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Rating:PowerShares Stashes ETFs Inside New Closed-End Funds Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, September 28, 2009

PowerShares Stashes ETFs Inside New Closed-End Funds

News summary by MFWire's editors

When some closed-end funds trade at a discount for long, they are required to hold shareholder votes about possibly switching to being open-ended. PowerShares added an interesting twist to that concept with some new closed-end funds. In the Wall Street Journal "Fund Track" column on Monday, Daisy Maxey reports that the new PowerShares Preferred ACCE Fund and two other new PowerShares closed-end offerings will automatically transform into ETFs if they trade at a discount for long enough.

However, Miami advisor Cecilia Gondor of Thomas J. Herzfeld Advisors told the WSJ that the new PowerShares offerings will also include an upfront sales charge of about 450 basis points.

Maxey also highlights new closed-end offerings from Nuveen and Western Asset Management

Edited by: Neil Anderson, Managing Editor

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