December 10, 2010

VIA EDGAR SUBMISSION

Securities & Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549

Re:

PowerShares Exchange Traded Fund Trust, File No. 811-21265 PowerShares Exchange Traded Fund Trust II, File No. 811-21977 PowerShares Actively Managed Exchange Traded Fund Trust, File No. 811-22148 PowerShares India Exchange Traded Fund Trust, File No. 811-22147

Gentlemen:

Enclosed for filing pursuant to Rule 17g-1(g) of the Investment Company Act of 1940, as amended (the “Act”) are the following documents regarding the joint insured fidelity bond for the above-referenced investment companies:

	1.		A copy of the Investment Company Blanket Bond with attached riders pertaining thereto.
	2.		A copy of the Resolution to the Consideration of the Fidelity Bond.
	3.		A statement showing the amount of the single insured bond which each of the above-referenced investment companies would have provided and maintained had each investment company not been named as an insured under a joint insured bond;
	4.		A statement as to the period for which premium have been paid; and
	5.		A copy of the Agreement Regarding Allocation of Recoveries Under Joint Insured Bond.

If you should need any additional information, please contact me at 630.868.7117.

CC:

ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 7

INSURED				BOND NUMBER
PowerShares Exchange-Traded Fund Trust				07722110B

EFFECTIVE DATE		BOND PERIOD		AUTHORIZED REPRESENTATIVE
December 2, 2010		May 1, 2010 to May 1, 2011		/S/ John Mulligan

In consideration of the premium charged for this Bond, it is hereby understood and agreed that Item 1 of the Declarations, Name of Insured, shall include the following:

	•		PowerShares KBW International Financial Portfolio
	•		PowerShares KBW Property & Casualty Insurance Portfolio
	•		PowerShares KBW High Dividend Yield Financial Portfolio
	•		PowerShares KBW Premium Yield Equity REIT Portfolio, each a series of: PowerShares Exchange-Traded Fund Trust II

Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.

RN1.0-00 (1/02)

AMOUNT OF THE SINGLE INSURED BOND WHICH EACH INVESTMENT COMPANY WOULD HAVE PROVIDED AND MAINTAINED HAD EACH COMPANY NOT BEEN NAMED AS AN INSURED UNDER A JOINT INSURED BOND

Had the following investment companies not been named as insured under a joint insured bond, pursuant to section 17g-1(g)(1)(B)(iii), each of them would have provided and maintained a single insured bond in the amounts set forth below:

1. PowerShares KBW Premium Yield Equity REIT Portfolio		$	125,000.00
2. PowerShares KBW High Dividend Yield Financial Portfolio		$	125,000.00
3. PowerShares KBW Property and Casualty Insurance Portfolio		$	125,000.00
4. PowerShares KBW International Financial Portfolio		$	125,000.00

FIDELITY BOND
INSURANCE ALLOCATION AGREEMENT

     THIS INSURANCE ALLOCATION AGREEMENT (the “Agreement”) is made as of September 23, 2010, by and among PowerShares Exchange-Traded Fund Trust, a Massachusetts business trust, for itself and on behalf of each series thereof now or hereafter existing, PowerShares Exchange-Traded Fund Trust II, a Massachusetts business trust, for itself and on behalf of each series thereof now or hereafter existing, PowerShares India Exchange-Traded Fund Trust, a Massachusetts business trust, for itself and on behalf of each series thereof now or hereafter existing, and PowerShares Actively Managed Exchange-Traded Fund Trust, a Delaware statutory trust, for itself and on behalf of each series thereof now or hereafter existing (individually referred to herein as a “Trust,” and collectively as the “Trusts” and each series of the Trusts identified from time to time on Schedule A and being referred to herein as a “Series”) (the Trusts sometimes individually hereinafter referred to as a “Party” or collectively as “Parties”).

