c57d11ea-c37a-4ebc-9b76-cc975624bcd9
Invesco Agriculture
Commodity Strategy No K-1 ETF
PDBA | The Nasdaq
Stock Market LLC
ANNUAL
SHAREHOLDER REPORT | October 31, 2025
This annual shareholder
report contains important information about Invesco Agriculture
Commodity Strategy No K-1 ETF (the “Fund”) for the period November 1, 2024 to
October 31, 2025. You can find additional information
about the Fund at invesco.com/reports. You can
also request this information by contacting us at (800)
983-0903.
This
report describes changes to the Fund that occurred during the reporting
period.
What
Were The Fund Costs For The Last Year ?
(Based
on a hypothetical $10,000 investment)
| Fund |
Costs
of a $10,000 investment |
Costs
paid as a percentage
of a $10,000 investment |
| Invesco
Agriculture Commodity Strategy No K-1 ETF |
$45 |
0.43%† |
|
† |
Reflects fee waivers and/or expense
reimbursements, without which expenses would have been
higher. |
How
Did The Fund Perform During The Period?
•
During the fiscal year ended October 31, 2025, agricultural commodities
performed positively, led by gains in coffee and cattle, but offset by losses in
sugar and grains. Coffee prices gained on persistent adverse weather driving
supply concerns, while the opposite took place for sugar. Interest income from
the Fund's collateral holdings also added positive
performance.
•
For the fiscal year ended October 31, 2025, on a net asset value ("NAV")
basis, the Fund returned 8.07%. During the same time period, the DBIQ
Diversified Agriculture Index Excess Return returned
4.32%.
What
contributed to performance?
Positions
| Coffee contracts, followed by
live cattle and feeder cattle contracts, respectively.
What
detracted from performance?
Positions
| Sugar contracts, followed by
corn and wheat contracts, respectively.
How
Has The Fund Historically Performed?
Growth
of $10,000 Investment
AVERAGE
ANNUAL TOTAL RETURNS |
1
Year |
Since
Inception
(8/24/22) |
| Invesco Agriculture Commodity
Strategy No K-1 ETF — NAV Return |
8.07% |
11.45% |
| MSCI ACWI Index
(Net) |
22.64% |
17.39% |
| Bloomberg Global Aggregate
Index |
5.69% |
3.09% |
| DBIQ Diversified Agriculture Index
Excess Return |
4.32% |
7.03% |
| DBIQ Diversified Agriculture Index
Total Return |
8.85% |
12.23% |
| S&P GSCI Agriculture Index -
TR |
0.00% |
-4.31% |
The performance data quoted
represents past performance and cannot guarantee future results; current
performance may be lower or higher. Please visit invesco.com/ETFs
for more recent performance information.
Performance
figures do not reflect deduction of taxes a shareholder would pay on Fund
distributions or sale of Fund shares.
What
Are Key Statistics About The Fund?
(as
of October 31, 2025)
| Fund
net assets |
$63,161,529 |
| Total
number of portfolio holdings |
13 |
| Total
advisory fees paid |
$273,657 |
What
Comprised The Fund's Holdings?
(as
of October 31, 2025)
Risk
allocation by agriculture commodity*
(% of net assets)
| Coffee |
17.6% |
| Live
Cattle |
15.4% |
| Soybeans |
12.0% |
| Cocoa |
10.8% |
| Corn |
10.6% |
| Sugar |
8.4% |
| Lean
Hogs |
7.6% |
| Feeder
Cattle |
5.5% |
| KC
Wheat |
5.0% |
| Wheat |
4.9% |
| Cotton |
2.2% |
| *
Based on notional value of
futures contracts. |
|
Security
type allocation
(% of net assets)
How
Has The Fund Changed Over The Past Year?
This
is a summary of certain changes to the Fund since October 31, 2024. For more
complete information, you may review the Fund's prospectus, which is available
at invesco.com/reports or
upon request at (800)
983-0903.
The
Fund's classification changed from non-diversified to diversified, and therefore
the Fund is now required to meet certain diversification requirements under the
Investment Company Act of
1940.
Effective
November 10, 2025, the Fund modified its principal investment strategies to
describe changes made to the DBIQ Diversified Agriculture Index Excess Return
(the "Benchmark"), an index that the Fund utilizes in implementing its
investment strategy. The changes to the Benchmark were implemented by Deutsche
Bank AG, the index provider that sponsors the
Benchmark.
Where
Can I Find More Information?
You
can find more information about the Fund, including the Fund's prospectus,
financial information, and holdings at invesco.com/reports.
Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What
Should I Know About Delivery Of Important Regulatory Documents?
Only
one copy of most shareholder documents may be mailed to shareholders with
multiple accounts at the same address (Householding). Mailing of your
shareholder documents may be householded indefinitely unless you instruct
otherwise. If you do not want the mailing of these documents to be combined with
those for other members of your household, please contact your
broker-dealer.
For
additional information, please scan the QR code at the left to navigate to
additional material at invesco.com/reports.
P-PDBA-AR
Invesco
Agriculture Commodity Strategy No K-1 ETF
Invesco Electric
Vehicle Metals Commodity Strategy No K-1
ETF
EVMT | The Nasdaq
Stock Market LLC
ANNUAL
SHAREHOLDER REPORT | October 31, 2025
This annual shareholder
report contains important information about Invesco Electric
Vehicle Metals Commodity Strategy No K-1 ETF (the “Fund”) for the period November 1, 2024 to
October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can
also request this information by contacting us at (800)
983-0903.
This
report describes changes to the Fund that occurred during the reporting
period.
What
Were The Fund Costs For The Last Year
?
(Based
on a hypothetical $10,000 investment)
| Fund |
Costs
of a $10,000 investment |
Costs
paid as a percentage
of a $10,000 investment |
| Invesco
Electric Vehicle Metals Commodity Strategy No K-1 ETF |
$47 |
0.44%† |
|
† |
Reflects fee waivers and/or expense
reimbursements, without which expenses would have been
higher. |
How
Did The Fund Perform During The
Period?
•
During the fiscal year ended October 31, 2025, electric vehicle metals
performed positively. Gains were led by cobalt, with prices soaring after the
Democratic Republic of Congo (DRC) temporarily banned exports, but were
partially offset by losses in nickel and lithium. Aluminum and copper also
gained on a tighter supply outlook and tariff fears. Interest income from the
Fund's collateral holdings also added positive
performance.
•
For the fiscal year ended October 31, 2025, on a net asset value ("NAV")
basis, the Fund returned 15.82%. During the same time period, the S&P GSCI
Electric Vehicle Metals Excess Return Index returned
11.64%.
What
contributed to performance?
Positions
| Cobalt contracts, followed by
copper and aluminum contracts, respectively.
What
detracted from performance?
Positions
| Nickel contracts, followed by
lithium contracts.
How
Has The Fund Historically Performed?
Growth
of $10,000 Investment
AVERAGE
ANNUAL TOTAL RETURNS |
1
Year |
Since
Inception
(4/27/22) |
| Invesco Electric Vehicle Metals
Commodity Strategy No K-1 ETF — NAV Return |
15.82% |
-11.97% |
| MSCI ACWI Index
(Net) |
22.64% |
14.94% |
| Bloomberg Global Aggregate
Index |
5.69% |
1.40% |
| S&P GSCI Electric Vehicle
Metals Excess Return Index |
11.64% |
-16.57% |
| S&P GSCI Electric Vehicle
Metals Total Return Index |
16.50% |
-12.74% |
The performance data quoted
represents past performance and cannot guarantee future results; current
performance may be lower or higher. Please visit invesco.com/ETFs
for more recent performance information.
Performance
figures do not reflect deduction of taxes a shareholder would pay on Fund
distributions or sale of Fund shares.
What
Are Key Statistics About The Fund?
(as
of October 31, 2025)
| Fund
net assets |
$7,862,186 |
| Total
number of portfolio holdings |
10 |
| Total
advisory fees paid |
$32,066 |
What
Comprised The Fund's Holdings?
(as
of October 31, 2025)
Risk
allocation by base metal*
(% of net
assets)
| Nickel |
26.6% |
| Aluminum |
24.8% |
| Copper |
24.2% |
| Cobalt |
15.4% |
| Iron
Ore |
5.7% |
| Lithium |
3.3% |
| *
Based on notional value of
futures contracts. |
|
Security
type allocation
(% of net
assets)
How
Has The Fund Changed Over The Past
Year?
This
is a summary of certain changes to the Fund since October 31, 2024. For more
complete information, you may review the Fund's prospectus, which is available
at invesco.com/reports or
upon request at (800)
983-0903.
The
Fund's classification changed from non-diversified to diversified, and therefore
the Fund is now required to meet certain diversification requirements under the
Investment Company Act of 1940.
Where
Can I Find More Information?
You
can find more information about the Fund, including the Fund's prospectus,
financial information, and holdings at invesco.com/reports.
Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What
Should I Know About Delivery Of Important Regulatory Documents?
Only
one copy of most shareholder documents may be mailed to shareholders with
multiple accounts at the same address (Householding). Mailing of your
shareholder documents may be householded indefinitely unless you instruct
otherwise. If you do not want the mailing of these documents to be combined with
those for other members of your household, please contact your
broker-dealer.
For
additional information, please scan the QR code at the left to navigate to
additional material at invesco.com/reports.
P-EVMT-AR
Invesco
Electric Vehicle Metals Commodity Strategy No K-1
ETF
Invesco Optimum Yield
Diversified Commodity Strategy No K-1 ETF
PDBC | The Nasdaq
Stock Market LLC
ANNUAL
SHAREHOLDER REPORT | October 31, 2025
This annual shareholder
report contains important information about Invesco Optimum
Yield Diversified Commodity Strategy No K-1 ETF (the “Fund”) for the period November 1, 2024 to
October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can
also request this information by contacting us at (800)
983-0903.
This
report describes changes to the Fund that occurred during the reporting
period.
What
Were The Fund Costs For The Last Year ?
(Based
on a hypothetical $10,000 investment)
| Fund |
Costs
of a $10,000 investment |
Costs
paid as a percentage
of a $10,000 investment |
| Invesco
Optimum Yield Diversified Commodity Strategy No K-1 ETF |
$45 |
0.44%† |
|
† |
Reflects fee waivers and/or expense
reimbursements, without which expenses would have been
higher. |
How
Did The Fund Perform During The Period?
•
During the fiscal year ended October 31, 2025, commodities performed
positively, led by strong gains in metals but offset by losses in agricultural
commodities and crude oil. Precious metals, mainly gold, were supported by
strong central bank and ETP investment demand amid heightened geopolitical and
economic uncertainty. Interest income from the Fund's collateral holdings also
added positive performance.
•
For the fiscal year ended October 31, 2025, on a net asset value ("NAV")
basis, the Fund returned 5.14%. During the same time period, the DBIQ Optimum
Yield Diversified Commodity Index Excess Return returned
4.03%.
What
contributed to performance?
Commodity
Sector | Precious metals was
the strongest contributing sector, with both gold and silver
gaining.
What
detracted from performance?
Commodity
Sector | Agriculture was the
top detracting sector, led lower by sugar, wheat, and
corn.
How
Has The Fund Historically Performed?
Growth
of $10,000 Investment
AVERAGE
ANNUAL TOTAL RETURNS |
1
Year |
5
Years |
10
Years |
| Invesco Optimum Yield Diversified
Commodity Strategy No K-1 ETF — NAV Return |
5.14% |
14.36% |
5.25% |
| MSCI ACWI Index
(Net) |
22.64% |
14.61% |
11.31% |
| Bloomberg Global Aggregate
Index |
5.69% |
-1.63% |
1.10% |
| DBIQ Optimum Yield Diversified
Commodity Index Excess Return |
4.03% |
12.44% |
4.25% |
| DBIQ Optimum Yield Diversified
Commodity Index Total Return |
8.55% |
16.06% |
6.52% |
The performance data quoted
represents past performance and cannot guarantee future results; current
performance may be lower or higher. Please visit invesco.com/ETFs
for more recent performance information.
Performance
figures do not reflect deduction of taxes a shareholder would pay on Fund
distributions or sale of Fund shares.
What
Are Key Statistics About The Fund?
(as
of October 31, 2025)
| Fund
net assets |
$4,506,579,082 |
| Total
number of portfolio holdings |
24 |
| Total
advisory fees paid |
$19,559,592 |
What
Comprised The Fund's Holdings?
(as
of October 31, 2025)
Risk
allocation by sector*
(% of net assets)
| Energy |
54.6% |
| Agriculture |
18.6% |
| Precious
Metals |
13.7% |
| Base
Metals |
13.1% |
| *
Based on notional value of
futures contracts. |
|
Security
type allocation
(% of net assets)
How
Has The Fund Changed Over The Past Year?
