Overview

What are NextShares?

For important information about NextShares, click here.

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.
 

Fund Facts as of Oct 31, 2018

Inception 11/15/2017
Investment Objective Total return
Total Net Assets $51.2M
Exchange NASDAQ
Shares Outstanding 5125000
Expense Ratio (Gross)3 1.11%
Expense Ratio (Net)3,4 0.90%
CUSIP 27830Y872

Top 10 Issuers (%)5 as of Oct 31, 2018

Altice USA Inc
Cosmopolitan Hotel Trust 2017 (CMBS)
AmTrust Financial Services Inc
CHG Healthcare Services Inc
Par Four Investment Management LLC (2.0 CLO)
PetVet Care Centers LLC
Refinitiv (Financial & Risk US Holdings Inc)
Brookfield WEC Holdings Inc
Asurion Corp
Verscend Holding Corp
Total 18.17
 

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 (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. 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. 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. 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 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.
 

Fund Facts

Expense Ratio (Gross)3 1.11%
Expense Ratio (Net)3,4 0.90%
Inception 11/15/2017
Distribution Frequency Monthly

Yield Information6 as of Oct 31, 2018

Distribution Rate at NAV 6.22%
Subsidized SEC 30-day Yield 4.80%
Unsubsidized SEC 30-day Yield 4.47%
 

NAV History7

Date NAV NAV Change
Nov 14, 2018 $9.94 -$0.01
Nov 13, 2018 $9.95 -$0.02
Nov 12, 2018 $9.97 $0.00
Nov 09, 2018 $9.97 $0.00
Nov 08, 2018 $9.97 $0.00
Nov 07, 2018 $9.97 $0.01
Nov 06, 2018 $9.96 $0.01
Nov 05, 2018 $9.95 $0.00
Nov 02, 2018 $9.95 $0.01
Nov 01, 2018 $9.94 -$0.06
 

Distribution History8,9

Ex-Date Distribution
Nov 01, 2018 $0.06830
Oct 01, 2018 $0.05180
Sep 04, 2018 $0.03400
Aug 01, 2018 $0.03650
Jul 02, 2018 $0.03790
Jun 01, 2018 $0.03780
May 01, 2018 $0.03350
Apr 02, 2018 $0.02870
Mar 01, 2018 $0.02580
Feb 01, 2018 $0.02230
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 History8,9

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 (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. 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. 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. 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 Data10 as of Nov 14, 2018

vs. Prior Business Day Change (%)
Closing Price $9.94 -$0.01 -0.10%
Closing NAV $9.94 -$0.01 -0.10%
Closing Bid/Ask
Midpoint (of bid/ask) NAV+$0.02
Spread (between bid/ask) $0.08
Intraday Price (vs. NAV)
High NAV
Low NAV
Average (Volume-Wtd) NAV
Closing NAV
Trading Volume (Shares)
 

Trading History11 Inception through Nov 14, 2018

 

Historical Premiums/Discounts and Trading Spreads12 Inception through Nov 14, 2018

Premium/Discount Closing
Range Closing Price Vol Wtd Ave Price Closing Bid/Ask Midpoint Bid/Ask Spread
>1.00% 6% 6% 22%
+0.76% to +1.00% 11% 13% 7%
+0.51% to +0.75% 57% 60% 3% 71%
+0.26% to +0.50% 2% 5% 16% 0%
-0.25% to +0.25% 16% 11% 81% 0%
-0.26% to -0.50%
-0.51% to -0.75% 2% 2%
-0.76% to -1.00% 6% 3%
<-1.00% 0%
 

Asset Mix (%)5 as of Oct 31, 2018

Portfolio Statistics as of Oct 31, 2018

Number of Issuers 193
Number of Holdings 209
Average Coupon 5.85%
Average Duration 1.69 yrs.
Average Price $98.82
Average Yield to Worst13 6.17%
Fixed Coupon (% of Portfolio) 40.91%
Floating Coupon (% of Portfolio) 59.09%
 

Sector Breakdown (%)5 as of Oct 31, 2018

Commercial Mortgage-Backed Securities 13.63
Collateralized Loan Obligations 12.13
Health Care Providers & Services 5.77
Oil, Gas & Consumable Fuels 4.44
Media 4.13
Insurance 3.84
Software 3.82
Metals & Mining 3.56
Diversified Consumer Services 3.17
Real Estate Management & Development 3.11

Credit Quality (%)14 as of Oct 31, 2018

BBB 3.89
BB 18.56
B 60.33
CCC or Lower 4.27
Not Rated 12.95
Ratings are based on S&P, Moody's or Fitch, as applicable. If securities are rated differently by the ratings agencies, the lowest rating is applied. 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 or Fitch (Baa or higher by Moody's) 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 the national ratings agencies stated above.
 

Currency Exposure (%)5 as of Oct 31, 2018

United States Dollar 82.38
Euro 14.23
British Pound 2.08
Japanese Yen 0.56
Hong Kong Dollar 0.49
Australian Dollar 0.27

Geographic Mix (%)5 as of Oct 31, 2018

North America 75.15
Europe except U.K. 13.28
South America 5.17
United Kingdom 2.78
Asia except Japan 2.71
Japan 0.56
Middle East 0.35
 

Seniority (%) as of Oct 31, 2018

Secured 46.32
Senior Unsecured 27.25
Securitized 26.06
Subordinated 0.38
 

Portfolio Holdings5,15 as of Sep 30, 2018

Holding Coupon Rate Maturity Date % of Net Assets
Cablevision 4.66% 01/25/2026 2.41%
Tralee CLO IV Ltd 8.45% 01/20/2030 1.95%
CHT 2017-COSMO Mortgage Trust 5.90% 11/15/2036 1.95%
Mayfield Agency Borrower Inc 6.82% 02/28/2025 1.94%
CHG Healthcare Services Inc. 5.31% 06/07/2023 1.93%
EV Cash Reserves Fund LLC 0.00% 1.84%
Midocean Credit Clo VII 10.44% 07/15/2029 1.49%
Octagon Investment Partners XIV Ltd 10.69% 07/15/2029 1.48%
Pearl Intermediate Parent LLC 5.06% 02/14/2025 1.46%
Verscend Holding Corp. 6.74% 08/27/2025 1.46%
View All
 

Basket Details16 Nov 15, 2018

Holding Shares
View All

Transaction Fees17,18,19 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: 

Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. 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. 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. 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 Fact Sheet

Download - Last updated: Sep 30, 2018

Full Prospectus

Download - Last updated: Nov 14, 2017

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

Download

Notice

Download - Last updated: Mar 6, 2018

SAI

Download - Last updated: Nov 14, 2017

Semi-Annual Report

Download - Last updated: Mar 31, 2018

Summary Prospectus

Download - Last updated: Nov 14, 2017