As filed with the Securities and Exchange Commission on ~~November 28, 2016~~August 17, 2021

Registration No. ~~333-214239~~333-257261

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

PRE-EFFECTIVE AMENDMENT NO. 1 TO

TO FORM S-1

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

~~POWERSHARES~~INVESCO DB G10 CURRENCY HARVEST FUND

(Registrant)

(Exact name of registrant as specified in its charter)


Delaware	6799	16-6562496 ~~(Registrant)~~
(State of Organization)	(Primary Standard Industrial Classification Code Number)	(I.R.S. Employer Identification Number)

c/o Invesco ~~PowerShares~~ Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, Illinois 60515

(800) 983-0903

~~Anna Paglia~~Adam Henkel

c/o Invesco ~~PowerShares~~ Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, Illinois 60515

(800) 983-0903

(Address, including zip code, and telephone number,

including
area code, of ~~registrant’s~~registrants’ principal executive offices)

(Name, address, including zip code, and telephone number,
including area code, of agent for service)

Copies to:

~~James C. Munsell,~~Michael M. Philipp, Esq.

~~Sidley Austin~~Morgan, Lewis & Bockius LLP

~~787 Seventh Avenue~~110 North Wacker Drive

~~New York, New York 10019~~Chicago, IL 60606-1511

Approximate date of commencement of proposed sale to the public:

As promptly as practicable after the effective date of this Registration Statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, ~~other than securities offered only in connection with dividend or interest reinvestment plans,~~ check the following box. x☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ¨☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ¨☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ¨☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company or an emerging growth company. See the definitions of “large accelerated ~~filer,”~~filer”, “accelerated filer” ~~and~~, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

CALCULATION OF REGISTRATION FEE



Title of each class of securities to be registered	Amount to be registered	Proposed maximum offering price per Share	Proposed maximum aggregate offering price	Amount of registration fee
Invesco DB G10 Currency Harvest Fund Common Units of Beneficial Interest	⁽¹⁾	⁽¹⁾	⁽¹⁾	^{(2) (3)}

(1)

In accordance with Rule 456(d) under the Securities Act of 1933, as amended (the “Securities Act”), an indeterminate number of Invesco DB G10 Currency Harvest Fund Common Units of Beneficial Interest (the “Shares”) are being registered as may from time to time be offered hereunder at indeterminate prices.

(2)	In accordance with Rules 456(d) and 457(u) under the Securities, the registrant is deferring payment of these registration fees and will pay these registration fees on an annual net basis no later than 90 days after the end of each fiscal year.

(3)

Pursuant to Rule 457(p) under the Securities Act, when registration fees become due under Rule 456(d), the registration fee for the Shares will be partially offset by the registration fee associated with unsold securities registered pursuant to that certain registration statement on Form S-1 (File No. 333-233251) filed by Invesco DB G10 Currency Harvest Fund on August 13, 2019 (the “Prior Registration Statement”). A registration fee of $21,893.38 was paid in connection with the registration pursuant to the Prior Registration Statement of 43,200,000 Shares, of which 42,600,000 remain unsold as of the date hereof and for which a filing fee of $71,742.91 was previously paid with respect to the unsold Shares. The filing fee for any remaining unsold Shares as of the date of effectiveness of this registration statement will be applied to partially offset filing fees when they become due under Rule 456(d).

The ~~registrant~~Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the ~~registrant~~Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.

SUBJECT TO COMPLETION. THE INFORMATION IN THIS PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.

Prospectus

~~EXPLANATORY NOTE~~August 17, 2021

~~This Pre-Effective Amendment No. 1 to the Registration Statement on Form S-1 (333-214239) of PowerShares~~

DBV	Invesco DB G10 Currency Harvest Fund

42,600,000

Common Units of Beneficial Interest

Invesco DB G10 Currency Harvest Fund (the ~~“Registration Statement”~~“Fund”) is being filed to update the Registration Statement by, among other things, updating the Registration Statement to incorporate by reference the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2016. The information included in this filing amends this Registration Statement and the Prospectus contained therein.

~~No additional securities are being registered under this Pre-Effective Amendment No. 1. All applicable registration fees were paid at the time of the original filing of the Registration Statement.~~

~~POWERSHARES DB G10 CURRENCY HARVEST FUND~~

~~45,200,000 Common Units of Beneficial Interest~~

~~PowerShares DB G10 Currency Harvest Fund, or the Fund,~~ is organized as a Delaware statutory trust. The Fund issues common units of beneficial interest ~~or Shares,~~(“Shares”), which represent units of fractional undivided beneficial interest in and ownership of the Fund.

~~Authorized Participants~~ Shares may ~~sell the Shares they purchase~~be purchased from the Fund only by certain eligible financial institutions (“Authorized Participants”) and only in one or more blocks of ~~200,000~~100,000 Shares ~~called Baskets, to other investors~~(“Creation Units”). The Fund issues Shares in Creation Units on a continuous basis at ~~prices that are expected to reflect, among other factors,~~ the ~~trading price~~applicable net asset value (“NAV”) per Share as of the ~~Shares on~~closing time of the NYSE Arca, Inc., (“NYSE Arca”) or the ~~NYSE Arca, and the supply of and demand for Shares at the time of sale and are expected~~last to ~~fall between net asset value, or NAV, and the trading price~~close of the ~~Shares~~exchanges on which the Fund’s futures contracts are traded, whichever is later, on the ~~NYSE Arca at the time of sale.~~

creation order date.

The Shares trade on the NYSE Arca under the symbol ~~“DBV”.~~

“DBV.”

Invesco ~~PowerShares~~ Capital Management LLC serves as the ~~Managing Owner,~~Fund’s managing owner (the “Managing Owner”), commodity pool operator and commodity trading ~~advisor of the Fund.~~advisor. The Fund trades exchange-traded futures on the currencies comprising the Deutsche Bank G10 Currency Future Harvest Index® – Excess Return ~~or the Index,~~(the “Index”) with a view to tracking the changes, whether positive or negative, in the level of the Index over time. The Fund also earns interest income (“Treasury Income”) from United States Treasury ~~Securities, or~~ securities (“Treasury ~~Income,~~Securities”) and ~~dividends~~dividend income from its holdings in money market mutual funds (affiliated or otherwise)~~, or~~ (“Money Market ~~Income.~~Income”). The Fund also gains exposure to Treasury Securities through an investment in exchange-traded funds (affiliated or otherwise) (“ETFs”) that track indexes that measure the performance of U.S. Treasury Obligations with a maximum remaining maturity of up to twelve months (“T-Bill ETFs”), and the Fund may receive dividends or distributions of capital gains from those investments (“T-Bill ETF Income”). While the Fund’s performance will reflect the appreciation or depreciation of its

investments in Treasury Securities, money market mutual funds and T-Bill ETFs, the Fund’s performance, whether positive or negative, will be driven primarily by its strategy of trading futures on currencies with the aim of seeking to track the Index.

The Index is designed to reflect the return from investing on a 2:1 leveraged basis in long currency futures positions for certain currencies associated with relatively high yielding interest rates and in short currency futures positions for certain currencies associated with relatively low yielding interest rates. The Index is designed to exploit the trend that currencies associated with relatively high interest rates, on average, tend to rise in value relative to currencies associated with relatively low interest rates. The Index ~~exploits~~seeks to exploit this trend using both long and short futures positions, which is expected to provide more consistent and less volatile returns than could be obtained by taking long positions only or short positions only.

The Index, at any time, is comprised of six of the following Group of Ten, ~~or G10,~~(“G10”) currencies: United States Dollars, Euros, Japanese Yen, Canadian Dollars, Swiss Francs, British Pounds, Australian Dollars, New Zealand Dollars, Norwegian Krone and

Swedish Krona ~~or, collectively, the Eligible~~(the “Eligible Index ~~Currencies.~~Currencies”). At any time, the Index is comprised of long futures positions in the three Eligible Index Currencies associated with the highest interest rates and short futures positions in the three Eligible Index Currencies associated with the lowest interest rates. The Index’s six component currencies from ~~time-to-time,~~time to time, comprised of the three long and three short futures positions, are referred to as the Index Currencies and are used to calculate the value of the Index.

Allocations among the Eligible Index Currencies are adjusted quarterly to take into account changes in the relevant interest rates. To track the Index, the Fund generally will establish long futures positions in the three Eligible Index Currencies associated with the highest interest rates and short futures positions in the three Eligible Index Currencies associated with the lowest interest rates and will adjust its holdings quarterly as the Index is adjusted. However, if the United States Dollar, or USD, is among the Index Currencies from time-to-time, the Fund will not establish a long or short futures position (as the case may be) in USD, because USD is the Fund’s home currency and, as a consequence, the Fund never can enjoy profit or suffer loss from long or short futures positions in USD.

When the USD is not associated with the highest or lowest interest rates among the Eligible Index Currencies, the aggregate notional value of the Fund’s futures contracts at the time they are established will be double the value of the Fund’s holdings of United States Treasury Securities and money market mutual funds (affiliated or otherwise), which means the Fund will have a leverage ratio at such time of 2:1. If the USD is associated with the highest or lowest interest rates among the Eligible Index Currencies, the aggregate notional value of the Fund’s futures contracts at the time they are established will be approximately 1.66 times the value of the Fund’s holdings of United States Treasury Securities and money market mutual funds (affiliated or otherwise), which means the Fund will have a leverage ratio at such time of approximately 1.66:1. The Fund’s ability to track the Index will not be affected by the presence or absence of the USD among the Index Currencies. Because the notional value of the Fund’s futures positions can rise or fall over time, the leverage ratio could be higher or lower between quarterly adjustments of the Index Currencies.

Except when aggregated in ~~Baskets,~~Creation Units, the Shares are not redeemable securities.

INVESTING IN THE SHARES INVOLVES SIGNIFICANT RISKS.

PLEASE REFER TO “~~THE RISKS YOU FACE~~”“RISK FACTORS” BEGINNING ON PAGE ~~19.~~12

~~• Futures trading is volatile and even a small movement in market prices could cause large losses.~~

~~• The success of the Fund’s trading program depends upon the skill of the Managing Owner and its trading principals.~~

~~• You could lose all or substantially all of your investment.~~

• Investors pay fees in connection with their investment in Shares including asset-based fees of 0.75% per annum. Additional charges include brokerage fees of approximately 0.05% per annum in the aggregate.

■

Futures trading is volatile and even a small movement in market prices could cause large losses.

■

The success of the Fund’s trading program depends upon the skill of the Managing Owner and its trading principals.

■

You could lose all or substantially all of your investment.

■

Investors pay fees in connection with their investment in Shares including asset-based fees of 0.75% per annum. Additional charges include brokerage fees of approximately 0.03% per annum in the aggregate.

Authorized Participants may offer to the public, from ~~time-to-time,~~time to time, Shares from any ~~Baskets~~Creation Units they create. Because the Shares ~~offered to~~will trade at market prices, rather than the ~~public by Authorized Participants will be offered at a per-Share offering price that will vary depending on, among other factors, the trading price~~NAV of the Fund, Shares ~~on the NYSE Arca, the~~may trade at prices greater than NAV ~~per Share and the supply of and demand for the Shares~~(at a premium), at ~~the time of the offer. Shares initially comprising the same Basket but offered by Authorized Participants to the public at different times may have different offering prices.~~NAV, or less than NAV (at a discount). Authorized Participants will not receive from the Fund, the Managing Owner or any of their affiliates, any fee or other compensation in connection with their sale of Shares to the public.

An Authorized Participant may receive commissions or fees from investors who purchase Shares through their commission or fee-based brokerage accounts. In addition, the Managing Owner pays a distribution services fee to Invesco Distributors, Inc. ~~and pays a marketing services fee to Deutsche Bank Securities Inc.~~ without reimbursement from the Fund. For more information regarding items of compensation paid to ~~FINRA~~Financial Industry Regulatory Authority, Inc. (“FINRA”) members, please see the “Plan of Distribution” section on page ~~99.~~

88.

These securities have not been approved or disapproved by the U.S. Securities and Exchange Commission (“SEC”) or any state securities commission nor has the ~~Securities and Exchange Commission~~SEC or any state securities commission passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

The Fund is not a mutual fund or any other type of investment company within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”), and is not subject to regulation thereunder.

THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN THIS POOL NOR HAS THE COMMISSION PASSED ~~UPON~~ON THE ADEQUACY OR ACCURACY OF THIS DISCLOSURE DOCUMENT.

~~November , 2016~~

COMMODITY FUTURES TRADING COMMISSION

RISK DISCLOSURE STATEMENT

YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR FINANCIAL CONDITION PERMITS YOU TO PARTICIPATE IN A COMMODITY POOL. IN SO DOING, YOU SHOULD BE AWARE THAT COMMODITY INTEREST TRADING CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS. SUCH TRADING LOSSES CAN SHARPLY REDUCE THE NET ASSET VALUE OF THE POOL AND CONSEQUENTLY THE VALUE OF YOUR INTEREST IN THE POOL. IN ADDITION, RESTRICTIONS ON REDEMPTIONS MAY AFFECT YOUR ABILITY TO WITHDRAW YOUR PARTICIPATION IN THE POOL.

FURTHER, COMMODITY POOLS MAY BE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT, AND ADVISORY AND BROKERAGE FEES. IT MAY BE NECESSARY FOR THOSE POOLS THAT ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS. THIS DISCLOSURE DOCUMENT CONTAINS A COMPLETE DESCRIPTION OF EACH EXPENSE TO BE CHARGED THIS POOL AT PAGE 5341 AND A STATEMENT OF THE PERCENTAGE RETURNS NECESSARY TO BREAK EVEN, THAT IS, TO RECOVER THE AMOUNT OF YOUR INITIAL INVESTMENT, AT PAGE ~~14.~~

31.

THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER FACTORS NECESSARY TO EVALUATE YOUR PARTICIPATION IN THIS COMMODITY POOL. THEREFORE, BEFORE YOU DECIDE TO PARTICIPATE IN THIS COMMODITY POOL, YOU SHOULD CAREFULLY STUDY THIS DISCLOSURE DOCUMENT, INCLUDING A DESCRIPTION OF THE PRINCIPAL RISK FACTORS OF THIS INVESTMENT, AT PAGES 18 12 THROUGH ~~30.~~

28.

THIS PROSPECTUS DOES NOT INCLUDE ALL OF THE INFORMATION OR EXHIBITS IN THE REGISTRATION STATEMENT OF THE FUND. YOU CAN READ AND COPY THE ENTIRE REGISTRATION STATEMENT AT THE PUBLIC REFERENCE FACILITIES MAINTAINED BY THE SEC IN WASHINGTON, D.C.

THE FUND FILES QUARTERLY AND ANNUAL REPORTS WITH THE SEC. YOU CAN READ AND COPY THESE REPORTS AT THE SEC PUBLIC REFERENCE FACILITIES IN WASHINGTON, D.C. PLEASE CALL THE SEC AT 1-800-SEC-0330 FOR FURTHER INFORMATION.

THE FILINGS OF THE FUND ARE POSTED AT THE SEC WEBSITE ATHTTP://~~WWW.SEC.GOV~~.

WWW.SEC.GOV.

REGULATORY NOTICES

NO DEALER, SALESMAN OR ANY OTHER PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATION NOT CONTAINED IN THIS PROSPECTUS, AND, IF GIVEN OR MADE, SUCH OTHER INFORMATION OR REPRESENTATION MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE FUND, THE MANAGING OWNER, THE AUTHORIZED PARTICIPANTS OR ANY OTHER PERSON.

THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO SELL OR A SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY OFFER, SOLICITATION,

~~-i-~~

OR SALE OF THE SHARES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION, OR SALE IS NOT AUTHORIZED OR TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE ANY SUCH OFFER, SOLICITATION, OR SALE.

THE BOOKS AND RECORDS OF THE FUND ARE MAINTAINED AS FOLLOWS: ALL MARKETING MATERIALS ARE MAINTAINED AT THE OFFICES OF INVESCO DISTRIBUTORS, INC., 11 GREENWAY PLAZA, SUITE 1000, HOUSTON, TEXAS ~~77046-1173,~~77046-1173; TELEPHONE NUMBER (800) 983-0903; ~~BASKET~~ CREATION ~~AND REDEMPTION~~UNIT TRANSACTION BOOKS AND RECORDS, ACCOUNTING AND CERTAIN OTHER FINANCIAL BOOKS AND RECORDS (INCLUDING FUND ACCOUNTING RECORDS, LEDGERS WITH RESPECT TO ASSETS, LIABILITIES, CAPITAL, INCOME AND EXPENSES, THE REGISTRAR, TRANSFER JOURNALS AND RELATED DETAILS) AND TRADING AND RELATED DOCUMENTS RECEIVED FROM FUTURES COMMISSION MERCHANTS ARE MAINTAINED BY THE BANK OF NEW YORK MELLON, ~~2 HANSON PLACE, BROOKLYN,~~240 GREENWICH STREET, NEW YORK, ~~11217,~~NEW YORK 10007, TELEPHONE NUMBER (718) 315-7500. ALL OTHER BOOKS AND RECORDS OF THE FUND (INCLUDING MINUTE BOOKS AND OTHER GENERAL CORPORATE RECORDS, TRADING RECORDS AND RELATED REPORTS AND OTHER ITEMS RECEIVED FROM THE FUND’S COMMODITY BROKERS) ARE MAINTAINED AT THE FUND’S PRINCIPAL OFFICE, C/O INVESCO ~~POWERSHARES~~ CAPITAL MANAGEMENT LLC, 3500 LACEY ROAD, SUITE 700, DOWNERS GROVE, ILLINOIS 60515; TELEPHONE NUMBER (800) 983-0903. BOOKS AND RECORDS OF THE MANAGING OWNER (INCLUDING THOSE RELATED TO ACCOUNTING, PORTFOLIO MANAGEMENT, COMPLIANCE, LEGAL, MARKETING AND OPERATIONS): IRON MOUNTAIN, 341 S. ARI CT., ADDISON, ILLINOIS 60101; 121 FOSTER AVE., BENSENVILLE, ILLINOIS, 60106; 2625 W. ROOSEVELT

iii

Notes to Cover Page (cont’d)

RD., CHICAGO, ILLINOIS 60608; 2425 S. HALSTED ST., CHICAGO, ILLINOIS, 60608; 4175 CHANDLER DR., HANOVER PARK, ILLINOIS 60133; 901 S. MENARD AVE., CHICAGO, ILLINOIS 60644; 2221 W. PERSHING RD., CHICAGO, ILLINOIS 60609; 1301 S. ROCKWELL ST., CHICAGO, ILLINOIS 60608; 331 S. SWIFT RD., ADDISON, ILLINOIS 60101. BOOKS AND RECORDS OF THE MANAGING OWNER THAT ARE REQUIRED BY SECTION 204 OF THE INVESTMENT ADVISERS ACT OF 1940 ARE MAINTAINED AT THE MANAGING OWNER’S OFFICE AT 1166 AVENUE OF THE AMERICAS, NEW YORK, NEW YORK, 10036; INVESCO DISTRIBUTORS, INC., 11 GREENWAY PLAZA, HOUSTON, TEXAS 77046; AND THE BANK OF NEW YORK MELLON, 100 COLONIAL CENTER PARKWAY, LAKE MARY, FLORIDA, 32746. SHAREHOLDERS WILL HAVE THE RIGHT, DURING NORMAL BUSINESS HOURS, TO HAVE ACCESS TO AND COPY (UPON PAYMENT OF REASONABLE REPRODUCTION COSTS) SUCH BOOKS AND RECORDS IN PERSON OR BY THEIR AUTHORIZED ATTORNEY OR AGENT. MONTHLY ACCOUNT STATEMENTS FOR THE FUND CONFORMING TO COMMODITY FUTURES TRADING COMMISSION ~~(THE “CFTC”~~(“CFTC”) AND THE NATIONAL FUTURES ASSOCIATION ~~(THE “NFA”~~(“NFA”) REQUIREMENTS ARE POSTED ON THE MANAGING OWNER’S WEBSITE AT~~HTTP:~~ HTTPS://~~WWW.INVESCOPOWERSHARES.COM~~.WWW.INVESCO.COM/ETFS. ADDITIONAL REPORTS MAY BE POSTED ON THE MANAGING OWNER’S WEBSITE IN THE DISCRETION OF THE MANAGING OWNER OR AS REQUIRED BY REGULATORY AUTHORITIES. INFORMATION ON THE MANAGING OWNER’S WEBSITE SHALL NOT BE DEEMED TO BE A PART OF THIS PROSPECTUS OR INCORPORATED BY REFERENCE HEREIN UNLESS OTHERWISE EXPRESSLY STATED. THERE WILL SIMILARLY BE DISTRIBUTED TO SHAREHOLDERS, NOT MORE THAN 90 DAYS AFTER THE CLOSE OF THE FUND’S FISCAL YEAR, CERTIFIED AUDITED FINANCIAL STATEMENTS AND (IN NO EVENT LATER THAN MARCH 15 OF THE IMMEDIATELY FOLLOWING YEAR) THE TAX INFORMATION RELATING TO SHARES OF THE FUND NECESSARY FOR THE PREPARATION OF SHAREHOLDERS’ ANNUAL FEDERAL INCOME TAX RETURNS.

THE DIVISION OF INVESTMENT MANAGEMENT OF THE SECURITIES AND EXCHANGE COMMISSION REQUIRES THAT THE FOLLOWING STATEMENT BE PROMINENTLY SET FORTH HEREIN: “THE FUND IS NOT A MUTUAL FUND OR ANY OTHER TYPE OF INVESTMENT COMPANY WITHIN THE MEANING OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED, AND IS NOT SUBJECT TO REGULATION THEREUNDER.”

AUTHORIZED PARTICIPANTS MAY BE REQUIRED TO DELIVER A PROSPECTUS WHEN TRANSACTING IN SHARES. SEE “PLAN OF DISTRIBUTION.”

~~-ii-~~

~~POWERSHARES DB G10 CURRENCY HARVEST FUND~~

Table of Contents

Part One – Disclosure Document

Summary Information				1
~~Prospectus Section~~		~~Page~~
~~PART ONE~~ ~~DISCLOSURE DOCUMENT~~
~~SUMMARY~~			1

~~The Fund~~			1
~~Shares Listed on the NYSE Arca~~			1
~~Purchases and Sales in the Secondary Market, on the NYSE Arca~~			1
~~Pricing Information Available on the NYSE Arca and Other Sources~~			1
~~CUSIP Number~~			2
Risk Factors			2	12
~~The Trustee~~Forward-Looking Statements			4	28
Investment Objective			4	29
~~Shares Should Track Closely the Value~~Breakeven Analysis	31
Breakeven Table	31
Performance of Invesco DB G10 Currency Harvest Fund (Ticker: DBV)	33
Description of the Deutsche Bank G10 Currency Future Harvest Index – Excess Return			8	35
~~The Managing Owner~~Use of Proceeds			8	40
~~The Commodity Broker~~Charges			9	41
~~The Administrator, Custodian and Transfer Agent~~Who May Subscribe			9	42
~~Invesco Distributors, Inc.~~			10
~~Index Sponsor~~			11
~~Marketing Agent~~			11
~~“800” Number for Investors~~			11
~~Limitation of Liabilities~~			11
Creation and Redemption of Shares			11	43
The ~~Offering~~Commodity Broker			11	46
~~Authorized Participants~~Conflicts of Interest			12	54
~~NAV~~Description of the Shares; Certain Material Terms of the Trust Agreement			12	56
~~Clearance and Settlement~~			12
~~Segregated Accounts/Treasury Income and Money Market Income~~			12
~~Fees and Expenses~~			13
~~Breakeven Amounts~~			14
Distributions			14	64
~~Fiscal Year~~The Administrator, Custodian and Transfer Agent			14	64
Invesco Distributors, Inc.	65
Index Sponsor	66
The Securities Depository; Book-Entry-Only System; Global Security	67
Share Splits	68
Material Contracts	68
Material U.S. Federal Income Tax Considerations			14	73
~~Breakeven Table~~Purchases by Employee Benefit Plans			14	86
Plan of Distribution	88
Legal Matters	91
Experts	91

Additional Information	91
Recent Financial Information and Annual Reports	91
Incorporation by Reference of Certain Documents		16
~~Reports to Shareholders~~		16
~~Cautionary Note Regarding Forward-Looking Statements~~		17

~~ORGANIZATION CHART~~		18

~~THE RISKS YOU FACE~~		19	92


~~Prospectus Section~~	~~Page~~
(1) The Value of the Shares Relates Directly to the Value of the Futures Contracts on the Index Currencies and Other Assets Held by the Fund and Fluctuations in the Price of These Assets Could Materially Adversely Affect an Investment in the Shares.		19
~~(2) NAV May Not Always Correspond to Market Price and, as a Result, Baskets May be Created or Redeemed at a Value that Differs from the Market Price of the Shares.~~		19
~~(3) The Fund’s Performance May Not Always Replicate Exactly the Changes in the Levels of its Index.~~		20
~~(4) The Fund Is Not Actively Managed and Tracks the Index During Periods in Which the Index Is Flat or Declining as Well as when the Index Is Rising.~~		20
(5) The Dual Assumptions Underpinning the Index that High Yielding Interest Rates With Respect to Certain Eligible Index Currencies Suggest Taking Long Positions in Futures Contracts in Such Currencies and Low Yielding Interest Rates With Respect to Certain Eligible Index Currencies Suggest Taking Short Positions in Futures Contracts in Such Currencies May Be Detrimental to the Value of Your Shares Should Either or Both Assumptions Fail.		20
~~(6) Interest Rates Will Change Between Re-Weightings of the Index.~~		21
~~(7) The NYSE Arca May Halt Trading in the Shares Which Would Adversely Impact Your Ability to Sell Shares.~~		21
~~(8) The Lack of An Active Trading Market for the Shares May Result in Losses on Your Investment in the Fund at the Time of Disposition of Your Shares.~~		21

~~-iii-~~


~~Prospectus Section~~	~~Page~~
~~(9) The Shares Could Decrease in Value if Unanticipated Operational or Trading Problems Arise.~~		21
(10) As the Managing Owner and its Principals have a Limited History of Operating an Exchange-Traded Fund that Invests in a Broad Range of Commodity Futures Contracts, their Experience May be Relatively Inadequate or Unsuitable to Manage the Fund.		21
~~(11) You May Not Rely on Past Performance or Index Results in Deciding Whether to Buy Shares.~~		22
~~(12) Fewer Representative Index Currencies May Result In Greater Index Volatility.~~		22
~~(13) Leverage Will Fluctuate Between Index Re-Weighting Periods and May be Greater or Less than the Leverage on Each Index Re-Weighting Period.~~		22
~~(14) Because the Fund’s Trading will be Leveraged, a Relatively Small Movement in the Price of a Contract May Cause Greater Losses.~~		22
~~(15) Short Selling Theoretically Exposes the Fund to Unlimited Losses.~~		23
~~(16) Price Volatility May Possibly Cause the Total Loss of Your Investment.~~		23
~~(17) Fees and Commissions are Charged Regardless of Profitability and May Result in Depletion of Assets.~~		24
~~(18) You Cannot Be Assured of the Managing Owner’s Continued Services, Which Discontinuance May Be Detrimental to the Fund.~~		24
~~(19) Possible Illiquid Markets May Exacerbate Losses.~~		25
~~(20) You May Be Adversely Affected by Redemption Orders that Are Subject To Postponement, Suspension or Rejection Under Certain Circumstances.~~		25
~~(21) Because the Futures Contracts Have No Intrinsic Value, the Positive Performance of Your Investment Is Wholly Dependent Upon an Equal and Offsetting Loss.~~		25

Part Two - Statement of Additional Information


~~Prospectus Section~~	~~Page~~
~~(22) Failure of Currency Futures Markets to Exhibit Low to Negative Correlation to General Financial Markets Will Reduce Benefits of Diversification and May Exacerbate Losses to Your Portfolio.~~		25
~~(23) Shareholders Will Not Have the Protections Associated With Ownership of Shares in an Investment Company Registered Under the Investment Company Act of 1940.~~		25
~~(24) Various Actual and Potential Conflicts of Interest May Be Detrimental to Shareholders.~~		26
~~(25) Shareholders Will Be Subject to Taxation on Their Allocable Share of the Fund’s Taxable Income, Whether or Not They Receive Cash Distributions.~~		26
~~(26) Items of Income, Gain, Loss and Deduction With Respect to Shares could be Reallocated if the IRS does not Accept the Assumptions or Conventions Used by the Fund in Allocating Such Items.~~		26
~~(27) The Current Treatment of Long Term Capital Gains Under Current U.S. Federal Income Tax Law May Be Adversely Affected, Changed or Repealed in the Future.~~		26
(28) Failure of Futures Commission Merchants or Commodity Brokers to Segregate Assets May Increase Losses; Despite Segregation of Assets, the Fund Remains at Risk of Significant Losses Because the Fund May Only Receive a Pro-Rata Share of the Assets or No Assets at All.		27
~~(29) The Effect of Market Disruptions and Government Intervention Are Unpredictable and May Have an Adverse Effect on the Value of Your Shares.~~		27
~~(30) Regulatory Changes or Actions, Including the Implementation of the Dodd-Frank Act, May Alter the Operations and Profitability of the Fund~~		27
~~(31) Lack of Independent Advisers Representing Investors.~~		28

~~-iv-~~


~~Prospectus Section~~	~~Page~~
~~(32) Possibility of Termination of the Fund May Adversely Affect Your Portfolio.~~		28
~~(33) Shareholders Do Not Have the Rights Enjoyed by Investors in Certain Other Vehicles.~~		28
~~(34) An Investment in the Shares May Be Adversely Affected by Competition From Other Methods of Investing in Currencies.~~		28
~~(35) Competing Claims Over Ownership of Intellectual Property Rights Related to the Fund Could Adversely Affect the Fund and an Investment in the Shares.~~		28
~~(36) The Value of the Shares Will be Adversely Affected if the Fund is Required to Indemnify the Trustee or the Managing Owner.~~		28
~~(37) The NAV Calculation of the Fund May Be Overstated or Understated Due to the Valuation Method Employed When a Settlement Price is not Available on the Date of NAV Calculation.~~		29
~~(38) Exchange Rates on the Index Currencies Could be Volatile and Could Materially and Adversely Affect the Performance of the Shares.~~		29
~~(39) Substantial Sales of Index Currencies by the Official Sector Could Adversely Affect an Investment in the Shares.~~		29
(40) Although the Shares are Limited Liability Investments, Certain Circumstances such as Bankruptcy of the Fund or Indemnification of the Fund by the Shareholders will Increase a Shareholder’s Liability.		30
~~(41) The Fund may Potentially Lose Money on its Holdings of Money Market Mutual Funds.~~		30
~~(42) Due to the Increased use of Technologies, Intentional and Unintentional Cyber Attacks Pose Operational and Information Security Risks.~~		30
~~(43) The Fund is Subject to Extensive Regulatory Reporting and Compliance.~~		30


~~Prospectus Section~~	~~Page~~
~~(44) Current Discussions between the SEC and PricewaterhouseCoopers LLP regarding PricewaterhouseCoopers LLP’s Independence Could Have Potentially Adverse Consequences for the Fund.~~		31

~~INVESTMENT OBJECTIVE~~		32

~~Investment Objective~~		32
~~Role of Managing Owner~~		33

~~PERFORMANCE OF POWERSHARES DB G10 CURRENCY HARVEST FUND (~~~~TICKER: DBV~~)		34

~~DESCRIPTION OF THE DEUTSCHE BANK G10 CURRENCY FUTURE HARVEST INDEX~~^®~~—EXCESS RETURN~~		35

~~General~~		36
~~Index Calculation and Rules~~		36
~~Publication of Closing Levels and Adjustments~~		38
~~Change in the Methodology of the Index~~		39
~~Interruption of Index Calculation~~		39
~~Historical Closing Levels~~		40
~~Cautionary Statement-Statistical Information~~		41

~~USE OF PROCEEDS~~		55

~~CHARGES~~		56

~~Management Fee~~		56
~~Organization and Offering Expenses~~		56
~~Brokerage Commissions and Fees~~		57
~~Routine Operational, Administrative and Other Ordinary Expenses~~		57
~~Non-Recurring Fees and Expenses~~		57
~~Management Fee and Expenses to be Paid First out of Treasury Income and/or Money Market Income~~		57
~~Selling Commission~~		58

~~WHO MAY SUBSCRIBE~~		58

~~CREATION AND REDEMPTION OF SHARES~~		58

~~Creation Procedures~~		59
~~Determination of Required Payment~~		60
~~Rejection of Creation Orders~~		60
~~Redemption Procedures~~		60
~~Determination of Redemption Proceeds~~		61
~~Delivery of Redemption Proceeds~~		61
~~Suspension, Postponement or Rejection of Redemption Orders~~		61
~~Creation and Redemption Transaction Fee~~		61

~~-v-~~


~~Prospectus Section~~	~~Page~~
~~THE COMMODITY BROKER~~		62

~~Regulatory and Governmental Matters~~		62
~~Civil Litigation~~		64
~~Settled Civil Litigation~~		66

~~CONFLICTS OF INTEREST~~		69

~~General~~		69
~~The Managing Owner~~		69
~~Invesco Distributors~~		70
~~Invesco Advisers~~		70
~~The Commodity Broker~~		70
~~The Index Sponsor and the Marketing Agent~~		70
~~Proprietary Trading/Other Clients~~		71

~~DESCRIPTION OF THE SHARES; CERTAIN MATERIAL TERMS OF THE TRUST DECLARATION~~		71

~~Description of the Shares~~		71
~~Principal Office; Location of Records~~		71
~~The Trustee~~		72
~~The Managing Owner~~		73
~~Fiduciary and Regulatory Duties of the Managing Owner~~		75
~~Ownership or Beneficial Interest in the Fund~~		76
~~Management; Voting by Shareholders; Negative Consent~~		76
~~Recognition of the Fund in Certain States~~		77
~~Possible Repayment of Distributions Received by Shareholders; Indemnification by Shareholders~~		77
~~Shares Freely Transferable~~		78
~~Book-Entry Form~~		78
~~Reports to Shareholders~~		78
~~NAV~~		78
~~Termination Events~~		79

~~DISTRIBUTIONS~~		80

~~THE ADMINISTRATOR, CUSTODIAN AND TRANSFER AGENT~~		80

~~INVESCO DISTRIBUTORS, INC.~~		81

~~INVESCO ADVISERS INC.~~		81

~~INDEX SPONSOR~~		83

~~THE MARKETING AGENT~~		84

~~“800” Number for Investors~~		85

~~THE SECURITIES DEPOSITORY; BOOK-ENTRY-ONLY SYSTEM; GLOBAL SECURITY~~		85

~~SHARE SPLITS~~		86


~~Prospectus Section~~	~~Page~~
~~MATERIAL CONTRACTS~~		86

~~Brokerage Agreement~~		86
~~Administration Agreement~~		87
~~Global Custody Agreement~~		88
~~Transfer Agency and Service Agreement~~		89
~~Distribution Services Agreement~~		90

~~MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS~~		91

~~Status of the Fund~~		92
~~Special Rules for Publicly Traded Partnerships~~		92
~~U.S. Shareholders~~		93

~~PURCHASES BY EMPLOYEE BENEFIT PLANS~~		~~102~~

~~General~~		~~102~~
~~“Plan Assets”~~		~~103~~
~~Ineligible Purchasers~~		~~103~~

~~PLAN OF DISTRIBUTION~~		~~104~~

~~Authorized Participants~~		~~104~~
~~Likelihood of Becoming a Statutory Underwriter~~		~~104~~
~~Summary of Items of Value Paid Pursuant to FINRA Rule 2310~~		~~106~~
~~General~~		~~106~~

~~LEGAL MATTERS~~		~~108~~

~~EXPERTS~~		~~108~~

~~ADDITIONAL INFORMATION~~		~~108~~

~~RECENT FINANCIAL INFORMATION AND ANNUAL REPORTS~~		~~108~~

~~INCORPORATION BY REFERENCE OF CERTAIN DOCUMENTS~~		~~109~~

~~PART TWO~~

~~STATEMENT OF ADDITIONAL~~

~~INFORMATION~~


General Information Relating to Invesco ~~PowerShares~~ Capital Management LLC		~~112~~95

The Futures Markets	95

Summary Information	~~112~~

~~Futures Contracts~~		~~112~~
~~Hedgers and Speculators~~		~~112~~
~~Futures Exchanges~~		~~112~~
~~Daily Limits~~		~~113~~
~~Regulations~~		~~113~~
~~Margin~~		~~114~~	August 17, 2021

~~-vi-~~

DBV	Invesco DB G10 Currency Harvest Fund

~~SUMMARY~~

This summary of material information contained or incorporated by reference in this Prospectus is intended for quick reference only and does not contain all of the information that may be important to you. The remainder of this Prospectus contains more detailed information. You should read the entire Prospectus, including the information incorporated by reference in this Prospectus, before deciding whether to invest in Shares. Please see the section “Incorporation by Reference of Certain Documents” ~~on page 103~~ for information on how you can obtain the information that is incorporated by reference in this Prospectus. ~~This Prospectus is dated November , 2016.~~

The Fund

~~PowerShares~~

Invesco DB G10 Currency Harvest Fund ~~or the Fund,~~(the “Fund”) was formed as a Delaware statutory trust on ~~April~~August 12, ~~2006. The Fund was originally named “DB Currency Index Value Fund” and changed its name to “PowerShares DB G10 Currency Harvest Fund” effective July 20,~~ 2006. The Fund issues common units of beneficial interest ~~or Shares,~~(“Shares”), which represent units of fractional undivided beneficial interest in and ownership of the Fund. The term of the Fund is perpetual (unless terminated earlier in certain circumstances). The principal executive offices of the Fund are located at c/o Invesco ~~PowerShares~~ Capital Management LLC, 3500 Lacey Road, Suite 700, Downers Grove, IL 60515, and its telephone number is (800) 983-0903.

Information regarding the offered Fund is available at https://www.invesco.com/ETFs.

Shares Listed on the NYSE Arca

The Shares are listed on the NYSE Arca under the symbol “DBV.” Secondary market purchases and sales of Shares are subject to ordinary brokerage commissions and charges.

Purchases and Sales of Shares

The Fund issues and redeems Shares at net asset value (“NAV”) with Authorized Participants and only in large blocks of 100,000 shares (each block of Shares is called a “Creation Unit”) or multiples thereof in exchange for cash. Except when aggregated in Creation Units, the ~~Secondary Market,~~Shares are not redeemable securities of the Fund.

Individual Shares may be purchased and sold only on the NYSE Arca

~~The~~ through brokers. Because the Shares will trade ~~on the NYSE Arca.~~

~~Baskets may be created or redeemed directly with the Fund only by Authorized Participants. It is expected that Baskets will be created when the~~at market price per Share is at a premium to the NAV per Share. Similarly, it is expected that Baskets will be redeemed when the market price per Share is at a discount to the NAV per Share. Retail investors seeking to purchase or sell Shares on any day are expected to effect such transactions in the secondary market, on the NYSE Arca, at the market price per Share,prices rather than ~~in connection with the creation or redemption of Baskets.~~

~~The market price of the~~NAV, Shares may ~~not be identical to the~~trade at prices greater than NAV ~~per Share, but these valuations are expected to be very close. Investors are able to use the intra-day indicative value,~~(at a premium), at NAV, or ~~the IIV, per Share to determine if they want to purchase in the secondary market via the NYSE Arca. The IIV per Share is based on the prior day’s final~~less than NAV ~~adjusted four times per minute throughout the trading day to reflect the continuous price changes of the Fund’s futures positions, which provide~~(at a ~~continuously updated estimated NAV per Share.~~

discount).

Retail investors may purchase and sell Shares through traditional brokerage accounts. Purchases or sales of Shares may be subject to ~~customary~~ brokerage commissions. Investors are encouraged to review the terms of their brokerage accounts for applicable charges.

Summary Information (cont’d)

Pricing Information Available on the NYSE Arca and Other Sources

The following table lists additional NYSE Arca symbols and their meanings with respect to the Fund and the Index:

Symbol		Meaning
DBV		Market price per Share on NYSE Arca
FBV		~~Indicative IIV~~ Intra-day indicative value (“IIV”) per Share
FBV.NV		End of day NAV of the Fund
DBCFHX	Intra-day Index level
DBHVFER	~~Intra-day and~~ End of day Index closing level as of close of NYSE Arca ~~from the prior day~~

~~-1-~~

The intra-day data in the above table, including the IIV, is published once every fifteen seconds throughout each trading day.

The Index Sponsor (as defined herein) calculates and publishes the closing level of the Index daily. The Managing Owner publishes the NAV of the Fund and the NAV per Share daily. Additionally, the Index Sponsor calculates and publishes the intra-day Index level, and the Index Sponsor calculates, and the Managing Owner publishes, the IIV per Share (quoted in USD) once every fifteen seconds throughout each trading day.

All of the foregoing information is published as follows:

The intra-day level of the Index (symbol: DBCFHX) and the IIV per Share (symbol: FBV) (each quoted in ~~USD)~~U.S. dollars) are published once every fifteen seconds throughout each trading day on the consolidated tape, Reuters and/or ~~Bloomberg and~~Bloomberg. The IIV per Share (symbol: FBV) is also published on the Managing Owner’s website at~~http:~~ https://~~www.invescopowershares.com~~,www.invesco.com/ETFs, or any successor thereto.

The current trading price per Share (symbol: DBV) (quoted in ~~USD)~~U.S. dollars) is published continuously as trades occur throughout each trading day on the consolidated tape, Reuters and/or Bloomberg and on the Managing Owner’s website at~~http:~~ https://~~www.invescopowershares.com~~,www.invesco.com/ETFs, or any successor thereto.

The most recent end-of-day Index closing level (symbol: ~~DBCFHX)~~DBHVFER) is published as of the close of business for the NYSE Arca each trading day on the consolidated tape, Reuters and/or ~~Bloomberg and on the Managing Owner’s website athttp://www.invescopowershares.com, or any successor thereto.~~

Bloomberg.

The most recent end-of-day NAV of the Fund (symbol: FBV.NV) is published as of the close of business on Reuters and/or Bloomberg and on the Managing Owner’s website at~~http:~~ https://~~www.invescopowershares.com~~,www.invesco.com/ETFs, or any successor thereto. In addition, the most recent end-of-day NAV of the Fund (symbol: FBV.NV) is published the following morning on the consolidated tape.

All of the foregoing information with respect to the Index, including the Index’s history, is also published athttps://~~index.db.com~~.

~~The Index Sponsor~~index.db.com.

Deutsche Bank Securities, Inc. (the "Index Sponsor" or "DBSI") obtains information for inclusion in, or for use in the calculation of, the Index from sources the Index Sponsor considers reliable. None of the Index Sponsor, the Managing Owner, the Fund or any of their respective affiliates accepts responsibility for or guarantees the accuracy and/or completeness of the Index or any data included in the Index.

Information on the Managing Owner’s website shall not be deemed to be a part of this Prospectus or incorporated by reference herein unless otherwise expressly stated.

CUSIP Number

The Fund’s CUSIP number is ~~73935Y102.~~

46139B102.

Risk Factors

An investment in Shares is speculative and involves a high degree of risk. The summary risk factors set forth below are intended merely to highlight certain risks of the Fund. The Fund has additional risks that are set forth elsewhere in this Prospectus.

•

The novel coronavirus (“COVID-19”) has disrupted the global economy, causing high unemployment rates, illnesses and deaths, travel restrictions, and government emergency actions.

Summary Information (cont’d)

The extent of the impact of COVID-19 is not fully known at this time and may adversely affect the Fund’s performance.

•

Past performance is not necessarily indicative of future results; all or substantially all of an investment in the Fund could be lost.

•

The Fund’s trading of ~~the Fund~~futures contracts takes place in very volatile markets.

•

Because the Fund’s trading will be leveraged, a relatively small movement in the price of a futures contract owned by the Fund may cause greater losses.

~~Investment~~

•

Investments in foreign exchange related products isare subject to many factors which contribute ~~or increase~~to potential volatility, including, but not limited to:

—

•

National debt levels and trade deficits, including changes in balances of payments and trade;

—

•

Domestic and foreign inflation rates and investors’ expectations concerning inflation rates;

—

•

Domestic and foreign interest rates and investors’ expectations concerning interest rates;

~~-2-~~

— •

Currency exchange rates;

—

•

Investment and trading activities of mutual funds, hedge funds and currency funds;

—

•

Global or regional political, economic or financial events and situations;

—

•

Supply and demand changes which influence the foreign exchange rates of various currencies;

—

•

Monetary policies of governments (including exchange control programs, restrictions on local exchanges or markets and limitations on foreign investment in a country or on investment by residents of a country in other countries), trade restrictions, currency devaluations and revaluations;

—

•

Governmental intervention in the currency market, directly and by regulation, in order to influence currency prices; and

—

•

Expectations among market participants that a currency’s value soon will change.

The Fund is subject to the fees and expenses described herein (in addition to the amount of any commissions charged by the investor’s broker in connection with an investor’s purchase of Shares) and will be successful only if significant losses are avoided.

•

The Fund is subject to fees and expenses in the aggregate amount of approximately ~~0.80%~~0.78% per annum ~~as described herein~~ and will be successful only if its annual returns from futures trading, ~~(held for investment purposes),~~ plus its annual Treasury Income, ~~and~~ Money Market Income ~~(held for margin and/or cash management purposes),~~and T-Bill ETF Income exceed such fees and expenses of approximately 0.80% per annum. The Fund is expected to earn Treasury Income equal to 0.24% per annum, based upon the yield of 3-month United States Treasury Securities as of September 30, 2016, or a maximum of $0.06 per annum per Share at $25.00 as the NAV per Share. The Fund is also expected to earnexpenses.

Money Market Income equal to 0.36% per annum as of September 30, 2016, or a maximum of $0.09 per annum per Share at $25.00 as the NAV per Share. Because the Fund invests a portion of its assets in Treasury Securities and the money market mutual funds, its expected income from each of its holdings will be approximately $0.05 and $0.01, respectively, for an aggregate amount of approximately $0.06. Therefore, based upon the difference between the sum of the Treasury Income plus the Money Market Income and the annual fees and expenses, the Fund will be required to earn approximately 0.56% per annum, or $0.14 per annum per Share at $25.00 as the NAV per Share, in order for an investor to break-even on an investment during the first twelve months of an investment. Actual Treasury Income and Money Market Income could be higher or lower than the current levels.

•

The futures contracts associated with the Eligible Index Currencies are not subject to position limits imposed by the CFTC and/or futures exchange rules. There can be no assurance that the ~~Shares will achieve profits or avoid losses, significant or otherwise.~~

~~As of the date of this prospectus, the~~ futures contracts ~~associated with the Index Currencies, or the Fund Contracts, are not subject to speculative position limits. There can be no assurance that the Fund Contracts~~ will not become subject to ~~speculative~~ position limits. Should the Fund ~~Contracts~~ become subject to ~~speculative~~ position limits with respect to its futures contracts holdings, the Fund’s positions in ~~the Fund Contracts~~futures contracts might be required to be aggregated with positions in other accounts that the Managing Owner owns or for which it controls trading unless an exemption applies under the ~~investment team managing~~applicable regulations of the CFTC or the futures exchange on which the futures contracts trade. Should the Fund ~~qualifies as an “independent account controller” under current law~~become subject to position limits, the Fund’s ability to issue new Creation Units or ~~regulations proposed by~~to reinvest income in additional futures contracts may be impaired or limited. This may adversely affect the ~~CFTC. If~~correlation between the ~~CFTC does not extend~~market price of the Shares and the NAV of the Fund, which could result in Shares trading at a premium or ~~renew the independent account controller exemption from aggregation, or if the exemption were otherwise unavailable,~~discount to the ~~extent~~NAV of the Fund.

•

There can be no assurance that the ~~Managing Owner avails itself of the exemption, it may be required to aggregate the Fund’s positions in~~ Fund ~~Contracts in multiple other accounts~~will achieve profits or

avoid losses, significant or otherwise.

~~-3-~~

commodity pools. In that case, the Fund’s ability to issue new Baskets or the Fund’s ability to reinvest income in additional Fund Contracts may be impaired or limited to the extent that these activities would cause the Fund to exceed the potential future position limits. Limiting the size of the Fund to stay within these position limits may affect the correlation between the price of the Shares, as traded on the NYSE Arca, and the NAV. The inability to create additional Baskets could result in Shares trading at a premium or discount to NAV of the Fund.

•

Performance of the Fund may not track the Index during particular periods or over the long term. Such tracking error may cause the Fund to outperform or underperform the Index.

•

Disruptions in the ability to create or redeem Creation Units may adversely affect investors.

Summary Information (cont’d)

•

Certain potential conflicts of interest exist between the Managing Owner, the Commodity Broker (as defined herein) and their affiliates and the Shareholders. For example, the Commodity Broker may have a conflict of interest between its execution of trades for the Fund and for its other customers. More specifically, the Commodity Broker will benefit from executing orders for other clients, whereas the Fund may be harmed to the extent that the Commodity Broker has fewer resources to allocate to the Fund’s accounts due to the existence of such other clients. Proprietary trading by the affiliates of the Managing Owner and the Commodity Broker may create conflicts of interest from time-to-time because such proprietary trades may take a position that is opposite of that of the Fund or may compete with the Fund for certain positions within the marketplace. See “Conflicts of Interest” for a more complete disclosure of various conflicts.shareholders (“Shareholders”). Although the Managing Owner ~~has established procedures designed~~attempts to ~~resolve certain of these~~monitor for conflicts, ~~equitably,~~it is extremely difficult, if not impossible, for the Managing Owner ~~has~~to ensure that the conflicts will not, ~~established formal procedures~~in fact, result in adverse consequences to ~~resolve all potential conflicts of interest. Consequently, investors~~the Fund and the Shareholders.

•

The Fund’s NAV may ~~be dependent on~~not always correspond to the ~~good faith~~market price of the ~~respective parties~~Shares and, as a result, Shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount).

•

Shareholders will be subject to ~~such conflicts to resolve them equitably.~~taxation on their allocable share of the Fund’s taxable income, whether or not they receive cash distributions.

Although the Managing Owner attempts to monitor these conflicts, it is extremely difficult, if not impossible, for the Managing Owner to ensure that these conflicts will not, in fact, result in adverse consequences to the Fund.

The Trustee

Wilmington Trust Company ~~or the Trustee,~~(the “Trustee”), a Delaware trust company, is the sole trustee of the Fund. The Trustee’s duties and liabilities with respect to the offering of the Shares and the management of the Fund are limited to its express obligations under the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Fund (the “Trust Agreement”). The Trustee ~~delegated~~has no duty or liability to supervise or monitor the performance of the Managing Owner, ~~all~~nor does the Trustee have any liability for the acts or omissions of the ~~power and authority to manage the business and affairs of the Fund and has only nominal duties and liabilities to the Fund.~~

Managing Owner.

Investment Objective

The Fund seeks to track changes, whether positive or negative, in the level of the Deutsche Bank G10 Currency Future Harvest Index®—Excess Return, ~~or the Index,~~(the “Index”), over time, plus the excess, if any, of the sum of the Fund’s Treasury Income, ~~and~~ Money Market Income and T-Bill ETF Income, over the expenses of the Fund. ~~For the avoidance of doubt, the~~The Fund invests in futures contracts in an attempt to track its ~~Index.~~Index (“Index Contracts”). The Fund holds Treasury Securities, ~~and~~ money market mutual funds and T-Bill ETFs only for margin and/or cash management ~~purposes only.~~

purposes. While the Fund’s performance will reflect the appreciation and/or depreciation of those holdings, the Fund’s performance, whether positive or negative, will be driven primarily by its strategy of trading futures contracts with the aim of seeking to track the Index.

~~-4-~~

~~Advantages of investing in the Fund include:~~

•

~~Ease and Flexibility of Investment~~. The Shares trade on the NYSE Arca and provide institutional and retail investors with indirect access to the currency futures markets. The Shares may be bought and sold on the NYSE Arca like other exchange-listed securities. Retail investors may purchase and sell Shares through traditional brokerage accounts.

•

~~Shares May Provide A More Cost Effective Alternative~~~~. Investing in the Shares can be easier and less expensive for an investor than constructing and trading a comparable foreign currency futures portfolio.~~

•

~~The Fund May Provide Gains on Both the Upside and Downside Price Movements of the Index Currencies~~. The Index will rise as a result of any upward price movement of the Index Currencies that are expected to gain relative to the USD by investing in long futures positions on such Index Currencies. The Index also will rise as a result of any downward price movement of the Index Currencies that are expected to lose relative to the USD by investing in short futures positions on such Index Currencies.

•

~~Margin~~~~. Shares are eligible for margin accounts.~~

•

~~Diversification~~~~. The Shares may help to diversify a portfolio because historically the Index has tended to exhibit low to negative correlation with both equities and conventional bonds.~~

•

~~Transparency~~. The Shares provide a more direct investment in currencies than mutual funds or exchange-traded funds that invest in currency-linked products or otherwise gain indirect exposure to currencies, which may have implicit imbedded costs, credit risk and other potentially opaque features.

Investing in the Fund does not insulate Shareholders from certain risks, including price volatility.

The ~~sponsor of the Index, or the~~ Index Sponsor is ~~Deutsche Bank Securities Inc.~~DBSI. The composition of the Index may be adjusted in the Index Sponsor’s discretion.

Summary Information (cont’d)

The information included in the Index description, or the Description (which is Exhibit B of the Fifth Amended and Restated Trust Declaration of the Fund, as amended from time-to-time, or the Trust Declaration), may be provided in greater detail than that which is included in the General Description. Any material changes to the terms and conditions of the Index as disclosed in future versions of the General Description will be deemed to amend such corresponding terms and conditions that are included in the Description, unless otherwise determined at the sole discretion of the Index Sponsor. The Index Sponsor may, in its sole discretion and for housekeeping purposes, amend and restate the Description to conform it to reflect material changes to the General Description.

~~The currencies that are eligible for inclusion in the Index, or~~ Eligible Index Currencies are the currencies of ~~The Group of Ten, or~~the G10 countries ~~which include the following currencies:~~

set forth below:


Eligible Index Currency		Symbol

United States Dollar			USD
Euro	EUR
~~Euro~~ Japanese Yen			~~EUR~~	JPY
Canadian Dollar	CAD
~~Japanese Yen~~ Swiss Franc			~~JPY~~	CHF
British Pound	GBP
~~Canadian~~ Australian Dollar			~~CAD~~	AUD

~~Swiss Franc~~			~~CHF~~

~~British Pound~~			~~GBP~~

~~Australian Dollar~~			~~AUD~~

New Zealand Dollar			NZD
Norwegian Krone	NOK
~~Norwegian Krone~~ Swedish Krona			~~NOK~~	SEK

~~Swedish Krona~~			~~SEK~~

~~-5-~~

Futures contracts referencing each of the Eligible Index Currencies (except USD) currently are traded on the Chicago Mercantile Exchange ~~or CME, although currency futures~~(“CME”). Futures contracts on the Eligible Index Currencies also trade on other exchanges in the United States, and the Fund may ~~invest in~~trade such contracts.

At any time, the Index is comprised of long futures positions in the three Eligible Index Currencies associated with the highest interest rates and short futures positions in the three Eligible Index Currencies associated with the lowest interest rates. The Index’s six component currencies from ~~time-to-time,~~time to time, comprised of the three long and three short futures positions, are referred to as the Index Currencies and are used to calculate the value of the Index. The composition of the Index may be adjusted in the event that the Index Sponsor is not able to calculate the closing prices of the Index Currencies.

The Index Sponsor calculates the Index on both an excess return basis and a total return basis. The excess return basis calculation reflects the change in market value of the applicable underlying currency futures only. The total return basis calculation, which reflects the sum of the change in market value of the applicable underlying currency futures plus the return on 3-month U.S. Treasury bills. The Fund seeks to track changes, whether positive or negative, in the level of the Index calculated on an excess return basis, over time, plus the excess, if any, of the sum of the Fund’s Treasury Income and Money Market Income over the expenses of the Fund. For the avoidance of doubt, the Fund invests in futures contracts in an attempt to track its Index. The Fund holds Treasury Securities and money market mutual funds for margin and/or cash management purposes only.

performance for the taxable year and your own tax situation for such year, your income tax liability for the taxable year for your allocable share of the Fund’s net ordinary income or loss and capital gain or loss may exceed any distributions you receive with respect to such year.

In order to determine which Eligible Index Currencies to include in the Index, ~~from time-to-time,~~ the Index Sponsor will review the composition of the Index on a quarterly basis as described in “Description of the Deutsche Bank G10 Currency Future Harvest Index®—Excess Return.”

The Index Sponsor will review the three month Libor rate for each Eligible Index Currency other than NZD, SEK, NOK, CAD and AUD. The Index Sponsor will review the 3 month rate of the New Zealand Bank Bill for NZD. The Index Sponsor will review the three month Stibor rate and the three month Nibor rate of the SEK and NOK, respectively. The Index Sponsor will review the 3 month Canada Bankers Acceptance Rate for CAD. The Index Sponsor will review the Australian Bank Bill Short Term 3 Month Mid rate for AUD. The Libor, Stibor and Nibor rates for the Eligible Index Currencies, as applicable, mean the London, Stockholm and Norway interbank offered rates for overnight deposits, respectively, each of which is published by Reuters on pages libor01 and libor02 with respect

In seeking to Libor and pages SIDE and NIBR with respect to Stibor and Nibor. The Eligible Index Currencies are then ranked according to yield. The three highest yielding and three lowest yielding are selected as Index Currencies for inclusion in calculating the Index. If two Index Currencies have the same yield, then the previous quarter’s ranking will be used.

The Index is re-weighted quarterly. Upon re-weighting, the high yielding Index Currencies are allocated a base weight of 33 1/3% and the low yielding Index Currencies are allocated a base weight of -33 1/3%. These new weights are applied during the Index Re-Weighting Period, as described in “Description of the Deutsche Bank G10 Currency Future Harvest Index^®~~—Excess Return.”~~

~~The CME-traded futures contract of each applicable Index Currency that is closest to expiration is used in the Index calculation. The~~

~~-6-~~

futures contracts on the Index Currencies are rolled during the Index Re-Weighting Period. The new futures contract on an Index Currency that has the next closest expiration date is selected. The calculation of the Index on an excess return basis is the weighted return on the change in price of the futures contracts on the Index Currencies.

~~A 3-month U.S. Treasury bill return is then calculated and included to calculate the total return index. Please refer to Exhibit B of the Trust Declaration for the mathematical formulae of the Index.~~

The Index has been calculated using historical data since March 12, 1993. The Index is composed of notional amounts of each Index Currency. The notional amounts of the Index Currencies included in the Index are based on the Index Closing Level as of the Index Re-Weighting Period. The Index Closing Level reflects an arithmetic weighted return of the change in the Index Currencies exchange rates against the USD since March 12, 1993. March 1993 was chosen as a starting period because it represents the earliest date on which reliable data for all the Eligible Index Currencies exists. On March 12, 1993, the closing Index level was USD 100. Between March 12, 1993 to August 31, 2016, the Index level as calculated on an excess return basis has ranged from as high as USD 315.27 (July 25, 2007) to as low as USD 94.03 (July 30, 1993). Past Index results are not necessarily indicative of future changes, positive or negative, in the Index.

To track the Index, the Fund generally will establish long futures positions in the three Eligible Index Currencies associated with the highest interest rates and short futures positions in the three Eligible Index Currencies associated with the lowest interest rates and will adjust its holdings quarterly as the Index is adjusted. However, if the USD is among the Index Currencies from ~~time-to-time,~~time to time, the Fund will not establish a long or short futures position (as the case may be) in USD, because USD is the Fund’s home currency and, as a consequence, the Fund never can enjoy profit or suffer loss from long or short futures positions in USD. When the USD is not associated with the highest or lowest interest rates among the Eligible Index Currencies, the aggregate notional value of the Fund’s futures contracts at the

time they are established will be double the value of the Fund’s holdings of United States Treasury ~~Securities and~~securities (“Treasury Securities”), money market mutual funds (affiliated or otherwise) and T-Bill ETFs (affiliated or otherwise), which means the Fund will have a leverage ratio at such time of 2:1. If the USD is associated with the highest or lowest interest rates among the Eligible Index Currencies, the aggregate notional value of the Fund’s futures contracts at the time they are established will be approximately 1.66 times the value of the Fund’s holdings of ~~United States~~ Treasury Securities, ~~and~~ money market mutual funds (affiliated or otherwise) and T-Bill ETFs (affiliated or otherwise), which means the Fund will have a leverage ratio at such time of approximately 1.66:1.

Holding futures positions with a notional amount in excess of the Fund’s NAV constitutes a form of leverage. The use of leverage will increase the potential for both trading profits and losses, depending on the changes, positive and negative, in the Index. The Fund’s ability to track the Index will not be affected by the presence or absence of the USD among the Index Currencies. Because the notional value of the Fund’s futures positions can rise or fall over time, the leverage ratio could be higher or lower between quarterly adjustments of the Index Currencies.

Summary Information (cont’d)

The use of long and short positions in the construction of the Index causes the Index to rise as a result of any upward price movement of Index Currencies expected to gain relative to the USD and to rise as a result of any downward price movement of Index Currencies expected to lose relative to the USD. The inclusion of both long and short positions is also expected to reduce the country specific foreign exchange risk of the Index (and, therefore, risk in connection with an investment in the Fund) relative to a directional (outright long or short) exposure to any or all of the Index Currencies.

There can be no assurance that the use of both long and short positions will reduce the volatility of the Index during any or all market cycles or performance periods, or that the Fund will achieve its objectives.

~~As a result of its use of leverage, the~~ Fund will be required to deposit ~~a greater proportion~~approximately twice as much of its ~~net~~ assets ~~as margin,~~than would be required if the Fund did not use leverage. The amount deposited is not expected to exceed 10% of net assets. ~~This represents margin deposit requirements approximately twice as great as would be required if~~

~~-7-~~

~~the~~The Fund ~~did not use leverage. Similarly, as a result of its use of leverage, the Fund~~ will also trade more futures contracts and incur more brokerage commission ~~expense~~expenses than it would if it did not use leverage. The additional amount of brokerage commission ~~expense~~expenses generally will be proportional to the Fund’s leverage ratio.

The ~~Fund holds a portfolio of~~Managing Owner may determine to invest in other futures contracts ~~(for investment purposes)~~if at any time it is impractical or inefficient to gain full or partial exposure to an Index Currency through the use of Index Contracts. These other futures contracts may or may not be based on ~~the Eligible~~an Index Currencies and United States Treasury Securities for deposit with the Fund’s Commodity Broker as margin and United States Treasury Securities, cash and money market mutual funds (affiliated or otherwise) on deposit with the Custodian (for cash management purposes).

~~Under the Trust Declaration, Wilmington Trust Company, the Trustee of the Fund, has delegated to~~Currency. When they are not, the Managing Owner ~~the exclusive management and control of all aspects of the business of the Fund. The Trustee has no duty or liability~~may seek to ~~supervise or monitor the performance of the Managing Owner, nor does the Trustee have any liability for the acts or omissions of the Managing Owner.~~

~~There can be no assurance that the Fund will achieve its investment objective or avoid substantial losses.~~

~~Shares Should Track Closely the Value of the Index~~

~~The Shares are intended to provide investment results that generally correspond to the changes, positive or negative, in the levels of the Index over time.~~

The value of the Shares is expected to fluctuate in relation to changes in the value of the Fund’s portfolio. The market price of the Shares may not be identical to the NAV per Share, but these two valuations are expected to be very close.

~~The Fund holds a leveraged portfolio of both long and short~~select futures contracts ~~on the~~that it reasonably believes tend to exhibit trading prices that correlate with an Index ~~Currencies which comprise the Index from time-to-time (other than the USD), each of which are traded on various currency futures markets in the United~~

Contract.

States. The Fund also holds United States Treasury Securities for deposit with the Fund’s Commodity Broker as margin and United States Treasury Securities, cash and money market mutual funds (affiliated or otherwise) on deposit with the Custodian (for cash management purposes).

The Fund’s portfolio is traded with a view to tracking the Index over time, whether the Index is rising, falling or flat over any particular period. The Fund is not “managed” by traditional methods, which typically involve effecting changes in the composition of the Fund’s portfolio on the basis of judgments relating to economic, financial and market considerations with a view to obtaining positive results under all market conditions. To maintain the correspondence between the composition and weightings of the Index Currencies of the Index to the Fund, the Managing Owner adjusts the portfolio on a quarterly basis to conform to periodic changes in the composition and relative weightings of the Index Currencies. The Managing Owner ~~aggregates certain of the adjustments and makes changes to the portfolio at least monthly or more frequently in the case of significant changes to the Index.~~

~~The Managing Owner~~

Invesco ~~PowerShares~~ Capital Management LLC, a Delaware limited liability company, serves as Managing Owner of the Fund. The Managing Owner was formed on February 7, 2003. The Managing Owner is an affiliate of Invesco Ltd. The Managing Owner was formed to be the managing owner of investment vehicles such as ~~exchange-traded funds~~ETFs and has been managing non-commodity futures based ~~exchange-traded funds~~ETFs since 2003 and a commodity futures based ~~exchange-traded fund~~ETF since 2014. The Managing Owner serves as the commodity pool operator and commodity trading advisor of the Fund. The Managing Owner is registered as a commodity pool operator and commodity trading advisor ~~and swap firm~~ with ~~the Commodity Futures Trading Commission, or~~ the CFTC and is a member of, and approved as a swap firm by, the National Futures Association ~~or the NFA.~~(the “NFA”). As a registered commodity pool operator and commodity trading advisor, with respect to the Fund, the Managing Owner must comply with various regulatory requirements under the United States Commodity Exchange Act of 1936, as amended (the “Commodity Exchange Act”) and the rules and regulations of the

~~-8-~~

CFTC and the NFA, including investor protection requirements, antifraud prohibitions, disclosure requirements, and reporting and recordkeeping requirements. The Managing Owner also is subject to periodic inspections and audits by the CFTC and NFA.

~~An investment in the Shares is speculative and involves a high degree of risk.~~

The principal office of the Managing Owner is located at 3500 Lacey Road, Suite 700, Downers Grove, IL 60515. The telephone number of the Managing Owner is (800) 983-0903.

~~PowerShares~~^® ~~is a registered service mark of Invesco PowerShares Capital Management LLC.~~

The Fund pays the Managing Owner a Management Fee, monthly in arrears, in an amount equal to 0.75% per annum of the daily NAV of the Fund. The Management Fee is paid in consideration of the Managing Owner’s ~~commodity~~services related to the management of the Fund’s business and affairs, including the provision of currency futures trading advisory services.

The Fund may, for margin and/or cash management purposes, invest in money market mutual fundsand/or T-Bill ETFs that are managed by affiliates of the Managing Owner. The indirect portion of the management ~~fee~~fees that the Fund may incur through such ~~investment~~investments is in addition to the Management Fee paid to the Managing Owner. The Managing Owner has contractually agreed to waive indefinitely the fees that it receives from the Fund in an amount equal to the indirect management fees that the Fund incurs through its investments in affiliated money market mutual funds ~~through~~and/or affiliated T-Bill ETFs. The Managing Owner may terminate this waiver on 60 days’ notice.

Effective June ~~20, 2017.~~

4, 2018, the name of the Managing Owner changed from Invesco PowerShares Capital Management LLC to Invesco Capital Management LLC, and the name of the Fund changed from PowerShares DB G10 Currency Harvest Fund to Invesco DB G10 Currency Harvest Fund.

