Eaton Vance Short Duration Income ETF

EVSD CUSIP: 61774R825
Morningstar Category:
Short-Term Bond
Overall Morningstar Rating:
Market Price

as of 12/20/2024

$50.51

CHANGE

(0.12%)

$0.06

Nav

as of 12/20/2024

$50.46

CHANGE

(0.04%)

$0.02

30 DAY SEC YIELD1

as of 12/19/2024

Subsidized

4.92%

Unsubsidized

4.90%

YIELD TO WORST

as of 12/19/2024

 

5.61%

EVSD

CUSIP: 61774R825

MORNINGSTAR CATEGORY
Short-Term Bond

OVERALL MORNINGSTAR RATING

Market Price

as of 12/20/2024

$50.51

Market Price Change

as of 12/20/2024

$0.06 (0.12%)

Nav

as of 12/20/2024

$50.46

Nav Change

as of 12/20/2024

$0.02 (0.04%)

30 DAY SEC YIELD1

as of 12/19/2024

4.92%

30 DAY SEC YIELD UNSUB1

as of 12/19/2024

4.90%

YIELD TO WORST

as of 12/19/2024

5.61%

Eaton Vance Short Duration Income ETF
EVSD CUSIP: 61774R825
 
 

Why EVSD

Why EVSD

Provides a diversified portfolio of fixed income securities including U.S. government securities, corporate bonds, and mortgage- and asset-backed securities, seeking to maintain an average duration of approximately three years or less.

The Fund's active management process draws upon the expertise of our Broad Markets Fixed Income team, which employs a multi-sector, top-down/bottom-up investment approach.

Access a low-cost, transparent and tax-efficient Exchange Traded Fund (ETF) that seeks competitive performance and attractive yields.

Provides a diversified portfolio of fixed income securities including U.S. government securities, corporate bonds, and mortgage- and asset-backed securities, seeking to maintain an average duration of approximately three years or less.

The Fund's active management process draws upon the expertise of our Broad Markets Fixed Income team, which employs a multi-sector, top-down/bottom-up investment approach.

Access a low-cost, transparent and tax-efficient Exchange Traded Fund (ETF) that seeks competitive performance and attractive yields.

Investment Objective

The Fund seeks above average returns over a market cycle of three to five years.

 
 
Pricing
Market Price

as of 12/20/2024

$50.51

Change

(0.12%)

$0.06

NAV

as of 12/20/2024

$50.46

Change

(0.04%)

$0.02

Premium/Discount

as of 12/20/2024

$0.05

Since Inception High
Market Price

as of 09/24/2024

$51.12

Since Inception Low
Market Price

as of 07/01/2024

$49.71

Since Inception High
NAV

as of 09/24/2024

$51.11

Since Inception Low
NAV

as of 07/01/2024

$49.77

30 Day Median
Bid/Ask Spread

as of 12/20/2024

0.08%

Pricing

Market Price

as of 12/20/2024

$50.51

Market Price change

as of 12/20/2024

$0.06 (0.12%)

NAV

as of 12/20/2024

$50.46

NAV Change

as of 12/20/2024

$0.02 (0.04%)

Premium/Discount

as of 12/20/2024

$0.05

Since Inception High

as of 09/24/2024

Market Price

$51.12

Since Inception Low

as of 07/01/2024

Market Price

$49.71

Since Inception High

as of 09/24/2024

NAV

$51.11

Since Inception Low

as of 07/01/2024

NAV

$49.77

30-Day Median Bid/
Ask Spread

as of 12/20/2024

0.08%

Historical Price

As of 12/20/2024 (updated daily upon availability)

    

Past performance is not indicative of future results.

 
 
Historical Price
As of 12/20/2024
(updated daily upon availability)
From
To
  

Past performance is not indicative of future results.

 
 

Premium/Discount

As of 12/20/2024 (updated upon availability)

Premium/Discount
As of 12/20/2024
(updated upon availability)

No Chart Available

No Chart Available

No Chart Available

No Chart Available

No Chart Available

No Chart Available

No Chart Available

Past performance is not indicative of future results. The above frequency distribution chart presents information about the difference between the daily market price for shares of the Fund and the Fund's reported Net Asset Value. The amount that the Fund's market price is above the reported NAV is called the premium. The amount that the Fund's market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 p.m. EST).

