Morgan Stanley is set to convert two of its mutual funds into Eaton (NYSE:ETN) Vance-branded Exchange Traded Funds (ETFs), according to recent Securities and Exchange Commission (SEC) filings. This marks the firm's first such conversion since the launch of its initial ETF.
The Core Plus Fixed Income Portfolio and Short Duration Municipal Income Portfolio are the two funds slated for transformation. They will be rebranded as the Eaton Vance Total Return Bond ETF and Eaton Vance Short Duration Municipal Income ETF respectively, pending a shareholder vote scheduled for December 1.
The Total Return Bond ETF will carry a unitary fee of 32 basis points. For comparison, the institutional shares and Class A shares of the mutual fund currently cost 35 basis points, as per data from Morningstar Direct.
The move adds to Morgan Stanley's existing ETF portfolio, which includes Calvert-branded ETFs and one from Parametric, totaling $264 million in assets.
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