PowerShares May List Dividend Allocation ETF

Invesco's (NYSE: IVZ) PowerShares unit, the fourth-largest U.S. ETF sponsor, has filed plans with the Securities and Exchange Commission to possibly introduce the actively managed PowerShares Dividend Allocation Portfolio.

The filing did not include a ticker or expense ratio for the new fund. PowerShares currently lists three actively managed funds. Those funds are the PowerShares Active Low Duration Fund (NYSE: PLK), the PowerShares Active Mega Cap Fund (NYSE: PMA) and the PowerShares Active U.S. Real Estate Fund (NYSE: PSR).

The PowerShares Dividend Allocation Portfolio will invest in the 50 highest dividend-yielding stocks in the S&p 500 and may invest in CBOE VIX futures as well cash instruments such as money markets.

During periods of low volatility, a greater portion of the Fund's assets will be invested in high dividend-yielding equity securities, and during periods of increased volatility, a greater portion of the Fund's assets will be invested in VIX Index Related Instruments, according to the filing.

The newest addition to the PowerShares lineup is the PowerShares DWA SmallCap Technical Leaders Portfolio (NYSE: DWAS), which debuted on July 19.