GRW and Four TCW ETFs File Form 25 for NYSE Withdrawal
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
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.
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.
FAQ
Why did TCW Compounders ETF (GRW) file Form 25?
When will the delisting of GRW become effective?
Does the Form 25 mention a new exchange for GRW?
Will GRW shares still trade after delisting?
Who signed the Form 25 for TCW ETF Trust?
