DXS Most recent trade: $5034.5088 Today's Change: -39.6865
PPA Most recent trade: $43.37 Today's Change: -0.35
Press Releases and Notices

  • 31 December 2017 Quarterly Rebalance --- No changes were made to the index constituents. The Honeywell spinoff of AdvanSix during the quarter was removed.

  • 30 September 2016 Quarterly Rebalance --- KBR, which recently acquired Wyle and HTSI to expand their government services business was added to the index. American Science & Engineering was acquired during the quarter and was removed once OSI Systems, also a constituent of the index, completed the acquisition.

  • 30 June 2016 Quarterly Rebalance --- No changes were made to the index constituents.

  • 13 April 2016 --- SerenityShares Investments LLC launched to bring several new ETFs to market. Updates will be posted on SerenityShares.com as they become available.

  • 31 March 2016 Quarterly Rebalance --- Intelsat and Ducommun were removed from the Index for price and liquidity screens, respectively.

  • 30 December 2015 Quarterly Rebalance ---
    CSRA was added to the index following the split of CSC into two publicly-traded firms--one focused on commercial clients (CSC) and one focused on government (CSRA). BWX Technologies was added to the index. Babcox & Wilcox recently sold its power division, and changed its name, leaving it almost exclusively focused on its Navy nuclear business. Supercom Ltd (SPCB) fell below the market cap requirements of the index's governing rules

  • 30 September 2015 Quarterly Rebalance --- No changes were made to the constituents of the index

  • 30 June 2015 Rebalance --- LMI Aerospace (LMIA) was removed from the Index as it no longer meet trading liquidity screens. During the quarter, Harris (HRS) completed its acquisition of Exelis (XLS) and Gencorp Aerojet (GY) renamed/new ticker to Aerojet Rocketdyne (AJRD).

  • 31 March 2015 Rebalance --- Supercom (SPCB) was added to the Index. SPCB maintains passport and border security for a number of nations.

  • February 2015 -- Ticker change to Orbital ATK (OA): Merger of Orbital Sciences (ORB) and Alliant Techsystems (ATK)

  • 31 December 2014 Rebalance --- Curtiss Wright (CW), Woodward (WWD) and FireEye (FEYE) were added to the Index. FEYE owns 2 of the only 7 companies approved as part of the NSA's National Cyber Assistance Program.

  • October 2014 --- URS (NYSE: URS) was removed from the index following the close of its acquisition by AECOM for $5.8B in cash and stock.

  • 27 September 2014 Rebalance --- Vectrus (NYSE: VEC) added to the index following its spin from Exelis (XLS).

  • 30 June 2014 Rebalance --- Kaman (NYSE: KAMN) was added to the index.

  • 31 March 2014 Quarterly Rebalance --- Sparton (NYSE: SPA) was added to the index. Anaren was removed during the quarter after they were acquired by a private equity firm.

  • 31 December 2013 Quarterly Rebalance --- SAIC (NYSE: SAI) split into two public companies-- SAIC (NYSE: SAIC) and Leidos (NYSE: LDOS).

  • 30 September 2013 Quarterly Rebalance --- Intelsat (NYSE: I) and LMI Aerospace (NASDAQ: LMIA) were added to the index.

  • 30 June 2013 Quarterly Rebalance --- No changes were made to the constituents of the index

  • 31 March 2013 Quarterly Rebalance --- During the quarter, DigitalGlobe (DGI) completed its acquisition of GeoEye (GEOY).

  • 30 December 2012 Quarterly Rebalance --- Ceradyne (CRDN) was removed from the index during the quarterly upon finalizing their acquisition by 3M.

  • 30 September 2012 Quarterly Rebalance --- Engility (NYSE: EGL) was added to the index. LMI Aerospace (LMIA) was removed from the index when its trading volume fell below required levels. Goodrich (GR) was removed during the quarter upon completion of its acquisition by United Technologies.

  • 30 June 2012 Quarterly Rebalance --- Anaren (ANEN) was added to the index. NCI (NCIT) was removed when its trading volume fell below required levels.

