Daily ETF Watch: Multi Asset Fund Debuts

PowerShares launches income fund that invests in other ETFs based on relative strength.

Reviewed by: Heather Bell
Edited by: Heather Bell
PowerShares has rolled out an ETF of ETFs that invests in other income-oriented ETFs based on a relative strength approach. The PowerShares DWA Tactical Multi-Asset Income Portfolio (DWIN) tracks an index from Dorsey Wright, and comes with an expense ratio of 0.69%.

The index’s selection universe consists mainly of PowerShares ETFs that produce relatively high levels of income. The funds can invest in fixed-income securities and dividend-paying equities including REITs and MLPs.

The index’s selection methodology narrows the investment universe down to the top half based on relative strength, and then from there, selects the top five funds based on their dividend yields. The components are equal-weighted every time the index is rebalanced; reviews occur on a monthly basis, but components are not necessarily changed during each review.

DWIN is listed on the Nasdaq stock exchange.

Additional News
The Recon Capital FTSE 100 ETF (UK), which has been trading less than a year and has $1 million in assets under management, is set to see its last day of trading today.

Contact Heather Bell at [email protected].

Heather Bell is a former managing editor of etf.com. She has also held editorial positions at Dow Jones Indexes and Lehman Brothers. Bell is a graduate of Dartmouth college and resides in the Denver area with her two dogs.