DoubleLine ETF Trust N-CSR Certified annual shareholder report (management investment company)

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:  811-23746

DoubleLine ETF Trust

(Exact name of registrant as specified in charter)

2002 N. Tampa Street, Suite 200

Tampa, FL 33602

(Address of principal executive offices) (Zip code)

Ronald R. Redell, President

2002 N. Tampa Street, Suite 200

Tampa, FL 33602

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: (813) 791-7333

Date of fiscal year end: September 30

Date of reporting period: September 30, 2023

Item 1. Reports to Stockholders.

(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).

Annual

Report

September

30,

2023

DoubleLine

Opportunistic

Bond

ETF

NYSE:

DBND

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

NYSE:

CAPE

DoubleLine

Commercial

Real

Estate

ETF

NYSE:

DCMB

DoubleLine

Mortgage

ETF

NYSE:

DMBS

DoubleLine

|

|

2002

North

Tampa

Street,

Suite

200

|

|

Tampa,

FL

33602

|

|

(813)

791-7333

ETFinfo@doubleline.com

|

|

www.doubleline.com

Annual

Report

|

September

30,

2023

3

Table

of

Contents

Page

President’s

Letter

4

Management’s

Discussion

of

Fund

Performance

6

Standardized

Performance

Summary

11

Growth

of

Investment

12

Schedules

of

Investments

16

Statements

of

Assets

and

Liabilities

39

Statements

of

Operations

40

Statements

of

Changes

in

Net

Assets

41

Financial

Highlights

43

Notes

to

Financial

Statements

47

Report

of

Independent

Registered

Public

Accounting

Firm

63

Shareholder

Expenses

65

Evaluation

of

Advisory

Agreement

by

the

Board

of

Trustees

66

Statement

Regarding

the

Funds’

Liquidity

Risk

Management

Program

68

Federal

Tax

Information

69

Trustees

and

Officers

70

Information

About

Proxy

Voting

73

Information

About

Portfolio

Holdings

73

Householding—Important

Notice

Regarding

Delivery

of

Shareholder

Documents

74

Privacy

Policy

75

President’s

Letter

4

DoubleLine

ETF

Trust

(Unaudited)

September

30,

2023

Dear

DoubleLine

Funds

Shareholder,

On

behalf

of

the

DoubleLine

Funds,

I

am

pleased

to

deliver

the

Annual

Report

for

the period

ended

September

30,

2023.

On

the

following

pages,

you

will

find

specific

information

regarding

each

Fund’s

operation

and

holdings.

In

addition,

we

discuss

each

Fund’s

investment

performance

and

the

main

drivers

of

that

performance

during

the

reporting

period.

Across

the

review

period,

financial

markets,

including

many

of

the

sectors

in

which

the

DoubleLine

Funds

invest,

faced

divergent

risks

and

fluctuating

risk

sentiment.

The

Federal

Reserve

tightened

monetary

policy

consistently

over

the

period,

which

was

marked

by

inflation

receding

from

multidecade

highs.

In

March,

Silicon

Valley

Bank

and

Signature

Bank,

two

regional

lenders,

were

taken

under

receivership

by

the

Federal

Deposit

Insurance

Corp.

In

an

effort

to

head

off

potential

contagion

throughout

the

banking

sector,

federal

regulators

unveiled

emergency

liquidity

measures,

including

the

creation

of

a

Bank

Term

Funding

Program,

which

offered

loans

of

up

to

one

year

to

banks

that

pledged

qualifying

collateral

such

as

U.S.

Treasuries

and

Agency

mortgage-backed

securities

(MBS),

among

other

assets.

Concerns

over

the

financial

stability

of

the

banking

sector,

which

were

ultimately

short-lived,

sent

shockwaves

of

volatility

through

the

Treasury

curve.

For

the

period,

stocks

broadly

rallied

while

bond

returns

were

muted

as

the

benchmark

S&P

500

Index

and

Bloomberg

US

Aggregate

Bond

Index

returned

21.62%

and

0.64%,

respectively.

Despite

elevated,

albeit

declining,

inflation

and

tightening

monetary

conditions,

economic

fundamentals

were

largely

resilient

during

the

reporting

period.

U.S.

gross

domestic

product

(GDP)

was

positive

on

a

year-over-year

(YoY)

and

quarter-over-quarter

(QoQ)

basis

each

quarter

from

September

30,

2022,

through

June

30,

2023,

with

the

strongest

YoY

print

at

a

2.4%

seasonally

adjusted

annualized

rate

as

of

June

30,

2023.

Domestic

growth

was

buoyed

by

a

robust

labor

market,

as

the

U-3

unemployment

rate

finished

the

period

at

3.8%,

near

the

measure’s

lowest

reading

in

over

50

years.

The

labor

market

still

appeared

tight

by

historical

standards,

as

the

Job

Openings

and

Labor

Turnover

Survey

data

for

August

showed

the

ratio

of

vacancies

per

unemployed

job

seeker

to

be

1.5.

A

strong

labor

market,

and

relatedly

strong

consumer

buying

power,

has

contributed

to

higher

growth

estimates,

with

third

quarter

real

GDP

forecast

to

grow

at

a

seasonally

adjusted

annualized

rate

of

2.0%

QoQ.

However,

other

indicators

such

as

the

ISM

Manufacturing

PMI

and

Leading

Economic

Index

have

been

weakening

for

some

time,

with

the

latter

at

a

level

historically

associated

with

recession.

The

Fed

increased

the

target

federal

funds

rate

in

the

12-month

period

by

225

basis

points

(bps)

to

an

upper-bound

rate

of

5.50%.

Two-year

Treasury

yields

rose

76

bps,

five-year

yields

rose

52

bps,

10-year

yields

rose

74

bps,

and

30-year

yields

rose

92

bps

in

the

period.

Traditional

fixed-income

sectors,

including

Treasuries,

Agency

MBS

and

investment

grade

corporate

bonds,

were

all

impacted

by

rising

interest

rates

across

the

Treasury

curve.

Disparate

returns

across

the

fixed

income

universe

were

largely

attributable

to

duration

risk,

as

Treasuries

and

Agency

MBS

experienced

negative

returns

while

corporate

bonds

posted

positive

returns

driven

by

spread

tightening

amid

strong

corporate

earnings.

Bifurcated

returns

in

fixed

income

were

not

confined

to

the

U.S.,

as

sovereign

bonds

from

developed

markets

posted

muted

returns

while

emerging

markets

sovereign

bonds

were

among

the

best-performing

sectors

in

the

global

fixed-income

landscape.

Global

central

banks

largely

tightened

policy

rates

in

the

period,

as

decades-high

inflation

proved

to

be

a

global

phenomenon.

The

European

Central

Bank

hiked

its

deposit

facility

rate

325

bps.

European

equities

returned

19.93%,

as

tracked

by

the

MSCI

Europe

Index,

despite

fallout

from

the

Russia-Ukraine

war.

In

China,

the

country’s

reopening

from

COVID-19

stoked

optimism

for

economic

growth,

which

was

ultimately

undercut

by

property

sector

concerns

and

lackluster

policy

support

from

the

central

bank.

In

the

12-month

period,

the

People’s

Bank

of

China

(Unaudited)

September

30,

2023

|

September

30,

2023

5

cut

the

borrowing

cost

of

its

medium-term

policy

loans

by

only

25

bps

to

2.50%

from

2.75%,

leaving

something

to

be

desired

for

investors

seeking

more

meaningful

stimulus

to

address

the

economy’s

fragility.

Investors

will

be

keeping

a

close

eye

on

Chinese

economic

growth

moving

forward,

as

the

world’s

second

largest

economy

might

need

a

governmental

fiscal

boost

to

reach

the

country’s

stated

2023

GDP

growth

target

of

5%.

The

DoubleLine

investment

team

strives

to

deliver

attractive

risk-adjusted

returns

to

our

investors

through

full

economic

cycles

and

variable

interest-rate

environments

using

a

time-tested

process.

Therefore,

while

the

challenging

conditions

of

the

last

year

have

muted

returns,

we

are

confident

in

our

ability

to

take

advantage

of

future

opportunities

by

drawing

upon

the

extensive

experience

of

our

team.

If

you

have

any

questions

regarding

the

DoubleLine

Funds,

please

don’t

hesitate

to

call

us

at

1

(855)

937-0772

or

visit

our

website

www.doubleline.com,

where

our

investment

management

team

offers

deeper

insights

and

analysis

on

relevant

capital

market

activity

impacting

investors

today.

Thank

you

for

your

continued

support

and

entrusting

DoubleLine

with

your

investments.

We

deeply

value

your

trust,

and

we

will

continue

to

work

diligently

to

meet

your

broad

investment

needs.

Sincerely,

Ronald

R.

Redell

,

CFA

President

DoubleLine

ETF

Trust

November

1,

2023

Management’s

Discussion

of

Fund

Performance

6

DoubleLine

ETF

Trust

(Unaudited)

September

30,

2023

DoubleLine

Opportunistic

Bond

ETF

For

the

12-month

period

ended

September

30,

2023,

the

DoubleLine

Opportunistic

Bond

ETF

outperformed

the

benchmark

Bloomberg

US

Aggregate

Bond

Index

return

of

0.64%.

The

period

was

characterized

by

declining

global

growth,

persistently

hawkish

policy

from

the

Federal

Reserve

and

an

increase

in

interest

rates

across

the

U.S.

Treasury

curve.

The

Fund’s

outperformance

was

driven

by

its

overweight

relative

to

the

index

to

fixed

income

credit

sectors

in

a

period

when

credit

spreads

generally

tightened.

The

biggest

contributors

to

the

Fund’s

performance

were

investment

grade

corporates,

domestic

high

yield

corporates

and

non-Agency

residential

mortgage-backed

securities.

All

three

sectors

generated

strong

interest

income

and

experienced

spread

tightening

en

route

to

outperforming

every

sector

in

the

index.

The

biggest

detractor

from

performance

was

Treasuries,

which

experienced

duration-related

price

declines

in

a

period

of

rising

interest

rates.

For

additional

performance

information,

please

refer

to

the

“Standardized

Performance

Summary.”

DoubleLine

Shiller

CAPE

®

U.S.

Equities

ETF

For

the

12-month

period

ended

September

30,

2023,

the

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

posted

a

significant

positive

return

but

underperformed

the

S&P

500

Index’s

21.62%.

During

the

period,

the

Shiller

Barclays

CAPE®

U.S.

Sector

Total

Return

USD

Index,

which

the

Fund

is

guided

by,

was

allocated

to

eight

sectors:

consumer

discretionary,

consumer

staples,

communication

services,

financials,

healthcare,

materials,

technology

and

real

estate.

The

Fund

owned

U.S.

equity

securities

in

these

eight

sectors

during

the

period,

and

six

of

the

eight

allocations

appreciated

in

value.

The

technology

and

consumer

discretionary

allocations

were

the

biggest

contributors

to

Fund

performance;

consumer

staples

and

healthcare

were

the

biggest

detractors.

This

ETF

is

different

from

traditional

ETFs.

Traditional

ETFs

tell

the

public

what

assets

they

hold

each

day.

This

ETF

will

not.

This

may

create

additional

risks

for

your

investment.

For

example:  

• You

may

have

to

pay

more

money

to

trade

the

ETF’s

shares.

This

ETF

will

provide

less

information

to

traders,

who

tend

to

charge

more

for

trades

when

they

have

less

information.

• The

price

you

pay

to

buy

ETF

shares

on

an

exchange

may

not

match

the

value

of

the

ETF’s

portfolio.

The

same

is

true

when

you

sell

shares.

These

price

differences

may

be

greater

for

this

ETF

compared

to

other

ETFs

because

it

provides

less

information

to

traders.

• These

additional

risks

may

be

even

greater

in

bad

or

uncertain

market

conditions.

The

differences

between

this

ETF

and

other

ETFs

may

also

have

advantages.

By

keeping

certain

information

about

the

ETF

secret,

this

ETF

may

face

less

risk

that

other

traders

can

predict

or

copy

its

investment

strategy.

This

may

improve

the

ETF’s

performance.

If

other

traders

are

able

to

copy

or

predict

the

ETF’s

investment

strategy,

however,

this

may

hurt

the

ETF’s

performance.

For

additional

information

regarding

the

unique

attributes

and

risks

of

the

ETF,

see

the

Prospectus

and

SAI,

which

are

available

on

www.doubleline.

com.

For

additional

performance

information,

please

refer

to

the

“Standardized

Performance

Summary.”

12-Month

Period

Ended

9-30-23

12

months

Total

Return

based

on

NAV

0.84%

Total

Return

based

on

Market

Price

0.73%

Bloomberg

US

Aggregate

Bond

Index

*

0.64%

*

Reflects

no

deduction

for

fees,

expenses,

or

taxes.

12-Month

Period

Ended

9-30-23

12

months

Total

Return

based

on

NAV

19.54%

Total

Return

based

on

Market

Price

19.47%

S&P

500

Index

*

21.62%

*

Reflects

no

deduction

for

fees,

expenses,

or

taxes.

(Unaudited)

September

30,

2023

Annual

Report

|

September

30,

2023

7

DoubleLine

Commercial

Real

Estate

ETF

From

inception

until

September

30,

2023,

the

DoubleLine

Commercial

Real

Estate

ETF

significantly

outperformed

the

benchmark

Bloomberg

US

Aggregate

1-3

Year

Bond

Index

return

of

0.37%.

Yields

pushed

higher

across

the

U.S.

Treasury

curve

in

the

period,

with

the

two-year

yield

up

102

basis

points

(bps)

and

the

five-year

yield

up

104

bps.

A

shorter

duration

profile

relative

to

the

index

and

asset

allocation

contributed

to

the

Fund’s

performance.

The

Fund

benefited

from

maintaining

a

duration

roughly

one

year

shorter

than

the

index

during

a

period

of

rising

interest

rates.

While

the

Fund’s

Agency

commercial

mortgage-backed

securities

(CMBS)

exposure

detracted

from

performance,

the

Fund

benefited

from

its

allocation

to

non-Agency

CMBS.

The

Fund

was

predominantly

allocated

to

the

AAA-rated

portion

of

the

capital

structure,

which

protected

the

Fund

from

losses

and

spread

widening

exhibited

by

lower-rated

securities.

The

Fund

also

benefited

from

its

exposure

to

floating-rate

assets,

boosted

by

the

significant

rise

in

interest

rates.

In

addition,

the

Fund

tactically

added

a

diversified

mix

of

property

types

that

softened

headline

risk

impacts

throughout

the

period.

For

additional

performance

information,

please

refer

to

the

“Standardized

Performance

Summary.”

DoubleLine

Mortgage

ETF 

From

inception

until

September

30,

2023,

the

DoubleLine

Mortgage

ETF

performed

in

line

with

the

benchmark

Bloomberg

US

Mortgage-Backed

Securities

(MBS)

Index

return

of

negative

4.67%.

U.S.

Treasury

yields

pushed

higher

across

the

curve

in

the

period,

with

the

two-year

yield

up

102

basis

points

(bps),

10-year

yield

up

110

bps

and

30-year

yield

up

105

bps.

Out-of-index

exposures,

such

as

Agency

collateralized

mortgage

obligations

(CMOs)

and

non-Agency

MBS,

contributed

to

the

Fund’s

performance.

The

CMO

allocation

benefited

from

higher

carry

as

well

as

a

short

overall

duration;

the

non-Agency

MBS

allocation

benefited

from

spread

tightening

and

supply-demand

dynamics.

The

Fund

also

benefited

from

a

compositional

pass-through

makeup

that

is

weighted

more

toward

higher-coupon

securities

relative

to

the

index.

Treasury

exposures

detracted

from

Fund

performance,

hurt

by

their

long

duration

in

a

period

of

rising

interest

rates.

For

additional

performance

information,

please

refer

to

the

“Standardized

Performance

Summary.”

Past

Performance

is

not

a

guarantee

of

future

results. Fund

investing

involves

risk. 

Principal

loss

is

possible.

Diversification

does

not

assure

a

profit

or

protect

against

loss

in

a

declining

market.

Opinions

expressed

herein

are

as

of

September

30,

2023,

and

are

subject

to

change

at

any

time,

are

not

guaranteed

and

should

not

be

considered

investment

advice.

This

report

is

for

the

information

of

shareholders

of

the

Funds.

It

may

also

be

used

as

sales

literature

when

preceded

or

accompanied

by

the

current

prospectus.

Each

Fund's

investment

objectives,

risks,

charges

and

expenses

must

be

considered

carefully

before

investing.

The

statutory

prospectus

and

summary

prospectus

contain

this

and

other

important

information

about

the

investment

company,

and

may

be

obtained

by

calling

(855)

937-0772,

or

visiting

www.doubleline.com.

Read

them

carefully

before

investing.

The

performance

information

shown

assumes

the

reinvestment

of

all

dividends

and

distributions.

Investment

performance

reflects

management

fees

and

other

fund

expenses,

including

any

applicable

fee

waivers

that

are

in

effect

with

respect

to

a

particular

Fund.

In

the

absence

of

such

waivers,

total

return

would

be

reduced.

Returns

over

1

year

are

average

annual

returns.

Performance

data

quoted

represents

past

performance;

past

performance

does

not

guarantee

future

results

and

does

not

reflect

the

deduction

of

any

taxes

a

shareholder

would

pay

on

fund

distributions

or

the

sale

of

fund

shares.

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.

The

Funds’

gross

and

net

expense

ratios

also

include

“acquired

fund

fees

and

expenses,”

which

are

expenses

incurred

indirectly

as

a

result

of

a

Fund’s

investments

in

one

or

more

underlying

funds,

including

ETFs

and

money

market

funds.

Because

these

costs

are

indirect,

the

expense

ratios

will

not

correlate

to

the

expense

ratios

in

the

Funds’

financial

statements,

since

financial

statements

only

include

direct

costs

of

the

Funds

and

not

indirect

costs

of

investing

in

the

underlying

funds.

Performance

data

current

to

the

most

recent

month-end

may

be

obtained

by

calling

(855)

937-0772,

or

visiting

www.doubleline.com 

Since

Inception

Period

Ended

9-30-23

Since

Inception

(March

31,

2023)

Total

Return

based

on

NAV

2.69%

Total

Return

based

on

Market

Price

2.91%

Bloomberg

US

Aggregate

1-3

Year

Bond

Index

*

0.37%

*

Reflects

no

deduction

for

fees,

expenses,

or

taxes.

Since

Inception

Period

Ended

9-30-23

Since

Inception

(March

31,

2023)

Total

Return

based

on

NAV

-4.67%

Total

Return

based

on

Market

Price

-4.55%

Bloomberg

US

Agency

Mortgage-Backed

Securities

(MBS)

Index

*

-4.67%

*

Reflects

no

deduction

for

fees,

expenses,

or

taxes.

Management’s

Discussion

of

Fund

Performance

(Cont.)

8

DoubleLine

ETF

Trust

Fund

holdings

and

sector

allocations

are

subject

to

change

at

any

time

and

are

not

recommendations

to

buy

or

sell

any

security.

Please

refer

to

the

Schedules

of

Investments

for

a

complete

list

of

Fund

holdings

as

of

period

end. 

DoubleLine

Opportunistic

Bond

ETF

(DBND)

Disclosure

Investments

in

debt

securities

typically

decrease

in

value

when

interest

rates

rise.

This

risk

is

usually

greater

for

longer-term

debt

securities.

Investments

in

lower-rated

and

non-rated

securities

present

a

greater

risk

of

loss

to

principal

and

interest

than

higher-rated

securities.

Investments

in

ABS,

MBS,

and

floating

rate

securities

include

additional

risks

that

investors

should

be

aware

of

such

as

credit

risk,

prepayment

risk,

possible

illiquidity

and

default,

as

well

as

increased

susceptibility

to

adverse

economic

developments.

Investments

in

floating

rate

securities

include

additional

risks

that

investors

should

be

aware

of

such

as

credit

risk,

interest

rate

risk,

possible

illiquidity

and

default,

as

well

as

increased

susceptibility

to

adverse

economic

developments.

The

Fund

invests

in

foreign

securities

which

involve

greater

volatility

and

political,

economic

and

currency

risks

and

differences

in

accounting

methods.

These

risks

are

greater

for

investments

in

emerging

markets.

The

Fund

may

use

leverage

which

may

cause

the

effect

of

an

increase

or

decrease

in

the

value

of

the

portfolio

securities

to

be

magnified

and

the

Fund

to

be

more

volatile

than

if

leverage

was

not

used.

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.

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

involve

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

Funds

ability

to

sell

its

shares.

DoubleLine

Shiller

CAPE

®

U.S.

Equities

ETF

(CAPE)

Disclosure 

Equities

may

decline

in

value

due

to

both

real

and

perceived

general

market,

economic

and

industry

conditions.

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.

ETF

investments

involve

additional

risks

such

as

the

market

price

trading

at

a

discount

to

its

net

asset

value,

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.

Barclays

Bank

PLC

and

its

affiliates

(“Barclays”)

is

not

the

developer

or

implementer

of

the

DoubleLine

Shiller

CAPE

®

U.S.

Equities

ETF

(the

“ETF”)

and

Barclays

has

no

responsibilities,

obligations

or

duties

to

investors

in

the

ETF.

The

Shiller

Barclays

CAPE

®

US

Sector

USD

Index

(the

“Index”)

is

a

trademark

owned

by

Barclays

Bank

PLC

and

licensed

for

use

by

DoubleLine.

While

DoubleLine

may

execute

transaction(s)

with

Barclays

in

or

relating

to

the

ETF

or

the

Index,

investors

acquire

interests

solely

in

their

account

and

investors

neither

acquire

any

interest

in

the

ETF

or

the

Index

nor

enter

into

any

relationship

of

any

kind

whatsoever

with

Barclays

upon

making

an

investment.

The

ETF

is

not

sponsored,

endorsed,

sold

or

promoted

by

Barclays

and

Barclays

makes

no

representation

regarding

the

advisability

of

investing

in

the

ETF

or

the

use

of

the

Index

or

any

data

included

therein.

Barclays

shall

not

be

liable

in

any

way

to

investors

or

to

other

third

parties

in

respect

of

the

use

or

accuracy

of

the

ETF,

the

Index

or

any

data

included

therein.

The

Shiller

Barclays

Indices

have

been

developed

in

part

by

RSBB-I,

LLC,

the

research

principal

of

which

is

Robert

J.

Shiller.

RSBB-I,

LLC

is

not

an

investment

advisor,

and

does

not

guarantee

the

accuracy

or

completeness

of

the

Shiller

Barclays

Indices

or

any

data

or

methodology

either

included

therein

or

upon

which

it

is

based.

Neither

RSBB-I,

LLC

nor

Robert

J.

Shiller

or

any

of

their

respective

partners,

employees,

subcontractors,

agents,

suppliers

and

vendors

(collectively,

the

“protected

parties”),

shall

have

any

liability,

whether

caused

by

the

negligence

of

a

protected

party

or

otherwise,

for

any

errors,

omissions,

or

interruptions

therein,

and

make

no

warranties,

express

or

implied,

as

to

performance

or

results

experienced

by

any

party

from

the

use

of

any

information

included

therein

or

upon

which

it

is

based,

and

expressly

disclaim

all

warranties

of

merchantability

or

fitness

for

a

particular

purpose

with

respect

thereto,

and

shall

not

be

liable

for

any

claims

or

losses

of

any

nature

in

connection

with

the

use

of

such

information,

including

but

not

limited

to,

lost

profits

or

punitive

or

consequential

damages,

even

if

RSBB-I,

LLC,

Robert

J.

Shiller

or

any

protected

party

is

advised

of

the

possibility

of

same.

Shiller

Barclays

CAPE

US

Sector

TR

USD

Index

incorporates

the

principles

of

long-term

investing

distilled

by

Dr.

Robert

Shiller

and

expressed

through

the

CAPE

®

(Cyclically

Adjusted

Price

Earnings)

ratio

(the

“CAPE

®

Ratio”).

It

aims

to

identify

undervalued

sectors

based

on

a

modified

CAPE

®

Ratio,

and

then

uses

a

momentum

factor

to

seek

to

mitigate

the

effects

of

potential

value

trap.

None

of

the

information

supplied

by

Barclays

Bank

PLC

and

used

in

this

publication

may

be

reproduced

in

any

manner

without

the

prior

written

permission

of

Barclays

Capital,

the

investment

banking

division

of

Barclays

Bank

PLC.

Barclays

Bank

PLC

is

registered

in

England

No.

1026167.

Registered

office

1

Churchill

Place

London

E14

5HP.

DoubleLine

Commercial

Real

Estate

ETF

(DCMB)

Disclosure

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.

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.

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.   

(Unaudited)

September

30,

2023

Annual

Report

|

September

30,

2023

9

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.

DoubleLine

Mortgage

ETF

(DMBS)

Disclosure

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.

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.

Agency

–

Refers

to

mortgage-backed

securities

(MBS)

whose

principal

and

interest

are

guaranteed

by

a

U.S.

government

agency

such

as

Fannie

Mae

(FNMA)

or

Freddie

Mac

(FHLMC).

Basis

Points

(bps)

–

Basis

points

(or

basis

point

(bp))

refer

to

a

common

unit

of

measure

for

interest

rates

and

other

percentages

in

finance.

One

basis

point

is

equal

to

1/100th

of

1%,

or

0.01%

or

0.0001,

and

is

used

to

denote

the

percentage

change

in

a

financial

instrument.

The

relationship

between

percentage

changes

and

basis

points

can

be

summarized

as:

1%

change

=

100

basis

points;

0.01%

=

1

basis

point.

Bloomberg

US

Agency

Mortgage-Backed

Securities

(MBS)

Index

–

This

index

tracks

Agency

mortgage-backed

pass-through

securities

guaranteed

by

government-

sponsored

enterprises

(GSEs).

Bloomberg

US

Aggregate

Bond

Index

–

This

index

(the

“Agg”)

represents

securities

that

are

SEC

registered,

taxable

and

dollar

denominated.

It

covers

the

U.S.

investment

grade,

fixed-rate

bond

market,

with

components

for

government

and

corporate

securities,

mortgage

pass-through

securities

and

asset-backed

securities.

These

major

sectors

are

subdivided

into

more

specific

indexes

that

are

calculated

and

reported

on

a

regular

basis.

Bloomberg

US

Aggregate

1-3

Year

Bond

Index

–

This

index

tracks

the

one-

to

three-year

component

of

the

Bloomberg

US

Aggregate

Bond

Index,

which

represents

securities

that

are

SEC

registered,

taxable

and

dollar

denominated

in

the

U.S.

investment

grade,

fixed-rate

bond

market.

Collateralized

Mortgage

Obligation

(CMO)

–

Refers

to

a

type

of

mortgage-backed

security

that

contains

a

pool

of

mortgages

bundled

together

and

sold

as

an

investment.

Organized

by

maturity

and

level

of

risk,

CMOs

receive

cash

flows

as

borrowers

repay

the

mortgages

that

act

as

collateral

on

these

securities.

In

turn,

CMOs

distribute

principal

and

interest

payments

to

investors

based

on

predetermined

rules

and

agreements.

Commercial

Mortgage-Backed

Securities

(CMBS)

–

Securitized

loans

made

on

commercial

rather

than

residential

properties.

Dow

Jones

Industrial

Average

(DJIA)

–

This

index

tracks

30

large

publicly

owned

companies

trading

on

the

New

York

Stock

Exchange

and

the

Nasdaq.

Duration

–

Measure

of

the

sensitivity

of

the

price

of

a

bond

or

other

debt

instrument

to

a

change

in

interest

rates.

Federal

Funds

Rate

—

Target

interest

rate,

set

by

the

Federal

Reserve

at

its

Federal

Open

Market

Committee

(FOMC)

meetings,

at

which

commercial

banks

borrow

and

lend

their

excess

reserves

to

each

other

overnight.

The

Fed

sets

a

target

federal

funds

rate

eight

times

a

year,

based

on

prevailing

economic

conditions.

Federal

Open

Market

Committee

(FOMC)

—

Branch

of

the

Federal

Reserve

System

that

determines

the

direction

of

monetary

policy

specifically

by

directing

open

market

operations.

The

FOMC

comprises

the

seven

board

governors

and

five

(out

of

12)

Federal

Reserve

Bank

presidents.

Gross

Domestic

Product

(GDP)

—

Market

value

of

all

final

goods

and

services

produced

within

a

country

in

a

given

period.

GDP

is

considered

an

indicator

of

a

country’s

standard

of

living.

High

Yield

(HY)

–

Bonds

that

pay

higher

interest

rates

because

they

have

lower

credit

ratings

than

investment

grade

(IG)

bonds.

HY

bonds

are

more

likely

to

default,

so

they

must

pay

a

higher

yield

than

IG

bonds

to

compensate

investors.

Investment

Grade

(IG)

–

Rating

that

signifies

a

municipal

or

corporate

bond

presents

a

relatively

low

risk

of

default.

Bonds

below

this

designation

are

considered

to

have

a

high

risk

of

default

and

are

commonly

referred

to

as

high

yield

(HY)

or

“junk

bonds.”

The

higher

the

bond

rating

the

more

likely

the

bond

will

return

100

cents

on

the

U.S.

dollar.

ISM

Manufacturing

PMI

–

This

index

(which

used

to

be

called

the

ISM

Manufacturing

Purchasing

Managers

Index)

is

compiled

by

the

Institute

for

Supply

Management

and

tracks

the

economic

health

of

the

manufacturing

sector.

The

index

is

based

on

five

major

indicators:

new

orders,

inventory

levels,

production,

supplier

deliveries

and

employment

environment.

A

number

below

50

is

considered

a

contractionary

signal

for

the

economy;

a

number

above

50

is

considered

expansionary.

Job

Openings

and

Labor

Turnover

Survey

(JOLTS)

–

Conducted

by

the

U.S.

Bureau

of

Labor

Statistics,

JOLTS

involves

the

monthly

collection,

processing

and

dissemination

of

job

openings

and

labor

turnover

data.

The

data,

collected

from

sampled

establishments

on

a

voluntary

basis,

includes

employment,

job

openings,

hires,

quits,

layoffs,

discharges

and

other

separations.

The

number

of

unfilled

jobs

–

used

to

calculate

the

job

openings

rate

–

is

an

important

measure

of

the

unmet

demand

for

labor,

providing

a

more

complete

picture

of

the

U.S.

labor

market

than

by

looking

solely

at

the

unemployment

rate.

Leading

Economic

Index

(LEI)

–

This

index,

published

by

the

Conference

Board,

tracks

a

group

of

composite

indexes

(manufacturers’

orders,

initial

unemployment

insurance

claims,

et

al.)

as

a

means

of

gauging

the

strength

of

a

particular

industry

or

the

economy.

Morgan

Stanley

Capital

International

(MSCI)

Europe

Index

–

This

index

is

U.S.

dollar

denominated

and

represents

the

performance

of

large-

and

mid-cap

equities

across

15

developed

countries

in

Europe.

It

covers

approximately

85%

of

the

free

float-adjusted

market

capitalization

in

each

country.

Mortgage-Backed

Securities

(MBS)

–

Investment

similar

to

a

bond

that

is

made

up

of

a

bundle

of

home

loans

bought

from

the

banks

that

issued

them.

Investors

in

MBS

receive

periodic

payments

similar

to

bond

coupon

payments.

Non-Agency

Residential

Mortgage-Backed

Security

(RMBS)

–

Debt-based

security

(similar

to

a

bond),

backed

by

the

interest

paid

on

loans

for

residences.

The

interest

on

loans

such

as

mortgages,

home-equity

loans

and

subprime

mortgages

is

considered

to

be

something

with

a

comparatively

low

rate

of

default

and

a

comparatively

high

rate

of

interest,

since

there

is

a

high

demand

for

the

ownership

of

a

personal

or

family

residence.

“Non-Agency”

refers

to

RMBS

not

issued

by

the

government-

sponsored

enterprises.

Management’s

Discussion

of

Fund

Performance

(Cont.)

10

DoubleLine

ETF

Trust

Russell

1000

Value

(RLV)

Index

–

This

index

measures

the

performance

of

the

large-capitalization

value

segment

of

the

U.S.

equity

universe.

It

includes

Russell

1000

Index

companies

with

lower

price-to-book

ratios

and

lower

expected

growth

values.

Value

stocks

are

shares

of

a

company

that

appear

to

trade

at

a

lower

price

relative

to

the

company’s

fundamentals.

S&P

500

Index

–

This

unmanaged

capitalization-weighted

index

of

the

stocks

of

the

500

largest

publicly

traded

U.S.

companies

is

designed

to

measure

performance

of

the

broad

domestic

economy

through

changes

in

the

aggregate

market

value

of

the

500

stocks,

which

represent

all

major

industries.

Shiller

Barclays

CAPE

®

U.S.

Sector

Total

Return

USD

Index

–

This

index

incorporates

the

principles

of

long-term

investing

distilled

by

Dr.

Robert

Shiller

and

expressed

through

the

CAPE

®

(cyclically

adjusted

price-to-earnings)

ratio

(the

“CAPE

®

ratio”).

It

aims

to

identify

undervalued

sectors

based

on

a

modified

CAPE

®

ratio

and

then

uses

a

momentum

factor

to

seek

to

mitigate

the

effects

of

potential

value

traps.

Spread

–

Difference

between

yields

on

differing

debt

instruments,

calculated

by

deducting

the

yield

of

one

instrument

from

another.

The

higher

the

yield

spread,

the

greater

the

difference

between

the

yields

offered

by

each

instrument.

The

spread

can

be

measured

between

debt

instruments

of

differing

maturities,

credit

ratings

or

risk.

U-3

Unemployment

Rate

–

Officially

recognized

rate

of

unemployment,

compiled

and

released

monthly

by

the

U.S.

Bureau

of

Labor

Statistics,

measuring

the

number

of

unemployed

people

as

a

percentage

of

the

labor

force.

An

investment

cannot

be

made

directly

in

an

index.

The

performance

of

any

index

mentioned

in

this

commentary

has

not

been

adjusted

for

ongoing

expenses

applicable

to

fund

investments.

This

commentary

may

include

statements

that

constitute

“forward-looking

statements”

under

the

U.S.

securities

laws.

Forward-looking

statements

include,

among

other

things,

projections,

estimates,

and

information

about

possible

or

future

results

related

to

a

Fund

and

market

or

regulatory

developments.

The

views

expressed

above

are

not

guarantees

of

future

performance

or

economic

results

and

involve

certain

risks,

uncertainties

and

assumptions

that

could

cause

actual

outcomes

and

results

to

differ

materially

from

the

views

expressed

herein.

DoubleLine

has

no

obligation

to

provide

revised

assessments

in

the

event

of

changed

circumstances.

While

we

have

gathered

this

information

from

sources

believed

to

be

reliable,

DoubleLine

cannot

guarantee

the

accuracy

of

the

information

provided.

Securities

discussed

are

not

recommendations

and

are

presented

as

examples

of

issue

selection

or

portfolio

management

processes.

They

have

been

picked

for

comparison

or

illustration

purposes

only.

No

security

presented

within

is

either

offered

for

sale

or

purchase.

DoubleLine

reserves

the

right

to

change

its

investment

perspective

and

outlook

without

notice

as

market

conditions

dictate

or

as

additional

information

becomes

available.

Investment

strategies

may

not

achieve

the

desired

results

due

to

implementation

lag,

other

timing

factors,

portfolio

management

decision

making,

economic

or

market

conditions

or

other

unanticipated

factors.

The

views

and

forecasts

expressed

in

this

material

are

as

of

the

date

indicated,

are

subject

to

change

without

notice,

may

not

come

to

pass

and

do

not

represent

a

recommendation

or

offer

of

any

particular

security,

strategy,

or

investment.

Past

performance

is

no

guarantee

of

future

results.

DoubleLine

ETFs

are

distributed

by

Foreside

Fund

Distributors,

LLC.

DoubleLine

®

is

a

registered

trademark

of

DoubleLine

Capital

LP.

©

2023

DoubleLine

Capital

LP

Annual

Report

|

September

30,

2023

11

Standardized

Performance

Summary

(Unaudited)

September

30,

2023

*Reflects

no

deduction

for

fees,

expenses

and

taxes.

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.  

Short

term

performance,

in

particular,

is

not

a

good

indication

of

the

fund’s

future

performance,

and

an

investment

should

not

be

made

based

solely

on

returns.

DBND

DoubleLine

Opportunistic

Bond

ETF

Returns

as

of

September

30,

2023

1-Year

Since

Inception  

(Not

Annualized)

(03-31-22

to

09-30-23)

Expense

Ratio

Total

Return

based

on

NAV

0.84%

-4.60%

0.50%

Total

Return

based

on

Market

Price

0.73%

-4.62%

Bloomberg

US

Aggregate

Bond

Index

*

0.64%

-5.84%

CAPE

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

Returns

as

of

September

30,

2023

1-Year

Since

Inception  

(Not

Annualized)

(03-31-22

to

09-30-23)

Expense

Ratio

Total

Return

based

on

NAV

19.54%

-2.70%

0.65%

Total

Return

based

on

Market

Price

19.47%

-2.78%

S&P

500

Index

*

21.62%

-1.97%

DCMB

DoubleLine

Commercial

Real

Estate

ETF

Returns

as

of

September

30,

2023

Since

Inception  

(Not

Annualized)

(03-31-23

to

09-30-23)

Expense

Ratio

Total

Return

based

on

NAV

2.69%

0.39%

Total

Return

based

on

Market

Price

2.91%

Bloomberg

US

Aggregate

1-3

Year

Bond

Index

*

0.37%

DMBS

DoubleLine

Mortgage

ETF

Returns

as

of

September

30,

2023

Since

Inception  

(Not

Annualized)

(03-31-23

to

09-30-23)

Expense

Ratio

Total

Return

based

on

NAV

-4.67%

0.49%

Total

Return

based

on

Market

Price

-4.55%

Bloomberg

US

Agency

Mortgage-Backed

Securities

(MBS)

Index

*

-4.67%

Growth

of

Investment

12

DoubleLine

ETF

Trust

(Unaudited)

September

30,

2023

DoubleLine

Opportunistic

Bond

ETF

Value

of

a

$100,000

Investment

Average

Total

Returns

1

As

of

September

30,

2023

2

1

Year

Since

Inception

(3/31/2022)

DoubleLine

Opportunistic

Bond

ETF

Total

Return

based

on

NAV

0.84%

-4.60%

Total

Return

based

on

Market

Price

0.73%

-4.62%

Bloomberg

US

Aggregate

Bond

Index

0.64%

-5.84%

1

Past

performance

is

not

an

indication

of

future

results.

Returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

expense

limitations

and

the

effects

of

compounding.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

www.doubleLine.com

.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

Call

(855)

937-0772

or

visit

www.doubleLine.com

for

performance

results

current

to

the

most

recent

month-end.

2

Bloomberg

US

Aggregate

Bond

Index

–

This

index

(the

“Agg”)

represents

securities

that

are

SEC

registered,

taxable

and

dollar

denominated.

It

covers

the

U.S.

investment

grade,

fixed-rate

bond

market,

with

components

for

government

and

corporate

securities,

mortgage

pass-through

securities

and

asset-

backed

securities.

These

major

sectors

are

subdivided

into

more

specific

indexes

that

are

calculated

and

reported

on

a

regular

basis.

Index

performance

reflects

no

deduction

for

fees,

expenses

or

taxes.

The

Fund’s

investments

likely

will

diverge

widely

from

the

components

of

the

benchmark

index,

which

could

lead

to

performance

dispersion

between

the

Fund

and

the

benchmark

index,

meaning

that

the

Fund

could

outperform

or

underperform

the

indices

at

any

given

time.

Please

note

that

an

investor

cannot

invest

directly

in

an

index.

Growth

of

Investment

(Cont.)

(Unaudited)

September

30,

2023

Annual

Report

|

September

30,

2023

13

DoubleLine

Shiller

CAPE

®

U.S.

Equities

ETF

Value

of

a

$100,000

Investment

Average

Total

Returns

1

As

of

September

30,

2023

2

1

Year

Since

Inception

(3/31/2022)

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

Total

Return

based

on

NAV

19.54%

-2.70%

Total

Return

based

on

Market

Price

19.47%

-2.78%

S&P

500

Index

21.62%

-1.97%

1

Past

performance

is

not

an

indication

of

future

results.

Returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

expense

limitations

and

the

effects

of

compounding.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

www.doubleLine.com

.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

Call

(855)

937-0772

or

visit

www.doubleLine.com

for

performance

results

current

to

the

most

recent

month-end.

2

S&P

500

Index

–

This

unmanaged

capitalization-weighted

index

of

the

stocks

of

the

500

largest

publicly

traded

U.S.

companies

is

designed

to

measure

performance

of

the

broad

domestic

economy

through

changes

in

the

aggregate

market

value

of

the

500

stocks,

which

represent

all

major

industries.

Index

performance

reflects

no

deduction

for

fees,

expenses

or

taxes.

The

Fund’s

investments

likely

will

diverge

widely

from

the

components

of

the

indices,

which

could

lead

to

performance

dispersion

between

the

Fund

and

each

applicable

index,

meaning

that

the

Fund

could

outperform

or

underperform

the

indices

at

any

given

time.

Please

note

that

an

investor

cannot

invest

directly

in

an

index.

Growth

of

Investment

(Cont.)

14

DoubleLine

ETF

Trust

(Unaudited)

September

30,

2023

DoubleLine

Commercial

Real

Estate

ETF

Value

of

a

$100,000

Investment

Since

Inception

Total

Returns

1

As

of

September

30,

2023

2

Since

Inception

(3/31/2023)

DoubleLine

Commercial

Real

Estate

ETF

Total

Return

based

on

NAV

2.69%

Total

Return

based

on

Market

Price

2.91%

Bloomberg

US

Aggregate

1-3

Year

Bond

Index

0.37%

1

Past

performance

is

not

an

indication

of

future

results.

Returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

expense

limitations

and

the

effects

of

compounding.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

www.doubleLine.com

.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

Call

(855)

937-0772

or

visit

www.doubleLine.com

for

performance

results

current

to

the

most

recent

month-end.

2

Bloomberg

US

Aggregate

1-3

Year

Bond

Index

–

This

index

tracks

the

one-

to

three-year

component

of

the

Bloomberg

US

Aggregate

Bond

Index,

which

represents

securities

that

are

SEC

registered,

taxable

and

dollar

denominated

in

the

U.S.

investment

grade,

fixed-rate

bond

market.

Index

performance

reflects

no

deduction

for

fees,

expenses

or

taxes.

The

Fund’s

investments

likely

will

diverge

widely

from

the

components

of

the

benchmark

index,

which

could

lead

to

performance

dispersion

between

the

Fund

and

the

benchmark

index,

meaning

that

the

Fund

could

outperform

or

underperform

the

indices

at

any

given

time.

Please

note

that

an

investor

cannot

invest

directly

in

an

index.

Growth

of

Investment

(Cont.)

(Unaudited)

September

30,

2023

Annual

Report

|

September

30,

2023

15

DoubleLine

Mortgage

ETF

Value

of

a

$100,000

Investment

Since

Inception

Total

Returns

1

As

of

September

30,

2023

2

Since

Inception

(3/31/2023)

DoubleLine

Mortgage

ETF

Total

Return

based

on

NAV

-4.67%

Total

Return

based

on

Market

Price

-4.55%

Bloomberg

US

Agency

Mortgage-Backed

Securities

(MBS)

Index

-4.67%

1

Past

performance

is

not

an

indication

of

future

results.

Returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

expense

limitations

and

the

effects

of

compounding.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

www.doubleLine.com

.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

Call

(855)

937-0772

or

visit

www.doubleLine.com

for

performance

results

current

to

the

most

recent

month-end.

2

Bloomberg

US

Agency

Mortgage-Backed

Securities

(MBS)

Index

–

This

index

tracks

Agency

mortgage-backed

pass-through

securities

guaranteed

by

government-sponsored

enterprises

(GSEs).

Index

performance

reflects

no

deduction

for

fees,

expenses

or

taxes.

The

Fund’s

investments

likely

will

diverge

widely

from

the

components

of

the

benchmark

index,

which

could

lead

to

performance

dispersion

between

the

Fund

and

the

benchmark

index,

meaning

that

the

Fund

could

outperform

or

underperform

the

indices

at

any

given

time.

Please

note

that

an

investor

cannot

invest

directly

in

an

index.

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

September

30,

2023

16

DoubleLine

ETF

Trust

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

P

RINCIPAL

A

MOUNT

$/S

HARES

S

ECURITY

D

ESCRIPTION

R

ATE

M

ATURITY

V

ALUE

$

ASSET

BACKED

OBLIGATIONS

9.6%

Affirm

Asset

Securitization

Trust

,

750,000

‌

Series

2022-A-A

4.30%

(a)

05/17/2027

734,235

‌

Aligned

Data

Centers

Issuer

LLC

,

600,000

‌

Series

2023-1A-A2

6.00%

(a)

08/17/2048

578,569

‌

AMSR

Trust

,

2,100,000

‌

Series

2023-SFR2-A

3.95%

(a)

06/17/2040

1,919,351

‌

CyrusOne

Data

Centers

Issuer

I

LLC

,

500,000

‌

Series

2023-1A-A2

4.30%

(a)

04/20/2048

441,774

‌

DataBank

Issuer

,

500,000

‌

Series

2023-1A-A2

5.12%

(a)

02/25/2053

454,959

‌

Diamond

Resorts

Owner

Trust

,

150,370

‌

Series

2021-1A-A

1.51%

(a)

11/21/2033

138,034

‌

EWC

Master

Issuer

LLC

,

493,750

‌

Series

2022-1A-A2

5.50%

(a)

03/15/2052

455,844

‌

GLS

Auto

Receivables

Issuer

Trust

,

434,386

‌

Series

2021-2A-C

1.08%

(a)

06/15/2026

425,199

‌

Hilton

Grand

Vacations

Trust

,

260,873

‌

Series

2022-1D-C

4.69%

(a)

06/20/2034

245,856

‌

Lendbuzz

Securitization

Trust

,

745,694

‌

Series

2022-1A-A

4.22%

(a)

05/17/2027

723,424

‌

MetroNet

Infrastructure

Issuer

LLC

,

300,000

‌

Series

2023-1A-A2

6.56%

(a)

04/20/2053

290,985

‌

Mosaic

Solar

Loan

Trust

,

606,506

‌

Series

2018-2GS-A

4.20%

(a)

02/22/2044

540,674

‌

Pagaya

AI

Debt

Trust

,

424,379

‌

Series

2023-3-A

7.60%

(a)

12/16/2030

426,541

‌

PAGAYA

AI

Debt

Trust

,

204,858

‌

Series

2022-2-A

4.97%

(a)

01/15/2030

202,723

‌

PRET

LLC

,

364,379

‌

Series

2022-NPL2-A1

5.24%

(a)(b)

04/25/2052

355,007

‌

383,482

‌

Series

2022-NPL3-A1

5.93%

(a)(b)

06/25/2052

373,067

‌

Prosper

Marketplace

Issuance

Trust

,

1,000,000

‌

Series

2023-1A-A

7.06%

(a)

07/16/2029

1,000,846

‌

PRPM

LLC

,

1,019,346

‌

Series

2022-5-A1

6.90%

(a)(b)

09/27/2027

1,012,898

‌

Santander

Drive

Auto

Receivables

Trust

,

698,497

‌

Series

2020-4-D

1.48%

01/15/2027

680,496

‌

SEB

Funding

LLC

,

498,750

‌

Series

2021-1A-A2

4.97%

(a)

01/30/2052

446,532

‌

Sierra

Timeshare

Receivables

Funding

LLC

,

269,778

‌

Series

2019-2A-A

2.59%

(a)

05/20/2036

261,797

‌

SMB

Private

Education

Loan

Trust

,

750,000

‌

Series

2021-A-B

2.31%

(a)

01/15/2053

682,737

‌

STWD

Ltd.

,

300,000

‌

Series

2019-FL1-AS

(CME

Term

SOFR

1

Month

+

1.51%,

1.51%

Floor)

6.85%

(a)

07/15/2038

291,450

‌

Theorem

Funding

Trust

,

365,059

‌

Series

2023-1A-A

7.58%

(a)

04/15/2029

366,558

‌

TierPoint

Issuer

LLC

,

500,000

‌

Series

2023-1A-A2

6.00%

(a)

06/25/2053

477,924

‌

TRTX

Issuer

Ltd.

,

208,357

‌

Series

2021-FL4-A

(CME

Term

SOFR

1

Month

+

1.31%,

1.20%

Floor)

6.65%

(a)

03/15/2038

204,329

‌

Upstart

Securitization

Trust

,

500,000

‌

Series

2021-4-B

1.84%

(a)

09/20/2031

480,208

‌

1,000,000

‌

Series

2021-5-B

2.49%

(a)

11/20/2031

953,916

‌

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Vantage

Data

Centers

Issuer

LLC

,

623,458

‌

Series

2019-1A-A2

3.19%

(a)

07/15/2044

605,679

‌

VOLT

C

LLC

,

340,943

‌

Series

2021-NPL9-A1

1.99%

(a)(b)

05/25/2051

316,797

‌

VOLT

CI

LLC

,

433,461

‌

Series

2021-NP10-A1

1.99%

(a)(b)

05/25/2051

397,960

‌

Washington

Mutual

WMABS

Trust

,

844,880

‌

Series

2006-HE2-A3

(CME

Term

SOFR

1

Month

+

0.41%,

0.30%

Floor)

5.73%

05/25/2036

635,484

‌

3,631,435

‌

Series

2007-HE2-

2A2

(CME

Term

SOFR

1

Month

+

0.33%,

0.22%

Floor)

5.65%

02/25/2037

1,024,275

‌

Total

Asset

Backed

Obligations

(Cost

$18,452,916)

18,146,128

BANK

LOANS

3.2%

1011778

B.C.

Unlimited

Liability

Co.

,

115,000

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.25%)

7.57%

09/23/2030

114,701

‌

Access

CIG

LLC

,

35,000

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

5.00%,

0.50%

Floor)

10.32%

08/18/2028

34,606

‌

Acrisure

LLC

,

99,742

‌

Senior

Secured

First

Lien

Term

Loan

(1

Month

LIBOR

USD

+

3.50%)

(c)

8.93%

02/15/2027

98,548

‌

ADMI

Corp.

,

29,924

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.50%

Floor)

9.18%

12/23/2027

27,989

‌

Ali

Group

North

America

Corp.

,

113,488

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.00%)

7.43%

07/30/2029

113,567

‌

AlixPartners

LLP

,

89,533

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%,

0.50%

Floor)

8.18%

02/04/2028

89,578

‌

Annual

Report

|

September

30,

2023

17

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2023

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Allied

Universal

Holdco

LLC

,

119,695

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.50%

Floor)

9.17%

05/12/2028

115,811

‌

Allspring

Buyer

LLC

,

59,848

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.25%,

0.50%

Floor)

8.95%

11/01/2028

59,362

‌

Alterra

Mountain

Co.

,

89,543

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%,

0.50%

Floor)

8.93%

08/17/2028

89,581

‌

AmWINS

Group,

Inc.

,

119,387

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.25%,

0.75%

Floor)

7.68%

02/19/2028

118,817

‌

Applied

Systems,

Inc.

,

59,700

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.50%,

0.50%

Floor)

9.89%

09/18/2026

59,950

‌

APX

Group,

Inc.

,

114,416

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%,

0.50%

Floor)

8.69%

07/10/2028

114,543

‌

AssuredPartners,

Inc.

,

35,000

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%)

9.07%

02/12/2027

35,066

‌

athenahealth

Group,

Inc.

,

39,875

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%,

0.50%

Floor)

8.57%

02/15/2029

39,239

‌

Bausch

&

Lomb

Corp.

,

74,435

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.25%,

0.50%

Floor)

8.76%

05/10/2027

72,491

‌

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

30,000

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.00%)

9.32%

09/29/2028

29,663

‌

BCPE

Empire

Holdings,

Inc.

,

119,700

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.75%,

0.50%

Floor)

10.07%

12/11/2028

119,835

‌

Boxer

Parent

Co.,

Inc.

,

43,068

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%)

9.18%

10/02/2025

43,074

‌

Buckeye

Partners

LP

,

59,846

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.25%)

7.68%

11/01/2026

59,874

‌

Carnival

Corp.

,

25,000

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%,

0.75%

Floor)

8.33%

08/09/2027

24,979

‌

Castlelake

Aviation

One

DAC

,

104,203

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.75%,

0.50%

Floor)

8.42%

10/22/2026

104,220

‌

Catalent

Pharma

Solutions,

Inc.

,

119,693

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.00%,

0.50%

Floor)

7.44%

02/22/2028

117,318

‌

CHG

Healthcare

Services,

Inc.

,

129,670

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%,

0.50%

Floor)

8.70%

09/29/2028

129,295

‌

Clarios

Global

LP

,

95,000

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%)

9.07%

05/06/2030

94,956

‌

CSC

Holdings

LLC

,

20,000

‌

Senior

Secured

First

Lien

Term

Loan

(1

Month

LIBOR

USD

+

2.50%)

(c)

7.95%

04/15/2027

18,175

‌

18

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

DIRECTV

Financing

LLC

,

23,699

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

5.00%,

0.75%

Floor)

10.43%

08/02/2027

23,216

‌

Dynasty

Acquisition

Co.,

Inc.

,

74,813

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.00%)

9.32%

08/24/2028

74,750

‌

Fertitta

Entertainment

LLC

,

99,747

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.00%,

0.50%

Floor)

9.32%

01/27/2029

98,910

‌

Focus

Financial

Partners

LLC

,

114,707

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.50%,

0.50%

Floor)

7.82%

06/30/2028

114,513

‌

Froneri

International

Ltd.

,

59,845

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.25%)

7.67%

01/29/2027

59,515

‌

Gen

Digital,

Inc.

,

54,704

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.00%,

0.50%

Floor)

7.42%

09/12/2029

54,598

‌

Genesys

Cloud

Services

Holdings

I

LLC

,

115,000

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.00%,

0.75%

Floor)

9.45%

12/01/2027

115,229

‌

GIP

Pilot

Acquisition

Partners

LP

,

20,000

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%)

8.33%

09/18/2030

19,975

‌

Graham

Packaging

Co.,

Inc.

,

19,943

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%,

0.75%

Floor)

8.43%

08/04/2027

19,927

‌

Gray

Television,

Inc.

,

29,266

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%)

8.44%

12/01/2028

28,608

‌

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Grifols

Worldwide

Operations

Ltd.

,

95,000

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.00%)

7.42%

11/15/2027

93,528

‌

GTCR

W

Merger

Sub

LLC

,

85,000

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%,

0.50%

Floor)

8.33%

09/20/2030

85,031

‌

Hub

International

Ltd.

,

15,000

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.25%,

0.75%

Floor)

9.58%

06/20/2030

15,058

‌

Ineos

U.S.

Finance

LLC

,

104,738

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%)

8.92%

02/18/2030

104,083

‌

ION

Trading

Finance

Ltd.

,

59,847

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.75%)

10.24%

04/01/2028

59,155

‌

IRB

Holding

Corp.

,

119,697

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%,

0.75%

Floor)

8.43%

12/15/2027

119,403

‌

Jazz

Pharmaceuticals

plc

,

69,409

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%,

0.50%

Floor)

8.93%

05/05/2028

69,433

‌

Leslie's

Poolmart,

Inc.

,

24,631

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%,

0.50%

Floor)

8.18%

03/09/2028

24,301

‌

Lifepoint

Health,

Inc.

,

115,000

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

5.50%)

10.82%

11/16/2028

111,981

‌

Light

&

Wonder

International,

Inc.

,

79,397

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%,

0.50%

Floor)

8.43%

04/14/2029

79,496

‌

Annual

Report

|

September

30,

2023

19

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2023

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Mavis

Tire

Express

Services

Topco

Corp.

,

89,542

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.00%,

0.75%

Floor)

9.43%

05/04/2028

89,430

‌

McAfee

Corp.

,

29,924

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.50%

Floor)

9.18%

03/01/2029

29,279

‌

Medline

Borrower

LP

,

114,381

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%,

0.50%

Floor)

8.68%

10/23/2028

114,206

‌

Olympus

Water

U.S.

Holding

Corp.

,

49,873

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%,

0.50%

Floor)

9.40%

11/09/2028

49,285

‌

Organon

&

Co.

,

115,000

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%,

0.50%

Floor)

8.44%

06/02/2028

114,971

‌

Osmosis

Buyer

Ltd.

,

114,521

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.50%

Floor)

9.08%

07/31/2028

113,546

‌

Parexel

International,

Inc.

,

114,419

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%,

0.50%

Floor)

8.68%

11/15/2028

113,756

‌

Penn

Entertainment,

Inc.

,

129,070

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%,

0.50%

Floor)

8.17%

05/03/2029

129,070

‌

Perrigo

Co.

plc

,

44,773

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.25%)

7.67%

04/20/2029

44,675

‌

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Petco

Health

&

Wellness

Co.,

Inc.

,

44,581

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.25%,

0.75%

Floor)

8.90%

03/03/2028

44,156

‌

PetSmart

LLC

,

119,391

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.75%

Floor)

9.17%

02/11/2028

119,209

‌

Pilot

Travel

Centers

LLC

,

114,415

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.00%)

7.42%

08/04/2028

114,415

‌

Playa

Resorts

Holding

BV

,

59,925

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.25%,

0.50%

Floor)

9.58%

01/05/2029

60,017

‌

Pregis

TopCo

LLC

,

49,870

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%)

9.07%

07/31/2026

49,853

‌

Prime

Security

Services

Borrower

LLC

,

79,389

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%,

0.75%

Floor)

8.19%

09/23/2026

79,362

‌

Proofpoint,

Inc.

,

114,708

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%,

0.50%

Floor)

8.68%

08/31/2028

113,903

‌

QUIKRETE

Holdings,

Inc.

,

24,937

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%)

8.18%

03/19/2029

24,971

‌

RealPage,

Inc.

,

119,695

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%,

0.50%

Floor)

8.43%

04/24/2028

118,473

‌

20

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Scientific

Games

Holdings

LP

,

44,887

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.50%,

0.50%

Floor)

8.77%

04/04/2029

44,690

‌

SMG

U.S.

Midco

2,

Inc.

,

119,380

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.50%)

8.13%

01/23/2025

119,436

‌

Sophia

LP

,

99,746

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%,

0.50%

Floor)

8.82%

10/07/2027

99,642

‌

Sotera

Health

Holdings

LLC

,

115,000

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%,

0.50%

Floor)

8.18%

12/11/2026

114,324

‌

SWF

Holdings

I

Corp.

,

34,911

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.00%,

0.75%

Floor)

9.43%

10/06/2028

29,798

‌

UKG,

Inc.

,

119,689

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%)

9.22%

05/04/2026

119,708

‌

Virgin

Media

Bristol

LLC

,

115,000

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

6

Month

+

3.25%)

8.31%

03/31/2031

112,454

‌

Vistra

Operations

Co.

LLC

,

114,023

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

1.75%)

7.18%

12/31/2025

114,112

‌

Wand

Newco

3,

Inc.

,

49,870

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%)

8.17%

02/05/2026

49,847

‌

Whatabrands

LLC

,

119,392

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%,

0.50%

Floor)

8.43%

08/03/2028

119,094

‌

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

WMG

Acquisition

Corp.

,

120,000

‌

Senior

Secured

First

Lien

Term

Loan

(1

Month

LIBOR

USD

+

2.13%)

(c)

7.56%

01/20/2028

120,105

‌

Wyndham

Hotels

&

Resorts,

Inc.

,

59,850

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.25%)

7.67%

05/24/2030

59,968

‌

Zayo

Group

Holdings,

Inc.

,

30,000

‌

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%)

8.43%

03/09/2027

24,587

‌

Total

Bank

Loans

(Cost

$5,920,501)

5,946,290

COLLATERALIZED

LOAN

OBLIGATIONS

4.5%

Bain

Capital

Credit

CLO

Ltd.

,

500,000

‌

Series

2023-4A-C

(CME

Term

SOFR

3

Month

+

2.90%,

2.90%

Floor)

8.30%

(a)

10/21/2036

500,000

‌

Dryden

78

CLO

Ltd.

,

500,000

‌

Series

2020-78A-B

(CME

Term

SOFR

3

Month

+

1.76%,

1.50%

Floor)

7.07%

(a)

04/17/2033

494,900

‌

Eaton

Vance

CLO

Ltd.

,

500,000

‌

Series

2013-1A-A23R

(CME

Term

SOFR

3

Month

+

1.81%,

1.55%

Floor)

7.12%

(a)

01/15/2034

489,650

‌

Empower

CLO

Ltd.

,

500,000

‌

Series

2023-2A-B

(CME

Term

SOFR

3

Month

+

2.75%,

2.75%

Floor)

8.09%

(a)

07/15/2036

502,300

‌

LoanCore

Issuer

Ltd.

,

250,000

‌

Series

2021-CRE5-A

(1

Month

LIBOR

USD

+

1.30%,

1.30%

Floor)

(c)

6.75%

(a)

07/15/2036

247,134

‌

Marble

Point

CLO

XI

Ltd.

,

500,000

‌

Series

2017-2A-B

(CME

Term

SOFR

3

Month

+

1.76%,

1.50%

Floor)

7.07%

(a)

12/18/2030

490,900

‌

MF1

Ltd.

,

160,000

‌

Series

2021-FL7-A

(CME

Term

SOFR

1

Month

+

1.19%,

1.08%

Floor)

6.53%

(a)

10/16/2036

157,569

‌

Park

Avenue

Institutional

Advisers

CLO

Ltd.

,

500,000

‌

Series

2018-1A-BR

(CME

Term

SOFR

3

Month

+

2.36%,

2.10%

Floor)

7.69%

(a)

10/20/2031

489,576

‌

Annual

Report

|

September

30,

2023

21

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2023

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Race

Point

IX

CLO

Ltd.

,

1,000,000

‌

Series

2015-9A-BR

(CME

Term

SOFR

3

Month

+

2.41%,

0.26%

Floor)

7.72%

(a)

10/15/2030

983,035

‌

Steele

Creek

CLO

Ltd.

,

937,668

‌

Series

2017-1A-A

(CME

Term

SOFR

3

Month

+

1.51%)

6.82%

(a)

10/15/2030

934,768

‌

Stratus

CLO

Ltd.

,

500,000

‌

Series

2021-1A-C

(CME

Term

SOFR

3

Month

+

2.01%,

2.01%

Floor)

7.34%

(a)

12/29/2029

486,830

‌

STWD

Ltd.

,

160,000

‌

Series

2021-FL2-A

(CME

Term

SOFR

1

Month

+

1.31%,

1.20%

Floor)

6.65%

(a)

04/18/2038

157,027

‌

Venture

XXVI

CLO

Ltd.

,

500,000

‌

Series

2017-26A-BR

(CME

Term

SOFR

3

Month

+

1.96%,

1.70%

Floor)

7.29%

(a)

01/20/2029

494,200

‌

Voya

CLO

Ltd.

,

1,000,000

‌

Series

2013-1A-BR

(CME

Term

SOFR

3

Month

+

2.16%)

7.47%

(a)

10/15/2030

970,145

‌

Wellfleet

CLO

Ltd.

,

500,000

‌

Series

2017-3A-A2

(CME

Term

SOFR

3

Month

+

1.76%,

1.50%

Floor)

7.07%

(a)

01/17/2031

490,050

‌

Wind

River

CLO

Ltd.

,

500,000

‌

Series

2016-2A-BR

(CME

Term

SOFR

3

Month

+

2.06%,

1.80%

Floor)

7.43%

(a)

11/01/2031

492,750

‌

Total

Collateralized

Loan

Obligations

(Cost

$8,265,620)

8,380,834

FOREIGN

CORPORATE

BONDS

7.6%

AUSTRALIA

0.5%

265,000

‌

BHP

Billiton

Finance

USA

Ltd.

5.25%

09/08/2030

259,006

‌

170,000

‌

Glencore

Funding

LLC

1.63%

(a)

04/27/2026

153,168

‌

260,000

‌

Macquarie

Group

Ltd.

(Secured

Overnight

Financing

Rate

+

2.21%)

5.11%

(a)

08/09/2026

256,453

‌

365,000

‌

Westpac

Banking

Corp.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.53%)

3.02%

11/18/2036

270,426

‌

939,053

‌

BERMUDA

0.1%

330,000

‌

Triton

Container

International

Ltd.

3.25%

03/15/2032

247,163

‌

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

BRAZIL

0.9%

200,000

‌

Banco

do

Brasil

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.40%)

6.25%

(d)

04/15/2024

185,024

‌

200,000

‌

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.93%)

5.38%

01/28/2031

183,018

‌

200,000

‌

Braskem

Netherlands

Finance

BV

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

8.22%)

8.50%

01/23/2081

197,083

‌

250,000

‌

Cosan

Overseas

Ltd.

8.25%

(d)

11/05/2023

249,561

‌

353,704

‌

Guara

Norte

Sarl

5.20%

06/15/2034

301,382

‌

200,000

‌

Minerva

Luxembourg

SA

4.38%

03/18/2031

154,957

‌

168,118

‌

MV24

Capital

BV

6.75%

06/01/2034

148,463

‌

200,000

‌

NBM

US

Holdings,

Inc.

6.63%

08/06/2029

182,587

‌

1,602,075

‌

CANADA

0.8%

320,000

‌

Bank

of

Montreal

(5

Year

Swap

Rate

USD

+

1.43%)

3.80%

12/15/2032

279,765

‌

570,000

‌

Bank

of

Nova

Scotia

(The)

3.45%

04/11/2025

548,937

‌

195,000

‌

Bombardier,

Inc.

7.88%

(a)

04/15/2027

190,438

‌

30,000

‌

Garda

World

Security

Corp.

4.63%

(a)

02/15/2027

27,481

‌

35,000

‌

Garda

World

Security

Corp.

6.00%

(a)

06/01/2029

28,664

‌

80,000

‌

Parkland

Corp.

4.63%

(a)

05/01/2030

68,302

‌

85,000

‌

Titan

Acquisition

Ltd.

7.75%

(a)

04/15/2026

83,409

‌

250,000

‌

Toronto-Dominion

Bank

(The)

4.69%

09/15/2027

240,549

‌

1,467,545

‌

CAYMAN

ISLANDS

0.1%

205,000

‌

Global

Aircraft

Leasing

Co.

Ltd.

6.50%

(a)

09/15/2024

195,581

‌

CHILE

0.2%

200,000

‌

Agrosuper

SA

4.60%

01/20/2032

160,694

‌

200,000

‌

CAP

SA

3.90%

04/27/2031

147,630

‌

200,000

‌

Chile

Electricity

PEC

SpA

0.00%

01/25/2028

155,599

‌

463,923

‌

CHINA

0.2%

480,000

‌

NXP

BV

3.88%

06/18/2026

456,550

‌

22

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

COLOMBIA

0.8%

250,000

‌

AI

Candelaria

Spain

SA

5.75%

06/15/2033

177,162

‌

350,000

‌

Banco

GNB

Sudameris

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.56%)

7.05%

04/03/2027

329,598

‌

200,000

‌

Bancolombia

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.94%)

4.63%

12/18/2029

172,425

‌

200,000

‌

Ecopetrol

SA

5.38%

06/26/2026

192,218

‌

200,000

‌

Empresas

Publicas

de

Medellin

ESP

4.25%

07/18/2029

161,038

‌

182,000

‌

Fideicomiso

PA

Pacifico

Tres

8.25%

01/15/2035

165,074

‌

400,000

‌

Geopark

Ltd.

5.50%

01/17/2027

343,352

‌

1,540,867

‌

GUATEMALA

0.2%

150,000

‌

Banco

Industrial

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.44%)

4.88%

01/29/2031

138,459

‌

200,000

‌

CT

Trust

5.13%

02/03/2032

156,224

‌

180,000

‌

Millicom

International

Cellular

SA

6.25%

03/25/2029

152,998

‌

447,681

‌

INDIA

0.6%

200,000

‌

Adani

Electricity

Mumbai

Ltd.

3.87%

07/22/2031

139,761

‌

183,000

‌

Adani

International

Container

Terminal

Pvt.

Ltd.

3.00%

02/16/2031

138,060

‌

200,000

‌

Adani

Ports

&

Special

Economic

Zone

Ltd.

3.83%

02/02/2032

141,779

‌

163,000

‌

Adani

Transmission

Step-One

Ltd.

4.25%

05/21/2036

122,290

‌

168,000

‌

JSW

Hydro

Energy

Ltd.

4.13%

05/18/2031

139,932

‌

200,000

‌

Network

i2i

Ltd.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.27%)

5.65%

(d)

01/15/2025

195,500

‌

200,000

‌

UPL

Corp.

Ltd.

4.50%

03/08/2028

172,923

‌

1,050,245

‌

INDONESIA

0.2%

160,920

‌

LLPL

Capital

Pte.

Ltd.

6.88%

02/04/2039

143,544

‌

200,000

‌

Minejesa

Capital

BV

4.63%

08/10/2030

178,450

‌

321,994

‌

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

IRELAND

0.2%

520,000

‌

Avolon

Holdings

Funding

Ltd.

3.25%

(a)

02/15/2027

463,555

‌

ISRAEL

0.2%

200,000

‌

Bank

Hapoalim

BM

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.16%)

3.26%

(a)

01/21/2032

171,249

‌

200,000

‌

Bank

Leumi

Le-

Israel

BM

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.63%)

3.28%

(a)

01/29/2031

179,030

‌

350,279

‌

KUWAIT

0.1%

200,000

‌

MEGlobal

Canada

ULC

5.00%

05/18/2025

195,322

‌

MEXICO

0.7%

200,000

‌

Banco

Mercantil

del

Norte

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

5.35%)

7.63%

(d)

01/10/2028

184,272

‌

200,000

‌

Banco

Nacional

de

Comercio

Exterior

SNC

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%)

2.72%

08/11/2031

165,743

‌

200,000

‌

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%)

5.95%

10/01/2028

197,700

‌

400,000

‌

BBVA

Bancomer

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.65%)

5.13%

01/18/2033

344,724

‌

200,000

‌

Cemex

SAB

de

CV

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.16%)

9.13%

(a)(d)

03/14/2028

208,451

‌

131,562

‌

Mexico

Generadora

de

Energia

S

de

rl

5.50%

12/06/2032

125,242

‌

Annual

Report

|

September

30,

2023

23

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2023

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

100,000

‌

Petroleos

Mexicanos

6.75%

09/21/2047

59,355

‌

1,285,487

‌

PANAMA

0.2%

200,000

‌

Banco

General

SA

4.13%

08/07/2027

184,468

‌

200,000

‌

Global

Bank

Corp.

(3

Month

LIBOR

USD

+

3.30%)

(c)

5.25%

04/16/2029

181,689

‌

366,157

‌

PARAGUAY

0.2%

200,000

‌

Frigorifico

Concepcion

SA

7.70%

07/21/2028

165,577

‌

360,000

‌

Rutas

2

&

7

Finance

Ltd.

0.00%

09/30/2036

231,183

‌

396,760

‌

PERU

0.7%

200,000

‌

Banco

de

Credito

del

Peru

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%)

3.13%

07/01/2030

183,808

‌

100,000

‌

Banco

Internacional

del

Peru

SAA

Interbank

(3

Month

LIBOR

USD

+

5.76%)

(c)

6.63%

03/19/2029

98,841

‌

200,000

‌

Banco

Internacional

del

Peru

SAA

Interbank

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.71%)

4.00%

07/08/2030

184,245

‌

200,000

‌

Corp.

Financiera

de

Desarrollo

SA

(3

Month

LIBOR

USD

+

5.61%)

(c)

5.25%

07/15/2029

195,252

‌

200,000

‌

Inkia

Energy

Ltd.

5.88%

11/09/2027

192,250

‌

90,323

‌

Lima

Metro

Line

2

Finance

Ltd.

5.88%

07/05/2034

87,223

‌

400,000

‌

Petroleos

del

Peru

SA

5.63%

06/19/2047

242,149

‌

200,000

‌

Transportadora

de

Gas

del

Peru

SA

4.25%

04/30/2028

189,169

‌

1,372,937

‌

SAUDI

ARABIA

0.1%

200,000

‌

EIG

Pearl

Holdings

Sarl

3.55%

08/31/2036

162,493

‌

SINGAPORE

0.3%

200,000

‌

DBS

Group

Holdings

Ltd.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.10%)

1.82%

03/10/2031

181,777

‌

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

200,000

‌

Oversea-Chinese

Banking

Corp.

Ltd.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.58%)

1.83%

09/10/2030

184,087

‌

200,000

‌

United

Overseas

Bank

Ltd.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.23%)

2.00%

10/14/2031

177,472

‌

543,336

‌

SOUTH

AFRICA

0.1%

200,000

‌

Sasol

Financing

USA

LLC

4.38%

09/18/2026

177,493

‌

SOUTH

KOREA

0.1%

200,000

‌

Woori

Bank

4.75%

04/30/2024

198,094

‌

UNITED

ARAB

EMIRATES

0.1%

145,874

‌

Galaxy

Pipeline

Assets

Bidco

Ltd.

1.75%

09/30/2027

134,859

‌

Total

Foreign

Corporate

Bonds

(Cost

$14,571,329)

14,379,449

FOREIGN

GOVERNMENT

BONDS,

FOREIGN

AGENCIES

AND

FOREIGN

GOVERNMENT

SPONSORED

CORPORATIONS

0.1%

DOMINICAN

REPUBLIC

0.1%

150,000

‌

Dominican

Republic

Government

Bond

8.63%

04/20/2027

154,883

‌

Total

Foreign

Government

Bonds,

Foreign

Agencies

and

Foreign

Government

Sponsored

Corporations

(Cost

$156,753)

154,883

NON-AGENCY

COMMERCIAL

MORTGAGE

BACKED

OBLIGATIONS

5.4%

BANK

,

160,000

Series

2019-BN23-A3

2.92%

12/15/2052

134,829

‌

300,000

Series

2021-BN38-A5

2.52%

12/15/2064

233,737

‌

6,007,747

Series

2023-BNK46-XA

0.75%

(e)(f)

08/15/2056

243,739

‌

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust

,

266,000

Series

2016-UB10-C

4.99%

(e)

07/15/2049

229,581

‌

BANK5

,

11,942,807

Series

2023-5YR1-XA

0.48%

(e)(f)

04/15/2056

144,675

‌

BBCMS

Mortgage

Trust

,

300,000

Series

2021-C12-A5

2.69%

11/15/2054

238,444

‌

180,000

Series

2021-C12-AS

2.90%

11/15/2054

137,942

‌

250,000

Series

2021-C9-A5

2.30%

02/15/2054

196,573

‌

100,000

Series

2022-C16-A5

4.60%

(e)

06/15/2055

91,343

‌

200,000

Series

2022-C17-A5

4.44%

09/15/2055

180,508

‌

250,000

Series

2023-C19-A5

5.45%

04/15/2056

242,511

‌

Benchmark

Mortgage

Trust

,

7,705,473

Series

2018-B2-XA

0.60%

(e)(f)

02/15/2051

108,788

‌

190,000

Series

2020-B19-A2

1.69%

09/15/2053

168,289

‌

250,000

Series

2021-B31-A5

2.67%

12/15/2054

197,711

‌

250,000

Series

2022-B35-C

4.59%

(e)

05/15/2055

167,629

‌

200,000

Series

2023-B38-A4

5.52%

04/15/2056

194,800

‌

7,097,611

Series

2023-V3-XA

1.05%

(e)(f)

07/15/2056

239,902

‌

24

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

BX

Commercial

Mortgage

Trust

,

188,957

Series

2021-VINO-A

(CME

Term

SOFR

1

Month

+

0.77%,

0.77%

Floor)

6.10%

(a)

05/15/2038

185,569

‌

Cantor

Commercial

Real

Estate

Lending

,

500,000

Series

2019-CF1-C

4.35%

(e)

05/15/2052

366,652

‌

CFCRE

Commercial

Mortgage

Trust

,

184,634

Series

2016-C6-A2

2.95%

11/10/2049

170,698

‌

Citigroup

Commercial

Mortgage

Trust

,

250,000

Series

2015-GC27-C

4.57%

(e)

02/10/2048

227,887

‌

100,000

Series

2022-GC48-A5

4.74%

(e)

05/15/2054

91,539

‌

Commercial

Mortgage

Trust

,

205,000

Series

2016-DC2-C

4.81%

(e)

02/10/2049

181,654

‌

CSMC

Trust

,

273,000

Series

2021-B33-A2

3.17%

(a)

10/10/2043

194,773

‌

DBJPM

16-C1

Mortgage

Trust

,

290,000

Series

2016-C1-B

4.20%

(e)

05/10/2049

251,965

‌

250,000

Series

2016-C1-C

3.47%

(e)

05/10/2049

205,704

‌

Del

Amo

Fashion

Center

Trust

,

250,000

Series

2017-AMO-C

3.76%

(a)(e)

06/05/2035

196,166

‌

FIVE

Mortgage

Trust

,

250,000

Series

2023-V1-D

6.62%

(a)(e)

02/10/2056

203,221

‌

GS

Mortgage

Securities

Corp.

