In the week leading up to Memorial Day, new product launches included Invesco PowerShares’ introduction of nine “Fundamental Pure Style” ETFs, Russell and Axioma’s new suite of “long-only” factor-based indexes and Palmer Square Capital Management’s launch of its first mutual fund. In addition, Global X introduced its new ETF focused on fertilizers.
Invesco PowerShares Introduces Nine ‘Fundamental Pure Style’ ETFs
Invesco PowerShares Capital Management, a global provider of exchange-traded funds, announced May 23 plans for a suite of nine “Fundamental Pure Style” ETFs based on the Research Affiliates Fundamental Index (RAFI) methodology.
PowerShares Fundamental Pure Large Growth Portfolio (PXLG)and PowerShares Fundamental Pure Large Value Portfolio (PXLV) ETFs will be listed on June 16. The full list of portfolios is: Fundamental Pure Large Value Portfolio (PXLV); Fundamental Pure Mid Value Portfolio (PXMV); Fundamental Pure Small Value Portfolio (PXSV); Fundamental Pure Large Core Portfolio (PXLC); Fundamental Pure Mid Core Portfolio (PXMC); Fundamental Pure Small Core Portfolio (PXSC); Fundamental Pure Large Growth Portfolio (PXLG); Fundamental Pure Mid Growth Portfolio (PXMG); and Fundamental Pure Small Growth Portfolio (PXSG).
Invesco will also change the indexes, names and ticker symbols for seven existing ETFs in its Intellidex style/size lineup and switch to RAFI methodology. The rebranded portfolios’ management fees will be reduced to 0.29%, and operating expenses (excluding certain expenses) will be capped at 0.39% until at least August 31, 2012. Each of the portfolios in the group has changed from its corresponding Intellidex Index to its corresponding RAFI index. That full list is:
- PowerShares Fundamental Pure Large Core (PXLC) on the RAFI Fundamental Large Core Index (was PowerShares Dynamic Large Cap [PJF] on the Dynamic Large Cap Intellidex Index)
- PowerShares Fundamental Pure Mid Growth (PXMG) on the RAFI Fundamental Mid Growth Index (was PowerShares Dynamic Mid Cap Growth [PWJ] on the Dynamic Mid Cap Growth IntellidexIndex)
- PowerShares Fundamental Pure Mid Core (PXMC )on the RAFI Fundamental Mid Core Index (was PowerShares Dynamic Mid Cap [PJG] on the Dynamic Mid Cap Intellidex Index)
- PowerShares Fundamental Pure Mid Value (PXMV) on the RAFI Fundamental Mid Value Index (was PowerShares Dynamic Mid Cap Value [PWP] on the Dynamic Mid Cap Value Intellidex Index)
- PowerShares Fundamental Pure Small Growth (PXSG) on the RAFI Fundamental Small Growth Index (was PowerShares Dynamic Small Cap Growth [PWT] on the Dynamic Small Cap Growth Intellidex Index)
- PowerShares Fundamental Pure Small Core (PXSC) on the RAFI Fundamental Small Core Index (was PowerShares Dynamic Small Cap [PJM] on the Dynamic Small Cap Intellidex Index)
- PowerShares Fundamental Pure Small Value (PXSV) on the RAFI Fundamental Small Value Index (was PowerShares Dynamic Small Cap Value [PWY] on the Dynamic Small Cap Value Intellidex Index)
Russell and Axioma Team Up on New Indexes
Russell Investments and Axioma, Inc. have collaborated to launch a series of long-only large- and small-cap factor indexes. These new Russell-Axioma U.S. Small and Large Cap
Factor Indexes are designed to provide investors with tools to manage their portfolio’s exposure to—and measure their performance against—five individual risk factors within their portfolios.