Morgan Stanley Investment Management Introduces Tax Optimized Portfolio Solutions to Increase Customization, Enhance Client Outcomes
Anchored by the expertise and experience of the Wealth Strategies Group, TOPS addresses complex portfolio challenges including managing volatility, enhancing total return, generating income or planning a legacy as well as understanding investment tax implications, in an integrated, highly customized way.
'The power of TOPS is bringing together various component pieces and enhancing their individual value by combining them in highly customized ways,' said Brian Smith, Co-Head of the Wealth Strategies Group. 'Our team uses the TOPS tool to analyze client-specific financial attributes and develop tailored solution sets to align results with complex financial planning, providing better tax outcomes and adding value to advisor client relationships.'
TOPS interprets the features of a broad range of tax management solutions pioneered by Eaton Vance and Parametric and helps advisors better allocate client assets to maximize tax efficiency, generate alpha and income, address complex portfolio concerns and align investments with client priorities. This includes leveraging Parametric's industry-leading direct indexing, long/short extension, custom option overlay programs and tax optimized ladders as well as solutions to effectively diversify concentrated stock positions and specialized tax-advantaged charitable giving vehicles.
'Each individual's and family's set of circumstances require in depth knowledge of their situation, preferences and risk tolerance, and must accommodate a broad range of specifications,' said Matt Witkos, Head of North America Intermediary Sales. 'TOPS allows our Wealth Strategies Group to identify the most relevant solutions that deliver greater value when combined in a highly customized, results-oriented way, and to provide a continuous glidepath as markets and investor preferences change.' Commenting on the role TOPS plays with advisors he said, 'TOPS is a tool that combined with our expertise, positions advisors to be their clients' trusted advocate and allows them to generate efficient, customized portfolios.'
Notably, Parametric has been a leader in custom solutions for more than 30 years, helping investors efficiently access market exposure, solve implementation challenges and design multi-asset portfolios that respond to evolving needs like tax management. Parametric also offers systematic alpha strategies to complement clients' core holdings. Combined with Eaton Vance's decades-long focus on tax efficient investing, Parametric's innovative approach to customization and efficiency establishes a foundation for the TOPS tool that helps position it as the industry-leading, holistic investment tax investment planning strategy for advisors and their clients.
About Morgan Stanley Investment Management
Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,400 investment professionals around the world and $1.7 trillion in assets under management or supervision as of June 30, 2025. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit https://www.morganstanley.com/im.html.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit https://www.morganstanley.com/.
This material is only intended for and will only be distributed to persons resident in jurisdictions where such distribution or availability would not be contrary to local laws or regulations.
MSIM, the asset management division of Morgan Stanley (NYSE: MS), and its affiliates have arrangements in place to market each other's products and services. Each MSIM affiliate is regulated as appropriate in the jurisdiction it operates. MSIM's affiliates are: Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd, Calvert Research and Management, Eaton Vance Management, Parametric Portfolio Associates LLC, and Atlanta Capital Management LLC.
There is no guarantee that any investment strategy will work under all market conditions, and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market.
A separately managed account may not be appropriate for all investors. Separate accounts managed according to the Strategy include a number of securities and will not necessarily track the performance of any index. Please consider the investment objectives, risks and fees of the Strategy carefully before investing. A minimum asset level is required.
For important information about the investment managers, please refer to Form ADV Part 2.
The views and opinions and/or analysis expressed are those of the author or the investment team as of the date of preparation of this material and are subject to change at any time without notice due to market or economic conditions and may not necessarily come to pass. Furthermore, the views will not be updated or otherwise revised to reflect information that subsequently becomes available or circumstances existing, or changes occurring, after the date of publication. The views expressed do not reflect the opinions of all investment personnel at Morgan Stanley Investment Management (MSIM) and its subsidiaries and affiliates (collectively 'the Firm'), and may not be reflected in all the strategies and products that the Firm offers.
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.
The Firm does not provide tax advice. The tax information contained herein is general and is not exhaustive by nature. It was not intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer. Each Jurisdiction tax laws are complex and constantly changing. You should always consult your own legal or tax professional for information concerning your individual situation
The whole or any part of this material may not be directly or indirectly reproduced, copied, modified, used to create a derivative work, performed, displayed, published, posted, licensed, framed, distributed or transmitted or any of its contents disclosed to third parties without the Firm's express written consent. This material may not be linked to unless such hyperlink is for personal and non-commercial use. All information contained herein is proprietary and is protected under copyright and other applicable law.
Eaton Vance and Parametric are part of Morgan Stanley Investment Management. Morgan Stanley Investment Management is the asset management division of Morgan Stanley.
Investing entails risk, and there can be no assurance that Eaton Vance or Parametric will achieve profits or avoid incurring losses. All investments are subject to potential loss of principal. Eaton Vance and Parametric do not provide tax or legal advice. Prospective investors should consult with a tax or legal advisor before making any investment decision.
