Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Faust's First ETMFs Take One Last Regulatory Step Not Rated 5.0 Email Routing List Email & Route  Print Print
Tuesday, December 15, 2015

Faust's First ETMFs Take One Last Regulatory Step

Reported by Neil Anderson, Managing Editor

Tom Faust and his team just cleared the last regulatory hurdle to launching the first batch of Eaton Vance's new kind of ETF-like funds early next year.

Stephen Clarke
NextShares Solutions
President
Stephen Clarke, president of freshly-rebranded Eaton Vance [profile] subsidiary NextShares Solutions (formerly Navigate Fund Solutions), confirms that the SEC has "declared effective" the registration statements for the first 18 exchange-traded managed funds (ETMFs), branded NextShares. This, Clarke states, "is the last regulatory step" before launch.

Those ETMFs are slated to launch in the first quarter of 2016, though don't expect 18 launches on a single day.

"I don't think there's any plan to launch that many funds into the market at once," Jonathan Isaac, director of product management with Eaton Vance and managing director of product strategy with NextShares, tells MFWire.

Jonathan Isaac
Eaton Vance
Director of Product Management
Eaton "hasn't publicly declared what that [introductory launch] will look like," Isaac says, but he expects it to include a small subset of those first 18 funds.

ETMFs are designed for ETF-like trading and ETF-like tax efficiencies, combined with disclosure dialed down to regular mutual fund frequency to protect active investment strategies. Eaton Vance first filed for these 18 ETMFs in July 2014, and the SEC blessed the ETMF structure idea with exemptive relief in December 2014. At the time Eaton Vance chairman and CEO Faust aimed to launch the first ETMFs in Q2 2015.

"It certainly has taken longer than a traditional regulatory period," Isaac says. "This is a totally new security ... There's no template. Anyone who moves ahead here in the future is going to use these, or the format or template of these, as the way they register products."

One key piece of the ETMF puzzle for Eaton Vance will be distribution. Faust has said that the Boston-based, publicly-traded fund shop is willing to help B-Ds foot the technology bill for making NextShares ETMFs available on platforms. So far giant TAMP Envestnet and online brokerage Folio have both signed on to offering NextShares.

"We do continue to talk to distribution partners, large and small," Isaac says, adding that conversations are "ongoing and extremely positive right now."

This year the Eaton Vance team worked on both a NextShares advertising campaign and a NextShares consortium to get the word out on the new ETMF structure. And a host of other firms may follow Eaton Vance's lead and launch their own NextShares ETMFs, licensing the idea from NextShares. So far at least 11 other firms have signed on, including: DST's ALPS, American Beacon, Broms, Columbia Threadneedle, Gabelli, Hartford, Waddell & Reed's Ivy, Nile, Pioneer, Principal, and Victory

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

5.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly


  1. MFDF webinar - BDC Board Service 101, December 10
  2. WE Boston - Give Back Event, December 10
  3. IMEA Distribution Council webinar - Unlocking Your Competitive Edge: Driving Results Through Net Promoter Excellence, December 10
  4. WE New York - End of Year Celebration, December 11
  5. MFDF webinar - ETF Product Trends: Board Implications, December 11
  6. Nicsa webinar - The Virtues of Corporate Culture, December 11
  7. MFDF webinar - Visually Mapping Board Composition: Skills Matrices in Fund Board Rooms, December 18
  8. IMEA webinar - Driving Equity: The FARE Journey and Its Impact on Financial Services, December 19
  9. MFDF webinar - 2024 Fair Valuation Pricing Survey: Building and Strengthening the Valuation Operating Model, January 7, 2025
  10. MFDF webinar - 15(c) White Paper Webinar Series: Part 2 – Board Processes, January 9, 2025
  11. MFDF webinar - AI and Fund Compliance, January 21, 2025
  12. MFDF In Focus - In Focus: Small Boards' Use of Skills Matrices, January 22, 2025
  13. MFDF 2025 Directors' Institute, January 27 - 29, 2025
  14. FSI OneVoice 2025, January 27 - 29, 2025
  15. 2025 ICI Innovate, February 3 - 5, 2025
  16. MFDF Director Discussion Series - Open Forum, February 10, 2025
  17. MFDF Director Discussion Series - Open Forum, February 11, 2025
  18. MFDF 2025 Fund Governance & Regulatory Insights Conference, March 6 - 7, 2025
  19. MFDF Director Discussion Series - Open Forum, April 2, 2025
  20. Envestnet Elevate 2025, April 9 - 10, 2025
  21. MFDF Director Discussion Series - Open Forum, April 15, 2025
  22. The 36th Sub-Advised Funds Forum, April 29 - 30, 2025
  23. Morningstar Investment Conference 2025, June 25 - 26, 2025
  24. MFDF Director Discussion Series - Open Forum, July 9, 2025




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use