Annual
Report
September
30,
2022
DoubleLine
Opportunistic
Bond
ETF
NYSE:
DBND
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
NYSE:
CAPE
DoubleLine
|
|
2002
North
Tampa
Street,
Suite
200
|
|
Tampa,
FL
33602
|
|
(813)
791-7333
[email protected]
|
|
www.doubleline.com
Annual
Report
|
September
30,
2022
3
Table
of
Contents
Page
President’s
Letter
4
Financial
Markets
Highlights
5
Management’s
Discussion
of
Fund
Performance
7
Standardized
Performance
Summary
11
Growth
of
Investment
12
Schedule
of
Investments
14
Statements
of
Assets
and
Liabilities
22
Statements
of
Operations
23
Statements
of
Changes
in
Net
Assets
24
Financial
Highlights
25
Notes
to
Financial
Statements
27
Report
of
Independent
Registered
Public
Accounting
Firm
39
Shareholder
Expenses
40
Evaluation
of
Advisory
Agreement
by
the
Board
of
Trustees
41
Statement
Regarding
the
Funds’
Liquidity
Risk
Management
Program
43
Federal
Tax
Information
44
Trustees
and
Officers
45
Information
About
Proxy
Voting
47
Information
About
Portfolio
Holdings
47
Householding—Important
Notice
Regarding
Delivery
of
Shareholder
Documents
48
Privacy
Policy
49
President’s
Letter
4
DoubleLine
ETF
Trust
(Unaudited)
September
30,
2022
Dear
Shareholder,
On
behalf
of
the
team
at
DoubleLine,
I
am
pleased
to
deliver
the
first
Annual
Report
for
the
DoubleLine
ETF
Trust
from
the
inception
of
the
Funds
through
September
30,
2022.
On
the
following
pages,
you
will
find
specific
information
regarding
each
Fund’s
operations
and
holdings.
In
addition,
we
discuss
each
Fund’s
investment
performance
and
the
main
drivers
of
that
performance
during
the
reporting
period.
If
you
have
any
questions
regarding
the
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.
We
value
the
trust
that
you
have
placed
with
us,
and
we
will
continue
to
strive
to
offer
thoughtful
investment
solutions
to
our
shareholders.
Sincerely,
Ronald
R.
Redell,
CFA
President
DoubleLine
ETF
Trust
November
1,
2022
Annual
Report
|
September
30,
2022
5
Financial
Markets
Highlights
(Unaudited)
September
30,
2022
Agency
Residential
Mortgage-Backed
Securities
and
Agency
Commercial
Mortgage-Backed
Securities
For
the
six-month
period
ended
September
30,
2022,
Agency
residential
mortgage-backed
securities
(Agency
RMBS)
and
Agency
commercial
mortgage-backed
securities
(Agency
CMBS)
posted
negative
returns,
as
measured
by
the
Bloomberg
US
Mortgage-
Backed
Securities
(MBS)
Index
return
of
negative
9.14%.
The
MBS
index
outperformed
the
Bloomberg
US
Corporate
Bond
Index
but
underperformed
the
Bloomberg
US
Government
Bond
Index.
Yields
increased
across
the
U.S.
Treasury
curve
during
the
period.
The
30-year
mortgage
rate
increased
203
bps
to
6.70%
at
the
end
of
the
period,
as
measured
by
the
Freddie
Mac
U.S.
Mortgage
Market
Survey
30-Year
Homeowner
Commitment
National
Index,
its
highest
level
since
2008.
In
response
to
rising
mortgage
rates,
refinance
activity
has
subsided
and
conditional
prepayment
rate
speeds
have
slowed.
Gross
issuance
of
Agency
RMBS
during
the
six-month
period
totaled
roughly
$821.2
billion;
gross
issuance
for
Agency
CMBS
totaled
roughly
$80.3
billion.
Investment
Grade
Credit
For
the
six-month
period
ended
September
30,
2022,
U.S.
investment
grade
(IG)
corporate
credit
option-adjusted
spreads,
as
measured
by
the
Bloomberg
US
Credit
Index,
widened
39
basis
points
(bps)
to
147
bps.
The
index’s
return
was
negative
11.5%,
with
higher
U.S.
Treasury
rates
driving
about
80%
of
the
negative
performance.
In
this
rising
rate
environment,
higher
quality
and
lower
duration
outperformed
lower
quality
and
higher
duration.
Bonds
rated
AAA
returned
negative
6.5%
while
bonds
rated
BBB
returned
negative
12.4%.
Long-duration
credits
returned
negative
20.0%
while
the
one-to-three-year
credits
returned
negative
2.2%.
Gross
new
issuance,
as
measured
by
Bloomberg,
was
$669.6
billion
compared
to
$831.1
billion
during
the
same
six-month
period
in
2021,
as
market
volatility
slowed
new-issue
activity.
Non-Agency
Residential
Mortgage-Backed
Securities
For
the
six-month
period
ended
September
30,
2022,
non-Agency
residential
mortgage-backed
securities
(RMBS)
posted
negative
returns,
driven
by
rising
U.S.
Treasury
yields
and
widening
credit
spreads.
Home
price
appreciation
turned
negative
for
the
first
time
since
March
2012
as
home
prices
fell
0.75%
month-over-month
(MoM)
in
July,
the
most
recent
month
for
which
data
was
reported
by
the
S&P
CoreLogic
Case-Shiller
20-City
Composite
Home
Price
NSA
Index,
while
still
appreciating
16.06%
year-
over-year.
Existing-home
sales
fell
0.4%
MoM
in
August,
the
most
recent
month
for
which
data
was
available
from
the
National
Association
of
Realtors
Existing-Home
Sales
Report,
the
seventh
consecutive
such
decline.
The
30-year
benchmark
rate
rose
203
basis
points
over
the
six-month
period
to
end
at
6.70%,
its
highest
level
since
July
2007,
according
to
the
Freddie
Mac
U.S.
Mortgage
Market
Survey
30-Year
Homeowner
Commitment
National
Index.
The
period
marked
$57.7
billion
in
gross
issuance,
half
the
volume
of
the
prior
six
months,
according
to
BofA
Global
Research.
Issuance
activity
in
the
past
six
months
was
concentrated
in
non-qualified
mortgages
and
credit
risk
transfer
deals.
Non-Agency
Commercial
Mortgage-Backed
Securities
For
the
six-month
period
ended
September
30,
2022,
spreads
of
non-Agency
commercial
mortgage-backed
securities
(CMBS)
moved
wider.
After
a
brief
reprieve
in
late
summer,
AAA
last
cash
flows
(LCFs)
widened
47
basis
points
(bps),
and
bonds
rated
BBB-
widened
200
bps.
While
the
first
quarter
of
2022
marked
strong
volume,
issuance
began
to
slow
meaningfully
in
June
in
the
face
of
macroeconomic
volatility
and
geopolitical
risks.
Issuance
in
the
second
and
third
quarters
fell
40.5%
versus
the
same
six-month
period
in
2021.
During
the
six-month
period
in
2022,
the
30-day-plus
delinquency
rate
for
commercial
real
estate
loans
peaked
at
3.51%,
as
measured
by
financial
data
firm
Trepp,
stoked
by
volatility
associated
with
the
pandemic.
But
the
rate
trended
down
to
2.92%
at
the
end
of
September.
The
Bloomberg
US
CMBS
(ERISA
Only)
Total
Return
Index
returned
negative
6.59%
for
the
six-
month
period,
outperforming
the
broader
Bloomberg
US
Aggregate
Bond
Index’s
negative
9.22%.
The
RCA
Commercial
Property
Price
Index
increased
3.2%
for
the
six-month
period
ended
August
31,
the
most
recent
month
for
which
data
was
available,
compared
to
8.2%
over
the
previous
six-month
period.
Financial
Markets
Highlights
(Cont.)
6
DoubleLine
ETF
Trust
Asset-Backed
Securities
For
the
six-month
period
ended
September
30,
2022,
asset-backed
securities
(ABS)
experienced
negative
returns
but
still
outperformed
most
U.S.
fixed
income
sectors.
The
Bloomberg
US
ABS
Index
declined
2.25%,
and
the
ICE
BofA
U.S.
Fixed-Rate
Miscellaneous
ABS
Index,
which
contains
less
liquid
products
with
longer
durations,
declined
4.48%.
These
performances
compared
to
the
longer-duration
Bloomberg
US
Aggregate
Bond
Index
return
of
negative
9.22%.
Rate
hikes
during
the
period
negatively
impacted
ABS
through
duration
effects
and
wider
credit
spreads.
The
top-performing
ABS
sectors
were
cash-like
products
rated
AAA
such
as
floating-rate
credit
card
ABS.
The
worst-performing
sectors
were
transportation
assets
with
longer
durations
and
lower
credit
ratings,
which
suffered
from
interest
rate
duration
and
spread
duration
impacts.
U.S.
High
Yield
Credit
For
the
six-month
period
ended
September
30,
2022,
the
Bloomberg
US
Corporate
High
Yield
Index
returned
negative
10.41%.
Intermediate-duration
bonds
returned
negative
10.14%,
outperforming
long-duration
bonds,
which
returned
negative
16.65%.
Lower-rated
bonds
were
the
worst
performers,
as
bonds
rated
CCC
returned
negative
13.35%,
bonds
rated
B
returned
negative
11.35%,
and
bonds
rated
BB
returned
negative
9.08%.
Notable
outperformers
by
industry
were
refining,
railroads
and
aerospace/
defense.
Notable
laggards
were
pharmaceuticals,
retailers
and
natural
gas
utilities.
U.S.
Government
Securities
For
the
six-month
period
ended
September
30,
2022,
trends
continued
from
the
previous
six
months
upside
inflation
surprises,
higher
U.S.
Treasury
yields,
a
flatter
Treasury
yield
curve,
and
an
increasingly
hawkish
and
aggressive
Federal
Reserve.
In
the
just-
concluded
six-month
period,
Fed
rhetoric
shifted
to
concern
that
ongoing
outsize
wage
gains
could
lead
to
a
wage-price
spiral
and
that
expectations
of
higher
future
inflation
could
become
embedded
in
consumer
behavior.
Fed
communication
emphasized
the
front-loading
of
rate
hikes
and
pushed
back
against
market
expectations
of
rate
cuts
in
2023.
The
dot
plot
unveiled
at
the
September
Federal
Open
Market
Committee
meeting
showed
a
federal
funds
rate
for
2023
of
4.6%
almost
100
basis
points
(bps)
higher
than
June’s
dot
plot
and
above
the
consensus
market
view.
The
Fed
hiked
the
federal
funds
rate
275
bps
to
a
3.00%-3.25%
range
by
the
end
of
the
period.
The
two-year
yield
rose
almost
200
bps
over
the
six-month
period
to
4.28%.
The
10-year
yield
rose
150
bps
to
3.83%.
Breakeven
inflation
rates
for
short-
and
intermediate-maturity
Treasury
Inflation-Protected
Securities
(TIPS)
fell
sharply
through
the
period.
The
two-year
TIPS
breakeven
inflation
rate
fell
from
a
peak
of
4.93%
in
late
March
to
just
1.98%
on
September
30.
The
sharp
rise
in
yields
most
notably
in
August
and
September
resulted
in
a
six-month
return
of
negative
7.96%
for
the
Bloomberg
US
Treasury
Index.
U.S.
Equities
For
the
six-month
period
ended
September
30,
2022,
large-capitalization
U.S.
equities
entered
a
bear
market,
with
the
S&P
500
Index
declining
20.20%.
The
Nasdaq
Composite
Index
(-25.32%)
underperformed
the
S&P
500
while
the
Dow
Jones
Industrial
Average
(-16.28%)
outperformed.
Market
headwinds
were
felt
across
the
equities
market
during
the
period.
Value
stocks
returned
negative
17.14%,
as
measured
by
the
Russell
1000
Value
Index.
Growth
stocks
returned
negative
23.77%,
as
measured
by
the
Russell
1000
Growth
Index,
and
small-cap
stocks
returned
negative
19.1%,
as
measured
by
the
Russell
2000
Index.
The
best-performing
sectors
were
energy
(-3.70%),
consumer
staples
(-10.70%)
and
utilities
(-10.77%),
according
to
the
Consumer
Discretionary
Select
Sector
Total
Return
Index.
The
worst
performers
were
communication
services
(-30.04%),
technology
(-24.78%)
and
real
estate
(-24.67%).
Annual
Report
|
September
30,
2022
7
Management’s
Discussion
of
Fund
Performance
(Unaudited)
September
30,
2022
DoubleLine
Opportunistic
Bond
ETF
From
inception
until
September
30,
2022,
the
DoubleLine
Opportunistic
Bond
ETF
posted
negative
performance
but
outperformed
the
Bloomberg
US
Aggregate
Bond
Index
return
of
negative
9.22%.
Fund
performance
was
driven
by
asset
allocation
and
duration
positioning
relative
to
the
index.
The
Fund
benefited
from
a
consistently
lower
duration
than
the
index
in
a
period
when
rates
increased
sharply
across
the
U.S.
Treasury
curve.
As
for
asset
allocation,
structured
credit
within
the
portfolio,
including
asset-backed
securities,
non-Agency
residential
mortgage-backed
securities
and
non-Agency
commercial
mortgage-backed
securities
outperformed
the
index
materially,
driven
in
part
by
their
relatively
shorter
duration.
The
Fund’s
exposure
to
high
yield
and
investment
grade
corporate
credit
also
contributed
to
the
Fund’s
performance,
albeit
to
a
lesser
degree.
U.S.
Treasuries
within
the
Fund
detracted
from
performance,
due
to
their
relatively
longer
duration.
For
additional
performance
information,
please
refer
to
the
“Standardized
Performance
Summary.”
