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, 2024

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, as amended (“1940 Act”).

Annual Shareholder Report 

DoubleLine Opportunistic Bond ETF 

 NYSE Arca: DBND   (Inception Date: March 31, 2022)

September 30, 2024 

This annual shareholder report contains important information about the DoubleLine Opportunistic Bond ETF for the period of 10/1/2023 to 9/30/2024. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment) 

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
DBND	$53	0.50%

How did the Fund perform last year?

For the 12-month period ended September 30, 2024, the DoubleLine Opportunistic Bond ETF outperformed the benchmark Bloomberg US Aggregate Bond Index return of 11.57% on a net asset value basis.

How did the Fund perform since inception? 

The cost of a $10,000 investment line graph reflects a hypothetical $10,000 investment in the Fund. The line graph uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, management fees and other expenses were deducted.

Costs of a $10,000 Investment

	DoubleLine Opportunistic Bond ETF (DBND)	Bloomberg US Aggregate Bond Index
3/31/2022	$10,000	$10,000
9/30/2022	$9,240	$9,078
9/30/2023	$9,318	$9,136
9/30/2024	$10,507	$10,193

What factors influenced performance? 

Fund performance was driven by interest rate moves, as yields fell across the U.S. Treasury curve. Every sector in the Fund generated a positive return, with the longest-duration sectors contributing the most to performance.

Positioning

The Fund is positioned with a shorter duration and a larger credit allocation than the index, with sizable allocations to government-backed and securitized credit assets that offer attractive spread levels while maintaining downside protection. The Fund also provides diversification with corporate credit assets and emerging markets debt.

Top Contributors

• 

  Long-duration assets

• 

  U.S. Treasuries

• 

  Agency mortgage-backed securities 

Top Detractors

• 

  Though still generating a positive return, floating-rate sectors such as collateralized loan obligations and bank loans contributed the least to performance, as these sectors did not benefit as much from the interest rate rally.

Annual Performance (%)

	1 Year	Since Inception March 31, 2022
Total Return based on NAV	12.76%	5.07%
Bloomberg US Aggregate Bond Index	11.57%	0.77%

Performance data quoted represents past performance and does not guarantee future results. The performance data in the above table and line graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Key Fund Statistics

• Net Assets$338,522,930
• Number of Portfolio Holdings772
• Portfolio Turnover Rate142%
• Net Investment Advisory Fees$1,283,321

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

US Government and Agency Obligations	24.5
US Government and Agency Mortgage Backed Obligations	21.7
US Corporate Bonds	14.9
Asset Backed Obligations	9.1
Non-Agency Residential Collateralized Mortgage Obligations	9.1
Foreign Corporate Bonds	6.6
Non-Agency Commercial Mortgage Backed Obligations	5.1
Collateralized Loan Obligations	4.6
Bank Loans	2.8
Short-Term Investments	1.5
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.3

Credit Quality Breakdown (% of Net Assets)

AAA	58.5
AA	3.1
A	10.2
BBB	14.6
BB	6.0
B	3.6
CCC and Below	1.2
Unrated Securities	1.4
Other	1.4
Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody’s Investor Services, Inc. if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

Top Holdings (% of Net Assets)

U.S. Treasury Bonds, 1.38%, 11/15/2040	7.0
U.S. Treasury Notes, 0.63%, 08/15/2030	4.6
U.S. Treasury Notes, 0.63%, 05/15/2030	4.1
U.S. Treasury Notes, 0.88%, 11/15/2030	3.9
U.S. Treasury Notes, 0.75%, 03/31/2026	3.3
FNMA UMBS, Pool CB8851, 6.00%, 07/01/2054	1.2
FHLMC UMBS, Pool SD5573, 3.00%, 08/01/2052	1.1
U.S. Treasury Bonds, 1.13%, 05/15/2040	1.1
FNMA UMBS, Pool FS7738, 6.00%, 03/01/2054	0.9
FHLMC UMBS, Pool SD6002, 5.50%, 07/01/2054	0.9

Householding

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at (855) 937-0772, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

DoubleLine^® is a registered trademark of DoubleLine Capital LP

©2024 DoubleLine Capital LP

DBND924

Annual Shareholder Report 

DoubleLine Shiller CAPE^® U.S. Equities ETF 

 NYSE Arca: CAPE   (Inception Date: March 31, 2022)

September 30, 2024 

This annual shareholder report contains important information about the DoubleLine Shiller CAPE^® U.S. Equities ETF for the period of 10/1/2023 to 9/30/2024. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment) 

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
CAPE	$74	0.65%

How did the Fund perform last year?

For the 12-month period ended September 30, 2024, the DoubleLine Shiller CAPE^® U.S. Equities ETF posted positive performance but underperformed the benchmark S&P 500^® Index return of 36.35% on a net asset value basis.

How did the Fund perform since inception? 

The cost of a $10,000 investment line graph reflects a hypothetical $10,000 investment in the Fund. The line graph uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, management fees and other expenses were deducted.

Costs of a $10,000 Investment

	DoubleLine Shiller CAPE® U.S. Equities ETF (CAPE)	S&P 500 Index
3/31/2022	$10,000	$10,000
9/30/2022	$8,028	$7,980
9/30/2023	$9,597	$9,705
9/30/2024	$12,160	$13,233

What factors influenced performance? 

Fund performance was influenced by the Global Industry Classification Standard sector allocations and securities in each sector. The communication services and financial services exposures were the biggest contributors to performance. The consumer discretionary and consumer staples exposures also contributed. The materials and real estate exposures detracted from performance.

Positioning

The Shiller Barclays CAPE^® U.S. Sector Total Return USD Index, which the Fund is guided by, was allocated to six sectors: communication services, consumer discretionary, consumer staples, financials, materials and real estate. The Fund owned U.S. equity securities in these sectors during the period.

Top Contributors

• 

  Communication services

• 

  Financial services

• 

  Consumer discretionary

• 

  Consumer staples 

Top Detractors

• 

  Materials 

• 

  Real estate 

Annual Performance (%)

	1 Year	Since Inception March 31, 2022
Total Return based on NAV	26.70%	21.60%
S&P 500 Index	36.35%	11.86%

Performance data quoted represents past performance and does not guarantee future results. The performance data in the above table and line graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Key Fund Statistics

• Net Assets$409,376,643
• Number of Portfolio Holdings198
• Portfolio Turnover Rate290%
• Net Investment Advisory Fees$2,366,327

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

Consumer Staples	26.1
Communication Services	25.6
Real Estate	24.3
Financials	23.7
Cash	0.3

Portfolio Characteristics

Median Mkt Cap ($B)	$27.38
Average Mkt Cap ($B)	$95.76
Price-to-EarningsFootnote Reference1	21.36%
Price-to-Book	5.19%
Footnote Reference1 Forward 12-Month Price-to-Earnings Ratio.

Top Holdings (% of Net Assets)

Meta Platforms, Inc. - Class A	5.5
Berkshire Hathaway, Inc. - Class B	3.2
Procter & Gamble Co. (The)	3.1
Costco Wholesale Corp.	3.0
Alphabet, Inc. - Class A	2.7
Walmart, Inc.	2.6
JPMorgan Chase & Co.	2.3
Alphabet, Inc. - Class C	2.2
Coca-Cola Co. (The)	2.1
Prologis, Inc.	2.0

Householding

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at (855) 937-0772, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

DoubleLine^® is a registered trademark of DoubleLine Capital LP

©2024 DoubleLine Capital LP

CAPE924

Annual Shareholder Report 

DoubleLine Commercial Real Estate ETF 

 NYSE Arca: DCRE   (Inception Date: March 31, 2023)

September 30, 2024 

This annual shareholder report contains important information about the DoubleLine Commercial Real Estate ETF for the period of 10/1/2023 to 9/30/2024. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment) 

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
DCRE	$40	0.39%

How did the Fund perform last year?

For the 12-month period ended September 30, 2024, the DoubleLine Commercial Real Estate ETF outperformed the benchmark Bloomberg US Aggregate 1-3 Year Index return of 7.23% on a net asset value basis.

How did the Fund perform since inception? 

The cost of a $10,000 investment line graph reflects a hypothetical $10,000 investment in the Fund. The line graph uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, management fees and other expenses were deducted.

Costs of a $10,000 Investment

	DoubleLine Commercial Real Estate ETF (DCRE)	Bloomberg US Aggregate 1-3 Year Index	Bloomberg US Aggregate Bond Index
3/31/2023	$10,000	$10,000	$10,000
6/30/2023	$10,125	$9,964	$9,441
9/30/2023	$10,269	$10,037	$9,136
12/31/2023	$10,527	$10,309	$9,759
3/31/2024	$10,695	$10,356	$9,683
6/30/2024	$10,863	$10,454	$9,690
9/30/2024	$11,162	$10,763	$10,193

What factors influenced performance? 

Fund performance was driven by a rally in interest rates and improved investor demand for certain sectors of the commercial real estate market. Cooling economic data and declining inflation contributed to the Federal Reserve in September reversing its tightening cycle that dominated fixed income markets for two years, leading to a significant interest rate rally in the period. Every sector in the Fund contributed to performance in the period.

Positioning

The Fund primarily comprises non-Agency commercial mortgage-backed securities (CMBS) while maintaining a smaller allocation to Agency CMBS. During the period, the Fund tactically added some duration on the short end of the U.S. Treasury yield curve in order to capture duration-related benefits from the Fed lowering its policy rate.

Top Contributors

• 

  Non-Agency CMBS

Top Detractors

• 

  While Agency CMBS did not detract from performance, as this sector also outperformed the benchmark, these assets contributed the least to performance.

Annual Performance (%)

	1 Year	Since Inception March 31, 2023
Total Return based on NAV	8.70%	11.62%
Bloomberg US Aggregate 1-3 Year Index	7.23%	5.03%
Bloomberg US Aggregate Bond Index	11.57%	4.65%

Performance data quoted represents past performance and does not guarantee future results. The performance data in the above table and line graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Key Fund Statistics

• Net Assets$212,830,810
• Number of Portfolio Holdings189
• Portfolio Turnover Rate74%
• Net Investment Advisory Fees$468,631

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

Non-Agency Commercial Mortgage Backed Obligations	59.8
Collateralized Loan Obligations	26.8
US Government and Agency Mortgage Backed Obligations	11.9
Short-Term Investments	1.5

Credit Quality Breakdown (% of Net Assets)

AAA	90.4
AA	6.1
A	2.5
Not Rated	-
Other	1.0
Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody’s Investor Services, Inc. if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

Top Holdings (% of Net Assets)

FNMA, Pool BZ1029, 4.93%, 06/01/2029	2.2
FHLMC Multifamily Structured Pass-Through Certificates, Series K518-A2, 5.40%, 01/25/2029	2.0
FNMA, Pool BL2869, 2.79%, 07/01/2029	1.6
FNMA, Pool AN4952, 3.18%, 04/01/2027	1.5
FNMA, Pool AN5139, 3.13%, 04/01/2027	1.5
AREIT Trust, Series 2022-CRE6-A (SOFR 30 Day Average + 1.25%, 1.25% Floor) 6.59%, 01/20/2037	1.3
TRTX Issuer Ltd., Series 2022-FL5-A (CME Term SOFR 1 Month + 1.65%, 1.65% Floor) 6.73%, 02/15/2039	1.3
Greystone CRE Notes Ltd., Series 2021-FL3-A (CME Term SOFR 1 Month + 1.13%, 1.02% Floor) 6.23%, 07/15/2039	1.3
FHLMC Multifamily Structured Pass-Through Certificates, Series K741-A2, 1.60%, 12/25/2027	1.3
BBCMS Mortgage Trust, 5.21%, 09/15/2057	1.2

Householding

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at (855) 937-0772, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

DoubleLine^® is a registered trademark of DoubleLine Capital LP

©2024 DoubleLine Capital LP

DCRE924

Annual Shareholder Report 

DoubleLine Mortgage ETF 

 NYSE Arca: DMBS   (Inception Date: March 31, 2023)

September 30, 2024 

This annual shareholder report contains important information about the DoubleLine Mortgage ETF for the period of 10/1/2023 to 9/30/2024. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment) 

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
DMBS	$51	0.48%

How did the Fund perform last year?

For the 12-month period ended September 30, 2024, the DoubleLine Mortgage ETF performed in line with the benchmark Bloomberg US Mortgage-Backed Securities (MBS) Index return of 12.32% on a net asset value basis.

How did the Fund perform since inception? 

The cost of a $10,000 investment line graph reflects a hypothetical $10,000 investment in the Fund. The line graph uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, management fees and other expenses were deducted.

Costs of a $10,000 Investment

	DoubleLine Mortgage ETF (DMBS)	Bloomberg US Mortgage-Backed Securities (MBS) Index	Bloomberg US Aggregate Bond Index
3/31/2023	$10,000	$10,000	$10,000
6/30/2023	$9,909	$9,936	$9,441
9/30/2023	$9,533	$9,533	$9,136
12/31/2023	$10,174	$10,246	$9,759
3/31/2024	$10,078	$10,139	$9,683
6/30/2024	$10,112	$10,146	$9,690
9/30/2024	$10,703	$10,707	$10,193

What factors influenced performance? 

A bond sell-off, which peaked in mid-October 2023, reversed toward the end of the year as a more dovish tone from the Federal Reserve drove a rally in interest rates. In the early months of 2024, market expectations for cuts to the Fed policy rate were scaled back amid strong economic data. However, by May, the market was pricing in a number of rate cuts for the year as the Fed signaled it would shrink its balance sheet at a slower pace and downplayed the possibility of further rate hikes. The perception of a more dovish Fed combined with slower job growth and tamer inflation fueled a bond rally through the rest of the period.

Positioning

The Fund maintained on average a duration that was a half-year shorter than the Bloomberg US Mortgage-Backed Securities (MBS) Index over the period. Exposure to the front end of the U.S. Treasury yield curve was tactically added in response to more attractive yields.

Top Contributors

• 

  Agency mortgage-backed securities (MBS)

Top Detractors

• 

  Duration positioning

• 

  Non-Agency MBS

Annual Performance (%)

	1 Year	Since Inception March 31, 2023
Total Return based on NAV	12.27%	7.03%
Bloomberg US Mortgage-Backed Securities (MBS) Index	12.32%	4.66%
Bloomberg US Aggregate Bond Index	11.57%	4.65%

Performance data quoted represents past performance and does not guarantee future results. The performance data in the above table and line graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Key Fund Statistics

• Net Assets$334,292,140
• Number of Portfolio Holdings120
• Portfolio Turnover Rate197%
• Net Investment Advisory Fees$1,214,891

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

US Government and Agency Mortgage Backed Obligations	96.5
Non-Agency Residential Collateralized Mortgage Obligations	14.0
Short-Term Investments	4.1

Credit Quality Breakdown (% of Net Assets)

AAA	102.5
AA	1.9
A	0.2
BBB	5.9
Not Rated	-
Other	-10.5
Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody’s Investor Services, Inc. if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

Top Holdings (% of Net Assets)

FNMA/FHLMC UMBS, 30 Year, Single Family, Pool , 6.00%, 11/25/2054	9.8
FHLMC UMBS, Pool SD8182, 2.00%, 12/01/2051	3.2
FNMA UMBS, Pool MA4256, 2.50%, 02/01/2051	3.0
FNMA UMBS, Pool CA7028, 2.50%, 09/01/2050	3.0
FHLMC UMBS, Pool SD7512, 3.00%, 02/01/2050	3.0
FNMA UMBS, Pool FS9026, 5.50%, 09/01/2053	3.0
FHLMC UMBS, Pool SD7535, 2.50%, 02/01/2051	3.0
FHLMC UMBS, Pool SD5573, 3.00%, 08/01/2052	2.6
FNMA UMBS, Pool FS8660, 5.50%, 08/01/2054	2.4
FHLMC UMBS, Pool SD7553, 3.00%, 03/01/2052	2.3

How has the Fund changed?

This is a summary of certain changes to the Fund since 10/1/2023. For more complete information, you may review the Fund's prospectus at https://doubleline.com/fund-documents (or upon request at ETFinfo@doubleline.com or call 855-937-0772).

Effective September 3, 2024, DoubleLine Mortgage ETF's management fees were reduced from 0.49% to 0.39%. 

Householding

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at (855) 937-0772, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

DoubleLine^® is a registered trademark of DoubleLine Capital LP

©2024 DoubleLine Capital LP

DMBS924

Annual Shareholder Report 

DoubleLine Commodity Strategy ETF 

 NYSE Arca: DCMT   (Inception Date: January 31, 2024)

September 30, 2024 

This annual shareholder report contains important information about the DoubleLine Commodity Strategy ETF for the period of 1/31/2024 to 9/30/2024. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment) 

Fund	Costs of a $10,000 investmentFootnote Reference*	Costs paid as a percentage of a $10,000 investment
DCMT	$43	0.65%

Footnote	Description
Footnote*	Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operations for the full year.

How did the Fund perform last year?

From inception through September 30, 2024, the DoubleLine Commodity Strategy ETF posted positive performance but underperformed the benchmark Bloomberg Commodity Total Return Index return of 5.44% on a net asset value basis.

How did the Fund perform since inception? 

The cost of a $10,000 investment line graph reflects a hypothetical $10,000 investment in the Fund. The line graph uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, management fees and other expenses were deducted.

Costs of a $10,000 Investment

	DoubleLine Commodity Strategy ETF (DCMT)	Bloomberg Commodity Total Return Index	S&P 500 Index
1/31/2024	$10,000	$10,000	$10,000
2/29/2024	$9,885	$9,853	$11,611
3/31/2024	$10,335	$10,179	$11,984
4/30/2024	$10,444	$10,453	$11,495
5/31/2024	$10,332	$10,636	$12,065
6/30/2024	$10,303	$10,473	$12,498
7/31/2024	$9,963	$10,050	$12,650
8/31/2024	$9,906	$10,055	$12,957
9/30/2024	$10,112	$10,544	$13,233

What factors influenced performance? 

The Fund was allocated to the Barclays Backwardation Tilt Multi-Strategy Index, which the Fund gained exposure to through the use of swap contracts. The biggest contributors by sector to Fund performance were precious metals and industrial metals. The biggest detractors were energy and agriculture. The Fund’s use of derivative instruments to gain exposure to commodities facilitated investment of the Fund’s remaining assets in U.S. Treasuries, which increased in value.

Positioning

The Fund had diversified exposure to commodities in all sectors, including industrial metals, energy, livestock, agriculture and precious metals. The Fund was also positioned on average farther out on the commodity futures curve relative to the Bloomberg Commodity Total Return Index.

Top Contributors

• 

  Coffee

• 

  Gold

• 

  Silver 

Top Detractors

• 

  Soybean Meal

• 

  Soybean Oil

• 

  Soybeans

Annual Performance (%)

	Since Inception January 31, 2024
Total Return based on NAV	1.12%
Bloomberg Commodity Total Return Index	5.44%
S&P 500 Index	20.06%

Performance data quoted represents past performance and does not guarantee future results. The performance data in the above table and line graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Key Fund Statistics

• Net Assets$17,190,690
• Number of Portfolio Holdings7
• Portfolio Turnover Rate111%
• Net Investment Advisory Fees$80,499

What did the Fund invest in?

Collateral (% of Net Assets)

Treasury Bills	95.7
Cash	4.3

Commodity Exposure (% of Net Assets)

Energy	41.0
Agriculture	28.0
Precious Metals	12.0
Livestock	11.0
Industrial Metals	8.0
The Fund gained exposure to these allocations through the use of swap contracts.

Top Holdings (% of Net Assets)

U.S. Treasury Bills, 0.00%, 12/24/2024	72.6
U.S. Treasury Bills, 0.00%, 10/10/2024	11.6
U.S. Treasury Bills, 0.00%, 11/05/2024	11.6
JPMorgan U.S. Government Money Market Fund - Class IM, 4.86%	2.5
Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class, 4.83%	2.5

Householding

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at (855) 937-0772, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

DoubleLine^® is a registered trademark of DoubleLine Capital LP

©2024 DoubleLine Capital LP

DCMT924

Annual Shareholder Report 

DoubleLine Fortune 500 Equal Weight ETF 

 NYSE Arca: DFVE   (Inception Date: January 31, 2024)

September 30, 2024 

This annual shareholder report contains important information about the DoubleLine Fortune 500 Equal Weight ETF for the period of 1/31/2024 to 9/30/2024. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment) 

Fund	Costs of a $10,000 investmentFootnote Reference*	Costs paid as a percentage of a $10,000 investment
DFVE	$14	0.20%

Footnote	Description
Footnote*	Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operations for the full year.

How did the Fund perform last year?

From inception through September 30, 2024, the DoubleLine Fortune 500 Equal Weight ETF underperformed the Barclays Fortune 500 Equal Weighted Total Return Index return of 17.30% on a net asset value basis. The Fund outperformed the S&P 500 Equal Weight Index return of 16.11% on a net asset value basis. The Fund underperformed the S&P 500^© Index return of 18.57% on a net asset value basis.

How did the Fund perform since inception? 

The cost of a $10,000 investment line graph reflects a hypothetical $10,000 investment in the Fund. The line graph uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, management fees and other expenses were deducted.

Costs of a $10,000 Investment

	DoubleLine Fortune 500 Equal Weight ETF (DFVE)	Barclays Fortune 500 Equal Weighted Total Return Index	S&P 500 Equal Weight Index
1/31/2024	$10,000	$10,000	$10,000
2/29/2024	$10,460	$10,466	$10,416
3/31/2024	$11,046	$11,054	$10,881
4/30/2024	$10,474	$10,484	$10,351
5/31/2024	$10,868	$10,886	$10,643
6/30/2024	$10,709	$10,727	$10,595
7/31/2024	$11,292	$11,320	$11,070
8/31/2024	$11,446	$11,479	$11,346
9/30/2024	$11,693	$11,730	$11,611

What factors influenced performance? 

Fund performance was influenced by the performance of U.S. equities as a whole. The Fund’s outperformance versus the S&P 500 Equal Weighted Index was driven by compositional differences between Barclays Fortune 500 Equal Weighted Total Return Index allocations, which the Fund is guided by, and S&P 500 Equal Weighted Index allocations. The underperformance of the Fund versus the S&P 500^® Index was due to the top-heavy nature of the index and the outperformance of megacapitalization company names, particularly NVDA, Nvidia Corp.

Positioning

The Fund was positioned in a diversified fashion during the period in the Barclays Fortune 500 Equal Weighted Total Return Index, with over 450 unique securities with an approximately equal allocation of capital to each security during quarterly rebalances.

Top Contributors

• 

  CVNA, Carvana Co.

• 

  LUMN, Lumen Technologies Inc. 

• 

  VST, Vistra Corp.

Top Detractors

• 

  PARR, Par Pacific Holdings Inc. 

• 

  HTZ, Hertz Global Holdings Inc. 

• 

  WBA, Walgreens Boots Alliance Inc.

Annual Performance (%)

	Since Inception January 31, 2024
Total Return based on NAV	16.93%
Barclays Fortune 500 Equal Weighted Total Return Index	17.30%
S&P 500 Equal Weight Index	16.11%

Performance data quoted represents past performance and does not guarantee future results. The performance data in the above table and line graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Key Fund Statistics

• Net Assets$13,929,187
• Number of Portfolio Holdings461
• Portfolio Turnover Rate12%
• Net Investment Advisory Fees$17,147

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

Consumer Discretionary	17.0
Industrials	16.3
Financials	14.7
Health Care	9.3
Consumer Staples	9.0
Information Technology	9.0
Materials	7.0
Utilities	6.0
Energy	5.4
Communication Services	4.5
Real Estate	1.3
Cash	0.5

Portfolio Characteristics

Median Mkt Cap ($B)	$30.69
Average Mkt Cap ($B)	$102.80
Price-to-EarningsFootnote Reference1	18.99%
Price-to-Book	7.67%
Footnote Reference1 Forward 12-Month Price-to-Earnings Ratio.

Top Holdings (% of Net Assets)

Vistra Corp.	0.3
Lumen Technologies, Inc.	0.3
Yum China Holdings, Inc. (China)	0.3
Constellation Energy Corp.	0.3
Wayfair, Inc. - Class A	0.3
United Airlines Holdings, Inc.	0.3
EchoStar Corp. - Class A	0.3
JetBlue Airways Corp.	0.3
Altice USA, Inc. - Class A	0.3
Las Vegas Sands Corp.	0.3

Householding

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at (855) 937-0772, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

DoubleLine^® is a registered trademark of DoubleLine Capital LP

©2024 DoubleLine Capital LP

DFVE924

(b)   Not applicable.

Item 2. Code of Ethics.

As of the end of the period, September 30, 2024, 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 Audit Committee members have substantial financial expertise and include members with considerable professional experience in the financial markets, the securities markets, and the investment banking and investment management industries, including in respect of the type of financial accounting or valuation issues that are likely to come before the Audit Committee.  Although the Registrant does not currently have an Audit Committee member designated as an “audit committee financial expert,” as defined under instructions to Item 3(a), serving on its Audit Committee, the Registrant’s Audit Committee has determined that its members collectively have sufficient financial expertise and experience to address any issues that are likely to come before the committee.

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, 2023 and September 30, 2024 were:

	2023	2024
Audit Fees(a)	$101,950	$164,000
Audit Related Fees(b)	0	0
Tax Fees(c)	$42,000	$67,990
All Other Fees(d)	0	0
Total:	$143,950	$231,990

(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, 2023 and September 30, 2024 annual financial statements.

(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)            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, 2023 and September 30, 2024 were $42,000 and $67,990, respectively.

(h)           Not applicable.

(i)            Not applicable.

(j)            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, 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)   The Registrant’s Schedule of Investments is included as part of the Financial Statements filed under Item 7(a) of this Form.

(b)   Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a)   Copy of the most recent financial statements:

(b)   Included as part of the financial statements filed under Item 7(a) of this Form.

Annual

Financial

Statements

and

Other

Information

September

30,

2024

DoubleLine

Opportunistic

Bond

ETF

NYSEARCA:

DBND

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

NYSEARCA:

CAPE

DoubleLine

Commercial

Real

Estate

ETF

NYSEARCA:

DCRE

DoubleLine

Mortgage

ETF

NYSEARCA:

DMBS

DoubleLine

Commodity

Strategy

ETF

NYSEARCA:

DCMT

DoubleLine

Fortune

500

Equal

Weight

ETF

NYSEARCA:

DFVE

DoubleLine

|

|

2002

North

Tampa

Street,

Suite

200

|

|

Tampa,

FL

33602

|

|

(813)

791-7333

ETFinfo@doubleline.com

|

|

www.doubleline.com

Annual

Report

|

September

30,

2024

3

Table

of

Contents

Page

President’s

Letter

4

Schedules

of

Investments

6

Statements

of

Assets

and

Liabilities

43

Statements

of

Operations

44

Statements

of

Changes

in

Net

Assets

45

Financial

Highlights

48

Notes

to

Financial

Statements

54

Report

of

Independent

Registered

Public

Accounting

Firm

76

Federal

Tax

Information

78

Privacy

Policy

79

Form

N-CSR

–

Items

8-11

83

President’s

Letter

4

DoubleLine

ETF

Trust

(Unaudited)

September

30,

2024

Dear

DoubleLine

Funds

Shareholder,

On

behalf

of

the

DoubleLine

Funds,

I

am

pleased

to

deliver

the

Annual

Report

for

the

12-month

period

ended

September

30,

2024.

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.

Over

the

12-month

period,

financial

markets,

including

many

of

the

sectors

in

which

the

DoubleLine

Funds

invest,

faced

divergent

risks

and

fluctuating

risk

sentiment.

The

Federal

Reserve

cut

interest

rates

in

September

by

50

basis

points

(bps),

after

holding

the

federal

funds

rate

steady

since

the

Fed’s

last

hike

in

July

2023.

Inflation

continued

its

downward

trajectory

over

the

past

12

months

and

fell

below

2.50%

in

September,

as

measured

by

the

Consumer

Price

Index,

but

remained

above

the

Fed’s

2%

target

rate.

For

the

period,

the

S&P

500®

Index

returned

36.33%,

and

the

Bloomberg

US

Aggregate

Bond

Index

returned

11.57%.

In

January,

the

Fed

announced

that

the

Bank

Term

Funding

Program

(BTFP)

would

cease

making

loans

as

of

March

11.

The

BTFP

was

created

in

March

2023

to

head

off

potential

contagion

throughout

the

banking

sector

after

regional

lenders

Silicon

Valley

Bank

and

Signature

Bank

were

taken

under

receivership

by

the

Federal

Deposit

Insurance

Corp.

The

BTFP

offered

loans

of

up

to

one

year

in

length

to

banks

that

pledged

qualifying

collateral

such

as

U.S.

Treasuries

and

Agency

mortgage-backed

securities

(MBS),

among

other

assets.

In

early

August,

the

market

went

through

a

bout

of

volatility

after

the

Bank

of

Japan

unexpectedly

hiked

interest

rates

at

its

July

monetary

policy

meeting.

The

decision

was

likely

motivated

at

least

in

part

by

the

value

of

the

Japanese

yen,

which

had

weakened

to

160

yen

to

one

U.S.

dollar

in

July,

a

level

not

seen

since

the

1980s.

The

ensuing

weeks

brought

large

market

movements,

with

the

Tokyo

Stock

Exchange

Price

Index

losing

12%,

and

the

CBOE

Volatility

Index

temporarily

eclipsing

65

on

August

5.

Relative

calm

then

returned

to

the

markets

as

the

S&P

500®

and

other

indices

returned

to

repeatedly

setting

all-time

highs

in

September.

Economic

fundamentals

were

largely

resilient

during

the

reporting

period,

and

domestic

growth

was

supported

by

continued

consumer

spending.

U.S.

second

quarter

gross

domestic

product

was

revised

higher

in

September,

with

the

third

estimate

reporting

the

economy

grew

at

a

seasonally

adjusted

annualized

rate

of

3.0%

quarter-over-quarter

versus

the

second

estimate

of

2.8%

growth

released

a

month

prior.

The

U-3

unemployment

rate

weakened

during

the

12-month

period,

finishing

at

4.1%.

Furthermore,

Job

Openings

and

Labor

Turnover

Survey

data

for

August

showed

the

ratio

of

vacancies

per

unemployed

job

seeker

to

be

1.13,

down

meaningfully

over

the

reporting

period.

But

bearish

signals

remain.

U.S.

manufacturing

has

been

in

contractionary

territory

since

March,

as

tracked

by

the

ISM

Manufacturing

PMI,

while

the

Conference

Board

Leading

Economic

Index

remained

in

negative

territory

throughout

the

period.

Over

the

period,

the

two-year

Treasury

yield

fell

140

bps,

the

five-year

yield

fell

105

bps,

the

10-year

yield

fell

79

bps,

and

the

30-

year

yield

fell

58

bps.

Traditional

fixed-income

sectors,

including

Treasuries,

Agency

MBS

and

investment

grade

corporate

bonds,

all

benefited

from

falling

interest

rates

along

the

Treasury

curve.

Sector

returns

across

the

fixed

income

universe

were

largely

positive,

with

credit

spreads

tightening

and

lower-quality

assets

outperforming

their

higher-quality

peers.

Global

central

banks

largely

loosened

policy

rates

in

the

period,

as

slowing

growth

and

the

downward

trajectory

of

inflation

turned

out

to

be

a

global

phenomenon.

The

European

Central

Bank

cut

its

deposit

rate

another

25

bps

in

September

after

a

25-bp

cut

in

June,

and

the

Bank

of

England

cut

its

deposit

rate

25

bps

at

the

end

of

July.

While

the

Russia-Ukraine

war

raged

on

in

the

12-month

period,

European

equities

returned

19.51%,

as

tracked

by

the

MSCI

Europe

(Unaudited)

September

30,

2024

|

September

30,

2024

5

Index.

In

the

Middle

East,

military

conflict

continued

to

widen

in

the

region

after

the

October

7

attack

on

Israel

by

Hamas.

The

price

of

oil

has

been

volatile

as

the

intensity

of

the

fighting

has

ebbed

and

flowed.

Over

the

period,

the

price

of

oil

fell

24.70%,

as

tracked

by

Brent

crude

prices.

In

China,

structural

issues

surrounding

the

real

estate

sector

and

an

aging

population

continued

to

overshadow

hopes

for

a

return

to

pre-COVID-19

growth

rates.

In

response,

the

People’s

Bank

of

China

announced

a

stimulus

package

in

September

aimed

at

pulling

China’s

economy

out

of

its

deflationary

funk.

The

package

offers

more

funding

and

interest

rate

cuts

to

restore

confidence

in

the

world’s

second

largest

economy

after

a

slew

of

disappointing

data

raised

concerns

of

a

prolonged

structural

slowdown.

This

package

varies

from

previous

China

stimulus

packages

in

that

it

is

focused

on

capital

transfers

to

the

financial

system

and

provides

some

support,

on

the

margin,

via

vouchers

and

social

financing

rather

than

infrastructure

investment.

Chinese

financial

assets

rallied

in

response

to

the

stimulus,

but

time

will

tell

if

the

enthusiasm

translates

into

improving

economic

growth.

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,

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

(877)

DLINE

11

/

1

(877)

354-6311

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.

Ronald

R.

Redell,

CFA

President

DoubleLine

ETF

Trust

November 1,

2024

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

September

30,

2024

6

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

9.1%

Aaset

LLC

,

604,964

Series

2022-1A-A

6.00%

(a)

05/16/2047

610,302

Aaset

Trust

,

429,229

Series

2021-2A-A

2.80%

(a)

01/15/2047

398,137

491,713

Series

2024-1A-A1

6.26%

(a)

05/16/2049

511,533

497,899

Series

2024-1A-B

6.90%

(a)

05/16/2049

510,111

Affirm

Asset

Securitization

Trust

,

208,118

Series

2023-X1-A

7.11%

(a)

11/15/2028

208,971

650,000

Series

2024-X1-B

6.34%

(a)

05/15/2029

657,966

Aligned

Data

Centers

Issuer

LLC

,

600,000

Series

2023-1A-A2

6.00%

(a)

08/17/2048

612,465

AMSR

Trust

,

2,100,000

Series

2023-SFR2-A

3.95%

(a)

06/17/2040

2,049,391

Avant

Loans

Funding

Trust

,

600,000

Series

2024-REV1-B

6.17%

(a)

10/15/2033

606,283

Business

Jet

Securities

LLC

,

500,000

Series

2024-2A-B

5.75%

(a)

09/15/2039

504,931

Carvana

Auto

Receivables

Trust

,

617,123

Series

2023-P5-A2

5.77%

(a)

04/12/2027

619,125

Cologix

Data

Centers

US

Issuer

LLC

,

750,000

Series

2021-1A-A2

3.30%

(a)

12/26/2051

711,395

Compass

Datacenters

Issuer

II

LLC

,

500,000

Series

2024-1A-B

7.00%

(a)

02/25/2049

516,206

250,000

Series

2024-2A-B2

6.00%

(a)

08/25/2049

249,929

CyrusOne

Data

Centers

Issuer

I

LLC

,

500,000

Series

2023-1A-A2

4.30%

(a)

04/20/2048

484,824

DataBank

Issuer

,

500,000

Series

2023-1A-A2

5.12%

(a)

02/25/2053

496,643

Diamond

Resorts

Owner

Trust

,

104,797

Series

2021-1A-A

1.51%

(a)

11/21/2033

101,450

Dividend

Solar

Loans

LLC

,

440,602

Series

2018-1-B

4.29%

(a)

07/20/2038

397,675

EWC

Master

Issuer

LLC

,

488,750

Series

2022-1A-A2

5.50%

(a)

03/15/2052

479,673

ExteNet

Issuer

LLC

,

500,000

Series

2024-1A-B

6.15%

(a)

07/25/2054

509,138

Hilton

Grand

Vacations

Trust

,

175,206

Series

2022-1D-C

4.69%

(a)

06/20/2034

172,956

Horizon

Aircraft

Finance

IV

Ltd.

