Table of Contents

 

Shareholder Letter   1
Management’s Discussion of Fund Performance   3
TCW Transform 500 ETF   3
TCW Transform Systems ETF   5
TCW Transform Supply Chain ETF   7
Shareholder Expense Examples   9
Sector Diversification   10
Schedule of Investments   11
TCW Transform 500 ETF   11
TCW Transform Systems ETF   20
TCW Transform Supply Chain ETF   22
Statements of Assets and Liabilities   24
Statements of Operations   25
Statements of Changes in Net Assets   26
Financial Highlights   28
Notes to Financial Statements   31
Report of Independent Registered Public Accounting Firm   40
Supplemental Information   41
Liquidity Risk Management Program   42
Board of Trustees and Executive Officers   43
Board Approval of Investment Advisory Agreement   45
General Information   48

 

 

 

This report should be read in conjunction with the TCW ETF Trust’s (the “Trust”) prospectus.

 

The views expressed in the Shareholder Letter are those of TCW Investment Management Company LLC (“TCW” or the “Adviser”) as of October 31, 2023. Management’s Discussion of Fund Performance presents information about the TCW ETFs’ holdings that is believed to be accurate, and the views of the Funds’ portfolio managers, as of October 31, 2023. The Shareholder Letter and Management’s Discussion of Fund Performance may not necessarily reflect the views or holdings on the date this Annual Report is first published or anytime thereafter. The information in the Shareholder Letter and Management’s Discussion of Fund Performance may change, and the Funds disclaim any obligation to advise shareholders of any such changes. Certain information was obtained from sources that TCW believes to be reliable; however, TCW does not guarantee the accuracy or completeness of any information obtained from any third party.

 

Portfolio holdings will change and should not be considered as investment advice or a recommendation to buy, sell or hold any particular security. Please visit etf.tcw.com for the most current list of portfolio holdings for the TCW ETFs.

 

 

Shareholder Letter

 

Dear Fellow Shareholder,

 

We’ve come a long way since we launched the Transform ETFs in 2021. Our three funds have been recognized across the industry, earning awards every year since their inception. As you know, TCW acquired the business earlier this year, which we see as validation of our unique approach to generating alpha.

 

Through all these developments, one thing has been consistent: we believe that investors must be active owners and that they should invest in the major economic transformations currently taking place. This is the guiding principle of our business and how we work to deliver returns. As always, we are grateful to have you with us on this journey.

 

Active Ownership with VOTE

 

We started the business with the TCW Transform 500 ETF (VOTE) because we believe that even passive investors need to be active owners. We vote shares and engage in two-way conversations with companies to help them grow.

 

We’re proud of what VOTE has accomplished in a few short years, growing to more than $600 million AUM from a wide variety of investors. We’re excited to continue to grow VOTE as a better index fund that can sit at the center of a portfolio.

 

Large-Scale Systems Change

 

Our thesis for value creation has always been to identify massive economic shifts and the companies that we believe are most likely to benefit from them. Right now, our active funds offer exposure to two enormous transformations: the profound shift of how the world sources, produces, and uses energy (TCW Transform Systems ETF, NETZ), and the relocalization of supply chains to North America (TCW Transform Supply Chain ETF, SUPP).

 

The planet’s energy and power systems – and the businesses that are the greatest consumers of energy – are undergoing dramatic change. Businesses that produce energy more efficiently and energy-intensive businesses that use it more efficiently (like agriculture and aerospace) will drive enormous value. This transformation will require unprecedented investment – more than $5 trillion annually by some estimates1 – and leading old-economy scale businesses and the most efficient energy consumers stand to profit most from this transformation.

 

Separately, but on a similar scale, global supply chains are transitioning as the pre-pandemic model of manufacturing goods abroad shifts to a model where goods are manufactured in North America. This shift is already happening with $859 billion in capex (capital expenditure) announcements between January 2021 and 3Q23.2

 

These transformations are nondiscretionary and already under way, backed by trillions of government spending in the U.S. alone.3 Accordingly, we believe our funds offer investors very compelling opportunities to drive alpha in the years ahead.

 

Active Management

 

These transformations are extremely complex and developing rapidly. Driving the greatest returns from these megatrends requires active management. Our investment team looks at hundreds of companies in the universe of these transformations and, through rigorous fundamental research combined with quantitative and thematic data, aims to identify the leaders that will create alpha. We closely monitor our investments so that we can react quickly when we have new insights or when facts change, in a way passive funds can’t.

 

Our concentrated portfolios allow us to develop unique insights into the businesses we own. These unique insights enable us to pick the companies we expect will generate alpha.4

 

 

 
1. Goldman Sachs Research, Green Capex, October 2021.
2. Eaton 3Q23 Earnings Presentation
3. EY, Infrastructure Bill; NACO, American Rescue Plan Act Funding Breakdown, April 2021
4. A measure of active return on investment in excess of benchmark index.

 

1

Shareholder Letter (Continued)

 

Your Partnership

 

Thank you for your continued partnership and the trust you have placed in us to manage your assets. We greatly appreciate it.

 

On the following pages, you’ll find information about your investments in our funds. If you have any questions, please contact your financial advisor or reach out to us directly.

 

 

Jennifer Grancio

Head of Global Wealth

The TCW Group

 

Effective October 13, 2023, TCW acquired the ETF business from Engine No. 1 and the Funds’ adviser became TCW Investment Management Company LLC. Prior to that date, the Funds’ adviser was Fund Management at Engine No. 1 LLC.

 

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

 

© 2023 TCW Group. All rights reserved.