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF
From
inception
until
September
30,
2022,
the
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
posted
negative
performance
but
outperformed
the
S&P
500
Index,
which
fell
20.20%.
During
the
period,
the
Shiller
Barclays
CAPE®
U.S.
Sector
Total
Return
USD
Index,
whose
return
the
Fund
seeks
to
approximate,
was
allocated
to
five
sectors:
consumer
discretionary,
consumer
staples,
financials,
technology
and
real
estate.
The
Fund
owned
U.S.
equity
securities
in
these
five
sectors
during
the
period,
with
all
five
declining
in
value.
Consumer
staples
was
the
biggest
contributor
to
performance;
technology
was
the
biggest
detractor.
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.
Opinions
expressed
herein
are
as
of
September
30,
2022,
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 
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
Shiller
CAPE
®
U.S.
Equities
ETF
(CAPE)
Disclosure 
This
ETF
is
different
from
traditional
ETFs.
Traditional
ETFs
tell
the
public
what
assets
they
hold
each
day.
This
ETF
will
not.
This
may
crea
te
additional
risks
for
your
investment.
For
example:  
Since
Inception
Period
Ended
9-30-22
Since
Inception
(March
31,
2022)
Total
Return
based
on
NAV
-7.60%
Total
Return
based
on
Market
Price
-7.52%
Bloomberg
US
Aggregate
Index
*
-9.22%
*
Reflects
no
deduction
for
fees,
expenses,
or
taxes.
Since
Inception
Period
Ended
9-30-22
Since
Inception
(March
31,
2022)
Total
Return
based
on
NAV
-19.72%
Total
Return
based
on
Market
Price
-19.76%
S&P
500
Index
*
-20.20%
*
Reflects
no
deduction
for
fees,
expenses,
or
taxes.
Management’s
Discussion
of
Fund
Performance
(Cont.)
8
DoubleLine
ETF
Trust
• 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.
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
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.
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.
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.
Bear
Market
A
bear
market
is
when
a
market
experiences
prolonged
price
declines.
It
typically
describes
a
condition
in
which
securities
prices
fall
20%
or
more
from
recent
highs
amid
widespread
pessimism
and
negative
investor
sentiment.
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
Asset-Backed
Securities
(ABS)
Index
This
index
is
the
ABS
component
of
the
Bloomberg
US
Aggregate
Bond
Index,
a
flagship
measure
of
the
U.S.
investment
grade,
fixed-rate
bond
market.
The
ABS
index
has
three
subsectors:
credit
and
credit
cards,
autos
and
utility.
Bloomberg
US
CMBS
(ERISA
Only)
Total
Return
Index
This
index
measures
on
a
total
return
basis
the
performance
of
investment
grade
commercial
mortgage-
backed
securities
(CMBS).
The
index
includes
only
CMBS
that
are
compliant
with
the
Employee
Retirement
Income
Security
Act
of
1974,
which
will
deem
ERISA
eligible
the
certificates
with
the
first
priority
of
principal
repayment
as
long
as
certain
conditions
are
met,
including
that
the
certificates
be
rated
in
one
of
the
three
highest
categories
by
Fitch,
Moody’s
or
Standard
&
Poor’s.
Bloomberg
US
Corporate
Bond
Index
This
index
measures
the
investment
grade,
fixed-rate
taxable
corporate
bond
market.
It
includes
U.S.
dollar-denominated
securities
publicly
issued
by
U.S.
and
non-U.S.
industrial,
utility
and
financial
issuers.
(Unaudited)
September
30,
2022
Annual
Report
|
September
30,
2022
9
Bloomberg
US
Corporate
High
Yield
(HY)
Index
This
index
measures
the
U.S.
dollar-denominated,
HY,
fixed-rate
corporate
bond
market.
Securities
are
classified
as
HY
if
the
respective
middle
ratings
of
Moody’s,
Fitch
and
S&P
are
Ba1,
BB+
or
BB+
or
below.
The
Bloomberg
US
HY
Long
Bond
Index,
including
bonds
with
maturities
of
10
years
or
greater,
and
the
Bloomberg
US
HY
Intermediate
Bond
Index,
including
bonds
with
maturities
of
1
to
9.999
years,
are
subindexes
of
the
Bloomberg
US
Corporate
HY
Bond
Index.
Bloomberg
US
Credit
Index
This
index
is
the
U.S.
credit
component
of
the
Bloomberg
US
Government/Credit
Index.
It
consists
of
publicly
issued
U.S.
corporate
and
specified
foreign
debentures
and
secured
notes
that
meet
the
specified
maturity,
liquidity
and
quality
requirements.
To
qualify,
bonds
must
be
SEC
registered.
The
US
Credit
Index
is
the
same
as
the
former
US
Corporate
Index.
Bloomberg
US
Government
Bond
Index
This
index
is
the
U.S.
government
securities
component
of
the
Bloomberg
US
Government/Credit
Index.
It
includes
investment
grade,
U.S.
dollar-denominated,
fixed-rate
U.S.
Treasuries
and
government-related
securities.
Bloomberg
US
Mortgage-Backed
Securities
(MBS)
Index
This
index
measures
the
performance
of
investment
grade,
fixed-rate,
mortgage-backed,
pass-through
securities
of
the
government-sponsored
enterprises
(GSEs):
Federal
Home
Loan
Mortgage
Corp.
(Freddie
Mac),
Federal
National
Mortgage
Association
(Fannie
Mae)
and
Government
National
Mortgage
Association
(
Ginnie
Mae).
Bloomberg
US
Treasury
Index
This
index
measures
U.S.
dollar-denominated,
fixed-rate
nominal
debt
issued
by
the
U.S.
Treasury
with
a
remaining
maturity
of
one
year
or
more.
Treasury
bills
are
excluded
by
the
maturity
constraint
but
are
part
of
a
separate
Short
Treasury
Index.
Conditional
Prepayment
Rate
(CPR)
Metric
(also
known
as
“constant
prepayment
rate”)
that
indicates
a
loan
prepayment
rate
at
which
the
outstanding
principal
of
a
pool
of
loans,
such
as
mortgage
backed
securities
(MBS),
is
paid
off.
The
higher
the
CPR,
the
more
prepayments
are
anticipated
and
thus
the
lower
the
duration
of
the
note.
This
is
called
“prepayment
risk.”
Consumer
Discretionary
Select
Sector
Total
Return
Index
This
cap-weighted
index
is
designed
to
track
the
companies
in
the
S&P
500
Index
and
are
involved
in
consumer
cyclical
or
transportation
industries.
All
components
of
the
S&P
500
are
assigned
to
one
of
the
11
Select
Sector
indexes.
Stock
classifications
are
based
on
the
Global
Industry
Classification
Standard.
Credit
Risk
Transfer
(CRT)
Pioneered
by
Freddie
Mac
in
2013,
CRT
programs
structure
mortgage
credit
risk
into
securities
and
(re)insurance
offerings,
transferring
credit
risk
exposure
from
U.S
taxpayers
to
private
capital.
Dot
Plot
Simple
statistical
chart
that
consists
of
data
points
plotted
as
dots
on
a
graph
with
x-
and
y-axes.
Dot
plots
are
well
known
as
the
method
that
the
Federal
Reserve
uses
to
convey
its
benchmark
federal
funds
rate
outlook
at
certain
Federal
Open
Market
Committee
(FOMC)
meetings.
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.
Freddie
Mac
U.S.
Mortgage
Market
Survey
30-Year
Homeowner
Commitment
National
Index
This
index
tracks
the
30-year
fixed-rate
mortgages
component
of
the
Freddie
Mac
Primary
Mortgage
Market
Survey
(PMMS),
which
tracks
the
most-popular
30-
and
15-year
fixed-rate
mortgages,
and
5-1
hybrid
amortizing
adjustable-
rate
mortgage
products
among
a
mix
of
lender
types.
Growth
Stock
Any
share
in
a
company
that
is
anticipated
to
grow
at
a
rate
significantly
above
the
average
growth
for
the
market.
These
stocks
generally
do
not
pay
dividends.
This
is
because
the
issuers
of
growth
stocks
are
usually
companies
that
want
to
reinvest
any
earnings
they
accrue
in
order
to
accelerate
growth
in
the
short
term.
When
investors
invest
in
growth
stocks,
they
anticipate
that
they
will
earn
money
through
capital
gains
when
they
eventually
sell
their
shares
in
the
future.
ICE
BofA
U.S.
Fixed-Rate
Miscellaneous
Asset-Backed
Securities
(ABS)
Index
A
subset
of
the
ICE
BofA
U.S.
Fixed-Rate
ABS
Index,
including
all
ABS
collateralized
by
anything
other
than
auto
loans,
home
equity
loans,
manufactured
housing,
credit
card
receivables
and
utility
assets.
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.
Nasdaq
Composite
Index
This
index
(“the
Nasdaq”)
comprises
the
more
than
3,000
common
stocks
and
similar
securities
(e.g.,
American
depository
receipts
(ADRs),
tracking
stocks,
limited-partnership
interests)
listed
on
the
Nasdaq
exchange.
The
index,
which
includes
U.S.
and
non-U.S.
companies,
is
highly
followed
in
the
U.S.
as
an
indicator
of
the
stock
performance
of
technology
companies
and
growth
companies.
National
Association
of
Realtors
Existing-Home
Sales
Report
This
report
tracks
sales
and
prices
of
existing
single-family
homes
for
the
nation
overall,
and
gives
breakdowns
for
the
West,
Midwest,
South
and
Northeast
regions
of
the
country.
These
figures
include
condos
and
co-ops
in
addition
to
single-family
homes.
Net
Asset
Value
(NAV)
Net
value
of
an
entity
calculated
as
the
total
value
of
the
entity’s
assets
minus
the
total
value
of
its
liabilities.
Most
commonly
used
in
the
context
of
a
mutual
fund
or
an
exchange-traded
fund
(ETF),
the
NAV
represents
the
per
share/unit
price
of
the
fund
at
a
specific
date
or
time.
Non-Qualified
Mortgage
(Non-QM)
Any
home
loan
that
doesn’t
comply
with
the
Consumer
Financial
Protection
Bureau’s
existing
rules
on
qualified
mortgages
(QMs).
Usually
this
type
of
alternative
mortgage
loan
accommodates
people
who
are
not
able
to
prove
they
are
capable
of
making
the
mortgage
payments.
Just
because
it
is
a
non-QM
mortgage
loan
does
not
necessarily
mean
high
risk
or
subprime
mortgage
risk,
and
in
many
cases
these
non-QM
mortgage
loans
require
a
high
FICO
score
but
simply
do
not
check
all
the
boxes
associated
with
a
QM
loan.
Non-QM
loans
for
mortgages
are
protected
by
the
lender
against
any
type
of
lawsuit
should
the
borrower
become
unable
to
afford
the
loan.
Option-Adjusted
Spread
(OAS)
Measurement
of
the
spread
of
a
fixed-income
security
rate
and
the
risk-free
rate
of
return,
which
is
then
adjusted
to
take
into
account
an
embedded
option.
Typically,
an
analyst
uses
U.S.
Treasury
yields
for
the
risk-free
rate.
The
spread
is
added
to
the
fixed-income
security
price
to
make
the
risk-free
bond
price
the
same
as
the
bond.
RCA
Commercial
Property
Price
Index
(CPPI)
This
index
describes
various
nonresidential
property
types
for
the
U.S.
(10
monthly
series
from
2000).
It
is
a
periodic
same-property
round-trip
investment
price-change
index
of
the
U.S.
commercial
investment
property
market.
The
dataset
contains
20
monthly
indicators.
Russell
1000
Growth
(RLG)
Index
This
index
measures
the
performance
of
the
large-cap
growth
segment
of
the
U.S.
equity
universe.
It
includes
Russell
1000
Index
companies
with
higher
price-to-book
ratios
and
higher
forecasted
growth
values.
Growth
stocks
are
shares
in
a
company
that
are
anticipated
to
grow
at
a
rate
significantly
above
the
average
growth
for
the
market.
Russell
1000
Value
(RLV)
Index
This
index
measures
the
performance
of
the
large-cap
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.
Russell
2000
Index
This
market
capitalization-weighted
index
comprises
2,000
small-cap
U.S.
companies
and
is
considered
a
bellwether
index
for
small-cap
investing.
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.
Management’s
Discussion
of
Fund
Performance
(Cont.)
10
DoubleLine
ETF
Trust
S&P
CoreLogic
Case-Shiller
20-City
Composite
Home
Price
NSA
Index
This
index
measures
the
value
of
residential
real
estate
in
20
major
U.S.
metropolitan
areas:
Atlanta;
Boston;
Charlotte;
Chicago;
Cleveland;
Dallas;
Denver;
Detroit;
Las
Vegas;
Los
Angeles;
Miami;
Minneapolis;
New
York
City;
Phoenix;
Portland,
Oregon;
San
Diego;
San
Francisco;
Seattle;
Tampa;
and
Washington,
D.C.
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.
Treasury
Inflation-Protected
Securities
(TIPS)
Type
of
Treasury
security
issued
by
the
U.S.
government
that
is
indexed
to
inflation
in
order
to
protect
investors
from
a
decline
in
the
purchasing
power
of
their
money.
As
inflation
rises,
TIPS
adjust
in
price
to
maintain
their
real
value.
Value
Stock
Shares
of
a
company
that
appear
to
trade
at
a
lower
price
relative
to
its
fundamentals,
such
as
dividends,
earnings
or
sales,
making
it
appealing
to
value
investors.
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.