  • 29 December 2011 Quarterly Rebalance --- Hexcel (NYSE: HXL) was added the index. Elbit Systems (ESLT) was removed from the index when its trading volume fell below required levels.
  • 19 December 2011 -- Force Protection (FRPT) was removed from the index following the completion of its acquisition by General Dynamics

  • 1 November 2011 --- ITT Exelis (NYSE: XLS) replaced ITT when the company split into three separately traded firms.

  • September 30, 2011 Quarterly rebalance --- Huntington Ingalls (NYSE: HII) was added the index

  • June 30, 2011 Quarterly rebalance --- Heico (NYSE: HEI) was added the index
  • May 9, 2011 --- Ladish was removed from the index following the closing of its acquisition by Alleghany Technologies

  • March 31, 2011 Quarterly rebalance --- There were no changes to the index. CPI International (NASDAQ: CPII) and Applied Signal (NASDAQ: APSG) were removed from the index when the acquisitions of the aforementioned firms closed.

  • December 31, 2010 Quarterly rebalance --- Booz Allen Hamilton (NYSE: BAH) and Key W Corporation (NASDQ: KEYW) were added to the Index. VSE Corporation (NYSE: VSEC) was removed from the Index when the firm no longer met the liquidity requirements of the index. Cogent (COGT) and ICX (ICXT) were removed after they were acquired and trading ceased.

  • September 30, 2010 Quarterly rebalance --- Transdigm (NYSE: TDG), LMI Aerospace (NASDAQ: LMIA), and CPI International (NASDAQ: CPII) were added to the Index. During the quarter, the following companies were removed when their acquisitions closed: Dyncorp (NYSE: DCP), Argon ST (NASDAQ: STST), Stanley (NYSE: SXE), and ICX Technologies (NASDAQ: ICXT)

  • June 30, 2010 Quarterly rebalance --- There were no changes to the index however the acquisition of DynCorp is expected to close in July and Argon ST has been acquired by Boeing and is expected to close in 3Q10.

  • March 31, 2010 Quarterly rebalance ---Kratos Defense (KTOS) and ICx Technologies (ICXT) were added to the index as part of the quarterly rebalancing. Herley Industries was removed when its liquidity/tradiing volume dropped below required levels.

  • December 31, 2009 Quarterly rebalance --- Gencorp/Aerojet (NYSE: GY) was added to the index after meeting the rules governing the index. Garmin and Trimble Navigation were removed from the index -- although their businesses continue to rely on the Department of Defense GPS signal, the focus of both companies lies predominantly outside the sector.

  • September 30, 2009 Quarterly rebalance --- General Dynamics completed their acquisition of AXSYS Technologies during the quarter and it was removed from the index.

  • June 29, 2009 Quarterly rebalance --- The following firms were added to the Index: Digital Globe (NYSE: DGI), a provider of high-resolution imagery for military, intelligence, and commercial customers; and EMS Technologies (NASDAQ: ELMG) and Comtech Telecom (NASDAQ: CMTL) providers of communications hardware and systems used by customers involved with defense and satellite communications.

  • March 26, 2009 Quarterly Rebalance -- Force Protection (NASDAQ: FRPT), Herley Industries (NASDAQ: HRLY), and Integral Systems (NASDAQ: ISYS) were added to the Index. ICx Technologies was removed when their liquidity/trading volume fell below acceptable levels.

    Force Protection
    The firm engages in the manufacture of ballistic and blast protected vehicles primarily used to support armed forces and security personnel.

    Herley Industries
    For more than 40 years, Herley has been supplying solid, innovative, and sophisticated RF, microwave and millimeter wave components and subsystems to the defense and aerospace industries.

    Integral Systems
    The firm builds satellite ground systems and equipment for command and control, integration and test, data processing, and simulation in the United States and internationally and serves government and commercial organizations.

  • December 30, 2008 Quarterly Rebalance -- ICx Technologies (NASDAQ: ICXT) and VSE Corporation (NASDAQ: VSEC) were added to the Index. DRS Technologies and SI International were removed from the index during the quarter when they ceased trading following their acquisitions by Finmeccanica (Italy) and Serco (UK), respectively. Gencorp (NYSE: GY) was removed from the index when its 25-day average price at the time of the review dropped below required levels.

