# EDGAR Filing Document

**Accession Number:** 0001676326
**File Stem:** 0001133228-26-001026
**Filing Date:** 2026-1
**Character Count:** 46199
**Document Hash:** 8b669952110b5457659c597da7498679
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-001026.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001133228-26-001026

**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:** 26574477

**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

### Eaton Vance Floating-Rate ETF (Series ID: S000083827)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000247848 | Eaton Vance Floating-Rate ETF |  |

![](sp17062img002.jpg)

**Eaton Vance Floating-Rate ETF** 

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

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| |
|:---|
| **Ticker Symbols and Exchange** |
| **Eaton Vance Floating-Rate ETF** |
| **EVLN** |
| **NYSE Arca** |

---

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/EVFloatingRateETF. 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**

The Eaton Vance Floating-Rate ETF (the "Fund") seeks to provide a high level of current income.

**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> | 0.60% |
| Other Expenses | 0.00% |
| Total Annual Fund Operating Expenses | 0.60% |

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| | |
|:---|:---|
| 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. |

---

**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.

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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $61 | $192 | $335 | $750 |

---

![](sp17062img003.jpg)

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Eaton Vance \| **Fund Summary**

Eaton Vance Floating-Rate ETF (Con't)

**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 most recent fiscal year, the Fund's portfolio turnover rate was 81% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in floating-rate credit investments. This policy may be changed without shareholder approval; however, shareholders would be notified upon 60 days' notice in writing of any changes. Floating-rate credit investments may include, without limitation, senior floating rate loans of domestic and foreign borrowers ("Senior Loans"), debt tranches of collateralized loan obligations ("CLOs"), secured and unsecured floating-rate bonds, as well as secured and unsecured subordinated loans, second lien loans, subordinated bridge loans and mezzanine investments (collectively, "Junior Loans"). Senior Loans typically are secured with specific collateral and have a claim on the assets and/or stock of the borrower that is senior to subordinated debtholders and stockholders of the borrower. Conversely, Junior Loans may have a claim on assets and/or stock of the borrower that is junior to holders of Senior Loans. Loans usually are of below investment grade quality and have below investment grade credit ratings, such ratings are associated with securities having high risk, speculative characteristics (sometimes referred to as "junk"). A CLO is a structured credit security issued by a special purpose vehicle that was created to reapportion the risk and return characteristics of a pool of assets. The assets, typically Senior Loans, are used as collateral supporting the various debt tranches issued by the special purpose vehicle. The Fund may invest in senior or subordinate tranches of a CLO. Senior Loans are loans (including corporate loans and bank loans) in which the interest rate paid fluctuates based on a reference rate (e.g., the secured overnight financing rate (SOFR)). Senior Loans are made to corporations, partnerships and other business entities which operate in various industries and geographical regions. Senior Loans pay interest at rates that are reset periodically by reference to a base lending rate, plus a premium. While the Fund may invest in loans of any credit quality, the Fund typically will invest in loans of below investment grade quality that have below investment grade credit ratings (that is, rated below BBB- by S&P Global Ratings ("S&P"), or below Baa3 by Moody's Investors Service, Inc. ("Moody's")), which are associated with securities having high risk and/or speculative characteristics (sometimes referred to as "junk"), which may include distressed or defaulted loans. The Fund's credit quality policies apply only at the time a security is purchased, and the Fund is not required to dispose of a security in the event of a downgrade of an assessment of credit quality or the withdrawal of a rating.

The Fund may invest up to 20% of its net assets in a combination of fixed-rate corporate bonds of any credit quality, including below investment grade bonds.

The Fund may invest in Senior Loans of foreign borrowers, which may be denominated in different currencies. Some non-U.S. securities may be less liquid and more volatile than securities of comparable U.S. issuers. The Fund may also engage in derivative transactions (such as futures contracts and options thereon, forward foreign currency exchange contracts, and other currency hedging strategies and interest rate swaps) to seek to hedge against fluctuations in currency exchange rates and interest rates. 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. Floating-rate credit investments held by the Fund that are denominated in U.S. dollars or foreign currencies will be counted toward the Fund's 80% policy discussed above.