©
2022
DoubleLine
Capital
LP
Annual
Report
|
September
30,
2022
11
Standardized
Performance
Summary
(Unaudited)
September
30,
2022
*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,
2022
Since
Inception 
(Not
Annualized) 
(03-31-22
to
09-30-22)
Expense
Ratio
Total
Return
based
on
NAV
-7.60%
0.50%
Total
Return
based
on
Market
Price
-7.52%
Bloomberg
US
Aggregate
Index*
-9.22%
CAPE
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
Returns
as
of
September
30,
2022
Since
Inception 
(Not
Annualized)
(03-31-22
to
09-30-22)
Expense
Ratio
Total
Return
based
on
NAV
-19.72%
0.65%
Total
Return
based
on
Market
Price
-19.76%
S&P
500
Index*
-20.20%
Growth
of
Investment
12
DoubleLine
ETF
Trust
(Unaudited)
September
30,
2022
DoubleLine
Opportunistic
Bond
ETF
Value
of
a
$100,000
Investment
Since
Inception
Total
Returns
1
As
of
September
30,
2022
2
Since
Inception
(3/31/2022)
DoubleLine
Opportunistic
Bond
ETF
Total
Return
based
on
NAV
-7.60%
Total
Return
based
on
Market
Price
-7.52%
Bloomberg
US
Aggregate
Bond
Index
-9.22%
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
U.S.
Aggregate
Bond
Index—This
index
represents
securities
that
are
SEC-registered,
taxable,
and
dollar
denominated.
The
index
covers
the
US
investment
grade
fixed
rate
bond
market,
with
index
components
for
government
and
corporate
securities,
mortgage
pass-through
securities,
and
asset-
backed
securities.
These
major
sectors
are
subdivided
into
more
specific
indices
that
are
calculated
and
reported
on
a
regular
basis.
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.
(Unaudited)
September
30,
2022
Annual
Report
|
September
30,
2022
13
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF
Value
of
a
$100,000
Investment
Since
Inception
Total
Returns
1
As
of
September
30,
2022
2
Since
Inception
(3/31/2022)
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
Total
Return
based
on
NAV
-19.72%
Total
Return
based
on
Market
Price
-19.76%
S&P
500
Index
-20.20%
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
The
S&P
500®
Index
is
an
unmanaged
capitalization-weighted
index
of
500
stocks
designed
to
measure
performance
of
the
broad
domestic
economy
through
changes
in
the
aggregate
market
value
of
500
stocks
representing
all
major
industries.
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.
Schedule
of
Investments
DoubleLine
Opportunistic
Bond
ETF
September
30,
2022
14
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
14.3%
Affirm
Asset
Securitization
Trust
,
750,000
Series
2022-A-A
4.30%
(a)
05/17/2027
714,331
Diamond
Resorts
Owner
Trust
,
235,991
Series
2021-1A-A
1.51%
(a)
11/21/2033
215,015
EWC
Master
Issuer
LLC
,
498,750
Series
2022-1A-A2
5.50%
(a)
03/15/2052
455,158
Hilton
Grand
Vacations
Trust
,
389,168
Series
2022-1D-C
4.69%
(a)
06/20/2034
368,183
Lendbuzz
Securitization
Trust
,
419,580
Series
2022-1A-A
4.22%
(a)
05/17/2027
408,871
PRET
LLC
,
460,376
Series
2022-NPL2-A1
5.24%
(a)(b)
04/25/2052
444,552
469,312
Series
2022-NPL3-A1
5.93%
(a)(b)
06/25/2052
460,817
SEB
Funding
LLC
,
498,750
Series
2021-1A-A2
4.97%
(a)
01/30/2052
422,297
Sierra
Timeshare
Receivables
Funding
LLC
,
432,314
Series
2019-2A-A
2.59%
(a)
05/20/2036
417,913
SMB
Private
Education
Loan
Trust
,
750,000
Series
2021-A-B
2.31%
(a)
01/15/2053
657,706
Upstart
Securitization
Trust
,
500,000
Series
2021-4-B
1.84%
(a)
09/20/2031
446,843
VOLT
C
LLC
,
447,282
Series
2021-NPL9-A1
1.99%
(a)(b)
05/25/2051
409,681
VOLT
CI
LLC
,
521,256
Series
2021-NP10-A1
1.99%
(a)(b)
05/25/2051
481,307
Washington
Mutual
WMABS
Trust
,
942,006
Series
2006-HE2-A3
(1
Month
LIBOR
USD
+
0.30%,
0.30%
Floor)
3.38%
05/25/2036
750,866
Total
Asset
Backed
Obligations
(Cost
$6,964,392)
6,653,540
FOREIGN
CORPORATE
BONDS
2.6%
AUSTRALIA
0.5%
50,000
Glencore
Funding
LLC
1.63%
(a)
04/27/2026
43,289
50,000
Glencore
Funding
LLC
3.38%
(a)
09/23/2051
30,546
100,000
Macquarie
Group
Ltd.
(Secured
Overnight
Financing
Rate
+
2.21%)
5.11%
(a)
08/09/2026
98,014
100,000
Westpac
Banking
Corp.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.53%)
3.02%
11/18/2036
73,372
245,221
BELGIUM
0.1%
75,000
Anheuser-Busch
Cos.
LLC
4.90%
02/01/2046
65,358
BERMUDA
0.2%
100,000
Triton
Container
International
Ltd.
3.25%
03/15/2032
74,142
CANADA
1.0%
85,000
Bank
of
Montreal
(5
Year
Swap
Rate
USD
+
1.43%)
3.80%
12/15/2032
73,815
160,000
Bank
of
Nova
Scotia
(The)
3.45%
04/11/2025
153,426
30,000
Garda
World
Security
Corp.
4.63%
(a)
02/15/2027
25,795
35,000
Garda
World
Security
Corp.
6.00%
(a)
06/01/2029
25,730
50,000
Parkland
Corp.
4.63%
(a)
05/01/2030
40,613
PRINCIPAL
AMOUNT
$/
SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
50,000
Titan
Acquisition
Ltd.
7.75%
(a)
04/15/2026
39,579
125,000
Toronto-Dominion
Bank
(The)
4.69%
09/15/2027
120,972
479,930
CHINA
0.3%
165,000
NXP
BV
3.88%
06/18/2026
154,194
FRANCE
0.2%
100,000
TotalEnergies
Capital
International
SA
3.39%
06/29/2060
66,929
IRELAND
0.3%
150,000
Avolon
Holdings
Funding
Ltd.
3.25%
(a)
02/15/2027
125,808
Total
Foreign
Corporate
Bonds
(Cost
$1,343,317)
1,211,582
NON-AGENCY
COMMERCIAL
MORTGAGE
BACKED
OBLIGATIONS
10.1%
BBCMS
Mortgage
Trust
,
180,000
Series
2021-C12-AS
2.90%
11/15/2054
141,853
100,000
Series
2022-C16-A5
4.60%
(c)
06/15/2055
95,683
200,000
Series
2022-C17-A5
4.44%
09/15/2055
188,951
Benchmark
Mortgage
Trust
,
250,000
Series
2022-B35-C
4.59%
(c)
05/15/2055
204,480
BX
Commercial
Mortgage
Trust
,
250,000
Series
2021-VINO-A
(1
Month
LIBOR
USD
+
0.65%,
0.65%
Floor)
3.47%
(a)
05/15/2038
239,502
Cantor
Commercial
Real
Estate
Lending
,
500,000
Series
2019-CF1-C
4.35%
(c)
05/15/2052
422,156
Citigroup
Commercial
Mortgage
Trust
,
100,000
Series
2022-GC48-A5
4.74%
(c)
05/15/2054
96,026
COMM
Mortgage
Trust
,
205,000
Series
2016-DC2-C
4.82%
(c)
02/10/2049
187,111
DBJPM
16-C1
Mortgage
Trust
,
290,000
Series
2016-C1-B
4.20%
(c)
05/10/2049
265,472
250,000
Series
2016-C1-C
3.47%
(c)
05/10/2049
212,451
Del
Amo
Fashion
Center
Trust
,
250,000
Series
2017-AMO-C
3.76%
(a)(c)
06/05/2035
194,539
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
500,000
Series
2022-NLP-A
(CME
Term
SOFR
1
Month
+
0.60%,
0.60%
Floor)
3.44%
(a)
04/15/2037
472,232
JPMBB
Commercial
Mortgage
Securities
Trust
,
325,000
Series
2014-C21-B
4.34%
(c)
08/15/2047
302,836
LoanCore
Issuer
Ltd.
,
250,000
Series
2021-CRE5-A
(1
Month
LIBOR
USD
+
1.30%,
1.30%
Floor)
4.12%
(a)
07/15/2036
242,905
LSTAR
Commercial
Mortgage
Trust
,
250,000
Series
2015-3-D
3.30%
(a)(c)
04/20/2048
219,021
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
250,000
Series
2016-C31-C
4.41%
(c)
11/15/2049
207,482
RIAL
Issuer
Ltd.
,
350,000
Series
2022-FL8-A
(CME
Term
SOFR
1
Month
+
2.25%,
2.25%
Floor)
5.27%
(a)
01/19/2037
345,499
SREIT
Trust
,
270,000
Series
2021-MFP-A
(1
Month
LIBOR
USD
+
0.73%,
0.73%
Floor)
3.55%
(a)
11/15/2038
258,046
UBS
Commercial
Mortgage
Trust
,
324,000
Series
2018-C10-C
5.22%
(c)
05/15/2051
289,828
Annual
Report
|
September
30,
2022
15
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
September
30,
2022
PRINCIPAL
AMOUNT
$/
SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
WFRBS
Commercial
Mortgage
Trust
,
10,007,546
Series
2014-C21-XA
1.17%
(c)(d)
08/15/2047
149,321
Total
Non-Agency
Commercial
Mortgage
Backed
Obligations
(Cost
$5,030,828)
4,735,394
NON-AGENCY
RESIDENTIAL
COLLATERALIZED
MORTGAGE
OBLIGATIONS
10.3%
Citigroup
Mortgage
Loan
Trust
,
640,815
Series
2007-AR8-2A1A
3.53%
(c)
07/25/2037
574,302
Connecticut
Avenue
Securities
Trust
,
500,000
Series
2022-R01-1M2
(Secured
Overnight
Financing
Rate
30
Day
Average
+
1.90%)
4.18%
(a)
12/25/2041
456,554
FHLMC
STACR
REMIC
Trust
,
500,000
Series
2022-DNA2-M1B
(Secured
Overnight
Financing
Rate
30
Day
Average
+
2.40%)
4.68%
(a)
02/25/2042
465,570
Legacy
Mortgage
Asset
Trust
,
500,385
Series
2021-GS2-A1
1.75%
(a)(b)
04/25/2061
466,601
RFMSI
Trust
,
1,489,217
Series
2006-S4-A7
6.00%
04/25/2036
1,210,992
Towd
Point
Mortgage
Trust
,
342,151
Series
2020-3-A1
3.09%
(a)(c)
02/25/2063
322,922
Verus
Securitization
Trust
,
587,337
Series
2021-8-A1
1.82%
(a)(c)
11/25/2066
504,615
WaMu
Mortgage-Backed
Pass-Through
Certificates
Trust
,
464,830
Series
2006-AR16-2A1
2.43%
(c)
12/25/2036
412,284
Wells
Fargo
Mortgage
Backed
Securities
Trust
,
424,470
Series
2006-AR14-2A1
4.36%
(c)
10/25/2036
400,473
Total
Non-Agency
Residential
Collateralized
Mortgage
Obligations
(Cost
$5,114,840)
4,814,313
US
CORPORATE
BONDS
20.3%
180,000
AbbVie,
Inc.
4.70%
05/14/2045
152,790
70,000
Academy
Ltd.
6.00%
(a)
11/15/2027
63,626
95,000
AdaptHealth
LLC
5.13%
(a)
03/01/2030
78,480
85,000
Advanced
Drainage
Systems,
Inc.
6.38%
(a)
06/15/2030
82,555
40,000
Aethon
United
BR
LP
8.25%
(a)
02/15/2026
38,704
80,000
Air
Lease
Corp.
1.88%
08/15/2026
67,894
115,000
Alexandria
Real
Estate
Equities,
Inc.
3.00%
05/18/2051
70,092
100,000
Altria
Group,
Inc.
4.45%
05/06/2050
67,024
75,000
American
Airlines,
Inc.
5.75%
(a)
04/20/2029
65,571
35,000
AmWINS
Group,
Inc.
4.88%
(a)
06/30/2029
29,131
65,000
Arconic
Corp.
6.13%
(a)
02/15/2028
57,562
80,000
Ares
Capital
Corp.
2.15%
07/15/2026
67,138
60,000
AssuredPartners,
Inc.
5.63%
(a)
01/15/2029
46,709
150,000
AT&T,
Inc.
3.50%
09/15/2053
100,195
50,000
AthenaHealth
Group,
Inc.
6.50%
(a)
02/15/2030
39,623
160,000
Athene
Global
Funding
(Secured
Overnight
Financing
Rate
Compounded
Index
+
0.56%)
3.55%
(a)
08/19/2024
155,724
20,000
Bank
of
America
Corp.
(Secured
Overnight
Financing
Rate
+
1.11%)
3.84%
04/25/2025
19,471
PRINCIPAL
AMOUNT
$/
SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
15,000
Bank
of
America
Corp.
(Secured
Overnight
Financing
Rate
+
1.75%)
4.83%
07/22/2026
14,675
165,000
Bank
of
America
Corp.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.20%)
2.48%
09/21/2036
119,426
60,000
BCPE
Empire
Holdings,
Inc.
7.63%
(a)
05/01/2027
52,101
90,000
Boeing
Co.
(The)
2.95%
02/01/2030
72,465
50,000
Boyne
USA,
Inc.
4.75%
(a)
05/15/2029
41,958
225,000
Broadcom,
Inc.
3.50%
(a)
02/15/2041
152,248
100,000
Brooklyn
Union
Gas
Co.
