EX-99.D5 8 d814377dex99d5.htm EX-99.D5 EX-99.D5

Exhibit (d)(5)

AMENDED AND RESTATED MEMORANDUM OF AGREEMENT

(Advisory Fee Waivers)

This Memorandum of Agreement is entered into as of the effective date on the attached Exhibit A, between PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust (each, a “Trust” and collectively, the “Trusts”), on behalf of the funds listed on the Exhibit A to this Memorandum of Agreement, as amended from time to time (the “Funds”), and Invesco PowerShares Capital Management LLC (“PowerShares”). PowerShares shall and hereby agrees to waive fees of the Funds, severally and not jointly, as indicated in the Exhibit A.

For and in consideration of the mutual terms and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Trusts and PowerShares agree as follows:

 

  1. PowerShares agrees that until the expiration date, if any, of the commitment set forth on the attached Exhibit A occurs, as such Exhibit A is amended from time to time, PowerShares will waive advisory fees payable by an Investing Fund (defined below) in an amount equal to 100% of the net advisory fee any of PowerShares’ affiliated persons receives on the Uninvested Cash (defined below) from the Affiliated Money Market Fund (defined below) in which the Investing Fund invests (the “Waiver”).

 

  i. PowerShares will calculate, and apply, the Waiver monthly, based upon the average investment of Uninvested Cash made by the Investing Fund during the previous month in an Affiliated Money Market Fund.

 

  ii. The Waiver will not apply to those Investing Funds that do not charge an advisory fee, either due to the terms of their advisory agreement, or as a result of contractual or voluntary fee waivers.

 

  iii. The Waiver will not apply to cash collateral for securities lending.

For purposes of the paragraph above, the following terms shall have the following meanings:

 

  (a) “Affiliated Money Market Fund”—any existing or future fund that holds itself out as a money market fund and complies with Rule 2a-7 under the Investment Company Act of 1940, as amended;

 

  (b) “Investing Fund”—any Fund investing Uninvested Cash in an Affiliated Money Market Fund; and

 

  (c) “Uninvested Cash”—cash available and uninvested by a Trust that may result from a variety of sources, including dividends or interest received on portfolio securities, unsettled securities transactions, strategic reserves, matured investments, proceeds from liquidation of investment securities, dividend payments, or new investor capital.

 

  2. Neither a Trust nor PowerShares may remove or amend the Waiver to a Trust’s detriment prior to requesting and receiving the approval of the Board of Trustees of the applicable Fund’s Trust to remove or amend such Waiver. PowerShares will not have any right to reimbursement of any amount so waived.

The Boards of Trustees and PowerShares may terminate or modify this Memorandum of Agreement prior to the Expiration Date only by mutual written consent, except with respect to adding Funds to Exhibit A, which requires Board approval rather than mutual written consent. PowerShares will not have any right to reimbursement of any amount so waived.

Subject to the foregoing paragraphs, PowerShares agrees to review the then-current Waivers for the Funds listed on the Exhibit A on a date prior to the Expiration Date to determine whether such Waivers should be amended, continued or terminated. The Waivers will expire upon the Expiration Date unless the Trusts and PowerShares have agreed to continue them. The Exhibit A will be amended to reflect any such agreement.

It is expressly agreed that the obligations of the Trusts hereunder shall not be binding upon any of the Trustees, shareholders, nominees, officers, agents or employees of the Trusts personally, but shall only bind the assets and property of the Funds, as provided in each Trust’s Declaration of Trust. The execution and delivery of this Memorandum of Agreement have been authorized by the Trustees of each Trust, and this Memorandum of Agreement has been executed and delivered by an authorized officer of each Trust acting as such; neither such authorization by such Trustees nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the assets and property of the Funds, as provided in each Trust’s Declaration of Trust.

IN WITNESS WHEREOF, each of the Trusts, on behalf of itself and its Funds listed in Exhibit A to this Memorandum of Agreement, and PowerShares have entered into this Memorandum of Agreement as of the Effective Date on the attached Exhibit A.

