PowerShares ETFs

LALT - PowerShares Multi-Strategy Alternative Portfolio

Alternative - Global Macro
Actively managed

Product Details

The PowerShares Multi-Strategy Alternative Portfolio (Fund) is an actively managed exchange-traded fund (ETF) that seeks to achieve a positive total return with low correlation to the broader securities markets by investing in a combination of equity securities, financial futures contracts, forward currency contracts and other securities. Invesco Advisers, Inc., the sub-adviser to the Fund (Sub-Adviser), selects investments for inclusion in the Fund's portfolio with reference to the components of the Morgan Stanley Multi-Strategy Alternative Index (Benchmark) through a quantitative process that seeks to exceed the Benchmark's performance. The Benchmark was developed by the Sales & Trading Division of the Institutional Securities Group of Morgan Stanley and includes a combination of quantitative, rules-based strategies (Benchmark Strategies) aimed to capture non-traditional risk premia across equities, rates, currencies and volatility markets.

as of 06/30/2015 06/30/2015

Performance


   
as of 06/30/2015 06/30/2015
  YTD 1 Year 3 Year 5 Year 10 Year Fund Inception
Index History (%)
Morgan Stanley Multi-Strategy Alternative Index -5.04 -7.90 N/A N/A N/A -7.43
HFRI Macro (Total) Index -0.41 4.11 1.82 1.85 4.18 4.43
Barclays U.S. Aggregate Index -0.10 1.86 1.83 3.35 4.44 1.72
Fund History (%)
Fund NAV -4.79 -7.76 N/A N/A N/A -7.23
After Tax Held -4.79 -7.76 N/A N/A N/A -7.23
After Tax Sold -2.71 -4.39 N/A N/A N/A -5.50
Fund Market Price -4.88 -7.81 N/A N/A N/A -7.44

Monthly Performance

The HFRI Macro (Total) Index is calculated monthly; therefore the since Fund Inception return uses index values as of the most recent month end.

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.


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 06/30/2015

Growth of $10,000

Data beginning Fund inception and ending 06/30/2015. Fund performance shown at NAV.

as of 07/27/2015 Summary Holdings | View All

Fund Holdings subject to change

Investment Long / Short % of Net Assets
G-10 Currency Forwards Long 5.00%
G-10 Currency Forwards Short 5.03%
Interest Rate Futures Long 258.66%
Stock Index Futures Short 53.59%
US Stocks Long 52.28%
VIX Index Futures Long 6.45%
VIX Index Futures Short 6.46%
Collateral Long / Short % of Net Assets
AIM STIT TREASURY Long 8.34%
INTEREST/OVERDRAFT Long 0.99%
PREMIER PORTFOLIO-INS Long 8.34%
PREMIER TAX EXMPT-INS Long 8.34%
STIT GOVT & AGENCY-INST Long 8.34%
STIT-ST PRIME PORT-INSTIT Long 8.34%

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%
06/30/2015 63 0 0 0 0 0 0
03/31/2015 61 0 0 0 1 1 0
12/31/2014 64 0 0 0 0 0 0
09/30/2014 64 0 0 0 0 0 0
Year Ended 2014 151 0 0 0 0 0 0

Fund Inception: 05/29/2014

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.


Accessing Time-Tested Institutional Strategies*

Alternatives are becoming a more important part of the investing landscape. After the financial crisis, many investors turned to alternatives as a way to help manage risk in the event of another crash and to diversify their stock and bond portfolios. The PowerShares Multi-Strategy Alternative Portfolio (LALT) seeks to provide a solution to meet this need.

LALT is the first-of-its kind multi-strategy exchange-traded fund (ETF) that seeks a positive total return with low correlation to the broader securities market by combining five unique risk premia Benchmark Strategies.

Accessing Time-Tested Institutional Strategies*

Alternatives are becoming a more important part of the investing landscape. After the financial crisis, many investors turned to alternatives as a way to help manage risk in the event of another crash and to diversify their stock and bond portfolios. The PowerShares Multi-Strategy Alternative Portfolio (LALT) seeks to provide a solution to meet this need.

LALT is the first-of-its kind multi-strategy exchange-traded fund (ETF) that seeks a positive total return with low correlation to the broader securities market by combining five unique risk premia Benchmark Strategies.

Increased Risks in Bonds and Equities

Against a backdrop of an aging bull market, historically low bond yields, the unwinding of unprecedented Fed intervention, investors are asking themselves about alternatives they can incorporate into their portfolio to potentially help provide consistent returns and lower correlation to the market.

