NEW YORK, June 13, 2008 (PRIME NEWSWIRE) -- The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) announced that The NASDAQ Stock Market(r) has listed two new exchange traded funds (ETFs) sponsored by Invesco PowerShares Capital Management LLC -- a leading provider of ETFs. NASDAQ(r) is the most liquid U.S. market for ETFs, capturing 35.7% of all U.S. ETF volume in May. Matched volume was 6.7 billion, more than any other U.S. exchange.
The Invesco PowerShares-sponsored ETFs are trading on the NASDAQ ETF Market. This market is designed specifically to support ETFs and Index Linked Notes (ILNs) during their critical period of incubation and further strengthen NASDAQ's leadership position in the U.S. ETF sector.
Effective June 12, 2008, the following Invesco PowerShares-sponsored ETFs listed on NASDAQ:
* PowerShares NASDAQ Internet Portolio (Nasdaq:PNQI)
* PowerShares NASDAQ-100 BuyWrite Portfolio (Nasdaq:PQBW)
"These new investment products are trading on the most liquid and efficient market in the U.S. for ETFs," stated John Jacobs, executive vice president, NASDAQ OMX Global Financial Products. "The NASDAQ ETF Market is designed to nurture ETFs during their critical period of incubation, to the benefit of those who invest in these innovative products.
The PowerShares NASDAQ Internet Portfolio seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of the NASDAQ Internet Index (Nasdaq:QNET). The Index is designed to track the performance of companies engaged in a broad range of internet-related services including internet access providers, internet search engines, web hosting, website design, and internet retail commerce.
The PowerShares NASDAQ-100 BuyWrite Portfolio seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of the equity index called the CBOE NASDAQ-100 BuyWrite Index. The CBOE NASDAQ-100 BuyWrite Index measures the performance of a theoretical portfolio that sells NASDAQ-100 Index call options, against a portfolio of the stocks included in the NASDAQ-100 Index.
The focus of The NASDAQ ETF Market is the Designated Liquidity Provider, a Market Maker who has been selected to maintain liquidity in qualified ETFs (i.e., Qualified Securities). NASDAQ requires Designated Liquidity Providers to maintain a higher standard of market quality measured by spread, depth, and time quoting at or near the National Best Bid and Offer (NBBO). They receive price incentives to support ETFs during their period of initial listing, when ETFs need to develop more active trading.
Designated Liquidity Providers are selected by NASDAQ based on factors including experience with making markets in ETFs and ILNs, adequacy of capital, willingness to promote NASDAQ as a marketplace, issuer preference, operational capacity, support personnel, and history of adherence to NASDAQ rules and securities laws.
The NASDAQ ETF Market allows the traditional floor-based specialist, which has historically provided initial liquidity to new ETFs, to play a similar role by placing two-sided quotes in the NASDAQ Market Center. This enables ETF sponsors to continue to have the ability to develop "preferred" relationships with intermediaries. ETF issuers may choose a single Designated Liquidity Provider or multiple, competing liquidity providers. This flexible structure enables ETF issuers and traders to interact based on the needs of the issuer as they vary throughout the life cycle of the ETF.
NASDAQ OMX is a leading index calculator, designer and creator of some of the world's most popular ETFs, including PowerShares QQQ(tm) (Nasdaq:QQQQ) - one of the most heavily traded listed equity securities in the U.S. and one of the most active ETFs in the world. PowerShares QQQ is designed to correspond to the price and yield performance of the NASDAQ-100 Index(r), the basis of more than 500 investment products in more than 36 countries.
For more information about the NASDAQ ETF Market, please contact Richard Keary, NASDAQ New Listings, at +212.401.8903 or richard.keary@nasdaqomx.com or NASDAQ Market Sales at 800.846.0047 or sales@nasdaq.com.
For more information about Invesco PowerShares' ETFs, please visit http://www.powershares.com/products/default.aspx.
About NASDAQ OMX Global Financial Products
NASDAQ OMX Financial Products (NOGFP) is engaged in the design, development, calculation, licensing, and marketing of NASDAQ OMX indexes. NOGFP specializes in the development of indexes focusing on NASDAQ OMX's brand themes of innovation, technology, growth, and globalization. NOGFP also provides custom index services and design solutions as a third-party provider to selected financial organizations. For more information about NASDAQ OMX indexes, visit www.nasdaq.com/indexes.
About NASDAQ OMX
The NASDAQ OMX Group, Inc. is the world's broadest and most diverse exchange company. It delivers trading, exchange technology, and public company services across six continents, and with over 3,900 companies, it is number one in worldwide listings among major markets. NASDAQ OMX offers multiple capital raising solutions to companies around the globe, including its U.S. listings market; the OMX Nordic Exchange, including First North; and the 144A PORTAL Market. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products, and ETFs. NASDAQ OMX technology supports the operations of over 60 exchanges, clearing organizations and central securities depositories in more than 50 countries. OMX Nordic Exchange is not a legal entity but describes the common offering from Nasdaq OMX exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit www.nasdaqomx.com.
NASDAQ(r), NASDAQ-100(r), NASDAQ-100 Index(r), and NASDAQ Internet Index(sm) are trade/servicemarks of The NASDAQ OMX Group, Inc. (which with its affiliates are the "Corporations") and are licensed for use by PowerShares Capital Management, LLC for purposes of the PowerShares NASDAQ Internet Portfolio. The PowerShares NASDAQ Internet Portfolio has not been passed on by the Corporations as to its legality or suitability. The PowerShares NASDAQ Internet Portfolio is not issued, endorsed, sold, or promoted by the Corporations and the Corporations make no representation regarding the advisability of investing in the PowerShares NASDAQ Internet Portfolio. The corporations make no warranties and bear no liability with respect to the PowerShares NASDAQ Internet Portfolio.
CBOE(r) is a registered trademark of Chicago Board Options Exchange, Incorporated ("CBOE"). The NASDAQ OMX Group, Inc. has, with the permission of CBOE, granted PowerShares Capital Management, LLC a license to use the CBOE Nasdaq Index BuyWrite Index for purposes of the PowerShares NASDAQ-100 BuyWrite Portfolio. The PowerShares NASDAQ-100 BuyWrite Portfolio is not sponsored, endorsed, sold or promoted by the Corporations or CBOE, and neither the Corporations nor CBOE makes any representation regarding the advisability of investing in the PowerShares NASDAQ-100 BuyWrite Portfolio. The corporations and CBOE make no warranties and bear no liability with respect to the PowerShares NASDAQ-100 BuyWrite Portfolio.
Cautionary Note Regarding Forward-Looking Statements
The matters described herein may contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about NASDAQ OMX's products and offerings. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ OMX's control. These factors include, but are not limited to, factors detailed in NASDAQ OMX's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements.
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