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PowerShares to shut four ETFs and rename 10
by James Phillipps on Dec 18, 2013 at 15:55
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.'