PowerShares ETFs

PVI - PowerShares VRDO Tax-Free Weekly Portfolio

Fixed Income - US Fixed Income

Product Details

The PowerShares VRDO Tax-Free Weekly Portfolio (Fund) is based on the Bloomberg US Municipal AMT-Free Weekly VRDO Index (Index). The Fund generally will invest at least 80% of its total assets in variable rate demand obligation (VRDO) bonds that are exempt from federal income tax with interest rates that reset weekly, which comprise the Underlying Index. The Index is comprised of municipal securities issued in the primary market as VRDOs.

VRDOs are floating-rate bonds that provide investors with tax-exempt income. VRDOs are generally purchased at par. When they are put back to an investment dealer, the investor generally receives par plus accrued interest. The Fund and the Index are rebalanced and reconstituted monthly.

as of 03/31/2015 03/31/2015

Performance


   
as of 03/31/2015 03/31/2015
  YTD 1 Year 3 Year 5 Year 10 Year Fund Inception
Index History (%)
Bloomberg US Municipal AMT-Free Weekly VRDO Index 0.00 0.05 0.11 N/A N/A N/A
Barclays Municipal 1 Year Index 0.23 0.57 0.71 0.98 2.22 1.90
Fund History (%)
Fund NAV -0.04 -0.12 -0.03 0.16 N/A 0.78
After Tax Held -0.04 -0.12 -0.03 0.16 N/A 0.78
After Tax Sold -0.02 -0.07 -0.01 0.17 N/A 0.79
Fund Market Price -0.04 -0.12 -0.03 0.16 N/A 0.78

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.


as of 03/31/2015

Growth of $10,000

Data beginning Fund inception and ending 03/31/2015. Fund performance shown at NAV.

Bloomberg US Municipal AMT-Free Weekly VRDO Index* performance prior to 8/5/2010 reflects that of the original Underlying Index Thomson Municipal Market Data VRDO Index. From 8/5/2010, forward, the Index performance reflects that of the Underlying Index Bloomberg US Municipal AMT-Free Weekly VRDO 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.

Quality Allocations as of 05/01/2015

S&P Moody's
AAA : 15% Aaa : 6%
AA : 22% Aa : 33%
A : 6% A : 13%
Not Rated : 12% Not Rated : 3%

as of 05/01/2015 Maturity

Years % of Fund
0 - 1 years 7.47
1 - 5 years 6.06
5 - 10 years 9.42
10 - 15 years 36.66
15 - 20 years 28.48
20 - 25 years 7.75
25 years and over 4.14

as of 05/01/2015Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date Next Call Date S&P / Moody's Rating† Weight
Public Building Authority of Sevier County TN/The 0.11% 06/01/2026 04/30/2015 NR/Aa1 8.80%
University of Michigan 0.14% 04/01/2032 04/30/2015 AAA/Aaa 6.50%
Abag Finance Authority for Nonprofit Corps 0.13% 08/01/2024 N/A NR/NR 5.42%
County of Emery UT 0.10% 07/01/2015 N/A NR/NR 5.42%
County of Luzerne PA 0.70% 11/15/2026 04/30/2015 AA/A2 5.42%
Maryland Health & Higher Educational Facilities Authority 0.12% 07/01/2034 04/30/2015 AA-/Aa3 5.42%
Orange County School Board 0.14% 08/01/2025 04/30/2015 A/Aa2 4.98%
Waco Educational Finance Corp 0.10% 02/01/2032 N/A NR/NR 4.98%
Florida Department of Environmental Protection 0.19% 07/01/2027 N/A NR/NR 4.91%
City of Jacksonville FL 0.12% 10/01/2032 04/30/2015 AA-/A1 4.33%

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
04/15/2015 04/17/2015 04/30/2015 0.00005 - - - 0.00005
03/13/2015 03/17/2015 03/31/2015 0.00005 - - - 0.00005
02/13/2015 02/18/2015 02/27/2015 0.00005 - - - 0.00005
01/15/2015 01/20/2015 01/30/2015 0.00005 - - - 0.00005
12/15/2014 12/17/2014 12/31/2014 0.00005 - - - 0.00005
11/14/2014 11/18/2014 11/28/2014 0.00005 - - - 0.00005
10/15/2014 10/17/2014 10/31/2014 0.00010 - - - 0.00010
09/15/2014 09/17/2014 09/30/2014 0.00010 - - - 0.00010
08/15/2014 08/19/2014 08/29/2014 0.00010 - - - 0.00010
07/15/2014 07/17/2014 07/31/2014 0.00010 - - - 0.00010
06/13/2014 06/17/2014 06/30/2014 0.00010 - - - 0.00010
05/15/2014 05/19/2014 05/30/2014 0.00010 - - - 0.00010
04/15/2014 04/17/2014 04/30/2014 0.00010 - - - 0.00010
03/14/2014 03/18/2014 03/31/2014 0.00010 - - - 0.00010
02/14/2014 02/19/2014 02/28/2014 0.00010 - - - 0.00010
01/15/2014 01/17/2014 01/31/2014 0.00010 - - - 0.00010
12/13/2013 12/17/2013 12/31/2013 0.00010 0.00010 - - -
11/15/2013 11/19/2013 11/29/2013 0.00010 0.00010 - - -
10/15/2013 10/17/2013 10/31/2013 0.00010 0.00010 - - -
09/13/2013 09/17/2013 09/30/2013 0.00010 0.00010 - - -
08/15/2013 08/19/2013 08/30/2013 0.00012 0.00012 - - -
07/15/2013 07/17/2013 07/31/2013 0.00054 0.00054 - - -
06/14/2013 06/18/2013 06/28/2013 0.00066 0.00066 - - -
05/15/2013 05/17/2013 05/31/2013 0.00265 0.00265 - - -
04/15/2013 04/17/2013 04/30/2013 0.00042 0.00042 - - -
03/15/2013 03/19/2013 03/28/2013 0.00068 0.00068 - - -
02/15/2013 02/20/2013 02/28/2013 0.00066 0.00066 - - -
01/15/2013 01/17/2013 01/31/2013 0.00052 0.00052 - - -
12/14/2012 12/18/2012 12/31/2012 0.00114 0.00114 - - -
11/15/2012 11/19/2012 11/30/2012 0.00203 0.00203 - - -
10/15/2012 10/17/2012 10/31/2012 0.00050 0.00050 - - -
09/14/2012 09/18/2012 09/28/2012 0.00180 0.00180 - - -
08/15/2012 08/17/2012 08/31/2012 0.00219 0.00219 - - -
07/13/2012 07/17/2012 07/31/2012 0.00333 0.00333 - - -
06/15/2012 06/19/2012 06/29/2012 0.00332 0.00332 - - -
05/15/2012 05/17/2012 05/31/2012 0.00589 0.00589 - - -
04/13/2012 04/17/2012 04/30/2012 0.00380 0.00380 - - -
03/15/2012 03/19/2012 03/30/2012 0.00317 0.00317 - - -
02/15/2012 02/17/2012 02/29/2012 0.00443 0.00443 - - -
01/13/2012 01/18/2012 01/31/2012 0.00984 0.00984 - - -
12/15/2011 12/19/2011 12/30/2011 0.00921 0.00921 - - -
11/15/2011 11/17/2011 11/30/2011 0.00887 0.00887 - - -
10/14/2011 10/18/2011 10/31/2011 0.00999 0.00999 - - -
09/15/2011 09/19/2011 09/30/2011 0.01607 0.01607 - - -
