Bear Stearns reach ETF milestone

It is the first actively managed exchange traded fund (ETF) and is composed of a variety of short-term fixed income instruments. The fund invests a range of securities, including government securities, municipal securities, bank obligations, corporate and securitized debt.

The portfolio manager, Scott Pavlak commented: "The fund employs a disciplined investment strategy, adding value through sector allocation, security selection, yield curve positioning, and duration management."

The Current Yield Fund is expected to be re-branded under JPMorgan once the takeover bid of Bear Stearns gains approval.

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