Invesco PowerShares Capital Management LLC, announced that the Fund name, underlying index, investment objective, certain fundamental and non-fundamental investment policies and principal investment strategies changed for its three PowerShares Municipal Bond ETFs…
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Effective July 8, 2014, the PowerShares Insured National Municipal Bond Portfolio (PZA) will track the BofA ML National Long-Term Core Plus Municipal Securities Index (UNAP), the PowerShares Insured New York Municipal Bond Portfolio (PZT) will track the BofA ML New York Long-Term Core Plus Municipal Securities Index (UNYP) and the PowerShares Insured California Municipal Bond Portfolio (PWZ) will track the BofA ML California Long-Term Core Plus Municipal Securities Index (UCAP).
Since 2007, when the PowerShares Insured Municipal Bond Portfolios first listed, the US market for insured municipal bond securities has shrunk by over 40 percent1, making the available supply of insured-municipal securities more limited. The new indexes underlying the PowerShares’ Municipal Bond ETFs include both insured and uninsured municipal bonds. Merrill Lynch, Pierce, Fenner & Smith Incorporated (“BofA Merrill Lynch”) will remain the index provider for each Fund.
Source: ETFWorld.com
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