FYI: Eaton Vance Corp has won the last of the approvals it needs from the U.S. Securities and Exchange Commission to launch NextShares, a new breed of exchange-traded funds, the Boston-based company said in a statement.
NextShares, a hybrid between actively managed mutual funds and exchange-traded funds, could start trading as early as February, a spokeswoman said, after the SEC approved the offering documents of 18 such funds.
Funds from at least 11 other managers are expected to follow. Licensees include Gabelli Funds and Columbia Threadneedle Investments.
Regards,
Ted
http://wealthmanagement.com/print/etfs/eaton-vance-wins-final-regulator-approval-new-etfs
Comments
These exchange traded managed funds (ETMFs) are no more ETFs than ETNs are ETFs. Eaton Vance is barred by the SEC from marketing them as ETFs. But it seems EV can just keep its mouth shut and let the press mislabel this product (see the title of this thread, coming from the Reuters story).
Here's EV's press release:
http://www.prnewswire.com/news-releases/initial-nextshares-fund-registration-statements-declared-effective-by-us-securities-and-exchange-commission-300191951.html
EV is careful in its PR to point out that your trading price is going to be based on the end-of-day NAV (like an open end fund). Still, it implies that these are ETFs, just improved (unconventional): "Unlike conventional ETFs, NextShares (EV's product) ... "
If this product make sense to you, that's fine. Just don't buy shares thinking you're getting an ETF with real time pricing.