# EDGAR Filing Document

**Accession Number:** 0001831313
**File Stem:** 0001829126-25-004872
**Filing Date:** 2025-7
**Character Count:** 177443
**Document Hash:** 3810f854e73fd1d08caf4a242c3489ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-004872.hdr.sgml**: 20250703

**ACCESSION NUMBER**: 0001829126-25-004872

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250703

**DATE AS OF CHANGE**: 20250703

**EFFECTIVENESS DATE**: 20250703

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23617
- **FILM NUMBER:** 251103884

**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 Transform 500 ETF (Series ID: S000070743)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000224885 | TCW Transform 500 ETF | VOTE            |

### TCW Transform Systems ETF (Series ID: S000072458)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000228741 | TCW Transform Systems ETF | NETZ            |

### TCW Transform Supply Chain ETF (Series ID: S000077466)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000237925 | TCW Transform Supply Chain ETF | SUPP            |

### TCW Artificial Intelligence ETF (Series ID: S000084288)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000248589 | TCW Artificial Intelligence ETF | AIFD            |

### TCW Compounders ETF (Series ID: S000084289)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000248590 | TCW Compounders ETF | GRW             |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: **811-23617**

**TCW ETF Trust**

**On behalf of the following series:**

**TCW Artificial Intelligence ETF (Ticker: AIFD)**

**TCW Compounders ETF (Ticker: GRW)**

**TCW Transform 500 ETF (Ticker: VOTE)**

**TCW Transform Supply Chain ETF (Ticker: SUPP)**

**TCW Transform Systems ETF (Ticker: PWRD)**

(Exact name of Registrant as specified in charter)

**515 South Flower Street, Los Angeles, CA 90071**

(Address of principal executive offices) (Zip code)

**Peter Davidson, Esq.**<br> **Vice President and Secretary**<br> **515 South Flower Street, Los Angeles, CA 90071**<br>

(Name and address of agent for service)

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

Date of fiscal year end: **October 31**

Date of reporting period: **April 30, 2025**

**Item 1. Reports To Shareholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The following is a copy of the report transmitted to shareholders pursuant
 to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

#### TCW Artificial Intelligence ETF
![Image](i8c51e97f135c4c79315e4567.jpg)

#### Ticker: AIFD \| Listing Exchange: New York Stock Exchange LLC

#### Semi-Annual Shareholder Report — April 30, 2025
This semi-annual shareholder report contains important information about the TCW Artificial Intelligence ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Cost paid as a percentage of a $10,000 investment** |
| TCW Artificial Intelligence ETF | $35 | 0.75%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annulized. |

---

# Key Fund Statistics
* Total Net Assets$52,299,741

* # of Portfolio Holdings32

* Portfolio Turnover Rate11%

# What did the Fund invest in?

# Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Software | 24.5% |
| Semiconductors & Semiconductor Equipment | 24.1% |
| Communications Equipment | 10.8% |
| Interactive Media & Services | 9.3% |
| Broadline Retail | 5.3% |
| Electrical Equipment | 4.8% |
| Automobiles | 3.6% |
| IT Services | 2.9% |
| Time Deposit | 2.8% |
| Other Security Types<sup>Footnote Reference\*</sup> | 11.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Please refer to the Fund's Semi-Annual Financial Statements which are available on the Fund's website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories. |

---

#### Top 10 Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.4% |
| Palo Alto Networks, Inc. | 5.6% |
| Arista Networks, Inc. | 5.6% |
| Amazon.com, Inc. | 5.3% |
| Alphabet, Inc., Class A | 5.2% |
| Broadcom, Inc. | 5.0% |
| ServiceNow, Inc. | 4.8% |
| CyberArk Software Ltd. | 4.1% |
| Meta Platforms, Inc., Class A | 4.0% |
| Microsoft Corp. | 3.8% |

---

# Material Fund Changes
This is a summary of certain changes and planned changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 at www.tcw.com/Literature/Fund-Literature or upon request by contacting us at 800-FUND-TCW (800-386-3829).

On January 2, 2025, the broad-based benchmark changed from the Russell 3000 Growth Index to the S&P 500 Index.

Effective June 27, 2025, the Fund will cease being listed and traded on the New York Stock Exchange and will instead be listed and traded on the Nasdaq stock market.

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

![Image](i8c51e97f135c4c79315e4567.jpg)

# Additional Information
If you wish to view additional information about the Fund, including

but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

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

#### TCW Artificial Intelligence ETF

#### Semi-Annual Shareholder Report — April 30, 2025

#### Ticker: AIFD

#### TSR AIFD-0425

#### TCW Compounders ETF
![Image](id46a4f6cfc530693749a19b5.jpg)

#### Ticker: GRW \| Listing Exchange: New York Stock Exchange LLC

#### Semi-Annual Shareholder Report — April 30, 2025
This semi-annual shareholder report contains important information about the TCW Compounders ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Cost paid as a percentage of a $10,000 investment** |
| TCW Compounders ETF | $38 | 0.75%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annulized. |

---

# Key Fund Statistics
* Total Net Assets$135,706,559

* # of Portfolio Holdings24

* Portfolio Turnover Rate10%

# What did the Fund invest in?

# Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Software | 29.5% |
| Financial Services | 18.4% |
| Aerospace & Defense | 17.4% |
| Commercial Services & Supplies | 7.7% |
| Specialty Retail | 4.9% |
| Capital Markets | 4.4% |
| Chemicals | 3.1% |
| Hotels, Restaurants & Leisure | 2.8% |
| Other Security Types<sup>Footnote Reference\*</sup> | 11.4% |
| Other Assets in Excess of Liabilities | 0.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Please refer to the Fund's Semi-Annual Financial Statements which are available on the Fund's website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories. |

---

#### Top 10 Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| Constellation Software, Inc. | 15.8% |
| Fiserv, Inc. | 9.3% |
| TransDigm Group, Inc. | 8.9% |
| Waste Connections, Inc. | 7.7% |
| HEICO Corp. | 4.9% |
| Visa, Inc., Class A | 4.8% |
| Fair Isaac Corp. | 4.6% |
| Microsoft Corp. | 4.5% |
| Mastercard, Inc., Class A | 4.4% |
| General Electric Co. | 3.6% |

---

# Material Fund Changes
This is a summary of certain changes and planned changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 at www.tcw.com/Literature/Fund-Literature or upon request by contacting us at 800-FUND-TCW (800-386-3829).

On January 2, 2025, the broad-based benchmark changed from the Russell 1000<sup>®</sup> Index to the S&P 500 Index.

Effective June 27, 2025, the Fund will cease being listed and traded on the New York Stock Exchange and will instead be listed and traded on the Nasdaq stock market.

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

![Image](id46a4f6cfc530693749a19b5.jpg)

# Additional Information
If you wish to view additional information about the Fund, including

but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

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

#### TCW Compounders ETF

#### Semi-Annual Shareholder Report — April 30, 2025

#### Ticker: GRW

#### TSR GRW-0425

#### TCW Transform 500 ETF
![Image](i8577831a87ed25a0e4417dd4.jpg)

#### Ticker: VOTE \| Listing Exchange: New York Stock Exchange LLC

#### Semi-Annual Shareholder Report — April 30, 2025
This semi-annual shareholder report contains important information about the TCW Transform 500 ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Cost paid as a percentage of a $10,000 investment** |
| TCW Transform 500 ETF | $2 | 0.05%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annulized. |

---

# Key Fund Statistics
* Total Net Assets$719,608,873

* # of Portfolio Holdings507

* Portfolio Turnover Rate1%

# What did the Fund invest in?

# Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Software | 11.0% |
| Semiconductors & Semiconductor Equipment | 9.8% |
| Technology Hardware, Storage & Peripherals | 6.9% |
| Interactive Media & Services | 6.2% |
| Financial Services | 4.9% |
| Broadline Retail | 4.0% |
| Banks | 3.4% |
| Pharmaceuticals | 3.4% |
| Capital Markets | 3.3% |
| Other Security Types<sup>Footnote Reference\*</sup> | 47.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Please refer to the Fund's Semi-Annual Financial Statements which are available on the Fund's website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories. |

---

#### Top 10 Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| Apple, Inc. | 6.6% |
| Microsoft Corp. | 6.1% |
| NVIDIA Corp. | 5.3% |
| Amazon.com, Inc. | 3.7% |
| Meta Platforms, Inc., Class A | 2.5% |
| Berkshire Hathaway, Inc., Class B | 2.0% |
| Alphabet, Inc., Class A | 1.9% |
| Broadcom, Inc. | 1.8% |
| Alphabet, Inc., Class C | 1.7% |
| Tesla, Inc. | 1.6% |

---

# Material Fund Changes
This is a summary of certain changes and planned changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 at www.tcw.com/Literature/Fund-Literature or upon request at 800-FUND-TCW (800-386-3829).

Effective June 27, 2025, the Fund will cease being listed and traded on the New York Stock Exchange and will instead be listed and traded on the Nasdaq stock market.

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

![Image](i8577831a87ed25a0e4417dd4.jpg)

# Additional Information
If you wish to view additional information about the Fund, including

but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

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

#### TCW Transform 500 ETF

#### Semi-Annual Shareholder Report — April 30, 2025

#### Ticker: VOTE

#### TSR VOTE-0425

#### TCW Transform Supply Chain ETF
![Image](i09a378486ed647ab1012c6e4.jpg)

#### Ticker: SUPP \| Listing Exchange: New York Stock Exchange LLC

#### Semi-Annual Shareholder Report — April 30, 2025
This semi-annual shareholder report contains important information about the TCW Transform Supply Chain ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Cost paid as a percentage of a $10,000 investment** |
| TCW Transform Supply Chain ETF | $36 | 0.75%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annulized. |

---

# Key Fund Statistics
* Total Net Assets$8,889,431

* # of Portfolio Holdings23

* Portfolio Turnover Rate28%

# What did the Fund invest in?

# Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Commercial Services & Supplies | 18.9% |
| Semiconductors & Semiconductor Equipment | 16.5% |
| Construction Materials | 13.8% |
| Aerospace & Defense | 9.0% |
| Software | 7.7% |
| Electrical Equipment | 6.7% |
| Building Products | 6.4% |
| Ground Transportation | 5.4% |
| Other Security Types<sup>Footnote Reference\*</sup> | 12.3% |
| Other Assets in Excess of Liabilities | 3.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Please refer to the Fund's Semi-Annual Financial Statements which are available on the Fund's website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories. |

---

#### Top 10 Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| Waste Connections, Inc. | 11.2% |
| TransDigm Group, Inc. | 9.0% |
| GFL Environmental, Inc. | 7.7% |
| Martin Marietta Materials, Inc. | 7.5% |
| Eaton Corp. plc | 6.7% |
| Vulcan Materials Co. | 6.3% |
| Broadcom, Inc. | 4.8% |
| PTC, Inc. | 4.8% |
| Trane Technologies plc | 4.7% |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 4.7% |

---

# Material Fund Changes
This is a summary of certain changes and planned changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 at www.tcw.com/Literature/Fund-Literature or upon request by contacting us at 800-FUND-TCW (800-386-3829).

On January 2, 2025, the broad-based benchmark changed from the Morningstar<sup>®</sup> US Market Extended TR USD Index℠ to the S&P 500 Index.

Effective June 27, 2025, the Fund will cease being listed and traded on the New York Stock Exchange and will instead be listed and traded on the Nasdaq stock market.

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

![Image](i09a378486ed647ab1012c6e4.jpg)

# Additional Information
If you wish to view additional information about the Fund, including

but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

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

#### TCW Transform Supply Chain ETF

#### Semi-Annual Shareholder Report — April 30, 2025

#### Ticker: SUPP

#### TSR SUPP-0425

#### TCW Transform Systems ETF
![Image](i0f0ed869ca991da138b357f4.jpg)

#### Ticker: PWRD \| Listing Exchange: New York Stock Exchange LLC

#### Semi-Annual Shareholder Report — April 30, 2025
This semi-annual shareholder report contains important information about the TCW Transform Systems ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Cost paid as a percentage of a $10,000 investment** |
| TCW Transform Systems ETF | $37 | 0.75%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annulized. |

---

# Key Fund Statistics
* Total Net Assets$357,575,689

* # of Portfolio Holdings26

* Portfolio Turnover Rate31%

# What did the Fund invest in?

# Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Aerospace & Defense | 23.3% |
| Electrical Equipment | 15.3% |
| Independent Power & Renewable Electricity Producers | 9.9% |
| Commercial Services & Supplies | 9.6% |
| Oil, Gas & Consumable Fuels | 8.4% |
| Semiconductors & Semiconductor Equipment | 8.4% |
| Ground Transportation | 7.8% |
| Time Deposit | 6.1% |
| Building Products | 5.2% |
| Other Security Types<sup>Footnote Reference\*</sup> | 6.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Please refer to the Fund's Semi-Annual Financial Statements which are available on the Fund's website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories. |

---

#### Top 10 Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| General Electric Co. | 9.7% |
| Republic Services, Inc., Class A | 9.6% |
| Safran S.A. | 8.7% |
| Vistra Corp. | 7.0% |
| JP Morgan Chase, New York | 6.1% |
| Trane Technologies plc | 5.2% |
| Vertiv Holdings Co., Class A | 5.1% |
| Airbus SE | 5.0% |
| Broadcom, Inc. | 4.9% |
| Union Pacific Corp. | 4.0% |

---

# Material Fund Changes
This is a summary of certain changes and planned changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 at www.tcw.com/Literature/Fund-Literature or upon request by contacting us at 800-FUND-TCW (800-386-3829).

On January 2, 2025, the broad-based benchmark changed from the Morningstar<sup>®</sup> US Market Extended TR USD Index℠ to the S&P 500 Index.

On February 3, 2025, the Fund changed tickers from NETZ to PWRD.

Effective June 27, 2025, the Fund will cease being listed and traded on the New York Stock Exchange and will instead be listed and traded on the Nasdaq stock market.

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

![Image](i0f0ed869ca991da138b357f4.jpg)

# Additional Information
If you wish to view additional information about the Fund, including

but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

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

#### TCW Transform Systems ETF

#### Semi-Annual Shareholder Report — April 30, 2025

#### Ticker: PWRD

#### TSR PWRD-0425
&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code Of Ethics.**

Not Applicable. This item is only required in an annual report on Form N-CSR.

**Item 3. Audit Committee Financial Expert.**

Not Applicable. This item is only required in an annual report on Form N-CSR.

**Item 4. Principal Accountant Fees And Services.**

Not Applicable. This item is only required in an annual report on Form N-CSR.

**Item 5. Audit Committee Of Listed Registrants.** 

Not Applicable. This item is only required in an annual report on Form N-CSR.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) A Schedule of Investments is included
 as part of the report to shareholders filed under Item 7(a) of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Financial Statements are attached herewith.

