By Toni Weeks
San Diego, Oct. 24 - Invesco PowerShares Capital Management LLC said it has expanded its partnership with Keefe, Bruyette & Woods, Inc. and will exclusively license four KBW indexes as of Nov. 1, according to a company press release. The indexes provide targeted access to the bank, capital markets and insurance sectors.
As part of the exclusive licensing, the funds are getting new names and ticker symbols, which are outlined in the table below. The old symbols are tickers for some State Street ETFs that will remain in existence but will no longer track the KBW indexes. The new ticker symbols are associated with the PowerShares KBW ETFs.
The PowerShares KBW Bank Portfolio is based on the KBW Bank index, which is a float-adjusted modified-market capitalization-weighted index that seeks to reflect the performance of companies that do business as banks or thrifts that are publicly traded in the Unites States. About 24 companies representing national money centers and regional banks of thrifts comprise the index.
The PowerShares KBW Regional Banking Portfolio is based on the KBW Regional Banking index, an equal-weighted float-adjusted market capitalization index that seeks to reflect the performance of about 50 publicly traded companies that do business as regional banks or thrifts listed on U.S. stock markets.
The PowerShares KBW Capital Markets Portfolio is based on the KBW Capital markets index, a float-adjusted modified-market capitalization-weighted index that seeks to reflect the performance of companies that do business as broker-dealers, asset managers, trust and custody banks or exchanges that are publicly traded.
The Powershares KBW Insurance Portfolio, is based on the KBW Insurance index, a float-adjusted modified-market capitalization-weighted index that seeks to reflect the performance of companies in the insurance industry that are publicly traded in the United States. About 24 companies, representing about three-fourths of the market capitalization of the entire U.S. public insurance company universe, comprise the index.
Invesco PowerShares Capital Management LLC offers more than 120 ETS and is based in Wheaton, Ill.
| Index name | New ETF name | Old ticker | New ticker
|
| KBW Bank index | PowerShares KBW Bank Portfolio | KBE | KBWB
|
| KBW Capital Markets index | Powershares KBW Capital Markets | KCE | KBWC
|
| Portfolio
|
| KBW Insurance index | PowerShares KBW Insurance | KIE | KBWI
|
| Portfolio
|
| KBW Regional Banking index | PowerShares KBW Regional Banking | KRE | KBWR
|
| Portfolio
|
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