U.S. Securities and Exchange Commission Approves Listing and Trading of 18 Eaton Vance NextShares™ Funds on The NASDAQ Stock Market LLC

Jul 22, 2015, 09:29 ET from Eaton Vance Corp.

BOSTON, July 22, 2015 /PRNewswire/ -- Eaton Vance Management (Eaton Vance), a subsidiary of Eaton Vance Corp. (NYSE: EV), announced today that the U.S. Securities and Exchange Commission (SEC) has approved the request by the NASDAQ Stock Market LLC (Nasdaq) to adopt a new rule governing the listing and trading of shares of the below-listed Eaton Vance NextShares™ funds:

Eaton Vance Balanced NextShares™

Eaton Vance Bond NextShares™

Eaton Vance 5-to-15 Year Laddered Municipal Income NextShares™

Eaton Vance Floating-Rate & High Income NextShares™

Eaton Vance Global Dividend Income NextShares™

Eaton Vance Global Macro Absolute Return NextShares™

Eaton Vance Government Obligations NextShares™

Eaton Vance Growth NextShares™

Eaton Vance High Income Opportunities NextShares™

Eaton Vance High Yield Municipal Income NextShares™

Eaton Vance Large-Cap Value NextShares™

Eaton Vance National Municipal Income NextShares™

Eaton Vance Richard Bernstein All Asset Strategy NextShares™

Eaton Vance Richard Bernstein Equity Strategy NextShares™

Eaton Vance Small-Cap NextShares™

Eaton Vance Stock NextShares™

Parametric Emerging Markets NextShares™

Parametric International Equity NextShares™

As previously announced, NextShares is the brand name of exchange-traded managed funds to be offered by Eaton Vance and other sponsors.   

The Nasdaq rule change request was initially filed on April 10, 2015 and published in amended form in the Federal Register on April 29, 2015.  Prior to the launch of NextShares, the SEC must declare effective the registration statements of individual NextShares funds.  

"Approval to list and trade the initial 18 Eaton Vance NextShares funds on Nasdaq is an important step in bringing NextShares to market," said Thomas E. Faust Jr., Chairman and Chief Executive Officer of Eaton Vance Corp.  "We look forward to working with Nasdaq, other fund sponsors and participating broker-dealers to introduce NextShares."

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.

About Navigate and Eaton Vance

Navigate is a wholly owned subsidiary of Eaton Vance Corp. formed to develop and commercialize NextShares. Aspects of the operation of NextShares are protected intellectual property owned by Navigate.

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 $307.3 billion in assets as of June 30, 2015, offering individuals and institutions a broad array of investment strategies and wealth management solutions. For more information, see eatonvance.com.

This press release is for informational purposes only and is not intended to constitute, and should not be construed as, an offer to sell securities. The launch of NextShares is conditional upon fund regulatory approval, the likelihood and timing of which cannot be predicted. Commercial success also requires completion of enabling implementation technology and acceptance by market participants, which cannot be assured. Like mutual funds, 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 and may vary significantly from anticipated levels during periods of market volatility. Although limit orders may be used to control trading costs, they cannot be used to control or limit trade execution prices. There can be not 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. Market trading prices of NextShares may be above, at or below NAV, will fluctuate in relation to NAV based on supply and demand in the market for shares and other factors, and may vary significantly from NAV. 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.  The performance of actively managed NextShares will depend in part on the portfolio managers' successful application of analytical skill and investment judgment. A NextShares fund is not a complete investment program, and there is no guarantee that it will achieve its investment objective. It is possible to lose money on an investment in NextShares. Investors in NextShares should have a long-term investment perspective and be able to tolerate potentially sharp declines in value.  An investment in NextShares is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person.

SOURCE Eaton Vance Corp.