(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.

The decision "is a major milestone in the development of NextShares," Chief Executive Officer Thomas Faust said in the statement. "With the introduction of NextShares, investors will, for the first time, be able to access active strategies through a structure that provides the cost and tax efficiencies of an exchange-traded fund, while protecting the confidentiality of fund trading information."

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