The Fund's investments are actively managed and securities may be bought and sold on a daily basis. The Adviser seeks to maintain broad borrower and industry diversification among the Fund's investments. When selecting investments, the Adviser seeks to implement a systematic risk-weighted approach that utilizes fundamental analysis of risk/return characteristics. In evaluating the quality of particular Senior Loans or other securities, whether rated or unrated, the Adviser will normally take into consideration, among other things, the issuer's financial resources and operating history, its sensitivity to economic conditions and trends, the perceived ability of its management, its debt maturity schedules and borrowing requirements, and relative values based on anticipated cash flow, interest and asset coverage, and earnings prospects. Investments may be sold, if in the opinion of the Adviser, the risk-return profile deteriorates or to pursue more attractive investment opportunities. Preservation of capital is considered when consistent with the Fund's investment objective.

When deemed by the Adviser to be relevant to its evaluation of creditworthiness and when applicable information is available, the Adviser considers environmental, social and/or governance issues (referred to as "ESG") which may impact the prospects of an issuer (or obligor) or financial performance of an obligation. When considered, one or more ESG issues are taken into account alongside other factors in the investment decision-making process and are not the sole determinant of whether an investment can be made or will remain in the Fund's portfolio.

**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

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Eaton Vance \| **Fund Summary**

Eaton Vance Floating-Rate ETF (Con't)

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:

• **Loan Risks.** Investments
 in loans are subject to the risks generally associated with other debt obligations (such as credit and interest rate
 risk). Loans are also subject to additional risks, including subordination to other creditors, no collateral or limited rights in collateral,
 increased liquidity risks and lack of publicly available information. Loans are subject to the risk of default in the payment
 of interest or principal, which will result in a reduction of income or other losses to the Fund, and a potential decrease in the
 Fund's NAV. Loans are traded in a private, unregulated inter-dealer or inter-bank resale market and are generally subject to contractual
 restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund's ability to
 buy or sell loans (thus affecting their liquidity) and may negatively impact the transaction price. It also may take longer than seven
 days for transactions in loans to settle. Due to the possibility of an extended loan settlement process, the Fund may hold additional
 cash, sell investments or temporarily borrow from banks or other lenders to meet short-term liquidity needs. The types of
 covenants included in loan agreements generally vary depending on market conditions, the  creditworthiness of the issuer, the nature
 of the collateral securing the loan and possibly other factors. Loans with fewer covenants that restrict activities of the borrower
 may provide the borrower with more flexibility to take actions that may be detrimental to the loan holders and provide fewer
 investor protections in the event of such actions or if covenants are breached. The Fund may experience relatively greater realized
 or unrealized losses or delays and expense in enforcing its rights with respect to loans with fewer restrictive covenants. Loans
 to entities located outside of the U.S. may have substantially different lender protections and covenants as compared to loans
 to U.S. entities and generally involve greater and additional risks. The Fund may have difficulties and  incur expense enforcing
 its rights with respect to loans and  non-U.S. loans could be subject to bankruptcy laws that are materially different than in
 the U.S. Loans may be structured such that they are not securities under securities laws, and in the event of fraud or misrepresentation
 by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. Loans
 are also subject to risks associated with other types of income investments, including credit risk and risks of lower rated investments.
 In addition, bank loans are subject to the risk of default in the payment of interest or principal on a loan, which will result
 in a reduction of income to the Fund, and a potential decrease in the Fund's  NAV. The risk of default on loans will increase in the event of an
 economic downturn or a substantial increase in interest rates. Because some loans rank lower in priority of payment
 to other loans and other obligations, such loans present a greater degree of investment risk and may exhibit greater price volatility.

• **Asset-Backed Securities.** Asset-backed
 securities are subject to credit (such as a borrower's default on its mortgage obligation and the
 default or failure of a guarantee underlying the asset-backed security), interest rate and certain additional risks, including the risk
 that various federal and state consumer laws and other legal and economic factors may result in the collateral backing the securities
 being insufficient to support payment on the securities. To
 the extent the Fund invests in asset-backed securities issued by
 non-governmental issuers, such as commercial banks, savings and loan institutions, and other secondary market issuers, the Fund
 will be exposed to additional risks because, among other things, there are no direct or indirect government or agency guarantees
 of payments in the pools underlying the securities. Some asset-backed securities also entail prepayment risk and extension
 risk, which may vary depending on the type of asset. Due to these and other risks, asset-backed securities may become more
 volatile in certain interest rate environments.

