The PowerShares Emerging Markets Sovereign Debt Portfolio (Fund) is based on the DB Emerging Market USD Liquid Balanced Index (Index). The Fund will normally invest at least 90% of its total assets in securities that comprise the Index. The Index tracks the potential returns of a theoretical portfolio of liquid emerging markets US dollar-denominated government bonds issued by approximately 22 emerging-market countries. The countries in the Index are selected annually pursuant to a proprietary index methodology. The Fund and the Index are rebalanced and reconstituted quarterly. |
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Date |
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5/21/2013 |
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|
Price |
|
30.24 |
|
|
Bid/Ask Midpoint  |
|
30.25 |
|
| |
|
NAV |
|
30.33 |
|
|
Bid/Ask Prem/Disc |
|
-0.08 |
|
|
Bid/Ask Prem/Disc |
|
-0.26% |
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|
|
|
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| Index History (%) | YTD | 1 Year | 3 Year | 5 Year | 10 Year | Fund Inception |
| DB Emerging Market USD Liquid Balanced Index | -3.50 | 13.71 | 11.32 | 11.00 | | 10.49 |
| JP Morgan EMBI Global Index | -2.30 | 10.44 | 10.55 | 9.81 | 10.59 | 9.38 |
| Barclays U.S. Aggregate Index | -0.12 | 3.77 | 5.52 | 5.47 | 5.02 | 5.97 |
| Fund History (%) | YTD | 1 Year | 3 Year | 5 Year | 10 Year | Fund Inception |
| NAV | -4.07 | 11.40 | 10.08 | 9.65 | | 9.05 |
| After Tax Held | -4.53 | 9.45 | 8.06 | 7.44 | | 6.85 |
| After Tax Sold | -2.30 | 6.76 | 7.04 | 6.64 | | 6.17 |
| Market Price | -4.41 | 11.28 | 9.99 | 8.91 | | 8.89 |
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 10/31/2007, 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 |
5 |
0 |
0 |
| 12/31/2012 |
62 |
1 |
0 |
0 |
0 |
0 |
0 |
| 9/30/2012 |
63 |
2 |
0 |
0 |
0 |
0 |
0 |
| 6/30/2012 |
63 |
0 |
0 |
0 |
1 |
0 |
0 |
| Year Ended 2012 |
250 |
3 |
0 |
0 |
2 |
0 |
0 |
| Fund Inception: 10/11/2007 |
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. |
 |
|
Panama |
4.51% |
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Romania |
4.50% |
|
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Hungary |
4.47% |
|
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Sri Lanka |
4.45% |
|
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Croatia |
4.44% |
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Lithuania |
4.41% |
|
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Qatar |
4.39% |
|
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Indonesia |
4.38% |
|
|
Latvia |
4.37% |
|
|
Peru |
4.36% |
|
|
| As of 5/21/2013 |
|
Fund Holdings subject to change |
|
| | | Coupon Rate | Maturity Date | Rating† | Weight |
|
1.
| ROMANIA REGS | 6.75% | 2/7/2022 | BB+/Baa3 | 2.25% |
|
2.
| ROMANIA REGS | 4.38% | 8/22/2023 | BB+/Baa3 | 2.24% |
|
3.
| REPUBLIC OF KOREA | 5.13% | 12/7/2016 | A/A1 | 2.13% |
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4.
| REPUBLIC OF KOREA | 7.13% | 4/16/2019 | A/A1 | 2.08% |
|
5.
| REPUBLIC OF SRI LANKA REGS 7-22 | 5.88% | 7/25/2022 | B+/B1 | 1.53% |
|
6.
| PANAMA REPUBLIC OF | 7.13% | 1/29/2026 | BBB-/Baa3 | 1.52% |
|
7.
| HUNGARY REPUBLIC OF | 6.25% | 1/29/2020 | BBB-/Baa3 | 1.51% |
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8.
| CROATIA REGS | 6.63% | 7/14/2020 | BBB-/Baa3 | 1.50% |
|
9.
