Objective

Seeks current income and capital preservation. As a secondary objective, the Fund seeks long-term capital appreciation.

Summary

DCRE seeks to invest in investment grade commercial mortgage-backed securities (CMBS), employing active management across sector and security-level commercial real estate (CRE) exposures, while maintaining a low level of interest rate risk. The fund’s high-quality CRE investment universe includes Agency and non-Agency CMBS and commercial real estate collateralized loan obligations (CRE CLOs). DoubleLine's experienced, long-tenured CRE specialists are responsible for security selection within their sector based on in-depth, fundamental research and property level analysis.

Trading Questions?

Contact us by telephone: (855) 937-0772
or email: ETFinfo@doubleline.com

Fund Facts

  • Fund Inception: March 31, 2023
    CUSIP 25861R303
    Ticker DCRE
    Benchmark Bloomberg US Aggregate 1-3 Year Index
    30-Day SEC Yield % (Apr 30, 2024) 5.82
    Gross Expense Ratio % 0.39

Daily Data

  • As of May 24, 2024 Closing
    NAV $ 51.15
    ETF Market Price $ 51.25
    Premium/Discount (bps) 20
    Yield to Maturity % 6.51
    30 Day SEC Yield % (May 23, 2024) 6.34
    Assets Under Management $ 137,070,561

Net Asset Value (NAV) - The price per share of the fund on a specific date or time. The NAV is the value of a fund's assets minus the value of its liabilities.

 

Market Price - The price at which shares in the ETF can be bought or sold on the exchanges during trading hours.

Price to NAV Premium/Discount

Calendar Year 2023 * First Quarter of 2024
Days Traded at Premium 183 58
Days Traded at Discount 4 3

* Partial - Since Inception


The Fund listed on 4/4/2023. The number of days the Fund's shares traded at a premium or discount for the calendar year will be displayed in the table above following the completion of the current calendar year.
Premium/Discount - A premium or discount to the net asset value (NAV) occurs when the market price of an ETF on the exchange rises above or falls below its NAV. If the market price is higher than the NAV, the ETF is said to be trading at a "premium." If the price is lower, it is trading at a "discount.

Performance & Characteristics

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance current to the most recent month-end may be obtained by calling (855) 937-0772 or by visiting www.doubleline.com.

The performance information shown assumes the reinvestment of all dividends and distributions. Returns of less than on one year are not annualized. While the fund is no-load, management fees and other expenses still apply. Index returns reflect no deduction for fees, expenses or taxes. Please refer to the prospectus for further details.

Daily Fund Characteristics

As of October 31, 2022

Daily Portfolio Characteristics

  • Assets Under Management $ 137,070,561
    Number of Holdings 150
    Duration (Years) 1.05
    30 Day SEC Yield % (May 23, 2024) 6.34
    Yield to Maturity % 6.51

Daily Trading

  • ETF Market Price $ 51.25
    ETF Net Asset Value $ 51.15
    Shares Outstanding 2,680,001
    3 Month Avg Trading Volume (Shares) 14,447
    3 Month Avg Trading Volume (Notional) 738,131
    30 Day Median Bid-Ask Spread % 0.10

INSIGHTS

PORTFOLIO MANAGERS

Portfolio Managers

  • Morris Chen

    Portfolio Manager

    Morris Chen

    Portfolio Manager

    Mr. Chen joined DoubleLine at its inception in 2009. He is a Portfolio Manager leading the CMBS/CRE Debt Investment team and CRE New Investment Review Group, and is responsible for the oversight and management of all CRE Debt related investments at DoubleLine. Mr. Chen is a permanent member of the Fixed Income Asset Allocation and Structured Products Committees providing valued insight into the CMBS sector. He is also an active participant and speaker at CREFC events. Prior to DoubleLine, Mr. Chen was a Vice President at TCW where he was responsible for CMBS credit analysis and trading from 2004-2009. He holds a BS in Business Administration with concentrations in Business Development and Finance from the University of California, Riverside.

