BOSTON, May 23, 2014 /PRNewswire/ -- Eaton Vance
Corp. (NYSE: EV) announced that eUnits™ 2 Year U.S.
Market Participation Trust II: Upside to Cap / Buffered Downside
(the "Trust") today made a liquidating cash distribution to the
holders of the Trust's units ("Units") of $12.06 per Unit. Consistent with its investment
objective, the Trust provided a total return of 20.5% on the
initial net asset value of the Units over the two-year term of the
Trust.
At its initial public offering on May 29,
2012, the Trust issued 2,000,248 Units at $10 per Unit, raising $20,002,480. Consistent with the terms of the
Trust, the Trust terminated its operations and closed its books at
the close of business on May 21, 2014
(the "Termination Date"). The Termination Date is the record date
for determining the Unit holders entitled to receive liquidating
distributions. Trading of the Units on NYSE MKT, under the symbol
ETUB, was suspended at 4:00 p.m. ET
on May 21, 2014.
eUnits™ are a type of exchange-traded structured
investment developed by Eaton Vance that seek to enable holders to
participate in the returns of a specified market benchmark over a
defined term, typically up to a cap, while reducing exposure to
loss in the event of a decline in the benchmark. Market exposures
are provided by combining third-party dealer contracts with a
portfolio of term-matched U.S. Treasuries. Different from
structured notes, eUnits™ are registered under the
Investment Company Act of 1940 as closed-end investment companies
and avoid a concentrated credit exposure to a single corporate
issuer. Unlike traditional closed-end funds, eUnits™
are fixed-term instruments with substantially fixed holdings, and
seek to mitigate secondary market trading discounts by facilitating
arbitrage versus a disclosed hedge portfolio using a methodology
that is the subject of a pending U.S. patent.
The Trust's objective was to provide purchasers of Units in the
initial public offering the opportunity to earn returns over the
investment life of the Trust based on the price performance of the
S&P 500 Composite Stock Price Index® (the "Index"). If the
Index appreciated over the investment life of the Trust, the Trust
sought to provide a return on the initial net asset value of the
Units equal to the percentage change in the price of the Index, up
to a maximum return of 20.5 percent. If the Index declined over the
investment life of the Trust by 15 percent or less, the Trust
sought to return the initial net asset value of the Units. If the
Index had declined by more than 15 percent, the Trust sought to
outperform the Index price change by 15 percent of initial Index
value. Because the actual appreciation of the Index over the
term of the Trust was more than the return cap, the Trust's target
return was 20.5 percent.
Eaton Vance is one of the oldest investment management firms in
the United States, with a history
dating from 1924. Eaton Vance and its affiliates managed
$285.9 billion in assets as of
April 30, 2014, offering individuals
and institutions a broad array of investment strategies and wealth
management solutions. The Company's long record of exemplary
service, timely innovation and attractive returns through a variety
of market conditions has made Eaton Vance the investment manager of
choice for many of today's most discerning investors. For more
information about Eaton Vance, visit www.eatonvance.com.
SOURCE Eaton Vance Corp.