![](img_001.jpg)

[This Page Intentionally Left Blank]

---

| | |
|:---|:---|
| **Table of Contents** | ![](img_002.jpg) |

---

---

| | |
|:---|:---|
| Schedule of Investments (Unaudited) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[TCW Artificial Intelligence ETF](#a_002) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[TCW Compounders ETF](#a_003) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[TCW Transform 500 ETF](#a_004) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[TCW Transform Supply Chain ETF](#a_005) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[TCW Transform Systems ETF](#a_006) | 16 |
| [Statements of Assets and Liabilities (Unaudited)](#a_007) | 18 |
| [Statements of Operations (Unaudited)](#a_008) | 20 |
| [Statements of Changes in Net Assets (Unaudited)](#a_009) | 22 |
| [Financial Highlights (Unaudited)](#a_010) | 25 |
| [Notes to Financial Statements (Unaudited)](#a_011) | 30 |
| [Supplemental Information](#a_012) | 40 |
| [General Information](#a_013) | 41 |

---

---

| | |
|:---|:---|
| **Schedule of Investments**<br> **TCW Artificial Intelligence ETF** | ![](img_002.jpg) |

---

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS – 97.2%** |  |  |
| **Automobile Components – 0.6%** |  |  |
| Mobileye Global, Inc., Class A\* | 21354 | $311341 |
| **Automobiles – 3.6%** |  |  |
| Tesla, Inc.\* | 6680 | 1884829 |
| **Broadline Retail – 5.3%** |  |  |
| Amazon.com, Inc.\* | 15071 | 2779394 |
| **Communications Equipment – 10.8%** |  |  |
| Arista Networks, Inc.\* | 35638 | 2931938 |
| Lumentum Holdings, Inc.\* | 18767 | 1108004 |
| Motorola Solutions, Inc. | 3657 | 1610506 |
|  |  | 5650448 |
| **Electrical Equipment – 4.8%** |  |  |
| Eaton Corp. plc | 3911 | 1151281 |
| Vertiv Holdings Co., Class A | 16058 | 1371032 |
|  |  | 2522313 |
| **Electronic Equipment, Instruments & Components – 1.7%** |  |  |
| Cognex Corp. | 32090 | 876057 |
| **Entertainment – 2.2%** |  |  |
| Spotify Technology S.A.\* | 1911 | 1173316 |
| **Interactive Media & Services – 9.3%** |  |  |
| Alphabet, Inc., Class A | 17244 | 2738347 |
| Meta Platforms, Inc., Class A | 3840 | 2108160 |
|  |  | 4846507 |
| **IT Services – 2.9%** |  |  |
| International Business Machines Corp. | 6282 | 1519113 |
| **Machinery – 2.7%** |  |  |
| Deere & Co. | 1643 | 761629 |
| Symbotic, Inc., Class A\* | 29435 | 635207 |
|  |  | 1396836 |
| **Media – 2.0%** |  |  |
| Trade Desk, Inc. (The), Class A\* | 19709 | 1056994 |
| **Semiconductors & Semiconductor Equipment – 24.1%** |  |  |
| ASML Holding NV | 1752 | 1170476 |
| Broadcom, Inc. | 13558 | 2609508 |
| Marvell Technology, Inc. | 22311 | 1302293 |
| Micron Technology, Inc. | 22605 | 1739455 |
| NVIDIA Corp. | 40446 | 4405379 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 8106 | 1351189 |
|  |  | 12578300 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **Software – 24.5%** |  |  |
| Cadence Design Systems, Inc.\* | 3125 | $930438 |
| CyberArk Software Ltd.\* | 6036 | 2125638 |
| Datadog, Inc., Class A\* | 9810 | 1002190 |
| Microsoft Corp. | 5015 | 1982229 |
| Palo Alto Networks, Inc.\* | 15738 | 2941903 |
| Salesforce, Inc. | 5050 | 1356986 |
| ServiceNow, Inc.\* | 2622 | 2504036 |
|  |  | 12843420 |
| **Technology Hardware, Storage & Peripherals – 2.7%** |  |  |
| Apple, Inc. | 4942 | 1050175 |
| Super Micro Computer, Inc.\* | 11485 | 365912 |
|  |  | 1416087 |
| **Total Common Stocks**<br> (Cost $48,329,929) |  | **50854955** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
| **Short-Term Investments – 2.8%** |  |  |
| **Time Deposit – 2.8%** |  |  |
| Citibank, New York 3.68% 5/1/2025<br> (Cost $1,463,339) | $1463339 | 1463339 |
| **Total Investments – 100.0%**<br> (Cost $49,793,268) |  | $**52318294** |
| Liabilities in Excess of Other Assets - 0.0%<sup>†</sup> |  | (18553) |
| **Net Assets – 100.0%** |  | $**52299741** |

---

---

| | |
|:---|:---|
| \* | Non-income producing security. |
| † | Represents less than 0.05%. |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **Schedule of Investments (Continued)**<br> **TCW Artificial Intelligence ETF** | ![](img_002.jpg) |

---

**April 30, 2025 (Unaudited)**

**Fair Value Measurement**

The Fund discloses the fair market value of its investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (2) the Fund's own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs).

The three levels defined by the hierarchy are as follows:

● **Level 1** — Quoted prices in active markets for identical assets that the Fund has the ability to access.

● **Level 2** — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● **Level 3** — Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 in valuing the Fund's investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1\*** | **Level 2\*** | **Level 3\*** | **Total** |
| **Investments** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks\*\* | $50854955 | $– | $– | $50854955 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Time Deposit | 1463339 | – | – | 1463339 |
| **Total Investments** | $**52318294** | $**–** | $**–** | $**52318294** |

---

\* Please refer to Note 2. <br> \*\* Please refer to the Schedule of Investments to view securities segregated by industry.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **Schedule of Investments**<br> **TCW Compounders ETF** | ![](img_002.jpg) |

---

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS – 97.4%** |  |  |
| **Aerospace & Defense – 17.4%** |  |  |
| General Electric Co. | 23985 | $4833937 |
| HEICO Corp. | 26422 | 6625581 |
| TransDigm Group, Inc. | 8591 | 12139684 |
|  |  | 23599202 |
| **Capital Markets – 4.4%** |  |  |
| MSCI, Inc., Class A | 5922 | 3228142 |
| S&P Global, Inc. | 5525 | 2762776 |
|  |  | 5990918 |
| **Chemicals – 3.1%** |  |  |
| Linde plc | 9427 | 4272599 |
| **Commercial Services & Supplies – 7.7%** |  |  |
| Waste Connections, Inc. | 52925 | 10459568 |
| **Electrical Equipment – 2.8%** |  |  |
| AMETEK, Inc. | 22327 | 3786213 |
| **Financial Services – 18.4%** |  |  |
| Fiserv, Inc.\* | 68387 | 12622188 |
| Mastercard, Inc., Class A | 10830 | 5935490 |
| Visa, Inc., Class A | 18668 | 6449794 |
|  |  | 25007472 |
| **Hotels, Restaurants & Leisure – 2.8%** |  |  |
| Hilton Worldwide Holdings, Inc. | 17069 | 3848718 |
| **IT Services – 2.6%** |  |  |
| Gartner, Inc.\* | 8323 | 3504649 |
| **Life Sciences Tools & Services – 1.8%** |  |  |
| Danaher Corp. | 12098 | 2411494 |
| **Media – 2.0%** |  |  |
| Trade Desk, Inc. (The), Class A\* | 51281 | 2750200 |
| **Software – 29.5%** |  |  |
| Cadence Design Systems, Inc.\* | 10965 | 3264719 |
| Constellation Software, Inc. | 5959 | 21475699 |
| Fair Isaac Corp.\* | 3148 | 6263513 |
| Microsoft Corp. | 15395 | 6085028 |
| Roper Technologies, Inc. | 4989 | 2794239 |
|  |  | 39883198 |
| **Specialty Retail – 4.9%** |  |  |
| Murphy USA, Inc. | 8017 | 3997035 |
| O'Reilly Automotive, Inc.\* | 1858 | 2629442 |
|  |  | 6626477 |
| **Total Common Stocks** <br> (Cost $98,065,825) |  | **132140708** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Value** |  |
| **WARRANTS – 0.0%<sup>†</sup>** |  |  |  |
| **Software – 0.0%<sup>†</sup>** |  |  |  |
| Constellation Software, Inc.\* <sup>††</sup><br> (Cost $0) | 14592 | $0 | \*\* |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
| **Short-Term Investments – 2.2%** |  |  |
| **Time Deposit – 2.2%** |  |  |
| Citibank, New York 3.68% 5/1/2025<br> (Cost $2,973,194) | $2973194 | 2973194 |
| **Total Investments – 99.6%**<br> (Cost $101,039,019) |  | $**135113902** |
| Other Assets Less Liabilities – 0.4% |  | 592657 |
| **Net Assets – 100.0%** |  | $**135706559** |

---

---

| | |
|:---|:---|
| \* | Non-income producing security. |
| \*\* | Amount rounds to less than $0.50. |
| † | Represents less than 0.05%. |
| †† | For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs. |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **Schedule of Investments (Continued)**<br> **TCW Compounders ETF** | ![](img_002.jpg) |

---

**April 30, 2025 (Unaudited)**

**Fair Value Measurement**

The Fund discloses the fair market value of its investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (2) the Fund's own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs).

The three levels defined by the hierarchy are as follows:

● **Level 1** — Quoted prices in active markets for identical assets that the Fund has the ability to access.

● **Level 2** — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● **Level 3** — Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 in valuing the Fund's investments.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Level 1\*** | **Level 2\*** | **Level 3\*** |  | **Total** |  |
| **Investments** |  |  |  |  |  |  |
| **Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks\*\* | $132140708 | $– | $– |  | $132140708 |  |
| &nbsp;&nbsp;&nbsp;Warrants\*\* |  |  | 0 | \*\*\* | 0 | \*\*\* |
| **Short-Term Investments** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Time Deposit | 2973194 | – | – |  | 2973194 |  |
| **Total Investments** | $**135113902** | $**–** | $**0** | **\*\*** | $**135113902** |  |

---

\* Please refer to Note 2.

\*\* Please refer to the Schedule of Investments to view securities segregated by industry.

\*\*\* Amount rounds to less than $0.50.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **Schedule of Investments**<br> **TCW Transform 500 ETF** | ![](img_002.jpg) |

---

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS – 99.9%** |  |  |
| **Aerospace & Defense – 2.1%** |  |  |
| Axon Enterprise, Inc.\* | 1084 | $664817 |
| Boeing Co.\* | 11150 | 2043126 |
| General Dynamics Corp. | 3625 | 986435 |
| General Electric Co. | 15992 | 3223029 |
| HEICO Corp. | 632 | 158480 |
| HEICO Corp., Class A | 1149 | 230869 |
| Howmet Aerospace, Inc. | 5968 | 827045 |
| L3Harris Technologies, Inc. | 2821 | 620676 |
| Lockheed Martin Corp. | 3117 | 1489147 |
| Northrop Grumman Corp. | 2157 | 1049381 |
| RTX Corp. | 19888 | 2508473 |
| Textron, Inc. | 2844 | 200132 |
| TransDigm Group, Inc. | 835 | 1179913 |
|  |  | 15181523 |
| **Air Freight & Logistics – 0.3%** |  |  |
| Expeditors International of |  |  |
| Washington, Inc. | 2092 | 229932 |
| FedEx Corp. | 3305 | 695141 |
| United Parcel Service, Inc., Class B | 10890 | 1037816 |
|  |  | 1962889 |
| **Automobile Components – 0.0%<sup>†</sup>** |  |  |
| Aptiv plc\* | 3595 | 205131 |
| **Automobiles – 1.8%** |  |  |
| Ford Motor Co. | 58647 | 587056 |
| General Motors Co. | 14840 | 671362 |
| Tesla, Inc.\* | 41779 | 11788363 |
|  |  | 13046781 |
| **Banks – 3.4%** |  |  |
| Bank of America Corp. | 102039 | 4069315 |
| Citigroup, Inc. | 28107 | 1921957 |
| Citizens Financial Group, Inc. | 6557 | 241888 |
| Fifth Third Bancorp | 10137 | 364324 |
| First Citizens BancShares, Inc., Class A | 155 | 275767 |
| Huntington Bancshares, Inc. | 21533 | 312874 |
| JPMorgan Chase & Co. | 41704 | 10201632 |
| KeyCorp | 14784 | 219395 |
| M&T Bank Corp. | 2475 | 420156 |
| PNC Financial Services Group, Inc. (The) | 5935 | 953695 |
| Regions Financial Corp. | 13692 | 279454 |
| Truist Financial Corp. | 19469 | 746441 |
| US Bancorp | 23199 | 935848 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| Wells Fargo & Co. | 49103 | $3486804 |
|  |  | 24429550 |
| **Beverages – 1.2%** |  |  |
| Brown-Forman Corp., Class B | 4444 | 154829 |
| Coca-Cola Co. | 58336 | 4232277 |
| Constellation Brands, Inc., Class A | 2304 | 432092 |
| Keurig Dr Pepper, Inc. | 16222 | 561119 |
| Monster Beverage Corp.\* | 10222 | 614547 |
| PepsiCo, Inc. | 20526 | 2782915 |
|  |  | 8777779 |
| **Biotechnology – 1.9%** |  |  |
| AbbVie, Inc. | 26359 | 5142640 |
| Alnylam Pharmaceuticals, Inc.\* | 1924 | 506474 |
| Amgen, Inc. | 8025 | 2334633 |
| Biogen, Inc.\* | 2162 | 261775 |
| BioMarin Pharmaceutical, Inc.\* | 2807 | 178778 |
| Gilead Sciences, Inc. | 18603 | 1981964 |
| Incyte Corp.\* | 2446 | 153266 |
| Moderna, Inc.\* | 5004 | 142814 |
| Natera, Inc.\* | 1893 | 285710 |
| Regeneron Pharmaceuticals, Inc. | 1577 | 944245 |
| Vertex Pharmaceuticals, Inc.\* | 3843 | 1958009 |
|  |  | 13890308 |
| **Broadline Retail – 4.0%** |  |  |
| Amazon.com, Inc.\* | 142875 | 26349008 |
| Coupang, Inc., Class A\* | 17893 | 418159 |
| eBay, Inc. | 7151 | 487412 |
| MercadoLibre, Inc.\* | 728 | 1696859 |
|  |  | 28951438 |
| **Building Products – 0.5%** |  |  |
| Builders FirstSource, Inc.\* | 1711 | 204687 |
| Carlisle Cos, Inc. | 690 | 261841 |
| Carrier Global Corp. | 12109 | 757297 |
| Johnson Controls International plc | 9856 | 826918 |
| Lennox International, Inc. | 475 | 259706 |
| Masco Corp. | 3285 | 199104 |
| Trane Technologies plc | 3366 | 1290222 |
|  |  | 3799775 |
| **Capital Markets – 3.3%** |  |  |
| Ameriprise Financial, Inc. | 1447 | 681566 |
| Ares Management Corp., Class A | 2764 | 421593 |
| Bank of New York Mellon Corp. (The) | 10693 | 859824 |
| Blackrock, Inc. | 2172 | 1985773 |
| Blackstone, Inc. | 10917 | 1437878 |
| Carlyle Group, Inc. (The) | 3216 | 124266 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **Schedule of Investments (Continued)**<br> **TCW Transform 500 ETF** | ![](img_002.jpg) |

---

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| Charles Schwab Corp. (The) | 23466 | $1910132 |
| CME Group, Inc., Class A | 5369 | 1487643 |
| Coinbase Global, Inc., Class A\* | 3091 | 627133 |
| FactSet Research Systems, Inc. | 567 | 245069 |
| Goldman Sachs Group, Inc. (The) | 4659 | 2551034 |
| Interactive Brokers Group, Inc., Class A | 1588 | 272898 |
| Intercontinental Exchange, Inc. | 8537 | 1433960 |
| KKR & Co., Inc. | 9933 | 1135044 |
| LPL Financial Holdings, Inc. | 1194 | 381829 |
| Moody's Corp. | 2340 | 1060301 |
| Morgan Stanley | 18569 | 2143234 |
| MSCI, Inc., Class A | 1181 | 643775 |
| Nasdaq, Inc. | 5780 | 440494 |
| Northern Trust Corp. | 2950 | 277241 |
| Raymond James Financial, Inc. | 2747 | 376449 |
| Robinhood Markets, Inc., Class A\* | 7651 | 375741 |
| S&P Global, Inc. | 4595 | 2297730 |
| State Street Corp. | 4368 | 384821 |
| T Rowe Price Group, Inc. | 3313 | 293366 |
|  |  | 23848794 |
| **Chemicals – 1.2%** |  |  |
| Air Products & Chemicals, Inc. | 3318 | 899477 |
| CF Industries Holdings, Inc. | 2580 | 202195 |
| Corteva, Inc. | 10226 | 633910 |
| Dow, Inc. | 10461 | 320002 |
| DuPont de Nemours, Inc. | 6236 | 411514 |
| Ecolab, Inc. | 3793 | 953674 |
| International Flavors & Fragrances, Inc. | 3811 | 299011 |
| Linde plc | 7095 | 3215666 |
| LyondellBasell Industries NV, Class A | 3860 | 224691 |
| PPG Industries, Inc. | 3520 | 383187 |
| Sherwin-Williams Co. | 3471 | 1224985 |
| Westlake Corp. | 507 | 46862 |
|  |  | 8815174 |
| **Commercial Services & Supplies – 0.6%** |  |  |
| Cintas Corp. | 5169 | 1094174 |
| Copart, Inc.\* | 13031 | 795282 |
| Republic Services, Inc., Class A | 3058 | 766794 |
| Rollins, Inc. | 4394 | 251029 |
| Veralto Corp. | 3530 | 338527 |
| Waste Management, Inc. | 5484 | 1279746 |
|  |  | 4525552 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **Communications Equipment – 0.8%** |  |  |
| Arista Networks, Inc.\* | 15404 | $1267287 |
| Cisco Systems, Inc. (Delaware) | 59331 | 3425179 |
| Motorola Solutions, Inc. | 2495 | 1098773 |
|  |  | 5791239 |
| **Construction & Engineering – 0.1%** |  |  |
| EMCOR Group, Inc. | 702 | 281291 |
| Quanta Services, Inc. | 2172 | 635723 |
|  |  | 917014 |
| **Construction Materials – 0.3%** |  |  |
| CRH plc | 10140 | 967558 |
| Martin Marietta Materials, Inc. | 922 | 483110 |
| Vulcan Materials Co. | 1982 | 519938 |
|  |  | 1970606 |
| **Consumer Finance – 0.6%** |  |  |
| American Express Co. | 8223 | 2190689 |
| Capital One Financial Corp. | 5675 | 1022976 |
| Discover Financial Services | 3730 | 681359 |
| Synchrony Financial | 5807 | 301674 |
|  |  | 4196698 |
| **Consumer Staples Distribution & Retail – 2.1%** |  |  |
| Costco Wholesale Corp. | 6627 | 6590552 |
| Dollar General Corp. | 3273 | 306647 |
| Dollar Tree, Inc.\* | 3077 | 251606 |
| Kroger Co. | 10092 | 728743 |
| Sysco Corp. | 7304 | 521506 |
| Target Corp. | 6886 | 665876 |
| Walmart, Inc. | 64646 | 6286824 |
|  |  | 15351754 |
| **Containers & Packaging – 0.2%** |  |  |
| Amcor plc | 34059 | 313343 |
| Avery Dennison Corp. | 1196 | 204648 |
| Ball Corp. | 4451 | 231185 |
| International Paper Co. | 7771 | 354979 |
| Packaging Corp. of America | 1330 | 246861 |
| Smurfit WestRock plc | 7452 | 313133 |
|  |  | 1664149 |
| **Distributors – 0.1%** |  |  |
| Genuine Parts Co. | 2091 | 245797 |
| Pool Corp. | 563 | 165038 |
|  |  | 410835 |
| **Diversified REITs – 0.0%<sup>†</sup>** |  |  |
| WP Carey, Inc. | 3242 | 202430 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **Schedule of Investments (Continued)**<br> **TCW Transform 500 ETF** | ![](img_002.jpg) |

