Exchange-Traded Funds (ETFs)

PVI - PowerShares VRDO Tax-Free Weekly Portfolio

Income - 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 03/31/2014 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 (%)
Bloomberg US Municipal AMT-Free Weekly VRDO Index 0.01 0.09 0.17 N/A N/A N/A
Barclays Municipal 1 Year Index 0.24 0.76 0.98 1.34 2.21 2.12
Fund History (%)
Fund NAV -0.04 -0.02 0.17 0.35 N/A 0.93
After Tax Held -0.04 -0.02 0.17 0.35 N/A 0.92
After Tax Sold -0.02 -0.01 0.18 0.35 N/A 0.93
Fund Market Price -0.04 0.10 0.17 0.34 N/A 0.92

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.

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 04/17/2014

S&P Moody's
AAA : 22% Aaa : 7%
AA : 37% Aa : 47%
A : 32% A : 24%
BBB : 0% Baa : 8%
Not Rated : 9% Not Rated : 15%

as of 04/17/2014 Maturity

Years % of Fund
0 - 1 years 0.00
1 - 5 years 7.80
5 - 10 years 18.16
10 - 15 years 31.14
15 - 20 years 22.74
20 - 25 years 20.15
25 years and over 0.00

as of 04/17/2014Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date Next Call Date S&P / Moody's Rating† Weight
Florida Department of Environmental Protection 0.20% 07/01/2027 04/16/2014 AA/A1 6.88%
Delaware Valley Regional Finance Authority 0.33% 12/01/2020 05/01/2014 A+/Baa1 6.81%
Public Building Authority of Sevier County TN/The 0.09% 06/01/2026 04/16/2014 NR/Aa1 5.99%
City of Colorado Springs CO Utilities System Revenue 0.28% 11/01/2036 04/16/2014 AA/Aa2 5.97%
Abag Finance Authority for Nonprofit Corps 0.12% 08/01/2024 04/16/2014 AAA/Aa2 5.72%
Triborough Bridge & Tunnel Authority 0.25% 01/01/2019 04/16/2014 AA/A2 5.21%
JEA Electric System Revenue 0.08% 10/01/2034 04/16/2014 AA-/Aa2 4.95%
California Statewide Communities Development Authority 0.08% 05/01/2033 04/16/2014 A+/NR 4.77%
Health & Educational Facilities Authority of the State of Mi 0.14% 06/01/2033 04/16/2014 A+/WR 4.77%
Southern California Public Power Authority 0.13% 07/01/2023 05/07/2014 AA/Aa3 4.77%

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 0.00010 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%
03/31/2014 61 0 0 0 0 0 0
12/31/2013 64 0 0 0 0 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 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.


 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'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.

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

The Fund's use of a representative sampling approach will result in its holding a smaller number of securities than are in the underlying Index, and may be subject to greater volatility.

Municipal insurance doesn't protect against losses in the fund.

Municipal securities may be affected by political changes as well as uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders. The market for municipal bonds may also be less liquid than for taxable bonds.

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.

There may not be an active secondary market with respect to particular variable rate instruments in which the Fund invests, which could make it difficult for the Fund to dispose of a variable rate instrument if the issuer and/or the Remarketing Agent defaulted on its payment obligation or during periods that the Fund is not entitled to exercise its demand rights, and the Fund could, for these or other reasons, suffer a loss with respect to such instruments.

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 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 04/17/2014
3:28 PM EST

PVI

  • Last Trade $24.97
  • Current IIV $24.98
  • Change $0.00
  • % Change 0.00%
as of 04/17/2014
  • NAV at market close $24.98
as of 04/17/2014

Yield

  • SEC 30 Day Yield -0.10%
  • Distribution Yield 0.00%
  • 12 Month Yield 0.02%
as of 04/17/2014

Closing

  • Closing Price $24.97
  • Bid/Ask Midpoint $24.98
  • Bid/Ask Prem/Disc -
  • Bid/Ask Prem/Disc -
as of 04/11/2014

Fund Characteristics

  • Effective Duration 7-Day Reset
  • Yield to Maturity 0.16%
  • Yield to Worst 0.16%
  • Years to Maturity 14.05
  • Weighted Avg Coupon 0.16%
  • Weighted Avg Price
    as of 04/16/2014
    100.00

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 31
    as of 04/17/2014
as of 04/17/2014

Quick Facts

  • Previous Close $24.97
  • Open $24.97
  • Today's High $24.98
  • Today's Low $24.97
  • Today's Volume 43,406
  • 52 Week High $25.02
  • 52 Week Low $24.90
  • Shares Outstanding 6.15MM
  • Market Value $153.6MM