This
is a summary of certain changes to the Fund since October 31, 2024. For more
complete information, you may review the Fund's prospectus, which is available
at invesco.com/reports or
upon request at (800)
983-0903.
Effective
November 10, 2025, the Fund modified its principal investment strategies to
describe changes made to the DBIQ Optimum Yield Diversified Commodity Index
Excess Return (the "Benchmark"), an index that the Fund utilizes in implementing
its investment strategy. The changes to the Benchmark were implemented by
Deutsche Bank AG, the index provider that sponsors the
Benchmark.
Where
Can I Find More Information?
You
can find more information about the Fund, including the Fund's prospectus,
financial information, and holdings at invesco.com/reports.
Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What
Should I Know About Delivery Of Important Regulatory Documents?
Only
one copy of most shareholder documents may be mailed to shareholders with
multiple accounts at the same address (Householding). Mailing of your
shareholder documents may be householded indefinitely unless you instruct
otherwise. If you do not want the mailing of these documents to be combined with
those for other members of your household, please contact your
broker-dealer.
For
additional information, please scan the QR code at the left to navigate to
additional material at invesco.com/reports.
P-PDBC-AR
Invesco
Optimum Yield Diversified Commodity Strategy No K-1 ETF
The
Registrant has adopted a Code of Ethics (the "Code") that applies to the
Registrant's Principal Executive Officer ("PEO") and Principal Financial Officer
("PFO"). This Code is filed as an exhibit to this report on Form N-CSR under
Item 19(a)(1). No substantive amendments to this Code were made during the
reporting period. There were no waivers for the fiscal year ended October 31,
2025.
Item
3. Audit Committee Financial Expert.
The
Registrant's Board of Trustees (the "Board") has determined that the Registrant
has four "audit committee financial experts" serving on its audit committee: Mr.
Marc M. Kole, Ms. Joanne Pace, Mr. Gary R. Wicker and Mr. Donald H. Wilson. Each
of these audit committee members is "independent," meaning that he/she is not an
"interested person" of the Registrant (as that term is defined in Section
2(a)(19) of the Act) and he/she does not accept any consulting, advisory, or
other compensatory fee from the Registrant (except in his/her capacity as a
Board or committee member).
An
"audit committee financial expert" is not an "expert" for any purpose, including
for purposes of Section 11 of the Securities Act of 1933, as a result of being
designated as an "audit committee financial expert." Further, the designation of
a person as an "audit committee financial expert" does not mean that a person
has any greater duties, obligations, or liability than those imposed on a person
without the "audit committee financial expert" designation. Similarly, the
designation of a person as an "audit committee financial expert" does not affect
the duties, obligations, or liability of any other member of the audit committee
or Board.
Item
4. Principal Accountant Fees and Services.
Fees
Billed by PwC to the Registrant
PricewaterhouseCoopers
LLP (“PwC”), the Registrant’s independent registered public accounting firm,
billed the Registrant aggregate fees for pre-approved services rendered to the
Registrant for the last two fiscal years as shown in the following
table. The Audit Committee pre-approved all audit and non-audit
services provided to the Registrant.
|
|
Fees Billed by PwC for Services Rendered to the
Registrant for Fiscal Year Ended 2025 |
Fees Billed by PwC for Services Rendered to the
Registrant for Fiscal Year Ended 2024 |
|
Audit Fees |
$ 113,055 |
$ 110,850 |
|
Audit-Related Fees |
$ 0 |
$ 0 |
|
Tax Fees(1) |
$
36,180 |
$
36,180 |
|
All Other Fees |
$ 0 |
$ 0 |
|
Total Fees |
$ 149,235 |
$
147,030 |
|
(1) |
Tax
Fees for the fiscal years ended 2025 and 2024 include fees billed for
preparation of U.S. Tax Returns and Taxable Income calculations, including
excise and year-to-date estimates for various book-to-tax
differences. |
Fees
Billed by PwC Related to Invesco and Affiliates
PwC
billed Invesco Capital Management LLC (“Invesco” or “Adviser”), the Registrant’s
investment adviser, and any entity controlling, controlled by or under common
control with Invesco that provides ongoing services to the Registrant
(“Affiliates”), aggregate fees for pre-approved non-audit services rendered to
Invesco and Affiliates for the last two fiscal years as shown in the following
table. The Audit Committee pre-approved all non-audit services provided to
Invesco and Affiliates that were required to be pre-approved.
|
|
Fees
Billed for Non-Audit Services Rendered to Invesco and Affiliates for
FiscalYear Ended 2025 That Were Required to be Pre-Approved by the
Registrant’s Audit Committee |
Fees
Billed for Non-Audit Services Rendered to Invesco and Affiliates for
FiscalYear Ended 2024 ThatWere Required to be Pre-Approved by the
Registrant’s Audit Committee |
|
Audit-Related
Fees (1) |
$ 1,161,000 |
$ 1,134,000 |
|
Tax
Fees |
$ 0 |
$ 0 |
|
All
Other Fees |
$ 0 |
$ 0 |
|
Total
Fees |
$ 1,161,000 |
$ 1,134,000 |
|
(1) |
Audit-Related
Fees for the fiscal years ended 2025 and 2024 include fees billed related
to reviewing controls at a service organization.
|
(e)(1)Audit Committee
Pre-Approval Policies and Procedures
Pre-Approval
of Audit and Non-Audit Services Policies and Procedures
As
Adopted by the Audit Committee of the Invesco ETFs
|
Applicable
to |
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 (collectively the
“Funds”) |
|
Risk
Addressed by Policy |
Approval
of Audit and Non-Audit Services |
|
Relevant
Law and Other Sources |
Sarbanes-Oxley
Act of 2002; Regulation S-X. |
|
Last
Reviewed by Compliance for Accuracy |
June
15, 2018 |
|
Effective
Date |
June
26, 2009 |
|
Amended
Dates |
March
12, 2015 and June 15, 2018 |
Statement
of Principles
Under
the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange
Commission (“SEC”) (“Rules”), the Audit Committee of the Funds’ (the “Audit
Committee”) Board of Trustees (the “Board”) is responsible for the appointment,
compensation and oversight of the work of independent accountants (an
“Auditor”). As part of this responsibility and to assure that the Auditor’s
independence is not impaired, the Audit Committee pre-approves the audit and
non-audit services provided to the Funds by each Auditor, as well as all
non-audit services provided by the Auditor to the Funds’ investment adviser and
to affiliates of the adviser that provide ongoing services to the Funds
(“Service Affiliates”) if the services directly impact the Funds’ operations or
financial reporting. The SEC Rules also specify the types of services that an
Auditor may not provide to its audit client. The following policies and
procedures comply with the requirements for pre-approval and provide a mechanism
by which management of the Funds may request and secure pre-approval of audit
and non-audit services in an orderly manner with minimal disruption to normal
business operations.
Proposed
services either may be pre-approved without consideration of specific
case-by-case services by the Audit Committee (“general pre-approval”) or require
the specific pre-approval of the Audit Committee (“specific pre-approval”). As
set forth in these policies and procedures, unless a type of service has
received general pre-approval, it will require specific pre-approval by the
Audit Committee. Additionally, any fees exceeding 110% of estimated pre-approved
fee levels provided at the time the service was pre-approved will also require
specific approval by the Audit Committee before payment is made. The Audit
Committee will also consider the impact of additional fees on the Auditor’s
independence when determining whether to approve any additional fees for
previously pre-approved services.
The
Audit Committee will annually review and generally pre-approve the services that
may be provided by each Auditor without obtaining specific pre-approval from the
Audit Committee. The term of any general pre-approval runs from the date of such
pre-approval through June 30th of the following year, unless the Audit
Committee considers a different period and states otherwise. The Audit Committee
will add to or subtract from the list of general pre-approved services from time
to time, based on subsequent determinations.
The
purpose of these policies and procedures is to set forth the guidelines to
assist the Audit Committee in fulfilling its responsibilities.
Delegation
The
Chairman of the Audit Committee (or, in his or her absence, any member of the
Audit Committee) may grant specific pre-approval for non-prohibited services.
All such delegated pre-approvals shall be presented to the Audit Committee no
later than the next Audit Committee meeting.
Audit
Services
The
annual Audit services engagement terms will be subject to specific pre-approval
of the Audit Committee. Audit services include the annual financial statement
audit and other procedures such as tax provision work that is required to be
performed by the independent auditor to be able to form an opinion on the Funds’
financial statements. The Audit Committee will obtain, review and consider
sufficient information concerning the proposed Auditor to make a reasonable
evaluation of the Auditor’s qualifications and independence.
In
addition to the annual Audit services engagement, the Audit Committee may grant
either general or specific pre-approval of other Audit services, which are those
services that only the independent auditor reasonably can provide. Other Audit
services may include services such as issuing consents for the inclusion of
audited financial statements with SEC registration statements, periodic reports
and other documents filed with the SEC or other documents issued in connection
with securities offerings.
Non-Audit
Services
The
Audit Committee may provide either general or specific pre-approval of any
non-audit services to the Funds and its Service Affiliates if the Audit
Committee believes that the provision of the service will not impair the
independence of the Auditor, is consistent with the SEC’s Rules on auditor
independence, and otherwise conforms to the Audit Committee’s general principles
and policies as set forth herein.
Audit-Related
Services
“Audit-related
services” are assurance and related services that are reasonably related to the
performance of the audit or review of the Funds’ financial statements or that
are traditionally performed by the independent auditor. Audit-related services
include, among others, accounting consultations related to accounting, financial
reporting or disclosure matters not classified as “Audit services”; and
assistance with understanding and implementing new accounting and financial
reporting guidance from rulemaking authorities.
Tax
Services
“Tax
services” include, but are not limited to, the review and signing of the Funds’
federal tax returns, the review of required distributions by the Funds and
consultations regarding tax matters such as the tax treatment of new investments
or the impact of new regulations. The Audit Committee will scrutinize carefully
the retention of the Auditor in connection with a transaction initially
recommended by the Auditor, the major business purpose of which may be tax
avoidance or the tax treatment of which may not be supported in the Internal
Revenue Code and related regulations. The Audit Committee will consult with the
Funds’ Treasurer (or his or her designee) and may consult with outside counsel
or advisors as necessary to ensure the consistency of Tax services rendered by
the Auditor with the foregoing policy.
No
Auditor shall represent any Fund or any Service Affiliate before a tax court,
district court or federal court of claims.
Under
rules adopted by the Public Company Accounting Oversight Board and approved by
the SEC, in connection with seeking Audit Committee pre-approval of permissible
Tax services, the Auditor shall:
|
|
1. |
Describe
in writing to the Audit Committee, which writing may be in the form of the
proposed engagement letter: |
|
|
a. |
The
scope of the service, the fee structure for the engagement, and any side
letter or amendment to the engagement letter, or any other agreement
between the Auditor and the Fund, relating to the service;
and |
|
|
b. |
Any
compensation arrangement or other agreement, such as a referral agreement,
a referral fee or fee-sharing arrangement, between the Auditor and any
person (other than the Fund) with respect to the promoting, marketing, or
recommending of a transaction covered by the service; |
|
|
2. |
Discuss
with the Audit Committee the potential effects of the services on the
independence of the Auditor; and |
|
|
3. |
Document
the substance of its discussion with the Audit
Committee. |
All
Other Auditor Services
The
Audit Committee may pre-approve non-audit services classified as “All other
services” that are not categorically prohibited by the SEC, as listed in Exhibit
1 to this policy.
Pre-Approval
Fee Levels or Established Amounts
Pre-approval
of estimated fees or established amounts for services to be provided by the
Auditor under general or specific pre-approval policies will be set periodically
by the Audit Committee. Any proposed fees exceeding 110% of the maximum
estimated pre-approved fees or established amounts for pre-approved audit and
non-audit services will be reported to the Audit Committee at the quarterly
Audit Committee meeting and will require specific approval by the Audit
Committee before payment is made. The Audit Committee will always factor in the
overall relationship of fees for audit and non-audit services in determining
whether to pre-approve any such services and in determining whether to approve
any additional fees exceeding 110% of the maximum pre-approved fees or
established amounts for previously pre-approved services.
Procedures
On
an annual basis, the Auditor will submit to the Audit Committee for general
pre-approval, a list of non-audit services that the Funds or Service Affiliates
of the Funds may request from the Auditor. The list will describe the non-audit
services in reasonable detail and will include an estimated range of fees and
such other information as the Audit Committee may request.
Each
request for services to be provided by the Auditor under the general
pre-approval of the Audit Committee will be submitted to the Funds’ Treasurer
(or his or her designee) and must include a detailed description of the services
to be rendered. The Treasurer or his or her designee will ensure that such
services are included within the list of services that have received the general
pre-approval of the Audit Committee.