Source: Bloomberg L.P., as of March 31, 2015

US Aggregate Bonds are represented by the BofA Merrill Lynch US Corporate, Government & Mortgage Index. Yield is represented by Yield To Worst. Risk is represented by modified adjusted duration. S&P 500 Volatility is measured by average daily rolling three-year volatility numbers. Past performance is not indicative of future results.

The Importance of Preserving Assets

The financial crisis reminded investors of an important financial truism. The bigger the portfolio drawdown, the more it takes to make up for lost ground. By mitigating the magnitude of drawdowns, investors may be more likely to have the emotional wherewithal to stick to their financial plan. By reducing the volatility of returns, the likelihood of achieving long-term goals may increase.

Chart1

For illustrative purposes only and not specific to any product.

Incorporating Alternatives into an Investment Portfolio

The case for utilizing uncorrelated strategies to build well diversified portfolios is well supported by academic literature.1 While balanced growth can be pursued with a traditional 60/40 approach, it may be further enhanced by implementing an allocation to alternatives whose strategy supports volatility management. As seen in the illustration below, as the allocation to alternatives increased, returns increased while volatility declined, which resulted in improved sharpe ratios. The uncorrelated nature of alternatives also mitigated the magnitude of the maximum drawdown.

Source: Bloomberg, L.P. from March 31, 1995 to March 31, 2015. Alternatives represented by the HFRI Macro (Total) Index. Equity represented by the S&P 500 Index. Fixed Income represented by the Barclays US Aggregate Index. For illustrative purposes only and not specific to any product. An Investor cannot invest directly in an index. Index returns do not reflect any fees, expenses or sales charges. Past performance does not guarantee future results.

1 Sources: Thomas Schneeweis, "Alternative Investments in the Institutional Portfolio," updated Summer 2000; CME Group "Managed Futures: Portfolio Diversification Opportunities, Potential for enhanced returns and lowered overall volatility," August 2012

The concept behind the PowerShares Multi-Strategy Alternative Portfolio is simple - allocate across alternative risk premia index strategies based upon historical index volatility trends with the objective of generating a positive total return with low correlation to the broader securities market.

Currently, the Benchmark consists of five Indexes. Each Index was developed by Morgan Stanley & Co., LLC (Benchmark Agent) and has live history. According to the allocation rules as defined by the Benchmark, the Fund uses a risk-weighted method by allocating notional exposure to each Index based on a weighting equal to the inverse of its trailing 12 month volatility, with the most volatile Indexes receiving the lowest weights.

As illustrated below, the Morgan Stanley Volatility Term Premium Index and the Morgan Stanley Enhanced Currency Carry Optimized Index have three times the volatility of the other three Indexes, and thus is allocated only 8% of the Benchmark's weight. The Benchmark's historical allocation to any Index has ranged from 5% to 30%, and may limit an allocation to any Index to 30% of the Benchmark. The weightings are rebalanced quarterly.

Index Benchmark Weight
as of March 31, 2015
12-Month
Volatility
MS Enhanced Forward Rate Bias USD 30% 4.16%
MS US Target Equity Alpha 23% 5.92%
MS Enhanced Currency Carry Optimized 8% 15.58%
MS SmartInvest Alpha 28% 4.74%
MS Volatility Term Premium 8% 16.25%

Sources: Morgan Stanley, Bloomberg L.P., Weights as of March 31, 2015. 12 month volatility measured by the annualized standard deviation of returns from Oct. 10, 2012 to March 31, 2015.

The PowerShares Multi-Strategy Alternative Portfolio is an actively managed ETF that seeks a positive total return with low correlation to the broader securities market. LALT accesses non-traditional risk premia through the implementation of a multi-strategy investment approach that invests across asset classes in equities, currencies, interest rates and equity volatility markets.

About the Fund's Investment Approach

  • A multi-strategy investment approach across asset classes seeks to lower a traditional investment portfolio's risk profile
  • The use of long and short techniques designed to provide flexibility in down markets
  • Rules-based alternative beta strategy offered at a lower cost than a hedge-fund strategy1
  • Intraday liquidity & transparency1
  • No K-1; issues 1099
  • 0.95% total expense ratio2

About the Benchmark

The Morgan Stanley Multi-Strategy Alternative Index (the Benchmark) was developed by the Sales & Trading Division of the Institutional Securities Group of Morgan Stanley and includes a combination of quantitative, rules-based strategies (Benchmark Strategies) aimed to capture non-traditional risk premia across equities, rates, currencies and volatility markets. The Benchmark Strategies may be categorized into three types: Quantitative/Stylistic Strategies, Volatility Risk Premium Strategies and Carry Strategies. Currently, the Benchmark consists of five Indexes. Each Index was developed by Morgan Stanley & Co. LLC (the Benchmark Agent) and has live history.

