Eaton Vance High Yield ETF

EVHY CUSIP: 61774R809 Morningstar Category: High Yield Bond
Market Price

as of 02/28/2024

$52.72

CHANGE

(-0.08%)

-$0.04

Nav

as of 02/28/2024

$52.60

CHANGE

(-0.04%)

-$0.02

30 DAY SEC YIELD1

as of 02/27/2024

Subsidized

6.34%

Unsubsidized

6.34%

YIELD TO WORST

as of 02/27/2024

 

6.75%

EVHY

CUSIP: 61774R809

MORNINGSTAR CATEGORY
High Yield Bond

Market Price

as of 02/28/2024

$52.72

Market Price Change

as of 02/28/2024

-$0.04 (-0.08%)

Nav

as of 02/28/2024

$52.60

Nav Change

as of 02/28/2024

-$0.02 (-0.04%)

30 DAY SEC YIELD1

as of 02/27/2024

6.34%

30 DAY SEC YIELD UNSUB1

as of 02/27/2024

6.34%

YIELD TO WORST

as of 02/27/2024

6.75%

Eaton Vance High Yield ETF
EVHY CUSIP: 61774R809
 
 

Why EVHY

Why EVHY

Gain exposure to an actively managed, high yield portfolio, which focuses exposure to the higher quality portion of the high yield universe (primarily BB-rated and B-rated issuers).

Benefit from experience - our disciplined active management investment process has been in place for over 20 years and incorporates an integrated research strategy with rigorous risk management.

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

Gain exposure to an actively managed, high yield portfolio, which focuses exposure to the higher quality portion of the high yield universe (primarily BB-rated and B-rated issuers).

Benefit from experience - our disciplined active management investment process has been in place for over 20 years and incorporates an integrated research strategy with rigorous risk management.

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

Investment Objective

Seeks to provide a high level of current income. The Fund's secondary objective are to seek growth of income and capital.

 
 
Pricing
Market Price

as of 02/28/2024

$52.72

Change

(-0.08%)

-$0.04

NAV

as of 02/28/2024

$52.60

Change

(-0.04%)

-$0.02

Premium/Discount

as of 02/28/2024

$0.12

Since Inception High
Market Price

as of 12/27/2023

$53.34

Since Inception Low
Market Price

as of 10/19/2023

$49.38

Since Inception High
NAV

as of 12/20/2023

$53.09

Since Inception Low
NAV

as of 10/20/2023

$49.39

30 Day Median
Bid/Ask Spread

as of 02/28/2024

0.13%

Pricing

Market Price

as of 02/28/2024

$52.72

Market Price change

as of 02/28/2024

-$0.04 (-0.08%)

NAV

as of 02/28/2024

$52.60

NAV Change

as of 02/28/2024

-$0.02 (-0.04%)

Premium/Discount

as of 02/28/2024

$0.12

Since Inception High

as of 12/27/2023

Market Price

$53.34

Since Inception Low

as of 10/19/2023

Market Price

$49.38

Since Inception High

as of 12/20/2023

NAV

$53.09

Since Inception Low

as of 10/20/2023

NAV

$49.39

30-Day Median Bid/
Ask Spread

as of 02/28/2024

0.13%

Historical Price

As of 02/28/2024 (updated daily upon availability)

    

Past performance is not indicative of future results.

 
 
Historical Price
As of 02/28/2024
(updated daily upon availability)
From
To
  

Past performance is not indicative of future results.

