[25] TCW Compounders ETF SEC Filing

Rhea-AI Filing Summary

TCW ETF Trust has filed SEC Form 25 with the U.S. Securities and Exchange Commission to voluntarily remove five of its exchange-traded funds—TCW Artificial Intelligence ETF (AIFD), TCW Compounders ETF (GRW), TCW Transform 500 ETF (VOTE), TCW Transform Supply Chain ETF (SUPP) and TCW Transform Systems ETF (PWRD)—from both listing and registration on the New York Stock Exchange.

The Trust marked the box under Rule 12d2-2(c), confirming that the issuer—not the exchange—initiated the withdrawal and has complied with all NYSE and SEC requirements for voluntary delisting and deregistration under Section 12(b) of the Securities Exchange Act of 1934. The notification is dated 23 June 2025 and signed by Megan McClellan, President and Principal Executive Officer of the Trust.

Form 25 becomes effective 10 days after filing for delisting purposes and 90 days for deregistration unless the SEC objects. No financial or operational metrics accompany the filing; the document strictly addresses the administrative process of terminating NYSE listing and 12(b) registration for the named ETFs.

Positive

• None.

Negative

• Voluntary delisting and deregistration from NYSE removes on-exchange liquidity, potentially widening spreads and limiting investor access.
• No stated alternative listing or explanation, leaving investors without clarity on future trading venue or fund strategy.

Insights

Exchange-Traded Fund Analyst

TL;DR: TCW ETFs are voluntarily delisting from NYSE; this removes on-exchange liquidity and may hinder trading.

The filing is a straightforward administrative notice under Rule 12d2-2(c), meaning the issuer initiated the action. Once effective, shares of AIFD, GRW, VOTE, SUPP and PWRD will no longer trade on NYSE and their Section 12(b) registration will be terminated. Investors should expect trading to migrate to the over-the-counter market unless the funds list elsewhere, which is not stated in the filing. Delisting typically reduces liquidity, widens bid-ask spreads and can trigger forced selling by index or mandate-constrained portfolios. Because no alternative listing or redemption plan is disclosed, the action is potentially negative for existing shareholders who rely on on-exchange liquidity.

Corporate Governance Specialist

TL;DR: Voluntary NYSE withdrawal signals strategic shift; lack of context raises investor uncertainty.

Form 25 shows the Board authorised management to withdraw five TCW ETFs from NYSE. Such moves often precede fund closure, reorganisation or migration to another venue, but the filing provides no rationale. Governance best practice suggests issuers accompany delisting with a shareholder communication outlining reasons and next steps; its absence here increases opacity. From a compliance standpoint, ticking Rule 12d2-2(c) indicates all procedural hurdles are met, so the SEC is unlikely to object. Nevertheless, the unilateral nature and information gap could erode investor confidence and may be interpreted as an adverse corporate action until further clarification emerges.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 25

NOTIFICATION OF REMOVAL FROM LISTING

AND/OR REGISTRATION UNDER SECTION 12(b)

OF THE SECURITIES EXCHANGE ACT OF 1934.

Commission File Number 333-249926

TCW ETF Trust — New York Stock Exchange LLC

(Exact name of Issuer as specified in its charter, and name of Exchange where security is listed and/or registered)

515 South Flower Street
Los Angeles, CA 90071

(213) 244-0000

(Address, including zip code, and telephone number, including area code, of Issuer’s principal executive offices)

TCW Artificial Intelligence ETF (AIFD)
TCW Compounders ETF (GRW)

TCW Transform 500 ETF (VOTE)

TCW Transform Supply Chain ETF (SUPP)

TCW Transform Systems ETF (PWRD)

(Description of class of securities)

Please place an X in the box to designate the rule provision relied upon to strike the class of securities from listing and registration:

☐ 17 CFR 240.12d2-2(a)(1)

☐ 17 CFR 240.12d2-2(a)(2)

☐ 17 CFR 240.12d2-2(a)(3)

☐ 17 CFR 240.12d2-2(a)(4)

☐ Pursuant to 17 CFR 240.12d2-2(b), the Exchange has complied with its rules to strike the class of securities from listing and/or withdraw registration on the Exchange.¹

☒ Pursuant to 17 CFR 240.12d2-2(c), the Issuer has complied with the rules of the Exchange and the requirements of 17 CFR 240.12d2-2(c) governing the voluntary withdrawal of the class of securities from listing and registration on the Exchange.

Pursuant to the requirements of the Securities Exchange Act of 1934, TCW ETF Trust (Name of Issuer or Exchange) certifies that it has reasonable grounds to believe that it meets all of the requirements for filing the Form 25 and has caused this notification to be signed on its behalf by the undersigned duly authorized person.

June 23, 2025		By	/s/ Megan McClellan		President, Principal Executive Officer and Trustee
Date			Name		Title

¹ Form 25 and attached Notice will be considered compliance with the provisions of 17 CFR 240.19d-1 as applicable. See General Instructions.

SEC 1654 (03-06)  Potential persons who are to respond to the collection of information contained in this Form are not required to respond unless the Form displays a currently valid OMB control number.

FAQ

Why did TCW Compounders ETF (GRW) file Form 25?

The Trust voluntarily seeks to remove GRW and four sister ETFs from NYSE listing and Section 12(b) registration under Rule 12d2-2(c).

When will the delisting of GRW become effective?

Under SEC rules, delisting takes effect 10 days after the Form 25 filing date of 23 June 2025, absent SEC objection.

Does the Form 25 mention a new exchange for GRW?

No. The filing does not disclose any alternative listing venue for GRW or the other affected ETFs.

Will GRW shares still trade after delisting?

The document is silent, but once NYSE listing ends, shares typically trade over-the-counter unless relisted elsewhere.

Who signed the Form 25 for TCW ETF Trust?

It was signed by Megan McClellan, President, Principal Executive Officer and Trustee, on 23 June 2025.