Morgan Stanley ETF Trust – Eaton Vance Income Opportunities ETF is an actively managed, U.S.-domiciled exchange-traded fund that seeks a high level of current income and, secondarily, total return consistent with that objective. The Fund provides diversified exposure to global fixed-income sectors, with an emphasis on market segments that may be underrepresented in conventional core bond portfolios; its investment universe includes mortgage-backed, asset-backed and commercial mortgage-backed securities; collateralized loan and mortgage obligations; U.S. government and agency securities; corporate bonds, high-yield debt and bank loans; preferred and convertible securities; municipal securities; inflation-linked and credit-linked instruments; and other fixed-income investments. The Fund employs a multisector strategy with flexibility across geographies, sectors and the yield curve, serving investors seeking income-oriented global bond exposure. It is managed by Morgan Stanley Investment Management Inc., an investment-management subsidiary of Morgan Stanley, with Andrew Szczurowski, Co-Head of MSIM’s Mortgage and Securitized Investment Team, serving as lead portfolio manager. Morgan Stanley, founded in 1935 and headquartered in New York, New York, provides investment banking, securities, wealth management and investment management services internationally. Effective November 10, 2025, the Morgan Stanley Income Opportunities Fund was converted into the Eaton Vance Income Opportunities ETF and began trading on NYSE Arca under the ticker XAGG, representing an expansion of Morgan Stanley Investment Management’s actively managed fixed-income ETF platform. The ETF retains the predecessor mutual fund’s investment objective and substantively similar strategy and is marketed under the Eaton Vance brand; Morgan Stanley Investment Management’s ETF platform includes Eaton Vance, Calvert and Parametric products and is distributed by Foreside Fund Services LLC.