Invesco PowerShares
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The PowerShares Senior Loan Portfolio (Fund) is based on the S&P/LSTA U.S. Leveraged Loan 100 Index (Index). The Fund will normally invest at least 80% of its total assets in the component securities that comprise the Index. The Index is designed to track the market-weighted performance of the largest institutional leveraged loans based on market weightings, spreads and interest payments. The Fund is rebalanced and reconstituted bi-annually, in June and December.


Date   5/15/2012  
Price   24.60  
Bid/Ask Midpoint   24.47  
 
NAV   24.48  
Bid/Ask Prem/Disc   -0.01  
Bid/Ask Prem/Disc   -0.04%  

 As of 3/31/2012
Index History (%)YTD1 Year3 Year5 Year10 YearFund Inception
S&P/LSTA U.S. Leveraged Loan 100 Index4.372.4816.40  2.30
S&P/LSTA Leveraged Loan Index3.762.8517.03  2.69
Barclays Capital U.S. Aggregate Index0.307.716.836.265.807.80
Fund History (%)YTD1 Year3 Year5 Year10 YearFund Inception
NAV4.292.40   2.30
After Tax Held3.840.76   0.78
After Tax Sold2.791.52   1.07
Market Price4.302.26   2.41

Monthly Standardized Report


Market returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times. Performance data quoted represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance data quoted. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. Fund performance reflects fee waivers, absent which, performance data quoted would have been lower. After Tax Held and After Tax Sold are based on NAV.


 As of 03/31/2012
Data beginning 3/31/2011, the month end following Fund inception
An investor cannot invest directly in an index. The results assume that no cash was added to or assets withdrawn from the Index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.

  Bid/Ask MidPoint Above NAV Bid/Ask Midpoint Below NAV
Quarter
Ending
Days 50-99
Basis Points
100-199
Basis Points
H200
Basis Points
50-99
Basis Points
100-199
Basis Points
H200
Basis Points
3/31/2012 62 53 0 0 0 0 0
12/31/2011 63 27 4 0 1 1 1
9/30/2011 64 20 1 0 6 1 0
6/30/2011 63 52 0 0 0 0 0
Fund Inception: 3/3/2011

Ex-DateRecord DatePay Date$ / ShareOrdinary IncomeShort Term GainsLong Term GainsReturn of Capital
5/15/20125/17/20125/31/20120.104760.10476N.A.N.A.N.A.
4/13/20124/17/20124/30/20120.106970.10697N.A.N.A.N.A.
3/15/20123/19/20123/30/20120.101000.10100N.A.N.A.N.A.
2/15/20122/17/20122/29/20120.101200.10120N.A.N.A.N.A.
1/13/20121/18/20121/31/20120.099840.09984N.A.N.A.N.A.
12/15/201112/19/201112/30/20110.115920.11592N.A.N.A.N.A.
11/15/201111/17/201111/30/20110.102920.10292N.A.N.A.N.A.
10/14/201110/18/201110/31/20110.115570.11557N.A.N.A.N.A.
9/15/20119/19/20119/30/20110.086000.08600N.A.N.A.N.A.
8/15/20118/17/20118/31/20110.083170.08317N.A.N.A.N.A.
 
Distribution Information


Fund Holdings subject to change  
  Coupon RateMaturity DateRatingWeight
1. Tribune Company 0.00%6/4/2014NR/NR2.65%
2. Texas Competitive Electric Hldgs Co.4.74%10/10/2017CCC/B22.01%
3. Intelsat Jackson Holdings S.A. 5.25%4/3/2018BB-/B11.95%
4. Springleaf Finance Corp. 5.50%5/10/2017CCC+/B31.90%
5. CLEAR CHANNEL COMMUNICATIONS, INC. 3.89%1/29/2016CCC+/Caa11.86%
6. First Data Corporation TL4.24%3/26/2018B+/B11.86%
7. CHRYSLER AUTOMOTIVE GROUP LLC TL 6.00%5/24/2017BB/Ba21.82%
8. Community Health Systems, Inc. 3.99%1/25/2017BB/Ba31.74%
9. Del Monte Corporation 4.50%3/8/2018B/Ba31.58%
10. Asurion Corp, 5.50%5/24/2018BB-/NR1.54%
As of 5/15/2012
View All Fund Holdings


 
% of Fund 
0 - 1 years0.88 
1 - 555.03 
5 - 1043.17 
10 - 150.14 
15 - 200.00 
20 - 250.00 
25 and Over0.00 
As of 5/15/2012
 
As of 5/15/2012


Credit ratings are assigned by Nationally Recognized Statistical Rating Organizations based on assessment of the credit worthiness of the underlying bond issuers. The ratings range from AAA (highest) to D (lowest) and are subject to change. Not rated indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: standardandpoors.com and select "Understanding Ratings" under Rating Resources and moodys.com and select "Rating Methodologies" under Research and Ratings.

