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The PowerShares DWA Momentum & Low Volatility Rotation Portfolio is based on the Dorsey Wright Multi-Factor Global Equity Index. The Fund generally will invest in at least 90% of its total assets in securities that comprise the Index. The Fund is a "fund of funds," meaning that it invests its assets in the shares of other exchange-traded funds, rather than in securities of individual companies. The Index is designed to gain exposure to US or international equity markets through the universe of up to eight PowerShares momentum or low volatility ETFs, and may also hold up to 100% cash position when equity securities as a whole are out of favor. The Fund and the Index are evaluated monthly for potential rebalance and reconstitution.