Mutual Fund Summary Prospectus (497k)
August 29 2013 - 4:18PM
Edgar (US Regulatory)
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Summary Prospectus
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August 30, 2013
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PNQI
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PowerShares NASDAQ Internet
Portfolio
The NASDAQ Stock Market LLC
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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 NASDAQ Internet Portfolio (the Fund) seeks investment results that generally correspond (before fees and expenses)
to the price and yield of the NASDAQ Internet 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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0.60%
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Other Expenses
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0.00%
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Total Annual Fund Operating Expenses
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0.60%
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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 remain the same. 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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$61
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$192
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$335
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$750
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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 was 20% 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 common stocks of Internet companies that comprise the Underlying Index. The Underlying Index is designed to track the performance of the largest and most liquid U.S.-listed companies engaged in Internet-related businesses that are listed
on one of the three major U.S. stock exchanges. Companies in the Underlying Index include Internet software and services companies involved in Internet-related services, including Internet access providers, Internet search engines, web hosting,
website design and e-commerce. NASDAQ OMX Group, Inc. (the NASDAQ OMX or the Index Provider) compiles the Underlying Index strictly in accordance with its guidelines and mandated procedures.
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.
Internet Software and Services Sector Risk.
Competitive pressures, such as technological
developments, fixed-rate pricing and the ability to attract and retain skilled employees, can significantly affect the Internet software and services sector. Changing domestic and international demand, research and development costs, availability
and price of components and product obsolescence also can affect profitability of companies in this sector.
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
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1
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PNQI PowerShares NASDAQ Internet Portfolio
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P-PNQI-SUMPRO-1
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 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 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).
Small and Medium Capitalization Company Risk.
Investing in securities of small and medium capitalization
companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies securities may be more volatile and less liquid than those of more established companies. These securities may
have returns that vary, sometimes significantly, from the overall securities market. Often small and medium capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing
market conditions.
Large Capitalization Company Risk.
Companies with large market capitalizations may go in and out of favor based on market and
economic conditions. Although larger companies tend to be less volatile than companies with smaller market capitalizations, returns on investments in securities of large capitalization U.S. companies could trail the returns on investments in
securities of smaller companies.
Non-Diversified Fund Risk.
Because the Fund is non-diversified and can invest a greater portion of its assets in
securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase the Funds volatility and
cause the performance of a relatively small number of issuers to have a greater impact on the Funds performance.
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 an additional index 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.
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2
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PNQI PowerShares NASDAQ Internet Portfolio
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Annual Total ReturnCalendar Year
The Funds year-to-date total return for the six months ended June 30, 2013 was 17.54%.
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Best Quarter
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Worst Quarter
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28.40% (3rd Quarter 2010)
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(18.25)% (3rd Quarter 2011)
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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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Since Inception
(06/12/08)
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Return Before Taxes
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20.06
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%
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12.78
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Return After Taxes on Distributions
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20.06
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%
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12.77
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Return After Taxes on Distributions and Sale of Fund Shares
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13.05
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11.17
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NASDAQ Internet Index
®
(reflects
no deduction for fees, expenses or taxes)
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20.25
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%
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13.35
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%
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NASDAQ-100
®
Index
(reflects no deduction for fees, expenses or
taxes)
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18.35
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%
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8.33
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%
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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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3.67
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%
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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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Since Inception
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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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Brian Picken
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Vice President and Portfolio Manager of the Adviser
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August 2010
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Theodore Samulowitz
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Vice President and Portfolio Manager of the Adviser
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August 2013
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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 the
NASDAQ Stock Market LLC (NASDAQ or 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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3
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PNQI PowerShares NASDAQ Internet Portfolio
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P-PNQI-SUMPRO-1
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