Legg Mason Looks to Enter ETF Fray

Asset manager Legg Mason LM looks like it will be the next in long line of mutual fund issuers to get into the ETF game as the firm has filed plans to introduce the Legg Mason Western Asset Ultra-Short Duration ETF. The ETF will own short-term corporate debt securities, bank obligations, mortgage-backed securities and U.S. and international government bonds. The fund will be actively managed. A ticker and expense ratio were not disclosed in the Legg Mason filing. Index Universe compared the Legg Mason offering to the PIMCO Enhanced Short Maturity Strategy ETF MINT. MINT has an expense ratio of 0.35% and assets under management of almost $1.6 billion. The ETF made its debut in November 2009.