PowerShares ETFs

BAB - PowerShares Build America Bond Portfolio

Fixed Income - US Fixed Income

Product Details

The PowerShares Build America Bond Portfolio (Fund) is based on The BofA Merrill Lynch Build America Bond Index (Index). The Fund will normally invest at least 80% of its total assets in the securities that comprise the Index. The Index is designed to track the performance of US dollar-denominated Build America Bonds publicly issued by US states and territories, and their political subdivisions, in the US market. The Fund and the Index are rebalanced and reconstituted monthly.

as of 08/31/2016 06/30/2016

Performance

  YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Index History (%)
The BofA Merrill Lynch Build America Bond Index 9.98 13.01 9.09 9.25 N/A 8.93
The BofA Merrill Lynch U.S. Corporate Master Index 7.56 7.38 5.41 5.40 6.17 5.94
Barclays U.S. Aggregate Index 5.31 6.00 4.06 3.76 5.13 4.09
The BofA Merrill Lynch Build America Bond Index 11.40 13.25 10.17 8.13 N/A 8.91
The BofA Merrill Lynch U.S. Corporate Master Index 9.42 9.38 5.99 5.26 6.00 6.05
Barclays U.S. Aggregate Index 5.86 5.97 4.37 3.24 4.89 4.06
Fund History (%)
Fund NAV 9.94 12.88 8.46 8.77 N/A 8.83
After Tax Held 8.91 10.70 6.27 6.66 N/A 6.74
After Tax Sold 5.60 7.19 5.45 5.87 N/A 6.00
Fund Market Price 11.22 14.72 8.73 9.02 N/A 8.86
Fund NAV 11.64 13.65 9.69 7.81 N/A 8.85
After Tax Held 10.29 11.52 7.50 5.73 N/A 6.76
After Tax Sold 6.55 7.64 6.42 5.10 N/A 6.02
Fund Market Price 12.29 14.11 10.01 7.93 N/A 8.78

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 06/30/2016

Growth of $10,000

Data beginning Fund inception and ending 06/30/2016. Fund performance shown at NAV.

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 09/29/2016

S&P Moody's
AAA : 14% Aaa : 9%
AA : 58% Aa : 55%
A : 14% A : 23%
BBB : 5% Baa : 7%
BB : 0% Ba : 1%
B : 1% B : 1%
Not Rated : 8% Not Rated : 4%

Cash is excluded from the credit rating quality allocations table.

as of 09/29/2016 Maturity

Years % of Fund
0 - 1 years 0.01
1 - 5 years 3.10
5 - 10 years 7.74
10 - 15 years 16.09
15 - 20 years 17.64
20 - 25 years 35.79
25 years and over 19.63

as of 09/29/2016Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date Next Call Date S&P / Moody's Rating† Weight
State of California 7.60% 11/01/2040 N/A AA-/Aa3 4.56%
State of California 7.95% 03/01/2036 03/01/2020 AA-/Aa3 2.65%
State of California 7.50% 04/01/2034 N/A AA-/Aa3 2.58%
State of California 7.55% 04/01/2039 N/A AA-/Aa3 2.45%
Metropolitan Transportation Authority 6.81% 11/15/2040 N/A AA-/A1 1.76%
State of California 6.51% 04/01/2039 10/01/2021 AA-/Aa3 1.73%
State of Utah 3.54% 07/01/2025 N/A AAA/Aaa 1.64%
State of Illinois 5.56% 02/01/2021 N/A BBB+/Baa2 1.57%
Texas Transportation Commission State Highway Fund 5.18% 04/01/2030 N/A AAA/Aaa 1.44%
University of California 5.95% 05/15/2045 N/A AA-/Aa3 1.40%

