM
5.27%
(e)
740,685
740,685
Morgan
Stanley
Institutional
Liquidity
Funds
Government
Portfolio
-
Institutional
Share
Class
5.27%
(e)
740,685
Total
Short
Term
Investments
(Cost
$1,481,370)
1,481,370
Total
Investments
99.6%
(Cost
$102,951,971)
98,212,705
Other
Assets
in
Excess
of
Liabilities
0.4%
402,485
NET
ASSETS
100.0%
$98,615,190
38
DoubleLine
ETF
Trust
Schedules
of
Investments
DoubleLine
Mortgage
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(a)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
buyers.
(b)
Coupon
rate
is
variable
or
floats
based
on
components
including
but
not
limited
to
reference
rate
and
spread.
These
securities
may
not
indicate
a
reference
rate
and/or
spread
in
their
description.
The
rate
disclosed
is
as
of
period
end.
(c)
Step
bond;
coupon
rate
changes
based
on
a
predetermined
schedule
or
event.
The
interest
rate
shown
is
the
rate
in
effect
as
of
period
end.
(d)
Interest
only
security
(e)
Seven-day
yield
as
of
period
end
Abbreviations:
FHLMC
Federal
Home
Loan
Mortgage
Corporation
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
SOFR
Secured
Overnight
Financing
Rate
UMBS
Uniform
Mortgage
Backed
Securities
Futures
Contracts
Description
Long/Short
Contract
Quantity
Expiration
Date
Notional
Amount
(1)
Unrealized
Appreciation
(Depreciation)
/
Value
U.S.
Treasury
Ultra
Bond
Long
8
12/19/23
$
949,500
$
(69,830)
U.S.
Treasury
10
Year
Ultra
Bond
Long
18
12/19/23
2,008,125
(56,148)
$(125,978)
(1)
Notional
Amount
is
determined
based
on
the
number
of
contracts
multiplied
by
the
contract
size
and
the
quoted
daily
settlement
price
in
US
dollars.
Annual
Report
|
September
30,
2023
39
Statements
of
Assets
and
Liabilities
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
September
30,
2023
DoubleLine
Opportunistic
Bond
ETF
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
DoubleLine
Commercial
Real
Estate
ETF
DoubleLine
Mortgage
ETF
ASSETS
Investments
in
Unaffiliated
Securities,
at
Value*
$
186,216,575
$
282,602,371
$
57,807,840
$
96,731,335
Short
Term
Investments*
2,569,735
713,028
1,378,198
1,481,370
Interest
and
Dividends
Receivable
1,305,264
287,235
212,106
336,907
Receivable
for
Investments
Sold
244,471
976,828
Cash
41,236
Deposit
at
Broker
for
Futures
Contracts
98,400
Receivable
for
Variation
Margin
on
Futures
Contracts
7,219
Receivable
for
Fund
Shares
Sold
1,008,152
Total
Assets
190,377,281
283,602,634
61,383,124
98,655,231
LIABILITIES
Payable
for
Investments
Purchased
2,219,358
926,719
Management
Fees
Payable
78,429
156,741
18,316
40,041
Interest
Expense
Payable
2,563
141
Total
Liabilities
2,300,350
156,741
945,176
40,041
Net
Assets
$
188,076,931
$
283,445,893
$
60,437,948
$
98,615,190
NET
ASSETS
CONSISTS
OF:
Paid-In
Capital
$
199,741,575
$
291,130,853
$
60,234,025
$
103,968,746
Total
Distributable
Earnings
(Loss)
(See
Note
8)
(11,664,644)
(7,684,960)
203,923
(5,353,556)
Net
Assets
$
188,076,931
$
283,445,893
$
60,437,948
$
98,615,190
*Identified
Cost:
Investments
in
Unaffiliated
Securities
$
191,819,960
$
287,950,941
$
57,831,444
$
101,470,601
Short
Term
Investments
2,569,735
713,028
1,378,198
1,481,370
Shares
Outstanding
and
Net
Asset
Value
Per
Share:
Shares
Outstanding
(unlimited
number
of
shares
authorized
$
0.001
par
value)
4,261,000
11,962,000
1,200,001
2,100,001
Net
Asset
Value
Per
Share
$
44.14
$
23.70
$
50.36
$
46.96
Statements
of
Operations
40
DoubleLine
ETF
Trust
For
the
Period
Ended
September
30,
2023
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Opportunistic
Bond
ETF
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
DoubleLine
Commercial
Real
Estate
ETF
(a)
DoubleLine
Mortgage
ETF
(a)
INVESTMENT
INCOME
Income:
Interest
$
5,609,665
$
$
854,898
$
1,557,990
Dividends
from
Unaffiliated
Securities
218,845
4,125,433
66,149
246,303
Total
Investment
Income
5,828,510
4,125,433
921,047
1,804,293
Expenses:
Management
Fees
575,012
1,547,526
62,121
186,288
Total
Expenses
575,012
1,547,526
62,121
186,288
Net
Investment
Income
(Loss)
5,253,498
2,577,907
858,926
1,618,005
REALIZED
&
UNREALIZED
GAIN
(LOSS)
ON
INVESTMENTS
Net
Realized
Gain
(Loss)
on:
Investments
in
Unaffiliated
Securities
(6,340,230)
9,398,493
(15,348)
(680,866)
In-kind
redemptions
on
investments
in
securities
19,672,211
Futures
contracts
(189,582)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Investments
in
Unaffiliated
Securities
(2,023,492)
4,647,012
(23,604)
(4,739,266)
Futures
contracts
(125,978)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
(8,363,722)
33,717,716
(38,952)
(5,735,692)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
$
(3,110,224)
$
36,295,623
$
819,974
$
(4,117,687)
(a)
Commenced
operations
on
March
31,
2023
.
Annual
Report
|
41
Statements
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Opportunistic
Bond
ETF
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
Year
Ended
September
30,
2023
Period
Ended
September
30,
2022
(a)
Year
Ended
September
30,
2023
Period
Ended
September
30,
2022
(a)
OPERATIONS
Net
Investment
Income
(Loss)
$
5,253,498
$
757,988
$
2,577,907
$
384,875
Net
Realized
Gain
(Loss)
on
Investments
(6,340,230)
(461,265)
29,070,704
(7,948,085)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Investments
(2,023,492)
(3,579,893)
4,647,012
(9,995,582)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(3,110,224)
(3,283,170)
36,295,623
(17,558,792)
DISTRIBUTIONS
TO
SHAREHOLDERS
From
Net
Investment
Income
(4,639,748)
(631,502)
(2,058,365)
(155,765)
Total
Distributions
to
Shareholders
(4,639,748)
(631,502)
(2,058,365)
(155,765)
NET
SHARE
TRANSACTIONS
(b)
Proceeds
from
Shares
Issued
149,255,268
50,486,307
278,448,790
193,674,921
Cost
of  Shares
Redeemed
(158,139,423)
(47,061,096)
Increase
(Decrease)
in
Net
Assets
Resulting
from
Net
Share
Transactions
149,255,268
50,486,307
120,309,367
146,613,825
Total
Increase
(Decrease)
in
Net
Assets
$
141,505,296
$
46,571,635
$
154,546,625
$
128,899,268
NET
ASSETS
Beginning
of
Period
$
46,571,635
$
$
128,899,268
$
End
of
Period
$
188,076,931
$
46,571,635
$
283,445,893
$
128,899,268
SHARE
TRANSACTIONS
Beginning
of  Period
1,021,000
6,442,000
Shares
Issued
1,080,000
1,021,000
7,880,000
2,482,000
Shares
Issued
In-Kind
2,160,000
4,200,000
6,280,000
Shares
Redeemed
(2,320,000)
Shares
Redeemed
In-Kind
(6,560,000)
Shares
Outstanding,
End
of  Period
4,261,000
1,021,000
11,962,000
6,442,000
(a)
Commenced
operations
on
March
31,
2022.
(b)
Capital
transactions
may
include
transaction
fees
associated
with
Creation
and
Redemption
transactions
which
occurred
during
the
period.
See
Note
6
to
the
Financial
Statements.
Statements
of
Changes
in
Net
Assets
(Cont.)
42
DoubleLine
ETF
Trust
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Commercial
Real
Estate
ETF
DoubleLine
Mortgage
ETF
Period
Ended
September
30,
2023
(a)
Period
Ended
September
30,
2023
(a)
OPERATIONS
Net
Investment
Income
(Loss)
$
858,926
$
1,618,005
Net
Realized
Gain
(Loss)
on
Investments
(15,348)
(870,448)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Investments
(23,604)
(4,865,244)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
819,974
(4,117,687)
DISTRIBUTIONS
TO
SHAREHOLDERS
From
Net
Investment
Income
(616,051)
(1,235,869)
Total
Distributions
to
Shareholders
(616,051)
(1,235,869)
NET
SHARE
TRANSACTIONS
(b)
Proceeds
from
Shares
Issued
60,234,025
103,968,746
Cost
of  Shares
Redeemed
Increase
(Decrease)
in
Net
Assets
Resulting
from
Net
Share
Transactions
60,234,025
103,968,746
Total
Increase
(Decrease)
in
Net
Assets
$
60,437,948
$
98,615,190
NET
ASSETS
Beginning
of
Period
$
$
End
of
Period
$
60,437,948
$
98,615,190
SHARE
TRANSACTIONS
Beginning
of  Period
Shares
Issued
1,200,001
2,100,001
Shares
Outstanding,
End
of  Period
1,200,001
2,100,001
(a)
Commenced
operations
on
March
31,
2023.
(b)
Capital
transactions
may
include
transaction
fees
associated
with
Creation
and
Redemption
transactions
which
occurred
during
the
period.
See
Note
6
to
the
Financial
Statements.
Annual
Report
|
43
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Opportunistic
Bond
ETF
Year
Ended
September
30,
2023
Period
Ended
September
30,
2022
(a)
Net
Asset
Value,
Beginning
of
Period
$
45.61
$
50.00
Income
(Loss)
from
Investment
Operations:
Net
Investment
Income
(Loss)
(b)
2.08
0.82
Net
Gain
(Loss)
on
Investments
(Realized
and
Unrealized)
(1.65)
(4.59)
Total
from
Investment
Operations
0.43
(3.77)
Less
Distributions:
Distributions
from
Net
Investment
Income
(1.90)
(0.62)
Total
Distributions
(1.90)
(0.62)
Net
Asset
Value,
End
of
Period
$
44.14
$
45.61
Total
Return
0.84%
(c)
(7.60)%
(d)
Supplemental
Data:
Net
Assets,
End
of
Period
(000's)
$
188,077
$
46,572
Ratios
to
Average
Net
Assets:
Expenses
0.50%
0.50%
(e)
Net
Investment
Income
(Loss)
4.55%
3.38%
(e)
Portfolio
Turnover
Rate
(f)
169%
183%
(d)
(a)
Commencement
of
operations
on
March
31,
2022.
Total
return
is
based
on
operations
for
a
period
that
is
less
than
a
year.
(b)
Calculated
based
on
average
shares
outstanding
during
the
period.
(c)
The
return
includes
adjustments
in
accordance
with
generally
accepted
accounting
principles
required
at
period
end
date.
(d)
Not
annualized
for
periods
less
than
one
year.
(e)
Annualized
for
periods
less
than
one
year.
(f)
In-kind
transactions
are
not
included
in
portfolio
turnover
calculations.
Financial
Highlights
(Cont.)
44
DoubleLine
ETF
Trust
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
Year
Ended
September
30,
2023
Period
Ended
September
30,
2022
(a)
Net
Asset
Value,
Beginning
of
Period
$
20.01
$
25.00
Income
(Loss)
from
Investment
Operations:
Net
Investment
Income
(Loss)
(b)
0.25
0.14
Net
Gain
(Loss)
on
Investments
(Realized
and
Unrealized)
3.65
(5.07)
Total
from
Investment
Operations
3.90
(4.93)
Less
Distributions:
Distributions
from
Net
Investment
Income
(0.21)
(0.06)
Total
Distributions
(0.21)
(0.06)
Net
Asset
Value,
End
of
Period
$
23.70
$
20.01
Total
Return
19.54%
(19.72)%
(c)
Supplemental
Data:
Net
Assets,
End
of
Period
(000's)
$
283,446
$
128,899
Ratios
to
Average
Net
Assets:
Expenses
0.65%
0.65%
(d)
Net
Investment
Income
(Loss)
1.08%
1.30%
(d)
Portfolio
Turnover
Rate
(e)
217%
175%
(c)
(a)
Commencement
of
operations
on
March
31,
2022.
Total
return
is
based
on
operations
for
a
period
that
is
less
than
a
year.
(b)
Calculated
based
on
average
shares
outstanding
during
the
period.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Annualized
for
periods
less
than
one
year.
(e)
In-kind
transactions
are
not
included
in
portfolio
turnover
calculations.
Financial
Highlights
(Cont.)
Annual
Report
|
45
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Commercial
Real
Estate
ETF
Period
Ended
September
30,
2023
(a)
Net
Asset
Value,
Beginning
of
Period
$
50.00
Income
(Loss)
from
Investment
Operations:
Net
Investment
Income
(Loss)
(b)
1.35
Net
Gain
(Loss)
on
Investments
(Realized
and
Unrealized)
(0.01)
Total
from
Investment
Operations
1.34
Less
Distributions:
Distributions
from
Net
Investment
Income
(0.98)
Total
Distributions
(0.98)
Net
Asset
Value,
End
of
Period
$
50.36
Total
Return
(c)
2.69%
Supplemental
Data:
Net
Assets,
End
of
Period
(000's)
$
60,438
Ratios
to
Average
Net
Assets:
Expenses
(d)
0.39%
Net
Investment
Income
(Loss)
(d)
5.33%
Portfolio
Turnover
Rate
(c)
36%
(a)
Commencement
of
operations
on
March
31,
2023.
Total
return
is
based
on
operations
for
a
period
that
is
less
than
a
year.
(b)
Calculated
based
on
average
shares
outstanding
during
the
period.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Annualized
for
periods
less
than
one
year.
Financial
Highlights
(Cont.)
46
DoubleLine
ETF
Trust
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Mortgage
ETF
Period
Ended
September
30,
2023
(a)
Net
Asset
Value,
Beginning
of
Period
$
50.00
Income
(Loss)
from
Investment
Operations:
Net
Investment
Income
(Loss)
(b)
1.04
Net
Gain
(Loss)
on
Investments
(Realized
and
Unrealized)
(3.35)
Total
from
Investment
Operations
(2.31)
Less
Distributions:
Distributions
from
Net
Investment
Income
(0.73)
Total
Distributions
(0.73)
Net
Asset
Value,
End
of
Period
$
46.96
Total
Return
(c),(d)
(4.67)%
Supplemental
Data:
Net
Assets,
End
of
Period
(000's)
$
98,615
Ratios
to
Average
Net
Assets:
Expenses
(e)
0.49%
Net
Investment
Income
(Loss)
(e)
4.23%
Portfolio
Turnover
Rate
(c)
31%
(a)
Commencement
of
operations
on
March
31,
2023.
Total
return
is
based
on
operations
for
a
period
that
is
less
than
a
year.
(b)
Calculated
based
on
average
shares
outstanding
during
the
period.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
The
return
includes
adjustments
in
accordance
with
generally
accepted
accounting
principles
required
at
period
end
date.
(e)
Annualized
for
periods
less
than
one
year.
Annual
Report
|
September
30,
2023
47
Notes
to
Financial
Statements
September
30,
2023
1. Organization
DoubleLine
ETF
Trust,
a
Delaware
statutory
trust
(the
“Trust”),
was
formed
on
September
27,
2021
and
is
registered
with
the
Securities
and
Exchange
Commission
as
an
open-end
management
investment
company.
As
of
September
30,
2023,
the
Trust
consists
of
four series,
DoubleLine
Opportunistic
Bond
ETF
(the
“Opportunistic
Bond
ETF”),
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF
(the
“Equities
ETF”),
DoubleLine
Commercial
Real
Estate
ETF
(the
"Commercial
Real
Estate
ETF"),
and
DoubleLine
Mortgage
ETF
(the
"Mortgage
ETF"),  (each
a
“Fund”
and
collectively
the
“Funds”).
Each
Fund
is
managed
by
DoubleLine
ETF
Adviser
LP
(the
"Adviser"),
which
is
registered
as
an
investment
adviser
with
the
U.S.
Securities
and
Exchange
Commission. Each
Fund
offers
one
class
of
shares. 
The
Funds
are
classified
as
non-diversified
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”).
The
Funds'
investment
objectives
and
date
each
Fund
commenced
operations
are
as
follows:
The
fiscal
year
end
for
the
Funds
is
September
30,
and
the
period
covered
by
these
Financial
Statements
is
for
the
period ended September
30,
2023. 
2. Significant
Accounting
Policies 
Each
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
issued
in
Topic
946,
"Financial
Services
-Investment
Companies",
by
the
Financial
Accounting
Standards
Board
("FASB").
The
following
is
a
summary
of
the
significant
accounting
policies
of
the
Funds.
These
policies
are
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
("US
GAAP"). 
A. Security
Valuation.
The
Funds
have
adopted
US
GAAP
fair
value
accounting
standards
which
establish
a
definition
of
fair
value
and
set
out
a
hierarchy
for
measuring
fair
value.
These
standards
require
additional
disclosures
about
the
various
inputs
and
valuation
techniques
used
to
develop
the
measurements
of
fair
value
and
a
discussion
of
changes
in
valuation
techniques
and
related
inputs
during
the
period.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below: 
Level
1—
Unadjusted
quoted
market
prices
in
active
markets
for
identical
securities
Level
2—
Quoted
prices
for
identical
or
similar
assets
in
markets
that
are
not
active,
or
inputs
derived
from
observable
market
data
Level
3—
Significant
unobservable
inputs
(including
the
reporting
entity’s
estimates
and
assumptions)
Valuations for
domestic
and
foreign
fixed
income
securities
are
normally
determined
on
the
basis
of
valuations
provided
by
independent
pricing
services.
Vendors
typically
value
such
securities
based
on
one
or
more
inputs
described
in
the
following
table
which
is
not
intended
to
be
a
complete
list.
The
table
provides
examples
of
inputs
that
are
commonly
relevant
for
valuing
particular
classes
of
fixed
income
securities
in
which
the
Funds
are
authorized
to
invest.
However,
these
classifications
are
not
exclusive,
and
any
of
the
inputs
may
be
used
to
value
any
other
class
of
fixed-income
securities.
Securities
that
use
similar
valuation
techniques
and
inputs
as
described
in
the
following
table
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
To
the
extent
the
significant
inputs
are
unobservable,
the
values
generally
would
be
categorized
as
Level
3.
Assets
and
liabilities
may
be
transferred
between
levels. 
Fund
Name
Investment
Objective
Commencement
of
Operations
DoubleLine
Opportunistic
Bond
ETF
Maximize
current
income
and
total
return
3/31/2022
DoubleLine
Shiller
Cape
U.S.
