ThZeal - The Zeal

Effective October 1, 2024, the maximum expense ratio of the Fund will be decreased. Accordingly, the Prospectus is hereby amended as follows:

The Annual Fund Operating Expenses table under the section of the Prospectus entitled "Fund Summary—Eaton Vance Intermediate Municipal Income ETF—Fees and Expenses—Annual Fund Operating Expenses" is hereby deleted in its entirety and replaced with the following:

Annual Fund Operating Expenses¹
(expenses that you pay each year as a percentage of the value of your investment)

Management Fee¹	0.29	%
Other Expenses²	0.00	%
Total Annual Fund Operating Expenses³	0.29	%
Fee Waiver³	0.19	%
Total Annual Fund Operating Expenses After Fee Waiver³	0.10	%

The following is hereby added as the third footnote to the Annual Fund Operating Expenses table under the section of the Prospectus entitled "Fund Summary—Eaton Vance Intermediate Municipal Income ETF—Fees and Expenses—Annual Fund Operating Expenses":

³ The Adviser has agreed to reduce its management fee so that Total Annual Fund Operating Expenses, excluding the distribution fees, if any, brokerage expenses, acquired fund fees and expenses, taxes, interest, litigation expenses, and other extraordinary expenses, including the costs of proxies, not incurred in the ordinary course of the Fund's business, will not exceed 0.10%. The fee waiver will continue until February 1, 2026 or until such time as the Board of Trustees of Morgan Stanley ETF Trust acts to discontinue all or a portion of such waiver when it deems such action is appropriate. It is expected that the duration of the fee waiver will not be extended. Total Annual Fund Operating Expenses After Fee Waiver has been restated to reflect the fee waiver effective on October 1, 2024.

The Example table under the section of the Prospectus entitled "Fund Summary—Eaton Vance Intermediate Municipal Income ETF—Fees and Expenses—Example" is hereby deleted in its entirety and replaced with the following:

1 Year				3 Years
$	10			$	74

The following is hereby added as the last paragraph in the section of the Prospectus entitled "Fund Management—Management Fees":

The Adviser has agreed to reduce its management fee for Eaton Vance Intermediate Municipal Income ETF so that Total Annual Fund Operating Expenses of the Fund will not exceed 0.10%. In determining the actual amount of fee waiver for the Fund, the Adviser excludes from total annual operating expenses the distribution fees, if any, brokerage expenses, acquired fund fees and expenses, taxes, interest, litigation expenses, and other extraordinary expenses, including the costs of proxies, not incurred in the ordinary course of the Fund's business. The fee waiver will continue until February 1, 2026 or until such time as the Board of Trustees acts to discontinue all or a portion of such waiver when it deems such action is appropriate. It is expected that the duration of the fee waiver will not be extended.

Effective October 1, 2024, the maximum expense ratio of the Fund will be decreased. Accordingly, the following is hereby added as the last paragraph in the section of the Statement of Additional Information entitled "Investment Management and Other Services—Adviser":