Exchange-Traded Funds (ETFs)

DSUM - PowerShares Chinese Yuan Dim Sum Bond Portfolio

Income - Fixed Income

Product Details

The PowerShares Chinese Yuan Dim Sum Bond Portfolio (Fund) seeks investment results that generally correspond (before fees and expenses) to the price and yield performance of the Citi Custom Dim Sum (Offshore CNY) Bond Index (the “Underlying Index”). The Fund normally will invest at least 80% of its total assets in Chinese Renminbi (RMB)-denominated bonds that comprise the Underlying Index. The Underlying Index includes securities with a minimum maturity of one month and with an outstanding principal amount of RMB 1 billion. The Underlying Index is composed of RMB-denominated bonds issued by governments, agencies, supranationals and corporations, excluding synthetics, convertible bonds, retail bonds and CDs. The Fund and the Index are rebalanced and reconstituted monthly.

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 (%)
Citi Custom Dim Sum (Offshore CNY) Bond Index -1.99 2.35 N/A N/A N/A 5.30
BofA Merrill Lynch Global Broad Market Non-Sovereign ex-USD Index 2.23 5.63 3.76 7.35 5.17 4.14
Fund History (%)
Fund NAV -2.11 1.86 N/A N/A N/A 4.50
After Tax Held -2.46 0.42 N/A N/A N/A 3.19
After Tax Sold -1.19 1.06 N/A N/A N/A 2.91
Fund Market Price -3.28 0.55 N/A N/A N/A 2.64

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 The results assume that no cash was added to or assets withdrawn from the Index.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 04/22/2014

S&P Moody's
AAA : 1% Aaa : 1%
AA : 23% Aa : 20%
A : 14% A : 14%
BBB : 12% Baa : 12%
BB : 5% Ba : 5%
B : 5% B : 2%
Not Rated : 41% Not Rated : 47%

as of 04/22/2014 Maturity

Years % of Fund
0 - 1 years 19.62
1 - 5 years 71.90
5 - 10 years 6.97
10 - 15 years 1.51
15 - 20 years 0.00
20 - 25 years 0.00
25 years and over 0.00

as of 04/22/2014Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date Next Call Date S&P / Moody's Rating† Weight
China Government Bond 2.56% 06/29/2017 N/A AA-/Aa3 2.84%
BOC Aviation Pte Ltd 4.50% 11/20/2018 N/A BBB-/NA 2.62%
Total Capital SA 3.75% 09/24/2018 N/A AA-/Aa1 2.13%
Banco BTG Pactual SA/Cayman Islands 4.10% 03/26/2016 N/A NR/Baa3 2.05%
China Government Bond 1.40% 08/18/2016 N/A AA-/Aa3 1.99%
Value Success International Ltd 4.75% 11/04/2018 N/A NA/NA 1.75%
China Government Bond 2.87% 06/27/2016 N/A AA-/Aa3 1.75%
America Movil SAB de CV 3.50% 02/08/2015 N/A A-/A2 1.74%
China CITIC Bank Corp Ltd 4.12% 02/27/2017 N/A NR/NR 1.74%
China Development Bank Corp 3.60% 11/13/2018 N/A AA-/NR 1.73%

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 0.06858 0.06858 - - -
03/14/2014 03/18/2014 03/31/2014 0.06840 0.06840 - - -
02/14/2014 02/19/2014 02/28/2014 0.06925 0.06925 - - -
01/15/2014 01/17/2014 01/31/2014 0.07080 0.07080 - - -
12/13/2013 12/17/2013 12/31/2013 0.07000 0.07000 - - -
11/15/2013 11/19/2013 11/29/2013 0.06942 0.06942 - - -
10/15/2013 10/17/2013 10/31/2013 0.06260 0.06260 - - -
09/13/2013 09/17/2013 09/30/2013 0.06227 0.06227 - - -
08/15/2013 08/19/2013 08/30/2013 0.07300 0.07300 - - -
07/15/2013 07/17/2013 07/31/2013 0.07222 0.07222 - - -
06/14/2013 06/18/2013 06/28/2013 0.07155 0.07155 - - -
05/15/2013 05/17/2013 05/31/2013 0.07142 0.07142 - - -
04/15/2013 04/17/2013 04/30/2013 0.06764 0.06764 - - -
03/15/2013 03/19/2013 03/28/2013 0.06543 0.06543 - - -
02/15/2013 02/20/2013 02/28/2013 0.06712 0.06712 - - -
01/15/2013 01/17/2013 01/31/2013 0.06919 0.06919 - - -
12/14/2012 12/18/2012 12/31/2012 0.06815 0.06815 - - -
11/15/2012 11/19/2012 11/30/2012 0.06744 0.06744 - - -
10/15/2012 10/17/2012 10/31/2012 0.06638 0.06638 - - -
09/14/2012 09/18/2012 09/28/2012 0.06161 0.06161 - - -
08/15/2012 08/17/2012 08/31/2012 0.06416 0.06416 - - -
07/13/2012 07/17/2012 07/31/2012 0.06379 0.06379 - - -
06/15/2012 06/19/2012 06/29/2012 0.06372 0.06372 - - -
05/15/2012 05/17/2012 05/31/2012 0.06208 0.06208 - - -
04/13/2012 04/17/2012 04/30/2012 0.06408 0.06408 - - -
03/15/2012 03/19/2012 03/30/2012 0.07408 0.07408 - - -
02/15/2012 02/17/2012 02/29/2012 0.06590 0.06590 - - -
01/13/2012 01/18/2012 01/31/2012 0.06683 0.06683 - - -
12/15/2011 12/19/2011 12/30/2011 0.06500 0.06500 - - -
11/15/2011 11/17/2011 11/30/2011 0.10956 0.10956 - - -

