Legg Mason is the first among other mutual fund companies, including Alliance Bernstein, Janus (NYSE: JNS) and Dreyfus, which are seeking to break into the actively managed ETF space.
Earlier in November, Bill Miller acknowledged he would step down as the head of the Legg Mason Capital Management Value Trust fund in April 2012. After beating the broader market in an impressive 15 consecutive year run, the fund has lagged the S&P 500.
For more information on the bond market, visit our bond ETFs category.
Max Chen contributed to this article.