# EDGAR Filing Document

**Accession Number:** 0001676326
**File Stem:** 0001133228-26-001014
**Filing Date:** 2026-1
**Character Count:** 44744
**Document Hash:** b840af5056a07fa89448022558de3a64
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-001014.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001133228-26-001014

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260128

**EFFECTIVENESS DATE**: 20260129

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morgan Stanley ETF Trust
- **CENTRAL INDEX KEY:** 0001676326

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-266913
- **FILM NUMBER:** 26574462

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212.296.1404

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

## Series and Classes Contracts Data

### Parametric Equity Plus ETF (Series ID: S000088098)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000254149 | Parametric Equity Plus ETF | PEPS            |

![](sp17056img002.jpg)

**Parametric Equity Plus ETF** 

**Summary Prospectus** **\|** January 28, 2026

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| |
|:---|
| **Ticker Symbol and Exchange** |
| **Parametric Equity Plus ETF** |
| **PEPS** |
| **The Nasdaq Stock Market LLC** |

---

Before you invest, you may want to review the Fund's statutory prospectus ("Prospectus"), which contains more information about the Fund and its risks. You can find the Fund's Prospectus and other information about the Fund, including the Statement of Additional Information ("SAI") and the most recent Annual and Semi-Annual Reports to Shareholders ("Shareholder Reports"), online at https://www.morganstanley.com/im/ParametricEquityPlusETF. You can also get this information at no cost by calling toll-free 800-836-2414 or by sending an e-mail request to orders@mysummaryprospectus.com. The Fund's Prospectus and SAI, both dated January 28, 2026 (as may be supplemented from time to time), are incorporated by reference into this Summary Prospectus.

**Investment Objective**

Parametric Equity Plus ETF (the "Fund") seeks to provide long-term capital appreciation.

**Fees and Expenses**

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay fees** **other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial** **intermediaries, which are not reflected in the tables and examples below.**

**Annual Fund Operating Expenses<sup>1</sup>** (expenses that you pay each year as a percentage of the value of your investment)

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| | |
|:---|:---|
| Management Fee<sup>1</sup> | 0.29% |
| Other Expenses | 0.00% |
| Total Annual Fund Operating Expenses<sup>2</sup> | 0.29% |
| Fee Waiver<sup>2</sup> | 0.19% |
| Total Annual Fund Operating Expenses After Fee Waiver<sup>2</sup> | 0.10% |

---

---

| | |
|:---|:---|
| 1 | The Fund's management agreement provides that the Fund's "Adviser," Morgan Stanley Investment Management Inc., will pay substantially all expenses of the Fund (including expenses of Morgan Stanley ETF Trust (the "Trust") relating to the Fund), except for the distribution fees, if any, brokerage expenses, acquired fund fees and expenses, taxes, interest, litigation expenses, and other extraordinary expenses, including the costs of proxies, not incurred in the ordinary course of the Fund's business. |

---

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| | |
|:---|:---|
| 2 | The Adviser has agreed to waive a portion of its management fee so that Total Annual Fund Operating Expenses, excluding the distribution fees, if any, brokerage expenses, acquired fund fees and expenses, taxes, interest, litigation expenses, and other extraordinary expenses, including the costs of proxies, not incurred in the ordinary course of the Fund's business, will not exceed 0.10%. The fee waiver will continue until February 1, 2027 or until such time as the Board of Trustees of Morgan Stanley ETF Trust acts to discontinue all or a portion of such waiver when it deems such action is appropriate. Total Annual Fund Operating Expenses After Fee Waiver has been restated to reflect the fee waiver effective on December 5, 2025. |

---

**Example**

The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example does not take into account brokerage commissions that you pay when purchasing or selling shares of the Fund.

