All investments involve risks, including the loss of principal. Performance data represents past performance and is no guarantee of future results. Investment returns and principal value will fluctuate and are subject to market volatility. An investment, when sold, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Full disclosure

Options are risky and aren’t suitable for all investors. To learn more about risks, read the Options Disclosure Document.

All investments involve risks, including the loss of principal. Performance data represents past performance and is no guarantee of future results. Investment returns and principal value will fluctuate and are subject to market volatility. An investment, when sold, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Full disclosure



Options are risky and aren’t suitable for all investors. To learn more about risks, read the Options Disclosure Document.

Performance data represents past performance and is no guarantee of future results. Investment returns and principal value will fluctuate and are subject to market volatility. An investment, when sold, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. 

Investors should consider the investment objectives, risks, and charges and expenses of any closed-end fund (CEF) carefully before investing. The prospectus contains this and other information about the CEF and should be read carefully before investing. For a current prospectus, please click on the Prospectus link above.

CEF shares are bought and sold at market price on an exchange, which may be higher or lower than their net asset value (NAV, described below). A market price below NAV is known as a "discount," and a market price above NAV is known as a "premium." Shares cannot be redeemed with the Fund and, after the public offering period ends, can be bought and sold only through a stock exchange. Many CEFs use leverage (borrowed money) to seek enhanced returns, which magnifies the risk of loss. Distributions from CEFs may be comprised of income, realized gains, and/or a return of capital, and should not be confused with investment return or yield. CEF trading will also generate tax consequences. Additional regulatory guidance on CEFs can be found at the [SEC website](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/investor-bulletin-publicly-traded-closed-end-funds) and at the [FINRA website](https://www.finra.org/investors/insights/opening-up-closed-end-funds).

The __net asset value (NAV)__ for a fund is calculated by dividing the total net assets of the fund by the total number of shares. NAVs are provided by the fund. CEF investors purchase shares on an exchange at the market price, which may be different from the NAV.

The __expense ratio__ reflects the amount of money a fund charges every year for management, administration, and marketing - expressed as a percentage of total net assets. It does not include any fee waiver or expense reimbursement agreements that may be in effect.

The __30-day yield__ is based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30 day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.

The market price used to calculate the Price return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the fund are listed for trading, as of the time that the fund’s NAV is calculated. If you trade your shares at another time, your return may differ.

The line chart allows you to select different time spans. Each time span plots a time interval. The 1 day span (which uses 5 minute intervals) and the 1 week span (which uses 1 hour intervals) have additional logic to only show the interval when trades occur. This allows you to see when trading volume occurs during periods of slower activity like extended hours or thinly traded equities. The 1 day and 1 week spans include trades during extended and overnight hours.The candlestick chart works in the same manner except that it uses a 10 minute interval for the 1 day span.

Charts for 24 Hour Market securities display activity from 12 - 12 localized time. The “High” and “Low” statistics represent the highest and lowest values from 12 AM - 12 AM localized time. This includes market, extended, and overnight hours. Overnight volume displays the number of shares that are traded on the BOATS ATS during overnight hours, from 8 PM - 4 AM ET.

There are additional, unique risks with trading during extended hours you should be aware of before making an investment decision, including the risk of lower liquidity, increased volatility, greater spreads, and pricing uncertainty. Please review the [Extended Hours Trading Disclosure](https://cdn.robinhood.com/assets/robinhood/legal/ExtendedHoursTradingDisclosure.pdf)  for more information concerning these risks.

Average cost is defined as the cost per share of your current open position. It is used to calculate the unrealized profit and loss of your current position. Average cost may not always include fees, adjustments resulting from wash sales, corporate actions and transfers through the Automated Customer Account Transfer Service (ACATs). Therefore this calculation may not match your tax forms, if applicable.

In a retirement account, average cost* is defined as the weighted average amount paid for shares (buys). It doesn't change based on sell orders or the price of purchases transferred through ACATS.

Average cost should not be used to determine your realized gain or loss for tax reporting purposes. [Learn more](https://robinhood.com/us/en/support/articles/average-cost/)

Certain fundamental, market data, or other information is provided directly or indirectly by, or based on information provided by, third party data providers, which may include FactSet Research Systems, Inc. (Copyright © 2021 FactSet Research Systems Inc. All rights reserved.), Xignite (xignite.com), ICE Data Services, Morningstar, Inc. (Copyright © 2021 Morningstar. All rights reserved.), and/or other third party providers. Robinhood does not make any warranty or guarantee relating to the accuracy, timeliness or completeness of any third-party information. Any Morningstar information (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely; neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The provision of this information does not constitute investment advice or a recommendation of any security, transaction, account type, investment strategy involving securities, or order.

All investments involve risks, including the loss of principal. Past performance is no guarantee of future results. Securities trading offered through Robinhood Financial LLC, [Member SIPC](https://www.sipc.org/), a registered broker-dealer, and a subsidiary of Robinhood Markets, Inc.

__News and Breaking/Recent News Features__

Robinhood generates the News feature by sourcing news from a variety of third party news sources. Our algorithm selects these articles for display depending on your portfolio and lists.

Breaking and recent news summaries are sourced from Sherwood Media, an affiliated but separate and independent media outlet that is neither a broker dealer nor investment adviser. Summaries will be provided at the sole discretion of Sherwood Media, are intended for informational purposes only, and should not be relied upon as the sole basis for making any investment or trading decisions.

Any statement or opinion, including regarding securities or markets, contained in such material does not reflect the views of Robinhood, has not been reviewed or verified by Robinhood as accurate or complete, and is not an endorsement of any product or service mentioned. Robinhood assumes no responsibility for any statement, opinion, or advice contained in any such materials or on any third party site, including those of Sherwood Media.

Eaton Vance Michigan Municipal Income Trust

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About EMI

The listed name for EMI is Eaton Vance Michigan Municipal Income Trust.

EMI Key Statistics