---

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **Diversified Telecommunication Services – 0.8%** |  |  |
| AT&T, Inc. | 107126 | $2967390 |
| Verizon Communications, Inc. | 62766 | 2765470 |
|  |  | 5732860 |
| **Electric Utilities – 1.5%** |  |  |
| American Electric Power Co., Inc. | 7944 | 860653 |
| Constellation Energy Corp. | 4660 | 1041230 |
| Duke Energy Corp. | 11507 | 1404084 |
| Edison International | 5727 | 306452 |
| Entergy Corp. | 6296 | 523638 |
| Evergy, Inc. | 3426 | 236737 |
| Eversource Energy | 5476 | 325712 |
| Exelon Corp. | 14862 | 697028 |
| FirstEnergy Corp. | 7582 | 325116 |
| NextEra Energy, Inc. | 30601 | 2046595 |
| NRG Energy, Inc. | 2916 | 319535 |
| PG&E Corp. | 32684 | 539940 |
| PPL Corp. | 11005 | 401683 |
| Southern Co. | 16283 | 1496245 |
| Xcel Energy, Inc. | 8573 | 606111 |
|  |  | 11130759 |
| **Electrical Equipment – 0.8%** |  |  |
| AMETEK, Inc. | 3439 | 583186 |
| Eaton Corp. plc | 5900 | 1736783 |
| Emerson Electric Co. | 8503 | 893750 |
| GE Vernova, Inc. | 4119 | 1527408 |
| Hubbell, Inc., Class B | 798 | 289818 |
| Rockwell Automation, Inc. | 1712 | 424028 |
| Vertiv Holdings Co., Class A | 5393 | 460454 |
|  |  | 5915427 |
| **Electronic Equipment, Instruments & Components – 0.6%** |  |  |
| Amphenol Corp., Class A | 17982 | 1383716 |
| CDW Corp. | 1998 | 320799 |
| Corning, Inc. | 11540 | 512145 |
| Jabil, Inc. | 1583 | 232004 |
| Keysight Technologies, Inc.\* | 2596 | 377458 |
| TE Connectivity plc | 4473 | 654758 |
| Teledyne Technologies, Inc.\* | 700 | 326221 |
| Trimble, Inc.\* | 3642 | 226314 |
| Zebra Technologies Corp., Class A\* | 763 | 190994 |
|  |  | 4224409 |
| **Energy Equipment & Services – 0.2%** |  |  |
| Baker Hughes Co., Class A | 14773 | 522964 |
| Halliburton Co. | 13204 | 261703 |
| Schlumberger NV | 21062 | 700312 |
|  |  | 1484979 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **Entertainment – 1.7%** |  |  |
| Electronic Arts, Inc. | 3552 | $515360 |
| Liberty Media Corp.-Liberty Formula One, Class A\* | 334 | 26904 |
| Liberty Media Corp.-Liberty Formula One, Class C\* | 3133 | 277803 |
| Live Nation Entertainment, Inc.\* | 2211 | 292847 |
| Netflix, Inc.\* | 6382 | 7222636 |
| ROBLOX Corp., Class A\* | 8154 | 546726 |
| Take-Two Interactive Software, Inc.\* | 2434 | 567901 |
| Walt Disney Co. | 26990 | 2454740 |
| Warner Bros Discovery, Inc.\* | 33349 | 289136 |
|  |  | 12194053 |
| **Financial Services – 4.9%** |  |  |
| Apollo Global Management, Inc. | 5931 | 809463 |
| Berkshire Hathaway, Inc., Class B\* | 26884 | 14335892 |
| Block, Inc., Class A\* | 8346 | 487991 |
| Corebridge Financial, Inc. | 3747 | 111024 |
| Corpay, Inc.\* | 1007 | 327648 |
| Fidelity National Information Services, Inc. | 8029 | 633328 |
| Fiserv, Inc.\* | 8434 | 1556663 |
| Global Payments, Inc. | 3780 | 288452 |
| Mastercard, Inc., Class A | 12090 | 6626045 |
| PayPal Holdings, Inc.\* | 14953 | 984506 |
| Toast, Inc., Class A\* | 7235 | 257421 |
| Visa, Inc., Class A | 25729 | 8889369 |
|  |  | 35307802 |
| **Food Products – 0.6%** |  |  |
| Archer-Daniels-Midland Co. | 7110 | 339503 |
| Conagra Brands, Inc. | 7122 | 175985 |
| General Mills, Inc. | 8325 | 472361 |
| Hershey Co. | 2202 | 368152 |
| Hormel Foods Corp. | 4324 | 129288 |
| J M Smucker Co. | 1583 | 184055 |
| Kellanova | 3932 | 325452 |
| Kraft Heinz Co. | 13159 | 382927 |
| McCormick & Co., Inc. | 3752 | 287628 |
| Mondelez International, Inc., Class A | 20026 | 1364370 |
| The Campbell's Co. | 2968 | 108213 |
| Tyson Foods, Inc., Class A | 4195 | 256902 |
|  |  | 4394836 |
| **Gas Utilities – 0.1%** |  |  |
| Atmos Energy Corp. | 2315 | 371858 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **Schedule of Investments (Continued)**<br> **TCW Transform 500 ETF** | ![](img_002.jpg) |

---

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **Ground Transportation – 0.9%** |  |  |
| CSX Corp. | 28791 | $808163 |
| JB Hunt Transport Services, Inc. | 1241 | 162050 |
| Norfolk Southern Corp. | 3376 | 756393 |
| Old Dominion Freight Line, Inc. | 2777 | 425659 |
| Uber Technologies, Inc.\* | 31375 | 2541688 |
| Union Pacific Corp. | 9042 | 1949998 |
|  |  | 6643951 |
| **Health Care Equipment & Supplies – 2.4%** |  |  |
| Abbott Laboratories | 25893 | 3385510 |
| Align Technology, Inc.\* | 1117 | 193576 |
| Baxter International, Inc. | 7567 | 235863 |
| Becton Dickinson & Co. | 4336 | 897942 |
| Boston Scientific Corp.\* | 21982 | 2261288 |
| Cooper Cos, Inc. (The)\* | 2955 | 241335 |
| Dexcom, Inc.\* | 5821 | 415503 |
| Edwards Lifesciences Corp.\* | 8735 | 659405 |
| GE HealthCare Technologies, Inc. | 5859 | 412063 |
| Hologic, Inc.\* | 3343 | 194563 |
| IDEXX Laboratories, Inc.\* | 1230 | 532160 |
| Insulet Corp.\* | 1041 | 262634 |
| Intuitive Surgical, Inc.\* | 5291 | 2729098 |
| Medtronic plc | 19147 | 1622900 |
| ResMed, Inc. | 2194 | 519078 |
| STERIS plc | 1474 | 331267 |
| Stryker Corp. | 5395 | 2017298 |
| Zimmer Biomet Holdings, Inc. | 2972 | 306265 |
|  |  | 17217748 |
| **Health Care Providers & Services – 2.1%** |  |  |
| Cardinal Health, Inc. | 3633 | 513307 |
| Cencora, Inc. | 2585 | 756552 |
| Centene Corp.\* | 7515 | 449773 |
| Cigna Group (The) | 4075 | 1385662 |
| CVS Health Corp. | 18724 | 1249078 |
| Elevance Health, Inc. | 3463 | 1456468 |
| HCA Healthcare, Inc. | 2734 | 943449 |
| Humana, Inc. | 1795 | 470721 |
| Labcorp Holdings, Inc. | 1266 | 305119 |
| McKesson Corp. | 1896 | 1351450 |
| Molina Healthcare, Inc.\* | 861 | 281556 |
| Quest Diagnostics, Inc. | 1655 | 294954 |
| UnitedHealth Group, Inc. | 13727 | 5647836 |
|  |  | 15105925 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **Health Care REITs – 0.3%** |  |  |
| Alexandria Real Estate Equities, Inc. | 2319 | $168499 |
| Ventas, Inc. | 6526 | 457342 |
| Welltower, Inc. | 9485 | 1447316 |
|  |  | 2073157 |
| **Health Care Technology – 0.1%** |  |  |
| Veeva Systems, Inc., Class A\* | 2207 | 515754 |
| **Hotels, Restaurants & Leisure – 2.1%** |  |  |
| Airbnb, Inc., Class A\* | 6230 | 759562 |
| Booking Holdings, Inc. | 493 | 2513945 |
| Carnival Corp.\* | 15370 | 281886 |
| Chipotle Mexican Grill, Inc., Class A\* | 20201 | 1020555 |
| Darden Restaurants, Inc. | 1749 | 350919 |
| Domino's Pizza, Inc. | 518 | 254012 |
| DoorDash, Inc., Class A\* | 5320 | 1026175 |
| DraftKings, Inc., Class A\* | 7108 | 236625 |
| Expedia Group, Inc. | 1836 | 288123 |
| Flutter Entertainment plc\* | 2375 | 572351 |
| Hilton Worldwide Holdings, Inc. | 3567 | 804287 |
| Las Vegas Sands Corp. | 5661 | 207589 |
| Marriott International, Inc., Class A | 3388 | 808309 |
| McDonald's Corp. | 10699 | 3419935 |
| Royal Caribbean Cruises Ltd. | 3681 | 791084 |
| Starbucks Corp. | 16954 | 1357168 |
| Yum! Brands, Inc. | 4185 | 629591 |
|  |  | 15322116 |
| **Household Durables – 0.3%** |  |  |
| DR Horton, Inc. | 4295 | 542630 |
| Garmin Ltd. | 2294 | 428680 |
| Lennar Corp., Class A | 3403 | 369600 |
| Lennar Corp., Class B | 149 | 15402 |
| NVR, Inc.\* | 41 | 292156 |
| PulteGroup, Inc. | 3056 | 313484 |
|  |  | 1961952 |
| **Household Products – 1.1%** |  |  |
| Church & Dwight Co., Inc. | 3678 | 365373 |
| Clorox Co. | 1850 | 263255 |
| Colgate-Palmolive Co. | 12199 | 1124626 |
| Kimberly-Clark Corp. | 4969 | 654815 |
| Procter & Gamble Co. | 35008 | 5691250 |
|  |  | 8099319 |
| **Independent Power & Renewable Electricity Producers – 0.1%** |  |  |
| Vistra Corp. | 5041 | 653465 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **Schedule of Investments (Continued)**<br> **TCW Transform 500 ETF** | ![](img_002.jpg) |

---

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **Industrial Conglomerates – 0.4%** |  |  |
| 3M Co. | 8130 | $1129338 |
| Honeywell International, Inc. | 9722 | 2046481 |
|  |  | 3175819 |
| **Industrial REITs – 0.2%** |  |  |
| Prologis, Inc. | 13795 | 1409849 |
| **Insurance – 2.3%** |  |  |
| Aflac, Inc. | 7382 | 802276 |
| Allstate Corp. (The) | 3950 | 783641 |
| American International Group, Inc. | 9031 | 736207 |
| Aon plc, Class A | 3236 | 1148100 |
| Arch Capital Group Ltd. | 5560 | 504181 |
| Arthur J Gallagher & Co. | 3696 | 1185270 |
| Brown & Brown, Inc. | 3650 | 403690 |
| Chubb Ltd. | 5564 | 1591749 |
| Cincinnati Financial Corp. | 2312 | 321854 |
| Erie Indemnity Co., Class A | 376 | 134841 |
| Everest Group Ltd. | 647 | 232163 |
| Hartford Insurance Group, Inc. (The) | 4306 | 528217 |
| Loews Corp. | 2664 | 231315 |
| Markel Group, Inc.\* | 190 | 345534 |
| Marsh & McLennan Cos, Inc. | 7361 | 1659685 |
| MetLife, Inc. | 8673 | 653684 |
| Principal Financial Group, Inc. | 3482 | 258190 |
| Progressive Corp. (The) | 8725 | 2458182 |
| Prudential Financial, Inc. | 5309 | 545287 |
| Travelers Cos, Inc. (The) | 3403 | 898834 |
| W R Berkley Corp. | 4597 | 329559 |
| Willis Towers Watson plc | 1501 | 462008 |
|  |  | 16214467 |
| **Interactive Media & Services – 6.2%** |  |  |
| Alphabet, Inc., Class A | 87086 | 13829257 |
| Alphabet, Inc., Class C | 76488 | 12306154 |
| Meta Platforms, Inc., Class A | 32695 | 17949554 |
| Pinterest, Inc., Class A\* | 8886 | 224994 |
| Reddit, Inc., Class A\* | 1570 | 183015 |
| Snap, Inc., Class A\* | 16130 | 128395 |
|  |  | 44621369 |
| **IT Services – 1.4%** |  |  |
| Accenture plc, Class A | 9320 | 2788078 |
| Akamai Technologies, Inc.\* | 2273 | 183158 |
| Cloudflare, Inc., Class A\* | 4592 | 554622 |
| Cognizant Technology Solutions Corp., Class A | 7486 | 550745 |
| Gartner, Inc.\* | 1144 | 481716 |
| GoDaddy, Inc., Class A\* | 1997 | 376095 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| International Business Machines Corp. | 13805 | $3338326 |
| MongoDB, Inc., Class A\* | 1157 | 199201 |
| Okta, Inc., Class A\* | 2400 | 269184 |
| Snowflake, Inc., Class A\* | 4805 | 766349 |
| Twilio, Inc., Class A\* | 2178 | 210634 |
| VeriSign, Inc.\* | 1244 | 350957 |
|  |  | 10069065 |
| **Life Sciences Tools & Services – 0.9%** |  |  |
| Agilent Technologies, Inc. | 4254 | 457730 |
| Danaher Corp. | 9781 | 1949647 |
| Illumina, Inc.\* | 2366 | 183602 |
| IQVIA Holdings, Inc.\* | 2471 | 383178 |
| Mettler-Toledo International, Inc.\* | 319 | 341512 |
| Revvity, Inc. | 1842 | 172098 |
| Thermo Fisher Scientific, Inc. | 5699 | 2444870 |
| Waters Corp.\* | 883 | 307046 |
| West Pharmaceutical Services, Inc. | 1088 | 229884 |
|  |  | 6469567 |
| **Machinery – 1.5%** |  |  |
| Caterpillar, Inc. | 7208 | 2229218 |
| CNH Industrial NV | 13536 | 156612 |
| Cummins, Inc. | 2029 | 596201 |
| Deere & Co. | 3724 | 1726297 |
| Dover Corp. | 2050 | 349833 |
| Fortive Corp. | 5242 | 365315 |
| IDEX Corp. | 1127 | 196064 |
| Illinois Tool Works, Inc. | 4396 | 1054644 |
| Ingersoll Rand, Inc. | 6031 | 454918 |
| Otis Worldwide Corp. | 6036 | 581086 |
| PACCAR, Inc. | 7677 | 692542 |
| Parker-Hannifin Corp. | 1916 | 1159295 |
| Stanley Black & Decker, Inc. | 2282 | 136966 |
| Westinghouse Air Brake Technologies Corp. | 2551 | 471272 |
| Xylem, Inc./NY | 3596 | 433570 |
|  |  | 10603833 |
| **Media – 0.5%** |  |  |
| Charter Communications, Inc., Class A\* | 1450 | 568197 |
| Comcast Corp., Class A | 56309 | 1925768 |
| Fox Corp., Class A | 3246 | 161618 |
| Fox Corp., Class B | 1991 | 92064 |
| Omnicom Group, Inc. | 2918 | 222235 |
| Trade Desk, Inc. (The), Class A\* | 6649 | 356586 |
|  |  | 3326468 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **Schedule of Investments (Continued)**<br> **TCW Transform 500 ETF** | ![](img_002.jpg) |

