ETF AVAILABLE THROUGH POWERSHARES (AMEX: PPA)

Benchmark Index:
SPADE Defense Index (AMEX: DXS)
Exchange Traded Fund: Powershares Aerospace & Defense Portfolio ETF (AMEX: PPA)
Options: Available on the ETF


About the SPADE Defense Index
The SPADEŽ Defense Index (AMEX: DXS) is a modified capitalization-weighted index comprised of publicly traded companies that benchmarks the performance of companies involved with defense, homeland security, and space. The Index is currently composed of 56 firms with representative business activities including: naval vessels, military aircraft, missiles and munitions, battlespace awareness, C4ISR, network centric warfare, homeland security including border security and biometric and screening systems, space systems, and satellite services.

Index values are distributed by the American Stock Exchange under the symbol 'DXS'. The Powershares Aerospace & Defense Portfolio ETF, designed to track the SPADE Defense Index, trades under the symbol 'PPA'. Data for the Index is available back to 30 December 1997. The ETF was launched on 26 October 2005.

Performance:
Outperformed the broader market as defined by the S&P500 for 8 consecutive years
In 2007, the Index is currently outgaining the S&P500 by nearly 20%.
The Index has beaten the S&P500 by 10% or more in 6 of the last 8 years
The SPADE Defense Index has gained 19% in four of the last five years!
Assets in the Powershares Aerospace & Defense ETF (PPA), which track the Index, have tripled in 2007.

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Latest Information
Download the May 2008 Newsletter (pdf)
Download the April 2008 Newsletter (pdf)
March 2008 Quarterly Rebalance - Force Protection, KVH Industries, Herley Industries were removed after they no longer complied with the rules govering the index.
Download the March 2008 Newsletter (pdf)
Download the February 2008 Newsletter (pdf)
Download the January 2008 Newsletter (pdf)
December 2007 Quarterly Rebalance -- Textron, Elbit Systems, AAR Corp, and Triumph Group added to the index. Download the Release (pdf)
EDO deleted from the Index on 21Dec07 following acquisition by ITT
UIC deleted from the Index on 19Nov07 following acquisition by Textron
Download the December 2007 Newsletter (pdf)
URS shares outstanding adjusted on 16Nov07 to account for 29.4 million shares issued to acquire Washington Group Int'l
Download the November 2007 Newsletter (pdf)
Download the October 2007 Newsletter (pdf)
GeoEye and Ducommun Added as Part of September 2007 quarterly review
Download the Sept. 2007 Newsletter (pdf)
Download the August 2007 Newsletter (pdf)
Armor Holdings removed from Index after acquisition by BAE Systems closes on 30July07.
Download the July 2007 Newsletter (pdf)
Download the June 2007 Newsletter (pdf)
Download the May 2007 Newsletter (pdf)
SafeNet Inc. (SFNT) acquired by Vector Capital effective 13April07 and removed from the index.
Download the April 2007 Newsletter (pdf)
AeroVironment and Force Protection Added as Part of March 2007 quarterly review
Presentation Made to NY Society of Security Analysts March 2007 (pdf)
Download the March 2007 Newsletter (pdf)
Download the February 2007 Newsletter (pdf)
SPADE Defense Index Finishes 2006 up 19.33% - Beats S&P500 for 7th CONSECUTIVE Year
SAIC and Stanley Associates Added to Index as part of December 2006 Quarterly Review
Download the January 2007 Newsletter (pdf)
DynCorp International Added to Index as part of September 2006 Quarterly Review
URS Corporation Added to Index as part of June 2006 Quarterly Review
April 19, 2006 - SPADE Defense Index Passes 2000 for the First Time
SPADE Defense Index Beats S&P500 for Six Consecutive Years and 19 of 24 Quarters
Ladish Co. Added to Index as part of March 2006 Quarterly Review
Research Center Updated With Recent Presentations & Speeches