 

2

Management’s Discussion of Fund Performance

(Unaudited)

 

Investment Results: TCW Transform 500 ETF (VOTE)

 

The TCW Transform 500 ETF seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Large Cap Select IndexSM (the “Underlying Index”), which measures the performance of the 500 largest U.S. stocks by market capitalization, as determined by Morningstar, Inc. The Underlying Index consists of securities from a broad range of industries. As of October 31, 2023, the Underlying Index is represented by securities of companies in sectors including Information Technology, Health Care, Financials, Consumer Discretionary, Communication Services, Industrials, Consumer Staples, Energy, Materials, Utilities and Real Estate. The components of the Underlying Index are likely to change over time and the Underlying Index and the Fund are rebalanced on a quarterly basis. To the extent that the securities in the Underlying Index are concentrated in one or more industries or groups of industries, the Fund may concentrate in such industries or groups of industries.

 

From November 1, 2022 through October 31, 2023 (the “Reporting Period”), the Fund’s market value return was 10.47% and its net asset value (“NAV”) return was 10.51%. The Underlying Index returned 10.57% during the same Reporting Period. The Fund’s market value per share as of the market close of the last trading day of the Reporting Period was $48.72.

 

The Fund posted positive NAV performance in seven of the twelve months during the Reporting Period, with returns ranging from -5.90% to 6.61%.

 

The best NAV performance months for the Fund were June and January, finishing up 6.61% and 6.43%, respectively. The worst NAV performance months for the Fund were December and September, finishing down -5.90% and -4.66%, respectively.

 

Six of the eleven sectors in the Fund delivered positive returns during the Reporting Period. Information Technology, Communication Services, and Consumer Discretionary were among the strongest performing sectors. Health Care, Consumer Staples, and Energy were among the weakest performing sectors and underperformed the market during the Reporting Period.

 

3

Management’s Discussion of Fund Performance (Continued)

(Unaudited)

 

Investment Results: TCW Transform 500 ETF (VOTE) (Continued)

 

Average Annual Total Returns as of 10/31/23

    1 Year   Since
Inception*
TCW Transform 500 ETF (VOTE)        
Net Asset Value   10.51%   0.08%
Market Value   10.47%   0.06%
Morningstar® US Large Cap Select IndexSM   10.57%   0.14%

 

The Fund’s Average Annual Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

 

Growth of an Assumed $10,000 Investment Since Inception* Through 10/31/23 (At Net Asset Value)

 

 

* VOTE’s inception date is 6/22/21.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit etf.tcw.com.

 

As stated in the current prospectus, the expense ratio is 0.05%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

 

This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund on inception date. Assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees. This chart does not imply any future performance.

 

NAV returns are based on the dollar value of a single share of the Fund, calculated by taking the Fund’s total assets (including the market value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV return is based on the NAV of the Fund, and the market value return is based on the market price per share of the Fund. The NAV is typically calculated at 4:00 p.m. Eastern Time on each business day the New York Stock Exchange (“NYSE”) is open for trading. Market value returns are based on the closing price at 4:00 p.m. Eastern time on the Cboe BZX Exchange, Inc. Market value performance does not represent the returns you would receive if you traded shares at other times. Market value and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV.

 

The returns in the graphs and tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs, taxes, or other expenses that would be incurred by the Fund or brokerage commissions on transactions in Fund shares. Such fees, expenses and taxes reduce Fund returns. One cannot invest directly in an index.

 

4

Management’s Discussion of Fund Performance (Continued)

(Unaudited)

 

Investment Results: TCW Transform Systems ETF (NETZ)

 

The TCW Transform Systems ETF is an actively managed exchange-traded fund that seeks to invest in companies that are creating value by transforming themselves and others to meet the growing demands of climate change. Target companies are primarily those that the Adviser believes are transitioning towards more sustainable business practices, products, or services, as well as companies that are providing enabling technologies to help others transition. Effective March 1, 2024, the Fund will seek to invest in companies that the Adviser believes will benefit from global transformation in the systems supporting how energy and power are sourced, produced, and consumed. Government policy and public demand are shifting the global economy towards more efficient and lower net-emission energy systems. This large-scale systems change is creating unique opportunities in the public markets, particularly in “brown” or “grey” old-economy businesses that require huge investments as the way consumers source and use energy and power changes. The Adviser expects the Fund portfolio, starting March 1, 2024, will include companies that will lead or win in the transition, where efficiency and alternative approaches are highly valued. The portfolio may also include companies that are enablers of these shifts. Target companies are (and following March 1, 2024 will continue to be) generally chosen from companies included in the Morningstar® US Market Extended TR USD Index® (the “Benchmark”) but may be selected from a universe of U.S. and non-U.S. listed equity securities. The Morningstar® US Market Extended TR USD Index® measures the performance of U.S. securities and targets 99.5% market capitalization coverage of the investable universe. It is a diversified broad market index and does not incorporate sustainability criteria. The Adviser expects to hold between 20-40 equities within the Fund’s portfolio.

 

From November 1, 2022 through October 31, 2023 (the “Reporting Period”), the Fund’s market value return was 1.55% and its net asset value (“NAV”) return was 1.52%. The Benchmark returned 8.58% during the same Reporting Period. The Fund’s market value per share as of the market close of the last trading day of the Reporting Period was $50.53.

 

The Fund posted positive NAV performance in five of the twelve months during the Reporting Period, with returns ranging from -8.07% to 8.66%.

