0001104659-13-013159.txt : 20130222 0001104659-13-013159.hdr.sgml : 20130222 20130222133230 ACCESSION NUMBER: 0001104659-13-013159 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130222 DATE AS OF CHANGE: 20130222 EFFECTIVENESS DATE: 20130222 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PowerShares Exchange-Traded Fund Trust II CENTRAL INDEX KEY: 0001378872 IRS NUMBER: 000000000 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-138490 FILM NUMBER: 13633544 BUSINESS ADDRESS: STREET 1: 301 West Roosevelt Road CITY: Wheaton STATE: IL ZIP: 60187 BUSINESS PHONE: 800-983-0903 MAIL ADDRESS: STREET 1: 301 West Roosevelt Road CITY: Wheaton STATE: IL ZIP: 60187 FORMER COMPANY: FORMER CONFORMED NAME: PowerShares Global Exchange-Traded Fund Trust DATE OF NAME CHANGE: 20061023 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PowerShares Exchange-Traded Fund Trust II CENTRAL INDEX KEY: 0001378872 IRS NUMBER: 000000000 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21977 FILM NUMBER: 13633545 BUSINESS ADDRESS: STREET 1: 301 West Roosevelt Road CITY: Wheaton STATE: IL ZIP: 60187 BUSINESS PHONE: 800-983-0903 MAIL ADDRESS: STREET 1: 301 West Roosevelt Road CITY: Wheaton STATE: IL ZIP: 60187 FORMER COMPANY: FORMER CONFORMED NAME: PowerShares Global Exchange-Traded Fund Trust DATE OF NAME CHANGE: 20061023 0001378872 S000030965 PowerShares S&P SmallCap Low Volatility Portfolio C000096000 PowerShares S&P SmallCap Low Volatility Portfolio 0001378872 S000030966 PowerShares S&P MidCap Low Volatility Portfolio C000096001 PowerShares S&P MidCap Low Volatility Portfolio 485BPOS 1 a12-29227_5485bpos.htm 485BPOS

 

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON FEBRUARY 22, 2013.

No. 333-138490

No. 811-21977

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 


 

FORM N-1A

 

 

REGISTRATION STATEMENT

 

 

UNDER THE SECURITIES ACT OF 1933

o

 

Pre-Effective Amendment No.

o

 

Post-Effective Amendment No. 389

x

 

 

and/or

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

 

 

Amendment No. 390

x

 

(Check appropriate box or boxes)

 


 

POWERSHARES EXCHANGE-TRADED FUND TRUST II

(Exact Name of Registrant as Specified in Charter)

 

301 West Roosevelt Road

Wheaton, IL 60187

(Address of Principal Executive Office)

 

Registrant’s Telephone Number, including Area Code: (800) 983-0903

 

Andrew Schlossberg

 

With a copy to:

301 West Roosevelt Road

 

Alan P. Goldberg

Wheaton, IL 60187

 

K&L Gates LLP

(Name and Address of Agent for Service)

 

70 W. Madison St., Suite 3100

 

 

Chicago, IL 60602

 

APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING:

 

It is proposed that this filing will become effective (check appropriate box):

 

x                                  immediately upon filing pursuant to paragraph (b) of Rule 485.

o                                    on [date] pursuant to paragraph (b) of Rule 485.

o                                    60 days after filing pursuant to paragraph (a)(1) of Rule 485.

o                                    on [date] pursuant to paragraph (a) of Rule 485.

o                                    75 days after filing pursuant to paragraph (a)(2) of Rule 485.

o                                    on [date] pursuant to paragraph (a) of Rule 485.

 

 

 



 

EXPLANATORY NOTE

 

This filing relates solely to the following series of the Registrant:

 

PowerShares S&P MidCap Low Volatility Portfolio

 

PowerShares S&P SmallCap Low Volatility Portfolio

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Wheaton and State of Illinois, on the 22nd day of February, 2013.

 

 

PowerShares Exchange-Traded Fund Trust II

 

 

 

 

By:

/s/ Andrew Schlossberg

 

 

Title: Andrew Schlossberg, President

 

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated on the dates indicated.

