DoubleLine Commercial Real Estate ETF

DCREDoubleLineBond
Expense ratio0.39%
Net assets$452.6M
Holdings280
Yield (TTM)5.18%
1 week0.0%
1 month+0.3%
3 months+0.4%
6 months+0.8%
YTD+2.1%
1 year+2.6%

Total returns with distributions reinvested; * a year. Prices as of Oct 27, 2026 · filings through Jun 30, 2026 · page updated Nov 3, 2026

At a glance

DCRE charges 0.39% a year. It has $452.6M in assets; it paid 5.18% of its price in distributions over the past 12 months, monthly. Over the past year it returned +2.6% with distributions reinvested. Its ten largest positions make up 11.4% of the fund, out of 280 in all.

The short version

DoubleLine Commercial Real Estate ETF (DCRE) is an actively managed bond fund. It mainly holds commercial mortgage-backed securities and commercial real estate loan pools, mostly rated A- to AAA. Its managers aim to keep interest-rate sensitivity low, with a target duration of three years or less. As of October 27, 2026, it paid a 5.18% trailing yield, distributed monthly. Its expense ratio is 0.39%.

Price history

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DCRE +2.6% over the year to Oct 27, 2026, total return with distributions reinvested.

Prices through Oct 27, 2026. Total return: the price with distributions reinvested.

How it has behaved

Volatility (1 year)1.3%annualized; the S&P 500 is usually 15–20%
Worst drop (1 year)-0.7%3 years: -0.8% · all history: -0.8%
Beta vs S&P 5000.02moves less than the market
Sharpe ratio (1 year)-1.08return above cash per unit of risk
Since price data starts+5.1%a year over 2.7 years
52-week range$50.74 – $52.38
Last price $50.95 on Oct 27, 2026, 2.7% below the 52-week high · below its 200-day average ($51.68).
YTD1 yr3 yr5 yr10 yrSince start
DCRE official prospectus, to Dec 31, 2025—+6.10%———+6.62%
Bloomberg US Aggregate Bond Index index, same period—+7.30%———+3.98%
DCRE price data to Oct 27, 2026+2.1%+2.6%———+5.1%
Multi-year figures are annualized total returns with distributions reinvested. "Official" figures are the SEC-standard returns from the fund's prospectus; the price-data row is computed from daily prices. Price data starts 2024-02-01, after the fund's launch on 2023-03-31; figures "since start" cover the available history only.
  • Over the year to Oct 27, 2026, DCRE returned +2.6%.
  • Its worst full calendar year was 2025 (+5.8%); its best was 2025 (+5.8%).
  • The deepest fall in its price history was 0.8% (Oct 3, 2024 to Oct 30, 2024), recovered by Nov 26, 2024.
6%20252%2026*
6%20252%2026*
Calendar-year total returns from price data, distributions reinvested. * 2026 is year to date. From the prospectus: best quarter +2.76% (Sep 30, 2024), worst +0.72% (Dec 31, 2024).
Show as a table
YearPrice dataProspectus (official)
2026 (to date)+2.1%—
2025+5.8%+6.10%
2024—+6.80%
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

Yield (last 12 months)5.18%distributions ÷ price
Paid in the last 12 months$2.64per share, split-adjusted
How oftenmonthly 
Latest payment$0.3200Oct 1, 2026
$2.512025$2.032026*
$2.512025$2.032026*
Distributions per share by calendar year, adjusted for a share split. * 2026 to Oct 27, 2026.
Show as a table
YearPer shareChange
2026 (to date)$2.0300
2025$2.5100
Distributions through Oct 27, 2026.

What's inside

As of Jun 30, 2026, the fund held 280 securities; the ten largest made up 11.4% of assets, and 4.94% sat in cash and money-market holdings.

HoldingWeight
FNMA Mortgage-backed securities1.41%
FNMA Mortgage-backed securities1.37%
GPMT Ltd. CDOs and CLOs1.35%
FNMA Mortgage-backed securities1.29%
LoanCore Issuer Ltd. CDOs and CLOs1.11%
MF1 LLC CDOs and CLOs1.10%
FNMA Mortgage-backed securities1.01%
Arbor Realty Collateralized Loan Obligation Ltd. CDOs and CLOs0.96%
BANK5 Mortgage-backed securities0.91%
Wells Fargo Commercial Mortgage Trust Mortgage-backed securities0.90%
FNMA Mortgage-backed securities0.89%
BANK5 Mortgage-backed securities0.87%
Wells Fargo Commercial Mortgage Trust Mortgage-backed securities0.86%
Benchmark Mortgage Trust Mortgage-backed securities0.82%
BANK5 Mortgage-backed securities0.80%

By country

United States 82.12%Cayman Islands 14.43%

By issuer

Companies 84.16%US government-sponsored enterprises 12.4%

The bonds mature in 19.5 years on average (weighted by size), with an average coupon of 4.67%.

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 $47.6M (creations minus redemptions, per the N-PORT report).
  • Monthly total returns reported for that quarter: +0.39%, +0.22%, +0.26%.

How it works

DCRE does not track an index. DoubleLine's portfolio managers pick each holding. Under normal conditions, at least 80% of net assets go into commercial real estate debt or investments with similar economic traits. That includes commercial mortgage-backed securities (bonds paid from pools of loans on commercial property) and commercial real estate collateralized loan obligations, or CLOs, which bundle property loans and split them into layers by risk. It also includes REMICs (trusts that hold a fixed pool of mortgages), re-packaged Re-REMICs and single-asset, single-borrower loans. The fund can also hold US government and agency debt and cash.