The Commodity Broker

A variety of executing brokers execute futures transactions on behalf of the Fund. Such executing brokers give-up all such transactions to Morgan Stanley & Co. LLC, a Delaware limited liability company, which serves as the Fund’s clearing broker ~~or Commodity Broker.~~(the “Commodity Broker”). In its capacity as clearing broker, the Commodity Broker ~~executes and clears each~~may execute transactions by others on behalf of the Fund, clears all of the Fund’s

Summary Information (cont’d)

futures transactions and performs certain administrative services for the Fund. The Commodity Broker is registered with the CFTC as a

futures commission merchant (“FCM”) and is a member of the NFA in such capacity.

The Fund pays to the Commodity Broker all brokerage commissions, including applicable exchange fees, NFA fees,give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading ~~activities.~~activities for the Fund. On average, total charges paid to the Commodity Broker are expected to be less than ~~USD 6.00~~$6.00 perround-turn trade, although the Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. The Managing Owner estimates the brokerage commissions and fees will be approximately ~~0.05%~~0.03% of the NAV of the Fund in any year, although the actual amount of brokerage commissions and fees in any year or any part of any year may be greater.

~~A round-turn trade is a completed transaction involving both a purchase and a liquidating sale, or a sale followed by a covering purchase.~~

The Administrator, Custodian and Transfer Agent

The Bank of New York Mellon is the administrator or(the “Administrator”) and serves as the ~~Administrator,~~custodian (the “Custodian”) and the transfer agent (the “Transfer Agent”) of the ~~Fund and has entered into an Administration Agreement in connection therewith.~~Fund. The Bank of New York Mellon ~~serves as custodian, or Custodian, of the Fund and~~ has entered into a Fund Administration and Accounting Agreement (the “Administration Agreement”), a Global Custody Agreement ~~or Custody Agreement, in connection therewith. The Bank of New York Mellon serves as the transfer agent, or Transfer Agent, of the Fund~~(the “Custody Agreement”), and ~~has entered into~~ a Transfer Agency and Service Agreement, in connection therewith.

The Bank of New York Mellon, a banking corporation organized under the laws of the State of New York with trust powers, has an office at 2 Hanson Place, Brooklyn, N.Y. 11217. The Bank of New York Mellon is subject to supervision by the New York State Banking Department and the Board of Governors of the Federal Reserve System. Information regarding the NAV of the Fund, creation and redemption transaction fees and the names of the parties that have executed a Participant Agreement may be obtained from The Bank of New York Mellon by calling the following number:

~~-9-~~

~~(718) 315-7500. A~~ ~~copy of the Administration Agreement is available for inspection at The Bank of New York Mellon’s office identified above.~~

Pursuant to the Administration Agreement, the Administrator performs or supervises the performance of services necessary for the operation and administration of the Fund (other than making investment decisions), including ~~receiving and processing orders from Authorized Participants to create and redeem Baskets,~~ NAV calculations, accounting and other fund administrative services. The Administrator retains certain financial books and records, including: Basket creation and redemption books and records, Fund accounting records, ledgers with respect to assets, liabilities, capital, income and expenses, the registrar, transfer journals and related details and trading and related documents received from futures commission merchants, c/o The Bank of New York Mellon, 2 Hanson Place, Brooklyn, New York 11217, telephone number (718)~~315-7500.~~

The Administration Agreement is continuously in effect unless terminated on at least 90 days’ prior written notice by either party to the other party. Notwithstanding the foregoing, the Administrator may terminate the Administration Agreement upon 30 days’ prior written notice if the Fund has materially failed to perform its obligations under the Administration Agreement.

The Administration Agreement provides for the exculpation and indemnification of the Administrator from and against any costs, expenses, damages, liabilities or claims (other than those resulting from the Administrator’s own bad faith, negligence or willful misconduct) which may be imposed on, incurred by or asserted against the Administrator in performing its obligations or duties under the Administration Agreement.

Key terms of the Administration Agreement are summarized under the heading “Material Contracts.”

The Administrator’s monthly fees are paid on behalf of the Fund by the Managing Owner out of the Management Fee.

~~The Administrator~~

Pursuant to the Transfer Agency and ~~any of its affiliates may from time-to-time purchase or sell Shares for their own account, as agent for their customers and for~~

~~accounts over which they exercise investment discretion.~~

~~The~~Service Agreement, the Transfer Agent receives a transaction processing fee in connection with receiving and processing orders from Authorized Participants to create or redeem ~~Baskets~~Creation Units in the amount of ~~USD 500~~$500 per order. These transaction processing fees are paid directly by the Authorized Participants and not by the Fund.

~~The Fund is expected~~ From time to ~~retain~~time, the ~~services of one~~Managing Owner, in its sole discretion, may reimburse Authorized Participants for all or ~~more additional service providers to assist with certain tax reporting requirements~~a portion of the ~~Fund and its Shareholders.~~

processing fees from the Managing Owner’s own assets.

Invesco Distributors, Inc.

Invesco Distributors, Inc.~~, or~~ (“Invesco ~~Distributors,~~Distributors”) assists the Managing Owner with certain functions and duties relating to distribution and marketing, including reviewing and approving marketing materials. Invesco Distributors retains all marketing materials at c/o Invesco Distributors, Inc., 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. Investors may contact Invesco Distributors toll-free in the U.S. at (800) 983-0903. The Fund has entered into a Distribution Services Agreement with Invesco Distributors. Invesco Distributors is affiliated with the Managing Owner.

The Managing Owner, out of the Management Fee, pays Invesco Distributors $25,000 annually ($6,250 per quarter) for performing its duties on behalf of the ~~Fund and may pay Invesco Distributors additional compensation in consideration of the performance by Invesco Distributors of additional services.~~Fund. Such ~~additional~~ services may include, among other services, ~~the development~~reviewing distribution related legal documents and ~~implementation~~contracts, consulting on marketing or sales strategy, maintaining certain books and records in respect of ~~a marketing plan and the utilization of Invesco Distributors’ resources, which include an extensive broker database and a network of internal and external wholesalers.~~

~~Invesco Advisers Inc.~~

~~Invesco Advisers Inc., a Delaware corporation, or Invesco Advisers, is the commodity trading advisor of the Trust and~~ the Fund and ~~is an affiliate of~~performing additional marketing and distribution related services as may be agreed upon by Invesco Distributors and the Managing Owner. ~~The Managing Owner may utilize the Invesco Advisers trading desk to place~~

~~-10-~~

~~trades for the Fund. Invesco Advisers receives no compensation for providing this service.~~

Invesco Advisers has been registered with the CFTC as a commodity pool operator since January 1, 2000, commodity trading advisor since November 8, 1984 and a swap firm since January 8, 2013 and has been a member of the NFA since February 11, 1986. Its principal place of business is 1555 Peachtree Street NE, Atlanta, Georgia 30309, telephone number (404) 439-3271. The registration of Invesco Advisers with the CFTC and its membership in the NFA must not be taken as an indication that either the CFTC or the NFA has recommended or approved Invesco Advisers, the Trust or each Fund.

Summary Information (cont’d)

Index Sponsor

The Managing Owner, on behalf of the Fund, has appointed ~~Deutsche Bank Securities Inc.~~DBSI to serve as ~~the index sponsor, or~~ the Index Sponsor. The Index Sponsor calculates and publishes the daily index levels and the indicative intraday index levels. ~~Additionally, the~~The Index Sponsor also calculates the IIV per Share ~~of the Fund~~ throughout each ~~business day.~~

Business Day.

The Managing Owner pays the Index Sponsor a licensing fee and an index services fee out of the Management Fee for performing its duties.

~~Marketing Agent~~

The Managing Owner, on behalf of the Fund, has appointed Deutsche Bank Securities Inc., or the Marketing Agent, to assist the Managing Owner by providing support to educate institutional investors about the Deutsche Bank indices and to complete governmental or institutional due diligence questionnaires or requests for proposals related to the Deutsche Bank indices.

~~The Managing Owner pays the Marketing Agent a marketing services fee out of the Management Fee.~~

~~The Marketing Agent will not open or maintain customer accounts or handle orders for the Fund. The Marketing Agent has no responsibility for the~~

~~performance of the Fund or the decisions made or actions taken by the Managing Owner.~~

“800” Number for Investors

Investors may contact the Managing Owner toll free in the U.S. at (800) 983-0903.

Limitation of Liabilities

You cannot lose more than your investment, including any appreciation in your investment, in the Shares. Shareholders are entitled to limitation on liability equivalent to the limitation on liability enjoyed by stockholders of a Delaware business corporation for profit.

An investor may be required to return some or all of its capital in the event of a bankruptcy of the Fund.

Creation and Redemption of Shares

~~See “Creation~~created and ~~Redemption of Shares” for more details.~~

~~The Offering~~

~~Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, the Fund issues Shares in Baskets to Authorized Participants~~redeemed continuously on the creation order settlement date or redemption order settlement date, as applicable, as of 2:45 p.m., Eastern time, on the business day immediately following the date on which a valid order to create or redeem a ~~Basket~~Creation Unit is accepted by the ~~Fund,~~Fund. The creation or redemption will be at the NAV of ~~200,000~~100,000 Shares as of the closing time of the NYSE Arca or the last to close of the exchanges on which the ~~Fund’s~~Fund's futures contracts are traded, whichever is later, on the date that a valid order to create or redeem a ~~Basket~~Creation Unit is accepted by the Fund. Upon submission of a creation order or redemption order, the Authorized Participant may request the Managing Owner to agree to a creation order settlement or redemption order settlement date up to 3two business days after the creation order date or redemption order date.

For purposes of processing both purchase and redemption orders, a “business day” means any day other than a day when banks in New York City are required or permitted to be closed. Except when aggregated in Creation Units, the Shares are not redeemable securities.

See “Creation and Redemption of Shares” for more details.

~~-11-~~

Authorized Participants

~~Baskets~~

Creation Units may be created or redeemed only by Authorized Participants. Each Authorized Participant ~~must~~must: (1) be a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities ~~transactions,~~transactions; (2) be a participant in ~~DTC,~~the Depository Trust Company (“DTC”); and (3) have entered into an agreement with the Fund and the Managing Owner (a ~~Participant Agreement)~~“Participant Agreement”). The Participant Agreement sets forth the procedures for the creation and redemption of ~~Baskets~~Creation Units and for the delivery of cash required for such creations or redemptions. ~~A list of the current Authorized Participants can be obtained from the Administrator.~~ See “Creation and Redemption of Shares” for more details.

NAV

Summary Information (cont’d)

NAV per Share is the NAV of the Fund divided by the number of outstanding Shares.

See “Description of the Shares; Certain Material Terms of the Trust ~~Declaration—~~Agreement – NAV” for more details.

Clearance and Settlement

The Shares are evidenced by global certificates that the Fund issues to DTC. The Shares are available only in book-entry form. Shareholders may hold their Shares through DTC, if they are participants in DTC, or indirectly through entities that are participants in DTC.

Segregated Accounts/Treasury Income, ~~and~~ Money Market Income

and T-Bill ETF Income

The Fund has arranged for the proceeds of the continuous offering of the Shares ~~are~~to be deposited inas cash in a segregated account in the name of the Fund at the Custodian (or another eligible financial institution, as applicable) in accordance with CFTC investor protection and segregation requirements. The Fund is credited with 100% of the interest earned on its average net assets on deposit with the Custodian or such other financial institution each week. The ~~Managing Owner expects to invest~~Fund’s non-margin assets are generally invested in United States government securities (which include any security issued or guaranteed as to principal or interest by the United States), or any certificate of deposit for any of the foregoing, including United States Treasury ~~bonds, United States Treasury securities and issues of agencies of the United States government, and certain cash and cash equivalent items such as~~Securities, money market mutual funds (affiliated or otherwise)~~, certificates of deposit (under nine months)~~ and ~~time deposits~~T-Bill ETFs (affiliated or other instruments permitted by applicable rules and regulations for cash management purposes. The Fund is expected to earn Treasury Income equal to 0.24% per annum, based upon the yield of 3-month United States Treasury Securities as of September 30, 2016, or a maximum of $0.06 per annum per Share at $25.00 as the NAV per Share. The Fund is also expected to earn Money Market Income equal to 0.36% per annum as of September 30, 2016, or a maximum of $0.09 per annum per Share at $25.00 as the NAV per Share. Because the Fund invests a portion of its assets in each of the Treasury Securities and the money market mutual funds, its expected income from each of its holdings will be approximately $0.05 and $0.01, respectively, for an aggregate amount of approximately $0.06. This income is used by the Fund to pay its expenses.otherwise). See “Fees and Expenses” for more details.

~~-12-~~

Fees and Expenses

Fee		Description
Management Fee		The Fund pays the Managing Owner a Management Fee, monthly in arrears, in an amount equal to 0.75% per annum of the daily NAV of the Fund. The Management Fee is paid in consideration of the Managing Owner’s ~~currency~~services related to the management of the Fund’s business and affairs, including the provision of futures trading advisory services. The Fund may, for margin and/or cash management purposes, invest in money market mutual funds and/or T-Bill ETFs that are managed by affiliates of the Managing Owner. The indirect portion of the management ~~fee~~fees that the Fund may incur through such ~~investment~~investments is in addition to the Management Fee paid to the Managing Owner. The Managing Owner has contractually agreed to waive indefinitely the fees that it receives in an amount equal to the indirect management fees that the Fund incurs through its investments in affiliated money market mutual funds ~~through June 20, 2017.~~ and/or affiliated T-Bill ETFs. The Managing Owner may terminate the fee waiver on 60 days’ notice.
~~Organization and~~ Offering Expenses		~~Expenses incurred in connection with organizing the Fund and the initial offering of the Shares were paid by the Predecessor Managing Owner.~~ Expenses incurred in connection with the continuous offering of Shares from commencement of the Fund’s trading operations up to and excluding February 23, 2015 were also paid by the Predecessor Managing Owner. Expenses incurred in connection with the continuous offering of Shares on and after February 23, 2015 are paid by the Managing Owner.
Brokerage Commissions and Fees		The Fund pays to the Commodity Broker all brokerage commissions, including applicable exchange fees, NFA fees,give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with its trading activities. On average, total charges paid to the Commodity Broker are expected to be less than ~~USD 6.00~~$6.00 per round-turn trade, although the Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. The Managing Owner estimates the brokerage commissions and fees will be approximately ~~0.05%~~ 0.03% of the NAV of the Fund in any year, although the actual amount of brokerage commissions and fees in any year or any part of any year may be greater.

Summary Information (cont’d)

Fee	Description
Routine Operational, Administrative and Other Ordinary Expenses		The Managing Owner pays all of the routine operational, administrative and other ordinary expenses of the Fund, including, but not limited to, ~~computer services,~~ the fees and expenses of the Trustee, license and service fees paid to ~~Deutsche Bank Securities Inc., or~~ DBSI as ~~Marketing Agent and~~ Index Sponsor, legal and accounting fees and expenses, tax preparation expenses, filing fees, and printing, mailing and duplication costs.
Non-Recurring Fees and Expenses		The Fund pays all of the non-recurring and unusual fees and expenses ~~(referred~~ (referred to as extraordinary fees and expenses in the Trust ~~Declaration)~~Agreement), if any, ofas determined by the ~~Fund.~~Managing Owner. Non-recurring and unusual fees and expenses ~~are fees and expenses which are non-recurring and unusual in nature,~~include items such as legal claims and liabilities, litigation costs, indemnification expenses and other expenses that are not currently anticipated obligations of the Fund or ~~indemnification or other unanticipated expenses. Such non-recurring and unusual fees and expenses, by their nature, are unpredictable~~of managed futures funds in ~~terms of timing and amount.~~general.
Management Fee and Expenses to be Paid First out of Treasury Income, ~~and~~ Money Market Income and/or T-Bill ETF Income		The Management Fee and the brokerage commissions and fees of the Fund are paid first out of Treasury Income from the Fund’s holdings of ~~United States~~ Treasury Securities, ~~and~~ Money Market Income from the Fund’s holdings of money market mutual funds (affiliated or otherwise) and T-Bill ETF Income from the Fund’s holdings of T-Bill ETFs (affiliated or otherwise), as applicable, on deposit with the Commodity Broker as margin, the Custodian, or otherwise. If the sum of the Treasury Income, ~~and~~ the Money Market Income and the T-Bill ETF Income is not sufficient to cover the fees and expenses of the Fund that are payable by the Fund during any period, the excess of such fees and expenses over such Treasury Income, ~~and~~ Money Market Income and T-Bill ETF Income, as applicable, will be paid out of income from futures trading, if any, or from sales of the Fund’s ~~United States~~holdings in Treasury Securities, money market mutual funds, and/or holdings in money market mutual funds. For the avoidance of doubt, the Fund invests in futures contracts in an attempt to track its Index. The Fund holds Treasury Securities and money market mutual funds, for margin and/or cash management purposes only.T-Bill ETFs.
Selling Commission		Retail investors may purchase and sell Shares through traditional brokerage accounts. Investors are expected to be charged a ~~customary~~ commission by their brokers in connection with purchases of Shares that will vary from investor to investor. Investors are encouraged to review the terms of their brokerage accounts for applicable charges.

[Remainder of page left blank intentionally]

~~-13-~~

~~Breakeven Amounts~~

The estimated amount of all fees and expenses which are anticipated to be incurred by a new investor in Shares during the first twelve months of investment is 0.80% per annum of the NAV of the Fund plus the amount of any commissions charged by the investor’s broker.

The Fund will be successful only if its annual returns from futures trading, plus its annual Treasury Income and Money Market Income exceed such fees and expenses of approximately 0.80% per annum. The Fund is expected to earn Treasury Income equal to 0.24% per annum, based upon the yield ofSummary Information (cont’d)

Distributions

~~3-month~~ United States Treasury Securities as of September 30, 2016, or a maximum of $0.06 per annum per Share at $25.00 as the NAV per Share. The Fund is also expected to earn Money Market Income equal to 0.36% per annum as of September 30, 2016, or a maximum of $0.09 per annum per Share at $25.00 as the NAV per Share. Because the Fund invests a portion of its assets in each of the Treasury Securities and the money market mutual funds, its expected income from each of its holdings will be approximately $0.05 and $0.01, respectively, for an aggregate amount of approximately $0.06. Therefore, based upon the difference between the sum of the current Treasury Income plus the Money Market Income and the annual fees and expenses, the Fund will be required to earn approximately 0.56% per annum, or $0.14 per annum per Share at $25.00 as the NAV per Share, in order for an investor to break-even on an investment during the first twelve months of an investment. Actual Treasury Income and Money Market Income could be higher or lower than the current levels. For the avoidance of doubt, the Fund invests in futures contracts in an attempt to track its Index. The Fund holds Treasury Securities and money market mutual funds for margin and/or cash management purposes only.

~~Distributions~~

The Fund will make distributions at the discretion of the Managing Owner. To the extent that the Fund’s actual and projected Treasury Income, ~~and~~ the Fund’s actual and projected Money Market Income ~~exceeds~~and the Fund’s actual and projected T-Bill ETF Income, as applicable, exceed the actual and projected fees and

expenses of the Fund, the Managing Owner expects periodically to make distributions of the amount of such excess. The Managing Owner currently does not expect to make distributions with respect to the Fund’s capital gains. Depending on the Fund’s performance for the taxable year and ~~your own~~a Shareholder’s particular tax situation for such year, ~~your~~a Shareholder’s income tax liability for the taxable year for ~~your~~such Shareholder’s allocable share of the Fund’s net ordinary income or loss and capital gain or loss may exceed any distributions ~~you receive~~received with respect to such year.

Fiscal Year

The Fund’s fiscal year ends on December 31 of each year.

U.S. Federal Income Tax Considerations

General

Subject to the discussion below in “Material U.S. Federal Income Tax Considerations,” the Fund will be classified as a partnership for U.S. federal income tax purposes. Accordingly, the Fund will generally not incur U.S. federal income tax liability; rather, each ~~beneficial owner of Shares~~Shareholder will be required to take into account its allocable share of the Fund’s income, gain, loss, deduction and other items for the Fund’s taxable year ending with or within the ~~owner’s~~Shareholder’s taxable year.

~~Additionally, please~~

Please refer to the “Material U.S. Federal Income Tax Considerations” section below for information on the potential U.S. federal income tax consequences of the purchase, ownership and disposition of Shares.

~~Breakeven Table~~

UBTI

An organization that is otherwise exempt from U.S. federal income tax is nonetheless subject to taxation with respect to its “unrelated business taxable income” (“UBTI”). Subject to the discussion below in “Material U.S. Federal Income Tax Considerations,” all of the income realized by the Fund is expected to be short-term or long-term capital gain income, interest income or other passive investment income of the type specifically exempt from treatment as UBTI. The ~~Breakeven Table on the following page indicates the approximate percentage and dollar returns required~~Fund will not borrow funds for the ~~value~~purpose of ~~an initial USD 25.00~~acquiring or holding any investments or otherwise incur “acquisition indebtedness” with respect to such investments. Therefore, a tax-exempt entity purchasing Shares is not expected to incur any UBTI by reason of its investment in the Shares or upon sale of such Shares, provided that such tax-exempt entity does not borrow funds for the purpose of investing in the Shares.

Breakeven Amounts

A Shareholder should expect that the Fund’s fees and expenses during the first twelve months of the Shareholder’s investment will equal 0.78% of the Fund’s NAV. This amount equates to $0.1981 per annum per Share at $25.26, the Fund’s NAV per Share as of May 31, 2021. Based on market rates observed as of May 31, 2021, the Fund’s Treasury Income is expected to be earned at a rate of 0.02%, Money Market Income is expected to be earned at a rate of 0.01%, and T-Bill ETF Income is expected to be earned at a rate of 0.01%. This means that, during those first twelve months, the Fund would have to earn 0.76% of the Fund’s NAV, or $0.1931 per Share at $25.26, for a Shareholder to ~~equal~~break even on the amount originally ~~invested twelve months after issuance.~~

The Breakeven Table, as presented, is an approximation only. The capitalization of the Fund does not directly affect the level of its charges as a percentage of its NAV, other than brokerage commissions.

invested.

~~-14-~~

~~Breakeven Table~~


	~~Dollar Amount and Percentage of Expenses of~~ ~~the Fund~~¹
~~Expense~~	~~USD~~	%
~~Management Fee~~²	~~USD 0.19~~	~~0.75 %~~
~~Organization and Offering Expense Reimbursement~~³	~~USD 0.00~~	~~0.00 %~~
~~Brokerage Commissions and Fees~~⁴	~~USD 0.01~~	~~0.05 %~~
~~Routine Operational, Administrative and Other Ordinary Expenses~~^5,6	~~USD 0.00~~	~~0.00 %~~
~~Treasury Income and Money Market Income~~⁷	~~USD (0.06)~~	~~(0.24) %~~
~~12-Month~~ ~~Breakeven~~^8,9	~~USD 0.14~~	~~0.56 %~~

The breakeven analysis set forth in this column assumes that the Shares have a constant month-end NAV and is based on USD 25.00 as the NAV per Share. As a historical matter, the initial offering price of the Shares was USD 25.00 per Share. Since the inception of the Fund, the Managing Owner has consistently used an assumed NAV of USD 25.00 per Share as a matter of ongoing practice for purposes of the break-even analysis in order to enable investors and potential investors to compare on a consistent basis the break-even point of this Fund with the other futures-based ETFs for which the Managing Owner serves as the commodity pool operator. The Managing Owner, in its discretion, may change the assumed NAV per Share in the future. See “Charges” on page 53 for an explanation of the expenses included in the Breakeven Table. The Managing Owner will pay a marketing services fee to the Marketing Agent and an index services fee to the Index Sponsor. Because the marketing services fee and the index services fee are not paid by the Fund, these fees are not included in the breakeven analysis.

2.	~~From the Management Fee, the Managing Owner is responsible for paying the fees and expenses of the Administrator, Invesco Distributors, the Index Sponsor and the Marketing Agent.~~

The Fund may, for cash management purposes, invest in money market mutual funds that are managed by affiliates of the Managing Owner. The indirect portion of the management fee that the Fund may incur through such investment is in addition to the Management Fee paid to the Managing Owner. Therefore, the Managing Owner has contractually agreed to waive the fees that it receives in an amount equal to the indirect management fees that the Fund incurs through its investments in affiliated money market mutual funds through June 20, 2017, or the Money Market Management Fee Waiver. As of the date of this prospectus, the Money Market Management Fee Waiver is approximately less than $0.01 per Share per annum.

3.	The Predecessor Managing Owner was responsible for paying the organization and offering expenses up to and excluding February 23, 2015. The Managing Owner is responsible for paying the continuous offering costs of the Fund from and including February 23, 2015.

4.	~~The actual amount of brokerage commissions and trading fees to be incurred will vary based upon the trading frequency of the Fund and the specific futures contracts traded.~~

5.	~~The Managing Owner is responsible for paying all routine operational, administrative and other ordinary expenses of the Fund.~~

~~In connection with orders to create and redeem Baskets, Authorized Participants pay a transaction fee in the amount of USD 500 per order. Because these transaction fees are~~~~de minimis~~ ~~in amount, are charged on a transaction-by-transaction basis (and not on a Basket-by-Basket basis), and are borne by the Authorized Participants, they have not been included in the Breakeven Table.~~

Interest income currently is estimated to be earned at a rate of 0.24%, based upon the yield on 3-month United States Treasury Securities as of September 30, 2016, or the Treasury Income. Dividend income currently is estimated to be earned at a rate of 0.36% from the Fund’s holdings of money market mutual funds (affiliated or otherwise) as of September 30, 2016, or the Money Market Income. Actual Treasury Income and Money Market Income could be higher or lower than the current levels. For the avoidance of doubt, the Fund invests in futures contracts in an attempt to track its Index. The Fund holds Treasury Securities and money market mutual funds for margin and/or cash management purposes only.

The Fund is subject to (i) a Management Fee of 0.75% per annum and (ii) estimated brokerage commissions and fees of 0.05% per annum. The Fund is subject to fees and expenses in the aggregate amount of approximately 0.80% per annum. The Fund will be successful only if its annual returns from the underlying futures contracts, including annual Treasury Income and Money Market Income, exceed approximately 0.80% per annum. The Fund is expected to earn Treasury Income equal to 0.24% per annum, based upon the yield of~~3-month~~ United States Treasury Securities as of September 30, 2016, or a maximum of $0.06 per annum per Share at $25.00 as the NAV per Share. The Fund is also expected to earn Money Market Income equal to 0.36% per annum as of September 30, 2016, or a maximum of $0.09 per annum per Share at $25.00 as the NAV per Share. Because the Fund invests a portion of its assets in Treasury Securities and the money market mutual funds, its expected income from each of its holdings will be approximately $0.05 and $0.01, respectively, for an aggregate amount of approximately $0.06 Therefore, based upon the difference between the sum of the current Treasury Income plus the Money Market Income and the annual fees and expenses, the Fund will be required to earn approximately 0.56% per annum, or $0.14 per annum per Share at $25.00 as the NAV per Share, in order for an investor to break-even on an investment during the first twelve months of an investment. The aggregate expense of $0.14 is disclosed above because of rounding. Actual Treasury Income and Money Market Income could be higher or lower than the current levels. For the avoidance of doubt, the Fund invests in futures contracts in an attempt to track its Index. The Fund holds Treasury Securities and money market mutual funds for margin and/or cash management purposes only.

You may pay customary brokerage commissions in connection with purchases of the Shares. Because such brokerage commission rates are set by your broker, they will vary from investor to investor and have not been included in the Breakeven Table. Investors are encouraged to review the terms of their brokerage accounts for applicable charges.

~~-15-~~

~~Incorporation by Reference of Certain Documents~~

The Securities and Exchange Commission, or the SEC, allows us to “incorporate by reference” into this Prospectus the information that we file with it, meaning we can disclose important information to you by referring you to those documents already on file with the SEC.

~~This filing incorporates by reference the following documents, which we have previously filed with the SEC, in response to certain disclosures:~~

~~The Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed February 29, 2016;~~

~~The Quarterly Reports on Form 10-Q for the quarterly periods ended on March 31, 2016, June 30, 2016 and September 30, 2016, filed May 10, 2016, August 9, 2016 and November 8, 2016, respectively;~~

~~The Current Reports on Form 8-K, filed February 22, 2016, April 22, 2016, June 20, 2016, October 25, 2016, and November 28, 2016; and~~

All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since December 31, 2015, except for information furnished under Form 8-K, which is not deemed filed and not incorporated herein by reference.

Any statement contained in a document that is incorporated by reference will be modified or superseded for all purposes to the extent that a statement contained in this Prospectus modifies or is contrary to that previous statement. Any statement so modified or superseded will not be deemed a part of this Prospectus except as so modified or superseded.

We will provide to you a copy of the filings that have been incorporated by reference in this Prospectus upon your request, at no cost. Any request may be made by writing or calling us at the following address or telephone number:

~~Invesco PowerShares Capital Management LLC~~

~~3500 Lacey Road, Suite 700~~

~~Downers Grove, IL 60515~~

~~Telephone: (800) 983-0903~~

~~These documents may also be accessed through our website athttp://www.invescopowershares.com~~ or as described herein under “Additional Information.” The information and other content contained on or linked from our website are not incorporated by reference in this Prospectus and should not be considered a part of this Prospectus.

We file annual, quarterly, current reports and other information with the SEC. You may read and copy these materials at the SEC’s Public Reference Room at 100 F Street, N.E., Washington, DC 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains an internet site at http://www.sec.gov that contains reports, proxy and information statements and other information regarding the Fund.

~~Reports to Shareholders~~

The Managing Owner will furnish you with an annual report of the Fund within 90 calendar days after the end of the Fund’s fiscal year as required by the rules and regulations of the CFTC, including, but not limited to, an annual audited financial statement certified by independent registered public accountants and any other reports required by any other governmental authority that has jurisdiction over the activities of the Fund. You also will be provided with appropriate information to permit you to file your U.S. federal and state income tax returns (on a timely basis) with respect to your Shares. Monthly account statements conforming to CFTC and NFA requirements are posted on the Managing Owner’s website at~~http://www.invescopowershares.com. Additional reports may be posted on the Managing Owner’s website in the discretion of the Managing Owner or as required by regulatory authorities.~~

~~-16-~~

~~Cautionary Note Regarding Forward-Looking Statements~~

~~This Prospectus includesforward-looking~~ ~~statements that reflect the Managing Owner’s current expectations about the future results, performance, prospects and opportunities of the Fund. The Managing Owner has tried to identify theseforward-looking~~ statements by using words such as “may,” “will,” “expect,” “anticipate,” “believe,” “intend,” “should,” “estimate” or the negative of those terms or similar expressions. These~~forward-looking~~ statements are based on information currently available to the Managing Owner and are subject to a number of risks, uncertainties and other factors, both known, such as those described in “Risk Factors” in this Summary, in “The Risks You Face” and elsewhere in this Prospectus, and unknown, that could cause the actual results, performance, prospects or opportunities of the Fund to differ materially from those expressed in, or implied by, these~~forward-looking~~ ~~statements.~~

~~You should not place undue reliance on anyforward-looking~~ ~~statements. Except as expressly required by the federal securities laws, the Managing Owner undertakes no obligation to publicly update or revise anyforward-looking~~ statements or the risks, uncertainties or other factors described in this Prospectus, as a result of new information, future events or changed circumstances or for any other reason after the date of this Prospectus.

THE SHARES ARE SPECULATIVE AND

INVOLVE A HIGH DEGREE OF ~~RISK.~~

~~[Remainder of page left blank intentionally.]~~

RISK

~~-17-~~

~~ORGANIZATION CHART~~

~~POWERSHARES DB G10 CURRENCY HARVEST FUND~~

~~-18-~~

Risk Factors

~~THE RISKS YOU FACE~~

You could lose money investing in Shares. You should consider carefully the risks described below before making an investment decision. You should also refer to the other information included in this Prospectus.

~~(1)~~

The Value of the Shares Relates Directly to the Value of the Futures Contracts on the Index Currencies and Other Assets Held by the Fund and Fluctuations in the Price of These Assets Could Materially Adversely Affect an Investment in the Shares.

Market Risks

Risk that the COVID-19 Pandemic Will Cause Continued Economic Turmoil.

An outbreak of a novel and highly contagious form of coronavirus, COVID-19, has spread to many countries throughout the world including the United States. The ~~Shares are designed~~World Health Organization has declared the outbreak to ~~reflect as closely as possible~~be a public health emergency of international concern, and the ~~changes, positive or negative,~~U.S. Health and Human Services Secretary has declared it a public health emergency in the ~~level~~United States.

The impact of the ~~Index, over time, through~~outbreak of COVID-19 has been extensive in many aspects of society. The outbreak has resulted in a significant number of deaths, adversely impacted global commercial activity, and led to significant uncertainty and disruptions in the ~~Fund’s portfolio~~global financial markets and the economies of ~~exchange traded futures contracts~~nations where the coronavirus disease has arisen. Many countries have reacted by instituting quarantines, prohibitions on travel and the closure of offices, businesses, schools, retail stores and other public venues. Businesses are also implementing similar precautionary measures. Such measures, as well as the general uncertainty surrounding the dangers and impact of COVID-19, as well as the effectiveness and timing of distribution of a vaccine, are creating significant disruption in supply chains and economic activity. Consumer, corporate and financial confidence is being materially adversely affected by this outbreak. Such erosion of confidence may lead to or extend to a localized or global economic downturn. Such health crisis could exacerbate political, social, and economic risks and result in significant breakdowns, delays, and other disruptions to the economy, with potential corresponding results on the ~~Index Currencies. The value~~performance of the ~~Shares relates directly~~Fund and its investments.

This outbreak of COVID-19 (and any future outbreaks of any other epidemics or pandemics) has led (and may continue to lead) to significant uncertainty, breakdowns, delays and other disruptions in the ~~value~~global financial markets and the economies of nations where COVID-19 has arisen and may in the ~~portfolio, less~~future arise, and may result in adverse impacts on the ~~liabilities (including estimated accrued but unpaid expenses)~~global economy in general, with potential corresponding results on the performance of the Fund. The ~~price~~global impact of this outbreak continues to evolve, and it is impossible to predict the scope of this outbreak or the impact it may have on the global economy or the global financial markets. The COVID-19 outbreak has already led to certain governmental interventions that were implemented on an “emergency” basis, suddenly and substantially eliminating market participants’ ability to continue to implement certain strategies or manage the risk of their outstanding positions. No assurances can be made regarding the policies that may be adopted by the Federal Reserve, the federal government (including regulatory agencies), any state government, or any foreign government as a result of the ~~Index Currencies may fluctuate widely. Several factors may~~outbreak or market volatility. In response to the COVID-19 outbreak, most of the Managing Owner’s personnel is working remotely and travel is restricted. Although the Managing Owner has implemented its business continuity plan to permit personnel to effectively work remotely, there is no assurance that this will work effectively at all times.

This outbreak of COVID-19, or any future epidemic or pandemic similar to COVID-19, SARS, H1N1/09 flu or MERS, could have a significant adverse impact on the Fund and its investments, could adversely affect the ~~prices~~Fund’s ability to fulfill its investment objectives, and could result in significant losses to the Fund. The extent of the ~~Index Currencies,~~impact of any outbreak on the performance of the Fund and its investments depend on many factors, including ~~but not limited to:~~

~~National debt levels~~the duration and ~~trade deficits, including changes in balances~~scope of ~~payments~~such outbreak, the development and ~~trade;~~

~~Domestic~~distribution of treatments and ~~foreign inflation rates~~vaccines for viruses such as COVID-19, the extent of its disruption to important global, regional and ~~investors’ expectations concerning inflation rates;~~

~~Domestic~~local supply chains and ~~foreign interest rates~~economic markets, and ~~investors’ expectations concerning interest rates;~~

~~Currency exchange rates;~~

~~Investment and trading activities~~the impact of ~~mutual funds, hedge funds and currency funds;~~

~~Global or regional political, economic or financial events and situations;~~

~~Supply~~such outbreak on overall supply and demand, ~~changes~~investor liquidity, consumer confidence and levels of economic activity, all of which ~~influence the foreign exchange rates of various currencies;~~

~~Monetary policies of governments (including exchange control programs, restrictions on local exchanges or markets~~are highly uncertain and ~~limitations on foreign investment in a country or on investment by residents of a country in other countries), trade restrictions, currency devaluations and revaluations;~~cannot be predicted.

~~Governmental intervention in~~12

NAV May Not Always Correspond to Market Price and, as a Result, Creation Units May Be Created or Redeemed at a Value that Differs from the ~~currency market, directly and by regulation, in order to influence currency prices; and~~Market Price of the Shares.

~~Expectations among market participants that a currency’s value soon will change.~~

~~(2)~~

~~NAV May Not Always Correspond to Market Price and, as a Result, Baskets May be Created or Redeemed at a Value that Differs from the Market Price of the Shares.~~

Shares may trade at, above or below their NAV. The NAV ~~per Share will change as fluctuations occur~~fluctuates with changes in the market value of ~~its portfolio. Investors should be aware that~~ the ~~public~~Fund’s assets. The trading price of ~~a Basket may be different from~~Shares fluctuates in accordance with changes in the NAV, of a Basket (i.e., 200,000 Shares may trade at a premium over, or a discount to, NAV of a Basket) and similarly the public trading price per Share may be different from the NAV per Share. Consequently, an Authorized Participant may be able to create or redeem a Basket at a discount or a premium to the public trading price per Share. This price difference may be due, in large part, to the fact that supply and demand forces at workintraday changes in the ~~secondary trading market for Shares are closely related, but not identical to, the same forces influencing the prices~~value of the Index ~~Currencies trading individually or in the aggregate at any point in time. Investors also should note that the size~~Contracts and market supply and demand. The amount of the ~~Fund~~discount or premium in ~~terms of total assets held may change substantially over time and fromtime-to-time~~ ~~as Baskets are created and redeemed.~~

~~Authorized Participants or their clients or customers may have an opportunity to realize a profit if they can purchase a Basket at a discount to~~ the ~~public~~ trading price of the Shares ~~or can redeem a Basket at a premium over the public trading price of the Shares. The Managing Owner expects that the exploitation of such arbitrage opportunities by Authorized Participants and~~relative to their ~~clients and customers will tend to cause the public trading price to track~~ NAV ~~per Share closely over time.~~

~~The value of a Share~~ may be influenced bynon-concurrent trading hours between ~~the~~ NYSE Arca (the exchange on which the Shares trade) and the ~~various futures~~ exchanges on which the Index ~~Currencies~~Contracts are traded. While the Shares are expected to trade on NYSE Arca until 4:00 p.m. (Eastern time), liquidity in the markets for the Index Contracts is expected to be reduced whenever the principal markets for those contracts are closed. As a result, ~~during periods when the NYSE Arca is open and the futures exchanges on which the Index Currencies are traded are closed,~~ trading spreads, and the resulting premium or discount on ~~the~~ Shares, may widen ~~and, therefore,~~

during these gaps in market trading hours.

~~-19-~~

~~increase the difference between the price of~~The NYSE Arca May Halt Trading in the Shares ~~and the NAV of the Shares.~~

~~(3)~~

~~The Fund’s Performance May Not Always Replicate Exactly the Changes in the Levels of its Index.~~

~~It is possible that the Fund’s performance may not fully replicate the changes in the closing levels of the Index due~~Which Would Adversely Impact Your Ability to disruptions in the markets for the Index Currencies or due to other extraordinary circumstances. In addition, the Fund is not able to replicate exactly the changes in the closing levels of the Index because the total return generated by the Fund is reduced by expenses and transaction costs, including those incurred in connection with the Fund’s trading activities, and increased by Treasury Income from its holding of United States Treasury Securities and Money Market Income from its holding of money market mutual funds (affiliated or otherwise) held for margin and cash management purposes. Tracking the Index requires trading of the Fund’s portfolio with a view to tracking the Index over time and is dependent upon the skills of the Managing Owner and its trading principals, among other factors. As of the date of this prospectus, the futures contracts associated with the Index Currencies, or the Fund Contracts, are not subject to speculative position limits. There can be no assurance that the Fund Contracts will not become subject to speculative position limits. Should the Fund Contracts become subject to speculative position limits, the Fund’s positions in the Fund Contracts might be required to be aggregated with positions in other accounts that the Managing Owner owns or for which it controls trading unless the investment team managing the Fund qualifies as an “independent account controller” under current law or regulations proposed by the CFTC. If the CFTC does not extend or renew the independent account controller exemption from aggregation, or if the exemption were otherwise unavailable, to the extent that the Managing Owner avails itself of the exemption, it may be required to aggregate the Fund’s positions in Fund Contracts in multiple other accounts or commodity pools. In that case, the Fund’s ability to issue new Baskets or the Fund’s ability to reinvest income in additional Fund Contracts may be impaired or limited to the extent that these activities would cause the Fund to exceed the potential future position limits. Limiting the size of the Fund to stay within these position limits may affect the correlation

Sell Shares.

between the price of the Shares, as traded on the NYSE Arca, and the NAV. Additionally, the Fund on any given date may not have an effective registration statement with the SEC with sufficient Shares available, which may limit the Fund’s ability to create new Baskets. The inability to create additional Baskets could result in Shares trading at a premium or discount to NAV of the Fund.

~~(4)~~

~~The Fund Is Not Actively Managed and Tracks the Index During Periods in Which the Index Is Flat or Declining as Well as when the Index Is Rising.~~

The Fund is not actively managed by traditional methods. Therefore, if positions in any one or more of the Index Currencies are declining in value, the Fund will not close out such positions, except in connection with a change in the composition or weighting of the Index. The Managing Owner seeks to cause the NAV to track the Index during periods in which the Index is flat or declining as well as when the Index is rising.

~~(5)~~

The Dual Assumptions Underpinning the Index that High Yielding Interest Rates With Respect to Certain Eligible Index Currencies Suggest Taking Long Positions in Futures Contracts in Such Currencies and Low Yielding Interest Rates With Respect to Certain Eligible Index Currencies Suggest Taking Short Positions in Futures Contracts in Such Currencies May Be Detrimental to the Value of Your Shares Should Either or Both Assumptions Fail.

The Index is expected to rise as a result of any upward price movement on long positions in futures contracts on the Index Currencies when the prices of these long futures contracts increase relative to the USD. The Index also is expected to rise as a result of any downward price movement on short positions in futures contracts on the Index Currencies when the prices of these short futures contracts decrease relative to the USD. Because the price of your Shares is expected to track the Index, if the price of the Fund’s long futures contracts decreases relative to the USD or the price of the Fund’s short futures contracts increases relative to the USD on any or all of the Index Currencies, the value of your Shares may decrease. The decrease in the value of your Shares will be amplified if both assumptions fail

~~-20-~~

simultaneously (i.e., both the price of the Fund’s long futures contracts decreases relative to the USD and the price of the Fund’s short futures contracts increases relative to the USD on any or all of the Index Currencies).

~~(6)~~

~~Interest Rates Will Change Between Re-Weightings of the Index.~~

The Index is re-weighted quarterly based upon the three highest and three lowest yielding Eligible Index Currencies at the time of re-weighting. At any point in time between quarterly re-weightings, the Index Currencies may not be among the three highest or lowest yielding Eligible Index Currencies. Between quarterly re-weightings of the Index, a currency that was among the three highest yielding Eligible Index Currencies could be among the three lowest yielding Eligible Index Currencies, or vice versa. Under such circumstances, the Fund may not be able to exploit efficiently the trend that currencies associated with relatively high interest rates, on average, tend to rise in value relative to currencies associated with relatively low interest rates. If the interest rates associated with the Eligible Index Currencies change sufficiently during any quarter, the Fund may find itself positioned such that the effects of this trend will cause the Fund to lose money. Even if the interest rates associated with the Eligible Index Currencies vary substantially between re-weightings, the Fund will not adjust its portfolio of currency futures until the next quarterly re-weighting.

~~(7)~~

~~The NYSE Arca May Halt Trading in the Shares Which Would Adversely Impact Your Ability to Sell Shares.~~

The Shares are listed for trading on the NYSE ~~Arca under the market symbol DBV.~~Arca. Trading in Shares may be halted due to market conditions or in light of certain procedures and safeguards under NYSE Arca ~~rules and procedures, for reasons that, in the view of the NYSE Arca, make trading in Shares inadvisable.~~rules. In addition, trading is subject to trading halts caused by extraordinary market volatility pursuant to “circuit breaker” rules that require trading to be halted for a specified period based on a specified market decline. ~~There can be~~If the Fund were no ~~assurance that~~longer to meet the requirements necessary to maintain the listing of its Shares, the Shares ~~will continue to~~would be ~~met or will remain unchanged.~~ delisted. In such a scenario, the Fund would be terminated.

The ~~Fund will be terminated if~~Lack of an Active Trading Market for the Shares ~~are delisted.~~

May Result in Losses on Your Investment at the Time of Disposition of Your Shares.

~~(8)~~

~~The Lack of An Active Trading Market for the Shares May Result in Losses on Your Investment in the Fund at the Time of Disposition of Your Shares.~~

Although the Shares are listed and traded on the NYSE Arca, there can be no guarantee that an active trading market for the Shares will be maintained. If you need to sell your Shares at a time when no active market for them exists, the price you receive for your Shares, assuming that you are able to sell them, likely will be lower than the price you would receive if an active market did exist.

~~(9)~~

~~The Shares Could Decrease in Value if Unanticipated Operational or Trading Problems Arise.~~

~~The mechanisms and procedures governing~~

Because the ~~creation, redemption and offering of the Shares have been developed specifically for this securities product. Consequently, there may~~Fund’s Trading will be ~~unanticipated problems or issues with respect to the mechanics of the operations of the Fund and the trading of the Shares that could have~~Leveraged, a ~~material adverse effect on an investment~~Relatively Small Movement in the Shares. In addition, although the Fund is not actively “managed” by traditional methods, to the extent that unanticipated operational or trading problems or issues arise, the Managing Owner’s past experience and qualifications may not be suitable for solving these problems or issues.

~~(10)~~

~~As the Managing Owner and its Principals have a Limited History~~Price of ~~Operating an Exchange-Traded Fund that Invests in a Broad Range of Commodity Futures Contracts, their Experience May be Relatively Inadequate or Unsuitable to Manage the Fund.~~

~~The Managing Owner manages~~ a number of exchange-traded funds that use financial futures as part of their investment strategy and, only for a limited time, has actively managed an exchange-traded fund related to a broad-based futures index. The past performance of these funds is no indication of the Managing Owner’s ability to manage exchange-traded investment vehicles that track an index such as the Fund. There can be no assurance that the Managing Owner will be able to cause the NAV per Share of the Fund to closely track the changes in the Index levels. If the experience of the Managing Owner and its principals is not relatively

Contract May Cause Greater Losses.

~~-21-~~

~~adequate or suitable to manage investment vehicles such as the Fund, the operations of the Fund may be adversely affected.~~

~~(11)~~

~~You May Not Rely on Past Performance or Index Results in Deciding Whether to Buy Shares.~~

Although past performance is not necessarily indicative of future results, the Fund’s performance history might (or might not) provide you with more information on which to evaluate an investment in the Fund. Likewise, the Index has a history which might (or might not) be indicative of the future Index results, or of the future performance of the Fund. Therefore, you will have to make your decision to invest in the Fund without relying on the Fund’s past performance history or the Index’s closing level history.

~~(12)~~

~~Fewer Representative Index Currencies May Result In Greater Index Volatility.~~

The ten Eligible Index Currencies are United States Dollars, Euro, Japanese Yen, Canadian Dollars, Swiss Francs, British Pounds, Australian Dollars, New Zealand Dollars, Norwegian Krone and Swedish Krona. The Index is comprised of only six of the ten Eligible Index Currencies from time-to-time. Accordingly, the Index is concentrated in terms of the number of currencies represented. You should be aware that other currency indices are more diversified in terms of the number of currencies included. Concentration in fewer currencies may result in a greater degree of volatility in the Index and the NAV of the Fund, which tracks the Index under specific market conditions and over time.

~~(13)~~

~~Leverage Will Fluctuate Between Index Re-Weighting Periods and May be Greater or Less than the Leverage on Each Index Re-Weighting Period.~~

Although the Fund is not expected to establish positions that exceed a leverage ratio of 2:1 at the time of establishment, reinvestment of collateral or movements in the market price of the Fund’s futures positions between the Index Re-Weighting Periods may increase or decrease the Fund’s leverage ratio. Any such increase or decrease, respectively, in the Fund’s leverage ratio will magnify or decrease, respectively, the potential for loss or gain of the

~~Fund’s futures positions and, in turn, the value of your Shares.~~

~~(14)~~

~~Because the Fund’s Trading will be Leveraged, a Relatively Small Movement in the Price of a Contract May Cause Greater Losses.~~

The Fund will take long futures positions in thehigh-yielding Eligible Index Currencies and will take short futures positions in thelow-yielding Eligible Index Currencies with a view to tracking the changes in the Index over time. Assuming that the USD is not one of the three highest or lowest yielding currencies during any Index ~~Re-Weighting Period,~~re-weighting period, the long futures positions and short futures positions in the Index Currencies will each have a notional value approximately equal to the Fund’s NAV. Accordingly, if the USD is not one of the three highest or lowest yielding currencies during any the Index ~~Re-Weighting Period,~~re-weighting period, the aggregate notional amount of the futures positions held by the Fund is expected to be approximately 200% of the Fund’s NAV, but it may increase due to the reinvestment of collateral or the movements in the market price of the Fund’s future positions. If the USD is one of the three highest or lowest yielding currencies, the Fund will not establish a long or short futures position (as the case may be) in USD, as the Fund never can enjoy profit or suffer loss from long or short futures positions in USD because USD is the Fund’s home currency. Consequently, if USD is one of the three highest or lowest yielding currencies, the aggregate notional amount of the futures positions held by the Fund is expected to be approximately, but not in excess of, 166 2/3% of the Fund’s NAV.

Holding futures positions with a notional amount in excess of the Fund’s NAV constitutes a form of leverage. The use of leverage increases the potential for both trading profits and losses, depending on the changes in market value of the Index Currencies in which the Fund has long futures positions relative to the Index Currencies in which the Fund has short futures positions.

inclusion of both long and short positions is also expected to reduce the country specific foreign

~~-22-~~

exchange risk of the Index ~~(and, therefore, risk in connection with an investment in the Fund)~~ relative to a directional (outright long or short) exposure to any or all of the Index Currencies.

There can be no assurance that the use of both long and short positions will reduce the volatility of the Index during any or all market cycles or periods, or that the Fund will achieve its objectives. It is possible that, prior to an Index rebalancing, that Index Currencies expected to lose relative to the USD may rise and/or Index Currencies expected to gain relative to the USD may fall. In such cases, the Fund may experience losses in both its long and short positions at the same time. Such losses will be greater as a result of the Fund’s use of leverage, reflected in its long futures exposure to Index Currencies with a notional value of up to 100% of the Fund’s NAV and its short futures exposure to Index Currencies with a notional value of up to 100% of the Fund’s NAV. Under such circumstances, the Fund’s losses would be greater as a result of its leverage than would be the case were it to limit its overall exposure to Index Currencies with a notional value of 100% of the Fund’s net assets.

Volatility May Cause the Total Loss of Your Investment.

Futures contract prices have a ~~result~~high degree of ~~its use~~volatility and are subject to rapid and substantial changes. Consequently, there is a risk that the value of ~~leverage,~~your investment in the Fund could decrease significantly due to rapid and substantial changes in the prices of futures contracts held by the Fund. The Index’s average annual volatility since inception is ~~required to deposit a greater proportion~~8.64%. Average annual volatility is the average of the Index’s volatility each year since its ~~net assets~~inception. Yearly volatility is the relative rate at which the price of the Index moves up and down, found by calculating the annualized standard deviation of the daily change in price for each business day in the given year. However, annual volatility should not be interpreted as ~~margin, not expected to exceed 10%~~the most-likely outcome. As demonstrated during the unprecedented market conditions in 2020, volatility in certain futures contracts may spike significantly during periods of ~~net assets. This represents margin deposit requirements approximately twice as great as would be required~~global economic and social stress. At such times, if the Fund ~~did~~holds a futures contract that experiences the full impact of such market stresses, the volatility of its investments could greatly surpass the Index’s annual volatility since inception.

In addition, the Fund enters sell orders with the Commodity Broker from time to time, to liquidate Index Contract positions in order to satisfy redemption requests or to pay expenses and liabilities. The Fund is subject to the risk that temporary aberrations or distortions will occur in the market for Index Contracts at the time those orders are executed. The prices received by the Fund from the liquidation of its positions could be adversely affected, which in turn could adversely affect the value of the Shares. Those aberrations or distortions may result from trading activities by other market participants or actions taken by the Commodity Broker, the CFTC, the exchanges or other regulatory authorities. If the Fund’s positions are liquidated at inopportune times or in a manner that temporarily distorts the market or otherwise causes a pricing aberration, the value of the Shares may be adversely affected.

Further, in periods of heightened volatility, the bid and ask “spread” for purchasing shares of the Fund typically widen. Accordingly, an investor’s return on investment may be negatively impacted when transacted in Shares.

The Fund’s Trading of Index Contracts May Adversely Affect the Price that the Fund Pays for Index Contracts.

The prices that the Fund pays for Index Contracts may be adversely affected by the trading of Index Contracts by other market participants. Transactions by other market participants may be based on their awareness of the Fund’s positions in Index Contracts. If other market participants are able to anticipate the timing of the Fund’s Index Contract transactions, for instance, they may be able to execute transactions in advance of the Fund. If that were to occur, those market participants may receive more favorable pricing for their Index Contract transactions than the Fund does for its own, subsequent Index Contract transactions. If the Fund’s Index Contract positions represent a significant part of the open long or short interest in those Index Contracts, moreover, other market participants may take that fact into account and trade in a manner that adversely affects the prices that the Fund obtains when trading Index Contracts. The Fund may not be able to counteract adverse pricing effects of its own positions and transactions in Index Contracts.

Withdrawal from Participation by Authorized Participants May Affect the Liquidity of Shares.

If one or more Authorized Participants withdraws from participation, it may become more difficult to create or redeem Creation Units, which may reduce the liquidity of the Shares. Such circumstances may be more pronounced in market conditions of increased volatility. If it becomes more difficult to create or redeem Creation Units, the correlation between the price of the Shares and the NAV may be affected, which may affect the trading market for the Shares. Having fewer participants in the market for the Shares could also adversely affect the ability to arbitrage any price difference between futures contracts and the Shares, which may also affect the trading market and liquidity of the Shares.

Possible Illiquid Markets May Exacerbate Losses.

Futures positions cannot always be liquidated at the desired price. It is difficult to execute a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. A market disruption, such as when foreign governments may take or be subject to political actions which disrupt the markets in their currencies or major commodities exports, can also make it difficult to liquidate a position.

Illiquidity may cause losses for the Fund. The large size of the positions which the Fund may acquire increases the risk of illiquidity by both making its positions more difficult to liquidate and increasing the losses incurred while trying to do so.

The Effect of Market Disruptions and Government Interventions Are Unpredictable and May Have an Adverse Effect on the Value of Your Shares.

The commodity futures markets may be subject to temporary distortions due to various factors, including lack of liquidity, congestion, disorderly closing periods, manipulation and disruptive conduct, limitations on deliverable supplies, excessive speculation, government regulation and intervention, technical and operational or system failures, nuclear accidents, terrorism, riots and acts of God.

Government intervention has in certain cases been implemented on an “emergency” basis, suddenly and substantially eliminating market participants’ ability to continue to implement certain strategies or manage the risk of their outstanding positions. These interventions have typically been unclear in scope and application, resulting in confusion and uncertainty which in itself has been materially detrimental to the efficient functioning of the markets as well as previously successful investment strategies.

The financial crisis of 2008-2009 and associated regulatory changes, including the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), are generally considered to have contributed to less credit being available to financial market participants. This is particularly the case for credit extended by banks and other traditional lending sources. The Fund does not borrow from lenders for the purpose of pursuing its investment objective. Nonetheless, restrictions on the availability of credit may adversely affect investors who borrow to purchase Shares and participants in the markets for financial instruments in which the Fund trades, including futures markets. Limitations on the availability of credit, whether in stressed market conditions or otherwise, may have a material adverse effect on investors and financial market participants, which in turn could affect the Fund’s ability to pursue its investment objective. Among other things, fewer prospective investors may adversely affect the Fund’s asset levels, and fewer financial market participants may reduce liquidity and adversely affect pricing for the financial instruments that the Fund seeks to trade.

The Fund may incur major losses in the event of disrupted markets and other extraordinary events in which historical pricing relationships become materially distorted. The risk of loss from pricing distortions is compounded by the fact that in disrupted markets many positions become illiquid, making it difficult or impossible to close out or liquidate positions against which the markets are moving. The large size of the positions which the Fund may acquire increases the risk of illiquidity by both making its positions more difficult to liquidate and increasing the losses incurred while trying to do so.

The financing available to market participants is typically reduced in disrupted markets. Such a reduction may result in substantial losses to the affected market participants, including the Fund and its Shareholders.

An Investment in the Shares May Be Adversely Affected by Competition from Other Methods of Investing in Currencies.

The Fund competes with other financial vehicles, including mutual funds, ETFs and other investment companies, other index tracking commodity pools, actively traded commodity pools, hedge funds, traditional debt and equity securities issued by companies in the commodities industry, other securities backed by or linked to currencies, and direct investments in the underlying currencies or the Index Contracts. Market and financial conditions, and other conditions beyond the Managing Owner’s control, may make it more attractive to invest in other financial vehicles or to invest in such currencies directly, which could limit the market for the Shares and therefore reduce the liquidity of the Shares.

The NAV Calculation of the Fund May Be Overstated or Understated Due to the Valuation Method Employed When a Settlement Price is Not Available on the Date of NAV Calculation.

Calculating the NAV of the Fund includes, in part, any unrealized profits or losses on open Index Contracts. Under normal circumstances, the NAV of the Fund reflects the settlement price of open Index Contracts on the date when the NAV is being calculated. However, if a settlement price for a Index Contract could not be determined for any reason, the Managing Owner may value the Index Contract pursuant to policies the Managing Owner has adopted. In such a situation, there is a risk that the resulting calculation of the Fund’s NAV could be understated or overstated, perhaps to a significant degree.

Exchange Rates on the Index Currencies Could Be Volatile and Could Materially and Adversely Affect the Performance of the Shares.

Foreign exchange rates are influenced by a variety of factors, including the following:

•

National debt levels and trade deficits;

•

Domestic and foreign inflation rates; and

•

Investors’ expectations concerning inflation rates:

•

Domestic and foreign interest rates;

•

Currency exchange rates

•

Investment and trading activities from mutual funds, hedge funds and currency funds; and

•

Global or regional political, economic or financial events and situations.

Foreign exchange rates on the Index Currencies may also be influenced by changing supply and demand for a particular Index Currency, monetary policies of governments (including exchange control programs, restrictions on local exchanges or markets and limitations on foreign investment in a country or on investment by residents of a country in other countries), changes in balances of payments and trade, trade restrictions, currency devaluations and revaluations. Governments may intervene in the currency markets in order to influence currency values directly. Expectations among market participants that a currency’s value soon will change may also affect exchange rates on the Index Currencies, and in turn, both the Index and the Index Contracts. These events and actions are unpredictable. The resulting volatility in the exchange rates on the underlying Index Currencies may materially and adversely affect the market value of the Index Contracts, which would then negatively impact the value of your Shares.

Substantial Sales of Index Currencies by the Official Sector Could Adversely Affect an Investment in the Shares.

The official sector consists of central banks, other governmental agencies and multi-lateral institutions that buy, sell and hold certain Index Currencies as part of their reserve assets. The official sector holds a significant amount of Index Currencies that can be mobilized in the open market. In the event that future economic, political or social conditions require members of the official sector to sell significant amounts of their Index Currency holdings, such an increase in supply may outstrip demand for Index Currencies and depress their prices. Such a decline in prices may materially and adversely affect the market value of the Index Contracts, which would negatively impact the Shares.

Uncertainty Surrounding the United Kingdom’s Withdrawal from the European Union Could Adversely Affect an Investment in the Shares.

Following a referendum in June 2016, the United Kingdom (“UK”) formally exited the European Union (“EU”) on January 31, 2020 (known as “Brexit”). During a transition period where the United Kingdom remained subject to EU rules but had no role in the EU law-making process, the United Kingdom and EU representatives negotiated the precise terms of their future relationship, reaching an agreement on December 24, 2020. On December 31, 2020, the transition period concluded and the terms of the new agreement went into effect on January 1, 2021. The complete impact of the new agreement, as well as the full scope and nature of the consequences of the exit, are not at this time known and are unlikely to be known for a significant period of time and may impact the future direction of the value of the Index Currencies and the Shares. These uncertainties could increase volatility in the market prices of the Index Currencies and the Shares. Increased volatility could, in itself, decrease the value of the Shares.

Futures Risks

Margin Requirements and Risk Limits for Futures Contracts may Limit the Fund’s Ability to Achieve Sufficient Exposure and Prevent the Fund from Achieving its Investment Objective.

“Initial” or “original” margin is the minimum amount of funds that must be deposited by a futures trader with his commodity broker in order to initiate futures trading or to maintain an open position in futures contracts. “Maintenance” margin is the amount (generally less than initial margin) to which a trader’s account may decline before he must deliver additional margin. A margin deposit is like a cash performance bond. It helps assure the futures trader’s performance of the futures contract that the trader purchases or sells. Futures contracts are customarily bought and sold on margin that represents a very small percentage (ranging upward from less than 2%) of the purchase price of the underlying commodity being traded. Because of such low margins, price fluctuations occurring in the futures markets may create profits and losses that are greater, in relation to the amount invested, than are customary in other forms of investments. The minimum amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which such contract is traded, and may be modified from time to time by the exchange during the term of the contract. With respect to the Managing Owner’s trading, only the Managing Owner, and not the Fund or its Shareholders personally, will be subject to margin calls.

Brokerage firms carrying accounts for traders in futures contracts may not accept lower, and generally require higher, amounts of margin as a matter of policy in order to afford further protection for themselves.

An FCM may compute margin requirements multiple times per day and must do so at least once per day. When the Fund has an open futures contract position, it is subject to daily variation margin calls by an FCM that could be substantial in the event of adverse price movements. Because futures contracts require only a small initial investment in the form of a deposit or initial margin, they involve a high degree of leverage. A Fund with open positions is subject to maintenance or variation margin on its open positions. When the market value of a particular open futures contract position changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the FCM. If the margin call is not met within a reasonable time, the FCM may close out the Fund’s position, which may result in reduced returns to the Fund’s investors or impair the Fund from achieving its investment objective. If the Fund has insufficient cash to meet daily variation margin requirements, it may need to sell assets at a time when doing so is disadvantageous. Futures markets are highly volatile in general, and may become more volatile during periods of market or economic volatility, and the use ~~leverage. Similarly,~~of or exposure to futures contracts may increase volatility of the Fund’s NAV.

In addition, an FCM may impose margin requirements in addition to those imposed by the clearinghouse. Margin requirements are subject to change on any given day, and may be raised in the future on a single day or on multiple or successive days by either or both of the clearinghouse and the FCM. High margin requirements could prevent the Fund from obtaining sufficient exposure to futures contracts and may adversely affect the Fund’s ability to achieve its investment objective. An FCM’s failure to return required

margin to the Fund on a timely basis may cause the Fund to delay redemption settlement dates or restrict, postpone, or limit the right of redemption.

Futures contracts are subject to liquidity risk. An FCM may impose risk limits on the Fund, which restrict the amount of exposure to futures contracts that the Fund can obtain through the FCM. If the risk limits imposed by an FCM do not provide sufficient exposure, the Fund may not be able to achieve its investment objective.

Fluctuations in the Price of Assets Held by the Fund Could Have a Materially Adverse Effect on the Value of an Investment in Shares.

The Shares are designed to reflect as closely as possible the changes, positive or negative, in the level of the Index, over time, through the Fund’s investment in the Index Contracts. The value of the Shares relates directly to the value of the portfolio, less the liabilities (including estimated accrued but unpaid expenses) of the Fund. The price of the Index Contracts may fluctuate widely. Several factors may affect the prices of the Index Contracts, including, but not limited to:

•

National debt levels and trade deficits, including changes in balances of payments and trade;

•

Domestic and foreign interest rates and investors’ expectations concerning interest rates;

•

Domestic and foreign inflation rates and investors’ expectations concerning inflation rates;

•

Currency exchange rates;

•

Investment and trading activities by other futures market participants;

•

Global or regional political, economic or financial events and situations;

•

Supply and demand changes which influence the foreign exchange rates of various currencies;

•

Monetary policies of central banks (including exchange control programs, restrictions on local exchanges or markets and limitations on foreign investment in a country or on investment by residents of a country in other countries), trade restrictions, currency devaluations and re-valuations;

•

Governmental intervention in the currency market, directly and by regulation, in order to influence currency prices; and

•

Expectations among market participants that a currency’s value soon will change.

Fewer Representative Index Currencies May Result in Greater Index Volatility.

The Eligible Index Currencies are United States Dollars, Euro, Japanese Yen, Canadian Dollars, Swiss Francs, British Pounds, Australian Dollars, New Zealand Dollars, Norwegian Krone and Swedish Krona. The Index is comprised of only six of the ten Eligible Index Currencies, which may be adjusted from time to time by the Index Sponsor. Other currency indexes may contain a larger number of currencies than the Index. Accordingly, increased volatility in a single Index Currency is expected to have a greater impact on the Index’s overall volatility than would likely be the case with increased volatility in a single currency within a more diversified index. Because the Fund tracks the performance of the Index, your investment in the Fund will be exposed to the relatively greater impact on the Index of volatility in a single Index Currency.

Because the Index Contracts Have No Intrinsic Value, the Positive Performance of Your Investment Is Wholly Dependent Upon an Equal and Offsetting Loss.

Trading in futures contracts transfers the risk of future price movements from one market participant to another. For every gain in futures trading, there is an equal and offsetting loss. Accordingly, whether a futures trade is profitable for one party depends on whether the price paid, value received, or cost of delivery under the related futures contract is favorable to that party. The prices of stocks, bonds, and other assets could rise significantly, and the economy as a whole could prosper, while the Fund experiences losses as a result of pursuing its ~~use~~investment objective through trading Index Contracts.

The Fund May Not Provide a Diversification Benefit to Investments in Other Asset Classes and May Result in Additional Losses to Your Portfolio.

Historically, currency futures returns have tended not to be correlated with the returns of ~~leverage,~~other assets such as stocks and bonds. Currency futures contracts therefore have the potential to help diversify investor portfolios consisting of stocks and bonds, to the extent there is low or negative correlation between currency futures contracts and other assets held in those portfolios. However, the fact that the Index is not inversely correlated with other assets such as stocks and bonds means that, in seeking to replicate the performance of the Index, the Fund will ~~trade more~~not necessarily be profitable during unfavorable periods for the stock or bond markets. If the Shares perform in a manner that correlates with the stock or bond markets or otherwise do not perform successfully, the Shares may not provide any diversification from losses in those markets. In such a scenario, the Shares may produce no gains to offset losses from investments in stocks, bonds, or related assets and may result in additional investment losses.

Index Risks

The Fund’s Performance May Not Always Replicate the Changes in the Levels of its Index.

Tracking the Index requires trading of the Fund’s portfolio with a view to tracking the Index over time and is dependent upon the skills of the Managing Owner and its trading principals, among other factors. It is possible that the Fund’s performance may not fully replicate the changes in levels of the Index due to disruptions in the markets for the relevant Index Currencies, the Index Contracts, or due to other extraordinary circumstances. The Managing Owner may determine to invest in other futures contracts if at any time it is impractical or inefficient to gain full or partial exposure to the Index Currencies through the Index Contracts.

In addition, the Fund may not be able to replicate the changes in levels of the Index because the total return generated by the Fund is reduced by expenses and ~~incur more brokerage commission expense~~transaction costs, including those incurred in connection with the Fund’s trading activities, and increased by, as applicable, Treasury Income, Money Market Income and T-Bill ETF Income.

