Eaton Vance Floating-Rate ETF

EVLN CUSIP: 61774R833 Morningstar Category: Bank Loan
Market Price

as of 06/14/2024

$50.52

CHANGE

(-0.02%)

-$0.01

Nav

as of 06/14/2024

$50.46

CHANGE

(-0.10%)

-$0.05

30 DAY SEC YIELD1

as of 06/13/2024

Subsidized

7.69%

Unsubsidized

7.63%

YIELD TO MATURITY

as of 05/31/2024

 

8.97%

EVLN

CUSIP: 61774R833

MORNINGSTAR CATEGORY
Bank Loan

Market Price

as of 06/14/2024

$50.52

Market Price Change

as of 06/14/2024

-$0.01 (-0.02%)

Nav

as of 06/14/2024

$50.46

Nav Change

as of 06/14/2024

-$0.05 (-0.10%)

30 DAY SEC YIELD1

as of 06/13/2024

7.69%

30 DAY SEC YIELD UNSUB1

as of 06/13/2024

7.63%

YIELD TO MATURITY

as of 05/31/2024

Eaton Vance Floating-Rate ETF
EVLN CUSIP: 61774R833
 
 

Why EVLN

Why EVLN

Invests broadly across the floating-rate loan market, providing diversified exposure to the asset class. Managed by Eaton Vance, a loan market pioneer since 1989.

Investment process cornerstones are bottom-up credit research and risk management, with high yield and securitized bonds rounding out the opportunity set.

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

Invests broadly across the floating-rate loan market, providing diversified exposure to the asset class. Managed by Eaton Vance, a loan market pioneer since 1989.

Investment process cornerstones are bottom-up credit research and risk management, with high yield and securitized bonds rounding out the opportunity set.

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

Investment Objective

Seeks to provide a high level of current income. 

 
 
Pricing
Market Price

as of 06/14/2024

$50.52

Change

(-0.02%)

-$0.01

NAV

as of 06/14/2024

$50.46

Change

(-0.10%)

-$0.05

Premium/Discount

as of 06/14/2024

$0.06

Since Inception High
Market Price

as of 05/24/2024

$50.86

Since Inception Low
Market Price

as of 02/13/2024

$50.01

Since Inception High
NAV

as of 05/28/2024

$50.77

Since Inception Low
NAV

as of 02/14/2024

$49.91

30 Day Median
Bid/Ask Spread

as of 06/14/2024

0.04%

Pricing

Market Price

as of 06/14/2024

$50.52

Market Price change

as of 06/14/2024

-$0.01 (-0.02%)

NAV

as of 06/14/2024

$50.46

NAV Change

as of 06/14/2024

-$0.05 (-0.10%)

Premium/Discount

as of 06/14/2024

$0.06

Since Inception High

as of 05/24/2024

Market Price

$50.86

Since Inception Low

as of 02/13/2024

Market Price

$50.01

Since Inception High

as of 05/28/2024

NAV

$50.77

Since Inception Low

as of 02/14/2024

NAV

$49.91

30-Day Median Bid/
Ask Spread

as of 06/14/2024

0.04%

Historical Price

As of 06/14/2024 (updated daily upon availability)

    

Past performance is not indicative of future results.

 
 
Historical Price
As of 06/14/2024
(updated daily upon availability)
From
To
  

Past performance is not indicative of future results.

 
 

Premium/Discount

As of 06/14/2024 (updated upon availability)

Premium/Discount
As of 06/14/2024
(updated upon availability)

No Chart Available

No Chart Available

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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 54 35 - - - 89
NAV 0 0 - - - 0
Discount 0 0 - - - 0
 
 

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 54 35 - - - 89
NAV 0 0 - - - 0
Discount 0 0 - - - 0
 

Expense Ratio2

Gross

0.60%

Net

0.60%

 
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 06/14/2024 (updated upon availability)

1 Month 3 Months YTD 1 YR 3 YR 5 YR 10 YR Since Inception
EVLN Market Price (%) 0.24 1.82 - - - - - 2.53
EVLN NAV (%) 0.34 1.82 - - - - - 2.41
Morningstar LSTA US Leveraged Loan Total Return Index (%) 3 0.50 1.97 - - - - - 3.42
1 Month 3 Months YTD 1 YR 3 YR 5 YR 10 YR Since Inception
EVLN Market Price (%) 0.96 - - - - - - 1.28
EVLN NAV (%) 0.90 - - - - - - 0.98
Morningstar LSTA US Leveraged Loan Total Return Index (%) 3 0.85 - - - - - - 1.67