 

SIGNATURE

 

TITLE

 

DATE

 

 

 

 

 

/s/ Andrew Schlossberg

 

President

 

February 22, 2013

Andrew Schlossberg

 

 

 

 

 

 

 

 

 

/s/ Steven Hill

 

Treasurer

 

February 22, 2013

Steven Hill

 

 

 

 

 

 

 

 

 

/s/ Anna Paglia

 

Secretary

 

February 22, 2013

Anna Paglia

 

 

 

 

 

 

 

 

 

* /s/ Kevin M. Carome

 

Trustee

 

February 22, 2013

Kevin M. Carome

 

 

 

 

 

 

 

 

 

* /s/ Ronn R. Bagge

 

Trustee

 

February 22, 2013

Ronn R. Bagge

 

 

 

 

 

 

 

 

 

* /s/ Todd J. Barre

 

Trustee

 

February 22, 2013

Todd J. Barre

 

 

 

 

 

 

 

 

 

* /s/ Marc M. Kole

 

Trustee

 

February 22, 2013

Marc M. Kole

 

 

 

 

 

 

 

 

 

* /s/ Philip M. Nussbaum

 

Trustee

 

February 22, 2013

Philip M. Nussbaum

 

 

 

 

 

 

 

 

 

* /s/ Donald H. Wilson

 

Chairman and Trustee

 

February 22, 2013

Donald H. Wilson

 

 

 

 

 

 

 

 

 

* By: /s/ Anna Paglia

 

 

 

February 22, 2013

Anna Paglia

 

 

 

 

Attorney-In-Fact

 

 

 

 

 

* Anna Paglia signs on behalf of the powers of attorney filed with Post-Effective Amendment No. 227 to the Trust’s Registration Statement and incorporated by reference herein.

 



 

EXHIBIT INDEX

 

Index No.

 

Description of Exhibit

 

 

 

EX-101.INS

 

XBRL Instance Document

EX-101.SCH

 

XBRL Taxonomy Extension Schema Document

EX-101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF

 

XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB

 

XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase

 

