Вы находитесь на странице: 1из 2

DBV

As of June 30, 2011 Fund Description Invesco PowerShares Capital Management LLC4 is passionate about its goal of delivering the highest quality investment products available by seeking to replicate indexes in one of the more benet-rich investment vehicles, the exchange-traded fund. Invesco PowerShares provides value-added products by seeking to replicate intelligent indexes. These indexes derive their investment decisions from methodologies that incorporate technically advanced and robust institutional investment research. The Fund seeks to track changes in the Index plus the interest income from the Funds holdings of U.S. Treasury securities over the Funds expenses. The Fund is designed for investors who want a costeffective and convenient way to invest in commodity futures. The PowerShares DB G10 Currency Harvest Fund is based on the Deutsche Bank G10 Currency Future Harvest Index Excess Return (DB G10 Currency Harvest Index or the Index) and managed by DB Commodity Services LLC. The Index is composed of currency futures contracts on certain G10 currencies and is designed to exploit the trend that currencies associated with relatively high interest rates, on average, tend to rise in value relative to currencies associated with relatively low interest rates. The G10 currency universe from which the Index selects currently includes U.S. dollars, euros, Japanese yen, Canadian dollars, Swiss francs, British pounds, Australian dollars, New Zealand dollars, Norwegian krone and Swedish krona. You cannot invest directly in the Index.
Fund Data Fund Symbol Share Price5 Intraday NAV (IIV)6 NAV Price5 Options Underlying Index Data5 DB G10 Currency Harvest Index DBHVFTR Index Provider Deutsche Bank AG London Objective Capital appreciation; portfolio diversification Alpha, Beta and Correlation1,2,6
Data shown are that of the underlying Index relative to each respective benchmark index. Alpha Beta Correlation

PowerShares DB G10 Currency Harvest Fund


Growth of $10,0001 DB G10 Currency Harvest Fund DB G10 Currency Harvest Index S&P 500 U.S. Treasury Bills $20k $10,943 $10,749 $10,716 $10,346

$10k

$0

'06 '07 '08 '09 Data beginning Sept. 30, 2006, the month end following Fund inception

'10

'11

Annualized Fund Performance & Index History1 (%)


1 Year 2 Year 3 Year Since Index Publication2 Since Fund Inception3

Underlying Index DB G10 Currency Harvest Index Benchmark Indexes S&P 500 U.S. Treasury Bills Fund NAV5 Market Price Return6

13.38 30.68 0.12 12.44 13.79

8.11 22.29 0.12 7.19 7.32

-1.78 3.34 0.26 -2.46 -2.39

2.77 2.95 1.70

1.39 1.91 1.53 0.65 0.66

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE. INVESTMENT RETURNS AND PRINCIPAL VALUE WILL FLUCTUATE AND SHARES OF THE FUND, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. SEE INVESCOPOWERSHARES.COM TO FIND THE MOST RECENT MONTHEND PERFORMANCE NUMBERS. Index Statistics1,2,6
Performance (%) Volatility (%) Sharpe Ratio

DB G10 Currency Harvest Index S&P 500 U.S. Treasury Bills


1

2.77 2.95 1.70

14.98 24.93 0.31

0.05 0.05 0.00

DBV $24.76 FBV $24.67 Yes

S&P 500 U.S. Treasury Bills

1.78 21.83

0.33 -7.83

0.54 -0.16

Index history has certain inherent limitations and does not represent actual trading performance or returns of the Fund. Index history does not represent trades that have actually been executed and therefore may under or over compensate for the impact, if any, of certain market factors, such as illiquidity. No representation is being made that the Fund will or is likely to achieve prots or losses similar to the Index history. For a complete list of risks associated with an investment in the Fund, please see the prospectus. 2 The underlying Indexs initial publication date: June 28, 2006. Unless otherwise noted, historical information of all displayed indexes is based on this date. 3 The Funds exchange listing date: Sept. 18, 2006. 4 Invesco PowerShares Capital Management LLC is not a sponsor or promoter of the Fund and is not responsible for the performance of the Fund or the decisions or actions of the managing owner of the Fund, DB Commodity Services LLC. 5 Please see http://dbfunds.db.com/dbv for current DBCFHX Level; Indicative intra-day NAV; and last end-of-day NAV.

The Fund seeks to track the Deutsche Bank G10 Currency Future Harvest Index Excess Return (Symbol: DBCFHX). Results for the Deutsche Bank G10 Currency Future Harvest Index Total Return (DB G10 Currency Harvest; Symbol: DBHVFTR), which consists of the Index plus 3-month U.S. Treasury securities returns, are displayed because the Fund collateralizes futures positions with 3-month U.S. Treasury securities. The S&P 500 Index (S&P 500) is an unmanaged index considered representative of the U.S. stock market. U.S. Treasury bills are debt obligations of the U.S. government and backed by its full faith and credit, having a maturity of one year or less. PLEASE SEE IMPORTANT CONSIDERATIONS ON BACK. Shares are not individually redeemable. Owners of the Shares may acquire those Shares from the Fund or tender those Shares for redemption to the Fund in Creation and Redemption Units, respectively, typically consisting of 200,000 Shares.