    About IC-x Technologies (NASDAQ: ICXT) develops and integrates advanced sensor technologies for homeland security, force protection, and commercial applications; specifically the detection and identification of chemical, biological, radiological, nuclear, and explosive threats.

    About VSE Corporation (NASDAQ: VSEC) is a professional services company that is ranked among the top 100 defense contractors, top 10 foreign military sales contractors, and top 50 Navy contractors in the nation. It provides engineering, technical, management, integrated logistics support, and IT services to all U.S. military services and other government agencies.

  • September 30, 2008 Quarterly Rebalance -- NCI Information Systems (NASDAQ: NCIT) and AXSYS Technologies (NASDAQ: AXYS) were added to the Index. NCI, Inc. provides information technology services and solutions to the federal government defense, intelligence, and civilian agencies. Axsys Technologies designs and manufactures precision optical solutions for defense, aerospace, homeland security, and commercial applications; operating in two segments -- the Surveillance Systems Group and the Imaging Systems Group.

  • June 30, 2008 Quarterly Rebalance -- MTC Technologies was removed from the index following the completion of their acquisition by BAE..

  • March 30, 2008 Quarterly Rebalance -- Force Protection, KVH Industries, and Herley Industries were removed from the index after they failed to meet the rules governing the index.

  • December 27, 2007 Quarterly Rebalance -- Textron, Elbit Systems, AAR Corp, and Triumph Group added to the index. Download the Release (pdf)

  • December 21, 2007 - EDO removed from the index following closing of its acquisition by ITT.

  • efense Sector Set to Outperform the S&P500 for Eighth Consecutive Year
    December 19, 2007 [Washington DC] Compiling a track record that many professional money managers and mutual funds would envy, the defense and homeland security sector is on pace to outperform the S&P500 benchmark for an eighth consecutive year. The benchmark SPADE Defense Index (AMEX:DXS) currently has a year-to-date gain of 21.5%, nearly 20% better than the widely followed S&P500 broad-market index.

    During this period, the SPADE Defense Index has outperformed the S&P500 by more than 10% in six of the eight yearly periods and gained better than 19% in four of the previous five years. Since 2000, the SPADE Defense Index has produced a total cumulative gain of 159.8%, as compared to the S&P500�s 10.2%, and the Russell 3000�s 5.9%. The PowerShares Aerospace & Defense ETF (AMEX:PPA), which seeks to replicate the SPADE Defense Index, has seen 2007 inflows of nearly 400% as investors add defense to their core portfolios.

    According to Scott Sacknoff, President of SPADE Indexes, �Reporters producing end-of-year market stories should not ignore the returns of a sector that is in the midst of a long investment cycle and whose companies generate nearly 5% of U.S. GDP.

    Although much of the gains can be attributed to government spending in the aftermath of 9-11 and the war in Iraq, the defense sector�s positive performance predates the 9-11 attack on the U.S., and trends suggest that growth may continue even after a pullback from Iraq occurs. Notably:
    1. The mission to protect and defend the U.S. and its citizens remains a critical goal of government
    2. Support for defense among Congress and political leaders remains strong.
    3. The recently approved core Department of Defense budget for FY-08 is 10% higher than FY-07.
    4. A tremendous need to recapitalize equipment used in Iraq and modernize defense equipment and systems--some of which dates to the Eisenhower Administration.
    5. Continued expansion in related business lines such as commercial aircraft.

    As always, politics remains the biggest risk to the sector." Mr. Sacknoff concluded stating that, �Current economic issues related to the subprime loan crisis, inflation, and the possibility of recession tend to have less of a direct impact on the defense sector which derives much of its revenues from government budgets. While the sector may move in sympathy with the overall market at times, the underlying factors driving the defense industry remain quite different.�

    November 19, 2007 - Textron completed their acquisition of United Industrial Corporation and UIC was removed from the index.

    November 16, 2007 - URS Corp shares outstanding were adjusted and updated to account for the approximately 29.4 million shares to acquire Washington Group International (WNG)

    September 28, 2007 - September 2007 Quarterly Review

    Changes to the Index, effective September 28, 2007, are as follows:
    Armor Holdings was removed mid-quarter when it was acquired by BAE Systems.

