![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Invesco Optimum Yield Diversified Commodity Strategy K1 ETF Tr | NASDAQ:PDBC | NASDAQ | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.04 | 0.28% | 14.34 | 12.70 | 14.57 | 14.44 | 14.334 | 14.37 | 2,092,592 | 05:00:00 |
THE SECURITIES ACT OF 1933 | ☐ |
Pre-Effective Amendment No. | ☐ |
Post-Effective Amendment No. 57 | ☒ |
THE INVESTMENT COMPANY ACT OF 1940 | ☐ |
Amendment No. 61 | ☒ |
Alan
P. Goldberg
Stradley Ronon Stevens & Young LLP 191 North Wacker Drive, Suite 1601 Chicago, Illinois 60606 |
Eric
S. Purple
Stradley Ronon Stevens & Young LLP 2000 K Street, NW, Suite 700 Washington, DC 20006 |
It is proposed that this filing will become effective (check appropriate box) | |
☒ | immediately upon filing pursuant to paragraph (b) |
☐ | on (date) pursuant to paragraph (b) |
☐ | 60 days after filing pursuant to paragraph (a) |
☐ | on (date) pursuant to paragraph (a) |
☐ | 75 days after filing pursuant to paragraph (a)(2) |
☐ | on (date) pursuant to paragraph (a)(2) of rule 485 |
If appropriate, check the following box: | |
☐ | This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
Prospectus | February 28, 2020 |
PDBC | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | The Nasdaq Stock Market |
... | |
Summary Information | 1 |
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 1 |
... | |
Additional Information About the Fund’s Strategies and Risks | 6 |
... | |
Tax Structure of ETFs | 13 |
... | |
Portfolio Holdings | 13 |
... | |
Management of the Fund | 13 |
... | |
How to Buy and Sell Shares | 13 |
... | |
Frequent Purchases and Redemptions of Shares | 14 |
... | |
Dividends, Other Distributions and Taxes | 14 |
... | |
Distributor | 16 |
... | |
Net Asset Value | 16 |
... | |
Fund Service Providers | 16 |
... | |
Financial Highlights | 17 |
... | |
Disclaimers | 17 |
... | |
Premium/Discount Information | 18 |
... | |
Other Information | 18 |
Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment) |
|
Management Fees | 0.59% |
... | |
Other Expenses(1) | 0.00% |
... | |
Acquired Fund Fees and Expenses(2) | 0.02% |
... | |
Total Annual Fund Operating Expenses | 0.61% |
... | |
Fee Waiver and/or Expense Reimbursement(3) | 0.02% |
... | |
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 0.59% |
... |
(1) | Other Expenses do not reflect any extraordinary expenses incurred during the most recent fiscal period, such as the costs associated with a proxy statement of the Fund. Had these expenses been included, Other Expenses would have been 0.01%. |
(2) | Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies including money market funds. These expenses are based on the total expense ratio of the underlying funds disclosed in each underlying fund’s most recent shareholder report. Please note that the amount of “Total Annual Fund Operating Expenses” shown in the above table may differ from the ratio of expenses to average net assets included in the “Financial Highlights” section of this Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. |
(3) | Through August 31, 2021, Invesco Capital Management LLC (the “Adviser”) has contractually agreed to waive a portion of the Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate. This waiver will have the effect of reducing the Acquired Fund Fees and Expenses that are indirectly borne by the Fund. The Adviser cannot discontinue this waiver prior to its expiration. |
1 Year | 3 Years | 5 Years | 10 Years |
$60 | $193 | $338 | $760 |
1 Year | 5 Years |
Since
Inception
(11/07/14) |
|
Return Before Taxes | 11.61% | (2.44)% | (5.55)% |
Return After Taxes on Distributions | 10.97% | (3.48)% | (6.53)% |
Return After Taxes on Distributions and Sale of Fund Shares | 6.87% | (2.29)% | (4.52)% |
... | |||
DBIQ
Optimum Yield Diversified Commodity Index Excess Return
(reflects no deduction for fees, expenses or taxes) |
10.60% | (2.42)% | (5.52)% |
... | |||
DBIQ
Optimum Yield Diversified Commodity Index Total Return
(reflects no deduction for fees, expenses or taxes but reflects the return that would be generated by the Collateral) |
12.94% | (1.37)% | (4.53)% |
... |
Name | Title with Adviser/Trust |
Date
Began
Managing the Fund |
Peter Hubbard | Director of Portfolio Management of the Adviser and Vice President of the Trust | Since Inception |
... | ||
David Hemming | Senior Portfolio Manager of the Adviser, Commodities and Alternatives | September 2016 |
... | ||
Theodore Samulowitz | Portfolio Manager of the Adviser | Since inception |
... |
(i) | an imperfect correlation between the value of the futures contract and the value of the underlying commodity; |
(ii) | possible lack of a liquid secondary market for a futures contract; |
(iii) | the inability to open or close a futures contract or cash commodity position when desired; |
(iv) | losses caused by unanticipated market movement, which may result in losses in excess of the amount invested in the futures contract (and potentially may be unlimited); |
(v) | in the event of adverse price movements, an obligation of the Fund to make daily cash payments to maintain its required margin, including at times when it may have insufficient cash and must sell securities from its portfolio to meet those margin requirements at a disadvantageous time; |
(vi) | the possibility that a failure to close a position may result in delivery of an illiquid commodity to the Fund; and |
(vii) | the possibility that rapid selling to avoid delivery of a commodity may result in unfavorable execution prices. |
■ | Peter Hubbard, Director of Portfolio Management of the Adviser, has been responsible for the management of certain Funds in the Invesco family of ETFs since June 2007 and has been associated with the Adviser since 2005. |
■ | David Hemming, Senior Portfolio Manager of the Adviser, Commodities and Alternatives, has been responsible for the management of the Fund since September 2016 and has been associated with the Adviser since 2016. From 2009 to 2015, he was a Portfolio Manager and Principal of Commodities at Hermes Investment Management Limited. |
■ | Theodore Samulowitz, Portfolio Manager of the Adviser, has been responsible for the management of the Fund since its inception and has been associated with the Adviser since 2012. |
■ | The Fund earns income generally in the form of dividends or interest on its investments. This income, less expenses incurred in the operation of the Fund, constitutes the Fund’s net investment income from which dividends may be paid to shareholders. If you are a taxable investor, distributions of net investment income generally are taxable to you as ordinary income. |
■ | Distributions of net short-term capital gains are taxable to you as ordinary income. A Fund with a high portfolio turnover rate (a measure of how frequently assets within the Fund are bought and sold) is more likely to generate short-term capital gains than a Fund with a low portfolio turnover rate. For ETFs for which in-kind redemptions are the primary redemption mechanism, a Fund may be less likely to sell securities in order to generate cash for redeeming shareholders, which a mutual fund |
might do. This provides a greater opportunity for ETFs to defer the recognition of gain on appreciated securities which it may hold thereby reducing the distribution of capital gains to its shareholders. | |
■ | Distributions of net long-term capital gains are taxable to you as long-term capital gains no matter how long you have owned your Shares. |
■ | A portion of income dividends paid by the Fund may be reported as qualified dividend income eligible for taxation by individual shareholders at long-term capital gain rates, provided certain holding period requirements are met. These reduced rates generally are available for dividends derived from the Fund’s investment in stocks of domestic corporations and qualified foreign corporations. In the case of a Fund that invests primarily in debt securities, either none or only a nominal portion of the dividends paid by the Fund will be eligible for taxation at these reduced rates. |
■ | The use of derivatives by the Fund may cause the Fund to realize higher amounts of ordinary income or short-term capital gain, distributions from which are taxable to individual shareholders at ordinary income tax rates rather than at the more favorable tax rates for long-term capital gain. |
■ | Distributions declared to shareholders with a record date in December–if paid to you by the end of January–are taxable for federal income tax purposes as if received in December. |
■ | Any long-term or short-term capital gains realized on the sale of your Shares will be subject to federal income tax. |
■ | A shareholder’s cost basis information will be provided on the sale of any of the shareholder’s Shares, subject to certain exceptions for exempt recipients. Please contact the broker (or other nominee) that holds your Shares with respect to reporting of cost basis and available elections for your account. |
■ | At the time you purchase your Shares, the Fund’s NAV may reflect undistributed income or undistributed capital gains. A subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable. Buying Shares in the Fund just before it declares an income dividend or capital gains distribution is sometimes known as “buying a dividend.” In addition, the Fund’s NAV may, at any time, reflect net unrealized appreciation, which may result in future taxable distributions to you. |
■ | By law, if you do not provide the Fund with your proper taxpayer identification number and certain required certifications, you may be subject to backup withholding on any distributions of income, capital gains, or proceeds from the sale of your Shares. The Fund also must withhold if the IRS instructs it to do so. When withholding is required, the amount will be 24% of any distributions or proceeds paid. |
■ | An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of Shares) of U.S. individuals, estates and trusts to the extent that such person’s “modified adjusted gross income” (in the case of an individual) or “adjusted gross income” (in the case of an estate or trust) exceeds a threshold amount. This Medicare tax, if applicable, is reported by you on, and paid with, your federal income tax return. |
■ | You will not be required to include the portion of dividends paid by the Fund derived from interest on U.S. government obligations in your gross income for purposes of personal and, in some cases, corporate income taxes in many state and local tax jurisdictions. The percentage of dividends that constitutes dividends derived from interest on federal obligations will be determined annually. This percentage may differ from the actual percentage of interest received by the Fund on federal obligations for the particular days on which you hold shares. |
