Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

PowerShares to shut four ETFs and rename 10

PowerShares to shut four ETFs and rename 10

Invesco PowerShares is closing four exchange traded funds (ETFs) and changing the names and indices of 10 others.

The group is to close the PowerShares KBW International Financial, Mena Frontier Countries, Dynamic MagniQuant and Lux Nanotech Portfolio ETFs on February 18 with monies returned to investors.  Together the products represent under 1% of total assets, PowerShares said.

The name and index changes will see the group’s Dynamic range rebranded as DWA with the term ‘sector’ being replaced with ‘momentum’.

For example, the PowerShares Dynamic Energy Sector Portfolio has been renamed the PowerShares DWA Energy Momentum Portfolio, while its Dynamic Technology Sector Portfolio becomes the DWA technology Momentum Portfolio.

PowerShares’ basic materials, consumer discretionary, consumer staples, financial, healthcare, industrials and utilities ETFs are being similarly renamed. The group’s Dynamic OTC Portfolio becomes the DWA Nasdaq Momentum Portfolio.

'We regularly evaluate our ETF product offerings using numerous factors including investment results, how investors may utilize them in portfolios and length of time in the market, among others,' said Dan Draper, Invesco PowerShares' managing director of global ETFs. 

'For more than a decade, our focus has been to ensure that we provide innovative ETFs that can help investors meet their financial goals amidst a changing investment landscape. We believe these changes will provide investors a unique set of investment opportunities and position our family of ETFs for continued growth.'

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play From Private Bank to Private Office: the next generation of ultra high net worth investors

From Private Bank to Private Office: the next generation of ultra high net worth investors

Citywire's Anna Dumas highlights the trend towards private and family offices.

Play Inside ETFs: how to defend against bond volatility

Inside ETFs: how to defend against bond volatility

In this latest episode we call in experts from 7IM and Markit to assess how the bond sell-off has impacted ETFs.

Play The future of wealth management according to disruptive tech expert Andrew Tarver

The future of wealth management according to disruptive tech expert Andrew Tarver

Three private office investors direct their questions about the future of wealth management, to Andrew Tarver, founder of Boldrocket and disruptive tech expert.

Your Business: Cover Star Club

Profile: Stenham's CIO on the strange persistence of hedge funds

Profile: Stenham's CIO on the strange persistence of hedge funds

Stenham Asset Management chief investment officer Kevin Arenson believes hedge funds are making a comeback

Wealth Manager on Twitter