Invesco PowerShares will close 13 exchange-traded funds, the Chicago-based investment firm announced on Wednesday. The company notes that with more than $74 billion in AUM, the affected funds represent less than 1% of its total assets.
The move follows Russell Investment’s decision to pull the plug on 25 ETFs last September.
“We regularly review our ETF portfolios, evaluating numerous factors such as investment results, length of time in the market and investor interest,” Ben Fulton, Invesco PowerShares managing director of global ETFs, said in a statement. “Based on this assessment, we believe the time is right to make these moves and refocus our resources to better meet investors’ needs.”