Invesco PowerShares to Close 13 ETFs

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.”

At a Dec. 18, 2012 meeting, the PowerShares Funds Board of Trustees approved the closings.  The final day of trading on The NASDAQ and NYSE Arca will be Feb. 26, 2013.

Shareholders may sell their holdings on or before Feb. 26, 2013, and may incur typical transaction fees from their broker-dealer. Shareholders who do not sell their holdings on or before Feb. 26, 2013, will receive cash equal to the amount of the net asset value of their shares, which will include any capital gains and dividends, in the cash portion of their brokerage accounts on the liquidation date (currently scheduled for March 7, 2013).  Shareholders will generally recognize a capital gain or loss equal to the amount received for their shares over their adjusted basis in such shares.

The affected ETFs are:

• PowerShares Dynamic Insurance Portfolio (PIC)
• PowerShares Morningstar StockInvestor Core Portfolio (PYH)
• PowerShares Dynamic Banking Portfolio (PJB)
• PowerShares Global Steel Portfolio (PSTL)
• PowerShares Active Low Duration Portfolio (PLK)
• PowerShares Global Wind Energy Portfolio (PWND)
• PowerShares Active Mega-Cap Portfolio (PMA)
• PowerShares Global Coal Portfolio (PKOL)
• PowerShares Global Nuclear Energy Portfolio (PKN)
• PowerShares Ibbotson Alternative Completion Portfolio (PTO)
• PowerShares RiverFront Tactical Balanced Growth Portfolio (PAO)
• PowerShares RiverFront Tactical Growth & Income Portfolio (PCA)
• PowerShares Convertible Securities Portfolio (CVRT)