![](sp17056img003.jpg)

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Parametric \| **Fund Summary**

Parametric Equity Plus ETF (Con't)

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes your investment has a 5% return each year and the Fund's operating expenses remain the same (except that the example incorporates the fee waiver for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $10 | $74 | $144 | $350 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the period from November 7, 2024 (commencement of operations) through September 30, 2025, the Fund's portfolio turnover rate was 24% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund is an actively managed exchange-traded fund ("ETF"). The investment objective of the Fund is to seek to provide long-term capital appreciation. The Adviser and Parametric Portfolio Associates LLC (the "Sub-Adviser") seek to fulfill the Fund's objective by (1) investing in an underlying base portfolio of equity securities (the "Equity Portfolio") that primarily include equity securities of companies included in the Solactive GBS United States 500 Index (the "Equity Portfolio Index") and (2) generating incremental total return via "beta-neutral" call overwriting that combines selling call options on the S&P 500® Index (the "Underlying Index") with offsetting long equity exposure, including through investment in futures on the Underlying Index or in options on the Underlying Index or on the SPDR S&P 500 ETF Trust (the "Underlying ETF"), including Flexible Exchange Options ("FLEX Options") that reference the Underlying Index or Underlying ETF.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities. This policy may be changed without shareholder approval; however, shareholders would be notified upon 60 days' notice in writing of any changes.

Equity securities generally represent an ownership interest in an issuer or may be convertible into or represent a right to acquire an ownership interest in an issuer. With respect to the Fund's Equity Portfolio, the Fund invests primarily in common stock. The Fund's performance will largely depend on the performance of the Equity Portfolio. The Equity Portfolio Index seeks to provide the returns of the 500 largest U.S. companies, as measured by market capitalization. The Equity Portfolio Index is comprised of the common stock of 500 U.S. companies ranked by total market capitalization in descending order. The constituents of the Equity Portfolio Index are weighted according to the securities' free float market capitalization. The Equity Portfolio Index is rebalanced and reconstituted quarterly.

In constructing the Equity Portfolio, the Fund seeks to provide investment returns that are substantially similar to the Equity Portfolio Index while limiting the overlap between its investments that reflect constituents of the Equity Portfolio and the underlying constituents of the options in which the Fund invests (the "Options Portfolio", as described in more detail below) to less than 70% on an ongoing basis in an effort to avoid being subject to the "straddle rules" under federal income tax law (straddle rules, if applicable, may defer losses realized by the Fund and accordingly increase capital gains; see "Tax Risk" below). The Equity Portfolio weightings are determined via an optimization process intended to provide return and risk characteristics that closely track those of the Equity Portfolio Index across key fundamental attributes such as value, growth, size, volatility, and momentum in addition to categorical attributes such as sector and industry. Through this optimization of holdings representing constituents of the Equity Portfolio Index, the Equity Portfolio is not expected to hold each of the constituents of the Equity Portfolio Index and the Fund's investments that reflect constituents of the Equity Portfolio may be overweight or underweight as compared to the Equity Portfolio Index's weighting.

The Fund expects that dividends received from its investment in equity securities that comprise the Equity Portfolio will be distributed to shareholders on a quarterly basis.

The Fund may incorporate tax loss harvesting within the Equity Portfolio to maximize realization of losses. Realized losses in the Equity Portfolio may be used to offset realized gains in the portfolio.

The Fund will also systematically sell (write) out-of-the-money call option contracts, based on the Underlying Index, which have an expiration date of approximately two weeks or less. The Fund will sell such call option contracts on the Underlying Index in a notional amount that is equal to or less than the market value of the total portfolio. Because the returns of the Equity Portfolio and of the Underlying Index are expected to be substantially similar, the sale of such call options (which are generally considered to be "uncovered") may have the impact of reducing average equity market exposure of the Fund and capping potential gains from the

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Parametric \| **Fund Summary**

Parametric Equity Plus ETF (Con't)

Fund's Equity Portfolio. To seek to offset this embedded directional short equity market exposure in the written call options, the Fund will add incremental long equity market exposure, with an objective of enhancing total return. The incremental long equity market exposure may be achieved through investing in derivatives, including in futures on the Underlying Index or in options on the Underlying Index or the Underlying ETF, including FLEX Options that reference the Underlying Index or Underlying ETF. The amount of the incremental long equity market exposure seeks to match the initial directional market exposure of the call options when they were written. This is intended to allow the Fund to maintain an average target beta of approximately 1.0, whereby "beta" is defined as a measure of a stock's volatility relative to the overall market. The overall market, such as the S&P 500 Index, has a beta of 1.0 while a stock or portfolio that is more (less) volatile than the market over time has a beta above (below) 1.0. Derivative instruments used by the Fund will be counted toward the Fund's 80% policy discussed above to the extent they have economic characteristics similar to the securities included within that policy.