| LITHUANIA REPUBLIC OF REGS | 6.63% | 2/1/2022 | BBB/Baa1 | 1.50% |
|
10.
| PANAMA (REPUBLIC OF) | 6.70% | 1/26/2036 | BBB/Baa2 | 1.50% |
| | % of Fund |
| 0 - 1 years | 0.00 |
| 1 - 5 years | 6.49 |
| 5 - 10 years | 39.22 |
| 10 - 15 years | 9.49 |
| 15 - 20 years | 8.61 |
| 20 - 25 years | 21.72 |
| 25 years and Over | 14.47 |
| | |
†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. Futures and other derivatives are not eligible for assigned credit ratings by any NRSRO and are excluded from quality allocations. 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.
The Securities Valuation Office of the National Association of Insurance Commissioners (NAIC) assigns credit quality designations to securities held by state-regulated insurance companies. NAIC Designations are opinions of credit quality that range from NAIC 1, being the highest quality, to NAIC 6, being the lowest quality. “P” is a valuation indicator used to classify perpetual preferred stock. NAIC Designations allow fixed-income ETFs to be reported as bonds and are used to set Risk-Based Capital (RBC) requirements. NAIC designations only measure credit risk and do not measure other risks or factors that may affect repayment, such as volatility/interest rate, prepayment, extension or liquidity risk.
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.
The Fund will invest in foreign bonds and, because foreign exchanges may be open on days when the Fund does not price its shares, the value of the non-U.S. securities in the Fund’s portfolio may change on days when you will not be able to purchase or sell your shares.
The fund may invest in debt securities, such as notes and bonds, which carry interest rate and credit risk. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa. Credit risk is the risk of loss on an investment due to the deterioration of an issuer's financial health.
Securities that have longer maturities are subject to greater risks, and are more greatly impacted by market volatility, than a fund investing solely in shorter term securities.
High-yield securities have additional risks, including interest-rate changes, decreased market liquidity and a larger amount of outstanding debt than investment-grade securities.
The Fund’s underlying securities may be subject to call risk, which may result in the Fund having to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund’s income.
The Fund may invest in illiquid securities, resulting in a decline of the Fund’s returns.
Sovereign debt securities are subject to the additional risk that — under some political, diplomatic, social or economic circumstances — some developing countries that issue lower quality debt securities may be unable or unwilling to make principal or interest payments as they come due. The fund may have limited legal recourse against the issuer and/or guarantor of sovereign debt when default occurs. As a holder of government debt, the Fund may be requested to participate in the rescheduling of such debt and to extend further loans to government debtors.
Global bonds are subject to the same risks as other debt issues, notably credit risk, market risk, interest rate risk and liquidity risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities, including greater market volatility, the availability of less reliable financial information, higher transactional costs, taxation by foreign governments, decreased market liquidity and political instability. Investment in securities in emerging market countries involves risks not associated with investments in securities in developed countries.
Foreign securities have additional risks, including exchange-rate changes, decreased market liquidity, political instability and taxation by foreign governments.
The Fund is considered non-diversified and may be subject to greater risks than a diversified fund.
The JP Morgan Emerging Markets Bond Index Global (EMBI Global) is an unmanaged index that tracks debt securities of emerging markets. The Barclays U.S. Aggregate Index is an unmanaged index considered representative of the U.S. investment-grade, fixed-rate bond market.
Deutsche Bank Securities Inc. is the Index Provider for the PowerShares Emerging Markets Sovereign Debt Portfolio. DB is not affiliated with the Trust, the Adviser or the Distributor. The Adviser has entered into a license agreement with the Index Provider to use the Deutsche Bank Emerging Market U.S. Dollar Balanced Liquid Index. The PowerShares Emerging Markets Sovereign Debt Portfolio is entitled to use the Deutsche Bank Emerging Market U.S. Dollar Balanced Liquid Index pursuant to a sub-licensing arrangement with the Adviser.
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