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Invesco PowerShares expands smart beta suite

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Exchange traded fund provider Invesco PowerShares Capital Management has launched the PowerShares Russell 1000 Equal Weight Portfolio (EQAL). 

EQAL seeks investment results that generally correspond to the price and yield of the Russell 1000(R) Equal Weight Index. The Russell 1000(R) Equal Weight Index is a trademark of Frank Russell Company and has been licensed for use by Invesco PowerShares.

The Russell 1000(R) Equal Weight Index provides exposure to the largest securities in the US equity market on an equal weighted basis while maintaining greater diversification across sector groups. Rather than assigning an equal weight to each index constituent, Russell's sector equal weight methodology equally weights each sector within the index and then equally weights the companies within each sector.

"We are pleased to announce that we joined with Russell Indexes to further broaden our industry leading smart beta suite with the PowerShares Russell 1000 Equal Weight Portfolio (EQAL)," says Lorraine Wang, Invesco PowerShares Global Head of ETF Products & Research. "Russell has deep research capabilities and a rich history in index innovation over 30 years."

"We are excited that Invesco PowerShares has selected our Russell 1000 Equal Weight Index as the basis for a new smart beta ETF," says Ron Bundy, CEO of Russell Indexes. "The Russell suite of smart beta indexes are designed to provide investors with new ways of segmenting and tracking the global equity market beyond traditional market capitalisation weighted indexes. We are glad to build on our relationship with PowerShares and pleased that investors now have more ways of tracking these indexes."

"Equal sector weighting can provide more diversification," says John Feyerer, Invesco PowerShares Vice President, Global Products and Research. "Additionally, with EQAL's net expense ratio less than half of the category average, advisors now have a product which offers low-cost access to a simple and transparent smart beta methodology."

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