BLDRS Europe Select ADR Index Fund of the
BLDRS Index Funds Trust
Statements of Changes in Net Assets
|
|
Year Ended September 30,
|
|
|
|
2012
|
|
2011
|
|
2010
|
|
Increase (decrease) in net assets:
|
|
Operations:
|
|
Net investment income
|
|
$
|
542,232
|
|
|
$
|
688,654
|
|
|
$
|
732,221
|
|
|
Net realized gain (loss) on investment
transactions
|
|
|
(705,699
|
)
|
|
|
537,717
|
|
|
|
(1,699,314
|
)
|
|
Net change in unrealized appreciation/
(depreciation) of investments
|
|
|
2,922,944
|
|
|
|
(3,493,392
|
)
|
|
|
1,109,183
|
|
|
Net increase (decrease) in net assets
resulting from operations
|
|
|
2,759,477
|
|
|
|
(2,267,021
|
)
|
|
|
142,090
|
|
|
Distributions to Unitholders from:
|
|
Net investment income
|
|
|
(525,095
|
)
|
|
|
(677,272
|
)
|
|
|
(661,163
|
)
|
|
Return of capital
|
|
|
|
|
|
|
|
|
|
|
(58,729
|
)
|
|
Total distributions
|
|
|
(525,095
|
)
|
|
|
(677,272
|
)
|
|
|
(719,892
|
)
|
|
Unitholder transactions:
|
|
Proceeds from subscriptions of BLDRS
Europe Select ADR Index Fund shares
|
|
|
|
|
|
|
3,188,496
|
|
|
|
3,843,748
|
|
|
Less redemptions of BLDRS
Europe Select ADR Index Fund shares
|
|
|
(4,758,774
|
)
|
|
|
(6,051,802
|
)
|
|
|
(1,070,713
|
)
|
|
Decrease in net assets due to
unitholder transactions
|
|
|
(4,758,774
|
)
|
|
|
(2,863,306
|
)
|
|
|
2,773,035
|
|
|
Total increase (decrease)
|
|
|
(2,524,392
|
)
|
|
|
(5,807,599
|
)
|
|
|
2,195,233
|
|
|
Net Assets
|
|
Beginning of year
|
|
|
16,470,965
|
|
|
|
22,278,563
|
|
|
|
20,083,330
|
|
|
End of year(a)
|
|
$
|
13,946,573
|
|
|
$
|
16,470,965
|
|
|
$
|
22,278,563
|
|
|
(a) Includes distributions in excess of net investment income of $(76,069), $(93,206) and $(104,588) at September 30, 2012, 2011 and 2010, respectively.
See accompanying notes to financial statements.
26
BLDRS Asia 50 ADR Index Fund of the BLDRS Index Funds Trust
Financial Highlights
|
|
Year Ended September 30,
|
|
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|
Net asset value, beginning of year
|
|
$
|
22.40
|
|
|
$
|
25.76
|
|
|
$
|
24.49
|
|
|
$
|
25.39
|
|
|
$
|
35.94
|
|
|
Investment operations:
|
|
Net investment income
(1)
|
|
|
0.62
|
|
|
|
0.61
|
|
|
|
0.45
|
|
|
|
0.50
|
|
|
|
0.56
|
|
|
Net realized and unrealized
gain (loss) on investments
|
|
|
1.57
|
|
|
|
(3.05
|
)
|
|
|
1.32
|
|
|
|
(0.49
|
)
|
|
|
(10.31
|
)
|
|
Total from investment operations
|
|
|
2.19
|
|
|
|
(2.44
|
)
|
|
|
1.77
|
|
|
|
0.01
|
|
|
|
(9.75
|
)
|
|
Less distributions from:
|
|
Net investment income
|
|
|
(0.56
|
)
|
|
|
(0.89
|
)
|
|
|
(0.50
|
)
|
|
|
(0.91
|
)
|
|
|
(0.56
|
)
|
|
Realized gain on investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.24
|
)
|
|
Return of capital
|
|
|
(0.08
|
)
|
|
|
(0.03
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions
|
|
|
(0.64
|
)
|
|
|
(0.92
|
)
|
|
|
(0.50
|
)
|
|
|
(0.91
|
)
|
|
|
(0.80
|
)
|
|
Net asset value, end of year
|
|
$
|
23.95
|
|
|
$
|
22.40
|
|
|
$
|
25.76
|
|
|
$
|
24.49
|
|
|
$
|
25.39
|
|
|
Total investment return
(2)
|
|
|
9.89
|
%
|
|
|
(9.90
|
)%
|
|
|
7.30
|
%
|
|
|
1.06
|
%
|
|
|
(27.48
|
)%
|
|
Ratios/Supplemental Data
|
|
Net assets, end of year
(000
's ommitted)
|
|
$
|
26,344
|
|
|
$
|
31,361
|
|
|
$
|
46,375
|
|
|
$
|
64,887
|
|
|
$
|
77,428
|
|
|
Ratio to average net assets:
|
|
Expenses before expenses
waived and/or assumed
|
|
|
0.41
|
%
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
|
|
0.23
|
%
|
|
Expenses after expenses
waived and/or assumed
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
|
|
0.23
|
%
|
|
Net investment income
before expenses waived
and or/assumed
|
|
|
2.45
|
%
|
|
|
2.21
|
%
|
|
|
1.77
|
%
|
|
|
2.41
|
%
|
|
|
1.74
|
%
|
|
Net investment income after
expenses waived
and/or assumed
|
|
|
2.57
|
%
|
|
|
2.21
|
%
|
|
|
1.77
|
%
|
|
|
2.41
|
%
|
|
|
1.74
|
%
|
|
Portfolio turnover rate
(3)
|
|
|
10.15
|
%
|
|
|
10.53
|
%
|
|
|
7.01
|
%
|
|
|
17.19
|
%
|
|
|
7.49
|
%
|
|
The financial highlights summarize the impact of net investment income, net realized and unrealized gains and losses and distributions on a single share of the BLDRS Asia 50 ADR Index Fund outstanding for each period presented. Additionally, important relationships between certain financial statement items are expressed in ratio form.
