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PowerShares Lowers Fees on FTSE RAFI ETFs

Invesco PowerShares announced new, lower expense ratios for its lineup of FTSE RAFI ETFs.

The FTSE RAFI ETFs provide an alternative to market-cap weighted portfolios since they are constructed using four fundamental measures to rank a company's size: book value, cash flow, sales and dividends.

According to PowerShares, fundamental weighted ETFs have the potential to deliver higher returns with less volatility over time compared to cap weighted ETFs.

The ETFs affected by the change include:

PowerShares FTSE RAFI US 1000 Portfolio (PRF)
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio (PRFZ)
PowerShares FTSE RAFI Basic Materials Sector Portfolio (PRFM)
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Market Vectors Renames Municipal Bond ETFs

Van Eck Global announced a change in the name of its municipal bond ETFs.


Former Name


New Name

Market VectorsLehman Brothers AMT-Free Long Municipal Index ETF

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Emerging Markets Infrastructure ETF Begins Trading

Invesco PowerShares launched the PowerShares Emerging Markets Infrastructure Portfolio (PXR) last week.

The ETF is based on the S-Network Emerging Infrastructure Builders Index(SM).

The Index is designed to measure the overall performance of securities of companies involved in infrastructure construction and development in emerging market countries.

Industries include, but are not limited to, construction and engineering, construction machinery, construction materials, diversified metals and mining, heavy electrical equipment, industrial machinery and steel.

ETF Assets Decline $2.9B in September

State Street Global Advisors reports that ETF assets in the US totaled $580 billion at the end of September, down $2.9 billion or 0.5% for the month.

The overall asset decline was moderate compared to price levels for stocks and bonds.  In September, the S&P 500 lost 8.9% and the Barclays Capital US Aggregate Credit Index fell 1.34%.

The ETF asset decline was cushioned by new money coming into ETFs.  For example, State Street's SPDR S&P 500 (SPY) had positive cash flow of more than $20 billion for the month.

Movement between sectors was also active in September.  Financials, energy and consumer staples saw assets climb over 20% while assets for the technology sector declined nearly 17%.

Van Eck Announces Splits for Bond ETFs

Van Eck Global announced splits for three Market Vectors fixed income ETFs including the:

Market Vectors–Barclays Capital AMT-Free Intermediate Municipal Index ETF (ITM)

Market Vectors–Barclays Capital AMT-Free Short Municipal Index ETF (SMB)

Market Vectors–Barclays Capital AMT-Free Long Municipal Index ETF (MLN)

ITM and MLN will split five-for-one.

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PowerShares Renames Q-50 Index Fund

Invesco PowerShares announced a name change for the ETF that tracks the Q-50 index.  The index includes the 50 companies that are next in line to join the Nasdaq 100.

The PowerShares NXQ Portfolio (PNXQ) was formerly known as the PowerShares NASDAQ NextQ Portfolio.  The change better aligns the fund's name with the ticker symbol and common usage by market participants.

See the PowerShares ETF directory for a complete listing.

ProShares Resumes Creating Shares for SKF and SEF

ProShares will resume creating new shares of ProShares UltraShort Financials (SKF) and ProShares Short Financials (SEF) exchange traded funds on October 9, 2008.

The company suspended creating new shares in these two ETFs in response to a September 18 SEC order banning short sales of certain financial stocks. The SEC order was extended on October 2 and is set to expire on October 8.

During the suspension of creations, average daily trading volume of SKF and SEF exceeded 19 million shares.

See the ProShares ETF directory for a complete listing.

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