Bear Stearns' Active ETF Pulled

By Matthew Hougan

The Bear Stearns Current Yield Fund will not list Tuesday, and the race for the first actively managed ETF moves on.

Last week, Bear Stearns said that the Bear Stearns Current Yield Fund - an actively managed money market ETF with a proposed ticker of YYY - would list on March 18, 2008. That would have made YYY the first actively managed ETF, a historic event for the ETF industry.

With the collapse of Bear Stearns, however, the celebration has been postponed... indefinitely. The Amex has confirmed that the fund will not launch Tuesday as planned. In fact, there is no word yet on whether it will launch at all. One way or the other, you can bet that the folks at Bear Stearns (I mean JPMorgan) have other things on their mind right now.

The PowerShares filing includes three actively managed equity ETFs and one fixed-income ETF.

There is no word yet on when those ETFs will launch, or if another provider might sneak to market first. PowerShares has received exemptive relief to launch the funds, but a number of additional regulatory steps remain.

Comments

[User 86999:]

The history was made anyway. The first active fund that was going to be started by a bankrupt corporation. Maybe the "YYY" was really ominous in its symbol: "why, why, why"!

2008 Mar 18 09:57 AM

[mangy cat:]

how doth the bsr etn stand the evil wind of fortune?

2008 Mar 18 10:49 AM