Overview

Overview 

The Trust seeks to provide returns on Units purchased in the offering and held for the life of the Trust based on the price performance of the S&P 500 (the Index). If the Index appreciates over the investment life of the Trust, the Trust seeks to provide a return on the initial net asset value (NAV) of Units equal to the percentage change in the price of the Index, up to a maximum return of 20.5%. If the Index depreciates over the investment life of the Trust by 15% or less, the Trust seeks to return the initial NAV. If the Index depreciates over the investment life of the Trust by more than 15%, the Trust seeks to outperform the Index price change by 15% of initial Index value. The Trust is subject to investment risks, including loss of principal invested. There can be no assurance that the Trust will achieve its investment objective.

Target Performance Profile1

  • Expected return over the life of Trust from initial NAV
  • Index price performance over life of Trust

Quick Trust Facts

Ticker Symbol ETUB
CUSIP 298411109
Listing Exchange NYSE MKT
Trust Offering Date 5/29/2012
Anticipated Trust Termination 5/21/2014


Trust Valuation

As of Apr 17, 2014 Value % of Initial Level
Market Price per Unit $11.94 119.40%
Premium / Discount to NAV -0.83%
NAV per Unit $12.06 120.60%
S&P 500 1864.85 139.96%
Bond Value $100.07
Derivative Value $273.30
Derivative Contract Characteristics
Delta 0.24
Gamma -0.08

Initial Settings for the Trust

Value % of Initial Index Level
S&P 500 1,332.42 100.00%
S&P 500 Downside Buffer 1,132.56 85.00%
S&P 500 Upside Cap 1,605.57 120.50%

Hedge Portfolio per Unit Held Long

Long/Short Qty Strike Maturity
S&P 500 Put Long 0.007505 1,132.56 5/21/2014
S&P 500 Call Short 0.007505 1,332.42 5/21/2014
S&P 500 Call Long 0.007505 1,605.57 5/21/2014
1.00% U.S. Treasury Short 0.009862 N/A 5/15/2014
0.91% Bullet Payment Short 1.000000 N/A 5/22/2014
Trust Expenses (0.75% annually) Long N/A N/A 5/24/2014
The Hedge Portfolio represents a model portfolio of securities and derivative positions that a Unit holder could enter into to substantially offset the risk of owning Units. A professional investor expert in derivatives hedging strategies who wishes to earn arbitrage profits could seek to do so by purchasing Units at a discount to net asset value (NAV) and maintaining an offsetting Hedge Portfolio position over the remaining life of the Trust. The profits earned from such an arbitrage strategy, if any, would be reduced by the associated trading and position carrying costs. Eaton Vance makes no endorsement or recommendation of an eUnits™ arbitrage investment strategy. Disclosure of the Trust's Hedge Portfolio does not constitute an offer to sell or the solicitation of an offer to buy any securities. Nothing contained herein constitutes investment, legal, tax or other advice or should be relied upon in making an investment or other decision.

Portfolio Management

Thomas H. Luster, CFA Managed Trust since inception
Jonathan Orseck Managed Trust since inception
Ken Everding, Ph.D Managed Trust since inception

 

Market price is the most recent trading price of Units as of the market close on the indicated date. Net asset value (NAV) is the total assets less total liabilities of the Trust divided by the number of Units outstanding. Investors who buy or sell Units in the secondary market may achieve returns that differ substantially from the returns that the Trust seeks to provide on Units purchased in the offering and held for the life of the Trust. Shares of closed-end investment companies frequently trade at a discount to their NAV, and there can be no assurance that the Units will trade at or near their current NAV on an ongoing basis. The Trust may not be suitable for you if you seek an investment for which there is an active secondary market. Investors should be willing and able to hold the Units until the termination of the Trust.


Performance

Average Annual Returns (%) as of Mar 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 0.17 0.50 0.50 6.73 10.68
Market Price 1.28 1.89 1.89 12.70 9.87
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that Units, when redeemed, may be worth more or less than their original cost. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with distributions reinvested. Performance at market does not take into account trading commissions that may apply to the purchase and sale of Units. Performance at NAV may not be representative of the investment experience of Unit holders due to changes in premium and discount levels. Investment return and principal value will fluctuate so that Units, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust's current performance may be lower or higher than quoted. Performance for periods of less than one year is cumulative.