  • Mark Cho

    Portfolio Manager

    Mark Cho

    Portfolio Manager

    Mr. Cho joined DoubleLine in 2013. He is a Portfolio Manager responsible for the CMBS credit platform at DoubleLine and participates in the CRE New Investment Review Group. Prior to DoubleLine, he was an Investment Associate at H/2 Capital Partners covering a broad range of real estate credit opportunities. Previous to that, Mr. Cho worked in real estate acquisitions as a Director at Jamison Properties and began his career as an Investment Banking Analyst at Lehman Brothers. He holds a B.A. in Economics from Stanford and an MBA from the Wharton School at the University of Pennsylvania. Mr. Cho is a member of the Founder’s Circle of SPIRE (Stanford Professionals in Real Estate).

  • Robert Stanbrook

    Portfolio Manager

    Robert Stanbrook

    Portfolio Manager

    Mr. Stanbrook joined DoubleLine in 2019. He is a Portfolio Manager responsible for the CRE loan platform as well as DoubleLine’s CRE CLO portfolios. Mr. Stanbrook is also part of DoubleLine’s ESG Investment Task Force, responsible for the ESG integration framework for the CMBS/CRE group. Prior to DoubleLine, he was a Principal and Chief Credit Officer with Narrative Capital Management. Previous to that, Mr. Stanbrook was a Vice President at Colony Capital with day-to-day oversight of origination and underwriting for a $3b bridge lending platform. He began his career in Origination & Acquisitions roles at Karlin Asset Management/Calmwater Capital. Mr. Stanbrook holds a B.A. in Business Administration from Loyola Marymount University.

The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectus contain this and other important information about the investment company and may be obtained by calling (855) 937-0772, or downloading from the fund document library on this website. Read them carefully before investing.

Investing in Exchange-Traded Funds involves risk. Principal loss is possible.

Sector allocations and fund holdings are subject to change at any time and should not be considered a recommendation to buy or sell any security. Portfolio holdings generally are made available 30 days after month-end by visiting www.doubleline.com. The source for the information in this report is DoubleLine Capital, which maintains its data on a trade date basis.

Equities may decline in value due to both real and perceived general market, economic and industry conditions.

The value of an instrument with a longer duration (whether positive or negative) will be more sensitive to changes in interest rates than a similar instrument with a shorter duration.

Credit Distribution is determined from the highest available credit rating from any Nationally Recognized Statistical Rating Agency (NRSRO”, generally S&P, Moody’s, or Fitch) and is subject to change. DoubleLine chooses to display credit ratings using S&P’s rating convention, although the rating itself might be sourced from another NRSRO. The firm evaluates a bond issuer’s financial strength, or its ability to pay a bond’s principal and interest in a timely fashion. The ratings apply to the credit worthiness of the issuers of the underlying securities and not to the fund itself. Ratings are expressed as letters ranging from ‘AAA’, which is the highest grade, to ‘D’, which is the lowest grade. In limited situations when the rating agency has not issued a formal rating, the rating agency will classify the security as unrated.

There is the risk that the Fund may be unable to sell a portfolio investment at a desirable time or at the value the Fund has placed on the investment. Illiquidity may be the result of, for example, low trading volume, lack of a market maker, or contractual or legal restrictions that limit or prevent the Fund from selling securities or closing derivative positions.

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

There is risk that borrowers may default on their mortgage obligations or the guarantees underlying the mortgage-backed securities will default or otherwise fail and that, during periods of falling interest rates, mortgage-backed securities will be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate.

The fund is a “non-diversified” investment company and therefore may invest a greater percentage of its assets in the securities of a single issuer or a limited number of issuers than funds that are “diversified.” Accordingly, the fund is more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund might be.

Investing in ETFs involves additional risks such as the market price of the shares may trade at a discount to its net asset value ("NAV"), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund's ability to sell its shares.

Yield to maturity (YTM) does not represent return. YTM provides a summary measurement of an investment’s cash flows, including principal received at maturity based on a given price. Actual yields may fluctuate due to a number of factors such as the holding period, changes in reinvestment rates as cash flows are received and redeployed, receipt of timely income and principal payments. DoubleLine views YTM as a characteristic of a portfolio of holdings often used, along with other risk measures such as duration and spread, to determine the relative attractiveness of an investment.

DoubleLine ETFs are distributed by Foreside Fund Services, LLC.

DoubleLine ETFs are distributed by Foreside Fund Services, LLC.