Exchange-Traded Funds (ETFs)

BAB - PowerShares Build America Bond Portfolio

Income - Fixed Income

Product Details

The PowerShares Build America Bond Portfolio (Fund) is based on The BofA Merrill Lynch Build America Bond Index (Index). The Fund will normally invest at least 80% of its total assets in the securities that comprise the Index. The Index is designed to track the performance of US dollar-denominated Build America Bonds publicly issued by US states and territories, and their political subdivisions, in the US market. The Fund and the Index are rebalanced and reconstituted monthly.

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 (%)
BofA Merrill Lynch Build America Bond Index 6.02 -0.89 10.15 N/A N/A 8.58
BofA Merrill Lynch U.S. Corporate Master Index 2.97 1.42 6.04 9.89 5.28 6.42
Barclays U.S. Aggregate Index 1.84 -0.10 3.75 4.80 4.46 3.92
Fund History (%)
Fund NAV 5.56 -1.05 9.61 N/A N/A 8.70
After Tax Held 4.99 -3.16 7.49 N/A N/A 6.64
After Tax Sold 3.14 -0.63 6.59 N/A N/A 5.94
Fund Market Price 6.61 -0.20 9.93 N/A N/A 8.77

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 The results assume that no cash was added to or assets withdrawn from the Index.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

Quality Allocations as of 04/22/2014

S&P Moody's
AAA : 9% Aaa : 7%
AA : 41% Aa : 36%
A : 38% A : 40%
BBB : 1% Baa : 9%
BB : 0% Ba : 0%
Not Rated : 11% Not Rated : 7%

as of 04/22/2014 Maturity

Years % of Fund
0 - 1 years 0.00
1 - 5 years 1.32
5 - 10 years 6.61
10 - 15 years 9.65
15 - 20 years 34.62
20 - 25 years 15.82
25 years and over 31.98

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
North Texas Tollway Authority 8.91% 02/01/2030 02/01/2020 NR/Baa3 3.06%
State of Illinois 5.56% 02/01/2021 N/A A-/A3 2.63%
State of California 7.50% 04/01/2034 N/A A/A1 2.39%
Chicago Board of Education 6.14% 12/01/2039 N/A A+/Baa1 2.05%
State of California 6.51% 04/01/2039 10/01/2021 A/A1 1.96%
University of Texas System/The 4.64% 08/15/2030 N/A AAA/Aaa 1.74%
State of Illinois 6.90% 03/01/2035 N/A A-/A3 1.66%
Municipal Electric Authority of Georgia 7.06% 04/01/2057 N/A A-/Baa2 1.56%
New Jersey Transportation Trust Fund Authority 6.56% 12/15/2040 N/A A/A1 1.55%
Chicago O'Hare International Airport 6.40% 01/01/2040 N/A A-/A2 1.35%

