Eaton Vance moved one step closer to offering a non-transparent, actively managed municipal exchange-traded fund.

The asset managers filed an application with the Securities and Exchange Commission seeking exemptive order relief to create and offer exchange-traded managed funds to investors. These ETMFs would give investors the benefits of an ETF with the performance characteristics of an actively managed fund. And they would forego the responsibility to disclose holdings daily of the funds, thus keeping confidential information on current portfolio trading.

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