Exchange-Traded Funds (ETFs)

PCY - PowerShares Emerging Markets Sovereign Debt Portfolio

Income - Fixed Income

Product Details

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.

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 (%)
DB Emerging Market USD Liquid Balanced Index 4.47 -1.25 8.19 13.34 N/A 8.59
JP Morgan EMBI Global Index 3.48 -1.05 7.15 11.54 8.31 7.70
Fund History (%)
Fund NAV 4.35 -1.87 6.99 11.86 N/A 7.28
After Tax Held 3.82 -3.75 5.03 9.69 N/A 5.14
After Tax Sold 2.45 -1.09 4.61 8.51 N/A 4.80
Fund Market Price 4.99 -1.42 7.10 11.57 N/A 7.23

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 The results assume that no cash was added to or assets withdrawn from the Index.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

as of 04/22/2014

Top Country Allocation

Quality Allocations as of 04/22/2014

S&P Moody's
AA : 4% Aa : 6%
A : 13% A : 9%
BBB : 44% Baa : 57%
BB : 22% Ba : 13%
B : 9% B : 4%
CCC : 4% Caa : 9%
Not Rated : 4% Not Rated : 2%

as of 04/22/2014 Maturity

Years % of Fund
0 - 1 years 0.00
1 - 5 years 8.01
5 - 10 years 37.84
10 - 15 years 7.42
15 - 20 years 13.23
20 - 25 years 17.56
25 years and over 15.94

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
Romanian Government International Bond 4.38% 08/22/2023 N/A BB+/Baa3 2.21%
Romanian Government International Bond 6.75% 02/07/2022 N/A BB+/Baa3 2.20%
Republic of Latvia 5.25% 06/16/2021 N/A BBB+/Baa2 2.17%
Republic of Korea 3.88% 09/11/2023 N/A A+/(P)Aa3 2.16%
Republic of Korea 7.12% 04/16/2019 N/A A+/Aa3 2.12%
Republic of Latvia 2.75% 01/12/2020 N/A BBB+/Baa2 2.08%
Venezuela Government International Bond 7.00% 12/01/2018 N/A B-/Caa1 1.59%
Venezuela Government International Bond 11.75% 10/21/2026 N/A B-/Caa1 1.58%
El Salvador Government International Bond 8.25% 04/10/2032 N/A BB-/Ba3 1.54%
Brazilian Government International Bond 5.62% 01/07/2041 N/A BBB-/Baa2 1.54%

