Products & Performance ETFs Fixed Income Eaton Vance Intermediate Municipal Income ETF

Eaton Vance Intermediate Municipal Income ETF
EVIM CUSIP: 61774R882 Morningstar Category: Muni National Interm

Fact Card

Prospectus
Market Price

as of 06/12/2025

$51.20

CHANGE

(0.27%)

$0.14

Nav

as of 06/12/2025

$51.15

CHANGE

(0.22%)

$0.11

30 DAY SEC YIELD1

as of 06/11/2025

Subsidized

3.74%

Unsubsidized

3.55%

YIELD TO MATURITY

as of 06/10/2025

 

4.02%

Eaton Vance Intermediate Municipal Income ETF

Explore Our ETFs

Fact Card

Prospectus

EVIM

CUSIP: 61774R882

MORNINGSTAR CATEGORY
Muni National Interm

Market Price

as of 06/12/2025

$51.20

Market Price Change

as of 06/12/2025

$0.14 (0.27%)

Nav

as of 06/12/2025

$51.15

Nav Change

as of 06/12/2025

$0.11 (0.22%)

30 DAY SEC YIELD1

as of 06/11/2025

3.74%

30 DAY SEC YIELD UNSUB1

as of 06/11/2025

3.55%

YIELD TO MATURITY

as of 06/10/2025

4.02%

Products & Performance ETFs Fixed Income Eaton Vance Intermediate Municipal Income ETF
Eaton Vance Intermediate Municipal Income ETF
Explore Our ETFs
EVIM CUSIP: 61774R882
 
 

Why EVIM

Why EVIM

Provides diversified core exposure to the municipal bond market, spanning municipal sectors, states and credit tiers, while seeking to generate income exempt from regular federal income tax.

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.

Provides diversified core exposure to the municipal bond market, spanning municipal sectors, states and credit tiers, while seeking to generate income exempt from regular federal income tax.

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.

Investment Objective

Seeks to provide current income exempt from regular federal income tax.
 
 
Pricing
Market Price

as of 06/12/2025

$51.20

Change

(0.27%)

$0.14

NAV

as of 06/12/2025

$51.15

Change

(0.22%)

$0.11

Premium/Discount

as of 06/12/2025

$0.05

Since Inception High
Market Price

as of 12/06/2024

$53.16

Since Inception Low
Market Price

as of 10/25/2023

$49.95

Since Inception High
NAV

as of 10/03/2024

$53.10

Since Inception Low
NAV

as of 04/09/2025

$49.79

30 Day Median
Bid/Ask Spread

as of 06/12/2025

0.10%

Pricing

Market Price

as of 06/12/2025

$51.20

Market Price change

as of 06/12/2025

$0.14 (0.27%)

NAV

as of 06/12/2025

$51.15

NAV Change

as of 06/12/2025

$0.11 (0.22%)

Premium/Discount

as of 06/12/2025

$0.05

Since Inception High

as of 12/06/2024

Market Price

$53.16

Since Inception Low

as of 10/25/2023

Market Price

$49.95

Since Inception High

as of 10/03/2024

NAV

$53.10

Since Inception Low

as of 04/09/2025

NAV

$49.79

30-Day Median Bid/
Ask Spread

as of 06/12/2025

0.10%

Historical Price

As of 06/12/2025 (updated daily upon availability)

    

Past performance is not indicative of future results.

 
 
Historical Price
As of 06/12/2025
(updated daily upon availability)
From
To
  

Past performance is not indicative of future results.

 
 

Premium/Discount

As of 06/12/2025 (updated upon availability)

Premium/Discount
As of 06/12/2025
(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 ‘25 Q2 ‘25 Q3 ‘25 Q4 ‘25 Since Inception
Premium 45 55 - - - 380
NAV 1 0 - - - 6
Discount 5 5 - - - 25
 
 

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 ‘25 Q2 ‘25 Q3 ‘25 Q4 ‘25 Since Inception
Premium 45 55 - - - 380
NAV 1 0 - - - 6
Discount 5 5 - - - 25
 

Expense Ratio2

Gross

0.29%

Net

0.10%

 
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.

For Monthly Performance data, please click here and select Monthly timeframe in Performance tab.

