TAMPA,
Fla., Feb. 1, 2024 /PRNewswire/ --
The DoubleLine Fortune 500 Equal Weight ETF (ticker symbol
DFVE) and the DoubleLine Commodity Strategy ETF (DCMT) began
trading today on the NYSE Arca exchange.
For the prospectus for the two exchange-traded funds, please
click on the following link:
https://doubleline.com/wp-content/uploads/DoubleLine-ETF-Prospectus-DCMT-DFVE.pdf
The launches of the DoubleLine Fortune 500 Equal Weight ETF and
the DoubleLine Commodity Strategy ETF bring to six the number of
DoubleLine ETFs. The other four exchange-traded funds are the
DoubleLine Shiller CAPE U.S. Equities ETF1, the
DoubleLine Opportunistic Bond ETF, the DoubleLine Mortgage ETF and
the DoubleLine Commercial Real Estate ETF. For more information on
the DoubleLine ETFs, please visit the following page:
https://doubleline.com/doubleline-exchange-traded-funds/
DoubleLine Fortune 500 Equal Weight ETF
The investment objective of the DoubleLine Fortune 500 Equal
Weight ETF (the "Fund" or "DFVE") is to seek to track the
investment results (before fees and expenses) of the Barclays
Fortune 500 Equal Weighted Total Return Index (or the "Underlying
Index"). Unlike most equity indices, which are weighted according
to the market capitalizations of their component companies, the
constituents of the Underlying Index are equally weighted, which
means that the Underlying Index assigns each constituent the same
weight at each annual reconstitution and quarterly rebalance,
regardless of such constituent's market capitalization.
DFVE under normal circumstances will invest at least 80% of its
net assets, plus the amount of any borrowings for investment
purposes, in securities that comprise the Underlying Index, or
derivatives transactions that provide investment exposure to the
Underlying Index or securities that comprise the Underlying Index.
DFVE will not necessarily employ a "full replication" methodology
in seeking to track the Underlying Index, meaning that the Fund
will not necessarily invest in all of the securities comprising the
Underlying Index in proportion to their weightings in the
Underlying Index. Instead, DFVE's investment adviser, DoubleLine
ETF Adviser LP, may seek to cause DFVE to hold a representative
sample of the securities in the Underlying Index that have
aggregate characteristics similar to that of the entire Underlying
Index.
The portfolio managers of DFVE are Jeffrey Gundlach, CEO and Chief Investment
Officer of DoubleLine, and Jeffrey
Sherman, Deputy Chief Investment Officer of DoubleLine.
DoubleLine Commodity Strategy ETF
The investment objective of the DoubleLine Commodity Strategy
ETF (the "Fund" or "DCMT") is to seek total return (capital
appreciation and current income). DCMT expects to gain broad
commodity exposures consistent with the Barclays Backwardation Tilt
Multi-Strategy Index (the "Barclays Index") by entering
into total and excess return swaps, futures contracts, options
on futures and/or forward contracts the performance of which is
based on the performance of the Barclays Index.
Within its broad commodity universe, the Barclays Index, which
consists of futures contracts, generally favors maintaining higher
weightings to commodities that exhibit backwardation in the term
structures of their futures contracts (i.e., where prices of the
contracts with shorter-term expirations will be higher than for
contracts with longer-term expirations). For each commodity, the
Barclays Index seeks to provide exposure to the most attractive
futures contract (i.e., contract selection) based on a
variety of factors including carry, seasonality, and momentum:
- The carry factor seeks to select the futures contract that is
expected to offer the best carry for the following month ("carry"
refers to the relative performance of futures tenors driven by the
convergence of futures prices to spot prices at expiration)
("tenor" refers to the length of time remaining before a futures
contract expires and "spot" refers to the price at which a
commodity can be bought or sold for immediate delivery).
- The seasonality factor seeks to provide exposure to a static
December futures tenor that may generally outperform a position
held in the front-month futures tenor.
- The momentum factor seeks to provide exposure to the futures
contract that has outperformed to the greatest degree the
front-month contract rolling exposure over the past year.
The Barclays 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.
