Morgan Stanley Investment Management Launches Eaton Vance Income Opportunities ETF

Morgan Stanley Investment Management (MSIM) announced today the successful conversion of the Morgan Stanley Income Opportunities Fund into the Eaton Vance Income Opportunities ETF (NYSE Arca: XAGG), expanding its suite of actively-managed fixed income ETFs.

Eaton Vance Income Opportunities ETF seeks to provide diversified exposure to a broad spectrum of global fixed income sectors, with a focus on certain sectors that are often underrepresented in traditional core portfolios. Andrew Szczurowski, Co-Head of MSIM’s Mortgage and Securitized investment team, is the lead portfolio manager and will work closely with other senior portfolio managers representing MSIM’s extensive fixed income capabilities. The addition of Eaton Vance Income Opportunities ETF brings the total number of ETFs currently offered on MSIM’s platform to 18, including 11 active fixed income ETFs.

“The launch of Eaton Vance Income Opportunities ETF marks another milestone in the expansion of our ETF platform and commitment to offering investors best-in-class, actively-managed fixed income strategies in the ETF structure,” said Ally Wallace, Global Head of Capital Markets and ETF Strategy at MSIM. “We continue to look across our platform for dynamic investment strategies that address investor needs and resonate in today’s marketplace.”

Eaton Vance Income Opportunities ETF seeks a high level of current income as its primary investment objective. As a secondary objective, the Fund seeks to maximize total return but only to the extent consistent with its primary objective.

“In today’s environment, we believe it is imperative to offer a multisector approach to help investors navigate the shifting market and take advantage of emerging opportunities,” said Szczurowski. “Eaton Vance Income Opportunities ETF’s strategy allows for flexibility across geographies, sectors and the yield curve.”

With this conversion, MSIM’s active fixed income ETF offering now includes:

• Eaton Vance Total Return Bond ETF (NYSE: EVTR)
• Eaton Vance Short Duration Income ETF (Nasdaq: EVSD)
• Eaton Vance Ultra-Short Income ETF (NYSE Arca: EVSB)
• Calvert Ultra-Short Investment Grade ETF (NYSE Arca: CVSB)
• Eaton Vance Mortgage Opportunities ETF (NYSE Arca: EVMO)
• Eaton Vance Intermediate Municipal Income (NYSE Arca: EVIM)
• Eaton Vance High Income Municipal ETF (Nasdaq: EVYM)
• Eaton Vance Short Duration Municipal Income ETF (NYSE Arca: EVSM)
• Eaton Vance High Yield ETF (NYSE Arca: EVHY)
• Eaton Vance Floating-Rate ETF (NYSE Arca: EVLN)
• Eaton Vance Income Opportunities ETF (NYSE Arca: XAGG)

MSIM’s ETF platform currently offers 18 funds, including five Calvert-branded ETFs, three Parametric-branded ETFs and 10 Eaton Vance-branded fixed income ETFs. Launched in early 2023, MSIM’s ETF platform has grown to more than $9 billion in assets as of October 31, 2025.

About Morgan Stanley Investment Management

Morgan Stanley Investment Management, together with its investment advisory affiliates, has approximately 1,400 investment professionals around the world and $1.8 trillion in assets under management or supervision as of September 30, 2025. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im .

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit www.morganstanley.com .

RISK DISCLOSURES:

Before investing in any ETF advised by Morgan Stanley Investment Management, Inc., prospective investors should consider carefully The relevant ETF’s investment objective(s), risks, and charges and expenses. Each ETF’s current prospectus contains this and other information. To obtain an ETF’s prospectus or summary prospectus (which includes the applicable ETF's current fees and expenses), download a copy at eatonvance.com or call 1-800-548-7786. Prospective investors should read the prospectus carefully before investing.

Risk Considerations of Eaton Vance Income Opportunities ETF (the “Fund”):

Diversification does not eliminate the risk of loss.

There is no assurance that a fund will achieve its investment objective. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the fund will decline and that the value of fund shares may therefore be less than what you paid for them. Market values can change daily due to economic and other events (e.g. natural disasters, health crises, terrorism, conflicts and social unrest) that affect markets, countries, companies or governments. It is difficult to predict the timing, duration, and potential adverse effects (e.g. liquidity) of events. Accordingly, you can lose money investing in the Fund. Please be aware that the Fund may be subject to certain additional risks. Fixed-income securities are subject to the ability of an issuer to make timely principal and interest payments (credit risk), changes in interest rates (interest-rate risk), the creditworthiness of the issuer and general market liquidity (market risk). In a rising interest-rate environment, bond prices may fall and may result in periods of volatility and increased portfolio redemptions. In a declining interest-rate environment, the portfolio may generate less income. Longer-term securities may be more sensitive to interest rate changes . High yield securities (“junk bonds”) are lower rated securities that may have a higher degree of credit and liquidity risk Mortgage and asset-backed securities are sensitive to early prepayment risk and a higher risk of default and may be hard to value and difficult to sell (liquidity risk). They are also subject to credit, market and interest rate risks. Foreign securities are subject to currency, political, economic and market risks. The risks of investing in emerging market countries are greater than risks associated with investments in foreign developed countries. Sovereign debt securities are subject to default risk. Illiquid securities may be more difficult to sell and value than publicly traded securities (liquidity risk). Collateralized mortgage obligations can have unpredictable cash flows that can increase the risk of loss. 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 net asset value (“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.

Certain U.S. government securities purchased by the Fund, such as those issued by Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. It is possible that these issuers will not have the funds to meet their payment obligations in the future. Derivative instruments may disproportionately increase losses and have a significant impact on performance. They also may be subject to counterparty, liquidity, valuation, correlation and market risks. 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 Morgan Stanley Investment Management Inc. (the “Adviser”) expects. 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. Authorized Participant Concentration Risk . The Fund has a limited number of intermediaries that act as authorized participants and none of these authorized participants is or will be obligated to engage in creation or redemption transactions. As a result, shares may trade at a discount to NAV and possibly face trading halts and/or delisting. Trading Risk . The market prices of shares are expected to fluctuate, in some cases materially, in response to changes in the Fund's NAV, the intra-day value of holdings, and supply and demand for shares. The Adviser cannot predict whether shares will trade above, below or at their NAV. Buying or selling shares in the secondary market may require paying brokerage commissions or other charges imposed by brokers.

Eaton Vance, Parametric and Calvert are part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. Morgan Stanley Investment Management Inc. is the adviser to the ETFs.

The Eaton Vance, Parametric and Calvert ETFs are distributed by Foreside Fund Services LLC.

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