---

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **Metals & Mining – 0.4%** |  |  |
| Freeport-McMoRan, Inc. | 21409 | $771366 |
| Newmont Corp. | 16980 | 894507 |
| Nucor Corp. | 3465 | 413617 |
| Reliance, Inc. | 830 | 239231 |
| Southern Copper Corp. | 1319 | 118077 |
| Steel Dynamics, Inc. | 2123 | 275374 |
|  |  | 2712172 |
| **Multi-Utilities – 0.7%** |  |  |
| Ameren Corp. | 3973 | 394281 |
| CenterPoint Energy, Inc. | 9541 | 370000 |
| CMS Energy Corp. | 4450 | 327743 |
| Consolidated Edison, Inc. | 5154 | 581114 |
| Dominion Energy, Inc. | 12493 | 679368 |
| DTE Energy Co. | 3076 | 421412 |
| NiSource, Inc. | 6962 | 272284 |
| Public Service Enterprise Group, Inc. | 7432 | 594040 |
| Sempra | 9396 | 697840 |
| WEC Energy Group, Inc. | 4705 | 515292 |
|  |  | 4853374 |
| **Oil, Gas & Consumable Fuels – 3.0%** |  |  |
| Cheniere Energy, Inc. | 3343 | 772601 |
| Chevron Corp. | 24446 | 3326123 |
| ConocoPhillips | 18977 | 1691230 |
| Coterra Energy, Inc. | 11129 | 273328 |
| Devon Energy Corp. | 9788 | 297653 |
| Diamondback Energy, Inc. | 2832 | 373852 |
| EOG Resources, Inc. | 8380 | 924565 |
| EQT Corp. | 8422 | 416384 |
| Expand Energy Corp. | 2992 | 310869 |
| Exxon Mobil Corp. | 64718 | 6836162 |
| Hess Corp. | 4155 | 536203 |
| Kinder Morgan, Inc. | 29336 | 771537 |
| Marathon Petroleum Corp. | 4793 | 658606 |
| Occidental Petroleum Corp. | 10031 | 395322 |
| ONEOK, Inc. | 9174 | 753736 |
| Phillips 66 | 6154 | 640385 |
| Targa Resources Corp. | 3230 | 552007 |
| Texas Pacific Land Corp. | 289 | 372483 |
| Valero Energy Corp. | 4687 | 544114 |
| Williams Cos, Inc. (The) | 18133 | 1062050 |
|  |  | 21509210 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **Passenger Airlines – 0.1%** |  |  |
| Delta Air Lines, Inc. | 9578 | $398733 |
| Southwest Airlines Co. | 8864 | 247837 |
| United Airlines Holdings, Inc.\* | 4878 | 335704 |
|  |  | 982274 |
| **Personal Care Products – 0.1%** |  |  |
| Estee Lauder Cos, Inc. (The), Class A | 3461 | 207522 |
| Kenvue, Inc. | 25873 | 610602 |
|  |  | 818124 |
| **Pharmaceuticals – 3.4%** |  |  |
| Bristol-Myers Squibb Co. | 30379 | 1525026 |
| Eli Lilly & Co. | 11957 | 10748746 |
| Johnson & Johnson | 35940 | 5617781 |
| Merck & Co., Inc. | 37832 | 3223286 |
| Pfizer, Inc. | 84607 | 2065257 |
| Zoetis, Inc., Class A | 6736 | 1053510 |
|  |  | 24233606 |
| **Professional Services – 0.7%** |  |  |
| Automatic Data Processing, Inc. | 6087 | 1829752 |
| Booz Allen Hamilton Holding Corp., Class A | 1913 | 229598 |
| Broadridge Financial Solutions, Inc. | 1749 | 423958 |
| Equifax, Inc. | 1838 | 478119 |
| Jacobs Solutions, Inc. | 1880 | 232744 |
| Leidos Holdings, Inc. | 2005 | 295096 |
| Paychex, Inc. | 4832 | 710884 |
| SS&C Technologies Holdings, Inc. | 3215 | 243054 |
| TransUnion | 2889 | 239671 |
| Verisk Analytics, Inc., Class A | 2130 | 631396 |
|  |  | 5314272 |
| **Real Estate Management & Development – 0.1%** |  |  |
| CBRE Group, Inc., Class A\* | 4537 | 554331 |
| CoStar Group, Inc.\* | 6220 | 461337 |
|  |  | 1015668 |
| **Residential REITs – 0.3%** |  |  |
| AvalonBay Communities, Inc. | 2112 | 443477 |
| Equity Residential | 5125 | 360083 |
| Essex Property Trust, Inc. | 957 | 267147 |
| Invitation Homes, Inc. | 8543 | 292085 |
| Mid-America Apartment Communities, Inc. | 1739 | 277631 |
| Sun Communities, Inc. | 1851 | 230320 |
|  |  | 1870743 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **Schedule of Investments (Continued)**<br> **TCW Transform 500 ETF** | ![](img_002.jpg) |

---

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **Retail REITs – 0.2%** |  |  |
| Realty Income Corp. | 12999 | $752122 |
| Simon Property Group, Inc. | 4578 | 720486 |
|  |  | 1472608 |
| **Semiconductors & Semiconductor Equipment – 9.8%** |  |  |
| Advanced Micro Devices, Inc.\* | 24180 | 2353923 |
| Analog Devices, Inc. | 7409 | 1444162 |
| Applied Materials, Inc. | 12117 | 1826153 |
| Broadcom, Inc. | 68652 | 13213450 |
| Entegris, Inc. | 2237 | 176991 |
| First Solar, Inc.\* | 1519 | 191121 |
| Intel Corp. | 64392 | 1294279 |
| KLA Corp. | 1984 | 1394137 |
| Lam Research Corp. | 19191 | 1375419 |
| Marvell Technology, Inc. | 12843 | 749646 |
| Microchip Technology, Inc. | 7924 | 365138 |
| Micron Technology, Inc. | 16538 | 1272599 |
| Monolithic Power Systems, Inc. | 694 | 411611 |
| NVIDIA Corp. | 352281 | 38370446 |
| NXP Semiconductors NV | 3817 | 703511 |
| ON Semiconductor Corp.\* | 6424 | 255033 |
| QUALCOMM, Inc. | 16512 | 2451372 |
| Teradyne, Inc. | 2429 | 180256 |
| Texas Instruments, Inc. | 13618 | 2179561 |
|  |  | 70208808 |
| **Software – 11.0%** |  |  |
| Adobe, Inc.\* | 6499 | 2436995 |
| ANSYS, Inc.\* | 1297 | 417478 |
| AppLovin Corp., Class A\* | 3478 | 936660 |
| Atlassian Corp., Class A\* | 2426 | 553880 |
| Autodesk, Inc.\* | 3214 | 881440 |
| Cadence Design Systems, Inc.\* | 4087 | 1216863 |
| Crowdstrike Holdings, Inc., Class A\* | 3434 | 1472740 |
| Datadog, Inc., Class A\* | 4649 | 474942 |
| Dynatrace, Inc.\* | 4123 | 193657 |
| Fair Isaac Corp.\* | 354 | 704347 |
| Fortinet, Inc.\* | 9711 | 1007613 |
| Gen Digital, Inc. | 8566 | 221602 |
| HubSpot, Inc.\* | 744 | 454956 |
| Intuit, Inc. | 4179 | 2622197 |
| Microsoft Corp. | 111001 | 43874256 |
| MicroStrategy, Inc., Class A\* | 3593 | 1365735 |
| Nutanix, Inc., Class A\* | 3723 | 255770 |
| Oracle Corp. | 24220 | 3408238 |
| Palantir Technologies, Inc., Class A\* | 32240 | 3818506 |
| Palo Alto Networks, Inc.\* | 9765 | 1825371 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| PTC, Inc.\* | 1779 | $275692 |
| Roper Technologies, Inc. | 1588 | 889407 |
| Salesforce, Inc. | 13816 | 3712497 |
| ServiceNow, Inc.\* | 3083 | 2944296 |
| Synopsys, Inc.\* | 2308 | 1059395 |
| Tyler Technologies, Inc.\* | 626 | 340106 |
| Workday, Inc., Class A\* | 3161 | 774445 |
| Zoom Communications, Inc., Class A\* | 3578 | 277438 |
| Zscaler, Inc.\* | 1429 | 323197 |
|  |  | 78739719 |
| **Specialized REITs – 1.0%** |  |  |
| American Tower Corp. | 6960 | 1568853 |
| Crown Castle, Inc. | 6462 | 683421 |
| Digital Realty Trust, Inc. | 4952 | 794994 |
| Equinix, Inc. | 1441 | 1240340 |
| Extra Space Storage, Inc. | 3151 | 461685 |
| Iron Mountain, Inc. | 4359 | 390872 |
| Public Storage | 2363 | 709916 |
| SBA Communications Corp., Class A | 1609 | 391631 |
| VICI Properties, Inc., Class A | 15739 | 503963 |
| Weyerhaeuser Co. | 10855 | 281253 |
|  |  | 7026928 |
| **Specialty Retail – 2.0%** |  |  |
| AutoZone, Inc.\* | 252 | 948175 |
| Best Buy Co., Inc. | 2924 | 195002 |
| Burlington Stores, Inc.\* | 949 | 213563 |
| CarMax, Inc.\* | 2359 | 152557 |
| Carvana Co., Class A\* | 1775 | 433721 |
| Home Depot, Inc. (The) | 14815 | 5340659 |
| Lowe's Cos, Inc. | 8361 | 1869185 |
| O'Reilly Automotive, Inc.\* | 859 | 1215657 |
| Ross Stores, Inc. | 4827 | 670953 |
| TJX Cos, Inc. (The) | 16822 | 2164655 |
| Tractor Supply Co. | 8063 | 408149 |
| Ulta Beauty, Inc.\* | 691 | 273387 |
| Williams-Sonoma, Inc. | 1834 | 283298 |
|  |  | 14168961 |
| **Technology Hardware, Storage & Peripherals – 6.9%** |  |  |
| Apple, Inc. | 224053 | 47611262 |
| Dell Technologies, Inc., Class C | 4646 | 426317 |
| Hewlett Packard Enterprise Co. | 19406 | 314765 |
| HP, Inc. | 14050 | 359259 |
| NetApp, Inc. | 3081 | 276520 |
| Pure Storage, Inc., Class A\* | 4582 | 207840 |
| Seagate Technology Holdings plc | 3008 | 273818 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **Schedule of Investments (Continued)**<br> **TCW Transform 500 ETF** | ![](img_002.jpg) |

---

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| Super Micro Computer, Inc.\* <sup>††</sup> | 7449 | $237325 |
| Western Digital Corp.\* | 5141 | 225484 |
|  |  | 49932590 |
| **Textiles, Apparel & Luxury Goods – 0.2%** |  |  |
| Deckers Outdoor Corp.\* | 2298 | 254687 |
| Lululemon Athletica, Inc.\* | 1602 | 433774 |
| NIKE, Inc., Class B | 17389 | 980739 |
|  |  | 1669200 |
| **Tobacco – 0.8%** |  |  |
| Altria Group, Inc. | 25303 | 1496672 |
| Philip Morris International, Inc. | 23154 | 3967670 |
|  |  | 5464342 |
| **Trading Companies & Distributors – 0.4%** |  |  |
| Fastenal Co. | 8525 | 690270 |
| Ferguson Enterprises, Inc. | 2993 | 507792 |
| United Rentals, Inc. | 978 | 617558 |
| Watsco, Inc. | 519 | 238657 |
| WW Grainger, Inc. | 666 | 682190 |
|  |  | 2736467 |
| **Water Utilities – 0.1%** |  |  |
| American Water Works Co., Inc. | 2907 | 427358 |
| **Wireless Telecommunication Services – 0.2%** |  |  |
| T-Mobile US, Inc. | 6904 | 1704943 |
| **Total Common Stocks**<br> (Cost $631,761,620) |  | **719041593** |
| **Securities Lending Reinvestment<sup>†††</sup>** |  |  |
| **Money Market Fund – 0.1%** |  |  |
| Fidelity Investments Money Market Treasury Portfolio – Institutional Class, 4.24%<sup>††††</sup><br> (Cost $362,614) | 362614 | 362614 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal** | **Value** |
| **Short-Term Investments – 0.0%<sup>†</sup>** |  |  |
| **Time Deposit – 0.0%<sup>†</sup>** |  |  |
| Skandinaviska Enskilda Banken, Stockholm 3.68% 5/1/2025<br> (Cost $102,519) | $102519 | $102519 |
| **Total Investments – 100.0%**<br> (Cost $632,226,753) |  | $**719506726** |
| Other Assets Less Liabilities – 0.0%<sup>†</sup> |  | 102147 |
| **Net Assets – 100.0%** |  | $**719608873** |

---

---

| | |
|:---|:---|
| \* | Non-income producing security. |
| † | Represents less than 0.05%. |
| †† | The security or a portion of this security is on loan at April 30, 2025. The total value of securities on loan at April 30, 2025 was $187,974, collateralized in the form of cash with a value of $362,614 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments. The total value of collateral is $362,614. |
| ††† | The security was purchased with cash collateral held from securities on loan at April 30, 2025. The total value of securities purchased was $362,614. |
| †††† | 7-day net yield. |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **Schedule of Investments (Continued)**<br> **TCW Transform 500 ETF** | ![](img_002.jpg) |

---

**April 30, 2025 (Unaudited)**

**Futures Contracts Purchased**

TCW Transform 500 ETF had the following open long futures contracts as of April 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Expiration<br> Date** | **Trading<br> Currency** | **Notional<br> Amount** | **Value and<br> Unrealized<br> Appreciation** |
| S&P 500 Micro E-Mini Index | 18 | 6/20/2025 | USD | $502830 | $19443 |

---

**Fair Value Measurement**

The Fund discloses the fair market value of its investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (2) the Fund's own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs).

The three levels defined by the hierarchy are as follows:

● **Level 1** — Quoted prices in active markets for identical assets that the Fund has the ability to access.

● **Level 2** — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● **Level 3** — Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 in valuing the Fund's investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1\*** | **Level 2\*** | **Level 3\*** | **Total** |
| **Investments** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks\*\* | $719041593 | $– | $– | $719041593 |
| &nbsp;&nbsp;&nbsp;Money Market Fund | 362614 |  |  | 362614 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Time Deposit | 102519 | – | – | 102519 |
| **Total Investments** | $**719506726** | $**–** | $**–** | $**719506726** |
| **Other Financial Instruments** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts\*\*\* | $19443 | $– | $– | $19443 |
| **Total Other Financial Instruments** | $**19443** | $**–** | $**–** | $**19443** |

---

\* Please refer to Note 2. <br> \*\* Please refer to the Schedule of Investments to view securities segregated by industry. <br> \*\*\* Futures Contracts Purchased.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **Schedule of Investments**<br> **TCW Transform Supply Chain ETF** | ![](img_002.jpg) |

---

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS – 95.4%** |  |  |
| **Aerospace & Defense – 9.0%** |  |  |
| TransDigm Group, Inc. | 568 | $802624 |
| **Building Products – 6.4%** |  |  |
| Advanced Drainage Systems, Inc. | 1328 | 150715 |
| Trane Technologies plc | 1095 | 419724 |
|  |  | 570439 |
| **Commercial Services & Supplies – 18.9%** |  |  |
| GFL Environmental, Inc. | 13705 | 683880 |
| Waste Connections, Inc. | 5045 | 997044 |
|  |  | 1680924 |
| **Construction & Engineering – 4.0%** |  |  |
| WillScot Holdings Corp. | 13999 | 351655 |
| **Construction Materials – 13.8%** |  |  |
| Martin Marietta Materials, Inc. | 1270 | 665454 |
| Vulcan Materials Co. | 2123 | 556927 |
|  |  | 1222381 |
| **Electrical Equipment – 6.7%** |  |  |
| Eaton Corp. plc | 2017 | 593744 |
| **Ground Transportation – 5.4%** |  |  |
| Canadian Pacific Kansas City Ltd. | 5770 | 418152 |
| Saia, Inc.\* | 250 | 61000 |
|  |  | 479152 |
| **Industrial Conglomerates – 2.1%** |  |  |
| Siemens AG | 831 | 190115 |
| **Semiconductors & Semiconductor Equipment – 16.5%** |  |  |
| Broadcom, Inc. | 2204 | 424203 |
| Lam Research Corp. | 1254 | 89874 |
| Marvell Technology, Inc. | 2100 | 122577 |
| Micron Technology, Inc. | 1080 | 83106 |
| NVIDIA Corp. | 3029 | 329919 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 2514 | 419059 |
|  |  | 1468738 |
| **Software – 7.7%** |  |  |
| PTC, Inc.\* | 2736 | 423998 |
| Roper Technologies, Inc. | 468 | 262117 |
|  |  | 686115 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **Specialty Retail – 2.3%** |  |  |
| O'Reilly Automotive, Inc.\* | 144 | $203789 |
| **Trading Companies & Distributors – 2.6%** |  |  |
| Ferguson Enterprises, Inc. | 1385 | 234979 |
| **Total Common Stocks**<br> (Cost $8,767,182) |  | **8484655** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
| **Short-Term Investments – 1.3%** |  |  |
| **Time Deposit – 1.3%** |  |  |
| ANZ National Bank, London 3.68% 5/1/2025<br> (Cost $112,550) | $112550 | 112550 |
| **Total Investments – 96.7%**<br> (Cost $8,879,732) |  | $**8597205** |
| Other Assets Less Liabilities – 3.3% |  | 292226 |
| **Net Assets – 100.0%** |  | $**8889431** |

---

\* Non-income producing security.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **Schedule of Investments (Continued)**<br> **TCW Transform Supply Chain ETF** | ![](img_002.jpg) |

---

**April 30, 2025 (Unaudited)**

**Fair Value Measurement**

The Fund discloses the fair market value of its investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (2) the Fund's own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs).

The three levels defined by the hierarchy are as follows:

● **Level 1** — Quoted prices in active markets for identical assets that the Fund has the ability to access.

