The Securities and Exchange Commission has granted the NASDAQ Stock Market approval to list Eaton Vance’s (NYSE: EV) exchange traded managed funds (ETMFs). The announcement was made after the close of U.S. markets Friday.
In news that stunned some observers of the exchange traded funds industry and sent shares of Eaton Vance higher by 17% last Friday to the stock’s highest levels in nearly seven years, the SEC late last Thursday approved Eaton Vance’s application for ETMFs, a type of exchange traded product that does not disclose its holdings on a daily basis as most passively managed ETFs do. [Eaton Vance Wins Approval for Non-Transparent ETFs]
That decision marked a sharp reversal from the SEC’s announcement in late October that the Commission had rejected applications by Precidian ETFs Trust and Spruce ETF Trust, a unit of BlackRock (NYSE: BLK), to offer active non-transparent ETFs. [SEC Rebukes Active Non-Transparent ETFs]
Following that October announcement, the SEC also rejected an application by the New York Stock Exchange to list active non-transparent ETFs.
Eaton Vance’s ETMFs, of which up to 18 could debut in the coming months, will trade on the Nasdaq under the NextShares brand.