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Name

As of 06/02/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Parametric Volatility Risk Premium - Defensive Fund

EIVPX | Fund

$17.80

$1.35 B

1.99%

$0.35

0.46%

Vitals

YTD Return

6.4%

1 yr return

18.4%

3 Yr Avg Return

14.2%

5 Yr Avg Return

10.2%

Net Assets

$1.35 B

Holdings in Top 10

41.4%

52 WEEK LOW AND HIGH

$17.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.46%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 12.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 06/02/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Parametric Volatility Risk Premium - Defensive Fund

EIVPX | Fund

$17.80

$1.35 B

1.99%

$0.35

0.46%

EIVPX - Profile

Distributions

  • YTD Total Return 6.4%
  • 3 Yr Annualized Total Return 14.2%
  • 5 Yr Annualized Total Return 10.2%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.29%
DIVIDENDS
  • Dividend Yield 2.0%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Parametric Volatility Risk Premium - Defensive Fund
  • Fund Family Name
    EatonVance
  • Inception Date
    Feb 09, 2017
  • Shares Outstanding
    62867278
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Thomas Seto

Fund Description

The Fund pursues its objective by investing in a base portfolio that is generally comprised of an approximately equal mix of equity securities and money market instruments. The Fund writes (sells) call options on the S&P 500® Index, a broad-based  U.S. stock market index, and/or a substitute for the S&P 500® Index (the “S&P 500® Index” or the “Index”) on substantially the full value of the Fund’s equity securities. The Fund also writes (sells) put options on the S&P 500® Index or a substitute for such Index on substantially the full value of the Fund’s money market instrument holdings.
The Fund employs a top-down, disciplined and systematic investment process that seeks to take advantage of the volatility risk premium,  i.e., the tendency for volatility priced into an option to be higher, on average, than the volatility actually experienced on the securities underlying the option. Actual, or realized, options volatility may be higher or lower than anticipated. The Fund will generally write short tenor call and put options, typically with initial maturity of six weeks or less, and that are “out of the money” at the time of the initiation. That is, the exercise price of the call options sold generally will be above the current price level of the Index when written and the exercise price of put options sold generally will be below the current price level of the Index when written. Put and call options will normally: be held until expiration when they will expire worthless; be settled by a cash payment from the Fund; or be closed through an offsetting position. The Fund’s expected performance is defensive when compared to a long-only equity portfolio. The investment process is periodically reevaluated and may be adjusted to ensure that the process is consistent with the Fund’s investment objective and strategies.
The Fund generally seeks to implement its options strategy so that its options contracts qualify as “section 1256 contracts” as defined in the Internal Revenue Code of 1986, as amended (the “Code”). Under the Code, capital gains and losses on section 1256 contracts are generally recognized annually based on the marked-to-market value of open options positions at tax year end, with gains or losses treated as 60% long-term and 40% short-term, regardless of the holding period. The Fund intends to limit the overlap between its stock holdings and the S&P 500® Index to less than 70% on an ongoing basis in an effort to avoid being subject to the “straddle rules” under federal income tax law. As discussed below, straddles generally are subject to disadvantageous treatment under the Code.
The Fund’s equity investments consist of a diversified portfolio of common stocks that seeks to approximate the pretax total return performance of the S&P 500® Index. The Fund’s money market instrument investments consist primarily of U.S. Treasury securities with a maximum remaining maturity of one year or less and may also include high grade investments with effective maturities of one year or less, including commercial paper issued by banks and corporations. The Fund may also invest in an affiliated investment company that invests in money market instruments. High-grade instruments are rated A or higher by a rating agency or deemed to be of comparable quality by the investment adviser. The Fund’s asset allocation mix between equities and money market instruments is rebalanced periodically. The Fund may also lend its securities.
In selecting the Fund’s equity investments, the portfolio managers employ a disciplined and systematic investment process to invest in a diversified portfolio of common stocks with risk and return characteristics in aggregate similar to those of the S&P 500® Index. The Fund may engage in a systematic program of tax-loss harvesting (i.e., periodically selling positions that have depreciated in value to realize capital losses that can be used to offset capital gains realized by the Fund) in its equity portfolio.
Read More

