Invesco PowerShares to close 13 ETFs
Invesco PowerShares Capital Management plans to close 13 exchange-traded funds. The affected ETFs represent less than one per cent of Invesco PowerShares' total assets.
"We regularly review our ETF portfolios, evaluating numerous factors such as investment results, length of time in the market and investor interest," says Ben Fulton, Invesco PowerShares managing director of global ETFs. "Based on this assessment, we believe the time is right to make these moves and refocus our resources to better meet investors' needs. As one of the leading innovators in the ETF industry, Invesco PowerShares remains fully committed to maintaining and developing a comprehensive and compelling product line of ETFs to help investors meet their financial goals."
The final day of trading for the 13 ETFs on The Nasdaq StockMarket will be 26 February. 2013. Shareholders may sell their holdings on or before that date, and may incur typical transaction fees from their broker-dealer. Shareholders who do not sell their holdings on or before 26 February 2013 will receive cash equal to the amount of the net asset value of their shares, which will include any capital gains and dividends, in the cash portion of their brokerage accounts on the liquidation date (currently scheduled for 7 March 2013). Shareholders will generally recognise a capital gain or loss equal to the amount received for their shares over their adjusted basis in such shares.
The affected ETFs are:
PowerShares Dynamic Insurance Portfolio
PowerShares Morningstar StockInvestor Core Portfolio
PowerShares Dynamic Banking Portfolio
PowerShares Global Steel Portfolio
PowerShares Active Low Duration Portfolio
PowerShares Global Wind Energy Portfolio
PowerShares Active Mega-Cap Portfolio
PowerShares Global Coal Portfolio
PowerShares Global Nuclear Energy Portfolio
PowerShares Ibbotson Alternative Completion Portfolio
PowerShares RiverFront Tactical Balanced Growth Portfolio
PowerShares RiverFront Tactical Growth & Income Portfolio
PowerShares Convertible Securities Portfolio
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