Eaton Vance Reveals ETMF Fees

Firm’s actively managed, nontransparent vehicles will range in cost from 0.60 to 1.05 percent.

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Reviewed by: Heather Bell
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Edited by: Heather Bell

The latest filings from Eaton Vance list the fees on all of the firm’s in-house “NextShares,” the exchange-traded managed funds that will use a patented NAV-based trading methodology to operate as nontransparent actively managed ETFs.

The fees are more expensive in some areas and cheaper to comparable ETFs. For example, the Eaton Vance Bond NextShares will charge 0.60 percent, but similarly broad-reaching bond ETFs that are actively managed but transparent—the WisdomTree Western Asset Unconstrained Bond ETF (UBND), SPDR DoubleLine Total Return Tactical ETF (TOTL) and Pimco Total Return ETF (BOND | B)—all come with an expense ratio of 0.55 percent.

Meanwhile, the Eaton Vance Global Macro Absolute Return NextShares comes with an expense ratio of 0.70 percent. That’s pretty cheap for a global long/short strategy. The soon-to-close actively managed AdvisorShares Accuvest Global Long Short ETF (AGLS | 38) charges almost 2 percent in expense ratio, and the index-based Credit Suisse X-Links Long/Short Equity ETN (CSLS | D-74) charges 0.95 percent.

Further, the Eaton Vance Large-Cap Value NextShares will charge 0.70 percent versus the 0.78 percent charged by the actively managed Columbia Select Large Cap Value ETF (GVT | D-79).

Eaton Vance has so far licensed its patented NextShares methodology to nearly a dozen firms, with the funds tentatively expected to launch later this year or early next year.


ETMFExp Ratio (%)
Eaton Vance Balanced NextShares0.75
Eaton Vance Bond NextShares0.60
Eaton Vance Floating-Rate & High Income NextShares0.75
Eaton Vance Global Dividend Income NextShares0.90
Eaton Vance Global Macro Absolute Return NextShares0.70
Eaton Vance Government Obligations NextShares0.80
Eaton Vance Growth NextShares0.70
Eaton Vance High Income Opportunities NextShares0.60
Eaton Vance Large-Cap Value NextShares0.70
Eaton Vance Richard Bernstein All Asset Strategy NextShares1.07
Eaton Vance Richard Bernstein Equity Strategy NextShares0.95
Eaton Vance Small-Cap NextShares0.95
Eaton Vance Stock NextShares0.70
Parametric Emerging Markets NextShares1.05
Parametric International Equity NextShares0.60

Heather Bell is a former managing editor of etf.com. She has also held editorial positions at Dow Jones Indexes and Lehman Brothers. Bell is a graduate of Dartmouth college and resides in the Denver area with her two dogs.