● **Level 2** — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● **Level 3** — Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 in valuing the Fund's investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1\*** | **Level 2\*** | **Level 3\*** | **Total** |
| **Investments** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks\*\* | $8484655 | $– | $– | $8484655 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Time Deposit | 112550 | – | – | 112550 |
| **Total Investments** | $**8597205** | $**–** | $**–** | $**8597205** |

---

\* Please refer to Note 2. <br> \*\* Please refer to the Schedule of Investments to view securities segregated by industry.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **Schedule of Investments**<br> **TCW Transform Systems ETF** | ![](img_002.jpg) |

---

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS – 93.9%** |  |  |
| **Aerospace & Defense – 23.3%** |  |  |
| Airbus SE | 107008 | $17836901 |
| General Electric Co. | 172070 | 34678989 |
| Safran S.A. | 118111 | 31175876 |
|  |  | 83691766 |
| **Building Products – 5.2%** |  |  |
| Trane Technologies plc | 48766 | 18692495 |
| **Commercial Services & Supplies – 9.6%** |  |  |
| Republic Services, Inc., Class A | 137393 | 34451295 |
| **Electric Utilities – 0.9%** |  |  |
| Constellation Energy Corp. | 14305 | 3196309 |
| **Electrical Equipment – 15.3%** |  |  |
| GE Vernova, Inc. | 25643 | 9508937 |
| Hubbell, Inc., Class B | 10505 | 3815206 |
| Schneider Electric SE | 37572 | 8691454 |
| Siemens Energy AG\* | 185683 | 14207105 |
| Vertiv Holdings Co., Class A | 215225 | 18375911 |
|  |  | 54598613 |
| **Ground Transportation – 7.8%** |  |  |
| Canadian Pacific Kansas City Ltd. | 186777 | 13535729 |
| Union Pacific Corp. | 66097 | 14254479 |
|  |  | 27790208 |
| **Independent Power & Renewable Electricity Producers – 9.9%** |  |  |
| Talen Energy Corp.\* | 47655 | 10249637 |
| Vistra Corp. | 192917 | 25007831 |
|  |  | 35257468 |
| **Machinery – 1.2%** |  |  |
| Sandvik AB | 201903 | 4179897 |
| **Oil, Gas & Consumable Fuels – 8.4%** |  |  |
| Chevron Corp. | 96823 | 13173738 |
| ConocoPhillips | 37934 | 3380678 |
| Diamondback Energy, Inc. | 24639 | 3252594 |
| Exxon Mobil Corp. | 97371 | 10285299 |
|  |  | 30092309 |
| **Semiconductors & Semiconductor Equipment – 8.4%** |  |  |
| Applied Materials, Inc. | 31646 | 4769369 |
| Broadcom, Inc. | 91393 | 17590410 |
| First Solar, Inc.\* | 12494 | 1571995 |
| Marvell Technology, Inc. | 105202 | 6140641 |
|  |  | 30072415 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **Software – 3.9%** |  |  |
| Microsoft Corp. | 34944 | $13811965 |
| **Total Common Stocks**<br> (Cost $315,429,928) |  | **335834740** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
| **Short-Term Investments – 6.1%** |  |  |
| **Time Deposit – 6.1%** |  |  |
| JP Morgan Chase, New York 3.68% 5/1/2025<br> (Cost $21,673,415) | $21673415 | 21673415 |
| **Total Investments – 100.0%**<br> (Cost $337,103,343) |  | $**357508155** |
| Other Assets Less Liabilities – 0.0%<sup>†</sup> |  | 67534 |
| **Net Assets – 100.0%** |  | $**357575689** |

---

---

| | |
|:---|:---|
| \* | Non-income producing security. |
| † | Represents less than 0.05%. |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **Schedule of Investments (Continued)**<br> **TCW Transform Systems ETF** | ![](img_002.jpg) |

---

**April 30, 2025 (Unaudited)**

**Fair Value Measurement**

The Fund discloses the fair market value of its investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (2) the Fund's own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs).

The three levels defined by the hierarchy are as follows:

● **Level 1** — Quoted prices in active markets for identical assets that the Fund has the ability to access.

● **Level 2** — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● **Level 3** — Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 in valuing the Fund's investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1\*** | **Level 2\*** | **Level 3\*** | **Total** |
| **Investments** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks\*\* | $335834740 | $– | $– | $335834740 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Time Deposit | 21673415 | – | – | 21673415 |
| **Total Investments** | $**357508155** | $**–** | $**–** | $**357508155** |

---

\* Please refer to Note 2. <br> \*\* Please refer to the Schedule of Investments to view securities segregated by industry.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** | ![](img_002.jpg) |

---

**April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **TCW<br> Artificial<br> Intelligence<br> ETF** | **TCW**<br> **Compounders**<br> **ETF** | **TCW**<br> **Transform 500**<br> **ETF** |
| **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in securities at value (Note 2) | $50854955 | $132140708 | $719404207<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Investments in time deposit at value (Note 2) | 1463339 | 2973194 | 102519 |
| &nbsp;&nbsp;&nbsp;Segregated cash balance with broker for future contracts |  |  | 81590 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 12604 | 8059 | 388826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities lending income |  |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold |  | 658858 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims |  | 6972 | 3428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | – | – | 19443 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 52330898 | 135787791 | 720000039 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees (Note 3) | 30968 | 80448 | 28303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral on securities loaned at value (Note 2) |  |  | 362614 |
| &nbsp;&nbsp;&nbsp;Payable for securities lending |  | 784 |  |
| &nbsp;&nbsp;&nbsp;Other Liabilities | 189 | – | 249 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 31157 | 81232 | 391166 |
| **NET ASSETS** | $52299741 | $135706559 | $719608873 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $49308186 | $64633043 | $628341158 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated loss) | 2991555 | 71073516 | 91267715 |
| **NET ASSETS** | $52299741 | $135706559 | $719608873 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 2119741 | 4062997 | 11040000 |
| &nbsp;&nbsp;&nbsp;Net asset value, per share | $24.67 | $33.40 | $65.18 |
| &nbsp;&nbsp;&nbsp;Investment in securities at cost | $48329929 | $98065825 | $632124234 |
| &nbsp;&nbsp;&nbsp;Investments in time deposit at cost | $1463339 | $2973194 | $102519 |

---

(1) Includes securities on loan with market value of $187,974.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities (Continued)** | ![](img_002.jpg) |

---

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **TCW<br> Transform<br> Supply Chain<br> ETF** | **TCW<br> Transform<br> Systems<br> ETF** |
| **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments in securities at value (Note 2) | $8484655 | $335834740 |
| &nbsp;&nbsp;&nbsp;Investments in time deposit at value (Note 2) | 112550 | 21673415 |
| &nbsp;&nbsp;&nbsp;Foreign currency at value |  | 40 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 2405 | 117744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold |  | 2158391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 295206 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims | 2321 | 22230 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 8897137 | 359806560 |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased |  | 2027569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees (Note 3) | 7706 | 203302 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 7706 | 2230871 |
| **NET ASSETS** | $8889431 | $357575689 |
| **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $8454945 | $366901709 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated loss) | 434486 | (9326020) |
| **NET ASSETS** | $8889431 | $357575689 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 150000 | 4970000 |
| &nbsp;&nbsp;&nbsp;Net asset value, per share | $59.26 | $71.95 |
| &nbsp;&nbsp;&nbsp;Investment in securities at cost | $8767182 | $315429928 |
| &nbsp;&nbsp;&nbsp;Investments in time deposit at cost | $112550 | $21673415 |
| &nbsp;&nbsp;&nbsp;Foreign currency at cost | $– | $40 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **Statements of Operations** | ![](img_002.jpg) |

---

**For the Period Ended April 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **TCW<br> Artificial<br> Intelligence<br> ETF** | **TCW**<br> **Compounders**<br> **ETF** | **TCW**<br> **Transform 500**<br> **ETF** |
| **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $135924 | $286215 | $4630618 |
| &nbsp;&nbsp;&nbsp;Special dividends (Note 2) |  |  | 85126 |
| &nbsp;&nbsp;&nbsp;Interest income | 16136 | 56703 | 3838 |
| &nbsp;&nbsp;&nbsp;Securities lending income (Note 2) |  |  | 216 |
| &nbsp;&nbsp;&nbsp;Other income |  | 2909 | 194 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax on dividends | (5367) | (5236) | (1428) |
| &nbsp;&nbsp;&nbsp;**Total Income** | 146693 | 340591 | 4718564 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 3) | 230406 | 566179 | 180472 |
| &nbsp;&nbsp;&nbsp;Other expenses | – | 27 | 54 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 230406 | 566206 | 180526 |
| &nbsp;&nbsp;&nbsp;Net Expenses | 230406 | 566206 | 180526 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)<sup>(1)</sup>** | (83713) | (225615) | 4538038 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in securities | (1600793) | (630519) | (1934141) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  | (2549) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions of investments | 5202092 | 38131267 | 18794223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration or closing of futures contracts | – | – | (53494) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 3601299 | 37498199 | 16806588 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in securities | (10929775) | (33880040) | (34854313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities denominated in foreign currencies |  | 1731 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future contracts | – | – | 16939 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | (10929775) | (33878309) | (34837374) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (7328476) | 3619890 | (18030786) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Operations** | $**(7412189)** | $**3394275** | $**(13492748)** |

---

(1) Net investment income (loss) represents dividends and other income received by the Fund from its underlying
 investments less expenses paid by the Fund during the period.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **Statements of Operations (Continued)** | ![](img_002.jpg) |

---

**For the Period Ended April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **TCW<br> Transform<br> Supply Chain<br> ETF** | **TCW<br> Transform<br> Systems<br> ETF** |
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $68359 | $2009873 |
| &nbsp;&nbsp;&nbsp;Interest income | 3605 | 68583 |
| &nbsp;&nbsp;&nbsp;Other income |  | 1070 |
| &nbsp;&nbsp;&nbsp;Foreign withholding tax on dividends | (4971) | (66644) |
| &nbsp;&nbsp;&nbsp;**Total Income** | 66993 | 2012882 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 3) | 68505 | 1217624 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 68505 | 1217624 |
| &nbsp;&nbsp;&nbsp;Net Expenses | 68505 | 1217624 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)<sup>(1)</sup>** | (1512) | 795258 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in securities | (966000) | (18839183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (2509) | (74253) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions of investments | 2109352 | 7711790 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 1140843 | (11201646) |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in securities | (2583912) | (1929041) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities denominated in foreign currencies | 135 | 578 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | (2583777) | (1928463) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1442934) | (13130109) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Operations** | $**(1444446)** | $**(12334851)** |

---

(1) Net investment income (loss) represents dividends and other income received by the Fund from its underlying
 investments less expenses paid by the Fund during the period.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | ![](img_002.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TCW<br> Artificial<br> Intelligence<br> ETF\*** | **TCW<br> Artificial<br> Intelligence<br> ETF\*** | **TCW**<br> **Compounders**<br> **ETF\*\*** | **TCW**<br> **Compounders**<br> **ETF\*\*** |
|  | **For the<br> Period Ended<br> April 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31,<br> 2024** | **For the<br> Period Ended<br> April 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $(83713) | $(143369) | $(225615) | $398142 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 3601299 | 5150629 | 37498199 | 53393123 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (10929775) | 10093750 | (33878309) | 11730995 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (7412189) | 15101010 | 3394275 | 65522260 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from distributable earnings | – | – | (16475111) | (354765) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 17866188 | 38032538 | 58996773 | 53955867 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |  | 248224 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (13566400) | (22434283) | (78723424) | (118289261) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from capital transactions | 4299788 | 15598255 | (19726651) | (64085170) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets | (3112401) | 30699265 | (32807487) | 1082325 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period/year | 55412142 | 24712877 | 168514046 | 167431721 |
| &nbsp;&nbsp;&nbsp;End of period/year | $52299741 | $55412142 | $135706559 | $168514046 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period/year | 2039741 | 1336540 | 4622997 | 6510187 |
| &nbsp;&nbsp;&nbsp;Shares sold | 600000 | 1599031 | 1660000 | 1599675 |
| &nbsp;&nbsp;&nbsp;Shares repurchased |  |  |  | 8310 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (520000) | (895830) | (2220000) | (3495175) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period/year | 2119741 | 2039741 | 4062997 | 4622997 |

---

(1) Net investment income (loss) represents dividends and other income received by the Fund from its underlying investments less expenses paid by the Fund during the period.

\* The TCW Artificial Intelligence ETF acquired the assets and liabilities of the TCW Artificial Intelligence Equity Fund, a series of the TCW Funds, Inc., at the close of business on May 3, 2024. As a result of the reorganization, the TCW Artificial Intelligence ETF is the accounting successor of the TCW Artificial Intelligence Equity Fund. Financial information above for the periods prior to May 3, 2024 reflects the performance and expense limitation agreement that was in place for the TCW Artificial Intelligence Equity Fund.

\*\* The TCW Compounders ETF acquired the assets and liabilities of the TCW New America Premier Equities Fund, a series of the TCW Funds, Inc., at the close of business on May 3, 2024. As a result of the reorganization, the TCW Compounders ETF is the accounting successor of the TCW New America Premier Equities Fund. Financial information above for the periods prior to May 3, 2024 reflects the performance and expense limitation agreement that was in place for the TCW New America Premier Equities Fund.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets (Continued)** | ![](img_002.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TCW**<br> **Transform 500**<br> **ETF** | **TCW**<br> **Transform 500**<br> **ETF** | **TCW<br> Transform<br> Supply Chain<br> ETF** | **TCW<br> Transform<br> Supply Chain<br> ETF** |
|  | **For the<br> Period Ended<br> April 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31,<br> 2024** | **For the<br> Period Ended<br> April 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $4538038 | $8724535 | $(1512) | $108745 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 16806588 | 57045896 | 1140843 | 1001176 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (34837374) | 136436604 | (2583777) | 2748218 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (13492748) | 202207035 | (1444446) | 3858139 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from distributable earnings | (4638174) | (8650955) | (79757) | (34584) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 111524388 | 150666279 | 2045763 | 20915267 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (53185153) | (202988859) | (13144432) | (12641274) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from capital transactions | 58339235 | (52322580) | (11098669) | 8273993 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets | 40208313 | 141233500 | (12622872) | 12097548 |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period/year | 679400560 | 538167060 | 21512303 | 9414755 |
| &nbsp;&nbsp;&nbsp;End of period/year | $719608873 | $679400560 | $8889431 | $21512303 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period/year | 10200000 | 11040000 | 330000 | 200000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 1620000 | 2580000 | 30000 | 340000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (780000) | (3420000) | (210000) | (210000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period/year | 11040000 | 10200000 | 150000 | 330000 |

---

(1) Net investment income (loss) represents dividends and other income received by the Fund from its underlying
 investments less expenses paid by the Fund during the period.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets (Continued)** | ![](img_002.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | **TCW<br> Transform<br> Systems<br> ETF** | **TCW<br> Transform<br> Systems<br> ETF** |
|  | **For the<br> Period Ended<br> April 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | $795258 | $869479 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (11201646) | 24444466 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (1928463) | 21507575 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (12334851) | 46821520 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from distributable earnings | (504214) | (924458) |
| **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 172116249 | 141452564 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (26982588) | (86273479) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from capital transactions | 145133661 | 55179085 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets | 132294596 | 101076147 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period/year | 225281093 | 124204946 |
| &nbsp;&nbsp;&nbsp;End of period/year | $357575689 | $225281093 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period/year | 3090000 | 2460000 |
| &nbsp;&nbsp;&nbsp;Shares sold | 2240000 | 1990000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (360000) | (1360000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period/year | 4970000 | 3090000 |

---

(1) Net investment income (loss) represents dividends and other income received by the Fund from its underlying
 investments less expenses paid by the Fund during the period.

See accompanying Notes to Financial Statements.

**Financial Highlights**<br> **TCW Artificial Intelligence ETF** <br>

For a share outstanding throughout the period/year presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Period Ended<br> April 30,<br> 2025<br> (Unaudited)** | **For the** **<br> Year Ended<br> October 31,<br> 2024<sup>(1)</sup>** | **For the<br> Year Ended<br> October 31,<br> 2023** | **For the<br> Year Ended<br> October 31,<br> 2022** | **For the<br> Year Ended<br> October 31,<br> 2021** | **For the<br> Year Ended<br> October 31,<br> 2020** |
| **Per Share Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period/year | $27.17 | $18.51 | $14.88 | $24.99 | $18.31 | $12.70 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | (0.04) | (0.07) | (0.04) | (0.07) | (0.11) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.46) | 8.73 | 3.67 | (8.97) | 6.79 | 5.67 |
| &nbsp;&nbsp;&nbsp;Total gain (loss) from investment operations | (2.50) | 8.66 | 3.63 | (9.04) | 6.68 | 5.61 |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | – | – | – | (1.07) | – | – |
| &nbsp;&nbsp;&nbsp;Total distributions | – | – | – | (1.07) | – | – |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period/year | $24.67 | $27.17 | $18.51 | $14.88 | $24.99 | $18.31 |
| &nbsp;&nbsp;&nbsp;Market value, end of period/year | $24.61 | $27.15 | $– | $– | $– | $– |
| **Total Return at Net Asset Value<sup>(3)</sup>** | -9.18% | 46.77% | 24.40% | -37.81% | 36.48% | 44.17% |
| **Total Return at Market Value<sup>(3)</sup>** | -9.36% | 46.68% |  |  |  |  |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period/year (000's omitted) | $52300 | $55412 | $20609 | $7780 | $13542 | $6826 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses Before Reimbursement | 0.75%<sup>(4)</sup> | 0.90% | 1.57% | 1.78% | 1.66% | 2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 0.75%<sup>(4)</sup> | 0.81% | 0.90% | 0.90% | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(5)</sup> | 0.27%<sup>(4)</sup> | (0.27)% | (0.21)% | (0.38)% | (0.51)% | (0.41)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(6)</sup> | 11% | 25%<sup>(7)</sup> | 32% | 47% | 88% | 24% |

---

(1) TCW
 Artificial Intelligence ETF acquired the assets and liabilities of the TCW Artificial Intelligence Equity Fund, a series of the TCW Funds,
 Inc., at the close of business on May 6, 2024. As a result of the reorganization, the TCW Artificial Intelligence ETF is the accounting
 successor of the TCW Artificial Intelligence Equity Fund. Financial information above for the periods prior to May 6, 2024 reflect
 the performance of Class I of the TCW Artificial Intelligence Equity Fund.