In general, an option contract is an agreement between a buyer and a seller that gives the purchaser of the option the right to purchase (in the case of a call option) or sell (in the case of a put option) the underlying asset (or deliver cash equal to the change in value of an underlying asset or index) at a specified price ("strike price") within a specified time period or at a specified future date. Selling a call option entitles the seller to a premium equal to the value of the option at the time of the trade. In the event the underlying asset declines in value, the value of a call option will generally decrease (and may end up worthless). Conversely, in the event the underlying asset appreciates in value, the value of a call option will generally increase. FLEX Options are customizable exchange-traded option contracts guaranteed for settlement by the Options Clearing Corporation (the "OCC"). Option terms that can be customized include exercise price, exercise styles, and expiration dates.

A call option is considered "out-of-the-money" when the strike price of the option exceeds the current price of the underlying asset. By selling call options, the Fund will receive premiums but will give up the opportunity to benefit from potential increases in the value of the Underlying Index above the exercise prices of such options. As a result of writing call options, the Fund may forgo performance in market environments with significant equity market appreciation in which the Underlying Index exceeds the strike price of the written call option. However, the Sub-Adviser will seek to "ladder" the Fund's written call option positions to mitigate this risk. "Laddering" is an investment technique that utilizes multiple option positions over multiple expiration dates to reduce the concentration risk of a concentrated exposure to a single option expiration and to create more opportunities to roll option positions (i.e., one option position expires and a new option position is opened in the same underlying security) during extended periods of market appreciation. In this regard, the Sub-Adviser expects to write more frequent, short-dated call options with one to two-week expirations in tranches with such expirations being staggered approximately every two to four trading days. The Sub-Adviser believes that this may provide the opportunity for a more diversified options portfolio with more consistent greater upside appreciation profile compared to a written call option portfolio with a single position.

The Fund will also incorporate a risk management strategy implemented through the purchase of put options on the Underlying Index, which is intended to partially hedge the Fund's exposure to equity market losses. Rather than seek to hedge the Fund's exposure to absolute equity market loss (that is, to result in portfolio losses that are less than the losses of the Underlying Index), the objective of the risk management strategy is to seek to prevent against portfolio losses that exceed the losses of the Underlying Index during periods of significant declines in the Underlying Index.

**Principal Risks**

There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund. Investments in the Fund involve risks and you should not rely on the Fund as a complete investment program. The relative significance of each risk factor summarized below may change over time and you should review each risk factor carefully because any one or more of these risks may result in losses to the Fund. The principal risks of investing in the Fund include:

• **Equity Securities.** In
 general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and foreign stock
 markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in the past and it is
 possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly or widely, in response
 to activities specific to the issuer of the security as well as factors unrelated to the fundamental condition of the issuer, including
 general market, economic, political and public health conditions. During periods when equity securities experience heightened
 volatility, such as during periods of market, economic or financial uncertainty or distress, the Fund's investments in equity
 securities are subject to heightened risks.

The value of equity securities and related instruments decline in response to perceived or actual adverse changes in the economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the Fund's equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. Although prices can rebound, there is no assurance that prices of the Fund's equity securities will return to previous levels.

