Exchange-Traded Funds (ETFs)

PHB - PowerShares Fundamental High Yield Corporate Bond Portfolio

Fundamentals Weighted - Fundamentals Weighted Fixed Income

Product Details

The PowerShares Fundamental High Yield® Corporate Bond Portfolio (Fund) is based on the RAFI® Bonds US High Yield 1-10 Index (Index). The Fund will normally invest at least 80% of its total assets in high-yield corporate bonds that comprise the Index. The Index is comprised of US dollar-denominated bonds that are registered with the SEC or that are Rule 144A securities that provide for registration rights and whose issuers are public companies listed on a major US stock exchange. Only investible  non-convertible, non-exchangeable, non-zero, fixed coupon high-yield corporate bonds qualify for inclusion in the Index. Based on the Fundamental Index® methodology developed by Research Affiliates, LLC, the Index is compiled and calculated by Ryan ALM, Inc. The Fund and the Index are rebalanced monthly and reconstituted annually in March.

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 (%)
RAFI Bonds US High Yield 1-10 Index 2.70 5.67 8.27 N/A N/A N/A
Barclays US Corporate High Yield Index 2.98 7.54 9.00 18.25 8.68 9.74
Fund History (%)
Fund NAV 2.35 5.00 7.01 12.94 N/A 3.40
After Tax Held 1.85 2.94 4.98 10.39 N/A 0.82
After Tax Sold 1.32 2.79 4.56 9.19 N/A 1.50
Fund Market Price 2.56 5.18 6.97 12.88 N/A 3.02

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.

RAFI Bonds US High Yield 1-10 Index* performance prior to 8/2/2010 reflects that of the original Underlying Index RAFI High Yield Bond Index. From 8/2/2010, forward, the Index performance reflects that of the original Underlying Index Wells Fargo® High Yield Bond Index AND IS NOT INTENDED FOR ANY THIRD PARTY USE.

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 04/23/2014

Sector Allocation

Quality Allocations as of 04/23/2014

S&P Moody's
BBB : 12% Baa : 6%
BB : 60% Ba : 56%
B : 27% B : 37%
CCC : 1% Caa : 0%
Not Rated : 0% Not Rated : 0%

as of 04/23/2014 Maturity

Years % of Fund
0 - 1 years 0.76
1 - 5 years 30.12
5 - 10 years 68.57
10 - 15 years 0.55
15 - 20 years 0.00
20 - 25 years 0.00
25 years and over 0.00

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

Holding Name Coupon Rate Maturity Date S&P / Moody's Rating† Weight
International Lease Finance Corp 8.75% 03/15/2017 BBB-/Ba3 1.21%
Regions Bank/Birmingham AL 7.50% 05/15/2018 BBB-/Ba1 1.14%
GENERAL MOTORS CO 4.88% 10/02/2023 BB+/Ba1 1.09%
Kinder Morgan Finance Co LLC 5.70% 01/05/2016 BB/Ba2 1.04%
GENERAL MOTORS CO 3.50% 10/02/2018 BB+/Ba1 1.03%
CCO Holdings LLC / CCO Holdings Capital Corp 6.62% 01/31/2022 BB-/B1 0.93%
Flextronics International Ltd 5.00% 02/15/2023 BB+/Ba1 0.92%
Goodyear Tire & Rubber Co/The 8.25% 08/15/2020 B+/B1 0.89%
Hertz Corp/The 6.75% 04/15/2019 B/B2 0.89%
Windstream Corp 7.75% 10/15/2020 B/B1 0.88%

