Exchange-Traded Funds (ETFs)

BKLN - PowerShares Senior Loan Portfolio

Income - Fixed Income

Product Details

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 and the Index are rebalanced and reconstituted bi-annually, in June and December.

as of 03/31/2014 03/31/2014

Performance


   
as of 03/31/2014 03/31/2014
  YTD 1 Year 3 Year 5 Year 10 Year Fund Inception
Index History (%)
S&P/LSTA U.S. Leveraged Loan 100 Index 1.01 3.87 4.80 12.12 N/A 4.68
Barclays U.S. Aggregate Index 1.84 -0.10 3.75 4.80 4.46 3.89
Fund History (%)
Fund NAV 0.93 3.20 4.45 N/A N/A 4.36
After Tax Held 0.49 1.36 2.66 N/A N/A 2.61
After Tax Sold 0.53 1.79 2.69 N/A N/A 2.64
Fund Market Price 0.77 3.07 4.18 N/A N/A 4.18

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. After Tax Held and After Tax Sold are based on NAV.

as of 03/31/2014

Growth of $10,000

Data beginning Fund inception and ending 03/31/2014.

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 The results assume that no cash was added to or assets withdrawn from the Index.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.

Quality Allocations as of 04/23/2014

S&P Moody's
BBB : 7% Baa : 6%
BB : 42% Ba : 42%
B : 42% B : 41%
CCC : 5% Caa : 6%
CC : 3% Ca : 0%
Not Rated : 1% Not Rated : 5%

as of 04/23/2014 Maturity

Years % of Fund
0 - 1 years 1.59
1 - 5 years 32.81
5 - 10 years 65.60
10 - 15 years 0.00
15 - 20 years 0.00
20 - 25 years 0.00
25 years and over 0.00
as of 04/23/2014

Asset Type Allocation

as of 04/23/2014Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date S&P / Moody's Rating† Weight
Hilton Worldwide Finance, LLC 3.50% 10/26/2020 BB/Ba3 1.94%
H.J. HEINZ COMP 3.50% 06/05/2020 BB/Ba2 1.92%
Fortescue Metal 4.25% 06/30/2019 BBB-/Baa3 1.91%
ASURION CORP 5.00% 05/24/2019 B/Ba3 1.90%
Tribune Company TL 4.00% 12/27/2020 BB+/Ba3 1.71%
FIRST DATA CORPORATION 6.75% 11/01/2020 B+/B1 1.57%
Intelsat Jackso 3.75% 06/30/2019 BB/Ba3 1.52%
Valeant Pharm. International. Inc. 3.75% 08/05/2020 BB/Ba1 1.46%
Neiman Marcus 4.25% 10/25/2020 B/B2 1.45%
Biomet 3.66% 07/25/2017 BB-/B1 1.43%

Holdings are subject to change and are not buy/sell recommendations.

Distributions | View All | Distribution Information

Ex-Date Record Date Pay Date $/
Share
Ordinary Income Short Term Gains Long Term Gains Return of Capital
04/15/2014 04/17/2014 04/30/2014 0.08025 0.08025 - - -
03/14/2014 03/18/2014 03/31/2014 0.08259 0.08259 - - -
02/14/2014 02/19/2014 02/28/2014 0.08348 0.08348 - - -
01/15/2014 01/17/2014 01/31/2014 0.08409 0.08409 - - -
12/13/2013 12/17/2013 12/31/2013 0.08406 0.08406 - - -
11/15/2013 11/19/2013 11/29/2013 0.08434 0.08434 - - -
10/15/2013 10/17/2013 10/31/2013 0.08300 0.08300 - - -
09/13/2013 09/17/2013 09/30/2013 0.08300 0.08300 - - -
08/15/2013 08/19/2013 08/30/2013 0.09000 0.09000 - - -
07/15/2013 07/17/2013 07/31/2013 0.09050 0.09050 - - -
06/14/2013 06/18/2013 06/28/2013 0.09012 0.09012 - - -
05/15/2013 05/17/2013 05/31/2013 0.09213 0.09213 - - -
04/15/2013 04/17/2013 04/30/2013 0.09536 0.09536 - - -
03/15/2013 03/19/2013 03/28/2013 0.09570 0.09570 - - -
02/15/2013 02/20/2013 02/28/2013 0.10025 0.10025 - - -
01/15/2013 01/17/2013 01/31/2013 0.10642 0.10642 - - -
12/14/2012 12/18/2012 12/31/2012 0.09750 0.09750 - - -
11/15/2012 11/19/2012 11/30/2012 0.10027 0.10027 - - -
10/15/2012 10/17/2012 10/31/2012 0.10307 0.10307 - - -
09/14/2012 09/18/2012 09/28/2012 0.09115 0.09115 - - -
08/15/2012 08/17/2012 08/31/2012 0.09103 0.09103 - - -
07/13/2012 07/17/2012 07/31/2012 0.10412 0.10412 - - -
06/15/2012 06/19/2012 06/29/2012 0.09983 0.09983 - - -
05/15/2012 05/17/2012 05/31/2012 0.10476 0.10476 - - -
04/13/2012 04/17/2012 04/30/2012 0.10697 0.10697 - - -
03/15/2012 03/19/2012 03/30/2012 0.10100 0.10100 - - -
02/15/2012 02/17/2012 02/29/2012 0.10120 0.10120 - - -
01/13/2012 01/18/2012 01/31/2012 0.09984 0.09984 - - -
12/15/2011 12/19/2011 12/30/2011 0.11592 0.11592 - - -
11/15/2011 11/17/2011 11/30/2011 0.10292 0.10292 - - -
10/14/2011 10/18/2011 10/31/2011 0.11557 0.11557 - - -
09/15/2011 09/19/2011 09/30/2011 0.08600 0.08600 - - -
08/15/2011 08/17/2011 08/31/2011 0.08317 0.08317 - - -
07/15/2011 07/19/2011 07/29/2011 0.07568 0.07568 - - -
06/15/2011 06/17/2011 06/30/2011 0.07726 0.07726 - - -
05/13/2011 05/17/2011 05/31/2011 0.07600 0.07600 - - -
04/15/2011 04/19/2011 04/29/2011 0.07357 0.07357 - - -