,

500,000

Series

2024-1-A

5.38%

(a)

09/15/2049

501,824

Invitation

Homes

Trust

,

1,167,000

Series

2024-SFR1-D

4.25%

(a)

09/17/2041

1,099,194

Jack

in

the

Box

Funding

LLC

,

237,500

Series

2022-1A-A2II

4.14%

(a)

02/26/2052

215,590

Lendbuzz

Securitization

Trust

,

386,631

Series

2022-1A-A

4.22%

(a)

05/17/2027

383,599

Lunar

Structured

Aircraft

Portfolio

Notes

,

761,116

Series

2021-1-A

2.64%

(a)

10/15/2046

712,669

MetroNet

Infrastructure

Issuer

LLC

,

300,000

Series

2023-1A-A2

6.56%

(a)

04/20/2053

312,045

Mosaic

Solar

Loan

Trust

,

523,878

Series

2018-2GS-A

4.20%

(a)

02/22/2044

494,725

Pagaya

AI

Debt

Trust

,

21,497

Series

2022-2-A

4.97%

(a)

01/15/2030

21,486

147,670

Series

2023-3-A

7.60%

(a)

12/16/2030

148,566

749,994

Series

2023-5-B

7.63%

(a)

04/15/2031

756,196

342,426

Series

2024-1-A

6.66%

(a)

07/15/2031

348,411

Progress

Residential

Trust

,

2,700,000

Series

2024-SFR2-A

3.30%

(a)

04/17/2041

2,560,348

2,500,000

Series

2024-SFR4-C

3.33%

(a)

07/17/2041

2,310,814

Prosper

Marketplace

Issuance

Trust

,

266,227

Series

2023-1A-A

7.06%

(a)

07/16/2029

267,329

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Retained

Vantage

Data

Centers

Issuer

LLC

,

500,000

Series

2023-1A-B

5.75%

(a)

09/15/2048

488,515

Sabey

Data

Center

Issuer

LLC

,

650,000

Series

2024-1-A2

6.00%

(a)

04/20/2049

657,992

Santander

Drive

Auto

Receivables

Trust

,

152,443

Series

2020-4-D

1.48%

01/15/2027

151,511

SEB

Funding

LLC

,

498,750

Series

2021-1A-A2

4.97%

(a)

01/30/2052

489,436

SERVPRO

Master

Issuer

LLC

,

497,500

Series

2024-1A-A2

6.17%

(a)

01/25/2054

512,392

SMB

Private

Education

Loan

Trust

,

641,968

Series

2021-A-B

2.31%

(a)

01/15/2053

613,372

Subway

Funding

LLC

,

300,000

Series

2024-1A-A23

6.51%

(a)

07/30/2054

312,226

400,000

Series

2024-3A-A23

5.91%

(a)

07/30/2054

401,967

Switch

ABS

Issuer

LLC

,

500,000

Series

2024-2A-B

6.20%

(a)

06/25/2054

506,240

Textainer

Marine

Containers

VII

Ltd.

,

347,200

Series

2024-1A-A

5.25%

(a)

08/20/2049

349,830

Theorem

Funding

Trust

,

142,941

Series

2023-1A-A

7.58%

(a)

04/15/2029

144,544

TierPoint

Issuer

LLC

,

500,000

Series

2023-1A-A2

6.00%

(a)

06/25/2053

498,808

Tricon

Residential

Trust

,

2,000,000

Series

2024-SFR3-C

5.25%

(a)

08/17/2041

2,010,781

Upstart

Securitization

Trust

,

132,054

Series

2021-4-B

1.84%

(a)

09/20/2031

131,030

373,817

Series

2021-5-B

2.49%

(a)

11/20/2031

371,305

VOLT

C

LLC

,

255,333

Series

2021-NP10-A1

4.99%

(a)(b)

05/25/2051

252,521

228,261

Series

2021-NPL9-A1

4.99%

(a)(b)

05/25/2051

226,293

Washington

Mutual

WMABS

Trust

,

3,535,934

Series

2007-HE2-

2A2

(CME

Term

SOFR

1

Month

+

0.33%,

0.22%

Floor)

5.41%

02/25/2037

1,131,807

Total

Asset

Backed

Obligations

(Cost

$29,893,507)

30,792,470

BANK

LOANS

2.8%

1011778

B.C.

Unlimited

Liability

Co.

,

69,650

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

1.75%)

6.60%

09/20/2030

69,066

Access

CIG

LLC

,

46,889

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

5.00%,

0.50%

Floor)

10.25%

08/15/2028

47,148

Acrisure

LLC

,

194,811

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%,

0.50%

Floor)

8.21%

11/06/2030

193,289

Annual

Report

|

September

30,

2024

7

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Acuris

Finance

U.S.,

Inc.

,

43,466

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.00%,

0.50%

Floor)

8.85%

02/16/2028

43,357

ADMI

Corp.

,

64,439

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.50%

Floor)

8.71%

12/23/2027

63,207

AI

Aqua

Merger

Sub,

Inc.

,

138,424

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%,

0.50%

Floor)

8.70%

07/31/2028

138,417

Air

Canada

,

44,775

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.50%)

7.25%

03/21/2031

44,943

Alliant

Holdings

Intermediate

LLC

,

109,175

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%)

7.96%

09/19/2031

108,687

Allied

Universal

Holdco

LLC

,

188,178

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.50%

Floor)

8.70%

05/12/2028

186,555

AllSpring

Buyer

LLC

,

168,794

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.25%,

0.50%

Floor)

8.14%

11/01/2028

168,477

Alpha

Generation

LLC

,

70,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

2.75%)

7.60%

09/19/2031

70,100

Alterra

Mountain

Co.

,

88,864

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%)

8.50%

08/17/2028

89,178

Altice

France

SA

,

29,849

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

5.50%)

10.80%

08/15/2028

22,461

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Amazon

Holdco,

Inc.

,

80,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

2.25%)

7.30%

09/29/2031

79,850

Applied

Systems,

Inc.

,

10,000

Senior

Secured

Second

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

5.25%)

9.85%

02/23/2032

10,321

Apro

LLC

,

60,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%)

8.87%

07/09/2031

60,281

APX

Group,

Inc.

,

113,475

Senior

Secured

First

Lien

Term

Loan

(US

Prime

Rate

+

1.75%,

0.50%

Floor)

9.75%

07/07/2028

113,626

Ardonagh

Group

Finco

Pty.

Ltd.

,

46,780

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

6

Month

+

3.75%)

8.53%

02/18/2031

46,948

Ascend

Learning

LLC

,

139,641

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%,

0.50%

Floor)

8.85%

12/11/2028

139,166

AssuredPartners,

Inc.

,

109,738

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%,

0.50%

Floor)

8.35%

02/14/2031

109,757

Asurion

LLC

,

54,584

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.25%)

9.20%

08/21/2028

53,863

AthenaHealth

Group,

Inc.

,

188,771

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%,

0.50%

Floor)

8.50%

02/15/2029

187,906

Aveanna

Healthcare

LLC

,

69,286

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%,

0.50%

Floor)

8.91%

07/17/2028

67,840

8

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2024

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Bausch

&

Lomb

Corp.

,

29,700

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.00%)

8.85%

09/29/2028

29,719

Bausch

&

Lomb,

Inc.

,

163,451

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%,

0.50%

Floor)

8.27%

05/10/2027

163,066

BCPE

Empire

Holdings,

Inc.

,

118,803

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.00%,

0.50%

Floor)

8.85%

12/11/2028

118,989

BCPE

Pequod

Buyer,

Inc.

,

20,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

3.50%)

8.60%

09/20/2031

19,935

Boxer

Parent

Co.,

Inc.

,

160,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%)

9.01%

07/30/2031

159,872

40,000

Senior

Secured

Second

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

5.75%)

11.01%

07/30/2032

39,433

Brand

Industrial

Services,

Inc.

,

34,738

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.50%,

0.50%

Floor)

9.75%

08/01/2030

33,853

Broadstreet

Partners,

Inc.

,

45,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

3.25%)

8.49%

06/16/2031

44,872

Brown

Group

Holding

LLC

,

34,808

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%,

0.50%

Floor)

7.60%

07/01/2031

34,781

Camelot

U.S.

Acquisition

LLC

,

44,171

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%)

7.60%

01/31/2031

44,160

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Carnival

Corp.

,

13,359

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%,

0.75%

Floor)

8.00%

08/09/2027

13,413

Catalent

Pharma

Solutions,

Inc.

,

118,465

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.00%,

0.50%

Floor)

7.03%

02/22/2028

118,521

Cedar

Fair

LP

,

39,900

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.00%)

6.85%

05/01/2031

39,890

Cengage

Learning,

Inc.

,

29,850

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

6

Month

+

4.25%,

1.00%

Floor)

9.54%

03/24/2031

29,951

Central

Parent

LLC

,

190,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.25%)

7.85%

07/06/2029

188,259

CHG

Healthcare

Services,

Inc.

,

44,887

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%,

0.50%

Floor)

8.46%

09/29/2028

45,008

Cloud

Software

Group,

Inc.

,

34,913

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.00%,

0.50%

Floor)

8.60%

03/30/2029

34,811

ClubCorp

Holdings,

Inc.

,

30,643

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

5.00%)

9.87%

09/18/2026

30,727

Clydesdale

Acquisition

Holdings,

Inc.

,

33,029

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.18%,

0.50%

Floor)

8.02%

04/13/2029

32,897

Cotiviti

Corp.

,

104,475

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%)

8.45%

05/01/2031

104,540

Annual

Report

|

September

30,

2024

9

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

CSC

Holdings

LLC

,

19,793

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

6

Month

+

2.50%)

7.17%

04/15/2027

18,167

DCert

Buyer,

Inc.

,

44,430

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.00%)

9.25%

10/16/2026

43,222

Deerfield

Dakota

Holding

LLC

,

164,143

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%,

1.00%

Floor)

8.35%

04/09/2027

161,034

Delta

2

(Lux)

Sarl

,

15,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

2.00%,

1.00%

Floor)

6.74%

09/10/2031

15,027

DG

Investment

Intermediate

Holdings

2,

Inc.

,

69,284

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.75%

Floor)

9.11%

03/31/2028

69,219

Directv

Financing

LLC

,

10,366

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

5.00%,

0.75%

Floor)

9.96%

08/02/2027

10,385

Dynasty

Acquisition

Co.,

Inc.

,

23,431

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%)

8.35%

08/24/2028

23,475

60,768

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%)

8.75%

08/24/2028

60,884

EAB

Global,

Inc.

,

39,800

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%,

0.50%

Floor)

8.10%

08/16/2028

39,705

Eagle

Parent

Corp.

,

44,785

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.25%,

0.50%

Floor)

8.85%

04/02/2029

42,586

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Edelman

Financial

Engines

Center

LLC

(The)

,

35,000

Senior

Secured

Second

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

5.25%)

10.10%

10/20/2028

34,985

Edgewater

Generation

LLC

,

40,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.25%)

9.10%

08/01/2030

40,400

EG

Group

Ltd.

,

34,825

Senior

Secured

First

Lien

Term

Loan

(TSFR1D

+

5.50%,

0.50%

Floor)

10.72%

02/07/2028

34,854

EMRLD

Borrower

LP

,

40,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.50%)

7.56%

08/04/2031

39,968

Fertitta

Entertainment

LLC

,

133,379

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.50%

Floor)

8.85%

01/29/2029

133,161

First

Advantage

Holdings

LLC

,

205,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

3.25%)

8.37%

09/18/2031

204,358

Fleetcor

Technologies

Operating

Co.

LLC

,

130,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

1.75%)

6.60%

04/28/2028

130,010

Focus

Financial

Partners

LLC

,

176,088

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%)

8.33%

09/11/2031

175,764

Frontier

Communications

Holdings

LLC

,

70,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

6

Month

+

3.50%)

8.76%

07/01/2031

70,613

Gainwell

Acquisition

Corp.

,

148,521

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.00%,

0.75%

Floor)

8.70%

10/01/2027

141,745

10

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2024

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Garda

World

Security

Corp.

,

84,569

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%)

8.60%

02/01/2029

84,664

GBT

US

III

LLC

,

30,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.00%)

8.28%

07/28/2031

29,975

GIP

Pilot

Acquisition

Partners

LP

,

19,900

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.50%)

7.82%

10/04/2030

19,966

GoGo

Intermediate

Holdings

LLC

,

45,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.75%

Floor)

9.11%

05/01/2028

42,544

Great

Outdoors

Group

LLC

,

98,980

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.75%

Floor)

8.71%

03/06/2028

99,093

Grifols

Worldwide

Operations

Ltd.

,

17,457

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.00%)

7.40%

11/15/2027

16,999

GTCR

Everest

Borrower

LLC

,

30,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.00%)

7.60%

09/05/2031

29,686

Hamilton

Projects

Acquiror

LLC

,

14,963

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%)

8.60%

05/30/2031

15,090

Harbor

Freight

Tools

USA,

Inc.

,

45,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.50%)

7.35%

06/11/2031

44,372

Hexion

Holdings

Corp.

,

44,695

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.50%,

0.50%

Floor)

9.77%

03/15/2029

44,428

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Hightower

Holding

LLC

,

104,738

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.50%)

8.75%

04/21/2028

104,918

Husky

Injection

Molding

Systems

Ltd.

,

104,738

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

6

Month

+

5.00%)

10.33%

02/15/2029

104,359

Ineos

U.S.

Finance

LLC

,

104,213

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%)

8.17%

02/18/2030

104,287

44,888

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%)

8.60%

02/07/2031

44,994

Ineos

U.S.

Petrochem

LLC

,

74,625

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.25%)

9.20%

04/02/2029

74,742

Kronos

Acquisition

Holdings,

Inc.

,

25,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.00%)

9.31%

06/27/2031

23,500

LBM

Acquisition

LLC

,

174,563

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.75%

Floor)

8.97%

06/06/2031

171,462

LC

Ahab

U.S.

Bidco

LLC

,

50,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%)

8.35%

05/01/2031

50,282

Lifepoint

Health,

Inc.

,

139,301

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.75%)

10.05%

11/16/2028

139,405

Lightning

Power

LLC

,

60,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.25%)

8.35%

08/18/2031

60,192

Lummus

Technology

Holdings

V

LLC

,

46,342

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%)

8.46%

12/31/2029

46,533

Annual

Report

|

September

30,

2024

11

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Madison

Safety

&

Flow

LLC

,

35,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

3.25%)

8.10%

09/19/2031

35,033

Mavis

Tire

Express

Services

Topco

Corp.

,

53,161

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%,

0.75%

Floor)

8.35%

05/04/2028

53,197

McAfee

Corp.

,

44,661

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%,

0.50%

Floor)

8.45%

03/01/2029

44,560

Medline

Borrower

LP

,

50,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.25%,

0.50%

Floor)

7.10%

10/23/2028

49,996

Mitchell

International,

Inc.

,

169,595

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%,

0.50%

Floor)

8.10%

06/17/2031

167,312

35,000

Senior

Secured

Second

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

5.25%,

0.50%

Floor)

10.10%

06/07/2032

34,460

Motion

Finco

Sarl

,

89,413

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.50%)

8.10%

11/13/2029

86,161

Natgasoline

LLC

,

44,756

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

6

Month

+

3.50%)

8.95%

11/14/2025

44,532

NEP

Group,

Inc.

,

45,054

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.25%)

8.12%

08/19/2026

43,331

Nvent

Electric

plc

,

75,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

3.50%)

8.24%

09/12/2031

75,016

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Olympus

Water

U.S.

Holding

Corp.

,

104,738

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.50%,

0.50%

Floor)

8.10%

06/20/2031

104,868

OneDigital

Borrower

LLC

,

119,700

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%,

0.50%

Floor)

8.10%

06/13/2031

118,902

40,000

Senior

Secured

Second

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

5.25%,

0.50%

Floor)

10.10%

07/02/2032

39,700

Ontario

Gaming

GTA

LP

,

29,775

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.25%,

0.50%

Floor)

8.89%

08/01/2030

29,784

OVG

Business

Services

LLC

,

55,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%)

7.85%

06/25/2031

54,794

Pacific

Dental

Services

LLC

,

89,775

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%)

7.85%

03/17/2031

89,831

Parexel

International,

Inc.

,

108,878

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%,

0.50%

Floor)

7.85%

11/15/2028

109,023

Penn

National

Gaming,

Inc.

,

127,763

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%,

0.50%

Floor)

7.70%

05/03/2029

128,203

PetSmart,

Inc.

,

118,173

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.75%

Floor)

8.70%

02/11/2028

117,339

12

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2024

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Playa

Resorts

Holding

BV

,

59,246

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%,

0.50%

Floor)

7.60%

01/05/2029

58,938

Polaris

Newco

LLC

,

44,884

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.00%,

0.50%

Floor)

9.51%

06/02/2028

44,195

Pregis

Topco

LLC

,

49,352

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.00%)

8.85%

07/31/2026

49,515

Proofpoint,

Inc.

,

127,605

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%,

0.50%

Floor)

7.85%

08/31/2028

127,689

Quikrete

Holdings,

Inc.

,

24,686

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.25%)

7.10%

03/19/2029

24,720

Radiology

Partners,

Inc.

,

44,776

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.50%)

8.88%

01/31/2029

43,918

Resideo

Funding,

Inc.

,

54,863

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.00%)

7.30%

06/16/2031

55,000

Restoration

Hardware,

Inc.

,

79,794

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.50%,

0.50%

Floor)

7.46%

10/20/2028

76,902

Sedgwick

Claims

Management

Services,

Inc.

,

85,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.00%)

8.25%

07/31/2031

84,939

Sotera

Health

Holdings

LLC

,

110,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%)

8.10%

05/30/2031

109,794

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Station

Casinos

LLC

,

39,800

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.25%)

7.10%

03/14/2031

39,690

StubHub

Holdco

Sub

LLC

,

44,221

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.75%)

9.60%

03/15/2030

44,258

SWF

Holdings

I

Corp.

,

19,633

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.00%,

0.75%

Floor)

8.96%

10/06/2028

16,329

Thunder

Generation

Funding

LLC

,

85,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

3.00%)

8.01%

09/29/2031

85,000

Transdigm,

Inc.

,

49,750

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.50%)

7.10%

02/28/2031

49,613

120,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.50%)

7.32%

01/19/2032

119,662

Triton

Water

Holdings,

Inc.

,

164,152

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.25%,

0.50%

Floor)

8.31%

03/31/2028

164,053

United

Airlines,

Inc.

,

104,475

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.75%)

8.03%

02/22/2031

104,801

Vestis

Corp.

,

29,094

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.25%)

7.37%

02/24/2031

28,962

Vizient,

Inc.

,

55,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.00%,

0.50%

Floor)

6.85%

08/01/2031

55,165

Annual

Report

|

September

30,

2024

13

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Wand

Newco

3,

Inc.

,

64,838

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.25%)

7.85%

01/30/2031

64,838

WaterBridge

Midstream

Operating

LLC

,

20,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.75%)

9.39%

06/21/2029

19,364

Westjet

Loyalty

LP

,

79,600

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%)

9.08%

02/14/2031

78,887

White

Cap

Supply

Holdings

LLC

,

45,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%)

8.10%

10/19/2029

44,727

Zayo

Group

Holdings,

Inc.

,

25,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%)

7.96%

03/09/2027

22,909

Total

Bank

Loans

(Cost

$9,304,300)

9,322,103

COLLATERALIZED

LOAN

OBLIGATIONS

4.6%

37

Capital

CLO

4

Ltd.

,

500,000

Series

2023-2A-B

(CME

Term

SOFR

3

Month

+

2.75%,

2.75%

Floor)

8.05%

(a)

01/15/2034

501,848

AIMCO

CLO

21

Ltd.

,

500,000

Series

2024-21A-D1

(CME

Term

SOFR

3

Month

+

3.15%,

3.15%

Floor)

8.48%

(a)

04/18/2037

505,232

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.

,

129,819

Series

2021-FL3-A

(CME

Term

SOFR

1

Month

+

1.18%,

1.18%

Floor)

6.28%

(a)

08/15/2034

129,680

AREIT

Ltd.

,

200,000

Series

2024-CRE9-B

(CME

Term

SOFR

1

Month

+

2.54%,

2.54%

Floor)

7.62%

(a)

05/17/2041

200,369

Bain

Capital

Credit

CLO

Ltd.

,

500,000

Series

2023-4A-C

(CME

Term

SOFR

3

Month

+

2.90%,

2.90%

Floor)

8.18%

(a)

10/21/2036

509,792

BDS

LLC

,

280,000

Series

2022-FL11-B

(CME

Term

SOFR

1

Month

+

2.35%,

2.35%

Floor)

7.31%

(a)

03/19/2039

281,657

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

BRSP

Ltd.

,

200,745

Series

2021-FL1-A

(CME

Term

SOFR

1

Month

+

1.26%,

1.15%

Floor)

6.23%

(a)

08/19/2038

200,090

BSPRT

Issuer

Ltd.

,

270,000

Series

2023-FL10-B

(CME

Term

SOFR

1

Month

+

3.27%,

3.27%

Floor)

8.36%

(a)

09/15/2035

272,729

Captree

Park

CLO

Ltd.

,

500,000

Series

2024-1A-D

(CME

Term

SOFR

3

Month

+

3.25%,

3.25%

Floor)

8.58%

(a)

07/20/2037

505,835

CBAM

Ltd.

,

500,000

Series

2017-2A-BR

(CME

Term

SOFR

3

Month

+

2.11%,

1.85%

Floor)

7.40%

(a)

07/17/2034

500,862

Eaton

Vance

CLO

Ltd.

,

500,000

Series

2013-1A-A23R

(CME

Term

SOFR

3

Month

+

1.81%,

1.55%

Floor)

7.11%

(a)

01/15/2034

500,584

Elmwood

CLO

28

Ltd.

,

500,000

Series

2024-4A-D

(CME

Term

SOFR

3

Month

+

3.30%,

3.30%

Floor)

8.64%

(a)

04/17/2037

506,025

Elmwood

CLO

XII

Ltd.

,

500,000

Series

2021-5A-D1R

(CME

Term

SOFR

3

Month

+

3.10%,

3.10%

Floor)

7.67%

(a)

10/15/2037

500,000

Empower

CLO

Ltd.

,

500,000

Series

2023-2A-B

(CME

Term

SOFR

3

Month

+

2.75%,

2.75%

Floor)

8.05%

(a)

07/15/2036

506,954

Greystone

CRE

Notes

Ltd.

,

284,237

Series

2021-FL3-A

(CME

Term

SOFR

1

Month

+

1.13%,

1.02%

Floor)

6.23%

(a)

07/15/2039

283,796

240,000

Series

2021-FL3-B

(CME

Term

SOFR

1

Month

+

1.76%,

1.65%

Floor)

6.86%

(a)

07/15/2039

239,163

KREF

Ltd.

,

210,000

Series

2021-FL2-AS

(CME

Term

SOFR

1

Month

+

1.41%,

1.30%

Floor)

6.50%

(a)

02/15/2039

205,500

LoanCore

Issuer

Ltd.

,

151,200

Series

2021-CRE5-A

(CME

Term

SOFR

1

Month

+

1.41%,

1.41%

Floor)

6.51%

(a)

07/15/2036

150,653

Marble

Point

CLO

XI

Ltd.

,

500,000

Series

2017-2A-B

(CME

Term

SOFR

3

Month

+

1.76%,

1.50%

Floor)

7.04%

(a)

12/18/2030

501,794

14

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2024

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

MF1

Multifamily

Housing

Mortgage

Loan

Trust

,

126,278

Series

2021-FL7-A

(CME

Term

SOFR

1

Month

+

1.19%,

1.08%

Floor)

6.21%

(a)

10/16/2036

125,840

260,000

Series

2024-FL14-

AS

(CME

Term

SOFR

1

Month

+

2.24%,

2.24%

Floor)

7.20%

(a)

03/19/2039

260,908

280,000

Series

2024-FL15-A

(CME

Term

SOFR

1

Month

+

1.69%,

1.69%

Floor)

6.70%

(a)

08/18/2041

280,534

Midocean

Credit

CLO

IX

,

500,000

Series

2018-9A-D

(CME

Term

SOFR

3

Month

+

3.56%,

3.30%

Floor)

8.84%

(a)

07/20/2031

501,645

Octagon

Investment

Partners

45

Ltd.

,

500,000

Series

2019-1A-BR

(CME

Term

SOFR

3

Month

+

1.85%,

1.85%

Floor)

7.15%

(a)

04/15/2035

500,873

Park

Avenue

Institutional

Advisers

CLO

Ltd.

,

500,000

Series

2018-1A-BR

(CME

Term

SOFR

3

Month

+

2.36%,

2.10%

Floor)

7.64%

(a)

10/20/2031

500,578

Race

Point

IX

CLO

Ltd.

,

1,000,000

Series

2015-9A-BR

(CME

Term

SOFR

3

Month

+

2.41%,

0.26%

Floor)

7.71%

(a)

10/15/2030

1,001,091

Sound

Point

CLO

XXXI

Ltd.

,

500,000

Series

2021-3A-D

(CME

Term

SOFR

3

Month

+

3.51%,

3.25%

Floor)

8.80%

(a)

10/25/2034

489,762

Steele

Creek

CLO

Ltd.

,

441,040

Series

2017-1A-A

(CME

Term

SOFR

3

Month

+

1.51%)

6.81%

(a)

10/15/2030

441,739

STWD

Ltd.

,

42,317

Series

2019-FL1-AS

(CME

Term

SOFR

1

Month

+

1.51%,

1.51%

Floor)

6.61%

(a)

07/15/2038

41,998

126,283

Series

2021-FL2-A

(CME

Term

SOFR

1

Month

+

1.31%,

1.20%

Floor)

6.33%

(a)

04/18/2038

124,876

TRTX

Issuer

Ltd.

,

137,046

Series

2021-FL4-A

(CME

Term

SOFR

1

Month

+

1.31%,

1.20%

Floor)

6.40%

(a)

03/15/2038

136,676

Venture

XXVI

CLO

Ltd.

,

500,000

Series

2017-26A-BR

(CME

Term

SOFR

3

Month

+

1.96%,

1.70%

Floor)

7.24%

(a)

01/20/2029

500,748

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Vibrant

CLO

IV-R

Ltd.

,

500,000

Series

2024-4RA-D1

(CME

Term

SOFR

3

Month

+

3.75%,

3.75%

Floor)

0.00%

(a)

10/20/2037

500,000

Voya

CLO

Ltd.

,

1,000,000

Series

2013-1A-BR

(CME

Term

SOFR

3

Month

+

2.16%)

7.46%

(a)

10/15/2030

1,003,050

500,000

Series

2014-4A-CR2

(CME

Term

SOFR

3

Month

+

3.61%)

8.91%

(a)

07/14/2031

503,591

Wellfleet

CLO

Ltd.

,

500,000

Series

2017-3A-A2

(CME

Term

SOFR

3

Month

+

1.76%,

1.50%

Floor)

7.05%

(a)

01/17/2031

501,951

Wind

River

CLO

Ltd.

,

1,000,000

Series

2021-1A-D1R

(CME

Term

SOFR

3

Month

+

3.95%,

3.95%

Floor)

9.17%

(a)

07/20/2037

1,019,507

Total

Collateralized

Loan

Obligations

(Cost

$15,147,731)

15,437,930

FOREIGN

CORPORATE

BONDS

6.6%

AUSTRALIA

0.2%

195,000

Glencore

Funding

LLC

1.63%

(a)

04/27/2026

187,204

354,000

Glencore

Funding

LLC

5.37%

(a)

04/04/2029

366,127

553,331

BERMUDA

0.1%

417,000

Triton

Container

International

Ltd.

3.25%

03/15/2032

360,722

BRAZIL

0.8%

236,198

Acu

Petroleo

Luxembourg

Sarl

7.50%

01/13/2032

237,283

200,000

Banco

do

Brasil

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.40%)

8.75%

(c)

10/15/2024

203,259

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

196,581

200,000

Braskem

Netherlands

Finance

BV

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

8.22%)

8.50%

01/23/2081

200,343

250,000

Cosan

Overseas

Ltd.

8.25%

(c)

11/05/2024

256,640

200,000

CSN

Resources

SA

5.88%

04/08/2032

170,561

331,260

Guara

Norte

Sarl

5.20%

06/15/2034

315,767

Annual

Report

|

September

30,

2024

15

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

200,000

LD

Celulose

International

GmbH

7.95%

(a)

01/26/2032

205,375

200,000

Movida

Europe

SA

7.85%

(a)

04/11/2029

192,705

157,660

MV24

Capital

BV

6.75%

06/01/2034

154,276

200,000

NBM

US

Holdings,

Inc.

7.00%

05/14/2026

201,447

297,830

Prumo

Participacoes

e

Investimentos

S/A

7.50%

12/31/2031

299,299

400,000

Simpar

Europe

SA

5.20%

01/26/2031

332,246

173,000

Vale

Overseas

Ltd.

6.40%

06/28/2054

182,416

3,148,198

CANADA

0.3%

330,000

Bank

of

Montreal

(5

Year

Swap

Rate

USD

+

1.43%)

3.80%

12/15/2032

320,749

91,000

Bombardier,

Inc.

7.88%

(a)

04/15/2027

91,312

75,000

Bombardier,

Inc.

8.75%

(a)

11/15/2030

82,449

25,000

Bombardier,

Inc.

7.00%

(a)

06/01/2032

26,180

30,000

Garda

World

Security

Corp.

4.63%

(a)

02/15/2027

29,482

35,000

Garda

World

Security

Corp.

6.00%

(a)

06/01/2029

33,622

80,000

Garda

World

Security

Corp.

8.25%

(a)

08/01/2032

81,955

140,000

Husky

Injection

Molding

Systems

Ltd.

9.00%

(a)

02/15/2029

146,267

70,000

Kronos

Acquisition

Holdings,

Inc.

8.25%

(a)

06/30/2031

70,352

65,000

South

Bow

USA

Infrastructure

Holdings

LLC

4.91%

(a)

09/01/2027

65,514

947,882

CAYMAN

ISLANDS

0.1%

345,000

Global

Aircraft

Leasing

Co.

Ltd.

8.75%

(a)

09/01/2027

350,521

CHILE

0.3%

200,000

Banco

del

Estado

de

Chile

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.23%)

7.95%

(a)(c)

05/02/2029

214,951

400,000

CAP

SA

3.90%

04/27/2031

329,000

197,619

Chile

Electricity

PEC

SpA

0.00%

01/25/2028

163,036

235,360

GNL

Quintero

SA

4.63%

07/31/2029

234,362

941,349

COLOMBIA

0.5%

191,666

AL

Candelaria

Spain

SA

7.50%

12/15/2028

190,202

250,000

AL

Candelaria

Spain

SA

5.75%

06/15/2033

204,787

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

200,000

Bancolombia

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.94%)

4.63%

12/18/2029

198,096

200,000

Bancolombia

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.32%)

8.63%

12/24/2034

214,854

200,000

Canacol

Energy

Ltd.

5.75%

11/24/2028

105,957

200,000

Empresas

Publicas

de

Medellin

ESP

4.25%

07/18/2029

183,110

171,860

Fideicomiso

PA

Pacifico

Tres

8.25%

01/15/2035

172,290

200,000

Termocandelaria

Power

SA

7.75%

(a)

09/17/2031

205,009

200,000

Transportadora

de

Gas

Internacional

SA

ESP

5.55%

11/01/2028

201,905

1,676,210

DOMINICAN

REPUBLIC

0.1%

200,000

Aeropuertos

Dominicanos

Siglo

XXI

SA

7.00%

(a)

06/30/2034

209,626

GUATEMALA

0.3%

350,000

Banco

Industrial

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.44%)

4.88%

01/29/2031

345,408

200,000

Energuate

Trust

5.88%

05/03/2027

197,191

180,000

Millicom

International

Cellular

SA

6.63%

10/15/2026

180,166

180,000

Millicom

International

Cellular

SA

6.25%

03/25/2029

179,182

901,947

INDIA

0.5%

172,000

Adani

International

Container

Terminal

Pvt.

Ltd.

3.00%

02/16/2031

152,590

400,000

Adani

Ports

&

Special

Economic

Zone

Ltd.

4.20%

08/04/2027

386,610

151,000

Adani

Transmission

Step-One

Ltd.

4.25%

05/21/2036

132,870

456,000

JSW

Hydro

Energy

Ltd.

4.13%

05/18/2031

416,786

200,000

JSW

Infrastructure

Ltd.

4.95%

01/21/2029

194,774

400,000

Network

i2i

Ltd.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.27%)

5.65%

(c)

01/15/2025

401,102

200,000

UPL

Corp.

Ltd.

4.50%

03/08/2028

181,640

1,866,372

16

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2024

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

INDONESIA

0.5%

250,000

Adaro

Indonesia

PT

4.25%

10/31/2024

249,439

200,000

Bank

Negara

Indonesia

Persero

Tbk.

PT

3.75%

03/30/2026

195,228

200,000

Freeport

Indonesia

PT

4.76%

04/14/2027

201,651

400,000

Indonesia

Asahan

Aluminium

PT

4.75%

05/15/2025

399,285

200,000

Medco

Laurel

Tree

Pte.

Ltd.

6.95%

11/12/2028

200,211

200,000

Medco

Oak

Tree

Pte.

Ltd.

7.38%

05/14/2026

203,202

300,000

Pertamina

Persero

PT

1.40%

02/09/2026

287,522

1,736,538

IRELAND

0.2%

530,000

Avolon

Holdings

Funding

Ltd.

5.75%

(a)

03/01/2029

546,541

140,000

GGAM

Finance

Ltd.

6.88%

(a)

04/15/2029

145,989

692,530

KUWAIT

0.1%

200,000

MEGlobal

Canada

ULC

5.00%

05/18/2025

199,919

LUXEMBOURG

0.1%

169,000

ArcelorMittal

SA

6.00%

06/17/2034

179,445

MEXICO

0.7%

250,000

Banco

Inbursa

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

Inbursa

4.38%

04/11/2027

245,945

200,000

Banco

Mercantil

del

Norte

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.64%)

5.88%

(c)

01/24/2027

196,664

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

183,224

200,000

BBVA

Bancomer

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.65%)

5.13%

01/18/2033

190,382

200,000

Buffalo

Energy

Mexico

Holdings

7.88%

(a)

02/15/2039

213,317

234,300

Cometa

Energia

SA

de

CV

6.38%

04/24/2035

237,966

200,000

Comision

Federal

de

Electricidad

3.35%

02/09/2031

172,976

200,000

Comision

Federal

de

Electricidad

6.45%

(a)

01/24/2035

199,449

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

200,000

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple

7.25%

(a)

01/31/2041

208,890

200,000

KUO

SAB

de

CV

5.75%

07/07/2027

196,717

362,904

Mexico

Generadora

de

Energia

S

de

rl

5.50%

12/06/2032

362,694

100,000

Petroleos

Mexicanos

6.75%

09/21/2047

71,717

50,000

Southern

Copper

Corp.

3.88%

04/23/2025

49,653

350,671

Tierra

Mojada

Luxembourg

II

Sarl

5.75%

12/01/2040

333,309

2,862,903

PANAMA

0.1%

250,000

Banco

Nacional

de

Panama

2.50%

08/11/2030

207,784

PARAGUAY

0.3%

150,000

Banco

Continental

SAECA

2.75%

12/10/2025

145,472

253,472

Bioceanico

Sovereign

Certificate

Ltd.

