~~Table~~As offiled ~~Contents~~with the Securities and Exchange Commission on June 21, 2021

AsRegistration ~~filed~~No. 333-[__] ~~with the Securities and Exchange Commission on August 13, 2019~~

~~Registration~~UNITED ~~No. 333-[ ]~~STATES

~~UNITED~~SECURITIES AND ~~STATES~~EXCHANGE COMMISSION

~~SECURITIES~~Washington, ~~AND~~D.C. ~~EXCHANGE~~20549 ~~COMMISSION~~

~~Washington,~~FORM ~~D.C.~~S-1 ~~20549~~

~~FORM~~REGISTRATION ~~S-1~~STATEMENT

~~REGISTRATION~~UNDER ~~STATEMENT~~

~~UNDER~~THE SECURITIES ACT OF 1933

~~THE SECURITIES~~INVESCO ~~ACT~~DB OFG10 ~~1933~~CURRENCY HARVEST FUND

~~INVESCO~~(Registrant) ~~DB G10 CURRENCY HARVEST FUND~~

(~~Registrant~~Exact name of registrant as specified in its charter)

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

c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, Illinois 60515 (800) 983-0903		~~Anna~~Adam ~~Paglia~~Henkel c/o Invesco 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 registrants’ principal executive offices)		(Name, address, including zip code, and telephone number, including area code, of agent for service)

Copies to:

Michael P M. Philipp, Esq.

Morgan, Lewis & Bockius LLP

77110 ~~West~~North Wacker Drive, ~~Fifth Floor~~

~~Chicago,~~Suite ~~Illinois~~2800 ~~60601~~

~~Approximate~~Chicago, IL ~~date~~60606-1511 ~~of commencement of proposed sale to the public:~~

AsApproximate ~~promptly~~date asof ~~practicable~~commencement ~~after~~of ~~the~~proposed ~~effective~~sale ~~date~~to ofthe ~~this~~public: ~~Registration Statement.~~

IfAs ~~any~~promptly ofas ~~the~~practicable ~~securities~~after ~~being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under~~ the ~~Securities~~effective ~~Act~~date of ~~1933,~~this ~~check~~Registration ~~the following box~~Statement. ☒

If ~~this~~the ~~Form~~only issecurities ~~filed~~being toregistered ~~register~~on ~~additional~~this ~~securities for~~Form anare ~~offering~~being offered pursuant to ~~Rule~~dividend ~~462(b)~~or ~~under~~interest ~~the~~reinvestment ~~Securities Act~~plans, 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~~any ~~Form~~of isthe asecurities ~~post-effective~~being ~~amendment~~registered ~~filed~~on ~~pursuant~~this Form are to ~~Rule~~be ~~462(c)~~offered ~~under~~on ~~the~~a ~~Securities~~delayed ~~Act,~~or ~~check~~continuous ~~the~~basis ~~following~~pursuant ~~box~~to ~~and~~Rule ~~list~~415 under the Securities Act ~~registration statement number~~ of ~~the~~1933, ~~earlier~~check ~~effective registration statement for~~ the ~~same~~following ~~offering~~box. ☐☒

If this Form is afiled ~~post-effective~~to ~~amendment~~register ~~filed~~additional securities for an offering pursuant to Rule 462(db) 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. ☐

~~Indicate~~If bythis ~~check~~Form ~~mark whether the registrant~~ is a ~~large accelerated filer, an accelerated filer, a non~~post-~~accelerated~~effective ~~filer,~~amendment afiled ~~smaller~~pursuant ~~reporting~~to ~~company~~Rule or462(c) anunder ~~emerging~~the ~~growth~~Securities ~~company.~~Act, ~~See~~check the following ~~definitions~~box ofand ~~“large~~list ~~accelerated~~the ~~filer”,~~Securities ~~“accelerated~~Act ~~filer”,~~registration ~~“smaller~~statement ~~reporting~~number ~~company”~~of ~~and “emerging~~the ~~growth~~earlier ~~company”~~effective inregistration ~~Rule 12b-2~~statement offor the ~~Exchange~~same ~~Act~~offering. ☐ ~~(check one).~~

~~Large~~If ~~accelerated~~this ~~filer~~Form ☐is ~~Accelerated~~a ~~filer~~registration ☐statement ~~Non~~pursuant to General Instruction I.D. or a post-~~accelerated~~effective ~~filer~~amendment ☒thereto ~~Smaller~~that ~~reporting~~shall ~~company~~become ☒effective ~~Emerging~~upon ~~growth~~filing with ~~company~~the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☐

If anthis ~~emerging~~Form ~~growth~~is ~~company,~~a ~~indicate~~post-effective amendment byto ~~check~~a ~~mark~~registration ifstatement ~~the~~filed ~~registrant~~pursuant ~~has elected not~~ to ~~use~~General ~~the~~Instruction ~~extended transition~~I.D. ~~period~~filed ~~for~~to ~~complying~~register ~~with~~additional ~~any~~securities ~~new~~ or ~~revised~~additional ~~financial~~classes ~~accounting~~of ~~standards~~securities ~~provided~~ pursuant to ~~Section 7~~Rule 413(ab)~~(2)(B)~~ ofunder the Securities Act, check the following box. ☐

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

Title of Securities being included in this registration statement		Earlier RegistrationStatements Number		Unsold Number of Shares from Earlier Registration Statement Offered1,		Filing Fee paid forUnsold Shares1
Invesco DB G10 Currency Harvest Fund Common Units of Beneficial Interest		333-214239		13,000,000		$21,893.38

~~(1)~~If ~~Pursuant~~an toemerging ~~the~~growth ~~provisions~~company, ofindicate ~~Rule~~by ~~415(a)(6)~~check ~~under~~mark ~~the~~if ~~Securities Act of 1933, as amended,~~ the ~~issuer~~registrant ishas ~~including~~elected onnot ~~this~~to ~~new~~use ~~registration statement both~~ the ~~unsold~~extended ~~Shares~~transition ~~and~~period for ~~the~~complying ~~filing fees paid in connection~~ with ~~such~~any ~~unsold~~new ~~Shares~~or ~~that~~revised ~~were~~financial ~~covered~~accounting bystandards ~~the earlier registration statements, as~~ provided inpursuant ~~the~~to ~~table~~Section 7(a)(2)(B) ~~above.~~of ~~The filing fees in~~ the ~~above~~Securities ~~table will continue to be applied to such unsold Shares~~Act. ☐

~~The Registrant~~CALCULATION ~~hereby~~OF ~~amends~~REGISTRATION ~~this~~FEE Registration Statement on such date or dates as may be necessary to delay its effective date until the 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.



Title of each Class of Securities to be Registered	Amount to be Registered¹	Proposed Maximum Offering Price per Unit²	Proposed Maximum Aggregate Offering Price	Filing Fee²
Invesco DB G10 Currency Harvest Fund Common Units of Beneficial Interest	42,600,000	$25.09	$1,068,834,000.00	$71,742.91

Prospectus		August 13, 2019
DBV	Invesco DB G10 Currency Harvest Fund
	43,200,000 Common Units of Beneficial Interest

(1)

Includes 42,600,000 unsold common units of beneficial interest (“Shares”) registered on Form S-1 (File No. 333-233251) (the “Prior Registration Statement”), for which the filing fee was previously paid. The Prior Registration Statement’s registration fee table mistakenly stated that only 13,000,000 Shares were being carried forward from an earlier registration statement. The correct number of Shares being carried forward was 43,200,000, as correctly reflected on the cover page of the prospectus included in the Prior Registration Statement. No additional shares are being registered as part of this registration statement (the “Registration Statement”).

~~Invesco~~(2) DBPursuant ~~G10~~to ~~Currency~~the ~~Harvest~~provisions ~~Fund~~of Rule 415(a)(6) under the ~~“Fund”)~~Securities isAct ~~organized~~of 1933, as aamended, ~~Delaware~~the ~~statutory~~issuer ~~trust. The~~is ~~Fund~~including ~~issues~~on ~~common~~this ~~units~~new ofregistration ~~beneficial~~statement ~~interest~~both ~~(“Shares”),~~the ~~which~~unsold ~~represent~~Shares ~~units~~and ofthe ~~fractional~~filing ~~undivided~~fees ~~beneficial~~paid ~~interest~~ in ~~and~~connection ~~ownership~~with ofsuch ~~the~~unsold ~~Fund.~~ Shares ~~may~~that bewere ~~purchased~~covered ~~from~~by the ~~Fund~~Prior ~~only~~Registration byStatement. ~~certain~~No ~~eligible~~additional ~~financial institutions~~shares ~~(“Authorized~~are ~~Participants”)~~being registered hereby and ~~only~~the filing fee in ~~one~~the ortable ~~more~~above ~~blocks~~consists of ~~200,000~~the ~~Shares~~filing ~~(“Creation~~fee ~~Units”).~~previously ~~The~~paid ~~Fund~~with ~~issues~~respect to the unsold Shares, inwhich ~~Creation~~will ~~Units~~continue onto abe ~~continuous~~applied ~~basis~~to atsuch ~~the~~unsold ~~applicable~~Shares. ~~net~~Pursuant ~~asset~~to ~~value~~Rule 415(~~“NAV”~~a)(6), ~~per Share~~the asoffering of the ~~closing~~unsold ~~time~~Shares registered under the Prior Registration Statement will be deemed terminated as of the ~~NYSE~~date ~~Arca,~~of ~~Inc~~effectiveness of this registration statement. ~~(“NYSE~~If ~~Arca”)~~any orof ~~the~~such ~~last~~unsold Shares are sold pursuant to ~~close~~the ofPrior Registration Statement after the ~~exchanges~~date onof ~~which~~this filing, and prior to the ~~Fund’s~~date ~~futures~~of ~~contracts~~effectiveness ~~are~~of ~~traded~~this registration statement, ~~whichever~~the isregistrant ~~later,~~will onfile a pre-effective amendment to this registration statement which will reduce the ~~creation~~number ~~order~~of ~~date.~~such unsold Shares included on this registration statement.

The ~~Shares~~Registrant ~~trade~~hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the ~~NYSE~~Registrant ~~Arca~~shall ~~under~~file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the ~~symbol~~Securities ~~“DBV~~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.”

~~Invesco~~SUBJECT ~~Capital~~TO ~~Management LLC serves as the Fund’s managing owner (the “Managing Owner”), commodity pool operator and commodity trading advisor~~COMPLETION. ~~The~~THE ~~Fund~~INFORMATION ~~trades exchange-traded futures on the currencies comprising the Deutsche Bank G10 Currency Future Harvest Index® – Excess Return, (“the Index”), with a view to~~IN ~~tracking~~THIS ~~the~~PROSPECTUS ~~changes,~~IS ~~whether~~NOT ~~positive~~COMPLETE orAND ~~negative,~~MAY inBE ~~the level of the Index over time~~CHANGED. ~~The~~WE ~~Fund~~MAY ~~also~~NOT ~~earns~~SELL ~~interest~~THESE ~~income~~SECURITIES ~~(“Treasury~~UNTIL ~~Income”)~~THE ~~from~~REGISTRATION ~~United~~STATEMENT ~~States~~FILED ~~Treasury~~WITH ~~securities~~THE ~~(“Treasury~~SECURITIES ~~Securities”)~~AND ~~and~~EXCHANGE ~~dividend~~COMMISSION ~~income from~~IS ~~its holdings in money market mutual funds (affiliated or otherwise) (“Money Market Income”)~~EFFECTIVE. ~~The~~THIS ~~Fund~~PROSPECTUS ~~also~~IS ~~gains~~NOT ~~exposure~~AN toOFFER ~~Treasury~~TO ~~Securities~~SELL ~~through~~THESE anSECURITIES ~~investment~~AND inIT ~~exchange-traded~~IS ~~funds~~NOT ~~(affiliated~~SOLICITING orAN ~~otherwise) (“ETFs”)~~OFFER ~~that~~TO ~~track~~BUY ~~indexes~~THESE ~~that~~SECURITIES ~~measure~~IN ~~the~~ANY ~~performance~~STATE ofWHERE ~~U.S.~~THE ~~Treasury~~OFFER ~~Obligations~~OR ~~with~~SALE aIS ~~maximum~~NOT ~~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”)~~PERMITTED. ~~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. Prospectus

~~The~~June 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 rates21, ~~on average, tend to rise in value relative to currencies associated with relatively low interest rates. The Index~~2021 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~~DBV ~~Index,~~Invesco atDB ~~any time, is comprised of six of the following Group of Ten, (“~~G10”) ~~currencies:~~Currency ~~United~~Harvest States Dollars, Euros, Japanese Yen, Canadian Dollars, Swiss Francs, British Pounds, Australian Dollars, New Zealand Dollars, Norwegian Krone and Swedish Krona (the “Eligible Index 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, 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. Fund

~~Except~~42,600,000 ~~when~~Common ~~aggregated in Creation~~ Units, ~~the~~of ~~Shares~~Beneficial ~~are not redeemable securities.~~ Interest

~~INVESTING~~Invesco INDB ~~THE~~G10 ~~SHARES~~Currency ~~INVOLVES~~Harvest Fund (the “Fund”) is organized as a Delaware statutory ~~SIGNIFICANT~~trust. ~~RISKS~~The Fund issues common units of beneficial interest (“Shares”), which represent units of fractional undivided beneficial interest in and ownership of the Fund. Shares may be purchased from the Fund only by certain eligible financial institutions (“Authorized Participants”) and only in one or more blocks of 100,000 Shares (“Creation Units”). The Fund issues Shares in Creation Units on a continuous basis at the applicable net asset value (“NAV”) per Share as of the closing time of the NYSE Arca, Inc. (“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.

~~PLEASE~~The ~~REFER~~Shares TOtrade ~~“RISK~~on ~~FACTORS”~~the ~~BEGINNING~~NYSE ONArca ~~PAGE~~under 11 the symbol “DBV.”

◾Invesco ~~Futures~~Capital ~~trading~~Management isLLC ~~volatile~~serves as the Fund’s managing owner (the “Managing Owner”), commodity pool operator and ~~even~~commodity trading advisor. The Fund trades exchange-traded futures on the currencies comprising the Deutsche Bank G10 Currency Future Harvest Index® – Excess Return (the “Index”) with a ~~small~~view ~~movement~~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 (“Treasury Securities”) and dividend income from its holdings in money market ~~prices~~mutual ~~could~~funds ~~cause~~(affiliated ~~large~~or ~~losses~~otherwise) (“Money Market 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 ~~The~~in ~~success~~Treasury Securities, ofmoney market mutual funds and T-Bill ETFs, the Fund’s ~~trading~~performance, ~~program~~whether ~~depends~~positive ~~upon~~or ~~the~~negative, ~~skill~~will be driven primarily by its strategy of trading futures on currencies with the ~~Managing~~aim ~~Owner~~of ~~and~~seeking ~~its~~to ~~trading~~track ~~principals~~the Index.

◾The ~~You~~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 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 ~~lose~~be ~~all~~obtained orby ~~substantially~~taking ~~all~~long ofpositions ~~your~~only or ~~investment~~short positions only.

◾The ~~Investors~~Index, ~~pay~~at ~~fees~~any time, is comprised of six of the following Group of Ten, (“G10”) currencies: United States Dollars, Euros, Japanese Yen, Canadian Dollars, Swiss Francs, British Pounds, Australian Dollars, New Zealand Dollars, Norwegian Krone and Swedish Krona (the “Eligible Index Currencies”). At any time, the Index is comprised of long futures positions in ~~connection~~the three Eligible Index Currencies associated with ~~their~~the highest ~~investment~~interest rates and short futures positions in ~~Shares~~the ~~including~~three ~~asset-based~~Eligible ~~fees~~Index ofCurrencies ~~0.75%~~associated ~~per~~with ~~annum~~the lowest interest rates. ~~Additional~~The ~~charges~~Index’s ~~include~~six ~~brokerage~~component ~~fees~~currencies from time to time, comprised of ~~approximately~~the ~~0.03%~~three ~~per~~long ~~annum~~and three inshort futures positions, are referred to as the ~~aggregate~~Index Currencies and are used to calculate the value of the Index.

~~Authorized~~Except ~~Participants~~when ~~may~~aggregated ~~offer~~in ~~to the public, from time to time, Shares from any~~ Creation Units ~~they create. Because the Shares will trade at market prices~~, ~~rather than~~ the ~~NAV of the Fund,~~ Shares ~~may~~are ~~trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount). Authorized Participants will~~ not ~~receive~~redeemable ~~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~~securities.

~~An Authorized~~INVESTING ~~Participant~~IN ~~may~~THE ~~receive~~SHARES ~~commissions~~INVOLVES orSIGNIFICANT ~~fees from investors who purchase Shares through their commission or fee-based brokerage accounts~~RISKS. InPLEASE ~~addition,~~REFER ~~the~~TO ~~Managing Owner pays a distribution services fee to Invesco Distributors, Inc. and pays a marketing services fee to DWS Investment Management Americas Inc. (~~“~~DIMA”)~~RISK ~~without reimbursement from the Fund. For more information regarding items of compensation paid to Financial Industry Regulatory Authority, Inc. (“FINRA~~FACTORS”) ~~members,~~BEGINNING ~~please~~ON ~~see~~PAGE ~~the “Plan of Distribution” section on page 80.~~ 12

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 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~~Futures ~~Fund~~trading is ~~not~~volatile aand ~~mutual~~even ~~fund~~a orsmall ~~any~~movement ~~other~~in ~~type~~market ofprices ~~investment~~could ~~company~~cause ~~within~~large ~~the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”), and is not subject to regulation thereunder~~losses.

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

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

~~COMMODITY FUTURES TRADING COMMISSION~~ ■

~~RISK~~You ~~DISCLOSURE~~could ~~STATEMENT~~lose all or substantially all of your investment.

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,~~Investors pay ~~COMMODITY~~fees ~~POOLS~~in ~~MAY~~connection BEwith ~~SUBJECT~~their TOinvestment ~~SUBSTANTIAL~~in ~~CHARGES~~Shares ~~FOR~~including ~~MANAGEMENT,~~asset-based ~~AND~~fees ~~ADVISORY~~of ~~AND~~0.75% ~~BROKERAGE~~per ~~FEES~~annum. ITAdditional ~~MAY~~charges BEinclude ~~NECESSARY~~brokerage ~~FOR~~fees ~~THOSE~~of ~~POOLS THAT~~approximately ~~ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS~~0.03% ~~THIS~~per ~~DISCLOSURE~~annum ~~DOCUMENT~~in ~~CONTAINS~~the A COMPLETE DESCRIPTION OF EACH EXPENSE TO BE CHARGED THIS POOL AT PAGE 36 AND A STATEMENT OF THE PERCENTAGE RETURNS NECESSARY TO BREAK EVEN, THAT IS, TO RECOVER THE AMOUNT OF YOUR INITIAL INVESTMENT, AT PAGE 27aggregate.

~~THIS~~Authorized ~~BRIEF~~Participants ~~STATEMENT CANNOT~~may ~~DISCLOSE~~offer ~~ALL~~to ~~THE~~the ~~RISKS~~public, ~~AND~~from ~~OTHER~~time ~~FACTORS~~to ~~NECESSARY~~time, TOShares ~~EVALUATE~~from ~~YOUR~~any ~~PARTICIPATION~~Creation INUnits ~~THIS~~they ~~COMMODITY POOL~~create. ~~THEREFORE,~~Because ~~BEFORE~~the ~~YOU~~Shares ~~DECIDE~~will TOtrade ~~PARTICIPATE~~at INmarket ~~THIS~~prices, ~~COMMODITY~~rather ~~POOL~~than the NAV of the Fund, ~~YOU~~Shares ~~SHOULD~~may ~~CAREFULLY~~trade ~~STUDY~~at ~~THIS~~prices ~~DISCLOSURE~~greater ~~DOCUMENT~~than NAV (at a premium), ~~INCLUDING~~at ~~A DESCRIPTION~~NAV, OFor ~~THE~~less ~~PRINCIPAL~~than ~~RISK~~NAV ~~FACTORS~~(at OFa ~~THIS~~discount). ~~INVESTMENT~~Authorized Participants will not receive from the Fund, ATthe ~~PAGES~~Managing 11Owner ~~THROUGH~~or ~~25.~~any of their affiliates, any fee or other compensation in connection with their sale of Shares to the public.

~~THIS~~An ~~PROSPECTUS~~Authorized ~~DOES NOT~~Participant ~~INCLUDE~~may ~~ALL~~receive OFcommissions ~~THE~~or ~~INFORMATION~~fees ORfrom ~~EXHIBITS~~investors INwho ~~THE~~purchase ~~REGISTRATION~~Shares ~~STATEMENT~~through OFtheir ~~THE~~commission ~~FUND~~or fee-based brokerage accounts. ~~YOU~~In ~~CAN~~addition, ~~READ~~the ~~AND~~Managing ~~COPY~~Owner ~~THE~~pays ~~ENTIRE~~a ~~REGISTRATION~~distribution ~~STATEMENT~~services ATfee ~~THE~~to ~~PUBLIC~~Invesco ~~REFERENCE~~Distributors, ~~FACILITIES~~Inc. ~~MAINTAINED~~without BYreimbursement ~~THE~~from ~~SEC~~the INFund. ~~WASHINGTON~~For more information regarding items of compensation paid to Financial Industry Regulatory Authority, DInc.C. (“FINRA”) members, please see the “Plan of Distribution” section on page 88.

~~THE~~These ~~FUND~~securities ~~FILES~~have ~~QUARTERLY~~not ~~AND~~been ~~ANNUAL~~approved ~~REPORTS~~or ~~WITH~~disapproved ~~THE~~by ~~SEC~~the U.S. ~~YOU~~Securities ~~CAN~~and ~~READ~~Exchange ~~AND~~Commission ~~COPY~~(“SEC”) ~~THESE~~or ~~REPORTS~~any ATstate ~~THE~~securities commission nor has the SEC ~~PUBLIC~~or ~~REFERENCE~~any ~~FACILITIES~~state INsecurities ~~WASHINGTON, D.C.~~commission ~~PLEASE~~passed ~~CALL~~upon ~~THE~~the ~~SEC~~accuracy ATor ~~1-800-SEC-0330~~adequacy ~~FOR~~of ~~FURTHER~~this ~~INFORMATION~~Prospectus. Any representation to the contrary is a criminal offense.

~~THE~~The ~~FILINGS~~Fund OFis ~~THE~~not ~~FUND~~a ~~ARE~~mutual ~~POSTED~~fund ATor ~~THE~~any ~~SEC~~other ~~WEBSITE~~type ATof ~~HTTP://WWW.SEC.GOV.~~investment company within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”), and is not subject to regulation thereunder.

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

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. ii

~~THIS~~COMMODITY ~~PROSPECTUS~~FUTURES ~~DOES~~TRADING ~~NOT CONSTITUTE AN OFFER OR SOLICITATION TO~~COMMISSION ~~SELL~~RISK ORDISCLOSURE A SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY OFFER, SOLICITATION, 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. STATEMENT

~~THE~~YOU ~~BOOKS~~SHOULD ~~AND~~CAREFULLY ~~RECORDS~~CONSIDER OFWHETHER ~~THE~~YOUR ~~FUND~~FINANCIAL ~~ARE~~CONDITION ~~MAINTAINED~~PERMITS ASYOU ~~FOLLOWS:~~TO ~~ALL~~PARTICIPATE ~~MARKETING~~IN ~~MATERIALS~~A ~~ARE~~COMMODITY ~~MAINTAINED AT THE OFFICES OF INVESCO DISTRIBUTORS, INC~~POOL., 11IN ~~GREENWAY~~SO ~~PLAZA~~DOING, ~~SUITE~~YOU ~~1000,~~SHOULD ~~HOUSTON,~~BE ~~TEXAS~~AWARE ~~77046-1173;~~THAT ~~TELEPHONE~~COMMODITY ~~NUMBER~~INTEREST ~~(800) 983-0903; CREATION UNIT TRANSACTION BOOKS AND RECORDS, ACCOUNTING AND CERTAIN OTHER~~TRADING ~~FINANCIAL~~CAN ~~BOOKS~~QUICKLY ~~AND~~LEAD ~~RECORDS (INCLUDING FUND ACCOUNTING RECORDS, LEDGERS WITH RESPECT~~ TO ~~ASSETS,~~LARGE ~~LIABILITIES,~~LOSSES ~~CAPITAL,~~AS ~~INCOME~~WELL ~~AND~~AS ~~EXPENSES,~~GAINS. ~~THE~~SUCH ~~REGISTRAR, TRANSFER JOURNALS AND RELATED DETAILS) AND~~ TRADING ~~AND~~LOSSES ~~RELATED~~CAN ~~DOCUMENTS~~SHARPLY ~~RECEIVED~~REDUCE ~~FROM~~THE ~~FUTURES COMMISSION~~NET ~~MERCHANTS~~ASSET ~~ARE~~VALUE ~~MAINTAINED~~OF BY THE ~~BANK~~POOL ~~OF NEW YORK MELLON, 240 GREENWICH STREET, NEW YORK, NEW YORK 10007, TELEPHONE NUMBER (718) 315-7500. ALL OTHER BOOKS~~ AND ~~RECORDS~~CONSEQUENTLY OF THE ~~FUND~~VALUE ~~(INCLUDING~~OF ~~MINUTE~~YOUR ~~BOOKS~~INTEREST ~~AND~~IN ~~OTHER~~THE ~~GENERAL~~POOL. ~~CORPORATE~~IN ~~RECORDS~~ADDITION, ~~TRADING~~RESTRICTIONS ~~RECORDS~~ON ~~AND~~REDEMPTIONS ~~RELATED~~MAY ~~REPORTS~~AFFECT ~~AND~~YOUR ~~OTHER~~ABILITY ~~ITEMS~~TO ~~RECEIVED~~WITHDRAW ~~FROM~~YOUR ~~THE~~PARTICIPATION ~~FUND’S~~IN ~~COMMODITY BROKERS) ARE MAINTAINED AT~~ THE ~~FUND’S PRINCIPAL OFFICE, C/O INVESCO CAPITAL MANAGEMENT LLC,~~ POOL.

iFURTHER, 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 41 AND A STATEMENT OF THE PERCENTAGE RETURNS NECESSARY TO BREAK EVEN, THAT IS, TO RECOVER THE AMOUNT OF YOUR INITIAL INVESTMENT, AT PAGE 31.

~~Table~~THIS ofBRIEF ~~Contents~~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 12 THROUGH 29.

~~Notes~~THIS toPROSPECTUS ~~Cover~~DOES ~~Page~~NOT ~~(cont’d)~~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.

~~3500 LACEY ROAD, SUITE 700, DOWNERS GROVE, ILLINOIS 60515; TELEPHONE NUMBER (800) 983-0903. SHAREHOLDERS WILL HAVE~~ THE ~~RIGHT,~~FUND ~~DURING~~FILES ~~NORMAL~~QUARTERLY ~~BUSINESS HOURS, TO HAVE ACCESS TO~~ AND ~~COPY~~ANNUAL ~~(UPON~~REPORTS ~~PAYMENT~~WITH OFTHE ~~REASONABLE REPRODUCTION COSTS) SUCH BOOKS AND RECORDS IN PERSON OR BY THEIR AUTHORIZED ATTORNEY OR AGENT~~SEC. ~~MONTHLY~~YOU ~~ACCOUNT~~CAN ~~STATEMENTS~~READ ~~FOR THE FUND CONFORMING TO COMMODITY FUTURES TRADING COMMISSION (“CFTC”)~~ AND ~~THE~~COPY ~~NATIONAL~~THESE ~~FUTURES~~REPORTS ~~ASSOCIATION (“NFA”) REQUIREMENTS ARE POSTED ON THE MANAGING OWNER’S WEBSITE~~ AT ~~HTTPS://WWW.INVESCO.COM/ETFS. ADDITIONAL REPORTS MAY BE POSTED ON~~ THE ~~MANAGING~~SEC ~~OWNER’S~~PUBLIC 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~~FACILITIES ~~UNLESS~~IN ~~OTHERWISE~~WASHINGTON, ~~EXPRESSLY STATED~~D. ~~THERE~~C. ~~WILL~~PLEASE ~~SIMILARLY~~CALL ~~BE DISTRIBUTED TO SHAREHOLDERS OF~~ THE ~~FUND,~~SEC ~~NOT~~AT ~~MORE~~1-800-SEC-0330 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~~FURTHER ~~PREPARATION OF SHAREHOLDERS’ ANNUAL FEDERAL INCOME TAX RETURNS~~INFORMATION.

THE ~~DIVISION~~FILINGS OF ~~INVESTMENT~~ ~~MANAGEMENT OF~~ THE ~~SECURITIES AND EXCHANGE COMMISSION REQUIRES THAT THE FOLLOWING STATEMENT BE PROMINENTLY SET FORTH HEREIN: “THE~~ FUND ISARE ~~NOT~~POSTED AAT ~~MUTUAL FUND OR ANY OTHER TYPE OF INVESTMENT COMPANY WITHIN~~ THE ~~MEANING~~SEC OFWEBSITE ~~THE~~AT ~~INVESTMENT COMPANY ACT OF 1940, AS AMENDED, AND IS NOT SUBJECT TO REGULATION THEREUNDER~~HTTP://WWW.” SEC.GOV.

