The two oldest actively-managed ETFs are no longer with us. September 30, 2011 marked the last day of trading for PowerShares Active Alpha Multi-Cap (PQZ) and PowerShares Active AlphaQ (PQY). Both were launched on April 11, 2008. Their demise clearly illustrates the obstacles facing all actively-managed ETFs.

Invesco PowerShares threw in the towel on PQZ and PQY back in June. A June 23 press release (pdf) said “it’s in the best interest of our investors that we refocus on areas that we believe are of greater client interest.” As usual, Invesco provided shareholders will ample warning about the closures, this time with more than 90 days advance notice.

These two ETFs become the fifth and sixth actively-managed ETFs to exit the U.S. market place, dropping the count from 40 to 38. This group is proving to have a very high mortality rate, and nearly a third of those still alive are on ETF Deathwatch.

With the closure of PQZ and PQY, the title of “longest living actively-managed ETF” now falls to two other Invesco funds: PowerShares Active Low Duration Portfolio (PLK) and PowerShares Active Mega-Cap Portfolio (PMA). Both were originally listed on April 14, 2008.

Disclosure covering writer, editor, and publisher: No positions in any of the securities mentioned. No positions in any of the companies or ETF sponsors mentioned. No income, revenue, or other compensation (either directly or indirectly) received from, or on behalf of, any of the companies or ETF sponsors mentioned.