(The)
4.49%
(a)
03/04/2049
75,467
90,000
Builders
FirstSource,
Inc.
5.00%
(a)
03/01/2030
76,633
20,000
Builders
FirstSource,
Inc.
6.38%
(a)
06/15/2032
17,813
30,000
Callon
Petroleum
Co.
7.50%
(a)
06/15/2030
26,324
50,000
Calpine
Corp.
5.13%
(a)
03/15/2028
43,047
85,000
Carnival
Corp.
5.75%
(a)
03/01/2027
59,736
50,000
CCO
Holdings
LLC
5.13%
(a)
05/01/2027
45,207
50,000
CCO
Holdings
LLC
4.75%
(a)
02/01/2032
39,021
50,000
Cengage
Learning,
Inc.
9.50%
(a)
06/15/2024
46,932
160,000
Charter
Communications
Operating
LLC
4.91%
07/23/2025
156,166
90,000
Chord
Energy
Corp.
6.38%
(a)
06/01/2026
85,939
40,000
CHS/Community
Health
Systems,
Inc.
6.00%
(a)
01/15/2029
29,490
140,000
Citigroup,
Inc.
(Secured
Overnight
Financing
Rate
+
1.35%)
3.06%
01/25/2033
110,411
25,000
Clear
Channel
Outdoor
Holdings,
Inc.
7.75%
(a)
04/15/2028
18,918
60,000
CNX
Resources
Corp.
6.00%
(a)
01/15/2029
54,887
20,000
CNX
Resources
Corp.
7.38%
(a)
01/15/2031
19,605
85,000
Comcast
Corp.
3.40%
04/01/2030
74,857
50,000
CommScope,
Inc.
6.00%
(a)
03/01/2026
46,115
90,000
Constellation
Brands,
Inc.
3.15%
08/01/2029
77,440
65,000
Coty,
Inc.
5.00%
(a)
04/15/2026
59,258
25,000
Credit
Acceptance
Corp.
6.63%
03/15/2026
23,221
85,000
Crown
Castle,
Inc.
3.65%
09/01/2027
77,050
100,000
CSX
Corp.
3.80%
11/01/2046
76,585
130,000
CVS
Health
Corp.
5.05%
03/25/2048
114,790
100,000
Dick's
Sporting
Goods,
Inc.
3.15%
01/15/2032
76,309
110,000
Discover
Financial
Services
4.10%
02/09/2027
101,288
160,000
Dollar
Tree,
Inc.
4.00%
05/15/2025
155,202
40,000
DTE
Energy
Co.
4.22%
(b)
11/01/2024
39,267
30,000
Duke
Energy
Carolinas
LLC
3.55%
03/15/2052
21,930
50,000
Duke
Energy
Corp.
4.30%
03/15/2028
47,131
75,000
Elevance
Health,
Inc.
2.38%
01/15/2025
70,856
25,000
Elevance
Health,
Inc.
4.55%
05/15/2052
21,167
75,000
Energy
Transfer
LP
4.75%
01/15/2026
72,346
25,000
Entergy
Louisiana
LLC
4.75%
09/15/2052
21,817
40,000
EQM
Midstream
Partners
LP
6.50%
(a)
07/01/2027
37,022
90,000
Essential
Utilities,
Inc.
2.70%
04/15/2030
73,805
16
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
$
100,000
EverArc
Escrow
Sarl
5.00%
(a)
10/30/2029
80,930
25,000
Exelon
Corp.
4.10%
(a)
03/15/2052
19,359
75,000
Expedia
Group,
Inc.
5.00%
02/15/2026
73,834
100,000
Expedia
Group,
Inc.
3.25%
02/15/2030
81,233
65,000
Ferrellgas
LP
5.38%
(a)
04/01/2026
57,275
35,000
Fertitta
Entertainment
LLC
6.75%
(a)
01/15/2030
26,666
60,000
Frontier
Communications
Holdings
LLC
5.88%
(a)
10/15/2027
53,911
100,000
General
Motors
Financial
Co.,
Inc.
2.40%
10/15/2028
79,124
40,000
Global
Payments,
Inc.
4.95%
08/15/2027
38,171
165,000
Goldman
Sachs
Group,
Inc.
(The)
(Secured
Overnight
Financing
Rate
+
0.82%)
3.81%
09/10/2027
157,437
70,000
Griffon
Corp.
5.75%
03/01/2028
60,293
40,000
Gulfport
Energy
Corp.
8.00%
05/17/2026
39,859
50,000
Gulfport
Energy
Corp.
8.00%
(a)
05/17/2026
49,823
75,000
HCA,
Inc.
4.13%
06/15/2029
65,874
90,000
Hess
Midstream
Operations
LP
5.50%
(a)
10/15/2030
77,378
55,000
Hilcorp
Energy
I
LP
5.75%
(a)
02/01/2029
48,197
100,000
Invitation
Homes
Operating
Partnership
LP
2.70%
01/15/2034
70,701
40,000
JPMorgan
Chase
&
Co.
(Secured
Overnight
Financing
Rate
+
1.99%)
4.85%
07/25/2028
38,448
175,000
JPMorgan
Chase
&
Co.
(Secured
Overnight
Financing
Rate
+
1.26%)
2.96%
01/25/2033
137,774
75,000
Kinder
Morgan
Energy
Partners
LP
6.95%
01/15/2038
74,763
50,000
Lions
Gate
Capital
Holdings
LLC
5.50%
(a)
04/15/2029
37,348
25,000
Lowe's
Cos.,
Inc.
5.63%
04/15/2053
23,179
85,000
Marriott
International,
Inc.
3.13%
06/15/2026
78,510
85,000
McDonald's
Corp.
3.60%
07/01/2030
76,569
100,000
Medline
Borrower
LP
5.25%
(a)
10/01/2029
75,693
40,000
Metis
Merger
Sub
LLC
6.50%
(a)
05/15/2029
31,257
30,000
Michaels
Cos.,
Inc.
(The)
5.25%
(a)
05/01/2028
21,123
50,000
Midwest
Gaming
Borrower
LLC
4.88%
(a)
05/01/2029
41,265
70,000
ModivCare
Escrow
Issuer,
Inc.
5.00%
(a)
10/01/2029
57,013
105,000
Monongahela
Power
Co.
5.40%
(a)
12/15/2043
96,054
185,000
Morgan
Stanley
(Secured
Overnight
Financing
Rate
+
1.36%)
2.48%
09/16/2036
132,837
70,000
Nationstar
Mortgage
Holdings,
Inc.
5.75%
(a)
11/15/2031
51,464
85,000
NetApp,
Inc.
1.88%
06/22/2025
77,716
35,000
NextEra
Energy
Capital
Holdings,
Inc.
4.26%
09/01/2024
34,521
50,000
NRG
Energy,
Inc.
3.63%
(a)
02/15/2031
39,107
80,000
NuStar
Logistics
LP
6.00%
06/01/2026
73,400
40,000
OneMain
Finance
Corp.
6.88%
03/15/2025
37,660
PRINCIPAL
AMOUNT
$/
SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
100,000
Oracle
Corp.
3.60%
04/01/2050
62,762
65,000
Owens
&
Minor,
Inc.
6.63%
(a)
04/01/2030
57,363
100,000
Owens
Corning
4.40%
01/30/2048
74,566
100,000
Pacific
Gas
and
Electric
Co.
2.50%
02/01/2031
72,888
100,000
Packaging
Corp.
of
America
3.00%
12/15/2029
84,589
50,000
Park
Intermediate
Holdings
LLC
4.88%
(a)
05/15/2029
40,578
45,000
Parker-Hannifin
Corp.
4.25%
09/15/2027
42,932
90,000
Penn
Entertainment,
Inc.
5.63%
(a)
01/15/2027
79,752
75,000
Penske
Truck
Leasing
Co.
LP
4.20%
(a)
04/01/2027
69,872
100,000
Performance
Food
Group,
Inc.
5.50%
(a)
10/15/2027
91,120
70,000
PG&E
Corp.
5.00%
07/01/2028
60,366
55,000
Pike
Corp.
5.50%
(a)
09/01/2028
44,620
50,000
Pioneer
Natural
Resources
Co.
1.90%
08/15/2030
38,301
50,000
Post
Holdings,
Inc.
5.50%
(a)
12/15/2029
43,301
90,000
Prudential
Financial,
Inc.
3.91%
12/07/2047
68,668
30,000
Qorvo,
Inc.
1.75%
(a)
12/15/2024
27,746
100,000
Quanta
Services,
Inc.
2.35%
01/15/2032
73,713
100,000
Raytheon
Technologies
Corp.
3.03%
03/15/2052
65,530
30,000
Realogy
Group
LLC
5.75%
(a)
01/15/2029
21,676
50,000
Roller
Bearing
Co.
of
America,
Inc.
4.38%
(a)
10/15/2029
42,237
100,000
Royalty
Pharma
plc
3.30%
09/02/2040
67,309
75,000
Sabine
Pass
Liquefaction
LLC
5.00%
03/15/2027
72,049
140,000
Santander
Holdings
USA,
Inc.
3.40%
01/18/2023
139,434
90,000
Santander
Holdings
USA,
Inc.
(Secured
Overnight
Financing
Rate
+
1.25%)
2.49%
01/06/2028
75,168
90,000
Scripps
Escrow,
Inc.
5.88%
(a)
07/15/2027
78,472
40,000
Sirius
XM
Radio,
Inc.
5.50%
(a)
07/01/2029
36,064
150,000
Smithfield
Foods,
Inc.
4.25%
(a)
02/01/2027
139,172
90,000
Southern
Co.
(The)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.92%)
3.75%
09/15/2051
73,205
30,000
SRS
Distribution,
Inc.
6.13%
(a)
07/01/2029
24,153
25,000
Staples,
Inc.
7.50%
(a)
04/15/2026
21,026
50,000
Suburban
Propane
Partners
LP
5.00%
(a)
06/01/2031
41,101
175,000
Synchrony
Financial
2.88%
10/28/2031
124,599
75,000
Sysco
Corp.
5.95%
04/01/2030
76,035
50,000
Tenet
Healthcare
Corp.
6.13%
(a)
10/01/2028
43,885
40,000
Tenet
Healthcare
Corp.
6.13%
(a)
06/15/2030
36,745
30,000
TransDigm,
Inc.
5.50%
11/15/2027
26,159
40,000
Uber
Technologies,
Inc.
7.50%
(a)
09/15/2027
39,261
50,000
United
Airlines,
Inc.
4.63%
(a)
04/15/2029
41,498
15,000
UnitedHealth
Group,
Inc.
4.95%
05/15/2062
13,412
50,000
Univision
Communications,
Inc.
7.38%
(a)
06/30/2030
47,828
75,000
US
Foods,
Inc.
4.75%
(a)
02/15/2029
64,357
Annual
Report
|
September
30,
2022
17
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
September
30,
2022
PRINCIPAL
AMOUNT
$/
SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
75,000
Verizon
Communications,
Inc.
(3
Month
LIBOR
USD
+
1.10%)
4.01%
05/15/2025
75,428
50,000
Verizon
Communications,
Inc.
3.88%
03/01/2052
37,333
100,000
Viking
Cruises
Ltd.
5.88%
(a)
09/15/2027
76,461
85,000
Warnermedia
Holdings,
Inc.
3.76%
(a)
03/15/2027
76,156
65,000
WASH
Multifamily
Acquisition,
Inc.
5.75%
(a)
04/15/2026
60,002
40,000
Weatherford
International
Ltd.
8.63%
(a)
04/30/2030
34,926
30,000
Wells
Fargo
&
Co.
(Secured
Overnight
Financing
Rate
+
1.98%)
4.81%
07/25/2028
28,643
100,000
Wells
Fargo
&
Co.
4.65%
11/04/2044
79,735
95,000
Welltower,
Inc.
2.05%
01/15/2029
76,412
175,000
Western
Union
Co.
(The)
2.75%
03/15/2031
131,997
75,000
Willis
North
America,
Inc.
4.50%
09/15/2028
69,647
25,000
WR
Grace
Holdings
LLC
5.63%
(a)
08/15/2029
18,813
75,000
WRKCo,
Inc.
3.75%
03/15/2025
72,322
Total
US
Corporate
Bonds
(Cost
$10,552,337)
9,445,367
US
GOVERNMENT
AND
AGENCY
MORTGAGE
BACKED
OBLIGATIONS
16.9%
FHLMC
UMBS
,
978,117
Pool
SD8221
3.50%
06/01/2052
882,637
FNMA
UMBS
,
2,247,811
Pool
FS1472
3.50%
11/01/2050
2,046,732
2,930,130
Pool
MA4600
3.50%
05/01/2052
2,643,729
1,966,382
Pool
MA4624
3.00%
06/01/2052
1,717,278
613,862
Pool
MA4655
4.00%
07/01/2052
570,842
Total
US
Government
and
Agency
Mortgage
Backed
Obligations
(Cost
$8,559,397)
7,861,218
US
GOVERNMENT
AND
AGENCY
OBLIGATIONS
23.0%
2,400,000
U.S.
Treasury
Bonds
3.25%
05/15/2042
2,130,750
3,250,000
U.S.
Treasury
Bonds
3.00%
08/15/2052
2,805,664
1,900,000
U.S.
Treasury
Notes
2.75%
07/31/2027
1,789,414
1,300,000
U.S.
Treasury
Notes
2.63%
07/31/2029
1,194,883
3,050,000
U.S.
Treasury
Notes
2.75%
08/15/2032
2,789,320
Total
US
Government
and
Agency
Obligations
(Cost
$11,446,227)
10,710,031
SHORT
TERM
INVESTMENTS
1.9%
440,559
JPMorgan
U.S.
