ETF Evaluator:
Eaton Vance Short Dur Muncpl Inc ETF (EVSM)
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(as of Jul 31)
Best Performing in Muni National Short Over the Last Year
| 4.4% | Vanguard Short Duration Tax-Exm Bd ETF (VSDM) |
| 4.2% | Capital Group Short Dur Muncpl Inc ETF (CGSM) |
| 4.2% | NYLI MacKay Muni Short Duration ETF (MMSD) |
| 4.0% | abrdn Ultra Short Municipal Inc Act ETF (AMUN) |
| 4.0% | Franklin Short-Term Municipal Income ETF (FTMS) |
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ETF Details
Eaton Vance Short Dur Muncpl Inc ETF Overview
Eaton Vance Short Dur Muncpl Inc ETF (EVSM) is an actively managed Municipal Bond Muni National Short exchange-traded fund (ETF). Eaton Vance ETFs launched the ETF in 2018.
The investment seeks to provide current income exempt from regular federal income tax.
Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in municipal securities, the interest on which is exempt from regular federal income tax.
About Eaton Vance Short Dur Muncpl Inc ETF (EVSM)
There are 4 members of the management team with an average tenure of 2.79 years: Brandon Matsui (2024), Julie Callahan (2023), Paul Metheny (2023) and Carl Thompson (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and ICE BofA 1-3Y US Muni TR USD index with a weighting of 100%. Eaton Vance Short Dur Muncpl Inc ETF has 384 securities in its portfolio. The top 10 holdings constitute 10.5% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Eaton Vance Short Dur Muncpl Inc ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. Eaton Vance Short Dur Muncpl Inc ETF has 1.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.9% (98.6% domestic bond, 1.3% foreign bond and 0.0% convertible bond). Eaton Vance Short Dur Muncpl Inc ETF has 0.2% of the portfolio in cash.
Assets Under Management
The fund has $758 million in total assets, which is below the $1 billion average for the Muni National Short category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
EVSM Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Eaton Vance Short Dur Muncpl Inc ETF expense ratio is low compared to funds in the Muni National Short category. Eaton Vance Short Dur Muncpl Inc ETF has an expense ratio of 0.19%, which is 10% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Eaton Vance Short Dur Muncpl Inc ETF has a portfolio turnover rate of 23%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 52% for the Muni National Short category.
Recently, in the month of June 2026, Eaton Vance Short Dur Muncpl Inc ETF returned 0.4%, which earned it a grade of B, as the Muni National Short category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Eaton Vance Short Dur Muncpl Inc ETF has a trailing yield of 3.00%, which is above the 2.91% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Eaton Vance Short Dur Muncpl Inc ETF Grades
Year to date, the ETF has returned 1.4%, 0.0 percentage points better than the category, which translates into a grade of C. The fund has returned 3.8% over the past year (grade of B), 3.9% over the past three years (grade of A) and 2.9% per year over the past five years (grade of A).
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EVSM Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| EVSM Return (NAV) | 0.4% | 1.1% | 3.8% | 3.9% | 2.9% | na |
| EVSM Return (Price) | 0.4% | 1.0% | 3.7% | 3.9% | 2.9% | na |
| NAV +/- Price Return | 0.040% | 0.040% | 0.086% | -0.018% | -0.011% | na |
| Muni National Short Avg | 0.3% | 0.9% | 3.4% | 3.3% | 1.8% | 1.5% |
| EVSM Grade (NAV) | B | B | B | A | A | na |
| +/- Category (NAV) | 0.0% | 0.1% | 0.3% | 0.6% | 1.1% | na |
| EVSM Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
EVSM Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| EVSM Return (NAV) | 1.4% | 4.4% | 2.9% | 4.6% | 1.2% | 0.1% | 0.6% | 1.5% | na | na | na |
| EVSM Return (Price) | 1.4% | 4.2% | 3.1% | 4.6% | 1.2% | 0.1% | 0.6% | 1.5% | na | na | na |
| NAV +/- Price Ret | -0.015% | -0.035% | 0.077% | 0.000% | 0.000% | 0.000% | 0.000% | 0.0% | na | na | na |
| Muni National Short Avg | 1.4% | 3.8% | 2.7% | 3.8% | -2.1% | 0.4% | 2.1% | 3.0% | 1.3% | 1.5% | -0.1% |
| EVSM Grade (NAV) | C | A | B | A | A | D | F | F | na | na | na |
| +/- Category | 0.0% | 0.6% | 0.2% | 0.8% | 3.3% | -0.4% | -1.5% | -1.5% | na | na | na |
| Risk Measures | |
| Beta: | 0.24 |
| R-Squared: | 79% |
| Standard Deviation: | 1.6% |
| Category Risk Index: | 0.89 |
| Category Risk Rating: | Average |
| Total Risk Index: | 0.13 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 3.0% |
| Total Assets: | $ 758 Mil |
| Share Class Assets: | $ 758 Mil |
| Turnover: | 23.0% |
| Expense Ratio: | 0.19% |
| Index Fund: | No |
| Index Tracked: | Bloomberg Municipal TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 3.1 years | |||
| Average Tenure: 2.8 years | |||
| Managers (Year): Callahan Julie (2023), Metheny Paul (2023), Thompson Carl (2023), Matsui Brandon (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 384 |
| % in Top 10 Holdings: | 10.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 98.6% |
| Foreign Bond: | 1.3% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Eaton Vance ETFs |
| Phone Number: | 800-836-2414 |
| Website: | |
| Inception Date: | December 19, 2018 |
Expenses and Fees
| Expense Ratio (%): | 0.19% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.21% |