There can be no guarantee that the Index or the underlying methodology is free from error. It is also possible that third parties may seek to manipulate the value of the Index or the Index Currencies which, if successful, would be likely to have an adverse effect on the Fund’s performance.

Leverage Will Fluctuate Between Index Re-Weighting Periods and May be Greater or Less than ~~it would if it did~~the Leverage on Each Index Re-Weighting Period.

Although the Fund is not ~~use leverage. The additional amount~~expected to establish positions that exceed a leverage ratio of ~~brokerage commission expense generally is proportional to~~2:1 at the time of establishment, reinvestment of collateral or movements in the market price of the Fund’s futures positions between the Index re-weighting periods may increase or decrease the Fund’s leverage ratio.

~~(15)~~

~~Short Selling Theoretically Exposes the Fund to Unlimited Losses.~~

Any such increase or decrease in the Fund’s leverage ratio will magnify or decrease, respectively, the potential for loss or gain of the Fund’s futures positions and, in turn, the value of your Shares.

The Fund Is Not Actively Managed and Tracks the Index During Periods in Which the Index Is Flat or Declining as Well as When the Index Is Rising.

The Fund is not actively managed on the basis of judgments relating to economic, financial and market conditions with a view to obtaining positive results under all market conditions. Instead, the Managing Owner seeks to cause the NAV to track the performance of the Index during periods in which the Index is flat or declining as well as when the Index is rising. Therefore, if positions in any one or more of the Index Currencies are declining in value, the Fund will not close out such positions, except in connection with a change in the composition or weighting of the Index.

Interest Rates Will Change Between Re-Weightings of the Index

The Index is re-weighted quarterly based upon the three highest and three lowest yielding Eligible Index Currencies at the time. At any point in time between quarterly re-weightings, the Index Currencies may

not be among the three highest or lowest yielding Eligible Index Currencies. Between quarterly re-weightings of the Index, a currency that was among the three highest yielding Eligible Index Currencies could be among the three lowest yielding Eligible Index Currencies, or vice versa. Under such circumstances, the Fund may not be able to exploit efficiently the trend that currencies associated with relatively high interest rates, on average, tend to rise in value relative to currencies associated with relatively low interest rates. If the interest rates associated with the Eligible Index Currencies change sufficiently during any quarter, the Fund may find itself positioned such that the effects of this trend will cause the Fund to lose money. Even if the interest rates associated with the Eligible Index Currencies vary substantially between re-weightings, the Fund will not adjust its portfolio of currency futures until the next quarterly re-weighting.

Unusually Long Peak-to-Valley Drawdown Periods with Respect to the Index May Be Reflected in Equally Long Peak-to-Valley Drawdown Periods with Respect To the Performance of the Shares.

“Peak-to-valley drawdown” represents the cumulative percentage decline in month-end NAV per Share due to losses sustained during any period in which the initial month-end NAV per Share is not equaled or exceeded by a subsequent month-end NAV per Share.

Although past Index levels are not necessarily indicative of future Index levels, the peak-to-valley drawdown periods that the Index has experienced occasionally have been unusually long and have lasted for multi-year drawdown periods. Please see the chart on page 33 for information regarding worst peak-to-valley drawdown periods with respect to the Index.

Because it is expected that the Fund’s performance will track the change of its underlying Index, the Fund would experience a continuous drawdown during the period that the Index experiences such a drawdown. The value of your Shares will also decrease during such a period.

Regulatory Risks

Position Limits and Other Potential Limitations on Futures Trading May Restrict the Creation of Creation Units and the Operation of the Fund.

Position Limits. CFTC and futures exchange rules impose position limits on market participants that trade in certain futures contracts. These position limits prohibit any person from holding a position of more than a specific number of futures contracts. Generally, position limits in the physical delivery markets are set at a stricter level during the spot month, the month when the futures contract matures and becomes deliverable, versus the limits set for all other months or for any other month individually. Limits are generally applied on an aggregate basis to positions held in accounts that are subject to common ownership or common control. There are exemptions from this general aggregation requirement.

The Index currently is not composed of any Index Currencies subject to position limits imposed by either the CFTC or the rules of futures exchanges on which the Index Contracts are traded. To the extent position limits apply to the Fund, and if the Managing Owner determines that the Fund’s trading may be approaching any of these position limits, the Fund may reduce its trading in the corresponding commodity futures contracts or may trade futures contracts in other commodities that the Managing Owner determines will best position the Fund to pursue its investment objective. Depending on the outcome of any future CFTC or futures exchange rulemaking, as applicable, the rules concerning position limits may be amended in a manner that is detrimental to the Fund.

Accountability Levels. Exchanges may establish accountability levels applicable to a futures contracts instead of position limits, provided that the futures contract is not subject to federal position limits. An exchange may order a person who holds or controls a position in excess of a position accountability level not to further increase its position, to comply with any prospective limit that exceeds the size of the position owned or controlled, or to reduce any open position that exceeds the position accountability level if the exchange determines that such action is necessary to maintain an orderly market. Position accountability levels could adversely affect the Fund’s ability to establish and maintain positions in

commodity futures contracts to which such levels apply, if the Fund were to trade in such contracts. Such an outcome could adversely affect the Fund’s ability to pursue its investment objective.

Daily Limits. U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices that may occur during a single business day. These limits are generally referred to as “daily price fluctuation limits” or “daily limits,” and the maximum or minimum price of a contract on any given day as a result of these limits is referred to as a “limit price.” Once a limit price has been reached in a particular contract, it is usually the case that no trades may be made at a different price than specified in the limit. The duration of limit prices generally varies. Limit prices may have the effect of precluding the Fund from trading in a particular contract or requiring the Fund to liquidate contracts at disadvantageous times or prices. Either of those outcomes could adversely affect the Fund’s ability to pursue its investment objective or achieve favorable performance.

If the Fund became subject to position limits, position accountability levels or daily limits in the future, it may not be able to issue new Creation Units or reinvest income in additional currency futures contracts to the extent these restrictions limit its ability to establish new futures positions or otherwise transact in futures contracts. Limiting the size of the Fund, or restricting the Fund’s futures trading, under these requirements may affect the correlation between the price of the Shares, as traded on the NYSE Arca, and the NAV of the Shares.

Failure of Futures Commission Merchants or Commodity Brokers to Segregate Assets May Cause Losses for the Fund.

The Commodity Exchange Act requires a futures commission merchant to segregate all funds received from customers from such futures commission merchant’s proprietary assets. If the Commodity Broker fails to segregate customer assets as required, the assets of the Fund might not be fully protected in the event of the Commodity Broker’s bankruptcy. Furthermore, in the event of the Commodity Broker’s bankruptcy, the Fund could be limited to recovering either a pro rata share of all available funds segregated on behalf of the Commodity Broker’s combined customer accounts or the Fund may not recover any assets at all, even though certain property specifically traceable to the Fund was held by the Commodity Broker.

The Commodity Exchange Act requires an approved derivatives clearing organization to segregate all funds and other property received from a clearing member’s customers in connection with U.S. futures and options contracts from any funds held at the clearing organization to support the clearing member’s proprietary trading. Nevertheless, customer funds held at a clearing organization in connection with any futures or options contracts may be held in a commingled omnibus account, which may not identify the name of the clearing member’s individual customers. With respect to futures and options contracts, a clearing organization may use assets of a non-defaulting customer held in an omnibus account at the clearing organization to satisfy payment obligations of a defaulting customer of the clearing member to the clearing organization. In the event of a default of the clearing futures commission merchant’s other clients or the clearing futures commission merchant’s failure to extend its own funds in connection with any such default, a customer may not be able to recover the full amount of assets deposited by the clearing futures commission merchant with the clearing organization on the customer’s behalf. In addition, the protections afforded to cleared swaps customer collateral do not guarantee the full return of such collateral in the event of a futures commission merchant’s bankruptcy.

In the event of a bankruptcy or insolvency of any exchange or a clearing organization, the Fund could experience a loss of the funds deposited through the Commodity Broker as margin with the exchange or clearing organization, a loss of any unrealized profits on its open positions on the exchange, and the loss of unrealized profits on its closed positions on the exchange.

The Fund’s Performance Could Be Adversely Affected if the Commodity Broker Reduces its Internal Risk Limits for the Fund.

The CFTC requires futures commission merchants, like the Commodity Broker, to implement and evaluate from time-to-time risk-based limits on futures position and order sizes. Under this regime, the Commodity

Broker could determine to reduce its internal risk limits on the size of futures positions it will trade or clear for the Fund. Such a development would reduce the Fund’s capacity to transact in futures contracts. In this scenario, the Fund could seek to enter into clearing relationships with one or more other clearing brokers with the goal of increasing its overall capacity to trade and clear futures contracts. The introduction of one or more additional clearing broker relationships would be likely to increase the Fund’s trading costs and could make its overall trading less efficient or more prone to error. These consequences would be likely to detract from the Fund’s performance.

Regulatory Changes or Actions May Alter the Operations and Profitability of the Fund.

The regulation of commodity interest transactions and markets, including under the Dodd-Frank Act, is a rapidly changing area of law and is subject to ongoing modification by governmental and judicial action. In particular, the Dodd-Frank Act has expanded the regulation of markets, market participants and financial instruments. The regulatory regime under the Dodd-Frank Act has imposed additional compliance and legal burdens on participants in the markets for futures and other commodity interests. For example, under the Dodd-Frank Act new capital and risk requirements have been imposed on market intermediaries. Those requirements may cause the cost of trading to increase for market participants, like the Fund, that must interact with those intermediaries to carry out their trading activities. These increased costs can detract from the Fund’s performance.

The Fund and the Managing Owner Are Subject to Extensive Legal and Regulatory Requirements.

The Fund is subject to a comprehensive scheme of regulation under the federal commodity futures trading and securities laws, as well as futures market rules and the rules and listing standards for its Shares. The Fund and the Managing Owner could each be subject to sanctions for a failure to comply with those requirements, which could adversely affect the Fund’s financial performance and its ability to pursue its investment objective. In addition, the SEC, CFTC, and exchanges are empowered to intervene in their respective markets in response to extreme market conditions. Any such interventions could adversely affect the Fund’s ability to pursue its investment objective and could lead to losses for the Fund and its Shareholders.

In addition, the Fund is subject to significant disclosure, internal control, governance, and financial reporting requirements because the Shares are publicly traded.

For example, the Fund is responsible for establishing and maintaining internal controls over financial reporting. Under this requirement, the Fund must adopt, implement and maintain an internal control system designed to provide reasonable assurance to its management regarding the preparation and fair presentation of published financial statements. The Fund is also required to adopt, implement, and maintain disclosure controls and procedures that are designed to ensure information required to be disclosed by the Fund in reports that it files or submits to the SEC is recorded, processed, summarized and reported within the time periods specified by the SEC. There is a risk that the Fund’s internal controls over financial reporting and disclosure controls and procedures could fail to work properly or otherwise fail to satisfy SEC requirements. Such a failure could result in the reporting or disclosure of incorrect information or a failure to report information on a timely basis. Such a failure could be to the disadvantage of Shareholders and could expose the Fund to penalties or otherwise adversely affect the Fund’s status under the federal securities laws and SEC regulations.

All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective may provide only reasonable assurance with respect to financial statement preparation and presentation and other disclosure matters.

Tax Risks

Shareholders Will Be Subject to Taxation on Their Allocable Share of the Fund’s Taxable Income, Whether or Not They Receive Cash Distributions.

Shareholders will be subject to U.S. federal income taxation and, in some cases, state, local, or foreign income taxation on their allocable share of the Fund’s taxable income, whether or not they receive cash

distributions from the Fund. Shareholders may not receive cash distributions equal to their share of the Fund’s taxable income or even the tax liability that results from such income.

Items of Income, Gain, Loss and Deduction with Respect to Shares Could Be Reallocated if the IRS Does Not Accept the Assumptions or Conventions Used by the Fund in Allocating Such Items.

U.S. federal income tax rules applicable to partnerships are complex and often difficult to apply to publicly traded partnerships. The Fund will apply certain assumptions and conventions in an attempt to comply with applicable rules and to report items of income, gain, loss and deduction to Shareholders in a manner that reflects the Shareholders’ beneficial interest in such tax items, but these assumptions and conventions may not be in compliance with all aspects of the applicable tax requirements. It is possible that the United States Internal Revenue Service (the “IRS”) will successfully assert that the conventions and assumptions used by the Fund do not satisfy the technical requirements of the Internal Revenue Code of 1986, as amended (the “Code”), and/or the Federal Tax Regulations codified under 26 C.F.R., referred to herein as the Treasury Regulations, and could require that items of income, gain, loss and deduction be adjusted or reallocated in a manner that adversely affects one or more Shareholders.

The Fund is a partnership, which is generally not subject to U.S. federal income taxes. Rather, the partnership’s taxable income flows through to the owners, who are responsible for paying the applicable income taxes on the income allocated to them. The Fund is subject to partnership audit rules in Subchapter C of Chapter 63 of the Code (the “Centralized Partnership Audit Regime”). Under the Centralized Partnership Audit Regime, any IRS audit of the Fund would be conducted at the Fund level, and if the IRS determines an adjustment, the default rule is that the Fund would pay an “imputed underpayment” including interest and penalties, if applicable. The Fund may instead elect to make a “push-out” election, in which case the shareholders for the year that is under audit would be required to take into account the adjustments on their own personal income tax returns.

No Deduction for Qualified Publicly Traded Partnership Income.

For taxable years beginning before January 1, 2026, there is a 20% deduction for “qualified publicly traded partnership income” within the meaning of Section 199A(e)(4) of the Code. In general, “qualified publicly traded partnership income” for this purpose is an item of income, gain, deduction or loss that is effectively connected with a United States trade or business and includable in determining taxable income for the year, but does not include certain investment income. It is currently not expected that the Fund’s income will be eligible for such deduction because as discussed below, although the matter is not free from doubt, the Fund believes that the activities directly conducted by the Fund will not result in the Fund being engaged in a trade or business within the United States. Potential investors should consult their tax advisors regarding the availability of such deduction for their allocable share of the Fund’s items of income, gain, deduction and loss.

Regulated Investment Company Investors Will Be Treated as Owning a Proportionate Share of the Fund’s Assets and Will Take into Account Its Allocable Share of the Fund’s Items of Income, Gain, Loss and Deduction.

The Fund does not believe that it will be classified as a qualified publicly traded partnership within the meaning of Section 851(h) of the Code. Accordingly, a regulated investment company within the meaning of Subchapter M of the Code (a “RIC”) that invests in Shares will be treated as owning a proportionate share of the Fund’s assets and will take into account its allocable share of the Fund’s items of income, gain, loss, and deduction when testing the various compliance requirements specifically applicable to RICs. RIC investors face a risk that future Treasury Regulations will recharacterize foreign currency gains received by them as nonqualifying income and be retroactive in application. Notwithstanding the above, the Fund anticipates that income recognized by a RIC in respect of their investment in the Fund should be treated as qualifying income for purposes of Section 851(b)(2) of the Code. A prospective RIC investor is encouraged to consult a tax advisor regarding the treatment of its investment in Shares under the current tax rules.

PROSPECTIVE INVESTORS ARE STRONGLY URGED TO CONSULT THEIR OWN TAX ADVISORS AND COUNSEL WITH RESPECT TO THE POSSIBLE TAX CONSEQUENCES TO THEM OF AN INVESTMENT IN THE SHARES; SUCH TAX CONSEQUENCES MAY DIFFER WITH RESPECT TO DIFFERENT INVESTORS.

Other Risks

Disruptions in the Ability to Create and Redeem Creation Units May Adversely Affect Investors.

It is generally expected that the public trading price per Share will track the NAV per Share closely over time. The relationship between the public trading price per Share and the NAV per Share depends, to a considerable degree, on the ability of Authorized Participants or their clients or customers to purchase and redeem Creation Units in the ordinary course. If the process for creating or redeeming Shares is impaired for any reason, Authorized Participants and their clients or customers may not be able to purchase and redeem Creation Units or, even if possible, may choose not to do so. The inability to purchase and redeem Creation Units, or the partial impairment of the ability to purchase and redeem Creation Units, could result in Shares trading at a premium or discount to the NAV of the Fund. Such a premium or discount could be significant, depending upon the nature or duration of the impairment.

In addition, the Fund may, in its discretion, suspend the creation of Creation Units. Suspension of creations may adversely affect how the Shares are traded and could cause Shares to trade at a premium or discount to the NAV of the Fund, perhaps to a significant degree.

The Shares Could Decrease in Value if Unanticipated Operational or Trading Problems Arise.

The mechanisms and procedures governing the creation, redemption and offering of the Shares have been developed specifically for the Fund. Consequently, there may be unanticipated problems with respect to the mechanics of the operations of the Fund and the trading of the Shares that could have a material adverse effect on an investment in the Shares. To the extent that unanticipated operational or trading problems arise, the Managing Owner’s past experience and qualifications may not be suitable for solving those problems.

Short Selling Exposes the Fund to the Potential for Unlimited Losses.

The Fund holds short futures positions in the threelowest-yielding Eligible Index Currencies (other than the USD).

A long futures position in a foreign currency requires the Fund to purchase at a future date the equivalent in USD of a fixed amount of a foreign currency at a fixed price in USD. The Fund profits if the price of the foreign currency rises relative to the USD while the contract is open, and the Fund suffers

losses if the price of the foreign currency falls relative to the USD while the contract is open. Because the price in USD of the foreign currency cannot fall below zero, the Fund’s exposure to loss is limited to the value in USD of the fixed amount of the foreign currency at the time of the establishment of the long futures contract.

By contrast, a short futures position in a foreign currency requires the Fund to deliver at a future date an amount in USD equal to the price in USD of a fixed amount of the foreign currency at that future date. The Fund will profit if the price of the foreign currency falls relative to the USD while the contract is open and the Fund will suffer loss if the price of the foreign currency rises relative to the USD while the contract is open. Because the price in USD of a fixed amount of the foreign currency could, in theory, rise to infinity, a short futures position exposes the Fund to theoretically unlimited liability.

The Fund’s losses could result in the total loss of your investment.

~~(16)~~

~~Price Volatility May Possibly Cause the Total Loss of Your Investment.~~

Futures contracts have a high degree of price variability and are subject to occasional rapid and substantial changes. Consequently, you could lose all or substantially all of your investment in the Fund.

The following table reflects various measures of volatility*

Historical Performance of the Fund and the Index ~~as calculated on an excess return basis**:~~


~~Volatility Type~~	~~Volatility~~
~~Daily volatility over full history~~		~~10.04~~	%
~~Average rolling 3-month daily volatility~~		~~8.83~~	%
~~Monthly return volatility~~		~~8.96~~	%
~~Average annual volatility~~		~~9.14~~	%

is Not Indicative of Future Performance.

~~-23-~~

~~The following table reflects the daily volatility on an annual basis~~Past performance of the ~~Index:~~

Year    Daily
Volatility
      1993***
     8.67%
1994
     4.97%
1995
   13.93%
1996
     7.01%
1997
     7.73%
1998
     8.90%
1999
     5.70%
2000
     6.17%
2001
     5.37%
2002
     7.45%
2003
     6.69%
2004
     7.90%
2005
     5.41%
2006
     7.10%
2007
   10.95%
2008
   21.86%
2009
   17.10%
2010
   12.86%
2011
   13.58%
2012
     7.00%
2013
     8.12%
2014
     5.79%
2015
   10.48%
    2016**
     8.66%

* Volatility, for these purposes, means the following:

~~Daily Volatility: The relative rate at which the price of~~Fund or the Index ~~moves up and down, found by calculating the annualized standard deviation of the daily change in price.~~

~~Monthly Return Volatility: The relative rate at which the price of the Index moves up and down, found by calculating the annualized standard deviation of the monthly change in price.~~

~~Average Annual Volatility: The average of yearly volatilities for a given sample period. The yearly volatility~~ is ~~the relative rate at which the price of the Index moves up and down, found by calculating the annualized standard deviation of the daily change in price for each business day in the given year.~~

**	~~As of August 31, 2016.~~

~~***~~

~~As of March 12, 1993.~~

~~Past Index results are~~ not necessarily indicative of future ~~changes, positive~~results. Therefore, past performance of the Fund or ~~negative, in~~ the Index ~~levels.~~

~~(17)~~

~~Fees and Commissions are Charged Regardless of Profitability and May Result in Depletion of Assets.~~

should not be relied upon in deciding whether to buy Shares of the Fund.

Fees and Expenses May Deplete the Fund’s Assets if the Fund’s Investment Performance is Not Favorable.

The Fund ~~is directly subject to the~~pays fees and expenses ~~described herein which are payable irrespective~~regardless of ~~profitability.~~its investment performance. Such fees and expenses include asset-based fees of 0.75% per annum. Additional charges include brokerage fees of approximately ~~0.05%~~0.03% per annum in the aggregate and selling commissions. ~~For the avoidance of doubt, selling~~Selling commissions are not included in the Fund’s breakeven calculation. The ~~Fund is expected to earn~~sum of the Fund’s Treasury Income, equal to 0.24% per annum, based upon the yield of 3-month United States Treasury Securities as of September 30, 2016, or a maximum of $0.06 per annum per Share at $25.00 as the NAV per Share. The Fund is also expected to earn Money Market Income ~~equal to 0.36% per annum as of September 30, 2016, or a maximum of $0.09 per annum per Share at $25.00 as the NAV per Share. Because the Fund’s current Treasury Income~~ and/or ~~Money Market~~T-Bill ETF Income may not exceed its fees and expenses. If such income does not exceed its fees and expenses, in order to break even, the ~~Fund~~Fund’s futures trading activity will need to have a ~~positive~~favorable performance that exceeds the difference between the sum of the Fund’s Treasury Income, Money Market Income and/or ~~Money Market~~T-Bill ETF Income and its fees and ~~expenses in order to break-even.~~expenses. If the ~~aggregate~~Fund’s futures trading performance is not sufficiently favorable, the Fund’s expenses could deplete its assets over time. In such a scenario, the value of your Shares will decrease.

There May Be Circumstances That Could Prevent the Fund from Being Operated in a Manner Consistent With its Investment Objective.

There may be circumstances outside the control of the Managing Owner and/or the Fund that make it, for all practical purposes, impossible to re-position the Fund and/or to process a purchase or redemption order. Examples of such circumstances include: natural disasters; public service disruptions or utility problems such as those caused by fires, floods, extreme weather conditions, and power outages resulting in telephone, telecopy, and computer failures; market conditions or activities causing trading halts; systems failures involving computer or other information systems affecting the aforementioned parties, as well as DTC, or any other participant in the purchase process, and similar extraordinary events. While the Managing Owner has established and implemented a disaster recovery plan, circumstances such as those identified above may prevent the Fund from being operated in a manner consistent with its investment objective.

Additionally, natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and may be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund’s ~~performance from its holding of futures contracts plus its Treasury Income~~investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or ~~Money Market Income (earned from its margin and cash management function) do not exceed~~foreign exchange rates in other countries, including the U.S. Any such events could have a significant adverse impact on the value of the Fund’s ~~fees~~investments and ~~expenses described herein, then,~~could result in increased premiums or discounts to the ~~expenses of~~Fund’s NAV. Additionally, the Fund ~~could, over time,~~rebalances its portfolio in accordance with the Index, and, therefore, any changes to the Index’s rebalance schedule will result in ~~losses~~corresponding changes to ~~your investment therein. You may never achieve profits, significant~~the Fund’s rebalance schedule.

Redemption Orders for Creation Units May Be Subject to Postponement, Suspension or ~~otherwise.~~

~~(18)~~

~~You Cannot Be Assured of the Managing Owner’s Continued Services, Which Discontinuance May Be Detrimental to the Fund.~~

~~You cannot be assured that the~~Rejection Under Certain Circumstances.

The Managing Owner ~~will be willing or able to continue to service the Fund for any length of time. If the Managing Owner discontinues its activities on behalf of the Fund, the Fund may be adversely affected.~~

~~-24-~~

~~(19)~~

~~Possible Illiquid Markets May Exacerbate Losses.~~

Futures positions cannot always be liquidated at the desired price. It is difficult to execute a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. A market disruption, such as when foreign governments may take or be subject to political actions which disrupt the markets in their currency or major exports, can also make it difficult to liquidate a position.

There can be no assurance that market illiquidity will not cause losses for the Fund. The large size of the positions which the Fund may acquire increases the risk of illiquidity by both making its positions more difficult to liquidate and increasing the losses incurred while trying to do so.

~~(20)~~

~~You May Be Adversely Affected by Redemption Orders that Are Subject To Postponement, Suspension or Rejection Under Certain Circumstances.~~

~~The Fund~~ may, in its discretion, suspend the right of redemption or postpone the redemption order settlement date with respect to Creation Units for (1) any period during which an emergency exists as a result of which the redemption distribution is not reasonably practicable, or (2) such other period as the Managing Owner determines to be necessary for the protection of the Shareholders. In addition, the Fund will reject a redemption order if the order is not in proper form as described in the participant agreement ~~among~~with the Authorized Participant, ~~the Managing Owner, either in its own capacity or in its capacity as managing owner of the Fund,~~ or if the fulfillment of the order, in the opinion of ~~its~~the Fund’s counsel, might be unlawful. Any such postponement, suspension or rejection could adversely affect a redeeming Authorized Participant. For example, the resulting delay may adversely affect the value of the Authorized Participant’s redemption proceeds if the NAV of the Fund declines during the period of delay. The Fund disclaims any liability for any loss or damage that may result from any such suspension or postponement.

~~(21)~~

~~Because the Futures Contracts Have No Intrinsic Value, the Positive Performance of Your Investment Is Wholly Dependent Upon an Equal and Offsetting Loss.~~

~~Futures trading is a risk transfer economic activity. For every gain there is~~

Shareholders Do Not Have the Protections Associated With Ownership of Shares in an equal and offsetting loss rather than an opportunity to participate over time in general economic growth. Unlike most alternative investments, an investment in Shares does not involve acquiring any asset with intrinsic value. Overall stock and bond prices could rise significantly andInvestment Company Registered Under the ~~economy as a whole prosper while Shares trade unprofitably.~~

~~(22)~~

~~Failure of Currency Futures Markets to Exhibit Low to Negative Correlation to General Financial Markets Will Reduce Benefits of Diversification and May Exacerbate Losses to Your Portfolio.~~

Historically, currency futures’ returns have tended to exhibit low to negative correlation with the returns of other assets such as stocks and bonds. Although currency futures trading can provide a diversification benefit to investor portfolios because of its low to negative correlation with other financial assets, the fact that the Index is not 100% negatively correlated with financial assets such as stocks and bonds means that the Fund cannot be expected to be automatically profitable during unfavorable periods for the stock or bond market, or vice versa. If the Shares perform in a manner that correlates with the general financial markets or do not perform successfully, you will obtain no diversification benefits by investing in the Shares and the Shares may produce no gains to offset your losses from other investments.

~~(23)~~

~~Shareholders Will Not Have the Protections Associated With Ownership of Shares in an Investment Company Registered Under the Investment Company Act of 1940.~~

1940 Act.

The Fund is not registered as an investment company under the ~~Investment Company Act~~1940 Act. Consequently, Shareholders do not have the legal and regulatory protections provided to the investors in investment companies that are registered as such.

Shareholders Do Not Have the Rights Enjoyed by Investors in Certain Other Vehicles.

The Shares have none of ~~1940~~the statutory rights normally associated with the ownership of shares of a corporation. However, under Delaware law, a beneficial owner of a business trust (such as a Shareholder) may, under certain circumstances, institute legal action on behalf of himself and all other similarly situated beneficial owners to recover damages from a third party where a managing owner has failed or refused to institute legal action on behalf of himself and all other similarly situated beneficial owners to recover damages from a managing owner for violations of fiduciary duties, or on behalf of a business trust to recover damages from a third party where a managing owner has failed or refused to institute proceedings to recover such damages. The Shares have limited voting and distribution rights (for example, Shareholders do not have the right to elect directors and the Fund is not required to ~~register under such Act. Consequently, Shareholders will not have~~pay regular distributions, although the ~~regulatory protections provided~~Fund may pay distributions in the discretion of the Managing Owner).

Various Actual and Potential Conflicts of Interest May Be Detrimental to ~~investors in registered and regulated investment companies.~~

Shareholders.

~~-25-~~

~~(24)~~

~~Various Actual and Potential Conflicts of Interest May Be Detrimental to Shareholders.~~

The Fund is subject to actual and potential conflicts of interest involving the Managing Owner ~~various commodity futures brokers, Authorized Participants~~or any of its affiliates, the Commodity Broker, including its principals and its affiliates, the Index Sponsor, and Invesco Distributors. The Managing Owner and its principals, all of whom are engaged in other investment activities, are not required to devote substantially all of their time to the business of the Fund, which also presents the potential for numerous conflicts of interest with the Fund. The Managing Owner and its principals and affiliates are engaged in a broad array of asset management and financial services activities and may engage in activities during the ordinary course of business that cause their interests or those of their other clients to conflict with those of the Fund and its Shareholders.

As a result of these and other relationships, parties involved with the Fund have a financial incentive to act in a manner other than in the best interests of the Fund and the Shareholders. For example, ~~if the Fund invests~~by investing in affiliated money market mutual funds and/or T-Bill ETFs for margin and/or cash management purposes, the Managing Owner may select affiliated money market mutual funds and/or T-Bill ETFs that may pay dividends that are lower than non-affiliated money market mutual ~~funds.~~funds and/or T-Bill ETFs. In addition, the Managing Owner would have a conflict of interest if it sought to redeem the Fund’s interest in an affiliated money market mutual fund or T-Bill ETF in circumstances when such a redemption would be unfavorable for the affiliated fund. The Managing Owner has not established any formal procedure to resolve conflicts of interest. Consequently, investors are dependent on the good faith of the respective parties subject to such conflicts to resolve them equitably. Although the Managing Owner attempts to monitor these conflicts, it is extremely difficult, if not impossible, for the Managing Owner to ensure that these conflicts do not, in fact, result in adverse consequences to the Fund and the Shareholders.

The Fund may be subject to certain conflicts with respect to the Commodity Broker, including, but not limited to, conflicts that result from receiving greater amounts of compensation from other clients, or purchasing opposite or competing positions on behalf of third party accounts traded through the Commodity Broker.

Because the Managing Owner and Invesco Distributors are affiliates, the Managing Owner has a disincentive to replace Invesco Distributors. Furthermore, the Managing Owner did not conduct an arm’s length negotiation ~~with respect to~~when it retained Invesco Distributors.

~~(25)~~

~~Shareholders Will Be Subject to Taxation on Their Allocable Share of the Fund’s Taxable Income, Whether or Not They Receive Cash Distributions.~~

~~Shareholders will be subject to U.S. federal income taxation and, in some cases, state, local, or foreign income taxation on their allocable share~~

Lack of

Independent Advisers Representing Investors.

the Fund’s taxable income, whether or not they receive cash distributions from the Fund. Shareholders may not receive cash distributions equal to their share of the Fund’s taxable income or even the tax liability that results from such income.

~~(26)~~

~~Items of Income, Gain, Loss and Deduction With Respect to Shares could be Reallocated if the IRS does not Accept the Assumptions or Conventions Used by the Fund in Allocating Such Items.~~

U.S. federal income tax rules applicable to partnerships are complex and often difficult to apply to publicly traded partnerships. The Fund will apply certain assumptions and conventions in an attempt to comply with applicable rules and to report items of income, gain, loss and deduction to Shareholders in a manner that reflects the Shareholders’ beneficial interest in such tax items, but these assumptions and conventions may not be in compliance with all aspects of the applicable tax requirements. It is possible that the United States Internal Revenue Service, or the IRS, will successfully assert that the conventions and assumptions used by the Fund do not satisfy the technical requirements of the Internal Revenue Code of 1986, as amended, or the Code and/or Treasury Regulations and could require that items of income, gain, loss and deduction be adjusted or reallocated in a manner that adversely affects one or more Shareholders.

~~(27)~~

~~The Current Treatment of Long Term Capital Gains Under Current U.S. Federal Income Tax Law May Be Adversely Affected, Changed or Repealed in the Future.~~

Under current law, long-term capital gains are taxed to non-corporate investors at reduced U.S. federal income tax rates. This tax treatment may be adversely affected, changed or repealed by future changes in, or the expiration of, tax laws at any time.

~~-26-~~

~~(28)~~

Failure of Futures Commission Merchants or Commodity Brokers to Segregate Assets May Increase Losses; Despite Segregation of Assets, the Fund Remains at Risk of Significant Losses Because the Fund May Only Receive a Pro-Rata Share of the Assets or No Assets at All.

The Commodity Exchange Act requires a clearing broker to segregate all funds received from customers from such broker’s proprietary assets. If the Commodity Broker fails to do so, the assets of the Fund might not be fully protected in the event of the Commodity Broker’s bankruptcy. Furthermore, in the event of the Commodity Broker’s bankruptcy, the Fund could be limited to recovering either a pro rata share of all available funds segregated on behalf of the Commodity Broker’s combined customer accounts or the Fund may not recover any assets at all, even though certain property specifically traceable to the Fund was held by the Commodity Broker. The Commodity Broker may, from time-to-time, have been the subject of certain regulatory and private causes of action. Such material actions, if any, are described under “The Commodity Broker.”

In the event of a bankruptcy or insolvency of any exchange or a clearing house, the Fund could experience a loss of the funds deposited through its Commodity Broker as margin with the exchange or clearing house, a loss of any unrealized profits on its open positions on the exchange, and the loss of profits on its closed positions on the exchange.

~~(29)~~

~~The Effect of Market Disruptions and Government Intervention Are Unpredictable and May Have an Adverse Effect on the Value of Your Shares.~~

The global financial markets have in the past few years gone through pervasive and fundamental disruptions that have led to extensive and unprecedented governmental intervention. Such intervention has in certain cases been implemented on an “emergency” basis, suddenly and substantially eliminating market participants’ ability to continue to implement certain strategies or manage the risk of their outstanding positions. In addition—as one would expect given the complexities of the financial markets and the limited time frame within which governments have felt compelled to take action—these interventions have typically been unclear in

scope and application, resulting in confusion and uncertainty which in itself has been materially detrimental to the efficient functioning of the markets as well as previously successful investment strategies.

The Fund may incur major losses in the event of disrupted markets and other extraordinary events in which historical pricing relationships become materially distorted. The risk of loss from pricing distortions is compounded by the fact that in disrupted markets many positions become illiquid, making it difficult or impossible to close out positions against which the markets are moving. The financing available to market participants from their banks, dealers and other counterparties is typically reduced in disrupted markets. Such a reduction may result in substantial losses to the affected market participants. Market disruptions may from time to time cause dramatic losses, and such events can result in otherwise historically low-risk strategies performing with unprecedented volatility and risk.

~~(30)~~

~~Regulatory Changes or Actions, Including the Implementation of the Dodd-Frank Act, May Alter the Operations and Profitability of the Fund~~

The regulation of commodity interest transactions in the United States is a rapidly changing area of law and is subject to ongoing modification by governmental and judicial action. Considerable regulatory attention has been focused on non-traditional investment pools that are publicly distributed in the United States. The Dodd-Frank Act regulates markets, market participants and financial instruments that previously have been unregulated and substantially alters the regulation of many other markets, market participants and financial instruments. It is difficult to predict the impact of the Dodd-Frank Act on the Fund, the Managing Owner, and the markets in which the Fund may invest, the NAV of the Fund or the market price of the Shares. The Dodd-Frank Act and the implementing regulation adopted by regulators could result in the Fund’s investment strategy becoming non-viable or non-economic to implement. Therefore, the Dodd-Frank Act and regulations adopted pursuant to the Dodd-Frank Act could have a material adverse impact on the profit potential of the Fund and in turn the value of your Shares.

~~-27-~~

~~(31)~~

~~Lack of Independent Advisers Representing Investors.~~

The Managing Owner has consulted with counsel, accountants and other advisers regarding the ~~formation and~~ operation of the Fund. No counsel has been appointed to represent you in connection with the Fund’s continuous offering of Shares. Accordingly, you should consult your own legal, tax and financial advisers ~~regarding the desirability of an investment~~about whether you should invest in the ~~Shares.~~

~~(32)~~

~~Possibility of Termination of the Fund May Adversely Affect Your Portfolio.~~

Fund.

Possibility of Termination of the Fund May Adversely Affect Your Portfolio.

It is ultimately within the discretion of the Managing Owner whether it will continue to operate and advise the Fund. The Managing Owner may withdraw from the Fund upon 120 days’ prior written notice to all Shareholders and the Trustee, which would cause the Fund to terminate unless a substitute managing owner was obtained. ~~Owners of~~Shareholders owning 50% or more of the Shares have the power to terminate the Fund. If it is so exercised, investors who may wish to continue to invest in a vehicle that tracks the Fund’s Index will have to find another vehicle, and may not be able to find another vehicle that offers the same features as the Fund. See “Description of the Shares; Certain Material Terms of the Trust ~~Declaration—~~Agreement – Termination Events” for a summary of termination events. Such detrimental developments could cause you to liquidate your investments and upset the overall maturity and timing of your investment portfolio. In addition, Shareholders could receive less from the sale of the Fund’s assets in the event of its liquidation and termination than amounts that could be realized from sales of those assets other than in the case of a liquidation and termination. If the registrations with the CFTC or memberships in the NFA of the Managing Owner or the Commodity Broker were revoked or suspended, such entity would no longer be able to provide services to the Fund.

~~(33)~~

~~Shareholders Do Not Have the Rights Enjoyed by Investors in Certain Other Vehicles.~~

~~As interests in an investment trust, the Shares have none~~

Competing Claims Over Ownership of ~~the statutory rights normally associated with the ownership of shares of a corporation (including, for example, the right~~Intellectual Property Rights Related to ~~bring “oppression” or “derivative” actions). In addition, the Shares have limited voting and distribution rights (for example, Shareholders do not have the right to elect directors and~~ the Fund ~~is not required to pay regular distributions, although~~Could Adversely Affect the Fund ~~may pay distributions~~and an Investment in the ~~discretion of the Managing Owner).~~

Shares.

~~(34)~~

~~An Investment in the Shares May Be Adversely Affected by Competition From Other Methods of Investing in Currencies.~~

The Fund constitutes a relatively new type of investment vehicle. The Fund competes with other financial vehicles, including mutual funds, and other investment companies, ETFs, other index tracking commodity pools, actively traded commodity pools, hedge funds, traditional debt and equity securities issued by companies and foreign governments, other securities backed by or linked to currencies, and direct investments in the underlying currencies or currencies futures contracts. Market and financial conditions, and other conditions beyond the Managing Owner’s control, may make it more attractive to invest in other financial vehicles or to invest in such currencies directly, which could limit the market for the Shares and therefore reduce the liquidity of the Shares.

~~(35)~~

~~Competing Claims Over Ownership of Intellectual Property Rights Related to the Fund Could Adversely Affect the Fund and an Investment in the Shares.~~

While the Managing Owner believes that all intellectual property rights needed to operate the Fund in the manner described in this Prospectus are either owned by or licensed to the Managing Owner or have been obtained, third parties may allege or assert ownership of intellectual property rights which may be related to the design, structure and operations of the Fund. To the extent any claims of such ownership are brought or any proceedings are instituted to assert such claims, the issuance of any restraining orders or injunctions, the negotiation, litigation or settlement of such claims, or the ultimate disposition of such claims in a court of law ~~if a suit is brought,~~ may adversely affect the Fund and an investment in the ~~Shares, for~~Shares. For example, ~~resulting~~such actions could result in expenses or damages payable by the Fund, suspension of activities or the termination of the Fund.

~~(36)~~

~~The Value of the Shares Will be Adversely Affected if the Fund is Required to Indemnify the Trustee or the Managing Owner.~~

The Value of the Shares Will Be Adversely Affected if the Fund Is Required to Indemnify the Trustee or the Managing Owner.

Under the Trust ~~Declaration,~~Agreement, the Trustee and the Managing Owner have the right to be indemnified for any liability or expense ~~either incurs without~~they incur, except for any expenses resulting from gross negligence or willful misconduct. That means the Managing Owner may require the assets of the Fund to be sold in order to cover losses or liability suffered

~~-28-~~

by it or by the Trustee. Any sale of that kind would reduce the NAV of the Fund and, consequently, the value of the Shares.

~~(37)~~

~~The NAV Calculation of the Fund May Be Overstated or Understated Due to the Valuation Method Employed When a Settlement Price is not Available on the Date of NAV Calculation.~~

~~Calculating~~

Although the ~~NAV~~Shares Are Limited Liability Investments, Certain Circumstances such as Bankruptcy of the Fund or Indemnification of the Fund ~~includes, in part, any unrealized profits or losses on open foreign exchange futures contracts. Under normal circumstances,~~by the ~~NAV of the Fund reflects the settlement price of open foreign exchange futures contracts on the date when the NAV is being calculated. However, if~~Shareholders Will Increase a foreign exchange futures contract traded on an exchange (both U.S. and, to the extent it becomes applicable, non-U.S. exchanges) could not be liquidated on such day (due to the operation of daily limits or other rules of the exchange upon which that position is traded or otherwise), the Managing Owner may value such futures contract pursuant to policies the Managing Owner has adopted, which are consistent with normal industry standards. In such a situation, there is a risk that the calculation of the NAV of the Fund on such day will not accurately reflect the realizable market value of such foreign exchange futures contract. For example, daily limits are generally triggered in the event of a significant change in market price of a foreign exchange futures contract. Therefore, as a result of the daily limit, the current settlement price is unavailable. Because the Managing Owner may value such futures contract pursuant to policies the Managing Owner has adopted, which are consistent with normal industry standards, there is a risk that the resulting calculation of the NAV of the Fund could be under or overstated, perhaps to a significant degree. Although the Eligible Index Currencies that the Fund will invest in are not currently subject to “daily limits,” the terms and conditions of these contracts may change in the future, and thus, may subject the Fund to the above-described risks.

~~(38)~~

~~Exchange Rates on the Index Currencies Could be Volatile and Could Materially and Adversely Affect the Performance of the Shares.~~

~~Foreign exchange rates are influenced by national debt levels and trade deficits, domestic and foreign inflation rates and investors’ expectations~~

Shareholder’s Liability.

concerning inflation rates, domestic and foreign interest rates and investors’ expectations concerning interest rates, currency exchange rates, investment and trading activities of mutual funds, hedge funds and currency funds; and global or regional political, economic or financial events and situations. Additionally, foreign exchange rates on the Index Currencies may also be influenced by changing supply and demand for a particular Index Currency, monetary policies of governments (including exchange control programs, restrictions on local exchanges or markets and limitations on foreign investment in a country or on investment by residents of a country in other countries), changes in balances of payments and trade, trade restrictions, currency devaluations and revaluations. Also, governments from time-to-time intervene in the currency markets, directly and by regulation, in order to influence prices directly. Additionally, expectations among market participants that a currency’s value soon will change may also affect exchange rates on the Index Currencies. These events and actions are unpredictable. The resulting volatility in the exchange rates on the underlying Index Currencies may materially and adversely affect the market value of the futures contracts on the Index Currencies, which would then negatively impact the value of your Shares.

~~(39)~~

~~Substantial Sales of Index Currencies by the Official Sector Could Adversely Affect an Investment in the Shares.~~

~~The official sector consists of central banks, other governmental agencies andmulti-lateral~~ institutions that buy, sell and hold certain Index Currencies as part of their reserve assets. The official sector holds a significant amount of Index Currencies that can be mobilized in the open market. In the event that future economic, political or social conditions or pressures require members of the official sector to sell their Index Currencies simultaneously or in an uncoordinated manner, the demand for Index Currencies might not be sufficient to accommodate the sudden increase in the supply of certain Index Currencies to the market. Consequently, the price of an Index Currency may decline, which may then negatively impact the Shares.

~~-29-~~

~~(40)~~

Although the Shares are Limited Liability Investments, Certain Circumstances such as Bankruptcy of the Fund or Indemnification of the Fund by the Shareholders will Increase a Shareholder’s Liability.

The Shares are limited liability investments; investors may not lose more than the amount that they invest ~~plus~~including any ~~profits recognized on~~appreciation in their ~~investment.~~investments. However, Shareholders could be required, as a matter of bankruptcy law, to return to the estate of the Fund any distribution they received at a time when the Fund was in fact insolvent or in violation of ~~its~~the Trust ~~Declaration.~~Agreement. In addition, ~~although the Managing Owner is not aware of this provision ever having been invoked in the case of any public futures fund,~~ Shareholders agree in the Trust ~~Declaration~~Agreement that they will indemnify the Fund for any harm suffered by it as a result of

of:

•

Shareholders’ actions unrelated to the business of the Fund, or

•

taxes ~~separately~~ imposed on the Shares by the states or municipalities in which such investors reside.

The Fund ~~by any state, local or foreign taxing authority.~~May Lose Money on Its Holdings of Money Market Mutual Funds.

~~(41)~~

~~The Fund may Potentially Lose Money on its Holdings of Money Market Mutual Funds.~~

~~Although a~~

The Fund may invest in government money market ~~mutual fund seeks~~funds that have chosen to not rely on the ability to impose fees on shareholder redemptions, or liquidity fees, or temporarily to suspend redemption privileges, or gates, if the government money market fund’s weekly liquid assets fall below a certain threshold. Although such government money market funds seek to preserve the value of an investment at ~~$1.00~~

$1.00 per share, there is no guarantee that they will be able to do so. As a result, the Fund may lose money by investing in a government money market ~~mutual~~fund. An investment in a government money market fund ~~for cash management purposes.~~is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. The share price of a government money market ~~mutual funds~~fund can fall below the $1.00 share price. The Fund cannot rely on or expect a government money market ~~mutual~~ fund’s adviser or its affiliates to enter into support agreements or take other actions to maintain the government money market ~~mutual~~ fund’s $1.00 share price. The credit quality of a government money market ~~mutual~~ fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the government money market ~~mutual~~ fund’s share price. ~~The~~Due to fluctuations in interest rates, the market value of securities held by a government money market ~~mutual~~fund may vary. A government money market fund’s share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. ~~Furthermore,~~

Due to the ~~SEC recently adopted amendments to money market mutual fund regulations that, when implemented, could impact a money market mutual fund’s operations~~Increased Use of Technologies, Intentional and ~~possibly negatively impact its return.~~

Unintentional Cyber Attacks Pose Operational and Information Security Risks.

~~(42)~~

~~Due to the Increased use of Technologies, Intentional and Unintentional Cyber Attacks Pose Operational and Information Security Risks.~~

With the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, the Fund is susceptible to operational and information security risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption.

Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites. Cyber security failures or breaches of the Fund’s third party service providers (including, but not limited to, the Index Sponsor, the Administrator and ~~transfer agent)~~the Transfer Agent) or ~~the issuers of~~ the money market mutual funds and T-Bill ETFs in which the Fund invests, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of ~~Fund shareholders~~Shareholders or Authorized Participants to transact business in Shares and Creation Units respectively, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. The Fund and its ~~shareholders~~Shareholders could be negatively impacted as a result.

While the Managing Owner has established business continuity plans and systems reasonably designed todetect and prevent such cyber attacks from being effective, there are inherent limitations in such plans and ~~systems including the possibility~~systems. For instance, it is possible that certain existing risks have not been ~~identified.~~identified or that new risks will emerge before countervailing measures can be implemented. Furthermore, the Fund cannot control, or even necessarily influence, the cyber security plans and systems put in place by the Fund’s third party service providers. Since the Fund is dependent upon third party service providers (including the Managing Owner) for substantially all of its operational needs, the Fund is subject to the risk that a cyber attack on a service provider will materially impair its normal operations even if the Fund itself is not subject to such an attack. In addition, a service provider that has experienced a cyber security incident may divert resources normally devoted to servicing the Fund to addressing the incident, which would be likely to have an adverse effect on the Fund’s operations. Cyber attacks may also cause disruptions to the futures exchanges and clearinghouses through which the Fund invests in ~~exchange-traded~~ futures contracts ~~resulting~~and to the exchanges on which the Fund buys and sells shares of T-Bill ETFs, which could result in disruptions to the Fund’s ability to pursue its investment ~~objectives and~~objective, resulting in financial ~~losses.~~

~~(43)~~

~~The Fund is Subject to Extensive Regulatory Reporting and Compliance.~~

losses to the Fund and Shareholders.

Forward-Looking Statements

This Prospectus includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. The matters discussed in the Prospectus that are not historical facts are forward-looking statements. These forward-looking statements are based on the Fund’s and Managing Owner’s current expectations, estimates and projections about the future results, performance, prospects and opportunities of the Fund isand the Fund’s

business and industry and their beliefs and assumptions about future events and speak only as of the date on which they are made. Words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “outlook,” and “estimate,” as well as similar words and phrases, signify forward-looking statements. Forward-looking statements are not guarantees of future results. Conditions and important factors, risks and uncertainties in the markets for financial instruments that the Fund trades, in the markets for related physical commodities, in the legal and regulatory regimes applicable to Invesco Capital Management LLC, the Fund, and the Fund’s service providers, and in the broader economy may cause actual results to differ materially from those expressed by such forward-looking statements. These forward-looking statements are subject to ~~changing regulation~~a number of ~~corporate governance~~risks, uncertainties and ~~public disclosure that have increased~~other factors, including those described in the ~~Fund’s risk of noncompliance.~~

~~-30-~~

~~Because the Shares are publicly traded, the Fund is subject to certain rules~~“Risk Factors” and ~~regulations of federal, state~~elsewhere in this Prospectus and financial market exchange entities charged with the protection of investors and the oversight of companies whose securities are publicly traded. These entities, including the Public Company Accounting Oversight Board, thein other SEC the CFTC and NYSE-ARCA, have in recent years issued new requirements and regulations, most notably the Sarbanes-Oxley Act of 2002. From time to time, since the adoption of the Sarbanes-Oxley Act of 2002, these authorities have continued to develop additional regulations or interpretations of existing regulations. The Fund’s ongoing efforts to comply with these regulations and interpretations have resulted in, and are likely to continue resulting in, a diversion of management’s time and attention from focusing on Fund management to compliance related activities.

The Fund is responsible for establishing and maintaining adequate internal control over financial reporting. The Fund’s internal control system is designed to provide reasonable assurance to its management regarding the preparation and fair presentation of published financial statements. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective may provide only reasonable assurance with respect to financial statement preparation and presentation.

~~(44)~~

~~Current Discussions between the SEC and PricewaterhouseCoopers LLP regarding PricewaterhouseCoopers LLP’s Independence Could Have Potentially Adverse Consequences for the Fund.~~

~~PricewaterhouseCoopers LLP informed~~filings by the Fund, that ~~it has identified an issue related to its independence under Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as~~could cause the ~~Loan Rule). The Loan Rule prohibits accounting firms, such as PricewaterhouseCoopers LLP, from being deemed independent if they have certain financial relationships with their audit clients~~actual results, performance, prospects or ~~certain affiliates of those clients. The Fund is required under various securities laws to have its financial statements audited by an independent accounting firm.~~

The Loan Rule specifically provides that an accounting firm would not be independent if it receives a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the Fund as well as all registered investment companies advised by the Managing Owner and its affiliates, including other subsidiaries of the Managing Owner’s parent company, Invesco Ltd. (collectively, the Invesco Fund Complex). PricewaterhouseCoopers LLP informed the Fund it has relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex. These relationships call into question PricewaterhouseCoopers LLP independence under the Loan Rule with respect to those funds, as well as all other funds in the Invesco Fund Complex.

On June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to the audit independence issue described above. In that letter, the SEC confirmed that it would not recommend enforcement action against a fund that relied on audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. PricewaterhouseCoopers LLP has communicated that the circumstances which called into question its independence under the Loan Rule with respect to the audits of the Invesco Fund Complex are consistent with circumstances described in the no action letter. PricewaterhouseCoopers LLP also concluded that its objectivity and impartiality was not impaired with respect to the planning for and execution of the Fund’s audits and that they have complied with PCAOB Rule 3526(b)(1) and (2), which are conditions to the Fund relying on the no action letter. Therefore, the Managing Owner, the Fund and PricewaterhouseCoopers LLP have concluded that PricewaterhouseCoopers LLP can continue as the Fund’s independent registered public accounting firm. The Invesco Fund Complex intends to rely upon the no-action letter.

If in the future the independence of PricewaterhouseCoopers LLP is called into question under the Loan Rule by circumstances that are not addressed in the SEC’s no-action letter, the Fund will need to take other action in order for the Fund’s filings with the SEC containing financial statements

~~-31-~~

~~to be deemed compliant with applicable securities laws. Such additional actions could result in additional costs, impair the ability~~opportunities of the Fund to ~~issue~~differ materially from those expressed in, or implied by, these forward-looking statements.

You should not place undue reliance on any forward-looking statements. Except as expressly required by the federal securities laws, the Managing Owner undertakes no obligation to publicly update or revise any forward-looking statements or the risks, uncertainties or other factors described in this Prospectus, as a result of new ~~shares~~information, future events or ~~have~~changed circumstances or for any other ~~material adverse effects on~~reason after the Fund. In addition, the SEC has indicated that the no-action relief will expire 18 months from its issuance, after which the Invesco Fund Complex will no longer be able to rely on the letter unless it’s term is extended or made permanent by the SEC Staff.

~~INVESTMENT OBJECTIVE~~

date of this Prospectus.

Investment Objective

The Fund seeks to track changes, whether positive or negative, in the level of the ~~Deutsche Bank G10 Currency Future Harvest Index~~^®~~—Excess Return, or the~~ Index, over time, plus the excess, if any, of the sum of the Fund’s Treasury Income, ~~and~~ Money Market Income and T-Bill ETF Income over the expenses of the Fund. ~~For the avoidance of doubt, the~~The Fund invests in futures contracts in an attempt to track its Index. The Fund holds Treasury Securities, ~~and~~ money market mutual funds and T-Bill ETFs for margin and/or cash ~~management purposes only.~~

management. While the Fund’s performance will reflect the appreciation or depreciation of those holdings, the Fund’s performance, whether positive or negative, will be driven primarily by its strategy of trading futures contracts with the aim of seeking to track the Index.

The Index is designed to exploit the trend that currencies associated with relatively high interest rates, on average, tend to rise in value relative to currencies associated with relatively low interest rates. ~~This trend is consistent with economic theory regarding the correct price of a currency future, known as the~~~~Interest Rate Parity~~ ~~formula or the~~~~Covered Interest Arbitrage~~ ~~formula, and can be seen in the historical trading patterns of currency futures.~~

The theoretical or “fair market” price of a currency future contract is derived from the spot FX rate, interest rates of the two currencies and time to expiry of the currency future contract and represents an equilibrium relationship among the interest rates,

spot markets and futures markets associated with the currencies in question. If an equilibrium relationship does not exist between two currencies, arbitrage opportunities arise and the exploitation of these opportunities by arbitrageurs will tend to drive currency futures prices toward equilibrium. Application of the~~Interest Rate Parity~~ formula under circumstances in which currencies are not in an equilibrium relationship predicts that if the currency future is based on a rate ranging from a high yielding currency to a low yielding currency, the fair market price of the currency future will be below the spot rate. The longer the time to the expiry of the currency future the greater the amount the fair market price of the currency future will be below the spot rate. If the spot rate stays approximately the same then, as you move closer to the expiry of the currency future, the fair market price will increase. In other words, the currency future rate between a relatively high interest rate currency and low interest rate currency tends to increase over time (assuming spot is relatively stable).

The Index ~~exploits~~seeks to exploit this trend using both long and short futures positions, which is expected to provide more consistent and less volatile returns than could be obtained by taking long positions only or short positions only.

~~Advantages of investing in the Fund include:~~

•

~~Ease and Flexibility of Investment~~~~. The Shares trade on the NYSE Arca and provide institutional and retail investors with indirect access~~

In seeking to the currency futures markets. The Shares may be bought and sold on the NYSE Arca like other exchange-listed securities. Retail investors may purchase and sell Shares through traditional brokerage accounts.

•

~~The Fund May Provide Gains on Both the Upside and Downside Price Movements of the Index Currencies~~~~. The Index will rise as a result of any upward price movement of the Index Currencies that are expected to gain relative to the USD by investing in long~~

~~-32-~~

futures positions on such Index Currencies. The Index also will rise as a result of any downward price movement of the Index Currencies that are expected to lose relative to the USD by investing in short futures positions on such Index Currencies.

•

~~Margin~~~~. Shares are eligible for margin accounts.~~

•

~~Diversification~~~~. The Shares may help to diversify a portfolio because historically the Index has tended to exhibit low to negative correlation with both equities and conventional bonds.~~

•

To the extent that the Fund’s actual and projected Treasury Income and Money Market Income exceeds the actual and projected fees and expenses of the Fund, the Managing Owner expects periodically to make distributions of the amount of such excess.

~~Investing in the Fund does not insulate Shareholders from certain risks, including price volatility.~~

~~Role of Managing Owner~~

~~The Managing Owner serves as the commodity pool operator and commodity trading advisor of the Fund.~~

~~Specifically, the Managing Owner:~~

~~selects the Trustee, Commodity Broker, Administrator, Index Sponsor, Custodian, Transfer Agent, Marketing Agent, distributor, and auditor;~~

~~negotiates various agreements and fees;~~

~~performs such other services as the Managing Owner believes that the Fund may from time-to-time require; and~~

~~monitors the performance results of the Fund’s portfolio and reallocates assets~~

~~within the portfolio with a view to causing the performance of the Fund’s portfolio to track that of the Index over time.~~

~~The Managing Owner is registered as a commodity pool operator, commodity trading advisor and swap firm with the CFTC and is a member of the NFA.~~

The principal office of the Managing Owner is located at c/o Invesco PowerShares Capital Management LLC, 3500 Lacey Road, Suite 700, Downers Grove, IL 60515. The telephone number of the Managing Owner is (800) 983-0903.

~~[Remainder of page left blank intentionally.]~~

~~-33-~~

~~PERFORMANCE OF POWERSHARES DB G10 CURRENCY HARVEST FUND (~~~~TICKER: DBV~~)

~~Name of Pool:~~~~PowerShares DB G10 Currency Harvest Fund~~

~~Type of Pool:~~~~Public, Exchange-Listed Commodity Pool~~

~~Inception of Trading:~~~~September 2006~~

~~Aggregate Gross Capital Subscriptions as of August 31, 2016~~¹~~: $1,496,737,196~~

~~NAV as of August 31, 2016~~²~~: $73,618,287~~

~~NAV per Share as of August 31, 2016~~³~~: $24.54~~

~~Worst Monthly Drawdown~~⁴~~: (5.93)% January 2015~~

~~Worst Peak-to-Valley Drawdown~~⁵~~: (19.01)% April 2013 – September 2015~~

Monthly Rate of Return
2016(%) 2015(%) 2014(%) 2013(%) 2012(%) 2011(%)
January
(0.60) (5.93) (1.89) 1.95 2.98 0.04
February
(0.13) 4.34 1.60 0.08 4.24 0.55
March
1.43 (0.64) 3.16 1.91 (2.03) 1.84
April
0.30 0.24 (0.23) 0.85 (0.92) 3.21
May
(0.51) (2.37) (0.12) (2.99) (5.32) (1.43)
June
3.12 (3.29) 0.27 (4.40) 4.85 (0.28)
July
0.79 (0.98) (0.83) (0.28) 1.22 (0.65)
August
0.90 (3.87) 0.99 (2.01) (0.04) (1.06)
September
(0.67) (1.66) 2.82 1.64 (5.28)
October
4.28 0.00 0.82 0.28 6.36
November
2.12 0.27 (1.28) 1.22 (2.33)
December
(1.52) (1.32) (0.04) 1.63 (0.13)
Compound Rate of Return⁶
5.37%
(8 months)
(8.49)% 0.13% (2.79)% 9.74% 0.38%

~~PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.~~

~~Footnotes to Performance Information~~

~~1. “Aggregate Gross Capital Subscriptions” is the aggregate of all amounts ever contributed to the pool.~~

~~2. “NAV” is the NAV of the pool as of August 31, 2016.~~

~~3. “NAV per Share” is the NAV of the pool divided by the total number of Shares outstanding as of August 31, 2016.~~

4. “Worst Monthly Drawdown” is the largest single month loss sustained during the most recent five calendar years and year to date (if applicable). “Drawdown” as used in this section of the Prospectus means losses experienced by the relevant pool over the specified period and is calculated on a rate of return basis, i.e., dividing net performance by beginning equity. “Drawdown” is measured on the basis of monthly returns only, and does not reflect intra-month figures. “Month” is the month of the Worst Monthly Drawdown.

5. “Worst Peak-to-Valley Drawdown” is the largest percentage decline in the NAV per Share during the most recent five calendar years (and to the extent applicable, for a period beyond the most recent five calendar years if the starting date of the peak value extends beyond this period). This need not be a continuous decline, but can be a series of positive and negative returns where the negative returns are larger than the positive returns. “Worst Peak-to-Valley Drawdown” represents the greatest percentage decline from any month-end NAV per Share that occurs without such month-end NAV per Share being equaled or exceeded as of a subsequent month-end. For example, if the NAV per Share of a particular pool declined by $1 in each of January and February, increased by $1 in March and declined again by $2 in April, a “peak-to-valley drawdown” analysis conducted as of the end of April would consider that “drawdown” to be still continuing and to be $3 in amount, whereas if the NAV per Share had increased by $2 in March, the January-February drawdown would have ended as of the end of February at the $2 level.

6. “Compound Rate of Return” is calculated by multiplying on a compound basis each of the monthly rates of return set forth in the chart above and not by adding or averaging such monthly rates of return. For periods of less than one year, the results are year-to-date.

THE FUND’S PERFORMANCE INFORMATION FROM INCEPTION UP TO AND EXCLUDING FEBRUARY 23, 2015 IS A REFLECTION OF THE PERFORMANCE ASSOCIATED WITH DB COMMODITY SERVICES LLC, WHICH SERVED AS THE PREDECESSOR MANAGING OWNER. ALL THE PERFORMANCE INFORMATION ON AND AFTER FEBRUARY 23, 2015 REFLECTS THE PERFORMANCE ASSOCIATED WITH THE MANAGING OWNER.

~~-34-~~

~~DESCRIPTION OF THE DEUTSCHE BANK~~

~~G10 CURRENCY FUTURE HARVEST~~

~~INDEX~~^®~~—EXCESS RETURN~~

The PowerShares DB G10 Currency Harvest Fund (the “Fund”) is not sponsored or endorsed by Deutsche Bank AG, Deutsche Bank Securities Inc. or any subsidiary or affiliate of Deutsche Bank AG or Deutsche Bank Securities Inc. (collectively, “Deutsche Bank”). The Deutsche Bank G10 Currency Future Harvest Index^®—Excess Return (the “DB Index”) is the exclusive property of Deutsche Bank Securities Inc. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the DB Index makes any representation or warranty, express or implied, concerning the DB Index, the Fund or the advisability of investing in securities generally. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the DB Index has any obligation to take the needs of Invesco PowerShares Capital Management LLC, the sponsor of the Fund, or its clients into consideration in determining, composing or calculating the DB Index. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the DB Index is responsible for or has participated in the determination of the timing of, prices at, quantities or valuation of the Fund. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the DB Index has any obligation or liability in connection with the administration or trading of the Fund.

EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE DB INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DEUTSCHE BANK OR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE DB INDEX HAVE ANY LIABILITY FOR DIRECT, INDIRECT, PUNITIVE, SPECIAL, CONSEQUENTIAL OR ANY OTHER DAMAGES OR LOSSES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF. EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY, THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DEUTSCHE BANK AND INVESCO POWERSHARES CAPITAL MANAGEMENT LLC.

No purchaser, seller or holder of the shares of this Fund, or any other person or entity, should use or refer to any Deutsche Bank trade name, trademark or service mark to sponsor, endorse, market or promote this Fund without first contacting Deutsche Bank to determine whether Deutsche Bank’s permission is required. Under no circumstances may any person or entity claim any affiliation with Deutsche Bank without the written permission of Deutsche Bank.

A general description of the Index (including, but not limited to, the underlying formulae and all other Index terms and conditions), or the General Description, is included on the Index Sponsor’s website at~~https://index.db.com~~, or any successor thereto. The information included in Exhibit B of the Trust Declaration, which is the Index description, or the Description, may be provided in greater detail than that which is included in the General Description. Any material changes to the terms and conditions of the Index as disclosed in future versions of the General Description will be deemed to amend such corresponding terms and conditions that are included in the Description, unless otherwise determined at the sole discretion of the Index Sponsor. The Index Sponsor may, in its sole discretion and for housekeeping purposes, amend and restate the Description to conform it to reflect material changes to the General Description.

~~-35-~~

~~General~~

The sponsor of the Index, or the Index Sponsor, is Deutsche Bank Securities Inc. The composition of the Index may be adjusted in the Index Sponsor’s discretion. The Index Sponsor may from time-to-time subcontract the provision of the calculation and other services described below to one or more third parties.

~~Index Calculation and Rules~~

~~The currencies that are eligible for inclusion in the Index, or Eligible Index Currencies, are the currencies of The Group of Ten, or G10, countries, which include the following currencies:~~


~~Eligible Index Currency~~		~~Symbol~~
~~United States Dollar~~		~~USD~~
~~Euro~~		~~EUR~~
~~Japanese Yen~~		~~JPY~~
~~Canadian Dollar~~		~~CAD~~
~~Swiss Franc~~		~~CHF~~
~~British Pound~~		~~GBP~~
~~Australian Dollar~~		~~AUD~~
~~New Zealand Dollar~~		~~NZD~~
~~Norwegian Krone~~		~~NOK~~
~~Swedish Krona~~		~~SEK~~

Futures contracts referencing each of the Eligible Index Currencies (except USD) currently are traded on the Chicago Mercantile Exchange, or CME, although currency futures contracts on the Eligible Index Currencies also trade on other exchanges in the United States and the Fund may invest in such contracts.

At any time, the Index is comprised of long futures positions in the three Eligible Index Currencies associated with the highest interest rates and short futures positions in the three Eligible Index Currencies associated with the lowest interest rates. The Index’s six component currencies from time-to-time, comprised of the three long and three short futures positions, are referred to as the Index Currencies and are used to calculate the value of the Index. The composition of the Index may be adjusted in the event that the Index Sponsor is not able to calculate the closing prices of the Index Currencies.

The Index Sponsor calculates the Index on both an excess return basis and a total return basis. The excess return basis calculation reflects the change in market value of the applicable underlying currency futures only. The total return basis calculation reflects the sum of the change in market value of the applicable underlying currency futures plus the return on 3-month U.S. Treasury bills. The Fund seeks to track changes, whether positive or negative, in the level of the Index calculated on an excess return basis, over time, plus the excess, if any, of the Fund’s Treasury Income and Money Market Income over expenses of the Fund. For the avoidance of doubt, the Fund invests in futures contracts in an attempt to track its Index. The Fund holds Treasury Securities and money market mutual funds for margin and/or cash management purposes only.

The Fund will make distributions at the discretion of the Managing Owner. To the extent that the Fund’s actual and projected Treasury Income and the Fund’s actual and projected Money Market Income exceeds the actual and projected fees and expenses of the Fund, the Managing Owner expects periodically to make distributions of the amount of such excess. The Fund currently does not expect to make distributions with respect to its capital gains. Depending on the Fund’s performance for the taxable year and your own tax situation for such year, your income tax liability for the taxable year for your allocable share of the Fund’s net ordinary income or loss and capital gain or loss may exceed any distributions you receive with respect to such year.

In order to determine which Eligible Index Currencies to include in the Index from time-to-time, the Index Sponsor will review the composition of the Index on a quarterly basis 5 business days prior to the IMM Date. “IMM Date” means the third Wednesday of March, June, September and December, a traditional settlement date in the International Money Market.

