BETHESDA, Md., July 20, 2017 /PRNewswire/ -- Calvert Research
and Management (Calvert) has filed
a registration statement with the U.S. Securities and Exchange
Commission for a new exchange-traded managed fund investing in
short-term income investments, the Calvert Ultra-Short Income
NextShares (the "Fund"). The Fund will seek to maximize
income, consistent with preservation of capital, by investing in
short-term bonds and other income-producing securities. In
selecting investments for the Fund, Calvert will be guided by The Calvert
Principles for Responsible Investment, which provide a framework
for considering environmental, social and governance factors.
"Calvert is dedicated to
providing investors with efficient, innovative and responsible
investment opportunities," said John
Streur, President and Chief Executive Officer of
Calvert. "We are excited to
utilize the new NextShares structure to help achieve both a
positive impact on society and favorable investment results."
NextShares, an innovative way to invest in actively managed
strategies, offer the potential for benchmark-beating returns by
applying their manager's proprietary investment research. As
exchange-traded products, NextShares may offer cost and tax
efficiencies that can enhance shareholder returns. The first
NextShares fund began trading on the Nasdaq Stock Market LLC in
February 2016. Funds from multiple
sponsors have since been introduced across a range of assets
classes, with more launches expected in the coming
months.
"We are proud to partner with Calvert as the first company to bring
responsible investing to their clients through NextShares," said
Stephen W. Clarke, President of
NextShares Solutions. "We are looking forward to working together
to expand their product line-up to include NextShares."
About Calvert
Calvert Research and Management is a leader in Responsible
Investing, with approximately $10.2
billion of mutual fund and separate account assets under
management as of June 30, 2017. The
company traces its roots to Calvert Investments, which was founded
in 1976 and was the first to launch a socially responsible mutual
fund that avoided investment in companies that did business in
apartheid-era South Africa. Today,
the Calvert Funds are one of the largest and most diversified
families of responsibly invested mutual funds, encompassing
actively and passively managed strategies, U.S. and international
equity strategies, fixed-income strategies and asset allocation
funds. Calvert Research and Management is a wholly owned subsidiary
of Eaton Vance. For more information, visit calvert.com.
About NextShares Solutions and Eaton Vance
NextShares Solutions is a wholly owned subsidiary of Eaton Vance
formed to develop and commercialize NextShares. Aspects of the
operation of NextShares are protected intellectual property owned
by NextShares Solutions. For more information, visit
nextshares.com.
Eaton Vance (NYSE: EV) is a leading global asset manager whose
history dates to 1924. With offices in North America, Europe, Asia
and Australia, Eaton Vance and its
affiliates managed $395.3 billion as
of June 30, 2017 offering individuals
and institutions a broad array of investment strategies and wealth
management solutions. For more information, visit
eatonvance.com.
The information in this press release is not complete and
may be changed. These securities may not be sold until the
registration statement filed with the U.S. Securities and Exchange
Commission is effective. This press release is not an offer to sell
these securities and it is not soliciting an offer to buy these
securities in any jurisdiction where the offer or sale would be
prohibited.
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. An
imbalance in supply and demand in the income market may result in
valuation uncertainties and greater volatility, less liquidity,
widening credit spreads and a lack of price transparency in the
market. 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. As interest rates rise, the value of certain income
investments is likely to decline. Investments in income securities
may be affected by changes in the creditworthiness of the issuer
and are subject to the risk of nonpayment 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. 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.
The information contained herein is provided for informational
purposes only, is not intended as investment or tax advice, and
does not constitute a solicitation of an offer to buy or sell
specific securities.
Shares of NextShares funds are normally bought and sold in the
secondary market through a broker, and may not be individually
purchased or redeemed from the fund. In the secondary market,
buyers and sellers transact with each other, rather than with the
fund. NextShares funds issue and redeem shares only in
specified creation unit quantities in transactions by or through
Authorized Participants. In such transactions, a fund issues and
redeems shares in exchange for the basket of securities, other
instruments and/or cash that the fund specifies each business day.
By transacting in kind, a NextShares fund can lower its trading
costs and enhance fund tax efficiency by avoiding forced sales of
securities to meet redemptions. Redemptions may be effected
partially or entirely in cash when in-kind delivery is not
practicable or deemed not in the best interests of shareholders. A
fund's basket is not intended to be representative of the fund's
current portfolio positions and may vary significantly from current
positions. As exchange-traded securities, NextShares can operate
with low transfer agency expenses by utilizing the same highly
efficient share processing system as used for exchange-listed
stocks and ETFs.
Market trading prices of NextShares are linked to the fund's
next-computed net asset value (NAV) and will vary from NAV by a
market-determined premium or discount, which may be zero.
Buyers and sellers of NextShares will not know the value of their
purchases and sales until after the fund's NAV is determined at the
end of the trading day. Market trading prices may vary
significantly from anticipated levels. NextShares do not
offer investors the opportunity to buy and sell intraday based on
current (versus end-of-day) determinations of fund value.
NextShares trade execution prices will fluctuate based on changes
in NAV. Although limit orders may be used to control trading costs,
they cannot be used to control or limit trade execution prices. As
a new type of fund, NextShares have a limited operating history and
may initially be available through a limited number of
brokers. There can be no guarantee that an active trading
market for NextShares will develop or be maintained, or that their
listing will continue unchanged. Buying and selling NextShares may
require payment of brokerage commissions and expose transacting
shareholders to other trading costs. Frequent trading may detract
from realized investment returns. The return on a shareholder's
NextShares investment will be reduced if the shareholder sells
shares at a greater discount or narrower premium to NAV than he or
she acquired the shares. Commercial success of NextShares
requires completion of enabling implementation technology and
acceptance by market participants, which cannot be
assured.
NextShares™ is a trademark of NextShares Solutions
LLC. All rights reserved.
Before investing, investors should consider carefully the
investment objectives, risks, charges and expenses of a NextShares
Fund. This and other important information is contained in the
prospectus and summary prospectus, which can be obtained from a
financial advisor. Prospective investors should read the prospectus
carefully before investing.
Calvert NextShares distributed by Foreside Fund Services,
LLC.
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SOURCE Calvert Research and Management