Invesco announces changes to ETF line-up

Dec 16th, 2019 | By | Category: ETF and Index News

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Invesco has announced a shake-up to its product suite in the US including the closure of 42 ETFs and listing venue changes for 22 ‘BulletShares’ funds.

Invesco announces changes to ETF line-up

Invesco is planning to streamline its US ETF offering with the closure of 42 funds in February 2020.

Closures

Most fund closures reported by the ETF industry typically relate to products with uneconomical levels of assets, generally in the sub $10 million assets under management region.

By contrast, funds marked for closure by Invesco include a number of relatively sizeable ETFs.

Indeed, of the 42 ETFs set to close, only 12 contain less than $10 million in AUM. Moreover, eight administer more than $50m including the Invesco Insider Sentiment ETF (NFO US), the largest of the funds being closes, which houses $79m.

Collectively, the retiring funds account for some $1.1 billion in AUM – a not insignificant sum of money.

Sizing the funds relative to Invesco’s entire US ETF platform, however, puts the closures into perspective. By shutting the funds, Invesco is reducing the number of ETFs it offers by 16%, yet losing only 0.5% of its total AUM.

Following the closures, Invesco will still be ranked as the fourth-largest ETF issuer in the US with approximately $220bn in AUM (based on current asset levels) across 220 ETFs.

The closures help to streamline Invesco’s offering following a busy period of acquisitions. More than half of the ETFs slated for closure originally came from the ETF businesses of Oppenheimer and Guggenheim, which were acquired by Invesco in the last few years.

According to a statement from Invesco, “The fund rationalization addresses certain overlapping offerings in our fund range arising from the combination, which will enable our investment teams to focus on a more cohesive, client-centric set of capabilities and provide the opportunity to achieve scale for the benefit of our clients and our business.”

The following ETFs have been scheduled for termination around mid-February 2020:

Invesco BLDRS Asia 50 ADR Index ETF (ADRA US)
Invesco BLDRS Developed Markets 100 ADR Index Fund (ADRD US)
Invesco BLDRS Europe Select ADR Index Fund (ADRU US)
Invesco BRIC ETF (EEB US)
Invesco China Real Estate ETF (TAO US)
Invesco China Small Cap ETF (HAO US)
Invesco Corporate Income Defensive ETF (IHYD US)
Invesco Corporate Income Value ETF (IHYV US)
Invesco CurrencyShares Chinese Renminbi Trust (FXCH US)
Invesco CurrencyShares Singapore Dollar Trust (FXSG US)
Invesco CurrencyShares Swedish Krona Trust (FXS US)
Invesco DWA NASDAQ Momentum ETF (DWAQ US)
Invesco DWA Tactical Multi-Asset Income ETF (DWIN US)
Invesco DWA Tactical Sector Rotation ETF (DWTR US)
Invesco Dynamic Retail ETF (PMR US)
Invesco Emerging Markets Debt Defensive ETF (IEMD US)
Invesco Emerging Markets Debt Value ETF (IEMV US)
Invesco Emerging Markets Revenue ETF (REEM US)
Invesco Emerging Markets Ultra Dividend Revenue ETF (REDV US)
Invesco ESG Revenue ETF (ESGL US)
Invesco Frontier Markets ETF (FRN US)
Invesco Global ESG Revenue ETF (ESGF US)
Invesco Global Revenue ETF (RGLB US)
Invesco Insider Sentiment ETF (NFO US)
Invesco International Revenue ETF (REFA US)
Invesco International Ultra Dividend Revenue ETF (RIDV US)
Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI US)
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM US)
Invesco Multi-Factor Core Fixed Income ETF (IMFC US)
Invesco Multi-Factor Core Plus Fixed Income ETF (IMFP US)
Invesco Multi-Factor Defensive Core Fixed Income ETF (IMFD US)
Invesco Multi-Factor Income ETF (IMFI US)
Invesco Russell 1000 Low Volatility Factor ETF (OVOL US)
Invesco Russell 1000 Momentum Factor ETF (OMOM US)
Invesco Russell 1000 Quality Factor ETF (OQAL US)
Invesco Russell 1000 Size Factor ETF (OSIZ US)
Invesco Russell 1000 Value Factor ETF (OVLU US)
Invesco Russell 1000 Yield Factor ETF (OYLD US)
Invesco S&P Financials Revenue ETF (RWW US)
Invesco S&P Global Dividend Opportunities Index ETF (LVL US)
Invesco S&P High Income Infrastructure ETF (GHII US)
Invesco Shipping ETF (SEA US)

Listing venues

Invesco also announced that 22 of its defined maturity bond ETF – branded ‘BulletShares’ – will transfer their listings from NYSE Arca to Nasdaq Exchange on 31 December 2019.

The funds include BulletShares ETFs across three distinct categories: emerging markets debt (with target years between 2021 and 2024), investment grade corporate bonds (with target maturities between 2020 and 2029), and high yield corporate bonds (with target maturities between 2020 and 2027).

Earlier this year, Invesco rolled out a suite of BulletShares ETFs targeting the municipal bond market directly to Nasdaq Exchange.

Following the transition, Invesco’s entire range of BulletShares funds will be listed on Nasdaq.

The funds are:

Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE US)
Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE US)
Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE US)
Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE US)
Invesco BulletShares 2020 Corporate Bond ETF (BSCK US)
Invesco BulletShares 2021 Corporate Bond ETF (BSCL US)
Invesco BulletShares 2022 Corporate Bond ETF (BSCM US)
Invesco BulletShares 2023 Corporate Bond ETF (BSCN US)
Invesco BulletShares 2024 Corporate Bond ETF (BSCO US)
Invesco BulletShares 2025 Corporate Bond ETF (BSCP US)
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ US)
Invesco BulletShares 2027 Corporate Bond ETF (BSCR US)
Invesco BulletShares 2028 Corporate Bond ETF (BSCS US)
Invesco BulletShares 2029 Corporate Bond ETF (BSCT US)
Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK US)
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL US)
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM US)
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN US)
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO US)
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP US)
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ US)
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR US)

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