    Additions to the index are GeoEye (NASDQ: GEOY) which provides space imagery of the earth to military, intel, and commercial customers and Ducommon (NYSE: DCO) which manufactures components for military and commercial aircraft and space programs.

    In addition, DirecTV and Echostar were removed from the Index. Both companies have invested billions in space systems which in turn helped to support the military space industrial base that builds and launches satellites for government customers. With the bulk of their space infrastructure development complete and in orbit, this segment of the commercial space sector does not have enough overlap with the defense and homeland security market to justify its continued inclusion. The Index continues to have high exposure in the area of space with 17 of the 20 largest firms in the Index maintaining space operations and capabilities.

    June 30, 2007 - Armor Holdings removed from Index after acquisition by BAE Systems closes on 30July07.

    Changes to the Index, effective June 29, 2007, are as follows:
    Safenet was removed mid-quarter when it was acquired by Vector Capital.

    March 2007 Quarterly Review

    Changes to the Index, effective March 30, 2007, are as follows:

    AeroVironment (NASDAQ: AVAV), AV designs, develops, produces, and supports an advanced portfolio of Unmanned Aircraft Systems (UAS) and efficient electric energy systems. The company's small UAS are used extensively by agencies of the U.S. Department of Defense and increasingly by allied military forces to deliver real-time reconnaissance, surveillance, and target acquisition to tactical operating units. .

    Force Protection (NASDAQ: FRPT), manufactures ballistic- and blast-protected vehicles, which have been used to support armed forces and security personnel in Iraq, Afghanistan, Kosovo and other hot spots around the globe.

    In addition, XM Satellite (NASDAQ: XMSR) and Sirius Satellite Radio (NASDAQ: SIRI) were removed from the Index. By definition, firms providing satellite services are included in the SPADE Defense Index when their operations include the acquisition of space and ground assets (such as satellites, launch vehicles, and monitoring networks) as this helps to ensure the stability of the infrastructure base of the sector -- an area of critical importance to the Department of Defense. Both XM Satellite Radio and Sirius Satellite Radio have evolved to the point where current and future near-term operations do not require a continued, significant investment in infrastructure. As such, these two firms have been removed from the Index.


    Presentation Made to NY Society of Security Analysts March 2007 (pdf)


  • January 2, 2007 - Year End Review
    SPADE Defense Index Finishes 2006 up 19.33% - Beats S&P500 for 7th CONSECUTIVE Year


  • December 29, 2006 - December 2006 Quarterly Review

    Changes to the Index, effective December 29, 2006, are as follows:
    SAIC (NYSE: SAI), SAIC is a leading provider of scientific, engineering, systems integration and technical services and solutions to all branches of the U.S. military, agencies of the Department of Defense, the intelligence community, the U.S. Department of Homeland Security and other U.S. Government civil agencies, as well as to customers in selected commercial markets. With more than 44,000 employees in over 150 cities worldwide, SAIC engineers and scientists solve complex technical challenges requiring innovative solutions for customers� mission-critical functions.

    Stanley (NYSE: SXE), Stanley is a provider of information technology services and solutions to U.S. defense and federal civilian government agencies. Headquartered in Arlington, Va., Stanley has approximately 2,300 employees at more than 100 locations in the U.S. and worldwide.

    Also, during the quarter, Integraph Corporation (NASDQ: INGR) was removed following completion of their acquisition by private equity. Essex (NASD: KEYW) remains in the Index pending the completion of their acquisition by Northrop Grumman. Andrew Corporation was removed from the Index when research determined that the scope of their defense/space antenna operation no longer warranted their inclusion.


    -

  • September 27, 2006 -September 2006 Quarterly Review

    Changes to the Index, effective September 30, 2006, are as follows:

  • DynCorp International (NYSE: DCP), DynCorp works behind the scenes to support U.S. military and diplomatic efforts on the front lines. The company provides base operations, drug eradication, law enforcement training, logistics support services, and security services. It also contracts with the U.S. Department of State to train police officers overseas.

    Also, during the quarter, PanAmSat was acquired by Intelsat, a private company, and was removed from the Index when the deal closed on 3 July 06. Mid-quarter, the merger of Viisage and Identix led to a change in ticker when the firm was renamed L-1 Identity Solutions (NYSE: ID).