Each
request to provide services that require specific approval by the Audit
Committee shall be submitted to the Audit Committee jointly by the Funds’
Treasurer or his or her designee and the Auditor, and must include a joint
statement that, in their view, such request is consistent with the pre-approval
policies and procedures and the SEC Rules.
Each
request to provide Tax services under either the general or specific
pre-approval of the Audit Committee will describe in writing: (i) the scope
of the service, the fee structure for the engagement, and any side letter or
amendment to the engagement letter, or any other agreement between the Auditor
and the audit client, relating to the service; and (ii) any compensation
arrangement or other agreement between the Auditor and any person (other than
the audit client) with respect to the promoting, marketing, or recommending of a
transaction covered by the service. The Auditor will discuss with the Audit
Committee the potential effects of the services on the Auditor’s independence
and will document the substance of the discussion.
Non-audit
services pursuant to the de minimis exception provided by the SEC Rules will be
promptly brought to the attention of the Audit Committee for approval, including
documentation that each of the conditions for this exception, as set forth in
the SEC Rules, has been satisfied.
On
at least an annual basis, the Auditor will prepare a summary of all the services
provided to any entity in the investment company complex as defined in section
2-01(f)(14) of Regulation S-X in sufficient detail as to the nature of the
engagement and the fees associated with those services.
The
Audit Committee has designated the Funds’ Treasurer to monitor the performance
of all services provided by the Auditor and to ensure such services are in
compliance with these policies and procedures. The Funds’ Treasurer will report
to the Audit Committee on a periodic basis as to the results of such monitoring.
Both the Funds’ Treasurer and management will immediately report to the Chairman
of the Audit Committee any breach of these policies and procedures that comes to
the attention of the Funds’ Treasurer or senior management.
Exhibit
1 to Pre-Approval of Audit and Non-Audit Services Policies and Procedures
Conditionally
Prohibited Non-Audit Services (not prohibited if the Fund can reasonably
conclude that the results of the service would not be subject to audit
procedures in connection with the audit of the Fund’s financial statements)
|
|
• |
|
Bookkeeping
or other services related to the accounting records or financial
statements of the audit client |
|
|
• |
|
Financial
information systems design and implementation |
|
|
• |
|
Appraisal
or valuation services, fairness opinions, or contribution-in-kind reports
|
|
|
• |
|
Actuarial
services |
|
|
• |
|
Internal
audit outsourcing services |
Categorically
Prohibited Non-Audit Services
|
|
• |
|
Management
functions |
|
|
• |
|
Human
resources |
|
|
• |
|
Broker-dealer,
investment adviser, or investment banking services |
|
|
• |
|
Legal
services |
|
|
• |
|
Expert
services unrelated to the audit |
|
|
• |
|
Any
service or product provided for a contingent fee or a commission
|
|
|
• |
|
Services
related to marketing, planning, or opining in favor of the tax treatment
of confidential transactions or aggressive tax position transactions, a
significant purpose of which is tax avoidance |
|
|
• |
|
Tax
services for persons in financial reporting oversight roles at the Fund
|
|
|
• |
|
Any
other service that the Public Company Oversight Board determines by
regulation is impermissible. |
|
(e)(2) |
There were no amounts that were pre-approved
by the Audit Committee pursuant to the de minimis exception under Rule
2-01 of Regulation S-X. |
|
(g) |
In
addition to the amounts shown in the tables above, PwC billed Invesco and
Affiliates aggregate fees of $6,737,000
for the fiscal year
ended October 31, 2025 and $6,466,000
for the fiscal year
ended October 31, 2024 for non-audit services not required to be
pre-approved by the Registrant’s Audit Committee. In total, PwC
billed the Registrant, Invesco and Affiliates aggregate non-audit fees of
$7,934,180 for the fiscal year ended October 31, 2025 and $7,636,180 for
the fiscal year ended October 31,
2024. |
|
(h) |
With
respect to the non-audit services above billed to Invesco and Affiliates
that were not required to be pre-approved by the Registrant’s Audit
Committee, the Audit Committee received information from PwC about such
services, including by way of comparison, that PwC provided audit services
to entities within the Investment Company Complex, as defined by Rule
2-01(f)(14) of Regulation S-X, of approximately $35 million and non-audit
services of approximately $26 million for the fiscal year ended 2025. The
Audit Committee considered this information in evaluating PwC’s
independence. |
Item
5. Audit Committee of Listed Registrants.
(a)
The Registrant has a separately designated Audit Committee established in
accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as
amended, which consists solely of independent trustees. The Audit Committee
members are Marc M. Kole, Joanne Pace, Gary R. Wicker, and Donald H.
Wilson.
(b) Not applicable.
(a)
Investments in securities of unaffiliated issuers is filed under Item 7 of this
Form N-CSR.
(b)
Not applicable.
Item
7. Financial Statements and Financial Highlights for Open-End Management
Investment Companies.
Invesco
Annual Financial Statements and Other Information
|
Invesco
Agriculture Commodity Strategy No K-1 ETF |
|
|
Invesco
Electric Vehicle Metals Commodity Strategy No K-1
ETF |
|
Invesco
Optimum Yield Diversified Commodity Strategy No K-1
ETF |
Table of
Contents
Consolidated
Schedules of Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco
Agriculture Commodity Strategy No K-1 ETF (PDBA)
October
31, 2025
Consolidated
Schedule of Investments(a)
|
|
|
|
Money
Market Funds-93.32% |
Invesco
Premier U.S. Government Money
Portfolio,
Institutional Class, 4.03%(b)(c) |
|
|
|
Invesco
Liquidity Funds PLC, Invesco US Dollar
Liquidity
Portfolio, Agency Class,
4.29%(b)(c) |
|
|
|
TOTAL
INVESTMENTS IN SECURITIES-93.32%
(Cost
$58,942,963) |
|
OTHER
ASSETS LESS LIABILITIES-6.68% |
|
|
|
|
Notes
to Consolidated Schedule of Investments: |
|
|
The
Consolidated Schedule of Investments includes the accounts of the
wholly-owned subsidiary. All inter-company accounts and transactions have
been
eliminated
in consolidations. |
|
|
Affiliated
holding. Affiliated holdings are investments in entities which are under
common ownership or control of Invesco Ltd. or are investments in entities
in
which
the Fund owns 5% or more of the outstanding voting securities. The
table below shows the Fund’s transactions in, and earnings from, its
investments in
affiliates
for the fiscal year ended October 31,
2025. |
|
|
|
|
|
Change
in
Unrealized
Appreciation |
|
|
|
Investments
in
Affiliated
Money
Market
Funds: |
|
|
|
|
|
|
|
Invesco
Premier
U.S.
Government Money
Portfolio,
Institutional
Class |
|
|
|
|
|
|
|
Invesco
Liquidity Funds
PLC,
Invesco US Dollar
Liquidity
Portfolio,
Institutional
Class |
|
|
|
|
|
|
|
Invesco
Liquidity Funds
PLC,
Invesco US Dollar
Liquidity
Portfolio, Agency
Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
rate shown is the 7-day SEC standardized yield as of October 31,
2025. |
Open
Futures Contracts(a)
|
|
|
|
|
|
|
Unrealized
Appreciation
(Depreciation) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
accompanying Notes to Consolidated Financial Statements which are an integral
part of the consolidated financial statements.
Invesco
Agriculture Commodity Strategy No K-1 ETF (PDBA)—(continued)
October
31, 2025
Open
Futures Contracts(a)—(continued) |
Long
Futures Contracts—(continued) |
|
|
|
|
Unrealized
Appreciation
(Depreciation) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
contracts collateralized by $3,832,789 cash held with Morgan Stanley &
Co. LLC, the futures commission
merchant. |
See
accompanying Notes to Consolidated Financial Statements which are an integral
part of the consolidated financial statements.
Invesco
Electric Vehicle Metals Commodity Strategy No K-1 ETF (EVMT)
October
31, 2025
Consolidated
Schedule of Investments(a)
|
|
|
|
Money
Market Funds-91.27% |
Invesco
Premier U.S. Government Money
Portfolio,
Institutional Class, 4.03%(b)(c) |
|
|
|
Invesco
Liquidity Funds PLC, Invesco US Dollar
Liquidity
Portfolio, Agency Class, 4.29%(b)(c) |
|
|
|
TOTAL
INVESTMENTS IN SECURITIES-91.27%
(Cost
$7,176,092) |
|
OTHER
ASSETS LESS LIABILITIES-8.73% |
|
|
|
|
Notes
to Consolidated Schedule of Investments: |
|
|
The
Consolidated Schedule of Investments includes the accounts of the
wholly-owned subsidiary. All inter-company accounts and transactions have
been
eliminated
in consolidations. |
|
|
Affiliated
holding. Affiliated holdings are investments in entities which are under
common ownership or control of Invesco Ltd. or are investments in entities
in
which
the Fund owns 5% or more of the outstanding voting securities. The
table below shows the Fund’s transactions in, and earnings from, its
investments in
affiliates
for the fiscal year ended October 31,
2025. |
|
|
|
|
|
Change
in
Unrealized
Appreciation |
|
|
|
Investments
in Affiliated
Money
Market Funds: |
|
|
|
|
|
|
|
Invesco
Premier
U.S.
Government Money
Portfolio,
Institutional
Class |
|
|
|
|
|
|
|
Invesco
Liquidity Funds
PLC,
Invesco US Dollar
Liquidity
Portfolio,
Institutional
Class |
|
|
|
|
|
|
|
Invesco
Liquidity Funds
PLC,
Invesco US Dollar
Liquidity
Portfolio, Agency
Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
rate shown is the 7-day SEC standardized yield as of October 31,
2025. |
Open
Futures Contracts(a)
|
|
|
|
|
|
|
Unrealized
Appreciation
(Depreciation) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lithium
Hydroxide Fastmarkets |
|
|
|
|
|
Lithium
Hydroxide Fastmarkets |
|
|
|
|
|
Lithium
Hydroxide Fastmarkets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
contracts collateralized by $284,175 cash held with Morgan Stanley &
Co. LLC, the futures commission
merchant. |
See
accompanying Notes to Consolidated Financial Statements which are an integral
part of the consolidated financial statements.
Invesco
Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC)
October
31, 2025
Consolidated
Schedule of Investments(a)
|
|
|
|
Money
Market Funds-94.31% |
Invesco
Premier U.S. Government
Money
Portfolio, Institutional Class,
4.03%(b)(c) |
|
|
|
Invesco
Liquidity Funds PLC, Invesco US
Dollar
Liquidity Portfolio, Agency
Class,
4.29%(b)(c) |
|
|
|
TOTAL
INVESTMENTS IN SECURITIES-94.31%
(Cost
$4,250,150,594) |
|
OTHER
ASSETS LESS LIABILITIES-5.69% |
|
|
|
|
Notes
to Consolidated Schedule of Investments: |
|
|
The
Consolidated Schedule of Investments includes the accounts of the
wholly-owned subsidiary. All inter-company accounts and transactions have
been
eliminated
in consolidations. |
|
|
Affiliated
holding. Affiliated holdings are investments in entities which are under
common ownership or control of Invesco Ltd. or are investments in entities
in
which
the Fund owns 5% or more of the outstanding voting securities. The
table below shows the Fund’s transactions in, and earnings from, its
investments in
affiliates
for the fiscal year ended October 31,
2025. |
|
|
|
|
|
Change
in
Unrealized
Appreciation |
|
|
|
Investments
in
Affiliated
Money
Market
Funds: |
|
|
|
|
|
|
|
Invesco
Premier
U.S.
Government
Money
Portfolio,
Institutional
Class |
|
|
|
|
|
|
|
Invesco
Liquidity
Funds
PLC, Invesco
US
Dollar Liquidity
Portfolio,
Institutional
Class |
|
|
|
|
|
|
|
Invesco
Liquidity
Funds
PLC, Invesco
US
Dollar Liquidity
Portfolio,
Agency
Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
rate shown is the 7-day SEC standardized yield as of October 31,
2025. |
Open
Futures Contracts(a)
|
|
|
|
|
|
|
Unrealized
Appreciation
(Depreciation) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
accompanying Notes to Consolidated Financial Statements which are an integral
part of the consolidated financial statements.
Invesco
Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC)—(continued)
October
31, 2025
Open
Futures Contracts(a)—(continued) |
Long
Futures Contracts—(continued) |
|
|
|
|
Unrealized
Appreciation
(Depreciation) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
contracts collateralized by $98,235,768 cash held with Morgan Stanley
& Co. LLC, the futures commission
merchant. |
Open
Over-The-Counter Total Return Swap Agreements(a)
|
|
|
|
|
|
|
|
|
Upfront
Payments
Paid
(Received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BNP Enhanced
OPY Basket
BCKTOPY1 |
|
|
|
|
|
|
|
|
|
|
|
Citigroup
Global Markets Limited
Commodity
Index |
|
|
|
|
|
|
|
|
Goldman
Sachs
International |
|
Goldman Sachs
Managed
Commodity
Strategy GSEBA001 |
|
|
|
|
|
|
|
|
|
|
|
J.P.
