Invesco PowerShares Lists Actively Managed U.S. Real Estate Fund on NYSE Arca

CHICAGO, IL--(MARKET WIRE)--Nov 20, 2008 -- Invesco PowerShares Capital Management LLC, a leading provider of exchange-traded funds (ETFs), announced the PowerShares Active U.S. Real Estate Fund began trading today on the NYSE Arca under the ticker symbol (PSR - News). "The PowerShares Active U.S. Real Estate Fund (PSR) provides investors an innovative new way to access a portfolio of U.S Real Estate REITs through the investment management expertise of Invesco Real Estate," said Bruce Bond, president and CEO of Invesco PowerShares. "We are very proud to be offering the industry's largest family of actively managed equity ETFs, which combine the benefits of active management with the benefit-rich ETF structure."The PowerShares Active U.S. Real Estate Fund (PSR) seeks to provide high total return by investing in publicly traded U.S. real estate companies selected using a proprietary stock selection model developed by Invesco Institutional (N.A.), Inc. (Invesco Institutional). The selection methodology seeks to outperform its benchmark, the FTSE NAREIT Equity REITs Index, using quantitative and statistical metrics to identify attractively priced securities and manage risk. The fund will invest primarily in equity real estate investment trusts (REITs). The Fund's portfolio holdings will be disclosed daily on the Fund's website.Joe V. Rodriguez, Jr., the lead manager overseeing the Fund's investment management team at Invesco Institutional, is the head of real estate securities for Invesco Real Estate, which is an investment management a...
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Yes, the Volatility of 2008 Was Record-Breaking

The sometimes dreaded "V-word," volatility, has been invoked frequently during the past year and has perhaps even made its way into common vocabulary, the way "subprime" did last year. And if you've happened to dive deeply into index return data, as I have, it's no wonder. In this case, my references to volatility pertain not to the VIX index but rather to the unbelievable equity index price swings we've lived through during the past year. For instance, during the 252 trading days in 2008, the S&P 500 index ended more than half of those days, 134, or 53% to be exact, plus or minus 1%. Seventy-five of those days had losses greater than 1%, and 59 had gains greater than 1%. Never in the history of the S&P 500 have we experienced such extreme moves so often. The fourth quarter alone accounted for an amazing 50 such days, out of 64 total trading days. Essentially, four out of every five days during the fourth quarter, 29 to the negative side and 21 to the plus side, the S&P had at least a 1% move. What was once unthinkable became reality in 2008 and led us all on the roller-coaster ride of our investment lives. In hindsight, a 1% move now seems somewhat meaningless, perhaps boring, but that's what we became accustomed or conditioned to during the past year. I, for one, won't have an issue if and when market action becomes "boring" once again. But 1% moves were merely the tip of the iceberg. Of the 134 days with 1% moves, 72 had moves greater than 2%. So nearly 30% of the time during 2008, the S&P moved more than 2%. In this case, 31 of those days were positive and 41 negative. It gets better (or worse, depending on your perspective). 2008 was also unique in the number of 5%-or-greater moves, with a remarkable 18 such days, seven positive and 11 negative. All but two of those days occurred in the fourth qua...
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