The interest in an actively managed exchange traded fund (ETF) is getting more involved, with Bear Stearns’ money management group the latest firm trying to launch one. Originally, ETFs were created to follow indexes, and technical elements in the function of ETFs is making it difficult to create an actively managed ETF.

Bear Stearns filed with the SEC to launch a Current Yield Fund, an exchange traded fund-like investment that would be actively managed, reports Ian Salisbury of The Wall Street Journal. If approved, the fund will invest in money-market and short-term fixed-income obligations, including U.S. government securities, bank obligations, U.S. dollar-denominated foreign-bank obligations, and other income instruments. The idea of the fund is to fill the role of a money market fund in an investor’s portfolio, but does aim to offer higher yields. The value of these fixed-income securities would reflect interest rates rather than individual corporate events.