Invesco to Close Two ETFs

By Andrew Rickard | January 20 2015 08:35AM

Invesco Canada is closing two of its PowerShares exchange-traded funds.

At the close of business on March 20, 2015, the PowerShares S&P/TSX Composite High Beta Index ETF and the PowerShares S&P 500 High Beta (CAD Hedged) Index ETF will no longer be available for direct subscription, and the funds will be terminated on or about April 6, 2015.

In a press release announcing the closure, Invesco indicated that clients will be able to place requests to exchange units of the ETFs for other securities until March 30, 2015, while requests to redeem units for cash may made until the termination date.

Shortly after the ETFs are terminated, Invesco says that PowerShares will distribute the liquidation proceeds, less all applicable liabilities and expenses incurred in connection with the termination, to the investors who still hold units.