Invesco PowerShares is the latest ETF provider to announce it’s shutting down products that have failed to gain traction in an increasingly competitive industry.
The Chicago-based firm this week said it plans to close 13 ETFs that combined represent less than 1% of Invesco PowerShares’ total assets.
A record number of exchange traded products have shut their doors this year as the business matures and consolidates. [Three Direxion ETFs to Close]
In the U.S. market, 175 new ETFs have launched year to date, while 99 were delisted, according to XTF. [Why ETF Closures are a Good Thing for Investors]
According to independent research firm ETFGI, in the global ETF market, 438 new ETFs have been launched by 89 providers on 28 exchanges, while 127 ETFs have delisted year to date through the end of November.
“ETFs are shutting down at a breakneck pace this year. Indeed, more exchange traded funds and exchange traded notes have liquidated this year than in any other year in the industry’s 19-year history,” Ignites.com reports.