PowerShares is launching the PowerShares Bank Portfolio ETF, ETF DailyNews reports. The new vehicle will mostly invest at least 80% of its total assets in equity securities of national money centers and regional banks or thrifts listed on a U.S. national securities bourse.
The fund will also focus in the securities that comprise its underlying index. The underlying Index is a float-adjusted, modified-market capitalization-weighted index that looks to reflect the performance of companies that operate as banks or thrifts that are publicly traded in the U.S.
Click here for the story from ETF Daily News.