EX-101.INS 2 ck0001378872-20130212.xml XBRL INSTANCE DOCUMENT 0001378872 2013-10-31 2013-10-31 0001378872 ck0001378872:S000030966_39Member ck0001378872:S000030966Member 2013-10-31 2013-10-31 0001378872 ck0001378872:S000030966_39Member ck0001378872:S000030966Member ck0001378872:C000096001Member 2013-10-31 2013-10-31 0001378872 ck0001378872:S000030965_84Member ck0001378872:S000030965Member 2013-10-31 2013-10-31 0001378872 ck0001378872:S000030965_84Member ck0001378872:S000030965Member ck0001378872:C000096000Member 2013-10-31 2013-10-31 xbrli:pure iso4217:USD "Other Expenses" are based on estimated amounts for the current fiscal year. PowerShares Exchange-Traded Fund Trust II 485BPOS false 0001378872 2013-10-31 2013-02-12 2013-02-12 2013-02-12 PowerShares S&P MidCap Low Volatility Portfolio Fund Fees and Expenses <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;">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.</font> </p> 0.0025 0.0000 0.0025 ~ http://invescopowershares.com/20130212/role/ScheduleAnnualFundOperatingExpenses20001 column dei_LegalEntityAxis compact ck0001378872_S000030966Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) "Other Expenses" are based on estimated amounts for the current fiscal year. Investors may pay brokerage commissions on their purchases and sales of Shares, which are not reflected in the table or the example below. Portfolio Turnover <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;">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 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. At the date of this Prospectus, the Fund does not have an operating history and portfolio turnover data therefore is not available.</font> </p> Investment Objective <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;">The PowerShares S&amp;P MidCap Low Volatility Portfolio (the "Fund") seeks investment results that generally correspond (before fees and expenses) to the price and yield of the S&amp;P MidCap 400 Low Volatility Index (the "Underlying Index").</font> </p> Principal Risks of Investing in the Fund <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;">The following summarizes the principal risks of the Fund.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.</b></font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><i>Equity Risk.</i></font> <font style="font-size:9pt; font-family: Arial, Helvetica;">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.</font> </p> <br/><p style="margin: 0pt 0pt 4pt 0pt;" align="left"> <font style="font-size: 9pt; font-family: Arial, Helvetica;"><em>Medium Capitalization Company Risk.</em></font> <font style="font-size: 9pt; font-family: Arial, Helvetica;">Investing in securities of medium capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more <font style="font-size: 9pt; font-family: Arial, Helvetica;">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 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.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><i>Industry Concentration Risk.</i></font> <font style="font-size:9pt; font-family: Arial, Helvetica;">In following its methodology, the Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or 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, an industry or sector may be out of favor and underperform other industries or the market as a whole.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><i>Non-Correlation Risk.</i></font> <font style="font-size:9pt; font-family: Arial, Helvetica;">The Fund's 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 Fund's 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 Fund's portfolio and the Underlying Index resulting from legal restrictions, cost or liquidity constraints.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><i>Index Risk.</i></font> <font style="font-size:9pt; font-family: Arial, Helvetica;">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.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><i>Non-Diversified Fund Risk.</i></font> <font style="font-size:9pt; font-family: Arial, Helvetica;">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.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><i>Market Risk.</i></font> <font style="font-size:9pt; font-family: Arial, Helvetica;">Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, to the same extent as any decline in value of the securities in the Underlying Index.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><i>Market Trading Risk.</i></font> <font style="font-size:9pt; font-family: Arial, Helvetica;">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").</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><i>Issuer-Specific Changes.</i></font> <font style="font-size:9pt; font-family: Arial, Helvetica;">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.</font> </p> The Shares will change in value, and you could lose money by investing in the Fund. 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. Principal Investment Strategies <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;">The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Underlying Index. Standard &amp; Poor's<sup>&#174;</sup> ("S&amp;P<sup>&#174;</sup>" or the "Index Provider") compiles, maintains and calculates the Underlying Index. Strictly in accordance with its procedures and mandated guidelines, S&amp;P<sup>&#174;</sup> selects for inclusion in the Underlying Index the 80 securities that it has determined have the lowest volatility over the past 12 months out of the 400 medium capitalization range securities that are contained in the S&amp;P MidCap 400<sup>&#174;</sup> Index. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations over time. S&amp;P<sup>&#174;</sup> weights the 80 securities within the Underlying Index based upon the inverse of each security's volatility, with the least volatile securities receiving the highest weights in the Underlying Index. S&amp;P<sup>&#174;</sup> rebalances the Underlying Index quarterly and makes additions to the Underlying Index only during that quarterly rebalancing. The Fund generally invests in all of the securities comprising the Underlying Index in proportion to their weightings in the Underlying Index.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><i>Concentration Policy.</i></font> <font style="font-size:9pt; font-family: Arial, Helvetica;">The Fund will concentrate its investments (i.e., invest more than 25% of the value of its net assets) in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries.</font> </p> The Fund will concentrate its investments (i.e., invest more than 25% of the value of its net assets) in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. Performance <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;">As of the date of this Prospectus, the Fund has not commenced operations and therefore does not have a performance history. Once available, the Fund's performance information will be accessible on the Fund's website at www.invescopowershares.com and will provide some indication of the risks of investing in the Fund.</font> </p> As of the date of this Prospectus, the Fund has not commenced operations and therefore does not have a performance history. www.invescopowershares.com Example <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</font> </p> <br/><p align="left" style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;">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 remain the same. This example does not include the brokerage commissions that investors may pay to buy and sell Shares.