Government
Money
Market
Fund
-
Class
IM
2.72%
(e)
440,559
440,559
Morgan
Stanley
Institutional
Liquidity
Funds
Government
Portfolio
-
Institutional
Share
Class
2.80%
(e)
440,559
Total
Short
Term
Investments
(Cost
$881,118)
881,118
Total
Investments
99.4%
(Cost
$49,892,456)
46,312,563
Other
Assets
in
Excess
of
Liabilities
0.6%
259,072
PRINCIPAL
AMOUNT
$/
SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
NET
ASSETS
100.0%
$46,571,635
INVESTMENT
BREAKDOWN
as
a
%
of
Net
Assets:
US
Government
and
Agency
Obligations
23.0%
US
Government
and
Agency
Mortgage
Backed
Obligations
16.9%
Asset
Backed
Obligations
14.3%
Non-Agency
Residential
Collateralized
Mortgage
Obligations
10.3%
Non-Agency
Commercial
Mortgage
Backed
Obligations
10.2%
Banking
3.8%
Short
Term
Investments
1.9%
Technology
1.5%
Electric
1.2%
Food
and
Beverage
1.2%
Healthcare
1.2%
Midstream
1.0%
Consumer
Cyclical
Services
0.9%
Independent
0.9%
Retailers
0.8%
Cable
Satellite
0.8%
Media
Entertainment
0.6%
Finance
Companies
0.6%
Building
Materials
0.6%
Wirelines
0.6%
Life
0.5%
Pharmaceuticals
0.4%
Diversified
Manufacturing
0.4%
Leisure
0.4%
Aerospace
&
Defense
0.4%
Paper
0.3%
P&C
0.3%
Transportation
Services
0.3%
Metals
and
Mining
0.2%
Gaming
0.3%
Other
Industrial
0.2%
Airlines
0.2%
Health
Insurance
0.2%
Restaurants
0.2%
Chemicals
0.2%
Automotive
0.2%
Lodging
0.2%
Wireless
0.2%
Railroads
0.2%
Healthcare
REITs
0.2%
Natural
Gas
0.2%
Other
Financial
0.2%
Other
Utility
0.2%
Apartment
REITs
0.2%
Office
REITs
0.2%
Tobacco
0.1%
Integrated
0.1%
Consumer
Products
0.1%
Refining
0.1%
Other
REITs
0.1%
Oil
Field
Services
0.1%
Other
Assets
and
Liabilities
0.6%
100.0%
18
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)
The
interest
rate
will
step
up
if
the
issuer
does
not
redeem
the
bond
on
or
before
a
scheduled
redemption
date
in
accordance
with
the
terms
of
the
instrument.
The
interest
rate
shown
is
the
rate
in
effect
as
of
period
end.
(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
UMBS
Uniform
Mortgage
Backed
Securities
Schedule
of
Investments
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF
September
30,
2022
Annual
Report
|
September
30,
2022
19
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
SHARES
SECURITY
DESCRIPTION
VALUE
$
COMMON
STOCKS
99.4%
AUTO
COMPONENTS
0.3%
3,021
Aptiv
plc
(a)
236,272
2,599
BorgWarner,
Inc.
81,609
317,881
AUTOMOBILES
6.3%
43,690
Ford
Motor
Co.
489,328
16,152
General
Motors
Co.
518,318
26,726
Tesla,
Inc.
(a)
7,089,071
8,096,717
BANKS
8.6%
69,261
Bank
of
America
Corp.
2,091,682
19,164
Citigroup,
Inc.
798,564
4,947
Citizens
Financial
Group,
Inc.
169,979
1,291
Comerica,
Inc.
91,790
6,793
Fifth
Third
Bancorp
217,104
1,798
First
Republic
Bank
234,729
14,292
Huntington
Bancshares,
Inc.
188,369
29,102
JPMorgan
Chase
&
Co.
3,041,159
9,223
KeyCorp
147,752
1,756
M&T
Bank
Corp.
309,618
4,064
PNC
Financial
Services
Group,
Inc.
(The)
607,243
9,221
Regions
Financial
Corp.
185,066
635
Signature
Bank
95,885
612
SVB
Financial
Group
(a)
205,497
13,169
Truist
Financial
Corp.
573,378
13,401
US
Bancorp
540,328
37,643
Wells
Fargo
&
Co.
1,514,002
1,474
Zions
Bancorp
NA
74,968
11,087,113
CAPITAL
MARKETS
6.9%
1,095
Ameriprise
Financial,
Inc.
275,885
7,262
Bank
of
New
York
Mellon
Corp.
(The)
279,732
1,478
BlackRock,
Inc.
813,314
1,083
Cboe
Global
Markets,
Inc.
127,112
15,115
Charles
Schwab
Corp.
(The)
1,086,315
3,561
CME
Group,
Inc.
630,760
356
FactSet
Research
Systems,
Inc.
142,439
2,782
Franklin
Resources,
Inc.
59,869
3,386
Goldman
Sachs
Group,
Inc.
(The)
992,267
5,504
Intercontinental
Exchange,
Inc.
497,286
4,520
Invesco
Ltd.
61,924
354
MarketAxess
Holdings,
Inc.
78,761
1,587
Moody's
Corp.
385,816
13,228
Morgan
Stanley
1,045,144
803
MSCI,
Inc.
338,697
3,371
Nasdaq,
Inc.
191,068
2,076
Northern
Trust
Corp.
177,623
1,931
Raymond
James
Financial,
Inc.
190,821
3,379
S&P
Global,
Inc.
1,031,778
3,665
State
Street
Corp.
222,869
2,252
T
Rowe
Price
Group,
Inc.
236,483
8,865,963
COMMUNICATIONS
EQUIPMENT
0.8%
1,003
Arista
Networks,
Inc.
(a)
113,229
17,204
Cisco
Systems,
Inc.
688,160
277
F5,
Inc.
(a)
40,090
1,318
Juniper
Networks,
Inc.
34,426
672
Motorola
Solutions,
Inc.
150,508
1,026,413
SHARES
SECURITY
DESCRIPTION
VALUE
$
CONSUMER
FINANCE
1.2%
5,952
American
Express
Co.
802,984
3,844
Capital
One
Financial
Corp.
354,301
2,731
Discover
Financial
Services
248,303
4,809
Synchrony
Financial
135,566
1,541,154
DISTRIBUTORS
0.4%
1,573
Genuine
Parts
Co.
234,880
2,881
LKQ
Corp.
135,839
456
Pool
Corp.
145,104
515,823
DIVERSIFIED
FINANCIAL
SERVICES
3.7%
17,884
Berkshire
Hathaway,
Inc.
-
Class
B
(a)
4,775,386
ELECTRONIC
EQUIPMENT,
INSTRUMENTS
&
COMPONENTS
0.6%
2,448
Amphenol
Corp.
-
Class
A
163,918
531
CDW
Corp.
82,879
3,185
Corning,
Inc.
92,429
770
Keysight
Technologies,
Inc.
(a)
121,167
1,315
TE
Connectivity
Ltd.
(Switzerland)
145,123
181
Teledyne
Technologies,
Inc.
(a)
61,082
1,008
Trimble,
Inc.
(a)
54,704
194
Zebra
Technologies
Corp.
-
Class
A
(a)
50,830
772,132
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
22.1%
2,133
Agree
Realty
Corp.
144,148
4,039
Alexandria
Real
Estate
Equities,
Inc.
566,227
8,197
American
Homes
4
Rent
-
Class
A
268,944
12,598
American
Tower
Corp.
2,704,791
7,294
Americold
Realty
Trust,
Inc.
179,432
4,190
Apartment
Income
REIT
Corp.
161,818
3,829
AvalonBay
Communities,
Inc.
705,264
3,878
Boston
Properties,
Inc.
290,734
8,175
Brixmor
Property
Group,
Inc.
150,992
2,897
Camden
Property
Trust
346,047
3,060
Corporate
Office
Properties
Trust
71,084
4,150
Cousins
Properties,
Inc.
96,903
11,755
Crown
Castle,
Inc.
1,699,185
6,109
CubeSmart
244,727
7,764
Digital
Realty
Trust,
Inc.
770,034
4,816
Douglas
Emmett,
Inc.
86,351
10,490
Duke
Realty
Corp.
505,618
1,166
EastGroup
Properties,
Inc.
168,300
2,457
Equinix,
Inc.
1,397,640
3,029
Equity
Commonwealth
73,786
4,711
Equity
LifeStyle
Properties,
Inc.
296,039
9,174
Equity
Residential
616,676
1,766
Essex
Property
Trust,
Inc.
427,778
3,656
Extra
Space
Storage,
Inc.
631,428
1,963
Federal
Realty
Investment
Trust
176,906
3,572
First
Industrial
Realty
Trust,
Inc.
160,061
6,921
Gaming
and
Leisure
Properties,
Inc.
306,185
10,318
Healthcare
Realty
Trust,
Inc.
215,130
14,675
Healthpeak
Properties,
Inc.
336,351
2,879
Highwoods
Properties,
Inc.
77,618
19,453
Host
Hotels
&
Resorts,
Inc.
308,914
15,734
Invitation
Homes,
Inc.
531,337
7,889
Iron
Mountain,
Inc.
346,879
2,727
JBG
SMITH
Properties
50,668
2,874
Kilroy
Realty
Corp.
121,024
16,783
Kimco
Realty
Corp.
308,975
2,388
Lamar
Advertising
Co.
-
Class
A
196,986
2,281
Life
Storage,
Inc.
252,644
20
DoubleLine
ETF
Trust
Schedule
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
$
7,576
LXP
Industrial
Trust
69,396
16,307
Medical
Properties
Trust,
Inc.
193,401
3,107
Mid-America
Apartment
Communities,
Inc.
481,803
1,242
National
Health
Investors,
Inc.
70,210
4,821
National
Retail
Properties,
Inc.
192,165
2,293
National
Storage
Affiliates
Trust
95,343
6,313
Omega
Healthcare
Investors,
Inc.
186,170
6,133
Physicians
Realty
Trust
92,240
2,209
PotlatchDeltic
Corp.
90,657
20,164
Prologis,
Inc.
2,048,662
4,309
Public
Storage
1,261,718
4,008
Rayonier,
Inc.
120,120
16,734
Realty
Income
Corp.
973,919
4,182
Regency
Centers
Corp.
225,201
4,658
Rexford
Industrial
Realty,
Inc.
242,216
6,268
Sabra
Health
Care
REIT,
Inc.
82,236
2,919
SBA
Communications
Corp.
830,893
8,978
Simon
Property
Group,
Inc.
805,776
1,770
SL
Green
Realty
Corp.
71,083
3,698
Spirit
Realty
Capital,
Inc.
133,720
4,874
STAG
Industrial,
Inc.
138,568
7,129
STORE
Capital
Corp.
223,352
3,362
Sun
Communities,
Inc.
454,979
8,248
UDR,
Inc.
344,024
10,838
Ventas,
Inc.
435,362
26,088
VICI
Properties,
Inc.
778,727
4,379
Vornado
Realty
Trust
101,418
12,582
Welltower,
Inc.
809,274
20,133
Weyerhaeuser
Co.
574,998
5,631
WP
Carey,
Inc.
393,044
28,514,299
HOTELS,
RESTAURANTS
&
LEISURE
4.6%
458
Booking
Holdings,
Inc.
(a)
752,590
2,405
Caesars
Entertainment,
Inc.
(a)
77,585
10,982
Carnival
Corp.
(a)
77,203
311
Chipotle
Mexican
Grill,
Inc.
(a)
467,358
1,321
Darden
Restaurants,
Inc.
166,869
366
Domino's
Pizza,
Inc.
113,533
1,659
Expedia
Group,
Inc.
(a)
155,432
3,049
Hilton
Worldwide
Holdings,
Inc.
367,770
3,659
Las
Vegas
Sands
Corp.
(a)
137,286
3,061
Marriott
International,
Inc.
-
Class
A
428,969
6,425
McDonald's
Corp.
1,482,505
3,585
MGM
Resorts
International
106,546
4,699
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
53,381
2,437
Royal
Caribbean
Cruises
Ltd.
(a)
92,362
12,602
Starbucks
Corp.
1,061,845
1,136
Wynn
Resorts
Ltd.
(a)
71,602
3,100
Yum!
Brands,
Inc.
329,654
5,942,490
HOUSEHOLD
DURABLES
0.7%
3,507
DR
Horton,
Inc.
236,196
1,730
Garmin
Ltd.
138,936
2,850
Lennar
Corp.
-
Class
A
212,468
607
Mohawk
Industries,
Inc.
(a)
55,352
4,181
Newell
Brands,
Inc.
58,074
20
NVR,
Inc.
(a)
79,742
2,560
PulteGroup,
Inc.
96,000
618
Whirlpool
Corp.
83,313
960,081
INSURANCE
5.1%
5,673
Aflac,
Inc.
318,823
2,700
Allstate
Corp.
(The)
336,231
SHARES
SECURITY
DESCRIPTION
VALUE
$
7,560
American
International
Group,
Inc.
358,949
2,091
Aon
plc
-
Class
A
560,116
2,085
Arthur
J
Gallagher
&
Co.
356,994
510
Assurant,
Inc.
74,088
2,297
Brown
&
Brown,
Inc.
138,922
4,159
Chubb
Ltd.
756,439
1,592
Cincinnati
Financial
Corp.
142,595
364
Everest
Re
Group
Ltd.
95,528
924
Globe
Life,
Inc.
92,123
3,210
Hartford
Financial
Services
Group,
Inc.
(The)
198,827
1,572
Lincoln
National
Corp.
69,026
1,964
Loews
Corp.
97,886
4,961
Marsh
&
McLennan
Cos.,
Inc.
740,628
6,618
MetLife,
Inc.
402,242
2,279
Principal
Financial
Group,
Inc.
164,430
5,788
Progressive
Corp.
