PowerShares licenses Morningstar index to underlie ETF

The PowerShares Value Line Industry Rotation Portfolio ETF, which trades on NYSE Arca, has been renamed as the PowerShares Morningstar StockInvestor Core Portfolio, to mirror the benchmark change. The newly created index comprises stocks from Morningstar's Tortoise and Hare portfolios, which consist of high-quality companies trading at sharp discounts to what Morningstar's equity research analysts think they should be valued at. Morningstar Indexes director Sanjay Arya says: "This index spotlights Morningstar's disciplined approach to investing and stock picking, using fundamental ana...