Parametric Equity Plus ETF

PEPS CUSIP: 61774R775 Morningstar Category: US Large Blend
Market Price

as of 11/29/2024

$25.39

CHANGE

(0.59%)

$0.15

Nav

as of 11/29/2024

$25.36

CHANGE

(0.45%)

$0.11

Parametric Equity Plus ETF

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PEPS

CUSIP: 61774R775

MORNINGSTAR CATEGORY
US Large Blend

Market Price

as of 11/29/2024

$25.39

Market Price Change

as of 11/29/2024

$0.15 (0.59%)

Nav

as of 11/29/2024

$25.36

Nav Change

as of 11/29/2024

$0.11 (0.45%)

Parametric Equity Plus ETF
PEPS CUSIP: 61774R775
 
 

Why PEPS

Why PEPS

Combines Parametric's industry-leading capabilities in options-based strategies and direct indexing to offer US large-cap equity exposure plus additional upside potential.

Provides access to a more consistent source of alpha than traditional stock selection, that is less dependent on market environment by employing a rules-based derivative strategy.

Utilizes active tax management techniques that aim to produce a tax-efficient enhanced equity exposure.

Combines Parametric's industry-leading capabilities in options-based strategies and direct indexing to offer US large-cap equity exposure plus additional upside potential.

Provides access to a more consistent source of alpha than traditional stock selection, that is less dependent on market environment by employing a rules-based derivative strategy.

Utilizes active tax management techniques that aim to produce a tax-efficient enhanced equity exposure.

Investment Objective

Seeks to provide long-term capital appreciation.

 
 
Pricing
Market Price

as of 11/29/2024

$25.39

Change

(0.59%)

$0.15

NAV

as of 11/29/2024

$25.36

Change

(0.45%)

$0.11

Premium/Discount

as of 11/29/2024

$0.03

Since Inception High
Market Price

as of 11/29/2024

$25.39

Since Inception Low
Market Price

as of 11/15/2024

$24.56

Since Inception High
NAV

as of 11/29/2024

$25.36

Since Inception Low
NAV

as of 11/15/2024

$24.57

30 Day Median
Bid/Ask Spread

as of 11/29/2024

Pricing

Market Price

as of 11/29/2024

$25.39

Market Price change

as of 11/29/2024

$0.15 (0.59%)

NAV

as of 11/29/2024

$25.36

NAV Change

as of 11/29/2024

$0.11 (0.45%)

Premium/Discount

as of 11/29/2024

$0.03

Since Inception High

as of 11/29/2024

Market Price

$25.39

Since Inception Low

as of 11/15/2024

Market Price

$24.56

Since Inception High

as of 11/29/2024

NAV

$25.36

Since Inception Low

as of 11/15/2024

NAV

$24.57

30-Day Median Bid/
Ask Spread

as of 11/29/2024

Historical Price

As of 11/29/2024 (updated daily upon availability)

    

Past performance is not indicative of future results.

 
 
Historical Price
As of 11/29/2024
(updated daily upon availability)
From
To
  

Past performance is not indicative of future results.

 
 

Premium/Discount

As of 11/29/2024 (updated upon availability)

Premium/Discount
As of 11/29/2024
(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 4 - - - - 4
NAV 0 - - - - 0
Discount 11 - - - - 11
 
 

No Chart Available

No Chart Available

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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 4 - - - - 4
NAV 0 - - - - 0
Discount 11 - - - - 11
 

Expense Ratio1

Gross

0.29%

Net

0.29%

 
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

No Chart Available

1 Month 3 Months YTD 1 YR 3 YR 5 YR 10 YR Since Inception

No Chart Available

1 Month 3 Months YTD 1 YR 3 YR 5 YR 10 YR Since Inception
PEPS Market Price (%) - - - - - - -
PEPS NAV (%) - - - - - - -
Returns

No Chart Available

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 10/31/2024 (updated monthly upon availability)

As of 10/31/2024 (updated monthly upon availability)

No Chart Available

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.

 
 

No Chart Available

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

Distributions

This information is temporarily unavailable

This information is temporarily unavailable

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.

For the Fund's most recent 19(a) notice, visit the Tax Centre

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.