There are risks involved with investing in ETFs, including possible loss of money. Shares are not actively managed and are subject to risks similar to those of stocks, including those regarding short selling and margin maintenance requirements. Ordinary brokerage commissions apply. The Fund’s return may not match the return of the Underlying Index.

Investments in loans are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a loan resulting from changes in the general level of interest rates. Credit risk refers to the possibility that the borrower of a loan will be unable and/or unwilling to make timely interest payments and/or repay the principal on its obligation. There is no organized exchange on which loans are traded and reliable market quotations may not be readily available. 

As the purchaser of a loan assignment, the Fund typically succeeds to all assigning institution rights and obligations and becomes a lender under the credit agreement with respect to the debt obligation.

However, the Fund may not be able to enforce all rights and remedies under the loan including any associated collateral. If the loan is foreclosed, the Fund may become part owner of any collateral and may bear the costs and liabilities of owning and disposing of the collateral. The Fund may be required to pass on to a purchaser that buys a loan from the Fund a portion of fees it is entitled to under the loan. In connection with purchasing loan participations, the Fund will have no right to enforce borrower compliance with the terms of the loan agreement, nor any rights of set-off against the borrower, and the Fund may not benefit from any collateral supporting the loan. Consequently, the Fund will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as the lender’s general creditor and may not benefit from any set-off between the lender and the borrower.

The Fund may invest in non-investment grade, or high-yield, securities (junk bonds). High-yield securities have additional risks, including interest rate changes, decreased market liquidity and a larger amount of outstanding debt than investment grade securities.

Proceeds from a current investment of the Fund, both interest payments and principal payments, may be reinvested in instruments that offer lower yields than the current investment due in part to market conditions and the interest rate environment at the time of reinvestment.

The market value of the shares of closed-end investment companies may differ from their NAV. In addition, the shares of closed-end investment companies frequently trade at a discount to their NAV. As an investor in closed-end investment companies, the Fund would bear its ratable share of those closed-end investment companies’ fees and expenses, including its investment advisory and administration fees, while continuing to pay its own advisory and administration fees and other expenses. As a result, shareholders will be absorbing duplicate levels of fees with respect to investments in closed-end investment companies.

The Fund may invest all or a portion of its assets in loans of non-U.S. borrowers. Loans of non-U.S. borrowers have additional risks, including decreased market liquidity, political instability and taxation by foreign governments.

The Fund’s use of a representative sampling approach will result in its holding a smaller number of loans than are in the Underlying Index, and may subject the Fund to greater volatility.

The Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind because of the nature of the Fund’s investments. As such, investments in the Fund may be less tax efficient than investments in ETFs that create and redeem in-kind.

The Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund.

Investments focused in a particular industry are subject to greater risk, and are more greatly impacted by market volatility than more diversified investments.

Liquidity risk may occur since the Fund's assets may be invested in loans that are less liquid than securities traded on national exchanges. Since the Fund may engage in frequent trading of securities in connection with rebalancing or adjusting its' underlying index, high brokerage costs and higher taxable capital gains distributions to sharesholders may occur due to porfolio turnover risk.

Shares are not individually redeemable and owners of the Shares may acquire those Shares from the Fund and tender those Shares for redemption to the Fund in Creation Unit aggregations only, typically consisting of 100,000 Shares.

The S&P/LSTA Leveraged Loan Index is an unmanaged index that tracks the current outstanding balance and spread over LIBOR for fully funded term loans. The Barclays Capital U.S. Aggregate Index is an unmanaged index considered representative of the U.S. investment-grade, fixed-rate bond market.

Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (S&P) and have been licensed for use by Invesco PowerShares Capital Management LLC. The Fund is not sponsored, endorsed, sold or promoted by S&P or its affiliates, and S&P and its affiliates make no representation, warranty or condition regarding the advisability of buying, selling or holding units/shares in the Fund.

