TCW Core Plus Bond ETF Beat Its Benchmark by 119 bps in 2025

On the credit side, the fund avoided the worst of the energy and commodity-linked names that lagged late in the year. Instead, it favored financials and select industrials, sectors that held up better as the economic cycle matured. The commentary noted that security selection within securitized credit was a particular bright spot, with non-agency RMBS and CLOs contributing to excess returns.

Looking at the first quarter of 2026, TCW said it is watching the path of Federal Reserve policy and the potential for a slowdown in corporate earnings. The portfolio remains positioned for a range of outcomes, with a bias toward higher-quality credit and a neutral duration stance. The manager said it sees value in short-duration securitized products and select BBB-rated bonds where spreads compensate for the risk.

The fund's expense ratio is 0.35%. As of the end of 2025, FIXT held roughly $1.2 billion in assets under management. The commentary did not disclose specific top holdings or sector weights for the latest quarter.