(2) Based
 on average daily shares outstanding.

(3) Net
 asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment
 of all dividends and distributions at net asset value during the period, and redemption on the last day of the period at net asset value.
 Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment
 of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. Market
 values are based on the trade price at which shares are bought and sold on the New York Stock Exchange LLC using the closing price. Total
 return calculated for a period of less than one year is not annualized.

(4) Annualized.

(5) Net
 investment income (loss) represents dividends and other income received by the Fund from its underlying investments less expenses paid
 by the Fund during the period.

(6) Portfolio
 turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations
 or redemptions of the Fund's capital shares.

(7) The
 portfolio turnover calculation was adjusted to exclude the value of securities acquired in connection with the Fund's acquisition
 of the assets and liabilities of the TCW Artificial Intelligence Equity Fund at the close of business on May 3, 2024. The portfolio
 turnover rate would have been 25% without the adjustment.

See accompanying Notes to Financial Statements.

**Financial Highlights**<br> **TCW Compounders ETF**<br>

For a share outstanding throughout the period/year presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Period Ended<br> April 30,<br> 2025<br> (Unaudited)** | **For the** **<br> Year Ended<br> October 31,<br> 2024<sup>(1)</sup>** | **For the<br> Year Ended<br> October 31,<br> 2023** | **For the<br> Year Ended<br> October 31,<br> 2022** | **For the<br> Year Ended<br> October 31,<br> 2021** | **For the<br> Year Ended<br> October 31,<br> 2020** |
| **Per Share Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period/year | $36.45 | $25.76 | $22.06 | $31.80 | $22.64 | $20.34 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | (0.05) | 0.08<sup>(3)</sup> | 0.06 | (0.05) | 0.11 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.72 | 10.67 | 3.64 | (6.03) | 9.05 | 2.48 |
| &nbsp;&nbsp;&nbsp;Total gain (loss) from investment operations | 0.67 | 10.75 | 3.70 | (6.08) | 9.16 | 2.49 |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.03) | (0.06) | –<sup>(4)</sup> |  | –<sup>(4)</sup> | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.69) | – | – | (3.66) | – | (0.09) |
| &nbsp;&nbsp;&nbsp;Total distributions | (3.72) | (0.06) | –<sup>(4)</sup> | (3.66) | –<sup>(4)</sup> | (0.19) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period/year | $33.40 | $36.45 | $25.76 | $22.06 | $31.80 | $22.64 |
| &nbsp;&nbsp;&nbsp;Market value, end of period/year | $33.40 | $36.42 | $– | $– | $– | $– |
| **Total Return at Net Asset Value<sup>(5)</sup>** | 1.87% | 41.78% | 16.78% | -21.95% | 40.46% | 12.31% |
| **Total Return at Market Value<sup>(5)</sup>** | 2.00% | 41.66% |  |  |  |  |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period/year (000's omitted) | $135707 | $168514 | $145705 | $128086 | $201523 | $153647 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses Before Reimbursement | 0.75% | 0.76% | 0.79% | 0.81% | 0.80% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 0.75%<sup>(6)</sup> | 0.76% | 0.79% | 0.81% | 0.80% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.30)%<sup>(6)</sup> | 0.24% | 0.25% | (0.19)% | 0.37% | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income excluding special dividends | (0.30)%<sup>(6)</sup> | (0.03)% | 0.25% | (0.19)% | 0.37% | 0.03% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(7)</sup> | 10% | 40%<sup>(8)</sup> | 34% | 52% | 135% | 88% |

---

(1) TCW
 Compounders ETF acquired the assets and liabilities of the TCW New America Premier Equities Fund, a series of the TCW Funds, Inc., at
 the close of business on May 6, 2024. As a result of the reorganization, the TCW Compounders ETF is the accounting successor of the
 TCW New America Premier Equities Fund. Financial information above for the periods prior to May 6, 2024 reflect the performance of
 Class I of the TCW New America Premier Equities Fund.

(2) Based
 on average daily shares outstanding.

(3) This
 ratio reflects the inclusion of large, non-recurring dividends (special dividends) recognized by the Fund during the period. If a special
 dividend had not been received during a period, this ratio would have been lower. The net investment income (loss) per share excluding
 special dividends is $(0.03) for the year ended October 31, 2024.

(4) Amount
 rounds to less than $0.01 per share.

(5) Net
 asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment
 of all dividends and distributions at net asset value during the period, and redemption on the last day of the period at net asset value.
 Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment
 of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. Market
 values are based on the trade price at which shares are bought and sold on the New York Stock Exchange LLC using the closing price. Total
 return calculated for a period of less than one year is not annualized.

(6) Annualized.

(7) Portfolio
 turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations
 or redemptions of the Fund's capital shares.

(8) The
 portfolio turnover calculation was adjusted to exclude the value of securities acquired in connection with the Fund's acquisition
 of the assets and liabilities of the TCW New America Premier Equities Fund at the close of business on May 3, 2024. The portfolio
 turnover rate would have been 40% without the adjustment.

See accompanying Notes to Financial Statements.

**Financial Highlights**<br> **TCW Transform 500 ETF**<br>

For a share outstanding throughout the period/year presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the** **<br> Period Ended<br> April 30,<br> 2025<br> (Unaudited)** | **For the** **<br> Year Ended<br> October 31,<br> 2024** | **For the** **<br> Year Ended<br> October 31,<br> 2023** | **For the** **<br> Year Ended<br> October 31,<br> 2022** | **For the<br> Period<br> June 22,<br> 2021 through** **<br> October 31,<br> 2021<sup>(1)</sup>** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period/year | $66.61 | $48.75 | $44.79 | $54.50 | $50.18 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | 0.43<sup>(3)</sup> | 0.83<sup>(3)</sup> | 0.76 | 0.72 | 0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.44) | 17.85 | 3.94 | (9.79) | 4.23 |
| &nbsp;&nbsp;&nbsp;Total gain (loss) from investment operations | (1.01) | 18.68 | 4.70 | (9.07) | 4.45 |
| **Distributions to Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.42) | (0.82) | (0.74) | (0.64) | (0.13) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.42) | (0.82) | (0.74) | (0.64) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period/year | $65.18 | $66.61 | $48.75 | $44.79 | $54.50 |
| &nbsp;&nbsp;&nbsp;Market value, end of period/year | $65.11 | $66.63 | $48.72 | $44.78 | $54.49 |
| **Total Return at Net Asset Value<sup>(4)</sup>** | -1.53% | 38.48% | 10.51% | -16.72% | 8.87% |
| **Total Return at Market Value<sup>(4)</sup>** | -1.68% | 38.60% | 10.47% | -16.72% | 8.86% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period/year (000's omitted) | $719609 | $679401 | $538167 | $357426 | $235434 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses | 0.05%<sup>(5)</sup> | 0.05% | 0.05% | 0.05% | 0.05%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 1.26%<sup>(5)</sup> | 1.38% | 1.55% | 1.47% | 1.15%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income excluding special dividends | 1.23%<sup>(5)</sup> | 1.34% | 1.55% | 1.47% | 1.15%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(6)</sup> | 1% | 3% | 2% | 4% | 1% |

---

(1) Commencement
 of investment operations on June 22, 2021.

(2) Based
 on average daily shares outstanding.

(3) This
 ratio reflects the inclusion of large, non-recurring dividends (special dividends) recognized by the Fund during the period. If a special
 dividend had not been received during a period, this ratio would have been lower. The net investment income (loss) per share excluding
 special dividends is $0.42 for the period ended April 30, 2025 and $0.81 for the year ended October 31, 2024.

(4) Net
 asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment
 of all dividends and distributions at net asset value during the period, and redemption on the last day of the period at net asset value.
 Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment
 of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. Market
 values are based on the trade price at which shares are bought and sold on the New York Stock Exchange LLC using the closing price. Total
 return calculated for a period of less than one year is not annualized.

(5) Annualized.

(6) Portfolio
 turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations
 or redemptions of the Fund's capital shares.

See accompanying Notes to Financial Statements.

**Financial Highlights**<br> **TCW Transform Supply Chain ETF**<br>

For a share outstanding throughout the period/year presented.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the** **<br> Period Ended<br> April 30, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31,<br> 2024** | **For the<br> Period<br> February 14,<br> 2023 through** **<br> October 31,<br> 2023<sup>(1)</sup>** |
| **Per Share Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period/year | $65.19 | $47.07 | $50.04 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | (0.01) | 0.44<sup>(3)</sup> | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (5.68) | 17.84 | (2.96) |
| &nbsp;&nbsp;&nbsp;Total gain (loss) from investment operations | (5.69) | 18.28 | (2.81) |
| **Distributions to Shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.24) | (0.16) | (0.16) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.24) | (0.16) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period/year | $59.26 | $65.19 | $47.07 |
| &nbsp;&nbsp;&nbsp;Market value, end of period/year | $59.32 | $65.31 | $47.07 |
| **Total Return at Net Asset Value<sup>(4)</sup>** | -8.70% | 38.85% | -5.63% |
| **Total Return at Market Value<sup>(4)</sup>** | -8.82% | 39.11% | -5.63% |
| **Ratios/Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period/year (000's omitted) | $8889 | $21512 | $9415 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses | 0.75%<sup>(5)</sup> | 0.75% | 0.75%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.02)%<sup>(5)</sup> | 0.71% | 0.42%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income excluding special dividends | (0.02)%<sup>(5)</sup> | 0.14% | 0.42% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(6)</sup> | 28% | 35% | 63% |

---

(1) Commencement
 of investment operations on February 14, 2023.

(2) Based
 on average daily shares outstanding.

(3) This
 ratio reflects the inclusion of large, non-recurring dividends (special dividends) recognized by the Fund during the period. If a special
 dividend had not been received during a period, this ratio would have been lower. The net investment income (loss) per share excluding
 special dividends is $0.08 for the year ended October 31, 2024.

(4) Net
 asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment
 of all dividends and distributions at net asset value during the period, and redemption on the last day of the period at net asset value.
 Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment
 of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. Market
 values are based on the trade price at which shares are bought and sold on the New York Stock Exchange LLC using the closing price. Total
 return calculated for a period of less than one year is not annualized.

(5) Annualized.

(6) Portfolio
 turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations
 or redemptions of the Fund's capital shares.

See accompanying Notes to Financial Statements.

**Financial Highlights**<br> **TCW Transform Systems ETF**<br>

For a share outstanding throughout the period/year presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the<br> Period Ended<br> April 30, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> October 31,<br> 2024** | **For the<br> Year Ended<br> October 31,<br> 2023** | **For the<br> Period<br> February 2,<br> 2022 through<br> October 31,<br> 2022<sup>(1)</sup>** |
| **Per Share Data:** | | | | |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period/year | $72.91 | $50.49 | $50.16 | $49.94 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(2)</sup> | 0.18 | 0.41 | 0.40<sup>(3)</sup> | 0.35<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.03) | 22.45 | 0.34 | 0.18 |
| &nbsp;&nbsp;&nbsp;Total gain (loss) from investment operations | (0.85) | 22.86 | 0.74 | 0.53 |
| **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.11) | (0.44) | (0.41) | (0.31) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.11) | (0.44) | (0.41) | (0.31) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period/year | $71.95 | $72.91 | $50.49 | $50.16 |
| &nbsp;&nbsp;&nbsp;Market value, end of period/year | $72.10 | $72.95 | $50.53 | $50.18 |
| **Total Return at Net Asset Value<sup>(4)</sup>** | -1.17% | 45.38% | 1.50% | 1.09% |
| **Total Return at Market Value<sup>(4)</sup>** | -1.02% | 45.34% | 1.55% | 1.13% |
| **Ratios/Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period/year (000's omitted) | $357576 | $225281 | $124205 | $90283 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses | 0.75%<sup>(5)</sup> | 0.75% | 0.75% | 0.75%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.49%<sup>(5)</sup> | 0.63% | 0.79% | 0.94%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income excluding special dividends | 0.49%<sup>(5)</sup> | 0.63% | 0.75% | 0.66%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(6)</sup> | 31% | 28% | 91% | 261% |

---

(1) Commencement
 of investment operations on February 2, 2022.

(2) Based
 on average daily shares outstanding.

(3) This
 ratio reflects the inclusion of large, non-recurring dividends (special dividends) recognized by the Fund during the period. If a special
 dividend had not been received during a period, this ratio would have been lower. The net investment income (loss) per share excluding
 special dividends is $0.38 for the year ended October 31, 2023 and $0.24 for the period February 2, 2022 through October 31,
 2022.

(4) Net
 asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment
 of all dividends and distributions at net asset value during the period, and redemption on the last day of the period at net asset value.
 Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment
 of all dividends and distributions at market value during the period, and sale at the market value on the last day of the period. Market
 values are based on the trade price at which shares are bought and sold on the New York Stock Exchange LLC using the closing price. Total
 return calculated for a period of less than one year is not annualized.

(5) Annualized.

(6) Portfolio
 turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations
 or redemptions of the Fund's capital shares.

See accompanying Notes to Financial Statements.

**Notes to Financial Statements**<br> **April 30, 2025 (Unaudited)**<br>

**1. Organization**

TCW ETF Trust (formerly Engine No. 1 ETF Trust) (the "Trust"), a Delaware statutory trust organized on October 26, 2020, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust is authorized to issue multiple series or portfolios. As of April 30, 2025, the Trust consisted of eleven operating investment portfolios, five of which are presented herein: TCW Artificial Intelligence ETF, TCW Compounders ETF, TCW Transform 500 ETF, TCW Transform Supply Chain ETF and TCW Transform Systems ETF (each a "Fund" and collectively, the "Funds").

TCW Investment Management Company LLC (the "Adviser") is the investment adviser to and an affiliate of the Funds and is registered under the Investment Advisers Act of 1940, as amended. Each Fund has its own investment objective and strategies. The following is a brief description of the investment objectives and principal investment strategies for the Funds that are covered in this report:

**Investment Objectives and Principal Investment Strategies**

---

| | |
|:---|:---|
| **ETF Fund** | **Strategies** |
| **Diversified Fund** | |
| TCW Transform 500 ETF | Seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar<sup>®</sup> US Large Cap Select Index<sup>SM</sup>. |
| **Non-Diversified Funds** |  |
| TCW Artificial Intelligence ETF | Seeks long-term growth of capital by investing at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in securities of businesses that the Adviser has identified as using, or as having demonstrated an intent to use, predictive or generative AI in a way that is or has the potential to deliver a material improvement in the company's financial condition. |
| TCW Compounders ETF | Seeks long-term growth of capital by investing in the companies that the Adviser believes will benefit from transformation as a result of technological innovations, market dynamics, and/or changes in client preferences. The Fund aims to actively capture returns from companies that show long-term growth, quality, and durability characteristics as a result of such economic transformation or play a central role of enabling other companies to do the same. |
| TCW Transform Supply Chain ETF | Seeks long-term growth of capital by investing in the equities of companies that it deems are creating value through supply chain transformation. |
| TCW Transform Systems ETF | Seeks long-term growth of capital by investing in companies that the Adviser believes will benefit from global transformation in the systems supporting how energy and power are sourced, produced, and consumed. |

---

There can be no assurance that the Funds will achieve their respective investment objectives.

**2. Significant Accounting Policies**

These financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which require management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amount of increase and decrease in net assets from operations during the fiscal period. Actual amounts could differ from these estimates. The Funds are investment companies and follow the investment company accounting standards and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standard Codification ("ASC") Topic 946, "Financial Services — Investment Companies". Rules and interpretive releases of the Securities and Exchange Commission ("SEC") under authority of federal laws are also sources of authoritative guidance for SEC registrants. The following summarizes the significant accounting policies of the Funds:

**Notes to Financial Statements (Continued)**<br> **April 30, 2025 (Unaudited)**<br>

**Principles of Accounting**

The Funds use the accrual method of accounting for financial reporting purposes.

**Net Asset Value**

The net asset value ("NAV") of each Fund's shares is calculated each business day as of the close of regular trading on the New York Stock Exchange ("NYSE"), generally 4:00 p.m., Eastern Time. NAV per share is computed by dividing the net assets by the number of each Fund's shares outstanding.

