It looks as if Vanguard may be the first to offer an actively managed exchange traded fund (ETF). As of February, they were the second fund firm to file for an active bond ETF with the SEC. Bear Stearns also filed to create an actively managed fixed-income ETF. InvestmentWires.com staff reports the Bear Stearns fund will function like a money market fund, while Vanguard’s offering will be a true bond fund. In an actively manged fund, the institutional investors and financial planners lack information around which to trade the units in the baskets of the stocks and equate that into the discount or premium in the market. To help solve this problem, the innovators at Vanguard plan to disclose a sample of the holdings (50-75% of the holdings), instead of disclosing all of them.