■ | Fund distributions and gains from sale of Shares generally are subject to state and local income taxes. |
■ | If the Fund qualifies to pass through the tax benefits from foreign taxes it pays on its investments, and elects to do so, then any foreign taxes it pays on these investments may be passed through to you as a foreign tax credit. You will then be required to include your pro-rata share of these taxes in gross income, even though not actually received by you, and will be entitled either to deduct your share of these taxes in computing your taxable income, or to claim a foreign tax credit for these taxes against your U.S. federal income tax. |
■ | Foreign investors should be aware that U.S. withholding, special certification requirements to avoid U.S. backup withholding and claim any treaty benefits, and estate taxes may apply to an investment in the Fund. |
■ | Under the Foreign Account Tax Compliance Act (FATCA), a 30% tax withholding is imposed on income dividends made by the Fund to certain foreign entities, referred to as foreign financial institutions or non-financial foreign entities that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. After December 31, 2018, FATCA withholding also would have applied to certain capital gain distributions, return of capital distributions and the proceeds arising from the sale of Shares; however, based on proposed regulations recently issued by the IRS on which the Fund may rely, such withholding is no longer required unless final regulations provide otherwise (which is not expected). The Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA or similar laws. Withholding also may be required if a foreign entity that is a shareholder of the Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA. |
■ | If the Fund invests in an underlying fund taxed as a RIC, please see any relevant section below for more information regarding the Fund’s investment in such underlying fund. |
■ | The Fund’s strategy of investing through its Subsidiary in derivatives and other financially-linked instruments whose performance is expected to correspond to the commodity markets may cause the Fund to recognize more ordinary income and short-term capital gains taxable as ordinary income than would be the case if the Fund invested directly in commodities. |
■ | The Fund must meet certain requirements under the Code for favorable tax treatment as a RIC, including asset diversification and income requirements. |
■ | The Fund intends to treat the income it derives from commodity-linked notes as qualifying income based on an opinion obtained from counsel confirming that income from such investments should be qualifying income because such commodity-linked notes constitute securities under section 2(a)(36) of the 1940 Act. Further, the Fund anticipates that its Subsidiary will distribute the “Subpart F” income earned by the Subsidiary each year, which the Fund will treat as qualifying income. If, contrary to the opinion of counsel, the proposed regulations or other guidance issued by the IRS, the IRS were to determine such income is non-qualifying, the Fund might fail to satisfy the income requirement. |
■ | In lieu of disqualification, the Fund is permitted to pay a tax for certain failures to satisfy the asset diversification or income requirements, which, in general, are limited to those due to reasonable cause and not willful neglect. The Fund intends to limit its investment in the Subsidiary to no more than 25% of the value of the Fund’s total assets in order to satisfy the asset diversification requirement. |
Years Ended October 31, |
For
the Period
November 5, 2014(a) Through October 31, 2015 |
||||
2019 | 2018 | 2017 | 2016 | ||
Per Share Operating Performance: | |||||
Net asset value at beginning of period | $ 17.78 | $ 17.44 | $ 17.40 | $ 17.64 | $ 25.00 |
Net investment income (loss)(b) | 0.27 | 0.22 | 0.02 | (0.04) | (0.09) |
Net realized and unrealized gain (loss) on investments | (2.00) | 0.79 | 1.14 | (0.20) | (7.27) |
Total from investment operations | (1.73) | 1.01 | 1.16 | (0.24) | (7.36) |
Distributions to shareholders from: | |||||
Net investment income | (0.15) | (0.67) | (1.12) | - | - |
Net asset value at end of period | $ 15.90 | $ 17.78 | $ 17.44 | $ 17.40 | $ 17.64 |
Market price at end of period(c) | $ 15.89 | $ 17.76 | $ 17.47 | $ 17.41 | $ 17.64 |
Net Asset Value Total Return(d) | (9.66)% | 6.04% | 6.84% | (1.36)% | (29.44)% (e) |
Market Price Total Return(d) | (9.63)% | 5.73% | 6.95% | (1.30)% | (29.44)% (e) |
Ratios/Supplemental Data: | |||||
Net assets at end of period (000’s omitted) | $1,655,119 | $2,503,340 | $610,607 | $381,039 | $ 7,128 |
Ratio to average net assets of: | |||||
Expenses, after Waivers(f) | 0.57% (g) | 0.57% | 0.57% | 0.55% | 0.50% (h) |
Expenses, prior to Waivers(f) | 0.60% (g) | 0.59% | 0.59% | 0.59% | 0.59% (h) |
Net investment income (loss) | 1.65% (g) | 1.20% | 0.11% | (0.25)% | (0.47)% (h) |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (November 7, 2014, the first day of trading on the Exchange) to October 31, 2015 was (29.97)%. The market price total return from Fund Inception to October 31, 2015 was (30.03)%. |
(f) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies' expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies' expenses that the Fund bears indirectly is included in the Fund's total return. |
(g) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(h) | Annualized. |
Call: |
Invesco
Distributors, Inc. at 1-800-983-0903
Monday through Friday 8:00 a.m. to 5:00 p.m. Central Time |
Write: |
Invesco
Actively Managed Exchange-Traded
Commodity Fund Trust c/o Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 |
Visit: | www.invesco.com/ETFs |
Fund | Principal U.S. Listing Exchange | Ticker | ||
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | The Nasdaq Stock Market | PDBC |
• | Storage Costs. The price of the commodity futures contract will reflect the storage costs of purchasing the physical commodity. These storage costs include the time value of money invested in the physical commodity plus the actual costs of storing the commodity less any benefits from ownership of the physical commodity that are not obtained by the holder of a futures contract (this is sometimes referred to as the “convenience yield”). To the extent that these storage costs change for an underlying commodity while the Fund is long futures contracts on that commodity, the value of the futures contract may change proportionately. |
• | Reinvestment Risk. In the commodity futures markets, if producers of the underlying commodity wish to hedge the price risk of selling the commodity, they will sell futures contracts today to lock in the price of the commodity at delivery in the future. In order to induce speculators to take the corresponding long side of the same futures contract, the commodity producer must be willing to sell the futures contract at a price that is below the expected future spot price. Conversely, if the predominate hedgers in the futures market are the purchasers of the underlying commodity who purchase futures contracts to hedge against a rise in prices, then speculators will only take the short side of the futures contract if the futures price is greater than the expected future spot price of the commodity. The changing nature of hedgers and speculators in the commodity markets will influence whether futures prices are above or below the expected future spot price. This can have significant implications for the Fund when it is time to replace an expiring contract with a new contract. If the nature of hedgers and speculators in futures markets has shifted such that commodity purchasers are the predominate hedgers in the market, the Fund might open the new futures position at a higher price or choose other related commodity investments. |
• | Additional Economic Factors. The values of commodities which underlie commodity futures contracts are subject to additional variables which may be less significant to the values of traditional securities such as stocks and bonds. Variables such as drought, floods, weather, livestock disease, embargoes and tariffs may have a larger impact on commodity prices and commodity-linked instruments, including futures contracts, commodity-linked notes, commodity options and commodity swaps, than on traditional securities. These additional variables may create additional investment risks which subject the Fund’s investments to greater volatility than investments in traditional securities. |
• | Deflation and Inflation. Deflation or unanticipated changes in the rate of inflation may result in changes in the future spot price of the underlying commodities that could negatively affect the Fund’s profitability and result in potential losses. In addition, reduced economic growth may lead to reduced |
demand for the underlying commodities and put downward pressure on future spot prices, adversely affecting the Fund’s operations and profitability. | |
• | Risk of Temporary Market Aberrations or Distortions. The Fund is subject to the risk that temporary aberrations or distortions in the markets (such as war, strikes, geopolitical events and natural disasters) will occur that impact commodity prices and negatively impact the value of the Fund’s positions, thereby adversely affecting the value of your shares. |
• | Volatility Risk. The commodity markets have experienced periods of extreme volatility. General market uncertainty and consequent re-pricing risk have led to market imbalances of sellers and buyers, which in turn have resulted in significant reductions in values of a variety of commodities. Similar future market conditions may result in rapid and substantial valuation increases or decreases in the Fund’s holdings. |
• | Risk of loss of interest. If the interest rate on a commodity-linked note is based on the value of a particular commodity, commodity index or other economic variable, the Fund might receive lower interest payments (or not receive any interest) if the value of the underlying investment falls. |
• | Risk of loss of principal. To the extent that the amount of the principal to be repaid upon maturity is linked to the value of a particular commodity, commodity index or other economic variable, the value of the commodity, commodity index or other economic variable may not increase sufficiently so that the Fund might not receive a portion (or any) of the principal when the investment matures or upon earlier exchange. |
• | Credit risk. Commodity-linked notes are subject to credit risks on the underlying investment and to counterparty credit risk. If the counterparty fails to meet its obligations, the Fund may lose money. |