No Chart Available

2023 2022 2021 2020 2019 2018 2017
EVLN Market Price (%) - - - - - - -
EVLN NAV (%) - - - - - - -
Morningstar LSTA US Leveraged Loan Total Return Index (%) 3 - - - - - - -
Returns
As of
(updated daily upon availability)
  1 Mo 3 Mo YTD 1 YR 3 YR 5 YR 10 YR Since Inception
EVLN Market Price (%) 0.24 1.82 - - - - - 2.53
EVLN NAV (%) 0.34 1.82 - - - - - 2.41
Morningstar LSTA US Leveraged Loan Total Return Index (%) 3 0.50 1.97 - - - - - 3.42
  1 Mo 3 Mo YTD 1 YR 3 YR 5 YR 10 YR Since Inception
EVLN Market Price (%) 0.96 - - - - - - 1.28
EVLN NAV (%) 0.90 - - - - - - 0.98
Morningstar LSTA US Leveraged Loan Total Return Index (%) 3 0.85 - - - - - - 1.67
  2023 2022 2021 2020 2019 2018 2017
EVLN Market Price (%) - - - - - - -
EVLN NAV (%) - - - - - - -
Morningstar LSTA US Leveraged Loan Total Return Index (%) 3 - - - - - - -

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 05/31/2024 (updated monthly upon availability)

As of 05/31/2024 (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 06/14/2024 (updated as distributions are paid)

Distributions
As of 06/14/2024
(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)
05/31/2024 05/31/2024 06/06/2024 $0.372020 $0.000000 $0.000000 $0.000000
05/01/2024 04/30/2024 05/06/2024 $0.371507 $0.000000 $0.000000 $0.000000
04/01/2024 03/28/2024 04/04/2024 $0.000000 $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)
05/31/2024 05/31/2024 06/06/2024 $0.372020 $0.000000 $0.000000 $0.000000
05/01/2024 04/30/2024 05/06/2024 $0.371507 $0.000000 $0.000000 $0.000000
04/01/2024 03/28/2024 04/04/2024 $0.000000 $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
61774R833
Ticker
EVLN
IOPV Intraday Ticker
EVLN.IV
Inception Date
02/06/2024
Investment Style
Active
Exchange
NYSE Arca
Custodian
JP Morgan Chase Bank, N.A.
Benchmarks
Morningstar LSTA US Leveraged Loan Total Return Index 3
Benchmarks
Morningstar LSTA US Leveraged Loan Total Return Index 3
Distribution Frequency
Monthly
Total Net Assets ($MM)

as of 06/14/2024

810.47
 
Characteristics4

Characteristics4

Updated Daily as of 06/14/2024

Shares Outstanding
16,060,000
Daily Volume
2,145
30-Day Avg Volume
25,386
30 Day SEC Yield (%)1
7.69
30 Day SEC Yield (unsub) (%)1
7.63

Updated Monthly as of 05/31/2024

Number of holdings
234
Average effective maturity (years)
5.09
Duration (years)
0.34
Average price ($)
99.76
Average coupon (%)
8.90
Yield to maturity (%)
8.97
Distribution Yield (%)
8.86
 
Top 10 Holdings

As of 06/14/2024 (updated daily upon availability)

Top 10 Holdings
As of 06/14/2024 (updated daily upon availability)
Ticker Holdings Type Security Identifier % of Fund Shares/Par Market Value
- MSILF GOVERNMENT PORT CUSIP AAU9970X9 30.20% 244,890,012 244,890,012.73
- UKG Inc.-2024 Refinancing CUSTOM LX225675 1.34% 10,800,000 10,863,201.60
- USI, Inc.-2023-B Term Loa CUSTOM LX221953 1.21% 9,782,456 9,810,404.62
- CQP Holdco LP-Amendment N CUSTOM LX221293 1.11% 8,983,500 9,005,958.75
- Uber Technologies, Inc.-2 CUSTOM LX211151 1.00% 8,024,553 8,079,096.43
- Hub International Limited CUSTOM LX225220 0.99% 8,007,139 8,045,637.99
- APi Group DE, Inc.-Repric CUSTOM LX231536 0.99% 8,000,000 8,026,664.00
- Tempo Acquisition, LLC-Ad CUSTOM LX216858 0.99% 7,984,924 8,024,849.24
- Central Parent LLC-2024 R CUSTOM LX232483 0.96% 7,775,000 7,822,621.88
- Light and Wonder Internat CUSTOM LX224519 0.96% 7,800,000 7,821,122.40

Holdings subject to change.