08/15/2011 08/17/2011 08/31/2011 0.01778 0.01778 - - -
07/15/2011 07/19/2011 07/29/2011 0.02048 0.02048 - - -
06/15/2011 06/17/2011 06/30/2011 0.00603 0.00603 - - -
05/13/2011 05/17/2011 05/31/2011 0.00840 0.00840 - - -
04/15/2011 04/19/2011 04/29/2011 0.00448 0.00448 - - -
03/15/2011 03/17/2011 03/31/2011 0.00462 0.00462 - - -
02/15/2011 02/17/2011 02/28/2011 0.00985 0.00985 - - -
01/14/2011 01/19/2011 01/31/2011 0.01532 0.01532 - - -
12/15/2010 12/17/2010 12/31/2010 0.01190 0.01190 - - -
11/15/2010 11/17/2010 11/30/2010 0.01222 0.01222 - - -
10/15/2010 10/19/2010 10/29/2010 0.00869 0.00869 - - -
09/15/2010 09/17/2010 09/30/2010 0.00806 0.00806 - - -
08/13/2010 08/17/2010 08/31/2010 0.00831 0.00831 - - -
07/15/2010 07/19/2010 07/30/2010 0.00731 0.00731 - - -
06/15/2010 06/17/2010 06/30/2010 0.00750 0.00750 - - -
05/14/2010 05/18/2010 05/28/2010 0.00525 0.00525 - - -
04/15/2010 04/19/2010 04/30/2010 0.00427 0.00427 - - -
03/15/2010 03/17/2010 03/31/2010 0.00258 0.00258 - - -
02/12/2010 02/17/2010 02/26/2010 0.00222 0.00222 - - -
01/15/2010 01/20/2010 01/29/2010 0.00300 0.00300 - - -
12/15/2009 12/17/2009 12/31/2009 0.00751 0.00751 - - -
11/13/2009 11/17/2009 11/30/2009 0.01100 0.01100 - - -
10/15/2009 10/19/2009 10/30/2009 0.01610 0.01610 - - -
09/15/2009 09/17/2009 09/30/2009 0.01724 0.01724 - - -
08/14/2009 08/18/2009 08/31/2009 0.02639 0.02639 - - -
07/15/2009 07/17/2009 07/31/2009 0.02656 0.02656 - - -
06/15/2009 06/17/2009 06/30/2009 0.03049 0.03049 - - -
05/15/2009 05/19/2009 05/29/2009 0.03597 0.03597 - - -
04/15/2009 04/17/2009 04/30/2009 0.03794 0.03794 - - -
03/13/2009 03/17/2009 03/31/2009 0.03410 0.03410 - - -
02/13/2009 02/18/2009 02/27/2009 0.03497 0.03497 - - -
01/15/2009 01/20/2009 01/30/2009 0.02957 0.02957 - - -
12/15/2008 12/17/2008 12/31/2008 0.05179 0.05179 - - -
11/14/2008 11/18/2008 11/28/2008 0.07993 0.07993 - - -
10/15/2008 10/17/2008 10/31/2008 0.12146 0.12146 - - -
09/15/2008 09/17/2008 09/30/2008 0.05858 0.05858 - - -
08/15/2008 08/19/2008 08/29/2008 0.07486 0.07486 - - -
07/15/2008 07/17/2008 07/31/2008 0.06825 0.06825 - - -
06/13/2008 06/17/2008 06/30/2008 0.05456 0.05456 - - -
05/15/2008 05/19/2008 05/30/2008 0.06155 0.06155 - - -
04/15/2008 04/17/2008 04/30/2008 0.06355 0.06355 - - -
03/14/2008 03/18/2008 03/31/2008 0.09018 0.09018 - - -
02/15/2008 02/19/2008 02/29/2008 0.06523 0.06523 - - -
01/15/2008 01/17/2008 01/31/2008 0.05742 0.05742 - - -
12/14/2007 12/18/2007 12/31/2007 0.10340 0.10340 - - -

