‘ Eaton Vance ’

Precidian’s non-transparent ETF structure draws interest from active managers

Jun 23rd, 2017 | By
Assets in smart beta equity ETFs/ETPs reach new record

A new type of actively managed ETF, which avoids disclosing the holdings of funds’ portfolios, has drawn interest from several major asset managers who have filed applications with the SEC to use the technology. Designed by Precidian Investments, a minority investment of Legg Mason, the ‘ActiveShares’ structure is being sought after by JPMorgan Chase, BlackRock, Capital Research, as well as Legg Mason affiliates ClearBridge and Royce.



Ivy Investments launches three ‘NextShares’ ETFs on Nasdaq

Oct 18th, 2016 | By
Nasdaq hosts 13 new ETF listings in Q2 2017

Ivy Investments has introduced its first three Ivy ‘NextShares’ exchange-traded managed funds, making the firm among the first to offer the new non-transparent ETF structure. Classed as a hybrid between an actively managed mutual fund and an ETF, NextShares seek to protect the fund manager’s proprietary research while simultaneously offering intraday tradability. The three Ivy NextShares ETFs target US equities in the energy sector, those with growth characteristics, or those with value attributes.



Fidelity Investments seeks approval for new breed of active ETFs

Aug 16th, 2016 | By
Fidelity Investments seeks approval for new breed of active ETFs

Boston-based fund manager Fidelity Investments has applied to the SEC TO launch a new kind of non-transparent active exchange-traded fund, arguing that the hybrid model will combine the best features of a traditional ETF and a closed-end fund. The proposed ETF will publish a daily “tracking basket” in order to calculate the intraday net asset value, allowing participants to trade the fund throughout the day, and will further offer shareholders the option of selling their shares at NAV every week if they want to avoid selling them on the stock exchange.



Eaton Vance launches long awaited exchange traded mutual fund

Feb 26th, 2016 | By
Regulatory approval of Eaton Vance's new active ETF structure edges closer

Eaton Vance Corp has launched its long awaited exchange-traded mutual fund, the Eaton Vance Stock NextShares (Nasdaq: EVSTC), on Nasdaq. It is the first of eighteen anticipated NextShares funds expected to be launched. The fund is the first of its kind and is classed as a hybrid between an actively managed fund and an ETF. It will follow a research-driven core investment strategy, primarily holding a diversified portfolio of common stock to seek long-term capital appreciation. The initial fund launch has been made available to individual investors, financial advisors and institutions through leading online broker-dealers Folio Investing and Folio Institutional.



Actively managed ETFs reach milestone as SEC approves NextShares funds

Dec 14th, 2015 | By
Actively managed ETFs reach milestone as SEC approves NextShares funds

Eaton Vance, the investment manager behind the NextShares active exchange-traded fund structure, has announced that the US Securities and Exchange Commission (SEC) has declared their approval for a range of NextShares funds. The funds are the first of the NextShares products to gain approval from the SEC and the news marks an important milestone in the development of the active ETF industry. “Today’s action by the SEC is the last regulatory step required to launch the initial NextShares funds,” said Stephen W. Clarke, President of NextShares Solutions. “We look forward to the staged introduction of NextShares beginning in the first quarter of 2016.”



SEC approves Eaton Vance’s non-transparent ETF structure

Nov 10th, 2014 | By
SEC approves non-transparent active ETF structure

Non-transparent ETFs moved a step closer in the US last week after the SEC approved a request by Nasdaq to adopt a new rule governing the listing and trading of a new fund structure devised by Eaton Vance called the exchange-traded managed fund (ETMF). ETMFs, which will come to market branded as NextShares, are effectively a hybrid between conventional actively managed mutual funds and ETFs. Thomas E. Faust Jr, Chairman and Chief Executive Officer of Eaton Vance, said: “The approval of Nasdaq’s rule change request for NextShares caps a pivotal two days in the development of NextShares. We look forward to continuing our collaboration with Nasdaq to bring NextShares to market.”



Nasdaq OMX files with SEC to permit listing and trading of non-transparent ETFs

Feb 17th, 2014 | By
Nasdaq OMX files with SEC to permit listing and trading of non-transparent active ETFs

Nasdaq OMX Group has filed with the US SEC for a proposed rule change to permit the listing and trading of exchange-traded managed funds (ETMFs). The Nasdaq filing complements an application for exemptive relief to permit the offering of ETMFs as filed by Eaton Vance, creator of the ETMF structure. ETMFs are a proposed new type of open-end fund designed to bring the performance and tax advantages of exchange-traded funds (ETFs) to active investment strategies, while maintaining the confidentiality of current portfolio trading information.



Regulatory approval of non-transparent ETF structure edges closer

Jan 24th, 2014 | By
Regulatory approval of Eaton Vance's new active ETF structure edges closer

Eaton Vance has filed a second amended application with the US Securities and Exchange Commission seeking exemptive relief to permit the offering of exchange-traded managed funds (ETMFs), a form of non-transparent actively managed exchange-traded fund (ETF). Eaton Vance is seeking to launch a family of ETMFs that mirror existing Eaton Vance mutual funds and to license the underlying technology to other fund groups through its affiliate Navigate Fund Solutions.