  • The SPADE Defense Index aims to cover the broad diversity of activities that is representative of companies involved with defense, homeland security, and space � including not only industrial firms that manufacture aircraft, tanks, ships, and missiles but those involved with current and next generation systems related to network centric warfare and information technology; intelligence, surveillance, and reconnaissance; satellites; border security; and defense systems that protect the lives of our servicemen and servicewomen�, said Scott Sacknoff, Manager of the SPADE Defense Index.

  • Companies are required to meet a variety of eligibility criteria for market valuation, trading volume, and be listed on the American, New York, or NASDAQ exchange. The addition of DynCorp provides the Index with added diversification toward the multi-billion operations and technical support side of the defense and homeland security business."

    The SPADE Defense Index has outperformed the S&P500 in each of the six years since 2000, as well as in 19 of the past 24 quarters. Powershares Aerospace & Defense Portfolio ETF is up 13.7% since its introduction in October 2005.

    The SPADE Defense Index is a modified market capitalization-weighted index that currently has 58 components. Full details on the SPADE Defense Index are available at www.spadeindex.com


  • June 29, 2006 - June 2006 Quarterly Review

    Changes to the Index, effective June 30, 2006, are as follows:

  • URS Corporation (NYSE: URS), the 24th largest defense contractor and #29 largest contractor to the federal government, is added as a constituent of the Index. URS provides a range of professional planning, design, systems engineering and technical assistance, program and construction management, and operations and maintenance services. It�s EG&G Division is involved in the complete life cycle of defense systems�from concept formulation through production, to operational training and in-service maintenance. The firm also offers homeland security consulting and advisory services including antiterrorism, threat and vulnerability risk assessments, and design force protection and security systems.

    Anteon was removed from the Index on June 9, 2006 when the firm�s acquisition by General Dynamics (NYSE: GD) closed.

  • The SPADE Defense Index aims to cover the broad diversity of activities that is representative of companies involved with defense, homeland security, and space � including not only industrial firms that manufacture aircraft, tanks, ships, and missiles but those involved with current and next generation systems related to network centric warfare and information technology; intelligence, surveillance, and reconnaissance; satellites; border security; and defense systems that protect the lives of our servicemen and servicewomen�, said Scott Sacknoff, Manager of the SPADE Defense Index.

  • Companies are required to meet a variety of eligibility criteria for market valuation, trading volume, and listing on a major U.S. exchange. The addition of URS provides the Index with added diversification toward the multi-billion operations and technical support side of the defense and homeland security business."

    The SPADE Defense Index has outperformed the S&P500 in each of the six years since 2000, as well as in 19 of the past 23 quarters. The Powershares Aerospace & Defense Portfolio ETF is up 7.6% since its introduction in October 2005.


  • April 19, 2006 - SPADE Defense Index Closes Above 2000

    An investment benchmark for companies involved with defense, homeland security, and space, the SPADE Defense Index continued a multi-year rally in which it has outperformed the S&P 500 for six consecutive years and in 19 of the last 23 quarters. For the year, the index is up more than 13%. The Index also serves as the basis for the Powershares Aerospace & Defense Portfolio ETF (AMEX: PPA). Since its launch on Oct 25, 2005, the exchange traded fund is up nearly 18%.

    According to Scott Sacknoff, Manager of the Index, "Investors are increasingly noticing companies involved in defense, homeland security, and space. Not just for the growth in the Index over the last half decade but as a hedge against world events and other economic factors. As the situation in Iran continues to unfold, the defense sector is an area gaining increasing attention. With CNBC reporting that analysts believe that continued government spending in this area is likely to continue for some time, it would not surprise me to see the index go higher. [Though investors should recognize that past performance is not indicative of future gain]"


    Ladish Co. Added to Index as part of March 2006 Quarterly Review

    Feb 6, 2006 - Defense Budget Growth Fuels Investment Gains

    President Bush's FY-07 budget request continues to favor spending on defense and homeland security. The budget for the Pentagon is set to increase by nearly 5% to $439.3 billion including $84.2 billion for weapon systems, an 8% gain. This amount is in addition to $120 billion requested by the Pentagon to help pay for the wars in Iraq and Afghanistan, and an estimated $40 billion in classified and intelligence-agency related programs. With funding for the Department of Homeland Security set to rise by 6% to $42.7 billion, the President has proposed spending an estimated $600 billion on the security of our nation. With nearly 5% of U.S. GDP spent on defense and homeland security, since the events of September 11, 2001, investors have seen dramatic gains in the financial performance of many firms operating in this area.