• | Valuation risk. The value of commodity-linked notes may be influenced by several factors, including: value of the commodity, commodity index or other economic variable, volatility, interest and yield rates in the market, the time remaining to maturity and the credit worthiness of the issuer of the commodity-linked note. |
• | Liquidity risk. A liquid secondary market may not exist for certain commodity-linked notes the Fund buys, which may make it difficult for the Fund to sell them at an acceptable price or to accurately value them. |
• | Volatility risk. The value of the commodity-linked derivatives the Fund buys may fluctuate significantly because the values of the underlying investments to which they are linked are extremely volatile. Additionally, the particular terms of a commodity-linked note may create economic leverage by requiring payment by the issuer of an amount that is a multiple of the price increase or decrease of the underlying commodity, commodity index, or other economic variable. Economic leverage increases the volatility of the value of commodity-linked notes and their value may increase or decrease more quickly than the underlying commodity, commodity index or other economic variable. |
Name,
Address and
Year of Birth of Independent Trustees |
Position(s)
Held
with Trust |
Term
of
Office and Length of Time Served* |
Principal
Occupation(s)
During Past 5 Years |
Number
of
Portfolios in Fund Complex Overseen by Independent Trustees |
Other
Directorships
Held by Independent Trustees During the Past 5 Years |
|||||
Ronn
R. Bagge—1958
c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Vice
Chairman of the Board;
Chairman of the Nominating and Governance Committee and Trustee |
Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2014 | Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). | 215 | Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017-Present). | |||||
Todd
J. Barre—1957
c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2014 | Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank. | 215 | None | |||||
Edmund
P. Giambastiani, Jr.—1948
c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2019 | President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, | 215 | Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008- 2011). |
Name,
Address and
Year of Birth of Independent Trustees |
Position(s)
Held
with Trust |
Term
of
Office and Length of Time Served* |
Principal
Occupation(s)
During Past 5 Years |
Number
of
Portfolios in Fund Complex Overseen by Independent Trustees |
Other
Directorships
Held by Independent Trustees During the Past 5 Years |
|||||
Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005). | ||||||||||
Victoria
J. Herget—1951
c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2019 | Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms). | 215 | Trustee (2000-Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005). |
Name,
Address and
Year of Birth of Independent Trustees |
Position(s)
Held
with Trust |
Term
of
Office and Length of Time Served* |
Principal
Occupation(s)
During Past 5 Years |
Number
of
Portfolios in Fund Complex Overseen by Independent Trustees |
Other
Directorships
Held by Independent Trustees During the Past 5 Years |
|||||
Marc
M. Kole—1960
c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Chairman of the Audit Committee and Trustee | Chairman of the Audit Committee and Trustee since 2014 | Senior Director of Finance, By The Hand Club for Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000). | 215 | Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools. | |||||
Yung
Bong Lim—1964
c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Chairman of the Investment Oversight Committee and Trustee | Chairman of the Investment Oversight Committee and Trustee since 2014 | Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). | 215 | Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present). | |||||
Joanne
Pace—1958
c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2019 | Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the | 215 | Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012-Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Council Member, NewYork-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent |
Name,
Address and
Year of Birth of Independent Trustees |
Position(s)
Held
with Trust |
Term
of
Office and Length of Time Served* |
Principal
Occupation(s)
During Past 5 Years |
Number
of
Portfolios in Fund Complex Overseen by Independent Trustees |
Other
Directorships
Held by Independent Trustees During the Past 5 Years |
|||||
Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley. | Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation. | |||||||||
Gary
R. Wicker—1961
c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2014 | Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP. | 215 | Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present). | |||||
Donald
H. Wilson—1959
c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Chairman of the Board and Trustee | Chairman and Trustee since 2014 | Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); formerly, President | 215 | Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present). |
Name,
Address and
Year of Birth of Independent Trustees |
Position(s)
Held
with Trust |
Term
of
Office and Length of Time Served* |
Principal
Occupation(s)
During Past 5 Years |
Number
of
Portfolios in Fund Complex Overseen by Independent Trustees |
Other
Directorships
Held by Independent Trustees During the Past 5 Years |
|||||
and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016- 2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
Name,
Address and
Year of Birth of Interested Trustee |
Position(s)
Held
with Trust |
Term
of
Office and Length of Time Served* |
Principal
Occupation(s)
During Past 5 Years |
Number
of
Portfolios in Fund Complex Overseen by Interested Trustees |
Other
Directorships
Held by Interested Trustee During the Past 5 Years |
|||||
Kevin
M. Carome—1956
Invesco Ltd. Two Peachtree Pointe 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309 |
Trustee | Since 2014 | Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; Director and Secretary (2012-Present), Invesco | 215 | None |
Name,
Address and
Year of Birth of Interested Trustee |
Position(s)
Held
with Trust |
Term
of
Office and Length of Time Served* |
Principal
Occupation(s)
During Past 5 Years |
Number
of
Portfolios in Fund Complex Overseen by Interested Trustees |
Other
Directorships
Held by Interested Trustee During the Past 5 Years |
|||||
Services (Bahamas) Private Limited; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007- 2019); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP. |
* | This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected. |
Name,
Address and
Year of Birth of Executive Officer |
Position(s)
Held
with Trust |
Term
of
Office and Length of Time Served* |
Principal Occupation(s) During at Least the Past 5 Years | |||
Daniel
E. Draper—1968
Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
President
and
Principal Executive Officer |
Since 2015 | Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2018-Present); President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded |
Name,
Address and
Year of Birth of Executive Officer |
Position(s)
Held
with Trust |
Term
of
Office and Length of Time Served* |
Principal Occupation(s) During at Least the Past 5 Years | |||
Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010). | ||||||
Kelli
Gallegos —1970 Invesco Capital Management LLC,
3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Vice
President
and Treasurer |
Since 2018 | Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016). | |||
Peter
Hubbard—1981
Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Vice President | Since 2014 | Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005) | |||
Sheri
Morris—1964
Invesco Capital Management LLC, 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Vice President | Since 2014 | Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund |
Name,
Address and
Year of Birth of Executive Officer |
Position(s)
Held
with Trust |
Term
of
Office and Length of Time Served* |
Principal Occupation(s) During at Least the Past 5 Years | |||
Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc. | ||||||
Anna
Paglia—1974
Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Secretary | Since 2014 | Authorized Person, Accretive Asset Management LLC (2018-Present); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-Present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006). | |||
Rudolf
E. Reitmann—1971
Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Vice President | Since 2014 | Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present). | |||
Melanie
Zimdars—1976
Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Chief
Compliance
Officer |
Since 2017 | Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005). |
* | This is the date the Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
Name of Trustee |
Dollar
Range of
Equity Securities in Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF |
Aggregate
Dollar
Range of Equity Securities in All Registered Investment Companies Overseen by Trustee in Fund Family |
||
Independent Trustees | ||||
Ronn R. Bagge | None | over $100,000 | ||
Todd J. Barre | None | over $100,000 | ||
Edmund P. Giambastiani, Jr. | None | None | ||
Victoria J. Herget | None | None | ||
Marc M. Kole | None | over $100,000 | ||
Yung Bong Lim | None | over $100,000 | ||
Joanne Pace | None | over $100,000 | ||
Gary R. Wicker | None | over $100,000 | ||
Donald H. Wilson | None | over $100,000 | ||
Interested Trustee | ||||
Kevin M. Carome | None | over $100,000 |
Name of Trustee |
Aggregate
Compensation From Funds |
Pension
or Retirement
Benefits accrued as part of Fund Expenses |
Total
Compensation Paid
From Fund Complex(1) |
|||
Independent Trustees | ||||||
Ronn R. Bagge | $3,351 | N/A | $334,500 | |||
Todd J. Barre | $3,156 | N/A | $315,000 | |||
Edmund P. Giambastiani, Jr.(2) | $1,162 | N/A | $133,333 | |||
Victoria J. Herget(2) | $1,162 | N/A | $133,333 | |||
Marc M. Kole | $3,494 | N/A | $348,833 | |||
Yung Bong Lim | $3,351 | N/A | $334,500 | |||
Joanne Pace(2) | $1,162 | N/A | $133,333 | |||
Gary R. Wicker | $3,156 | N/A | $315,000 | |||
Donald H. Wilson | $4,322 | N/A | $431,668 | |||
Interested Trustee | ||||||
Kevin M. Carome | N/A | N/A | N/A |
Name & Address | % Owned | |
Charles
Schwab & Co., Inc.
211 Main Street San Francisco, CA 94105 |
25.39% | |
State
Street Bank and Trust Company
One Lincoln Street Boston, MA 02111 |
22.25% | |
Pershing
LLC
1 Pershing Plaza Jersey City, NJ 07399 |
18.27% | |
National
Financial Services LLC
200 Liberty Street New York, NY 10281 |
6.85% | |
TD
Ameritrade Clearing, Inc.