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Business Wire
4 days ago
- Business Wire
Morgan Stanley Investment Management Introduces Tax Optimized Portfolio Solutions to Increase Customization, Enhance Client Outcomes
NEW YORK--(BUSINESS WIRE)--Morgan Stanley Investment Management (MSIM) announced today that its Wealth Strategies Group has introduced Tax Optimized Portfolio Solutions (TOPS), a tool that brings together a broad suite of tax management solutions from MSIM, Eaton Vance and Parametric Portfolio Associates (Parametric) to meet individual client needs and drive personalized outcomes. Anchored by the expertise and experience of the Wealth Strategies Group, TOPS addresses complex portfolio challenges including managing volatility, enhancing total return, generating income or planning a legacy as well as understanding investment tax implications, in an integrated, highly customized way. 'The power of TOPS is bringing together various component pieces and enhancing their individual value by combining them in highly customized ways,' said Brian Smith, Co-Head of the Wealth Strategies Group. 'Our team uses the TOPS tool to analyze client-specific financial attributes and develop tailored solution sets to align results with complex financial planning, providing better tax outcomes and adding value to advisor client relationships.' TOPS interprets the features of a broad range of tax management solutions pioneered by Eaton Vance and Parametric and helps advisors better allocate client assets to maximize tax efficiency, generate alpha and income, address complex portfolio concerns and align investments with client priorities. This includes leveraging Parametric's industry-leading direct indexing, long/short extension, custom option overlay programs and tax optimized ladders as well as solutions to effectively diversify concentrated stock positions and specialized tax-advantaged charitable giving vehicles. 'Each individual's and family's set of circumstances require in depth knowledge of their situation, preferences and risk tolerance, and must accommodate a broad range of specifications,' said Matt Witkos, Head of North America Intermediary Sales. 'TOPS allows our Wealth Strategies Group to identify the most relevant solutions that deliver greater value when combined in a highly customized, results-oriented way, and to provide a continuous glidepath as markets and investor preferences change.' Commenting on the role TOPS plays with advisors he said, 'TOPS is a tool that combined with our expertise, positions advisors to be their clients' trusted advocate and allows them to generate efficient, customized portfolios.' Notably, Parametric has been a leader in custom solutions for more than 30 years, helping investors efficiently access market exposure, solve implementation challenges and design multi-asset portfolios that respond to evolving needs like tax management. Parametric also offers systematic alpha strategies to complement clients' core holdings. Combined with Eaton Vance's decades-long focus on tax efficient investing, Parametric's innovative approach to customization and efficiency establishes a foundation for the TOPS tool that helps position it as the industry-leading, holistic investment tax investment planning strategy for advisors and their clients. About Morgan Stanley Investment Management Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,400 investment professionals around the world and $1.7 trillion in assets under management or supervision as of June 30, 2025. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit About Morgan Stanley Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit This material is only intended for and will only be distributed to persons resident in jurisdictions where such distribution or availability would not be contrary to local laws or regulations. MSIM, the asset management division of Morgan Stanley (NYSE: MS), and its affiliates have arrangements in place to market each other's products and services. Each MSIM affiliate is regulated as appropriate in the jurisdiction it operates. MSIM's affiliates are: Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd, Calvert Research and Management, Eaton Vance Management, Parametric Portfolio Associates LLC, and Atlanta Capital Management LLC. There is no guarantee that any investment strategy will work under all market conditions, and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. A separately managed account may not be appropriate for all investors. Separate accounts managed according to the Strategy include a number of securities and will not necessarily track the performance of any index. Please consider the investment objectives, risks and fees of the Strategy carefully before investing. A minimum asset level is required. For important information about the investment managers, please refer to Form ADV Part 2. The views and opinions and/or analysis expressed are those of the author or the investment team as of the date of preparation of this material and are subject to change at any time without notice due to market or economic conditions and may not necessarily come to pass. Furthermore, the views will not be updated or otherwise revised to reflect information that subsequently becomes available or circumstances existing, or changes occurring, after the date of publication. The views expressed do not reflect the opinions of all investment personnel at Morgan Stanley Investment Management (MSIM) and its subsidiaries and affiliates (collectively 'the Firm'), and may not be reflected in all the strategies and products that the Firm offers. 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. The Firm does not provide tax advice. The tax information contained herein is general and is not exhaustive by nature. It was not intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer. Each Jurisdiction tax laws are complex and constantly changing. You should always consult your own legal or tax professional for information concerning your individual situation The whole or any part of this material may not be directly or indirectly reproduced, copied, modified, used to create a derivative work, performed, displayed, published, posted, licensed, framed, distributed or transmitted or any of its contents disclosed to third parties without the Firm's express written consent. This material may not be linked to unless such hyperlink is for personal and non-commercial use. All information contained herein is proprietary and is protected under copyright and other applicable law. Eaton Vance and Parametric are part of Morgan Stanley Investment Management. Morgan Stanley Investment Management is the asset management division of Morgan Stanley. Investing entails risk, and there can be no assurance that Eaton Vance or Parametric will achieve profits or avoid incurring losses. All investments are subject to potential loss of principal. Eaton Vance and Parametric do not provide tax or legal advice. Prospective investors should consult with a tax or legal advisor before making any investment decision.
