In other words, we expect that students do have an incentive to minimize their costs (unless the subsidy program is set up in such a way to negate that incentive), though the fact that students use price as a proxy measure for quality in higher ed likely significantly dampens this effect.
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 portfolio strategies at Invesco PowerShares, the fund's sponsor.