     WHEREAS, the Trusts have been named as insureds (“Insureds”) under a joint fidelity bond (the “Bond”) approved by each Trust’s Board of Trustees (the “Board”);

     WHEREAS, the Bond is intended to satisfy the requirements of Rule 17g-1 under the Investment Company Act of 1940, as amended; and

     WHEREAS, the Parties, in accordance with the requirements of Rule 17g-1(f), desire to establish (i) the criteria by which the premiums for the Bond shall be allocated among the Parties and (ii) the criteria by which the amounts payable under the Bond shall be allocated among the Parties covered under same.

     NOW, THEREFORE, it is agreed as follows:

     1. Each Series of a Trust shall pay a percentage of the premium for the Bond, as allocated in such equitable manner as determined by the Boards of Trustees of the Trusts, which amounts are set forth on Schedule B to this Agreement. From time to time adjustments may be made by mutual agreement of the Trusts to the portion of the premiums theretofore paid by a Trust or Series, based on a subsequent change or changes in the net assets of one or more Trusts or the addition or withdrawal of a Trust or Series pursuant to this Agreement.

     2. If the insurer issuing the Bond (the “Insurer”) is willing, with or without additional premium, to add, as an Insured under the Bond, any investment company not listed as a signatory to this Agreement or any Series of a Trust not identified on Schedule A of this Agreement, the Trusts agree (a) that such addition may be made provided that the non-interested directors or trustees of the Trusts covered by the Bond shall approve such addition and (b) that such additional entity may become a party to this Agreement and be included within the terms “Trust” or “Party” provided that in each case such entity shall have executed and delivered to the Trusts its written agreement to become a party hereto and to be bound by the terms of this Agreement.

     3. In the event that the claims of loss of two or more Parties as Insureds under the Bond are so related that the Insurer is entitled to assert that the claims must be aggregated, or in

the event that the aggregate recovery by the Insureds under the Bond is less than the aggregate loss incurred by the Insureds that gave rise to the claims, the following rules shall determine, as between the claimants, the priority of satisfaction of the claims under the Bond:

	(a)		First, all claims of each Trust which have been duly proven and established under the Bond shall be satisfied up to the minimum amount of the Bond required for such Trust under Rule 17g-1(d); and
	(b)		Second, the remaining amount of recovery, if any, shall then be applied to claims of the Parties in proportion to the total of the unsatisfied amount of the claims of all such Parties.

     4. This Agreement shall become effective as of the date first above written, and shall remain in full force and effect during the effective period of the Bond as specified therein. Any Party may withdraw from this Agreement and the Bond upon sixty (60) days’ written notice to the other Parties and the Securities and Exchange Commission in accordance with Rule 17g-1 under the Act. The withdrawing Party shall be entitled to receive its proportionate share of any premium refund received from the Insurer.

     5. The obligations of the Trusts which are organized as Massachusetts business trusts, or any other investment company organized as a Massachusetts business trust which may be added pursuant to Section 2 under this Agreement, are not binding upon any of the trustees or holders of shares of beneficial interest of any such trust individually, but bind only the respective trust estate of each.

     6. This Agreement shall supersede all prior agreements entered into between or among any of the Trusts with respect to the same matters.

     7. Notwithstanding the foregoing, claims made under the Bond during a period prior to the effective date of this Agreement (and any recoveries related to any such claims) shall be subject to the terms of the premium sharing and allocation agreement in effect during that period.

     IN WITNESS WHEREOF the Trusts have caused this Agreement to be executed by their officers, as appropriate, hereunto duly authorized all as of the day and year first above written.