Holdings subject to change.

Composition

As of 05/31/2024 (updated monthly upon availability)

Composition

As of 05/31/2024 (updated monthly upon availability)

  Fund
Software 14.42
Hotels, Restaurants & Leisure 7.98
Machinery 6.33
Insurance 5.46
Chemicals 4.60
Capital Markets 3.46
Automobile Components 3.11
Professional Services 2.95
IT Services 2.92
Specialty Retail 2.92
  Fund
BBB 4.03
BB 19.40
B 69.53
CCC or Lower 1.67
Not Rated 5.37
  Fund
Loans 89.84
Corporate Bonds 6.51
Collateralized Loan Obligation (CLO) Debt 3.65
  Fund
1 to 3 Years 5.24
3 to 5 Years 53.57
5 to 10 Years 38.08
10 to 20 Years 3.11
  Fund
First Lien 99.02
Second Lien 0.98
Meet the Team
 
Portfolio Managers
Andrew Sveen
Chairman of Fixed Income, Head of Floating-Rate Loans
29 years industry experience
Ralph Hinckley
Managing Director
27 years industry experience
Jake Lemle
Managing Director
17 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 Morningstar LSTA US Leveraged Loan USD Index is an unmanaged index of the institutional leveraged loan market. Prior to August 29, 2022, the index name was S&P/LSTA Leveraged Loan Index. 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. 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:

Average 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. 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. Yield to Maturity is the expected total return of a bond if held to maturity, accounting for the bond’s present value and future coupon payments. 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. 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.

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. Loans are generally associated with fixed income securities risk and are traded in a private, unregulated inter-dealer or inter-bank resale market and are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund's ability to buy or sell loans (thus affecting their liquidity) and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle; therefore the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders to meet short-term liquidity needs. Loans to entities located outside of the U.S. may have substantially different lender protections and covenants as compared to loans to U.S. entities and may involve greater risks. Loans may be structured such that they are not securities under securities law, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. Loans are also subject to risks associated with other types of income investments. 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. In addition to fixed income securities risk, asset-backed securities are subject to the risk that various federal and state consumer laws and other legal and economic factors may result in the collateral backing the securities being insufficient to support payment on the securities. Some also entail prepayment risk and extension risk, and may become more volatile in certain interest rate environment. 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. Distressed and defaulted securities are speculative and involve substantial risks in addition to the risks of investing in high yield securities, which are lower rated securities that may have a higher degree of credit and liquidity risk. The Fund will generally not receive interest payments on the distressed securities and the repayment of principal may also be at risk. These securities may present a substantial risk of default or may be in default at the time of investment, requiring the Fund to incur additional costs. Mezzanine investments are subordinated debt securities, thus they carry the risk that the issuer will not be able to meet its obligations and that the mezzanine investments may lose value. Investments in foreign markets entail special risks such as currency, political, economic, and market risks. The risks of investing in emerging market countries are greater than the risks generally associated with investments in foreign developed countries. Currency fluctuations could erase investment gains or add to investment losses. 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.  Portfolio Turnover. Consistent with its investment policies, the Fund will purchase and sell securities without regard to the effect on portfolio turnover. Higher portfolio turnover will cause the Fund to incur additional transaction costs. Active Management Risk. In pursuing the Portfolio’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. The success or failure of such decisions will affect performance. ETF Structure Risks. 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. Cash Transactions Risk. Unlike certain ETFs, the Fund may effect creations and redemptions in cash or partially in cash. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in shares may be less tax-efficient. 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. may pay significantly more or receive significantly less than the Fund’s NAV per share during periods when there is a significant premium or discount. Buying or selling Shares in the secondary market may require paying brokerage commissions or other charges imposed by brokers as determined by that broker. 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.

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 Summary Prospectus and Prospectus. Read carefully.