Investment Objective: |
The Eaton Vance Short Duration Income ETF (the "Fund") seeks above-average total return over a market cycle of three to five years. Under normal circumstances, the Fund seeks to achieve its investment objective by primarily investing in a diversified portfolio of U.S. dollar-denominated fixed income securities of varying maturities consistent with ordinarily seeking to maintain an average duration of approximately three years or less. The Fund invests primarily in U.S. government securities, corporate bonds and mortgage- and asset-backed securities. The Fund will ordinarily seek to maintain an average duration of approximately three years or less. Duration measures the time-weighted expected cashflows of a fixed-income security. The Fund may invest up to 25% of its net assets in below-investment grade, high-yield debt instruments (commonly known as "high yield securities" or "junk bonds"). The Fund may invest up to 40% of its net assets in non-agency asset-backed securities and mortgage-backed securities. The fund is a conversion of an existing short-duration bond mutual fund strategy. |