MutualFundWire.com: 6Y In, a $170MM-AUM Fund Transforms Again
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Thursday, February 5, 2026

6Y In, a $170MM-AUM Fund Transforms Again


The folks at a 16-year-old, Sunshine State asset manager are transforming a six-year-old, $170.386-million-AUM* fund, four months after rebranding it.

On Tuesday (February 3), Ron Redell, president of DoubleLine [profile], and Ken Shinoda, chairman of DoubleLine's structured products committee and lead portfolio manager for its non-agency residential mortgage-backed securities (RMBS) team, revealed that the Tampa, Florida-based fund firm's team has converted the DoubleLine Securities Credit Fund, an open end mutual fund, into the DoubleLine Securitized Credit ETF (DSCO on the NYSE Arca). DoubleLine ETF Adviser LP serves as investment advisor to the new ETF, while DoubleLine Capital LP advised the predecessor fund.

Shareholders of the predecessor mutual fund approved the conversion on January 23, 2026, and the transformation was completed last Friday (January 30). The move comes after the DoubleLine Income Fund rebranded as the DoubleLine Securitized Credit Fund on September 30, 2025. The DoubleLine Income Fund, in turn, first launched on September 3, 2019.

This DoubleLine fund conversion comes with a pricing update. The new ETF, DSCO, comes with an expense ratio of 50 basis points. The predecessor mutual fund, in contrast, came in two flavors:
  • I shares (DBLIX), with an expense ratio of 66bps (baking in an 18bps fee waiver); and
  • N shares (DBLNX), with an expense ratio of 91bps (banking in a 19bps fee waiver).

    • Last week's mutual-fund-to-ETF transformation also involves several provider switches:
  • ACA's Foreside Fund Services, LLC serves as DSCO's distributor, succeeding ACA Foreside's Quasar Distributors, LLC; and
  • J.P. Morgan Chase Bank, N.A. serves as DSCO's administrator, custodian, and transfer agent, succeeding U.S. Bancorp Fund Services, LLC (dba U.S. Bank Global Fund Services, which served as the predecessor fund's adminsitrator, fund accountant, and transfer agent) and U.S. Bank National Association (which served as custodian).

    • DSCO is an actively managed series of DoubleLine ETF Trust. In contrast, the predecessor mutual fund was an actively managed series of DoubleLine Funds Trust.

    Redell puts last week's conversion in the context of the DoubleLine team's broader efforts "to enhance [DoubleLine's] mutual funds, separate accounts, ETFs, collective investment trusts, and other vehicles to suit the preferences of ... clients."

    "An ETF structure broadens access to our Securitized Credit strategy to investors in a transparent and efficient vehicle," Redell states.

    Shinoda highlights "historically compressed yield spreads in corporate credit."

    "DSCO provides actively managed exposure to securitized credit at a time when traditional fixed income portfolios remain heavily concentrated in interest-rate risk and unsecured corporate credit," Shinoda states.

    DSCO is powered by the same three-person PM team that powered its predecessor mutual fund since inception more than six years ago. That team includes:
  • Morris Chen, lead PM overseeing DoubleLine's commercial mortgage-backed securities (CMBS) and commercial real estate (CRE) debt team;
  • Andrew Hsu, head of DoubleLine's global infrastructure and asset-backed securities (ABS) group;
  • and Shinoda himself.

    • Like its predecessor mutual fund, DSCO will continue to use Deloitte & Touche LLP as its independent accounting firm and Ropes & Gray LLP as its counsel.

    *As of February 4, 2026 (yesterday).


    Printed from: MFWire.com/story.asp?s=72061

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