Overview

What are NextShares?

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Historical Returns (%) as of Sep 30, 2018

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than indicated. The Fund's performance at market price will differ from its results at net asset value (NAV). The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading as of the time that the Fund's NAV is calculated. If you trade your shares at another time during the day, your return may differ. Returns are historical and are calculated by determining the percentage change in NAV or market price (as applicable) with all distributions reinvested at NAV or closing market price (as applicable) on the payment date of the distribution, and are net of management fees and other expenses. Performance less than or equal to one year is cumulative.

The Fund pursues its investment objective by investing in a separate investment fund (the Portfolio). The returns at NAV for periods before the date the Fund commenced operations are for a mutual fund that invests in the Portfolio (the Portfolio Investor). The performance during such period does not represent the performance of the Fund. The prior investment performance of the Portfolio Investor (rather than the Portfolio itself) is shown because it reflects the expenses typically borne by a retail fund investing in the Portfolio. The Portfolio Investor returns are not adjusted to reflect differences between the total net operating expenses of the Fund and the Portfolio Investor during the periods shown. If such an adjustment were made, the performance presented below would be higher, because the Fund's total net operating expenses are lower than those of the Portfolio Investor. Performance is for a share class of the Portfolio Investor offered at net asset value.
 

Fund Facts as of Oct 31, 2018

Inception 11/29/2017
Performance Inception 01/30/2001
Investment Objective Current income
Total Net Assets $5.3M
Total Net Assets of Portfolio3 $11.5B
Exchange NASDAQ
Shares Outstanding 525000
Expense Ratio (Gross)4 0.88%
Expense Ratio (Net)4,5 0.73%
CUSIP 27830Y880

Top 10 Issuers (%)6 as of Sep 30, 2018

Valeant Pharmaceuticals International Inc.
Virgin Media Investment Holdings Limited
TransDigm Inc.
JBS USA LLC
Reynolds Group Holdings Inc.
Asurion LLC
MA FinanceCo. LLC
SS&C Technologies Inc.
Burger King
Infor (US) Inc.
Total 8.26
 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

†Intraday Indicative Value (IIV)

The IIV is an estimate of the real-time value of the Fund's underlying holdings based on current market prices and should not be viewed as a projection of NAV, which is determined at the end of the day. Because IIVs will generally differ from the end-of-day NAV of the Fund, they cannot be used to calculate with precision the dollar value of a prescribed number of shares to be bought or sold. Investors should understand that share transaction prices are based on closing NAVs, and that NAVs may vary significantly from IIVs during periods of intraday market volatility. Neither the Fund, the Trust nor any of their affiliates are involved in, or responsible for, the calculation or dissemination of IIVs nor make any warranty as to their accuracy. An inaccuracy in an IIV could result from various factors, including difficulty pricing portfolio instruments on an intraday basis. The IIV is disseminated every 15 minutes during normal trading hours and is as of the time noted above. An IIV is not available when the market is closed.

‡Bid and Ask

The bid and ask prices shown are as of the time noted and may not reflect current quotations. The Fund's NAV normally is determined as of 4:00 p.m. each business day.

About Risk: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. Loans are traded in a private, unregulated inter-dealer or inter-bank resale market and are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund's ability to buy or sell loans (thus affecting their liquidity) and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. Due to the possibility of an extended loan settlement process, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders to meet short-term liquidity needs. Loans may be structured such that they are not securities under securities law, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. Loans are also subject to risks associated with other types of income investments. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. As interest rates rise, the value of certain income investments is likely to decline. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. Changes in the value of investments entered for hedging purposes may not match those of the position being hedged. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

Historical Returns (%) as of Sep 30, 2018

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than indicated. The Fund's performance at market price will differ from its results at net asset value (NAV). The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading as of the time that the Fund's NAV is calculated. If you trade your shares at another time during the day, your return may differ. Returns are historical and are calculated by determining the percentage change in NAV or market price (as applicable) with all distributions reinvested at NAV or closing market price (as applicable) on the payment date of the distribution, and are net of management fees and other expenses. Performance less than or equal to one year is cumulative.

