Direxion changed the ticker symbols for its pair of China 3x ETFs effective June 15. As mentioned in my recent ETF Stats report, Invesco PowerShares changed the name, ticker, underlying index, and expense ratio for seven of its style-box ETFs effective June 16, 2011. The revised PowerShares ETFs will change their tracking indexes from ones based on the Intellidex Dynamic methodology to ones based on the RAFI Fundamental indexing approach.
The Direxion ticker symbol changes for 6/15/11 are:
- Direxion Daily China Bull 3x Shares changed its ticker from CZM to YINN (YINN overview)
- Direxion Daily China Bear 3x Shares changed its ticker from CZI to YANG (YANG overview)
The changes to the PowerShares ETFs will also include a reduction of their expense ratios from 0.61% to 0.39%. The seven ETFs being revised effective 6/16/11 are:
- PowerShares Dynamic Large Cap Portfolio (PJF) becomes PowerShares Fundamental Pure Large Core Portfolio (PXLC)
- PowerShares Dynamic Mid Cap Portfolio (PJG) becomes PowerShares Fundamental Pure Mid Core Portfolio (PXMC)
- PowerShares Dynamic Small Cap Portfolio (PJM) becomes PowerShares Fundamental Pure Small Core Portfolio (PXSC)
- PowerShares Dynamic Mid Cap Growth Portfolio (PWJ) becomes PowerShares Fundamental Pure Mid Growth Portfolio (PXMG)
- PowerShares Dynamic Mid Cap Value Portfolio (PWP) becomes PowerShares Fundamental Pure Mid Value Portfolio (PXMV)
- PowerShares Dynamic Small Cap Growth Portfolio (PWT) becomes PowerShares Fundamental Pure Small Growth Portfolio (PXSG)
- PowerShares Dynamic Small Cap Value Portfolio (PWY) becomes PowerShares Fundamental Pure Small Value Portfolio (PXSV)
Missing from the list above is PowerShares Dynamic Large Cap Growth Portfolio (PWB) with a 0.61% expense ratio and PowerShares Dynamic Large Cap Value Portfolio (PWV) with a 0.63% expense ratio.
For reasons unknown, PowerShares decided to let these two ETFs stand “as is” while launching two new ETFs that will directly compete with them and round out the RAFI style box offerings. PowerShares Fundamental Pure Large Growth Portfolio (PXLG) and PowerShares Fundamental Pure Large Value Portfolio (PXLV) are two new ETFs that were listed for trading on June 16.
Here is the link to the overview page for the entire PowerShares lineup. Additional information about the changes can be found in the prospectus supplement (pdf) and the PowerShares press release from January 2011 on RAFI indexes (pdf).
Disclosure covering writer, editor, and publisher: No positions in any of the securities mentioned. No positions in any of the companies or ETF sponsors mentioned. No income, revenue, or other compensation (either directly or indirectly) received from, or on behalf of, any of the companies or ETF sponsors mentioned.
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