Bear unveils actively managed ETF

the Bear Stearns Current Yield Fund (YYY) will begin trading on the American Stock Exchange on March 18.
MAR 10, 2008
An actively managed exchange traded fund – the Bear Stearns Current Yield Fund (YYY) – will begin trading on the American Stock Exchange on March 18, Bear Stearns Asset Management of New York announced today. The ETF is composed of a variety of short-term fixed income instruments. It aims to generate higher returns than an average money market fund by investing in diversified, high-quality securities, including governments, municipal securities, bank obligations, corporate and securitized debt. The ETF will address the issue of transparency, which the Securities and Exchange Commission has required of ETFs, by disclosing its holding each day via a website: www.yyyfund.com. The expense ratio is expected to be 0.35%. If no other actively managed ETFs come to market before the Bear Stearns ETF, it will be the first such ETF, but it won’t be the last. PowerShares Capital Management Inc. of Wheaton, Ill., got exemptive relief earlier this month, allowing the company to proceed with the registration of proposed actively managed stock and bond ETFs. Bear Stearns also has plans to launch more actively managed ETFs, said Margo Cook, global head of the institutional business BSAM. “One of the reason do he first [actively managed ETF] is to follow it up,” she said.

Latest News

WallStreetBets takes on the SEC — and makes a surprisingly sharp case
WallStreetBets takes on the SEC — and makes a surprisingly sharp case

The Reddit trading community's formal comment letter against the proposal is drawing widespread attention across finance and tech circles.

Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale
Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale

RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.

Beyond wealth management: Why the future of advice is becoming more human
Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up
Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up

Shareholder targets FS KKR Capital's directors over alleged portfolio valuation and dividend missteps.

UBS loses $1.2 million arbitration claim linked to variable annuities and margin
UBS loses $1.2 million arbitration claim linked to variable annuities and margin

UBS has a history of costly litigation stemming from the sale of volatile investment products.

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline