Bear Stearns Announces the Launch of the First Actively Managed Exchange Traded Fund
March 10 2008 - 8:00AM
Business Wire
Bear Stearns Asset Management (�BSAM�) today announced the launch
of the Bear Stearns Current Yield Fund (AMEX: YYY), the first
actively managed exchange traded fund (ETF). YYY, or Triple-Y, is
composed of a variety of short-term fixed income instruments. The
Fund aims to generate higher returns than an average money market
fund by investing in diversified, high-quality securities,
including governments, municipal securities, bank obligations,
corporate and securitized debt. Triple-Y Shares can be purchased
and sold intraday, with portfolio holdings fully disclosed each day
via BSAM�s website www.yyyfund.com. Triple-Y is the first product
launched by the Bear Stearns Active ETF Trust. �We are excited to
be introducing the first actively managed ETF into the
marketplace,� said Jeff Lane, Chairman and CEO of Bear Stearns
Asset Management. �The Bear Stearns Current Yield Fund is an
innovative vehicle which allows investors to manage short-term
fixed income. Through Triple-Y, investors have access to a talented
management team, with a long and successful track record in this
space. In addition, the Fund offers full transparency of holdings
every day on the internet, liquidity via exchange trading and
institutional class fees for all investors.� Triple-Y is managed by
a team of fixed income professionals at BSAM, led by senior
portfolio manager Scott Pavlak. Mr. Pavlak has more than 20 years
of investment experience and has been managing portfolios similar
to Triple-Y for over 15 years. �Utilizing a disciplined investment
process, we seek to add value through sector allocation, security
selection, yield curve positioning, and duration management,� said
Mr. Pavlak. �We use a conservative approach which aims to maximize
income for our investors, while preserving capital.� Triple � Y
will be available on the American Stock Exchange on March 18, 2008.
About Bear Stearns Asset Management Inc. Bear Stearns Asset
Management Inc. (BSAM�) is a wholly-owned subsidiary of The Bear
Stearns Companies Inc. (NYSE: BSC). BSAM is a solutions-based
provider of asset management and advisory services. Serving
institutional and high-net-worth investors around the world, BSAM
offers a broad portfolio of investment opportunities. These include
carefully-selected strategies in equity, fixed income, hedge funds,
and private equity. The Bear Stearns Current Yield Fund (�YYYSM� or
the �Fund�) is a series of the Bear Stearns Active ETF Trust (the
�Trust�) and is an actively managed exchange traded fund (�ETF�).
The Trust is registered with the Securities and Exchange Commission
as an investment company under the Investment Company Act of 1940,
as amended. Bear Stearns Asset Management Inc. (�BSAM�), a wholly
owned subsidiary of The Bear Stearns Companies Inc., serves as the
investment adviser to the Fund. Investing involves risk, including
potential loss of principal. Investing in fixed income instruments
involves special risks, such as interest rate, credit and inflation
risk. The Fund will invest in instruments that may be sensitive to
small changes in interest rates and thus the Fund�s net asset value
may be volatile. Accordingly, the Fund may not be suitable for all
investors. The Fund is not a money market fund, and�thus does not
seek to maintain any target share�price. There is no market history
for actively managed exchange traded funds; as a result, there is
no way to know how the Fund will perform. Unlike typical exchange
traded funds, the Fund does not attempt to track or replicate any
index. The ability of the Fund to achieve its objectives will
depend on the effectiveness of the Fund�s portfolio management
team. YYY shares are bought and sold at market price and are not
individually redeemable from the Fund. YYY shares are listed on the
American Stock Exchange (�AMEX�) under the ticker symbol �YYY�.
Individual investors can invest in the Fund by purchasing YYY
shares through a brokerage account. Normal brokerage commissions
will apply, and can reduce returns. Although not individually
redeemable, special large institutional shareholders can acquire
and redeem YYY shares directly from the Fund in aggregated
�Creation Units� (50,000 share minimum). Only large institutional
investors that enter into an agreement with the Fund�s distributor
can purchase or redeem Creation Units directly from the Fund. These
large institutional investors are expected to break up Creation
Units and sell individual YYY shares in the secondary market. YYY
shares may trade in the secondary market below, at or above their
net asset value. There is no guarantee that a secondary market in
YYY shares will develop. Consider the investment objective, risks,
charges and expenses of the Fund carefully before investing. You
may obtain a prospectus which contains this and other information
at www.yyyfund.com or by calling toll-free (866) YYY-9160 or (866)
999-9160. Read the prospectus carefully before investing. Buying
and selling YYY shares may generate taxable gains and losses. The
information contained herein should not be construed as tax advice.
Investors should consult an independent tax adviser. NOT FDIC
INSURED � NO BANK GUARANTEE � MAY LOSE VALUE American Stock
Exchange� and AMEX� are registered service/trademarks of the
American Stock Exchange LLC. AMEX has licensed intellectual
property used by the Trust and the Fund to BSAM and the Trust. Bear
Stearns� and BSAM� are registered trademarks of The Bear Stearns
Companies Inc. ALPS Distributors, Inc. is the Distributor for the
Trust, and is not affiliated with BSAM. All product names and logos
contained herein are the trademarks or registered trademarks of
their respective owners. � 2008 Bear Stearns Asset Management Inc.
All rights reserved.
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