Number of Days at Premium / Discount

Current Quarter Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Since Inception
Premium 58 - 3 19 - 80
NAV 0 - 1 10 - 11
Discount 0 - 5 35 - 40
 
 

No Chart Available

No Chart Available

No Chart Available

No Chart Available

No Chart Available

No Chart Available

No Chart Available

Past performance is not indicative of future results. The above frequency distribution chart presents information about the difference between the daily market price for shares of the Fund and the Fund's reported Net Asset Value. The amount that the Fund's market price is above the reported NAV is called the premium. The amount that the Fund's market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 p.m. EST).

 
 

Number of Days at Premium/Discount

Current Quarter Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Since Inception
Premium 58 - 3 19 - 80
NAV 0 - 1 10 - 11
Discount 0 - 5 35 - 40
 

Expense Ratio2

Gross

0.24%

Net

0.24%

 
Performance & Distributions

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent performance figures, please select the "daily" timeframe or call 1-800-836-2414. Investment returns and principal value will fluctuate and Fund shares, when redeemed, may be worth more or less than their original cost. For additional important information, please click here.

Returns

As of 12/20/2024 (updated upon availability)

1 Month 3 Months YTD 1 YR 3 YR 5 YR 10 YR Since Inception
EVSD Market Price (%) 0.54 0.11 5.98 6.25 2.59 2.25 2.75 2.98
EVSD NAV (%) 0.47 0.09 5.88 6.15 2.55 2.23 2.74 2.97
Bloomberg 1-5 Year US Credit (%) 3 0.20 -0.70 4.52 4.92 1.51 1.86 2.27 4.57
1 Month 3 Months YTD 1 YR 3 YR 5 YR 10 YR Since Inception
EVSD Market Price (%) 1.14 3.65 5.98 9.15 2.39 2.38 2.73 3.00
EVSD NAV (%) 0.96 3.41 5.78 8.94 2.32 2.34 2.71 2.99
Bloomberg 1-5 Year US Credit (%) 3 1.01 3.71 5.23 9.39 1.50 2.12 2.36 4.62
2023 2022 2021 2020 2019 2018 2017
EVSD Market Price (%) 6.18 -4.07 0.01 3.40 4.07 2.11 1.94
EVSD NAV (%) 6.18 -4.07 0.01 3.40 4.07 2.11 1.94
Bloomberg 1-5 Year US Credit (%) 3 5.94 -5.56 -0.55 5.19 6.58 1.11 2.32
Returns
As of
(updated daily upon availability)
  1 Mo 3 Mo YTD 1 YR 3 YR 5 YR 10 YR Since Inception
EVSD Market Price (%) 0.54 0.11 5.98 6.25 2.59 2.25 2.75 2.98
EVSD NAV (%) 0.47 0.09 5.88 6.15 2.55 2.23 2.74 2.97
Bloomberg 1-5 Year US Credit (%) 3 0.20 -0.70 4.52 4.92 1.51 1.86 2.27 4.57
  1 Mo 3 Mo YTD 1 YR 3 YR 5 YR 10 YR Since Inception
EVSD Market Price (%) 1.14 3.65 5.98 9.15 2.39 2.38 2.73 3.00
EVSD NAV (%) 0.96 3.41 5.78 8.94 2.32 2.34 2.71 2.99
Bloomberg 1-5 Year US Credit (%) 3 1.01 3.71 5.23 9.39 1.50 2.12 2.36 4.62
  2023 2022 2021 2020 2019 2018 2017
EVSD Market Price (%) 6.18 -4.07 0.01 3.40 4.07 2.11 1.94
EVSD NAV (%) 6.18 -4.07 0.01 3.40 4.07 2.11 1.94
Bloomberg 1-5 Year US Credit (%) 3 5.94 -5.56 -0.55 5.19 6.58 1.11 2.32

Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Total Returns are calculated using the daily 4:00pm net assetvalue (NAV). Market price returns reflect the midpoint of the bid/ask spread as of the close of trading on the exchange where Fund shares are listed. Market pricereturns do not represent the returns you would receive if you traded shares at other times.

