Bear Stearns Current Yield Fund (YYY), the first actively managed exchange traded fund (ETF) to hit the market, began trading Tuesday.   

If JP Morgan Chase (JPM) takes over Bear Stearns (BSC), the company would enter the $569 billion ETF industry via the Bear Stearns fund, explains Marc Hogan for Ignites. The fund would be re-branded with the J.P. Morgan name, in fact.

Now some are wondering whether J.P. Morgan will jump into the ETF market with both feet once it has its toe firmly in the water. A spokeswoman for the firm says they don’t have any plans to launch any and with details of the Bear Stearns takeover still being ironed out, it’s been relegated to backburner status. Those big fish are taking up the bulk of the frying pan right now.

No doubt other Wall Street firms are watching the ETF market, and the mutual fund industry seems to be headed in the ETF direction, too.

For now, though, the question is whether the Current Yield Fund will survive at J.P. Morgan. That needs to be answered before anyone can think about adding even more funds into the fold.