Exchange-Traded Funds (ETFs)

PZA - PowerShares Insured National Municipal Bond Portfolio

Income - Fixed Income

Product Details

The PowerShares Insured National Municipal Bond Portfolio (Fund) is based on The BofA Merrill Lynch National Insured Long-Term Core Plus Municipal Securities Index (Index). The Fund will normally invest at least 80% of its total assets in securities that comprise the Index and generally expects to invest at least 90% of its total assets. The Index is designed to track the performance of US dollar-denominated, investment grade, insured tax-exempt debt publicly issued by US state or territory, including Puerto Rico, or their political subdivisions, in the US domestic market. The Index is adjusted monthly and its constituents are capitalization-weighted based on their current amount outstanding. 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 National Insured Long-Term Core Plus Municipal Securities Index 4.68 1.02 7.91 N/A N/A N/A
Barclays Municipal Insured Long 20 Year Index 3.61 0.13 7.52 6.74 N/A 5.23
Fund History (%)
Fund NAV 4.93 -1.63 6.96 6.50 N/A 4.01
After Tax Held 4.42 -2.11 6.78 6.38 N/A 3.92
After Tax Sold 2.79 0.35 6.25 6.02 N/A 4.02
Fund Market Price 6.18 -0.94 7.24 6.62 N/A 3.96

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.

BofA Merrill Lynch National Insured Long-Term Core Plus Municipal Securities Index* performance prior to 5/29/2009 reflects that of the original Underlying Index The BofA Merrill Lynch National Insured Long-Term Core Municipal Securities Index. From 5/29/2009, forward, the Index performance reflects that of the Underlying Index BofA Merrill Lynch National Insured Long-Term Core Plus Municipal 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.

Quality Allocations as of 04/17/2014

S&P Moody's
AAA : 1% Aaa : 0%
AA : 95% Aa : 23%
A : 2% A : 68%
BBB : 0% Baa : 0%
Not Rated : 2% Not Rated : 9%

as of 04/17/2014 Maturity

Years % of Fund
0 - 1 years 0.00
1 - 5 years 0.00
5 - 10 years 0.00
10 - 15 years 2.39
15 - 20 years 20.53
20 - 25 years 52.57
25 years and over 24.51