Morgan Excess Return
JMCUINVE
Index |
|
|
|
|
|
|
|
|
|
|
Macquarie
MQCP322E Managed
Futures
Index |
|
|
|
|
|
|
|
|
Merrill
Lynch
International |
|
Merrill
Lynch MLBXIVMB Excess
Return
Index |
|
|
|
|
|
|
|
|
Morgan
Stanley
Capital
Services
LLC |
|
Morgan Stanley
MSCYIZ02 Index |
|
|
|
|
|
|
|
|
|
|
|
RBC
Enhanced Commodity PS01
Index |
|
|
|
|
|
|
|
|
Total
- Total Return Swap Agreements |
|
|
|
|
|
|
|
|
Open
Over-The-Counter Total Return Swap Agreements are collateralized by cash
held with the swap Counterparties in the amount of
$60,970,000. |
|
|
The
Fund receives or pays payments based on any positive or negative return on
the Reference Entity, respectively. |
|
|
The
Reference Entity Components tables below include additional information
regarding the underlying components of certain reference entities that are
not
publicly
available. |
See
accompanying Notes to Consolidated Financial Statements which are an integral
part of the consolidated financial statements.
Invesco
Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC)—(continued)
October
31, 2025
Reference
Entity Components |
|
|
|
|
BNP
Enhanced OPY Basket
BCKTOPY1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup
Global Markets
Limited
Commodity Index |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
accompanying Notes to Consolidated Financial Statements which are an integral
part of the consolidated financial statements.
Invesco
Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC)—(continued)
October
31, 2025
Reference
Entity Components—(continued) |
|
|
|
|
Goldman
Sachs Managed
Commodity
Strategy
GSEBA001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPMorgan
Excess Return
JMCUINVE
Index |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
accompanying Notes to Consolidated Financial Statements which are an integral
part of the consolidated financial statements.
Invesco
Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC)—(continued)
October
31, 2025
Reference
Entity Components—(continued) |
|
|
|
|
Macquarie
MQCP322E
Managed
Futures Index |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merrill
Lynch MLBXIVMB
Excess
Return Index |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
accompanying Notes to Consolidated Financial Statements which are an integral
part of the consolidated financial statements.
Invesco
Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC)—(continued)
October
31, 2025
Reference
Entity Components—(continued) |
|
|
|
|
Morgan
Stanley MSCYIZ02
Index |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RBC
Enhanced Commodity
PS01
Index |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
See
accompanying Notes to Consolidated Financial Statements which are an integral
part of the consolidated financial statements.
Consolidated
Statements of Assets and Liabilities
|
|
Invesco
Agriculture
Commodity
Strategy
No
K-1 ETF
(PDBA) |
Invesco
Electric
Vehicle
Metals
Commodity
Strategy
No
K-1 ETF
(EVMT) |
Invesco
Optimum
Yield
Diversified
Commodity
Strategy
No
K-1 ETF
(PDBC) |
|
|
|
|
|
Affiliated
investments in securities, at value |
|
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|
Unrealized
appreciation on LME futures contracts |
|
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Unrealized
appreciation on swap agreements — OTC |
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Cash
collateral-futures contracts |
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Cash
collateral-OTC derivatives |
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Variation
margin on futures contracts |
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Accrued
unitary management fees |
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Shares
of beneficial interest |
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Shares
outstanding (unlimited amount authorized, $0.01 par
value) |
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Affiliated
investments in securities, at cost |
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|
See
accompanying Notes to Consolidated Financial Statements which are an integral
part of the consolidated financial statements.
Consolidated
Statements of Operations
For the year ended
October 31, 2025
|
|
Invesco
Agriculture
Commodity
Strategy
No
K-1 ETF
(PDBA) |
Invesco
Electric
Vehicle
Metals
Commodity
Strategy
No
K-1 ETF
(EVMT) |
Invesco
Optimum
Yield
Diversified
Commodity
Strategy
No
K-1 ETF
(PDBC) |
|
|
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|
|
Unaffiliated
interest income |
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Affiliated
dividend income |
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Realized
and unrealized gain (loss) from: |
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|
|
Net
realized gain (loss) from: |
|
|
|
Unaffiliated
investment securities |
|
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Change
in net unrealized appreciation (depreciation) of: |
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Unaffiliated
investment securities |
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Change
in net unrealized appreciation (depreciation) |
|
|
|
Net
realized and unrealized gain (loss) |
|
|
|
Net
increase in net assets resulting from operations |
|
|
|
See
accompanying Notes to Consolidated Financial Statements which are an integral
part of the consolidated financial statements.
Consolidated
Statements of Changes in Net Assets
For the years ended
October 31, 2025 and 2024
|
|
Invesco
Agriculture
Commodity
Strategy
No
K-1 ETF (PDBA) |
Invesco
Electric
Vehicle
Metals
Commodity
Strategy
No
K-1 ETF (EVMT) |
Invesco
Optimum Yield
Diversified
Commodity Strategy
No
K-1 ETF (PDBC) |
|
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|
Change
in net unrealized appreciation (depreciation) |
|
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|
|
Net
increase (decrease) in net assets resulting from
operations |
|
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|
|
Distributions
to Shareholders from: |
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|
|
Shareholder
Transactions: |
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|
|
Proceeds
from shares sold |
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|
|
Value
of shares repurchased |
|
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|
Net
increase (decrease) in net assets resulting from
share
transactions |
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|
Net
increase (decrease) in net assets |
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Changes
in Shares Outstanding: |
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Shares
outstanding, beginning of year |
|
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|
Shares
outstanding, end of year |
|
|
|
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|
|
See
accompanying Notes to Consolidated Financial Statements which are an integral
part of the consolidated financial statements.
Consolidated
Financial Highlights
Invesco Agriculture
Commodity Strategy No K-1 ETF (PDBA)
|
|
|
For
the Period
August
22, 2022(a)
Through
October
31,
2022 |
|
|
|
|
|
Per
Share Operating Performance: |
|
|
|
|
Net
asset value at beginning of period |
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
|
|
Total
from investment operations |
|
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|
|
Distributions
to shareholders from: |
|
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|
|
|
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|
|
|
Net
asset value at end of period |
|
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|
|
Market
price at end of period(d) |
|
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|
|
Net
Asset Value Total Return(e) |
|
|
|
|
Market
Price Total Return(e) |
|
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|
|
Ratios/Supplemental
Data: |
|
|
|
|
Net
assets at end of period (000’s omitted) |
|
|
|
|
Ratio
to average net assets of: |
|
|
|
|
Expenses,
after Waivers(g) |
|
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|
|
Expenses,
prior to Waivers(g) |
|
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|
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|
|
Commencement
of investment operations. |
|
|
Based
on average shares outstanding. |
|
|
Net
realized and unrealized gain (loss) on investments per share may not
correlate with the Fund’s net realized and unrealized gain (loss) due to
timing of
shareholder
transactions in relation to the fluctuating market values of the Fund’s
investments. |
|
|
The
mean between the last bid and ask prices. |
|
|
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. |
|
|
The
net asset value total return from Fund Inception (August 24, 2022, the
first day of trading on the exchange) to October 31, 2022 was (3.41)%. The
market
price
total return from Fund Inception to October 31, 2022 was
(3.57)%. |
|
|
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. |
|
|
|
See
accompanying Notes to Consolidated Financial Statements which are an integral
part of the consolidated financial statements.
Consolidated
Financial Highlights—(continued)
Invesco Electric
Vehicle Metals Commodity Strategy No K-1 ETF (EVMT)
|
|
|
For
the Period
April
25, 2022(a)
Through
October
31,
2022 |
|
|
|
|
|
Per
Share Operating Performance: |
|
|
|
|
Net
asset value at beginning of period |
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
|
|
Total
from investment operations |
|
|
|
|
Distributions
to shareholders from: |
|
|
|
|
|
|
|
|
|
|
Net
asset value at end of period |
|
|
|
|
Market
price at end of period(c) |
|
|
|
|
Net
Asset Value Total Return(d) |
|
|
|
|
Market
Price Total Return(d) |
|
|
|
|
Ratios/Supplemental
Data: |
|
|
|
|
Net
assets at end of period (000’s omitted) |
|
|
|
|
Ratio
to average net assets of: |
|
|
|
|
Expenses,
after Waivers(f) |
|
|
|
|
Expenses,
prior to Waivers(f) |
|
|
|
|
|
|
|
|
|
|
|
|
Commencement
of investment operations. |
|
|
Based
on average shares outstanding. |
|
|
The
mean between the last bid and ask prices. |
|
|
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. |
|
|
The
net asset value total return from Fund Inception (April 27, 2022, the
first day of trading on the exchange) to October 31, 2022 was (31.50)%.
The market
price
total return from Fund Inception to October 31, 2022 was
(32.09)%. |
|
|
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. |
|
|
|
See
accompanying Notes to Consolidated Financial Statements which are an integral
part of the consolidated financial statements.
Consolidated
Financial Highlights—(continued)
Invesco Optimum
Yield Diversified Commodity Strategy No K-1 ETF (PDBC)
|
|
|
|
|
|
|
|
|
Per
Share Operating Performance: |
|
|
|
|
|
Net
asset value at beginning of year |
|
|
|
|
|
Net
investment income (loss)(a) |
|
|
|
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
|
|
|
Total
from investment operations |
|
|
|
|
|
Distributions
to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value at end of year |
|
|
|
|
|
Market
price at end of year(c) |
|
|
|
|
|
Net
Asset Value Total Return(d) |
|
|
|
|
|
Market
Price Total Return(d) |
|
|
|
|
|
Ratios/Supplemental
Data: |
|
|
|
|
|
Net
assets at end of year (000’s omitted) |
|
|
|
|
|
Ratio
to average net assets of: |
|
|
|
|
|
Expenses,
after Waivers(e) |
|
|
|
|
|
Expenses,
prior to Waivers(e) |
|
|
|
|
|
Net
investment income (loss) |
|
|
|
|
|
|
|
Based
on average shares outstanding. |
|
|
Amount
represents less than $(0.005). |
|
|
The
mean between the last bid and ask prices. |
|
|
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. |
|
|
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. |
|
|
The
ratio has been revised to correct for misstatement in the previously
issued October 31, 2023 financial statements. The ratio was previously
reported as
0.71%. |
See
accompanying Notes to Consolidated Financial Statements which are an integral
part of the consolidated financial statements.
Notes
to Consolidated Financial Statements
Invesco Actively
Managed Exchange-Traded Commodity Fund Trust
October 31,
2025
Invesco Actively
Managed Exchange-Traded Commodity Fund Trust (the “Trust”) was organized as a
Delaware statutory trust and is authorized to
have multiple series of portfolios. Each portfolio (each, a “Fund”, and
collectively, the “Funds”) represents a separate series of
the Trust. The Trust is an open-end management investment company registered
under the Investment Company Act of 1940,
as amended (the “1940 Act”). This report includes the following Funds and their
respective wholly-owned subsidiaries (each,
a "Subsidiary") organized under the laws of the Cayman Islands:
|
|
|
|
Invesco
Agriculture Commodity Strategy No K-1
ETF
(PDBA) |
"Agriculture
Commodity Strategy No K-1 ETF" |
|
Invesco
Electric Vehicle Metals Commodity
Strategy
No K-1 ETF (EVMT) |
"Electric
Vehicle Metals Commodity Strategy No
K-1
ETF" |
Invesco
Electric Vehicle Metals Commodity
Strategy
No K-1 Cayman Ltd. |
Invesco
Optimum Yield Diversified Commodity
Strategy
No K-1 ETF (PDBC) |
"Optimum
Yield Diversified Commodity Strategy
No
K-1 ETF" |
Invesco
Optimum Yield Diversified Commodity
Strategy
No K-1 Cayman Ltd. |
The
shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each
Fund’s Shares are listed and traded on The Nasdaq Stock Market
LLC.
The
market price of each Share may differ to some degree from a Fund’s net asset
value (“NAV”). Unlike conventional mutual funds, each Fund
issues and redeems Shares on a continuous basis, at NAV, only in a large
specified number of Shares, each called a “Creation
Unit”, as set forth in each Fund’s prospectus. Creation Units are issued and
redeemed principally in exchange for the deposit or
delivery of cash, though each Fund reserves the right to issue and redeem
Creation Units in exchange for a basket of securities
("Deposit Securities"). Except when aggregated in Creation Units by authorized
participants (“APs”), the Shares are not
individually redeemable securities of the Funds.