**Security Valuations**

Generally, securities traded or dealt in upon one or more securities exchanges for which market quotations are readily available and not subject to restrictions against resale are valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. Securities primarily traded in the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") National Market System for which market quotations are readily available are valued using the NASDAQ Official Closing Price. Securities that are not traded or dealt in any securities exchange and for which over-the-counter market quotations are readily available generally are valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the-counter market. Futures contracts listed for trading on a futures exchange or board of trade for which market quotations are generally available are valued at the last quoted sale price, or, in the absence of a sale, at the mean of the last bid and ask price. Investments in open-end regulated investment companies are valued at NAV.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the "Board") of the Trust has designated the Adviser as the "valuation designee" with respect to the fair valuation of each Fund's portfolio securities, subject to oversight by and period reporting to the Board. Fair valued securities are those for which market quotations were not readily available, including in circumstances under which it was determined by the Adviser that prices received were not reflective of their market values.

The Funds may use fair value pricing in a variety of circumstances, including but not limited to, situations when the value of a Fund's security has been materially affected by events occurring after the close of the market on which such security is principally traded (such as a corporate action or other news that may materially affect the price of such security) or trading in such security has been suspended or halted.

The Funds may use independent pricing services to assist in calculating the value of each Fund's securities or other assets.

Each Fund discloses the fair market value of its investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (2) the Fund's own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs).

The three levels defined by the hierarchy are as follows:

● **Level 1** — Quoted prices in active markets for identical assets that the Fund has the ability to access.

● **Level 2** — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds,
 credit risk, etc.).

● **Level 3** — Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

**Security Transactions and Related Investment Income**

Security transactions are recorded on a trade date basis. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premiums and accretion of discounts. Dividend income, net of any applicable foreign withholding taxes, is recorded on the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the asset received. Large, non-recurring dividends recognized by the Funds, if any, are presented separately on the Statements of Operations as ''Special Dividends'' and the impact of these dividends is presented in the Financial Highlights. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds.

**Notes to Financial Statements (Continued)**<br> **April 30, 2025 (Unaudited)**<br>

**Dividend Distributions**

Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds intend to declare and make distributions of taxable net investment income quarterly and net capital gains annually. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income for tax purposes. Therefore, no provision for federal income tax should be required.

**Use of Estimates**

The preparation of the accompanying financial statements requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates.

**Foreign Currency Translation**

The books and records of each Fund are maintained in U.S. dollars as follows: (1) foreign currency denominated securities and other assets and liabilities stated in foreign currencies, are translated using the daily spot rate; and (2) purchases, sales, income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. The resultant exchange gains and losses are included in net realized or net unrealized gain (loss) in the Statements of Operations. Pursuant to U.S. federal income tax regulations, certain foreign exchange gains and losses included in realized and unrealized gains and losses are included in, or are a reduction of, ordinary income for federal income tax purposes.

Net realized gains (losses) on foreign currency transactions reported on the Statements of Operations arise from sales of foreign currency, including foreign exchange contracts, net currency gains and losses realized between the trade and settlement dates on securities transactions and the difference in the amounts of dividends and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net changes in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies reported on the Statements of Operations arise from changes (due to the changes in the exchange rate) in the value of foreign currency and assets and liabilities (other than investments) denominated in foreign currencies, which are held at period end.

**Futures Contracts**

Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific asset, currency, rate or index at a specified future time and at a specified price. Stock index futures are based on investments that reflect the market value of common stock of the firms included in an underlying index. The Funds may enter into futures contracts to purchase securities indexes when the Adviser anticipates purchasing the underlying securities and believes prices will rise before the purchase will be made. To the extent required by law, liquid assets committed to futures contracts will be maintained.

Futures contracts may be bought and sold on U.S. and non-U.S. exchanges. Futures contracts in the U.S. have been designed by exchanges that have been designated "contract markets" by the Commodity Futures Trading Commission ("CFTC") and must be executed through the futures commission merchant ("FCM"). Each exchange guarantees performance of the contracts as between the clearing members of the exchange, thereby reducing the risk of counterparty default. Futures contracts may also be entered into on certain exempt markets, including exempt boards of trade and electronic trading facilities, available to certain market participants. Because all transactions in the futures market are made, offset or fulfilled by an FCM through a clearinghouse associated with the exchange on which the contracts are traded, the Funds will incur brokerage fees when they buy or sell futures contracts.

Upon entering into a futures contract, the Funds will be required to deliver to an account controlled by the FCM an amount of cash or cash equivalents known as "initial margin," which is in the nature of a performance bond or good faith deposit on the contract and is returned to the Funds upon termination of the futures contract, assuming all contractual obligations have been satisfied. Subsequent payments, known as "variation margin," to and from the FCM will be made daily as the price of the instrument or index underlying the futures contract fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as "marking-to-market."

At any time prior to the expiration of a futures contract, a Fund may elect to close the position by taking an opposite position, which will operate to terminate the Fund's existing position in the contract. This transaction, which is effected through a member of an exchange, cancels the obligation to make or take delivery of the underlying instrument or asset. Although some futures contracts by their terms require the actual delivery or acquisition of the underlying instrument or asset, some require cash settlement.

**Notes to Financial Statements (Continued)**<br> **April 30, 2025 (Unaudited)**<br>

There are several risks accompanying the utilization of futures contracts. Utilization of futures by the TCW Transform 500 ETF involves the risk of imperfect or even negative correlation to the Morningstar<sup>®</sup> US Large Cap Select Index<sup>SM</sup> (its "Underlying Index") if the index underlying the futures contract differs from the Underlying Index. For each Fund, there is also the risk of loss of margin deposits in the event of bankruptcy of a broker with whom the Fund has an open position in the futures contract.

Because the futures market generally imposes less burdensome margin requirements than the securities market, an increased amount of participation by speculators in the futures market could result in price fluctuations. Certain financial futures exchanges limit the amount of fluctuation permitted in futures contract prices during a single trading day. The daily limit establishes the maximum amount by which the price of a futures contract may vary either up or down from the previous day's settlement price at the end of a trading session. Once the daily limit has been reached in a particular type of contract, no trades may be made on that day at a price beyond that limit. It is possible that futures contract prices could move to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and subjecting the Funds to substantial losses. In the event of adverse price movements, the Funds would be required to make daily cash payments of variation margin.

For the period ended April 30, 2025, the average monthly notional amount of open futures contracts for the TCW Transform 500 ETF was $520,144. The range of monthly notional amounts was $284,421 to $908,363. For the period ended April 30, 2025, TCW Artificial Intelligence ETF, TCW Compounders ETF, TCW Transform Supply Chain ETF and TCW Transform Systems ETF did not hold open futures contracts.

The following tables indicate the location of derivative-related items on the Statements of Assets and Liabilities as well as the effect of derivative instruments on the Statements of Operations during the reporting period.

**Fair Value of Derivative Instruments as of April 30, 2025**

**TCW Transform 500 ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives Not Accounted for as Hedging Instruments under ASC 815** | **Statements of Assets<br> and Liabilities** | **Unrealized<br> Appreciation\*** | **Statements of Assets<br> and Liabilities** | **Unrealized<br> Depreciation\*** |
| Equity Index Futures Contracts | Unrealized appreciation on futures contracts\* | $19,443\* | Unrealized depreciation on futures contracts\* | $– |

---

\* Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments.

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives Not Accounted for as Hedging Instruments under ASC 815** | **Location of Gain (Loss)<br> on Derivatives** | **Realized Gain<br> (Loss) on**<br> **Derivatives** | **Change in Unrealized<br> Appreciation (Depreciation)**<br> **on Derivatives** |
| Equity Index Futures Contracts | Net realized gain (loss) on expiration or closing of futures contracts; change in net unrealized appreciation (depreciation) on futures contracts | $(53494) | $16939 |

---

**Time Deposits**

Each Fund places excess cash balances into overnight time deposits with one or more eligible deposit institutions that meet credit and risk standards approved by the Funds. These are classified as short-term investments in the Funds' Schedules of Investments.

**Securities Lending**

The Funds may lend portfolio securities to certain borrowers. The borrowers provide collateral that is maintained in an amount at least equal to the current market value of the securities loaned. The Funds may terminate a loan at any time and obtain the return of the securities loaned. The Funds receive the value of any interest or cash or noncash distributions paid on the loaned securities. Distributions received on loaned securities in lieu of dividend payments (i.e., substitute payments) would not be considered qualified dividend income.

**Notes to Financial Statements (Continued)**<br> **April 30, 2025 (Unaudited)**<br>

With respect to loans that are collateralized by cash, the borrower will be entitled to receive a fee based on the amount of cash collateral. The Funds are compensated by the difference between the amount earned on the reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, the Funds are compensated by a fee paid by the borrower equal to a percentage of the market value of the loaned securities. Any cash collateral may be reinvested in certain short-term instruments either directly on behalf of the lending Funds or through one or more joint accounts or money market funds, which may include those managed by the Adviser.

The Funds may pay a portion of the interest or fees earned from securities lending to a borrower as described above, and to one or more securities lending agents approved by the Board who administer the lending program for the Funds in accordance with guidelines approved by the Board. In such capacity, the lending agent causes the delivery of loaned securities from the Funds to borrowers, arranges for the return of loaned securities to the Funds at the termination of a loan, requests deposit of collateral, monitors the daily value of the loaned securities and collateral, requests that borrowers add to the collateral when required by the loan agreements, and provides recordkeeping and accounting services necessary for the operation of the program. Securities lending involves exposure to certain risks, including operational risk (i.e., the risk of losses resulting from problems in the settlement and accounting process), "gap" risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and the fees the Funds have agreed to pay a borrower), and credit, legal, counterparty and market risk. In the event a borrower does not return the Funds' securities as agreed, the Funds may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated plus the transaction costs incurred in purchasing replacement securities.

Investing cash collateral subjects the Funds to greater market risk, including losses on the collateral and, should the Funds need to look to the collateral in the event of the borrower's default, losses on the loan secured by that collateral.

The following table summarizes each Fund's securities lending agreements by counterparty which are subject to rights of offset as of April 30, 2025:

**TCW Transform 500 ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Value of<br> Securities<br> on Loan** | **Cash<br> Collateral<br> Received<sup>(a)</sup>** | **Fair Value on<br> Non-Cash<br> Collateral<br> Received** | **Net<br> Exposure<sup>(b)</sup>** |
| UBS AG London Branch | $187974 | $187974 | $– | $– |
| **Total** | $**187974** | $**187974** | $**–** | $**–** |

---

(a) Collateral
 with a value of $362,614 has been received in connection with securities lending agreements. The amount of collateral reflected in the
 table does not include any over-collateralization received by the Fund and is calculated based on prior day's prices.

(b) Net
 exposure represents the receivable (payable) due from (to) the counterparty in the event of default.

The table below represents the disaggregation at April 30, 2025 of the gross amount of recognized liabilities for securities lending transactions. As the securities loaned are subject to termination by the Funds or the borrower at any time, the remaining contractual maturities of the transactions presented below are considered to be overnight and continuous.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements <br>as of April 30, 2025** | **Remaining Contractual Maturity of the Agreements <br>as of April 30, 2025** | **Remaining Contractual Maturity of the Agreements <br>as of April 30, 2025** | **Remaining Contractual Maturity of the Agreements <br>as of April 30, 2025** | **Remaining Contractual Maturity of the Agreements <br>as of April 30, 2025** |
|  | **Overnight and**<br>**Continuous** |<br>**< 30 days** | **Between 30 &**<br>**90 days** |<br>**> 90 days** |<br>**Total** |
| **Transform 500 ETF** |  |  |  |  |  |
| Securities Lending Transactions |  |  |  |  |  |
| Money Market Fund | $362614 | $– | $– | $– | $362614 |
| **Total borrowings** |  |  |  |  | $**362614** |
| Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $362614 |

---

TCW Artificial Intelligence ETF, TCW Compounders ETF, TCW Transform Supply Chain ETF and TCW Transform Systems ETF did not have any securities on loan as of April 30, 2025.

**Notes to Financial Statements (Continued)**<br> **April 30, 2025 (Unaudited)**<br>

**Warrants**

Warrants are generally valued based on quoted prices from the applicable exchange. To the extent these securities are not actively traded, and valuation adjustments are applied, they are generally categorized as Level 3 of the fair value hierarchy.

The summary of the inputs used as of April 30, 2025 in valuing the Funds' investments is listed after the Schedule of Investments for each Fund.

Following is a reconciliation of investments in which significant unobservable inputs (level 3) were used in determining value:

---

| | | |
|:---|:---|:---|
|  | **Warrants** | **Total** |
| **TCW Compounders ETF** |  |  |
| Balance as of October 31, 2024 | $0 \* | $0 \* |
| Accrued Discounts (Premiums) |  |  |
| Realized Gain (Loss) |  |  |
| Change in Unrealized Appreciation (Depreciation) |  |  |
| Purchases |  |  |
| Sales |  |  |
| Transfer in to Level 3 |  |  |
| Transfer out of Level 3 | – | – |
| **Balance as of April 30, 2025** | $**0** **\*** | $**0** **\*** |

---

\* Amount rounds to less than $0.50.

Significant unobservable valuation inputs for Level 3 investments as of April 30, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Description** | **Fair<br> Value at<br> April 30,<br> 2025** |  | **Valuation**<br> **Techniques** | **Unobservable**<br> **Input** | **Price or**<br> **Price**<br> **Range** | **Average**<br> **Weighted**<br> **Price** | **Input to<br> Valuation<br> If Input<br> Increases** |
| **TCW Compounders ETF** | **TCW Compounders ETF** | **TCW Compounders ETF** | **TCW Compounders ETF** | **TCW Compounders ETF** |  |  |  |
| Warrants | $0 | \*\* | Broker Quote | Offered Quote | $0.000 \* | $0.000 \* | Increase |

---

\* Amount rounds to less than $0.0005.

\*\* Amount rounds to less than $0.50.

**3. Management and Other Agreements**

**Management**

The Adviser, located at 515 South Flower Street, Los Angeles, CA 90071, furnishes investment advisory services to the Funds pursuant to an Investment Advisory Agreement with the Trust on behalf of the Funds (the "Investment Advisory Agreement"), subject to the supervision and direction of the Board. The Adviser is registered with the Securities and Exchange Commission ("SEC") as an investment adviser under the Investment Advisers Act of 1940, as amended. Effective October 13, 2023, TCW Group Inc. acquired the ETF business from Engine No. 1 and the Funds' investment adviser became TCW Investment Management Company LLC. Prior to that date, the Funds' investment adviser was Fund Management at Engine No. 1 LLC.

For its investment advisory services to the Funds, the Adviser is paid a management fee from the Funds based on a percentage of the Fund's average daily net assets, at the annual rate of 0.75% for the TCW Artificial Intelligence ETF, 0.75% for the TCW Compounders ETF, 0.05% for the TCW Transform 500 ETF, 0.75% for the TCW Transform Supply Chain ETF and 0.75% for the TCW Transform Systems ETF for the period. The Adviser may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses, as may be specified in a separate letter of agreement.

Pursuant to the Investment Advisory Agreement between the Adviser and the Trust (entered into on behalf of the Funds), the Adviser is responsible for substantially all expenses of the Funds, except (i) interest and taxes (including, but not limited to, income, excise, transfer and withholding taxes); (ii) expenses of the Funds incurred with respect to the acquisition, holding, voting and/or disposition of portfolio

**Notes to Financial Statements (Continued)**<br> **April 30, 2025 (Unaudited)**<br>

securities and the execution of portfolio transactions, including brokerage commissions; (iii) expenses incurred in connection with any distribution plan adopted by the Trust in compliance with Rule 12b-1 under the 1940 Act, including distribution fees; (iv) the advisory fee payable to the Adviser under the Investment Advisory Agreement; (v) litigation expenses (including fees and expenses of counsel retained by or on behalf of the Trust or any Fund) and any fees, costs or expenses payable by the Trust or any Fund pursuant to indemnification obligations to which the Trust or such Fund may be subject (pursuant to contract or otherwise); and (vi) any extraordinary expenses, as determined by a majority of the Independent Trustees.

**Administrator, Custodian, Transfer Agent and Accounting Agent**

Brown Brothers Harriman & Co. ("BBH"), which has its principal office at 50 Post Office Square, Boston, Massachusetts 02110, is the Funds' administrator, fund accountant, transfer and dividend agent and custodian. BBH is primarily in the business of providing administrative, fund accounting and transfer agent services to retail and institutional mutual funds and exchange-traded funds.

**Distribution**

Foreside Financial Services, LLC (the "Distributor"), Three Canal Plaza, Suite 100, Portland, Maine 04101, is the distributor for the shares of the Trust. The Distributor is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. ("FINRA").

**Organizational and Offering Costs**

The Adviser has paid or assumed all organizational and offering expenses for the Funds.

**Board of Trustees Compensation**

The Trust pays each Independent Trustee an annual retainer of $27,500 per calendar year, plus a $1,500 per-meeting fee for in-person attendance and $250 for telephonic attendance for each Board of Trustees meeting attended by that Independent Trustee. The Independent Chair of the Board of Trustees receives an additional annual retainer of $10,500, the Independent Vice Chair receives an additional annual retainer of $7,000, and the Chairs of the Audit Committee and the Nominating and Governance Committee each receives an additional annual retainer of $1,750. The Independent Trustees' compensation is paid by the Adviser from the management fees it receives from the Funds.

**4. Related Parties**

At April 30, 2025, certain officers and Trustees of the Trust are also officers or employees of the Adviser or affiliated with the Distributor.