• **Collateralized Loan Obligations Risk.** CLOs are a type of asset-backed security that is typically structured as a trust collateralized by a
 pool of loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The risks
 of an investment in a CLO depend largely on the type of the collateral securities and the class or tranche of the instrument in which
 the Fund invests. In addition to the risks normally associated with fixed income securities, such as interest rate risk, default risk,
 credit risk and liquidity risk, CLOs carry additional risks including, but not limited to: (i) the possibility that distributions from
 collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value
 or default; (iii) the Fund may invest in CLOs that are subordinate to other classes; and (iv) the complex structure of the security
 may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment
 results. The Fund and other investors in  CLOs ultimately bear the credit and interest rate risks of the underlying collateral.
 CLOs, and their underlying loan obligations, are typically not registered for sale to the public and therefore are subject to
 certain restrictions on transfer and sale, potentially subjecting them to increased liquidity risk as compared to other types of securities.
 As a result, the proceeds from the sale of CLO securities may not be readily available to meet the Fund's redemption or other
 obligations and the Fund may be unable to acquire or dispose of the securities at a price and time the Fund deems advantageous.

CLOs in which the Fund invests may be managed by investment advisers not affiliated with the Adviser. CLO managers are responsible for selecting, managing and replacing the underlying bank loans within a CLO. CLO managers may have limited operating histories and, may be subject to conflicts of interests, including managing the assets of other clients or other investment vehicles, or receiving fees that incentivize maximizing the yield, and indirectly the risk, of a CLO. Adverse developments with respect to a CLO manager may adversely impact the performance of the CLO securities in which the Fund invests.

**3**

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Eaton Vance \| **Fund Summary**

Eaton Vance Floating-Rate ETF (Con't)

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

• **Credit and Interest Rate Risk.** Credit risk refers to the possibility that the issuer or guarantor of a security, or counterparty to a transaction,
 will be unable or unwilling or perceived to be unable or unwilling to make interest payments and/or repay the principal
 on its debt or otherwise honor its obligations, including the risk of default. In such instances, the value of the Fund could
 decline and the Fund could lose money. If an issuer's, guarantor's or counterparty's financial condition worsens, the
 credit quality of
 the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial condition,
 liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change in
 the credit rating of an instrument or an issuer, guarantor or counterparty, or the market's perception of the creditworthiness of an instrument or
 issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument's value and liquidity and make
 it more difficult for the Fund to sell at an advantageous price or time. Interest rate risk refers to the decline in the value of a fixed-income
 security resulting from changes in the general level of interest rates. A wide variety of market and economic factors can
 cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and changes
 in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income securities
 go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the yield
 or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally be
 more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect the
 liquidity of and income generated by fixed-income instruments held by the Fund. The Fund may invest in variable and floating
 rate loans and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate
 changes than fixed rate instruments, the value of variable and floating rate loans and other securities may decline if their interest
 rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk in
 times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a quantitative easing program
 and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may detract from Fund performance.
 A changing interest rate environment increases certain risks, including the potential for periods of market volatility, increased
 redemptions, shortened durations (i.e., prepayment risk) and extended durations (i.e., extension risk).

• **Distressed and Defaulted Securities.** Distressed and defaulted securities are speculative and involve substantial risks in addition to the
 risks of investing in high yield securities. The Fund will generally not receive interest payments on the distressed securities and the
 repayment of principal may also be at risk. These securities may present a substantial risk of default or may be in default at the time
 of investment, requiring the Fund to incur additional costs. The repayment of defaulted securities is also subject to significant
 uncertainties. The Fund may incur substantial expenses in seeking recovery upon a default in the payment of principal of
 or interest on its portfolio holdings.

• **Fixed-Income Securities.** Fixed-income
 securities are subject to the risk of the issuer's inability to meet principal and interest payments
 on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate sensitivity
 (i.e., interest rate risk), market perception of the creditworthiness of the issuer and general market liquidity (i.e., market risk).
 For example, a type of fixed-income securities in which the Fund may invest are corporate debt obligations. In addition to interest
 rate, credit and other risks, corporate debt obligations are also subject to factors directly related to the issuer, such as the credit
 rating of the corporation, the corporation's performance and perceptions of the corporation in the marketplace, and by factors
 not directly related to the issuer, such as general market liquidity, economic conditions and inflation. The Fund is not limited
 as to the maturities (when a debt security provides its final payment) or durations (measure of interest rate sensitivity) of the
 securities in which it may invest. Securities with longer durations are likely to be more sensitive to changes in interest rates, generally
 making them more volatile than securities with shorter durations. Lower rated fixed-income securities have greater volatility
 because there is less certainty that principal and interest payments will be made as scheduled. The Fund may be subject to
 certain liquidity risks that may result from the lack of an active market and the reduced number and capacity of traditional market
 participants to make a market in fixed-income securities. To the extent that the Fund invests in convertible securities, and the
 convertible security's investment value is greater than its conversion value, its price will be likely to increase when interest
 rates fall and decrease
 when interest rates rise. If the conversion value exceeds the investment value, the price of the convertible security will
 tend to fluctuate directly with the price of the underlying security.

