Eaton Vance Ultra-Short Income ETF

EVSB CUSIP: 61774R700 Morningstar Category: Ultrashort Bond
Market Price

as of 07/18/2024

$50.61

CHANGE

(-0.04%)

-$0.02

Nav

as of 07/18/2024

$50.63

CHANGE

(0.02%)

$0.01

30 DAY SEC YIELD1

as of 07/17/2024

Subsidized

5.97%

Unsubsidized

5.97%

YIELD TO MATURITY

as of 07/17/2024

 

5.93%

EVSB

CUSIP: 61774R700

MORNINGSTAR CATEGORY
Ultrashort Bond

Market Price

as of 07/18/2024

$50.61

Market Price Change

as of 07/18/2024

-$0.02 (-0.04%)

Nav

as of 07/18/2024

$50.63

Nav Change

as of 07/18/2024

$0.01 (0.02%)

30 DAY SEC YIELD1

as of 07/17/2024

5.97%

30 DAY SEC YIELD UNSUB1

as of 07/17/2024

5.97%

YIELD TO MATURITY

as of 07/17/2024

5.93%

Eaton Vance Ultra-Short Income ETF
EVSB CUSIP: 61774R700
 
 

Why EVSB

Why EVSB

Gain exposure to a diversified portfolio of investment grade, short-term fixed, variable and floating-rate income-producing securities, managed to an overall portfolio duration of one year or less.

The Fund's active management process draws upon the expertise of our Broad Markets Fixed Income team, which employs a multi-sector investment approach.

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

Gain exposure to a diversified portfolio of investment grade, short-term fixed, variable and floating-rate income-producing securities, managed to an overall portfolio duration of one year or less.

The Fund's active management process draws upon the expertise of our Broad Markets Fixed Income team, which employs a multi-sector investment approach.

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

Investment Objective

Seeks to maximize income, to the extent consistent with preservation of capital.

Static File Component

 
 
Pricing
Market Price

as of 07/18/2024

$50.61

Change

(-0.04%)

-$0.02

NAV

as of 07/18/2024

$50.63

Change

(0.02%)

$0.01

Premium/Discount

as of 07/18/2024

-$0.02

Since Inception High
Market Price

as of 06/27/2024

$50.65

Since Inception Low
Market Price

as of 10/19/2023

$50.04

Since Inception High
NAV

as of 07/18/2024

$50.63

Since Inception Low
NAV

as of 10/17/2023

$49.97

30 Day Median
Bid/Ask Spread

as of 07/18/2024

0.12%

Pricing

Market Price

as of 07/18/2024

$50.61

Market Price change

as of 07/18/2024

-$0.02 (-0.04%)

NAV

as of 07/18/2024

$50.63

NAV Change

as of 07/18/2024

$0.01 (0.02%)

Premium/Discount

as of 07/18/2024

-$0.02

Since Inception High

as of 06/27/2024

Market Price

$50.65

Since Inception Low

as of 10/19/2023

Market Price

$50.04

Since Inception High

as of 07/18/2024

NAV

$50.63

Since Inception Low

as of 10/17/2023

NAV

$49.97

30-Day Median Bid/
Ask Spread

as of 07/18/2024

0.12%

Historical Price

As of 07/18/2024 (updated daily upon availability)

    

Past performance is not indicative of future results.

 
 
Historical Price
As of 07/18/2024
(updated daily upon availability)
From
To
  

Past performance is not indicative of future results.

 
 

Premium/Discount

As of 07/18/2024 (updated upon availability)

Premium/Discount
As of 07/18/2024
(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 7 55 52 - - 163
NAV 3 2 9 - - 15
Discount 3 3 2 - - 8
 
 

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 7 55 52 - - 163
NAV 3 2 9 - - 15
Discount 3 3 2 - - 8
 

Expense Ratio2

Gross

0.17%

Net

0.17%

 
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 07/18/2024 (updated upon availability)

1 Month 3 Months YTD 1 YR 3 YR 5 YR 10 YR Since Inception
EVSB Market Price (%) 0.47 1.62 3.23 - - - - 5.22
EVSB NAV (%) 0.59 1.66 3.42 - - - - 5.26
Bloomberg 9-12 Months Short Treasury Index (%) 3 0.55 1.46 2.54 - - - - 4.11
1 Month 3 Months YTD 1 YR 3 YR 5 YR 10 YR Since Inception
EVSB Market Price (%) 0.37 1.46 2.82 - - - - 4.80
EVSB NAV (%) 0.45 1.46 2.97 - - - - 4.80
Bloomberg 9-12 Months Short Treasury Index (%) 3 0.43 1.16 2.11 - - - - 3.67