</font></p> 26 80 ~ http://invescopowershares.com/20130212/role/ScheduleExpenseExampleTransposed20002 column dei_LegalEntityAxis compact ck0001378872_S000030966Member row primary compact * ~ Although your actual costs may be higher or lower, your costs, based on these assumptions, would be: PowerShares S&P SmallCap Low Volatility Portfolio Portfolio Turnover <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;">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 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. At the date of this Prospectus, the Fund does not have an operating history and portfolio turnover data therefore is not available.</font> </p> Fund Fees and Expenses <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;">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.</font> </p> 0.0025 0.0000 0.0025 ~ http://invescopowershares.com/20130212/role/ScheduleAnnualFundOperatingExpenses20005 column dei_LegalEntityAxis compact ck0001378872_S000030965Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) "Other Expenses" are based on estimated amounts for the current fiscal year. Investors may pay brokerage commissions on their purchases and sales of Shares, which are not reflected in the table or the example below. Principal Risks of Investing in the Fund <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;">The following summarizes the principal risks of the Fund.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><b>The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.</b></font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><i>Equity Risk.</i></font> <font style="font-size:9pt; font-family: Arial, Helvetica;">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.</font> </p> <br/><p style="margin: 0pt 0pt 4pt 0pt;" align="left"> <font style="font-size: 9pt; font-family: Arial, Helvetica;"><em>Small Capitalization Company Risk.</em></font> <font style="font-size: 9pt; font-family: Arial, Helvetica;">Investing in securities of small 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 <font style="font-size: 9pt; font-family: Arial, Helvetica;">may have returns that vary, sometimes significantly, from the overall securities market. Often small 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.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><i>Industry Concentration Risk.</i></font> <font style="font-size:9pt; font-family: Arial, Helvetica;">In following its methodology, the Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or 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, an industry or sector may be out of favor and underperform other industries or the market as a whole.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><i>Non-Correlation Risk.</i></font> <font style="font-size:9pt; font-family: Arial, Helvetica;">The Fund's 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 Fund's 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 Fund's portfolio and the Underlying Index resulting from legal restrictions, cost or liquidity constraints.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><i>Index Risk.</i></font> <font style="font-size:9pt; font-family: Arial, Helvetica;">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.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><i>Non-Diversified Fund Risk.</i></font> <font style="font-size:9pt; font-family: Arial, Helvetica;">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.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><i>Market Risk.</i></font> <font style="font-size:9pt; font-family: Arial, Helvetica;">Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, to the same extent as any decline in value of the securities in the Underlying Index.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><i>Market Trading Risk.</i></font> <font style="font-size:9pt; font-family: Arial, Helvetica;">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").</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><i>Issuer-Specific Changes.</i></font> <font style="font-size:9pt; font-family: Arial, Helvetica;">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.</font> </p> The Shares will change in value, and you could lose money by investing in the Fund. 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. Investment Objective <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;">The PowerShares S&amp;P SmallCap Low Volatility Portfolio (the "Fund") seeks investment results that generally correspond (before fees and expenses) to the price and yield of the S&amp;P SmallCap 600 Low Volatility Index (the "Underlying Index").</font> </p> Principal Investment Strategies <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;">The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Underlying Index. Standard &amp; Poor's<sup>&#174;</sup> ("S&amp;P<sup>&#174;</sup>" or the "Index Provider") compiles, maintains and calculates the Underlying Index. Strictly in accordance with its procedures and mandated guidelines, S&amp;P<sup>&#174;</sup> selects for inclusion in the Underlying Index the 120 securities that it has determined have the lowest volatility over the past 12 months out of the 600 small capitalization range securities that are contained in the S&amp;P SmallCap 600<sup>&#174;</sup> Index. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations over time. S&amp;P<sup>&#174;</sup> weights the 120 securities within the Underlying Index based upon the inverse of each security's volatility, with the least volatile securities receiving the highest weights in the Underlying Index. S&amp;P<sup>&#174;</sup> rebalances the Underlying Index quarterly and makes additions to the Underlying Index only during that quarterly rebalancing. The Fund generally invests in all of the securities comprising the Underlying Index in proportion to their weightings in the Underlying Index.</font> </p> <br/><p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;"><i>Concentration Policy.</i></font> <font style="font-size:9pt; font-family: Arial, Helvetica;">The Fund will concentrate its investments (i.e., invest more than 25% of the value of its net assets) in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries.</font> </p> The Fund will concentrate its investments (i.e., invest more than 25% of the value of its net assets) in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. Performance <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;">As of the date of this Prospectus, the Fund has not commenced operations and therefore does not have a performance history. Once available, the Fund's performance information will be accessible on the Fund's website at www.invescopowershares.com and will provide some indication of the risks of investing in the Fund.</font> </p> As of the date of this Prospectus, the Fund has not commenced operations and therefore does not have a performance history. www.invescopowershares.com Example <p style="margin:0pt 0pt 4pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Arial, Helvetica;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</font> </p> <br/><p align="left" style="margin:0pt 0pt 4pt 0pt;"> <font style="font-size:9pt; font-family: Arial, Helvetica;">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 remain the same. 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading PowerShares S&P SmallCap Low Volatility Portfolio
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The PowerShares S&P SmallCap Low Volatility Portfolio (the "Fund") seeks investment results that generally correspond (before fees and expenses) to the price and yield of the S&P SmallCap 600 Low Volatility Index (the "Underlying Index").

