SEC approves pioneering NextShares, changing ETF transparency
Eaton Vance has been granted approval to launch its innovative NextShares (ETMF). The investment vehicles are a fusion of mutual funds and ETFs, both in terms of the product and the fee structure. They will trade on an exchange like ETFs however, unlike traditional ETFs they will not be required to disclose their holdings on a daily basis. Eaton Vance is supported by a number of asset managers who applied to the SEC for authorisation to issue NextShares, and could be the catalyst for more asset managers to enter the ETF space. Some managers have been reluctant to issue ETFs as daily disclosure requirements would reveal investment strategies and expose funds to portfolio arbitrage. Eaton Vance’s 18NextShares funds are scheduled to start rolling out in Q1 2016, beating BlackRock, which re-submitted its request to issue a similar product to the SEC last month.Others seeking approval for “nontransparent” ETFs include Precidian, which counts Capital Research and Management among its supporters, State Street Global Advisors and Invesco.

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Robyn Tice -617.672.8940 Stephen W. Clarke-617.672-8660





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BOSTON, MA, December 11, 2015 - NextShares Solutions LLC (NextShares Solutions) today announced that the U.S. Securities and Exchange Commission (SEC) has declared effective the registration statements of 18 NextSharesTMfunds (Funds) sponsored by Eaton Vance Management (Eaton Vance). The Funds represent a broad range of actively managed investment strategies, including equity, fixed income, floating-rate income, absolute return and multi-asset funds. They are the first NextShares funds to complete the SEC registration statement process.





'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.'





NextShares are a new type of actively managed fund designed to provide better performance for investors. As exchange-traded products, NextShares have built-in cost and tax efficiencies. Unlike conventional ETFs, NextShares protect the confidentiality of fund trading information and provide buyers and sellers of shares with transparency and control of their trading costs. NextShares offer significant advantages over both mutual funds and ETFs as vehicles for active investment strategies. A range of leading asset managers have announced plans to offer NextShares funds to their investors. Learn more by visiting NextShares.com.





NextShares Solutions (formerly Navigate Fund Solutions LLC) is a wholly owned subsidiary of Eaton Vance Corp. (NYSE: EV) formed to develop and commercialize NextShares. Aspects of the operation of NextShares are protected intellectual property owned by NextShares Solutions.





Eaton Vance Corp. is one of the oldest investment management firms in the United States, with a history dating to 1924. Eaton Vance and its affiliates managed $311.4 billion in assets as of October 31, 2015, offering individuals and institutions a broad array of investment strategies and wealth management solutions. For more information, see eatonvance.com.









The information contained herein is provided for informational purposes only, is not intended as investment or tax advice, and does not constitute a solicitation of an offer to buy or sell specific securities. Information contained herein is not representative of any specific fund. The views expressed are those of NextShares Solutions, and the information contained herein is not all- inclusive.





Shares of NextShares funds will trade in the secondary market and may not be individually purchased or redeemed from the fund. Investors will be able to purchase and redeem shares from a NextShares fund only in specified creation unit sizes by or through authorized participants. Market trading prices of NextShares will be linked to the next-computed net asset value (NAV) and will vary from NAV by a market-determined premium or discount, which may be zero. Market trading prices may vary significantly from anticipated levels. For each NextShares trade, the final transaction price is determined once NAV is computed at the end of the day.





NextShares will not offer investors the opportunity to buy and sell intraday based on current (versus end-of-day) determinations of fund value. NextShares trade execution prices will fluctuate based on changes in NAV. Although limit orders may be used to control trading costs, they cannot be used to control or limit trade execution prices. There can be no guarantee that an active trading market for NextShares will develop or be maintained, or that their listing will continue unchanged. Buying and selling NextShares may require payment of brokerage commissions and expose transacting shareholders to other trading costs. Frequent trading may detract from realized investment returns. The return on a shareholder's NextShares investment will be reduced if the shareholder sells shares at a greater discount or narrower premium to NAV than he or she acquired the shares.