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Parametric \| **Fund Summary**

Parametric Equity Plus ETF (Con't)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• **Liquidity**.
 The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid in response
 to overall economic conditions or adverse investor perceptions, and which may entail greater risk than investments in other
 types of securities. These investments may be more difficult to value or sell, particularly in times of market turmoil, and there
 may be little trading in the secondary market available for particular securities. Liquidity risk may be magnified in a market where
 credit spread and interest rate volatility is rising and where investor redemptions from fixed-income funds may be higher than
 normal. If the Fund is forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced
 to sell the security at a loss or for less than its fair value and may be unable to sell the security at all. <br>In the
 event that trading in the underlying FLEX Options is limited or absent, the value of the Fund's FLEX Options may decrease.
 There is no guarantee that a liquid secondary trading market will exist for the FLEX Options. The trading in FLEX Options
 may be less deep and liquid than the market for certain other securities, including certain non-customized option contracts.
 In a less liquid market for the FLEX Options, terminating the FLEX Options may require the payment of a premium or
 acceptance of a discounted price and may take longer to complete. Additionally, the liquidation of a large number of FLEX Options
 may more significantly impact the price in a less liquid market. Further, the Fund requires a sufficient number of participants
 to facilitate the purchase and sale of options on an exchange to provide liquidity to the Fund for its FLEX Option positions.
 A less liquid trading market may adversely impact the value of the FLEX Options and the value of your investment.

• **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 and Geopolitical Risk.** The value of your investment in the Fund is based on the values of the Fund's investments, which change
 due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as those that affect or
 are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments.
 These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) and
 liquidity of the Fund's investments, which may in turn impact the Fund's ability to sell securities and/or its ability to
 meet redemptions.
 The risks associated with these developments may be magnified if certain social, political, economic and other conditions
 and events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions,
 inflation, interest rate changes, supply chain disruptions and the threat or actual imposition of tariffs, trade barriers and other
 protectionist or retaliatory measures) adversely interrupt or otherwise affect the global economy and financial markets. It is difficult
 to predict when events affecting the U.S. or global financial markets or economies may occur, the effects that such events may
 have and the duration of those effects (which may last for extended periods). These types of events may negatively impact broad
 segments of businesses and populations and have a significant and rapid negative impact on the performance or value of the Fund's
 investments, adversely affect and increase the volatility of the Fund's share price and exacerbate pre-existing risks to the Fund.
 The frequency and magnitude of resulting changes in the value of the Fund's investments cannot be predicted.

• **Derivatives.** Derivatives and other similar instruments that create synthetic exposure often are subject to risks similar to those of the
 underlying asset or instrument, including market risk, and may be subject to additional risks, including imperfect correlation between
 the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions, magnification
 of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the
 derivative instrument relates, risks that the transactions may not be liquid, risks arising from margin and payment requirements,
 risks arising from mispricing or valuation complexity and operational and legal risks. Certain derivative transactions may
 give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss.

• **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, but retains the risk of loss should the price of the underlying security or instrument
 decline. Additionally, the Fund's call option writing strategy may not fully protect it against declines in the value of the
 market.

During periods in which equity markets are generally unchanged or falling, or in a modestly rising market where the income from premiums exceeds the aggregate appreciation of the underlying security or instrument over its exercise price, a diversified portfolio receiving premiums from its call option writing strategy may outperform the same portfolio without such an options strategy. However, in rising markets where the aggregate appreciation of the underlying security or instrument over its exercise price exceeds the income from premiums, a portfolio with a call writing strategy could significantly underperform the same portfolio without such an options writing strategy.

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Parametric \| **Fund Summary**

Parametric Equity Plus ETF (Con't)

The Fund will also incur a form of economic leverage through its use of call options and other derivatives that seek to manage the overall directional market exposure, which 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. As the seller of an uncovered call option, the Fund bears unlimited risk of loss should the price of the underlying security increase above the exercise price until the Fund covers its exposure.

