Invesco PowerShares Capital Management LLC has added to its sizable lineup of smart-beta exchange-traded funds with six Pure Style ETFs that began trading today on the NYSE Arca.
The six ETFs track the Russell Pure Style indexes, a new set of smart-beta indexes from FTSE Russell that weights constituents based on their relative style characteristics from among growth and value segments within large-, mid- and small-cap companies.
According to PowerShares, the new ETFs are seen as pure-play tactical tools offering investors greater control over the style exposures in their portfolios as markets change, without the style overlap that can occur with funds based on traditional market capitalization-weighted indexes.
The new ETFs comprise the following:
• PowerShares Russell Top 200 Pure Value Portfolio (PXLV)
• PowerShares Russell Midcap Pure Value Portfolio (PXMV)
• PowerShares Russell 2000 Pure Value Portfolio (PXSV)
• PowerShares Russell Top 200 Pure Growth Portfolio (PXLG)
• PowerShares Russell Midcap Pure Growth Portfolio (PXMG)
• PowerShares Russell 2000 Pure Growth Portfolio (PXSG)
The funds join PowerShares’ existing roster of so-called smart-beta ETFs that includes 85 equity and 14 fixed-income products.