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NASDAQ Stock Market files rule change to list and trade 18 NextShares Funds


The NASDAQ Stock Market LLC (Nasdaq) has filed a proposed rule change with the US Securities and Exchange Commission (SEC) to list and trade under Nasdaq Rule 5745 the shares 18 NextShares exchange-traded managed funds.

The funds are:   
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

Nasdaq initially filed the rule change request on 10 April, 2015 and the SEC gave public notice on 23 April, 2015. No later than 90 days after publication of the notice in the Federal Register, the SEC will either approve or disapprove the proposed rule change or institute proceedings to determine whether the proposed rule change should be disapproved.

The SEC approved Nasdaq Rule 5745 governing the listing and trading of NextShares in November 2014. Under Rule 5745, Nasdaq must receive separate approval to list and trade each NextShares fund. The funds are the first NextShares funds for which Nasdaq is requesting listing and trading approval.

"This action by Nasdaq is a further step toward the approval and launch of NextShares," says Thomas E Faust Jr, Chairman and Chief Executive Officer of Eaton Vance Corp. 

"The Nasdaq filing provides a template for future rule change requests submitted for NextShares funds to be offered by other leading managers," says Stephen W Clarke, President of Navigate. 
Eaton Vance will be investment adviser to each Fund. 

Eaton Vance affiliate Parametric Portfolio Associates LLC will subadvise the two Parametric-branded Funds and Richard Bernstein Advisors LLC, an independent investment advisory firm, will subadvise Eaton Vance Richard Bernstein All Asset Strategy NextShares and Eaton Vance Richard Bernstein Equity Strategy NextShares. 

In December 2014, the SEC issued an order granted Eaton Vance and the Funds' series trusts (Trusts) exemptive relief to permit the offering of NextShares.  Each Trust is registered with the SEC as an open-end investment company and has filed a registration statement on Form N-1A, which must be declared effective prior to Fund launch.

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