Better late than never! Bear Stearns has quietly launched the first ever, actively managed ETF. Rather than a big-coming-out party - planned initially for March 18 - the launch is getting lost in all the news surrounding Bear Stearns’ financial troubles

“We are excited to mark another important milestone in the development of the ETF industry," said Scott Ebner, Senior Vice President of the Amex ETF Marketplace about the launch of YYY. This is a bit of an understatement, considering that the Bear Stearns Current Yield Fund (Ticker:YYY) will make history as the first ever actively managed Exchange Traded Fund.

YYY seeks as high a level of current income as is consistent with the preservation of capital and liquidity. The portfolio manager seeks to attain the Fund's objective by investing primarily in short-term debt obligations, including U.S. government securities, bank obligations, corporate debt obligations, mortgage-backed and asset-backed securities, municipal obligations, foreign bank obligations, foreign corporate debt obligations, repurchase agreements and reverse repurchase agreements.

Unlike all previously issued, index based ETFs, YYY is actively-managed by its portfolio manager who has the discretion to choose securities for the ETFs portfolio consistent with the underlying investment objective.

The Bear Stearns Current Yield Fund will have an expense ratio of 0.35%.

>> click here for the next "actively managed" ETFs expected to launch

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