(1) Calculated using average shares outstanding method.
(2) Total return calculation assumes the reinvestment of dividends and capital gain distributions, if any, at net asset value. Total return excludes the effect of transaction fees connected to the creation and redemption of Creation Units and brokerage commissions incurred by purchasing and/or selling shares of the Fund in the secondary market. Currently, the Fund does not have a dividend reinvestment program.
(3) Portfolio turnover excludes securities received or delivered from processing creations or redemptions of Fund shares.
See accompanying notes to financial statements.
27
BLDRS Developed Markets 100 ADR Index Fund of the BLDRS Index Funds Trust
Financial Highlights
|
|
Year Ended September 30,
|
|
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|
Net asset value, beginning of year
|
|
$
|
17.71
|
|
|
$
|
20.47
|
|
|
$
|
21.16
|
|
|
$
|
22.31
|
|
|
$
|
32.81
|
|
|
Investment operations:
|
|
Net investment income
(1)
|
|
|
0.69
|
|
|
|
0.67
|
|
|
|
0.66
|
|
|
|
0.69
|
|
|
|
0.92
|
|
|
Net realized and unrealized
gain (loss) on investments
|
|
|
2.19
|
|
|
|
(2.76
|
)
|
|
|
(0.68
|
)
|
|
|
(1.07
|
)
|
|
|
(9.84
|
)
|
|
Total from investment operations
|
|
|
2.88
|
|
|
|
(2.09
|
)
|
|
|
(0.02
|
)
|
|
|
(0.38
|
)
|
|
|
(8.92
|
)
|
|
Less distributions from:
|
|
Net investment income
|
|
|
(0.68
|
)
|
|
|
(0.67
|
)
|
|
|
(0.67
|
)
|
|
|
(0.71
|
)
|
|
|
(0.90
|
)
|
|
Realized gain on investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.06
|
)
|
|
|
(0.68
|
)
|
|
Total distributions
|
|
|
(0.68
|
)
|
|
|
(0.67
|
)
|
|
|
(0.67
|
)
|
|
|
(0.77
|
)
|
|
|
(1.58
|
)
|
|
Net asset value, end of year
|
|
$
|
19.91
|
|
|
$
|
17.71
|
|
|
$
|
20.47
|
|
|
$
|
21.16
|
|
|
$
|
22.31
|
|
|
Total investment return
(2)
|
|
|
16.61
|
%
|
|
|
(10.68
|
)%
|
|
|
0.06
|
%
|
|
|
(0.98
|
)%
|
|
|
(28.24
|
)%
|
|
Ratios/Supplemental Data
|
|
Net assets, end of year
(000
's ommitted)
|
|
$
|
48,779
|
|
|
$
|
54,907
|
|
|
$
|
74,728
|
|
|
$
|
75,124
|
|
|
$
|
98,177
|
|
|
Ratio to average net assets:
|
|
Expenses before expenses
waived and/or assumed
|
|
|
0.35
|
%
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
|
|
0.21
|
%
|
|
Expenses after expenses
waived and/or assumed
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
|
|
0.21
|
%
|
|
Net investment income
before expenses waived
and or/assumed
|
|
|
3.52
|
%
|
|
|
3.09
|
%
|
|
|
3.25
|
%
|
|
|
3.99
|
%
|
|
|
3.14
|
%
|
|
Net investment income after
expenses waived
and/or assumed
|
|
|
3.57
|
%
|
|
|
3.09
|
%
|
|
|
3.25
|
%
|
|
|
3.99
|
%
|
|
|
3.14
|
%
|
|
Portfolio turnover rate
(3)
|
|
|
4.94
|
%
|
|
|
5.69
|
%
|
|
|
14.19
|
%
|
|
|
12.60
|
%
|
|
|
13.09
|
%
|
|
The financial highlights summarize the impact of net investment income, net realized and unrealized gains and losses and distributions on a single share of the BLDRS Developed Markets 100 ADR Index Fund outstanding for each period presented. Additionally, important relationships between certain financial statement items are expressed in ratio form.
(1) Calculated using average shares outstanding method.
(2) Total return calculation assumes the reinvestment of dividends and capital gain distributions, if any, at net asset value. Total return excludes the effect of transaction fees connected to the creation and redemption of Creation Units and brokerage commissions incurred by purchasing and/or selling shares of the Fund in the secondary market. Currently, the Fund does not have a dividend reinvestment program.
(3) Portfolio turnover excludes securities received or delivered from processing creations or redemptions of Fund shares.
See accompanying notes to financial statements.