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
09/15/2016 09/19/2016 09/30/2016 0.09597 0.09597 - - -
08/15/2016 08/17/2016 08/31/2016 0.10000 0.10000 - - -
07/15/2016 07/19/2016 07/29/2016 0.10343 0.10343 - - -
06/15/2016 06/17/2016 06/30/2016 0.10601 0.10601 - - -
05/13/2016 05/17/2016 05/31/2016 0.10652 0.10652 - - -
04/15/2016 04/19/2016 04/29/2016 0.10789 0.10789 - - -
03/15/2016 03/17/2016 03/31/2016 0.10888 0.10888 - - -
02/12/2016 02/17/2016 02/29/2016 0.10914 0.10914 - - -
01/15/2016 01/20/2016 01/29/2016 0.11499 0.11499 - - -
12/15/2015 12/17/2015 12/31/2015 0.11391 0.11391 - - -
11/13/2015 11/17/2015 11/30/2015 0.11434 0.11434 - - -
10/15/2015 10/19/2015 10/30/2015 0.10906 0.10906 - - -
09/15/2015 09/17/2015 09/30/2015 0.10910 0.10910 - - -
08/14/2015 08/18/2015 08/31/2015 0.11498 0.11498 - - -
07/15/2015 07/17/2015 07/31/2015 0.11512 0.11512 - - -
06/15/2015 06/17/2015 06/30/2015 0.11495 0.11495 - - -
05/15/2015 05/19/2015 05/29/2015 0.11446 0.11446 - - -
04/15/2015 04/17/2015 04/30/2015 0.11481 0.11481 - - -
03/13/2015 03/17/2015 03/31/2015 0.11510 0.11510 - - -
02/13/2015 02/18/2015 02/27/2015 0.11301 0.11301 - - -
01/15/2015 01/20/2015 01/30/2015 0.11608 0.11608 - - -
12/15/2014 12/17/2014 12/31/2014 0.11634 0.11634 - - -
11/14/2014 11/18/2014 11/28/2014 0.11675 0.11675 - - -
10/15/2014 10/17/2014 10/31/2014 0.11279 0.11279 - - -
09/15/2014 09/17/2014 09/30/2014 0.11216 0.11216 - - -
08/15/2014 08/19/2014 08/29/2014 0.11526 0.11526 - - -
07/15/2014 07/17/2014 07/31/2014 0.11669 0.11669 - - -
06/13/2014 06/17/2014 06/30/2014 0.11612 0.11612 - - -
05/15/2014 05/19/2014 05/30/2014 0.11648 0.11648 - - -
04/15/2014 04/17/2014 04/30/2014 0.11859 0.11859 - - -
03/14/2014 03/18/2014 03/31/2014 0.11900 0.11900 - - -
02/14/2014 02/19/2014 02/28/2014 0.11900 0.11900 - - -
01/15/2014 01/17/2014 01/31/2014 0.11900 0.11900 - - -
12/13/2013 12/17/2013 12/31/2013 0.11900 0.11900 - - -
11/15/2013 11/19/2013 11/29/2013 0.11883 0.11883 - - -
10/15/2013 10/17/2013 10/31/2013 0.11467 0.11467 - - -
09/13/2013 09/17/2013 09/30/2013 0.11567 0.11567 - - -
08/15/2013 08/19/2013 08/30/2013 0.11776 0.11776 - - -
07/15/2013 07/17/2013 07/31/2013 0.11889 0.11889 - - -
06/14/2013 06/18/2013 06/28/2013 0.11641 0.11641 - - -
05/15/2013 05/17/2013 05/31/2013 0.11745 0.11745 - - -
04/15/2013 04/17/2013 04/30/2013 0.12100 0.12100 - - -
03/15/2013 03/19/2013 03/28/2013 0.11994 0.11994 - - -
02/15/2013 02/20/2013 02/28/2013 0.11658 0.11658 - - -
01/15/2013 01/17/2013 01/31/2013 0.11804 0.11804 - - -
12/14/2012 12/18/2012 12/31/2012 0.11927 0.11927 - - -
11/15/2012 11/19/2012 11/30/2012 0.12239 0.12239 - - -
10/15/2012 10/17/2012 10/31/2012 0.10700 0.10700 - - -
09/14/2012 09/18/2012 09/28/2012 0.13946 0.13946 - - -
08/15/2012 08/17/2012 08/31/2012 0.12472 0.12472 - - -
07/13/2012 07/17/2012 07/31/2012 0.11995 0.11995 - - -
06/15/2012 06/19/2012 06/29/2012 0.11926 0.11926 - - -
05/15/2012 05/17/2012 05/31/2012 0.12274 0.12274 - - -
04/13/2012 04/17/2012 04/30/2012 0.12541 0.12541 - - -
03/15/2012 03/19/2012 03/30/2012 0.12486 0.12486 - - -
02/15/2012 02/17/2012 02/29/2012 0.12352 0.12352 - - -
01/13/2012 01/18/2012 01/31/2012 0.12258 0.12258 - - -
12/15/2011 12/19/2011 12/30/2011 0.12232 0.12232 - - -
11/15/2011 11/17/2011 11/30/2011 0.12322 0.12322 - - -
10/14/2011 10/18/2011 10/31/2011 0.11982 0.11982 - - -
09/15/2011 09/19/2011 09/30/2011 0.12626 0.12626 - - -
08/15/2011 08/17/2011 08/31/2011 0.12617 0.12617 - - -
07/15/2011 07/19/2011 07/29/2011 0.12478 0.12478 - - -
06/15/2011 06/17/2011 06/30/2011 0.12563 0.12563 - - -
05/13/2011 05/17/2011 05/31/2011 0.12679 0.12679 - - -
04/15/2011 04/19/2011 04/29/2011 0.12653 0.12653 - - -
03/15/2011 03/17/2011 03/31/2011 0.12524 0.12524 - - -
02/15/2011 02/17/2011 02/28/2011 0.12211 0.12211 - - -
01/14/2011 01/19/2011 01/31/2011 0.12595 0.12595 - - -
12/15/2010 12/17/2010 12/31/2010 0.12483 0.12483 - - -
11/15/2010 11/17/2010 11/30/2010 0.11500 0.11500 - - -
10/15/2010 10/19/2010 10/29/2010 0.11561 0.11561 - - -
09/15/2010 09/17/2010 09/30/2010 0.11647 0.11647 - - -
08/13/2010 08/17/2010 08/31/2010 0.12100 0.12100 - - -
07/15/2010 07/19/2010 07/30/2010 0.12312 0.12312 - - -
06/15/2010 06/17/2010 06/30/2010 0.12446 0.12446 - - -
05/14/2010 05/18/2010 05/28/2010 0.12909 0.12909 - - -
04/15/2010 04/19/2010 04/30/2010 0.12500 0.12500 - - -
03/15/2010 03/17/2010 03/31/2010 0.13010 0.13010 - - -
02/12/2010 02/17/2010 02/26/2010 0.12567 0.12567 - - -
01/05/2010 01/07/2010 01/29/2010 0.12700 0.12700 - - -