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
Commonwealth of Govt Dev Bk 5.00% 07/01/2035 07/01/2022 AA/A2 5.71%
City of Chicago IL Wastewater Transmission Revenue 5.00% 01/01/2037 01/01/2022 AA/A2 4.45%
County of Miami-Dade FL Water & Sewer System Revenue 5.00% 10/01/2029 10/01/2020 AA/Aa3 3.88%
North Texas Tollway Authority 5.75% 01/01/2038 01/01/2019 AA/A2 3.08%
New Jersey Transportation Trust Fund Authority 5.50% 12/15/2038 12/15/2018 AA/A1 2.99%
Pittsburg Unified School District 5.50% 09/01/2046 09/01/2021 AA/Aa3 2.24%
Guam Power Authority 5.00% 10/01/2030 10/01/2022 AA/A2 1.88%
New Jersey Health Care Facilities Financing Authority 5.50% 07/01/2038 07/01/2019 AA/NR 1.88%
Colorado Health Facilities Authority 5.10% 10/01/2041 04/29/2018 AA/A1 1.85%
City of Atlanta GA Water & Wastewater Revenue 5.25% 11/01/2034 11/01/2019 AA/Aa3 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 0.08587 0.08587 - - -
03/14/2014 03/18/2014 03/31/2014 0.08876 0.08876 - - -
02/14/2014 02/19/2014 02/28/2014 0.08816 0.08816 - - -
01/15/2014 01/17/2014 01/31/2014 0.08750 0.08750 - - -
12/13/2013 12/17/2013 12/31/2013 0.08600 0.08600 - - -
11/15/2013 11/19/2013 11/29/2013 0.08750 0.08750 - - -
10/15/2013 10/17/2013 10/31/2013 0.08159 0.08159 - - -
09/13/2013 09/17/2013 09/30/2013 0.08051 0.08051 - - -
08/15/2013 08/19/2013 08/30/2013 0.08228 0.08228 - - -
07/15/2013 07/17/2013 07/31/2013 0.08410 0.08410 - - -
06/14/2013 06/18/2013 06/28/2013 0.07931 0.07931 - - -
05/15/2013 05/17/2013 05/31/2013 0.07826 0.07826 - - -
04/15/2013 04/17/2013 04/30/2013 0.07827 0.07827 - - -
03/15/2013 03/19/2013 03/28/2013 0.07840 0.07840 - - -
02/15/2013 02/20/2013 02/28/2013 0.08010 0.08010 - - -
01/15/2013 01/17/2013 01/31/2013 0.08414 0.08414 - - -
12/14/2012 12/18/2012 12/31/2012 0.08356 0.08356 - - -
11/15/2012 11/19/2012 11/30/2012 0.08947 0.08947 - - -
10/15/2012 10/17/2012 10/31/2012 0.08107 0.08107 - - -
09/14/2012 09/18/2012 09/28/2012 0.08210 0.08210 - - -
08/15/2012 08/17/2012 08/31/2012 0.08469 0.08469 - - -
07/13/2012 07/17/2012 07/31/2012 0.08960 0.08960 - - -
06/15/2012 06/19/2012 06/29/2012 0.08952 0.08952 - - -
05/15/2012 05/17/2012 05/31/2012 0.09072 0.09072 - - -
04/13/2012 04/17/2012 04/30/2012 0.09147 0.09147 - - -
03/15/2012 03/19/2012 03/30/2012 0.09164 0.09164 - - -
02/15/2012 02/17/2012 02/29/2012 0.09169 0.09169 - - -
01/13/2012 01/18/2012 01/31/2012 0.09183 0.09183 - - -
12/15/2011 12/19/2011 12/30/2011 0.08700 0.08700 - - -
11/15/2011 11/17/2011 11/30/2011 0.08666 0.08666 - - -
10/14/2011 10/18/2011 10/31/2011 0.08625 0.08625 - - -
09/15/2011 09/19/2011 09/30/2011 0.08998 0.08998 - - -
08/15/2011 08/17/2011 08/31/2011 0.09244 0.09244 - - -
07/15/2011 07/19/2011 07/29/2011 0.09204 0.09204 - - -
06/15/2011 06/17/2011 06/30/2011 0.09263 0.09263 - - -
05/13/2011 05/17/2011 05/31/2011 0.09352 0.09352 - - -
04/15/2011 04/19/2011 04/29/2011 0.09267 0.09267 - - -
03/15/2011 03/17/2011 03/31/2011 0.09363 0.09363 - - -
02/15/2011 02/17/2011 02/28/2011 0.09389 0.09389 - - -
01/14/2011 01/19/2011 01/31/2011 0.09546 0.09546 - - -
12/15/2010 12/17/2010 12/31/2010 0.10822 0.10822 - - -
11/15/2010 11/17/2010 11/30/2010 0.08212 0.08212 - - -
10/15/2010 10/19/2010 10/29/2010 0.08372 0.08372 - - -
09/15/2010 09/17/2010 09/30/2010 0.08672 0.08672 - - -
08/13/2010 08/17/2010 08/31/2010 0.08768 0.08768 - - -
07/15/2010 07/19/2010 07/30/2010 0.08954 0.08954 - - -
06/15/2010 06/17/2010 06/30/2010 0.09168 0.09168 - - -
05/14/2010 05/18/2010 05/28/2010 0.09421 0.09421 - - -
04/15/2010 04/19/2010 04/30/2010 0.09366 0.09366 - - -
03/15/2010 03/17/2010 03/31/2010 0.09830 0.09830 - - -
02/12/2010 02/17/2010 02/26/2010 0.09326 0.09326 - - -
01/15/2010 01/20/2010 01/29/2010 0.09446 0.09446 - - -
12/15/2009 12/17/2009 12/31/2009 0.09542 0.09542 - - -
11/13/2009 11/17/2009 11/30/2009 0.09562 0.09562 - - -
10/15/2009 10/19/2009 10/30/2009 0.09584 0.09584 - - -
09/15/2009 09/17/2009 09/30/2009 0.09699 0.09699 - - -
08/14/2009 08/18/2009 08/31/2009 0.09945 0.09945 - - -
07/15/2009 07/17/2009 07/31/2009 0.09174 0.09174 - - -
06/15/2009 06/17/2009 06/30/2009 0.09161 0.09161 - - -
05/15/2009 05/19/2009 05/29/2009 0.08733 0.08733 - - -
04/15/2009 04/17/2009 04/30/2009 0.09154 0.09154 - - -
03/13/2009 03/17/2009 03/31/2009 0.08938 0.08938 - - -
02/13/2009 02/18/2009 02/27/2009 0.09332 0.09332 - - -
01/15/2009 01/20/2009 01/30/2009 0.08311 0.08311 - - -
12/15/2008 12/17/2008 12/31/2008 0.10182 0.10182 - - -
11/14/2008 11/18/2008 11/28/2008 0.08954 0.08954 - - -
10/15/2008 10/17/2008 10/31/2008 0.08782 0.08782 - - -
09/15/2008 09/17/2008 09/30/2008 0.09256 0.09256 - - -
08/15/2008 08/19/2008 08/29/2008 0.08989 0.08989 - - -
07/15/2008 07/17/2008 07/31/2008 0.09041 0.09041 - - -
06/13/2008 06/17/2008 06/30/2008 0.08564 0.08564 - - -
05/15/2008 05/19/2008 05/30/2008 0.08252 0.08252 - - -
04/15/2008 04/17/2008 04/30/2008 0.08379 0.08379 - - -
03/14/2008 03/18/2008 03/31/2008 0.08496 0.08496 - - -
02/15/2008 02/19/2008 02/29/2008 0.09416 0.09416 - - -
01/15/2008 01/17/2008 01/31/2008 0.08993 0.08993 - - -
12/14/2007 12/18/2007 12/31/2007 0.14259 0.14259 - - -
11/15/2007 11/19/2007 11/30/2007 0.09216 0.09216 - - -

