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State Street to Open Active ETF Run by Jeffrey Gundlach

State Street Corp. and Jeffrey Gundlach’s DoubleLine Capital LP have teamed to open their first actively managed bond exchange-traded fund to compete with Bill Gross’ Pimco Total Return ETF.

SPDR DoubleLine Total Return Tactical ETF will invest in fixed-income securities and be run by Gundlach and Philip Barach, Boston-based State Street said today in a filing with the U.S. Securities and Exchange Commission. The fund, if approved, would list on the NYSE Arca exchange.