EATON VANCE CORP.
Robyn Tice Contact: Peter Gau
617.672.8940 212. 231.5475
rtice@eatonvance.com peter.gau@nasdaq.com
First NextShares™ Fund to List and Trade on
NASDAQ Stock Market LLC in February
BOSTON, MA, January 25, 2016 - Eaton Vance Corp. (Eaton Vance) and
Nasdaq, Inc. (Nasdaq) today announced that the first NextShares™ exchangetraded
managed fund, Eaton Vance Stock NextShares (Nasdaq: EVSTC) (the
Fund), will list and begin trading on the NASDAQ Stock Market LLC on Friday,
February 26, 2016. Individual investors, financial advisors and institutions may
purchase and sell shares of the Fund through Folio Investing
®and FolioInstitutional
®, leading online broker-dealers, beginning on Monday, February 29,2016.
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 utilize 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
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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," said 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," said
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," said Steve
Wallman, CEO and founder of Folio Investing.
About NextShares Solutions and Eaton Vance
NextShares Solutions LLC is a wholly owned subsidiary of Eaton Vance formed
to develop and commercialize NextShares. Aspects of the operation of
NextShares are protected intellectual property owned by NextShares
Solutions. For more information, visit nextshares.com.
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Eaton Vance (NYSE: EV) is a leading global asset manager whose history dates
to 1924. With offices in North America, Europe, Asia and Australia, Eaton Vance
and its affiliates managed $308.0 billion in assets as of December 31, 2015,
offering individuals and institutions a broad array of investment strategies and
wealth management solutions. The Company's long record of providing
exemplary service, timely innovation and attractive returns through a variety of
market conditions has made Eaton Vance the investment manager of choice for
many of today's most discerning investors. For more information, visit
eatonvance.com.
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a leading provider of trading, clearing, exchange
technology, listing, information and public company services across six
continents. Through its diverse portfolio of solutions, Nasdaq enables customers
to plan, optimize and execute their business vision with confidence, using proven
technologies that provide transparency and insight for navigating today's global
capital markets. As the creator of the world's first electronic stock market, its
technology powers more than 70 marketplaces in 50 countries, and 1 in 10 of the
world's securities transactions. Nasdaq is home to more than 3,500 listed
companies with a market value of approximately $9.5 trillion and more than
10,000 corporate clients. To learn more, visit nasdaq.com.
About Folio Investing and Folio Institutional
Folio Investing is the online brokerage where investors can create an unlimited
number of diversified investment portfolios, called folios, to combine the benefits
of direct stock ownership with the convenience of ETFs, NextShares and mutual
funds. Investors can customize each folio with up to 100 stocks, ETFs,
NextShares, and mutual funds or choose from over 160 free, pre-made Readyto-
Go folios. Folio Institutional is a leading investment solutions and financial
technology company that offers an integrated brokerage and custodial platform
featuring state-of-the-art trading, portfolio management tools, and private
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placement capabilities.For more information, see folioinvesting.com and
folioinstitutional.com.
# # #
The information contained herein is provided for informational purposes only, is not intended as
investment or tax advice, and does not constitute a solicitation of an offer to buy or sell specific
securities.
Shares of NextShares funds will trade in the secondary market and may not be individually
purchased or redeemed from the fund. Investors will be able to purchase and redeem shares
from a NextShares fund only in specified creation unit sizes by or through authorized participants.
Market trading prices of NextShares will be linked to the fund's next-computed net asset value
(NAV) and will vary from NAV by a market-determined premium or discount, which may be zero.
Market trading prices may vary significantly from anticipated levels. For each NextShares trade,
the final transaction price is determined once NAV is computed at the end of the day.
NextShares will not offer investors the opportunity to buy and sell intraday based on current
(versus end-of-day) determinations of fund value. NextShares trade execution prices will fluctuate
based on changes in NAV. Although limit orders may be used to control trading costs, they
cannot be used to control or limit trade execution prices. There can be no guarantee that an
active trading market for NextShares will develop or be maintained, or that their listing will
continue unchanged. Buying and selling NextShares may require payment of brokerage
commissions and expose transacting shareholders to other trading costs. Frequent trading may
detract from realized investment returns. The return on a shareholder's NextShares investment
will be reduced if the shareholder sells shares at a greater discount or narrower premium to NAV
than he or she acquired the shares.
NextShares, mutual funds and ETFs are purchased and sold differently and have different costs.
These and other distinctions may result in significant differences in fund performance.
About Risk: Fund performance is sensitive to stock market volatility. Investments in foreign
instruments or currencies can involve greater risk and volatility than U.S. investments because of
adverse market, economic, political, regulatory, geopolitical or other conditions. No Fund is a
complete investment program and you may lose money investing in a Fund. The Fund may
engage in other investment practices that may involve additional risks and you should review the
Fund prospectus for a complete description.
Before investing, investors should consider carefully the investment objectives, risks,
charges and expenses of a NextShares fund or mutual fund. This and other important
information will be contained in the prospectus and summary prospectus available from a
financial advisor. Prospective investors should read the prospectus carefully before
investing.
Eaton Vance Stock NextShares is distributed by Foreside Fund Services, LLC. Eaton Vance
Stock Fund is distributed by Eaton Vance Distributors, Inc. For more information call 800-836-
2414.
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Eaton Vance Corporation issued this content on 25 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 25 January 2016 22:37:26 UTC