II

,

250,000

Series

2023-SHIP-A

4.47%

(a)(e)

09/10/2038

239,114

‌

GS

Mortgage

Securities

Trust

,

9,412,510

Series

2017-GS7-XA

1.23%

(e)(f)

08/10/2050

294,599

‌

250,000

Series

2019-GC42-A3

2.75%

09/10/2052

211,744

‌

250,000

Series

2019-GSA1-C

3.93%

(e)

11/10/2052

185,252

‌

IMT

Trust

,

250,000

Series

2017-APTS-AFX

3.48%

(a)

06/15/2034

243,442

‌

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

488,140

Series

2022-NLP-A

(CME

Term

SOFR

1

Month

+

0.60%,

0.60%

Floor)

5.93%

(a)

04/15/2037

450,087

‌

JPMBB

Commercial

Mortgage

Securities

Trust

,

325,000

Series

2014-C21-B

4.34%

(e)

08/15/2047

300,824

‌

JPMCC

Commercial

Mortgage

Securities

Trust

,

8,113,673

Series

2017-JP6-XA

1.17%

(e)(f)

07/15/2050

209,254

‌

LSTAR

Commercial

Mortgage

Trust

,

250,000

Series

2015-3-D

3.28%

(a)(e)

04/20/2048

226,569

‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

250,000

Series

2016-C31-C

4.40%

(e)

11/15/2049

191,255

‌

Morgan

Stanley

Capital

I

Trust

,

283,000

Series

2018-L1-C

4.94%

(e)

10/15/2051

220,657

‌

RIAL

Issuer

Ltd.

,

350,000

Series

2022-FL8-A

(CME

Term

SOFR

1

Month

+

2.25%,

2.25%

Floor)

7.58%

(a)

01/19/2037

344,658

‌

SREIT

Trust

,

270,000

Series

2021-MFP-A

(CME

Term

SOFR

1

Month

+

0.85%,

0.73%

Floor)

6.18%

(a)

11/15/2038

265,199

‌

UBS

Commercial

Mortgage

Trust

,

273,308

Series

2017-C4-A3

3.30%

10/15/2050

248,637

‌

324,000

Series

2018-C10-C

5.22%

(e)

05/15/2051

255,185

‌

200,000

Series

2018-C8-C

4.84%

(e)

02/15/2051

160,747

‌

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Wells

Fargo

Commercial

Mortgage

Trust

,

306,000

Series

2017-C41-B

4.19%

(e)

11/15/2050

251,209

‌

320,000

Series

2018-C45-C

4.73%

06/15/2051

266,020

‌

246,000

Series

2021-C60-A3

2.06%

08/15/2054

191,939

‌

WFRBS

Commercial

Mortgage

Trust

,

9,254,963

Series

2014-C21-XA

1.15%

(e)(f)

08/15/2047

62,826

‌

Total

Non-Agency

Commercial

Mortgage

Backed

Obligations

(Cost

$10,914,660)

10,246,046

NON-AGENCY

RESIDENTIAL

COLLATERALIZED

MORTGAGE

OBLIGATIONS

10.1%

BRAVO

Residential

Funding

Trust

,

1,247,404

‌

Series

2023-NQM3-A1

4.85%

(a)

(b)(e)

09/25/2062

1,196,041

‌

1,991,339

‌

Series

2023-NQM5-A1

6.50%

(a)(b)

06/25/2063

1,981,336

‌

Citigroup

Mortgage

Loan

Trust

,

533,616

‌

Series

2007-AR8-2A1A

4.39%

(e)

07/25/2037

462,261

‌

Connecticut

Avenue

Securities

Trust

,

500,000

‌

Series

2022-R01-

1M2

(Secured

Overnight

Financing

Rate

30

Day

Average

+

1.90%)

7.21%

(a)

12/25/2041

491,512

‌

Deephaven

Residential

Mortgage

Trust

,

1,003,489

‌

Series

2022-2-A1

4.30%

(a)(e)

03/25/2067

923,617

‌

FHLMC

STACR

REMIC

Trust

,

500,000

‌

Series

2022-DNA2-

M1B

(Secured

Overnight

Financing

Rate

30

Day

Average

+

2.40%)

7.71%

(a)

02/25/2042

503,489

‌

HOMES

Trust

,

922,746

‌

Series

2023-NQM1-A1

6.18%

(a)(b)

01/25/2068

916,044

‌

Legacy

Mortgage

Asset

Trust

,

444,805

‌

Series

2021-GS2-A1

1.75%

(a)

(b)(e)

04/25/2061

412,958

‌

New

Residential

Mortgage

Loan

Trust

,

986,603

‌

Series

2019-RPL2-A1

3.25%

(a)(e)

02/25/2059

924,046

‌

OBX

Trust

,

922,352

‌

Series

2023-NQM2-A1

6.32%

(a)(b)

01/25/2062

920,542

‌

943,534

‌

Series

2023-NQM3-A3

6.76%

(a)(b)

02/25/2063

938,329

‌

RFMSI

Trust

,

1,422,242

‌

Series

2006-S4-A7

6.00%

04/25/2036

1,094,603

‌

Structured

Asset

Mortgage

Investments

II

Trust

,

1,388,113

‌

Series

2007-AR3-

1A3

(CME

Term

SOFR

1

Month

+

0.53%,

0.42%

Floor)

5.85%

09/25/2047

1,137,660

‌

Towd

Point

Mortgage

Trust

,

1,824,631

‌

Series

2018-5-A1

3.25%

(a)(e)

07/25/2058

1,676,331

‌

878,174

‌

Series

2020-2-A1A

1.64%

(a)(e)

04/25/2060

758,210

‌

274,042

‌

Series

2020-3-A1

3.09%

(a)(e)

02/25/2063

254,636

‌

1,033,227

‌

Series

2022-1-A1

3.75%

(a)(e)

07/25/2062

935,355

‌

Verus

Securitization

Trust

,

531,820

‌

Series

2021-8-A1

1.82%

(a)(e)

11/25/2066

440,261

‌

Annual

Report

|

September

30,

2023

25

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2023

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

1,388,402

‌

Series

2023-4-A1

5.81%

(a)(b)

05/25/2068

1,361,652

‌

904,238

‌

Series

2023-INV1-A3

6.76%

(a)(b)

02/25/2068

897,033

‌

WaMu

Mortgage-Backed

Pass-Through

Certificates

Trust

,

427,242

‌

Series

2006-AR16-2A1

3.44%

(e)

12/25/2036

366,815

‌

Wells

Fargo

Mortgage

Backed

Securities

Trust

,

357,219

‌

Series

2006-AR14-2A1

6.32%

(e)

10/25/2036

313,293

‌

Total

Non-Agency

Residential

Collateralized

Mortgage

Obligations

(Cost

$19,395,843)

18,906,024

US

CORPORATE

BONDS

16.3%

520,000

‌

AbbVie,

Inc.

4.70%

05/14/2045

443,517

‌

70,000

‌

Academy

Ltd.

6.00%

(a)

11/15/2027

66,241

‌

235,000

‌

AdaptHealth

LLC

5.13%

(a)

03/01/2030

182,308

‌

195,000

‌

Advanced

Drainage

Systems,

Inc.

6.38%

(a)

06/15/2030

187,509

‌

130,000

‌

AEP

Transmission

Co.

LLC

5.40%

03/15/2053

121,113

‌

40,000

‌

Aethon

United

BR

LP

8.25%

(a)

02/15/2026

39,723

‌

270,000

‌

Air

Lease

Corp.

1.88%

08/15/2026

240,034

‌

435,000

‌

Alexandria

Real

Estate

Equities,

Inc.

3.00%

05/18/2051

246,112

‌

65,000

‌

Alliant

Holdings

Intermediate

LLC

6.75%

(a)

04/15/2028

62,792

‌

175,000

‌

Allied

Universal

Holdco

LLC

6.63%

(a)

07/15/2026

166,059

‌

70,000

‌

Allied

Universal

Holdco

LLC

9.75%

(a)

07/15/2027

62,712

‌

195,000

‌

American

Airlines,

Inc.

7.25%

(a)

02/15/2028

186,634

‌

105,000

‌

American

Airlines,

Inc.

5.75%

(a)

04/20/2029

97,742

‌

285,000

‌

American

Express

Co.

5.85%

11/05/2027

287,188

‌

70,000

‌

Amgen,

Inc.

5.25%

03/02/2030

68,417

‌

135,000

‌

Amgen,

Inc.

5.75%

03/02/2063

124,650

‌

35,000

‌

AmWINS

Group,

Inc.

4.88%

(a)

06/30/2029

30,714

‌

220,000

‌

AssuredPartners,

Inc.

5.63%

(a)

01/15/2029

190,727

‌

405,000

‌

AT&T,

Inc.

3.50%

09/15/2053

250,451

‌

230,000

‌

AthenaHealth

Group,

Inc.

6.50%

(a)

02/15/2030

192,658

‌

430,000

‌

Athene

Global

Funding

(Secured

Overnight

Financing

Rate

Compounded

Index

+

0.56%)

5.90%

(a)

08/19/2024

425,841

‌

80,000

‌

Bank

of

America

Corp.

(Secured

Overnight

Financing

Rate

+

1.11%)

3.84%

04/25/2025

78,879

‌

45,000

‌

Bank

of

America

Corp.

(Secured

Overnight

Financing

Rate

+

1.75%)

4.83%

07/22/2026

43,886

‌

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

558,000

‌

Bank

of

America

Corp.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.20%)

2.48%

09/21/2036

406,420

‌

115,000

‌

Bausch

&

Lomb

Escrow

Corp.

8.38%

(a)

10/01/2028

115,485

‌

60,000

‌

BCPE

Empire

Holdings,

Inc.

7.63%

(a)

05/01/2027

57,058

‌

160,000

‌

Beacon

Roofing

Supply,

Inc.

6.50%

(a)

08/01/2030

155,229

‌

225,000

‌

Becton

Dickinson

&

Co.

4.69%

02/13/2028

218,236

‌

15,000

‌

Blackstone

Holdings

Finance

Co.

LLC

2.00%

(a)

01/30/2032

10,952

‌

275,000

‌

Boeing

Co.

(The)

2.95%

02/01/2030

231,595

‌

75,000

‌

Boyd

Gaming

Corp.

4.75%

(a)

06/15/2031

63,913

‌

50,000

‌

Boyne

USA,

Inc.

4.75%

(a)

05/15/2029

43,792

‌

225,000

‌

BP

Capital

Markets

America,

Inc.

4.89%

09/11/2033

211,355

‌

715,000

‌

Broadcom,

Inc.

3.50%

(a)

02/15/2041

497,327

‌

95,000

‌

Brooklyn

Union

Gas

Co.

(The)

4.49%

(a)

03/04/2049

67,166

‌

5,000

‌

Brown

&

Brown,

Inc.

2.38%

03/15/2031

3,868

‌

90,000

‌

Builders

FirstSource,

Inc.

5.00%

(a)

03/01/2030

80,349

‌

20,000

‌

Builders

FirstSource,

Inc.

6.38%

(a)

06/15/2032

18,852

‌

140,000

‌

Caesars

Entertainment,

Inc.

7.00%

(a)

02/15/2030

136,377

‌

50,000

‌

Callon

Petroleum

Co.

7.50%

(a)

06/15/2030

48,543

‌

50,000

‌

Calpine

Corp.

5.13%

(a)

03/15/2028

44,579

‌

210,000

‌

Carnival

Corp.

5.75%

(a)

03/01/2027

190,279

‌

125,000

‌

CCO

Holdings

LLC

5.13%

(a)

05/01/2027

116,595

‌

145,000

‌

CCO

Holdings

LLC

4.75%

(a)

02/01/2032

116,162

‌

3,000

‌

Cengage

Learning,

Inc.

9.50%

(a)

06/15/2024

3,020

‌

75,000

‌

Central

Parent

LLC

8.00%

(a)

06/15/2029

74,790

‌

560,000

‌

Charter

Communications

Operating

LLC

4.91%

07/23/2025

547,388

‌

305,000

‌

Cheniere

Energy,

Inc.

4.63%

10/15/2028

280,712

‌

70,000

‌

Chesapeake

Energy

Corp.

5.88%

(a)

02/01/2029

65,930

‌

40,000

‌

Chord

Energy

Corp.

6.38%

(a)

06/01/2026

39,260

‌

30,000

‌

CHS/Community

Health

Systems,

Inc.

6.00%

(a)

01/15/2029

24,260

‌

15,000

‌

Citigroup,

Inc.

(CME

Term

SOFR

3

Month

+

1.65%)

3.67%

07/24/2028

13,767

‌

485,000

‌

Citigroup,

Inc.

(Secured

Overnight

Financing

Rate

+

1.35%)

3.06%

01/25/2033

383,593

‌

95,000

‌

Civitas

Resources,

Inc.

8.38%

(a)

07/01/2028

96,781

‌

26

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

25,000

‌

Clear

Channel

Outdoor

Holdings,

Inc.

7.75%

(a)

04/15/2028

19,998

‌

60,000

‌

CNX

Resources

Corp.

6.00%

(a)

01/15/2029

56,122

‌

265,000

‌

Comcast

Corp.

3.40%

04/01/2030

233,881

‌

50,000

‌

CommScope,

Inc.

6.00%

(a)

03/01/2026

46,730

‌

270,000

‌

Constellation

Brands,

Inc.

3.15%

08/01/2029

236,759

‌

65,000

‌

Coty,

Inc.

5.00%

(a)

04/15/2026

62,513

‌

190,000

‌

Coty,

Inc.

6.63%

(a)

07/15/2030

185,719

‌

287,000

‌

Crown

Castle,

Inc.

3.65%

09/01/2027

263,687

‌

350,000

‌

CSX

Corp.

3.80%

11/01/2046

256,555

‌

65,000

‌

CVS

Health

Corp.

5.13%

02/21/2030

62,544

‌

110,000

‌

CVS

Health

Corp.

5.30%

06/01/2033

104,259

‌

160,000

‌

CVS

Health

Corp.

5.88%

06/01/2053

148,086

‌

488,000

‌

Dollar

Tree,

Inc.

4.00%

05/15/2025

472,523

‌

165,000

‌

DTE

Energy

Co.

4.22%

(b)

11/01/2024

161,984

‌

140,000

‌

Duke

Energy

Carolinas

LLC

3.55%

03/15/2052

95,861

‌

85,000

‌

Duke

Energy

Corp.

4.30%

03/15/2028

80,653

‌

85,000

‌

Dun

&

Bradstreet

Corp.

(The)

5.00%

(a)

12/15/2029

73,386

‌

275,000

‌

Elevance

Health,

Inc.

2.38%

01/15/2025

262,753

‌

95,000

‌

Elevance

Health,

Inc.

4.55%

05/15/2052

76,984

‌

295,000

‌

Energy

Transfer

LP

4.75%

01/15/2026

287,142

‌

90,000

‌

Entergy

Louisiana

LLC

4.75%

09/15/2052

74,182

‌

95,000

‌

EQM

Midstream

Partners

LP

6.50%

(a)

07/01/2027

92,860

‌

150,000

‌

Equinix,

Inc.

3.90%

04/15/2032

128,297

‌

255,000

‌

Equinix,

Inc.

2.95%

09/15/2051

146,869

‌

335,000

‌

Essential

Utilities,

Inc.

2.70%

04/15/2030

276,270

‌

200,000

‌

Exelon

Corp.

5.15%

03/15/2028

196,407

‌

90,000

‌

Exelon

Corp.

4.10%

03/15/2052

65,222

‌

230,000

‌

Expedia

Group,

Inc.

5.00%

02/15/2026

225,337

‌

245,000

‌

Expedia

Group,

Inc.

3.25%

02/15/2030

207,378

‌

75,000

‌

Ferrellgas

LP

5.38%

(a)

04/01/2026

70,382

‌

35,000

‌

Fertitta

Entertainment

LLC

6.75%

(a)

01/15/2030

28,570

‌

210,000

‌

Fortrea

Holdings,

Inc.

7.50%

(a)

07/01/2030

204,596

‌

60,000

‌

Frontier

Communications

Holdings

LLC

5.88%

(a)

10/15/2027

54,625

‌

285,000

‌

General

Motors

Financial

Co.,

Inc.

2.40%

10/15/2028

236,448

‌

80,000

‌

Gilead

Sciences,

Inc.

5.55%

10/15/2053

76,974

‌

115,000

‌

Global

Payments,

Inc.

4.95%

08/15/2027

110,594

‌

550,000

‌

Goldman

Sachs

Group,

Inc.

(The)

(Secured

Overnight

Financing

Rate

+

0.82%)

6.14%

09/10/2027

540,181

‌

45,000

‌

Griffon

Corp.

5.75%

03/01/2028

40,899

‌

40,000

‌

Gulfport

Energy

Corp.

8.00%

(a)

05/17/2026

40,085

‌

310,000

‌

HCA,

Inc.

4.13%

06/15/2029

280,782

‌

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

90,000

‌

Hess

Midstream

Operations

LP

5.50%

(a)

10/15/2030

81,881

‌

105,000

‌

Hewlett

Packard

Enterprise

Co.

5.90%

10/01/2024

104,944

‌

210,000

‌

Hilcorp

Energy

I

LP

5.75%

(a)

02/01/2029

189,855

‌

335,000

‌

Host

Hotels

&

Resorts

LP

3.50%

09/15/2030

278,100

‌

160,000

‌

Hyundai

Capital

America

5.68%

(a)

06/26/2028

156,523

‌

260,000

‌

Intuit,

Inc.

5.50%

09/15/2053

249,638

‌

370,000

‌

Invitation

Homes

Operating

Partnership

LP

2.70%

01/15/2034

270,676

‌

190,000

‌

Iron

Mountain,

Inc.

7.00%

(a)

02/15/2029

185,999

‌

140,000

‌

JPMorgan

Chase

&

Co.

(Secured

Overnight

Financing

Rate

+

1.99%)

4.85%

07/25/2028

134,989

‌

650,000

‌

JPMorgan

Chase

&

Co.

(Secured

Overnight

Financing

Rate

+

1.26%)

2.96%

01/25/2033

517,678

‌

235,000

‌

Kinder

Morgan

Energy

Partners

LP

6.95%

01/15/2038

242,143

‌

40,000

‌

Level

3

Financing,

Inc.

10.50%

(a)

05/15/2030

40,299

‌

50,000

‌

Light

&

Wonder

International,

Inc.

7.25%

(a)

11/15/2029

49,055

‌

85,000

‌

Lowe's

Cos.,

Inc.

5.63%

04/15/2053

77,331

‌

55,000

‌

Madison

IAQ

LLC

4.13%

(a)

06/30/2028

47,529

‌

110,000

‌

Madison

IAQ

LLC

5.88%

(a)

06/30/2029

88,713

‌

255,000

‌

Marriott

International,

Inc.

3.13%

06/15/2026

238,509

‌

260,000

‌

Marvell

Technology,

Inc.

5.95%

09/15/2033

255,337

‌

260,000

‌

McDonald's

Corp.

3.60%

07/01/2030

232,280

‌

55,000

‌

McGraw-Hill

Education,

Inc.

5.75%

(a)

08/01/2028

47,523

‌

275,000

‌

Medline

Borrower

LP

5.25%

(a)

10/01/2029

238,014

‌

330,000

‌

Meta

Platforms,

Inc.

4.45%

08/15/2052

261,446

‌

40,000

‌

Metis

Merger

Sub

LLC

6.50%

(a)

05/15/2029

33,837

‌

300,000

‌

MetLife,

Inc.

5.25%

01/15/2054

268,197

‌

85,000

‌

Michaels

Cos.,

Inc.

(The)

5.25%

(a)

05/01/2028

67,982

‌

155,000

‌

Midwest

Gaming

Borrower

LLC

4.88%

(a)

05/01/2029

132,147

‌

105,000

‌

ModivCare

Escrow

Issuer,

Inc.

5.00%

(a)

10/01/2029

75,514

‌

401,000

‌

Monongahela

Power

Co.

5.40%

(a)

12/15/2043

355,281

‌

650,000

‌

Morgan

Stanley

(Secured

Overnight

Financing

Rate

+

1.36%)

2.48%

09/16/2036

472,630

‌

Annual

Report

|

September

30,

2023

27

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2023

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

50,000

‌

Nationstar

Mortgage

Holdings,

Inc.

5.75%

(a)

11/15/2031

41,430

‌

100,000

‌

NCL

Corp.

Ltd.

8.38%

(a)

02/01/2028

101,527

‌

255,000

‌

NetApp,

Inc.

1.88%

06/22/2025

238,581

‌

155,000

‌

Netflix,

Inc.

4.88%

04/15/2028

150,349

‌

160,000

‌

NGL

Energy

Operating

LLC

7.50%

(a)

02/01/2026

158,385

‌

80,000

‌

NRG

Energy,

Inc.

3.63%

(a)

02/15/2031

60,783

‌

80,000

‌

NuStar

Logistics

LP

6.00%

06/01/2026

77,697

‌

135,000

‌

Occidental

Petroleum

Corp.

6.63%

09/01/2030

136,936

‌

40,000

‌

OneMain

Finance

Corp.

6.88%

03/15/2025

39,721

‌

20,000

‌

Oracle

Corp.

6.25%

11/09/2032

20,258

‌

35,000

‌

Oracle

Corp.

3.80%

11/15/2037

26,719

‌

320,000

‌

Oracle

Corp.

3.60%

04/01/2050

207,179

‌

125,000

‌

Owens

&

Minor,

Inc.

6.63%

(a)

04/01/2030

111,085

‌

340,000

‌

Owens

Corning

4.40%

01/30/2048

260,004

‌

340,000

‌

Pacific

Gas

and

Electric

Co.

2.50%

02/01/2031

258,910

‌

285,000

‌

Packaging

Corp.

of

America

3.00%

12/15/2029

244,368

‌

60,000

‌

Pactiv

Evergreen

Group

Issuer

LLC

4.38%

(a)

10/15/2028

52,125

‌

80,000

‌

Park

Intermediate

Holdings

LLC

4.88%

(a)

05/15/2029

67,772

‌

120,000

‌

Parker-Hannifin

Corp.

4.25%

09/15/2027

114,698

‌

263,000

‌

Penske

Truck

Leasing

Co.

LP

4.20%

(a)

04/01/2027

245,128

‌

50,000

‌

Penske

Truck

Leasing

Co.

LP

4.40%

(a)

07/01/2027

46,888

‌

100,000

‌

Performance

Food

Group,

Inc.

5.50%

(a)

10/15/2027

94,835

‌

295,000

‌

Philip

Morris

International,

Inc.

5.13%

02/15/2030

283,059

‌

140,000

‌

Phillips

66

Co.

4.95%

12/01/2027

137,277

‌

55,000

‌

Pike

Corp.

5.50%

(a)

09/01/2028

48,173

‌

50,000

‌

Post

Holdings,

Inc.

5.50%

(a)

12/15/2029

45,385

‌

125,000

‌

Qorvo,

Inc.

1.75%

(a)

12/15/2024

117,607

‌

355,000

‌

Quanta

Services,

Inc.

2.35%

01/15/2032

266,638

‌

30,000

‌

Realogy

Group

LLC

5.75%

(a)

01/15/2029

21,732

‌

115,000

‌

Realty

Income

Corp.

5.05%

01/13/2026

113,419

‌

115,000

‌

Regal

Rexnord

Corp.

6.05%

(a)

02/15/2026

113,769

‌

80,000

‌

Roller

Bearing

Co.

of

America,

Inc.

4.38%

(a)

10/15/2029

68,913

‌

160,000

‌

Royal

Caribbean

Cruises

Ltd.

7.25%

(a)

01/15/2030

158,759

‌

390,000

‌

Royalty

Pharma

plc

3.30%

09/02/2040

255,651

‌

110,000

‌

Ryder

System,

Inc.

5.65%

03/01/2028

108,972

‌

225,000

‌

Sabine

Pass

Liquefaction

LLC

5.00%

03/15/2027

218,386

‌

55,000

‌

San

Diego

Gas

&

Electric

Co.

5.35%

04/01/2053

50,080

‌

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

325,000

‌

Santander

Holdings

USA,

Inc.

(Secured

Overnight

Financing

Rate

+

1.25%)

2.49%

01/06/2028

282,383

‌

110,000

‌

Scientific

Games

Holdings

LP

6.63%

(a)

03/01/2030

95,019

‌

45,000

‌

Scripps

Escrow

II,

Inc.

3.88%

(a)

01/15/2029

33,891

‌

105,000

‌

Sirius

XM

Radio,

Inc.

5.50%

(a)

07/01/2029

92,994

‌

20,000

‌

Sitio

Royalties

Operating

Partnership

LP

7.88%

(a)

11/01/2028

20,063

‌

351,000

‌

Smithfield

Foods,

Inc.

4.25%

(a)

02/01/2027

324,633

‌

325,000

‌

Southern

Co.

(The)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.92%)

3.75%

09/15/2051

284,277

‌

30,000

‌

SRS

Distribution,

Inc.

6.13%

(a)

07/01/2029

25,579

‌

50,000

‌

Staples,

Inc.

7.50%

(a)

04/15/2026

41,196

‌

95,000

‌

Suburban

Propane

Partners

LP

5.00%

(a)

06/01/2031

79,418

‌

655,000

‌

Synchrony

Financial

2.88%

10/28/2031

464,662

‌

280,000

‌

Sysco

Corp.

5.95%

04/01/2030

282,449

‌

200,000

‌

Tenet

Healthcare

Corp.

6.13%

06/15/2030

187,760

‌

255,000

‌

T-Mobile

USA,

Inc.

4.75%

02/01/2028

244,674

‌

55,000

‌

Townsquare

Media,

Inc.

6.88%

(a)

02/01/2026

52,008

‌

85,000

‌

TransDigm,

Inc.

5.50%

11/15/2027

79,674

‌

78,750

‌

Transocean

Poseidon

Ltd.

6.88%

(a)

02/01/2027

77,614

‌

135,000

‌

Trident

TPI

Holdings,

Inc.

12.75%

(a)

12/31/2028

141,244

‌

115,000

‌

Truist

Financial

Corp.

(Secured

Overnight

Financing

Rate

+

1.44%)

4.87%

01/26/2029

107,993

‌

50,000

‌

United

Airlines,

Inc.

4.63%

(a)

04/15/2029

43,029

‌

230,000

‌

UnitedHealth

Group,

Inc.

5.05%

04/15/2053

205,966

‌

55,000

‌

UnitedHealth

Group,

Inc.

4.95%

05/15/2062

47,492

‌

55,000

‌

Univision

Communications,

Inc.

7.38%

(a)

06/30/2030

50,332

‌

75,000

‌

US

Foods,

Inc.

4.75%

(a)

02/15/2029

67,121

‌

95,000

‌

US

Foods,

Inc.

7.25%

(a)

01/15/2032

95,023

‌

95,000

‌

Venture

Global

LNG,

Inc.

8.13%

(a)

06/01/2028

94,133

‌

35,000

‌

Venture

Global

LNG,

Inc.

8.38%

(a)

06/01/2031

34,441

‌

260,000

‌

Veralto

Corp.

5.35%

(a)

09/18/2028

257,187

‌

50,000

‌

Victoria's

Secret

&

Co.

4.63%

(a)

07/15/2029

36,309

‌

135,000

‌

Viking

Cruises

Ltd.

5.88%

(a)

09/15/2027

123,353

‌

195,000

‌

Viking

Cruises

Ltd.

9.13%

(a)

07/15/2031

195,289

‌

28

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

60,000

‌

Vistra

Operations

Co.

LLC

7.75%

(a)

10/15/2031

59,161

‌

50,000

‌

VT

Topco,

Inc.

8.50%

(a)

08/15/2030

49,578

‌

175,000

‌

WASH

Multifamily

Acquisition,

Inc.

5.75%

(a)

04/15/2026

163,607

‌

80,000

���

Weatherford

International

Ltd.

8.63%

(a)

04/30/2030

80,683

‌

140,000

‌

Wells

Fargo

&

Co.

(Secured

Overnight

Financing

Rate

+

1.98%)

4.81%

07/25/2028

133,627

‌

290,000

‌

Wells

Fargo

&

Co.

(Secured

Overnight

Financing

Rate

+

1.74%)

5.57%

07/25/2029

283,038

‌

330,000

‌

Welltower

OP

LLC

2.05%

01/15/2029

273,042

‌

254,000

‌

Willis

North

America,

Inc.

4.50%

09/15/2028

238,468

‌

260,000

‌

Workday,

Inc.

3.70%

04/01/2029

235,966

‌

60,000

‌

WR

Grace

Holdings

LLC

5.63%

(a)

08/15/2029

48,592

‌

225,000

‌

WRKCo,

Inc.

3.75%

03/15/2025

218,527

‌

235,000

‌

XHR

LP

4.88%

(a)

06/01/2029

200,003

‌

Total

US

Corporate

Bonds

(Cost

$32,310,844)

30,753,383

US

GOVERNMENT

AND

AGENCY

MORTGAGE

BACKED

OBLIGATIONS

19.1%

FHLMC

STRIPS

,

2,131,730

‌

Series

358-300

3.00%

10/15/2047

1,850,988

‌

FHLMC

UMBS

,

2,575,555

‌

Pool

RA7673

4.50%

07/01/2052

2,368,071

‌

1,396,836

‌

Pool

RA7930

4.50%

09/01/2052

1,284,232

‌

1,857,712

‌

Pool

RA7939

5.00%

09/01/2052

1,755,717

‌

2,913,059

‌

Pool

SD2434

3.00%

08/01/2052

2,418,101

‌

1,983,542

‌

Pool

SD3574

3.00%

11/01/2048

1,678,369

‌

1,684,704

‌

Pool

SD3803

2.00%

02/01/2052

1,304,910

‌

1,525,000

‌

Pool

SD3892

5.50%

09/01/2053

1,478,863

‌

FNMA

REMICS

,

1,143,300

‌

Series

2017-112-ZC

3.00%

01/25/2048

848,317

‌

1,419,137

‌

Series

2018-53-Z

3.50%

07/25/2048

1,157,682

‌

2,829,624

‌

Series

2019-5-

FE

(Secured

Overnight

Financing

Rate

30

Day

Average

+

0.56%,

0.45%

Floor,

6.50%

Cap)

5.88%

03/25/2049

2,734,781

‌

FNMA

UMBS

,

3,323,004

‌

Pool

CA8256

2.50%

12/01/2050

2,648,089

‌

1,880,175

‌

Pool

CB4573

5.00%

09/01/2052

1,777,385

‌

2,008,443

‌

Pool

FS1472

3.50%

11/01/2050

1,753,299

‌

2,885,512

‌

Pool

FS3708

5.00%

01/01/2053

2,726,919

‌

2,762,495

‌

Pool

MA4600

3.50%

05/01/2052

2,380,613

‌

585,229

‌

Pool

MA4655

4.00%

07/01/2052

521,896

‌

GNMA

,

1,253,347

‌

Pool

785717

3.00%

11/20/2051

1,052,674

‌

900,456

‌

Pool

786227

3.00%

04/20/2052

759,566

‌

1,392,489

‌

Series

2013-116-WU

3.00%

12/20/2042

1,323,753

‌

1,219,990

‌

Series

2021-58-HP

3.00%

08/20/2050

1,043,973

‌

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

1,136,804

‌

Series

2022-23-BA

3.00%

05/20/2049

996,862

‌

Total

US

Government

and

Agency

Mortgage

Backed

Obligations

(Cost

$37,653,647)

35,865,060

US

GOVERNMENT

AND

AGENCY

OBLIGATIONS

23.1%

4,150,000

‌

U.S.

Treasury

Bonds

3.88%

05/15/2043

3,608,555

‌

34,500,000

‌

U.S.

Treasury

Bonds

4.13%

08/15/2053

31,324,922

‌

9,000,000

‌

U.S.

Treasury

Notes

3.88%

08/15/2033

8,505,001

‌

Total

US

Government

and

Agency

Obligations

(Cost

$44,177,847)

43,438,478

SHORT

TERM

INVESTMENTS

1.4%

1,284,868

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

5.27%

(g)

1,284,868

1,284,867

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

5.27%

(g)

1,284,867

Total

Short

Term

Investments

(Cost

$2,569,735)

2,569,735

Total

Investments

100.4%

(Cost

$194,389,695)

188,786,310

Liabilities

in

Excess

of

Other

Assets

(0.4)%

(709,379)

NET

ASSETS

100.0%

$188,076,931

Annual

Report

|

September

30,

2023

29

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2023

INVESTMENT

BREAKDOWN

as

a

%

of

Net

Assets:

US

Government

and

Agency

Obligations

23.1

%

US

Government

and

Agency

Mortgage

Backed

Obligations

19.1

Non-Agency

Residential

Collateralized

Mortgage

Obligations

10.1

Asset

Backed

Obligations

9.6

Non-Agency

Commercial

Mortgage

Backed

Obligations

5.4

Banking

4.8

Collateralized

Loan

Obligations

4.5

Technology

1.8

Electric

1.7

Short

Term

Investments

1.4

Midstream

1.3

Healthcare

1.0

Food

and

Beverage

1.0

Pharmaceuticals

0.7

Transportation

Services

0.7

Cable

Satellite

0.6

Independent

0.6

Consumer

Cyclical

Services

0.6

Government

Owned,

No

Guarantee

0.5

Finance

Companies

0.5

Hotels,

Restaurants

&

Leisure

0.5

Building

Materials

0.5

Software

0.4

Wireless

0.4

Diversified

Manufacturing

0.4

Leisure

0.4

Retailers

0.4

Chemicals

0.4

Life

0.4

Media

Entertainment

0.3

Oil

Field

Services

0.3

Health

Insurance

0.3

Aerospace

&

Defense

0.3

Metals

and

Mining

0.3

Other

REITs

0.3

Wirelines

0.3

P&C

0.3

Gaming

0.3

Paper

0.2

Refining

0.2

Commercial

Services

&

Supplies

0.2

Automotive

0.2

Local

Authority

0.2

Railroads

0.2

Health

Care

Equipment

&

Supplies

0.2

Airlines

0.2

Other

Industrial

0.2

Specialty

Retail

0.2

Tobacco

0.2

Financial

Services

0.2

Other

Utility

0.2

Healthcare

REITs

0.1

Apartment

REITs

0.1

Insurance

0.1

Restaurants

0.1

Health

Care

Providers

&

Services

0.1

Consumer

Products

0.1

Office

REITs

0.1

Entertainment

0.1

Lodging

0.1

Integrated

0.1

Government

Sponsored

0.1

Packaging

0.1

INVESTMENT

BREAKDOWN

as

a

%

of

Net

Assets:

(Cont.)

Media

0.1

%

Diversified

Consumer

Services

0.1

Foreign

Government

Bonds,

Foreign

Agencies

and

Foreign

Government

Sponsored

Corporations

0.1

Capital

Markets

0.1

Professional

Services

0.1

Distributors

0.1

Electric

Utilities

0.1

Machinery

0.1

Retail

REITs

0.1

Automobile

Components

0.1

Consumer

Finance

0.1

Containers

&

Packaging

0.0

(h)

Natural

Gas

0.0

(h)

Oil,

Gas

&

Consumable

Fuels

0.0

(h)

Food

Products

0.0

(h)

IT

Services

0.0

(h)

Building

Products

0.0

(h)

Diversified

Telecommunication

Services

0.0

(h)

Brokerage,

Asset

Managers

&

Exchanges

0.0

(h)

Other

Assets

and

Liabilities

(0.4

)

100.0

%

30

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(a)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

buyers.

(b)

Step

bond;

coupon

rate

changes

based

on

a

predetermined

schedule

or

event.

The

interest

rate

shown

is

the

rate

in

effect

as

of

period

end.

(c)

Securities

referencing

LIBOR

are

expected

to

transition

to

an

alternative

reference

rate

by

the

security's

next

scheduled

coupon

reset

date.

(d)

Perpetual

maturity.

The

date

disclosed

is

the

next

call

date

of

the

security.

(e)

Coupon

rate

is

variable

or

floats

based

on

components

including

but

not

limited

to

reference

rate

and

spread.

These

securities

may

not

indicate

a

reference

rate

and/or

spread

in

their

description.

The

rate

disclosed

is

as

of

period

end.

(f)

Interest

only

security

(g)

Seven-day

yield

as

of

period

end

(h)

Represents

less

than

0.05%

of

net

assets

Abbreviations:

FHLMC

Federal

Home

Loan

Mortgage

Corporation

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

LIBOR

London

Interbank

Offered

Rate

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage

Backed

Securities

Schedules

of

Investments

DoubleLine

Shiller

CAPE

®

U.S.

Equities

ETF

September

30,

2023

Annual

Report

|

September

30,

2023

31

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

SHARES

SECURITY

DESCRIPTION

VALUE

$

COMMON

STOCKS

99.7%

AUTOMOBILE

COMPONENTS

0.3%

6,493

Aptiv

plc

(a)

640,145

5,395

BorgWarner,

Inc.

217,796

857,941

AUTOMOBILES

5.7%

89,926

Ford

Motor

Co.

1,116,881

31,501

General

Motors

Co.

1,038,588

55,486

Tesla,

Inc.

(a)

13,883,707

16,039,176

BANKS

5.9%

106,480

Bank

of

America

Corp.

2,915,422

29,659

Citigroup,

Inc.

1,219,875

7,274

Citizens

Financial

Group,

Inc.

194,943

2,030

Comerica,

Inc.

84,347

10,487

Fifth

Third

Bancorp

265,636

22,301

Huntington

Bancshares,

Inc.

231,930

44,760

JPMorgan

Chase

&

Co.

6,491,095

14,415

KeyCorp

155,105

2,556

M&T

Bank

Corp.

323,206

6,135

PNC

Financial

Services

Group,

Inc.

(The)

753,194

14,452

Regions

Financial

Corp.

248,574

20,516

Truist

Financial

Corp.

586,963

23,980

US

Bancorp

792,779

56,352

Wells

Fargo

&

Co.

