The TCW Corporate Bond ETF (“IGCB”) gained 2.41% in Q3 2025 based on net asset value (NAV), finishing behind the Bloomberg U.S. Corporate Index by 19 bps. Relative underperformance was driven by the ETF's underweight to corporate credit as spreads tightened and the sector outpaced Treasuries by 98 basis points on a duration-adjusted basis. As value investors, TCW remains vigilant in its assessment of risks and opportunities across markets.