No Chart Available

2023 2022 2021 2020 2019 2018 2017
EVSB Market Price (%) - - - - - - -
EVSB NAV (%) - - - - - - -
Bloomberg 9-12 Months Short Treasury Index (%) 3 - - - - - - -
Returns
As of
(updated daily upon availability)
  1 Mo 3 Mo YTD 1 YR 3 YR 5 YR 10 YR Since Inception
EVSB Market Price (%) 0.47 1.62 3.23 - - - - 5.22
EVSB NAV (%) 0.59 1.66 3.42 - - - - 5.26
Bloomberg 9-12 Months Short Treasury Index (%) 3 0.55 1.46 2.54 - - - - 4.11
  1 Mo 3 Mo YTD 1 YR 3 YR 5 YR 10 YR Since Inception
EVSB Market Price (%) 0.37 1.46 2.82 - - - - 4.80
EVSB NAV (%) 0.45 1.46 2.97 - - - - 4.80
Bloomberg 9-12 Months Short Treasury Index (%) 3 0.43 1.16 2.11 - - - - 3.67
  2023 2022 2021 2020 2019 2018 2017
EVSB Market Price (%) - - - - - - -
EVSB NAV (%) - - - - - - -
Bloomberg 9-12 Months Short Treasury 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 06/30/2024 (updated monthly upon availability)

As of 06/30/2024 (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.

 
 
 

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 07/18/2024 (updated as distributions are paid)

Distributions
As of 07/18/2024
(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)
06/28/2024 06/28/2024 07/05/2024 $0.218024 $0.000000 $0.000000 $0.000000
05/31/2024 05/31/2024 06/06/2024 $0.238594 $0.000000 $0.000000 $0.000000
05/01/2024 04/30/2024 05/06/2024 $0.223915 $0.000000 $0.000000 $0.000000
04/01/2024 03/28/2024 04/04/2024 $0.235706 $0.000000 $0.000000 $0.000000
03/01/2024 02/29/2024 03/06/2024 $0.205491 $0.000000 $0.000000 $0.000000
02/01/2024 01/31/2024 02/06/2024 $0.224000 $0.000000 $0.000000 $0.000000
12/22/2023 12/21/2023 12/28/2023 $0.256133 $0.000000 $0.000000 $0.000000
12/01/2023 11/30/2023 12/06/2023 $0.352867 $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)
06/28/2024 06/28/2024 07/05/2024 $0.218024 $0.000000 $0.000000 $0.000000
05/31/2024 05/31/2024 06/06/2024 $0.238594 $0.000000 $0.000000 $0.000000
05/01/2024 04/30/2024 05/06/2024 $0.223915 $0.000000 $0.000000 $0.000000
04/01/2024 03/28/2024 04/04/2024 $0.235706 $0.000000 $0.000000 $0.000000
03/01/2024 02/29/2024 03/06/2024 $0.205491 $0.000000 $0.000000 $0.000000
02/01/2024 01/31/2024 02/06/2024 $0.224000 $0.000000 $0.000000 $0.000000
12/22/2023 12/21/2023 12/28/2023 $0.256133 $0.000000 $0.000000 $0.000000
12/01/2023 11/30/2023 12/06/2023 $0.352867 $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
61774R700
Ticker
EVSB
IOPV Intraday Ticker
EVSB.IV
Inception Date
10/16/2023
Investment Style
Active
Exchange
NYSE Arca
Custodian
JP Morgan Chase Bank, N.A.
Benchmarks
Bloomberg 9-12 Months Short Treasury Index 3
Benchmarks
Bloomberg 9-12 Months Short Treasury Index 3
Distribution Frequency
Monthly
Total Net Assets ($MM)

as of 07/18/2024

43.03
 
Characteristics4

Characteristics4

Updated Daily as of 07/17/2024

Shares Outstanding
as of 07/18/2024
850,000
Daily Volume
as of 07/18/2024
3,189
30-Day Avg Volume
as of 07/18/2024
4,529
30 Day SEC Yield (%)1
5.97
30 Day SEC Yield (unsub) (%)1
5.97
Yield to maturity (%)
5.93
Average coupon (%)
4.92
Duration (years)
0.58
Average maturity (years)
1.05
Average price ($)
99.79
Option Adjusted Spread (OAS)
69.81
Number of holdings
170