The Fund pursues its investment objective by investing in a separate investment fund (the Portfolio). The returns at NAV for periods before the date the Fund commenced operations are for a mutual fund that invests in the Portfolio (the Portfolio Investor). The performance during such period does not represent the performance of the Fund. The prior investment performance of the Portfolio Investor (rather than the Portfolio itself) is shown because it reflects the expenses typically borne by a retail fund investing in the Portfolio. The Portfolio Investor returns are not adjusted to reflect differences between the total net operating expenses of the Fund and the Portfolio Investor during the periods shown. If such an adjustment were made, the performance presented below would be higher, because the Fund's total net operating expenses are lower than those of the Portfolio Investor. Performance is for a share class of the Portfolio Investor offered at net asset value.
 

Fund Facts

Expense Ratio (Gross)4 0.88%
Expense Ratio (Net)4,5 0.73%
Inception 11/29/2017
Performance Inception 01/30/2001
Distribution Frequency Monthly

Yield Information7 as of Oct 31, 2018

Distribution Rate at NAV 3.94%
Subsidized SEC 30-day Yield 4.21%
Unsubsidized SEC 30-day Yield 2.77%
 

NAV History

Date NAV NAV Change
Nov 14, 2018 $10.10 $0.00
Nov 13, 2018 $10.10 -$0.01
Nov 12, 2018 $10.11 $0.00
Nov 09, 2018 $10.11 $0.00
Nov 08, 2018 $10.11 $0.00
Nov 07, 2018 $10.11 $0.00
Nov 06, 2018 $10.11 $0.00
Nov 05, 2018 $10.11 $0.00
Nov 02, 2018 $10.11 $0.01
Nov 01, 2018 $10.10 -$0.04
 

Distribution History8

Ex-Date Distribution
Nov 01, 2018 $0.04130
Oct 01, 2018 $0.03330
Sep 04, 2018 $0.03740
Aug 01, 2018 $0.03810
Jul 02, 2018 $0.03440
Jun 01, 2018 $0.03610
May 01, 2018 $0.03650
Apr 02, 2018 $0.03250
Mar 01, 2018 $0.03150
Feb 01, 2018 $0.03330
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus
 

Capital Gain History8

Ex-Date Short-Term Long-Term
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

†Intraday Indicative Value (IIV)

The IIV is an estimate of the real-time value of the Fund's underlying holdings based on current market prices and should not be viewed as a projection of NAV, which is determined at the end of the day. Because IIVs will generally differ from the end-of-day NAV of the Fund, they cannot be used to calculate with precision the dollar value of a prescribed number of shares to be bought or sold. Investors should understand that share transaction prices are based on closing NAVs, and that NAVs may vary significantly from IIVs during periods of intraday market volatility. Neither the Fund, the Trust nor any of their affiliates are involved in, or responsible for, the calculation or dissemination of IIVs nor make any warranty as to their accuracy. An inaccuracy in an IIV could result from various factors, including difficulty pricing portfolio instruments on an intraday basis. The IIV is disseminated every 15 minutes during normal trading hours and is as of the time noted above. An IIV is not available when the market is closed.

‡Bid and Ask

The bid and ask prices shown are as of the time noted and may not reflect current quotations. The Fund's NAV normally is determined as of 4:00 p.m. each business day.

About Risk: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. Loans are traded in a private, unregulated inter-dealer or inter-bank resale market and are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund's ability to buy or sell loans (thus affecting their liquidity) and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. Due to the possibility of an extended loan settlement process, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders to meet short-term liquidity needs. Loans may be structured such that they are not securities under securities law, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. Loans are also subject to risks associated with other types of income investments. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. As interest rates rise, the value of certain income investments is likely to decline. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. Changes in the value of investments entered for hedging purposes may not match those of the position being hedged. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Trading & Portfolio