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 0.11859 0.11859 - - -
03/14/2014 03/18/2014 03/31/2014 0.11900 0.11900 - - -
02/14/2014 02/19/2014 02/28/2014 0.11900 0.11900 - - -
01/15/2014 01/17/2014 01/31/2014 0.11900 0.11900 - - -
12/13/2013 12/17/2013 12/31/2013 0.11900 0.11900 - - -
11/15/2013 11/19/2013 11/29/2013 0.11883 0.11883 - - -
10/15/2013 10/17/2013 10/31/2013 0.11467 0.11467 - - -
09/13/2013 09/17/2013 09/30/2013 0.11567 0.11567 - - -
08/15/2013 08/19/2013 08/30/2013 0.11776 0.11776 - - -
07/15/2013 07/17/2013 07/31/2013 0.11889 0.11889 - - -
06/14/2013 06/18/2013 06/28/2013 0.11641 0.11641 - - -
05/15/2013 05/17/2013 05/31/2013 0.11745 0.11745 - - -
04/15/2013 04/17/2013 04/30/2013 0.12100 0.12100 - - -
03/15/2013 03/19/2013 03/28/2013 0.11994 0.11994 - - -
02/15/2013 02/20/2013 02/28/2013 0.11658 0.11658 - - -
01/15/2013 01/17/2013 01/31/2013 0.11804 0.11804 - - -
12/14/2012 12/18/2012 12/31/2012 0.11927 0.11927 - - -
11/15/2012 11/19/2012 11/30/2012 0.12239 0.12239 - - -
10/15/2012 10/17/2012 10/31/2012 0.10700 0.10700 - - -
09/14/2012 09/18/2012 09/28/2012 0.13946 0.13946 - - -
08/15/2012 08/17/2012 08/31/2012 0.12472 0.12472 - - -
07/13/2012 07/17/2012 07/31/2012 0.11995 0.11995 - - -
06/15/2012 06/19/2012 06/29/2012 0.11926 0.11926 - - -
05/15/2012 05/17/2012 05/31/2012 0.12274 0.12274 - - -
04/13/2012 04/17/2012 04/30/2012 0.12541 0.12541 - - -
03/15/2012 03/19/2012 03/30/2012 0.12486 0.12486 - - -
02/15/2012 02/17/2012 02/29/2012 0.12352 0.12352 - - -
01/13/2012 01/18/2012 01/31/2012 0.12258 0.12258 - - -
12/15/2011 12/19/2011 12/30/2011 0.12232 0.12232 - - -
11/15/2011 11/17/2011 11/30/2011 0.12322 0.12322 - - -
10/14/2011 10/18/2011 10/31/2011 0.11982 0.11982 - - -
09/15/2011 09/19/2011 09/30/2011 0.12626 0.12626 - - -
08/15/2011 08/17/2011 08/31/2011 0.12617 0.12617 - - -
07/15/2011 07/19/2011 07/29/2011 0.12478 0.12478 - - -
06/15/2011 06/17/2011 06/30/2011 0.12563 0.12563 - - -
05/13/2011 05/17/2011 05/31/2011 0.12679 0.12679 - - -
04/15/2011 04/19/2011 04/29/2011 0.12653 0.12653 - - -
03/15/2011 03/17/2011 03/31/2011 0.12524 0.12524 - - -
02/15/2011 02/17/2011 02/28/2011 0.12211 0.12211 - - -
01/14/2011 01/19/2011 01/31/2011 0.12595 0.12595 - - -
12/15/2010 12/17/2010 12/31/2010 0.12483 0.12483 - - -
11/15/2010 11/17/2010 11/30/2010 0.11500 0.11500 - - -
10/15/2010 10/19/2010 10/29/2010 0.11561 0.11561 - - -
09/15/2010 09/17/2010 09/30/2010 0.11647 0.11647 - - -
08/13/2010 08/17/2010 08/31/2010 0.12100 0.12100 - - -
07/15/2010 07/19/2010 07/30/2010 0.12312 0.12312 - - -
06/15/2010 06/17/2010 06/30/2010 0.12446 0.12446 - - -
05/14/2010 05/18/2010 05/28/2010 0.12909 0.12909 - - -
04/15/2010 04/19/2010 04/30/2010 0.12500 0.12500 - - -
03/15/2010 03/17/2010 03/31/2010 0.13010 0.13010 - - -
02/12/2010 02/17/2010 02/26/2010 0.12567 0.12567 - - -
01/05/2010 01/07/2010 01/29/2010 0.12700 0.12700 - - -

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 10 0 0 8 0 0
12/31/2013 64 0 0 0 41 3 0
09/30/2013 64 0 0 0 39 22 0
06/30/2013 64 0 0 0 1 6 4
Year Ended 2013 252 0 0 0 82 31 4

Fund Inception: 11/17/2009

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'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 Shares are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates and perceived trends in securities prices.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest. Municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders. Because many securities are issued to finance similar projects, especially those relating to education, Healthcare, transportation and utilities, conditions in those sectors can affect the overall municipal market. In addition, changes in the financial condition of an individual municipal insurer can affect the overall municipal market.

There is no guarantee that municipalities will continue to take advantage of the BAB program in the future and there can be no assurance that BABs will be actively traded. Furthermore, under the American Recovery and Reinvestment Act of 2009, the ability of municipalities to issue BABs expired on Dec. 31, 2010. As a result, the number of available BABs in the market is limited. In addition, illiquidity of the BABs may negatively affect the value of the BABs.

