Invesco has closed two exporter ETFs in response to continued low levels of demand for the products, ETF Stream can reveal.

Launched in June 2015, the Invesco STOXX Japan Exporters UCITS ETF (JPEX) and the Invesco STOXX Eurozone Exporters UCITS ETF (EZXU) have just $2.5m and $15.7m assets under management (AUM) at the time of closure, respectively.

Invesco said in a statement: “These funds are being closed as it is no longer economically viable to operate them.

“The review of funds with continued low levels of demand is standard practice as part of our product development process.”

Closures have become a regular part of the ETF ecosystem and have steadily increased over the past few years.

According to data from Morningstar, there were 152 closures in Europe last year compared to just 108 in 2014.

The AUM size is evidently the key driver of an issuer’s decision to close an ETF. Just 15% of all ETFs closed in Europe have ever breached €50m with this figure dropping to 5% for ETFs with assets over €100m.

Along with the closures, Invesco has launched 20 ETFs this year including an ESG suite, five euro government bond products and a Kuwait ETF in October.