“The approval of Nasdaq’s rule change request for NextShares caps a pivotal two days in the development of NextShares,” said Thomas E. Faust Jr., chairman and CEO of Eaton Vance, in a statement. “We look forward to continuing our collaboration with Nasdaq to bring NextShares to market.”

ETMFs are a 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.

“Because NextShares will provide market makers with opportunities to earn reliable, low-risk profits without intraday hedging of their fund positions, NextShares can be expected to trade at prices that are consistently close to NAV in the absence of daily portfolio holdings disclosure. Because the trading cost to buy and sell NextShares (premium or discount to NAV) is always explicitly stated, NextShares will provide investors with transparency of entry and exit costs unparalleled among exchange-traded products,” according to Eaton Vance.

Boston-based Eaton Vance had $293.6 billion in assets under management at the end of the third quarter.

ETF Trends editorial team contributed to this post.