DCMT expects to obtain its commodities exposures using
derivatives that allow the Fund to achieve those exposures without
significant investment of cash. As a result, DCMT expects to have
available cash assets to invest in debt securities managed by
DCMT's investment adviser, DoubleLine Alternatives LP ("DoubleLine
Alternatives"), in order to seek to provide additional total return
over a full market cycle. Under normal circumstances, the Fund's
portfolio of fixed income investments is expected to include
primarily fixed income instruments rated investment grade and
unrated securities considered by DoubleLine Alternatives to be of
comparable credit quality.
The portfolio managers of DCMT are Jeffrey Sherman, Samuel
Lau and Jeffrey Mayberry.
About DoubleLine
DoubleLine ETF Adviser LP, adviser to the DoubleLine Fortune 500
Equal Weight ETF, is an investment adviser registered under the
Investment Advisers Act of 1940. DoubleLine Alternatives LP,
adviser to the DoubleLine Commodity Strategy ETF, is an investment
adviser registered under the Investment Advisers Act of 1940.
DoubleLine's offices can be reached by telephone at (813) 791-7333
or by email at ETFinfo@doubleline.com. Media can reach DoubleLine
by email at media@doubleline.com. DoubleLine® is a
registered trademark of DoubleLine Capital LP.
A fund's investment objectives, risks, charges, and expenses
must be considered carefully before investing. The statutory
prospectus and summary prospectus (if available) contain this and
other important information about the fund and may be obtained by
clicking here. In addition, a free hard copy is available by
calling (855) 937-0772. Please read the prospectus carefully before
investing.
Risk Disclosures
Investing
involves risk. Principal loss is possible. Equities may decline in
value due to both real and perceived general market, economic and
industry conditions.
ETF investments involve additional risks such as the market
price trading at a discount to its net asset value, an active
secondary trading market may not develop or be maintained, or
trading may be halted by the exchange in which they trade, which
may impact a fund's ability to sell its shares.
Investments in commodities or commodity related instruments may
subject to the Fund to greater risks and volatility as
commodity prices may be influenced by a variety of factors
including unfavorable weather, environmental factors, and changes
in government regulations. The Fund may use leverage
which may cause the effect of an increase or decrease in the value
of the portfolio securities to be magnified and the Fund to be more
volatile than if leverage was not used. Derivatives
involve special risks including correlation, counterparty,
liquidity, operational, accounting and tax risks. Investments in
debt securities typically decrease in value when interest rates
rise. This risk is usually greater for longer-term debt
securities.
The Funds are a "non-diversified" investment company
and therefore may invest a greater percentage of its assets in the
securities of a single issuer or a limited number of issuers than
funds that are "diversified." Accordingly, the Funds are
more susceptible to risks associated with a single economic,
political or regulatory occurrence than a diversified fund might
be.
DoubleLine ETFs are distributed by Foreside Fund Services,
LLC.
Barclays Bank PLC Disclaimer
Barclays Bank PLC
and its affiliates ("Barclays") is not the issuer, sponsor
or promoter of the DoubleLine Commodity Strategy ETF or the
DoubleLine Fortune 500 Equal Weight ETF (in this paragraph, each a
"Fund") and Barclays has no responsibilities, obligations or
duties to investors in the Funds. The Barclays Backwardation Tilt
Multi-Strategy Index and the Barclays Fortune 500 Equal Weighted
Total Return Index (each an "Index") consist of the
respective trademarks of Barclays Bank PLC and trademarks owned by
or licensed to Barclays Bank PLC and that are licensed for use by
the DoubleLine ETF Trust as the Issuer of the Funds. Barclays' only
relationship with the Issuer in respect of the Indices is the
licensing of these trademarks and the Indices which are determined,
composed and calculated by Barclays without regard to the Issuer or
the Funds or the owners of the Funds. Additionally, DoubleLine
Alternatives LP or DoubleLine ETF Adviser LP may for any
Fund execute transaction(s) with Barclays in or relating to
the respective Fund's Index and investors neither acquire any
interest in that Fund's Index nor enter into any relationship of
any kind whatsoever with Barclays upon making an investment in the
Fund. The Funds are not sponsored, endorsed, sold or promoted by
Barclays. Barclays does not make any representation or warranty,
express or implied regarding the advisability of investing in the
Funds or the advisability of investing in securities generally
or the ability of any Index to track corresponding or relative
market performance. Barclays has not passed on the legality or
suitability of the Funds' names or the Indices with respect to
any person or entity. Barclays is not responsible for and has not
participated in the determination of the timing of, prices of, or
quantities of the shares of the Funds to be issued. Barclays
has no obligation to take the needs of the Issuer or the owners of
the Funds or any other third party into consideration in
determining, composing or calculating the Indices. Barclays has no
obligation or liability in connection with administration,
marketing or trading of the Funds. The licensing agreement between
DoubleLine ETF Trust and Barclays is solely for the benefit of the
Funds and Barclays and not for the benefit of the owners of the
Funds, investors or other third parties.