~~-36-~~

Sponsor will review the Australian Bank Bill Short Term 3 Month Mid rate for AUD. The Libor, Stibor and Nibor rates for the Eligible Index Currencies, as applicable, mean the London, Stockholm and Norway interbank offered rates for overnight deposits, respectively, each of which is published by Reuters. The Eligible Index Currencies are then ranked according to yield. The three highest yielding and three lowest yielding are selected as Index Currencies for inclusion in calculating the Index. If two Index Currencies have the same yield, then the previous quarter’s ranking will be used.

The Index is re-weighted quarterly. Upon re-weighting, the high yielding Index Currencies are allocated a base weight of 33 1/3% and the low yielding Index Currencies are allocated a base weight of -33 1/3%. These new weights are applied during the Index re-weighting period, which takes place between the fourth and third Index Business Days prior to the applicable IMM Date, or Index Re-Weighting Period.

The CME traded futures contract of each applicable Index Currency that is closest to expiration is used in the Index calculation. The futures contracts on the Index Currencies are rolled during the Index Re-Weighting Period. The new futures contract on an Index Currency that has the next closest expiration date is selected. The calculation of the Index on an excess return basis is the weighted return on the change in price of the futures contracts on the Index Currencies.

the closing Index level was USD 100. Between March 12, 1993 to August 31, 2016, the Index level as calculated on an excess return basis has ranged from as high as USD 315.27 (July 25, 2007) to as low as USD 94.03 (July 30, 1993). Past Index results are not necessarily indicative of future changes, positive or negative, in the Index.

To track the Index, the Fund generally will establish long futures positions in the three Eligible Index Currencies associated with the highest interest rates and short futures positions in the three Eligible Index Currencies associated with the lowest interest rates and will adjust its holdings quarterly as the Index is adjusted. However, if the United States Dollar ~~or USD,~~(“USD”) is among the Index Currencies from ~~time-to-time,~~time to time, the Fund will not establish a long or short futures position (as the case may be) in USD, because USD is the Fund’s home currency and, as a consequence, the Fund never can enjoy profit or suffer loss from long or short futures positions in USD.

If the USD is associated with the highest or lowest interest rates among the Eligible Index Currencies, the aggregate notional value of the Fund’s futures contracts at the time they are established will be approximately 1.66 times the value of the Fund’s holdings of ~~United States~~ Treasury Securities, ~~and~~ money market mutual funds (affiliated or otherwise) and T-Bill ETFs (affiliated or otherwise), which means the Fund will have a leverage ratio at such time of approximately 1.66:1.

~~-37-~~

There can be no assurance that the use of both long and short positions will reduce the volatility of the Index during any or all market cycles or performance ~~periods, or that the Fund will achieve its objectives.~~periods. It is possible that, prior to an Index rebalancing, that Index Currencies expected to lose relative to the USD may rise and/or Index Currencies expected to gain relative to the USD may fall. In such cases, the Fund may experience losses in both its long and short positions at the same time. Such losses will be greater as a result of the Fund’s use of leverage, reflected in its long futures exposure to Index Currencies with a notional value of up to 100% of the Fund’s NAV and its short futures exposure to Index Currencies with a notional value of up to 100% of the Fund’s NAV. Under such circumstances, the Fund’s losses would be greater as a result of its leverage than would be the case were it to limit its overall exposure to Index Currencies with a notional value of 100% of the Fund’s NAV.

~~As a result of its use of leverage, the~~

The Fund will be required to deposit ~~a greater proportion~~approximately twice as much of its ~~net~~ assets ~~as margin,~~then would be required if the Fund did not use leverage. The amount deposited is not expected to exceed 10% of net assets. ~~This represents margin deposit requirements approximately twice as great as would be required if the~~The Fund ~~did not use leverage. Similarly, as a result of its use of leverage, the Fund~~ will also trade more futures contracts and incur more brokerage commission ~~expense~~expenses than it would if it did not use leverage. The additional amount of brokerage commission ~~expense~~expenses generally will be proportional to the Fund’s leverage ratio.

The Fund also holds ~~United States~~ Treasury Securities for deposit with the Fund’s Commodity Broker as margin and ~~United States~~ Treasury Securities, cash and money market mutual funds

~~(affiliated~~ (affiliated or otherwise) and/or T-Bill ETFs (affiliated or otherwise), as applicable, on deposit with the Custodian (for margin and/or cash management purposes).

~~Under the Trust Declaration of~~ Additionally, the Fund ~~Wilmington Trust Company,~~gains an exposure to Treasury Securities with a maximum remaining maturity of up to 12 months through its holdings of T-Bill ETFs (affiliated or otherwise). Such holdings of T-Bill ETFs will also be on deposit with the ~~Trustee~~Custodian (for margin and/or cash management purposes) and may be held by the Fund’s Commodity Broker as margin, to the extent permissible under CFTC rules.

The Managing Owner may determine to invest in other futures contracts if at any time it is impractical or inefficient to gain full or partial exposure to an Index Currency through the use of ~~the Fund, has delegated to~~Index Contracts. These other futures contracts may or may not be based on an Index Currency. When they are not, the Managing Owner may seek to select futures contracts that it reasonably believes tend to exhibit trading prices that correlate with an Index Contract.

Investing in the exclusive management and control of all aspects of the business of the Fund. The Trustee will have no duty or liability to supervise or monitor the performance of the Managing Owner, nor will the Trustee have any liability for the acts or omissions of the Managing Owner.

Fund does not insulate Shareholders from certain risks, including price volatility.

There can be no assurance that the Fund will achieve its investment objective or avoid substantial losses.

~~Publication of Closing Levels and Adjustments~~

In order to calculate the indicative Index level, the Index Sponsor polls Reuters every 15 seconds to determine the real time price of each underlying futures contract with respect to each Index Currency of the Index. The Index Sponsor then applies a set of rules to these values to create the indicative level of the Index. These rules are consistent with the rules which the Index Sponsor applies at the end of each trading day to calculate the closing level of the Index.

~~The IIV per Share of~~

Temporary Defensive Positions

Because the Fund ~~is based on~~seeks to track changes, whether positive or negative, in the prior day’s final NAV, adjusted four times per minute throughout the trading day to reflect the continuous price changes of the Fund’s futures positions, which provides a continuously updated estimated NAV per Share.

~~The Index Sponsor calculates and publishes the closing~~ level of the Index ~~daily.~~ over time, the Fund will not ordinarily take temporary defensive positions during periods of adverse market, economic or other conditions. However, in highly stressed markets, the Managing Owner may, in its discretion, take a temporary defensive position and hold a portion of the Fund’s assets in cash or cash equivalents, money market funds and/or T-Bill ETFs (including money market funds and T-Bill ETFs that are managed by affiliates of the Managing Owner) or in futures contracts other than Index Contracts. Taking

such positions may mean lost investment opportunities in a period of rising market prices. During these periods, the Fund may not achieve its investment objective to track the Index.

Role of Managing Owner

The Managing Owner ~~publishes~~serves as the commodity pool operator and commodity trading advisor of the Fund. Specifically, with respect to the Fund, the Managing Owner:

•

selects the Trustee, Commodity Broker, Administrator, Index Sponsor, Custodian, Transfer Agent, distributor and auditor;

•

negotiates various agreements and fees;

•

performs such other services as the Managing Owner believes that the Fund may from time to time require; and

•

monitors the performance results of the Fund’s portfolio and reallocates assets within the portfolio with a view to causing the performance of the Fund’s portfolio to track that of the Index over time.

The Managing Owner is registered as a commodity pool operator and commodity trading advisor with the CFTC and is a member of the NFA. The Managing Owner is an NFA-approved swap firm.

The principal office of the Managing Owner is located at c/o Invesco Capital Management LLC, 3500 Lacey Road, Suite 700, Downers Grove, IL 60515. The telephone number of the Managing Owner is (800) 983-0903.

Breakeven Analysis

A Shareholder should expect that the Fund’s fees and expenses during the first twelve months of the Shareholder’s investment will equal 0.78% of the Fund’s NAV. This amount equates to $0.1981 per annum per Share at $25.26, the Fund’s NAV per Share as of May 31, 2021. Based on market rates observed as of May 31, 2021, the Fund’s Treasury Income is expected to be earned at a rate of 0.02%, Money Market Income is expected to be earned at a rate of 0.01%, and T-Bill ETF Income is expected to be earned at a rate of 0.01%. This means that, during those first twelve months, the Fund would have to earn 0.76% of the Fund’s NAV, or $0.1931 per Share at $25.26, for a Shareholder to break even on the amount originally invested. While the Fund’s performance will reflect the appreciation or depreciation of those holdings, the Fund’s performance, whether positive or negative, will be driven primarily by its strategy of trading futures contracts with the aim of seeking to track the Index.

Breakeven Table

The Breakeven Table on the following page indicates the approximate percentage and dollar returns required for the value of an initial $25.26 investment in a Share to equal the amount originally invested twelve months after issuance, based on the NAV per Share as of May 31, 2021.

The amounts reflected in this discussion and the accompanying table reflect the effect of rounding.

Breakeven Table

The Breakeven Table, as presented, is an approximation only. Because a constant NAV per Share has been assumed, the actual capitalization of the Fund does not directly affect the level of its charges as a percentage of its NAV.

	Dollar Amount and Percentage of Expenses and Interest Income
Expense1	$	%
Management Fee2	$0.1894	0.75%
Offering Expense Reimbursement	$0.0000	0.00%
Brokerage Commissions and Fees3	$0.0087	0.03%
Routine Operational, Administrative and Other Ordinary Expenses4	$0.0000	0.00%
Treasury Income, Money Market Income and T-Bill ETF Income5	$0.0051	0.02%
12-Month Breakeven6	$0.1931	0.76%

See the “Charges” section for an explanation of the expenses included in the Breakeven Table.

The Managing Owner, out of its own assets, pays the fees and expenses of the Administrator, Invesco Distributors, and the Index Sponsor. The Fund may, for margin and/or cash management purposes, invest in money market mutual funds and/or T-Bill ETFs that are managed by affiliates of the Managing Owner. The indirect portion of the management fees that the Fund may incur through such investments is in addition to the Management Fee paid to the Managing Owner. The Managing Owner has contractually agreed to waive indefinitely the fees that it receives in an amount equal to the indirect management fees that the Fund incurs through its investments in affiliated money market mutual funds and/or affiliated T-Bill ETFs. The Managing Owner may terminate such fee waiver on 60 days’ notice. As of the date of this prospectus, this waiver is approximately less than $0.01 per Share per annum.

The actual amount of brokerage commissions and trading fees to be incurred will vary based upon the trading frequency of the Fund and the ~~NAV per Share daily. Additionally, the Index Sponsor calculates and publishes the intra-day Index level, and the Index Sponsor calculates, and the~~specific futures contracts traded.

The Managing Owner ~~publishes, the IIV per Share~~is responsible for paying all routine operational, administrative and other ordinary expenses of the ~~Fund (quoted~~Fund.

Treasury Income is assumed to be earned at a rate of 0.02%, Money Market Income is assumed to be earned at a rate of 0.01%, and T-Bill ETF Income is assumed to be earned at a rate of 0.01%. These assumed rates are based on market rates as of May 31, 2021. T-Bill ETF Income reflects dividend income from the Fund’s holdings in ~~USD) once every fifteen seconds throughout each trading day.~~

~~All~~T-Bill ETFs, if any. Actual Treasury Income, Money Market Income and T-Bill ETF Income could be higher or lower than the levels shown.

Investors may pay brokerage commissions in connection with purchases of the ~~foregoing information is published as follows:~~

~~The intra-day level of~~Shares. Brokerage commissions have not been included in the ~~Index (symbol: DBCFHX) and the IIV per Share of the Fund~~

~~-38-~~

~~(symbol: FBV) (each quoted in USD)~~Breakeven Table because they are ~~published once every fifteen seconds throughout each trading day on the consolidated tape, Reuters and/or Bloomberg and on the Managing Owner’s website athttp://www.invescopowershares.com, or any successor thereto.~~

The current trading price per Share (symbol: DBV) (quoted in USD) is published continuously as trades occur throughout each trading day on the consolidated tape, Reuters and/or Bloomberg and on the Managing Owner’s website at~~http://www.invescopowershares.com, or any successor thereto.~~

The most recent end-of-day Index closing level (symbol: DBCFHX) is published as of the close of the NYSE Arca each trading day on the consolidated tape, Reuters and/or Bloomberg and on the Managing Owner’s website at~~http://www.invescopowershares.com, or any successor thereto.~~

~~The most recent end-of-day NAV of the Fund (symbol: FBV.NV) is published as of the close of business on Reuters and/or Bloomberg and on the Managing Owner’s website athttp://www.invescopowershares.com, or any successor thereto. In addition, the most recent end-of-day NAV of the Fund (symbol: FBV.NV) is published the following morning on the consolidated tape.~~

~~All of the foregoing information with respect to the Index is also published athttps://index.db.com~~.

~~Any adjustments made to the Index will be published on bothhttps://index.db.com~~ ~~and at http://www.invescopowershares.com, or any successor(s) thereto.~~

~~The final NAV of~~borne by investors rather than the Fund and ~~the final NAV per Share~~ will ~~be calculated as of the closing time of the NYSE Arca or the last~~generally vary from investor to ~~close of the exchanges on which its Fund’s futures contracts~~investor. Investors are traded, whichever is later, and posted in the same manner. Although a time gap may exist between the close of the NYSE Arca and the close of the CME, there is no effect on the NAV calculations as a result.

~~The Shares are intended~~encouraged to ~~provide investment results that generally correspond to the changes, positive and negative, in the levels of the Index over~~

time. The value of the Shares is expected to fluctuate in relation to changes in the value of the Fund’s portfolio. The market price of the Shares may not be identical to the NAV per Share, but these two valuations are expected to be very close. See “The Risks You Face—(2) NAV May Not Always Correspond to Market Price and, as a Result, Baskets may be Created or Redeemed at a Value that Differs from the Market Price of the Shares.”

~~There can be no assurance that the Fund will achieve its investment objective or avoid substantial losses.~~

~~Change in the Methodology of the Index~~

The Index Sponsor will employ the methodology described above and its application of such methodology shall be conclusive and binding. While the Index Sponsor currently intends to employ the above described methodology to calculate the Index, no assurance can be given that fiscal, market, regulatory, juridical or financial circumstances (including, but not limited to, any changes to or any suspension or termination of or any other events affecting any Index Currency or a futures contract) will not arise that would, in the view of the Index Sponsor, necessitate a modification of or change to such methodology and in such circumstances the Index Sponsor may make any such modification or change as it determines appropriate. The Index Sponsor may also make modifications toreview the terms of ~~the Index in any manner that it may deem necessary or desirable, including (without limitation) to correct any manifest or proven error or to cure, correct or supplement any defective provision~~their brokerage accounts for applicable charges.

[Remainder of ~~the Index. The Index Sponsor will publish notice~~page left blank intentionally]

Performance of ~~any such modification or change.~~

~~Interruption of Index Calculation~~

~~Calculation of the Index may not be possible or feasible under certain events or circumstances, including, without limitation, a systems failure, natural orman-made~~Invesco DB G10 Currency Harvest Fund (Ticker: DBV) disaster, act of God, armed conflict, act of terrorism, riot or labor disruption or any similar intervening circumstance, that is beyond the reasonable control of the Index Sponsor and that the Index Sponsor determines affects the Index or any Index Currency. Upon the occurrence of such force majeure events, the Index Sponsor may, in its

~~-39-~~

~~discretion, elect one (or more) of the following options:~~

~~make such determinations and/or adjustments to the terms of the Index as it considers appropriate to determine any closing level on any such appropriate Index business day; and/or~~

~~defer publication of the information relating to the Index until the next Index business day on which it determines that no force majeure event exists; and/or~~

~~permanently cancel publication of the information relating to the Index.~~

Additionally, calculation of the Index may also be disrupted by an event that would require the Index Sponsor to calculate the closing price in respect of the relevant Index Currency on an alternative basis were such event to occur or exist on a day that is a trading day for such Index Currency on the relevant exchange. If such an Index disruption event in relation to an Index Currency as described in the prior sentence occurs and continues for a period of five successive trading days for such Index Currency on the relevant exchange, the Index Sponsor will, in its discretion, either

~~continue to calculate the relevant closing price for a further period of five successive trading days for such Index Currency on the relevant exchange or~~

if such period extends beyond the five successive trading days, the Index Sponsor may elect to replace the exchange traded instrument with respect to a specific Index Currency and shall make all necessary adjustments to the methodology and calculation of the Index as it deems appropriate.

~~Historical Closing Levels~~

~~Set out below are the closing levels based on historical data from March 12, 1993 to August 31, 2016.~~

~~The following Closing Levels table starts from March 12, 1993 and reflects both the high and low closing values, the annual Index changes and Index changes since inception of the Index. Since~~

March 13, 2003, CME currency futures close prices were used in the Index calculation. The Index Sponsor has not independently verified the CME currency futures close prices obtained from Bloomberg. Since February 1, 2006, the Index Sponsor has obtained the CME currency futures close prices from Reuters. Prior to March 13, 2003, implied futures prices were calculated using the relevant currencies spot rates, money market rates and USD money market rates obtained from Reuters, Bloomberg and WM Company. Implied futures prices are an accurate proxy for the futures close prices due to the high liquidity in foreign exchange forward markets.

~~It is not necessary to have a USD futures contract because the forward rate of the USDvis-à-vis~~ ~~the USD will be equal. Whenever USD was used to calculate the value of the Index, the futures price of USD was assumed to be 100.~~

~~The Index Sponsor used 3-month money market rates as a proxy for 3-month Libor fixings with respect to the USD on and prior to June 10, 1998.~~

~~The Index Sponsor used 3-month money market rates as a proxy for 3-month Libor fixings with respect to the EUR, JPY, GBP, CHF, CAD and AUD on and prior to March 11, 1998.~~

~~The Index Sponsor used 3-month money market rates as a proxy for 3-month Libor fixings with respect to the NZD on and prior to September 10, 2003.~~

~~The Index Sponsor used 3-month money market rates as a proxy for 3-month Stibor fixings with respect to the SEK on and prior to December 9, 1998.~~

~~The Index Sponsor used 3-month money market rates as a proxy for 3-month Nibor fixings with respect to the NOK on and prior to December 9, 1998.~~

The Libor, Stibor and Nibor rates for the Eligible Index Currencies, as applicable, mean the London, Stockholm and Norway interbank offered rates for overnight deposits, respectively, each of which is published by Reuters on pages libor01 and libor02 with respect to Libor and pages SIDE and NIBR with respect to Stibor and Nibor.

~~The Index Sponsor considers the use of 3-month money market rates as a proxy for Libor, Stibor and~~

Name of Pool	Invesco DB G10 Currency Harvest Fund
Type of Pool	Public, Exchange-Listed Commodity Pool
Inception of Trading	September 2006
Aggregate Gross Capital Subscriptions as of May 31, 20211	$1,587,447,335
NAV as of May 31, 2021	$27,782,452
NAV per Share as of May 31, 20212	$25.26
Worst Monthly Drawdown3	(5.18)% March 2020
Worst Peak-to-Valley Drawdown4	(10.73)% February 2017 - March 2020

~~-40-~~

~~Nibor to be appropriate because the difference between Libor, Stibor and Nibor rates and money market rates should not be material in light~~
Monthly Rate of Return
2021 (%)
2020 (%)
2019 (%)
2018 (%)
2017 (%)
2016 (%)
January
1.00
(1.60)
3.78
(1.40)
2.29
(0.60)
February
1.28
(0.92)
0.41
1.16
1.65
(0.13)
March
2.56
(5.18)
(0.08)
0.47
(2.40)
1.43
April
0.12
2.31
0.53
1.98
(2.46)
0.30
May
0.00
2.00
(1.95)
1.32
(1.58)
(0.51)
June

1.11
0.70
(0.78)
0.62
3.12
July

(1.05)
0.99
0.00
0.04
0.79
August

1.62
(1.83)
(0.91)
(2.58)
0.90
September

(2.09)
1.62
(0.21)
0.63
1.75
October

(0.94)
(1.02)
1.83
(1.09)
1.28
November

4.10
1.15
0.65
(1.35)
0.47
December

(0.21)
0.67
(3.40)
1.37
(2.05)
Compound Rate of Return5
5.03%
(1.19)%
4.95%
0.61%
(4.91)%
6.87%

Annual Total Returns – Calendar Years (past 10 years)6

Average Annual Returns (as of ~~the liquidity of the 3-month deposit markets.~~

The CME-traded futures contract of each applicable Index Currency that is closest to expiration is used in the Index calculation. The futures contracts on the Index Currencies are rolled during the Index Re-Weighting Period. The new futures contract on an Index Currency that has the next closest expiration date is selected. The calculation of the Index on an excess return basis is the weighted return on the change in price of the futures contracts on the Index Currencies.

The Index is calculated on both an excess return basis and a total return basis. The excess return index reflects the return of the applicable underlying currencies. The total return is the sum of the return of the applicable underlying currencies plus the return of 3-month U.S. Treasury bills. The following tables reflect both the excess return calculation and the total return calculation of the Index.

~~Cautionary Statement-Statistical Information~~

Various statistical information is presented on the following pages, relating to the Closing Levels of the Index, on an annual and cumulative basis, including certain comparisons of the Index to other currencies indices. In reviewing such information, prospective investors should consider that:

~~Changes in Closing Levels of the Index during any particular period or market cycle may be volatile.~~

~~Index~~

~~Worst Peak-~~

~~to-Valley~~

~~Drawdown~~

~~and Time~~
~~Period~~

~~Worst Monthly~~
~~Drawdown and~~
~~Month and Year~~

~~Deutsch Bank G10~~
~~Currency Future~~
~~Harvest Index—ER~~

~~(35.67)%,~~

~~6/07 – 01/09~~

~~(14.82)%,~~

~~10/08~~

For example, the “Worst Peak-to-Valley Drawdown” of the Index, represents the greatest percentage decline from any month-end Closing Level, without such Closing Level being equaled or exceeded as of a subsequent month-end, which occurred during the above-listed time period.

May 31, 2021)

~~The “Worst Monthly Drawdown” of the Index occurred during the above-listed month and year.~~

	Fund (%)	Index (%)	Index TR7 (%)	U.S. Dollar Index8 (%)
1 Year	7.58%	8.36%	8.45%	(8.66)%
5 Year	2.08%	1.74%	2.88%	(1.30)%
10 Year	0.47%	0.71%	1.31%	1.87%

~~See “The Risks You Face—(16) Price Volatility May Possibly Cause the Total Loss of Your Investment.”~~

Neither the fees charged by the Fund nor the execution costs associated with establishing futures positions in the Index Currencies are incorporated into the Closing Levels of the Index. Accordingly, such Index Levels have not been reduced by the costs associated with an actual investment, such as the Fund, with an investment objective of tracking the Index.

The Index was established in December 2005, and is independently calculated by the Index Sponsor. The Index calculation methodology and commodity futures contracts selection is the same before and after December 2005, as described above. Accordingly, the Closing Levels of the Index, terms of the Index methodology and Index Currencies, reflect an element of hindsight at the time the Index was established. See “The Risks You Face—(11) You May Not Rely on Past Performance or Index Results in Deciding Whether to Buy Shares” and “—(12) Fewer Representative Index Currencies May Result In Greater Index Volatility.”

~~WHILE THE FUND’S OBJECTIVE~~PAST PERFORMANCE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN DECEMBER 2005, CERTAIN INFORMATION RELATING TO THE INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT LIMITATIONS, SOMENECESSARILY INDICATIVE OF ~~WHICH ARE DESCRIBED BELOW.~~

~~NO REPRESENTATION IS BEING MADE THAT THE INDEX WILL OR IS LIKELY TO ACHIEVE ANNUAL OR CUMULATIVE CLOSING LEVELS CONSISTENT WITH OR SIMILAR TO THOSE SET FORTH HEREIN. SIMILARLY, NO REPRESENTATION~~

FUTURE RESULTS

~~-41-~~

IS BEING MADE THAT THE FUND WILL GENERATE PROFITS OR LOSSES SIMILAR TO THE FUND’S PAST PERFORMANCE OR THE HISTORICAL ANNUAL OR CUMULATIVE CHANGES IN INDEX CLOSING LEVELS. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY INVESTMENT METHODOLOGIES, WHETHER ACTIVE OR PASSIVE.

ONE OF THE LIMITATIONS OF HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. TO THE EXTENT THAT INFORMATION PRESENTED HEREIN RELATES TO THE PERIOD MARCH 1993 THROUGH NOVEMBER 2005, THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE INDEX METHODOLOGY, AND SELECTION OF INDEX CURRENCIES, IN HINDSIGHT.

NO HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE DESCRIBED UNDER “THE RISKS YOU FACE” SET FORTH HEREIN, RELATED TO THE CURRENCIES MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF THE FUND’S EFFORTS TO TRACK THE INDEX OVER TIME WHICH CANNOT BE, AND HAVE NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF THE INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX INFORMATION DOES NOT INVOLVE FINANCIAL RISK OR ACCOUNT FOR THE IMPACT OF FEES AND COSTS ASSOCIATED WITH THE FUND.

THE MANAGING OWNER AND ITS TRADING PRINCIPALS HAVE LIMITED EXPERIENCE MANAGING THE DAY-TO-DAY OPERATIONS FOR THE FUND AND HAVE ONLY MANAGED AN EXCHANGE-TRADED FUND THAT RELATES TO A BROAD-BASED COMMODITY INDEX FOR A SHORT PERIOD. BECAUSE THERE ARE LIMITED PERFORMANCE RESULTS OF THE MANAGING

OWNER THAT ARE COMPARABLE TO THE INDEX CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS. FOR THE AVOIDANCE OF DOUBT, NONE OF THE PERFORMANCE RELATED INFORMATION THAT IS COVERED HEREIN UP TO AND EXCLUDING THE CLOSING DATE CAN BE ATTRIBUTED TO THE MANAGING OWNER.

THE PREDECESSOR MANAGING OWNER, AN INDIRECT WHOLLY OWNED SUBSIDIARY OF DEUTSCHE BANK AG, COMMENCED OPERATIONS IN JANUARY 2006. AS THE PREDECESSOR MANAGING OWNER, THE PREDECESSOR MANAGING OWNER AND ITS TRADING PRINCIPALS MANAGED THE DAY-TO-DAY OPERATIONS FOR THE FUND FROM INCEPTION UP TO AND EXCLUDING THE CLOSING DATE. BECAUSE THERE ARE LIMITED TRADING RESULTS TO COMPARE TO THE INDEX CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS. IN RESPECT OF ANY PERIOD, FOR THE AVOIDANCE OF DOUBT, NONE OF THE PERFORMANCE RELATED INFORMATION THAT IS COVERED HEREIN ON AND AFTER THE CLOSING DATE CAN BE ATTRIBUTED TO THE PREDECESSOR MANAGING OWNER.

THE FUND’S PERFORMANCE INFORMATION FROM INCEPTION UP TO AND EXCLUDING ~~THE CLOSING DATE~~FEBRUARY 23, 2015 IS A REFLECTION OF THE PERFORMANCE ASSOCIATED WITH THE FUND’S PREDECESSOR MANAGING OWNER. ALL THE ~~MANAGING OWNER HAS SERVED AS MANAGING OWNER OF THE FUND SINCE THE CLOSING DATE, AND THE FUND’S~~ PERFORMANCE INFORMATION ~~SINCE THE CLOSING DATE IS A REFLECTION OF~~ON AND AFTER FEBRUARY 23, 2015 REFLECTS THE PERFORMANCE ASSOCIATED WITH THE MANAGING OWNER. ~~PAST PERFORMANCE OF THE FUND IS NOT NECESSARILY INDICATIVE OF FUTURE PERFORMANCE.~~

~~[Remainder~~

Footnotes to Performance Information

“Aggregate Gross Capital Subscriptions” is the aggregate of ~~page left blank intentionally.]~~

all amounts ever contributed to the Fund, including investors who subsequently redeemed their investments.

~~-42-~~

~~DEUTSCHE BANK G10 CURRENCY FUTURE HARVEST INDEX~~^® ~~– EXCESS RETURN~~

~~CLOSING LEVELS TABLE~~

      Closing Level    Index Changes
   High¹    Low²    Annual³ Since Inception
1993⁴
   105.60       94.03       -0.19 % -0.19 %
1994
   108.79       99.81       7.42 % 7.22 %
1995
   110.52       94.16       2.66 % 10.07 %
1996
   140.05       110.42       27.23 % 40.05 %
1997
   146.72       137.83       2.58 % 43.67 %
1998
   151.79       132.52       -6.35 % 34.55 %
1999
   151.12       134.71       9.81 % 47.76 %
2000
   158.57       146.79       4.73 % 54.74 %
2001
   171.15       154.68       10.61 % 71.15 %
2002
   199.51       172.25       15.76 % 98.13 %
2003
   234.45       199.00       18.33 % 134.45 %
2004
   252.36       230.02       6.69 % 150.14 %
2005
   286.06       248.34       10.66 % 176.81 %
2006
   280.48       254.18       1.00 % 179.58 %
2007
   315.27       276.77       5.15 % 193.98 %
2008
   295.87       200.14       -28.80 % 109.32 %
2009
   260.64       196.13       21.91 % 155.18 %
2010
   264.24       236.66       1.67 % 159.45 %
2011
   274.83       241.88       1.18 % 162.52 %
2012
   290.15       258.40       10.39 % 189.79 %
2013
   310.79       276.57       -1.98 % 184.05 %
2014
   295.63       276.74       0.92 % 186.68 %
2015
   289.15       250.27       -7.53 % 165.08 %
2016⁵
   281.39       256.24       5.87 % 180.35 %

~~THE FUND WILL TRADE WITH A VIEW TO TRACKING THE~~

~~DEUTSCHE BANK G10 CURRENCY FUTURE HARVEST INDEX~~^® ~~– EXCESS RETURN OVER TIME.~~

~~NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.~~

~~-43-~~

~~DEUTSCHE BANK G10 CURRENCY FUTURE HARVEST INDEX~~^® ~~– TOTAL RETURN~~

~~CLOSING LEVELS TABLE~~

      Closing Level    Index Changes
   High¹    Low²    Annual³ Since Inception
1993⁴
   106.15       95.13       2.30 % 2.30 %
1994
   116.32       102.32       12.15 % 14.73 %
1995
   124.55       102.55       8.56 % 24.55 %
1996
   166.84       125.01       33.95 % 66.84 %
1997
   180.54       164.92       8.01 % 80.19 %
1998
   195.70       172.90       -1.68 % 77.17 %
1999
   203.96       177.49       15.12 % 103.96 %
2000
   227.93       202.75       11.11 % 126.61 %
2001
   259.57       226.67       14.55 % 159.57 %
2002
   307.46       261.27       17.68 % 205.47 %
2003
   365.18       306.83       19.55 % 265.18 %
2004
   398.22       359.55       8.18 % 295.05 %
2005
   465.10       392.65       14.23 % 351.27 %
2006
   479.65       421.90       5.96 % 378.18 %
2007
   554.63       477.16       9.96 % 425.80 %
2008
   531.26       362.87       -27.80 % 279.60 %
2009
   473.31       355.72       22.09 % 363.44 %
2010
   480.08       430.07       1.81 % 371.83 %
2011
   499.96       440.07       1.23 % 377.64 %
2012
   528.33       470.29       10.48 % 427.70 %
2013
   566.06       503.81       -1.93 % 417.53 %
2014
   538.72       504.24       0.95 % 422.47 %
2015
   527.74       453.32       -7.58 % 382.87 %
2016⁵
   513.81       467.26       6.06 % 412.13 %

~~THE FUND WILL NOT TRADE WITH A VIEW TO TRACKING THE~~

~~DEUTSCHE BANK G10 CURRENCY FUTURE HARVEST INDEX~~^® ~~– TOTAL RETURN OVER TIME.~~

~~NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.~~

~~See accompanying Notes~~

“NAV per Share” is the NAV of the Fund divided by the total number of Shares outstanding with respect to the Fund as of May 31, 2021.

“Worst Monthly Drawdown” is the largest single month loss sustained during the most recent five calendar years and ~~Legends.~~

~~-44-~~

~~INDEX CURRENCY WEIGHTS TABLE~~

~~DEUTSCHE BANK G10 CURRENCY FUTURE HARVEST INDEX~~^® ~~– EXCESS RETURN AND THE DEUTSCHE BANK G10 CURRENCY FUTURE HARVEST INDEX~~^® ~~– TOTAL RETURN~~

   USD EUR JPY CAD CHF GBP AUD NZD NOK SEK
High¹    Low²    High    Low    High    Low    High    Low    High    Low    High    Low    High    Low    High    Low    High    Low    High    Low
1993⁴
-31.6 % -36.8 % 33.8 % 34.0 % -33.7 % -37.2 % 0.0 % -36.8 % 0.0 % 0.0 % 0.0 % 0.0 % -31.1 % 0.0 % 0.0 % 0.0 % 33.9 % 34.1 % 33.9 % 32.3%
1994
0.0 % -33.3 % -33.0 % 32.5 % -33.1 % -32.5 % 0.0 % -33.4 % -33.1 % 0.0 % 0.0 % 0.0 % 33.2 % 0.0 % 33.3 % 33.6 % 0.0 % 0.0 % 33.4 % 33.2%
1995
0.0 % 0.0 % -33.7 % -35.7 % -33.1 % -39.1 % 0.0 % 35.9 % -33.7 % -36.8 % 0.0 % 0.0 % 32.4 % 0.0 % 33.0 % 36.3 % 0.0 % 0.0 % 36.2 % 34.6%
1996
0.0 % 0.0 % 0.0 % -33.5 % -31.7 % -32.5 % -32.1 % 0.0 % -31.5 % -33.3 % 33.3 % 0.0 % 32.4 % 33.3 % 32.6 % 33.3 % 0.0 % 0.0 % 0.0 % 33.2%
1997
0.0 % 0.0 % 0.0 % 0.0 % -31.5 % -30.6 % -31.7 % -33.1 % -32.2 % -30.4 % 33.2 % 31.7 % 31.9 % 31.5 % 32.6 % 32.3 % 0.0 % 0.0 % 0.0 % 0.0%
1998
0.0 % 0.0 % -32.3 % -36.7 % -32.9 % -40.1 % 0.0 % 0.0 % -31.8 % -37.5 % 32.3 % 36.0 % 34.2 % 0.0 % 34.2 % 36.5 % 0.0 % 35.7 % 0.0 % 0.0%
1999
32.6 % 33.0 % -31.6 % -32.2 % -31.3 % -34.4 % 0.0 % 0.0 % -31.4 % -32.0 % 31.6 % 32.5 % 0.0 % 0.0 % 0.0 % 0.0 % 32.1 % 34.1 % 0.0 % 0.0%
2000
31.9 % 33.3 % -29.4 % -33.7 % -30.8 % -32.9 % 0.0 % 0.0 % -30.5 % -33.5 % 31.6 % 33.5 % 0.0 % 0.0 % 31.6 % 0.0 % 0.0 % 33.5 % 0.0 % 0.0%
2001
-33.1 % 33.1 % 0.0 % 0.0 % -32.1 % -32.4 % 0.0 % 0.0 % -32.5 % -34.5 % 0.0 % 0.0 % 32.7 % 0.0 % 33.0 % 34.1 % 32.8 % 34.1 % 0.0 % -33.7%
2002
-33.2 % -32.9 % 0.0 % 0.0 % -33.1 % -31.6 % 0.0 % 0.0 % -33.5 % -32.7 % 0.0 % 0.0 % 33.3 % 32.6 % 33.5 % 33.1 % 33.5 % 33.0 % 0.0 % 0.0%
2003
-33.0 % -33.2 % 0.0 % 0.0 % -33.0 % -33.4 % 0.0 % 0.0 % -33.5 % -34.2 % 33.7 % 0.0 % 33.4 % 33.2 % 33.4 % 33.9 % 0.0 % 34.1 % 0.0 % 0.0%
2004
0.0 % -34.6 % 0.0 % 0.0 % -33.2 % -33.5 % 0.0 % 0.0 % -33.0 % -34.7 % 33.4 % 34.1 % 33.6 % 32.6 % 33.4 % 32.3 % -33.1 % 0.0 % 0.0 % 0.0%
2005
0.0 % 0.0 % 0.0 % 0.0 % -29.1 % -34.4 % 0.0 % 0.0 % -30.7 % -32.8 % 30.7 % 32.7 % 31.2 % 33.9 % 32.7 % 33.2 % 0.0 % -33.2 % -30.2 % 0.0%
2006
32.9 % 36.0 % 0.0 % 0.0 % -32.6 % -38.1 % 0.0 % 0.0 % -32.9 % -39.1 % 0.0 % 0.0 % 33.2 % 37.1 % 33.7 % 35.1 % 0.0 % 0.0 % -33.1 % -38.8%
2007
0.0 % 33.3 % 0.0 % 0.0 % -33.2 % -33.7 % 0.0 % 0.0 % -33.2 % -33.1 % 33.8 % 0.0 % 34.2 % 32.9 % 34.8 % 32.8 % 0.0 % 0.0 % -34.1 % -32.3%
2008
0.0 % -44.2 % 0.0 % 0.0 % -34.8 % -50.7 % 0.0 % 0.0 % -35.2 % -43.3 % 32.7 % 0.0 % 36.1 % 32.9 % 35.6 % 36.1 % 0.0 % 36.6 % -34.6 % 0.0%
2009
-31.2 % -35.2 % 0.0 % 0.0 % -31.0 % -35.8 % 0.0 % 0.0 % -32.2 % -35.6 % 0.0 % 0.0 % 33.7 % 33.7 % 33.7 % 32.7 % 33.4 % 34.5 % 0.0 % 0.0%
2010
-32.1 % -34.8 % 0.0 % 0.0 % -30.7 % -36.5 % 0.0 % 0.0 % -31.4 % 37.7 % 0.0 % 0.0 % 32.7 % 34.6 % 33.6 % 34.9 % 31.6 % 35.0 % 0.0 % 0.0%
2011
-31.5 % -36.7 % 0.0 % 0.0 % -31.8 % -38.3 % 0.0 % 0.0 % -33.9 % -43.2 % 0.0 % 0.0 % 34.3 % 35.3 % 34.5 % 36.3 % 33.9 % 36.5 % 0.0 % 0.0%
2012
0.0 % -36.2 % -32.1 % 0.0 % 30.2 % 38.6 % 0.0 % 0.0 % -32.2 % -34.2 % 0.0 % 0.0 % 32.4 % 33.4 % 32.9 % 33.2 % 32.7 % 33.8 % 0.0 % 0.0%
2013
0.0 % 0.0 % -32.3 % -34.7 % -30.8 % -33.6 % 0.0 % 0.0 % -32.5 % -34.8 % 0.0 % 0.0 % 32.7 % 32.6 % 33.7 % 33.7 % 32.6 % 33.0 % 0.0 % 0.0%
2014
0.0 % 0.0 % 0.0 % -33.4 % -33.3 % -34.6 % 0.0 % 0.0 % -33.3 % -33.4 % 0.0 % 0.0 % 33.3 % 33.2 % 33.3 % 33.3 % 33.3 % 33.4 % 0.0 % 0.0%
2015
0.0 % 0.0 % -34.2 % -36.8 % 0.0 % 0.0 % 0.0 % 0.0 % -34.4 % -35.5 % 0.0 % 0.0 % 34.4 % 33.3 % 34.5 % 33.4 % 35.1 % 33.8 % -33.3 % -35.4%
2016⁵
0.0 % 0.0 % -31.4 % -33.7 % 0.0 % 0.0 % 0.0 % 0.0 % -31.2 % -33.3 % 0.0 % 0.0 % 33.2 % 32.5 % 33.2 % 32.8 % 31.3 % 33.3 % -31.1 % -33.6%

~~THE FUND WILL TRADE WITH A VIEW TO TRACKING THE DEUTSCHE BANK G10 CURRENCY FUTURE HARVEST INDEX~~^® ~~– EXCESS RETURN (AND NOT THE DEUTSCHE BANK G10 CURRENCY FUTURE HARVEST INDEX~~^® ~~– TOTAL RETURN) OVER TIME.~~

~~NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.~~

~~See accompanying Notes~~year to date (if applicable). “Drawdown” as used in this section of the Prospectus means losses experienced by the Fund over the specified period and ~~Legends.~~

~~-45-~~

~~All Statistics based~~is calculated on ~~data from March 12, 1993 to August 31, 2016.~~

VARIOUS STATISTICAL MEASURES*    INDEX ER^6,7 INDEX TR^6,7 DXY^6,7
Annualized Changes to Index Level⁸
   4.5 % 7.2 % 0.1 %
Average rolling 3-month daily volatility⁹
   8.8 % 8.8 % 7.8 %
Sharpe Ratio¹⁰
   0.51    0.52    -0.33
% of months with positive change
   63 % 66 % 48 %
Average monthly positive return change
   1.9 % 2.0 % 1.9 %
Average monthly negative return change
   -2.1 % -2.1 % -1.7 %

ANNUALIZED INDEX LEVELS    INDEX ER^6,7 INDEX TR^6,7 DXY^6,7
1 year
   10.6 % 10.8 % 0.2 %
3 year
   0.4 % 0.5 % 5.4 %
5 year
   1.0 % 1.1 % 5.3 %
7 year
   2.2 % 2.2 % 3.0 %
10 year
   0.4 % 1.2 % 1.2 %
15 year
   3.5 % 4.8 % -1.1 %

~~NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.~~

WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN DECEMBER 2005, CERTAIN INFORMATION RELATING TO THE INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW.

NO REPRESENTATION IS BEING MADE THAT THE INDEX WILL OR IS LIKELY TO ACHIEVE ANNUAL OR CUMULATIVE CLOSING LEVELS CONSISTENT WITH OR SIMILAR TO THOSE SET FORTH HEREIN. SIMILARLY, NO REPRESENTATION IS BEING MADE THAT THE FUND WILL GENERATE PROFITS OR LOSSES SIMILAR TO THE FUND’S PAST PERFORMANCE OR THE HISTORICAL ANNUAL OR CUMULATIVE CHANGES IN INDEX CLOSING LEVELS. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY INVESTMENT METHODOLOGIES, WHETHER ACTIVE OR PASSIVE.

THE MANAGING OWNER COMMENCED OPERATIONS IN JANUARY 2006. AS MANAGING OWNER, THE MANAGING OWNER AND ITS TRADING PRINCIPALS HAVE BEEN MANAGING THE DAY-TO-DAY OPERATIONS FOR THE FUND AND RELATED PRODUCTS AND MANAGING FUTURES TRADING ACCOUNTS. BECAUSE THERE ARE LIMITED ACTUAL TRADING RESULTS TO COMPARE TO THE INDEX CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS. FOR THE AVOIDANCE OF DOUBT, NONE OF THE PERFORMANCE RELATED INFORMATION THAT IS COVERED HEREIN UP TO AND EXCLUDING THE CLOSING DATE CAN BE ATTRIBUTED TO THE MANAGING OWNER.

~~-46-~~

THE FUND FROM INCEPTION UP TO AND EXCLUDING THE CLOSING DATE. BECAUSE THERE ARE LIMITED TRADING RESULTS TO COMPARE TO THE INDEX CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS. IN RESPECT OF ANY PERIOD, FOR THE AVOIDANCE OF DOUBT, NONE OF THE PERFORMANCE RELATED INFORMATION THAT IS COVERED HEREIN ON AND AFTER THE CLOSING DATE CAN BE ATTRIBUTED TO THE PREDECESSOR MANAGING OWNER.

THE FUND’S PERFORMANCE INFORMATION FROM INCEPTION UP TO AND EXCLUDING THE CLOSING DATE IS A REFLECTION OF THE PERFORMANCE ASSOCIATED WITH THE PREDECESSOR MANAGING OWNER. THE MANAGING OWNER HAS SERVED AS MANAGING OWNER OF THE FUND SINCE THE CLOSING DATE, AND THE FUND’S PERFORMANCE INFORMATION SINCE THE CLOSING DATE IS A REFLECTION OF THE PERFORMANCE ASSOCIATED WITH THE MANAGING OWNER. PAST PERFORMANCE OF THE FUND IS NOT NECESSARILY INDICATIVE OF FUTURE PERFORMANCE.

~~See accompanying Notes~~a rate of return basis, i.e., dividing net performance by beginning equity. “Drawdown” is measured on the basis of monthly returns only, and ~~Legends.~~

~~-47-~~

~~COMPARISON OF THE DEUTSCHE BANK G10 CURRENCY FUTURE HARVEST INDEX~~^® ~~– TOTAL RETURN~~

~~WITH U.S. DOLLAR INDEX~~^®

(March 12, 1993 – August 31, 2016)*

~~NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE,~~

~~SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.~~

~~The indices do~~does not reflect ~~any fees or expenses and do not reflect actual trading.~~

~~-48-~~

~~See accompanying Notes and Legends.~~

~~-49-~~

~~RESULTS OF DEUTSCHE BANK G10 CURRENCY FUTURE HARVEST INDEX~~^®~~—TOTAL RETURN~~

(March 12, 1993—August 31, 2016)*

~~NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.~~

~~The indices do not reflect any fees or expenses and do not reflect actual trading.~~

~~-50-~~

~~See accompanying Notes and Legends.~~

~~-51-~~

~~NOTES AND LEGENDS:~~

~~1. “High” reflects~~intra-month figures. “Month” is the ~~highest closing level~~month of the ~~Index~~Worst Monthly Drawdown.

“Worst Peak-to-Valley Drawdown” is the largest percentage decline in the NAV per Share during the most recent five calendar years (and to the extent applicable, ~~year.~~

~~2. “Low” reflects~~for a period beyond the ~~lowest closing level~~most recent five calendar years if the starting date of the ~~Index during~~peak value extends beyond this period). This need not be a continuous decline, but can be a series of positive and negative returns where the ~~applicable year.~~

~~3. “Annual Index Changes” reflect~~negative returns are larger than the ~~change to~~positive returns. “Worst Peak-to-Valley Drawdown” represents the ~~Index level on an annual basis~~greatest percentage decline from any month-end NAV per Share that occurs without such month-end NAV per Share being equaled or exceeded as of ~~December 31~~a subsequent month-end. For example, if the NAV per Share of the Fund declined by $1 in each ~~applicable year.~~

~~4. Closing levels~~of January and February, increased by $1 in March and declined again by $2 in April, a “peak-to-valley drawdown” analysis conducted as of ~~inception on~~the end of April would consider that “drawdown” to be still continuing and to be $3 in amount, whereas if the NAV per Share had increased by $2 in March, ~~12, 1993.~~

~~5. Closing levels~~the January-February drawdown would have ended as of ~~August 31, 2016.~~

~~6. “INDEX-TR”~~the end of February at the $2 level.

“Compound Rate of Return” of the Fund is calculated by multiplying on a compound basis each of the monthly rates of return set forth in the chart above and not by adding or averaging such monthly rates of return. For periods of less than one year, the results are year-to-date.

Returns shown are for previous full calendar years.

Deutsche Bank G10 Currency Future Harvest Index®—Total ~~Return. The~~ Return (“Index ~~calculation~~ TRTM”). Index TRTM reflects the change in the market value of the same underlying Index Contracts as the Index. Index TRTM is calculated on a ~~total return~~funded (total return) basis, ~~and~~which reflects the change in market value of ~~both~~ the underlying ~~index currencies~~Index Contracts and ~~the~~ interest income from a ~~hypothetical~~notional basket of fixed income securities. ~~“INDEX-ER”~~ Index TRTM is ~~Deutsche Bank G10 Currency Future Harvest~~included so that investors can evaluate an index with both Index^{Contracts and income components, as the Fund tracks the Index and expects to generate income from positions in Treasury Securities, money market funds, and/or T-Bill ETFs that are maintained for margin and/or cash management purposes.}

The U.S. Dollar Index®~~—Excess Return,~~ (“DXY”), which ismeasures the ~~unfunded version~~U.S. dollar relative to the value of other major currencies, has been included to provide investors with an additional basis for evaluating the Fund.

THE FUND DOES NOT TRACK THE INDEX TR OR THE DXY. THE INDEX/BENCHMARK PERFORMANCE INFORMATION SHOWN ABOVE DOES NOT REPRESENT THE FUND’S PERFORMANCE, AND NONE OF THE PERFORMANCE INFORMATION (INCLUDING THAT OF THE FUND) IS INDICATIVE OF THE FUND’S FUTURE PERFORMANCE.

[Remainder of page left blank intentionally]

Description of the Deutsche Bank G10 Currency Future Harvest Index®~~—Total Return.~~ – Excess Return

The ~~sponsor of the Index, or the Index Sponsor, is Deutsche Bank Securities Inc. Deutsche Bank G10 Currency Future Harvest Index~~^® ~~is a registered trademark of Deutsche Bank AG. All rights reserved. “DXY” is U.S. Dollar Index~~^®~~. The U.S. Dollar Index~~^® provides a general indication of the international value of the USD by averaging the exchange rates between the USD and the following six major world currencies: Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish Krona and Swiss Franc. U.S. Dollar Index^® ~~is a registered service mark of ICE Futures U.S.~~

7. If the Fund’s Treasury Income and Money Market Income were to exceed the Fund’s fees and expenses, the total return on an investment in the Fund is expected to outperform the Index and the Managing Owner expects to periodically to make distributions of the amount of such excess. If the Fund’s Treasury Income and Money Market Income do not exceed the Fund’s fees and expenses, the total return on an investment in the Fund is expected to underperform the Index. The market price of the Shares is expected to track the Index closely. The total return on an investment in the Fund over any period is the sum of the capital appreciation or depreciation of the Shares over the period, plus the amount of Treasury Income and Money Market Income and any distributions during the period. For the avoidance of doubt, the Fund invests in futures contracts in an attempt to track its Index. The Fund holds Treasury Securities and money market mutual funds for margin and/or cash management purposes only.

~~8. “Annualized Changes to Index Level” reflects the change to the level of the applicable index on an annual basis as of December 31 of each applicable year.~~

9. “Average rolling 3-month daily volatility.” The daily volatility reflects the relative rate at which the price of the applicable index moves up and down, which is found by calculating the annualized standard deviation of the daily change in price. In turn, an average of this value is calculated on a 3-month rolling basis.

10. “Sharpe Ratio” compares the annualized rate of return minus the annualized risk-free rate of return to the annualized variability—often referred to as the “standard deviation”—of the monthly rates of return. A Sharpe Ratio of 1:1 or higher indicates that, according to the measures used in calculating the ratio, the rate of return achieved by a particular strategy has equaled or exceeded the risks assumed by such strategy. The risk-free rate of return that was used in these calculations was assumed to be 2.62%

* For the period from March 12, 1993 to August 31, 2016.

~~-52-~~

~~-53-~~

CUMULATIVE INDEX RESULTS. IN RESPECT OF ANY PERIOD, FOR THE AVOIDANCE OF DOUBT, NONE OF THE PERFORMANCE RELATED INFORMATION THAT IS COVERED HEREIN ON AND AFTER THE CLOSING DATE CAN BE ATTRIBUTED TO THE PREDECESSOR MANAGING OWNER.

~~PowerShares~~Invesco DB G10 Currency Harvest Fund (the “Fund”) is not sponsored or endorsed by Deutsche Bank AG, Deutsche Bank Securities, Inc. or any subsidiary or affiliate of Deutsche Bank AG or Deutsche Bank Securities, Inc. (collectively, “Deutsche Bank”). The Deutsche Bank G10 Currency Future Harvest Index®—Excess Return (the “DB Index”) is the exclusive property of Deutsche Bank Securities, Inc. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the DB Index makes any representation or warranty, express or implied, concerning the DB Index, the Fund or the advisability of investing in securities generally. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the DB Index has any obligation to take the needs of Invesco ~~PowerShares~~ Capital Management LLC, the sponsor of the Fund, or its clients into consideration in determining, composing or calculating the DB Index. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the DB Index is responsible for or has participated in the determination of the timing of, prices at, quantities or valuation of the Fund. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the DB Index has any obligation or liability in connection with the administration or trading of the Fund.

NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE DB INDEX, WARRANTS OR GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE DB INDEX OR ANY DATA INCLUDED THEREIN AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE DB INDEX, MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY INVESCO ~~POWERSHARES~~ CAPITAL MANAGEMENT LLC FROM THE USE OF THE DB INDEX OR ANY DATA INCLUDED THEREIN. NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE DB INDEX, MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE DB INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DEUTSCHE BANK OR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE DB INDEX HAVE ANY LIABILITY FOR DIRECT, INDIRECT, PUNITIVE, SPECIAL, CONSEQUENTIAL OR ANY OTHER DAMAGES OR LOSSES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF. EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY, THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DEUTSCHE BANK AND INVESCO ~~POWERSHARES~~ CAPITAL MANAGEMENT LLC.

~~-54-~~

General

The Index Sponsor is DBSI. The composition of the Index may be adjusted in the Index Sponsor’s discretion. The Index Sponsor may from time to time subcontract the provision of the calculation and other services described below to one or more third parties.

Index Composition

The currencies that are eligible for inclusion in the Index (the Eligible Index Currencies) are the currencies of the G10 countries which are set forth below:

~~USE~~
Eligible Index Currency
Symbol
United States Dollar
USD
Euro
EUR
Japanese Yen
JPY
Canadian Dollar
CAD
Swiss Franc
CHF
British Pound
GBP
Australian Dollar
AUD
New Zealand Dollar
NZD
Norwegian Krone
NOK
Swedish Krona
SEK
Futures contracts referencing each of the Eligible Index Currencies (except USD) currently are traded on the CME although currency futures contracts on the Eligible Index Currencies also trade on other exchanges in the United States and the Fund may invest in such contracts.
At any time, the Index is comprised of long futures positions in the three Eligible Index Currencies associated with the highest interest rates and short futures positions in the three Eligible Index Currencies associated with the lowest interest rates. The Index’s six component currencies from time to time, comprised of the three long and three short futures positions, are referred to as the Index Currencies and are used to calculate the value of the Index. The composition of the Index may be adjusted in the event that the Index Sponsor is not able to calculate the closing prices of the Index Currencies.
The Index Sponsor calculates the Index on an excess return basis. The excess return basis calculation reflects the change in market value of the applicable underlying currency futures only.
In order to determine which Eligible Index Currencies to include in the Index from time to time, the Index Sponsor will review the composition of the Index on a quarterly basis five business days prior to the IMM Date. “IMM Date” means the third Wednesday of March, June, September and December, a traditional settlement date in the International Money Market.
The Index Sponsor will review the three month Libor rate for each Eligible Index Currency other than NZD, SEK, NOK, CAD and AUD. The Index Sponsor will review the three-month rate of the New Zealand Bank Bill for NZD. The Index Sponsor will review the three month Stibor rate and the three month Nibor rate of the SEK and NOK, respectively.
The Index Sponsor will review the three month Canada Bankers Acceptance Rate for CAD. The Index Sponsor will review the Australian Bank Bill Short Term Three Month Mid Rate for AUD. The Libor, Stibor and Nibor rates for the Eligible Index Currencies, as applicable, mean the London, Stockholm and Norway interbank offered rates for overnight deposits, respectively, each of which is published by Reuters. The Eligible Index Currencies are then ranked according to yield. The three highest yielding and three lowest yielding are selected as Index Currencies for inclusion in calculating the Index. If two Index Currencies have the same yield, then the previous quarter’s ranking will be used.
The Index is re-weighted quarterly. Upon re-weighting, the high yielding Index Currencies are allocated a base weight of 33 1/3% and the low yielding Index Currencies are allocated a base weight of -33 1/3%. These new weights are applied during the Index re-weighting period, which takes place between the fourth and third Index Business Days prior to the applicable IMM Date, or Index re-weighting period.
The CME-traded futures contract of each applicable Index Currency that is closest to expiration is used in the Index calculation. The Index Contracts are rolled during the Index re-weighting period. The new futures contract on an Index Currency that has the next closest expiration date is selected. The calculation of the Index on an excess return basis is the weighted return on the change in price of the Index Contracts.
The Index has been calculated using historical data since March 12, 1993. The Index is composed of notional amounts of the Index Currencies. The notional amounts of the Index Currencies included in the Index are based on the Index Closing Level as of the Index re-weighting period. The Index Closing Level reflects an arithmetic weighted return of the change in the Index Currencies exchange rates against the
36

USD since March 12, 1993. March 1993 was chosen as a starting period because it represents the earliest date on which reliable data for all the Eligible Index Currencies exists. On March 12, 1993, the closing Index level was USD 100.
The use of long and short positions in the construction of the Index causes the Index to rise as a result of any upward price movement of Index Currencies expected to gain relative to the USD and to rise as a result of any downward price movement of Index Currencies expected to lose relative to the USD. The inclusion of both long and short positions is also expected to reduce the country specific foreign exchange risk of the Index (and, therefore, risk in connection with an investment in the Fund) relative to a directional (outright long or short) exposure to any or all of the Index Currencies.
Change in the Methodology of the Index
The Index Sponsor employs the methodology described above and its application of such methodology shall be final. The Index Sponsor can change its methodology at any time for any reason, as it deems appropriate.
The Index Sponsor may also make adjustments to the terms of the Index in any manner, including (without limitation) to correct any manifest or proven error or to cure, correct or supplement any defective provision of the Index. The Index Sponsor will publish notice of any such adjustment and the effective date thereof as set forth below.
Publication of Closing Levels and Adjustments
In order to calculate the indicative Index level, the Index Sponsor polls Reuters every 15 seconds to determine the real time price of each Index Contract. The Index Sponsor then applies a set of rules to these values to create the indicative level of the Index. These rules are consistent with the rules that the Index Sponsor applies at the end of each trading day to calculate the closing level of the Index.
The IIV per Share is based on the prior day’s final NAV, adjusted four times per minute throughout the trading day to reflect the continuous price changes of the Fund’s futures positions, which provide a continuously updated estimated NAV per Share.
The Index Sponsor calculates and publishes the closing level of the Index daily. The Managing Owner publishes the NAV of the Fund and the NAV per Share daily. The Index Sponsor also calculates and publishes the intra-day Index level, and the Index Sponsor calculates, and the Managing Owner publishes, the IIV per Share (quoted in U.S. dollars) once every fifteen seconds throughout each trading day.
All of the foregoing information is published as follows:
The intra-day level of the Index (symbol: DBCFHX) and the IIV per Share (symbol: FBV) (each quoted in U.S. dollars) are published once every fifteen seconds throughout each trading day on the consolidated tape, Reuters and/or Bloomberg. The IIV per Share (symbol: FBV) is also published on the Managing Owner’s website at https://www.invesco.com/ETFs, or any successor thereto.
The current trading price per Share (symbol: DBV) (quoted in U.S. dollars) is published continuously as trades occur throughout each trading day on the consolidated tape, Reuters and/or Bloomberg and on the Managing Owner’s website at https://www.invesco.com/ETFs, or any successor thereto.
The most recent end-of-day Index closing level (symbol: DBHVFER) is published as of the close of the NYSE Arca each trading day on the consolidated tape, Reuters and/or Bloomberg.
The most recent end-of-day NAV of the Fund (symbol: FBV.NV) is published as of the close of business on Reuters and/or Bloomberg and on the Managing Owner’s website at https://www.invesco.com/ETFs, or any successor thereto. In addition, the most recent end-of-day NAV of the Fund is published the following morning on the consolidated tape.
All of the foregoing information with respect to the Index is also published at https://index.db.com.
Any adjustments made to the Index will be published on both https://index.db.com and at https://www.invesco.com/ETFs, or any successor(s) thereto.
37

Interruption of Index Calculation
Calculation of the Index may not be possible or feasible under certain events or circumstances, including, without limitation, a systems failure, natural or man-made disaster, act of God, armed conflict, act of terrorism, riot or labor disruption or any similar intervening circumstance, that is beyond the reasonable control of the Index Sponsor and that the Index Sponsor determines affects the Index or any Index Currency. Upon the occurrence of such an event, the Index Sponsor may, in its discretion, elect one (or more) of the following options:
•
make such determinations and/or adjustments to the terms of the Index as it considers appropriate to determine any closing level on any such Index business day;
•
defer publication of the information relating to the Index until the next Index business day on which it determines that no force majeure event exists; and/or
•
permanently cancel publication of the information relating to the Index.
Calculation of the Index may also be disrupted by an event that prevents the Index Sponsor from obtaining the closing prices of the underlying Index Contracts. In turn, the Index Sponsor would, in its discretion, either review the price of an instrument, if available, that is substantially similar to the Index Contract, or, if unavailable, obtain all the closing prices for the unaffected Index Currencies, then, with respect to the disrupted Index Currencies, calculate the closing price in respect of the disrupted Index Currency on an alternative basis were such event to occur or exist on a day that is a trading day for futures contracts in such Index Currency on the relevant exchange. If such an Index disruption event occurs and continues for a period of five successive trading days, the Index Sponsor will, in its discretion, either:
•
continue to calculate the relevant closing price for a further period of five successive trading days for the Index Currency on the relevant exchange; or
•
if such period extends beyond the five successive trading days, the Index Sponsor may elect to replace the futures contract with respect to the Index Currency and shall make all necessary adjustments to the methodology and calculation of the Index as it deems appropriate.
Historical Closing Levels
The Closing Levels Table presents closing levels for the Index (“Closing Levels”) since January 2011. The historic data shown with respect to the closing prices of the Index Contracts originated from Bloomberg and Reuters (including the World Markets Company). The Index Sponsor has not independently verified the information extracted from this source.
[Remainder of page left blank intentionally]
38

Closing Levels Table
Deutsche Bank G10 Currency Future Harvest Index® – Excess Return

CLOSING LEVEL
INDEX CHANGES

High1
Low2
Annual3
Since
Inception4
2011
274.83
241.88
1.18%
162.52%
2012
290.15
258.40
10.39%
189.79%
2013
310.79
276.57
-1.98%
184.05%
2014
295.63
276.74
0.92%
186.68%
2015
289.15
250.27
-7.53%
165.08%
2016
293.83
256.24
7.60%
184.93%
2017
297.76
267.22
-4.97%
170.77%
2018
280.78
264.78
-0.44%
169.57%
2019
282.37
270.73
3.54%
179.12%
2020
280.80
245.74
-1.06%
176.17%
2021 (YTD)5
292.25
276.14
5.35%
190.94%

THE PRIOR INDEX LEVELS AND CHANGES TO THE INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF ~~PROCEEDS~~

THE FUND’S FUTURE PERFORMANCE. THE INDEX DOES NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.

Notes

“High” under “Closing Level” reflects the highest closing level of the Index during the applicable year.

“Low” under “Closing Level” reflects the lowest closing level of the Index during the applicable year.

“Annual” under “Index Changes” reflects the change to the Index closing level on an annual basis as of December 31 of each applicable year.

“Since Inception” under “Index Changes” reflects the change of the Index closing levels since inception on a compounded annual basis as of December 31 of each applicable year.

For the period January 1, 2021 through May 31, 2021.

[Remainder of page left blank intentionally]

Use of Proceeds

Proceeds of the offering of the Shares are used by the Fund to ~~engage in the trading of exchange-traded futures on the~~trade Index ~~Currencies~~Contracts with a view to tracking the changes, positive or negative, in the levels of the Index over ~~time, less~~time. As of May 31, 2021, the ~~expenses~~Fund’s allocation to Index Contracts (based on the notional value of such contracts) was as follows, with negative numbers reflecting short futures positions:

Long Futures Contracts	101.59%
Canadian Dollar	34.25%
New Zealand Dollar	33.70%
Norwegian Krone	33.64%
Short Futures Contracts	-101.77%
Euro	-34.05%
Japanese Yen	-33.20%
Swiss Franc	-34.52%

Proceeds of the ~~operations of~~offering are also used to pay the ~~Fund. The Fund holds a portfolio of futures contracts on the Eligible Index Currencies~~Fund’s fees, expenses, and ~~United States Treasury Securities for deposit~~other costs. Proceeds not posted as margin with the ~~Fund’s~~ Commodity Broker ~~as margin and United States Treasury Securities, cash and money market mutual funds (affiliated or otherwise)~~for the Fund’s Index Contract positions are held on deposit with the ~~Custodian (for~~Custodian. Proceeds that are posted as margin or held for cash management ~~purposes)~~purposes may take the form of Treasury Securities, shares of money market funds and ~~may be held by the Fund’s Commodity Broker~~T-Bill ETFs, other securities eligible for use as margin, ~~to the extent permissible under CFTC rules.~~and/or cash. Approximately ~~5.49%~~3% of the Fund’s NAV iswas posted as collateral with respect to its holdings of ~~futures on the Eligible~~ Index ~~Currencies~~Contracts as of ~~September 30, 2016.~~May 31, 2021. Collateral requirements are initially set by the applicable futures ~~exchange.~~exchanges. The Commodity Broker applies an additional collateral requirement based on a number of factors, including, but not limited to, volatility, concentration, percentage of open interest, and position size with respect to the ~~futures contracts on the Eligible~~ Index ~~Currencies.~~Contracts. For purposes of calculating the approximate percentage of the Fund’s NAV that was posted as collateral, the Fund’s aggregate assets under management reflected the sum of the Fund’s holdings of Treasury Securities, money market mutual funds, T-Bill ETFs, cash and the value of the ~~futures contracts on the Eligible~~ Index ~~Currencies~~Contracts that have been marked to market as of ~~September 30, 2016.~~

~~The Fund trades exchange-traded futures on the currencies comprising the Deutsche Bank G10 Currency Future Harvest Index~~^®~~—Excess Return, or the Index, with a view~~May 31, 2021.

With respect to tracking the Index over time. The Index is designed to reflect the return from investing on a 2:1 leveraged basis in long currency futures positions for certain currencies associated with relatively high yielding interest rates and in short currency futures positions for certain currencies associated with relatively low yielding interest rates. The Index is designed to exploit the trend that currencies associated with relatively high interest rates, on average, tend to rise in value relative to currencies associated with relatively low interest rates. The Index exploits this trend using both long and short futures positions, which is expected to provide more consistent and less volatile returns than

~~could be obtained by taking long positions only or short positions only.~~

~~To the extent, if any, that~~ the Fund ~~trades in~~trading futures contracts on United States exchanges, the assets deposited by the Fund with its Commodity Broker as margin must be segregated pursuant to the regulations of the CFTC. Such segregated funds may be invested only in a limited range of ~~instruments—~~instruments, principally U.S. government obligations.

To the extent, if any, that the Fund trades in futures on markets other than regulated United States futures exchanges, funds deposited to margin positions held on such exchanges are invested in bank deposits or in instruments of a credit standing generally comparable to those authorized by the CFTC for investment of “customer segregated funds,” although applicable CFTC rules prohibit funds employed in trading on foreign exchanges from being deposited in “customer segregated fund accounts.”

Although the percentages set forth below may vary substantially over time, as of the date of this Prospectus, the Fund estimates:

(i)

up to approximately 6%3% of the NAV of the Fund iswill be placed in segregated accounts in the name of the Fund with the Commodity Broker (or another eligible financial institution, as applicable) ~~in the form of cash, money market mutual funds or United States Treasury Securities~~ to margin ~~positions of all commodities combined. Such~~the Fund’s Index Contract positions. Those funds are segregated pursuant to CFTC rules;

and

(ii)

up to approximately ~~94%~~97% of the NAV of the Fund is maintained in segregated accounts inwith the ~~name~~Custodian.

The Managing Owner is responsible for overseeing the use of proceeds for margin purposes with the ~~Fund in bank deposits, money market mutual funds or United States Treasury Securities~~Commodity Broker and ~~United States Government Agencies issues~~for the investment of proceeds held with the Custodian for cash management purposes.

