Eaton Vance High Yield ETF
EVHY
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- Eaton Vance High Yield ETF (EVHY) is an actively managed exchange-traded fund that seeks high levels of current income and capital growth through investment primarily in a diversified portfolio of U.S. corporate high yield debt securities with varying maturities, focusing on the higher quality portion of the high yield universe (primarily BB-rated and B-rated issuers); the portfolio includes top holdings such as Morgan Stanley Institutional Liquidity Government Institutional, Medline Borrower LP 5.25%, CCO Holdings LLC/CCO Holdings Capital Corp. 4.5%, Beach Acquisition Bidco LLC 0%, and GFL Environmental Inc. 4.75%, with approximately 95% allocated to corporate bonds, 4-6% to cash and equivalents, and smaller exposures to preferred stock and other assets across sectors like commercial services, specialty retail, and energy. Launched on October 16, 2023, and domiciled in the United States, EVHY trades on NYSE Arca with a net expense ratio of 0.48%, total assets under management of approximately $21 million, and a dividend yield around 7.5%; it is part of Morgan Stanley ETF Trust, with Morgan Stanley Investment Management Inc. serving as adviser and Morgan Stanley Investment Management Limited as sub-adviser. The fund targets income-seeking investors through its disciplined active management process, which incorporates proprietary credit research, rigorous risk management, and bottom-up/top-down fundamental analysis, while maintaining low-cost, transparent, and tax-efficient ETF structure. Recent portfolio manager changes include the addition of Justin Bourgette and Bo Hunt effective March 31, 2025, alongside existing managers Brandon Matsui, Stephen Concannon, and Jeffrey Mueller; Kelley Gerrity departed as portfolio manager effective September 30, 2025; the fund continues to operate within Morgan Stanley Investment Management's expanding active fixed income ETF suite, which reached over $9 billion in assets as of October 31, 2025, amid launches of complementary products like the Eaton Vance Income Opportunities ETF in November 2025. EVHY maintains geographic focus primarily on U.S. bonds (about 86%) with some non-U.S. bond exposure (11%), serving institutional and retail investors seeking high yield bond exposure with a tilt toward quality speculative-grade issuers to potentially capture ratings upgrades.