PowerShares Assumes Sponsorship of Nasdaq 100 Trust
PowerShares Capital Management, a division of Amvescap (AVZ), will soon be responsible for one of the most actively-traded exchange-traded funds on the market. Nasdaq will hand over sponsorship of its Nasdaq 100 Trust (QQQQ) on March 21. The fund tracks 100 of the largest non-financial companies listed on the exchange.
PowerShares will also assume sponsorship of several other ETFs from Nasdaq Global funds, including the four BLDRs based on the Bank of New York ADR Indexes: the BLDRs Emerging Markets 50 ADR Index Fund (ADRE), BLDRs Developed Markets 100 ADR Index Fund (ADRD), BLDRs Europe 100 ADR Index Fund (ADRU) and BLDRs Asia 50 ADR Index Fund (ADRA). The Nasdaq 100 European Tracker (EQQQ) will be transferred upon regulatory approval in Ireland.
The ETFs significantly expand PowerShares' assets. President Bruce Bond says the deal enhances his company's "visibility within the marketplace and credibility as a major ETF provider."
Nasdaq is freed from the costs of managing, marketing and distributing the funds.The total expense ratios and ticker symbols of the funds will not change as a result of the transaction.
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