Equities
ETF
Seek
total
return
which
exceeds
the
total
return
of
the
S&P
500
Index
3/31/2022
DoubleLine
Commercial
Real
Estate
ETF
Seek
current
income
and
capital
preservation
3/31/2023
DoubleLine
Mortgage
ETF
Seek
total
return
which
exceeds
the
total
return
of
its
benchmark
index
3/31/2023
Fixed-income
class
Examples
of
Inputs
All
Benchmark
yields,
transactions,
bids,
offers,
quotations
from
dealers
and
trading
systems,
new
issues,
spreads
and
other
relationships
observed
in
the
markets
among
comparable
securities;
and
proprietary
pricing
models
such
as
yield
measures
calculated
using
factors
such
as
cash
flows,
financial
or
collateral
performance
and
other
reference
data
(collectively
referred
to
as
“standard
inputs”)
Corporate
bonds
and
notes;
    convertible
securities
Standard
inputs
and
underlying
equity
of
the
issuer
US
bonds
and
notes
of
government
and  
    government
agencies
Standard
inputs
Notes
to
Financial
Statements
(Cont.)
48
DoubleLine
ETF
Trust
September
30,
2023
Investments
in
registered
open-end
management
investment
companies
will
be
valued
based
upon
the
net
asset
value
("NAV")
of
such
investments
and
are
categorized
as
Level
1
of
the
fair
value
hierarchy. 
Common
stocks,
exchange-traded
funds
and
financial
derivative
instruments,
such
as
futures
contracts
or
options
contracts,
that
are
traded
on
a
national
securities
or
commodities
exchange,
are
typically
valued
at
the
last
reported
sales
price,
in
the
case
of
common
stocks
and
exchange-traded
funds,
or,
in
the
case
of
futures
contracts
or
options
contracts,
the
settlement
price
determined
by
the
relevant
exchange.
To
the
extent
these
securities
are
actively
traded
and
valuation
adjustments
are
not
applied,
they
are
categorized
as
Level
1
of
the
fair
value
hierarchy. 
The
Funds'
holdings
in
whole
loans,
securitizations
and
certain
other
types
of
alternative
lending-related
instruments
may
be
valued
based
on
prices
provided
by
a
third-party
pricing
service.
Senior
secured
floating
rate
loans
for
which
an
active
secondary
market
exists
to
a
reliable
degree
will
be
valued
at
the
mean
of
the
last
available
bid/ask
prices
in
the
market
for
such
loans,
as
provided
by
an
independent
pricing
service.
Where
an
active
secondary
market
does
not
exist
to
a
reliable
degree
in
the
judgment
of
the
Adviser,
such
loans
will
be
valued
at
fair
value
based
on
certain
factors.
In
respect
of
certain
commercial
real
estate-related,
residential
real
estate-related
and
certain
other
investments
for
which
a
limited
market
may
exist,
the
Funds
may
value
such
investments
based
on
appraisals
conducted
by
an
independent
valuation
advisor
or
a
similar
pricing
agent.
However,
an
independent
valuation
firm
may
not
be
retained
to
undertake
an
evaluation
of
an
asset
unless
the
NAV,
market
price
and
other
aspects
of
an
investment
exceed
certain
significance
thresholds.
The
Board
of
Trustees
(the
“Board”)
has
adopted
a
pricing
and
valuation
policy
for
use
by each
Fund
and
its
Valuation
Designee
(as
defined
below)
in
calculating each
Fund’s
NAV.
Pursuant
to
Rule
2a-5
under
the
1940
Act, each
Fund
has
designated
the
Adviser
as
its
“Valuation
Designee”
to
perform
all
of
the
fair
value
determinations
as
well
as
to
perform
all
of
the
responsibilities
that
may
be
performed
by
the
Valuation
Designee
in
accordance
with
Rule
2a-5.
The
Valuation
Designee
is
authorized
to
make
all
necessary
determinations
of
the
fair
values
of
portfolio
securities
and
other
assets
for
which
market
quotations
are
not
readily
available
or
if
it
is
deemed
that
the
prices
obtained
from
brokers
and
dealers
or
independent
pricing
services
are
unreliable.
The
following
is
a
summary
of
the
fair
valuations
according
to
the
inputs
used
to
value
the
Funds’
investments
as
of
September
30,
2023:
Residential
and
commercial
mortgage-backed
obligations;
asset-backed
obligations
(including
collateralized
loan
obligations)
Standard
inputs
and
cash
flows,
prepayment
information,
default
rates,
delinquency
and
loss
assumptions,
collateral
characteristics,
credit
enhancements
and
specific
deal
information,
trustee
reports
Bank
loans
Standard
inputs
Category
DoubleLine
Opportunistic
Bond
ETF
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
DoubleLine
Commercial
Real
Estate
ETF
DoubleLine
Mortgage
ETF
Investments
in
Securities
Level
1
Common
Stocks
$
$
282,602,371
$
$
Money
Market
Funds
2,569,735
713,028
1,378,198
1,481,370
Total
Level
1
2,569,735
283,315,399
1,378,198
1,481,370
Level
2
US
Government
and
Agency
Mortgage
Backed
Obligations
25,908,703
3,930,448
66,498,822
Non-Agency
Residential
Collateralized
Mortgage
Obligations
28,862,380
1,159,519
27,948,618
Non-Agency
Commercial
Mortgage
Backed
Obligations
10,246,046
37,265,332
US
Government
and
Agency
Obligations
43,438,478
1,361,953
US
Corporate
Bonds
30,753,383
Asset
Backed
Obligations
18,146,128
4,732,819
921,942
Collateralized
Loan
Obligations
8,380,834
10,719,722
Foreign
Corporate
Bonds
14,379,449
Bank
Loans
5,946,290
Foreign
Government
Bonds,
Foreign
Agencies
and
Foreign
Government
Sponsored
Corporations
154,884
Total
Level
2
186,216,575
57,807,840
96,731,335
Notes
to
Financial
Statements
(Cont.)
September
30,
2023
Annual
Report
|
September
30,
2023
49
B. Federal
Income
Taxes.
  Each
Fund
has
elected
to
be
taxed
as
a
"regulated
investment
company"
and
intends
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders
and
otherwise
comply
with
the
provisions
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
provision
for
federal
income
taxes
has
been
made.
The
Funds
may
be
subject
to
a
nondeductible
4%
excise
tax
calculated
as
a
percentage
of
certain
undistributed
amounts
of
net
investment
income
and
net
capital
gains. 
Management
has
analyzed
the
Funds’
tax
positions,
and
has
concluded
that
no
liability
should
be
recorded
related
to
uncertain
tax
positions
expected
to
be
taken
on
the
tax
return
for
the year. The
Funds
identify
their
major
tax
jurisdictions
as
U.S.
Federal,
the State
of
Florida and
the
State
of
Delaware.
The
Funds
are
not
aware
of
any
tax
positions
for
which
it
is
reasonably
possible
that
the
total
amounts
of
unrecognized
tax
benefits
will
significantly
change
in
the
next
twelve
months. 
C. Security
Transactions,
Investment
Income.
Investment
securities
transactions
are
accounted
for
on
trade
date.
Gains
and
losses
realized
on
sales
of
securities
are
determined
on
a
specific
identification
basis.
Interest
income,
including
non-cash
interest,
is
recorded
on
an
accrual
basis.
Discounts/premiums
on
debt
securities
purchased,
which
may
include
residual
and
subordinated
notes,
are
accreted/amortized
over
the
life
of
the
respective
securities
using
the
effective
interest
method
except
for
certain
deep
discount
bonds
where
management
does
not
expect
the
par
value
above
the
bond's
cost
to
be
fully
realized.
Dividend
income
and
corporate
action
transactions,
if
any,
are
recorded
on
the
ex-date.
Non-cash
dividends
included
in
dividend
income,
if
any,
are
recorded
at
the
fair
market
value
of
securities
received.
Paydown
gains
and
losses
on
mortgage-related
and
other
asset-backed
securities
are
recorded
as
components
of
interest
income
on
the
Statements
of
Operations.
D. Dividends
and
Distributions
to
Shareholders.
The
Commercial
Real
Estate
ETF,
the
Mortgage
ETF
and
the
Opportunistic
Bond
ETF
will
distribute
dividends
of
net
investment
income
at
least
monthly
and
the
Equities
ETF
will
distribute
dividends
of
net
investment
income
at
least
quarterly.
Each
Fund
will
distribute
net
realized
short-term
capital
gains
and
net
realized
long-term
capital
gains,
if
any,
at
least
annually. 
Distributions
are
recorded
on
the
ex-dividend
date.
Income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations
which
may
differ
from
US
GAAP.
Permanent
book
and
tax
basis
differences
relating
to
shareholder
distributions
will
result
in
reclassifications
between
paid-in
capital,
undistributed
(accumulated)
net
investment
income
(loss),
and/or
undistributed
(accumulated)
realized
gain
(loss).
Undistributed
(accumulated)
net
investment
income
or
loss
may
include
temporary
book
and
tax
basis
differences
which
will
reverse
in
a
subsequent
period.
Any
taxable
income
or
capital
gain
remaining
at
fiscal
year
end
is
distributed
in
the
following
year.
Distributions
from
investment
companies
will
be
classified
as
investment
income
or
realized
gains
in
the
Statements
of
Operations
based
on
the
U.S.
income
tax
characteristics
of
the
distribution
if
such
information
is
available.
In
cases
where
the
tax
characteristics
are
not
available,
such
distributions
are
generally
classified
as
investment
income. 
E. Use
of
Estimates.
 The
preparation
of
financial
statements
in
conformity
with
US
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements,
as
well
as
the
reported
amounts
of
revenues
and
expenses
during
the
period.
Actual
results
could
differ
from
those
estimates.
Category
(continued)
DoubleLine
Opportunistic
Bond
ETF
(continued)
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
(continued)
DoubleLine
Commercial
Real
Estate
ETF
(continued)
DoubleLine
Mortgage
ETF
(continued)
Level
3
Total
$
188,786,310
$
283,315,399
$
59,186,038
$
98,212,705
Other
Financial
Instruments
Level
1
Futures
$
$
$
$
(125,978)
Total
Level
1
$
(125,978)
Level
2
Level
3
Total
$
(125,978)
See
the
Schedules
of
Investments
for
further
disaggregation
of
investment
categories.
Notes
to
Financial
Statements
(Cont.)
50
DoubleLine
ETF
Trust
September
30,
2023
F. Share
Valuation.
The
NAV
per
share
of
each
Fund
is
calculated
by
dividing
the
sum
of
the
value
of
the
securities
held
by
the
Fund,
plus
cash
and
other
assets,
minus
all
liabilities
(including
estimated
accrued
expenses),
by
the
total
number
of
shares
outstanding,
rounded
to
the
nearest
cent.
The
NAV
is
typically
calculated
on
days
when
the
New
York
Stock
Exchange
opens
for
regular
trading.
G. Unfunded
Loan
Commitments.
 The
Funds
may
enter
into
certain
credit
agreements,
of
which
all
or
a
portion
may
be
unfunded.
As
of
September
30,
2023,
the
Funds
had
no
unfunded
positions.
The
Funds
are
obligated
to
fund
these
commitments
at
the
borrower’s
discretion.
At
the
end
of
the
period,
the
Funds
maintained
with
their
custodian
liquid
investments
having
an
aggregate
value
at
least
equal
to
the
par
value
of
their
respective
unfunded
loan
commitments
and
bridge
loans.
H. Guarantees
and
Indemnifications.
Under
the
Trust's
organizational
documents,
each
Trustee
and
officer
of
the
Funds
is
indemnified,
to
the
extent
permitted
by
the
1940
Act,
against
certain
liabilities
that
may
arise
out
of
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Funds
enter
into
contracts
that
contain
a
variety
of
indemnification
clauses.
Each
Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Funds
that
have
not
yet
occurred.
However,
the
Funds
have
not
had
prior
claims
or
losses
pursuant
to
these
contracts. 
3. Related
Party
Transactions 
The
Trust
and
the
Adviser
entered
into
an
Investment
Management
Agreement,
under
the
terms
of
which
the
Adviser
manages
the
investment
of
the
assets
of
the
applicable
Fund,
places
orders
for
the
purchase
and
sale
of
its
portfolio
securities,
and
is
responsible
for
providing
resources
to
assist
with
the
day-to-day
management
of
the
Trust's
business
affairs.
As
compensation
for
its
services,
the
Adviser
is
entitled
to
a
monthly
fee
at
the
annual
rates
of
the
average
daily
net
assets
of
the
Funds
in
the
following
table.  The
Adviser
will
pay
all
operating
expenses
of
the
Fund,
except
the
management
fees,
interest
expenses,
dividends
and
other
expenses
on
securities
sold
short,
taxes,
expenses
incurred
with
respect
to
the
acquisition
and
disposition
of
portfolio
securities
and
the
execution
of
portfolio
transactions,
including
brokerage
commissions,
acquired
fund
fees
and
expenses,
accrued
deferred
tax
liabilities,
distribution
fees
or
expenses,
and
any
extraordinary
expenses
(such
as
litigation). 
4. Distribution
Fees
Foreside
Fund
Services,
LLC
serves
as
the
Funds’
Distributor.
The
Trust
has
adopted
a
Plan
of
Distribution
Pursuant
to
Rule
12b-1
under
the
Investment
Company
Act
of
1940
(the
“Plan”),
however
the
Plan
has
yet
to
be
implemented
or
commence
operations.
Under
the
Plan,
each
Fund
would
be
authorized
to
pay
distribution
fees
to
the
Distributor,
who
in
turn
would
be
permitted
to
pay
other
firms
that
provide
distribution
and
shareholder
services
(“Service
Providers”).
If
a
Service
Provider
were
to
provide
such
services,
the
Funds
would
be
permitted
to
pay
fees
at
an
annual
rate
not
to
exceed
0.25%
of
average
daily
net
assets,
pursuant
to
the
terms
of
the
Plan
and
Rule
12b-1
under
the
1940
Act.
Because
the
Plan
has
not
been
implemented
or
commenced
operations,
no
distribution
or
service
fees
are
currently
paid
by
the
Funds
and
there
are
no
current
plans
to
impose
these
fees.
In
the
event
the
Plan
is
ever
implemented
and
commences
operations
and
Rule
12b-1
fees
are
charged,
over
time
they
would
increase
the
cost
of
an
investment
in
the
Funds
and
may
cost
you
more
than
other
types
of
sales
charges.
5. Administrator,
Transfer
Agent,
Custodian
and
Distributor
JPMorgan
Chase
Bank,
N.A.,
provides
fund
accounting,
fund
administrative
and
transfer
agency
services
to
the
Funds
pursuant
to
a
master
services
agreement
between
the
Funds
and
Fund
Services.
JPMorgan
Chase
Bank,
N.A.,
serves
as
the
Funds’
Custodian
pursuant
to
a
Custody
Agreement.
Foreside
Fund
Services,
LLC,
serves
as
the
Funds’
distributor
pursuant
to
a
Distribution
Agreement.
Management
Fee
DoubleLine
Opportunistic
Bond
ETF
0.50%
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
0.65%
DoubleLine
Commercial
Real
Estate
ETF
0.39%
DoubleLine
Mortgage
ETF
0.49%
Notes
to
Financial
Statements
(Cont.)
September
30,
2023
Annual
Report
|
September
30,
2023
51
6. Issuance
and
Redemption
of
Fund
Shares
The
Funds
are
exchange-traded
funds
or
“ETFs.”
The
Funds
will
only
issue
or
redeem
shares
aggregated
into
blocks
of
20,000
shares
(in
the
case
of
the
DoubleLine
Opportunistic
Bond
ETF,
the
DoubleLine
Commercial
Real
Estate
ETF,
and
the
DoubleLine
Mortgage
ETF)
and
40,000
shares
(in
the
case
of
the
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF)
or
multiples
thereof
(“Creation
Units”)
to
Authorized
Participants
who
have
entered
into
agreements
with
Foreside
Fund
Services,
LLC
as
the
Funds’
distributor
(the
“Distributor”).
An
Authorized
Participant
is
either
(1)
a
“Participating
Party,”
(i.e.,
a
broker-dealer
or
other
participant
in
the
clearing
process
of
the
Continuous
Net
Settlement
System
of
the
NSCC),
or
(2)
a
participant
of
DTC,
and,
in
each
case,
must
have
executed
an
agreement
with
the
distributor
with
respect
to
creations
and
redemptions
of
Creation
Units.
The
Funds
will
issue
or
redeem
Creation
Units
in
return
for
a
basket
of
securities
and/or
cash
(including
any
portion
of
such
securities
for
which
cash
may
be
substituted)
that
the
Funds
specify
each
day.
Cash
may
be
substituted
equivalent
to
the
value
of
certain
securities
generally
when
they
are
not
available
in
sufficient
quantity
for
delivery.
In
the
case
of
the
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF,
Authorized
Participants
transact
with
the
Fund
through
another
broker-dealer,
that
acts
as
AP
Representative
and
maintains
the
basket
contents
in
confidence. 
Individual
Fund
shares
may
only
be
purchased
and
sold
on
a
national
securities
exchange
through
a
broker-dealer
and
investors
may
pay
a
commission
to
such
broker-dealers
in
connection
with
their
purchase
or
sale.
The
price
of
Fund
shares
is
based
on
market
price,
and
because
ETF
shares
trade
at
market
prices
rather
than
net
asset
value
(“NAV”),
shares
may
trade
at
a
price
greater
than
NAV
(a
premium)
or
less
than
NAV
(a
discount).
NAV
per
share
is
calculated
by
dividing
a
Fund’s
net
assets
by
the
number
of
Fund
shares
outstanding.
Your
transaction
will
be
priced
at
NAV
if
you
purchase
or
redeem
Fund
shares
in
Creation
Units.
The
Fund’s
NAV
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(“NYSE”).
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Authorized
Participants
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
the
Funds’
Administrator
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Additionally,
a
portion
of
the
transaction
fee
is
used
to
offset
transactional
costs
typically
accrued
in
the
Funds’
custody
expenses
directly
related
to
the
issuance
and
redemption
of
Creation
Units.
An
additional
variable
fee
may
be
charged
for
certain
transactions.
Such
fees
would
be
included
in
the
receivable
for
capital
shares
issued
on
the
Statements
of
Assets
and
Liabilities.
7. Purchases
and
Sales
of
Securities 
Investment
transactions
(excluding
short-term
investments
and
in-kind
transactions)
for
the period ended
September
30,
2023 were
as
follows:
Investment
transactions
related
to
in-kind purchases
and
sales
for the period ended
September
30,
2023 were
as
follows:
All
Other
U.S.
Government
1
Purchases
at
Cost
Sales
or
Maturity
Proceeds
Purchases
at
Cost
Sales
or
Maturity
Proceeds
DoubleLine
Opportunistic
Bond
ETF
$
118,561,063
$
16,980,260
$
188,337,084
$
170,752,491
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
$
702,926,019
$
516,727,561
$
$
DoubleLine
Commercial
Real
Estate
ETF
$
68,586,786
$
10,828,576
$
$
DoubleLine
Mortgage
ETF
$
118,138,624
$
17,730,405
$
5,400,450
$
3,915,657
1
U.S.
Government
transactions
are
defined
as
those
involving
long-term
U.S.
Treasury
bills,
bonds
and
notes.
Purchases
at
Cost
Sales
or
Maturity
Proceeds
Net
Realized
Gains
(Losses)
DoubleLine
Opportunistic
Bond
ETF
$
29,764,772
$
$
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
$
91,845,961
$
157,033,490
$
19,672,211
Notes
to
Financial
Statements
(Cont.)
