PowerShares continues to lead the intelligent ETF revolution through its anticipated fixed income product line that provides investors access to the fixed income market place, much of which has previously not been accessible through the exchange-traded fund. Some of these industry "firsts" include the first family of municipal bond portfolios, the first laddered treasury portfolio, and the first access to the sovereign debt of emerging market.

There are risks involved with investing in ETFs including possible loss of money. Shares are subject to risks similar to those of investing in any fund of municipal fixed income securities traded on exchanges, including credit, interest rate and general market risks, as well as those risks related to short selling and margin maintenance. Generally, the prices of income securities tend to fall as interest rates rise. The Shares are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates and perceived trends in securities prices. The Fund is also subject to risks associated with an investment in Treasury bond securities. Please see the prospectus for more complete information regarding an investment in the Funds. Shares are not FDIC insured, may lose value and have no bank guarantee.The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.