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 WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Play Japan's slump, the umbrella revolution and the battle for Brazil

Japan's slump, the umbrella revolution and the battle for Brazil

With the arrows of Abenomics appearing to be missing their targets and political uncertainty rife in Hong Kong and Brazil we take a look at investor sentiment in this week's Investment Pulse

Your Business: Cover Star Club

Profile: The adviser that tempted Robin Minter-Kemp on board

Profile: The adviser that tempted Robin Minter-Kemp on board

It is rare to meet an impassioned individual who is willing to bang the drum for investment advisory right now

Wealth Manager on Twitter