Eaton Vance Gains After SEC Backs First Non-Transparent ETF
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Eaton Vance Corp. shares rose the most since March 2009 after the company won the backing of regulators for a new type of exchange-traded fund that won’t disclose holdings daily, paving the way for more actively managed funds to be offered in an ETF format.
The U.S. Securities and Exchange Commission said it plans to allow Eaton Vance’s proposed structure, which would initially apply to 18 funds, according to a statement yesterday from the Boston-based money manager. The funds would be offered under the NextShares brand.