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PowerShares Embraces Fundamentals

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In what could signal a new trend in the indexing world, Invesco PowerShares revamped one of its bond ETFs to follow a fundamentally weighted bond index.

The Wheaton, Ill.-based investment firm changed both the name and the index for PowerShares High Yield Corporate Bond Portfolio (PHB). The ETF was renamed the PowerShares Fundamental High Yield Corporate Bond Portfolio and its underlying index was switched to the RAFI High Yield Bond Index. The changes became effective on Aug. 2.