Morris Chen on CRE Stability and Data Center Restraint | Bloomberg ETF IQ

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DoubleLine Portfolio Manager Morris Chen joins Bloomberg’s ETF IQ to discuss DCRE, DoubleLine’s active investment-grade commercial mortgage-backed securities (CMBS) ETF. With nearly a half billion in assets, DCRE has outperformed both the Bloomberg US Aggregate Bond Index and the iShares CMBS ETF beta product since inception with notably lower volatility. Mr. Chen attributes the fund’s results to rigorous bottom-up selectivity across property types and markets, emphasizing that the commercial real estate recovery over the past three years has been highly bifurcated – making careful credit analysis essential to identifying on-time payoffs at maturity. For a deeper look at DCRE's since-inception performance, read

On data centers, Mr. Morris maintains his skeptical stance from early 2025, arguing that when spreads on data center CMBS are comparable to more traditional property types, there is little reason to take on the additional uncertainty. He sees data center exposure as better suited for the equity side of the capital structure and notes that with a full menu of brick-and-mortar lending opportunities, DoubleLine remains on the sidelines in that space for now – though he acknowledges that a meaningful spread reset could change the calculus.

Investing involves risk including the risk of principal loss. For standardized performance and important information about this fund, please visit the DCRE fund page.

Link to the DoubleLine Commercial Real Estate ETF prospectus

DoubleLine ETFs are distributed by Foreside Fund Services, LLC.

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