The SEC approved the first non-transparent actively managed exchange-traded fund to be offered by Eaton Vance. The SEC’s Division of Trading and Markets approved a request by Nasdaq to adopt a new rule governing the listing and trading of a new fund structure called the exchange-traded managed fund (ETMF). The ETMF would not be required to disclose its holdings on a daily basis. ETMFs would be listed on an exchange like an ETF and trade using a new trading protocol called “NAV-based trading.” The SEC’s Division of Investment Management also issued a notice stating its intent to grant Eaton Vance exemptive relief from certain provisions of the 1940 Act to permit the offering of ETMFs. These two divisions of the SEC must grant permission to fund managers to create non-transparent ETFs, as well as approve an exchange's proposed rule change to list such funds.