For the Fund's most recent 19(a) notice, visit the Tax Centre

 
Key Facts & Characteristics

Key Facts

 

Asset Class
US Equity
CUSIP
61774R775
Ticker
PEPS
IOPV Intraday Ticker
PEPS.IV
Inception Date
11/07/2024
Investment Style
Active
Exchange
NASDAQ
Custodian
JP Morgan Chase Bank, N.A.
Benchmarks
S&P 500 Index 2
Benchmarks
S&P 500 Index 2
Distribution Frequency
Quarterly
Total Net Assets ($MM)

as of 11/29/2024

22.83
 
Characteristics3

Characteristics3

Updated Daily as of 11/29/2024

Shares Outstanding
900,001
Daily Volume
403
30-Day Avg Volume
-
 
Top 10 Holdings

As of 11/29/2024 (updated daily upon availability)

Top 10 Holdings
As of 11/29/2024 (updated daily upon availability)
Ticker Holdings Type Security Identifier % of Fund Shares/Par Market Value
AAPL APPLE INC COMMON STOCK CUSIP 037833100 6.66% 6,408 1,520,810.64
NVDA NVIDIA CORP COMMON STOCK CUSIP 67066G104 6.18% 10,206 1,410,979.50
MSFT MICROSOFT CORP COMMON CUSIP 594918104 5.91% 3,186 1,349,143.56
- MSILF GOVERNMENT PORT CUSIP AAU9970X9 4.87% 1,111,205 1,111,205.93
AMZN AMAZON.COM INC COMMON CUSIP 023135106 3.77% 4,140 860,664.60
META META PLATFORMS INC COMMON CUSIP 30303M102 2.45% 972 558,239.04
GOOGL ALPHABET INC COMMON STOCK CUSIP 02079K305 1.94% 2,628 444,000.60
TSLA TESLA INC COMMON STOCK CUSIP 88160R101 1.85% 1,224 422,475.84
GOOG ALPHABET INC COMMON STOCK CUSIP 02079K107 1.69% 2,268 386,671.32
AVGO BROADCOM INC COMMON STOCK CUSIP 11135F101 1.53% 2,160 350,092.80

Holdings subject to change.

Holdings subject to change.

Composition

As of 10/31/2024 (updated monthly upon availability)

Composition

As of 10/31/2024 (updated monthly upon availability)

This information is temporarily unavailable

This information is temporarily unavailable

Meet the Team
 
Portfolio Managers
Alex Zweber
Managing Director
18 years industry experience
Larry Berman
Managing Director
33 years industry experience
James Reber
Managing Director
20 years industry experience
Michael Zaslavsky
Vice President
15 years industry experience
Perry Li
Vice President
12 years industry experience
 
 

1 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.

The S&P 500® Index measures the performance of the large cap segment of the U.S. equities market, covering approximately 75% of the U.S. equities market. The Index includes 500 leading companies in leading industries of the U.S. economy.

3 Characteristics Definitions:
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.

Weighted Average Market Capitalization is an average of the market capitalization of stocks comprising a portfolio or index, adjusted by each stock’s weight in the portfolio or index.

Price-Earnings (P/E) is the price of a stock divided by its earnings per share for the past 12 months. Sometimes called the multiple, P/E gives investors an idea of how much they are paying for a company’s earning power. The higher the P/E, the more investors are paying, and therefore the more earnings growth they are expecting.

Price-To-Book Ratio (Price/Book) compares a stock’s market value to the book value per share of total assets less total liabilities. This number is used to judge whether a stock is undervalued or overvalued.

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.

Risk/Return Definitions: 

Alpha (Jensen's) is a risk-adjusted performance measure that represents the average return on a portfolio or investment above or below that predicted by the capital asset pricing model (CAPM) given the portfolio's or investment's beta and the average market return. Prior to 6/30/2018 Alpha was calculated as the excess return of the fund versus benchmark.

Beta is a measure of the relative volatility of a security or portfolio to the market's upward or downward movements.  Information ratio is the portfolio’s alpha or excess return per unit of risk, as measured by tracking error, versus the portfolio’s benchmark. 

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. 

Standard deviation measures how widely individual performance returns, within a performance series, are dispersed from the average or mean value. 