28
BLDRS Emerging Markets 50 ADR Index Fund of the BLDRS Index Funds Trust
Financial Highlights
|
|
Year Ended September 30,
|
|
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|
Net asset value, beginning of year
|
|
$
|
36.08
|
|
|
$
|
45.09
|
|
|
$
|
41.07
|
|
|
$
|
37.94
|
|
|
$
|
52.84
|
|
|
Investment operations:
|
|
Net investment income
(1)
|
|
|
0.96
|
|
|
|
1.08
|
|
|
|
0.79
|
|
|
|
0.83
|
|
|
|
1.04
|
|
|
Net realized and unrealized
gain (loss) on investments
|
|
|
3.23
|
|
|
|
(8.94
|
)
|
|
|
4.03
|
|
|
|
3.15
|
|
|
|
(14.98
|
)
|
|
Total from investment operations
|
|
|
4.19
|
|
|
|
(7.86
|
)
|
|
|
4.82
|
|
|
|
3.98
|
|
|
|
(13.94
|
)
|
|
Less distributions from:
|
|
Net investment income
|
|
|
(1.00
|
)
|
|
|
(1.15
|
)
|
|
|
(0.80
|
)
|
|
|
(0.85
|
)
|
|
|
(0.96
|
)
|
|
Total distributions
|
|
|
(1.00
|
)
|
|
|
(1.15
|
)
|
|
|
(0.80
|
)
|
|
|
(0.85
|
)
|
|
|
(0.96
|
)
|
|
Net asset value, end of year
|
|
$
|
39.27
|
|
|
$
|
36.08
|
|
|
$
|
45.09
|
|
|
$
|
41.07
|
|
|
$
|
37.94
|
|
|
Total investment return
(2)
|
|
|
11.75
|
%
|
|
|
(17.82
|
)%
|
|
|
11.87
|
%
|
|
|
11.02
|
%
|
|
|
(26.73
|
)%
|
|
Ratios/Supplemental Data
|
|
Net assets, end of year
(000
's ommitted)
|
|
$
|
341,609
|
|
|
$
|
409,468
|
|
|
$
|
669,623
|
|
|
$
|
669,478
|
|
|
$
|
553,969
|
|
|
Ratio to average net assets:
|
|
Expenses before expenses
waived and/or assumed
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
|
|
0.16
|
%
|
|
Expenses after expenses
waived and/or assumed
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
|
|
0.16
|
%
|
|
Net investment income
before expenses waived
and or/assumed
|
|
|
2.42
|
%
|
|
|
2.35
|
%
|
|
|
1.86
|
%
|
|
|
2.65
|
%
|
|
|
2.03
|
%
|
|
Net investment income after
expenses waived
and/or assumed
|
|
|
2.42
|
%
|
|
|
2.35
|
%
|
|
|
1.86
|
%
|
|
|
2.65
|
%
|
|
|
2.03
|
%
|
|
Portfolio turnover rate
(3)
|
|
|
12.03
|
%
|
|
|
7.85
|
%
|
|
|
16.38
|
%
|
|
|
13.27
|
%
|
|
|
10.67
|
%
|
|
The financial highlights summarize the impact of net investment income, net realized and unrealized gains and losses and distributions on a single share of the BLDRS Emerging Markets 50 ADR Index Fund outstanding for each period presented. Additionally, important relationships between certain financial statement items are expressed in ratio form.
(1) Calculated using average shares outstanding method.
(2) Total return calculation assumes the reinvestment of dividends and capital gain distributions, if any, at net asset value. Total return excludes the effect of transaction fees connected to the creation and redemption of Creation Units and brokerage commissions incurred by purchasing and/or selling shares of the Fund in the secondary market. Currently, the Fund does not have a dividend reinvestment program.
(3) Portfolio turnover excludes securities received or delivered from processing creations or redemptions of Fund shares.
See accompanying notes to financial statements.
29
BLDRS Europe Select ADR Index Fund of the BLDRS Index Funds Trust
Financial Highlights
|
|
Year Ended September 30,
|
|
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|
Net asset value, beginning of year
|
|
$
|
17.34
|
|
|
$
|
20.25
|
|
|
$
|
21.14
|
|
|
$
|
22.10
|
|
|
$
|
34.07
|
|
|
Investment operations:
|
|
Net investment income
(1)
|
|
|
0.70
|
|
|
|
0.68
|
|
|
|
0.72
|
|
|
|
0.77
|
|
|
|
0.99
|
|
|
Net realized and unrealized gain
(loss) on investments
|
|
|
2.53
|
|
|
|
(2.90
|
)
|
|
|
(0.88
|
)
|
|
|
(0.94
|
)
|
|
|
(10.50
|
)
|
|
Total from investment operations
|
|
|
3.23
|
|
|
|
(2.22
|
)
|
|
|
(0.16
|
)
|
|
|
(0.17
|
)
|
|
|
(9.51
|
)
|
|
Less distributions from:
|
|
Net investment income
|
|
|
(0.65
|
)
|
|
|
(0.69
|
)
|
|
|
(0.67
|
)
|
|
|
(0.76
|
)
|
|
|
(0.98
|
)
|
|
Realized gain on investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1.48
|
)
|
|
Return of capital
|
|
|
|
|
|
|
|
|
|
|
(0.06
|
)
|
|
|
(0.03
|
)
|
|
|
|
|
|
Total distributions
|
|
|
(0.65
|
)
|
|
|
(0.69
|
)
|
|
|
(0.73
|
)
|
|
|
(0.79
|
)
|
|
|
(2.46
|
)
|
|
Net asset value, end of year
|
|
$
|
19.92
|
|
|
$
|
17.34
|
|
|
$
|
20.25
|
|
|
$
|
21.14
|
|
|
$
|
22.10
|
|
|
Total investment return
(2)
|
|
|
18.99
|
%
|
|
|
(11.43
|
)%
|
|
|
(0.60
|
)%
|
|
|
(0.03
|
)%
|
|
|
(29.72
|
)%
|
|
Ratios/Supplemental Data
|
|
Net assets, end of year
(000
's ommitted)
|
|
$
|
13,947
|
|
|
$
|
16,471
|
|
|
$
|
22,279
|
|
|
$
|
20,083
|
|
|
$
|
26,516
|
|
|
Ratio to average net assets:
|
|
Expenses before expenses
waived and/or assumed
|
|
|
0.59
|
%
|
|
|
0.40
|
%
|
|
|
0.41
|
%
|
|
|
0.54
|
%
|
|
|
0.34
|
%
|
|
Expenses after expenses
waived and/or assumed
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
|
|
0.30
|
%
|
|
Net investment income
before expenses waived
and or/assumed
|
|
|
3.40
|
%
|
|
|
3.13
|
%
|
|
|
3.49
|
%
|
|
|
4.27
|
%
|
|
|
3.27
|
%
|
|
Net investment income after
expenses waived
and/or assumed
|
|
|
3.69
|
%
|
|
|
3.23
|
%
|
|
|
3.60
|
%
|
|
|
4.51
|
%
|
|
|
3.31
|
%
|
|
Portfolio turnover rate
(3)
|
|
|
4.69
|
%
|
|
|
4.09
|
%
|
|
|
17.25
|
%
|
|
|
10.93
|
%
|
|
|
15.85
|
%
|
|
The financial highlights summarize the impact of net investment income, net realized and unrealized gains and losses and distributions on a single share of the BLDRS Europe Select ADR Index Fund outstanding for each period presented. Additionally, important relationships between certain financial statement items are expressed in ratio form.
(1) Calculated using average shares outstanding method.
