Eaton Vance’s (NYSE: EV) Eaton Vance Asset Management said it has filed a second amended application seeking exemptive relief to permit the offering of exchange-traded managed funds.
The Securities and Exchange Commission filing was originally made in March 2013 and amended in September 2013. Eaton Vance is looking to launch a series of exchange-traded managed funds (ETMFs) that mirror some of the firm’s existing mutual funds.
“The filing of a second amended exemptive application is another step forward in the process of seeking regulatory approval for ETMFs,” said Stephen W. Clarke, President of Navigate, in a statement. “We are pleased by our continuing regulatory progress and encouraged by the broad-based interest in ETMFs expressed by fund sponsors, market makers, broker-dealers and the investors they represent.”
ETMFs are new concept that looks to marry the liquidity and tax efficiencies that have attracted investors to ETFs with active investment strategies, while maintaining the confidentiality of current portfolio trading information, according to the statement.