Invesco’s (NYSE: IVZ) PowerShares unit, the fourth-largest U.S. issuer of exchange traded funds, announced noteworthy changes for 10 of its ETFs, including index changes for nine that will see those funds drop Research Affiliates indexes for benchmarks provided by Russell Indexes.
Included in the announcement are fee reductions for four PowerShares ETFs. The PowerShares Fundamental Pure Large Value Portfolio (NYSEArca: PXLV) will drop the RAFI Fundamental Large Value Index in favor of the Russell Top 200 Pure Value Index. [A Value Bet with this ETF]
PowerShares Fundamental Pure Large Core Portfolio (NYSEArca: PXLC) will part ways with the RAFI Fundamental Large Core Index in favor of the Russell Top 200 Equal Weight Index. The ETF’s ticker will change to EQWL. PXLC’s annual fee will be cut to 0.25% from 0.29%. The PowerShares Fundamental Pure Large Growth Portfolio (NYSEArca: PXLG) will drop the RAFI Fundamental Large Growth Index Russell Top 200 Pure Growth Index.
The PowerShares Fundamental Pure Mid Core Portfolio (NYSEArca: PXMC) will change its name to the PowerShares Russell Midcap Equal Weight Portfolio and its ticker to EQWM as it moves to the Russell Midcap Equal Weight Index from the RAFI Fundamental Mid Core Index. That ETF’s expense ratio is also being reduced to 0.25% per year from 0.29%.
The PowerShares Fundamental Pure Mid Growth Portfolio (NYSEArca: PXMG) will become PowerShares Russell Midcap Pure Growth Portfolio after it transitions to the Russell Midcap Pure Growth Index from the RAFI Fundamental Mid Growth Index. The PowerShares Fundamental Pure Mid Value Portfolio (NYSEArca: PXMV) will drop the RAFI Fundamental Mid Value Index for the Russell Midcap Pure Value Index, becoming the PowerShares Russell Midcap Pure Value Portfolio in the process.
The PowerShares Fundamental Pure Small Core Portfolio (NYSEArca: PXSC) is dropping the RAFI Fundamental Small Core Index for the Russell 2000 Equal Weight Index and will become the PowerShares Russell 2000 Equal Weight Portfolio along the way. The ETF’s new ticker will be EQWS and its annual fee will fall to 0.25% from 0.29%.