(2) Total return calculation assumes the reinvestment of dividends and capital gain distributions, if any, at net asset value. Total return excludes the effect of transaction fees connected to the creation and redemption of Creation Units and brokerage commissions incurred by purchasing and/or selling shares of the Fund in the secondary market. Currently, the Fund does not have a dividend reinvestment program.
(3) Portfolio turnover excludes securities received or delivered from processing creations or redemptions of Fund shares.
See accompanying notes to financial statements.
30
BLDRS Index Funds Trust
Notes to Financial Statements
September 30, 2012
1. Organization
BLDRS Index Funds Trust (the "Trust") is a unit investment trust consisting of four separate investment portfolios; BLDRS Asia 50 ADR Index Fund ("Asia"), BLDRS Developed Markets 100 ADR Index Fund ("Developed Markets"), BLDRS Emerging Markets 50 ADR Index Fund ("Emerging Markets") and BLDRS Europe Select ADR Index Fund ("Europe"), formerly known as BLDRS Europe 100 ADR Index Fund, (each a "Fund" and collectively the "Funds"), created under the laws of the State of New
York and registered under the Investment Company Act of 1940. The Funds were created to provide investors with the opportunity to purchase units of beneficial interest in the Funds representing proportionate undivided interests in the portfolio of securities held by each respective Fund. The portfolios of the Funds consist of substantially all of the securities, in substantially the same weighting, as the component securities of The BNY Mellon Asia 50 ADR Index(SM), The BNY Mellon Developed Markets 100 ADR Index(SM), The BNY Mellon Emerging Markets 50 ADR Index(SM) and The BNY Mellon Europe Select ADR Index(SM), respectively.
Invesco PowerShares Capital Management LLC is the Sponsor of the Trust and The Bank of New York Mellon (formerly The Bank of New York) is the Trustee.
2. Significant Accounting Policies
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (hereafter referred to as "authoritative guidance") requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation
Portfolio securities are valued at the Nasdaq official closing price of The Nasdaq Stock Market, Inc. (the "Nasdaq Stock Market"), which is deemed to be the principal market on which the securities are traded. If there is no Nasdaq official closing price on the day of valuation, a security is valued at the closing bid price of the Nasdaq Stock Market. If a security is not quoted on the Nasdaq Stock Market, or the principal market of the security is other than the Nasdaq Stock Market, or the Trustee deems the official close price or closing bid price inappropriate for valuation purposes, then the security shall be fair valued by the Trustee in good faith based (a) on the closing price for the security on another market on which the security is traded or if there is no such appropriate closing price, at the closing bid price on such other market, (b) on current bid prices on the Nasdaq Stock Market or such other markets, (c) if bid prices are not available, on the basis of current bid
31
prices for comparable securities, (d) by the Trustee appraising the value of the securities in good faith, or (e) any combination thereof.
The authoritive guidance for fair value measurements and disclosures defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance also establishes a framework for measuring fair value and a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The guidance establishes three tiers of inputs ("Levels") that may be used to measure fair value. The three tiers of inputs are summarized at the end of each respective Fund's Schedule of Investments.
The Funds' policy is to disclose transfers between Levels based on valuations at the beginning of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Trust's fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the reporting period.
Investment Transactions
Investment transactions are recorded on trade date. Realized gains and losses from the sale or disposition of securities are recorded on a specific identification basis. Dividend income is recorded on the ex-dividend date. Dividends received by each Fund may be subject to withholding and other taxes imposed by foreign countries.
Distributions to Unitholders
The Funds declare and distribute dividends, if any, from net investment income quarterly. The Funds will distribute net realized capital gains, if any, at least annually.
Federal Income Tax
The Funds have qualified and intend to continue to qualify as "regulated investment companies" under Subchapter M of the Internal Revenue Code of 1986 (the "Code"), as amended. By so qualifying, the Funds will not be subject to federal income taxes to the extent they distribute all of their investment company taxable income and any net realized capital gains, each fiscal year. In addition, by distributing each calendar year substantially all of their net investment income and capital gains, if any, the Funds will not be subject to federal excise tax. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.
The Funds are subject to authoritative guidance for uncertainties in income tax. Management has analyzed each of the Fund's tax positions taken or expected to be taken on its federal income tax return for all open tax years and has concluded that,
32
as of September 30, 2012, no provision for income tax would be required in each respective Fund's financial statements. The Funds file tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Funds are subject to examinations by such tax authorities for up to three years after the filing of their return for the tax period.
3. Federal Income Tax
At September 30, 2012, the following permanent differences were reclassified within the components of net assets of the Funds, primarily due to the tax treatment of in-kind transactions in all of the Funds, and a tax return of capital in Asia. These reclassifications had no effect on net assets of the Funds.
|
|
Net increase to
Undistributed
(Distributions
in Excess of) Net
Investment Income
|
|
Net increase
(decrease) to
Accumulated
Net Realized
Gain (Loss) on
Investment
|
|
Net increase
(decrease) to
Paid in Capital
|
|
Asia
|
|
$
|
95,294
|
|
|
$
|
943,339
|
|
|
$
|
(1,038,633
|
)
|
|
Developed Markets
|
|
|
|
|
|
|
2,706,769
|
|
|
|
(2,706,769
|
)
|
|
Emerging Markets
|
|
|
|
|
|
|
10,238,026
|
|
|
|
(10,238,026
|
)
|
|
Europe
|
|
|
|
|
|
|
589,842
|
|
|
|
(589,842
|
)
|
|
Distributions during the fiscal year ended September 30, 2012, 2011 and 2010 were characterized for tax purposes as follows:
|
|
Ordinary Income
Year Ended September 30,
|
|
Long-Term Capital Gains
Year Ended September 30,
|
|
|
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
|
Asia
|
|
$
|
679,357
|
|
|
$
|
1,343,389
|
|
|
$
|
979,828
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Developed Markets
|
|
|
1,844,406
|
|
|
|
2,286,190
|
|
|
|
2,384,034
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emerging Markets
|
|
|
9,785,670
|
|
|
|
14,242,362
|
|
|
|
12,327,072
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
525,095
|
|
|
|
677,272
|
|
|
|
661,163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Return of Capital
Year Ended September 30,
|
|
|
|
2012
|
|
2011
|
|
2010
|
|
Asia
|
|
$
|
95,294
|
|
|
$
|
47,837
|
|
|
$
|
|
|
|
Developed Markets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emerging Markets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
|
|
|
|
|
|
|
|
58,729
|
|
|
Under the enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward
33
will retain their character as either short-term or long-term losses rather than being considered all short-term as under previous law.
