The PowerShares S&P 500 BuyWrite Portfolio is based on the CBOE S&P 500 BuyWrite Index ("Underlying Index"), which measures the total rate of return of an S&P 500® covered call strategy. This strategy consists of holding a portfolio indexed to the S&P 500® (the "Reference Index") and selling a succession of written options, each with an exercise price at or above the prevailing price level of the S&P 500®. The CBOE S&P 500 BuyWrite Index provides a benchmark measure of the total return performance of this hypothetical strategy. Dividends paid on the component stocks underlying the S&P 500 and the dollar value of option premiums received from written options are reinvested.
* Trading Characteristics Definitions Spread : The average dollar difference between the best bid and best offer across all exchanges for the specified time period, weighted by volume. *Spread : Is the monthly average of the daily spread. % Spread : The average spread amount divided by the average bid-ask midpoint, weighted by volume. Share Volume : Composite Volume - total number of shares traded on all exchanges and Nasdaq. Dollar Volume : Dollar amount of shares traded on each exchange for the specified symbol, based on the stocks average price for the time period specified.
