"Legg Mason Files For Legg Mason Western Asset Ultra-Short Duration ETF" writes ETF Daily News. The story says, "Legg Mason has filed paperwork with the SEC for a "Legg Mason Western Asset Ultra-Short Duration ETF." The fund seeks current income. The fund invests, under normal circumstances, primarily in U.S. dollar-denominated short-term, investment grade fixed income securities. The fund will typically invest in money market securities and short-term debt securities, corporate debt securities, bank obligations, commercial paper.... The fund is not a money market fund and does not seek to maintain a stable net asset value of $1.00 per share." The Western filing says, "Under normal circumstances, the effective duration of the fund's portfolio, as estimated by the fund's portfolio managers, is expected to be one year or less."
