Objective

Seeks total return (capital appreciation and current income) that exceeds the total return of its benchmark index, the Bloomberg U.S. Mortgage-Backed Securities Index, over a full market cycle.

Summary

DMBS invests primarily in high quality residential mortgage-backed securities (RMBS), actively allocating between government-backed Agency MBS and non-Agency MBS. Interest rate, credit and prepayment risks are actively managed with the goal of providing enhanced risk-adjusted returns through various interest-rate and economic environments.

Trading Questions?

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

Fund Facts

  • Fund Inception: March 31, 2023
    CUSIP 25861R402
    Ticker DMBS
    Intraday NAV (VIIV) Ticker ^DMBS-IV
    Benchmark Bloomberg US Mortgage-Backed Securities (MBS) Index
    30-Day SEC Yield % (Mar 31, 2024) 4.31
    Gross Expense Ratio % 0.49

Daily Data

  • As of April 19, 2024 Closing
    NAV $ 47.26
    ETF Market Price $ 47.26
    Premium/Discount (bps) 0
    Yield to Maturity % 5.89
    30 Day SEC Yield % (April 18, 2024) 4.88
    Assets Under Management $ 294,914,095

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 173 51
Days Traded at Discount 14 10

* 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 $ 294,914,095
    Number of Holdings 109
    Avg Price $ 93.93
    Duration (Years) 5.69
    30 Day SEC Yield % (April 18, 2024) 4.88
    Yield to Maturity % 5.89

Daily Trading

  • ETF Market Price $ 47.26
    ETF Net Asset Value $ 47.26
    Shares Outstanding 6,240,001
    3 Month Avg Trading Volume (Shares) 52,964
    3 Month Avg Trading Volume (Notional) 2,553,301
    30 Day Median Bid-Ask Spread % 0.08

INSIGHTS

PORTFOLIO MANAGERS

Portfolio Managers

  • Jeffrey Gundlach

    Chief Executive Officer & Chief Investment Officer

    Jeffrey Gundlach

    Chief Executive Officer & Chief Investment Officer

    Mr. Gundlach is CEO of DoubleLine.  In 2011, he appeared on the cover of Barron's as "The New Bond King."  In 2013, Institutional Investor named him "Money Manager of the Year."  In 2012, 2015 and 2016, he was named one of "The Fifty Most Influential" in Bloomberg Markets.  In 2017, he was inducted into the FIASI Fixed Income Hall of Fame.  Mr. Gundlach is a summa cum laude graduate of Dartmouth College, with degrees in Mathematics and Philosophy.

  • Ken Shinoda, CFA

    Portfolio Manager

    Ken Shinoda, CFA

    Portfolio Manager

    Mr. Shinoda joined DoubleLine at inception in 2009. He is Chairman of the Structured Products Committee and oversees the non-Agency RMBS team specializing in investing in non-Agency mortgage-backed securities, residential whole loans and other mortgage-related opportunities. Mr. Shinoda is co-Portfolio Manager on the Total Return, Opportunistic Income, Income, Opportunistic MBS and Strategic MBS strategies. He is also lead Portfolio Manager overseeing the Mortgage Opportunities private funds. Mr. Shinoda is also a permanent member of the Fixed Income Asset Allocation Committee, as well as, participating in the Global Asset Allocation Committee. In addition, he hosts DoubleLine’s “Channel 11 News” (Twitter @DLineChannel11, dline11@doubleline.com), a webcast series that provides market insights and commentary with peers and industry experts. Prior to DoubleLine, Mr. Shinoda was Vice President at TCW where he worked in portfolio management and trading. He holds a B.S. in Business Administration from the University of Southern California and is a CFA® charterholder.

  • Vitaliy Liberman, CFA

    Portfolio Manager

    Vitaliy Liberman, CFA

    Portfolio Manager

    Mr. Liberman joined DoubleLine in 2009. He is part of the Portfolio Management and Trading team, specializing in trading mortgages and mortgage credit securities. Mr. Liberman is also a permanent member of the Fixed Income Asset Allocation Committee. Prior to DoubleLine, he was a Vice President at TCW, where he worked in portfolio management and trading. Mr. Liberman holds a BS from California State University at Northridge as well as an M.S. in Applied Mathematics. He is a CFA® charterholder.

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.

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.

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

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

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.

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.

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.

Derivatives involve special risks including correlation, counterparty, liquidity, operational, accounting and tax risks. These risks, in certain cases, may be greater than the risks presented by more traditional investments.

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.

Diversification does not assure a profit nor protect against loss in a declining market.

DoubleLine ETFs are distributed by Foreside Fund Services, LLC.

DoubleLine ETFs are distributed by Foreside Fund Services, LLC.