(The)
672,623
3,696
Prudential
Financial,
Inc.
317,043
2,375
Travelers
Cos.,
Inc.
(The)
363,850
2,052
W
R
Berkley
Corp.
132,518
1,107
Willis
Towers
Watson
plc
222,441
6,612,322
INTERNET
&
DIRECT
MARKETING
RETAIL
6.0%
64,567
Amazon.com,
Inc.
(a)
7,296,071
6,088
eBay,
Inc.
224,099
1,429
Etsy,
Inc.
(a)
143,086
7,663,256
IT
SERVICES
4.2%
2,615
Accenture
plc
-
Class
A
672,839
653
Akamai
Technologies,
Inc.
(a)
52,449
1,742
Automatic
Data
Processing,
Inc.
394,023
484
Broadridge
Financial
Solutions,
Inc.
69,851
2,136
Cognizant
Technology
Solutions
Corp.
-
Class
A
122,692
962
DXC
Technology
Co.
(a)
23,550
207
EPAM
Systems,
Inc.
(a)
74,973
2,544
Fidelity
National
Information
Services,
Inc.
192,250
2,622
Fiserv,
Inc.
(a)
245,341
317
FleetCor
Technologies,
Inc.
(a)
55,846
325
Gartner,
Inc.
(a)
89,924
1,144
Global
Payments,
Inc.
123,609
3,721
International
Business
Machines
Corp.
442,092
310
Jack
Henry
&
Associates,
Inc.
56,504
3,547
Mastercard,
Inc.
-
Class
A
1,008,554
1,313
Paychex,
Inc.
147,332
4,850
PayPal
Holdings,
Inc.
(a)
417,440
363
VeriSign,
Inc.
(a)
63,053
6,776
Visa,
Inc.
-
Class
A
1,203,756
5,456,078
LEISURE
PRODUCTS
0.1%
1,441
Hasbro,
Inc.
97,152
MORTGAGE
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
0.5%
14,132
AGNC
Investment
Corp.
118,991
11,704
Annaly
Capital
Management,
Inc.
200,841
4,641
Blackstone
Mortgage
Trust,
Inc.
-
Class
A
108,321
12,700
Rithm
Capital
Corp.
92,964
8,374
Starwood
Property
Trust,
Inc.
152,574
673,691
MULTILINE
RETAIL
1.3%
2,462
Dollar
General
Corp.
590,535
2,290
Dollar
Tree,
Inc.
(a)
311,669
5,120
Target
Corp.
759,757
1,661,961
Annual
Report
|
September
30,
2022
21
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
September
30,
2022
SHARES
SECURITY
DESCRIPTION
VALUE
$
PROFESSIONAL
SERVICES
0.6%
10,761
CoStar
Group,
Inc.
(a)
749,504
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
0.8%
8,728
CBRE
Group,
Inc.
-
Class
A
(a)
589,227
975
Howard
Hughes
Corp.
(The)
(a)
54,005
1,299
Jones
Lang
LaSalle,
Inc.
(a)
196,240
13,673
Opendoor
Technologies,
Inc.
(a)
42,523
1,615
Zillow
Group,
Inc.
-
Class
A
(a)
46,237
4,527
Zillow
Group,
Inc.
-
Class
C
(a)
129,518
1,057,750
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
4.7%
6,795
Advanced
Micro
Devices,
Inc.
(a)
430,531
2,134
Analog
Devices,
Inc.
297,351
3,677
Applied
Materials,
Inc.
301,257
1,658
Broadcom,
Inc.
736,169
598
Enphase
Energy,
Inc.
(a)
165,927
17,207
Intel
Corp.
443,424
616
KLA
Corp.
186,420
602
Lam
Research
Corp.
220,332
2,288
Microchip
Technology,
Inc.
139,637
4,649
Micron
Technology,
Inc.
232,915
176
Monolithic
Power
Systems,
Inc.
63,958
10,615
NVIDIA
Corp.
1,288,555
1,110
NXP
Semiconductors
NV
(China)
163,736
1,800
ON
Semiconductor
Corp.
(a)
112,194
453
Qorvo,
Inc.
(a)
35,973
4,694
QUALCOMM,
Inc.
530,328
661
Skyworks
Solutions,
Inc.
56,363
204
SolarEdge
Technologies,
Inc.
(a)
47,218
651
Teradyne,
Inc.
48,923
3,823
Texas
Instruments,
Inc.
591,724
6,092,935
SOFTWARE
8.3%
1,951
Adobe,
Inc.
(a)
536,915
347
ANSYS,
Inc.
(a)
76,930
933
Autodesk,
Inc.
(a)
174,284
1,137
Cadence
Design
Systems,
Inc.
(a)
185,820
642
Ceridian
HCM
Holding,
Inc.
(a)
35,875
2,737
Fortinet,
Inc.
(a)
134,469
1,164
Intuit,
Inc.
450,840
31,121
Microsoft
Corp.
7,248,081
2,434
NortonLifeLock,
Inc.
49,021
6,308
Oracle
Corp.
385,230
186
Paycom
Software,
Inc.
(a)
61,378
456
PTC,
Inc.
(a)
47,698
457
Roper
Technologies,
Inc.
164,355
SHARES
SECURITY
DESCRIPTION
VALUE
$
4,175
Salesforce,
Inc.
(a)
600,532
829
ServiceNow,
Inc.
(a)
313,039
641
Synopsys,
Inc.
(a)
195,832
168
Tyler
Technologies,
Inc.
(a)
58,380
10,718,679
SPECIALTY
RETAIL
4.5%
658
Advance
Auto
Parts,
Inc.
102,872
192
AutoZone,
Inc.
(a)
411,250
2,548
Bath
&
Body
Works,
Inc.
83,065
2,229
Best
Buy
Co.,
Inc.
141,185
1,767
CarMax,
Inc.
(a)
116,657
5,604
Home
Depot,
Inc.
(The)
1,546,368
7,050
Lowe's
Cos.,
Inc.
1,324,060
679
O'Reilly
Automotive,
Inc.
(a)
477,575
3,872
Ross
Stores,
Inc.
326,293
12,899
TJX
Cos.,
Inc.
(The)
801,286
1,241
Tractor
Supply
Co.
230,677
599
Ulta
Beauty,
Inc.
(a)
240,313
5,801,601
TECHNOLOGY
HARDWARE,
STORAGE
&
PERIPHERALS
6.0%
53,591
Apple,
Inc.
7,406,276
5,431
Hewlett
Packard
Enterprise
Co.
65,063
3,824
HP,
Inc.
95,294
935
NetApp,
Inc.
57,830
812
Seagate
Technology
Holdings
plc
43,223
1,304
Western
Digital
Corp.
(a)
42,445
7,710,131
TEXTILES,
APPAREL
&
LUXURY
GOODS
1.1%
14,004
NIKE,
Inc.
-
Class
B
1,164,013
479
Ralph
Lauren
Corp.
40,682
2,766
Tapestry,
Inc.
78,637
3,676
VF
Corp.
109,949
1,393,281
Total
Common
Stocks
(Cost
$138,099,375)
128,103,793
SHORT
TERM
INVESTMENTS
0.3%
185,247
JPMorgan
U.S.
Government
Money
Market
Fund
-
Class
IM
2.72%
(b)
185,247
185,247
Morgan
Stanley
Institutional
Liquidity
Funds
Government
Portfolio
-
Institutional
Share
Class
2.80%
(b)
185,247
Total
Short
Term
Investments
(Cost
$370,494)
370,494
Total
Investments
99.7%
(Cost
$138,469,869)
128,474,287
Other
Assets
in
Excess
of
Liabilities
0.3%
424,981
NET
ASSETS
100.0%
$128,899,268
(a)
Non-income
producing
security
(b)
Seven-day
yield
as
of
period
end
Statements
of
Assets
and
Liabilities
22
DoubleLine
ETF
Trust
September
30,
2022
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Opportunistic
Bond
ETF
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
ASSETS
Investments
in
Unaffiliated
Securities,
at
Value*
$
45,431,445
$
128,103,793
Short
Term
Investments*
881,118
370,494
Interest
and
Dividends
Receivable
278,690
102,526
Receivable
for
Investments
Sold
5,007
51,896
Receivable
for
Fund
Shares
Sold
44,470,898
Total
Assets
46,596,260
173,099,607
LIABILITIES
Management
Fees
Payable
19,625
41,609
Payable
for
Investments
Purchased
5,000
44,158,217
Due
to
Custodian
513
Total
Liabilities
24,625
44,200,339
Net
Assets
$
46,571,635
$
128,899,268
NET
ASSETS
CONSISTS
OF:
Paid-In
Capital
$
50,486,307
$
146,613,825
Total
Distributable
Earnings
(Loss)
(See
Note
8)
(3,914,672)
(17,714,557)
Net
Assets
$
46,571,635
$
128,899,268
*Identified
Cost:
Investments
in
Unaffiliated
Securities
$
49,011,338
$
138,099,375
Short
Term
Investments
$
881,118
$
370,494
Shares
Outstanding
and
Net
Asset
Value
Per
Share:
Shares
Outstanding
(unlimited
number
of
shares
authorized
$
0.001
par
value)
1,021,000
6,442,000
Net
Asset
Value
Per
Share
$
45.61
$
20.01
Annual
Report
|
September
30,
2022
23
Statements
of
Operations
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
For
the
Period
Ended
September
30,
2022
DoubleLine
Opportunistic
Bond
ETF
(a)
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
(a)
INVESTMENT
INCOME
Income:
Interest
$
859,659
$
Dividends
from
Unaffiliated
Securities
9,244
574,631
Foreign
taxes
withheld
(172)
Total
Investment
Income
868,903
574,459
Expenses:
Management
Fees
110,915
189,584
Total
Expenses
110,915
189,584
Net
Investment
Income
(Loss)
757,988
384,875
REALIZED
&
UNREALIZED
GAIN
(LOSS)
ON
INVESTMENTS
Net
Realized
Gain
(Loss)
on:
Investments
in
Unaffiliated
Securities
(461,265)
(7,948,085)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Investments
in
Unaffiliated
Securities
(3,579,893)
(9,995,582)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
(4,041,158)
(17,943,667)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
$
(3,283,170)
$
(17,558,792)
(a)
Commenced
operations
on
March
31,
2022
.
Statements
of
Changes
in
Net
Assets
24
DoubleLine
ETF
Trust
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Opportunistic
Bond
ETF
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
Period
Ended
September
30,
2022
(a)
Period
Ended
September
30,
2022
(a)
OPERATIONS
Net
Investment
Income
(Loss)
$
757,988
$
384,875
Net
Realized
Gain
(Loss)
on
Investments
(461,265)
(7,948,085)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Investments
(3,579,893)
(9,995,582)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(3,283,170)
(17,558,792)
DISTRIBUTIONS
TO
SHAREHOLDERS
From
Net
Investment
Income
(631,502)
(155,765)
Total
Distributions
to
Shareholders
(631,502)
(155,765)
NET
SHARE
TRANSACTIONS
(b)
Proceeds
from
Shares
Issued
50,486,307
193,674,921
Cost
of  Shares
Redeemed
(47,061,096)
Increase
(Decrease)
in
Net
Assets
Resulting
from
Net
Share
Transactions
50,486,307
146,613,825
Total
Increase
(Decrease)
in
Net
Assets
$
46,571,635
$
128,899,268
NET
ASSETS
Beginning
of
Period
$
$
End
of
Period
$
46,571,635
$
128,899,268
SHARE
TRANSACTIONS
Beginning
of  Period
Shares
Issued
1,021,000
2,482,000
Shares
Issued
In-Kind
6,280,000
Shares
Redeemed
(2,320,000)
Shares
Outstanding,
End
of  Period
1,021,000
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.
Annual
Report
|
September
30,
2022
25
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Opportunistic
Bond
ETF
Period
Ended
September
30,
2022
(a)
Net
Asset
Value,
Beginning
of
Period
$
50.00
Income
(Loss)
from
Investment
Operations:
Net
Investment
Income
(Loss)
(b)
0.82
Net
Gain
(Loss)
on
Investments
(Realized
and
Unrealized)
(4.59)
Total
from
Investment
Operations
(3.77)
Less
Distributions:
Distributions
from
Net
Investment
Income
(0.62)
Total
Distributions
(0.62)
Net
Asset
Value,
End
of
Period
$
45.61
Total
Return
(c)
(7.60)%
Supplemental
Data:
Net
Assets,
End
of
Period
(000's)
$
46,572
Ratios
to
Average
Net
Assets:
Expenses
(d)
0.50%
Net
Investment
Income
(Loss)
(d)
3.38%
Portfolio
Turnover
Rate
(c)
183%
(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.
Financial
Highlights
(Cont.)
26
DoubleLine
ETF
Trust
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
Period
Ended
September
30,
2022
(a)
Net
Asset
Value,
Beginning
of
Period
$
25.00
Income
(Loss)
from
Investment
Operations:
Net
Investment
Income
(Loss)
(b)
0.14
Net
Gain
(Loss)
on
Investments
(Realized
and
Unrealized)
(5.07)
Total
from
Investment
Operations
(4.93)
Less
Distributions:
Distributions
from
Net
Investment
Income
(0.06)
Total
Distributions
(0.06)
Net
Asset
Value,
End
of
Period
$
20.01
Total
Return
(c)
(19.72)%
Supplemental
Data:
Net
Assets,
End
of
Period
(000's)
$
128,899
Ratios
to
Average
Net
Assets:
Expenses
(d)
0.65%
Net
Investment
Income
(Loss)
(d)
1.30%
Portfolio
Turnover
Rate
(c)(e)
175%
(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.
