Exchange-Traded Funds (ETFs)

PHDG - PowerShares S&P 500 Downside Hedged Portfolio

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Product Details

The PowerShares S&P 500® Downside Hedged Portfolio (the Fund) is an actively managed exchange-traded fund (ETF) that seeks to achieve positive total returns in rising or falling markets that are not directly correlated to broad equity or fixed-income market returns. The Fund seeks to achieve its investment objective by using a quantitative, rules-based strategy designed to provide returns that correspond to the performance of the S&P 500® Dynamic VEQTOR Index (the Index). The Index provides investors with broad equity market exposure with an implied volatility hedge by dynamically allocating between equity, volatility and cash. The index allows investors to receive exposure to the equity and volatility of the S&P 500 Index in a dynamic framework.

as of 12/31/2014 12/31/2014


as of 12/31/2014 12/31/2014
  YTD 1 Year 3 Year 5 Year 10 Year Fund Inception
Index History (%)
S&P 500 Dynamic VEQTOR Index 5.77 5.77 7.77 8.36 N/A 9.78
S&P 500 Index 13.69 13.69 20.41 15.45 7.67 22.46
HFRX Global Hedge Fund Index -0.58 -0.58 3.17 1.04 0.70 3.26
U.S. Treasury Bills Index 0.03 0.03 0.06 0.07 1.39 0.04
Fund History (%)
Fund NAV 5.04 5.04 N/A N/A N/A 8.63
After Tax Held 2.72 2.72 N/A N/A N/A 7.05
After Tax Sold 2.92 2.92 N/A N/A N/A 5.93
Fund Market Price 5.37 5.37 N/A N/A N/A 8.75

Monthly Performance

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. Fund performance reflects fee waivers, absent which, performance data quoted would have been lower. After Tax Held and After Tax Sold are based on NAV. Returns less than one year are cumulative.

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 The results assume that no cash was added to or assets withdrawn from the Index.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 12/31/2014

Growth of $10,000

Data beginning Fund inception and ending 12/31/2014. Fund performance shown at NAV.

as of 03/27/2015

Fund Allocation

as of 03/26/2015

Market Cap & Style Allocations

Large-Cap Value 28.83%
Large-Cap Blend 29.35%
Large-Cap Growth 29.56%
Mid-Cap Value 4.79%
Mid-Cap Blend 4.39%
Mid-Cap Growth 3.03%
Small-Cap Value 0.03%
Small-Cap Blend 0.02%
Small-Cap Growth -

Quality Allocations as of 03/27/2015

S&P Moody's
BBB : 0% Baa : 0%

as of 03/27/2015 Top Holdings | View All

Fund Holdings subject to change

Ticker Company % of Fund
ESM5 CME E-Mini Standard & Poor's 500 Index Future 9.52
UXJ5 CBOE Volatility Index Future 6.11
AAPL Apple Inc 3.17
XOM Exxon Mobil Corp 1.55
MSFT Microsoft Corp 1.48
JNJ Johnson & Johnson 1.23
BRK/B Berkshire Hathaway Inc 1.16
WFC Wells Fargo & Co 1.12
GE General Electric Co 1.10

Distributions | View All | Distribution Information

Ex-Date Record Date Pay Date $/
Ordinary Income Short Term Gains Long Term Gains Return of Capital
03/20/2015 03/24/2015 03/31/2015 0.06713 0.06713 - - -
12/24/2014 12/29/2014 12/31/2014 1.23409 - 1.12623 0.10786 -
12/19/2014 12/23/2014 12/31/2014 0.10420 - - - -
09/19/2014 09/23/2014 09/30/2014 0.05248 - - - -
06/20/2014 06/24/2014 06/30/2014 0.06288 - - - -
03/21/2014 03/25/2014 03/31/2014 0.06531 - - - -
12/20/2013 12/24/2013 12/31/2013 0.29210 - - - -
09/20/2013 09/24/2013 09/30/2013 0.04546 - - - -
06/21/2013 06/25/2013 06/28/2013 0.08291 - - - -
03/15/2013 03/19/2013 03/28/2013 0.07096 - - - -
12/21/2012 12/26/2012 12/31/2012 0.02307 - - - -

Frequency Distribution of Discounts & Premiums

    Bid/Ask MidPoint Above NAV Bid/Ask Midpoint Below NAV
Days 0.50-
>2.00% 0.50-
12/31/2014 64 0 0 0 0 1 0
09/30/2014 64 0 0 0 0 0 0
06/30/2014 63 0 0 0 0 0 0
03/31/2014 61 0 0 0 0 0 0
Year Ended 2014 252 0 0 0 0 1 0

Fund Inception: 12/06/2012

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

There are risks involved with investing in ETFs, including possible loss of money. Index-based ETFs are not actively managed. Actively managed ETFs do not necessarily seek to replicate the performance of a specified index. Both index-based and actively managed ETFs are subject to risks similar to stocks, including those related to short selling and margin maintenance. Ordinary brokerage commissions apply. The Fund's return may not match the return of the Index.

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

The Fund is subject to management risk because it is an actively managed portfolio. The investment techniques and risk analysis used by the portfolio managers may not produce the desired results.