0.00%

06/05/2034

199,626

200,000

Frigorifico

Concepcion

SA

7.70%

07/21/2028

139,862

500,000

Rutas

2

&

7

Finance

Ltd.

0.00%

09/30/2036

362,425

847,385

PERU

0.7%

131,000

Banco

de

Credito

del

Peru

S.A.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%)

3.13%

(a)

07/01/2030

128,055

250,000

Banco

de

Credito

del

Peru

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%)

3.13%

07/01/2030

244,379

150,000

Banco

de

Credito

del

Peru

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.45%)

3.25%

09/30/2031

142,358

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

196,876

400,000

Cia

de

Minas

Buenaventura

SAA

5.50%

07/23/2026

395,006

300,000

InRetail

Consumer

3.25%

03/22/2028

281,616

Annual

Report

|

September

30,

2024

17

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

150,000

InRetail

Shopping

Malls

5.75%

04/03/2028

151,170

200,000

Intercorp

Financial

Services,

Inc.

4.13%

10/19/2027

193,414

168,585

Lima

Metro

Line

2

Finance

Ltd.

5.88%

07/05/2034

171,388

250,422

Lima

Metro

Line

2

Finance

Ltd.

4.35%

04/05/2036

234,863

209,000

Orazul

Energy

Peru

SA

5.63%

04/28/2027

205,818

200,000

Petroleos

del

Peru

SA

5.63%

06/19/2047

137,165

360,000

Transportadora

de

Gas

del

Peru

SA

4.25%

04/30/2028

354,156

2,836,264

SINGAPORE

0.3%

300,000

DBS

Group

Holdings

Ltd.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.10%)

1.82%

03/10/2031

288,485

400,000

Oversea-Chinese

Banking

Corp.

Ltd.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.58%)

1.83%

09/10/2030

388,610

400,000

United

Overseas

Bank

Ltd.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.23%)

2.00%

10/14/2031

379,102

1,056,197

SOUTH

AFRICA

0.1%

200,000

Sasol

Financing

USA

LLC

4.38%

09/18/2026

194,421

UNITED

KINGDOM

0.2%

272,000

BAT

Capital

Corp.

4.54%

08/15/2047

229,901

234,000

Macquarie

Airfinance

Holdings

Ltd.

5.15%

(a)

03/17/2030

234,707

50,000

Macquarie

Airfinance

Holdings

Ltd.

6.50%

(a)

03/26/2031

52,811

517,419

VIETNAM

0.1%

210,820

Mong

Duong

Finance

Holdings

BV

5.13%

05/07/2029

204,739

Total

Foreign

Corporate

Bonds

(Cost

$21,750,014)

22,491,702

FOREIGN

GOVERNMENT

BONDS,

FOREIGN

AGENCIES

AND

FOREIGN

GOVERNMENT

SPONSORED

CORPORATIONS

0.3%

COLOMBIA

0.1%

250,000

Republic

of

Colombia

3.88%

04/25/2027

241,515

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

GUATEMALA

0.0%

(d)

200,000

Republic

of

Guatemala

4.38%

06/05/2027

195,655

200,000

Republic

of

Guatemala

4.88%

02/13/2028

197,520

393,175

PANAMA

0.1%

200,000

Republic

of

Panama

3.88%

03/17/2028

193,327

PARAGUAY

0.1%

200,000

Republic

of

Paraguay

4.70%

03/27/2027

199,900

Total

Foreign

Government

Bonds,

Foreign

Agencies

and

Foreign

Government

Sponsored

Corporations

(Cost

$1,011,450)

1,027,917

NON-AGENCY

COMMERCIAL

MORTGAGE

BACKED

OBLIGATIONS

5.1%

BANK

,

300,000

Series

2018-BN11-C

4.52%

(e)

03/15/2061

276,985

200,000

Series

2018-BN14-A3

3.97%

09/15/2060

197,083

160,000

Series

2019-BN23-A3

2.92%

12/15/2052

147,936

220,000

Series

2021-BN32-A4

2.35%

04/15/2054

195,903

300,000

Series

2021-BN38-A5

2.52%

12/15/2064

261,151

307,000

Series

2022-BNK43-C

5.40%

(e)

08/15/2055

274,844

6,001,866

Series

2023-BNK46-XA

0.75%

(e)(f)

08/15/2056

234,587

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust

,

266,000

Series

2016-UB10-C

4.98%

(e)

07/15/2049

255,117

197,912

Series

2017-BNK3-A3

3.31%

02/15/2050

193,081

BANK5

,

11,916,467

Series

2023-5YR1-XA

0.48%

(e)(f)

04/15/2056

110,394

302,000

Series

2024-5YR9-A3

5.61%

08/15/2057

315,365

BBCMS

Mortgage

Trust

,

300,000

Series

2021-C11-ASB

2.11%

09/15/2054

275,946

300,000

Series

2021-C12-A5

2.69%

11/15/2054

266,910

180,000

Series

2021-C12-AS

2.90%

11/15/2054

156,470

250,000

Series

2021-C9-A5

2.30%

02/15/2054

220,015

100,000

Series

2022-C16-A5

4.60%

(e)

06/15/2055

100,240

200,000

Series

2022-C17-A5

4.44%

09/15/2055

197,695

250,000

Series

2023-C19-A5

5.45%

04/15/2056

263,682

314,000

Series

2024-5C29-A3

5.21%

09/15/2057

323,067

Benchmark

Mortgage

Trust

,

6,980,247

Series

2018-B2-XA

0.59%

(e)(f)

02/15/2051

80,041

350,000

Series

2019-B13-A3

2.70%

08/15/2057

322,942

150,000

Series

2019-B14-ASB

2.96%

12/15/2062

145,246

310,000

Series

2019-B15-A4

2.67%

12/15/2072

282,396

250,000

Series

2021-B31-A5

2.67%

12/15/2054

221,241

250,000

Series

2022-B35-C

4.59%

(e)

05/15/2055

198,627

305,000

Series

2022-B37-C

5.94%

(e)

11/15/2055

278,293

200,000

Series

2023-B38-A4

5.52%

04/15/2056

212,996

7,094,594

Series

2023-V3-XA

1.05%

(e)(f)

07/15/2056

192,782

320,000

Series

2024-V10-A3

5.28%

10/15/2029

329,845

274,000

Series

2024-V8-A2

5.71%

07/15/2057

287,118

18

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2024

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

300,000

Series

2024-V9-A3

5.60%

08/15/2057

311,666

BMO

Mortgage

Trust

,

225,000

Series

2024-5C3-AS

6.29%

(e)

02/15/2057

237,534

309,000

Series

2024-5C6-A3

5.32%

09/15/2057

318,479

BPR

Trust

,

251,000

Series

2021-TY-A

(CME

Term

SOFR

1

Month

+

1.16%,

1.05%

Floor)

6.26%

(a)

09/15/2038

248,992

Cantor

Commercial

Real

Estate

Lending

,

500,000

Series

2019-CF1-C

4.35%

(e)

05/15/2052

385,527

CFCRE

Commercial

Mortgage

Trust

,

184,634

Series

2016-C6-A2

2.95%

11/10/2049

180,236

Citigroup

Commercial

Mortgage

Trust

,

250,000

Series

2015-GC27-C

4.55%

(e)

02/10/2048

239,463

311,815

Series

2017-P7-A3

3.44%

04/14/2050

303,953

300,000

Series

2018-B2-A3

3.74%

03/10/2051

294,566

272,432

Series

2018-C5-A3

3.96%

06/10/2051

267,099

100,000

Series

2022-GC48-A5

4.74%

(e)

05/15/2054

99,969

Commercial

Mortgage

Trust

,

205,000

Series

2016-DC2-C

4.81%

(e)

02/10/2049

198,177

CSMC

Trust

,

273,000

Series

2021-B33-A2

3.17%

(a)

10/10/2043

242,481

DBJPM

Mortgage

Trust

,

290,000

Series

2016-C1-B

4.20%

(e)

05/10/2049

268,255

250,000

Series

2020-C9-ASB

1.88%

08/15/2053

231,431

Del

Amo

Fashion

Center

Trust

,

250,000

Series

2017-AMO-C

3.76%

(a)(e)

06/05/2035

229,174

FIVE

Mortgage

Trust

,

250,000

Series

2023-V1-D

6.51%

(a)(e)

02/10/2056

237,957

GS

Mortgage

Securities

Corp.

Trust

,

250,000

Series

2023-SHIP-A

4.47%

(a)(e)

09/10/2038

248,078

GS

Mortgage

Securities

Trust

,

9,336,021

Series

2017-GS7-XA

1.22%

(e)(f)

08/10/2050

215,927

250,000

Series

2019-GC42-A3

2.75%

09/10/2052

230,380

250,000

Series

2019-GSA1-C

3.93%

(e)

11/10/2052

216,337

HTL

Commercial

Mortgage

Trust

,

250,000

Series

2024-T53-A

6.07%

(a)(e)

05/10/2039

255,726

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

292,884

Series

2022-NLP-A

(CME

Term

SOFR

1

Month

+

0.60%,

0.60%

Floor)

5.69%

(a)

04/15/2037

285,158

JPMCC

Commercial

Mortgage

Securities

Trust

,

7,979,281

Series

2017-JP6-XA

1.16%

(e)(f)

07/15/2050

147,667

LSTAR

Commercial

Mortgage

Trust

,

250,000

Series

2015-3-D

3.27%

(a)(e)

04/20/2048

244,351

MF1

Multifamily

Housing

Mortgage

Loan

Trust

,

300,000

Series

2021-FL5-AS

(CME

Term

SOFR

1

Month

+

1.31%,

1.31%

Floor)

6.40%

(a)

07/15/2036

299,526

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

250,000

Series

2016-C31-C

4.40%

(e)

11/15/2049

215,676

Morgan

Stanley

Capital

I

Trust

,

283,000

Series

2018-L1-C

4.94%

(e)

10/15/2051

265,249

MSWF

Commercial

Mortgage

Trust

,

212,930

Series

2023-2-A1

5.96%

12/15/2056

217,568

NJ

Trust

,

250,000

Series

2023-GSP-A

6.70%

(a)(e)

01/06/2029

265,490

UBS

Commercial

Mortgage

Trust

,

273,308

Series

2017-C4-A3

3.30%

10/15/2050

262,358

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

200,000

Series

2018-C8-C

4.84%

(e)

02/15/2051

177,334

Wells

Fargo

Commercial

Mortgage

Trust

,

150,731

Series

2015-C27-A4

3.19%

02/15/2048

149,906

250,000

Series

2015-LC22-A4

3.84%

09/15/2058

247,223

306,000

Series

2017-C41-B

4.19%

(e)

11/15/2050

291,794

320,000

Series

2018-C45-C

4.73%

06/15/2051

301,482

391,688

Series

2019-C50-A4

3.47%

05/15/2052

376,576

250,000

Series

2019-C50-C

4.35%

05/15/2052

224,665

210,000

Series

2020-C57-A4

2.12%

08/15/2053

185,109

270,000

Series

2020-C58-A3

1.81%

07/15/2053

237,442

246,000

Series

2021-C60-A3

2.06%

08/15/2054

216,036

250,000

Series

2024-C63-C

6.12%

(e)

08/15/2057

253,838

WFRBS

Commercial

Mortgage

Trust

,

399,709

Series

2014-C21-XA

0.70%

(e)(f)

08/15/2047

5

Total

Non-Agency

Commercial

Mortgage

Backed

Obligations

(Cost

$16,601,598)

17,143,858

NON-AGENCY

RESIDENTIAL

COLLATERALIZED

MORTGAGE

OBLIGATIONS

9.1%

BRAVO

Residential

Funding

Trust

,

1,117,729

Series

2023-NQM3-A1

4.85%

(a)(b)

09/25/2062

1,113,581

1,603,630

Series

2023-NQM5-A1

6.50%

(a)(b)

06/25/2063

1,628,489

Citigroup

Mortgage

Loan

Trust

,

470,743

Series

2007-AR8-2A1A

5.24%

(e)

07/25/2037

417,789

COLT

Mortgage

Loan

Trust

,

1,000,000

Series

2024-5-A2

5.38%

(a)(b)

08/25/2069

1,009,072

Connecticut

Avenue

Securities

Trust

,

500,000

Series

2022-R01-

1M2

(SOFR

30

Day

Average

+

1.90%)

7.18%

(a)

12/25/2041

506,434

1,406,367

Series

2024-R03-

2M1

(SOFR

30

Day

Average

+

1.15%)

6.41%

(a)

03/25/2044

1,407,541

Cross

Mortgage

Trust

,

1,000,000

Series

2024-H1-M1

7.07%

(a)(e)

12/25/2068

1,030,625

CyrusOne

Data

Centers

Issuer

I

LLC

,

500,000

Series

2024-2A-A2

4.50%

(a)

05/20/2049

487,269

Deephaven

Residential

Mortgage

Trust

,

868,252

Series

2022-2-A1

4.30%

(a)(e)

03/25/2067

850,077

FHLMC

STACR

REMIC

Trust

,

500,000

Series

2022-DNA2-

M1B

(SOFR

30

Day

Average

+

2.40%)

7.68%

(a)

02/25/2042

512,004

HOMES

Trust

,

829,202

Series

2023-NQM1-A1

6.18%

(a)(b)

01/25/2068

835,600

Legacy

Mortgage

Asset

Trust

,

390,408

Series

2021-GS2-A1

4.75%

(a)(b)

04/25/2061

393,480

New

Residential

Mortgage

Loan

Trust

,

816,636

Series

2019-RPL2-A1

3.25%

(a)(e)

02/25/2059

791,750

889,273

Series

2024-NQM1-A1

6.13%

(a)(b)

03/25/2064

904,063

OBX

Trust

,

1,424,492

Series

2023-NQM10-A1

6.46%

(a)(b)

10/25/2063

1,448,772

810,470

Series

2023-NQM2-A1

6.32%

(a)(b)

01/25/2062

819,258

Annual

Report

|

September

30,

2024

19

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

768,825

Series

2023-NQM3-A3

6.76%

(a)(b)

02/25/2063

777,430

1,392,811

Series

2024-NQM6-A1

6.45%

(a)(b)

02/25/2064

1,424,785

PRPM

LLC

,

1,471,303

Series

2024-4-A1

6.41%

(a)(b)

08/25/2029

1,490,192

RFMSI

Trust

,

1,290,865

Series

2006-S4-A7

6.00%

04/25/2036

1,039,375

Structured

Asset

Mortgage

Investments

II

Trust

,

1,165,601

Series

2007-AR3-

1A3

(CME

Term

SOFR

1

Month

+

0.53%,

0.42%

Floor)

5.39%

09/25/2047

1,002,681

Towd

Point

Mortgage

Trust

,

1,569,522

Series

2018-5-A1

3.25%

(a)(e)

07/25/2058

1,511,376

2,132,805

Series

2020-2-A1A

1.64%

(a)(e)

04/25/2060

1,948,447

214,293

Series

2020-3-A1

3.09%

(a)(e)

02/25/2063

207,008

913,264

Series

2022-1-A1

3.75%

(a)(e)

07/25/2062

873,742

Verus

Securitization

Trust

,

461,635

Series

2021-8-A1

1.82%

(a)(e)

11/25/2066

421,844

1,081,642

Series

2023-4-A1

5.81%

(a)(b)

05/25/2068

1,089,466

762,265

Series

2023-INV1-A3

6.76%

(a)(b)

02/25/2068

770,538

2,238,119

Series

2023-INV3-A1

6.88%

(a)(e)

11/25/2068

2,295,327

1,124,445

Series

2024-1-A1

5.71%

(a)(b)

01/25/2069

1,135,134

WaMu

Mortgage-Backed

Pass-Through

Certificates

Trust

,

395,321

Series

2006-AR16-2A1

4.32%

(e)

12/25/2036

347,943

Wells

Fargo

Mortgage-Backed

Securities

Trust

,

277,939

Series

2006-AR14-2A1

7.40%

(e)

10/25/2036

250,416

Total

Non-Agency

Residential

Collateralized

Mortgage

Obligations

(Cost

$30,267,978)

30,741,508

US

CORPORATE

BONDS

14.9%

70,000

AAR

Escrow

Issuer

LLC

6.75%

(a)

03/15/2029

72,862

340,000

AbbVie,

Inc.

4.70%

05/14/2045

329,224

115,000

Academy

Ltd.

6.00%

(a)

11/15/2027

115,396

60,000

AdaptHealth

LLC

5.13%

(a)

03/01/2030

56,210

155,000

Advanced

Drainage

Systems,

Inc.

6.38%

(a)

06/15/2030

158,478

90,000

AEP

Texas,

Inc.

5.45%

05/15/2029

93,914

130,000

AEP

Transmission

Co.

LLC

5.40%

03/15/2053

134,888

160,000

Aethon

United

BR

LP

7.50%

(a)

10/01/2029

162,234

173,000

AGCO

Corp.

5.80%

03/21/2034

180,984

215,000

Agree

LP

5.63%

06/15/2034

225,030

663,000

Alexandria

Real

Estate

Equities,

Inc.

3.00%

05/18/2051

443,130

95,000

Alliant

Holdings

Intermediate

LLC

6.75%

(a)

10/15/2027

94,720

90,000

Alliant

Holdings

Intermediate

LLC

6.50%

(a)

10/01/2031

91,056

70,000

Allied

Universal

Holdco

LLC

9.75%

(a)

07/15/2027

70,217

155,000

Allied

Universal

Holdco

LLC

7.88%

(a)

02/15/2031

158,464

85,000

Amentum

Escrow

Corp.

7.25%

(a)

08/01/2032

88,787

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

195,000

American

Airlines,

Inc.

7.25%

(a)

02/15/2028

199,781

110,000

American

Airlines,

Inc.

8.50%

(a)

05/15/2029

116,780

250,000

American

Homes

4

Rent

LP

5.50%

02/01/2034

258,324

155,000

American

National

Group,

Inc.

5.75%

10/01/2029

156,002

349,000

Amgen,

Inc.

5.75%

03/02/2063

368,672

110,000

Anywhere

Real

Estate

Group

LLC

7.00%

(a)

04/15/2030

102,290

145,000

Archrock

Partners

LP

6.63%

(a)

09/01/2032

148,798

275,000

Ares

Capital

Corp.

5.95%

07/15/2029

282,416

145,000

Arizona

Public

Service

Co.

5.70%

08/15/2034

153,157

262,000

Arrow

Electronics,

Inc.

5.88%

04/10/2034

271,850

220,000

AssuredPartners,

Inc.

5.63%

(a)

01/15/2029

211,987

585,000

AT&T,

Inc.

3.50%

09/15/2053

430,130

135,000

AthenaHealth

Group,

Inc.

6.50%

(a)

02/15/2030

129,786

266,000

Athene

Global

Funding

5.35%

(a)

07/09/2027

271,732

345,000

Athene

Holding

Ltd.

6.25%

04/01/2054

368,106

130,000

Atlassian

Corp.

5.25%

05/15/2029

134,471

236,000

Aviation

Capital

Group

LLC

5.38%

(a)

07/15/2029

241,194

30,000

Avient

Corp.

6.25%

(a)

11/01/2031

30,778

125,000

Bank

of

America

Corp.

(SOFR

+

1.65%)

5.47%

01/23/2035

131,498

623,000

Bank

of

America

Corp.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.20%)

2.48%

09/21/2036

525,890

290,000

Bank

of

New

York

Mellon

Corp.

(The)

(SOFR

+

1.23%)

5.06%

07/22/2032

300,164

180,000

Bausch

+

Lomb

Corp.

8.38%

(a)

10/01/2028

190,575

60,000

BCPE

Empire

Holdings,

Inc.

7.63%

(a)

05/01/2027

60,252

160,000

Beacon

Roofing

Supply,

Inc.

6.50%

(a)

08/01/2030

165,750

317,000

Black

Hills

Corp.

6.00%

01/15/2035

337,749

240,000

BlackRock

Funding,

Inc.

5.25%

03/14/2054

248,888

355,000

BlackRock

Funding,

Inc.

5.35%

01/08/2055

373,992

65,000

Blue

Racer

Midstream

LLC

7.25%

(a)

07/15/2032

68,266

160,000

BP

Capital

Markets

America,

Inc.

4.89%

09/11/2033

162,860

159,000

BP

Capital

Markets

America,

Inc.

5.23%

11/17/2034

165,605

85,000

Brand

Industrial

Services,

Inc.

10.38%

(a)

08/01/2030

91,129

445,000

Broadcom,

Inc.

3.50%

(a)

02/15/2041

366,207

20

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2024

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

380,000

Brown

&

Brown,

Inc.

2.38%

03/15/2031

329,234

195,000

Buckeye

Partners

LP

6.88%

(a)

07/01/2029

199,957

155,000

Builders

FirstSource,

Inc.

6.38%

(a)

03/01/2034

161,137

224,000

Bunge

Ltd.

Finance

Corp.

4.65%

09/17/2034

223,603

168,000

Burlington

Northern

Santa

Fe

LLC

5.50%

03/15/2055

181,371

135,000

Caesars

Entertainment,

Inc.

6.50%

(a)

02/15/2032

139,730

155,000

Campbell

Soup

Co.

5.40%

03/21/2034

162,601

135,000

Carnival

Corp.

5.75%

(a)

03/01/2027

136,806

65,000

Carvana

Co.

12.00%

(a)

12/01/2028

65,678

125,000

CCO

Holdings

LLC

5.13%

(a)

05/01/2027

123,119

100,000

CCO

Holdings

LLC

4.75%

(a)

03/01/2030

92,059

95,000

CCO

Holdings

LLC

4.75%

(a)

02/01/2032

83,803

448,000

Centene

Corp.

3.00%

10/15/2030

401,387

75,000

Central

Parent

LLC

8.00%

(a)

06/15/2029

78,074

240,000

CF

Industries,

Inc.

5.38%

03/15/2044

236,454

520,000

Cheniere

Energy,

Inc.

4.63%

10/15/2028

516,957

80,000

Chord

Energy

Corp.

6.38%

(a)

06/01/2026

80,241

80,000

CHS/Community

Health

Systems,

Inc.

6.00%

(a)

01/15/2029

77,738

555,000

Citigroup,

Inc.

(SOFR

+

1.35%)

3.06%

01/25/2033

495,964

185,000

Citigroup,

Inc.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.73%)

5.41%

09/19/2039

184,548

105,000

Citizens

Financial

Group,

Inc.

(SOFR

+

2.33%)

6.65%

04/25/2035

115,320

95,000

Civitas

Resources,

Inc.

8.38%

(a)

07/01/2028

98,868

25,000

Clear

Channel

Outdoor

Holdings,

Inc.

7.75%

(a)

04/15/2028

22,391

145,000

Clydesdale

Acquisition

Holdings,

Inc.

6.88%

(a)

01/15/2030

148,260

155,000

CNH

Industrial

Capital

LLC

5.10%

04/20/2029

159,614

60,000

CNX

Resources

Corp.

6.00%

(a)

01/15/2029

60,373

125,000

Consolidated

Communications,

Inc.

5.00%

(a)

10/01/2028

115,169

140,000

Cornerstone

Building

Brands,

Inc.

9.50%

(a)

08/15/2029

143,930

65,000

Coty,

Inc.

5.00%

(a)

04/15/2026

64,776

235,000

Coty,

Inc.

6.63%

(a)

07/15/2030

244,393

65,000

Cougar

JV

Subsidiary

LLC

8.00%

(a)

05/15/2032

68,785

327,000

Crown

Castle,

Inc.

3.65%

09/01/2027

320,600

400,000

CSX

Corp.

3.80%

11/01/2046

335,207

155,000

CVS

Health

Corp.

5.30%

06/01/2033

158,452

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

230,000

CVS

Health

Corp.

5.88%

06/01/2053

234,219

160,000

Dealer

Tire

LLC

8.00%

(a)

02/01/2028

159,418

435,000

Devon

Energy

Corp.

5.75%

09/15/2054

423,707

145,000

Directv

Financing

LLC

5.88%

(a)

08/15/2027

142,468

120,000

Dornoch

Debt

Merger

Sub,

Inc.

6.63%

(a)

10/15/2029

105,748

425,000

DR

Horton,

Inc.

5.00%

10/15/2034

431,122

246,000

DTE

Energy

Co.

5.85%

06/01/2034

264,179

105,000

Duke

Energy

Corp.

5.00%

08/15/2052

99,510

85,000

Dun

&

Bradstreet

Corp.

(The)

5.00%

(a)

12/15/2029

84,725

285,000

Elevance

Health,

Inc.

2.38%

01/15/2025

282,835

110,000

Elevance

Health,

Inc.

4.55%

05/15/2052

98,243

115,000

EMRLD

Borrower

LP

6.63%

(a)

12/15/2030

118,720

75,000

EMRLD

Borrower

LP

6.75%

(a)

07/15/2031

78,277

281,000

Energy

Transfer

LP

5.95%

05/15/2054

287,816

162,000

Energy

Transfer

LP

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.83%)

7.13%

10/01/2054

165,783

363,000

EnLink

Midstream

LLC

5.65%

09/01/2034

375,379

75,000

Entergy

Arkansas

LLC

5.75%

06/01/2054

80,908

250,000

Entergy

Louisiana

LLC

4.75%

09/15/2052

231,697

170,000

Equinix,

Inc.

3.90%

04/15/2032

162,836

300,000

Equinix,

Inc.

2.95%

09/15/2051

199,122

80,000

Everi

Holdings,

Inc.

5.00%

(a)

07/15/2029

79,691

160,000

Eversource

Energy

5.50%

01/01/2034

166,187

386,000

Expedia

Group,

Inc.

3.80%

02/15/2028

378,850

345,000

Expedia

Group,

Inc.

3.25%

02/15/2030

325,469

75,000

Fertitta

Entertainment

LLC

6.75%

(a)

01/15/2030

69,923

310,000

Fiserv,

Inc.

5.45%

03/15/2034

324,173

260,000

Ford

Motor

Co.

3.25%

02/12/2032

221,507

80,000

Fortrea

Holdings,

Inc.

7.50%

(a)

07/01/2030

80,625

135,000

Fortress

Transportation

and

Infrastructure

Investors

LLC

7.88%

(a)

12/01/2030

145,570

225,000

Fortress

Transportation

and

Infrastructure

Investors

LLC

5.88%

(a)

04/15/2033

225,000

60,000

Frontier

Communications

Holdings

LLC

5.88%

(a)

10/15/2027

60,293

75,000

Frontier

Communications

Holdings

LLC

6.75%

(a)

05/01/2029

75,583

55,000

Frontier

Communications

Holdings

LLC

8.63%

(a)

03/15/2031

59,342

Annual

Report

|

September

30,

2024

21

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

90,000

Full

House

Resorts,

Inc.

8.25%

(a)

02/15/2028

90,199

260,000

Genesee

&

Wyoming,

Inc.

6.25%

(a)

04/15/2032

267,696

372,000

Genuine

Parts

Co.

4.95%

08/15/2029

378,543

85,000

Gilead

Sciences,

Inc.

5.55%

10/15/2053

91,325

155,000

Global

Payments,

Inc.

4.95%

08/15/2027

157,607

595,000

Goldman

Sachs

Group,

Inc.

(The)

(SOFR

+

0.82%)

5.66%

09/10/2027

594,574

70,000

Gray

Television,

Inc.

10.50%

(a)

07/15/2029

73,181

105,000

Griffon

Corp.

5.75%

03/01/2028

103,773

20,000

GTCR

AP

Finance,

Inc.

8.00%

(a)

05/15/2027

20,013

155,000

Gulfport

Energy

Corp.

6.75%

(a)

09/01/2029

157,007

130,000

Harvest

Midstream

I

LP

7.50%

(a)

05/15/2032

136,847

395,000

HCA,

Inc.

5.25%

06/15/2049

375,307

447,000

Hewlett

Packard

Enterprise

Co.

5.00%

10/15/2034

442,721

210,000

Hilcorp

Energy

I

LP

5.75%

(a)

02/01/2029

204,468

20,000

Hilcorp

Energy

I

LP

8.38%

(a)

11/01/2033

21,578

315,000

Host

Hotels

&

Resorts

LP

5.70%

07/01/2034

325,392

350,000

Host

Hotels

&

Resorts

LP

3.50%

09/15/2030

324,777

122,000

Howmet

Aerospace,

Inc.

4.85%

10/15/2031

124,609

95,000

HUB

International

Ltd.

7.25%

(a)

06/15/2030

99,057

320,000

Hyatt

Hotels

Corp.

5.25%

06/30/2029

327,820

310,000

Hyundai

Capital

America

5.30%

(a)

01/08/2029

318,658

145,000

Illuminate

Buyer

LLC

9.00%

(a)

07/01/2028

146,735

205,000

IQVIA,

Inc.

6.25%

02/01/2029

218,061

210,000

Iron

Mountain,

Inc.

7.00%

(a)

02/15/2029

219,056

100,000

JBS

USA

Holding

Lux

Sarl

5.13%

02/01/2028

101,438

95,000

JetBlue

Airways

Corp.

9.88%

(a)

09/20/2031

100,158

155,000

JPMorgan

Chase

&

Co.

(SOFR

+

1.99%)

4.85%

07/25/2028

157,734

735,000

JPMorgan

Chase

&

Co.

(SOFR

+

1.26%)

2.96%

01/25/2033

661,688

305,000

Keurig

Dr

Pepper,

Inc.

5.20%

03/15/2031

318,556

374,000

Kinder

Morgan

Energy

Partners

LP

6.95%

01/15/2038

425,247

120,000

Kodiak

Gas

Services

LLC

7.25%

(a)

02/15/2029

124,282

354,000

Kroger

Co.

(The)

4.90%

09/15/2031

356,408

376,000

Laboratory

Corp.

of

America

Holdings

4.55%

04/01/2032

371,823

80,000

LBM

Acquisition

LLC

6.25%

(a)

01/15/2029

75,721

105,000

Legacy

LifePoint

Health

LLC

4.38%

(a)

02/15/2027

103,060

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

100,000

Level

3

Financing,

Inc.

10.50%

(a)

04/15/2029

109,505

170,000

LifePoint

Health,

Inc.

10.00%

(a)

06/01/2032

187,105

50,000

Light

&

Wonder

International,

Inc.

7.25%

(a)

11/15/2029

51,768

85,000

Lightning

Power

LLC

7.25%

(a)

08/15/2032

89,454

45,000

Live

Nation

Entertainment,

Inc.

6.50%

(a)

05/15/2027

45,928

95,000

Lowe's

Cos.,

Inc.

5.63%

04/15/2053

98,966

51,000

Macy's

Retail

Holdings

LLC

5.88%

(a)

04/01/2029

50,399

55,000

Madison

IAQ

LLC

4.13%

(a)

06/30/2028

53,121

150,000

Madison

IAQ

LLC

5.88%

(a)

06/30/2029

146,176

60,000

Markel

Group,

Inc.

6.00%

05/16/2054

63,880

320,000

Marriott

International,

Inc.

5.30%

05/15/2034

329,867

228,000

Marvell

Technology,

Inc.

5.95%

09/15/2033

245,160

154,000

MasTec,

Inc.

5.90%

06/15/2029

160,861

100,000

Matador

Resources

Co.

6.50%

(a)

04/15/2032

99,926

75,000

Match

Group

Holdings

II

LLC

5.00%

(a)

12/15/2027

74,370

40,000

Mavis

Tire

Express

Services

Topco

Corp.

6.50%

(a)

05/15/2029

38,469

155,000

McDonald's

Corp.

5.45%

08/14/2053

161,737

55,000

McGraw-Hill

Education,

Inc.

5.75%

(a)

08/01/2028

54,397

30,000

McGraw-Hill

Education,

Inc.

7.38%

(a)

09/01/2031

31,151

75,000

Medline

Borrower

LP

6.25%

(a)

04/01/2029

77,369

150,000

Medline

Borrower

LP

5.25%

(a)

10/01/2029

147,288

410,000

Meta

Platforms,

Inc.

4.45%

08/15/2052

378,387

35,000

Michaels

Cos.,

Inc.

(The)

5.25%

(a)

05/01/2028

25,868

30,000

Michaels

Cos.,

Inc.

(The)

7.88%

(a)

05/01/2029

17,603

135,000

Midwest

Gaming

Borrower

LLC

4.88%

(a)

05/01/2029

129,585

135,000

Miter

Brands

Acquisition

Holdco,

Inc.

6.75%

(a)

04/01/2032

140,029

157,000

MPLX

LP

5.50%

06/01/2034

161,370

56,000

Nationstar

Mortgage

Holdings,

Inc.

5.75%

(a)

11/15/2031

54,918

100,000

NCL

Corp.

Ltd.

8.38%

(a)

02/01/2028

105,086

140,000

Netflix,

Inc.

4.88%

04/15/2028

143,471

241,000

Netflix,

Inc.

5.40%

08/15/2054

255,335

325,000

NextEra

Energy

Capital

Holdings,

Inc.

5.55%

03/15/2054

339,862

22

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2024

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

71,000

NextEra

Energy

Capital

Holdings,

Inc.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.46%)

6.75%

06/15/2054

76,793

95,000

NGL

Energy

Operating

LLC

8.13%

(a)

02/15/2029

97,483

315,000

NiSource,

Inc.

5.35%

04/01/2034

327,225

325,000

Northrop

Grumman

Corp.

5.20%

06/01/2054

331,239

80,000

NuStar

Logistics

LP

6.00%

06/01/2026

80,538

72,000

Occidental

Petroleum

Corp.

5.38%

01/01/2032

73,048

165,000

OneMain

Finance

Corp.

7.50%

05/15/2031

169,992

303,000

ONEOK,

Inc.

6.63%

09/01/2053

336,447

25,000

Oracle

Corp.

6.25%

11/09/2032

27,671

187,000

Oracle

Corp.

3.80%

11/15/2037

165,538

176,000

O'Reilly

Automotive,

Inc.

5.00%

08/19/2034

178,192

65,000

Outfront

Media

Capital

LLC

7.38%

(a)

02/15/2031

69,448

80,000

Owens

&

Minor,

Inc.

6.63%

(a)

04/01/2030

77,732

149,000

Owens

Corning

5.70%

06/15/2034

158,274

286,000

Pacific

Gas

and

Electric

Co.

6.95%

03/15/2034

325,263

345,000

Packaging

Corp.

of

America

3.00%

12/15/2029

325,612

60,000

Pactiv

Evergreen

Group

Issuer

LLC

4.38%

(a)

10/15/2028

57,527

100,000

Panther

Escrow

Issuer

LLC

7.13%

(a)

06/01/2031

104,969

195,000

Park

Intermediate

Holdings

LLC

7.00%

(a)

02/01/2030

202,872

145,000

PennyMac

Financial

Services,

Inc.

7.88%

(a)

12/15/2029

154,744

318,000

Penske

Truck

Leasing

Co.

LP

4.20%

(a)

04/01/2027

316,501

135,000

Performance

Food

Group,

Inc.

6.13%

(a)

09/15/2032

138,119

65,000

Permian

Resources

Operating

LLC

7.00%

(a)

01/15/2032

67,675

160,000

Philip

Morris

International,

Inc.

5.25%

02/13/2034

166,222

115,000

Pike

Corp.

8.63%

(a)

01/31/2031

123,104

115,000

Post

Holdings,

Inc.

6.38%

(a)

03/01/2033

117,164

174,000

Quanta

Services,

Inc.

2.35%

01/15/2032

149,454

185,000

Quanta

Services,

Inc.

5.25%

08/09/2034

189,237

373,000

Quest

Diagnostics,

Inc.

5.00%

12/15/2034

377,923

155,000

Regal

Rexnord

Corp.

6.05%

02/15/2026

157,457

318,000

Royal

Caribbean

Cruises

Ltd.

5.38%

(a)

07/15/2027

321,062

65,000

Royal

Caribbean

Cruises

Ltd.

