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XLYS

Invesco PowerShares and the Select Sector SPDRs have come to an agreement in a dispute over the use of similar tickers, with PowerShares voluntarily changing the symbols for its nine S&P SmallCap Sector ETFs. In April 2010 PowerShares launched a series of sector-specific funds focusing on small cap stocks. While the Select Sector SPDRs focus on large cap stocks, the PowerShares small suite carves up the S&P SmallCap 600 Index into nine major sectors (there are some other differences between the funds as well, such as the treatment of telecom stocks).

The ticker symbols for the suite of products were similar to the established Sector SPDRs; the letter “S” was added to the tickers for the Select Sector SPDRs (the small cap financials ETF, for example, is XLFS, while the Select Sector Financial SPDR is XLF). The Select Sector SPDRs were launched in late 1998.  [click to continue…]

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With markets sinking as of late due to ongoing trouble in Europe, many investors have set their sights on May’s jobs report to see how the American economy compares to its beleaguered counterparts across the Atlantic. With the spotlight on Europe in recent weeks, a number of encouraging data releases have seemingly indicated that the U.S. economy remains on the right track (see UNG’s Stellar May: Proof Of A U.S. Recovery). But the numbers released on Friday morning were pretty disappointing when census workers were factored out of the equation, calling into question just how deep any recovery could be in the near future.

According to the Labor Department, payrolls shot higher by 431,000, but of that number 411,000 were census workers, leaving just a small fraction to be hired by private employers. The number on non-census jobs was down sharply from the 218,000 private sector jobs that were created in April. Additionally, it appears as if long-term unemployment is becoming an increasingly large issue; the number of people out of work six months or longer reached 6.76 million in May, and made up 46% of all unemployed. Wall Street had much loftier expectations for Friday’s report–a payroll increase of 513,000 was anticipated–so the shortfall sent markets tumbling in morning trading; the Dow and S&P 500 were both off by more than 1.5%. [click to continue…]

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The first three months of 2010 saw dozens of new ETF product launches, but things really headed up in April. This past month saw the launch of more than two dozen ETFs, making it the most active month of 2010. PowerShares and ProShares were particularly active on the product development front, debuting a number of […]

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PowerShares launched nine highly anticipated new ETF products on Wednesday, introducing a line of funds that offer a new twist on traditional sector-specific investing. The nine PowerShares S&P SmallCap Sector Portfolios are based upon respective S&P SmallCap 600 Capped Sector Indexes, each of which is designed to measure the overall performance of common stocks of […]

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