Eaton Vance’s Navigate Fund Solutions unit has already received SEC approval to offer the new type of ETMFs under the NextShares brand. The ETMFs will combine some of the best features of ETFs and traditional actively managed open-end mutual funds.

ETMFs are a new concept that 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. However, it is important to note that ETMFs are not ETFs. The new investment structure will trade on an exchange, and to achieve their non-transparent nature, the products will trade based on their net asset value, or utilize a so-called NAV-based trading. [ETMFs: A Cost-Efficient Alternative to Active Funds]

A number of financial firms have licensed Eaton Vance’s NextShares ETMFs and filed with the SEC to launch active funds under the new non-transparent investment vehicle. For instance, Principal Financial has requested the launch a number of ETMFs, including the first offering called the Principal Global Value NextShares Fund, Ignites reported. Principal has also pared its bets with an ETF offering, launching the Principal EDGE Active Income ETF (NYSEArca: YLD) earlier this month. [Principal Financial Enters ETF Fray With Multi-Asset Fund]

Additionally, according to a recent SEC filing, Ivy Investment Management Company is seeking to launch a suite of Ivy NextShares ETMFs.

The companies join others licensee firms including American Beacon, Gabelli Funds, Hartford Funds, Victory Capital and Pioneer Investments that are waiting on SEC approval.

For more information on  non-transparent active funds, visit our ETMFs category.

Max Chen contributed to this article.