SCHEDULE A

SERIES

PowerShares Exchange-Traded Fund Trust

	1.		PowerShares Dynamic Market Portfolio
	2.		PowerShares Dynamic Small Cap Growth Portfolio
	3.		PowerShares Dynamic Small Cap Value Portfolio
	4.		PowerShares Dynamic Biotechnology & Genome Portfolio
	5.		PowerShares Dynamic Food & Beverage Portfolio
	6.		PowerShares Dynamic Leisure and Entertainment Portfolio
	7.		PowerShares Dynamic Media Portfolio
	8.		PowerShares Dynamic Networking Portfolio
	9.		PowerShares Dynamic Pharmaceuticals Portfolio
	10.		PowerShares Dynamic Semiconductors Portfolio
	11.		PowerShares Dynamic Software Portfolio
	12.		PowerShares Dynamic OTC Portfolio
	13.		PowerShares Zacks Micro Cap Portfolio
	14.		PowerShares International Dividend Achievers Portfolio
	15.		PowerShares Dividend Achievers Portfolio
	16.		PowerShares Aerospace & Defense Portfolio
	17.		PowerShares Dynamic Building & Construction Portfolio
	18.		PowerShares Dynamic Energy Exploration & Production Portfolio
	19.		PowerShares Dynamic Insurance Portfolio
	20.		PowerShares Dynamic Oil & Gas Services Portfolio
	21.		PowerShares Dynamic Retail Portfolio
	22.		PowerShares High Yield Equity Dividend Achievers Portfolio

	23.		PowerShares Dynamic Utilities Portfolio
	24.		PowerShares Lux Nanotech Portfolio
	25.		PowerShares Water Resources Portfolio
	26.		PowerShares Value Line Timeliness Select Portfolio
	27.		PowerShares Dynamic Telecommunications & Wireless Portfolio
	28.		PowerShares Golden Dragon Halter USX China Portfolio
	29.		PowerShares WilderHill Clean Energy Portfolio
	30.		PowerShares Dynamic Large Cap Growth Portfolio
	31.		PowerShares Dynamic Large Cap Value Portfolio
	32.		PowerShares Dynamic Mid Cap Growth Portfolio
	33.		PowerShares Dynamic Mid Cap Value Portfolio
	34.		PowerShares Zacks Small Cap Portfolio
	35.		PowerShares FTSE RAFI US 1000 Portfolio
	36.		PowerShares Dynamic Energy Sector Portfolio
	37.		PowerShares Dynamic Financial Sector Portfolio
	38.		PowerShares Dynamic Healthcare Sector Portfolio
	39.		PowerShares Dynamic Healthcare Services Portfolio
	40.		PowerShares Dynamic Industrials Sector Portfolio
	41.		PowerShares Dynamic Large Cap Portfolio
	42.		PowerShares Dynamic MagniQuant Portfolio
	43.		PowerShares Dynamic Mid Cap Portfolio
	44.		PowerShares Dynamic Small Cap Portfolio
	45.		PowerShares Dynamic Technology Sector Portfolio
	46.		PowerShares Buyback Achievers Portfolio
	47.		PowerShares FTSE RAFI US 1500 Small-Mid Portfolio

	48.		PowerShares Cleantech Portfolio
	49.		PowerShares Dynamic Banking Portfolio
	50.		PowerShares Dynamic Basic Materials Sector Portfolio
	51.		PowerShares Dynamic Consumer Discretionary Sector Portfolio
	52.		PowerShares Dynamic Consumer Staples Sector Portfolio
	53.		PowerShares Financial Preferred Portfolio
	54.		PowerShares Global Listed Private Equity Portfolio
	55.		PowerShares DWA Technical Leaders Portfolio
	56.		PowerShares Value Line Industry Rotation Portfolio
	57.		PowerShares WilderHill Progressive Energy Portfolio
	58.		PowerShares S&P 500 BuyWrite Portfolio
	59.		PowerShares FTSE NASDAQ Small Cap Portfolio
	60.		PowerShares NASDAQ Internet Portfolio
	61.		PowerShares NXQ Portfolio
	62.		PowerShares NASDAQ-100 BuyWrite Portfolio
	63.		PowerShares Dynamic Dividend Portfolio
	64.		PowerShares Security Portfolio
	65.		PowerShares S&P US Stars Portfolio
	66.		PowerShares Evangelical 150 Portfolio
	67.		PowerShares Catholic 150 Portfolio
	68.		PowerShares NASDAQ Transportation Portfolio
	69.		PowerShares NASDAQ Financial-100 Portfolio

PowerShares Exchange-Traded Fund Trust II

	70.		PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio
	71.		PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio