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 0.10966 0.10966 - - -
03/14/2014 03/18/2014 03/31/2014 0.10615 0.10615 - - -
02/14/2014 02/19/2014 02/28/2014 0.10542 0.10542 - - -
01/15/2014 01/17/2014 01/31/2014 0.10557 0.10557 - - -
12/13/2013 12/17/2013 12/31/2013 0.10553 0.10553 - - -
11/15/2013 11/19/2013 11/29/2013 0.10374 0.10374 - - -
10/15/2013 10/17/2013 10/31/2013 0.09500 0.09500 - - -
09/13/2013 09/17/2013 09/30/2013 0.10500 0.10500 - - -
08/15/2013 08/19/2013 08/30/2013 0.10400 0.10400 - - -
07/15/2013 07/17/2013 07/31/2013 0.10500 0.10500 - - -
06/14/2013 06/18/2013 06/28/2013 0.10152 0.10152 - - -
05/15/2013 05/17/2013 05/31/2013 0.10276 0.10276 - - -
04/15/2013 04/17/2013 04/30/2013 0.10245 0.10245 - - -
03/15/2013 03/19/2013 03/28/2013 0.10944 0.10944 - - -
02/15/2013 02/20/2013 02/28/2013 0.11506 0.11506 - - -
01/15/2013 01/17/2013 01/31/2013 0.11740 0.11740 - - -
12/14/2012 12/18/2012 12/31/2012 0.11638 0.11638 - - -
11/15/2012 11/19/2012 11/30/2012 0.11867 0.11867 - - -
10/15/2012 10/17/2012 10/31/2012 0.11918 0.11918 - - -
09/14/2012 09/18/2012 09/28/2012 0.11707 0.11707 - - -
08/15/2012 08/17/2012 08/31/2012 0.11911 0.11911 - - -
07/13/2012 07/17/2012 07/31/2012 0.12242 0.12242 - - -
06/15/2012 06/19/2012 06/29/2012 0.12268 0.12268 - - -
05/15/2012 05/17/2012 05/31/2012 0.12342 0.12342 - - -
04/13/2012 04/17/2012 04/30/2012 0.12534 0.12534 - - -
03/15/2012 03/19/2012 03/30/2012 0.12432 0.12432 - - -
02/15/2012 02/17/2012 02/29/2012 0.12088 0.12088 - - -
01/13/2012 01/18/2012 01/31/2012 0.12198 0.12198 - - -
12/15/2011 12/19/2011 12/30/2011 0.13858 0.13858 - - -
11/15/2011 11/17/2011 11/30/2011 0.11000 0.11000 - - -
10/14/2011 10/18/2011 10/31/2011 0.10900 0.10900 - - -
09/15/2011 09/19/2011 09/30/2011 0.11939 0.11939 - - -
08/15/2011 08/17/2011 08/31/2011 0.12241 0.12241 - - -
07/15/2011 07/19/2011 07/29/2011 0.12223 0.12223 - - -
06/15/2011 06/17/2011 06/30/2011 0.12582 0.12582 - - -
05/13/2011 05/17/2011 05/31/2011 0.12592 0.12592 - - -
04/15/2011 04/19/2011 04/29/2011 0.12741 0.12741 - - -
03/15/2011 03/17/2011 03/31/2011 0.13036 0.13036 - - -
02/15/2011 02/17/2011 02/28/2011 0.13053 0.13053 - - -
01/14/2011 01/19/2011 01/31/2011 0.13280 0.13280 - - -
12/15/2010 12/17/2010 12/31/2010 0.12837 0.12837 - - -
11/15/2010 11/17/2010 11/30/2010 0.11911 0.11911 - - -
10/15/2010 10/19/2010 10/29/2010 0.12252 0.12252 - - -
09/15/2010 09/17/2010 09/30/2010 0.12351 0.12351 - - -
08/13/2010 08/17/2010 08/31/2010 0.12872 0.12872 - - -
07/15/2010 07/19/2010 07/30/2010 0.13081 0.13081 - - -
06/15/2010 06/17/2010 06/30/2010 0.13262 0.13262 - - -
05/14/2010 05/18/2010 05/28/2010 0.13491 0.13491 - - -
04/15/2010 04/19/2010 04/30/2010 0.13607 0.13607 - - -
03/15/2010 03/17/2010 03/31/2010 0.14034 0.14034 - - -
02/12/2010 02/17/2010 02/26/2010 0.13768 0.13768 - - -
01/15/2010 01/20/2010 01/29/2010 0.13956 0.13956 - - -
12/15/2009 12/17/2009 12/31/2009 0.14530 0.14530 - - -
11/13/2009 11/17/2009 11/30/2009 0.13415 0.13415 - - -
10/15/2009 10/19/2009 10/30/2009 0.13740 0.13740 - - -
09/15/2009 09/17/2009 09/30/2009 0.13959 0.13959 - - -
08/14/2009 08/18/2009 08/31/2009 0.14137 0.14137 - - -
07/15/2009 07/17/2009 07/31/2009 0.14206 0.14206 - - -
06/15/2009 06/17/2009 06/30/2009 0.13379 0.13379 - - -
05/15/2009 05/19/2009 05/29/2009 0.12526 0.12526 - - -
04/15/2009 04/17/2009 04/30/2009 0.12956 0.12956 - - -
03/13/2009 03/17/2009 03/31/2009 0.13500 0.13500 - - -
02/13/2009 02/18/2009 02/27/2009 0.12833 0.12833 - - -
01/15/2009 01/20/2009 01/30/2009 0.11382 0.11382 - - -
12/15/2008 12/17/2008 12/31/2008 0.14419 0.14419 - - -
11/14/2008 11/18/2008 11/28/2008 0.11644 0.11644 - - -
10/15/2008 10/17/2008 10/31/2008 0.11831 0.11831 - - -
09/15/2008 09/17/2008 09/30/2008 0.11900 0.11900 - - -
08/15/2008 08/19/2008 08/29/2008 0.12164 0.12164 - - -
07/15/2008 07/17/2008 07/31/2008 0.11610 0.11610 - - -
06/13/2008 06/17/2008 06/30/2008 0.09809 0.09809 - - -
05/15/2008 05/19/2008 05/30/2008 0.11333 0.11333 - - -
04/15/2008 04/17/2008 04/30/2008 0.11706 0.11706 - - -
03/14/2008 03/18/2008 03/31/2008 0.12140 0.12140 - - -
02/15/2008 02/19/2008 02/29/2008 0.12631 0.12631 - - -
01/15/2008 01/17/2008 01/31/2008 0.12567 0.12567 - - -
12/14/2007 12/18/2007 12/31/2007 0.17232 0.17232 - - -
11/15/2007 11/19/2007 11/30/2007 0.13675 0.13675 - - -

