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First NextShares fund to list and trade on NASDAQ in February

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The first NextShares exchange-traded managed fund, the Eaton Vance Stock NextShares (Nasdaq: EVSTC), is to list and begin trading on the NASDAQ Stock Market LLC on Friday, 26 February, 2016.  

Individual investors, financial advisors and institutions may purchase and sell shares of the Fund through Folio Investing and Folio Institutional, leading online broker-dealers, beginning on Monday, 29 February, 2016.

The Fund will seek to achieve long-term capital appreciation by investing primarily in a diversified portfolio of common stock, following a research-driven core investment style. The Fund will utilise a master-feeder structure, meaning that the Fund's investments will be held on an indirect basis through a separate registered investment company, Stock Portfolio (the Portfolio).  Eaton Vance Stock Fund (Class A: EAERX; Class C: ECERX; Class I: EIERX), an open-end mutual fund, also invests through the Portfolio.  The Portfolio's investment adviser is Boston Management and Research, an indirect wholly owned subsidiary of Eaton Vance, and its portfolio manager is Charles Gaffney.     

NextShares are a hybrid of actively managed mutual funds and exchange-traded funds (ETFs).  Like active mutual funds, NextShares offer the potential for benchmark-beating returns based on the manager's proprietary investment research.  Like ETFs, NextShares trade on an exchange and have built-in potential cost and tax advantages that can meaningfully 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.  

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.  Eaton Vance plans to follow the launch of the Fund with additional NextShares fund launches, beginning later in the first quarter. 

"The Fund is the first of several NextShares funds that we expect to introduce this year," says Thomas E Faust Jr, Chairman and Chief Executive Officer of Eaton Vance. "Our initial NextShares will offer investors access to established fund strategies in a new structure with significant potential investor benefits.  The Fund's introduction provides the first opportunity to demonstrate the performance, tax efficiency and trading characteristics of NextShares."

"We're pleased to serve as the listing and trading venue for NextShares," says Jeff McCarthy, Head of Exchange-Traded Product Listing at Nasdaq. "Extensive preparations have been made to develop technology to support NextShares trading and reporting, and the final stages of testing are currently in process."

"NextShares is an innovative offering that can provide real benefits to investors, and we are pleased to serve as the first broker offering trading," says Steve Wallman, CEO and founder of Folio Investing.

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