Eaton Vance has proposed a new form of fund that is a hybrid between a mutual fund and an exchange-traded fund, called an exchange-traded managed fund (ETMF).

If approved by the Securities and Exchange Commission, the investment vehicle could make it unnecessary to disclose portfolio holdings every day-and in so doing potentially reshape the mutual fund industry, which has relied on infrequent disclosure of holdings to protect the ability of managers to achieve above-average returns and avoid front running.

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