~~The Managing Owner, a registered commodity pool operator, commodity trading advisor, and swap firm, is responsible for~~ As of May 31, 2021, the cash management activities of the Fund, including investing in United States Treasury Securities, United States Government Agencies issues and money market mutual funds (affiliated or otherwise), for cash management purposes.

~~In addition, assets of the Fund not required~~Fund’s allocation to ~~margin positions may be used for cash management~~

~~-55-~~

~~purposes and may be maintained in United States bank accounts opened in the name of the Fund and may be held in United States~~ Treasury Securities and money market mutual funds ~~(affiliated~~for cash management purposes was as follows:

Money Market Mutual Funds	49.86%
United States Treasury Securities	50.39%

While the Fund’s performance will reflect the appreciation or ~~otherwise), (or other securities approved by~~depreciation of those holdings, the ~~CFTC for investment of customer funds) and such assets~~Fund’s performance – whether positive or negative – will be ~~held~~driven primarily by its strategy of trading Index Contracts with the ~~Custodian.~~

aim of seeking to track the Index.

The Fund receives 100% of its Treasury Income, ~~and~~ Money Market Income and T-Bill ETF Income.

~~CHARGES~~

Charges

See ~~“Summary—Breakeven Amounts” and “Summary—‘Breakeven Table’”~~“Breakeven Analysis” for ~~additional~~ breakeven related information.

Management Fee

The Fund pays the Managing Owner a Management Fee, monthly in arrears, in an amount equal to 0.75% per annum of the daily NAV of the Fund. The Management Fee is paid in consideration of the Managing Owner’s services related to the management of the Fund’s business and affairs, including the provision of currency futures trading advisory services.

The Fund may, for margin and/or cash management purposes, invest in money market mutual fundsand/or T-Bill ETFs that are managed by affiliates of the Managing Owner. The indirect portion of the management ~~fee~~fees that the Fund may incur through such ~~investment~~investments is in addition to the Management Fee paid to the Managing Owner. The Managing Owner has contractually agreed to waive indefinitely the fees that it receives in an amount equal to the indirect management fees that the Fund incurs through its investments in affiliated money market mutual funds ~~through June 20, 2017.~~

and/or affiliated T-Bill ETFs. The Managing Owner may terminate this waiver on 60 days’ notice.

Organization and Offering Expenses

Expenses incurred in connection with organizing the Fund and the initial offering of the Shares were paid by ~~DB Commodity Services LLC, referred to as either~~ the ~~Predecessor~~Fund’s predecessor managing owner (the “Predecessor Managing ~~Owner or DBCS.~~Owner”). Expenses incurred in connection with the continuous offering of Shares from commencement of the Fund’s trading operations up to and excluding February 23, 2015 were also paid by the Predecessor Managing Owner. Expenses incurred in connection with the continuous offering of Shares on and after February 23, 2015 were and are paid by the

Managing Owner. The Managing Owner aggregates the ~~organization and~~ offering expenses related to the Fund and other commodity and currency pools within the ~~PowerShares~~Invesco DB fund suite, and allocates the costs associated to each Fund for payment by the Managing Owner on behalf of the Fund. The Managing Owner expects that ~~as of the date of this Prospectus,~~ the expenses incurred in connection with the continuous offering of Shares of the ~~PowerShares~~Invesco DB fund suite may be approximately ~~0.03%~~0.06% of the average of the ~~Fund’s~~funds’ NAV during the life of the Fund’s currently effective registration ~~statement, provided that this amount~~statement. These costs may vary ~~substantially depending upon~~considerably during the ~~costs associated with the registration of additional shares, the total assets~~life of the ~~Fund, and any other related continuous offering costs.~~

~~Organization and offering~~Fund’s current registration statement, but the Managing Owner retains the obligation to pay those expenses in lieu of the Fund.

Offering expenses relating to the Fund means those expenses incurred in connection with ~~its formation,~~ the ~~qualification and registration~~continuous offering of the Shares ~~and in offering, distributing and processing the Shares under applicable federal law, and any other expenses actually incurred and, directly or indirectly, related to the organization~~ of the Fund, ~~or the continuous offering of the Shares,~~ including, but not limited to, expenses such as:

~~initial and ongoing~~

•

registration fees, filing fees and taxes;

•

costs of preparing, printing (including typesetting), amending, supplementing, mailing and distributing the Registration Statement, the exhibits thereto and this Prospectus;

•

the costs of qualifying, printing (including typesetting), amending, supplementing, mailing and distributing sales materials used in connection with the offering and issuance of the Shares;

•

travel, telegraph, telephone and other expenses in connection with the offering and issuance of the Shares; and

•

accounting, auditing and legal fees (including disbursements related thereto) incurred in connection therewith.

The Managing Owner will not allocate to the Fund the indirect expenses of the Managing Owner.

~~Prior to January 1, 2011, the Fund invested substantially all of its assets in the DB G10 Currency~~

~~-56-~~

Harvest Master Fund, or the Master Fund. Upon formation of the Fund and the Master Fund in April 2006, organizational and offering costs were to be paid by the Predecessor Managing Owner subject to reimbursement by the Master Fund. As of July 12, 2006, costs incurred by the Fund amounted to $1,064,500, which were expensed in the accounts of the Master Fund and recorded as a liability to the Predecessor Managing Owner. On July 12, 2006, prior to the commencement of investment operations and consolidation of the Fund and Master Fund, the Predecessor Managing Owner determined to assume all the organization and offering costs both already incurred and to be incurred by the Predecessor Managing Owner on behalf of the Fund and Master Fund. Accordingly, the obligation of the Master Fund as of July 12, 2006 was written off.

Brokerage Commissions and Fees

trade is a completed transaction involving both a purchase and a liquidating sale, or a sale followed by a covering purchase. The Managing Owner estimates the brokerage commissions and fees will be approximately ~~0.05%~~0.03% of the NAV of the Fund in any year, although the actual amount of brokerage commissions and fees in any year or any part of any year may be greater.

Routine Operational, Administrative and Other Ordinary Expenses

The Managing Owner pays all routine operational, administrative and other ordinary expenses of the ~~Fund generally, as determined by the Managing Owner including,~~Fund. These expenses include, but are not limited to, ~~computer services,~~ the fees and expenses of the Trustee, license and service fees paid to DBSI as ~~Marketing Agent and~~ Index Sponsor, legal and accounting fees and expenses, tax preparation expenses, filing fees, and printing, mailing and duplication costs. ~~For the avoidance of doubt, the~~

The Fund does not reimburse the Managing Owner for the routine operational, administrative and other ordinary expenses of the Fund. The Managing Owner aggregates the routine operational, administrative and other ordinary expenses related to the Fund and the other ~~commodity and currency pools~~funds within the ~~PowerShares~~Invesco DB fund suite, and allocates the costs associated to each fund. The expenses may vary, but the Managing Owner retains the obligation to pay those expenses in lieu of the Fund. The Managing Owner expects that all of the routine operational, administrative and other ordinary expenses of the ~~PowerShares~~Invesco DB fund suite will be approximately ~~0.36%~~0.22% per annum of the average of the ~~Fund’s~~funds’ NAV.

Non-Recurring Fees and Expenses

The Fund pays all non-recurring and unusual fees and expenses (referred to as extraordinary fees and expenses in the Trust ~~Declaration), if any,~~Agreement) of the Fund generally, if any, as determined by the Managing Owner. Non-recurring and unusual fees and expenses ~~are fees and expenses which are non-recurring and unusual in nature,~~include items such as legal claims and liabilities, ~~and~~ litigation costs, or indemnification orexpenses and other ~~unanticipated expenses. Non-recurring and unusual fees and~~ expenses ~~will also include material expenses which~~that are not currently anticipated obligations of the Fund or of managed futures funds in general. ~~Routine operational, administrative and other ordinary expenses will not be deemed non-recurring expenses.~~

Management Fee and Expenses to be Paid First out of Treasury Income, ~~and/or~~ Money Market Income

and/or T-Bill ETF Income

The Management Fee and the brokerage commissions and fees of the Fund are paid first out of Treasury Income, ~~from the Fund’s holdings of United States Treasury Securities and~~ Money Market Income ~~from the Fund’s holdings of money market mutual funds (affiliated or otherwise)~~and T-Bill ETF Income, as applicable, on deposit with the Commodity Broker as margin, the Custodian, or otherwise. If the sum of the Treasury Income, ~~and~~ the Money Market Income and the T-Bill ETF Income, as applicable, is not sufficient to cover the fees and expenses of the Fund that are payable by the Fund during any period, the excess of such fees and expenses over such Treasury Income, ~~and~~ Money Market Income and T-Bill ETF Income, as applicable, will be paid out of income from futures trading, if any, or from sales of the Fund’s ~~United States~~ Treasury Securities and/or holdings in money market mutual ~~funds. For the avoidance of doubt, the Fund invests~~funds and/or holdings in ~~futures contracts in an attempt to track its Index.~~T-Bill ETFs. The Fund holds Treasury Securities, ~~and~~ money market mutual funds and T-Bill ETFs for margin and/or cash management purposes only.

~~-57-~~

Selling Commission

Retail investors may purchase and sell Shares through traditional brokerage accounts. Investors are expected to be charged a ~~customary~~ commission by their brokers in connection with purchases of Shares that will vary from investor to investor. Investors are encouraged to review the terms of their brokerage accounts for applicable charges. ~~Also,~~

The offering of Creation Units is being made in compliance with Conduct Rule 2310 of the Financial Industry Regulatory Authority (“FINRA”). The excess, if any, of the price at which an Authorized Participant sells a Share over the price paid by such Authorized Participant in connection with the creation of such Share in a ~~Basket will~~Creation Unit may, depending on the facts and circumstances, be deemed to be underwriting compensation by the ~~Financial Industry Regulatory Authority, or~~ FINRA Corporate Financing Department.

~~WHO MAY SUBSCRIBE~~

~~Baskets~~

Who May Subscribe

Creation Units may be created or redeemed only by Authorized Participants. Each Authorized Participant must (1) be a registered broker-dealer or other securities market participant such as a bank or other

financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) be a participant in DTC, and (3) have entered into ~~an agreement~~a Participant Agreement with the Fund and the Managing ~~Owner (a Participant Agreement).~~Owner. The Participant Agreement sets forth the procedures for the creation and redemption of ~~Baskets~~Creation Units and for the delivery of cash required for such creations or redemptions. A list of the current Authorized Participants can be obtained from the Administrator. See “Creation and Redemption of Shares” for more details.

~~CREATION AND REDEMPTION OF SHARES~~

Creation and Redemption of Shares

The Fund creates and redeems Shares from ~~time-to-time,~~time to time, but only in one or more ~~Baskets.~~Creation Units. A ~~Basket~~Creation Unit is a block of ~~200,000~~100,000 Shares. ~~Baskets~~Creation Units may be created or redeemed only by Authorized Participants. Except when aggregated in ~~Baskets,~~Creation Units, the Shares are not redeemable securities. Authorized Participants pay a transaction fee of ~~USD 500~~$500 in connection with each order to create or redeem a ~~Basket.~~Creation Unit and are subject to an additional processing charge for failure to timely deliver such orders. From time to time, the Managing Owner, in its sole discretion, may reimburse Authorized Participants for all or a portion of the processing fees from the Managing Owner’s own assets. Authorized Participants may sell the Shares included in the ~~Baskets~~Creation Units they purchase from the Fund to other investors.

Authorized Participants are the only persons that may place orders to create and redeem ~~Baskets.~~ Creation Units. Authorized Participants must be (1) registered broker-dealers or other securities market participants, such as banks and other financial institutions, which are not required to register as broker-dealers to engage in securities transactions, and (2) participants in DTC. To become an Authorized Participant, a person must enter into a Participant Agreement with the Fund and the Managing Owner. The Participant Agreement sets forth the procedures for the creation and redemption of ~~Baskets~~Creation Units and for the payment of cash required for such creations and redemptions. The Managing Owner may delegate its duties and obligations under the Participant Agreement to Invesco Distributors, the Administrator or the Transfer Agent, without consent from any Shareholder or Authorized Participant. The Participant Agreement ~~and the related procedures attached thereto~~ may be amended by the Managing Owner ~~without~~only with the consent of ~~any~~the Authorized Participant, while the procedures attached thereto may be amended with notice to the Authorized Participant. Shareholder ~~or Authorized Participant.~~consent is not required in either case. To compensate the Transfer Agent for services in processing the creation and redemption of ~~Baskets,~~Creation Units, an Authorized Participant is required to pay a transaction fee of ~~USD 500~~$500 per order to create or redeem ~~Baskets.~~Creation Units. Authorized Participants who purchase ~~Baskets~~Creation Units from the Fund receive no fees, commissions or other form of compensation or inducement of any kind from either the Managing Owner or the Fund, and no such person has any obligation or responsibility to the Managing Owner or the Fund to effect any sale or resale of Shares.

Authorized Participants are cautioned that some of their activities ~~will~~may result in their being deemed participants in a distribution in a manner which would render them statutory underwriters and subject them to the ~~prospectus delivery~~prospectus-delivery and liability provisions of the Securities Act of 1933 ~~or the Securities Act,~~(the “Securities Act”), as described in “Plan of Distribution.”

Each Authorized Participant must be registered as a broker-dealer under the Exchange Act and regulated by FINRA, or exempt from being, or otherwise not be required to be, so regulated or registered, and qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. Certain Authorized Participants may be regulated under federal and state banking laws and regulations. Each Authorized Participant will have its own set of rules and

~~-58-~~

~~procedures, internal controls and information barriers as it determines is appropriate in light of its own regulatory regime.~~

Authorized Participants may act for their own accounts or as agents for broker-dealers, custodians and other securities market participants that wish to create or redeem ~~Baskets.~~

Creation Units.

Persons interested in purchasing ~~Baskets~~Creation Units should contact the Managing Owner or the Administrator to obtain the contact information for the Authorized Participants. Shareholders who are not Authorized Participants will only be able to redeem their Shares through an Authorized Participant.

Under the Participant Agreements, the Managing Owner has agreed to indemnify the Authorized Participants and certain parties related to the Authorized Participants against certain liabilities as a result of:

•

any breach by the Managing Owner, the Fund, or any of their respective agents or employees, of any provision of the Participant Agreement, including any representations, warranties and covenants by any of them or the Fund therein or in the ~~Officers’~~Officer’s Certificate (as defined in the Participant Agreement);

•

any failure on the part of the Managing Owner to perform any obligation of the Managing Owner set forth in the Participant Agreement;

•

any failure by the Managing Owner to comply with applicable laws and regulations in connection with the Participant Agreement, except that the Managing Owner will not be required to indemnify a Managing Owner Indemnified Party (as defined in the Participant Agreement) to the extent that such failure was caused by the reasonable reliance on instructions given or representations made by one or more Managing Owner Indemnified Parties or the negligence or willful malfeasance of any Managing Owner Indemnified Party;

•

any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement of ~~which this Prospectus is a part of,~~the Trust as originally filed with the SEC, or ~~arising out of~~in any amendment thereof, or ~~based upon the omission~~in any prospectus, or ~~alleged omission~~

~~to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except those statements~~ in ~~the Registration Statement based on information furnished in writing by or on behalf of the Authorized Participant expressly for use in the Registration Statement;~~

any ~~untrue statement~~amendment thereof or ~~alleged untrue statement of a material fact contained in a Prospectus~~supplement thereto, or arising out of or based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein ~~in the light of the circumstances under which they were made,~~ not misleading, except those statements in ~~this~~the Registration Statement or the Prospectus based on information furnished in writing by or on behalf of the Authorized Participant expressly for use in ~~such~~the Registration Statement or the Prospectus.

As provided in the Participant Agreements, in the absence of gross negligence, bad faith or willful misconduct, neither the Managing Owner nor an Authorized Participant will be liable to each other or to any other person, including any party claiming by, through or on behalf of the Authorized Participant, for any losses, liabilities, damages, costs or expenses arising out of any mistake or error in data or other information provided to any of them by each other or any other person or out of any interruption or delay in the electronic means of communications used by them.

The following description of the procedures for the creation and redemption of ~~Baskets~~Creation Units is only a summary and an investor should refer to the relevant provisions of the ~~Fund’s~~ Trust ~~Declaration~~Agreement and the form of Participant Agreement for more detail. The ~~Fund’s~~ Trust ~~Declaration~~Agreement and the form of Participant Agreement are filed as exhibits to the registration statement of which this Prospectus is a part.

Creation Procedures

On any business day, an Authorized Participant may place an order with the Transfer Agent to create one or more ~~Baskets.~~Creation Units. For purposes of processing both creation and redemption orders, a “business day” means any day other than a day when banks in New

~~-59-~~

York City are required or permitted to be closed. Creation orders must be placed by 1:00 p.m., Eastern time. The day on which the Transfer Agent receives a valid creation order is the creation order date. The day on which a creation order is settled is the creation order settlement date. As provided below, the creation order settlement date may occur up to 3two business days after the creation order date. By placing a creation order, and prior to delivery of such ~~Baskets,~~Creation Units, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the creation order.

~~Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, Baskets~~

Creation Units are issued on the creation order settlement date as of 2:45 p.m., Eastern time, on the business day immediately following the creation order date at the applicable NAV per Share as of the closing time of the NYSE Arca or the last to close of the exchanges on which its futures contracts are traded, whichever is later, on the creation order date, but only if the required payment has been timely received. Upon submission of a creation order, the Authorized Participant may request the Managing Owner to agree to a creation order settlement date up to 3two business days after the creation order date. By placing a creation order, and prior to receipt of the ~~Baskets,~~Creation Units, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the creation order.

Determination of Required Payment

The total payment required to create each ~~Basket~~Creation Unit is the NAV of ~~200,000~~100,000 Shares as of the closing time of the NYSE Arca or the last to close of the exchanges on which the Fund’s futures contracts are traded, whichever is later, on the creation order date.

Because orders to purchase ~~Baskets~~Creation Units must be placed by 1:00 p.m., Eastern time, but the total payment required to create a ~~Basket~~Creation Unit will not be determined until 4:00 p.m., Eastern time, on the

date the creation order is received, Authorized Participants will not know the total amount of the payment required to create a ~~Basket~~Creation Unit at the time they submit the creation order for the ~~Basket.~~Creation Unit. The Fund’s NAV and the total amount of the payment required to create a ~~Basket~~Creation Unit could rise or fall substantially between the time a creation order is submitted and

the time the amount of the purchase price in respect thereof is determined.

Rejection of Creation Orders

The Managing Owner or the Transfer Agent may reject a creation order if:

•

The Managing Owner or the Transfer Agent determines that the creation order is not in proper form;

•

The Managing Owner believes that the acceptance or receipt of the creation order would have adverse tax consequences to the Fund or its Shareholders; or

•

Circumstances outside the control of the Managing Owner or the Transfer Agent make it, for all practical purposes, not feasible to process creations of ~~Baskets.~~Creation Units.

The Managing Owner will not be liable for the rejection of any creation order.

The Fund also may not be able to create new Creation Units if a legal or operational impediment to creating new Creation Units arises.

Redemption Procedures

The procedures by which an Authorized Participant can redeem one or more ~~Baskets~~Creation Units mirror the procedures for the creation of ~~Baskets.~~Creation Units. On any business day, an Authorized Participant may place an order with the Transfer Agent to redeem one or more ~~Baskets.~~Creation Units. Redemption orders must be placed by 1:00 p.m., Eastern time. The day on which the Managing Owner receives a valid redemption order is the redemption order date. The day on which a redemption order is settled is the redemption order settlement date. As provided below, the redemption order settlement date may occur up to 3two business days after the redemption order date. The redemption procedures allow Authorized Participants to redeem ~~Baskets.~~Creation Units. Individual Shareholders may not redeem directly from the Fund. Instead, individual Shareholders may only redeem Shares in ~~integral multiples of 200,000~~an amount equal to one or more whole Creation Units and only through an Authorized Participant.

~~Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, by~~

By placing a redemption order, an Authorized Participant agrees to deliver the ~~Baskets~~Creation Units to be redeemed through DTC’s book-entry system to the Fund not later than the redemption order

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settlement date as of 2:45 p.m., Eastern time, on the business day immediately following the redemption order date. Upon submission of a redemption order, the Authorized Participant may request the Managing Owner to agree to a redemption order settlement date up to 3two business days after the redemption order date. By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the redemption order.

Determination of Redemption Proceeds

The redemption proceeds from the Fund consist of the cash redemption amount. The cash redemption amount is equal to the NAV of the number of ~~Basket(s)~~Creation Unit(s) requested in the Authorized Participant’s redemption order as of the closing time of the NYSE Arca or the last to close of the exchanges on which the Fund’s futures contracts are traded, whichever is later, on the redemption order date. The Managing Owner will distribute the cash redemption amount at 2:45 p.m., Eastern time, on the redemption order settlement date through DTC to the account of the Authorized Participant as recorded on DTC’s book entry system.

Delivery of Redemption Proceeds

The redemption proceeds due from the Fund are delivered to the Authorized Participant at 2:45 p.m., Eastern time, on the redemption order settlement date if, by such time, the Fund’s DTC account has been credited with the ~~Baskets~~Creation Units to be redeemed. If the Fund’s DTC account has not been credited with all

of the ~~Baskets~~Creation Units to be redeemed by such time, the redemption distribution is delivered to the extent of whole ~~Baskets~~Creation Units received. Any remainder of the redemption distribution is delivered on the next business day to the extent of remaining whole ~~Baskets~~Creation Units received if the Transfer Agent receives the fee applicable to the extension of the redemption distribution date which the Managing Owner may, from ~~time-to-time,~~time to time, determine and the remaining ~~Baskets~~Creation Units to be redeemed are credited to the Fund’s DTC account by 2:45 p.m., Eastern time, on such next business day. Any further outstanding amount of the redemption order will be cancelled. The Managing Owner is also authorized to deliver the redemption distribution notwithstanding that the ~~Baskets~~Creation Units to be redeemed are not credited to the Fund’s DTC account by 2:45 p.m., Eastern time, on the

redemption order settlement date if the Authorized Participant has collateralized its obligation to deliver the ~~Baskets~~Creation Units through DTC’s book entry system on such terms as the Managing Owner may determine from ~~time-to-time.~~

time to time.

Suspension, Postponement or Rejection of Redemption Orders

The Managing Owner may, in its discretion, suspend the right of redemption, or postpone the redemption order settlement date (1) for any period during which an emergency exists as a result of which the redemption distribution is not reasonably practicable, or (2) for such other period as the Managing Owner determines to be necessary for the protection of the Shareholders. The Managing Owner will not be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

The Managing Owner or the Transfer Agent may reject a redemption order if the order is not in proper form as described in the Participant Agreement. The Managing Owner or the Transfer Agent will reject a redemption order if the acceptance or receipt of the order, in the opinion of its counsel, might be unlawful.

Creation and Redemption Transaction Fee

To compensate the Transfer Agent for services in processing the creation and redemption of ~~Baskets,~~Creation Units, an Authorized Participant is required to pay a transaction fee of ~~USD 500~~$500 per order to create or redeem ~~Baskets.~~Creation Units. An order may include multiple ~~Baskets. The transaction fee may be reduced, increased or otherwise changed by~~Creation Units. From time to time, the Managing ~~Owner.~~Owner, in its sole discretion, may reimburse Authorized Participants for all or a portion of the processing fees from the Managing Owner’s own assets. The Managing Owner will notify DTC of any agreement to change the transaction fee and will not implement any increase in the fee for the redemption of ~~Baskets~~Creation Units until 30 days after the date of the notice.

Monthly account statements conforming to CFTC and NFA requirements are posted on the Managing Owner’s website at~~http:~~ https://~~www.invescopowershares.com~~.www.invesco.com/ETFs. Additional reports may be posted on the Managing Owner’s website in the discretion of the Managing Owner or as required by regulatory authorities.

The Commodity Broker

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~~THE COMMODITY BROKER~~

A variety of executing brokers ~~executes~~execute futures transactions on behalf of the Fund. ~~Such executing~~Executing brokers give-up all such transactions to the Commodity Broker, Morgan Stanley & Co. LLC (“MS&Co.”). MS&Co. is a Delaware limited liability company ~~which serves~~with its main business office located at 1585 Broadway, New York, New York 10036. Among other registrations and memberships, MS&Co. is registered as a futures commission merchant and is a member of the ~~Fund’s clearing broker, or Commodity Broker.~~NFA. In its capacity as clearing broker, ~~the Commodity Broker~~MS&Co. may execute or receive transactions executed by others and clears all of the Fund’s futures transactions and performs certain administrative and custodial services for the Fund. ~~Morgan Stanley & Co. LLC is also registered with the Commodity Futures Trading Commission as a futures commission merchant and is a member of the National Futures Association in such capacity.~~

On June 1, 2011, Morgan Stanley & Co. Incorporated converted from a Delaware corporation to a Delaware limited liability company. As a result of that conversion, Morgan Stanley & Co. Incorporated is now named Morgan Stanley & Co. LLC (“MS&Co.” or the “Company”).

MS&Co. is a wholly-owned, indirect subsidiary of Morgan Stanley, a Delaware holding company. Morgan Stanley files periodic reports with the ~~Securities and Exchange Commission~~SEC as required by the Exchange Act, which include current descriptions of material litigation and material proceedings and investigations, if any, by governmental and/or regulatory agencies or self-regulatory organizations concerning Morgan Stanley and its

subsidiaries, including MS&Co. As a consolidated subsidiary of Morgan Stanley, MS&Co. does not file its own periodic reports with the SEC that contain descriptions of material litigation, proceedings and investigations. As a result, we refer you to the “Legal Proceedings” section of Morgan Stanley’s SEC 10-K filings for ~~2015, 2014, 2013, 2012,~~2020, 2019, 2018, 2017, and ~~2011.~~

2016.

In addition to the matters described in those filings, in the normal course of business, each of Morgan Stanley and MS&Co. has been named, from time to time, as a defendant in various legal actions, including arbitrations, class actions, and other litigation, arising in connection with its activities as a global diversified financial services institution. Certain of the legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. Each of Morgan Stanley and MS&Co. is also involved,

from time to time, in investigations and proceedings by governmental and/or regulatory agencies or self-regulatory organizations, certain of which may result in adverse judgments, fines or penalties. The number of these investigations and proceedings has increased in recent years with regard to many financial services institutions, including Morgan Stanley and MS&Co.

MS&Co. is a Delaware limited liability company with its main business office located at 1585 Broadway, New York, New York 10036. Among other registrations and memberships, MS&Co. is registered as a futures commission merchant and is a member of the National Futures Association.

Regulatory and Governmental ~~Matters.~~

~~The Company has received~~Matters

In the normal course of business, Morgan Stanley receives subpoenas and requests for information from certain federal and state regulatory and governmental entities, including among others various members of the RMBS Working Group of the Financial Fraud Enforcement Task Force, such as the United States Department of Justice, Civil Division and several state Attorney General’s Offices, concerning the origination, financing, purchase, securitization and servicing of subprime and non-subprime residential mortgages and related matters such as residential mortgage backed securities (“RMBS”), collateralized debt obligations (“CDOs”), structured investment vehicles (“SIVs”), and credit default swaps backed by or referencing mortgage pass-through certificates. These matters, some of which are in advanced stages, include, but are not limited to, investigations related to ~~the Company’s~~MS&Co.’s due diligence on the loans that it purchased for securitization, ~~the Company’s~~MS&Co.’s communications with ratings agencies, ~~the Company’s~~MS&Co.’s disclosures to investors, and ~~the Company’s~~MS&Co.’s handling of servicing and foreclosure related issues.

On February 25, 2015, ~~the Company~~MS&Co. reached an agreement in principle with the United States Department of Justice, Civil Division and the United States Attorney’s Office for the Northern District of California, Civil Division (collectively, the “Civil Division”) to pay $2.6 billion to resolve certain claims that the Civil Division indicated it intended to bring against ~~the Company.~~MS&Co. That settlement was finalized on February 10, 2016.

~~-62-~~

~~On April 1, 2016, the California Attorney General’s Office filed an action against the Company and certain affiliates in California state court styled~~~~California v. Morgan Stanley, et al.~~, on behalf of California investors, including the California Public Employees’ Retirement System and the California Teachers’ Retirement System. The complaint alleges that the Company made misrepresentations and omissions regarding residential mortgage-backed securities and notes issued by the Cheyne SIV, and asserts violations of the California False Claims Act and other state laws and seeks treble damages, civil penalties, disgorgement, and injunctive relief.

In October 2014, the Illinois Attorney General’s Office (“ILAG”) sent a letter to ~~the Company~~MS&Co. alleging that ~~the Company~~MS&Co. knowingly made misrepresentations related to RMBS purchased by certain pension funds affiliated with the State of Illinois and demanding that ~~the Company~~MS&Co. pay ILAG approximately $88 million. ~~The Company~~MS&Co. and ILAG reached an agreement to resolve the matter on February 10, 2016.

On January 13, 2015, the New York Attorney General’s Office (“NYAG”), which is also a member of the RMBS Working Group, indicated that it intends to file a lawsuit related to approximately 30 subprime securitizations sponsored by ~~the Company.~~MS&Co. NYAG indicated that the lawsuit would allege that ~~the Company~~MS&Co. misrepresented or omitted material information related to the due diligence, underwriting and valuation of the loans in the securitizations and the properties securing them and indicated that its lawsuit would be brought under the Martin Act. ~~The Company~~MS&Co. and NYAG reached an agreement to resolve the matter on February 10, 2016.

On June 5, 2012, the Company consented to and became the subject of an Order Instituting Proceedings Pursuant to Sections 6(c) and 6(d) of the Commodity Exchange Act, as amended, Making Findings and Imposing Remedial Sanctions by The Commodity Futures Trading Commission (CFTC) to resolve allegations related to the failure of a salesperson to comply with exchange rules that prohibit off-exchange futures transactions unless there is an Exchange for Related Position (EFRP). Specifically, the CFTC found that from April 2008 through October 2009, the Company violated Section 4c(a) of the Commodity Exchange Act and Commission Regulation 1.38 by executing,

processing and reporting numerous off-exchange futures trades to the Chicago Mercantile Exchange (CME) and Chicago Board of Trade (CBOT) as EFRPs in violation of CME and CBOT rules because those trades lacked the corresponding and related cash, OTC swap, OTC option, or other OTC derivative position. In addition, the CFTC found that the Company violated CFTC Regulation 166.3 by failing to supervise the handling of the trades at issue and failing to have adequate policies and procedures designed to detect and deter the violations of the Act and Regulations. Without admitting or denying the underlying allegations and without adjudication of any issue of law or fact, the Company accepted and consented to entry of findings and the imposition of a cease and desist order, a fine of $5,000,000, and undertakings related to public statements, cooperation and payment of the fine. The Company entered into corresponding and related settlements with the CME and CBOT in which the CME found that the Company violated CME Rules 432.Q and 538 and fined the Company $750,000 and CBOT found that the Company violated CBOT Rules 432.Q and 538 and fined the Company $1,000,000.

On July 23, 2014, the ~~U.S. Securities and Exchange Commission (“SEC”)~~SEC approved a settlement by MS&Co. and certain affiliates to resolve an investigation related to certain subprime RMBS transactions sponsored and underwritten by those entities in 2007. Pursuant to the settlement, MS&Co. and certain affiliates were charged with violating Sections 17(a)(2) and 17(a)(3) of the Securities Act, agreed to pay disgorgement and penalties in an amount of $275 million and neither admitted nor denied the SEC’s findings.

On April 21, 2015, the Chicago Board Options Exchange, Incorporated ~~(CBOE)~~(“CBOE”), and the CBOE Futures Exchange, LLC ~~(CFE)~~(“CFE”), filed statements of charges against ~~the Company~~MS&Co. in connection with trading by one of ~~the Company’s~~MS&Co.’s former traders of EEM options contracts that allegedly disrupted the final settlement price of the November 2012 VXEM futures. CBOE alleged that ~~the Company~~MS&Co. violated CBOE Rules 4.1, 4.2 and 4.7, Sections 9(a) and 10(b) of the Exchange Act, and Rule 10b-5 thereunder. CFE alleged that ~~the Company~~MS&Co. violated

CFE Rules 608, 609 and 620. ~~Both~~The matters ~~are ongoing.~~

were resolved on June 28, 2016, in which there were no findings of fraud, but MS&Co. was jointly and severally liable for a $400,000 fine and $152,664 in disgorgement.

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On June 18, 2015, ~~the Company~~MS&Co. entered into a settlement with the SEC and paid a fine of $500,000 as part of the MCDC Initiative to resolve allegations that ~~the Company~~MS&Co. failed to form a reasonable basis through adequate due diligence for believing the truthfulness of the assertions by issuers and/or obligors regarding their compliance with previous continuing disclosure undertakings pursuant to Rule 15c2-12 in connection with offerings in which ~~the Company~~MS&Co. acted as senior or sole underwriter.

On August 6, 2015, ~~the Company~~MS&Co. consented to and became the subject of an order by the CFTC to resolve allegations that ~~the Company~~MS&Co. violated CFTC Regulation 22.9(a) by failing to hold sufficient ~~US Dollars~~U.S. dollars in cleared swap segregated accounts in the United States to meet all ~~US Dollar~~U.S. dollar obligations to cleared swaps customers. Specifically, the CFTC found that while ~~the Company~~MS&Co. at all times held sufficient funds in segregation to cover its obligations to its customers, on certain days during 2013 and 2014, it held currencies, such as euros, instead of USU.S. dollars, to meet its USU.S. dollar obligations. In addition, the CFTC found that ~~the Company~~MS&Co. violated Regulation 166.3 by failing to have in place adequate procedures to ensure that it complied with Regulation 22.9(a). Without admitting or denying the findings or conclusions and without adjudication of any issue of law or fact, ~~the Company~~MS&Co. accepted and consented to the entry of findings, the imposition of a cease and desist order, a civil monetary penalty of $300,000, and undertakings related to public statements, cooperation, and payment of the monetary penalty.

~~Civil Litigation~~

~~On December 23, 2009, the Federal Home Loan Bank of Seattle filed a complaint against the Company and another defendant in the Superior Court of the State of Washington, styled~~~~Federal Home Loan Bank of Seattle v. Morgan Stanley~~~~& Co. Inc., et al.~~ The amended complaint, filed on September 28, 2010, alleges that defendants made untrue statements and material omissions in the sale to plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sold to plaintiff by the Company was approximately $233 million. The complaint raises claims under the Washington State Securities Act and seeks, among other things, to rescind the plaintiff’s purchase of such certificates

By orders dated June 23, 2011 and July 18, 2011, the court denied defendants’ omnibus motion to dismiss plaintiff’s amended complaint and on August 15, 2011, the court denied the Company’s individual motion to dismiss the amended complaint. On March 7, 2013, the court granted defendants’ motion to strike plaintiff’s demand for a jury trial. The defendants’ joint motions for partial summary judgment were denied on November 9, 2015. At March 25, 2016, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $45 million, and the certificates had not yet incurred actual losses. Based on currently available information, the Company believes it could incur a loss in this action up to the difference between the $45 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against the Company, plus pre- and post-judgment interest, fees and costs. The Company may be entitled to be indemnified for some of these losses and to an offset for interest received by the plaintiff prior to a judgment.

~~On March 15, 2010, the Federal Home Loan Bank of San Francisco filed a complaint against the Company and other defendants in the Superior Court of the State of California styled~~~~Federal Home Loan Bank of San~~~~Francisco~~~~v. Deutsche Bank Securities Inc.~~~~et al.~~ An amended complaint, filed on June 10, 2010, alleges that defendants made untrue statements and material omissions in connection with the sale to plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The amount of certificates allegedly sold to plaintiff by the Company was approximately $276 million. The complaint raises claims under both the federal securities laws and California law and seeks, among other things, to rescind the plaintiff’s purchase of such certificates. On August 11, 2011, plaintiff’s federal securities law claims were dismissed with prejudice. On February 9, 2012, defendants’ demurrers with respect to all other claims were overruled. On December 20, ~~2013, plaintiff’s negligent misrepresentation claims were dismissed~~2016, MS&Co. consented to and became the subject of an order by the SEC in connection with ~~prejudice. At March 25, 2016, the current unpaid balance~~allegations that MS&Co. willfully violated Sections 15(c)(3) and 17(a)(1) of the ~~mortgage pass-through certificates at issue in these cases was approximately $56 million,~~Exchange Act and ~~the certificates had incurred actual losses of approximately $1 million. Based on currently available information, the Company believes it could incur a loss for this action up to the~~

~~-64-~~

~~difference between the $56 million unpaid balance of these certificates (plus any losses incurred)~~Rules 15c3-3(e), 17a-5(a), and their fair market value at the time of a judgment against the Company, or upon sale, plus pre- and post-judgment interest, fees and costs. The Company may be entitled to be indemnified for some of these losses and17a-5(d) thereunder, by inaccurately calculating its Reserve Account requirement under Rule 15c3-3 by including margin loans to an ~~offset for interest received by~~affiliate in its calculations, which resulted in making inaccurate records and submitting inaccurate reports to the ~~plaintiff prior~~SEC. Without admitting or denying the underlying allegations and without adjudication of any issue of law or fact, MS&Co. consented to a ~~judgment.~~

cease and desist order, a censure, and a civil monetary penalty of $7,500,000.

On September 28, 2017, the CFTC issued an order filing and simultaneously settling charges against MS&Co. regarding violations of CFTC Rule 166.3 by failing to diligently supervise the reconciliation of exchange and clearing fees with the amounts it ultimately charged customers for certain transactions on multiple exchanges. The order and settlement required MS&Co. to pay a $500,000 penalty and cease and desist from violating Rule 166.3.

On November 2, 2017, the CFTC issued an order filing and simultaneously settling charges against MS&Co. for non-compliance with applicable rules governing Part 17 Large Trader reports to the CFTC. The order requires MS&Co. to pay a $350,000 penalty and cease and desist from further violations of the Commodity Exchange Act.

Civil Litigation

On July 15, 2010, China Development Industrial Bank (“CDIB”) filed a complaint against ~~the Company,~~MS&Co., styledChina Development Industrial Bank v. Morgan Stanley& Co. Incorporated et al.al., which is pending in the Supreme Court of the State of New York, New York County (“Supreme Court of NY”). The complaint relates to a $275 million credit default swap referencing the super senior portion of the STACK 2006-1 CDO. The complaint asserts claims for common law fraud, fraudulent inducement and fraudulent concealment and alleges that ~~the Company~~MS&Co. misrepresented the risks of the STACK 2006-1 CDO to CDIB, and that ~~the Company~~MS&Co. knew that the assets backing the CDO were of poor quality when it entered into the credit default swap with CDIB. The complaint seeks compensatory damages related to the approximately $228 million that CDIB alleges it has already lost under the credit default swap, rescission of CDIB’s obligation to pay an additional $12 million, punitive damages, equitable relief, fees and costs. On February 28, 2011, the court denied ~~the Company’s~~MS&Co.’s motion to dismiss the complaint. ~~Based~~On December 21, 2018, the court denied MS&Co.’s motion for summary judgement and granted in part MS&Co.’s motion for sanctions related to the spoliation of evidence. On January 18, 2019, CDIB filed a motion to clarify and resettle the portion of the court’s December 21, 2018 order granting spoliation sanctions. On January 24, 2019, CDIB filed a notice of appeal from the court’s December 21, 2018 order, and on ~~currently available information,~~ January 25, 2019, MS&Co. filed a notice of appeal from

the ~~Company believes it could incur~~same order. On March 7, 2019 the court denied the relief requested by CDIB in its January 24, 2019 appeal. On December 5, 2019, the Appellate Division, First Department heard the parties’ cross-appeals. On May 21, 2020, the First Department modified the order of the Supreme Court of NY to deny the MS&Co.’s motion for sanctions relating to spoliation of evidence and otherwise affirmed the denial of the MS&Co.’s motion for summary judgment. On June 19, 2020, MS&Co. moved for leave to appeal the First Department’s decision to the Court of Appeals, which the First Department denied on July 24, 2020. On March 22, 2021, the parties entered into a ~~loss~~settlement agreement, the terms of ~~up to approximately $240 million plus pre- and post-judgment interest, fees and costs.~~

which are confidential. On April 16, 2021, the court entered a stipulation of voluntary discontinuance, with prejudice.

On October 15, 2010, the Federal Home Loan Bank of Chicago filed a complaint against ~~the Company~~MS&Co. and other defendants in the Circuit Court of the State of Illinois, styledFederal Home Loan Bank ofChicagov.Bank of America Funding Corporationet al. A corrected amended complaint was filed on April 8, ~~2011. The corrected amended complaint~~2011, which alleges that defendants made untrue statements and material omissions in the sale to the plaintiff of a number of mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans and asserts claims under Illinois law. The total amount of certificates allegedly sold to the plaintiff by ~~the Company~~MS&Co. at issue in the action was approximately $203 million. The complaint seeks, among other things, to rescind the plaintiff’s

purchase of such certificates. The defendants filed a motion to dismiss the corrected amended complaint on May 27, 2011, which was denied on September 19, 2012. On December 13, 2013, the court entered an order dismissing all claims related to one of the securitizations at issue. On January 18, 2017, the court entered an order dismissing all claims related to an additional securitization at issue. After ~~that dismissal,~~those dismissals, the remaining amount of certificates allegedly issued by ~~the Company~~MS&Co. or sold to the plaintiff by ~~the Company~~MS&Co. was approximately ~~$78~~$65 million. At ~~March~~June 25, ~~2016,~~2018, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately ~~$50~~$37 million and the certificates had not yet incurred actual losses. Based on currently available information, ~~the Company~~MS&Co. believes it could incur a loss in this action up to the difference between the ~~$50~~$37 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against ~~the Company,~~MS&Co., plus pre- and post-judgment interest, fees and costs. ~~The Company~~MS&Co. may be entitled to be indemnified for some of these losses and to an offset for interest received by the plaintiff prior to a judgment.

~~On April 20, 2011, the Federal Home Loan Bank of Boston filed a complaint against the Company and other defendants in the Superior Court of the Commonwealth of Massachusetts styled~~~~Federal Home Loan Bank of Boston v. Ally Financial, Inc. F/K/A GMAC LLC et al.~~ An amended complaint was filed on June 29, 2012 and alleges that defendants made untrue statements and material omissions in the sale to plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly issued by the Company or sold to plaintiff by the Company was approximately $385 million. The amended complaint raises claims under the Massachusetts Uniform Securities Act, the Massachusetts Consumer Protection Act and common law and seeks, among other things, to rescind the plaintiff’s purchase of such certificates. On May 26, 2011, defendants removed the case to the United States District Court for the District of Massachusetts. The defendants’ motions to dismiss the amended complaint were granted in part and denied in part on September 30, 2013. On November 25, 2013, July 16, 2014, and May 19, 2015, respectively, the plaintiff voluntarily dismissed its claims against the Company with respect to three of the securitizations at issue. After these voluntary dismissals, the remaining amount of

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certificates allegedly issued by the Company or sold to plaintiff by the Company was approximately $332 million. At March 25, 2016, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $54 million, and the certificates had not yet incurred actual losses. Based on currently available information, the Company believes it could incur a loss in this action up to the difference between the $54 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against the Company, or upon sale, plus pre- and post-judgment interest, fees and costs. The Company may be entitled to be indemnified for some of these losses and to an offset for interest received by the plaintiff prior to a judgment.

~~On May 3, 2013, plaintiffs in~~~~Deutsche Zentral-Genossenschaftsbank AG et al. v. Morgan Stanley et al.~~filed a complaint against the Company, certain affiliates, and other defendants in the Supreme Court of NY. The complaint alleges that defendants made material misrepresentations and omissions in the sale to plaintiffs of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by the Company to plaintiff currently at issue in this action was approximately $644 million. The complaint alleges causes of action against the Company for common law fraud, fraudulent concealment, aiding and abetting fraud, negligent misrepresentation, and rescission and seeks, among other things, compensatory and punitive damages. On June 10, 2014, the court granted in part and denied in part the Company’s motion to dismiss the complaint. The Company perfected its appeal from that decision on June 12, 2015. At March 25, 2016, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $263 million, and the certificates had incurred actual losses of approximately $84 million. Based on currently available information, the Company believes it could incur a loss in this action up to the difference between the $263 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against the Company, or upon sale, plus pre- and post-judgment interest, fees and costs. The Company may be entitled to be indemnified for some of these losses.

On May 17, 2013, a plaintiff inIKB International S.A. in Liquidation, et al. v. Morgan Stanley, et al. filed a complaint against ~~the Company~~MS&Co. and certain affiliates in the Supreme Court of NY. The complaint alleges that the defendants made material misrepresentations and omissions in the sale to the plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by MS&Co. to the ~~Company to~~ plaintiff was approximately ~~$132~~$133 million. The complaint alleges causes of action against ~~the Company~~MS&Co. for common law fraud, fraudulent concealment, aiding and abetting fraud, and negligent misrepresentation, and seeks, among other things, compensatory and punitive damages. On October 29, 2014, the court granted in part and denied in part ~~the Company’s~~MS&Co.’s motion to dismiss. All claims regarding four certificates were dismissed. After these dismissals, the remaining amount of certificates allegedly issued by ~~the Company~~MS&Co. or sold to the plaintiff by ~~the Company~~MS&Co. was approximately $116 million. On August 26, 2015, ~~the Company~~MS&Co. perfected its appeal from the court’s October 29, 2014 decision. On August 11, 2016, the Appellate Division, First Department affirmed the trial court’s decision denying in part MS&Co.’s motion to dismiss the complaint. At ~~March~~June 25, ~~2016,~~2018, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately ~~$28~~$24 million, and the certificates had incurred actual losses of $58 million. Based on currently available information, ~~the Company~~MS&Co. believes it could incur a loss in this action up to the difference between the ~~$28~~$24 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against ~~the Company,~~MS&Co., or upon sale, plus pre- and post-judgment interest, fees and costs. ~~The Company~~MS&Co. may be entitled to be indemnified for some of these losses and to an offset for interest received by the plaintiff prior to a judgment.

~~Settled Civil Litigation~~

In August ~~25, 2008, the Company and two ratings agencies were~~of 2017, MS&Co. was named as ~~defendants~~a defendant in a purported antitrust class action ~~related~~in the United States District Court for the United States District Court for the Southern District of New York styled Iowa Public Employees’ Retirement System et al. v. Bank of America Corporation et al. Plaintiffs allege, inter alia, that MS&Co., together with a number of other financial institution defendants, violated U.S. antitrust laws

and New York state law in connection with their alleged efforts to prevent the development of electronic exchange-based platforms for securities ~~issued by~~lending. The class action complaint was filed on behalf of a ~~structured investment vehicle called Cheyne Finance PLC~~purported class of borrowers and ~~Cheyne Finance LLC (together,~~lenders who entered into stock loan transactions with the ~~“Cheyne SIV”).~~defendants. The ~~case was~~class action complaint seeks, among other relief, certification of the class of plaintiffs and treble damages. On September 27, 2018, the court denied the defendants’ motion to dismiss the class action complaint.

Settled Civil Litigation

On December 23, 2009, the Federal Home Loan Bank of Seattle filed a complaint against MS&Co. and another defendant in the Superior Court of the State of Washington, styled~~Abu Dhabi Commercial~~ Federal Home Loan Bank ~~et al.~~of Seattle v. Morgan Stanley & Co.Inc., et al. The amended complaint, filed on September 28, 2010, alleges that defendants made untrue statements and material omissions in the sale to the plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sold to the plaintiff by MS&Co. was approximately $233 million. The complaint ~~alleged,~~raises claims under the Washington State Securities Act and seeks, among other things, ~~that~~to rescind the ~~ratings assigned to the securities issued by the Cheyne SIV were false and misleading, including because the ratings did not accurately~~

~~-66-~~

~~reflect the risks associated with the subprime residential mortgage backed securities held by the Cheyne SIV. The plaintiffs asserted allegations~~plaintiff’s purchase of ~~aiding and abetting fraud and negligent misrepresentation relating to approximately $852 million of securities issued by the Cheyne SIV.~~such certificates. On ~~April 24, 2013,~~January 23, 2017, the parties reached an agreement to settle the ~~case, and on April 26, 2013,~~litigation, the ~~court dismissed the action with prejudice.~~

terms of which are confidential.

On March 15, 2010, the Federal Home Loan Bank of San Francisco filed a complaint against ~~the Company~~MS&Co. and other defendants in the Superior Court of the State of California styledFederal Home Loan Bank of San Franciscov. ~~Credit Suisse~~Deutsche Bank Securities ~~(USA) LLC,~~Inc. et al.al. An amended complaint, filed on June 10, 2010, ~~alleged~~alleges that defendants made untrue statements and material omissions in connection with the sale to plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The amount of certificates allegedly sold to plaintiff by MS&Co. was approximately $276 million. The complaint raises claims under both the federal securities laws and California law and seeks, among other things, to rescind the plaintiff’s purchase of such certificates. On December 21, 2016, the parties reached an agreement to settle the litigation, the terms of which are confidential.

On March 15, 2010, the Federal Home Loan Bank of San Francisco filed a complaint against MS&Co. and other defendants in the Superior Court of the State of California styled Federal Home Loan Bank of San Francisco v. Credit Suisse Securities (USA) LLC, et al. An amended complaint filed on June 10, 2010 alleged that the defendants made untrue statements and material omissions in connection with the sale to the plaintiff of a number of mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The amount of certificates allegedly sold to the plaintiff by ~~the Company~~MS&Co. was approximately $704 million. The complaint raised claims under both the federal securities laws and California law and sought, among other things, to rescind the plaintiff’s purchase of such certificates. On January 26, 2015, as a result of a settlement with certain other defendants, the terms of which are confidential, the plaintiff requested and the court subsequently entered a dismissal with prejudice of certain of the plaintiff’s claims, including all remaining claims against ~~the Company.~~

MS&Co.

On July 9, 2010 and February 11, 2011, Cambridge Place Investment Management Inc. filed two separate complaints against ~~the Company~~MS&Co. and/or its affiliates and other defendants in the Superior Court of the Commonwealth of Massachusetts, both styledCambridge Place Investment Management Inc. v. Morgan Stanley& Co., Inc., et al. The complaints asserted claims on behalf of certain clients of the plaintiff’s affiliates and allege that the defendants made untrue statements and material omissions in the sale of a number of mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly issued by ~~the Company~~MS&Co. and/or its affiliates or sold to the plaintiff’s affiliates’ clients by ~~the Company~~MS&Co. and/or its affiliates in the two matters was approximately $263 million. On February 11, 2014, the parties entered into an agreement to settle the ~~litigation.~~litigation, the terms of which are confidential. On February 20, 2014, the court dismissed the action.

On October 25, 2010, ~~the Company,~~MS&Co., certain affiliates and Pinnacle Performance Limited, a special purpose vehicle (“SPV”), were named as defendants in a purported class action in the United States District Court for the Southern District of New York (“SDNY”), styledGe Dandong, et al. v. Pinnacle Performance Ltd., et al.. On January 31, 2014, the plaintiffs in the action, which related to securities issued by the SPV in Singapore, filed a second amended complaint, which asserted common law claims of fraud, aiding and

abetting fraud, fraudulent inducement, aiding and abetting fraudulent inducement, and breach of the implied covenant of good faith and fair dealing. On July 17, 2014, the parties reached an agreement, the terms of which are confidential, to settle the litigation, which received final court approval on July 2, 2015.

On July 5, 2011, Allstate Insurance Company and certain of its affiliated entities filed a complaint against ~~the Company~~MS&Co. in the Supreme Court of NY, styledAllstate Insurance Company, et al. v. Morgan Stanley, et al.al. An amended complaint was filed on September 9, 2011, and alleges that the defendants made untrue statements and material omissions in the sale to the plaintiffs of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly issued and/or sold to the plaintiffs by ~~the Company~~MS&Co. was approximately $104 million. The complaint raised common law claims of fraud, fraudulent inducement, aiding and abetting fraud, and negligent misrepresentation and seeks, among other things, compensatory and/or recessionary damages associated with the plaintiffs’ purchases of such certificates. On March 15, 2013, the court denied in substantial part the defendants’ motion to dismiss the amended complaint, which order the Company appealed on April 11, 2013. On May 3, 2013, the Company filed its answer to the amended complaint. On January 16, 2015, the parties reached an agreement to settle the ~~litigation.~~

litigation, the terms of which are confidential.

On July 18, 2011, the Western and Southern Life Insurance Company and certain affiliated companies filed a complaint against ~~the Company~~MS&Co. and other defendants in the Court of Common Pleas in Ohio, styledWestern and Southern Life Insurance Company, et al. v. Morgan Stanley Mortgage Capital Inc., et al.al. An amended complaint was filed on April 2, 2012 and alleges that the defendants made untrue statements and material omissions in the sale to the plaintiffs of certain mortgage pass-through certificates backed by

~~-67-~~

securitization trusts containing residential mortgage loans. The amount of the certificates allegedly sold to plaintiffs by ~~the Company~~MS&Co. was approximately $153 million. On June 8, 2015, the parties reached an agreement to settle the ~~litigation.~~

litigation, the terms of which are confidential.

On September 2, 2011, the Federal Housing Finance Agency (“FHFA”), as conservator for Fannie Mae and Freddie Mac, filed 17 complaints against numerous financial services companies, including ~~the Company~~MS&Co. and certain affiliates. A complaint against ~~the Company~~MS&Co. and certain affiliates and other defendants was filed in the Supreme Court of NY, styledFederal Housing Finance Agency, as Conservator v. Morgan Stanley et al.al. The complaint alleges that the defendants made untrue statements and material omissions in connection with the sale to Fannie Mae and Freddie Mac of residential mortgage pass-through certificates with an original unpaid balance of approximately $11 billion. The complaint raised claims under federal and state securities laws and common law and seeks, among other things, rescission and compensatory and punitive damages. On February 7, 2014, the parties entered into an agreement to settle the ~~litigation.~~litigation, the terms of which are confidential. On February 20, 2014, the court dismissed the action.

On April 25, 2012, Metropolitan Life Insurance Company and certain affiliates filed a complaint against ~~the Company~~MS&Co. and certain affiliates in the Supreme Court of NY, styledMetropolitan Life Insurance Company, et al. v. Morgan Stanley, et al.An amended complaint was filed on June 29, 2012, and alleges that the defendants made untrue statements and material omissions in the sale to the plaintiffs of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten, and/or sold by ~~the Company~~MS&Co. was approximately $758 million. The amended complaint raised common law claims of fraud, fraudulent inducement, and aiding and abetting fraud and seeks, among other things, rescission, compensatory, and/or rescissionary damages, as well as punitive damages, associated with the plaintiffs’ purchases of such certificates. On April 11, 2014, the parties entered into a settlement ~~agreement.~~

agreement, the terms of which are confidential.

On April 25, 2012, The Prudential Insurance Company of America and certain affiliates filed a complaint against ~~the Company~~MS&Co. and certain affiliates

in the Superior Court of the State of New Jersey, styledThe Prudential Insurance Company of America, et al. v. Morgan Stanley, et al. On October 16, 2012, the plaintiffs filed an amended complaint. The amended complaint alleged that the defendants made untrue statements and material omissions in connection with the sale to the plaintiffs of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by ~~the Company~~MS&Co. was approximately $1.073 billion. The amended complaint raises claims under the New Jersey Uniform Securities Law, as well as common law claims of negligent misrepresentation, fraud, fraudulent inducement, equitable fraud,

aiding and abetting fraud, and violations of the New Jersey RICO statute, and includes a claim for treble damages. On January 8, 2016, the parties reached an agreement to settle the ~~litigation.~~

litigation, the terms of which are confidential.

In re Morgan Stanley Mortgage Pass-Through Certificates Litigation,, which had been pending in the SDNY, was a putative class action involving allegations that, among other things, the registration statements and offering documents related to the offerings of certain mortgage pass-through certificates in 2006 and 2007 contained false and misleading information concerning the pools of residential loans that backed these securitizations. On December 18, 2014, the parties’ agreement to settle the litigation, the terms of which are confidential, received final court approval, and on December 19, 2014, the court entered an order dismissing the action.

On November 4, 2011, the ~~Federal Deposit Insurance Corporation (“FDIC”),~~FDIC, as receiver for Franklin Bank S.S.B, filed two complaints against ~~the Company~~MS&Co. in the District Court of the State of Texas. Each was styledFederal Deposit Insurance Corporation as Receiver for Franklin Bank, S.S.B v. Morgan Stanley & Company LLC F/K/A Morgan Stanley & Co. Inc. and alleged that ~~the Company~~MS&Co. made untrue statements and material omissions in connection with the sale to the plaintiff of mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The amount of certificates allegedly underwritten and sold to the plaintiff by ~~the Company~~MS&Co. in these cases was approximately $67 million and $35 million, respectively. On July 2, 2015, the parties reached an agreement to settle the ~~litigation.~~

litigation, the terms of which are confidential.

~~-68-~~

On February 14, 2013, Bank Hapoalim B.M. filed a complaint against ~~the Company~~MS&Co. and certain affiliates in the Supreme Court of NY, styledBank Hapoalim B.M. v. Morgan Stanley et al. The complaint alleges that the defendants made material misrepresentations and omissions in the sale to the plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by MS&Co. to the plaintiff was approximately $141 million. On July 28, 2015, the parties reached an agreement to settle the litigation, the terms of which are confidential, and on August 12, 2015, the plaintiff filed a stipulation of discontinuance with prejudice.

On April 20, 2011, the Federal Home Loan Bank of Boston filed a complaint against MS&Co. and other defendants in the Superior Court of the Commonwealth of Massachusetts styled Federal Home Loan Bank of Boston v. Ally Financial, Inc. F/K/A GMAC LLC et al. An amended complaint was filed on June 29, 2012 and alleges that the defendants made untrue statements and material omissions in the sale to plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly issued by MS&Co. or sold to the plaintiff by MS&Co. was approximately $385 million. The amended complaint raises claims under the Massachusetts Uniform Securities Act, the Massachusetts Consumer Protection Act and common law and seeks, among other things, to rescind the plaintiff’s purchase of such certificates. On May 26, 2011, the defendants removed the case to the United States District Court for the District of Massachusetts. The defendants’ motions to dismiss the amended complaint were granted in part and denied in part on September 30, 2013. On November 25, 2013, July 16, 2014, and May 19, 2015, respectively, the plaintiff voluntarily dismissed its claims against MS&Co. with respect to three of the securitizations at issue. After these voluntary dismissals, the remaining amount of certificates allegedly issued by MS&Co. or sold to the plaintiff by MS&Co. was approximately $332 million. On February 6, 2017, the action was remanded to the Superior Court of the Commonwealth of Massachusetts. On July 13, 2018, the parties reached an agreement in principle to settle the litigation the terms of which are confidential.

On May 3, 2013, plaintiffs in Deutsche Zentral-Genossenschaftsbank AG et al. v. Morgan Stanley et al. filed a complaint against MS&Co., certain affiliates, and other defendants in the Supreme Court of NY. The complaint alleges that the defendants made material misrepresentations and omissions in the sale to the plaintiffs of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by MS&Co. to the ~~Company to~~ plaintiff was approximately ~~$141~~$634 million. The complaint alleges causes of action against MS&Co. for common law fraud, fraudulent concealment, aiding and abetting fraud, negligent

misrepresentation, and rescission and seeks, among other things, compensatory and punitive damages. On ~~July 28, 2015,~~June 26, 2018, the parties ~~reached~~entered an agreement to settle the litigation, ~~and on August 12, 2015,~~ the ~~plaintiff filed a stipulation~~terms of ~~discontinuance with prejudice.~~

which are confidential.

On September 23, 2013, the plaintiff inNational Credit Union Administration Board v. Morgan Stanley& Co. Inc., et al.filed a complaint against ~~the Company~~MS&Co. and certain affiliates in the SDNY. The complaint alleged that the defendants made untrue statements of material fact or omitted to state material facts in the sale to the plaintiff of certain mortgage pass-through certificates issued by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by MS&Co. to the ~~Company to~~ plaintiffs in the matter was approximately $417 million. The complaint alleged violations of federal and various state securities laws and sought, among other things, rescissionary and compensatory damages. On November 23, 2015, the parties reached an agreement to settle the ~~matter.~~

matter, the terms of which are confidential.

On September 16, 2014, the Virginia Attorney General’s Office filed a civil lawsuit, styledCommonwealth of Virginia ex rel. Integra REC LLC v. Barclays Capital Inc., et al., against ~~the Company~~MS&Co. and several other defendants in the Circuit Court of the City of Richmond related to RMBS. The lawsuit alleged that ~~the Company~~MS&Co. and the other defendants knowingly made misrepresentations and omissions related to the loans backing RMBS purchased by the Virginia Retirement System. The complaint asserts claims under the Virginia Fraud Against Taxpayers Act, as well as common law claims of actual and constructive fraud, and seeks, among other things, treble damages and civil penalties. On January 6, 2016, the parties reached an agreement to settle the ~~litigation.~~litigation, the terms of which are confidential. An order dismissing the action with prejudice was entered on January 28, 2016.

On April 1, 2016, the California Attorney General’s Office filed an action against MS&Co. in California state court styled California v. Morgan Stanley, et al., on behalf of California investors, including the California Public Employees’ Retirement System and the California Teachers’ Retirement System. The complaint alleges that MS&Co. made misrepresentations and omissions regarding residential mortgage-backed securities and notes issued by the Cheyne SIV, and asserts violations of the California False Claims Act and other state laws and seeks treble damages, civil penalties, disgorgement, and injunctive relief. On September 30, 2016, the court granted MS&Co.’s demurrer, with leave to replead. On October 21, 2016, the California Attorney General filed an amended complaint. On January 25, 2017, the court denied MS&Co.’s demurrer with respect to the amended complaint. On April 24, 2019, the parties reached an agreement to settle the litigation, the terms of which are confidential.

On December 30, 2013, Wilmington Trust Company, in its capacity as trustee for Morgan Stanley Mortgage Loan Trust 2007-12, filed a complaint against MS&Co. styled Wilmington Trust Company v. Morgan Stanley Mortgage Capital Holdings LLC et al., pending in the Supreme Court of NY. The complaint asserted claims for breach of contract and alleged, among other things, that the loans in the trust, which had an original principal balance of approximately $516 million, breached various representations and warranties. The complaint sought, among other relief, unspecified damages, attorneys’ fees, interest and costs. On February 28, 2014, defendants filed a motion to dismiss the complaint, which was granted in part and denied in part on June 14, 2016. Plaintiff filed a notice of appeal of that order on August 17, 2016. On July 11, 2017, First Department affirmed in part and reversed in part an order granting in part and denying in part MS&Co.’s motion to dismiss. On August 10, 2017, plaintiff filed a motion for leave to appeal that decision. On September 26, 2017, the First Department denied plaintiff’s motion for leave to appeal to the Court of Appeals. On October 31, 2018, the parties entered into an agreement to settle the litigation. On September 10, 2019, the court entered a final judgment and order granting final approval of the settlement. On November 11, 2019, the parties filed a stipulation of voluntary discontinuance, dismissing the action with prejudice.

On September 19, 2014, FGIC filed a complaint against MS&Co. in the Supreme Court of NY, styled Financial Guaranty Insurance Company v. Morgan Stanley ABS Capital I Inc. et al. relating to a securitization issued by Basket of Aggregated Residential NIMS 2007-1 Ltd. The complaint asserted claims for breach of contract and alleges, among other things, that the net interest margin securities (“NIMS”) in the trust breached various representations and warranties. FGIC issued a financial guaranty policy with

respect to certain notes that had an original balance of approximately $475 million. The complaint sought, among other relief, specific performance of the NIMS breach remedy procedures in the transaction documents, unspecified damages, reimbursement of certain payments made pursuant to the transaction documents, attorneys’ fees and interest. On November 24, 2014, MS&Co. filed a motion to dismiss the complaint, which the court denied on January 19, 2017. On February 24, 2017, MS&Co. filed a notice of appeal of the denial of its motion to dismiss the complaint and perfected its appeal on November 22, 2017. On September 13, 2018, the court affirmed the lower court’s order denying MS&Co.’s motion to dismiss the complaint. On November 13, 2019, the parties entered into an agreement to settle the litigation. On December 4, 2019, the parties filed a stipulation of voluntary discontinuance, dismissing the action with prejudice.

Beginning on March 25, 2019, MS&Co. was named as a defendant in a series of putative class action complaints filed in the Southern District of New York, the first of which is styled Alaska Electrical Pension Fund v. BofA Secs., Inc., et al. Each complaint alleges a conspiracy to fix prices and restrain competition in the market for unsecured bonds issued by the following Government-Sponsored Enterprises: the Federal National Mortgage Associate; the Federal Home Loan Mortgage Corporation; the Federal Farm Credit Banks Funding Corporation; and the Federal Home Loan Banks. The purported class period for each suit is from January 1, 2012 to June 1, 2018. Each complaint raises a claim under Section 1 of the Sherman Act and seeks, among other things, injunctive relief and treble compensatory damages. On May 23, 2019, plaintiffs filed a consolidated amended class action complaint styled In re GSE Bonds Antitrust Litigation, with a purported class period from January 1, 2009 to January 1, 2016. On June 13, 2019, the defendants filed a joint motion to dismiss the consolidated amended complaint. On August 29, 2019, the court denied MS&Co.’s motion to dismiss. On December 15, 2019, MS&Co. and certain other defendants entered into a stipulation of settlement to resolve the action as against each of them in its entirety. On February 3, 2020, the court granted preliminary approval of that settlement.

Additional or replacement Commodity Brokers may be appointed in respect of the Fund in the future.

~~CONFLICTS OF INTEREST~~

Conflicts of Interest

General

The Managing Owner has not established formal procedures to resolve all potential conflicts of interest. Consequently, investors may be dependent on the good faith of the respective parties subject to such conflicts to resolve them equitably. Although the Managing Owner attempts to monitor these conflicts, it is extremely difficult, if not impossible, for the Managing Owner to ensure that these conflicts do not, in fact, result in adverse consequences to the ~~Fund.~~

Fund and the Shareholders.

Prospective investors should be aware that the Managing Owner presently intends to assert that Shareholders have, by subscribing for Shares, consented to the following conflicts of interest in the event of any proceeding alleging that such conflicts violated any duty owed by the Managing Owner to investors.

The Managing Owner

The Managing Owner has a conflict of interest in allocating its own limited resources among different clients and potential future business ventures, to each of which it owes fiduciary duties. ~~Additionally, certain~~Certain of the professional staff of the Managing Owner may also service other affiliates of the Managing Owner and their respective clients. The Managing Owner may, from ~~time-to-time,~~time to time, have conflicting demands in respect of its obligations to the Fund and to other commodity pools and accounts. It is possible that current or future pools that the Managing Owner ~~may become involved with~~operates or advises may generate larger fees ~~resulting in increased payments to employees. Although~~than the fees that the Managing Owner receives from the Fund. In such a scenario, the Managing Owner’s principals and ~~its professional staff cannot and will not devote all of its or their respective time or resources to the management~~employees may receive a greater portion of the ~~business~~compensation from those other mandates. Any such increase in fee income for the Managing Owner or compensation for its principals and ~~affairs of~~ employees would create an incentive to expend greater resources on those other mandates than on operating and advising

the ~~Fund, the~~Fund. The Managing Owner intends to devote, and to cause its professional staff to devote, sufficient time and resources to manage properly the business and affairs of the Fund consistent with its or their respective fiduciary duties to the Fund and others.

The Managing Owner has a conflict of interest in the selection of affiliated money market mutual

~~-69-~~

fundsand/or T-Bill ETFs in which the Fund may invest a portion of its cash for margin and/or cash management purposes. The Managing Owner may choose to invest a portion of the Fund’s cash in an affiliated money market mutual fund and/or T-Bill ETF despite the fact that non-affiliated money market mutual funds or T-Bill ETFs may pay a higher ~~dividend.~~

~~There is~~dividend and/or make a bigger distribution of capital gains. In addition, the Managing Owner would have a conflict of interest if it sought to redeem the Fund’s interest in an affiliated money market mutual fund or T-Bill ETF in circumstances when such a redemption would be unfavorable for the affiliated fund.