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

~~Deutsche~~NO ~~Bank~~DEALER, ~~G10~~SALESMAN ~~Currency~~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 ~~Future~~OTHER ~~Harvest~~INFORMATION ~~Index®~~OR isREPRESENTATION aMUST ~~registered~~NOT ~~trademark~~BE ofRELIED ~~Deutsche~~UPON ~~Bank~~AS ~~AG.~~HAVING ~~All~~BEEN ~~rights~~AUTHORIZED ~~reserved.~~BY THE FUND, THE MANAGING OWNER, THE AUTHORIZED PARTICIPANTS OR ANY OTHER PERSON.

iiTHIS 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, 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.

~~Table~~THE ofBOOKS ~~Contents~~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; CREATION 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, 240 GREENWICH STREET, NEW YORK, 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 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

~~Table of Contents~~ iii

~~Part~~Notes ~~One~~to –Cover ~~Disclosure~~Page ~~Document~~ (cont’d)

~~Summary~~RD., ~~Information~~CHICAGO, 1ILLINOIS 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 (“CFTC”) AND THE NATIONAL FUTURES ASSOCIATION (“NFA”) REQUIREMENTS ARE POSTED ON THE MANAGING OWNER’S WEBSITE AT HTTPS://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.

Risk Factors			11
Forward-Looking Statements			25
Investment Objective			25
Breakeven Analysis			27
Breakeven Table			27
Performance of Invesco DB G10 Currency Harvest Fund (Ticker: DBV)			29
Description of the Deutsche Bank G10 Currency Future Harvest Index®- Excess Return			31
Use of Proceeds			36
Charges			36
Who May Subscribe			38
Creation and Redemption of Shares			38
The Commodity Broker			42
Conflicts of Interest			48
Description of the Shares; Certain Material Terms of the Trust Agreement			50
Distributions			57
The Administrator, Custodian and Transfer Agent			57
Invesco Distributors, Inc.			58
Index Sponsor			58
The Marketing Agent			60
The Securities Depository; Book-Entry-Only System; Global Security			60
Share Splits			61
Material Contracts			61
Material U.S. Federal Income Tax Considerations			66

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.”

Purchases by Employee Benefit Plans			78
Plan of Distribution			80
Legal Matters			83
Experts			84
Additional Information			84
Recent Financial Information and Annual Reports			84
Incorporation by Reference of Certain Documents			84
Part Two – Statement of Additional Information
General Information Relating to Invesco Capital Management LLC			88
The Futures Markets			88

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

~~Table of Contents~~iv

~~Summary~~Table ~~Information~~of ~~August~~Contents ~~13,~~Part ~~2019~~One ~~DBV~~– ~~Invesco~~Disclosure ~~DB G10 Currency Harvest Fund~~Document

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” for information on how you can obtain the information that is incorporated by reference in this Prospectus.

Summary Information	1
Risk Factors	12
Forward-Looking Statements	29
Investment Objective	29
Breakeven Analysis	31
Breakeven Table	32
Performance of Invesco DB G10 Currency Harvest Fund (Ticker: DBV)	34
Description of the Deutsche Bank G10 Currency Future Harvest Index – Excess Return	36
Use of Proceeds	41
Charges	41
Who May Subscribe	43
Creation and Redemption of Shares	43
The Commodity Broker	47
Conflicts of Interest	55
Description of the Shares; Certain Material Terms of the Trust Agreement	57
Distributions	65
The Administrator, Custodian and Transfer Agent	65
Invesco Distributors, Inc.	66
Index Sponsor	66
The Securities Depository; Book-Entry-Only System; Global Security	68
Share Splits	69
Material Contracts	69
Material U.S. Federal Income Tax Considerations	74
Purchases by Employee Benefit Plans	86
Plan of Distribution	88
Legal Matters	91
Experts	91

The Fund

Additional Information	91
Recent Financial Information and Annual Reports	91
Incorporation by Reference of Certain Documents	92

~~Invesco~~ ~~DB G10 Currency Harvest~~Part ~~Fund~~ ~~(the~~Two ~~“Fund”)~~- ~~was~~Statement ~~formed as a Delaware statutory trust on August 12, 2006. The Fund issues common units~~ of beneficial interest (“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 Capital Management LLC, 3500 Lacey Road, Suite 700, Downers Grove, IL 60515, and its telephone number is (800) 983-0903. Additional Information ~~regarding the offered Fund is available at https://www.invesco.com/ETFs.~~

Shares Listed on the NYSE Arca

General Information Relating to Invesco Capital Management LLC	95
The Futures Markets	95

~~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.~~ v

~~Purchases~~Summary ~~and~~Information ~~Sales~~June of21, ~~Shares~~ 2021

~~The~~DBV ~~Fund issues~~Invesco ~~and~~DB ~~redeems~~G10 ~~Shares~~Currency atHarvest net asset value (“NAV”) with Authorized Participants and only in large blocks of 200,000 shares (each block of Shares is called a “Creation Unit”) or multiples thereof in exchange for cash. Except when aggregated in Creation Units, the Shares are not redeemable securities of the Fund.

~~Individual~~This ~~Shares~~summary ~~may~~of bematerial ~~purchased~~information ~~and~~contained ~~sold~~or incorporated by reference in this Prospectus is intended for quick reference only onand does not contain all of the ~~NYSE~~ ~~Arca~~information ~~through~~that ~~brokers~~may be important to you. ~~Because~~The ~~the~~remainder ~~Shares~~of ~~will~~this ~~trade~~Prospectus atcontains ~~market~~more ~~prices,~~detailed ~~rather~~information. ~~than~~You should read the ~~NAV~~entire Prospectus, including the information incorporated by reference in this Prospectus, before deciding whether to invest in Shares. ~~may~~Please ~~trade~~see atthe ~~prices~~section ~~greater~~“Incorporation ~~than~~by ~~NAV~~Reference ~~(at~~of aCertain ~~premium),~~Documents” atfor ~~NAV,~~information oron ~~less~~how ~~than~~you ~~NAV~~can ~~(at~~obtain athe ~~discount).~~information that is incorporated by reference in this Prospectus.

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

~~Pricing~~Invesco ~~Information~~DB ~~Available~~G10 Currency Harvest Fund (the “Fund”) was formed as a Delaware statutory trust on August 12, 2006. The Fund issues common units of beneficial interest (“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 ~~NYSE~~Fund ~~Arca~~are located at c/o Invesco Capital Management LLC, 3500 Lacey Road, Suite 700, Downers Grove, IL 60515, and ~~Other~~its ~~Sources~~telephone number is (800) 983-0903. Information regarding the offered Fund is available at https://www.invesco.com/ETFs.

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

~~Symbol~~The ~~Meaning~~Shares ~~DBV~~are ~~Market~~listed ~~price per Share~~ on the NYSE Arca ~~FBV~~under ~~Intra-day~~the ~~indicative~~symbol ~~value (~~“~~IIV~~DBV.”) ~~per~~Secondary market ~~Share~~purchases ~~FBV.NV~~and ~~End~~sales of ~~day~~Shares ~~NAV~~are ofsubject ~~the~~to ~~Fund~~ordinary ~~DBCFHX~~brokerage ~~Intra-day~~commissions and ~~Index closing level as of close of NYSE Arca from the prior day~~charges.

1Purchases and Sales of Shares

~~Table~~The Fund issues and redeems Shares at net asset value (“NAV”) with Authorized Participants and only in large blocks of ~~Contents~~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 Shares are not redeemable securities of the Fund.

~~summary~~Individual ~~information~~ Shares may be purchased and sold only on the NYSE Arca through brokers. Because the Shares will trade at market prices rather than NAV, Shares may trade at prices greater than NAV (~~cont’d~~at a premium), at NAV, or less than NAV (at a discount).

~~The~~Retail ~~intra-day~~investors ~~data~~may inpurchase ~~the~~and ~~above~~sell ~~table,~~Shares ~~including~~through ~~the~~traditional ~~IIV,~~brokerage ~~is published once every fifteen seconds throughout each trading day~~accounts. ~~The~~Purchases ~~Index~~or ~~Sponsor~~sales of ~~(as~~Shares ~~defined~~may ~~herein)~~be ~~calculates~~subject ~~and~~to ~~publishes~~brokerage ~~the closing level of the Index daily~~commissions. ~~The~~Investors ~~Managing~~are ~~Owner~~encouraged ~~publishes~~to review the ~~NAV~~terms of ~~the~~their brokerage ~~Fund~~accounts ~~and~~for ~~the~~applicable ~~NAV per Share daily~~charges.

~~All of the foregoing information is published as follows:~~ 1

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

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

The ~~most~~ ~~recent~~following ~~end-of-day~~table ~~Index~~lists ~~closing~~additional ~~level (symbol: DBCFHX) is published as of the close of business for the~~ NYSE Arca symbols ~~each~~and ~~trading~~their ~~day~~meanings onwith ~~the~~respect ~~consolidated~~to ~~tape,~~the ~~Reuters and/or~~Fund ~~Bloomberg~~ and on the ~~Managing Owner’s website at https~~Index:~~//www.invesco.com/ETFs, or any successor thereto.~~

~~The~~Symbol ~~most~~Meaning ~~recent~~DBV ~~end-of-day~~Market ~~NAV~~price ofper ~~the~~Share ~~Fund (symbol: FBV.NV) is published as of the close of business~~ on ~~Reuters~~NYSE ~~and/or~~Arca ~~Bloomberg~~FBV ~~and~~Intra-day onindicative ~~the~~value ~~Managing~~(“IIV”) ~~Owner’s~~per ~~website~~Share ~~at https://www~~FBV.~~invesco.com/ETFs,~~NV orEnd ~~any~~of ~~successor~~day ~~thereto.~~NAV Inof ~~addition,~~ the ~~most~~Fund ~~recent~~DBCFHX ~~end~~Intra-~~of-~~day ~~NAV~~Index oflevel ~~the~~DBHVFER ~~Fund~~End ~~(symbol:~~of ~~FBV.NV)~~day isIndex ~~published~~closing ~~the~~level ~~following~~as ~~morning~~of ~~on the~~close ~~consolidated~~of ~~tape.~~NYSE Arca

~~All~~The ofintra-day ~~the~~data ~~foregoing~~in ~~information~~the ~~with~~above ~~respect~~table, toincluding the ~~Index~~IIV, ~~including~~is ~~the~~published once every fifteen seconds throughout each trading day. The Index’s ~~history,~~Sponsor is(as ~~also~~defined ~~published~~herein) ~~at https://index~~calculates and publishes the closing level of the Index daily.~~db.com.~~ The Managing Owner publishes the NAV of the Fund and the NAV per Share daily.

~~DWS~~All ~~Investment~~of ~~Management Americas Inc. (~~the ~~“Index~~foregoing ~~Sponsor” or “DIMA”) obtains~~ information ~~for~~is ~~inclusion in,~~published oras 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. follows:

~~Information~~The onintra-day level of the ~~Managing~~Index ~~Owner’s~~(symbol: ~~website~~DBCFHX) ~~shall~~and ~~not~~the beIIV ~~deemed~~per toShare be(symbol: aFBV) (each quoted in U.S. ~~part~~dollars) ofare ~~this~~published ~~Prospectus~~once every fifteen seconds throughout each trading day on the consolidated tape, Reuters and/or ~~incorporated~~Bloomberg. byThe ~~reference~~IIV ~~herein~~per ~~unless~~Share ~~otherwise~~(symbol: ~~expressly~~FBV) ~~stated~~is also published on the Managing Owner’s website at https://www.invesco.com/ETFs, or any successor thereto.

~~CUSIP~~The ~~Number~~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 ~~Fund’s~~most ~~CUSIP~~recent ~~number~~end-of-day Index closing level (symbol: DBHVFER) is ~~46139B102.~~published as of the close of business for the NYSE Arca each trading day on the consolidated tape, Reuters and/or Bloomberg.

~~Risk~~The most recent end-of-day NAV of the Fund (symbol: FBV.NV) is published as of the ~~Factors~~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 (symbol: FBV.NV) is published the following morning on the consolidated tape.

AnAll ~~investment in Shares is speculative and involves a high degree~~ of ~~risk.~~the ~~The~~foregoing information ~~summary~~with ~~risk~~respect ~~factors set forth below are intended merely~~ to ~~highlight~~the ~~certain~~Index, ~~risks~~including of the ~~Fund.~~Index’s ~~The~~history, ~~Fund~~is ~~has~~also ~~additional~~published ~~risks~~at ~~that are set forth elsewhere in this Prospectus~~https://index. db.com.

•Deutsche ~~Past~~Bank ~~performance~~Securities, Inc. is(the ~~not~~"Index ~~necessarily~~Sponsor" ~~indicative~~or of"DBSI") ~~future~~obtains ~~results;~~information ~~all~~for inclusion in, or ~~substantially~~for ~~all~~use in the calculation of, anthe ~~investment~~Index infrom sources the Index Sponsor considers reliable. None of the Index Sponsor, the Managing Owner, the Fund ~~could~~or beany ~~lost~~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 ~~The~~on ~~Fund~~the Managing Owner’s website ~~trading~~shall not be deemed to be a part of ~~futures~~this ~~contracts~~Prospectus ~~takes~~or ~~place~~incorporated inby ~~very~~reference ~~volatile~~herein ~~markets~~unless otherwise expressly stated.

•CUSIP ~~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.~~Number

•The ~~Investments~~Fund’s inCUSIP ~~foreign~~number ~~exchange~~is ~~related products are subject to many factors which contribute to potential volatility, including, but not limited to:~~46139B102.

○Risk ~~National debt levels and trade deficits, including changes in balances of payments and trade;~~Factors

2An 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.

~~Table of Contents~~•

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

~~○ Domestic and foreign inflation rates and investors’ expectations concerning inflation rates;~~2

○Summary ~~Domestic~~Information ~~and foreign interest rates and investors~~(cont’ ~~expectations concerning interest rates;~~d)

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

~~○ Investment and trading activities of mutual funds, hedge funds and currency funds;~~•

○Past ~~Global~~performance oris ~~regional~~not ~~political,~~necessarily ~~economic~~indicative of future results; all or ~~financial~~substantially ~~events~~all ~~and~~of an ~~situations;~~investment in the Fund could be lost.

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

○The ~~Monetary~~Fund’s ~~policies~~trading of ~~governments~~futures ~~(including~~contracts ~~exchange~~takes ~~control~~place ~~programs, restrictions on local exchanges or markets and limitations on foreign investment~~ in avery ~~country or on investment by residents of a country in other countries), trade restrictions, currency devaluations and revaluations;~~volatile markets.

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

○Because the ~~Expectations~~Fund’s ~~among~~trading ~~market~~will ~~participants~~be ~~that~~leveraged, a ~~currency’s~~relatively ~~value~~small ~~soon~~movement ~~will~~in ~~change~~the price of a futures contract owned by the Fund may cause greater losses.

• The Fund is subject to fees and expenses in the aggregate amount of approximately 0.78% per annum and will be successful only if its annual returns from futures trading, plus its annual Treasury Income, Money Market Income and T-Bill ETF Income exceed such fees and expenses.

•Investments ~~The~~in ~~futures~~foreign ~~contracts~~exchange ~~associated~~related ~~with~~products ~~the Eligible Index Currencies~~ are ~~not~~ subject to ~~position~~many ~~limits~~factors ~~from~~which ~~the CFTC and/or futures exchange rules. There can be no assurance that the futures contracts will not become subject~~ contribute to ~~position~~potential ~~limits. Should the Fund become subject to position limits with respect to its futures contracts holdings~~volatility, the Fund’s positions in 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 applicable regulations of the CFTC or the futures exchange on which the futures contracts trade. Should the Fund become subject to position limitsincluding, ~~the~~but ~~Fund’s~~not ~~ability to issue new Creation Units or to reinvest income in additional futures contracts may be impaired or~~ limited. ~~This may adversely affect the correlation between the market price of the Shares and the NAV of the Fund, which could result in Shares trading at a premium or discount~~ to ~~the NAV of the Fund.~~:

• ~~There can be no assurance that the Fund will achieve profits or avoid losses, significant or otherwise.~~

•National ~~Performance~~debt oflevels ~~the~~and ~~Fund~~trade ~~may~~deficits, ~~not~~including ~~track~~changes ~~the~~in ~~Index~~balances ~~during~~of ~~particular~~payments ~~periods or over the long term. Such tracking error may cause the Fund to outperform or underperform the Index.~~and trade;

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

•Domestic ~~Certain~~and ~~potential~~foreign ~~conflicts~~inflation ofrates ~~interest exist between the Managing Owner, the Commodity Broker (as defined herein)~~ and ~~their affiliates and the Fund~~investors’s ~~shareholders~~expectations ~~(“Shareholders”).~~concerning Although the Managing Owner attempts to monitor for conflicts, it is extremely difficult, if not impossible, for the Managing Owner to ensure that the conflicts will not, in fact, result in adverse consequences to the Fund and the Shareholders.inflation rates;

• ~~The Fund’s NAV may not always correspond to the market price of the 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).~~

•Domestic ~~Shareholders~~and ~~will~~foreign beinterest ~~subject~~rates toand ~~taxation on their allocable share of the Fund~~investors’s ~~taxable~~expectations ~~income,~~concerning ~~whether or not they receive cash distributions.~~interest rates;

~~The Trustee~~ •

~~Wilmington~~Currency ~~Trust~~exchange Company (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 rates;

3 •

~~Table~~Investment and trading activities of ~~Contents~~mutual funds, hedge funds and currency funds;

~~summary information (cont’d)~~ •

Global ~~express obligations under the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Fund (the “Trust Agreement”). The Trustee has no duty~~ or ~~liability~~regional ~~to supervise or monitor the performance of the Managing Owner~~political, ~~nor~~economic ~~does the Trustee have any liability for the acts~~ or ~~omissions~~financial ofevents ~~the~~and ~~Managing Owner.~~ situations;

~~Investment Objective~~ •

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

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 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. •

~~Investing~~Monetary policies of governments (including exchange control programs, restrictions on local exchanges or markets and limitations on foreign investment in ~~the~~a ~~Fund~~country ~~does~~or ~~not~~on investment by residents of a ~~insulate~~country ~~Shareholders~~in ~~from~~other ~~certain~~countries), ~~risks~~trade restrictions, ~~including~~currency ~~price~~devaluations ~~volatility.~~and revaluations;

~~The Index Sponsor is DIMA. The composition of the Index may be adjusted in the Index Sponsor’s discretion.~~ •

~~The~~Governmental ~~Eligible~~intervention ~~Index~~in ~~Currencies~~the ~~are~~currency ~~the~~market, ~~currencies~~directly ofand ~~the~~by ~~G10~~regulation, ~~countries~~in ~~set~~order ~~forth~~to influence ~~below:~~currency prices; and

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~~Expectations ~~contracts~~among ~~referencing~~market ~~each~~participants ofthat ~~the~~a ~~Eligible~~currency’s ~~Index~~value ~~Currencies~~soon ~~(except USD) currently are traded on the Chicago~~will ~~Mercantile Exchange (“CME”)~~change. ~~Futures contracts on the Eligible Index Currencies also trade on other exchanges in the United States, and the Fund may 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, 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. •

4The Fund is subject to fees and expenses in the aggregate amount of approximately 0.78% per annum and will be successful only if its annual returns from futures trading, plus its annual Treasury Income, Money Market Income and T-Bill ETF Income exceed such fees and expenses.

~~Table of Contents~~•

~~summary~~The ~~information (cont~~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 futures contracts will not become subject to position limits. Should the Fund become subject to position limits with respect to its futures contracts holdings, the Fund’d)s positions in 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 applicable regulations of the CFTC or the futures exchange on which the futures contracts trade. Should the Fund become subject to position limits, the Fund’s ability to issue new Creation Units or to reinvest income in additional futures contracts may be impaired or limited. This may adversely affect the correlation between the market price of the Shares and the NAV of the Fund, which could result in Shares trading at a premium or discount to the NAV of the Fund.

In order to determine which Eligible Index Currencies to include in the Index, 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.” •

~~In seeking to track the Index, the Fund generally will establish long futures positions in the three Eligible Index Currencies associated with the~~There 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, 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~~no ~~value~~assurance ofthat the Fund’s ~~holdings of United States Treasury securities (“Treasury Securities”), money market mutual funds (affiliated or otherwise) and T-Bill ETFs (affiliated or otherwise), which means the Fund~~ will ~~have~~achieve aprofits ~~leverage ratio at such time of 2:1. If the USD is associated with the highest~~ or ~~lowest~~avoid ~~interest rates among the Eligible Index Currencies~~losses, ~~the~~significant 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 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 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. •

~~The~~Performance ~~Fund will be required to deposit approximately twice as much~~ of ~~its assets than would be required if~~ the Fund ~~did~~may not ~~use~~track ~~leverage.~~the ~~The~~Index ~~amount~~during ~~deposited~~particular isperiods ~~not~~or ~~expected~~over tothe ~~exceed 10% of net assets~~long term. ~~The~~Such ~~Fund~~tracking ~~will~~error ~~also~~may ~~trade~~cause ~~more~~the ~~futures~~Fund ~~contracts~~to ~~and~~outperform ~~incur~~or ~~more~~underperform ~~brokerage commission expenses than it would if it did not use leverage. The additional amount of brokerage commission expenses generally will be proportional to~~ the ~~Fund’s leverage ratio~~Index.

~~The Managing Owner~~ •

~~Invesco~~Disruptions ~~Capital~~in ~~Management LLC, a Delaware limited liability company, serves as Managing Owner of~~ the ~~Fund.~~ability ~~The Managing Owner was formed on February 7, 2003. The Managing Owner is an affiliate of Invesco Ltd. The Managing Owner was formed~~ to becreate ~~the~~or ~~managing~~redeem ~~owner~~Creation ofUnits ~~investment~~may ~~vehicles~~adversely ~~such as ETFs and has been managing non-commodity futures~~affect ~~based ETFs since 2003 and a commodity futures based ETF since 2014~~investors. 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 with the CFTC and is a member of, and approved as a swap firm by, the National Futures Association (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 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.

~~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.~~ 3

~~The~~Summary ~~Fund~~Information ~~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~~(cont’~~s services related to the management of the Fund’s business and affairs, including the provision of commodity futures trading advisory services.~~ d)

5 •

~~Table~~Certain potential conflicts of ~~Contents~~interest exist between the Managing Owner, the Commodity Broker (as defined herein) and their affiliates and the Fund’s shareholders (“Shareholders”). Although the Managing Owner attempts to monitor for conflicts, it is extremely difficult, if not impossible, for the Managing Owner to ensure that the conflicts will not, in fact, result in adverse consequences to the Fund and the Shareholders.

~~summary information (cont’d)~~ •

The Fund’s NAV may, ~~for~~not ~~margin~~always ~~and/or~~correspond ~~cash~~to ~~management~~the ~~purposes, invest in money~~ market ~~mutual~~price ~~funds and/or T-Bill ETFs that are managed by affiliates~~ of the ~~Managing~~Shares ~~Owner.~~and, ~~The~~as ~~indirect~~a result, ~~portion~~Shares ~~of the management fees that the Fund~~ may ~~incur~~trade ~~through~~at ~~such~~prices ~~investments~~greater isthan inNAV ~~addition~~(at toa ~~the~~premium), ~~Management~~at ~~Fee~~NAV, ~~paid~~or toless ~~the Managing~~than ~~Owner.~~NAV ~~The~~(at 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 marketa ~~mutual funds and/or affiliated T-Bill ETFs~~discount). ~~The Managing Owner may terminate this waiver on 60 days’ notice.~~

Effective June 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. •

AsShareholders ofwill ~~April 8,~~be ~~2019, Invesco~~subject ~~Advisers, Inc. ceased~~ to betaxation aon ~~commodity~~their ~~trading~~allocable ~~advisor~~share ~~for~~of the Fund.’s taxable income, whether or not they receive cash distributions.

The ~~Commodity Broker~~ Trustee

AWilmington ~~variety~~Trust ofCompany ~~executing~~(the ~~brokers~~“Trustee”), ~~execute~~a ~~futures~~Delaware ~~transactions~~trust oncompany, ~~behalf~~is the sole trustee of the Fund. ~~Such~~The ~~executing~~Trustee’s ~~brokers~~duties ~~give-up all~~and ~~such~~liabilities ~~transactions~~with respect to ~~Morgan~~the ~~Stanley &~~offering ~~Co.~~of ~~LLC,~~the aShares ~~Delaware~~and ~~limited~~the ~~liability~~management ~~company,~~of ~~which serves as~~ the Fund’s ~~clearing~~are ~~broker~~limited ~~(the~~to ~~“Commodity Broker”). In~~ its ~~capacity~~express asobligations ~~clearing~~under ~~broker,~~ the ~~Commodity~~Fifth ~~Broker~~Amended ~~may execute~~and ~~transactions~~Restated byDeclaration ~~others~~of onTrust ~~behalf~~and ofTrust Agreement of the Fund, ~~clears~~(the ~~all~~“Trust ofAgreement”). ~~the~~The ~~Fund’s~~Trustee ~~futures~~has ~~transactions~~no ~~and~~duty ~~performs~~or ~~certain~~liability ~~administrative~~to ~~services~~supervise ~~for~~or monitor the ~~Fund.~~performance ~~The~~of ~~Commodity~~the ~~Broker~~Managing isOwner, ~~registered~~nor ~~with~~does the ~~CFTC~~Trustee ashave aany liability ~~futures~~for ~~commission~~the ~~merchant~~acts ~~and is~~or aomissions ~~member~~ of the ~~NFA~~Managing ~~in such capacity~~Owner.

~~The~~Investment Fund pays 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 for the Fund. On average, total charges paid to the Commodity Broker are expected to be less than $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 0.03% 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. Objective

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

The ~~Bank~~Index ~~of New~~is ~~York~~designed ~~Mellon~~to isreflect the ~~administrator~~return ~~(the~~from ~~“Administrator”)~~investing ~~and~~on ~~serves~~a 2:1 asleveraged ~~the~~basis ~~custodian~~in ~~(the~~long ~~“Custodian”)~~currency futures positions for certain currencies associated with relatively high yielding interest rates and ~~the~~in ~~transfer~~short ~~agent~~currency ~~(the~~futures ~~“Transfer~~positions ~~Agent”)~~for ofcertain ~~the~~currencies ~~Fund~~associated with relatively low yielding interest rates. The ~~Bank~~Index ofis ~~New~~designed to ~~York~~exploit ~~Mellon~~the ~~has~~trend ~~entered~~that ~~into~~currencies aassociated ~~Fund Administration~~with ~~and~~relatively ~~Accounting~~high ~~Agreement~~interest ~~(the~~rates, ~~“Administration~~on ~~Agreement”)~~average, atend ~~Global~~to ~~Custody~~rise ~~Agreement~~in ~~(the~~value ~~“Custody~~relative ~~Agreement”),~~to ~~and~~currencies aassociated ~~Transfer~~with ~~Agency~~relatively low interest rates. The Index seeks to exploit this trend using both long and ~~Service~~short ~~Agreement~~futures positions, inwhich ~~connection~~is ~~therewith.~~expected to provide more consistent and less volatile returns than could be obtained by taking long positions only or short positions only.

~~Pursuant~~Investing toin the ~~Administration~~Fund ~~Agreement,~~does ~~the~~not ~~Administrator~~insulate ~~performs~~Shareholders orfrom ~~supervises~~certain ~~the performance of services necessary for the operation and administration of the Fund (other than making investment decisions)~~risks, including price ~~NAV calculations, accounting and other fund administrative services~~volatility.

~~Key~~The ~~terms~~Index Sponsor is DBSI. The composition of the ~~Administration~~Index may ~~Agreement~~be ~~are~~adjusted ~~summarized~~in ~~under~~ the ~~heading~~Index ~~“Material~~Sponsor’s ~~Contracts~~discretion.”

~~The Administrator’s monthly fees are paid on behalf of the Fund by the Managing Owner out of the Management Fee.~~ 4

~~Pursuant~~Summary toInformation the Transfer Agency and Service Agreement, the Transfer Agent receives a transaction processing fee in connection with receiving and processing orders from Authorized Participants to create or redeem Creation Units in the amount of $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(cont’~~s own assets.~~ d)

~~Invesco~~The ~~Distributors,~~Eligible ~~Inc.~~Index Currencies are the currencies of the G10 countries set forth below:

~~Invesco~~Eligible ~~Distributors,~~Index ~~Inc. (“Invesco~~Currency ~~Distributors”)~~Symbol ~~assists~~United ~~the~~States ~~Managing~~Dollar ~~Owner~~USD ~~with~~Euro ~~certain~~EUR ~~functions~~Japanese ~~and~~Yen ~~duties~~JPY ~~relating~~Canadian toDollar ~~distribution~~CAD ~~and~~Swiss ~~marketing,~~Franc ~~including~~CHF ~~reviewing~~British ~~and~~Pound ~~approving~~GBP ~~marketing~~Australian ~~materials.~~Dollar ~~Invesco~~AUD ~~Distributors~~ New Zealand Dollar NZD Norwegian Krone NOK Swedish Krona SEK

6Futures contracts referencing each of the Eligible Index Currencies (except USD) currently are traded on the Chicago Mercantile Exchange (“CME”). Futures contracts on the Eligible Index Currencies also trade on other exchanges in the United States, and the Fund may trade such contracts.

