ETF Evaluator:
TCW Transform Systems ETF (PWRD)
Follow This ETF
(as of Jul 31)
Best Performing in Large Blend Over the Last Year
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Risk
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Risk
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ETF Details
TCW Transform Systems ETF Overview
TCW Transform Systems ETF (PWRD) is an actively managed U.S. Equity Large Blend exchange-traded fund (ETF). TCW launched the ETF in 2022.
The investment seeks long-term growth of capital.
The fund is an actively managed exchange-traded fund (“ETF”) that seeks to invest in companies that the Adviser believes will benefit from global transformation in the systems supporting how energy and power are sourced, produced, and consumed. It is an actively managed exchange-traded fund (“ETF”) that seeks to invest in companies that the Adviser believes will benefit from global transformation in the systems supporting how energy and power are sourced, produced, and consumed. It is non-diversified.
About TCW Transform Systems ETF (PWRD)
There are 2 members of the management team with an average tenure of 2.03 years: Eli Horton (2022) and Love Ghotra (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. TCW Transform Systems ETF has 36 securities in its portfolio. The top 10 holdings constitute 53.5% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is considered to have an ESG focus with its investment selection and management.
TCW Transform Systems ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. TCW Transform Systems ETF has 18.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 79.5% There is 18.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). TCW Transform Systems ETF has 1.8% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is below the $13 billion average for the Large Blend 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.
PWRD 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 Transform Systems ETF expense ratio is above average compared to funds in the Large Blend category. TCW Transform Systems ETF has an expense ratio of 0.75%, which is 79% higher than its category average, making the fund expense ratio grade a F. 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 Transform Systems ETF has a portfolio turnover rate of 52%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 162% for the Large Blend category.
Recently, in the month of June 2026, TCW Transform Systems ETF returned 9.1%, which earned it a grade of A, as the Large Blend category had an average return of -0.0%. 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 Transform Systems ETF has a trailing yield of 0.05%, which is below the 1.12% category average.
The fund normally distributes its income quarterly 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 Transform Systems ETF Grades
Year to date, the ETF has returned 28.0%, 17.7 percentage points better than the category, which translates into a grade of A. The fund has returned 36.6% over the past year (grade of A) and 33.5% over the past three years (grade of A).
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PWRD 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 |
|
| PWRD Return (NAV) | 9.1% | 26.2% | 36.6% | 33.5% | na | na |
| PWRD Return (Price) | 9.3% | 25.8% | 36.4% | 33.5% | na | na |
| NAV +/- Price Return | -0.203% | 0.339% | 0.190% | -0.012% | na | na |
| Large Blend Avg | -0.0% | 14.5% | 20.9% | 18.8% | 11.8% | 14.1% |
| PWRD Grade (NAV) | A | A | A | A | na | na |
| +/- Category (NAV) | 9.1% | 11.7% | 15.8% | 14.6% | na | na |
| PWRD Tax-Cost Ratio | na | na | 0.0% | 0.2% | na | na |
PWRD Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PWRD Return (NAV) | 28.0% | 32.6% | 28.6% | 20.8% | na | na | na | na | na | na | na |
| PWRD Return (Price) | 27.9% | 32.8% | 28.5% | 20.8% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.001% | 0.008% | -0.001% | -0.001% | na | na | na | na | na | na | na |
| Large Blend Avg | 10.3% | 15.4% | 21.8% | 22.9% | -17.1% | 26.9% | 18.6% | 29.7% | -5.0% | 21.6% | 11.2% |
| PWRD Grade (NAV) | A | A | A | D | na | na | na | na | na | na | na |
| +/- Category | 17.7% | 17.2% | 6.8% | -2.1% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 1.16 |
| R-Squared: | 55% |
| Standard Deviation: | 20.5% |
| Category Risk Index: | 1.53 |
| Category Risk Rating: | High |
| Total Risk Index: | 1.69 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 0.1% |
| Total Assets: | $ 1,583 Mil |
| Share Class Assets: | $ 1,583 Mil |
| Turnover: | 52.0% |
| Expense Ratio: | 0.75% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | Yes |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 3.7 years | |||
| Average Tenure: 2.0 years | |||
| Managers (Year): Horton Eli (2022), Ghotra Love (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 36 |
| % in Top 10 Holdings: | 53.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 18.7% |
Portfolio Allocation |
|
| Domestic Stock: | 79.5% |
| Foreign Stock: | 18.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | TCW |
| Phone Number: | 866-364-1383 |
| Website: | |
| Inception Date: | February 2, 2022 |
Expenses and Fees
| Expense Ratio (%): | 0.75% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.42% |