Prior to listing date, the ETF operated as a mutual fund. The ETF has the same investment goal and uses a substantively similar investment strategy as the predecessor mutual fund. The NAV and market price performance of the ETF use the predecessor mutual fund’s NAV from inception to listing. The ETF’s returns reflect the higher expenses of the predecessor mutual fund and have not been adjusted. Predecessor fund performance may have been different if it had an ETF structure. The market price return is calculated from closing prices as calculated by the fund’s listing exchange for the ETF. The market price return is calculated from closing prices as calculated by the fund’s listing exchange for the ETF. If shares are traded at another time, returns may differ. Returns for the period from inception to listing date use the Fund’s NAV as a market price proxy.

Growth of 10K

As of 11/30/2024 (updated monthly upon availability)

As of 11/30/2024 (updated monthly upon availability)

 

Past performance is not indicative of future results. The returns shown in the graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Prior to listing date, the ETF operated as a mutual fund. The ETF has the same investment goal and uses a substantively similar investment strategy as the predecessor mutual fund. The NAV and market price performance of the ETF use the predecessor mutual fund’s NAV from inception to listing. The ETF’s returns reflect the higher expenses of the predecessor mutual fund and have not been adjusted. Predecessor fund performance may have been different if it had an ETF structure. The market price return is calculated from closing prices as calculated by the fund’s listing exchange for the ETF. The market price return is calculated from closing prices as calculated by the fund’s listing exchange for the ETF. If shares are traded at another time, returns may differ. Returns for the period from inception to listing date use the Fund’s NAV as a market price proxy.

 
 
 

Past performance is not indicative of future results. The returns shown in the graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Prior to listing date, the ETF operated as a mutual fund. The ETF has the same investment goal and uses a substantively similar investment strategy as the predecessor mutual fund. The NAV and market price performance of the ETF use the predecessor mutual fund’s NAV from inception to listing. The ETF’s returns reflect the higher expenses of the predecessor mutual fund and have not been adjusted. Predecessor fund performance may have been different if it had an ETF structure. The market price return is calculated from closing prices as calculated by the fund’s listing exchange for the ETF. The market price return is calculated from closing prices as calculated by the fund’s listing exchange for the ETF. If shares are traded at another time, returns may differ. Returns for the period from inception to listing date use the Fund’s NAV as a market price proxy.

Distributions

As of 12/20/2024 (updated as distributions are paid)

Distributions
As of 12/20/2024
(updated as distributions are paid)
Record Date Ex Date Payable Date Net Investment Income
($ Per Share)
Short-Term
Capital Gains
($ Per Share)
Long-Term
Capital Gains
($ Per Share)
Total
Capital Gains
($ Per Share)
11/29/2024 11/29/2024 12/05/2024 $0.204590 $0.000000 $0.000000 $0.000000
10/31/2024 10/31/2024 11/06/2024 $0.214747 $0.000000 $0.000000 $0.000000
09/30/2024 09/30/2024 10/04/2024 $0.207014 $0.000000 $0.000000 $0.000000
08/30/2024 08/30/2024 09/06/2024 $0.213501 $0.000000 $0.000000 $0.000000
07/31/2024 07/31/2024 08/06/2024 $0.240613 $0.000000 $0.000000 $0.000000
06/28/2024 06/28/2024 07/05/2024 $0.180317 $0.000000 $0.000000 $0.000000
Record Date Ex Date Payable Date Net Investment Income
($ Per Share)
Short-Term
Capital Gains
($ Per Share)
Long-Term
Capital Gains
($ Per Share)
Total
Capital Gains
($ Per Share)
11/29/2024 11/29/2024 12/05/2024 $0.204590 $0.000000 $0.000000 $0.000000
10/31/2024 10/31/2024 11/06/2024 $0.214747 $0.000000 $0.000000 $0.000000
09/30/2024 09/30/2024 10/04/2024 $0.207014 $0.000000 $0.000000 $0.000000
08/30/2024 08/30/2024 09/06/2024 $0.213501 $0.000000 $0.000000 $0.000000
07/31/2024 07/31/2024 08/06/2024 $0.240613 $0.000000 $0.000000 $0.000000
06/28/2024 06/28/2024 07/05/2024 $0.180317 $0.000000 $0.000000 $0.000000

