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Tuesday, March 18, 2008

First Active ETF Launch is Delayed

Reported by Armie Margaret Lee

Today would have marked the first launch of an active ETF. However, Bear Stearns Asset Management is not pushing through with the rollout of the Bear Stearns Current Yield Fund at the American Stock Exchange today.

An Amex spokesperson said on Monday that the ETF "is not listing tomorrow." A Bear Stearns spokesperson was not immediately able to comment.

It was not immediately clear whether a new date has been set.

Bear Stearns had announced Monday last week that the active ETF would start trading on the Amex on March 18.

If Bear Stearns puts its launch plans on hold at least for a couple of weeks, a firm that could end up getting the much coveted "first to market" title is PowerShares, which declared in late February that it had become the first ETF provider to receive exemptive relief from the SEC for actively managed ETFs in registration.

Asked by The MFWire on Monday whether PowerShares has pinned down a date for the launch of the four active ETFs, a company spokesperson said PowerShares hopes to launch them in "early April."  

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