 

The best NAV performance months for the Fund were June and January, finishing up 8.66% and 5.64%, respectively. The worst NAV performance months for the Fund were December and September, finishing down -8.07% and -3.84%, respectively.

 

Three of the six sectors in the Fund delivered positive returns during the Reporting Period. Industrials, Information Technology, and Utilities were among the strongest performing sectors. Energy, Materials, and Consumer Discretionary were among the weakest performing sectors and underperformed the market during the Reporting Period.

 

5

Management’s Discussion of Fund Performance (Continued)

(Unaudited)

 

Investment Results: TCW Transform Systems ETF (NETZ) (Continued)

 

Average Annual Total Returns as of 10/31/23

    1 Year   Since
Inception*
TCW Transform Systems ETF (NETZ)        
Net Asset Value   1.52%   1.49%
Market Value   1.55%   1.54%
Morningstar® US Market Extended TR USD IndexSM   8.58%   -4.36%

 

The Fund’s Average Annual Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

 

Growth of an Assumed $10,000 Investment Since Inception* Through 10/31/23 (At Net Asset Value)

 

 

* NETZ’s inception date is 2/2/22.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit etf.tcw.com.

 

As stated in the current prospectus, the expense ratio is 0.75%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

 

This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund on inception date. Assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees. This chart does not imply any future performance.

 

NAV returns are based on the dollar value of a single share of the Fund, calculated by taking the Fund’s total assets (including the market value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV return is based on the NAV of the Fund, and the market value return is based on the market price per share of the Fund. The NAV is typically calculated at 4:00 p.m. Eastern Time on each business day the New York Stock Exchange (“NYSE”) is open for trading. Market value returns are based on the closing price at 4:00 p.m. Eastern time on the Cboe BZX Exchange, Inc. Market value performance does not represent the returns you would receive if you traded shares at other times. Market value and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV.

 

The returns in the graphs and tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs, taxes, or other expenses that would be incurred by the Fund or brokerage commissions on transactions in Fund shares. Such fees, expenses and taxes reduce Fund returns. One cannot invest directly in an index.

 

6

Management’s Discussion of Fund Performance (Continued)

(Unaudited)

 

Investment Results: TCW Transform Supply Chain ETF (SUPP)

 

The TCW Transform Supply Chain ETF is an actively managed exchange-traded fund that invests in U.S.-listed equity, American depositary receipt securities, and non-U.S. developed and emerging market-listed securities, which over time may vary as market and investment opportunities change. The Fund may also enter into currency-related spot transactions when it transacts in equities denominated in foreign currencies or invest in certain derivative instruments, such as currency futures or forwards that will help the Adviser manage risk associated with foreign currency exposure, if any, or futures contracts. The Fund’s investments may include micro-, small-, medium- and large-capitalization equities of companies. The Adviser expects to hold between 20-40 equities within the Fund’s portfolio. The Adviser expects to invest in the equities of companies that it deems are creating value through supply chain transformation. A supply chain is defined as a network between a company and its suppliers to produce and distribute a specific product to the final buyer. Portfolio companies are primarily those that the Adviser believes are creating value or minimizing risks as it relates to their supply chains or the supply chains of others. Companies are generally chosen from the Morningstar® US Market Extended TR USD IndexSM (the “Benchmark”) but may be selected from a universe of U.S. and non-U.S. listed equity securities that span across sectors, including but not limited to consumer discretionary, industrials, markets, and technology. The Morningstar® US Market Extended TR USD IndexSM is a broad-based free-float market capitalization weighted index comprised of U.S. large, mid, and small capitalization equity securities that span all sectors of the U.S. economy. It does not incorporate environmental, social and governance criteria into its methodology, nor is it an index comprised of equities of companies that could be considered as aiding the supply chain.

 

From February 14, 2023, the Fund’s inception date, through October 31, 2023 (the “Reporting Period”), the Fund’s market value return was -5.63% and its net asset value (“NAV”) return was -5.63%. The Benchmark returned 0.93% during the same Reporting Period. The Fund’s market value per share as of the market close of the last trading day of the Reporting Period was $47.07.

 

The Fund posted positive NAV performance in three of the eight full months it was in existence during the Reporting Period, with returns ranging from -5.42% to 9.39%.

 

The best NAV performance months for the Fund were June and July, finishing up 9.39% and 1.57%, respectively. The worst NAV performance months for the Fund were September and October, finishing down -5.42% and -4.65%, respectively.

 

One of the five sectors in the Fund delivered positive returns during the Reporting Period. Information Technology was the strongest performing sector. Health Care, Consumer Discretionary, Industrials, and Materials were among the weakest performing sectors and underperformed the market during the Reporting Period.

 

7

Management’s Discussion of Fund Performance (Continued)

(Unaudited)

 

Investment Results: TCW Transform Supply Chain ETF (SUPP) (Continued)

 

Cumulative Total Returns as of 10/31/23

    Since
Inception*
TCW Transform Supply Chain ETF (SUPP)    
Net Asset Value   -5.63%
Market Value   -5.63%
Morningstar® US Market Extended TR USD IndexSM   0.93%

 

The Fund’s Cumulative Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

 

Growth of an Assumed $10,000 Investment Since Inception* Through 10/31/23 (At Net Asset Value)

 

 

* SUPP’s inception date is 2/14/23.

 

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit etf.tcw.com.

 

As stated in the current prospectus, the expense ratio is 0.75%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

 

This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund on inception date. Assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees. This chart does not imply any future performance.