Expense [Heading] rr_ExpenseHeading Fund Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

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.

Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

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 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. At the date of this Prospectus, the Fund does not have an operating history and portfolio turnover data therefore is not available.

Expense Exchange Traded Fund Commissions [Text] rr_ExpenseExchangeTradedFundCommissions Investors may pay brokerage commissions on their purchases and sales of Shares, which are not reflected in the table or the example below.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates "Other Expenses" are based on estimated amounts for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

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 remain the same. This example does not include the brokerage commissions that investors may pay to buy and sell Shares.

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Although your actual costs may be higher or lower, your costs, based on these assumptions, would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Underlying Index. Standard & Poor's® ("S&P®" or the "Index Provider") compiles, maintains and calculates the Underlying Index. Strictly in accordance with its procedures and mandated guidelines, S&P® selects for inclusion in the Underlying Index the 120 securities that it has determined have the lowest volatility over the past 12 months out of the 600 small capitalization range securities that are contained in the S&P SmallCap 600® Index. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations over time. S&P® weights the 120 securities within the Underlying Index based upon the inverse of each security's volatility, with the least volatile securities receiving the highest weights in the Underlying Index. S&P® rebalances the Underlying Index quarterly and makes additions to the Underlying Index only during that quarterly rebalancing. The Fund generally invests in all of the securities comprising the Underlying Index in proportion to their weightings in the Underlying Index.


Concentration Policy. The Fund will concentrate its investments (i.e., invest more than 25% of the value of its net assets) in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries.

Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration The Fund will concentrate its investments (i.e., invest more than 25% of the value of its net assets) in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries.
Risk [Heading] rr_RiskHeading Principal Risks of Investing in the Fund
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The following summarizes the principal risks of the Fund.


The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.


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.


Small Capitalization Company Risk. Investing in securities of small 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 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.


Industry Concentration Risk. In following its methodology, the Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or 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, an 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 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 Fund's 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 Fund's portfolio and the Underlying Index resulting from legal restrictions, cost 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.


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.


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, to the same extent as 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 Fund's net asset value ("NAV").


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.

Risk Lose Money [Text] rr_RiskLoseMoney The Shares will change in value, and you could lose money by investing in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

As of the date of this Prospectus, the Fund has not commenced operations and therefore does not have a performance history. Once available, the Fund's performance information will be accessible on the Fund's website at www.invescopowershares.com and will provide some indication of the risks of investing in the Fund.

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess As of the date of this Prospectus, the Fund has not commenced operations and therefore does not have a performance history.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.invescopowershares.com
PowerShares S&P SmallCap Low Volatility Portfolio
 
Risk/Return: rr_RiskReturnAbstract  
Management Fee rr_ManagementFeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets none [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.25%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 26
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 80
[1] "Other Expenses" are based on estimated amounts for the current fiscal year.
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PowerShares S&P MidCap Low Volatility Portfolio | PowerShares S&P MidCap Low Volatility Portfolio
PowerShares S&P MidCap Low Volatility Portfolio
Investment Objective

The PowerShares S&P MidCap Low Volatility Portfolio (the "Fund") seeks investment results that generally correspond (before fees and expenses) to the price and yield of the S&P MidCap 400 Low Volatility 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.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
PowerShares S&P MidCap Low Volatility Portfolio
Management Fee 0.25%
Other Expenses [1] none
Total Annual Fund Operating Expenses 0.25%
[1] "Other Expenses" are based on estimated amounts for the current fiscal year.
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 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:
Expense Example (USD $)
1 YEAR
3 YEARS
PowerShares S&P MidCap Low Volatility Portfolio
26 80
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 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. At the date of this Prospectus, the Fund does not have an operating history and portfolio turnover data therefore is not available.