Annual
Report
|
September
30,
2022
27
Notes
to
Financial
Statements
September
30,
2022
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,
2022,
the
Trust
consists
of
two series,
DoubleLine
Opportunistic
Bond
ETF
(the
“Opportunistic
Bond
ETF”)
and
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF
(the
“Equities
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
commenced
operations
on
March
31,
2022.
The
Funds
are
classified
as
non-diversified
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”).
The
DoubleLine
Opportunistic
Bond
ETF’s
investment
objective
is
to
seek
to
maximize
current
income
and
total
return.
The
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF’s
investment
objective
is
to
seek
total
return
which
exceeds
the
total
return
of
the
S&P
500
Index.
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,
2022 (the
"period
end"). 
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)
Market
values
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. 
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
Fixed-income
class
Examples
of
Inputs
All
Benchmark
yields,
transactions,
bids,
offers,
quotations
from
dealers
and
trading
systems,
new
issues,
spreads
and
other
relationships
observed
in
the
markets
among
comparable
securities;
and
proprietary
pricing
models
such
as
yield
measures
calculated
using
factors
such
as
cash
flows,
financial
or
collateral
performance
and
other
reference
data
(collectively
referred
to
as
“standard
inputs”)
Corporate
bonds
and
notes;
    convertible
securities
Standard
inputs
and
underlying
equity
of
the
issuer
US
bonds
and
notes
of
government
and  
    government
agencies
Standard
inputs
Residential
and
commercial
mortgage-backed
obligations;
asset-backed
obligations
(including
collateralized
loan
obligations)
Standard
inputs
and
cash
flows,
prepayment
information,
default
rates,
delinquency
and
loss
assumptions,
collateral
characteristics,
credit
enhancements
and
specific
deal
information,
trustee
reports
Notes
to
Financial
Statements
(Cont.)
28
DoubleLine
ETF
Trust
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
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.
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
period
end. 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
The
following
is
a
summary
of
the
fair
valuations
according
to
the
inputs
used
to
value
the
Funds'
investments
as
of
September
30,
2022:
Category
DoubleLine
Opportunistic
Bond
ETF
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
Investments
in
Securities
Level
1
Common
Stocks
$
$
128,103,793
Money
Market
Funds
881,118
370,494
Total
Level
1
881,118
128,474,287
Level
2
US
Government
and
Agency
Obligations
10,710,031
US
Corporate
Bonds
9,445,367
US
Government
and
Agency
Mortgage
Backed
Obligations
7,861,218
Asset
Backed
Obligations
6,653,540
Non-Agency
Residential
Collateralized
Mortgage
Obligations
4,814,313
Non-Agency
Commercial
Mortgage
Backed
Obligations
4,735,394
Foreign
Corporate
Bonds
1,211,582
Total
Level
2
45,431,445
Level
3
Total
$
46,312,563
$
128,474,287
See
the
Schedules
of
Investments
for
further
disaggregation
of
investment
categories.
September
30,
2022
Annual
Report
|
September
30,
2022
29
recorded
as
components
of
interest
income
on
the
Statements
of
Operations.
Estimated
tax
liabilities
on
certain
foreign
securities
are
recorded
on
an
accrual
basis
and
are
reflected
as
components
of
interest
income
on
the
Statements
of
Operations. 
D. Dividends
and
Distributions
to
Shareholders.
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.
F. Share
Valuation.
The
NAV
per
share
of
the
Fund
is
calculated
by
dividing
the
sum
of
the
value
of
the
securities
held
by
the
Fund,
plus
cash
and
other
assets,
minus
all
liabilities
(including
estimated
accrued
expenses),
by
the
total
number
of
shares
outstanding,
rounded
to
the
nearest
cent.
The
Funds’
NAV
is
typically
calculated
on
days
when
the
New
York
Stock
Exchange
opens
for
regular
trading.
G. 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.
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.
Management
Fee
DoubleLine
Opportunistic
Bond
ETF
0.50%
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
0.65%
Notes
to
Financial
Statements
(Cont.)
30
DoubleLine
ETF
Trust
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.
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)
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,
2022 were
as
follows:
 Investment
transactions
related
to
in-kind purchases
and
sales
for the period ended
September
30,
2022 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
$
40,193,100
$
2,714,665
$
73,662,119
$
61,832,288
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
$
104,697,942
$
91,352,101
$
$
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
Shiller
CAPE®
U.S.
Equities
ETF
$
132,793,381
$
$
September
30,
2022
Annual
Report
|
September
30,
2022
31
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,
2022 was
as
follows:
As
of
September
30,
2022 the
components
of
accumulated
earnings
(losses)
for
income
tax
purposes
were
as
follows:
As
of
September
30,
2022,
the
following
capital
loss
carryforwards
were
available:
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,
2022,
the
following
table
shows
the
reclassifications
made:
9. 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,
Period
Ended
September
30,
2022
Ordinary
Income
DoubleLine
Opportunistic
Bond
ETF
$631,502
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
$155,765
DoubleLine
Opportunistic
Bond
ETF
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
Tax
Cost
of
Investments
$
49,903,585
$
138,988,981
Gross
Tax
Unrealized
Appreciation
493
173,975
Gross
Tax
Unrealized
Depreciation
(3,591,515)
(10,688,669)
Net
Tax
Unrealized
Appreciation
(Depreciation)
(3,591,022)
(10,514,694)
DoubleLine
Opportunistic
Bond
ETF
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
Net
Tax
Unrealized
Appreciation
(Depreciation)
$
(3,591,022)
$
(10,514,694)
Undistributed
Ordinary
Income
169,211
229,110
Undistributed
Long
Term
Capital
Gains
Total
Distributable
Earnings
169,211
229,110
Other
Accumulated
Gains
(Losses)
(492,861)
(7,428,973)
Total
Accumulated
Earnings
(Losses)
(3,914,672)
(17,714,557)
Capital
Loss
Carryforward
Expires
DoubleLine
Opportunistic
Bond
ETF
$
(492,861)
Indefinite
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
$
(7,428,973)
Indefinite
Paid-in
Capital
Total
Distributable
Earnings
(Loss)
DoubleLine
Opportunistic
Bond
ETF
$—
$—
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
$—
$—
Notes
to
Financial
Statements
(Cont.)
32
DoubleLine
ETF
Trust
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
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
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. 
debt
securities
risks
:
For
DBND
Only:
credit
risk
:
the
risk
that
an
issuer
or
counterparty
will
fail
to
pay
its
obligations
to
a
Fund
when
they
are
due.
As
a
result,
a
Fund's
income
might
be
reduced,
the
value
of
the
Fund's
investment
might
fall,
and/or
the
Fund
could
lose
the
entire
amount
of
its
investment.
Changes
in
the
financial
condition
of
an
issuer
or
counterparty,
changes
in
specific
economic,
social
or
political
conditions
that
affect
a
particular
type
of
security
or
other
instrument
or
an
issuer,
and
changes
in
economic,
social
or
political
conditions
generally
can
increase
the
risk
of
default
by
an
issuer
or
counterparty,
which
can
affect
a
security's
or
other
instrument's
credit
quality
or
value
and
an
issuer's
or
counterparty's
ability
to
pay
interest
and
principal
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
also
may
decline
for
a
number
of
other
reasons
that
relate
directly
to
the
issuer,
such
as
management
performance,
financial
leverage
and
reduced
demand
for
the
issuer's
goods
and
services,
as
well
as
the
historical
and
prospective
earnings
of
the
issuer
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.
In
recent
years,
the
U.S.
has
experienced
historically
low
interest
rates,
increasing
the
exposure
of
bond
investors
to
the
risks
associated
with
rising
interest
rates.  
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
risk:
On
July
27,
2017,
the
United
Kingdom’s
Financial
Conduct
Authority,
which
regulates
the
London
Interbank
Offered
Rate
(“
LIBOR
”),
announced
that
after
2021,
it
will
cease
its
active
encouragement
of
banks
to
provide
quotations
needed
to
sustain
the
LIBOR
rate.
LIBOR
is
the
offered
rate
for
wholesale,
unsecured
funding
available
to
September
30,
2022
Annual
Report
|
September
30,
2022
33
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
may
also
be
a
significant
factor
in
determining
payment
obligations
under
a
derivative
investment
and
may
be
used
in
other
ways
that
affect
the
Fund’s
investment
performance.
On
March
5,
2021,
the
administrator
of
LIBOR
announced
a
delay
in
the
phase
out
of
the
majority
of
the
USD
LIBOR
publications
until
June
30,
2023,
with
the
remainder
of
LIBOR
publications
to
still
end
on
December
31,
2021.
There
remains
uncertainty
regarding
the
future
of
LIBOR
and
the
nature
of
any
replacement
rate.
The
replacement
and/
or
discontinuation
of
LIBOR
could
lead
to
significant
short-term
and
long-term
uncertainty
and
market
instability.
The
unavailability
and/or
discontinuation
of
LIBOR
could
have
adverse
impacts
on
newly
issued
financial
instruments
and
existing
financial
instruments
that
reference
LIBOR.
While
some
instruments
may
contemplate
a
scenario
where
LIBOR
is
no
longer
available
by
providing
for
an
alternative
rate
setting
methodology,
not
all
instruments
may
have
such
provisions
and
there
is
uncertainty
regarding
the
effectiveness
of
any
alternative
methodology.
In
addition,
the
unavailability
or
replacement
of
LIBOR
may
affect
the
value,
liquidity
or
return
on
certain
Fund
investments
and
may
result
in
costs
incurred
in
connection
with
closing
out
positions
and
entering
into
new
trades.
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
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.
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.
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
DBND
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.)
34
DoubleLine
ETF
Trust
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
DNBD
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
September
30,
2022
Annual
Report
|
September
30,
2022
35
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
DBND
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.)
36
DoubleLine
ETF
Trust
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.
high
yield
risk
:
the
risk
that
debt
instruments
rated
below
investment
grade
or
debt
instruments
that
are
unrated
and
of
comparable
or
lesser
quality
are
predominantly
speculative.
These
instruments,
commonly
known
as
"junk
bonds,"
have
a
higher
degree
of
default
risk
and
may
be
less
liquid
than
higher-rated
bonds.
These
instruments
may
be
subject
to
greater
price
volatility
due
to
such
factors
as
specific
corporate
developments,
interest
rate
sensitivity,
negative
perceptions
of
high
yield
investments
generally,
and
less
secondary
market
liquidity.
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
and
without
advance
notice
to
shareholders.
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.
limited
operating
history
risk
:
the
Fund
is
newly
formed
and
has
no
or
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.
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,
political,
economic
or
market
developments,
or
other
external
factors,
experience
periods
of
high
volatility
and
reduced
liquidity.
During
those
periods,
the
Fund
may
experience
high
levels
of
shareholder
redemptions,
and
may
have
to
sell
securities
at
times
when
the
Fund
would
otherwise
not
do
so,
and
potentially
at
unfavorable
prices.
Certain
securities
may
be
difficult
to
value
during
such
periods.
Market
risk
involves
the
risk
that
the
value
of
the
Fund's
investment
portfolio
will
change,
potentially
frequently
and
in
large
amounts,
as
the
prices
of
its
investments
go
up
or
down.
During
periods
of
severe
market
stress,
it
is
possible
that
the
market
for
some
or
all
of
a
Fund's
investments
may
become
highly
illiquid.
These
risks
may
be
heightened
for
fixed
income
securities
due
to
the
current
low
interest
rate
environment. 
mortgage-backed
securities
risk:
For
DBND
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
September
30,
2022
Annual
Report
|
September
30,
2022
37
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
"). 
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
risk
:
the
risk
that
real
estate-related
investments
may
decline
in
value
as
a
result
of
factors
affecting
the
real
estate
sector,
such
as
the
supply
of
real
property
in
certain
markets,
changes
in
zoning
laws,
delays
in
completion
of
construction,
changes
in
real
estate
values,
changes
in
property
taxes,
levels
of
occupancy,
and
local
and
regional
market
conditions.
restricted
securities
risk:
For
DBND
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
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
DBND
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
DBND
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
Notes
to
Financial
Statements
(Cont.)
38
DoubleLine
ETF
Trust
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. 
10. 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,
2022
39
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Shareholders
and
Board
of
Trustees
of
DoubleLine
ETF
Trust:
Opinion
on
the
Financial
Statements
and
Financial
Highlights
We
have
audited
the
accompanying
statement
of
assets
and
liabilities
of
DoubleLine
ETF
Trust
(the
“Trust”),
comprising
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF
(CAPE)
and
DoubleLine
Opportunistic
Bond
ETF
(DBND),
including
the
schedule
of
investments,
as
of
September
30,
2022,
the
related
statements
of
operations,
changes
in
net
assets
and
financial
highlights
for
the
period
from
March
31,
2022
(commencement
of
operations)
to
September
30,
2022,
and
the
related
notes.
In
our
opinion,
the
financial
statements
and
financial
highlights
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Trust
as
of
September
30,
2022,
and
the
results
of
its
operations,
changes
in
its
net
assets,
and
the
financial
highlights
for
the
period
from
March
31,
2022
(commencement
of
operations)
to
September
30,
2022
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
audit.
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.
We
conducted
our
audit
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
and
financial
highlights
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Trust
is
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
its
internal
control
over
financial
reporting.
As
part
of
our
audit
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
audit
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements
and
financial
highlights,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements
and
financial
highlights.
Our
audit
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements
and
financial
highlights.
Our
procedures
included
confirmation
of
securities
owned
as
of
September
30,
2022,
by
correspondence
with
the
custodian.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
DELOITTE
&
TOUCHE
LLP
Costa
Mesa,
California
November
21,
2022
We
have
served
as
the
auditor
of
one
or
more
DoubleLine
Funds
investment
companies
since
2013.
Shareholder
Expenses
40
DoubleLine
ETF
Trust
September
30,
2022
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 March
31,
2022 through
September
30,
2022.
