THIS ETF HAS BEEN CLOSED - LAST TRADING DAY: MAY 18, 2009. The PowerShares FTSE RAFI Europe Small-Mid Portfolio Fund (Ticker: PWD) seeks investment results that correspond generally to the performance, before fees and expenses, of the FTSE RAFI Developed Europe Mid Small Index. The index is designed to track the performance of small capitalization European equities, selected from the constituents of the FTSE Developed Europe All Cap
Index, selected based on the following four fundamental measures of firm size: book value, cash flow, sales and dividends. The equities with the highest fundamental strength are weighted according to their fundamental scores. The fundamentals weighted portfolio is rebalanced and reconstituted annually.