Amidst the mayhem on Wall Street, Invesco PowerShares Capital Management launched six new ETFs on the Nasdaq Stock Market. If you wonder why, it’s because it can take so long to get an ETF through the regulatory process, that when the SEC approves your application, you pretty much go ahead with the launch, even if the market is crashing all around you .
It appears that PowerShares is taking on Van Eck in the area of commodity stock, killing Van Eck’s monopoly on steel, gold and coal stock funds.
* PowerShares Global Agriculture Portfolio (PAGG) seeks investment results that correspond to the price and yield performance of the NASDAQ OMX Global Agriculture Index.
* PowerShares Global Coal Portfolio (PKOL) will track the price and yield performance of the NASDAQ OMX Global Coal Index.
* PowerShares Global Steel Portfolio (PSTL) follows the NASDAQ OMX Global Steel Index.
* PowerShares Global Gold and Precious Metals Portfolio (PSAU) will track the NASDAQ OMX Global Gold and Precious Metals Index.
* PowerShares Global Progressive Transportation Portfolio (PTRP) seeks results that correspond to the Wilder NASDAQ OMX Global Energy Efficient Transport Index(sm).
* PowerShares Global Biotech Portfolio (PBTQ) follows the NASDAQ OMX Global Biotechnology Index.
With these six new ETFs, PowerShares has listed 12 ETFs on the Nasdaq this year. Currently, 27 PowerShares ETFs list on the Nasdaq.