Summary Prospectus dated June 1, 2019
as revised January 15, 2020
Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares
Ticker EVLMC
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 June 1, 2019, 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 http://www.eatonvance.com/nextsharesdocuments,
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.
Important Note. Beginning on January 1, 2021, as permitted
by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder
reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be
made available on the Fund's website (http://www.eatonvance.com/nextsharesdocuments), and you will be notified by mail each time
a report is posted and provided with a website address to access the report.
If you already elected to receive shareholder reports
electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder
reports and other communications from the Fund electronically by contacting your financial intermediary (such as a financial advisor,
broker-dealer or bank).
You may elect to receive all future Fund shareholder
reports in paper free of charge. You can contact your financial intermediary or follow instructions included with this disclosure,
if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper
will apply to all funds held through your financial intermediary.
Investment Objective
The Fund's investment objective is to seek current income exempt
from regular federal income tax.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if
you buy and hold shares of the Fund.
Investor Fees (fees paid directly from your investment): None
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Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)(1)
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Management Fees
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0.32%
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Distribution and Service (12b-1) Fees
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None
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Other Expenses
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1.56%
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Total Annual Fund Operating Expenses
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1.88%
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Expense Reimbursement(2)
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(1.53)%
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Total Annual Fund Operating Expenses After Expense Reimbursement
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0.35%
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(1)
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Expenses in the table above and the Example below reflect the expenses of the Fund and 5-to-15 Year Laddered Municipal Bond
Portfolio (the “Portfolio”), the Fund’s master Portfolio.
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(2)
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The investment adviser and administrator and sub-adviser have agreed to reimburse the Fund’s expenses to the extent that
Total Annual Fund Operating Expenses exceed 0.35%. This expense reimbursement will continue through May 31, 2020. 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 and sub-adviser during the same fiscal year to the extent actual expenses
are less than the contractual expense cap during such year.
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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% a 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:
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1 Year
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3 Years
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5 Years
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10 Years
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$36
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$442
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$873
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$2,076
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Portfolio Turnover
The Fund 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 78% 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 municipal obligations with final maturities of between five
and fifteen years, the interest on which is exempt from regular federal income tax (the “80% Policy”). For the purposes
of the Fund’s 80% Policy, final maturity is defined as (i) the stated final maturity of a callable bond; (ii) the pre-refunded
date of an existing pre-refunded bond; (iii) the earliest put date of a put bond; or (iv) the monthly re-set date of a municipal
floating-rate bond or obligation. For municipal obligations held by the Fund that become pre-refunded after the Fund purchases
such obligations, the final maturity of such obligation remains the stated maturity. All municipal obligations maturing within
a calendar year will be defined as having the same final maturity. At least 90% of the Fund’s net assets normally is invested
in municipal obligations rated at least investment grade at the time of investment (which are those rated Baa or higher by Moody’s
Investors Service, Inc. (“Moody’s”), or BBB or higher by either S&P Global Ratings (“S&P”)
or Fitch Ratings (“Fitch”)) or, if unrated, determined by the investment sub-adviser to be of at least investment grade
quality. The balance of net assets may be invested in municipal obligations rated below investment grade and in unrated municipal
obligations considered to be of comparable quality by the investment sub-adviser (“junk bonds”). For purposes of rating
restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used. The Fund will not
invest in an obligation if the interest on that obligation is subject to the federal alternative minimum tax. With respect to 20%
of its net assets, the Fund may invest in municipal obligations that are not exempt from regular federal income tax, direct obligations
of the U.S. Treasury and/or obligations of U.S. Government agencies, instrumentalities and government-sponsored enterprises.
The Fund invests primarily in general obligation or revenue bonds.
In pursuing its investment objective, the Fund seeks to weight investment in obligations such that at least 5% and not more than
15% of its net assets are invested in obligations with a final maturity in a year within the five-to-fifteen year maturity range
(the “weighted investment strategy”). The Fund does not have a specific target for its average portfolio duration.
When a municipal obligation has a final maturity of less than five years, the Fund intends to sell that security within a year
and reinvest the proceeds in obligations with longer maturities. With respect to the Fund's weighted investment strategy, the Fund
intends to invest at least 5% of its net assets in securities with a final maturity of 15 years within 90 days of the beginning
of the calendar year. The Fund’s portfolio is “laddered” by investing in municipal obligations with different
final maturities so that some obligations age out of the five-to-fifteen year maturity range during each year.