 

NAV returns are based on the dollar value of a single share of the Fund, calculated by taking the Fund’s total assets (including the market value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV return is based on the NAV of the Fund, and the market value return is based on the market price per share of the Fund. The NAV is typically calculated at 4:00 p.m. Eastern Time on each business day the New York Stock Exchange (“NYSE”) is open for trading. Market value returns are based on the closing price at 4:00 p.m. Eastern time on the Cboe BZX Exchange, Inc. Market value performance does not represent the returns you would receive if you traded shares at other times. Market value and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV.

 

The returns in the graphs and tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs, taxes, or other expenses that would be incurred by the Fund or brokerage commissions on transactions in Fund shares. Such fees, expenses and taxes reduce Fund returns. One cannot invest directly in an index.

 

8

Shareholder Expense Examples

(Unaudited)

 

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs for purchasing and selling shares (including brokerage commissions); and (2) ongoing costs, including management fees and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

 

The examples below are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from May 1, 2023 until October 31, 2023.

 

Actual Expenses

 

The first line under each Fund in the tables below provides information about actual account values and actual expenses. You may use the information in this line, 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 first line for your Fund under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during the period.

 

Hypothetical Example for Comparison Purposes

 

The second line under each Fund in the tables below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate your actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund to other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

 

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line of the tables for the Funds are useful in comparing ongoing Fund 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.

 

    Beginning
Account Value
5/1/2023
  Ending
Account Value
10/31/2023
  Annualized
Expense Ratios
for the Period
  Expenses Paid
During the
Period(a)
 
TCW Transform 500 ETF                  
Actual   $1,000.00   $1,018.83   0.05%   $0.25  
Hypothetical (5% return before expenses)   $1,000.00   $1,024.95   0.05%   $0.26  
                   
TCW Transform Systems ETF                  
Actual   $1,000.00   $1,025.84   0.75%   $3.83  
Hypothetical (5% return before expenses)   $1,000.00   $1,021.42   0.75%   $3.82  
                   
TCW Transform Supply Chain ETF                  
Actual   $1,000.00   $979.86   0.75%   $3.74  
Hypothetical (5% return before expenses)   $1,000.00   $1,021.42   0.75%   $3.82  

 

(a) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 (the number of days in the one-half year period), then divided by 365.

 

9

Sector Diversification (as a percentage of total investments)

October 31, 2023

 

TCW Transform 500 ETF (VOTE)   TCW Transform Systems ETF (NETZ)
 
     
TCW Transform Supply Chain ETF (SUPP)    
   

 

10

Schedule of Investments

TCW Transform 500 ETF

 

October 31, 2023

 

Investments   Shares     Value  
COMMON STOCKS - 99.9%                
                 
Aerospace & Defense - 1.6%                
Axon Enterprise, Inc.*     1,055     $ 215,737  
Boeing Co.*     8,510       1,589,838  
General Dynamics Corp.     3,401       820,695  
HEICO Corp.     599       94,888  
HEICO Corp., Class A     1,136       144,420  
Howmet Aerospace, Inc.     5,870       258,867  
L3Harris Technologies, Inc.     2,836       508,807  
Lockheed Martin Corp.     3,364       1,529,409  
Northrop Grumman Corp.     2,136       1,006,974  
RTX Corp.     21,849       1,778,290  
Textron, Inc.     2,971       225,796  
TransDigm Group, Inc.*     830       687,315  
              8,861,036  
Air Freight & Logistics - 0.5%                
Expeditors International of Washington, Inc.     2,221       242,644  
FedEx Corp.     3,475       834,348  
United Parcel Service, Inc., Class B     10,858       1,533,692  
              2,610,684  
Automobile Components - 0.1%                
Aptiv plc*     4,244       370,077  
                 
Automobiles - 1.8%                
Ford Motor Co.     59,018       575,426  
General Motors Co.     20,658       582,556  
Lucid Group, Inc.*     13,295       54,775  
Tesla, Inc.*     41,455       8,325,822  
              9,538,579  
Banks - 2.9%                
Bank of America Corp.     103,782       2,733,618  
Citigroup, Inc.     28,906       1,141,498  
Citizens Financial Group, Inc.     7,093       166,189  
Fifth Third Bancorp     10,228       242,506  
First Citizens BancShares, Inc., Class A     179       247,152  
Huntington Bancshares, Inc.     21,713       209,530  
JPMorgan Chase & Co.     43,402       6,035,483  
M&T Bank Corp.     2,491       280,860  
PNC Financial Services Group, Inc. (The)     5,976       684,073  
Regions Financial Corp.     14,072       204,466  
Truist Financial Corp.     20,005       567,342  
US Bancorp     23,372       745,099  
Wells Fargo & Co.     54,932       2,184,646  
              15,442,462  
Investments   Shares     Value  
Beverages - 1.6%                
Brown-Forman Corp., Class B     2,750     $ 154,440  
Coca-Cola Co.     58,433       3,300,880  
Constellation Brands, Inc., Class A     2,422       567,111  
Keurig Dr Pepper, Inc.     15,092       457,740  
Monster Beverage Corp.*     11,171       570,838  
PepsiCo, Inc.     20,667       3,374,509  
              8,425,518  
Biotechnology - 2.2%                
AbbVie, Inc.     26,497       3,740,847  
Alnylam Pharmaceuticals, Inc.*     1,874       284,473  
Amgen, Inc.     8,032       2,053,783  
Biogen, Inc.*     2,175       516,650  
BioMarin Pharmaceutical, Inc.*     2,823       229,933  
Exact Sciences Corp.*     2,717       167,340  
Gilead Sciences, Inc.     18,710       1,469,483  
Incyte Corp.*     2,793       150,626  
Moderna, Inc.*     4,973       377,749  
Regeneron Pharmaceuticals, Inc.*     1,604       1,250,944  
Seagen, Inc.*     2,111       449,242  
Vertex Pharmaceuticals, Inc.*     3,874       1,402,814  
              12,093,884  
Broadline Retail - 3.6%                
Amazon.com, Inc.*     136,313       18,141,898  
Coupang, Inc., Class A*     17,147       291,499  
eBay, Inc.     7,989       313,408  
MercadoLibre, Inc.*     692       858,592  
              19,605,397  
Building Products - 0.4%                
Builders FirstSource, Inc.*     1,877       203,692  
Carrier Global Corp.     12,569       599,039  
Johnson Controls International plc     10,206       500,298  
Masco Corp.     3,373       175,700  
Trane Technologies plc     3,432       653,143  
              2,131,872  
Capital Markets - 2.8%                
Ameriprise Financial, Inc.     1,538       483,809  
Ares Management Corp., Class A     2,474       243,912  
Bank of New York Mellon Corp. (The)     11,695       497,038  
BlackRock, Inc., Class A     2,105       1,288,849  
Blackstone, Inc.     10,653       983,805  
Carlyle Group, Inc. (The)     3,236       89,119  
Charles Schwab Corp. (The)     22,315       1,161,273  
CME Group, Inc., Class A     5,399       1,152,471  
FactSet Research Systems, Inc.     572       247,041  
Goldman Sachs Group, Inc. (The)     4,949       1,502,566  

