# EDGAR Filing Document

**Accession Number:** 0001831313
**File Stem:** 0001829126-25-004508
**Filing Date:** 2025-6
**Character Count:** 33398
**Document Hash:** e4c626bb1719f0a80a14c11453bdd2a5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-004508.hdr.sgml**: 20250616

**ACCESSION NUMBER**: 0001829126-25-004508

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250616

**DATE AS OF CHANGE**: 20250616

**EFFECTIVENESS DATE**: 20250616

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TCW ETF Trust
- **CENTRAL INDEX KEY:** 0001831313

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-249926
- **FILM NUMBER:** 251049412

**BUSINESS ADDRESS:**
- **STREET 1:** 850 NEW BURTON ROAD, SUITE 201
- **CITY:** DOVER
- **STATE:** DE
- **ZIP:** 19904
- **BUSINESS PHONE:** (212) 756-2000

**MAIL ADDRESS:**
- **STREET 1:** 850 NEW BURTON ROAD, SUITE 201
- **CITY:** DOVER
- **STATE:** DE
- **ZIP:** 19904

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Engine No. 1 ETF Trust
- **DATE OF NAME CHANGE:** 20210211

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Deer Lane ETF Trust
- **DATE OF NAME CHANGE:** 20201104

## Series and Classes Contracts Data

### TCW Core Plus Bond ETF (Series ID: S000093199)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000261351 | TCW Core Plus Bond ETF |  |

![](logo.jpg)

**TCW Core Plus Bond ETF (FIXT)**

**Summary Prospectus**

**June 16, 2025**

**Before you invest, you may wish to review the fund's prospectus, which contains more information about the fund and its risks.** You may obtain the prospectus and other information about the fund, including the statement of additional information ("SAI") and more recent reports to shareholders, at no cost by visiting <u>https://tcw.com</u> or by calling (866) 364-1383. The fund's prospectus and SAI, both dated June 16, 2025, as may be amended or supplemented from time to time, are incorporated by reference into this summary prospectus.

Shares of the fund are listed and traded on the New York Stock Exchange LLC ("NYSE").

**<u>FUND SUMMARY — TCW CORE PLUS BOND ETF (THE "FUND")</u>**

**Investment Objective:** The Fund's investment objective is to seek to maximize long-term total return.

**Fees and Expenses of the Fund:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

**Annual Fund Operating Expenses<sup>(1)</sup>**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fees | 0.40% |
| Distribution and Service Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.40% |

---

(1) The investment advisory agreement between TCW ETF Trust (the "Trust") and TCW Investment Management Company LLC ("TCW" or the "Adviser") (the "Investment Advisory Agreement") provides that the Adviser will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.

(2) Estimated for the current fiscal year.

***Example:*** This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $41 | $129 | $227 | $516 |

---

**Portfolio Turnover:** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the expense example, affect the Fund's performance. During the most recent fiscal year ended March 31, 2025, the Predecessor Mutual Fund's portfolio turnover rate was 327%.

**Principal Investment Strategies:**

The Fund is an actively managed exchange-traded fund ("ETF"). The Fund invests, under normal market conditions, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in fixed income securities and instruments that generate income in accordance with Rule 35d-1 under the Investment Company Act. If the Fund changes this investment policy, it will notify shareholders in writing at least 60 days in advance of the change.

The term "fixed income security" is interpreted broadly by the Adviser as an instrument or security evidencing a promise to pay some amount rather than evidencing the corporate ownership of equity, unless that equity represents an indirect or derivative interest in one or more fixed income securities. Fixed income securities for this purpose also include bank loans and instruments that are intended to provide one or more of the characteristics of a direct investment in one or more fixed income securities and securities issued in the U.S. and abroad by domestic and foreign corporations and governments, including emerging markets.

The Fund may invest in both investment grade and high yield fixed income securities (commonly known as "junk bonds"), including distressed securities (securities that are in default and are not expected to pay the current coupon), subject to investing no more than 25% of its total assets (measured at the time of investment) in securities rated below investment grade (commonly known as "junk bonds") by Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings, Inc. ("Fitch"), or unrated securities determined by the Adviser to be of comparable quality.

