InvescoPowerShares announced plans to eliminate 10 of the investment firm’s ETFs. “We regularly review portfolios carefully evaluating numerous factors such as investment results, length of time in the market, investor interest, and the potential for future growth,” said Ben Fulton, Invesco PowerShares managing director of global ETFs. “Based on this assessment, we believe that it’s in the best interest of our investors that we refocus our resources on areas that we believe are of greater client interest.”
All of the PowerShares funds being eliminated are equity ETFs and represent less than one percent of the company’s total ETF assets.
PowerShares joins other ETF firms that have either closed shop, like the GlobalShares ETFs or reduced the number of products in their ETF lineup like Guggenheim Funds (formerly known as Claymore ETFs).