Eaton Vance Short Duration Municipal Income ETF

EVSM CUSIP: 61774R858
Morningstar Category:
Muni National Short
Overall Morningstar Rating:
Market Price

as of 05/24/2024

$49.70

CHANGE

(-0.04%)

-$0.02

Nav

as of 05/24/2024

$49.67

CHANGE

(0.00%)

$0.00

30 DAY SEC YIELD1

as of 05/24/2024

Subsidized

3.66%

Unsubsidized

3.66%

YIELD TO MATURITY

as of 05/24/2024

 

4.09%

Eaton Vance Short Duration Municipal Income ETF

Explore Our ETFs

EVSM

CUSIP: 61774R858

MORNINGSTAR CATEGORY
Muni National Short

OVERALL MORNINGSTAR RATING

Market Price

as of 05/24/2024

$49.70

Market Price Change

as of 05/24/2024

-$0.02 (-0.04%)

Nav

as of 05/24/2024

$49.67

Nav Change

as of 05/24/2024

$0.00 (0.00%)

30 DAY SEC YIELD1

as of 05/24/2024

3.66%

30 DAY SEC YIELD UNSUB1

as of 05/24/2024

3.66%

YIELD TO MATURITY

as of 05/24/2024

4.09%

Eaton Vance Short Duration Municipal Income ETF
EVSM CUSIP: 61774R858
 
 

Why EVSM

Why EVSM

Provides diversified exposure to the municipal bond market, spanning municipal sectors, states and credit tiers, while seeking to maintain a duration of less than three years.

Leverage our disciplined active management, decades of municipal bond market experience and consistent process.

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

Provides diversified exposure to the municipal bond market, spanning municipal sectors, states and credit tiers, while seeking to maintain a duration of less than three years.

Leverage our disciplined active management, decades of municipal bond market experience and consistent process.

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

Investment Objective

The Fund seeks to provide current income excempt from regular federal income tax.

 
 
Pricing
Market Price

as of 05/24/2024

$49.70

Change

(-0.04%)

-$0.02

NAV

as of 05/24/2024

$49.67

Change

(0.00%)

$0.00

Premium/Discount

as of 05/24/2024

$0.03

Since Inception High
Market Price

as of 03/25/2024

$50.10

Since Inception Low
Market Price

as of 04/30/2024

$49.61

Since Inception High
NAV

as of 03/25/2024

$50.00

Since Inception Low
NAV

as of 04/30/2024

$49.59

30 Day Median
Bid/Ask Spread

as of 05/24/2024

0.12%

Pricing

Market Price

as of 05/24/2024

$49.70

Market Price change

as of 05/24/2024

-$0.02 (-0.04%)

NAV

as of 05/24/2024

$49.67

NAV Change

as of 05/24/2024

$0.00 (0.00%)

Premium/Discount

as of 05/24/2024

$0.03

Since Inception High

as of 03/25/2024

Market Price

$50.10

Since Inception Low

as of 04/30/2024

Market Price

$49.61

Since Inception High

as of 03/25/2024

NAV

$50.00

Since Inception Low

as of 04/30/2024

NAV

$49.59

30-Day Median Bid/
Ask Spread

as of 05/24/2024

0.12%

Historical Price

As of 05/24/2024 (updated daily upon availability)

    

Past performance is not indicative of future results.

 
 
Historical Price
As of 05/24/2024
(updated daily upon availability)
From
To
  

Past performance is not indicative of future results.

 
 

Premium/Discount

As of 05/24/2024 (updated upon availability)

Premium/Discount
As of 05/24/2024
(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 37 4 - - - 41
NAV 2 0 - - - 2
Discount 1 0 - - - 1
 
 

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 37 4 - - - 41
NAV 2 0 - - - 2
Discount 1 0 - - - 1
 

Expense Ratio2

Gross

0.19%

Net

0.19%

 
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 05/24/2024 (updated upon availability)