Portfolio

Trust Portfolio Holdings

As of Apr 17, 2014 Value % of Total Net Assets
1% U.S. Treasury Note Due 05/15/2014 $19,837,163.13 81.8%
Derivative Contracts $4,123,329.33 17.0%
Other Net Assets $281,960.77 1.2%
Total Net Assets $24,242,453.23 100.0%

Trust Derivative Contract Counterparties

Barclays Bank PLC
Credit Suisse International
Morgan Stanley & Co. International PLC

Insights & Analysis

Quarterly Commentary

 

No commentary information is available.


Attribution

 

No attribution information is available.


Management

Biography
Thomas H. Luster, CFA

Thomas H. Luster, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1995

Tom Luster is a vice president of Eaton Vance Management, director of Investment-Grade Fixed Income and portfolio manager on Eaton Vance's investment-grade fixed-income team.

Tom joined Eaton Vance in 1995. Prior to joining Eaton Vance, Tom was associated with Deloitte & Touche Consulting and the Naval Center for Space Technology.

Tom earned a B.S. in mechanical engineering from George Washington University and an M.B.A. in finance from the University of Chicago. He is a CFA charterholder. Tom is also a member of the Fixed Income Management Society of Boston and the Boston Security Analysts Society, and was formerly chairman and a Governor's appointee to the Board of Trustees of Health Care Security, which oversees the investment of Tobacco Litigation Settlement funds for the Commonwealth of Massachusetts.

Tom's commentary has appeared in The Wall Street Journal, Reuters, Investor's Business Daily and American Banker, and he has been featured on New England Cable News and Bloomberg Radio.

Education
  • B.S. George Washington University
  • M.B.A. Booth School of Business, University of Chicago
Experience
  • Managed Trust since inception
Biography
Jonathan Orseck

Jonathan Orseck

Managing Director, Parametric Risk Advisors, LLC
Joined Parametric Risk Advisors 2006

Jon Orseck is managing director of Parametric Risk Advisors, an investment adviser and subsidiary of Parametric Portfolio Associates, LLC, a majority-owned subsidiary of Eaton Vance Corp.

Prior to joining Parametric in 2006, Jon was a managing director at Banc of America Securities, where he founded and managed the Equity Linked Solutions Group. He was responsible for the development, structuring, marketing and sales of equity and commodity index-linked structured investments. Before Bank of America, Jon was an executive director at Morgan Stanley responsible for structuring and marketing structured notes to institutional clients. He also managed their high- net-worth, over-the-counter equity derivative business for hedging and investment purposes for the eastern half of North America. From 1993-1996, Jon held similar roles at Kidder, Peabody and Royal Bank of Canada.

Jon earned a B.S. in computer science from the University of Pennsylvania and an M.B.A. from New York University Stern School of Business.

Education
  • B.S. University of Pennsylvania
  • M.B.A. Stern School of Business, New York University
Experience
  • Managed Trust since inception
Biography
Ken Everding, Ph.D

Ken Everding, Ph.D

Managing Director, Parametric Risk Advisors, LLC
Joined Parametric Risk Advisors 2005

Ken Everding is managing director of Parametric Risk Advisors, an investment adviser and subsidiary of Parametric Portfolio Associates, LLC, a majority-owned subsidiary of Eaton Vance Corp.

Prior to joining Parametric in 2005, Ken was a managing director at Zurich Capital Markets and BNP Paribas, following Zurich's acquisition. At Zurich, Ken's team was the pioneer in creating structured hedge fund products. Before Zurich, Ken was a founding member of Donaldson, Lufkin & Jenrette's credit derivative group and subsequently moved to London to form and run DLJ's European credit derivatives business. There, he was responsible for its trading, structuring and marketing efforts.

Ken earned a B.S. with honors in physics from Iowa State University and holds a doctorate in theoretical particle physics from Yale University. The title of his Ph.D. thesis is "Aspects of Non-Perturbative Quantum Electrodynamics," excerpts of which have been published in leading academic journals.

Education
  • B.S. Iowa State University
  • Ph.D. Yale University
Experience
  • Managed Trust since inception

Fund Literature

Fund Literature

Annual Report

Holdings-1st or 3rd fiscal quarters-www.sec.gov

Eaton Vance Launches Second eUnits™ Trust; eUnits™ 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside Raises $20,002,480 in Initial Public Offering

Section 16 Filings - www.sec.gov

Semi-Annual Report


 

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