Invesco PowerShares recently closed two of the oldest actively managed exchange traded funds, bringing the total number of active ETFs in the market down to 38, according to a report.
The fund provider announced its intention to close the two funds back in June.
“We regularly review our family of ETFs, carefully evaluating numerous factors such as investment results, length of time in the market, investor interest, and the potential for future growth,” Ben Fulton, Invesco PowerShares managing director of global ETFs, said in the June press release. “Based on this assessment, we believe that it’s in the best interest of our investors that we refocus our resources on areas that we believe are of greater client interest.”
Now, the oldest actively managed ETFs are PowerShares Active Low Duration Portfolio ( PLK ) and PowerShares Active Mega-Cap Portfolio ( PMA ), according to Rowland. [ Surveying Actively Managed ETFs ]
For more information on active ETFs, visit our actively managed ETFs category .
Max Chen contributed to this article.