4211 South 102nd Street Omaha, NE 68127 |
5.20% |
Advisory
Fees Paid for the
Fiscal Year Ended October 31 |
Advisory
Fees Waived for the
Fiscal Year Ended* October 31 |
|||||||||||||
Fund | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||
Invesco Optimum Yield Diversified Commodity Strategy No K-1ETF | $11,152,412 | $8,642,297 | $3,046,981 | $(433,390) | $(284,302) | $(123,292) |
Fund |
Base
Administrative Fee (Payable to BNYM) |
Maximum
Administrative Fee (Payable To BNYM) |
||
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | $500 | $2,000 |
• | Distribution Requirement—the Fund must distribute an amount equal to the sum of at least 90% of its investment company taxable income and 90% of its net tax-exempt income, if any, for the tax year (certain distributions made by the Fund after the close of its tax year are considered distributions attributable to the previous tax year for purposes of satisfying this requirement). |
• | Income Requirement—the Fund must derive at least 90% of its gross income from dividends, interest, certain payments with respect to securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived from its business of investing in such stock, securities or currencies and net income derived from qualified publicly traded partnerships (QPTPs). |
• | Asset Diversification Test—the Fund must satisfy the following asset diversification test at the close of each quarter of the Fund’s tax year: (1) at least 50% of the value of the Fund’s assets must consist of cash and cash items, U.S. Government Securities, securities of other regulated investment companies, and securities of other issuers (as to which the Fund has not invested more than 5% of the value of the Fund’s total assets in securities of an issuer and as to which the Fund does not hold more than 10% of the outstanding voting securities of the issuer); and (2) no more than 25% of the value of the Fund’s total assets may be invested in the securities of any one issuer (other than U.S. Government Securities or securities of other regulated investment companies) or of two or more issuers which the Fund controls and which are engaged in the same or similar trades or businesses, or, collectively, in the securities of QPTPs. |
• | provide your correct Social Security or taxpayer identification number; |
• | certify that this number is correct; |
• | certify that you are not subject to backup withholding; and |
• | certify that you are a U.S. person (including a U.S. resident alien). |
• | exempt-interest dividends paid by the Fund from its net interest income earned on municipal securities; |
• | capital gain dividends paid by the Fund from its net long-term capital gains (other than those from disposition of a U.S. real property interest), unless you are a nonresident alien present in the United States for a period or periods aggregating 183 days or more during the calendar year; and |
• | interest-related dividends paid by the Fund from its qualified net interest income from U.S. sources and short-term capital gain dividends. |
I. | Guiding Principles and Philosophy |
II. | Applicability of this Policy |
III. | Proxy Voting for Certain Fixed Income, Money Market, Index and Legacy OppenheimerFunds Accounts |
IV. | Conflicts of Interest |
V. | Use of Third-Party Proxy Advisory Services |
1 | Generally speaking, Invesco does not invest for its clients in the shares of Invesco Ltd., however, limited exceptions apply in the case of funds or accounts designed to track an index that includes Invesco Ltd. as a component. |
VI. | Global Proxy Voting Platform and Administration |
VII. | Non-Votes |
• | If the security in question is on loan as part of a securities lending program, Invesco may determine that the benefit to the client of voting a particular proxy is outweighed by the revenue that would be lost by terminating the loan and recalling the securities; |
• | In some countries the exercise of voting rights imposes temporary transfer restrictions on the related securities (“share blocking”). Invesco generally refrains from voting proxies in share-blocking countries unless Invesco determines that the benefit to the client(s) of voting a specific proxy outweighs the client’s temporary inability to sell the security; or |
• | Some companies require a representative to attend meetings in person to vote a proxy. Invesco |
may determine that the costs of sending a representative or signing a power-of-attorney outweigh the benefit of voting a particular proxy. |
VIII. | Proxy Voting Guidelines |
A. | Shareholder Access and Treatment of Shareholder Proposals – General |
• | Gender pay gap proposals |
• | Political contributions disclosure/political lobbying disclosure/political activities and action |
• | Data security, privacy, and internet issues |
• | Report on climate change/climate change action |
• | Gender diversity on boards |
i. | Stock Issuances |
ii. | Stock Splits |
iii. | Share Repurchases |
• | Adopt proxy access right |
• | Require independent board chairperson |
• | Provide right to shareholders to call special meetings |
• | Provide right to act by written consent |
• | Submit shareholder rights plan (poison pill) to shareholder vote |
• | Reduce supermajority vote requirement |
• | Remove antitakeover provisions |
• | Declassify the board of directors |
• | Require a majority vote for election of directors |
• | Require majority of independent directors on the board |
• | Approve executive appointment |
• | Adopt exclusive forum provision |
1. | Director Nominees in Uncontested Elections |
2. | Director Nominees in Contested Elections |
• | Long-term financial performance of the company relative to its industry |
• | Management’s track record |
• | Background to the proxy contest |
• | Qualifications of director nominees (both slates) |
• | Evaluation of what each side is offering shareholders as well as the likelihood that the proposed objectives and goals can be met |
• | Stock ownership positions in the company |
3. | Director Accountability |
4. | Director Independence |
5. | Director Indemnification |
6. | Separate Chairperson and CEO |
• | a designated lead director, appointed from the ranks of the independent board members, with an established term of office and clearly delineated powers and duties |
• | a majority of independent directors |
• | completely independent key committees |
• | committee chairpersons nominated by the independent directors |
• | CEO performance reviewed annually by a committee of independent directors |
• | established governance guidelines |
7. | Majority/Supermajority/Cumulative Voting for Directors |
8. | Staggered Boards/Annual Election of Directors |
9. | Board Size |
10. | Director Term Limits and Retirement Age |
1. | Qualifications of Audit Committee and Auditors |
2. | Auditor Indemnifications |
3. | Adequate Disclosure of Auditor Fees |
i. | Independent Compensation/Remuneration Committee |
ii. | Advisory Votes on Executive Compensation |
• | Provide right to act by written consent |
• | Provide right to call special meetings |
• | Adopt fair price provision |
• | Approve control share acquisition |
Prospectus | February 28, 2020 |
[ ] | Invesco Bloomberg Commodity Strategy ETF | The Nasdaq Stock Market |
... | |
Summary Information | 1 |
Invesco Bloomberg Commodity Strategy ETF | 1 |
... | |
Additional Information About the Fund’s Strategies and Risks | 5 |
... | |
Tax Structure of ETFs | 12 |
... | |
Portfolio Holdings | 13 |
... | |
Management of the Fund | 13 |
... | |
How to Buy and Sell Shares | 13 |
... | |
Frequent Purchases and Redemptions of Shares | 14 |
... | |
Dividends, Other Distributions and Taxes | 14 |
... | |
Distributor | 16 |
... | |
Net Asset Value | 16 |
... | |
Fund Service Providers | 16 |
... | |
Financial Highlights | 17 |
... | |
Disclaimers | 17 |
... | |
Premium/Discount Information | 17 |
... | |
Other Information | 17 |
Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment) |
|
Management Fees | 0.59% |
... | |
Other Expenses(1) | 0.00% |
... | |
Acquired Fund Fees and Expenses(2) | 0.10% |
... | |
Total Annual Fund Operating Expenses | 0.69% |
... | |
Fee Waiver and/or Expense Reimbursement(3) | 0.10% |
... | |
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 0.59% |
... |
(1) | Other Expenses are based on estimated amounts for the current fiscal year. |
(2) | Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies (including money market funds). Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year. |
(3) | Through August 31, 2021, Invesco Capital Management LLC (the “Adviser”) has contractually agreed to waive a portion of the Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate. This waiver will have the effect of reducing the Acquired Fund Fees and Expenses that are indirectly borne by the Fund. The Adviser cannot discontinue this waiver prior to its expiration. |
1 Year | 3 Years | ||
$60 | $211 |
Name | Title with Adviser/Trust |
Date
Began
Managing the Fund |
Peter Hubbard | Director of Portfolio Management of the Adviser and Vice President of the Trust | Since inception |
... | ||
Theodore Samulowitz | Portfolio Manager of the Adviser | Since inception |
... | ||
David Hemming | Senior Portfolio Manager of the Adviser, Commodities and Alternatives | Since inception |
... |
(i) | an imperfect correlation between the value of the futures contract and the value of the underlying commodity; |
(ii) | possible lack of a liquid secondary market for a futures contract; |
(iii) | the inability to open or close a futures contract or cash commodity position when desired; |
(iv) | losses caused by unanticipated market movement, which may result in losses in excess of the amount invested in the futures contract (and potentially may be unlimited); |
(v) | in the event of adverse price movements, an obligation of the Fund to make daily cash payments to maintain its required margin, including at times when it may have insufficient cash and must sell securities from its portfolio to meet those margin requirements at a disadvantageous time; |
(vi) | the possibility that a failure to close a position may result in delivery of an illiquid commodity to the Fund; and |
(vii) | the possibility that rapid selling to avoid delivery of a commodity may result in unfavorable execution prices. |
■ | Peter Hubbard, Director of Portfolio Management of the Adviser, has been responsible for the management of certain Funds in the Invesco family of ETFs since June 2007 and has been associated with the Adviser since 2005. |
