Exchange-Traded Funds (ETFs)

PGX - PowerShares Preferred Portfolio

Income - Hybrid Income

Product Details

The PowerShares Preferred Portfolio is based on The BofA Merrill Lynch Core Plus Fixed Rate Preferred Securities Index. The Fund will normally invest at least 80% of its total assets in fixed rate US dollar-denominated preferred securities that comprise the Index. The Index tracks the performance of fixed rate US dollar-denominated preferred securities issued in the US domestic market. (Securities must be rated at least B3, based on an average of three leading ratings agencies: Moody’s, S&P and Fitch) and must have an investment-grade country risk profile (based on an average of Moody’s, S&P and Fitch foreign currency long-term sovereign debt ratings). The Fund and the Index are rebalanced and reconstituted on a monthly basis.

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 Core Plus Fixed Rate Preferred Securities Index 7.39 2.62 N/A N/A N/A N/A
S&P U.S. Preferred Stock Index 6.94 3.51 6.58 20.92 N/A 5.53
Fund History (%)
Fund NAV 7.08 2.16 6.43 16.01 N/A 1.67
After Tax Held 6.35 -0.00 4.55 13.98 N/A -0.24
After Tax Sold 4.00 1.78 4.60 12.50 N/A 0.82
Fund Market Price 7.62 2.10 6.47 15.66 N/A 1.44

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.

The BofA Merrill Lynch Core Plus Fixed Rate Preferred Securities Index* performance prior to 4/2/2012 reflects that of the original Underlying Index The BofA Merrill Lynch Core Fixed Rate Preferred Securities Index. From 4/2/2012, forward, the Index performance reflects that of the Underlying Index The BofA Merrill Lynch Core Plus Fixed Rate Preferred Securities 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
AA : 2% Aa : 0%
A : 4% A : 6%
BBB : 58% Baa : 45%
BB : 32% Ba : 35%
B : 4% B : 9%
CCC : 0% Caa : 1%
Not Rated : 1% Not Rated : 4%

as of 04/23/2014 Maturity

Years % of Fund
0 - 1 years 0.00
1 - 5 years 0.00
5 - 10 years 0.83
10 - 15 years 0.00
15 - 20 years 0.00
20 - 25 years 2.39
25 years and over 96.77

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

Holding Name Coupon Rate Maturity Date Next Call Date S&P / Moody's Rating† Weight
BARCLAYS BANK PLC 8.12% 12/31/2049 06/15/2014 BBB-/Ba2 3.91%
HSBC Holdings PLC 8.00% 12/31/2049 12/15/2015 BBB+/Baa2 3.01%
Morgan Stanley Capital Trust VII 6.60% 10/15/2066 05/07/2014 BB+/Ba1 2.93%
Wells Fargo & Co 8.00% 12/31/2049 12/15/2017 BBB+/Baa3 2.86%
Deutsche Bank Contingent Capital Trust V 8.05% 12/31/2049 06/30/2018 BBB-/Ba2 2.66%
HSBC Holdings PLC 8.12% 12/31/2049 05/22/2014 BBB+/Baa2 2.65%
Citigroup Capital XIII 7.88% 10/30/2040 10/30/2015 BB+/Ba1 2.60%
GMAC Capital Trust I 8.12% 02/15/2040 02/15/2016 B/B3 2.26%
ING Groep NV 7.38% 12/31/2049 07/15/2014 BBB-/Ba1 1.90%
Public Storage 6.50% 12/31/2049 04/14/2016 BBB+/A3 1.79%

