Exchange-Traded Funds (ETFs)

PBP - PowerShares S&P 500 BuyWrite Portfolio

Access - Strategies

Product Details

The PowerShares S&P 500 BuyWrite Portfolio (Fund) is based on the CBOE S&P 500 BuyWrite IndexTM (Index). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index, including at least 80% of its total assets in common stocks of the 500 companies included in the S&P 500® Index and will write (sell) call options thereon. The Index measures the total rate of return of an S&P 500 covered call strategy. This strategy consists of holding a portfolio indexed to the S&P 500 (Reference Index) and selling a succession of written options, each with an exercise price at or above the prevailing price level of the S&P 500. Dividends paid on the component stocks underlying the S&P 500 and the dollar value of option premiums received from written options are reinvested. 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 (%)
CBOE S&P 500 BuyWrite Index 2.44 10.69 8.34 12.04 5.11 3.38
S&P 500 Index 1.81 21.86 14.66 21.16 7.42 6.36
Fund History (%)
Fund NAV 2.25 9.85 7.49 11.08 N/A 2.53
After Tax Held 2.20 6.77 4.76 8.71 N/A 0.70
After Tax Sold 1.27 5.48 4.68 7.80 N/A 1.24
Fund Market Price 2.10 10.11 7.46 11.02 N/A 2.54

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 The results assume that no cash was added to or assets withdrawn from the Index.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

as of 04/23/2014

Sector Allocation

as of 04/23/2014

Market Cap & Style Allocations

Large-Cap Growth 29.65%
Large-Cap Value 29.32%
Large-Cap Blend 29.12%
Mid-Cap Growth 2.97%
Mid-Cap Value 4.70%
Mid-Cap Blend 4.24%

as of 04/23/2014 Top Holdings | View All

Fund Holdings subject to change

Ticker Company % of Fund
AAPL Apple Inc 2.84
XOM Exxon Mobil Corp 2.63
MSFT Microsoft Corp 1.82
JNJ Johnson & Johnson 1.72
GE General Electric Co 1.61
CVX Chevron Corp 1.44
WFC Wells Fargo & Co 1.44
BRK/B Berkshire Hathaway Inc 1.39
PG Procter & Gamble Co/The 1.32
JPM JPMORGAN CHASE & CO 1.29

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 0.02544 0.02544 - - -
12/24/2013 12/27/2013 12/30/2013 0.00707 0.00707 - - -
12/20/2013 12/24/2013 12/31/2013 0.69162 0.69162 - - -
09/20/2013 09/24/2013 09/30/2013 0.34000 0.34000 - - -
06/21/2013 06/25/2013 06/28/2013 0.29660 0.29660 - - -
03/15/2013 03/19/2013 03/28/2013 0.03854 0.03854 - - -
12/24/2012 12/27/2012 12/31/2012 0.14536 0.00000 - 0.14536 -
12/21/2012 12/26/2012 12/31/2012 0.40219 0.40219 - - -
09/21/2012 09/25/2012 09/28/2012 0.09000 0.09000 - - -
06/15/2012 06/19/2012 06/29/2012 0.12394 0.12394 - - -
03/16/2012 03/20/2012 03/30/2012 0.09878 0.09878 - - -
12/27/2011 12/29/2011 12/30/2011 0.10978 0.00000 - 0.10978 -
12/16/2011 12/20/2011 12/30/2011 1.83636 0.02255 1.81381 - -
09/16/2011 09/20/2011 09/30/2011 0.07069 0.07069 - - -
06/17/2011 06/21/2011 06/30/2011 0.09111 0.09111 - - -
03/18/2011 03/22/2011 03/31/2011 0.02735 0.02735 - - -
12/28/2010 12/30/2010 12/31/2010 1.35700 0.00000 1.35700 - -
12/17/2010 12/21/2010 12/31/2010 0.11584 0.11584 - - -
09/17/2010 09/21/2010 09/30/2010 0.06543 0.06543 - - -
06/18/2010 06/22/2010 06/30/2010 0.06145 0.06145 - - -
03/19/2010 03/23/2010 03/31/2010 0.05310 0.05310 - - -
12/18/2009 12/22/2009 12/31/2009 0.08220 0.08220 - - -
09/18/2009 09/22/2009 09/30/2009 0.06496 0.06496 - - -
06/19/2009 06/23/2009 06/30/2009 0.09002 0.09002 - - -
03/20/2009 03/24/2009 03/31/2009 0.09290 0.09290 - - -
12/19/2008 12/23/2008 12/31/2008 0.07224 0.07224 - - -
09/19/2008 09/23/2008 09/30/2008 0.05755 0.05755 - - -
06/20/2008 06/24/2008 06/30/2008 0.23778 0.23778 - - -
03/25/2008 03/27/2008 03/31/2008 0.05250 0.05250 - - -