~~Table~~At any time, the Index is comprised of ~~Contents~~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.

~~summary~~In ~~information (cont’d)~~order to determine which Eligible Index Currencies to include in the Index, 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.”

In seeking 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 ~~retains~~Currencies ~~all~~associated ~~marketing~~with ~~materials~~the atlowest ~~c/o~~interest ~~Invesco~~rates ~~Distributors,~~and ~~Inc~~will adjust its holdings quarterly as the Index is adjusted. However, 11if ~~Greenway~~the ~~Plaza~~USD is among the Index Currencies from time to time, ~~Suite~~the ~~1000~~Fund will not establish a long or short futures position (as the case may be) in USD, ~~Houston~~because USD is the Fund’s home currency and, ~~Texas~~as ~~77046-1173.~~a ~~Investors~~consequence, ~~may~~the ~~contact~~Fund ~~Invesco~~never ~~Distributors~~can ~~toll-free~~enjoy profit or suffer loss from long or short futures positions in USD. When the ~~U.S.~~USD atis 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 (~~800~~“Treasury Securities”), ~~983~~money market mutual funds (affiliated or otherwise) and T-~~0903.~~Bill ~~The~~ETFs ~~Fund~~(affiliated ~~has~~or ~~entered~~otherwise), ~~into~~which means the Fund will have a ~~Distribution~~leverage ~~Services~~ratio ~~Agreement~~at ~~with~~such ~~Invesco~~time ~~Distributors~~of 2:1. ~~Invesco~~If ~~Distributors~~the USD is ~~affiliated~~associated with the ~~Managing~~highest ~~Owner~~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 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 approximately 1.66:1.

~~The~~Holding ~~Managing~~futures ~~Owner,~~positions ~~out~~with a notional amount in excess of ~~its~~the ~~own~~Fund’s ~~assets,~~NAV ~~pays~~constitutes ~~Invesco~~a ~~Distributors~~form ~~$25,000~~of leverage. ~~annually~~The ~~($6,250~~use ~~per~~of ~~quarter)~~leverage will increase the potential for ~~performing~~both ~~its~~trading ~~duties~~profits onand ~~behalf~~losses, ofdepending ~~the~~on ~~Fund.~~the ~~Such~~changes, ~~services~~positive ~~may~~and ~~include~~negative, ~~among~~in ~~other~~the ~~services,~~Index. ~~reviewing~~The ~~distribution~~Fund’s ~~related~~ability ~~legal~~to ~~documents~~track ~~and~~the ~~contracts,~~Index ~~consulting~~will onnot ~~marketing~~be affected by the presence or ~~sales~~absence ~~strategy,~~of ~~maintaining~~the ~~certain~~USD ~~books~~among ~~and~~the ~~records~~Index inCurrencies. ~~respect~~Because the notional value of the Fund’s ~~and~~futures positions ~~performing~~can ~~additional marketing~~rise ~~and~~or ~~distribution~~fall ~~related~~over ~~services~~time, asthe ~~may~~leverage ratio could be ~~agreed~~higher ~~upon~~or bylower ~~Invesco~~between ~~Distributors~~quarterly ~~and~~adjustments of the ~~Managing~~Index ~~Owner~~Currencies.

~~Index Sponsor~~ 5

~~The~~Summary ~~Managing~~Information Owner, on behalf of the Fund, has appointed DIMA to serve as the Index Sponsor. The Index Sponsor calculates and publishes the daily index levels and the indicative intraday index levels. The Index Sponsor also calculates the IIV per Share throughout each Business Day. (cont’d)

The ~~Managing~~Fund will be required to deposit approximately twice as much of its assets than ~~Owner~~would ~~pays~~be required if the ~~Index~~Fund ~~Sponsor~~did anot ~~licensing~~use ~~fee~~leverage. ~~and~~The anamount ~~index~~deposited ~~services~~is ~~fee~~not ~~out~~expected to exceed 10% of ~~the~~net ~~Management~~assets. ~~Fee~~The ~~for~~Fund ~~performing~~will ~~its~~also ~~duties~~trade more futures contracts and incur more brokerage commission expenses than it would if it did not use leverage. The additional amount of brokerage commission expenses generally will be proportional to the Fund’s leverage ratio.

~~Marketing~~The ~~Agent~~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 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.

The Managing Owner, on behalf of the Fund, has appointed DIMA (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.

Invesco Capital Management LLC, a Delaware limited liability company, serves as Managing Owner of the Fund. The Managing Owner ~~pays~~was formed on February 7, 2003. The Managing Owner is an affiliate of Invesco Ltd. The Managing Owner was formed to be the ~~Marketing~~managing ~~Agent~~owner of investment vehicles such as ETFs and has been managing non-commodity futures based ETFs since 2003 and a ~~marketing~~commodity ~~services~~futures ~~fee~~based ~~out~~ETF since 2014. The Managing Owner serves as the commodity pool operator and commodity trading advisor of the ~~Management~~Fund. ~~Fee~~The Managing Owner is registered as a commodity pool operator and commodity trading advisor with the CFTC and is a member of, and approved as a swap firm by, the National Futures Association (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 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.

The ~~Marketing~~principal ~~Agent~~office ~~will~~of ~~not~~the ~~open~~Managing orOwner ~~maintain~~is ~~customer~~located ~~accounts~~at or3500 ~~handle~~Lacey ~~orders~~Road, ~~for~~Suite ~~the~~700, Downers ~~Fund~~Grove, IL 60515. The ~~Marketing~~telephone ~~Agent~~number ~~has no responsibility for the performance~~ of the ~~Fund~~Managing orOwner ~~the~~is ~~decisions~~(800) ~~made or actions taken by the Managing Owner~~983-0903.

~~“800”~~The ~~Number~~Fund ~~for~~pays ~~Investors~~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.

~~Investors~~The Fund may, ~~contact~~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. ~~toll~~The ~~free~~indirect portion of the management fees that the Fund may incur through such investments is in addition to the UManagement Fee paid to the Managing Owner.S. atThe ~~(800)~~Managing ~~983~~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 and/or affiliated T-~~0903~~Bill ETFs. The Managing Owner may terminate this waiver on 60 days’ notice.

~~Limitation~~Effective June 4, 2018, the name of ~~Liabilities~~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.

~~You~~The ~~cannot~~Commodity 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. Broker

~~Creation~~A ~~and~~variety ~~Redemption~~of executing brokers execute futures transactions on behalf of ~~Shares~~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 (the “Commodity Broker”). In its capacity as clearing broker, the Commodity Broker may execute transactions by others on behalf of the Fund, clears all of the Fund’s

The Fund creates and redeems Shares from time to time, but only in one or more Creation Units. A Creation Unit is a block of 200,000 Shares. Creation Units may be created or redeemed only by Authorized Participants. Creation Units are created and 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 Creation Unit is accepted by the Fund. The creation or redemption will be at the NAV of 200,000 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 or redeem a 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 two business days after the creation order date or redemption order date. 6

7Summary Information (cont’d)

~~Table~~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 ~~Contents~~the NFA in such capacity.

~~summary~~The Fund ~~information (cont~~pays 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 for the Fund. On average, total charges paid to the Commodity Broker are expected to be less than $6.00 per round-turn trade, although the Commodity Broker’d)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 0.03% 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.

~~For~~The ~~purposes~~Administrator, ofCustodian ~~processing both purchase~~ and ~~redemption~~Transfer 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. Agent

~~See~~The Bank of New York Mellon is the administrator (the “~~Creation~~Administrator”) and ~~Redemption~~serves ofas ~~Shares~~the custodian (the “Custodian”) ~~for~~and ~~more~~the ~~details~~transfer agent (the “Transfer Agent”) of the Fund. The Bank of New York Mellon has entered into a Fund Administration and Accounting Agreement (the “Administration Agreement”), a Global Custody Agreement (the “Custody Agreement”), and a Transfer Agency and Service Agreement, in connection therewith.

~~Authorized~~Pursuant ~~Participants~~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 NAV calculations, accounting and other fund administrative services.

~~Creation~~Key ~~Units~~terms ~~may~~of 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 the ~~Depository~~Administration ~~Trust Company (“DTC”); and (3) have entered into an agreement with the Fund and the Managing Owner (a “Participant~~ Agreement~~”). The~~ ~~Participant~~are ~~Agreement~~summarized ~~sets~~under ~~forth~~ the ~~procedures~~heading ~~for the creation and redemption of Creation Units and for the delivery of cash required for such creations or redemptions. See~~ “~~Creation~~Material ~~and Redemption of Shares” for more details~~Contracts. ”

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

~~NAV~~Pursuant ~~means~~to the ~~total~~Transfer ~~assets~~Agency ofand Service Agreement, the ~~Fund~~Transfer ~~including,~~Agent ~~but~~receives a transaction ~~not~~processing ~~limited~~fee ~~to,~~in ~~all~~connection ~~cash~~with receiving and ~~cash~~processing ~~equivalents~~orders orfrom ~~other~~Authorized ~~debt~~Participants ~~securities~~to ~~less~~create ~~total~~or redeem ~~liabilities~~Creation Units in the amount of $500 per order. These transaction processing fees are paid directly by the ~~Fund,~~Authorized ~~each~~Participants ~~determined~~and onnot by the ~~basis~~Fund. ofFrom ~~generally~~time ~~accepted~~to ~~accounting~~time, the ~~principles~~Managing Owner, in ~~the~~its ~~United~~sole ~~States~~discretion, ~~consistently~~may ~~applied~~reimburse ~~under~~Authorized ~~the~~Participants ~~accrual~~for ~~method~~ all or a portion of ~~accounting.~~the processing fees from the Managing Owner’s own assets.

~~NAV~~Invesco ~~per~~Distributors, ~~Share is the NAV of the Fund divided by the number of outstanding Shares~~Inc.

~~See~~Invesco Distributors, Inc. (“~~Description~~Invesco ofDistributors”) assists the ~~Shares;~~Managing ~~Certain~~Owner ~~Material~~with ~~Terms~~certain offunctions 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 ~~Trust~~U.S. ~~Agreement~~at –(800) ~~NAV”~~983-0903. ~~for~~The ~~more~~Fund ~~details~~has entered into a Distribution Services Agreement with Invesco Distributors. Invesco Distributors is affiliated with the Managing Owner.

~~Clearance~~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. Such services may include, among other services, reviewing distribution related legal documents and ~~Settlement~~contracts, consulting on marketing or sales strategy, maintaining certain books and records in respect of the Fund and performing additional marketing and distribution related services as may be agreed upon by Invesco Distributors and the Managing Owner.

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 Shares through DTC, if they are participants in DTC, or indirectly through entities that are participants in DTC. 7

~~Segregated~~Summary ~~Accounts/Treasury~~Information ~~Income, Money Market Income and T-Bill ETF Income~~ (cont’d)

~~The~~Index Fund has arranged for the proceeds of the continuous offering of the Shares to be deposited as 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 Fund’s non-margin assets are generally invested in Treasury Securities, money market mutual funds (affiliated or otherwise) and T-Bill ETFs (affiliated or otherwise). See “Fees and Expenses” for more details. Sponsor

8The Managing Owner, on behalf of the Fund, has appointed DBSI to serve as the Index Sponsor. The Index Sponsor calculates and publishes the daily index levels and the indicative intraday index levels. The Index Sponsor also calculates the IIV per Share throughout each Business Day.

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

~~summary~~“800” ~~information (cont’d)~~Number for Investors

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

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 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 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 the fee waiver on 60 days’ notice.
Offering Expenses		Expenses incurred in connection with the continuous offering of Shares 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 $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 0.03% 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 of the routine operational, administrative and other ordinary expenses of the Fund, including, but not limited to, the fees and expenses of the Trustee, license and service fees paid to DIMA 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 to as extraordinary fees and expenses in the Trust Agreement), if any, as determined by the Managing Owner. Non-recurring and unusual fees and expenses 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 of managed futures funds in general.
Management Fee and Expenses to be Paid First out of Treasury Income, 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 Treasury Securities, 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, 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, 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 holdings in Treasury Securities, money market mutual funds, and/or holdings in T-Bill ETFs.
Selling Commission		Retail investors may purchase and sell Shares through traditional brokerage accounts. Investors are expected to be charged a 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.

Limitation of Liabilities

~~[Remainder~~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 ~~page~~a ~~left~~Delaware ~~blank~~business ~~intentionally]~~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.

9Creation and Redemption of Shares

~~Table~~The Fund creates and redeems Shares from time to time, but only in one or more Creation Units. A Creation Unit is a block of ~~Contents~~100,000 Shares. Creation Units may be created or redeemed only by Authorized Participants. Creation Units are created and 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 Creation Unit is accepted by the Fund. The creation or redemption will be at the NAV of 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 or redeem a 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 two business days after the creation order date or redemption order date.

~~Summary~~For ~~Information~~purposes ~~(cont’d)~~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.

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

~~The Fund will make distributions at the discretion of the Managing Owner. To the extent that the Fund’s actual and projected Treasury Income, the~~Authorized Fund’s actual and projected Money Market Income, 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 a Shareholder’s particular tax situation for such year, a Shareholder’s income tax liability for the taxable year for such Shareholder’s allocable share of the Fund’s net ordinary income or loss and capital gain or loss may exceed any distributions received with respect to such year. Participants

~~Fiscal~~Creation ~~Year~~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 the Depository Trust Company (“DTC”); and (3) have entered into an agreement with the Fund and the Managing Owner (a “Participant Agreement”). The Participant Agreement sets forth the procedures for the creation and redemption of Creation Units and for the delivery of cash required for such creations or redemptions. See “Creation and Redemption of Shares” for more details.

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

~~U.S.~~NAV ~~Federal~~means ~~Income~~the ~~Tax~~total ~~Considerations~~assets -of ~~General~~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.

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 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 Shareholder’s taxable year. 8

~~Please~~Summary ~~refer~~Information ~~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.~~ (cont’d)

~~U.S.~~NAV ~~Federal~~per ~~Income~~Share ~~Tax~~is ~~Considerations~~the -NAV ~~UBTI~~of the Fund divided by the number of outstanding Shares.

AnSee ~~organization that is otherwise exempt from U.S. federal income tax is nonetheless subject to taxation with respect to its~~ “~~unrelated~~Description ~~business taxable~~of ~~income” (“UBTI”). Subject to~~ the ~~discussion~~Shares; ~~below~~Certain ~~in “~~Material ~~U.S.~~Terms ~~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~~Trust ~~specifically~~Agreement ~~exempt~~– ~~from UBTI. The Fund will not borrow funds for the purpose of acquiring or holding any investments or otherwise incur “acquisition indebtedness~~NAV” 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~~more ~~purpose of investing in the Shares~~details.

~~Breakeven~~Clearance ~~Amounts~~and Settlement

AThe ~~Shareholder~~Shares ~~should~~are ~~expect~~evidenced ~~that~~by ~~the~~global ~~Fund’s~~certificates ~~fees~~that ~~and expenses during~~ the ~~first twelve months of the Shareholder’s investment will equal 0.78% of the~~ Fund’s ~~NAV.~~issues ~~This amount equates~~ to $0DTC.19 ~~per annum per Share at $24.14 – the Fund’s NAV per Share as of May 31, 2019.~~ The ~~Fund’s Treasury Income, Money Market Income, and T-Bill~~ ~~ETF~~Shares ~~Income~~ are ~~expected~~available toonly ~~exceed~~in ~~the~~book-entry ~~Fund’s fees and expenses during those first twelve months, assuming that Treasury Income is earned at a rate of 2~~form.~~27%,~~ ~~Money~~Shareholders ~~Market~~may ~~Income~~hold istheir ~~earned~~Shares atthrough ~~a rate of 2.24%~~DTC, ~~and T-Bill~~if ~~ETF~~they ~~Income is earned at a rate of 2.35%. (These assumed rates~~ are ~~based~~participants onin ~~market rates observed as of May 31~~DTC, ~~2019.)~~or ~~This~~indirectly ~~means~~through ~~that,~~entities ~~during those first twelve months, the Fund would have to experience trading losses~~ that ~~would~~are ~~exceed~~participants ~~the~~in ~~positive difference between the Fund’s income and its expenses~~DTC. ~~As a result, the breakeven amount is reflected as $0.00 and 0% of NAV.~~

~~THE~~Segregated ~~SHARES~~Accounts/Treasury ~~ARE~~Income, ~~SPECULATIVE~~Money ~~AND~~Market ~~INVOLVE~~Income Aand ~~HIGH~~T-Bill ~~DEGREE~~ETF ~~OF RISK~~ Income

~~[Remainder~~The Fund has arranged for the proceeds of ~~page~~the ~~left~~continuous ~~blank~~offering ~~intentionally]~~of the Shares to be deposited as 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 Fund’s non-margin assets are generally invested in Treasury Securities, money market mutual funds (affiliated or otherwise) and T-Bill ETFs (affiliated or otherwise). See “Fees and Expenses” for more details.

10Fees 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 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 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 the fee waiver on 60 days’ notice.
Offering Expenses	Expenses incurred in connection with the continuous offering of Shares 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 $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 0.03% 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.

~~Risk Factors~~ 9

~~You~~Summary ~~could~~Information 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. (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, the fees and expenses of the Trustee, license and service fees paid to DBSI as 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 to as extraordinary fees and expenses in the Trust Agreement), if any, as determined by the Managing Owner. Non-recurring and unusual fees and expenses 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 of managed futures funds in general. Management Fee and Expenses to be Paid First out of Treasury Income, Money Market ~~Risks~~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 Treasury Securities, 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, 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, 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 holdings in Treasury Securities, money market mutual funds, and/or holdings in T-Bill ETFs. Selling Commission Retail investors may purchase and sell Shares through traditional brokerage accounts. Investors are expected to be charged a 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.

~~NAV~~[Remainder ~~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 Market Price~~ of ~~the~~page ~~Shares.~~left blank intentionally]

Shares may trade at, above or below their NAV. The NAV fluctuates with changes in the market value of the Fund’s assets. The trading price of Shares fluctuates in accordance with changes in the NAV, intraday changes in the value of the futures contracts and market supply and demand. The amount of the discount or premium in the trading price of the Shares relative to their NAV may be influenced by non-concurrent trading hours between NYSE Arca (the exchange on which the Shares trade) and the exchanges on which the Index Contracts trade. 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, trading spreads, and the resulting premium or discount on Shares, may widen during these gaps in market trading hours. 10

~~The~~Summary ~~NYSE~~Information ~~Arca May Halt Trading in the Shares Which Would Adversely Impact Your Ability to Sell Shares.~~ (cont’d)

The Shares are listed for trading on the NYSE Arca. Trading in Shares may be halted due to market conditions or in light of certain procedures and safeguards under NYSE Arca 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. If the Fund were no longer to meet the requirements necessary to maintain the listing of its Shares, the Shares would be delisted. In such a scenario, the Fund would be terminated. Distributions

The ~~Lack~~Fund will make distributions at the discretion of anthe ~~Active~~Managing ~~Trading~~Owner. To the extent that the Fund’s actual and projected Treasury Income, the Fund’s actual and projected Money Market ~~for~~Income and the ~~Shares~~Fund’s ~~May~~actual ~~Result~~and inprojected ~~Losses~~T-Bill onETF ~~Your~~Income, ~~Investment~~as atapplicable, exceed the ~~Time~~actual and projected fees and expenses of the ~~Disposition~~Fund, the Managing Owner expects periodically to make distributions of ~~Your~~the amount of such excess. The Managing Owner currently does not expect to make distributions with ~~Shares~~respect to the Fund’s capital gains. Depending on the Fund’s performance for the taxable year and a Shareholder’s particular tax situation for such year, a Shareholder’s income tax liability for the taxable year for such Shareholder’s allocable share of the Fund’s net ordinary income or loss and capital gain or loss may exceed any distributions received with respect to such year.

~~Although~~Fiscal 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. Year

~~Because~~The ~~the~~ Fund’s ~~Trading~~fiscal ~~will~~year beends ~~Leveraged,~~on aDecember ~~Relatively~~31 ~~Small Movement in the Price~~ of aeach ~~Contract May Cause Greater Losses~~year.

The Fund will take long futures positions in the high-yielding Eligible Index Currencies and will take short futures positions in the low-yielding Eligible Index Currencies with a view to tracking the changes in the Index over timeU. Assuming that the USD is not one of the three highest or lowest yielding currencies during any Index 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 NAVS. ~~Accordingly,~~Federal ifIncome ~~the~~Tax USD is not one of the three highest or lowest yielding currencies during any the Index 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. Considerations

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. General

11Subject 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 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 Shareholder’s taxable year.

~~Table~~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 ~~Contents~~the purchase, ownership and disposition of Shares.

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 relative to a directional (outright long or short) exposure to any or all of the Index Currencies. UBTI

~~There~~An ~~can~~organization ~~be no assurance~~ that ~~the~~is ~~use~~otherwise ofexempt ~~both~~from ~~long~~U.S. ~~and~~federal ~~short~~income ~~positions~~tax ~~will~~is ~~reduce~~nonetheless subject ~~the~~to ~~volatility~~taxation ofwith ~~the~~respect ~~Index~~to ~~during~~its ~~any~~“unrelated orbusiness ~~all~~taxable ~~market~~income” ~~cycles~~(“UBTI”). ~~or periods,~~Subject orto ~~that~~ the ~~Fund~~discussion ~~will~~below ~~achieve~~in ~~its~~“Material ~~objectives~~U.S. ItFederal isIncome ~~possible~~Tax ~~that~~Considerations,” ~~prior~~all toof anthe ~~Index~~income ~~rebalancing,~~realized ~~that~~by ~~Index~~the ~~Currencies~~Fund is expected to ~~lose~~be short-term ~~relative to the USD may rise and/~~or ~~Index~~long-term ~~Currencies~~capital ~~expected to~~ gain ~~relative to the USD may fall. In such cases~~income, ~~the~~interest ~~Fund~~income ~~may~~or ~~experience~~other ~~losses~~passive ininvestment ~~both~~income ~~its~~of ~~long~~the ~~and~~type specifically ~~short~~exempt ~~positions~~from attreatment ~~the~~as ~~same time~~UBTI. ~~Such~~The ~~losses~~Fund will benot ~~greater~~borrow asfunds afor ~~result of~~ the ~~Fund’s~~purpose ~~use~~ of ~~leverage,~~acquiring ~~reflected~~or inholding ~~its~~any ~~long~~investments ~~futures~~or ~~exposure~~otherwise toincur ~~Index~~“acquisition indebtedness” ~~Currencies~~ with arespect ~~notional value of up~~ to ~~100%~~such ofinvestments. ~~the~~Therefore, ~~Fund’s~~a ~~NAV~~tax-exempt ~~and~~entity ~~its~~purchasing ~~short~~Shares ~~futures~~is ~~exposure~~not expected to ~~Index~~incur ~~Currencies~~any ~~with~~UBTI aby ~~notional~~reason ~~value~~ of upits toinvestment ~~100%~~in of the ~~Fund’s~~Shares ~~NAV.~~or ~~Under~~upon sale of such ~~circumstances~~Shares, ~~the~~provided ~~Fund’s~~that ~~losses~~such ~~would~~tax-exempt beentity ~~greater~~does asnot aborrow ~~result of its leverage~~funds ~~than~~for ~~would be~~ the ~~case~~purpose ~~were it to limit its overall exposure to Index Currencies with a notional value~~ of ~~100%~~investing ofin the ~~Fund’s net assets~~Shares.

~~Volatility May Cause the Total Loss of Your Investment.~~ Breakeven Amounts

~~Futures~~A ~~contract~~Shareholder ~~prices~~should ~~have~~expect athat ~~high~~the ~~degree~~Fund’s fees and expenses during the first twelve months of ~~volatility~~the ~~and~~Shareholder’s ~~are~~investment ~~subject~~will toequal ~~rapid~~0.78% ~~and~~of ~~substantial~~the ~~changes~~Fund’s NAV. ~~Consequently,~~This ~~there~~amount isequates ato ~~risk~~$0.1981 ~~that~~per ~~the~~annum ~~value of~~per ~~your~~Share ~~investment~~at in$25.26, the Fund’s ~~could~~NAV ~~decrease~~per ~~significantly~~Share ~~due~~as toof ~~rapid~~May ~~and~~31, ~~substantial~~2021. ~~changes~~Based inon ~~the~~market ~~prices~~rates ofobserved ~~futures~~as ~~contracts~~of ~~held~~May by31, 2021, the Fund~~. The Index~~’s ~~average~~Treasury ~~annual~~Income ~~volatility~~is ~~since~~expected ~~inception~~to isbe 8earned at a rate of 0.7002%., ~~Average~~Money ~~annual~~Market ~~volatility~~Income is ~~the~~ ~~average~~expected ofto ~~the~~be ~~Index’s~~earned ~~volatility~~at ~~each~~a ~~year~~rate ~~since~~of ~~its inception~~0.01%, ~~Yearly~~and ~~volatility~~T-Bill ETF Income is expected ~~the~~to ~~relative~~be ~~rate~~earned at ~~which~~a ~~the~~rate ~~price~~ of ~~the~~0.01%. ~~Index~~This ~~moves~~means upthat, ~~and~~during ~~down,~~those ~~found~~first bytwelve ~~calculating~~months, the ~~annualized~~Fund ~~standard~~would ~~deviation~~have to earn 0.76% of the ~~daily~~Fund’s ~~change~~NAV, inor ~~price~~ $0.1931 per Share at $25.26, for ~~each~~a ~~business~~Shareholder ~~day~~to inbreak even on the ~~given~~amount ~~year~~originally invested.

~~In addition, the Fund enters sell orders with the Commodity Broker from time to time, to liquidate Index~~THE ~~Contract~~SHARES ~~positions~~ARE inSPECULATIVE ~~order~~AND toINVOLVE ~~satisfy~~A ~~redemption~~HIGH ~~requests~~DEGREE orOF 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 exchange 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. RISK

~~The Fund’s Trading of Index Contracts May Adversely Affect the Price that the Fund Pays for Index Contracts.~~ 11

~~The prices that the Fund pays for Index Contracts may be adversely affected by the~~ ~~trading~~Risk 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 theFactors 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~~You ~~from~~could ~~Participation~~lose bymoney ~~Authorized~~investing ~~Participants~~in ~~May~~Shares. ~~Affect~~You should consider carefully the ~~Liquidity~~risks ofdescribed ~~Shares~~below before making an investment decision. You should also refer to the other information included in this Prospectus.

IfMarket 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. 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. Risks

12Risk that the COVID-19 Pandemic Will Cause Continued Economic Turmoil.

~~Table~~An outbreak of ~~Contents~~a novel and highly contagious form of coronavirus, COVID-19, has spread to many countries throughout the world including the United States. The World Health Organization has declared the outbreak to be a public health emergency of international concern, and the U.S. Health and Human Services Secretary has declared it a public health emergency in the United States.

~~Possible~~The impact ~~Illiquid~~of ~~Markets~~the ~~May~~outbreak ~~Exacerbate~~of ~~Losses~~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 global financial markets and the economies of 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 performance of the Fund and its investments.

~~Futures~~This ~~positions~~outbreak ~~cannot~~of ~~always~~COVID-19 be(and ~~liquidated~~any atfuture ~~the~~outbreaks ~~desired~~of ~~price.~~any Itother isepidemics ~~difficult~~or pandemics) has led (and may continue to ~~execute~~lead) ato ~~trade~~significant atuncertainty, abreakdowns, ~~specific~~delays ~~price~~and ~~when~~other ~~there~~disruptions isin athe ~~relatively small~~global ~~volume~~financial markets and the economies of ~~buy~~nations where COVID-19 has arisen and may ~~sell~~in ~~orders~~the future arise, and may result in aadverse ~~market~~impacts on the global economy in general, with potential corresponding results on the performance of the Fund. AThe ~~market~~global ~~disruption~~impact of this outbreak continues to evolve, ~~such~~and asit ~~when~~is ~~foreign~~impossible ~~governments~~to predict the scope of this outbreak or the impact it may ~~take~~have on the global economy or bethe ~~subject~~global financial markets. The COVID-19 outbreak has already led to ~~political~~certain ~~actions~~governmental interventions ~~which~~that ~~disrupt~~were implemented on an “emergency” basis, suddenly and substantially eliminating market participants’ ability to continue to implement certain strategies or manage the ~~markets~~risk inof their ~~currencies~~outstanding positions. orNo ~~major~~assurances ~~commodities~~can ~~exports~~be made regarding the policies that may be adopted by the Federal Reserve, ~~can~~the federal ~~also~~government ~~make~~(including itregulatory ~~difficult~~agencies), any state government, or any foreign government as a result of the 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 ~~liquidate~~permit apersonnel ~~position~~to effectively work remotely, there is no assurance that this will work effectively at all times.