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent performance figures, please call 1-800-836-2414. Investment returns and principal value will fluctuate and fund shares, when redeemed, may be worth more or less than their original cost. For additional important information, please click here.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent performance figures, please call 1-800-836-2414. Investment returns and principal value will fluctuate and fund shares, when redeemed, may be worth more or less than their original cost. For additional important information, please click here.

 
Key Facts & Characteristics

Key Facts

 

Asset Class
Investment Grade Credit
CUSIP
61774R825
Ticker
EVSD
IOPV Intraday Ticker
EVSD.IV
Inception Date
03/31/1992
Listing Date
06/17/2024
Investment Style
Active
Exchange
NASDAQ
Custodian
JP Morgan Chase Bank, N.A.
Benchmarks
Bloomberg 1-5 Year US Credit 3
Benchmarks
Bloomberg 1-5 Year US Credit 3
Distribution Frequency
Monthly
Total Net Assets ($MM)

as of 12/20/2024

207.07
 
Characteristics4

Characteristics4

Updated Daily as of 12/19/2024

Shares Outstanding
as of 12/20/2024
4,103,924
Daily Volume
as of 12/20/2024
40,253
30-Day Avg Volume
as of 12/20/2024
26,197
30 Day SEC Yield (%)1
4.92
30 Day SEC Yield (unsub) (%)1
4.90
Yield to worst (%)
5.61
Yield to maturity (%)
5.68
Option Adjusted Spread (OAS)
113.87
Average coupon (%)
4.90
Effective Duration (yrs)
2.17
Average effective maturity (years)
3.09
Average price ($)
97.50
Number of holdings
308

Updated Monthly

Distribution Yield (%)
as of 11/30/2024
4.87

Morningstar Rating & Rankings

As of 11/30/2024

As of 11/30/2024

Overall Rating Year Percentile Rank/Total
in Category
Out of 514 Funds.
EVSD ratings out of 5 Stars:
3Yrs. 4 Stars; 5Yrs. 4 Stars; 10Yrs. 5 Stars.
1 Yr 21 108/550
3 Yr 18 75/514
5 Yr 28 110/482
10 Yr 8 19/363
Overall Rating
Out of 514 Funds.
EVSD ratings out of 5 Stars:
3Yrs. 4 Stars; 5Yrs. 4 Stars; 10Yrs. 5 Stars.
Year Percentile Rank/Total
in Category
1 Yr 21 108/550
3 Yr 18 75/514
5 Yr 28 110/482
10 Yr 8 19/363
 
Top 10 Holdings

As of 12/20/2024 (updated daily upon availability)

Top 10 Holdings
As of 12/20/2024 (updated daily upon availability)
Ticker Holdings Type Security Identifier % of Fund Shares/Par Market Value
- UNITED 4.625% 06/26 CUSIP 91282CKY6 5.99% 12,298,700 12,352,987.20
- MSILF GOVERNMENT PORT CUSIP AAU9970X9 3.43% 7,075,871 7,075,871.82
- TBA UMBS SINGLE FAMILY 5% CUSIP 01F050619 2.50% 5,342,000 5,161,707.77
EVLN EATON VANCE FLOATING-RATE CUSIP 61774R833 2.33% 95,249 4,815,789.44
- UNITED STATES 4.5% 05/29 CUSIP 91282CKT7 2.21% 4,540,000 4,561,635.91
- UNITED 4.125% 03/29 CUSIP 91282CKG5 1.71% 3,557,000 3,521,360.53
- TBA UMBS SINGLE FAMILY 6% CUSIP 01F060618 1.64% 3,375,000 3,393,193.44
- BANK OF AMERICA VAR 04/28 CUSIP 06051GKP3 1.39% 2,911,000 2,876,049.17
- UBS GROUP AG 4.253% 03/28 CUSIP 90352JAC7 1.20% 2,548,000 2,477,390.18
- US BANCORP VAR 07/30 CUSIP 91159HJS0 1.07% 2,204,000 2,200,107.05

Holdings subject to change.