■ | Theodore Samulowitz, Portfolio Manager of the Adviser, has been responsible for the management of the Fund since its inception and has been associated with the Adviser since 2012. |
■ | David Hemming, Senior Portfolio Manager of the Adviser, Commodities and Alternatives, has been responsible for the management of the Fund since September 2016 and has been associated with the Adviser since 2016. From 2009 to 2015, he was a Portfolio Manager and Principal of Commodities at Hermes Investment Management Limited. |
■ | The Fund earns income generally in the form of dividends or interest on its investments. This income, less expenses incurred in the operation of the Fund, constitutes the Fund’s net investment income from which dividends may be paid to shareholders. If you are a taxable investor, distributions of net investment income generally are taxable to you as ordinary income. |
■ | Distributions of net short-term capital gains are taxable to you as ordinary income. A Fund with a high portfolio turnover rate (a measure of how frequently assets within the Fund are bought and sold) is more likely to generate short-term capital gains than a Fund with a low portfolio turnover rate. For ETFs for which in-kind redemptions are the primary redemption mechanism, a Fund may be less likely to sell securities in order to generate cash for redeeming shareholders, which a mutual fund might do. This provides a greater opportunity for ETFs to defer the recognition of gain on appreciated securities which it may hold thereby reducing the distribution of capital gains to its shareholders. |
■ | Distributions of net long-term capital gains are taxable to you as long-term capital gains no matter how long you have owned your Shares. |
■ | A portion of income dividends paid by the Fund may be reported as qualified dividend income eligible for taxation by individual shareholders at long-term capital gain rates, provided certain holding period requirements are met. These reduced rates generally are available for dividends derived from the Fund’s investment in stocks of domestic corporations and qualified foreign corporations. In the case of a Fund that invests primarily in debt securities, either none or only a nominal portion of the dividends paid by the Fund will be eligible for taxation at these reduced rates. |
■ | The use of derivatives by the Fund may cause the Fund to realize higher amounts of ordinary income or short-term capital gain, distributions from which are taxable to individual shareholders at ordinary income tax rates rather than at the more favorable tax rates for long-term capital gain. |
■ | Distributions declared to shareholders with a record date in December–if paid to you by the end of January–are taxable for federal income tax purposes as if received in December. |
■ | Any long-term or short-term capital gains realized on the sale of your Shares will be subject to federal income tax. |
■ | A shareholder’s cost basis information will be provided on the sale of any of the shareholder’s Shares, subject to certain exceptions for exempt recipients. Please contact the broker (or other nominee) that holds your Shares with respect to reporting of cost basis and available elections for your account. |
■ | At the time you purchase your Shares, the Fund’s NAV may reflect undistributed income or undistributed capital gains. A subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable. Buying Shares in the Fund just before it declares an income dividend or capital gains distribution is sometimes known as “buying a dividend.” In addition, the Fund’s NAV may, at any time, reflect net unrealized appreciation, which may result in future taxable distributions to you. |
■ | By law, if you do not provide the Fund with your proper taxpayer identification number and certain required certifications, you may be subject to backup withholding on any distributions of income, capital gains, or proceeds from the sale of your Shares. The Fund also must withhold if the IRS instructs it to do so. When withholding is required, the amount will be 24% of any distributions or proceeds paid. |
■ | An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of Shares) of U.S. individuals, estates and trusts to the extent that such person’s “modified adjusted gross income” (in the case of an individual) or “adjusted gross income” (in the case of an estate or trust) exceeds a threshold amount. This Medicare tax, if applicable, is reported by you on, and paid with, your federal income tax return. |
■ | You will not be required to include the portion of dividends paid by the Fund derived from interest on U.S. government obligations in your gross income for purposes of personal and, in some cases, corporate income taxes in many state and local tax jurisdictions. The percentage of dividends that constitutes dividends derived from interest on federal obligations will be determined annually. This percentage may differ from the actual percentage of interest received by the Fund on federal obligations for the particular days on which you hold shares. |
■ | Fund distributions and gains from sale of Shares generally are subject to state and local income taxes. |
■ | If the Fund qualifies to pass through the tax benefits from foreign taxes it pays on its investments, and elects to do so, then any foreign taxes it pays on these investments may be passed through to you as a foreign tax credit. You will then be required to include your pro-rata share of these taxes in gross income, even though not actually received by you, and will be entitled either to deduct your share of these taxes in computing your taxable income, or to claim a foreign tax credit for these taxes against your U.S. federal income tax. |
■ | Foreign investors should be aware that U.S. withholding, special certification requirements to avoid U.S. backup withholding and claim any treaty benefits, and estate taxes may apply to an investment in the Fund. |
■ | Under the Foreign Account Tax Compliance Act (FATCA), a 30% tax withholding is imposed on income dividends made by the Fund to certain foreign entities, referred to as foreign financial institutions or non-financial foreign entities that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment |
accounts. After December 31, 2018, FATCA withholding also would have applied to certain capital gain distributions, return of capital distributions and the proceeds arising from the sale of Shares; however, based on proposed regulations recently issued by the IRS on which the Fund may rely, such withholding is no longer required unless final regulations provide otherwise (which is not expected). The Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA or similar laws. Withholding also may be required if a foreign entity that is a shareholder of the Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA. | |
■ | If the Fund invests in an underlying fund taxed as a RIC, please see any relevant section below for more information regarding the Fund’s investment in such underlying fund. |
■ | The Fund’s strategy of investing through its Subsidiary in derivatives and other financially-linked instruments whose performance is expected to correspond to the commodity markets may cause the Fund to recognize more ordinary income and short-term capital gains taxable as ordinary income than would be the case if the Fund invested directly in commodities. |
■ | The Fund must meet certain requirements under the Code for favorable tax treatment as a RIC, including asset diversification and income requirements. |
■ | The Fund intends to treat the income it derives from commodity-linked notes as qualifying income based on an opinion obtained from counsel confirming that income from such investments should be qualifying income because such commodity-linked notes constitute securities under section 2(a)(36) of the 1940 Act. Further, the Fund anticipates that its Subsidiary will distribute the “Subpart F” income earned by the Subsidiary each year, which the Fund will treat as qualifying income. If, contrary to the opinion of counsel, the proposed regulations or other guidance issued by the IRS, the IRS were to determine such income is non-qualifying, the Fund might fail to satisfy the income requirement. |
■ | In lieu of disqualification, the Fund is permitted to pay a tax for certain failures to satisfy the asset diversification or income requirements, which, in general, are limited to those due to reasonable cause and not willful neglect. The Fund intends to limit its investment in the Subsidiary to no more than 25% of the value of the Fund’s total assets in order to satisfy the asset diversification requirement. |
Call: |
Invesco
Distributors, Inc. at 1-800-983-0903
Monday through Friday 8:00 a.m. to 5:00 p.m. Central Time |
Write: |
Invesco
Actively Managed Exchange-Traded
Commodity Fund Trust c/o Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 |
Visit: | www.invesco.com/ETFs |
Fund | Principal U.S. Listing Exchange | Ticker | ||
Invesco Bloomberg Commodity Strategy ETF | The Nasdaq Stock Market | [ ] |
• | Storage Costs. The price of the commodity futures contract will reflect the storage costs of purchasing the physical commodity. These storage costs include the time value of money invested in the physical commodity plus the actual costs of storing the commodity less any benefits from ownership of the physical commodity that are not obtained by the holder of a futures contract (this is sometimes referred to as the “convenience yield”). To the extent that these storage costs change for an underlying commodity while the Fund is long futures contracts on that commodity, the value of the futures contract may change proportionately. |
• | Reinvestment Risk. In the commodity futures markets, if producers of the underlying commodity wish to hedge the price risk of selling the commodity, they will sell futures contracts today to lock in the price of the commodity at delivery in the future. In order to induce speculators to take the corresponding long side of the same futures contract, the commodity producer must be willing to sell the futures contract at a price that is below the expected future spot price. Conversely, if the predominate hedgers in the futures market are the purchasers of the underlying commodity who purchase futures contracts to hedge against a rise in prices, then speculators will only take the short side of the futures contract if the futures price is greater than the expected future spot price of the commodity. The changing nature of hedgers and speculators in the commodity markets will influence whether futures prices are above or below the expected future spot price. This can have significant implications for the Fund when it is time to replace an expiring contract with a new contract. If the nature of hedgers and speculators in futures markets has shifted such that commodity purchasers are the predominate hedgers in the market, the Fund might open the new futures position at a higher price or choose other related commodity investments. |
