The Bank of New York Mellon says the BLDRS family of exchange-traded funds has reached the milestone of $1 billion in total assets under management, HedgeWeek reports.
PowerShares Capital Management serves as the sponsor for BLDRS, while Bank of New York Mellon is trustee.
BLDRS Index Funds are based on the Bank of New York ADR Index, which tracks all depositary receipts trading on the New York Stock Exchange, the American Stock Exchange and Nasdaq. Each share of a BLDRS fund represents an undivided interest in an entire portfolio of ADRs.
The fund family comprises four ETFs, with two market index funds and two regional index funds: BLDRS Asia 50 ADR Index Fund, BLDRS Europe 100 ADR Index Fund, BLDRS Developed Markets 100 ADR Index Fund, and BLDRS Emerging Markets 50 ADR Index Fund. BLDRS shares trade on the Nasdaq, are priced continuously throughout the trading day, and can be bought and sold at intraday prices.
“BLDRS provide a low-cost option for global investing, giving investors an efficient way to internationally diversify their portfolios, with ordinary operating expenses capped at 30 basis points,” says Bruce Bond, president of PowerShares Capital Management. “We are extremely pleased to have achieved this milestone with our partners at Bank of New York Mellon.”