Invesco PowerShares said in December that it was closing four ETFs and changing up the underlying indexes and names of 10 ETFs.
The four funds that were slated for closure on Feb. 18, 2014 have combined assets under management of $58.3 million, and include:
- PowerShares KBW International Financial Portfolio (KBWX | D-49)
- PowerShares MENA Frontier Countries Portfolio (PMNA | F-61)
- PowerShares Dynamic MagniQuant Portfolio (PIQ | C-57)
- PowerShares Lux Nanotech Portfolio (PXN | D-11)
In addition, the ETFs undergoing name and index changes that were to be effective Feb. 19, 2014, include 10 of the PowerShares “Dynamic” ETF family; the funds currently track the “Intellidex” benchmarks, which are a family of smart-beta indexes. The revamped funds mainly cover sectors and will switch to Dorsey Wright indexes that incorporate relative-strength principles and momentum into their methodology. The PowerShares Dynamic Basic Materials Sector Portfolio, for example, will become the PowerShares DWA Basic Materials Momentum Portfolio.