Firm Description
Invesco Capital Management LLC was founded in 2003.
ICM is the investment adviser to the exchange-traded funds (the “ETFs” or “Funds”)
organized as series of 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 (each a “Trust” and
collectively the “Trusts”).
For the Funds organized as a series of the Invesco Exchange-Traded Fund Trust, Invesco
Exchange-Traded Fund Trust II and the Invesco India Exchange-Traded Fund Trust, the
Adviser or an affiliated sub-adviser seeks to track the investment results, before fees and
expenses, of an index (the “Underlying Index”). These ETFs may be referred to as “Index-
Based ETFs”. For the Funds organized as a series of the Invesco Exchange-Traded Self-
Indexed Fund Trust, the Adviser seeks to track the investment results, before fees and
expenses, of an Underlying Index provided by an affiliated index provider. These ETFs
may be referred to as “Self-Indexed ETFs”. ETFs organized under the Invesco Actively
Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded
Commodity Fund Trust may be managed by ICM or an affiliated sub-adviser and are
actively managed, such that they do not seek to track the investment results of an
Underlying Index. These may be referred to as “Actively Managed ETFs”.
In addition, ICM serves as the Managing Owner and Commodity Pool Operator (“CPO”)
to eight commodity pools (the “Commodity Pools”) regulated by the Commodity Futures
Trading Commission (the “CFTC”) and the National Futures Association (the “NFA”), as
well as Commodity Trading Adviser (“CTA”) to the eight Commodity Pools. Each
Commodity Pool trades exchange-traded futures contracts on commodities included in its
underlying index (“Commodity Index”) and seeks to track the applicable Commodity
Index. Invesco Specialized Products, LLC (the “Sponsor” or “ISP”) is a Delaware limited
liability company whose sole member is ICM. ISP serves as the Sponsor to the
CurrencyShares Trusts (the “CurrencyShares”) which are registered under the Securities
Act of 1933 and are listed on NYSE Arca, Inc., whose investment objective is for the
shares of that trust to reflect the price of the currency held by the trust. Similar to the
Commodity Pools, the CurrencyShares are not registered under the Investment Company
Act of 1940. However, unlike the Commodity Pools, the CurrencyShares are not subject
to regulation by the CFTC or the NFA.
ICM provides portfolio management and certain portfolio operations support (“sub-
advisory services”) to seven affiliates: Invesco Investment Management Ltd. (“IIML”),
Invesco Canada Ltd. (“Invesco Canada”), Invesco Advisers, Inc. (“Invesco Advisers”),
Invesco Asset Management (Japan) Limited (“IAMJ”), Invesco Trust Company (“ITC”),
Invesco Australia Limited (“Invesco Australia”) and Invesco Asset Management
Singapore Ltd. (“Invesco Singapore”). ICM is also a sub-adviser to a fund managed by
Lincoln Investment Advisors Corporation (“LIAC”), an unaffiliated investment adviser.
The Invesco Tax Insights program (“Program”) is a marketing program which
provides analysis and information to advisers and intends to identify potential large
capital gains distributions and tax loss harvesting opportunities in portfolios. The
Program does not offer tax advice or specific tax related recommendations, it only
provides Invesco ETFs as potential alternatives if clients determine they would like to
replace a current fund holding. ICM does not receive any direct compensation from
the Program, however, certain ETFs may experience an increase in assets due to
potential investments suggested by the Program.
ICM serves as the sponsor to the Invesco QQQ Trust, Series 1 (the “QQQ”), which is an
exchange-traded product organized as a unit investment trust for which The Bank of New
York Mellon (“BNYM”) serves as Trustee. Although ICM does not provide advisory
services to the QQQ, BNYM and ICM entered into an Agency Agreement, dated
November 16, 2012 (the “Agency Agreement”), under which ICM performs certain
functions on behalf of BNYM. Such functions relate to: (a) evaluation of the portfolio
securities held by the QQQ for purposes of determining the net asset value, and (b)
rebalancing of and adjustments to the QQQ portfolio.
ICM also serves as the sponsor to the Invesco Galaxy Bitcoin ETF (the “BTCO”), an
exchange traded fund that is a Delaware statutory trust, for which Delaware Trust
Company (the “Trustee”) serves as Trustee. Shares of the BTCO are registered with the
SEC under the Securities Act of 1933, and BTCO is not registered under the Investment
Company Act of 1940. The investment objective is to reflect the performance of the spot
price of bitcoin as measured using the Lukka Prime Bitcoin Reference Rate (the
“Benchmark”), less the expenses and other liabilities. BTCO is passively managed, and
the Sponsor does not actively manage the bitcoin held by the fund.
As of December 31, 2023, ICM had approximately $545.5 billion of assets under
management, $314.5 billion managed on a discretionary basis for the Trusts, Commodity
Pools and other sub-advised funds and accounts. ICM managed the remaining $231.0
billion on a nondiscretionary basis for the QQQ and CurrencyShares.
Principal Owners
Invesco Group Services, Inc. is the sole owner of Invesco Capital Management LLC and
Invesco Ltd. (“Invesco”) is its ultimate parent company. Invesco is a publicly traded
leading independent global investment management firm dedicated to helping investors
worldwide achieve their financial objectives. Shares of Invesco are listed on the New York
Stock Exchange under the symbol "IVZ" and Invesco is a constituent of the S&P 500®.
Types of Advisory Services and Agreements
ICM provides investment advisory services to the Trusts pursuant to Investment Advisory
Agreements between the Trusts and ICM, subject to review and approval by the non-
interested members of the Trusts’ Board of Trustees. ICM also serves as CPO for the
Commodity Pools and ICM provides sub-advisory services to IIML, Invesco Canada,
Invesco Advisers, IAMJ, ITC, Invesco Australia, Invesco Singapore and LIAC, pursuant
to sub-advisory agreements with each respective entity. ICM provides discretionary
investment advice as a sub-adviser to funds and separately managed accounts advised
by its affiliates pursuant to the terms of individually negotiated investment management
agreements. The investment objectives and guidelines applicable to separate accounts
may be customized by each separate account client.