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 0.07310 0.07310 - - -
03/14/2014 03/18/2014 03/31/2014 0.07263 0.07263 - - -
02/14/2014 02/19/2014 02/28/2014 0.07360 0.07360 - - -
01/15/2014 01/17/2014 01/31/2014 0.07373 0.07373 - - -
12/13/2013 12/17/2013 12/31/2013 0.07385 0.07385 - - -
11/15/2013 11/19/2013 11/29/2013 0.07402 0.07402 - - -
10/15/2013 10/17/2013 10/31/2013 0.07400 0.07400 - - -
09/13/2013 09/17/2013 09/30/2013 0.07600 0.07600 - - -
08/15/2013 08/19/2013 08/30/2013 0.07600 0.07600 - - -
07/15/2013 07/17/2013 07/31/2013 0.07600 0.07600 - - -
06/14/2013 06/18/2013 06/28/2013 0.07501 0.07501 - - -
05/15/2013 05/17/2013 05/31/2013 0.07523 0.07523 - - -
04/15/2013 04/17/2013 04/30/2013 0.07748 0.07748 - - -
03/15/2013 03/19/2013 03/28/2013 0.07780 0.07780 - - -
02/15/2013 02/20/2013 02/28/2013 0.07809 0.07809 - - -
01/15/2013 01/17/2013 01/31/2013 0.07808 0.07808 - - -
12/14/2012 12/18/2012 12/31/2012 0.07807 0.07807 - - -
11/15/2012 11/19/2012 11/30/2012 0.07910 0.07910 - - -
10/15/2012 10/17/2012 10/31/2012 0.07586 0.07586 - - -
09/14/2012 09/18/2012 09/28/2012 0.07883 0.07883 - - -
08/15/2012 08/17/2012 08/31/2012 0.07740 0.07740 - - -
07/13/2012 07/17/2012 07/31/2012 0.07980 0.07980 - - -
06/15/2012 06/19/2012 06/29/2012 0.08107 0.08107 - - -
05/15/2012 05/17/2012 05/31/2012 0.08112 0.08112 - - -
04/13/2012 04/17/2012 04/30/2012 0.07878 0.07878 - - -
03/15/2012 03/19/2012 03/30/2012 0.07963 0.07963 - - -
02/15/2012 02/17/2012 02/29/2012 0.07981 0.07981 - - -
01/13/2012 01/18/2012 01/31/2012 0.07961 0.07961 - - -
12/15/2011 12/19/2011 12/30/2011 0.07596 0.07596 - - -
11/15/2011 11/17/2011 11/30/2011 0.07411 0.07411 - - -
10/14/2011 10/18/2011 10/31/2011 0.07469 0.07469 - - -
09/15/2011 09/19/2011 09/30/2011 0.07934 0.07934 - - -
08/15/2011 08/17/2011 08/31/2011 0.07591 0.07591 - - -
07/15/2011 07/19/2011 07/29/2011 0.07564 0.07564 - - -
06/15/2011 06/17/2011 06/30/2011 0.07816 0.07816 - - -
05/13/2011 05/17/2011 05/31/2011 0.07775 0.07775 - - -
04/15/2011 04/19/2011 04/29/2011 0.07956 0.07956 - - -
03/15/2011 03/17/2011 03/31/2011 0.08020 0.08020 - - -
02/15/2011 02/17/2011 02/28/2011 0.07780 0.07780 - - -
01/14/2011 01/19/2011 01/31/2011 0.07790 0.07790 - - -
12/15/2010 12/17/2010 12/31/2010 0.09783 0.09783 - - -
11/15/2010 11/17/2010 11/30/2010 0.07253 0.07253 - - -
10/15/2010 10/19/2010 10/29/2010 0.07981 0.07981 - - -
09/15/2010 09/17/2010 09/30/2010 0.07776 0.07776 - - -
08/13/2010 08/17/2010 08/31/2010 0.07888 0.07888 - - -
07/15/2010 07/19/2010 07/30/2010 0.07799 0.07799 - - -
06/15/2010 06/17/2010 06/30/2010 0.07641 0.07641 - - -
05/14/2010 05/18/2010 05/28/2010 0.07762 0.07762 - - -
04/15/2010 04/19/2010 04/30/2010 0.07877 0.07877 - - -
03/15/2010 03/17/2010 03/31/2010 0.07700 0.07700 - - -
02/12/2010 02/17/2010 02/26/2010 0.07820 0.07820 - - -
01/15/2010 01/20/2010 01/29/2010 0.08010 0.08010 - - -
12/15/2009 12/17/2009 12/31/2009 0.14329 0.14329 - - -
11/13/2009 11/17/2009 11/30/2009 0.08033 0.08033 - - -
10/15/2009 10/19/2009 10/30/2009 0.08049 0.08049 - - -
09/15/2009 09/17/2009 09/30/2009 0.08050 0.08050 - - -
08/14/2009 08/18/2009 08/31/2009 0.08350 0.08350 - - -
07/15/2009 07/17/2009 07/31/2009 0.08309 0.08309 - - -
06/15/2009 06/17/2009 06/30/2009 0.08151 0.08151 - - -
05/15/2009 05/19/2009 05/29/2009 0.09140 0.09140 - - -
04/15/2009 04/17/2009 04/30/2009 0.08179 0.08179 - - -
03/13/2009 03/17/2009 03/31/2009 0.08897 0.08897 - - -
02/13/2009 02/18/2009 02/27/2009 0.09448 0.09448 - - -
01/15/2009 01/20/2009 01/30/2009 0.10051 0.10051 - - -
12/15/2008 12/17/2008 12/31/2008 0.11707 0.11707 - - -
11/14/2008 11/18/2008 11/28/2008 0.12500 0.12500 - - -
10/15/2008 10/17/2008 10/31/2008 0.07614 0.07614 - - -
09/15/2008 09/17/2008 09/30/2008 0.10080 0.10080 - - -
08/15/2008 08/19/2008 08/29/2008 0.11874 0.11874 - - -
07/15/2008 07/17/2008 07/31/2008 0.11752 0.11752 - - -
06/13/2008 06/17/2008 06/30/2008 0.11767 0.11767 - - -
05/15/2008 05/19/2008 05/30/2008 0.11778 0.11778 - - -
04/15/2008 04/17/2008 04/30/2008 0.11678 0.11678 - - -
03/14/2008 03/18/2008 03/31/2008 0.11780 0.11780 - - -
02/15/2008 02/19/2008 02/29/2008 0.11800 0.11800 - - -