The investment sub-adviser’s process for selecting obligations
for purchase and sale emphasizes the creditworthiness of the issuer or other person obligated to repay the obligation and the relative
value of the obligation in the market. In evaluating creditworthiness, the investment sub-adviser considers ratings assigned by
rating agencies and generally performs additional credit and investment analysis. The portfolio managers may also trade securities
to seek to minimize capital gains to investors.
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, but may also invest directly
in securities and other instruments.
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Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares
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Summary Prospectus dated June 1, 2019 as revised January 15, 2020
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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 and have a limited operating
history. 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.
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 exchange-traded funds (“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
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.
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Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares
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3
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Summary Prospectus dated June 1, 2019 as revised January 15, 2020
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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 economic, political and financial
events (whether real, expected or perceived) in the U.S. and global markets. The frequency and magnitude of such changes in value
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. Actions taken by the U.S. Federal Reserve or foreign
central banks to stimulate or stabilize economic growth, such as decreases or increases in short-term interest rates, could cause
high volatility in markets. No active trading market may exist for certain investments, which may impair the ability of the Fund
to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets. Fixed-income
markets may experience periods of relatively high volatility in an environment where U.S. treasury yields are rising.
Municipal
Obligation Risk. The amount of public information available about municipal obligations is generally less than for corporate
equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities
of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to
be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its
municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price
at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value
and be subject to erratic price movements. The increased presence of nontraditional participants (such as proprietary trading desks
of investment banks and hedge funds) or the absence of traditional participants (such as individuals, insurance companies, banks
and life insurance companies) in the municipal markets may lead to greater volatility in the markets because non-traditional participants
may trade more frequently or in greater volume.
Interest
Rate Risk. In general, the value of income securities will fluctuate based on changes in interest rates. The value of
these securities is likely to increase when interest rates fall and decline when interest rates rise. Duration measures the time-weighted
expected cash flows of a fixed-income security, while maturity refers to the amount of time until a fixed-income security matures.
Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than securities with
shorter durations or maturities, causing them to be more volatile. Conversely, fixed-income securities with shorter durations or
maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or securities.
Because the Fund is managed toward an income objective, it may hold more longer duration or maturity obligations and thereby be
more exposed to interest rate risk than municipal income funds that are managed with a greater emphasis on total return. In a rising
interest rate environment, the duration of income securities that have the ability to be prepaid or called by the issuer may be
extended. In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested
at a lower interest rate.
Credit
Risk. Investments in municipal obligations and other debt obligations (referred to below as “debt instruments”)
are subject to the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances
may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults.
Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also
may decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit
ratings of debt instruments may be lowered if the financial condition of the party obligated to make payments with respect to such
instruments deteriorates. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may
be required to retain legal or similar counsel, which may increase the Fund’s operating expenses and adversely affect net
asset value. Municipal obligations may be insured as to principal and interest payments. If the claims-paying ability or other
rating of the insurer is downgraded by a rating agency, the value of such obligations may be negatively affected.
Lower
Rated Investments Risk. Investments rated below investment grade and comparable unrated investments (sometimes referred
to as “junk”) have speculative characteristics because of the credit risk associated with their issuers. Changes in
economic conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments
to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads
to a higher non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments
typically are subject to greater price volatility and illiquidity than higher rated investments.
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Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares
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4
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Summary Prospectus dated June 1, 2019 as revised January 15, 2020
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Risks
of Principal Only Investments. Principal only investments entitle the Fund to receive the stated value of such investment
when held to maturity. The values of principal only investments are subject to greater fluctuation in response to changes in market
interest rates than obligations that pay interest currently. The Fund will accrue income on these investments and distribute that
income each year. The Fund may be required to sell other investments to obtain cash needed for such income distributions.
U.S.
Government Securities Risk. Although certain U.S. Government-sponsored agencies (such as the Federal Home Loan Mortgage
Corporation and the Federal National Mortgage Association) may be chartered or sponsored by acts of Congress, their securities
are neither issued nor guaranteed by the U.S. Treasury. U.S. Treasury securities generally have a lower return than other obligations
because of their higher credit quality and market liquidity.
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.
Tax
Risk. Income from tax-exempt municipal obligations could be declared taxable because of changes in tax laws, adverse
interpretations by the relevant taxing authority or the non-compliant conduct of the issuer of an obligation.
