Summary Prospectus dated May 1, 2022
Eaton Vance Stock NextShares
Ticker EVSTC
Listing Exchange: The NASDAQ Stock Market LLC
This Summary Prospectus is designed to provide
investors with key fund information in a clear and concise format. Before you invest, you may want to review the Fund’s Prospectus
and Statement of Additional Information, which contain more information about the Fund and its risks. The Fund’s Prospectus and
Statement of Additional Information, both dated May 1, 2022, as may be amended or supplemented, are incorporated by reference into this
Summary Prospectus. For free paper or electronic copies of the Fund’s Prospectus, Statement of Additional Information, annual and
semi-annual shareholder reports, and other information about the Fund, go to https://funds.eatonvance.com/nextshares-documents.php, email
a request to contact@eatonvance.com or call 1-800-262-1122. Unless otherwise noted, page number references refer to the current Prospectus
for this Fund.
Investment Objective
The Fund's investment objective is to seek long-term
capital appreciation by investing in a diversified portfolio of equity securities.
Fees and Expenses of
the Fund
This table describes the fees and expenses that you may pay if you buy,
hold and sell shares of the Fund.
Shareholder Fees (fees paid directly from your investment): None
| Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)(1) |
|
| Management Fees |
0.59% |
| Distribution and Service (12b-1) Fees |
None |
| Other Expenses |
1.16% |
| Total Annual Fund Operating Expenses |
1.75% |
| Expense Reimbursement(2) |
(1.10)% |
| Total Annual Fund Operating Expenses After Expense Reimbursement |
0.65% |
| (1) | Expenses in the table above and the Example below reflect the expenses of the Fund and Stock Portfolio (the “Portfolio”),
the Portfolio in which the Fund invests. |
| (2) | The investment adviser and administrator has agreed to reimburse the Fund’s expenses to the extent that Total Annual Fund Operating
Expenses exceed 0.65%. This expense reimbursement will continue through April 30, 2023. Any amendment to or termination of this reimbursement
would require approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include
expenses such as: brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs (including borrowing costs
of any acquired funds), taxes or litigation expenses. Amounts reimbursed may be recouped by the investment adviser and administrator during
the same fiscal year to the extent actual expenses are less than the contractual expense cap during such year. |
Example.
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example
assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.
The Example also assumes that the Fund provides a return of 5% each year, that Fund operating expenses remain the same and that any expense
reimbursement arrangement remains in place for the contractual period. Investors may pay brokerage commissions on their purchases and
sales of Fund shares, which are not reflected in the example. Although your actual costs may be higher or lower, based on these assumptions
your costs would be:
| 1 Year |
3 Years |
5 Years |
10 Years |
| $66 |
$444 |
$846 |
$1,971 |
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it
buys and sells securities (or “turns over” the portfolio). A higher portfolio turnover rate may indicate higher
transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not
reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal
year, the Portfolio's portfolio turnover rate was 44% of the average value of its portfolio.
Principal Investment Strategies
Under normal market conditions, the Fund invests at least 80% of its
net assets (plus any borrowings for investment purposes) in a diversified portfolio of common stocks (the “80% Policy”). The
Fund may invest in companies with a broad range of market capitalizations, including smaller companies. The Fund generally intends to
maintain investments in all or substantially all of the market sectors represented in the S&P 500®
Index. Particular stocks owned will not mirror the S&P 500®
Index. The Fund may invest up to 25% of its total assets in foreign securities which may be issued by companies domiciled in developed
or emerging market countries. As an alternative to holding foreign stocks directly, the Fund may invest in U.S. dollar-denominated securities
of foreign companies that trade on U.S. exchanges or in the over-the-counter market (including depositary receipts which evidence ownership
in underlying foreign stocks). The Fund may invest in exchange-traded funds (“ETFs”), a type of pooled investment vehicle,
in order to manage cash positions or seek exposure to certain markets or market sectors. The Fund may also invest in publicly traded real
estate investment trusts (“REITs”).