At September 30, 2012, the components of accumulated earnings/deficit on a tax basis were as follows:
|
|
Undistributed
Ordinary Income
|
|
Net Unrealized
Appreciation/
(Depreciation)
|
|
Accumulated
Capital and
other Losses*
|
|
Total
Accumulated
Deficit
|
|
Asia
|
|
$
|
|
|
|
$
|
(10,319,581
|
)
|
|
$
|
(9,325,650
|
)
|
|
$
|
(19,645,231
|
)
|
|
Developed Markets
|
|
|
257,953
|
|
|
|
(23,861,951
|
)
|
|
|
(12,873,435
|
)
|
|
|
(36,477,433
|
)
|
|
Emerging Markets
|
|
|
2,175,270
|
|
|
|
(82,470,495
|
)
|
|
|
(68,552,968
|
)
|
|
|
(148,848,193
|
)
|
|
Europe
|
|
|
1,162
|
|
|
|
(6,006,430
|
)
|
|
|
(4,037,360
|
)
|
|
|
(10,042,628
|
)
|
|
* Under current tax regulations, capital losses on securities transactions realized after October 31 ("Post-October Losses") may be deferred and treated as occurring on the first business day of the following fiscal year. Under the enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to defer certain net investment losses incurred after December 31 and treat as occurring on the first business day of the following fiscal year. The Accumulated Capital and other Losses include Post-October capital losses of $543,547 for Asia, $683,188 for Developed Markets, $10,891,368 for Emerging Markets and $303,840 for Europe.
Pursuant to the Code, the Funds' capital loss carryforwards will expire as follows:
|
|
2017
|
|
2018
|
|
2019
|
|
Short-Term
Loss
Carryforward
No Expiration
|
|
Long-Term
Loss
Carryforward
No Expiration
|
|
Total
|
|
Asia
|
|
$
|
3,330,400
|
|
|
$
|
4,149,037
|
|
|
$
|
298,791
|
|
|
$
|
|
|
|
$
|
1,003,875
|
|
|
$
|
8,782,103
|
|
|
Developed Markets
|
|
|
681,358
|
|
|
|
8,058,923
|
|
|
|
2,608,098
|
|
|
|
52,750
|
|
|
|
789,118
|
|
|
|
12,190,247
|
|
|
Emerging Markets
|
|
|
31,056,295
|
|
|
|
10,088,950
|
|
|
|
1,412,302
|
|
|
|
|
|
|
|
15,104,056
|
|
|
|
57,661,603
|
|
|
Europe
|
|
|
325,340
|
|
|
|
2,226,447
|
|
|
|
1,078,809
|
|
|
|
9,531
|
|
|
|
93,393
|
|
|
|
3,733,520
|
|
|
4. Transactions with the Trustee, Licensor and Sponsor
The Funds pay the expenses of their operations, including Trustee fees, reimbursements to the Sponsor for expenses relating to the marketing of the Funds and for fees to The Bank of New York Mellon (the "Licensor") for a license to use the BNY Mellon Asia 50 ADR Index, BNY Mellon Developed Markets 100 ADR Index, BNY Mellon Emerging Markets 50 ADR Index and BNY Mellon Europe Select ADR Index as a basis for determining the composition and weighting of securities held by each respective Fund. Each Fund pays an annual licensing fee to the Licensor equal 6/100 of one percent (0.06%) of its average net assets subject to the waiver provisions discussed on the following page.
In accordance with the Trust Agreement, the Trustee maintains the Funds' accounting records, acts as custodian and transfer agent to the Funds, and provides administrative services, including filing of all required regulatory reports. The Trustee is also responsible for determining the composition of the portfolios of
34
securities, which must be delivered in exchange for the issuance of Creation Units of the Funds, and for adjusting the composition of each Fund's portfolio from time to time to conform to changes in the compositions and/or weighting structure of the respective index.
For these services, the Trustee receives a fee from each Fund at the following annual rates:
Net Assets
|
|
Fee as a Percentage of
Net Assets
|
|
$0$499,999,999*
|
|
10/100 of 1% per annum
|
|
$500,000,000$2,499,999,999*
|
|
8/100 of 1% per annum
|
|
$
2,500,000,000
and above*
|
|
6/100 of 1% per annum
|
|
* The fee indicated applies to that portion of the net assets of each Fund that falls in the size category indicated and is computed each business day on the basis of the net assets of the Fund on such day.
Marketing expenses for the year ended September 30, 2012, 2011 and 2010, represent expenses incurred by the Sponsor, if any, on behalf of the Funds and charged to the Funds, subject to the reimbursement provisions below.
The Sponsor had undertaken that on each day during the fiscal year ended September 30, 2012, and until determined otherwise, the ordinary operating expenses of the Funds as calculated by the Trustee would not be permitted to exceed an amount which is 30/100 of one percent (0.30%) per annum of the daily net asset value of each Fund. To the extent during such period that ordinary operating expenses of a Fund exceeded such 0.30% amount, the Licensor first waived licensing fees applicable to the Fund and, if such waiver was insufficient, the Sponsor thereafter reimbursed the Fund for or assumed such excess ordinary operating expenses. The Licensor and Sponsor may be repaid by the Funds for licensing fees so waived or expenses so reimbursed or assumed respectively, in each case to the extent that subsequently during the fiscal year expenses fall below the 0.30% per annum level on any given day.