5.63%

(a)

09/30/2031

65,894

75,000

Royal

Caribbean

Cruises

Ltd.

6.25%

(a)

03/15/2032

77,847

169,000

Royalty

Pharma

plc

5.15%

09/02/2029

173,406

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

332,000

Sabine

Pass

Liquefaction

LLC

5.00%

03/15/2027

336,413

125,000

San

Diego

Gas

&

Electric

Co.

5.35%

04/01/2053

128,505

253,000

Schlumberger

Holdings

Corp.

5.00%

(a)

11/15/2029

261,282

75,000

Scientific

Games

Holdings

LP

6.63%

(a)

03/01/2030

74,482

100,000

Sealed

Air

Corp.

7.25%

(a)

02/15/2031

105,964

95,000

Sirius

XM

Radio,

Inc.

5.50%

(a)

07/01/2029

92,883

85,000

Sitio

Royalties

Operating

Partnership

LP

7.88%

(a)

11/01/2028

88,989

165,000

Six

Flags

Entertainment

Corp.

6.63%

(a)

05/01/2032

170,992

145,000

SM

Energy

Co.

7.00%

(a)

08/01/2032

145,660

131,000

Sonoco

Products

Co.

4.60%

09/01/2029

130,403

80,000

Sotera

Health

Holdings

LLC

7.38%

(a)

06/01/2031

83,181

308,000

Southern

California

Edison

Co.

5.45%

06/01/2031

326,032

427,000

Southern

Co.

(The)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.92%)

3.75%

09/15/2051

414,038

70,000

Standard

Building

Solutions,

Inc.

6.50%

(a)

08/15/2032

72,541

35,000

Staples,

Inc.

10.75%

(a)

09/01/2029

34,004

190,000

Sun

Communities

Operating

LP

2.70%

07/15/2031

166,254

60,000

Tallgrass

Energy

Partners

LP

7.38%

(a)

02/15/2029

60,724

73,000

Targa

Resources

Corp.

5.50%

02/15/2035

75,210

125,000

Tenet

Healthcare

Corp.

6.13%

06/15/2030

127,199

160,000

T-Mobile

USA,

Inc.

5.15%

04/15/2034

164,891

155,000

T-Mobile

USA,

Inc.

5.50%

01/15/2055

160,737

155,000

Townsquare

Media,

Inc.

6.88%

(a)

02/01/2026

154,800

85,000

TransDigm,

Inc.

5.50%

11/15/2027

84,772

100,000

TransDigm,

Inc.

6.88%

(a)

12/15/2030

104,812

63,000

Transocean

Poseidon

Ltd.

6.88%

(a)

02/01/2027

63,069

43,000

Transocean,

Inc.

8.00%

(a)

02/01/2027

43,008

175,000

Trident

TPI

Holdings,

Inc.

12.75%

(a)

12/31/2028

194,490

329,000

Truist

Financial

Corp.

(SOFR

+

1.57%)

5.15%

08/05/2032

337,069

359,000

Uber

Technologies,

Inc.

4.80%

09/15/2034

358,727

60,000

UKG,

Inc.

6.88%

(a)

02/01/2031

62,042

50,000

United

Airlines,

Inc.

4.63%

(a)

04/15/2029

48,346

130,000

United

Natural

Foods,

Inc.

6.75%

(a)

10/15/2028

124,115

250,000

UnitedHealth

Group,

Inc.

5.05%

04/15/2053

248,475

115,000

UnitedHealth

Group,

Inc.

4.95%

05/15/2062

111,327

Annual

Report

|

September

30,

2024

23

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

399,000

Universal

Health

Services,

Inc.

4.63%

10/15/2029

396,670

55,000

Univision

Communications,

Inc.

7.38%

(a)

06/30/2030

53,275

225,000

US

Foods,

Inc.

5.75%

(a)

04/15/2033

225,804

60,000

Vail

Resorts,

Inc.

6.50%

(a)

05/15/2032

62,737

95,000

Venture

Global

LNG,

Inc.

8.13%

(a)

06/01/2028

99,103

35,000

Venture

Global

LNG,

Inc.

8.38%

(a)

06/01/2031

36,981

45,000

Venture

Global

LNG,

Inc.

9.88%

(a)

02/01/2032

50,032

305,000

Veralto

Corp.

5.35%

09/18/2028

317,752

155,000

Verisk

Analytics,

Inc.

5.25%

06/05/2034

160,177

422,000

VICI

Properties

LP

4.63%

(a)

12/01/2029

414,337

210,000

Victra

Holdings

LLC

7.75%

(a)

02/15/2026

211,854

120,000

Victra

Holdings

LLC

8.75%

(a)

09/15/2029

126,101

135,000

Viking

Cruises

Ltd.

5.88%

(a)

09/15/2027

135,000

195,000

Viking

Cruises

Ltd.

9.13%

(a)

07/15/2031

213,376

121,000

Virginia

Electric

and

Power

Co.

5.55%

08/15/2054

127,312

60,000

Vistra

Operations

Co.

LLC

7.75%

(a)

10/15/2031

64,642

80,000

Vistra

Operations

Co.

LLC

6.88%

(a)

04/15/2032

84,220

55,000

Vital

Energy,

Inc.

7.88%

(a)

04/15/2032

53,320

50,000

VT

Topco,

Inc.

8.50%

(a)

08/15/2030

53,397

75,000

Wand

NewCo

3,

Inc.

7.63%

(a)

01/30/2032

79,064

60,000

WASH

Multifamily

Acquisition,

Inc.

5.75%

(a)

04/15/2026

59,729

145,000

Watco

Cos.

LLC

7.13%

(a)

08/01/2032

151,254

80,000

Wayfair

LLC

7.25%

(a)

10/31/2029

82,157

100,000

Weatherford

International

Ltd.

8.63%

(a)

04/30/2030

104,275

120,000

Wells

Fargo

&

Co.

(SOFR

+

1.98%)

4.81%

07/25/2028

121,429

385,000

Wells

Fargo

&

Co.

(SOFR

+

1.74%)

5.57%

07/25/2029

400,647

200,000

Williams

Cos.,

Inc.

(The)

5.15%

03/15/2034

202,281

319,000

Willis

North

America,

Inc.

4.50%

09/15/2028

319,037

50,000

Windstream

Escrow

LLC

8.25%

(a)

10/01/2031

50,897

125,000

WR

Grace

Holdings

LLC

5.63%

(a)

08/15/2029

117,549

315,000

WRKCo,

Inc.

3.75%

03/15/2025

313,157

234,000

XHR

LP

4.88%

(a)

06/01/2029

224,490

160,000

XPO,

Inc.

7.13%

(a)

06/01/2031

167,667

370,000

Zimmer

Biomet

Holdings,

Inc.

5.20%

09/15/2034

376,947

Total

US

Corporate

Bonds

(Cost

$48,575,466)

50,483,505

US

GOVERNMENT

AND

AGENCY

MORTGAGE

BACKED

OBLIGATIONS

21.7%

FHLMC

UMBS

,

1,764,504

Pool

RA7939

5.00%

09/01/2052

1,768,068

1,295,842

Pool

SD2347

5.50%

02/01/2053

1,330,554

3,157,249

Pool

SD2969

2.50%

05/01/2052

2,772,679

1,727,386

Pool

SD3033

5.50%

05/01/2053

1,799,365

311,968

Pool

SD3454

5.50%

08/01/2053

318,350

1,548,972

Pool

SD3803

2.00%

02/01/2052

1,305,922

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

1,445,532

Pool

SD3892

5.50%

09/01/2053

1,472,192

1,153,603

Pool

SD4301

6.00%

11/01/2053

1,210,985

1,034,438

Pool

SD4888

6.00%

02/01/2054

1,072,359

975,110

Pool

SD5219

6.00%

04/01/2054

1,007,666

2,905,073

Pool

SD5249

5.50%

04/01/2054

2,992,313

4,203,294

Pool

SD5573

3.00%

08/01/2052

3,827,861

2,363,651

Pool

SD5617

6.00%

06/01/2054

2,456,584

2,977,203

Pool

SD6002

5.50%

07/01/2054

3,059,409

1,507,642

Pool

SD7553

3.00%

03/01/2052

1,373,279

1,240,267

Pool

SD8146

2.00%

05/01/2051

1,031,708

FNMA

REMICS

,

1,469,611

Series

2018-53-Z

3.50%

07/25/2048

1,333,092

1,510,804

Series

2018-62-B

3.50%

09/25/2048

1,397,181

2,573,634

Series

2019-5-FE

(SOFR

30

Day

Average

+

0.56%,

0.45%

Floor,

6.50%

Cap)

5.84%

03/25/2049

2,551,818

FNMA

UMBS

,

3,321,602

Pool

CA6032

2.50%

06/01/2050

2,920,848

2,355,258

Pool

CA8494

2.00%

01/01/2051

1,975,691

1,769,478

Pool

CB4573

5.00%

09/01/2052

1,770,377

669,028

Pool

CB6266

6.00%

05/01/2053

690,631

1,033,447

Pool

CB7272

6.00%

10/01/2053

1,068,548

947,533

Pool

CB7781

5.50%

01/01/2054

960,472

1,518,050

Pool

CB8692

5.50%

06/01/2054

1,560,006

3,923,903

Pool

CB8851

6.00%

07/01/2054

4,065,591

1,824,459

Pool

FS1472

3.50%

11/01/2050

1,722,328

2,672,114

Pool

FS3708

5.00%

01/01/2053

2,675,994

1,180,637

Pool

FS5082

5.00%

02/01/2053

1,203,546

1,739,959

Pool

FS5420

2.50%

03/01/2052

1,523,610

1,824,512

Pool

FS5600

2.50%

06/01/2052

1,602,394

977,592

Pool

FS6309

6.00%

12/01/2053

1,026,301

2,778,054

Pool

FS6517

2.50%

04/01/2052

2,440,289

2,925,484

Pool

FS7738

6.00%

03/01/2054

3,071,251

GNMA

,

1,147,974

Pool

785717

3.00%

11/20/2051

1,040,827

2,737,360

Pool

786184

3.00%

02/20/2052

2,490,284

816,982

Pool

786227

3.00%

04/20/2052

741,168

1,853,491

Pool

MA5191

3.50%

05/20/2048

1,758,018

1,053,105

Series

2013-116-WU

3.00%

12/20/2042

1,032,811

1,106,847

Series

2021-58-HP

3.00%

08/20/2050

993,757

1,020,994

Series

2022-23-BA

3.00%

05/20/2049

955,580

Total

US

Government

and

Agency

Mortgage

Backed

Obligations

(Cost

$71,346,438)

73,371,707

US

GOVERNMENT

AND

AGENCY

OBLIGATIONS

24.5%

5,650,000

U.S.

Treasury

Bonds

1.13%

05/15/2040

3,734,849

34,950,000

U.S.

Treasury

Bonds

1.38%

11/15/2040

23,730,504

11,500,000

U.S.

Treasury

Notes

0.75%

03/31/2026

11,000,020

2,000,000

U.S.

Treasury

Notes

0.75%

01/31/2028

1,824,023

16,500,000

U.S.

Treasury

Notes

0.63%

05/15/2030

14,015,010

18,500,000

U.S.

Treasury

Notes

0.63%

08/15/2030

15,594,561

15,500,000

U.S.

Treasury

Notes

0.88%

11/15/2030

13,194,678

Total

US

Government

and

Agency

Obligations

(Cost

$80,482,625)

83,093,645

24

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2024

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

SHORT

TERM

INVESTMENTS

1.5%

2,585,597

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

4.86%

(g)

2,585,597

2,585,597

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

4.83%

(g)

2,585,597

Total

Short

Term

Investments

(Cost

$5,171,194)

5,171,194

Total

Investments

100.2%

(Cost

$329,552,301)

339,077,539

Liabilities

in

Excess

of

Other

Assets

(0.2)%

(554,609)

NET

ASSETS

100.0%

$338,522,930

INVESTMENT

BREAKDOWN

as

a

%

of

Net

Assets:

US

Government

and

Agency

Obligations

24

.5

%

US

Government

and

Agency

Mortgage

Backed

Obligations

21

.7

Asset

Backed

Obligations

9

.1

Non-Agency

Residential

Collateralized

Mortgage

Obligations

9

.1

Non-Agency

Commercial

Mortgage

Backed

Obligations

5

.1

Collateralized

Loan

Obligations

4

.6

Banking

2

.3

Electric

1

.8

Short

Term

Investments

1

.5

Midstream

1

.4

Healthcare

1

.1

Technology

1

.0

Transportation

Services

1

.0

Government

Owned,

No

Guarantee

0

.8

Finance

Companies

0

.8

Independent

0

.7

Metals

and

Mining

0

.6

Consumer

Cyclical

Services

0

.6

Food

and

Beverage

0

.5

Chemicals

0

.4

Retailers

0

.4

Software

0

.4

Pharmaceuticals

0

.4

Railroads

0

.4

Leisure

0

.4

P&C

0

.4

Diversified

Manufacturing

0

.4

Wirelines

0

.4

Other

REITs

0

.4

Media

Entertainment

0

.4

Aerospace

&

Defense

0

.4

Oil

Field

Services

0

.4

Health

Insurance

0

.3

Building

Materials

0

.3

Foreign

Government

Bonds,

Foreign

Agencies

and

Foreign

Government

Sponsored

Corporations

0

.3

Wireless

0

.3

Gaming

0

.3

Paper

0

.3

Insurance

0

.2

Life

0

.2

.

INVESTMENT

BREAKDOWN

as

a

%

of

Net

Assets:

(Cont.)

Automotive

0

.2

%

Other

Industrial

0

.2

Hotels,

Restaurants

&

Leisure

0

.2

Financial

Services

0

.2

Lodging

0

.2

Packaging

0

.2

Supermarkets

0

.2

Brokerage,

Asset

Managers

&

Exchanges

0

.2

Local

Authority

0

.2

Diversified

Consumer

Services

0

.2

Cable

Satellite

0

.2

Specialty

Retail

0

.2

Airlines

0

.1

Healthcare

REITs

0

.1

Home

Construction

0

.1

Government

Sponsored

0

.1

Tobacco

0

.1

Health

Care

Equipment

&

Supplies

0

.1

Commercial

Services

&

Supplies

0

.1

Consumer

Products

0

.1

Health

Care

Providers

&

Services

0

.1

Construction

Machinery

0

.1

Integrated

0

.1

Natural

Gas

0

.1

Apartment

REITs

0

.1

Refining

0

.1

Restaurants

0

.1

Retail

REITs

0

.1

Passenger

Airlines

0

.1

Distributors

0

.1

IT

Services

0

.1

Electric

Utilities

0

.1

Beverages

0

.1

Other

Financial

0

.1

Household

Durables

0.0

(d)

Machinery

0.0

(d)

Construction

&

Engineering

0.0

(d)

Leisure

Products

0.0

(d)

Diversified

Telecommunication

Services

0.0

(d)

Oil,

Gas

&

Consumable

Fuels

0.0

(d)

Entertainment

0.0

(d)

Personal

Care

Products

0.0

(d)

Professional

Services

0.0

(d)

Containers

&

Packaging

0.0

(d)

Electrical

Equipment

0.0

(d)

Building

Products

0.0

(d)

Media

0.0

(d)

Wireless

Telecommunication

Services

0.0

(d)

Household

Products

0.0

(d)

Energy

Equipment

&

Services

0.0

(d)

Other

Assets

and

Liabilities

(

0

.2

)

100

.0

%

Annual

Report

|

September

30,

2024

25

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)

Perpetual

maturity.

The

date

disclosed

is

the

next

call

date

of

the

security.

(d)

Represents

less

than

0.05%

of

net

assets.

(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.

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

STACR

Structured

Agency

Credit

Risk

REMIC

Real

Estate

Mortgage

Investment

Conduit

Futures

Contracts

Description

Long/Short

Contract

Quantity

Expiration

Date

Notional

Amount

(1)

Unrealized

Appreciation

(Depreciation)

/

Value

U.S.

Treasury

2

Year

Note

Long

890

12/31/2024

$

185,335,547

$

297,705

U.S.

Treasury

10

Year

Ultra

Bond

Short

(210)

12/19/2024

(

24,842,344

)

52,613

U.S.

Treasury

5

Year

Note

Short

(140)

12/31/2024

(

15,383,594

)

(

10,766

)

U.S.

Treasury

Ultra

Bond

Long

12

12/19/2024

1,597,125

(

36,120

)

U.S.

Treasury

Long

Bond

Long

162

12/19/2024

20,118,375

(

113,580

)

$189,852

(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.

Schedule

of

Investments

DoubleLine

Shiller

CAPE

®

U.S.

Equities

ETF

September

30,

2024

26

DoubleLine

ETF

Trust

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

SHARES

SECURITY

DESCRIPTION

VALUE

$

COMMON

STOCKS

99.7%

BANKS

5.7%

104,301

Bank

of

America

Corp.

4,138,664

29,505

Citigroup,

Inc.

1,847,013

6,928

Citizens

Financial

Group,

Inc.

284,533

10,464

Fifth

Third

Bancorp

448,278

22,429

Huntington

Bancshares,

Inc.

329,706

43,862

JPMorgan

Chase

&

Co.

9,248,741

14,342

KeyCorp

240,229

2,602

M&T

Bank

Corp.

463,468

6,125

PNC

Financial

Services

Group,

Inc.

(The)

1,132,206

14,126

Regions

Financial

Corp.

329,560

20,654

Truist

Financial

Corp.

883,372

24,081

US

Bancorp

1,101,224

52,501

Wells

Fargo

&

Co.

2,965,781

23,412,775

BEVERAGES

5.2%

9,998

Brown-Forman

Corp.

-

Class

B

491,902

119,204

Coca-Cola

Co.

(The)

8,565,999

8,526

Constellation

Brands,

Inc.

-

Class

A

2,197,065

57,555

Keurig

Dr

Pepper,

Inc.

2,157,161

9,578

Molson

Coors

Beverage

Co.

-

Class

B

550,927

38,422

Monster

Beverage

Corp.

(a)

2,004,476

31,839

PepsiCo,

Inc.

5,414,222

21,381,752

CAPITAL

MARKETS

5.5%

1,528

Ameriprise

Financial,

Inc.

717,870

11,410

Bank

of

New

York

Mellon

Corp.

(The)

819,923

2,159

BlackRock,

Inc.

2,049,992

11,134

Blackstone,

Inc.

1,704,949

1,595

Cboe

Global

Markets,

Inc.

326,768

23,072

Charles

Schwab

Corp.

(The)

1,495,296

5,551

CME

Group,

Inc.

1,224,828

575

FactSet

Research

Systems,

Inc.

264,414

4,755

Franklin

Resources,

Inc.

95,813

4,882

Goldman

Sachs

Group,

Inc.

(The)

2,417,127

8,852

Intercontinental

Exchange,

Inc.

1,421,985

6,964

Invesco

Ltd.

122,288

10,440

KKR

&

Co.,

Inc.

1,363,255

566

MarketAxess

Holdings,

Inc.

145,009

2,422

Moody's

Corp.

1,149,457

19,199

Morgan

Stanley

2,001,304

1,193

MSCI,

Inc.

695,435

6,402

Nasdaq,

Inc.

467,410

3,119

Northern

Trust

Corp.

280,804

2,880

Raymond

James

Financial,

Inc.

352,685

4,966

S&P

Global,

Inc.

2,565,535

4,628

State

Street

Corp.

409,439

3,433

T

Rowe

Price

Group,

Inc.

373,957

22,465,543

CONSUMER

FINANCE

1.0%

8,692

American

Express

Co.

2,357,270

5,900

Capital

One

Financial

Corp.

883,407

3,869

Discover

Financial

Services

542,782

6,102

Synchrony

Financial

304,368

4,087,827

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

8.0%

13,637

Costco

Wholesale

Corp.

12,089,473

11,937

Dollar

General

Corp.

1,009,512

10,941

Dollar

Tree,

Inc.

(a)

769,371

36,153

Kroger

Co.

(The)

2,071,567

26,843

Sysco

Corp.

2,095,365

SHARES

SECURITY

DESCRIPTION

VALUE

$

25,191

Target

Corp.

3,926,269

39,126

Walgreens

Boots

Alliance,

Inc.

350,569

131,105

Walmart,

Inc.

10,586,729

32,898,855

DIVERSIFIED

REITS

0.2%

15,640

WP

Carey,

Inc.

974,372

DIVERSIFIED

TELECOMMUNICATION

SERVICES

2.3%

222,490

AT&T,

Inc.

4,894,780

99,818

Verizon

Communications,

Inc.

4,482,826

9,377,606

ENTERTAINMENT

6.3%

30,321

Electronic

Arts,

Inc.

4,349,244

27,590

Live

Nation

Entertainment,

Inc.

(a)

3,020,829

8,745

Netflix,

Inc.

(a)

6,202,566

28,407

Take-Two

Interactive

Software,

Inc.

(a)

4,366,440

48,984

Walt

Disney

Co.

(The)

4,711,771

390,291

Warner

Bros

Discovery,

Inc.

(a)

3,219,901

25,870,751

FINANCIAL

SERVICES

7.5%

28,234

Berkshire

Hathaway,

Inc.

-

Class

B

(a)

12,994,982

1,078

Corpay,

Inc.

(a)

337,155

8,442

Fidelity

National

Information

Services,

Inc.

707,018

8,864

Fiserv,

Inc.

(a)

1,592,418

3,913

Global

Payments,

Inc.

400,769

1,137

Jack

Henry

&

Associates,

Inc.

200,726

12,690

Mastercard,

Inc.

-

Class

A

6,266,322

15,815

PayPal

Holdings,

Inc.

(a)

1,234,044

25,924

Visa,

Inc.

-

Class

A

7,127,804

30,861,238

FOOD

PRODUCTS

4.5%

26,047

Archer-Daniels-Midland

Co.

1,556,048

7,730

Bunge

Global

SA

747,027

10,730

Campbell

Soup

Co.

524,912

26,104

Conagra

Brands,

Inc.

848,902

30,340

General

Mills,

Inc.

2,240,608

8,064

Hershey

Co.

(The)

1,546,514

15,825

Hormel

Foods

Corp.

501,653

5,810

J

M

Smucker

Co.

(The)

703,591

14,649

Kellanova

1,182,321

48,142

Kraft

Heinz

Co.

(The)

1,690,266

7,874

Lamb

Weston

Holdings,

Inc.

509,763

13,733

McCormick

&

Co.,

Inc.

(Non-Voting)

1,130,226

58,022

Mondelez

International,

Inc.

-

Class

A

4,274,480

15,616

Tyson

Foods,

Inc.

-

Class

A

930,089

18,386,400

HEALTH

CARE

REITS

2.5%

11,118

Alexandria

Real

Estate

Equities,

Inc.

1,320,263

25,907

Healthcare

Realty

Trust,

Inc.

-

Class

A

470,212

50,202

Healthpeak

Properties,

Inc.

1,148,120

18,396

Omega

Healthcare

Investors,

Inc.

748,717

16,740

Sabra

Health

Care

REIT,

Inc.

311,531

29,524

Ventas,

Inc.

1,893,374

34,692

Welltower,

Inc.

4,441,617

10,333,834

HOTEL

&

RESORT

REITS

0.2%

50,058

Host

Hotels

&

Resorts,

Inc.

881,021

HOUSEHOLD

PRODUCTS

5.4%

13,287

Church

&

Dwight

Co.,

Inc.

1,391,415

6,742

Clorox

Co.

(The)

1,098,339

Annual

Report

|

September

30,

2024

27

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

SHARES

SECURITY

DESCRIPTION

VALUE

$

41,228

Colgate-Palmolive

Co.

4,279,879

18,350

Kimberly-Clark

Corp.

2,610,838

72,638

Procter

&

Gamble

Co.

(The)

12,580,901

21,961,372

INDUSTRIAL

REITS

2.8%

18,692

Americold

Realty

Trust,

Inc.

528,423

3,477

EastGroup

Properties,

Inc.

649,573

9,463

First

Industrial

Realty

Trust,

Inc.

529,739

4,268

Lineage,

Inc.

334,526

65,483

Prologis,

Inc.

8,269,192

15,702

Rexford

Industrial

Realty,

Inc.

789,968

12,995

STAG

Industrial,

Inc.

507,975

11,609,396

INSURANCE

4.0%

7,765

Aflac,

Inc.

868,127

4,061

Allstate

Corp.

(The)

770,169

9,949

American

International

Group,

Inc.

728,565

3,342

Aon

plc

-

Class

A

1,156,299

5,774

Arch

Capital

Group

Ltd.

(a)

645,995

3,366

Arthur

J

Gallagher

&

Co.

947,091

813

Assurant,

Inc.

161,672

3,639

Brown

&

Brown,

Inc.

377,000

5,801

Chubb

Ltd.

1,672,950

2,406

Cincinnati

Financial

Corp.

327,505

390

Erie

Indemnity

Co.

-

Class

A

210,530

665

Everest

Group

Ltd.

260,567

1,387

Globe

Life,

Inc.

146,897

4,530

Hartford

Financial

Services

Group,

Inc.

(The)

532,773

2,824

Loews

Corp.

223,237

7,598

Marsh

&

McLennan

Cos.,

Inc.

1,695,038

9,160

MetLife,

Inc.

755,517

3,270

Principal

Financial

Group,

Inc.

280,893

9,056

Progressive

Corp.

(The)

2,298,051

5,519

Prudential

Financial,

Inc.

668,351

3,515

Travelers

Cos.,

Inc.

(The)

822,932

4,666

W

R

Berkley

Corp.

264,702

1,545

Willis

Towers

Watson

plc

455,049

16,269,910

INTERACTIVE

MEDIA

&

SERVICES

11.0%

66,493

Alphabet,

Inc.

-

Class

A

11,027,864

54,503

Alphabet,

Inc.

-

Class

C

9,112,357

45,133

Match

Group,

Inc.

(a)

1,707,833

39,644

Meta

Platforms,

Inc.

-

Class

A

22,693,810

44,541,864

MEDIA

5.0%

13,067

Charter

Communications,

Inc.

-

Class

A

(a)

4,234,753

112,240

Comcast

Corp.

-

Class

A

4,688,265

39,336

Fox

Corp.

-

Class

A

1,665,093

23,084

Fox

Corp.

-

Class

B

895,659

65,728

Interpublic

Group

of

Cos.,

Inc.

(The)

2,078,977

66,124

News

Corp.

-

Class

A

1,760,882

19,619

News

Corp.

-

Class

B

548,351

34,269

Omnicom

Group,

Inc.

3,543,072

103,936

Paramount

Global

-

Class

B

1,103,800

20,518,852

MORTGAGE

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

0.5%

55,760

AGNC

Investment

Corp.

583,250

35,691

Annaly

Capital

Management,

Inc.

716,318

35,002

Rithm

Capital

Corp.

397,273

22,655

Starwood

Property

Trust,

Inc.

461,709

2,158,550

SHARES

SECURITY

DESCRIPTION

VALUE

$

OFFICE

REITS

0.5%

10,363

BXP,

Inc.

833,807

10,856

Cousins

Properties,

Inc.

320,035

7,531

Kilroy

Realty

Corp.

291,450

11,836

Vornado

Realty

Trust

466,338

1,911,630

PERSONAL

CARE

PRODUCTS

0.9%

12,595

Estee

Lauder

Cos.,

Inc.

(The)

-

Class

A

1,255,596

104,189

Kenvue,

Inc.

2,409,891

3,665,487

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

1.7%

21,444

CBRE

Group,

Inc.

-

Class

A

(a)

2,669,350

29,252

CoStar

Group,

Inc.

(a)

2,206,771

2,184

Howard

Hughes

Holdings,

Inc.

(a)

169,107

3,391

Jones

Lang

LaSalle,

Inc.

(a)

914,926

244

Seaport

Entertainment

Group,

Inc.

(a)

6,690

3,870

Zillow

Group,

Inc.

-

Class

A

(a)

239,669

10,705

Zillow

Group,

Inc.

-

Class

C

(a)

683,514

6,890,027

RESIDENTIAL

REITS

3.2%

22,341

American

Homes

4

Rent

-

Class

A

857,671

10,133

AvalonBay

Communities,

Inc.

2,282,459

7,615

Camden

Property

Trust

940,681

13,289

Equity

LifeStyle

Properties,

Inc.

948,037

24,308

Equity

Residential

1,809,975

4,586

Essex

Property

Trust,

Inc.

1,354,796

40,548

Invitation

Homes,

Inc.

1,429,722

8,356

Mid-America

Apartment

Communities,

Inc.

1,327,768

8,369

Sun

Communities,

Inc.

1,131,070

21,406

UDR,

Inc.

970,548

13,052,727

RETAIL

REITS

2.9%

7,167

Agree

Realty

Corp.

539,890

21,525

Brixmor

Property

Group,

Inc.

599,687

5,357

Federal

Realty

Investment

Trust

615,894

48,147

Kimco

Realty

Corp.

1,117,973

13,113

NNN

REIT,

Inc.

635,849

62,073

Realty

Income

Corp.

3,936,670

11,646

Regency

Centers

Corp.

841,191

21,895

Simon

Property

Group,

Inc.

3,700,693

11,987,847

SPECIALIZED

REITS

9.7%

33,048

American

Tower

Corp.

7,685,644

31,040

Crown

Castle,

Inc.

3,682,275

16,063

CubeSmart

864,671

21,991

Digital

Realty

Trust,

Inc.

3,558,804

6,735

Equinix,

Inc.

5,978,188

15,113

Extra

Space

Storage,

Inc.

2,723,211

19,577

Gaming

and

Leisure

Properties,

Inc.

1,007,237

20,950

Iron

Mountain,

Inc.

2,489,489

6,339

Lamar

Advertising

Co.

-

Class

A

846,890

5,104

PotlatchDeltic

Corp.

229,935

11,209

Public

Storage

4,078,619

9,529

Rayonier,

Inc.

306,643

7,681

SBA

Communications

Corp.

1,848,817

74,637

VICI

Properties,

Inc.

-

Class

A

2,486,158

52,047

Weyerhaeuser

Co.

1,762,311

39,548,892

TOBACCO

2.1%

82,368

Altria

Group,

Inc.

4,204,063

28

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Shiller

CAPE

®

U.S.

Equities

ETF

(Cont.)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2024

Click

here

to

add

static

content

to

this

content

block.

SHARES

SECURITY

DESCRIPTION

VALUE

$

36,014

Philip

Morris

International,

Inc.

4,372,099

8,576,162

WIRELESS

TELECOMMUNICATION

SERVICES

1.1%

22,268

T-Mobile

US,

Inc.

4,595,224

Total

Common

Stocks

(Cost

$367,432,521)

408,219,914

SHORT

TERM

INVESTMENTS

0.2%

393,383

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

4.86%

(b)

393,383

393,383

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

4.83%

(b)

393,383

Total

Short

Term

Investments

(Cost

$786,766)

786,766

Total

Investments

99.9%

(Cost

$368,219,287)

409,006,680

Other

Assets

in

Excess

of

Liabilities

0.1%

369,963

NET

ASSETS

100.0%

$409,376,643

(a)

Non-income

producing

security.

(b)

Seven-day

yield

as

of

period

end.

Schedule

of

Investments

DoubleLine

Commercial

Real

Estate

ETF

September

30,

2024

Annual

Report

|

September

30,

2024

29

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

$

COLLATERALIZED

LOAN

OBLIGATIONS

26.8%

ACREC

LLC

,

1,000,000

Series

2023-FL2-B

(CME

Term

SOFR

1

Month

+

3.48%,

3.48%

Floor)

8.58%

(a)

02/19/2038

1,010,574

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.

,

675,460

Series

2021-FL1-A

(CME

Term

SOFR

1

Month

+

1.08%,

0.97%

Floor)

6.18%

(a)

12/15/2035

675,466

1,833,049

Series

2021-FL3-A

(CME

Term

SOFR

1

Month

+

1.18%,

1.18%

Floor)

6.28%

(a)

08/15/2034

1,831,080

1,829,295

Series

2022-FL1-A

(SOFR

30

Day

Average

+

1.45%,

1.45%

Floor)

6.79%

(a)

01/15/2037

1,822,931

AREIT

Trust

,

483,421

Series

2021-CRE5-A

(CME

Term

SOFR

1

Month

+

1.19%,

1.08%

Floor)

6.28%

(a)

11/17/2038

484,142

379,000

Series

2021-CRE5-C

(CME

Term

SOFR

1

Month

+

2.36%,

2.25%

Floor)

7.45%

(a)

11/17/2038

378,675

2,868,212

Series

2022-CRE6-A

(SOFR

30

Day

Average

+

1.25%,

1.25%

Floor)

6.59%

(a)

01/20/2037

2,867,773

BDS

Ltd.

,

232,635

Series

2021-FL7-A

(CME

Term

SOFR

1

Month

+

1.18%,

1.07%

Floor)

6.20%

(a)

06/16/2036

232,004

BRSP

Ltd.

,

1,254,658

Series

2021-FL1-A

(CME

Term

SOFR

1

Month

+

1.26%,

1.15%

Floor)

6.23%

(a)

08/19/2038

1,250,560

BSPDF

Issuer

Ltd.

,

328,841

Series

2021-FL1-A

(CME

Term

SOFR

1

Month

+

1.31%,

1.20%

Floor)

6.41%

(a)

10/15/2036

326,019

BSPRT

Issuer

Ltd.

,

633,551

Series

2021-FL6-A

(CME

Term

SOFR

1

Month

+

1.21%,

1.10%

Floor)

6.31%

(a)

03/15/2036

631,746

2,000,000

Series

2023-FL10-A

(CME

Term

SOFR

1

Month

+

2.26%,

2.26%

Floor)

7.36%

(a)

09/15/2035

2,016,766

BXMT

Ltd.

,

485,899

Series

2020-FL2-A

(CME

Term

SOFR

1

Month

+

1.01%,

1.01%

Floor)

6.10%

(a)

02/15/2038

467,668

651,292

Series

2020-FL3-A

(CME

Term

SOFR

1

Month

+

1.51%,

1.51%

Floor)

6.60%

(a)

11/15/2037

637,609

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

FS

Rialto

,

261,583

Series

2019-FL1-A

(CME

Term

SOFR

1

Month

+

1.31%,

1.20%

Floor)

6.41%

(a)

12/16/2036

261,230

2,000,000

Series

2019-FL1-B

(CME

Term

SOFR

1

Month

+

2.01%,

1.90%

Floor)

7.11%

(a)

12/16/2036

1,987,706

1,695,803

Series

2021-FL2-A

(CME

Term

SOFR

1

Month

+

1.33%,

1.33%

Floor)

6.43%

(a)

05/16/2038

1,690,310

1,748,592

Series

2021-FL3-A

(CME

Term

SOFR

1

Month

+

1.36%,

1.36%

Floor)

6.46%

(a)

11/16/2036

1,748,091

GPMT

Ltd.

,

566,622

Series

2021-FL3-A

(CME

Term

SOFR

1

Month

+

1.36%,

1.36%

Floor)

6.38%

(a)

07/16/2035

560,513

1,394,697

Series

2021-FL4-A

(CME

Term

SOFR

1

Month

+

1.46%,

1.35%

Floor)

6.38%

(a)

12/15/2036

1,378,884

320,000

Series

2021-FL4-AS

(CME

Term

SOFR

1

Month

+

1.81%,

1.70%

Floor)

6.73%

(a)

12/15/2036

313,319

Greystone

CRE

Notes

Ltd.

,

2,813,951

Series

2021-FL3-A

(CME

Term

SOFR

1

Month

+

1.13%,

1.02%

Floor)

6.23%

(a)

07/15/2039

2,809,575

550,000

Series

2021-FL3-B

(CME

Term

SOFR

1

Month

+

1.76%,

1.65%

Floor)

6.86%

(a)

07/15/2039

548,082

HERA

Commercial

Mortgage

Ltd.