    The SPADE Defense Index (AMEX: DXS), a financial benchmark for defense, homeland security, and space, has beaten the S&P500 for 6 consecutive years and 18 of the last 22 quarters. Since 2000, the Index has gained 79.2% vs. a 15% decline in the S&P500.

  • The breath of this multi-year rally extends beyond the big 5 defense prime contractors of Boeing (NYSE: BA), Lockheed Martin (NYSE: LMT), General Dynamics (NYSE: GD), Northrop Grumman (NYSE: NOC) and Raytheon (NYSE: RTN). Mid-cap companies such as Armor Holdings (NYSE: AH) and L-3 Communications (NYSE: LLL) have seen nice runs as have defense information technology firms like CACI (NYSE: CAI) and SI International (NASDQ: SINT).�

    To make it easier for individuals to invest in the sector, in October 2005, Powershares licensed the SPADE Defense Index and launched the first exchange-traded fund (ETF) to focus on defense and homeland security. The Powershares Aerospace & Defense Portfolio ETF trades under the symbol �PPA� (AMEX: PPA) and has attracted more than $60 million in its first months of operation with trading volume in January more than doubled from December.

    According to Scott Sacknoff, manager of the SPADE Defense Index, �President Bush�s FY07 budget shows that protecting our nation remains the most vital and critical element of government. For investors, this is a factor that should not be ignored.�


  • January 3, 2006: Year-End Summary

    For 2005, the SPADE Defense Index ended the year at 1764.97, up 5.30% from the last day of trading in 2004, outperforming the S&P 500, whcih gained 3.00%, for the sixth consecutive year.

    Year-End Summary

  • SPADE Defense Index Outperforms S&P 500 for Sixth Consecutive Year
  • SPADE Exceeds Returns of S&P 500 in 18 of last 22 quarters
  • Reached all-time high of 1804.88 on December 27, 2005
  • Since 2000, has gained 79.2% vs. [-15.0%] for the S&P 500
  • ETF Tracking the Index Launched by Powershares (AMEX: PPA)
  • Options for ETF and Index Launched by the American Stock Exchange

    Highlights

  • Overall, the SPADE Defense Index had outperformed the S&P 500 for seven consecutive quarters (18 of the last 22) before ending the streak in the fourth quarter.
  • During 2005, the SPADE reached a new all-time intraday high of 1804.88 on December 27, 2005, an increase of 7.68% from 2004 year-end levels. New intraday highs were reached 25 times during the year.
  • Since 2000, the Index has gained 79.2% compared with a 15.0% loss by the S&P 500. (A hypothetical investment tracking the SPADE Defense Index of $10,000 on January 1, 2000 would have returned $17,921 whereas a similar investment in the S&P 500 would have been worth only $8496.)
  • Leading Gainers -- Companies that gained more than 20% in the Index during 2005 (in order of market capitalization) were Boeing (NYSE: BA) 35.7%, ITT Industries (NYSE: ITT) 21.8%, Precision Castparts (NYSE: PCP) 57.8%, Harris Corp (NYSE: HRS) 39.2%, Goodrich (NYSE: GR) 25.9%, Oshkosh Truck (NYSE: OSK) 30.4%, PanAmSat (NYSE: PA) 41.2%, Anteon (NYSE: ANT) 29.8%, DRS Technologies (NYSE: DRS) 20.4%).


  • December 2005 Two new additions to the Index

    As part of the Index's quarterly rebalancing process, on December 30, 2005, American Science & Engineering (NASDQ: ASEI) and NCI (NASDQ: NCIT) were added as constituents. American Science and Engineering engages in the development, manufacture, marketing, and sale of X-ray inspection and other inspection solutions for the homeland security and other defense applications. NCI, Inc. provides information technology services and solutions to defense, intelligence and federal civilian agencies in four categories, including network engineering; information assurance; systems development and integration; and enterprise systems management.


