Bear Stearns Current Yield Fund (the Fund) is a diversified exchange-traded fund consisting of a variety of short-term, fixed-income instruments denominated in United States dollars. The Fund seeks a higher level of income, while preserving principal, and invests in money market, corporate, securitized and government instruments. It may invest in bank obligations, the United States Government securities, the United States corporate debt obligations, foreign corporate debt obligations, mortgage-backed and asset-backed securities, the United States municipal obligations, repurchase agreements, reverse repurchase agreements and derivatives. The Fund is an investment portfolio of the Bear Stearns Active ETF Trust. The Fund’s investment advisor is Bear Stearns Asset Management, Inc.