	72.		PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio
	73.		PowerShares FTSE RAFI Emerging Markets Portfolio
	74.		PowerShares FTSE RAFI Europe Portfolio
	75.		PowerShares FTSE RAFI Japan Portfolio
	76.		PowerShares Global Water Portfolio
	77.		PowerShares Global Clean Energy Portfolio
	78.		PowerShares Dynamic Developed International Opportunities Portfolio
	79.		PowerShares 1-30 Laddered Treasury Portfolio
	80.		PowerShares Emerging Markets Sovereign Debt Portfolio
	81.		PowerShares High Yield Corporate Bond Portfolio
	82.		PowerShares Insured National Municipal Bond Portfolio
	83.		PowerShares Insured New York Municipal Bond Portfolio
	84.		PowerShares Insured California Municipal Bond Portfolio
	85.		PowerShares VRDO Tax-Free Weekly Portfolio
	86.		PowerShares DWA Developed Markets Technical Leaders
	87.		PowerShares DWA Emerging Markets Technical Leaders
	88.		PowerShares Autonomic Balanced NFA Global Asset Portfolio
	89.		PowerShares Autonomic Balanced Growth NFA Global Asset Portfolio
	90.		PowerShares Autonomic Growth NFA Global Asset Portfolio
	91.		PowerShares Global Nuclear Energy Portfolio
	92.		PowerShares Preferred Portfolio
	93.		PowerShares FTSE RAFI Latin America Portfolio
	94.		PowerShares FTSE RAFI Australia Portfolio
	95.		PowerShares FTSE RAFI Brazil Portfolio
	96.		PowerShares FTSE RAFI Canada Portfolio

	97.		PowerShares FTSE RAFI China Portfolio
	98.		PowerShares FTSE RAFI France Portfolio
	99.		PowerShares FTSE RAFI Germany Portfolio
	100.		PowerShares FTSE RAFI Hong Kong Portfolio
	101.		PowerShares FTSE RAFI Mexico Portfolio
	102.		PowerShares FTSE RAFI South Africa Portfolio
	103.		PowerShares FTSE RAFI South Korea Portfolio
	104.		PowerShares FTSE RAFI Taiwan Portfolio
	105.		PowerShares FTSE RAFI United Kingdom Portfolio
	106.		PowerShares Dynamic Emerging Markets Portfolio
	107.		PowerShares Developed International Growth Portfolio
	108.		PowerShares Developed International Value Portfolio
	109.		PowerShares Dynamic Japan Portfolio
	110.		PowerShares Dynamic Australia Portfolio
	111.		PowerShares Dynamic Canada Portfolio
	112.		PowerShares Dynamic France Portfolio
	113.		PowerShares Dynamic Germany Portfolio
	114.		PowerShares Dynamic UK Portfolio
	115.		PowerShares Ireland Portfolio
	116.		PowerShares S&P European Stars Portfolio
	117.		PowerShares International Corporate Bond Portfolio
	118.		PowerShares Aggregate Bond Portfolio
	119.		PowerShares 1-20 Laddered Treasury Portfolio
	120.		PowerShares 1-10 Laddered Treasury Portfolio
	121.		PowerShares 1-5 Laddered Treasury Portfolio