The Trust Agreement provides that in the case of a conflict of interest between the Managing Owner or any of its affiliates, on the one hand, and the Trust or any other person, on the other hand, the Managing Owner shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable generally accepted accounting practices or principles. In the absence of ~~arm’s length negotiation with respect to some~~bad faith by the Managing Owner, the resolution, action or terms so made, taken or provided by the Managing Owner shall not constitute a breach of the ~~terms~~Trust Agreement or any duty or obligation of ~~this offering, and there has been no independent due diligence conducted with respect to this offering.~~

the Managing Owner.

Invesco Distributors

~~Invesco Advisers~~

~~Placing trades generally involves acting on portfolio manager instructions to buy or sell~~

The Commodity Broker

The Commodity Broker may have a ~~specified amount~~conflict of ~~futures contracts, including how to place the trades. The Managing Owner is part~~interest in its execution of the Invesco Global Trading Desk, which includes trading hubs operated by affiliates of the Managing Owner throughout the world. Invesco Advisers Inc. or Invesco Advisers, one such affiliate, operates a trading desk in Atlanta with particular experience in placing trades in currency futures contracts. The Managing Owner may utilize the Invesco Advisers trading desk to place trades for the ~~Fund. Invesco Advisers receives no compensation~~Fund and for ~~providing this service. Invesco Advisers acts as a commodity trading advisor of~~other customers. For example, the ~~Fund.~~

~~The Commodity Broker~~

Shareholders should understand that the Commodity Broker receives a round-turn brokerage fee from the Fund for serving as the Fund’s commodity broker. A round-turn trade is a completed transaction involving both a purchase and a liquidating sale, or a sale followed by a covering purchase.

~~The~~ Commodity Broker may act from ~~time-to-time~~time to time as a commodity broker for other accounts with which it is affiliated or in which it or one of its

affiliates has a financial interest. The compensation received by the Commodity Broker from such accounts may be more or less than the compensation received for brokerage services provided to the Fund. Customers of the Commodity Broker who maintain commodity trading accounts may pay commissions at negotiated rates which are greater or ~~less~~lesser than the rate paid by the Fund. In addition, various accounts traded through the Commodity Broker (and over which their personnel may have discretionary trading authority) may take positions in the futures markets opposite to those of the Fund or may compete with the Fund for the same positions. The Commodity Broker may have a conflict of interest in its execution of trades for the Fund and for other customers. The Managing Owner will, however, not retain any commodity broker for the Fund which the Managing Owner has reason to believe would knowingly or deliberately favor any other customer over the Fund with respect to the execution of commodity trades.

The Commodity Broker will also benefit from executing orders for other clients, whereas the Fund may be harmed to the extent that the Commodity Broker has fewer resources to allocate to the Fund’s accounts due to the existence of such other clients.

~~Certain officers or employees of~~

In addition, various accounts traded through the Commodity Broker (and over which their personnel may be members of United States commodities exchanges and/or serve on the governing bodies and standing committees of such exchanges, their clearing houses and/or various other industry organizations. In such capacities, these officers or employeeshave discretionary trading authority) may ~~have a fiduciary duty to the exchanges, their clearing houses and/or such various other industry organizations which could compel such employees to act~~take positions in the ~~best interests of these entities, perhaps to the detriment of the Fund.~~

~~The Index Sponsor and the Marketing Agent~~

Deutsche Bank Securities Inc., in its capacity as the Fund’s Index Sponsor and Marketing Agent, has a conflict of interest in allocating its own limited resources among different clients and potential future business ventures. Additionally, certain of the professional staff of Deutsche Bank Securities Inc. may also service other affiliates of Deutsche Bank Securities Inc. and their respective clients. Deutsche Bank Securities Inc., in its capacity as the Fund’s Index Sponsor and Marketing Agent may, from time-to-time, have conflicting demands in respect of its

~~-70-~~

obligations to the Fund and to other clients. It is possible that current or future pools that Deutsche Bank Securities Inc. may become involved with in its capacity as the Fund’s Index Sponsor and Marketing Agent may generate larger fees, resulting in possibly increased payments to employees.

~~Proprietary Trading/Other Clients~~

~~The Managing Owner will not trade proprietary accounts.~~

Because the principals of the Managing Owner may trade for their own proprietary accounts (subject to certain internal Invesco Ltd. employee trading policies and procedures) at the same time that they are managing the accountfutures markets opposite those of the Fund prospective investors should be aware that the activities of the principals of the Managing Owner, subject to their fiduciary duties, may, from time-to-time, result in taking positions in their personal trading accounts which are opposite to those held by the Fund, may trade ahead of the Fund,or may compete with the Fund for ~~positions in~~ the ~~marketplace and may give preferential treatment to these proprietary accounts. Records of the~~same positions. The Managing Owner ~~principals’ personal trading accounts will not be available~~employs various methods for ~~inspection by Shareholders.~~

reviewing the Commodity Broker’s performance.

The Commodity Broker, its principals and its affiliates may trade in the commodity and foreign exchange markets for their proprietary accounts and for the accounts of their ~~clients, and in~~clients. In doing so, they may take positions opposite to those held by the Fund, may trade ahead of the Fund, may compete with the Fund for positions in the marketplace and may give preferential treatment to these proprietary and non-proprietary accounts. Such trading may create conflicts of interest in respect of their obligations to the Fund. Records of proprietary trading and trading on behalf of other clients will not be available for inspection by Shareholders.

Certain officers or employees of the Commodity Broker may be members of United States futures exchanges and/or serve on the governing bodies and standing committees of such exchanges, their clearing houses and/or various other industry organizations. In such capacities, these officers or employees may have a fiduciary duty to the exchanges, their clearing houses and/or such various other

~~DESCRIPTION OF THE SHARES; CERTAIN~~

~~MATERIAL TERMS OF THE TRUST~~

~~DECLARATION~~

industry organizations which could compel such employees to act in the best interests of these entities, perhaps to the detriment of the Fund.

The Index Sponsor

DBSI, in its capacity as the Fund’s Index Sponsor, has a conflict of interest in allocating its own limited resources among different clients and potential future business ventures. Certain of the professional staff of DBSI may also service other affiliates of DBSI and their respective clients. DBSI, in its capacity as the Fund’s Index Sponsor may, from time to time, have conflicting demands in respect of its obligations to the Fund and to other clients. It is possible that current or future pools that DBSI may become involved with in similar capacities may generate larger fees, which may cause DBSI to devote resources to other clients that otherwise would have been focused on the Fund.

Proprietary Trading/Other Clients

The Managing Owner will not trade proprietary accounts.

The principals of the Managing Owner may trade for their own proprietary accounts (subject to certain internal Invesco Ltd. employee trading policies and procedures) at the same time that they are managing the account of the Fund. As a result, the principals’ own trading activities may result in the principals taking positions in their personal trading accounts that are opposite to those held by the Fund, may trade ahead of the Fund, may compete with the Fund for positions in the marketplace and may give preferential treatment to these proprietary accounts. Records of the Managing Owner’s principals’ personal trading accounts and any written policies related to such trading will not be available for inspection by Shareholders.

Description of the Shares; Certain Material Terms of the Trust Agreement

The following summary describes in brief the Shares and certain aspects of the operation of the Fund and the respective responsibilities of the Trustee and the Managing Owner concerning the

Fund and the material terms of the Trust ~~Declaration.~~Agreement. Prospective investors should carefully review the Trust ~~Declaration~~Agreement which is incorporated by reference into this Prospectus and consult with their own advisers concerning the implications ~~to such prospective subscribers~~ of investing in a Delaware statutory trust. Capitalized terms used in this section and not otherwise defined shall have such meanings assigned to them under the Trust ~~Declaration.~~

Agreement.

Description of the Shares

The Fund issues common units of beneficial interest, or Shares, which represent units of fractional undivided beneficial interest in and ownership of the Fund. The Shares are listed on the NYSE Arca under the symbol “DBV.”

The Shares may be purchased from the Fund or redeemed on a continuous basis, but only by Authorized Participants and only in blocks of ~~200,000~~100,000 Shares, or ~~Baskets.~~Creation Units. Individual Shares may not be purchased from the Fund or redeemed. Shareholders that are not Authorized Participants may not purchase from the Fund or redeem Shares or ~~Baskets.~~

Creation Units.

Principal Office; Location of Records

The Fund is organized as a statutory trust under the Delaware Statutory Trust Act. The Fund is managed by the Managing Owner, whose office is located at 3500 Lacey Road, Suite 700, Downers Grove, IL 60515, telephone: (800) 983-0903.

The books and records of the Fund are maintained as follows: all marketing materials are maintained at the offices of Invesco Distributors, Inc., 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173, telephone number (800) 983-0903; ~~Basket~~Creation Unit creation and redemption books and records, certain financial books and records (including Fund accounting records, ledgers with respect to assets, liabilities, capital, income and expenses, the registrar, transfer journals and related details) and trading and related documents received from futures commission merchants are maintained by The Bank of New York Mellon, ~~2 Hanson Place, Brooklyn,~~

240 Greenwich Street, New York, ~~11217,~~New York 10007, telephone number (718) 315-7500. All other books and records of the Fund (including minute books and other general corporate records, trading records and

~~-71-~~

related reports and other items received from the Fund’s Commodity Brokers) are maintained at the Fund’s principal office, c/o Invesco ~~PowerShares~~ Capital Management LLC, 3500 Lacey Road, Suite 700, Downers Grove, IL 60515; telephone number (800) 983-0903.

Books and records of the Managing Owner (including those related to accounting, portfolio management, compliance, legal, marketing and operations): Iron Mountain, 341 S. Ari Ct., Addison, Illinois 60101; 121 Foster Ave., Bensenville, Illinois, 60106; 2625 W. Roosevelt Rd., Chicago, Illinois 60608; 2425 S. Halsted St., Chicago, Illinois, 60608; 4175 Chandler Dr., Hanover Park, Illinois 60133; 901 S. Menard Ave., Chicago, Illinois 60644; 2221 W. Pershing Rd., Chicago, Illinois 60609; 1301 S. Rockwell St., Chicago, Illinois 60608; 331 S. Swift Rd., Addison, Illinois 60101. Books and records of the Managing Owner that are required by Section 204 of the Investment Advisers Act of 1940 are maintained at the Managing Owner’s office at 1166 Avenue of the Americas, New York, New York, 10036; Invesco Distributors, Inc., 11 Greenway Plaza, Houston, Texas 77046; and the Bank of New York Mellon, 100 Colonial Center Parkway, Lake Mary, Florida, 32746.

The books and records of the Fund and Managing Owner are ~~located at the foregoing addresses, and~~ available for inspection and copying (upon payment of reasonable reproduction costs) by Shareholders or their representatives for any purposes reasonably related to a Shareholder’s interest as a beneficial owner of such Shares during regular business hours as provided in the Trust ~~Declaration.~~Agreement. The Managing Owner will maintain and preserve the books and records of the Fund for a period of not less than six years.

The Trustee

Wilmington Trust Company, a Delaware trust company, is the sole Trustee of the Fund. The Trustee’s principal offices are located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001. The Trustee is unaffiliated with the Managing Owner. The Trustee’s duties and liabilities with respect to the offering of the Shares and the management of the Fund are limited to its express obligations under the Trust ~~Declaration.~~

Agreement.

The rights and duties of the Trustee, the Managing Owner and the Shareholders are governed by the provisions of the Delaware Statutory Trust Act and by the Trust ~~Declaration.~~

Agreement.

The Trustee serves as the sole trustee of the Fund in the State of Delaware. The Trustee will accept service of legal process on the Fund in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. The Trustee does not owe any other duties to the Fund, the Managing Owner or the Shareholders. The Trustee is permitted to resign upon at least sixty (60) days’ notice to the Fund,provided,, that any such resignation will not be effective until a successor Trustee is appointed by the Managing Owner. The Trust ~~Declaration~~Agreement provides that the Trustee is compensated by the Fund and is indemnified by the Fund against any expenses it incurs relating to or arising out of the formation, operation or termination of the Fund or the execution, delivery and performance of ~~its duties pursuant~~any other agreements to which the Trust

~~Declaration,~~ is a party or the action or inaction of the Trustee, except to the extent that such expenses result from the gross negligence or willful misconduct of the Trustee. The Managing Owner has the discretion to replace the Trustee.

Only the Managing Owner has signed the registration statement of which this Prospectus is a part, and only the assets of the Fund and the Managing Owner are subject to issuer liability under the federal securities laws for the information contained in this Prospectus and under federal securities laws with respect to the issuance and sale of the Shares. Under such laws, neither the Trustee, either in its capacity as Trustee or in its individual capacity, nor any director, officer or controlling person of the Trustee is, or has any liability as, the issuer or a director, officer or controlling person of the issuer of the Shares.

The Trustee’s liability ~~in connection with the issuance and sale of the Shares~~ is limited solely to the express obligations of the Trustee set forth in the Trust ~~Declaration.~~

~~Under the Trust Declaration, the Trustee has delegated to the Managing Owner the exclusive management and control of all aspects of the business of the Fund.~~ Agreement.

The Trustee has no duty or liability to supervise or monitor the performance of the Managing Owner, nor does the Trustee have any liability for the acts or omissions of the Managing ~~Owner.~~Owner in accordance with the Managing Owner’s instructions. The Shareholders have no voice in theday-to-day management of the business and operations of the Fund, other than certain limited voting rights as set forth in the Trust ~~Declaration.~~Agreement. In the course of its management of the business and affairs of the Fund, the Managing Owner may, in its sole and absolute discretion, appoint an affiliate or affiliates of the Managing Owner as additional managing owners (except where the Managing Owner has been notified by the Shareholders that it is to be replaced as the managing owner) and retain such persons, including affiliates of the Managing Owner, as it deems necessary for the efficient operation of the Fund.

~~Because the~~

The Trustee ~~has delegated substantially all of its authority over the operation of the Fund to the Managing Owner, the Trustee itself~~ is not registered in any capacity with the CFTC.

~~The section “Performance of PowerShares DB G10 Currency Harvest Fund” on page 33 includes the performance of the offered pool.~~

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The Managing Owner

Background and Principals

Invesco ~~PowerShares~~ Capital Management LLC, a Delaware limited liability company, is the Managing Owner of the Fund. The Managing Owner was formed on February 7, 2003 for the purpose of serving as the managing owner of investment vehicles such as ETFs. The Managing Owner has managed non-commodity futures based ETFs since 2003 and a commodity futures based ETF since 2014. The Managing Owner serves as both commodity pool operator and commodity trading advisor of the Fund. The Managing Owner has been registered with the CFTC as a commodity pool operator since January 1, 2013, a commodity trading advisor since October 1, 2014, ~~as a swap firm since September 8, 2015,~~ and has been a member of the NFA since January 1, 2013. It has been an NFA-approved swap firm since September 8, 2015. Its principal place of business is 3500 Lacey Road, Downers Grove, Illinois 60515, telephone number (800) 983-0903. The Managing Owner is an affiliate of Invesco Ltd.The registration of the Managing Owner with the CFTC and its membership in the NFA must not be taken as an indication that either the CFTC or the NFA has recommended or approved the Managing Owner or the ~~Fund~~.

Fund.

In its capacity as a commodity pool operator, the Managing Owner ~~is an organization which~~ operates or solicits funds for commodity pools; that is, an enterprise in which funds contributed by a number of persons are combined for the purpose of trading futures contracts. In its capacity as a commodity trading advisor, the Managing Owner ~~is an organization which, for compensation or profit,~~ advises others as to the value of or the advisability of buying or selling futures contracts.

~~After consideration~~

The Managing Owner has served as the managing owner, commodity pool operator, and commodity trading advisor of the ~~exchange-traded fund, or ETF, market generally and its goals specifically, DB Commodity Services LLC, referred to as either DBCS or~~Fund since February 23, 2015, which is the date upon which the Managing Owner assumed those responsibilities for the Fund from the Predecessor Managing ~~Owner, made~~Owner. Please see the ~~determination that it would be in DBCS’ best interest to cease managing products in the U.S. commodities ETF space. After consideration~~chart on page 33 for information regarding past performance of the ~~ETF market generally and its goals specifically,~~Fund.

Effective June 4, 2018, the name of the Managing Owner ~~made~~changed from Invesco PowerShares Capital Management LLC to Invesco Capital Management LLC and the determination that it wanted to expand its presence in the U.S. commodities ETF space by becoming the new managing owner of the Fund. The Managing Owner also intends to launch other commodities-based ETF products in the U.S. in order to respond to developments in the market and investor preferences. The change of managing owner was effected by DBCS selling and transferring to the Managing Owner the general unitsname of the Fund ~~owned by DBCS, and by the substitution of the Managing~~

changed from PowerShares DB G10 Currency Harvest Fund to Invesco DB G10 Currency Harvest Fund.

~~Owner for DBCS as managing owner of the Fund, which became effective as of February 23, 2015.~~

Principals

The following principals serve in the below capacities on behalf of the Managing Owner:

Name		Capacity
~~Name~~ Anna Paglia		~~Capacity~~
~~Daniel Draper~~		Chief Executive Officer, Board of Managers

Peter Hubbard		Vice President and Director of Portfolio Management
Jordan Krugman
~~David Warren~~		~~Chief Administrative Officer,~~ Board of Managers
Annette Lege	Principal
~~Roderick Ellis~~ Kelli Gallegos		~~Principal~~

~~Steven Hill~~		Principal Financial and Accounting Officer, Investment Pools
Melanie Zimdars
~~Christopher Joe~~		Chief Compliance Officer

John Zerr		Board of Managers
Brian Hartigan	Global Head of ETF Investments

Invesco ~~North American Holdings~~Group Services Inc. is also a principal of the Managing Owner.

The Managing Owner is managed by a Board of Managers. The Board of Managers is composed of Ms. Paglia and Messrs. ~~Draper, Warren~~Krugman and Zerr.

The Managing Owner has designated Mr. Hubbard as the trading principal of the Fund.

~~Daniel Draper~~ ~~(47)~~

Anna Paglia (46) has been Chief Executive Officer of the Managing Owner since ~~March 24, 2016.~~June 2020. In this role, heshe has general oversight responsibilities for all of the Managing Owner’s business. ~~Mr. Draper~~Ms. Paglia has been a Member of the Board of Managers of the Managing Owner since ~~September 2013.~~June 2020. Additionally, Ms. Paglia is a Managing Director and Global Head of ETFs and Indexed Strategies of Invesco Ltd., a position in which she first began serving in June 2020. In ~~this role he~~these roles she is responsible for the management of the Managing Owner’s exchange traded fund business with direct functional reporting responsibilities for the Managing

Owner’s portfolio management, products, marketing and capital markets teams. In such capacity, ~~Mr. Draper~~Ms. Paglia also is responsible for managing the operations of the Invesco Funds. Previously, ~~Mr. Draper~~Ms. Paglia was ~~the~~

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~~Global~~ Head of ~~Exchange Traded Funds~~Legal, US ETFs at Invesco, beginning in September 2010. In that role, she was responsible for ~~Credit Suisse Asset Management, or Credit Suisse, based~~the registration and listing of ETFs, as well as providing support to the US ETF Board, serving as a global ETF expert and resource to the US ETF Board and personnel of the Managing Owner and providing day-to-day support to the Managing Owner. In addition, she was a team leader for, and provided legal support to, Invesco’s unit investment trusts. Ms. Paglia earned a JD from L.U.I.S.S. Law School in Rome, a law school certificate from Kingston University School of Law in London and a master’s degree from ~~March 2010 until June 2013, followed by a three month non-compete period pursuant~~Northwestern University School of Law in Chicago. She is admitted to his employment terms with Credit Suisse. Credit Suisse is an asset management business of Credit Suisse Group, a financial services company. From January 2007 to March 2010, he was the Global Head of Exchange Traded Funds for Lyxor Asset Managementpractice law in London, an investment management business unit of Societe Generale Corporate & Investment Banking. Mr. Draper was previously registered as a Significant Influence Functions (SIF) person with the UK’s Financial Conduct Authority. He withdrew this status on June 30, 2013 when he left Credit Suisse. Mr. Draper received his MBA from the Kenan-Flagler Business School at the University of North Carolina at Chapel HillIllinois and ~~his BA from the College of William and Mary in Virginia. Mr. Draper is currently registered with FINRA and holds the Series 7, 24 and 63 registrations. Mr. Draper~~New York. Ms. Paglia was listed as a principal of the Managing Owner on ~~December 16, 2013.~~

June 11, 2020.

Peter Hubbard ~~(35)~~ (40) joined the Managing Owner in May 2005 as a portfolio manager and has been Vice President, Director of Portfolio Management since September 2012. In his role, Mr. Hubbard manages a team of 8eight portfolio managers. His responsibilities include facilitating all portfolio management processes associated with more than ~~150~~200 equity and fixed income Invesco Funds listed in the United States, Canada and Europe. He is a graduate of Wheaton College with a B.A. degree in Business & Economics. Mr. Hubbard was listed as a principal and registered as an associated person of the Managing Owner on November 15, 2012 and January 1, 2013, respectively. Mr. Hubbard was registered as a swap associated person of the Managing Owner effective as of September 8, 2015.

~~David Warren~~ ~~(59)~~

Jordan Krugman (43) is Chief ~~Administrative~~Financial Officer of the Americas for Invesco Ltd., a global investment management company affiliated with the Managing Owner. He was appointed to this position in January 2007, and also holds the roles of Director, Executive Vice President and Chief Financial Officer of Invesco Canada Ltd., a Canadian investment management subsidiary of Invesco Ltd., since January 2009. He has been a Member of the Board of Managers and Chief Administrative Officer of the Managing Owner since January 2010, as well.October 2020. In

~~these capacities,~~ this capacity, Mr. ~~Warren~~Krugman is responsible for general management support, in addition to executing on various strategic initiatives and overseeing the ~~risk management~~financial framework for the business units operating within the Americas division of Invesco Ltd. He ~~obtained~~has also served as a ~~Bachelor’s Degree~~Member of the Board of Managers of the Managing Owner since October 2020. From March 2019 to October 2020, Mr. Krugman served as the Global Head of Financial Planning and Analysis at Invesco Ltd. In this role, he was responsible for overseeing Invesco's forecasting, budgeting strategic planning and financial target setting processes, including analytics and decision support for Invesco Ltd.'s executive team. From March 2017 to March 2019, Mr. Krugman served as Invesco Ltd.'s Head of Finance & Corporate Strategy, North America. In this role, Mr. Krugman was responsible for strategic and financial planning for Invesco Ltd.'s global investments organization including global real estate, private equity and global fixed income. Prior to that, Mr. Krugman was Invesco Ltd.'s Treasurer and Head of Investor Relations from May 2011 to March 2017. In this role, he was responsible for management of Invesco Ltd.'s liquidity and capital management programs. Additionally, Mr. Krugman managed the communication with Invesco Ltd.'s external stakeholders including equity shareholders, debt investors, rating agencies, and research analysts. Mr. Krugman earned a BA degree in ~~Commerce~~American civilizations, with a US history concentration, from ~~the~~Middlebury College in Vermont in 1999, and earned an MBA from Santa Clara University ~~of Toronto as both a CA and CPA, and~~in California in 2007. He is a ~~member of the Chartered~~Certified Treasury Professional ~~Accountants of Canada.~~(CTP). Mr. ~~Warren~~Krugman was listed as a principal of the Managing Owner on November ~~21, 2012.~~

~~Roderick Ellis~~ ~~(49)~~12, 2020.

Annette Lege (51) has been a Chief Accounting Officer and Head of Finance and Corporate Services (“FCS”) Business Services for Invesco Ltd. since ~~April 2011.~~March 2017. In this role, heshe is responsible for all aspects of Corporate Accounting including group financial reporting, internal controls and group accounting policies. ~~Mr. Ellis~~Ms. Lege also manages Invesco’s Finance operations and shared service centers and has held this role since September 2015. Previously, Ms. Lege was Head of FCS Transformation Office from October 2013 through September 2015, with responsibility for business transformation initiatives taking place across FCS at Invesco. Before assuming that role in October 2013, Ms. Lege held the position of North American Corporate Controller at Invesco from March 2007 to October 2013. Ms. Lege is also ~~responsible for group insurance matters. Previously, Mr. Ellis was Global Director of~~a CPA, is licensed by FINRA as a Financial ~~Planning~~Operations Principal, and ~~Analysis, and Treasurer since May 2007. Mr. Ellis earned a B.A. (with honors) in Economics and Social History from the University of Sheffield, UK, in 1988. He~~ is a member of the ~~Institute~~Texas State Board of ~~Chartered Accountants~~Public Accountants. Ms. Lege earned a BBA in ~~England and Wales. Mr. Ellis~~accounting from the University of Houston. Ms. Lege was listed as a principal of the Managing Owner on ~~November~~March 30, ~~2012.~~

~~Steven Hill~~ ~~(52)~~2017 and was listed as a principal of Invesco Advisers, Inc., a registered investment adviser affiliated with the Managing Owner, on March 22, 2017.

Kelli Gallegos (49) has been Principal Financial and Accounting Officer – Investment Pools for the Managing Owner since ~~December 2012, and was Head of Global ETF Operations from~~ September ~~2011 to December 2012. As~~ 2018. Additionally, since September 2018, Ms. Gallegos has been

Principal Financial and Accounting Officer – Investment Pools heof Invesco Specialized Products, LLC (sponsor to a suite of currency exchange-traded funds, “ISP”), Head of North America Fund Reporting of Invesco, Ltd. (“Invesco”, a global investment management company), and Vice President and Treasurer of Invesco Exchange Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, and Invesco Exchange-Traded Self-Indexed Fund Trusts (each a registered investment company offering series of exchange-traded funds, the “Invesco ETFs”). She also serves as Vice President (since March 2016), Principal Financial Officer (since March 2016) and Assistant Treasurer (since December 2008) for a suite of mutual funds advised by Invesco Advisers, Inc., a registered investment adviser (the “Invesco Funds”). In her roles with the Managing Owner, ISP, Invesco, the Invesco ETFs, and the Invesco Funds, Ms. Gallegos has financial and administrative oversight responsibilities for, and serves as Principal Financial Officer of the Invesco ETFs, the Fund and the exchange-traded funds for which ISP serves as sponsor (the “CurrencyShares Trusts”). Previously, she was Director of Fund Financial Services from December 2008 to September 2018, Assistant Treasurer for the Managing Owner from January 2013 to September 2018, Assistant Treasurer of ISP from April 2018 to September 2018, Assistant Treasurer for the Invesco ETFs from September 2014 to September 2018 and Assistant Vice President for the Invesco Funds ~~including~~from December 2008 to March 2016. In such roles, Ms. Gallegos managed the ~~Fund. As Head~~group of ~~Global ETF Operations he had management responsibilities with regard to~~personnel responsible for the ~~general operations~~preparation of fund financial statements and other information necessary for shareholder reports, fund prospectuses, regulatory filings, and for the coordination and oversight of third-party service providers of the ~~Managing Owner. From October 2010 to August 2011, he was Senior Managing Director~~Fund, the Invesco ETFs, the Invesco Funds, and Chief Financial Officer of Destra Capital Management LLC and its subsidiaries, or Destra, an asset management firm, and was responsible for managing financial and administrative activities as well as financial reporting for Destra and investment funds sponsored by Destra. Previously, he was Senior Managing Director of Claymore Securities, Inc., or Claymore, from December 2003 to October 2010, and was responsible for managing financial and administrative oversight for investment funds sponsored by Claymore. Claymore, now known as

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~~Guggenheim Funds Distributors, Inc., is a registered broker-dealer that distributes investment funds. Mr. Hill~~the CurrencyShares Trusts. Ms. Gallegos earned a BSBBA in ~~Accounting~~accounting from ~~North Central College, Naperville, IL. Mr. Hill~~Harding University in Searcy, AR. Ms. Gallegos was listed as a principal of the Managing Owner on ~~February 12, 2015.~~

~~Christopher Joe~~ ~~(47)~~September 25, 2018.

Melanie H. Zimdars (44) has been Chief Compliance Officer of the Managing Owner since ~~September 1, 2015.~~November 2017. In ~~his~~this role ~~as Chief Compliance Officer he~~she is responsible for all aspects of regulatory compliance for the Managing Owner. HeMs. Zimdars has also ~~acted as U.S. Compliance Director for Invesco, Ltd. since November, 2006. Formerly, he~~ served as Chief Compliance Officer of Invesco ~~Investment Advisers, LLC, a registered investment adviser affiliated with the Managing Owner from June, 2010~~Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust since November 2017. From September 2009 to ~~March, 2013. He also~~October 2017, she served as Vice President and Deputy Chief Compliance Officer at ALPS Holdings, Inc. where she was Chief Compliance Officer for six different mutual fund complexes, including active and passive ETFs and open-end and closed-end funds. Through its subsidiary companies, ALPS Holdings, Inc. is a provider of ~~Invesco Adviser, Inc.,~~investment products and customized servicing solutions to the financial services industry. Ms. Zimdars received a ~~registered investment adviser affiliated with~~BS degree from the ~~Managing Owner, from November, 2014 to September, 2015. Mr. Joe has also served~~University of Wisconsin-La Crosse. Ms. Zimdars was listed as a principal of the Managing Owner ~~since September 25, 2015.~~

on February 1, 2018.

John Zerr ~~(54)~~ (58) has been a Member of the Board of Managers of the Managing Owner since September 2006. Mr. Zerr ishas also served as Chief Operating Officer of the Americas for Invesco Ltd. since February 2018. Prior to his current position, Mr. Zerr served as Managing Director and General ~~Counsel—US~~Counsel – U.S. Retail of Invesco Management Group, Inc., a registered investment adviser affiliated with the Managing Owner, ~~since~~from March 2006 until February 2018, where he iswas responsible for overseeing the USU.S. Retail Legal Department for Invesco Ltd. and its affiliated companies. Mr. Zerr has also been a Senior Vice President and Secretary of IDI since March 2006 and June 2006, respectively. He also served as a Director of that entity until February 2010. Mr. Zerr has served as Senior Vice President of Invesco Advisers, Inc., a registered investment adviser affiliated with the Managing Owner, since December 2009. Mr. Zerr serves as a Director, Vice President and Secretary of Invesco Investment Services, Inc., a registered transfer agency since May 2007. Mr. Zerr has served as Director, Senior Vice President, General Counsel and Secretary of a number of other Invesco Ltd. wholly-owned subsidiaries which service or serviced portions of Invesco Ltd.’s USU.S. Retail business since May 2007 and since June 2010 with respect to certain Van Kampen entities engaged in the asset management business that were acquired by Invesco Ltd. from Morgan Stanley. In each of the foregoing positions Mr. Zerr is responsible for overseeing legal

operations. In such capacity, Mr. Zerr also is responsible for overseeing the legal activities of the Invesco Funds. Mr. Zerr earned a BA degree in economics from Ursinus College. He graduated cum laude with a J.D. from Temple University School of Law. Mr. Zerr was listed as a principal of the Managing Owner on December 6, 2012.

Brian Hartigan (42) joined the Managing Owner in May 2015 as Global Head of ETF Investments. In his role, Mr. Hartigan manages the portfolio management function at the Managing Owner, with the Director of Portfolio Management reporting to him. Previously from June 2010 until May of 2015, Mr. Hartigan was the Head of Portfolio Management and Research for Invesco ~~North American Holdings Inc,~~Capital Markets, Inc., the sponsor of unit investment trusts. In that role, he oversaw portfolio management of Invesco unit trusts. He earned his B.A. from the University of St. Thomas in Minnesota and an MBA in finance from DePaul University. He is a CFA charterholder and a member of the CFA Society of Chicago. Mr. Hartigan was listed as a principal and registered as an associated person of the Managing Owner on February 21, 2018 and May 29, 2018, respectively.

Invesco Group Services Inc., which is a wholly owned, indirect subsidiary of Invesco Ltd., has been a principal of the Managing Owner since ~~October, 2006.~~

~~Fiduciary~~September 27, 2018 and ~~Regulatory Duties of the Managing Owner~~

As managing owner of the Fund, the Managing Owner effectively is subject to the duties and restrictions imposed on “fiduciaries” under both statutory and common law. The Trust Declaration is filed as an exhibit to the registration statement of which this Prospectus is a part. The general fiduciary duties which would otherwise be imposed on the Managing Owner (which would make the operation of the Fund as described herein impracticable due to the strict prohibition imposed by such duties on, for example, conflicts of interest on behalf of a fiduciary in its dealingshas periodically been listed with its beneficiaries), are defined and limited in scope by the disclosure of the business terms of the Fund, as set forth herein and in the Trust Declaration (to which terms all Shareholders, by subscribing to the Shares, are deemed to consent).

The Trust Declaration provides that the Covered Persons (which means the Managing Owner and its affiliates) will have no liability to the Fund or to any Shareholder, or other Covered Person or other person, for any loss suffered by the Fund arising out of any action or inaction of the Covered Person if the Covered Person, in good faith, determined that such course of conduct was in the best interests of the Fund and such course of conduct did not constitute gross negligence or willful misconduct by the Covered Person.

Each Covered Person will be indemnified by the Fund to the fullest extent permitted by law against any losses, judgments, liabilities, expenses, and amounts paid in settlement of any claims sustained by it in connection with its activities for the Fund, except with respect to any matter as to which such Covered Person will have been finally adjudicated in

~~-75-~~

any action, suit, or other proceeding not to have acted in good faith in the reasonable belief that such Covered Person’s action was in the best interest of the Fund and except that no Covered Person will be indemnified against any liability to the Fund or to the limited owners by reason of willful misconduct or gross negligence of such Covered Person. Any such indemnification will only be recoverable from the Fund. The source of payments made in respect of indemnification under the Trust Declaration will be the assets of the Fund.

~~Under Delaware law, a beneficial owner of a business trust (such~~NFA as a ~~Shareholder~~principal of ~~the Fund) may, under certain circumstances, institute legal action on behalf of himself and all~~ other similarly situated beneficial owners (a “class action”) to recover damages from a managing owner of such business trust for violations of fiduciary duties, or on behalf of a business trust (a “derivative action”) to recover damages from a third party where a managing owner has failed or refused to institute proceedings to recover such damages. In addition, beneficial owners may have the right, subject to certain legal requirements, to bring class actions in federal court to enforce their rights under the federal securities laws and the rules and regulations promulgated thereunder by the Securities and Exchange Commission (“SEC”). Beneficial owners who have suffered losses in connection with the purchase or sale of their beneficial interests may be able to recover such losses from a managing owner where the losses result from a violation by the Managing Owner of the anti-fraud provisions of the federal securities laws.

Under certain circumstances, Shareholders also have the right to institute a reparations proceeding before the CFTC against the Managing Owner (a registered commodity pool operator and commodity trading advisor), the Commodity Broker (registered futures commission merchant), as well as those of their respective employees who are required to be registered under the Commodity Exchange Act, as amended, and the rules and regulations promulgated thereunder. Private rights of action are conferred by the Commodity Exchange Act, as amended. Investors in futures and in commodity pools may, therefore, invoke the protections provided thereunder.

~~There are substantial and inherent conflicts of interest in the structure of the Fund which are, on~~

NFA members since May 17, 1990.

their face, inconsistent with the Managing Owner’s fiduciary duties. One of the purposes underlying the disclosures set forth in this Prospectus is to disclose to all prospective Shareholders these conflicts of interest so that the Managing Owner may have the opportunity to obtain investors’ informed consent to such conflicts. Prospective investors who are not willing to consent to the various conflicts of interest described under “Conflicts of Interest” and elsewhere should not invest in the Fund. The Managing Owner currently intends to raise such disclosures and consent as a defense in any proceeding brought seeking relief based on the existence of such conflicts of interest.

The foregoing summary describing in general terms the remedies available to Shareholders under federal law is based on statutes, rules and decisions as of the date of this Prospectus. This is a rapidly developing and changing area of the law. Therefore, Shareholders who believe that they may have a legal cause of action against any of the foregoing parties should consult their own counsel as to their evaluation of the status of the applicable law at such time.

Ownership or Beneficial Interest in the Fund

As of the date of this Prospectus, the Managing Owner and the principals of the Managing Owner own less than 1% of the Shares.

Management; Voting by Shareholders; Negative Consent

The Shareholders take no part in the management or control, and have no voice in the operations or the business of the Fund. Shareholders, may, however, remove and replace the Managing Owner as the managing owner of the Fund, and may amend the Trust ~~Declaration,~~Agreement, except in certain limited respects, by the affirmative vote of a majority of the outstanding Shares then owned by Shareholders ~~(as opposed to~~(not including Shares held by the Managing Owner and its affiliates). The owners of a majority of the outstanding Shares then owned by Shareholders may also compel dissolution of the Fund. The owners of 10% of the outstanding Shares then owned by Shareholders have the right to bring a matter before a vote of the Shareholders. The Managing Owner has no power under the Trust ~~Declaration~~Agreement to restrict any of the Shareholders’ voting rights. Any Shares

~~-76-~~

purchased by the Managing Owner or its affiliates, as well as the Managing Owner’s general interests in the Fund, are non-voting.

Any action required or permitted to be taken by Shareholders by vote may be taken without a meeting by written consent setting forth the actions so taken. The written consents will be treated for all purposes as votes at a meeting. If the vote or consent of any Shareholder to any action of the Fund or any Shareholder, as contemplated by the Trust ~~Declaration,~~Agreement, is solicited by the Managing Owner, the solicitation will be effected by notice to each Shareholder given in the manner provided by the Trust ~~Declaration.~~

Agreement.

The Trust ~~Declaration~~Agreement permits the approval of actions through the negative consent of Shareholders. As provided ~~by Section 11.3 of~~in the Trust ~~Declaration,~~Agreement, the vote or consent of each Shareholder so solicited will be deemed conclusively to have been cast or granted as requested in the notice of solicitation, whether or not the notice of solicitation is actually received by that Shareholder, unless the Shareholder expresses written objection to the vote or consent by notice given in the manner provided in the Trust ~~Declaration~~Agreement and actually received by the Fund within twenty (20) days after the notice of solicitation is effected. Because ~~Section 11.3 of~~ the Trust ~~Declaration~~Agreement provides for negative consent (e.g., that Shareholders are deemed to have consented unless they timely object), ~~your~~a Shareholder’s consent will be deemed conclusively to have been granted with respect to any matter for which the Managing Owner may solicit ~~your~~Shareholder consent unless ~~you express~~the Shareholder expresses written objection in the manner required by the Trust ~~Declaration~~Agreement and ~~your~~the written objection is actually received by the Trust within twenty (20) days after the notice of solicitation is effected. This means that not responding to the vote or consent solicitation would have the same effect as responding with ~~your~~ affirmative written consent. For example, in the context of a consent solicitation to change the managing owner or any other action, ~~your~~a Shareholder’s lack of a response will have the same effect as if ~~you~~the Shareholder had provided ~~your~~ affirmative written consent for the proposed action.

The Managing Owner and all persons dealing with the Fund will be entitled to act in reliance on any vote or consent which is deemed cast or granted pursuant to the negative consent provision and will

be fully indemnified by the Fund in so doing. Any action taken or omitted in reliance on this deemed vote or

consent of one or more Shareholders will not be void or voidable by reason of timely communication made by or on behalf of all or any of these Shareholders in any manner other than as expressly provided in the Trust ~~Declaration.~~

Agreement.

The Managing Owner has the unilateral right ~~unilaterally~~ to amend the Trust ~~Declaration~~Agreement, provided that any such amendment is for the benefit of and not adverse to the Shareholders or the Trustee and also in certain unusual ~~circumstances—~~circumstances, for example, if doing so is necessary to comply with certain regulatory requirements.

Recognition of the Fund in Certain States

A number of states do not have “business trust” statutes such as that under which the Fund has been formed in the State of Delaware. It is possible, although unlikely, that a court in such a state could hold that, due to the absence of any statutory provision to the contrary in such jurisdiction, the Shareholders, although entitled under Delaware law to the same limitation on personal liability as stockholders in a private corporation for profit organized under the laws of the State of Delaware, are not so entitled in such state. To protect Shareholders against any loss of limited liability, the Trust ~~Declaration~~Agreement provides that no written obligation may be undertaken by the Fund unless such obligation is explicitly limited so as not to be enforceable against any Shareholder personally. Furthermore, the Fund itself indemnifies all its Shareholders against any liability that such Shareholders might incur in addition to that of a beneficial owner.

Possible Repayment of Distributions Received by Shareholders; Indemnification by Shareholders

~~-77-~~

~~provision ever having been invoked in the case of any public futures fund,~~ Shareholders agree in the Trust ~~Declaration~~Agreement that they will indemnify the Fund for any harm suffered by it as a result of

of:

•

Shareholders’ actions unrelated to the business of the ~~Fund,~~Fund; or

•

taxes separately imposed on the Fund by any state, local or foreign taxing authority.

The foregoing repayment of distributions and indemnity provisions (other than the provision for Shareholders indemnifying the Fund for taxes imposed upon it by a state, local or foreign taxing authority, which is included only as a formality due to the fact that many states do not have business trust statutes so that the tax status of the Fund in such states might, theoretically, be challenged—although the Managing Owner is unaware of any instance in which this has actually occurred) are commonplace in statutory trusts and limited partnerships.

Shares Freely Transferable

The Shares trade on the NYSE Arca and provide institutional and retail investors with direct access to the Fund. ~~The Fund trades with a view to tracking the Index over time, less expenses.~~ The Shares may be bought and sold on the NYSE Arca.

Book-Entry Form

Individual certificates will not be issued for the Shares. Instead, global certificates are deposited by the Trustee with DTC and registered in the name of Cede & Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding at any time. Under the ~~Fund’s~~ Trust ~~Declaration,~~Agreement, Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and trust companies ~~(DTC Participants)~~(“DTC Participants”), (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC Participant ~~(Indirect Participants)~~(“Indirect Participants”), and (3) those banks, brokers, dealers, trust companies and others who hold interests in the Shares through DTC Participants or Indirect Participants. The Shares are only transferable through thebook-entry system of DTC. Shareholders who are not DTC Participants may transfer their Shares through DTC by instructing the DTC Participant holding their Shares (or by instructing the Indirect Participant or other entity through which their Shares are held) to transfer the

Shares. Transfers are made in accordance with standard securities industry practice.

Reports to Shareholders

The Managing Owner will furnish you with an annual report of the Fund within 90 calendar days after the end of the Fund’s fiscal year as required by the rules and regulations of the SEC as well as with those reports required by the CFTC and the NFA, including, but not limited to, an annual audited financial ~~statement~~statements certified by independent registered public accountants and any other reports required by any

other governmental authority that has jurisdiction over the activities of the Fund. You also will be provided with appropriate information to permit you to file your U.S. federal and state income tax returns (on a timely basis) with respect to your Shares. Monthly account statements conforming to CFTC and NFA requirements are posted on the Managing Owner’s website at~~http:~~ https://~~www.invescopowershares.com~~.www.invesco.com/ETFs. Additional reports may be posted on the Managing Owner’s website in the discretion of the Managing Owner or as required by applicable regulatory authorities.

The Managing Owner will notify Shareholders of any change in the fees paid by the Fund or of any material changes to the Fund by filing with the SEC a supplement to this Prospectus and a Form 8-K, which will be publicly available athttp://www.sec.gov and at the Managing Owner’s website at~~http:~~ https://~~www.invescopowershares.com~~.www.invesco.com/ETFs. Any such notification will include a description of Shareholders’ voting rights.

NAV

NAV means the total assets of the Fund including, but not limited to, all cash and cash equivalents or other debt securities less total liabilities of the Fund, each determined on the basis of generally accepted accounting principles in the United States, consistently applied under the accrual method of accounting. In particular, NAV includes any unrealized profit or loss on open futures contracts, and any other credit or debit accruing to the Fund but unpaid or not received by the Fund. All open futures contracts traded on a ~~United States~~U.S. exchange are calculated at their then current market value, which are based upon the settlement price for that particular futures contract traded on the

~~-78-~~

applicable ~~United States~~U.S. exchange on the date with respect to which NAV is being determined; provided, that if a futures contract traded on a ~~United States~~U.S. exchange could not be liquidated on such day, due to the operation of daily limits or other rules of the exchange upon which that position is traded or otherwise, the Managing Owner may value such futures contract pursuant to policies the Managing Owner has ~~adopted, which are consistent with normal industry standards.~~adopted. The current market value of all open futures contracts traded on a ~~non-United States~~non-U.S. exchange, to the extent applicable, will be based upon the settlement price for that particular futures contract traded on the applicable ~~non-United States~~non-U.S. exchange on the date with respect to which NAV is being determined; provided further, that if a futures contract traded on a~~non-United~~ ~~States~~ non-U.S. exchange, to the extent applicable, could not be liquidated on such day, due to the operation of daily limits (if applicable) or other rules of the exchange upon which that position is traded or otherwise, the Managing Owner may value such futures contract pursuant to policies the Managing Owner has ~~adopted,~~adopted. The current market value of all open forward contracts entered into by the Fund, if any, shall be the mean between the last bid and last asked prices quoted by the bank or financial institution which is a party to the contract on the date with respect to which NAV is being determined; provided, that if such quotations are ~~consistent with normal industry standards.~~not available on such date, the mean between the last bid and asked prices on the first subsequent day on which such quotations are available shall be the basis for determining the market value of such forward contract for such day. The Managing Owner may in its discretion (and under extraordinary circumstances, including, but not limited to, periods during which a settlement price of a futures contract is not available due to exchange limit orders or force majeure type events such as systems failure, natural orman-made disaster, act of God, armed conflict, act of terrorism, riot or labor disruption or any similar intervening circumstance) value any asset of the Fund pursuant to such other principles as the Managing Owner deems fair and ~~equitable so long as such principles are consistent with normal industry standards.~~equitable. Interest earned on the Fund’s foreign exchange futures brokerage account is accrued at least monthly. The amount of any distribution will be a liability of the Fund from the day when the distribution is declared until it is paid.

NAV per Share is the NAV of the Fund divided by the number of outstanding Shares.

Termination Events

The Fund will dissolve at any time upon the happening of any of the following events:

•

The filing of a certificate of dissolution or revocation of the Managing Owner’s charter (and the expiration of 90 days after the date of notice to the Managing Owner of revocation without a reinstatement of its charter) or upon the withdrawal, removal, adjudication or admission of bankruptcy or insolvency of the Managing Owner, or an event of withdrawal unless (i) at the time there is at least one remaining managing owner and that remaining managing owner carries on the business of the Fund or (ii) within 90 days of such event of withdrawal all the remaining

of notice to the Managing Owner of revocation without a reinstatement of its charter) or upon the withdrawal, removal, adjudication or admission of bankruptcy or insolvency of the Managing Owner, or an event of withdrawal unless (i) at the time there is at least one remaining managing owner and that remaining managing owner carries on the business of the Fund or (ii) within 90 days of such event of withdrawal all the remaining Shareholders agree in writing to continue the business of the Fund and to select, effective as of the date of such event, one or more successor managing owners. If the Fund is terminated as the result of an event of withdrawal and a failure of all remaining Shareholders to continue the business of the Fund and to appoint a successor managing owner as provided above within 120 days of such event of withdrawal, Shareholders holding Shares representing at least a majority (over 50%) of the NAV (not including Shares held by the Managing Owner and its affiliates) may elect to continue the business of the Fund by forming a new statutory trust, or reconstituted trust, on the same terms and provisions as set forth in the Trust Declaration. Any such election must also provide for the election of a managing owner to the reconstituted trust. If such an election is made, all Shareholders of the Fund shall be bound thereby and continue as Shareholders of the reconstituted trust.

Shareholders agree in writing to continue the business of the Fund and to select, effective as of the date of such event, one or more successor managing owners. If the Fund is terminated as the result of an event of withdrawal and a failure of all remaining Shareholders to continue the business of the Fund and to appoint a successor managing owner as provided above within 120 days of such event of withdrawal, Shareholders holding Shares representing at least a majority (over 50%) of the NAV (not including Shares held by the Managing Owner and its affiliates) may elect to continue the business of the Fund by forming a new statutory trust (“ Reconstituted Trust”) on the same terms and provisions as set forth in the Trust Agreement (whereupon the Managing Owner and the Trustee shall execute and deliver any documents or instruments as may be necessary to reform the Trust). Any such election must also provide for the election of a managing owner to the Reconstituted Trust. If such an election is made, all Shareholders shall be bound thereby and continue as Shareholders of the Reconstituted Trust.

•

The occurrence of any event which would make unlawful the continued existence of the Fund.

•

In the event of the suspension, revocation or termination of the Managing Owner’s registration as a commodity pool operator or commodity trading advisor under the Commodity Exchange Act, or membership as a commodity pool operator or commodity trading advisor with the NFA (if, in either case, such registration is required ~~at such time~~under the Commodity Exchange Act or the rules promulgated thereunder) unless at the time there is at least one remaining ~~managing owner~~Managing Owner whose registration or membership has not been suspended, revoked or ~~terminated).~~terminated.

•

The Fund becomes insolvent or bankrupt.

•

The Shareholders holding Shares representing at least a majority (over 50%)

of the NAV (which excludes the Shares of the Managing Owner) vote to dissolve the Fund, notice of which is sent to the Managing Owner not less than ninety (90) Business Days prior to the effective date of termination.

~~-79-~~

•

The determination of the Managing Owner that the aggregate net assets of the Fund in relation to the operating expenses of the Fund make it unreasonable or imprudent to continue the business of the Fund, or, in the exercise of its reasonable discretion, the determination by the Managing Owner to dissolve the Fund because the aggregate NAV of the Fund as of the close of business on any business day declines below ~~USD 10~~$10 million.

•

The Fund is required to be registered as an investment company under the ~~Investment Company Act of 1940.~~1940 Act.

•

DTC is unable or unwilling to continue to perform its functions, and a comparable replacement is unavailable.

~~DISTRIBUTIONS~~

Distributions

The Managing Owner has discretionary authority over all distributions made by the Fund. To the extent that the Fund’s actual and projected Treasury Income, ~~and the Fund’s actual and projected~~ Money Market Income and T-Bill ETF Income exceeds the actual and projected fees and expenses of the Fund, the Managing Owner expects periodically to make distributions of the amount of such excess. The Managing Owner currently does not expect to make distributions with respect to the Fund’s capital gains. Depending on the Fund’s performance for the taxable year and ~~your own~~a Shareholder’s tax situation for such year, ~~your~~a Shareholder’s income tax liability for the taxable year for ~~your~~the allocable share of the Fund’s net ordinary income or loss and capital gain or loss may exceed any distributions ~~you receive~~the Shareholder receives with respect to such year.

~~THE ADMINISTRATOR, CUSTODIAN AND TRANSFER AGENT~~

The Administrator, Custodian and Transfer Agent

The Bank of New York Mellon is the administrator of the Fund and has entered into an

Administration Agreement in connection therewith. The Bank of New York Mellon serves as ~~custodian, or~~the Custodian, ~~of the Fund~~ and has

entered into ~~a Global Custody Agreement, or~~the Custody Agreement in connection therewith. The Bank of New York Mellon serves as the ~~transfer agent, or~~ Transfer Agent of the Fund and has entered into a Transfer Agency and Service Agreement in connection therewith.

The Bank of New York Mellon, a banking corporation organized under the laws of the State of New York with trust powers, has an office at ~~2 Hanson Place, Brooklyn,~~240 Greenwich Street, New York, ~~11217.~~New York 10007. The Bank of New York Mellon is subject to supervision by the New York State Banking Department and the Board of Governors of the Federal Reserve System. Information regarding the NAV of the Fund, creation and redemption transaction fees and the names of the parties that have executed a Participant Agreement may be obtained from The Bank of New York Mellon by calling the following number: (718)315-7500. A copy of the Administration Agreement is available for inspection at The Bank of New York Mellon’s office identified above.

The Administrator retains, separately for the Fund, certain financial books and records, including: ~~Basket creation and redemption books and records,~~ Fund accounting records, ledgers with respect to assets, liabilities, capital, income and expenses, the registrar, transfer journals and related details and trading and related documents received from futures commission merchants, c/o The Bank of New York Mellon, ~~2 Hanson Place, Brooklyn,~~240 Greenwich Street, New York, ~~11217,~~New York 10007, telephone number (718)315-7500.

A summary of the material terms of the Administration Agreement is disclosed in the “Material Contracts” section.

The Administrator’s monthly fees of up to ~~0.05%~~0.03% per annum are paid on behalf of the Fund by the Managing Owner out of the Fund’s Management Fee.

The Administrator and any of its affiliates may from ~~time-to-time~~time to time purchase or sell Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

~~-80-~~

The Administrator and any successor administrator must be a participant in DTC or such other securities depository as shall then be acting.

The Transfer Agent receives a transaction processing fee in connection with orders from Authorized Participants to create or redeem ~~Baskets~~Creation Units in the amount of ~~USD 500~~$500 per order. These transaction processing fees are paid directly by the Authorized Participants and not by the Fund.

From time to time, the Managing Owner, in its sole discretion, may reimburse Authorized Participants for all or a portion of the processing fees from the Managing Owner’s own assets.

The Fund ~~retains~~may retain the services of one or more additional service providers to assist with certain tax reporting requirements of the Fund and its Shareholders.

~~INVESCO DISTRIBUTORS, INC.~~

Invesco Distributors, Inc.~~, or~~

Invesco Distributors assists the Managing Owner with certain functions and duties relating to distribution and marketing, which include the following: consultation with the marketing staff of the Managing Owner and its affiliates with respect to FINRA compliance in connection with marketing efforts; review and filing of marketing materials with FINRA; and consultation with the Managing Owner and its affiliates in connection with marketing and sales strategies. Investors may contact Invesco Distributors toll-free in the U.S. at (800) 983-0903.

Invesco Distributors retains all marketing materials for the Fund, at the offices of Invesco Distributors, Inc., 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173; telephone number (800) 983-0903.

The Managing Owner, out of the Management Fee, pays Invesco Distributors $25,000 annually ($6,250 per quarter) for performing its duties on behalf of the ~~Fund and may pay Invesco Distributors additional compensation in consideration of the performance by Invesco Distributors of additional services to the~~ Fund. Such ~~additional~~ services may include, among other services, reviewing distribution related legal documents and contracts, consulting on marketing or sales strategy, maintaining certain books and records in respect of the ~~development~~Fund and ~~implementation of a~~performing additional marketing ~~plan~~and distribution related services as may be agreed upon by Invesco Distributors and the ~~utilization of Invesco Distributors’ resources, which include an extensive broker database and a network of internal and external wholesalers.~~Managing Owner. Invesco Distributors is affiliated with the Managing Owner.

~~INVESCO ADVISERS INC.~~

~~Background and Principals~~

Invesco Advisers Inc., a Delaware corporation, or Invesco Advisers, is the commodity trading advisor of the Trust and the Fund and is an affiliate of the Managing Owner. The Managing Owner may utilize the Invesco Advisers trading desk to place trades for the Fund. Invesco Advisers receives no compensation for providing this service.

~~Principals~~

~~The following principals serve in the below capacities on behalf of Invesco Advisers:~~


~~Name~~		~~Capacity~~
~~Mark Ahnrud~~		~~Portfolio Manager, Associated Person, Principal and Swap Associated Person~~

~~Kevin Carome~~		~~Principal~~

~~Eric Johnson~~		~~Associated Person, Principal, Branch Manager and Swap Associated Person~~

~~Karen Dunn Kelley~~		~~Principal~~

~~Robert Leveille~~		~~Chief Compliance Officer and Principal~~

~~Colin Meadows~~		~~Principal~~

~~Loren Starr~~		~~Principal~~

~~Philip Taylor~~		~~Principal~~

~~Invesco North American Holdings Inc. is also a principal of Invesco Advisers.~~

Index Sponsor

~~-81-~~

~~Mark Ahnrud~~ (54) joined Invesco Advisers in 2000 and serves as a Portfolio Manager. In this role, he works with the Invesco Global Asset Allocation team, which invests in stock, bond and commodity markets worldwide. He earned a BS degree in finance and investments from Babson College and an AMBA with a concentration in finance and real estate investments from Fuqua School of Business at Duke University. He is also a CFA charterholder. Mr. Ahnrud was registered as associated person and principal of Invesco Advisers on August 12, 2005 and September 20, 2005, respectively. He was registered as a swap associated person of Invesco Advisers effective as of January 8, 2013.

~~Kevin Carome~~ (60) is Senior Managing Director and has served as General Counsel for Invesco Ltd., a global investment management company affiliated with Invesco Advisers. He was appointed to this position in January 2006, and also holds the role of Director of Invesco Advisers, a position he has held since January 2009. In these capacities, Mr. Carome is responsible for overseeing the legal activities and legal departments of Invesco Ltd. and its affiliated companies. He obtained a BA in political science and a JD from Boston College. Mr. Carome was listed as a principal of Invesco Advisers on May 6, 2011.

~~Eric Johnson~~ (58) joined Invesco Ltd. in February 2010 and serves as Head of US Sales, Client Service and Consultant Relations for Invesco Ltd.’s Worldwide Institutional business. In that capacity, he is responsible for institutional sales, consultant relations and client service for Invesco’s traditional investment management capabilities. Mr. Johnson earned a BA degree with distinction from the University of Virginia. He was registered as associated person and principal of Invesco Advisers on March 24, 2010 and March 22, 2011, respectively. He was registered as a branch manager and swap associated person of Invesco Advisers effective as of January 25, 2012 and July 24, 2013, respectively.

~~Karen Dunn Kelley~~ (56) is Senior Managing Director of Investments for Invesco Ltd. She was appointed to this position in May 2011, and also leads Invesco’s Office of Investments. In these capacities, Ms. Dunn Kelley is responsible for Invesco’s fundamental equities business; the global asset allocation, quantitative strategies and global equities investment teams; equity trading and investment administration. She graduated magna cum

~~laude with a BS degree from Villanova University College of Commerce and Finance. Ms. Dunn Kelley was listed as a principal of Invesco Advisers on March 27, 2014.~~

~~Robert Leveille~~ (46) has been Chief Compliance Officer of Invesco Advisers since February 2016. In this role he is responsible for all aspects of regulatory compliance for Invesco Advisers. From March 2007 to February 2016, he served as Chief Compliance Officer of Putnam Investments, a global asset management firm, where he managed the firm’s compliance department and oversaw the design, implementation and monitoring of the compliance program for mutual funds and other registered entities. Mr. Leveille earned a BA from Duke University and a JD from Harvard Law School. He was listed as a principal of Invesco Advisers on April 8, 2016.

~~Colin Meadows~~ (45) has served as Chief Administrative Officer of Invesco Ltd. since May 2006. In this role, he is responsible for information technology, operations, human resources, transfer agency and corporate development. In April 2014, Mr. Meadows assumed Senior Managing Director responsibility for Invesco Real Estate, WL Ross and Co. and Invesco Private Capital, each an asset manager affiliated with Invesco Advisers. Mr. Meadows earned a BA degree in economics and English literature from Andrews University and a JD from Harvard Law School. He was listed as a principal of Invesco Advisers on December 15, 2014.

~~Loren Starr~~ (55) has served as Senior Managing Director and Chief Financial Officer of Invesco Ltd. since December, 2007. In this role, he is responsible for finance accounting investor relations and corporate properties. Mr. Meadows earned a BA degree in chemistry and a BS degree in industrial engineering, graduating summa cum laude from Columbia University. He earned an MBA from Columbia and an MS degree in operations research from Carnegie Mellon University. Mr. Starr is also a certified treasury professional. He was listed as a principal of Invesco Advisers on May 9, 2011.

~~Philip Taylor~~ (61) is Senior Managing Director and Head of Invesco Ltd.’s North American business, a position he has held since April 2006. In this role, he has had general responsibility for Invesco’s global fixed income business. Mr. Taylor also has

~~-82-~~

responsibility for Human Resources, as well as Strategy and Business Planning. He received a Bachelor of Commerce (Honours) degree from Carleton University and an MBA from the Schulich School of Business at York University. He was listed as a principal of Invesco Advisers on July 13, 2011.

~~Invesco North American Holdings Inc, which is a wholly owned, indirect subsidiary of Invesco Ltd., has been a principal of Investment Advisers since May 17, 1990.~~

~~INDEX SPONSOR~~

The Managing Owner, on behalf of the Fund, has appointed ~~Deutsche Bank Securities Inc.~~DBSI to serve as the Index Sponsor. On February 1, 2021, the provision of index sponsor ~~or the Index Sponsor.~~services transferred back to DBSI from DWS Investment Management Americas, Inc., to whom DBSI had previously assigned such responsibility. The Index Sponsor calculates and publishes the daily index levels and the indicative intraday index levels. ~~Additionally, the~~The Index Sponsor also calculates the IIV per Share ~~of the Fund~~ throughout each ~~business day.~~Business Day. The Index Sponsor may subcontract its services from ~~time-to-time~~time to time to one or more third parties.

The Managing Owner pays the Index Sponsor a licensing fee and an index services fee out of the Management Fee for performing its duties. These fees constitute a portion of the routine operational, administrative and other ordinary expenses and are paid from out of the Management Fee and are not charged to or reimbursed by the Fund.

Neither the Managing Owner nor any affiliate of the Managing Owner has any rights to influence the selection of the futures contracts underlying the Index.

The Index Sponsor is not affiliated with the Fund or the Managing Owner. The Managing Owner has entered into a license agreement with the Index Sponsor to use the Index.

The ~~Fund is not sponsored, endorsed, sold or promoted by the Index Sponsor, and the~~ Index Sponsor makes no representation regarding the advisability of investing in Shares.

There is no relationship between the Index Sponsor and the Managing Owner or the Fund other than a services agreement and a license by the Index Sponsor to the Managing Owner of certain of the

Index Sponsor’s trademarks and trade names, and the Index, for use by the Managing Owner or the Fund. Such trademarks, trade names and the Index have been created and developed by the Index Sponsor without regard to, and independently of, the Managing Owner and the Fund, their ~~businesses,~~business, and/or any prospective investor. The Fund and the Managing Owner have arranged with the Index Sponsor to license the Index for possible inclusion in funds which the Managing Owner independently intends to develop and promote. The licensing of the Index to the Managing Owner or the Fund is not an offer to purchase or sell, or a solicitation to purchase, Shares in the Fund. A determination that any portion of an investor’s portfolio should be devoted to the Fund or any other ETF product developed by the Managing Owner with reference to the Index is a determination made solely by the Managing Owner serving the investor or the investor himself, not the Index Sponsor. The Index Sponsor is not responsible for, and has not participated in the determination of, the prices and amount of Shares or the timing of the issuance or sale of Shares or in the determination of any financial calculations relating thereto. The Index Sponsor has no obligation or liability in connection with the administration of the Fund, or marketing of the Shares. The Index Sponsor does not guarantee the accuracy and/or the completeness of the Index or any data included therein. The Index Sponsor shall have no liability for any errors, omissions, or interruptions therein. The Index Sponsor makes no warranty, express or implied, as to results to be obtained by the Managing Owner, the Fund or owners of Shares, or any other person or entity, from the use of the Index or any data included therein. The Index Sponsor makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Index or any data included therein, the Fund, or the Shares. ~~Deutsche Bank Securities Inc., which also serves as the marketing agent,~~DBSI has entered into a services agreement with the Managing Owner. The ~~agreements~~agreement between the Managing Owner and DBSI as ~~Marketing Agent and~~ Index Sponsor ~~relate~~relates to the Managing Owner’s sponsorship not only of the Fund but of other commodity pools and ~~exchange-traded funds. These agreements are~~ETFs. The agreement is for an initial ~~six year~~one-year term which commenced on ~~February 26, 2015,~~January 31, 2021, with additional one-year renewal terms unless terminated.

Both the Managing Owner and DBSI have the right to terminate on notice subject to payment of a

~~-83-~~

termination fee, both with respect to a given fund and with respect to all funds subject to these agreements. Each party also has the right to terminate for cause, although the Managing Owner’s ability to exercise this right is restricted to a narrow set of circumstances during the initial ~~six-year~~one-year term. Accordingly, there may be circumstances where the Managing Owner would otherwise believe cause exists to terminate DBSI but where it would have to rely on its right to terminate at will. The termination fee payable by the Managing Owner would be based on anticipated fee payments under these agreements during the remainder of the initial ~~six-year~~one-year term, and therefore could be sufficiently high as to deter the Managing Owner from exercise of these termination rights. These termination fees would also be triggered by certain other termination rights of DBSI, including in the event of a change of control of the Managing Owner or changes of law affecting the licenses or services to be provided by DBSI. As a consequence of these termination fee rights, DBSI may elect to terminate these licenses and services under certain circumstances where, were these being provided under stand-alone arrangements in

respect of the Fund, it might not elect to terminate the business relationship. Termination of the agreements between DBSI and the Managing Owner could result in disruption to the affairs of the Fund, including the need to adopt new indices and engage a replacement index sponsor.

Without limiting any of the foregoing, in no event shall the Index Sponsor have any liability for any special, punitive, indirect, or consequential damages (including lost profits) resulting from the use of the Index or any data included therein, the Fund, or the Shares, even if notified of the possibility of such damages.

The Index Sponsor shall not be liable to the Managing Owner, the Fund, or the owners of any Shares for any loss or damage, direct or indirect, arising from (i) any inaccuracy or incompleteness in, or delays, interruptions, errors or omissions in the delivery of the Index or any data related thereto, the Index Data, or (ii) any decision made or action taken by any customer or third party in reliance upon the Index Data. The Index Sponsor does not make any warranties, express or implied, to the Managing Owner, the Fund or owners of Shares or anyone else regarding the Index Data, including without limitation, any warranties with respect to the

timeliness, sequence, accuracy, completeness, currentness, merchantability, quality, or fitness for a particular purpose or any warranties as to the results to be obtained by the Managing Owner, the Fund or owners of Shares or anyone else in connection with the use of the Index Data. The Index Sponsor shall not be liable to the Managing Owner, the Fund or owners of Shares or anyone else for loss of business revenues, lost profits or any indirect, consequential, special or similar damages whatsoever, whether in contract, tort or otherwise, even if advised of the possibility of such damages.

The Managing Owner does not guarantee the accuracy and/or the completeness of the Index or any Index Data included therein, and the Managing Owner shall have no liability for any errors, omissions, or interruptions therein. The Managing Owner makes no warranty, express or implied, as to results to be obtained by the Fund, owners of the Shares or any other person or entity from the use of the Index or any Index Data included therein. The Managing Owner makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to each Underlying Index or any Index Data included therein. Without limiting any of the foregoing, in no event shall the Managing Owner have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of the Index even if notified of the possibility of such damages.

~~THE MARKETING AGENT~~

~~Pursuant to the services agreement, the Managing Owner, on behalf of the Fund, has appointed Deutsche Bank~~

The Securities Inc., or the Marketing Agent, to assist the Managing Owner by providing support to educate institutional investors about the Deutsche Bank indices and to complete governmental or institutional due diligence questionnaires or requests for proposals related to the Deutsche Bank indices.

~~The Managing Owner pays the Marketing Agent a marketing services fee out of the Management Fee for performing its duties.~~

~~The Marketing Agent will not open or maintain customer accounts or handle orders for the Fund. The~~

Depository; Book-Entry-Only System; Global Security

~~-84-~~

~~Marketing Agent has no responsibility for the performance of the Fund or the decisions made or actions taken by the Managing Owner.~~

~~“800” Number for Investors~~

~~Investors may contact the Managing Owner toll free in the U.S. at (800) 983-0903.~~

~~THE SECURITIES DEPOSITORY; BOOK-ENTRY-ONLY SYSTEM; GLOBAL SECURITY~~

DTC acts as securities depository for the Shares. DTC is alimited-purpose trust company organized under the laws of the State of New York, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of section 17A of the Exchange Act. DTC was created to hold securities of DTC Participants and to facilitate the clearance and settlement of transactions in such securities among the DTC Participants through electronic book-entry changes. This eliminates the need for physical movement of securities certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations, some of whom (and/or their representatives) own DTC. Access to the DTC system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly. DTC has agreed to administer its book-entry system in accordance with its rules and by-laws and the requirements of law.