,

336,775

Series

2021-FL1-A

(CME

Term

SOFR

1

Month

+

1.16%,

1.05%

Floor)

6.18%

(a)

02/18/2038

332,143

HGI

CRE

CLO

Ltd.

,

834,308

Series

2021-FL1-A

(CME

Term

SOFR

1

Month

+

1.16%,

1.16%

Floor)

6.26%

(a)

06/16/2036

833,537

749,834

Series

2021-FL2-A

(CME

Term

SOFR

1

Month

+

1.11%,

1.11%

Floor)

6.21%

(a)

09/17/2036

748,591

2,500,000

Series

2021-FL2-B

(CME

Term

SOFR

1

Month

+

1.61%,

1.61%

Floor)

6.71%

(a)

09/17/2036

2,500,832

HIG

RCP

LLC

,

1,250,000

Series

2023-FL1-B

(CME

Term

SOFR

1

Month

+

3.61%,

3.61%

Floor)

8.71%

(a)

09/19/2038

1,252,490

30

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Commercial

Real

Estate

ETF

(Cont.)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2024

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

KREF

Ltd.

,

1,387,188

Series

2021-FL2-A

(CME

Term

SOFR

1

Month

+

1.18%,

1.07%

Floor)

6.27%

(a)

02/15/2039

1,380,780

250,000

Series

2022-FL3-AS

(CME

Term

SOFR

1

Month

+

1.90%,

1.90%

Floor)

6.86%

(a)

02/17/2039

248,992

LCCM

Trust

,

639,340

Series

2021-FL3-A

(CME

Term

SOFR

1

Month

+

1.56%,

1.56%

Floor)

6.66%

(a)

11/15/2038

637,621

LFT

CRE

Ltd.

,

2,376,147

Series

2021-FL1-A

(CME

Term

SOFR

1

Month

+

1.28%,

1.28%

Floor)

6.38%

(a)

06/15/2039

2,380,562

LoanCore

Issuer

Ltd.

,

514,081

Series

2021-CRE5-A

(CME

Term

SOFR

1

Month

+

1.41%,

1.41%

Floor)

6.51%

(a)

07/15/2036

512,221

2,000,000

Series

2021-CRE5-

AS

(CME

Term

SOFR

1

Month

+

1.86%,

1.86%

Floor)

6.96%

(a)

07/15/2036

1,987,979

1,148,166

Series

2021-CRE6-A

(CME

Term

SOFR

1

Month

+

1.41%,

1.30%

Floor)

6.51%

(a)

11/15/2038

1,146,885

MF1

Multifamily

Housing

Mortgage

Loan

Trust

,

934,770

Series

2021-FL6-A

(CME

Term

SOFR

1

Month

+

1.21%,

1.10%

Floor)

6.23%

(a)

07/16/2036

931,761

986,549

Series

2021-FL7-A

(CME

Term

SOFR

1

Month

+

1.19%,

1.08%

Floor)

6.21%

(a)

10/16/2036

983,127

1,000,000

Series

2021-FL7-B

(CME

Term

SOFR

1

Month

+

1.86%,

1.75%

Floor)

6.88%

(a)

10/16/2036

980,556

1,500,000

Series

2023-FL12-C

(CME

Term

SOFR

1

Month

+

3.78%,

3.78%

Floor)

8.74%

(a)

10/19/2038

1,509,749

PFP

Ltd.

,

1,400,000

Series

2021-8-C

(CME

Term

SOFR

1

Month

+

1.91%,

1.80%

Floor)

7.01%

(a)

08/09/2037

1,402,825

Ready

Capital

Mortgage

Financing

LLC

,

2,146,055

Series

2021-FL7-A

(CME

Term

SOFR

1

Month

+

1.31%,

1.20%

Floor)

6.17%

(a)

11/25/2036

2,145,778

1,279,147

Series

2022-FL10-A

(CME

Term

SOFR

1

Month

+

2.55%,

2.55%

Floor)

7.41%

(a)

10/25/2039

1,286,875

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Shelter

Growth

CRE

Issuer

Ltd.

,

790,683

Series

2022-FL4-A

(CME

Term

SOFR

1

Month

+

2.30%,

2.30%

Floor)

7.26%

(a)

06/17/2037

793,427

STWD

Ltd.

,

141,058

Series

2019-FL1-AS

(CME

Term

SOFR

1

Month

+

1.51%,

1.51%

Floor)

6.61%

(a)

07/15/2038

139,992

1,018,015

Series

2022-FL3-A

(SOFR

30

Day

Average

+

1.35%,

1.35%

Floor)

6.69%

(a)

11/15/2038

1,010,783

TRTX

Issuer

Ltd.

,

2,868,472

Series

2022-FL5-A

(CME

Term

SOFR

1

Month

+

1.65%,

1.65%

Floor)

6.73%

(a)

02/15/2039

2,862,420

1,500,000

Series

2022-FL5-AS

(CME

Term

SOFR

1

Month

+

2.15%,

2.15%

Floor)

7.23%

(a)

02/15/2039

1,491,555

VMC

Finance

LLC

,

1,545,352

Series

2022-FL5-A

(SOFR

30

Day

Average

+

1.90%,

1.90%

Floor)

7.24%

(a)

02/18/2039

1,547,654

Total

Collateralized

Loan

Obligations

(Cost

$56,524,106)

56,979,858

NON-AGENCY

COMMERCIAL

MORTGAGE

BACKED

OBLIGATIONS

59.8%

BAMLL

Commercial

Mortgage

Securities

Trust

,

1,800,000

Series

2013-WBRK-A

3.65%

(a)(b)

03/10/2037

1,742,231

1,000,000

Series

2015-200P-A

3.22%

(a)

04/14/2033

984,686

BANK

,

559,454

Series

2017-BNK5-A4

3.13%

06/15/2060

540,763

1,000,000

Series

2019-BN19-A2

2.93%

08/15/2061

922,317

52

Series

2019-BN22-A1

2.08%

11/15/2062

52

448,580

Series

2021-BN33-A1

0.61%

05/15/2064

433,912

1,000,000

Series

2021-BN34-ASB

2.19%

06/15/2063

914,234

650,000

Series

2021-BN36-A2

2.13%

09/15/2064

609,252

582,206

Series

2022-BNK39-A1

1.74%

02/15/2055

561,421

122,780

Series

2023-BNK45-A1

5.43%

02/15/2056

124,342

863,141

Series

2023-BNK46-A1

6.01%

08/15/2056

883,551

1,882,944

Series

2024-BNK47-A1

5.52%

06/15/2057

1,932,660

2,000,000

Series

2024-BNK48-A1

4.33%

10/15/2029

2,002,475

BANK5

,

397,849

Series

2023-5YR2-A1

6.20%

07/15/2056

408,254

884,909

Series

2024-5YR7-A1

5.82%

06/15/2057

905,373

Annual

Report

|

September

30,

2024

31

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

1,967,818

Series

2024-5YR8-A1

5.19%

08/15/2057

2,000,124

1,000,000

Series

2024-5YR9-A3

5.61%

08/15/2057

1,044,254

BANK5

Trust

,

1,845,192

Series

2024-5YR6-A1

5.86%

05/15/2057

1,896,890

BBCMS

Mortgage

Trust

,

98,129

Series

2017-C1-ASB

3.49%

02/15/2050

96,957

575,596

Series

2023-C19-A1

5.70%

04/15/2056

584,238

910,556

Series

2023-C22-A1

6.36%

11/15/2056

947,985

792,020

Series

2024-5C25-A1

5.49%

03/15/2057

813,001

2,500,000

Series

2024-5C29-A3

5.21%

09/15/2057

2,572,187

2,022,598

Series

2024-C24-A1

5.23%

02/15/2057

2,047,514

2,118,248

Series

2024-C28-A1

4.91%

09/15/2057

2,139,340

BBCMS

Trust

,

550,000

Series

2018-CBM-A

(CME

Term

SOFR

1

Month

+

1.30%,

1.25%

Floor)

6.39%

(a)

07/15/2037

545,267

Benchmark

Mortgage

Trust

,

86,620

Series

2018-B2-A2

3.66%

02/15/2051

85,283

1,379,000

Series

2019-B13-A3

2.70%

08/15/2057

1,272,392

599,999

Series

2019-B13-ASB

2.89%

08/15/2057

577,487

12,893,387

Series

2019-B14-XA

0.89%

(b)(c)

12/15/2062

292,070

1,800,000

Series

2019-B15-A2

2.91%

12/15/2072

1,743,728

67,896

Series

2020-B21-A1

0.54%

12/17/2053

67,024

329,234

Series

2023-V2-A1

5.85%

05/15/2055

332,056

14,069,939

Series

2023-V2-XA

1.22%

(b)(c)

05/15/2055

426,944

230,000

Series

2024-V10-A1

4.48%

10/15/2029

230,084

2,000,000

Series

2024-V10-A3

5.28%

10/15/2029

2,061,524

323,069

Series

2024-V5-A1

5.32%

01/10/2057

327,997

1,650,000

Series

2024-V7-A1

5.63%

05/15/2056

1,706,120

968,903

Series

2024-V8-A1

5.51%

07/15/2057

989,520

2,000,000

Series

2024-V9-A3

5.60%

08/15/2057

2,077,770

BMARK

,

652,467

Series

2023-V4-A1

6.45%

11/15/2056

674,535

BMO

Mortgage

Trust

,

448,159

Series

2022-C1-A1

2.20%

02/15/2055

435,698

120,153

Series

2022-C3-A1

5.43%

(b)

09/15/2054

120,573

501,326

Series

2023-5C2-A1

6.80%

11/15/2056

518,672

82,876

Series

2023-C4-A1

5.29%

02/15/2056

83,414

1,523,108

Series

2023-C5-A1

5.74%

06/15/2056

1,547,342

1,602,353

Series

2023-C7-A1

5.90%

12/15/2056

1,646,840

85,000

Series

2024-5C3-A1

5.14%

02/15/2057

86,605

1,900,688

Series

2024-5C4-A1

6.02%

05/15/2057

1,956,403

2,211,373

Series

2024-5C5-A1

5.20%

02/15/2057

2,235,748

2,000,000

Series

2024-5C6-A3

5.32%

09/15/2057

2,061,351

1,522,164

Series

2024-C9-A1

5.48%

07/15/2057

1,555,470

BX

Commercial

Mortgage

Trust

,

409,752

Series

2019-IMC-A

(CME

Term

SOFR

1

Month

+

1.05%,

1.00%

Floor)

6.14%

(a)

04/15/2034

405,427

1,906,012

Series

2020-VKNG-A

(CME

Term

SOFR

1

Month

+

1.04%,

0.93%

Floor)

6.14%

(a)

10/15/2037

1,901,863

607,423

Series

2021-21M-A

(CME

Term

SOFR

1

Month

+

0.84%,

0.73%

Floor)

5.94%

(a)

10/15/2036

603,596

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

563,239

Series

2021-ACNT-A

(CME

Term

SOFR

1

Month

+

0.96%,

0.85%

Floor)

6.06%

(a)

11/15/2038

560,420

1,240,442

Series

2021-CIP-B

(CME

Term

SOFR

1

Month

+

1.39%,

1.27%

Floor)

6.48%

(a)

12/15/2038

1,230,736

1,759,000

Series

2021-VOLT-B

(CME

Term

SOFR

1

Month

+

1.06%,

0.95%

Floor)

6.16%

(a)

09/15/2036

1,743,773

1,800,909

Series

2021-XL2-A

(CME

Term

SOFR

1

Month

+

0.80%,

0.69%

Floor)

5.90%

(a)

10/15/2038

1,787,329

1,000,000

Series

2024-AIR2-C

(CME

Term

SOFR

1

Month

+

2.24%,

2.24%

Floor)

7.34%

(a)

10/15/2041

1,002,429

BX

Trust

,

2,020,065

Series

2021-BXMF-B

(CME

Term

SOFR

1

Month

+

1.16%,

1.04%

Floor)

6.25%

(a)

10/15/2026

2,000,240

CEDR

Commercial

Mortgage

Trust

,

1,000,000

Series

2022-SNAI-A

(CME

Term

SOFR

1

Month

+

0.99%,

0.99%

Floor)

6.08%

(a)

02/15/2039

954,215

Citigroup

Commercial

Mortgage

Trust

,

402,979

Series

2015-GC27-A5

3.14%

02/10/2048

401,465

999,938

Series

2015-P1-A4

3.46%

09/15/2048

991,537

500,000

Series

2015-P1-A5

3.72%

09/15/2048

494,721

298,179

Series

2016-C1-A3

2.94%

05/10/2049

291,292

1,250,000

Series

2016-P4-A4

2.90%

07/10/2049

1,208,700

890,901

Series

2017-P7-A3

3.44%

04/14/2050

868,435

1,485,000

Series

2019-GC43-AAB

2.96%

11/10/2052

1,434,513

42,203

Series

2020-GC46-A1

1.85%

02/15/2053

41,914

Commercial

Mortgage

Trust

,

1,250,000

Series

2015-CR25-A4

3.76%

08/10/2048

1,237,282

320,000

Series

2015-LC21-A4

3.71%

07/10/2048

317,317

600,000

Series

2015-PC1-A5

3.90%

07/10/2050

596,104

2,500,000

Series

2016-COR1-A4

3.09%

10/10/2049

2,412,769

CORE

Mortgage

Trust

,

140,327

Series

2019-CORE-B

(CME

Term

SOFR

1

Month

+

1.15%,

1.10%

Floor)

6.24%

(a)

12/15/2031

137,257

CSAIL

Commercial

Mortgage

Trust

,

741,885

Series

2015-C3-A3

3.45%

08/15/2048

734,695

49,441

Series

2020-C19-A1

1.30%

03/15/2053

48,854

CSMC

Trust

,

1,600,000

Series

2016-NXSR-A4

3.79%

(b)

12/15/2049

1,568,699

DBCG

Mortgage

Trust

,

1,135,356

Series

2017-BBG-A

(US

Prime

Rate

+

0.00%)

8.50%

(a)

06/15/2034

1,135,458

32

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Commercial

Real

Estate

ETF

(Cont.)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2024

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

DBJPM

Mortgage

Trust

,

1,385,000

Series

2016-C3-A5

2.89%

08/10/2049

1,337,004

470,956

Series

2020-C9-A2

1.90%

08/15/2053

449,555

2,250,000

Series

2020-C9-A3

1.88%

08/15/2053

2,008,221

Del

Amo

Fashion

Center

Trust

,

1,500,000

Series

2017-AMO-A

3.76%

(a)(b)

06/05/2035

1,424,029

Extended

Stay

America

Trust

,

1,470,208

Series

2021-ESH-B

(CME

Term

SOFR

1

Month

+

1.49%,

1.38%

Floor)

6.59%

(a)

07/15/2038

1,468,490

GS

Mortgage

Securities

Trust

,

350,720

Series

2013-GC13-AS

4.00%

(a)(b)

07/10/2046

335,773

200,000

Series

2015-GC28-B

3.98%

02/10/2048

197,799

1,000,000

Series

2015-GC34-A4

3.51%

10/10/2048

975,210

236,237

Series

2019-GC39-A3

3.31%

05/10/2052

223,069

200,000

Series

2019-GSA1-AAB

2.99%

11/10/2052

192,790

HPLY

Trust

,

820,108

Series

2019-HIT-A

(CME

Term

SOFR

1

Month

+

1.11%,

1.00%

Floor)

6.23%

(a)

11/15/2036

819,386

HTL

Commercial

Mortgage

Trust

,

2,000,000

Series

2024-T53-A

6.07%

(a)(b)

05/10/2039

2,045,806

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

2,074,832

Series

2016-JP2-A3

2.56%

08/15/2049

2,015,997

618,086

Series

2016-JP3-A4

2.63%

08/15/2049

598,302

JPMBB

Commercial

Mortgage

Securities

Trust

,

629,176

Series

2015-C30-A4

3.55%

07/15/2048

622,958

500,634

Series

2015-C31-A3

3.80%

08/15/2048

493,909

680,000

Series

2015-C32-A5

3.60%

11/15/2048

665,150

590,000

Series

2015-C33-AS

4.02%

12/15/2048

578,283

JPMCC

Commercial

Mortgage

Securities

Trust

,

380,671

Series

2017-JP5-A4

3.46%

03/15/2050

370,028

1,640,000

Series

2017-JP5-A5

3.72%

03/15/2050

1,598,873

2,000,000

Series

2019-COR5-A3

3.12%

06/13/2052

1,881,375

JPMDB

Commercial

Mortgage

Securities

Trust

,

562,141

Series

2018-C8-A3

3.94%

06/15/2051

551,286

LCCM

Trust

,

538,125

Series

2017-LC26-A3

3.29%

(a)

07/12/2050

521,664

LUXE

Trust

,

487,377

Series

2021-TRIP-B

(CME

Term

SOFR

1

Month

+

1.51%,

1.40%

Floor)

6.61%

(a)

10/15/2038

487,185

MF1

Multifamily

Housing

Mortgage

Loan

Trust

,

1,500,000

Series

2021-FL5-B

(CME

Term

SOFR

1

Month

+

1.56%,

1.56%

Floor)

6.65%

(a)

07/15/2036

1,495,436

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

1,000,000

Series

2015-C23-AS

4.00%

(b)

07/15/2050

986,783

Morgan

Stanley

Capital

I

,

1,337,384

Series

2017-HR2-A3

3.33%

12/15/2050

1,294,712

Morgan

Stanley

Capital

I

Trust

,

1,000,000

Series

2016-UBS9-A4

3.59%

03/15/2049

978,340

8,105,130

Series

2019-L2-XA

1.17%

(b)(c)

03/15/2052

294,455

1,000,000

Series

2024-NSTB-A

3.90%

(a)(b)

07/20/2032

973,175

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

MSWF

Commercial

Mortgage

Trust

,

163,763

Series

2023-1-A1

5.54%

05/15/2056

165,864

1,351,677

Series

2023-2-A1

5.96%

12/15/2056

1,381,123

UBS

Commercial

Mortgage

Trust

,

391,905

Series

2018-C13-A3

4.07%

10/15/2051

387,813

1,600,366

Series

2018-C8-A3

3.72%

02/15/2051

1,565,790

Wells

Fargo

Commercial

Mortgage

Trust

,

726,266

Series

2014-LC18-A4

3.15%

12/15/2047

722,765

62,893

Series

2015-C27-A4

3.19%

02/15/2048

62,549

1,000,000

Series

2015-C27-A5

3.45%

02/15/2048

992,534

1,250,000

Series

2015-C30-A4

3.66%

09/15/2058

1,236,585

1,000,000

Series

2015-LC22-A4

3.84%

09/15/2058

988,891

328,000

Series

2015-NXS3-AS

3.97%

(b)

09/15/2057

323,119

1,000,000

Series

2015-P2-A4

3.81%

12/15/2048

989,044

745,461

Series

2016-BNK1-A2

2.40%

08/15/2049

718,210

1,080,000

Series

2016-BNK1-A3

2.65%

08/15/2049

1,034,376

725,000

Series

2016-C33-A4

3.43%

03/15/2059

712,447

1,250,000

Series

2016-C34-A4

3.10%

06/15/2049

1,210,005

2,448,048

Series

2019-C50-A4

3.47%

05/15/2052

2,353,600

500,000

Series

2019-C53-A3

2.79%

10/15/2052

464,529

1,000,000

Series

2019-JWDR-C

3.14%

(a)(b)

09/15/2031

961,813

1,661,633

Series

2024-5C1-A1

5.23%

07/15/2057

1,685,690

2,470,130

Series

2024-C63-A1

4.89%

08/15/2057

2,499,575

WFRBS

Commercial

Mortgage

Trust

,

115,732

Series

2013-C14-AS

3.49%

06/15/2046

112,072

43,384

Series

2014-C22-A5

3.75%

09/15/2057

42,914

Total

Non-Agency

Commercial

Mortgage

Backed

Obligations

(Cost

$125,383,938)

127,373,321

US

GOVERNMENT

AND

AGENCY

MORTGAGE

BACKED

OBLIGATIONS

11.9%

FHLMC

,

2,015,684

Pool

WN2001

3.26%

09/01/2027

1,975,087

FHLMC

Multifamily

Structured

Pass-Through

Certificates

,

2,141,727

Series

K089-A1

3.34%

10/25/2028

2,109,044

4,000,000

Series

K518-A2

5.40%

01/25/2029

4,210,958

3,000,000

Series

K741-A2

1.60%

12/25/2027

2,792,285

FNMA

,

3,186,708

Pool

AN4952

3.18%

04/01/2027

3,123,861

3,186,707

Pool

AN5139

3.13%

04/01/2027

3,121,611

3,500,000

Pool

BL2869

2.79%

07/01/2029

3,316,073

4,500,000

Pool

BZ1029

4.93%

06/01/2029

4,659,522

Total

US

Government

and

Agency

Mortgage

Backed

Obligations

(Cost

$25,418,738)

25,308,441

Annual

Report

|

September

30,

2024

33

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

SHORT

TERM

INVESTMENTS

1.5%

1,593,636

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

4.86%

(d)

1,593,636

1,593,636

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

4.83%

(d)

1,593,636

Total

Short

Term

Investments

(Cost

$3,187,272)

3,187,272

Total

Investments

100.0%

(Cost

$210,514,054)

212,848,892

Liabilities

in

Excess

of

Other

Assets

(0.0)%

(e)

(18,082)

NET

ASSETS

100.0%

$212,830,810

(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)

Interest

only

security.

(d)

Seven-day

yield

as

of

period

end.

(e)

Represents

less

than

0.05%

of

net

assets.

Abbreviations:

FHLMC

Federal

Home

Loan

Mortgage

Corporation

FNMA

Federal

National

Mortgage

Association

SOFR

Secured

Overnight

Financing

Rate

Schedule

of

Investments

DoubleLine

Mortgage

ETF

September

30,

2024

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

$

NON-AGENCY

RESIDENTIAL

COLLATERALIZED

MORTGAGE

OBLIGATIONS

14.0%

CIM

Trust

,

837,586

Series

2023-R4-A1

5.00%

(a)(b)

05/25/2062

838,252

COLT

Mortgage

Loan

Trust

,

1,500,000

Series

2024-5-A2

5.38%

(b)(c)

08/25/2069

1,513,608

Connecticut

Avenue

Securities

Trust

,

758,662

Series

2023-R07-

2M1

(SOFR

30

Day

Average

+

1.95%)

7.21%

(b)

09/25/2043

764,239

2,000,000

Series

2024-R01-

1M2

(SOFR

30

Day

Average

+

1.80%,

1.80%

Floor)

7.08%

(b)

01/25/2044

2,025,481

1,500,000

Series

2024-R02-

1M2

(SOFR

30

Day

Average

+

1.80%,

1.80%

Floor)

7.08%

(b)

02/25/2044

1,510,970

3,000,000

Series

2024-R05-

2M2

(SOFR

30

Day

Average

+

1.70%,

1.90%

Floor)

6.98%

(b)

07/25/2044

3,010,685

CSMC

Trust

,

886,501

Series

2018-RPL9-A

3.85%

(a)(b)

09/25/2057

862,015

983,635

Series

2021-RPL3-A1

2.00%

(a)(b)

01/25/2060

878,417

Deephaven

Residential

Mortgage

Trust

,

795,898

Series

2022-2-A1

4.30%

(a)(b)

03/25/2067

779,238

FHLMC

STACR

REMIC

Trust

,

1,000,000

Series

2022-DNA3-

M1B

(SOFR

30

Day

Average

+

2.90%)

8.18%

(b)

04/25/2042

1,035,514

1,359,957

Series

2023-HQA2-

M1A

(SOFR

30

Day

Average

+

2.00%)

7.28%

(b)

06/25/2043

1,367,700

6,000,000

Series

2024-DNA1-M2

(SOFR

30

Day

Average

+

1.95%)

7.23%

(b)

02/25/2044

6,044,422

6,000,000

Series

2024-HQA1-M2

(SOFR

30

Day

Average

+

2.00%)

7.28%

(b)

03/25/2044

6,040,167

New

Residential

Mortgage

Loan

Trust

,

5,202,248

Series

2024-NQM1-A1

6.13%

(b)(c)

03/25/2064

5,288,768

OBX

Trust

,

1,256,905

Series

2023-NQM10-A1

6.46%

(b)(c)

10/25/2063

1,278,328

768,821

Series

2023-NQM3-A1

5.95%

(b)(c)

02/25/2063

776,654

1,558,054

Series

2023-NQM5-A1A

6.57%

(b)(c)

06/25/2063

1,584,248

1,748,570

Series

2024-NQM1-A2

6.25%

(b)(c)

11/25/2063

1,768,463

916,513

Series

2024-NQM4-A1

6.07%

(b)(c)

01/25/2064

931,128

1,857,081

Series

2024-NQM6-A1

6.45%

(b)(c)

02/25/2064

1,899,713

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Verus

Securitization

Trust

,

1,491,126

Series

2023-5-A1

6.48%

(b)(c)

06/25/2068

1,513,537

820,871

Series

2023-7-A1

7.07%

(b)(c)

10/25/2068

842,678

1,678,983

Series

2023-8-A1

6.26%

(b)(c)

12/25/2068

1,707,331

895,248

Series

2023-INV3-A1

6.88%

(a)(b)

11/25/2068

918,130

1,729,916

Series

2024-1-A2

5.92%

(b)(c)

01/25/2069

1,740,257

Total

Non-Agency

Residential

Collateralized

Mortgage

Obligations

(Cost

$46,327,245)

46,919,943

US

GOVERNMENT

AND

AGENCY

MORTGAGE

BACKED

OBLIGATIONS

96.5%

FHLMC

REMICS

,

2,048,160

Series

4631-GF

(SOFR

30

Day

Average

+

0.61%,

0.50%

Floor,

6.50%

Cap)

5.96%

11/15/2046

2,034,579

1,304,291

Series

5008-DI

3.00%

(d)

09/25/2050

179,330

7,502,100

Series

5020-IH

3.00%

(d)

08/25/2050

1,282,945

6,312,744

Series

5083-IH

2.50%

(d)

03/25/2051

981,490

3,133,982

Series

5092-FK

(SOFR

30

Day

Average

+

0.70%,

0.70%

Floor,

4.00%

Cap)

4.00%

03/25/2051

2,609,443

6,057,890

Series

5188-IA

3.00%

(d)

02/25/2052

948,920

9,314,557

Series

5377-

2.50%

(d)

12/25/2051

1,155,054

FHLMC

STRIPS

,

6,907,901

Series

389-C19

2.50%

(d)

04/15/2052

1,097,573

FHLMC

UMBS

,

5,773,436

Pool

QH2160

6.00%

10/01/2053

6,061,078

5,342,166

Pool

RA2853

2.50%

06/01/2050

4,661,134

2,386,519

Pool

SD2912

5.00%

05/01/2053

2,403,627

2,022,722

Pool

SD3139

3.50%

07/01/2052

1,886,928

4,069,892

Pool

SD3354

5.00%

06/01/2053

4,074,230

2,802,349

Pool

SD3745

6.00%

09/01/2053

2,897,366

4,702,169

Pool

SD4296

2.00%

02/01/2052

3,944,467

4,818,162

Pool

SD4650

5.00%

01/01/2054

4,851,960

4,663,257

Pool

SD4794

6.50%

01/01/2054

4,950,207

2,788,402

Pool

SD4888

6.00%

02/01/2054

2,890,621

7,088,187

Pool

SD5525

5.50%

06/01/2054

7,266,570

9,613,464

Pool

SD5573

3.00%

08/01/2052

8,754,801

2,879,481

Pool

SD5617

6.00%

06/01/2054

2,992,695

2,291,443

Pool

SD5726

3.00%

07/01/2052

2,071,366

4,810,465

Pool

SD5968

6.00%

07/01/2054

4,974,643

10,895,019

Pool

SD7512

3.00%

02/01/2050

9,948,781

11,292,194

Pool

SD7535

2.50%

02/01/2051

9,920,047

6,254,365

Pool

SD7550

3.00%

02/01/2052

5,732,808

8,556,888

Pool

SD7553

3.00%

03/01/2052

7,794,289

4,785,728

Pool

SD7565

5.50%

09/01/2053

4,909,893

7,114,038

Pool

SD7567

5.50%

02/01/2054

7,337,891

12,740,321

Pool

SD8182

2.00%

12/01/2051

10,542,250

2,900,286

Pool

SD8288

5.00%

01/01/2053

2,903,079

FNMA

REMICS

,

1,278,930

Series

2017-99-PY

4.00%

12/25/2047

1,225,412

3,618,889

Series

2021-3-NI

2.50%

(d)

02/25/2051

521,758

5,747,605

Series

2021-88-KI

3.50%

(d)

03/25/2046

973,450

5,888,046

Series

2021-94-

3.00%

(d)

01/25/2052

1,023,515

5,176,446

Series

2023-51-BI

3.50%

(d)

04/25/2053

987,091

5,752,206

Series

2024-9-BI

3.00%

(d)

03/25/2051

1,000,553

FNMA

STRIPS

,

9,138,614

Series

427-C84

3.50%

(d)

11/25/2040

1,310,675

7,124,424

Series

437-C8

2.50%

(d)

06/25/2052

1,096,587

Annual

Report

|

September

30,

2024

35

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

FNMA

UMBS

,

7,247,133

Pool

CA6032

2.50%

06/01/2050

6,372,759

11,316,378

Pool

CA7028

2.50%

09/01/2050

9,956,872

2,842,598

Pool

CB7781

5.50%

01/01/2054

2,881,416

1,884,934

Pool

CB8020

6.50%

02/01/2054

1,947,792

7,355,041

Pool

CB8501

6.00%

05/01/2054

7,720,389

5,841,884

Pool

FM7529

3.00%

05/01/2051

5,316,841

6,114,508

Pool

FS0984

3.00%

04/01/2052

5,570,644

3,934,353

Pool

FS2040

2.00%

02/01/2052

3,261,491

4,745,955

Pool

FS2141

3.50%

06/01/2052

4,453,883

2,774,569

Pool

FS5704

2.00%

04/01/2052

2,317,787

5,451,319

Pool

FS6476

2.50%

11/01/2051

4,785,150

3,833,641

Pool

FS7114

5.50%

02/01/2054

3,940,168

6,976,303

Pool

FS7738

6.00%

03/01/2054

7,323,908

6,050,995

Pool

FS7819

2.00%

03/01/2052

5,079,088

7,919,346

Pool

FS8660

5.50%

08/01/2054

8,138,199

9,696,000

Pool

FS9026

5.50%

09/01/2053

9,935,348

3,627,789

Pool

MA3357

4.00%

05/01/2048

3,530,082

11,608,824

Pool

MA4256

2.50%

02/01/2051

10,107,142

4,679,698

Pool

MA4492

2.00%

12/01/2051

3,881,305

3,706,982

Pool

MA4733

4.50%

09/01/2052

3,647,497

458,425

Pool

MA5038

5.00%

06/01/2053

458,594

2,695,459

Pool

MA5039

5.50%

06/01/2053

2,727,902

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

,

6,094,000

Pool

3.00%

(e)

11/25/2054

5,476,737

3,225,000

Pool

5.50%

(e)

11/25/2054

3,262,596

31,896,000

Pool

6.00%

(e)

11/25/2054

32,599,880

GNMA

,

962,500

Series

2016-116-DF

(CME

Term

SOFR

1

Month

+

0.51%,

0.40%

Floor,

6.50%

Cap)

5.48%

09/20/2046

952,253

1,362,350

Series

2019-31-GF

(CME

Term

SOFR

1

Month

+

0.56%,

0.45%

Floor,

6.50%

Cap)

5.53%

03/20/2049

1,351,750

7,729,596

Series

2020-126-KI

2.50%

(d)

08/20/2050

1,088,089

17,156,472

Series

2020-151-MI

2.50%

(d)

10/20/2050

2,507,434

3,457,339

Series

2020-153-CI

2.50%

(d)

10/20/2050

460,856

6,653,931

Series

2020-160-VI

2.50%

(d)

10/20/2050

938,021

10,430,739

Series

2020-167-WI

4.00%

(d)

08/20/2046

1,652,552

2,836,104

Series

2020-17-IG

3.00%

(d)

02/20/2050

453,173

7,787,610

Series

2020-173-MI

2.50%

(d)

11/20/2050

1,115,018

3,904,686

Series

2020-183-JI

2.50%

(d)

11/20/2050

585,244

9,722,370

Series

2020-188-BI

2.50%

(d)

12/20/2050

1,434,874

5,889,708

Series

2020-51-ID

3.50%

(d)

04/20/2050

1,104,038

6,706,040

Series

2021-115-MI

2.50%

(d)

05/20/2051

745,040

8,789,487

Series

2021-140-IH

2.50%

(d)

08/20/2051

1,248,710

2,096,197

Series

2021-142-

3.00%

(d)

08/20/2051

339,312

3,905,311

Series

2021-206-AI

3.50%

(d)

11/20/2051

700,448

6,052,125

Series

2021-57-JI

3.00%

(d)

03/20/2051

974,465

8,144,510

Series

2021-77-IW

2.50%

(d)

12/20/2050

1,110,161

6,771,862

Series

2022-207-

3.00%

(d)

08/20/2051

1,089,125

7,919,083

Series

2022-83-

2.50%

(d)

11/20/2051

1,120,332

5,079,649

Series

2023-24-IH

3.50%

(d)

07/20/2051

954,070

5,970,960

Series

2024-24-BI

3.00%

(d)

12/20/2051

972,561

8,829,560

Series

2024-61-IA

2.50%

(d)

02/20/2051

1,267,977

8,684,929

Series

2024-79-CI

3.50%

(d)

02/20/2052

1,449,763

Total

US

Government

and

Agency

Mortgage

Backed

Obligations

(Cost

$317,113,706)

322,507,842

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

SHORT

TERM

INVESTMENTS

4.1%

6,911,751

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

4.86%

(f)

6,911,751

6,911,751

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

4.83%

(f)

6,911,751

Total

Short

Term

Investments

(Cost

$13,823,502)

13,823,502

Total

Investments

114.6%

(Cost

$377,264,453)

383,251,287

Liabilities

in

Excess

of

Other

Assets

(14.6)%

(48,959,147)

NET

ASSETS

100.0%

$334,292,140

36

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Mortgage

ETF

(Cont.)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2024

(a)

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.

(b)

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.

(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)

Represents

or

includes

a

TBA

transaction.

(f)

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

STACR

Structured

Agency

Credit

Risk

REMIC

Real

Estate

Mortgage

Investment

Conduit

Futures

Contracts

Description

Long/Short

Contract

Quantity

Expiration

Date

Notional

Amount

(1)

Unrealized

Appreciation

(Depreciation)

/

Value

U.S.

Treasury

10

Year

Ultra

Bond

Short

(60)

12/19/2024

$

(

7,097,813

)

$

67,224

U.S.

Treasury

Ultra

Bond

Long

17

12/19/2024

2,262,594

(

14,100

)

U.S.

Treasury

5

Year

Note

Long

185

12/31/2024

20,328,320

(

40,033

)

U.S.

Treasury

2

Year

Note

Long

130

12/31/2024

27,071,484

(

60,563

)

U.S.

Treasury

Long

Bond

Long

246

12/19/2024

30,550,125

(

236,264

)

$(283,736)

(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.

Schedule

of

Investments

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

September

30,

2024

Annual

Report

|

September

30,

2024

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

$

SHORT

TERM

INVESTMENTS

100.8%

434,662

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

4.86%

(a)(b)

434,662

434,662

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

4.83%

(a)(b)

434,662

2,000,000

U.S.

Treasury

Bills

0.00%

(b)

10/10/2024

1,997,680

2,000,000

U.S.

