Mutual Fund Summary Prospectus (497k)
2013年8月30日 - 6:00AM
Edgar (US Regulatory)
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Summary Prospectus
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August 30, 2013
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PXMC
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PowerShares Fundamental
Pure Mid Core Portfolio
NYSE Arca,
Inc.
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Before you invest, you may wish to review the
Funds prospectus, which contains more information about the Fund and its risks. You can find the Funds prospectus and other information about the Fund online at www.invescopowershares.com/prospectus. You can also get this information at
no cost by calling Invesco Distributors, Inc. at
(800) 983-0903
or by sending an
e-mail
request to info@powershares.com. The Funds prospectus and statement of
additional information, both dated August 30, 2013 (as each may be amended or supplemented), are incorporated by reference into this Summary Prospectus.
Investment Objective
The PowerShares Fundamental Pure Mid Core Portfolio (the Fund) seeks investment results that generally correspond (before fees and
expenses) to the price and yield of the RAFI
®
Fundamental Mid Core Index (the Underlying Index).
Fund Fees and Expenses
This table describes
the fees and expenses that you may pay if you buy and hold shares of the Fund (Shares). Investors may pay brokerage commissions on their purchases and sales of Shares, which are not reflected in the table or the example below.
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Annual Fund Operating Expenses
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(expenses that you pay each year as a percentage of the
value
of your investment)
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Management Fees
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0.29%
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Other Expenses
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0.71%
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Total Annual Fund Operating Expenses
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1.00%
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Fee Waivers and Expense Assumption
(1)
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0.61%
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Total Annual Fund Operating Expenses After Fee Waivers and Expense Assumption
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0.39%
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(1)
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Invesco PowerShares Capital Management LLC (the Adviser) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating
expenses of the Fund (excluding interest expenses, brokerage commissions and other trading expenses, offering costs, taxes, Acquired Fund Fees and Expenses, if applicable, and extraordinary expenses) from exceeding 0.39% of the Funds average
daily net assets per year (the Expense Cap) until at least August 31, 2014, and neither the Adviser nor the Fund can discontinue the agreement prior to its expiration. The expenses borne by the Adviser are subject to recapture by
the Adviser for up to three fiscal years following the fiscal year in which the expenses were incurred, but no recapture payment will be made by the Fund if it would result in the Fund exceeding its Expense Cap.
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Example
This example is intended to help you
compare the cost of investing in the Fund with the cost of investing in other funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example
also assumes that your investment has a 5% return each year and that the Funds operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waivers and Expense Assumption in the first year and the Total Annual Fund
Operating Expenses thereafter. This example does not
include the brokerage commissions that investors may pay to buy and sell Shares. Although your actual costs may be higher or lower, your costs, based on these assumptions, would be:
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1 Year
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3 Years
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5 Years
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10 Years
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$40
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$258
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$493
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$1,169
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Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it purchases and sells securities (or turns over its portfolio). A higher portfolio turnover will cause the Fund to incur additional
transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, may affect the Funds performance. During the most
recent fiscal year, the Funds portfolio turnover rate was 38% of the average value of its portfolio, excluding the value of portfolio securities received or delivered as a result of the Funds in-kind creations and redemptions.
Principal Investment Strategies
The Fund generally will invest at least 90% of its total assets in the component securities that comprise the Underlying Index. The Underlying Index is comprised of common stocks of mid core U.S.
companies (including real estate investment trusts (REITs)) that Research Affiliates, LLC (RA or the Index Provider) classifies based on the its Fundamental Index
®
methodology. Strictly in accordance with its guidelines and mandated procedures, the Index Provider identifies the common stocks for inclusion in the Underlying Index
from a universe of the 2,500 largest U.S. companies based on fundamental weight. The use of the word Fundamental in the Funds name reflects the fact that, in identifying the common stocks, the Index Provider uses fundamental
measures of company size, rather than market capitalization (company share price multiplied by number of shares outstanding). The Index Provider uses the following fundamental measures to include common stocks in the Underlying Index: book value,
cash flow, sales and dividends. The Index Provider uses a five-year average for sales, cash flow and dividends and the book value for the most recent fiscal year ending book value. The Index Provider calculates a composite fundamental weight for
each common stock by equally weighting the above four fundamental measures. The Index Provider then ranks each common stock by
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1
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PXMC PowerShares Fundamental Pure Mid Core Portfolio
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P-PXMC-SUMPRO-1
its fundamental weight and, based on this ranking, divides the common stocks into three size groups: large, mid and small. The common stocks it ranks in the
top 70% of the eligible universe by fundamental weight comprise the large size group, the next 20% comprise the mid size group, and the final 10% comprise the small size group. The Index Provider further divides
the mid size group into growth, core or value subsets based on the Fundamental
Index
®
methodology style score, which uses a combination of fundamental growth rates and fundamental valuation ratios. The
Underlying Index is composed only of those common stocks that the Index Provider classifies as both mid and core. The Fund generally will invest at least 80% of its total assets in common stocks of fundamentally
mid companies. The Fund considers fundamentally mid companies to be those companies that comprise the Underlying Index.
