Invesco PowerShares, the Lisle, Ill.-based fund sponsor known for its QQQ ETF (NasdaqGM:QQQQ), filed with the Securities and Exchange Commission to launch four new funds based on so-called FIRE indexes targeting the financial, insurance and real estate sectors.
Keefe, Bruyette & Woods, the New York-based financial services firm sometimes called KBW, is the index provider for the planned products.
The planned funds are:
- The PowerShares KBW Premium Yield Equity REIT Portfolio (NYSEArca:KBWY)
- The PowerShares KBW High Dividend Yield Financial Portfolio (NYSEArca:KBWD)
- The PowerShares KBW Global ex-U.S. Financial Sector Portfolio (NYSEArca:KBWX)
- The PowerShares KBW Property & Casualty Insurance Portfolio (NYSEArca:KBWP)
Both the REIT and the high-dividend financial funds will track dividend yield-weighted indexes, while the ex-U.S. financial sector fund and the insurance fund will track modified market-cap-weighted indexes. All four funds plan to invest at least 90 percent of net assets in the securities of their underlying indexes.
September 8, 2010 by ETF.com
