Barclays Global Advisors and PowerShares have filed with the Securities and Exchange Commission to offer exchange-traded funds that will track indexes of preferred shares, The Wall Street Journal reports.
Barclays' ETF will be based on the S&P U.S. Preferred Stock Index. PowerShares is planning two such ETFs, one focused on financial firms and the other on real estate investment trusts. Both will be based on indexes that Wachovia runs.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.