[Editor's Note: An earlier version of this article reported that PowerShares' actively managed ETF had restrictions on both when and how often they could trade.  While some of the ETFs originally had those restrictions, PowerShares had since removed those restrictions.]

Grail Advisors launched its first exchange-traded fund on Monday, the first to use a team of active managers implementing traditional qualitative stock-picking processes.

The Grail American Beacon Large Cap Value ETF (NYSE Arca: GVT) will be managed by a trio of veteran mutual fund and institutional subadvisers. Those are: Brandywine Global Investment, Hotchkis and Wiley Capital Management, and Metropolitan West Capital Management. 

Combined, the new ETF's aim is to outperform the Russell 1000 Index. However, it won't track any specific benchmark when selecting its names. 

The fund will publish its full portfolio on a daily basis, offering complete transparency into the fund holdings. At launch, the fund held 152 stocks, with the largest single positions in: Chevron (1.52%); JPMorgan Chase (1.50%); ConocoPhillips (1.46%); Philip Morris (1.43%) and AT&T (1.42%).

GVT is not the first actively managed stock ETF. Invesco PowerShares offers a trio of actively managed funds. The PowerShares products, however, use a quantitative process, wherease the Grail ETF will use a more traditional active approach.

GVT charges 0.79% in annual expenses.

Its prospectus is available here.

Grail has plans to launch additional active ETFs, as reported here.

It's also worth noting that the Grail ETF uses most of the same management team used by a mutual fund, the American Beacon Large Cap Value Fund (AAGPX). It charges 0.83% in annual expenses and had outperformed the S&P 500 over the past 10 years by 2.91%, according to Morningstar data. It also had outperformed the Chicago-based data provider's own U.S. large-cap value index by 1.77% through last week.