The Fund's investments principally include securities issued or guaranteed by the U.S. government or its agencies, instrumentalities or U.S. government-sponsored entities; Treasury Inflation Protected Securities ("TIPS"); residential and commercial mortgage-backed securities; asset-backed securities; U.S. corporate bonds; fixed income securities issued by non-U.S. corporations and governments, including issuers with significant ties to emerging market countries; bank loans, including first lien senior secured floating rate bank loans and covenant lite loans; municipal bonds; collateralized loan obligations ("CLOs"); Rule 144A securities; private placements and other debt securities bearing fixed, floating or variable interest rates of any maturity. The Fund may also invest in money market funds and other cash equivalents, fixed-to-floating rate securities, repurchase agreements, preferred stock, common stock and shares of other investment companies that invest principally in fixed income securities.

The Adviser attempts to focus the Fund's portfolio holdings in areas of the fixed income market (based on quality, sector, coupon or maturity) that the Adviser believes to be relatively undervalued. Under normal conditions, the Fund's average portfolio duration varies within one and one-half (1.5) years (plus or minus) of the portfolio duration of the securities comprising the Bloomberg U.S. Aggregate Index. Duration is a measure of the expected price volatility of a debt security as a result of changes in market rates of interest. For example, the price of a fixed-income security with an average duration of three years would be expected to fall approximately three percent if market interest rates rose by one percent. Conversely, the price of a fixed-income security with an average duration of three years would be expected to rise approximately three percent if market interest rates dropped by one percent.

The Fund may invest in mortgage-backed securities issued or guaranteed by the U.S. government, its agencies or instrumentalities (such as Ginnie Mae), and U.S. government-sponsored entities (such as Fannie Mae and Freddie Mac). Government agency or instrumentality securities have different levels of credit support. The Fund may invest in such government supported mortgage-backed securities by investing in to-be-announced transactions ("TBA Transactions"). The Fund may invest in the following non-agency, non-government-sponsored entity securities and privately-issued mortgage-related and other asset-backed securities: residential mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities and CLOs.

The Fund may also utilize listed and over-the-counter traded derivatives instruments including, but not limited to, futures, options, swap agreements (including credit default swaps) and forward contracts for duration/yield curve management and/or hedging purposes.

The Fund may invest in securities of foreign issuers denominated in any currency, including issuers located in emerging markets and instruments that are economically tied to emerging market countries.

**Principal Investment Risks:**

As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of

which may adversely affect the Fund's net asset value ("NAV") per share, trading price, yield, total return and ability to meet its investment objective.

***ETF Structure Risks.*** The Fund is structured as an ETF and is subject to special risks, including:

*Not Individually Redeemable.* Shares are not individually redeemable by retail investors and may be redeemed from the Fund only by Authorized Participants at NAV in large blocks known as "Creation Units." An Authorized Participant may incur brokerage costs purchasing enough shares to constitute a Creation Unit.

*Trading Issues*. An active trading market for the Fund's shares may not be developed or maintained. Trading in shares on the NYSE may be halted due to market conditions or for reasons that, in the view of the NYSE, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the NYSE. If the Fund's shares are traded outside a collateralized settlement system, the number of financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for the Fund's shares. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares may trade at a material discount to NAV and possibly face delisting: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

*Market Price Variance Risk.* The market price of the Fund's shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that shares may trade at a discount to NAV.

*Market Trading Risk*. 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.

*Fluctuation of Net Asset Value Risk.* The NAV of the Fund's shares will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of the Fund's shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the Fund's shares on the NYSE. The Adviser cannot predict whether the shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for the Fund's shares will be closely related to, but not identical to, the same forces influencing the prices of the Fund's holdings trading individually or in the aggregate at any point in time.

*Authorized Participant Concentration Risk.* Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.

***Debt Securities Risk*.** Debt securities risk is the risk that the value of a debt security may increase or decrease as a result of various factors, including changes in interest rates, actual or perceived inability or unwillingness of issuers to make principal or interest payments, market fluctuations and illiquidity in the debt securities market.