• | Additional Economic Factors. The values of commodities which underlie commodity futures contracts are subject to additional variables which may be less significant to the values of traditional securities such as stocks and bonds. Variables such as drought, floods, weather, livestock disease, embargoes and tariffs may have a larger impact on commodity prices and commodity-linked instruments, including futures contracts, commodity-linked notes, commodity options and commodity swaps, than on traditional securities. These additional variables may create additional investment risks which subject the Fund’s investments to greater volatility than investments in traditional securities. |
• | Deflation and Inflation. Deflation or unanticipated changes in the rate of inflation may result in changes in the future spot price of the underlying commodities that could negatively affect the Fund’s profitability and result in potential losses. In addition, reduced economic growth may lead to reduced demand for the underlying commodities and put downward pressure on future spot prices, adversely affecting the Fund’s operations and profitability. |
• | Risk of Temporary Market Aberrations or Distortions. The Fund is subject to the risk that temporary aberrations or distortions in the markets (such as war, strikes, geopolitical events and natural disasters) will occur that impact commodity prices and negatively impact the value of the Fund’s positions, thereby adversely affecting the value of your shares. |
• | Volatility Risk. The commodity markets have experienced periods of extreme volatility. General market uncertainty and consequent re-pricing risk have led to market imbalances of sellers and buyers, which in turn have resulted in significant reductions in values of a variety of commodities. Similar future market conditions may result in rapid and substantial valuation increases or decreases in the Fund’s holdings. |
• | Risk of loss of interest. If the interest rate on a commodity-linked note is based on the value of a particular commodity, commodity index or other economic variable, the Fund might receive lower interest payments (or not receive any interest) if the value of the underlying investment falls. |
• | Risk of loss of principal. To the extent that the amount of the principal to be repaid upon maturity is linked to the value of a particular commodity, commodity index or other economic variable, the value of the commodity, commodity index or other economic variable may not increase sufficiently so that the Fund might not receive a portion (or any) of the principal when the investment matures or upon earlier exchange. |
• | Credit risk. Commodity-linked notes are subject to credit risks on the underlying investment and to counterparty credit risk. If the counterparty fails to meet its obligations, the Fund may lose money. |
• | Valuation risk. The value of commodity-linked notes may be influenced by several factors, including: value of the commodity, commodity index or other economic variable, volatility, interest and yield rates in the market, the time remaining to maturity and the credit worthiness of the issuer of the commodity-linked note. |
• | Liquidity risk. A liquid secondary market may not exist for certain commodity-linked notes the Fund buys, which may make it difficult for the Fund to sell them at an acceptable price or to accurately value them. |
• | Volatility risk. The value of the commodity-linked derivatives the Fund buys may fluctuate significantly because the values of the underlying investments to which they are linked are extremely volatile. Additionally, the particular terms of a commodity-linked note may create economic leverage by requiring payment by the issuer of an amount that is a multiple of the price increase or decrease of the underlying commodity, commodity index, or other economic variable. Economic leverage increases the volatility of the value of commodity-linked notes and their value may increase or decrease more quickly than the underlying commodity, commodity index or other economic variable. |
Name,
Address and
Year of Birth of Independent Trustees |
Position(s)
Held
with Trust |
Term
of
Office and Length of Time Served* |
Principal
Occupation(s)
During Past 5 Years |
Number
of
Portfolios in Fund Complex Overseen by Independent Trustees |
Other
Directorships
Held by Independent Trustees During the Past 5 Years |
|||||
Ronn
R. Bagge—1958
c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Vice
Chairman of the Board;
Chairman of the Nominating and Governance Committee and Trustee |
Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2014 | Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). | 215 | Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017-Present). | |||||
Todd
J. Barre—1957
c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2014 | Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank. | 215 | None | |||||
Edmund
P. Giambastiani, Jr.—1948
c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2019 | President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, | 215 | Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology |
Name,
Address and
Year of Birth of Independent Trustees |
Position(s)
Held
with Trust |
Term
of
Office and Length of Time Served* |
Principal
Occupation(s)
During Past 5 Years |
Number
of
Portfolios in Fund Complex Overseen by Independent Trustees |
Other
Directorships
Held by Independent Trustees During the Past 5 Years |
|||||
Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005). | and services) (2008- 2011). | |||||||||
Victoria
J. Herget—1951
c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2019 | Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms). | 215 | Trustee (2000-Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee |
Name,
Address and
Year of Birth of Independent Trustees |
Position(s)
Held
with Trust |
Term
of
Office and Length of Time Served* |
Principal
Occupation(s)
During Past 5 Years |
Number
of
Portfolios in Fund Complex Overseen by Independent Trustees |
Other
Directorships
Held by Independent Trustees During the Past 5 Years |
|||||
member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005). | ||||||||||
Marc
M. Kole—1960
c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Chairman of the Audit Committee and Trustee | Chairman of the Audit Committee and Trustee since 2014 | Senior Director of Finance, By The Hand Club for Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000). | 215 | Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools. | |||||
Yung
Bong Lim—1964
c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Chairman of the Investment Oversight Committee and Trustee | Chairman of the Investment Oversight Committee and Trustee since 2014 | Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). | 215 | Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present). | |||||
Joanne
Pace—1958
c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2019 | Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment | 215 | Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012-Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Council Member, NewYork-Presbyterian Hospital’s Leadership Council on Children’s and |
Name,
Address and
Year of Birth of Independent Trustees |
Position(s)
Held
with Trust |
Term
of
Office and Length of Time Served* |
Principal
Occupation(s)
During Past 5 Years |
Number
of
Portfolios in Fund Complex Overseen by Independent Trustees |
Other
Directorships
Held by Independent Trustees During the Past 5 Years |
|||||
banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley. | Women’s Health (2012-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation. | |||||||||
Gary
R. Wicker—1961
c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2014 | Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP. | 215 | Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present). | |||||
Donald
H. Wilson—1959
c/o Invesco Capital Management LLC |
Chairman of the Board and Trustee | Chairman and Trustee since 2014 | Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and | 215 | Director, Penfield Children’s Center (2004-Present); Board |
Name,
Address and
Year of Birth of Independent Trustees |
Position(s)
Held
with Trust |
Term
of
Office and Length of Time Served* |
Principal
Occupation(s)
During Past 5 Years |
Number
of
Portfolios in Fund Complex Overseen by Independent Trustees |
Other
Directorships
Held by Independent Trustees During the Past 5 Years |
|||||
3500
Lacey Road,
Suite 700 Downers Grove, IL 60515 |
McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); formerly, President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016- 2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006). | Chairman, Gracebridge Alliance, Inc. (2015-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
Name,
Address and
Year of Birth of Interested Trustee |
Position(s)
Held
with Trust |
Term
of
Office and Length of Time Served* |
Principal
Occupation(s)
During Past 5 Years |
Number
of
Portfolios in Fund Complex Overseen by Interested Trustees |
Other
Directorships
Held by Interested Trustee During the Past 5 Years |
|||||
Kevin
M. Carome—1956
Invesco Ltd. Two Peachtree Pointe 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309 |
Trustee | Since 2014 | Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco | 215 | None |
Name,
Address and
Year of Birth of Interested Trustee |
Position(s)
Held
with Trust |
Term
of
Office and Length of Time Served* |
Principal
Occupation(s)
During Past 5 Years |
Number
of
Portfolios in Fund Complex Overseen by Interested Trustees |
Other
Directorships
Held by Interested Trustee During the Past 5 Years |
|||||
North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007- 2019); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP. |
* | This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected. |
Name,
Address and
Year of Birth of Executive Officer |
Position(s)
Held
with Trust |
Term
of
Office and Length of Time Served* |
Principal Occupation(s) During at Least the Past 5 Years | |||
Daniel
E. Draper—1968
Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
