CHICAGO, IL--(Marketwire - February 16, 2011) - Invesco PowerShares and Select Sector SPDRs announced today that a settlement has been reached under which Invesco PowerShares will voluntarily change the ticker symbols of its nine S&P SmallCap Sector ETFs. The changes are aimed at making the PowerShares S&P SmallCap Sector ETF tickers more distinguishable from the Select Sector SPDR tickers.
The PowerShares SmallCap Sector ETFs will begin trading under the new tickers in late March, 2011; all other attributes of the products will remain unchanged. The new tickers are as follows:
| Sector | Old Ticker | New Ticker | |
| Consumer Discretionary | XLYS | PSCD | |
| Consumer Staples | XLPS | PSCC | |
| Energy | XLES | PSCE | |
| Financials | XLFS | PSCF | |
| Health Care | XLVS | PSCH | |
| Industrials | XLIS | PSCI | |
| Information Technology | XLKS | PSCT | |
| Materials | XLBS | PSCM | |
| Utilities & Telecom Services | XLUS | PSCU |
"ETFs have proven to be an extremely valuable tool for sector investing, as indicated by the investor interest in the sector ETFs of both Invesco PowerShares and Select Sector SPDRs," noted Ben Fulton, Invesco PowerShares managing director of global ETFs.
"Our intent, when we selected the original tickers was not to confuse, but simply to make it easier for S&P Sector investors to identify the tickers of the new Small Cap S&P Sector ETFs. We have worked closely with the Select Sector SPDR Board and understand their perspective on the matter. We were amenable to their proposal because the PowerShares S&P Small Cap Sectors have filled a significant gap in the market and have been very well received by investors," added Fulton.
"Both parties agree that in the interests of investors, the best course of action is to work together to make the changes," noted Dan Dolan of Select Sector SPDRs.
"We appreciate Invesco PowerShares' willingness to work with Select Sector SPDRs and are eager to move ahead as we continue to provide investors powerful ways to express their investment convictions on sectors of the U.S. stock market," added Dolan.
The new tickers on the PowerShares SmallCap Sector ETFs and on their intraday NAVs will go into effect before the end of March, 2011. The tickers of the fund's underlying indexes will remain the same. The funds will maintain their listing on the NASDAQ.
Invesco PowerShares is part of Invesco Ltd., a leading independent global investment manager, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our retail, institutional and high net worth clients around the world. Operating in more than 20 countries, the company is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at www.invesco.com.
Select Sector SPDRs are ETFs (Exchange Traded Funds) that divide the S&P 500 into nine sector index funds and are actively traded on NYSE Arca throughout the trading day. SSgA Funds Management, Inc. serves as the Adviser to the Trust and, subject to the supervision of the Board of Trustees, is responsible for the investment management of the Select Sector SPDR Funds. ALPS Distributors Inc., a registered broker-dealer, is the distributor for the Select Sector SPDR Trust.
Dan Dolan is a registered representative of ALPS Distributors, Inc.
There are risks involved with investing in ETFs including possible loss of money. ETFs are not actively managed and are subject to risks similar to those of stocks. Ordinary brokerage commissions apply.
Investing in securities of small and medium-sized companies may involve greater risk than is customarily associated with investing in large companies.
Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by Invesco PowerShares Capital Management LLC. The Funds are not sponsored, endorsed, sold or promoted by S&P or its affiliates, and S&P and its affiliates make no representation, warranty or condition regarding the advisability of buying, selling or holding units/shares in the Funds.
Invesco Distributors, Inc. is the distributor of the PowerShares Exchange-Traded Fund Trust II. PowerShares® is a registered trademark of Invesco PowerShares Capital Management LLC. Invesco PowerShares Capital Management LLC and Invesco Distributors, Inc. are indirect, wholly owned subsidiaries of Invesco Ltd.
Shares are not individually redeemable and owners of the Shares of a PowerShares ETF may acquire those Shares from the PowerShares Fund and tender those Shares for redemption to the PowerShares Fund in Creation Unit aggregations only, typically consisting of 50,000 Shares.
An investor should consider the PowerShares Funds' investment objectives, risks, charges and expenses carefully before investing. For this and more complete information about the PowerShares Funds, call 800 983 0903 or visit invescopowershares.com for a prospectus. Please read the prospectus carefully before investing.
An investor should consider investment objectives, risks, charges, and expenses carefully before investing in Select Sector ETFs. To obtain a prospectus which contains this and other information, visit www.sectorspdrs.com or call 1-866-SECTOR-ETF. Please read the prospectus carefully before investing.
All ETFs are subject to risk, including possible loss of principal. Select Sector ETF products are also subject to sector risks and non-diversification risks, which may result in greater fluctuations than the overall stock market.
The Select Sector SPDR is a trademark of the McGraw-Hill Companies, Inc. and has been licensed for use. The stocks included in each Select Sector Index were selected by the compilation agent. The composition and weighting of each Index can be expected to differ to that of any similar index that is published by Standard & Poor's. Select Sector SPDRs bear a higher level of risk than more broadly diversified funds.