Principal Investment Strategies

The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Underlying Index. Standard & Poor's® ("S&P®" or the "Index Provider") compiles, maintains and calculates the Underlying Index. Strictly in accordance with its procedures and mandated guidelines, S&P® selects for inclusion in the Underlying Index the 80 securities that it has determined have the lowest volatility over the past 12 months out of the 400 medium capitalization range securities that are contained in the S&P MidCap 400® Index. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations over time. S&P® weights the 80 securities within the Underlying Index based upon the inverse of each security's volatility, with the least volatile securities receiving the highest weights in the Underlying Index. S&P® rebalances the Underlying Index quarterly and makes additions to the Underlying Index only during that quarterly rebalancing. The Fund generally invests in all of the securities comprising the Underlying Index in proportion to their weightings in the Underlying Index.


Concentration Policy. The Fund will concentrate its investments (i.e., invest more than 25% of the value of its net assets) in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries.

Principal Risks of Investing in the Fund

The following summarizes the principal risks of the Fund.


The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.


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.


Medium Capitalization Company Risk. Investing in securities of 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 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.


Industry Concentration Risk. In following its methodology, the Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or 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, an 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 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 Fund's 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 Fund's portfolio and the Underlying Index resulting from legal restrictions, cost 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.


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.


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, to the same extent as 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 Fund's net asset value ("NAV").


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.

Performance

As of the date of this Prospectus, the Fund has not commenced operations and therefore does not have a performance history. Once available, the Fund's performance information will be accessible on the Fund's website at www.invescopowershares.com and will provide some indication of the risks of investing in the Fund.

XML 12 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
PowerShares S&P SmallCap Low Volatility Portfolio | PowerShares S&P SmallCap Low Volatility Portfolio
PowerShares S&P SmallCap Low Volatility Portfolio
Investment Objective

The PowerShares S&P SmallCap Low Volatility Portfolio (the "Fund") seeks investment results that generally correspond (before fees and expenses) to the price and yield of the S&P SmallCap 600 Low Volatility 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.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
PowerShares S&P SmallCap Low Volatility Portfolio
Management Fee 0.25%
Other Expenses [1] none
Total Annual Fund Operating Expenses 0.25%
[1] "Other Expenses" are based on estimated amounts for the current fiscal year.
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 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:
Expense Example (USD $)
1 YEAR
3 YEARS
PowerShares S&P SmallCap Low Volatility Portfolio
26 80
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 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. At the date of this Prospectus, the Fund does not have an operating history and portfolio turnover data therefore is not available.

Principal Investment Strategies

The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Underlying Index. Standard & Poor's® ("S&P®" or the "Index Provider") compiles, maintains and calculates the Underlying Index. Strictly in accordance with its procedures and mandated guidelines, S&P® selects for inclusion in the Underlying Index the 120 securities that it has determined have the lowest volatility over the past 12 months out of the 600 small capitalization range securities that are contained in the S&P SmallCap 600® Index. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations over time. S&P® weights the 120 securities within the Underlying Index based upon the inverse of each security's volatility, with the least volatile securities receiving the highest weights in the Underlying Index. S&P® rebalances the Underlying Index quarterly and makes additions to the Underlying Index only during that quarterly rebalancing. The Fund generally invests in all of the securities comprising the Underlying Index in proportion to their weightings in the Underlying Index.


Concentration Policy. The Fund will concentrate its investments (i.e., invest more than 25% of the value of its net assets) in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries.

Principal Risks of Investing in the Fund

The following summarizes the principal risks of the Fund.


The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.


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.


Small Capitalization Company Risk. Investing in securities of small 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 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.


Industry Concentration Risk. In following its methodology, the Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or 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, an 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 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 Fund's 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 Fund's portfolio and the Underlying Index resulting from legal restrictions, cost 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.


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.


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, to the same extent as 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 Fund's net asset value ("NAV").


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.

Performance

As of the date of this Prospectus, the Fund has not commenced operations and therefore does not have a performance history. Once available, the Fund's performance information will be accessible on the Fund's website at www.invescopowershares.com and will provide some indication of the risks of investing in the Fund.