Bloomberg
Disclaimer
"Bloomberg®" and "Bloomberg Commodities IndexSM" are service marks
of Bloomberg Finance L.P. and its affiliates, including Bloomberg
Index Services Limited ("BISL"), the
administrator of the indices (collectively, "Bloomberg") and have been licensed
for use for certain purposes by Barclays Bank
PLC ("Barclays").
The Commodity Strategy
ETF is not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg
does not make any representation or warranty,
express or implied, to the owners of or counterparties to the
Commodity Strategy ETF or any member of the public regarding the
advisability of investing in securities or commodities generally or
in the Commodity Strategy ETF particularly. The only relationship
of Bloomberg to the Licensee is the licensing of certain
trademarks, trade names and service marks
and of the Bloomberg Commodities IndexSM, which is determined,
composed and calculated by BISL without regard to Barclays or the
Commodity Strategy ETF. Bloomberg has no obligation to take the
needs of Barclays or the owners of the Commodity Strategy ETF into
consideration in
determining, composing or calculating Bloomberg Commodities IndexSM. Bloomberg is not responsible for and
has not participated in the determination of the timing
of, prices at, or quantities of shares
of the Commodity Strategy ETF to be issued or
in the determination or calculation of the equation
by which shares of the Commodity Strategy ETF are to be
converted into cash. Bloomberg shall not have any obligation
or liability, including, without limitation, to Commodity Strategy
ETF customers, in connection with the administration, marketing or
trading of the Commodity Strategy ETF.
Fortune Disclaimer
Fortune and Fortune 500 are
registered trademarks of Fortune Media IP limited ("Fortune IP",
together with its affiliate Fortune Media (U.S.A) corporation, the "Fortune Group") used
under license. Fortune Group is not affiliated with and does not
endorse products or services of Barclays Bank PLC or DoubleLine.
Fortune Group and Fortune are not investment advisors or broker
dealers and do not guarantee the adequacy, accuracy, timeliness
and/or the completeness of the Fortune indices or any data related
thereto or any communication (including but not limited to, oral or
written communication (including electronic communications)) with
respect thereto. Neither Fortune Group nor Fortune shall be subject
to any damages or liability for any errors, omissions, or delays
therein. Fortune Group and Fortune make no warranties, express or
implied, and expressly disclaims all warranties of merchantability
or fitness for a particular purpose or use or as to results to be
obtained by Barclays Bank plc, DoubleLine, owners of the
securities, or any other person or entity from the use of the
Fortune indices or with respect to any data related thereto.
Without limiting any of the foregoing, in no event whatsoever shall
Fortune Group or Fortune be liable for any indirect, special,
incidental, punitive, or consequential damages including but not
limited to, loss of profits, trading losses, lost time or goodwill,
even if they have been advised of the possibility of such damages,
whether in contract, tort, strict liability, or otherwise. There
are no third-party beneficiaries of any agreements or arrangements
between Fortune Group and Fortune and Barclays Bank plc, other than
as the licensees of Fortune Group.
________________________________________
1 This ETF is different from traditional
ETFs. Traditional ETFs tell the public what assets they
hold each day. This ETF will not. This may create additional risks
for your investment. For example:
- You may have to pay more money to trade the ETF's shares. This
ETF will provide less information to traders, who tend to charge
more for trades when they have less information.
- The price you pay to buy ETF shares on an exchange may not
match the value of the ETF's portfolio. The same is true when you
sell shares. These price differences may be greater for this ETF
compared to other ETFs because it provides less information to
traders.
- These additional risks may be even greater in bad or uncertain
market conditions.
The differences between this ETF and other ETFs may also have
advantages. By keeping certain information about the ETF secret,
this ETF may face less risk that other traders can predict or copy
its investment strategy. This may improve the ETF's performance. If
other traders are able to copy or predict the ETF's investment
strategy, however, this may hurt the ETF's performance.
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SOURCE DoubleLine