	122.		PowerShares Build America Bond Portfolio
	123.		PowerShares Emerging Markets Infrastructure Portfolio
	124.		PowerShares Space and Satellite Portfolio
	125.		PowerShares DJ Global Exchanges Portfolio
	126.		PowerShares Asia-Pacific Water Portfolio
	127.		PowerShares MENA Frontier Countries Portfolio
	128.		PowerShares Global Agriculture Portfolio
	129.		PowerShares Global Biotech Portfolio
	130.		PowerShares Global Coal Portfolio
	131.		PowerShares Global Gold and Precious Metals Portfolio
	132.		PowerShares Global Steel Portfolio
	133.		PowerShares Global Progressive Transportation Portfolio
	134.		PowerShares Global Wind Energy Portfolio
	135.		PowerShares DWA Relative Strength Portfolio
	136.		PowerShares Financial Corporate Bond Portfolio
	137.		PowerShares Industrial Corporate Bond Portfolio
	138.		PowerShares Utilities Corporate Bond Portfolio
	139.		PowerShares Convertible Portfolio
	140.		PowerShares FTSE RAFI QQQF Portfolio
	141.		PowerShares CEF Income Composite Portfolio
	142.		PowerShares S&P SmallCap Consumer Discretionary Portfolio
	143.		PowerShares S&P SmallCap Consumer Staples Portfolio
	144.		PowerShares S&P SmallCap Energy Portfolio
	145.		PowerShares S&P SmallCap Financials Portfolio
	146.		PowerShares S&P SmallCap Health Care Portfolio

	147.		PowerShares S&P SmallCap Industrials Portfolio
	148.		PowerShares S&P SmallCap Information Technology Portfolio
	149.		PowerShares S&P SmallCap Materials Portfolio
	150.		PowerShares S&P SmallCap Utilities Portfolio
	151.		PowerShares KBW Premium Yield Equity REIT Portfolio
	152.		PowerShares KBW High Dividend Yield Financial Portfolio
	153.		PowerShares KBW International Financial Portfolio
	154.		PowerShares KBW Property & Casualty Insurance Portfolio

PowerShares India Exchange-Traded Fund Trust

155.

PowerShares India Portfolio (including PowerShares Mauritius)

PowerShares Actively Managed Exchange-Traded Fund Trust

	156.		PowerShares Active AlphaQ Fund
	157.		PowerShares Active Alpha Multi-Cap Fund
	158.		PowerShares Active Mega Cap Fund
	159.		PowerShares Active Low Duration Fund
	160.		PowerShares Active U.S. Real Estate Fund
	161.		PowerShares Active Dorsey Write Sector Rotation Fund
	162.		PowerShares Active Premia Plus Fund
	163.		PowerShares MBS Opportunity Fund
	164.		PowerShares Bank Loan Fund
	165.		PowerShares Emerging Market Debt Local Currency Fund

SCHEDULE B

SERIES

     The premium of the Bond shall be allocated 25% to each Trust, one-half per capita and one-half pro rata by assets to each Series of a Trust then existing as of May 1, 2010.

RESOLVED, that giving due consideration to the value of the aggregate assets of the PowerShares Exchange-Traded Fund Trust II (“Trust II”), the access to such assets, the type and terms of the arrangements made for the custody and safekeeping of such assets, the nature of the securities in Trust II’s portfolios, the nature and method of conducting Trust II’s operations, and the accounting procedures and controls of Trust II, the coverage against larceny and embezzlement provided under a fidelity bond (the “Bond”) issued by ICI Mutual Insurance Company in the amount of $10 million is deemed by the Board of Trustees, including a majority of the Trustees who are not “interested persons” of Trust II (as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”)), to be adequate as to amount, type and form and in the best interests of PowerShares KBW Premium Yield Equity REIT Portfolio, PowerShares KBW High Dividend Yield Financial Portfolio, PowerShares KBW International Financial Portfolio, and PowerShares KBW Property & Casualty Insurance Portfolio (the “New Funds”), and therefore, the appropriate officers of Trust II be, and each hereby is, authorized to cause the New Funds to be added to the Bond; and it is further

RESOLVED, that the officers of Trust II are authorized and directed to add the New Funds to the joint allocation agreement among Trust II, PowerShares Exchange-Traded Fund Trust, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust concerning the Bond, such agreement being in substantially the form presented at this Meeting; and it is further

RESOLVED, that the proper officers of Trust II be, and they hereby are, authorized and directed at all times to take all actions necessary to assure compliance with these resolutions and Rule 17g-1 under the 1940 Act.

PERIOD FOR WHICH PREMIUMS HAVE BEEN PAID

The premiums for the PowerShares Exchange Traded Fund Trust II have been paid through May 1, 2010 through May 1, 2011.