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 28 1 0 13 0 0
12/31/2013 64 59 1 0 0 0 0
09/30/2013 64 8 0 0 11 0 0
06/30/2013 64 44 0 0 0 0 1
Year Ended 2013 252 155 1 0 11 0 1

Fund Inception: 09/23/2011

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.

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'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 is considered non-diversified and may be subject to greater risks than a diversified 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 invests at least 80% of its assets in Chinese RMB-denominated bonds issued and settled outside of mainland China. Because the Fund's net asset value (NAV) is determined in US dollars, the NAV could decline if the currency of the non-US market in which the Fund invests depreciates against the US dollar, even if the value of the Fund's holdings increases, as measured in the foreign currency, including securities denominated in the Chinese RMB. In addition, if the Chinese currencies, the RMB, which is traded in mainland China and the Yuan, which is traded offshore (traded as "CNH" in Hong Kong), diverge in value, that divergence could negatively impact the Fund.

Unlike most ETFs, the Fund currently intends to effect redemptions principally for cash and partially in-kind, rather than primarily in-kind redemptions because of the nature of the Fund's investments. As such, investments in Shares may be less tax efficient than investments in conventional ETFs.

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.

The Fund may hold illiquid securities that it may be unable to sell at the preferred time or price and could lose its entire investment in such securities.

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

Adverse economic conditions, such as unfavorable or volatile currency exchange rates and interest rates, political events or other conditions may cause the Chinese government to intervene and impose "capital controls," including the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets.

There are special risks associated with investing in securities designed to provide exposure to Chinese RMB, such as RMB-denominated bonds in which the Fund will invest. The Chinese government maintains strict currency controls and regularly intervenes in the currency market. As a result, the value of the RMB, and the value of RMB-denominated securities, may change quickly and arbitrarily, potentially impacting the availability, liquidity, and pricing of securities designed to provide offshore investors with exposure to Chinese markets.

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-US issuers involve risks beyond those associated with investments in US 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.

The BofA Merrill Lynch Global Broad Market Non-Sovereign ex-USD Index tracks the performance of investment grade debt publicly issued in the major domestic and eurobond markets.

The Fund is not sponsored, endorsed, sold or promoted by Citigroup Index LLC (Citigroup Index) or any of its affiliates (collectively, Citigroup). Citigroup Index makes no representation or warranty, express or implied, to the owners or prospective owners of shares of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Dim Sum Bond Index or the ability of the Dim Sum Bond Index to track general bond market performance.

as of 04/23/2014
3:59 PM EST

DSUM

  • Last Trade $24.40
  • Current IIV $24.57
  • Change -$0.02
  • % Change -0.08%
as of 04/22/2014
  • NAV at market close $24.58
as of 04/22/2014

Yield

  • SEC 30 Day Yield 3.61%
  • Distribution Yield 3.35%
  • 12 Month Yield 3.37%
  • 30-Day SEC Unsubsidized Yield
    as of 04/17/2014
    N/A
as of 04/22/2014

Closing

  • Closing Price $24.42
  • Bid/Ask Midpoint $24.44
  • Bid/Ask Prem/Disc -$0.14
  • Bid/Ask Prem/Disc -0.57%
as of 04/17/2014

Fund Characteristics

  • Effective Duration 2.47 yrs
  • Yield to Maturity 4.37%
  • Yield to Worst 4.54%
  • Years to Maturity 2.67
  • Weighted Avg Coupon 4.04%
  • Weighted Avg Price
    as of 04/22/2014
    99.74

Fund Details

  • Fund Ticker DSUM
  • CUSIP # 73937B753
  • ISIN US73937B7534
  • Intraday NAV DSUMIV
  • Index Ticker CCDSBIU
  • Index Provider Citigroup Index LLC
  • Management Fee 0.45%
  • Total Expense Ratio 0.45%
  • Marginable Yes
  • Short Selling Yes
  • Options No
  • Exchange NYSE Arca
  • Inception Date 09/23/2011
  • # of Holdings 117
    as of 04/22/2014
as of 04/23/2014

Quick Facts

  • Previous Close $24.42
  • Open $24.40
  • Today's High $24.42
  • Today's Low $24.38
  • Today's Volume 233,802
  • 52 Week High $25.82
  • 52 Week Low $23.73
  • Shares Outstanding 7.65MM
  • Market Value $188.0MM