2,302,543

2,282

Zions

Bancorp

NA

79,619

16,645,231

BEVERAGES

5.2%

6,336

Brown-Forman

Corp.

-

Class

B

365,524

56,329

Coca-Cola

Co.

(The)

3,153,297

5,552

Constellation

Brands,

Inc.

-

Class

A

1,395,384

34,693

Keurig

Dr

Pepper,

Inc.

1,095,258

6,388

Molson

Coors

Beverage

Co.

-

Class

B

406,213

25,587

Monster

Beverage

Corp.

(a)

1,354,832

41,160

PepsiCo,

Inc.

6,974,150

14,744,658

BROADLINE

RETAIL

5.7%

121,622

Amazon.com,

Inc.

(a)

15,460,589

12,245

eBay,

Inc.

539,882

2,831

Etsy,

Inc.

(a)

182,826

16,183,297

CAPITAL

MARKETS

5.5%

1,580

Ameriprise

Financial,

Inc.

520,894

11,995

Bank

of

New

York

Mellon

Corp.

(The)

511,587

2,161

BlackRock,

Inc.

1,397,065

10,933

Blackstone,

Inc.

1,171,362

1,624

Cboe

Global

Markets,

Inc.

253,685

22,904

Charles

Schwab

Corp.

(The)

1,257,430

5,542

CME

Group,

Inc.

1,109,619

588

FactSet

Research

Systems,

Inc.

257,109

4,381

Franklin

Resources,

Inc.

107,685

5,078

Goldman

Sachs

Group,

Inc.

(The)

1,643,088

8,814

Intercontinental

Exchange,

Inc.

969,716

6,909

Invesco

Ltd.

100,319

580

MarketAxess

Holdings,

Inc.

123,911

2,430

Moody's

Corp.

768,293

19,652

Morgan

Stanley

1,604,979

1,218

MSCI,

Inc.

-

Class

A

624,931

5,221

Nasdaq,

Inc.

253,688

3,189

Northern

Trust

Corp.

221,572

2,896

Raymond

James

Financial,

Inc.

290,845

SHARES

SECURITY

DESCRIPTION

VALUE

$

5,012

S&P

Global,

Inc.

1,831,435

4,907

State

Street

Corp.

328,573

3,456

T

Rowe

Price

Group,

Inc.

362,431

15,710,217

CONSUMER

FINANCE

0.9%

8,961

American

Express

Co.

1,336,892

5,876

Capital

One

Financial

Corp.

570,266

3,850

Discover

Financial

Services

333,525

6,442

Synchrony

Financial

196,932

2,437,615

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

7.2%

13,198

Costco

Wholesale

Corp.

7,456,342

7,551

Dollar

General

Corp.

798,896

7,201

Dollar

Tree,

Inc.

(a)

766,546

22,796

Kroger

Co.

(The)

1,020,121

17,396

Sysco

Corp.

1,149,006

15,907

Target

Corp.

1,758,837

24,613

Walgreens

Boots

Alliance,

Inc.

547,393

42,536

Walmart,

Inc.

6,802,783

20,299,924

DISTRIBUTORS

0.4%

3,225

Genuine

Parts

Co.

465,625

6,147

LKQ

Corp.

304,338

898

Pool

Corp.

319,778

1,089,741

DIVERSIFIED

TELECOMMUNICATION

SERVICES

1.9%

160,339

AT&T,

Inc.

2,408,292

94,289

Verizon

Communications,

Inc.

3,055,906

5,464,198

ENTERTAINMENT

3.7%

16,046

Activision

Blizzard,

Inc.

1,502,387

5,528

Electronic

Arts,

Inc.

665,571

3,181

Live

Nation

Entertainment,

Inc.

(a)

264,150

9,939

Netflix,

Inc.

(a)

3,752,966

3,543

Take-Two

Interactive

Software,

Inc.

(a)

497,402

41,038

Walt

Disney

Co.

(The)

(a)

3,326,130

49,746

Warner

Bros

Discovery,

Inc.

(a)

540,242

10,548,848

FINANCIAL

SERVICES

8.5%

28,089

Berkshire

Hathaway,

Inc.

-

Class

B

(a)

9,839,577

9,126

Fidelity

National

Information

Services,

Inc.

504,394

9,389

Fiserv,

Inc.

(a)

1,060,581

1,139

FleetCor

Technologies,

Inc.

(a)

290,832

4,004

Global

Payments,

Inc.

462,022

1,123

Jack

Henry

&

Associates,

Inc.

169,730

12,815

Mastercard,

Inc.

-

Class

A

5,073,587

16,913

PayPal

Holdings,

Inc.

(a)

988,734

24,748

Visa,

Inc.

-

Class

A

5,692,287

24,081,744

FOOD

PRODUCTS

4.3%

18,402

Archer-Daniels-Midland

Co.

1,387,879

5,175

Bunge

Ltd.

560,194

6,803

Campbell

Soup

Co.

279,467

16,443

Conagra

Brands,

Inc.

450,867

20,192

General

Mills,

Inc.

1,292,086

5,179

Hershey

Co.

(The)

1,036,214

9,992

Hormel

Foods

Corp.

379,996

3,524

J

M

Smucker

Co.

(The)

433,135

9,098

Kellogg

Co.

541,422

27,593

Kraft

Heinz

Co.

(The)

928,229

32

DoubleLine

ETF

Trust

Schedules

of

Investments

DoubleLine

Shiller

CAPE

®

U.S.

Equities

ETF

(Cont.)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

SHARES

SECURITY

DESCRIPTION

VALUE

$

5,035

Lamb

Weston

Holdings,

Inc.

465,536

8,664

McCormick

&

Co.,

Inc.

(Non-Voting)

655,345

46,935

Mondelez

International,

Inc.

-

Class

A

3,257,289

9,849

Tyson

Foods,

Inc.

-

Class

A

497,276

12,164,935

HOTELS,

RESTAURANTS

&

LEISURE

5.8%

9,741

Airbnb,

Inc.

-

Class

A

(a)

1,336,563

819

Booking

Holdings,

Inc.

(a)

2,525,755

4,931

Caesars

Entertainment,

Inc.

(a)

228,552

22,981

Carnival

Corp.

(a)

315,299

634

Chipotle

Mexican

Grill,

Inc.

-

Class

A

(a)

1,161,380

2,774

Darden

Restaurants,

Inc.

397,292

803

Domino's

Pizza,

Inc.

304,169

3,168

Expedia

Group,

Inc.

(a)

326,526

5,995

Hilton

Worldwide

Holdings,

Inc.

900,329

7,474

Las

Vegas

Sands

Corp.

342,608

5,775

Marriott

International,

Inc.

-

Class

A

1,135,134

11,804

McDonald's

Corp.

3,109,646

6,420

MGM

Resorts

International

235,999

9,707

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

159,971

5,385

Royal

Caribbean

Cruises

Ltd.

(a)

496,174

26,332

Starbucks

Corp.

2,403,322

2,197

Wynn

Resorts

Ltd.

203,025

6,415

Yum!

Brands,

Inc.

801,490

16,383,234

HOUSEHOLD

DURABLES

1.0%

6,986

DR

Horton,

Inc.

750,785

3,519

Garmin

Ltd.

370,199

5,813

Lennar

Corp.

-

Class

A

652,393

1,215

Mohawk

Industries,

Inc.

(a)

104,259

75

NVR,

Inc.

(a)

447,248

5,023

PulteGroup,

Inc.

371,953

1,259

Whirlpool

Corp.

168,328

2,865,165

HOUSEHOLD

PRODUCTS

5.3%

8,488

Church

&

Dwight

Co.,

Inc.

777,755

4,259

Clorox

Co.

(The)

558,184

28,496

Colgate-Palmolive

Co.

2,026,351

11,642

Kimberly-Clark

Corp.

1,406,936

70,379

Procter

&

Gamble

Co.

(The)

10,265,481

15,034,707

INSURANCE

4.2%

8,327

Aflac,

Inc.

639,097

4,028

Allstate

Corp.

(The)

448,759

10,965

American

International

Group,

Inc.

664,479

3,124

Aon

plc

-

Class

A

1,012,863

5,744

Arch

Capital

Group

Ltd.

(a)

457,854

3,319

Arthur

J

Gallagher

&

Co.

756,500

817

Assurant,

Inc.

117,305

3,625

Brown

&

Brown,

Inc.

253,170

6,326

Chubb

Ltd.

1,316,947

2,416

Cincinnati

Financial

Corp.

247,133

668

Everest

Group

Ltd.

248,276

1,338

Globe

Life,

Inc.

145,481

4,711

Hartford

Financial

Services

Group,

Inc.

(The)

334,057

2,849

Loews

Corp.

180,370

7,607

Marsh

&

McLennan

Cos.,

Inc.

1,447,612

9,730

MetLife,

Inc.

612,114

3,424

Principal

Financial

Group,

Inc.

246,768

9,015

Progressive

Corp.

(The)

1,255,790

5,592

Prudential

Financial,

Inc.

530,625

3,527

Travelers

Cos.,

Inc.

(The)

575,994

SHARES

SECURITY

DESCRIPTION

VALUE

$

3,132

W

R

Berkley

Corp.

198,851

1,614

Willis

Towers

Watson

plc

337,261

12,027,306

INTERACTIVE

MEDIA

&

SERVICES

16.8%

133,067

Alphabet,

Inc.

-

Class

A

(a)

17,413,148

113,194

Alphabet,

Inc.

-

Class

C

(a)

14,924,629

6,237

Match

Group,

Inc.

(a)

244,334

49,849

Meta

Platforms,

Inc.

-

Class

A

(a)

14,965,168

47,547,279

LEISURE

PRODUCTS

0.1%

3,003

Hasbro,

Inc.

198,618

MEDIA

2.2%

2,283

Charter

Communications,

Inc.

-

Class

A

(a)

1,004,109

92,308

Comcast

Corp.

-

Class

A

4,092,937

5,690

Fox

Corp.

-

Class

A

177,528

2,959

Fox

Corp.

-

Class

B

85,456

8,634

Interpublic

Group

of

Cos.,

Inc.

(The)

247,450

8,545

News

Corp.

-

Class

A

171,413

2,591

News

Corp.

-

Class

B

54,074

4,432

Omnicom

Group,

Inc.

330,095

10,815

Paramount

Global

-

Class

B

139,514

6,302,576

PERSONAL

CARE

PRODUCTS

0.8%

7,967

Estee

Lauder

Cos.,

Inc.

(The)

-

Class

A

1,151,630

59,419

Kenvue,

Inc.

1,193,133

2,344,763

SPECIALTY

RETAIL

4.6%

416

AutoZone,

Inc.

(a)

1,056,636

5,269

Bath

&

Body

Works,

Inc.

178,092

4,469

Best

Buy

Co.,

Inc.

310,461

3,611

CarMax,

Inc.

(a)

255,406

10,015

Home

Depot,

Inc.

(The)

3,026,132

13,471

Lowe's

Cos.,

Inc.

2,799,813

1,388

O'Reilly

Automotive,

Inc.

(a)

1,261,498

7,844

Ross

Stores,

Inc.

885,980

26,378

TJX

Cos.,

Inc.

(The)

2,344,477

2,492

Tractor

Supply

Co.

506,001

1,145

Ulta

Beauty,

Inc.

(a)

457,370

13,081,866

TEXTILES,

APPAREL

&

LUXURY

GOODS

1.1%

28,173

NIKE,

Inc.

-

Class

B

2,693,902

930

Ralph

Lauren

Corp.

-

Class

A

107,964

5,335

Tapestry,

Inc.

153,381

7,629

VF

Corp.

134,805

3,090,052

TOBACCO

2.0%

61,297

Altria

Group,

Inc.

2,577,539

35,167

Philip

Morris

International,

Inc.

3,255,761

5,833,300

WIRELESS

TELECOMMUNICATION

SERVICES

0.6%

11,610

T-Mobile

US,

Inc.

(a)

1,625,980

Total

Common

Stocks

(Cost

$287,950,941)

282,602,371

SHORT

TERM

INVESTMENTS

0.3%

356,514

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

5.27%

(b)

356,514

Annual

Report

|

September

30,

2023

33

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2023

Click

here

to

add

static

content

to

this

content

block.

SHARES

SECURITY

DESCRIPTION

VALUE

$

356,514

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

5.27%

(b)

356,514

Total

Short

Term

Investments

(Cost

$713,028)

713,028

Total

Investments

100.0%

(Cost

$288,663,969)

283,315,399

Other

Assets

in

Excess

of

Liabilities

0.0%

(c)

130,494

NET

ASSETS

100.0%

$283,445,893

(a)

Non-income

producing

security

(b)

Seven-day

yield

as

of

period

end

(c)

Represents

less

than

0.05%

of

net

assets.

Schedules

of

Investments

DoubleLine

Commercial

Real

Estate

ETF

September

30,

2023

34

DoubleLine

ETF

Trust

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

P

RINCIPAL

A

MOUNT

$/S

HARES

S

ECURITY

D

ESCRIPTION

R

ATE

M

ATURITY

V

ALUE

$

ASSET

BACKED

OBLIGATIONS

7.8%

AREIT

Trust

,

465,085

Series

2021-CRE5-A

(CME

Term

SOFR

1

Month

+

1.19%,

1.08%

Floor)

6.53%

(a)

11/17/2038

459,415

BDS

,

1,033,839

Series

2021-FL8-A

(CME

Term

SOFR

1

Month

+

1.03%,

0.92%

Floor)

6.37%

(a)

01/18/2036

1,023,974

BXMT

Ltd.

,

749,808

Series

2020-FL2-A

(CME

Term

SOFR

1

Month

+

1.01%,

1.01%

Floor)

6.35%

(a)

02/15/2038

707,763

CLNC

Ltd.

,

22,162

Series

2019-FL1-A

(CME

Term

SOFR

1

Month

+

1.36%,

1.25%

Floor)

6.69%

(a)

08/20/2035

22,184

HERA

Commercial

Mortgage

Ltd.

,

172,550

Series

2021-FL1-A

(CME

Term

SOFR

1

Month

+

1.16%,

1.05%

Floor)

6.50%

(a)

02/18/2038

167,885

LoanCore

Issuer

Ltd.

,

72,540

Series

2021-CRE4-A

(Secured

Overnight

Financing

Rate

30

Day

Average

+

0.91%,

0.91%

Floor)

6.23%

(a)

07/15/2035

72,357

PFP

Ltd.

,

500,000

Series

2023-10-A

(CME

Term

SOFR

1

Month

+

2.36%,

2.37%

Floor)

7.70%

(a)

09/16/2038

501,433

Ready

Capital

Mortgage

Financing

LLC

,

322,166

Series

2021-FL5-A

(CME

Term

SOFR

1

Month

+

1.11%,

1.00%

Floor)

6.43%

(a)

04/25/2038

319,870

728,664

Series

2021-FL7-A

(CME

Term

SOFR

1

Month

+

1.31%,

1.20%

Floor)

6.63%

(a)

11/25/2036

720,498

STWD

Ltd.

,

751,340

Series

2019-FL1-A

(CME

Term

SOFR

1

Month

+

1.19%,

1.19%

Floor)

6.53%

(a)

07/15/2038

737,440

Total

Asset

Backed

Obligations

(Cost

$4,716,957)

4,732,819

COLLATERALIZED

LOAN

OBLIGATIONS

17.8%

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.

,

230,000

Series

2021-FL3-A

(CME

Term

SOFR

1

Month

+

1.18%,

1.18%

Floor)

6.52%

(a)

08/15/2034

227,354

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

BRSP

Ltd.

,

750,000

Series

2021-FL1-A

(CME

Term

SOFR

1

Month

+

1.26%,

1.15%

Floor)

6.59%

(a)

08/19/2038

733,153

BSPDF

Issuer

Ltd.

,

650,000

Series

2021-FL1-A

(CME

Term

SOFR

1

Month

+

1.31%,

1.20%

Floor)

6.65%

(a)

10/15/2036

635,859

BSPRT

Issuer

Ltd.

,

1,000,000

Series

2021-FL6-A

(CME

Term

SOFR

1

Month

+

1.21%,

1.10%

Floor)

6.55%

(a)

03/15/2036

988,098

CHCP

Ltd.

,

365,945

Series

2021-FL1-A

(CME

Term

SOFR

1

Month

+

1.16%,

1.05%

Floor)

6.50%

(a)

02/15/2038

361,477

FS

Rialto

,

491,711

Series

2021-FL2-A

(CME

Term

SOFR

1

Month

+

1.33%,

1.33%

Floor)

6.67%

(a)

05/16/2038

483,987

500,000

Series

2021-FL3-A

(CME

Term

SOFR

1

Month

+

1.36%,

1.25%

Floor)

6.70%

(a)

11/16/2036

493,639

FS

Rialto

Issuer

LLC

,

750,000

Series

2022-FL4-A

(Secured

Overnight

Financing

Rate

30

Day

Average

+

1.90%,

1.90%

Floor)

7.21%

(a)

01/19/2039

744,095

GPMT

Ltd.

,

1,000,000

Series

2021-FL4-A

(CME

Term

SOFR

1

Month

+

1.46%,

1.35%

Floor)

6.79%

(a)

12/15/2036

971,345

HGI

CRE

CLO

Ltd.

,

672,857

Series

2021-FL2-A

(CME

Term

SOFR

1

Month

+

1.11%,

1.11%

Floor)

6.45%

(a)

09/17/2036

658,721

KREF

Ltd.

,

540,000

Series

2021-FL2-A

(CME

Term

SOFR

1

Month

+

1.18%,

1.07%

Floor)

6.52%

(a)

02/15/2039

534,611

LFT

CRE

Ltd.

,

490,000

Series

2021-FL1-A

(CME

Term

SOFR

1

Month

+

1.28%,

1.28%

Floor)

6.62%

(a)

06/15/2039

485,376

LoanCore

Issuer

Ltd.

,

850,000

Series

2021-CRE5-A

(1

Month

LIBOR

USD

+

1.30%,

1.30%

Floor)

(b)

6.75%

(a)

07/15/2036

840,256

Annual

Report

|

September

30,

2023

35

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2023

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

760,000

Series

2021-CRE6-A

(CME

Term

SOFR

1

Month

+

1.41%,

1.30%

Floor)

6.75%

(a)

11/15/2038

745,495

MF1

Ltd.

,

247,864

Series

2021-FL6-A

(CME

Term

SOFR

1

Month

+

1.21%,

1.10%

Floor)

6.55%

(a)

07/16/2036

242,483

850,000

Series

2021-FL7-A

(CME

Term

SOFR

1

Month

+

1.19%,

1.08%

Floor)

6.53%

(a)

10/16/2036

837,083

TRTX

Issuer

Ltd.

,

750,000

Series

2022-FL5-A

(Secured

Overnight

Financing

Rate

30

Day

Average

+

1.65%,

1.65%

Floor)

6.96%

(a)

02/15/2039

736,690

Total

Collateralized

Loan

Obligations

(Cost

$10,614,696)

10,719,722

NON-AGENCY

COMMERCIAL

MORTGAGE

BACKED

OBLIGATIONS

50.1%

3650R

Commercial

Mortgage

Trust

,

482,883

Series

2021-PF1-A1

1.12%

11/15/2054

443,963

BAMLL

Commercial

Mortgage

Securities

Trust

,

650,000

Series

2018-DSNY-A

(CME

Term

SOFR

1

Month

+

0.90%,

0.85%

Floor)

6.48%

(a)

09/15/2034

647,219

BANK

,

518,951

Series

2019-BN22-A1

2.08%

11/15/2062

505,653

653,595

Series

2021-BN33-A1

0.61%

05/15/2064

601,290

791,187

Series

2022-BNK39-A1

1.74%

02/15/2055

731,567

150,236

Series

2023-BNK45-A1

5.43%

02/15/2056

146,870

BANK5

,

107,277

Series

2023-5YR2-A1

6.20%

03/15/2028

107,067

22,300,000

Series

2023-5YR3-XA

0.79%

(c)(d)

09/15/2056

748,925

BBCMS

Mortgage

Trust

,

140,030

Series

2017-C1-ASB

3.49%

02/15/2050

133,068

233,993

Series

2023-C19-A1

5.70%

04/15/2056

229,707

Benchmark

Mortgage

Trust

,

12,967,716

Series

2019-B14-XA

0.90%

(c)(d)

12/15/2062

360,379

123,135

Series

2020-B16-A1

1.93%

02/15/2053

122,522

600,000

Series

2020-B19-A2

1.69%

09/15/2053

531,439

188,704

Series

2020-B21-A1

0.54%

12/17/2053

179,459

434,071

Series

2021-B28-A1

0.60%

08/15/2054

397,279

460,990

Series

2023-V2-A1

5.85%

05/15/2055

453,775

14,095,448

Series

2023-V2-XA

1.22%

(c)(d)

05/15/2055

543,831

BMO

Mortgage

Trust

,

622,064

Series

2022-C1-A1

2.20%

02/15/2055

581,947

160,698

Series

2022-C3-A1

5.43%

(c)

09/15/2054

157,679

BX

Commercial

Mortgage

Trust

,

750,000

Series

2019-IMC-A

(CME

Term

SOFR

1

Month

+

1.11%,

1.00%

Floor)

6.45%

(a)

04/15/2034

744,471

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

500,924

Series

2020-VKNG-A

(CME

Term

SOFR

1

Month

+

1.04%,

0.93%

Floor)

6.38%

(a)

10/15/2037

496,096

600,000

Series

2021-ACNT-A

(CME

Term

SOFR

1

Month

+

0.96%,

0.85%

Floor)

6.30%

(a)

11/15/2038

589,241

750,000

Series

2021-CIP-A

(CME

Term

SOFR

1

Month

+

1.04%,

0.92%

Floor)

6.37%

(a)

12/15/2038

734,935

Citigroup

Commercial

Mortgage

Trust

,

500,000

Series

2014-GC21-A5

3.86%

05/10/2047

493,975

750,000

Series

2015-GC27-A5

3.14%

02/10/2048

721,663

999,938

Series

2015-P1-A4

3.46%

09/15/2048

962,338

96,551

Series

2020-GC46-A1

1.85%

02/15/2053

93,090

Commercial

Mortgage

Trust

,

654,539

Series

2014-CR17-A4

3.70%

05/10/2047

646,578

520,000

Series

2014-CR18-AM

4.10%

07/15/2047

505,826

750,000

Series

2014-LC15-A4

4.01%

04/10/2047

743,186

355,000

Series

2014-UBS5-A4

3.84%

09/10/2047

344,352

390,000

Series

2015-DC1-A5

3.35%

02/10/2048

373,302

600,000

Series

2015-PC1-A5

3.90%

07/10/2050

576,823

CSAIL

Commercial

Mortgage

Trust

,

1,031,473

Series

2015-C3-A3

3.45%

08/15/2048

988,388

124,856

Series

2020-C19-A1

1.30%

03/15/2053

119,365

Great

Wolf

Trust

,

750,000

Series

2019-WOLF-A

(CME

Term

SOFR

1

Month

+

1.15%,

1.03%

Floor)

6.48%

(a)

12/15/2036

746,564

GS

Mortgage

Securities

Trust

,

860,000

Series

2014-GC18-A4

4.07%

01/10/2047

854,655

200,000

Series

2015-GC28-B

3.98%

02/10/2048

185,397

323,184

Series

2015-GC34-AAB

3.28%

10/10/2048

313,471

247,084

Series

2020-GC45-A1

2.02%

02/13/2053

242,017

IMT

Trust

,

500,000

Series

2017-APTS-AFX

3.48%

(a)

06/15/2034

486,885

JPMBB

Commercial

Mortgage

Securities

Trust

,

500,000

Series

2014-C18-A5

4.08%

02/15/2047

494,810

1,004,000

Series

2014-C21-A5

3.77%

08/15/2047

983,444

636,457

Series

2015-C30-A4

3.55%

07/15/2048

603,758

517,995

Series

2015-C31-A3

3.80%

08/15/2048

489,369

680,000

Series

2015-C32-A5

3.60%

11/15/2048

635,520

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

258,300

Series

2013-C10-AS

4.09%

(c)

07/15/2046

250,761

750,000

Series

2014-C16-AS

4.09%

06/15/2047

716,361

1,043,000

Series

2014-C17-A5

3.74%

08/15/2047

1,020,895

177,443

Series

2014-C18-A4

3.92%

10/15/2047

172,373

1,130,265

Series

2014-C19-A3

3.25%

12/15/2047

1,096,680

36

DoubleLine

ETF

Trust

Schedules

of

Investments

DoubleLine

Commercial

Real

Estate

ETF

(Cont.)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

TPGI

Trust

,

629,235

Series

2021-DGWD-A

(CME

Term

SOFR

1

Month

+

0.81%,

0.70%

Floor)

6.15%

(a)

06/15/2026

618,366

Wells

Fargo

Commercial

Mortgage

Trust

,

750,000

Series

2014-LC16-A5

3.82%

08/15/2050

733,704

1,000,000

Series

2015-C27-A5

3.45%

02/15/2048

954,665

600,000

Series

2015-LC20-A3

3.09%

04/15/2050

580,821

328,000

Series

2015-NXS3-AS

3.97%

(c)

09/15/2057

307,682

WFRBS

Commercial

Mortgage

Trust

,

194,716

Series

2013-C14-AS

3.49%

06/15/2046

181,439

500,000

Series

2014-C22-A5

3.75%

09/15/2057

484,677

392,736

Series

2014-C23-A4

3.65%

10/15/2057

384,997

Total

Non-Agency

Commercial

Mortgage

Backed

Obligations

(Cost

$30,293,654)

30,296,579

NON-AGENCY

RESIDENTIAL

COLLATERALIZED

MORTGAGE

OBLIGATIONS

1.9%

AREIT

Trust

,

447,037

Series

2022-CRE6-A

(Secured

Overnight

Financing

Rate

30

Day

Average

+

1.25%,

1.25%

Floor)

6.56%

(a)

01/20/2037

440,811

BXMT

Ltd.

,

749,826

Series

2020-FL3-A

(CME

Term

SOFR

1

Month

+

1.51%,

1.51%

Floor)

6.85%

(a)

11/15/2037

718,708

Total

Non-Agency

Residential

Collateralized

Mortgage

Obligations

(Cost

$1,159,872)

1,159,519

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

US

GOVERNMENT

AND

AGENCY

MORTGAGE

BACKED

OBLIGATIONS

18.0%

FHLMC

,

1,150,000

Pool

WN2424

5.10%

06/01/2028

1,127,954

FHLMC

Multifamily

Structured

Pass-Through

Certificates

,

1,208,135

Series

K083-A1

3.94%

07/25/2028

1,169,361

2,025,000

Series

K736-A2

2.28%

07/25/2026

1,875,426

FNMA

,

1,100,000

Pool

BL0240

3.54%

11/01/2025

1,055,676

690,000

Pool

BL0245

3.43%

11/01/2025

660,683

1,100,000

Pool

BS8040

5.14%

03/01/2028

1,086,135

FNMA

ACES

,

4,329,140

Series

2022-M13-A1

2.68%

(c)

04/25/2032

3,923,966

Total

US

Government

and

Agency

Mortgage

Backed

Obligations

(Cost

$11,046,265)

10,899,201

SHORT

TERM

INVESTMENTS

2.3%

689,099

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

5.27%

(e)

689,099

689,099

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

5.27%

(e)

689,099

Total

Short

Term

Investments

(Cost

$1,378,198)

1,378,198

Total

Investments

97.9%

(Cost

$59,209,642)

59,186,038

Other

Assets

in

Excess

of

Liabilities

2.1%

1,251,910

NET

ASSETS

100.0%

$60,437,948

(a)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

buyers.

(b)

Securities

referencing

LIBOR

are

expected

to

transition

to

an

alternative

reference

rate

by

the

security's

next

scheduled

coupon

reset

date.

(c)

Coupon

rate

is

variable

or

floats

based

on

components

including

but

not

limited

to

reference

rate

and

spread.

These

securities

may

not

indicate

a

reference

rate

and/or

spread

in

their

description.

The

rate

disclosed

is

as

of

period

end.

(d)

Interest

only

security

(e)

Seven-day

yield

as

of

period

end

Abbreviations:

FHLMC

Federal

Home

Loan

Mortgage

Corporation

FNMA

Federal

National

Mortgage

Association

LIBOR

London

Interbank

Offered

Rate

SOFR

Secured

Overnight

Financing

Rate

Schedules

of

Investments

DoubleLine

Mortgage

ETF

September

30,

2023

Annual

Report

|

September

30,

2023

37

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

P

RINCIPAL

A

MOUNT

$/S

HARES

S

ECURITY

D

ESCRIPTION

R

ATE

M

ATURITY

V

ALUE

$

ASSET

BACKED

OBLIGATIONS

0.9%

AMSR

Trust

,

1,000,000

Series

2023-SFR1-A

4.00%

(a)

04/17/2040

921,942

Total

Asset

Backed

Obligations

(Cost

$953,077)

921,942

NON-AGENCY

RESIDENTIAL

COLLATERALIZED

MORTGAGE

OBLIGATIONS

13.9%

CIM

Trust

,

950,432

Series

2023-R4-A1

5.00%

(a)(b)

05/25/2062

920,850

CSMC

Trust

,

996,624

Series

2018-RPL9-A

3.85%

(a)(b)

09/25/2057

921,187

1,090,630

Series

2021-RPL3-A1

2.00%

(a)(b)

01/25/2060

909,921

720,035

Series

2022-RPL4-A1

3.90%

(a)(b)

04/25/2062

662,224

Deephaven

Residential

Mortgage

Trust

,

919,865

Series

2022-2-A1

4.30%

(a)(b)

03/25/2067

846,649

FHLMC

STACR

REMIC

Trust

,

1,000,000

Series

2022-DNA3-

M1B

(Secured

Overnight

Financing

Rate

30

Day

Average

+

2.90%)

8.21%

(a)

04/25/2042

1,023,630

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes

,

1,810,079

Series

2023-HQA2-

M1A

(Secured

Overnight

Financing

Rate

30

Day

Average

+

2.00%)

7.31%

(a)

06/25/2043

1,820,074

OBX

Trust

,

943,530

Series

2023-NQM3-A1

5.95%

(a)(c)

02/25/2063

934,025

1,912,067

Series

2023-NQM5-A1A

6.57%

(a)(c)

06/25/2063

1,914,704

Towd

Point

Mortgage

Trust

,

2,083,675

Series

2022-1-A1

3.75%

(a)(b)

07/25/2062

1,886,300

Verus

Securitization

Trust

,

1,906,614

Series

2023-5-A1

6.48%

(a)(c)

06/25/2068

1,896,883

Total

Non-Agency

Residential

Collateralized

Mortgage

Obligations

(Cost

$13,883,007)

13,736,447

US

GOVERNMENT

AND

AGENCY

MORTGAGE

BACKED

OBLIGATIONS

81.9%

FHLMC

REMICS

,

2,246,182

Series

4631-

GF

(Secured

Overnight

Financing

Rate

30

Day

Average

+

0.61%,

0.50%

Floor,

6.50%

Cap)

5.93%

11/15/2046

2,170,326

993,530

Series

4948-E

2.50%

10/25/2048

851,970

1,451,950

Series

5008-DI

3.00%

(d)

09/25/2050

200,460

FHLMC

UMBS

,

4,381,872

Pool

RB5166

3.00%

07/01/2042

3,708,965

2,575,486

Pool

SD2912

5.00%

05/01/2053

2,439,172

2,176,173

Pool

SD3139

3.50%

07/01/2052

1,874,741

6,686,052

Pool

SD8199

2.00%

03/01/2052

5,097,994

3,106,045

Pool

SD8288

5.00%

01/01/2053

2,934,472

FNMA

REMICS

,

2,500,000

Series

2016-88-B

3.00%

12/25/2056

2,010,358

1,424,361

Series

2017-99-PY

4.00%

12/25/2047

1,268,709

2,302,478

Series

2021-10-CA

2.00%

03/25/2051

1,851,047

3,859,125

Series

2021-3-NI

2.50%

(d)

02/25/2051

523,021

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

2,271,570

Series

2021-88-LA

2.50%

03/25/2050

1,865,251

FNMA

UMBS

,

5,722,951

Pool

CA8256

2.50%

12/01/2050

4,560,598

5,061,574

Pool

CB4794

4.50%

10/01/2052

4,653,551

6,602,138

Pool

FS0984

3.00%

04/01/2052

5,523,999

4,168,903

Pool

FS2040

2.00%

02/01/2052

3,175,953

5,229,023

Pool

FS2141

3.50%

06/01/2052

4,505,327

5,872,032

Pool

FS4764

2.50%

02/01/2052

4,719,212

2,956,354

Pool

FS4828

5.00%

05/01/2053

2,791,565

2,976,501

Pool

FS5704

2.00%

04/01/2052

2,276,656

4,030,697

Pool

MA3357

4.00%

05/01/2048

3,658,193

4,963,874

Pool

MA4492

2.00%

12/01/2051

3,789,236

1,474,237

Pool

MA4512

2.50%

01/01/2052

1,172,412

3,974,178

Pool

MA4733

4.50%

09/01/2052

3,652,937

487,885

Pool

MA5038

5.00%

06/01/2053

460,702

GNMA

,

3,095,026

Pool

786540

3.50%

02/20/2050

2,763,738

3,191,781

Pool

MA5076

3.00%

03/20/2048

2,739,398

1,058,658

Series

2016-116-DF

(CME

Term

SOFR

1

Month

+

0.51%,

0.40%

Floor,

6.50%

Cap)

5.84%

09/20/2046

1,022,926

1,491,112

Series

2019-31-GF

(CME

Term

SOFR

1

Month

+

0.56%,

0.45%

Floor,

6.50%

Cap)

5.89%

03/20/2049

1,447,177

3,733,553

Series

2020-153-CI

2.50%

(d)

10/20/2050

503,573

3,196,330

Series

2020-17-IG

3.00%

(d)

02/20/2050

497,354

Total

US

Government

and

Agency

Mortgage

Backed

Obligations

(Cost

$85,195,050)

80,710,993

US

GOVERNMENT

AND

AGENCY

OBLIGATIONS

1.4%

1,500,000

U.S.

Treasury

Bonds

4.13%

08/15/2053

1,361,953

Total

US

Government

and

Agency

Obligations

(Cost

$1,439,467)

1,361,953

SHORT

TERM

INVESTMENTS

1.5%

740,685

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

5.27%

(e)

740,685

740,685

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

5.27%

(e)

740,685

Total

Short

Term

Investments

(Cost

$1,481,370)

1,481,370

Total

Investments

99.6%

(Cost

$102,951,971)

98,212,705

Other

Assets

in

Excess

of

Liabilities

0.4%

402,485

NET

ASSETS

100.0%

$98,615,190

38

DoubleLine

ETF

Trust

Schedules

of

Investments

DoubleLine

Mortgage

ETF

(Cont.)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(a)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

buyers.

(b)

Coupon

rate

is

variable

or

floats

based

on

components

including

but

not

limited

to

reference

rate

and

spread.

These

securities

may

not

indicate

a

reference

rate

and/or

spread

in

their

description.

The

rate

disclosed

is

as

of

period

end.

(c)

Step

bond;

coupon

rate

changes

based

on

a

predetermined

schedule

or

event.

The

interest

rate

shown

is

the

rate

in

effect

as

of

period

end.

(d)

Interest

only

security

(e)

Seven-day

yield

as

of

period

end

Abbreviations:

FHLMC

Federal

Home

Loan

Mortgage

Corporation

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage

Backed

Securities

Futures

Contracts

Description

Long/Short

Contract

Quantity

Expiration

Date

Notional

Amount

(1)

Unrealized

Appreciation

(Depreciation)

/

Value

U.S.

Treasury

Ultra

Bond

Long

8

12/19/23

$

949,500

$

(69,830)

U.S.

Treasury

10

Year

Ultra

Bond

Long

18

12/19/23

2,008,125

(56,148)

$(125,978)

(1)

Notional

Amount

is

determined

based

on

the

number

of

contracts

multiplied

by

the

contract

size

and

the

quoted

daily

settlement

price

in

US

dollars.

Annual

Report

|

September

30,

2023

39

Statements

of

Assets

and

Liabilities

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2023

DoubleLine

Opportunistic

Bond

ETF

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

DoubleLine

Commercial

Real

Estate

ETF

DoubleLine

Mortgage

ETF

ASSETS

Investments

in

Unaffiliated

Securities,

at

Value*

$

186,216,575

$

282,602,371

$

57,807,840

$

96,731,335

Short

Term

Investments*

2,569,735

713,028

1,378,198

1,481,370

Interest

and

Dividends

Receivable

1,305,264

287,235

212,106

336,907

Receivable

for

Investments

Sold

244,471

—

976,828

—

Cash

41,236

—

—

—

Deposit

at

Broker

for

Futures

Contracts

—

—

—

98,400

Receivable

for

Variation

Margin

on

Futures

Contracts

—

—

—

7,219

Receivable

for

Fund

Shares

Sold

—

—

1,008,152

—

Total

Assets

190,377,281

283,602,634

61,383,124

98,655,231

LIABILITIES

Payable

for

Investments

Purchased

2,219,358

—

926,719

—

Management

Fees

Payable

78,429

156,741

18,316

40,041

Interest

Expense

Payable

2,563

—

141

—

Total

Liabilities

2,300,350

156,741

945,176

40,041

Net

Assets

$

188,076,931

$

283,445,893

$

60,437,948

$

98,615,190

NET

ASSETS

CONSISTS

OF:

Paid-In

Capital

$

199,741,575

$

291,130,853

$

60,234,025

$

103,968,746

Total

Distributable

Earnings

(Loss)

(See

Note

8)

(11,664,644)

(7,684,960)

203,923

(5,353,556)

Net

Assets

$

188,076,931

$

283,445,893

$

60,437,948

$

98,615,190

*Identified

Cost:

Investments

in

Unaffiliated

Securities

$

191,819,960

$

287,950,941

$

57,831,444

$

101,470,601

Short

Term

Investments

2,569,735

713,028

1,378,198

1,481,370

Shares

Outstanding

and

Net

Asset

Value

Per

Share:

Shares

Outstanding

(unlimited

number

of

shares

authorized

$

0.001

par

value)

4,261,000

11,962,000

1,200,001

2,100,001

Net

Asset

Value

Per

Share

$

44.14

$

23.70

$

50.36

$

46.96

Statements

of

Operations

40

DoubleLine

ETF

Trust

For

the

Period

Ended

September

30,

2023

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

DoubleLine

Opportunistic

Bond

ETF

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

DoubleLine

Commercial

Real

Estate

ETF

(a)

DoubleLine

Mortgage

ETF

(a)

INVESTMENT

INCOME

Income:

Interest

$

5,609,665

$

—

$

854,898

$

1,557,990

Dividends

from

Unaffiliated

Securities

218,845

4,125,433

66,149

246,303

Total

Investment

Income

5,828,510

4,125,433

921,047

1,804,293

Expenses:

Management

Fees

575,012

1,547,526

62,121

186,288

Total

Expenses

575,012

1,547,526

62,121

186,288

Net

Investment

Income

(Loss)

5,253,498

2,577,907

858,926

1,618,005

REALIZED

&

UNREALIZED

GAIN

(LOSS)

ON

INVESTMENTS

Net

Realized

Gain

(Loss)

on:

Investments

in

Unaffiliated

Securities

(6,340,230)

9,398,493

(15,348)

(680,866)

In-kind

redemptions

on

investments

in

securities

—

19,672,211

—

—

Futures

contracts

—

—

—

(189,582)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Investments

in

Unaffiliated

Securities

(2,023,492)

4,647,012

(23,604)

(4,739,266)

Futures

contracts

—

—

—

(125,978)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

(8,363,722)

33,717,716

(38,952)

(5,735,692)

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

(3,110,224)

$

36,295,623

$

819,974

$

(4,117,687)

(a)

Commenced

operations

on

March

31,

2023

.

