At a glance
DBND charges 0.45% a year, above the 0.14% average of the 7 funds most like it (the most expensive of 8). It has $728.8M in assets, the 8th largest of that group; it paid 4.91% of its price in distributions over the past 12 months, monthly. Over the past year it returned −1.6% with distributions reinvested, the weakest of those 8 funds; over three years it returned +5.6% a year. Its ten largest positions make up 21.7% of the fund, out of 1,248 in all.
The short version
DoubleLine Opportunistic Core Bond ETF (DBND) is an actively managed bond fund. Instead of following an index, it spreads money across U.S. Treasuries, mortgage-backed securities, corporate debt and other income investments. It differs from index bond funds like AGG and BND in two ways. Its managers can put up to half its assets in junk bonds and loans, and it costs 0.45% a year, compared with 0.03% for those funds.
Price history
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DBND -1.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DBND official prospectus, to Dec 31, 2025 | — | +7.39% | — | — | — | +2.54% |
| Bloomberg US Aggregate Bond Index index, same period | — | +7.30% | — | — | — | +1.57% |
| DBND price data to Oct 27, 2026 | -1.7% | -1.6% | +5.6% | — | — | +1.9% |
- Over the year to Oct 27, 2026, DBND returned -1.6%, 8th of 8 among similar funds.
- Its worst full calendar year was 2024 (+3.1%); its best was 2025 (+7.5%).
- The deepest fall in its price history was 9.3% (Apr 6, 2022 to Oct 24, 2022), recovered by Dec 27, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -1.7% | — |
| 2025 | +7.5% | +7.39% |
| 2024 | +3.1% | +3.11% |
| 2023 | +6.3% | +6.34% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.5900 | |
| 2025 | $2.2300 | -5.5% |
| 2024 | $2.3600 | +16.8% |
| 2023 | $2.0200 |
What's inside
As of Jun 30, 2026, the fund held 1,248 securities; the ten largest made up 21.67% of assets.
| Holding | Weight | |
|---|---|---|
| United States of America Bonds and notes | 4.72% | |
| United States of America Bonds and notes | 4.43% | |
| United States of America Bonds and notes | 3.83% | |
| DoubleLine Emerging Markets Local Currency Bond Fund, Class I Other | 2.94% | |
| DoubleLine Global Bond Fund, Class I Other | 2.20% | |
| FNMA Mortgage-backed securities | 0.85% | |
| FHLMC Pool Mortgage-backed securities | 0.71% | |
| Verus Securitization Trust Mortgage-backed securities | 0.67% | |
| OBX Trust Mortgage-backed securities | 0.66% | |
| United States of America Bonds and notes | 0.65% | |
| PRPM Trust Mortgage-backed securities | 0.64% | |
| FNMA Mortgage-backed securities | 0.62% | |
| FNMA Mortgage-backed securities | 0.60% | |
| United States of America Bonds and notes | 0.60% | |
| FNMA Mortgage-backed securities | 0.58% |
By country
United States 85.12%Cayman Islands 4.14%Canada 1.21%Luxembourg 0.84%Peru 0.65%By issuer
Companies 52.94%US government-sponsored enterprises 18.86%US Treasury 16.92%Other registered funds 5.15%US government agencies 2.96%The bonds mature in 16.9 years on average (weighted by size), with an average coupon of 4.31%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $20.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.45%, +0.12%, +0.12%.
How it works
DBND does not track an index. DoubleLine's portfolio managers choose what it owns. The fund must keep at least 80% of its net assets in fixed income, such as Treasuries, mortgage-backed and asset-backed securities, corporate bonds, collateralized loan obligations (CLOs, which are bundles of business loans), bank loans and foreign or emerging-market debt. It may put up to 50% in junk bonds, meaning debt rated below investment grade. It has no limit on lower-rated mortgage and asset-backed securities, because the adviser does not count those as junk bonds.
The managers use what the prospectus calls a controlled risk approach. They shift money among sectors based on their views of relative value, liquidity, the yield curve and interest rates. They aim to keep effective duration, a measure of how much prices move when rates change, between two and eight years. Portfolio turnover was 39%.
As of June 30, 2026, the fund held 1,248 securities. Bonds and notes made up 39.7% and mortgage-backed securities 39.4%. The three largest positions were U.S. Treasury notes at 4.7%, 4.4% and 3.8%. About 5% sat in other funds, mainly DoubleLine's own Emerging Markets Local Currency Bond Fund and Global Bond Fund. A small set of Treasury futures fine-tunes its interest-rate exposure.
