As we suspected might happen, the Bear Stearns Current Yield (YYY) exchange traded fund (ETF) will not be launching today. Had the fund gone ahead as planned, it would have been the first actively managed ETF.
The historic moment will have to wait, though, and once again the race to be the first is back on. Matthew Hougan for Index Universe says PowerShares is likely in the pole position at the moment. But we wouldn’t count out another provider gearing up to swoop in first, as happened with Bear Stearns.
Bear Stearns is dealing with other, more pressing, issues than being the first to market with this ETF. There’s no word on whether it’s going to launch at all, in fact.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.