Frequency Distribution of Discounts & Premiums

    Bid/Ask MidPoint Above NAV Bid/Ask Midpoint Below NAV
Quarter
Ending
Days 0.50-
0.99%
1.00-
1.99%
>2.00% 0.50-
0.99%
1.00-
1.99%
>2.00%
03/31/2014 61 0 0 0 0 0 0
12/31/2013 64 0 0 0 0 0 0
09/30/2013 64 0 0 0 1 0 0
06/30/2013 64 0 0 0 0 0 0
Year Ended 2013 252 0 0 0 1 0 0

Fund Inception: 03/03/2011

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.


 Risk & Other Information

† 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 is considered non-diversified and may be subject to greater risks than a diversified fund.

Investments in fixed-income securities, such as notes and bonds, 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.

Investments in loans are subject to interest rate risk and credit risk. There is no organized exchange on which loans are traded and reliable market quotations may not be readily available.

Non-investment grade securities may be subject to greater price volatility due to specific corporate developments, interest-rate sensitivity, negative perceptions of the non-investment grade securities market, adverse economic and competitive industry conditions and decreased market liquidity.

When-issued and delayed delivery transactions are subject to market risk, as the value or yield of a security at delivery may be more or less than the purchase price or the yield generally available on securities when delivery occurs and also subjects the fund to counterparty risk.

The fund may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of the Underlying Index.

Investments in senior loans typically are below investment grade and are considered speculative because of the credit risk of their issuers.

The ability of the borrower of a loan to repay principal prior to maturity can limit the potential for gains by the Fund.

The Fund's use of a representative sampling approach will result in its holding a smaller number of bonds than are in the underlying Index, and may be subject 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.

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 closedend 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.

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.

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 shareholders may occur due to portfolio turnover risk.

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

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 Barclays U.S. Aggregate Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (S&P) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). These trademarks have been licensed for use by S&P Dow Jones Indices LLC. S&P® and Standard & Poor’s® are trademarks of S&P and Dow Jones® is a trademark of Dow Jones. These trademarks have been sublicensed for certain purposes by Invesco PowerShares Capital Management LLC (Invesco PowerShares). The Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Invesco PowerShares. The Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates make any representation regarding the advisability of investing in such product(s).

as of 04/24/2014
4:00 PM EST

BKLN

  • Last Trade $24.65
  • Current IIV $24.69
  • Change -$0.02
  • % Change -0.08%
as of 04/23/2014
  • NAV at market close $24.69
as of 04/24/2014

Yield

  • SEC 30 Day Yield 4.30%
  • Distribution Yield 3.90%
  • 12 Month Yield 4.16%
  • 30-Day SEC Unsubsidized Yield
    as of 04/23/2014
    N/A
as of 04/23/2014

Closing

  • Closing Price $24.67
  • Bid/Ask Midpoint $24.67
  • Bid/Ask Prem/Disc -$0.02
  • Bid/Ask Prem/Disc -0.08%
as of 04/17/2014

Fund Characteristics*

  • Yield to Maturity 5.79%
  • Years to Maturity 5.14
  • Weighted Avg Coupon 4.12%
  • Days To Reset 53.35
as of 04/23/2014
  • 3 Month LIBOR 0.23%
  • Weighted Avg Price 99.10
*Applies to loan portion only

Fund Details

  • Fund Ticker BKLN
  • CUSIP # 73936Q769
  • ISIN US73936Q7694
  • Intraday NAV BKLNIV
  • Index Ticker SPBDLL
  • Index Provider S&P Dow Jones Indices LLC
  • Management Fee 0.65%
  • Total Expense Ratio 0.65%
  • Marginable Yes
  • Short Selling Yes
  • Options Yes
  • Exchange NYSE Arca
  • Inception Date 03/03/2011
  • NAIC Designation 4
  • # of Holdings 124
    as of 04/23/2014
as of 04/24/2014

Quick Facts

  • Previous Close $24.67
  • Open $24.67
  • Today's High $24.68
  • Today's Low $24.63
  • Today's Volume 2,284,585
  • 52 Week High $25.32
  • 52 Week Low $24.49
  • Shares Outstanding 299.50MM
  • Market Value $7,396.1MM

Materials & Resources