Invesco S&P SmallCap 600 Equal Weight ETF (EWSC)

The Invesco S&P SmallCap 600 Equal Weight ETF was an exchange-traded fund that tracked an equal-weighted version of the S&P SmallCap 600 Index. Instead of weighting holdings by market value, the index gave each of the roughly 600 small US companies the same weight at each rebalance, which tilted the fund toward the smallest names in the benchmark compared with a standard small-cap index fund.

The fund traded on NYSE Arca under the ticker EWSC and was part of Invesco's family of equal-weight ETFs, which also covered the S&P 500 and individual S&P sectors. Despite that family's popularity, the small-cap version never gathered much money, holding about $51.9 million in assets in January 2023. Because of its equal weighting, the fund needed to sell winners and buy laggards at each rebalance, which led to higher turnover than market-cap weighted small-cap funds.

In January 2023 Invesco said it would close 26 ETFs that had attracted limited investor interest, including EWSC. The funds stopped trading after March 30, 2023, and remaining shareholders received cash equal to the fund's net asset value when the funds were liquidated shortly afterward. Invesco said the closures were part of an effort to streamline its lineup.

Investors seeking similar exposure can use other small-cap index funds, such as funds tracking the standard market-weighted S&P SmallCap 600 Index, while Invesco continues to offer equal-weight funds for large-cap and sector exposure. Many of those funds have far lower fees and much larger assets than EWSC had, which made the smaller fund hard to sustain.