~~Illiquidity~~This ~~may~~outbreak ~~cause~~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 Fund’s ability to fulfill its investment objectives, and could result in significant losses ~~for~~to the Fund. The ~~large~~extent ~~size~~of the impact of any outbreak on the ~~positions~~performance ~~which~~of the Fund ~~may~~and ~~acquire~~its ~~increases~~investments ~~the~~depend ~~risk~~on ofmany factors, ~~illiquidity~~including bythe ~~both~~duration ~~making~~and ~~its~~scope ~~positions~~of ~~more~~such ~~difficult~~outbreak, tothe ~~liquidate~~development and ~~increasing~~distribution ~~the~~of ~~losses~~treatments ~~incurred~~and ~~while~~vaccines ~~trying~~for toviruses dosuch ~~so.~~as ~~Any~~COVID-19, ~~type~~the extent of its disruption orto important ~~illiquidity~~global, ~~will~~regional beand ~~exacerbated~~local ~~due~~supply tochains ~~the~~and ~~fact~~economic ~~that~~markets, and the ~~Fund~~impact ~~only~~of ~~invests~~such inoutbreak ~~the~~on ~~Index~~overall supply and demand, investor liquidity, consumer confidence and levels of economic activity, all of which are highly uncertain ~~Contracts.~~and cannot be predicted.

~~The Effect of Market Disruptions and Government Interventions Are Unpredictable and May Have an Adverse Effect on the Value of Your Shares.~~ 12

~~The~~An ~~commodity~~Unanticipated ~~futures~~Number ~~markets~~of ~~may~~Creation beRequests ~~subject~~During toa ~~temporary~~Short ~~distortions~~Period ~~due to various factors, including lack~~ of ~~liquidity,~~ ~~congestion,~~Time ~~disorderly~~Could ~~closing~~Result ~~periods,~~in ~~manipulation~~a ~~and~~Shortage 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~~Shares.

~~Government~~The ~~intervention~~Managing ~~has~~Owner incontinuously ~~certain~~evaluates ~~cases~~whether ~~been~~the ~~implemented~~amount onof anShares ~~“emergency”~~registered ~~basis~~and available to meet Creation Unit orders remains adequate. However, ~~suddenly~~if ~~and~~the Managing Owner receives a substantial number of requests for Creation Units during a relatively short period of time that substantially ~~eliminating~~differ ~~market~~from ~~participants’~~typical ~~ability~~creation tovolumes, ~~continue~~as toa ~~implement~~result ~~certain~~of ~~strategies~~market volatility or ~~manage~~otherwise ~~the~~(including ~~risk~~during ofa ~~their~~pandemic ~~outstanding~~such ~~positions.~~as ~~These~~COVID-19), ~~interventions~~the Fund may not have ~~typically~~sufficient ~~been~~Shares ~~unclear~~outstanding into ~~scope~~satisfy demand and ~~application,~~Authorized ~~resulting~~Participants inmay, ~~confusion~~therefore, ~~and~~be ~~uncertainty~~unable ~~which~~to inpurchase ~~itself~~additional ~~has~~Creation ~~been~~Units. ~~materially~~In ~~detrimental~~such toinstances, demand for Shares on the ~~efficient~~Exchange ~~functioning~~may ofexceed the ~~markets~~supply asavailable, ~~well~~due asto ~~previously~~Authorized ~~successful~~Participants being ~~investment~~unable ~~strategies~~to meet such demand by purchasing new Shares from the Fund. As a result, Shares may trade at premium to the NAV per share of the Fund.

~~The~~NAV ~~financial~~May ~~crisis~~Not ofAlways ~~2008-2009~~Correspond ~~and associated regulatory changes, including the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) are generally considered~~ to ~~have~~Market ~~contributed~~Price ~~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~~as ona ~~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~~Result, ~~including~~Creation ~~futures~~Units ~~markets.~~May ~~Limitations~~Be onCreated ~~the availability of credit, whether in stressed market conditions~~ or ~~otherwise,~~Redeemed ~~may~~at ~~have~~ a ~~material~~Value ~~adverse~~that ~~effect~~Differs onfrom ~~investors and financial market participants, which in turn could affect~~ the ~~Fund’s~~Market ~~ability~~Price toof ~~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~~Shares.

~~The~~Shares ~~Fund~~ may ~~incur~~trade ~~major~~at, ~~losses~~above or below their NAV. The NAV fluctuates with changes in the market value of the ~~event~~Fund’s assets. The trading price of ~~disrupted markets~~Shares ~~and~~fluctuates ~~other~~in ~~extraordinary~~accordance ~~events~~with changes in ~~which~~the ~~historical~~NAV, ~~pricing~~intraday ~~relationships~~changes ~~become~~in ~~materially~~the ~~distorted~~value of the Index Contracts and market supply and demand. The ~~risk~~amount of ~~loss~~the ~~from~~discount ~~pricing~~or ~~distortions~~premium isin ~~compounded~~the trading byprice of the ~~fact~~Shares ~~that~~relative into ~~disrupted~~their ~~markets~~NAV ~~many~~may ~~positions~~be ~~become~~influenced ~~illiquid,~~by ~~making~~non-concurrent ~~it difficult~~trading orhours ~~impossible~~between toNYSE ~~close~~Arca ~~out~~(the orexchange ~~liquidate~~on ~~positions~~which ~~against~~the Shares trade) and the exchanges on which the ~~markets~~Index Contracts are ~~moving~~traded. ~~The~~While ~~large~~the ~~size~~Shares ofare expected to trade on NYSE Arca until 4:00 p.m. (Eastern time), liquidity in the ~~positions~~markets ~~which~~for the ~~Fund~~Index ~~may~~Contracts ~~acquire~~is ~~increases~~expected to be reduced whenever the principal ~~risk~~markets offor ~~illiquidity~~those bycontracts ~~both~~are ~~making~~closed. ~~its~~As ~~positions~~a ~~more~~result, ~~difficult~~trading tospreads, ~~liquidate~~ and ~~increasing~~ the ~~losses~~resulting ~~incurred~~premium ~~while~~or discount ~~trying~~on toShares, domay sowiden during these gaps in market trading hours.

The ~~financing~~NYSE ~~available~~Arca toMay ~~market~~Halt ~~participants~~Trading ~~is typically reduced~~ in ~~disrupted~~the ~~markets.~~Shares Which ~~Such~~Would aAdversely ~~reduction~~Impact ~~may~~Your ~~result~~Ability ~~in substantial losses~~ to ~~the~~Sell ~~affected market participants, including the Fund and its Shareholders~~Shares.

AnThe ~~Investment in~~Shares are listed for trading on the NYSE Arca. Trading in Shares ~~May~~may Bebe ~~Adversely~~halted due ~~Affected~~to market conditions or in light of certain procedures and safeguards under NYSE Arca rules. In addition, trading is subject to trading halts caused by ~~Competition~~extraordinary ~~from~~market ~~Other~~volatility ~~Methods~~pursuant to “circuit breaker” rules that require trading to be halted for a specified period based on a specified market decline. If the Fund were no longer to meet the requirements necessary to maintain the listing of ~~Investing~~its inShares, ~~Currencies~~the Shares would be delisted. In such a scenario, the Fund would be terminated.

The ~~Fund~~Lack ~~competes~~of ~~with~~an ~~other~~Active ~~financial vehicles,~~Trading 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~~for ~~financial conditions, and other conditions beyond~~ the ~~Managing~~Shares ~~Owner’s~~May ~~control,~~Result ~~may make it more attractive to invest~~ in ~~other~~Losses ~~financial~~on ~~vehicles~~Your orInvestment toat ~~invest in such currencies directly, which could limit~~ the ~~market~~Time ~~for~~of ~~the~~Disposition ~~Shares and therefore reduce the liquidity~~ of ~~the~~Your Shares.

13Although 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.

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

The ~~NAV~~Fund ~~Calculation~~will oftake long futures positions in the ~~Fund~~high-yielding ~~May~~Eligible BeIndex Currencies ~~Overstated~~and orwill ~~Understated~~take ~~Due~~short futures positions in the low-yielding Eligible Index Currencies with a view to tracking the ~~Valuation~~changes ~~Method~~in the Index over time. Assuming that the USD is not one of the three highest or lowest yielding currencies during any Index ~~Employed~~re-weighting ~~When~~period, the long futures positions and short futures positions in the Index Currencies will each have a ~~Settlement~~notional ~~Price~~value approximately equal to the Fund’s NAV. Accordingly, if the USD is not ~~Available~~one onof the ~~Date~~three highest or lowest yielding currencies during any the Index 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, ~~Calculation~~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

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. 13

~~Exchange~~Fund ~~Rates~~never oncan enjoy profit or suffer loss from long or short futures positions in USD because USD is the ~~Index~~Fund’s ~~Currencies~~home ~~Could~~currency. BeConsequently, ~~Volatile~~if ~~and~~USD ~~Could~~is ~~Materially~~one ~~and~~of the three highest or lowest yielding ~~Adversely~~currencies, ~~Affect~~the aggregate notional amount of the ~~Performance~~futures positions held by the Fund is expected to be approximately, but not in excess of, 166 2/3% of the ~~Shares.~~Fund’s NAV.

~~Foreign~~Holding ~~exchange~~futures ~~rates~~positions ~~are~~with ~~influenced~~a bynotional amount in excess of the Fund’s NAV constitutes a ~~variety~~form of leverage. ~~factors~~The use of leverage increases the potential for both trading profits and losses, ~~including~~depending on the changes ~~following:~~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.

•The ~~National~~use ~~debt~~of ~~levels~~long and ~~trade~~short ~~deficits;~~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 relative to a directional (outright long or short) exposure to any or all of the Index Currencies.

•There ~~Domestic~~can be no assurance that the use of both long and ~~foreign~~short ~~inflation~~positions ~~rates;~~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 ~~Investors’~~May ~~expectations~~Cause ~~concerning~~the ~~inflation~~Total ~~rates:~~Loss of Your Investment.

○Futures ~~Domestic~~contract prices have a high degree of volatility and ~~foreign~~are ~~interest~~subject ~~rates;~~to rapid and substantial changes. Consequently, there is a risk that the value of 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 8.64%. Average annual volatility is the average of the Index’s volatility each year since its 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 the most-likely outcome. As demonstrated during the unprecedented market conditions in 2020, volatility in certain futures contracts may spike significantly during periods of global economic and social stress. At such times, if the Fund 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 ~~Currency~~addition, ~~exchange~~the ~~rates~~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, ~~Investment~~in periods of heightened volatility, the bid and ~~trading~~ask “spread” ~~activities~~for ~~from~~purchasing ~~mutual~~shares ~~funds~~of the Fund typically widen. Accordingly, ~~hedge~~an ~~funds~~investor’s ~~and~~return ~~currency~~on ~~funds;~~investment ~~and~~may be negatively impacted when transacted in Shares.

~~○ Global or regional political, economic or financial events and situations.~~14

~~Foreign~~The 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 currencyFund’s ~~value~~Trading ~~soon~~of ~~will change may also affect exchange rates on the~~ Index ~~Currencies, and in turn, both the Index and the Index~~ Contracts. ~~These~~May ~~events~~Adversely ~~and~~Affect ~~actions are unpredictable. The resulting volatility in~~ the ~~exchange~~Price ~~rates~~that on the ~~underlying~~Fund ~~Index~~Pays ~~Currencies~~for ~~may materially and adversely affect the market value of the~~ Index Contracts~~, which would then negatively impact the value of your Shares~~.

~~Substantial~~The ~~Sales~~ prices that the Fund pays for Index Contracts may be adversely affected by the trading of Index Contracts ~~Currencies~~by other market participants. Transactions by other market participants may be based on their awareness of the ~~Official~~Fund’s ~~Sector~~positions ~~Could~~in ~~Adversely~~Index ~~Affect~~Contracts. anIf ~~Investment~~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 ~~Shares~~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.

~~The~~Withdrawal ~~official~~from ~~sector~~Participation ~~consists~~by ~~of central~~Authorized ~~banks,~~Participants ~~other~~May ~~governmental~~Affect 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.~~Liquidity ~~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.

~~Futures~~If ~~Risks~~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.

~~Fluctuations~~Possible inIlliquid ~~the~~Markets ~~Price~~May ofExacerbate ~~Assets Held by the Fund Could Have a Materially Adverse Effect on the Value of an Investment in Shares~~Losses.

~~The~~Futures ~~Shares~~positions ~~are~~cannot ~~designed~~always ~~to reflect~~be asliquidated ~~closely~~at ~~as possible~~ the desired ~~changes,~~price. ~~positive~~It oris ~~negative,~~difficult into ~~the~~execute ~~level~~a oftrade ~~the~~at ~~Index,~~a ~~over~~specific ~~time,~~price ~~through~~when ~~the~~there ~~Fund’s~~is ~~investment~~a inrelatively ~~the~~small ~~Index~~volume ~~Contracts. The value~~ of ~~the~~buy ~~Shares~~and ~~relates~~sell ~~directly~~orders toin ~~the~~a ~~value~~market. ofA ~~the~~market ~~portfolio~~disruption, ~~less~~such ~~the liabilities~~as ~~(including~~when ~~estimated~~foreign ~~accrued~~governments ~~but~~may ~~unpaid~~take ~~expenses)~~or ofbe ~~the~~subject ~~Fund.~~to ~~The~~political ~~price~~actions ofwhich disrupt the ~~Index~~markets ~~Contracts~~in their ~~may~~currencies ~~fluctuate~~or ~~widely.~~major ~~Several~~commodities ~~factors~~exports, ~~may~~can ~~affect~~also ~~the~~make ~~prices~~it ofdifficult ~~the~~to ~~Index~~liquidate ~~Contracts,~~a ~~including, but not limited to:~~ position.

•Illiquidity ~~National~~may ~~debt~~cause ~~levels~~losses ~~and~~for ~~trade~~the ~~deficits,~~Fund. ~~including~~The ~~changes~~large insize ~~balances~~of the positions which the Fund may acquire increases the risk of ~~payments~~illiquidity by both making its positions more difficult to liquidate and ~~trade;~~increasing the losses incurred while trying to do so.

14The Effect of Market Disruptions and Government Interventions Are Unpredictable and May Have an Adverse Effect on the Value of Your Shares.

~~Table~~The commodity futures markets may be subject to temporary distortions due to various factors, including lack of ~~Contents~~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 ~~Domestic~~intervention ~~and~~has ~~foreign~~in ~~interest~~certain ~~rates~~cases been implemented on an “emergency” basis, suddenly and ~~investors~~substantially eliminating market participants’ ~~expectations~~ability ~~concerning~~to ~~interest~~continue ~~rates;~~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 ~~Domestic~~financial crisis of 2008-2009 and ~~foreign~~associated regulatory ~~inflation~~changes, ~~rates~~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’ ~~expectations~~who ~~concerning~~borrow ~~inflation~~to ~~rates;~~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

~~• Currency exchange rates;~~15

•financial ~~Investment~~market ~~and~~participants, ~~trading~~which ~~activities~~in byturn could affect the Fund’s ability to pursue its investment objective. Among other ~~futures~~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 ~~Global~~Fund ormay ~~regional~~incur ~~political~~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, ~~economic~~making it difficult or ~~financial~~impossible ~~events~~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 ~~situations;~~increasing the losses incurred while trying to do so.

•The ~~Supply~~financing ~~and~~available ~~demand~~to ~~changes~~market ~~which~~participants ~~influence~~is typically reduced in disrupted markets. Such a reduction may result in substantial losses to the ~~foreign~~affected ~~exchange~~market ~~rates~~participants, ofincluding ~~various~~the ~~currencies;~~Fund and its Shareholders.

•An ~~Monetary~~Investment ~~policies~~in ofthe ~~central~~Shares ~~banks~~May ~~(including~~Be ~~exchange~~Adversely ~~control~~Affected ~~programs,~~by ~~restrictions~~Competition onfrom ~~local~~Other ~~exchanges~~Methods ~~or markets and limitations on foreign investment in a country or on investment by residents~~ of aInvesting ~~country~~ in ~~other countries), trade restrictions, currency devaluations and re-valuations;~~Currencies.

•The ~~Governmental~~Fund ~~intervention~~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 ~~currency~~commodities ~~market~~industry, ~~directly~~other ~~and~~securities backed by ~~regulation~~or linked to currencies, and direct investments in ~~order~~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 ~~influence~~invest ~~currency~~in ~~prices;~~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 ~~Expectations~~NAV ~~among~~Calculation ~~market~~of ~~participants~~the ~~that~~Fund May Be Overstated or Understated Due to the Valuation Method Employed When a ~~currency’s~~Settlement ~~value~~Price ~~soon~~is ~~will~~Not ~~change~~Available on the Date of NAV Calculation.

~~Fewer~~Calculating ~~Representative~~the ~~Index~~NAV ~~Currencies~~of ~~May~~the ~~Result~~Fund includes, in ~~Greater~~part, any unrealized profits or losses on open Index ~~Volatility~~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.

~~The~~Exchange ~~Eligible~~Rates ~~Index~~on ~~Currencies are United States Dollars,~~ the ~~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~~Could ~~than~~Be ~~the~~Volatile ~~Index.~~and ~~Accordingly,~~Could ~~increased~~Materially ~~volatility~~and inAdversely aAffect ~~single Index Currency is expected to have a greater impact on~~ the ~~Index’s~~Performance ~~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~~Shares.

~~Because~~Foreign ~~the~~exchange ~~Index~~rates ~~Contracts~~are ~~Have~~influenced Noby ~~Intrinsic~~a ~~Value,~~variety ~~the Positive Performance~~ of ~~Your~~factors, ~~Investment~~including ~~Is Wholly Dependent Upon an Equal and Offsetting~~the ~~Loss.~~ following:

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 investment objective through trading the Index Contracts. •

~~The~~National ~~Fund~~debt ~~May~~levels ~~Not Provide a Diversification Benefit to Investments in Other Asset Classes~~ and ~~May~~trade ~~Result in Additional Losses to Your Portfolio.~~ deficits;

Historically, currency futures returns have tended not to be correlated with the returns of 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 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~~Domestic and foreign inflation rates; and

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

~~Tracking the Index requires trading of the Fund~~Investors’s ~~portfolio~~expectations ~~with~~concerning ainflation ~~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~~ rates:

15 •

~~Table~~Domestic ofand ~~Contents~~foreign interest rates;

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. •

InCurrency ~~addition,~~exchange 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 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. rates

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 Commodities which, if successful, would be likely to have an adverse effect on the Fund’s performance. •

~~Leverage~~Investment ~~Will Fluctuate Between Index Re-Weighting Periods~~ and ~~May~~trading beactivities ~~Greater~~from ormutual ~~Less~~funds, ~~than~~hedge ~~the~~funds ~~Leverage~~and ~~on Each~~currency ~~Index Re-Weighting Period.~~ funds; and

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 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~~Global or ~~Fund~~regional Ispolitical, ~~Not~~economic ~~Actively Managed and Tracks the Index During Periods in Which the Index Is Flat~~ or ~~Declining~~financial asevents ~~Well~~and ~~as When the Index Is Rising~~situations.

~~The~~Foreign ~~Fund~~exchange isrates ~~not actively managed~~ on the ~~basis~~Index ofCurrencies ~~judgments~~may ~~relating~~also tobe ~~economic,~~influenced ~~financial~~by ~~and~~changing ~~market~~supply ~~conditions~~and ~~with~~demand for a ~~view~~particular toIndex ~~obtaining positive results under all market conditions. Instead~~Currency, ~~the~~monetary ~~Managing~~policies ~~Owner~~of ~~seeks~~governments to(including ~~cause~~exchange ~~the~~control ~~NAV~~programs, torestrictions ~~track~~on ~~the~~local ~~performance~~exchanges ofor ~~the~~markets ~~Index~~and ~~during~~limitations ~~periods~~on foreign investment in ~~which~~a ~~the~~country ~~Index is flat~~ or ~~declining~~on asinvestment ~~well~~by asresidents ~~when~~of ~~the~~a ~~Index~~country isin ~~rising. Therefore~~other countries), ifchanges ~~positions~~ in ~~any~~balances ~~one or more~~ of ~~the~~payments ~~Index~~and ~~Currencies~~trade, ~~are~~trade ~~declining~~restrictions, incurrency ~~value,~~devaluations ~~the~~and ~~Fund~~revaluations. ~~will~~Governments ~~not~~may ~~close~~intervene ~~out~~in ~~such~~the ~~positions,~~currency ~~except~~markets in ~~connection~~order ~~with~~to influence acurrency ~~change~~values indirectly. ~~the~~Expectations ~~composition~~among ormarket ~~weighting~~participants ofthat ~~the~~a ~~Index.~~currency’s

~~Interest Rates Will Change Between Re-Weightings of the Index~~ 16

~~The~~value ~~Index~~soon iswill ~~re-weighted~~change ~~quarterly~~may ~~based~~also ~~upon~~affect ~~the~~exchange ~~three~~rates ~~highest~~on ~~and three lowest yielding Eligible Index Currencies at~~ the ~~time. At any point in time between quarterly re-weightings, the~~ Index Currencies, ~~may~~and ~~not~~in ~~be among the three highest or lowest yielding Eligible Index Currencies. Between quarterly re-weightings of the Index~~turn, aboth ~~currency that was among~~ the ~~three highest yielding Eligible~~ Index and ~~Currencies could be among~~ the ~~three lowest yielding Eligible~~ Index ~~Currencies, or vice versa~~Contracts. ~~Under~~These ~~such~~events ~~circumstances, the~~and ~~Fund~~actions ~~may~~are ~~not~~unpredictable. beThe ~~able~~resulting tovolatility ~~exploit~~in ~~efficiently~~ the exchange ~~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~~underlying ~~rates associated with the Eligible~~ Index Currencies ~~change sufficiently during any quarter, the Fund~~ may ~~find~~materially ~~itself~~and ~~positioned~~adversely ~~such~~affect ~~that~~ the ~~effects~~market ofvalue ~~this trend will cause~~ of the ~~Fund to lose money. Even if the interest rates associated with the Eligible~~ Index ~~Currencies vary substantially between re-weightings~~Contracts, ~~the~~which ~~Fund~~would ~~will~~then ~~not~~negatively ~~adjust~~impact ~~its~~the ~~portfolio~~value of ~~currency~~your ~~futures until the next quarterly re-weighting~~Shares.

~~Unusually~~Substantial ~~Long~~Sales ~~Peak-to-Valley~~of ~~Drawdown~~Index ~~Periods~~Currencies ~~with~~by ~~Respect To~~ the Official ~~Index~~Sector ~~May~~Could BeAdversely ~~Reflected~~Affect inan ~~Equally~~Investment ~~Long~~in ~~Peak-to-Valley Drawdown Periods with Respect To~~ the ~~Performance of the~~ Shares.

~~“Peak~~The official sector consists of central banks, other governmental agencies and multi-~~to-valley~~lateral ~~drawdown”~~institutions ~~represents~~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 ~~cumulative~~open ~~percentage~~market. In the event that future economic, ~~decline~~political inor ~~month-end~~social ~~NAV~~conditions ~~per~~require ~~Share~~members ~~due~~of the official sector to ~~losses~~sell ~~sustained~~significant ~~during~~amounts ~~any~~of ~~period~~their inIndex ~~which~~Currency ~~the~~holdings, ~~initial~~such ~~month-end~~an ~~NAV~~increase ~~per~~in ~~Share~~supply ismay ~~not~~outstrip ~~equaled~~demand for orIndex ~~exceeded~~Currencies byand depress their prices. Such a ~~subsequent~~decline ~~month-end~~in ~~NAV~~prices ~~per~~may ~~Share.~~materially and adversely affect the market value of the Index Contracts, which would negatively impact the Shares.

~~Although~~Uncertainty ~~past~~Surrounding ~~Index levels are not necessarily indicative of future Index levels,~~ the ~~peak-to-valley~~United ~~drawdown~~Kingdom’s ~~periods~~Withdrawal ~~that~~from the ~~Index~~European ~~has~~Union ~~experienced~~Could ~~have~~Adversely ~~occasionally~~Affect ~~been~~an ~~unusually~~Investment ~~long~~in ~~and have lasted for multi-year drawdown periods. Please see~~ the ~~chart on page 29 for information regarding worst peak-to-valley drawdown periods with respect to the Index~~Shares.

16Following 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.

~~Table~~Futures ~~of Contents~~Risks

~~Because~~Margin itRequirements isand ~~expected~~Risk ~~that~~Limits ~~the~~for ~~Fund’s~~Futures Contracts ~~performance~~may ~~will~~Limit ~~track~~ the ~~change of its underlying Index, the~~ Fund’s ~~would~~Ability ~~experience~~to aAchieve ~~continuous~~Sufficient ~~drawdown~~Exposure ~~during~~and ~~the~~Prevent ~~period that~~ the ~~Index~~Fund ~~experiences~~from ~~such~~Achieving aits ~~drawdown~~Investment Objective. ~~The value of your Shares will also decrease during such a period.~~

~~Regulatory~~“Initial” ~~Risks~~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.

~~Position~~Brokerage ~~Limits~~firms ~~and~~carrying ~~Other~~accounts ~~Limitations~~for ontraders ~~Futures~~in ~~Trading~~futures ~~May~~contracts ~~Restrict~~may ~~the~~not ~~Creation~~accept oflower, ~~Creation~~and ~~Units~~generally require ~~and~~higher, ~~the~~amounts ~~Operation~~of margin as a matter of ~~the~~policy ~~Fund.~~in order to afford further protection for themselves.

~~Position~~An ~~Limits.~~FCM ~~CFTC~~may ~~and~~compute ~~futures~~margin ~~exchange~~requirements ~~rules~~multiple ~~impose~~times ~~position~~per ~~limits~~day onand ~~market~~must ~~participants~~do ~~that~~so ~~trade~~at inleast ~~certain~~once ~~futures~~per ~~contracts~~day. ~~These~~When ~~position~~the ~~limits~~Fund ~~prohibit~~has ~~any~~an ~~person~~open ~~from~~futures ~~holding~~contract a position, ofit ~~more~~is ~~than~~subject ato ~~specific~~daily ~~number~~variation ofmargin ~~futures~~calls ~~contracts.~~by ~~Generally,~~an ~~position~~FCM ~~limits~~that incould ~~the~~be ~~physical~~substantial ~~delivery~~in ~~markets are set at a stricter level during~~ the ~~spot~~event ~~month,~~of ~~the~~adverse ~~month~~price ~~when~~movements. ~~the~~Because futures ~~contract~~contracts ~~matures~~require ~~and~~only ~~becomes~~a ~~deliverable,~~small ~~versus~~initial ~~the~~investment ~~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~~the ~~that~~form ~~are~~of ~~subject~~a todeposit ~~common ownership~~ or ~~common~~initial ~~control.~~margin, ~~There~~they ~~are~~involve ~~exemptions~~a ~~from~~high ~~this~~degree ~~general~~of ~~aggregation requirement~~leverage.

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 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. 17

~~Accountability~~A ~~Levels.~~Fund ~~Exchanges~~with ~~may~~open ~~establish~~positions is ~~accountability~~subject ~~levels~~to ~~applicable~~maintenance toor ~~futures~~variation ~~contracts~~margin ~~instead~~on ofits ~~position~~open ~~limits~~positions. AnWhen ~~exchange~~the ~~may order~~market value of a ~~person~~particular ~~who~~open ~~holds~~futures orcontract ~~controls~~position changes to a ~~position~~point inwhere ~~excess~~the ofmargin on deposit does not satisfy maintenance margin requirements, a ~~position~~margin ~~accountability~~call ~~level~~is ~~not~~made toby ~~further~~the ~~increase~~FCM. ~~its~~If ~~position,~~the tomargin call ~~comply~~is ~~with~~not ~~any~~met ~~prospective~~within ~~limit~~a ~~that~~reasonable ~~exceeds~~time, the ~~size~~FCM ofmay close out the Fund’s position, ~~owned~~which ormay ~~controlled,~~result orin reduced returns to ~~reduce~~the ~~any~~Fund’s ~~open position~~investors ~~that~~or ~~exceeds~~impair the ~~position~~Fund from ~~accountability~~achieving ~~level~~its ifinvestment objective. If the ~~exchange~~Fund ~~determines~~has ~~that~~insufficient ~~such~~cash ~~action~~to ismeet ~~necessary~~daily variation margin requirements, it may need to ~~maintain~~sell anassets ~~orderly~~at ~~market.~~a ~~Position~~time ~~accountability~~when ~~levels~~doing ~~could~~so ~~adversely~~is ~~affect~~disadvantageous. ~~the~~Futures ~~Fund’s~~markets ~~ability~~are tohighly ~~establish~~volatile in general, and ~~maintain positions~~may inbecome ~~commodity~~more volatile ~~futures~~during ~~contracts~~periods toof ~~which~~market ~~such~~or ~~levels~~economic ~~apply~~volatility, ifand the ~~Fund~~use ~~were~~of toor ~~trade~~exposure into ~~such~~futures contracts. ~~Such~~may anincrease ~~outcome~~volatility ~~could~~of ~~adversely affect~~ the Fund’s ~~ability to pursue its investment objective~~NAV.

