TCW Flexible Income ETF
TCW ETF Trust
Fund classification
Classified from what the fund holds · as of 2026 Q2
TCW Flexible Income ETF is an actively managed U.S. bond ETF.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- ETF
- Credit quality
- High yield
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q1
Investment Objective: The Fund seeks a high level of current income with a secondary objective of long-term capital appreciation.
The fund actively allocates across global fixed income securities, currencies, and interest rate instruments to generate current income, with flexibility to invest across credit qualities, sectors, and maturities. The fund may hold up to 65% of assets in high-yield securities. Because the fund's returns depend on the manager's security selection and allocation decisions, performance will diverge from any benchmark.
| Share class | Expense ratio |
|---|---|
| C000250838 | 0.40% |
Portfolio turnover 390.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Securitized | 74.60% |
| Bonds | 25.69% |
| Loans | 7.96% |
| Stocks | 3.73% |
| Cash & short-term | 0.76% |
| Derivatives | -0.17% |
Look-through blends 1 underlying fund; 3.664% of NAV was not looked through and stays direct-classified.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Latest quarter
What changed since the fund's previous filing
Largest new: UMBS, TBA ×5, Government National Mortgage Association ×2, U.K. Gilts
Largest exited: United States Treasury, UMBS, TBA ×2, Government National Mortgage Association ×3, Fannie Mae ×2
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 56.3% |
| Floating rate | 43.2% |
| Zero-coupon or unclassified | 0.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.0% |
| 1-3y | 8.6% |
| 3-5y | 8.3% |
| 5-10y | 17.0% |
| 10y+ | 65.1% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 52% |
| Credit spreads | 48% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +1.51 yr |
| Investment grade | +1.47 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.02 yr | 1% |
| 1 yr | 0.68 yr | 21% |
| 5 yr | 1.66 yr | 51% |
| 10 yr | 0.62 yr | 19% |
| 30 yr | 0.29 yr | 9% |
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.46 yr | 15% |
| 5 yr | 1.18 yr | 40% |
| 10 yr | 0.96 yr | 32% |
| 30 yr | 0.35 yr | 12% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | +0.01 | +0.02 | $2.9k | $5.9k |
| 1 yr | +0.68 | +0.19 | +0.27 | $56.3k | $82.7k |
| 5 yr | +1.66 | +0.54 | +0.63 | $164.3k | $191.7k |
| 10 yr | +0.62 | +0.57 | +0.39 | $171.7k | $119.1k |
| 30 yr | +0.29 | +0.16 | +0.19 | $49.4k | $56.5k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 3.27 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| TGCXX | TCW Central Cash FundTGCXX | 3.66% | $1.00 | $110.90M | 110.9M |
| — | UMBS, TBA4.50% · due 2056-05-01 | 3.06% | — | $92.59M | — |
| — | UMBS, TBA4.00% · due 2056-05-01 | 2.84% | — | $86.01M | — |
| — | UMBS, TBA3.50% · due 2056-05-01 | 2.24% | — | $67.83M | — |
| TPYTX | TCW Private Asset Income FundTPYTX | 1.98% | $9.98 | $59.83M | 6.0M |
| — | Government National Mortgage Association4.00% · due 2056-05-20 | 1.61% | — | $48.66M | — |
| — | UMBS, TBA5.50% · due 2056-05-01 | 1.30% | — | $39.31M | — |
| — | Freddie Mac4.00% · due 2052-09-01 | 1.28% | — | $38.90M | — |
| — | UMBS, TBA5.00% · due 2056-05-01 | 1.13% | — | $34.30M | — |
| — | Freddie Mac4.50% · due 2053-02-01 | 0.97% | — | $29.36M | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
Top 10 positions are 20.08% of net assets, top 25 26.74%, across 862 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free