iShares, the world's largest ETF sponsor, said today it will change the index and name of its S&P North American Technology-Semiconductors Index Fund (NYSEArca:IGW) and also shift its primary listing to Nasdaq, effective Oct. 15.
The ETF will begin tracking its new benchmark, the PHLX Semiconductor Sector Index, known as "SOX," under a new name, the iShares PHLX SOX Semiconductor Sector Index Fund. Also, the ETF will trade under the new ticker "SOXX" when it shifts to the Nasdaq from the New York Stock Exchange's Arca platform.
iShares said in a press release that the changes are aimed at attracting more investors to the microchip fund, which has an industry-leading $243.6 million under management. State Street Global Advisors' SPDR S&P Semiconductor ETF (NYSEArca:XSD) has $76.7 million under management, while PowerShares' Dynamic Semiconductors Portfolio (NYSEArca:PSI) is third, with $25.2 million.
"There has been increased investor interest in a SOX-based ETF with the ongoing evolution of the index," Noel Archard, the head of U.S. iShares products, said in the press release.
Although Direxion and ProShares offer leveraged and inverse-leveraged ETFs that track the SOX index, iShares' new SOXX fund will become the first single-exposure, long-only SOX-based ETF.
iShares, the world's biggest ETF firm, said that investors who want to remain in its semiconductor sector fund needn't take any action in connection with the changes.
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