• **FLEX Options.** The
 Fund may utilize FLEX Options guaranteed for settlement by the OCC. The FLEX Options traded by the Fund
 are listed on the Chicago Board Options Exchange. Options positions are marked to market daily. Although guaranteed for settlement
 by the OCC, FLEX Options are still subject to counterparty risk with the OCC and may be less liquid than more traditional
 exchange-traded option contracts. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations
 under the FLEX Options contracts. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet
 its settlement obligations, the Fund could suffer significant losses. FLEX Options are subject to the risk that they may be less liquid
 than certain other securities, such as standardized options. In less liquid markets, termination of FLEX Options may require the
 payment of a premium or acceptance of a discounted price and may take longer to complete and/or the liquidation of a large number
 of options may significantly impact the price of the options and may adversely impact the value of your investment. Additionally,
 in connection with the creation and redemption of Fund shares, to the extent market participants are not willing or able
 to enter into FLEX Option transactions with the Fund at prices that reflect the market price of Fund shares, the Fund's NAV and,
 in turn the share price of the Fund, could be negatively impacted. <br>As an
 in-the-money FLEX 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 FLEX Options prior to the expiration date may vary because of
 related factors other than the value of the Underlying Index or the Underlying ETF. The value of the FLEX Options will be determined
 based upon market quotations or using other recognized pricing methods. Factors that may influence the value of the FLEX
 Options generally include interest rate changes, dividends, the actual and implied volatility levels of the Underlying Index's or
 the Underlying ETF's share price, and the remaining time until the FLEX Options expire, among others. The value of the FLEX
 Options held by the Fund typically do not increase or decrease at the same rate as the Underlying Index's or the Underlying ETF's
 share price on a day-to-day basis due to these factors (although they generally move in the same direction), and, as a result, the
 Fund's NAV may not increase or decrease at the same rate as the Underlying Index or of the Underlying ETF's share price. The
 Fund may experience losses from certain FLEX Option positions and certain FLEX Option positions may expire with little to no
 value.

• **ETF Structure Risks.** 

*Authorized Participant Concentration Risk.* Only an authorized participant may engage in creation or redemption transactions directly with the Fund. 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. There can be no assurance that an active trading market for the Fund's shares will develop or be maintained. To the extent that these intermediaries exit the business or are unable to or choose not to proceed with creation and/or redemption orders with respect to the Fund, such as during periods of market stress, and no other authorized participant creates or redeems, shares may trade at a discount to net asset value ("NAV") per share and possibly face trading halts and/or delisting. Authorized participant concentration risk may be heightened to the extent the Fund invests in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes.

*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 the Fund's holdings, and supply and demand for shares. The Adviser and/or Sub-Adviser cannot predict whether shares will trade above, below or at their NAV. Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the shares (including through a trading halt), as well as other factors, may result in the shares trading significantly above (at a premium) or below (at a discount) to NAV or to the intraday value of the Fund's holdings. You may pay significantly more or receive significantly less than the Fund's NAV per share during periods when there is a significant premium or discount. Buying or selling shares in the secondary market may require paying brokerage commissions or other charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost when seeking to buy or sell relatively small amounts of shares. In addition, the market price of shares, like the price of any exchange-traded security, includes a "bid-ask spread" charged by the market makers or other participants that trade the particular security. The spread of the Fund's shares varies over time based on the Fund's trading volume and market liquidity and may increase if the Fund's trading volume, the spread of the Fund's underlying securities, or market liquidity decrease.

• **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
 or Sub-Adviser, in its discretion, may determine to use some permitted trading strategies while not using others. The

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Parametric \| **Fund Summary**

Parametric Equity Plus ETF (Con't)

success or failure of such decisions will affect the Fund's performance. The Equity Portfolio's investment returns may not match or correlate to those of the Equity Portfolio Index, either on a daily or aggregate basis. Differences in the investment returns of the Equity Portfolio and the Equity Portfolio Index may occur because of, among other things, regulatory restrictions or efforts to avoid being subject to the "straddle rules" under federal income tax law. The Sub-Adviser uses proprietary investment techniques and analyses in making investment decisions for the Fund, seeking to achieve its investment objective while minimizing exposure to security-specific risk. The strategy seeks to take advantage of certain quantitative and behavioral market characteristics identified by the Sub-Adviser, utilizing a rules-based process and systematic rebalancing. A systematic investment process is dependent on the Sub-Adviser's skill in developing and maintaining that process. The Fund's strategy has not been independently tested or validated, and there can be no assurance that it will achieve the desired results. In addition, in implementing this rule-based management process, the Fund may not necessarily sell or otherwise close a position as a result of fundamental investment analysis or adverse changes in a company's financial position or outlook.