POWERSHARES EXCHANGE-TRADED FUND TRUST

POWERSHARES EXCHANGE-TRADED FUND TRUST II

POWERSHARES ACTIVELY MANAGED EXCHANGE-TRADED FUND TRUST

POWERSHARES ACTIVELY MANAGED EXCHANGE-TRADED COMMODITY FUND TRUST

on behalf of the Funds listed in Exhibit A

to this Memorandum of Agreement

By:   /s/ Andrew Schlossberg
Name:   Andrew Schlossberg
Title:   President

INVESCO POWERSHARES

CAPITAL MANAGEMENT LLC

By:   /s/ Andrew Schlossberg
Name:   Andrew Schlossberg
Title:   Managing Director

EXHIBIT A

SCHEDULE OF FUNDS

(as of September 25, 2014)

POWERSHARES EXCHANGE-TRADED FUND TRUST

 

PORTFOLIO

    EFFECTIVE DATE    EXPIRATION DATE
PowerShares Aerospace & Defense Portfolio    December 19, 2012    August 31, 2015
PowerShares BuyBack Achievers™ Portfolio    December 19, 2012    August 31, 2015
PowerShares Cleantech™ Portfolio    December 19, 2012    August 31, 2015
PowerShares Dividend Achievers™ Portfolio    December 19, 2012    August 31, 2015
PowerShares DWA Momentum Portfolio    December 19, 2012    August 31, 2015
PowerShares DWA Basic Materials Momentum Portfolio    December 19, 2012    August 31, 2015
PowerShares Dynamic Biotechnology & Genome Portfolio    December 19, 2012    August 31, 2015
PowerShares Dynamic Building & Construction Portfolio    December 19, 2012    August 31, 2015
PowerShares DWA Consumer Cyclicals Momentum Portfolio    December 19, 2012    August 31, 2015
PowerShares DWA Consumer Staples Momentum Portfolio    December 19, 2012    August 31, 2015
PowerShares Dynamic Energy Exploration & Production Portfolio    December 19, 2012    August 31, 2015
PowerShares DWA Energy Momentum Portfolio    December 19, 2012    August 31, 2015
PowerShares DWA Financial Momentum Portfolio    December 19, 2012    August 31, 2015
PowerShares Dynamic Food & Beverage Portfolio    December 19, 2012    August 31, 2015
PowerShares DWA Healthcare Momentum Portfolio    December 19, 2012    August 31, 2015
PowerShares DWA Industrials Momentum Portfolio    December 19, 2012    August 31, 2015
PowerShares Dynamic Large Cap Growth Portfolio    December 19, 2012    August 31, 2015
PowerShares Dynamic Large Cap Value Portfolio    December 19, 2012    August 31, 2015
PowerShares Dynamic Leisure & Entertainment Portfolio    December 19, 2012    August 31, 2015
PowerShares Dynamic Market Portfolio    December 19, 2012    August 31, 2015
PowerShares Dynamic Media Portfolio    December 19, 2012    August 31, 2015
PowerShares Dynamic Networking Portfolio    December 19, 2012    August 31, 2015
PowerShares Dynamic Oil & Gas Services Portfolio    December 19, 2012    August 31, 2015
PowerShares DWA NASDAQ Momentum Portfolio    December 19, 2012    August 31, 2015
PowerShares Dynamic Pharmaceuticals Portfolio    December 19, 2012    August 31, 2015
PowerShares Dynamic Retail Portfolio    December 19, 2012    August 31, 2015
PowerShares Dynamic Semiconductors Portfolio    December 19, 2012    August 31, 2015
PowerShares Dynamic Software Portfolio    December 19, 2012    August 31, 2015
PowerShares DWA Technology Momentum Portfolio    December 19, 2012    August 31, 2015
PowerShares DWA Utilities Momentum Portfolio    December 19, 2012    August 31, 2015
PowerShares Financial Preferred Portfolio    December 19, 2012    August 31, 2015
PowerShares FTSE RAFI U.S. 1000 Portfolio    December 19, 2012    August 31, 2015
PowerShares FTSE RAFI U.S. 1500 Small-Mid Portfolio    December 19, 2012    August 31, 2015
PowerShares Fundamental Pure Large Core Portfolio    December 19, 2012    August 31, 2015
PowerShares Fundamental Pure Large Growth Portfolio    December 19, 2012    August 31, 2015
PowerShares Fundamental Pure Large Value Portfolio    December 19, 2012    August 31, 2015
PowerShares Fundamental Pure Mid Core Portfolio    December 19, 2012    August 31, 2015
PowerShares Fundamental Pure Mid Growth Portfolio    December 19, 2012    August 31, 2015
PowerShares Fundamental Pure Mid Value Portfolio    December 19, 2012    August 31, 2015
PowerShares Fundamental Pure Small Core Portfolio    December 19, 2012    August 31, 2015
PowerShares Fundamental Pure Small Growth Portfolio    December 19, 2012    August 31, 2015
PowerShares Fundamental Pure Small Value Portfolio    December 19, 2012    August 31, 2015
PowerShares Global Listed Private Equity Portfolio    December 19, 2012    August 31, 2015
PowerShares Golden Dragon China Portfolio    December 19, 2012    August 31, 2015
PowerShares High Yield Equity Dividend Achievers™ Portfolio    December 19, 2012    August 31, 2015
PowerShares International Dividend Achievers™ Portfolio    December 19, 2012    August 31, 2015

