Overview

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

Historical Returns (%) as of Mar 31, 2018

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 as of Apr 30, 2018

Institutional Class Inception 02/09/2017
Investment Objective Total return
Total Net Assets $263.6M
Minimum Investment $50000
Expense Ratio (Gross)5 0.68%
Expense Ratio (Net)5,6 0.55%
CUSIP 27826A144

Top 10 Holdings (%)7,8 as of Mar 31, 2018

Apple Inc.
Microsoft Corporation
Amazon.com Inc.
Berkshire Hathaway Inc. Class B
JPMorgan Chase & Co.
Johnson & Johnson
Facebook Inc. Class A
Exxon Mobil Corporation
Bank of American Corporation
Alphabet Inc. Class A
Total 22.19
 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

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. The value of equity securities 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. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in 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 Mar 31, 2018

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)5 0.68%
Expense Ratio (Net)5,6 0.55%
Institutional Class Inception 02/09/2017
Distribution Frequency Annually
 

NAV History

Date NAV NAV Change
May 24, 2018 $10.95 -$0.01
May 23, 2018 $10.96 $0.02
May 22, 2018 $10.94 -$0.01
May 21, 2018 $10.95 $0.04
May 18, 2018 $10.91 -$0.02
May 17, 2018 $10.93 $0.00
May 16, 2018 $10.93 $0.02
May 15, 2018 $10.91 -$0.03
May 14, 2018 $10.94 $0.01
May 11, 2018 $10.93 $0.01
 

Distribution History9

Ex-Date Distribution Reinvest NAV
Dec 14, 2017 $0.05820 $10.87
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 History9

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

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

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. The value of equity securities 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. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in 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

Asset Mix (%)8 as of Mar 31, 2018

Portfolio Statistics as of Mar 31, 2018

Median Market Cap $18.5B
Price/Earnings Ratio 18.96
Number of Holdings 283
Price/Book Ratio 3.07
 

GICS Sector Breakdown (%)10 as of Mar 31, 2018

 

Fund Holdings (%)8,11 as of Mar 31, 2018

Holding % of Net Assets
United States Treasury Note/Bond 6.43%
United States Treasury Note/Bond 6.43%
United States Treasury Note/Bond 5.61%
United States Treasury Note/Bond 5.36%
United States Treasury Note/Bond 4.30%
United States Treasury Bill 4.28%
United States Treasury Bill 4.26%
United States Treasury Bill 4.24%
United States Treasury Bill 3.29%
EV Cash Reserves Fund LLC 3.06%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

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. The value of equity securities 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. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in 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

Thomas Seto

Thomas Seto

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

Biography

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

 

Thomas B. Lee, CFA

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

Biography

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

 

Jay Strohmaier, CFA

Managing Director
Parametric Minneapolis Investment Center
Joined Parametric Portfolio Associates 2009

Biography

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, 2018

Commentary

Download - Last updated: Mar 31, 2018

Annual Report

Download - Last updated: Jan 31, 2018

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

Semi-Annual Report

Download - Last updated: Jul 31, 2017

Summary Prospectus

Download - Last updated: Feb 2, 2017