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.
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 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.
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Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares
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5
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Summary Prospectus dated June 1, 2019 as revised January 15, 2020
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Performance
The returns in the bar chart and table for the period from March
28, 2016 (commencement of operations) to December 31, 2018 are for the Fund and for periods before 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 show how the Portfolio Investor/Fund’s average annual returns at NAV over time compare with those of two broad-based
securities market indices. The performance prior to March 28, 2016 does not represent the performance of the Fund. The investment
performance of the Portfolio Investor (rather than the Portfolio itself) is included 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 March 28, 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.
During the period from December 31, 2010 to December
31, 2018, the highest quarterly total return for the Fund or Portfolio Investor was 5.17% for the quarter ended March 31, 2014,
and the lowest quarterly return was -4.96% for the quarter ended June 30, 2013. The year-to-date total return through the end of
the most recent calendar quarter (December 31, 2018 to March 31, 2019) was 2.78%.
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Average Annual Total Return as of December 31, 2018
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One Year
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Five Years
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Life of Fund
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Return Before Taxes
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0.51%
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5.28%
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6.03%
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Return After Taxes on Distributions
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0.35%
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5.21%
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5.51%
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Return After Taxes on Distributions and the Sale of Fund Shares
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1.01%
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4.67%
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5.13%
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Bloomberg Barclays 10 Year Municipal Bond Index (reflects no deduction for fees, expenses or taxes)
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1.41%
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3.87%
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4.25%
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Bloomberg Barclays 15 Year Municipal Bond Index (reflects no deduction for fees, expenses or taxes)
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1.38%
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4.80%
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4.81%
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Prior to April 15, 2015, the Portfolio Investor had
a different name and investment objective and employed a different investment strategy from the Portfolio Investor’s current
investment strategy to invest at least 80% of its net assets in municipal obligations with final maturities of between five and
fifteen years, the interest on which is exempt from regular federal income tax. The net asset values used in the performance calculation
may be rounded to the nearest cent prior to calculation. The net asset values used in the performance calculation may be rounded
to the nearest cent prior to calculation. Investors cannot invest directly in an Index.
After-tax returns are calculated using the highest
historical individual federal income tax rates and does not reflect the impact of state and local taxes. Actual after-tax returns
depend on a shareholder’s tax situation and the actual characterization of distributions, and may differ from those shown.
After-tax returns are not relevant to shareholders 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 the 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.
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Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares
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6
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Summary Prospectus dated June 1, 2019 as revised January 15, 2020
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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(s).
Investment
Sub-Adviser. Parametric Portfolio Associates LLC (“Parametric”) serves as investment sub-adviser to the
Fund and Portfolio(s).
Portfolio Managers
The portfolio managers of the Fund and the Portfolio are part
of Parametric’s Tax-Advantaged Bond Strategies (“TABS”) division.
James
H. Evans, (lead portfolio manager), Chief Investment Officer, Fixed Income of Parametric, has managed the Fund and the
Portfolio since their inception in March 2016.
Brian
C. Barney, Managing Director, Institutional Portfolio Management of Parametric, has managed the Fund and the Portfolio
since their inception in March 2016.
Christopher
J. Harshman, Director, Portfolio Management of Parametric, has managed the Fund and the Portfolio since their inception
in March 2016.
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:
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how intraday prices of executed trades and bids and offers posted by market makers are expressed;
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how to determine the number of shares to buy or sell if you seek to transact in an approximate dollar amount;
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what limit orders mean and how limit prices are expressed; and
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how and when the final price of executed trades is determined.
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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.”
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Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares
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Summary Prospectus dated June 1, 2019 as revised January 15, 2020
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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.
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.
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Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares
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8
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Summary Prospectus dated June 1, 2019 as revised January 15, 2020
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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
The Fund’s distributions are expected to primarily be exempt
from regular federal income tax. However, the Fund may also distribute taxable income to the extent that it invests in taxable
municipal obligations or other obligations which generate taxable income. Distributions of any net realized gains are expected
to be taxable.
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.
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21535 1.15.20
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NextShares® is a registered trademark of NextShares Solutions LLC. All rights reserved.
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© 2020 Eaton Vance Management
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Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares
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9
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Summary Prospectus dated June 1, 2019 as revised January 15, 2020
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