President
and
Principal Executive Officer |
Since 2015 | Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2018-Present); President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010). | |||
Kelli
Gallegos —1970 Invesco Capital Management LLC,
3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Vice
President
and Treasurer |
Since 2018 | Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016). | |||
Peter
Hubbard—1981
Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Vice President | Since 2014 | Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005) | |||
Sheri
Morris—1964
Invesco Capital Management LLC, |
Vice President | Since 2014 | Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); |
Name,
Address and
Year of Birth of Executive Officer |
Position(s)
Held
with Trust |
Term
of
Office and Length of Time Served* |
Principal Occupation(s) During at Least the Past 5 Years | |||
3500
Lacey Road,
Suite 700 Downers Grove, IL 60515 |
Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc. | |||||
Anna
Paglia—1974
Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Secretary | Since 2014 | Authorized Person, Accretive Asset Management LLC (2018-Present); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-Present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006). | |||
Rudolf
E. Reitmann—1971
Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Vice President | Since 2014 | Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present). | |||
Melanie
Zimdars—1976
Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Chief
Compliance
Officer |
Since 2017 | Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance |
Name,
Address and
Year of Birth of Executive Officer |
Position(s)
Held
with Trust |
Term
of
Office and Length of Time Served* |
Principal Occupation(s) During at Least the Past 5 Years | |||
Officer, U.S. Bancorp Fund Services, LLC (2001-2005). |
* | This is the date the Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
Name of Trustee |
Dollar
Range of
Equity Securities in Invesco BloombergCommodity Strategy ETF |
Aggregate
Dollar
Range of Equity Securities in All Registered Investment Companies Overseen by Trustee in Fund Family |
||
Independent Trustees | ||||
Ronn R. Bagge | None | over $100,000 | ||
Todd J. Barre | None | over $100,000 | ||
Edmund P. Giambastiani, Jr. | None | None | ||
Victoria J. Herget | None | None | ||
Marc M. Kole | None | over $100,000 | ||
Yung Bong Lim | None | over $100,000 | ||
Joanne Pace | None | over $100,000 | ||
Gary R. Wicker | None | over $100,000 | ||
Donald H. Wilson | None | over $100,000 | ||
Interested Trustee | ||||
Kevin M. Carome | None | over $100,000 |
Name of Trustee |
Aggregate
Compensation From Funds |
Pension
or Retirement
Benefits accrued as part of Fund Expenses |
Total
Compensation Paid
From Fund Complex(1) |
|||
Independent Trustees | ||||||
Ronn R. Bagge | $3,351 | N/A | $334,500 | |||
Todd J. Barre | $3,156 | N/A | $315,000 | |||
Edmund P. Giambastiani, Jr.(2) | $1,162 | N/A | $133,333 | |||
Victoria J. Herget(2) | $1,162 | N/A | $133,333 | |||
Marc M. Kole | $3,494 | N/A | $348,833 | |||
Yung Bong Lim | $3,351 | N/A | $334,500 | |||
Joanne Pace(2) | $1,162 | N/A | $133,333 | |||
Gary R. Wicker | $3,156 | N/A | $315,000 | |||
Donald H. Wilson | $4,322 | N/A | $431,668 | |||
Interested Trustee | ||||||
Kevin M. Carome | N/A | N/A | N/A |
Fund |
Base
Administrative Fee (Payable to BNYM) |
Maximum
Administrative Fee (Payable To BNYM) |
||
Invesco Bloomberg Commodity Strategy ETF | $500 | $2,000 |
• | Distribution Requirement—the Fund must distribute an amount equal to the sum of at least 90% of its investment company taxable income and 90% of its net tax-exempt income, if any, for the tax year (certain distributions made by the Fund after the close of its tax year are considered distributions attributable to the previous tax year for purposes of satisfying this requirement). |
• | Income Requirement—the Fund must derive at least 90% of its gross income from dividends, interest, certain payments with respect to securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to, |
gains from options, futures or forward contracts) derived from its business of investing in such stock, securities or currencies and net income derived from qualified publicly traded partnerships (QPTPs). | |
• | Asset Diversification Test—the Fund must satisfy the following asset diversification test at the close of each quarter of the Fund’s tax year: (1) at least 50% of the value of the Fund’s assets must consist of cash and cash items, U.S. Government Securities, securities of other regulated investment companies, and securities of other issuers (as to which the Fund has not invested more than 5% of the value of the Fund’s total assets in securities of an issuer and as to which the Fund does not hold more than 10% of the outstanding voting securities of the issuer); and (2) no more than 25% of the value of the Fund’s total assets may be invested in the securities of any one issuer (other than U.S. Government Securities or securities of other regulated investment companies) or of two or more issuers which the Fund controls and which are engaged in the same or similar trades or businesses, or, collectively, in the securities of QPTPs. |
• | provide your correct Social Security or taxpayer identification number; |
• | certify that this number is correct; |
• | certify that you are not subject to backup withholding; and |
• | certify that you are a U.S. person (including a U.S. resident alien). |
• | exempt-interest dividends paid by the Fund from its net interest income earned on municipal securities; |
• | capital gain dividends paid by the Fund from its net long-term capital gains (other than those from disposition of a U.S. real property interest), unless you are a nonresident alien present in the United States for a period or periods aggregating 183 days or more during the calendar year; and |
• | interest-related dividends paid by the Fund from its qualified net interest income from U.S. sources and short-term capital gain dividends. |
I. | Guiding Principles and Philosophy |
II. | Applicability of this Policy |
III. | Proxy Voting for Certain Fixed Income, Money Market, Index and Legacy OppenheimerFunds Accounts |
IV. | Conflicts of Interest |
V. | Use of Third-Party Proxy Advisory Services |
1 | Generally speaking, Invesco does not invest for its clients in the shares of Invesco Ltd., however, limited exceptions apply in the case of funds or accounts designed to track an index that includes Invesco Ltd. as a component. |
VI. | Global Proxy Voting Platform and Administration |
VII. | Non-Votes |
• | If the security in question is on loan as part of a securities lending program, Invesco may determine that the benefit to the client of voting a particular proxy is outweighed by the revenue that would be lost by terminating the loan and recalling the securities; |
• | In some countries the exercise of voting rights imposes temporary transfer restrictions on the related securities (“share blocking”). Invesco generally refrains from voting proxies in share-blocking countries unless Invesco determines that the benefit to the client(s) of voting a specific proxy outweighs the client’s temporary inability to sell the security; or |
• | Some companies require a representative to attend meetings in person to vote a proxy. Invesco |
may determine that the costs of sending a representative or signing a power-of-attorney outweigh the benefit of voting a particular proxy. |
VIII. | Proxy Voting Guidelines |
A. | Shareholder Access and Treatment of Shareholder Proposals – General |
• | Gender pay gap proposals |
• | Political contributions disclosure/political lobbying disclosure/political activities and action |
• | Data security, privacy, and internet issues |
• | Report on climate change/climate change action |
• | Gender diversity on boards |
i. | Stock Issuances |
ii. | Stock Splits |
iii. | Share Repurchases |
• | Adopt proxy access right |
• | Require independent board chairperson |
• | Provide right to shareholders to call special meetings |
• | Provide right to act by written consent |
• | Submit shareholder rights plan (poison pill) to shareholder vote |
• | Reduce supermajority vote requirement |
• | Remove antitakeover provisions |
• | Declassify the board of directors |
• | Require a majority vote for election of directors |
• | Require majority of independent directors on the board |
• | Approve executive appointment |
• | Adopt exclusive forum provision |
1. | Director Nominees in Uncontested Elections |
2. | Director Nominees in Contested Elections |
• | Long-term financial performance of the company relative to its industry |
• | Management’s track record |
• | Background to the proxy contest |
• | Qualifications of director nominees (both slates) |
• | Evaluation of what each side is offering shareholders as well as the likelihood that the proposed objectives and goals can be met |
• | Stock ownership positions in the company |
3. | Director Accountability |
4. | Director Independence |
5. | Director Indemnification |
6. | Separate Chairperson and CEO |
• | a designated lead director, appointed from the ranks of the independent board members, with an established term of office and clearly delineated powers and duties |
• | a majority of independent directors |
• | completely independent key committees |
• | committee chairpersons nominated by the independent directors |
• | CEO performance reviewed annually by a committee of independent directors |
• | established governance guidelines |
7. | Majority/Supermajority/Cumulative Voting for Directors |
8. | Staggered Boards/Annual Election of Directors |
9. | Board Size |
10. | Director Term Limits and Retirement Age |
1. | Qualifications of Audit Committee and Auditors |
2. | Auditor Indemnifications |
3. | Adequate Disclosure of Auditor Fees |
i. | Independent Compensation/Remuneration Committee |
ii. | Advisory Votes on Executive Compensation |
• | Provide right to act by written consent |
• | Provide right to call special meetings |
• | Adopt fair price provision |
• | Approve control share acquisition |
Exhibit
Number |
Description | |||
(a) | (1) | (a) | Certificate of Trust. (1) | |
(b) | Certificate of Amendment to Certificate of Trust. (*) | |||
(2) | Agreement and Declaration of Trust of the Registration. (1) | |||
(a) | Amendment No. 1 to the Agreement and Declaration of Trust. (10) | |||
(3) | Amended and Restated Designation of Series of the Agreement and Declaration of Trust of the Registrant. (2) | |||