52
DoubleLine
ETF
Trust
September
30,
2023
8. Income
Tax
Information
and
Distributions
to
Shareholders
The
tax
character
of
distributions
for
the
Funds
were
as
follows:
The
cost
basis
of
investments
for
federal
income
tax
purposes
as
of
September
30,
2023 was
as
follows:
As
of
September
30,
2023 the
components
of
accumulated
earnings
(losses)
for
income
tax
purposes
were
as
follows:
For
the
tax
period
ended
September
30,
2023,
the
following
Funds
had
available
capital
loss
carryforwards
to
offset
future
net
capital
gains
to
the
extent
provided
by
regulations
and
utilized
capital
loss
carryforwards
to
offset
net
capital
gains.
Additionally,
US
GAAP
requires
that
certain
components
of
net
assets
relating
to
permanent
differences
be
reclassified
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAV
per
share.
The
permanent
differences
primarily
relate
to
paydown
losses
and
market
discount.
For
the period ended
September
30,
2023,
the
following
table
shows
the
reclassifications
made:
Period
Ended
September
30,
2023
Period
Ended
September
30,
2022
Ordinary
Income
Ordinary
Income
DoubleLine
Opportunistic
Bond
ETF
$
4,639,748
$
631,502
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
$
2,058,365
$
155,765
DoubleLine
Commercial
Real
Estate
ETF
$
616,051
$
DoubleLine
Mortgage
ETF
$
1,235,869
$
DoubleLine
Opportunistic
Bond
ETF
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
DoubleLine
Commercial
Real
Estate
ETF
DoubleLine
Mortgage
ETF
Tax
Cost
of
Investments
$
194,396,267
$
291,749,011
$
59,209,642
$
102,825,993
Gross
Tax
Unrealized
Appreciation
340,066
6,768,070
218,695
53,952
Gross
Tax
Unrealized
Depreciation
(5,950,023)
(15,201,682)
(242,299)
(4,793,218)
Net
Tax
Unrealized
Appreciation
(Depreciation)
(5,609,957)
(8,433,612)
(23,604)
(4,739,266)
DoubleLine
Opportunistic
Bond
ETF
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
DoubleLine
Commercial
Real
Estate
ETF
DoubleLine
Mortgage
ETF
Net
Tax
Unrealized
Appreciation
(Depreciation)
$
(5,609,957)
$
(8,433,612)
$
(23,604)
$
(4,739,266)
Undistributed
Ordinary
Income
820,947
748,652
242,875
382,225
Undistributed
Long
Term
Capital
Gains
Total
Distributable
Earnings
820,947
748,652
242,875
382,225
Other
Accumulated
Gains
(Losses)
(6,875,634)
(15,348)
(996,515)
Total
Accumulated
Earnings
(Losses)
(11,664,644)
(7,684,960)
203,923
(5,353,556)
Capital
Loss
Carryforward
Utilized
Capital
Loss
Carryforward
Expires
DoubleLine
Opportunistic
Bond
ETF
$
(6,875,634)
$
Indefinite
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
$
$
7,422,701
DoubleLine
Commercial
Real
Estate
ETF
$
(15,348)
$
Indefinite
DoubleLine
Mortgage
ETF
$
(996,515)
$
Indefinite
Notes
to
Financial
Statements
(Cont.)
September
30,
2023
Annual
Report
|
September
30,
2023
53
9. Additional
Disclosures
about
Derivative
Instruments
The
following
disclosures
provide
information
on
the
Funds’
use
of
derivatives
and
certain
related
risks.
The
location
and
fair
value
amounts
of
these
instruments
on
the
Statements
of
Assets
and
Liabilities
and
the
realized
gains
and
losses
and
changes
in
unrealized
gains
and
losses
on
the
Statements
of
Operations,
each
categorized
by
type
of
derivative
contract,
are
included
in
the
following
tables.
The
average
volume
of
derivative
activity
for
the
period
ended
September
30,
2023
is
as
follows:
Futures
Contracts.
Futures
contracts
typically
involve
a
contractual
commitment
to
buy
or
sell
a
particular
instrument
or
index
unit
at
a
specified
price
on
a
future
date.
Risks
associated
with
the
use
of
futures
contracts
include
the
potential
for
imperfect
correlation
between
the
change
in
market
value
of
the
securities
held
by
the
Funds
and
the
prices
of
futures
contracts
and
the
possibility
of
an
illiquid
market.
Futures
contracts
are
valued
based
upon
their
quoted
daily
settlement
prices
determined
by
the
relevant
exchange.
Upon
entering
into
a
futures
contract,
a
Fund
is
required
to
deposit
with
its
futures
broker
an
amount
of
cash
in
accordance
with
the
initial
margin
requirements
of
the
broker
or
exchange.
Such
collateral
is
recorded
in
deposit
at
broker
for
futures
in
the
Statements
of
Assets
and
Liabilities.
Futures
contracts
are
marked-to-market
daily
and
an
appropriate
payment
reflecting
the
change
in
value
(“variation
margin”)
is
made
or
received
by
or
for
the
accounts
of
the
Funds.
The
variation
margin
is
recorded
on
the
Statements
of
Assets
and
Liabilities.
Gains
or
losses
are
recognized
but
not
considered
realized
until
the
contracts
expire
or
are
closed
and
are
recorded
in
net
realized
gain
(loss)
on
futures
on
the
Statements
of
Operations.
Futures
contracts
involve,
to
varying
degrees,
risk
of
loss
in
excess
of
the
variation
margin
disclosed
on
the
Statements
of
Assets
and
Liabilities.
The
effect
of
derivative
instruments
on
the
Statements
of
Assets
and
Liabilities
for
the
period
ended
September
30,
2023 was
as
follows:
The
effect
of
derivative
instruments
on
the
Statements
of
Operations
for
the
period
ended
September
30,
2023
was
as
follows:
Undistributed
(Accumulated)
Net
Investment
Income
(Loss)
Accumulated
Net
Realized
Gain
(Loss)
Paid
In
Capital
DoubleLine
Opportunistic
Bond
ETF
$
37,986
$
(37,986)
$
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
$
$
(24,207,661)
$
24,207,661
DoubleLine
Commercial
Real
Estate
ETF
$
$
$
DoubleLine
Mortgage
ETF
$
89
$
(89)
$
DoubleLine
Mortgage
ETF
Average
Market
Value
Futures
Contracts
-
Long
$
3,117,109
Derivatives
not
accounted
for
as
hedging
instruments
Statements
of
Assets
and
Liabilities
Location
1
Commodity
Risk
Credit
Risk
Equity
Risk
Foreign
Exchange
Rate
Risk
Interest
Rate
Risk
Total
Net
Unrealized
Appreciation
(Depreciation)
on:
Futures
DoubleLine
Mortgage
ETF
$–
$–
$–
$–
$(125,978)
$(125,978)
1
An
exchange
traded
investment's
value
reflects
the
cumulative
value.
Only
the
current
day's
variation
margin
is
reported
on
the
Statements
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(Cont.)
54
DoubleLine
ETF
Trust
September
30,
2023
10. Bank
Loans
The
Funds
may
make
loans
directly
to
borrowers
and
may
acquire
or
invest
in
loans
made
by
others
(“loans”).
The
Funds
may
acquire
a
loan
interest
directly
by
acting
as
a
member
of
the
original
lending
syndicate.
Alternatively,
the
Funds
may
acquire
some
or
all
of
the
interest
of
a
bank
or
other
lending
institution
in
a
loan
to
a
particular
borrower
by
means
of
a
novation,
an
assignment
or
a
participation.
The
loans
in
which
the
Funds
may
invest
include
those
that
pay
fixed
rates
of
interest
and
those
that
pay
floating
rates—i.e.,
rates
that
adjusted
periodically
by
reference
to
a
base
lending
rate,
plus
a
spread.
These
base
lending
rates
are
primarily
the
London
Interbank
Offered
Rate
(LIBOR)
or
the
Secured
Overnight
Financing
Rate
(SOFR)
and
secondarily,
the
prime
rate
offered
by
one
or
more
major
United
States
banks
(the
Prime
Rate).
Base
lending
rates
may
be
subject
to
a
floor,
or
minimum
rate.
Rates
for
SOFR
are
generally
1
or
3-month
tenors
and
may
also
be
subject
to
a
credit
spread
adjustment.
The
Funds
may
purchase
and
sell
interests
in
bank
loans
on
a
when-issued
and
delayed
delivery
basis,
with
payment
delivery
scheduled
for
a
future
date.
Securities
purchased
on
a
delayed
delivery
basis
are
marked-to-market
daily
and
no
income
accrues
to
the
Funds
prior
to
the
date
the
Funds
actually
take
delivery
of
such
securities.
These
transactions
are
subject
to
market
fluctuations
and
are
subject,
among
other
risks,
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
purchase
price. 
11. Principal
Risks
Below
are
summaries
of
some,
but
not
all,
of
the
principal
risks
of
investing
in
one
or
more
of
the
Funds,
each
of
which
could
adversely
affect
a
Fund's
NAV,
yield
and
total
return.
Each
risk
listed
below
does
not
necessarily
apply
to
each
Fund,
and
you
should
read
each
Fund's
prospectus
carefully
for
a
description
of
the
principal
risks
associated
with
investing
in
a
particular
Fund. 
active
management
risk:
the
risk
that
the
Fund
will
fail
to
meet
its
investment
objective
and
that
the
Fund's
investment
performance
will
depend,
at
least
in
part,
on
how
its
assets
are
allocated
and
reallocated
among
asset
classes,
sectors,
underlying
funds
and/or
investments
and
that
such
allocation
will
focus
on
asset
classes,
sectors,
underlying
funds,
and/
or
investments
that
perform
poorly
or
underperform
other
asset
classes,
sectors,
underlying
funds,
and/or
available
investments.
Any
given
investment
strategy
may
fail
to
produce
the
intended
results,
and
the
Fund's
portfolio
may
underperform
other
comparable
funds
because
of
portfolio
management
decisions
related
to,
among
other
things,
the
selection
of
investments,
portfolio
construction,
risk
assessments,
and/or
the
outlook
on
market
trends
and
opportunities.
asset-backed
securities
investment
risk: 
For
DBND
Only:
the
risk
that
borrowers
may
default
on
the
obligations
that
underlie
the
asset-backed
security
and
that,
during
periods
of
falling
interest
rates,
asset-backed
securities
may
be
called
or
prepaid,
which
may
result
in
a
Fund
having
to
reinvest
proceeds
in
other
investments
at
a
lower
interest
rate,
and
the
risk
that
the
impairment
of
the
value
of
the
collateral
underlying
a
security
in
which
the
Fund
invests
(due,
for
example,
to
non-
payment
of
loans)
will
result
in
a
reduction
in
the
value
of
the
security.
collateralized
debt
obligations
risk:
 For
DBND
and
DCMB
Only:
the risks
of
an
investment
in
a
collateralized
debt
obligation ("
CDO
")
depend
largely
on
the
quality
and
type
of
the
collateral
and
the
tranche
of
the
CDO
in
which
a
Fund
invests.
Normally,
collateralized
bond
obligations
("
CBOs
"), CLOs
and
other
CDOs
are
privately
offered
and
sold,
and
thus
are
not
registered
under
the
securities
laws.
As
a
result,
investments
in
CDOs
may
be
illiquid.
In
addition
to
the
risks
associated
with
debt
instruments
(e.g.,
interest
rate
risk
and
credit
risk),
CDOs
carry
additional
risks
including,
but
not
limited
to:
(i)
the
possibility
that
distributions
from
collateral
will
not
be
adequate
to
make
interest
or
other
payments;
(ii)
the
quality
of
the
collateral
may
decline
in
value
or
default;
(iii)
the
possibility
that
a
Fund
may
invest
in
CDOs
that
are
subordinate
to
other
classes
of
the
issuer's
securities;
and
(iv)
the
complex
structure
of
the
security
may
not
be
fully
understood
at
the
time
of
investment
and
may
produce
disputes
with
the
issuer
or
unexpected
investment
results. 
counterparty
risk:
For
Bond
ETFs
Only:
the
risk
that
a
Fund
will
be
subject
to
credit
risk
with
respect
to
the
counterparties
to
the
derivative
contracts
and
other
instruments,
such
as
repurchase
and
reverse
repurchase
agreements,
entered
Derivatives
not
accounted
for
as
hedging
instruments
Statements
of
Operations
Location
Commodity
Risk
Credit
Risk
Equity
Risk
Foreign
Exchange
Rate
Risk
Interest
Rate
Risk
Total
Net
Realized
Gain
(Loss)
on:
Futures
DoubleLine
Mortgage
ETF
$–
$–
$–
$–
$(189,582)
$(189,582)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
DoubleLine
Mortgage
ETF
$–
$–
$–
$–
$(125,978)
$(125,978)
Notes
to
Financial
Statements
(Cont.)
September
30,
2023
Annual
Report
|
September
30,
2023
55
into
directly
by
the
Fund
or
held
by
special
purpose
or
structured
vehicles
in
which
the
Fund
invests;
that
the
Fund's
counterparty
will
be
unable
or
unwilling
to
perform
its
obligations;
that
the
Fund
will
be
unable
to
enforce
contractual
remedies
if
its
counterparty
defaults;
that
if
a
counterparty
(or
an
affiliate
of
the
counterparty) becomes
bankrupt,
the
Fund
may
experience
significant
delays
in
obtaining
any
recovery
under
the
derivative
contract
or
may
obtain
limited
or
no
recovery
in
a
bankruptcy
or
other
insolvency
proceeding.
To
the
extent
that
a
Fund
enters
into
multiple
transactions
with
a
single
or
a
small
set
of
counterparties,
it
will
be
subject
to
increased
counterparty
risk. 
debt
securities
risks:
For
Bond
ETFs
Only:
credit
risk:
the
risk
that
an
issuer,
counterparty
or
other
obligor
to
the
Fund
will
fail
to
pay
its
obligations
to
the
Fund
when
they
are
due,
which
may
reduce
the
Fund’s
income
and/or
reduce,
in
whole
or
in
part,
the
value
of
the
Fund’s
investment.
Actual
or
perceived
changes
in
the
financial
condition
of
an
obligor,
changes
in
economic,
social
or
political
conditions
that
affect
a
particular
type
of
security,
instrument,
or
obligor,
and
changes
in
economic,
social
or
political
conditions
generally
can
increase
the
risk
of
default
by
an
obligor,
which
can
affect
a
security’s
or
other
instrument’s
credit
quality
or
value
and
an
obligor’s
ability
to
honor
its
obligations
when
due.
The
values
of
lower-
quality
debt
securities
(commonly
known
as
“junk
bonds”),
including
floating
rate
loans,
tend
to
be
particularly
sensitive
to
these
changes.
The
values
of
securities
or
instruments
also
may
decline
for
a
number
of
other
reasons
that
relate
directly
to
the
obligor,
such
as
management
performance,
financial
leverage,
and
reduced
demand
for
the
obligor’s
goods
and
services,
as
well
as
the
historical
and
prospective
earnings
of
the
obligor
and
the
value
of
its
assets.
extension
risk:
the
risk
that
if
interest
rates
rise,
repayments
of
principal
on
certain
debt
securities,
including,
but
not
limited
to,
floating
rate
loans
and
mortgage-related
securities,
may
occur
at
a
slower
rate
than
expected
and
the
expected
maturity
of
those
securities
could
lengthen
as
a
result.
Securities
that
are
subject
to
extension
risk
generally
have
a
greater
potential
for
loss
when
prevailing
interest
rates
rise,
which
could
cause
their
values
to
fall
sharply. 
interest
rate
risk:
 the
risk
that
debt
instruments
will
change
in
value
because
of
changes
in
interest
rates.
The
value
of
an
instrument
with
a
longer
duration
(whether
positive
or
negative)
will
be
more
sensitive
to
changes
in
interest
rates
than
a
similar
instrument
with
a
shorter
duration.
Bonds
and
other
debt
instruments
typically
have
a
positive
duration.
The
value
of
a
debt
instrument
with
positive
duration
will
generally
decline
if
interest
rates
increase.
Certain
other
investments,
such
as
inverse
floaters
and
certain
derivative
instruments,
may
have
a
negative
duration.
The
value
of
instruments
with
a
negative
duration
will
generally
decline
if
interest
rates
decrease.
Inverse
floaters,
interest-only
and
principal-only
securities
are
especially
sensitive
to
interest
rate
changes,
which
can
affect
not
only
their
prices
but
can
also
change
the
income
flows
and
repayment
assumptions
about
those
investments.
Recently,
there
have
been
inflationary
price
movements,
which
have
caused the fixed
income
securities
markets
to
experience
heightened
levels
of interest rate
volatility
and
liquidity
risk.
The risks
associated
with
rising
interest
rates-
may
be
particularly
acute
in
the
current
market
environment
because
the Federal
Reserve
Board
recently
raised rates
and
may
continue
to
do
so.
prepayment
risk:
the
risk
that
the
issuer
of
a
debt
security,
including
floating
rate
loans
and
mortgage-related
securities,
repays
all
or
a
portion
of
the
principal
prior
to
the
security's
maturity.
In
times
of
declining
interest
rates,
there
is
a
greater
likelihood
that
the
Fund's
higher
yielding
securities
will
be
pre-paid
with
the
Fund
being
unable
to
reinvest
the
proceeds
in
an
investment
with
as
great
a
yield.
Prepayments
can
therefore
result
in
lower
yields
to
shareholders
of
a
Fund. 
LIBOR
phase
out/transition risk: 
The
London
Interbank
Offered
Rate
(“
LIBOR
”), has
historically
been the
offered
rate
for
wholesale,
unsecured
funding
available
to
major
international
banks.
The
terms
of
many
investments,
financings
or
other
transactions
to
which
the
Fund
may
be
a
party
have
been
historically
tied
to
LIBOR.
LIBOR
has
also
historically been
a
significant
factor
in relation
to
payment
obligations
under
a
derivative
investment
and
may
be
used
in
other
ways
that
affect
the
Fund’s
investment
performance.
LIBOR
ceased
publication
on
June
30,
2023.
The
transition
from
LIBOR
and
the
terms
of
any
replacement
rate(s),
including,
for
example,
a
secured
overnight
financing
rate
(“SOFR”)
or
another
rate
based
on
SOFR,
may
adversely
affect
transactions
that
use
LIBOR
as
a
reference
rate,
financial
institutions
that
engage
in
such
transactions,
and
the
financial
markets
generally.
There
are
significant
differences
between
LIBOR
and
SOFR,
such
as
LIBOR
being
an
unsecured
lending
rate
while
SOFR
is
a
secured
lending
rate.
As
such,
the
transition
away
from
LIBOR
may
adversely
affect
the
Fund’s
performance.
defaulted
securities
risk:
For
DBND
Only:
 the
significant
risk
of
the
uncertainty
of
repayment
of
defaulted
securities
(e.g.,
a
security
on
which
a
principal
or
interest
payment
is
not
made
when
due)
and
obligations
of
distressed
issuers
(including
Notes
to
Financial
Statements
(Cont.)
56
DoubleLine
ETF
Trust
September
30,
2023
insolvent
issuers
or
issuers
in
payment
or
covenant
default,
in
workout
or
restructuring
or
in
bankruptcy
or
similar
proceedings).