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 0 0 0
12/31/2013 64 1 0 0 0 0 0
09/30/2013 64 0 0 0 1 0 0
06/30/2013 64 0 0 1 0 0 0
Year Ended 2013 252 1 0 1 2 0 0

Fund Inception: 12/20/2007

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

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

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.

Investing in securities of large-cap companies may involve less risk than is customarily associated with investing in stocks of smaller companies.

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

The fund will be subject to capital gain taxes, ordinary income tax and other special tax considerations due to its writing covered call options strategy.

There are additional risks involved in writing (selling) covered call options. The Fund, by writing covered call options on this Index, will give up the opportunity to benefit from potential increases in the value of the index stocks above the exercise prices of the options, but will continue to bear the risk of declines in the value of the Index.

The S&P 500® Index is an unmanaged index considered representative of the U.S. stock market.

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®," "S&P 500®" and "S&P 500™ Index", are registered trademarks of Standard & Poor's Ratings Group, a division of The McGraw-Hill Companies, Inc. "CBOE®" is a registered trademark of and "BuyWrite" is a trademark of Chicago Board Options Exchange, Incorporated ("CBOE"). These marks have been licensed for use by PowerShares. The PowerShares S&P 500 BuyWrite Portifolio is not sponsored, endorsed, sold or promoted by S&P or CBOE, and S&P and CBOE make no representation regarding the advisability of investing in the PowerShares S&P 500 BuyWrite Portfolio.

as of 04/24/2014
4:00 PM EST

PBP

  • Last Trade $21.28
  • Current IIV $21.26
  • Change $0.02
  • % Change 0.09%
as of 04/23/2014
  • NAV at market close $21.24
as of 04/23/2014

Yield

  • SEC 30 Day Yield 1.31%
  • Distribution Yield 0.48%
  • 12 Month Yield 1.40%
  • 30-Day SEC Unsubsidized Yield
    as of 04/23/2014
    N/A
as of 04/23/2014

Closing

  • Closing Price $21.26
  • Bid/Ask Midpoint $21.25
  • Bid/Ask Prem/Disc $0.01
  • Bid/Ask Prem/Disc 0.05%
as of 03/31/2014

Fund Characteristics

  • Price/Earnings Ratio1 16.93
  • Price/Book Ratio1 2.15
  • ROE2 19.85%
  • Avg Market Cap2 $119,519MM

1 Weighted Harmonic Average

2 Weighted Average

Fund Details

  • Fund Ticker PBP
  • CUSIP # 73936G308
  • ISIN US73936G3083
  • Intraday NAV MNV
  • Index Ticker BXM
  • Index Provider CBOE
  • Management Fee 0.75%
  • Total Expense Ratio 0.75%
  • Marginable Yes
  • Short Selling Yes
  • Options No
  • Exchange NYSE Arca
  • Inception Date 12/20/2007
  • # of Holdings 502
    as of 04/23/2014
as of 04/24/2014

Quick Facts

  • Previous Close $21.26
  • Open $21.30
  • Today's High $21.30
  • Today's Low $21.22
  • Today's Volume 64,207
  • 52 Week High $21.41
  • 52 Week Low $19.66
  • Shares Outstanding 11.70MM
  • Market Value $248.5MM