The Benchmark is designed to offer attractive investment characteristics including:

  • Low correlation - Each Index underlying the Benchmark has low to negative correlation relative to equities, bonds and one another.3
  • Low volatility - Three of the five indexes underlying the Benchmark have had considerably lower volatility than stocks.3
  • Reduced drawdown - The Indexes underlying the Benchmark had significantly better drawdown characteristics than stocks.

1 Since ordinary brokerage commissions apply for each buy and sell transaction, frequent trading activity may increase the cost of ETFs. ETFs disclose their full portfolio holdings daily. Shares are not individually redeemable and owners of the shares may acquire those shares from the Fund and tender those shares for redemption to the Fund in Creation Unit aggregations only, typically consisting of 50,000 shares.

2 As stated in the Fund's prospectus, the PowerShares Multi-Strategy Alternative Portfolio has a gross expense ratio of 1.00%. However, the Adviser has contractually agreed to waive fees and/or pay certain Fund expenses through at least Feb. 28, 2016 which resulted in the total net operating expense of 0.95%. The Fund also includes Acquired Fund Fees and Expenses of 0.05%.

3 Source: Bloomberg L.P. from Oct. 10, 2012 to March 31,2015

* Past performance does not guarantee future results.

The Benchmark is a proprietary index developed and used by Morgan Stanley's Sales & Trading Division. The Benchmark and its components consist of a combination of quantitative, rules-based strategies, some of which have been used for years as benchmarks for products offered to institutional investors. Since the Benchmark's underlying strategies draw returns from different risk sources, combining the strategies may result in further diversification and risk reduction.

Alternative strategies typically are subject to increased risk and loss of principal. Consequently, investments such as exchange-traded funds which focus on alternative strategies are not suitable for all investors.

There are risks involved with investing in ETFs, including possible loss of money. Index-based ETFs are not actively managed. Actively managed ETFs do not necessarily seek to replicate the performance of a specified index. Both index-based and actively managed ETFs are subject to risks similar to stocks, including those related to short selling and margin maintenance. Ordinary brokerage commissions apply.

The Fund is subject to management risk because it is an actively managed portfolio. The investment techniques and risk analysis used by the portfolio managers may not produce the desired results.

The Sub-Adviser uses a rules-based methodology to allocate the Fund's assets in a combination of investment Strategies designed to limit the Fund's risk and volatility. As market dynamics shift over time, these various investment strategies - as well as the rules-based methodology that the Sub-Adviser employs to allocate Fund assets among them - may become outdated or inaccurate. As a result, the Fund may suffer significant losses.

The Fund will enter in futures contracts. Because futures contracts project price levels in the future, market circumstances may cause a discrepancy between the price of the near and distant contract. In the event of adverse price movements, the Fund would be required to make daily cash payments to maintain its required margin. The Fund also must segregate liquid assets or enter into off-setting positions to "cover" open positions in futures contracts. By investing in futures contracts, the Fund also is subject to capacity constraints and liquidity risks.

Certain derivative instruments that involve counterparties subject the Fund to the risk that the counterparty could default on its obligations under the agreement, either through the counterparty's bankruptcy or failure to perform its obligations. In the event of default, the Fund could experience lengthy delays in recovering some or all of its assets or no recovery at all. The Fund's investments in the futures markets also introduce the risk that its futures commission merchant (FCM) would default on an obligation set forth in an agreement between the Fund and the FCM, including the FCM's obligation to return margin posted in connection with the Fund's futures contracts.

The Fund will invest in derivatives and other instruments that may be less liquid than other types of investments. Illiquid investments can be more difficult or more costly to buy, or to sell, compared to other more liquid or active investments, and could have a negative effect on the Fund's ability to achieve its investment objective, resulting in losses to Fund shareholders.

The Fund may invest in foreign currency forward contracts, which may expose the Fund to foreign exchange risk. The factors of supply and demand in the international markets are influenced by factors such as macroeconomic, governmental policy, speculative factors, market sentiment and other political and economic considerations, and may affect the value of the assets of the Fund.