Returns

As of 06/12/2025 (updated upon availability)

1 Month 3 Months YTD 1 YR 3 YR 5 YR 10 YR Since Inception
EVIM Market Price (%) 0.38 -0.65 -0.07 1.45 - - - 5.27
EVIM NAV (%) 0.44 -0.74 -0.13 1.63 - - - 5.22
ICE BofA 2-17 Year US Municipal Securities Index (%) 3 0.72 -0.27 0.48 2.25 - - - 4.71
1 Month 3 Months YTD 1 YR 3 YR 5 YR 10 YR Since Inception
EVIM Market Price (%) 0.03 -2.21 -0.35 2.47 - - - 5.21
EVIM NAV (%) 0.17 -2.12 -0.50 2.61 - - - 5.09
ICE BofA 2-17 Year US Municipal Securities Index (%) 3 0.37 -1.46 0.08 3.15 - - - 4.55
1 Month 3 Months YTD 1 YR 3 YR 5 YR 10 YR Since Inception
EVIM Market Price (%) -1.86 0.02 0.02 1.87 - - - 6.09
EVIM NAV (%) -1.77 -0.14 -0.14 1.86 - - - 5.95
ICE BofA 2-17 Year US Municipal Securities Index (%) 3 -1.39 0.14 0.14 1.59 - - - 5.13
2024 2023 2022 2021 2020 2019 2018
EVIM Market Price (%) 1.99 - - - - - -
EVIM NAV (%) 2.13 - - - - - -
ICE BofA 2-17 Year US Municipal Securities Index (%) 3 1.17 - - - - - -
Returns
As of org.apache.sling.scripting.sightly.apps.imweb.components.pageComponents.etfDetail.dateFormatting__002e__html$1@f65afc7
(updated daily upon availability)
  1 Mo 3 Mo YTD 1 YR 3 YR 5 YR 10 YR Since Inception
EVIM Market Price (%) 0.38 -0.65 -0.07 1.45 - - - 5.27
EVIM NAV (%) 0.44 -0.74 -0.13 1.63 - - - 5.22
ICE BofA 2-17 Year US Municipal Securities Index (%) 3 0.72 -0.27 0.48 2.25 - - - 4.71
  1 Mo 3 Mo YTD 1 YR 3 YR 5 YR 10 YR Since Inception
EVIM Market Price (%) 0.03 -2.21 -0.35 2.47 - - - 5.21
EVIM NAV (%) 0.17 -2.12 -0.50 2.61 - - - 5.09
ICE BofA 2-17 Year US Municipal Securities Index (%) 3 0.37 -1.46 0.08 3.15 - - - 4.55
  1 Mo 3 Mo YTD 1 YR 3 YR 5 YR 10 YR Since Inception
EVIM Market Price (%) -1.86 0.02 0.02 1.87 - - - 6.09
EVIM NAV (%) -1.77 -0.14 -0.14 1.86 - - - 5.95
ICE BofA 2-17 Year US Municipal Securities Index (%) 3 -1.39 0.14 0.14 1.59 - - - 5.13
  2024 2023 2022 2021 2020 2019 2018
EVIM Market Price (%) 1.99 - - - - - -
EVIM NAV (%) 2.13 - - - - - -
ICE BofA 2-17 Year US Municipal Securities Index (%) 3 1.17 - - - - - -

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 05/31/2025 (updated monthly upon availability)

As of 05/31/2025 (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 06/12/2025 (updated as distributions are paid)