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 BofA Merrill Lynch U.S. Corporate Master Index tracks the performance of US dollar denominated investment grade corporate debt publicly issued in the US domestic market. The Barclays U.S. Aggregate Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

"BofA Merrill Lynch" and "The BofA Merrill Lynch Build America Bond IndexSM" are reprinted with permission. ©Copyright 2011 Merrill Lynch, Pierce, Fenner & Smith Incorporated ("BofA Merrill Lynch"). All rights reserved. "BofA Merrill Lynch" and "The BofA Merrill Lynch Build America Bond IndexSM" are service marks of BofA Merrill Lynch and/or its affiliates and have been licensed for use for certain purposes by PowerShares on behalf of the PowerShares Build America Bond Portfolio that is based on The BofA Merrill Lynch Build America Bond IndexSM, and is not issued, sponsored, endorsed or promoted by BofA Merrill Lynch and/or BofA Merrill Lynch's affiliates nor is BofA Merrill Lynch and/or BofA Merrill Lynch's affiliates an adviser to the PowerShares Build America Bond Portfolio. BofA Merrill Lynch and BofA Merrill Lynch's affiliates make no representation, express or implied, regarding the advisability of investing in the PowerShares Build America Bond Portfolio or The BofA Merrill Lynch Build America Bond IndexSM and do not guarantee the quality, accuracy or completeness of The BofA Merrill Lynch Build America Bond Index IndexSM, index values or any index related data included herein, provided herewith or derived therefrom and assume no liability in connection with their use. As the index provider, BofA Merrill Lynch is licensing certain trademarks, The BofA Merrill Lynch Build America Bond IndexSM and trade names which are composed by BofA Merrill Lynch without regard to PowerShares, the PowerShares Build America Bond Portfolio or any investor. BofA Merrill Lynch and BofA Merrill Lynch's affiliates do not provide investment advice to PowerShares or the PowerShares Build America Bond Portfolio and are not responsible for the performance of the PowerShares Build America Bond Portfolio.

BofA Merrill Lynch and BofA Merrill Lynch's affiliates do not provide investment advice to PowerShares or the PowerShares Build America Bond Portfolio and are not responsible for the performance of the PowerShares Build America Bond Portfolio.

as of 04/22/2014
3:59 PM EST

BAB

  • Last Trade $28.84
  • Current IIV $28.67
  • Change $0.08
  • % Change 0.28%
as of 04/22/2014
  • NAV at market close $28.67
as of 04/22/2014

Yield

  • SEC 30 Day Yield 4.44%
  • Distribution Yield 4.96%
  • 12 Month Yield 4.93%
  • 30-Day SEC Unsubsidized Yield
    as of 04/17/2014
    N/A
as of 04/22/2014

Closing

  • Closing Price $28.76
  • Bid/Ask Midpoint $28.85
  • Bid/Ask Prem/Disc $0.18
  • Bid/Ask Prem/Disc 0.63%
as of 04/11/2014

Fund Characteristics

  • Effective Duration 8.72 yrs
  • Yield to Maturity 4.87%
  • Yield to Worst 4.52%
  • Years to Maturity 19.84
  • Weighted Avg Coupon 6.07%
  • Weighted Avg Price
    as of 04/17/2014
    113.08

Fund Details

  • Fund Ticker BAB
  • CUSIP # 73937B407
  • ISIN US73937B4077
  • Intraday NAV BABIV
  • Index Ticker BABS
  • Index Provider BofA Merrill Lynch
  • Management Fee 0.28%
  • Total Expense Ratio 0.28%
  • Marginable Yes
  • Short Selling Yes
  • Options No
  • Exchange NYSE Arca
  • Inception Date 11/17/2009
  • NAIC Designation 1
  • Date of RTAS Letter 12/10/2012
  • # of Holdings 256
    as of 04/22/2014
as of 04/22/2014

Quick Facts

  • Previous Close $28.76
  • Open $28.70
  • Today's High $28.87
  • Today's Low $28.70
  • Today's Volume 55,104
  • 52 Week High $31.15
  • 52 Week Low $26.80
  • Shares Outstanding 22.90MM
  • Market Value $656.6MM