Individual certificates will not be issued for the Shares. Instead, global certificates are signed by the Managing Owner on behalf of the Fund, registered in the name of Cede & Co., as nominee for DTC, and deposited with the Trustee on behalf of DTC. The global certificates evidence all of the Shares outstanding at any time. The representations, undertakings and agreements made on the part of the Fund in the global certificates are made and intended for the purpose of binding only the Fund and not the Trustee or the Managing Owner individually.

Upon the settlement date of any creation, transfer or redemption of Shares, DTC credits or

debits, on its book-entry registration and transfer system, the amount of the Shares so created, transferred or

redeemed to the accounts of the appropriate DTC Participants. The Managing Owner and the Authorized Participants designate the accounts to be credited and charged in the case of creation or redemption of Shares.

Beneficial ownership of the Shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. Owners of beneficial interests in the Shares is shown on, and the transfer of ownership is effected only through, records maintained by DTC (with respect to DTC Participants), the records of DTC Participants (with respect to Indirect Participants), and the records of Indirect Participants (with respect to Shareholders that are not DTC Participants or Indirect Participants). Shareholders are expected to receive from or through the DTC Participant maintaining the account through which the Shareholder has purchased their Shares a written confirmation relating to such purchase.

Shareholders that are not DTC Participants may transfer the Shares through DTC by instructing the DTC Participant or Indirect Participant through which the Shareholders hold their Shares to transfer the Shares. Shareholders that are DTC Participants may transfer the Shares by instructing DTC in accordance with the rules of DTC. Transfers are made in accordance with standard securities industry practice.

DTC may decide to discontinue providing its service with respect to ~~Baskets~~Creation Units and/or the Shares by giving notice to the Trustee and the Managing Owner. Under such circumstances, the Trustee and the Managing Owner will either find a replacement for DTC to perform its functions at a comparable cost or, if a replacement is unavailable, terminate the Fund.

The rights of the Shareholders generally must be exercised by DTC Participants acting on their behalf in accordance with the rules and procedures of DTC. Because the Shares can only be held in book-entry form through DTC and DTC Participants, investors must rely on DTC, DTC Participants and any other financial intermediary through which they hold the Shares to receive the benefits and exercise

~~-85-~~

the rights described in this section. Investors should consult with their broker or financial institution to find out about procedures and requirements for securities held in book-entry form through DTC.

~~SHARE SPLITS~~

Share Splits

If the Managing Owner believes that the per Share price in the secondary market for Shares has fallen outside a desirable trading price range, the Managing Owner may direct the Trustee to declare a split or reverse split in the number of Shares outstanding and to make a corresponding change in the number of Shares constituting a ~~Basket.~~

~~MATERIAL CONTRACTS~~

Creation Unit.

Material Contracts

Brokerage Agreement

The Commodity Broker and the Managing Owner (on behalf of the Fund) entered into a brokerage agreement with respect to the Fund ~~or, the Brokerage Agreement.~~(the “Brokerage Agreement”). As a result, the Commodity Broker:

•

acts as the clearing broker;

•

acts as custodian of the Fund’s assets in connection with the clearing of transactions; and

•

performs such other services for the Fund as the Managing Owner may from ~~time-to-time~~time to time request.

As clearing broker for the Fund, the Commodity Broker receives orders for trades from the Managing Owner.

Confirmations of all executed trades are given to the Fund by the Commodity Broker. The Brokerage Agreement incorporates the Commodity Broker’s standard customer agreements and related documents, which generally include provisions that:

•

the assets of the Fund held in its account with the Commodity Broker and all contracts and rights to payment thereunder are held as security for the Fund’s obligations to the Commodity Broker;

•

the Commodity Broker shall have the right to limit the size of open positions (net or gross) of the Fund with respect to its account at any time only as necessary to comply with the applicable law or applicable position limits and shall promptly notify the Fund of any rejected order;

~~gross) of the Fund with respect to its account at any time only as necessary to comply with the applicable law or applicable position limits and shall promptly notify the Fund of any rejected order;~~

•

the Fund must make all applicable original margin, variation margin, intra-day margin and premium payments to the Commodity Broker; the Commodity Broker may, among other things, close out positions, sell securities or other property held in the Fund’s account, purchase futures or cancel orders at any time upon the default of the Fund under the Brokerage Agreement, without the consent of the Managing Owner on behalf of the Fund; and

•

absent a separate written agreement with the Fund with respect to give-up transactions, the Commodity Broker, in its sole discretion, may accept from other brokers contracts executed by such brokers and to be given up to the Commodity Broker for clearance or carrying in any account.

Administrative functions provided by the Commodity Broker to the Fund include, but are not limited to, preparing and transmitting daily confirmations of transactions and monthly statements of account, calculating balances and margin requirements.

In respect of the transactions effected pursuant to the Brokerage Agreement, the Commodity Broker will charge the Fund a fee for the services it has agreed to perform, including brokerage charges, give-up fees, commissions and services fees as may be agreed upon by the Fund and the Commodity Broker; exchange, clearing house, NFA or other regulatory fees; the amount necessary to hold the Commodity Broker harmless against all taxes and ~~related~~tax-related liabilities of the Fund; any debit balance or deficiency in the Fund’s account; interest on any debit balances or deficiencies in the Fund’s account and on monies advanced to the Fund; and any other agreed upon amounts owed by the Fund to the Commodity Broker in connection with the Fund’s account or transactions therein. .

The Brokerage Agreement is terminable by the Fund at any time by written notice to the Commodity Broker, or by the Commodity Broker without penalty upon ten (10) days’ prior written notice.

~~-86-~~

The Brokerage Agreement provides that except to the extent of its gross negligence, fraud or willful misconduct, the Commodity Broker shall not be liable for any loss, liability or expense incurred by the Fund in connection with or arising out of the Brokerage Agreement, transactions in or for the Fund or any actions taken by the Commodity Broker at the request or direction of the Fund.

Administration Agreement

Pursuant to the Administration Agreement between the Fund and the Administrator, the Administrator performs or supervises the performance of services necessary for the operation and administration of the Fund (other than making investment decisions), including ~~receiving and processing orders from Authorized Participants to create and redeem Baskets,~~ NAV calculations, accounting and other fund administrative services.

The Administration Agreement will continue in effect ~~from the commencement of trading operations~~ unless terminated on at least 90 days’ prior written notice by either party to the other party. Notwithstanding the foregoing, the Administrator may terminate the Administration Agreement upon 30 days’ prior written notice if the Fund has materially failed to perform its obligations under the Administration Agreement or upon the termination of the ~~Global~~ Custody ~~Agreement.~~

Agreement by the Fund.

The Administrator is both exculpated and indemnified under the Administration Agreement.

Except as otherwise provided in the Administration Agreement, the Administrator will not be liable for any costs, expenses, damages, liabilities or claims (including attorneys’ and accountants’ fees) incurred by the Fund, except those costs, expenses, damages, liabilities or claims arising out of the Administrator’s own gross negligence or willful misconduct. In no event will the Administrator be liable to the Fund or any third party for special, indirect or consequential damages, or lost profits or loss of business, arising under or in connection with the Administration Agreement, even if previously informed of the possibility of such damages and regardless of the form of action. The Administrator will not be liable for any loss, damage or expense, including counsel fees and other costs and expenses of a defense against any claim or

liability, resulting from, arising out of, or in connection with its performance under the Administration Agreement,

including its actions or omissions, the incompleteness or inaccuracy of any Proper Instructions (as defined therein), or for delays caused by circumstances beyond the Administrator’s control, unless such loss, damage or expense arises out of the gross negligence or willful misconduct of the Administrator.

The Fund will indemnify and hold harmless the Administrator from and against any and all costs, expenses, damages, liabilities and claims (including claims asserted by the Fund), and reasonable attorneys’ and accountants’ fees relating thereto, which are sustained or incurred or which may be asserted against the Administrator by reason of or as a result of any action taken or omitted to be taken by the Administrator in good faith under the Administration Agreement or in reliance upon (i) any law, act, regulation or interpretation of the same even though the same may thereafter have been altered, changed, amended or repealed, (ii) the registration statement or Prospectus, (iii) any Proper Instructions, or (iv) any opinion of legal counsel for the Fund, or arising out of transactions or other activities of the Fund which occurred prior to the commencement of the Administration Agreement; provided, that the Fund will not indemnify the Administrator for costs, expenses, damages, liabilities or claims for which the Administrator is liable under the preceding paragraph. This indemnity will be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of the Administration Agreement. Without limiting the generality of the foregoing, the Fund will indemnify the Administrator against and save the Administrator harmless from any loss, damage or expense, including counsel fees and other costs and expenses of a defense against any claim or liability, arising from any one or more of the following: (i) errors in records or instructions, explanations, information, specifications or documentation of any kind, as the case may be, supplied to the Administrator by any third party described ~~above~~in the Administration Agreement or by or on behalf of the Fund; (ii) action or inaction taken or omitted to be taken by the Administrator pursuant to Proper Instructions of the Fund or otherwise without gross negligence or willful misconduct; (iii) any action taken or omitted to be taken by the Administrator in good faith in accordance with the advice or opinion of counsel for the Fund or its own counsel; (iv) any

~~-87-~~

improper use by the Fund or its agents, distributor or investment advisor of any valuations or computations supplied by the Administrator pursuant to the Administration Agreement; (v) the method of valuation and the method of computing NAV; or (vi) any valuations or NAV provided by the Fund.

Actions taken or omitted in reliance on Proper Instructions, or upon any information, order, indenture, stock certificate, power of attorney, assignment, affidavit or other instrument believed by the Administrator to be genuine or bearing the signature of a person or persons believed to be authorized to sign, countersign or execute the same, or upon the opinion of legal counsel for the Fund or its own counsel, will be conclusively presumed to have been taken or omitted in good faith.

Notwithstanding any other provision contained in the Administration Agreement, the Administrator will have no duty or obligation with respect to, including, without limitation, any duty or obligation to determine, or advise or notify the Fund of: (a) the taxable nature of any distribution or amount received or deemed received by, or payable to the Fund; (b) the taxable nature or effect on the Fund or its shareholders of any corporate actions, class actions, tax reclaims, tax refunds, or similar events; (c) the taxable nature or taxable amount of any distribution or dividend paid, payable or deemed paid by the Fund to its shareholders; or (d) the effect under any federal, state, or foreign income tax laws of the Fund making or not making any distribution or dividend payment, or any election with respect thereto.

~~Global~~

Custody Agreement

The Bank of New York Mellon serves as the ~~Fund’s custodian, or~~ Custodian. Pursuant to the ~~Global Custody Agreement between the Fund and the Custodian, or~~ Custody Agreement, the Custodian serves as custodian of all the Fund’s securities and cash at any time delivered to Custodian during the term of the Custody Agreement and has authorized the Custodian to hold its securities in registered form in its name or the name of its nominees. The Custodian has established and will maintain one or more securities accounts and cash accounts pursuant to the Custody Agreement. The Custodian will maintain books and records segregating the ~~assets.~~

assets of the Fund.

Either party may terminate the Custody Agreement by giving to the other party a notice in

writing specifying the date of such termination, which will be not less than ninety (90) days after the date of such notice. Upon termination thereof, the Fund will pay to the Custodian such compensation as may be due to the Custodian, and will likewise reimburse the Custodian for other amounts payable or reimbursable to

the Custodian thereunder. The Custodian will follow such reasonable oral or written instructions concerning the transfer of custody of records, securities and other items as the Fund gives; provided, that (a) the Custodian will have no liability for shipping and insurance costs associated therewith, and (b) full payment will have been made to the Custodian of its compensation, costs, expenses and other amounts to which it is entitled thereunder. If any securities or cash remain in any account, the Custodian may deliver to the Fund such securities and cash. Except as otherwise provided herein, all obligations of the parties to each other hereunder will cease upon termination of the Custody Agreement.

The Custodian is both exculpated and indemnified under the Custody Agreement.

Except as otherwise expressly provided in the Custody Agreement, the Custodian will not be liable for any costs, expenses, damages, liabilities or claims, including attorneys’ and accountants’ fees ~~or losses,~~(collectively referred to in this section as “losses”), incurred by or asserted against the Fund, except those losses arising out of the gross negligence or willful misconduct of the Custodian. The Custodian will have no liability whatsoever for the action or inaction of any depository. Subject to the Custodian’s delegation of its duties to its affiliates, the Custodian’s responsibility with respect to any securities or cash held by a subcustodian is limited to the failure on the part of the Custodian to exercise reasonable care in the selection or retention of such subcustodian in light of prevailing settlement and securities handling practices, procedures and controls in the relevant market. With respect to any losses incurred by the Fund as a result of the acts or the failure to act by any subcustodian (other than an affiliate of the Custodian), the Custodian will take appropriate action to recover such losses from such subcustodian; and the Custodian’s sole responsibility and liability to the Fund will be limited to amounts so received from such subcustodian (exclusive of costs and expenses incurred by the Custodian). In no event will the Custodian be liable to the Fund or any third party for special, indirect or consequential damages, or lost profits or loss of business, arising in connection with the Custody Agreement.

~~-88-~~

The Fund will indemnify the Custodian and each subcustodian for the amount of any tax that the Custodian, any such subcustodian or any other withholding agent is required under applicable laws (whether by assessment or otherwise) to pay on behalf of, or in respect of income earned by or payments or distributions made to or for the account of the Fund (including any payment of tax required by reason of an earlier failure to withhold). The Custodian will, or will instruct the applicable subcustodian or other withholding agent to, withhold the amount of any tax which is required to be withheld under applicable law upon collection of any dividend, interest or other distribution made with respect to any security and any proceeds or income from the sale, loan or other transfer of any security. In the event that the Custodian or any subcustodian is required under applicable law to pay any tax on behalf of the Fund, the Custodian is hereby authorized to withdraw cash from any cash account in the amount required to pay such tax and to use such cash, or to remit such cash to the appropriate subcustodian, for the timely payment of such tax in the manner required by applicable law.

The Fund will indemnify the Custodian and hold the Custodian harmless from and against any and all losses sustained or incurred by or asserted against the Custodian by reason of or as a result of any action or inaction, or arising out of the Custodian’s performance under the Custody Agreement, including reasonable fees and expenses of counsel incurred by the Custodian in a successful defense of claims by the Fund; provided however, that the Fund will not indemnify the Custodian for those losses arising out of the Custodian’s gross negligence or willful misconduct. This indemnity will be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of the Custody Agreement.

Transfer Agency and Service Agreement

The Bank of New York Mellon serves as the ~~Fund’s transfer agent, or~~ Transfer Agent. Pursuant to the Transfer Agency and Service Agreement between the Fund and the Transfer Agent, the Transfer Agent serves as the Fund’s transfer agent, dividend disbursing agent, and agent in connection with certain other activities as provided under the Transfer Agency and Service Agreement.

The term of the Transfer Agency and Service Agreement is one year from the effective date and will automatically renew for additional one year terms unless either party provides written notice of termination at least ninety (90) days prior to the end of any one year term or, unless earlier terminated as provided below:

•

Either party terminates prior to the expiration of the initial term in the event the other party breaches any material provision of the Transfer Agency and Service Agreement, including, without limitation in the case of the Fund, its obligations to compensate the Transfer Agent, provided that the non-breaching party gives written notice of such breach to the breaching party and the breaching party does not cure such violation within 90ninety (90) days of receipt of such notice.

•

The Fund may terminate the Transfer Agency and Service Agreement prior to the expiration of the initial term upon ninety (90) days’ prior written notice in the event that the Managing Owner determines to liquidate the Fund and terminate its registration with the ~~Securities and Exchange Commission~~SEC other than in connection with a merger or acquisition of the Fund.

The Transfer Agent will have no responsibility and will not be liable for any loss or damage unless such loss or damage is caused by its own gross negligence or willful misconduct or that of its employees, or its breach of any of its representations. In no event will the Transfer Agent be liable for special, indirect or consequential damages regardless of the form of action and even if the same were foreseeable.

Pursuant to the Transfer Agency and Service Agreement, the Transfer Agent will not be responsible for, and the Fund will indemnify and hold the Transfer Agent harmless from and against, any and all losses, damages, costs, charges, counsel fees, payments, expenses and liability, or ~~Losses,~~losses, arising out of or attributable to:

•

All actions of the Transfer Agent or its agents or subcontractors required to be taken pursuant to the Transfer Agency and Service

Agreement, provided that such actions are taken without gross negligence, or willful misconduct.

~~-89-~~

~~Agreement, provided that such actions are taken without gross negligence, or willful misconduct.~~

•

The Fund’s gross negligence or willful misconduct.

•

The breach of any representation or warranty of the Fund thereunder.

•

The conclusive reliance on or use by the Transfer Agent or its agents or subcontractors of information, records, documents or services which (i) are received by the Transfer Agent or its agents or subcontractors, and (ii) have been prepared, maintained or performed by the Fund or any other person or firm on behalf of the Fund including but not limited to any previous transfer agent or registrar.

•

The conclusive reliance on, or the carrying out by the Transfer Agent or its agents or subcontractors of any instructions or requests of the Fund on behalf of the Fund.

•

The offer or sale of Shares in violation of any requirement under the federal securities laws or regulations or the securities laws or regulations of any state that such Shares be registered in such state or in violation of any stop order or other determination or ruling by any federal agency or any state with respect to the offer or sale of such Shares in such state.

Distribution Services Agreement

Invesco Distributors provides certain distribution services to the Fund. Pursuant to the Distribution Services Agreement, as amended from ~~time-to-time,~~time to time, between the Fund and Invesco Distributors, Invesco Distributors will assist the Managing Owner with certain functions and duties relating to distribution and marketing including reviewing and approving marketing materials.

The date of the Distribution Services Agreement is the effective date and such Agreement will continue automatically for successive annual ~~periods, provided that such continuance is specifically approved at least annually (i) by the Fund’s Managing Owner or (ii) otherwise as provided under the Distribution Services Agreement.~~periods. The

Distribution Services Agreement is terminable without penalty on sixty days’ written notice by the Fund’s Managing Owner or by Invesco Distributors. The Distribution Services Agreement will automatically terminate in the event of its assignment.

Pursuant to the Distribution Services Agreement, the Fund will indemnify Invesco Distributors as follows:

The Fund indemnifies and holds harmless Invesco Distributors and each of its directors and officers and each person, if any, who controls Invesco Distributors within the meaning of Section 15 of the Securities Act, against any loss, liability, claim, damage or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damage or expense and reasonable counsel fees incurred in connection therewith) by reason of any person acquiring any Shares, based upon the ground that the registration statement, Prospectus, ~~statement~~Statement of ~~additional information,~~Additional Information, shareholder reports or other information filed or made public by the Fund (as from ~~time-to-time~~time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated or necessary in order to make the statements not misleading under the Securities Act or any other statute or the common law. However, the Fund does not agree to indemnify Invesco Distributors or hold it harmless to the extent that the statement or omission was made in reliance upon, and in conformity with, information furnished to the Fund by or on behalf of Invesco Distributors. In no case:

•

is the indemnity of the Fund in favor of Invesco Distributors or any person indemnified to be deemed to protect Invesco Distributors or any person against any liability to the Fund or its security holders to which Invesco Distributors or such person would otherwise be subject by reason of willful misfeasance, bad faith or negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under the Distribution Services Agreement; or

•

is the Fund to be liable under its indemnity agreement ~~contained in this paragraph~~ with respect to any claim made against Invesco Distributors or any person indemnified unless Invesco Distributors or such person, as the

case may be, will have notified the Fund in writing of the claim promptly after the summons or other first written notification giving information of the nature of the claims will have been served upon Invesco Distributors or any such person (or after Invesco Distributors or such person will have received notice of service on any designated agent).

~~-90-~~

However, failure to notify the Fund of any claim will not relieve the Fund from any liability which it may have to any person against whom such action is brought otherwise than on account of its indemnity agreement described herein. The Fund will be entitled to participate at its own expense in the defense, or, if it so elects, to assume the defense of any suit brought to enforce any claims, and if the Fund elects to assume the defense, the defense will be conducted by counsel chosen by the Fund. In the event the Fund elects to assume the defense of any suit and retain counsel, Invesco Distributors, its officers or directors or controlling person(s), or defendant(s) in the suit, will bear the fees and expenses of any additional counsel retained by them. If the Fund does not elect to assume the defense of any suit, it will reimburse Invesco Distributors, its officers or directors or controlling person(s) or defendant(s) in the suit for the reasonable fees and expenses of any counsel retained by them. The Fund agrees to notify Invesco Distributors promptly of the commencement of any litigation or proceeding against it or any of its officers in connection with the issuance or sale of any of the Shares.

~~MATERIAL~~

Material U.S. ~~FEDERAL INCOME TAX CONSIDERATIONS~~

Federal Income Tax Considerations

The following discussion describes the material U.S. federal (and certain state and local) income tax considerations associated with the purchase, ownership and disposition of Shares as of the date hereof by U.S. Shareholders (as defined below) and non-U.S. Shareholders (as defined below). Except where explicitly noted, this discussion deals only with Shares held as capital assets by Shareholders who acquired Shares by purchase and does not address special situations, such as those of:

•

dealers in securities, commodities or currencies;

•

financial institutions;

~~regulated investment companies, or RICs, other than the status of the Fund as a qualified publicly traded partnership, or a qualified PTP, within the meaning of the Code;~~

•

RICs;

•

real estate investment trusts;

•

tax-exempt organizations;

•

insurance companies;

•

persons holding Shares as a part of a hedging, integrated or conversion transaction or a straddle;

•

accrual method taxpayers subject to special tax accounting rules as a result of their use of financial statements;

•

traders in securities or commodities that elect to use a mark-to-market method of accounting for their securities or commodities holdings; or

•

persons liable for federal alternative minimum tax.

Furthermore, the discussion below is based upon the provisions of the Code, the Treasury Regulations promulgated thereunder, and administrative and judicial interpretations thereof, all as of the date hereof, and such authorities may be repealed, revoked, modified or subject to differing interpretations, possibly on a retroactive basis, so as to result in U.S. federal income tax consequences different from those described ~~below.~~

below, which may adversely affect the Fund and/or its shareholders.

A “U.S. Shareholder” means a beneficial owner of Shares that is for U.S. federal income tax purposes:

•

an individual citizen or resident of the United States;

•

a corporation (or other entity taxable as a corporation) created or organized in or under the laws of the United States or any state thereof or the District of Columbia;

•

an estate the income of which is subject to U.S. federal income taxation regardless of its source; or

•

a trust if it (1) is subject to the primary supervision of a court within the United States and one or more U.S. persons have the authority to control all substantial decisions of such trust or (2) has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.

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A “non-U.S. Shareholder” means a beneficial owner of Shares that is not a U.S. Shareholder.

If a partnership or other entity or arrangement treated as a partnership for U.S. federal income tax purposes holds Shares, the tax treatment of a partner in such partnership will generally depend upon the status of the partner and the activities of the partnership. If you are a partner in a partnership holding Shares, we urge you to consult your own tax advisor.

No statutory, administrative or judicial authority directly addresses the treatment of Shares or instruments similar to Shares for U.S. federal income tax purposes. As a result, we cannot assure you that the IRS or the courts will agree with the tax consequences described herein. A different treatment from that described below could adversely affect the amount, timing and character of items of income, gain, loss or deduction in respect of an investment in the Shares.If you are considering the purchase ofShares, we urge you to consult your own tax advisor concerning the particular U.S. federal income tax consequences to you of the purchase, ownership and disposition of Shares, as well as any consequences to you arising under the laws of any other taxing jurisdiction.

Status of the Fund

Under current law and assuming full compliance with the terms of the Trust ~~Declaration~~Agreement and applicable law ~~(and~~(and other relevant documents), in the opinion of ~~Sidley Austin~~Morgan, Lewis & Bockius LLP, the Fund will be classified as a partnership, and not as an association or publicly traded partnership taxable as a corporation, for U.S. federal income tax purposes. Accordingly, subject to the discussion below regarding publicly traded partnerships, the Fund generally will not be a taxable entity for U.S. federal income tax purposes and ~~the Fund~~ will not incur U.S. federal income tax liability.

The opinion of Morgan, Lewis & Bockius LLP, is based on various assumptions relating to the Fund’s organization, operation, assets and activities, including assumptions that the Fund will not invest in any assets except those specifically provided for currently in this Prospectus, and that neither the Trust Agreement nor any other relevant document will be otherwise amended. The opinion of Morgan, Lewis & Bockius LLP further assumes that all factual representations and statements set forth in all relevant documents, records, and instruments are true and correct, all actions described in this Prospectus are completed in a timely fashion and that the Fund will at all times operate in accordance with the method of operation described in the Trust Agreement and this Prospectus, and is conditioned upon factual

representations and covenants made by the Fund and the Managing Owner regarding the Fund’s organization, operation, assets, activities and the conduct of the Fund’s operations, and assumes that such representations and covenants are accurate and complete.

Special Rules for Publicly Traded Partnerships

A partnership generally is not a taxable entity and generally incurs no U.S. federal income tax liability. Section 7704 of the Code provides that publicly traded partnerships will, as a general rule, be taxed as corporations. However, an exception exists with respect to publicly traded partnerships of which 90% or more of the gross income during each taxable

year consists of “qualifying income” within the meaning of Section 7704(d) of the Code ~~or the~~(the “qualifying income ~~exception.~~exception”). Qualifying income includes dividends, interest, capital gains from the sale or other disposition of stocks and debt instruments and, in the case of a partnership (such as the Fund) a principal activity of which is the buying and selling of commodities or futures contracts with respect to commodities, income and gains derived from commodities or futures contracts with respect to commodities. The types of currency futures contracts held by the Fund are regulated as commodities and are traded on a commodities exchange, and, although there is no specific authority directly addressing the issue, such contracts should be treated as futures contracts with respect to commodities under Section 7704(d) of the Code. The Fund anticipates that at least 90% of its gross income for each taxable year will constitute qualifying income within the meaning of Section 7704(d) of the Code.

~~There can be no assurance that the~~

The IRS ~~will not~~may assert that the Fund should be treated as a publicly traded partnership taxable as a corporation. No ruling has been or will be sought from the IRS, and the IRS has made no determination as to the status of the Fund for U.S. federal income tax purposes or whether the Fund’s operations generate “qualifying income” under Section 7704(d) of the Code. Whether the Fund will continue to meet the qualifying income exception is a matter that will be determined by the Fund’s operations and the facts existing at the time of future determinations. However, the Fund’s Managing Owner will use its best efforts to cause the Fund to operate in such manner as is necessary for the Fund to continue to meet the qualifying income exception.

If the Fund were taxable as a corporation in any taxable year, either as a result of a failure to meet the qualifying income exception described above or otherwise, the Fund’s items of income, gain, loss and deduction would be reflected only on the Fund’s tax return rather than being passed through to the Shareholders, and the Fund’s net income would be taxed to it at the 21% income tax ~~rates~~rate applicable to domestic corporations. In addition, if the Fund were taxable as a corporation, any distribution made by the Fund to a Shareholder would be treated as taxable dividend income, to the extent of the Fund’s current or accumulated earnings and profits, or, in the absence of current and accumulated earnings and

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profits, as a nontaxable return of capital to the extent of the Shareholder’s tax basis in its Shares, or as taxable capital gain, after the Shareholder’s tax basis in its Shares is reduced to zero. Taxation of the Fund as a corporation could result in a material reduction in a Shareholder’s cash flow and after-tax return and thus could result in a substantial reduction of the value of the Shares.

The discussion below is based on ~~Sidley Austin~~Morgan, Lewis & Bockius LLP’s opinion that the Fund will be classified as a partnership for U.S. federal income tax purposes that is not subject to corporate income tax for U.S. federal income tax purposes.

U.S. Shareholders

Treatment of Fund Income

A partnership generally does not incur U.S. federal income tax liability. Instead, each partner of a partnership is required to take into account its share of items of income, gain, loss, deduction and other items of the partnership. Accordingly, each Shareholder will be required to include in income its allocable share of the Fund’s income, gain, loss, deduction and other items for the Fund’s taxable year ending with or within its taxable year. In computing a partner’s U.S. federal income tax liability, the items must be included, regardless of whether cash distributions are made by the partnership. Thus, Shareholders may be required to take into account taxable income without a corresponding current receipt of cash if the

Fund generates taxable income but does not make cash distributions in an amount equal to the taxable income, or if the Shareholder is not able to deduct, in whole or in part, the Shareholder’s allocable share of the Fund’s expenses or capital losses. The Fund’s taxable year will end on December 31 unless otherwise required by law. The Fund will use the accrual method of accounting.

In the case of non-corporate shareholders, for taxable years beginning before January 1, 2026, there is a 20% deduction for “qualified publicly traded partnership income” within the meaning of Section 199A(e)(4) of the Code. In general, “qualified publicly traded partnership income” for this purpose is an item of income, gain, deduction or loss that is effectively connected with a United States trade or business and includable income for the year, but does not include certain investment income. It is currently not expected that the Fund’s income will be eligible for such deduction because as discussed below, although the matter is not free from doubt, the Fund believes that the activities directly conducted by the Fund will not result in the Fund being engaged in a trade or business within the United States. Potential investors should consult their tax advisors regarding the availability of such deduction for their allocable share of the Fund’s items of income, gain, deduction and loss.

Shareholders will take into account their respective shares of ordinary income realized by the Fund from accruals of interest on ~~United States~~ Treasury Securities ~~or T-Bills,~~(“T-Bills”) held in the Fund’s portfolio. The Fund may hold T-Bills or other debt instruments with “acquisition discount” or “original issue discount”, in which case Shareholders will be required to include accrued amounts in taxable income on a current basis even though receipt of those amounts may occur in a subsequent year. The

Fund may also acquire debt instruments with “market discount.” Upon disposition of such obligations, gain will generally be required to be treated as interest income to the extent of the market discount and Shareholders will be required to include as ordinary income their share of the market discount that accrued during the period the obligations were held by the Fund. Shareholders will take into account their respective shares of any dividends received by the Fund from the Fund’s investments in the money market mutual ~~funds.~~

funds and certain T-Bill ETFs.

It is expected that ~~all or substantially all~~a substantial portion of the ~~currency~~ futures ~~contracts~~ on the Eligible Index Currencies held by the Fund will constitute Section 1256 Contracts (as defined below). The Code generally applies a “mark-to-market” system of taxing unrealized gains and losses on and otherwise provides for special rules of taxation with respect to certain futures and ~~other~~options contracts ~~that are~~subject to Section 1256 ~~Contracts.~~of the Code (“Section 1256 Contracts”). Section 1256 Contracts include certain regulated futures contracts. Section 1256 Contracts held by the Fund at the end of a taxable year of the Fund will be treated for U.S. federal income tax purposes as if they were sold by the Fund at their fair market value on the last business day of the taxable year. The net gain or loss, if any, resulting from these deemed sales (known as “marking-to-market”), together with any gain or loss resulting from any actual sales of Section 1256 Contracts (or other termination of the Fund’s obligations under such contracts), must be taken into account by the Fund in computing its taxable income for the year.

If a Section 1256 Contract held by the Fund at the end of a taxable year is sold in the following year, the amount of any gain or loss realized on the sale will be adjusted to reflect the gain or loss previously taken into account under the mark-to-market rules.

Capital gains and losses from Section 1256 Contracts generally are characterized as short-term capital gains or losses to the extent of 40% of the gains or losses and as long-term capital gains or losses to the extent of 60% of the gains or losses. Thus, Shareholders will generally take into account their pro rata share of the long-term capital gains and losses and short-term capital gains and losses from Section 1256 Contracts held by the Fund and taken into account by the Fund in computing its taxable income. If a non-corporate taxpayer incurs a net capital loss for a year, the portion of the loss, if any, which consists of a net loss on Section 1256 Contracts may, at the election of the taxpayer, be

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carried back three years. A loss carried back to a year by a non-corporate taxpayer may be deducted only to the extent (1) the loss does not exceed the net gain on Section 1256 Contracts for the year and (2) the allowance of the carryback does not increase or produce a net operating loss for the year.

Any ~~gain or loss with respect to any currency~~ futures contracts on the Eligible Index Currencies held by the Fund that are not classified as Section 1256 Contracts will not be subject to the year-end “mark-to-market” rules of Section 1256, as described ~~above may~~

above. Accordingly, any long-term or short-term capital gains or losses with respect to such futures held by the Fund that are not classified as Section 1256 Contracts will only be ~~treated as either ordinary income~~recognized by the Fund when such futures positions are assigned or ~~loss~~closed (by offset or otherwise). The applicable holding period for qualification for long-term capital gain or loss ~~depending upon elections available to~~treatment for the ~~Fund.~~

commodity futures held by the Fund that are not Section 1256 Contracts is more than one year.

Allocation of the Fund’s Profits and Losses

For U.S. federal income tax purposes, a Shareholder’s distributive share of the Fund’s income, gain, loss, deduction and other items will be determined by the Trust ~~Declaration,~~Agreement, unless an allocation under such agreement does not have “substantial economic effect,” in which case the allocations will be determined in accordance with the “partners’ interests in the partnership.” Subject to the discussion below under ~~“—Monthly~~“Monthly Allocation and Revaluation Conventions and Transferor/Transferee Allocations” and ~~“—Section~~“Section 754 Election,” the allocations pursuant to the Trust ~~Declaration~~Agreement should be considered to have substantial economic effect or deemed to be made in accordance with the ~~partners’~~Shareholders’ interests in the Fund.

If the allocations provided by the Trust ~~Declaration~~Agreement were successfully challenged by the IRS, the amount of income or loss allocated to Shareholders for U.S. federal income tax purposes under the Trust ~~Declaration~~Agreement could be increased or reduced or the character of the income or loss could be modified or both.

As described in more detail below, the U.S. federal income tax rules that apply to partnerships are complex and their application is not always clear. ~~Additionally, the~~The rules generally were not written for, and in some respects are difficult to apply to, publicly traded partnerships. The Fund will apply certain assumptions and conventions intended to comply with the intent of the rules and to report income, gain, loss, deduction and credit to Shareholders in a manner that reflects the economic gains and losses, but these assumptions and conventions may not comply with all aspects of the applicable Treasury Regulations. It is possible therefore that the IRS will

successfully assert that assumptions made and/or conventions used do not satisfy the technical requirements of the Code or the Treasury Regulations and will require that tax items be adjusted or reallocated in a manner that could adversely impact Shareholders.

Monthly Allocation and Revaluation Conventions and Transferor/Transferee Allocations

In general, the Fund’s taxable income and losses will be determined monthly and will be apportioned among the Shareholders in proportion to the number of Shares owned by each of them as of the close of the last trading day of the preceding month. By investing in Shares, a U.S. Shareholder agrees that, in the absence of an administrative determination or judicial ruling to the contrary, it will report income and loss under the monthly allocation and revaluation conventions described below.

Under the monthly allocation convention, ~~whomever~~whoever is treated for U.S. federal income tax purposes as holding Shares as of the close of the last trading day of the preceding month will be treated as continuing to hold the Shares until immediately before the close of the last trading day of the following month. With respect to any Shares that were not treated as outstanding as of the close of the last trading day of the preceding month, the first person that is treated as holding such Shares (other than an underwriter or other person holding in a similar capacity) for U.S. federal income tax purposes will be treated as holding such Shares for this purpose as of the close of the last trading day of the preceding month. As a result, a Shareholder who has disposed of Shares prior to the close of the last trading day of a month may be allocated items of income, gain, loss and deduction realized after the date of transfer.

Section 706 of the Code generally requires that items of partnership income and deductions be allocated between transferors and transferees of partnership interests on a daily basis. It is possible that transfers of Shares could be considered to occur for U.S. federal income tax purposes when the transfer is completed without regard to the Fund’s monthly convention for allocating income and deductions. If this were to occur, the Fund’s allocation method might be considered a monthly convention that does not literally comply with that

~~-94-~~

requirement. If the IRS treats transfers of Shares as occurring throughout each month and a monthly convention is not allowed by the Treasury Regulations (or only applies to transfers of less than all of a Shareholder’s Shares) or if the IRS otherwise does not accept the Fund’s convention, the IRS may contend that taxable income or losses of the Fund must be reallocated among the Shareholders. If

such a contention was sustained, the Shareholders’ respective tax liabilities would be adjusted to the possible detriment of certain Shareholders. The Managing Owner is authorized to revise the Fund’s methods of allocation between transferors and transferees (as well as among Shareholders whose interests otherwise vary during a taxable period).

In addition, for any month in which a creation or redemption of Shares takes place, the Fund generally will credit or debit, respectively, the “book” capital accounts of the existing Shareholders with any unrealized gain or loss in the Fund’s assets. This will result in the allocation of the Fund’s items of income, gain, loss, deduction and credit to existing Shareholders to account for the difference between the tax basis and fair market value of property owned by the Fund at the time new Shares are issued or old Shares are redeemed, (“or reverse Section 704(c) ~~allocations”)~~allocations (described below). The intended effect of these allocations is to allocate any built-in gain or loss in the Fund’s assets at the time of a creation or redemption of Shares to the investors that economically have earned such gain or loss.

As with the other allocations described above, the Fund generally will use a monthly convention for purposes of ~~the~~so-called reverse Section 704(c) allocations. More specifically, the Fund generally will credit or debit, respectively, the “book” capital accounts of existing Shareholders with any unrealized gain or loss in the Fund’s assets based on a calculation utilizing the average price of the Shares during the month in which the creation or redemption transaction takes place, rather than the fair market value of its assets at the time of such creation or redemption, ~~(the “revaluation convention”).~~or the revaluation convention. As a result, it is possible that, for U.S. federal income tax purposes, (i) a purchaser of newly issued Shares will be allocated some or all of the unrealized gain in the Fund’s assets at the time it acquires the Shares or (ii) an existing Shareholder will not be allocated its entire share in the unrealized loss in the Fund’s assets at the time of such acquisition. ~~Furthermore, the applicable~~

Treasury Regulations generally require that the “book” capital accounts be adjusted based on the fair market value of partnership property on the date of adjustment and do not explicitly allow the adoption of a monthly revaluation convention.

The Code and applicable Treasury Regulations generally require that items of partnership income and deductions be allocated between transferors and transferees of partnership interests on a daily basis, and that adjustments to “book” capital accounts be made based on the fair market value of partnership property on the date of adjustment. The Code and Treasury Regulations do not contemplate monthly allocation or revaluation conventions. If the IRS does not accept the Fund’s monthly allocation or revaluation convention, the IRS may contend that taxable income or losses of the Fund must be reallocated among the ~~Shareholders of the Fund.~~Shareholders. If such a contention were sustained, the Shareholders’ respective tax liabilities would be adjusted to the possible detriment of certain Shareholders. The Managing Owner is authorized to revise the Fund’s allocation and revaluation methods in order to comply with applicable law or to allocate items of partnership income and deductions in a manner that reflects more accurately the Shareholders’ interests in the Fund.

Section 754 Election

The Fund has made the election permitted by Section 754 of the Code. Such an election, once made, is irrevocable without the consent of the IRS. The making of the Section 754 election by the Fund will generally have the effect of requiring a purchaser of Shares to adjust its proportionate share of the basis in the Fund’s assets, or the inside basis, pursuant to Section 743(b) of the Code to fair market value (as reflected in the purchase price for the purchaser’s Shares), as if it had acquired a direct interest in the Fund’s assets. The Section 743(b) adjustment is attributed solely to a purchaser of Shares and is not added to the bases of the Fund’s assets associated with all of the other ~~Shareholders.~~Shareholders in the Fund. Depending on the relationship between a Shareholder’s purchase price for Shares and its unadjusted share of the Fund’s inside basis at the time of the purchase, the Section 754 election may be either advantageous or disadvantageous to the Shareholder as compared to the amount of gain or loss a Shareholder would be allocated absent the Section 754 election.

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The calculations under Section 754 of the Code are complex, and there is little legal authority concerning the mechanics of the calculations, particularly in the context of publicly traded partnerships. To help reduce the complexity of those calculations and the resulting administrative costs, the Fund will apply certain conventions in determining and allocating the Section 743 basis adjustments. It is possible that the IRS will successfully assert that some or all of such conventions utilized by the Fund do not satisfy the

technical requirements of the Code or the Treasury Regulations and, thus, will require different basis adjustments to be made. If the IRS were to sustain such a position, a Shareholder may have adverse tax consequences.

In order to make the basis adjustments permitted by Section 754, the Fund will be required to obtain information regarding each Shareholder’s secondary market transactions in Shares as well as creations and redemptions of Shares. The Fund will seek the requested information from the record Shareholders, and, by purchasing Shares, each beneficial owner of Shares will be deemed to have consented to the provision of the information by the record owner of the beneficial owner’s Shares. Notwithstanding the foregoing, however, there can be no guarantee that the Fund will be able to obtain such information from record owners or other sources, or that the basis adjustments that the Fund makes based on the information it is able to obtain will be effective in eliminating disparity between a Shareholder’s outside basis in its Shares and its interest in the inside basis in the Fund’s assets.

~~Constructive Termination~~

The Fund will experience a constructive termination for tax purposes if there is a sale or exchange of 50 percent or more of the total Shares in the Fund within a 12-month period. A constructive termination results in the closing of the Fund’s taxable year for all Shareholders in the Fund. In the case of a Shareholder reporting on a taxable year other than the taxable year used by the Fund (which is a fiscal year ending December 31), the early closing of the Fund’s taxable year may result in more than 12 months of its taxable income or loss being includable in the Shareholder’s taxable income for the year of termination. The Fund would be required to make new tax elections after a termination,

~~including a new election under Section 754. A termination could also result in penalties if the Fund were unable to determine that the termination had occurred.~~

Treatment of Distributions

Distributions of cash by a partnership are generally not taxable to the distributee to the extent the amount of cash does not exceed the distributee’s tax basis in its partnership interest. Thus, any cash distributions made by the Fund will be taxable to a Shareholder only to the extent the distributions exceed the Shareholder’s tax basis in the Shares it is treated as owning (see ~~“—Tax~~“Tax Basis in Fund Shares” below). Any cash distributions in excess of a Shareholder’s tax basis generally will be considered to be gain from the sale or exchange of the Shares (see ~~“—Disposition~~“Disposition of Shares” below).

Creation and Redemption of ~~Share Baskets~~

Creation Units

Shareholders, other than Authorized Participants (or holders for which an Authorized Participant is acting), generally will not recognize gain or loss as a result of an Authorized Participant’s creation or redemption of a ~~Basket.~~Creation Unit. If the Fund disposes of assets in connection with the redemption of a ~~Basket,~~Creation Unit, however, the disposition may give rise to gain or loss that will be allocated ~~in part~~ to Shareholders. An Authorized Participant’s creation or redemption of a ~~Basket~~Creation Unit also may affect the Shareholder’s share of the Fund’s tax basis in its assets, which could affect the amount of gain or loss allocated to the Shareholder on the sale or disposition of portfolio assets by the Fund.

Disposition of Shares

If a U.S. Shareholder transfers Shares and such transfer is a sale or other taxable disposition, the U.S. Shareholder will generally be required to recognize gain or loss measured by the difference between the amount realized on the sale and the U.S. Shareholder’s adjusted tax basis in the Shares sold. The amount realized will include an amount equal to the U.S. Shareholder’s share of the Fund’s liabilities, as well as any proceeds from the sale. The gain or loss recognized will generally be taxable as capital gain or loss. Capital gain of non-corporate U.S. Shareholders is eligible to be taxed at reduced rates where the Shares sold are considered held for more

~~-96-~~

than one year. Capital gain of corporate U.S. Shareholders is taxed at the same rate as ordinary income. Any capital loss recognized by a U.S. Shareholder on a sale of Shares will generally be deductible only against capital gains, except that a non-corporate U.S. Shareholder may also offset up to $3,000 per year of ordinary income with capital losses.

U.S. Shareholders whose Shares are loaned to a “short seller” to cover a short sale of Shares may be considered as having disposed of those Shares. If so, such Shareholder would no longer be a beneficial owner of those Shares during the period of the loan and may recognize gain or loss from the disposition. As a result, during the period of the loan, (1) any of the Fund’s income, gain, loss, deduction, or other items with respect to those Shares would not be reported by the Shareholder, and (2) any cash distributions received by the Shareholder as to those Shares could be fully taxable, likely as ordinary income. Accordingly, Shareholders who desire to avoid the risk of income recognition from a loan of their Shares to a short seller are urged to modify any applicable brokerage account agreements to prohibit their brokers from borrowing their Shares. These rules, however, should not affect the amount or timing of income, gain, deduction or loss reported by a taxpayer that is a dealer in securities that marks the Shares

to market for U.S. federal income tax purposes, or a trader in securities that has elected to use the mark-to-market method of tax accounting with respect to the Shares.

Tax Basis in Fund Shares

A U.S. Shareholder’s initial tax basis in its Shares will equal the sum of (a) the amount of cash paid by the U.S. Shareholder for its Shares and (b) the U.S. Shareholder’s share of the Fund’s liabilities. A U.S. Shareholder’s tax basis in its Shares will be increased by (a) the U.S. Shareholder’s share of the Fund’s taxable income, including capital gain, (b) the U.S. Shareholder’s share of the Fund’s income, if any, that is exempt from tax and (c) any increase in the U.S. Shareholder’s share of the Fund’s liabilities. A U.S. Shareholder’s tax basis in Shares will be decreased (but not below zero) by (a) the amount of any cash distributed (or deemed distributed) to the U.S. Shareholder, (b) the U.S. Shareholder’s share of the Fund’s losses and deductions, (c) the U.S. Shareholder’s share of the Fund’s expenditures that are neither deductible nor properly chargeable to its capital account and (d) any decrease in the U.S. Shareholder’s share of the Fund’s liabilities.

Limitations on Interest Deductions

The deductibility of a non-corporate U.S. Shareholder’s “investment interest expense” is generally limited to the amount of the Shareholder’s “net investment income.” Investment interest expense will generally include interest expense incurred by the Fund, if any, and investment interest expense incurred by the U.S. Shareholder on any margin account borrowing or other loan incurred to purchase or carry Shares. Net investment income includes gross income from property held for investment and amounts treated as portfolio income, such as dividends and interest, less deductible expenses, other than interest, directly connected with the production of investment income. For this purpose, any long-term capital gain or qualifying dividend income that is taxable at long-term capital gains rates is excluded from net investment income unless the U.S. Shareholder elects to pay tax on such capital gain or dividend income at ordinary income rates.

A Shareholder’s distributive share of certain interest paid or accrued by the Fund, or certain entities in which the Fund invests may be treated as “business interest,” which is subject to separate limitations on deductibility.

Organization, Syndication and Other Expenses

Currently, “miscellaneous itemized deductions” are not permitted for taxable years beginning before January 1, 2026. In general, for taxable years beginning after December 31, 2025, expenses incurred that are considered “miscellaneous itemized deductions” may be deducted by a U.S. Shareholder that is an individual, estate or trust only to the extent that they exceed 2% of the adjusted gross income of the U.S. Shareholder. The Code imposes additional limitations on the amount of certain itemized deductions allowable to individuals, by reducing the otherwise allowable portion of such deductions by an amount equal to the lesser of:

•

3% of the individual’s adjusted gross income in excess of certain threshold amounts; or

•

80% of the amount of certain itemized deductions otherwise allowable for the taxable year.

In addition, these expenses are also not deductible in determining the alternative minimum tax liability of a non-corporate U.S. Shareholder. The Fund will report its expenses on a pro rata basis to the Shareholders, and each U.S. Shareholder will determine separately to what extent they are deductible on the U.S. Shareholder’s tax return. A U.S. Shareholder’s inability to deduct all or a portion of the expenses could result in an amount of taxable income to the U.S. Shareholder with respect to the Fund that exceeds the amount of cash actually distributed to such U.S. Shareholder for the year. It is anticipated that management fees the Fund will pay will constitute miscellaneous itemized deductions.

Under Section 709(b) of the Code, amounts paid or incurred to organize a partnership may, at the election of the partnership, be treated as deferred expenses, which are allowed as a deduction ratably over a period of 180 months. The Fund has made a Section 709(b) election. ~~A non-corporate U.S. Shareholder’s allocable share of the organizational expenses will constitute miscellaneous itemized deductions.~~ Expenditures in connection with the issuance and marketing of Shares (so called “syndication fees”) are not eligible for the 180-month amortization provision and are not deductible.

Passive Activity Income and Loss

Individuals are subject to certain “passive activity loss” rules under Section 469 of the Code.

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Under these rules, losses from a passive activity generally may not be used to offset income derived from any source other than passive activities. Losses that cannot be currently used under this rule may generally be carried forward. Upon an individual’s disposition of an interest in the passive activity, the individual’s unused passive losses may generally be used to offset other (i.e., non-passive) income. Under current Treasury Regulations, income or loss from the Fund’s investments generally will not constitute income or losses from a passive activity. Therefore, income or loss realized by Shareholders will not be available to offset a U.S. Shareholder’s passive losses or passive income from other sources.

Tax on Net Investment Income

A 3.8% tax will be imposed on some or all of the net investment income of certain individuals with modified adjusted gross income of over $200,000 ($250,000 in the case of joint filers) and the undistributed net investment income of certain estates and trusts. For these purposes, it is expected that all or a substantial portion of a Shareholder’s share of Fund income will be net investment income. In addition, certain Fund expenses may not be deducted in calculating a Shareholder’s net investment income.

Reporting by the Fund to its Shareholders

The Fund will file a partnership tax return. Accordingly, tax information will be provided to Shareholders on Schedule K-1 for each calendar year as soon as practicable after the end of such taxable year but in no event later than March 15. Each Schedule K-1 provided to a Shareholder will set forth the Shareholder’s share of the Fund’s tax items (i.e., interest income from T-Bills, short-term and long-term capital gain or loss with respect to the futures contracts, Money Market Income, T-Bill ETF Income and investment expenses for the year) in a manner sufficient for a U.S. Shareholder to complete its tax return with respect to its investment in the Shares.

Each Shareholder, by its acquisition of Shares, will be deemed to agree to allow brokers and nominees to provide to the Fund its name and address and the other information and forms as may be reasonably requested by the Fund for purposes of complying with their tax reporting and withholding obligations (and to waive any confidentiality rights with respect to the information and forms for this purpose) and to provide information or forms upon request.

Given the lack of authority addressing structures similar to that of the Fund, it is not certain that the IRS will agree with the manner in which tax reporting by the Fund will be undertaken. Therefore, Shareholders should be aware that future IRS interpretations or revisions to Treasury Regulations could alter the manner in which tax reporting by the Fund and any nominee will be undertaken.

Tax Agent

The beneficial owners who are of a type, as identified by the nominee through whom their Shares are held, that do not ordinarily have U.S. federal tax return filing requirements (collectively, “Certain K-1 Unitholders”), have designated the Managing Owner as their tax agent (the “Tax Agent”) in dealing with the Trust. In light of such designation and pursuant to Treasury Regulation section 1.6031(b)-1T(c), as amended from time to time, the Trust will provide to the Tax Agent Certain K-1 Unitholders’ statements (as described in Treasury Regulation section 1.6031(b)-1T(a)(3), as amended from time to time).

Audits and Adjustments to Tax Liability

Any challenge by the IRS to the tax treatment by a partnership of any item must be conducted at the partnership, rather than at the partner, level. A partnership ordinarily designates a “tax matters partner” (as defined under Section 6231 of the Code with respect to taxable years of partnerships beginning before January 1, 2018) as the person to receive notices and to act on its behalf in the conduct of such a challenge or audit by the IRS.

Pursuant to the governing documents, the Managing Owner has been appointed the ~~“tax matters partner”~~“partnership representative” of the Fund ~~for all purposes~~within the meaning of Section 6223 of the ~~Code. The tax matters partner, which is required by~~Code (the “Partnership Representative”), to act on the ~~Trust Declaration~~Fund’s behalf in connection with IRS audits and related proceedings. Under the Centralized Partnership Audit Regime, the Partnership Representative’s actions, including the Partnership Representative’s agreement to ~~notify all U.S. Shareholders~~adjustments of ~~any U.S. federal~~the Fund’s income ~~tax~~in settlement of an IRS audit of the Fund, ~~has the authority under the Trust Declaration~~will bind all Shareholders, and opt-out rights available to ~~conduct any IRS audits~~certain Shareholders in connection

with certain actions of ~~the Fund’s tax returns or other tax related administrative or judicial proceedings and to settle or further contest any issues in such proceedings. The decision in any proceeding initiated by~~ the tax matters partner under the partnership audit rules in effect prior to January 1, 2018 will no longer be available.

Under the Centralized Partnership Audit Regime, Shareholders are not required to receive notice of any audit of a Fund tax return and are not entitled to participate in any such audit, and any adjustment made in a Fund audit will be binding on all U.S. Shareholders. As the tax matters partner, the Managing Owner has the right on behalf of all Shareholders to extend the statute of limitations relating to the Shareholders’ U.S. federal income tax liabilities with respect to Fund items.

~~A U.S. federal income tax audit~~ of the ~~Fund’s partnership~~Shareholders. Any tax return may result in an audit of the returns of the U.S. Shareholders, which, in turn, could result in adjustments of items of a Shareholder that are unrelated to the Fund as well as to the Fund’s related items. In particular, there can be no assurance that the IRS, uponarising from an audit of a ~~partnership~~Fund tax return, as well as any resulting interest and penalties, is generally payable by the Fund in the year in which the determination becomes final unless the Fund elects to send statements (“Adjustment Statements”) to its Shareholders for the audited year informing them of their share of the adjustments made on audit. If the Fund ~~or of an income~~sends Adjustment Statements, Shareholders are generally required to pay any tax, ~~return of a U.S. Shareholder, might~~interest and penalties arising from such adjustments as if the adjustments were made in the audited year and any other affected year, as applicable, but are not ~~take a position that differs~~required to amend their tax returns for any prior year. In general, if the Fund pays the tax resulting from the ~~treatment thereof~~adjustment, the amount is determined by applying the ~~Fund. A U.S. Shareholder would be liable~~highest rate of tax in effect for ~~interest on any deficiencies that resulted from any adjustments. Prospective U.S. Shareholders should also recognize that they might be forced~~the audited year to ~~incur substantial legal and accounting costs in resisting any challenge by~~the net adjustment amount, subject to possible reduction, with the approval of the IRS, to ~~items~~account for certain types of income and for tax-exempt Shareholders. Treasury Regulations provide guidance as to how the tax is paid if a partnership or other flow-through entity (“Pass-Through Partner”) receives an Adjustment Statement from a lower-tier partnership in which it holds an interest. In general, such Treasury Regulations provide that a Pass-Through Partner may pay the amount shown on the Adjustment Statement it receives or send statements to its interest holders for the audited year to which the Adjustment Statement relates informing them of their ~~individual returns, even if~~share of the ~~challenge~~adjustments shown on the Adjustment Statement. If the Pass-Through Partner sends such statements to its interest holders, then the interest holders are generally required to pay the amount of tax, interest and penalties reported on such statements. A Pass-Through Partner must file and furnish such statements to its affected interest holders in accordance with forms, instructions and other guidance to be prescribed by the ~~IRS~~IRS. It is also possible that state and local taxing jurisdictions will enact similar provisions.

Shareholders should ~~prove unsuccessful.~~

~~The Bipartisan Budget Act of 2015 implements a new regime for~~discuss with their own tax advisors the ~~U.S. federal income tax audit of partnerships that generally applies for taxable years of partnerships beginning after December 31,~~

~~-98-~~

~~2017. The Managing Owner will be appointed the “partnership representative”~~possible implications of the Centralized Partnership Audit Regime with respect to an investment in the Fund.

Non-U.S. Shareholders

The Fund ~~will~~intends to conduct its activities in such a manner that a non-U.S. Shareholder who is not otherwise carrying on a trade or business in the United States ~~will~~is not expected to be considered to be engaged in a trade or business in the United States as a result of an investment in the Shares. A non-U.S. Shareholder’s share of the interest income realized by the Fund on its holdings of T-Bills will be exempt from U.S. withholding tax provided the non-U.S. Shareholder certifies on IRS Form W-8BEN or IRS Form W-8BEN-E (or other applicable form) that the Shareholder is not a U.S. person, provides name and address information and otherwise satisfies applicable documentation and certification requirements. In addition, with respect to certain distributions made to non-U.S. Shareholders, no withholding is required and the distributions by the Fund that relate to dividends paid to the Fund by money market mutual funds and T-Bill ETFs that are RICs generally will not be subject to federal income tax if (i) the distributions are properly reported by us as “interest-related dividends” or “short-term capital gain dividends,” (ii) the distributions are derived from sources specified in the Code for such dividends and (iii) certain other requirements are satisfied. No assurance can be given that any of our distributions would be designated as eligible for this exemption.

Non-U.S. Shareholders will not be subject to U.S. federal income tax on gains realized on the sale of Shares or on the non-U.S. Shareholder’s share of the Fund’s capital gains. However, in general the purchaser or transferee of a partnership interest is required to withhold 10% on the “amount realized” by a Non-U.S. Shareholder on the sale or exchange of Shares, unless the transferor certifies that it is not a non-U.S. person. However, the U.S. Department of the Treasury and the IRS have suspended these rules for transfers of certain publicly traded partnership interests, including transfers of our common units, that occur before January 1, 2022. Such withholding will be required on open market transactions occurring on or after January 1, 2022, but in the case of a transfer made through a broker, the obligation to withhold is generally imposed on the transferor’s broker. A Non-U.S. Shareholder also could be liable for state/local income taxes, and could have corresponding state/local tax filing requirements.

In the case of an individual non-U.S. Shareholder, the non-U.S. Shareholder will be subject to U.S. federal income tax on gains on the sale of Shares or the non-U.S. Shareholder’s distributive share of capital gains if the non-U.S. Shareholder is present in the United States for 183 days or more during a taxable year and certain other conditions are met.

Non-U.S. Shareholders that are individuals will be subject to U.S. federal estate tax on the value of U.S. situs property owned at the time of their death (unless a statutory exemption or tax treaty exemption applies). It is unclear whether partnership interests (such as the Shares) will be considered U.S. situs property. Accordingly, non-U.S. Shareholders may be subject to U.S. federal estate tax on all or part of the value of the Shares owned at the time of their death.

Non-U.S. Shareholders are advised to consult their own tax advisors with respect to the particular tax consequences to them of an investment in the Shares.

Regulated Investment Companies

The Fund does not believe that it will be classified as a qualified ~~PIP.~~publicly traded partnership within the meaning of Section 851(h) of the Code. Accordingly, a RIC that invests in Shares will be treated as owning a proportionate share of the Fund’s assets and will take into account its allocable share of the Fund’s items of income, gain, loss, and deduction when testing the various compliance requirements specifically applicable to RICs. Under current interpretation of the RIC qualification rules, a RIC’s allocable share of income from the Fund’s foreign currency futures ~~transactions~~contracts and interest income from its investment in debt obligations ~~are~~should be treated as qualifying income. Because the Fund is not a qualified PTP, a RIC’s investment in the Shares will not be counted against the 25 percent limit on a RIC’s permitted investment in securities issued by qualified PTPs, and a RIC need not limit its investment in Shares provided it otherwise can satisfy the RIC qualification requirements. The U.S. Treasury has specific statutory authority (granted in ~~1987)~~1986) to promulgate Treasury Regulations excluding from the definition of qualifying income foreign currency gains which are not directly related to a RIC’s principal business of investing in stock or securities (or options and futures with respect to stock or securities), although to date no such Treasury Regulations have been issued or proposed. For this reason, there are some RICs which do not invest in foreign currencies except as a way to hedge risk for investments which may be denominated in or affected by certain foreign currency fluctuations. ~~At least one RIC has obtained a private ruling from the IRS that gains on its derivative investments used to obtain exposure to foreign currencies would constitute qualifying income under current law.~~ RIC investors ~~that have not sought their own rulings on the issue~~ face a risk that future Treasury Regulations will recharacterize foreign currency gains received by them as nonqualifying income and be retroactive in application. If the IRS determines that the Fund’s futures contracts do not produce qualifying income under Section 851(b) of the Code, the Fund may become classified as a “qualified publicly traded partnership” within the meaning of Section 851(h) of the Code. RICs are limited to investing up to 25% of their assets in “qualified publicly traded partnerships” and net income derived from such investments is qualifying income for RICs under Section 851(b) of the Code. A prospective RIC investor is encouraged to consult a tax advisor regarding the treatment of its investment in Shares under the current tax rules.

~~-99-~~

Tax-Exempt Organizations

An organization that is otherwise exempt from U.S. federal income tax is nonetheless subject to taxation with respect to its ~~“unrelated business taxable income,” or~~ UBTI. Except as noted below with respect to certain categories of exempt income, UBTI generally includes income or gain derived (either directly or through a partnership) from a trade or business, the conduct of which is substantially unrelated to the exercise or performance of the organization’s exempt purpose or function.

UBTI generally does not include passive investment income, such as dividends, interest and capital gains, whether realized by the organization directly or indirectly through a partnership (such as the Fund) in which it is a partner. This type of income is exempt, subject to the discussion of “unrelated debt-financed income” below, even if it is realized from securities trading activity that constitutes a trade or business.

UBTI includes not only trade or business income or gain as described above, but also “unrelated debt-financed income.” This latter type of income generally consists of (1) income derived by an exempt organization (directly or through a partnership) from income producing property with respect to which there is “acquisition indebtedness” at any time during the taxable year and (2) gains derived by an exempt organization (directly or through a partnership) from the disposition of property with respect to which there is acquisition indebtedness at any time during the twelve-month period ending with the date of the disposition.

All of the income realized by the Fund is expected to be short-term or long-term capital gain income, interest income or other passive investment income of the type specifically exempt from UBTI as discussed above. The Fund will not borrow funds for the purpose of acquiring or holding any investments or otherwise incur “acquisition indebtedness” with respect to such investments. Therefore, a tax-exempt entity purchasing Shares ~~will~~is not expected to incur any UBTI by reason of its investment in the Shares or upon sale of such Shares provided that such tax-exempt entity does not borrow funds for the purpose of investing in the Shares.

Tax-exempt entities are not permitted to offset losses from one trade or business against the income or gain of another trade or business. Certain net losses incurred prior to January 1, 2018 are permitted to offset gain and income created by an unrelated trade or business, if otherwise available.

Certain State and Local Taxation Matters

Prospective Shareholders should consider, in addition to the U.S. federal income tax consequences described, potential state and local tax considerations in investing in the Shares. These considerations arise under various taxing schemes, which include taxes imposed on entities treated as partnerships for U.S. federal income tax purposes, withholding on the distributive share of a nonresident partner, franchise and capital taxes, gross income taxes, net income taxes, value added taxes, and gross receipts taxes.

State and local tax laws often differ from U.S. federal income tax laws with respect to the treatment of specific items of income, gain, loss, deduction and credit for state net income tax purposes. For Shareholders that are taxed as entities for state or local tax income tax purposes, the taxable nexus, income, and apportionment factors of the Fund may flow through to the Shareholder and such flow-through may disproportionately impact the taxability of the Shareholder in one or more jurisdictions relative to that Shareholder’s distributive share from the Fund. For Shareholders that are individuals, the taxable nexus and apportioned income of the Fund will generally flow through to the Shareholder and the Shareholder’s distributive share of the taxable income or loss of the Fund generally will be required to be included in determining its reportable income for state and local income tax purposes in the jurisdiction in which the Shareholder is a resident.

The Fund may have a taxable nexus with one or more jurisdictions that will subject a Shareholder to tax ~~(and~~(and require a Shareholder to file a state and local tax return with the jurisdiction in respect to the Shareholder’s share of the income derived from that business). A prospective Shareholder should consult its tax advisor with respect to the availability of a credit for such tax in the jurisdiction(s) in which the Shareholder is resident.

~~The Fund is likely not subject~~

Tax Shelter Disclosure Rules

There are circumstances under which certain transactions must be disclosed to the ~~New York City unincorporated business~~IRS in a disclosure statement attached to a taxpayer’s U.S. federal income tax ~~because~~return. (A copy of such statement must also be sent to the IRS Office of Tax Shelter Analysis.) In addition, the Code imposes a requirement on certain “material advisors” to maintain a list of persons participating in such transactions, which list must be furnished to the IRS upon written request. These provisions can apply to transactions not conventionally considered to involve abusive tax planning. Consequently, it is ~~not imposed on an entity~~possible that ~~is primarily engaged~~such disclosure could be required by the Fund or the Shareholders (1) if a Shareholder incurs a loss (in each case, in excess of a threshold computed without regard to offsetting gains or other income or limitations) from the disposition (including by way of withdrawal) of Shares, or (2) possibly in other circumstances. Furthermore, the Fund’s material advisors could be required to maintain a list of persons investing in the ~~purchase and sale of financial instruments and securities for its “own account.” It is noted that the determination of whether the~~ Fund ~~will be subject to such tax is made on an annual basis and, accordingly, may change from one year~~pursuant to the ~~next.~~

~~-100-~~

~~Nonresident individual Shareholders~~Code. While the tax shelter disclosure rules generally do not apply to a loss recognized on the disposition of an asset in which the taxpayer has a qualifying basis (generally a basis equal to the amount of cash paid by the taxpayer for such asset), such rules will ~~be subject~~apply to ~~New York State personal income tax~~a taxpayer recognizing a loss with respect to interests in a pass-through entity (such as the Shares) even if its basis in such interests is equal to the amount of cash it paid. In addition, significant penalties may be imposed in connection with a failure to comply with these reporting requirements. U.S. Shareholders are urged to consult their ~~share of~~tax advisors regarding the ~~New York source income~~tax shelter disclosure rules and their possible application to them.

U.S. Shareholders should consult their own tax advisors regarding any tax reporting or ~~gain realized directly by the Fund, if any, and New York State~~filing obligations they may ~~require withholding from the distributive shares of the Shareholders with respect to such income. Whenever reporting is required, the Fund, in its sole discretion, may,~~have as a convenience to Shareholders make composite state filings and payments in New York and offer each eligible Shareholder the opportunity to join in such returns to the extent permitted by New York law. A nonresident individual U.S. Shareholder will not be subject to New York City income tax on nonresidents with respect to his or her investment in the Fund.

New York State and New York City residents will be subject to New York State and New York City personal income tax on their income recognized in respect of Shares. Because the Fund may conduct its business, in part, in New York City, corporate U.S. Shareholders generally will be subject to the New York franchise tax and the New York City general corporation tax by reasonresult of their ~~investment in the Fund, unless certain exemptions apply. However, pursuant to applicable regulations, non-New York corporate U.S. Shareholders not otherwise subject to New York State franchise tax~~acquisition, ownership or ~~New York City general corporation tax should not be subject to these taxes solely by reason~~disposition of investing in shares based on qualification of the Fund as a “portfolio investment partnership” under applicable rules. No ruling from the New York State Department of Taxation and Finance or the New York City Department of Finance has been, or will be, requested regarding such matters.

Pursuant to the investment partnership provisions of the Illinois Income Tax Act, if (i) 90% or more of the gross income generated by a partnership consists of interest, dividends and gains from the sale or exchange of “qualifying investment securities” for purposes of the 1.5% Illinois personal property tax replacement income tax (the “Replacement Tax”), (ii) no less than 90% of an entity’s cost of its total assets consist of qualifying investment securities, deposits at banks or other financial institutions and office space and equipment reasonably necessary to carry on its activities as an investment partnership, and (iii) the entity is not a dealer in qualifying investment securities, then the entity will meet the requirements of the investment

Shares.

