PowerShares VRDO Tax-Free Weekly Portfolio ETF (PVI) - NYSEARCA
PVI Description
The PowerShares VRDO Tax-Free Weekly Portfolio (Fund) is based on the Thomson Municipal Market Data VRDO Index (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 Variable Rate Demand Obligations (VRDOs) issued by municipalities in the United States on which the yields generally reset on a weekly basis. VRDOs are high-quality, floating-rate bonds that provide investors with tax-exempt income. VRDOs are generally purchased at par. When they are put back to an investment dealer, the investor generally receives par plus accrued interest.
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Country: United States
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