Dow-linked ETFs lower one day after overhaul announcement

/ / News

Dow-linked ETFs lower one day after overhaul announcement
Exchange-traded funds tracking the Dow Jones Industrial Average turned in a mixed performance one day after a big shakeup to the index was announced. The SPDR Dow Jones Industrial Average ETF Trust, the fund that’s oldest, largest, and most closely correlated to the movement of the index, was down 0.7% at midday, compared to a 0.6% loss in the index. The Invesco Dow Jones Industrial Average Dividend ETF , which weights companies in the index according to their dividend, not their price, was also down 0.7%. The ProShares Ultra Dow30 , a leveraged ETF that offers two times the daily performance of the Dow was down 1.35%. But the Invesco Dow Jones U.S. ETF , a fund that despite its name actually covers 95% of the stock universe, was 0.1% higher. The 124-year old Dow Industrials said late Monday that it would replace oil giant Exxon Mobil Corp. with Salesforce.com , pharma company Amgen will replace Pfizer and conglomerate Honeywell International will take the place of Raytheon Technologies [S: RTX], effective Monday.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.