• **Foreign Currency.** The
 Fund's investments in foreign securities may be denominated in foreign currencies. The value of foreign currencies
 may fluctuate relative to the value of the U.S. dollar. Since the Fund may invest in such non-U.S. dollar-denominated securities,
 and therefore may convert the value of such securities into U.S. dollars, changes in currency exchange rates can increase or
 decrease the U.S. dollar value of the Fund's assets. Currency exchange rates may fluctuate significantly over short periods of time
 for a number of reasons, including changes in interest rates and the overall economic health of the issuer. Devaluation of a currency
 by a country's government or banking authority also will have a significant impact on the value of any investments denominated
 in that currency. The Adviser may use derivatives to seek to reduce this risk. The Adviser may in its discretion choose
 not to hedge against currency risk. In addition, certain market conditions may make it impossible or uneconomical to hedge
 against currency risk.

• **High Yield Securities ("Junk Bonds").** The Fund's investments in high yield securities expose it to increased risks, including a substantial
 degree of credit and default risks. High yield securities may be issued by companies that are restructuring, are smaller and
 less  creditworthy or are more highly leveraged or indebted than other companies or are financially distressed, and therefore

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Eaton Vance \| **Fund Summary**

Eaton Vance Floating-Rate ETF (Con't)

they typically have more difficulty making scheduled payments of principal and interest than issuers of higher rated investments. High yield securities are subject to greater risk of loss (including substantial or total loss) of income and principal than higher rated securities and are considered speculative because of increased credit risk relative to higher rated fixed income investments. High yield securities are also subject to greater price volatility, including sudden and substantial decreases in price, and less liquidity than higher rated securities. High yield securities are particularly sensitive to adverse economic, market, industry or issuer-specific developments, which may result in an increased incidence of default. In the event of a default, the Fund may incur additional expenses to seek recovery or to negotiate new terms with a defaulting issuer.

• **Mezzanine Investments.** Mezzanine investments are subordinated debt securities that receive payments of interest and principal after
 other more senior security holders are paid. Mezzanine investments carry the risk that the issuer will not be able to meet its obligations
 and that the mezzanine investments may lose value.

• **Foreign and Emerging Market Securities.** Investments in foreign markets entail special risks, such as currency, political (including geopolitical),
 economic and market risks, and heightened risks, that may result in losses to the Fund. There also may be greater market
 volatility, less reliable financial information, less stringent investor protections and disclosure standards, higher transaction and
 custody costs and risks, decreased market liquidity and less government and exchange regulation associated with investments in
 foreign markets. In addition, investments in certain foreign markets that have historically been considered stable may become more
 volatile and subject to increased risk due to developments and changing conditions in such markets. Moreover, the growing interconnectivity
 of global economies and financial markets has increased the probability that adverse developments and conditions
 in one country or region will affect the stability of economies and financial markets in other countries or regions. Certain
 foreign markets may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments
 (including regional and global, military or other conflicts), the imposition of economic sanctions against a particular country
 or countries, organizations, companies, entities and/or individuals, changes in international trading patterns, trade barriers (including
 tariffs) and other protectionist or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental
 interventions or other actions, such as the imposition of capital controls, nationalization of companies or industries, expropriation
 of assets or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial
 restrictions on foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government
 may limit or cause delay in the convertibility or repatriation of its currency which would adversely affect the  U.S. dollar
 value and/or liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and
 decline in value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund,
 particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its portfolio
 may be harder to value. The risks of investing in emerging market countries are greater than the risks associated with investments
 in foreign developed countries. Emerging
 market countries may be subject to increased potential for market manipulation
 and to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore,
 material information related to an investment may not be available or reliable. Certain emerging market or developing countries
 are among the largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls
 the repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance
 with the terms of such obligations. In addition, foreign governments may default on their debt securities, which may require
 holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, there
 is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part. In addition, the Fund is
 limited in its ability to exercise its legal rights or enforce a counterparty's legal obligations in certain jurisdictions outside
 of the United States,
 in particular, in emerging market countries. In addition, the Fund's investments in foreign issuers may be denominated
 in foreign currencies and therefore, to the extent unhedged, the value of those investments will fluctuate with U.S. dollar
 exchange rates.  Economic sanctions or other similar measures may be, and have been, imposed against certain countries, organizations,
 companies, entities and/or individuals. Economic sanctions and other similar measures could, among other things, effectively
 restrict or eliminate the Fund's ability to purchase or sell securities (in the sanctioned country and other markets), negatively
 impact the value or liquidity of  the Fund's investments, significantly delay or prevent the settlement of the Fund's securities transactions,
 force the Fund to sell or otherwise dispose of investments at inopportune times or prices, or impair the Fund's
 ability to meet its investment objective or invest in accordance with its investment strategies.

