The Securities Exchange Commission (SEC) approved a new trading vehicle, NextShares. Nasdaq expects the first NextShares to list on The Nasdaq Stock Market and begin trading on or about February 26, 2016.
NextShares are a hybrid of exchange-traded funds (ETFs) and an actively managed mutual fund. They feature lower costs and more tax benefits than actively managed funds, but holdings only need to be disclosed monthly or quarterly.
NextShares will only be permitted for trading during normal U.S. market hours (9:30 a.m. to 4:00 p.m., Eastern Time).
Market Data for NextShares will include intraday quotation and trade data, intraday indicative values (IIVs) and end of day net asset value (NAVs). Because NextShares will trade using a NAV-based model, real-time quotes and trades data will be stated in proxy price to reflect the premium / discount to the NAV for the market participants’ transactions. NextShares quotation and trade data will be available through existing U.S. equity data products including Nasdaq Basic, Nasdaq Last Sale, Nasdaq TotalView, Nasdaq Level 2, NOIView and NOIS. IIV data will be disseminated via the Nasdaq Global Index Data Service (GIDS). NAVs will be disseminated via the Mutual Fund Dissemination Service (MFDS).
For more information, please refer to the NextShares Frequently Asked Questions or complete this short form.
To learn more about NextShares or the benefits of listing or trading on The Nasdaq ETF Market, please contact Bob Humbert, ETP Listings and Services, at +1 212 231 5127