~~Daily~~In ~~Limits.~~addition, ~~U.S.~~an ~~futures~~FCM ~~exchanges~~may ~~and~~impose ~~some~~margin ~~foreign~~requirements ~~exchanges~~in ~~have~~addition ~~regulations~~to ~~that~~those ~~limit~~imposed by the ~~amount of fluctuation in futures contract prices that may occur during a single business day~~clearinghouse. ~~These~~Margin ~~limits~~requirements are ~~generally~~subject ~~referred~~ to aschange ~~“daily~~on ~~price~~any ~~fluctuation~~given ~~limits” or “daily limits~~day,” and ~~the~~may ~~maximum~~be orraised ~~minimum~~in ~~price~~the offuture ~~a contract~~ on ~~any~~a ~~given~~single day asor aon ~~result~~multiple ofor ~~these limits~~successive isdays ~~referred~~by toeither asor aboth ~~“limit~~of ~~price.”~~the ~~Once~~clearinghouse aand ~~limit~~the ~~price~~FCM. ~~has~~High ~~been~~margin ~~reached~~requirements incould prevent athe ~~particular~~Fund ~~contract,~~from itobtaining issufficient ~~usually~~exposure ~~the~~to ~~case~~futures ~~that~~contracts noand ~~trades~~ may beadversely ~~made~~affect atthe aFund’s ~~different~~ability ~~price~~to ~~than~~achieve ~~specified~~its ininvestment ~~the limit~~objective. ~~The~~An ~~duration of limit prices~~FCM’s ~~generally~~failure ~~varies.~~to ~~Limit~~return ~~prices~~required ~~may~~margin ~~have~~to the ~~effect of precluding the~~ Fund ~~from~~on ~~trading in~~ a ~~particular~~timely ~~contract~~basis ormay ~~requiring~~cause the Fund to ~~liquidate~~delay ~~contracts~~redemption atsettlement ~~disadvantageous~~dates ~~times~~ or ~~prices.~~restrict, ~~Either~~postpone, ofor ~~those~~limit ~~outcomes could adversely affect~~ the ~~Fund’s~~ ~~ability~~right toof ~~pursue its investment objective or achieve favorable performance~~redemption.

IfFutures ~~the~~contracts ~~Fund~~are ~~became~~ subject to ~~position~~liquidity ~~limits,~~risk. ~~position accountability~~An ~~levels~~FCM ormay ~~daily~~impose risk limits inon the ~~future~~Fund, itwhich ~~may~~restrict the ~~not~~amount beof ~~able~~exposure to ~~issue new Creation Units or reinvest income in additional currency~~ futures contracts tothat the ~~extent~~Fund ~~these~~can ~~restrictions~~obtain ~~limit~~through ~~its~~the ~~ability~~FCM. toIf ~~establish~~the ~~new~~risk ~~futures positions or~~limits ~~otherwise~~imposed ~~transact~~by inan ~~futures~~FCM ~~contracts.~~do ~~Limiting~~not ~~the~~provide ~~size~~sufficient ~~of the Fund~~exposure, ~~or restricting~~ the Fund’s ~~futures trading, under these requirements~~ may ~~affect~~not ~~the~~be ~~correlation~~able ~~between~~to ~~the~~achieve ~~price~~its ~~of the Shares, as traded on the NYSE Arca, and the NAV of~~investment ~~the Shares~~objective.

~~Failure~~Fluctuations ofin ~~Futures~~the ~~Commission~~Price ~~Merchants~~of orAssets ~~Commodity~~Held ~~Brokers~~by tothe ~~Segregate~~Fund ~~Assets~~Could ~~May~~Have ~~Cause~~a ~~Losses~~Materially ~~for~~Adverse Effect on the ~~Fund.~~Value of an Investment in Shares.

The ~~Commodity~~Shares ~~Exchange~~are ~~Act~~designed ~~requires a futures commission merchant~~ to ~~segregate~~reflect ~~all~~as ~~funds~~closely ~~received~~as ~~from~~possible ~~customers~~the ~~from~~changes, ~~such~~positive ~~futures~~or ~~commission merchant’s~~negative, ~~proprietary~~in ~~assets. If~~ the ~~Commodity~~level ~~Broker~~of ~~fails~~the toIndex, ~~segregate~~over ~~customer assets as required~~time, ~~the~~through ~~assets of~~ the Fund’s ~~might~~investment ~~not~~in bethe ~~fully~~Index ~~protected~~Contracts. inThe ~~the~~value ~~event~~ of the ~~Commodity~~Shares ~~Broker’s~~relates directly ~~bankruptcy.~~to ~~Furthermore, in~~ the ~~event~~value of the ~~Commodity~~ ~~Broker’s bankruptcy~~portfolio, less the ~~Fund~~liabilities ~~could~~(including beestimated ~~limited~~accrued tobut ~~recovering~~unpaid ~~either~~expenses) ~~a pro rata share~~ of ~~all~~the ~~available~~Fund. ~~funds~~The ~~segregated~~price ~~on behalf~~ of the ~~Commodity~~Index ~~Broker’s~~Contracts ~~combined~~may ~~customer~~fluctuate ~~accounts~~widely. orSeveral ~~the~~factors ~~Fund~~ may ~~not~~affect ~~recover~~the ~~any~~prices ~~assets~~of atthe ~~all,~~Index ~~even~~Contracts, ~~though~~including, ~~certain~~but ~~property~~not ~~specifically~~limited ~~traceable~~ to ~~the Fund was held by the Commodity Broker.~~ :

17 •

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

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. •

InDomestic ~~the~~and ~~event~~foreign ofinterest arates 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~~investors’ ~~loss~~expectations ofconcerning ~~unrealized profits on its closed positions on the exchange.~~ interest rates;

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

~~The~~Domestic ~~CFTC requires futures commission merchants, like the Commodity Broker, to implement~~ and ~~evaluate~~foreign ~~from~~inflation ~~time-to-time~~rates ~~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 Fundinvestors’s ~~capacity~~expectations toconcerning ~~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~~inflation 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. rates;

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

~~The~~Currency ~~regulation~~exchange 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. rates;

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

~~The~~Investment ~~Fund~~and ~~is subject to a comprehensive scheme of regulation under the federal commodity futures~~ trading ~~and~~activities ~~securities~~by ~~laws, as~~other ~~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. Those interventions could adversely affect the Fund’s ability to pursue its investment objective and could lead to losses for the Fund and its Shareholders. participants;

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

~~For example,~~Global ~~the~~or ~~Fund~~regional ispolitical, ~~responsible~~economic ~~for~~or ~~establishing and maintaining internal controls over~~ financial ~~reporting.~~events ~~Under this requirement, the Fund must adopt, implement~~ and ~~maintain~~situations; ~~an internal control system designed to provide reasonable~~

18 •

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

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~~Monetary ~~internal~~policies ~~control~~of ~~systems,~~central nobanks ~~matter~~(including ~~how~~exchange ~~well~~control ~~designed~~programs, ~~have~~restrictions ~~inherent~~on local ~~limitations.~~exchanges ~~Therefore,~~or ~~even~~markets ~~those~~and ~~systems determined~~limitations toon beforeign ~~effective~~investment ~~may~~in ~~provide~~a ~~only~~country ~~reasonable~~or ~~assurance~~on ~~with~~investment ~~respect~~by toresidents of ~~financial~~a ~~statement~~country ~~preparation~~in ~~and~~other ~~presentation~~countries), ~~and~~trade ~~other~~restrictions, ~~disclosure~~currency ~~matters.~~devaluations and re-valuations;

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

~~PricewaterhouseCoopers~~Governmental ~~LLP~~intervention ~~informed~~in the ~~Fund~~currency ~~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 the Loan Rule). The Loan Rule prohibits accounting firms~~market, ~~such~~directly asand ~~PricewaterhouseCoopers~~by ~~LLP~~regulation, ~~from~~in ~~being deemed~~order ~~independent if they have certain financial relationships with their audit clients or certain affiliates of those clients. The Fund is required under various securities laws~~ to influence ~~have~~currency ~~its~~prices; ~~financial statements audited by an independent accounting firm.~~ and

The Loan Rule specifically provides that an accounting firm would not be independent if it or certain affiliates and covered persons receive a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities (referred to as a “more than ten percent owner”). 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 and certain affiliates and covered persons have relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex, which may implicate the Loan Rule. •

OnExpectations ~~June 20,~~among ~~2016,~~market ~~the~~participants 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. On June 18, 2019, the SEC adopted amendments to the Loan Rule (the “Amendments”) addressing many of the issues that led to the issuance of the no-action letter. The Amendments will become effective and supersede the no-action letter on October 3, 2019. In connection with prior independence determinations, PricewaterhouseCoopers LLP communicated, as contemplated by the no-action letter, that it believes that it remains objective and impartial and that a reasonable investor possessing all the facts would conclude that PricewaterhouseCoopers LLP is able to exhibit the requisite objectivity and impartiality to report on the Fundcurrency’s ~~financial~~value ~~statements~~soon as the independent registered public accounting firm. PricewaterhouseCoopers LLP also represented that it has complied with PCAOB Rule 3526(b)(1) and (2), which are conditions to the Funds relying on the no actionwill ~~letter, and affirmed that it is an independent accountant within the meaning of PCAOB Rule 3520~~change. Therefore, the Managing Owner, the Fund and PricewaterhouseCoopers LLP concluded that PricewaterhouseCoopers LLP could continue as the Fund’s independent registered public accounting firm. The Invesco Fund Complex relied upon the no-action letter in reaching this conclusion.

IfFewer inRepresentative ~~the~~Index ~~future~~Currencies ~~the~~May ~~independence~~Result ~~of PricewaterhouseCoopers LLP is called into question under the Loan Rule by circumstances that are not addressed~~ in ~~the~~ ~~SEC’s~~Greater ~~no-action~~Index ~~letter, the Fund will need to take other action in order for the Fund’s filings with the SEC containing financial statements to be deemed compliant with applicable securities laws~~Volatility. Such additional actions could result in additional costs, impair the ability of the Fund to issue new shares or have other material adverse effects on the Fund. The SEC no-action relief was initially set to expire eighteen (18) months from issuance but has been extended by the SEC without an expiration date, except that the no-action letter will be withdrawn upon the effectiveness of the Amendments.

19The 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

~~Table of Contents~~18

~~Tax~~Index’s ~~Risks~~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.

~~Shareholders~~Because ~~Will~~the BeIndex ~~Subject~~Contracts toHave ~~Taxation~~No onIntrinsic ~~Their~~Value, ~~Allocable~~the ~~Share~~Positive Performance of ~~the~~Your ~~Fund’s~~Investment ~~Taxable~~Is ~~Income,~~Wholly ~~Whether~~Dependent orUpon ~~Not~~an ~~They~~Equal ~~Receive~~and ~~Cash Distributions.~~Offsetting Loss.

~~Shareholders~~Trading ~~will~~in befutures ~~subject~~contracts totransfers ~~U.S.~~the ~~federal~~risk ~~income~~of ~~taxation~~future ~~and,~~price movements from one market participant to another. For every gain in ~~some~~futures ~~cases~~trading, ~~state,~~there ~~local,~~is oran ~~foreign~~equal ~~income~~and ~~taxation~~offsetting onloss. Accordingly, whether a ~~their~~futures ~~allocable~~trade ~~share~~is ofprofitable ~~the~~for ~~Fund’s~~one ~~taxable~~party ~~income,~~depends on whether orthe ~~not~~price ~~they~~paid, ~~receive~~value ~~cash~~received, ~~distributions~~or ~~from~~cost of delivery under the ~~Fund~~related futures contract is favorable to that party. ~~Shareholders~~The ~~may~~prices ~~not~~of ~~receive~~stocks, ~~cash~~bonds, ~~distributions~~and other ~~equal~~assets tocould ~~their~~rise ~~share~~significantly, ofand the ~~Fund’s~~economy ~~taxable~~as ~~income~~a orwhole ~~even~~could prosper, while the ~~tax~~Fund ~~liability~~experiences ~~that~~losses ~~results~~as ~~from~~a ~~such~~result ~~income~~of pursuing its investment objective through trading Index Contracts.

~~Items~~The ofFund ~~Income,~~May ~~Gain,~~Not ~~Loss~~Provide ~~and~~a ~~Deduction~~Diversification ~~with~~Benefit ~~Respect~~ to ~~Shares Could Be Reallocated if the IRS Does Not~~ ~~Accept~~Investments ~~the~~in ~~Assumptions~~Other orAsset ~~Conventions~~Classes ~~Used~~and byMay ~~the~~Result ~~Fund~~ in ~~Allocating~~Additional ~~Such~~Losses ~~Items.~~to Your Portfolio.

~~U.S.~~Historically, ~~federal~~currency ~~income~~futures ~~tax~~returns ~~rules~~have ~~applicable~~tended not to ~~partnerships are~~be ~~complex~~correlated ~~and~~with ~~often~~the returns ~~difficult~~of toother ~~apply~~assets tosuch ~~publicly~~as ~~traded~~stocks ~~partnerships~~and bonds. ~~The~~Currency ~~Fund~~futures ~~will~~contracts ~~apply~~therefore ~~certain~~have ~~assumptions~~the ~~and~~potential ~~conventions~~to inhelp andiversify ~~attempt~~investor toportfolios ~~comply~~consisting ~~with~~of ~~applicable~~stocks ~~rules~~ and bonds, to ~~report~~the ~~items~~extent ofthere ~~income,~~is ~~gain,~~low ~~loss~~or ~~and~~negative ~~deduction~~correlation tobetween ~~Shareholders~~currency infutures acontracts ~~manner~~and ~~that~~other ~~reflects~~assets ~~the~~held ~~Shareholders’ beneficial interest~~ in ~~such~~those ~~tax~~portfolios. ~~items~~However, ~~but~~the ~~these~~fact ~~assumptions~~that ~~and~~the ~~conventions~~Index ~~may~~is not beinversely incorrelated ~~compliance~~ with ~~all~~other ~~aspects~~assets ofsuch ~~the~~as ~~applicable~~stocks ~~tax~~and ~~requirements.~~bonds Itmeans isthat, in ~~possible~~seeking ~~that~~to replicate the ~~United~~performance ~~States Internal~~of ~~Revenue~~the ~~Service~~Index, (the ~~“IRS”)~~Fund will ~~successfully~~not ~~assert~~necessarily ~~that~~be profitable during unfavorable periods for the ~~conventions~~stock ~~and~~or ~~assumptions~~bond ~~used~~markets. byIf the ~~Fund~~Shares doperform ~~not~~in ~~satisfy~~a ~~the~~manner ~~technical~~that ~~requirements~~correlates ofwith the ~~Internal~~stock ~~Revenue~~or ~~Code~~bond ofmarkets or ~~1986,~~otherwise asdo ~~amended~~not ~~(the~~perform ~~“Code”)~~successfully, ~~and/or~~ the ~~Federal~~Shares ~~Tax~~may ~~Regulations~~not ~~codified~~provide ~~under~~any 26diversification ~~C.F.R.,~~from ~~referred~~losses toin ~~herein~~those asmarkets. ~~the~~In ~~Treasury~~such ~~Regulations~~a scenario, ~~and~~the ~~could~~Shares ~~require~~may ~~that~~produce ~~items~~no ofgains ~~income,~~to offset ~~gain,~~losses ~~loss~~from ~~and~~investments ~~deduction~~in bestocks, ~~adjusted~~bonds, or ~~reallocated~~related inassets aand ~~manner~~may ~~that~~result ~~adversely~~in ~~affects~~additional ~~one~~investment ~~or more Shareholders~~losses.

~~The~~Index Fund is a partnership, which is 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. For tax years beginning on or after January 1, 2018, the Fund is subject to partnership audit rules enacted as part of the Bipartisan Budget Act of 2015 (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. Risks

The ~~Tax~~Fund’s ~~Cuts~~Performance ~~and~~May ~~Jobs~~Not ~~Act~~Always Replicate (the ~~“Tax Act”) Made Significant~~ Changes toin ~~U.S.~~the ~~Federal~~Levels ~~Income~~of ~~Tax~~its ~~Rules~~Index.

~~The~~Tracking ~~Tax Act made significant changes to~~ the ~~U.S. federal income tax rules for taxation of individuals and corporations, generally effective for taxable~~Index ~~years~~requires ~~beginning~~trading ~~after December 31, 2017. Most~~ of the ~~changes~~Fund’s ~~applicable~~portfolio towith ~~individuals~~a ~~are~~view ~~temporary and only apply~~ to ~~taxable~~tracking ~~years beginning after December 31, 2017 and before January 1, 2026. In particular for individuals,~~ the ~~Tax Act~~Index ~~establishes~~over ~~for~~time ~~taxable years beginning after December 31, 2017~~ and ~~before~~is ~~January 1,~~dependent ~~2026~~upon ~~a 20% deduction for “qualified publicly traded partnership income” within~~ the ~~meaning~~skills of ~~new Section 199A(e)(5) of~~ the ~~Code.~~Managing ~~In general,~~Owner ~~“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~~its ~~income~~trading ~~for the year~~principals, ~~but does not~~ ~~include~~among ~~certain~~other ~~investment income~~factors. It is ~~currently~~possible ~~not expected~~ that the Fund’s ~~income~~performance ~~will~~may benot ~~eligible~~fully ~~for~~replicate ~~such~~the ~~deduction~~changes ~~because~~in aslevels ~~discussed~~of ~~below, although~~ the ~~matter~~Index isdue ~~not~~to ~~free~~disruptions ~~from~~in ~~doubt,~~ the ~~Fund~~markets ~~believes~~for ~~that~~ the ~~activities~~relevant ~~directly conducted~~Index byCurrencies, the ~~Fund~~Index ~~will~~Contracts, ~~not~~or ~~result~~due into ~~the~~other ~~Fund~~extraordinary circumstances. ~~being~~The ~~engaged~~Managing inOwner amay ~~trade~~determine orto ~~business~~invest ~~within~~in ~~the~~other ~~United~~futures ~~States.~~contracts ~~Potential~~if ~~investors~~at ~~should~~any ~~consult~~time ~~their~~it ~~tax~~is ~~advisors~~impractical ~~regarding~~or ~~the~~inefficient ~~availability~~to ofgain ~~such~~full ~~deduction~~or ~~for~~partial ~~their~~exposure ~~allocable~~to ~~share of~~ the Index ~~Fund’s~~Currencies ~~items~~through ofthe ~~income,~~Index ~~gain, deduction and loss~~Contracts.

~~Regulated~~In ~~Investment~~addition, ~~Company~~the ~~Investors~~Fund ~~Will~~may Benot ~~Treated~~be asable ~~Owning~~to areplicate ~~Proportionate~~the ~~Share~~ changes in levels of the Index because the total return generated by the Fund’s ~~Assets~~is reduced by expenses and ~~Will~~transaction ~~Take~~costs, ~~into~~including ~~Account~~those ~~Its~~incurred ~~Allocable~~in ~~Share~~connection ofwith the Fund’s ~~Items~~trading ofactivities, ~~Income~~and increased by, ~~Gain~~as applicable, ~~Loss~~Treasury Income, Money Market Income and ~~Deduction.~~T-Bill ETF Income.

~~The Fund~~There ~~does~~can ~~not believe that it will~~ be ~~classified~~no asguarantee athat ~~qualified~~the ~~publicly~~Index or ~~traded partnership within~~ the ~~meaning~~underlying ofmethodology ~~Section 851(h)~~is offree ~~the~~from ~~Code~~error. ~~Accordingly,~~It ais ~~RIC~~also possible that ~~invests~~third inparties ~~Shares~~may ~~will~~seek beto ~~treated~~manipulate asthe ~~owning~~value ~~a proportionate share~~ of the ~~Fund’s~~ ~~assets~~Index ~~and~~or ~~will take into account its allocable share of~~ the ~~Fund’s~~Index ~~items~~Currencies ~~of income~~which, ~~gain,~~if ~~loss~~successful, ~~and~~would ~~deduction~~be ~~when~~likely ~~testing the various compliance requirements specifically applicable~~ to ~~RICs.~~have ~~RIC~~an ~~investors~~adverse ~~face~~effect aon ~~risk~~the ~~that~~Fund’s ~~future Treasury~~ performance.

20Leverage Will Fluctuate Between Index Re-Weighting Periods and May be Greater or Less than the Leverage on Each Index Re-Weighting Period.

~~Table~~Although the Fund is not expected to establish positions that exceed a leverage ratio of ~~Contents~~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 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.

Regulations will recharacterize foreign currency gains received by them as nonqualifying income and be retroactive in application. A prospective RIC investor is encouraged to consult a tax advisor regarding the treatment of its investment in Shares under the current tax rules. 19

~~PROSPECTIVE~~The ~~INVESTORS~~Fund ~~ARE~~Is ~~STRONGLY~~Not ~~URGED~~Actively TOManaged ~~CONSULT~~and ~~THEIR~~Tracks ~~OWN~~the ~~TAX ADVISORS~~Index ~~AND~~During ~~COUNSEL~~Periods ~~WITH~~in ~~RESPECT~~Which TOthe ~~THE~~Index ~~POSSIBLE~~Is ~~TAX~~Flat ~~CONSEQUENCES~~or TODeclining ~~THEM~~as OFWell ANas ~~INVESTMENT~~When INthe ~~THE~~Index ~~SHARES;~~Is ~~SUCH TAX CONSEQUENCES MAY DIFFER WITH RESPECT TO DIFFERENT INVESTORS~~Rising.

~~Other~~The ~~Risks~~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.

~~Disruptions~~Interest inRates ~~the~~Will ~~Ability to~~Change ~~Create~~Between ~~and~~Re-Weightings ~~Redeem~~of the ~~Creation Units May Adversely Affect Investors.~~ Index

ItThe Index is ~~generally~~re-weighted ~~expected~~quarterly ~~that~~based upon the ~~public~~three highest ~~trading~~and ~~price~~three ~~per~~lowest ~~Share~~yielding ~~will track~~Eligible Index Currencies at the ~~NAV~~time. ~~per~~At ~~Share~~any ~~closely~~point ~~over~~in time. ~~The~~between ~~relationship~~quarterly ~~between~~re-weightings, the ~~public~~Index ~~trading~~Currencies ~~price~~may ~~per~~not ~~Share~~be ~~and~~among the ~~NAV~~three ~~per~~highest ~~Share~~or ~~depends,~~lowest toyielding aEligible ~~considerable~~Index ~~degree,~~Currencies. onBetween ~~the~~quarterly ~~ability~~re-weightings of ~~Authorized~~the Index, ~~Participants~~a orcurrency ~~their~~that ~~clients~~was oramong ~~customers~~the tothree ~~purchase~~highest ~~and redeem~~yielding ~~Creation~~Eligible ~~Units~~Index inCurrencies ~~the~~could ~~ordinary~~be ~~course.~~among If the ~~process~~three ~~for~~lowest ~~creating~~yielding orEligible ~~redeeming~~Index ~~Shares~~Currencies, isor ~~impaired~~vice ~~for~~versa. ~~any~~Under such ~~reason~~circumstances, ~~Authorized~~the ~~Participants~~Fund ~~and their clients or customers~~ may not be able to ~~purchase~~exploit ~~and~~efficiently ~~redeem~~the ~~Creation~~trend ~~Units~~that ~~or,~~currencies ~~even~~associated ifwith ~~possible~~relatively high interest rates, ~~may~~on ~~choose~~average, ~~not~~tend to dorise ~~so.~~in ~~The~~value ~~inability~~relative to ~~purchase~~currencies ~~and~~associated ~~redeem~~with relatively ~~Creation~~low ~~Units,~~interest orrates. If the ~~partial~~interest ~~impairment~~rates ofassociated with the ~~ability~~Eligible toIndex ~~purchase~~Currencies ~~and~~change sufficiently ~~redeem~~during ~~Creation~~any ~~Units~~quarter, ~~could~~the ~~result~~Fund inmay ~~Shares~~find ~~trading~~itself atpositioned asuch ~~premium~~that orthe ~~discount~~effects toof ~~the~~this ~~NAV~~trend ofwill cause the Fund to lose money. ~~Such~~ aEven ~~premium~~if orthe ~~discount~~interest ~~could~~rates beassociated ~~significant,~~with ~~depending~~the ~~upon~~Eligible Index Currencies vary substantially between re-weightings, the ~~nature~~Fund orwill ~~duration~~not adjust its portfolio of currency futures until the ~~impairment.~~next quarterly re-weighting.

IfUnusually ~~the~~Long ~~Fund were~~ Peak-to-Valley ~~issue~~Drawdown ~~all~~Periods ~~Shares registered~~with inRespect ~~this offering, it would not be able~~ to ~~create new Creation Units until it registered additional Shares and those additional Shares became available for sale. An inability to create new Creation Units could increase~~ the ~~possibility~~Index ~~that the~~May ~~trading~~Be ~~price~~Reflected ~~per Share would not track closely the NAV per Share. In addition, the Fund may,~~ in ~~its~~Equally ~~discretion,~~Long ~~suspend the creation of Creation Units. Suspension of creations may adversely affect how the Shares are traded and could cause Shares~~ Peak-to-Valley ~~trade~~Drawdown atPeriods awith ~~premium~~Respect orTo ~~discount to~~ the ~~NAV~~Performance of the ~~Fund, perhaps to a significant degree~~Shares.

~~The~~“Peak-to-valley ~~Shares~~drawdown” ~~Could~~represents ~~Decrease~~the incumulative ~~Value~~percentage ifdecline ~~Unanticipated~~in ~~Operational~~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 ~~Trading~~exceeded ~~Problems~~by ~~Arise.~~a subsequent month-end NAV per Share.

~~The~~Although ~~mechanisms~~past ~~and~~Index ~~procedures~~levels ~~governing~~are ~~the~~not ~~creation,~~necessarily ~~redemption~~indicative ~~and offering~~ of ~~the Shares~~future ~~have~~Index ~~been~~levels, ~~developed specifically for~~ the ~~Fund. Consequently, there may be unanticipated problems with respect~~ peak-to-valley drawdown ~~the~~periods ~~mechanics~~that of the ~~operations~~Index ofhas ~~the~~experienced ~~Fund~~occasionally ~~and~~have ~~the~~been ~~trading~~unusually oflong ~~the~~and ~~Shares that could~~ have alasted ~~material adverse effect on an~~for ~~investment~~multi-year indrawdown ~~the Shares~~periods. ToPlease ~~the~~see ~~extent that unanticipated operational or trading problems arise,~~ the ~~Managing~~chart ~~Owner’s~~on ~~past~~page ~~experience~~34 ~~and~~for ~~qualifications~~information ~~may~~regarding ~~not~~worst peak-to-valley bedrawdown ~~suitable~~periods ~~for~~with ~~solving~~respect ~~those~~to ~~problems.~~the Index.

~~Short~~Because ~~Selling~~it ~~Exposes~~is expected that the Fund’s toperformance will track the ~~Potential~~change ~~for~~of ~~Unlimited~~its ~~Losses~~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.

~~The~~Regulatory ~~Fund holds short futures positions in the three lowest-yielding Eligible Index Currencies (other than the USD).~~ Risks

APosition ~~long~~Limits ~~futures~~and ~~position~~Other inPotential aLimitations ~~foreign~~on ~~currency~~Futures ~~requires~~Trading ~~the~~May ~~Fund~~Restrict ~~to purchase at a future date~~ the ~~equivalent~~Creation ~~in USD~~ of aCreation ~~fixed~~Units ~~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~~Operation ~~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~~.

ByPosition ~~contrast,~~Limits. aCFTC ~~short~~and futures ~~position~~exchange inrules aimpose ~~foreign~~position ~~currency~~limits ~~requires~~on market ~~the~~participants ~~Fund~~that totrade ~~deliver~~in atcertain afutures ~~future~~contracts. ~~date~~These anposition ~~amount~~limits inprohibit ~~USD~~any ~~equal to~~person ~~the~~from ~~price~~holding ~~in USD of~~ a ~~fixed~~position ~~amount~~ of ~~the~~more ~~foreign~~than ~~currency~~a atspecific ~~that~~number ~~future~~of ~~date~~futures contracts. ~~The~~Generally, ~~Fund~~position ~~will~~limits ~~profit~~in if the ~~price~~physical ofdelivery ~~the~~markets ~~foreign~~are ~~currency~~set ~~falls~~at ~~relative~~a stricter tolevel during the ~~USD~~spot ~~while~~month, the ~~contract~~month iswhen ~~open and~~ the ~~Fund~~futures ~~will~~contract ~~suffer~~matures ~~loss~~and ifbecomes ~~the~~deliverable, ~~price~~versus of the ~~foreign~~ ~~currency~~limits ~~rises~~set ~~relative~~for toall ~~the~~other ~~USD~~months ~~while~~or ~~the~~for ~~contract~~any isother ~~open~~month individually. ~~Because~~Limits ~~the~~are ~~price~~generally inapplied ~~USD~~on ofan aaggregate ~~fixed~~basis ~~amount~~to ofpositions ~~the~~held ~~foreign~~in ~~currency~~accounts ~~could,~~that inare ~~theory,~~subject ~~rise~~ to ~~infinity,~~common aownership ~~short~~or ~~futures~~common ~~position~~control. ~~exposes~~There ~~the~~are ~~Fund~~exemptions tofrom ~~theoretically~~this ~~unlimited liability.~~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 ~~losses~~trading ~~could~~may ~~result~~be inapproaching any of these position limits, the ~~total~~Fund ~~loss~~may ofreduce ~~your~~its ~~investment.~~trading in the corresponding commodity

21 20

~~Table~~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 ~~Contents~~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.

