Exchange-Traded Funds (ETFs)

PSP - PowerShares Global Listed Private Equity Portfolio

Access - Specialty Sector

Product Details

The PowerShares Global Listed Private Equity Portfolio (Fund) is based on the Red Rocks Global Listed Private Equity Index (Index). The Fund will normally invest at least 90% of its total assets in securities, which may include American depository receipts and global depository receipts, that comprise the Index. The Index includes securities, ADRs and GDRs of 40 to 75 private equity companies, including business development companies (BDCs), master limited partnerships (MLPs) and other vehicles whose principal business is to invest in, lend capital to or provide services to privately held companies (collectively, listed private equity companies). 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 (%)
Red Rocks Global Listed Private Equity Index 2.58 25.59 11.52 30.02 N/A N/A
S&P 500 Financials Index 2.61 24.91 13.00 22.39 -0.48 -3.88
Fund History (%)
Fund NAV 2.30 24.03 10.24 25.27 N/A -3.51
After Tax Held 1.77 17.43 7.22 22.76 N/A -5.16
After Tax Sold 1.30 13.92 6.70 19.89 N/A -2.98
Fund Market Price 1.79 24.01 10.09 25.38 N/A -3.48

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. 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.


as of 03/31/2014

Growth of $10,000

Data beginning Fund inception and ending 03/31/2014.

Red Rocks Global Listed Private Equity Index* performance prior to 9/30/2009 reflects that of the original Underlying Index Global Listed Private Equity Index. From 9/30/2009, forward, the Index performance reflects that of the Underlying Index Red Rocks Global Listed Private Equity 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 04/16/2014

Sector Allocation

as of 04/16/2014

Top Country Allocation

as of 04/11/2014

Market Cap & Style Allocations

Large-Cap Value 5.05%
Large-Cap Blend 0.91%
Mid-Cap Growth 13.56%
Mid-Cap Value 21.93%
Mid-Cap Blend 32.57%
Small-Cap Growth 3.76%
Small-Cap Value 15.11%
Small-Cap Blend 7.11%

as of 04/16/2014 Top Holdings | View All

Fund Holdings subject to change

Ticker Company % of Fund
OCX Onex Corp 5.44
PGHN Partners Group Holding AG 4.66
III 3i Group PLC 4.53
MRO Melrose Industries PLC 4.46
RF Eurazeo SA 4.02
CITI BLACKSTONE TRS 10-31-13 ASSET LG 3.94
MF Wendel SA 3.89
LUK Leucadia National Corp 3.87
RATOB Ratos AB 3.51
656 Fosun International Ltd 3.49

Distributions | View All | Distribution Information

Ex-Date Record Date Pay Date $/
Share
Ordinary Income Short Term Gains Long Term Gains Return of Capital
03/21/2014 03/25/2014 03/31/2014 0.14347 0.14347 - - -
12/20/2013 12/24/2013 12/31/2013 0.62315 0.62315 - - -
09/20/2013 09/24/2013 09/30/2013 0.56828 0.56828 - - -
06/21/2013 06/25/2013 06/28/2013 0.33404 0.33404 - - -
03/15/2013 03/19/2013 03/28/2013 0.10566 0.10566 - - -
12/21/2012 12/26/2012 12/31/2012 0.19501 0.19501 - - -
09/21/2012 09/25/2012 09/28/2012 0.09640 0.09640 - - -
06/15/2012 06/19/2012 06/29/2012 0.00000 0.00000 - - -
03/16/2012 03/20/2012 03/30/2012 0.00000 0.00000 - - -
09/16/2011 09/20/2011 09/30/2011 0.05146 0.05146 - - -
06/17/2011 06/21/2011 06/30/2011 0.57752 0.57752 - - -
12/17/2010 12/21/2010 12/31/2010 0.38070 0.38070 - - -
09/17/2010 09/21/2010 09/30/2010 0.04618 0.04618 - - -
06/18/2010 06/22/2010 06/30/2010 0.11570 0.11570 - - -
12/18/2009 12/22/2009 12/31/2009 0.15513 0.15513 - - -
09/18/2009 09/22/2009 09/30/2009 0.09489 0.09489 - - -
06/19/2009 06/23/2009 06/30/2009 0.03040 0.03040 - - -
03/20/2009 03/24/2009 03/31/2009 0.02272 0.02272 - - -
12/19/2008 12/23/2008 12/31/2008 0.28932 0.28932 - - -
09/19/2008 09/23/2008 09/30/2008 0.37277 0.37277 - - -
06/20/2008 06/24/2008 06/30/2008 0.18833 0.18833 - - -
03/20/2008 03/25/2008 03/31/2008 0.23844 0.23844 - - -
12/21/2007 12/26/2007 12/31/2007 0.54101 0.54101 - - -
09/21/2007 09/25/2007 09/28/2007 0.11266 0.11266 - - -
06/15/2007 06/19/2007 06/29/2007 0.21792 0.21792 - - -
03/16/2007 03/20/2007 03/30/2007 0.07235 0.07235 - - -
12/15/2006 12/19/2006 12/29/2006 0.26528 0.26528 - - -

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 23 0 0 2 0 0
12/31/2013 64 26 0 0 0 0 0
09/30/2013 64 2 2 0 2 0 0
06/30/2013 64 11 0 0 1 1 0
Year Ended 2013 252 44 2 0 4 1 0

Fund Inception: 10/24/2006

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

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.