Each
Fund’s investment objective is to seek long-term capital appreciation.
Agriculture Commodity Strategy No K-1 ETF seeks to achieve its
investment objective by investing in financial instruments that provide economic
exposure to the agriculture markets through investment
in its Subsidiary. Electric Vehicle Metals Commodity Strategy No K-1 ETF seeks
to achieve its investment objective by
investing in financial instruments that provide economic exposure to the metals
markets through investment in its Subsidiary. Optimum
Yield Diversified Commodity Strategy No K-1 ETF seeks to achieve its investment
objective by investing in financial
instruments that provide economic exposure to the commodities markets through
investment in its Subsidiary. Each Fund may invest up to 25%
of its total assets in its Subsidiary.
NOTE
2—Significant
Accounting Policies
The following is a
summary of the significant accounting policies followed by the Funds in
preparation of their consolidated financial
statements.
Each
Fund is an investment company and accordingly follows the investment company
accounting and reporting guidance in accordance with
Financial Accounting Standards Board ("FASB") Accounting Standards
Codification Topic 946, Financial
Services—Investment
Companies.
A.
Security
Valuation - Securities,
including restricted securities, are valued according to the following
policies:
A
security listed or traded on an exchange is generally valued at its trade price
or official closing price that day as of the close of the
exchange where the security is principally traded or, lacking any trades or
official closing price on a particular day, the security may be
valued at the closing bid or ask price on that day. Securities traded in the
over-the-counter ("OTC") market
are valued based on prices furnished by independent pricing services or market
makers. When such securities are valued using
prices provided by an independent pricing service they may be considered fair
valued. Futures contracts are valued at the daily
settlement price set by an exchange on which they are principally traded. Where
a final settlement price exists,
exchange-traded options are valued at the final settlement price from the
exchange where the option principally trades. Where a final
settlement price does not exist, exchange-traded options are valued at the mean
between the last bid and ask price generally from
the exchange where the option principally trades.
Securities
of investment companies that are not exchange-traded (e.g., open-end mutual
funds) are valued using such company’s
end-of-business-day NAV per share.
Deposits, other
obligations of U.S. and non-U.S. banks and financial institutions are valued at
their daily account value.
Fixed
income securities (including convertible debt securities) generally are valued
on the basis of prices provided by independent pricing
services. Prices provided by the pricing service may be determined without
exclusive reliance on quoted prices, and may
reflect appropriate factors such as institution-size trading in similar groups
of securities, developments related
to specific
securities, dividend rate (for unlisted equities), yield (for debt obligations),
quality, type of issue, coupon rate (for debt obligations),
maturity (for debt obligations), individual trading characteristics and other
market data. Securities with a demand feature
exercisable within one to seven days are valued at par. Pricing services
generally value debt obligations assuming orderly
transactions of institutional round lot size, but a Fund may hold or transact in
the same securities in smaller, odd lot sizes. Odd
lots often trade at lower prices than institutional round lots, and their value
may be adjusted accordingly. Debt obligations are
subject to interest rate and credit risks. In addition, all debt obligations
involve some risk of default with respect to interest
and/or principal payments.
Foreign
securities’ (including foreign exchange contracts’) prices are converted into
U.S. dollar amounts using the applicable exchange rates as of
the close of the London world markets. If market quotations are available and
reliable for foreign exchange-traded
equity securities, the securities will be valued at the market quotations.
Invesco Capital Management LLC (the “Adviser”) may use
various pricing services to obtain market quotations as well as fair value
prices. Because trading hours for certain foreign
securities end before the close of the New York Stock Exchange (“NYSE”), closing
market quotations may become not
representative of market value in the Adviser’s judgment ("unreliable"). If,
between the time trading ends on a particular security
and the close of the customary trading session on the NYSE, a significant event
occurs that makes the closing price of the
security unreliable, the Adviser may fair value the security. If the event is
likely to have affected the closing price of the
security, the security will be valued at fair value in good faith in accordance
with Board-approved policies and related Adviser
procedures (“Valuation Procedures”). Adjustments to closing prices to reflect
fair value may also be based on a screening process
of an independent pricing service to indicate the degree of certainty, based on
historical data, that the closing price in the
principal market where a foreign security trades is not the current value as of
the close of the NYSE. Foreign securities’
prices meeting the degree of certainty that the price is not reflective of
current value will be priced at the indication of fair
value from the independent pricing service. Multiple factors may be considered
by the independent pricing service in
determining adjustments to reflect fair value and may include information
relating to sector indices, American depositary receipts
and domestic and foreign index futures. Foreign securities may have additional
risks including exchange rate changes, the
potential for sharply devalued currencies and high inflation, political and
economic upheaval, the relative lack of issuer
information, relatively low market liquidity and the potential lack of strict
financial and accounting controls and standards.
Swap
agreements are fair valued using an evaluated quote, if available, provided by
an independent pricing service. Evaluated quotes
provided by the pricing service are valued based on a model which may include
end-of-day net present values, spreads,
ratings, industry, company performance and returns of referenced assets.
Centrally cleared swap agreements are valued at the
daily settlement price determined by the relevant exchange or
clearinghouse.
Unlisted
securities will be valued using prices provided by independent pricing services
or by another method that the Adviser, in its
judgment, believes better reflects the security’s fair value in accordance with
the Valuation Procedures.
Non-traded
rights and warrants shall be valued at intrinsic value if the terms of the
rights and warrants are available, specifically the
subscription or exercise price and the ratio. Intrinsic value is calculated as
the daily market closing price of the security to be
received less the subscription price, which is then adjusted by the exercise
ratio. In the case of warrants, an option pricing model
supplied by an independent pricing service may be used based on market data such
as volatility, stock price and interest
rate from the independent pricing service and strike price and exercise period
from verified terms.
Securities
for which market prices are not provided by any of the above methods may be
valued based upon quotes furnished by
independent sources. The mean between the last bid and ask prices may be used to
value debt obligations, including corporate
loans, and unlisted equity securities.
Securities
for which market quotations are not readily available are fair valued by the
Adviser in accordance with the Valuation
Procedures. If a fair value price provided by a pricing service is unreliable,
the Adviser will fair value the security using the Valuation
Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and
information providers and other market
data may be reviewed in the course of making a good faith determination of a
security’s fair value.
Each
Fund may invest in securities that are subject to interest rate risk, meaning
the risk that the prices will generally fall as interest rates rise
and, conversely, the prices will generally rise as interest rates fall. Specific
securities differ in their sensitivity to changes in
interest rates depending on their individual characteristics. Changes in
interest rates may result in increased market volatility,
which may affect the value and/or liquidity of certain Fund
investments.
Valuations
change in response to many factors, including the historical and prospective
earnings of the issuer, the value of the issuer’s assets,
general market conditions which are not specifically related to the particular
issuer, such as real or perceived adverse
economic conditions, changes in the general outlook for revenues or corporate
earnings, changes in interest or currency
rates, regional or global instability, natural or environmental disasters,
widespread disease or other public health issues, war,
military conflicts, acts of terrorism, economic crises, economic sanctions and
tariffs, significant governmental actions
or adverse investor sentiment generally and market liquidity. Because of the
inherent uncertainties of valuation, the
values reflected in the consolidated financial statements may materially
differ from the value received upon actual sale of those
investments.
The
price a Fund could receive upon the sale of any investment may differ from the
Adviser’s valuation of the investment, particularly for
securities that are valued using a fair valuation technique. When fair valuation
techniques are applied, the Adviser uses
available information, including both observable and unobservable inputs and
assumptions, to determine a
methodology that
will result in a valuation that the Adviser believes approximates market value.
Fund securities that are fair valued may be
subject to greater fluctuation in their value from one day to the next than
would be the case if market quotations were
used. Because of the inherent uncertainties of valuation, and the degree of
subjectivity in such decisions, a Fund could realize a
greater or lesser than expected gain or loss upon the sale of the
investment.
B.
Investment
Transactions and Investment Income - Investment
transactions are accounted for on a trade date basis. Realized gains and
losses from the sale or disposition of securities are computed on the specific
identified cost basis. Interest income is recorded
on an accrual basis from settlement date and includes coupon interest and
amortization of premium and accretion of
discount on debt securities as applicable. Pay-in-kind interest income and
non-cash dividend income received in the form of
securities in lieu of cash are recorded at the fair value of the securities
received. Dividend income (net of withholding tax, if
any) is recorded on the ex-dividend date. Realized gains, dividends and interest
received by a Fund may give rise to withholding
and other taxes imposed by foreign countries. Tax conventions between certain
countries and the United States may
reduce or eliminate such taxes.
The
Funds may periodically participate in litigation related to a Fund’s
investments. As such, the Funds may receive proceeds from
litigation settlements. Any proceeds received are included in the Consolidated
Statements of Operations as realized gain (loss)
for investments no longer held and as unrealized gain (loss) for investments
still held.
C.
Country
Determination - For the purposes
of presentation in the Consolidated Schedules of Investments, the Adviser may
determine the
country in which an issuer is located and/or credit risk exposure based on
various factors. These factors may include the laws of
the country under which the issuer is organized, where the issuer maintains a
principal office, the country in which the issuer
derives 50% or more of its total revenues, the country that has the primary
market for the issuer’s securities and its
"country of risk" as determined by a third party service provider, as well as
other criteria. Among the other criteria that may be
evaluated for making this determination are the country in which the issuer
maintains 50% or more of its assets, the type of
security, financial guarantees and enhancements, the nature of the collateral
and the sponsor organization. Country of issuer
and/or credit risk exposure has been determined to be the United States of
America, unless otherwise noted.
D.
Dividends
and Distributions to Shareholders - Each Fund declares
and pays dividends from net investment income, if any, to its shareholders
annually and records such dividends on the ex-dividend date. Generally, each
Fund distributes net realized taxable capital
gains, if any, annually in cash and records them on the ex-dividend date. Such
distributions on a tax basis are determined in
conformity with federal income tax regulations, which may differ from accounting
principles generally accepted in the United States
of America ("GAAP"). Distributions in excess of tax basis earnings and profits,
if any, are reported in such Fund’s
consolidated financial statements as a tax return of capital at fiscal
year-end.
E.
Federal
Income Taxes - Each Fund intends
to comply with the provisions of the Internal Revenue Code of 1986, as amended
(the
“Internal Revenue Code”), applicable to regulated investment companies and to
distribute substantially all of the Fund’s taxable earnings to
its shareholders. As such, the Funds will not be subject to federal income taxes
on otherwise taxable income (including
net realized gains) that is distributed to the shareholders. Therefore, no
provision for federal income taxes is recorded in the
consolidated financial statements.
Each
Fund recognizes the tax benefits of uncertain tax positions only when the
position is more likely than not to be sustained.
Management has analyzed each Fund’s uncertain tax positions and concluded that
no liability for unrecognized tax benefits should be
recorded related to uncertain tax positions. Management is not aware of any tax
positions for which it is reasonably possible
that the total amounts of unrecognized tax benefits will change materially in
the next 12 months.
Each Subsidiary
is classified as a controlled foreign corporation under Subchapter N of the
Internal Revenue Code. Therefore, each Fund
is required to increase its taxable income by its share of its Subsidiary’s
income. Net investment losses of each Subsidiary
cannot be deducted by each Fund in the current period nor carried forward to
offset taxable income in future
periods.
Income
and capital gain distributions are determined in accordance with federal income
tax regulations, which may differ from GAAP. These
differences are primarily due to differing book and tax treatments for in-kind
transactions, losses deferred due to wash sales,
and passive foreign investment company adjustments, if any.
The
Funds file U.S. federal tax returns and tax returns in certain other
jurisdictions. Generally, a Fund is subject to examinations by such
taxing authorities for up to three years after the filing of the return for the
tax period.
F.
Expenses - Each Fund has
agreed to pay an annual unitary management fee to the Adviser. Out of the
unitary management fee, the Adviser
pays for substantially all expenses of the Funds, including the costs of
transfer agency, custody, fund administration,
legal, audit and other services, except for distribution fees, if any, brokerage
expenses, taxes, interest, acquired fund fees
and expenses, if any, litigation expenses and other extraordinary expenses,
including proxy expenses (except for such
proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the
election of any Board member who is an
“interested person” of the Trust or the Adviser (an "Interested Trustee"), or
(iii) any other matters that directly benefit the
Adviser).
Expenses
of the Trust that are excluded from a Fund’s unitary management fee and are
directly identifiable to a specific Fund are applied to
that Fund. Expenses of the Trust that are excluded from a Fund’s unitary
management fee and are not readily identifiable
to a specific Fund are allocated in such a manner as deemed equitable, taking
into consideration the nature and type of expense
and the relative net assets of each Fund.
