"There were a number of externally managed accounts that were terminated or resized to optimize for the best mix of strategies for the portfolio driven by HMC's management team, " says Mendillo.
The ETF tracks a NYSE Arca index that selects stocks based on price and earnings momentum, earnings quality, management and value, says Ed McRedmond, senior vice president of institutional and portfoliostrategies at Invesco PowerShares, the fund's sponsor.