Some Benchmark Strategies attempt to hedge out broader exposure to their respective asset classes by short positions in futures, forwards, individual stocks, or other securities. These hedges may not always be effective, can result in unexpected exposures and potential losses, and may act to magnify losses.

While the Benchmark Strategies are designed to exhibit low correlation to each other and to the broader securities markets, there are no assurances that this low correlation will continue in the future.

Short sales are speculative transactions and involve special risks, including a greater reliance on the Sub-Adviser's ability to accurately anticipate the future value of a security. Losses from a short sale transaction are potentially unlimited.

The Fund's exposure to derivatives and other investment techniques, such as short sales, can create a leveraging effect on the portfolio. This leverage will vary over time and may at times be significant, subjecting the Fund to certain risks causing the Fund to be more volatile and may result in the loss of a substantial amount of the Fund's assets. The Fund may have a substantial cash position due to margin and collateral requirements that may limit the Fund's ability to take advantage of other investment opportunities, and the Fund also may have to sell or liquidate a portion of its assets at inopportune times to satisfy these requirements. This may negatively affect the Fund's ability to achieve its investment objective. In addition, the Fund's assets that are used as collateral to secure these transactions may decrease in value while the positions are outstanding, which may force the Fund to use its other assets to increase collateral.

The Fund may invest in US government obligations issued or guaranteed by the US Government, its agencies and instrumentalities, including bills, notes and bonds issued by the US Treasury.

Money market funds are subject to management fees and other expenses, and investments in money market funds will cause the Fund to bear proportionately the costs incurred by the money market funds' operations. It is possible for the Fund to lose money by investing in money market funds.

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.

During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value its holdings becomes more difficult and the judgment of the Sub-Adviser may play a greater role in the valuation of the Fund's holdings due to reduced availability of reliable objective pricing data.

Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic and political conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry.

Because the Fund may invest in other investment companies, it is subject to the risks associated with that investment company and its investment performance may depend on the underlying investment company's performance. The Fund will indirectly pay a proportional share of the investment company's fees and expenses, while continuing to pay its own management fee to the Adviser, resulting in shareholders absorbing duplicate levels of fees.

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.

The Fund generally will seek to invest in derivative instruments that it believes generates qualifying income. The Fund will seek to limit its non-qualifying income so as to qualify as a RIC. For the Fund to qualify as a RIC, the Fund must meet a qualifying income test each taxable year. Failure to comply with the qualifying income requirements would have significant negative tax consequences to Fund shareholders, including the imposition of a higher tax rate on the Fund and taxes on its distributions to shareholders.

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

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

The Fund's investments in futures contracts will cause it to be deemed to be a commodity pool, thereby subjecting the Fund to regulation under the Commodity Exchange Act and Commodity Futures Trading Commission (CFTC) rules. The Adviser is registered as a Commodity Pool Operator (CPO), and the Fund will be operated in accordance with CFTC rules, as well as the rules that apply to registered investment companies. Registration as a CPO imposes compliance obligations related to additional laws, regulations and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of funds whose adviser is required to register as a CPO.

The HFRI Macro (Total) Index is one of a series of benchmarks designed to reflect hedge fund industry performance by constructing equal weighted composite of constituent funds, as reported by the hedge fund managers listed within HFR Database. Hedge Fund Research, Inc. has constructed a Strategy Classification System for all investment managers present in the HFR Database. The HFRI Macro (Total) Index includes Investment Managers which execute a broad range of strategies in which the investment process is predicated on movements in underlying economic variables and the impact these have on equity, fixed income, currency and commodity markets. Managers employ a variety of techniques, both discretionary and systematic analysis, combinations of top down and bottom up theses, quantitative and fundamental approaches and long and short term holding periods.

The Morgan Stanley Multi-Strategy Alternative Index (the "Index") and Morgan Stanley (the "Marks") are the exclusive property of Morgan Stanley & Co. LLC ("Morgan Stanley"), which has contracted with Invesco PowerShares Capital Management LLC to license such Index and Marks. The PowerShares Multi-Strategy Alternative Portfolio is not sponsored, endorsed, sold or promoted by Morgan Stanley or its affiliates. Morgan Stanley and its affiliates make no representation or warranty, express or implied, regarding the advisability of investing in securities generally or in the PowerShares Multi-Strategy Alternative Portfolio particularly or the ability of the Morgan Stanley Multi-Strategy Alternative Index to track general market performance. Neither Morgan Stanley nor its affiliates are responsible for and have not participated in the determination of the prices and amount of the PowerShares Multi-Strategy Alternative Portfolio or the timing of the issuance or sale of the PowerShares Multi-Strategy Alternative Portfolio or in the determination or calculation of the equation by which the PowerShares Multi-Strategy Alternative Portfolio is to be converted into cash. Neither Morgan Stanley nor its affiliates shall have any liability, direct or indirect, for the PowerShares Multi-Strategy Alternative Portfolio, Marks and/or the Index, including any errors or omissions in the calculation thereof.

