The PowerShares S&P 500 BuyWrite Portfolio (Fund) is based on the CBOE S&P 500 BuyWrite Index (Index). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index, including at least 80% of its total assets in common stocks of the 500 companies included in the S&P 500® Index and will write (sell) call options thereon. The Index measures the total rate of return of an S&P 500 covered call strategy. This strategy consists of holding a portfolio indexed to the S&P 500 (Reference Index) and selling a succession of written options, each with an exercise price at or above the prevailing price level of the S&P 500. The CBOE S&P 500 BuyWrite Index provides a benchmark measure of the total return performance of this hypothetical strategy. Dividends paid on the component stocks underlying the S&P 500 and the dollar value of option premiums received from written options are reinvested. The Fund and the Index are rebalanced and reconstituted quarterly. |
 |
Date |
|
5/22/2013 |
|
|
Price |
|
20.87 |
|
|
Bid/Ask Midpoint  |
|
20.87 |
|
| |
|
NAV |
|
20.90 |
|
|
Bid/Ask Prem/Disc |
|
-0.03 |
|
|
Bid/Ask Prem/Disc |
|
-0.14% |
|
|
|
|
|
|
| Index History (%) | YTD | 1 Year | 3 Year | 5 Year | 10 Year | Fund Inception |
| CBOE S&P 500 BuyWrite Index | 4.82 | 5.03 | 6.88 | 2.81 | 6.22 | 2.05 |
| S&P 500 Index | 10.61 | 13.96 | 12.67 | 5.81 | 8.53 | 3.65 |
| Fund History (%) | YTD | 1 Year | 3 Year | 5 Year | 10 Year | Fund Inception |
| NAV | 4.62 | 4.22 | 6.00 | 1.77 | | 1.20 |
| After Tax Held | 4.53 | 2.92 | 3.39 | 0.07 | | -0.41 |
| After Tax Sold | 2.61 | 2.82 | 3.72 | 0.80 | | 0.40 |
| Market Price | 4.52 | 3.91 | 5.81 | 1.69 | | 1.16 |
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 3/31/2013 |
 |
| Data beginning 12/31/2007, 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 |
| 3/31/2013 |
60 |
0 |
0 |
0 |
1 |
0 |
0 |
| 12/31/2012 |
62 |
0 |
0 |
0 |
0 |
0 |
0 |
| 9/30/2012 |
63 |
0 |
0 |
0 |
0 |
0 |
0 |
| 6/30/2012 |
63 |
0 |
0 |
0 |
0 |
0 |
0 |
| Year Ended 2012 |
250 |
0 |
0 |
0 |
0 |
0 |
0 |
| Fund Inception: 12/20/2007 |
Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices. Performance data quoted represents past performance, which is not a guarantee of future results. |
 | |
Large-Cap Growth |
49.65% |
|
|
Large-Cap Value |
38.45% |
|
|
Mid-Cap Growth |
7.97% |
|
|
Mid-Cap Value |
5.00% |
|
|
Small-Cap Growth |
0.07% |
|
|
Small-Cap Value |
0.08% |
|
|
Unclassified (Derivative) |
-1.21% |
|
| As of 5/22/2013 |
|
Fund Holdings subject to change |
|
|
APPLE INC |
|
2.84% |
|
|
EXXON MOBIL CORPORATION |
|
2.83% |
|
|
MICROSOFT CORP |
|
1.79% |
|
|
GENERAL ELECTRIC CO |
|
1.70% |
|
|
JOHNSON & JOHNSON |
|
1.69% |
|
|
As of 5/22/2013 |
|
|
|
|
|
| |
|
CHEVRON CORP |
|
1.66% |
|
|
GOOGLE INC CL A |
|
1.63% |
|
|
INTL BUSINESS MACHINES CORP |
|
1.49% |
|
|
PROCTER & GAMBLE CO |
|
1.48% |
|
|
PFIZER INC |
|
1.44% |
|
|
|
| | |
As of 5/22/2013
Typically, security classifications used in calculating allocation tables are as of the last trading day of the previous month.
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 focused in a particular industry are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.
There are additional risks involved in writing (selling) covered call options. The Fund, by writing covered call options on this Index, will give up the opportunity to benefit from potential increases in the value of the index stocks above the exercise prices of the options, but will continue to bear the risk of declines in the value of the Index.
The fund will be subject to capital gain taxes, ordinary income tax and other special tax considerations due to its writing covered call options strategy.
The Fund is considered non-diversified and may be subject to greater risks than a diversified fund.
The S&P 500® Index is an unmanaged index considered representative of the U.S. stock market.
The Global Industry Classification Standard was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's.
"S&P®," "S&P 500®" and "S&P 500™ Index", are registered trademarks of Standard & Poor's Ratings Group, a division of The McGraw-Hill Companies, Inc. "CBOE®" is a registered trademark of and "BuyWrite" is a trademark of Chicago Board Options Exchange, Incorporated ("CBOE"). These marks have been licensed for use by PowerShares. The PowerShares S&P 500 BuyWrite Portifolio is not sponsored, endorsed, sold or promoted by S&P or CBOE, and S&P and CBOE make no representation regarding the advisability of investing in the PowerShares S&P 500 BuyWrite Portfolio.
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