~~Historical~~Accountability ~~Performance~~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 ~~Index~~Fund iswere ~~Not~~to ~~Indicative~~trade ofin ~~Future~~such ~~Performance~~contracts. Such an outcome could adversely affect the Fund’s ability to pursue its investment objective.

~~Past~~Daily ~~performance~~Limits. ofU.S. futures exchanges and some foreign exchanges have regulations that limit the ~~Fund~~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 ~~Index~~maximum isor ~~not~~minimum ~~necessarily~~price ~~indicative~~of a contract on any given day as a result of ~~future~~these ~~results~~limits is referred to as a “limit price.” ~~Therefore~~Once a limit price has been reached in a particular contract, ~~past~~it ~~performance~~is ofusually the ~~Fund~~case orthat ~~the Index~~no ~~should~~trades ~~not~~may be ~~relied~~made ~~upon~~at a different price than specified in ~~deciding~~the ~~whether~~limit. toThe ~~buy~~duration ~~Shares~~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.

~~Fees~~If ~~and~~the ~~Expenses~~Fund ~~May~~became ~~Deplete~~subject to position limits, position accountability levels or daily limits in the ~~Fund’s~~future, ~~Assets~~it ifmay 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 ~~Investment~~trading, ~~Performance~~under isthese ~~Not~~requirements ~~Favorable.~~may affect the correlation between the price of the Shares, as traded on the NYSE Arca, and the NAV of the Shares.

~~The~~Failure ~~Fund pays fees and expenses regardless~~ of ~~its~~Futures ~~investment~~Commission ~~performance.~~Merchants Such fees and expenses include asset-based fees of 0.75% per annum. Additional charges include brokerage fees of approximately 0.03% per annum in the aggregate and selling commissions. Selling commissions are not included in the Fund’s breakeven calculation. The sum of the Fund’s Treasury Income, Money Market Income and/or ~~T-Bill~~Commodity ~~ETF~~Brokers ~~Income may not exceed its fees and expenses. If such income does not exceed its fees and expenses, in order~~ to ~~break~~Segregate ~~even,~~Assets ~~the Fund’s~~May ~~futures~~Cause ~~trading~~Losses ~~activity~~for ~~will need to have a favorable performance that exceeds~~ the ~~difference between the sum of the~~ Fund~~’s Treasury Income, Money Market Income and/or T-Bill ETF Income and its fees and expenses~~. ~~If the 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~~The ~~May~~Commodity BeExchange ~~Circumstances~~Act ~~That~~requires ~~Could~~a ~~Prevent~~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 ~~from~~might not ~~Being~~be ~~Operated~~fully protected in athe ~~Manner~~event ~~Consistent~~of ~~With~~the ~~its~~Commodity ~~Investment~~Broker’s ~~Objective~~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.

~~There~~The ~~may~~Commodity beExchange ~~circumstances~~Act ~~outside~~requires ~~the~~an ~~control~~approved ofderivatives ~~the~~clearing ~~Managing~~organization ~~Owner~~to segregate all funds and~~/or~~ ~~the~~other ~~Fund~~property ~~that~~received ~~make~~from ~~it,~~a ~~for~~clearing ~~all~~member’s ~~practical~~customers ~~purposes,~~in ~~impossible~~connection towith ~~re-position~~U.S. futures and options contracts from any funds held at the ~~Fund~~clearing ~~and/or~~organization to ~~process~~support athe ~~purchase~~clearing ormember’s proprietary ~~redemption order~~trading. ~~Examples~~Nevertheless, ofcustomer ~~such~~funds ~~circumstances~~held ~~include:~~at ~~natural~~a ~~disasters;~~clearing ~~public~~organization ~~service~~in ~~disruptions~~connection with any futures or ~~utility~~options ~~problems~~contracts ~~such~~may asbe ~~those~~held ~~caused~~in bya ~~fires,~~commingled ~~floods~~omnibus account, which may not identify the name ~~extreme~~of ~~weather~~the ~~conditions,~~clearing ~~and~~member’s ~~power~~individual ~~outages~~customers. ~~resulting~~With inrespect ~~telephone,~~to ~~telecopy,~~futures and ~~computer~~options ~~failures;~~contracts, ~~market~~a ~~conditions~~clearing ororganization ~~activities~~may ~~causing~~use ~~trading~~assets ~~halts;~~of ~~systems~~a ~~failures~~non-defaulting ~~involving~~customer ~~computer~~held orin ~~other~~an omnibus ~~information~~account ~~systems~~at ~~affecting~~ the ~~aforementioned~~ ~~parties,~~clearing asorganization ~~well~~to assatisfy ~~DTC,~~payment orobligations ~~any~~of ~~other~~a ~~participant~~defaulting incustomer of the ~~purchase~~clearing ~~process,~~member ~~and~~to ~~similar~~the ~~extraordinary~~clearing ~~events~~organization. ~~While~~In the ~~Managing~~event ~~Owner~~of ~~has~~a ~~established~~default ~~and~~of ~~implemented~~the aclearing ~~disaster~~futures ~~recovery~~commission ~~plan,~~merchant’s ~~circumstances~~other clients or the clearing futures commission merchant’s failure to extend its own funds in connection with any such asdefault, ~~those~~a ~~identified above~~customer may ~~prevent~~not be able to recover the ~~Fund~~full ~~from~~amount ~~being~~of assets ~~operated~~deposited inby athe ~~manner~~clearing ~~consistent~~futures commission merchant with ~~its~~the ~~investment~~clearing ~~objective~~organization on the customer’s behalf. In addition,

~~Redemption Orders for Creation Units May Be Subject to Postponement, Suspension or Rejection Under Certain Circumstances.~~ 21

~~The Managing Owner may, in its discretion, suspend~~ the ~~right~~ ofprotections ~~redemption~~afforded ~~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~~cleared ~~other~~swaps ~~period~~customer ascollateral ~~the~~do ~~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 inguarantee ~~proper form as described in~~ the ~~participant~~full ~~agreement with~~return ~~the Authorized Participant, or if the fulfillment~~ of ~~the~~such ~~order,~~collateral in the ~~opinion~~event of ~~the Fund’s counsel, might be unlawful. Any such postponement, suspension or rejection could adversely affect~~ a ~~redeeming~~futures ~~Authorized~~commission ~~Participant. For example, the resulting delay may adversely affect the value of the Authorized Participant~~merchant’s ~~redemption proceeds if the NAV of the Fund declines during the period of delay~~bankruptcy. ~~The Fund disclaims any liability for any loss or damage that may result from any such suspension or postponement.~~

~~Shareholders~~In Dothe ~~Not~~event ~~Have~~of a bankruptcy or insolvency of any exchange or a clearing organization, the ~~Protections~~Fund ~~Associated~~could ~~With~~experience ~~Ownership~~a loss of ~~Shares~~the infunds andeposited ~~Investment~~through ~~Company Registered~~the ~~Under~~Commodity Broker as margin with the ~~1940~~exchange ~~Act.~~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 isPerformance ~~not~~Could ~~registered~~Be asAdversely anAffected ~~investment~~if ~~company under~~ the ~~1940~~Commodity ~~Act,~~Broker asReduces ~~amended.~~its ~~Consequently, Shareholders~~Internal doRisk ~~not~~Limits ~~have~~for the ~~legal and regulatory protections provided to the investors in investment companies that are registered as such~~Fund.

~~Shareholders~~The DoCFTC ~~Not~~requires ~~Have~~futures commission merchants, like the ~~Rights~~Commodity ~~Enjoyed~~Broker, byto ~~Investors~~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 ~~Certain~~futures ~~Other~~contracts. ~~Vehicles~~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.

~~The~~Regulatory ~~Shares~~Changes ~~have~~or ~~none~~Actions ofMay ~~the~~Alter ~~statutory rights normally associated with~~ the ~~ownership~~Operations ~~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~~Profitability ~~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~~the 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 Fund.

22The 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.

~~Table~~The ofFund ~~Contents~~and the Managing Owner Are Subject to Extensive Legal and Regulatory Requirements.

The Fund is subject to ~~recover~~a ~~such~~comprehensive ~~damages.~~scheme ~~The~~of ~~Shares~~regulation ~~have~~under ~~limited~~the ~~voting~~federal commodity ~~and~~futures ~~distribution~~trading ~~rights~~and ~~(for~~securities ~~example~~laws, ~~Shareholders~~as dowell ~~not~~as ~~have~~futures market rules and the ~~right~~rules toand ~~elect~~listing ~~directors~~standards for its Shares. The Fund and the ~~Fund~~Managing isOwner ~~not~~could ~~required~~each be subject to ~~pay~~sanctions ~~regular distributions~~for a failure to comply with those requirements, ~~although~~which could adversely affect the Fund’s ~~may~~financial ~~pay~~performance ~~distributions~~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 ~~discretion~~Fund’s ofability to pursue its investment objective and could lead to losses for the ~~Managing~~Fund ~~Owner).~~and its Shareholders.

~~Various~~In ~~Actual~~addition, ~~and~~the ~~Potential~~Fund ~~Conflicts~~is ofsubject to significant disclosure, internal control, governance, and financial ~~Interest~~reporting ~~May~~requirements Bebecause ~~Detrimental~~the toShares ~~Shareholders.~~are publicly traded.

~~The~~For example, the Fund is ~~subject~~responsible tofor ~~actual~~establishing and ~~potential~~maintaining ~~conflicts~~internal ofcontrols ~~interest~~over ~~involving~~financial reporting. ~~the~~Under ~~Managing~~this ~~Owner or~~requirement, ~~any~~the ofFund ~~its~~must ~~affiliates~~adopt, ~~the~~implement ~~Commodity~~and ~~Broker,~~maintain ~~including~~an ~~its~~internal ~~principals~~control ~~and~~system designed to provide reasonable assurance to its ~~affiliates,~~management regarding the ~~Index~~preparation ~~Sponsor~~ and ~~Marketing~~fair ~~Agent,~~presentation ~~and~~of ~~Invesco~~published ~~Distributors~~financial statements. The ~~Managing~~Fund ~~Owner~~is ~~and~~also ~~its~~required ~~principals~~to adopt, implement, ~~all~~and ofmaintain ~~whom~~disclosure ~~are~~controls ~~engaged~~and inprocedures ~~other~~that ~~investment activities,~~ are ~~not~~designed to ensure information required to ~~devote~~be ~~substantially~~disclosed ~~all~~by ofthe ~~their~~Fund ~~time~~in reports that it files or submits to the ~~business~~SEC ofis ~~the~~recorded, ~~Fund~~processed, ~~which~~summarized ~~also~~and ~~presents~~reported within the ~~potential~~time ~~for~~periods ~~numerous~~specified ~~conflicts~~by ofthe ~~interest~~SEC. ~~with~~There is a risk that the Fund.’s ~~The~~internal ~~Managing~~controls ~~Owner~~over financial reporting and ~~its~~disclosure ~~principals~~controls and ~~affiliates~~procedures ~~are~~could ~~engaged~~fail into awork ~~broad~~properly ~~array~~or ofotherwise ~~asset~~fail ~~management~~to ~~and~~satisfy ~~financial~~SEC ~~services~~requirements. ~~activities~~Such ~~and~~a ~~may~~failure ~~engage~~could result in ~~activities during~~ the ~~ordinary~~reporting ~~course~~or disclosure of ~~business~~incorrect ~~that~~information ~~cause~~or ~~their~~a ~~interests~~failure orto ~~those~~report ofinformation ~~their~~on ~~other~~a ~~clients~~timely tobasis. ~~conflict~~Such ~~with~~a ~~those~~failure ofcould ~~the~~be ~~Fund~~to ~~and~~the ~~its Shareholders.~~disadvantage of

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, 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 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. 22

~~The~~Shareholders ~~Fund~~and ~~may be subject to~~could ~~certain~~expose ~~conflicts with respect to~~ the ~~Commodity~~Fund ~~Broker, including, but not limited~~ to, ~~conflicts~~penalties ~~that result from receiving greater amounts of compensation from other clients,~~ or ~~purchasing~~otherwise ~~opposite~~adversely oraffect ~~competing~~the ~~positions~~Fund’s onstatus ~~behalf~~under ofthe ~~third~~federal ~~party accounts~~securities ~~traded~~laws ~~through~~and ~~the~~SEC ~~Commodity Broker~~regulations.

~~Because~~All ~~the~~internal ~~Managing~~control ~~Owner~~systems, ~~and~~no ~~Invesco~~matter ~~Distributors~~how ~~are~~well ~~affiliates~~designed, ~~the~~have ~~Managing~~inherent limitations. ~~Owner~~Therefore, ~~has~~even ~~a disincentive~~those systems determined to ~~replace~~be ~~Invesco~~effective ~~Distributors.~~may ~~Furthermore,~~provide ~~the~~only ~~Managing~~reasonable ~~Owner~~assurance ~~did~~with ~~not~~respect ~~conduct~~to anfinancial ~~arm’s~~statement ~~length~~preparation ~~negotiation~~and ~~when~~presentation itand ~~retained~~other ~~Invesco~~disclosure ~~Distributors~~matters.

~~Lack~~Tax ~~of Independent Advisers Representing Investors.~~ Risks

~~The~~Shareholders ~~Managing~~Will ~~Owner~~Be ~~has~~Subject ~~consulted~~to ~~with~~Taxation ~~counsel,~~on ~~accountants~~Their ~~and~~Allocable ~~other~~Share ~~advisers regarding the operation~~ of the Fund~~. No counsel has been appointed to represent you in connection with the Fund~~’s ~~continuous~~Taxable ~~offering of Shares. Accordingly~~Income, ~~you~~Whether ~~should~~or ~~consult~~Not ~~your~~They ~~own~~Receive ~~legal,~~Cash ~~tax and financial advisers about whether you should invest in the Fund~~Distributions.

~~Possibility~~Shareholders ofwill ~~Termination~~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 ~~May~~taxable ~~Adversely~~income, ~~Affect~~whether ~~Your~~or ~~Portfolio~~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.

ItItems ~~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~~Income, ~~which would cause the Fund to terminate unless a substitute managing owner was obtained. Shareholders owning 50% or more of the Shares have the power to terminate the Fund. If it is so exercised~~Gain, ~~investors~~Loss ~~who may wish to continue to invest in a vehicle that tracks the Fund’s Index will have to find another vehicle,~~ and ~~may~~Deduction ~~not~~with Respect ~~be able~~ to ~~find another vehicle that offers the same features as the Fund. See “Description of the~~ Shares; ~~Certain~~Could ~~Material~~Be ~~Terms~~Reallocated ofif the ~~Trust~~IRS ~~Agreement~~Does –Not ~~Termination~~Accept ~~Events” for a summary of termination events. Such detrimental developments could cause you to liquidate your investments and upset~~ the ~~overall~~Assumptions ~~maturity~~or ~~and~~Conventions ~~timing~~Used ofby ~~your investment portfolio. In addition, Shareholders could receive less from~~ the ~~sale of the~~ Fund’s ~~assets~~ in ~~the~~Allocating ~~event of its liquidation and termination than amounts that could be realized from sales of~~Such ~~those assets other than in the case of a liquidation and termination~~Items. 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.

23U.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.

~~Table~~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 ~~Contents~~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.

~~Competing~~No ~~Claims~~Deduction ~~Over~~for ~~Ownership~~Qualified ofPublicly ~~Intellectual~~Traded ~~Property~~Partnership ~~Rights Related to the Fund Could Adversely Affect the Fund and an Investment in the Shares~~Income.

~~While~~For ~~the~~taxable ~~Managing~~years ~~Owner~~beginning ~~believes~~before ~~that~~January ~~all~~1, ~~intellectual~~2026, ~~property~~there ~~rights~~is ~~needed~~a to20% deduction for ~~operate~~“qualified ~~the~~publicly ~~Fund~~traded inpartnership income” within the ~~manner~~meaning ~~described~~of inSection ~~this~~199A(e)(4) ~~Prospectus~~of ~~are~~the ~~either~~Code. ~~owned~~In bygeneral, or“qualified ~~licensed~~publicly totraded ~~the~~partnership ~~Managing~~income” ~~Owner~~for orthis ~~have~~purpose ~~been~~is ~~obtained,~~an ~~third~~item ~~parties~~of ~~may~~income, ~~allege~~gain, deduction or ~~assert~~loss ~~ownership~~that ofis ~~intellectual~~effectively connected ~~property~~with ~~rights~~a ~~which~~United ~~may~~States betrade ~~related~~or tobusiness and includable in determining taxable income for the ~~design~~year, ~~structure~~but ~~and~~does ~~operations~~not ofinclude ~~the~~certain ~~Fund~~investment income. ToIt ~~the~~is ~~extent~~currently ~~any~~not ~~claims~~expected ofthat ~~such~~the ~~ownership~~Fund’s ~~are~~income ~~brought~~will orbe ~~any~~eligible ~~proceedings~~for ~~are~~such ~~instituted~~deduction tobecause ~~assert~~as ~~such~~discussed ~~claims~~below, although the ~~issuance~~matter ofis ~~any~~not ~~restraining~~free ~~orders~~from ~~or injunctions~~doubt, the ~~negotiation,~~Fund ~~litigation~~believes orthat ~~settlement~~the ~~of such~~activities ~~claims,~~directly orconducted by the ~~ultimate~~Fund ~~disposition~~will ofnot ~~such~~result ~~claims~~ in athe ~~court~~Fund ofbeing ~~law~~engaged ~~may~~in ~~adversely~~a ~~affect~~trade or business within the ~~Fund~~United ~~and~~States. anPotential ~~investment~~investors inshould ~~the~~consult ~~Shares.~~their ~~For~~tax ~~example,~~advisors ~~such~~regarding the ~~actions~~availability ~~could~~of ~~result~~such indeduction ~~expenses~~for ortheir ~~damages~~allocable ~~payable~~share byof the Fund,’s ~~suspension~~items of ~~activities~~income, ~~or the~~gain, ~~termination~~deduction ofand ~~the Fund~~loss.

~~The Value of the Shares Will Be Adversely Affected if the Fund Is Required to Indemnify the Trustee or the Managing Owner.~~ 23

~~Under~~Regulated ~~the~~Investment ~~Trust~~Company ~~Agreement,~~Investors ~~the~~Will ~~Trustee~~Be ~~and~~Treated ~~the~~as ~~Managing~~Owning ~~Owner~~a ~~have~~Proportionate ~~the~~Share ~~right to be indemnified for any liability or expense 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’s toAssets beand ~~sold~~Will inTake ~~order~~into toAccount ~~cover~~Its ~~losses~~Allocable orShare ~~liability~~of ~~suffered by it or by~~ the ~~Trustee.~~Fund’s ~~Any~~Items ~~sale~~ of ~~that kind would reduce the NAV of the Fund and~~Income, ~~consequently~~Gain, ~~the~~Loss ~~value~~and ~~of the Shares~~Deduction.

~~Although~~The ~~the~~Fund ~~Shares~~does ~~Are~~not ~~Limited~~believe ~~Liability~~that it will be classified as a qualified publicly traded partnership within the ~~Investments~~meaning of Section 851(h) of the Code. Accordingly, ~~Certain~~a ~~Circumstances~~regulated ~~such~~investment company within the meaning of Subchapter M of the Code (a “RIC”) that invests in Shares will be treated as ~~Bankruptcy~~owning a proportionate share of the Fund’s orassets ~~Indemnification~~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 ~~Shareholders~~above, ~~Will~~the ~~Increase~~Fund anticipates that income recognized by a ~~Shareholder’s~~RIC ~~Liability~~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.

~~The~~PROSPECTIVE ~~Shares~~INVESTORS ~~are~~ARE ~~limited~~STRONGLY ~~liability~~URGED ~~investments;~~TO ~~investors~~CONSULT ~~may~~THEIR ~~not~~OWN ~~lose more than the amount that they invest including any appreciation in their~~TAX ~~investments.~~ADVISORS ~~However,~~AND ~~Shareholders~~COUNSEL ~~could~~WITH beRESPECT ~~required,~~TO asTHE aPOSSIBLE ~~matter~~TAX ofCONSEQUENCES ~~bankruptcy~~TO ~~law,~~THEM toOF ~~return~~AN toINVESTMENT ~~the~~IN ~~estate~~THE ofSHARES; ~~the~~SUCH ~~Fund~~TAX ~~any~~CONSEQUENCES ~~distribution~~MAY ~~they~~DIFFER ~~received~~WITH atRESPECT aTO ~~time~~DIFFERENT ~~when the Fund was in fact insolvent or in violation of the Trust Agreement~~INVESTORS. ~~In addition, Shareholders agree in the Trust Agreement that they will indemnify the Fund for any harm suffered by it as a result of:~~

•Other ~~Shareholders’ actions unrelated to the business of the Fund, or~~Risks

•Disruptions ~~taxes~~in ~~imposed on~~ the ~~Shares~~Ability byto ~~the~~Create ~~states~~and orRedeem ~~municipalities~~Creation inUnits ~~which~~May ~~such~~Adversely ~~investors~~Affect ~~reside~~Investors.

It is generally expected that the public trading price per Share will track the NAV per Share closely over time. The ~~Fund~~relationship ~~May~~between ~~Lose~~the ~~Money~~public trading price per Share and the NAV per Share depends, to a considerable degree, on ~~Its~~the ~~Holdings~~ability of ~~Money~~Authorized ~~Market~~Participants ~~Mutual~~or ~~Funds~~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.

~~The~~If the Fund ~~may~~were ~~invest~~to inissue ~~government~~all ~~money~~Shares ~~market funds~~ that have ~~chosen~~been ~~to not rely on the ability to impose fees on shareholder redemptions~~registered, orit ~~liquidity fees,~~would ornot ~~temporarily~~be able to ~~suspend~~create ~~redemption~~new ~~privileges,~~Creation orUnits ~~gates,~~until ifit ~~the~~registered ~~government~~additional ~~money~~Shares ~~market~~and ~~fund’s~~those ~~weekly~~additional ~~liquid~~Shares ~~assets~~became ~~fall~~available ~~below~~for ~~a certain threshold~~sale. ~~Although~~An ~~such~~inability ~~government~~to ~~money~~create ~~market~~new ~~funds~~Creation ~~seek~~Units tocould ~~preserve~~increase the ~~value~~possibility ofthat anthe ~~investment at~~trading ~~$1.00~~price per ~~share,~~Share ~~there~~would isnot notrack closely ~~guarantee~~the ~~that~~NAV ~~they~~per ~~will be able to do so~~Share. AsIn ~~a result~~addition, the Fund may, ~~lose money by investing~~ in aits ~~government~~discretion, ~~money~~suspend ~~market fund. An investment in a government money market fund is not insured or guaranteed by~~ the ~~Federal~~ ~~Deposit~~creation ~~Insurance~~of ~~Corporation~~Creation ~~(“FDIC”) or any other government agency~~Units. ~~The~~Suspension ~~share price~~ of acreations ~~government~~may ~~money~~adversely ~~market~~affect ~~fund~~how ~~can fall below~~ the ~~$1.00~~Shares ~~share~~are traded ~~price.~~and ~~The~~could ~~Fund~~cause ~~cannot~~Shares ~~rely~~to ontrade orat ~~expect~~ a ~~government~~premium ~~money market fund’s adviser~~ or ~~its~~discount ~~affiliates~~ to ~~enter into support agreements or take other actions to maintain~~ the ~~government~~NAV ~~money market fund’s $1.00 share price. The credit quality~~ of athe ~~government money market fund’s holdings can change rapidly in certain markets~~Fund, ~~and~~perhaps ~~the default of a single holding could have an adverse impact on the government money market fund’s share price. Due~~ to ~~fluctuations in interest rates, the market value of securities held by~~ a ~~government~~significant ~~money market fund may vary~~degree. ~~A government money market fund’s share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets.~~

~~Due~~The toShares ~~the~~Could ~~Increased~~Decrease ~~Use~~in ofValue ~~Technologies,~~if ~~Intentional and Unintentional Cyber Attacks Pose~~ Unanticipated Operational ~~and~~or ~~Information~~Trading ~~Security~~Problems ~~Risks~~Arise.

~~With~~The mechanisms and procedures governing the ~~increased~~creation, ~~use~~redemption and offering of ~~technologies~~the ~~such~~Shares ashave ~~the~~been ~~Internet~~developed ~~and~~specifically for the ~~dependence~~Fund. onConsequently, ~~computer~~there ~~systems~~may tobe ~~perform~~unanticipated ~~necessary~~problems ~~business~~with ~~functions,~~respect to the ~~Fund~~mechanics isof ~~susceptible~~the tooperations ~~operational~~of ~~and~~the ~~information~~Fund ~~security~~and ~~risks.~~the Intrading ~~general,~~of ~~cyber~~the ~~incidents~~Shares ~~can~~that ~~result~~could ~~from~~have ~~deliberate~~a ~~attacks~~material adverse oreffect ~~unintentional~~on ~~events.~~an ~~Cyber~~investment ~~attacks~~in ~~include,~~the ~~but~~Shares. ~~are~~To ~~not~~the ~~limited~~extent tothat ~~gaining~~unanticipated ~~unauthorized~~operational ~~access~~or ~~to digital~~trading ~~systems~~problems ~~for~~arise, ~~purposes~~the ofManaging ~~misappropriating~~Owner’s ~~assets~~past orexperience ~~sensitive~~and ~~information,~~qualifications ~~corrupting~~may ~~data,~~not orbe ~~causing~~suitable ~~operational~~for ~~disruption.~~solving those problems.

24Short Selling Exposes the Fund to the Potential for Unlimited Losses.

~~Table~~The ofFund ~~Contents~~holds short futures positions in the three lowest-yielding Eligible Index Currencies (other than the USD).

~~Cyber~~A ~~attacks~~long ~~may~~futures ~~also~~position ~~be carried out~~ in a ~~manner~~foreign ~~that~~currency ~~does~~requires ~~not require gaining unauthorized access, such as causing denial-of-service attacks on websites. Cyber security failures or breaches of~~ the Fund’s ~~third~~to ~~party~~purchase ~~service~~at ~~providers~~a ~~(including,~~future ~~but~~date ~~not~~the ~~limited~~equivalent ~~to,~~in ~~the~~USD ~~Index~~of ~~Sponsor,~~a ~~the~~fixed ~~Administrator~~amount ~~and~~of ~~the~~a ~~Transfer~~foreign ~~Agent)~~currency orat ~~the~~a ~~money~~fixed ~~market~~price ~~mutual funds and T-Bill ETFs~~ in ~~which~~USD. ~~the~~The Fund ~~invests,~~profits ~~have~~if the ~~ability~~price toof ~~cause disruptions and impact business~~the ~~operations,~~foreign ~~potentially~~currency ~~resulting~~rises inrelative ~~financial~~to ~~losses,~~ the ~~inability~~USD ofwhile ~~Shareholders~~the orcontract ~~Authorized~~is ~~Participants~~open, ~~to transact business in Shares~~ and ~~Creation~~the ~~Units~~Fund ~~respectively,~~suffers ~~violations~~losses ofif ~~applicable privacy and other laws, regulatory fines,~~the ~~penalties,~~price ~~reputational~~of ~~damage,~~the ~~reimbursement~~foreign orcurrency ~~other~~falls ~~compensation~~relative ~~costs, and/or additional compliance costs. In addition, substantial costs may be incurred in order~~ to ~~prevent~~the ~~any~~USD ~~cyber~~while ~~incidents~~the incontract ~~the~~is ~~future~~open. ~~The~~Because ~~Fund~~the ~~and~~price ~~its~~in ~~Shareholders~~USD ~~could be negatively impacted as a result.~~

While the Managing Owner has established business continuity plans and systems reasonably designed to detect and prevent such cyber attacks from being effective, there are inherent limitations in such plans and systems. For instance, it is possible that certain existing risks have not been 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 futures contracts 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 objective, resulting in financial losses to the Fund and Shareholders. 24

~~Forward-Looking~~of ~~Statements~~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.