Annual

Report

|

41

Statements

of

Changes

in

Net

Assets

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

DoubleLine

Opportunistic

Bond

ETF

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

Year

Ended

September

30,

2023

Period

Ended

September

30,

2022

(a)

Year

Ended

September

30,

2023

Period

Ended

September

30,

2022

(a)

OPERATIONS

Net

Investment

Income

(Loss)

$

5,253,498

$

757,988

$

2,577,907

$

384,875

Net

Realized

Gain

(Loss)

on

Investments

(6,340,230)

(461,265)

29,070,704

(7,948,085)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Investments

(2,023,492)

(3,579,893)

4,647,012

(9,995,582)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(3,110,224)

(3,283,170)

36,295,623

(17,558,792)

DISTRIBUTIONS

TO

SHAREHOLDERS

From

Net

Investment

Income

(4,639,748)

(631,502)

(2,058,365)

(155,765)

Total

Distributions

to

Shareholders

(4,639,748)

(631,502)

(2,058,365)

(155,765)

NET

SHARE

TRANSACTIONS

(b)

Proceeds

from

Shares

Issued

149,255,268

50,486,307

278,448,790

193,674,921

Cost

of  Shares

Redeemed

—

—

(158,139,423)

(47,061,096)

Increase

(Decrease)

in

Net

Assets

Resulting

from

Net

Share

Transactions

149,255,268

50,486,307

120,309,367

146,613,825

Total

Increase

(Decrease)

in

Net

Assets

$

141,505,296

$

46,571,635

$

154,546,625

$

128,899,268

NET

ASSETS

Beginning

of

Period

$

46,571,635

$

—

$

128,899,268

$

—

End

of

Period

$

188,076,931

$

46,571,635

$

283,445,893

$

128,899,268

SHARE

TRANSACTIONS

Beginning

of  Period

1,021,000

—

6,442,000

—

Shares

Issued

1,080,000

1,021,000

7,880,000

2,482,000

Shares

Issued

In-Kind

2,160,000

—

4,200,000

6,280,000

Shares

Redeemed

—

—

—

(2,320,000)

Shares

Redeemed

In-Kind

—

—

(6,560,000)

—

Shares

Outstanding,

End

of  Period

4,261,000

1,021,000

11,962,000

6,442,000

(a)

Commenced

operations

on

March

31,

2022.

(b)

Capital

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

6

to

the

Financial

Statements.

Statements

of

Changes

in

Net

Assets

(Cont.)

42

DoubleLine

ETF

Trust

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

DoubleLine

Commercial

Real

Estate

ETF

DoubleLine

Mortgage

ETF

Period

Ended

September

30,

2023

(a)

Period

Ended

September

30,

2023

(a)

OPERATIONS

Net

Investment

Income

(Loss)

$

858,926

$

1,618,005

Net

Realized

Gain

(Loss)

on

Investments

(15,348)

(870,448)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Investments

(23,604)

(4,865,244)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

819,974

(4,117,687)

DISTRIBUTIONS

TO

SHAREHOLDERS

From

Net

Investment

Income

(616,051)

(1,235,869)

Total

Distributions

to

Shareholders

(616,051)

(1,235,869)

NET

SHARE

TRANSACTIONS

(b)

Proceeds

from

Shares

Issued

60,234,025

103,968,746

Cost

of  Shares

Redeemed

—

—

Increase

(Decrease)

in

Net

Assets

Resulting

from

Net

Share

Transactions

60,234,025

103,968,746

Total

Increase

(Decrease)

in

Net

Assets

$

60,437,948

$

98,615,190

NET

ASSETS

Beginning

of

Period

$

—

$

—

End

of

Period

$

60,437,948

$

98,615,190

SHARE

TRANSACTIONS

Beginning

of  Period

—

—

Shares

Issued

1,200,001

2,100,001

Shares

Outstanding,

End

of  Period

1,200,001

2,100,001

(a)

Commenced

operations

on

March

31,

2023.

(b)

Capital

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

6

to

the

Financial

Statements.

Annual

Report

|

43

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

DoubleLine

Opportunistic

Bond

ETF

Year

Ended

September

30,

2023

Period

Ended

September

30,

2022

(a)

Net

Asset

Value,

Beginning

of

Period

$

45.61

$

50.00

Income

(Loss)

from

Investment

Operations:

Net

Investment

Income

(Loss)

(b)

2.08

0.82

Net

Gain

(Loss)

on

Investments

(Realized

and

Unrealized)

(1.65)

(4.59)

Total

from

Investment

Operations

0.43

(3.77)

Less

Distributions:

Distributions

from

Net

Investment

Income

(1.90)

(0.62)

Total

Distributions

(1.90)

(0.62)

Net

Asset

Value,

End

of

Period

$

44.14

$

45.61

Total

Return

0.84%

(c)

(7.60)%

(d)

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

188,077

$

46,572

Ratios

to

Average

Net

Assets:

Expenses

0.50%

0.50%

(e)

Net

Investment

Income

(Loss)

4.55%

3.38%

(e)

Portfolio

Turnover

Rate

(f)

169%

183%

(d)

(a)

Commencement

of

operations

on

March

31,

2022.

Total

return

is

based

on

operations

for

a

period

that

is

less

than

a

year.

(b)

Calculated

based

on

average

shares

outstanding

during

the

period.

(c)

The

return

includes

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

period

end

date.

(d)

Not

annualized

for

periods

less

than

one

year.

(e)

Annualized

for

periods

less

than

one

year.

(f)

In-kind

transactions

are

not

included

in

portfolio

turnover

calculations.

Financial

Highlights

(Cont.)

44

DoubleLine

ETF

Trust

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

Year

Ended

September

30,

2023

Period

Ended

September

30,

2022

(a)

Net

Asset

Value,

Beginning

of

Period

$

20.01

$

25.00

Income

(Loss)

from

Investment

Operations:

Net

Investment

Income

(Loss)

(b)

0.25

0.14

Net

Gain

(Loss)

on

Investments

(Realized

and

Unrealized)

3.65

(5.07)

Total

from

Investment

Operations

3.90

(4.93)

Less

Distributions:

Distributions

from

Net

Investment

Income

(0.21)

(0.06)

Total

Distributions

(0.21)

(0.06)

Net

Asset

Value,

End

of

Period

$

23.70

$

20.01

Total

Return

19.54%

(19.72)%

(c)

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

283,446

$

128,899

Ratios

to

Average

Net

Assets:

Expenses

0.65%

0.65%

(d)

Net

Investment

Income

(Loss)

1.08%

1.30%

(d)

Portfolio

Turnover

Rate

(e)

217%

175%

(c)

(a)

Commencement

of

operations

on

March

31,

2022.

Total

return

is

based

on

operations

for

a

period

that

is

less

than

a

year.

(b)

Calculated

based

on

average

shares

outstanding

during

the

period.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

In-kind

transactions

are

not

included

in

portfolio

turnover

calculations.

Financial

Highlights

(Cont.)

Annual

Report

|

45

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

DoubleLine

Commercial

Real

Estate

ETF

Period

Ended

September

30,

2023

(a)

Net

Asset

Value,

Beginning

of

Period

$

50.00

Income

(Loss)

from

Investment

Operations:

Net

Investment

Income

(Loss)

(b)

1.35

Net

Gain

(Loss)

on

Investments

(Realized

and

Unrealized)

(0.01)

Total

from

Investment

Operations

1.34

Less

Distributions:

Distributions

from

Net

Investment

Income

(0.98)

Total

Distributions

(0.98)

Net

Asset

Value,

End

of

Period

$

50.36

Total

Return

(c)

2.69%

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

60,438

Ratios

to

Average

Net

Assets:

Expenses

(d)

0.39%

Net

Investment

Income

(Loss)

(d)

5.33%

Portfolio

Turnover

Rate

(c)

36%

(a)

Commencement

of

operations

on

March

31,

2023.

Total

return

is

based

on

operations

for

a

period

that

is

less

than

a

year.

(b)

Calculated

based

on

average

shares

outstanding

during

the

period.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

Financial

Highlights

(Cont.)

46

DoubleLine

ETF

Trust

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

DoubleLine

Mortgage

ETF

Period

Ended

September

30,

2023

(a)

Net

Asset

Value,

Beginning

of

Period

$

50.00

Income

(Loss)

from

Investment

Operations:

Net

Investment

Income

(Loss)

(b)

1.04

Net

Gain

(Loss)

on

Investments

(Realized

and

Unrealized)

(3.35)

Total

from

Investment

Operations

(2.31)

Less

Distributions:

Distributions

from

Net

Investment

Income

(0.73)

Total

Distributions

(0.73)

Net

Asset

Value,

End

of

Period

$

46.96

Total

Return

(c),(d)

(4.67)%

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

98,615

Ratios

to

Average

Net

Assets:

Expenses

(e)

0.49%

Net

Investment

Income

(Loss)

(e)

4.23%

Portfolio

Turnover

Rate

(c)

31%

(a)

Commencement

of

operations

on

March

31,

2023.

Total

return

is

based

on

operations

for

a

period

that

is

less

than

a

year.

(b)

Calculated

based

on

average

shares

outstanding

during

the

period.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

The

return

includes

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

period

end

date.

(e)

Annualized

for

periods

less

than

one

year.

Annual

Report

|

September

30,

2023

47

Notes

to

Financial

Statements

September

30,

2023

1. Organization

DoubleLine

ETF

Trust,

a

Delaware

statutory

trust

(the

“Trust”),

was

formed

on

September

27,

2021

and

is

registered

with

the

Securities

and

Exchange

Commission

as

an

open-end

management

investment

company.

As

of

September

30,

2023,

the

Trust

consists

of

four series,

DoubleLine

Opportunistic

Bond

ETF

(the

“Opportunistic

Bond

ETF”),

DoubleLine

Shiller

CAPE

®

U.S.

Equities

ETF

(the

“Equities

ETF”),

DoubleLine

Commercial

Real

Estate

ETF

(the

"Commercial

Real

Estate

ETF"),

and

DoubleLine

Mortgage

ETF

(the

"Mortgage

ETF"),  (each

a

“Fund”

and

collectively

the

“Funds”).

Each

Fund

is

managed

by

DoubleLine

ETF

Adviser

LP

(the

"Adviser"),

which

is

registered

as

an

investment

adviser

with

the

U.S.

Securities

and

Exchange

Commission. Each

Fund

offers

one

class

of

shares. 

The

Funds

are

classified

as

non-diversified

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”).

The

Funds'

investment

objectives

and

date

each

Fund

commenced

operations

are

as

follows:

The

fiscal

year

end

for

the

Funds

is

September

30,

and

the

period

covered

by

these

Financial

Statements

is

for

the

period ended September

30,

2023. 

2. Significant

Accounting

Policies 

Each

Fund

is

an

investment

company

that

applies

the

accounting

and

reporting

guidance

issued

in

Topic

946,

"Financial

Services

-Investment

Companies",

by

the

Financial

Accounting

Standards

Board

("FASB").

The

following

is

a

summary

of

the

significant

accounting

policies

of

the

Funds.

These

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

("US

GAAP"). 

A. Security

Valuation.

The

Funds

have

adopted

US

GAAP

fair

value

accounting

standards

which

establish

a

definition

of

fair

value

and

set

out

a

hierarchy

for

measuring

fair

value.

These

standards

require

additional

disclosures

about

the

various

inputs

and

valuation

techniques

used

to

develop

the

measurements

of

fair

value

and

a

discussion

of

changes

in

valuation

techniques

and

related

inputs

during

the

period.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below: 

Level

1—

Unadjusted

quoted

market

prices

in

active

markets

for

identical

securities

Level

2—

Quoted

prices

for

identical

or

similar

assets

in

markets

that

are

not

active,

or

inputs

derived

from

observable

market

data

Level

3—

Significant

unobservable

inputs

(including

the

reporting

entity’s

estimates

and

assumptions)

Valuations for

domestic

and

foreign

fixed

income

securities

are

normally

determined

on

the

basis

of

valuations

provided

by

independent

pricing

services.

Vendors

typically

value

such

securities

based

on

one

or

more

inputs

described

in

the

following

table

which

is

not

intended

to

be

a

complete

list.

The

table

provides

examples

of

inputs

that

are

commonly

relevant

for

valuing

particular

classes

of

fixed

income

securities

in

which

the

Funds

are

authorized

to

invest.

However,

these

classifications

are

not

exclusive,

and

any

of

the

inputs

may

be

used

to

value

any

other

class

of

fixed-income

securities.

Securities

that

use

similar

valuation

techniques

and

inputs

as

described

in

the

following

table

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

To

the

extent

the

significant

inputs

are

unobservable,

the

values

generally

would

be

categorized

as

Level

3.

Assets

and

liabilities

may

be

transferred

between

levels. 

Fund

Name

Investment

Objective

Commencement

of

Operations

DoubleLine

Opportunistic

Bond

ETF

Maximize

current

income

and

total

return

3/31/2022

DoubleLine

Shiller

Cape

U.S.

Equities

ETF

Seek

total

return

which

exceeds

the

total

return

of

the

S&P

500

Index

3/31/2022

DoubleLine

Commercial

Real

Estate

ETF

Seek

current

income

and

capital

preservation

3/31/2023

DoubleLine

Mortgage

ETF

Seek

total

return

which

exceeds

the

total

return

of

its

benchmark

index

3/31/2023

Fixed-income

class

Examples

of

Inputs

All

Benchmark

yields,

transactions,

bids,

offers,

quotations

from

dealers

and

trading

systems,

new

issues,

spreads

and

other

relationships

observed

in

the

markets

among

comparable

securities;

and

proprietary

pricing

models

such

as

yield

measures

calculated

using

factors

such

as

cash

flows,

financial

or

collateral

performance

and

other

reference

data

(collectively

referred

to

as

“standard

inputs”)

Corporate

bonds

and

notes;

    convertible

securities

Standard

inputs

and

underlying

equity

of

the

issuer

US

bonds

and

notes

of

government

and  

    government

agencies

Standard

inputs

Notes

to

Financial

Statements

(Cont.)

48

DoubleLine

ETF

Trust

September

30,

2023

Investments

in

registered

open-end

management

investment

companies

will

be

valued

based

upon

the

net

asset

value

("NAV")

of

such

investments

and

are

categorized

as

Level

1

of

the

fair

value

hierarchy. 

Common

stocks,

exchange-traded

funds

and

financial

derivative

instruments,

such

as

futures

contracts

or

options

contracts,

that

are

traded

on

a

national

securities

or

commodities

exchange,

are

typically

valued

at

the

last

reported

sales

price,

in

the

case

of

common

stocks

and

exchange-traded

funds,

or,

in

the

case

of

futures

contracts

or

options

contracts,

the

settlement

price

determined

by

the

relevant

exchange.

To

the

extent

these

securities

are

actively

traded

and

valuation

adjustments

are

not

applied,

they

are

categorized

as

Level

1

of

the

fair

value

hierarchy. 

The

Funds'

holdings

in

whole

loans,

securitizations

and

certain

other

types

of

alternative

lending-related

instruments

may

be

valued

based

on

prices

provided

by

a

third-party

pricing

service.

Senior

secured

floating

rate

loans

for

which

an

active

secondary

market

exists

to

a

reliable

degree

will

be

valued

at

the

mean

of

the

last

available

bid/ask

prices

in

the

market

for

such

loans,

as

provided

by

an

independent

pricing

service.

Where

an

active

secondary

market

does

not

exist

to

a

reliable

degree

in

the

judgment

of

the

Adviser,

such

loans

will

be

valued

at

fair

value

based

on

certain

factors.

In

respect

of

certain

commercial

real

estate-related,

residential

real

estate-related

and

certain

other

investments

for

which

a

limited

market

may

exist,

the

Funds

may

value

such

investments

based

on

appraisals

conducted

by

an

independent

valuation

advisor

or

a

similar

pricing

agent.

However,

an

independent

valuation

firm

may

not

be

retained

to

undertake

an

evaluation

of

an

asset

unless

the

NAV,

market

price

and

other

aspects

of

an

investment

exceed

certain

significance

thresholds.

The

Board

of

Trustees

(the

“Board”)

has

adopted

a

pricing

and

valuation

policy

for

use

by each

Fund

and

its

Valuation

Designee

(as

defined

below)

in

calculating each

Fund’s

NAV.

Pursuant

to

Rule

2a-5

under

the

1940

Act, each

Fund

has

designated

the

Adviser

as

its

“Valuation

Designee”

to

perform

all

of

the

fair

value

determinations

as

well

as

to

perform

all

of

the

responsibilities

that

may

be

performed

by

the

Valuation

Designee

in

accordance

with

Rule

2a-5.

The

Valuation

Designee

is

authorized

to

make

all

necessary

determinations

of

the

fair

values

of

portfolio

securities

and

other

assets

for

which

market

quotations

are

not

readily

available

or

if

it

is

deemed

that

the

prices

obtained

from

brokers

and

dealers

or

independent

pricing

services

are

unreliable.

The

following

is

a

summary

of

the

fair

valuations

according

to

the

inputs

used

to

value

the

Funds’

investments

as

of

September

30,

2023:

Residential

and

commercial

mortgage-backed

obligations;

asset-backed

obligations

(including

collateralized

loan

obligations)

Standard

inputs

and

cash

flows,

prepayment

information,

default

rates,

delinquency

and

loss

assumptions,

collateral

characteristics,

credit

enhancements

and

specific

deal

information,

trustee

reports

Bank

loans

Standard

inputs

Category

DoubleLine

Opportunistic

Bond

ETF

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

DoubleLine

Commercial

Real

Estate

ETF

DoubleLine

Mortgage

ETF

Investments

in

Securities

Level

1

Common

Stocks

$

—

$

282,602,371

$

—

$

—

Money

Market

Funds

2,569,735

713,028

1,378,198

1,481,370

Total

Level

1

2,569,735

283,315,399

1,378,198

1,481,370

Level

2

US

Government

and

Agency

Mortgage

Backed

Obligations

25,908,703

—

3,930,448

66,498,822

Non-Agency

Residential

Collateralized

Mortgage

Obligations

28,862,380

—

1,159,519

27,948,618

Non-Agency

Commercial

Mortgage

Backed

Obligations

10,246,046

—

37,265,332

—

US

Government

and

Agency

Obligations

43,438,478

—

—

1,361,953

US

Corporate

Bonds

30,753,383

—

—

—

Asset

Backed

Obligations

18,146,128

—

4,732,819

921,942

Collateralized

Loan

Obligations

8,380,834

—

10,719,722

—

Foreign

Corporate

Bonds

14,379,449

—

—

—

Bank

Loans

5,946,290

—

—

—

Foreign

Government

Bonds,

Foreign

Agencies

and

Foreign

Government

Sponsored

Corporations

154,884

—

—

—

Total

Level

2

186,216,575

—

57,807,840

96,731,335

Notes

to

Financial

Statements

(Cont.)

September

30,

2023

Annual

Report

|

September

30,

2023

49

B. Federal

Income

Taxes.

  Each

Fund

has

elected

to

be

taxed

as

a

"regulated

investment

company"

and

intends

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders

and

otherwise

comply

with

the

provisions

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

provision

for

federal

income

taxes

has

been

made.

The

Funds

may

be

subject

to

a

nondeductible

4%

excise

tax

calculated

as

a

percentage

of

certain

undistributed

amounts

of

net

investment

income

and

net

capital

gains. 

Management

has

analyzed

the

Funds’

tax

positions,

and

has

concluded

that

no

liability

should

be

recorded

related

to

uncertain

tax

positions

expected

to

be

taken

on

the

tax

return

for

the year. The

Funds

identify

their

major

tax

jurisdictions

as

U.S.

Federal,

the State

of

Florida and

the

State

of

Delaware.

The

Funds

are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

C. Security

Transactions,

Investment

Income.

Investment

securities

transactions

are

accounted

for

on

trade

date.

Gains

and

losses

realized

on

sales

of

securities

are

determined

on

a

specific

identification

basis.

Interest

income,

including

non-cash

interest,

is

recorded

on

an

accrual

basis.

Discounts/premiums

on

debt

securities

purchased,

which

may

include

residual

and

subordinated

notes,

are

accreted/amortized

over

the

life

of

the

respective

securities

using

the

effective

interest

method

except

for

certain

deep

discount

bonds

where

management

does

not

expect

the

par

value

above

the

bond's

cost

to

be

fully

realized.

Dividend

income

and

corporate

action

transactions,

if

any,

are

recorded

on

the

ex-date.

Non-cash

dividends

included

in

dividend

income,

if

any,

are

recorded

at

the

fair

market

value

of

securities

received.

Paydown

gains

and

losses

on

mortgage-related

and

other

asset-backed

securities

are

recorded

as

components

of

interest

income

on

the

Statements

of

Operations.

D. Dividends

and

Distributions

to

Shareholders.

The

Commercial

Real

Estate

ETF,

the

Mortgage

ETF

and

the

Opportunistic

Bond

ETF

will

distribute

dividends

of

net

investment

income

at

least

monthly

and

the

Equities

ETF

will

distribute

dividends

of

net

investment

income

at

least

quarterly.

Each

Fund

will

distribute

net

realized

short-term

capital

gains

and

net

realized

long-term

capital

gains,

if

any,

at

least

annually. 

Distributions

are

recorded

on

the

ex-dividend

date.

Income

and

capital

gain

distributions

are

determined

in

accordance

with

income

tax

regulations

which

may

differ

from

US

GAAP.

Permanent

book

and

tax

basis

differences

relating

to

shareholder

distributions

will

result

in

reclassifications

between

paid-in

capital,

undistributed

(accumulated)

net

investment

income

(loss),

and/or

undistributed

(accumulated)

realized

gain

(loss).

Undistributed

(accumulated)

net

investment

income

or

loss

may

include

temporary

book

and

tax

basis

differences

which

will

reverse

in

a

subsequent

period.

Any

taxable

income

or

capital

gain

remaining

at

fiscal

year

end

is

distributed

in

the

following

year.

Distributions

from

investment

companies

will

be

classified

as

investment

income

or

realized

gains

in

the

Statements

of

Operations

based

on

the

U.S.

income

tax

characteristics

of

the

distribution

if

such

information

is

available.

In

cases

where

the

tax

characteristics

are

not

available,

such

distributions

are

generally

classified

as

investment

income. 

E. Use

of

Estimates.

 The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements,

as

well

as

the

reported

amounts

of

revenues

and

expenses

during

the

period.

Actual

results

could

differ

from

those

estimates.

Category

(continued)

DoubleLine

Opportunistic

Bond

ETF

(continued)

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

(continued)

DoubleLine

Commercial

Real

Estate

ETF

(continued)

DoubleLine

Mortgage

ETF

(continued)

Level

3

—

—

—

—

Total

$

188,786,310

$

283,315,399

$

59,186,038

$

98,212,705

Other

Financial

Instruments

Level

1

Futures

$

—

$

—

$

—

$

(125,978)

Total

Level

1

$

—

—

—

(125,978)

Level

2

—

—

—

—

Level

3

—

—

—

—

Total

$

—

—

—

(125,978)

See

the

Schedules

of

Investments

for

further

disaggregation

of

investment

categories.

Notes

to

Financial

Statements

(Cont.)

50

DoubleLine

ETF

Trust

September

30,

2023

F. Share

Valuation.

The

NAV

per

share

of

each

Fund

is

calculated

by

dividing

the

sum

of

the

value

of

the

securities

held

by

the

Fund,

plus

cash

and

other

assets,

minus

all

liabilities

(including

estimated

accrued

expenses),

by

the

total

number

of

shares

outstanding,

rounded

to

the

nearest

cent.

The

NAV

is

typically

calculated

on

days

when

the

New

York

Stock

Exchange

opens

for

regular

trading.

G. Unfunded

Loan

Commitments.

 The

Funds

may

enter

into

certain

credit

agreements,

of

which

all

or

a

portion

may

be

unfunded.

As

of

September

30,

2023,

the

Funds

had

no

unfunded

positions.

The

Funds

are

obligated

to

fund

these

commitments

at

the

borrower’s

discretion.

At

the

end

of

the

period,

the

Funds

maintained

with

their

custodian

liquid

investments

having

an

aggregate

value

at

least

equal

to

the

par

value

of

their

respective

unfunded

loan

commitments

and

bridge

loans.

H. Guarantees

and

Indemnifications.

Under

the

Trust's

organizational

documents,

each

Trustee

and

officer

of

the

Funds

is

indemnified,

to

the

extent

permitted

by

the

1940

Act,

against

certain

liabilities

that

may

arise

out

of

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Funds

enter

into

contracts

that

contain

a

variety

of

indemnification

clauses.

Each

Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds

that

have

not

yet

occurred.

However,

the

Funds

have

not

had

prior

claims

or

losses

pursuant

to

these

contracts. 

3. Related

Party

Transactions 

The

Trust

and

the

Adviser

entered

into

an

Investment

Management

Agreement,

under

the

terms

of

which

the

Adviser

manages

the

investment

of

the

assets

of

the

applicable

Fund,

places

orders

for

the

purchase

and

sale

of

its

portfolio

securities,

and

is

responsible

for

providing

resources

to

assist

with

the

day-to-day

management

of

the

Trust's

business

affairs.

As

compensation

for

its

services,

the

Adviser

is

entitled

to

a

monthly

fee

at

the

annual

rates

of

the

average

daily

net

assets

of

the

Funds

in

the

following

table.  The

Adviser

will

pay

all

operating

expenses

of

the

Fund,

except

the

management

fees,

interest

expenses,

dividends

and

other

expenses

on

securities

sold

short,

taxes,

expenses

incurred

with

respect

to

the

acquisition

and

disposition

of

portfolio

securities

and

the

execution

of

portfolio

transactions,

including

brokerage

commissions,

acquired

fund

fees

and

expenses,

accrued

deferred

tax

liabilities,

distribution

fees

or

expenses,

and

any

extraordinary

expenses

(such

as

litigation). 

4. Distribution

Fees

Foreside

Fund

Services,

LLC

serves

as

the

Funds’

Distributor.

The

Trust

has

adopted

a

Plan

of

Distribution

Pursuant

to

Rule

12b-1

under

the

Investment

Company

Act

of

1940

(the

“Plan”),

however

the

Plan

has

yet

to

be

implemented

or

commence

operations.

Under

the

Plan,

each

Fund

would

be

authorized

to

pay

distribution

fees

to

the

Distributor,

who

in

turn

would

be

permitted

to

pay

other

firms

that

provide

distribution

and

shareholder

services

(“Service

Providers”).

If

a

Service

Provider

were

to

provide

such

services,

the

Funds

would

be

permitted

to

pay

fees

at

an

annual

rate

not

to

exceed

0.25%

of

average

daily

net

assets,

pursuant

to

the

terms

of

the

Plan

and

Rule

12b-1

under

the

1940

Act.

Because

the

Plan

has

not

been

implemented

or

commenced

operations,

no

distribution

or

service

fees

are

currently

paid

by

the

Funds

and

there

are

no

current

plans

to

impose

these

fees.

In

the

event

the

Plan

is

ever

implemented

and

commences

operations

and

Rule

12b-1

fees

are

charged,

over

time

they

would

increase

the

cost

of

an

investment

in

the

Funds

and

may

cost

you

more

than

other

types

of

sales

charges.

5. Administrator,

Transfer

Agent,

Custodian

and

Distributor

JPMorgan

Chase

Bank,

N.A.,

provides

fund

accounting,

fund

administrative

and

transfer

agency

services

to

the

Funds

pursuant

to

a

master

services

agreement

between

the

Funds

and

Fund

Services.

JPMorgan

Chase

Bank,

N.A.,

serves

as

the

Funds’

Custodian

pursuant

to

a

Custody

Agreement.

Foreside

Fund

Services,

LLC,

serves

as

the

Funds’

distributor

pursuant

to

a

Distribution

Agreement.

Management

Fee

DoubleLine

Opportunistic

Bond

ETF

0.50%

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

0.65%

DoubleLine

Commercial

Real

Estate

ETF

0.39%

DoubleLine

Mortgage

ETF

0.49%

Notes

to

Financial

Statements

(Cont.)

September

30,

2023

Annual

Report

|

September

30,

2023

51

6. Issuance

and

Redemption

of

Fund

Shares

The

Funds

are

exchange-traded

funds

or

“ETFs.”

The

Funds

will

only

issue

or

redeem

shares

aggregated

into

blocks

of

20,000

shares

(in

the

case

of

the

DoubleLine

Opportunistic

Bond

ETF,

the

DoubleLine

Commercial

Real

Estate

ETF,

and

the

DoubleLine

Mortgage

ETF)

and

40,000

shares

(in

the

case

of

the

DoubleLine

Shiller

CAPE

®

U.S.

Equities

ETF)

or

multiples

thereof

(“Creation

Units”)

to

Authorized

Participants

who

have

entered

into

agreements

with

Foreside

Fund

Services,

LLC

as

the

Funds’

distributor

(the

“Distributor”).

An

Authorized

Participant

is

either

(1)

a

“Participating

Party,”

(i.e.,

a

broker-dealer

or

other

participant

in

the

clearing

process

of

the

Continuous

Net

Settlement

System

of

the

NSCC),

or

(2)

a

participant

of

DTC,

and,

in

each

case,

must

have

executed

an

agreement

with

the

distributor

with

respect

to

creations

and

redemptions

of

Creation

Units.

The

Funds

will

issue

or

redeem

Creation

Units

in

return

for

a

basket

of

securities

and/or

cash

(including

any

portion

of

such

securities

for

which

cash

may

be

substituted)

that

the

Funds

specify

each

day.

Cash

may

be

substituted

equivalent

to

the

value

of

certain

securities

generally

when

they

are

not

available

in

sufficient

quantity

for

delivery.

In

the

case

of

the

DoubleLine

Shiller

CAPE

®

U.S.

Equities

ETF,

Authorized

Participants

transact

with

the

Fund

through

another

broker-dealer,

that

acts

as

AP

Representative

and

maintains

the

basket

contents

in

confidence. 

Individual

Fund

shares

may

only

be

purchased

and

sold

on

a

national

securities

exchange

through

a

broker-dealer

and

investors

may

pay

a

commission

to

such

broker-dealers

in

connection

with

their

purchase

or

sale.

The

price

of

Fund

shares

is

based

on

market

price,

and

because

ETF

shares

trade

at

market

prices

rather

than

net

asset

value

(“NAV”),

shares

may

trade

at

a

price

greater

than

NAV

(a

premium)

or

less

than

NAV

(a

discount).

NAV

per

share

is

calculated

by

dividing

a

Fund’s

net

assets

by

the

number

of

Fund

shares

outstanding.

Your

transaction

will

be

priced

at

NAV

if

you

purchase

or

redeem

Fund

shares

in

Creation

Units.

The

Fund’s

NAV

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(“NYSE”).

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

the

Funds’

Administrator

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Additionally,

a

portion

of

the

transaction

fee

is

used

to

offset

transactional

costs

typically

accrued

in

the

Funds’

custody

expenses

directly

related

to

the

issuance

and

redemption

of

Creation

Units.

An

additional

variable

fee

may

be

charged

for

certain

transactions.

Such

fees

would

be

included

in

the

receivable

for

capital

shares

issued

on

the

Statements

of

Assets

and

Liabilities.

7. Purchases

and

Sales

of

Securities 

Investment

transactions

(excluding

short-term

investments

and

in-kind

transactions)

for

the period ended

September

30,

2023 were

as

follows:

Investment

transactions

related

to

in-kind purchases

and

sales

for the period ended

September

30,

2023 were

as

follows:

All

Other

U.S.

Government

1

Purchases

at

Cost

Sales

or

Maturity

Proceeds

Purchases

at

Cost

Sales

or

Maturity

Proceeds

DoubleLine

Opportunistic

Bond

ETF

$

118,561,063

$

16,980,260

$

188,337,084

$

170,752,491

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

$

702,926,019

$

516,727,561

$

—

$

—

DoubleLine

Commercial

Real

Estate

ETF

$

68,586,786

$

10,828,576

$

—

$

—

DoubleLine

Mortgage

ETF

$

118,138,624

$

17,730,405

$

5,400,450

$

3,915,657

1

U.S.

Government

transactions

are

defined

as

those

involving

long-term

U.S.

Treasury

bills,

bonds

and

notes.

Purchases

at

Cost

Sales

or

Maturity

Proceeds

Net

Realized

Gains

(Losses)

DoubleLine

Opportunistic

Bond

ETF

$

29,764,772

$

—

$

—

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

$

91,845,961

$

157,033,490

$

19,672,211

Notes

to

Financial

Statements

(Cont.)

52

DoubleLine

ETF

Trust

September

30,

2023

8. Income

Tax

Information

and

Distributions

to

Shareholders

The

tax

character

of

distributions

for

the

Funds

were

as

follows:

The

cost

basis

of

investments

for

federal

income

tax

purposes

as

of

September

30,

2023 was

as

follows:

As

of

September

30,

2023 the

components

of

accumulated

earnings

(losses)

for

income

tax

purposes

were

as

follows:

For

the

tax

period

ended

September

30,

2023,

the

following

Funds

had

available

capital

loss

carryforwards

to

offset

future

net

capital

gains

to

the

extent

provided

by

regulations

and

utilized

capital

loss

carryforwards

to

offset

net

capital

gains.

Additionally,

US

GAAP

requires

that

certain

components

of

net

assets

relating

to

permanent

differences

be

reclassified

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

The

permanent

differences

primarily

relate

to

paydown

losses

and

market

discount.

For

the period ended

September

30,

2023,

the

following

table

shows

the

reclassifications

made:

Period

Ended

September

30,

2023

Period

Ended

September

30,

2022

Ordinary

Income

Ordinary

Income

DoubleLine

Opportunistic

Bond

ETF

$

4,639,748

$

631,502

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

$

2,058,365

$

155,765

DoubleLine

Commercial

Real

Estate

ETF

$

616,051

$

–

DoubleLine

Mortgage

ETF

$

1,235,869

$

–

DoubleLine

Opportunistic

Bond

ETF

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

DoubleLine

Commercial

Real

Estate

ETF

DoubleLine

Mortgage

ETF

Tax

Cost

of

Investments

$

194,396,267

$

291,749,011

$

59,209,642

$

102,825,993

Gross

Tax

Unrealized

Appreciation

340,066

6,768,070

218,695

53,952

Gross

Tax

Unrealized

Depreciation

(5,950,023)

(15,201,682)

(242,299)

(4,793,218)

Net

Tax

Unrealized

Appreciation

(Depreciation)

(5,609,957)

(8,433,612)

(23,604)

(4,739,266)

DoubleLine

Opportunistic

Bond

ETF

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

DoubleLine

Commercial

Real

Estate

ETF

DoubleLine

Mortgage

ETF

Net

Tax

Unrealized

Appreciation

(Depreciation)

$

(5,609,957)

$

(8,433,612)

$

(23,604)

$

(4,739,266)

Undistributed

Ordinary

Income

820,947

748,652

242,875

382,225

Undistributed

Long

Term

Capital

Gains

—

—

—

—

Total

Distributable

Earnings

820,947

748,652

242,875

382,225

Other

Accumulated

Gains

(Losses)

(6,875,634)

—

(15,348)

(996,515)

Total

Accumulated

Earnings

(Losses)

(11,664,644)

(7,684,960)

203,923

(5,353,556)

Capital

Loss

Carryforward

Utilized

Capital

Loss

Carryforward

Expires

DoubleLine

Opportunistic

Bond

ETF

$

(6,875,634)

$

—

Indefinite

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

$

—

$

7,422,701

DoubleLine

Commercial

Real

Estate

ETF

$

(15,348)

$

—

Indefinite

DoubleLine

Mortgage

ETF

$

(996,515)

$

—

Indefinite

Notes

to

Financial

Statements

(Cont.)

September

30,

2023

Annual

Report

|

September

30,

2023

53

9. Additional

Disclosures

about

Derivative

Instruments

The

following

disclosures

provide

information

on

the

Funds’

use

of

derivatives

and

certain

related

risks.

The

location

and

fair

value

amounts

of

these

instruments

on

the

Statements

of

Assets

and

Liabilities

and

the

realized

gains

and

losses

and

changes

in

unrealized

gains

and

losses

on

the

Statements

of

Operations,

each

categorized

by

type

of

derivative

contract,

are

included

in

the

following

tables.

The

average

volume

of

derivative

activity

for

the

period

ended

September

30,

2023

is

as

follows:

Futures

Contracts.

Futures

contracts

typically

involve

a

contractual

commitment

to

buy

or

sell

a

particular

instrument

or

index

unit

at

a

specified

price

on

a

future

date.

Risks

associated

with

the

use

of

futures

contracts

include

the

potential

for

imperfect

correlation

between

the

change

in

market

value

of

the

securities

held

by

the

Funds

and

the

prices

of

futures

contracts

and

the

possibility

of

an

illiquid

market.

Futures

contracts

are

valued

based

upon

their

quoted

daily

settlement

prices

determined

by

the

relevant

exchange.

