Invesco PowerShares, a leading provider of exchange-traded funds
(ETFs), announced today that on Friday, September 25, the
PowerShares VRDO Tax-Free Weekly Portfolio (PVI) surpassed $1
billion in assets under management (AUM).
Launched in November of 2007, the PowerShares VRDO Tax-Free
Weekly Portfolio was the first ETF to provide investors access to
the variable rate demand obligation (VRDO) market. VRDOs are
floating-rate municipal bonds that offer investors tax-exempt
income in a short-term time frame.
Historically, the VRDO market has generally been accessible only
by institutional investors. Large trading denominations (generally
starting at $100,000) created a barrier between VRDOs and the
average investor. Invesco PowerShares took strides to eliminate
that barrier by launching PVI.
"Invesco PowerShares has strived to provide investors access to
markets that have traditionally been difficult to invest in, and we
are very pleased with the success of PVI," said Bruce Bond,
president and CEO of Invesco PowerShares. "The PowerShares VRDO
Tax-Free Weekly Portfolio epitomizes our commitment to providing
innovative investment products that feature the tax efficiency,(1)
transparency,(2) and liquidity(3) benefits inherent to the ETF
structure."
The PowerShares VRDO Tax-Free Weekly Portfolio is based on the
Thomson Municipal Market Data VRDO Index. The Fund will normally
invest at least 90% of its total assets in securities that comprise
the Index. The Index is designed to track the performance of a pool
of tax-exempt VRDOs issued by municipalities in the United States
on which the yields generally reset on a weekly basis. For
additional information on PVI please visit
http://www.invescopowershares.com/vrdo/.
Invesco PowerShares Capital Management LLC is leading the
intelligent ETF revolution through its family of more than 110
domestic and international exchange-traded funds, which seek to
outperform traditional benchmark indexes while providing advisors
and investors access to an innovative array of focused investment
opportunities. With franchise assets of $34.4 billion as of June
30, 2009, PowerShares ETFs trade on both U.S. stock exchanges. For
more information, please visit us at
www.invescopowershares.com.
Invesco PowerShares is a wholly owned subsidiary of Invesco
Ltd., a leading independent global investment management firm
dedicated to helping people worldwide build their financial
security. Invesco provides a comprehensive array of enduring
investment solutions for retail, institutional and high-net-worth
clients around the world. Operating in 20 countries, the firm is
listed on the New York Stock Exchange under the symbol "IVZ."
Additional information is available at www.invesco.com.
There are risks involved with investing in ETFs, including
possible loss of money. Shares are not actively managed and are
subject to risks similar to those of stocks, including those
regarding short selling and margin maintenance requirements.
Ordinary brokerage commissions apply.
(1) Invesco PowerShares does not offer tax advice. Please
consult your own tax advisor for information regarding your own tax
situation.
(2) ETFs disclose their full portfolio holdings daily.
(3) Shares are not individually redeemable and owners of the
Shares may acquire those shares from the Funds and tender those
shares for redemption to the Funds in Creation Unit aggregations
only, typically consisting of 50,000 Shares.
There are risks involved with investing in ETFs including the
possible loss of money. The investment return and principal value
of an investment in PowerShares VRDO Tax-Free Weekly Portfolio will
fluctuate so that shares, when sold, may be worth more or less than
their original cost. Shares are not actively managed and are
subject to risks similar to those of stocks, including those
regarding short selling and margin maintenance requirements.
Ordinary brokerage commissions apply.
The Fund's use of a representative sampling approach will result
in its holding a smaller number of bonds than are in the Fund's
underlying Index. As a result, an adverse development respecting an
issuer of bonds held by the Fund could result in a greater decline
in NAV than would be the case if the Fund held all of the bonds in
the Fund's underlying Index. To the extent the assets in the Fund
are smaller, these risks will be greater.
The Fund may not be fully invested at times, either as a result
of cash flows into the fund or reserves of cash held by the Fund to
meet redemptions and expenses.
Variable Rate Debt Obligations Risk: There may not be an active
secondary market with respect to particular variable rate
instruments in which the Fund invests, which could make it
difficult for the Fund to dispose of a variable rate instrument if
the issuer and/or the Remarketing Agent defaulted on its payment
obligation or during periods that the Fund is not entitled to
exercise its demand rights, and the Fund could, for these or other
reasons, suffer a loss with respect to such instruments. Municipal
securities are subject to the risk that litigation, legislation or
other political events, local business or economic conditions or
the bankruptcy of the issuer could have a significant effect on an
issuer's ability to make payments of principal and/or interest.
Municipal securities can be significantly affected by political
changes as well as uncertainties in the municipal market related to
taxation, legislative changes or the rights of municipal security
holders. Because many securities are issued to finance similar
projects, especially those relating to education, health care,
transportation and utilities, conditions in those sectors can
affect the overall municipal market. In addition, changes in the
financial condition of an individual municipal insurer can affect
the overall municipal market. Please see the prospectus for more
complete information regarding VRDOs and municipal securities.
Generally, the prices of income securities tend to fall as
interest rates rise.
Shares are subject to market fluctuations caused by such factors
as economic, political, regulatory or market developments, changes
in interest rates and perceived trends in securities prices. Please
see the prospectus for more complete information regarding an
investment in the Fund.
Shares are not FDIC insured, may lose value and have no bank
guarantee.
PowerShares® is a registered trademark of Invesco PowerShares
Capital Management LLC (Invesco PowerShares). Invesco PowerShares
Capital Management LLC and Invesco Aim Distributors, Inc. are
indirect, wholly owned subsidiaries of Invesco Ltd.
Invesco Aim Distributors, Inc. is the distributor of the
PowerShares Exchange-Traded Fund Trust II.
An investor should consider the Fund's investment objective,
risks, charges and expenses carefully before investing. For a copy
of the prospectus which contains this and other information about
the Fund, call 800.983.0903 or visit www.invescopowershares.com.
Please read the prospectus carefully before investing.
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Media Contacts: Kristin Sadlon Porter Novelli 212-601-8192 Email
Contact Bill Conboy 303-415-2290 Email Contact
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