Invesco PowerShares and Select Sector SPDRs announced late Wednesday that they had settled a dispute over ETF ticker symbols, with PowerShares agreeing to change the ticker symbols of its nine S&P SmallCap Sector ETFs.
The new ticker symbols, to be introduced in late March, aim to make the PowerShares S&P SmallCap Sector ETF tickers more distinguishable from the Select Sector SPDR tickers.
The Select Sector SPDR Trust filed a lawsuit in late July 2010 against Invesco PowerShares Capital Management and related entities for trademark infringement and misappropriation. It said the ticker symbols of the two firms differed by just one letter, an "S" appended by PowerShares to the end of the same symbols, which have been used since 1998 by Select Sector SPDRs for the same sectors.
"We have worked closely with the Select Sector SPDR Board and understand their perspective on the matter,” said Ben Fulton, Invesco PowerShares managing director of global ETFs, in a press release. “We were amenable to their proposal because the PowerShares S&P Small Cap Sectors have filled a significant gap in the market and have been very well received by investors."
"Both parties agree that in the interests of investors, the best course of action is to work together to make the changes," said Dan Dolan of Select Sector SPDRs in the same release. "We appreciate Invesco PowerShares' willingness to work with Select Sector SPDRs and are eager to move ahead as we continue to provide investors powerful ways to express their investment convictions on sectors of the U.S. stock market," added Dolan.
The changes are as follows:
- PowerShares S&P Small-Cap Consumer Discretionary ETF will no longer have the ticker XLYS and will soon trade as PSCD;
- PowerShares S&P Small-Cap Consumer Staples ETF will no longer trade as XLPS and will soon trade as PSCC;
- PowerShares S&P Small-Cap Energy ETF will not use the ticker XLES and will soon trade as PSCE;
- PowerShares S&P Small-Cap Financials ETF will no longer trade as XLFS and will soon trade as PSCF;
- PowerShares S&P Small-Cap Health Care ETF will not have the ticker XLVS and will soon trade as PSCH;
- PowerShares S&P Small-Cap Industrials ETF will no longer trade as XLIS and will soon trade as PSCI;
- PowerShares S&P Small-Cap Information Technology ETF will no longer use the ticker XLKS and will soon trade as PSCT; and
- PowerShares S&P Small-Cap Utilities & Telecom Services ETF will stop having XLUS as its ticker symbol and will switch to PSCU.