Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:PowerShares Shutters 13 ETFs Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, December 19, 2012

PowerShares Shutters 13 ETFs

Reported by Tommy Fernandez

Invesco PowerShares [profile] plans to close 13 exchange-traded funds, according to a press release.

The funds to be closed 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

    The press release announcing the closings is below.


    Company Press Release

    Invesco PowerShares Announces Changes to ETF Family



    CHICAGO – December 19, 2012 – Invesco PowerShares Capital Management LLC, a leading global provider of exchange-traded funds (ETFs) with more than $74 billion in franchise assets, announced changes to its product line.

    As part of its ongoing commitment to putting investors’ interests first, Invesco PowerShares announced that it plans to close 13 ETFs. The affected funds represent less than 1% 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," said 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.”

    At a Dec. 18, 2012 meeting, the PowerShares Funds Board of Trustees approved the closings. The final day of trading on The NASDAQ Stock Market LLC (“NASDAQ”) and NYSE Arca, Inc. (“NYSE Arca”) will be Feb. 26, 2013.

    Shareholders may sell their holdings on or before Feb. 26, 2013, and may incur typical transaction fees from their broker-dealer. Shareholders who do not sell their holdings on or before Feb. 26, 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 March 7, 2013). Shareholders will generally recognize a capital gain or loss equal to the amount received for their shares over their adjusted basis in such shares.

    The affected ETFs are listed below: Fund Name Ticker Symbol PowerShares Dynamic Insurance Portfolio PIC PowerShares Morningstar StockInvestor Core Portfolio PYH PowerShares Dynamic Banking Portfolio PJB PowerShares Global Steel Portfolio PSTL PowerShares Active Low Duration Portfolio PLK PowerShares Global Wind Energy Portfolio PWND PowerShares Active Mega-Cap Portfolio PMA PowerShares Global Coal Portfolio PKOL PowerShares Global Nuclear Energy Portfolio PKN PowerShares Ibbotson Alternative Completion Portfolio PTO PowerShares RiverFront Tactical Balanced Growth Portfolio PAO PowerShares RiverFront Tactical Growth & Income Portfolio PCA PowerShares Convertible Securities Portfolio CVRT

    For additional information, shareholders of the ETFs which are scheduled for liquidation may call Invesco PowerShares at 800-983-0903.

    Invesco PowerShares Capital Management LLC is Leading the Intelligent ETF Revolution® through its family of more than 140 domestic and international exchange-traded funds, which seek to outperform traditional benchmark indexes while providing advisors and investors access to an innovative array of focused investment opportunities. With franchise assets over $74 billion as of Sept 30, 2012, PowerShares ETFs trade on both U.S. stock exchanges. For more information, please visit us at invescopowershares.com or follow us on Twitter @PowerShares.

    Invesco, Ltd. is a leading independent global investment management firm, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our retail, institutional and high net worth clients around the world. Operating in more than 20 countries, the firm is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at www.invesco.com.

    There are risks involved with investing in ETFs, including possible loss of money. Shares are not actively managed and are subject to risks similar to those of stocks, including those regarding short selling and margin maintenance requirements. Ordinary brokerage commissions apply.

    Note: Not all products are available through all firms.

    Not FDIC Insured | May Lose Value | No Bank Guarantee

    Shares are not individually redeemable and owners of the shares may acquire those shares from the Fund and tender those shares for redemption to the Fund in Creation Unit aggregations only, typically consisting of 50,000 shares.

    PowerShares® is a registered trademark of Invesco PowerShares Capital Management LLC. Invesco PowerShares Capital Management LLC and Invesco Distributors, Inc. are indirect, wholly owned subsidiaries of Invesco Ltd.
     

    Stay ahead of the news ... Sign up for our email alerts now
    CLICK HERE

  • 0.0
     Do You Recommend This Story?



    GO TO: MFWire
    Return to Top
     News Archives
    2024: Q2Q1
    2023: Q4Q3Q2Q1
    2022: Q4Q3Q2Q1
    2021: Q4Q3Q2Q1
    2020: Q4Q3Q2Q1
    2019: Q4Q3Q2Q1
    2018: Q4Q3Q2Q1
    2017: Q4Q3Q2Q1
    2016: Q4Q3Q2Q1
    2015: Q4Q3Q2Q1
    2014: Q4Q3Q2Q1
    2013: Q4Q3Q2Q1
    2012: Q4Q3Q2Q1
    2011: Q4Q3Q2Q1
    2010: Q4Q3Q2Q1
    2009: Q4Q3Q2Q1
    2008: Q4Q3Q2Q1
    2007: Q4Q3Q2Q1
    2006: Q4Q3Q2Q1
    2005: Q4Q3Q2Q1
    2004: Q4Q3Q2Q1
    2003: Q4Q3Q2Q1
    2002: Q4Q3Q2Q1
     Subscribe via RSS:
    Raw XML
    Add to My Yahoo!
    follow us in feedly




    ©All rights reserved to InvestmentWires, Inc. 1997-2024
    14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
    Privacy Policy :: Terms of Use