Such
investments
entail
high
risk
and
have
speculative
characteristics.
derivatives
risk:
For
Bond
ETFs
Only:
the
risk
that
an
investment
in
derivatives
will
not
perform
as
anticipated
by
the
Adviser,
may
not
be
available
at
the
time
or
price
desired,
cannot
be
closed
out
at
a
favorable
time
or
price,
will
increase
the
Fund’s
transaction
costs,
or
will
increase
the
Fund’s
volatility;
that
derivatives
may
create
investment
leverage;
that,
when
a
derivative
is
used
as
a
substitute
for
or
alternative
to
a
direct
cash
investment,
the
transaction
may
not
provide
a
return
that
corresponds
precisely
or
at
all
with
that
of
the
cash
investment;
that
the
positions
may
be
improperly
executed
or
constructed;
that
the
Fund’s
counterparty
will
be
unable
or
unwilling
to
perform
its
obligations;
or
that,
when
used
for
hedging
purposes,
derivatives
will
not
provide
the
anticipated
protection,
causing
the
Fund
to
lose
money
on
both
the
derivatives
transaction
and
the
exposure
the
Fund
sought
to
hedge.
equity
issuer
risk:
For
CAPE
Only:
the
risk
that
the
market
price
of
common
stocks
and
other
equity
securities
may
go
up
or
down,
sometimes
rapidly
or
unpredictably,
including
due
to
factors
affecting
equity
securities
markets
generally,
particular
industries
represented
in
those
markets,
or
the
issuer
itself.
emerging
market
country
risk:
 For DBND
Only:
the
risk
that
investing
in
emerging
markets,
as
compared
to
foreign
developed
markets,
increases
the
likelihood
that
the
Fund
will
lose
money,
due
to
more
limited
information
about
the
issuer
and/or
the
security;
higher
brokerage
costs;
different
accounting,
auditing
and
financial
reporting
standards;
less
developed
legal
systems
and
thinner
trading
markets;
the
possibility
of
currency
blockages
or
transfer
restrictions;
an
emerging
market
country’s
dependence
on
revenue
from
particular
commodities
or
international
aid;
and
expropriation,
nationalization
or
other
adverse
political
or
economic
developments.
ETF
related
risks: 
ActiveShares
non-transparent
structure
risk:
For
CAPE
Only:
the
Fund
is
an
ETF
that
is
subject
to
the
risks
described
below.
Additionally,
because
the
ETF
utilizes
the
ActiveShares
®
non-transparent
ETF
structure,
it
is
subject
to
additional
or
enhanced
ETF-related
risks.
Unlike
most
actively
managed
ETFs,
the
Fund
does
not
provide
daily
disclosure
of
its
portfolio
holdings.
Instead,
the
Fund
provides
a
verified
intraday
indicative
value
(“
VIIV
”),
calculated
and
disseminated
every
second
throughout
the
trading
day.
The
VIIV
is
intended
to
provide
investors
with
an
intraday
highly-correlated
per
share
value
of
the
Fund
that
can
be
compared
to
the
current
market
price.
The
VIIV
is
designed
to
provide
sufficient
information
to
allow
for
an
effective
arbitrage
mechanism
that
will
keep
the
market
price
of
the
Fund’s
shares
trading
at
or
close
to
the
underlying
net
asset
value
(“
NAV
”)
per
share
of
the
Fund.
Shares
traded
on
an
intraday
basis
on
an
exchange,
however,
will
not
have
a
fixed
relationship
to
the
previous
day’s
or
the
current
day’s
NAV.
There
is,
however,
a
risk,
which
may
increase
during
periods
of
market
disruption
or
volatility,
that
market
prices
will
vary
significantly
from
the
underlying
NAV
of
the
Fund.
Similarly,
because
the
Fund’s
shares
trade
with
reference
to
a
published
VIIV,
they
may
trade
at
a
wider
bid/ask
spread
when
compared
to
shares
of
ETFs
that
publish
their
portfolios
on
a
daily
basis,
especially
during
periods
of
market
disruption
or
volatility,
and
therefore,
may
cost
investors
more
to
trade.
Although
the
Fund
seeks
to
benefit
from
keeping
its
portfolio
information
secret,
some
market
participants
may
attempt
to
use
information,
including
the
VIIV,
to
identify
the
Fund’s
trading
strategy
and
the
securities
held
by
the
Fund,
which
if
successful,
could
result
in
such
market
participants
engaging
in
certain
predatory
trading
practices
that
may
have
the
potential
to
harm
the
Fund
and
its
shareholders.
In
the
event
of
a
system
failure
or
other
interruption,
including
disruptions
involving
Authorized
Participants,
unaffiliated
broker-dealers
with
which
such
Authorized
Participant
has
signed
an
agreement
to
establish
a
confidential
account
for
the
benefit
of
such
Authorized
Participant
(an
AP
Representative
”),
or
market
makers,
orders
to
create
or
redeem
Creation
Units
either
may
not
be
executed
according
to
an
Authorized
Participant’s
instructions
or
may
not
be
executed
at
all,
or
an
Authorized
Participant
may
not
be
able
to
place
or
change
orders.
If
such
an
event
were
to
occur,
the
Fund’s
shares
may
trade
in
the
secondary
market
at
a
greater
premium
or
discount
to
the
Fund’s
NAV,
and
investors
may
pay
a
greater
bid/ask
spread
to
purchase
or
sell
the
Fund’s
shares.
In
addition
to
risks
related
to
operation
of
ETFs,
the
use
of
this
structure
exposes
the
Fund
and
Fund
shareholders
to
additional
risks.
authorized
participant
concentration
risk:
For Bond
ETFs
Only
:
as
an
ETF,
the
Fund
issues
and
redeems
shares
on
a
continuous
basis
at
NAV
only
in
a
large
specified
number
of
shares
called
a
"
Creation
Unit
."
Only
a
limited
number
of
institutional
investors
(known
as
"
Authorized
Participants
")
are
authorized
to
purchase
(or
create)
and
redeem
shares
directly
from
the
Fund.
To
the
extent
that
these
institutions
exit
the
business
or
are
unable
to
proceed
with
creation
and/or
redemption
orders
with
respect
to
the
Fund
and
no
other
Authorized
Participant
is
able
to
step
forward
to
create
or
redeem,
in
either
of
these
cases,
Fund
shares
may
trade
at
a
discount
to
NAV
and
possibly
face
trading
halts
and/or
delisting. 
Notes
to
Financial
Statements
(Cont.)
September
30,
2023
Annual
Report
|
September
30,
2023
57
authorized
participant
and
AP
Representative
concentration
risk:
For
CAPE
Only:
As an
ETF,
the
Fund
issues
and
redeems
shares
on
a
continuous
basis
at
NAV
only
in
a
large
specified
number
of
shares
called
a
"
Creation
Unit
."
Only
a
limited
number
of
institutional
investors
(known
as
"
Authorized
Participants
")
are
authorized
to
purchase
(or
create)
and
redeem
shares
directly
from
the
Fund.
Each
of
the
Fund's
Authorized
Participants
will
engage
in
all
creation
and
redemption
activity
through
an
AP
Representative.
The
AP
Representative
will
deliver
or
receive,
on
behalf
of
the
Authorized
Participant,
all
consideration
to
or
from
the
Fund
in
a
creation
or
redemption.
AP
Representatives
have
knowledge
of
the
composition
of
the
Fund's
portfolio
holdings,
and
are
restricted
from
disclosing
such
composition,
including
to
the
Authorized
Participants.
As
a
result
of
the
Fund's
use
of
the
ActiveShares
®
structure
for
non-transparent
ETFs,
there
may
be
a
more
limited
number
of
institutions
that
are
willing
to
act
as
Authorized
Participants
or
as
AP
Representatives.
 During
times
of
market
stress,
Authorized
Participants
may
be
more
likely
to
step
away
from
a
non-transparent
ETF
than
a
traditional
ETF.
To
the
extent
these
institutions
exit
the
business
or
are
unable
to
proceed
with
creation
and/or
redemption
orders
with
respect
to
the
Fund,
or
are
unavailable
to
purchase
and
sell
securities
in
connection
with
creation
and/or
redemption
orders,
as
applicable,
and
no
other
Authorized
Participant
or
AP
Representative
agrees
to
create
or
redeem,
or
purchase
or
sell
securities,
as
applicable,
the
arbitrage
mechanism
for
keeping
the
market
price
of
Fund
shares
trading
at
or
close
to
the
Fund’s
per
share
NAV
may
be
impaired,
and
Fund
shares
may
trade
at
a
premium
or
discount
to
NAV
and
possibly
face
trading
halts
and/or
delisting.
These
risks
may
be
more
pronounced
in
volatile
markets,
particularly
where
there
are
significant
redemptions
in
ETFs
generally.
secondary
market
trading
risk:
as
an
ETF,
shares
of
the
Fund
trade
on
an
exchange,
the
NYSE
Arca,
Inc.
(the
"Exchange").
The
Fund
faces
numerous
market
trading
risks,
including
the
potential
lack
of
an
active
market
for
Fund
shares,
losses
from
trading
in
secondary
markets,
periods
of
high
volatility
and
disruptions
in
the
creation/redemption
process.
Any
of
these
factors,
among
others,
may
lead
to
the
Fund's
shares
trading
at
a
premium
or
discount
to
NAV. 
absence
of
active
market:
although
the
Fund's
shares
are
currently
listed
for
trading
on
the
Exchange,
there
can
be
no
assurance
that
an
active
trading
market
for
such
shares
will
develop
or
be
maintained
by
market
makers
or
Authorized
Participants.
Authorized
Participants
are
not
obligated
to
execute
purchase
or
redemption
orders
for
Creation
Units.
In
periods
of
market
volatility,
market
makers
and/or
Authorized
Participants
may
be
less
willing
to
transact
in
Fund
shares.
The
absence
of
an
active
market
for
the
Fund's
shares
may
contribute
to
the
Fund's
shares
trading
at
a
premium
or
discount
to
NAV. 
early
close/trading
halt/delisting
risk:
For
Bond
ETFs
Only:
trading
in
Fund
shares
may
be
halted
due
to
market
conditions
or
for
other
reasons
that,
in
the
view
of
the
Exchange,
make
trading
in
shares
of
a
Fund
inadvisable.
Additionally,
an
exchange
or
market
may
close
or
issue
trading
halts
on
specific
securities,
or
the
ability
to
buy
or
sell
certain
securities
or
financial
instruments
may
be
restricted,
which
may
result
in
the
Fund
being
unable
to
buy
or
sell
certain
securities
or
financial
instruments.
In
such
circumstances,
the
Fund
may
be
unable
to
rebalance
its
portfolio,
may
be
unable
to
accurately
price
its
investments
and/or
may
incur
substantial
trading
losses.
The
Fund
must
satisfy
various
standards
established
by
the
Exchange
in
order
to
ensure
that
Fund
shares
can
continue
to
be
listed
for
trading.
There
can
be
no
assurance
that
the
requirements
of
the
Exchange
necessary
to
maintain
the
listing
of
the
Fund
will
continue
to
be
met.  
For
CAPE
Only:
trading
in
Fund
shares
may
be
halted
due
to
market
conditions
or
for
other
reasons
that,
in
the
view
of
the
Exchange,
make
trading
in
shares
of
a
Fund
inadvisable.
Additionally,
an
exchange
or
market
may
close
or
issue
trading
halts
on
specific
securities,
or
the
ability
to
buy
or
sell
certain
securities
or
financial
instruments
may
be
restricted,
which
may
result
in
the
Fund
being
unable
to
buy
or
sell
certain
securities
or
financial
instruments.
In
such
circumstances,
the
Fund
may
be
unable
to
rebalance
its
portfolio,
may
be
unable
to
accurately
price
its
investments
and/or
may
incur
substantial
trading
losses.
If
at
any
time
securities
representing
10%
or
more
of
the
Fund’s
portfolio
become
subject
to
a
trading
halt
or
otherwise
do
not
have
readily
available
market
quotations,
the
Fund
will
request
that
the
Exchange
halt
trading
of
the
Fund’s
shares.
Further,
if
there
is
a
discrepancy
of
sufficient
magnitude
between
the
value
of
the
Fund’s
portfolio
securities
as
calculated
by
the
Fund’s
two
calculation
engines
for
VIIV
purposes,
the
Exchange
will
have
the
ability
to
halt
trading
of
the
Fund’s
shares.
During
such
trading
halts,
although
the
primary
VIIV
would
continue
to
be
calculated
and
disseminated,
investors
in
the
Fund’s
shares
will
not
be
able
to
freely
trade
their
shares.
Additionally,
the
Fund
must
satisfy
various
other
standards
established
by
the
Exchange
in
order
to
ensure
that
Fund
shares
can
continue
to
be
listed
for
trading.
There
can
be
no
assurance
that
the
requirements
of
the
Exchange
necessary
to
maintain
the
listing
of
the
Fund
will
continue
to
be
met.
trading
in
fund
shares
is
subject
to
expenses:
most
Fund
investors
will
buy
and
sell
Fund
shares
on
the
Exchange
or
on
another
secondary
market.
When
buying
or
selling
shares
of
the
Fund,
investors
typically
will
Notes
to
Financial
Statements
(Cont.)
58
DoubleLine
ETF
Trust
September
30,
2023
pay
brokerage
commissions
or
other
charges
imposed
by
brokers
as
determined
by
that
broker.
In
addition,
secondary
market
investors
will
also
incur
the
cost
of
the
difference
between
the
price
that
a
buyer
is
willing
to
pay
for
shares
(the
"bid"
price)
and
the
price
at
which
a
seller
is
willing
to
sell
shares
(the
"ask"
price).
This
difference
in
bid
and
ask
prices
is
often
referred
to
as
the
"spread"
or
"bid/ask
spread." 
fund
shares
may
be
sold
short:
shares
of
the
Fund,
similar
to
shares
of
other
issuers
listed
on
a
stock
exchange,
may
be
sold
short
and
are
therefore
subject
to
the
risk
of
increased
volatility
and
price
decreases
associated
with
short
selling
activity. 
fund
shares
may
trade
at
prices
other
than
NAV
:
For
Bond
ETFs
Only:
shares
of
the
Fund
trade
on
the
Exchange
at
prices
at,
above
or
below
the
Fund’s
most
recent
NAV.
The
NAV
of
the
Fund
is
calculated
at
the
end
of
each
business
day
and
fluctuates
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
trading
price
of
the
Fund’s
shares
fluctuates
continuously
throughout
trading
hours
in
response
to
relative
supply
of
and
demand
for
Fund
shares
on
the
Exchange
and
the
underlying
value
of
the
Fund’s
portfolio
holdings
or
NAV.
As
a
result,
the
trading
prices
of
the
Fund’s
shares
may
deviate
significantly
from
NAV
during
periods
of
market
volatility,
including
during
periods
of
high
redemption
requests
or
other
unusual
market
conditions.
Any of
these
factors, among
others, may lead to the fund's shares trading at a premium or discount to
NAV.
Disruptions
to
creations
and
redemptions,
the
existence
of
extreme
market
volatility
or
potential
lack
of
an
active
trading
market
for
Fund
shares
may
result
in
shares
trading
at
a
significant
premium
or
discount
to
NAV
and/or
in
a
reduced
liquidity
of
a
shareholder’s
investment.
During
such
periods,
shareholders
may
be
unable
to
sell
their
shares,
may
pay
significantly
more
than
NAV
when
buying
Fund
shares,
or
may
receive
significantly
less
than
NAV
when
selling
Fund
shares.
For
CAPE
Only:
shares
of
the
Fund
trade
on
the
Exchange
at
prices
at,
above
or
below
the
Fund’s
most
recent
NAV.
The
NAV
of
the
Fund
is
calculated
at
the
end
of
each
business
day
and
fluctuates
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
trading
price
of
the
Fund’s
shares
will
fluctuate,
in
some
cases
materially,
throughout
trading
hours
in
response
to
changes
in
the
Fund’s
VIIV,
the
relative
supply
of
and
demand
for
Fund
shares
on
the
Exchange
and
the
underlying
value
of
the
Fund’s
portfolio
holdings
or
NAV.
As
a
result,
the
trading
prices
of
the
Fund’s
shares
may
deviate
significantly
from
NAV
during
periods
of
market
volatility,
including
during
periods
of
high
redemption
requests
or
other
unusual
market
conditions.
Any
of
these
factors,
among
others,
may
lead
to
the
fund's
shares
trading
at
a
premium
or
discount
to
NAV.
This
risk
may
be
greater
for
the
Fund
than
for
traditional
ETFs
that
disclose
their
full
portfolio
holdings
on
a
daily
basis.
Disruptions
to
creations
and
redemptions,
the
existence
of
extreme
market
volatility
or
potential
lack
of
an
active
trading
market
for
Fund
shares
may
result
in
shares
trading
at
a
significant
premium
or
discount
to
NAV
and/or
in
a
reduced
liquidity
of
a
shareholder’s
investment.
During
such
periods,
shareholders
may
be
unable
to
sell
their
shares,
may
pay
significantly
more
than
NAV
when
buying
Fund
shares,
or
may
receive
significantly
less
than
NAV
when
selling
Fund
shares.
portfolio
security
trading
risk:
For
CAPE
Only
:
an
exchange
or
market
may
close
or
issue
trading
halts
on
specific
securities,
or
the
ability
to
buy
or
sell
certain
securities
or
financial
instruments
may
be
restricted,
which
may
result
in
the
Fund
being
unable
to
buy
or
sell
certain
portfolio
securities
or
financial
instruments.
In
such
circumstances,
the
Fund
may
be
unable
to
engage
in
Fund
portfolio
transactions
to
rebalance
its
portfolio,
may
be
unable
to
have
its
investments
accurately
priced
for
purposes
of
determining
its
VIIV,
and
may
have
difficulty
calculating
its
NAV.
These
events
may
result
in
losses
to
shareholders.
Any
extended
trading
halt
in
a
portfolio
security
may
exacerbate
discrepancies
between
the
VIIV
and
the
underlying
NAV
of
the
Fund.
If
a
portfolio
security
does
not
have
readily
available
market
quotations,
e.g.,
if
subject
to
an
extended
trading
halt,
that
fact,
along
with
the
identity
and
weighting
of
that
security
in
the
Fund’s
VIIV
calculation,
will
be
publicly
disclosed
on
the
Fund’s
website.
Trading
halts
of
portfolio
securities
may
have
a
greater
impact
on
the
Fund,
as
compared
with
traditional
ETFs,
due
to
less
frequent
dissemination
of
the
Fund’s
portfolio
holdings. 
financial
services
risk:
the
risk
that
an
investment
in
issuers
in
the
financial
services
sector
or
transactions
with
one
or
more
counterparties
in
the
financial
services
sector
may
be
adversely
affected
by,
among
other
things:
(i)
changes
in
governmental
regulation,
which
may
limit
both
the
amounts
and
the
types
of
loans
and
other
financial
commitments
financial
services
companies
can
make,
the
interest
rates
and
fees
they
can
charge,
the
scope
of
their
activities,
the
prices
they
can
charge
and
the
amount
of
capital
they
must
maintain;
(ii)
fluctuations,
including
as
a
result
of
interest
rate
changes
or
increased
competition,
in
the
availability
and
cost
of
capital
funds
on
which
the
profitability
of
financial
services
companies
is
largely
dependent;
(iii)
deterioration
of
the
credit
markets;
(iv)
credit
losses
resulting
from
financial
difficulties
of
borrowers,
especially
when
financial
services
companies
are
exposed
to
non-diversified
or
concentrated
loan
portfolios;
(v)
financial
losses
associated
with
investment
activities,
especially
when
financial
services
companies
are
exposed
to
financial
leverage;
(vi)
the
risk
that
any
financial
services
company
experiences
substantial
declines
in
the
valuations
of
its
Notes
to
Financial
Statements
(Cont.)