Upon

entering

into

a

futures

contract,

a

Fund

is

required

to

deposit

with

its

futures

broker

an

amount

of

cash

in

accordance

with

the

initial

margin

requirements

of

the

broker

or

exchange.

Such

collateral

is

recorded

in

deposit

at

broker

for

futures

in

the

Statements

of

Assets

and

Liabilities.

Futures

contracts

are

marked-to-market

daily

and

an

appropriate

payment

reflecting

the

change

in

value

(“variation

margin”)

is

made

or

received

by

or

for

the

accounts

of

the

Funds.

The

variation

margin

is

recorded

on

the

Statements

of

Assets

and

Liabilities.

Gains

or

losses

are

recognized

but

not

considered

realized

until

the

contracts

expire

or

are

closed

and

are

recorded

in

net

realized

gain

(loss)

on

futures

on

the

Statements

of

Operations.

Futures

contracts

involve,

to

varying

degrees,

risk

of

loss

in

excess

of

the

variation

margin

disclosed

on

the

Statements

of

Assets

and

Liabilities.

The

effect

of

derivative

instruments

on

the

Statements

of

Assets

and

Liabilities

for

the

period

ended

September

30,

2023 was

as

follows:

The

effect

of

derivative

instruments

on

the

Statements

of

Operations

for

the

period

ended

September

30,

2023

was

as

follows:

Undistributed

(Accumulated)

Net

Investment

Income

(Loss)

Accumulated

Net

Realized

Gain

(Loss)

Paid

In

Capital

DoubleLine

Opportunistic

Bond

ETF

$

37,986

$

(37,986)

$

—

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

$

—

$

(24,207,661)

$

24,207,661

DoubleLine

Commercial

Real

Estate

ETF

$

—

$

—

$

—

DoubleLine

Mortgage

ETF

$

89

$

(89)

$

—

DoubleLine

Mortgage

ETF

Average

Market

Value

Futures

Contracts

-

Long

$

3,117,109

Derivatives

not

accounted

for

as

hedging

instruments

Statements

of

Assets

and

Liabilities

Location

1

Commodity

Risk

Credit

Risk

Equity

Risk

Foreign

Exchange

Rate

Risk

Interest

Rate

Risk

Total

Net

Unrealized

Appreciation

(Depreciation)

on:

–

–

–

–

–

–

Futures

–

–

–

–

–

–

DoubleLine

Mortgage

ETF

$–

$–

$–

$–

$(125,978)

$(125,978)

1

An

exchange

traded

investment's

value

reflects

the

cumulative

value.

Only

the

current

day's

variation

margin

is

reported

on

the

Statements

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(Cont.)

54

DoubleLine

ETF

Trust

September

30,

2023

10. Bank

Loans

The

Funds

may

make

loans

directly

to

borrowers

and

may

acquire

or

invest

in

loans

made

by

others

(“loans”).

The

Funds

may

acquire

a

loan

interest

directly

by

acting

as

a

member

of

the

original

lending

syndicate.

Alternatively,

the

Funds

may

acquire

some

or

all

of

the

interest

of

a

bank

or

other

lending

institution

in

a

loan

to

a

particular

borrower

by

means

of

a

novation,

an

assignment

or

a

participation.

The

loans

in

which

the

Funds

may

invest

include

those

that

pay

fixed

rates

of

interest

and

those

that

pay

floating

rates—i.e.,

rates

that

adjusted

periodically

by

reference

to

a

base

lending

rate,

plus

a

spread.

These

base

lending

rates

are

primarily

the

London

Interbank

Offered

Rate

(LIBOR)

or

the

Secured

Overnight

Financing

Rate

(SOFR)

and

secondarily,

the

prime

rate

offered

by

one

or

more

major

United

States

banks

(the

Prime

Rate).

Base

lending

rates

may

be

subject

to

a

floor,

or

minimum

rate.

Rates

for

SOFR

are

generally

1

or

3-month

tenors

and

may

also

be

subject

to

a

credit

spread

adjustment.

The

Funds

may

purchase

and

sell

interests

in

bank

loans

on

a

when-issued

and

delayed

delivery

basis,

with

payment

delivery

scheduled

for

a

future

date.

Securities

purchased

on

a

delayed

delivery

basis

are

marked-to-market

daily

and

no

income

accrues

to

the

Funds

prior

to

the

date

the

Funds

actually

take

delivery

of

such

securities.

These

transactions

are

subject

to

market

fluctuations

and

are

subject,

among

other

risks,

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

purchase

price. 

11. Principal

Risks

Below

are

summaries

of

some,

but

not

all,

of

the

principal

risks

of

investing

in

one

or

more

of

the

Funds,

each

of

which

could

adversely

affect

a

Fund's

NAV,

yield

and

total

return.

Each

risk

listed

below

does

not

necessarily

apply

to

each

Fund,

and

you

should

read

each

Fund's

prospectus

carefully

for

a

description

of

the

principal

risks

associated

with

investing

in

a

particular

Fund. 

active

management

risk:

the

risk

that

the

Fund

will

fail

to

meet

its

investment

objective

and

that

the

Fund's

investment

performance

will

depend,

at

least

in

part,

on

how

its

assets

are

allocated

and

reallocated

among

asset

classes,

sectors,

underlying

funds

and/or

investments

and

that

such

allocation

will

focus

on

asset

classes,

sectors,

underlying

funds,

and/

or

investments

that

perform

poorly

or

underperform

other

asset

classes,

sectors,

underlying

funds,

and/or

available

investments.

Any

given

investment

strategy

may

fail

to

produce

the

intended

results,

and

the

Fund's

portfolio

may

underperform

other

comparable

funds

because

of

portfolio

management

decisions

related

to,

among

other

things,

the

selection

of

investments,

portfolio

construction,

risk

assessments,

and/or

the

outlook

on

market

trends

and

opportunities.

asset-backed

securities

investment

risk: 

For

DBND

Only:

the

risk

that

borrowers

may

default

on

the

obligations

that

underlie

the

asset-backed

security

and

that,

during

periods

of

falling

interest

rates,

asset-backed

securities

may

be

called

or

prepaid,

which

may

result

in

a

Fund

having

to

reinvest

proceeds

in

other

investments

at

a

lower

interest

rate,

and

the

risk

that

the

impairment

of

the

value

of

the

collateral

underlying

a

security

in

which

the

Fund

invests

(due,

for

example,

to

non-

payment

of

loans)

will

result

in

a

reduction

in

the

value

of

the

security.

collateralized

debt

obligations

risk:

 For

DBND

and

DCMB

Only:

the risks

of

an

investment

in

a

collateralized

debt

obligation ("

CDO

")

depend

largely

on

the

quality

and

type

of

the

collateral

and

the

tranche

of

the

CDO

in

which

a

Fund

invests.

Normally,

collateralized

bond

obligations

("

CBOs

"), CLOs

and

other

CDOs

are

privately

offered

and

sold,

and

thus

are

not

registered

under

the

securities

laws.

As

a

result,

investments

in

CDOs

may

be

illiquid.

In

addition

to

the

risks

associated

with

debt

instruments

(e.g.,

interest

rate

risk

and

credit

risk),

CDOs

carry

additional

risks

including,

but

not

limited

to:

(i)

the

possibility

that

distributions

from

collateral

will

not

be

adequate

to

make

interest

or

other

payments;

(ii)

the

quality

of

the

collateral

may

decline

in

value

or

default;

(iii)

the

possibility

that

a

Fund

may

invest

in

CDOs

that

are

subordinate

to

other

classes

of

the

issuer's

securities;

and

(iv)

the

complex

structure

of

the

security

may

not

be

fully

understood

at

the

time

of

investment

and

may

produce

disputes

with

the

issuer

or

unexpected

investment

results. 

counterparty

risk:

For

Bond

ETFs

Only:

the

risk

that

a

Fund

will

be

subject

to

credit

risk

with

respect

to

the

counterparties

to

the

derivative

contracts

and

other

instruments,

such

as

repurchase

and

reverse

repurchase

agreements,

entered

Derivatives

not

accounted

for

as

hedging

instruments

Statements

of

Operations

Location

Commodity

Risk

Credit

Risk

Equity

Risk

Foreign

Exchange

Rate

Risk

Interest

Rate

Risk

Total

Net

Realized

Gain

(Loss)

on:

–

–

–

–

–

–

Futures

–

–

–

–

–

–

DoubleLine

Mortgage

ETF

$–

$–

$–

$–

$(189,582)

$(189,582)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

–

–

–

–

–

–

Futures

–

–

–

–

–

–

DoubleLine

Mortgage

ETF

$–

$–

$–

$–

$(125,978)

$(125,978)

Notes

to

Financial

Statements

(Cont.)

September

30,

2023

Annual

Report

|

September

30,

2023

55

into

directly

by

the

Fund

or

held

by

special

purpose

or

structured

vehicles

in

which

the

Fund

invests;

that

the

Fund's

counterparty

will

be

unable

or

unwilling

to

perform

its

obligations;

that

the

Fund

will

be

unable

to

enforce

contractual

remedies

if

its

counterparty

defaults;

that

if

a

counterparty

(or

an

affiliate

of

the

counterparty) becomes

bankrupt,

the

Fund

may

experience

significant

delays

in

obtaining

any

recovery

under

the

derivative

contract

or

may

obtain

limited

or

no

recovery

in

a

bankruptcy

or

other

insolvency

proceeding.

To

the

extent

that

a

Fund

enters

into

multiple

transactions

with

a

single

or

a

small

set

of

counterparties,

it

will

be

subject

to

increased

counterparty

risk. 

debt

securities

risks:

For

Bond

ETFs

Only:

credit

risk:

the

risk

that

an

issuer,

counterparty

or

other

obligor

to

the

Fund

will

fail

to

pay

its

obligations

to

the

Fund

when

they

are

due,

which

may

reduce

the

Fund’s

income

and/or

reduce,

in

whole

or

in

part,

the

value

of

the

Fund’s

investment.

Actual

or

perceived

changes

in

the

financial

condition

of

an

obligor,

changes

in

economic,

social

or

political

conditions

that

affect

a

particular

type

of

security,

instrument,

or

obligor,

and

changes

in

economic,

social

or

political

conditions

generally

can

increase

the

risk

of

default

by

an

obligor,

which

can

affect

a

security’s

or

other

instrument’s

credit

quality

or

value

and

an

obligor’s

ability

to

honor

its

obligations

when

due.

The

values

of

lower-

quality

debt

securities

(commonly

known

as

“junk

bonds”),

including

floating

rate

loans,

tend

to

be

particularly

sensitive

to

these

changes.

The

values

of

securities

or

instruments

also

may

decline

for

a

number

of

other

reasons

that

relate

directly

to

the

obligor,

such

as

management

performance,

financial

leverage,

and

reduced

demand

for

the

obligor’s

goods

and

services,

as

well

as

the

historical

and

prospective

earnings

of

the

obligor

and

the

value

of

its

assets.

extension

risk:

the

risk

that

if

interest

rates

rise,

repayments

of

principal

on

certain

debt

securities,

including,

but

not

limited

to,

floating

rate

loans

and

mortgage-related

securities,

may

occur

at

a

slower

rate

than

expected

and

the

expected

maturity

of

those

securities

could

lengthen

as

a

result.

Securities

that

are

subject

to

extension

risk

generally

have

a

greater

potential

for

loss

when

prevailing

interest

rates

rise,

which

could

cause

their

values

to

fall

sharply. 

interest

rate

risk:

 the

risk

that

debt

instruments

will

change

in

value

because

of

changes

in

interest

rates.

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.

Bonds

and

other

debt

instruments

typically

have

a

positive

duration.

The

value

of

a

debt

instrument

with

positive

duration

will

generally

decline

if

interest

rates

increase.

Certain

other

investments,

such

as

inverse

floaters

and

certain

derivative

instruments,

may

have

a

negative

duration.

The

value

of

instruments

with

a

negative

duration

will

generally

decline

if

interest

rates

decrease.

Inverse

floaters,

interest-only

and

principal-only

securities

are

especially

sensitive

to

interest

rate

changes,

which

can

affect

not

only

their

prices

but

can

also

change

the

income

flows

and

repayment

assumptions

about

those

investments.

Recently,

there

have

been

inflationary

price

movements,

which

have

caused the fixed

income

securities

markets

to

experience

heightened

levels

of interest rate

volatility

and

liquidity

risk.

The risks

associated

with

rising

interest

rates-

may

be

particularly

acute

in

the

current

market

environment

because

the Federal

Reserve

Board

recently

raised rates

and

may

continue

to

do

so.

prepayment

risk:

the

risk

that

the

issuer

of

a

debt

security,

including

floating

rate

loans

and

mortgage-related

securities,

repays

all

or

a

portion

of

the

principal

prior

to

the

security's

maturity.

In

times

of

declining

interest

rates,

there

is

a

greater

likelihood

that

the

Fund's

higher

yielding

securities

will

be

pre-paid

with

the

Fund

being

unable

to

reinvest

the

proceeds

in

an

investment

with

as

great

a

yield.

Prepayments

can

therefore

result

in

lower

yields

to

shareholders

of

a

Fund. 

LIBOR

phase

out/transition risk: 

The

London

Interbank

Offered

Rate

(“

LIBOR

”), has

historically

been the

offered

rate

for

wholesale,

unsecured

funding

available

to

major

international

banks.

The

terms

of

many

investments,

financings

or

other

transactions

to

which

the

Fund

may

be

a

party

have

been

historically

tied

to

LIBOR.

LIBOR

has

also

historically been

a

significant

factor

in relation

to

payment

obligations

under

a

derivative

investment

and

may

be

used

in

other

ways

that

affect

the

Fund’s

investment

performance.

LIBOR

ceased

publication

on

June

30,

2023.

The

transition

from

LIBOR

and

the

terms

of

any

replacement

rate(s),

including,

for

example,

a

secured

overnight

financing

rate

(“SOFR”)

or

another

rate

based

on

SOFR,

may

adversely

affect

transactions

that

use

LIBOR

as

a

reference

rate,

financial

institutions

that

engage

in

such

transactions,

and

the

financial

markets

generally.

There

are

significant

differences

between

LIBOR

and

SOFR,

such

as

LIBOR

being

an

unsecured

lending

rate

while

SOFR

is

a

secured

lending

rate.

As

such,

the

transition

away

from

LIBOR

may

adversely

affect

the

Fund’s

performance.

defaulted

securities

risk:

For

DBND

Only:

 the

significant

risk

of

the

uncertainty

of

repayment

of

defaulted

securities

(e.g.,

a

security

on

which

a

principal

or

interest

payment

is

not

made

when

due)

and

obligations

of

distressed

issuers

(including

Notes

to

Financial

Statements

(Cont.)

56

DoubleLine

ETF

Trust

September

30,

2023

insolvent

issuers

or

issuers

in

payment

or

covenant

default,

in

workout

or

restructuring

or

in

bankruptcy

or

similar

proceedings).

Such

investments

entail

high

risk

and

have

speculative

characteristics.

derivatives

risk:

For

Bond

ETFs

Only:

the

risk

that

an

investment

in

derivatives

will

not

perform

as

anticipated

by

the

Adviser,

may

not

be

available

at

the

time

or

price

desired,

cannot

be

closed

out

at

a

favorable

time

or

price,

will

increase

the

Fund’s

transaction

costs,

or

will

increase

the

Fund’s

volatility;

that

derivatives

may

create

investment

leverage;

that,

when

a

derivative

is

used

as

a

substitute

for

or

alternative

to

a

direct

cash

investment,

the

transaction

may

not

provide

a

return

that

corresponds

precisely

or

at

all

with

that

of

the

cash

investment;

that

the

positions

may

be

improperly

executed

or

constructed;

that

the

Fund’s

counterparty

will

be

unable

or

unwilling

to

perform

its

obligations;

or

that,

when

used

for

hedging

purposes,

derivatives

will

not

provide

the

anticipated

protection,

causing

the

Fund

to

lose

money

on

both

the

derivatives

transaction

and

the

exposure

the

Fund

sought

to

hedge.

equity

issuer

risk:

For

CAPE

Only:

the

risk

that

the

market

price

of

common

stocks

and

other

equity

securities

may

go

up

or

down,

sometimes

rapidly

or

unpredictably,

including

due

to

factors

affecting

equity

securities

markets

generally,

particular

industries

represented

in

those

markets,

or

the

issuer

itself.

emerging

market

country

risk:

 For DBND

Only:

the

risk

that

investing

in

emerging

markets,

as

compared

to

foreign

developed

markets,

increases

the

likelihood

that

the

Fund

will

lose

money,

due

to

more

limited

information

about

the

issuer

and/or

the

security;

higher

brokerage

costs;

different

accounting,

auditing

and

financial

reporting

standards;

less

developed

legal

systems

and

thinner

trading

markets;

the

possibility

of

currency

blockages

or

transfer

restrictions;

an

emerging

market

country’s

dependence

on

revenue

from

particular

commodities

or

international

aid;

and

expropriation,

nationalization

or

other

adverse

political

or

economic

developments.

ETF

related

risks: 

ActiveShares

non-transparent

structure

risk:

For

CAPE

Only:

the

Fund

is

an

ETF

that

is

subject

to

the

risks

described

below.

Additionally,

because

the

ETF

utilizes

the

ActiveShares

®

non-transparent

ETF

structure,

it

is

subject

to

additional

or

enhanced

ETF-related

risks.

Unlike

most

actively

managed

ETFs,

the

Fund

does

not

provide

daily

disclosure

of

its

portfolio

holdings.

Instead,

the

Fund

provides

a

verified

intraday

indicative

value

(“

VIIV

”),

calculated

and

disseminated

every

second

throughout

the

trading

day.

The

VIIV

is

intended

to

provide

investors

with

an

intraday

highly-correlated

per

share

value

of

the

Fund

that

can

be

compared

to

the

current

market

price.

The

VIIV

is

designed

to

provide

sufficient

information

to

allow

for

an

effective

arbitrage

mechanism

that

will

keep

the

market

price

of

the

Fund’s

shares

trading

at

or

close

to

the

underlying

net

asset

value

(“

NAV

”)

per

share

of

the

Fund.

Shares

traded

on

an

intraday

basis

on

an

exchange,

however,

will

not

have

a

fixed

relationship

to

the

previous

day’s

or

the

current

day’s

NAV.

There

is,

however,

a

risk,

which

may

increase

during

periods

of

market

disruption

or

volatility,

that

market

prices

will

vary

significantly

from

the

underlying

NAV

of

the

Fund.

Similarly,

because

the

Fund’s

shares

trade

with

reference

to

a

published

VIIV,

they

may

trade

at

a

wider

bid/ask

spread

when

compared

to

shares

of

ETFs

that

publish

their

portfolios

on

a

daily

basis,

especially

during

periods

of

market

disruption

or

volatility,

and

therefore,

may

cost

investors

more

to

trade.

Although

the

Fund

seeks

to

benefit

from

keeping

its

portfolio

information

secret,

some

market

participants

may

attempt

to

use

information,

including

the

VIIV,

to

identify

the

Fund’s

trading

strategy

and

the

securities

held

by

the

Fund,

which

if

successful,

could

result

in

such

market

participants

engaging

in

certain

predatory

trading

practices

that

may

have

the

potential

to

harm

the

Fund

and

its

shareholders.

In

the

event

of

a

system

failure

or

other

interruption,

including

disruptions

involving

Authorized

Participants,

unaffiliated

broker-dealers

with

which

such

Authorized

Participant

has

signed

an

agreement

to

establish

a

confidential

account

for

the

benefit

of

such

Authorized

Participant

(an

“

AP

Representative

”),

or

market

makers,

orders

to

create

or

redeem

Creation

Units

either

may

not

be

executed

according

to

an

Authorized

Participant’s

instructions

or

may

not

be

executed

at

all,

or

an

Authorized

Participant

may

not

be

able

to

place

or

change

orders.

If

such

an

event

were

to

occur,

the

Fund’s

shares

may

trade

in

the

secondary

market

at

a

greater

premium

or

discount

to

the

Fund’s

NAV,

and

investors

may

pay

a

greater

bid/ask

spread

to

purchase

or

sell

the

Fund’s

shares.

In

addition

to

risks

related

to

operation

of

ETFs,

the

use

of

this

structure

exposes

the

Fund

and

Fund

shareholders

to

additional

risks.

authorized

participant

concentration

risk:

For Bond

ETFs

Only

:

as

an

ETF,

the

Fund

issues

and

redeems

shares

on

a

continuous

basis

at

NAV

only

in

a

large

specified

number

of

shares

called

a

"

Creation

Unit

."

Only

a

limited

number

of

institutional

investors

(known

as

"

Authorized

Participants

")

are

authorized

to

purchase

(or

create)

and

redeem

shares

directly

from

the

Fund.

To

the

extent

that

these

institutions

exit

the

business

or

are

unable

to

proceed

with

creation

and/or

redemption

orders

with

respect

to

the

Fund

and

no

other

Authorized

Participant

is

able

to

step

forward

to

create

or

redeem,

in

either

of

these

cases,

Fund

shares

may

trade

at

a

discount

to

NAV

and

possibly

face

trading

halts

and/or

delisting. 

Notes

to

Financial

Statements

(Cont.)

September

30,

2023

Annual

Report

|

September

30,

2023

57

authorized

participant

and

AP

Representative

concentration

risk:

For

CAPE

Only:

As an

ETF,

the

Fund

issues

and

redeems

shares

on

a

continuous

basis

at

NAV

only

in

a

large

specified

number

of

shares

called

a

"

Creation

Unit

."

Only

a

limited

number

of

institutional

investors

(known

as

"

Authorized

Participants

")

are

authorized

to

purchase

(or

create)

and

redeem

shares

directly

from

the

Fund.

Each

of

the

Fund's

Authorized

Participants

will

engage

in

all

creation

and

redemption

activity

through

an

AP

Representative.

The

AP

Representative

will

deliver

or

receive,

on

behalf

of

the

Authorized

Participant,

all

consideration

to

or

from

the

Fund

in

a

creation

or

redemption.

AP

Representatives

have

knowledge

of

the

composition

of

the

Fund's

portfolio

holdings,

and

are

restricted

from

disclosing

such

composition,

including

to

the

Authorized

Participants.

As

a

result

of

the

Fund's

use

of

the

ActiveShares

®

structure

for

non-transparent

ETFs,

there

may

be

a

more

limited

number

of

institutions

that

are

willing

to

act

as

Authorized

Participants

or

as

AP

Representatives.

 During

times

of

market

stress,

Authorized

Participants

may

be

more

likely

to

step

away

from

a

non-transparent

ETF

than

a

traditional

ETF.

To

the

extent

these

institutions

exit

the

business

or

are

unable

to

proceed

with

creation

and/or

redemption

orders

with

respect

to

the

Fund,

or

are

unavailable

to

purchase

and

sell

securities

in

connection

with

creation

and/or

redemption

orders,

as

applicable,

and

no

other

Authorized

Participant

or

AP

Representative

agrees

to

create

or

redeem,

or

purchase

or

sell

securities,

as

applicable,

the

arbitrage

mechanism

for

keeping

the

market

price

of

Fund

shares

trading

at

or

close

to

the

Fund’s

per

share

NAV

may

be

impaired,

and

Fund

shares

may

trade

at

a

premium

or

discount

to

NAV

and

possibly

face

trading

halts

and/or

delisting.

These

risks

may

be

more

pronounced

in

volatile

markets,

particularly

where

there

are

significant

redemptions

in

ETFs

generally.

secondary

market

trading

risk:

as

an

ETF,

shares

of

the

Fund

trade

on

an

exchange,

the

NYSE

Arca,

Inc.

(the

"Exchange").

The

Fund

faces

numerous

market

trading

risks,

including

the

potential

lack

of

an

active

market

for

Fund

shares,

losses

from

trading

in

secondary

markets,

periods

of

high

volatility

and

disruptions

in

the

creation/redemption

process.

Any

of

these

factors,

among

others,

may

lead

to

the

Fund's

shares

trading

at

a

premium

or

discount

to

NAV. 

absence

of

active

market:

although

the

Fund's

shares

are

currently

listed

for

trading

on

the

Exchange,

there

can

be

no

assurance

that

an

active

trading

market

for

such

shares

will

develop

or

be

maintained

by

market

makers

or

Authorized

Participants.

Authorized

Participants

are

not

obligated

to

execute

purchase

or

redemption

orders

for

Creation

Units.

In

periods

of

market

volatility,

market

makers

and/or

Authorized

Participants

may

be

less

willing

to

transact

in

Fund

shares.

The

absence

of

an

active

market

for

the

Fund's

shares

may

contribute

to

the

Fund's

shares

trading

at

a

premium

or

discount

to

NAV. 

early

close/trading

halt/delisting

risk:

For

Bond

ETFs

Only:

trading

in

Fund

shares

may

be

halted

due

to

market

conditions

or

for

other

reasons

that,

in

the

view

of

the

Exchange,

make

trading

in

shares

of

a

Fund

inadvisable.

Additionally,

an

exchange

or

market

may

close

or

issue

trading

halts

on

specific

securities,

or

the

ability

to

buy

or

sell

certain

securities

or

financial

instruments

may

be

restricted,

which

may

result

in

the

Fund

being

unable

to

buy

or

sell

certain

securities

or

financial

instruments.

In

such

circumstances,

the

Fund

may

be

unable

to

rebalance

its

portfolio,

may

be

unable

to

accurately

price

its

investments

and/or

may

incur

substantial

trading

losses.

The

Fund

must

satisfy

various

standards

established

by

the

Exchange

in

order

to

ensure

that

Fund

shares

can

continue

to

be

listed

for

trading.

There

can

be

no

assurance

that

the

requirements

of

the

Exchange

necessary

to

maintain

the

listing

of

the

Fund

will

continue

to

be

met.  

For

CAPE

Only:

trading

in

Fund

shares

may

be

halted

due

to

market

conditions

or

for

other

reasons

that,

in

the

view

of

the

Exchange,

make

trading

in

shares

of

a

Fund

inadvisable.

Additionally,

an

exchange

or

market

may

close

or

issue

trading

halts

on

specific

securities,

or

the

ability

to

buy

or

sell

certain

securities

or

financial

instruments

may

be

restricted,

which

may

result

in

the

Fund

being

unable

to

buy

or

sell

certain

securities

or

financial

instruments.

In

such

circumstances,

the

Fund

may

be

unable

to

rebalance

its

portfolio,

may

be

unable

to

accurately

price

its

investments

and/or

may

incur

substantial

trading

losses.

If

at

any

time

securities

representing

10%

or

more

of

the

Fund’s

portfolio

become

subject

to

a

trading

halt

or

otherwise

do

not

have

readily

available

market

quotations,

the

Fund

will

request

that

the

Exchange

halt

trading

of

the

Fund’s

shares.

Further,

if

there

is

a

discrepancy

of

sufficient

magnitude

between

the

value

of

the

Fund’s

portfolio

securities

as

calculated

by

the

Fund’s

two

calculation

engines

for

VIIV

purposes,

the

Exchange

will

have

the

ability

to

halt

trading

of

the

Fund’s

shares.

During

such

trading

halts,

although

the

primary

VIIV

would

continue

to

be

calculated

and

disseminated,

investors

in

the

Fund’s

shares

will

not

be

able

to

freely

trade

their

shares.

Additionally,

the

Fund

must

satisfy

various

other

standards

established

by

the

Exchange

in

order

to

ensure

that

Fund

shares

can

continue

to

be

listed

for

trading.

There

can

be

no

assurance

that

the

requirements

of

the

Exchange

necessary

to

maintain

the

listing

of

the

Fund

will

continue

to

be

met.

trading

in

fund

shares

is

subject

to

expenses:

most

Fund

investors

will

buy

and

sell

Fund

shares

on

the

Exchange

or

on

another

secondary

market.

When

buying

or

selling

shares

of

the

Fund,

investors

typically

will

Notes

to

Financial

Statements

(Cont.)

58

DoubleLine

ETF

Trust

September

30,

2023

pay

brokerage

commissions

or

other

charges

imposed

by

brokers

as

determined

by

that

broker.

In

addition,

secondary

market

investors

will

also

incur

the

cost

of

the

difference

between

the

price

that

a

buyer

is

willing

to

pay

for

shares

(the

"bid"

price)

and

the

price

at

which

a

seller

is

willing

to

sell

shares

(the

"ask"

price).

This

difference

in

bid

and

ask

prices

is

often

referred

to

as

the

"spread"

or

"bid/ask

spread." 

fund

shares

may

be

sold

short:

shares

of

the

Fund,

similar

to

shares

of

other

issuers

listed

on

a

stock

exchange,

may

be

sold

short

and

are

therefore

subject

to

the

risk

of

increased

volatility

and

price

decreases

associated

with

short

selling

activity. 

fund

shares

may

trade

at

prices

other

than

NAV

:

For

Bond

ETFs

Only:

shares

of

the

Fund

trade

on

the

Exchange

at

prices

at,

above

or

below

the

Fund’s

most

recent

NAV.

The

NAV

of

the

Fund

is

calculated

at

the

end

of

each

business

day

and

fluctuates

with

changes

in

the

market

value

of

the

Fund’s

holdings.

The

trading

price

of

the

Fund’s

shares

fluctuates

continuously

throughout

trading

hours

in

response

to

relative

supply

of

and

demand

for

Fund

shares

on

the

Exchange

and

the

underlying

value

of

the

Fund’s

portfolio

holdings

or

NAV.

As

a

result,

the

trading

prices

of

the

Fund’s

shares

may

deviate

significantly

from

NAV

during

periods

of

market

volatility,

including

during

periods

of

high

redemption

requests

or

other

unusual

market

conditions.

Any of

these

factors, among

others, may lead to the fund's shares trading at a premium or discount to

NAV.

Disruptions

to

creations

and

redemptions,

the

existence

of

extreme

market

volatility

or

potential

lack

of

an

active

trading

market

for

Fund

shares

may

result

in

shares

trading

at

a

significant

premium

or

discount

to

NAV

and/or

in

a

reduced

liquidity

of

a

shareholder’s

investment.

During

such

periods,

shareholders

may

be

unable

to

sell

their

shares,

may

pay

significantly

more

than

NAV

when

buying

Fund

shares,

or

may

receive

significantly

less

than

NAV

when

selling

Fund

shares.

For

CAPE

Only:

shares

of

the

Fund

trade

on

the

Exchange

at

prices

at,

above

or

below

the

Fund’s

most

recent

NAV.

The

NAV

of

the

Fund

is

calculated

at

the

end

of

each

business

day

and

fluctuates

with

changes

in

the

market

value

of

the

Fund’s

holdings.

The

trading

price

of

the

Fund’s

shares

will

fluctuate,

in

some

cases

materially,

throughout

trading

hours

in

response

to

changes

in

the

Fund’s

VIIV,

the

relative

supply

of

and

demand

for

Fund

shares

on

the

Exchange

and

the

underlying

value

of

the

Fund’s

portfolio

holdings

or

NAV.

As

a

result,

the

trading

prices

of

the

Fund’s

shares

may

deviate

significantly

from

NAV

during

periods

of

market

volatility,

including

during

periods

of

high

redemption

requests

or

other

unusual

market

conditions.

Any

of

these

factors,

among

others,

may

lead

to

the

fund's

shares

trading

at

a

premium

or

discount

to

NAV.

This

risk

may

be

greater

for

the

Fund

than

for

traditional

ETFs

that

disclose

their

full

portfolio

holdings

on

a

daily

basis.

Disruptions

to

creations

and

redemptions,

the

existence

of

extreme

market

volatility

or

potential

lack

of

an

active

trading

market

for

Fund

shares

may

result

in

shares

trading

at

a

significant

premium

or

discount

to

NAV

and/or

in

a

reduced

liquidity

of

a

shareholder’s

investment.

During

such

periods,

shareholders

may

be

unable

to

sell

their

shares,

may

pay

significantly

more

than

NAV

when

buying

Fund

shares,

or

may

receive

significantly

less

than

NAV

when

selling

Fund

shares.

portfolio

security

trading

risk:

For

CAPE

Only

:

an

exchange

or

market

may

close

or

issue

trading

halts

on

specific

securities,

or

the

ability

to

buy

or

sell

certain

securities

or

financial

instruments

may

be

restricted,

which

may

result

in

the

Fund

being

unable

to

buy

or

sell

certain

portfolio

securities

or

financial

instruments.

In

such

circumstances,

the

Fund

may

be

unable

to

engage

in

Fund

portfolio

transactions

to

rebalance

its

portfolio,

may

be

unable

to

have

its

investments

accurately

priced

for

purposes

of

determining

its

VIIV,

and

may

have

difficulty

calculating

its

NAV.

These

events

may

result

in

losses

to

shareholders.

Any

extended

trading

halt

in

a

portfolio

security

may

exacerbate

discrepancies

between

the

VIIV

and

the

underlying

NAV

of

the

Fund.

If

a

portfolio

security

does

not

have

readily

available

market

quotations,

e.g.,

if

subject

to

an

extended

trading

halt,

that

fact,

along

with

the

identity

and

weighting

of

that

security

in

the

Fund’s

VIIV

calculation,

will

be

publicly

disclosed

on

the

Fund’s

website.

Trading

halts

of

portfolio

securities

may

have

a

greater

impact

on

the

Fund,

as

compared

with

traditional

ETFs,

due

to

less

frequent

dissemination

of

the

Fund’s

portfolio

holdings. 

financial

services

risk:

the

risk

that

an

investment

in

issuers

in

the

financial

services

sector

or

transactions

with

one

or

more

counterparties

in

the

financial

services

sector

may

be

adversely

affected

by,

among

other

things:

(i)

changes

in

governmental

regulation,

which

may

limit

both

the

amounts

and

the

types

of

loans

and

other

financial

commitments

financial

services

companies

can

make,

the

interest

rates

and

fees

they

can

charge,

the

scope

of

their

activities,

the

prices

they

can

charge

and

the

amount

of

capital

they

must

maintain;

(ii)

fluctuations,

including

as

a

result

of

interest

rate

changes

or

increased

competition,

in

the

availability

and

cost

of

capital

funds

on

which

the

profitability

of

financial

services

companies

is

largely

dependent;

(iii)

deterioration

of

the

credit

markets;

(iv)

credit

losses

resulting

from

financial

difficulties

of

borrowers,

especially

when

financial

services

companies

are

exposed

to

non-diversified

or

concentrated

loan

portfolios;

(v)

financial

losses

associated

with

investment

activities,

especially

when

financial

services

companies

are

exposed

to

financial

leverage;

(vi)

the

risk

that

any

financial

services

company

experiences

substantial

declines

in

the

valuations

of

its

Notes

to

Financial

Statements

(Cont.)

September

30,

2023

Annual

Report

|

September

30,

2023

59

assets,

takes

action

to

raise

capital,

or

ceases

operations;

(vii)

the

risk

that

a

market

shock

or

other

unexpected

market,

economic,

political,

regulatory,

or

other

event

might

lead

to

a

sudden

decline

in

the

values

of

most

or

all

companies

in

the

financial

services

sector;

and

(viii)

the

interconnectedness

or

interdependence

among

financial

services

companies,

including

the

risk

that

the

financial

distress

or

failure

of

one

financial

services

company

may

materially

and

adversely

affect

a

number

of

other

financial

services

companies.

foreign

currency

risk:

For

DBND

only

 the

risk

that

fluctuations

in

exchange

rates

may

adversely

affect

the

value

of

a

Fund’s

investments

denominated

in

foreign

currencies.

foreign

investing risk:

 For

DBND

Only:

the

risk

that

investments

in

foreign

securities

or

in

issuers

with

significant

exposure

to

foreign

markets,

as

compared

to

investments

in

U.S.

securities

or

in

issuers

with

predominantly

domestic

market

exposure,

may

be

more

vulnerable

to

economic,

political,

and

social

instability

and

subject

to

less

government

supervision,

less

protective

custody

practices,

lack

of

transparency,

inadequate

regulatory

and

accounting

standards,

delayed

or

infrequent

settlement

of

transactions,

and

foreign

taxes.

If

a

Fund

buys

securities

denominated

in

a

foreign

currency,

receives

income

in

foreign

currencies,

or

holds

foreign

currencies

from

time

to

time,

the

value

of

the

Fund’s

assets,

as

measured

in

U.S.

dollars,

can

be

affected

unfavorably

by

changes

in

exchange

rates

relative

to

the

U.S.

dollar

or

other

foreign

currencies.

Foreign

markets

are

also

subject

to

the

risk

that

a

foreign

government

could

restrict

foreign

exchange

transactions

or

otherwise

implement

unfavorable

currency

regulations.

In

addition,

foreign

securities

may

be

subject

to

currency

exchange

rates

or

regulations,

the

imposition

of

economic

sanctions,

tariffs or

other

government

restrictions,

higher

transaction

and

other

costs,

reduced

liquidity,

and

delays

in

settlement.

high

yield

risk:  

For

DBND

Only:

 the

risk

that

debt

instruments

rated

below

investment

grade

or

debt

instruments

that

are

unrated

and

of

comparable

or

lesser

quality

are

predominantly

speculative.

These

instruments,

commonly

known

as

"junk

bonds,"

have

a

higher

degree

of

default

risk

and

may

be

less

liquid

than

higher-rated

bonds.

These

instruments

may

be

subject

to

greater

price

volatility

due

to

such

factors

as

specific

corporate

developments,

interest

rate

sensitivity,

negative

perceptions

of

high

yield

investments

generally,

and

less

secondary

market

liquidity.

inflation-indexed

bond

risk:

For

DBND

Only

:

the

risk

that

such

bonds

will

change

in

value

in

response

to

actual

or

anticipated

changes

in

inflation

rates

in

a

manner

unanticipated

by

a

Fund's

portfolio

management

team

or

investors

generally.

Inflation-indexed

bonds

are

subject

to

debt

securities

risks. 

index risk:

For

CAPE

Only:

 although

the

Adviser

has

licensed

from

the

Index’s

sponsor

the

right

to

use

the

Index

as

part

of

implementing

the

Fund’s

principal

investment

strategies,

there

can

be

no

guarantee

that

the

Index

will

be

maintained

indefinitely

or

that

the

Fund

will

be

able

to

continue

to

utilize

the

Index

to

implement

the

Fund’s

principal

investment

strategies

indefinitely.

If

the

sponsor

of

the

Index

ceases

to

maintain

the

Index,

the

Fund

no

longer

has

the

ability

to

utilize

the

Index

to

implement

its

principal

investment

strategies,

or

other

circumstances

exist

that

the

Adviser

or

the

Fund’s

Board

of

Trustees

concludes

substantially

limit

the

Fund’s

ability

to

create

cost-effective

synthetic

investment

exposure

to

the

Index,

the

Adviser

or

the

Fund’s

Board

of

Trustees

may

substitute

the

Index

with

another

index

that

it

chooses

in

its

sole

discretion.

