ETF Evaluator:
TCW Flexible Income ETF (FLXR)
Follow This ETF
(as of Jul 30)
Best Performing in Multisector Bond Over the Last Year
| 8.5% | Rareview Dynamic Fixed Income ETF (RDFI) |
| 8.2% | ATAC Credit Rotation ETF (JOJO) |
| 8.0% | Eaton Vance Income Opportunities ETF (XAGG) |
| 7.2% | Bluemonte Diversified Income ETF (BLUI) |
| 7.2% | Neuberger Flexible Credit Income ETF (NBFC) |
Risk
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Risk
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ETF Details
TCW Flexible Income ETF Overview
TCW Flexible Income ETF (FLXR) is an actively managed Taxable Bond Multisector Bond exchange-traded fund (ETF). TCW launched the ETF in 2018.
The investment seeks a high level of current income with a secondary objective of long-term capital appreciation.
The fund is an actively managed exchange-traded fund (“ETF”) that seeks to pursue its objective by utilizing a flexible investment approach that allocates investments across a range of global investment opportunities related to credit, currencies and interest rates.
About TCW Flexible Income ETF (FLXR)
There are 3 members of the management team with an average tenure of 4.41 years: Bryan Whalen (2018), Ruben Hovhannisyan (2023) and Jerry Cudzil (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. TCW Flexible Income ETF has 1545 securities in its portfolio. The top 10 holdings constitute 48.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
TCW Flexible Income ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. TCW Flexible Income ETF has 1.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.1% There is 0.0% allocated to foreign stock, and 0.3% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 91.4% (90.3% domestic bond, 1.1% foreign bond and 0.1% convertible bond). TCW Flexible Income ETF has 8.0% of the portfolio in cash.
Assets Under Management
The fund has $3 billion in total assets, which is above the $1 billion average for the Multisector Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FLXR Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The TCW Flexible Income ETF expense ratio is average compared to funds in the Multisector Bond category. TCW Flexible Income ETF has an expense ratio of 0.40%, which is 41% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. TCW Flexible Income ETF has a portfolio turnover rate of 390%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 159% for the Multisector Bond category.
Recently, in the month of June 2026, TCW Flexible Income ETF returned 0.2%, which earned it a grade of D, as the Multisector Bond category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
TCW Flexible Income ETF has a trailing yield of 5.81%, which is above the 5.59% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
TCW Flexible Income ETF Grades
Year to date, the ETF has returned 1.5%, 0.2 percentage points worse than the category, which translates into a grade of D. The fund has returned 5.0% over the past year (grade of D), 7.2% over the past three years (grade of C) and 3.2% per year over the past five years (grade of A).
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FLXR Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FLXR Return (NAV) | 0.2% | 1.4% | 5.0% | 7.2% | 3.2% | na |
| FLXR Return (Price) | 0.2% | 1.4% | 5.3% | 7.3% | 3.2% | na |
| NAV +/- Price Return | -0.012% | 0.025% | -0.244% | -0.090% | -0.052% | na |
| Multisector Bond Avg | 0.3% | 1.9% | 5.4% | 6.7% | 2.3% | 3.3% |
| FLXR Grade (NAV) | D | D | D | C | A | na |
| +/- Category (NAV) | -0.1% | -0.5% | -0.3% | 0.5% | 0.8% | na |
| FLXR Tax-Cost Ratio | na | na | 2.3% | 2.6% | 3.1% | na |
FLXR Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FLXR Return (NAV) | 1.5% | 8.5% | 6.0% | 9.1% | -8.7% | 2.3% | 12.1% | 18.3% | na | na | na |
| FLXR Return (Price) | 1.6% | 8.4% | 6.3% | 9.1% | -8.7% | 2.3% | 12.1% | 18.3% | na | na | na |
| NAV +/- Price Ret | 0.020% | -0.015% | 0.060% | 0.000% | 0.000% | 0.000% | 0.000% | 0.0% | na | na | na |
| Multisector Bond Avg | 1.8% | 7.6% | 5.5% | 8.2% | -10.8% | 3.0% | 4.7% | 10.6% | -1.8% | 5.9% | 7.4% |
| FLXR Grade (NAV) | D | B | C | B | B | B | A | A | na | na | na |
| +/- Category | -0.2% | 0.9% | 0.4% | 0.9% | 2.2% | -0.8% | 7.4% | 7.6% | na | na | na |
| Risk Measures | |
| Beta: | 0.71 |
| R-Squared: | 93% |
| Standard Deviation: | 4.1% |
| Category Risk Index: | 0.89 |
| Category Risk Rating: | Average |
| Total Risk Index: | 0.34 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 5.8% |
| Total Assets: | $ 3,345 Mil |
| Share Class Assets: | $ 3,345 Mil |
| Turnover: | 390.0% |
| Expense Ratio: | 0.40% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US Agg Bond TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 7.6 years | |||
| Average Tenure: 4.4 years | |||
| Managers (Year): Whalen Bryan (2018), Hovhannisyan Ruben (2023), Cudzil Jerry (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 1545 |
| % in Top 10 Holdings: | 48.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.1% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.3% |
| Domestic Bond: | 90.3% |
| Foreign Bond: | 1.1% |
| Convertible Bond: | 0.1% |
| Other: | 0.2% |
| Cash: | 8.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | TCW |
| Phone Number: | 866-364-1383 |
| Website: | |
| Inception Date: | November 30, 2018 |
Expenses and Fees
| Expense Ratio (%): | 0.40% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.68% |
