Invesco to Close 26 ETFs in Shakeup of Its Listings

The shuttering products’ combined assets total more than $1.4 billion.

Reviewed by: Heather Bell
Edited by: Heather Bell

Invesco is set to shutter 26 of the more than 240 funds in its exchange-traded fund offering near the end of the first quarter. This is the first large closure announcement of 2023.  

The ETFs in question are scheduled to see their last day of trading on March 30. This marks the issuer’s largest wave of closures since it shuttered more than 40 funds in early 2020. The 26 funds range in size from less than $1 million in assets to $433 million and have combined assets of more than $1.4 billion.  

“This refinement, which only affects 14% of our total Americas product line across CITs, ETFs and mutual funds, or 0.3% of our overall AUM, will create greater capacity for Invesco to invest in high demand product areas and better address the various needs of our clients,” an Invesco spokesperson said.  


Fund Ticker AUM ($M)
Invesco Balanced Multi-Asset Allocation ETF PSMB 41.6
Invesco Conservative Multi-Asset Allocation ETF PSMC 14.7
Invesco Moderately Conservative Multi-Asset Allocation ETF PSMM 25.6
Invesco BLDRS Emerging Markets 50 ADR Index Fund ADRE 144.2
Invesco BulletShares 2023 USD Emerging Markets Debt ETF BSCE 25.8
Invesco BulletShares 2024 USD Emerging Markets Debt ETF BSDE 33.9
Invesco DB G10 Currency Harvest Fund DBV 32.8
Invesco DB Gold Fund DGL 80.4
Invesco DB Silver Fund DBS 51.7
Invesco Focused Discovery Growth ETF IVDG 0.7
Invesco FTSE International Low Beta Equal Weight ETF IDLB 5.1
Invesco Growth Multi-Asset Allocation ETF PSMG 31.4
Invesco Investment Grade Value ETF IIGV 26.9
Invesco PureBeta FTSE Developed ex-North America ETF PBDM 82.4
Invesco PureBeta FTSE Emerging Markets ETF PBEE 16.7
Invesco PureBeta MSCI USA Small Cap ETF PBSM 33.2
Invesco PureBeta US Aggregate Bond ETF PBND 94.2
Invesco RAFI Strategic Developed ex-US ETF ISDX 433
Invesco RAFI Strategic Emerging Markets ETF ISEM 45.1
Invesco RAFI Strategic US Small Company ETF IUSS 93.2
Invesco Russell 1000 Enhanced Equal Weight ETF USEQ 2.6
Invesco Russell 1000 Low Beta Equal Weight ETF USLB 8.8
Invesco S&P International Developed High Dividend Low Volatility ETF IDHD 20.6
Invesco S&P SmallCap 600 Equal Weight ETF EWSC 51.9
Invesco Select Growth ETF IVSG 0.9
Invesco US Large Cap Core ESG ETF IVLC 5.8

Sources: and FactSet; data as of 1/24/2023


“For the investors that own these funds, as always, there will be an orderly wind down, and they will get their capital back. But it may be a taxable event for them. Depending on when they bought these funds, the liquidation may cause them to realize a capital gain,” said Elisabeth Kashner, vice president and director of ETF research and analytics at FactSet.

“That lovely feature of ETFs, where you get to control when you take your gains, that doesn't happen when there's a liquidation, you don't get the control. If you're a holder of one of these funds, your choices are sell it now or wait. But it's leaving your portfolio by the end of the first quarter regardless,” she added.

Within Invesco’s U.S.-listed ETF lineup, these funds are a small portion of total assets under management, representing less than half of 1% of the more than $340 billion held by all 242 ETFs trading under the Invesco brand. 

The closures include significant portions of different categories within Invesco’s offering. For example, all but two of the funds in its low-cost, plain vanilla PureBeta family will shutter, leaving just the $106.3 million Invesco PureBeta 0-5 Yr U.S. TIPS ETF (PBTP) and the $2.3 billion Invesco PureBeta MSCI USA ETF (PBUS) out of a group of six funds.  

It’s also closing all four ETFs in its Multi-Asset Allocation lineup and its only two BulletShares covering emerging market debt, not to mention two commodity funds that invest in gold and silver futures.  

The largest fund to close is the Invesco RAFI Strategic Developed ex-US ETF (ISDX), which is part of the four-fund RAFI Strategic family of ETFs. The only fund from that group that will remain in Invesco’s offering after the end of the quarter is the $223.9 million Invesco RAFI Strategic US ETF (IUS)

Generally, $50 million is enough to keep an ETF from being closed, but when it comes to the largest issuers, such amounts are very small relative to their total assets under management. Kashner and FactSet Senior ETF Analyst Lois Gregson agree that the competitive landscape for the various funds likely played a role in the decision to close them. Gregson further notes that ISDX has similar funds from Charles Schwab and Dimensional Fund Advisors with more assets competing with it in the same segment.  

Three of the funds are nontransparent actively managed ETFs—IVDG, IVSG and IVLC—and are the first such ETFs to close since the innovation was allowed in March 2020. 

In 2020, when Invesco closed a batch of more than 40 funds, ETF closures hit a record of 275 shutdowns. That year’s closures was immediately followed by just 79 in 2021, the lowest level in roughly a decade, before rebounding in 2022 to 145 fund closures in 2022.  

2023 is off to a brisk start, with eight completed closures in just the first few weeks. With this latest development from Invesco, it looks likely to be a robust year for ETF shutdowns. 


Contact Heather Bell at [email protected] 

Heather Bell is a managing editor with Prior to joining the company, she held editorial positions at Dow Jones Indexes and Lehman Brothers. Bell is a graduate of Dartmouth college and a one-time Jeopardy! champion. She resides in the Denver area with her two dogs, and enjoys hiking in the mountains and frequenting the city’s excellent bookstores.