 

See accompanying Notes to Financial Statements.

 

11

Schedule of Investments (Continued)

TCW Transform 500 ETF

 

October 31, 2023

 

Investments   Shares     Value  
Intercontinental Exchange, Inc.     8,594     $ 923,339  
KKR & Co., Inc.     9,717       538,322  
LPL Financial Holdings, Inc.     1,144       256,851  
Moody’s Corp.     2,369       729,652  
Morgan Stanley     19,153       1,356,415  
MSCI, Inc., Class A     1,185       558,787  
Nasdaq, Inc.     5,088       252,365  
Northern Trust Corp.     3,105       204,651  
Raymond James Financial, Inc.     2,817       268,854  
S&P Global, Inc.     4,888       1,707,426  
State Street Corp.     4,781       308,996  
T Rowe Price Group, Inc.     3,366       304,623  
              15,060,164  
Chemicals - 1.6%                
Air Products & Chemicals, Inc.     3,334       941,655  
Albemarle Corp.     1,762       223,386  
Celanese Corp., Class A     1,503       172,109  
CF Industries Holdings, Inc.     2,896       231,043  
Corteva, Inc.     10,655       512,932  
Dow, Inc.     10,558       510,374  
DuPont de Nemours, Inc.     6,889       502,070  
Eastman Chemical Co.     1,780       133,019  
Ecolab, Inc.     3,808       638,754  
FMC Corp.     1,869       99,431  
International Flavors & Fragrances, Inc.     3,829       261,712  
Linde plc     7,325       2,799,322  
LyondellBasell Industries NV, Class A     3,844       346,883  
Mosaic Co.     4,982       161,815  
PPG Industries, Inc.     3,537       434,237  
Sherwin-Williams Co.     3,550       845,646  
Westlake Corp.     483       55,719  
              8,870,107  
Commercial Services & Supplies - 0.5%                
Cintas Corp.     1,298       658,242  
Copart, Inc.*     13,040       567,501  
Republic Services, Inc., Class A     3,086       458,240  
Rollins, Inc.     4,219       158,677  
Waste Management, Inc.     5,534       909,402  
              2,752,062  
Communications Equipment - 0.9%                
Arista Networks, Inc.*     3,762       753,792  
Cisco Systems, Inc. (Delaware)     61,173       3,188,948  
Motorola Solutions, Inc.     2,510       698,935  
              4,641,675  
Investments   Shares     Value  
Construction & Engineering - 0.1%                
Quanta Services, Inc.     2,180     $ 364,322  
                 
Construction Materials - 0.1%                
Martin Marietta Materials, Inc.     928       379,496  
Vulcan Materials Co.     1,995       391,998  
              771,494  
Consumer Finance - 0.4%                
American Express Co.     8,732       1,275,134  
Capital One Financial Corp.     5,727       580,088  
Discover Financial Services     3,753       308,046  
Synchrony Financial     6,281       176,182  
              2,339,450  
Consumer Staples Distribution & Retail - 1.8%                
Costco Wholesale Corp.     6,653       3,675,383  
Dollar General Corp.     3,291       391,761  
Dollar Tree, Inc.*     3,143       349,156  
Kroger Co.     9,910       449,617  
Sysco Corp.     7,584       504,260  
Target Corp.     6,932       767,996  
Walgreens Boots Alliance, Inc.     10,759       226,800  
Walmart, Inc.     21,423       3,500,732  
              9,865,705  
Containers & Packaging - 0.2%                
Amcor plc     22,086       196,345  
Avery Dennison Corp.     1,210       210,625  
Ball Corp.     4,724       227,460  
Crown Holdings, Inc.     1,814       146,208  
International Paper Co.     5,190       175,059  
              955,697  
Distributors - 0.1%                
Genuine Parts Co.     2,107       271,508  
LKQ Corp.     4,012       176,207  
Pool Corp.     586       185,041  
              632,756  
Diversified REITs - 0.0%                
WP Carey, Inc.     3,206       172,002  
                 
Diversified Telecommunication Services - 0.7%                
AT&T, Inc.     107,332       1,652,913  
Verizon Communications, Inc.     63,117       2,217,300  
              3,870,213  
Electric Utilities - 1.5%                
American Electric Power Co., Inc.     7,731       584,000  
Avangrid, Inc.     1,045       31,214  
Constellation Energy Corp.     4,824       544,726  
Duke Energy Corp.     11,571       1,028,546  

 

See accompanying Notes to Financial Statements.

