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PowerShares Axes 13 ETFs

Invesco PowerShares Capital Management today said it plans to close 13 ETFs, which represent less than 1% of Invesco PowerShares’ total assets.

The unlucky 13 ETFs facing the axe in February 2013 include: PowerShares Dynamic Insurance Portfolio (PIC), PowerShares Morningstar (PYH), StockInvestor Core Portfolio (PYH), PowerShares Dynamic Banking Portfolio (PJB), PowerShares Global Steel Portfolio (PSTL), PowerShares Active Low Duration Portfolio (PLK), PowerShares Global Wind Energy Portfolio (PWND), PowerShares Active Mega-Cap Portfolio (PMA), PowerShares Global Coal Portfolio (PKOL), PowerShares Global Nuclear Energy Portfolio (PKN), PowerShares Ibbotson Alternative Completion Portfolio (PTO), PowerShares RiverFront Tactical Balanced Growth Portfolio (PAO), PowerShares RiverFront Tactical Growth & Income Portfolio (PCA) and the PowerShares Convertible Securities Portfolio (CVRT).

“We regularly review our ETF portfolios, evaluating numerous factors such as investment results, length of time in the market and investor interest," explained Ben Fulton, Invesco PowerShares managing director of global ETFs, in a statement.

“Based on this assessment, we believe the time is right to make these moves and refocus our resources to better meet investors’ needs.”