Frequency Distribution of Discounts & Premiums

    Bid/Ask MidPoint Above NAV
Quarter
Ending
Days 0.00-
0.25%
0.26-
0.50%
0.51-
0.99%
1.00-
1.49%
1.50-
1.99%
≥2.00%
06/30/2016 64 22 30 2 0 0 0
03/31/2016 61 12 35 8 0 0 0
12/31/2015 64 19 8 1 0 0 0
09/30/2015 64 2 0 0 0 0 0
Year Ended 2015 252 32 19 22 3 0 0
    Bid/Ask Midpoint Below NAV
Quarter
Ending
Days 0.00-
0.25%
0.26-
0.50%
0.51-
0.99%
1.00-
1.49%
1.50-
1.99%
≥2.00%
06/30/2016 64 7 3 0 0 0 0
03/31/2016 61 5 1 0 0 0 0
12/31/2015 64 8 18 8 2 0 0
09/30/2015 64 3 22 35 2 0 0
Year Ended 2015 252 23 58 82 13 0 0

Fund Inception: 11/17/2009

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 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.

There is no guarantee that municipalities will continue to take advantage of the BAB program in the future and there can be no assurance that BABs will be actively traded. Furthermore, under the American Recovery and Reinvestment Act of 2009, the ability of municipalities to issue BABs expired on Dec. 31, 2010. As a result, the number of available BABs in the market is limited. In addition, illiquidity of the BABs may negatively affect the value of the BABs. Interest received on BABs is subject to federal and state income tax.

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. All or a portion of the Fund's otherwise tax-exempt income may be subject to the federal alternative minimum tax.

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.

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.

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

The BofA Merrill Lynch U.S. Corporate Master Index tracks the performance of US dollar denominated investment grade corporate debt publicly issued in the US domestic market. The Barclays U.S. Aggregate Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

"BofA Merrill Lynch" and "The BofA Merrill Lynch Build America Bond Index℠" are reprinted with permission. © Copyright 2015 Merrill Lynch, Pierce, Fenner & Smith Incorporated ("BofA Merrill Lynch"). All rights reserved. "BofA Merrill Lynch" and "The BofA Merrill Lynch Build America Bond 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 Build America Bond Portfolio that is based on The BofA Merrill Lynch Build America Bond 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 Build America 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 Build America Bond Portfolio or The BofA Merrill Lynch Build America Bond Index℠ and do not guarantee the quality, accuracy or completeness of The BofA Merrill Lynch Build America Bond Index 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 Build America Bond Index℠ and trade names which are composed by BofA Merrill Lynch without regard to PowerShares, the PowerShares Build America Bond Portfolio or any investor. BofA Merrill Lynch and BofA Merrill Lynch's affiliates do not provide investment advice to PowerShares or the PowerShares Build America Bond Portfolio and are not responsible for the performance of the PowerShares Build America Bond Portfolio.