DBV
As of June 30, 2011
G10 Currencies Universe
Symbol

PowerShares DB G10 Currency Harvest Fund


Fund Details USD EUR JPY CAD CHF GBP AUD NZD NOK SEK Management Fee 0.75% Estimated Futures Brokerage Expenses 0.06% CUSIP 73935Y102 Listing Exchange NYSE Arca Index Volatility (%)1,2,6
DB G10 Currency Harvest Index S&P 500 U.S. Trsry Bills

Annual Index History (%)1,2


DB G10 Currency Harvest Index S&P 500 U.S. Trsry Bills

$ U.S. Dollars Euros Japanese Yen $ Canadian Dollars Fr Swiss Francs British Pounds $ Australian Dollars $ New Zealand Dollars Kr Norwegian Krone Kr Swedish Krona

2006 2007 2008 2009 2010 2011 YTD

11.36 9.96 -27.81 22.09 1.81 4.34

14.94 5.49 -36.99 26.47 15.08 6.01

2.64 4.40 1.40 0.15 0.14 0.04

14.98

24.93

0.31

The currencies currently in the Index and their weights can be found at http://dbfunds.db.com/dbv/ weights.aspx.

How does the Deutsche Bank G10 Currency Future Harvest Index Work? The Deutsche Bank G10 Currency Future Harvest Index is, at any one time, composed of long futures contracts on the three G10 currencies associated with the highest interest rates and short futures contracts on the three G10 Currencies associated with the lowest interest rates.* The Index re-evaluates interest rates quarterly and, based on the evaluation, re-weights the futures contracts it holds. Immediately after each re-weighting, the Index will reect an investment on a 2:1 leveraged basis in the three long and three short futures contracts (unless USD is one of the six currencies associated with the highest or lowest interest rates, in which case the Index will reect an investment on a 1.66:1 leveraged basis).
* If the U.S. Dollar is one of the six currencies associated with the highest or lowest interest rates, the Fund will not establish a long or short futures position in USD because USD is the Funds home currency and, consequently, the Fund cannot enjoy prot or suffer loss from long or short futures positions in USD.

How the Fund Invests and Potential Advantages The Fund invests in liquid futures contracts trading on regulated exchanges and has the following potential advantages: Enhanced currency index: The Index is designed to exploit the tendency for currencies associated with higher interest rates to yield greater returns than currencies associated with lower interest rates. Diversication: Currencies may help to diversify a portfolio because currency returns have tended to exhibit low correlation to stock and bond returns. Ease of investment: The Fund provides convenient access to the returns of the international currency markets by following a highly-developed index previously available only to very sophisticated investors. Low volatility: Although past performance is no guarantee of future performance, the Index has historically been less volatile than an investment in the S&P 500. By entering into long and short positions, the Index is expected to provide more consistent and less volatile returns than could be obtained by taking long positions only or short positions only. Interest earned: The Fund collateralizes its futures contracts primarily with U.S. 3-month Treasury bills and earns interest on these securities. This interest accrues to the benet of investors.
6 The Intraday NAV is a symbol representing estimated fair value based on the most recent intraday price of underlying assets. Market returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times. Volatility is the annualized standard deviation of index returns. Beta is a measure of relative risk and the slope of regression. Sharpe Ratio is a risk-adjusted measure calculated using standard deviation and excess return to determine reward per unit of risk. A higher Sharpe Ratio indicates better risk-adjusted performance. Correlation indicates the degree to which two investments have historically moved in the same direction and magnitude.

Alpha is a measure of performance on a riskadjusted basis. ALPS Distributors, Inc. is the distributor of the PowerShares DB G10 Currency Harvest Fund. Invesco PowerShares Capital Management LLC is not afliated with ALPS Distributors, Inc. Certain marketing services may be provided for the Fund by Invesco Distributors, Inc. or its afliate, Invesco PowerShares Capital Management LLC. Invesco Distributors, Inc. will be compensated by Deutsche Bank or its afliates for providing these marketing services. Neither Invesco Distributors, Inc. or Invesco PowerShares Capital Management LLC are afliated with Deutsche Bank. Note: Not all products available through all rms.

IMPORTANT CONSIDERATIONS Currencies and futures generally are volatile and are not suitable for all investors. Investment in foreign exchange related products is subject to many factors that contribute to or increase volatility, such as national debt levels and trade decits, changes in domestic and foreign interest rates, and investors expectations concerning interest rates, currency exchange rates and global or regional political, economic or nancial events and situations. The Fund will be successful only if signicant losses are avoided. Please review the prospectus regarding break-even gures for the Fund. The Fund is speculative and involves a high degree of risk. An investor may lose all or substantially all of an investment in the Fund. Please see the prospectus for a full description of how the Fund invests and the master-feeder structure of the Fund. The Fund is not a mutual fund or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and is not subject to regulation thereunder. Shares in the Fund are not FDIC insured, may lose value and have no bank guarantee. This material must be accompanied or preceded by a prospectus. Please read the prospectus carefully before investing.

Leading the Intelligent ETF Revolution


www.dbfunds.db.com | 877 369 4617 PDB000249 P-DBV-PC-1 07/11 Exp. 11/15/11 800 983 0903 invescopowershares.com twitter: @PowerShares

Вам также может понравиться