Why does an initializer list cause 2 copies of data and not just the a single copy to pass it to the function?

If we create a simple dummy-class as follows:

struct example {
    example() { std::cout << "Create" << std::endl; }
    example(const exam&) { std::cout << "Copy" << std::endl; }
    example(example &&) noexcept { std::cout << "Move" << std::endl; }
}

And pass it in an initialization list (std::initializer_list<example>):

some_function({example()});

The output (from GCC/C++11) is:

Create
Copy
Copy

This doesn't make sense to me as you create the example object itself then pass it through an initializer_list. This means that you have the original object, your list has a copy of the object and your function has a copy of the list hinting that it should be a single copy of your object then a single copy of the initializer list.

Expected output (without the extra copy):

Create (from example())
Copy (into initializer_list)

TL;DR: Why does passing my object through an initializer list instantiate two copies of the object instead of one if the object getting passed in the initializer list itself?