September
30,
2023
Annual
Report
|
September
30,
2023
59
assets,
takes
action
to
raise
capital,
or
ceases
operations;
(vii)
the
risk
that
a
market
shock
or
other
unexpected
market,
economic,
political,
regulatory,
or
other
event
might
lead
to
a
sudden
decline
in
the
values
of
most
or
all
companies
in
the
financial
services
sector;
and
(viii)
the
interconnectedness
or
interdependence
among
financial
services
companies,
including
the
risk
that
the
financial
distress
or
failure
of
one
financial
services
company
may
materially
and
adversely
affect
a
number
of
other
financial
services
companies.
foreign
currency
risk:
For
DBND
only
 the
risk
that
fluctuations
in
exchange
rates
may
adversely
affect
the
value
of
a
Fund’s
investments
denominated
in
foreign
currencies.
foreign
investing risk:
 For
DBND
Only:
the
risk
that
investments
in
foreign
securities
or
in
issuers
with
significant
exposure
to
foreign
markets,
as
compared
to
investments
in
U.S.
securities
or
in
issuers
with
predominantly
domestic
market
exposure,
may
be
more
vulnerable
to
economic,
political,
and
social
instability
and
subject
to
less
government
supervision,
less
protective
custody
practices,
lack
of
transparency,
inadequate
regulatory
and
accounting
standards,
delayed
or
infrequent
settlement
of
transactions,
and
foreign
taxes.
If
a
Fund
buys
securities
denominated
in
a
foreign
currency,
receives
income
in
foreign
currencies,
or
holds
foreign
currencies
from
time
to
time,
the
value
of
the
Fund’s
assets,
as
measured
in
U.S.
dollars,
can
be
affected
unfavorably
by
changes
in
exchange
rates
relative
to
the
U.S.
dollar
or
other
foreign
currencies.
Foreign
markets
are
also
subject
to
the
risk
that
a
foreign
government
could
restrict
foreign
exchange
transactions
or
otherwise
implement
unfavorable
currency
regulations.
In
addition,
foreign
securities
may
be
subject
to
currency
exchange
rates
or
regulations,
the
imposition
of
economic
sanctions,
tariffs or
other
government
restrictions,
higher
transaction
and
other
costs,
reduced
liquidity,
and
delays
in
settlement.
high
yield
risk:  
For
DBND
Only:
 the
risk
that
debt
instruments
rated
below
investment
grade
or
debt
instruments
that
are
unrated
and
of
comparable
or
lesser
quality
are
predominantly
speculative.
These
instruments,
commonly
known
as
"junk
bonds,"
have
a
higher
degree
of
default
risk
and
may
be
less
liquid
than
higher-rated
bonds.
These
instruments
may
be
subject
to
greater
price
volatility
due
to
such
factors
as
specific
corporate
developments,
interest
rate
sensitivity,
negative
perceptions
of
high
yield
investments
generally,
and
less
secondary
market
liquidity.
inflation-indexed
bond
risk:
For
DBND
Only
:
the
risk
that
such
bonds
will
change
in
value
in
response
to
actual
or
anticipated
changes
in
inflation
rates
in
a
manner
unanticipated
by
a
Fund's
portfolio
management
team
or
investors
generally.
Inflation-indexed
bonds
are
subject
to
debt
securities
risks. 
index risk:
For
CAPE
Only:
 although
the
Adviser
has
licensed
from
the
Index’s
sponsor
the
right
to
use
the
Index
as
part
of
implementing
the
Fund’s
principal
investment
strategies,
there
can
be
no
guarantee
that
the
Index
will
be
maintained
indefinitely
or
that
the
Fund
will
be
able
to
continue
to
utilize
the
Index
to
implement
the
Fund’s
principal
investment
strategies
indefinitely.
If
the
sponsor
of
the
Index
ceases
to
maintain
the
Index,
the
Fund
no
longer
has
the
ability
to
utilize
the
Index
to
implement
its
principal
investment
strategies,
or
other
circumstances
exist
that
the
Adviser
or
the
Fund’s
Board
of
Trustees
concludes
substantially
limit
the
Fund’s
ability
to
create
cost-effective
synthetic
investment
exposure
to
the
Index,
the
Adviser
or
the
Fund’s
Board
of
Trustees
may
substitute
the
Index
with
another
index
that
it
chooses
in
its
sole
discretion.
There
can
be
no
assurance
that
any
substitute
index
so
selected
will
be
similar
to
the
Index
or
will
perform
in
a
manner
similar
to
the
Index.
Unavailability
of
the
Index
could
affect
adversely
the
ability
of
the
Fund
to
achieve
its
investment
objective.
investment
company
and
exchange-traded
fund
risk:
the
risk
that
an
investment
company
or
other
pooled
investment
vehicle,
including
any
exchange-traded
funds
("ETFs")
or
money
market
funds,
in
which
a
Fund
invests
will
not
achieve
its
investment
objective
or
execute
its
investment
strategies
effectively
or
that
significant
purchase
or
redemption
activity
by
shareholders
of
such
an
investment
company
might
negatively
affect
the
value
of
its
shares.
A
Fund
must
pay
its
pro
rata
portion
of
an
investment
company's
fees
and
expenses.
To
the
extent
the
Adviser
determines
to
invest
Fund
assets
in
other
investment
companies,
the
Adviser
will
have
an
incentive
to
invest
in
other funds
investment
vehicles
sponsored
or
advised
by
the
Adviser
or
a
related
party
of
the
Adviser
over
investment
companies
sponsored
or
managed
by
others
and
to
maintain
such
investments
once
made
due
to
its
own
financial
interest
in
those
products
and
other
business
considerations. 
large
shareholder
risk:
the
risk
that
certain
account
holders,
including
the
Adviser
or
funds
or
accounts
over
which
the
Adviser
(or
related
parties
of
the
Adviser)
has
investment
discretion,
may
from
time
to
time
own
or
control
a
significant
percentage
of
the
Fund's
shares.
The
Fund
is
subject
to
the
risk
that
a
redemption
by
those
shareholders
of
all
or
a
portion
of
their
Fund
shares,
including
as
a
result
of
an
asset
allocation
decision
made
by
the
Adviser
(or
related
parties
of
the
Adviser),
will
adversely
affect
the
Fund's
performance
if
it
is
forced
to
sell
portfolio
securities
or
invest
cash
when
the
Adviser
would
not
otherwise
choose
to
do
so.
Redemptions
of
a
large
number
of
shares
may
affect
the
liquidity
of
the
Notes
to
Financial
Statements
(Cont.)
60
DoubleLine
ETF
Trust
September
30,
2023
Fund's
portfolio,
increase
the
Fund's
transaction
costs,
and
accelerate
the
realization
of
taxable
income
and/or
gains
to
shareholders.
Shareholder
redemptions
can
only
be
effected
in
creation
units
of
the
Fund.  
leveraging
risk:
For
Bond
ETFs
Only:
the
risk
that
certain
investments
by
a
Fund
involving
leverage
may
have
the
effect
of
increasing
the
volatility
of
the
value
of
the
Fund's
portfolio,
and
the
risk
of
loss
in
excess
of
invested
capital.  
limited
operating
history
risk:
the
Fund
is
recently
formed
and
has
a
limited
operating
history
for
investors
to
evaluate.
The
Fund
may
not
attract
sufficient
assets
to
achieve
or
maximize
investment
and
operational
efficiencies
and
remain
viable.
If
the
Fund
fails
to
achieve
sufficient
scale,
it
may
be
liquidated.
liquidity
risk:
the
risk
that
the
Fund
may
be
unable
to
sell
a
portfolio
investment
at
a
desirable
time
or
at
the
value
the
Fund
has
placed
on
the
investment.
Illiquidity
may
be
the
result
of,
for
example,
low
trading
volume,
lack
of
a
market
maker,
or
contractual
or
legal
restrictions
that
limit
or
prevent
the
Fund
from
selling
securities
or
closing
derivative
positions.
During
periods
of
substantial
market
disruption,
a
large
portion
of
the
Fund’s
assets
could
potentially
experience
significant
levels
of
illiquidity.
The
values
of
illiquid
investments
are
often
more
volatile
than
the
values
of
more
liquid
investments.
It
may
be
more
difficult
for
the
Fund
to
determine
a
fair
value
of
an
illiquid
investment
than
that
of
a
more
liquid
comparable
investment.
loan
risk:
For
Bond
ETFs
Only:
the
risk
that
(i)
if
the
Fund
holds
a
loan
through
another
financial
intermediary,
or
relies
on
a
financial
intermediary
to
administer
the
loan,
its
receipt
of
principal
and
interest
on
the
loan
may
be
subject
to
the
credit
risk
of
that
financial
intermediary;
(ii)
any
collateral
securing
a
loan
may
be
insufficient
or
unavailable
to
the
Fund,
because,
for
example,
the
value
of
the
collateral
securing
a
loan
can
decline,
be
insufficient
to
meet
the
obligations
of
the
borrower,
or
be
difficult
to
liquidate,
and
the
Fund's
rights
to
collateral
may
be
limited
by
bankruptcy
or
insolvency
laws;
(iii)
investments
in
highly
leveraged
loans
or
loans
of
stressed,
distressed,
or
defaulted
issuers
may
be
subject
to
significant
credit
and
liquidity
risk;
(iv)
a
bankruptcy
or
other
court
proceeding
could
delay
or
limit
the
ability
of
the
Fund
to
collect
the
principal
and
interest
payments
on
that
borrower's
loans
or
adversely
affect
the
Fund's
rights
in
collateral
relating
to
a
loan; (v)
there
may
be
limited
public
information
available
regarding
the
loan
and
the
relevant
borrower(s);
(vi)
the
use
of
a
particular
interest
rate
benchmark,
may
limit
the
Fund’s
ability
to
achieve
a
net
return
to
shareholders
that
consistently
approximates
the
average
published
Prime
Rate
of
U.S.
banks;
(vii)
the
prices
of
certain
floating
rate
loans
that
include
a
feature
that
prevents
their
interest
rates
from
adjusting
if
market
interest
rates
are
below
a
specified
minimum
level
may
appreciate
less
than
other
instruments
in
response
to
changes
in
interest
rates
should
interest
rates
rise
but
remain
below
the
applicable
minimum
level;
(viii)
if
a
borrower
fails
to
comply
with
various
restrictive
covenants
that
may
be
found
in
loan
agreements,
the
borrower
may
default
in
payment
of
the
loan;
(ix)
if
the
Fund
invests
in
loans
that
contain
fewer
or
less
restrictive
constraints
on
the
borrower
than
certain
other
types
of
loans
(“covenant-lite”
loans),
it
may
have
fewer
rights
against
the
borrowers
of
such
loans,
including
fewer
protections
against
the
possibility
of
default
and
fewer
remedies
in
the
event
of
default;
(x)
the
loan
is
unsecured;
(xi)
there
is
a
limited
secondary
market;
(xii)
transactions
in
loans
may
settle
on
a
delayed
basis,
and
the
Fund
may
not
receive
the
proceeds
from
the
sale
of
a
loan
for
a
substantial
period
of
time
after
the
sale,
which
may
result
in
sale
proceeds
related
to
the
sale
of
loans
not
being
available
to
make
additional
investments
or
to
meet
the
Fund’s
redemption
obligations
until
potentially
a
substantial
period
after
the
sale
of
the
loans;
and
(xiii)
loans
may
be
difficult
to
value
and
may
be
illiquid,
which
may
adversely
affect
an
investment
in
the
Fund.
The
Fund
may
invest
in
loans
directly
or
indirectly
by
investing
in
shares
of
another
investment
company
and
in
either
case
will
be
subject
to
the
risks
described
above.
market
capitalization
risk:
For
CAPE
Only:
 the
risk
that
investing
substantially
in
issuers
in
one
market
capitalization
category
(large,
medium
or
small)
may
adversely
affect
the
Fund
because
of
unfavorable
market
conditions
particular
to
that
category
of
issuers,
such
as
larger,
more
established
companies
being
unable
to
respond
quickly
to
new
competitive
challenges
or
attain
the
high
growth
rates
of
successful
smaller
companies,
or,
conversely,
stocks
of
smaller
companies
being
more
volatile
than
those
of
larger
companies
due
to,
among
other
things,
narrower
product
lines,
more
limited
financial
resources,
fewer
experienced
managers
and
there
typically
being
less
publicly
available
information
about
small
capitalization
companies. 
market
risk:
the
risk
that
markets
will
perform
poorly
or
that
the
returns
from
the
securities
in
which
a
Fund
invests
will
underperform
returns
from
the
general
securities
markets
or
other
types
of
investments.
Markets
may,
in
response
to
governmental
actions
or
intervention
or
general
market
conditions,
including
real
or
perceived
adverse
political,
economic
or
market
conditions,
tariffs
and
trade
disruptions,
inflation,
recession,
changes
in
interest
or
currency
rates,
lack
of
liquidity
in
the
bond
markets
or
adverse
investor
sentiment,
or
other
external
factors,
experience
periods
of
high
volatility
and
reduced
liquidity.
During
those
periods,
the
Fund
may
experience
high
levels
of
shareholder
redemptions,
which
may
only
occur
in
creation
units. 
To
satisfy
such
redemptions,
the
Fund
may
have
to
sell
securities
at
times
when
the
Fund
would
otherwise
not
do
so,
and
potentially
at
unfavorable
prices.
Certain
securities
may
be
difficult
to
value
during
such
Notes
to
Financial
Statements
(Cont.)
September
30,
2023
Annual
Report
|
September
30,
2023
61
periods.
Market
risk
involves
the
risk
that
the
value
of
the
Fund's
investment
portfolio
will
change,
potentially
frequently
and
in
large
amounts,
as
the
prices
of
its
investments
go
up
or
down.
During
periods
of
severe
market
stress,
it
is
possible
that
the
market
for
some
or
all
of
a
Fund's
investments
may
become
highly
illiquid.
Recently,
there
have
been
inflationary
price
movements,
which
have
caused
the
fixed
income
securities
markets
to
experience
heightened
levels
of interest
rate
volatility
and
liquidity
risk.
Please
see
“debt
securities
risks
interest
rate
risk”
herein
for
more
information.
mortgage-backed
securities
risk:
For
Bond
ETFs
Only:
 the
risk
that
borrowers
may
default
on
their
mortgage
obligations
or
the
guarantees
underlying
the
mortgage-backed
securities
will
default
or
otherwise
fail
and
that,
during
periods
of
falling
interest
rates,
mortgage-backed
securities
will
be
called
or
prepaid,
which
may
result
in
a
Fund
having
to
reinvest
proceeds
in
other
investments
at
a
lower
interest
rate.
During
periods
of
rising
interest
rates,
the
average
life
of
a
mortgage-backed
security
may
extend,
which
may
lock
in
a
below-market
interest
rate,
increase
the
security's
duration,
and
reduce
the
value
of
the
security.
Enforcing
rights
against
the
underlying
assets
or
collateral
may
be
difficult,
or
the
underlying
assets
or
collateral
may
be
insufficient
if
the
issuer
defaults.
The
values
of
certain
types
of
mortgage-backed
securities,
such
as
inverse
floaters
and
interest-only
and
principal-only
securities,
may
be
extremely
sensitive
to
changes
in
interest
rates
and
prepayment
rates.
A
Fund
may
invest
in
mortgage-backed
securities
that
are
subordinate
in
their
right
to
receive
payment
of
interest
and
repayment
of
principal
to
other
classes
of
the
issuer's
securities.
non-diversification
risk
:
the
risk
that,
because
a
relatively
higher
percentage
of
the
Fund's
assets
may
be
invested
in
a
limited
number
of
issuers,
the
Fund
may
be
more
susceptible
to
any
single
economic,
political,
or
regulatory
occurrence
than
a
diversified
fund
investing
in
a
broader
range
of
issuers.
A
decline
in
the
market
value
of
one
of
the
Fund's
investments
may
affect
the
Fund's
value
more
than
if
the
Fund
were
a
diversified
fund.
However,
the
Fund
intends
to
satisfy
the
asset
diversification
requirements
for
qualification
as
a
regulated
investment
company
(a
"
RIC
")
under
Subchapter
M
of
the
Internal
Revenue
Code
of
1986,
as
amended
(the
"
Code
"). 
operational
and
information
security
risks:
 an
investment
in
a
Fund,
like
any
fund,
can
involve
operational
risks
arising
from
factors
such
as
processing
errors,
human
errors,
inadequate
or
failed
internal
or
external
processes,
failures
in
systems
and
technology,
changes
in
personnel
and
errors
caused
by
third-party
service
providers.
The
occurrence
of
any
of
these
failures,
errors
or
breaches
could
result
in
investment
losses
to
a
Fund,
a
loss
of
information,
regulatory
scrutiny,
reputational
damage
or
other
events,
any
of
which
could
have
a
material
adverse
effect
on
a
Fund.
While
the
Funds
seek
to
minimize
such
events
through
controls
and
oversight,
there
may
still
be
failures
that
could
cause
losses
to
a
Fund.
portfolio
turnover
risk:
the
risk
that
frequent
purchases
and
sales
of
portfolio
securities
may
result
in
higher
Fund
expenses
and
may
result
in
larger
distributions
of
taxable
capital
gains
to
investors
as
compared
to
a
fund
that
trades
less
frequently.
real
estate
sector risk:
For CAPE,
DBND
and
DMBS
only:
the
risk
that
real
estate-related
investments
may
decline
in
value
as
a
result
of
factors
affecting
the
real
estate
sector,
such
as
the
supply
of
real
property
in
certain
markets,
changes
in
zoning
laws,
delays
in
completion
of
construction,
changes
in
real
estate
values,
changes
in
property
taxes,
levels
of
occupancy,
and
local,
regional
and
general
market
conditions.
real
estate
sector
and
commercial
real
estate
markets
risk:
For
DCMB
Only:
 the
risk
that
commercial
real
estate-related
investments
may
decline
in
value
as
a
result
of
factors
affecting
the
real
estate
sector
(and,
in
particular,
the
commercial
real
estate
markets),
such
as
the
supply
of
real
property
in
certain
markets,
changes
in
zoning
laws,
delays
in
completion
of
construction,
changes
in
real
estate
values,
changes
in
property
taxes,
levels
of
occupancy,
and
local,
regional,
and
general
market
conditions.
Commercial
real
estate
loans
are
secured
by
commercial
property
and
are
subject
to
the
risks
of
delinquency
and
foreclosure.
The
ability
of
a
borrower
to
repay
a
loan
secured
by
an
income-producing
property
typically
is
dependent
primarily
on
the
successful
operation
of
such
property.
If
a
borrower’s
net
operating
income
is
reduced
due
to
changing
national,
regional
or
local
economic
conditions,
changes
in
business
demand,
social
unrest
and
civil
disturbances,
political
unrest,
global
health
crises,
or
other
reasons,
then
the
borrower’s
ability
to
repay
the
loan
may
be
impaired.
Tenant
mix,
success
of
tenant
businesses,
property
management
decisions,
property
location
and
conditions,
competition
from
comparable
properties,
changes
in
laws
that
increase
operating
expenses
or
limit
rents
that
may
be
charged,
the
need
to
address
environmental
issues
associated
with
a
property,
declines
in
real
estate
values,
increases
in
interest
rates
or
taxes,
and
increase
in
regulatory
and
compliance
costs
can
all
negatively
affect
returns
on
investments
in
commercial
real
estate.
restricted
securities
risk:
For
Bond
ETFs
Only:
the
risk
that
a
Fund
may
be
prevented
or
limited
by
law
or
the
terms
of
an
agreement
from
selling
a
security
(a
"
restricted
security
").
