Exchange-Traded Funds (ETFs)

PZT - PowerShares New York AMT-Free Municipal Bond Portfolio

Income - Fixed Income

Product Details

The PowerShares New York AMT-Free Municipal Bond Portfolio (Fund) is based on The BofA Merrill Lynch New York Long-Term Core Plus Municipal Securities Index (Index). The Fund generally will invest at least 80% of its total assets in municipal securities that comprise the Index and that also are exempt from the federal alternative minimum tax. The Index is composed of US dollar-denominated, investment grade, tax-exempt debt publicly issued by New York or any US territory, or their political subdivisions, in the US domestic market with a term of at least 15 years remaining to final maturity. 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.

Effective July 8, 2014, the Fund's name, investment objective, investment policy, investment strategies and underlying index changed. The Fund's name changed from PowerShares Insured New York Municipal Bond Portfolio to PowerShares New York AMT-Free Municipal Bond Portfolio, and the underlying index changed from BofA Merrill Lynch New York Insured Long-Term Core Plus Municipal Securities Index to BofA Merrill Lynch New York Long-Term Core Plus Municipal Securities Index.

as of 12/31/2014 12/31/2014

Performance


   
as of 12/31/2014 12/31/2014
  YTD 1 Year 3 Year 5 Year 10 Year Fund Inception
Index History (%)
BofA Merrill Lynch NY Long-Term Core Plus Muni Securities Index 14.06 14.06 N/A N/A N/A N/A
Barclays Municipal Bond 20 Year Index 13.03 13.03 5.93 6.54 5.51 5.94
BofA Merrill Lynch New York Insured Long-Term Core Plus Municipal Securities Index 12.66 12.66 4.82 5.47 N/A N/A
Barclays Municipal Insured Long 20 Year Index 11.83 11.83 5.97 6.33 N/A 5.79
Fund History (%)
Fund NAV 14.41 14.41 4.77 5.35 N/A 4.14
After Tax Held 12.51 12.51 4.18 4.97 N/A 3.88
After Tax Sold 8.11 8.11 3.99 4.72 N/A 3.88
Fund Market Price 15.38 15.38 4.83 5.38 N/A 4.04

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 12/31/2014

Growth of $10,000

Data beginning Fund inception and ending 12/31/2014. Fund performance shown at NAV.

BofA Merrill Lynch New York Long-Term Core Plus Municipal Securities Index* performance prior to 5/29/2009 reflects that of the original Underlying Index. The BofA Merrill Lynch New York Insured Long-Term Core Plus Municipal Securities Index. From 5/29/2009 to 7/8/2014, the Index performance reflects that of the Underlying Index BofA Merrill Lynch New York Insured Long-Term Core Plus Municipal Securities Index. From 7/8/2014 forward, the Index performance reflects that of the Underlying Index BofA Merrill Lynch New York 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 03/05/2015

S&P Moody's
AAA : 20% Aaa : 7%
AA : 72% Aa : 55%
A : 0% A : 39%
Not Rated : 8% Not Rated : 0%

as of 03/05/2015 Maturity

Years % of Fund
0 - 1 years 0.00
1 - 5 years 0.00
5 - 10 years 0.00
10 - 15 years 3.19
15 - 20 years 44.01
20 - 25 years 15.82
25 years and over 36.98

as of 03/05/2015Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date Next Call Date S&P / Moody's Rating† Weight
Long Island Power Authority 5.50% 05/01/2033 05/01/2019 AA+/Aa1 16.28%
New York City Industrial Development Agency 6.50% 01/01/2046 01/01/2019 AA/A3 6.23%
New York State Dormitory Authority 5.50% 07/01/2043 07/01/2020 AA/A2 6.23%
New York City Industrial Development Agency 7.00% 03/01/2049 03/01/2019 AA/A3 5.14%
New York State Dormitory Authority 5.00% 02/15/2044 02/15/2025 AAA/Aa1 4.93%
Sales Tax Asset Receivable Corp 4.00% 10/15/2032 10/15/2024 AAA/Aa1 4.69%
New York City Water & Sewer System 4.75% 06/15/2033 06/15/2017 AA+/Aa2 4.64%
City of New York NY 5.00% 08/01/2032 08/01/2024 AA/Aa2 4.37%
New York State Dormitory Authority 5.50% 07/01/2040 N/A AA-/Aa3 4.29%
Utility Debt Securitization Authority 5.00% 12/15/2041 12/15/2023 AAA/Aaa 3.74%