The Fund may engage in derivative transactions to seek return, to hedge
against fluctuations in securities prices or as a substitute for the purchase or sale of securities. The Fund expects to use derivatives
principally when seeking to gain exposure to equity securities by writing put options or to generate income by writing covered call options
or put options. The Fund may also enter into a combination of options transactions on individual securities. Permitted derivatives include:
the purchase or sale of forward or futures contracts; options on futures contracts; exchange-traded and over-the-counter options; equity
collars and equity swap agreements. There is no stated limit on the Fund’s use of derivatives.
The portfolio
of securities is selected primarily on the basis of fundamental research. The portfolio manager utilizes the information provided by,
and the expertise of, the investment adviser’s research staff in making investment decisions. In selecting securities, the portfolio
manager seeks companies that have sustainable earnings and cash flow, a strong and durable financial profile, secular and cyclical growth
prospects, and the ability to maintain a competitive position within its industry. In addition, the portfolio manager employs a portfolio
construction process that seeks to manage investment risk. This process includes the use of portfolio optimization tools (quantitative
tools that help track the Portfolio’s fundamental characteristics such as its volatility, valuation and growth rate) and risk management
techniques to assist in portfolio construction and monitoring and maintaining issuer and industry diversification among portfolio holdings.
The portfolio manager may sell a security when he believes it is fully valued, the fundamentals of a company deteriorate, or to pursue
alternative investment options. The portfolio manager may also consider financially material environmental, social and governance factors
in evaluating an issuer. These considerations may be taken into account alongside other fundamental research in the investment selection
process.
The Fund currently invests its assets in the Portfolio, a separate registered
investment company with substantially the same investment objective and policies as the Fund.
About NextShares®
NextShares are a new type of actively managed exchange-traded product
operating pursuant to an order issued by the SEC granting an exemption from certain provisions of the Investment Company Act of 1940,
as amended (the “1940 Act”). NextShares funds began trading in February 2016. There can be no guarantee that an active trading
market for NextShares will develop or be maintained, or that their listing will continue unchanged.
Individual shares of a NextShares fund may be purchased and sold only
on a national securities exchange or alternative trading system through a broker-dealer that offers NextShares (“Broker”),
and may not be directly purchased or redeemed from the fund. As a new type of fund, NextShares initially may be offered by a limited number
of Brokers. Trading prices of NextShares are directly linked to the fund’s next-computed net asset value per share (“NAV”),
which is normally determined as of the close of regular market trading each business day. Buyers and sellers of NextShares will not know
the value of their purchases and sales until NAV is determined at the end of the trading day.
Trading prices of NextShares will vary from NAV by a market-determined
trading cost (i.e., a premium or discount to NAV), which may be zero. The premium or discount to NAV at which NextShares trades are executed
is locked in at the time of trade execution, and will depend on market factors, including the balance of supply and demand for shares
among investors, transaction fees and other costs associated with creating and redeeming Creation Units (as defined below) of shares,
competition among market makers, the share inventory positions and inventory strategies of market makers, and the volume of share trading.
Reflecting these and other market factors, prices of shares in the secondary market may be above, at or below NAV. See “Purchases
and Sales of Fund Shares” below for important information about how to buy and sell shares.
| Eaton Vance Stock NextShares | 2 | Summary Prospectus dated May 1, 2022 |
How NextShares
Compare to Mutual Funds. Mutual fund shares may be purchased and redeemed directly from the issuing fund for cash at the fund’s
next determined NAV. Shares of NextShares funds, by contrast, are purchased and sold primarily in the secondary market. Because trading
prices of NextShares may vary from NAV and commissions may apply, NextShares may be more expensive to buy and sell than mutual funds.
Like mutual funds, NextShares may be bought or sold in specified share or dollar quantities, although not all Brokers may accept dollar-based
orders.
