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Rating:PowerShares Eyes Mortgage Bonds for a Pair of New Active ETFs Not Rated 1.0 Email Routing List Email & Route  Print Print
Tuesday, January 27, 2009

PowerShares Eyes Mortgage Bonds for a Pair of New Active ETFs

by: Armie Margaret Lee

Invesco PowerShares has filed to launch two actively managed ETFs that invest in non-agency mortgage-backed securities collateralized by pools of prime and Alternative-A residential mortgage loans. Ian Salisbury picked up the January 16 SEC filing in Tuesday's Wall Street Journal Fund Track column.

Salisbury notes the challenges PowerShares faces with its proposed funds, coming as it is against the backdrop of a tough climate. "For one, the new funds will lack the track record of a vehicle like Pimco Total Return," Salisbury writes. "There also could be questions about the new funds' novel legal structure," he adds, noting that ETFs only recently started incorporating active management.

Also, Salisbury points out that fixed income ETFs have run into some issues lately, such as costly trading spreads and hard-to-gauge prices.

The PowerShares Prime Non-Agency RMBS Opportunity Fund and PowerShares Alt-A Non-Agency RMBS Opportunity Fund will be distributed by Invesco Aim Distributors. Bank of New York will serve as the funds' administrator, custodian, transfer agent and dividend disbursing agent. 

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