TCW ETF Trust
SLNZ
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- TCW Senior Loan ETF (SLNZ) is an actively managed exchange-traded fund that primarily seeks current income through investments in senior secured floating rate loans and secondarily pursues long-term capital appreciation. The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in senior loans, which primarily consist of floating rate bank loans made to below investment grade corporations, as well as other investments economically equivalent to senior loans, such as corporate bonds, collateralized loan obligations, and asset-backed securities. It offers investors access to the institutional senior loan market, with a portfolio diversified across approximately 290 holdings, including top positions in loans to entities like TCW Funds, Amwins Group Inc., Delivery Hero SE, Jane Street Group LLC, and Elanco Animal Health Inc.; the fund emphasizes bottom-up issue selection and active sector rotation within the bank loan (85.71%), corporate bond (3.47%), and asset-backed sectors. Launched on June 28, 2013, and domiciled in the United States, SLNZ operates under TCW ETF Trust and is managed by a team including Jerry Cudzil (since inception), Drew Sweeney (since 2020), Steven Purdy (since 2021), Ken Toshima (since 2022), and Brian Gelfand (since 2023). With total net assets of approximately $330 million as of recent data and a net expense ratio of 0.65%, the fund trades on the New York Stock Exchange and targets investors seeking high current yield (trailing twelve-month yield around 4.91% to 6.79%) and low interest-rate sensitivity in the bank loan category. In November 2024, TCW significantly expanded its ETF offerings by converting the TCW MetWest Floating Rate Income Fund mutual fund into the TCW Senior Loan ETF (SLNZ), alongside launching two new fixed income ETFs (TCW Multisector Credit Income ETF and TCW AAA CLO ETF) and converting two additional mutual funds to ETF share classes. This conversion enhanced investor access to intraday trading, transparency, and price discovery for the senior loan strategy. On the parent company level, TCW Group, headquartered in Los Angeles, California, entered an expanded strategic partnership with PNC Financial Services in 2024 to provide private credit to middle-market companies with $2.5 billion in initial equity capital, and in December 2024 announced a deepened alliance with Nippon Life Insurance Company, committing up to $3.25 billion in additional anchor capital for alternative credit strategies while increasing its minority ownership stake in TCW. These initiatives more than doubled TCW's alternative credit assets under management over the past four years and support broader fixed income growth, including senior loans.