Relative to investing in mutual funds, the NextShares structure offers
certain potential advantages that may translate into improved performance and higher tax efficiency. These potential advantages include:
(a) a single class of shares with no sales loads or distribution and service (12b-1) fees; (b) lower fund transfer agency expenses; (c)
reduced fund trading costs and cash drag (the impact of uninvested cash on performance) in connection with investor inflows and outflows;
and (d) lower fund capital gains distributions. Because NextShares do not pay sales loads or distribution and service (12b-1) fees, their
appeal to financial intermediaries may be limited to distribution arrangements that do not rely upon such payments.
How NextShares
Compare to ETFs. Similar to ETFs, NextShares are issued and redeemed only in specified large aggregations (“Creation
Units”) and trade throughout the day on an exchange. Unlike ETFs, trading prices of NextShares are directly linked to the fund’s
next end-of-day NAV rather than determined at the time of trade execution. Different from ETFs, NextShares do not offer opportunities
to transact intraday at currently (versus end-of-day) determined prices.
Unlike actively managed ETFs, NextShares are not required to disclose
their full holdings on a daily basis, thereby protecting fund investors against the potentially dilutive effects of other market participants
front-running the fund’s trades. Because the mechanism that underlies efficient trading of NextShares does not involve portfolio
instruments not used in creations and redemptions, the need for full portfolio holdings disclosure to achieve tight markets in NextShares
is eliminated. The NAV-based trading employed for NextShares provides investors with built-in trade execution cost transparency and the
ability to control their trading costs using limit orders. This feature of NextShares distinguishes them from ETFs, for which the variance
between market prices and underlying portfolio values is not always known by individual investors and cannot be controlled by them. For
more information, see “Additional Information about NextShares” in the Fund's Prospectus.
Principal Risks
Contingent
Pricing Risk. Trading prices of Fund shares are directly linked to the Fund’s next-computed NAV, which is normally determined
as of the close of regular market trading each business day. Buyers and sellers of shares will not know the value of their purchases and
sales until the Fund’s NAV is determined at the end of the trading day. Like mutual funds, the Fund does not offer opportunities
to transact intraday at currently (versus end-of-day) determined prices. Trade prices are contingent upon the determination of NAV and
may vary significantly from anticipated levels (including estimates based on intraday indicative values disseminated by the Fund) during
periods of market volatility. Although limit orders can be used to control differences in trade prices versus NAV, they cannot be used
to control or limit trade execution prices.
Market Risk.
The value of investments held by the Fund may increase or decrease in response to social, economic, political, financial, public health
crises or other disruptive events (whether real, expected or perceived) in the U.S. and global markets and include such events as war,
natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest. These events may negatively impact broad segments
of businesses and populations and may exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the
value of the Fund’s investments cannot be predicted. Certain securities and other investments held by the Fund may experience increased
volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or fiscal actions
taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could lead to high market volatility.
Market Trading
Risk. Individual Fund shares may be purchased and sold only on a national securities exchange or alternative trading
system through a Broker, and may not be directly purchased or redeemed from the Fund. There can be no guarantee that an active trading
market for shares will develop or be maintained, or that their listing will continue unchanged. Buying and selling shares may require
you to pay brokerage commissions and expose you to other trading costs. Due to brokerage commissions and other transaction costs that
may apply, frequent trading may detract from realized investment returns. Trading prices of shares may be above, at or below the Fund’s
NAV, will fluctuate in relation to NAV based on supply and demand in the market for shares and other factors, and may vary significantly
from NAV during periods of market volatility. The return on your investment will be reduced if you sell shares at a greater discount or
narrower premium to NAV than you acquired shares.