**5. Committed Line of Credit**

The Funds, together with the TCW Metropolitan West Funds and the TCW Funds, Inc., have entered into a $250,000,000 committed revolving line of credit agreement with State Street Bank and Trust Company (the "Bank") for temporary borrowing purposes, with an expiration date of December 18, 2025. The interest rate on borrowing is the higher Federal Funds Effective Rate plus 0.10%, plus 1.25% or the Overnight Bank Funding Rate plus 0.10%, plus 1.25%. There were no borrowings from the line of credit as of or during the period ended April 30, 2025. The Funds pay the Bank a commitment fee equal to 0.25% per annum on the unused portion of the committed line amount. The commitment fees incurred by the Funds would be presented in each Fund's Statements of Operations. The commitment fees would be allocated to each applicable portfolio in proportion to its relative average daily net assets and the interest expenses are charged directly to the applicable portfolio.

**6. Creation and Redemption Transactions**

Each Fund issues and redeems shares ("Shares") at NAV only in aggregations of a specified number of Shares (each a "Creation Unit"). The Funds may issue and redeem Creation Units of its Shares in exchange for a designated basket of portfolio investments (including any portion of such investments for which cash may be substituted) ("Deposit Instruments"), together with the deposit of a specified cash payment ("Cash Component"). Shares of each Fund are listed and trade on the New York Stock Exchange LLC (the "Exchange" or "NYSE"), a national securities exchange (See Note 12 – Subsequent Events). Shares of the Funds are traded in the secondary market and elsewhere at market values that may be at, above or below each Fund's NAV. Shares are redeemable only in Creation Units by authorized participants that have entered into agreements with the Distributor ("Authorized Participants"), and, generally, in exchange for securities in kind and/or a cash amount. Creation Units typically are large blocks of a specified number of shares or multiples thereof. In the event of liquidation of a Fund, the Trust may lower the number of shares in a Creation Unit.

**Notes to Financial Statements (Continued)**<br> **April 30, 2025 (Unaudited)**<br>

Shares may be issued in advance of receipt of Deposit Instruments, subject to various conditions, including a requirement that the Authorized Participant maintain with the Trust a cash deposit in an amount at least equal to a specified percentage, as set forth in the applicable Participant Agreement, of the value of the missing Deposit Instruments. The Trust may use such cash deposit at any time to purchase Deposit Instruments. Transaction fees and other costs associated with creations or redemptions that include cash may be higher than the transaction fees and other costs associated with in-kind creations or redemptions. In all cases, conditions with respect to creations and redemptions of Shares and fees will be limited in accordance with the requirements of SEC rules and regulations applicable to management investment companies offering redeemable securities.

**7. Risk Considerations**

**Principal Investment Risks.** Shareholders of the Funds are subject to the risk that their investment could lose money. The Funds are subject to certain risks, including those noted below and in the Funds' prospectuses, any of which may adversely affect a Fund's NAV, trading price, yield, total return and ability to meet its investment objective.

**Active Management Risk.** The TCW Artificial Intelligence ETF, TCW Compounders ETF, TCW Transform Supply Chain ETF and TCW Transform Systems ETF are actively managed, which means that investment decisions are made based on the Adviser's investment views. There is no guarantee that the investment views will produce the desired results or expected returns, which may cause the Fund to fail to meet its investment objective or to underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active trading that can accompany active management may result in high portfolio turnover, which may have a negative impact on performance. Active trading may result in higher brokerage costs or mark-up charges, which are ultimately passed on to shareholders of the Fund. Active trading may also result in adverse tax consequences.

**Non-Diversified Fund Risk.** Although the TCW Artificial Intelligence ETF, TCW Compounders ETF, TCW Transform Supply Chain ETF and TCW Transform Systems ETF intend to invest in a variety of securities and instruments, these Funds are considered to be non-diversified, which means that they may invest more of their assets in the securities of a single issuer or a smaller number of issuers than if they were diversified funds. As a result, these Funds may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Funds' volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Funds' performance.

**Concentration Risk.** The Funds may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Funds' investments more than the market as a whole, to the extent that the Funds' investments are concentrated in the securities and/or other assets of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class.

**U.S. Trade Policy Risk:** There have been significant changes to United States trade policies, treaties and tariffs, and in the future there may be additional significant changes. These and any future developments, and continued uncertainty surrounding trade policies, treaties and tariffs, may have a material adverse effect on global economic conditions, inflation and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict the access by issuers of our portfolio securities to suppliers or customers, increase their supply-chain costs and expenses and could have material adverse effects on our portfolio investments.

**Industrials Sector Risk *(TCW Artificial Intelligence ETF)*.** The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand changes related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Global events, trade disputes and changes in government regulations, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector.

Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies in this sector tend to rely to a significant extent on government demand for their products and services.

**Supply Chain Risk *(TCW Transform Supply Chain ETF)*.** Companies' supply chains are generally subject to risk such as legislative or regulatory changes; adverse market conditions and/or increased competition; technological developments and changing technology; cyberattacks that may compromise a company's operations or business; occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements, exchange rate movements, and insurance costs; pandemics, natural disasters or

**Notes to Financial Statements (Continued)**<br> **April 30, 2025 (Unaudited)**<br>

other crisis; boarder and/or import controls; pent-up/increased demand; mobility restrictions; shortages of product and labor; dependence on intellectual property rights, and potential loss or impairment of those rights; research and development costs; and rapid product obsolescence. Global, regional, or local events, such as changes to trade relations, trade restrictions, and/or military conflict, may materially disrupt or indefinitely impair the operations of these companies. Securities of these companies may be cyclical and occasionally subject to sharp price movements. Certain companies may be subject to significant regulation, including environmental regulation, by federal, state and local governmental agencies.

**Technology Sector Risk *(TCW Artificial Intelligence ETF, TCW Compounders ETF, TCW Transform 500 ETF, TCW Transform Supply Chain ETF)*.** Technology companies, including information technology companies, may have limited product lines, markets, financial resources or personnel. Technology companies typically face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. Companies in the technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action.

**8. Federal Income Taxes**

It is the policy of each Fund to comply with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income, including any net realized gains on investments, to its shareholders. Therefore, no federal income tax provision is required. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. Management of the Funds is required to determine whether a tax position taken by the Funds is more likely than not to be sustained upon examination by the applicable taxing authority. Based on its analysis, management has concluded that the Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the period ended April 30, 2025. The Funds are subject to examination by the U.S. Federal and state tax authorities for returns filed for the prior three and four fiscal years, respectively.

At April 30, 2025, net unrealized appreciation (depreciation) on investments and derivatives for federal income tax purposes was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** |<br>**Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| TCW Artificial Intelligence ETF | $49863939 | $6269149 | $(3814794) | $2454355 |
| TCW Compounders ETF | $101316652 | $35782173 | $(1984923) | $33797250 |
| TCW Transform 500 ETF | $633574379 | $129415478 | $(43083270) | $86332208 |
| TCW Transform Supply Chain ETF | $8786047 | $535006 | $(836398) | $(301392) |
| TCW Transform Systems ETF | $337957428 | $36528774 | $(16978047) | $19550727 |

---

The differences between book-basis and tax-basis components of unrealized appreciation/(depreciation) are primarily attributable to tax deferral of losses on wash sales for tax purposes.

At October 31, 2024, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** | **Total Amount** |
| TCW Artificial Intelligence ETF | $1607481 | $1272797 | $2880279 |
| TCW Compounders ETF | $– | $– | $– |
| TCW Transform 500 ETF | $4824400 | $7572095 | $12396495 |
| TCW Transform Supply Chain ETF | $397999 | $– | $397999 |
| TCW Transform Systems ETF | $16741242 | $1225566 | $17966808 |

---

**Notes to Financial Statements (Continued)**<br> **April 30, 2025 (Unaudited)**<br>

**9. Purchases and Sales of Securities**

Investment transactions (excluding in-kind subscriptions and redemptions and short-term investments) for the period ended April 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| TCW Artificial Intelligence ETF | $7246032 | $6886929 |
| TCW Compounders ETF | $45716449 | $15088090 |
| TCW Transform 500 ETF | $40732564 | $7413895 |
| TCW Transform Supply Chain ETF | $6814522 | $4895129 |
| TCW Transform Systems ETF | $113155225 | $97758964 |

---

For the period ended April 30, 2025, the cost of in-kind subscriptions and the proceeds from in-kind redemptions were as follows:

---

| | | |
|:---|:---|:---|
| | **In-Kind** | **In-Kind** |
| <br>**Fund** | **Subscriptions** | **Redemptions** |
| TCW Artificial Intelligence ETF | $15175065 | $12165682 |
| TCW Compounders ETF | $9678457 | $73496114 |
| TCW Transform 500 ETF | $78270914 | $53217661 |
| TCW Transform Supply Chain ETF | $– | $12586155 |
| TCW Transform Systems ETF | $141446335 | $26332273 |

---

**10. Indemnifications**

Under the Trust's organizational documents, its Officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into agreements with service providers that may contain indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote. The Trust has not accrued any liability in connection with such indemnification.

**11. New Accounting Pronouncements**

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). This change is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The Funds represent a single operating segment, as the operating results of the Funds are monitored as a whole, and their long-term asset allocation is determined in accordance with the terms of the applicable prospectus, based on defined investment objectives that are executed by the Funds' portfolio management team. A senior executive team comprised of the Funds' Principal Executive Officer and Principal Financial Officer, serves as the Funds' CODM, who act in accordance with Board of Trustee reviews and approvals. The CODM monitors and actively manages the operating results of each Fund. There have been no impacts to date.

**12. Subsequent Events**

Management has evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that there are no other material events that would require recognition or disclosure in the Funds' financial statements.

Effective June 27, 2025, the Funds will cease being listed and traded on the New York Stock Exchange and will instead be listed and traded on the Nasdaq stock market.

---

| | |
|:---|:---|
| **Supplemental Information (Unaudited)** | ![](img_002.jpg) |

---

**Quarterly Portfolio Schedule.** The TCW ETF Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year to date on Form NPORT-P. Such filings occur no later than 60 days after the end of the Funds' first and third quarters and are available on the SEC's website at www.sec.gov. In addition, each Fund's full portfolio holdings are updated daily and available on TCW's website at www.tcw.com/Literature/Fund-Literature.

**Proxy Voting Policies and Procedures.** A description of TCW Investment Management Company LLC's proxy voting policies and procedures, which are applicable to the Funds in the TCW ETF Trust is available on TCW's website at www.tcw.com/Literature/Fund-Literature and on the SEC's website at www.sec.gov.

**Proxy Voting Record.** The TCW ETF Trust is required to disclose annually the Funds' complete proxy voting record on Form N-PX covering the period July 1 through June 30 and file it with the SEC no later than August 31. Form N-PX for the Funds are available by writing to the Administrator at 50 Post Office Square, Boston, MA 02110. The Funds' Form N-PX will also be available on the Funds' website at www.tcw.com/Literature/Fund-Literature and on the SEC's website at www.sec.gov.

**Premium/Discount Information.** Information about the difference between daily market values on the secondary market for shares of the Funds in the TCW ETF Trust and such Funds' net asset value can be found on our website at www.tcw.com/Literature/Fund-Literature.

**Code of Ethics.** The Trust and the Adviser have each adopted codes of ethics pursuant to Rule 17j-1 under the 1940 Act. Each code of ethics may be examined on the Internet at the SEC's website at www.sec.gov.

---

| | |
|:---|:---|
| **General Information** | ![](img_002.jpg) |

---

**Investment Adviser**

TCW Investment Management Company LLC

515 South Flower Street

Los Angeles, CA 90071

**Administrator, Custodian, Transfer Agent and Accounting Agent**

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

**Distributor**

Foreside Financial Services, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

**Independent Registered Public Accounting Firm**

Deloitte & Touche, LLP

555 West 5th Street

Los Angeles, CA 90013

**Legal Counsel**

Paul Hastings LLP

101 California Street, 48th Floor

San Francisco, CA 94111

![](img_003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Registrant's Financial Highlights are included as
 part of the Financial Statements filed under Item 7(a) of this Form.

**Item 8. Changes In and Disagreements With Accountants For Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Companies.** 

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, And Others Of Open-End Management Companies.** 

The Fund's disclosure of remuneration items is included as part of the Financial Statements filed under Item 7(a) of this form.

**Item 11. Statement Regarding Basis For Approval Of Investment Advisory Contract.** 

Not applicable.

**Item 12. Disclosure Of Proxy Voting Policies And Procedures For Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 14. Purchases Of Equity Securities by Closed-End Management Investment Companies And Affiliated Purchasers.**

Not applicable to open-end investment companies.

**Item 15. Submission Of Matters to A Vote Of Security Holders.**

Not applicable.

**Item 16. Controls And Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer
 have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
 of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act
 and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the
 disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately
 recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service
 provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control
 over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially
 affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure Of Securities Lending Activities For Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 18. Recovery Of Erroneously Awarded Compensation.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 19. Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | Not Applicable. This item is only required in an annual report on Form N-CSR. |
| (a)(2) | Not Applicable. This item is only required in an annual report on Form N-CSR. |
| (a)(3) | [Certifications required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are filed as Exhibit 19(a)(2) to this Form N-CSR.](tcwetf_ex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certifications required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are furnished as Exhibit 19(b) to this Form N-CSR.](tcwetf_ex99-906cert.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) **TCW ETF Trust** | (Registrant) **TCW ETF Trust** |
| By: (Signature and Title) | By: (Signature and Title) |
| By: | /s/ Megan McClellan |
|  | Megan McClellan |
| Title: | President (Principal Executive Officer) |
| Date: | July 3, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: (Signature and Title) | By: (Signature and Title) |
| By: | /s/ Megan McClellan |
|  | Megan McClellan |
| Title: | President (Principal Executive Officer) |
| Date: | July 3, 2025 |

---

---

| | |
|:---|:---|
| By: (Signature and Title) | By: (Signature and Title) |
| By: | /s/ Richard Villa |
|  | Richard Villa |
| Title: | Treasurer (Principal Financial Officer) |
| Date: | July 3, 2025 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

Exhibit 19(a)(2)

**CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT**

**AND SECTION 302 OF THE SARBANES-OXLEY ACT**

I, Megan McClellan, certify that:

1. I have reviewed this report on Form N-CSR of TCW ETF Trust on
behalf of TCW Artificial Intelligence ETF, TCW Compounders ETF, TCW Transform 500 ETF, TCW Transform Systems ETF and TCW Transform Supply
Chain ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material
 fact or omit to state a material fact necessary to make the statements made, in light
 of the circumstances under which such statements were made, not misleading with respect
 to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included
 in this report fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements
 are required to include a statement of cash flows) of the registrant as of, and for,
 the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
 reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls
 and procedures to be designed under our supervision, to ensure that material information
 relating to the registrant, including its consolidated subsidiaries, is made known
 to us by others within those entities, particularly during the period in which this
 report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control
 over financial reporting to be designed under our supervision, to provide reasonable
 assurance regarding the reliability of financial reporting and the preparation of
 financial statements for external purposes in accordance with generally accepted accounting
 principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
 about the effectiveness of the disclosure controls and procedures, as of a date within
 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
 likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of
 internal control over financial reporting which are reasonably likely to adversely
 affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who
 have a significant role in the internal control over financial reporting.

---

| | |
|:---|:---|
| Date: July 3, 2025 | /s/ Megan McClellan |
|  | Megan McClellan |
|  | President (Principal Executive Officer) |

---

Exhibit 19(a)(2)

**CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT**

**AND SECTION 302 OF THE SARBANES-OXLEY ACT**

I, Richard Villa, certify that:

1. I have reviewed this report on Form N-CSR of TCW ETF Trust on
behalf of TCW Artificial Intelligence ETF, TCW Compounders ETF, TCW Transform 500 ETF, TCW Transform Systems ETF and TCW Transform Supply
Chain ETF;

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report fairly present in all material respects the financial condition, results of operations, changes in
net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and
for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for
the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the period covered by this report that has
materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
and

5. The registrant's other certifying officer(s) and I have
disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the internal control over financial reporting.

---

| | |
|:---|:---|
| Date: July 3, 2025 | /s/ Richard Villa |
|  | Richard Villa |
|  | Treasurer (Principal Financial Officer) |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

Exhibit 19(b)

**CERTIFICATION PURSUANT TO 18 U.S.C. Section 1350 AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES OXLEY ACT OF 2002**

I, Megan McClellan, President (Principal Executive Officer) of TCW ETF Trust (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Form N-CSR of the Registrant on behalf of TCW Artificial Intelligence ETF, TCW Compounders ETF, TCW Transform 500 ETF, TCW Transform Systems ETF and TCW Transform Supply Chain; for the semi-annual period ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: July 3, 2025 | /s/ Megan McClellan |
|  | Megan McClellan |
|  | President (Principal Executive Officer) |

---

Exhibit 19(b)

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES OXLEY ACT OF 2002**

I, Richard Villa, Treasurer (Principal Financial Officer) of TCW ETF Trust (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Form N-CSR of the Registrant on behalf of TCW Artificial Intelligence ETF, TCW Compounders ETF, TCW Transform 500 ETF, TCW Transform Systems ETF and TCW Transform Supply Chain; for the semi-annual period ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: July 3, 2025 | /s/ Richard Villa |
|  | Richard Villa |
|  | Treasurer (Principal Financial Officer) |

---