***Asset-Backed Securities Risk.*** The risk of investing in asset-backed securities, including the risk of loss as a result of the impairment of the value of the underlying financial assets, prepayment risk and extension risk. Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the asset-backed securities, if any, may be inadequate to protect investors in the event of default.

***Bank Loan Risk.*** Bank loan risk is the risk of investing in corporate loans made by commercial banks and other financial institutions or institutional investors to companies that need capital to grow or restructure, which includes interest rate risk, liquidity risk and prepayment risk. A Fund may also be subject to the credit risk of other financial institutions and the risks associated with insufficient collateral securing a bank loan, limited available public information about a bank loan, delayed settlement, and less protection for holders of bank loans as compared to holders of registered securities.

***Call Risk.*** During periods of falling interest rates, an issuer of a callable security held by the Fund may "call" or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower yields, which would result in a decline in the Fund's income, or in securities with greater risks or with other less favorable features. CLOs are typically structured such that, after a specified period of time, the majority investor in the equity tranche can call (i.e., redeem) the securities issued by the CLO in full. The Fund may not be able to accurately predict when or which of its CLO investments may be called, resulting in the Fund having to reinvest the proceeds in unfavorable circumstances, which in turn could cause in a decline in the Fund's income.

***Collateralized Loan Obligations Risk.*** CLOs are securities backed by an underlying portfolio of loan obligations. CLOs issue classes or "tranches" of debt that vary in risk and yield and may experience substantial losses due to actual defaults, decrease of market value due to collateral defaults and exhaustion of subordinate tranches, market anticipation of defaults and investor aversion to CLO securities as a class. The risks of investing in CLOs depend largely on the tranche invested in and the type of the underlying loans in the tranche of the CLO in which the Fund invests. Subordinate tranche investments involve greater risk of loss than more senior tranches. CLOs also carry risks including, but not limited to, interest rate risk and credit risk. To the extent that the Fund invests in unrated CLO tranches, the Fund's ability to achieve its investment objective will be more dependent on the Adviser's credit analysis than would be the case when the Fund invests in rated CLO tranches.

***Counterparty Risk.*** Counterparty risk is the risk that the other party to a contract, such as a derivatives contract, will not fulfill its contractual obligations.

***Credit Risk.*** Credit risk is the risk that an issuer may default in the payment of principal and/or interest on a security.

***Derivatives Risk.*** A derivative is a financial contract, the value of which depends on or is derived from, the value of an underlying asset such as a security or an index. The Fund may invest in certain types of derivatives contracts, including futures. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and the Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities.

*Futures*. A futures contract is a standardized, exchange-traded agreement to buy or sell a specific quantity of an underlying instrument at a specific price at a specific future time. The risk of loss in buying and selling futures contracts can be substantial. Small price movements in the instrument underlying a futures position may result in immediate and substantial losses to the Fund.

***Distressed and Defaulted Securities Risk.*** Distressed and defaulted securities risk is the risk that the repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties.

***Emerging Markets Risk.*** Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments. Such risks may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for shares and cause the Fund to decline in value.

***Extension Risk.*** Extension risk is the risk that in times of rising interest rates, borrowers may pay off their debt obligations more slowly, causing securities considered short- or intermediate-term to become longer-term securities that fluctuate more widely in response to changes in interest rates than shorter-term securities.

***Foreign Securities Risk*.** The Fund may have exposure to foreign markets as a result of its investments in foreign securities and securities denominated in foreign currencies. Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may be subject to different accounting,

auditing, financial reporting and investor protection standards than U.S. issuers. Investments in non-U.S. securities may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. Because legal systems differ, there is also the possibility that there may not be protection against failure by other parties to complete transactions, and that it will be difficult to obtain or enforce legal judgments in certain countries. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. Additionally, where all or a portion of the Fund's underlying securities are traded in a market that is closed when the market in which the Fund shares are listed and trading is open, there may be changes between the last quote from its closed foreign market and the value of such security during the Fund's domestic trading day. Each of these factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.

