The SEC issued a notice to PowerShares Actively-Managed Exchange-Traded Fund and related entities that, when effective at the end of February, will allow for the first time, a series of actively-managed ETFs to be offered to investors. Four actively-managed ETFs will be initially offered: PowerShares Active AlphaQ Portfolio, PowerShares Active Multi-Cap Portfolio, PowerShares Active Mega-Cap Portfolio and PowerShares Active Low Duration Portfolio. The ETFs are in large part quantitatively based. Holdings will be equally weighted. Unlike current ETFs, the ETFs will not be linked to any specific benchmark. On each business day before the commencement of trading in the shares of the ETFs, the ETFs will disclose the identity and quantity of the securities in each ETF's portfolio that will form the basis for the ETF's calculation of its net asset value per share at the end of the business day.

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