Treasury

Bills

0.00%

(b)

11/05/2024

1,990,999

12,600,000

U.S.

Treasury

Bills

0.00%

(b)(c)

12/24/2024

12,467,827

Total

Short

Term

Investments

(Cost

$17,316,259)

17,325,830

Total

Investments

100.8%

(Cost

$17,316,259)

17,325,830

Liabilities

in

Excess

of

Other

Assets

(0.8)%

(135,140)

NET

ASSETS

100.0%

$17,190,690

(a)

Seven-day

yield

as

of

period

end.

(b)

All

or

a

portion

of

this

security

is

owned

by

DoubleLine

Commodity

ETF

Ltd.,

which

is

a

wholly-owned

subsidiary

of

the

DoubleLine

Commodity

Strategy

ETF.

(c)

All

or

a

portion

of

this

security

was

pledged

as

collateral.

The

total

value

of

pledged

collateral

was

$343,358,

which

represented

2.00%

of

the

net

assets

of

the

fund.

Excess

Return

Swaps

Reference

Entity

Counterparty

Long/Short

Financing

Rate

Payment

Frequency

Termination

Date

Notional

Amount

Value

Upfront

Premiums

Paid/

(Received)

Unrealized

Appreciation

(Depreciation)

Barclays

Backwardation

Tilt

Multi-Strategy

Index

(1)(2)

Barclays

Bank

Plc

Long

0.25%

Termination

10/23/2024

$

14,400,000

$

(

98,073

)

$

—

$

(

98,073

)

Barclays

Backwardation

Tilt

Multi-Strategy

Index

(1)(2)

Barclays

Bank

Plc

Long

0.25%

Termination

10/23/2024

3,000,000

(

33,780

)

—

(

33,780

)

$(131,853)

$—

$(131,853)

(1)

All

or

a

portion

of

this

security

is

owned

by

DoubleLine

Commodity

ETF

Ltd.,

which

is

a

wholly-owned

subsidiary

of

the

DoubleLine

Commodity

Strategy

ETF.

(2)

Barclays

Backwardation

Tilt

Multi-Strategy

Index

seeks

to

capture

two

sources

of

potential

outperformance

in

commodity

futures

markets.

The

first

source

of

potential

outperformance

comes

through

selecting,

for

each

relevant

commodity,

the

eligible

futures

contract

that

is

expected

to

offer

the

best

outperformance

relative

to

the

front-month

contract

rolling

exposure

used

by

the

Bloomberg

Commodity

Index.

This

is

achieved

through

the

use

of

certain

futures

contract

selection

methodologies

referred

to

together

as

“Multi-Strategy.”

These

Multi-Strategy

methodologies

select

a

futures

contract

for

each

commodity

that

may

differ

from

the

futures

contract

selected

by

the

Bloomberg

Commodity

Index,

based

on

the

factors

described

above

including

carry,

seasonality

and

momentum.

The

second

source

of

potential

outperformance

comes

through

overweighting

(relative

to

the

weightings

in

the

Bloomberg

Commodity

Index)

the

exposure

of

the

Barclays

Index

to

the

futures

contracts

of

commodities

that

exhibit

the

highest

degree

of

backwardation

in

the

term

structures

of

their

futures

contracts,

while

simultaneously

underweighting

the

exposure

to

the

futures

contracts

of

commodities

that

exhibit

a

lower

degree

of

backwardation.

Historically,

the

commodities

with

a

higher

degree

of

backwardation

have

generally

had

better

historical

average

performance

than

the

commodities

with

a

lower

degree

of

backwardation.

Information

on

the

index

constituents

as

of

period

end,

is

available

on

the

Barclays

Capital,

Inc.

website

at

https://indices.cib.barclays/IM/12/en/indices/

details.app;ticker=BXCS1496.

Schedule

of

Investments

DoubleLine

Fortune

500

Equal

Weight

ETF

September

30,

2024

38

DoubleLine

ETF

Trust

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

SHARES

SECURITY

DESCRIPTION

VALUE

$

COMMON

STOCKS

99.4%

AEROSPACE

&

DEFENSE

1.9%

170

Boeing

Co.

(The)

(a)

25,847

99

General

Dynamics

Corp.

29,918

169

General

Electric

Co.

31,869

104

Huntington

Ingalls

Industries,

Inc.

27,496

126

L3Harris

Technologies,

Inc.

29,972

52

Lockheed

Martin

Corp.

30,397

57

Northrop

Grumman

Corp.

30,100

241

RTX

Corp.

29,200

326

Textron,

Inc.

28,877

263,676

AIR

FREIGHT

&

LOGISTICS

1.1%

285

CH

Robinson

Worldwide,

Inc.

31,455

240

Expeditors

International

of

Washington,

Inc.

31,536

99

FedEx

Corp.

27,094

597

GXO

Logistics,

Inc.

(a)

31,086

232

United

Parcel

Service,

Inc.

-

Class

B

31,631

152,802

AUTOMOBILE

COMPONENTS

1.0%

290

Autoliv,

Inc.

(Sweden)

27,077

868

BorgWarner,

Inc.

31,500

2,643

Dana,

Inc.

27,910

3,386

Goodyear

Tire

&

Rubber

Co.

(The)

(a)

29,966

253

Lear

Corp.

27,615

144,068

AUTOMOBILES

0.9%

2,652

Ford

Motor

Co.

28,005

596

General

Motors

Co.

26,725

142

Tesla,

Inc.

(a)

37,151

276

Thor

Industries,

Inc.

30,330

122,211

BANKS

3.1%

733

Bank

of

America

Corp.

29,085

477

Citigroup,

Inc.

29,860

687

Citizens

Financial

Group,

Inc.

28,215

698

Fifth

Third

Bancorp

29,902

15

First

Citizens

BancShares,

Inc.

-

Class

A

27,614

1,988

Huntington

Bancshares,

Inc.

29,224

132

JPMorgan

Chase

&

Co.

27,834

1,746

KeyCorp

29,246

173

M&T

Bank

Corp.

30,815

2,705

New

York

Community

Bancorp,

Inc.

30,377

160

PNC

Financial

Services

Group,

Inc.

(The)

29,576

1,266

Regions

Financial

Corp.

29,536

670

Truist

Financial

Corp.

28,656

633

US

Bancorp

28,947

513

Wells

Fargo

&

Co.

28,979

437,866

BEVERAGES

1.3%

410

Coca-Cola

Co.

(The)

29,463

123

Constellation

Brands,

Inc.

-

Class

A

31,696

816

Keurig

Dr

Pepper,

Inc.

30,584

549

Molson

Coors

Beverage

Co.

-

Class

B

31,578

625

Monster

Beverage

Corp.

(a)

32,605

171

PepsiCo,

Inc.

29,079

185,005

BIOTECHNOLOGY

1.2%

151

AbbVie,

Inc.

29,819

89

Amgen,

Inc.

28,677

144

Biogen,

Inc.

(a)

27,913

SHARES

SECURITY

DESCRIPTION

VALUE

$

372

Gilead

Sciences,

Inc.

31,188

25

Regeneron

Pharmaceuticals,

Inc.

(a)

26,281

60

Vertex

Pharmaceuticals,

Inc.

(a)

27,905

171,783

BROADLINE

RETAIL

1.6%

172

Amazon.com,

Inc.

(a)

32,049

1,334

Coupang,

Inc.

(South

Korea)

(a)

32,749

502

eBay,

Inc.

32,685

1,488

Kohl's

Corp.

31,397

1,884

Macy's,

Inc.

29,560

1,345

Nordstrom,

Inc.

30,249

48,913

Qurate

Retail,

Inc.

(a)

29,842

218,531

BUILDING

PRODUCTS

1.1%

169

Builders

FirstSource,

Inc.

(a)

32,762

413

Carrier

Global

Corp.

33,242

372

Masco

Corp.

31,226

176

Owens

Corning

31,068

243

UFP

Industries,

Inc.

31,884

160,182

CAPITAL

MARKETS

3.5%

67

Ameriprise

Financial,

Inc.

31,476

437

Bank

of

New

York

Mellon

Corp.

(The)

31,403

33

BlackRock,

Inc.

31,334

455

Charles

Schwab

Corp.

(The)

29,489

1,483

Franklin

Resources,

Inc.

29,882

58

Goldman

Sachs

Group,

Inc.

(The)

28,716

232

Interactive

Brokers

Group,

Inc.

-

Class

A

32,331

184

Intercontinental

Exchange,

Inc.

29,558

498

Jefferies

Financial

Group,

Inc.

30,652

133

LPL

Financial

Holdings,

Inc.

30,940

287

Morgan

Stanley

29,917

329

Northern

Trust

Corp.

29,620

249

Raymond

James

Financial,

Inc.

30,493

58

S&P

Global,

Inc.

29,964

342

State

Street

Corp.

30,257

361

StoneX

Group,

Inc.

(a)

29,559

485,591

CHEMICALS

3.1%

106

Air

Products

and

Chemicals,

Inc.

31,561

320

Albemarle

Corp.

30,307

226

Celanese

Corp.

-

Class

A

30,727

517

Corteva,

Inc.

30,394

546

Dow,

Inc.

29,828

354

DuPont

de

Nemours,

Inc.

31,545

291

Eastman

Chemical

Co.

32,578

118

Ecolab,

Inc.

30,129

286

International

Flavors

&

Fragrances,

Inc.

30,010

1,026

Mosaic

Co.

(The)

27,476

229

PPG

Industries,

Inc.

30,333

257

RPM

International,

Inc.

31,097

81

Sherwin-Williams

Co.

(The)

30,915

203

Westlake

Corp.

30,509

427,409

COMMERCIAL

SERVICES

&

SUPPLIES

0.8%

523

ABM

Industries,

Inc.

27,593

148

Cintas

Corp.

30,471

143

Republic

Services,

Inc.

28,720

140

Waste

Management,

Inc.

29,064

115,848

Annual

Report

|

September

30,

2024

39

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

SHARES

SECURITY

DESCRIPTION

VALUE

$

COMMUNICATIONS

EQUIPMENT

0.4%

586

Cisco

Systems,

Inc.

31,187

67

Motorola

Solutions,

Inc.

30,125

61,312

CONSTRUCTION

&

ENGINEERING

1.1%

294

AECOM

30,361

76

EMCOR

Group,

Inc.

32,721

589

Fluor

Corp.

(a)

28,101

265

MasTec,

Inc.

(a)

32,622

108

Quanta

Services,

Inc.

32,200

156,005

CONSTRUCTION

MATERIALS

0.2%

121

Vulcan

Materials

Co.

30,302

CONSUMER

FINANCE

1.0%

691

Ally

Financial,

Inc.

24,593

113

American

Express

Co.

30,646

203

Capital

One

Financial

Corp.

30,395

215

Discover

Financial

Services

30,162

591

Synchrony

Financial

29,479

145,275

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

3.4%

1,468

Albertsons

Cos.,

Inc.

-

Class

A

27,129

583

Andersons,

Inc.

(The)

29,232

370

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

30,518

82

Casey's

General

Stores,

Inc.

30,808

33

Costco

Wholesale

Corp.

29,255

341

Dollar

General

Corp.

28,838

344

Dollar

Tree,

Inc.

(a)

24,190

561

Kroger

Co.

(The)

32,145

391

Performance

Food

Group

Co.

(a)

30,643

1,354

SpartanNash

Co.

30,343

379

Sysco

Corp.

29,585

192

Target

Corp.

29,925

2,005

United

Natural

Foods,

Inc.

(a)

33,724

497

US

Foods

Holding

Corp.

(a)

30,566

3,172

Walgreens

Boots

Alliance,

Inc.

28,421

387

Walmart,

Inc.

31,250

476,572

CONTAINERS

&

PACKAGING

1.7%

134

Avery

Dennison

Corp.

29,582

472

Ball

Corp.

32,054

434

Berry

Global

Group,

Inc.

29,503

331

Crown

Holdings,

Inc.

31,736

998

Graphic

Packaging

Holding

Co.

29,531

614

International

Paper

Co.

29,994

2,291

O-I

Glass,

Inc.

(a)

30,058

143

Packaging

Corp.

of

America

30,802

243,260

DISTRIBUTORS

0.7%

820

A-Mark

Precious

Metals,

Inc.

36,211

207

Genuine

Parts

Co.

28,914

705

LKQ

Corp.

28,144

93,269

DIVERSIFIED

TELECOMMUNICATION

SERVICES

0.8%

1,489

AT&T,

Inc.

32,758

5,706

Lumen

Technologies,

Inc.

(a)

40,512

713

Verizon

Communications,

Inc.

32,021

105,291

SHARES

SECURITY

DESCRIPTION

VALUE

$

ELECTRIC

UTILITIES

3.2%

297

American

Electric

Power

Co.,

Inc.

30,472

152

Constellation

Energy

Corp.

39,522

261

Duke

Energy

Corp.

30,093

341

Edison

International

29,698

247

Entergy

Corp.

32,508

443

Eversource

Energy

30,146

778

Exelon

Corp.

31,548

679

FirstEnergy

Corp.

30,114

370

NextEra

Energy,

Inc.

31,276

357

NRG

Energy,

Inc.

32,523

1,508

PG&E

Corp.

29,813

933

PPL

Corp.

30,864

344

Southern

Co.

(The)

31,022

481

Xcel

Energy,

Inc.

31,409

441,008

ELECTRICAL

EQUIPMENT

0.4%

282

Emerson

Electric

Co.

30,842

110

Rockwell

Automation,

Inc.

29,531

60,373

ELECTRONIC

EQUIPMENT,

INSTRUMENTS

&

COMPONENTS

1.9%

440

Amphenol

Corp.

-

Class

A

28,670

217

Arrow

Electronics,

Inc.

(a)

28,824

536

Avnet,

Inc.

29,110

132

CDW

Corp.

29,872

700

Corning,

Inc.

31,605

136

Insight

Enterprises,

Inc.

(a)

29,293

272

Jabil,

Inc.

32,595

421

Sanmina

Corp.

(a)

28,817

243

TD

SYNNEX

Corp.

29,179

267,965

ENERGY

EQUIPMENT

&

SERVICES

0.6%

831

Baker

Hughes

Co.

30,040

936

Halliburton

Co.

27,191

1,636

NOV,

Inc.

26,127

83,358

ENTERTAINMENT

1.1%

196

Electronic

Arts,

Inc.

28,114

303

Live

Nation

Entertainment,

Inc.

(a)

33,176

42

Netflix,

Inc.

(a)

29,789

328

Walt

Disney

Co.

(The)

31,550

3,803

Warner

Bros

Discovery,

Inc.

(a)

31,375

154,004

FINANCIAL

SERVICES

2.2%

63

Berkshire

Hathaway,

Inc.

-

Class

B

(a)

28,996

440

Block,

Inc.

-

Class

A

(a)

29,537

699

Equitable

Holdings,

Inc.

29,379

362

Fidelity

National

Information

Services,

Inc.

30,318

170

Fiserv,

Inc.

(a)

30,541

265

Global

Payments,

Inc.

27,141

61

Mastercard,

Inc.

-

Class

A

30,122

403

PayPal

Holdings,

Inc.

(a)

31,446

107

Visa,

Inc.

-

Class

A

29,420

424

Voya

Financial,

Inc.

33,589

300,489

FOOD

PRODUCTS

2.8%

483

Archer-Daniels-Midland

Co.

28,854

598

Campbell

Soup

Co.

29,254

949

Conagra

Brands,

Inc.

30,861

413

General

Mills,

Inc.

30,500

154

Hershey

Co.

(The)

29,534

40

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Fortune

500

Equal

Weight

ETF

(Cont.)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2024

SHARES

SECURITY

DESCRIPTION

VALUE

$

917

Hormel

Foods

Corp.

29,069

221

Ingredion,

Inc.

30,372

258

J

M

Smucker

Co.

(The)

31,245

367

Kellanova

29,621

837

Kraft

Heinz

Co.

(The)

29,387

417

Mondelez

International,

Inc.

-

Class

A

30,720

9

Seaboard

Corp.

28,233

456

Tyson

Foods,

Inc.

-

Class

A

27,159

384,809

GAS

UTILITIES

0.2%

1,198

UGI

Corp.

29,974

GROUND

TRANSPORTATION

2.1%

356

Avis

Budget

Group,

Inc.

31,181

868

CSX

Corp.

29,972

9,058

Hertz

Global

Holdings,

Inc.

(a)

29,891

171

JB

Hunt

Transport

Services,

Inc.

29,468

569

Knight-Swift

Transportation

Holdings,

Inc.

-

Class

A

30,698

117

Norfolk

Southern

Corp.

29,075

207

Ryder

System,

Inc.

30,181

406

Uber

Technologies,

Inc.

(a)

30,515

116

Union

Pacific

Corp.

28,592

256

XPO,

Inc.

(a)

27,523

297,096

HEALTH

CARE

EQUIPMENT

&

SUPPLIES

1.7%

262

Abbott

Laboratories

29,871

770

Baxter

International,

Inc.

29,237

122

Becton

Dickinson

&

Co.

29,414

366

Boston

Scientific

Corp.

(a)

30,671

349

GE

HealthCare

Technologies,

Inc.

32,754

60

Intuitive

Surgical,

Inc.

(a)

29,476

82

Stryker

Corp.

29,623

257

Zimmer

Biomet

Holdings,

Inc.

27,743

238,789

HEALTH

CARE

PROVIDERS

&

SERVICES

4.2%

2,309

BrightSpring

Health

Services,

Inc.

(a)

33,897

263

Cardinal

Health,

Inc.

29,067

124

Cencora,

Inc.

27,910

376

Centene

Corp.

(a)

28,305

82

Cigna

Group

(The)

28,408

5,374

Community

Health

Systems,

Inc.

(a)

32,620

516

CVS

Health

Corp.

32,446

192

DaVita,

Inc.

(a)

31,475

53

Elevance

Health,

Inc.

27,560

75

HCA

Healthcare,

Inc.

30,482

415

Henry

Schein,

Inc.

(a)

30,254

84

Humana,

Inc.

26,606

128

Labcorp

Holdings,

Inc.

28,605

53

McKesson

Corp.

26,204

84

Molina

Healthcare,

Inc.

(a)

28,943

1,837

Owens

&

Minor,

Inc.

(a)

28,823

189

Quest

Diagnostics,

Inc.

29,342

180

Tenet

Healthcare

Corp.

(a)

29,916

50

UnitedHealth

Group,

Inc.

29,234

125

Universal

Health

Services,

Inc.

-

Class

B

28,626

588,723

HOTELS,

RESTAURANTS

&

LEISURE

3.5%

252

Airbnb,

Inc.

-

Class

A

(a)

31,956

815

Aramark

31,565

8

Booking

Holdings,

Inc.

33,697

787

Caesars

Entertainment,

Inc.

(a)

32,849

SHARES

SECURITY

DESCRIPTION

VALUE

$

530

Chipotle

Mexican

Grill,

Inc.

(a)

30,539

187

Darden

Restaurants,

Inc.

30,692

234

DoorDash,

Inc.

-

Class

A

(a)

33,399

208

Expedia

Group,

Inc.

(a)

30,788

135

Hilton

Worldwide

Holdings,

Inc.

31,118

761

Las

Vegas

Sands

Corp.

38,309

127

Marriott

International,

Inc.

-

Class

A

31,572

102

McDonald's

Corp.

31,060

786

MGM

Resorts

International

(a)

30,725

311

Starbucks

Corp.

30,319

880

Yum

China

Holdings,

Inc.

(China)

39,617

488,205

HOUSEHOLD

DURABLES

2.0%

157

DR

Horton,

Inc.

29,951

163

Lennar

Corp.

-

Class

A

30,559

191

Mohawk

Industries,

Inc.

(a)

30,690

4,084

Newell

Brands,

Inc.

31,365

3

NVR,

Inc.

(a)

29,435

225

PulteGroup,

Inc.

32,294

441

Taylor

Morrison

Home

Corp.

-

Class

A

(a)

30,985

206

Toll

Brothers,

Inc.

31,825

286

Whirlpool

Corp.

30,602

277,706

HOUSEHOLD

PRODUCTS

0.9%

187

Clorox

Co.

(The)

30,463

279

Colgate-Palmolive

Co.

28,963

206

Kimberly-Clark

Corp.

29,310

173

Procter

&

Gamble

Co.

(The)

29,964

118,700

INDEPENDENT

POWER

AND

RENEWABLE

ELECTRICITY

PRODUCERS

0.5%

1,714

AES

Corp.

(The)

34,383

349

Vistra

Corp.

41,370

75,753

INDUSTRIAL

CONGLOMERATES

0.4%

222

3M

Co.

30,347

142

Honeywell

International,

Inc.

29,353

59,700

INDUSTRIAL

REITS

0.2%

235

Prologis,

Inc.

29,676

INSURANCE

5.0%

269

Aflac,

Inc.

30,074

157

Allstate

Corp.

(The)

29,775

222

American

Financial

Group,

Inc.

29,881

386

American

International

Group,

Inc.

28,267

101

Arthur

J

Gallagher

&

Co.

28,418

150

Assurant,

Inc.

29,829

217

Cincinnati

Financial

Corp.

29,538

498

Fidelity

National

Financial,

Inc.

30,906

4,252

Genworth

Financial,

Inc.

-

Class

A

(a)

29,126

255

Hartford

Financial

Services

Group,

Inc.

(The)

29,991

914

Lincoln

National

Corp.

28,800

361

Loews

Corp.

28,537

18

Markel

Group,

Inc.

(a)

28,234

130

Marsh

&

McLennan

Cos.,

Inc.

29,002

384

MetLife,

Inc.

31,672

828

Old

Republic

International

Corp.

29,328

365

Principal

Financial

Group,

Inc.

31,354

118

Progressive

Corp.

(The)

29,944

246

Prudential

Financial,

Inc.

29,791

135

Reinsurance

Group

of

America,

Inc.

29,412

130

Travelers

Cos.,

Inc.

(The)

30,436

Annual

Report

|

September

30,

2024

41

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

SHARES

SECURITY

DESCRIPTION

VALUE

$

532

Unum

Group

31,622

498

W

R

Berkley

Corp.

28,252

682,189

INTERACTIVE

MEDIA

&

SERVICES

0.5%

183

Alphabet,

Inc.

-

Class

A

30,351

57

Meta

Platforms,

Inc.

-

Class

A

32,629

62,980

IT

SERVICES

0.9%

383

Cognizant

Technology

Solutions

Corp.

-

Class

A

29,560

1,414

DXC

Technology

Co.

(a)

29,341

148

International

Business

Machines

Corp.

32,719

1,249

Kyndryl

Holdings,

Inc.

(a)

28,702

120,322

LEISURE

PRODUCTS

0.2%

350

Polaris,

Inc.

29,134

LIFE

SCIENCES

TOOLS

&

SERVICES

0.6%

110

Danaher

Corp.

30,583

117

IQVIA

Holdings,

Inc.

(a)

27,725

48

Thermo

Fisher

Scientific,

Inc.

29,691

87,999

MACHINERY

2.9%

325

AGCO

Corp.

31,805

83

Caterpillar,

Inc.

32,463

95

Cummins,

Inc.

30,760

77

Deere

&

Co.

32,134

161

Dover

Corp.

30,870

117

Illinois

Tool

Works,

Inc.

30,662

274

Oshkosh

Corp.

27,458

313

Otis

Worldwide

Corp.

32,533

310

PACCAR,

Inc.

30,591

49

Parker-Hannifin

Corp.

30,959

289

Stanley

Black

&

Decker,

Inc.

31,828

176

Westinghouse

Air

Brake

Technologies

Corp.

31,992

216

Xylem,

Inc.

29,166

403,221

MEDIA

2.2%

15,833

Altice

USA,

Inc.

-

Class

A

(a)

38,950

84

Charter

Communications,

Inc.

-

Class

A

(a)

27,223

746

Comcast

Corp.

-

Class

A

31,160

1,574

EchoStar

Corp.

-

Class

A

(a)

39,068

716

Fox

Corp.

-

Class

A

30,308

910

Interpublic

Group

of

Cos.,

Inc.

(The)

28,783

1,061

News

Corp.

-

Class

A

28,254

299

Omnicom

Group,

Inc.

30,914

2,771

Paramount

Global

-

Class

B

29,428

1,051

Sirius

XM

Holdings,

Inc.

24,856

308,944

METALS

&

MINING

2.0%

906

Alcoa

Corp.

34,953

2,194

Cleveland-Cliffs,

Inc.

(a)

28,017

549

Commercial

Metals

Co.

30,173

672

Freeport-McMoRan,

Inc.

33,546

555

Newmont

Corp.

29,665

196

Nucor

Corp.

29,467

104

Reliance,

Inc.

30,078

246

Steel

Dynamics,

Inc.

31,016

773

United

States

Steel

Corp.

27,310

274,225

SHARES

SECURITY

DESCRIPTION

VALUE

$

MULTI-UTILITIES

2.0%

359

Ameren

Corp.

31,398

1,087

CenterPoint

Energy,

Inc.

31,980

437

CMS

Energy

Corp.

30,865

293

Consolidated

Edison,

Inc.

30,510

526

Dominion

Energy,

Inc.

30,398

237

DTE

Energy

Co.

30,433

367

Public

Service

Enterprise

Group,

Inc.

32,740

362

Sempra

30,274

318

WEC

Energy

Group,

Inc.

30,585

279,183

OIL,

GAS

&

CONSUMABLE

FUELS

4.8%

1,002

APA

Corp.

24,509

160

Cheniere

Energy,

Inc.

28,774

399

Chesapeake

Energy

Corp.

32,817

199

Chevron

Corp.

29,307

256

ConocoPhillips

26,952

1,487

Delek

US

Holdings,

Inc.

27,881

651

Devon

Energy

Corp.

25,467

149

Diamondback

Energy,

Inc.

25,688

226

EOG

Resources,

Inc.

27,782

248

Exxon

Mobil

Corp.

29,071

213

Hess

Corp.

28,925

620

HF

Sinclair

Corp.

27,633

1,375

Kinder

Morgan,

Inc.

30,374

172

Marathon

Petroleum

Corp.

28,021

514

Occidental

Petroleum

Corp.

26,492

326

ONEOK,

Inc.

29,708

670

Ovintiv,

Inc.

25,668

1,352

Par

Pacific

Holdings,

Inc.

(a)

23,795

883

PBF

Energy,

Inc.

-

Class

A

27,329

216

Phillips

66

28,393

201

Targa

Resources

Corp.

29,750

207

Valero

Energy

Corp.

27,951

650

Williams

Cos.,

Inc.

(The)

29,673

1,027

World

Kinect

Corp.

31,745

673,705

PASSENGER

AIRLINES

1.5%

819

Alaska

Air

Group,

Inc.

(a)

37,027

2,824

American

Airlines

Group,

Inc.

(a)

31,742

707

Delta

Air

Lines,

Inc.

35,909

5,953

JetBlue

Airways

Corp.

(a)

39,052

1,022

Southwest

Airlines

Co.

30,282

686

United

Airlines

Holdings,

Inc.

(a)

39,142

213,154

PERSONAL

CARE

PRODUCTS

0.2%

325

Estee

Lauder

Cos.,

Inc.

(The)

-

Class

A

32,399

PHARMACEUTICALS

1.5%

594

Bristol-Myers

Squibb

Co.

30,734

31

Eli

Lilly

&

Co.

27,464

179

Johnson

&

Johnson

29,009

250

Merck

&

Co.,

Inc.

28,390

1,026

Pfizer,

Inc.

29,692

2,476

Viatris,

Inc.

28,746

161

Zoetis,

Inc.

-

Class

A

31,456

205,491

PROFESSIONAL

SERVICES

1.5%

196

Amentum

Holdings,

Inc.

(a)

6,321

108

Automatic

Data

Processing,

Inc.

29,887

188

Booz

Allen

Hamilton

Holding

Corp.

30,599

387

Concentrix

Corp.

19,834

42

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Fortune

500

Equal

Weight

ETF

(Cont.)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2024

SHARES

SECURITY

DESCRIPTION

VALUE

$

196

Jacobs

Solutions,

Inc.

25,656

187

Leidos

Holdings,

Inc.

30,481

400

ManpowerGroup,

Inc.

29,408

227

Science

Applications

International

Corp.

31,614

203,800

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

0.5%

257

CBRE

Group,

Inc.

-

Class

A

(a)

31,991

116

Jones

Lang

LaSalle,

Inc.

(a)

31,298

63,289

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

2.9%

203

Advanced

Micro

Devices,

Inc.

(a)

33,308

128

Analog

Devices,

Inc.

29,462

153

Applied

Materials,

Inc.

30,914

188

Broadcom,

Inc.

32,430

1,469

Intel

Corp.

34,462

37

KLA

Corp.

28,653

37

Lam

Research

Corp.

30,195

365

Microchip

Technology,

Inc.

29,306

309

Micron

Technology,

Inc.

32,046

250

NVIDIA

Corp.

30,360

388

ON

Semiconductor

Corp.

(a)

28,173

174

QUALCOMM,

Inc.

29,589

140

Texas

Instruments,

Inc.

28,920

397,818

SOFTWARE

1.5%

52

Adobe,

Inc.

(a)

26,925

47

Intuit,

Inc.

29,187

71

Microsoft

Corp.

30,551

212

Oracle

Corp.

36,124

114

Salesforce,

Inc.

31,203

35

ServiceNow,

Inc.

(a)

31,304

112

Workday,

Inc.

-

Class

A

(a)

27,374

212,668

SPECIALIZED

REITS

0.7%

132

American

Tower

Corp.

30,698

36

Equinix,

Inc.

31,955

966

Weyerhaeuser

Co.

32,708

95,361

SPECIALTY

RETAIL

6.1%

634

Advance

Auto

Parts,

Inc.

24,720

122

Asbury

Automotive

Group,

Inc.

(a)

29,108

164

AutoNation,

Inc.

(a)

29,343

9

AutoZone,

Inc.

(a)

28,350

949

Bath

&

Body

Works,

Inc.

30,292

296

Best

Buy

Co.,

Inc.

30,577

109

Burlington

Stores,

Inc.

(a)

28,719

345

CarMax,

Inc.

(a)

26,696

195

Carvana

Co.

(a)

33,951

1,022

Chewy,

Inc.

-

Class

A

(a)

29,934

125

Dick's

Sporting

Goods,

Inc.

26,088

950

Foot

Locker,

Inc.

24,548

1,281

Gap,

Inc.

(The)

28,246

79

Group

1

Automotive,

Inc.

30,260

80

Home

Depot,

Inc.

(The)

32,416

97

Lithia

Motors,

Inc.

-

Class

A

30,811

119

Lowe's

Cos.,

Inc.

32,231

57

Murphy

USA,

Inc.

28,094

985

ODP

Corp.

(The)

(a)

29,304

26

O'Reilly

Automotive,

Inc.

(a)

29,942

173

Penske

Automotive

Group,

Inc.

28,099

194

Ross

Stores,

Inc.

29,199

SHARES

SECURITY

DESCRIPTION

VALUE

$

471

Sonic

Automotive,

Inc.

-

Class

A

27,544

251

TJX

Cos.,

Inc.

(The)

29,503

107

Tractor

Supply

Co.

31,130

80

Ulta

Beauty,

Inc.

(a)

31,130

700

Wayfair,

Inc.

-

Class

A

(a)

39,326

220

Williams-Sonoma,

Inc.

34,082

833,643

TECHNOLOGY

HARDWARE,

STORAGE

&

PERIPHERALS

1.3%

128

Apple,

Inc.

29,824

267

Dell

Technologies,

Inc.

-

Class

C

31,650

1,572

Hewlett

Packard

Enterprise

Co.

32,163

833

HP,

Inc.

29,880

66

Super

Micro

Computer,

Inc.

(a)

27,482

469

Western

Digital

Corp.

(a)

32,028

183,027

TEXTILES,

APPAREL

&

LUXURY

GOODS

1.1%

113

Lululemon

Athletica,

Inc.

(a)

30,663

353

NIKE,

Inc.

-

Class

B

31,205

303

PVH

Corp.

30,551

429

Skechers

USA,

Inc.

-

Class

A

(a)

28,709

1,604

VF

Corp.

32,000

153,128

TOBACCO

0.4%

553

Altria

Group,

Inc.

28,225

240

Philip

Morris

International,

Inc.

29,136

57,361

TRADING

COMPANIES

&

DISTRIBUTORS

1.3%

330

Beacon

Roofing

Supply,

Inc.

(a)

28,522

436

Fastenal

Co.

31,139

40

United

Rentals,

Inc.

32,390

63

Watsco,

Inc.

30,988

180

WESCO

International,

Inc.

30,236

30

WW

Grainger,

Inc.

31,164

184,439

Total

Common

Stocks

(Cost

$12,697,815)

13,850,066

SHORT

TERM

INVESTMENTS

0.5%

35,036

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

4.86%

(b)

35,036

35,036

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

4.83%

(b)

35,036

Total

Short

Term

Investments

(Cost

$70,072)

70,072

Total

Investments

99.9%

(Cost

$12,767,887)

13,920,138

Other

Assets

in

Excess

of

Liabilities

0.1%

9,049

NET

ASSETS

100.0%

$13,929,187

(a)

Non-income

producing

security.

(b)

Seven-day

yield

as

of

period

end.