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
02/13/2015 02/18/2015 02/27/2015 0.07090 0.07090 - - -
01/15/2015 01/20/2015 01/30/2015 0.07216 0.07216 - - -
12/15/2014 12/17/2014 12/31/2014 0.07291 0.07291 - - -
11/14/2014 11/18/2014 11/28/2014 0.07294 0.07294 - - -
10/15/2014 10/17/2014 10/31/2014 0.07375 0.07375 - - -
09/15/2014 09/17/2014 09/30/2014 0.07037 0.07037 - - -
08/15/2014 08/19/2014 08/29/2014 0.07831 0.07831 - - -
07/15/2014 07/17/2014 07/31/2014 0.08075 0.08075 - - -
06/13/2014 06/17/2014 06/30/2014 0.07800 0.07800 - - -
05/15/2014 05/19/2014 05/30/2014 0.07800 0.07800 - - -
04/15/2014 04/17/2014 04/30/2014 0.07800 0.07800 - - -
03/14/2014 03/18/2014 03/31/2014 0.07800 0.07800 - - -
02/14/2014 02/19/2014 02/28/2014 0.07800 0.07800 - - -
01/15/2014 01/17/2014 01/31/2014 0.07700 0.07700 - - -
12/13/2013 12/17/2013 12/31/2013 0.07657 0.07657 - - -
11/15/2013 11/19/2013 11/29/2013 0.07663 0.07663 - - -
10/15/2013 10/17/2013 10/31/2013 0.07415 0.07415 - - -
09/13/2013 09/17/2013 09/30/2013 0.07428 0.07428 - - -
08/15/2013 08/19/2013 08/30/2013 0.07546 0.07546 - - -
07/15/2013 07/17/2013 07/31/2013 0.07838 0.07838 - - -
06/14/2013 06/18/2013 06/28/2013 0.07698 0.07698 - - -
05/15/2013 05/17/2013 05/31/2013 0.07808 0.07808 - - -
04/15/2013 04/17/2013 04/30/2013 0.07506 0.07506 - - -
03/15/2013 03/19/2013 03/28/2013 0.07541 0.07541 - - -
02/15/2013 02/20/2013 02/28/2013 0.07584 0.07584 - - -
01/15/2013 01/17/2013 01/31/2013 0.08097 0.08097 - - -
12/14/2012 12/18/2012 12/31/2012 0.07613 0.07613 - - -
11/15/2012 11/19/2012 11/30/2012 0.07800 0.07800 - - -
10/15/2012 10/17/2012 10/31/2012 0.07840 0.07840 - - -
09/14/2012 09/18/2012 09/28/2012 0.07644 0.07644 - - -
08/15/2012 08/17/2012 08/31/2012 0.07830 0.07830 - - -
07/13/2012 07/17/2012 07/31/2012 0.08057 0.08057 - - -
06/15/2012 06/19/2012 06/29/2012 0.08342 0.08342 - - -
05/15/2012 05/17/2012 05/31/2012 0.08611 0.08611 - - -
04/13/2012 04/17/2012 04/30/2012 0.08666 0.08666 - - -
03/15/2012 03/19/2012 03/30/2012 0.08546 0.08546 - - -
02/15/2012 02/17/2012 02/29/2012 0.08610 0.08610 - - -
01/13/2012 01/18/2012 01/31/2012 0.08691 0.08691 - - -
12/15/2011 12/19/2011 12/30/2011 0.07700 0.07700 - - -
11/15/2011 11/17/2011 11/30/2011 0.07800 0.07800 - - -
10/14/2011 10/18/2011 10/31/2011 0.08000 0.08000 - - -
09/15/2011 09/19/2011 09/30/2011 0.08356 0.08356 - - -
08/15/2011 08/17/2011 08/31/2011 0.08473 0.08473 - - -
07/15/2011 07/19/2011 07/29/2011 0.08486 0.08486 - - -
