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Invesco adds to TSX-listed PowerShares ETF family


Invesco has launched the PowerShares Fundamental High Yield Corporate Bond (CAD Hedged) Index ETF, the first fixed-income ETF in Canada to use the Research Affiliates Fundamental Index (RAFI) methodology. This new ETF has now closed the initial offering of its units and is available for trading on the Toronto Stock Exchange (TSX).

This latest offering brings the total of TSX-listed PowerShares ETFs to six, and builds on Invesco’s six-year-old partnership with Research Affiliates (RA), which developed this intelligent indexing methodology.

With a management fee of 0.65%, PowerShares Fundamental High Yield Corporate Bond (CAD Hedged) Index ETF (PFH) seeks to replicate, before fees and expenses, the performance of the RAFI High Yield Bond CAD Hedged Index, which is comprised of US-dollar-denominated bonds registered for sale in the United States and whose issuers are public companies listed on major U.S. stock exchanges. This Index hedges all or substantially all of its direct US-dollar exposure back to the Canadian dollar. PFH’s income distribution frequency is monthly.

"This new addition to our family of fixed-income PowerShares ETFs provides Canadian investors with a truly intelligent ETF option," says Michael Cooke (pictured), Vice President, PowerShares Canada. "The RAFI Fundamental Index methodology goes beyond traditional capitalisation-weighted indices, weighting securities according to fundamental economic factors. The result, we believe, is a more balanced, intelligent approach to security selection."

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