There

can

be

no

assurance

that

any

substitute

index

so

selected

will

be

similar

to

the

Index

or

will

perform

in

a

manner

similar

to

the

Index.

Unavailability

of

the

Index

could

affect

adversely

the

ability

of

the

Fund

to

achieve

its

investment

objective.

investment

company

and

exchange-traded

fund

risk:

the

risk

that

an

investment

company

or

other

pooled

investment

vehicle,

including

any

exchange-traded

funds

("ETFs")

or

money

market

funds,

in

which

a

Fund

invests

will

not

achieve

its

investment

objective

or

execute

its

investment

strategies

effectively

or

that

significant

purchase

or

redemption

activity

by

shareholders

of

such

an

investment

company

might

negatively

affect

the

value

of

its

shares.

A

Fund

must

pay

its

pro

rata

portion

of

an

investment

company's

fees

and

expenses.

To

the

extent

the

Adviser

determines

to

invest

Fund

assets

in

other

investment

companies,

the

Adviser

will

have

an

incentive

to

invest

in

other funds

investment

vehicles

sponsored

or

advised

by

the

Adviser

or

a

related

party

of

the

Adviser

over

investment

companies

sponsored

or

managed

by

others

and

to

maintain

such

investments

once

made

due

to

its

own

financial

interest

in

those

products

and

other

business

considerations. 

large

shareholder

risk:

the

risk

that

certain

account

holders,

including

the

Adviser

or

funds

or

accounts

over

which

the

Adviser

(or

related

parties

of

the

Adviser)

has

investment

discretion,

may

from

time

to

time

own

or

control

a

significant

percentage

of

the

Fund's

shares.

The

Fund

is

subject

to

the

risk

that

a

redemption

by

those

shareholders

of

all

or

a

portion

of

their

Fund

shares,

including

as

a

result

of

an

asset

allocation

decision

made

by

the

Adviser

(or

related

parties

of

the

Adviser),

will

adversely

affect

the

Fund's

performance

if

it

is

forced

to

sell

portfolio

securities

or

invest

cash

when

the

Adviser

would

not

otherwise

choose

to

do

so.

Redemptions

of

a

large

number

of

shares

may

affect

the

liquidity

of

the

Notes

to

Financial

Statements

(Cont.)

60

DoubleLine

ETF

Trust

September

30,

2023

Fund's

portfolio,

increase

the

Fund's

transaction

costs,

and

accelerate

the

realization

of

taxable

income

and/or

gains

to

shareholders.

Shareholder

redemptions

can

only

be

effected

in

creation

units

of

the

Fund.  

leveraging

risk:

For

Bond

ETFs

Only:

the

risk

that

certain

investments

by

a

Fund

involving

leverage

may

have

the

effect

of

increasing

the

volatility

of

the

value

of

the

Fund's

portfolio,

and

the

risk

of

loss

in

excess

of

invested

capital.  

limited

operating

history

risk:

the

Fund

is

recently

formed

and

has

a

limited

operating

history

for

investors

to

evaluate.

The

Fund

may

not

attract

sufficient

assets

to

achieve

or

maximize

investment

and

operational

efficiencies

and

remain

viable.

If

the

Fund

fails

to

achieve

sufficient

scale,

it

may

be

liquidated.

liquidity

risk:

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.

During

periods

of

substantial

market

disruption,

a

large

portion

of

the

Fund’s

assets

could

potentially

experience

significant

levels

of

illiquidity.

The

values

of

illiquid

investments

are

often

more

volatile

than

the

values

of

more

liquid

investments.

It

may

be

more

difficult

for

the

Fund

to

determine

a

fair

value

of

an

illiquid

investment

than

that

of

a

more

liquid

comparable

investment.

loan

risk:

For

Bond

ETFs

Only:

the

risk

that

(i)

if

the

Fund

holds

a

loan

through

another

financial

intermediary,

or

relies

on

a

financial

intermediary

to

administer

the

loan,

its

receipt

of

principal

and

interest

on

the

loan

may

be

subject

to

the

credit

risk

of

that

financial

intermediary;

(ii)

any

collateral

securing

a

loan

may

be

insufficient

or

unavailable

to

the

Fund,

because,

for

example,

the

value

of

the

collateral

securing

a

loan

can

decline,

be

insufficient

to

meet

the

obligations

of

the

borrower,

or

be

difficult

to

liquidate,

and

the

Fund's

rights

to

collateral

may

be

limited

by

bankruptcy

or

insolvency

laws;

(iii)

investments

in

highly

leveraged

loans

or

loans

of

stressed,

distressed,

or

defaulted

issuers

may

be

subject

to

significant

credit

and

liquidity

risk;

(iv)

a

bankruptcy

or

other

court

proceeding

could

delay

or

limit

the

ability

of

the

Fund

to

collect

the

principal

and

interest

payments

on

that

borrower's

loans

or

adversely

affect

the

Fund's

rights

in

collateral

relating

to

a

loan; (v)

there

may

be

limited

public

information

available

regarding

the

loan

and

the

relevant

borrower(s);

(vi)

the

use

of

a

particular

interest

rate

benchmark,

may

limit

the

Fund’s

ability

to

achieve

a

net

return

to

shareholders

that

consistently

approximates

the

average

published

Prime

Rate

of

U.S.

banks;

(vii)

the

prices

of

certain

floating

rate

loans

that

include

a

feature

that

prevents

their

interest

rates

from

adjusting

if

market

interest

rates

are

below

a

specified

minimum

level

may

appreciate

less

than

other

instruments

in

response

to

changes

in

interest

rates

should

interest

rates

rise

but

remain

below

the

applicable

minimum

level;

(viii)

if

a

borrower

fails

to

comply

with

various

restrictive

covenants

that

may

be

found

in

loan

agreements,

the

borrower

may

default

in

payment

of

the

loan;

(ix)

if

the

Fund

invests

in

loans

that

contain

fewer

or

less

restrictive

constraints

on

the

borrower

than

certain

other

types

of

loans

(“covenant-lite”

loans),

it

may

have

fewer

rights

against

the

borrowers

of

such

loans,

including

fewer

protections

against

the

possibility

of

default

and

fewer

remedies

in

the

event

of

default;

(x)

the

loan

is

unsecured;

(xi)

there

is

a

limited

secondary

market;

(xii)

transactions

in

loans

may

settle

on

a

delayed

basis,

and

the

Fund

may

not

receive

the

proceeds

from

the

sale

of

a

loan

for

a

substantial

period

of

time

after

the

sale,

which

may

result

in

sale

proceeds

related

to

the

sale

of

loans

not

being

available

to

make

additional

investments

or

to

meet

the

Fund’s

redemption

obligations

until

potentially

a

substantial

period

after

the

sale

of

the

loans;

and

(xiii)

loans

may

be

difficult

to

value

and

may

be

illiquid,

which

may

adversely

affect

an

investment

in

the

Fund.

The

Fund

may

invest

in

loans

directly

or

indirectly

by

investing

in

shares

of

another

investment

company

and

in

either

case

will

be

subject

to

the

risks

described

above.

market

capitalization

risk:

For

CAPE

Only:

 the

risk

that

investing

substantially

in

issuers

in

one

market

capitalization

category

(large,

medium

or

small)

may

adversely

affect

the

Fund

because

of

unfavorable

market

conditions

particular

to

that

category

of

issuers,

such

as

larger,

more

established

companies

being

unable

to

respond

quickly

to

new

competitive

challenges

or

attain

the

high

growth

rates

of

successful

smaller

companies,

or,

conversely,

stocks

of

smaller

companies

being

more

volatile

than

those

of

larger

companies

due

to,

among

other

things,

narrower

product

lines,

more

limited

financial

resources,

fewer

experienced

managers

and

there

typically

being

less

publicly

available

information

about

small

capitalization

companies. 

market

risk:

the

risk

that

markets

will

perform

poorly

or

that

the

returns

from

the

securities

in

which

a

Fund

invests

will

underperform

returns

from

the

general

securities

markets

or

other

types

of

investments.

Markets

may,

in

response

to

governmental

actions

or

intervention

or

general

market

conditions,

including

real

or

perceived

adverse

political,

economic

or

market

conditions,

tariffs

and

trade

disruptions,

inflation,

recession,

changes

in

interest

or

currency

rates,

lack

of

liquidity

in

the

bond

markets

or

adverse

investor

sentiment,

or

other

external

factors,

experience

periods

of

high

volatility

and

reduced

liquidity.

During

those

periods,

the

Fund

may

experience

high

levels

of

shareholder

redemptions,

which

may

only

occur

in

creation

units. 

To

satisfy

such

redemptions,

the

Fund

may

have

to

sell

securities

at

times

when

the

Fund

would

otherwise

not

do

so,

and

potentially

at

unfavorable

prices.

Certain

securities

may

be

difficult

to

value

during

such

Notes

to

Financial

Statements

(Cont.)

September

30,

2023

Annual

Report

|

September

30,

2023

61

periods.

Market

risk

involves

the

risk

that

the

value

of

the

Fund's

investment

portfolio

will

change,

potentially

frequently

and

in

large

amounts,

as

the

prices

of

its

investments

go

up

or

down.

During

periods

of

severe

market

stress,

it

is

possible

that

the

market

for

some

or

all

of

a

Fund's

investments

may

become

highly

illiquid.

Recently,

there

have

been

inflationary

price

movements,

which

have

caused

the

fixed

income

securities

markets

to

experience

heightened

levels

of interest

rate

volatility

and

liquidity

risk.

Please

see

“debt

securities

risks

–

interest

rate

risk”

herein

for

more

information.

mortgage-backed

securities

risk:

For

Bond

ETFs

Only:

 the

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

a

Fund

having

to

reinvest

proceeds

in

other

investments

at

a

lower

interest

rate.

During

periods

of

rising

interest

rates,

the

average

life

of

a

mortgage-backed

security

may

extend,

which

may

lock

in

a

below-market

interest

rate,

increase

the

security's

duration,

and

reduce

the

value

of

the

security.

Enforcing

rights

against

the

underlying

assets

or

collateral

may

be

difficult,

or

the

underlying

assets

or

collateral

may

be

insufficient

if

the

issuer

defaults.

The

values

of

certain

types

of

mortgage-backed

securities,

such

as

inverse

floaters

and

interest-only

and

principal-only

securities,

may

be

extremely

sensitive

to

changes

in

interest

rates

and

prepayment

rates.

A

Fund

may

invest

in

mortgage-backed

securities

that

are

subordinate

in

their

right

to

receive

payment

of

interest

and

repayment

of

principal

to

other

classes

of

the

issuer's

securities.

non-diversification

risk

:

the

risk

that,

because

a

relatively

higher

percentage

of

the

Fund's

assets

may

be

invested

in

a

limited

number

of

issuers,

the

Fund

may

be

more

susceptible

to

any

single

economic,

political,

or

regulatory

occurrence

than

a

diversified

fund

investing

in

a

broader

range

of

issuers.

A

decline

in

the

market

value

of

one

of

the

Fund's

investments

may

affect

the

Fund's

value

more

than

if

the

Fund

were

a

diversified

fund.

However,

the

Fund

intends

to

satisfy

the

asset

diversification

requirements

for

qualification

as

a

regulated

investment

company

(a

"

RIC

")

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

"

Code

"). 

operational

and

information

security

risks:

 an

investment

in

a

Fund,

like

any

fund,

can

involve

operational

risks

arising

from

factors

such

as

processing

errors,

human

errors,

inadequate

or

failed

internal

or

external

processes,

failures

in

systems

and

technology,

changes

in

personnel

and

errors

caused

by

third-party

service

providers.

The

occurrence

of

any

of

these

failures,

errors

or

breaches

could

result

in

investment

losses

to

a

Fund,

a

loss

of

information,

regulatory

scrutiny,

reputational

damage

or

other

events,

any

of

which

could

have

a

material

adverse

effect

on

a

Fund.

While

the

Funds

seek

to

minimize

such

events

through

controls

and

oversight,

there

may

still

be

failures

that

could

cause

losses

to

a

Fund.

portfolio

turnover

risk:

the

risk

that

frequent

purchases

and

sales

of

portfolio

securities

may

result

in

higher

Fund

expenses

and

may

result

in

larger

distributions

of

taxable

capital

gains

to

investors

as

compared

to

a

fund

that

trades

less

frequently.

real

estate

sector risk:

For CAPE,

DBND

and

DMBS

only:

the

risk

that

real

estate-related

investments

may

decline

in

value

as

a

result

of

factors

affecting

the

real

estate

sector,

such

as

the

supply

of

real

property

in

certain

markets,

changes

in

zoning

laws,

delays

in

completion

of

construction,

changes

in

real

estate

values,

changes

in

property

taxes,

levels

of

occupancy,

and

local,

regional

and

general

market

conditions.

real

estate

sector

and

commercial

real

estate

markets

risk:

For

DCMB

Only:

 the

risk

that

commercial

real

estate-related

investments

may

decline

in

value

as

a

result

of

factors

affecting

the

real

estate

sector

(and,

in

particular,

the

commercial

real

estate

markets),

such

as

the

supply

of

real

property

in

certain

markets,

changes

in

zoning

laws,

delays

in

completion

of

construction,

changes

in

real

estate

values,

changes

in

property

taxes,

levels

of

occupancy,

and

local,

regional,

and

general

market

conditions.

Commercial

real

estate

loans

are

secured

by

commercial

property

and

are

subject

to

the

risks

of

delinquency

and

foreclosure.

The

ability

of

a

borrower

to

repay

a

loan

secured

by

an

income-producing

property

typically

is

dependent

primarily

on

the

successful

operation

of

such

property.

If

a

borrower’s

net

operating

income

is

reduced

due

to

changing

national,

regional

or

local

economic

conditions,

changes

in

business

demand,

social

unrest

and

civil

disturbances,

political

unrest,

global

health

crises,

or

other

reasons,

then

the

borrower’s

ability

to

repay

the

loan

may

be

impaired.

Tenant

mix,

success

of

tenant

businesses,

property

management

decisions,

property

location

and

conditions,

competition

from

comparable

properties,

changes

in

laws

that

increase

operating

expenses

or

limit

rents

that

may

be

charged,

the

need

to

address

environmental

issues

associated

with

a

property,

declines

in

real

estate

values,

increases

in

interest

rates

or

taxes,

and

increase

in

regulatory

and

compliance

costs

can

all

negatively

affect

returns

on

investments

in

commercial

real

estate.

restricted

securities

risk:

For

Bond

ETFs

Only:

the

risk

that

a

Fund

may

be

prevented

or

limited

by

law

or

the

terms

of

an

agreement

from

selling

a

security

(a

"

restricted

security

").

To

the

extent

that

a

Fund

is

permitted

to

sell

a

restricted

security,

there

can

be

no

assurance

that

a

trading

market

will

exist

at

any

particular

time,

and

a

Fund

may

be

unable

to

dispose

of

the

security

promptly

at

reasonable

prices

or

at

all.

A

Fund

may

have

to

bear

the

expense

of

registering

the

securities

for

resale

and

the

risk

of

substantial

delays

in

effecting

the

registration.

Also,

restricted

securities

may

be

Notes

to

Financial

Statements

(Cont.)

62

DoubleLine

ETF

Trust

September

30,

2023

difficult

to

value

because

market

quotations

may

not

be

readily

available,

and

the

values

of

restricted

securities

may

have

significant

volatility.

securities

or

sector

selection

risk:

the

risk that

the

securities

held

by

the

Fund

will

underperform

securities

held

in

other

funds

investing

in

similar

asset

classes

or

comparable

benchmarks

because

of

the

portfolio

managers’

choice

of

securities

or

sectors

for

investment.

To

the

extent

the

Fund

focuses

or

concentrates

its

investments

in

a

particular

sector

or

related

sectors,

the

Fund

will

be

more

susceptible

to

events

or

factors

affecting

companies

in

that

sector

or

related

sectors.

For

example,

the

values

of

securities

of

companies

in

the

same

or

related

sectors

may

be

negatively

affected

by

the

common

characteristics

they

share,

the

common

business

risks

to

which

they

are

subject,

common

regulatory

burdens,

or

regulatory

changes

that

affect

them

similarly.

Such

characteristics,

risks,

burdens

or

changes

include,

but

are

not

limited

to,

changes

in

governmental

regulation,

inflation

or

deflation,

rising

or

falling

interest

rates,

competition

from

new

entrants,

and

other

economic,

market,

political

or

other

developments

specific

to

that

sector

or

related

sectors.

structured

products

and

structured

notes

risk: 

For

Bond

ETFs

Only:

the

risk

that

an

investment

in

a

structured

product,

which

includes,

among

other

things,

CDOs,

mortgage-backed

securities,

other

types

of

asset-backed

securities

and

certain

types

of

structured

notes,

may

decline

in

value

due

to

changes

in

the

underlying

instruments,

indexes,

interest

rates

or

other

factors

on

which

the

product

is

based

(“

reference

measure

”).

Depending

on

the

reference

measure

used

and

the

use

of

multipliers

or

deflators

(if

any),

changes

in

interest

rates

and

movement

of

the

reference

measure

may

cause

significant

price

and

cash

flow

fluctuations.

Application

of

a

multiplier

is

comparable

to

the

use

of

financial

leverage,

a

speculative

technique.

Holders

of

structured

products

indirectly

bear

risks

associated

with

the

reference

measure,

are

subject

to

counterparty

risk

and

typically

do

not

have

direct

rights

against

the

reference

measure.

Structured

products

are

generally

privately

offered

and

sold,

and

thus,

are

not

registered

under

the

securities

laws

and

may

be

thinly

traded

or

have

a

limited

trading

market

and

may

have

the

effect

of

increasing

the

Fund’s

illiquidity,

reducing

the

Fund’s

income

and

the

value

of

the

investment.

At

a

particular

point

in

time,

the

Fund

may

be

unable

to

find

qualified

buyers

for

these

securities.

Investments

in

structured

notes

involve

risks

including

interest

rate

risk,

credit

risk

and

market

risk.

U.S.

Government

securities

risk:

For

Bond

ETFs

Only:

the

risk

that

debt

securities

issued

or

guaranteed

by

certain

U.S.

Government

agencies,

instrumentalities,

and

sponsored

enterprises

are

not

supported

by

the

full

faith

and

credit

of

the

U.S.

Government,

and

so

investments

in

their

securities

or

obligations

issued

by

them

involve

credit

risk

greater

than

investments

in

other

types

of

U.S.

Government

securities. 

valuation

risk:

the

risk

that

a

Fund

will

not

value

its

investments

in

a

manner

that

accurately

reflects

their

market

values

or

that

the

Fund

will

not

be

able

to

sell

any

investment

at

a

price

equal

to

the

valuation

ascribed

to

that

investment

for

purposes

of

calculating

the

Fund's

net

asset

value ("

NAV

").

The

valuation

of

a

Fund's

investments

involves

subjective

judgment.

Certain

securities

in

which

the

Fund

may

invest

may

be

more

difficult

to

value

accurately,

especially

during

periods

of

market

disruptions

or

extreme

market

volatility.

Incorrect

valuations

of

the

Fund's

portfolio

holdings

could

result

in

the

Fund's

shareholder

transactions

being

effected

at

an

NAV

that

does

not

accurately

reflect

the

underlying

value

of

the

Fund's

portfolio,

resulting

in

the

dilution

of

shareholder

interests. 

12. Subsequent

Events 

In

preparing

these

financial

statements,

the

Funds

have

evaluated

events

and

transactions

for

potential

recognition

or

disclosure

through

the

date

the

financial

statements

were

issued.

The

Funds

have

determined

there

are

no

additional

subsequent

events

that

would

need

to

be

disclosed

in

the

Funds'

financial

statements. 

Annual

Report

|

September

30,

2023

63

Report

of

Independent

Registered

Public

Accounting

Firm

September

30,

2023

The

Board

of

Trustees

and

Shareholders

of

DoubleLine

ETF

Trust:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

DoubleLine

ETF

Trust

(the

“Trust”)

comprising

the

DoubleLine

Opportunistic

Bond

ETF,

DoubleLine

Shiller

CAPE

®

U.S.

Equities

ETF,

DoubleLine

Commercial

Real

Estate

ETF,

and

DoubleLine

Mortgage

ETF

(the

“ETF’s”),

including

the

schedules

of

investments,

as

of

September

30,

2023;

the

related

statements

of

operations,

changes

in

net

assets,

and

the

financial

highlights

for

the

periods

as

indicated

in

the

table

below

for

DoubleLine

Opportunistic

Bond

ETF,

DoubleLine

Shiller

CAPE

®

U.S.

Equities

ETF,

DoubleLine

Commercial

Real

Estate

ETF,

and

DoubleLine

Mortgage

ETF;

and

the

related

notes.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

funds

constituting

DoubleLine

ETF

Trust

as

of

September

30,

2023,

and

the

results

of

their

operations

for

the

year

then

ended

(or

for

the

period

listed

in

the

table

below),

the

changes

in

their

net

assets

for

each

of

the

two

years

in

the

period

then

ended

(or

for

the

period

listed

in

the

table

below),

and

the

financial

highlights

for

each

of

the

two

years

in

the

period

then

ended

(or

for

the

period

listed

in

the

table

below),

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Trust’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Trust’s

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Trust

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

Individual

Fund

Comprising

the

DoubleLine

ETF

Trust

Statement

of

Operations

Statements

of

Changes

in

Net

Assets

Financial

Highlights

DoubleLine

Opportunistic

Bond

ETF

For

the

year

ended

September

30,

2023

For

the

year

ended

September

30,

2023

and

for

the

period

from

March

31,

2022

(commencement

of

operations)

through

September

30,

2022.

For

the

year

ended

September

30,

2023,

and

for

the

period

from

March

31,

2022

(commencement

of

operations)

through

September

30,

2022.

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

For

the

year

ended

September

30,

2023

For

the

year

ended

September

30,

2023

and

for

the

period

from

March

31,

2022

(commencement

of

operations)

through

September

30,

2022.

For

the

year

ended

September

30,

2023,

and

for

the

period

from

March

31,

2022

(commencement

of

operations)

through

September

30,

2022.

DoubleLine

Commercial

Real

Estate

ETF

For

the

period

from

March

31,

2023

(commencement

of

operations)

through

September

30,

2023.

For

the

period

from

March

31,

2023

(commencement

of

operations)

through

September

30,

2023.

For

the

period

from

March

31,

2023

(commencement

of

operations)

through

September

30,

2023.

DoubleLine

Mortgage

ETF

For

the

period

from

March

31,

2023

(commencement

of

operations)

through

September

30,

2023.

For

the

period

from

March

31,

2023

(commencement

of

operations)

through

September

30,

2023.

For

the

period

from

March

31,

2023

(commencement

of

operations)

through

September

30,

2023.

Report

of

Independent

Registered

Public

Accounting

Firm

(Cont.)

64

DoubleLine

ETF

Trust

September

30,

2023

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Trust

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

their

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Trust’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

state-

ments

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

finan-

cial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

investments

owned

as

of

Sep-

tember

30,

2023,

by

correspondence

with

the

custodian,

agent

banks,

transfer

agent,

and

brokers;

when

replies

were

not

received

from

agent

banks

and

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Costa

Mesa,

California

November

21,

2023

We

have

served

as

the

auditor

of

one

or

more

affiliated

investment

companies

of

DoubleLine

Funds

investment

companies

since

2013.

Annual

Report

|

September

30,

2023

65

Shareholder

Expenses

September

30,

2023

Example

As

a

shareholder

of

the

Funds,

you

incur

two

basic

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

management

fees;

and

other

Fund

expenses.

This

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

each

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other exchange-traded funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period October

1,

2022 through

September

30,

2023.

Expenses

paid

during

the

period

are

equal

to

the

net

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period).

The

actual

dollar

amounts

shown

as

expenses

paid

during

the

period

for

the

DoubleLine

Commercial

Real

Estate

ETF

and DoubleLine

Mortgage

ETF

Fund

are

multiplied

by

183/365

which

is

based

on

the

inception

date

of

March

31,

2023.

Actual

Expenses

The

actual

return

columns

in

the

following

table

provide

information

about

account

values

based

on

actual

returns

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

respective

line

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

In

addition

to

the

expenses

shown

below

in

the

table,

as

a

shareholder

you

will

be

assessed

fees

for

outgoing

wire

transfers,

returned

checks

and

stop

payment

orders

at

prevailing

rates

charged

by

JP

Morgan

Chase

Bank,

N.A.,

the

Fund’s

transfer

agent.

Currently,

if

you

request

a

redemption

be

made

by

wire,

a

$15.00

fee

is

charged

by

the

Fund’s

transfer

agent.

An

Individual

Retirement

Account

("IRA")

will

be

charged

a

$15.00

annual maintenance

fee. The

transfer

agent

charges

a

transaction

fee

of

$25.00

on

returned

checks

and

stop

payment

orders.

If

you

paid

a

transaction

fee,

you

would

add

the

fee

amount

to

the

expenses

paid

on

your

account

this

period

to

obtain

your

total

expenses

paid.

Hypothetical

Example

for

Comparison

Purposes 

The

hypothetical

return

columns

in

the

following

table

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

a

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

a

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

a

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

the

transaction

fees

discussed

above.

Therefore,

those

columns

are

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Fund's

Annualized

Expense

Ratio

Beginning

Account

Value

Ending

Account

Value

at

9/30/23

Expenses

Paid

During

Period

(a)

Ending

Account

Value

at

9/30/23

Expenses

Paid

During

Period

(a)

DoubleLine

Opportunistic

Bond

ETF

0.50%

$1,000

$966

$2.46

$1,023

$2.54

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

0.65%

$1,000

$1,049

$3.34

$1,022

$3.29

DoubleLine

Commercial

Real

Estate

ETF

0.39%

$1,000

$1,027

$1.98

$1,023

$1.98

DoubleLine

Mortgage

ETF

0.49%

$1,000

$953

$2.40

$1,023

$2.48

(a)

Expenses

Paid

During

Period

are

equal

to

the

net

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period).

The

actual

dollar

amounts

shown

as

expenses

paid

during

the

period

for

the

DoubleLine

Commercial

Real

Estate

ETF

and

DoubleLine

Mortgage

ETF

are

multiplied

by

183/365

which

is

based

on

the

inception

date

of

March

31,

2023.

Evaluation

of

Advisory

Agreement

by

the

Board

of

Trustees

66

DoubleLine

ETF

Trust

(Unaudited)

September

30,

2023

DoubleLine

Commercial

Real

Estate

ETF

DoubleLine

Mortgage

ETF 

At

a

meeting

held

on

February

21,

2023

(the

“February

Meeting”),

the

Board

of

Trustees

(the

“Board”

or

the

“Trustees”)

of

DoubleLine

ETF

Trust

(the

“Trust”)

approved

an

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

DoubleLine

ETF

Adviser

LP

(the

“Adviser”)

and

the

Trust,

on

behalf

of

two

new

series

of

the

Trust,

DoubleLine

Commercial

Real

Estate

ETF

and

DoubleLine

Mortgage

ETF

(the

“Funds”),

pursuant

to

which

the

Adviser

will

provide

investment

advisory

services

to

the

Funds.

The

vote

included

approval

by

the

Trustees

who

are

not

“interested

persons”

(as

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”))

of

the

Funds

(the

“Independent

Trustees”),

voting

separately.

The

Trustees’

determination

to

approve

the

Advisory

Agreement

was

made

on

the

basis

of

each

Trustee’s

business

judgment

after

an

evaluation

of

all

of

the

information

provided

to

the

Trustees,

including

information

provided

for

their

consideration

at

the

February

Meeting,

including

portions

held

outside

the

presence

of

management,

specifically

to

review

and

consider

materials

related

to

the

proposed

approval

of

the

Advisory

Agreement.

The

Trustees

also

met

with

personnel

from

the

Adviser’s

various

functional

groups

and

reviewed

detailed

information,

presented

both

orally

and

in

writing,

regarding

the

services

proposed

to

be

performed

by

the

Adviser

for

the

benefit

of

the

Funds,

the

Adviser’s

investment

program

for

each

Fund,

the

proposed

fees

and

estimated

expenses

of

each

Fund,

and

the

operations

of

each

Fund.

The

Trustees

also

considered

the

operational

structure

of

the

Adviser,

noting

that

it

sources

personnel,

services

and

resources

from

DoubleLine

Group

LP

("DoubleLine”)

pursuant

to

inter-company

agreements.

This

summary

describes

a

number,

but

not

necessarily

all,

of

the

most

important

factors

considered

by

the

Board

and

the

Independent

Trustees.

Individual

Trustees

may

have

given

different

weights

to

certain

factors

and

assigned

various

degrees

of

materiality

to

information

received

in

connection

with

the

approval

process.

No

single

factor

was

determined

to

be

decisive

or

controlling.

In

all

their

deliberations,

the

Independent

Trustees

were

advised

by

independent

counsel.

Nature,

Extent

and

Quality

of

Services

to

be

Provided

by

the

Adviser

The

Trustees

considered

the

nature,

extent,

and

quality

of

the

services

expected

to

be

provided

by

the

Adviser

to

each

Fund,

including

the

terms

of

the

proposed

Advisory

Agreement,

the

expertise

and

experience

of

investment

personnel,

the

resources

of

the

Adviser,

and

the

broader

compliance

history

and

compliance

program

of

the

Adviser

complex.

In

their

evaluation

of

the

services

proposed

to

be

provided

by

the

Adviser,

the

Trustees

considered

that

the

Adviser

will

provide

a

full

investment

program

for

the

Funds,

including

a

number

of

back-office

services,

valuation

services,

compliance

services,

liquidity

monitoring

services,

certain

forms

of

information

technology

services

(such

as

internal

reporting),

assistance

with

accounting

services,

and

supervision

and

monitoring

of

the

Funds’

other

service

providers.

The

Board

also

considered

the

performance

record,

experience

and

expertise

of

the

firm’s

portfolio

management

personnel,

including,

among

others,

those

who

would

serve

as

portfolio

managers

for

the

Funds.

The

Trustees

also

considered

performance

information

for

comparable

sleeves

of

certain

DoubleLine-managed

open-end

mutual

funds.

Additionally,

the

responses

of

the

Adviser

to

a

detailed

series

of

questions,

which

included

information

about

the

investment

advisory

services

to

be

provided

by

the

Adviser

to

the

Funds,

were

available

to

the

Board,

as

were

the

most

recent

investment

adviser

registration

form

(“Form

ADV”)

for

the

Adviser,

in

the

materials

or

through

public

disclosure.

Based

on

the

factors

above

and

those

discussed

below,

and

in

light

of

the

Board’s

satisfaction

with

the

services

provided

by

the

Adviser

to

the

other

series

of

the

Trust,

the

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

nature,

extent

and

quality

of

the

services

to

be

provided

to

the

Funds

by

the

Adviser

would

be

satisfactory.

Costs

of

Advisory

Services

In

considering

the

management

fees

payable

by

the

Funds

to

the

Adviser,

the

Trustees

reviewed

a

report

prepared

by

Strategic

Insight

(the

“Strategic

Insight

Report”),

that

compared,

among

other

information,

each

Fund’s

proposed

gross

management

fee

rate

and

estimated

net

total

expense

ratio

against

the

gross

management

fee

rate

and

net

total

expense

ratio

of

a

group

of

peers

selected

by

Strategic

Insight.

In

reviewing

the

Strategic

Insight

Report,

the

Trustees

also

considered

the

Trust’s

unitary

fee

structure,

which

includes

operating

expenses

in

addition

to

management

fees,

and

noted

that

this

structure

was

comparable

to

the

structure

employed

by

certain

peers

but

different

from

the

structure

employed

by

peers

that

separated

management

fees

from

other

operating

expenses.

The

Trustees

considered

the

services

proposed

to

be

provided

in

exchange

for

the

unitary

fee.

The

Board

considered

that

the

Adviser

would

pay

all

operating

expenses

of

the

Funds,

except

for:

(i)

management

fees;

(ii)

interest

expenses;

(iii)

dividends

and

other

expenses

on

securities

sold

short;

(iv)

taxes;

(v)

expenses

incurred

with

respect

to

the

acquisition

and

disposition

of

portfolio

securities

and

the

execution

of

portfolio

transactions,

including

brokerage

commissions;

(vi)

acquired

fund

Evaluation

of

Advisory

Agreement

by

the

Board

of

Trustees

(Cont.)

(Unaudited)

September

30,

2023

Annual

Report

|

September

30,

2023

67

fees

and

expenses;

(vi)

accrued

deferred

tax

liabilities;

(vii)

distribution

fees

or

expenses;

and

(viii)

any

extraordinary

expenses

(such

as

litigation

expenses).  

The

Trustees

considered

the

Adviser’s

pricing

policy

for

its

management

fees

and

that

the

Adviser

does

not

seek

to

be

a

lowest

cost

provider,

nor

does

it

have

a

policy

to

set

its

management

fees

below

the

median

of

a

Fund’s

peers,

but

rather

seeks

to

set

fees

at

a

competitive

level

that

reflects

the

Adviser’s

demonstrated

significant

expertise

and

experience

in

the

investment

strategies

proposed

to

be

pursued

by

the

Funds.

The

Board

concluded,

within

the

context

of

its

full

deliberations,

that

the

proposed

management

fees

were

reasonable

in

light

of

the

nature,

extent

and

quality

of

the

services

expected

to

be

rendered

by

the

Adviser.

Investment

Performance,

Profitability

and

Economies

of

Scale

Because

the

Funds

were

new

and

had

not

commenced

operations,

they

did

not

yet

have

their

own

investment

performance

record,

although

the

Board

took

into

account

the

performance

of

comparable

sleeves

of

certain

open-end

mutual

funds

managed

by

DoubleLine

over

various

time

periods.

In

particular,

the

Trustees

considered

the

performance

of

those

sleeves

over

the

one-,

three-,

five-

and

ten-year

periods

ended

December

31,

2022

and

since

the

inception

of

each

sleeve

through

December

31,

2022.

The

Trustees

noted

that

the

investment

strategies

employed

by

the

sleeves

were

substantially

similar

to

the

strategies

proposed

to

be

employed

for

the

Funds,

and

determined,

within

the

context

of

their

full

deliberations,

that

the

performance

of

the

sleeves

was

sufficient

to

support

the

approval

of

the

Advisory

Agreement.

Because

the

Funds

were

new,

it

was

not

possible

to

determine

the

profitability

that

the

Adviser

might

achieve

with

respect

to

the

Funds

or

the

extent

to

which

economies

of

scale

would

be

realized

by

the

Adviser

as

the

assets

of

the

Funds

grow.

Nonetheless,

the

Trustees

considered

an

analysis

prepared

by

the

Adviser

showing

projected

profitability

with

respect

to

each

Fund

over

one-,

two-

and

three-year

periods.

The

Trustees

concluded

that

the

projected

profitability

was

reasonable.

In

their

evaluation

of

economies

of

scale,

the

Trustees

considered

management’s

view

that

the

proposed

fees

for

the

Funds

are

consistent

with

the

Adviser’s

pricing

philosophy

of

proposing

an

initial

fee

structure

that

allows

each

ETF

to

be

immediately

competitive

with

its

peers,

and

is

designed

to

reflect

and

share

with

shareholders

achievable

economies

of

scale.

On

the

basis

of

these

considerations

as

well

as

others

and

in

the

exercise

of

their

business

judgment,

the

Trustees,

including

all

of

the

Independent

Trustees,

concluded

that

it

would

be

appropriate

to

approve

the

Advisory

Agreement

for

each

Fund

for

an

initial

two-

year

period.

Statement

Regarding

the

Funds’

Liquidity

Risk

Management

Program

68

DoubleLine

ETF

Trust

(Unaudited)

September

30,

2023

The

Funds

have

adopted

a

liquidity

risk

management

program.

The

program’s

principal

objectives

include

mitigating

the

risk

that

a

Fund

is

unable

to

meet

its

redemption

obligations

timely

and

supporting

each

Fund’s

compliance

with

its

limits

on

investments

in

illiquid

assets.

For

the

fiscal

year

ended September

30,

2023,

the

program

administrator

determined

that

the

program

supported

each

Fund’s

ability

to

honor

redemption

requests

timely

and

the

Adviser’s

management

of

each

Fund’s

liquidity

profile.

The

program

includes

a

number

of

elements

that

support

the

assessment

and

management

of

liquidity

risk,

including

the

periodic

classification

and

re-classification

of

a

Fund’s

investments

into

groupings

based

on

the

Adviser’s

view

of

their

liquidity.

There

can

be

no

assurance

that

the

program

will

achieve

its

objectives.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

Fund’s

exposure

to

liquidity

risk

and

other

risks

to

which

an

investment

in

the

Fund

may

be

subject. 

Annual

Report

|

September

30,

2023

69

Federal

Tax

Information

(Unaudited)

September

30,

2023

For

the

year

ended

September

30,

2023,

certain

dividends

paid

by

the

Funds

may

be

subject

to

a

maximum

tax

rate

of

15%

(20%

for

taxpayers

with

taxable

income

greater

than

$459,750

for

single

individuals

and

$517,200

for

married

couples

filing

jointly),

as

provided

for

by

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003

and

The

Tax

Cuts

and

Jobs

Act

of

2017.

The

percentage

of

dividends

declared

from

ordinary

income

designated

as

qualified

dividend

income

was

as

follows:

For

corporate

shareholders,

the

percent

of

ordinary

income

distributions

qualifying

for

the

corporate

dividends

received

deduction

for

the

year ended September

30,

2023 was

as

follows:

The

percentage

of

taxable

ordinary

income

distributions

that

are

designated

as

short-term

capital

gain

distributions

under

Internal

Revenue

Section

871(k)(2)(c)

for

the

year ended September

30,

2023 for

each

Fund

was

as

follows:

The

percentage

of

taxable

ordinary

income

distributions

that

are

designated

as

interest

related

dividends

under

Internal

Revenue

Section

871(k)(1)(c)

for

the

year ended

 September

30,

2023 for

each

Fund

was

as

follows:

Shareholders

are

advised

to

consult

their

own

tax

adviser

with

respect

to

the

tax

consequences

of

their

investment

in

the

Funds. 

