Eaton Vance files exemptive order application for ETMFs

Eaton Vance Management, a subsidiary of Eaton Vance Corp., announced that it has filed an application with the U.S. Securities and Exchange Commission seeking exemptive relief to permit the offering of exchange-traded managed funds, or ETMFs. ETMFs are a proposed new type of open-end fund designed to bring the cost and tax efficiencies and shareholder protections of the exchange-traded fund structure to active investment strategies, while maintaining the confidentiality of current portfolio trading information. ETMFs would trade on an exchange at prices directly linked to the fund's next-determined daily net asset value, or NAV, using what is referred to as "NAV-based trading," the company said.