PowerShares is launching the PowerShares Bank Portfolio ETF, ETF Daily News 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.
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