Mutual Fund Summary Prospectus (497k)
30 8월 2013 - 6:02AM
Edgar (US Regulatory)
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Summary Prospectus
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August 30, 2013
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PXE
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PowerShares Dynamic
Energy
Exploration & Production
Portfolio
NYSE Arca, Inc.
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Before you invest, you may wish to review the
Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s 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 Fund’s 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 Dynamic Energy Exploration & Production Portfolio (the “Fund”) seeks investment results that generally
correspond (before fees and expenses) to the price and yield of the Dynamic Energy Exploration & Production
Intellidex
SM
Index (the “Underlying Intellidex”).
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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0.50%
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Other Expenses
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0.19%
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Total Annual Fund Operating Expenses
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0.69%
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Fee Waivers and Expense Assumption
(1)
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0.04%
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Total Annual Fund Operating Expenses After Fee Waivers and Expense Assumption
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0.65%
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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, sub-licensing fees, offering costs, taxes, Acquired Fund Fees and Expenses, if applicable, and extraordinary expenses) from exceeding 0.60% of the
Fund’s 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 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 Fund’s 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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$66
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$217
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$380
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$855
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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 Fund’s performance. During the most
recent fiscal year, the Fund’s portfolio turnover rate was 80% of the average value of its portfolio, excluding the value of portfolio securities received or delivered as a result of the Fund’s in-kind creations and redemptions.
Principal Investment Strategies
The Fund generally will invest at least 90% of its total assets in common stocks of companies engaged in energy exploration and production that comprise the
Underlying Intellidex. As of June 30, 2013, the Underlying Intellidex was composed of common stocks of 30 U.S. companies involved in the exploration and production of natural resources used to produce energy. These companies are engaged
principally in exploration, extraction and production of crude oil and natural gas from land-based or offshore wells. These companies include petroleum refineries that process the crude oil into finished products, such as gasoline and automotive
lubricants, and companies involved in gathering and processing natural gas, and manufacturing natural gas liquid. Strictly in accordance with its guidelines and mandated procedures, NYSE Arca, Inc. (“NYSE Arca” or the “Intellidex
Provider”) includes common stocks of energy exploration and production companies in the Underlying Intellidex principally on the basis of their capital appreciation potential that NYSE Arca identifies pursuant to a proprietary selection
methodology.
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1
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PXE PowerShares Dynamic Energy Exploration & Production Portfolio
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P-PXE-SUMPRO-1
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 Intellidex 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.
Energy
Exploration and Production Industry Concentration Risk.
Companies in the energy exploration and production industry are subject to extensive government regulation, which may increase the cost of business and limit these companies’ earnings.
In addition, these companies are at risk of civil liability from accidents resulting in injury or loss of life or property, pollution or other environmental damage claims and risk of loss from terrorism and natural disasters. Companies in this
industry could be adversely affected by levels and volatility of global energy prices, commodity price volatility, changes in exchange rates and interest rates, imposition of import controls, increased competition, capital expenditures on
exploration and production, depletion of resources, development of alternative energy sources and energy conservation efforts, technological developments and labor relations.
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 Fund’s 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 Intellidex 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 Intellidex 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 Fund’s return may not match the return of the Underlying Intellidex for a
number of reasons. For example, the Fund incurs operating expenses not applicable to the Underlying Intellidex, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in
the composition of the Underlying Intellidex. In addition, the performance of the Fund and the Underlying Intellidex may vary due to asset valuation differences and differences between the Fund’s portfolio and the Underlying Intellidex
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 Intellidex. Therefore, it would not necessarily buy or sell a security unless that security is added or removed, respectively, from the Underlying Intellidex, even if that security
generally is underperforming.
Market Risk.
Securities in the Underlying Intellidex 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 Intellidex.
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 Fund’s 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.
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 Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund’s 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.
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2
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PXE PowerShares Dynamic Energy Exploration & Production Portfolio
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Performance
The bar chart below shows how the Fund has performed. The table below the bar chart shows the Fund’s 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 Fund’s total return has varied from year to year and by showing how the Fund’s average annual total returns compared with broad measures of market performance and additional indexes with
characteristics relevant to the Fund. The Fund’s 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 Fund’s 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 Returns—Calendar Years
The Fund’s year-to-date total return for the six months ended June 30, 2013 was 9.52%.
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Best Quarter
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Worst Quarter
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29.80% (2nd Quarter 2008)
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(33.65)% (3rd 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 investor’s 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
(10/26/05)
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Return Before Taxes
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23.60
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%
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2.37
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8.46
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Return After Taxes on Distributions
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23.20
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2.22
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8.33
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Return After Taxes on Distributions and Sale of Fund Shares
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15.85
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2.00
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7.40
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Dynamic Energy Exploration & Production Intellidex
SM
Index
(reflects no deduction for fees, expenses or
taxes)
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24.72
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3.11
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9.16
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S&P Composite 1500 Oil & Gas Exploration & Production Index
(reflects no deduction for fees, expenses or taxes)
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2.07
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(0.58
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)%
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6.22
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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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1.66
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%
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4.75
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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 Fund’s 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 and Vice President of the Trust
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June 2007
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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 NYSE
Arca, Inc. (“NYSE Arca”) and because Shares of the Fund will trade at market prices rather than NAV, Shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount).
Tax Information
The Fund’s
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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PXE PowerShares Dynamic Energy Exploration & Production Portfolio
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P-PXE-SUMPRO-1
Yakult Honsha (PK) (USOTC:YKLTY)
과거 데이터 주식 차트
부터 1월(1) 2025 으로 2월(2) 2025
Yakult Honsha (PK) (USOTC:YKLTY)
과거 데이터 주식 차트
부터 2월(2) 2024 으로 2월(2) 2025
