Invesco PowerShares Capital Management plans to close 13 of its more than 140 ETFs in the new year. The Chicago fund firm said the funds due to close represent less than 1% of its more than $74 billion in assets under management.
At a Dec. 18, meeting, the PowerShares Board of Trustees voted to make the ETFs’ final day of trading on Feb. 26, 2013. 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, which is currently scheduled for March 7. 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 listed below:
- PowerShares Dynamic Insurance Portfolio (PIC)
- PS. 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)
- PowerSh. Ibbotson Alternative Completion Portfolio (PTO)
- PS. RiverFront Tactical Balanced Growth Portfolio (PAO)
- PS. RiverFront Tactical Growth & Income Portfolio (PCA)
- PowerShares Convertible Securities Portfolio (CVRT)