For the fiscal year ended September 30, 2012, 2011 and 2010, the Licensor waived and the Sponsor reimbursed the following expenses incurred by the Funds:
|
|
License Fees
Waived by Licensor
Year Ended September 30,
|
|
Expenses Assumed by
the Sponsor
Year Ended September 30,
|
|
|
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
|
Asia
|
|
$
|
13,146
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(21,164
|
)
|
|
$
|
|
|
|
$
|
|
|
|
Developed Markets
|
|
|
25,698
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emerging Markets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
8,824
|
|
|
|
12,800
|
|
|
|
12,188
|
|
|
|
33,876
|
|
|
|
7,649
|
|
|
|
10,764
|
|
|
ALPS Distributors, Inc. (the "Distributor") is the distributor for the Funds. The Sponsor, not the Funds, pays the Distributor a flat annual fee of $20,000 for each Fund for its distribution services and the Funds do not reimburse the Sponsor for such fees.
35
5. Related Party Transactions
During the fiscal year ended September 30, 2012, 2011 and 2010, the Funds paid $168,031, $191,877, and $360,133, respectively, in commissions on trades to a related party, BNY ConvergEx Group. BNY ConvergEx Group is an affiliate of the Trustee.
6. Transactions in Shares of the BLDRS Index Funds Trust
Transactions in shares are as follows:
|
|
For the Year ended September 30,
|
|
|
|
2012
|
|
2011
|
|
2010
|
|
|
|
Shares
|
|
Shares
|
|
Shares
|
|
Asia shares sold
|
|
|
|
|
|
|
|
|
|
|
150,000
|
|
|
Asia shares redeemed
|
|
|
(300,000
|
)
|
|
|
(400,000
|
)
|
|
|
(1,000,000
|
)
|
|
Net increase (decrease)
|
|
|
(300,000
|
)
|
|
|
(400,000
|
)
|
|
|
(850,000
|
)
|
|
Developed Markets shares sold
|
|
|
|
|
|
|
50,000
|
|
|
|
650,000
|
|
|
Developed Markets share redeemed
|
|
|
(650,000
|
)
|
|
|
(600,000
|
)
|
|
|
(550,000
|
)
|
|
Net increase (decrease)
|
|
|
(650,000
|
)
|
|
|
(550,000
|
)
|
|
|
100,000
|
|
|
Emerging Markets shares sold
|
|
|
200,000
|
|
|
|
300,000
|
|
|
|
5,000,000
|
|
|
Emerging Markets shares redeemed
|
|
|
(2,850,000
|
)
|
|
|
(3,800,000
|
)
|
|
|
(6,450,000
|
)
|
|
Net increase (decrease)
|
|
|
(2,650,000
|
)
|
|
|
(3,500,000
|
)
|
|
|
(1,450,000
|
)
|
|
Europe shares sold
|
|
|
|
|
|
|
150,000
|
|
|
|
200,000
|
|
|
Europe shares redeemed
|
|
|
(250,000
|
)
|
|
|
(300,000
|
)
|
|
|
(50,000
|
)
|
|
Net increase (decrease)
|
|
|
(250,000
|
)
|
|
|
(150,000
|
)
|
|
|
150,000
|
|
|
The shares of the Funds are issued and redeemed only in Creation Unit size aggregations of 50,000 shares. Such transactions are only permitted on an in-kind basis, with a separate cash payment that is equivalent to the undistributed net investment income of the shares and a balancing cash component to equate the transaction to the net asset value of the shares on the transaction date.
The transaction fee in connection with creation or redemption of Creation Units through the BLDRS Asia 50 ADR Clearing Process, BLDRS Developed Markets 100 ADR Clearing Process, BLDRS Emerging Markets 50 ADR Clearing Process and BLDRS Europe Select ADR Clearing Process is $10 per security "name" in the portfolio deposit or redemption payment, rounded up to the nearest $500 for Asia and Emerging Markets and to $1,000 for Developed Markets and Europe per participating party per day, regardless of the number of Creation Units purchased or redeemed on such day by the participating party. The total fee charged in connection with the creation or redemption of Creation Units outside the listed above Clearing Processes is four times the normal transaction cost of $500 ($2,000) and $1,000 ($4,000) per participating party per day.
36
Transaction fees are received by the Trustee and used to offset its expense of processing orders. For fiscal years ended September 30, 2012, 2011 and 2010, the Trustee earned the following amounts in transaction fees:
|
|
Year Ended September 30,
|
|
|
|
2012
|
|
2011
|
|
2010
|
|
Asia
|
|
$
|
3,000
|
|
|
$
|
3,000
|
|
|
$
|
8,000
|
|
|
Developed Markets
|
|
|
9,000
|
|
|
|
8,000
|
|
|
|
13,000
|
|
|
Emerging Markets
|
|
|
18,000
|
|
|
|
16,500
|
|
|
|
48,000
|
|
|
Europe
|
|
|
2,000
|
|
|
|
5,000
|
|
|
|
3,000
|
|
|
The Trustee, in its sole discretion, may voluntarily reduce or waive its fee, or modify the transaction fee schedule, subject to certain limitations. There were no such reductions or waivers for the years ended September 30, 2012, 2011 or 2010.
7. Investment Transactions
For the year ended September 30, 2012, the Funds had purchases and sales of investment securities, excluding securities received or delivered from processing creations or redemptions of the Funds' shares, as follows:
|
|
Purchases
|
|
Sales
|
|
Asia
|
|
$
|
3,056,369
|
|
|
$
|
3,384,020
|
|
|
Developed Markets
|
|
|
2,731,613
|
|
|
|
2,611,856
|
|
|
Emerging Markets
|
|
|
45,512,194
|
|
|
|
45,449,535
|
|
|
Europe
|
|
|
757,672
|
|
|
|
685,026
|
|
|
At September 30, 2012, the Funds' cost of investments for federal income tax purposes and unrealized appreciation/(depreciation) was as follows:
|
|
Cost of
Investments
|
|
Gross Unrealized
Appreciation
|
|
Gross Unrealized
(Depreciation)
|
|
Net Unrealized
Appreciation/
(Depreciation)
|
|
Asia
|
|
$
|
36,663,614
|
|
|
$
|
1,787,699
|
|
|
$
|
(12,107,280
|
)
|
|
$
|
(10,319,581
|
)
|
|
Developed Markets
|
|
|
72,586,057
|
|
|
|
1,095,012
|
|
|
|
(24,956,963
|
)
|
|
|
(23,861,951
|
)
|
|
Emerging Markets
|
|
|
424,064,420
|
|
|
|
24,746,461
|
|
|
|
(107,216,956
|
)
|
|
|
(82,470,495
|
)
|
|
Europe
|
|
|
19,933,914
|
|
|
|
444,925
|
|
|
|
(6,451,355
|
)
|
|
|
(6,006,430
|
)
|
|
8. Representations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that maybe made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
9. Subsequent Events
Management has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were available to be issued. Except for the below, management has determined that there
37
are no material events that would require disclosure in the Funds' financial statements through this date.