1 Month 3 Months YTD 1 YR 3 YR 5 YR 10 YR Since Inception
EVSM Market Price (%) 0.20 0.50 0.40 4.01 2.08 1.54 - 1.54
EVSM NAV (%) 0.14 0.44 0.34 3.95 2.06 1.53 - 1.53
ICE BofA 1-3 Year Municipal Securities Index (%) 3 0.18 0.01 0.07 3.11 0.43 1.03 - 1.23
1 Month 3 Months YTD 1 YR 3 YR 5 YR 10 YR Since Inception
EVSM Market Price (%) 0.25 0.46 0.46 4.31 2.10 1.60 - 1.60
EVSM NAV (%) 0.13 0.34 0.34 4.19 2.06 1.58 - 1.58
ICE BofA 1-3 Year Municipal Securities Index (%) 3 -0.05 0.04 0.04 2.23 0.46 1.11 - 1.26
2023 2022 2021 2020 2019 2018 2017
EVSM Market Price (%) 4.61 1.21 0.09 0.61 1.47 - -
EVSM NAV (%) 4.61 1.21 0.09 0.61 1.47 - -
ICE BofA 1-3 Year Municipal Securities Index (%) 3 3.32 -2.05 0.34 2.16 2.88 - -
Returns
As of
(updated daily upon availability)
  1 Mo 3 Mo YTD 1 YR 3 YR 5 YR 10 YR Since Inception
EVSM Market Price (%) 0.20 0.50 0.40 4.01 2.08 1.54 - 1.54
EVSM NAV (%) 0.14 0.44 0.34 3.95 2.06 1.53 - 1.53
ICE BofA 1-3 Year Municipal Securities Index (%) 3 0.18 0.01 0.07 3.11 0.43 1.03 - 1.23
  1 Mo 3 Mo YTD 1 YR 3 YR 5 YR 10 YR Since Inception
EVSM Market Price (%) 0.25 0.46 0.46 4.31 2.10 1.60 - 1.60
EVSM NAV (%) 0.13 0.34 0.34 4.19 2.06 1.58 - 1.58
ICE BofA 1-3 Year Municipal Securities Index (%) 3 -0.05 0.04 0.04 2.23 0.46 1.11 - 1.26
  2023 2022 2021 2020 2019 2018 2017
EVSM Market Price (%) 4.61 1.21 0.09 0.61 1.47 - -
EVSM NAV (%) 4.61 1.21 0.09 0.61 1.47 - -
ICE BofA 1-3 Year Municipal Securities Index (%) 3 3.32 -2.05 0.34 2.16 2.88 - -

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 04/30/2024 (updated monthly upon availability)

As of 04/30/2024 (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 05/28/2024 (updated as distributions are paid)

Distributions
As of 05/28/2024
(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)
05/01/2024 04/30/2024 05/06/2024 $0.150797 $0.000000 $0.000000 $0.000000
04/01/2024 03/28/2024 04/04/2024 $0.153126 $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)
05/01/2024 04/30/2024 05/06/2024 $0.150797 $0.000000 $0.000000 $0.000000
04/01/2024 03/28/2024 04/04/2024 $0.153126 $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
61774R858
Ticker
EVSM
IOPV Intraday Ticker
EVSM.IV
Inception Date
12/19/2018
Listing Date
03/25/2024
Investment Style
Active
Exchange
NYSE ARCA
Custodian
JP Morgan Chase Bank, N.A.
Benchmarks
ICE BofA 1-3 Year Municipal Securities Index 3
Benchmarks
ICE BofA 1-3 Year Municipal Securities Index 3
Distribution Frequency
Monthly
Total Net Assets ($MM)

as of 05/24/2024

123.07
 
Characteristics4

Characteristics4

Updated Daily as of 05/24/2024

Shares Outstanding
as of 05/24/2024
2,477,962
Daily Volume
as of 05/24/2024
23,046
30-Day Avg Volume
as of 05/24/2024
15,343
30 Day SEC Yield (%)1
3.66
30 Day SEC Yield (unsub) (%)1
3.66
Yield to maturity (%)
4.09
Yield to worst (%)
3.96
Option Adjusted Spread (OAS)
52.88
Average coupon (%)
4.70
Effective Duration (yrs)
1.92
Average effective maturity (years)
2.12
Average price ($)
101.75
Number of holdings
86

Updated Monthly

Distribution Yield (%)
as of 04/30/2024
3.65
R squared (3 Year)
as of 04/30/2024
0.27
Sharpe ratio (3 Year)
as of 04/30/2024
-0.76

Morningstar Rating & Rankings

As of 04/30/2024

As of 04/30/2024

Overall Rating Year Percentile Rank/Total
in Category
Out of 208 Funds.
EVSM ratings out of 5 Stars:
3Yrs. 5 Stars; 5Yrs. 4 Stars .
1 Yr 6 9/223
3 Yr 4 4/208
5 Yr 10 17/197
Overall Rating
Out of 208 Funds.
EVSM ratings out of 5 Stars:
3Yrs. 5 Stars; 5Yrs. 4 Stars .
Year Percentile Rank/Total
in Category
1 Yr 6 9/223
3 Yr 4 4/208
5 Yr 10 17/197
 
Top 10 Holdings

As of 05/28/2024 (updated daily upon availability)