***Frequent Trading Risk.*** Frequent trading leads to increased portfolio turnover and higher transaction costs, which may reduce the Fund's performance and may cause higher levels of current tax liability to shareholders in the Fund.

***Inflation Risk*.** Inflation risk is the risk that the value of the Fund's investments may not keep up with price increases from inflation.

***Interest Rate Risk.*** Interest rate risk is the risk that investments held by the Fund may decline in value because of changes in interest rates.

***Issuer Risk.*** The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.

***Junk Bond Risk.*** Junk bonk risk is the risk that junk bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade securities.

***Leverage Risk.*** Leverage risk is the risk that leverage may result from certain transactions, including the use of derivatives and borrowing. This may impair the Fund's liquidity, cause it to liquidate positions at an unfavorable time, increase its volatility or otherwise cause it not to achieve its intended result.

***Liquidity Risk.*** Lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. The liquidity of the Fund's assets may change over time.

***Market Risk.*** The Fund could lose money over short periods due to short term market movements and over longer periods during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV.

***Money Market/Short-Term Securities Risk.*** To the extent a Fund holds cash or invests in money market or short-term securities, a Fund may be less likely to achieve its investment objective. In addition, it is possible that a Fund's investments in these instruments could lose money.

***Mortgage-Backed Securities Risk.*** Mortgage-backed securities risk is the risk of investing in mortgage-backed securities, including prepayment risk and extension risk. Mortgage-backed securities react differently to changes in interest rates than other bonds, and some mortgage-backed securities are not backed by the full faith and credit of the U.S. government.

***Municipal Securities Risk.*** The risk of investing in municipal securities, including that the issuers of municipal securities may be unable to pay their obligations as they come due. The values of municipal securities may fluctuate as a result of changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. Changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal securities, may cause interest received and distributed to shareholders by the Fund to be taxable and may result in a significant decline in the values of such municipal securities.

***Prepayment Risk.*** Prepayment risk is the risk that in times of declining interest rates, the Fund's higher yielding securities may be prepaid and the Fund may have to replace them with securities having a lower yield.

***Price Volatility Risk.*** The value of the Fund's investment portfolio will change as the prices of its investments go up or down.

***Privately Issued Securities Risk.*** Privately-issued securities typically may be resold only to qualified institutional buyers, in a privately negotiated transaction, to a limited number of purchasers, or in limited quantities after they have been held for a specified period of time and other conditions are met for an exemption from registration. Because there may be relatively few potential purchasers for such securities, especially under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, the Fund may find it more difficult to sell such securities when it may be advisable to do so or it may be able to sell such securities only at prices lower than if such securities were more widely held and traded.

***Securities Selection Risk.*** The securities held by the Fund may underperform those held by other funds investing in the same asset class or benchmarks that are representative of the asset class because of the portfolio managers' choice of securities.

***Senior Loan Risk.*** The risk of investing in senior loans may be greater than the risk of investing in other types of securities, as a result of, among other factors, less readily available, reliable information about most senior loans than is the case for many other types of securities; possible loss of significant value before a default occurs; possible decline in value or illiquidity of collateral; and lack of an active trading market for certain senior loans.

***Swap Agreements Risk.*** The risk of investing in swaps, which, in addition to risks applicable to derivatives generally, includes: (1) the inability to assign a swap contract without the consent of the counterparty; (2) potential default of the counterparty to a swap if it is not subject to centralized clearing; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out a swap transaction at a time that otherwise would be favorable for it to do so.

***Unrated Securities Risk.*** Unrated securities risk is the risk that unrated securities may be less liquid than comparable rated securities, and the risk that the Adviser may not accurately evaluate the security's comparative credit rating. This risk is greater for high yield securities, because the analysis of creditworthiness of issuers of high yield securities may be more complex than for issuers of investment grade securities.

***Valuation Risk.*** Valuation risk is the risk that the portfolio instruments may be sold at prices different from the values established by the Fund, particularly for investments that trade in low volume, in volatile markets or over the counter or that are fair valued.

