Overview

S&P 500 Index options have traded with positive volatility risk premium (VRP) over 85% of the time.1

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 0.68 2.47 3.90
CBOE S&P 500 BuyWrite Index2 0.35 3.07 7.21 12.06 6.49 7.73 4.10
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. The share class has no sales charge.

Fund Factsas of Jun 30, 2017

Institutional Class Inception 02/09/2017
Investment Objective Total return
Total Net Assets $112.3M
Minimum Investment $50000
Expense Ratio (Gross)3 0.68%
Expense Ratio (Net)3,4 0.55%
CUSIP 27826A144

Portfolio Management

Thomas Seto Managed Fund since inception
Thomas B. Lee, CFA Managed Fund since inception
Jay Strohmaier, CFA Managed Fund since inception

About Risk: 

The effectiveness of the Fund's option strategy is dependent upon a general imbalance of natural buyers over natural sellers of index options. This imbalance could decrease or be eliminated, which could have an adverse effect on the Fund. Fund performance is sensitive to stock market volatility. Calls and puts written by the Fund will be based on the S&P 500 Index or a substitute for the S&P 500 Index. If the S&P 500 Index appreciates or depreciates sufficiently over the period to offset the net premium received, the Fund will incur a net loss. ETFs are subject to the risks of investing in the underlying securities and the Fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 0.68 2.47 3.90
CBOE S&P 500 BuyWrite Index2 0.35 3.07 7.21 12.06 6.49 7.73 4.10
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. The share class has no sales charge.

Fund Facts

Expense Ratio (Gross)3 0.68%
Expense Ratio (Net)3,4 0.55%
Institutional Class Inception 02/09/2017
Distribution Frequency Annually

NAV History

Date NAV NAV Change
Jul 24, 2017 $10.52 $0.00
Jul 21, 2017 $10.52 $0.00
Jul 20, 2017 $10.52 $0.00
Jul 19, 2017 $10.52 $0.03
Jul 18, 2017 $10.49 $0.00
Jul 17, 2017 $10.49 $0.00
Jul 14, 2017 $10.49 $0.02
Jul 13, 2017 $10.47 $0.02
Jul 12, 2017 $10.45 $0.04
Jul 11, 2017 $10.41 $0.00

Distribution History5

Ex-Date Distribution Reinvest NAV
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus

Capital Gain History5

Ex-Date Short-Term Long-Term Reinvest NAV
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

About Risk: 

The effectiveness of the Fund's option strategy is dependent upon a general imbalance of natural buyers over natural sellers of index options. This imbalance could decrease or be eliminated, which could have an adverse effect on the Fund. Fund performance is sensitive to stock market volatility. Calls and puts written by the Fund will be based on the S&P 500 Index or a substitute for the S&P 500 Index. If the S&P 500 Index appreciates or depreciates sufficiently over the period to offset the net premium received, the Fund will incur a net loss. ETFs are subject to the risks of investing in the underlying securities and the Fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Portfolio

Fund Holdings (%)6,7as of May 31, 2017

Holding % of Net Assets
United States Treasury Bill 7.95%
United States Treasury Note/Bond 7.01%
United States Treasury Bill 5.97%
United States Treasury Bill 5.20%
United States Treasury Bill 3.98%
United States Treasury Bill 3.35%
EV Cash Reserves Fund LLC 3.26%
Apple Inc 2.10%
Microsoft Corp 1.47%
Amazon.com Inc 1.01%
View All

About Risk: 

The effectiveness of the Fund's option strategy is dependent upon a general imbalance of natural buyers over natural sellers of index options. This imbalance could decrease or be eliminated, which could have an adverse effect on the Fund. Fund performance is sensitive to stock market volatility. Calls and puts written by the Fund will be based on the S&P 500 Index or a substitute for the S&P 500 Index. If the S&P 500 Index appreciates or depreciates sufficiently over the period to offset the net premium received, the Fund will incur a net loss. ETFs are subject to the risks of investing in the underlying securities and the Fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Insights & Analysis

Commentary

No commentary information is currently available.

About Risk: 

The effectiveness of the Fund's option strategy is dependent upon a general imbalance of natural buyers over natural sellers of index options. This imbalance could decrease or be eliminated, which could have an adverse effect on the Fund. Fund performance is sensitive to stock market volatility. Calls and puts written by the Fund will be based on the S&P 500 Index or a substitute for the S&P 500 Index. If the S&P 500 Index appreciates or depreciates sufficiently over the period to offset the net premium received, the Fund will incur a net loss. ETFs are subject to the risks of investing in the underlying securities and the Fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

Attribution

No attribution information is currently available.

About Risk: 

The effectiveness of the Fund's option strategy is dependent upon a general imbalance of natural buyers over natural sellers of index options. This imbalance could decrease or be eliminated, which could have an adverse effect on the Fund. Fund performance is sensitive to stock market volatility. Calls and puts written by the Fund will be based on the S&P 500 Index or a substitute for the S&P 500 Index. If the S&P 500 Index appreciates or depreciates sufficiently over the period to offset the net premium received, the Fund will incur a net loss. ETFs are subject to the risks of investing in the underlying securities and the Fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Management

Biography
Thomas Seto

Thomas Seto

Head of Investment Management
Parametric Seattle Investment Center
Joined Parametric Portfolio Associates 1998

Thomas Seto is head of investment management with Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. Tom is responsible for all portfolio management and trading at the Seattle Investment Center, and is a member of the executive committee. He joined Parametric in 1998.

Tom began his career in the investment management industry in 1991. Before joining Parametric, he served as the head of U.S. equity index investments at Barclays Global Investors.

Tom earned a B.S. in electrical engineering from the University of Washington and an MBA from the University of Chicago Booth School of Business.

Education
  • B.S. University of Washington
  • M.B.A Booth School of Business, University of Chicago

Experience
  • Managed Fund since inception

Biography

Thomas B. Lee, CFA

Managing Director Investment Strategy and Research
Parametric Minneapolis Investment Center
Joined Parametric 1994

Thomas Lee is a managing director for investment strategy and research for Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He leads an investment team responsible for managing the firm's investment strategies, and providing customized risk management strategies for institutional investors at Parametric's Minneapolis Investment Center.

Prior to joining The Clifton Group (acquired by Parametric in 2012) in 1994, Thomas worked as a research analyst at the Board of Governors of the Federal Reserve.

Thomas earned a B.S. in economics and an MBA in finance from University of Minnesota. He is a CFA charterholder.

Education
  • B.S. and MBA University of Minnesota

Experience
  • Managed Fund since inception

 
Biography

Jay Strohmaier, CFA

Managing Director
Parametric Minneapolis Investment Center
Joined Parametric Portfolio Associates 2009

Jay Strohmaier is a managing director and senior portfolio manager for the Minneapolis Investment Center of Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp.

Jay began his career in the investment management industry in 1984. Before joining The Clifton Group (acquired by Parametric in 2012) in 2009, Jay was senior vice president – institutional account sales with Advantus Capital Management. Previously, he was a senior vice president and portfolio manager with Peregrine Capital Management.

Jay earned a B.S. from Washington State University and an M.S. from the University of Minnesota – Twin Cities. He is a member of the CFA Society of Minnesota and is a CFA charterholder.

Education
  • B.S. Washington State University
  • M.S. University of Minnesota - Twin Cities

Experience
  • Managed Fund since inception

 

Literature

Literature

Fact Sheet

Download - Last updated: Mar 31, 2017

Full Prospectus

Download - Last updated: Feb 2, 2017

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

Download

SAI

Download - Last updated: Feb 2, 2017

Summary Prospectus

Download - Last updated: Feb 2, 2017