As of 5/16/2012 3:59 PM EST
Last Trade $24.57
Current IIV $24.52
Change -0.03
% Change -0.12%
As of 5/15/2012
Market Close
NAV 24.48
As of 5/15/2012
SEC 30 Day Yield 5.03%
Distribution Yield 5.14%
12 Month Yield 4.77%
As of 5/11/2012
Yield to Maturity 6.57%
Years to Maturity 4.40
Weighted Avg Coupon 4.47%
Days to Reset 30.66
3 Month LIBOR 0.47%
Weighted Avg Price
as of 5/15/2012
96.21
* Applies to loan portion only
As of 5/16/2012
Previous Close $24.60
Open $24.60
Today's High $24.66
Today's Low $24.57
Today's Volume 254,491
52 Week High $25.22
52 Week Low $22.46
Shares Outstanding 23.10MM
Market Value $565.5MM
Fund Ticker BKLN
CUSIP # 73936Q769
ISIN US73936Q7694
Intraday NAV BKLN.IV
Index Ticker SPBDLL
Index Provider  Standard & Poor's
Management Fee 0.75%
Acquired Fund Fees & Expenses 0.11%
Expense Ratio 0.86%
Fee Waiver 0.10%
Net Expense Ratio 0.76%
Marginable Yes
Short Selling Yes
Options No
Exchange NYSE Arca
Inception Date 3/3/2011
# of Holdings
as of 5/15/2012
122
1 year | 3 year | YTD
Interactive Charting
As of 5/15/2012
S&PMoody's
BBB: 4%Baa: 5%
BB: 46%Ba: 46%
B: 37%B: 41%
CCC: 7%Caa: 2%
Not Rated: 5%Not Rated: 6%
The midpoint between the highest bid and the lowest offer, as of the time that the Fund's NAV is calculated, generally around 4 pm (eastern time).
Calculation of the premium or discount of the Bid/Ask Midpoint price at the time of calculation of the NAV against such NAV.
The Intraday Indicative Value for an ETF is typically published under a separate symbol every 15 seconds over the Consolidated Tape and calculated throughout the trading day based on the last sale prices of the securities specified for creation and redemption plus any estimated cash amounts associated with the creation unit, all on a per-ETF share basis.
A standard yield calculation developed by the Securities and Exchange Commission that allows for a common ground comparison of yield performance. It is based on the most recent 30-day period. It is calculated by dividing the net investment income (less expenses) per share over a 30-day period by the current maximum offering price.
The yield represents a single distribution from the fund and does not represent the total return of the fund. The yield is calculated by annualizing the most recent distribution and dividing by the fund NAV from the as of date. N/A will be displayed if the fund did not make a distribution in the most recent quarter.
The sum of a fund's total trailing 12-month interest and dividend payments divided by the last month's ending share price (NAV) plus any capital gains distributed over the same period.
For a description of the application of the Expense Cap and the Gross Ratio and Net Ratio please see the Fund's current prospectus.
Provides the total gross annual fund operating expenses per the Fund's current prospectus.
The Adviser has voluntarily waived 0.10% of its fee. The fee waiver may be modified or terminated by the Adviser after April 20, 2013.
The Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses) from exceeding 0.10% of the Fund’s average daily net assets per year until at least April 20, 2013 and neither the Adviser not the Fund can discontinue the agreement prior to its expiration.
The Fund’s pro rata portion of the cumulative expenses charged by the Underlying holdings in which the Fund invests.
Provides the expected expense ratio charged to shareholders per the Fund's current prospectus and reflects the investment advisor's contractual agreement to waive a portion of its fees and/or pay Fund expenses at least until 5/16/2012
The share price divided by earnings per share.
The price per share divided by accounting book value per share.
Net income divided by net worth.
The average market value of a company's outstanding securities, excluding current liabilities. Under $3.5 billion is generally considered small cap; $3.5 billion to $9 billion is mid cap; and over $9 billion is large cap.
The sum of each holding's price multiplied by its weight.
A method of calculating an average value that lessens the impact of large outliers and increases the impact of small ones.
This number indicates the number of trading days represented within the most recent quarter displayed.
New lower expenses. Click icon for more information.
A measure of a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. This duration measure is appropriate for bond with embedded options.
A measure of a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. This duration measure is appropriate for option-free bonds.
The amount by which a CEF's market price is greater or less than its NAV, expressed as a percent of NAV.
Average Yield to Worst is the average yield to maturity if the worst possible bond repayment takes place.
The annualized rate of return on a loan held to maturity.
The average number of days until the floating component of a loan resets.
London Interbank Offered Rate
The period in the life of a callable bond in which the issuing company is not permitted to redeem the bond.
The amount by which the convertible price exceeds the value of the stock into which it can be converted.
The amount by which the price of the convertible exceeds its value as a straight bond, ignoring the conversion feature.
A measure of the expensiveness/cheapness of the option embedded in the convertible bond.
Ranging from zero to one, a measure of a convertible's price sensitivity to movements in the price of its underlying stock.
The average of each bond’s coupon divided by its current price
.
©2012 Invesco PowerShares Capital Management LLC
PowerShares® is a registered trademark of Invesco PowerShares Capital Management LLC (Invesco PowerShares). Invesco PowerShares Capital Management LLC and Invesco Distributors, Inc. are indirect, wholly owned subsidiaries of Invesco Ltd.
Invesco Distributors, Inc. is the distributor of the PowerShares Exchange-Traded Fund Trust, the PowerShares Exchange-Traded Fund Trust II, the PowerShares India Exchange-Traded Fund Trust and the PowerShares Actively Managed Exchange-Traded Fund Trust.
Investment products offered are: Not FDIC Insured  • No Bank Guarantee  • May Lose Value
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