To
the extent a Fund invests in other investment companies, the expenses shown in
the accompanying consolidated financial
statements reflect the expenses of the Fund and do not include any expenses of
the investment companies in which
it invests. The effects of such investment companies’ expenses are included in
the realized and unrealized gain or loss on the
investments in the investment companies.
G.
Accounting
Estimates - The preparation of
the consolidated financial statements in accordance with GAAP requires
management to make
estimates and assumptions that affect the reported amounts and disclosures in
the consolidated financial
statements, including estimates and assumptions related to taxation. Actual
results could differ from these estimates. All inter-company
accounts and transactions have been eliminated in consolidation. In addition,
the Funds monitor for material events or
transactions that may occur or become known after the period-end date and before
the date the consolidated financial statements
are released to print.
H.
Indemnifications
- Under
the Trust’s organizational documents, its Officers and Trustees are indemnified
against certain liabilities arising
out of the performance of their duties to the Trust. Also, under each
Subsidiary’s organizational documents, the directors and
officers of the Subsidiary are indemnified against certain liabilities that may
arise out of the performance of their duties to the
Fund and/or the Subsidiary, respectively. Each Board member who is not an
“interested person” (as defined in the 1940 Act) of
the Trust or the Adviser (each, an “Independent Trustee”) is also
indemnified against certain liabilities arising out of the
performance of their duties to the Trust pursuant to an Indemnification
Agreement between such trustee and the Trust.
Additionally, in the normal course of business, the Trust enters into contracts
with service providers that contain general
indemnification clauses. The Trust’s maximum exposure under these arrangements
is unknown, as this would involve future
claims that may be made against the Trust that have not yet occurred. The risk
of material loss as a result of such indemnification
claims is considered remote.
I.
Segment
Reporting — In November 2023,
the FASB issued Accounting Standards Update 2023-07, Segment Reporting
(Topic
280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), with the
intent of improving reportable segment disclosure
requirements, primarily through enhanced disclosures about significant segment
expenses, allowing financial statement
users to better understand the components of a segment’s profit or loss and
assess potential future cash flows for each
reportable segment and the entity as a whole, thereby enabling better
understanding of how an entity’s segments impact
overall performance. Each Fund represents a single operating segment. Subject to
the oversight and, when applicable, approval
of the Board of Trustees, the Adviser acts as the Funds’ chief operating
decision maker (“CODM”), assessing
performance and making decisions about resource allocation within each Fund. The
CODM monitors the operating results as a whole,
and each Fund’s long-term strategic asset allocation is determined in accordance
with the terms of its prospectus based on
a defined investment strategy. The financial information provided to and
reviewed by the CODM is consistent with that
presented in the Funds’ consolidated financial statements. Adoption of the
new standard impacted the Funds’ consolidated
financial statement notes disclosures only and did not affect the Funds’
financial position or the results of its
operations.
J.
Futures
Contracts - The Subsidiaries
invest in commodity-linked futures contracts that generally are representative
of the components of each
Fund’s respective benchmark index. A futures contract is an agreement between
two parties (“Counterparties”)
to purchase or sell a specified underlying commodity or financial instrument for
a specified price at a future date. The
Subsidiaries will only enter into exchange-traded futures contracts that are
standardized as to maturity date and underlying
instrument or asset. Initial margin deposits required upon entering into futures
contracts are satisfied by the segregation of
specific securities or cash as collateral at the futures commission merchant
broker. During the period the futures contracts
are open, changes in the value of the contracts are recognized as unrealized
gains or losses by recalculating the value of the
contracts on a daily basis. Subsequent or variation margin payments can
be received or made on commodity futures contracts
that do not trade on the London Metals Exchange (the “LME”), depending upon
whether unrealized gains or losses are incurred.
These amounts, if any, are reflected as a receivable or payable on the
Consolidated Statements of Assets and Liabilities.
Otherwise, the variation margin excess or deficit can be netted with cash held
at the futures commission merchant broker and
reflected as Cash collateral-futures contracts on the Consolidated Statements of
Assets and Liabilities. For
LME contracts, subsequent or variation margin payments are not made and the
value of the contracts is presented as net
unrealized appreciation (depreciation) on the Consolidated Statements of Assets
and Liabilities. When the contracts are closed
or expire, each Fund recognizes a realized gain or loss equal to the difference
between the proceeds from, or cost of, the
closing transaction and each Fund’s basis in the contract. The net realized gain
(loss) and the change in unrealized gain
(loss) on futures contracts held during the period is included on the
Consolidated Statements of Operations.
For
settlement of LME commodity futures contracts, cash is not transferred until the
settled futures contracts expire. Net realized gains or
losses on LME contracts which have been closed out but for which the contract
has not yet expired are reflected as a
receivable or payable on the Consolidated Statements of Assets and
Liabilities.
The
primary risks associated with futures contracts are market risk, leverage risk
and the absence of a liquid secondary market. If a Fund
were unable to liquidate a futures contract and/or enter into an offsetting
closing transaction, the Fund would continue to be
subject to market risk with respect to the value of the contracts and may be
required to continue to maintain the margin
deposits on the futures contracts until the position expired or matured. Unlike
equities, which typically entitle the holder
to a continuing stake in a corporation, futures contracts normally specify a
certain date for delivery of the underlying asset for
settlement in cash based on the level of the underlying asset. As futures
contracts approach expiration,
they may be replaced
by similar contracts that have a later expiration. This process is referred to
as “rolling”. If the market for these contracts is
in “contango,” meaning that the prices of futures contracts in the nearer months
are lower than the price of contracts in the
distant months, the sale of the near-term month contract would be at a lower
price than the longer-term contract, resulting
in a cost to “roll” the futures contract. The actual realization of a potential
roll cost will depend on the difference in price
of the near and distant contracts. In addition, each Fund may not “roll” futures
contracts on a predefined schedule as they
approach expiration; instead the Adviser may determine to roll to another
futures contract (chosen from a list of tradable
futures with expirations beyond those contained in the Fund’s benchmark index)
in an attempt to generate maximum yield. There
can be no guarantee that such a strategy will produce the desired results. In
addition, futures contracts may be subject to
contractual or other restrictions on resale and may lack readily available
markets for resale. Futures have minimal Counterparty
risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded
futures contracts, guarantees the
futures against default. Risks may exceed amounts recognized in the Consolidated
Statements of Assets and Liabilities.
K.
Swap
Agreements - The
Funds may enter into various swap transactions, including interest rate,
total return, index, currency exchange rate and
credit default swap contracts (“CDS”) for investment purposes (e.g., to gain
exposure to commodities or commodity-related
futures) or to manage interest rate, currency or credit risk. Such
transactions are agreements between Counterparties.
These agreements may contain, among other conditions, events of default and
termination events, and various covenants
and representations such as provisions that require each Fund to maintain a
pre-determined level of net assets, and/or
provide limits regarding the decline of each Fund’s NAV over specific periods of
time. If each Fund were to trigger such
provisions and have open derivative positions at that time, the Counterparty may
be able to terminate such agreement and
request immediate payment in an amount equal to the net liability positions, if
any.
Interest
rate, total return, index and currency exchange rate swap agreements are
two-party contracts entered into primarily to
exchange the returns (or differentials in rates of returns) earned or realized
on particular predetermined investments or
instruments. The gross returns to be exchanged or “swapped” between the parties
are calculated with respect to a notional
amount, i.e., the return on or increase in value of a particular dollar amount
invested at a particular interest rate or return of an
underlying asset, in a particular foreign currency, or in a “basket” of
securities or commodities representing a particular
index.
Changes
in the value of swap agreements are recognized as unrealized gains (losses) in
the Consolidated Statements of Operations by
“marking to market” on a daily basis to reflect the value of the swap agreement
at the end of each trading day. Payments received or
paid at the beginning of the agreement are reflected as such on the Consolidated
Statements of Assets and Liabilities and
may be referred to as upfront payments. The Funds accrue for the fixed
payment stream and amortizes upfront payments, if
any, on swap agreements on a daily basis with the net amount, recorded as a
component of realized gain (loss) on the
Consolidated Statements of Operations. A liquidation payment received or made at
the termination of a swap agreement is
recorded as realized gain (loss) on the Consolidated Statements of Operations.
Cash held as collateral is recorded as deposits
with brokers on the Consolidated Statements of Assets and Liabilities. Entering
into these agreements involves, to varying
degrees, lack of liquidity and elements of credit, market, and counterparty risk
in excess of amounts recognized on the
Consolidated Statements of Assets and Liabilities. Such risks involve the
possibility that a swap is difficult to sell or liquidate,
the Counterparty does not honor its obligations under the agreement and
unfavorable interest rates and market fluctuations,
which could result in a Fund accruing additional expenses. It is possible
that developments in the swaps market, including
potential government regulation, could adversely affect a Fund’s ability to
terminate existing swap agreements or to
realize amounts to be received under such agreements. Additionally, an
International Swaps and Derivatives Association Master
Agreement (“ISDA Master Agreement”) includes credit related contingent features
which allow Counterparties to
OTC derivatives to terminate derivative contracts prior to maturity in the event
that, for example, the Fund’s net assets decline
by a stated percentage or the Fund fails to meet the terms of its ISDA Master
Agreements, which would cause the Fund to
accelerate payment of any net liability owed to the Counterparty.
AP
Concentration Risk. Only APs may
engage in creation or redemption transactions directly with each Fund. Each Fund
has a
limited number of institutions that may act as APs, and such APs have no
obligation to submit creation or redemption orders.
Consequently, there is no assurance that APs will establish or maintain an
active trading market for the Shares. This risk may be
heightened to the extent that securities held by each Fund are traded outside a
collateralized settlement system. In that case, APs
may be required to post collateral on certain trades on an agency basis (i.e.,
on behalf of other market participants), which
only a limited number of APs may be able to do. In addition, to the extent that
APs exit the business or are unable to proceed
with creation and/or redemption orders with respect to each Fund and no other AP
is able to step forward to create or redeem
Creation Units, this may result in a significantly diminished trading market for
Fund Shares, and Shares may be more likely
to trade at a premium or discount to a Fund’s NAV and to face trading halts
and/or delisting. Additionally, to the extent that a
Fund holds non-U.S. securities, such securities may have lower trading volumes
or could experience extended market
closures or trading halts. To the extent that a Fund invests in non-U.S.
securities, it may face increased risks that APs may not be
able to effectively create or redeem Creation Units, or that the Shares may be
halted and/or delisted.
Cash
Transaction Risk. Most
exchange-traded funds ("ETFs") generally make in-kind redemptions to avoid being
taxed on gains on the
distributed portfolio securities at the fund level. However, unlike most ETFs,
each Fund currently intends to effect
creations and
redemptions principally for cash, rather than principally in-kind, due to the
nature of the Fund’s investments. As such, each Fund may
be required to sell portfolio securities to obtain the cash needed to distribute
redemption proceeds. Therefore, a Fund
may recognize a capital gain on these sales and/or incur brokerage fees that
might not have been incurred if the Fund had
made a redemption in-kind, which may decrease the tax efficiency of each Fund
compared to ETFs that utilize an in-kind
redemption process and there may be a substantial difference in the after-tax
rate of return between each Fund and conventional ETFs.
Also, to the extent any transaction costs are not offset by transaction fees
imposed on APs, such costs may decrease a
Fund’s NAV.
Commodity-Linked
Derivatives Risk. Investments linked
to the prices of commodities may be considered speculative. Each Fund’s
significant investment exposure to commodities may subject the Fund to greater
volatility than investments in traditional
securities. Therefore, the value of such instruments may be volatile and
fluctuate widely based on a variety of macroeconomic
factors or commodity-specific factors. At times, price fluctuations may be quick
and significant and may not correlate to price
movements in other asset classes, such as stocks, bonds and
cash.
Commodity
Pool Risk. Each Subsidiary’s
investments in futures contracts have caused it and the Fund to be deemed
commodity pools,
thereby subjecting each of the Subsidiaries and the Funds to regulation under
the Commodity Exchange Act and Commodity
Futures Trading Commission ("CFTC") rules. The Adviser is registered as a
commodity pool operator (“CPO”) and as a commodity
trading advisor (“CTA”), and will manage both the Funds and the
Subsidiaries in accordance with CFTC rules, as well as
the rules that apply to registered investment companies. Registration as a CPO
or CTA subjects the Adviser to additional laws,
regulations and enforcement policies, which could increase compliance costs and
may affect the operations and financial
performance of the Funds or the Subsidiaries. Registration as a commodity pool
may have negative effects on the ability of the
Funds or the Subsidiaries to engage in its planned investment program.
Additionally, the Subsidiaries’ positions in futures
contracts may have to be liquidated at disadvantageous times or prices to
prevent the Funds from exceeding any
applicable position limits established by the CFTC. Such actions may subject the
Funds to substantial losses.
