Regulator approval of Eaton Vance's non-transparent ETF has its industry competitors closely studying its offering to determine how its proposal succeeded where others failed, and whether they need to develop and offer their own version.

Exchange-traded managed funds, or ETMFs, which are being branded by Eaton Vance as NextShares, have characteristics of both traditional mutual funds and ETFs. The SEC's ruling could open doors for more than a dozen of these funds as soon as next year, according to Todd Rosenbluth, S&P Capital IQ's director of mutual fund and ETF research.

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