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 0 0 0 1 0 0
09/30/2013 64 0 0 0 0 0 0
06/30/2013 64 0 0 0 0 0 0
Year Ended 2013 252 0 0 0 1 0 0

Fund Inception: 01/31/2008

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.

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

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 focused in a particular industry or sector, such as the financial institutions are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.

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

Preferred securities may be less liquid than many other securities, and in certain circumstances, an issuer of preferred securities may redeem the securities prior to a specified date.

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

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.

Non-investment grade securities may be subject to greater price volatility due to specific corporate developments, interest-rate sensitivity, negative perceptions of the non-investment grade securities market, adverse economic and competitive industry conditions and decreased market liquidity

The S&P U.S. Preferred Stock Index is an unmanaged index consisting of U.S.-listed preferred stocks.

"BofA Merrill Lynch", "The BofA Merrill Lynch Core Fixed Rate Preferred Securities Index" and “The BofA Merrill Lynch Core Plus Fixed Rate Preferred Securities Index” are reprinted with permission. ©Copyright 2012 Merrill Lynch, Pierce, Fenner & Smith Incorporated ("BofA Merrill Lynch"). All rights reserved. "BofA Merrill Lynch", "The BofA Merrill Lynch Core Fixed Rate Preferred Securities Index" " and “The BofA Merrill Lynch Core Plus Fixed Rate Preferred Securities Index” 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 Preferred Portfolio that is based on The BofA Merrill Lynch Core Plus Fixed Rate Preferred Securities Index, 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 Preferred Portfolio. BofA Merrill Lynch and BofA Merrill Lynch's affiliates make no representation, express or implied, regarding the advisability of investing in the PowerShares Preferred Portfolio or The BofA Merrill Lynch Core Plus Fixed Rate Preferred Securities Index and do not guarantee the quality, accuracy or completeness of The BofA Merrill Lynch Core Plus Fixed Rate Preferred Securities Index, 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 Core Fixed Rate Preferred Securities Index, The BofA Merrill Lynch Core Plus Fixed Rate Perferred Securities Index and trade names which are composed by BofA Merrill Lynch without regard to PowerShares, the PowerShares Preferred Portfolio or any investor. BofA Merrill Lynch and BofA Merrill Lynch's affiliates do not provide investment advice to PowerShares or the PowerShares Preferred Portfolio and are not responsible for the performance of the PowerShares Preferred Portfolio.

as of 04/23/2014
4:00 PM EST

PGX

  • Last Trade $14.29
  • Current IIV $14.26
  • Change $0.02
  • % Change 0.14%
as of 04/23/2014
  • NAV at market close $14.27
as of 04/23/2014

Yield

  • SEC 30 Day Yield 6.26%
  • Distribution Yield 6.15%
  • 12 Month Yield 6.26%
  • 30-Day SEC Unsubsidized Yield
    as of 04/17/2014
    N/A
as of 04/23/2014

Closing

  • Closing Price $14.27
  • Bid/Ask Midpoint $14.29
  • Bid/Ask Prem/Disc $0.02
  • Bid/Ask Prem/Disc 0.14%
as of 04/17/2014

Fund Characteristics

  • Effective Duration 6.01 yrs
  • Yield to Maturity 6.54%
  • Yield to Worst 6.38%
  • Weighted Avg Coupon 5.58%

Fund Details

  • Fund Ticker PGX
  • CUSIP # 73936T565
  • ISIN US73936T5653
  • Intraday NAV PGXIV
  • Index Ticker P0P4
  • Index Provider BofA Merrill Lynch
  • Management Fee 0.50%
  • Total Expense Ratio 0.50%
  • Marginable Yes
  • Short Selling Yes
  • Options Yes
  • Exchange NYSE Arca
  • Inception Date 01/31/2008
  • NAIC Designation P3
  • # of Holdings 199
    as of 04/23/2014
as of 04/23/2014

Quick Facts

  • Previous Close $14.27
  • Open $14.28
  • Today's High $14.29
  • Today's Low $14.28
  • Today's Volume 330,897
  • 52 Week High $15.12
  • 52 Week Low $12.76
  • Shares Outstanding 149.45MM
  • Market Value $2,131.9MM