    .

  • October 26, 2005
    Powershares Aerospace & Defense ETF (ticker: PPA) launched

    New York, NY- At a bell-ringing ceremony at the American Stock Exchange, Powershares launched an exchange traded fund designed to track the SPADE Defense Index.


  • August 2005
    Powershares Licenses SPADE Defense Index to Offer ETF

    Washington DC, August 2005 -- The ISBC licensed its SPADE Defense Index to Powershares Capital Management for the purpose of creating an Exchange Traded Fund based on the Index. The Powershares SPADE Defense Portfolio ETF is expected to become available before the end of the year. The Powershares Aerospace & Defense Portfolio ETF will trade on the American Stock Exchange(R) under the symbol 'PPA'.


  • May 2005
    Options Now Available on the AMEX

    Washington DC, May 2005 -- Trading in options on the SPADE Defense Index (AMEX: DXS) have begun on the American Stock Exchange(R). The options will trade on the February expiration cycle. The specialist will be Susquehanna Investment Group. The DXS Index is rebalanced quarterly each March, June, September and December. For option chain information, click here


  • July 6, 2004
    SPADE � Defense Index Launched to Benchmark Defense and Space Sectors

    Washington DC, July 6, 2004 -- The ISBC, in cooperation with the American Stock Exchange� (Amex�), today announced the launch of a new proprietary index to benchmark the performance of securities in the defense, homeland security, and space marketplace. The SPADE � Defense Index, began publication on July 6 and has been assigned the symbol �DXS�.

    The SPADE � Defense Index is a modified market capitalization weighted index comprised of publicly-traded companies that meet objective screening criteria. The Index has been designed to act as a benchmark for a range of financial instruments offered to investors worldwide including exchange traded funds, options, and structured products.

    Scott Sacknoff, President of the ISBC, said, �We enjoy a strong relationship with the Amex and this affiliation allows us to tap into their expertise and resources to create an index that will not only benchmark the defense and space sector but meet the needs of investors seeking diversified portfolios.�

    As part of this relationship, the Amex will handle the calculation of the index while the ISBC will handle licensing activities and monitor the sector for the quarterly rebalancing.

    �We are extremely pleased to be working with the ISBC and to have been selected to provide the on-going maintenance of the SPADE� Defense Index,� said Robert Tull, vice president of the ETF Marketplace. �It�s creation contributes to our expanding index family. Not only is the Amex the premier listing venue for ETFs in the marketplace, but it is also the preferred listing exchange for an ever increasing array of index strategies.�

    Eligible companies are determined on a quarterly basis using a range of criteria including a market capitalization greater than $100 million; a minimum $5.00 daily price; average daily trading volume in excess of 50,000 shares; and quarterly revenues of at least $10 million. Currently, 51 companies comprise the index.

    Additional information on the SPADE� Defense Index can be found at www.spadeindex.com.

    The ISBC is a private organization, independent of Wall Street and the broker/dealer community, that is responsible for the continued development and ongoing maintenance of the SPADE� Defense Index. Launched in 1999, the organization has served as a platform for independent research and analysis related to the defense and space sectors.

    The American Stock Exchange� (Amex�) is the only primary exchange that offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRS(sm). In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 138 ETFs. The Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks. For more information, please visit www.amex.com.


    July 2, 2004
    AMEX Vendor Alert #2004-09
    New Index (DXS) - The SPADE Defense Index publishing July 6, 2004

    The American Stock Exchange will begin publishing the SPADE Defense Index (Ticker Symbol: DXS) on Tuesday July 6, 2004. The following is a more detailed description of the new index. [Public files containing the current index composition and daily historical index values back to December 30, 1997 are available on www.amex.com].

    The SPADE Defense Index is a modified market capitalization weighted index comprised of publicly traded companies that seeks to measure the performance of securities in the defense, homeland security, and space marketplace. The Index is rebalanced quarterly each March, June, September, and December. The Index divisor was initially determined to yield a benchmark value of 1000.00 at the close of trading on December 30, 2002. The SPADE Index was created by, and is a trademark of, the International Space Business Council ("ISBC").