The PowerShares S&P 500 High Beta Portfolio (SPHB) contains 100 stocks from the S&P 500 Index with the highest sensitivity to market movements, or beta, over the past 12 months as determined by Standard & Poor’s. SPHB is linked to the S&P 500 High Beta Index.
Opposite of SPHB is the PowerShares S&P 500 Low Volatility Portfolio (SPLV), which consists of the 100 stocks from the S&P 500 Index, with the lowest realized volatility over the past 12 months. Index constituents for both ETFs are rebalanced quarterly. The PowerShares ETFs were introduced on May 5, 2011 and have annual expense ratios of 0.25 percent.