Eaton Vance Files for Seven Municipal Bond ETFs

Eaton Vance has filed for seven municipal bond ETFs spanning California, New York, national, high-yield, ultra-short and short-duration strategies. All will invest at least 80% of assets in federally tax-exempt municipal obligations, with the state-specific funds also targeting California or New York tax exemptions. Credit exposure varies widely: the High Yield Municipal Income ETF will invest a majority in high-yield munis, while several others may allocate up to 50% to below-investment-grade debt. The National Ultra-Short fund targets an average maturity below two years, while the Short Duration fund targets duration below 4.5 years. The funds may also use derivatives and tax-aware trading strategies, and some distributions could be subject to the federal alternative minimum tax.