Holdings subject to change.

Composition

As of 11/30/2024 (updated monthly upon availability)

Composition

As of 11/30/2024 (updated monthly upon availability)

  Fund
Investment Grade Credit 42.04
ABS 22.73
MBS 12.20
Treasuries 11.01
CMBS 9.18
High Yield Corporates.Industrial.Industrial Other 3.19
High Yield 1.69
Government Related 0.60
Cash -2.64
  Fund
Less than 1 Year 24.14
1 to 3 Years 45.03
3 to 5 Years 27.62
5 to 7 Years 3.04
7 to 10 Years 0.17
  Fund
AAA 31.85
AA 8.04
A 22.35
BBB 30.57
BB 1.49
B 0.20
Other 8.14
Cash -2.64
Meet the Team
 
Portfolio Managers
Brian Ellis
Managing Director
18 years industry experience
Eric Jesionowski
Executive Director
29 years industry experience
Stella Ma
Executive Director
8 years industry experience
Brandon Matsui
Executive Director
22 years industry experience
 
 

1 SEC yield is a measure of the income generated by the portfolio's underlying asset over the trailing 30 days, relative to the asset base of the portfolio itself. The SEC 30-day yield -Subsidized (Sub.) reflects current fee waivers in effect. Absent such fee waivers, the yield would have been lower. The SEC 30-Day yield- Unsubsidized (Unsub.) does not reflect the fee waivers currently in effect.

2 Where the net expense ratio is lower than the gross expense ratio, certain fees have been waived and/or expenses reimbursed. These waivers and/or reimbursements will continue for at least one year from the date of the applicable fund's current prospectus (unless otherwise noted in the applicable prospectus) or until such time as the fund's Board of Directors acts to discontinue all or a portion of such waivers and/or reimbursements. Absent such waivers and/or reimbursements, returns would have been lower. Expenses are based on the fund's current prospectus.

3 The Bloomberg 1-5 Yr U.S. Credit Index measures the investment return of public issues of U.S. Treasury, agency, corporate and international dollar-denominated bonds with maturities of one to five years.

4 Characteristics Definitions:

Distribution rate is defined as the most recent distribution paid, annualized, and then divided by the current market price. Distribution rate may consist of investment income, short-term capital gains, and/or return of capital. Last quarter annualized represents the weighted average distribution of the portfolio holdings using the last actual quarterly distribution paid and multiplying it by 4. Duration is a measure of the sensitivity of the price (the value of principal) of a fixed income investment to a change in interest rates. Duration is expressed as a number of years. Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices. Modified Duration is a formula that expresses the measurable change in the value of a security in response to a change in interest rates. Average Effective Maturity is a measure of sensitivity to liquidity and/or credit risk. Average effective maturity takes into account all call options exercised by the issuer as well as permissible maturity shortening devices such as demand features. Average effective maturity is computed using the nearest call date or maturity, whichever comes first. A bond's Average price is calculated by adding its face value to the price paid for it and dividing the sum by two. The average price is sometimes used in determining a bond's yield to maturity where the average price replaces the purchase price in the yield to maturity calculation. Yield-To-Worst is the lowest potential yield that can be received on a bond without the issuer actually defaulting. The yield to worst is calculated by making worst-case scenario assumptions on the issue by calculating the returns that would be received if provisions, including prepayment, call or sinking fund, are used by the issuer.

Credit ratings are categorized using S&P. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P's measures. Ratings of BBB or higher by S&P are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by S&P.