To
the
extent
that
a
Fund
is
permitted
to
sell
a
restricted
security,
there
can
be
no
assurance
that
a
trading
market
will
exist
at
any
particular
time,
and
a
Fund
may
be
unable
to
dispose
of
the
security
promptly
at
reasonable
prices
or
at
all.
A
Fund
may
have
to
bear
the
expense
of
registering
the
securities
for
resale
and
the
risk
of
substantial
delays
in
effecting
the
registration.
Also,
restricted
securities
may
be
Notes
to
Financial
Statements
(Cont.)
62
DoubleLine
ETF
Trust
September
30,
2023
difficult
to
value
because
market
quotations
may
not
be
readily
available,
and
the
values
of
restricted
securities
may
have
significant
volatility.
securities
or
sector
selection
risk:
the
risk that
the
securities
held
by
the
Fund
will
underperform
securities
held
in
other
funds
investing
in
similar
asset
classes
or
comparable
benchmarks
because
of
the
portfolio
managers’
choice
of
securities
or
sectors
for
investment.
To
the
extent
the
Fund
focuses
or
concentrates
its
investments
in
a
particular
sector
or
related
sectors,
the
Fund
will
be
more
susceptible
to
events
or
factors
affecting
companies
in
that
sector
or
related
sectors.
For
example,
the
values
of
securities
of
companies
in
the
same
or
related
sectors
may
be
negatively
affected
by
the
common
characteristics
they
share,
the
common
business
risks
to
which
they
are
subject,
common
regulatory
burdens,
or
regulatory
changes
that
affect
them
similarly.
Such
characteristics,
risks,
burdens
or
changes
include,
but
are
not
limited
to,
changes
in
governmental
regulation,
inflation
or
deflation,
rising
or
falling
interest
rates,
competition
from
new
entrants,
and
other
economic,
market,
political
or
other
developments
specific
to
that
sector
or
related
sectors.
structured
products
and
structured
notes
risk: 
For
Bond
ETFs
Only:
the
risk
that
an
investment
in
a
structured
product,
which
includes,
among
other
things,
CDOs,
mortgage-backed
securities,
other
types
of
asset-backed
securities
and
certain
types
of
structured
notes,
may
decline
in
value
due
to
changes
in
the
underlying
instruments,
indexes,
interest
rates
or
other
factors
on
which
the
product
is
based
(“
reference
measure
”).
Depending
on
the
reference
measure
used
and
the
use
of
multipliers
or
deflators
(if
any),
changes
in
interest
rates
and
movement
of
the
reference
measure
may
cause
significant
price
and
cash
flow
fluctuations.
Application
of
a
multiplier
is
comparable
to
the
use
of
financial
leverage,
a
speculative
technique.
Holders
of
structured
products
indirectly
bear
risks
associated
with
the
reference
measure,
are
subject
to
counterparty
risk
and
typically
do
not
have
direct
rights
against
the
reference
measure.
Structured
products
are
generally
privately
offered
and
sold,
and
thus,
are
not
registered
under
the
securities
laws
and
may
be
thinly
traded
or
have
a
limited
trading
market
and
may
have
the
effect
of
increasing
the
Fund’s
illiquidity,
reducing
the
Fund’s
income
and
the
value
of
the
investment.
At
a
particular
point
in
time,
the
Fund
may
be
unable
to
find
qualified
buyers
for
these
securities.
Investments
in
structured
notes
involve
risks
including
interest
rate
risk,
credit
risk
and
market
risk.
U.S.
Government
securities
risk:
For
Bond
ETFs
Only:
the
risk
that
debt
securities
issued
or
guaranteed
by
certain
U.S.
Government
agencies,
instrumentalities,
and
sponsored
enterprises
are
not
supported
by
the
full
faith
and
credit
of
the
U.S.
Government,
and
so
investments
in
their
securities
or
obligations
issued
by
them
involve
credit
risk
greater
than
investments
in
other
types
of
U.S.
Government
securities. 
valuation
risk:
the
risk
that
a
Fund
will
not
value
its
investments
in
a
manner
that
accurately
reflects
their
market
values
or
that
the
Fund
will
not
be
able
to
sell
any
investment
at
a
price
equal
to
the
valuation
ascribed
to
that
investment
for
purposes
of
calculating
the
Fund's
net
asset
value ("
NAV
").
The
valuation
of
a
Fund's
investments
involves
subjective
judgment.
Certain
securities
in
which
the
Fund
may
invest
may
be
more
difficult
to
value
accurately,
especially
during
periods
of
market
disruptions
or
extreme
market
volatility.
Incorrect
valuations
of
the
Fund's
portfolio
holdings
could
result
in
the
Fund's
shareholder
transactions
being
effected
at
an
NAV
that
does
not
accurately
reflect
the
underlying
value
of
the
Fund's
portfolio,
resulting
in
the
dilution
of
shareholder
interests. 
12. Subsequent
Events 
In
preparing
these
financial
statements,
the
Funds
have
evaluated
events
and
transactions
for
potential
recognition
or
disclosure
through
the
date
the
financial
statements
were
issued.
The
Funds
have
determined
there
are
no
additional
subsequent
events
that
would
need
to
be
disclosed
in
the
Funds'
financial
statements. 
Annual
Report
|
September
30,
2023
63
Report
of
Independent
Registered
Public
Accounting
Firm
September
30,
2023
The
Board
of
Trustees
and
Shareholders
of
DoubleLine
ETF
Trust:
Opinion
on
the
Financial
Statements
and
Financial
Highlights
We
have
audited
the
accompanying
statements
of
assets
and
liabilities
of
DoubleLine
ETF
Trust
(the
“Trust”)
comprising
the
DoubleLine
Opportunistic
Bond
ETF,
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF,
DoubleLine
Commercial
Real
Estate
ETF,
and
DoubleLine
Mortgage
ETF
(the
“ETF’s”),
including
the
schedules
of
investments,
as
of
September
30,
2023;
the
related
statements
of
operations,
changes
in
net
assets,
and
the
financial
highlights
for
the
periods
as
indicated
in
the
table
below
for
DoubleLine
Opportunistic
Bond
ETF,
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF,
DoubleLine
Commercial
Real
Estate
ETF,
and
DoubleLine
Mortgage
ETF;
and
the
related
notes.
In
our
opinion,
the
financial
statements
and
financial
highlights
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
funds
constituting
DoubleLine
ETF
Trust
as
of
September
30,
2023,
and
the
results
of
their
operations
for
the
year
then
ended
(or
for
the
period
listed
in
the
table
below),
the
changes
in
their
net
assets
for
each
of
the
two
years
in
the
period
then
ended
(or
for
the
period
listed
in
the
table
below),
and
the
financial
highlights
for
each
of
the
two
years
in
the
period
then
ended
(or
for
the
period
listed
in
the
table
below),
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
and
financial
highlights
are
the
responsibility
of
the
Trust’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Trust’s
financial
statements
and
financial
highlights
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Trust
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
Individual
Fund
Comprising
the
DoubleLine
ETF
Trust
Statement
of
Operations
Statements
of
Changes
in
Net
Assets
Financial
Highlights
DoubleLine
Opportunistic
Bond
ETF
For
the
year
ended
September
30,
2023
For
the
year
ended
September
30,
2023
and
for
the
period
from
March
31,
2022
(commencement
of
operations)
through
September
30,
2022.
For
the
year
ended
September
30,
2023,
and
for
the
period
from
March
31,
2022
(commencement
of
operations)
through
September
30,
2022.
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
For
the
year
ended
September
30,
2023
For
the
year
ended
September
30,
2023
and
for
the
period
from
March
31,
2022
(commencement
of
operations)
through
September
30,
2022.
For
the
year
ended
September
30,
2023,
and
for
the
period
from
March
31,
2022
(commencement
of
operations)
through
September
30,
2022.
DoubleLine
Commercial
Real
Estate
ETF
For
the
period
from
March
31,
2023
(commencement
of
operations)
through
September
30,
2023.
For
the
period
from
March
31,
2023
(commencement
of
operations)
through
September
30,
2023.
For
the
period
from
March
31,
2023
(commencement
of
operations)
through
September
30,
2023.
DoubleLine
Mortgage
ETF
For
the
period
from
March
31,
2023
(commencement
of
operations)
through
September
30,
2023.
For
the
period
from
March
31,
2023
(commencement
of
operations)
through
September
30,
2023.
For
the
period
from
March
31,
2023
(commencement
of
operations)
through
September
30,
2023.
Report
of
Independent
Registered
Public
Accounting
Firm
(Cont.)
64
DoubleLine
ETF
Trust
September
30,
2023
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
and
financial
highlights
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Trust
is
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
their
internal
control
over
financial
reporting.
As
part
of
our
audits
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Trust’s
internal
control
over
financial
reporting.
Accordingly,
we
express
no
such
opinion.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
state-
ments
and
financial
highlights,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements
and
financial
highlights.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
finan-
cial
statements
and
financial
highlights.
Our
procedures
included
confirmation
of
investments
owned
as
of
Sep-
tember
30,
2023,
by
correspondence
with
the
custodian,
agent
banks,
transfer
agent,
and
brokers;
when
replies
were
not
received
from
agent
banks
and
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
Costa
Mesa,
California
November
21,
2023
We
have
served
as
the
auditor
of
one
or
more
affiliated
investment
companies
of
DoubleLine
Funds
investment
companies
since
2013.
Annual
Report
|
September
30,
2023
65
Shareholder
Expenses
September
30,
2023
Example
As
a
shareholder
of
the
Funds,
you
incur
two
basic
types
of
costs:
(1)
transaction
costs,
and
(2)
ongoing
costs,
including
management
fees;
and
other
Fund
expenses.
This
Example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
each
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other exchange-traded funds.
The
Example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period October
1,
2022 through
September
30,
2023.
Expenses
paid
during
the
period
are
equal
to
the
net
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(to
reflect
the
one-half
year
period).
The
actual
dollar
amounts
shown
as
expenses
paid
during
the
period
for
the
DoubleLine
Commercial
Real
Estate
ETF
and DoubleLine
Mortgage
ETF
Fund
are
multiplied
by
183/365
which
is
based
on
the
inception
date
of
March
31,
2023.
Actual
Expenses
The
actual
return
columns
in
the
following
table
provide
information
about
account
values
based
on
actual
returns
and
actual
expenses.
You
may
use
the
information
in
these
columns,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
respective
line
under
the
heading
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
In
addition
to
the
expenses
shown
below
in
the
table,
as
a
shareholder
you
will
be
assessed
fees
for
outgoing
wire
transfers,
returned
checks
and
stop
payment
orders
at
prevailing
rates
charged
by
JP
Morgan
Chase
Bank,
N.A.,
the
Fund’s
transfer
agent.
Currently,
if
you
request
a
redemption
be
made
by
wire,
a
$15.00
fee
is
charged
by
the
Fund’s
transfer
agent.
An
Individual
Retirement
Account
("IRA")
will
be
charged
a
$15.00
annual maintenance
fee. The
transfer
agent
charges
a
transaction
fee
of
$25.00
on
returned
checks
and
stop
payment
orders.
If
you
paid
a
transaction
fee,
you
would
add
the
fee
amount
to
the
expenses
paid
on
your
account
this
period
to
obtain
your
total
expenses
paid.
Hypothetical
Example
for
Comparison
Purposes 
The
hypothetical
return
columns
in
the
following
table
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
a
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
a
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
the
transaction
fees
discussed
above.
Therefore,
those
columns
are
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Actual
Hypothetical
(5%
return
before
expenses)
Fund's
Annualized
Expense
Ratio
Beginning
Account
Value
Ending
Account
Value
at
9/30/23
Expenses
Paid
During
Period
(a)
Ending
Account
Value
at
9/30/23
Expenses
Paid
During
Period
(a)
DoubleLine
Opportunistic
Bond
ETF
0.50%
$1,000
$966
$2.46
$1,023
$2.54
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
0.65%
$1,000
$1,049
$3.34
$1,022
$3.29
DoubleLine
Commercial
Real
Estate
ETF
0.39%
$1,000
$1,027
$1.98
$1,023
$1.98
DoubleLine
Mortgage
ETF
0.49%
$1,000
$953
$2.40
$1,023
$2.48
(a)
Expenses
Paid
During
Period
are
equal
to
the
net
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(to
reflect
the
one-half
year
period).
The
actual
dollar
amounts
shown
as
expenses
paid
during
the
period
for
the
DoubleLine
Commercial
Real
Estate
ETF
and
DoubleLine
Mortgage
ETF
are
multiplied
by
183/365
which
is
based
on
the
inception
date
of
March
31,
2023.
Evaluation
of
Advisory
Agreement
by
the
Board
of
Trustees
66
DoubleLine
ETF
Trust
(Unaudited)
September
30,
2023
DoubleLine
Commercial
Real
Estate
ETF
DoubleLine
Mortgage
ETF 
At
a
meeting
held
on
February
21,
2023
(the
“February
Meeting”),
the
Board
of
Trustees
(the
“Board”
or
the
“Trustees”)
of
DoubleLine
ETF
Trust
(the
“Trust”)
approved
an
investment
advisory
agreement
(the
“Advisory
Agreement”)
between
DoubleLine
ETF
Adviser
LP
(the
“Adviser”)
and
the
Trust,
on
behalf
of
two
new
series
of
the
Trust,
DoubleLine
Commercial
Real
Estate
ETF
and
DoubleLine
Mortgage
ETF
(the
“Funds”),
pursuant
to
which
the
Adviser
will
provide
investment
advisory
services
to
the
Funds.
The
vote
included
approval
by
the
Trustees
who
are
not
“interested
persons”
(as
defined
in
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”))
of
the
Funds
(the
“Independent
Trustees”),
voting
separately.
The
Trustees’
determination
to
approve
the
Advisory
Agreement
was
made
on
the
basis
of
each
Trustee’s
business
judgment
after
an
evaluation
of
all
of
the
information
provided
to
the
Trustees,
including
information
provided
for
their
consideration
at
the
February
Meeting,
including
portions
held
outside
the
presence
of
management,
specifically
to
review
and
consider
materials
related
to
the
proposed
approval
of
the
Advisory
Agreement.
The
Trustees
also
met
with
personnel
from
the
Adviser’s
various
functional
groups
and
reviewed
detailed
information,
presented
both
orally
and
in
writing,
regarding
the
services
proposed
to
be
performed
by
the
Adviser
for
the
benefit
of
the
Funds,
the
Adviser’s
investment
program
for
each
Fund,
the
proposed
fees
and
estimated
expenses
of
each
Fund,
and
the
operations
of
each
Fund.
The
Trustees
also
considered
the
operational
structure
of
the
Adviser,
noting
that
it
sources
personnel,
services
and
resources
from
DoubleLine
Group
LP
("DoubleLine”)
pursuant
to
inter-company
agreements.
This
summary
describes
a
number,
but
not
necessarily
all,
of
the
most
important
factors
considered
by
the
Board
and
the
Independent
Trustees.
Individual
Trustees
may
have
given
different
weights
to
certain
factors
and
assigned
various
degrees
of
materiality
to
information
received
in
connection
with
the
approval
process.
No
single
factor
was
determined
to
be
decisive
or
controlling.
In
all
their
deliberations,
the
Independent
Trustees
were
advised
by
independent
counsel.
Nature,
Extent
and
Quality
of
Services
to
be
Provided
by
the
Adviser
The
Trustees
considered
the
nature,
extent,
and
quality
of
the
services
expected
to
be
provided
by
the
Adviser
to
each
Fund,
including
the
terms
of
the
proposed
Advisory
Agreement,
the
expertise
and
experience
of
investment
personnel,
the
resources
of
the
Adviser,
and
the
broader
compliance
history
and
compliance
program
of
the
Adviser
complex.
In
their
evaluation
of
the
services
proposed
to
be
provided
by
the
Adviser,
the
Trustees
considered
that
the
Adviser
will
provide
a
full
investment
program
for
the
Funds,
including
a
number
of
back-office
services,
valuation
services,
compliance
services,
liquidity
monitoring
services,
certain
forms
of
information
technology
services
(such
as
internal
reporting),
assistance
with
accounting
services,
and
supervision
and
monitoring
of
the
Funds’
other
service
providers.
The
Board
also
considered
the
performance
record,
experience
and
expertise
of
the
firm’s
portfolio
management
personnel,
including,
among
others,
those
who
would
serve
as
portfolio
managers
for
the
Funds.
The
Trustees
also
considered
performance
information
for
comparable
sleeves
of
certain
DoubleLine-managed
open-end
mutual
funds.
Additionally,
the
responses
of
the
Adviser
to
a
detailed
series
of
questions,
which
included
information
about
the
investment
advisory
services
to
be
provided
by
the
Adviser
to
the
Funds,
were
available
to
the
Board,
as
were
the
most
recent
investment
adviser
registration
form
(“Form
ADV”)
for
the
Adviser,
in
the
materials
or
through
public
disclosure.
Based
on
the
factors
above
and
those
discussed
below,
and
in
light
of
the
Board’s
satisfaction
with
the
services
provided
by
the
Adviser
to
the
other
series
of
the
Trust,
the
Board
concluded,
within
the
context
of
its
full
deliberations,
that
the
nature,
extent
and
quality
of
the
services
to
be
provided
to
the
Funds
by
the
Adviser
would
be
satisfactory.
Costs
of
Advisory
Services
In
considering
the
management
fees
payable
by
the
Funds
to
the
Adviser,
the
Trustees
reviewed
a
report
prepared
by
Strategic
Insight
(the
“Strategic
Insight
Report”),
that
compared,
among
other
information,
each
Fund’s
proposed
gross
management
fee
rate
and
estimated
net
total
expense
ratio
against
the
gross
management
fee
rate
and
net
total
expense
ratio
of
a
group
of
peers
selected
by
Strategic
Insight.
In
reviewing
the
Strategic
Insight
Report,
the
Trustees
also
considered
the
Trust’s
unitary
fee
structure,
which
includes
operating
expenses
in
addition
to
management
fees,
and
noted
that
this
structure
was
comparable
to
the
structure
employed
by
certain
peers
but
different
from
the
structure
employed
by
peers
that
separated
management
fees
from
other
operating
expenses.
The
Trustees
considered
the
services
proposed
to
be
provided
in
exchange
for
the
unitary
fee.
The
Board
considered
that
the
Adviser
would
pay
all
operating
expenses
of
the
Funds,
except
for:
(i)
management
fees;
(ii)
interest
expenses;
(iii)
dividends
and
other
expenses
on
securities
sold
short;
(iv)
taxes;
(v)
expenses
incurred
with
respect
to
the
acquisition
and
disposition
of
portfolio
securities
and
the
execution
of
portfolio
transactions,
including
brokerage
commissions;
(vi)
acquired
fund
Evaluation
of
Advisory
Agreement
by
the
Board
of
Trustees
(Cont.)
(Unaudited)
September
30,
2023
Annual
Report
|
September
30,
2023
67
fees
and
expenses;
(vi)
accrued
deferred
tax
liabilities;
(vii)
distribution
fees
or
expenses;
and
(viii)
any
extraordinary
expenses
(such
as
litigation
expenses).  
