DMX ETF: Schedule 13G Shows 608,483 Shares Held by Foundations IA

Rhea-AI Filing Summary

Foundations Investment Advisors, LLC has filed Amendment No. 3 to Schedule 13G disclosing its beneficial ownership position in DoubleLine Multi-Sector Income ETF (CUSIP 25861R501, symbol DMX) as of 30 June 2025.

• Shares owned: 608,483.
• Percent of class: 80.1%.
• Power: Sole dispositive authority over all shares; no voting power reported
• Filer status: Registered Investment Adviser (IA) organized in Arizona.
• Signature: Marc Pugsley, CCO, dated 08 July 2025.

The filing indicates that a single investment adviser controls a dominant share of the ETF’s outstanding units. Such concentration can materially affect float availability and secondary-market liquidity, even though the filer retains no formal voting influence over fund governance. Investors should monitor any future changes that could alter the ETF’s ownership structure or market dynamics.

Positive

• Significant commitment: Foundations Investment Advisors holds 80.1% of DMX, indicating strong institutional support.
• No voting control: Absence of voting power mitigates immediate governance concerns despite large ownership.

Negative

• High concentration risk: A single holder controls 80.1% of outstanding shares, potentially reducing free float and liquidity.
• Market impact potential: Sole dispositive authority means sizeable redemptions could trigger price volatility.

Insights

Portfolio Manager

TL;DR: 80% stake by one adviser makes DMX liquidity highly dependent on a single holder.

The 608,483-unit position reported by Foundations Investment Advisors equals 80.1% of DMX’s outstanding shares. With sole dispositive but zero voting power, the adviser can technically exit or resize the position at any time, potentially creating price volatility or liquidity gaps. Conversely, its continued ownership offers price support and signals conviction in the fund’s strategy. Overall, the disclosure is material but not inherently bullish or bearish; liquidity risk merits close watch.

Corporate Governance Expert

TL;DR: High ownership concentration without voting rights reduces governance influence but raises float risk.

From a governance standpoint, the filer’s lack of voting power limits its direct control over ETF decisions, preserving the trustee’s autonomy. However, controlling 80% of the units concentrates market power in the filer’s hands; any large-scale redemption could disrupt pricing mechanisms. Regulators typically monitor such structures, but no breach is implied here. The situation is impactful mainly for market microstructure rather than governance.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

DOUBLELINE ETF TRUST

(Name of Issuer)

Exchange Traded Product

(Title of Class of Securities)

25861R501

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 25861R501

1

Names of Reporting Persons

FOUNDATIONS INVESTMENT ADVISORS, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ARIZONA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 608,483.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

608,483.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

80.1 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: DOUBLELINE ETF TRUST
(b)	Address of issuer's principal executive offices: 2002 NORTH TAMPA STREET, TAMPA, FLORIDA 33602
Item 2.
(a)	Name of person filing: FOUNDATIONS INVESTMENT ADVISORS, LLC
(b)	Address or principal business office or, if none, residence: 4050 E. COTTON CENTER BLVD. SUITE 40 PHOENIX, Arizona 85040
(c)	Citizenship: FOUNDATIONS INVESTMENT ADVISORS, LLC - ARIZONA
(d)	Title of class of securities: Exchange Traded Product
(e)	CUSIP No.: 25861R501
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 608,483
(b)	Percent of class: 80.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: FOUNDATIONS INVESTMENT ADVISORS, LLC - 0
	(ii) Shared power to vote or to direct the vote: FOUNDATIONS INVESTMENT ADVISORS, LLC - 0
	(iii) Sole power to dispose or to direct the disposition of: FOUNDATIONS INVESTMENT ADVISORS, LLC - 608,483
	(iv) Shared power to dispose or to direct the disposition of: FOUNDATIONS INVESTMENT ADVISORS, LLC - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

FOUNDATIONS INVESTMENT ADVISORS, LLC

Signature:	/s/Marc Pugsley
Name/Title:	CCO
Date:	07/08/2025

FAQ

How many DMX shares does Foundations Investment Advisors own?

608,483 shares according to the Schedule 13G/A.

What percentage of DoubleLine Multi-Sector Income ETF does this represent?

The filing reports ownership of 80.1% of the outstanding class.

Does the filer have voting power over the DMX shares?

No. Both sole and shared voting power are reported as 0.

When was the ownership position effective?

The event date triggering the filing is June 30, 2025.

Who signed the Schedule 13G/A for Foundations Investment Advisors?

Marc Pugsley, Chief Compliance Officer, signed on July 8, 2025.

What is the filer’s classification under SEC rules?

Foundations Investment Advisors is classified as an Investment Adviser (IA) under Rule 13d-1(b)(1)(ii)(E).