• **Underlying Index Risk.** The
 Fund invests in options and futures that derive their value from the Underlying Index, 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. The value of the Underlying Index will fluctuate over time based on fluctuations
 in the values of the securities that comprise the Underlying Index, which may be affected by changes in general economic
 conditions, expectations for future growth and profits, interest rates and the supply and demand for those securities.

• **Underlying ETF Risk**. The
 Fund invests in options that derive their value from the 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  ETF. The value of the Underlying ETF will fluctuate over time based on fluctuations in the values of
 the securities that comprise the Underlying ETF, which may be affected by changes in general economic conditions, expectations
 for future growth and profits, interest rates and the supply and demand for those securities.

• **Correlation Risk.** As an option,
 including a FLEX 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. The value of the options
 will be determined based upon market quotations or using other recognized pricing methods. Factors that may influence the
 value of the options include interest rate changes and implied volatility levels of the Underlying Index or the Underlying ETF, among
 others. The value of the options held by the Fund typically do not increase or decrease at the same level as the Underlying Index's
 or the Underlying ETF's share price on a day-to-day basis due to these factors (although they generally move in the same direction).

• **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. Since the Fund is not a member of clearing houses and only members of a clearing house ("clearing
 members") can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing
 members. In cleared derivatives positions, the Fund will make payments to and receive payments from a clearing house through
 their 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. If the Fund cannot find a clearing member
 to transact with on the Fund's behalf, the Fund may be unable to effectively 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.
 The OCC acts as guarantor and central counterparty with respect to FLEX Options. As a result, the ability of the Fund
 to meet its objective depends on the OCC being able to meet its obligations. In the event an OCC clearing member that is a counterparty
 of the Fund were to become insolvent, the Fund may have some or all of its FLEX Options closed without its consent
 or may experience delays or other difficulties in attempting to close or exercise its affected FLEX Options positions, both of
 which would impair the Fund's ability to deliver on its investment strategy. The OCC's rules and procedures are designed to facilitate the prompt
 settlement of options transactions and exercises, including for clearing member insolvencies. However, there is
 the risk that the OCC and its backup system will fail if clearing member insolvencies are substantial or widespread. In the unlikely
 event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant
 losses.

• **Tax Risk.** The Fund
 intends to limit the overlap between the Equity Portfolio and the Options Portfolio to less than 70% on an ongoing
 basis in an effort to avoid being subject to the "straddle rules" under federal income tax law. In general, investment positions
 will be offsetting if there is a substantial diminution in the risk of loss from holding one position by reason of holding one
 or more other positions. The Fund expects that the option contracts it writes will not be considered straddles because its stock holdings
 will be sufficiently dissimilar from the underlying constituents of its option contracts under applicable guidance established
 by the Internal Revenue Service (the "IRS"). Under certain circumstances, however, the Fund may enter into options

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Parametric \| **Fund Summary**

Parametric Equity Plus ETF (Con't)

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, and losses realized by the Fund on positions that are part of a straddle may be deferred under the straddle rules, rather than being taken into account in calculating taxable income for the taxable year in which the losses are realized. In addition, certain carrying charges (including interest expense) associated with positions in a straddle may be required to be capitalized rather than deducted currently. Certain elections that the Fund may make with respect to its straddle positions may also affect the amount, character and timing of the recognition of gains or losses from the affected positions and may decrease the amount of the Fund's dividends that may be reported as qualified dividend income. The tax consequences of such straddle transactions to the Fund are not entirely clear in all situations under currently available authority. The straddle rules may increase the amount of short-term capital gain realized by the Fund, which is taxed as ordinary income when distributed to U.S. shareholders in a non- liquidating distribution. Because application of the straddle rules may affect the character of gains or losses, defer losses and/or accelerate the recognition of gains or losses from the affected straddle positions, the amount which must be distributed to U.S. shareholders as ordinary income may be increased or decreased substantially as compared to a fund that did not engage in such transactions.