Invesco Advisers, Inc. is an investment adviser. It provides investment advisory services and does not sell securities. Invesco PowerShares, Invesco Distributors, Inc. and Invesco Advisers, Inc. are indirect, wholly owned subsidiaries of Invesco Ltd.

An investor should consider the Fund's investment objective, risks, charges and expenses carefully before investing. For this and more complete information about the Fund call 800 983 0903 or visit invescopowershares.com for a prospectus. Please read the prospectus carefully before investing.

 Risk & Other Information

There are risks involved with investing in ETFs, including possible loss of money. Actively managed ETFs do not necessarily seek to replicate the performance of a specified index. Actively managed ETFs are subject to risks similar to stocks, including those related to short selling and margin maintenance. Ordinary brokerage commissions apply. The Fund's return may not match the return of the 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.

Alternative strategies typically are subject to increased risk and loss of principal. Consequently, investments such as exchange-traded funds which focus on alternative strategies are not suitable for all investors.

The Sub-Adviser uses a rules-based methodology to allocate the Fund's assets in a combination of investment strategies designed to benefit from risk premia. As market dynamics shift over time, these various investment strategies - as well as the rules-based methodology that the Sub-Adviser employs to allocate Fund assets among them - may become outdated or inaccurate. As a result, the Fund may suffer significant losses.

Short sales are speculative transactions and involve special risks, including a greater reliance on the Sub-Adviser's ability to accurately anticipate the future value of a security.

Future contracts project price levels in the future, market circumstances may cause a discrepancy between the price of the near and distant contract. In the event of adverse price movements, the Fund would be required to make daily cash payments to maintain its required margin and segregate liquid assets or enter into off-setting positions to "cover" open positions in futures contracts. By investing in future contracts, the Fund also is subject to constraints and liquidity risks.

Counterparty risk is the risk that the other party to the contract will not fulfill its contractual obligations, which may cause losses or additional costs.

The Fund may hold illiquid securities that it may be unable to sell at the preferred time or price and could lose its entire investment in such securities.

The dollar value of foreign investments will be affected by changes in the exchange rates between the dollar and the currencies in which those investments are traded.

Some Benchmark strategies attempt to hedge out broader exposure to their respective asset classes by taking short positions in futures, forwards, individual stocks or other securities. These hedges may not always be effective, can result in unexpected exposures and potential losses, any may act to magnify loss.

Derivatives may be more volatile and less liquid than traditional investments and are subject to market, interest rate, credit, leverage, counterparty and management risks. An investment in a derivative could lose more than the cash amount invested. These risks are greater for the Fund than most other funds because its investment strategy is implemented primarily through derivatives rather than direct investments in more traditional securities.

Leverage created from borrowing or certain types of transactions or instruments may impair liquidity, cause positions to be liquidated at an unfavorable time, lose more than the amount invested, or increase volatility.

The fund may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of the Underlying Index.

During periods of reduced market volatility or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value its holdings becomes more difficult and the judgment of the Sub-Adviser may play a greater role in the valuation of the Fund's holdings due to reduced availability of reliable objective pricing data.

To qualify as a regulated investment company ("RIC"), the Fund must meet a qualifying income test each taxable year. Failure to comply with the test would have significant negative tax consequences for shareholders. The Fund believes that income from futures should be treated as qualifying income for purposes of this test, thus qualifying the Fund as a RIC. If the IRS were to determine that the Fund’s income is derived from the futures did not constitute qualifying income, the Fund likely would be required to reduce its exposure to such investments in order to maintain its RIC status.

The Fund is non-diversified and may experience greater volatility than a more diversified investment.

The Fund's investments in futures contracts will cause it to be deemed to be a commodity pool, subjecting it to regulation under the Commodity Exchange Act and Commodity Futures Trading Commission (CFTC) rules. The Adviser, a registered Commodity Pool Operator (CPO), and the Fund will be operated in accordance with CFTC rules. Registration as a CPO subjects the registrant to additional laws, regulations and enforcement policies; all of which could increase compliance costs, affect the operations and financial performance of funds whose adviser is registered as a CPO. Registration as a commodity pool may have negative effects on the ability of the Fund to engage in its planned investment program.