Futures
Contracts Risk. Risks of futures
contracts include: (i) an imperfect correlation between the value of the futures
contract and the
underlying commodity or commodity index; (ii) possible lack of a liquid
secondary market; (iii) the inability to close a futures
contract when desired; (iv) losses caused by unanticipated market movements,
which may be unlimited; (v) an obligation for the
Fund to make daily cash payments to maintain its required margin, particularly
at times when the Fund may have insufficient
cash or must sell securities to meet those margin requirements; (vi) the
possibility that a failure to close a position may result
in the Fund receiving an illiquid commodity; and (vii) unfavorable execution
prices from rapid selling.
Leverage
Risk.
The Subsidiaries may invest in portfolio investments that can give rise to a
form of economic leverage. Leverage
occurs when a Fund’s market exposure exceeds amounts invested. A Fund’s exposure
to derivatives and other investment
techniques can create a leveraging effect on the portfolio. This leverage will
vary over time and may at times be significant.
Engaging in transactions using leverage or those having a leveraging effect
subjects a Fund to certain risks. Leverage can magnify
the effect of any gains or losses, causing a Fund to be more volatile than if it
had not used leverage. A Fund may have a
substantial cash position due to margin and collateral requirements related to a
Fund’s use of derivatives. Such margin and
collateral requirements may limit a Fund’s ability to take advantage of other
investment opportunities, and a Fund also may have
to sell or liquidate a portion of its assets at inopportune times to satisfy
these requirements. This may negatively affect a
Fund’s ability to achieve its investment objective. In addition, a Fund’s assets
that are used as collateral to secure these
transactions may decrease in value while the positions are outstanding, which
may force a Fund to use its other assets to increase
collateral. The use of leverage is considered to be a speculative investment
practice and may result in the loss of a
substantial amount of a Fund’s assets. There is no assurance that a leveraging
strategy will be successful.
Liquidity
Risk.
Liquidity risk exists when a particular investment is difficult to purchase or
sell. If a Fund invests in illiquid securities or
current portfolio securities become illiquid, it may reduce the returns of the
Fund because the Fund may be unable to sell the
illiquid securities at an advantageous time or price.
Management
Risk.
The Funds are subject to management risk because they are actively managed
portfolios. In managing a Fund’s portfolio
holdings, the Adviser applies investment techniques and risk analyses in making
investment decisions for the Funds, but there can
be no guarantee that these actions will produce the desired
results.
Market
Risk.
Securities held by the Funds are subject to market fluctuations. You should
anticipate that the value of the Shares will decline
more or less, in correlation with any decline in value of the securities in
a Fund’s portfolio. Additionally, natural or
environmental disasters, widespread disease or other public health issues, war,
military conflicts, acts of terrorism, economic crises or
other events could result in increased premiums or discounts to each Fund’s NAV.
Certain changes in the U.S. economy in
particular, such as when the U.S. economy weakens or when its financial markets
decline, may have a material adverse
effect on global financial markets as a whole, and on the securities to which a
Fund has exposure. Increasingly
strained relations between the U.S. and foreign countries, including as a result
of economic sanctions and tariffs, may also adversely
affect U.S. issuers, as well as non-U.S. issuers.
During
a general downturn in the financial markets, multiple asset classes may decline
in value. When markets perform well, there can be no
assurance that specific investments held by a Fund will rise in
value.
Pooled
Investment Vehicle Risk. The Funds face the
risk that a pooled investment vehicle will not achieve its investment
objective. The Funds
also are subject to the risks of the underlying commodities in which the pooled
vehicles invest. As a shareholder in such
a vehicle, the Funds will incur duplicative expenses, bearing its share of that
vehicle’s expenses while also
paying its own
advisory and administrative fees. In addition, the Funds will incur brokerage
costs when purchasing and selling shares of pooled
investment vehicles.
Subsidiary
Investment Risk. By investing in
its Subsidiary, each Fund is indirectly exposed to the risks associated with its
respective Subsidiary’s
investments. Each Subsidiary is not registered under the 1940 Act;
therefore each Fund will not receive all of the
protections offered to investors in registered investment companies. Changes in
the laws of the United States and/or
the Cayman Islands could result in the inability of a Fund and/or its Subsidiary
to operate as intended, which may negatively
affect the Fund and its shareholders.
Tax
Risk.
The tax treatment of commodity-linked derivative instruments may be adversely
affected by changes in legislation, regulations or other
legally binding authority. If, as a result of any such adverse action, the
income of a Fund from certain commodity-linked
derivatives was treated as non-qualifying income, a Fund might fail to qualify
as a regulated investment company (“RIC”) and
be subject to federal income tax at the Fund level. As a RIC, a Fund must derive
at least 90% of its gross income for each
taxable year from sources treated as qualifying income under the Internal
Revenue Code. The IRS has issued a number of private
letter rulings to other RICs (upon which only the Fund that received the private
letter ruling can rely), which indicate that
income from a Fund’s investment in certain commodity-linked notes and a wholly
owned foreign subsidiary that invests in
commodity-linked derivatives, such as the Subsidiary, constitutes qualifying
income. However, the portion of such rulings
relating to the treatment of a corporation as a RIC that require a determination
of whether a financial instrument or position is a
security under section 2(a)(36) of the 1940 Act was revoked because of changes
in the IRS’s position. (A financial instrument
or position that constitutes a security under section 2(a)(36) of the 1940 Act
generates qualifying income for a corporation
taxed as a RIC.) Accordingly, a Fund may invest in certain commodity-linked
notes: (a) directly, relying on an opinion of 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 or (b) indirectly through the
Subsidiary. Should the IRS issue further
guidance, or Congress enact legislation, that adversely affects the tax
treatment of a Fund’s use of the Subsidiary (which
guidance might be applied to a Fund retroactively), it could limit a Fund’s
ability to pursue its investment strategy and a Fund
might not qualify as a RIC for one or more years. In this event, a Fund’s Board
may authorize a significant change in investment
strategy or other action. In lieu of potential disqualification, a Fund is
permitted to pay a tax for certain failures to satisfy
the income requirement, which, in general, are limited to those due to
reasonable cause and not willful neglect. A Fund also
may incur transaction and other costs to comply with any new or additional
guidance from the IRS.
Valuation
Risk.
Financial information related to securities of non-U.S. issuers may be less
reliable than information related to securities of U.S.
issuers, which may make it difficult to obtain a current price for a non-U.S.
security held by a Fund. In certain circumstances,
market quotations may not be readily available for some Fund securities, and
those securities may be fair valued. The value
established for a security through fair valuation may be different from what
would be produced if the security had been
valued using market quotations. Fund securities that are valued using techniques
other than market quotations,
including “fair valued” securities, may be subject to greater fluctuations in
their value from one day to the next than would be the
case if market quotations were used. In addition, there is no assurance that a
Fund could sell a portfolio security for the
value established for it at any time, and it is possible that a Fund would incur
a loss because a security is sold at a discount to its
established value.
NOTE
3—Investment
Advisory Agreement and Other Agreements
The Trust has
entered into an Investment Advisory Agreement with the Adviser on behalf of each
Fund, pursuant to which the Adviser has overall
responsibility for the selection and ongoing monitoring of the Funds’
investments, managing the Funds’ business affairs and
providing certain clerical, bookkeeping and other administrative
services.
Pursuant
to the Investment Advisory Agreement, each Fund accrues daily and pays monthly
to the Adviser an annual unitary management fee. Out
of the unitary management fee, the Adviser pays for substantially all expenses
of the Funds, including the costs of transfer
agency, custody, fund administration, legal, audit and other services, except
for distribution fees, if any, brokerage expenses,
taxes, interest, acquired fund fees and expenses, if any, litigation expenses
and other extraordinary expenses, including proxy
expenses (except for such proxies related to: (i) changes to the Investment
Advisory Agreement, (ii) the election of an Interested
Trustee, or (iii) any other matters that directly benefit the Adviser). The
unitary management fee is paid by each Fund to the Adviser
at the following annual rates:
|
|
Unitary
Management Fees
(as
a % of average daily net assets) |
Agriculture
Commodity Strategy No K-1 ETF |
|
Electric
Vehicle Metals Commodity Strategy No K-1 ETF |
|
Optimum
Yield Diversified Commodity Strategy No K-1 ETF |
|
Through
at least August 31, 2027, the Adviser has contractually agreed to waive the
management fee payable by each Fund in an amount equal to
the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an
affiliate of the Adviser that are attributable to the
Fund’s investments in money market funds that are managed by affiliates of the
Adviser and other funds
(including ETFs)
managed by the Adviser or affiliates of the Adviser or (ii) the management fee
available to be waived. There is no guarantee that the
Adviser will extend the waiver of these fees past that date.
For the fiscal year
ended October 31, 2025, the Adviser waived fees for each Fund in the following
amounts:
Agriculture
Commodity Strategy No K-1 ETF |
|
Electric
Vehicle Metals Commodity Strategy No K-1 ETF |
|
Optimum
Yield Diversified Commodity Strategy No K-1 ETF |
|
The
Trust has entered into a Distribution Agreement with Invesco Distributors, Inc.
(the “Distributor”), which serves as the distributor of
Creation Units for each Fund. The Distributor does not maintain a secondary
market in the Shares. The Funds are not charged
any fees pursuant to the Distribution Agreement. The Distributor is an affiliate
of the Adviser.
The
Trust has entered into service agreements whereby The Bank of New York Mellon, a
wholly-owned subsidiary of The Bank of New York Mellon
Corporation, serves as the administrator, custodian, fund accountant and
transfer agent for each Fund.
NOTE
4—Additional
Valuation Information
GAAP defines fair
value as the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market
participants at the measurement date, under current market conditions. GAAP
establishes a hierarchy that prioritizes the
inputs to valuation methods, giving the highest priority to readily available
unadjusted quoted prices in an active market for identical
assets (Level 1) and the lowest priority to significant unobservable inputs
(Level 3), generally when market prices are not
readily available. Based on the valuation inputs, the securities or other
investments are tiered into one of three levels. Changes in
valuation methods may result in transfers in or out of an investment’s assigned
level:
Level 1 — Prices are
determined using quoted prices in an active market for identical
assets.
Level
2 — Prices are determined using other significant observable inputs. Observable
inputs are inputs that other market participants may use
in pricing a security. These may include quoted prices for similar securities,
interest rates, prepayment speeds,
credit risk, yield curves, loss severities, default rates, discount rates,
volatilities and others. When market
movements occur after the close of the relevant foreign securities markets,
foreign securities may be fair valued
utilizing an independent pricing service.
Level
3 — Prices are determined using significant unobservable inputs. In situations
where quoted prices or observable inputs are unavailable (for
example, when there is little or no market activity for an investment at the end
of the period), unobservable inputs
may be used. Unobservable inputs reflect the Adviser’s assumptions about the
factors market participants would
use in determining fair value of the securities or instruments and would be
based on the best available
information.
The
following is a summary of the tiered valuation input levels, as of October 31,
2025. The level assigned to the securities valuations may not
be an indication of the risk or liquidity associated with investing in those
securities. Because of the inherent uncertainties of
valuation, the values reflected in the consolidated financial statements may
materially differ from the value received upon actual
sale of those investments.
|
|
|
|
|
|
Agriculture
Commodity Strategy No K-1 ETF |
|
|
|
|
Investments
in Securities |
|
|
|
|
|
|
|
|
|
|
Other
Investments - Assets* |
|
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|
|
|
|
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|
|
Other
Investments - Liabilities* |
|
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|
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|
|
|
|
|
|
|
|
|
|
Electric
Vehicle Metals Commodity Strategy No K-1 ETF |
|
|
|
|
Investments
in Securities |
|
|
|
|
|
|
|
|
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|
Other
Investments - Assets* |
|
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|
Other
Investments - Liabilities* |
|
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|
|
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|
Optimum
Yield Diversified Commodity Strategy No K-1 ETF |
|
|
|
|
Investments
in Securities |
|
|
|
|
|
|
|
|
|
|
Other
Investments - Assets* |
|
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|
|
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|
Other
Investments - Liabilities* |
|
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Unrealized
appreciation (depreciation). |
NOTE
5—Derivative
Investments
The Funds may enter
into an ISDA Master Agreement under which a Fund may trade OTC derivatives. An
OTC transaction entered into under an ISDA
Master Agreement typically involves a collateral posting arrangement, payment
netting provisions and close-out netting
provisions. These netting provisions allow for reduction of credit risk through
netting of contractual obligations. The enforceability
of the netting provisions of the ISDA Master Agreement depends on the governing
law of the ISDA Master Agreement, among
other factors.
For
financial reporting purposes, the Funds do not offset OTC derivative assets or
liabilities that are subject to ISDA Master Agreements in the
Consolidated Statements of Assets and Liabilities.
