Fund Description: Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the Eaton Vance NextShares Trust II, an open-end investment management company. INVESTMENT OBJECTIVE: The Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares seeks current income exempt from regular federal income tax. The Fund is an actively managed ETF and thus does not seek to replicate the performance of a specific index. Rather, the Adviser has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective. FUND STRATEGY: 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. At least 90% of the Fund’s net assets normally is invested in municipal obligations rated at least investment grade (rated Baa or higher by Moody’s, or BBB or higher by either Standard & Poor’s or Fitch Ratings or, if unrated, determined by the 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 (junk bonds). 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. With respect to the Fund’s 80% Policy, 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. At the beginning of each calendar year, with respect to the Fund's 80% Policy, 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 mature out of the five-to-fifteen year maturity range during each of the coming years. The investment 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. FUND MANGEMENT: Eaton Vance Management serves as investment adviser to the Fund. Boston Management and Research (BMR) serves as investment adviser to the Portfolio.