Overview

What are NextShares?

For important information about NextShares, click here.

Historical Returns (%) as of Dec 31, 2017

Annualized
1 Month 3 Months YTD 1 Year 3 Years 5 Years Since Fund Inception
November 15, 2017
01/31/2018
Fund at NAV 0.27 0.27 1.52
Fund at Market Price 0.27 0.27 1.52
ICE BofAML U.S. High Yield Index1 0.64 0.66 0.64 6.74 6.37 5.65 2.08
12/31/2017
Fund at NAV 1.10 1.25
Fund at Market Price 1.10 1.25
ICE BofAML U.S. High Yield Index1 0.29 0.41 7.48 7.48 6.38 5.80 1.43
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 one year is cumulative.
 

Fund Facts as of Jan 31, 2018

Inception 11/15/2017
Investment Objective Total return
Total Net Assets $51.1M
Exchange NASDAQ
Shares Outstanding 2525001
Expense Ratio (Gross)2 1.11%
Expense Ratio (Net)2,3 0.01%
CUSIP 27830Y872

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: 

Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. The secondary market for loans is a private, unregulated inter-dealer or inter-bank resale market. Purchases and sales of loans 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 and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. It is unclear whether U.S. federal securities law protections are available to an investment in a loan. In certain circumstances, loans may not be deemed to be securities, 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. There can be no assurance that the liquidation of collateral securing a loan will satisfy the issuer’s obligation in the event of non-payment or that collateral can be readily liquidated. 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 or other conditions. In emerging countries, these risks may be more significant. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry, including REITs. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risk. 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 Dec 31, 2017

Annualized
1 Month 3 Months YTD 1 Year 3 Years 5 Years Since Fund Inception
November 15, 2017
01/31/2018
Fund at NAV 0.27 0.27 1.52
Fund at Market Price 0.27 0.27 1.52
ICE BofAML U.S. High Yield Index1 0.64 0.66 0.64 6.74 6.37 5.65 2.08
12/31/2017
Fund at NAV 1.10 1.25
Fund at Market Price 1.10 1.25
ICE BofAML U.S. High Yield Index1 0.29 0.41 7.48 7.48 6.38 5.80 1.43
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 one year is cumulative.
 

Fund Facts

Expense Ratio (Gross)2 1.11%
Expense Ratio (Net)2,3 0.01%
Inception 11/15/2017
Distribution Frequency Monthly

NAV History

Date NAV NAV Change
Feb 16, 2018 $20.12 $0.02
Feb 15, 2018 $20.10 $0.03
Feb 14, 2018 $20.07 $0.00
Feb 13, 2018 $20.07 -$0.01
Feb 12, 2018 $20.08 $0.04
Feb 09, 2018 $20.04 -$0.06
Feb 08, 2018 $20.10 -$0.03
Feb 07, 2018 $20.13 $0.03
Feb 06, 2018 $20.10 -$0.03
Feb 05, 2018 $20.13 -$0.02
 

Distribution History4

Ex-Date Distribution
Jan 02, 2018 $0.07360
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 History4

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: 

Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. The secondary market for loans is a private, unregulated inter-dealer or inter-bank resale market. Purchases and sales of loans 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 and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. It is unclear whether U.S. federal securities law protections are available to an investment in a loan. In certain circumstances, loans may not be deemed to be securities, 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. There can be no assurance that the liquidation of collateral securing a loan will satisfy the issuer’s obligation in the event of non-payment or that collateral can be readily liquidated. 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 or other conditions. In emerging countries, these risks may be more significant. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry, including REITs. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risk. 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 Data5 as of Feb 16, 2018

vs. Prior Business Day Change (%)
Closing Price $20.12 +$0.02 +0.10%
Closing NAV $20.12 +$0.02 +0.10%
Closing Bid/Ask
Midpoint (of bid/ask) NAV-$0.03
Spread (between bid/ask) $0.31
Intraday Price (vs. NAV)
High NAV
Low NAV
Average (Volume-Wtd) NAV
Closing NAV
Trading Volume (Shares)
 

Trading History6 Inception through Feb 16, 2018

 

Historical Premiums/Discounts and Trading Spreads7 Inception through Feb 16, 2018

Premium/Discount Closing
Range Closing Price Vol Wtd Ave Price Closing Bid/Ask Midpoint Bid/Ask Spread
>1.00% 14%
+0.76% to +1.00% 6%
+0.51% to +0.75% 94% 94% 79%
+0.26% to +0.50% 57%
-0.25% to +0.25% 6% 6% 43%
-0.26% to -0.50%
-0.51% to -0.75%
-0.76% to -1.00%
<-1.00%
 

Portfolio Holdings8,9 as of Dec 31, 2017

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund LLC 0.00% 19.01%
Midocean Credit Clo VII 9.42% 07/15/2029 3.11%
EXGEN RENEWABLES IV LLC TERM LOAN B 0.00% 11/07/2024 3.00%
Microsemi Corp 3.45% 01/15/2023 2.98%
OHA Loan Funding 2012-1 Ltd 8.61% 01/23/2027 2.60%
Fortress Credit BSL IV Ltd 6.02% 10/26/2029 2.50%
Ceramtec 0.00% 11/30/2024 2.36%
MND HOLDINGS III CORP 2017 1ST LIEN TERM LOAN B 0.00% 06/19/2024 1.99%
ProAmpac 5.35% 11/18/2023 1.99%
Aramark Services, Inc. 3.57% 03/11/2025 1.99%
View All
 

Basket Details10 Feb 21, 2018

Holding Shares
View All

Transaction Fees11,12,13 Feb 21, 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: 

Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. The secondary market for loans is a private, unregulated inter-dealer or inter-bank resale market. Purchases and sales of loans 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 and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. It is unclear whether U.S. federal securities law protections are available to an investment in a loan. In certain circumstances, loans may not be deemed to be securities, 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. There can be no assurance that the liquidation of collateral securing a loan will satisfy the issuer’s obligation in the event of non-payment or that collateral can be readily liquidated. 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 or other conditions. In emerging countries, these risks may be more significant. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry, including REITs. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risk. 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

Bruce A. Karsh

Co-Chairman and Chief Investment Officer, Oaktree Capital Management, L.P.
Co-founded Oaktree Capital Management, L.P. 1995

Biography

Bruce Karsh is co-chairman, chief investment officer and a co-founder of Oaktree Capital Management, L.P., an Eaton Vance subadvisor. He also serves as a portfolio manager for the firm. He co-founded Oaktree in 1995.

Bruce began his career in the investment management industry in 1988. Before co-founding Oaktree, he was a managing director and portfolio manager of TCW Asset Management Company. Previously, he was assistant to the chairman of SunAmerica, Inc. and prior to that, an attorney with the law firm of O'Melveny & Meyers and an appellate clerk to Anthony M. Kennedy, an associate justice of the Supreme Court of the United States.

Bruce earned an A.B. degree in economics, summa cum laude, from Duke University, where he was elected to Phi Beta Kappa, and a J.D. from the University of Virginia School of Law. He is chairman of the board of Tribune Media Company and serves on the boards of a number of privately held companies. He is a member of the investment committee of the Broad Foundations and trustee emeritus of Duke University.

Education
  • A.B. Economics, Duke University
  • J.D. University of Virginia School of Law

Experience
  • Managed Fund since inception

 

Literature

Literature

Fund Profile

Download - Last updated: Nov 21, 2017

Full Prospectus

Download - Last updated: Nov 14, 2017

SAI

Download - Last updated: Nov 14, 2017

Summary Prospectus

Download - Last updated: Nov 14, 2017