Tue, 29/03/2016 - 16:10
Eaton Vance Corp is to launch two additional NextShares exchange-traded managed funds, the Eaton Vance Global Income Builder NextShares (:EVGBC) and Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares (EVLMC).
On Wednesday, 30 March, 2016, these funds will list and begin trading on the Nasdaq Stock Market LLC (Nasdaq Stock Market) and become available to individual investors, financial advisors and institutions through Folio Investing and Folio Institutional®, leading online broker-dealers. The first NextShares fund, Eaton Vance Stock NextShares, was listed on the Nasdaq Stock Market and began trading on 26 February, 2016.
NextShares are a new way to invest in actively managed strategies. Because they are actively managed, NextShares offer the potential for benchmark-beating returns by applying their manager's proprietary investment research. Because they trade on an exchange, NextShares may offer cost and tax efficiencies that can enhance shareholder returns. NextShares may invest across all fund asset classes and are expected to be offered by a range of well-known asset managers.
The Eaton Vance Global Income Builder NextShares (Nasdaq: EVGBC) will invest in common stocks, income obligations, preferred stocks and hybrid securities around the globe, seeking total return. Under normal market conditions, the Fund currently expects to invest 50 to 80 per cent of its net assets in common stocks, 10 to 40 per cent of its net assets in income obligations, including cash or cash equivalents, and up to 30 per cent of its net assets in preferred stocks and other hybrid securities. Using a master-feeder structure, the Fund will hold its investments on an indirect basis through a separate registered investment company, Global Income Builder Portfolio (the Portfolio). Eaton Vance Global Income Builder Fund (Class A: EDIAX; Class C: EDICX; Class I: EDIIX; Class R: EDIRX), an open-end mutual fund, also invests through the Portfolio. The Portfolio is managed by Christopher Dyer, Jeffrey Mueller, Michael Allison and John Croft. Dyer and Mueller are Vice Presidents of Eaton Vance Management (International) Limited, a subsidiary of Eaton Vance Management. Allison and Croft are Vice Presidents of Eaton Vance Management.
Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares (Nasdaq: EVLMC) will follow a rules-based, laddered approach to municipal bond investing, seeking current income exempt from regular federal income tax. The Fund will maintain approximately equal-weighted exposures across the 5-to-15 year maturity range of the municipal market, emphasising investments identified as attractively valued based on credit research. Using a master-feeder structure, the Fund will hold its investments on an indirect basis through a separate registered investment company, 5-to-15 Year Laddered Municipal Bond Portfolio (the Portfolio). Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond Fund (Class A: EALTX; Class C: ECLTX; Class I: EILTX), an open-end mutual fund, also invests through the Portfolio. The Portfolio is managed by James Evans, Christopher Harshman and Brian Barney, Vice Presidents of Eaton Vance Management, a subsidiary of Eaton Vance Corp.
Eaton Vance has registered 18 initial NextShares funds, representing a broad range of actively managed investment strategies, including equity, fixed income, floating-rate income, absolute return and multi-asset funds. Additional NextShares funds are expected to become available later in 2016.
"Eaton Vance is pleased to announce the introduction of our second and third NextShares to the marketplace," says Thomas E Faust, Jr, Chairman and Chief Executive Officer. "By rolling out more NextShares funds, we further demonstrate the performance and trading characteristics of NextShares and position a broader range of investors to realize the potential benefits of this innovative fund structure."
"We're excited to be the listing venue for two new NextShares funds," says Jeff McCarthy, Head of Listings at Nasdaq. "Just a month after the initial Fund launched and made history in February, this collaboration reflects a joint commitment to providing investors with innovative products available on the Nasdaq Stock Market."
"We are pleased to offer advisors, investors and institutions a way to trade NextShares funds through Folio Investing and Folio Institutional," says Steven M H Wallman, CEO of Foliofn, a financial technology company. "We are committed to empowering investors by creating access to innovative investment solutions such as NextShares and our own powerful trading tools."
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