Risk Considerations: There is no assurance that a portfolio will achieve its investment objective. Portfolios are subject to market risk, which is the possibility that the market values of securities owned by the portfolio will decline. Market values can change daily due to economic and other events (e.g. natural disasters, health crises, terrorism, conflicts and social unrest) that affect markets, countries, companies or governments. It is difficult to predict the timing, duration, and potential adverse effects (e.g. portfolio liquidity) of events. Accordingly, you can lose money investing in this portfolio. Please be aware that this portfolio may be subject to certain additional risks. Fixed-income securities are subject to the ability of an issuer to make timely principal and interest payments (credit risk), changes in interest rates (interest-rate risk), the creditworthiness of the issuer and general market liquidity (market risk). In a rising interest-rate environment, bond prices may fall and may result in periods of volatility and increased portfolio redemptions. In a declining interest-rate environment, the portfolio may generate less income. Longer-term securities may be more sensitive to interest rate changes.  Mortgage and asset-backed securities are sensitive to early prepayment risk and a higher risk of default and may be hard to value and difficult to sell (liquidity risk). They are also subject to credit, market and interest rate risks. Collateralized loan obligations carry additional risks such as the Fund may invest in CLOs that are subordinate to other classes and the complex structure may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. When-Issued Securities, Delayed Delivery Securities, TBAs and Forward Commitments. These investments may result in a form of leverage and may increase volatility in the Fund’s share price. They are subject to risks such as failure of the counterparty to perform its obligation to deliver the security, the characteristics of a security delivered to the Fund may be less favorable than expected and the security the Fund buys will lose value prior to its delivery. Derivative instruments may disproportionately increase losses and have a significant impact on performance. They also may be subject to counterparty, liquidity, valuation, correlation and market risks. Due to the possibility that prepayments will alter the cash flows on Collateralized mortgage obligations (CMOs), it is not possible to determine in advance their final maturity date or average life. In addition, if the collateral securing the CMOs or any third party guarantees are insufficient to make payments, the strategy could sustain a loss. Certain U.S. government securities purchased by the portfolio, such as those issued by Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. It is possible that these issuers will not have the funds to meet their payment obligations in the future. Illiquid securities may be more difficult to sell and value than publicly traded securities (liquidity risk). High yield securities (“junk bonds”) are lower rated securities that may have a higher degree of credit and liquidity risk. Foreign securities are subject to currency, political, economic and market risks. Investments in foreign markets entail special risks such as currency, political, economic, market and liquidity risks. In emerging countries, these risks may be more significant. The portfolio may engage in active and frequent trading of its portfolio securities. A high portfolio turnover rate could result in high brokerage costs and an increase in taxable capital gains distributions. Preferred securities are subject to interest rate risk and generally decreases in value if interest rates rise and increase in value if interest rates fall. Active Management Risk. In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such decisions will affect the Fund’s performance. Participant Concentration Risk. The Portfolio has a limited number of intermediaries that act as authorized participants and none of these authorized participants is or will be obligated to engage in creation or redemption transactions. As a result, shares may trade at a discount to net asset value (“NAV”) and possibly face trading halts and/or delisting. Trading Risk. The market prices of Shares are expected to fluctuate, in some cases materially, in response to changes in the Portfolio's NAV, the intra-day value of holdings, and supply and demand for Shares. The Adviser cannot predict whether Shares will trade above, below or at their NAV. Buying or selling Shares in the secondary market may require paying brokerage commissions or other charges imposed by brokers. Diversification does not eliminate the risk of loss.

The index is unmanaged and does not include any expenses, fees or sales charges. It is not possible to invest directly in an index. Any index referred to herein is the intellectual property (including registered trademarks) of the applicable licensor.

This material is a general communication, which is not impartial and all information provided has been prepared solely for informational and educational purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. The information herein has not been based on a consideration of any individual investor circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice. To that end, investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.

Morningstar

Rankings: The percentile rankings are based on the average annual total returns for the periods stated and do not include any sales charges, but do include reinvestment of dividends and capital gains and Rule 12b-1 fees. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1.

Ratings: The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account sales loads.

© 2024 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Morgan Stanley Investment Management Inc. is the adviser to the Eaton Vance ETFs.

Eaton Vance ETFs are distributed by Foreside Fund Services, LLC.

Before investing carefully consider the Fund's objective, risks, charges and expenses available in the Prospectus. Read carefully.