Annual

Report

|

September

30,

2024

43

Statements

of

Assets

and

Liabilities

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2024

DoubleLine

Opportunistic

Bond

ETF

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

DoubleLine

Commercial

Real

Estate

ETF

DoubleLine

Mortgage

ETF

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

DoubleLine

Fortune

500

Equal

Weight

ETF

ASSETS

Investments

in

Unaffiliated

Securities,

at

Value*

$

333,906,345

$

408,219,914

$

209,661,620

$

369,427,785

$

—

$

13,850,066

Short

Term

Investments*

5,171,194

786,766

3,187,272

13,823,502

17,325,830

70,072

Interest

and

Dividends

Receivable

2,072,566

588,136

745,916

1,849,277

4,682

11,288

Deposit

at

Broker

for

Futures

Contracts

1,215,074

—

—

1,292,300

—

—

Receivable

for

Investments

Sold

275,706

—

1,404,116

46,839,357

—

—

Cash

42,660

—

128,791

18,580

—

—

Net

Unrealized

Appreciation

on

Unfunded

Loan

Commitments

12

—

—

—

—

—

Receivable

for

Fund

Shares

Sold

—

—

1,038,885

—

—

—

Total

Assets

342,683,557

409,594,816

216,166,600

433,250,801

17,330,512

13,931,426

LIABILITIES

Payable

for

Investments

Purchased

3,727,272

—

3,265,600

98,296,912

28

—

Payable

for

variation

margin

on

futures

contracts

294,874

—

—

268,139

—

—

Management

Fees

Payable

133,921

218,173

60,490

109,434

7,941

2,239

Interest

Expense

Payable

4,560

—

9,700

284,176

—

—

Unrealized

depreciation

on

Swaps

—

—

—

—

131,853

—

Total

Liabilities

4,160,627

218,173

3,335,790

98,958,661

139,822

2,239

Net

Assets

$

338,522,930

$

409,376,643

$

212,830,810

$

334,292,140

$

17,190,690

$

13,929,187

NET

ASSETS

CONSISTS

OF:

Paid-In

Capital

$

331,729,482

$

371,182,722

$

209,504,391

$

326,891,834

$

16,862,983

$

12,770,358

Total

Distributable

Earnings

(Loss)

(See

Note

8)

6,793,448

38,193,921

3,326,419

7,400,306

327,707

1,158,829

Net

Assets

$

338,522,930

$

409,376,643

$

212,830,810

$

334,292,140

$

17,190,690

$

13,929,187

*Identified

Cost:

Investments

in

Unaffiliated

Securities

$

324,381,107

$

367,432,521

$

207,326,782

$

363,440,951

$

—

$

12,697,815

Short

Term

Investments

5,171,194

786,766

3,187,272

13,823,502

17,316,259

70,072

Shares

Outstanding

and

Net

Asset

Value

Per

Share:

Shares

Outstanding

(unlimited

number

of

shares

authorized

$

0.001

par

value)

7,161,000

13,802,000

4,100,001

6,640,001

680,001

480,001

Net

Asset

Value

Per

Share

$

47.27

$

29.66

$

51.91

$

50.35

$

25.28

$

29.02

Statements

of

Operations

44

DoubleLine

ETF

Trust

For

the

period

ended

September

30,

2024

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

DoubleLine

Mortgage

ETF

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

(a)

DoubleLine

Fortune

500

Equal

Weight

ETF

(a)

INVESTMENT

INCOME

Income:

Interest

$

14,310,301

$

—

$

6,973,147

$

13,053,790

$

597,641

$

—

Dividends

from

Unaffiliated

Securities

357,360

7,179,291

355,094

598,029

59,836

167,405

Total

Investment

Income

14,667,661

7,179,291

7,328,241

13,651,819

657,477

167,405

Expenses:

Management

Fees

1,283,321

2,366,327

468,631

1,214,891

80,499

17,147

Total

Expenses

1,283,321

2,366,327

468,631

1,214,891

80,499

17,147

Net

Investment

Income

(Loss)

13,384,340

4,812,964

6,859,610

12,436,928

576,978

150,258

REALIZED

&

UNREALIZED

GAIN

(LOSS)

ON

INVESTMENTS

Net

Realized

Gain

(Loss)

on:

Investments

in

Unaffiliated

Securities

1,131,420

3,719,593

287,915

(

1,018,846

)

64

(

49,249

)

Foreign

Currency

381

—

—

—

—

(

3

)

In-kind

redemptions

on

investments

in

securities

176,279

31,584,209

514,736

3,359,534

—

785,666

Futures

contracts

1,493,593

—

—

2,421,349

—

—

Swap

contracts

—

—

—

—

26,033

—

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Investments

in

Unaffiliated

Securities

15,128,623

46,135,963

2,358,442

10,726,100

—

1,152,251

Short

Term

Investments

—

—

—

—

9,571

—

Unfunded

Loan

Commitments

12

—

—

—

—

—

Futures

contracts

189,852

—

—

(

157,758

)

—

—

Swap

contracts

—

—

—

—

(

131,853

)

—

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

18,120,160

81,439,765

3,161,093

15,330,379

(

96,185

)

1,888,665

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

31,504,500

$

86,252,729

$

10,020,703

$

27,767,307

$

480,793

$

2,038,923

(a)

Commenced

operations

on

January

31,

2024

.

Annual

Report

|

45

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,

2024

Year

Ended

September

30,

2023

Year

Ended

September

30,

2024

Year

Ended

September

30,

2023

OPERATIONS

Net

Investment

Income

(Loss)

$

13,384,340

$

5,253,498

$

4,812,964

$

2,577,907

Net

Realized

Gain

(Loss)

on

Investments

2,801,673

(

6,340,230

)

35,303,802

29,070,704

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Investments

15,318,487

(

2,023,492

)

46,135,963

4,647,012

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

31,504,500

(

3,110,224

)

86,252,729

36,295,623

DISTRIBUTIONS

TO

SHAREHOLDERS

From

Net

Investment

Income

(

12,870,129

)

(

4,639,748

)

(

4,281,828

)

(

2,058,365

)

Total

Distributions

to

Shareholders

(

12,870,129

)

(

4,639,748

)

(

4,281,828

)

(

2,058,365

)

NET

SHARE

TRANSACTIONS

(a)

Proceeds

from

Shares

Issued

150,820,585

149,255,268

285,137,490

278,448,790

Cost

of  Shares

Redeemed

(

19,008,957

)

—

(

241,177,641

)

(

158,139,423

)

Increase

(Decrease)

in

Net

Assets

Resulting

from

Net

Share

Transactions

131,811,628

149,255,268

43,959,849

120,309,367

Total

Increase

(Decrease)

in

Net

Assets

$

150,445,999

$

141,505,296

$

125,930,750

$

154,546,625

NET

ASSETS

Beginning

of

Period

$

188,076,931

$

46,571,635

$

283,445,893

$

128,899,268

End

of

Period

$

338,522,930

$

188,076,931

$

409,376,643

$

283,445,893

SHARE

TRANSACTIONS

Beginning

of  Period

4,261,000

1,021,000

11,962,000

6,442,000

Shares

Issued

2,020,000

1,080,000

8,800,000

7,880,000

Shares

Issued

In-Kind

1,300,000

2,160,000

2,040,000

4,200,000

Shares

Redeemed

(

240,000

)

—

(

80,000

)

—

Shares

Redeemed

In-Kind

(

180,000

)

—

(

8,920,000

)

(

6,560,000

)

Shares

Outstanding,

End

of  Period

7,161,000

4,261,000

13,802,000

11,962,000

(a)

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.)

46

DoubleLine

ETF

Trust

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

DoubleLine

Commercial

Real

Estate

ETF

DoubleLine

Mortgage

ETF

Year

Ended

September

30,

2024

Period

Ended

September

30,

2023

(a)

Year

Ended

September

30,

2024

Period

Ended

September

30,

2023

(a)

OPERATIONS

Net

Investment

Income

(Loss)

$

6,859,610

$

858,926

$

12,436,928

$

1,618,005

Net

Realized

Gain

(Loss)

on

Investments

802,651

(

15,348

)

4,762,037

(

870,448

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Investments

2,358,442

(

23,604

)

10,568,342

(

4,865,244

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

10,020,703

819,974

27,767,307

(

4,117,687

)

DISTRIBUTIONS

TO

SHAREHOLDERS

From

Net

Investment

Income

(

6,195,606

)

(

616,051

)

(

11,424,544

)

(

1,235,869

)

Total

Distributions

to

Shareholders

(

6,195,606

)

(

616,051

)

(

11,424,544

)

(

1,235,869

)

NET

SHARE

TRANSACTIONS

(b)

Proceeds

from

Shares

Issued

172,429,746

60,234,025

308,142,904

103,968,746

Cost

of  Shares

Redeemed

(

23,861,981

)

—

(

88,808,717

)

—

Increase

(Decrease)

in

Net

Assets

Resulting

from

Net

Share

Transactions

148,567,765

60,234,025

219,334,187

103,968,746

Total

Increase

(Decrease)

in

Net

Assets

$

152,392,862

$

60,437,948

$

235,676,950

$

98,615,190

NET

ASSETS

Beginning

of

Period

$

60,437,948

$

—

$

98,615,190

$

—

End

of

Period

$

212,830,810

$

60,437,948

$

334,292,140

$

98,615,190

SHARE

TRANSACTIONS

Beginning

of  Period

1,200,001

—

2,100,001

—

Shares

Issued

3,360,000

1,200,001

6,320,000

2,100,001

Shares

Redeemed

—

—

(

580,000

)

—

Shares

Redeemed

In-Kind

(

460,000

)

—

(

1,200,000

)

—

Shares

Outstanding,

End

of  Period

4,100,001

1,200,001

6,640,001

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.

Statements

of

Changes

in

Net

Assets

(Cont.)

Annual

Report

|

47

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

DoubleLine

Fortune

500

Equal

Weight

ETF

Period

Ended

September

30,

2024

(a)

Period

Ended

September

30,

2024

(a)

OPERATIONS

Net

Investment

Income

(Loss)

$

576,978

$

150,258

Net

Realized

Gain

(Loss)

on

Investments

26,097

736,414

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Investments

(

122,282

)

1,152,251

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

480,793

2,038,923

DISTRIBUTIONS

TO

SHAREHOLDERS

From

Net

Investment

Income

—

(

94,471

)

Total

Distributions

to

Shareholders

—

(

94,471

)

NET

SHARE

TRANSACTIONS

(b)

Proceeds

from

Shares

Issued

45,265,222

16,853,661

Cost

of  Shares

Redeemed

(

28,555,325

)

(

4,868,926

)

Increase

(Decrease)

in

Net

Assets

Resulting

from

Net

Share

Transactions

16,709,897

11,984,735

Total

Increase

(Decrease)

in

Net

Assets

$

17,190,690

$

13,929,187

NET

ASSETS

Beginning

of

Period

$

—

$

—

End

of

Period

$

17,190,690

$

13,929,187

SHARE

TRANSACTIONS

Beginning

of  Period

—

—

Shares

Issued

1,800,001

60,001

Shares

Issued

In-Kind

—

600,000

Shares

Redeemed

(

1,120,000

)

—

Shares

Redeemed

In-Kind

—

(

180,000

)

Shares

Outstanding,

End

of  Period

680,001

480,001

(a)

Commenced

operations

on

January

31,

2024.

(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.

Financial

Highlights

48

DoubleLine

ETF

Trust

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

DoubleLine

Opportunistic

Bond

ETF

Year

Ended

September

30,

2024

Year

Ended

September

30,

2023

Period

Ended

September

30,

2022

(a)

Net

Asset

Value,

Beginning

of

Period

$

44.14

$

45.61

$

50.00

Income

(Loss)

from

Investment

Operations:

Net

Investment

Income

(Loss)

(b)

2.37

2.08

0.82

Net

Gain

(Loss)

on

Investments

(Realized

and

Unrealized)

3.09

(1.65)

(4.59)

Total

from

Investment

Operations

5.46

0.43

(3.77)

Less

Distributions:

Distributions

from

Net

Investment

Income

(2.33)

(1.90)

(0.62)

Total

Distributions

(2.33)

(1.90)

(0.62)

Net

Asset

Value,

End

of

Period

$

47.27

$

44.14

$

45.61

Total

Return

12.76%

0.84%

(c)

(7.60)%

(d)

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

338,523

$

188,077

$

46,572

Ratios

to

Average

Net

Assets:

Expenses

0.50%

0.50%

0.50%

(e)

Net

Investment

Income

(Loss)

5.20%

4.55%

3.38%

(e)

Portfolio

Turnover

Rate

(f)

142%

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.)

Annual

Report

|

49

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

Year

Ended

September

30,

2024

Year

Ended

September

30,

2023

Period

Ended

September

30,

2022

(a)

Net

Asset

Value,

Beginning

of

Period

$

23.70

$

20.01

$

25.00

Income

(Loss)

from

Investment

Operations:

Net

Investment

Income

(Loss)

(b)

0.36

0.25

0.14

Net

Gain

(Loss)

on

Investments

(Realized

and

Unrealized)

5.92

3.65

(5.07)

Total

from

Investment

Operations

6.28

3.90

(4.93)

Less

Distributions:

Distributions

from

Net

Investment

Income

(0.32)

(0.21)

(0.06)

Total

Distributions

(0.32)

(0.21)

(0.06)

Net

Asset

Value,

End

of

Period

$

29.66

$

23.70

$

20.01

Total

Return

26.70%

19.54%

(19.72)%

(c)

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

409,377

$

283,446

$

128,899

Ratios

to

Average

Net

Assets:

Expenses

0.65%

0.65%

0.65%

(d)

Net

Investment

Income

(Loss)

1.32%

1.08%

1.30%

(d)

Portfolio

Turnover

Rate

(e)

290%

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.)

50

DoubleLine

ETF

Trust

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

DoubleLine

Commercial

Real

Estate

ETF

Year

Ended

September

30,

2024

Period

Ended

September

30,

2023

(a)

Net

Asset

Value,

Beginning

of

Period

$

50.36

$

50.00

Income

(Loss)

from

Investment

Operations:

Net

Investment

Income

(Loss)

(b)

2.90

1.35

Net

Gain

(Loss)

on

Investments

(Realized

and

Unrealized)

1.35

(0.01)

Total

from

Investment

Operations

4.25

1.34

Less

Distributions:

Distributions

from

Net

Investment

Income

(2.70)

(0.98)

Total

Distributions

(2.70)

(0.98)

Net

Asset

Value,

End

of

Period

$

51.91

$

50.36

Total

Return

8.70%

2.69%

(c)

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

212,831

$

60,438

Ratios

to

Average

Net

Assets:

Expenses

0.39%

0.39%

(d)

Net

Investment

Income

(Loss)

5.68%

5.33%

(d)

Portfolio

Turnover

Rate

(e)

74%

36%

(c)

(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.

(e)

In-kind

transactions

are

not

included

in

portfolio

turnover

calculations.

Financial

Highlights

(Cont.)

Annual

Report

|

51

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

DoubleLine

Mortgage

ETF

Year

Ended

September

30,

2024

Period

Ended

September

30,

2023

(a)

Net

Asset

Value,

Beginning

of

Period

$

46.96

$

50.00

Income

(Loss)

from

Investment

Operations:

Net

Investment

Income

(Loss)

(b)

2.38

1.04

Net

Gain

(Loss)

on

Investments

(Realized

and

Unrealized)

3.23

(3.35)

Total

from

Investment

Operations

5.61

(2.31)

Less

Distributions:

Distributions

from

Net

Investment

Income

(2.22)

(0.73)

Total

Distributions

(2.22)

(0.73)

Net

Asset

Value,

End

of

Period

$

50.35

$

46.96

Total

Return

12.27%

(4.67)%

(c)

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

334,292

$

98,615

Ratios

to

Average

Net

Assets:

Expenses

0.48%

0.49%

(d)

Net

Investment

Income

(Loss)

4.90%

4.23%

(d)

Portfolio

Turnover

Rate

(e)

197%

31%

(c)

Portfolio

Turnover

Rate

excluding

Mortgage

Dollar

Rolls

(f)

55%

–%

(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.

(e)

In-kind

transactions

are

not

included

in

portfolio

turnover

calculations.

(f)

See

Note

2(J)

regarding

Mortgage

Dollar

Rolls.

Financial

Highlights

(Cont.)

52

DoubleLine

ETF

Trust

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

Period

Ended

September

30,

2024

(a)

Net

Asset

Value,

Beginning

of

Period

$

25.00

Income

(Loss)

from

Investment

Operations:

Net

Investment

Income

(Loss)

(b)

0.79

Net

Gain

(Loss)

on

Investments

(Realized

and

Unrealized)

(0.51)

Total

from

Investment

Operations

0.28

Net

Asset

Value,

End

of

Period

$

25.28

Total

Return

(c)

1.12%

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

17,191

Ratios

to

Average

Net

Assets:

Expenses

(d)

0.65%

Net

Investment

Income

(Loss)

(d)

4.64%

Portfolio

Turnover

Rate

(c)

111%

(a)

Commencement

of

operations

on

January

31,

2024.

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.)

Annual

Report

|

53

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

DoubleLine

Fortune

500

Equal

Weight

ETF

Period

Ended

September

30,

2024

(a)

Net

Asset

Value,

Beginning

of

Period

$

25.00

Income

(Loss)

from

Investment

Operations:

Net

Investment

Income

(Loss)

(b)

0.31

Net

Gain

(Loss)

on

Investments

(Realized

and

Unrealized)

3.91

Total

from

Investment

Operations

4.22

Less

Distributions:

Distributions

from

Net

Investment

Income

(0.20)

Total

Distributions

(0.20)

Net

Asset

Value,

End

of

Period

$

29.02

Total

Return

(c)

16.93%

Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

13,929

Ratios

to

Average

Net

Assets:

Expenses

(d)

0.20%

Net

Investment

Income

(Loss)

(d)

1.75%

Portfolio

Turnover

Rate

(c)(e)

12%

(a)

Commencement

of

operations

on

January

31,

2024.

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.

Notes

to

Financial

Statements

54

DoubleLine

ETF

Trust

September

30,

2024

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,

2024,

the

Trust

consists

of

six 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"),

DoubleLine

Mortgage

ETF

(the

"Mortgage

ETF"),

DoubleLine

Commodity

Strategy

ETF

(the

"Commodity

Strategy

ETF"),

and

DoubleLine

Fortune

500

Equal

Weight

ETF

(the "Fortune

500

ETF") (each

a

“Fund”

and

collectively

the

“Funds”).

The

Opportunistic

Bond

ETF,

Equities

ETF,

Commercial

Real

Estate

ETF,

Mortgage

ETF

and

Fortune

500

ETF

are

managed

by

DoubleLine

ETF

Adviser

LP,

and

the

Commodity

Strategy

ETF

is

managed

by

DoubleLine

Alternatives

LP

(each,

an

“Adviser”

and

collectively,

the

“Advisers”),

which

are

registered

as

an

investment

advisers

with

the

U.S.

Securities

and

Exchange

Commission.

Each

Fund

offers

one

class

of

shares.

Each

Fund

is classified

as

non-diversified

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

except

the

Fortune

500

ETF,

which

is

classified

as

a

diversified

fund.

Currently

under

the

1940

Act,

a

diversified

fund

generally

may

not,

with

respect

to

75%

of

its

total

assets,

invest

more

than

5%

of

its

total

assets in

the

securities

of

any

one

issuer

or

own

more

than

10%

of

the

outstanding

voting

securities

of

such

issuer

(except,

in

each

case,

U.S.

Government

securities,

cash,

cash

items

and

the

securities

of

other

investment

companies).

The

remaining

25%

of

a

fund's

total

assets

is

not

subject

to

this

limitation.

The

Funds'

investment

objectives

and

dates

each

Fund

commenced

operations

and

public

trading 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,

2024. 

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)

Fund

Name

Investment

Objective

Commencement

of

Operations

Commencement

of

Public

Trading

DoubleLine

Opportunistic

Bond

ETF

Seek

to

maximize

current

income

and

total

return

3/31/2022

4/5/2022

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

Seek

total

return

which

exceeds

the

total

return

of

the

S&P

500®

Index

3/31/2022

4/5/2022

DoubleLine

Commercial

Real

Estate

ETF

Seek

current

income

and

capital

preservation

and

as

a

secondary

objective,

seek

long-term

capital

appreciation

3/31/2023

4/4/2023

DoubleLine

Mortgage

ETF

Seek

total

return

(capital

appreciation

and

current

income)

which

exceeds

the

total

return

of

its

benchmark

index,

the

Bloomberg

U.S.

Mortgage-Backed

Securities

Index,

over

a

full

market

cycle

3/31/2023

4/4/2023

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

Seek

total

return

(capital

appreciation

and

current

income)

1/31/2024

2/1/2024

DoubleLine

Fortune

500

Equal

Weight

ETF

Seek

to

track

the

investment

results

(before

fees

and

expenses)

of

the

Barclays

Fortune

500

Equal

Weighted

Total

Return

Index

1/31/2024

2/1/2024

Notes

to

Financial

Statements

(Cont.)

September

30,

2024

Annual

Report

|

September

30,

2024

55

Valuations for

domestic

and

foreign

fixed

income

securities

are

normally

determined

on

the

basis

of

evaluations

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. 

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.

Over-the-counter

financial

derivative

instruments,

such

as

forward

currency

exchange

contracts,

options

contracts,

or

swap

agreements,

derive

their

values

from

underlying

asset

prices,

indices,

reference

rates,

other

inputs

or

a

combination

of

these

factors.

These

instruments

are

normally

valued

on

the

basis

of

valuations

obtained

from

counterparties,

published

index

closing

levels

or

evaluated

prices

supplied

by

independent

pricing

services,

some

or

all

of

which

may

be

based

on

market

data

from

trading

on

exchanges

that

closed

significantly

before

the

time

as

of

which

a

Fund

calculates

its

NAV.

Forward

foreign

currency

contracts

are

generally

valued

based

on

rates

provided

by

independent

data

providers.

A

Fund

does

not

normally

take

into

account

trading,

clearances

or

settlements

that

take

place

after

the

close

of

the

principal

exchange

or

market

on

which

such

securities

are

traded.

Depending

on

the

instrument

and

the

terms

of

the

transaction,

the

value

of

the

derivative

instruments

can

be

estimated

by

a

pricing

service

provider

using

a

series

of

techniques,

such

as

simulation

pricing

models.

The

pricing

models

use

issuer

details

and

other

inputs

that

are

observed

from

actively

quoted

markets

such

as

indices,

spreads,

interest

rates,

curves,

dividends

and

exchange

rates.

Derivatives

that

use

similar

valuation

techniques

and

inputs

as

described

above

are

normally

categorized

as

Level

2

of

the

fair

value

hierarchy.

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

its

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

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

Notes

to

Financial

Statements

(Cont.)

56

DoubleLine

ETF

Trust

September

30,

2024

primary

investment

adviser,

either

DoubleLine

ETF

Adviser

or

DoubleLine

Alternatives

LP (each,

an

“Adviser”

and

collectively,

the

“Advisers”),

as

applicable,

as

the

“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.

Each

Adviser,

as

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,

2024:

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.

Category

DoubleLine

Opportunistic

Bond

ETF

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

DoubleLine

Commercial

Real

Estate

ETF

DoubleLine

Mortgage

ETF

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

DoubleLine

Fortune

500

Equal

Weight

ETF

Investments

in

Securities

Level

1

Common

Stocks

$

—

$

408,219,914

$

—

$

—

$

—

$

13,850,066

Money

Market

Funds

5,171,194

786,766

3,187,272

13,823,502

869,324

70,072

Total

Level

1

5,171,194

409,006,680

3,187,272

13,823,502

869,324

13,920,138

Level

2

US

Government

and

Agency

Mortgage

Backed

Obligations

73,371,707

—

25,308,441

322,507,842

—

—

Non-Agency

Commercial

Mortgage

Backed

Obligations

17,143,858

—

127,373,321

—

—

—

US

Government

and

Agency

Obligations

83,093,645

—

—

—

—

—

Non-Agency

Residential

Collateralized

Mortgage

Obligations

30,741,508

—

—

46,919,943

—

—

Collateralized

Loan

Obligations

15,437,930

—

56,979,858

—

—

—

US

Corporate

Bonds

50,483,505

—

—

—

—

—

Asset

Backed

Obligations

30,792,470

—

—

—

—

—

Foreign

Corporate

Bonds

22,491,702

—

—

—

—

—

Other

Short

Term

Investments

—

—

—

—

16,456,506

—

Bank

Loans

9,322,103

—

—

—

—

—

Foreign

Government

Bonds,

Foreign

Agencies

and

Foreign

Government

Sponsored

Corporations

1,027,917

—

—

—

—

—

Total

Level

2

333,906,345

—

209,661,620

369,427,785

16,456,506

—

Level

3

—

—

—

—

—

—

Total

$

339,077,539

$

409,006,680

$

212,848,892

$

383,251,287

$

17,325,830

$

13,920,138

Other

Financial

Instruments

Assets

Level

1

Futures

$

350,318

$

—

$

—

$

67,224

$

—

$

—

Level

2

Unfunded

Loan

Commitments

12

—

—

—

—

—

Level

3

—

—

—

—

—

—

Liabilities

Level

1

Futures

$

(160,466)

$

—

$

—

$

(350,960)

$

—

$

—

Level

2

Excess

Return

Swaps

—

—

—

—

(131,853)

—

Level

3

—

—

—

—

—

—

Total

$

189,864

$

—

$

—

$

(283,736)

$

(131,853)

$

—

Notes

to

Financial

Statements

(Cont.)

September

30,

2024

Annual

Report

|

September

30,

2024

57

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,

the

Equities

ETF

and the

Fortune

500

ETF will

distribute

dividends

of

net

investment

income

at

least

quarterly,

and

the

Commodity

Strategy

ETF

will

distribute

dividends

of

net

investment

income annually.

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.

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,

2024,

the

Funds

have

the

following

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

DoubleLine

Opportunistic

Bond

ETF

Borrower

Par

Commitment

Amount

Fair

Value

Unrealized

Appreciation/

(Depreciation)

%

Of

Net

Assets

Focus

Financial

Partners

LLC

$

18,912

$

18,865

$

18,877

$

12

0.01

%

Notes

to

Financial

Statements

(Cont.)

58

DoubleLine

ETF

Trust

September

30,

2024

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. 

I. Basis

for

Consolidation.

The

Commodity

Strategy ETF

may

invest

up

to

25%

of

its

total

assets

in

the

DoubleLine

Commodity

ETF

Ltd.

(the

“Subsidiary”).

The

Subsidiary,

which is

organized

under

the

laws

of

purchase

invests

in

commodity-related

investments

and

other

investments.

The

consolidated

financial

statements

include

the

accounts

and

balances

of

the

Subsidiary.

Intercompany

balances

and

transactions

have

been

eliminated

in

consolidation.

As

of

September

30,

2024,

the

relationship

of

the

Subsidiary

to

the

Commodity

Strategy ETF

was

as

follows:

J. Mortgage

Dollar

Rolls.

The

Fund

has

entered

into

mortgage

dollar

roll

transactions

of

TBA

securities

which

the

fund

sells

a

TBA

mortgage-backed

security

to

a

counterparty

and

simultaneously

enters

into

an

agreement

with

the

same

counterparty

to

buy

back

a

similar

TBA

security

on

a

specific

future

date

at

a

predetermined

price.

Mortgage

dollar

rolls

are

accounted

for

as

purchase

and

sale

transactions

and

may

result

in

an

increase

to

the

fund

portfolio

turnover

rate.

Portfolio

turnover

rates

excluding

and

including

mortgage

dollar

rolls

are

presented

at

the

end

of

the

fund's

financial

highlight

table.

3. Related

Party

Transactions 

The

Trust

and

the

Advisers

entered

into

an

Investment

Management

Agreement,

under

the

terms

of

which

the

Advisers

manage

the

investment

of

the

assets

of

the

applicable

Funds,

place

orders

for

the

purchase

and

sale

of

its

portfolio

securities,

and

are

responsible

for

providing

resources

to

assist

with

the

day-to-day

management

of

the

Trust's

business

affairs.

As

compensation

for their

services,

the

Advisers are

entitled

to

a

monthly

fee

at

the

annual

rates

of

the

average

daily

net

assets

of

the

Funds

in

the

following

table.  The

Advisers

will

pay

all

operating

expenses

of

the

Funds,

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

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

Commencement

of

Operations

01/31/2024

Fund

Net

Assets

$

17,190,690

Subsidiary

%

of

Fund

Net

Assets

22.39%

Subsidiary

Financial

Statement

Information

Net

Assets

$

3,848,825

Total

Income

144,581

Net

Realized

Gain/(Loss)

26,033

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

*

0.39%

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

0.65%

DoubleLine

Fortune

500

Equal

Weight

ETF

0.20%

*

Prior

to

September

3,

2024,

the

Management

Fee

was

0.49%.

Notes

to

Financial

Statements

(Cont.)

September

30,

2024

Annual

Report

|

September

30,

2024

59

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.

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

Opportunistic

Bond

ETF,

the

Commercial

Real

Estate

ETF,

and

the

Mortgage

ETF),

40,000

shares

(in

the

case

of

the

Equities

ETF

and

the

Commodity

Strategy

ETF)

and

60,000

shares

(in

the

case

of

the

Fortune

500

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

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.

Notes

to

Financial

Statements

(Cont.)

60

DoubleLine

ETF

Trust

September

30,

2024

7. Purchases

and

Sales

of

Securities 

Investment

transactions

(excluding

short-term

investments

and

in-kind

transactions)

for

the period ended

September

30,

2024 were

as

follows:

Investment

transactions

related

to

in-kind purchases

and

sales

for the period ended

September

30,

2024 were

as

follows:

goo

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,

2024 was

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

$

188,216,807

$

97,844,646

$

268,343,604

$

258,451,759

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

$

1,279,289,394

$

1,045,421,190

$

—

$

—

DoubleLine

Commercial

Real

Estate

ETF

$

254,903,794

$

86,701,693

$

—

$

—

DoubleLine

Mortgage

ETF

$

799,674,820

$

479,173,963

$

30,157,824

$

31,999,301

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

$

8,025,000

$

4,200,000

$

—

$

—

DoubleLine

Fortune

500

Equal

Weight

ETF

$

3,459,589

$

1,618,116

$

—

$

—

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

$

35,893,647

$

5,445,964

$

176,279

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

$

48,198,073

$

237,599,399

$

31,584,209

DoubleLine

Commercial

Real

Estate

ETF

$

—

$

20,287,491

$

514,736

DoubleLine

Mortgage

ETF

$

—

$

60,107,456

$

3,359,534

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

$

—

$

—

$

—

DoubleLine

Fortune

500

Equal

Weight

ETF

$

14,620,784

$

4,499,943

$

785,666

Period

Ended

September

30,

2024

Period

Ended

September

30,

2023

Ordinary

Income

Ordinary

Income

DoubleLine

Opportunistic

Bond

ETF

$

12,870,129

$

4,639,748

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

$

4,281,828

$

2,058,365

DoubleLine

Commercial

Real

Estate

ETF

$

6,195,606

$

616,051

DoubleLine

Mortgage

ETF

$

11,424,544

$

1,235,869

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

$

–

$

–

DoubleLine

Fortune

500

Equal

Weight

ETF

$

94,471

$

–

DoubleLine

Opportunistic

Bond

ETF

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

DoubleLine

Commercial

Real

Estate

ETF

DoubleLine

Mortgage

ETF

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

DoubleLine

Fortune

500

Equal

Weight

ETF

Tax

Cost

of

Investments

$

329,920,404

$

372,088,498

$

210,514,894

$

376,980,716

$

17,316,259

$

12,768,100

Gross

Tax

Unrealized

Appreciation

10,182,464

41,445,257

2,503,196

6,872,507

9,582

1,616,521

Gross

Tax

Unrealized

Depreciation

(835,465)

(4,527,075)

(169,198)

(885,672)

(131,864)

(464,483)

Net

Tax

Unrealized

Appreciation

(Depreciation)

9,346,999

36,918,182

2,333,998

5,986,835

(122,282)

1,152,038

Notes

to

Financial

Statements

(Cont.)

September

30,

2024

Annual

Report

|

September

30,

2024

61

As

of

September

30,

2024 the

components

of

accumulated

earnings

(losses)

for

income

tax

purposes

were

as

follows:

For

the

tax

period

ended

September

30,

2024,

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,

2024,

the

following

table

shows

the

reclassifications

made:

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.

DoubleLine

Opportunistic

Bond

ETF

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

DoubleLine

Commercial

Real

Estate

ETF

DoubleLine

Mortgage

ETF

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

DoubleLine

Fortune

500

Equal

Weight

ETF

Net

Tax

Unrealized

Appreciation

(Depreciation)

$

9,346,999

$

36,918,182

$

2,333,998

$

5,986,835

$

(122,282)

$

1,152,038

Undistributed

Ordinary

Income

1,390,428

1,275,739

992,421

1,413,471

450,083

55,784

Undistributed

Long

Term

Capital

Gains

—

—

—

—

—

—

Total

Distributable

Earnings

1,390,428

1,275,739

992,421

1,413,471

450,083

55,784

Other

Accumulated

Gains

(Losses)

(3,943,979)

—

—

—

(94)

(48,993)

Total

Accumulated

Earnings

(Losses)

6,793,448

38,193,921

3,326,419

7,400,306

327,707

1,158,829

Capital

Loss

Carryforward

Utilized

Capital

Loss

Carryforward

Expires

DoubleLine

Opportunistic

Bond

ETF

$

(3,943,979)

$

2,931,655

Indefinite

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

$

—

$

—

DoubleLine

Commercial

Real

Estate

ETF

$

—

$

15,348

Indefinite

DoubleLine

Mortgage

ETF

$

—

$

996,515

Indefinite

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

$

(94)

$

—

Indefinite

DoubleLine

Fortune

500

Equal

Weight

ETF

$

(48,993)

$

—

Indefinite

Undistributed

(Accumulated)

Net

Investment

Income

(Loss)

Accumulated

Net

Realized

Gain

(Loss)

Paid

In

Capital

DoubleLine

Opportunistic

Bond

ETF

$

55,270

$

(231,549)

$

176,279

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

$

(4,049)

$

(36,087,971)

$

36,092,020

DoubleLine

Commercial

Real

Estate

ETF

$

494

$

(703,095)

$

702,601

DoubleLine

Mortgage

ETF

$

18,862

$

(3,607,763)

$

3,588,901

DoubleLine

Commodity

Strategy

ETF(Consolidated)

$

(126,895)

$

(26,191)

$

153,086

DoubleLine

Fortune

500

Equal

Weight

ETF

$

(3)

$

(785,620)

$

785,623

Notes

to

Financial

Statements

(Cont.)

62

DoubleLine

ETF

Trust

September

30,

2024

The

average

volume

of

derivative

activity

for

the

period

ended

September

30,

2024

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.

Excess

Return

Swap

Agreements.

The

Funds

may

enter

into

excess

return

swaps

for

investment

purposes.

Excess

return

swaps

are

agreements

to

exchange

the

return

generated

by

one

instrument

for

the

return

generated

by

another

instrument.

For

example,

the

agreement

to

pay

a

predetermined

or

fixed

interest

rate

in

exchange

for

a

market-linked

return

based

on

a

notional

amount.

To

the

extent

the

total

return

of

a

referenced

index

or

instrument

exceeds

the

offsetting

interest

obligation,

a

Fund

will

receive

a

payment

from

the

counterparty.

To

the

extent

it

is

less,

a

Fund

will

make

a

payment

to

the

counterparty.

The

marked-to-market

value

less

a

financing

rate,

if

any,

is

recorded

in

net

unrealized

appreciation

(depreciation)

on

swaps

on

the

Statements

of

Assets

and

Liabilities.

At

termination

or

maturity

date,

a

net

cash

flow

is

exchanged

where

the

total

return

is

equivalent

to

the

return

of

the

underlying

reference

asset

less

a

financing

rate,

if

any,

and

is

recorded

in

net

realized

gain

(loss)

on

swaps

on

the

Statements

of

Operations.

To

the

extent

the

marked-to-

market

value

of

an

excess

return

swap

appreciates

to

the

benefit

of

a

Fund

and

exceeds

certain

contractual

thresholds,

a

Fund’s

counterparty

may

be

contractually

required

to

provide

collateral.

If

the

marked-to-market

value

of

an

excess

return

swap

depreciates

in

value

to

the

benefit

of

a

counterparty

and

exceeds

certain

contractual

thresholds,

a

Fund

would

generally

be

required

to

provide

collateral

for

the

benefit

of

its

counterparty.

Assets

provided

by

the

Funds

as

collateral

are

reflected

as

a

component

of

investments

in

unaffiliated

securities

at

value

on

the

Statements

of

Assets

and

Liabilities

and

are

noted

on

the

Schedules

of

Investments.

Assets

provided

to

a

Fund

by

a

counterparty

as

collateral

are

not

assets

of

the

Fund

and

are

not

a

component

of

a

Fund’s

NAV.

The

effect

of

derivative

instruments

on

the

Statements

of

Assets

and

Liabilities

for

the

period

ended

September

30,

2024 was

as

follows:

DoubleLine

Opportunistic

Bond

ETF

DoubleLine

Mortgage

ETF

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

Average

Market

Value

Futures

Contracts

-

Long

$

138,552,004

$

67,217,483

$

–

Futures

Contracts

-

Short

(15,750,679)

(16,381,256)

–

Average

Notional

Balance

Excess

Return

Swaps

–

–

19,462,500

Derivatives

not

accounted

for

as

hedging

instruments

Statements

of

Assets

and

Liabilities

Location

1

Commodity

Risk

Interest

Rate

Risk

Total

Net

Unrealized

Appreciation

(Depreciation)

on:

–

–

–

Futures

–

–

–

DoubleLine

Opportunistic

Bond

ETF

$

–

$

189,852

$

189,852

DoubleLine

Mortgage

ETF

–

(283,736)

(283,736)

Swaps

–

–

–

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

$

(131,853)

$

–

$

(131,853)

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.)

September

30,

2024

Annual

Report

|

September

30,

2024

63

The

effect

of

derivative

instruments

on

the

Statements

of

Operations

for

the

period

ended

September

30,

2024

was

as

follows:

10. Offsetting

Assets

and

Liabilities

Each

Fund is

subject

to

various

Master

Netting

Arrangements,

which

govern

terms

of

certain

transactions

with

select

counterparties.