PowerShares NASDAQ Internet Portfolio    December 19, 2012    August 31, 2015
PowerShares S&P 500 BuyWrite Portfolio    December 19, 2012    August 31, 2015
PowerShares S&P 500® High Quality Portfolio    December 19, 2012    August 31, 2015
PowerShares Water Resources Portfolio    December 19, 2012    August 31, 2015
PowerShares WilderHill Clean Energy Portfolio    December 19, 2012    August 31, 2015
PowerShares WilderHill Progressive Energy Portfolio    December 19, 2012    August 31, 2015
PowerShares Zacks Micro Cap Portfolio    December 19, 2012    August 31, 2015

POWERSHARES EXCHANGE-TRADED FUND TRUST II

 

PORTFOLIO

    EFFECTIVE DATE    EXPIRATION DATE
PowerShares 1-30 Laddered Treasury Portfolio    December 19, 2012    August 31, 2015
PowerShares Build America Bond Portfolio    December 19, 2012    August 31, 2015
PowerShares CEF Income Composite Portfolio    December 19, 2012    August 31, 2015
PowerShares Chinese Yuan Dim Sum Bond Portfolio    December 19, 2012    August 31, 2015
PowerShares DWA Developed Markets Momentum Portfolio    December 19, 2012    August 31, 2015
PowerShares DWA Emerging Markets Momentum Portfolio    December 19, 2012    August 31, 2015
PowerShares DWA Small Cap Momentum Portfolio    December 19, 2012    August 31, 2015
PowerShares Emerging Markets Infrastructure Portfolio    December 19, 2012    August 31, 2015
PowerShares Emerging Markets Sovereign Debt Portfolio    December 19, 2012    August 31, 2015
PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio    December 19, 2012    August 31, 2015
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio    December 19, 2012    August 31, 2015
PowerShares FTSE RAFI Developed Markets      
ex-U.S. Small-Mid Portfolio    December 19, 2012    August 31, 2015
PowerShares FTSE RAFI Emerging Markets Portfolio    December 19, 2012    August 31, 2015
PowerShares Fundamental Emerging Markets Local Debt Portfolio    December 19, 2012    August 31, 2015
PowerShares Fundamental High Yield® Corporate Bond Portfolio    December 19, 2012    August 31, 2015
PowerShares Fundamental Investment Grade      
Corporate Bond Portfolio    December 19, 2012    August 31, 2015
PowerShares Global Agriculture Portfolio    December 19, 2012    August 31, 2015
PowerShares Global Clean Energy Portfolio    December 19, 2012    August 31, 2015
PowerShares Global Gold and Precious Metals Portfolio    December 19, 2012    August 31, 2015
PowerShares LadderRite 0-5 Year Corporate Bond Portfolio    April 18, 2013    August 31, 2015
PowerShares Global Short Term High Yield Bond Portfolio    April 18, 2013    August 31, 2015
PowerShares Global Water Portfolio    December 19, 2012    August 31, 2015
PowerShares California AMT-Free Municipal Bond Portfolio    December 19, 2012    August 31, 2015
PowerShares National AMT-Free Municipal Bond Portfolio    December 19, 2012    August 31, 2015
PowerShares New York AMT-Free Municipal Bond Portfolio    December 19, 2012    August 31, 2015
PowerShares International BuyBack Achievers™ Portfolio    December 17, 2013    August 31, 2015
PowerShares International Corporate Bond Portfolio    December 19, 2012    August 31, 2015
PowerShares KBW Bank Portfolio    December 19, 2012    August 31, 2015
PowerShares KBW Capital Markets Portfolio    December 19, 2012    August 31, 2015
PowerShares KBW High Dividend Yield Financial Portfolio    December 19, 2012    August 31, 2015
PowerShares KBW Insurance Portfolio    December 19, 2012    August 31, 2015
PowerShares KBW Premium Yield Equity REIT Portfolio    December 19, 2012    August 31, 2015
PowerShares KBW Property & Casualty Insurance Portfolio    December 19, 2012    August 31, 2015
PowerShares KBW Regional Banking Portfolio    December 19, 2012    August 31, 2015
PowerShares NYSE Century Portfolio    December 17, 2013    August 31, 2015
PowerShares Preferred Portfolio    December 19, 2012    August 31, 2015
PowerShares S&P 500® High Beta Portfolio    December 19, 2012    August 31, 2015
PowerShares S&P 500® High Dividend Portfolio    December 19, 2012    August 31, 2015
PowerShares S&P 500® Low Volatility Portfolio    December 19, 2012    August 31, 2015
PowerShares S&P Emerging Markets High Beta Portfolio    December 19, 2012    August 31, 2015