Business Wire
04-08-2025
- Business Wire
MSIM Expands ETF Platform by Converting Mortgage Securities Mutual Fund to ETF
NEW YORK--(BUSINESS WIRE)--Morgan Stanley Investment Management (MSIM) today announced the conversion of Morgan Stanley Mortgage Securities Trust (MTGDX) to Eaton Vance Mortgage Opportunities ETF (NYSE Arca: EVMO). Greg Finck and Andrew Szczurowski, Co-Heads of the Mortgage and Securitized investment team, are the portfolio managers along with Matt Buckley and Brandon Matsui. The introduction of Eaton Vance Mortgage Opportunities ETF brings the total number of ETFs on MSIM's platform to 18, including 10 active fixed income ETFs. 'Our ETF platform continues to grow and includes a range of investment strategies to meet investor demand,' said Ally Wallace, Global Head of Capital Markets and ETF Strategy at MSIM. 'We continue to focus on launching best-in-class investment strategies in the ETF wrapper.' EVMO is a diversified portfolio of agency mortgage-backed securities (MBS), non-agency MBS, commercial MBS and asset-backed securities that seeks to outperform broader fixed income markets with less volatility, low correlation and a higher yield. Portfolio Manager Andrew Szczurowski said that EVMO may offer investors an investment-grade alternative to corporate credit or a standalone MBS/securitized allocation. 'We believe agency MBS and other securitized assets can add a diversifying element to investor portfolios, especially those that are heavily exposed to U.S. corporate credit, because they tend to have different risk/return drivers,' said Mr. Finck. Commenting on where he sees investment opportunity, Mr. Szczurowski said, 'In our view, the MBS and securitized markets are driven by outside factors like the housing market, commercial real estate, consumer spending and as such, offer a nuanced way to access fixed income markets that isn't reliant on the business cycle.' With this conversion, MSIM's active fixed income ETF offering now includes: Eaton Vance Total Return Bond ETF (NYSE: EVTR) Eaton Vance Short Duration Income ETF (Nasdaq: EVSD) Eaton Vance Ultra-Short Income ETF (NYSE Arca: EVSB) Calvert Ultra-Short Investment Grade ETF (NYSE Arca: CVSB) Eaton Vance Mortgage Opportunities ETF (NYSE Arca: EVMO) Eaton Vance Intermediate Municipal Income (NYSE Arca: EVIM) Eaton Vance High Income Municipal ETF (Nasdaq: EVYM) Eaton Vance Short Duration Municipal Income ETF (NYSE Arca: EVSM) Eaton Vance High Yield ETF (NYSE Arca: EVHY) Eaton Vance Floating Rate ETF (NYSE Arca: EVLN) As of today, MSIM's ETF platform is comprised of 18 products including six Calvert-branded ETFs, three Parametric-branded ETFs and nine Eaton Vance-branded fixed income ETFs. Launched in early 2023, MSIM's ETF platform has grown to over $6 billion in assets. About Morgan Stanley Investment Management Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,400 investment professionals around the world and $1.7 trillion in assets under management or supervision as of June 30, 2025. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit About Morgan Stanley Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit Before investing carefully consider the Fund's objective, risks, charges, and expenses available in the prospectus, please download one at Read carefully before investing. Risk Considerations: There is no assurance that a mutual fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that the market values of securities owned by the fund will decline and that the value of fund shares may therefore be less than what you paid for them. 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. 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. 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. When-Issued Securities, Delayed Delivery Securities, TBAs and Forward Commitments. These investments may result in a form of leverage and may increase volatility in the Fund's share price. They are subject to risks such as failure of the counterparty to perform its obligation to deliver the security, the characteristics of a security delivered to the Fund may be less favorable than expected and the security the Fund buys will lose value prior to its delivery. Due to the possibility that prepayments will alter the cash flows on Collateralized mortgage obligations (CMOs), it is not possible to determine in advance their final maturity date or average life. In addition, if the collateral securing the CMOs or any third party guarantees are insufficient to make payments, the strategy could sustain a loss. High yield securities ('junk bonds') are lower rated securities that may have a higher degree of credit and liquidity risk. Foreign securities are subject to currency, political, economic and market risks. Illiquid securities may be more difficult to sell and value than publicly traded securities (liquidity risk). Inverse floaters are sensitive to early prepayment risk and interest rate changes and are more volatile than most other fixed-income securities. 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. 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. Active Management Risk. In pursuing the Fund's investment objective, Morgan Stanley Investment Management, Inc. (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. 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 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 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. Eaton Vance, Parametric and Calvert are part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. Morgan Stanley Investment Management Inc. is the adviser to the ETFs. The Eaton Vance, Parametric and Calvert ETFs are distributed by Foreside Fund Services LLC.