 

12

Schedule of Investments (Continued)

TCW Transform 500 ETF

 

October 31, 2023

 

Investments   Shares     Value  
Edison International     5,748     $ 362,469  
Entergy Corp.     3,174       303,403  
Evergy, Inc.     3,450       169,533  
Eversource Energy     5,237       281,698  
Exelon Corp.     14,942       581,841  
FirstEnergy Corp.     7,741       275,580  
NextEra Energy, Inc.     30,381       1,771,212  
PG&E Corp.*     31,386       511,592  
PPL Corp.     11,066       271,892  
Southern Co.     16,373       1,101,903  
Xcel Energy, Inc.     8,279       490,696  
              8,310,305  
Electrical Equipment - 0.6%                
AMETEK, Inc.     3,465       487,768  
Eaton Corp. plc     5,991       1,245,589  
Emerson Electric Co.     8,579       763,274  
Hubbell, Inc., Class B     802       216,620  
Rockwell Automation, Inc.     1,724       453,084  
              3,166,335  
Electronic Equipment, Instruments & Components - 0.6%                
Amphenol Corp., Class A     8,958       721,567  
CDW Corp.     2,013       403,405  
Corning, Inc.     11,519       308,248  
Jabil, Inc.     1,966       241,425  
Keysight Technologies, Inc.*     2,679       326,972  
TE Connectivity Ltd.     4,715       555,663  
Teledyne Technologies, Inc.*     708       265,210  
Trimble, Inc.*     3,727       175,654  
Zebra Technologies Corp., Class A*     768       160,842  
              3,158,986  
Energy Equipment & Services - 0.4%                
Baker Hughes Co., Class A     15,151       521,497  
Halliburton Co.     13,490       530,697  
Schlumberger NV     21,336       1,187,562  
              2,239,756  
Entertainment - 1.2%                
Electronic Arts, Inc.     3,700       458,023  
Liberty Media Corp.-Liberty Formula One, Class A*     361       20,776  
Liberty Media Corp.-Liberty Formula One, Class C*     3,124       202,092  
Live Nation Entertainment, Inc.*     2,127       170,203  
Netflix, Inc.*     6,652       2,738,561  
ROBLOX Corp., Class A*     7,229       229,954  
Take-Two Interactive Software, Inc.*     2,372       317,255  
Walt Disney Co.*     27,469       2,241,196  
              6,378,060  
Investments   Shares     Value  
Financial Services - 4.4%                
Apollo Global Management, Inc.     6,555     $ 507,619  
Berkshire Hathaway, Inc., Class B*     27,378       9,344,932  
Block, Inc., Class A*     8,248       331,982  
Fidelity National Information Services, Inc.     8,893       436,735  
Fiserv, Inc.*     9,154       1,041,268  
FleetCor Technologies, Inc.*     1,111       250,164  
Global Payments, Inc.     3,904       414,683  
Mastercard, Inc., Class A     12,490       4,700,612  
PayPal Holdings, Inc.*     16,488       854,078  
Visa, Inc., Class A     24,123       5,671,317  
              23,553,390  
Food Products - 0.9%                
Archer-Daniels-Midland Co.     8,050       576,138  
Bunge Ltd.     2,262       239,727  
Campbell Soup Co.     2,950       119,210  
Conagra Brands, Inc.     7,174       196,281  
General Mills, Inc.     8,783       573,003  
Hershey Co.     2,250       421,538  
Hormel Foods Corp.     4,352       141,658  
J M Smucker Co.     1,531       174,289  
Kellanova     3,963       200,013  
Kraft Heinz Co.     11,990       377,205  
Lamb Weston Holdings, Inc.     2,188       196,482  
McCormick & Co., Inc.     3,774       241,159  
Mondelez International, Inc., Class A     20,426       1,352,404  
Tyson Foods, Inc., Class A     4,285       198,610  
              5,007,717  
Gas Utilities - 0.0%                
Atmos Energy Corp.     2,228       239,866  
                 
Ground Transportation - 1.0%                
CSX Corp.     30,115       898,933  
JB Hunt Transport Services, Inc.     1,228       211,056  
Norfolk Southern Corp.     3,409       650,403  
Old Dominion Freight Line, Inc.     1,343       505,854  
Uber Technologies, Inc.*     30,681       1,327,874  
Union Pacific Corp.     9,152       1,900,047  
              5,494,167  
Health Care Equipment & Supplies - 2.4%                
Abbott Laboratories     26,051       2,463,122  
Align Technology, Inc.*     1,070       197,511  
Baxter International, Inc.     7,594       246,273  
Becton Dickinson & Co.     4,356       1,101,110  
Boston Scientific Corp.*     21,978       1,125,054  
Cooper Cos, Inc. (The)     744       231,942  

 

See accompanying Notes to Financial Statements.