The tax treatment of futures may be adversely affected by changes in legislation, regulations or other legally binding authority. If, as a result of any such adverse action, the income of the Fund from certain futures was treated as non-qualifying income, the Fund might fail to qualify as a regulated investment company and be subject to federal income tax at the Fund level.

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

An investment in exchange-traded funds (ETFs) may trade at a discount to net asset value, fail to develop an active trading market, halt trading on the listing exchange, fail to track the referenced index, or hold troubled securities. ETFs may involve duplication of management fees and certain other expenses. Certain of the ETFs the fund invests in are leveraged, which can magnify any losses on those investments.

Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa.

The Fund's investments in stock index futures contracts will cause it to be deemed to be a commodity pool, thereby subjecting the Fund to regulation under the Commodity Exchange Act and Commodity Futures Trading Commission (CFTC) rules. The Adviser is registered as a Commodity Pool Operator (CPO), and the Fund will be operated in accordance with CFTC rules. Registration as a CPO subjects the registrant to additional laws, regulations and enforcement policies, all of which could increase compliance costs and may affect the operations and financial performance of funds whose adviser is required to register as a CPO. Registration as a commodity pool may have negative effects on the ability of the Fund to engage in its planned investment program.

The Chicago Board Options Exchange (CBOE) can make methodological changes to the calculation of the VIX Index that could affect the value of the futures contracts on the VIX Index and may affect the value of your investment.

Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic and political conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry.

The contracts included in the VIX Index historically have traded in "contango" markets, resulting in a roll cost, which could adversely affect the value of the Shares. At any given time, the percentage increase in the amount of VIX Index Related Instruments in which the Fund invests may be less than the percentage increase in the VIX Index.

The Fund may engage in investment transactions, or enter into futures contracts. Because futures contracts project price levels in the future, market circumstances may cause a discrepancy between the price of a stock index future and the movement in the underlying index. In the event of adverse price movements, the Fund would be required to make daily cash payments to maintain its required margin.

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 gain most of its exposure to the futures markets by entering into VIX Index futures. The Fund intends to restrict its income from VIX Index futures that do not generate qualifying income, to a maximum of 10% of its gross income. However, there is no guarantee the Fund will be successful in doing so, and failure to comply with this restriction would have significant negative consequences to Fund shareholders.

The Fund is designed to achieve positive total returns in rising or falling markets. Significant short-term price movements could adversely affect the performance of the Fund and cause substantial losses.

ETNs are short-term investments and if leveraged may have amplified losses or gains. ETNs do not provide principal protection and may or may not make periodic coupon payments. ETNs are subject to credit risk and the value of the ETN may drop due to a downgrade in the issuer's credit rating, despite the underlying market benchmark or strategy remaining unchanged.

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.

The S&P 500® Index is an unmanaged index considered representative of the U.S. stock market. The T-Bill 3 Month Index (U.S. Treasury Bills Index) is tracked by Lipper to provide performance for the 3-month U.S. Treasury Bill. The HFRX Global Hedge Fund Index is an investable hedge fund index designed to provide returns that reflect the performance of the global hedge fund universe. The VIX Index is a theoretical calculation and cannot be traded. The VIX Index measures the 30-day forward volatility of the S&P 500 Index as calculated based on the prices of certain put and call options on the S&P 500 Index.

The Global Industry Classification Standard was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's.

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 03/27/2015
3:59 PM EST

Intraday Stats

  • Last Trade $26.80
  • Current IIV $26.75
  • Change $0.03
  • % Change 0.11%
as of 03/27/2015
  • NAV at market close $26.75
as of 03/27/2015

Fund Yield

  • SEC 30 Day Yield 1.13%
  • Distribution Yield 1.00%
  • 12 Month Yield 1.07%
  • 30-Day SEC Unsubsidized Yield
    as of 03/26/2015
as of 03/27/2015

Prior Close

  • Closing Price $26.77
  • Bid/Ask Midpoint $26.79
  • Bid/Ask Prem/Disc $0.04
  • Bid/Ask Prem/Disc 0.15%

Fund Details

  • Fund Ticker PHDG
  • CUSIP # 73935B805
  • ISIN US73935B8054
  • Intraday NAV PHDGIV
  • Index Ticker SPVQDTR
  • Index Provider S&P Dow Jones Indices LLC
  • Management Fee 0.39%
  • Acquired Fund Fees & Expenses 0.04%
  • Total Expense Ratio 0.43%
  • Fee Waiver 0.03%
  • Net Expense Ratio 0.40%
  • Marginable Yes
  • Short Selling Yes
  • Options No
  • Exchange NYSE Arca
  • Inception Date 12/06/2012
  • # of Holdings 505
    as of 03/27/2015
as of 03/27/2015

Quick Facts

  • Previous Close $26.77
  • Open $26.87
  • Today's High $26.87
  • Today's Low $26.73
  • Today's Volume 98,719
  • 52 Week High $28.93
  • 52 Week Low $26.08
  • Shares Outstanding 25.75MM
  • Market Value $688.9MM