Invesco PowerShares Capital Management is launching the PowerShares Convertible Securities Portfolio. The fund, which is likely to issue monthly distributions, will be based on the BofA Merrill Lynch All U.S. Convertibles Index.
The portfolio will begin trading on the NYSE Arca. The fund will invest at least 80% of its assets in the component securities that comprise the convertibles index, which is designed to track the performance of U.S. dollar-denominated investment grade and non-investment grade convertible.
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