Actively managed ETF launched

Invesco PowerShares Capital Management LLC of Wheaton, Ill., has launched the first actively managed exchange traded funds to invest in equities as well as an actively managed fixed-income ETF. The equity ETFs are the PowerShares Active AlphaQ Fund, the PowerShares Active Alpha Multi-Cap Fund and the PowerShares Active Mega Cap Fund. The fixed-income ETF is the PowerShares Active Low Duration Fund. The Bear Stearns Cos. Inc. of New York launched the first actively managed fixed-income ETF last month. Holdings in the PowerShares ETFs will be disclosed daily via a website for the funds, according to the PowerShares prospectus. The portfolios may only be changed on the last business day of each week. These changes will be reflected on the website prior to the opening of business on the next business day. “PowerShares is honored to participate in ushering in the actively managed ETF revolution, the most significant industry event since its inception 15 years ago,” said Bruce Bond, president and chief executive of Invesco PowerShares, in a statement.