Eaton Vance Total Return Bond ETF
Morgan Stanley ETF Trust · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
Eaton Vance Total Return Bond ETF is an actively managed U.S. bond ETF.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- ETF
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q1
The Eaton Vance Total Return Bond ETF ?(the Fund) seeks above-average total return over a market cycle of three to five years.
The fund invests in a diversified mix of investment-grade fixed-income securities—U.S. government, corporate, municipal, and mortgage- and asset-backed securities—selected by the adviser using value measures to identify relative yield attractiveness and to manage interest rate, credit, prepayment, and currency risks, with an average portfolio duration held within plus or minus 1.5 years of the Bloomberg US Aggregate Bond Index. The fund may opportunistically allocate up to 20% of assets to high-yield securities and up to 35% to non-agency mortgage-backed securities, and may invest up to 20% in emerging-market-linked securities. Because the fund's duration is managed within a band relative to its benchmark rather than matched to it, returns may diverge from the index.
| Share class | Expense ratio |
|---|---|
| EVTR | 0.32% |
Portfolio turnover 401.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 61.91% |
| Securitized | 46.81% |
| Cash & short-term | 6.95% |
| Other | 0.95% |
| Derivatives | 0.06% |
These positions come to 116.67% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: FNMA or FHLMC ×4, United States of America ×4
Largest exited: FNMA or FHLMC ×5, United States of America ×2, Bank of America Corp.
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 81.3% |
| Floating rate | 18.7% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.4% |
| 1-3y | 2.8% |
| 3-5y | 12.5% |
| 5-10y | 26.5% |
| 10y+ | 57.7% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 63% |
| Credit spreads | 37% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +2.85 yr |
| High yield | +0.29 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.28 yr | 5% |
| 5 yr | 1.84 yr | 35% |
| 10 yr | 2.39 yr | 45% |
| 30 yr | 0.75 yr | 14% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.24 yr | 8% |
| 5 yr | 1.22 yr | 39% |
| 10 yr | 1.38 yr | 44% |
| 30 yr | 0.29 yr | 9% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.01 | +0.00 | $5.7k | $2.2k |
| 1 yr | +0.28 | +0.17 | +0.07 | $97.0k | $37.7k |
| 5 yr | +1.84 | +1.03 | +0.18 | $576.4k | $102.4k |
| 10 yr | +2.39 | +1.35 | +0.03 | $752.5k | $15.9k |
| 30 yr | +0.75 | +0.29 | +0.01 | $159.1k | $4.6k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 5.28 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | FNMA or FHLMC5.00% · due 2056-07-25 | 10.80% | $602.64M | — |
| MVRXX | Morgan Stanley & Co. LLCMVRXX | 6.04% | $337.09M | — |
| — | United States of America1.38% · due 2031-11-15 | 5.98% | $333.62M | — |
| — | United States of America1.88% · due 2032-02-15 | 4.56% | $254.40M | — |
| — | FNMA or FHLMC5.50% · due 2056-07-25 | 3.61% | $201.14M | — |
| — | United States of America4.63% · due 2044-05-15 | 3.56% | $198.28M | — |
| — | United States of America3.88% · due 2043-05-15 | 3.41% | $190.10M | — |
| — | FNMA or FHLMC4.50% · due 2056-07-25 | 3.24% | $180.92M | — |
| — | United States of America3.88% · due 2030-04-30 | 2.69% | $149.90M | — |
| — | United States of America4.25% · due 2035-05-15 | 2.28% | $127.16M | — |
Top 10 positions are 46.17% of net assets, top 25 60.09%, across 399 issuers.
See more of this fund's book
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