PowerShares Slashes Fees on Six ETFs
November 29th, 2012 at 9:05am by John Spence
Invesco PowerShares is the latest ETF firm to join the fee war by cutting costs on a half dozen of its products.
“We continuously analyze ways to improve our overall ETF product lineup for investors,” said Ben Fulton, Invesco PowerShares managing director of global ETFs. “We believe the lower fees announced today better align the six funds with our existing offerings, and help position the PowerShares family of ETFs for continued growth.”
“To broaden their exposure, investors will often use multiple ETFs within a specific fund category — such as our Fundamentals Weighted and Factor-Driven categories,” added John Feyerer, head of product strategy and research at Invesco PowerShares, in a press release. “Consistent with this finding, we are lowering fees on our international Fundamentals Weighted and High Quality Factor-Driven ETFs.”
Invesco PowerShares had ETF assets of $74 billion at the end of the third quarter.
Several ETF providers have lowered expense ratios in 2012 in a bid to attract assets to so-called core products that track broad markets. Amid higher competition, BlackRock (NYSE: BLK) and Charles Schwab (NYSE: SCHW) are among the companies knocking down ETF fees this year. Vanguard recently announced index changes at its ETFs that will allow it to reduce costs for investors.
Invesco PowerShares is cutting expense ratios on these six ETFs:
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