RISK CONSIDERATIONS: Equity - In general, equities securities' values also fluctuate in response to activities specific to a company. Liquidity - Illiquid Securities. The fund may make investments in securities that are or become illiquid or less liquid and which may be more difficult to sell and value(liquidity risk). Information Technology Sector Risk. To the extent the Fund invests a substantial portion of its assets in the information technology sector, the value of Fund shares may be particularly impacted by events that adversely affect the information technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and competition, and may fluctuate more than that of a fund that does not invest significantly in companies in the technology sector. Market & Geopolitical - Funds are subject to market risk, which is the possibility that the market values of securities owned by the fund 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 fund. Please be aware that this fund may be subject to certain additional risks. Derivative Instruments.  The use of derivatives may disproportionately increase losses and have a significant impact on performance. They also may be subject to counterparty, liquidity, valuation, correlation and market risks. Call Option Writing Risk. Writing call options involves the risk that the Fund may be required to sell the underlying security or instrument (or settle in cash an amount of equal value) at a disadvantageous price or below the market price of such underlying security or instrument, at the time the option is exercised. As the writer of a call option, the Fund forgoes, during the option's life, the opportunity to profit from increases in the market value of the underlying security or instrument covering the option above the sum of the premium and the exercise price, potentially causing underperformance in rising markets, but retains the risk of loss should the price of the underlying security or instrument decline. The Fund's call option writing strategy may not fully protect it against declines in the value of the market. The use of call options could increase the volatility of the Fund's returns and may increase the risk of loss to the Fund. There are special risks associated with uncovered option writing which expose the Fund to potentially significant loss.FLEX Options. The Fund utilizes FLEX Options guaranteed for settlement by the Options Clearing Corporation (“OCC”). The Fund may suffer significant losses if the OCC is unable or unwilling to perform its obligations or becomes insolvent or otherwise unable to meet its obligations.  FLEX Options may be less liquid than other securities or options.  The Fund may be negatively impacted if market participants are not willing or able to enter into transactions involving FLEX Options with the Fund in relation to creation and redemption transactions. The Fund may experience losses from certain FLEX Option positions and certain FLEX Option positions may expire with little to no value. Authorized Participant Concentration Risk. The Fund 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 of the Fund are expected to fluctuate, in some cases materially, in response to changes in the Fund's NAV, the intra-day value of holdings, and supply and demand for Shares. The adviser and subadviser 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. Active Management Risk. In pursuing the Fund's investment objective, the adviser and/or sub 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 and/or subadviser, 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. New Fund Risk. A new fund's performance may not represent how the fund is expected to or may perform in the long term. In addition, there is a limited operating history for investors to evaluate and the fund may not attract sufficient assets to achieve investment and trading efficiencies. Underlying Index and ETF Risk.  The Fund invests in options and futures that derive their value from an underlying index or underlying ETF, and therefore, in addition to the performance of the Equity Portfolio, the Fund's investment performance at least partially depends on the investment performance of the Underlying Index or Underlying ETF.  The value of the Underlying Index or Underlying ETF will fluctuate over time based on fluctuations in the values of the securities that comprise the Underlying Index or Underlying ETF, which may be affected by changes general economic conditions, expectations for future growth and profits, interest rates and the supply and demand for those securities. Correlation Risk. As an option approaches its expiration date, its value typically will increasingly move with the value of the Underlying Index or the Underlying ETF. However, the value of the options may vary prior to the expiration date because of related factors other than the value of the Underlying Index or the Underlying ETF, including the value of the options include interest rate changes and implied volatility levels of the Underlying Index or the Underlying ETF, among others. Clearing Member Risk. Transactions in some types of derivatives, including FLEX Options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund's counterparty is a clearing house, such as the OCC, rather than a bank or broker and the Fund will hold cleared derivatives through accounts at clearing members. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund's behalf, which heightens the risks associated with a clearing member's default. If a clearing member defaults, the Fund could lose some or all of the benefits of a transaction entered into by the Fund with the clearing member. The loss of a clearing member for the Fund to transact with could result in increased transaction costs and other operational issues that could impede the Fund's ability to implement its investment strategy. Counterparty. Counterparty risk generally refers to the risk that a counterparty on a derivatives transaction may not be willing or able to perform its obligations under the derivatives contract, and the related risks of having concentrated exposure to such a counterparty. If an OCC clearing member or OCC becomes insolvent, the Fund may have its positions closed or experience delays or difficulties in closing or exercising its FLEX Options positions and the Fund could suffer significant losses. Tax Risk. The Fund intends to limit the overlap between its stock holdings and the stock holdings of the underlying ETF or underlying index of options to less than 70% on an ongoing basis in an effort to avoid being subject to the “straddle rules” under federal income tax law. The Fund expects that the option contracts it writes will not be considered straddles. Under certain circumstances, however, the Fund may enter into options transactions or certain other investments that may constitute positions in a straddle. The straddle rules may affect the character of gains (or losses) realized by the Fund.

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.

Before investing in any Parametric ETF, prospective investors should consider carefully the investment objective(s), risks, and charges and expenses. The current prospectus contains this and other information. To obtain a prospectus or summary prospectus, download a copy. Prospective investors should read the prospectus carefully before investing.

NOT FDIC INSURED | OFFER NO BANK GUARANTEE | MAY LOSE VALUE | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY | NOT A DEPOSIT

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 asset value (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 price returns do not represent the returns you would receive if you traded shares at other times.

©2023 Eaton Vance Distributors, Inc. Morgan Stanley Investment Management Inc. is the adviser and Parametric Portfolio Associates LLC is the subadviser to the Parametric ETFs. Parametric ETFs are distributed by Foreside Fund Services, LLC.