PowerShares completes takeover of Nasdaq ETFs
PowerShares and Nasdaq Global Funds have finalised the sponsorship transfer of the Nasdaq 100 exchange-traded fund, in fulfilment of a transaction announced last year.
The renamed PowerShares QQQ Trust, one of the most actively traded securities in the world, tracks 100 of the largest non-financial companies listed on the Nasdaq Stock Exchange, including leading technology stocks such as Apple, Cisco Systems, Google, Intel and Microsoft.
The transfer agreement also includes other ETFs including the four funds that make up the BLDRS Index Funds Trust and the European version of the QQQ. PowerShares will assume all marketing responsibilities for the funds.
BLDRS is a series of ETFs based on The Bank of New York ADR Indexes comprising two market and two regional index funds. Each BLDR represents a portfolio of international equities and is based on real-time indexes tracking US-traded depositary receipts.
'Our goal is to ensure that the broadest possible pool of investors has access to these highly innovative products,' says John Jacobs, chief executive of Nasdaq Global Funds. 'This development is indicative of our powerful alliance with PowerShares Capital Management, one that we expect will continue to foster new opportunities for creative investment vehicles.'
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