TCW Transform Systems ETF (PWRD) Crosses $1 Billion in Assets

The concentrated, active ETF, which focused on investments in energy and power transformation, saw assets grow three-fold in 2025 and its performance top its industry peer group.

LOS ANGELES--(BUSINESS WIRE)--The TCW Group, a leading global investment firm, announced today that TCW Transform Systems ETF (PWRD) has surpassed $1 billion in assets under management (AUM), with 200% asset growth since January 2025, and 32.58% annual return in 2025, making it the top-performing exchange-traded fund in its peer group last year¹, according to data from Morningstar.

PWRD is an actively managed ETF that aims to invest in companies across many sectors that are driving or benefitting from the energy transformation. The rapid change in how energy and power are sourced, produced, transported, and consumed is creating once-in-a-generation investments across sectors including industrials, energy, materials, and technology. The ETF has a five-star medalist rating from Morningstar, as of November 20, 2025.

“PWRD is designed to provide exposure to leading companies across the most critical themes shaping the energy transformation including accelerating power demand, sustained investment in the electric grid, and efficiency gains across end-use applications such as transportation and buildings,” said Eli Horton, Portfolio Manager of PWRD. “Reaching this milestone reflects strong investor conviction in our active, concentrated approach to investing. We believe many portfolios remain structurally underexposed to the scale and durability of the energy transformation, and our strategy is built to allocate capital dynamically as fundamentals evolve and new information emerges.”

PWRD recently marked its four-year anniversary and since inception (2/2/2022) through December 31, 2025, PWRD has posted a cumulative return of 97.02%, vs. 58.14% for the S&P 500. In calendar year 2025, PWRD returned 32.58%, vs. 17.88% for the S&P 500, reinforcing the strength of its active, thematic approach.

TCW has established itself as a prominent active ETF provider, managing $5.6 billion in ETF assets across equities and fixed income as of February 2, 2026. In addition to PWRD, TCW offers four other active equity ETFs, seeking to capitalize on the transformation in areas like artificial intelligence and reshoring of supply chains. TCW also offers seven fixed-income ETFs, including the TCW Flexible Income ETF (FLXR), which crossed $2 billion in assets in 2025.

"This announcement underscores the confidence investors have in our ETF platform,” said Scott Dennis, Head of ETFs at TCW. “The momentum from 2025 reinforces our conviction in active management, and we look forward to continuing to apply our disciplined approach across fixed income and thematic equities as markets evolve in the year ahead.”

For more information on the TCW Transform Systems ETF and TCW’s broader ETF suite, please visit https://www.tcw.com/Products/ETFs.

About The TCW Group

TCW is a leading global asset management firm with a broad range of products across fixed income, alternative investments, and equities with over half a century of investment experience. Through its TCW Funds, ETF suite and alternative credit platform, TCW manages one of the largest fund complexes in the U.S. TCW’s clients include many of the world’s largest corporate and public pension plans, financial institutions, endowments and foundations, as well as financial advisors and high net worth individuals. For more information, please visit www.tcw.com.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For the most recent month end performance please visit etf.tcw.com.

Before investing you should carefully consider the fund’s investment objectives, risks, charges, and expenses. This and other information is in the prospectus, a copy of which may be obtained from tcw.com. Please read the prospectus carefully before you invest.

The Morningstar Medalist Rating™ is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures/. The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or model when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.

INVESTMENT RISKS

As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”) per share, trading price, yield, total return and ability to meet its investment objective.

TCW Transform Systems ETF (PWRD) is actively managed and may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Funds’ investments more than the market as a whole, to the extent that the Funds’ investments are concentrated in the securities of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class. Shares are subject to the risks of an investment in a portfolio of equity securities in an industry or group of industries in which each Fund invests. Investments in emerging market countries may be subject to greater risks than investments in developed countries. The Funds may purchase and write put and call options on futures contracts that are traded on an exchange as a hedge against changes in value of its portfolio securities, or in anticipation of the purchase of securities, and may enter into closing transactions with respect to such options to terminate existing positions. There is no guarantee that such closing transactions can be effected.

TCW Flexible Income ETF (FLXR) is subject to the following risks: High yield securities may be subject to greater fluctuations in value and risk of loss of income and principal than higher-rated securities. It is important to note that the Fund is not guaranteed by the U.S. Government. Fixed income investments entail interest rate risk, the risk of issuer default, issuer credit risk, and price volatility risk. Funds investing in bonds can lose their value as interest rates rise and an investor can lose principal. The Fund’s investments denominated in foreign currencies will decline in value if the foreign currency declines in value relative to the U.S. dollar. Fund share prices and returns will fluctuate with market conditions, currencies, and the economic and political climates where the investments are made. The securities markets of emerging market countries can be extremely volatile. Mortgage-backed and other asset-backed securities often involve risks that are different from or more acute than risks associated with other types of debt instruments. MBS related to floating rate loans may exhibit greater price volatility than a fixed rate obligation of similar credit quality. With respect to non-agency MBS, there are no direct or indirect government or agency guarantees of payments in pools created by non-governmental issuers. Non-agency MBS are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee. Liquidity Risk. Lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price. The liquidity of the Fund’s assets may change over time. Derivatives Risk. A derivative is a financial contract, the value of which depends on or is derived from, the value of an underlying asset such as a security or an index. All investing involves risk including the potential loss of principal. Market volatility may significantly impact the value of your investments. Recent tariff announcements may add to this volatility, creating additional economic uncertainty and potentially affecting the value of certain investments. Tariffs can impact various sectors differently, leading to changes in market dynamics and investment performance. Please see the Fund’s Prospectus for more information on these and other risks.

The Funds are advised by TCW Investment Management Company LLC. Distributed by Foreside Financial Services, LLC.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

¹ Morningstar U.S. Large Blend Fund Category (out of 1,314 Funds)