The use of the
word Pure in the Funds name reflects that, in selecting securities for the Underlying Index, the Index Provider includes only those securities that it has classified as core. Although core funds also could
include some stocks that, based on their classification, would be considered growth or value, the Underlying Index contains only those stocks that the Index Provider classifies as pure core stocks. The Fund
generally will invest in all of the securities comprising its Underlying Index in proportion to their weightings in the Underlying Index.
Concentration Policy.
The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in securities of issuers in any
one industry or sector only to the extent that the Underlying Index reflects a concentration in that industry or sector. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or sector.
Principal Risks of Investing in the Fund
The
following summarizes the principal risks of the Fund.
Fundamentally Mid-sized Company Risk.
Investing in common stocks of
fundamentally mid-sized companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies common stocks may be more volatile and less liquid than those of more
established companies. These common stocks may have returns that vary, sometimes significantly, from the overall stock market. Often fundamentally mid-sized companies and the industries in which they focus are still evolving and, as a
result, they may be more sensitive to changing market conditions.
Core Risk.
The returns on core securities may or may not move in
tandem with the returns on other styles of investing or the overall stock market. Thus, the value of the Funds investments will vary and at times may be lower or higher than that of other types of investments.
REIT Risk.
Although the Fund will not invest in real estate directly, the REITs in which the Fund may invest are subject to risks inherent in the direct
ownership of real estate. These risks include, but are not limited to, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning
laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers.
Equity Risk.
Equity risk is the risk that the value of the securities the Fund holds will fall due to general
market and economic conditions, perceptions regarding the industries in which the issuers of securities the Fund holds participate or factors relating to specific companies in which the Fund invests. For example, an adverse event, such as an
unfavorable earnings report, may depress the value of securities the Fund holds; the price of securities may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of
the securities the Fund holds. In addition, securities of an issuer in the Funds portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a
decline in its financial condition.
Industry Concentration Risk.
In following its methodology, the Underlying Index from time to time will be
concentrated to a significant degree in securities of issuers located in a single industry or a sector. To the extent that the Underlying Index concentrates in the securities of issuers in a particular industry or sector, the Fund will also
concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, the Fund may face more risks than if it were diversified broadly over numerous industries or sectors. Such industry-based risks,
any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular
industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry.
In addition, at times, such industry or sector may be out of favor and underperform other industries or the market as a whole.
Non-Correlation
Risk.
The Funds return may not match the return of the Underlying Index for a number of reasons. For example, the Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities,
especially when rebalancing the Funds securities holdings to reflect changes in the composition of the Underlying Index. In addition, the performance of the Fund and the Underlying Index may vary due to asset valuation differences and
differences between the Funds portfolio and the Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Index
Risk.
Unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Therefore, it would not necessarily buy or sell a security unless that security is added or removed,
respectively, from the Underlying Index, even if that security generally is underperforming.
Market Risk.
Securities in the Underlying Index are
subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index.
Market Trading Risk.
The Fund faces numerous market trading risks, including the potential lack of an active market for the
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2
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PXMC PowerShares Fundamental Pure Mid Core Portfolio
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Shares, losses from trading in secondary markets, and disruption in the creation/redemption process of the Fund. Any of these factors may lead to the Shares trading at a premium or discount to
the Funds net asset value (NAV).
Issuer-Specific Changes.
The value of an individual security or particular type of security
may be more volatile than the market as a whole and may perform differently from the value of the market as a whole.
The Shares will change in value,
and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.