The
Trustees
considered
the
Adviser’s
pricing
policy
for
its
management
fees
and
that
the
Adviser
does
not
seek
to
be
a
lowest
cost
provider,
nor
does
it
have
a
policy
to
set
its
management
fees
below
the
median
of
a
Fund’s
peers,
but
rather
seeks
to
set
fees
at
a
competitive
level
that
reflects
the
Adviser’s
demonstrated
significant
expertise
and
experience
in
the
investment
strategies
proposed
to
be
pursued
by
the
Funds.
The
Board
concluded,
within
the
context
of
its
full
deliberations,
that
the
proposed
management
fees
were
reasonable
in
light
of
the
nature,
extent
and
quality
of
the
services
expected
to
be
rendered
by
the
Adviser.
Investment
Performance,
Profitability
and
Economies
of
Scale
Because
the
Funds
were
new
and
had
not
commenced
operations,
they
did
not
yet
have
their
own
investment
performance
record,
although
the
Board
took
into
account
the
performance
of
comparable
sleeves
of
certain
open-end
mutual
funds
managed
by
DoubleLine
over
various
time
periods.
In
particular,
the
Trustees
considered
the
performance
of
those
sleeves
over
the
one-,
three-,
five-
and
ten-year
periods
ended
December
31,
2022
and
since
the
inception
of
each
sleeve
through
December
31,
2022.
The
Trustees
noted
that
the
investment
strategies
employed
by
the
sleeves
were
substantially
similar
to
the
strategies
proposed
to
be
employed
for
the
Funds,
and
determined,
within
the
context
of
their
full
deliberations,
that
the
performance
of
the
sleeves
was
sufficient
to
support
the
approval
of
the
Advisory
Agreement.
Because
the
Funds
were
new,
it
was
not
possible
to
determine
the
profitability
that
the
Adviser
might
achieve
with
respect
to
the
Funds
or
the
extent
to
which
economies
of
scale
would
be
realized
by
the
Adviser
as
the
assets
of
the
Funds
grow.
Nonetheless,
the
Trustees
considered
an
analysis
prepared
by
the
Adviser
showing
projected
profitability
with
respect
to
each
Fund
over
one-,
two-
and
three-year
periods.
The
Trustees
concluded
that
the
projected
profitability
was
reasonable.
In
their
evaluation
of
economies
of
scale,
the
Trustees
considered
management’s
view
that
the
proposed
fees
for
the
Funds
are
consistent
with
the
Adviser’s
pricing
philosophy
of
proposing
an
initial
fee
structure
that
allows
each
ETF
to
be
immediately
competitive
with
its
peers,
and
is
designed
to
reflect
and
share
with
shareholders
achievable
economies
of
scale.
On
the
basis
of
these
considerations
as
well
as
others
and
in
the
exercise
of
their
business
judgment,
the
Trustees,
including
all
of
the
Independent
Trustees,
concluded
that
it
would
be
appropriate
to
approve
the
Advisory
Agreement
for
each
Fund
for
an
initial
two-
year
period.
Statement
Regarding
the
Funds’
Liquidity
Risk
Management
Program
68
DoubleLine
ETF
Trust
(Unaudited)
September
30,
2023
The
Funds
have
adopted
a
liquidity
risk
management
program.
The
program’s
principal
objectives
include
mitigating
the
risk
that
a
Fund
is
unable
to
meet
its
redemption
obligations
timely
and
supporting
each
Fund’s
compliance
with
its
limits
on
investments
in
illiquid
assets.
For
the
fiscal
year
ended September
30,
2023,
the
program
administrator
determined
that
the
program
supported
each
Fund’s
ability
to
honor
redemption
requests
timely
and
the
Adviser’s
management
of
each
Fund’s
liquidity
profile.
The
program
includes
a
number
of
elements
that
support
the
assessment
and
management
of
liquidity
risk,
including
the
periodic
classification
and
re-classification
of
a
Fund’s
investments
into
groupings
based
on
the
Adviser’s
view
of
their
liquidity.
There
can
be
no
assurance
that
the
program
will
achieve
its
objectives.
Please
refer
to
your
Fund’s
prospectus
for
more
information
regarding
the
Fund’s
exposure
to
liquidity
risk
and
other
risks
to
which
an
investment
in
the
Fund
may
be
subject. 
Annual
Report
|
September
30,
2023
69
Federal
Tax
Information
(Unaudited)
September
30,
2023
For
the
year
ended
September
30,
2023,
certain
dividends
paid
by
the
Funds
may
be
subject
to
a
maximum
tax
rate
of
15%
(20%
for
taxpayers
with
taxable
income
greater
than
$459,750
for
single
individuals
and
$517,200
for
married
couples
filing
jointly),
as
provided
for
by
the
Jobs
and
Growth
Tax
Relief
Reconciliation
Act
of
2003
and
The
Tax
Cuts
and
Jobs
Act
of
2017.
The
percentage
of
dividends
declared
from
ordinary
income
designated
as
qualified
dividend
income
was
as
follows:
For
corporate
shareholders,
the
percent
of
ordinary
income
distributions
qualifying
for
the
corporate
dividends
received
deduction
for
the
year ended September
30,
2023 was
as
follows:
The
percentage
of
taxable
ordinary
income
distributions
that
are
designated
as
short-term
capital
gain
distributions
under
Internal
Revenue
Section
871(k)(2)(c)
for
the
year ended September
30,
2023 for
each
Fund
was
as
follows:
The
percentage
of
taxable
ordinary
income
distributions
that
are
designated
as
interest
related
dividends
under
Internal
Revenue
Section
871(k)(1)(c)
for
the
year ended
 September
30,
2023 for
each
Fund
was
as
follows:
Shareholders
are
advised
to
consult
their
own
tax
adviser
with
respect
to
the
tax
consequences
of
their
investment
in
the
Funds. 
Qualified
Dividend
Income
DoubleLine
Opportunistic
Bond
ETF
0.00%
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
100.00%
DoubleLine
Commercial
Real
Estate
ETF
0.00%
DoubleLine
Mortgage
ETF
0.00%
Dividends
Received
Deduction
DoubleLine
Opportunistic
Bond
ETF
0.00%
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
100.00%
DoubleLine
Commercial
Real
Estate
ETF
0.00%
DoubleLine
Mortgage
ETF
0.00%
Qualified
Short-Term
Gains
DoubleLine
Opportunistic
Bond
ETF
0.00%
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
0.00%
DoubleLine
Commercial
Real
Estate
ETF
0.00%
DoubleLine
Mortgage
ETF
0.00%
Qualified
Interest
Income
DoubleLine
Opportunistic
Bond
ETF
97.20%
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
0.00%
DoubleLine
Commercial
Real
Estate
ETF
100.00%
DoubleLine
Mortgage
ETF
100.00%
Trustees
and
Officers
70
DoubleLine
ETF
Trust
(Unaudited)
September
30,
2023
(1)
The
term
“Fund
Complex”
as
used
herein
includes
the
series
of
DoubleLine
ETF
Trust.
Messrs.
Woolson,
Ciprari,
and
Salter
serve
as
an
Independent
Trustee
of
the
DoubleLine
Funds
Trust,
a
separate
Trust
which
offers
series
of
open-end
mutual
funds.
Name
and
Year
of
Birth
Position
with
Trust
Term
of
Office
and
Length
of
Time
Served
Principal
Occupation(s)
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Trustee
(1)
Other
Directorships
Held
by
Trustee
During
Past
5
Years
Independent
Trustees
Yury
Friedman
1956
Trustee
Indefinite/Since
November
2021
Retired.
Formerly,
Managing
Director,
Institutional
Fixed
Income,
Citibank.
4
None
William
A.
Odell
1965
Trustee
Indefinite/Since
November
2021
Retired.
Formerly,
Vice
President
and
Regional
Sales
Manager,
Fidelity
Investments.
4
None
Raymond
B.
Woolson
1958
Trustee
Indefinite/Since
November
2021
President,
Apogee
Group,
Inc.,
a
company
providing
financial
consulting
services.
4
Independent
Trustee,
DoubleLine
Funds
Trust;
DoubleLine
Opportunistic
Credit
Fund;
DoubleLine
Income
Solutions
Fund;
DoubleLine
Yield
Opportunities
Fund;
Advisors
Series
Trust
Joseph
J.
Ciprari
1964
Trustee
Indefinite/Since
September
2023
Executive
Vice
President,
Pointivo,
Inc.,
a
software
development
firm.
President,
Remo
Consultants,
a
real
estate
financial
consulting
firm.
Formerly,
Managing
Director,
UBS
AG.
Formerly,
Managing
Director,
Ally
Securities
LLC
4
Independent
Trustee,
DoubleLine
Funds
Trust;
DoubleLine
Opportunistic
Credit
Fund;
DoubleLine
Income
Solutions
Fund;
DoubleLine
Yield
Opportunities
Fund.
John
C.
Salter
1957
Trustee
Indefinite/Since
September
2023
American
Veterans
Group,
an
investment
bank
and
broker
dealer
specializing
in
financial
services
to
American
military
veteran
communities.
Formerly,
Partner,
Stark
Municipal
Brokers.
Formerly,
Managing
Director,
Municipals,
Tullet
Prebon
Financial
Services
LLC
(d/b/a
Chapdelaine).
Formerly,
Partner,
Stark,
Salter
&
Smith,
a
securities
brokerage
firm
specializing
in
tax
exempt
bonds.
4
Independent
Trustee,
DoubleLine
Funds
Trust;
DoubleLine
Opportunistic
Credit
Fund;
DoubleLine
Income
Solutions
Fund;
DoubleLine
Yield
Opportunities
Fund.
Trustees
and
Officers
(Cont.)
(Unaudited)
September
30,
2023
Annual
Report
|
September
30,
2023
71
Each
of
the
following
Trustees
is
an
interested
person
of
the
Trust
as
defined
in
the
1940
Act
because
they
are
officers
of
affiliated
entities
or
related
parties
of
the
Advisers
and
hold
direct
or
indirect
ownership
interests
in
affiliated
entities
of
the
Advisers.
Additionally,
Mr.
Redell
is
an
officer
of
the
Trust.
(1)
The
term
“Fund
Complex”
as
used
herein
includes
the
series
of
DoubleLine
ETF
Trust.
Messrs.
Gundlach
and
Redell
serve
as
Interested
Trustees
of
the
DoubleLine
Funds
Trust,
a
separate
Trust
which
offers
series
of
open-end
mutual
funds.
Name
and
Year
of
Birth
Position
with
Trust
Term
of
Office
and
Length
of
Time
Served
Principal
Occupation(s)
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Trustee
(1)
Other
Directorships
Held
by
Trustee
During
Past
5
Years
Interested
Trustees
Jeffrey
E.
Gundlach
1959
Trustee
Indefinite/Since
November
2021
Chief
Executive
Officer
and
Chief
Investment
Officer,
DoubleLine
Capital
LP
(since
December
2009).
4
Interested
Trustee,
DoubleLine
Funds
Trust
Ronald
R.
Redell
1970
President
and
Trustee
Indefinite/President
Since
Inception
and
Trustee
Since
November
2021
Trustee,
Chairman,
President
and
Chief
Executive
Officer
of
DoubleLine
Yield
Opportunities
Fund
(since
November
2019);
Trustee,
Chairman,
President,
and
Chief
Executive
Officer,
DoubleLine
Income
Solutions
Fund
(since
January
2013);
President,
DoubleLine
Group
LP
(since
January
2019)
and
Executive
(from
January
2013
to
January
2019);
Trustee,
Chairman,
President
and
Chief
Executive
Officer,
DoubleLine
Opportunistic
Credit
Fund
(since
July
2011);
Executive,
DoubleLine
Capital
(since
July
2010);
President
(since
January
2010)
and
Interested
Trustee
(from
January
2010
to
September
2023).
4
Trustees
and
Officers
(Cont.)
72
DoubleLine
ETF
Trust
(Unaudited)
September
30,
2023
Officers
The
Officers
of
the
Trust
who
are
not
also
Trustees
of
the
Trust
are:
Name
and
Year
of
Birth
Position(s)
Held
with
Trust
Term
of
Office
and
Length
of
Time
Served
Principal
Occupation(s)
During
Past
5
Years
Henry
V.
Chase
1949
Treasurer
and
Principal
Financial
and
Accounting
Officer
Indefinite/Since
November
2021
Treasurer
and
Principal
Financial
and
Accounting
Officer,
DoubleLine
Funds
Trust
(since
January
2020);
Treasurer
and
Financial
and
Accounting
Officer,
DoubleLine
ETF
Trust
(since
November
2021);
Treasurer
and
Principal
Financial
and
Accounting
Officer,
DoubleLine
Yield
Opportunities
Fund
(since
January
2020);
Treasurer
and
Principal
Financial
and
Accounting
Officer,
DoubleLine
Income
Solutions
Fund
(since
January
2020);
Treasurer
and
Principal
Financial
and
Accounting
Officer,
DoubleLine
Opportunistic
Credit
Fund
(since
January
2020);
Chief
Financial
Officer,
DoubleLine
Group
LP
(since
January
2013);
Vice
President,
DoubleLine
Yield
Opportunities
Fund
(since
November
2019);
Vice
President,
DoubleLine
Income
Solutions
Fund
(since
May
2019);
Vice
President,
DoubleLine
Funds
Trust
(since
May
2019);
Vice
President,
DoubleLine
Opportunistic
Credit
Fund
(since
May
2019).
Youse
Guia
1972
Chief
Compliance
Officer
Indefinite/Since
November
2021
Chief
Compliance
Officer,
DoubleLine
Yield
Opportunities
Fund
(since
November
2019);
Chief
Compliance
Officer,
DoubleLine
Group
LP
(since
March
2018);
Chief
Compliance
Officer,
DoubleLine
Funds
Trust
(since
March
2018);
Chief
Compliance
Officer,
DoubleLine
Opportunistic
Credit
Fund
(since
March
2018);
Chief
Compliance
Officer,
DoubleLine
Income
Solutions
Fund
(since
March
2018);
Chief
Compliance
Officer,
DoubleLine
ETF
Trust
(since
November
2021).
Formerly,
Executive
Vice
President
and
Deputy
Chief
Compliance
Officer,
Pacific
Investment
Management
Company
LLC
(“PIMCO”)
(from
April
2014
to
February
2018);
Chief
Compliance
Officer,
PIMCO
Managed
Accounts
Trust
(from
September
2014
to
February
2018);
Chief
Compliance
Officer,
PIMCO-sponsored
closed-end
funds
(from
September
2014
to
February
2018);
Chief
Compliance
Officer,
PIMCO
Flexible
Credit
Income
Fund
(from
February
2017
to
February
2018).
Formerly,
Head
of
Compliance,
Allianz
Global
Investors
U.S.
Holdings
LLC
(from
October
2012
to
March
2014);
Chief
Compliance
Officer,
Allianz
Funds,
Allianz
Multi-Strategy
Trust,
Allianz
Global
Investors
Sponsored
Closed-End
Funds,
Premier
Multi-Series
VIT
and
The
Korea
Fund,
Inc.
(from
October
2004
to
December
2013).
Lisa
Chen
1979
Anti-Money
Laundering
Compliance
Officer
Indefinite/Since
September
2023
Anti-Money
Laundering
Compliance
Officer,
DoubleLine
Funds
Trust
(since
September
2023);
Anti-Money
Laundering
Compliance
Officer,
DoubleLine
ETF
Trust
(since
September
2023);
Compliance
Manager,
DoubleLine
Group
LP
(since
March
2022).
Formerly,
Vice
President,
Senior
Compliance
Officer,
PIMCO
(from
April
2016
February
2022).
Carolyn
Liu-Hartman
1981
Secretary
Indefinite/Since
November
2021
Legal/Compliance,
DoubleLine
Group
LP
(since
June
2020).
Formerly,
Senior
Counsel,
Invesco
(from
May
2019
to
June
2020);
Vice
President
and
Associate
General
Counsel,
OppenheimerFunds
(from
February
2015
to
May
2019).
Annual
Report
|
September
30,
2023
73
Information
About
Proxy
Voting
(Unaudited)
September
30,
2023
Information
about
how
a
Fund
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
twelve
month
period
will
be
available
no
later
than
the
following
August
31st
without
charge,
upon
request,
by
calling (855)
937-0772 and
on
the
SEC’s
website
at
http://www.sec.gov.
Copies
of
the
written
Proxy
Policy
are
available
by
calling
(855)
937-0772.
Information
About
Portfolio
Holdings
DoubleLine
Bond
ETFs
The
DoubleLine
Bond
ETFs’
entire
portfolio
holdings
are
publicly
disseminated
each
day
the
Funds
are
open
for
business
through
financial
reporting
and
news
services
including
publicly
available
internet
web
sites.
In
addition,
the
composition
of
the
Funds’
in-
kind
creation
basket
and
the
in-kind
redemption
basket
is
publicly
disseminated
daily
prior
to
the
opening
of
the
Exchange
via
the
NSCC.
Greater
than
daily
access
to
information
concerning
the
Funds’
portfolio
holdings
is
permitted
(i)
to
certain
personnel
of
service
providers
to
the
Funds
involved
in
portfolio
management
and
providing
administrative,
operational,
risk
management,
or
other
support
to
portfolio
management,
and
(ii)
to
other
personnel
of
the
Funds’
service
providers
who
deal
directly
with,
or
assist
in,
functions
related
to
investment
management,
administration,
custody
and
fund
accounting,
as
may
be
necessary
to
conduct
business
in
the
ordinary
course
in
a
manner
consistent
with
applicable
law,
agreements
with
the
Funds,
and
the
terms
of
the
Trust’s
current
registration
statement.
From
time
to
time,
and
in
the
ordinary
course
of
business,
such
information
may
also
be
disclosed
(i)
to
other
entities
that
provide
services
to
the
Funds,
including
pricing
information
vendors,
and
third
parties
that
deliver
analytical,
statistical
or
consulting
services
to
the
Funds
and
(ii)
generally
after
it
has
been
disseminated
to
the
NSCC.
No
person
is
authorized
to
disclose
any
of
the
Funds’
portfolio
holdings
or
other
investment
positions
(whether
in
writing,
by
fax,
by
e-mail,
orally,
or
by
other
means)
except
in
accordance
with
the
above.
The
Trust’s
Chief
Compliance
Officer
may
authorize
disclosure
of
portfolio
holdings.
The
Board
reviews
the
implementation
of
this
policy
on
a
periodic
basis.
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF
The
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF
does
not
make
its
full
portfolio
holdings
publicly
available
on
a
daily
basis.
Information
regarding
the
Fund’s
portfolio
holdings
may
be
shared
at
any
time
with
employees
of
the
Adviser
and
other
affiliated
parties
involved
in
the
management,
administration
or
operations
of
the
Fund
(referred
to
as
fund-affiliated
personnel).
Any
dissemination
of
non-public
information
that
could
be
material
must
occur
to
all
shareholders
at
the
same
time
and
in
a
forum
typically
used
to
disseminate
information
broadly.
Under
its
portfolio
holdings
disclosure
policy,
the
Fund
may
release
portfolio
holdings
information
on
a
regular
basis
to
its
custodian
or
sub-custodians,
its
fund
accounting
agent,
its
proxy
voting
provider,
an
AP
Representative,
any
clearing
broker
used
by
an
AP
Representative,
the
entity
responsible
for
the
calculation
of
the
verified
intraday
indicative
value
(“VIIV”),
rating
agency
or
other
vendor
or
service
provider
for
a
legitimate
business
purpose,
where
the
party
receiving
the
information
is
under
a
duty
of
confidentiality,
including
a
duty
to
prohibit
the
sharing
of
non-public
information
with
unauthorized
sources
and
trading
upon
non-public
information.
