Morgan Stanley Investment Management Launches Eaton Vance Preferred Securities and Income ETF

Morgan Stanley Investment Management (MSIM) announced today the launch of Eaton Vance Preferred Securities and Income ETF (Nasdaq: EVPF), an actively managed ETF that seeks total return and to provide current income and may invest in preferred securities and other income-producing securities. EVPF is the 12th actively managed fixed income ETF and the 19th ETF strategy brought to market since the launch of the MSIM ETF platform in 2023.

“Our ETF platform continues to grow; EVPF delivers investors a unique, actively managed fixed income strategy that expands the range of investment options available,” said Ally Wallace, Global Head of Capital Markets and ETF Strategy, Morgan Stanley Investment Management. “This latest offering is another example of our commitment to enhancing our ETF platform by tapping into MSIM’s broad and distinct investment capabilities. With EVPF, we continue to position our ETF platform as a destination for investors seeking differentiated, active fixed income strategies delivered with the transparency, liquidity and tax efficiency of an ETF.”

The EVPF portfolio management team consists of Kevin Lynyak, James Benadum, CFA, Christopher Santos, CFA, Justin Ziegler, CFA and Alec Schaefer, CFA, along with Brandon Matsui, CFA. EVPF employs a flexible, actively managed investment approach that seeks to build on the inherent income and diversification benefits of the preferred securities asset class. Preferred securities are predominantly investment grade and have historically exhibited lower correlation to traditional fixed income, which may enhance diversification within a broader fixed income allocation. Through a research-driven process and an emphasis on securities that may produce qualified dividend income (QDI), the strategy seeks to deliver attractive after-tax yields relative to traditional fixed income. EVPF has a gross expense ratio of 0.39 percent and a net expense ratio of 0.20 percent.

“We continue to have a constructive outlook for the preferred securities asset class and believe the economic backdrop, moderating inflation and anticipated gradual Fed easing are key factors to watch heading into the second quarter,” said Lynyak. “The structural complexity and relative inefficiency of the preferred securities market creates opportunities for our fundamental, research-driven team to evaluate opportunities that may position us to seek tax-advantaged, income- generating opportunities for investors.”

With the introduction of EVPF, 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)
• Eaton Vance Preferred Securities and Income ETF (Nasdaq: EVPF)

As of today, MSIM’s ETF platform is comprised of 19 products including five Calvert-branded ETFs, three Parametric-branded ETFs and 10 Eaton Vance-branded fixed income ETFs.

About Morgan Stanley Investment Management
Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,400 investment professionals around the world and $1.9 trillion in assets under management or supervision as of December 31, 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 .

EVPF’s “Adviser,” Morgan Stanley Investment Management, Inc., has voluntarily agreed to waive a portion of its management fee on a temporary basis so that Total Annual Fund Operating Expenses of the Fund will not exceed 0.20% (the “Voluntary Fee Waiver”). The Voluntary Fee Waiver excludes 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. The Voluntary Fee Waiver will remain in place through June 30, 2026. The Adviser may discontinue the Voluntary Fee Waiver at any time prior to such date in its sole discretion and without notice.

Diversification does not eliminate the risk of loss.

RISK CONSIDERATIONS
There is no assurance that a portfolio will achieve its investment objective. Portfolios are subject to market risk, which is the possibility that the market values of securities owned by the portfolio will decline. Market values can change daily due to economic and other events (e.g. natural disasters, health crises, terrorism, conflicts and social unrest) that affect markets, countries, companies or governments. It is difficult to predict the timing, duration, and potential adverse effects (e.g. portfolio liquidity) of events. Accordingly, you can lose money investing in this portfolio.

Please be aware that this portfolio may be subject to certain additional risks. 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. 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. Preferred Securities As with fixed-income securities, which also make fixed payments, the market value of preferred stock is sensitive to changes in interest rates. Preferred stock generally decreases in value if interest rates rise and increases in value if interest rates fall. Trust Preferred Securities. The market value of trust preferred securities may be more volatile than those of conventional debt securities. Convertible 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. Contingent Convertible Securities. These securities provide for mandatory conversion into common stock of the issuer under certain circumstances. Since the common stock of the issuer may not pay a dividend, investors in these instruments could experience a reduced income rate, potentially to zero; and conversion would deepen the subordination of the investor, hence worsening standing in a bankruptcy. In addition, some such instruments have a set stock conversion rate that would cause an automatic write-down of capital if the price of the stock is below the conversion price on the conversion date. Under similar circumstances, the liquidation value of certain types of contingent convertible securities may be adjusted downward to below the original par value. In certain circumstances, contingent convertible securities may write down to zero and investors could lose the entire value of the investment, even as the issuer remains in business. CoCos may be subject to redemption at the option of the issuer at a predetermined price. Hybrid Securities . Hybrid securities generally possess certain characteristics of both equity and debt securities. These securities may at times behave more like equity than debt, or vice versa. Financial Services. Under normal conditions, the Fund will invest more than 25% of its total assets in securities issued by issuers in the financial services sector. As a result, the Fund will be particularly susceptible to any economic, business, political, regulatory or other developments that adversely affect issuers in the financial services industry. Illiquid securities may be more difficult to sell and value than publicly traded securities (liquidity risk). High yield securities (“junk bonds”) are lower rated securities that may have a higher degree of volatility, credit and liquidity risk. In general, equities securities’ values also fluctuate in response to activities specific to a company as well as factors unrelated to the company’s fundamentals (overall market and economic conditions, political events, investor sentiment, etc.). Foreign securities are subject to currency, political, economic and general market risks alongside lower transparency, weaker investor protections, and potential government actions that can restrict or devalue investments. Distressed and Defaulted Securities is highly speculative, with a significant risk of total loss due to uncertain repayment and potential costly, complex recovery efforts. New Fund Risk. A new portfolio's performance may not represent how the portfolio is expected to or may perform in the long term. In addition, there is a limited operating history for investors to evaluate and the portfolio may not attract sufficient assets to achieve investment and trading efficiencies. Authorized Participant Concentration Risk . The Portfolio has a limited number of intermediaries that act as authorized participants and none of these authorized participants is or will be obligated to engage in creation or redemption transactions. As a result, shares may trade at a discount to net asset value (“NAV”) and possibly face trading halts and/or delisting. Trading Risk. The market prices of Shares are expected to fluctuate, in some cases materially, in response to changes in the Portfolio'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 as determined by that broker.

Where the net expense ratio is lower than the gross expense ratio, certain fees have been waived and/or expenses reimbursed. These waivers and/or reimbursements will continue until 6/30/26 (unless otherwise noted in the applicable prospectus) or until such time as the fund’s Board of Directors acts to discontinue all or a portion of such waivers and/or reimbursements. Absent such waivers and/or reimbursements, returns would have been lower. Expenses are based on the fund’s current prospectus.

Morgan Stanley Investment Management Inc. is the adviser to the Eaton Vance ETFs. Eaton Vance ETFs are distributed by Foreside Fund Services, LLC.

Read the prospectus carefully before investing. Before investing in any Eaton Vance ETF, prospective investors should consider carefully the investment objective(s), risks, and charges and expenses. The current prospectus contains this and other information. To obtain a prospectus or summary prospectus (which includes the applicable fund's current fees and expenses, if different from those in effect as of the date of this material), download a copy at eatonvance.com or call 1-800-548-7786.

NOT FDIC INSURED. OFFER NO BANK GUARANTEE. MAY LOSE VALUE. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. NOT A DEPOSIT.

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