Top 10 Holdings
As of 05/28/2024 (updated daily upon availability)
Ticker Holdings Type Security Identifier % of Fund Shares/Par Market Value
- SOUTH CAROLINA 5% 11/31 CUSIP 837032BJ9 2.25% 2,500,000 2,764,746.25
- HARRIS CNTY TEX 5% 10/28 CUSIP 414009JU5 2.15% 2,610,000 2,650,548.70
- ILLINOIS ST GO 5% 11/28 CUSIP 452152Q20 2.12% 2,500,000 2,606,819.25
- BLACK BELT VAR 06/49 CUSIP 09182TCR6 2.11% 2,450,000 2,591,736.18
- ILLINOIS FIN VAR 05/50 CUSIP 45204FEH4 2.07% 2,500,000 2,550,260.00
- WHITING IND VAR 12/44 CUSIP 96634RAU6 2.07% 2,500,000 2,544,560.75
- WAYNE CNTY MICH 5% 12/31 CUSIP 944514TH1 2.05% 2,500,000 2,526,898.25
- NEW YORK ST DORM 5% 02/29 CUSIP 64990FRE6 2.03% 2,500,000 2,501,141.00
- MIAMI-DADE CNTY 5% 06/24 CUSIP 59333RLT9 2.03% 2,500,000 2,500,668.00
- MAIN STR NAT VAR 07/52 CUSIP 56035DDH2 2.03% 2,500,000 2,499,579.00

Holdings subject to change.

Holdings subject to change.

Composition

As of 04/30/2024 (updated monthly upon availability)

Composition

As of 04/30/2024 (updated monthly upon availability)

  Fund
General Obligations 21.26
Transportation 14.90
Hospital 12.87
Other Revenue 7.73
Special Tax Revenue 7.67
Education 6.19
Electric Utilities 6.12
Industrial Development Revenue 5.52
Lease Revenue/Certificates of Participation 5.35
Housing 3.84
Other 8.55
  Fund
AAA 7.84
AA 46.25
A 36.56
BBB 4.37
BB 0.98
Not Rated 4.01
  Fund
Municipal Bonds 95.25
Cash 4.75
  Fund
Less than 1 Year 25.80
1 to 3 Years 34.17
3 to 5 Years 30.51
5 to 10 Years 9.52
Geography

As of 04/30/2024
(updated monthly upon availability)

  Fund
Illinois 12.84
New York 10.46
Texas 10.02
Pennsylvania 9.25
Colorado 7.07
Michigan 5.05
Connecticut 4.29
Washington 4.08
Florida 3.64
Georgia 3.61
Other 28.91


Meet the Team
 
Portfolio Managers
Julie Callahan
Managing Director
28 years industry experience
Paul Metheny
Executive Director
9 years industry experience
Carl Thompson
Executive Director
13 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.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.

3 The ICE BofA 1-3 Year US Municipal Securities Index is designed to track the performance of USD-denominated taxable municipal debt that is issued publicly by states and territories within the United States, as well as their political subdivisions, in the U.S. market.

4 Characteristics Definitions:
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. The Yield to Maturity (YTM) is the rate of return anticipated on a bond or other obligation if held to maturity. Distribution Yield is the annual yield an investor would receive if the most recent fund distribution remained the same going forward. The distribution yield is calculated by dividing the normalized current distribution (annualized) by the fund NAV per share.

R squared measures how well an investment’s returns correlate to an index. An R squared of 100 means the portfolio performance is 100% correlated to the index’s, whereas a low r-squared means that the portfolio performance is less correlated to the index’s. Sharpe ratio is a risk-adjusted measure calculated as the ratio of excess return to standard deviation. The Sharpe ratio determines reward per unit of risk. The higher the Sharpe ratio, the better the historical risk-adjusted performance. 

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. By investing in municipal obligations, the Fund may be susceptible to political, economic, regulatory or other factors affecting their issuers. While interest earned on municipal securities is generally not subject to federal income tax, any interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to state and/or local income tax. High yield securities (“junk bonds”) are lower rated securities that may have a higher degree of credit and liquidity risk. Tender option bonds. The risks of tender option bonds include the risk that the owner of such instrument may not be considered the owner for federal income tax purposes and thus will not be entitled to treat such interest as exempt from federal income tax. Taxability risk. Changes in tax laws or adverse determinations by the Internal Revenue Service (“IRS”) may make the income from some municipal obligations taxable. 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. A high portfolio turnover rate could result in high brokerage costs and an increase in taxable capital gains distributions.  Illiquid securities may be more difficult to sell and value than publicly traded securities (liquidity risk). Revenue Bonds. Revenue bonds historically have been subject to a greater risk of default than general obligation bonds because investors can look only to the revenue generated by the project or other revenue source backing the project. 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.

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.