Daily ETF Watch: PowerShares Closures

December 19, 2013

The fund sponsor will shut four funds and tweak strategies on 10 others.

Invesco PowerShares, the No. 4 ETF issuer by assets, is closing four ETFs and changing up the underlying indexes and names of 10 ETFs in an attempt to keep pace with the “big three” ETF powerhouses—iShares, Vanguard and State Street Global Advisors.

The four funds facing the ax on Feb. 18, 2014 have combined assets under management of $58.3 million, including:

  • PowerShares KBW International Financial Portfolio (KBWX | C-48), which has $2.5 million in assets
  • PowerShares MENA Frontier Countries Portfolio (PMNA | F-63), which has $15.8 million in assets
  • PowerShares Dynamic MagniQuant Portfolio (PIQ | C-58), which has $20.4 million in assets
  • PowerShares Lux Nanotech Portfolio (PXN | F-11), which has $21.1 million in assets

PowerShares currently manages $93.8 billion in assets, trailing Vanguard, which currently ranks as the No. 3 ETF shop, with $329 billion in assets.

In addition, the ETFs undergoing name and index changes effective Feb. 19, 2014, include:

  • PowerShares Dynamic OTC Portfolio (PWO | B-43) will become the PowerShares DWA Nasdaq Momentum Portfolio (DWAQ)
  • PowerShares Dynamic Basic Materials Sector Portfolio (PYZ | B-75) will become the PowerShares DWA Basic Materials Momentum Portfolio (N/A)
  • PowerShares Dynamic Consumer Staples Sector Portfolio (PEZ | B-45) will become the PowerShares DWA Consumer Staples Momentum Portfolio (N/A)
  • PowerShares Dynamic Energy Sector Portfolio (PXI | B-66) will become the PowerShares DWA Energy Momentum Portfolio (N/A)
  • PowerShares Dynamic Financial Sector Portfolio (PFI | C-66) will become the PowerShares DWA Financial Momentum Portfolio (N/A)
  • PowerShares Dynamic Healthcare Sector Portfolio (PTH | B-50) will become the PowerShares DWA Healthcare Momentum Portfolio (N/A)
  • PowerShares Dynamic Industrials Sector Portfolio (PRN | C-50) will become the PowerShares DWA Industrials Momentum Portfolio (N/A)
  • PowerShares Dynamic Technology Sector Portfolio (PTF | B-39) will become the PowerShares DWA Technology Momentum Portfolio (N/A)
  • PowerShares Dynamic Utilities Portfolio (PUI | C-51) to PowerShares DWA Utilities Momentum Portfolio (N/A)

Filings

State Street Global Advisors has filed paperwork with regulators to launch the SPDRSSgA Flexible Allocation ETF, an actively managed fund that will employ a “master-feeder” structure to bet on a wide range of asset classes, including real estate, equity and fixed-income securities and commodities via a separate mutual fund. No tickers or related fund fees were disclosed in the filing.

 

 

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