PHEQ Fees and Costs — Parametric Hedged Equity ETF
Data updated: 2026-08-21
The net expense ratio is 0.29%. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $3K in broker commissions, 0.0115% of average net assets, and portfolio turnover was 13%.
PHEQ Fees and Expenses
Annual operating expenses and sales charges of PHEQ. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.29% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.29% |
| Fee waiver | — |
| Net expense ratio | 0.29% |
| 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 |
PHEQ Costs Over Time
On $10,000 invested in PHEQ, assuming 5% a year before costs, total costs come to $191 over 5 years, cutting the return by 0.32% 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 0.29%) | $30 | $96 | $167 |
| Trading costs (broker commissions) | $1 | $4 | $7 |
| Lost growth on money paid in costs | $0 | $5 | $17 |
| Total costs | $32 | $104 | $191 |
| Value after costs | $10,468 | $11,472 | $12,572 |
| Impact on return, per year | 0.32% | 0.32% | 0.32% |
PHEQ Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.0115%
- Total broker commissions: $3K
- Bought from dealers (principal trades, not a cost): $89.4M
- Portfolio turnover (prospectus): 13%
- Securities lending: none during the year
PHEQ Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Susquehanna Financial Group, LLLP | $2K | 46.68% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $826 | 24.27% |
| Piper Sandler & Co. | $492 | 14.45% |
| Citigroup Global Markets Inc. | $186 | 5.47% |
| J.P. Morgan Securities LLC | $175 | 5.14% |
| Wells Fargo Securities, LLC | $130 | 3.81% |
| Jane Street Execution Services, LLC | $6 | 0.18% |
PHEQ Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $55.7M | 62.30% |
| J.P. Morgan Securities LLC | $18.0M | 20.19% |
| Virtu Americas LLC | $12.9M | 14.38% |
| BofA Securities, Inc. | $2.8M | 3.12% |
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.