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Preferred securities ETF launched on American Stock Exchange

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Invesco subsidiary PowerShares Capital Management has launched the PowerShares Preferred Portfolio on the American Stock Exchange, bringing the total number of exchange-traded fund listing

Invesco subsidiary PowerShares Capital Management has launched the PowerShares Preferred Portfolio on the American Stock Exchange, bringing the total number of exchange-traded fund listings on the exchange, which last month agreed to be acquired by NYSE Euronext, to 385.

‘We are pleased to have been selected to list the PowerShares Preferred Portfolio and we take great pride in continuing to support PowerShares as they offer important new choices for ETF investors,’ says Scott Ebner, senior vice-president of the Amex ETF marketplace.

The fund aims to track the Merrill Lynch Fixed Rate Preferred Securities Index, a market capitalisation-weighted index that seeks to reflect the total return performance of the fixed-rate US preferred securities market. Kellogg Capital Group is the specialist for the fund.

‘The Preferred Portfolio will provide investors with convenient access to the income-generating power of a diversified portfolio of preferred securities,’ says PowerShares president and chief executive Bruce Bond. ‘Due to their low correlation with other asset classes, preferred securities can also be useful tools for reducing volatility within an investment portfolio.’

PowerShares offers a family of more than 100 US and international ETFs that are designed to outperform traditional benchmark indices while providing advisors and investors with access to a range of focused investment opportunities. PowerShares ETFs have franchise assets of more than USD35bn and trade on all three US stock exchanges.

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