Associated Press
04-08-2025
- Associated Press
MSIM Expands ETF Platform by Converting Mortgage Securities Mutual Fund to ETF
NEW YORK--(BUSINESS WIRE)--Aug 4, 2025-- Morgan Stanley Investment Management (MSIM) today announced the conversion of Morgan Stanley Mortgage Securities Trust (MTGDX) to Eaton Vance Mortgage Opportunities ETF (NYSE Arca: EVMO). Greg Finck and Andrew Szczurowski, Co-Heads of the Mortgage and Securitized investment team, are the portfolio managers along with Matt Buckley and Brandon Matsui. The introduction of Eaton Vance Mortgage Opportunities ETF brings the total number of ETFs on MSIM's platform to 18, including 10 active fixed income ETFs. 'Our ETF platform continues to grow and includes a range of investment strategies to meet investor demand,' said Ally Wallace, Global Head of Capital Markets and ETF Strategy at MSIM. 'We continue to focus on launching best-in-class investment strategies in the ETF wrapper.' EVMO is a diversified portfolio of agency mortgage-backed securities (MBS), non-agency MBS, commercial MBS and asset-backed securities that seeks to outperform broader fixed income markets with less volatility, low correlation and a higher yield. Portfolio Manager Andrew Szczurowski said that EVMO may offer investors an investment-grade alternative to corporate credit or a standalone MBS/securitized allocation. 'We believe agency MBS and other securitized assets can add a diversifying element to investor portfolios, especially those that are heavily exposed to U.S. corporate credit, because they tend to have different risk/return drivers,' said Mr. Finck. Commenting on where he sees investment opportunity, Mr. Szczurowski said, 'In our view, the MBS and securitized markets are driven by outside factors like the housing market, commercial real estate, consumer spending and as such, offer a nuanced way to access fixed income markets that isn't reliant on the business cycle.' With this conversion, MSIM's active fixed income ETF offering now includes: As of today, MSIM's ETF platform is comprised of 18 products including six Calvert-branded ETFs, three Parametric-branded ETFs and nine Eaton Vance-branded fixed income ETFs. Launched in early 2023, MSIM's ETF platform has grown to over $6 billion in assets. About Morgan Stanley Investment Management Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,400 investment professionals around the world and $1.7 trillion in assets under management or supervision as of June 30, 2025. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit About Morgan Stanley Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit Before investing carefully consider the Fund's objective, risks, charges, and expenses available in the prospectus, please download one at Read carefully before investing. Risk Considerations: There is no assurance that a mutual fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that the market values of securities owned by the fund will decline and that the value of fund shares may therefore be less than what you paid for them. 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. 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. 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. When-Issued Securities, Delayed Delivery Securities, TBAs and Forward Commitments. These investments may result in a form of leverage and may increase volatility in the Fund's share price. They are subject to risks such as failure of the counterparty to perform its obligation to deliver the security, the characteristics of a security delivered to the Fund may be less favorable than expected and the security the Fund buys will lose value prior to its delivery. Due to the possibility that prepayments will alter the cash flows on Collateralized mortgage obligations (CMOs), it is not possible to determine in advance their final maturity date or average life. In addition, if the collateral securing the CMOs or any third party guarantees are insufficient to make payments, the strategy could sustain a loss. High yield securities ('junk bonds') are lower rated securities that may have a higher degree of credit and liquidity risk. Foreign securities are subject to currency, political, economic and market risks. Illiquid securities may be more difficult to sell and value than publicly traded securities (liquidity risk). Inverse floaters are sensitive to early prepayment risk and interest rate changes and are more volatile than most other fixed-income securities. 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 . 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. Active Management Risk. In pursuing the Fund's investment objective, Morgan Stanley Investment Management, Inc. (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. 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 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 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. Eaton Vance, Parametric and Calvert are part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. Morgan Stanley Investment Management Inc. is the adviser to the ETFs. The Eaton Vance, Parametric and Calvert ETFs are distributed by Foreside Fund Services LLC. View source version on CONTACT: Colleen McElhinney 617.672.8995 [email protected] KEYWORD: NEW YORK UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE SOURCE: Morgan Stanley Investment Management Copyright Business Wire 2025. PUB: 08/04/2025 01:00 PM/DISC: 08/04/2025 01:00 PM