~~This Prospectus~~By ~~includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933~~contrast, asa ~~amended~~short ~~(the~~futures ~~“Securities~~position ~~Act”),~~in ~~and~~a ~~Section 21E of the Securities Exchange Act of 1934, as amended (the~~foreign ~~“Exchange~~currency ~~Act”),~~requires ~~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~~to ~~Owner’s~~deliver ~~current~~at ~~expectations,~~a ~~estimates and projections about the~~ future ~~results,~~date ~~performance,~~an ~~prospects~~amount ~~and~~in ~~opportunities~~USD ofequal ~~the~~to ~~Fund and~~ the ~~Fund’s~~price ~~business~~in ~~and~~USD ~~industry~~of ~~and~~a ~~their~~fixed ~~beliefs~~amount ~~and assumptions about future events and speak only as~~ of the ~~date~~foreign oncurrency ~~which~~at ~~they~~that ~~are~~future ~~made~~date. ~~Words~~The ~~such~~Fund aswill ~~“anticipate,”~~profit ~~“expect,”~~if ~~“intend,”~~the ~~“plan,”~~price ~~“believe,” “seek,” “outlook,” and “estimate,” as well as similar words and phrases, signify forward-looking statements. Forward-looking statements are not guarantees~~ of ~~future~~the ~~results.~~foreign ~~Conditions~~currency ~~and~~falls ~~important~~relative ~~factors,~~to ~~risks~~the ~~and~~USD ~~uncertainties~~while in the ~~markets~~contract ~~for~~is ~~financial~~open ~~instruments~~and ~~that~~ the Fund ~~trades,~~ inwill ~~the~~suffer ~~markets~~loss ~~for~~if ~~related~~the ~~physical~~price ~~commodities,~~of in the ~~legal~~foreign ~~and~~currency ~~regulatory~~rises ~~regimes~~relative ~~applicable~~ to ~~Invesco Capital Management LLC,~~ the ~~Fund,~~USD ~~and~~while the ~~Fund’s~~contract ~~service~~is ~~providers,~~open. ~~and~~Because in the ~~broader~~price ~~economy~~in ~~may~~USD ~~cause~~of ~~actual results to differ materially from those expressed by such forward-looking statements. These forward-looking statements are subject to~~ a ~~number~~fixed amount of ~~risks, uncertainties and other factors, including those described in~~ the ~~“Risk~~foreign ~~Factors” and elsewhere in the~~currency ~~Prospectus~~could, ~~and~~ in ~~other SEC filings by the Fund~~theory, ~~that~~rise ~~could~~to ~~cause the actual results~~infinity, ~~performance,~~a ~~prospects~~short orfutures ~~opportunities~~position ofexposes the Fund to ~~differ~~theoretically ~~materially~~unlimited ~~from those expressed in, or implied by, these forward-looking statements~~liability.

~~You~~The ~~should~~Fund’s ~~not~~losses ~~place~~could ~~undue~~result ~~reliance~~in ~~on any forward-looking statements. Except as expressly required by~~ the ~~federal~~total ~~securities~~loss ~~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~~your ~~information, future events or changed circumstances or for any other reason after the date of this Prospectus~~investment.

~~Investment~~Historical ~~Objective~~Performance of the Fund and the Index is Not Indicative of Future Performance.

~~The~~Past ~~Fund~~performance ~~seeks~~of ~~to track~~the ~~changes,~~Fund ~~whether positive~~ or ~~negative, in~~ the ~~level~~Index ofis ~~the~~not ~~Index,~~necessarily ~~over~~indicative ~~time,~~of ~~plus~~future ~~the~~results. ~~excess~~Therefore, ifpast ~~any,~~performance of the ~~sum~~Fund ofor the ~~Fund’s~~Index ~~Treasury~~should ~~Income,~~not ~~Money~~be ~~Market~~relied ~~Income~~upon ~~and~~in ~~T-Bill~~deciding ~~ETF~~whether ~~Income~~to ~~over~~buy ~~the expenses~~Shares of the Fund. ~~The~~

25Fees and Expenses May Deplete the Fund’s Assets if the Fund’s Investment Performance is Not Favorable.

~~Table~~The Fund pays fees and expenses regardless of ~~Contents~~its investment performance. Such fees and expenses include asset-based fees of 0.75% per annum. Additional charges include brokerage fees of approximately 0.03% per annum in the aggregate and selling commissions. Selling commissions are not included in the Fund’s breakeven calculation. The sum of the Fund’s Treasury Income, Money Market Income and/or 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’s futures trading activity will need to have a favorable performance that exceeds the difference between the sum of the Fund’s Treasury Income, Money Market Income and/or T-Bill ETF Income and its fees and expenses. If the 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.

~~Fund~~There ~~invests~~May ~~in futures contracts in an attempt to track its Index. The Fund holds Treasury Securities, money market mutual funds and T-Bill ETFs for~~Be ~~margin~~Circumstances ~~and/or~~That ~~cash~~Could ~~management.~~Prevent ~~While~~ the Fund’s ~~performance~~from ~~will~~Being ~~reflect~~Operated ~~the~~in ~~appreciation~~a orManner ~~depreciation~~Consistent ofWith ~~those holdings, the Fund’s performance, whether positive or negative, will be driven primarily by~~ its ~~strategy~~Investment ~~of trading futures contracts with the aim of seeking to track the Index~~Objective.

~~The~~There ~~Index~~may isbe ~~designed~~circumstances outside the control of the Managing Owner and/or the Fund that make it, for all practical purposes, impossible to ~~reflect~~re-position the ~~return~~Fund ~~from~~and/or ~~investing~~to onprocess a 2purchase or redemption order. Examples of such circumstances include:1 ~~leveraged~~natural ~~basis~~disasters; inpublic ~~long currency~~service ~~futures~~disruptions ~~positions~~or ~~for~~utility ~~certain~~problems ~~currencies~~such ~~associated~~as those ~~with~~caused ~~relatively~~by ~~high~~fires, ~~yielding~~floods, ~~interest~~extreme ~~rates~~weather conditions, and power outages resulting in ~~short~~telephone, ~~currency~~telecopy, ~~futures~~and ~~positions~~computer ~~for~~failures; ~~certain~~market ~~currencies~~conditions ~~associated~~or ~~with~~activities ~~relatively~~causing trading ~~low~~halts; ~~yielding~~systems ~~interest~~failures ~~rates.~~involving ~~The~~computer ~~Shares~~or ~~are~~other ~~designed~~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 ~~for~~Owner ~~investors~~has ~~who~~established ~~want~~and implemented a ~~cost-effective~~disaster ~~and~~recovery ~~convenient~~plan, ~~way~~circumstances tosuch ~~invest~~as those identified above may prevent the Fund from being operated in a ~~diversified~~manner ~~index~~consistent ofwith its ~~currency~~investment ~~futures~~objective.

~~The~~Additionally, ~~Index~~natural isor ~~designed~~environmental todisasters, ~~exploit~~such as earthquakes, fires, floods, hurricanes, tsunamis ~~the~~and ~~trend~~other ~~that~~severe ~~currencies~~weather-related ~~associated~~phenomena ~~with~~generally, ~~relatively~~and ~~high~~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, oncredit ~~average~~ratings, ~~tend~~investor tosentiment, ~~rise~~and inother factors affecting the value ~~relative~~of the Fund’s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to ~~currencies~~adversely ~~associated~~affect ~~with~~markets, ~~relatively~~issuers, ~~low~~and/or ~~interest~~foreign exchange rates in other countries, including the U.S. ~~The~~Any ~~Index~~such ~~seeks~~events tocould ~~exploit~~have ~~this~~a ~~trend~~significant ~~using~~adverse ~~both~~impact ~~long~~on ~~and~~the ~~short~~value ~~futures~~of ~~positions,~~the ~~which~~Fund’s isinvestments ~~expected~~and could result in increased premiums or discounts to ~~provide~~the ~~more~~Fund’s ~~consistent~~NAV. Additionally, the Fund rebalances its portfolio in accordance with the Index, and, ~~less~~therefore, ~~volatile~~any ~~returns~~changes ~~than~~to ~~could~~the beIndex’s ~~obtained~~rebalance schedule bywill ~~taking~~result ~~long~~in ~~positions~~corresponding ~~only~~changes orto ~~short~~the ~~positions~~Fund’s ~~only~~rebalance schedule.

In seeking 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 (“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. 25

~~When~~Redemption ~~the~~Orders ~~USD~~for isCreation ~~not~~Units ~~associated~~May ~~with~~Be ~~the~~Subject ~~highest~~to ~~or lowest interest rates among the Eligible Index Currencies~~Postponement, ~~the~~Suspension 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 Treasury Securities, money market mutual funds (affiliated or ~~otherwise)~~ ~~and~~Rejection ~~T-Bill~~Under ~~ETFs~~Certain ~~(affiliated or otherwise), which means the Fund will have a leverage ratio at such time of 2:1~~Circumstances.

IfThe ~~the~~Managing ~~USD~~Owner ismay, ~~associated~~in ~~with~~its discretion, suspend the ~~highest~~right of redemption or ~~lowest~~postpone ~~interest~~the ~~rates~~redemption order ~~among~~settlement date with respect to Creation Units for (1) any period during which an emergency exists as a result of which the ~~Eligible~~redemption ~~Index~~distribution ~~Currencies~~is not reasonably practicable, or (2) such other period as the ~~aggregate~~Managing ~~notional~~Owner ~~value~~determines to be necessary for the protection of the Shareholders. In addition, the Fund~~’s futures~~ ~~contracts~~will atreject a redemption order if the ~~time~~order ~~they~~is ~~are~~not ~~established~~in ~~will~~proper beform ~~approximately~~as ~~1.66~~described ~~times~~in the ~~value~~participant agreement with the Authorized Participant, or if the fulfillment of the ~~Fund’s~~order, ~~holdings~~in the opinion of ~~Treasury~~the ~~Securities~~Fund’s counsel, ~~money~~might ~~market~~be ~~mutual~~unlawful. ~~funds~~Any ~~(affiliated~~such postponement, suspension or ~~otherwise)~~rejection ~~and~~could ~~T-Bill~~adversely affect a ~~ETFs~~redeeming ~~(affiliated~~Authorized orParticipant. ~~otherwise)~~For example, ~~which~~the ~~means~~resulting delay may adversely affect the ~~Fund~~value ~~will~~of ~~have~~the Authorized aParticipant’s ~~leverage~~redemption ~~ratio~~proceeds atif ~~such~~the ~~time~~NAV of ~~approximately~~the 1Fund declines during the period of delay.~~66:1.~~ The Fund disclaims any liability for any loss or damage that may result from any such suspension or postponement.

~~Holding~~Shareholders ~~futures~~Do ~~positions~~Not ~~with a~~Have ~~notional amount in excess of~~ the ~~Fund’s~~Protections ~~NAV~~Associated ~~constitutes~~With aOwnership ~~form~~ of ~~leverage.~~Shares ~~The use of leverage will increase the potential for both trading profits and losses, depending on the changes, positive and negative,~~ in ~~the~~an ~~Index.~~Investment ~~The~~Company ~~Fund’s ability~~Registered toUnder ~~track~~ the ~~Index~~1940 ~~will not be affected by the presence or absence of the USD among the Index Currencies~~Act. ~~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.~~

~~There~~The ~~can~~Fund ~~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. It~~ is ~~possible~~not ~~that,~~registered ~~prior~~as to an ~~Index~~investment ~~rebalancing,~~company ~~that~~under ~~Index Currencies expected to lose relative to~~ the ~~USD~~1940 ~~may rise and/or Index Currencies expected to gain relative to the USD may fall~~Act. ~~In such cases~~Consequently, ~~the~~Shareholders ~~Fund~~do ~~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~~not ~~Currencies~~have ~~with a notional value of up to 100% of~~ the ~~Fund’s~~legal ~~NAV~~ and ~~its~~regulatory ~~short~~protections ~~futures~~provided ~~exposure~~ to ~~Index Currencies with a notional value of up to 100% of~~ the ~~Fund’s~~investors ~~NAV.~~in ~~Under~~investment ~~such~~companies ~~circumstances,~~that ~~the~~are ~~Fund’s~~registered ~~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~~such.

~~The~~Shareholders ~~Fund~~Do ~~will~~Not beHave ~~required to deposit approximately twice as much of its assets then would be required if~~ the ~~Fund~~Rights ~~did~~Enjoyed ~~not use leverage. The amount~~by ~~deposited~~Investors isin ~~not~~Certain ~~expected~~Other ~~to exceed 10% of net assets~~Vehicles. The Fund will also trade more futures contracts and incur more brokerage commission expenses than it would if it did not use leverage. The additional amount of brokerage commission expenses generally will be proportional to the Fund’s leverage ratio.

The ~~Fund~~Shares ~~also~~have ~~holds~~none ~~Treasury~~of ~~Securities~~the statutory ~~for~~rights ~~deposit~~normally associated with the ~~Fund’s~~ownership ~~Commodity Broker~~of asshares ~~margin~~of ~~and~~a ~~Treasury~~corporation. ~~Securities~~However, ~~cash~~under ~~and~~Delaware ~~money~~law, ~~market~~a ~~mutual~~beneficial ~~funds~~owner of a business trust (~~affiliated~~such oras ~~otherwise~~a Shareholder) may, under certain circumstances, institute legal action on behalf of himself and~~/or~~ ~~T-Bill~~all ~~ETFs~~other ~~(affiliated~~similarly situated beneficial owners to recover damages from a third party where a managing owner has failed or ~~otherwise),~~refused asto ~~applicable,~~institute legal action on ~~deposit~~behalf ~~with~~of ~~the~~himself ~~Custodian~~and (all other similarly situated beneficial owners to recover damages from a managing owner for ~~margin~~violations of fiduciary duties, or on behalf of a ~~and/~~business trust to recover damages from a third party where a managing owner has failed or ~~cash~~refused ~~management~~to ~~purposes)~~institute proceedings to recover such damages. ~~Additionally~~The Shares have limited voting and distribution rights (for example, ~~the~~Shareholders ~~Fund~~do ~~gains~~not anhave the ~~exposure~~right to ~~Treasury~~elect ~~Securities~~directors ~~with~~and athe ~~maximum~~Fund ~~remaining~~is ~~maturity~~not ofrequired up to 12pay ~~months~~regular ~~through~~distributions, ~~its~~although ~~holdings~~the ofFund ~~T-Bill~~may ~~ETFs~~pay ~~(affiliated~~distributions orin the discretion of the Managing Owner).

26Various Actual and Potential Conflicts of Interest May Be Detrimental to Shareholders.

~~Table~~The Fund is subject to actual and potential conflicts of ~~Contents~~interest involving the Managing Owner 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.

~~otherwise).~~As ~~Such~~a ~~holdings~~result of ~~T-Bill~~these ~~ETFs~~and ~~will~~other ~~also~~relationships, beparties oninvolved ~~deposit~~ with the ~~Custodian~~Fund (have a financial incentive to act in a manner other than in the best interests of the Fund and the Shareholders. For example, 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 bepay ~~held~~dividends bythat are lower than non-affiliated money market mutual 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 ~~Commodity~~interest ~~Broker~~in asan ~~margin,~~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 ~~extent~~good ~~permissible~~faith ~~under~~of ~~CFTC~~the ~~rules~~respective parties subject to such conflicts to resolve them equitably. Although the Managing Owner attempts to

~~Investing in the Fund does not insulate Shareholders from certain risks, including price volatility.~~ 26

~~There~~monitor ~~can~~these beconflicts, noit is ~~assurance~~extremely ~~that~~difficult, if not impossible, for the ~~Fund~~Managing ~~will~~Owner ~~achieve~~to ~~its~~ensure ~~investment~~that ~~objective~~these orconflicts ~~avoid~~do ~~substantial~~not, in fact, result in adverse consequences to the Fund and the ~~losses~~Shareholders.

~~Role~~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 when it retained Invesco Distributors.

~~The~~Lack ~~Managing Owner serves as the commodity pool operator and commodity trading advisor~~ of ~~the~~Independent ~~Fund. As of April 8, 2019, Invesco~~ Advisers ~~Inc.~~Representing ~~ceased to be a commodity trading advisor for the Fund~~Investors.

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

•Possibility ~~selects~~of Termination of the ~~Trustee,~~Fund ~~Commodity~~May ~~Broker,~~Adversely ~~Administrator,~~Affect ~~Index~~Your ~~Sponsor, Custodian, Transfer Agent, Marketing Agent, distributor and auditor;~~Portfolio.

•It ~~negotiates~~is ultimately ~~various~~within ~~agreements~~the discretion of the Managing Owner whether it will continue to operate and ~~fees~~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. 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 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.

•Competing ~~performs~~Claims ~~such~~Over ~~other~~Ownership ~~services~~of asIntellectual Property Rights Related to the ~~Managing~~Fund ~~Owner~~Could ~~believes~~Adversely ~~that~~Affect the Fund ~~may~~and ~~from~~an ~~time~~Investment toin ~~time~~the ~~require; and~~Shares.

•While ~~monitors~~ the ~~performance~~Managing ~~results~~Owner ofbelieves that all intellectual property rights needed to operate the Fund’s ~~portfolio~~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 ~~reallocates~~operations ~~assets~~of ~~within~~the Fund. To the ~~portfolio~~extent ~~with~~any aclaims ~~view~~of such ownership are brought or any proceedings are instituted to ~~causing~~assert such claims, the ~~performance~~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 may adversely affect the Fund’s ~~portfolio~~and toan ~~track~~investment ~~that~~in the Shares. For example, such actions could result in expenses or damages payable by the Fund, suspension of activities or the ~~Index~~termination ~~over~~of ~~time~~the Fund.

The ~~Managing~~Value ~~Owner~~of isthe ~~registered~~Shares asWill ~~a commodity~~Be ~~pool~~Adversely ~~operator~~Affected ~~and commodity trading advisor with~~ if the ~~CFTC~~Fund ~~and~~Is isRequired ato ~~member~~Indemnify of the ~~NFA.~~Trustee ~~The~~or the Managing Owner ~~is an NFA-approved swap firm~~.

~~The~~Under ~~principal~~the ~~office~~Trust ofAgreement, the Trustee and the Managing Owner ishave ~~located~~the atright ~~c/o~~to ~~Invesco~~be indemnified ~~Capital~~for ~~Management~~any ~~LLC,~~liability ~~3500~~or ~~Lacey~~expense ~~Road~~they incur, ~~Suite~~except ~~700,~~for ~~Downers~~any ~~Grove,~~expenses ILresulting ~~60515.~~from ~~The telephone~~gross ~~number~~negligence ofor willful misconduct. That means the Managing Owner ismay ~~(800)~~require ~~983-0903~~the assets of the Fund to be sold in order to cover losses or liability suffered 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.

~~Breakeven Analysis~~ 27

AAlthough ~~Shareholder should expect that~~ the ~~Fund’s~~Shares ~~fees~~Are ~~and~~Limited ~~expenses~~Liability ~~during the first twelve months of the Shareholder’s investment will equal 0.78% of the Fund’s NAV. This amount equates to $0.19 per annum per Share at $24.14~~Investments, ~~the~~Certain ~~Fund’s~~Circumstances ~~NAV~~such ~~per Share~~ as Bankruptcy of ~~May 31, 2019. The Fund’s Treasury Income, Money Market Income and T-Bill ETF Income are expected to exceed~~ the Fund’s ~~fees~~or ~~and~~Indemnification ~~expenses during those first twelve months, assuming that Treasury Income is earned at a rate~~ of 2.27%, Money Market Income is earned at a rate of 2.24%, and T-Bill ETF Income is earned at a rate of 2.35%. (These assumed rates are based on market rates observed as of May 31, 2019.) This means that, during those first twelve months, the Fund ~~would~~by ~~have to experience trading losses that would exceed~~ the ~~positive~~Shareholders ~~difference~~Will ~~between~~Increase ~~the Fund’s income and its expenses. As~~ a ~~result, the breakeven amount is reflected as $0.00 and 0% of NAV. While the Fund~~Shareholder’s performance will reflect the appreciation or depreciation of those holdings, the Fund’s performance, whether positive or negative, will be driven primarily by trading futures contracts with the aim of seeking to track the IndexLiability.

~~Breakeven~~The ~~Table~~Shares are limited liability investments; investors may not lose more than the amount that they invest including any appreciation in their 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 the Trust Agreement. In addition, Shareholders agree in the Trust Agreement that they will indemnify the Fund for any harm suffered by it as a result of:

The Breakeven Table on the following page indicates the approximate percentage and dollar returns required for the value of an initial $24.14 investment in a Share to equal the amount originally invested twelve months after issuance, based on the NAV per Share as of May 31, 2019. •

~~The~~Shareholders’ ~~amounts~~actions ~~reflected~~unrelated into ~~this discussion and~~ the ~~accompanying~~business ~~table~~of ~~reflect~~ the ~~effect~~Fund, ~~of rounding.~~ or

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

27taxes imposed on the Shares by the states or municipalities in which such investors reside.

~~Table~~The Fund May Lose Money on Its Holdings of ~~Contents~~Money Market Mutual Funds.

~~Breakeven~~The ~~Table~~Fund may invest in government money market 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 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 fund. An investment in a government money market fund 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 fund can fall below the $1.00 share price. The Fund cannot rely on or expect a government money market fund’s adviser or its affiliates to enter into support agreements or take other actions to maintain the government money market fund’s $1.00 share price. The credit quality of a government money market 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 fund’s share price. Due to fluctuations in interest rates, the market value of securities held by a government money market 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.

~~The~~Due ~~Breakeven~~to ~~Table, as presented, is an approximation only. Because a constant NAV per Share has been assumed,~~ the ~~actual~~Increased ~~capitalization~~Use of ~~the Fund~~ ~~does~~Technologies, ~~not~~Intentional ~~directly~~and ~~affect~~Unintentional ~~the~~Cyber ~~level~~Attacks ofPose ~~its~~Operational ~~charges~~and asInformation aSecurity ~~percentage of its NAV~~Risks.

	Dollar Amount and Percentage of Expenses andInterest Income
Expense1	$	%
Management Fee2	$0.18	0.75%
Offering Expense Reimbursement	$0.00	0.00%
Brokerage Commissions and Fees3	$0.01	0.03%
Routine Operational, Administrative and Other Ordinary Expenses4	$0.00	0.00%
Treasury Income, Money Market Income and T-Bill ETF Income5	$0.55	2.27%
12-Month Breakeven6, 7	$0.00	0.00%

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.

1Cyber 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. ~~See~~Cyber security failures or breaches of the ~~“Charges”~~Fund’s ~~section~~third ~~for~~party anservice ~~explanation~~providers of(including, but not limited to, the ~~expenses~~Index ~~included~~Sponsor, the Administrator and the Transfer Agent) or the money market mutual funds and T-Bill ETFs in which the ~~Breakeven~~Fund ~~Table~~invests, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of 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 could be negatively impacted as a result.

2.While ~~The~~the Managing Owner, ~~out~~has ofestablished ~~its~~business ~~own~~continuity ~~assets~~plans and systems reasonably designed to detect and prevent such cyber attacks from being effective, ~~pays~~there ~~the~~are ~~fees~~inherent limitations in such plans and ~~expenses~~systems. ofFor instance, it is possible that certain existing risks have not been identified or that new risks will emerge before countervailing measures can be implemented. Furthermore, the ~~Administrator~~Fund cannot control, ~~Invesco~~or ~~Distributors~~even necessarily influence, the ~~Index~~cyber ~~Sponsor~~security plans and systems put in place by the ~~Marketing~~Fund’s ~~Agent~~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

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. 28

Asservice ofprovider will materially impair its normal operations even if the ~~date~~Fund ofitself ~~this~~is ~~prospectus~~not subject to such an attack. In addition, ~~this~~a ~~waiver~~service isprovider ~~approximately~~that ~~less~~has ~~than~~experienced $0a 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.01 ~~per~~Cyber ~~Share~~attacks ~~per~~may ~~annum~~also cause disruptions to the futures exchanges and clearinghouses through which the Fund invests in futures contracts 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 objective, resulting in financial losses to the Fund and Shareholders.

3. ~~The~~Forward-Looking ~~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.~~Statements

4This 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 iscurrent expectations, ~~responsible~~estimates and projections about the future results, performance, prospects and opportunities of the Fund and 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 ~~paying~~financial ~~all~~instruments ~~routine~~that ~~operational~~the Fund trades, ~~administrative~~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 a number of risks, uncertainties and other ~~ordinary~~factors, ~~expenses~~including those described in the “Risk Factors” and elsewhere in this Prospectus and in other SEC filings by the Fund, 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.

5.You ~~Treasury~~should ~~Income~~not isplace ~~assumed~~undue toreliance beon ~~earned~~any atforward-looking ~~a rate of 2~~statements.~~27%,~~ ~~Money~~Except ~~Market~~as ~~Income~~expressly isrequired ~~estimated~~by the tofederal besecurities ~~earned at a rate of 2.24%~~laws, ~~and~~the ~~T-Bill~~Managing ~~ETF~~Owner ~~Income~~undertakes isno ~~estimated~~obligation to bepublicly ~~earned~~update ator arevise ~~rate~~any forward-looking ofstatements ~~2.35%.~~or ~~These~~the ~~assumed rates are based on market rates as of May 31~~risks, ~~2019.~~uncertainties ~~T-Bill~~or ~~ETF~~other ~~Income~~factors ~~reflects~~described ~~dividend income from the Fund’s holdings~~ in ~~T-Bill~~this ~~ETFs~~Prospectus, ifas ~~any.~~a result ~~Actual~~of ~~Treasury~~new ~~Income~~information, ~~Money~~future ~~Market~~events ~~Income~~or ~~and~~changed ~~T-Bill~~circumstances ~~ETF~~or ~~Income~~for ~~could~~any beother ~~higher~~reason orafter ~~lower than~~ the ~~levels~~date ~~shown~~of this Prospectus.

6. ~~The~~Investment table indicates that the breakeven amount during the first 12 months of an investment in the Fund is $0.00 and 0% of NAV. These figures reflect that, during those first 12 months, the Fund’s Treasury Income, Money Market Income, and T-Bill ETF Income are expected to exceed the Fund’s fees and expenses.Objective

7.The ~~Investors~~Fund ~~may~~seeks ~~pay~~to ~~brokerage~~track ~~commissions~~changes, inwhether ~~connection~~positive ~~with~~or ~~purchases~~negative, in the level of the ~~Shares.~~Index, ~~Brokerage~~over ~~commissions~~time, ~~have~~plus ~~not~~the ~~been~~excess, ~~included~~if inany, of the ~~Breakeven~~sum ~~Table~~of ~~because~~the ~~they~~Fund’s ~~are~~Treasury ~~borne~~Income, byMoney ~~investors~~Market ~~rather~~Income ~~than~~and T-Bill ETF Income over the expenses of the Fund. ~~and~~The ~~will~~Fund ~~generally~~invests ~~vary~~in ~~from~~futures ~~investor~~contracts in an attempt to ~~investor~~track its Index. ~~Investors~~The ~~are~~Fund ~~encouraged~~holds toTreasury ~~review~~Securities, money market mutual funds and T-Bill ETFs for margin and/or cash management. While the ~~terms~~Fund’s performance will reflect the appreciation or depreciation of ~~their~~those ~~brokerage~~holdings, ~~accounts~~the ~~for~~Fund’s ~~applicable~~performance, ~~charges~~whether positive or negative, will be driven primarily by its strategy of trading futures contracts with the aim of seeking to track the Index.

~~[Remainder~~The ofIndex ~~page~~is ~~left~~designed ~~blank~~to ~~intentionally]~~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 Shares are designed for investors who want a cost-effective and convenient way to invest in a diversified index of currency futures.

28The 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

~~Table of Contents~~29

~~Performance~~seeks ofto ~~Invesco~~exploit DBthis ~~G10~~trend using ~~Currency~~both ~~Harvest~~long ~~Fund~~and ~~(Ticker:~~short ~~DBV)~~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.

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, 20191		$1,572,324,172
NAV as of May 31, 2019		$24,144,812
NAV per Share as of May 31, 20192		$24.14
Worst Monthly Drawdown3		(5.93)% January 2015
Worst Peak-to-Valley Drawdown4		(19.01)% April 2013 - September 2015

In seeking 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 (“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.

Monthly Rate of Return	2019 (%)	2018 (%)	2017 (%)	2016 (%)	2015 (%)	2014 (%)
January	3.78	(1.40)	2.29	(0.60)	(5.93)	(1.89)
February	0.41	1.16	1.65	(0.13)	4.34	1.60
March	(0.08)	0.47	(2.40)	1.43	(0.64)	3.16
April	0.53	1.98	(2.46)	0.30	0.24	(0.23)
May	(1.95)	1.32	(1.58)	(0.51)	(2.37)	(0.12)
June		(0.78)	0.62	3.12	(3.29)	0.27
July		0.00	0.04	0.79	(0.98)	(0.83)
August		(0.91)	(2.58)	0.90	(3.87)	0.99
September		(0.21)	0.63	1.75	(0.67)	(1.66)
October		1.83	(1.09)	1.28	4.28	0.00
November		0.65	(1.35)	0.47	2.12	0.27
December		(3.40)	1.37	(2.05)	(1.52)	(1.32)
Compound Rate of Return5	2.64%	0.61%	(4.91)%	6.87%	(8.49)%	0.13%

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 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.

