POWERSHARES EXCHANGE-TRADED FUND TRUST

SUPPLEMENT DATED NOVEMBER 26, 2012 TO THE
PROSPECTUS DATED AUGUST 31, 2012 OF:

PowerShares Aerospace & Defense Portfolio
PowerShares Cleantech ^TM Portfolio
PowerShares DWA Technical Leaders ^TM Portfolio
PowerShares Global Listed Private Equity Portfolio
PowerShares Golden Dragon China Portfolio
PowerShares Lux Nanotech Portfolio
PowerShares Morningstar StockInvestor Core Portfolio
PowerShares S&P 500 BuyWrite Portfolio
PowerShares S&P 500 ^® High Quality Portfolio
PowerShares Water Resources Portfolio
PowerShares WilderHill Clean Energy Portfolio
PowerShares WilderHill Progressive Energy Portfolio

On November 21, 2012, Invesco PowerShares Investment Capital Management LLC (the "Adviser") voluntarily agreed (i) to waive permanently a portion of its management fee currently in effect for PowerShares S&P 500 ^® High Quality Portfolio (the "Fund"), a series of PowerShares Exchange-Traded Fund Trust (the "Trust"), reducing that fee to 0.29% of the Fund's average daily net assets; and (ii) to amend the Amended and Restated Excess Expense Agreement (the "Expense Agreement") between the Trust and the Adviser with respect to the Fund, such that, after accounting for the amendment to the Expense Agreement, the operating expenses of the Fund will not exceed 0.29% of the Fund's average daily net assets. Therefore, effective immediately, the Trust's prospectus is revised as follows:

•  The second full paragraph on page 95, under the section "Management of the Funds—Portfolio Managers," is deleted and replaced with the following:

The Adviser receives management fees from each Fund (except PowerShares S&P 500 BuyWrite Portfolio and PowerShares S&P 500 ^® High Quality Portfolio) equal to 0.50% of the Fund's average daily net assets. Effective November 21, 2012, the Adviser receives management fees from PowerShares S&P 500 ^® High Quality Portfolio equal to 0.29% of the Fund's average daily net assets. The Trust and the Adviser have entered into an Amended and Restated Excess Expense Agreement (the "Expense Agreement"), pursuant to which the Adviser has agreed to (i) waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of each Fund (except PowerShares S&P 500 BuyWrite Portfolio, PowerShares Morningstar StockInvestor Core Portfolio and PowerShares S&P 500 ^® High Quality Portfolio) (excluding interest expenses, offering costs, sub-licensing fees, brokerage commissions and other trading expenses, taxes, Acquired Fund Fees and Expenses, if applicable, and extraordinary expenses) from exceeding 0.60% of the Fund's average daily net assets per year, at least until August 31, 2013; (ii) to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of PowerShares Morningstar StockInvestor Core Portfolio (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes,

Acquired Fund Fees and Expenses, if applicable, and extraordinary expenses) from exceeding 0.50% of the Fund's average daily net assets per year, at least until August 31, 2013; and (iii) effective November 21, 2012, to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of PowerShares S&P 500 ^® High Quality Portfolio (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, Acquired Fund Fees and Expenses, if applicable, and extraordinary expenses) from exceeding 0.29% of the Fund's average daily net assets per year, at least until August 31, 2013 (collectively, the "Expense Caps"). The offering costs excluded from the Expense Caps are: (a) initial legal fees pertaining to each Fund's Shares offered for sale; (b) initial SEC and state registration fees; and (c) initial fees paid to be listed on an exchange. The Expense Agreement also provides that the expenses that the Adviser bears are subject to recapture by the Adviser for up to three years from the date that the Adviser bore the fee or expense, but no recapture payment will be made by the Fund if it would result in the Fund exceeding its Expense Cap.

Please Retain This Supplement For Future Reference.

P-PS-PRO-4 SUP-2 112612

POWERSHARES EXCHANGE-TRADED FUND TRUST

SUPPLEMENT DATED NOVEMBER 26, 2012 TO THE
STATEMENT OF ADDITIONAL INFORMATION
DATED AUGUST 31, 2012

On November 21, 2012, Invesco PowerShares Investment Capital Management LLC (the "Adviser") voluntarily agreed (i) to waive permanently a portion of its management fee currently in effect for PowerShares S&P 500 ^® High Quality Portfolio (the "Fund"), a series of PowerShares Exchange-Traded Fund Trust (the "Trust"), reducing that fee to 0.29% of the Fund's average daily net assets; and (ii) to amend the Amended and Restated Excess Expense Agreement (the "Expense Agreement") between the Trust and the Adviser with respect to the Fund, such that, after accounting for the amendment to the Expense Agreement, the operating expenses of the Fund will not exceed 0.29% of the Fund's average daily net assets. Therefore, effective immediately, the Statement of Additional Information is revised as follows:

•  On pages 52 and 53, the first paragraph and advisory fee table in the section titled "Management—Investment Advisory Agreement" are deleted and replaced with the following:

Investment Advisory Agreement. Pursuant to an Investment Advisory Agreement between the Adviser and the Trust (the "Investment Advisory Agreement"), each Fund has agreed to pay an annual advisory fee equal to a percentage of its average daily net assets set forth in the chart below (the "Advisory Fee").

* Prior to June 16, 2011, each Fund's annual management fee was 0.50% of the Fund's average daily net assets.

** Effective November 21, 2012, the Adviser voluntarily agreed to waive permanently a portion of its management fees for the Fund to reduce its management fee for the Fund to 0.29% of the Fund's average daily net assets.

•  On pages 54 and 55, the expense cap table in the section titled "Management—Investment Advisory Agreement" is deleted and replaced with the following:

* Prior to June 16, 2011 the Fund's Expense Cap was 0.60% and excluded licensing fees.

** Prior to July 1, 2010, the Fund's Expense Cap was 0.60% and excluded licensing fees. Effective November 21, 2012, the Adviser voluntarily agreed to amend the Expense Agreement between the Trust and the Adviser with respect to the PowerShares S&P 500 ^® High Quality Portfolio, such that, after accounting for the amendment to the Expense Agreement, the operating expenses of that Fund will not exceed 0.29% of the Fund's average daily net assets.

*** As stated above, the Fund is not subject to the Expense Agreement.

Please Retain This Supplement For Future Reference.

P-PS-SAI SUP-1 112612