BofA Merrill Lynch and BofA Merrill Lynch's affiliates do not provide investment advice to PowerShares or the PowerShares Build America Bond Portfolio and are not responsible for the performance of the PowerShares Build America Bond Portfolio.

as of 09/29/2016
4:00 PM EST

BAB
Intraday Stats

  • Last Trade $31.43
  • Current IIV $31.48
  • Change -$0.04
  • % Change -0.13%
as of 09/29/2016
  • NAV at market close $31.43
as of 09/29/2016

Fund Yield

  • SEC 30 Day Yield 3.13%
  • Distribution Rate 3.66%
  • 12 Month Distribution Rate 4.09%
  • 30-Day SEC Unsubsidized Yield
    as of 09/29/2016
    3.12%
as of 09/29/2016

Prior Close

  • Closing Price $31.47
  • Bid/Ask Midpoint $31.43
  • Bid/Ask Prem/Disc -
  • Bid/Ask Prem/Disc -
as of 09/23/2016

Fund Characteristics

  • Effective Duration 9.27 yrs
  • Modified Duration 9.79 yrs
  • Yield to Maturity 3.97%
  • Yield to Worst 3.34%
  • Years to Maturity 20.40
  • Weighted Avg Coupon 6.06%
  • Weighted Avg Price
    as of 09/29/2016
    127.30
As of June 5, 2015, the source of the calculation for these fund characteristics was changed from Aladdin (BRS) to Bloomberg.

Fund Details

  • Fund Ticker BAB
  • CUSIP # 73937B407
  • ISIN US73937B4077
  • Intraday NAV BABIV
  • Index Ticker BABS
  • Index Provider BofA Merrill Lynch
  • Management Fee 0.28%
  • Total Expense Ratio 0.28%
  • Marginable Yes
  • Short Selling Yes
  • Options No
  • Exchange NYSE Arca
  • Inception Date 11/17/2009
  • NAIC Designation 1
  • Date of RTAS Letter 12/10/2012
  • # of Holdings 283
    as of 09/29/2016

SVO Disclosure

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.

Preliminary NAIC Designation Disclosure:

Preliminary NAIC Designations are the intellectual property of the National Association of Insurance Commissioners (NAIC) and are redistributed here under License. A Preliminary NAIC Designation is an opinion of the NAIC Securities Valuation Office (SVO) of the probable credit quality designation that would be assigned by the SVO to an investment if purchased by an insurance company and reported to the SVO. A Preliminary NAIC Designations is only one of the regulatory factors considered by the SVO as part of its analysis of probable regulatory treatment under the Regulatory Treatment Analysis Service. A full discussion of such other regulatory factors is set forth in the RTAS Letter provided to Invesco PowerShares Capital Management LLC. A Preliminary NAIC Designation cannot be used to report the ETF to state insurance regulators. However, the purchasing insurance company may obtain an NAIC Designation for the ETF by filing the security and final documents for the ETF with the SVO. The indication of probable regulatory treatment indicated by a Preliminary NAIC Designation is not a recommendation to purchase the ETF and is not intended to convey approval or endorsement of the ETF Sponsor or the ETF by the NAIC.

Official NAIC Designation Disclosure:

NAIC Designations are the intellectual property of the National Association of Insurance Commissioners (NAIC) and are redistributed here under License. An NAIC Designation is a proprietary symbol used by the NAIC Securities Valuation Office (SVO) to denote a category or band of credit risk (i.e., the likelihood of repayment in accordance with a written contract) for an issuer or for a security. NAIC Designations may be notched up or down to reflect the position of a specific liability in the issuer’s capital structure and/or the existence of other non-payment risk in the specific security. Under NAIC reporting rules, shares of an ETF are presumed to be reportable as common stock. The SVO may classify an ETF as a bond or preferred stock and assign it an NAIC Designation if it meets defined criteria. For a discussion of these criteria please call the SVO or refer to the Purposes and Procedures Manual of the NAIC Securities Valuation Office. The assignment of an NAIC Designation is not a recommendation to purchase the ETF and is not intended to convey approval or endorsement of the ETF Sponsor or the ETF by the NAIC.

as of 09/29/2016

Quick Facts

  • Previous Close $31.47
  • Open $31.40
  • Today's High $31.47
  • Today's Low $31.36
  • Today's Volume 185,437
  • 250,488 30-Day Avg Trading
    Volume
  • 52 Week High $32.33
  • 52 Week Low $28.64
  • Shares Outstanding 34.50MM
  • Market Value $1,084.2MM