Equity
Securities Risk. The value of equity securities and related instruments may decline in response to adverse changes in the
economy or the economic outlook; deterioration in investor sentiment; interest rate, currency, and commodity price fluctuations;
adverse geopolitical, social or environmental developments; issuer and sector-specific considerations; unexpected trading activity
among retail investors; or other factors. Market conditions may affect certain types of stocks to a greater extent than other types
of stocks. If the stock market declines in value, the value of the Fund’s equity securities will also likely decline. Although
prices can rebound, there is no assurance that values will return to previous levels.
| Eaton Vance Stock NextShares | 3 | Summary Prospectus dated May 1, 2022 |
Foreign Investment
Risk. Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition
of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign
issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States
companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States and,
as a result, Fund share values may be more volatile. Trading in foreign markets typically involves higher expense than trading in the
United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Depositary receipts are
subject to many of the risks associated with investing directly in foreign instruments.
Emerging
Markets Investment Risk. Investment markets within emerging market countries are typically smaller, less liquid, less developed
and more volatile than those in more developed markets like the United States, and may be focused in certain economic sectors. Emerging
market securities often involve greater risks than developed market securities. The information available about an emerging market issuer
may be less reliable than for comparable issuers in more developed capital markets.
Currency
Risk. Exchange rates for currencies fluctuate daily. The value of foreign investments may be affected favorably or unfavorably
by changes in currency exchange rates in relation to the U.S. dollar. Currency markets generally are not as regulated as securities markets
and currency transactions are subject to settlement, custodial and other operational risks.
ETF Risk.
ETFs are subject to the risks of investing in the underlying securities or other investments. ETF shares may trade at a premium or discount
to net asset value and are subject to secondary market trading risks. In addition, the Fund will bear a pro rata portion of the operating
expenses of an ETF in which it invests.
Derivatives
Risk. The Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated
with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in
the price or value of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (“reference
instrument”), due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in the Fund,
which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and return potential
of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment
position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized
skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes
in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying reference instrument. Derivative
instruments traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation
caused by changes in the value of the underlying reference instrument. If a derivative’s counterparty is unable to honor its commitments,
the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty.
The loss on derivative transactions may substantially exceed the initial investment, particularly when there is no stated limit on the
Fund’s use of derivatives. A derivative investment also involves the risks relating to the reference instrument underlying the investment.
Sector Risk.
Because the Fund may, under certain market conditions, invest a significant portion of its assets in one or more sectors, the value of
Fund shares may be affected by events that adversely affect a particular sector and may fluctuate more than that of a fund that invests
more broadly.
Smaller Company
Risk. The stocks of smaller, less seasoned companies are generally subject to greater price fluctuations, limited liquidity,
higher transaction costs and higher investment risk than the stocks of larger, more established companies. Such companies may have limited
product lines, markets or financial resources, may be dependent on a limited management group, and may lack substantial capital reserves
or an established performance record. There may be generally less publicly available information about such companies than for larger,
more established companies. Stocks of these companies frequently have lower trading volumes making them more volatile and potentially
more difficult to value.
Real
Estate Risk. Real estate investments are subject to risks associated with owning real estate, including declines in real
estate values, increases in property taxes, fluctuations in interest rates, limited availability of mortgage financing, decreases in
revenues from underlying real estate assets, declines in occupancy rates, changes in government regulations affecting zoning, land
use, and rents, environmental liabilities, and risks related to the management skill and creditworthiness of the issuer. Companies
in the real estate industry may also be subject to liabilities under environmental and hazardous waste laws, among others. REITs
must satisfy specific requirements for favorable tax treatment and can involve unique risks in addition to the risks generally
affecting the real estate industry. Changes in underlying real estate values may have an exaggerated effect to the extent that
investments are concentrated in particular geographic regions or property types.
| Eaton Vance Stock NextShares | 4 | Summary Prospectus dated May 1, 2022 |
Liquidity
Risk. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position
size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market
prices. Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open,
sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund’s
performance. These effects may be exacerbated during times of financial or political stress.
Risks Associated
with Active Management. The success of the Fund’s investment strategy depends on portfolio management’s successful
application of analytical skills and investment judgment. Active management involves subjective decisions. The portfolio manager also
uses quantitative portfolio optimization and risk management techniques in making investment decisions for the Fund. There can be no assurance
that these techniques will achieve the desired results.
