The PowerShares Global Listed Private Equity Portfolio (Fund) is based on the Red Rocks Global Listed Private Equity Index (Global Listed Private Equity Index). The Fund will normally invest at least 90% of its total assets in securities, which may include American depository receipts and global depository receipts, that comprise the Index. The Index includes securities, ADRs and GDRs of 40 to 75 private equity companies, including business development companies (BDCs), master limited partnerships (MLPs) and other vehicles whose principal business is to invest in, lend capital to or provide services to privately held companies (collectively, listed private equity companies). The Fund and the Index are rebalanced and reconstituted quarterly. |
 |
Date |
|
5/20/2013 |
|
|
Price |
|
11.91 |
|
|
Bid/Ask Midpoint  |
|
11.91 |
|
| |
|
NAV |
|
11.85 |
|
|
Bid/Ask Prem/Disc |
|
0.06 |
|
|
Bid/Ask Prem/Disc |
|
0.51% |
|
|
|
|
|
|
| Index History (%) | YTD | 1 Year | 3 Year | 5 Year | 10 Year | Fund Inception |
| Red Rocks Global Listed Private Equity Index | 13.62 | 25.43 | 12.08 | -0.89 | | |
| Red Rocks Global Listed Private Equity Index* | 13.62 | 25.43 | 12.08 | -1.39 | | -4.26 |
| S&P 500 Financials Sector Index | 11.42 | 17.60 | 6.29 | -4.07 | 1.00 | -7.71 |
| Fund History (%) | YTD | 1 Year | 3 Year | 5 Year | 10 Year | Fund Inception |
| NAV | 13.09 | 24.11 | 9.85 | -5.49 | | -7.21 |
| After Tax Held | 12.64 | 22.73 | 8.31 | -6.67 | | -8.26 |
| After Tax Sold | 7.41 | 14.17 | 7.26 | -4.25 | | -5.20 |
| Market Price | 12.92 | 24.02 | 9.96 | -5.42 | | -7.17 |
| Index data prior to Sept. 30, 2009 reflects that of the Listed Private Equity Index. From Sept. 30, 2009, forward, the index data reflects that of the Global Listed Private Equity Index. All Index history reflects a blend of the performance of the aforementioned Indexes AND IS NOT INTENDED FOR ANY THIRD PARTY USE (Global Listed Private Equity Index†). |
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 |
 |
| Fund inception precedes index data — data begins 9/30/2007, the month end following most recent index publication date. |
| 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 |
5 |
0 |
0 |
1 |
0 |
0 |
| 12/31/2012 |
62 |
3 |
0 |
0 |
4 |
0 |
0 |
| 9/30/2012 |
63 |
4 |
0 |
0 |
5 |
0 |
0 |
| 6/30/2012 |
63 |
11 |
0 |
0 |
13 |
2 |
0 |
| Year Ended 2012 |
250 |
32 |
1 |
0 |
25 |
2 |
0 |
| Fund Inception: 10/24/2006 |
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 |
2.26% |
|
|
Large-Cap Value |
3.07% |
|
|
Mid-Cap Growth |
33.42% |
|
|
Mid-Cap Value |
27.77% |
|
|
Small-Cap Growth |
18.18% |
|
|
Small-Cap Value |
15.31% |
|
| As of 5/20/2013 |
 |
|
United States |
41.05% |
|
|
United Kingdom |
16.56% |
|
|
France |
7.54% |
|
|
Sweden |
4.91% |
|
|
Canada |
4.89% |
|
|
Switzerland |
4.58% |
|
|
Belgium |
3.51% |
|
|
South Africa |
3.30% |
|
|
Netherlands |
3.07% |
|
|
Japan |
2.67% |
|
|
| As of 5/20/2013 |
|
Fund Holdings subject to change |
|
|
ONEX CORPORATION |
|
4.89% |
|
|
CITI BLACKSTONE TRS 10-31-13 ASSET LG |
|
4.73% |
|
|
PARTNERS GROUP HOLDING AG |
|
4.58% |
|
|
LEUCADIA NATIONAL CORP |
|
4.21% |
|
|
3I GROUP PLC |
|
4.17% |
|
|
As of 5/20/2013 |
|
|
|
|
|
| |
|
MELROSE INDUSTRIES PLC |
|
3.79% |
|
|
WENDEL |
|
3.69% |
|
|
CITI KKR & CO TRS 10/31/13 |
|
3.19% |
|
|
EURAZEO |
|
3.18% |
|
|
HAL TRUST-UNITS |
|
3.07% |
|
|
|
| | |
As of 5/20/2013
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.
There are certain risks inherent in investing in Business Development Corporations (BDCs). The Investment Company Act of 1940, as amended, imposes certain restraints upon the operations of a BDC. Generally, little public information exists for private and thinly traded companies and there is a risk that investors may not be able to make a fully informed investment decision. With investments in debt instruments, there is a risk that the issuer may default on its payments or declare bankruptcy. Additionally, a BDC may only incur indebtedness in amounts such that the BDC’s asset coverage equals at least 200% after such incurrence. These limitations on asset mix and leverage may prohibit the way that the BDC raises capital. BDCs generally invest in less mature private companies which involve greater risk than well-established publicly-traded companies. To the extent that the Fund invests a portion of its assets in BDCs, a shareholder in the Fund will bear not only his or her proportionate share of the expenses of the Fund, but also, indirectly the expenses of the BDCs.
A significant portion of the Underlying Index is composed of BDCs or other investment companies. The Fund may not acquire greater than 3% of the total outstanding shares of such companies. As a result, the Fund would be required to use sampling techniques, which could increase the risk of tracking error.
An MLP is an entity receiving partnership taxation treatment under the U.S. Internal Revenue Code, and whose partnership interests or "units" are traded on securities exchanges like shares of corporate stock. Investments in MLP units are subject to certain risks, including tax risks and management risks.
Investments made by listed private equity companies are generally subject to legal and other restrictions on resale and are less liquid than publicly traded securities. If a listed private equity company in which the Fund invests needs to liquidate its portfolio quickly, it may realize a loss. Furthermore, little public information generally exists for thinly traded companies and investors may not be able to make a fully informed investment decision.
Listed private equity companies may have investment portfolios consisting of a relatively small number of holdings.
Market disruptions, including a downturn in capital markets in general, or a downgrade of the credit rating of a listed private equity company held by the Fund may increase the cost of borrowing to that company, thereby increasing its cost of borrowing and adversely impacting the Fund’s returns. Fair value of the investments of a listed private equity company may differ significantly from the values that would be reflected if the securities were traded in an established market, potentially resulting in material differences between the net asset value per share and the market value of a listed private equity company.
Many listed private equity companies invest in subordinated and/or unsecured securities of privately held companies, and may not be rated by a credit rating agency. With investments in debt instruments, there is a risk that the issuer may default on its payments or declare bankruptcy.
Investments focused in a particular industry are subject to greater risk, and are more greatly impacted by market volatility than more diversified investments.
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.
Investing in securities of small and medium-sized companies may involve greater risk than is customarily associated with investing in large companies.
The S&P 500® Financials Sector Index is an unmanaged index considered representative of the financial 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.
The product is not sponsored, endorsed, sold or promoted by Red Rocks Capital LLC, and Red Rocks makes no representation regarding the advisability of investing in this fund.
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