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 14 0 0 2 0 0
12/31/2013 64 0 0 0 19 0 0
09/30/2013 64 0 0 0 42 12 1
06/30/2013 64 0 0 0 1 5 3
Year Ended 2013 252 0 0 0 62 17 4

Fund Inception: 10/11/2007

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.

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.

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

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.

Puerto Rico's current economic problems increase the risk of investing in Puerto Rican municipal obligations, including the risk of potential issuer default, and also heighten the risk that the prices of Puerto Rican municipal obligations, and the Fund's net asset value, will experience greater volatility. Please see the prospectus supplement for complete information.

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  Muni Insured Long 20 Year Index is an unmanaged index of insured municipal securities.

"BofA Merrill Lynch" and "The BofA Merrill Lynch National Insured Long-Term Core Plus Municipal Securities IndexSM" are reprinted with permission. ©Copyright 2010 Merrill Lynch, Pierce, Fenner & Smith Incorporated ("BofA Merrill Lynch"). All rights reserved. "BofA Merrill Lynch" and "The BofA Merrill Lynch National Insured Long-Term Core Plus Municipal Securities 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 Insured National Municipal Bond Portfolio that is based on The BofA Merrill Lynch National Insured Long-Term Core Plus Municipal Securities 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 Insured National Municipal 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 Insured National Municipal Bond Portfolio or The BofA Merrill Lynch National Insured Long-Term Core Plus Municipal Securities Index SM and do not guarantee the quality, accuracy or completeness of The BofA Merrill Lynch National Insured Long-Term Core Plus Municipal Securities 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 National Insured Long-Term Core Plus Municipal Securities IndexSM and trade names that are composed by BofA Merrill Lynch without regard to PowerShares, the PowerShares Insured National Municipal Bond Portfolio or any investor. BofA Merrill Lynch and BofA Merrill Lynch's affiliates do not provide investment advice to PowerShares or the PowerShares Insured National Municipal Bond Portfolio and are not responsible for the performance of the PowerShares Insured National Municipal Bond Portfolio.

as of 04/17/2014
3:59 PM EST

PZA

  • Last Trade $24.20
  • Current IIV $23.98
  • Change -$0.05
  • % Change -0.21%
as of 04/17/2014
  • NAV at market close $24.15
as of 04/17/2014

Yield

  • SEC 30 Day Yield 3.53%
  • Distribution Yield 4.27%
  • 12 Month Yield 4.18%
as of 04/17/2014

Closing

  • Closing Price $24.25
  • Bid/Ask Midpoint $24.19
  • Bid/Ask Prem/Disc $0.04
  • Bid/Ask Prem/Disc 0.17%
as of 04/11/2014

Fund Characteristics

  • Effective Duration 8.18 yrs
  • Yield to Maturity 4.60%
  • Yield to Worst 3.69%
  • Years to Maturity 22.78
  • Weighted Avg Coupon 5.07%
  • Weighted Avg Price
    as of 04/17/2014
    106.15

Fund Details

  • Fund Ticker PZA
  • CUSIP # 73936T474
  • ISIN US73936T4748
  • Intraday NAV PZAIV
  • Index Ticker UPCM
  • Index Provider BofA Merrill Lynch
  • Management Fee 0.28%
  • Total Expense Ratio 0.28%
  • Marginable Yes
  • Short Selling Yes
  • Options Yes
  • Exchange NYSE Arca
  • Inception Date 10/11/2007
  • # of Holdings 167
    as of 04/17/2014
as of 04/17/2014

Quick Facts

  • Previous Close $24.25
  • Open $24.25
  • Today's High $24.25
  • Today's Low $24.18
  • Today's Volume 121,358
  • 52 Week High $25.84
  • 52 Week Low $22.35
  • Shares Outstanding 25.05MM
  • Market Value $604.9MM