06/15/2011 06/17/2011 06/30/2011 0.08515 0.08515 - - -
05/13/2011 05/17/2011 05/31/2011 0.08663 0.08663 - - -
04/15/2011 04/19/2011 04/29/2011 0.08744 0.08744 - - -
03/15/2011 03/17/2011 03/31/2011 0.09161 0.09161 - - -
02/15/2011 02/17/2011 02/28/2011 0.08788 0.08788 - - -
01/14/2011 01/19/2011 01/31/2011 0.08853 0.08853 - - -
12/15/2010 12/17/2010 12/31/2010 0.09967 0.09967 - - -
11/15/2010 11/17/2010 11/30/2010 0.08009 0.08009 - - -
10/15/2010 10/19/2010 10/29/2010 0.08459 0.08459 - - -
09/15/2010 09/17/2010 09/30/2010 0.08619 0.08619 - - -
08/13/2010 08/17/2010 08/31/2010 0.08648 0.08648 - - -
07/15/2010 07/19/2010 07/30/2010 0.08750 0.08750 - - -
06/15/2010 06/17/2010 06/30/2010 0.08911 0.08911 - - -
05/14/2010 05/18/2010 05/28/2010 0.09006 0.09006 - - -
04/15/2010 04/19/2010 04/30/2010 0.09056 0.09056 - - -
03/15/2010 03/17/2010 03/31/2010 0.09228 0.09228 - - -
02/12/2010 02/17/2010 02/26/2010 0.08985 0.08985 - - -
01/15/2010 01/20/2010 01/29/2010 0.09017 0.09017 - - -
12/15/2009 12/17/2009 12/31/2009 0.09427 0.09427 - - -
11/13/2009 11/17/2009 11/30/2009 0.08283 0.08283 - - -
10/15/2009 10/19/2009 10/30/2009 0.09096 0.09096 - - -
09/15/2009 09/17/2009 09/30/2009 0.08753 0.08753 - - -
08/14/2009 08/18/2009 08/31/2009 0.08978 0.08978 - - -
07/15/2009 07/17/2009 07/31/2009 0.09138 0.09138 - - -
06/15/2009 06/17/2009 06/30/2009 0.09298 0.09298 - - -
05/15/2009 05/19/2009 05/29/2009 0.09016 0.09016 - - -
04/15/2009 04/17/2009 04/30/2009 0.07783 0.07783 - - -
03/13/2009 03/17/2009 03/31/2009 0.09203 0.09203 - - -
02/13/2009 02/18/2009 02/27/2009 0.09695 0.09695 - - -
01/15/2009 01/20/2009 01/30/2009 0.07551 0.07551 - - -
12/15/2008 12/17/2008 12/31/2008 0.08972 0.08972 - - -
11/14/2008 11/18/2008 11/28/2008 0.08711 0.08711 - - -
10/15/2008 10/17/2008 10/31/2008 0.08266 0.08266 - - -
09/15/2008 09/17/2008 09/30/2008 0.08806 0.08806 - - -
08/15/2008 08/19/2008 08/29/2008 0.08989 0.08989 - - -
07/15/2008 07/17/2008 07/31/2008 0.08799 0.08799 - - -
06/13/2008 06/17/2008 06/30/2008 0.08638 0.08638 - - -
05/15/2008 05/19/2008 05/30/2008 0.08418 0.08418 - - -
04/15/2008 04/17/2008 04/30/2008 0.08402 0.08402 - - -
03/14/2008 03/18/2008 03/31/2008 0.08499 0.08499 - - -
02/15/2008 02/19/2008 02/29/2008 0.09197 0.09197 - - -
01/15/2008 01/17/2008 01/31/2008 0.09185 0.09185 - - -
12/14/2007 12/18/2007 12/31/2007 0.14308 0.14308 - - -
11/15/2007 11/19/2007 11/30/2007 0.09240 0.09240 - - -