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 0.07208 0.07208 - - -
03/14/2014 03/18/2014 03/31/2014 0.07312 0.07312 - - -
02/14/2014 02/19/2014 02/28/2014 0.07277 0.07277 - - -
01/15/2014 01/17/2014 01/31/2014 0.07267 0.07267 - - -
12/13/2013 12/17/2013 12/31/2013 0.07414 0.07414 - - -
11/15/2013 11/19/2013 11/29/2013 0.07400 0.07400 - - -
10/15/2013 10/17/2013 10/31/2013 0.07100 0.07100 - - -
09/13/2013 09/17/2013 09/30/2013 0.07100 0.07100 - - -
08/15/2013 08/19/2013 08/30/2013 0.07109 0.07109 - - -
07/15/2013 07/17/2013 07/31/2013 0.07500 0.07500 - - -
06/14/2013 06/18/2013 06/28/2013 0.07385 0.07385 - - -
05/15/2013 05/17/2013 05/31/2013 0.07467 0.07467 - - -
04/15/2013 04/17/2013 04/30/2013 0.07436 0.07436 - - -
03/15/2013 03/19/2013 03/28/2013 0.07630 0.07630 - - -
02/15/2013 02/20/2013 02/28/2013 0.07514 0.07514 - - -
01/15/2013 01/17/2013 01/31/2013 0.07748 0.07748 - - -
12/14/2012 12/18/2012 12/31/2012 0.07844 0.07844 - - -
11/15/2012 11/19/2012 11/30/2012 0.07901 0.07901 - - -
10/15/2012 10/17/2012 10/31/2012 0.07733 0.07733 - - -
09/14/2012 09/18/2012 09/28/2012 0.07639 0.07639 - - -
08/15/2012 08/17/2012 08/31/2012 0.08007 0.08007 - - -
07/13/2012 07/17/2012 07/31/2012 0.08454 0.08454 - - -
06/15/2012 06/19/2012 06/29/2012 0.08249 0.08249 - - -
05/15/2012 05/17/2012 05/31/2012 0.08296 0.08296 - - -
04/13/2012 04/17/2012 04/30/2012 0.08336 0.08336 - - -
03/15/2012 03/19/2012 03/30/2012 0.08337 0.08337 - - -
02/15/2012 02/17/2012 02/29/2012 0.08475 0.08475 - - -
01/13/2012 01/18/2012 01/31/2012 0.08582 0.08582 - - -
12/15/2011 12/19/2011 12/30/2011 0.08000 0.08000 - - -
11/15/2011 11/17/2011 11/30/2011 0.08000 0.08000 - - -
10/14/2011 10/18/2011 10/31/2011 0.07500 0.07500 - - -
09/15/2011 09/19/2011 09/30/2011 0.08610 0.08610 - - -
08/15/2011 08/17/2011 08/31/2011 0.08725 0.08725 - - -
07/15/2011 07/19/2011 07/29/2011 0.09105 0.09105 - - -
06/15/2011 06/17/2011 06/30/2011 0.09235 0.09235 - - -
05/13/2011 05/17/2011 05/31/2011 0.09551 0.09551 - - -
04/15/2011 04/19/2011 04/29/2011 0.09708 0.09708 - - -
03/15/2011 03/17/2011 03/31/2011 0.09962 0.09962 - - -
02/15/2011 02/17/2011 02/28/2011 0.09975 0.09975 - - -
01/14/2011 01/19/2011 01/31/2011 0.10208 0.10208 - - -
12/15/2010 12/17/2010 12/31/2010 0.11107 0.11107 - - -
11/15/2010 11/17/2010 11/30/2010 0.09842 0.09842 - - -
10/15/2010 10/19/2010 10/29/2010 0.10482 0.10482 - - -
09/15/2010 09/17/2010 09/30/2010 0.10731 0.10731 - - -
08/13/2010 08/17/2010 08/31/2010 0.11888 0.11888 - - -
07/15/2010 07/19/2010 07/30/2010 0.12250 0.12250 - - -
06/15/2010 06/17/2010 06/30/2010 0.12146 0.12146 - - -
05/14/2010 05/18/2010 05/28/2010 0.12038 0.12038 - - -
04/15/2010 04/19/2010 04/30/2010 0.11877 0.11877 - - -
03/15/2010 03/17/2010 03/31/2010 0.11993 0.11993 - - -
02/12/2010 02/17/2010 02/26/2010 0.11675 0.11675 - - -
01/15/2010 01/20/2010 01/29/2010 0.11869 0.11869 - - -
12/15/2009 12/17/2009 12/31/2009 0.16204 0.16204 - - -
11/13/2009 11/17/2009 11/30/2009 0.13631 0.13631 - - -
10/15/2009 10/19/2009 10/30/2009 0.13333 0.13333 - - -
09/15/2009 09/17/2009 09/30/2009 0.12628 0.12628 - - -
08/14/2009 08/18/2009 08/31/2009 0.12556 0.12556 - - -
07/15/2009 07/17/2009 07/31/2009 0.12592 0.12592 - - -
06/15/2009 06/17/2009 06/30/2009 0.12214 0.12214 - - -
05/15/2009 05/19/2009 05/29/2009 0.14179 0.14179 - - -
04/15/2009 04/17/2009 04/30/2009 0.11884 0.11884 - - -
03/13/2009 03/17/2009 03/31/2009 0.12195 0.12195 - - -
02/13/2009 02/18/2009 02/27/2009 0.11431 0.11431 - - -
01/15/2009 01/20/2009 01/30/2009 0.14997 0.14997 - - -
12/15/2008 12/17/2008 12/31/2008 0.17258 0.01726 - - -
11/14/2008 11/18/2008 11/28/2008 0.16218 0.16218 - - -
10/15/2008 10/17/2008 10/31/2008 0.16356 0.16356 - - -
09/15/2008 09/17/2008 09/30/2008 0.16624 0.16624 - - -
08/15/2008 08/19/2008 08/29/2008 0.17910 0.17910 - - -
07/15/2008 07/17/2008 07/31/2008 0.17581 0.17581 - - -
06/13/2008 06/17/2008 06/30/2008 0.15503 0.15503 - - -
05/15/2008 05/19/2008 05/30/2008 0.14822 0.14822 - - -
04/15/2008 04/17/2008 04/30/2008 0.15776 0.15776 - - -
03/14/2008 03/18/2008 03/31/2008 0.16015 0.16015 - - -
02/15/2008 02/19/2008 02/29/2008 0.16212 0.16212 - - -
01/15/2008 01/17/2008 01/31/2008 0.14274 0.14274 - - -
12/14/2007 12/18/2007 12/31/2007 0.24151 0.24151 - - -

