A.I.M. For Exchange Traded Funds

[OldAIMGuy]

PYH - Powershares Value Line Timely Stocks in Timely Industries.....

This ETF by PowerShares is changing its basis for indexing. The new fund, still PYH, will be called the MorningStar StockInvestor Core Portfolio and be indexed to a MorningStar index of the same name.

"The Fund will normally invest at least 90% of its total assets in common stocks that comprise the Index. The Index is comprised of approximately 50 stocks of high-quality companies selected by Morningstar. The Index is reconstituted and rebalanced quarterly using the methodology described above."

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I've used PYH in my IRA as a central part of the equity side of that account. I did so because of the high volatility of the Value Line Timely Stocks and their "momentum" character. This change creates overlap with several other positions in my IRA, so I've sold the PYH and have replaced it with First Trust's Value Line 100 ETF, symbol FVL.

FVL has a bit higher annual expense ratio, but also has slightly higher BETA, which should help compensate.

Best regards, Tom