Distributions
As of 06/12/2025
(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)
05/30/2025 05/30/2025 06/05/2025 $0.144550 $0.000000 $0.000000 $0.000000
04/30/2025 04/30/2025 05/06/2025 $0.157692 $0.000000 $0.000000 $0.000000
03/31/2025 03/31/2025 04/04/2025 $0.171438 $0.000000 $0.000000 $0.000000
02/28/2025 02/28/2025 03/06/2025 $0.143547 $0.000000 $0.000000 $0.000000
01/31/2025 01/31/2025 02/06/2025 $0.146991 $0.000000 $0.000000 $0.000000
12/23/2024 12/23/2024 12/27/2024 $0.166867 $0.000000 $0.000000 $0.000000
11/29/2024 11/29/2024 12/05/2024 $0.160101 $0.000000 $0.000000 $0.000000
10/31/2024 10/31/2024 11/06/2024 $0.161825 $0.000000 $0.000000 $0.000000
09/30/2024 09/30/2024 10/04/2024 $0.134772 $0.000000 $0.000000 $0.000000
08/30/2024 08/30/2024 09/06/2024 $0.174877 $0.000000 $0.000000 $0.000000
07/31/2024 07/31/2024 08/06/2024 $0.176502 $0.000000 $0.000000 $0.000000
06/28/2024 06/28/2024 07/05/2024 $0.173076 $0.000000 $0.000000 $0.000000
05/31/2024 05/31/2024 06/06/2024 $0.179021 $0.000000 $0.000000 $0.000000
05/01/2024 04/30/2024 05/06/2024 $0.166633 $0.000000 $0.000000 $0.000000
04/01/2024 03/28/2024 04/04/2024 $0.174324 $0.000000 $0.000000 $0.000000
03/01/2024 02/29/2024 03/06/2024 $0.171721 $0.000000 $0.000000 $0.000000
02/01/2024 01/31/2024 02/06/2024 $0.182871 $0.000000 $0.000000 $0.000000
12/22/2023 12/21/2023 12/28/2023 $0.166090 $0.000000 $0.000000 $0.000000
12/01/2023 11/30/2023 12/06/2023 $0.249484 $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)
05/30/2025 05/30/2025 06/05/2025 $0.144550 $0.000000 $0.000000 $0.000000
04/30/2025 04/30/2025 05/06/2025 $0.157692 $0.000000 $0.000000 $0.000000
03/31/2025 03/31/2025 04/04/2025 $0.171438 $0.000000 $0.000000 $0.000000
02/28/2025 02/28/2025 03/06/2025 $0.143547 $0.000000 $0.000000 $0.000000
01/31/2025 01/31/2025 02/06/2025 $0.146991 $0.000000 $0.000000 $0.000000
12/23/2024 12/23/2024 12/27/2024 $0.166867 $0.000000 $0.000000 $0.000000
11/29/2024 11/29/2024 12/05/2024 $0.160101 $0.000000 $0.000000 $0.000000
10/31/2024 10/31/2024 11/06/2024 $0.161825 $0.000000 $0.000000 $0.000000
09/30/2024 09/30/2024 10/04/2024 $0.134772 $0.000000 $0.000000 $0.000000
08/30/2024 08/30/2024 09/06/2024 $0.174877 $0.000000 $0.000000 $0.000000
07/31/2024 07/31/2024 08/06/2024 $0.176502 $0.000000 $0.000000 $0.000000
06/28/2024 06/28/2024 07/05/2024 $0.173076 $0.000000 $0.000000 $0.000000
05/31/2024 05/31/2024 06/06/2024 $0.179021 $0.000000 $0.000000 $0.000000
05/01/2024 04/30/2024 05/06/2024 $0.166633 $0.000000 $0.000000 $0.000000
04/01/2024 03/28/2024 04/04/2024 $0.174324 $0.000000 $0.000000 $0.000000
03/01/2024 02/29/2024 03/06/2024 $0.171721 $0.000000 $0.000000 $0.000000
02/01/2024 01/31/2024 02/06/2024 $0.182871 $0.000000 $0.000000 $0.000000
12/22/2023 12/21/2023 12/28/2023 $0.166090 $0.000000 $0.000000 $0.000000
12/01/2023 11/30/2023 12/06/2023 $0.249484 $0.000000 $0.000000 $0.000000

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

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 Monthly Performance data, please click here and select Monthly timeframe in Performance tab.

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

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 Monthly Performance data, please click here and select Monthly timeframe in Performance tab.
 
Key Facts & Characteristics

Key Facts

 

Asset Class
Municipals
CUSIP
61774R882
Ticker
EVIM
IOPV Intraday Ticker
EVIM.IV
Inception Date
10/16/2023
Investment Style
Active
Exchange
NYSE Arca
Custodian
JP Morgan Chase Bank, N.A.
Benchmarks
ICE BofA 2-17 Year US Municipal Securities Index 3
Benchmarks
ICE BofA 2-17 Year US Municipal Securities Index 3
Distribution Frequency
Monthly
Total Net Assets ($MM)

as of 06/12/2025

90.79
 
Characteristics4

Characteristics4

Updated Daily as of 06/10/2025

Shares Outstanding
as of 06/12/2025
1,775,000
Daily Volume
as of 06/12/2025
6,603
30-Day Avg Volume
as of 06/12/2025
13,030
30 Day SEC Yield (%)1
3.74
30 Day SEC Yield (unsub) (%)1
3.55
Tax-Equivalent Yield (%)
6.23
Tax-Equivalent Yield (unsub) (%)
5.91
Yield to maturity (%)
4.02
Yield to worst (%)
3.90
Option Adjusted Spread (OAS)
62.77
Average coupon (%)
4.62
Effective Duration (yrs)
6.73
Average effective maturity (years)
7.81
Average price ($)
103.43
Number of holdings
174

Updated Monthly

Distribution Rate (%)
as of 05/31/2025
3.40
 
Top 10 Holdings

As of 06/12/2025 (updated daily upon availability)

