How has the low-volatility factor performed in recent markets – and why?

¹ Source: Bloomberg, L.P. Sept. 14, 2016.
Past performance is no guarantee of future results.

The S&P 500^® Low Volatility Index consists of the 100 stocks from the S&P 500^® Index with the lowest realized volatility over the past 12 months. An investment cannot be made into an index.

The CBOE Volatility Index^® (VIX^®) is a key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices. VIX is the ticker symbol for the Chicago Board Options Exchange (CBOE) Volatility Index, which shows the market’s expectation of 30-day volatility.

Excess return refers to excess return generated by one index, strategy or investment factor over another.
Yield is the income return on an investment.

A basis point is one hundredth of a percentage point.

Volatility measures the standard deviation from a mean of historical prices of a security or portfolio over time.

Standard deviation measures a portfolio’s range of total returns and identifies the spread of a portfolio’s short-term fluctuations.

Factor investing is investment strategy in which securities are chosen based on attributes that have been associated with higher returns.

Treasury securities are backed by the full faith and credit of the US government as to the timely payment of principal and interest.

There are risks involved with investing in ETFs, including possible loss of money. Shares are not actively managed and are subject to risks similar to those of stocks, including those regarding short selling and margin maintenance requirements. Ordinary brokerage commissions apply. The fund’s return may not match the return of the Underlying Index. The fund is subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the fund.

Investments focused in a particular sector, such as industrials, are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.

The fund is non-diversified and may experience greater volatility than a more diversified investment.

There is no assurance that the fund will provide low volatility.
Shares are not individually redeemable and owners of the Shares may acquire those Shares from the fund and tender those Shares for redemption to the fund in Creation Unit aggregations only, typically consisting of 50,000, 75,000, 100,000 or 200,000 Shares.

S&P^®, S&P 500^®, and S&P 500 Low Volatility Index™ are trademarks of Standard & Poor’s Financial Services LLC and have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by Invesco Canada Ltd. The S&P 500 Low Volatility Index (CAD Hedged) is a product of S&P Dow Jones Indices LLC, and has been licensed for use by Invesco Canada Ltd. Invesco Canada Ltd.'s PowerShares S&P 500 Low Volatility (CAD Hedged) Index ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC or its affiliates and none of S&P Dow Jones Indices LLC or its affiliates make any representation regarding the advisability of investing in such product.