 
 

Premium/Discount

As of 02/28/2024 (updated upon availability)

Premium/Discount
As of 02/28/2024
(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 38 - - - - 86
NAV 0 - - - - 0
Discount 1 - - - - 3
 
 

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 38 - - - - 86
NAV 0 - - - - 0
Discount 1 - - - - 3
 

Expense Ratio2

Gross

0.48%

Net

0.48%

 
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 02/28/2024 (updated upon availability)

1 Month 3 Months YTD 1 YR Since Inception
EVHY Market Price (%) -0.24 3.36 0.06 - 7.61
EVHY NAV (%) -0.18 3.62 -0.22 - 7.38
ICE BofA BB-B U.S. High Yield Index (%) 3 0.00 4.00 0.02 - 7.95
1 Month 3 Months YTD 1 YR Since Inception
EVHY Market Price (%) 2.95 - 7.55 - 7.55
EVHY NAV (%) 3.29 - 7.62 - 7.62
ICE BofA BB-B U.S. High Yield Index (%) 3 3.42 - 7.93 - 7.93
Returns
As of
(updated daily upon availability)
  1 Mo 3 Mo YTD 1 YR Since Inception
EVHY Market Price (%) -0.24 3.36 0.06 - 7.61
EVHY NAV (%) -0.18 3.62 -0.22 - 7.38
ICE BofA BB-B U.S. High Yield Index (%) 3 0.00 4.00 0.02 - 7.95
  1 Mo 3 Mo YTD 1 YR Since Inception
EVHY Market Price (%) 2.95 - 7.55 - 7.55
EVHY NAV (%) 3.29 - 7.62 - 7.62
ICE BofA BB-B U.S. High Yield Index (%) 3 3.42 - 7.93 - 7.93

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.

Growth of 10K

As of 01/31/2024 (updated monthly upon availability)

As of 01/31/2024 (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.

 
 
 

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.

Distributions

As of 02/28/2024 (updated as distributions are paid)

Distributions
As of 02/28/2024
(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)
02/01/2024 01/31/2024 02/06/2024 $0.312885 $0.000000 $0.000000 $0.000000
12/22/2023 12/21/2023 12/28/2023 $0.308465 $0.000000 $0.000000 $0.000000
12/01/2023 11/30/2023 12/06/2023 $0.452945 $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)
02/01/2024 01/31/2024 02/06/2024 $0.312885 $0.000000 $0.000000 $0.000000
12/22/2023 12/21/2023 12/28/2023 $0.308465 $0.000000 $0.000000 $0.000000
12/01/2023 11/30/2023 12/06/2023 $0.452945 $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
Fixed Income
CUSIP
61774R809
Ticker
EVHY
IOPV Intraday Ticker
EVHY.IV
Inception Date
10/16/2023
Investment Style
Active
Exchange
NYSE
Custodian
JP Morgan Chase Bank, N.A.
Benchmarks
ICE BofA BB-B U.S. High Yield Index 3
Benchmarks
ICE BofA BB-B U.S. High Yield Index 3
Distribution Frequency
Monthly
Total Net Assets ($MM)

as of 02/28/2024

21.04
 
Characteristics4

Characteristics4

Updated Daily as of 02/27/2024

Shares Outstanding
as of 02/28/2024
400,000
Daily Volume
as of 02/28/2024
1,967
30-Day Avg Volume
as of 02/28/2024
2,875
30 Day SEC Yield (%)1
6.34
30 Day SEC Yield (unsub) (%)1
6.34
Yield to worst (%)
6.75
Average coupon (%)
5.82
Modified duration to worst (years)
3.72
Average effective maturity (years)
4.68
Average price ($)
95.37
Number of holdings
242

Updated Monthly

Distribution Yield (%)
as of 01/31/2024
7.12
Top 10 Holdings

As of 02/28/2024 (updated daily upon availability)