EIVPX - Performance

Return Ranking - Trailing

Period EIVPX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.4% -2.8% 240.8% 24.90%
1 Yr 18.4% -4.3% 140.6% 44.78%
3 Yr 14.2%* -8.3% 18.3% 48.08%
5 Yr 10.2%* -5.0% 17.3% N/A
10 Yr N/A* -4.6% 13.2% N/A

* Annualized

Return Ranking - Calendar

Period EIVPX Return Category Return Low Category Return High Rank in Category (%)
2025 8.5% -34.1% 904.0% 56.31%
2024 13.5% -28.6% 438.4% 25.43%
2023 11.1% -93.5% 8.2% 17.24%
2022 -15.4% -38.9% 19.8% N/A
2021 16.5% -10.9% 12.8% N/A

Total Return Ranking - Trailing

Period EIVPX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.4% -2.7% 244.0% 25.69%
1 Yr 18.4% -4.3% 140.6% 41.74%
3 Yr 14.2%* -8.3% 18.3% 44.23%
5 Yr 10.2%* -5.4% 17.3% N/A
10 Yr N/A* -4.6% 13.2% N/A

* Annualized

Total Return Ranking - Calendar

Period EIVPX Return Category Return Low Category Return High Rank in Category (%)
2025 12.9% -34.1% 904.0% 56.31%
2024 16.5% -5.9% 438.4% 26.01%
2023 16.8% -81.2% 8.2% 22.07%
2022 -8.7% -29.0% 19.8% N/A
2021 18.0% -10.9% 12.8% N/A

NAV & Total Return History

EIVPX - Holdings

Concentration Analysis

EIVPX Category Low Category High EIVPX % Rank
Net Assets 1.35 B 25 17.4 B 8.61%
Number of Holdings 206 2 508 16.79%
Net Assets in Top 10 541 M -6.66 M 5.12 B 8.40%
Weighting of Top 10 41.36% 11.3% 100.0% 39.33%

Top 10 Holdings

  1. U.S. Treasury Bills 8.67%
  2. U.S. Treasury Bills 6.22%
  3. Morgan Stanley Institutional Liquidity Funds - Government Portfolio 5.56%
  4. NVIDIA Corp 4.01%
  5. Apple Inc 3.32%
  6. Microsoft Corp 2.84%
  7. U.S. Treasury Bills 2.80%
  8. U.S. Treasury Notes 2.79%
  9. U.S. Treasury Notes 2.66%
  10. U.S. Treasury Notes 2.48%

Asset Allocation

Weighting Return Low Return High EIVPX % Rank
Stocks 		50.44% -3.92% 100.76% 83.21%
Cash 		29.41% -0.76% 100.29% 19.08%
Bonds 		20.74% 0.00% 97.96% 7.25%
Preferred Stocks 		0.00% 0.00% 3.08% 51.91%
Convertible Bonds 		0.00% 0.00% 20.91% 53.82%
Other 		-0.14% 0.00% 45.92% 62.21%

Stock Sector Breakdown

Weighting Return Low Return High EIVPX % Rank
Technology 		23.97% 0.00% 44.43% 31.51%
Financial Services 		14.42% 0.00% 29.60% 24.79%
Healthcare 		14.39% 0.00% 25.91% 33.19%
Consumer Cyclical 		11.68% 0.00% 19.02% 20.17%
Communication Services 		8.45% 0.00% 21.22% 22.69%
Industrials 		7.97% 1.41% 43.91% 80.67%
Consumer Defense 		7.02% 0.00% 22.87% 81.51%
Energy 		4.07% 0.00% 69.54% 66.81%
Utilities 		2.90% 0.00% 13.35% 78.99%
Real Estate 		2.82% 0.00% 9.74% 60.92%
Basic Materials 		2.31% 0.00% 60.58% 86.97%

