Pacific Investment Management Co. has introduced its first actively managed, exchange-traded fund, the Pimco Enhanced Short Maturity Strategy Fund.

The portfolio sets out to offer investors an alternative to the near-zero-yield money market funds many investors fled to during the recession, the company said on Tuesday. Jerome Schneider, an executive vice president in Pimco's Newport Beach, Calif., office, is to manage the fund.

Schneider, who is also deputy head of the money market and funding desk, said that actively managed ETFs can offer both transparency and an incremental yield.

This is the first actively managed ETF from Pimco, though the fund has been in registration with the Securities and Exchange Commission since September 2008. Pimco also has four other actively managed ETFs in registration with the SEC.

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