 

13

Schedule of Investments (Continued)

TCW Transform 500 ETF

 

October 31, 2023

 

Investments   Shares     Value  
Dexcom, Inc.*     5,822     $ 517,168  
Edwards Lifesciences Corp.*     9,126       581,509  
GE HealthCare Technologies, Inc.     5,872       390,899  
Hologic, Inc.*     3,680       243,506  
IDEXX Laboratories, Inc.*     1,247       498,139  
Insulet Corp.*     1,051       139,331  
Intuitive Surgical, Inc.*     5,276       1,383,473  
Medtronic plc     19,988       1,410,353  
ResMed, Inc.     2,205       311,390  
STERIS plc     1,482       311,190  
Stryker Corp.     5,075       1,371,367  
Teleflex, Inc.     706       130,434  
Zimmer Biomet Holdings, Inc.     3,135       327,325  
              12,981,096  
Health Care Providers & Services - 3.1%                
Cardinal Health, Inc.     3,822       347,802  
Cencora, Inc.     2,503       463,430  
Centene Corp.*     8,124       560,394  
Cigna Group (The)     4,442       1,373,466  
CVS Health Corp.     19,282       1,330,651  
Elevance Health, Inc.     3,537       1,591,969  
HCA Healthcare, Inc.     3,019       682,717  
Humana, Inc.     1,860       974,063  
Laboratory Corp. of America Holdings     1,328       265,241  
McKesson Corp.     2,026       922,559  
Molina Healthcare, Inc.*     877       291,997  
Quest Diagnostics, Inc.     1,682       218,828  
UnitedHealth Group, Inc.     13,908       7,448,569  
              16,471,686  
Health Care REITs - 0.2%                
Healthpeak Properties, Inc.     8,222       127,852  
Ventas, Inc.     6,039       256,416  
Welltower, Inc.     7,784       650,820  
              1,035,088  
Health Care Technology - 0.1%                
Veeva Systems, Inc., Class A*     2,187       421,457  
                 
Hotels, Restaurants & Leisure - 2.1%                
Airbnb, Inc., Class A*     6,401       757,174  
Booking Holdings, Inc.*     536       1,495,204  
Carnival Corp.*     15,113       173,195  
Chipotle Mexican Grill, Inc., Class A*     413       802,129  
Darden Restaurants, Inc.     1,816       264,282  
Domino’s Pizza, Inc.     527       178,648  
DoorDash, Inc., Class A*     4,497       337,050  
Expedia Group, Inc.*     2,070       197,250  
Hilton Worldwide Holdings, Inc.     3,923       594,452  
Investments   Shares     Value  
Las Vegas Sands Corp.     4,933     $ 234,120  
Marriott International, Inc., Class A     3,761       709,174  
McDonald’s Corp.     10,940       2,868,141  
MGM Resorts International     4,221       147,397  
Royal Caribbean Cruises Ltd.*     3,538       299,775  
Starbucks Corp.     17,194       1,585,975  
Yum! Brands, Inc.     4,207       508,458  
              11,152,424  
Household Durables - 0.3%                
DR Horton, Inc.     4,574       477,526  
Garmin Ltd.     2,296       235,409  
Lennar Corp., Class A     3,791       404,424  
Lennar Corp., Class B     199       19,623  
NVR, Inc.*     48       259,806  
PulteGroup, Inc.     3,295       242,479  
              1,639,267  
Household Products - 1.4%                
Church & Dwight Co., Inc.     3,691       335,660  
Clorox Co.     1,856       218,451  
Colgate-Palmolive Co.     12,407       932,014  
Kimberly-Clark Corp.     5,078       607,532  
Procter & Gamble Co.     35,388       5,309,261  
              7,402,918  
Independent Power & Renewable Electricity Producers - 0.0%                
AES Corp. (The)     10,068       150,013  
                 
Industrial Conglomerates - 0.8%                
3M Co.     8,283       753,339  
General Electric Co.     16,342       1,775,231  
Honeywell International, Inc.     9,967       1,826,553  
              4,355,123  
Industrial REITs - 0.3%                
Prologis, Inc.     13,866       1,397,000  
                 
Insurance - 2.2%                
Aflac, Inc.     8,114       633,785  
Allstate Corp. (The)     3,923       502,654  
American International Group, Inc.     10,689       655,343  
Aon plc, Class A     3,048       943,051  
Arch Capital Group Ltd.*     5,594       484,888  
Arthur J Gallagher & Co.     3,237       762,281  
Brown & Brown, Inc.     3,534       245,330  
Chubb Ltd.     6,169       1,323,991  
Cincinnati Financial Corp.     2,357       234,922  
Everest Group Ltd.     652       257,944  
Hartford Financial Services Group, Inc. (The)     4,589       337,062  

 

See accompanying Notes to Financial Statements.

 

14

Schedule of Investments (Continued)

TCW Transform 500 ETF

 

October 31, 2023

 

