PowerShares Dynamic Mid Cap Value Portfolio (the Fund) seeks investment results that correspond generally to the price and yield of an equity index called the Dynamic Mid Cap Value Intellidex Index (the Intellidex). The Intellidex consists of 75 United States mid-cap value stocks selected principally on the basis of their capital appreciation potential as identified by the AMEX (the Intellidex Provider) pursuant to an Intellidex methodology. The Fund will normally invest at least 80% of its total assets in common stocks of mid-capitalization companies. The Fund will normally invest at least 90% of its total assets in common stocks that comprise the Intellidex. The Intellidex is adjusted quarterly, and the Fund, using an indexing investment approach, attempts to replicate the performance of the Intellidex. The Fund’s investment advisor is Invesco PowerShares Capital Management LLC.