Expenses
paid
during
the
period
are
equal
to
the
net
annualized
expense
ratio
for
the
Funds’,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(to
reflect
the
one-half
year
period)
for
all
funds.
The
actual
dollar
amounts
shown
as
expenses
paid
during
the
period
for
the
DoubleLine
Opportunistic
Bond
ETF
and
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF
Fund
are
multiplied
by
183/365
which
is
based
on
the
inception
date
of
March
31,
2022.
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
9/30/22
Expenses
Paid
During
Period
(a)
Ending
Account
Value
at
9/30/22
Expenses
Paid
During
Period
(a)
DoubleLine
Opportunistic
Bond
ETF
0.50%
$1,000
$924
$2.41
$1,023
$2.54
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
0.65%
$1,000
$803
$2.94
$1,022
$3.29
(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
Opportunistic
Bond
ETF
and
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
Fund
are
multiplied
by
183/365
which
is
based
on
the
inception
date
of
March
31,
2022.
Annual
Report
|
September
30,
2022
41
Evaluation
of
Advisory
Agreement
by
the
Board
of
Trustees
(Unaudited)
September
30,
2022
DoubleLine
Opportunistic
Bond
ETF
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF
At
a
meeting
held
on
November
16,
2021
(the
“November
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,
pursuant
to
which
the Adviser
will
provide
investment
advisory
services
to
the
series
of
the
Trust
(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
November
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
investment
advisory,
compliance,
risk
management,
operational,
and
other
personnel
from
the Adviser
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
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,
Messrs.
Jeffrey
Gundlach
and
Jeffrey
Sherman,
and
the
strong
historical
investor
interest
in
products
managed
by
the Adviser.
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,
as
well
as
those
discussed
below,
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
Funds’
unitary
fee
structure,
which
includes
operating
expenses,
in
the
context
of
other
peers,
some
of
which
had
a
similar
unitary
fee
structure
and
others
separated
management
fees
from
other
operating
expenses.
The
Trustees
met
with
Strategic
Insight
representatives
to
review
the
comparative
information
set
out
in
the
Strategic
Insight
Report,
the
methodologies
used
by
Strategic
Insight
in
compiling
the
report
and
selecting
the
peer
groups
used
within
the
report,
and
considerations
to
weigh
in
evaluating
the
comparative
information
presented
in
the
report,
including
in
certain
challenges
encountered
in
assembling
an
appropriate
group
of
peers
for
each
Fund.
The
Trustees
considered
any
differences
in
management
fees
and
took
into
account
the
respective
demands,
resources
and
complexity
associated
with
the
Funds
and
other
client
accounts
as
well
as
the
extensive
regulatory,
compliance
and
tax
regimes
to
which
the
Funds
are
subject.
Evaluation
of
Advisory
Agreement
by
the
Board
of
Trustees
(Cont.)
42
DoubleLine
ETF
Trust
Consistent
with
general
ETF
industry
practice,
the
Board
noted
the
Funds’
proposed
“unitary”
fee
structure,
under
which
the Adviser would,
in
addition
to
providing
investment
management
services,
arrange
for
transfer
agency,
custody,
fund
administration
and
accounting,
and
other
non-distribution
related
services
necessary
for
the
Funds
to
operate.
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
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
that
it
offers.
The
Board
concluded,
within
the
context
of
its
full
deliberations,
that
the
proposed
management
fees
were
reasonable
in
light
of
the
nature
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
the Adviser,
its
personnel
and
its
related
advisers
in
managing
assets
using
investment
strategies
similar
to
the
Funds’
over
various
time
periods.
In
particular,
the
Trustees
considered
the
performance
of
similar
investment
strategies
managed
by
the
same Adviser
team
that
will
manage
the
Funds
on
1-,
3-,
and
6-month
bases,
for
the
year
to
date
as
of
September
30,
2021,
for
the
prior
one
year
period
as
of
September
30,
2021,
and
on
an
annualized
basis
for
3-,
5-,
7-,
10-
and
since
inception
bases.
The
Trustees
considered
not
only
the
performance
of
these
similar
investment
strategies
on
an
absolute
basis,
but
also
against
their
respective
benchmarks.
The
Trustees
also
received
and
considered
information
regarding
the
similarities
and
differences
between
the
investment
strategies
used
to
generate
the
comparative
performance
information
and
the
investment
strategies
to
be
used
in
managing
the
Funds.
The
Trustees
determined
that
the
performance
was
satisfactory.
Based
on
this
information,
the
Board
concluded,
within
the
context
of
its
full
deliberations,
that
the
investment
results
that
the Adviser,
its
personnel
and
its
related
advisers
had
been
able
to
achieve
were
sufficient
to
support
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
analyses
prepared
by
the Adviser
showing
projected
profitability
for
each
Fund
over
1-,
2-
and
3-year
periods,
and
considered
the
underlying
assumptions
and
methodology
behind
that
analysis.
Based
on
those
projected
profitability
analyses
for
the
Funds,
and
noting
the
uncertainty
of
any
forward-looking
financial
estimates,
the
Trustees
concluded
that
the Adviser’s
profitability
with
respect
to
the
Funds,
as
projected,
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,
determined
that
they
were
satisfied:
with
the
nature,
extent,
and
quality
of
the
services
proposed
to
be
provided
to
each
Fund
under
the
Advisory
Agreement;
that
it
appeared
that
the
proposed
management
fees
to
be
paid
by
each
Fund
to
the Adviser
were
fair
and
reasonable
in
light
of
the
services
to
be
provided;
with
the
quality
of
the
portfolio
management
teams;
and
that
it
would
be
appropriate
to
approve
the
Advisory
Agreement
for
each
Fund
for
an
initial
two-year
period.
Annual
Report
|
September
30,
2022
43
Statement
Regarding
the
Funds’
Liquidity
Risk
Management
Program
(Unaudited)
September
30,
2022
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,
2022,
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. 
Federal
Tax
Information
44
DoubleLine
ETF
Trust
(Unaudited)
September
30,
2022
For
the
period
ended
September
30,
2022,
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
period ended September
30,
2022 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
period ended September
30,
2022 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
period ended
 September
30,
2022 for
each
Fund
was
as
follows:
For
the
period ended
 September
30,
2022
each
Fund
earned
foreign
source
income
and
paid
foreign
taxes,
which
each
intend
to
pass
through
to
its
shareholders
pursuant
to
Section
853
of
the
Internal
Revenue
Code
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%
Dividends
Received
Deduction
DoubleLine
Opportunistic
Bond
ETF
0.00%
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
100.00%
Qualified
Short-Term
Gains
DoubleLine
Opportunistic
Bond
ETF
0.00%
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
0.00%
Qualified
Interest
Income
DoubleLine
Opportunistic
Bond
ETF
100.00%
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
0.00%
Foreign
Source
Income
Earned
Foreign
Taxes
Paid
DoubleLine
Opportunistic
Bond
ETF
$
$
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
$
$
Annual
Report
|
September
30,
2022
45
Trustees
and
Officers
(Unaudited)
September
30,
2022
(1)
The
term
“Fund
Complex
as
used
herein
includes
the
Funds.
Messrs.
Mr.
Woolson
serve
as
Independent
Trustees
of
the
DoubleLine
Funds
Trust
,
a
separate
Trust
which
offers
series
of
open-end
mutual
funds.
Each
of
the
following
Trustees
is
an
interested
person
of
the
Trust
as
defined
in
the
1940
Act
because
they
are
officers
of
the
Adviser
and
hold
direct
or
indirect
ownership
interests
in
affiliated
entities
of
the
Advisor.
Additionally,
Mr.
Redell
is
an
officer
of
the
Trust.
(1)
The
term
“Fund
Complex
as
used
herein
includes
the
Funds.
Messrs.
Gundlach
and
Redell
serve
as
Independent
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
Overseen
(1)
Other
Directorships
Held
by
Trustee
During
Past
5
Years
Independent
Trustees
Yuri
Friedman,
1956
Trustee
Indefinite/Since
November
2021
Retired.
Formerly,
Managing
Director,
Institutional
Fixed
Income,
Citibank.
2
None
William
A.
Odell,
1965
Trustee
Indefinite/Since
November
2021
Retired.
Formerly,
Vice
President
and
Regional
Sales
Manager,
Fidelity
Investments.
2
None
Raymond
B.
Woolson,
1958
Trustee
Indefinite/Since
November
2021
President,
Apogee
Group,
Inc.,
a
company
providing
financial
consulting
services.
2
Independent
Trustee,
DoubleLine
Funds
Trust;
Advisors
Series
Trust
(an
open-end
investment
company
with
34
portfolios)
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
Overseen
(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
(since
December
2009).
2
Interested
Trustee,
DoubleLine
Funds
Trust
Ronald
R.
Redell,
1970
President
and
Trustee
Indefinite/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,
DoubleLine
Funds
Trust
(since
January
2010).
2
Interested
Trustee,
DoubleLine
Funds
Trust
Trustees
and
Officers
(Cont.)
46
DoubleLine
ETF
Trust
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
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
Capital
(since
January
2013).
Formerly,
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
Capital
(since
March
2018);
Chief
Compliance
Officer,
DoubleLine
Equity
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).
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).
Jose
Sarmenta,
1975
Anti-Money
Laundering
Officer
Indefinite/Since
November
2021
Anti-Money
Laundering
Officer,
DoubleLine
Funds
Trust
(since
September
2020);
Anti-Money
Laundering
Officer,
DoubleLine
Yield
Opportunities
Fund
(since
September
2020);
Anti-Money
Laundering
Officer,
DoubleLine
Opportunistic
Credit
Fund
(since
September
2020);
Anti-
Money
Laundering
Officer,
DoubleLine
Income
Solutions
Fund
(since
September
2020);
Compliance
Analyst,
DoubleLine
Capital
(since
October
2019);
Formerly,
Compliance
Manager,
Anti-Money
Laundering
Manager
for
CIM
Group
(from
November
2017
to
October
2019);
Governance
and
Risk
Manager
for
PennyMac
Financial
Services
Inc.
(from
July
2015
to
November
2017).
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,
2022
47
Information
About
Proxy
Voting
(Unaudited)
September
30,
2022
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
Opportunistic
Bond
ETF
The
DoubleLine
Opportunistic
Bond
ETF’s
entire
portfolio
holdings
are
publicly
disseminated
each
day
the
Fund
is
open
for
business
through
financial
reporting
and
news
services
including
publicly
available
internet
web
sites.
In
addition,
the
composition
of
the
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
Fund’s
portfolio
holdings
is
permitted
(i)
to
certain
personnel
of
service
providers
to
the
Fund
involved
in
portfolio
management
and
providing
administrative,
operational,
risk
management,
or
other
support
to
portfolio
management,
and
(ii)
to
other
personnel
of
the
Fund’s
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
Fund,
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
Fund,
including
pricing
information
vendors,
and
third
parties
that
deliver
analytical,
statistical
or
consulting
services
to
the
Fund
and
(ii)
generally
after
it
has
been
disseminated
to
the
NSCC.
No
person
is
authorized
to
disclose
any
of
the
Fund’s
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.)
48
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.
As
described
below,
the
Fund
uses
AP
Representatives
who
establish
and
maintain
a
Confidential
Account
(as
defined
below)
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
(as
defined
below)
to
each
AP
Representative.
Pursuant
to
a
Confidential
Account
Agreement
(as
defined
below),
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,
2022
49
Privacy
Policy
(Unaudited)
September
30,
2022
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
do
we
need
your
personal
information?
All
financial
companies
need
to
share
customers’
personal
information
to
run
their
everyday
businesses,
to
appropriately
tailor
the
services
offered
to
you
(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
do
we
obtain
your
personal
information?
DoubleLine
may
collect
non-public
information
about
you
from
the
following
sources:
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
Fund
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.)
50
DoubleLine
ETF
Trust
How
and
why
we
may
share
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
authorized
by
law
to
do
so,
such
as
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
share
information
with
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
calling
(213)
633-8200.
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.
Your
information
is
not
provided
by
us
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,
website
visitors
and
consumers
is
covered
under
the
Gramm-Leach-Bliley
Act
and
is
therefore
excluded
from
the
scope
of
the
California
Consumer
Privacy
Act
(CCPA).
Notice
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;
the
recipient
may
have
signed
a
contract
based
on
standard
contractual
clauses
approved
by
the
European
Commission;
or
where
the
recipient
is
located
in
the
U.S.,
it
may
be
a
certified
member
of
the
EU-U.S.
Privacy
Shield
scheme.
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.
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.
(Unaudited)
September
30,
2022
Annual
Report
|
September
30,
2022
51
Access
To
and
Control
of
Your
Personal
Information
Depending
on
your
country
of
domicile,
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
r
Distributor: 
equirements
may
prohibit
us
from
doing
so.
If
you
are
an
investor
in
the
DoubleLine
funds,
certain
of
the
rights
described
above
that
may
apply
to
direct
clients
of
DoubleLine
domiciled
or
resident
outside
the
United
States
will
not
apply
to
you.
In
addition,
if
you
invest
in
a
DoubleLine
fund
through
a
financial
intermediary,
DoubleLine
may
not
have
access
to
personal
information
about
you.
If
you
wish
to
exercise
any
of
the
rights
set
out
above,
please
contact
[email protected].
Changes
to
DoubleLine’s
Privacy
Policy
As
required
by
U.S.
federal
law,
DoubleLine
will
notify
customers
of
DoubleLine’s
Privacy
Policy
annually.
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
that
change
in
accordance
with
applicable
law.
Investment
Adviser:
DoubleLine
ETF
Adviser
LP
2002
North
Tampa
Street,
Suite
200
Tampa,
FL
33602
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: 
Morgan,
Lewis
&
Bockius,
LLP
1701
Market
Street
Philadelphia,
PA
19103
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