Stock Geographic Breakdown

Weighting Return Low Return High EIVPX % Rank
US 		50.44% -3.89% 100.00% 74.05%
Non US 		0.00% -2.17% 99.33% 80.53%

Bond Sector Breakdown

Weighting Return Low Return High EIVPX % Rank
Government 		65.57% 0.00% 99.91% 4.96%
Cash & Equivalents 		29.41% 0.09% 100.00% 90.08%
Securitized 		0.00% 0.00% 22.63% 51.91%
Corporate 		0.00% 0.00% 91.57% 56.87%
Municipal 		0.00% 0.00% 97.57% 51.53%
Derivative 		-0.14% 0.00% 0.13% 52.67%

Bond Geographic Breakdown

Weighting Return Low Return High EIVPX % Rank
US 		20.74% 0.00% 97.96% 7.25%
Non US 		0.00% 0.00% 16.94% 51.91%

EIVPX - Expenses

Operational Fees

EIVPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.46% 0.20% 6.78% 98.35%
Management Fee 0.40% 0.20% 1.75% 7.09%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.28% N/A

Sales Fees

EIVPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 4.75% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

EIVPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

EIVPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 12.00% 0.00% 456.80% 69.20%

EIVPX - Distributions

Dividend Yield Analysis

EIVPX Category Low Category High EIVPX % Rank
Dividend Yield 1.99% 0.00% 3.76% 54.65%

Dividend Distribution Analysis

EIVPX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Monthly Annually

Net Income Ratio Analysis

EIVPX Category Low Category High EIVPX % Rank
Net Income Ratio 0.29% -2.54% 14.24% 35.66%

Capital Gain Distribution Analysis

EIVPX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

EIVPX - Fund Manager Analysis

Managers

Thomas Seto

Start Date

Tenure

Tenure Rank

Feb 09, 2017

5.31

5.3%

Thomas is responsible for all portfolio management and trading related to our equity strategies. Prior to joining Parametric in 1998, Thomas served as the head of US Equity Index investments at Barclays Global Investors. He earned an MBA in finance from the University of Chicago Booth School of Business and a BS in electrical engineering from the University of Washington.

Thomas Lee

Start Date

Tenure

Tenure Rank

Feb 09, 2017

5.31

5.3%

Tom is a member of Parametric’s Executive Committee and leads Parametric’s Research, Strategy, Portfolio Management, and Trading Teams, coordinating resources, aligning priorities, and establishing processes for achieving clients’ investment objectives. Tom has coauthored articles on topics ranging from liability-driven investing to the volatility risk premium. He is a voting member of all the firm’s investment committees. Prior to joining Parametric in 1994 (originally as an employee of the Clifton Group, which was acquired by Parametric in 2012), Tom spent two years working for the Board of Governors of the Federal Reserve in Washington, DC. He earned a BS in economics and an MBA in finance from the University of Minnesota. A CFA charterholder, Tom is a member of the CFA Society of Minnesota.

Alex Zweber

Start Date

Tenure

Tenure Rank

Apr 01, 2021

1.16

1.2%

Alex is responsible for the continued investment success of Parametric’s liquid alternative strategies. He has over 14 years of experience working in portfolio construction, trading, and portfolio management across both futures and options. In his various positions, he has worked closely with institutional and HNW clients and their consultants to address their investment and risk management needs. Prior to returning to Minneapolis in 2020, he was responsible for supporting the development and distribution of Parametric’s strategies in Europe, and before that served as a Senior Portfolio Manager on Parametric’s volatility risk premium solutions, including Defensive Equity and Global Defensive Equity. Alex began his career in the investment management industry in 2006 with the Clifton Group (acquired by Parametric in 2012). Alex earned a BA in economics from Macalester College and is a CFA and CAIA charterholder.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 19.77 3.61 5.67

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