Investments   Shares     Value  
Markel Group, Inc.*     199     $ 292,633  
Marsh & McLennan Cos, Inc.     7,412       1,405,686  
MetLife, Inc.     9,488       569,375  
Principal Financial Group, Inc.     3,340       226,051  
Progressive Corp. (The)     8,789       1,389,453  
Prudential Financial, Inc.     5,454       498,714  
Travelers Cos, Inc. (The)     3,439       575,826  
W R Berkley Corp.     3,058       206,170  
Willis Towers Watson plc     1,576       371,763  
              11,916,922  
Interactive Media & Services - 5.8%                
Alphabet, Inc., Class A*     89,069       11,051,681  
Alphabet, Inc., Class C*     75,765       9,493,355  
Match Group, Inc.*     4,172       144,351  
Meta Platforms, Inc., Class A*     33,365       10,051,873  
Pinterest, Inc., Class A*     8,737       261,062  
Snap, Inc., Class A*     15,233       152,482  
              31,154,804  
IT Services - 1.5%                
Accenture plc, Class A     9,468       2,812,849  
Akamai Technologies, Inc.*     2,280       235,592  
Cloudflare, Inc., Class A*     4,391       248,926  
Cognizant Technology Solutions Corp., Class A     7,585       489,005  
EPAM Systems, Inc.*     870       189,286  
Gartner, Inc.*     1,183       392,803  
GoDaddy, Inc., Class A*     2,201       161,179  
International Business Machines Corp.     13,675       1,977,952  
MongoDB, Inc., Class A*     1,061       365,610  
Snowflake, Inc., Class A*     4,896       710,556  
VeriSign, Inc.*     1,347       268,942  
              7,852,700  
Life Sciences Tools & Services - 1.3%                
Agilent Technologies, Inc.     4,432       458,136  
Avantor, Inc.*     10,142       176,775  
Bio-Rad Laboratories, Inc., Class A*     316       86,988  
Danaher Corp.     9,869       1,895,045  
Illumina, Inc.*     2,379       260,310  
IQVIA Holdings, Inc.*     2,749       497,102  
Mettler-Toledo International, Inc.*     329       324,131  
Revvity, Inc.     1,863       154,350  
Thermo Fisher Scientific, Inc.     5,792       2,576,108  
Waters Corp.*     887       211,576  
West Pharmaceutical Services, Inc.     1,109       352,984  
              6,993,505  
Investments   Shares     Value  
Machinery - 1.6%                
Caterpillar, Inc.     7,660     $ 1,731,542  
Cummins, Inc.     2,129       460,503  
Deere & Co.     4,091       1,494,687  
Dover Corp.     2,100       272,895  
Fortive Corp.     5,284       344,940  
IDEX Corp.     1,134       217,059  
Illinois Tool Works, Inc.     4,130       925,616  
Ingersoll Rand, Inc.     6,072       368,449  
Otis Worldwide Corp.     6,184       477,467  
PACCAR, Inc.     7,848       647,695  
Parker-Hannifin Corp.     1,925       710,152  
Stanley Black & Decker, Inc.     2,304       195,955  
Westinghouse Air Brake Technologies Corp.     2,692       285,406  
Xylem, Inc./NY     3,616       338,241  
              8,470,607  
Media - 0.8%                
Charter Communications, Inc., Class A*     1,527       615,076  
Comcast Corp., Class A     61,782       2,550,979  
Fox Corp., Class A     3,816       115,968  
Fox Corp., Class B     1,977       55,178  
Liberty Broadband Corp., Class A*     248       20,663  
Liberty Broadband Corp., Class C*     1,718       143,127  
Omnicom Group, Inc.     2,966       222,183  
Paramount Global, Class B     7,228       78,641  
Sirius XM Holdings, Inc.††     9,819       42,025  
Trade Desk, Inc. (The), Class A*     6,700       475,432  
              4,319,272  
Metals & Mining - 0.5%                
Freeport-McMoRan, Inc.     21,517       726,844  
Newmont Corp.     17,300       648,231  
Nucor Corp.     3,733       551,700  
Reliance Steel & Aluminum Co.     879       223,600  
Southern Copper Corp.     1,274       90,327  
Steel Dynamics, Inc.     2,338       249,020  
              2,489,722  
Multi-Utilities - 0.7%                
Ameren Corp.     3,944       298,600  
CenterPoint Energy, Inc.     9,486       254,984  
CMS Energy Corp.     4,383       238,172  
Consolidated Edison, Inc.     5,180       454,752  
Dominion Energy, Inc.     12,555       506,218  
DTE Energy Co.     3,096       298,392  
Public Service Enterprise Group, Inc.     7,493       461,943  

 

See accompanying Notes to Financial Statements.

 

15

Schedule of Investments (Continued)

TCW Transform 500 ETF

 

October 31, 2023

 

Investments   Shares     Value  
Sempra     9,444     $ 661,364  
WEC Energy Group, Inc.     4,738       385,626  
              3,560,051  
Office REITs - 0.0%                
Alexandria Real Estate Equities, Inc.     2,337       217,645  
                 
Oil, Gas & Consumable Fuels - 4.2%                
APA Corp.     4,614       183,268  
Cheniere Energy, Inc.     3,614       601,442  
Chevron Corp.     26,637       3,881,809  
ConocoPhillips     17,977       2,135,667  
Coterra Energy, Inc.     11,371       312,703  
Devon Energy Corp.     9,617       447,864  
Diamondback Energy, Inc.     2,687       430,780  
EOG Resources, Inc.     8,742       1,103,678  
EQT Corp.     5,433       230,251  
Exxon Mobil Corp.     59,748       6,324,325  
Hess Corp.     4,149       599,116  
Kinder Morgan, Inc.     29,117       471,695  
Marathon Oil Corp.     9,088       248,193  
Marathon Petroleum Corp.     6,005       908,256  
Occidental Petroleum Corp.     9,963       615,813  
ONEOK, Inc.     8,746       570,239  
Phillips 66     6,683       762,330  
Pioneer Natural Resources Co.     3,500       836,500  
Targa Resources Corp.     3,354       280,428  
Texas Pacific Land Corp.     95       175,365  
Valero Energy Corp.     5,303       673,481  
Williams Cos, Inc. (The)     18,259       628,110  
              22,421,313  
Passenger Airlines - 0.1%        </