Exchange-Traded Funds (ETFs)

PGHY - PowerShares Global Short Term High Yield Bond Portfolio

Income - Fixed Income

Product Details

The Global Short Term High Yield Bond Portfolio (Fund) is based on the DB Global Short Maturity High Yield Bond Index (Index). The Fund generally will invest at least 80% of its total assets in US and foreign short-term, non-investment grade bonds included in the Index, all of which are denominated in US dollars. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective. The Fund and the Index are rebalanced quarterly and re-weighted annually.

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 Global Short Maturity High Yield Bond Index 0.72 N/A N/A N/A N/A 5.52
BofA ML 0-5 Year US High Yield Constrained Index 1.88 7.44 7.95 15.94 N/A 7.68
Fund History (%)
Fund NAV 0.71 N/A N/A N/A N/A 4.55
After Tax Held 0.26 N/A N/A N/A N/A 3.22
After Tax Sold 0.40 N/A N/A N/A N/A 2.56
Fund Market Price 0.87 N/A N/A N/A N/A 5.43

Monthly Standardized Report

This is a new Fund and has no full-year Fund performance to report as of most recent quarter end.


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.

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 The results assume that no cash was added to or assets withdrawn from the Index.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 04/17/2014

Sector Allocation

as of 04/17/2014

Top Country Allocation

Quality Allocations as of 04/17/2014

S&P Moody's
BBB : 7% Baa : 5%
BB : 48% Ba : 44%
B : 24% B : 27%
CCC : 9% Caa : 14%
CC : 1% Ca : 3%
C : 2% C : 0%
Not Rated : 10% Not Rated : 9%

as of 04/17/2014 Maturity

Years % of Fund
0 - 1 years 26.06
1 - 5 years 73.94
5 - 10 years 0.00
10 - 15 years 0.00
15 - 20 years 0.00
20 - 25 years 0.00
25 years and over 0.00

as of 04/17/2014Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date Next Call Date S&P / Moody's Rating† Weight
Lebanon Government International Bond 11.62% 05/11/2016 N/A B-/NR 1.78%
Vedanta Resources PLC 6.75% 06/07/2016 N/A BB/Ba3 1.63%
Vimpel Communications Via VIP Finance Ireland Ltd OJSC 6.49% 02/02/2016 N/A BB/Ba3 1.59%
Royal Bank of Scotland Group PLC 5.05% 01/08/2015 N/A BB+/B1 1.41%
Royal Bank of Scotland Group PLC 5.00% 10/01/2014 N/A BB+/B1 1.22%
CNH Capital LLC 6.25% 11/01/2016 N/A BB/Ba1 1.14%
Israel Electric Corp Ltd 6.70% 02/10/2017 N/A BB+/Baa3 1.13%
Lebanon Government International Bond 8.50% 01/19/2016 N/A B-/NR 1.12%
International Lease Finance Corp 5.75% 05/15/2016 N/A BBB-/Ba3 1.11%
Berau Capital Resources Pte Ltd 12.50% 07/08/2015 05/19/2014 BB-/B1 1.09%

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 0.08734 0.08734 - - -
03/14/2014 03/18/2014 03/31/2014 0.09000 0.09000 - - -
02/14/2014 02/19/2014 02/28/2014 0.08846 0.08846 - - -
01/15/2014 01/17/2014 01/31/2014 0.07713 0.07713 - - -
12/13/2013 12/17/2013 12/31/2013 0.08400 0.08400 - - -
11/15/2013 11/19/2013 11/29/2013 0.09440 0.09440 - - -
10/15/2013 10/17/2013 10/31/2013 0.09900 0.09900 - - -
09/13/2013 09/17/2013 09/30/2013 0.09900 0.09900 - - -
08/15/2013 08/19/2013 08/30/2013 0.09900 0.09900 - - -

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 4 0 0 0 0 0
12/31/2013 64 32 6 0 0 0 0
09/30/2013 64 22 10 3 0 0 0
06/30/2013 7 3 0 0 1 0 0
Year Ended 2013 135 57 16 3 1 0 0

Fund Inception: 06/20/2013

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 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.

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.

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.

Liquidity risk exists when a particular investment is difficult to purchase or sell. If the Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.