Top 10 Holdings
As of 06/12/2025 (updated daily upon availability)
Ticker Holdings Type Security Identifier % of Fund Shares/Par Market Value
- DOWNTOWN 5% 06/39 CUSIP 26118TAP5 1.47% 1,300,000 1,332,433.70
- NEW JERSEY ST 5% 01/33 CUSIP 646140JQ7 1.23% 1,000,000 1,118,150.90
- CONNECTICUT ST VAR 07/64 CUSIP 20775DZT2 1.23% 1,000,000 1,112,443.90
- PHILADELPHIA PA 5% 08/34 CUSIP 717813C98 1.22% 1,000,000 1,110,305.10
- IDAHO ST BLDG 5% 06/34 CUSIP 451446AV0 1.22% 970,000 1,104,271.96
- IDAHO HEALTH VAR 03/60 CUSIP 451295H69 1.21% 1,000,000 1,095,593.00
- PRIVATE 5.25% 09/39 CUSIP 74265L3G1 1.21% 1,000,000 1,094,870.00
- INDIANA FIN VAR 10/57 CUSIP 45470YGG0 1.20% 1,000,000 1,092,445.20
- DETROIT MICH 6% 05/29 CUSIP 251129ZY1 1.18% 1,000,000 1,072,892.20
- ADAMS CNTY COLO 5% 12/38 CUSIP 00562SBA5 1.17% 1,000,000 1,066,451.90

Holdings subject to change.

Holdings subject to change.

Composition

As of 05/31/2025 (updated monthly upon availability)

Composition

As of 05/31/2025 (updated monthly upon availability)

  Fund
General Obligations 15.34
Hospital 11.93
Transportation 11.39
Education 10.97
Housing 8.24
Special Tax Revenue 6.84
Industrial Development Revenue 6.73
Other Revenue 5.71
Insured-General Obligations 4.67
Electric Utilities 4.11
Other 14.07
  Fund
AAA 19.05
AA 50.04
A 20.24
BBB 5.99
BB 2.06
Not Rated 2.61
  Fund
Municipal Bonds 99.41
Cash 0.59
  Fund
Less than 1 Year 12.45
1 to 3 Years 2.96
3 to 5 Years 8.92
5 to 10 Years 26.50
10 to 20 Years 46.31
20 to 30 Years 2.87
Geography

As of 05/31/2025
(updated monthly upon availability)

  Fund
New York 13.56
Texas 8.85
New Jersey 6.34
California 5.29
Colorado 5.22
Illinois 4.86
Massachusetts 4.52
Georgia 4.12
Pennsylvania 4.06
Michigan 3.74
Other 37.41


Meet the Team
 
Portfolio Managers
Julie Callahan
Julie Callahan
Managing Director
29 years industry experience
Paul Metheny
Paul Metheny
Executive Director
10 years industry experience
Carl Thompson
Carl Thompson, CFA
Executive Director
14 years industry experience
Brandon Matsui
Brandon Matsui, CFA
Executive Director
23 years industry experience
 
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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 ICE BofA 2-17 Year US Municipal Securities Index is designed to track the performance of USD-denominated taxable municipal debt with a maturity between 2 and 17 years that is issued publicly by states and territories within the United States, as well as their political subdivisions, in the U.S. market. 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.

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.

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 Rate is the annual yield an investor would receive if the most recent fund distribution remained the same going forward. The distribution rate is calculated by dividing the normalized current distribution (annualized) by the fund NAV per share.

Tax-equivalent yield, which is provided for illustrative and educational purposes only and does not reflect the return or likely return of any actual investments. Tax-equivalent yield calculates the return needed on a taxable investment to make it equal the return on a tax-exempt investment and is commonly used when evaluating municipal bond returns against taxable bond returns. The tax-equivalent yield is calculated by dividing the municipal bond’s yield by (1-tax rate), which in this analysis is 40.8%, the highest federal income tax rate. The Tax-Equivalent Yield (unsub) does not reflect any fee waivers current in effect.

Average coupon is the weighted-average gross interest rates of the pool of mortgages that underlie a mortgage-backed security (MBS) at the time the securities were issued. In the weighted-average calculation, the principal balance of each underlying mortgage is used as the weighting factor.

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.

The Yield to Maturity (YTM) is the rate of return anticipated on a bond or other obligation if held to maturity.

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.

Option Adjusted Spread (OAS) is a measurement of the spread of a fixed-income security rate and the risk-free rate of return, which is adjusted to take into account an embedded option. Typically, an analyst would use the Treasury securities yield for the risk-free rate. The spread is added to the fixed-income security price to make the risk-free bond price the same as the bond.

The Fund may not be suitable for investors subject to the federal alternative minimum tax.

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.  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. Certain U.S. government securities purchased by the portfolio, such as those issued by Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. It is possible that these issuers will not have the funds to meet their payment obligations in the future.  Illiquid securities may be more difficult to sell and value than publicly traded securities (liquidity risk).  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. High yield securities (“junk bonds”) are lower rated securities that may have a higher degree of credit and liquidity risk. 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.

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.