Invesco has plans for the UK and European expansion of PowerShares, its US-based exchange-traded funds business. Bruce Bond, president of PowerShares Capital Management, said: "The ETF market in Europe has grown by more than 60 per cent a year since 2004, but we see further tremendous opportunities." Invesco is expected to start with twelve ETFs on the London Stock Exchange, with similar launches planned in Germany, Italy and France. Although ETFs are usually based on major indices, PowerShares’ are based on a system that claims to select superior stocks by quantitative analysis. Some will be based on Invesco's RAFI indices, which weight companies according to economic size and impact, and there will also be products concentrating on sectors hard for investors to get at, such as the PowerShares global clean energy fund.