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 1 0 0 2 0 0
12/31/2013 64 1 0 0 6 0 0
09/30/2013 64 1 0 1 17 2 0
06/30/2013 64 1 0 0 6 7 2
Year Ended 2013 252 3 0 1 34 9 2

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.


 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'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.

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

The Fund may invest in illiquid securities, resulting in a decline of the Fund's returns.

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. Investment in securities in emerging market countries involves risks not associated with investments in securities in developed countries.

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-US securities in the Fund's portfolio may change on days when you will not be able to purchase or sell your shares.

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.

Government obligors in emerging market countries are among the world's largest debtors to commercial banks, other governments, international financial organizations and other financial institutions. The Fund invests in the bonds of governments located in emerging market countries and much of the income received by the Fund will be in foreign currencies.

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.

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.

The JP Morgan Emerging Markets Bond Index Global (EMBI Global) is an unmanaged index that tracks debt securities of emerging markets.

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.

Beta is a measure of risk representing how a security is expected to respond to general market movements. Smart Beta represents an alternative and selection index based methodology that seeks to outperform a benchmark or reduce portfolio risk, or both. Smart beta funds may underperform cap-weighted benchmarks and increase portfolio risk.

as of 04/22/2014
4:00 PM EST

PCY

  • Last Trade $28.24
  • Current IIV $28.01
  • Change -$0.03
  • % Change -0.11%
as of 04/22/2014
  • NAV at market close $28.20
as of 04/22/2014

Yield

  • SEC 30 Day Yield 4.97%
  • Distribution Yield 4.67%
  • 12 Month Yield 4.43%
  • 30-Day SEC Unsubsidized Yield
    as of 04/17/2014
    N/A
as of 04/22/2014

Closing

  • Closing Price $28.27
  • Bid/Ask Midpoint $28.23
  • Bid/Ask Prem/Disc $0.03
  • Bid/Ask Prem/Disc 0.11%
as of 04/11/2014

Fund Characteristics

  • Effective Duration 8.54 yrs
  • Yield to Maturity 5.41%
  • Yield to Worst 5.41%
  • Years to Maturity 14.77
  • Weighted Avg Coupon 6.58%
  • Weighted Avg Price
    as of 04/17/2014
    112.95

Fund Details

  • Fund Ticker PCY
  • CUSIP # 73936T573
  • ISIN US73936T5737
  • Intraday NAV PCYIV
  • Index Ticker DBLQBLTR
  • Index Provider Deutsche Bank AG London
  • Management Fee 0.50%
  • Total Expense Ratio 0.50%
  • Marginable Yes
  • Short Selling Yes
  • Options Yes
  • Exchange NYSE Arca
  • Inception Date 10/11/2007
  • NAIC Designation 3
  • # of Holdings 66
    as of 04/22/2014
as of 04/22/2014

Quick Facts

  • Previous Close $28.27
  • Open $28.20
  • Today's High $28.27
  • Today's Low $28.20
  • Today's Volume 353,522
  • 52 Week High $31.24
  • 52 Week Low $25.08
  • Shares Outstanding 70.50MM
  • Market Value $1,988.3MM