The

Master

Netting

Arrangements are

intended

to

allow the

Fund

to

close

out

and

net

its

total

exposure

to

a

counterparty

in

the

event

of

a

default

with

respect

to

all

the

transactions

governed

under

a

single

agreement

with

a

counterparty.

The

Master

Netting

Arrangements

also

specify

collateral

posting

arrangements

at

pre-arranged

exposure

levels.

Under

the

Master

Netting

Arrangements,

collateral

is

routinely

transferred

if

the

total

net

exposure

to

certain

transactions

(net

of

existing

collateral

already

in

place)

governed

under

the

relevant

Master

Netting

Arrangement

with

a

counterparty

in

a

given

account

exceed

a

specified

threshold

depending

on

the

counterparty

and

the

type

of

Master

Netting

Arrangement.

As

of

September

30,

2024,

the

Funds

held

the

following

derivative

instruments

that

were

subject

to

offsetting

on

the

Statements

of

Assets

and

Liabilities:

11. 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

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. 

Derivatives

not

accounted

for

as

hedging

instruments

Statements

of

Operations

Location

Commodity

Risk

Interest

Rate

Risk

Total

Net

Realized

Gain

(Loss)

on:

–

–

–

Futures

–

–

–

DoubleLine

Opportunistic

Bond

ETF

$

–

$

1,493,593

$

1,493,593

DoubleLine

Mortgage

ETF

–

2,421,349

2,421,349

Swaps

–

–

–

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

$

26,033

$

–

$

26,033

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

–

–

–

Futures

–

–

–

DoubleLine

Opportunistic

Bond

ETF

$

–

$

189,852

$

189,852

DoubleLine

Mortgage

ETF

–

(157,758)

(157,758)

Swaps

–

–

–

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

$

(131,853)

$

–

$

(131,853)

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

Liabilities:

Gross

Amounts

of

Gross

Amounts

Offset

in

the

Statement

of

Net

Amounts

presented

in

the

Statement

of

Gross

Amounts

Not

Offset

in

the

Statements

of

Assets

and

Liabilities

Description

Recognized

Liabilities

Assets

and

Liabilities 

Assets

and

Liabilities

Financial

Instruments

Cash

Collateral

Pledged

Net

Amount

Swap

contracts

$

(131,853)

$

—

$

(131,853)

$

131,853

$

—

$

—

Notes

to

Financial

Statements

(Cont.)

64

DoubleLine

ETF

Trust

September

30,

2024

12. To-Be-Announced

Securities

The

Funds

may

invest

in

to-be-announced

securities

(“TBAs”).

TBAs

is

a

term

that

is

generally

used

to

describe

forward-settling

mortgage-backed

securities.

These

TBAs

are

generally

issued

by

U.S.

Government

Agencies

or

U.S.

Government

Sponsored

Entities

such

as

Freddie

Mac,

Fannie

Mae

and

Ginnie

Mae.

The

actual

mortgage-backed

security

that

will

be

delivered

to

the

buyer

at

the

time

TBAs

trades

are

entered

is

not

known,

however,

the

terms

of

the

acceptable

pools

of

loans

that

will

comprise

the

mortgage

backed

security

are

determined

at

the

time

the

trade

is

entered

into

(coupon

rate,

maturity,

credit

quality,

etc.).

Investment

in

TBAs

will

generally

increase

the

Fund’s

exposure

to

interest

rate

risk

and

could

also

expose

the

Fund

to

counterparty

default

risk.

In

order

to

mitigate

counterparty

default

risk,

the

Fund

only

enters

TBAs

with

counterparties

for

which

the

risk

of

default

is

determined

to

be

remote.

13. Recently

Issued

Accounting

Pronouncements

In

November

2023,

the

FASB

issued

ASU

2023-07,

“Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures

(“ASU

2023-07”),”

which

enhances

disclosure

requirements

about

significant

segment

expenses

that

are

regularly

provided

to

the

chief

operating

decision

maker

(the

“CODM”).

ASU

2023-07,

among

other

things,

(i)

requires

a

single

segment

public

entity

to

provide

all

of

the

disclosures

as

required

by

Topic

280,

(ii)

requires

a

public

entity

to

disclose

the

title

and

position

of

the

CODM

and

an

explanation

of

how

the

CODM

uses

the

reported

measure(s)

of

segment

profit

or

loss

in

assessing

segment

performance

and

deciding

how

to

allocate

resources

and

(iii)

provides

the

ability

for

a

public

entity

to

elect

more

than

one

performance

measure.

ASU

2023-07

is

effective

for

the

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

beginning

with

the

first

quarter

ended

March

31,

2025.

Early

adoption

is

permitted

and

retrospective

adoption

is

required

for

all

prior

periods

presented.

The

Fund

is

currently

assessing

the

impact

of

this

guidance,

however,

the

Fund

does

not

expect

a

material

impact

on

its

consolidated

financial

statements.

14. 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. In

addition

to

certain

of

the

principal

risks

identified

here,

funds

that

operate

as

semi-transparent

ETFs

are

subject

to

specific

risks,

as

noted

below.

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:

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.

cash

position risk:

the

risk

that

to

the

extent

that

the

Fund

holds

assets

in

cash,

cash

equivalents,

and

other

short-

term

investments,

the

ability

of

the

Fund

to

meet

its

objective

may

be

limited.

Cash

equivalents

and

other

short-term

investments

include

short-term

U.S.

Treasury

securities,

commercial

paper,

repurchase

agreements

and

money

market

funds.

collateralized

debt

obligations

risk:

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, 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)

Notes

to

Financial

Statements

(Cont.)

September

30,

2024

Annual

Report

|

September

30,

2024

65

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. 

commodities

risk:

the

risk

that

the

value

of

the

Fund’s

shares

may

be

affected

by

changes

in

the

values

of

the

Fund’s

investment

exposures

to

commodities

or

commodity-related

instruments,

which

may

be

extremely

volatile

and

difficult

to

value.

The

value

of

commodities

and

commodity-related

instruments

may

be

affected

by,

among

other

factors,

market

movements,

commodity

index

volatility,

changes

in

interest

rates,

or

factors

affecting

supply,

demand

and/or

other

market

fundamentals

with

respect

to

a

particular

sector,

industry

or

commodity,

such

as

drought,

floods,

weather,

livestock

disease,

embargoes,

tariffs

and

international

economic,

political

and

regulatory

developments.

The

Fund

expects

to

have

significant

exposure

to

particular

sectors

through

its

commodities-related

investments,

including,

for

example,

the

energy,

industrial

metals,

precious

metals, and

agricultural

and

livestock

sectors

and

may

be

exposed

to

greater

risk

associated

with

events

affecting

those

sectors.

commodity

pool

regulatory

risk:

The

Fund’s

investment

exposure

to

instruments

such

as

futures

or

swaps

will

cause

it

to

be

deemed

to

be

a

commodity

pool,

thereby

subjecting

the

Fund

to

regulation

under

the

Commodity

Exchange

Act

(“CEA”)

and

CFTC

rules.

The

Adviser

is

registered

as

a

commodity

pool

operator

(“CPO”),

and

the

Fund

will

be

operated

in

accordance

with

applicable

CFTC

rules,

as

well

as

the

regulatory

scheme

applicable

to

registered

investment

companies.

Registration

as

a

CPO

imposes

additional

compliance

obligations

on

the

Adviser

and

the

Fund

related

to

additional

laws,

regulations,

and

enforcement

policies,

which

could

increase

compliance

costs

and

may

affect

the

operations

and

financial

performance

of

the

Fund.

However,

the

Fund’s

status

as

a

commodity

pool

and

the

Adviser’s

registration

as

a

CPO

are

not

expected

to

materially

adversely

affect

the

Fund’s

ability

to

achieve

its

investment

objective.

counterparty

risk:

the

risk

that

the

Fund

will

be

subject

to

credit

risk

with

respect

to

the

counterparties

to

the

derivative

contracts

and

other

instruments

entered

into

by

the

Fund;

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

a

counterparty)

becomes

bankrupt,

the

Fund

may

experience

significant

delays

in

obtaining

any

recovery

or

may

obtain

limited

or

no

recovery

in

a

bankruptcy

or

other

insolvency

proceeding.

To

the

extent

that

the

Fund

enters

into

multiple

transactions

with

a

single

or

a

small

set

of

counterparties,

it

will

be

subject

to

increased

counterparty

risk.

swap

risk:

The

Fund

expects

to

enter

into

swap

transactions

related

to

the

Barclays

Index

with

a

single

or

a

limited

number

of

counterparties

for

the

foreseeable

future

and,

at

the

time

of

the

Fund’s

inception,

the

Fund

expects

to

obtain

exposure

to

the

Barclays

Index

through

swap

transactions

with

a

single

counterparty.

To

the

extent

that

the

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:

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

(including

debt

securities

commonly

known

as

"high

yield"

or “junk

bonds”),

including

floating

rate

loans,

tend

to

be

particularly

sensitive

to

these

changes.

Certain

debt

securities

in

the

lowest

investment

grade

category

also

may

be

considered

to

possess

some

speculative

characteristics

by

certain

rating

agencies.

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.

Notes

to

Financial

Statements

(Cont.)

66

DoubleLine

ETF

Trust

September

30,

2024

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.

The

U.S.

government

and

the

U.S.

Federal

Reserve,

as

well

as

certain

foreign

governments

and

central

banks,

have

from

time

to

time

taken

steps

to

support

financial

markets.

The

U.S.

government

and

the

U.S.

Federal

Reserve

may,

conversely,

reduce

market

support

activities,

including

by

taking

action

intended

to

increase

certain

interest

rates.

This

and

other

government

intervention

may

not

work

as

intended,

particularly

if

the

efforts

are

perceived

by

investors

as

being

unlikely

to

achieve

the

desired

results.

Changes

in

government

activities

in

this

regard,

such

as

changes

in

interest

rate

policy,

can

negatively

affect

financial

markets

generally,

increase

market

volatility

and

reduce

the

value

and

liquidity

of

securities

in

which

the

Fund

invests.

Further,

in

market

environments

where

interest

rates

are

rising,

issuers

may

be

less

willing

or

able

to

make

principal

and

interest

payments

on

fixed-income

investments

when

due.

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. 

defaulted

securities

risk:

 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

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:

the

risk

that

an

investment

in

derivatives

will

not

perform

as

anticipated

by

the

Advisers,

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:

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:

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;

fewer

investor

protections;

less

regulatory

oversight;

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,

Notes

to

Financial

Statements

(Cont.)

September

30,

2024

Annual

Report

|

September

30,

2024

67

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

a

limited

number

of

institutional

investors

(known

as

“

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

(as

defined

below) 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

Funds

other

than

semi-transparent

ETFs:

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

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. 

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 Creation

Units. Only

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:

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 the

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

Notes

to

Financial

Statements

(Cont.)

68

DoubleLine

ETF

Trust

September

30,

2024

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

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

:

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

Notes

to

Financial

Statements

(Cont.)

September

30,

2024

Annual

Report

|

September

30,

2024

69

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

of

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

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;

(viii)

events

leading

to

limited

liquidity,

defaults,

non-performance

or

other

adverse

developments

that

affect

financial

institutions

or

the

financial

services

industry

generally,

or

concerns

or

rumors

about

any

events

of

these

kinds

or

other

similar

risks,

leading

to

market-wide

liquidity

problems;

and

(ix)

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.

focused

investment

risk:

the

risk

that

a

fund

that

invests

a

substantial

portion

of

its

assets

in

a

particular

market,

industry,

sector,

group

of

industries

or

sectors,

country,

region,

group

of

countries

or

asset

class

is,

relative

to

a

fund

that

invests

in

a

more

diverse

investment

portfolio,

more

susceptible

to

any

single

economic,

market,

political,

regulatory

or

other

occurrence.

This

is

because,

for

example,

issuers

in

a

particular

market,

industry,

region,

sector

or

asset

class

may

react

similarly

to

specific

economic,

market,

regulatory,

political

or

other

developments.

The

particular

markets,

industries,

regions,

sectors

or

asset

classes

in

which

the

Fund

may

focus

its

investments

may

change

over

time

and

the

Fund

may

alter

its

focus

at

inopportune

times.

foreign

currency

risk:

 the

risk

that

fluctuations

in

exchange

rates

may

adversely

affect

the

value

of

a

Fund’s

investments

denominated

in

foreign

currencies.

foreign

investing risk:

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:

 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.

index risk:

Notes

to

Financial

Statements

(Cont.)

70

DoubleLine

ETF

Trust

September

30,

2024

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.

For

DCMT

only:

the

risk

that

the

portion

of

the

Fund

invested

in

instruments

based

on

an

index

or

basket

of

commodities

or

that

use

an

index

or

basket

of

commodities

as

the

reference

asset

may

not

match

or

may

underperform

the

return

of

the

index

or

basket

for

a

number

of

reasons,

including,

for

example,

(

i

)

the

performance

of

derivatives

related

to

an

index

or

basket

in

which

the

Fund

invests

may

not

correlate

with

the

performance

of

the

index

or

basket

and/or

may

underperform

the

index

or

basket

due

to

transaction

costs,

fees,

or

other

aspects

of

the

transaction’s

pricing;

(ii)

the

Fund

may

not

be

able

to

find

counterparties

willing

to

enter

into

derivative

instruments

whose

returns

are

based

on

the

return

of

the

index

or

basket,

or

the

Fund

may

be

unable

to

find

parties

who

are

willing

to

do

so

at

an

acceptable

cost

or

level

of

risk

to

the

Fund;

and

(iii)

errors

may

arise

in

carrying

out

an

index’s

methodology,

or

an

index

provider

may

incorrectly

report

information

concerning

the

index.

There

can

be

no

guarantee

that

any

index,

including

the

Barclays

Index,

will

be

maintained

indefinitely

or

that

the

Fund

will

be

able

to

continue

to

utilize

a

specific

index

to

implement

the

Fund’s

principal

investment

strategies

indefinitely.

Although

the

Adviser

has

licensed

the

right

to

use

the

Barclays

Index

as

part

of

implementing

the

Fund’s

principal

investment

strategies,

there

can

be

no

guarantee

that

the

Barclays

will

maintain

it

indefinitely,

that

the

Fund

will

use

the

Barclays

Index

to

implement

its

principal

investment

strategies,

or

that

other

circumstances

will

not

prevent

the

Fund

from

obtaining

cost-effective

synthetic

investment

exposure

to

the

Barclays

Index.

In

those

or

similar

conditions,

the

Adviser

or

the

Fund’s

Board

of

Trustees

may,

in

its

sole

discretion

and

without

advance

notice

to

shareholders,

license

or

select

another

index

or

basket

of

commodities

to

use

in

implementing

the

Fund’s

principal

investment

strategies.

There

can

be

no

assurance

that

any

substitute

index

or

basket

so

selected

will

be

similar

to

the

Barclays

Index

or

will

perform

in

a

manner

similar

to

the

Barclays

Index.

Unavailability

of

the

Barclays

Index

could

affect

adversely

the

ability

of

the

Fund

to

achieve

its

investment

objective.

The

Barclays

Index

consists

of

futures

contracts

that

were

selected,

in

part,

on

the

basis

of

their

historical

backwardation

in

relation

to

the

spot

price

for

the

underlying

commodity

and

on

carry

characteristics,

seasonality,

momentum,

and

fundamentals.

Any

investment

exposure

tied

or

related

to

the

Barclays

Index

is

subject

to,

among

other

things,

the

risk

that

the

historical

behavior

of

the

futures

contracts

comprising

the

Barclays

Index

may

not

continue

as

expected

and

that

the

prices

of

the

futures

contracts

held

by

the

Fund

may

depreciate.

For

DFVE

Only:

 the

risk

that

the

Fund

may

underperform

the

return

of

the

Underlying

Index

for

a

number

of

reasons,

including,

for

example,(

i

)

the

performance

of

investments

or

derivatives

related

to

the

Underlying

Index

may

not

correlate

with

the

Underlying

Index

and/or

may

underperform

the

Index

due

to

transaction

costs,

fees,

or

other

aspects

of

the

transaction’s

pricing;

(ii)

the

Fund

may

not

be

able

to

find

counterparties

willing

to

enter

into

derivative

instruments

whose

returns

are

based

on

the

return

of

the

Underlying

Index

or

find

parties

who

are

willing

to

do

so

at

an

acceptable

cost

or

level

of

risk

to

the

Fund;

and

(iii)

errors

may

arise

in

carrying

out

the

Underlying

Index’s

methodology,

or

the

Index

Provider

may

incorrectly

report

information

concerning

the

Index.

Although

the

Adviser

has

licensed

from

the

Index

Provider

the

right

to

use

the

Underlying

Index

as

part

of

implementing

the

Fund’s

principal

investment

strategies,

there

can

be

no

guarantee

that

the

Underlying

Index

will

be

maintained

indefinitely

or

that

the

Fund

will

be

able

to

continue

to

utilize

the

Underlying

Index

to

implement

the

Fund’s

principal

investment

strategies

indefinitely.

If

the

Index

Provider

ceases

to

maintain

the

Underlying

Index,

the

Fund

no

longer

has

the

ability

to

utilize

the

Underlying

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

gain

investment

exposure

to

the

Underlying

Index,

the

Adviser

or

the

Fund’s

Board

of

Trustees

may

substitute

the

Underlying

Index

with

another

index

that

it

chooses

in

its

sole

discretion

and

upon

60

days’

prior

written

notice

to

shareholders.

There

can

be

no

assurance

that

any

substitute

index

so

selected

will

be

similar

to

the

Underlying

Index

or

will

perform

in

a

manner

similar

to

the

Index.

Unavailability

of

the

Underlying

Index

could

affect

adversely

the

ability

of

the

Fund

to

achieve

its

investment

objective.

Notes

to

Financial

Statements

(Cont.)

September

30,

2024

Annual

Report

|

September

30,

2024

71

index

provider

risk:

the

risk

that

the

Index

Provider

may

delay

or

add

a

rebalance

date,

which

may

adversely

impact

the

performance

of

the

Fund

and

its

correlation

to

the

Underlying

Index.

In

addition,

there

is

no

guarantee

that

the

methodology

used

by

the

Index

Provider

to

identify

constituents

for

the

Underlying

Index

will

achieve

its

intended

result

or

positive

performance.

The

Underlying

Index

relies

on

various

sources

of

information

to

assess

the

potential

constituents

of

the

Underlying

index,

including

information

that

may

be

based

on

assumptions

or

estimates.

There

is

no

assurance

that

the

sources

of

the

information

are

reliable,

and

the

Adviser

does

not

assess

the

due

diligence

conducted

by

the

Index

Provider

with

respect

to

the

data

it

uses

or

the

index

construction

and

computation

processes.

Errors

in

Underlying

Index

data,

computations,

or

the

construction

of

the

Underlying

Index

in

accordance

with

its

methodology

may

occur

from

time

to

time

and

may

not

be

identified

and/or

corrected

for

a

period

of

time

or

at

all,

which

may

have

an

adverse

impact

on

the

Fund.

industry

concentration

risk:

the

risk

that,

in

following

its

methodology,

the

Underlying

Index

from

time

to

time

may

be

concentrated

to

a

significant

degree

in

securities

of

issuers

operating

in

a

single

industry

or

industry

group.

To

the

extent

that

the

Underlying

Index

concentrates

in

the

securities

of

issuers

in

a

particular

industry

or

industry

group,

the

Fund

will

also

concentrate

its

investments

to

approximately

the

same

extent.

By

concentrating

its

investments

in

an

industry

or

industry

group,

the

Fund

may

face

more

risks

than

if

it

were

diversified

broadly

over

numerous

industries

or

industry

groups.

Such

industry-based

risks,

any

of

which

may

adversely

affect

the

companies

in

which

the

Fund

invests,

may

include,

but

are

not

limited

to,

the

following:

general

economic

conditions

or

cyclical

market

patterns

that

could

negatively

affect

supply

and

demand

in

a

particular

industry;

competition

for

resources;

adverse

labor

relations;

political

or

world

events;

obsolescence

of

technologies;

and

increased

competition

or

new

product

introductions

that

may

affect

the

profitability

or

viability

of

companies

in

an

industry.

In

addition,

at

times,

such

industry

or

industry

group

may

be

out

of

favor

and

underperform

other

industries

or

the

market

as

a

whole.

inflation-indexed

bond

risk:

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. 

investment

company

and

exchange-traded

fund

risk:

the

risk

that

an

investment

company

or

other

pooled

investment

vehicle,

including

any

ETFs

or

money

market

funds,

in

which

the

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.

The

Fund

must

pay

its

pro

rata

portion

of

an

investment

company’s

fees

and

expenses.

To

the

extent

the

Advisers

are

determined

to

invest

Fund

assets

in

other

investment

companies,

the

Advisers

will

have

an

incentive

to

invest

in

other

investment

vehicles

sponsored

or

advised

by

the

Advisers

or

a

related

party

of

the

Advisers

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

capitalization

risk:

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

particularly

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.

The

Fund

expects

to

have

exposure

particularly

to

larger

capitalization

issuers

through

its

exposure

to

the

Underlying

Index.

large

shareholder

risk:

the

risk

that

certain

account

holders,

including

the

Advisers

or

funds

or

accounts

over

which

the

Advisers

(or

related

parties

of

the

Advisers)

have

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

Advisers

(or

related

parties

of

the

Advisers),

will

adversely

affect

the

Fund’s

performance

if

it

is

forced

to

sell

portfolio

securities

or

invest

cash

when

the

Advisers

would

not

otherwise

choose

to

do

so.

Redemptions

of

a

large

number

of

shares

may

affect

the

liquidity

of

the

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.

leveraging

risk:

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

risk

that

a

Fund

that

has

recently

been

formed has

a

limited

operating

history

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.

Notes

to

Financial

Statements

(Cont.)

72

DoubleLine

ETF

Trust

September

30,

2024

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:

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

the

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

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

the

Fund’s

investments

may

become

highly

illiquid.

The

U.S.

government

and

the

U.S.

Federal

Reserve,

as

well

as

certain

foreign

governments

and

central

banks,

have

from

time

to

time

taken

steps

to

support

financial

markets.  The

U.S.

government

and

the

U.S.

Federal

Reserve

may,

conversely,

reduce

market

support

activities,

including

by

taking

action

intended

to

increase

certain

interest

rates.  This

and

other

government

intervention

may

not

work

as

intended,

particularly

if

the

efforts

are

perceived

by

investors

as

being

unlikely

to

achieve

the

desired

results.  Changes

in

government

activities

in

this

regard,

such

as

changes

in

interest

rate

policy,

can

negatively

affect

Notes

to

Financial

Statements

(Cont.)

September

30,

2024

Annual

Report

|

September

30,

2024

73

financial

markets

generally,

increase

market

volatility

and

reduce

the

value

and

liquidity

of

securities

in

which

the

Fund

invests.

models

and

data

risk:

 the

risk

that

the

quantitative

models

or

related

data

used

in

managing

the

Fund

fail

to

identify

profitable

opportunities.

In

addition,

failures

to

properly

gather,

organize,

and

analyze

large

amounts

of

data

or

errors

in

a

model

or

data,

or

in

the

application

of

such

models,

may

result

in,

among

other

things,

execution

and

investment

allocation

failures

and

investment

losses.

For

example,

the

models

may

incorrectly

identify

opportunities

or

data

used

in

the

construction

and

application

of

models

may

prove

to

be

inaccurate

or

stale,

which

may

result

in

misidentified

opportunities

that

may

lead

to

substantial

losses

for

the

Fund.

A

given

model

may

be

more

effective

with

certain

instruments

or

strategies

than

others,

and

there

can

be

no

assurance

that

any

model

can

identify

and

incorporate

all

factors

that

will

affect

an

investment’s

price

or

performance.

mortgage-backed

securities

risk:

 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-correlation

risk:

the

risk

that

the

Fund’s

return

may

not

match

the

return

of

the

Underlying

Index

for

a

number

of

reasons.

For

example,

the

Fund

incurs

operating

expenses

not

applicable

to

the

Underlying

Index,

and

incurs

costs

in

buying

and

selling

securities,

especially

when

rebalancing

the

Fund’s

securities

holdings

to

reflect

changes

in

the

composition

of

the

Underlying

Index.

In

addition,

the

performance

of

the

Fund

and

the

Underlying

Index

may

vary

due

to

asset

valuation

differences

and

differences

between

the

Fund’s

portfolio

and

the

Underlying

Index

resulting

from

legal

restrictions,

costs

or

liquidity

constraints.

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

under

Subchapter

M

of

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.

passive

investing

risk:

Unlike

many

investment

companies,

the

Fund

does

not

utilize

an

investing

strategy

that

seeks

returns

in

excess

of

the

Underlying

Index.

Therefore,

the

Fund

would

not

necessarily

buy

or

sell

a

security

unless

that

security

is

added

or

removed,

respectively,

from

the

Underlying

Index,

even

if

that

security

generally

is

underperforming.

Additionally,

the

Fund

rebalances

its

portfolio

in

accordance

with

the

Underlying

Index,

and,

therefore,

any

changes

to

the

Underlying

Index’s

rebalance

schedule

will

result

in

corresponding

changes

to

the

Fund’s

rebalance

schedule.

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:

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.

Along

with

the

risks

common

to

different

types

of

real

estate-related

investments,

real

estate

investment

trusts

(“

REITs

”),

no

matter

the

type,

involve

additional

risk

factors,

including

poor

performance

by

the

REIT’s

manager,

adverse

changes

to

the

tax

laws,

and

the

possible

failure

by

the

REIT

to

qualify

for

the

favorable

tax

treatment

available

to

REITs

under

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“

Code

”),

or

the

exemption

from

registration

Notes

to

Financial

Statements

(Cont.)

74

DoubleLine

ETF

Trust

September

30,

2024

under

the

1940

Act.

REITs

are

not

diversified

and

are

heavily

dependent

on

cash

flow

earned

on

the

property

interests

they

hold.

real

estate

sector

and

commercial

real

estate

markets

risk:

 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:

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

difficult

to

value

because

market

quotations

may

not

be

readily

available,

and

the

values

of

restricted

securities

may

have

significant

volatility.

securities

lending

risk:

if

the

Fund

lends

securities,

and

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned

because

of

insolvency

or

other

reasons,

there

is

a

risk

that

the

securities

will

not

be

available

to

the

Fund

on

a

timely

basis.

If

a

borrower

defaults

and

the

Fund

is

not

able

to

recover

the

securities

loaned,

the

Fund

and,

indirectly,

its

shareholders

will

bear

loss

to

the

extent

the

value

of

the

collateral

sold

is

not

equal

to

the

market

value

of

the

loaned

securities.

Loans

are

secured

by

collateral

consisting

of

cash

or

short-term

debt

obligations

and

the

Fund

may

invest

the

cash

collateral

received

(in

money

market

investments

or

money

market

funds)

and

the

Fund

and

its

shareholders

bears

the

risk

of

loss

on

such

reinvestment,

including

the

risk

of

total

loss

of

such

collateral.

In

addition,

as

with

other

extensions

of

credit,

there

is

the

risk

of

possible

delay

in

receiving

additional

collateral

or

in

the

recovery

of

the

securities

or

possible

loss

of

rights

in

the

collateral

should

the

borrower

fail

financially.

While

securities

are

loaned

out

by

the

Fund,

the

Fund

generally

will

receive

from

the

borrower

amounts

equal

to

any

dividends

or

interest

paid

on

the

borrowed

securities.

For

federal

income

tax

purposes,

payments

made

“in

lieu

of”

dividends

are

not

considered

dividend

income.

These

distributions

will

neither

qualify

for

the

reduced

rate

of

taxation

for

individuals

on

qualified

dividends

nor

the

50%

dividends

received

deduction

for

corporations.

The

costs

associated

with

the

Fund’s

securities

lending

activities

are

not

shown

in

the

Fund’s

fee

table.

Engaging

in

securities

lending

could

have

a

leveraging

effect,

which

may

intensify

the

other

risks

associated

with

investments

in

the

Fund.

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

allocates

a

higher

percentage

of

its

investment

portfolio

to

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: 

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

Notes

to

Financial

Statements

(Cont.)

September

30,

2024

Annual

Report

|

September

30,

2024

75

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.

tax

risk:

in

order

to

qualify

as

a

regulated

investment

company

under

the

Code,

the

Fund

must

meet

requirements

regarding,

among

other

things,

the

source

of

its

income.

Certain

investments

in

commodity-related

derivatives

do

not

give

rise

to

qualifying

income

for

this

purpose,

and

it

is

possible

that

certain

investments

in

other

commodity-related

instruments,

ETFs

and

other

investment

pools

will

not

give

rise

to

qualifying

income.

Any

income

the

Fund

derives

from

investments

in

instruments

that

do

not

generate

qualifying

income

must

be

limited

to

a

maximum

of

10%

of

the

Fund’s

annual

gross

income.

If

the

Fund

were

to

earn

non

qualifying

income

in

excess

of

10%

of

its

annual

gross

income,

it

could

fail

to

qualify

as

a

regulated

investment

company

for

that

year.

If

the

Fund

were

to

fail

to

qualify

as

a

regulated

investment

company,

the

Fund

would

be

subject

to

tax

and

shareholders

of

the

Fund

would

be

subject

to

the

risk

of

diminished

returns.

U.S.

government

securities

risk:

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. 

15. 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

subsequent

events

that

would

need

to

be

disclosed

in

the

Funds'

financial

statements. 

Report

of

Independent

Registered

Public

Accounting

Firm

76

DoubleLine

ETF

Trust

September

30,

2024

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,

DoubleLine

Mortgage

ETF,

and

DoubleLine

Fortune

500

Equal

Weight

ETF,

including

the

schedules

of

investments,

as

of

September

30,

2024;

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,

DoubleLine

Mortgage

ET,

and

DoubleLine

Fortune

500

Equal

Weight

ETF;

and

the

related

notes.

Additionally,

we

have

audited

the

consolidated

statement

of

assets

and

liabilities

of

DoubleLine

Commodity

Strategy

ETF,

which

is

also

a

series

of

DoubleLine

ETF

Trust,

including

the

consolidated

schedule

of

investments

as

of

September

30,

2024;

the

related

consolidated

statement

of

operations,

the

consolidated

statements

of

changes

in

net

assets,

and

the

consolidated

financial

highlights,

as

indicated

in

the

table

below

for

DoubleLine

Commodity

Strategy

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,

2024,

and

related

statements

of

operations,

changes

in

net

assets,

and

the

financial

highlights

for

the

periods

indicated

in

the

table

below

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

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,

2024

For

each

of

the

two

years

in

the

period

ended

on

September

30,

2024.

For

each

of

the

two

years

in

the

period

ended

September

30,

2024,

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,

2024

For

each

of

the

two

years

in

the

period

ended

on

September

30,

2024.

For

each

of

the

two

years

in

the

period

ended

September

30,

2024,

and

for

the

period

from

March

31,

2022

(commencement

of

operations)

through

September

30,

2022.

DoubleLine

Commercial

Real

Estate

ETF

For

the

year

ended

September

30,

2024

For

the

year

ended

September

30,

2024

and

for

the

period

from

March

31,

2023

(commencement

of

operations)

through

September,

2023.

For

the

year

ended

September

30,

2024

and

for

the

period

from

March

31,

2023

(commencement

of

operations)

through

September,

2023.

.

DoubleLine

Mortgage

ETF

For

the

year

ended

September

30,

2024

.

For

the

year

ended

September

30,

2024

and

for

the

period

from

March

31,

2023

(commencement

of

operations)

through

September,

2023.

For

the

year

ended

September

30,

2024

and

for

the

period

from

March

31,

2023

(commencement

of

operations)

through

September,

2023.

DoubleLine

Commodity

Strategy

ETF

For

the

period

from

January

31,

2024

(commencement

of

operations)

through

September

30,

2024.

For

the

period

from

January

31,

2024

(commencement

of

operations)

through

September

30,

2024.

For

the

period

from

January

31,

2024

(commencement

of

operations)

through

September

30,

2024.

DoubleLine

Fortune

500

Equal

Weight

ETF

For

the

period

from

January

31,

2024

(commencement

of

operations)

through

September

30,

2024.

For

the

period

from

January

31,

2024

(commencement

of

operations)

through

September

30,

2024.

For

the

period

from

January

31,

2024

(commencement

of

operations)

through

September

30,

2024.

Report

of

Independent

Registered

Public

Accounting

Firm

(Cont.)

September

30,

2024

Annual

Report

|

September

30,

2024

77

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.

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

statements

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

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

investments

owned

as

of

September

30,

2024,

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

20,

2024

We

have

served

as

the

auditor

of

one

or

more

affiliated

investment

companies

of

DoubleLine

Funds

investment

companies

since

2013.

Federal

Tax

Information

78

DoubleLine

ETF

Trust

(Unaudited)

September

30,

2024

For

the

year

ended

September

30,

2024,

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,

2024 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,

2024 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,

2024 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

96.05%

DoubleLine

Commercial

Real

Estate

ETF

0.00%

DoubleLine

Mortgage

ETF

0.00%

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

0.00%

DoubleLine

Fortune

500

Equal

Weight

ETF

100.00%

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%

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

0.00%

DoubleLine

Fortune

500

Equal

Weight

ETF

100.00%

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%

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

0.00%

DoubleLine

Fortune

500

Equal

Weight

ETF

0.00%

Qualified

Interest

Income

DoubleLine

Opportunistic

Bond

ETF

87.26%

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

0.00%

DoubleLine

Commercial

Real

Estate

ETF

79.73%

DoubleLine

Mortgage

ETF

100.00%

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

0.00%

DoubleLine

Fortune

500

Equal

Weight

ETF

0.00%

Annual

Report

|

September

30,

2024

79

Privacy

Policy

(Unaudited)

September

30,

2024

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.)

80

DoubleLine

ETF

Trust

(Unaudited)

September

30,

2024

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

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,

2024

Annual

Report

|

September

30,

2024

81

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.

Annual

Report

|

September

30,

2024

83

Form

N-CSR

–

Items

8-11

September

30,

2024

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies

.

Not

applicable.

Item

9.

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

There

were

no

matters

submitted

during

the

period

covered

by

the

report

to

a

vote

of

shareholders,

through

the

solicitation

of

proxies

or

otherwise.

Item

10.

Remuneration

Paid

to

Directors,

Officers,

and

Others

of

Open-End

Management

Investment

Companies.

The

information

is

included

as

part

of

the

Financial

Statements

filed

under

Item

7

of

this

Form.

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

.

There

were

no

approvals

or

renewals

of

investment

advisory

contracts

during

the

most

recent

fiscal

half-year.

September

30,

2024

Investment

Advisers: 

DoubleLine

ETF

Adviser

LP

and

DoubleLine

Alternatives

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

1121

Avenue

of

the

Americas

New

York,

NY

10036

Contact

Information:

doubleline.com

(855)

937-0772

DL-ARFINANCIALS-ETF

DoubleLine

|

|

2002

North

Tampa

Street,

Suite

200

|

|

Tampa,

FL

33602

|

|

(813)

791-7333

ETFinfo@doubleline.com

|

|

www.doubleline.com

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. 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 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1)      The Registrant’s Code of Ethics, as described in Item 2 of this Form, is filed herewith.

ex99code.docx

(a)(2)      Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

(a)(3)      Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

ex99cert.docx

(a)(4)      Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable.

(a)(5)      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.

ex99906cert.docx

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 Redell

Ronald R. Redell

President

November 29, 2024

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 Redell

Ronald R. Redell

President

November 29, 2024

By:        

/s/Ronald Redell

Henry V. Chase

Treasurer and Principal Financial and Accounting Officer

November 29, 2024