The managers mainly buy debt rated A- to AAA when purchased. DoubleLine calls its method a "controlled risk approach." It weighs sectors, liquidity and the outlook for interest rates. The managers aim to keep average effective duration at three years or less, though it can run higher. Duration measures how much prices move when rates change. The fund may use futures, swaps and options to hedge or to add leverage. It is non-diversified and trades often: portfolio turnover was 66%.

As of June 30, 2026, the fund held 280 securities. About 76% was in mortgage-backed securities and about 21% in CDOs and CLOs. Cash was near 5%, and there were no derivatives. The 10 largest positions made up 11.4% of the fund. The biggest were Fannie Mae (FNMA) pools at about 1.4% each and a GPMT Ltd. 2021-FL4 CLO tranche at 1.35%.

What it really costs

  • DCRE charges 0.39% a year.
  • Using the prospectus's standard example, $10,000 invested would cost about $40 in the first year and $493 over 10 years (assuming a 5% annual return).
Cost of $10,000 (SEC example)1 yr3 yrs5 yrs10 yrs
DCRE$40$125$219$493
SEC standard example: $10,000 invested, 5% annual return, shares sold at the end of each period.

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

RoleIncome

It pays monthly income from highly rated commercial property debt and keeps interest-rate sensitivity low, but its credit risk and short record make it a supporting piece rather than a core bond fund.

DCRE launched on March 31, 2023, so it has no record through the 2008 crisis, the 2020 COVID crash or the 2022 bear market. Its short history has been calm. Both full calendar years were positive, per its prospectus: 6.8% in 2024 and 6.1% in 2025. Even its weakest quarter gained 0.72%. Its deepest drop was 0.8%, from October 3 to October 30, 2024, and it had recovered by November 26, 2024. So far, someone who had to sell in a weak month would not have taken a deep loss. But the fund has not yet been tested by a severe slump in commercial property.

Its trailing 12-month yield was 5.18% as of October 27, 2026, paid monthly. In the SEC's standard example, the 0.39% expense ratio costs $40 in the first year on $10,000. Past results don't predict future ones, and an income plan should look at the whole portfolio, not one fund.

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Who it may suit — and who should look elsewhere

May suit

  • Income-focused investors who want monthly payouts. The trailing yield was 5.18% as of October 27, 2026.
  • People who want bond income with limited rate sensitivity. The managers target an average duration of three years or less.
  • Investors comfortable with commercial mortgage credit who want mostly A- to AAA-rated securities spread across 280 holdings.

Look elsewhere if

  • Anyone who wants a long track record. Launched March 31, 2023, it has not been through a recession or a major bear market.
  • Investors seeking broad bond diversification. About 97% sits in mortgage-backed securities and CDOs or CLOs tied to one sector.
  • Those who want an index fund's predictability. Managers have wide latitude, may use derivatives for leverage, and turnover was 66%.

Close alternatives

Matched by bond funds with the closest average maturity and issuer mix (N-PORT).

No close alternatives found.

Questions investors ask

Does DCRE pay monthly dividends?

Yes. DCRE pays distributions monthly. Over the 12 months to October 27, 2026, it paid $2.64 per share, a trailing yield of 5.18%. The income comes from interest on commercial mortgage-backed securities, CLOs and other property-related debt. Many of these carry variable rates, so payouts can rise or fall as interest rates and the portfolio change.

What does DCRE invest in?

DCRE invests mainly in debt tied to commercial real estate. As of June 30, 2026, about 76% was in mortgage-backed securities and about 21% in CDOs and CLOs, with cash near 5%. It held 280 securities, and the top 10 made up just 11.4%. The largest were Fannie Mae pools, a GPMT Ltd. CLO tranche, a Fannie Mae ACES deal and a LoanCore Issuer CLO tranche.

How does DCRE compare with the Bloomberg US Aggregate Bond Index?

DCRE has beaten the index since launch but trailed it in 2025. As of December 31, 2025, the fund's average annual return since inception was 6.62%, against 3.98% for the Bloomberg US Aggregate Bond Index, its prospectus benchmark. Over the one year to that date, it returned 6.1% against 7.3% for the index. The index covers the broad US bond market. DCRE focuses on commercial real estate debt and keeps duration short, so it carries more risk tied to one sector.

Is DCRE a safe investment?

No bond fund is risk-free, and DCRE can lose money. Its record so far has been steady. Its deepest drop was 0.8% in October 2024, and it recovered in about a month. One-year volatility was 1.3% as of October 27, 2026. But the fund launched only in 2023 and has not faced a deep commercial property downturn. Its main risks are borrower defaults, holdings that are hard to sell, subjective pricing of its securities and the managers' choices.

What is DCRE's expense ratio?

DCRE's expense ratio is 0.39%, per its prospectus filed January 27, 2026. All of it is management fee, and there is no fee waiver. In the SEC's standard example, $10,000 invested at a 5% annual return would cost about $40 after one year, $125 after three years, $219 after five years and $493 after ten years. These figures assume the shares are sold at the end of each period.

Sources

  • 485BPOS prospectus (risk/return XBRL), filed Jan 27, 2026 — SEC EDGAR
  • N-PORT holdings report, filed Aug 20, 2026 — SEC EDGAR
  • Prices: daily prices and distributions through Oct 27, 2026

For education only, not investment advice. Past performance does not predict future results.