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%
03/31/2015 61 0 0 0 0 0 0
12/31/2014 64 0 0 0 0 0 0
09/30/2014 64 0 0 0 0 0 0
06/30/2014 63 0 0 0 0 0 0
Year Ended 2014 252 0 0 0 0 0 0

Fund Inception: 11/15/2007

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.


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 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.

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 subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the Fund.

Fixed-income investments are subject to credit risk of the issuer and the effects of changing interest rates. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa. An issuer may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer's credit rating. Due to anticipated Federal Reserve Board policy changes, there is a risk that interest rates will rise in the near future.

Municipal securities are subject to the risk that legislative or economic conditions could affect an issuer's ability to make payments of principal and/ or interest. Municipal insurance doesn't protest against losses in the Fund.

There is no guarantee that the Fund's income will be exempt from federal and state income taxes.

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 are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.

The Barclays Municipal 1 Year Index is an unmanaged index of municipal bonds with a remaining maturity of 1-2 years. The Thomson Municipal Market Data VRDO Index is designed to track the performance of a pool of tax-exempt Variable Rate Demand Obligations (VRDOs) issued by municipalities in the United States on which the yields generally reset on a weekly basis.

The Bloomberg US Municipal AMT-Free Weekly VRDO Index is a trademark and service mark of Bloomberg and has been licensed for use by the Adviser. Bloomberg is not affiliated with the Adviser or the PowerShares VRDO Tax-Free Weekly Portfolio. Bloomberg does not: (i) approve, endorse, review or recommend the Adviser or the PowerShares VRDO Tax-Free Weekly Portfolio, (ii) guarantee the correctness or completeness of the Bloomberg US Municipal AMT-Free Weekly VRDO Index or other information furnished in connection with the Bloomberg US Municipal AMT-Free Weekly VRDO Index, (iii) warrant, expressly or impliedly, the results to be obtained by the Adviser, the Adviser's customers, owners of the PowerShares VRDO Tax-Free Weekly Portfolio, or any other person or entity from the use of the Bloomberg US Municipal AMT-Free Weekly VRDO Index or any data included therein.

as of 05/01/2015
3:58 PM EST

PVI
Intraday Stats

  • Last Trade $24.94
  • Current IIV $24.95
  • Change $0.00
  • % Change 0.00%
as of 05/01/2015
  • NAV at market close $24.95
as of 05/01/2015

Fund Yield

  • SEC 30 Day Yield -0.12%
  • Distribution Yield 0.00%
  • 12 Month Yield 0.00%
  • 30-Day SEC Unsubsidized Yield
    as of 04/30/2015
    N/A
as of 05/01/2015

Prior Close

  • Closing Price $24.94
  • Bid/Ask Midpoint $24.95
  • Bid/Ask Prem/Disc -
  • Bid/Ask Prem/Disc -
as of 04/24/2015

Fund Characteristics

  • Effective Duration 7-Day Reset
  • Yield to Maturity 0.15%
  • Yield to Worst 0.15%
  • Years to Maturity 13.50
  • Weighted Avg Coupon 0.15%
  • Weighted Avg Price
    as of 05/01/2015
    100.00
As of June 14, 2013 the source of the calculation for these fund characteristics was changed from Bloomberg to Aladdin (BRS).

Fund Details

  • Fund Ticker PVI
  • CUSIP # 73936T433
  • ISIN US73936T4334
  • Intraday NAV PVIIV
  • Index Ticker BBUSVWFT
  • Index Provider Bloomberg
  • Management Fee 0.25%
  • Total Expense Ratio 0.25%
  • Marginable Yes
  • Short Selling Yes
  • Options No
  • Exchange NYSE Arca
  • Inception Date 11/15/2007
  • # of Holdings 27
    as of 05/01/2015
as of 05/01/2015

Quick Facts

  • Previous Close $24.94
  • Open $24.95
  • Today's High $24.95
  • Today's Low $24.94
  • Today's Volume 4,000
  • 52 Week High $25.00
  • 52 Week Low $24.83
  • Shares Outstanding 3.70MM
  • Market Value $92.3MM