Updated Monthly

Distribution Yield (%)
as of 06/30/2024
5.19
 
Top 10 Holdings

As of 07/18/2024 (updated daily upon availability)

Top 10 Holdings
As of 07/18/2024 (updated daily upon availability)
Ticker Holdings Type Security Identifier % of Fund Shares/Par Market Value
- UNITED 4.625% 06/25 CUSIP 91282CHL8 4.09% 1,765,000 1,760,473.11
- UNITED STATES 4.25% 05/25 CUSIP 91282CHD6 4.08% 1,765,000 1,754,198.76
- MSILF GOVERNMENT PORT CUSIP AAU9970X9 2.63% 1,133,307 1,133,307.70
- BANK OF AMERICA VAR 04/26 CUSIP 06051GKM0 2.29% 1,000,000 984,765.40
- WELLS FARGO & VAR 04/26 CUSIP 95000U2X0 1.43% 625,000 617,203.16
- JPMORGAN CHASE VAR 04/26 CUSIP 46647PBK1 1.42% 625,000 609,238.85
- US DOLLAR CUSTOM USD 1.22% 523,634 523,634.12
- PRODIGY FINANCE FLT 07/51 CUSIP 742855AA7 1.21% 524,803 521,467.44
- BAT CAPITAL 3.222% 08/24 CUSIP 05526DAZ8 1.15% 494,000 493,004.74
- FHLMC STACR FLT 02/44 CUSIP 35564NAX1 1.09% 466,748 469,406.10

Holdings subject to change.

Holdings subject to change.

Composition

As of 06/30/2024 (updated monthly upon availability)

Composition

As of 06/30/2024 (updated monthly upon availability)

  Fund
Investment Grade Credit 56.68
ABS 19.06
CMBS 7.69
Treasuries 5.48
Treasury Bills 3.78
Commercial Paper 3.13
MBS 2.96
Cash & equivalents 1.21
  Fund
AAA 27.03
AA 17.80
A 22.88
BBB 31.08
Cash 1.21
Meet the Team
 
Portfolio Managers
Brian Ellis
Managing Director
18 years industry experience
Eric Jesionowski
Executive Director
29 years industry experience
Brandon Matsui
Executive Director
22 years industry experience
Kinzer Jennings
Vice President
10 years industry experience
Alec Schaefer
Vice President
7 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 Bloomberg 9-12 Months Short Treasury Index measures the performance of U.S Treasury bills, notes, and bonds with a maturity between nine and twelve months. 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:
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.

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 maturity is the weighted average of the time until all maturities on mortgages in a mortgage-backed security (MBS). The higher the weighted average to maturity, the longer the mortgages in the security have until maturity.

A bond's Average price is calculated by adding its face value to the price paid for it and dividing the sum by two. The average price is sometimes used in determining a bond's yield to maturity where the average price replaces the purchase price in the yield to maturity calculation.

Ratings are based on Moody's, S&P or Fitch, or Kroll 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, Fitch or Kroll (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.  Mortgage- and asset-backed securities are sensitive to early prepayment risk and a higher risk of default and may be hard to value and difficult to sell (liquidity risk). They are also subject to credit, market and interest rate risks.  The Portfolio is more susceptible to any economic, business, political, regulatory or other developments that adversely affect issuers in the banking sector than a portfolio that does not concentrate its investments in the banking sector Certain U.S. government securities purchased by the Strategy, 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. High yield securities (“junk bonds”) are lower rated securities that may have a higher degree of credit and liquidity risk. Public bank loans are subject to liquidity risk and the credit risks of lower rated securities.  Foreign securities are subject to currency, political, economic and market 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.  Illiquid securities may be more difficult to sell and value than publicly traded securities (liquidity risk).  Municipal securities are subject to early redemption risk and sensitive to tax, legislative and political changes.      Preferred securities are subject to interest rate risk and generally decreases in value if interest rates rise and increase in value if interest rates fall. 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.