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BANKING

Bear Stearns reach ETF milestone

Bear Stearns Asset Management has introduced the Bear Stearns Current Yield Fund (YYY) onto the American Stock Exchange.

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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