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Updates to the investment strategy of PowerShares Monthly Income Fund, will provide the management team, Invesco Global Solutions, with greater flexibility in the selection of underlying strategies and the ability to invest in exchange-traded funds (ETFs), Invesco Canada Ltd. announced on Monday.

The goal of the changes is to create a more diversified portfolio that can provide the potential for lower volatility and higher risk-adjusted returns, while maintaining a focus on monthly income generation, Invesco Canada says in a news release.

All changes will be effective as of the close of business on Jan. 19.

To better reflect the updated investment strategy, the fund will be renamed Invesco Monthly Income ETF Portfolio.

The fund’s combination of high-yielding common equities and preferred shares, coupled with high-yield and corporate bonds, results in a balanced yield portfolio, Invesco Canada says. The portfolio provides a diversified source of dividend and interest income along with growth potential from stock price increases.

All changes will be effective as of the close of business on Jan. 19.