Bear Stearns Launches Actively Managed ETF

Bear Stearns Asset Management (BSAM) announced the launch of the first actively managed exchange-traded fund (ETF).

The Bear Stearns Current Yield Fund (AMEX: YYY), the first product launched by the Bear Stearns Active ETF Trust, is composed of a variety of short-term fixed income instruments, according to a Bear Stearns press release. The fund aims to generate higher returns than an average money market fund by investing in diversified, high-quality securities, including government bonds, municipal securities, bank obligations, corporate and securitized debt.

Shares of the fund can be purchased and sold intraday, with portfolio holdings fully disclosed each day via BSAM’s Web site,

The Bear Stearns Current Yield Fund is managed by a team of fixed income professionals at BSAM, led by senior portfolio manager Scott Pavlak. The fund will be available on the American Stock Exchange on March 18, 2008.