Effective November 16, 2012, in accordance with the terms of the Trust Agreement, the Trustee will pay, from its own assets, the Sponsor to perform the following services for the Trust: adjust the composition of the portfolio, calculate and adjust, if necessary, the weighting of each security in the portfolio, dispose of or exchange securities after it has been determined that such securities will be removed from the Index and direct securities transactions to brokers or dealers, which may include affiliates of the Trustee, including BNY ConvergEx Group, but will not include affiliates of the Sponsor.
38
Supplemental Information (Unaudited)
BLDRS Asia 50 ADR Index Fund
BLDRS Developed Markets 100 ADR Index Fund
BLDRS Emerging Markets 50 ADR Index Fund
BLDRS Europe Select ADR Index Fund
I. Information Regarding Closing Prices vs. Net Asset Value Frequency Distribution For Each BLDRS Fund
The tables that follow present information about the differences between the daily market price on secondary markets for shares of a BLDRS Fund and that Fund's net asset value. Net Asset Value, or "NAV", is the price at which a Fund issues and redeems shares. The "Closing Market Price" of shares in each BLDRS Fund is determined and published by The Nasdaq Stock Market, as of the time that the Funds' NAV is calculated. Each Fund's Closing Market Price may be below, at, or above its NAV. The NAV for each Fund will fluctuate with changes in the market value of its portfolio holdings.
Premiums or discounts are the differences (expressed as a percentage) between the NAV and Closing Market Price of a Fund on a given day, generally at the time NAV is calculated. A premium is the amount that a Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a Fund is trading below the reported NAV, expressed as a percentage of the NAV.
The following information shows the frequency distributions of premiums and discounts for each of the BLDRS Funds included in this report. The information shown for each Fund is from October 1, 2011 through September 30, 2012.
Each line in the table shows the number of trading days in which the BLDRS Funds traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future performance.
39
Supplemental Information (Unaudited) (continued)
BLDRS Asia 50 ADR Index Fund
October 1, 2011 through September 30, 2012
|
|
Closing Price
on NASDAQ
Above Fund NAV
|
|
Closing Price
on NASDAQ
Below Fund NAV
|
|
Range
|
|
Frequency
(1)
|
|
% of Total
|
|
Frequency
(1)
|
|
% of Total
|
|
>0.01% to 0.50%
|
|
|
31
|
|
|
|
96.87
|
%
|
|
|
195
|
|
|
|
89.04
|
%
|
|
>0.50% to 1.00%
|
|
|
1
|
|
|
|
3.13
|
%
|
|
|
24
|
|
|
|
10.96
|
%
|
|
>1.00% to 2.00%
|
|
|
0
|
|
|
|
0.00
|
%
|
|
|
0
|
|
|
|
0.00
|
%
|
|
Total
|
|
|
32
|
|
|
|
100.00
|
%
|
|
|
219
|
|
|
|
100.00
|
%
|
|
BLDRS Developed Markets 100 ADR Index Fund
October 1, 2011 through September 30, 2012
|
|
Closing Price
on NASDAQ
Above Fund NAV
|
|
Closing Price
on NASDAQ
Below Fund NAV
|
|
Range
|
|
Frequency
(1)
|
|
% of Total
|
|
Frequency
(1)
|
|
% of Total
|
|
>0.01% to 0.50%
|
|
|
27
|
|
|
|
100.00
|
%
|
|
|
223
|
|
|
|
99.55
|
%
|
|
>0.50% to 1.00%
|
|
|
0
|
|
|
|
0.00
|
%
|
|
|
1
|
|
|
|
0.45
|
%
|
|
>1.00% to 2.00%
|
|
|
0
|
|
|
|
0.00
|
%
|
|
|
0
|
|
|
|
0.00
|
%
|
|
Total
|
|
|
27
|
|
|
|
100.00
|
%
|
|
|
224
|
|
|
|
100.00
|
%
|
|
BLDRS Emerging Markets 50 ADR Index Fund
October 1, 2011 through September 30, 2012
|
|
Closing Price
on NASDAQ
Above Fund NAV
|
|
Closing Price
on NASDAQ
Below Fund NAV
|
|
Range
|
|
Frequency
(1)
|
|
% of Total
|
|
Frequency
(1)
|
|
% of Total
|
|
>0.01% to 0.50%
|
|
|
64
|
|
|
|
100.00
|
%
|
|
|
187
|
|
|
|
100.00
|
%
|
|
>0.50% to 1.00%
|
|
|
0
|
|
|
|
0.00
|
%
|
|
|
0
|
|
|
|
0.00
|
%
|
|
>1.00% to 2.00%
|
|
|
0
|
|
|
|
0.00
|
%
|
|
|
0
|
|
|
|
0.00
|
%
|
|
Total
|
|
|
64
|
|
|
|
100.00
|
%
|
|
|
187
|
|
|
|
100.00
|
%
|
|
BLDRS Europe Select ADR Index Fund
October 1, 2011 through September 30, 2012
|
|
Closing Price
on NASDAQ
Above Fund NAV
|
|
Closing Price
on NASDAQ
Below Fund NAV
|
|
Range
|
|
Frequency
(1)
|
|
% of Total
|
|
Frequency
(1)
|
|
% of Total
|
|
>0.01% to 0.50%
|
|
|
120
|
|
|
|
98.36
|
%
|
|
|
128
|
|
|
|
99.22
|
%
|
|
>0.50% to 1.00%
|
|
|
2
|
|
|
|
1.64
|
%
|
|
|
1
|
|
|
|
0.78
|
%
|
|
>1.00% to 2.00%
|
|
|
0
|
|
|
|
0.00
|
%
|
|
|
0
|
|
|
|
0.00
|
%
|
|
Total
|
|
|
122
|
|
|
|
100.00
|
%
|
|
|
129
|
|
|
|
100.00
|
%
|
|
(1) Number of Trading Days refers to the number of days during which there is buy/sell activity for the Fund on the Exchange.
