The actively managed exchange traded fund (ETF) doesn’t seem to be turning any heads.

After all, we’ve heard it all before. First, actively managed mutual funds can be the market. Then, hedge funds can beat the market. And now, ETFs are up to bat.

Ron DeLegge for ETF Guide doesn’t sound too impressed, and here is his list of pluses and minuses:

• Pros Active ETFs: ETF product structure is tax efficient; possible lower internal portfolio turnover, compared to an actively managed mutual fund; lower expense ratios than those of mutual funds.
• Cons of Active ETFs: More frequent portfolio disclosure than a mutual fund; higher costs than index ETFs; beating the market over the long run is still an uphill battle; no proven performance track record.

DeLegge says that looking to large-cap companies to beat the market probably won’t be successful, as studies have shown that most large-cap fund managers consistently underperform corresponding indexes.

The available actively managed ETFs are:

• Bear Stearns current Yield Fund (YYY)
• PowerShares Active Low Duration Fund (PLK)
• PowerShares Active Mega Cap Fund (PMA)
• PowerShares Active Alpha Q Fund (PQY)
• PowerShares Active Alpha Multi-Cap Fund (PQZ)

Several other providers are waiting their chance to launch their own actively managed funds, including Barclays, State Street, Vanguard and WisdomTree.

More ETFs equal more choices for investors and greater competition between fund providers. Once they’re armed with the tools, performance history and knowledge to make a wise decision, investors will ultimately decide if these funds are right for them.