The
Fund
may
enter
into
other
ongoing
arrangements
for
the
release
of
portfolio
holdings
information,
but
only
if
such
arrangements
serve
a
legitimate
business
purpose
and
are
with
a
party
who
is
subject
to
a
confidentiality
agreement
and
restrictions
on
trading
upon
non-public
information.
None
of
the
Fund,
the
Adviser,
or
any
other
affiliated
party
may
receive
compensation
or
any
other
consideration
in
connection
with
such
arrangements.
Ongoing
arrangements
to
make
available
information
about
the
Fund’s
portfolio
securities
are
reviewed
at
least
annually
by
the
Board.
The
Fund
has
authorized
ongoing
arrangements
with
its
custodian,
two
AP
Representatives
and
the
party
responsible
for
the
calculation
of
the
VIIV
that
include
the
release
of
portfolio
holdings
information
in
accordance
with
the
policy.
The
approval
of
the
Fund’s
Chief
Compliance
Officer,
or
his
or
her
designee,
must
be
obtained
before
entering
into
any
new
ongoing
arrangement
or
modifying
any
existing
ongoing
arrangement
to
make
available
portfolio
holdings
information,
or
with
respect
to
any
exceptions
from
the
policy.
Because
the
Fund
does
not
publicly
disclose
its
portfolio
holdings
daily,
the
selective
disclosure
of
material
nonpublic
information,
including
information
other
than
portfolio
information,
is
more
likely
to
provide
an
unfair
advantage
to
the
recipient
than
in
other
ETFs.
Accordingly,
the
Fund
and
each
person
acting
on
behalf
of
the
Fund
is
required
to
comply
with
Regulation
Fair
Disclosure
as
if
it
applied
to
them
(except
that
the
exemptions
provided
in
Rule
100(b)(2)(iii)
therein
shall
not
apply).
In
addition,
the
portfolio
Information
About
Portfolio
Holdings
(Cont.)
74
DoubleLine
ETF
Trust
holdings
are
considered
material,
non-public
information
under
the
Code
of
Ethics
of
the
Fund,
the
Adviser,
and
Distributor
and
the
agreements
related
to
the
Fund’s
other
service
providers
with,
or
any
other
party
given,
access
to
the
portfolio
holdings,
including
the
custodian,
administrator
and
fund
accountant,
include
appropriate
confidentiality
provisions
and
be
generally
prohibited
from
using
this
information
for
any
purpose
other
than
providing
services
to
the
Fund,
including
trading
based
upon
this
information.
The
Fund
uses
AP
Representatives
who
establish
and
maintain
a
confidential
account
for
the
benefit
of
an
AP,
in
order
to
engage
in
in-kind
creation
and
redemption
activity.
Each
business
day,
the
Fund’s
custodian
transmits
the
composition
of
the
Fund’s
creation
basket
to
each
AP
Representative.
Pursuant
to
a
confidential
account
agreement,
each
AP
Representative
is
restricted
from
disclosing
the
creation
basket
and
undertakes
an
obligation
not
to
use
the
identity
or
weighting
of
the
securities
in
the
creation
basket
for
any
purpose
other
than
executing
creations
and
redemptions
for
the
Fund.
The
confidential
account
enables
APs
to
transact
in
the
underlying
securities
of
the
creation
basket
through
their
AP
Representatives,
enabling
them
to
engage
in
in-kind
creation
or
redemption
activity.
Each
Fund’s
complete
schedule
of
investments
following
the
first
and
third
fiscal
quarters
is
available
in
quarterly
holdings
reports
filed
with
the
SEC
as
exhibits
to
Form
N-PORT,
and
each
Fund’s
complete
schedule
of
investments
following
the
second
and
fourth
fiscal
quarters
is
available
in
Shareholder
Reports
filed
with
the
SEC
on
Form
N-CSR.
Complete
schedules
of
investments
filed
with
the
SEC
on
Form
N-CSR
and
as
exhibits
to
Form
N-PORT
are
not
distributed
to
Fund
shareholders
but
are
available,
free
of
charge,
on
the
SEC’s
website
at
www.sec.gov.
Should
a
Fund
include
only
a
Summary
Schedule
rather
than
a
complete
schedule
of
investments
in
its
Semi-Annual
and
Annual
Reports,
its
complete
schedule
of
investments
is
available
without
charge,
upon
request,
by
calling
(855)-937-0772
or
on
the
Funds’
website
at
www.doubleline.com.
Householding—Important
Notice
Regarding
Delivery
of
Shareholder
Documents
In
an
effort
to
conserve
resources,
the
Funds
intend
to
reduce
the
number
of
duplicate
Prospectuses
and
Annual
and
Semi-Annual
Reports
you
receive
by
sending
only
one
copy
of
each
to
addresses
where
we
reasonably
believe
two
or
more
accounts
are
from
the
same
family.
If
you
would
like
to
discontinue
householding
of
your
accounts,
please
call
(855)
937-0772
to
request
individual
copies
of
these
documents.
We
will
begin
sending
individual
copies
thirty
days
after
receiving
your
request
to
stop
householding.
Annual
Report
|
September
30,
2023
75
Privacy
Policy
(Unaudited)
September
30,
2023
What
Does
DoubleLine
Do
With
Your
Personal
Information? 
This
notice
provides
information
about
how
DoubleLine
(“we”
and
“our”)
collects,
shares,
and
protects
your
personal
information,
and
how
you
might
choose
to
limit
our
ability
to
share
certain
information
about
you.
Please
read
this
notice
carefully.
Why
We
Need
Your
Personal
Information
All
financial
companies
need
to
disclose
customers’
personal
information
to
run
their
everyday
businesses,
to
appropriately
tailor
the
services
offered
(where
applicable),
and
to
comply
with
our
regulatory
obligations.
Accordingly,
information,
confidential
and
proprietary,
plays
an
important
role
in
the
success
of
our
business.
However,
we
recognize
that
you
have
entrusted
us
with
your
personal
and
financial
data,
and
we
recognize
our
obligation
to
keep
this
information
secure.
Maintaining
your
privacy
is
important
to
us,
and
we
hold
ourselves
to
a
high
standard
in
its
safekeeping
and
use.
Most
importantly,
DoubleLine
does
not
sell
its
customers’
non-public
personal
information
to
any
third
parties.
DoubleLine
uses
its
customers’
non-public
personal
information
primarily
to
complete
financial
transactions
that
its
customers
request
(where
applicable),
to
make
its
customers
aware
of
other
financial
products
and
services
offered
by
a
DoubleLine
affiliated
company,
and
to
satisfy
obligations
we
owe
to
regulatory
bodies.
Information
We
May
Collect
We
may
collect
various
types
of
personal
data
about
you,
including:
Your
personal
identification
information,
which
may
include
your
name
and
passport
information,
your
IP
address,
politically
exposed
person
(“PEP”)
status,
and
such
other
information
as
may
be
necessary
for
us
to
provide
our
services
to
you
and
to
complete
our
customer
due
diligence
process
and
discharge
anti-money
laundering
obligations;
Your
contact
information,
which
may
include
postal
address
and
e-mail
address
and
your
home
and
mobile
telephone
numbers;
Your
family
relationships,
which
may
include
your
marital
status,
the
identity
of
your
spouse
and
the
number
of
children
that
you
have;
Your
professional
and
employment
information,
which
may
include
your
level
of
education
and
professional
qualifications,
your
employment,
employer’s
name
and
details
of
directorships
and
other
offices
which
you
may
hold;
and
Financial
information,
risk
tolerance,
sources
of
wealth
and
your
assets,
which
may
include
details
of
shareholdings
and
beneficial
interests
in
financial
instruments,
your
bank
details
and
your
credit
history.
Where
We
Obtain
Your
Personal
Information
Information
we
receive
about
you
on
applications
or
other
forms;
Information
you
may
give
us
orally;
Information
about
your
transactions
with
us
or
others;
Information
you
submit
to
us
in
correspondence,
including
emails
or
other
electronic
communications;
and
Information
about
any
bank
account
you
use
for
transfers
between
your
bank
account
and
any
DoubleLine
investment
account,
including
information
provided
when
effecting
wire
transfers.
Information
Collected
From
Websites
Websites
maintained
by
DoubleLine
or
its
service
providers
may
use
a
variety
of
technologies
to
collect
information
that
help
DoubleLine
and
its
service
providers
understand
how
the
website
is
used.
Information
collected
from
your
web
browser
(including
small
files
stored
on
your
device
that
are
commonly
referred
to
as
"cookies")
allow
the
websites
to
recognize
your
web
browser
and
help
to
personalize
and
improve
your
user
experience
and
enhance
navigation
of
the
website.
You
can
change
your
cookie
preferences
by
changing
the
setting
on
your
web
browser
to
delete
or
reject
cookies.
If
you
delete
or
reject
cookies,
some
website
pages
may
not
function
properly.
Our
websites
may
contain
links
are
maintained
or
controlled
by
third
parties,
each
of
which
has
privacy
policies
which
may
differ,
in
some
cases
significantly,
from
the
privacy
policies
described
in
this
notice.
Please
read
the
privacy
policies
of
such
third
parties
and
understand
that
accessing
their
websites
is
at
your
own
risk.
Please
contact
your
DoubleLine
representative
if
you
would
like
to
receive
more
information
about
the
privacy
policies
of
third
parties.
We
also
use
web
analytics
services,
which
currently
include
but
are
not
limited
to
Google
Analytics
and
Adobe
Analytics.
Such
web
analytics
services
use
cookies
and
similar
technologies
to
evaluate
visitor’s
use
of
the
domain,
compile
statistical
reports
on
domain
activity,
and
provide
other
services
related
to
our
websites.
For
more
information
about
Google
Analytics,
or
to
opt
out
of
Google
Analytics,
please
go
to
https://tools.google.com/dlpage/gaoptout.
For
more
information
about
Adobe
Analytics,
or
to
opt
out
of
Adobe
Analytics,
please
go
to:
http://www.adobe.com/privacy/opt-out.html.
Privacy
Policy
(Cont.)
76
DoubleLine
ETF
Trust
(Unaudited)
September
30,
2023
How
And
Why
We
May
Disclose
Your
Information
DoubleLine
does
not
disclose
any
non-public
personal
information
about
our
customers
or
former
customers
without
the
customer’s
authorization,
except
that
we
may
disclose
the
information
listed
above,
as
follows:
It
may
be
necessary
for
DoubleLine
to
provide
information
to
nonaffiliated
third
parties
in
connection
with
our
performance
of
the
services
we
have
agreed
to
provide
to
the
Funds
or
you.
For
example,
it
might
be
necessary
to
do
so
in
order
to
process
transactions
and
maintain
accounts.
DoubleLine
will
release
any
of
the
non-public
information
listed
above
about
a
customer
if
directed
to
do
so
by
that
customer
or
if
DoubleLine
is
required
or
authorized
by
law
to
do
so,
such
as
for
the
purpose
of
compliance
with
regulatory
requirements
or
in
the
case
of
a
court
order,
legal
investigation,
or
other
properly
executed
governmental
request.
In
order
to
alert
a
customer
to
other
financial
products
and
services
offered
by
an
affiliate,
DoubleLine
may
disclose
information
to
an
affiliate,
including
companies
using
the
DoubleLine
name.
Such
products
and
services
may
include,
for
example,
other
investment
products
offered
by
a
DoubleLine
company.
If
you
prefer
that
we
not
disclose
non-public
personal
information
about
you
to
our
affiliates
for
this
purpose,
you
may
direct
us
not
to
make
such
disclosures
(other
than
disclosures
permitted
by
law)
by
contacting
us
at
[email protected]
or
at
1
(800)
285-1545.
If
you
limit
this
sharing
and
you
have
a
joint
account,
your
decision
will
be
applied
to
all
owners
of
the
account.
We
will
limit
access
to
your
personal
account
information
to
those
agents
and
vendors
who
need
to
know
that
information
to
provide
products
and
services
to
you.
We
do
not
share
your
information
to
nonaffiliated
third
parties
for
marketing
purposes.
We
maintain
physical,
electronic,
and
procedural
safeguards
to
guard
your
non-public
personal
information.
Notice
Related
To
The
California
Consumer
Privacy
Act
(CCPA)
And
To
“Natural
Persons”
Residing
In
The
State
Of
California
DoubleLine
collects
and
uses
information
that
identifies,
describes,
references,
links
or
relates
to,
or
is
associated
with,
a
particular
consumer
or
device
(“Personal
Information”).
Personal
Information
we
collect
from
our
customers
and
consumers
is
covered
under
the
Gramm-Leach-Bliley
Act
(“GLBA”)
and
is
therefore
excluded
from
the
scope
of
the
California
Consumer
Privacy
Act,
as
amended
by
the
California
Privacy
Rights
Act
(together,
“CCPA”).
However,
for
California
residents
who
are
not
DoubleLine
customers
or
consumers,
as
those
terms
are
defined
by
GLBA,
the
personal
information
we
collect
about
you
is
subject
to
the
CCPA.
As
such,
you
have
privacy
rights
with
respect
to
your
personal
information.
Please
review
the
following
applicable
California
privacy
notice
that
is
available
at
https://www.doubleline.com,
or
by
contacting
us
at
[email protected]
or
at
1
(800)
285-1545.
CA
Privacy
Notice
for
Website
Visitors,
Media
Subscribers
and
Business
Representatives
CA
Privacy
Notice
for
Employees
Notice
Related
To
“Natural
Persons”
Residing
In
The
European
Economic
Area
(the
“EEA”)
If
you
reside
in
the
EEA,
we
may
transfer
your
personal
information
outside
the
EEA,
and
will
ensure
that
it
is
protected
and
transferred
in
a
manner
consistent
with
legal
requirements
applicable
to
the
information.
This
can
be
done
in
a
number
of
different
ways,
for
instance:
the
country
to
which
we
send
the
personal
information
may
have
been
assessed
by
the
European
Commission
as
providing
an
"adequate"
level
of
protection
for
personal
data;or
the
recipient
may
have
signed
a
contract
based
on
standard
contractual
clauses
approved
by
the
European
Commission.
In
other
circumstances,
the
law
may
permit
us
to
otherwise
transfer
your
personal
information
outside
the
EEA.
In
all
cases,
however,
any
transfer
of
your
personal
information
will
be
compliant
with
applicable
data
protection
law.
Notice
to
Investors
In
Cayman
Islands
Investment
Funds
If
you
are
a
natural
person,
please
review
this
notice
as
it
applies
to
you
directly.
If
you
are
a
legal
representative
of
a
corporate
or
entity
investor
that
provides
us
with
any
personal
information
about
individuals
(i.e.,
natural
persons),
you
agree
to
furnish
a
copy
of
this
notice
to
each
such
individual
or
otherwise
advise
them
of
its
content.
Any
international
transfer
of
personal
information
will
be
compliant
with
the
requirements
of
the
Data
Protection
Act,
2017
of
the
Cayman
Islands.
Privacy
Policy
(Cont.)
(Unaudited)
September
30,
2023
Annual
Report
|
September
30,
2023
77
Privacy
For
Children
DoubleLine
is
concerned
about
the
privacy
of
children.
Our
website
and
our
services
are
not
targeted
at
individuals
under
18
years
of
age,
and
we
do
not
knowingly
collect
any
personal
information
from
an
individual
under
18.
If
we
learn
that
a
child
under
the
age
of
13
(or
such
higher
age
as
required
by
applicable
law)
has
submitted
personally
identifiable
information
online
without
parental
consent,
we
will
take
all
reasonable
measures
to
delete
such
information
from
its
databases
and
to
not
use
such
information
for
any
purpose
(except
where
necessary
to
protect
the
safety
of
the
child
or
others
as
required
or
allowed
by
law).
If
you
become
aware
of
any
personally
identifiable
information,
we
have
collected
from
children
under
13
(or
such
higher
age
as
required
by
applicable
law),
please
contact
us
at
[email protected]
or
at
1
(800)
285-1545.
We
do
not
sell
or
share
any
personal
information
and
have
no
actual
knowledge
about
selling
or
sharing
personal
information
of
individuals
under
the
age
of
16.
Retention
Of
Personal
Information
And
Security
Your
personal
information
will
be
retained
for
as
long
as
required:
for
the
purposes
for
which
the
personal
information
was
collected;
in
order
to
establish
or
defend
legal
rights
or
obligations
or
to
satisfy
any
reporting
or
accounting
obligations;
and/or
as
required
by
data
protection
laws
and
any
other
applicable
laws
or
regulatory
requirements,
including,
but
not
limited
to,
U.S.
laws
and
regulations
applicable
to
our
business.
We
will
undertake
commercially
reasonable
efforts
to
protect
the
personal
information
that
we
hold
with
appropriate
security
measures.
Access
To
And
Control
Of
Your
Personal
Information
Depending
on
your
country
of
domicile
or
applicable
law,
you
may
have
the
following
rights
in
respect
of
the
personal
information
about
you
that
we
process:
the
right
to
access
and
port
personal
information;
the
right
to
rectify
personal
information;
the
right
to
restrict
the
use
of
personal
information;
the
right
to
request
that
personal
information
is
erased;
and
the
right
to
object
to
processing
of
personal
information.
Although
you
have
the
right
to
request
that
your
personal
information
be
deleted
at
any
time,
applicable
laws
or
regulatory
requirements
may
prohibit
us
from
doing
so.
In
addition,
if
you
invest
in
a
DoubleLine
fund
through
a
financial
intermediary,
DoubleLine
may
not
have
access
to
personal
information
about
you.
If
you
wish
to
exercise
any
of
the
rights
set
out
above,
please
contact
us
at
[email protected]
or
at
1
(800)
285-1545.
Changes
To
DoubleLine’s
Privacy
Policy
DoubleLine
reserves
the
right
to
modify
its
privacy
policy
at
any
time,
but
in
the
event
that
there
is
a
change
that
affects
the
content
of
this
notice
materially,
DoubleLine
will
promptly
inform
its
customers
of
such
changes
in
accordance
with
applicable
law.
Investment
Adviser: 
DoubleLine
ETF
Adviser
LP
2002
North
Tampa
Street,
Suite
200
Tampa,
FL
33602
Distributor:
Foreside
Fund
Services,
LLC
Three
Canal
Plaza,
Suite
100
Portland,
ME
04101
Administrator
and
Transfer
Agent:
JP
Morgan
Chase
Bank,
N.A.
70
Fargo
Street
Boston,
MA
02210
Custodian:
JP
Morgan
Chase
Bank,
N.A.
383
Madison
Avenue
New
York,
NY
10017
Independent
Registered
Public
Accounting
Firm:
Deloitte
&
Touche
LLP
695
Town
Center
Drive,
Suite
100
Costa
Mesa,
CA
92626
Legal
Counsel:
Ropes
&
Gray
LLP
Prudential
Tower
800
Boylston
Street
Boston,
MA
02199
Contact
Information:
doubleline.com
(855)
937-0772
DL-ANNUAL-ETF
DoubleLine
|
|
2002
North
Tampa
Street,
Suite
200
|
|
Tampa,
FL
33602
|
|
(813)
791-7333
[email protected]
|
|
www.doubleline.com