(Bloomberg) — Eaton Vance Corp. has won the backing of regulators for a new type of exchange-traded fund that won't disclose holdings daily, paving the way for more actively managed funds to be offered in an ETF format.
The U.S. Securities and Exchange Commission said it plans to allow Eaton Vance's proposed structure, which would initially apply to 18 funds, according to a statement from the Boston-based money manager. The funds would be offered under the NextShares brand.
Eaton Vance rose 17 percent to $43.90 Friday in New York. The shares had lost 12 percent this year.
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