Invesco plans to close more than 20 exchange-traded funds, according to a series of filings with the Securities and Exchange Commission on Monday.
Liquidation payments to shareholders are expected to take place "on or about April 6," the filings said. Most of the funds slated to close — including the $436 million Invesco RAFI Strategic Developed ex-US ETF — will no longer accept creation orders after close of business on March 23 and their last trading day will be March 30, SEC filings showed.
A filing for the $146 million Invesco BLDRS Emerging Markets 50 ADR Index Fund said that fund will stop accepting creation orders after close of business on March 10. Its final trading day will also be March 30, the filing said.
"Asset managers regularly cull their lineups of products with limited asset bases to refocus attention," said Todd Rosenbluth, head of research at VettaFi, a data and analytics provider. An Invesco spokeswoman said Tuesday that the ETF closures are part of a broader product line refinement.
"This refinement, which only affects 14% of our total Americas product line across CITs, ETFs and mutual funds, or 0.3% of our overall AUM, will create greater capacity for Invesco to invest in high demand product areas and better address the various needs of our clients," the spokeswoman said.
According to a draft transcript of Invesco's fourth-quarter earnings call Tuesday, Allison Dukes, senior managing director and chief financial officer at Invesco, highlighted ETFs' contribution.
"Invesco's ETF lineup was once again a driver of net long-term inflows in the fourth quarter, with $4.3 billion," Ms. Dukes said.
Invesco had total net inflows of $24.8 billion in the fourth quarter buoyed by $30.1 billion of money market investments, while long-term assets had net outflows of $3.2 billion.
Despite one of the most challenging markets of the past half-century, Invesco "continues to capture client demand in high growth areas and our net flow performance has been among the best in our peer group," Ms. Dukes said in the transcript.
"Meanwhile, we've been building balance sheet strength and financial flexibility, needed to navigate these uncertain times," she said. "We will be extremely disciplined in expense management and resource allocation while ensuring that we are meeting the needs of our clients and positioning the firm for long-term growth."
Christine Williamson contributed to this story.