~~partnership provisions of the Illinois Income Tax Act and should not be subject to the Replacement Tax.~~

For the purposes of claiming the Replacement Tax exemption, qualifying investment securities include common and preferred stock; bonds, debentures, and other debt securities; foreign and domestic currency deposits; mortgage or asset-backed securities; repurchase agreements and loan participations; forward currency exchange contracts and forward and futures contracts on foreign currencies; stock and bond index securities and futures contracts and other similar financial securities and futures contracts on those securities; options for the purchase or sale of the foregoing securities, currencies, or contracts; regulated futures contracts; commodities or futures, forwards, or options with respect to such commodities; derivatives; and a partnership interest in another partnership that is an investment partnership. If the tests for the Replacement Tax exemption are not met, and the Fund incurs a Replacement Tax liability, such liability will be computed on and charged and allocated to the Shareholders who do not themselves pay the Replacement Tax.

Whether or not the Fund qualifies as an investment partnership for Replacement Tax purposes is a question of fact that could change from year to year, and there can be no assurance that the Fund will in fact qualify in any particular year as an investment partnership that is exempt from the Replacement Tax.

Backup Withholding

The Fund is required in certain circumstances to backup withhold on certain payments paid to non-corporate Shareholders that do not furnish the Fund with their correct taxpayer identification number (in the case of individuals, their social security number) and certain certifications, or who are otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amounts withheld from payments made to a Shareholder may be refunded or credited against the Shareholder’s U.S. federal income tax liability, if any, provided that the required information is furnished to the IRS in a timely manner.

Shareholders should be aware that certain aspects of the U.S. federal, state and local income tax

~~-101-~~

treatment regarding the purchase, ownership and disposition of Shares are not clear under existing law. Thus, Shareholders are urged to consult their own tax advisors to determine the tax consequences of ownership of the Shares in their particular circumstances, including the application of U.S. federal, state, local and foreign tax laws.

FATCA

The Foreign Account Tax Compliance Act provisions of the Hiring Incentives to Restore Employment Act (“FATCA”) (i) requires certain foreign entities that are foreign financial institutions (as defined in Section 1471(d)(4) of the Code) to enter into an agreement with the IRS to disclose to the IRS the name, addressgenerally impose a reporting and ~~tax identification number of certain U.S. persons who own an interest in the foreign entity and requires certain other foreign entities to provide certain other information; and (ii) imposes a~~ 30% withholding tax onregime with respect to certain ~~payments~~items of U.S. source income (including dividends and interest) (“Withholdable Payments”). While the 30% withholding tax would have applied also to payments of gross proceeds from the sale or other disposition on or after January 1, 2019 of property that ~~produces~~would give rise to U.S. source interest or dividends, proposed Treasury Regulations eliminate such withholding on payments of gross proceeds entirely. The U.S. Treasury Department has indicated that taxpayers may rely on these proposed Treasury Regulations pending their finalization. As a general matter, the rules are designed to require U.S. persons’ direct and indirect ownership of non-U.S. accounts and non-U.S. entities to be reported to the IRS. The 30% withholding tax regime applies if there is a failure to provide required information regarding U.S. ownership.

The rules may subject a non-U.S. Shareholder’s share of Withholdable Payments received by the ~~foreign entity fails~~Fund to ~~enter into~~30% withholding tax unless such shareholder provides information, representations and waivers of non-U.S. law as may be required to comply with the ~~agreement or satisfy~~provisions of the rules, including information regarding certain U.S. direct and indirect owners of such non-U.S. Shareholder. A non-U.S. Shareholder that is treated as a “foreign financial institution” will generally be subject to withholding unless it agrees to report certain information to the IRS regarding its ~~obligations under the legislation. Non-U.S. Shareholders are encouraged to~~U.S. accountholders and those of its affiliates.

Prospective shareholders should consult ~~with~~ their own ~~tax~~ advisors regarding the ~~possible implications~~requirements under FATCA with respect to their own situation.

Euroclear System

Any participant of ~~FATCA on an investment~~the Euroclear System that holds Shares in the ~~Fund.~~

~~Tax on Net Investment Income~~

~~A 3.8% tax~~Euroclear System will be ~~imposed on some~~deemed to have represented to and agreed with the Fund and Euroclear Bank as a condition to Shares being in the Euroclear System to furnish to the Euroclear Bank (a) its tax identification number, (b) notice of whether it is (i) a person who is not a United States person, (ii) a foreign government, an international organization or ~~all~~any wholly owned agency or instrumentality of either of the ~~net investment income of certain individuals with modified adjusted gross income of over $200,000 ($250,000 in~~foregoing or (iii) a tax exempt identity, and (c) such other information as the case of joint filers) and the undistributed net investment income of certain estates and trusts. For these purposes, it is expected that all or a substantial portion of a Shareholder’s share of Fund income will be net investment income. In addition, certain Fund expensesEuroclear Bank may ~~not be deducted in calculating a Shareholder’s net investment income.~~

~~Tax Agent~~

~~amended~~request from time to time in order to comply with its United States tax reporting obligations. If a participant in the ~~Trust will~~Euroclear System fails to provide tosuch information, Euroclear Bank may, among other courses of action, block trades in the ~~Tax Agent Certain K-1 Unitholders’ statements (as~~Shares and related income distributions of such ~~term is defined under Treasury Regulation section 1.6031(b)-1T(a)(3)), as amended from time to time).~~

participant.

PROSPECTIVE INVESTORS ARE URGED TO CONSULT THEIR TAX ADVISORS BEFORE DECIDING WHETHER TO INVEST IN THE SHARES.

~~PURCHASES BY EMPLOYEE~~

~~BENEFIT PLANS~~

Purchases by Employee Benefit Plans

Although there can be no assurance that an investment in the Fund, or any other managed futures product, will achieve the investment objectives of an employee benefit plan in making such investment, futures investments have certain features which may be of interest to such a plan. For example, the futures markets are one of the few investment fields in which employee benefit plans can participate in leveraged strategies without being required to pay tax on “unrelated business taxable income.” See “Material U.S. Federal Income Tax ~~Considerations—‘Tax-Exempt~~Considerations — ‘Tax-Exempt Organizations’” ~~at page 95.~~below. In addition, because they are not taxpaying entities, employee benefit plans are not subject to paying annual tax on profits (if any) of the Fund.

General

The following section sets forth certain consequences under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and the Code, which a fiduciary of an “employee benefit plan” as defined in, and subject to the fiduciary responsibility provisions of, ERISA or of a “plan” as defined in and subject to Section 4975 of the Code who has investment discretion should consider before deciding to invest the plan’s assets in the Fund (such “employee benefit plans” and “plans” being referred to herein as ~~“Plans,”~~Plans, and such fiduciaries with investment discretion being referred to herein as ~~“Plan Fiduciaries”)~~Plan Fiduciaries). The following summary is not intended to be complete, but only to address certain questions under ERISA and the Code which are likely to be raised by the Plan Fiduciary’s own counsel.

~~-102-~~

In general, the terms “employee benefit plan” as defined in ERISA and “plan” as defined in Section 4975 of the Code together refer to any plan or account of various types which provide retirement benefits or welfare benefits to an individual or to an employer’s employees and their beneficiaries. Such plans and accounts include, but are not limited to, corporate pension and ~~profit-sharing~~profit sharing plans, “simplified employee pension plans,” Keogh plans forself-employed individuals (including partners), individual retirement accounts described in Section 408 of the Code and medical benefit plans.

Each Plan Fiduciary of an ERISA Plan must give appropriate consideration to the facts and circumstances that are relevant to an investment in the Fund, including the role ~~that~~ such an investment in the Fund ~~would play~~plays in the Plan’s ~~overall~~ investment portfolio. Each such Plan Fiduciary, before deciding to invest in the Fund, must be satisfied that such investment in the Fund is a prudent investment for the Plan, that the investments of the Plan, including the investment in the Fund, are diversified so as to minimize the risk of large losses and that an investment in the Fund complies with the documents of the Plan and related trust.

EACH PLAN FIDUCIARY CONSIDERING ACQUIRING SHARES ~~MUST~~SHOULD CONSULT WITH ITS OWN LEGAL AND TAX ADVISORS BEFORE DOING SO. AN INVESTMENT IN THE FUND IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK. THE FUND IS NOT INTENDED AS A COMPLETE INVESTMENT PROGRAM.

“Plan Assets”

ERISA and a regulation issued thereunder (the “Plan Asset Rules”) contain rules for determining when an investment by a Plan in an entity will result in the underlying assets of such entity being treated as assets of the Plan for purposes of the fiduciary responsibility and prohibited transaction provisions of ERISA and Section 4975 of the Code (~~i.e.~~(i.e.,~~“plan~~ “plan assets”). Those rules provide that assets of an entity will not be plan assets of a Plan which purchases an interest therein if certain exceptions apply, including (i) an exception applicable if the equity interest purchased is a “publicly-offered security” (the “Publicly-Offered Security Exception”), and (ii) an exception applicable if the investment by all “benefit plan investors” is not “significant” (the “Insignificant Participation Exception”), or certain other exceptions ~~apply (the “Insignificant Participation Exception”).~~

apply.

The Publicly-Offered Security Exception applies if the equity interest is a security that is (1) “freely transferable,” (2) part of a class of securities that is “widely held” and (3) either (a) part of a class of

securities registered under Section 12(b) or 12(g) of the Exchange Act, or (b) sold to the Plan as part of a public offering pursuant to an effective registration statement under the Securities Act and the class of which such security is a part is registered under the Exchange Act within 120 days (or such later time as may be allowed by the SEC) after the end of the fiscal year of the issuer in which the offering of such security occurred. The Plan Asset Rules state that the determination of whether a security is “freely transferable” is to be made based on all relevant facts and circumstances. Under the Plan Asset Rules, a class of securities is “widely held” only if it is of a class of securities owned by 100 or more investors independent of the issuer and of each other.

The Shares should be considered to be publicly-offered securities. First, the Shares are being sold only as part of a public offering pursuant to an effective registration statement under the Securities Act, and the Shares were timely registered under the Exchange Act. Second, it appears that the Shares are freely transferable because the Shares may be freely bought and sold on ~~the~~ NYSE Arca. Third, the Shares have been owned by at least 100 investors independent of the Fund and of each other from the date the Shares were first sold. Therefore, the underlying assets of the Fund should not be considered to constitute assets of any Plan which purchases Shares.

Ineligible Purchasers

In general, Shares may not be purchased with the assets of a Plan if the Managing Owner, the Commodity Broker, the Administrator, Invesco Distributors, ~~the Marketing Agent,~~ the Trustee, the Index Sponsor, or any of their respective affiliates or any of their respective employees either: (a) has investment discretion with respect to the investment of such plan assets; (b) has authority or responsibility to give ~~or regularly gives investment advice~~“investment advice” as defined by U.S. Department of Labor regulations with respect to such plan assets, for a fee, and pursuant to an agreement or understanding that such advice will serve as a primary basis for investment decisions with respect to such plan assets and that such advice will be based on the particular investment needs of the Plan;fee; or (c) is an employer maintaining or

~~-103-~~

contributing to such Plan. A party that is described in clause (a) or (b) of the preceding sentence is a fiduciary under ERISA and the Code with respect to the Plan, and any such purchase might result in a “prohibited transaction” under ERISA and the ~~Code.~~

Code absent an available exemption from the prohibited transaction rules.

Form 5500 Reporting

Certain ERISA Plans may be required to report certain compensation paid by the Fund to the Fund’s service providers on Schedule C to the Plan’s annual Form 5500. To the extent applicable, any descriptions of such compensation herein are intended to satisfy the disclosure requirements for “eligible indirect compensation” for purposes of the alternative reporting option on Schedule C.

Except as otherwise set forth, the foregoing statements regarding the consequences under ERISA and the Code of an investment in the Fund are based on the provisions of the Code and ERISA as currently in effect, and the existing administrative and judicial interpretations thereunder. No assurance can be given that administrative, judicial or legislative changes will not occur that will ~~not~~ make the foregoing statements incorrect or incomplete.

THE PERSON WITH INVESTMENT DISCRETION SHOULD CONSULT WITH HIS OR HER ATTORNEY AND FINANCIAL ADVISERS AS TO THE PROPRIETY OF AN INVESTMENT IN THE FUND IN LIGHT OF THE CIRCUMSTANCES OF THE PARTICULAR PLAN AND CURRENT TAX LAW.

This section does not address any laws, regulations, or statutes that may apply to prospective investors that are employee benefit plans not subject to ERISA or Section 4975 of the Code, such as U.S. federal, state and local governmental plans and certain church plans (as well as foreign plans). These other laws, regulations or statutes may impose fiduciary responsibility requirements in connection with the investment of plan assets that may be similar to ERISA. Such investors should consult their own professional advisors about these matters.

~~PLAN OF DISTRIBUTION~~

Plan of Distribution

Authorized Participants

~~Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, the~~

The Fund issues Shares in ~~Baskets~~Creation Units to Authorized Participants continuously on the creation order settlement date as of 2:45 p.m., Eastern time, on the business day immediately following the date on which a valid order to create a ~~Basket~~Creation Unit is accepted by the ~~Fund,~~Fund. The creation or redemption will be at the NAV of ~~200,000~~100,000 Shares as of the closing time of the NYSE Arca or the last to close of the exchanges on which the Fund’s futures contracts are traded, whichever is later, on the date that a valid order to create a ~~Basket~~Creation Unit is accepted by the Fund. Upon submission of a creation order, the Authorized Participant may request the Managing Owner to agree to a creation order settlement date up to 3two business days after the creation order date.

Authorized Participants may offer to the public, from ~~time-to-time,~~time to time, Shares from any ~~Baskets~~Creation Units they create. Shares offered to the public by Authorized Participants will be offered at a per Share offering

price that will vary depending on, among other factors, the trading price of the Shares on the NYSE Arca, the NAV per Share and the supply of and demand for the Shares at the time of the offer. Shares initially comprising the same ~~Basket~~Creation Unit but offered by Authorized Participants to the public at different times may have different offering prices. The excess, if any, of the price at which an Authorized Participant sells a Share over the price paid by such Authorized Participant in connection with the creation of such Share in a ~~Basket will~~Creation Unit may, depending on the facts and circumstances, be deemed to be underwriting compensation by the FINRA Corporate Financing Department. Authorized Participants will not receive from the Fund, the Managing Owner or any of their affiliates, any fee or other compensation in connection with their sale of Shares to the public, although investors are expected to be charged a ~~customary~~ commission by their brokers in connection with purchases of Shares that will vary from investor to investor. Investors are encouraged to review the terms of their brokerage accounts for applicable charges.

The Fund has entered into the Distribution Services Agreement with Invesco Distributors to assist the Managing Owner with certain functions and duties relating to distribution and marketing, including reviewing and approving marketing materials. In consideration for the services provided by Invesco Distributors, the Managing Owner reimburses Invesco Distributors for actual costs associated with the performance of such services, capped at $25,000 annually ($6,250 per quarter). See also “Material Contracts – Distribution Services Agreement.”

As of the date of this Prospectus, each of BMO Capital Markets Corp., BNP Paribas Securities Corp., Cantor Fitzgerald & Co., Citadel Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities ~~USA~~(USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. ~~and~~, Goldman Sachs Execution & Clearing ~~L.P.,~~LP, Interactive Brokers LLC, Jefferies LLC, ~~J.P.~~JP Morgan Securities Inc., ~~Knight Capital Americas, LLC,~~ Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co. LLC, Nomura Securities International Inc., RBC Capital Markets LLC, ~~Timber Hill LLC,~~ UBS Securities LLC, Virtu Americas LLC and Virtu Financial Capital Markets LLC ~~and , Virtu Financial BD LLC.~~ has executed a Participant Agreement and are the only Authorized Participants.

Likelihood of Becoming a Statutory Underwriter

The Fund issues Shares in ~~Baskets~~Creation Units to Authorized Participants from ~~time-to-time~~time to time in exchange for cash. Because new Shares can be created and issued on an ongoing basis at any point during the life of the Fund, a “distribution,” as such term is used in the Securities Act, ~~will be occurring.~~may occur at any point. An Authorized Participant, other broker-dealer firm or its client ~~will~~may be deemed a statutory underwriter, and thus ~~will~~may be subject to theprospectus-delivery and liability provisions of the Securities Act, if it purchases a ~~Basket~~Creation Unit from the Fund, breaks the ~~Basket~~

~~-104-~~

Creation Unit down into the constituent Shares and sells the Shares to its customers; or if it chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary market demand for the Shares. A determination of whether one is an underwriter must take into account all the facts and circumstances pertaining to the activities of thebroker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that would lead to categorization as an underwriter. Authorized Participants, otherbroker-dealers and other persons are cautioned that some of their activities ~~will~~

may result in their being deemed participants in a distribution, under certain interpretations of applicable law, in a manner which would render them statutory underwriters and subject them to theprospectus-delivery and liability provisions of the Securities Act.

Dealers who are neither Authorized Participants nor “underwriters” but are participating in a distribution ~~(as~~(as contrasted to ordinary secondary trading transactions), and thus dealing with Shares that are part of an “unsold allotment” within the meaning of section ~~4(3)~~4(a)(3)(C) of the Securities Act, would be unable to take advantage of the prospectus delivery exemption provided by section ~~4(3)~~4(a)(3) of the Securities Act.

[Remainder of page left blank ~~intentionally.]~~

intentionally]

~~-105-~~

Summary of Items of Value Paid Pursuant to FINRA Rule 2310


Nature of Payment	Recipient	~~Recipient~~ Payor	~~Payor~~	Amount of Payment	Services Provided
Selling Commission	Authorized Participants	~~Authorized~~ ~~Participants~~ Shareholders	~~Shareholders~~	No greater than 0.99% of the gross offering proceeds.	Brokering purchases and sales of the Shares and creating and redeeming ~~Baskets.~~Creation Units.
Distribution Services Fee	Invesco Distributors	~~Invesco~~ ~~Distributors~~ Managing Owner	~~Managing~~ ~~Owner~~	Capped at $25,000 per annum, not to exceed 0.25% of the gross offering ~~proceeds.~~ proceeds	Assisting the Managing Owner with certain functions and duties relating to distribution and marketing, including reviewing and approving marketing materials, consulting with FINRA and ensuring compliance with FINRA marketing rules and maintaining certain books and records pertaining to the Fund.
~~Marketing Services Fee~~		~~Marketing~~ ~~Agent~~	~~Managing~~ ~~Owner~~	~~A range from 0.05%—0.345% per annum of the Total Average Net Assets (as defined herein) during each year calculated in U.S. dollars; not to exceed 8.75% of the gross offering proceeds.~~	Assisting the Managing Owner by providing support to educate institutional investors about the Deutsche Bank indices and to complete governmental or institutional due diligence questionnaires or requests for proposals related to the Deutsche Bank indices.

For additional details, see below.

General

Retail investors may purchase and sell Shares through traditional brokerage accounts. Investors who purchase Shares through acommission/fee-based brokerage account may pay commissions/fees charged by the brokerage account. Investors are encouraged to review the terms of their brokerage accounts for applicable charges.

Investors intending to create or redeem ~~Baskets~~Creation Units through Authorized Participants in transactions not involving a broker-dealer registered in such investor’s state of domicile or residence should consult their legal advisor regarding applicable broker-dealer or securities regulatory requirements under the state securities laws prior to such creation or redemption.

The Managing Owner has agreed to indemnify certain parties against certain liabilities, including

liabilities under the Securities Act, and to contribute to payments that such parties may be required to make in respect of those liabilities. The Trustee has agreed to reimburse such parties, solely from and to the extent of the Fund’s assets, for indemnification and contribution amounts due from the Managing Owner in respect of such liabilities to the extent the Managing Owner has not paid such amounts when due.

The offering of ~~Baskets~~Creation Units is being made in compliance with FINRA Rule 2310. Accordingly, the Authorized Participants will not make any sales to any account over which they have discretionary authority without the prior written approval of a purchaser of Shares. The maximum amount of items of value to be paid to FINRA Members in connection with the offering of the Shares by the Fund will not exceed 10%.

of the gross offering proceeds of the Fund’s Shares.

~~-106-~~

The Authorized Participants will not charge a commission of greater than 0.99% of the gross offering proceeds of the ~~offering (or in an aggregate amount equal to $19,800,000 of the aggregate $2,000,000,000 registered on the initial Registration Statement on Form S-1, SEC Registration Number 333-132484).~~

~~Pursuant to the~~offering.

The Distribution Services Agreement provides for Invesco Distributors ~~will~~to be paid ~~by the~~$25,000 per annum ($6,250 per quarter). The Managing Owner pays these fees to the Distributor out of ~~the Management Fee of the Fund in an amount capped up to $25,000 per annum.~~

The Marketing Agent will be paid a marketing services fee by the Managing Owner. For each year ending on or prior to the sixth anniversary of the date of the Services Agreement, the marketing services fee will equal to the sum of: (i) 0.00345 times the lesser of Total Average Net Assets and $6,000,000,000, plus (ii) If such Total Average Net Assets were greater than $6,000,000,000, 0.002625 times the lesser of (A) the excess of such Total Average Net Assets over $6,000,000,000 and (B) $3,000,000,000, plus (iii) If such Total Average Net Assets were greater than $9,000,000,000, 0.000975 times the lesser of (A) the excess of such Total Average Net Assets over $9,000,000,000 and (B) $3,000,000,000, plus (iv) If such Total Average Net Assets were greater than $12,000,000,000, 0.00015 times the excess of such Total Average Net Assets over $12,000,000,000. For each year ending on or after to the sixth anniversary of the date of the Services Agreement, the marketing services fee will equal to 0.0005 times Total Average Net Assets. “Total Average Net Assets” means the sum of the “Average Net Assets” of all “Funds” for such period. “Average Net Assets” means in respect of any Fund, the average of the total NAV of such Fund (determined as described in its prospectus) as of the close of trading on each day of the applicable determination year during which the market on which such Fund is or was listed for trading was open for trading. For the avoidance of doubt, if a Fund was opened or terminated, or the applicable marketing services from the Marketing Agent were initiated or terminated, in the course of a determination year, the Average Net Assets will continue to be calculated with respect to all trading days in such determination year but with a value of zero for days on which the Fund did not exist or the Marketing Agent’s marketing services had been terminated or not yet initiated. For purposes of this paragraph only,

own assets.

“Funds” means, collectively, PowerShares DB Agriculture Fund, PowerShares DB Base Metals Fund, PowerShares DB Commodity Index Tracking Fund, PowerShares DB Energy Fund, PowerShares DB G10 Currency Harvest Fund, PowerShares DB Gold Fund, PowerShares DB Oil Fund, PowerShares DB Precious Metals Fund, PowerShares DB Silver Fund, PowerShares DB US Dollar Index Bearish Fund, PowerShares DB US Dollar Index Bullish Fund, and “New Invesco ETFs”. New Invesco ETF means, in part, any fund that both (i) is formed and sponsored or advised on or after the date of the Services Agreement by the Managing Owner or an affiliate and (ii) meets all of the following criteria: (1) is a any vehicle that both (a) is listed, traded or sold in North America, Central America or South America and (b) either (i) has an investment strategy substantially similar to that of a Fund or (ii) satisfies (or would, if sponsored by the Managing Owner, satisfy) all of the criteria set forth in clauses (ii)(1) and (b) herein; (2) is marketed as having a principal investment objective of providing exposure to certain designated commodities or derivatives thereof, whether long, short, or otherwise; and (3) (A) invests, is permitted to invest in, or which has as a principal investment strategy the investment of, more than 51% of its net assets in certain designated commodities, or (B) establishes or maintains, is permitted to establish or maintain, or which has as a principal investment strategy to establish or maintain, exposure to derivatives of certain designated commodities with a gross aggregate notional value greater than 51% of its NAV.

The payments to Invesco Distributors ~~and the Marketing Agent~~ will not, in the aggregate, exceed 0.25% ~~and 8.75%, respectively,~~ of the gross offering proceeds of the offering (or in an aggregate amount equal to $5,000,000 and $175,000,000, respectively, of the aggregate $2,000,000,000 registered on the initial Registration Statement on Form S-1, SEC Registration Number 333-132484).offering. Invesco Distributors ~~and the Marketing Agent~~ will monitor compensation received in connection with the Fund to determine if the payments described hereunder must be limited, when combined with selling commissions charged and any price spreads realized by other FINRA members, in order to comply with the 10% limitation on total underwriters’ compensation pursuant to FINRA Rule 2310.

~~-107-~~

The ~~Marketing Agent’s compensation also is subject to the limitations under NASD Rule 2830, which governs the underwriting compensation which may be paid in respect of investment companies.~~

~~The~~Fund’s Shares trade on the NYSE Arca under the symbol “DBV.”

~~LEGAL MATTERS~~

~~Sidley Austin~~

Legal Matters

Morgan, Lewis & Bockius LLP has advised the Managing Owner in connection with the Shares being offered hereby. ~~Sidley Austin~~Morgan, Lewis & Bockius LLP also advises the Managing Owner with respect to its responsibilities as managing owner of, and with respect to matters relating to, the Fund. ~~Sidley Austin~~Morgan, Lewis & Bockius LLP has prepared the sections “Material U.S. Federal Income Tax Considerations” and “Purchases By Employee Benefit Plans” with respect to ERISA. ~~Sidley Austin~~Morgan, Lewis & Bockius LLP has not represented, nor will it represent, the Fund or the Shareholders in matters relating to the Fund and no other counsel has been engaged to act on their behalf. Certain opinions of counsel have been filed with the SEC as exhibits to the Registration Statement of which this Prospectus is a part.

Richards, Layton & Finger, P.A., special Delaware counsel to the Fund, has advised the Fund in connection with the legality of the Shares being offered hereby.

~~EXPERTS~~

Experts

The financial statements of ~~PowerShares DB G10 Currency Harvest~~the Fund and management’s assessment of the effectiveness of internal control over financial reporting (which is included in Management’s Report on Internal Control over Financial Reporting) incorporated in this Prospectus by reference to the Annual Report on Form 10-K for the year ended December 31, ~~2015~~2020 have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

~~ADDITIONAL INFORMATION~~

Additional Information

This Prospectus constitutes part of the Registration Statement filed by the Fund with the SEC in Washington, D.C. ~~Additionally, as~~As further discussed under “Incorporation by Reference of Certain Documents,” we have incorporated by reference certain information. This Prospectus does not contain all of the information set forth in such Registration Statement, certain portions of which have been omitted pursuant to the rules and regulations of the SEC, including, without limitation, certain exhibits thereto (for example, the forms of the Participant Agreement and the Customer Agreement). The descriptions contained herein of agreements included as exhibits to the Registration Statement are necessarily summaries; the exhibits themselves may be inspected without charge at the public reference facilities maintained by the SEC in Washington, D.C., and copies of all or part thereof may be obtained from the Commission upon payment of the prescribed fees. The SEC maintains a website that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC. The address of such site ishttp://~~www.sec.gov~~.

~~RECENT FINANCIAL INFORMATION AND~~

~~ANNUAL REPORTS~~

www.sec.gov.

Recent Financial Information and Annual Reports

The Managing Owner will furnish you with an annual report of the Fund within 90ninety (90) calendar days after the end of the Fund’s fiscal year as required by the rules and regulations of the CFTC, including, but not limited to, an annual audited financial statement certified by independent registered public accountants and any other reports required by any other governmental authority that has jurisdiction over the activities of the Fund. You also will be provided with appropriate information to permit you to file your U.S. federal and state income tax returns (on a timely basis) with respect to your Shares. Monthly account statements conforming to CFTC and NFA requirements are posted on the Managing Owner’s website at~~http:~~ https://~~www.invescopowershares.com~~.www.invesco.com/ETFs. Additional reports may be posted on the Managing Owner’s website in the discretion of the Managing Owner or as required by regulatory authorities.

~~-108-~~

~~INCORPORATION BY REFERENCE OF~~

~~CERTAIN DOCUMENTS~~

Incorporation by Reference of Certain Documents

The ~~Securities and Exchange Commission, or the~~ SEC allows usthe Fund to “incorporate by reference” into this Prospectus the information that ~~we file~~the Fund files with it, meaning wethe Fund can disclose important information to ~~you~~Shareholders by referring ~~you~~Shareholders to those documents already on file with the SEC.

The information the Fund incorporates by reference is an important part of this Prospectus, and later information that the Fund files with the SEC will automatically update and supersede some of this information. The Fund incorporates by reference the documents listed below.

This ~~filing~~Prospectus incorporates by reference the following documents, which ~~we have~~the Fund has previously filed with the SEC, in response to certain disclosures:

•

The Annual Report on Form 10-K for the fiscal year ended December 31, ~~2015,~~2020 filed on February ~~29, 2016;~~26, 2021;

•

The Quarterly Reports on Form 10-Q for the quarterly periods ended on March 31, ~~2016,~~ 2021 and June 30, ~~2016~~2021, filed on May 7, 2021 and ~~September 30, 2016,~~August 6, 2021, respectively; and

•

Any documents filed ~~May 10, 2016, August 9, 2016 and November 8, 2016, respectively;~~

~~The Current Reports on Form 8-K, filed February 22, 2016, April 22, 2016, June 20, 2016, October 25, 2016, and November 28, 2016; and~~

~~All other reports filed pursuant to Section~~under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act ~~since December 31, 2015, except for information furnished~~subsequent to the date of this Prospectus and prior to the termination of the offering made under ~~Form 8-K, which is not deemed filed and not incorporated herein by reference.~~this Prospectus.

Any statement contained in a document that is incorporated by reference will be modified or superseded for all purposes to the extent that a statement contained in this Prospectus (or in any other document that is subsequently filed with the SEC and incorporated by reference) modifies or is contrary to that previous statement. Any statement so modified or superseded will not be deemed a part of this Prospectus except as so modified or superseded.

Because the Fund is incorporating by reference future filings with the SEC, this Prospectus is continually updated and later information filed with the SEC may update and supersede some of the information included or incorporated by reference in this Prospectus. This means that Shareholders must look at all of the SEC filings that are incorporated by reference to determine if any of the statements in this Prospectus or in any document previously incorporated by reference have been modified or superseded.

The Fund will provide to ~~you~~Shareholders a copy of the filings that have been incorporated by reference in this Prospectus upon ~~your~~ request, at no cost. Any request may be made by writing or calling ~~us at~~ the following address or telephone number:

Invesco ~~PowerShares~~ Capital Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Telephone: (800) 983-0903

These documents may also be accessed through our website at~~http:~~ https://~~www.invescopowershares.com~~www.invesco.com/ETFs or as described herein under “Additional Information.” The information and other content contained on or linked from our website are not incorporated by reference in this Prospectus and should not be considered a part of this Prospectus.

~~We file~~

The Fund files annual, quarterly, current reports and other information with the SEC. You may read and copy these materials at the SEC’s Public Reference Room at 100 F Street, N.E., Washington, DC 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains an internet site athttp://www.sec.gov that contains reports, proxy and information statements and other information regarding the Fund.

[Remainder of page left blank ~~intentionally.]~~

intentionally]

~~-109-~~

~~PART TWO~~

~~STATEMENT OF ADDITIONAL INFORMATION~~

~~POWERSHARES~~

Part Two

Statement of Additional Information

Invesco DB G10 ~~CURRENCY HARVEST FUND~~

Currency Harvest Fund

Shares of Beneficial Interest

The Shares are speculative securities which involve the risk of loss.

Past performance is not necessarily indicative of future results.

See “~~The Risks You Face~~”“Risk Factors” beginning at page 1912 in Part One.

THIS PROSPECTUS IS IN TWO PARTS:

A DISCLOSURE DOCUMENT AND A STATEMENT OF ADDITIONAL INFORMATION.

THESE PARTS ARE BOUND TOGETHER, AND BOTH CONTAIN

IMPORTANT INFORMATION. YOU MUST READ THE

STATEMENT OF ADDITIONAL INFORMATION

IN CONJUNCTION WITH THE

DISCLOSURE DOCUMENT.

~~November , 2016~~

August 17, 2021

Invesco ~~PowerShares~~ Capital Management LLC

Managing Owner

~~-110-~~

~~PART TWO~~

~~STATEMENT OF ADDITIONAL~~

~~INFORMATION~~

~~TABLE OF CONTENTS~~

Part Two
Statement of Additional Information
Table of Contents

General Information Relating to Invesco Capital Management LLC		95
~~GENERAL INFORMATION RELATING TO INVESCO POWERSHARES CAPITAL MANAGEMENT LLC~~The Futures Markets	~~112~~

~~THE FUTURES MARKETS~~	~~112~~

~~Futures Contracts~~	~~112~~
~~Hedgers and Speculators~~	~~112~~
~~Futures Exchanges~~	~~112~~
~~Daily Limits~~	~~113~~
~~Regulations~~	~~113~~
~~Margin~~	~~114~~	95

~~-111-~~

~~GENERAL INFORMATION RELATING TO~~

~~INVESCO POWERSHARES CAPITAL~~

~~MANAGEMENT~~

General Information Relating to Invesco Capital Management LLC

Invesco ~~PowerShares~~ is ~~Leading the Intelligent ETF Revolution~~^® ~~through its family~~an independent firm dedicated to delivering an investment experience that helps people get more out of life. We are privileged to manage more than ~~140 domestic~~$1,505 billion in assets on behalf of clients in more than 120 countries. Our capabilities span global regions, asset classes and ~~international ETFs, with franchise assets of approximately $98 billion as of December 31, 2015. PowerShares ETFs trade~~investment vehicles, and our investment teams have the intellectual freedom to capitalize on ~~US stock exchanges, as well as exchanges throughout Canada and Europe.~~

Invesco PowerShares is anchored on a vision of delivering investment performance through the ETF structure. With this vision, Invesco PowerShares focuses on offering value-added and innovative ETFs; starting with the inception of the first two Dynamic ETFs in May 2003. Integration with Invesco Ltd. since 2006 continues to give Invesco PowerShares a global presence.

Invesco PowerShares is a part of Invesco Ltd., a leading independent global investment management company that provides comprehensive investment solutions and is listed on the New York Stock Exchange under the symbol IVZ.

~~THE FUTURES MARKETS~~

their expertise. To learn more, visit https://www.invesco.com/us.

The Futures Markets

Futures Contracts

Futures contracts are standardized contracts made on United States or foreign exchanges that call for the future delivery of specified quantities of various agricultural and tropical commodities, industrial commodities, currencies, financial instruments or metals at a specified time and place. The contractual obligations, depending upon whether one is a buyer or a seller, may be satisfied either by taking or making, as the case may be, physical delivery of an approved grade of commodity or by making an offsetting sale or purchase of an equivalent but opposite futures contract on the same, or mutually off-setting, exchange prior to the designated date of delivery. As an example of an offsetting transaction where the physical commodity is not delivered, the contractual obligation arising from the sale of one contract of December ~~2016~~ wheat on a ~~commodity~~futures exchange may be fulfilled at any time before delivery of the commodity is required by the purchase of one contract of December ~~2016~~ wheat on the same exchange. The difference

between the price at which the futures contract is sold or purchased and the price paid for the offsetting purchase or sale, after allowance for brokerage commissions, constitutes the profit or loss to the trader. Certain futures contracts, such as those for stock, ~~or other~~ financial or economic indices approved by the CFTC, or Eurodollar contracts, settle in cash (irrespective of whether any attempt is made to offset such contracts) rather than delivery of any physical commodity.

Hedgers and Speculators

The two broad classes of persons who trade futures ~~interest~~ contracts are “hedgers” and “speculators.” Commercial interests, including farmers, that market or process commodities, and financial institutions that market or deal in commodities, including interest rate sensitive instruments, foreign currencies and stocks, and which are exposed to currency, interest rate and stock market risks, may use the futures markets for hedging. Hedging is a protective procedure designed to minimize losses that may occur because of price fluctuations occurring, for example, between the time a processor makes a contract to buy or sell a raw or processed commodity at a certain price and the time he must perform the contract. The futures markets enable the hedger to shift the risk of price fluctuations to the speculator. The speculator risks his capital with the hope of making profits from price fluctuations in futures ~~interests~~ contracts. Speculators rarely take delivery of commodities, but rather close out their positions by entering into offsetting purchases or sales of futures ~~interests~~ contracts. Since the speculator may take either a long or short position in the futures markets, it is possible for him to make profits or incur losses regardless of whether prices go up or down.

Futures Exchanges

Futures exchanges provide centralized market facilities for trading futures contracts and options ~~(but~~thereon (but not forward contracts). Members of, and trades executed on, a particular exchange are subject to the rules of that exchange. Among the principal exchanges in the United States are the Chicago Board of Trade, the Chicago Mercantile Exchange, the New York Mercantile Exchange, and ICE Futures U.S.

Each futures exchange in the United States has an associated “clearing house.” Once trades between

~~-112-~~

members of an exchange have been confirmed, the clearing house becomes substituted for each buyer and each seller of contracts traded on the exchange and, in effect, becomes the other party to each trader’s open position in the market. Thereafter, each party to a trade looks only to the clearing house for

performance. The clearing house generally establishes ~~some sort of security or~~a guarantee fund to which all clearing members of the exchange must contribute; this fund acts as an emergency buffer that enables the clearing house, at least to a large degree, to meet its obligations with regard to the “other side” of an insolvent clearing member’s contracts. Furthermore, clearing houses require margin deposits and continuously mark positions to market to provide some assurance that their members will be able to fulfill their contractual obligations. Thus, a central function of the clearing houses is to ensure the integrity of ~~trades, and members~~trades. Members effecting futures transactions on an organized exchange typically need not worry about the solvency of the party on the opposite side of the ~~trade;~~trade but, rather, their ~~only remaining~~ concerns are the respective solvencies of their commodity broker and the clearing house. The clearing house “guarantee” of performance on open positions does not run to customers. If a member firm goes bankrupt, customers could lose money.

Foreign futures exchanges differ in certain respects from their U.S. counterparts. In contrast to U.S. exchanges, certain foreign exchanges are “principals’ markets,” where trades remain the liability of the traders involved, and the exchange clearing house does not become substituted for any party.

~~Daily Limits~~

Most U.S. futures exchanges (but generally not foreign exchanges or banks or dealers in the case of forward contracts) limit the amount of fluctuation in futures interests contract prices during a single trading day by regulation. These regulations specify what are referred to as “daily price fluctuation limits” or more commonly “daily limits.” The daily limits establish the maximum amount that the price of a futures interests contract may vary either up or down from the previous day’s settlement price. Once the daily limit has been reached in a particular futures interest, no trades may be made at a price beyond the limit. See “The Risks You Face—(37) The NAV Calculation of the Fund May Be Overstated or

~~Understated Due to the Valuation Method Employed When a Settlement Price is not Available on the Date of NAV Calculation.”~~

Although the Eligible Index Currencies that the Fund will invest in from time-to-time are not currently subject to “daily limits,” the terms and conditions of these contracts may change in the future.

Regulations

Futures exchanges in the United States are subject to regulation under the Commodity Exchange Act ~~or CEAct,~~ by the CFTC, the governmental agency having responsibility for regulation of futures exchanges and trading on those exchanges. ~~(Investors should be aware that no governmental U.S. agency regulates the OTC foreign exchange markets.)~~

The ~~CEAct~~Commodity Exchange Act and the CFTC also regulate the activities of “commodity trading advisors” and “commodity pool operators” and the CFTC has adopted regulations with respect to certain of such persons’ activities. Pursuant to its authority, the CFTC requires a commodity pool operator (such as the Managing Owner) to keep accurate, current and orderly records with respect to each pool it operates. The CFTC may suspend the registration of a commodity pool operator if the CFTC finds that the operator has violated the ~~CEAct~~Commodity Exchange Act or regulations thereunder and in certain other circumstances. Suspension, restriction or termination of the Managing Owner’s registration as a commodity pool operator would prevent it, until such time (if any) as such registration were to be reinstated, from managing, and might result in the termination of, the Fund. The ~~CEAct~~Commodity Exchange Act gives the CFTC similar authority with respect to the activities of commodity trading advisors, such as the Managing Owner. If the registration of athe Managing Owner as a commodity trading advisor were to be terminated, restricted or suspended, the Managing Owner would be unable, until such time (if any) as such registration were to be reinstated, to render trading advice to the Fund. The Fund ~~itself~~ is not registered with the CFTC in any capacity.

The ~~CEAct~~Commodity Exchange Act requires all “futures commission merchants,” such as the Commodity Broker, to meet and maintain specified fitness and financial requirements, segregate customer funds from

~~-113-~~

proprietary funds and account separately for all customers’ funds and positions, and to maintain specified book and records open to inspection by the staff of the CFTC.

The ~~CEAct~~Commodity Exchange Act also gives the states certain powers to enforce its provisions and the regulations of the CFTC.

Shareholders are afforded certain rights for reparations under the ~~CEAct.~~Commodity Exchange Act. Shareholders may also be able to maintain a private right of action for certain violations of the ~~CEAct.~~Commodity Exchange Act. The CFTC has adopted rules implementing the reparation provisions of the ~~CEAct~~Commodity Exchange Act which provide that any person may file a complaint for a reparations award with the CFTC for violation of the ~~CEAct~~Commodity Exchange Act against a floor broker, futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, and their respective associated persons.

Pursuant to authority in the ~~CEAct,~~Commodity Exchange Act, the NFA has been formed and registered with the CFTC as a “registered futures association.” At the present time, the NFA is the only non-exchange self-regulatory organization for ~~commodities~~derivatives professionals. NFA members are subject to NFA standards relating to fair trade practices, ~~financial condition,~~market integrity, and consumer protection. As the self-regulatory body of the ~~commodities~~derivatives industry, the NFA promulgates rules governing the conduct of ~~commodity~~derivatives professionals and disciplines those professionals who do not comply with such standards. The CFTC has delegated to the NFA responsibility for the registration of commodity trading advisors, commodity pool operators, futures commission merchants, introducing brokers, and swap dealers, among others, and their respective associated persons, as applicable, and floor brokers. The Commodity Broker and the Managing Owner are members of the NFA (the Fund ~~itself~~ is not required to become ~~members~~a member of the NFA).

The CFTC has no authority to regulate trading on foreign ~~commodity~~futures exchanges and ~~markets.~~

markets but permits direct access to such markets from the United States with respect to foreign boards of trade that are registered as such with the CFTC.

Margin

amount (generally less than initial margin) to which a trader’s account may decline before he must deliver additional margin. A margin deposit is like a cash performance bond. It helps assure the futures trader’s performance of the futures ~~interests which contracts he~~contract that the trader purchases or sells. Futures ~~interests~~contracts are customarily bought and sold on ~~margins~~margin that ~~represent~~represents a very small percentage (ranging upward from less than 2%) of the purchase price of the underlying commodity being traded. Because of such low margins, price fluctuations occurring in the futures markets may create profits and losses that are greater, in relation to the amount invested, than are customary in other forms of investments. The minimum amount of margin required in connection with a particular futures ~~interests~~ contract is set from ~~time-to-time~~time to time by the exchange on which such contract is traded, and may be modified from~~time-to-time~~ time to time by the exchange during the term of the contract.

Brokerage firms carrying accounts for traders in futures ~~interests~~ contracts may not accept lower, and generally require higher, amounts of margin as a matter of policy in order to afford further protection for themselves.

Margin requirements are computed each day by a commodity broker. When the market value of a particular open futures ~~interests~~ contract position changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the commodity broker. If the margin call is not met within a reasonable time, the broker may close out the Fund’s position. With respect to the Managing Owner’s trading, only the Managing Owner, and not the Fund or its Shareholders personally, will be subject to margin calls.

P-DBV-PRO-1

[Remainder of page left blank ~~intentionally.~~

intentionally]

~~-114-~~

PART II

Information Not Required in Prospectus

Item 13. Other Expenses of Issuance and Distribution.

~~Item 13.~~

~~Other Expenses of Issuance and Distribution.~~

The following expenses reflect the estimated amounts required to prepare and file this Registration Statement (other than selling commissions).


	Approximate Amount		Approximate Amount
Securities and Exchange Commission Registration Fee*	$	76,122
Financial Industry Regulatory Authority Filing Fee*		0
Securities and Exchange Commission Registration Fee			$		⁽¹⁾
Printing Expenses		50,000	$	125,000
Fees of Independent Registered Public Accounting Firm		10,750	$	27,500
Fees of Counsel		20,000	$	93,000

Total	$	156,872	$		⁽²⁾

*(1)	~~Paid~~ Applicable SEC registration fees have been deferred in accordance with Rules 456(d) and 457(u) of the Securities Act and will be paid on an annual net basis no later than 90 days after the end of each fiscal year and are therefore not estimable at this time.

(2)	Because an indeterminable amount of securities is covered by this registration statement, the total expenses in connection with the ~~filing~~issuance and distribution of ~~Form S-3 (File No. 333-192126).~~the securities are, therefore, not currently determinable.

Item 14. Indemnification of Directors and Officers.

~~Item 14.~~

~~Indemnification of Directors and Officers.~~

Section 4.7 of the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the ~~Fund, as amended from time-to-time,~~Trust filed as an exhibit to this Registration Statement, ~~and,~~ as amended from time-to-time ~~or the Trust Agreement,~~ (the “Trust Agreement”), provides for the indemnification of ~~Covered Persons~~Invesco Capital Management (the “Managing Owner”) and its Affiliates (as such term is defined in the Trust Agreement) (the Managing Owner and its Affiliates collectively, “Covered Persons”). ~~Each~~Under the Trust Agreement, each Covered Person shall be indemnified by the ~~Fund~~Trust to the fullest extent permitted by law against any losses, judgments, liabilities, expenses, and amounts paid in settlement of any claims sustained by it in connection with its activities for the ~~Fund,~~Trust, except with respect to any matter as to which such Covered Person shall have been finally adjudicated in any action, suit, or other proceeding not to have acted in good faith in the reasonable belief that such Covered Person’s action was in the best interest of the ~~Fund~~Trust and except that no Covered Person shall be indemnified against any liability to the ~~Fund~~Trust or to the Limited Owners (as such term is defined in the Trust Agreement) by reason of willful misconduct or gross negligence of such Covered Person. Any such indemnification will only be recoverable from the Trust Estate (as such term is defined in the Trust Agreement). All rights to indemnification permitted therein and payment of associated expenses shall not be affected by the dissolution or other cessation to exist of the Managing Owner, or the withdrawal, adjudication of bankruptcy or insolvency of the Managing Owner, or the filing of a voluntary or involuntary petition in bankruptcy under Title 11 of the Code by or against the Managing Owner. The source of payments made in respect of indemnification under the Trust Agreement shall be the assets of the ~~Fund.~~Trust.

Item 15. Recent Sales of Unregistered Securities.

~~Item 15.~~

~~Recent Sales of Unregistered Securities.~~

None.

II-1

~~Item 16.~~

~~Exhibits~~

Item 16. Exhibits and Financial Statement Schedules.

(a) Exhibits. The following documents (unless otherwise indicated) are filed herewith and made a part of this Registration Statement:


~~Exhibit~~ ~~Number~~EXHIBIT NO.			~~Description of Document~~DESCRIPTION

	~~3.1~~1.1			Form of Initial Purchaser Agreement ¹

4.1		Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Registrant¹²

	~~3.1.1~~4.1.1			Amendment No. 1 to the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Registrant²³

	~~5.1~~4.1.2			~~Form~~Amendment No. 2 to the Fifth Amended and Restated Declaration of ~~Opinion~~Trust and Trust Agreement of ~~Richards, Layton & Finger as to legality~~the Registrant³⁴

4.2		Form of Participant Agreement ⁵

4.2.1		Amendment to Form of Participant Agreement⁵

5.1		Opinion of Richards, Layton & Fingers as to legality⁶

8.1			Opinion of ~~Sidley Austin~~Morgan, Lewis & Bockius LLP as to income tax matters³⁶

	10.1			~~Form of Commodity Futures~~ Customer Agreement⁴⁷

	10.2			Form of Administration Agreement¹⁸

	10.3			Form of Global Custody Agreement¹⁸

	10.4			Form of Transfer Agency and Service Agreement¹⁹

	10.5			Distribution Services Agreement²¹⁰

	~~10.6~~			~~Form of Marketing Agreement~~¹

	~~10.7~~			~~Form of Participation Agreement~~¹

	23.1			Consent of ~~Sidley AustinLLP~~³

	~~23.2~~			~~Consent of Richards,~~Richard, Layton & ~~Finger~~Fingers is included as part of Exhibit 5.1³

	~~23.3~~23.2			Consent of ~~Sidley Austin~~Morgan, Lewis & Bockius LLP as tax counsel is included as part of Exhibit 8.1³

	~~23.5~~23.3			Consent of PricewaterhouseCoopers LLP ~~Independent Registered Public Accounting Firm~~

	24.1			Power of Attorney ~~(included on the signature page to this registration statement).~~^{3 6}

¹	Previously filed as an exhibit to ~~Post-Effective~~Pre-Effective Amendment No. 1 to a Registration Statement on Form ~~S-3~~S-1 on ~~December 8, 2014,~~May 1, 2006 and incorporated herein by reference.

²	Previously filed as an exhibit to Form 8-K on February 25, 2015 and incorporated herein by reference.

3	Previously filed as an exhibit to Form 8-K on June 20, 2016 and incorporated herein by reference.

³4	Previously filed ~~with the~~as an exhibit to Form 8-K on June 4, 2018 and incorporated herein by reference.

5	Previously filed as an exhibit to Form 10-Q on November 6, 2020 and incorporated herein by reference.

6	Previously filed as an exhibit to a Registration Statement on Form S-1 on ~~October 25,~~June 22, 2021 and incorporated herein by reference.

7	Previously filed as an exhibit to Form 8-K on November 28, 2016 and incorporated herein by reference.

⁴8	Previously filed as an exhibit to Form 8-K on ~~November 28, 2016,~~October 1, 2019 and incorporated herein by reference.

9	Previously filed as an exhibit to Form S-1 on March 16, 2006 and incorporated herein by reference.

10	Previously filed as an exhibit to Form 8-K on May 19, 2020 and incorporated herein by reference.

(b) The following financial statements are included in the Prospectus:

The financial statements of the Fund are incorporated by reference as described under “Incorporation by Reference of Certain Documents”

II-2

Item 17. Undertakings.

~~Item 17.~~

~~Undertakings.~~(a)

The undersigned registrant hereby undertakes:

~~(a) The undersigned registrant hereby undertakes:~~

(1)

To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement;

~~(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement;~~

(i)

To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended;

~~(i) To include any prospectus required by section 10(a)(3) of the Securities Act of 1933, as amended;~~

(ii)

To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement;

(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement;

(iii)

~~(iii)~~ To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

Provided, however, That:

(A) Paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the registration statement is on Form S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to ~~section~~Section 13 or ~~section~~Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement; and

(B) Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the registration statement is on Form ~~S-3~~S-1 or Form F-3 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to ~~section~~Section 13 or ~~section~~Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the~~bona fide~~ ~~offering thereof.~~

(2)

That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the bona fide offering thereof.

~~(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.~~

(3)

To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

~~(4) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:~~

(4)

That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

~~(i)~~

(i)

If the registrant is relying on Rule 430B:

(A) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by ~~section~~

II-3

Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or

~~II-3~~

the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initialbona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

(ii) If the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

(ii)

If the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

~~(5) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:~~

(5)

That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:

~~(a)~~ The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

~~(i)~~

(i)

Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

(ii)

Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

(iii)

The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

(iv)

Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering ~~required~~of such securities at that time shall be deemed to be ~~filed pursuant to Rule 424;~~the initial bona fide offering thereof.

~~(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;~~

(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; andII-4

~~(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.~~

~~(b)~~(c) The undersigned registrant hereby undertakes that:

(1) For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4), or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

(2) For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

~~II-4~~

~~(c)~~(d) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers ~~directors~~ or controlling persons of the registrant pursuant to the foregoing provisions or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by ana director, officer ~~director,~~ or controlling person of the registrant in the successful defense of any such action, suit or proceeding) is asserted by such director, officer ~~director~~ or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

II-5

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the Managing Owner of the Registrant ~~has~~have duly caused this Registration Statement ~~on Form S-1~~ to be signed on ~~its~~their behalf by the undersigned, thereunto duly authorized, in the City of Downers Grove, State of Illinois, on the 28^th17th day of ~~November, 2016.~~August, 2021.


~~PowerShares~~Invesco DB G10 Currency Harvest Fund

BY:		Invesco Capital Management LLC,
		its Managing Owner

By:		~~Invesco PowerShares Capital Management LLC,~~
		~~its Managing Owner~~


~~By:~~		*
		Name: ~~Daniel Draper~~Anna Paglia
		Title: Chief Executive Officer of the Managing Owner

POWER OF ATTORNEY

~~[Signature Page~~Each person whose signature appears below hereby appoints each of Adam Henkel, Anita De Frank and William McAllister as his or her true and lawful attorneys-in-fact with full power to sign on behalf of such person, in the capacities indicated below, a registration statement on Form ~~S-1]~~S-1 (or other appropriate form) for filing with the Securities and Exchange Commission under the Securities Act of 1933, as amended, and any other documents in support thereof or supplemental or amendatory thereto, and any and all other amendments (including post-effective amendments) to such registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and all further amendments, including post-effective amendments, thereto)), and each hereby ratifies and confirms the signature of such person as it may be signed by said attorneys-in-fact, and each of them individually, on any and all amendments to this registration statement or any such subsequent related registration statement.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement on Form S-1 has been signed by the following persons on behalf of the Managing Owner of the Registrant in the capacities and on the date indicated.



* Name: ~~Daniel Draper~~Anna Paglia	Chief Executive Officer and Manager (principal executive officer)	~~November 28, 2016~~August 17. 2021

* Name: ~~Steven Hill~~Kelli Gallegos	Principal Financial and Accounting Officer, Investment Pools (principal financial officer and principal accounting officer)	~~November 28, 2016~~August 17. 2021

* Name: ~~David Warren~~Jordan Krugman	Manager	~~November 28, 2016~~ August 17. 2021

* Name: John Zerr	Manager	~~November 28, 2016~~ August 17. 2021



*~~BY:~~ By:		/s/ ~~Anna Paglia~~Adam Henkel
		~~Name: Anna Paglia~~
		~~Title:~~ Attorney-in-Fact

~~[Signature Page to Form S-1]~~II-6


Year		Daily Volatility
1993***		8.67%
1994		4.97%
1995		13.93%
1996		7.01%
1997		7.73%
1998		8.90%
1999		5.70%
2000		6.17%
2001		5.37%
2002		7.45%
2003		6.69%
2004		7.90%
2005		5.41%
2006		7.10%
2007		10.95%
2008		21.86%
2009		17.10%
2010		12.86%
2011		13.58%
2012		7.00%
2013		8.12%
2014		5.79%
2015		10.48%
2016**		8.66%


Monthly Rate of Return	2016(%)	2015(%)	2014(%)	2013(%)	2012(%)	2011(%)
January	(0.60)	(5.93)	(1.89)	1.95	2.98	0.04
February	(0.13)	4.34	1.60	0.08	4.24	0.55
March	1.43	(0.64)	3.16	1.91	(2.03)	1.84
April	0.30	0.24	(0.23)	0.85	(0.92)	3.21
May	(0.51)	(2.37)	(0.12)	(2.99)	(5.32)	(1.43)
June	3.12	(3.29)	0.27	(4.40)	4.85	(0.28)
July	0.79	(0.98)	(0.83)	(0.28)	1.22	(0.65)
August	0.90	(3.87)	0.99	(2.01)	(0.04)	(1.06)
September		(0.67)	(1.66)	2.82	1.64	(5.28)
October		4.28	0.00	0.82	0.28	6.36
November		2.12	0.27	(1.28)	1.22	(2.33)
December		(1.52)	(1.32)	(0.04)	1.63	(0.13)
Compound Rate of Return⁶	5.37% (8 months)	(8.49)%	0.13%	(2.79)%	9.74%	0.38%

Monthly Rate of Return	2021 (%)	2020 (%)	2019 (%)	2018 (%)	2017 (%)	2016 (%)
January	1.00	(1.60)	3.78	(1.40)	2.29	(0.60)
February	1.28	(0.92)	0.41	1.16	1.65	(0.13)
March	2.56	(5.18)	(0.08)	0.47	(2.40)	1.43
April	0.12	2.31	0.53	1.98	(2.46)	0.30
May	0.00	2.00	(1.95)	1.32	(1.58)	(0.51)
June		1.11	0.70	(0.78)	0.62	3.12
July		(1.05)	0.99	0.00	0.04	0.79
August		1.62	(1.83)	(0.91)	(2.58)	0.90
September		(2.09)	1.62	(0.21)	0.63	1.75
October		(0.94)	(1.02)	1.83	(1.09)	1.28
November		4.10	1.15	0.65	(1.35)	0.47
December		(0.21)	0.67	(3.40)	1.37	(2.05)
Compound Rate of Return5	5.03%	(1.19)%	4.95%	0.61%	(4.91)%	6.87%


	Closing Level				Index Changes
	High¹		Low²		Annual³			Since Inception
1993⁴		105.60		94.03		-0.19	%		-0.19	%
1994		108.79		99.81		7.42	%		7.22	%
1995		110.52		94.16		2.66	%		10.07	%
1996		140.05		110.42		27.23	%		40.05	%
1997		146.72		137.83		2.58	%		43.67	%
1998		151.79		132.52		-6.35	%		34.55	%
1999		151.12		134.71		9.81	%		47.76	%
2000		158.57		146.79		4.73	%		54.74	%
2001		171.15		154.68		10.61	%		71.15	%
2002		199.51		172.25		15.76	%		98.13	%
2003		234.45		199.00		18.33	%		134.45	%
2004		252.36		230.02		6.69	%		150.14	%
2005		286.06		248.34		10.66	%		176.81	%
2006		280.48		254.18		1.00	%		179.58	%
2007		315.27		276.77		5.15	%		193.98	%
2008		295.87		200.14		-28.80	%		109.32	%
2009		260.64		196.13		21.91	%		155.18	%
2010		264.24		236.66		1.67	%		159.45	%
2011		274.83		241.88		1.18	%		162.52	%
2012		290.15		258.40		10.39	%		189.79	%
2013		310.79		276.57		-1.98	%		184.05	%
2014		295.63		276.74		0.92	%		186.68	%
2015		289.15		250.27		-7.53	%		165.08	%
2016⁵		281.39		256.24		5.87	%		180.35	%


	USD					EUR					JPY					CAD					CHF					GBP					AUD					NZD					NOK					SEK
		High¹		Low²			High		Low			High		Low			High		Low			High		Low			High		Low			High		Low			High		Low			High		Low			High		Low
1993⁴		-31.6	%	-36.8	%		33.8	%	34.0	%		-33.7	%	-37.2	%		0.0	%	-36.8	%		0.0	%	0.0	%		0.0	%	0.0	%		-31.1	%	0.0	%		0.0	%	0.0	%		33.9	%	34.1	%		33.9	%	32.3%
1994		0.0	%	-33.3	%		-33.0	%	32.5	%		-33.1	%	-32.5	%		0.0	%	-33.4	%		-33.1	%	0.0	%		0.0	%	0.0	%		33.2	%	0.0	%		33.3	%	33.6	%		0.0	%	0.0	%		33.4	%	33.2%
1995		0.0	%	0.0	%		-33.7	%	-35.7	%		-33.1	%	-39.1	%		0.0	%	35.9	%		-33.7	%	-36.8	%		0.0	%	0.0	%		32.4	%	0.0	%		33.0	%	36.3	%		0.0	%	0.0	%		36.2	%	34.6%
1996		0.0	%	0.0	%		0.0	%	-33.5	%		-31.7	%	-32.5	%		-32.1	%	0.0	%		-31.5	%	-33.3	%		33.3	%	0.0	%		32.4	%	33.3	%		32.6	%	33.3	%		0.0	%	0.0	%		0.0	%	33.2%
1997		0.0	%	0.0	%		0.0	%	0.0	%		-31.5	%	-30.6	%		-31.7	%	-33.1	%		-32.2	%	-30.4	%		33.2	%	31.7	%		31.9	%	31.5	%		32.6	%	32.3	%		0.0	%	0.0	%		0.0	%	0.0%
1998		0.0	%	0.0	%		-32.3	%	-36.7	%		-32.9	%	-40.1	%		0.0	%	0.0	%		-31.8	%	-37.5	%		32.3	%	36.0	%		34.2	%	0.0	%		34.2	%	36.5	%		0.0	%	35.7	%		0.0	%	0.0%
1999		32.6	%	33.0	%		-31.6	%	-32.2	%		-31.3	%	-34.4	%		0.0	%	0.0	%		-31.4	%	-32.0	%		31.6	%	32.5	%		0.0	%	0.0	%		0.0	%	0.0	%		32.1	%	34.1	%		0.0	%	0.0%
2000		31.9	%	33.3	%		-29.4	%	-33.7	%		-30.8	%	-32.9	%		0.0	%	0.0	%		-30.5	%	-33.5	%		31.6	%	33.5	%		0.0	%	0.0	%		31.6	%	0.0	%		0.0	%	33.5	%		0.0	%	0.0%
2001		-33.1	%	33.1	%		0.0	%	0.0	%		-32.1	%	-32.4	%		0.0	%	0.0	%		-32.5	%	-34.5	%		0.0	%	0.0	%		32.7	%	0.0	%		33.0	%	34.1	%		32.8	%	34.1	%		0.0	%	-33.7%
2002		-33.2	%	-32.9	%		0.0	%	0.0	%		-33.1	%	-31.6	%		0.0	%	0.0	%		-33.5	%	-32.7	%		0.0	%	0.0	%		33.3	%	32.6	%		33.5	%	33.1	%		33.5	%	33.0	%		0.0	%	0.0%
2003		-33.0	%	-33.2	%		0.0	%	0.0	%		-33.0	%	-33.4	%		0.0	%	0.0	%		-33.5	%	-34.2	%		33.7	%	0.0	%		33.4	%	33.2	%		33.4	%	33.9	%		0.0	%	34.1	%		0.0	%	0.0%
2004		0.0	%	-34.6	%		0.0	%	0.0	%		-33.2	%	-33.5	%		0.0	%	0.0	%		-33.0	%	-34.7	%		33.4	%	34.1	%		33.6	%	32.6	%		33.4	%	32.3	%		-33.1	%	0.0	%		0.0	%	0.0%
2005		0.0	%	0.0	%		0.0	%	0.0	%		-29.1	%	-34.4	%		0.0	%	0.0	%		-30.7	%	-32.8	%		30.7	%	32.7	%		31.2	%	33.9	%		32.7	%	33.2	%		0.0	%	-33.2	%		-30.2	%	0.0%
2006		32.9	%	36.0	%		0.0	%	0.0	%		-32.6	%	-38.1	%		0.0	%	0.0	%		-32.9	%	-39.1	%		0.0	%	0.0	%		33.2	%	37.1	%		33.7	%	35.1	%		0.0	%	0.0	%		-33.1	%	-38.8%
2007		0.0	%	33.3	%		0.0	%	0.0	%		-33.2	%	-33.7	%		0.0	%	0.0	%		-33.2	%	-33.1	%		33.8	%	0.0	%		34.2	%	32.9	%		34.8	%	32.8	%		0.0	%	0.0	%		-34.1	%	-32.3%
2008		0.0	%	-44.2	%		0.0	%	0.0	%		-34.8	%	-50.7	%		0.0	%	0.0	%		-35.2	%	-43.3	%		32.7	%	0.0	%		36.1	%	32.9	%		35.6	%	36.1	%		0.0	%	36.6	%		-34.6	%	0.0%
2009		-31.2	%	-35.2	%		0.0	%	0.0	%		-31.0	%	-35.8	%		0.0	%	0.0	%		-32.2	%	-35.6	%		0.0	%	0.0	%		33.7	%	33.7	%		33.7	%	32.7	%		33.4	%	34.5	%		0.0	%	0.0%
2010		-32.1	%	-34.8	%		0.0	%	0.0	%		-30.7	%	-36.5	%		0.0	%	0.0	%		-31.4	%	37.7	%		0.0	%	0.0	%		32.7	%	34.6	%		33.6	%	34.9	%		31.6	%	35.0	%		0.0	%	0.0%
2011		-31.5	%	-36.7	%		0.0	%	0.0	%		-31.8	%	-38.3	%		0.0	%	0.0	%		-33.9	%	-43.2	%		0.0	%	0.0	%		34.3	%	35.3	%		34.5	%	36.3	%		33.9	%	36.5	%		0.0	%	0.0%
2012		0.0	%	-36.2	%		-32.1	%	0.0	%		30.2	%	38.6	%		0.0	%	0.0	%		-32.2	%	-34.2	%		0.0	%	0.0	%		32.4	%	33.4	%		32.9	%	33.2	%		32.7	%	33.8	%		0.0	%	0.0%
2013		0.0	%	0.0	%		-32.3	%	-34.7	%		-30.8	%	-33.6	%		0.0	%	0.0	%		-32.5	%	-34.8	%		0.0	%	0.0	%		32.7	%	32.6	%		33.7	%	33.7	%		32.6	%	33.0	%		0.0	%	0.0%
2014		0.0	%	0.0	%		0.0	%	-33.4	%		-33.3	%	-34.6	%		0.0	%	0.0	%		-33.3	%	-33.4	%		0.0	%	0.0	%		33.3	%	33.2	%		33.3	%	33.3	%		33.3	%	33.4	%		0.0	%	0.0%
2015		0.0	%	0.0	%		-34.2	%	-36.8	%		0.0	%	0.0	%		0.0	%	0.0	%		-34.4	%	-35.5	%		0.0	%	0.0	%		34.4	%	33.3	%		34.5	%	33.4	%		35.1	%	33.8	%		-33.3	%	-35.4%
2016⁵		0.0	%	0.0	%		-31.4	%	-33.7	%		0.0	%	0.0	%		0.0	%	0.0	%		-31.2	%	-33.3	%		0.0	%	0.0	%		33.2	%	32.5	%		33.2	%	32.8	%		31.3	%	33.3	%		-31.1	%	-33.6%


VARIOUS STATISTICAL MEASURES*	INDEX ER^6,7			INDEX TR^6,7			DXY^6,7
Annualized Changes to Index Level⁸		4.5	%		7.2	%		0.1	%
Average rolling 3-month daily volatility⁹		8.8	%		8.8	%		7.8	%
Sharpe Ratio¹⁰		0.51			0.52			-0.33
% of months with positive change		63	%		66	%		48	%
Average monthly positive return change		1.9	%		2.0	%		1.9	%
Average monthly negative return change		-2.1	%		-2.1	%		-1.7	%

ANNUALIZED INDEX LEVELS	INDEX ER^6,7			INDEX TR^6,7			DXY^6,7
1 year		10.6	%		10.8	%		0.2	%
3 year		0.4	%		0.5	%		5.4	%
5 year		1.0	%		1.1	%		5.3	%
7 year		2.2	%		2.2	%		3.0	%
10 year		0.4	%		1.2	%		1.2	%
15 year		3.5	%		4.8	%		-1.1	%

	CLOSING LEVEL		INDEX CHANGES
	High1	Low2	Annual3	Since Inception4
2011	274.83	241.88	1.18%	162.52%
2012	290.15	258.40	10.39%	189.79%
2013	310.79	276.57	-1.98%	184.05%
2014	295.63	276.74	0.92%	186.68%
2015	289.15	250.27	-7.53%	165.08%
2016	293.83	256.24	7.60%	184.93%
2017	297.76	267.22	-4.97%	170.77%
2018	280.78	264.78	-0.44%	169.57%
2019	282.37	270.73	3.54%	179.12%
2020	280.80	245.74	-1.06%	176.17%
2021 (YTD)5	292.25	276.14	5.35%	190.94%

Large accelerated filer¨

~~Accelerated filer~~ ¨☐

~~Non-accelerated~~Accelerated filerx

Non-accelerated filer

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~~reporting company)~~Emerging growth company