Eaton Vance Floating-Rate ETF (EVLN)

The Eaton Vance Floating-Rate ETF (EVLN) is an actively managed fixed income fund from Eaton Vance, part of Morgan Stanley Investment Management. Its objective is to provide a high level of current income.

The fund invests primarily in senior secured floating-rate loans made to corporate borrowers, most of which are rated below investment grade. Because the interest rates on these loans reset periodically based on a short-term reference rate, the fund's income tends to rise and fall with prevailing short-term rates and its sensitivity to interest-rate changes is relatively low.

Eaton Vance has a long history in the bank loan market, and its credit analysts select individual loans based on borrower fundamentals and collateral. The fund may also hold other floating-rate debt and some high-yield bonds.