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.

The Fund will invest in bonds with a short-term (three years or less) maturity. Short-term maturity may have additional risks, including interest rate changes over the life of a bond. The average maturity of the Fund's investments will affect the volatility of the Fund's share price.

Risks of sovereign debt include the relative size of the debt burden to the economy as a whole and the government debtor's policy towards the International Monetary Fund and the political constraints to which a government debtor may be subject.

Sub-sovereign government bonds represent the debt of state, provincial, territorial, municipal, local or other political sub-divisions, including other governmental entities or agencies, other than sovereign governments. In addition to sovereign debt risk, risks of investing in sub-sovereign debt include the fact that such investments may or may not be issued by, or guaranteed as to principal and interest by, the sub-sovereign's larger sovereign entity.

The Fund may invest in obligations issued or guaranteed by supranational entities, which may include, for example, entities such as the International Bank for Reconstruction and Development (the World Bank). If one or more shareholders of a supranational entity fails to make necessary additional capital contributions, the entity may be unable to pay interest or repay principal on its debt securities, and the Fund may lose money on such investments.

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.

Foreign securities have additional risks, including exchange-rate changes, decreased market liquidity, political instability and taxation by foreign governments.

A natural or other disaster could occur in a geographic region in which the Fund invests, which could adversely impact the Fund's investments in the affected region.

The BofA ML 0-5 Year US High Yield Constrained Index is an unmanaged index comprised of US dollar-denominated, below investment-grade corporate debt securities publicly issued in the US domestic market with remaining maturities of less than five years.

"Deutsche Bank" and the DB Global Short Maturity High Yield Bond Index are reprinted with permission. © Copyright 2013 Deutsche Bank AG. All rights reserved. "Deutsche Bank" is a service mark of Deutsche Bank AG and has been licensed for use for certain purposes by the adviser. The Fund is not sponsored, endorsed, sold or promoted by Deutsche Bank AG or any of its affiliates of subsidiaries. Deutsche Bank AG and Deutsche Bank Securities Inc., as Index Provider, make no representation, express or implied, regarding the advisability of investing in this product. As the Index Provider, Deutsche Bank AG and Deutsche Bank Securities Inc. are licensing certain trademarks, the underlying Index and trade names which are composed by Deutsche Bank AG and Deutsche Bank Securities Inc. without regard to this Index, this product or any investor.

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 04/17/2014
3:59 PM EST

PGHY

  • Last Trade $24.89
  • Current IIV $24.67
  • Change -$0.01
  • % Change -0.05%
as of 04/17/2014
  • NAV at market close $24.77
as of 04/17/2014

Yield

  • SEC 30 Day Yield 4.28%
  • Distribution Yield 4.23%
  • 30-Day SEC Unsubsidized Yield
    as of 04/17/2014
    N/A
as of 04/17/2014

Closing

  • Closing Price $24.90
  • Bid/Ask Midpoint $24.89
  • Bid/Ask Prem/Disc $0.12
  • Bid/Ask Prem/Disc 0.48%
as of 04/11/2014

Fund Characteristics

  • Effective Duration 1.38 yrs
  • Yield to Maturity 4.86%
  • Yield to Worst 4.58%
  • Years to Maturity 1.58
  • Weighted Avg Coupon 6.95%
  • Weighted Avg Price
    as of 04/17/2014
    102.39

Fund Details

  • Fund Ticker PGHY
  • CUSIP # 73936Q 710
  • ISIN US73936Q7108
  • Intraday NAV PGHYIV
  • Index Ticker DBLQSTHY
  • Index Provider Deutsche Bank AG London
  • Management Fee 0.35%
  • Total Expense Ratio 0.35%
  • Marginable Yes
  • Short Selling Yes
  • Options No
  • Exchange NYSE Arca
  • Inception Date 06/20/2013
  • # of Holdings 161
    as of 04/17/2014
as of 04/17/2014

Quick Facts

  • Previous Close $24.90
  • Open $24.98
  • Today's High $24.98
  • Today's Low $24.85
  • Today's Volume 2,450
  • 52 Week High $26.99
  • 52 Week Low $24.35
  • Shares Outstanding 1.20MM
  • Market Value $29.7MM

Materials & Resources