PowerShares S&P Emerging Markets Low Volatility Portfolio    December 19, 2012    August 31, 2015
PowerShares S&P International Developed High Beta Portfolio    December 19, 2012    August 31, 2015
PowerShares S&P International Developed High Quality Portfolio    December 19, 2012    August 31, 2015
PowerShares S&P International Developed Low Volatility Portfolio    December 19, 2012    August 31, 2015
PowerShares S&P MidCap Low Volatility Portfolio    December 19, 2012    August 31, 2015
PowerShares S&P SmallCap Consumer Discretionary Portfolio    December 19, 2012    August 31, 2015
PowerShares S&P SmallCap Consumer Staples Portfolio    December 19, 2012    August 31, 2015
PowerShares S&P SmallCap Energy Portfolio    December 19, 2012    August 31, 2015
PowerShares S&P SmallCap Financials Portfolio    December 19, 2012    August 31, 2015
PowerShares S&P SmallCap Health Care Portfolio    December 19, 2012    August 31, 2015
PowerShares S&P SmallCap Industrials Portfolio    December 19, 2012    August 31, 2015
PowerShares S&P SmallCap Information Technology Portfolio    December 19, 2012    August 31, 2015
PowerShares S&P SmallCap Low Volatility Portfolio    December 19, 2012    August 31, 2015
PowerShares S&P SmallCap Materials Portfolio    December 19, 2012    August 31, 2015
PowerShares S&P SmallCap Utilities Portfolio    December 19, 2012    August 31, 2015
PowerShares Senior Loan Portfolio    December 19, 2012    August 31, 2015
PowerShares Variable Rate Preferred Portfolio    March 4, 2014    August 31, 2015
PowerShares VRDO Tax-Free Weekly Portfolio    December 19, 2012    August 31, 2015

POWERSHARES ACTIVELY MANAGED EXCHANGE-TRADED FUND TRUST

 

PORTFOLIO

    EFFECTIVE DATE    EXPIRATION DATE
PowerShares Active U.S. Real Estate Fund    December 19, 2012    August 31, 2015
PowerShares China A-Share Portfolio    September 24, 2013    August 31, 2015
PowerShares S&P 500® Downside Hedged Portfolio    December 19, 2012    August 31, 2015
PowerShares Multi-Strategy Alternative Portfolio    April 17, 2014    August 31, 2015

POWERSHARES ACTIVELY MANAGED EXCHANGE-TRADED COMMODITY FUND TRUST

 

PORTFOLIO

    EFFECTIVE DATE    EXPIRATION DATE
PowerShares DB Optimum Yield      
Diversified Commodity Strategy Portfolio    September 25, 2014    February 29, 2016
PowerShares Bloomberg Commodity Strategy Portfolio    September 25, 2014    February 29, 2016