Qualified

Dividend

Income

DoubleLine

Opportunistic

Bond

ETF

0.00%

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

100.00%

DoubleLine

Commercial

Real

Estate

ETF

0.00%

DoubleLine

Mortgage

ETF

0.00%

Dividends

Received

Deduction

DoubleLine

Opportunistic

Bond

ETF

0.00%

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

100.00%

DoubleLine

Commercial

Real

Estate

ETF

0.00%

DoubleLine

Mortgage

ETF

0.00%

Qualified

Short-Term

Gains

DoubleLine

Opportunistic

Bond

ETF

0.00%

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

0.00%

DoubleLine

Commercial

Real

Estate

ETF

0.00%

DoubleLine

Mortgage

ETF

0.00%

Qualified

Interest

Income

DoubleLine

Opportunistic

Bond

ETF

97.20%

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

0.00%

DoubleLine

Commercial

Real

Estate

ETF

100.00%

DoubleLine

Mortgage

ETF

100.00%

Trustees

and

Officers

70

DoubleLine

ETF

Trust

(Unaudited)

September

30,

2023

(1)

The

term

“Fund

Complex”

as

used

herein

includes

the

series

of

DoubleLine

ETF

Trust.

Messrs.

Woolson,

Ciprari,

and

Salter

serve

as

an

Independent

Trustee

of

the

DoubleLine

Funds

Trust,

a

separate

Trust

which

offers

series

of

open-end

mutual

funds.

Name

and

Year

of

Birth

Position

with

Trust

Term

of

Office

and

Length

of

Time

Served

Principal

Occupation(s)

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Trustee

(1)

Other

Directorships

Held

by

Trustee

During

Past

5

Years

Independent

Trustees

Yury

Friedman

1956

Trustee

Indefinite/Since

November

2021

Retired.

Formerly,

Managing

Director,

Institutional

Fixed

Income,

Citibank.

4

None

William

A.

Odell

1965

Trustee

Indefinite/Since

November

2021

Retired.

Formerly,

Vice

President

and

Regional

Sales

Manager,

Fidelity

Investments.

4

None

Raymond

B.

Woolson

1958

Trustee

Indefinite/Since

November

2021

President,

Apogee

Group,

Inc.,

a

company

providing

financial

consulting

services.

4

Independent

Trustee,

DoubleLine

Funds

Trust;

DoubleLine

Opportunistic

Credit

Fund;

DoubleLine

Income

Solutions

Fund;

DoubleLine

Yield

Opportunities

Fund;

Advisors

Series

Trust

Joseph

J.

Ciprari

1964

Trustee

Indefinite/Since

September

2023

Executive

Vice

President,

Pointivo,

Inc.,

a

software

development

firm.

President,

Remo

Consultants,

a

real

estate

financial

consulting

firm.

Formerly,

Managing

Director,

UBS

AG.

Formerly,

Managing

Director,

Ally

Securities

LLC

4

Independent

Trustee,

DoubleLine

Funds

Trust;

DoubleLine

Opportunistic

Credit

Fund;

DoubleLine

Income

Solutions

Fund;

DoubleLine

Yield

Opportunities

Fund.

John

C.

Salter

1957

Trustee

Indefinite/Since

September

2023

American

Veterans

Group,

an

investment

bank

and

broker

dealer

specializing

in

financial

services

to

American

military

veteran

communities.

Formerly,

Partner,

Stark

Municipal

Brokers.

Formerly,

Managing

Director,

Municipals,

Tullet

Prebon

Financial

Services

LLC

(d/b/a

Chapdelaine).

Formerly,

Partner,

Stark,

Salter

&

Smith,

a

securities

brokerage

firm

specializing

in

tax

exempt

bonds.

4

Independent

Trustee,

DoubleLine

Funds

Trust;

DoubleLine

Opportunistic

Credit

Fund;

DoubleLine

Income

Solutions

Fund;

DoubleLine

Yield

Opportunities

Fund.

Trustees

and

Officers

(Cont.)

(Unaudited)

September

30,

2023

Annual

Report

|

September

30,

2023

71

Each

of

the

following

Trustees

is

an

interested

person

of

the

Trust

as

defined

in

the

1940

Act

because

they

are

officers

of

affiliated

entities

or

related

parties

of

the

Advisers

and

hold

direct

or

indirect

ownership

interests

in

affiliated

entities

of

the

Advisers.

Additionally,

Mr.

Redell

is

an

officer

of

the

Trust.

(1)

The

term

“Fund

Complex”

as

used

herein

includes

the

series

of

DoubleLine

ETF

Trust.

Messrs.

Gundlach

and

Redell

serve

as

Interested

Trustees

of

the

DoubleLine

Funds

Trust,

a

separate

Trust

which

offers

series

of

open-end

mutual

funds.

Name

and

Year

of

Birth

Position

with

Trust

Term

of

Office

and

Length

of

Time

Served

Principal

Occupation(s)

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Trustee

(1)

Other

Directorships

Held

by

Trustee

During

Past

5

Years

Interested

Trustees

Jeffrey

E.

Gundlach

1959

Trustee

Indefinite/Since

November

2021

Chief

Executive

Officer

and

Chief

Investment

Officer,

DoubleLine

Capital

LP

(since

December

2009).

4

Interested

Trustee,

DoubleLine

Funds

Trust

Ronald

R.

Redell

1970

President

and

Trustee

Indefinite/President

Since

Inception

and

Trustee

Since

November

2021

Trustee,

Chairman,

President

and

Chief

Executive

Officer

of

DoubleLine

Yield

Opportunities

Fund

(since

November

2019);

Trustee,

Chairman,

President,

and

Chief

Executive

Officer,

DoubleLine

Income

Solutions

Fund

(since

January

2013);

President,

DoubleLine

Group

LP

(since

January

2019)

and

Executive

(from

January

2013

to

January

2019);

Trustee,

Chairman,

President

and

Chief

Executive

Officer,

DoubleLine

Opportunistic

Credit

Fund

(since

July

2011);

Executive,

DoubleLine

Capital

(since

July

2010);

President

(since

January

2010)

and

Interested

Trustee

(from

January

2010

to

September

2023).

4

Trustees

and

Officers

(Cont.)

72

DoubleLine

ETF

Trust

(Unaudited)

September

30,

2023

Officers

The

Officers

of

the

Trust

who

are

not

also

Trustees

of

the

Trust

are:

Name

and

Year

of

Birth

Position(s)

Held

with

Trust

Term

of

Office

and

Length

of

Time

Served

Principal

Occupation(s)

During

Past

5

Years

Henry

V.

Chase

1949

Treasurer

and

Principal

Financial

and

Accounting

Officer

Indefinite/Since

November

2021

Treasurer

and

Principal

Financial

and

Accounting

Officer,

DoubleLine

Funds

Trust

(since

January

2020);

Treasurer

and

Financial

and

Accounting

Officer,

DoubleLine

ETF

Trust

(since

November

2021);

Treasurer

and

Principal

Financial

and

Accounting

Officer,

DoubleLine

Yield

Opportunities

Fund

(since

January

2020);

Treasurer

and

Principal

Financial

and

Accounting

Officer,

DoubleLine

Income

Solutions

Fund

(since

January

2020);

Treasurer

and

Principal

Financial

and

Accounting

Officer,

DoubleLine

Opportunistic

Credit

Fund

(since

January

2020);

Chief

Financial

Officer,

DoubleLine

Group

LP

(since

January

2013);

Vice

President,

DoubleLine

Yield

Opportunities

Fund

(since

November

2019);

Vice

President,

DoubleLine

Income

Solutions

Fund

(since

May

2019);

Vice

President,

DoubleLine

Funds

Trust

(since

May

2019);

Vice

President,

DoubleLine

Opportunistic

Credit

Fund

(since

May

2019).

Youse

Guia

1972

Chief

Compliance

Officer

Indefinite/Since

November

2021

Chief

Compliance

Officer,

DoubleLine

Yield

Opportunities

Fund

(since

November

2019);

Chief

Compliance

Officer,

DoubleLine

Group

LP

(since

March

2018);

Chief

Compliance

Officer,

DoubleLine

Funds

Trust

(since

March

2018);

Chief

Compliance

Officer,

DoubleLine

Opportunistic

Credit

Fund

(since

March

2018);

Chief

Compliance

Officer,

DoubleLine

Income

Solutions

Fund

(since

March

2018);

Chief

Compliance

Officer,

DoubleLine

ETF

Trust

(since

November

2021).

Formerly,

Executive

Vice

President

and

Deputy

Chief

Compliance

Officer,

Pacific

Investment

Management

Company

LLC

(“PIMCO”)

(from

April

2014

to

February

2018);

Chief

Compliance

Officer,

PIMCO

Managed

Accounts

Trust

(from

September

2014

to

February

2018);

Chief

Compliance

Officer,

PIMCO-sponsored

closed-end

funds

(from

September

2014

to

February

2018);

Chief

Compliance

Officer,

PIMCO

Flexible

Credit

Income

Fund

(from

February

2017

to

February

2018).

Formerly,

Head

of

Compliance,

Allianz

Global

Investors

U.S.

Holdings

LLC

(from

October

2012

to

March

2014);

Chief

Compliance

Officer,

Allianz

Funds,

Allianz

Multi-Strategy

Trust,

Allianz

Global

Investors

Sponsored

Closed-End

Funds,

Premier

Multi-Series

VIT

and

The

Korea

Fund,

Inc.

(from

October

2004

to

December

2013).

Lisa

Chen

1979

Anti-Money

Laundering

Compliance

Officer

Indefinite/Since

September

2023

Anti-Money

Laundering

Compliance

Officer,

DoubleLine

Funds

Trust

(since

September

2023);

Anti-Money

Laundering

Compliance

Officer,

DoubleLine

ETF

Trust

(since

September

2023);

Compliance

Manager,

DoubleLine

Group

LP

(since

March

2022).

Formerly,

Vice

President,

Senior

Compliance

Officer,

PIMCO

(from

April

2016

–

February

2022).

Carolyn

Liu-Hartman

1981

Secretary

Indefinite/Since

November

2021

Legal/Compliance,

DoubleLine

Group

LP

(since

June

2020).

Formerly,

Senior

Counsel,

Invesco

(from

May

2019

to

June

2020);

Vice

President

and

Associate

General

Counsel,

OppenheimerFunds

(from

February

2015

to

May

2019).

Annual

Report

|

September

30,

2023

73

Information

About

Proxy

Voting

(Unaudited)

September

30,

2023

Information

about

how

a

Fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve

month

period

will

be

available

no

later

than

the

following

August

31st

without

charge,

upon

request,

by

calling (855)

937-0772 and

on

the

SEC’s

website

at

http://www.sec.gov.

Copies

of

the

written

Proxy

Policy

are

available

by

calling

(855)

937-0772.

Information

About

Portfolio

Holdings

DoubleLine

Bond

ETFs

The

DoubleLine

Bond

ETFs’

entire

portfolio

holdings

are

publicly

disseminated

each

day

the

Funds

are

open

for

business

through

financial

reporting

and

news

services

including

publicly

available

internet

web

sites.

In

addition,

the

composition

of

the

Funds’

in-

kind

creation

basket

and

the

in-kind

redemption

basket

is

publicly

disseminated

daily

prior

to

the

opening

of

the

Exchange

via

the

NSCC.

Greater

than

daily

access

to

information

concerning

the

Funds’

portfolio

holdings

is

permitted

(i)

to

certain

personnel

of

service

providers

to

the

Funds

involved

in

portfolio

management

and

providing

administrative,

operational,

risk

management,

or

other

support

to

portfolio

management,

and

(ii)

to

other

personnel

of

the

Funds’

service

providers

who

deal

directly

with,

or

assist

in,

functions

related

to

investment

management,

administration,

custody

and

fund

accounting,

as

may

be

necessary

to

conduct

business

in

the

ordinary

course

in

a

manner

consistent

with

applicable

law,

agreements

with

the

Funds,

and

the

terms

of

the

Trust’s

current

registration

statement.

From

time

to

time,

and

in

the

ordinary

course

of

business,

such

information

may

also

be

disclosed

(i)

to

other

entities

that

provide

services

to

the

Funds,

including

pricing

information

vendors,

and

third

parties

that

deliver

analytical,

statistical

or

consulting

services

to

the

Funds

and

(ii)

generally

after

it

has

been

disseminated

to

the

NSCC.

No

person

is

authorized

to

disclose

any

of

the

Funds’

portfolio

holdings

or

other

investment

positions

(whether

in

writing,

by

fax,

by

e-mail,

orally,

or

by

other

means)

except

in

accordance

with

the

above.

The

Trust’s

Chief

Compliance

Officer

may

authorize

disclosure

of

portfolio

holdings.

The

Board

reviews

the

implementation

of

this

policy

on

a

periodic

basis.

DoubleLine

Shiller

CAPE

®

U.S.

Equities

ETF

The

DoubleLine

Shiller

CAPE

®

U.S.

Equities

ETF

does

not

make

its

full

portfolio

holdings

publicly

available

on

a

daily

basis.

Information

regarding

the

Fund’s

portfolio

holdings

may

be

shared

at

any

time

with

employees

of

the

Adviser

and

other

affiliated

parties

involved

in

the

management,

administration

or

operations

of

the

Fund

(referred

to

as

fund-affiliated

personnel).

Any

dissemination

of

non-public

information

that

could

be

material

must

occur

to

all

shareholders

at

the

same

time

and

in

a

forum

typically

used

to

disseminate

information

broadly.

Under

its

portfolio

holdings

disclosure

policy,

the

Fund

may

release

portfolio

holdings

information

on

a

regular

basis

to

its

custodian

or

sub-custodians,

its

fund

accounting

agent,

its

proxy

voting

provider,

an

AP

Representative,

any

clearing

broker

used

by

an

AP

Representative,

the

entity

responsible

for

the

calculation

of

the

verified

intraday

indicative

value

(“VIIV”),

rating

agency

or

other

vendor

or

service

provider

for

a

legitimate

business

purpose,

where

the

party

receiving

the

information

is

under

a

duty

of

confidentiality,

including

a

duty

to

prohibit

the

sharing

of

non-public

information

with

unauthorized

sources

and

trading

upon

non-public

information.

The

Fund

may

enter

into

other

ongoing

arrangements

for

the

release

of

portfolio

holdings

information,

but

only

if

such

arrangements

serve

a

legitimate

business

purpose

and

are

with

a

party

who

is

subject

to

a

confidentiality

agreement

and

restrictions

on

trading

upon

non-public

information.

None

of

the

Fund,

the

Adviser,

or

any

other

affiliated

party

may

receive

compensation

or

any

other

consideration

in

connection

with

such

arrangements.

Ongoing

arrangements

to

make

available

information

about

the

Fund’s

portfolio

securities

are

reviewed

at

least

annually

by

the

Board.

The

Fund

has

authorized

ongoing

arrangements

with

its

custodian,

two

AP

Representatives

and

the

party

responsible

for

the

calculation

of

the

VIIV

that

include

the

release

of

portfolio

holdings

information

in

accordance

with

the

policy.

The

approval

of

the

Fund’s

Chief

Compliance

Officer,

or

his

or

her

designee,

must

be

obtained

before

entering

into

any

new

ongoing

arrangement

or

modifying

any

existing

ongoing

arrangement

to

make

available

portfolio

holdings

information,

or

with

respect

to

any

exceptions

from

the

policy.

Because

the

Fund

does

not

publicly

disclose

its

portfolio

holdings

daily,

the

selective

disclosure

of

material

nonpublic

information,

including

information

other

than

portfolio

information,

is

more

likely

to

provide

an

unfair

advantage

to

the

recipient

than

in

other

ETFs.

Accordingly,

the

Fund

and

each

person

acting

on

behalf

of

the

Fund

is

required

to

comply

with

Regulation

Fair

Disclosure

as

if

it

applied

to

them

(except

that

the

exemptions

provided

in

Rule

100(b)(2)(iii)

therein

shall

not

apply).

In

addition,

the

portfolio

Information

About

Portfolio

Holdings

(Cont.)

74

DoubleLine

ETF

Trust

holdings

are

considered

material,

non-public

information

under

the

Code

of

Ethics

of

the

Fund,

the

Adviser,

and

Distributor

and

the

agreements

related

to

the

Fund’s

other

service

providers

with,

or

any

other

party

given,

access

to

the

portfolio

holdings,

including

the

custodian,

administrator

and

fund

accountant,

include

appropriate

confidentiality

provisions

and

be

generally

prohibited

from

using

this

information

for

any

purpose

other

than

providing

services

to

the

Fund,

including

trading

based

upon

this

information.

The

Fund

uses

AP

Representatives

who

establish

and

maintain

a

confidential

account

for

the

benefit

of

an

AP,

in

order

to

engage

in

in-kind

creation

and

redemption

activity.

Each

business

day,

the

Fund’s

custodian

transmits

the

composition

of

the

Fund’s

creation

basket

to

each

AP

Representative.

Pursuant

to

a

confidential

account

agreement,

each

AP

Representative

is

restricted

from

disclosing

the

creation

basket

and

undertakes

an

obligation

not

to

use

the

identity

or

weighting

of

the

securities

in

the

creation

basket

for

any

purpose

other

than

executing

creations

and

redemptions

for

the

Fund.

The

confidential

account

enables

APs

to

transact

in

the

underlying

securities

of

the

creation

basket

through

their

AP

Representatives,

enabling

them

to

engage

in

in-kind

creation

or

redemption

activity.

Each

Fund’s

complete

schedule

of

investments

following

the

first

and

third

fiscal

quarters

is

available

in

quarterly

holdings

reports

filed

with

the

SEC

as

exhibits

to

Form

N-PORT,

and

each

Fund’s

complete

schedule

of

investments

following

the

second

and

fourth

fiscal

quarters

is

available

in

Shareholder

Reports

filed

with

the

SEC

on

Form

N-CSR.

Complete

schedules

of

investments

filed

with

the

SEC

on

Form

N-CSR

and

as

exhibits

to

Form

N-PORT

are

not

distributed

to

Fund

shareholders

but

are

available,

free

of

charge,

on

the

SEC’s

website

at

www.sec.gov.

Should

a

Fund

include

only

a

Summary

Schedule

rather

than

a

complete

schedule

of

investments

in

its

Semi-Annual

and

Annual

Reports,

its

complete

schedule

of

investments

is

available

without

charge,

upon

request,

by

calling

(855)-937-0772

or

on

the

Funds’

website

at

www.doubleline.com.

Householding—Important

Notice

Regarding

Delivery

of

Shareholder

Documents

In

an

effort

to

conserve

resources,

the

Funds

intend

to

reduce

the

number

of

duplicate

Prospectuses

and

Annual

and

Semi-Annual

Reports

you

receive

by

sending

only

one

copy

of

each

to

addresses

where

we

reasonably

believe

two

or

more

accounts

are

from

the

same

family.

If

you

would

like

to

discontinue

householding

of

your

accounts,

please

call

(855)

937-0772

to

request

individual

copies

of

these

documents.

We

will

begin

sending

individual

copies

thirty

days

after

receiving

your

request

to

stop

householding.

Annual

Report

|

September

30,

2023

75

Privacy

Policy

(Unaudited)

September

30,

2023

What

Does

DoubleLine

Do

With

Your

Personal

Information? 

This

notice

provides

information

about

how

DoubleLine

(“we”

and

“our”)

collects,

shares,

and

protects

your

personal

information,

and

how

you

might

choose

to

limit

our

ability

to

share

certain

information

about

you.

Please

read

this

notice

carefully.

Why

We

Need

Your

Personal

Information

All

financial

companies

need

to

disclose

customers’

personal

information

to

run

their

everyday

businesses,

to

appropriately

tailor

the

services

offered

(where

applicable),

and

to

comply

with

our

regulatory

obligations.

Accordingly,

information,

confidential

and

proprietary,

plays

an

important

role

in

the

success

of

our

business.

However,

we

recognize

that

you

have

entrusted

us

with

your

personal

and

financial

data,

and

we

recognize

our

obligation

to

keep

this

information

secure.

Maintaining

your

privacy

is

important

to

us,

and

we

hold

ourselves

to

a

high

standard

in

its

safekeeping

and

use.

Most

importantly,

DoubleLine

does

not

sell

its

customers’

non-public

personal

information

to

any

third

parties.

DoubleLine

uses

its

customers’

non-public

personal

information

primarily

to

complete

financial

transactions

that

its

customers

request

(where

applicable),

to

make

its

customers

aware

of

other

financial

products

and

services

offered

by

a

DoubleLine

affiliated

company,

and

to

satisfy

obligations

we

owe

to

regulatory

bodies.

Information

We

May

Collect

We

may

collect

various

types

of

personal

data

about

you,

including:

Your

personal

identification

information,

which

may

include

your

name

and

passport

information,

your

IP

address,

politically

exposed

person

(“PEP”)

status,

and

such

other

information

as

may

be

necessary

for

us

to

provide

our

services

to

you

and

to

complete

our

customer

due

diligence

process

and

discharge

anti-money

laundering

obligations;

Your

contact

information,

which

may

include

postal

address

and

e-mail

address

and

your

home

and

mobile

telephone

numbers;

Your

family

relationships,

which

may

include

your

marital

status,

the

identity

of

your

spouse

and

the

number

of

children

that

you

have;

Your

professional

and

employment

information,

which

may

include

your

level

of

education

and

professional

qualifications,

your

employment,

employer’s

name

and

details

of

directorships

and

other

offices

which

you

may

hold;

and

Financial

information,

risk

tolerance,

sources

of

wealth

and

your

assets,

which

may

include

details

of

shareholdings

and

beneficial

interests

in

financial

instruments,

your

bank

details

and

your

credit

history.

Where

We

Obtain

Your

Personal

Information

Information

we

receive

about

you

on

applications

or

other

forms;

Information

you

may

give

us

orally;

Information

about

your

transactions

with

us

or

others;

Information

you

submit

to

us

in

correspondence,

including

emails

or

other

electronic

communications;

and

Information

about

any

bank

account

you

use

for

transfers

between

your

bank

account

and

any

DoubleLine

investment

account,

including

information

provided

when

effecting

wire

transfers.

Information

Collected

From

Websites

Websites

maintained

by

DoubleLine

or

its

service

providers

may

use

a

variety

of

technologies

to

collect

information

that

help

DoubleLine

and

its

service

providers

understand

how

the

website

is

used.

Information

collected

from

your

web

browser

(including

small

files

stored

on

your

device

that

are

commonly

referred

to

as

"cookies")

allow

the

websites

to

recognize

your

web

browser

and

help

to

personalize

and

improve

your

user

experience

and

enhance

navigation

of

the

website.

You

can

change

your

cookie

preferences

by

changing

the

setting

on

your

web

browser

to

delete

or

reject

cookies.

If

you

delete

or

reject

cookies,

some

website

pages

may

not

function

properly.

Our

websites

may

contain

links

are

maintained

or

controlled

by

third

parties,

each

of

which

has

privacy

policies

which

may

differ,

in

some

cases

significantly,

from

the

privacy

policies

described

in

this

notice.

Please

read

the

privacy

policies

of

such

third

parties

and

understand

that

accessing

their

websites

is

at

your

own

risk.

Please

contact

your

DoubleLine

representative

if

you

would

like

to

receive

more

information

about

the

privacy

policies

of

third

parties.

We

also

use

web

analytics

services,

which

currently

include

but

are

not

limited

to

Google

Analytics

and

Adobe

Analytics.

Such

web

analytics

services

use

cookies

and

similar

technologies

to

evaluate

visitor’s

use

of

the

domain,

compile

statistical

reports

on

domain

activity,

and

provide

other

services

related

to

our

websites.

For

more

information

about

Google

Analytics,

or

to

opt

out

of

Google

Analytics,

please

go

to

https://tools.google.com/dlpage/gaoptout.

For

more

information

about

Adobe

Analytics,

or

to

opt

out

of

Adobe

Analytics,

please

go

to:

http://www.adobe.com/privacy/opt-out.html.

Privacy

Policy

(Cont.)

76

DoubleLine

ETF

Trust

(Unaudited)

September

30,

2023

How

And

Why

We

May

Disclose

Your

Information

DoubleLine

does

not

disclose

any

non-public

personal

information

about

our

customers

or

former

customers

without

the

customer’s

authorization,

except

that

we

may

disclose

the

information

listed

above,

as

follows:

It

may

be

necessary

for

DoubleLine

to

provide

information

to

nonaffiliated

third

parties

in

connection

with

our

performance

of

the

services

we

have

agreed

to

provide

to

the

Funds

or

you.

For

example,

it

might

be

necessary

to

do

so

in

order

to

process

transactions

and

maintain

accounts.

DoubleLine

will

release

any

of

the

non-public

information

listed

above

about

a

customer

if

directed

to

do

so

by

that

customer

or

if

DoubleLine

is

required

or

authorized

by

law

to

do

so,

such

as

for

the

purpose

of

compliance

with

regulatory

requirements

or

in

the

case

of

a

court

order,

legal

investigation,

or

other

properly

executed

governmental

request.

In

order

to

alert

a

customer

to

other

financial

products

and

services

offered

by

an

affiliate,

DoubleLine

may

disclose

information

to

an

affiliate,

including

companies

using

the

DoubleLine

name.

Such

products

and

services

may

include,

for

example,

other

investment

products

offered

by

a

DoubleLine

company.

If

you

prefer

that

we

not

disclose

non-public

personal

information

about

you

to

our

affiliates

for

this

purpose,

you

may

direct

us

not

to

make

such

disclosures

(other

than

disclosures

permitted

by

law)

by

contacting

us

at

Privacy@DoubleLine.com

or

at

1

(800)

285-1545.

If

you

limit

this

sharing

and

you

have

a

joint

account,

your

decision

will

be

applied

to

all

owners

of

the

account.

We

will

limit

access

to

your

personal

account

information

to

those

agents

and

vendors

who

need

to

know

that

information

to

provide

products

and

services

to

you.

We

do

not

share

your

information

to

nonaffiliated

third

parties

for

marketing

purposes.

We

maintain

physical,

electronic,

and

procedural

safeguards

to

guard

your

non-public

personal

information.

Notice

Related

To

The

California

Consumer

Privacy

Act

(CCPA)

And

To

“Natural

Persons”

Residing

In

The

State

Of

California

DoubleLine

collects

and

uses

information

that

identifies,

describes,

references,

links

or

relates

to,

or

is

associated

with,

a

particular

consumer

or

device

(“Personal

Information”).

Personal

Information

we

collect

from

our

customers

and

consumers

is

covered

under

the

Gramm-Leach-Bliley

Act

(“GLBA”)

and

is

therefore

excluded

from

the

scope

of

the

California

Consumer

Privacy

Act,

as

amended

by

the

California

Privacy

Rights

Act

(together,

“CCPA”).

However,

for

California

residents

who

are

not

DoubleLine

customers

or

consumers,

as

those

terms

are

defined

by

GLBA,

the

personal

information

we

collect

about

you

is

subject

to

the

CCPA.

As

such,

you

have

privacy

rights

with

respect

to

your

personal

information.

Please

review

the

following

applicable

California

privacy

notice

that

is

available

at

https://www.doubleline.com,

or

by

contacting

us

at

Privacy@DoubleLine.com

or

at

1

(800)

285-1545.

CA

Privacy

Notice

for

Website

Visitors,

Media

Subscribers

and

Business

Representatives

CA

Privacy

Notice

for

Employees

Notice

Related

To

“Natural

Persons”

Residing

In

The

European

Economic

Area

(the

“EEA”)

If

you

reside

in

the

EEA,

we

may

transfer

your

personal

information

outside

the

EEA,

and

will

ensure

that

it

is

protected

and

transferred

in

a

manner

consistent

with

legal

requirements

applicable

to

the

information.

This

can

be

done

in

a

number

of

different

ways,

for

instance:

the

country

to

which

we

send

the

personal

information

may

have

been

assessed

by

the

European

Commission

as

providing

an

"adequate"

level

of

protection

for

personal

data;or

the

recipient

may

have

signed

a

contract

based

on

standard

contractual

clauses

approved

by

the

European

Commission.

In

other

circumstances,

the

law

may

permit

us

to

otherwise

transfer

your

personal

information

outside

the

EEA.

In

all

cases,

however,

any

transfer

of

your

personal

information

will

be

compliant

with

applicable

data

protection

law.

Notice

to

Investors

In

Cayman

Islands

Investment

Funds

If

you

are

a

natural

person,

please

review

this

notice

as

it

applies

to

you

directly.

If

you

are

a

legal

representative

of

a

corporate

or

entity

investor

that

provides

us

with

any

personal

information

about

individuals

(i.e.,

natural

persons),

you

agree

to

furnish

a

copy

of

this

notice

to

each

such

individual

or

otherwise

advise

them

of

its

content.

Any

international

transfer

of

personal

information

will

be

compliant

with

the

requirements

of

the

Data

Protection

Act,

2017

of

the

Cayman

Islands.

Privacy

Policy

(Cont.)

(Unaudited)

September

30,

2023

Annual

Report

|

September

30,

2023

77

Privacy

For

Children

DoubleLine

is

concerned

about

the

privacy

of

children.

Our

website

and

our

services

are

not

targeted

at

individuals

under

18

years

of

age,

and

we

do

not

knowingly

collect

any

personal

information

from

an

individual

under

18.

If

we

learn

that

a

child

under

the

age

of

13

(or

such

higher

age

as

required

by

applicable

law)

has

submitted

personally

identifiable

information

online

without

parental

consent,

we

will

take

all

reasonable

measures

to

delete

such

information

from

its

databases

and

to

not

use

such

information

for

any

purpose

(except

where

necessary

to

protect

the

safety

of

the

child

or

others

as

required

or

allowed

by

law).

If

you

become

aware

of

any

personally

identifiable

information,

we

have

collected

from

children

under

13

(or

such

higher

age

as

required

by

applicable

law),

please

contact

us

at

Privacy@DoubleLine.com

or

at

1

(800)

285-1545.

We

do

not

sell

or

share

any

personal

information

and

have

no

actual

knowledge

about

selling

or

sharing

personal

information

of

individuals

under

the

age

of

16.

Retention

Of

Personal

Information

And

Security

Your

personal

information

will

be

retained

for

as

long

as

required:

for

the

purposes

for

which

the

personal

information

was

collected;

in

order

to

establish

or

defend

legal

rights

or

obligations

or

to

satisfy

any

reporting

or

accounting

obligations;

and/or

as

required

by

data

protection

laws

and

any

other

applicable

laws

or

regulatory

requirements,

including,

but

not

limited

to,

U.S.

laws

and

regulations

applicable

to

our

business.

We

will

undertake

commercially

reasonable

efforts

to

protect

the

personal

information

that

we

hold

with

appropriate

security

measures.

Access

To

And

Control

Of

Your

Personal

Information

Depending

on

your

country

of

domicile

or

applicable

law,

you

may

have

the

following

rights

in

respect

of

the

personal

information

about

you

that

we

process:

the

right

to

access

and

port

personal

information;

the

right

to

rectify

personal

information;

the

right

to

restrict

the

use

of

personal

information;

the

right

to

request

that

personal

information

is

erased;

and

the

right

to

object

to

processing

of

personal

information.

Although

you

have

the

right

to

request

that

your

personal

information

be

deleted

at

any

time,

applicable

laws

or

regulatory

requirements

may

prohibit

us

from

doing

so.

In

addition,

if

you

invest

in

a

DoubleLine

fund

through

a

financial

intermediary,

DoubleLine

may

not

have

access

to

personal

information

about

you.

If

you

wish

to

exercise

any

of

the

rights

set

out

above,

please

contact

us

at

Privacy@DoubleLine.com

or

at

1

(800)

285-1545.

Changes

To

DoubleLine’s

Privacy

Policy

DoubleLine

reserves

the

right

to

modify

its

privacy

policy

at

any

time,

but

in

the

event

that

there

is

a

change

that

affects

the

content

of

this

notice

materially,

DoubleLine

will

promptly

inform

its

customers

of

such

changes

in

accordance

with

applicable

law.

Investment

Adviser: 

DoubleLine

ETF

Adviser

LP

2002

North

Tampa

Street,

Suite

200

Tampa,

FL

33602

Distributor:

Foreside

Fund

Services,

LLC

Three

Canal

Plaza,

Suite

100

Portland,

ME

04101

Administrator

and

Transfer

Agent:

JP

Morgan

Chase

Bank,

N.A.

70

Fargo

Street

Boston,

MA

02210

Custodian:

JP

Morgan

Chase

Bank,

N.A.

383

Madison

Avenue

New

York,

NY

10017

Independent

Registered

Public

Accounting

Firm:

Deloitte

&

Touche

LLP

695

Town

Center

Drive,

Suite

100

Costa

Mesa,

CA

92626

Legal

Counsel:

Ropes

&

Gray

LLP

Prudential

Tower

800

Boylston

Street

Boston,

MA

02199

Contact

Information:

doubleline.com

(855)

937-0772

DL-ANNUAL-ETF

DoubleLine

|

|

2002

North

Tampa

Street,

Suite

200

|

|

Tampa,

FL

33602

|

|

(813)

791-7333

ETFinfo@doubleline.com

|

|

www.doubleline.com

(b)           Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not applicable.

Item 2. Code of Ethics.

As of the end of the period, September 30, 2023, the Registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third-party (the “Code of Ethics”). During the period covered by this report, no substantive amendments were made to the Code of Ethics.  During the period covered by this report, there have been no waivers granted under the Code of Ethics.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has determined that the Registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR), serving on its audit committee.  Raymond B. Woolson is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

Under applicable securities laws and regulations, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated or identified as an audit committee financial expert.  The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liability that are greater than the duties, obligations, and liability imposed on such person as a member of the Registrant’s Audit Committee and Board of Trustees in the absence of such designation or identification.  The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations or liability of any other member of the Registrant’s Audit Committee or Board of Trustees.

Item 4. Principal Accountant Fees and Services.

Aggregate fees for professional services rendered for DoubleLine ETF Trust by

Deloitte & Touche LLP

(“Deloitte”) for the fiscal years ended September 30, 2022 and September 30, 2023 were:

	2022	2023
Audit Fees(a)	$39,250	$101,950
Audit Related Fees(b)	$3,000	0
Tax Fees(c)	$14,700	$42,000
All Other Fees(d)	0	0
Total:	$56,950	$143,950

(a)Audit Fees: These fees relate to professional services rendered by Deloitte for the audit of the Registrant’s annual financial statement or services normally provided by the independent registered public accounting firm in connection with statutory and regulatory filing or engagements.  These services include the audits of the financial statements of the Registrant and issuance of consents.

(b)           Audit Related Fees: These fees relate to assurance and related services by Deloitte related to audit services in connection with the September 30, 2022 and September 30, 2023 annual financial statement.

(c)           Tax Fees: These fees relate to professional services rendered by Deloitte for tax compliance, tax advice and tax planning. 

(d)           All Other Fees: These fees relate to products and services provided by Deloitte other than those reported under “Audit Fees,” “Audit-Related Fees,” and “Tax Fees” above.

(e)(1)      Per Rule 2-01(c)(7)(A) and the charter of the Registrant’s Audit Committee, the Audit Committee approves and recommends the principal accountant for the Registrant, pre-approves (i) the principal accountant’s provision of all audit and permissible non-audit services to the Registrant (including the fees and other compensation to be paid to the principal accountant), and (ii) the principal accountant’s provision of any permissible non-audit services to the Registrant’s investment adviser (the “Adviser”), sub-adviser or any entity controlling, controlled by, or under common control with any investment adviser or sub-adviser, if the engagement relates directly to the operations of the financial reporting of the Trust.

(e)(2)      100% of services described in each of Items 4(b) through (d) were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)            If greater than 50%, disclose the percentage of hours expended on the principal accountant’s engagement to audit the Registrant’s financial statements for the most recent fiscal year that were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees:

                Not Applicable.

(g)           Disclose the aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the fiscal year ended September 30, 2022 and September 30, 2023 were $14,700 and $42,000, respectively.

(h)           The Registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the Registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i)            A registrant identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental 6 basis documentation that establishes that the registrant is not owned or controlled by a governmental entity in the foreign jurisdiction.  The Registrant must submit this documentation on or before the due date for this form. A registrant that is owned or controlled by a foreign governmental entity is not required to submit such documentation.

(j)            A registrant that is a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the registrant is so identified, must disclose:

(1) That, for the immediately preceding annual financial statement period, a registered public accounting firm that the PCAOB was unable to inspect or investigate completely, because of a position taken by an authority in the foreign jurisdiction, issued an audit report for the Registrant;

(2) The percentage of shares of the registrant owned by governmental entities in the foreign jurisdiction in which the Registrant is incorporated or otherwise organized;

(3) Whether governmental entities in the applicable foreign jurisdiction with respect to that registered public accounting firm have a controlling financial interest with respect to the Registrant;

(4) The name of each official of the Chinese Communist Party who is a member of the board of directors of the Registrant or the operating entity with respect to the Registrant; and

(5) Whether the articles of incorporation of the Registrant (or equivalent organizing document) contains any charter of the Chinese Communist Party, including the text of any such charter.

                       Not Applicable.

Item 5. Audit Committee of Listed Registrants.

(a)           The Registrant is an issuer as defined in Section 10A-3 of the Securities Exchange Act of 1934 and has a separately-designated standing Audit Committee in accordance with Section 3(a)(58)(A) of such Act.  All of the Board’s independent Trustees, Raymond B. Woolson, William A. Odell, Yury Friedman, Joseph A. Ciprari and John C. Salter, are members of the Audit Committee.

(b)           Not Applicable.

Item 6. Investments

(a)           Schedule I – Investments in Securities of Unaffiliated Issuers

Not applicable.  The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b)          

Securities Divested of in accordance with Section 13(c) of the Investment Company Act of 1940.

The Registrant made no divestments of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated

Purchasers.

Not applicable to the Registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees. 

Item 11. Controls and Procedures. 

(a)The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a - 3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.  

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 13. Exhibits.

(a)           File the exhibits listed below as part of this Form.

(1) Code of Ethics – Filed herewith.

(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(3) Not applicable.

(4) There has been no change to the Registrant’s independent public accountant during the reporting period.

(b)          

Certification required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

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.

DoubleLine ETF Trust

By:         /s/ Ronald R. Redell                                           

Ronald R. Redell

President

December 1, 2023

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:         /s/ Ronald R. Redell                                           

Ronald R. Redell

President

December 1, 2023

By:        

/s/ Henry V. Chase                                             

Henry V. Chase

Treasurer and Principal Financial and Accounting Officer

December 1, 2023