***When-Issued and Delayed Delivery Securities.*** When-issued and delayed delivery securities involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security's price.

**Performance:** The following bar chart and table provide some indication of the risks of investing in the Fund. The Fund is adopting the performance of the Predecessor Mutual Fund as the result of the Reorganization. Prior to the Reorganization, the Fund had not yet commenced operations. The bar chart shows changes in the Predecessor Mutual Fund's performance from year to year (represented by the performance of the Predecessor Mutual Fund's Class I Shares). The table shows how the Predecessor Mutual Fund's average annual returns (represented by the average annual returns of the Predecessor Mutual Fund's Class I Shares) for 1 year, 5 years and 10 years compared with those of an appropriate broad-based securities market index and a secondary benchmark index. Per the Securities and Exchange Commission's new Tailored Shareholder Reports rule, effective July 29, 2024, the Predecessor Mutual Fund's primary benchmark is the Bloomberg U.S. Aggregate Bond Index. The Fund will continue to show performance of the Bloomberg Intermediate U.S. Government/Credit Index as a secondary benchmark. Had the Predecessor Mutual Fund been structured as an ETF, its performance may have differed. The Fund's (and the Predecessor Mutual Fund's) past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information will be available at no cost by visiting <u>https://tcw.com</u> or by calling (866) 364-1383.

**AVERAGE ANNUAL TOTAL RETURNS\***

(For the period ended December 31, 2024)

![](img_001.jpg)

\* For the period shown in the bar chart above:

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| | | |
|:---|:---|:---|
| Best Quarter | 12/31/23 | 5.13% |
| Worst Quarter | 3/31/22 | -4.52% |

---

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Return Before Taxes | 2.20% | 0.80% | 1.58% |
| Return After Taxes on Distributions | 0.47% | -0.53% | 0.41% |
| Return After Taxes on Distributions and Sale of Fund Shares | 1.30% | 0.07% | 0.72% |
| Bloomberg U.S. Aggregate Bond Index<sup>(1)</sup> | 1.25% | -0.33% | 1.35% |
| Bloomberg Intermediate U.S./Government Credit Index<sup>(2)</sup> | 3.00% | 0.85% | 1.71% |

---

(1) The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. This includes Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities and collateralized mortgage-backed securities.

(2) The Bloomberg Intermediate U.S. Government/Credit Index measures investment grade, US dollar-denominated, fixed-rate nominal Treasuries, government-related and corporate securities with 1-10 year maturities.

The Predecessor Mutual Fund's fiscal year end is March 31. The Fund's fiscal year end is October 31. The Predecessor Mutual Fund's most recent quarterly return (since the end of the last fiscal year) through the end of the most recent quarter (March 31, 2025) was 2.68%.

**Investment Adviser:** TCW Investment Management Company LLC is the investment adviser to the Fund.

**Portfolio Managers:** Bryan T. Whalen, Jerry Cudzil and Ruben Hovhannisyan are jointly and primarily responsible for the day-to-day management of the Fund. Messrs. Whalen, Cudzil and Hovhannisyan have each been a portfolio manager of the Fund since inception. Messrs. Whalen, Cudzil and Hovhannisyan are Generalist Portfolio Managers at the Adviser. Mr. Whalen was a portfolio manager for the Predecessor Mutual Fund since 2004. Messrs. Cudzil and Hovhannisyan were portfolio managers for the Predecessor Mutual Fund since 2023.

**Purchase and Sale of Fund Shares:** The Fund is an exchange-traded fund (commonly referred to as an "ETF"). The Fund will issue and redeem shares at NAV only in large blocks of shares (each block of shares is called a "Creation Unit"). Creation Units are issued and redeemed for cash and/or in-kind for securities. Individual shares of the Fund may only be bought and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the "bid-ask spread").

**Tax Information:** The Fund's distributions generally will be taxable as ordinary income or long-term capital gains. A sale of shares may result in capital gain or loss.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay certain intermediaries for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.