Top 10 Holdings
As of 02/28/2024 (updated daily upon availability)
Ticker Holdings Type Security Identifier % of Fund Shares/Par Market Value
- MSILF GOVERNMENT PORT CUSIP AAU9970X9 2.41% 504,179 504,179.64
- MEDLINE 5.25% 10/29 CUSIP 62482BAB8 1.12% 253,000 233,755.94
- CCO HOLDINGS 4.5% 08/30 CUSIP 1248EPCE1 1.07% 270,000 224,000.10
- VENTURE 8.375% 06/31 CUSIP 92332YAB7 1.05% 217,000 219,502.00
- GEMS MENASA 7.125% 07/26 CUSIP 36166LAA5 1.04% 220,000 217,933.42
- FORD MOTOR 4.125% 08/27 CUSIP 345397A86 0.99% 220,000 207,963.38
- VIRGIN MEDIA 5% 07/30 CUSIP 92769VAJ8 0.91% 220,000 190,756.74
- BUILDERS 4.25% 02/32 CUSIP 12008RAP2 0.88% 208,000 183,510.79
- FORD MOTOR CO 3.25% 02/32 CUSIP 345370DA5 0.84% 216,000 176,826.25
- CAESARS 4.625% 10/29 CUSIP 12769GAA8 0.84% 194,000 176,825.18

Holdings subject to change.

Holdings subject to change.

Composition

As of 01/31/2024 (updated monthly upon availability)

Composition

As of 01/31/2024 (updated monthly upon availability)

  Fund
Energy 11.98
Healthcare 10.03
Services 6.92
Technology 5.50
Automotive & Auto Parts 4.56
Utility 4.28
Super Retail 3.75
Leisure 3.50
Building Materials 3.39
Homebuilders & Real Estate 3.27
Other 42.82
  Fund
CCC or Lower 2.13
BBB 8.94
BB 43.05
B 43.22
Cash Equivalents 2.66
  Fund
Corporate Bonds 97.34
Cash Equivalents 2.66
  Fund
Less Than 1 Year 5.57
1 to 3 Years 13.68
3 To 5 Years 37.21
5 To 10 Years 42.82
10 To 20 Years 0.27
More Than 30 Years 0.44
Meet the Team
 
Portfolio Managers
Steve Concannon
Co-Head of High Yield
31 years industry experience
Jeff Mueller
Co-Head of Fixed Income, Co-Head of High Yield
20 years industry experience
Kelley Gerrity
Managing Director
24 years industry experience
Brandon Matsui
Executive Director
22 years industry experience
 
Resources
Product Literature
 
 
Regulatory Documents
SAI
 
 
 
 
 

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 ICE BofA BB-B US High Yield Index is an unmanaged index of below-investment grade (BB-B) US corporate bonds. ICE® BofA® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofA® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.

Characteristics Definitions:
The 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.

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. Modified Duration to Worst is computed using the nearest call date or maturity, whichever comes first.

Weighted average life (WAL) is a measure of sensitivity to liquidity and/or credit risk. Weighted average life 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 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.

Ratings are based on Moody's, S&P or Fitch for securitized debt instruments only (such as asset-backed securities and mortgage-backed securities), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. 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 an issuance 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, or Fitch, (Baa or higher by Moody's) 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 the national ratings agencies stated above.

Risk Considerations: Diversification does not eliminate risk of loss. 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.  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. 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.  High yield securities (“junk bonds”) are lower rated securities that may have a higher degree of credit and liquidity risk.  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.  Foreign securities are subject to currency, political, economic and market risks. The risks of investing in emerging market countries are greater than risks associated with investments in foreign developed countries.  Illiquid securities may be more difficult to sell and value than publicly traded securities (liquidity risk).  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.  By investing in investment company securities, the portfolio is subject to the underlying risks of that investment company's portfolio securities. In addition to the Portfolio's fees and   expenses, the Portfolio generally would bear its share of the investment company's fees and expenses.  New Fund Risk. A new portfolio's performance may not represent how the portfolio is expected to or may perform in the long term. In addition, there is a limited operating history for investors to evaluate and the portfolio may not attract sufficient assets to achieve investment and trading efficiencies. Authorized 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 as determined by that broker.

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. 

Morgan Stanley Investment Management Inc. is the adviser to the Eaton Vance ETFs. Morgan Stanley Investment Management Limited is the sub-adviser to Eaton Vance High Yield ETF. 

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.