Investments made by listed private equity companies are generally subject to legal and other restrictions on resale and are less liquid than publicly traded securities. If a listed private equity company in which the Fund invests needs to liquidate its portfolio quickly, it may realize a loss. Furthermore, little public information generally exists for thinly traded companies and investors may not be able to make a fully informed investment decision.

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.

An MLP is an entity receiving partnership taxation treatment under the U.S. Internal Revenue Code, and whose partnership interests or "units" are traded on securities exchanges like shares of corporate stock. Investments in MLP units are subject to certain risks, including tax and management risks.

A significant portion of the Underlying Index is composed of Business Development Corporations (BDCs) or other investment companies. The Fund may not acquire greater than 3% of the total outstanding shares of such companies. As a result, the Fund would be required to use sampling techniques, which could increase the risk of tracking error.

Investing in securities of small and medium-sized companies may involve greater risk than is customarily associated with investing in large companies.

Many listed private equity companies invest in subordinated and/or unsecured securities of privately held companies, and may not be rated by a credit rating agency. With investments in debt instruments, there is a risk that the issuer may default on its payments or declare bankruptcy.

Listed private equity companies may have investment portfolios with a relatively small number of holdings.

There are certain risks inherent in investing in BDCs. The Investment Company Act of 1940, as amended, imposes certain restraints upon the operations of a BDC. Generally, little public information exists for private and thinly traded companies and there is a risk that investors may not be able to make a fully informed investment decision. With investments in debt instruments, there is a risk that the issuer may default on its payments or declare bankruptcy. Additionally, a BDC may only incur indebtedness in amounts such that the BDC's asset coverage equals at least 200% after such incurrence. These limitations on asset mix and leverage may prohibit the way that the BDC raises capital. BDCs generally invest in less mature private companies which involve greater risk than well-established publicly-traded companies. To the extent that the Fund invests a portion of its assets in BDCs, a shareholder in the Fund will bear not only his or her proportionate share of the expenses of the Fund, but also, indirectly the expenses of the BDCs.

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

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

Market disruptions, including a downturn in capital markets in general, or a downgrade of the credit rating of a listed private equity company held by the Fund may increase the cost of borrowing to that company, thereby increasing its cost of borrowing and adversely impacting the Fund's returns. Fair value of the investments of a listed private equity company may differ significantly from the values that would be reflected if the securities were traded in an established market, potentially resulting in material differences between the net asset value per share and the market value of a listed private equity company.

The S&P 500® Financials Index is an unmanaged index considered representative of the financial market. The Global Listed Private EquitySM Index includes between 40 and 60 publicly listed private equity companies, including business development companies and other financial institutions or vehicles whose principal business is to invest in and lend capital to privately held companies.

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 product is not sponsored, endorsed, sold or promoted by Red Rocks Capital LLC, and Red Rocks makes no representation regarding the advisability of investing in this fund.

as of 04/17/2014
3:59 PM EST

PSP

  • Last Trade $11.92
  • Current IIV $11.82
  • Change $0.08
  • % Change 0.68%
as of 04/16/2014
  • NAV at market close $11.76
as of 04/16/2014

Yield

  • SEC 30 Day Yield 2.29%
  • Distribution Yield 4.88%
  • 12 Month Yield 14.19%
  • 30-Day SEC Unsubsidized Yield
    as of 04/16/2014
    N/A
as of 04/16/2014

Closing

  • Closing Price $11.84
  • Bid/Ask Midpoint $11.84
  • Bid/Ask Prem/Disc $0.08
  • Bid/Ask Prem/Disc 0.68%
as of 03/31/2014

Fund Characteristics

  • Price/Earnings Ratio1 22.87
  • Price/Book Ratio1 1.85
  • ROE2 6.561%
  • Avg Market Cap2 $3,380MM

1 Weighted Harmonic Average

2 Weighted Average

Fund Details

  • Fund Ticker PSP
  • CUSIP # 73935X195
  • ISIN US73935X1954
  • Intraday NAV PSPIV
  • Index Ticker GLPEXUTR
  • Index Provider Red Rocks Capital LLC
  • Management Fee 0.50%
  • Acquired Fund Fees & Expenses 1.49%
  • Total Expense Ratio 2.19%
  • Marginable Yes
  • Short Selling Yes
  • Options Yes
  • Exchange NYSE Arca
  • Inception Date 10/24/2006
  • # of Holdings 64
    as of 04/16/2014
as of 04/17/2014

Quick Facts

  • Previous Close $11.84
  • Open $11.89
  • Today's High $11.95
  • Today's Low $11.87
  • Today's Volume 300,923
  • 52 Week High $12.50
  • 52 Week Low $10.41
  • Shares Outstanding 48.55MM
  • Market Value $570.9MM