• **Foreign Currency Forward Exchange Contracts.** To the extent the Fund seeks to hedge its foreign currency exposure by the use of foreign
 currency forward exchange contracts, the precise matching of the foreign currency forward exchange contract amounts and the
 value of the securities involved will not generally be possible because the future value of such securities in foreign currencies will
 change as a consequence of market movements in the value of those securities between the date on which the contract is entered
 into and the date it matures. There is additional risk that such transactions may reduce or preclude the opportunity for gain
 if the value of the currency should move in the direction opposite to the position taken and that foreign currency forward exchange
 contracts create exposure to currencies in which the Fund's securities are not denominated. The use of foreign currency forward
 exchange contracts involves the risks associated with derivatives and the risk of loss from the insolvency or bankruptcy of the
 counterparty to the contract or the failure of the counterparty to make payments or otherwise comply with the terms of the contract.

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Eaton Vance \| **Fund Summary**

Eaton Vance Floating-Rate 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.

• **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. Investments
 in currency derivatives
 may substantially change the Fund's exposure to currency exchange rates and could result in losses to the Fund if currencies
 do not perform as the Adviser expects. Foreign currency forward exchange contracts and currency futures and options contracts
 create exposure to currencies in which the Fund's securities are not denominated.

• **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.

• **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.

• **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.

• **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.

*Cash Transactions Risk*.** Unlike certain ETFs, the Fund may effect creations and redemptions in cash or partially in cash. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind.

*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 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

**6**

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Eaton Vance \| **Fund Summary**

Eaton Vance Floating-Rate ETF (Con't)

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.

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 and one or more additional indexes. The additional index(es) in the table provide a means to compare the Fund's average annual returns to a benchmark that the Adviser believes is representative of the Fund's investment universe. 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**

![](sp17062img001.jpg)

During the periods shown in the bar chart above:

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| | | |
|:---|:---|:---|
| **High Quarter** | 06/30/25 | 2.59% |
| **Low Quarter** | 03/31/25 | 0.26% |

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

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| | | |
|:---|:---|:---|
|  | **Past**<br>**One Year** | **Since Inception** |
| Return Before Taxes | 5.78% | 6.83% |
| Return After Taxes on Distributions<sup>1</sup> | 2.71% | 3.84% |
| Return After Taxes on Distributions and Sale of Fund Shares | 3.37% | 3.93% |
| Bloomberg U.S. Universal Index (reflects no deduction for fees, expenses or taxes)<sup>2</sup> | 7.58% | 5.51%<sup>3</sup> |
| Morningstar LSTA US Leveraged Loan Total Return Index (reflects no deduction for fees, expenses or taxes)<sup>4</sup> | 5.90% | 7.40%<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 Bloomberg U.S. Universal Index represents the union of the U.S. Aggregate Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-Employee Retirement Income Security Act of 1974 (non-ERISA) eligible portion of the CMBS Index. The index covers U.S. dollar-denominated, taxable bonds that are rated either investment grade or high-yield. It is not possible to invest directly in an index. |

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3 Since Inception reflects the inception date of Fund (commenced operations on 02/06/24).

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| | |
|:---|:---|
| 4 | The Morningstar LSTA US Leveraged Loan Total Return Index is designed to measure the performance of the 100 largest facilities in the US leveraged loan market. It is not possible to invest directly in an index. |

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**7**

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Eaton Vance \| **Fund Summary**

Eaton Vance Floating-Rate ETF (Con't)

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 the investor's tax 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. 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.

**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** | **Date Began Managing Fund** |
| Peter Campo, CFA | Managing Director | June 2025 |
| Ralph Hinckley, CFA | Managing Director | February 2024 |
| Brandon Matsui, CFA | Executive Director | February 2024 |

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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, is 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 IRA.

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

If you purchase shares of the Fund through a broker-dealer or 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.

------© 2026 Morgan Stanley

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