(b) | Amended and Restated By-Laws of the Registrant (effective June 20, 2019). (*) | |||
(c) | (1) | Declaration of Trust of the Registrant, incorporated by reference to Item (a)(2) above. | ||
(2) | Amended and Restated By-Laws of the Registrant, incorporated by reference to Item (b) above. | |||
(d) | (1) | Investment Advisory Agreement between the Registrant and Invesco Capital Management LLC. (5) | ||
(a) | Schedule A (as of April 30, 2019) to Investment Advisory Agreement between the Registrant and Invesco Capital Management LLC, for unitary fee funds. (*) | |||
(2) | Investment Advisory Agreement between Invesco Optimum Yield Diversified Commodity Strategy No K-1 Cayman Ltd. And Invesco Capital Management LLC. (2) | |||
(3) | Investment Advisory Agreement between Invesco Bloomberg Commodity Strategy Cayman Ltd. and Invesco Capital Management LLC. (2) | |||
(4) | Management Services Agreement between the Registrant and Invesco Capital Management LLC. (2) | |||
(5) | (a) | Memorandum of Agreement between Registrant and Invesco Capital Management LLC (as of April 11, 2019). (11) | ||
(b) | Memorandum of Agreement Exhibit A for Schedule of Funds (as of December 12, 2019) (*) | |||
(e) | (1) | (a) | Master Distribution Agreement between the Registrant and Invesco Distributors, Inc. (2) | |
(b) | Schedule A (as of April 30, 2019) to the Master Distribution Agreement. (*) | |||
(f) | Not applicable. | |||
(g) | (1) | (a) | Custody Agreement with Schedule I (as of September 17, 2018) between Registrant and The Bank of New York Mellon. (8) | |
(b) | Schedule I (as of December 12, 2019) for Custody Agreement between the Registrant and The Bank of New York Mellon. (*) | |||
(2) | Foreign Custody Manager Agreement between Registrant and The Bank of New York Mellon. (7) | |||
(h) | (1) | (a) | Fund Administration and Accounting Agreement (as of September 17, 2018) between Registrant and The Bank of New York Mellon. (7) | |
(b) | Amendment A to Exhibit A (as of December 12, 2019) for Fund Administration and Accounting Agreement between Registrant and The Bank of New York Mellon. (*) | |||
(2) | (a) | Amended and Restated Transfer Agency and Service Agreement (as of June 17, 2013) between Registrant and The Bank of New York Mellon. (4) | ||
(b) | Exhibit D (as of December 12, 2019) to the Amended and Restated Transfer Agency and Service Agreement between Registrant and The Bank of New York Mellon. (*) | |||
(3) | Form of Participant Agreement between Invesco Distributors, Inc. and the Participant. (5) |
Exhibit
Number |
Description | |||
(4) | Form of Sublicense Agreement between the Registrant and Invesco Capital Management LLC. (3) | |||
(i) | Consent of Counsel – None. | |||
(j) | (1) | Consent of Independent Registered Public Accounting Firm. (*) | ||
(k) | Not applicable. | |||
(l) | Subscription Agreement for Providing Initial Capital. (2) | |||
(m) | Not applicable. | |||
(n) | Not applicable. | |||
(o) | Not applicable. | |||
(p) | (1) | Code of Ethics adopted by the Invesco Family of ETFs. (6) | ||
(2) | Code of Ethics adopted by Invesco investment advisers and distributor. (10) | |||
(q) | (1) | Powers of Attorney for Messrs. Bagge, Barre, Carome, Kole, Lim, Wicker and Wilson. (2) | ||
(2) | Powers of Attorney for Mses. Herget and Pace and Admiral Giambastiani. (*) |
(1) | Incorporated by reference to Registrant’s filing on Form N-1A, filed on December 30, 2013. |
(2) | Incorporated by reference to Registrant’s filing of Pre-Effective Amendment No. 3 on Form N-1A, filed on November 4, 2014. |
(3) | Incorporated by reference to Registrant’s filing of Post-Effective Amendment No. 411 on Form N-1A, filed on February 23, 2017. |
(4) | Incorporated by reference to Invesco Exchange-Traded Fund Trust II Post-Effective Amendment No. 612 on Form N-1A, filed on July 3, 2017. |
(5) | Incorporated by reference to Registrant’s filing of Post-Effective Amendment No. 26 on Form N-1A, filed on February 27, 2018. |
(6) | Incorporated by reference to Post-Effective Amendment No. 19 to the Invesco Exchange-Traded Self-Indexed Fund Trust’s Registration Statement on Form N-1A, filed on September 26, 2018. |
(7) | Incorporated by reference to Post-Effective Amendment No. 272 to the Invesco Exchange-Traded Fund Trust’s Registration Statement on Form N-1A, filed on October 24, 2018. |
(8) | Incorporated by reference to Post-Effective Amendment No. 26 to the Invesco Exchange-Traded Self-Indexed Fund Trust’s Registration Statement on Form N-1A, filed on November 21, 2018. |
(10) | Incorporated by reference to Registrant’s filing of Post-Effective Amendment No. 42 on Form N-1A, filed on February 27, 2019. |
(11) | Incorporated by reference to Post-Effective Amendment No. 41 to the Invesco Exchange-Traded Self-Indexed Fund Trust’s Registration Statement on Form N-1A, filed on May 16, 2019. |
* | Filed herewith. |
NAME
AND PRINCIPAL
BUSINESS ADDRESS* |
POSITIONS
AND OFFICES
WITH REGISTRANT |
POSITIONS
AND OFFICES
WITH UNDERWRITER |
||
Rocco Benedetto | None | Senior Vice President | ||
Paul Blease | None | Senior Vice President | ||
David Borrelli | None | Senior Vice President | ||
Ken Brodsky | None | Senior Vice President | ||
Daniel E. Draper | President & Principal Executive Officer | Senior Vice President | ||
George Fahey | None | Senior Vice President | ||
Jay Fortuna | None | Senior Vice President | ||
Mark W. Gregson | None | Chief Financial Officer | ||
Trisha B. Hancock | None | Senior Vice President | ||
Clint Harris | None | President | ||
John Hoffman | None | Senior Vice President | ||
Eliot Honaker | None | Senior Vice President | ||
Brian Kiley | None | Senior Vice President | ||
Jeffrey H. Kupor | Chief Legal Officer | Secretary | ||
Annette Janecka Lege | None | Treasurer | ||
Brian Levitt | None | Senior Vice President | ||
John McDonough | None | Director & Chief Executive Officer | ||
Peter Mintzberg | None | Senior Vice President | ||
Clint Modler | None | Senior Vice President | ||
Kevin Neznek | None | Senior Vice President | ||
Tony Oh | None | Senior Vice President | ||
Adam Rochlin | None | Senior Vice President |
NAME
AND PRINCIPAL
BUSINESS ADDRESS* |
POSITIONS
AND OFFICES
WITH REGISTRANT |
POSITIONS
AND OFFICES
WITH UNDERWRITER |
||
Benjamin Stewart | None | Senior Vice President | ||
Paul E. Temple | None | Senior Vice President | ||
Ben Utt | None | Executive Vice President | ||
Rohit Vohra | None | Senior Vice President | ||
Gary K. Wendler | None | Senior Vice President, Director, Marketing Research & Analysis | ||
Donna White | None | Senior Vice President & Chief Compliance Officer | ||
Crissie Wisdom | Anti-Money Laundering Compliance Officer | Anti-Money Laundering Compliance Officer | ||
John M. Zerr | None | Senior Vice President |
* | The principal business address for all directors and executive officers is Invesco Distributors, Inc., 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. |
(c) Not applicable. |
1. |
Invesco Actively
Managed Exchange-Traded
Commodity Fund Trust 3500 Lacey Road, Suite 700 Downers Grove, Illinois 60515 |
2. |
Invesco
Capital Management LLC
3500 Lacey Road, Suite 700 Downers Grove, Illinois 60515 |
3. |
The
Bank of New York Mellon
240 Greenwich Street New York, New York 10286 |
Invesco
Actively Managed Exchange-Traded
Commodity Fund Trust |
|
By: | /s/ Daniel E. Draper |
Daniel E. Draper | |
Title: | President |
SIGNATURE | TITLE | DATE | ||
/s/ Daniel E. Draper | President | February 28, 2020 | ||
Daniel E. Draper | ||||
/s/ Kelli Gallegos | Treasurer | February 28, 2020 | ||
Kelli Gallegos | ||||
/s/ Anna Paglia | Secretary | February 28, 2020 | ||
Anna Paglia | ||||
*/s/ Ronn R. Bagge | Trustee | February 28, 2020 | ||
Ronn R. Bagge | ||||
*/s/ Todd J. Barre | Vice Chairman and Trustee | February 28, 2020 | ||
Todd J. Barre | ||||
*/s/ Kevin M. Carome | Trustee | February 28, 2020 | ||
Kevin M. Carome | ||||
**/s/ Edmund P. Giambastiani, Jr. | Trustee | February 28, 2020 | ||
Edmund P. Giambastiani, Jr. | ||||
**/s/ Victoria J. Herget | Trustee | February 28, 2020 | ||
Victoria J. Herget | ||||
*/s/ Marc M. Kole | Trustee | February 28, 2020 | ||
Marc M. Kole | ||||
*/s/ Yung Bong Lim | Trustee | February 28, 2020 | ||
Yung Bong Lim | ||||
**/s/ Joanne Pace | Trustee | February 28, 2020 | ||
Joanne Pace | ||||
*/s/ Gary R. Wicker | Trustee | February 28, 2020 | ||
Gary R. Wicker | ||||
*/s/ Donald H. Wilson | Chairman and Trustee | February 28, 2020 | ||
Donald H. Wilson | ||||
*By: /s/ Anna Paglia | February 28, 2020 | |||
Anna Paglia | ||||
Attorney-In-Fact |
* | Anna Paglia signs pursuant to powers of attorney filed with Pre-Effective Amendment No. 3 to the Trust's Registration Statement and incorporated herein by reference herein.. |
** | Anna Paglia signs pursuant to powers of attorney filed with Post-Effective Amendment No. 57 to the Trust's Registration Statement and incorporated herein by reference herein.. |
INVESCO OPTIMUM YIELD DIVERSIFIED COMMODITY STRATEGY NO K-1 CAYMAN LTD. | |
By: | /s/ Daniel E. Draper |
Daniel E. Draper | |
Title: | President |
INVESCO BLOOMBERG COMMODITY STRATEGY CAYMAN LTD. | |
By: | /s/ Daniel E. Draper |
Daniel E. Draper | |
Title: | President |
SIGNATURE | TITLE | DATE | ||
/s/ Daniel E. Draper | Director | February 28, 2020 | ||
Daniel E. Draper | ||||
/s/ John M. Zerr | Director | February 28, 2020 | ||
John M. Zerr |
(a)(1)(b) | Certificate of Amendment to Certificate of Trust. |
(b) | Amended and Restated By-Laws of the Registrant (effective June 20, 2019). |
(d)(1)(a) | Schedule A (as of April 30, 2019) to Investment Advisory Agreement between the Registrant and Invesco Capital Management LLC, for unitary fee funds. |
(d)(5)(b) | Memorandum of Agreement Exhibit A for Schedule of Funds (as of December 12, 2019). |
(e)(1)(b) | Schedule A (as of April 30, 2019) to the Master Distribution Agreement. |
(g)(1)(b) | Schedule 1 (as of December 12, 2019) for Custody Agreement between the Registrant and The Bank of New York Mellon. |
(h)(1)(b) | Amendment A to Exhibit A (as of December 12, 2019) for Fund Administration and Accounting Agreement between Registrant and The Bank of New York Mellon. |
(h)(2)(b) | Exhibit D (as of December 12, 2019) to the Amended and Restated Transfer Agency and Service Agreement between Registrant and The Bank of New York Mellon. |
(j) (1) | Consent Independent Registered Public Accounting Firm. |
(q)(2) | Powers of Attorney for Mses. Herget and Pace and Admiral Giambastiani |
1 Year Invesco Optimum Yield Di... Chart |
1 Month Invesco Optimum Yield Di... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions