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Products August 27, 2008
Invesco Readies Four New ETFs
Invesco PowerShares Capital Management LLC has announced the anticipated listing of four new equity exchange-traded funds (ETFs) designed to provide access to companies involved in the agriculture, coal, gold and precious metals and steel sectors.
Reported by Nevin E. Adams
The new ETFs are:
- The PowerShares Global Agriculture Portfolio (ticker: PAGG), based on the NASDAQ OMX Global Agriculture Index, an index designed to measure the overall performance of globally traded securities of the largest and most liquid companies involved in agriculture and farming-related activities.
- The PowerShares Global Coal Portfolio (ticker: PKOL), based on the NASDAQ OMX Global Coal Index. According to the firm that Index is designed to measure the overall performance of globally traded securities of the largest and most liquid companies involved in the exploration for and mining of coal, and other related activities in the coal industry. The index is also rebalanced quarterly using a modified market capitalization-weighting methodology.
- The PowerShares Global Gold and Precious Metals Portfolio (ticker: PSAU), based on the NASDAQ OMX Global Gold and Precious Metals Index. The index is designed to measure the overall performance of globally traded securities of the largest and most liquid companies involved in mining-related activities for gold and other precious metals.
- The PowerShares Global Steel Portfolio (ticker: PSTL), based on the NASDAQ OMX Global Steel Index, an index designed to measure the overall performance of globally traded securities of the largest and most liquid companies involved in the manufacturing and storage of iron and steel products.
The portfolios are expected to begin trading September 18, 2008, on the Nasdaq Stock Market. According to the announcement, each of the base indexes cited above is rebalanced quarterly using a modified market capitalization-weighting methodology.