Invesco PowerShares is shutting down 13
as it looks to consolidate its lineup of products, bringing
closures announced in 2012 above the 100-fund mark.
The funds, which altogether represent less than 1 percent of
PowerShares' total ETF assets, will stop trading Feb. 26, and be
liquidated by March 7. The funds, and their assets, include:
- PowerShares Dynamic Insurance Portfolio (NYSEArca:PIC),
$7.8 million in assets.
- PowerShares Morningstar StockInvestor Core Portfolio
(NYSEArca:PYH), $14 million.
- PowerShares Dynamic Banking Portfolio (NYSEArca:PJB), $12
- PowerShares Global Steel Portfolio (NasdaqGM:PSTL), $1.9
- PowerShares Active Low Duration Portfolio (NYSEArca:PLK),
- PowerShares Global Wind Energy Portfolio (NasdaqGM:PWND),
- PowerShares Active Mega-Cap Portfolio (NYSEArca:PMA), $5.8
- PowerShares Global Coal Portfolio (NasdaqGM:PKOL), $10
- PowerShares Global Nuclear Energy Portfolio (NYSEArca:PKN),
- PowerShares Ibbotson Alternative Completion Portfolio
(NYSEArca:PTO), $8.7 million.
- PowerShares RiverFront Tactical Balanced Growth Portfolio
(NYSEArca:PAO), $15.5 million.
- PowerShares RiverFront Tactical Growth & Income
Portfolio (NYSEArca:PCA), $15.8 million.
- PowerShares Convertible Securities Portfolio
(NYSEArca:CVRT), $9.43 million.
While total U.S.-listed ETF assets have been reaching record
levels this year-most recently just shy of $1.349 trillion on
Dec. 18-closures have been accelerating while fund launches have
Industry sources say the industry is starting to mature and,
moreover, the risk-on/risk-off flavor of markets since the 2008
crash has made fund sponsors more cautious in general about
launching new ideas or defending ones that aren't catching on
Moreover, pruning product offerings can free up resources for
fund sponsors to pursue newer, more prospective fund ideas more
thoroughly and aggressively.
The latest PowerShares closures will bring to 110 the
number of funds that are shutting so far this year. In 2011, 30
funds shut down, compared with 49 in 2010, 56 in 2009, 59 in
2008 and none in 2007, according to data compiled by
Details On PowerShares Shutdowns
Investors who own any of these ETFs may sell their holdings on
or before Feb. 26, 2013, and may incur typical transaction fees
from their broker-dealer, PowerShares said in a press
Anyone still holding shares at that date will receive cash
equal to the amount of the net asset value of their shares, which
will include any capital gains and dividends, on the liquidation
"Shareholders will generally recognize a capital gain or loss
equal to the amount received for their shares over their adjusted
basis in such shares," PowerShares said in the release.
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