Performance
The bar chart below shows how the Fund has performed. The table below the bar chart shows the Funds average annual total returns (before and after taxes). The
bar chart and table provide an indication of the risks of investing in the Fund by showing how the Funds total return has varied from year to year and by showing how the Funds average annual total returns compared with broad measures of
market performance and additional indexes with characteristics relevant to the Fund. The Funds performance reflects fee waivers, if any, absent which, performance would have been lower. Although the information shown in the bar chart and the
table gives you some idea of the risks involved in investing in the Fund, the Funds past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is
available online at www.InvescoPowerShares.com.
Annual Total ReturnsCalendar Years
The Funds year-to-date total return for the six months ended June 30, 2013 was 14.68%.
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Best Quarter
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Worst Quarter
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16.57% (3rd Quarter 2009)
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(23.24)% (4th Quarter 2008)
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Average Annual Total Returns for the Periods Ended December 31, 2012
After-tax returns in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state
and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Shares through tax-deferred arrangements, such as 401(k) plans
or individual retirement accounts.
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1 Year
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5 Years
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Since Inception
(12/01/06)
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Return Before Taxes
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13.65
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0.96
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2.03
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Return After Taxes on Distributions
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13.38
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0.80
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1.88
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Return After Taxes on Distributions and Sale of Fund Shares
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9.23
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%
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0.79
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1.72
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RAFI
®
Fundamental Mid Core
Index
(1)
(reflects no deduction for fees, expenses or taxes)
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14.09
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%
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N/A
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N/A
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Blended-RAFI
®
Fundamental Mid Core
Index
(2)
(reflects no deduction for fees, expenses or taxes)
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14.09
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%
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1.57
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%
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2.68
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%
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S&P MidCap 400
®
Index
(reflects no deduction for fees, expenses or taxes)
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17.88
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%
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5.14
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5.45
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Russell Midcap
®
Index
(reflects no deduction for fees, expenses or taxes)
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17.28
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3.57
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3.89
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S&P 500
®
Index
(reflects no deduction for fees, expenses or taxes)
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16.00
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%
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1.66
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%
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2.54
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(1)
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Effective June 16, 2011, the Fund changed its underlying index from Dynamic Mid Cap Intellidex
SM
Index to the RAFI
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Fundamental Mid Core Index.
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(2)
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The data shown as Blended-RAFI
®
Fundamental Mid Core Index is
comprised of the performance of the Dynamic Mid Cap Intellidex
SM
Index from Fund inception through the conversion date, June 16, 2011, followed by the performance of the
RAFI
®
Fundamental Mid Core Index starting at the conversion date and through December 31, 2012.
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Management of the Fund
Investment
Adviser.
Invesco PowerShares Capital Management LLC (the Adviser).
Portfolio Managers.
The following individuals are responsible
jointly and primarily for the day-to-day management of the Funds portfolio:
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Name
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Title with Adviser/Trust
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Date Began
Managing
the Fund
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Peter Hubbard
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Vice President and Director of Portfolio Management of the Adviser Vice President of the Trust
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June 2007
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Joshua Betts
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Vice President and Portfolio Manager of the Trust
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June 2011
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Jonathan Nixon
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Vice President and Portfolio Manager of the Adviser
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August 2013
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Brian Picken
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Vice President and Portfolio Manager of the Adviser
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August 2010
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Michael Jeanette
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Vice President and Portfolio Manager of the Adviser
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August 2008
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3
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PXMC PowerShares Fundamental Pure Mid Core Portfolio
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Purchase and Sale of Fund Shares
The Fund issues and redeems Shares at net asset value (NAV) only with authorized participants (APs) and only in large blocks of 50,000 Shares (each block of Shares is called a Creation
Unit) or multiples thereof (Creation Unit Aggregations) in exchange for the deposit or delivery of a basket of securities. Except when aggregated in Creation Units, the Shares are not redeemable securities of the Fund.
Individual Shares of the Fund may be purchased and sold only on a national securities exchange through brokers. Shares of the Fund are listed for trading on NYSE
Arca Inc. (the Exchange) and because the Shares of the Fund will trade at market prices rather than NAV, Shares may trade at a price greater than NAV (at a premium), at NAV, or less than NAV (at a discount).
Tax Information
The Funds
distributions generally will be taxable as ordinary income or capital gains. A sale of Shares may result in capital gain or loss.
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4
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PXMC PowerShares Fundamental Pure Mid Core Portfolio
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P-PXMC-SUMPRO-1
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