General Fund
Investing Risks. The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment
objective. It is possible to lose money by investing in the Fund. The Fund is designed to be a long-term investment vehicle and is not
suited for short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially
sharp declines in value. Purchase and redemption activities by Fund investors may impact the management of the Fund and its ability to
achieve its investment objective(s). In addition, the redemption by one or more large investors or groups of investors of their holdings
in the Fund could have an adverse impact on the remaining investors in the Fund. The Fund relies on various service providers, including
the investment adviser, in its operations and is susceptible to operational, information security and related events (such as public health
crises, cyber or hacking attacks) that may affect the service providers or the services that they provide to the Fund. An investment in
the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.
Performance
The returns in the bar chart and table for the period from February
25, 2016 (commencement of operations) to December 31, 2018 are for the Fund and for periods prior to the date the Fund commenced operations
are for a mutual fund that invests in the Portfolio (the “Portfolio Investor”). The bar chart and table provide some indication
of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Portfolio Investor/Fund’s
average annual returns at NAV over time compare with those of a broad-based securities market index. The performance prior to February
25, 2016 does not represent the performance of the Fund. The investment performance of the Portfolio Investor (rather than the Portfolio
itself) is shown for certain periods as noted because it reflects the expenses typically borne by a retail fund investing in the Portfolio.
The Portfolio Investor returns are not adjusted to reflect differences between the total net operating expenses of the Fund and the Portfolio
Investor during the periods shown. If such adjustment were made, the performance presented prior to February 25, 2016 would be higher
because the Fund’s total net operating expenses are lower than those of the Portfolio Investor. Past performance (both before and
after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund’s performance and that of the
Portfolio Investor reflects the effects of expense reductions. Absent these reductions, performance would have been lower. Current Fund
performance information can be obtained by visiting www.eatonvance.com.
For the ten years ended December 31, 2021, the highest quarterly
total return for the Fund or Portfolio Investor was 22.26% for the quarter ended June 30, 2020, and the lowest quarterly return was -19.77%
for the quarter ended March 31, 2020.
| Eaton Vance Stock NextShares | 5 | Summary Prospectus dated May 1, 2022 |
| Average Annual Total Return as of December 31, 2021 |
One Year |
Five Years |
Ten Years |
| Return Before Taxes |
24.55% |
17.98% |
16.08% |
| Return After Taxes on Distributions |
16.53% |
15.39% |
13.62% |
| Return After Taxes on Distributions and Sale of Fund Shares |
21.08% |
14.56% |
13.02% |
| S&P 500® Index (reflects no deductions for fees, expenses or taxes) |
28.71% |
18.46% |
16.54% |
The net asset values used in the performance calculation
may be rounded to the nearest cent prior to calculation. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P
DJI”) and have been licensed for use. S&P®
and S&P 500® are registered trademarks of S&P
DJI; Dow Jones® is a registered trademark of Dow
Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse,
sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or
interruptions of the S&P Dow Jones Indices. Investors cannot invest directly in an Index.
After-tax returns are calculated using the highest historical
individual federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s
tax situation and the actual characterization of distributions, and may differ from those shown. After-tax returns are not relevant to
investors who hold shares in tax-deferred accounts or to shares held by non-taxable entities. Return After Taxes on Distributions for
a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return
After Taxes on Distributions and Sale of Fund Shares for a period may be greater than or equal to Return Before Taxes and/or Return After
Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.
Management
Investment
Adviser. Eaton Vance Management (“Eaton Vance”) serves as investment adviser to the Fund. Boston Management and
Research (“BMR”) serves as investment adviser to the Portfolio.
Portfolio
Manager. The Fund and Portfolio are managed by Charles B. Gaffney, Vice President of Eaton Vance and BMR. He has managed the
Fund since its inception in February 2016 and the Portfolio and its predecessor fund since November 2007.