40
Supplemental Information (Unaudited) (continued)
II. Cumulative and Average Annual Returns for each BLDRS Fund
Average Annual Total Returns
For The Period Ending September 30, 2012
|
|
Past One Year
(1)
|
|
Past Five Year
(1)
|
|
From Inception
(1)
|
|
BLDRS Fund
|
|
NAV
|
|
Closing
Market
|
|
Index
|
|
NAV
|
|
Closing
Market
|
|
Index
|
|
NAV
|
|
Closing
Market
|
|
Index
|
|
BLDRS
Asia
|
|
|
9.89
|
%
|
|
|
9.48
|
%
|
|
|
8.66
|
%
|
|
|
(4.88
|
)%
|
|
|
(4.91
|
)%
|
|
|
(5.86
|
)%
|
|
|
6.76
|
%
|
|
|
6.67
|
%
|
|
|
6.30
|
%
|
|
BLDRS
Developed
|
|
|
16.61
|
%
|
|
|
16.19
|
%
|
|
|
16.43
|
%
|
|
|
(5.83
|
)%
|
|
|
(5.87
|
)%
|
|
|
(6.03
|
)%
|
|
|
6.34
|
%
|
|
|
6.34
|
%
|
|
|
6.42
|
%
|
|
BLDRS
Emerging
|
|
|
11.75
|
%
|
|
|
11.94
|
%
|
|
|
12.15
|
%
|
|
|
(3.53
|
)%
|
|
|
(3.52
|
)%
|
|
|
(3.41
|
)%
|
|
|
15.59
|
%
|
|
|
15.50
|
%
|
|
|
15.64
|
%
|
|
BLDRS
Europe
|
|
|
18.99
|
%
|
|
|
18.86
|
%
|
|
|
19.35
|
%
|
|
|
(5.95
|
)%
|
|
|
(5.93
|
)%
|
|
|
(5.81
|
)%
|
|
|
6.81
|
%
|
|
|
6.77
|
%
|
|
|
7.11
|
%
|
|
Cumulative Total Returns
For The Period Ending September 30, 2012
|
|
Past One Year
(1)
|
|
Past Five Year
(1)
|
|
From Inception
(1)
|
|
BLDRS Fund
|
|
NAV
|
|
Closing
Market
|
|
Index
|
|
NAV
|
|
Closing
Market
|
|
Index
|
|
NAV
|
|
Closing
Market
|
|
Index
|
|
BLDRS
Asia
|
|
|
9.89
|
%
|
|
|
9.48
|
%
|
|
|
8.66
|
%
|
|
|
(22.15
|
)%
|
|
|
(22.25
|
)%
|
|
|
(26.10
|
)%
|
|
|
90.82
|
%
|
|
|
89.18
|
%
|
|
|
82.97
|
%
|
|
BLDRS
Developed
|
|
|
16.61
|
%
|
|
|
16.19
|
%
|
|
|
16.43
|
%
|
|
|
(25.95
|
)%
|
|
|
(26.09
|
)%
|
|
|
(26.76
|
)%
|
|
|
83.56
|
%
|
|
|
83.62
|
%
|
|
|
84.99
|
%
|
|
BLDRS
Emerging
|
|
|
11.75
|
%
|
|
|
11.94
|
%
|
|
|
12.15
|
%
|
|
|
(16.43
|
)%
|
|
|
(16.40
|
)%
|
|
|
(15.94
|
)%
|
|
|
318.54
|
%
|
|
|
315.33
|
%
|
|
|
320.85
|
%
|
|
BLDRS
Europe
|
|
|
18.99
|
%
|
|
|
18.86
|
%
|
|
|
19.35
|
%
|
|
|
(26.41
|
)%
|
|
|
(26.35
|
)%
|
|
|
(25.89
|
)%
|
|
|
91.69
|
%
|
|
|
90.98
|
%
|
|
|
97.19
|
%
|
|
(1) Average and Cumulative Annual Total Returns for the period since inception is calculated from the inception date of November 8, 2002. "Cumulative Total Return" represents the total change in value of an investment over the period indicated.
Closing Market Price and NAV returns assume that dividends and capital gains distributions have been reinvested in each Fund at market closing price and net asset value, respectively. Since Fund shares typically do not trade in the secondary market until after several days after Fund inception, for the period from inception to the first day of secondary market trading in fund shares, the net asset value is used as a proxy for secondary market trading price to calculate closing market returns.
Unlike a Fund, an Index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a Fund. Fund expenses negatively impact the performance of a Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage
41
Supplemental Information (Unaudited) (continued)
commissions were included, market returns would be lower. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Fund shares may be worth more or less than their original cost when they are redeemed or sold in the market. A Fund's past performance is no guarantee of future results.
42
Sponsor
Invesco PowerShares Capital Management, LLC
301 West Roosevelt Road
Wheaton, IL 60187
Trustee
The Bank of New York Mellon
2 Hanson Place
Brooklyn, NY 11217
Distributor
ALPS Distributors, Inc.
1290 Broadway, Suite 1100
Denver, CO 80203
Independent Registered Public Accounting Firm
Ernst & Young LLP
5 Times Square
New York, NY 10036
Legal Counsel
Jones Day
222 East 41st Street
New York, NY 10017
43
Invesco BLDRS Asia 50 ADR (NASDAQ:ADRA)
過去 株価チャート
から 5 2024 まで 6 2024
Invesco BLDRS Asia 50 ADR (NASDAQ:ADRA)
過去 株価チャート
から 6 2023 まで 6 2024