Trade Data9 as of Nov 14, 2018

vs. Prior Business Day Change (%)
Closing Price $10.10 +$0.00 +0.00%
Closing NAV $10.10 +$0.00 +0.00%
Closing Bid/Ask
Midpoint (of bid/ask) NAV+$0.00
Spread (between bid/ask) $0.06
Intraday Price (vs. NAV)
High NAV
Low NAV
Average (Volume-Wtd) NAV
Closing NAV
Trading Volume (Shares)
 

Trading History10 Inception through Nov 14, 2018

 

Historical Premiums/Discounts and Trading Spreads11 Inception through Nov 14, 2018

Premium/Discount Closing
Range Closing Price Vol Wtd Ave Price Closing Bid/Ask Midpoint Bid/Ask Spread
>1.00% 7%
+0.76% to +1.00% 60%
+0.51% to +0.75% 33%
+0.26% to +0.50% 85% 85% 3%
-0.25% to +0.25% 3% 6% 97%
-0.26% to -0.50% 12% 9%
-0.51% to -0.75%
-0.76% to -1.00%
<-1.00%
 

Asset Mix (%)6 as of Sep 30, 2018

Portfolio Statistics as of Sep 30, 2018

Number of Loan Issuers 528
Number of Industries 36
Average Coupon 5.38%
Average Maturity 5.36 yrs.
Average Loan Size (% of TNA) 0.17%
Average Loan Size $19.08M
Average Duration 0.21 yrs.
Average Price $99.19
 

Sector Breakdown (%)6 as of Sep 30, 2018

Electronics/Electrical 10.40
Health Care 8.71
Business Equipment & Services 8.43
Telecommunications 4.89
Cable & Satellite Television 4.28
Chemicals & Plastics 4.14
Lodging & Casinos 3.94
Industrial Equipment 3.76
Drugs 3.55
Leisure Goods/Activities/Movies 3.39
View All

Credit Quality (%)12 as of Sep 30, 2018

BBB 6.80
BB 33.40
B 50.70
CCC or Lower 4.40
Not Rated 4.70
Total 100.00
Credit ratings are categorized using S&P. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P's measures. Ratings of BBB or higher by S&P are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by S&P.
 

Maturity Distribution (%)6,13 as of Sep 30, 2018

Less Than 1 Year 5.38
1 To 3 Years 8.62
3 To 5 Years 20.49
5 To 10 Years 63.41
10 To 20 Years 2.10
20 To 30 Years 0.00
More Than 30 Years 0.00
Total 100.00

Currency Exposure (%)6 as of Sep 30, 2018

US 92.98
Non-US 7.02
Total 100.00
 

Assets by Country (%)6 as of Sep 30, 2018

United States 83.91
Canada 3.77
Netherlands 2.87
Luxembourg 2.72
United Kingdom 2.47
France 1.29
Germany 1.23
Other 1.74

Geographic Mix (%)6 as of Sep 30, 2018

United States 83.91
Europe except U.K. 9.41
Northern America except U.S. 4.01
United Kingdom 2.47
Asia/Pacific 0.20
 

Loan Type (%)6,14,15 as of Sep 30, 2018

First Lien 88.09
Second Lien 1.04
 

Portfolio Holdings6,16 as of Sep 30, 2018

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund LLC 0.00% 7.57%
JBS USA, LLC 4.84% 10/30/2022 0.89%
Restaurant Brands International 4.49% 02/16/2024 0.78%
Infor Lawson 5.14% 02/01/2022 0.78%
Change Healthcare 4.99% 03/01/2024 0.76%
Virgin Media 4.66% 01/15/2026 0.73%
Avolon TLB Borrower 1 (US) LLC 4.17% 01/15/2025 0.72%
CenturyLink, Inc. 4.99% 01/31/2025 0.64%
Cushman Wakefield 5.49% 08/21/2025 0.64%
PPD 4.74% 08/18/2022 0.63%
View All
 

Basket Details17 Nov 15, 2018

Holding Shares
View All

Transaction Fees18,19,20 Nov 15, 2018

No. of Creation Units Fee per Creation Unit (bps)
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

†Intraday Indicative Value (IIV)