Purchases and Sales of Fund Shares
Buying and
Selling Shares in the Secondary Market. Shares of the Fund are listed and available for trading on The NASDAQ Stock Market
LLC (the “Listing Exchange”) during the Listing Exchange’s core trading session (generally 9:30 am to 4:00 pm Eastern
Time). Shares may also be bought and sold on other national securities exchanges and alternative trading systems that have obtained appropriate
licenses, adopted applicable rules and developed systems to support trading in Fund shares. Fund shares may be purchased and sold in the
secondary market only through a Broker. When buying or selling shares, you may incur trading commissions or other charges determined by
your Broker. The Fund does not impose any minimum investment for shares of the Fund purchased in the secondary market.
Buying and selling Fund shares is similar in most respects to buying
and selling ETFs and listed stocks. Throughout each trading day, market makers post on an exchange bids to buy shares and offers to sell
shares. Buyers and sellers submit trade orders through their Brokers. The executing trading venue matches orders received from Brokers
against market maker quotes and other orders to execute trades, and reports the results of completed trades to the parties to the trade,
member firms and market data services. Completed trades in Fund shares clear and settle just like ETF trades and listed stock trades,
with settlement normally occurring on the second following business day (T+2). Orders to buy and sell Fund shares that are not executed
on the day the order is submitted are automatically cancelled as of the close of trading that day.
Trading in Fund shares differs from buying and selling ETFs and listed
stocks in four respects:
| · | how intraday prices of executed trades and bids and offers posted by market makers are expressed; |
| · | how to determine the number of shares to buy or sell if you seek to transact in an approximate dollar amount; |
| · | what limit orders mean and how limit prices are expressed; and |
| · | how and when the final price of executed trades is determined. |
| Eaton Vance Stock NextShares | 6 | Summary Prospectus dated May 1, 2022 |
Intraday
Prices and Quote Display Format. The intraday price of executed trades and bids and offers quoted for Fund shares are all expressed
relative to the Fund’s next determined NAV, rather than as an absolute dollar price. As noted above, the Fund’s NAV is normally
determined as of the close of regular market trading each business day. As an illustration, shares of the Fund may be quoted intraday
at a best bid of “NAV -$0.01” and a best offer of “NAV +$0.02.” A buy order executed at the quoted offer price
would, in this example, be priced at two cents over the Fund’s NAV on the trade date. If the last trade in Fund shares was priced
at two cents over NAV (the current best offer), it would be displayed as “NAV +$0.02.”
Bid and offer quotes and prices of Fund shares in NAV-based format can
be accessed intraday on certain Broker terminals using the Fund’s ticker symbol. Market data services may display bid and offer
quotes and trade prices in NAV-based format or in “proxy price” format, in which NAV is represented as 100.00 and premiums/discounts
to NAV are represented by the same difference from 100.00 (to illustrate, NAV-$0.01 would be shown as 99.99 and NAV+$0.02 as 100.02).
Historical information about the Fund’s trading costs and trading spreads is provided on its webpage on eatonvance.com.
Sizing Buy
and Sell Orders. NextShares may be purchased and sold in specified share or dollar quantities, although not all Brokers may
accept dollar-based orders. In share-based orders, you specify the number of fund shares to buy or sell. Like share-based ETF and listed
stock orders, determining the number of Fund shares to buy or sell if you seek to transact in an approximate dollar amount requires dividing
the intended purchase or sale amount by the estimated price per share. To assist buyers and sellers in estimating transaction prices,
the Fund makes available at intervals of not more than 15 minutes during the Listing Exchange’s regular trading session an indicative
estimate of the Fund’s current portfolio value (“Intraday Indicative Value” or “IIV”). IIVs can be accessed
on the Fund’s webpage at eatonvance.com and may also be available from Brokers and market data services.
