Invesco’s (NYSE: IVZ) PowerShares, the fourth-largest U.S. ETF sponsor, is planning to introduce a multi-strategy alternative exchange traded fund later this month.

The PowerShares Multi-Strategy Alternative Portfolio is expected to begin trading on May 29 on the NASDAQ under the ticker “LALT.” LALT, which will be actively managed, is designed to damp portfolio volatility while boosting risk-adjusted returns. The new ETF will employ a long-short strategy.

Illinois-based PowerShares is partnering with Morgan Stanley (NYSE: MS) on the new ETF.

“Morgan Stanley has an established platform of proprietary liquid alternative indices across asset classes,” said Nikki Tippins, Managing Director, Head of Americas Equity Derivatives Distribution, in a statement. “The Morgan Stanley Multi-Strategy Alternative Index is designed to combine such strategies that seek to offer attractive risk-adjusted returns with low correlation to traditional asset classes. We’re delighted to provide this benchmark for such an original ETF.”