New ETFs to Track Preferred Shares

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.

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