MUSE Fees and Costs — TCW Multisector Credit Income ETF
Data updated: 2026-09-28
The net expense ratio is 0.56%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $20 in broker commissions, and portfolio turnover was 75%.
MUSE Fees and Expenses
Annual operating expenses and sales charges of MUSE. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.56% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.56% |
| Fee waiver | — |
| Net expense ratio | 0.56% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
MUSE Costs Over Time
On $10,000 invested in MUSE, assuming 5% a year before costs, total costs come to $353 over 5 years, cutting the return by 0.59% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.56%) | $59 | $184 | $321 |
| Lost growth on money paid in costs | $0 | $9 | $32 |
| Total costs | $59 | $193 | $353 |
| Value after costs | $10,441 | $11,383 | $12,409 |
| Impact on return, per year | 0.59% | 0.59% | 0.59% |
MUSE Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: $20
- Bought from dealers (principal trades, not a cost): $296.1M
- Portfolio turnover (prospectus): 75%
- Securities lending: none during the year
MUSE Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $20 | 100.00% |
MUSE Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $150.1M | 57.28% |
| Barclays Capital Inc. | $21.4M | 8.16% |
| J.P. Morgan Securities LLC | $18.6M | 7.10% |
| Nomura Securities International, Inc. | $14.7M | 5.62% |
| BMO Capital Markets Corp. | $14.3M | 5.44% |
| BofA Securities, Inc. | $12.5M | 4.77% |
| Morgan Stanley & Co. LLC | $9.9M | 3.79% |
| Goldman Sachs & Co. LLC | $9.1M | 3.47% |
| Jefferies LLC | $6.0M | 2.27% |
| Citigroup Global Markets Inc. | $5.5M | 2.10% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.