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%
12/31/2014 64 0 0 0 5 0 0
09/30/2014 64 0 0 0 4 0 0
06/30/2014 63 0 0 0 6 0 0
03/31/2014 61 0 0 0 19 2 0
Year Ended 2014 252 0 0 0 34 2 0

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

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.

A natural or other disaster could occur in a geographic region in which the Fund invests, which could adversely impact the Fund's investments in the affected region.

Unlike most ETFs, the Fund currently intends to effect redemptions principally for cash and partially in-kind, rather than primarily in-kind redemptions because of the nature of the Fund's investments. As such, investments in Shares may be less tax efficient than investments in conventional ETFs.

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.

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

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. Due to anticipated Federal Reserve Board policy changes, there is a risk that interest rates will rise in the near future.

The Barclays Municipal Insured Long 20 Year Index is an unmanaged index of insured municipal securities with a remaining maturity of 17 to 22 years. The BofA Merrill Lynch New York Insured Long-Term Core Plus Municipal Securities Index is designed to track the performance of US dollar-denominated, investment-grade, insured tax-exempt debt publicly issued by New York or US territories, including Puerto Rico or their political subdivisions in the US domestic market. The Barclays Municipal Bond 20 Year Index is an unmanaged index of municipal bonds with a remaining maturity of 17 to 22 years.

"BofA Merrill Lynch," "The BofA Merrill Lynch New York Insured Long-Term Core Plus Municipal Securities Index" and "BofA Merrill Lynch New York Long-Term Core Plus Municipal Securities Index" are reprinted with permission. ©Copyright 2014 Merrill Lynch, Pierce, Fenner & Smith Incorporated ("BofA Merrill Lynch"). All rights reserved. "BofA Merrill Lynch," "The BofA Merrill Lynch New York Insured Long-Term Core Plus Municipal Securities Index" and "BofA Merrill Lynch New York Long-Term Core Plus Municipal Securities 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 New York AMT-Free Municipal Bond Portfolio that is based on The BofA Merrill Lynch New York Long-Term Core Plus Municipal Securities 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 New York AMT-Free 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 New York AMT-Free Municipal Bond Portfolio or The BofA Merrill Lynch New York Long-Term Core Plus Municipal Securities Index and do not guarantee the quality, accuracy or completeness of The BofA Merrill Lynch New York Long-Term Core Plus Municipal Securities 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 New York Long-Term Core Plus Municipal Securities Index and trade names that are composed by BofA Merrill Lynch without regard to PowerShares, the PowerShares New York AMT-Free 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 New York AMT-Free Municipal Bond Portfolio and are not responsible for the performance of the PowerShares New York AMT-Free
Municipal Bond Portfolio.

as of 03/06/2015
10:06 AM EST

PZT
Intraday Stats

  • Last Trade $24.47
  • Current IIV $24.14
  • Change $0.16
  • % Change 0.66%
as of 03/05/2015
  • NAV at market close $24.35
as of 03/05/2015

Fund Yield

  • SEC 30 Day Yield 2.03%
  • Distribution Yield 3.49%
  • 12 Month Yield 3.71%
  • 30-Day SEC Unsubsidized Yield
    as of 03/05/2015
    N/A
as of 03/05/2015

Prior Close

  • Closing Price $24.31
  • Bid/Ask Midpoint $24.37
  • Bid/Ask Prem/Disc $0.02
  • Bid/Ask Prem/Disc 0.08%
as of 02/27/2015

Fund Characteristics

  • Effective Duration 8.20 yrs
  • Yield to Maturity 4.20%
  • Yield to Worst 2.33%
  • Years to Maturity 22.63
  • Weighted Avg Coupon 5.16%
  • Weighted Avg Price
    as of 03/05/2015
    113.59
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 PZT
  • CUSIP # 73936T458
  • ISIN US73936T4581
  • Intraday NAV PZTIV
  • Index Ticker UNYP
  • 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 10/11/2007
  • # of Holdings 28
    as of 03/05/2015
as of 03/06/2015

Quick Facts

  • Previous Close $24.31
  • Open $24.32
  • Today's High $24.47
  • Today's Low $24.32
  • Today's Volume 810
  • 52 Week High $24.88
  • 52 Week Low $22.62
  • Shares Outstanding 2.00MM
  • Market Value $48.7MM