The IIV is an estimate of the real-time value of the Fund's underlying holdings based on current market prices and should not be viewed as a projection of NAV, which is determined at the end of the day. Because IIVs will generally differ from the end-of-day NAV of the Fund, they cannot be used to calculate with precision the dollar value of a prescribed number of shares to be bought or sold. Investors should understand that share transaction prices are based on closing NAVs, and that NAVs may vary significantly from IIVs during periods of intraday market volatility. Neither the Fund, the Trust nor any of their affiliates are involved in, or responsible for, the calculation or dissemination of IIVs nor make any warranty as to their accuracy. An inaccuracy in an IIV could result from various factors, including difficulty pricing portfolio instruments on an intraday basis. The IIV is disseminated every 15 minutes during normal trading hours and is as of the time noted above. An IIV is not available when the market is closed.

‡Bid and Ask

The bid and ask prices shown are as of the time noted and may not reflect current quotations. The Fund's NAV normally is determined as of 4:00 p.m. each business day.

About Risk: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. Loans are traded in a private, unregulated inter-dealer or inter-bank resale market and are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund's ability to buy or sell loans (thus affecting their liquidity) and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. Due to the possibility of an extended loan settlement process, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders to meet short-term liquidity needs. Loans may be structured such that they are not securities under securities law, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. Loans are also subject to risks associated with other types of income investments. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. As interest rates rise, the value of certain income investments is likely to decline. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. Changes in the value of investments entered for hedging purposes may not match those of the position being hedged. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Management

Scott H. Page, CFA

Scott H. Page, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1989

Biography

Scott Page is a vice president of Eaton Vance Management, co-director of bank loans and portfolio manager on Eaton Vance’s floating-rate loan team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's floating-rate loan strategies. He joined Eaton Vance in 1989.

Scott began his career in the investment management industry in 1981. Before joining Eaton Vance, he was affiliated with the Dartmouth College Investment Office, as well as Citicorp and Chase Manhattan Bank in corporate finance/lending and credit review.

Scott earned a B.A. from Williams College and an MBA from the Amos Tuck School at Dartmouth College. He has served as a member of the board of directors of the LSTA (Loan Syndications and Trading Association). He is a CFA charterholder.

Scott co-authored "An Overview of the Loan Market" in the Handbook of Loan Syndications and Trading (2007). His commentary has appeared in Bloomberg, Business Week, Dow Jones Investment Advisor, Forbes, Investor's Business Daily, SmartMoney, Kiplinger's, USA Today and The Wall Street Journal, and he has been featured on CNBC.

Education
  • B.A. Williams College
  • M.B.A. Amos Tuck School of Business Administration, Dartmouth College

Experience
  • Managed Fund since inception

 
Craig P. Russ

Craig P. Russ

Vice President, Eaton Vance Management
Joined Eaton Vance 1997

Biography

Craig Russ is a vice president of Eaton Vance Management, co-director of bank loans and portfolio manager on Eaton Vance’s floating-rate loan team. He is responsible for buy and sell decisions and portfolio construction for the firm’s floating-rate loan strategies. He joined Eaton Vance in 1997.

Craig began his career in the investment management industry in 1985. Before joining Eaton Vance, he worked in commercial lending at State Street Bank.

Craig earned a B.A., cum laude, from Middlebury College and studied at the London School of Economics. He previously served as chairman of the board of directors of the Loan Syndications and Trading Association (LSTA). His commentary has appeared in Bloomberg, Grant’s Interest Rate Observer and The Wall Street Journal.

Education
  • B.A. Middlebury College

Experience
  • Managed Fund since inception

 

Literature

Literature

Fund Fact Sheet

Download - Last updated: Sep 30, 2018

Full Prospectus

Download - Last updated: Nov 29, 2017

Holdings-1st or 3rd fiscal quarters-www.sec.gov

Download

SAI

Download - Last updated: Nov 29, 2017

Semi-Annual Report

Download - Last updated: Apr 30, 2018

Summary Prospectus

Download - Last updated: Nov 29, 2017