Bear launches actively managed ETF

The American Stock Exchange launched the Bear Stearns Current Yield Fund today, touting it as the the first actively-managed ETF to hit the market. The fund, managed by Bear Stearns Asset Management, seeks as high a level of current income as is consistent with the preservation of capital and liquidity and invests primarily in short-term debt obligations, Amex officials said in a statement. The fund differs from an index fund since it is actively-managed by its portfolio manager who has the discretion to choose securities for the fund’s portfolio consistent with its investment objective, according to the statement. “We are excited to mark another important milestone in the development of the ETF industry,” said Scott Ebner, senior vice president of the New York-based Amex ETF Marketplace. “YYY provides investors with access to a transparent, professionally managed portfolio of short-term fixed income securities.”