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 2 0 0
12/31/2013 64 0 0 0 0 0 0
09/30/2013 64 1 1 0 9 3 0
06/30/2013 64 0 0 0 12 4 0
Year Ended 2013 252 1 1 0 25 7 0

Fund Inception: 11/15/2007

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.

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.

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'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.

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

All or a significant portion of the securities in which the Fund will invest will be noninvestment grade securities that are considered speculative. Noninvestment grade securities have additional risks, including higher default risk and decreased market liquidity.

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 Barclays US Corporate High Yield Index covers the US dollar-denominated, non-investment grade, fixed-rate, taxable corporate bond market.

Fundamental Index®, Research Affiliates®, Fundamental High Yield® and all other RA trademarks, trade names, patented and patent-pending concepts are the exclusive property of Research Affiliates, LLC. RAFI® Bonds US High Yield 1-10 Index is calculated and maintained by ALM Research Solutions, Inc. (a wholly owned subsidiary of Ryan ALM, Inc.) in conjunction with Research Affiliates LLC and is the exclusive property of Research Affiliates.

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 04/24/2014
3:59 PM EST

PHB

  • Last Trade $19.47
  • Current IIV $19.40
  • Change $0.00
  • % Change 0.00%
as of 04/23/2014
  • NAV at market close $19.46
as of 04/23/2014

Yield

  • SEC 30 Day Yield 3.30%
  • Distribution Yield 4.44%
  • 12 Month Yield 4.50%
  • 30-Day SEC Unsubsidized Yield
    as of 04/23/2014
    N/A
as of 04/23/2014

Closing

  • Closing Price $19.47
  • Bid/Ask Midpoint $19.47
  • Bid/Ask Prem/Disc $0.01
  • Bid/Ask Prem/Disc 0.05%
as of 04/17/2014

Fund Characteristics

  • Effective Duration 4.17 yrs
  • Yield to Maturity 4.69%
  • Yield to Worst 4.12%
  • Years to Maturity 6.17
  • Weighted Avg Coupon 6.31%
  • Weighted Avg Price
    as of 04/23/2014
    106.75

Fund Details

  • Fund Ticker PHB
  • CUSIP # 73936T557
  • ISIN US73936T5570
  • Intraday NAV PHBIV
  • Index Ticker RAFIHY
  • Index Provider Research Affiliates, LLC
  • Management Fee 0.50%
  • Total Expense Ratio 0.50%
  • Marginable Yes
  • Short Selling Yes
  • Options Yes
  • Exchange NYSE Arca
  • Inception Date 11/15/2007
  • NAIC Designation 3
  • Date of RTAS Letter 12/10/2012
  • # of Holdings 260
    as of 04/23/2014
as of 04/24/2014

Quick Facts

  • Previous Close $19.47
  • Open $19.44
  • Today's High $19.48
  • Today's Low $19.43
  • Today's Volume 140,748
  • 52 Week High $19.84
  • 52 Week Low $18.26
  • Shares Outstanding 33.50MM
  • Market Value $651.9MM