Today is the day Invesco’s(NYSE: IVZ) PowerShares unit, the fourth-largest U.S. issuer of exchange traded funds, implements significant changes to its ETF portfolio. The changes were originally announced in December.
Nine PowerShares dynamic sector funds will transition to momentum indices from Dorsey Wright & Associates and change their names to reflect those index changes. The Powershares Dynamic OTC Portfolio (NYSEArca: PWO) will become the PowerShares DWA Nasdaq Momentum Portfolio (NasdaqGS: DWAQ). The other names and index changes are reflected below. http://www.etftrends.com/2013/12/powershares-unveils-etf-portfolio-changes/
Dorsey Wright momentum strategies are currently used for popular PowerShares ETFs such as the PowerShares DWA SmallCap Momentum Portfolio (NYSEArca: DWAS) and the PowerShares DWA Emerging Markets Momentum Portfolio (NYSEArca: PIE) among others. [Another Momentum ETF Tops $1B in Assets]
PowerShares is closing the the PowerShares KBW International Financial Portfolio (NYSEArca: KBWX), PowerShares MENA Frontier Countries Portfolio (NasdaqGS: PMNA), PowerShares Dynamic MagniQuant Portfolio (NYSEArca: PIQ) and the PowerShares Lux Nanotech Portfolio (NYSEArca: PXN).
PXN was the largest of the funds being closed with $25.4 million in assets under management as of Feb. 18.
ETF Trends editorial team contributed to this post.