The price of a transaction in Fund shares can be estimated as the sum
of the most recent IIV and the current bid (for sales) or offer (for purchases). If, for example, you seek to buy approximately $15,000
of Fund shares when the current IIV is $19.98 and the current offer is NAV +$0.02, you should place an order to buy 750 shares (= $15,000
÷ $20.00). And if you seek to sell approximately $15,000 of Fund shares when the current IIV is $19.98 and the current bid is
NAV -$0.01, you should sell 751 shares (≈ $15,000 ÷ $19.97).
Because IIVs are estimates and will generally differ from NAV, they
cannot be used to calculate with precision the dollar value of a prescribed number of shares to be bought or sold. Investors should understand
that share transaction prices are based on the Fund’s next determined NAV, and that NAVs may vary significantly from IIVs during
periods of intraday market volatility.
| Eaton Vance Stock NextShares | 7 | Summary Prospectus dated May 1, 2022 |
Limit Orders.
A “limit order” is an order placed with a Broker to buy or sell a prescribed number of shares at a specified price or better.
In entering limit orders to buy or sell Fund shares, limit prices are expressed relative to NAV (i.e., NAV +$0.02, NAV -$0.01), rather
than as an absolute dollar price. By using limit orders, buyers and sellers of NextShares can control their trading costs in a manner
not available for ETFs.
Although limit orders can be used to control differences in trade price
versus NAV, they cannot be used to control or limit absolute trade execution prices.
Final Prices
of Executed Trades. The premium or discount to NAV at which Fund shares trade is locked in at the time of trade execution,
with the final price contingent upon the determination of NAV at the end of the trading day. If, for example, an order to buy or sell
shares executes at NAV +$0.02 and the Fund’s NAV on the day of the trade is $20.00, the final trade price is $20.02.
The premium or discount to NAV at which Fund shares trade depends on
market factors, including the balance of supply and demand for shares among investors, transaction fees and other costs associated with
creating and redeeming Creation Units, competition among market makers, the share inventory positions and inventory strategies of market
makers, and the volume of share trading. NextShares do not offer investors the opportunity to buy and sell intraday at currently (versus
end-of-day) determined prices. Buyers and sellers of shares will not know the final trade price of executed trades until the Fund’s
NAV is determined at the end of the trading day. Trading prices of shares may be above, at or below NAV, and may vary significantly from
NAV during periods of market volatility.
Transactions
Directly with the Fund. The Fund issues and redeems shares only in Creation Unit blocks of 25,000 shares or multiples thereof.
Creation Units may be purchased or redeemed only by or through “Authorized Participants,” which are broker-dealers or institutional
investors that have entered into agreements with the Fund’s distributor for this purpose. The Fund issues and redeems Creation Units
in return for the securities, other instruments and/or cash (the “Basket”) that the Fund specifies each business day. The
Fund’s Basket is not intended to be representative of current holdings and may vary significantly from current portfolio positions.
The Fund imposes transaction fees on Creation Units issued and redeemed to offset the estimated cost to the Fund of processing the transaction
and converting the Basket to or from the desired portfolio composition. For more information, see “Buying and Selling Shares.”
Tax Information
If your shares are held in a taxable account, the Fund’s distributions
will be taxed to you as ordinary income and/or capital gains, unless you are exempt from taxation. If your shares are held in a tax-advantaged
account, you will generally be taxed only upon withdrawals from the account.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund’s shares through a broker-dealer or other
financial intermediary (such as a bank) (collectively, “financial intermediaries”), you should be aware that the Fund’s
investment adviser (or one of its affiliates) may pay the financial intermediary for the sale of Fund shares and related services. These
payments may create a conflict of interest by influencing the financial intermediary and your salesperson to recommend the Fund over another
investment. Ask your salesperson or visit your financial intermediary’s website for more information.
| 20939 5.1.22 |
NextShares® is a registered trademark of NextShares Solutions LLC. All rights reserved. |
| |
© 2022 Eaton Vance Management |
| Eaton Vance Stock NextShares | 8 | Summary Prospectus dated May 1, 2022 |
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