Invesco PowerShares Capital Management LLC announced today it will close four of its exchange-traded funds, as well as change the names and underlying indexes of 10 other funds.
The four funds slated to close comprise less than 1 percent of Invesco PowerShares’ total assets, the ETF provider said. They are the PowerShares KBW International Financial Portfolio (KBWX), PowerShares MENA Frontier Countries Portfolio (PMNA), PowerShares Dynamic MagniQuant Portfolio (PIQ) and PowerShares Lux Nanotech Portfolio (PXN).
The final day of trading for these ETFs will be February 18, 2014.
Elsewhere, the company will change the names, investment objectives, underlying indexes, and investment policies and strategies for ten existing funds. All of these funds will follow momentum strategies based on relative strength characteristics as measured by Dorsey, Wright & Associates (DWA), an independent registered investment advisor in Richmond, Va.
These reconfigured funds will join PowerShares' current lineup of four DWA Momentum ETFs that are based on U.S. large- and mid-cap, U.S. small-cap, developed markets (ex. U.S.) and emerging markets indexes.
The changes for the following 10 funds are scheduled to take effect on February 19, 2014: