Bear Stearns is going to launch the first actively managed exchange traded fund (ETF).

The Bear Stearns Current Yield Fund (YYY), or the Triple Y, will be made up of a variety of short-term fixed income instruments. This includes government bonds, municipal securities, bank obligations, corporate and securitized debt. The holdings will be disclosed each day on the fund’s website.

The fund begins trading on the American Stock Exchange on March 18.

Actively managed ETFs have been anticipated for years now, and whether they will take off is a matter of debate. The first funds are going to be scrutinized closely by both investors and the industry, and if they can withstand being under the microscope, they just might be embraced.

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.