PowerShares Capital Management has filed with the Securities and Exchange Commission to offer 31 new exchange-traded funds, rounding out its existing lineup of 37 such funds, Investor's Business Daily reports.
The new funds would also rely on enhanced indexes that PowerShares manages with a quantitative, technical analysis overlay. The so-called Intellidex indexing system uses computers to set weightings for stocks by tracking 25 various financial, momentum and valuation characteristics.
"The system is designed to select stocks strictly by merit," explained Bruce Bond, PowerShares chief executive officer. "Over time, we think this is a strategy that will provide to be very appealing to investors used to picking stocks solely based on market cap."
Once the new funds are brought to market, with a total of 48 ETFs in its coffers, PowerShares will offer the second-greatest number of ETFs. Barclays Global Investors currently offers 111 such products, and State Street Global Advisors sells 41.