Please see "Additional Information About Fund Investment Strategies and Related Risks" in the Fund's prospectus for a more detailed description of risks of investing in the Fund. Shares of the Fund are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency.

**Performance Information**

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance over the last year and by showing how the Fund's average annual returns for the past one year period and since inception compare with those of a broad measure of market performance. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.eatonvance.com or by calling toll-free 800-836-2414.

**Annual Total Returns—Calendar Years**

![](sp17056img001.jpg)

During the periods shown in the bar chart above:

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| | | |
|:---|:---|:---|
| **High Quarter** | 06/30/25 | 10.69% |
| **Low Quarter** | 03/31/25 | -4.85% |

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**Average Annual Total Returns**<br>(for the calendar periods ended December 31, 2025)

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| | | |
|:---|:---|:---|
|  | **Past 1**<br>**Year** | **Since**<br>**Inception** |
| Return Before Taxes | 20.12% | 16.26% |
| Return After Taxes on Distributions<sup>1</sup> | 19.81% | 15.93% |
| Return After Taxes on Distributions and Sale of Fund Shares | 20.10% | 12.36% |
| S&P 500® Index (reflects no deduction for fees, expenses or taxes)<sup>2</sup> | 17.88% | 14.10%<sup>3</sup> |

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1 These returns do not reflect any tax consequences from a sale of your shares at the end of each period.

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| | |
|:---|:---|
| 2 | The Standard & Poor's 500<sup>®</sup> Index (S&P 500<sup>®</sup> Index) measures the performance of the large cap segment of the U.S. equities market, covering approximately 80% of the U.S. equities market. The Index includes 500 leading companies in leading industries of the U.S. economy. It is not possible to invest directly in an index. |

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3 Since Inception reflects the inception date of the Fund (commenced operations on 11/7/24).

The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax

**7**

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Parametric \| **Fund Summary**

Parametric Equity Plus ETF (Con't)

situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). After-tax returns may be higher than before-tax returns due to foreign tax credits and/or an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable.

**Fund Management**

**Adviser.** Morgan Stanley Investment Management Inc.

**Sub-Adviser.** Parametric Portfolio Associates LLC

**Portfolio Managers.** Information about the individuals jointly and primarily responsible for the day-to-day management of the Fund is shown below:

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| | | |
|:---|:---|:---|
| **Name** | **Title with Adviser or Sub-Adviser** | **Date Began Managing Fund** |
| Alex Zweber, CFA, CAIA | Managing Director of the Sub-Adviser | Since Inception |
| Michael Zaslavsky, CFA, CAIA | Senior Investment Strategist of the Sub-Adviser | Since Inception |
| Larry Berman | Managing Director of the Sub-Adviser | Since Inception |
| Perry Li, CFA, FRM | Senior Investment Strategist of the Sub-Adviser | Since Inception |
| Jennifer Mihara | Managing Director of the Sub-Adviser | Since Inception |
| Gordon Wotherspoon | Managing Director of the Sub-Adviser | April 2025 |

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**Purchase and Sale of Fund Shares**

Individual shares of the Fund may only be purchased and sold in secondary market transactions through a broker or dealer at market price. Because shares trade at market prices, rather than NAV, shares of the Fund may trade at a price greater than NAV (i.e., a premium) or less than NAV (i.e., a discount).

You may incur costs attributable to the difference between the highest price a buyer is willing to pay for shares (bid) and the lowest price a seller is willing to accept for shares (ask) (the "bid-ask spread") when buying or selling shares in the secondary market.

Recent information, including information about the Fund's NAV, market price, premiums and discounts, and bid-ask spreads (when available), will be available on the Fund's website at www.eatonvance.com.

**Tax Information**

The Fund intends to make dividends and distributions that may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or a financial intermediary (such as a bank), the Adviser and/or Foreside Fund Services, LLC (the "Distributor") may pay the financial intermediary for the sale of Fund shares and related services. These payments, which may be significant in amount, may create a conflict of interest by influencing the financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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