What it really costs
- DBND charges 0.45% a year, versus an average of 0.14% for the similar funds below (8th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $46 in the first year and $567 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DBND | $46 | $144 | $252 | $567 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It is built as a broad, multi-sector bond fund that could fill a portfolio's bond slot, though it takes more credit risk than an aggregate index fund.
DBND launched March 31, 2022, so it has no record through the 2008 crisis, the 2020 COVID crash or the full 2022 bear market. Its deepest drop was 9.3%, from April 6 to October 24, 2022. It took about 14 months, until December 27, 2023, to recover. Its weakest full calendar year was 2024, which still ended with a 3.1% gain. Anyone forced to sell shares during a slump like 2022 would have locked in a loss. The fund pays distributions monthly, and its trailing yield was 4.91% as of October 27, 2026. That may help with regular income. Its 0.45% expense ratio is well above the 0.14% average of similar funds. Past results don't predict future returns, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want one actively managed fund mixing Treasuries, mortgage-backed securities, corporate debt and some emerging-market bonds.
- Retirees who value monthly distributions; the trailing yield was 4.91% as of October 27, 2026.
- Those comfortable paying 0.45% a year for DoubleLine's managers to shift between sectors and hold up to half in junk-rated debt.
Look elsewhere if
- Cost-focused investors: AGG, BND and SCHZ charge 0.03% a year, compared with DBND's 0.45%.
- Anyone wanting a long track record: the fund launched in March 2022 and has no history through the 2008 or 2020 crashes.
- Those wanting only high-quality bonds: DBND can hold lower-rated mortgage securities without limit and up to 5% in defaulted debt.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| DBND this fund | 16.9 yrs | 0.45% | $728.8M | -1.6% | +5.6% |
| FBND Fidelity Total Bond ETF | 14.4 yrs | 0.36% | $28.16B | -0.2% | +5.4% |
| IUSB iShares Core Total USD Bond Market ETF | 11.8 yrs | 0.06% | $43.00B | -0.3% | +5.1% |
| SCHZ Schwab U.S. Aggregate Bond ETF | 12.5 yrs | 0.03% | $10.60B | -1.1% | +5.2% |
| AGG iShares Core U.S. Aggregate Bond ETF | 12.4 yrs | 0.03% | $138.32B | -0.4% | +4.7% |
| BND Vanguard Total Bond Market ETF | 11.7 yrs | 0.03% | $397.11B | -0.4% | +4.7% |
| PULS PGIM Ultra Short Bond ETF | 8.8 yrs | 0.15% | $18.71B | +4.1% | +5.2% |
| MINT PIMCO Enhanced Short Maturity Active Exchan… | 6.3 yrs | 0.35% | $16.43B | +3.9% | +4.9% |
Questions investors ask
Does DBND pay monthly dividends?
Yes. DBND pays distributions monthly. Over the 12 months to October 27, 2026, it paid about $2.16 per share, a trailing yield of 4.91%. Bond fund payouts come mainly from interest on the bonds the fund holds. They can rise or fall as the managers change holdings and as interest rates move. A monthly schedule may suit retirees who want a steady stream of income, but the amount is not fixed.
What's the difference between DBND and FBND?
Fidelity Total Bond ETF (FBND) is the closest match to DBND by average maturity and issuer mix. FBND costs 0.36% a year, compared with DBND's 0.45%. FBND is also far larger, with about $28.2 billion in assets, compared with DBND's $728.8 million as of June 30, 2026. FBND returned -0.2% over one year and 6% a year over three years as of October 30, 2026. DBND returned -1.6% and 5.6% as of October 27, 2026.
How has DBND done compared with the Bloomberg US Aggregate Bond Index?
It has been slightly ahead. Its prospectus reports a 7.39% return for the year to December 31, 2025, compared with 7.3% for the Bloomberg US Aggregate Bond Index. Since its March 2022 launch, it returned 2.54% a year, compared with 1.57% for the index. The gap reflects the managers' sector choices, including more mortgage and credit exposure. Those choices can also make it trail the index.
Does DBND own junk bonds?
It can. The prospectus lets DBND invest up to 50% of net assets in junk bonds and bank loans rated below investment grade. Lower-rated mortgage-backed and asset-backed securities don't count toward that limit, and the fund can own them without limit. It may also hold up to 5% in defaulted corporate debt. This gives the managers room to seek more income, but it adds credit risk compared with index bond funds.
What is DBND's expense ratio?
DBND's expense ratio is 0.45%, according to its prospectus filed January 27, 2026. Under the SEC's standard example, a $10,000 investment that earns 5% a year would cost about $46 in fees after one year, $252 after five years and $567 after ten. That is the most expensive of eight similar bond funds. Their average is 0.14%, and AGG, BND and SCHZ each charge 0.03%.