PowerShares introduces high-yield exchange traded fund

By Laura Lutz

Des Moines, Nov. 15 - PowerShares Capital Management LLC launched a new High Yield Corporate Bond Portfolio exchange-traded fund, according to a press release from the American Stock Exchange.

The fund seeks to track the Wachovia High Yield Bond index, which follows the performance of a basket of high-yield bonds payable in dollars.

The fund is traded on the American Stock Exchange under the symbol "PHB."

Bruce Bond, president and chief executive officer of PowerShares, said that the company believes the fund "will provide investors better access to these types of fixed income-securities, with the additional benefits of the ETF format."

Goldman Sachs Execution & Clearing, LP is the specialist for the fund.

PowerShares is an asset management company based in Wheaton, Ill.

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