# EDGAR Filing Document

**Accession Number:** 0001831313
**File Stem:** 0001829126-26-002407
**Filing Date:** 2026-3
**Character Count:** 7601
**Document Hash:** 8516b22b102441f82a854d4299b38b60
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-26-002407.hdr.sgml**: 20260317

**ACCESSION NUMBER**: 0001829126-26-002407

**CONFORMED SUBMISSION TYPE**: 425

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260317

**DATE AS OF CHANGE**: 20260317

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TCW Metropolitan West Funds
- **CENTRAL INDEX KEY:** 0001028621

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 425
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 811-07989
- **FILM NUMBER:** 26763081

**BUSINESS ADDRESS:**
- **STREET 1:** 515 SOUTH FLOWER ST
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 213-244-0000

**MAIL ADDRESS:**
- **STREET 1:** 515 SOUTH FLOWER ST
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** METROPOLITAN WEST FUNDS
- **DATE OF NAME CHANGE:** 19961209
**FILED BY**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 425

**BUSINESS ADDRESS:**
- **STREET 1:** 515 SOUTH FLOWER ST
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 213-244-0000

**MAIL ADDRESS:**
- **STREET 1:** 515 SOUTH FLOWER ST
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

**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
**CENTRAL INDEX KEY**: 0001831313

**CENTRAL INDEX KEY**: 0001028621

## Series and Classes Contracts Data

### TCW METWEST Sustainable Securitized Fund (Series ID: S000072616)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000228996 | Class M      | MWERX           |
| C000228997 | Class I      | MWESX           |

Filed by: TCW ETF Trust

Pursuant to Rule 425 under the Securities Act of 1933

and deemed filed under Rule 14a-12 under the

Securities Exchange Act of 1934.

Subject Company: TCW Metropolitan West Funds

SEC File No. 811-07989 and 333-18737

![](image_001.jpg)

**Conversion of TCW MetWest Sustainable Securitized Mutual Fund (MWESX) to TCW Securitized Income ETF**

**FAQs for Intermediaries**

**What's happening?**

TCW has proposed, and the Board has approved, converting TCW MetWest Sustainable Securitized Mutual Fund (MWESX) into a newly-registered ETF, TCW Securitized Income ETF. TCW Securitized Income ETF will invest primarily in non-sustainable and sustainable securitized investments, whereas MWESX primarily invests in sustainable securitized investments. Like MWESX, TCW Securitized Income ETF is expected to invest across residential mortgage-backed securities, commercial mortgage-backed securities, other asset backed securities, real estate related debt, mortgage pass-through securities, as well as floating, variable and fixed-rate securities.

**Will shareholders need to vote on this change?** 

No. The conversion will not require a shareholder vote.

**What is the new ETF called?** 

The new fund will be called **TCW Securitized Income ETF.** 

**Will the ETF maintain MWESX's performance history?** 

Yes, TCW Securitized Income ETF will inherit the performance and accounting records of TCW MetWest Sustainable Securitized Fund.

**What is the fee for the ETF?** 

The ETF will charge a unitary fee of 0.40%, pursuant to which the adviser will pay all operating expenses of the Fund other than management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The total operating expenses of the lowest priced share class of MWESX is currently 0.49%.

**When is it happening?**

The conversion is expected to occur in June 2026.

**Why are we doing this?**

- Many clients have a clear preference for ETFs, which offer several benefits over mutual funds including lower costs, portfolio transparency and intraday trading.

- TCW believes increased investment flexibility can offer greater investment opportunities over a market cycle. Sustainable securitized bonds remain an important part of the sector and selection universe, but will not be the sole focus of TCW Securitized Income ETF

**Is the PM team the same?**

Peter Van Gelderen, Liza Crawford, Palak Pathak will be joined by Generalist and CIO Bryan Whalen.

**What's Staying the Same, and What's Changing?**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Staying the Same** | &nbsp;&nbsp;**Changing** |
| &nbsp;&nbsp;Same investment team and research process | &nbsp;&nbsp;Mutual fund → ETF wrapper |
| &nbsp;&nbsp;Same securitized expertise across RMBS, CMBS, ABS, CLOs | &nbsp;&nbsp;Broader focus (non-sustainable and sustainable investments) |
| &nbsp;&nbsp;Active security selection focus | &nbsp;&nbsp;Higher income orientation and greater use of non-IG |
| &nbsp;&nbsp;Risk management discipline | &nbsp;&nbsp;Greater use of ABS and CLOs |
| &nbsp;&nbsp;Track record preserved | &nbsp;&nbsp;ETF daily liquidity & transparency |

---

**Will the investment strategy change?** 

The investment strategy continues to be focused on generating excess return in the securitized credit sector. Because of changing market conditions, the strategy will allow for greater investment flexibility, as summarized below:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Prospectus Category** | &nbsp;&nbsp;**Current – MWESX** | &nbsp;&nbsp;**Converted – TCW Securitized<br> Income ETF** |
| &nbsp;&nbsp;Sustainability Test | &nbsp;&nbsp;80% Sustainable Securitized | &nbsp;&nbsp;Removed |
| &nbsp;&nbsp;Securitized Test | &nbsp;&nbsp;80% Sustainable Securitized | &nbsp;&nbsp;80% Securitized |
| &nbsp;&nbsp;Duration | &nbsp;&nbsp;2-8 Years | &nbsp;&nbsp;Removed |
| &nbsp;&nbsp;Below-IG Allocation | &nbsp;&nbsp;Max 20% | &nbsp;&nbsp;Removed |
| &nbsp;&nbsp;Non-USD and Non-US Securities | &nbsp;&nbsp;Max 20% | &nbsp;&nbsp;Removed |

---

These changes are intended to position the fund more competitively within the Morningstar Securitized Bond – Diversified ETF category and provide greater yield and return potential.

**More information about the proposed reorganizations will be included in the information statement/prospectus when it is available and provided to shareholders.**

 ****

***The foregoing is not an offer to sell, nor a solicitation of an offer to buy, shares of the TCW Sustainable Securitized Fund or TCW Securitized Income ETF, nor is it a solicitation of any proxy. For more information regarding either fund, or to receive a free copy of the prospectus/proxy statement relating to the proposed merger (and containing important information about fees, expenses and risk considerations) once a registration statement relating to the merger has been filed with the Securities and Exchange Commission and becomes effective, please call 1-800-225-1581. The prospectus/proxy statement relating to the proposed merger will also be available for free on the Securities and Exchange Commission's web site (http://www.sec.gov). Please read the prospectus/proxy statement relating to the proposed merger carefully before making any investment decisions.***

**Please retain this Supplement with your records.**