Value
of Derivative Investments at Period-End
The table below
summarizes the value of each Fund’s derivative investments, detailed by primary
risk exposure, held as of October 31,
2025:
|
|
|
|
|
Agriculture
Commodity
Strategy
No
K-1 ETF |
Electric
Vehicle
Metals
Commodity
Strategy
No
K-1 ETF |
Optimum
Yield
Diversified
Commodity
Strategy
No
K-1 ETF |
|
|
|
|
|
Unrealized
appreciation on futures contracts—Exchange-Traded(a)
|
|
|
|
Unrealized
appreciation on swap agreements—OTC |
|
|
|
|
|
|
|
|
Derivatives
not subject to master netting agreements |
|
|
|
Total
Derivative Assets subject to master netting
agreements |
|
|
|
|
|
|
|
|
Agriculture
Commodity
Strategy
No
K-1 ETF |
Electric
Vehicle
Metals
Commodity
Strategy
No
K-1 ETF |
Optimum
Yield
Diversified
Commodity
Strategy
No
K-1 ETF |
|
|
|
|
|
Unrealized
depreciation on futures contracts—Exchange-Traded(a)
|
|
|
|
Derivatives
not subject to master netting agreements |
|
|
|
Total
Derivative Liabilities subject to master netting
agreements |
|
|
|
|
|
Includes
cumulative appreciation (depreciation) on futures contracts. Only current
day’s variation margin receivable (payable) is reported within the
Consolidated
Statement of Assets and Liabilities for non-LME futures contracts,
if any. |
Offsetting
Assets and Liabilities
The table below
reflects the Fund’s exposure to Counterparties subject to either an ISDA
Master Agreement or other agreement for OTC derivative
transactions as of October 31, 2025:
Optimum Yield
Diversified Commodity Strategy No K-1 ETF
|
|
Financial
Derivative
Assets |
Financial
Derivative
Liabilities |
|
Collateral
(Received)/Pledged |
|
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Goldman
Sachs International |
|
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Merrill
Lynch International |
|
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|
Morgan
Stanley Capital Services LLC |
|
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|
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|
|
Effect
of Derivative Investments for the Fiscal Year Ended October 31,
2025
The table below
summarizes each Fund’s gains (losses) on derivative investments, detailed by
primary risk exposure, recognized in earnings during the
period:
|
|
Location
of Gain (Loss) on Statements of Operations |
|
|
Agriculture
Commodity
Strategy
No
K-1 ETF |
Electric
Vehicle
Metals
Commodity
Strategy
No
K-1 ETF |
Optimum
Yield
Diversified
Commodity
Strategy
No
K-1 ETF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
in Net Unrealized Appreciation (Depreciation): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The table below
summarizes the average notional value of derivatives held during the
period.
|
|
|
|
|
Agriculture
Commodity
Strategy
No
K-1 ETF |
Electric
Vehicle
Metals
Commodity
Strategy
No
K-1 ETF |
Optimum
Yield
Diversified
Commodity
Strategy
No
K-1 ETF |
|
|
|
|
|
|
|
|
|
|
NOTE
6—Distributions
to Shareholders and Tax Components of Net Assets
Tax Character of
Distributions to Shareholders Paid During the Fiscal Years Ended October 31,
2025 and 2024:
|
|
|
|
|
|
|
|
Agriculture
Commodity Strategy No K-1 ETF |
|
|
Electric
Vehicle Metals Commodity Strategy No K-1 ETF |
|
|
Optimum
Yield Diversified Commodity Strategy No K-1 ETF |
|
|
|
|
Includes
short-term capital gain distributions, if
any. |
Tax Components of
Net Assets at Fiscal Year-End:
|
|
Undistributed
Ordinary
Income |
Net
Unrealized
Appreciation
(Depreciation)-
Investments |
Net
Unrealized
Appreciation
(Depreciation)-
Other
Investments |
Shares
of
Beneficial
Interest |
|
Agriculture
Commodity Strategy No K-1 ETF |
|
|
|
|
|
Electric
Vehicle Metals Commodity Strategy No K-1 ETF |
|
|
|
|
|
Optimum
Yield Diversified Commodity Strategy No K-1 ETF |
|
|
|
|
|
Capital
loss carryforwards are calculated and reported as of a specific date. Results of
transactions and other activity after that date may affect the
amount of capital loss carryforwards actually available for the Funds to
utilize. The ability to utilize capital loss carryforwards in the
future may be limited under the Internal Revenue Code and related regulations
based on the results of future transactions.
The Funds do
not have capital loss carryforwards as of October 31, 2025.
NOTE
7—Investment
Transactions
For the fiscal year
ended October 31, 2025, the cost of securities purchased and the proceeds from
sales of securities (other than short-term
securities, U.S. Government obligations, money market funds and in-kind
transactions, if any) were as follows:
|
|
|
|
Agriculture
Commodity Strategy No K-1 ETF |
|
|
Electric
Vehicle Metals Commodity Strategy No K-1 ETF |
|
|
Optimum
Yield Diversified Commodity Strategy No K-1 ETF |
|
|
As
of October 31, 2025, the aggregate cost of investments, including any
derivatives, on a tax basis listed below includes adjustments for
financial reporting purposes as of the most recently completed federal income
tax reporting period-end:
|
|
Gross
Unrealized
Appreciation |
Gross
Unrealized
(Depreciation) |
Net
Unrealized
Appreciation |
|
Agriculture
Commodity Strategy No K-1 ETF |
|
|
|
|
Electric
Vehicle Metals Commodity Strategy No K-1 ETF |
|
|
|
|
Optimum
Yield Diversified Commodity Strategy No K-1 ETF |
|
|
|
|
NOTE
8—Reclassification
of Permanent Differences
Primarily as a
result of differing book/tax treatment of income from the Subsidiary and
elimination entry, amounts were reclassified between
undistributed net investment income (loss), undistributed net realized gain
(loss) and Shares of beneficial interest. These
reclassifications had no effect on the net assets of each Fund. For the fiscal
year ended October 31, 2025, the reclassifications
were as follows:
|
|
Undistributed
Net
Investment
Income (Loss) |
Undistributed
Net
Realized
Gain (Loss) |
Shares
of
Beneficial
Interest |
Agriculture
Commodity Strategy No K-1 ETF |
|
|
|
Electric
Vehicle Metals Commodity Strategy No K-1 ETF |
|
|
|
Optimum
Yield Diversified Commodity Strategy No K-1 ETF |
|
|
|
NOTE
9—Trustees’
and Officer’s Fees
The Adviser, as a
result of each Fund’s unitary management fee, pays remuneration to the
Independent Trustees and an Officer of the Trust on
behalf of the Funds. Interested Trustees do not receive any Trustees’
fees.
The
Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan,
each Independent Trustee who has executed a Deferred Fee
Agreement (a “Participating Trustee”) may defer receipt of all or a portion of
their compensation (“Deferral Fees”). Such
Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral
Fees payable to a Participating Trustee are valued as of the
date such Deferral Fees would have been paid to a Participating Trustee. The
value increases with contributions or
with increases in the value of the Shares selected, and the value decreases with
distributions or with declines in the value of the
Shares selected. Obligations under the Plan represent unsecured claims against
the general assets of the Funds.
Shares are issued
and redeemed by each Fund only in Creation Units as discussed in Note 1. Only
APs are permitted to purchase or redeem Creation
Units from the Funds.
To
the extent that the Funds permit transactions in exchange for Deposit
Securities, each Fund may issue Shares in advance of receipt of Deposit
Securities subject to various conditions, including a requirement to maintain on
deposit with the Trust cash at least equal to 105%
of the market value of the missing Deposit Securities. In accordance with the
Trust’s Participant Agreement, Creation Units will
be issued to an AP, notwithstanding the fact that the corresponding Deposit
Securities have not been received in part or in whole,
in reliance on the undertaking of the AP to deliver the missing Deposit
Securities as soon as possible, which undertaking shall be
secured by the AP’s delivery and maintenance of collateral consisting of cash in
the form of U.S. dollars in immediately
available funds having a value (marked-to-market daily) at least equal to 105%,
which the Adviser may change from time to time, of the
value of the missing Deposit Securities.
Certain transaction
fees may be charged by the Funds for creations and redemptions, which are
treated as increases in capital.
Transactions in each
Fund’s Shares are disclosed in detail in the Consolidated Statements of Changes
in Net Assets.
Report
of Independent Registered Public Accounting Firm
To the Board of
Trustees of Invesco Actively Managed Exchange-Traded Commodity Fund Trust and
Shareholders of Invesco Agriculture
Commodity Strategy No K-1 ETF, Invesco Electric Vehicle Metals Commodity
Strategy No K-1 ETF and Invesco Optimum Yield
Diversified Commodity Strategy No K-1 ETF
Opinions
on the Financial Statements
We have audited the
accompanying consolidated statements of assets and liabilities, including the
consolidated schedules of investments, of
Invesco Agriculture Commodity Strategy No K-1 ETF, Invesco Electric Vehicle
Metals Commodity Strategy No K-1 ETF, Invesco Optimum
Yield Diversified Strategy No K-1 ETF and each of their subsidiaries
(constituting Invesco Actively Managed Exchange-Traded
Commodity Fund Trust, hereafter collectively referred to as the “Funds”) as of
October 31, 2025, the related consolidated
statements of operations for the year ended October 31, 2025, the consolidated
statements of changes in net assets for each of
the two years in the period ended October 31, 2025, including the related notes,
and the consolidated financial highlights for each
of periods indicated therein (collectively referred to as the “consolidated
financial statements”). In our opinion, the consolidated
financial statements present fairly, in all material respects, the financial
position of each of the Funds as of October 31, 2025,
the results of each of their operations for the year then ended, the changes in
each of their net assets for each of the two years in
the period ended October 31, 2025 and each of the financial highlights for each
of the periods indicated therein in
conformity with accounting principles generally accepted in the United States of
America.
These consolidated
financial statements are the responsibility of the Funds’ management. Our
responsibility is to express an opinion on the
Funds’ consolidated financial statements based on our audits. We are a
public accounting firm registered with the Public Company
Accounting Oversight Board (United States) (PCAOB) and are required to be
independent with respect to the Funds in accordance
with the U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the
PCAOB.
We conducted our
audits of these consolidated financial statements in accordance with the
standards of the PCAOB. Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether
the consolidated financial statements are free
of material misstatement, whether due to error or fraud.
Our audits included
performing procedures to assess the risks of material misstatement of the
consolidated financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures
included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements.
Our audits also included evaluating the
accounting principles used and significant estimates made by management, as well
as evaluating the overall presentation of the
consolidated financial statements. Our procedures included confirmation of
securities owned as of October 31, 2025 by
correspondence with the custodian, transfer agent and brokers; when replies were
not received from brokers, we
performed other auditing procedures. We believe that our audits provide a
reasonable basis for our opinions.
/s/PricewaterhouseCoopers
LLP
Chicago,
Illinois
December 23,
2025
We have served as
the auditor of one or more of the investment companies in the Invesco group of
investment companies since at least 1995. We
have not been able to determine the specific year we began serving as
auditor.
Form 1099-DIV, Form
1042-S and other year–end tax information provide shareholders with actual
calendar year amounts that should be included
in their tax returns. Shareholders should consult their tax
advisers.
The following
distribution information is being provided as required by the Internal Revenue
Code or to meet a specific state’s requirement.
Each Fund designates
the following amounts or, if subsequently determined to be different, the
maximum amount allowable for its fiscal year
ended October 31, 2025:
|
|
Qualified
Business
Income* |
Qualified
Dividend
Income* |
Corporate
Dividends
Received
Deduction* |
U.S.
Treasury
Obligations* |
Business
Interest
Income* |
Qualified
Interest
Income* |
Invesco
Agriculture Commodity Strategy No K-1 ETF |
|
|
|
|
|
|
Invesco
Electric Vehicle Metals Commodity Strategy No K-1
ETF |
|
|
|
|
|
|
Invesco
Optimum Yield Diversified Commodity Strategy No K-1
ETF |
|
|
|
|
|
|
* The above
percentages are based on ordinary income dividends paid to shareholders during
the Fund’s fiscal year.
Other
Information Required in Form N-CSR (Items 8-11)
Changes
in and Disagreements with Accountants for Open-End Management Investment
Companies
Proxy
Disclosures for Open-End Management Investment Companies
Remuneration
Paid to Directors, Officers, and Others of Open-End Management Investment
Companies
Remuneration paid to
the Funds’ trustees or officers and others, if any, is disclosed within the
financial statements.
Statement
Regarding Basis for Approval of Investment Advisory Contracts
©2025
Invesco Capital Management LLC
3500
Lacey Road, Suite 700
Downers
Grove, IL 60515
P-COM-NCSR
invesco.com/ETFs
