Boston-based asset manager Eaton Vance is to launch the Eaton Vance Diversified Credit NextShares fund, according to a Securities and Exchange Commission filing.
First launched in February 2016, NextShares funds were created as another way to invest in actively managed strategies besides exchange-traded funds (ETFs) and mutual funds.
Similar to ETFs, NextShares are issued and redeemed only in specified large aggregations and trade throughout the day on an exchange. Unlike actively managed ETFs, NextShares are not required to disclose their full holdings on a daily basis.
The structure is the brainchild of Thomas Faust, chief executive of Eaton Vance, which also owns NextShares.
Eaton Vance has already launched three funds with NextShares including the Eaton Vance Global Income Builder NextShares, Eaton Vance Stock NextShares and Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares.
Other asset managers have also signed up to use the structure,including Oppenheimer, Principal and UBS.
An Eaton Vance spokeswoman confirmed the contents of the filing but declined to comment further.
Legg bond bet
Separately, Legg Mason has filed for its first fixed income ETF, the Western Asset Core Plus Opportunities ETF, according to a Securities and Exchange Commission filing.
The fund, which charges a 0.49% fee, will be managed by a team of portfolio managers led by Citywire + rated S. Kenneth Leech, Citywire AAA-rated Mark S. Lindbloom, Citywire AA-rated Carl L. Eichstaedt , Citywire + rated Michael C. Buchanan, Citywire A-rated Chia-Liang Lian and Citywire + rated Julien A. Scholnick.
A Legg Mason spokeswoman confirmed the contents of the filing but declined to comment further.
First for first
On a separate note, ETF provider First Trust has launched the First Trust Dow 30 Equal Weight ETF, which tracks the Dow Jones Industrial Average Equal Weight index.
'The Dow Jones Industrial Average has been an important barometer for blue-chip US stocks,' said Ryan Issakainen, ETF strategist at First Trust. 'We believe that the equally weighted version of this index is a noteworthy enhancement for ETF investors, in comparison to the traditional price-weighted version of the index.'