The investment techniques and risk analysis used by the portfolio managers may not produce the desired results.

The HFRI Macro (Total) Index is one of a series of benchmarks designed to reflect hedge fund industry performance by constructing equal weighted composite of constituent funds, as reported by the hedge fund managers listed within HFR Database. Hedge Fund Research, Inc. has constructed a Strategy Classification System for all investment managers present in the HFR Database. The HFRI Macro (Total) Index includes Investment Managers which execute a broad range of strategies in which the investment process is predicated on movements in underlying economic variables and the impact these have on equity, fixed income, currency and commodity markets. Managers employ a variety of techniques, both discretionary and systematic analysis, combinations of top down and bottom up theses, quantitative and fundamental approaches and long and short term holding periods. The Barclays U.S. Aggregate Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

The Morgan Stanley Multi-Strategy Alternative Index is a quantitative, rules-based Index consisting of five long, short and market-neutral (long/short) strategies which aim to capture alternative risk premia across equities, interest rates, currencies and volatility markets. Each of the five strategies is available as a standalone, rules-based index which had been created by Morgan Stanley & Co. LLC (the Benchmark Agent) and has a live history. The Multi-Strategy Alternative Index uses a risk-weighted framework by allocating to each strategy a weighting which is proportionate to the inverse of its 1-year trailing volatility. The weightings are rebalanced quarterly.

The Morgan Stanley Multi-Strategy Alternative Index (the "Index") and Morgan Stanley (the "Marks") are the exclusive property of Morgan Stanley & Co. LLC ("Morgan Stanley"), which has contracted with Invesco PowerShares Capital Management LLC to license such Index and Marks. The PowerShares Multi-Strategy Alternative Portfolio is not sponsored, endorsed, sold or promoted by Morgan Stanley or its affiliates. Morgan Stanley and its affiliates make no representation or warranty, express or implied, regarding the advisability of investing in securities generally or in the PowerShares Multi-Strategy Alternative Portfolio particularly or the ability of the Morgan Stanley Multi-Strategy Alternative Index to track general market performance. Neither Morgan Stanley nor its affiliates are responsible for and have not participated in the determination of the prices and amount of the PowerShares Multi-Strategy Alternative Portfolio or the timing of the issuance or sale of the PowerShares Multi-Strategy Alternative Portfolio or in the determination or calculation of the equation by which the PowerShares Multi-Strategy Alternative Portfolio is to be converted into cash. Neither Morgan Stanley nor its affiliates shall have any liability, direct or indirect, for the PowerShares Multi-Strategy Alternative Portfolio, Marks and/or the Index, including any errors or omissions in the calculation thereof.

Invesco Advisers, Inc. is an investment adviser. It provides investment advisory services and does not sell securities. Invesco Powershares, Invesco Distributors, Inc. and Invesco Advisers, Inc. are indirect, wholly owned subsidiaries of Invesco Ltd.

as of 07/27/2015
3:12 PM EST

LALT
Intraday Stats

  • Last Trade $22.73
  • Current IIV $22.69
  • Change -$0.01
  • % Change -0.03%
as of 07/24/2015
  • NAV at market close $22.71
as of 07/24/2015

Fund Yield

  • SEC 30 Day Yield 0.06%
  • 30-Day SEC Unsubsidized Yield
    as of 07/24/2015
    N/A
as of 07/24/2015

Prior Close

  • Closing Price $22.74
  • Bid/Ask Midpoint $22.71
  • Bid/Ask Prem/Disc -
  • Bid/Ask Prem/Disc -

Fund Details

  • Fund Ticker LALT
  • CUSIP # 73935B870
  • ISIN US73935B8708
  • Intraday NAV LALTIV
  • Management Fee 0.95%
  • Acquired Fund Fees & Expenses 0.05%
  • Total Expense Ratio 1.00%
  • Fee Waiver 0.05%
  • Net Expense Ratio 0.95%
  • Marginable Yes
  • Short Selling Yes
  • Options Yes
  • Exchange NASDAQ
  • Inception Date 05/29/2014
  • # of Holdings 111
    as of 07/27/2015
as of 07/27/2015

Quick Facts

  • Previous Close $22.74
  • Open $22.66
  • Today's High $22.74
  • Today's Low $22.66
  • Today's Volume 4,353
  • 52 Week High $24.96
  • 52 Week Low $22.66
  • Shares Outstanding .70MM
  • Market Value $15.9MM