Average Annual Returns (as of May 31, 2019)
	Fund (%)	Index (%)	Index TR7 (%)	U.S. Dollar Index8 (%)
1 Year	(0.28)	(1.69)	0.57	4.01
5 Year	(1.27)	(1.19)	(0.34)	3.99
10 Year	1.47	1.89	2.37	2.11

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 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 approximately 1.66:1.

~~PAST~~Holding ~~PERFORMANCE~~futures ISpositions ~~NOT~~with ~~NECESSARILY~~a ~~INDICATIVE~~notional OFamount ~~FUTURE~~in ~~RESULTS~~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.

29There 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. 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.

~~Table~~The Fund will be required to deposit approximately twice as much of ~~Contents~~its assets then would be required if the Fund did not use leverage. The amount deposited is not expected to exceed 10% of net assets. The Fund will also trade more futures contracts and incur more brokerage commission expenses than it would if it did not use leverage. The additional amount of brokerage commission expenses generally will be proportional to the Fund’s leverage ratio.

~~THE~~The ~~FUND’S~~Fund ~~PERFORMANCE~~also ~~INFORMATION~~holds ~~FROM~~Treasury ~~INCEPTION~~Securities UPfor TOdeposit ~~AND~~with ~~EXCLUDING~~the ~~FEBRUARY 23~~Fund’s Commodity Broker as margin and Treasury Securities, ~~2015~~cash ISand money market mutual funds (affiliated or otherwise) and/or T-Bill ETFs A(affiliated ~~REFLECTION~~or OFotherwise), ~~THE~~as ~~PERFORMANCE~~applicable, ~~ASSOCIATED~~on ~~WITH~~deposit ~~THE~~with ~~FUND’S~~the ~~PREDECESSOR~~Custodian ~~MANAGING~~(for ~~OWNER~~margin and/or cash management purposes). ~~ALL~~Additionally, ~~THE~~the ~~PERFORMANCE~~Fund ~~INFORMATION~~gains ONan ~~AND~~exposure ~~AFTER~~to ~~FEBRUARY 23,~~Treasury ~~2015~~Securities ~~REFLECTS~~with ~~THE~~a ~~PERFORMANCE~~maximum ~~ASSOCIATED~~remaining ~~WITH~~maturity ~~THE~~of ~~MANAGING~~up ~~OWNER~~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 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.

~~Footnotes to Performance Information~~ 30

1.The ~~“Aggregate~~Managing ~~Gross~~Owner ~~Capital~~may determine ~~Subscriptions”~~to invest in other futures contracts if at any time it is ~~the~~impractical ~~aggregate~~or ofinefficient ~~all~~to ~~amounts~~gain ~~ever~~full ~~contributed~~or partial exposure to an Index Currency through the ~~Fund~~use of Index Contracts. These other futures contracts may or may not be based on an Index Currency. When they are not, ~~including~~the ~~investors~~Managing ~~who~~Owner ~~subsequently~~may ~~redeemed~~seek ~~their~~to ~~investments~~select futures contracts that it reasonably believes tend to exhibit trading prices that correlate with an Index Contract.

2.Investing ~~“NAV~~in ~~per Share” is~~ the ~~NAV of the~~ Fund ~~divided~~does bynot ~~the~~insulate Shareholders ~~total~~from ~~number~~certain ofrisks, ~~Shares~~including ~~outstanding~~price ~~with respect to the Fund as of May 31, 2019~~volatility.

3.There ~~“Worst~~can ~~Monthly~~be ~~Drawdown”~~no isassurance ~~the~~that ~~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~~ Fund ~~over~~will ~~the~~achieve ~~specified~~its ~~period~~investment ~~and~~objective isor ~~calculated~~avoid onsubstantial ~~a rate of return basis, i~~losses.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.

4.Temporary ~~“Worst~~Defensive 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 the Fund 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.Positions

5.Because ~~“Compound~~the ~~Rate~~Fund ofseeks ~~Return”~~to track changes, whether positive or negative, in the level of the Index over time, the Fund iswill ~~calculated~~not byordinarily ~~multiplying~~take ontemporary adefensive ~~compound~~positions ~~basis~~during ~~each~~periods of adverse market, economic or other conditions. However, in highly stressed markets, the ~~monthly~~Managing ~~rates~~Owner may, in its discretion, take a temporary defensive position and hold a portion of ~~return~~the ~~set~~Fund’s ~~forth~~assets in ~~the~~cash ~~chart~~or ~~above~~cash equivalents, money market funds and/or ~~not~~T-Bill ETFs (including money market funds and T-Bill ETFs that are managed by ~~adding~~affiliates of the Managing Owner) or ~~averaging~~in ~~such~~futures ~~monthly~~contracts ~~rates~~other ofthan ~~return~~Index Contracts. ~~For~~Taking ~~periods~~such positions may mean lost investment opportunities in a period of ~~less~~rising ~~than~~market ~~one~~prices. ~~year~~During these periods, the Fund ~~results~~may ~~are~~not ~~year-~~achieve its investment objective to~~-date~~ track the Index.

6.Role ~~Returns~~of ~~shown~~Managing ~~are for previous full calendar years.~~Owner

7.The ~~Deutsche~~Managing ~~Bank~~Owner ~~G10~~serves ~~Currency Future Harvest Index®—Total Return (“Index TR™”). Index TR™ reflects the change in the market value of the same underlying Index Contracts~~ as the ~~Index.~~commodity ~~Index~~pool ~~TR™~~operator isand ~~calculated~~commodity ontrading aadvisor ~~funded (total return) basis, which reflects the change in market value~~ of the ~~underlying Index Contracts and interest income from a notional basket of fixed income securities~~Fund. Specifically, ~~Index TR™ is included so that investors can evaluate an index~~ with ~~both~~respect ~~Index~~to ~~Contracts and income components, as~~ the Fund, ~~tracks~~ the ~~Index~~Managing ~~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.~~Owner:

8. The U.S. Dollar Index® (“DXY”), which measures the 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~~selects ~~FUND~~the ~~DOES~~Trustee, ~~NOT~~Commodity ~~TRACK~~Broker, ~~THE~~Administrator, ~~INDEX~~Index TRSponsor, ~~OR THE DXY. THE INDEX/BENCHMARK PERFORMANCE INFORMATION SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE~~Custodian, Transfer ~~AND~~Agent, ~~NONE~~distributor OFand ~~THE PERFORMANCE INFORMATION (INCLUDING THAT OF THE FUND) IS INDICATIVE OF THE FUND’S FUTURE PERFORMANCE.~~ auditor;

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

30negotiates various agreements and fees;

~~Table of Contents~~•

~~Description~~performs ofsuch other services as the ~~Deutsche~~Managing ~~Bank~~Owner ~~G10~~believes ~~Currency~~that ~~Future~~the ~~Harvest~~Fund ~~Index®-~~may ~~Excess~~from ~~Return~~time to time require; and

The Invesco DB G10 Currency Harvest Fund (the “Fund”) is not sponsored or endorsed by Deutsche Bank AG, DWS Investment Management Americas Inc. or any subsidiary or affiliate of Deutsche Bank AG or DWS Investment Management Americas Inc. (collectively, “Deutsche Bank”). The Deutsche Bank G10 Currency Future Harvest Index®—Excess Return (the “DB Index”) is the exclusive property of DWS Investment Management Americas 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 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~~monitors ~~DEUTSCHE~~the ~~BANK~~performance ~~NOR~~results ~~ANY~~of ~~OTHER~~the ~~PARTY~~Fund’s ~~INVOLVED~~portfolio ~~IN,~~and ORreallocates ~~RELATED~~assets ~~TO, MAKING OR COMPILING THE DB INDEX, WARRANTS OR GUARANTEES THE ACCURACY AND/OR THE~~within ~~COMPLETENESS~~the OFportfolio ~~THE~~with DBa ~~INDEX~~view ORto ~~ANY~~causing ~~DATA~~the ~~INCLUDED~~performance ~~THEREIN~~of ~~AND~~the ~~SHALL~~Fund’s ~~HAVE~~portfolio NOto ~~LIABILITY~~track ~~FOR~~that ~~ANY~~of ~~ERRORS,~~the ~~OMISSIONS,~~Index ORover ~~INTERRUPTIONS THEREIN~~time. 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 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 CAPITAL MANAGEMENT LLC.

NoThe ~~purchaser,~~Managing ~~seller~~Owner oris ~~holder~~registered ofas ~~the~~a ~~shares~~commodity ofpool ~~this~~operator ~~Fund,~~and ~~or any other person or entity, should use or refer to any Deutsche Bank trade name,~~commodity ~~trademark~~trading oradvisor ~~service~~with ~~mark~~the toCFTC ~~sponsor,~~and ~~endorse,~~is ~~market~~a ormember ~~promote~~of ~~this~~the ~~Fund~~NFA. ~~without~~The ~~first~~Managing ~~contacting~~Owner ~~Deutsche Bank to determine whether Deutsche Bank’s permission~~ is ~~required.~~an ~~Under~~NFA-approved noswap ~~circumstances may any person or entity claim any affiliation with Deutsche Bank without the written permission of Deutsche Bank~~firm.

~~General~~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.

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

~~Table of Contents~~31

~~Index~~ ~~Composition~~Breakeven ~~Rules~~ Table

The ~~currencies~~Breakeven ~~that~~Table ~~are~~on ~~eligible~~the ~~for~~following ~~inclusion~~page inindicates the ~~Index~~approximate ~~(the~~percentage ~~Eligible~~and ~~Index~~dollar ~~Currencies)~~returns required ~~are~~for the ~~currencies~~value of ~~the~~an ~~G10~~initial ~~countries~~$25.26 ~~which~~investment ~~are~~in ~~set~~a ~~forth~~Share to equal the amount originally invested ~~below:~~twelve months after issuance, based on the NAV per Share as of May 31, 2021.

~~Eligible~~The ~~Index~~amounts ~~Currency~~reflected ~~Symbol~~in ~~United~~this ~~States~~discussion ~~Dollar~~and ~~USD~~the ~~Euro~~accompanying ~~EUR~~table ~~Japanese~~reflect ~~Yen~~the ~~JPY~~effect of ~~Canadian Dollar CAD Swiss Franc CHF British Pound GBP Australian Dollar AUD New Zealand Dollar NZD Norwegian Krone NOK Swedish Krona SEK~~rounding.

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. 32

AtBreakeven 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. Table

The ~~Index~~Breakeven ~~Sponsor~~Table, ~~calculates~~as ~~the~~presented, ~~Index~~is on an ~~excess~~approximation ~~return basis~~only. ~~The~~Because ~~excess~~a ~~return~~constant ~~basis~~NAV ~~calculation~~per ~~reflects~~Share ~~the~~has ~~change~~been inassumed, ~~market~~the ~~value~~actual capitalization of the ~~applicable~~ ~~underlying~~Fund ~~currency~~does ~~futures~~not ~~only.~~directly affect the level of its charges as a percentage of its NAV.

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.

	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%

~~The Index Sponsor will review the three month Libor rate for each Eligible Index Currency other than NZD, SEK, NOK, CAD and AUD~~1. 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~~See ~~Index Sponsor will review~~ the ~~three~~“Charges” ~~month~~section ~~Canada Bankers Acceptance Rate~~ for ~~CAD.~~an ~~The~~explanation ~~Index~~of ~~Sponsor will review~~ the ~~Australian~~expenses ~~Bank~~included 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~~Breakeven ~~the previous quarter’s ranking will be used~~Table.

~~The Index is re-weighted quarterly~~2. 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.

32The 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.

~~Table of Contents~~3.

The ~~CME-traded~~actual ~~futures~~amount ~~contract~~ of ~~each~~brokerage ~~applicable~~commissions ~~Index Currency~~and ~~that~~trading isfees ~~closest~~ to ~~expiration~~be isincurred ~~used~~will invary ~~the~~based upon ~~Index calculation. The Index Contracts are rolled during~~ the ~~Index~~trading ~~re-weighting~~frequency ~~period. The new futures contract on an Index Currency that has the next closest expiration date is selected. The calculation~~ of the ~~Index~~Fund onand ~~an excess return basis is~~ the ~~weighted~~specific ~~return~~futures oncontracts ~~the change in price of the Index Contracts~~traded.

~~The Index has been calculated using historical data since March 12, 1993~~4. 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 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~~Managing ofOwner ~~long~~is ~~and~~responsible ~~short~~for ~~positions~~paying inall ~~the~~routine ~~construction~~operational, ofadministrative ~~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~~other ~~short~~ordinary ~~positions~~expenses ~~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~~ 5.

~~The~~Treasury ~~Index~~Income ~~Sponsor~~is ~~employs~~assumed ~~the~~to ~~methodology~~be ~~described~~earned ~~above~~at ~~and~~a ~~its~~rate ~~application~~ of ~~such~~0.02%, ~~methodology~~Money ~~shall~~Market Income is assumed to be ~~final~~earned at a rate of 0.01%, ~~The~~and ~~Index~~T-Bill ~~Sponsor~~ETF ~~can~~Income ~~change~~is ~~its methodology~~assumed to be earned at ~~any~~a ~~time~~rate ~~for~~of ~~any~~0.01%. ~~reason,~~These assumed rates are based on market rates as itof ~~deems~~May ~~appropriate~~31, 2021. T-Bill ETF Income reflects dividend income from the Fund’s holdings in 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.

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 Index6. ~~The Index Sponsor will publish notice of any such adjustment and the effective date thereof as set forth below.~~

~~Publication~~Investors may pay brokerage commissions in connection with purchases of ~~Closing~~the ~~Levels~~Shares. Brokerage commissions have not been included in the Breakeven Table because they are borne by investors rather than the Fund and ~~Adjustments~~will generally vary from investor to investor. Investors are encouraged to review the terms of their brokerage accounts for applicable charges.

In[Remainder ~~order to calculate the indicative Index level, the Index Sponsor polls Reuters every 15 seconds to determine the real time price~~ of ~~each~~page ~~underlying futures~~left ~~contract~~blank 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 that the Index Sponsor applies at the end of each trading day to calculate the closing level of the Index. intentionally]

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. 33

~~The~~ Performance ~~Index Sponsor calculates and publishes the closing level~~ of ~~the~~Invesco ~~Index~~DB ~~daily.~~G10 ~~The~~Currency ~~Managing~~Harvest ~~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~~Ticker: ~~in U.S. dollars~~DBV) ~~once every fifteen seconds throughout each trading day.~~

All of the foregoing information is published as follows:

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

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 and on the Managing Owner’s website at https://www.invesco.com/ETFs, or any successor thereto.

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%

~~The~~Annual ~~current~~Total ~~trading~~Returns ~~price~~– ~~per~~Calendar ~~Share~~Years (~~symbol:~~past ~~DBV)~~10 ~~(quoted in U.S. dollars~~years) 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. 6

~~The most~~Average ~~recent~~Annual ~~end-of-day~~Returns ~~Index closing level~~ (~~symbol: DBCFHX) is published~~ as of ~~the~~May ~~close of the NYSE Arca each trading day on the consolidated tape~~31, ~~Reuters and/or Bloomberg and on the Managing Owner’s website at https://www.invesco.com/ETFs, or any successor thereto.~~ 2021)

	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%

~~Table~~PAST ofPERFORMANCE ~~Contents~~IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

~~The~~THE ~~most~~FUND’S ~~recent end-of-day~~PERFORMANCE ~~NAV~~INFORMATION ofFROM ~~the~~INCEPTION ~~Fund~~UP ~~(symbol:~~TO ~~FBV.NV)~~AND isEXCLUDING ~~published~~FEBRUARY as23, of2015 ~~the~~IS ~~close~~A ofREFLECTION ~~business~~OF onTHE ~~Reuters~~PERFORMANCE ~~and/or~~ASSOCIATED ~~Bloomberg~~WITH ~~and~~THE ~~on the Managing Owner~~FUND’sS ~~website at~~PREDECESSOR ~~https://www.invesco.com/ETFs,~~MANAGING ~~or any successor thereto~~OWNER. InALL ~~addition,~~THE ~~the~~PERFORMANCE ~~most~~INFORMATION ~~recent~~ON ~~end-of-day~~AND ~~NAV~~AFTER ofFEBRUARY ~~the~~23, ~~Fund~~2015 isREFLECTS ~~published~~THE ~~the~~PERFORMANCE ~~following~~ASSOCIATED ~~morning~~WITH onTHE ~~the~~MANAGING ~~consolidated tape~~OWNER.

~~All of the foregoing information with respect to the Index is also published at https://index.db.com.~~ 34

~~Any~~Footnotes ~~adjustments made~~ to ~~the~~Performance ~~Index will be published on both https://index.db.com and at https://www.invesco.com/ETFs, or any successor(s) thereto.~~ Information

~~Interruption of Index Calculation~~ 1.

~~Calculation~~“Aggregate ofGross ~~the~~Capital ~~Index may~~Subscriptions” 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~~aggregate ~~control~~ of ~~the~~all ~~Index~~amounts ~~Sponsor~~ever contributed ~~and~~to ~~that~~ the ~~Index Sponsor determines affects the Index or any Index Currency. Upon the occurrence of such an event~~Fund, ~~the~~including ~~Index Sponsor~~investors ~~may,~~who insubsequently ~~its~~redeemed ~~discretion,~~their ~~elect one (or more) of the following options:~~ investments.

~~• 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;~~2.

•“NAV ~~defer~~per ~~publication~~Share” ofis the ~~information~~NAV ~~relating~~of to the ~~Index~~Fund ~~until~~divided by the ~~next~~total ~~Index~~number ~~business~~of ~~day~~Shares outstanding onwith ~~which~~respect itto ~~determines~~the ~~that~~Fund noas ~~force~~of ~~majeure~~May ~~event~~31, ~~exists; and/or~~2021.

~~• permanently cancel publication of the information relating to the Index~~3.

~~Calculation~~“Worst ofMonthly ~~the~~Drawdown” ~~Index~~is ~~may~~the ~~also~~largest besingle ~~disrupted~~month byloss ansustained ~~event~~during ~~that prevents~~ the most ~~Index~~recent ~~Sponsor~~five ~~from~~calendar ~~obtaining~~years ~~the~~and ~~closing~~year ~~prices~~to ofdate ~~the~~(if ~~underlying Index Contracts~~applicable). In“Drawdown” ~~turn,~~as ~~the~~used ~~Index Sponsor would,~~ in ~~its~~this ~~discretion,~~section ~~either review the price~~ of ~~an instrument, if available, that is substantially similar to~~ the ~~Index~~Prospectus ~~Contract,~~means ~~or,~~losses ifexperienced ~~unavailable,~~by ~~obtain all~~ the ~~closing~~Fund ~~prices~~over ~~for~~ the ~~unaffected Index~~ ~~Currencies,~~specified ~~then,~~period ~~with~~and ~~respect~~is tocalculated ~~the~~on ~~disrupted~~a ~~Index~~rate ~~Currencies, calculate the closing price in respect~~ of ~~the~~return ~~disrupted Index Currency on an alternative~~ basis, ~~were~~i.e., ~~such~~dividing ~~event~~net toperformance ~~occur~~by orbeginning ~~exist~~equity. on“Drawdown” ~~a day that~~ is ameasured ~~trading day for futures contracts in such Index Currency~~ on the ~~relevant~~basis ~~exchange.~~of Ifmonthly ~~such~~returns anonly, ~~Index disruption event occurs~~ and ~~continues~~does ~~for~~not areflect ~~period~~intra-month offigures. ~~five~~“Month” ~~successive~~is ~~trading days,~~ the ~~Index~~month ~~Sponsor~~of ~~will,~~the inWorst ~~its~~Monthly ~~discretion, either~~ Drawdown.

~~• 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~~4.

•“Worst ifPeak-to-Valley ~~such~~Drawdown” ~~period~~is ~~extends~~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 ~~successive~~calendar ~~trading~~years ~~days~~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 ~~Index~~negative ~~Sponsor~~returns ~~may~~are ~~elect~~larger than the positive returns. “Worst Peak-to-Valley ~~replace~~Drawdown” represents the ~~futures~~greatest ~~contract~~percentage ~~with~~decline ~~respect~~from toany 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 ~~Index~~NAV ~~Currency~~per Share of the Fund declined by $1 in each of January and ~~shall~~February, ~~make~~increased ~~all~~by ~~necessary~~$1 ~~adjustments~~in March and declined again by $2 in April, a “peak-to-valley drawdown” analysis conducted as of the ~~methodology~~end of April would consider that “drawdown” to be still continuing and ~~calculation~~to ofbe $3 in amount, whereas if the ~~Index~~NAV per Share had increased by $2 in March, the January-February drawdown would have ended as itof ~~deems~~the ~~appropriate~~end of February at the $2 level.

~~Historical Closing Levels~~ 5.

~~The~~“Compound ~~Closing~~Rate ~~Levels~~of ~~Tables~~Return” ~~present closing~~of ~~levels for~~ the ~~Index~~Fund ~~(“Closing~~is ~~Levels”)~~calculated ~~since~~by ~~January~~multiplying ~~2009.~~on ~~The~~a ~~historic~~compound basis ~~data~~each ~~shown~~of ~~with~~the ~~respect~~monthly torates ~~the~~of ~~closing~~return ~~prices~~set offorth in the ~~Index~~chart ~~Contracts~~above ~~originated~~and ~~from~~not ~~Bloomberg~~by ~~and~~adding ~~Reuters~~or ~~(including~~averaging ~~the~~such ~~World~~monthly ~~Markets~~rates ~~Company)~~of return. ~~The~~For ~~Index Sponsor~~periods ~~has~~of ~~not~~less ~~independently~~than ~~verified~~one year, the ~~information~~results ~~extracted~~are ~~from this source~~year-to-date.

~~[Remainder of page left blank intentionally]~~ 6.

34Returns shown are for previous full calendar years.

~~Table of Contents~~7.

~~Closing~~Deutsche ~~Levels~~Bank ~~Table~~G10 Currency Future Harvest Index®—Total Return (“Index 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 funded (total return) basis, which reflects the change in market value of the underlying Index Contracts and interest income from a notional basket of fixed income securities. Index TRTM is 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.

~~DEUTSCHE~~8. ~~BANK G10 CURRENCY FUTURE HARVEST INDEX® — EXCESS RETURN~~

	CLOSING LEVEL		INDEX CHANGES
	High1	Low2	Annual3	Since Inception4
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%
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 (YTD)5	282.37	272.26	1.96%	174.85%

The U.S. Dollar Index® (“DXY”), which measures the 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 ~~PRIOR~~FUND DOES NOT TRACK THE INDEX ~~LEVELS~~TR ~~AND~~OR ~~CHANGES~~THE TODXY. THE INDEX/BENCHMARK PERFORMANCE ~~LEVELS~~INFORMATION SHOWN ABOVE DODOES NOT REPRESENT THE FUND’S PERFORMANCE, AND ~~ARE NOT~~NONE ~~INDICATIVE~~ OF THE ~~FUND’S FUTURE~~ PERFORMANCE. ~~THE~~INFORMATION ~~INDEX~~(INCLUDING ~~DOES~~THAT ~~NOT~~OF ~~REFLECT~~THE ~~ANY~~FUND) ~~FEES~~IS ORINDICATIVE ~~EXPENSES~~OF ~~ASSOCIATED~~THE ~~WITH OPERATING A~~ FUND’S ORFUTURE ~~ACTUAL TRADING~~PERFORMANCE.

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

~~1. “High” under “Closing Level” reflects the highest closing level of the Index during the applicable year.~~35

2. Description ~~“Low”~~of ~~under “Closing Level” reflects~~ the ~~lowest~~Deutsche ~~closing~~Bank ~~level~~G10 ofCurrency ~~the~~Future Harvest Index® ~~during~~– Excess ~~the applicable year.~~Return

3.The Invesco DB G10 Currency Harvest Fund (the “~~Annual~~Fund”) ~~under~~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 ~~Changes~~Return (the “DB Index”) ~~reflects~~is the ~~change~~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 ~~closing~~makes ~~level~~any onrepresentation anor ~~annual~~warranty, ~~basis~~express asor implied, concerning the DB Index, the Fund or the advisability of ~~December~~investing 31in 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 ~~each~~Invesco ~~applicable~~Capital ~~year~~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.

4NEITHER 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. ~~“Since~~NEITHER ~~Inception”~~DEUTSCHE ~~under~~BANK ~~“Index~~NOR ~~Changes”~~ANY ~~reflects~~OTHER ~~the~~PARTY ~~change~~INVOLVED ofIN, ~~the~~OR ~~Index~~RELATED ~~closing~~TO, ~~levels~~MAKING ~~since~~OR ~~inception~~COMPILING onTHE aDB ~~compounded~~INDEX, ~~annual~~MAKES ~~basis~~ANY asWARRANTY, ofEXPRESS ~~December~~OR 31IMPLIED, ofAS ~~each~~TO ~~applicable~~RESULTS ~~year~~TO BE OBTAINED BY INVESCO 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 CAPITAL MANAGEMENT LLC.

5.No ~~For~~purchaser, seller or holder of the ~~period~~shares ~~January~~of 1this Fund, ~~2019~~or ~~through~~any ~~May~~other 31person or entity, ~~2019~~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.

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

35The 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.

~~Table~~Index ofComposition ~~Contents~~

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

Proceeds of the offering of the Shares are used by the Fund to trade Index Contracts with a view to tracking the changes, positive or negative, in the levels of the Index over time. Proceeds of the offering are also used to pay the Fund’s fees, expenses, and other costs. Proceeds not posted as margin with the Commodity Broker for the Fund’s Index Contract positions are held on deposit with the Custodian. Proceeds that are posted as margin or held for cash management purposes may take the form of Treasury Securities, shares of money market funds and T-Bill ETFs, other securities eligible for use as margin, and/or cash. Approximately 4% of the Fund’s NAV is required to be posted as collateral with respect to its holdings of Index Contracts as of May 31, 2019. Collateral requirements are initially set by the applicable futures 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 Index 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 Index Contracts that have been marked to market as of May 31, 2019. 36

~~With~~Eligible ~~respect~~Index toCurrency ~~the~~Symbol ~~Fund trading futures contracts on~~ United States ~~exchanges, the~~Dollar ~~assets~~USD ~~deposited~~Euro byEUR ~~the~~Japanese ~~Fund~~Yen ~~with~~JPY ~~its~~Canadian ~~Commodity~~Dollar ~~Broker~~CAD asSwiss ~~margin~~Franc ~~must~~CHF beBritish ~~segregated~~Pound ~~pursuant~~GBP toAustralian ~~the~~Dollar ~~regulations~~AUD ofNew ~~the~~Zealand ~~CFTC.~~Dollar ~~Such~~NZD ~~segregated~~Norwegian ~~funds~~Krone ~~may~~NOK beSwedish ~~invested~~Krona ~~only in a limited range of instruments, principally U.S. government obligations.~~ SEK

ToFutures ~~the~~contracts ~~extent~~referencing ~~that~~each of the ~~Fund~~Eligible ~~trades~~Index inCurrencies ~~futures~~(except ~~on markets other than United States futures exchanges, for instance if at any time it is impractical~~USD) orcurrently ~~inefficient~~are totraded ~~gain~~on ~~full~~the orCME ~~partial~~although ~~exposure~~currency tofutures ~~any~~contracts ~~Index Commodity~~ on athe ~~United~~Eligible ~~States~~Index ~~futures~~Currencies ~~exchange,~~also ~~funds~~trade ~~deposited to margin positions held~~ on ~~those~~other exchanges ~~will be invested~~ in ~~bank~~the ~~deposits~~United orStates inand ~~instruments of a credit standing generally comparable to those authorized by~~ the ~~CFTC~~Fund ~~for~~may ~~investment~~invest ~~of customer segregated funds. It should be noted, however, that applicable CFTC rules prohibit funds employed~~ in ~~trading~~such ~~on foreign exchanges from being deposited in “customer segregated fund accounts~~contracts.”

~~Although~~At any time, the ~~percentages~~Index ~~set~~is ~~forth~~comprised ~~below~~of ~~may~~long ~~vary~~futures ~~substantially~~positions ~~over~~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 ~~date~~Index. The composition of ~~this~~the ~~Prospectus,~~Index may be adjusted in the event ~~Fund~~that ~~estimates:~~the Index Sponsor is not able to calculate the closing prices of the Index Currencies.

~~(i)~~The upIndex toSponsor ~~approximately~~calculates ~~4% of~~ the ~~NAV~~Index ofon ~~the~~an ~~Fund~~excess ~~will~~return bebasis. ~~required~~The toexcess bereturn basis ~~placed~~calculation inreflects ~~segregated~~the ~~accounts~~change in ~~the~~market ~~name~~value of the ~~Fund with the Commodity Broker (or another eligible financial institution, as~~ applicable) tounderlying ~~margin~~currency ~~the~~futures ~~Fund’s Index Contract positions~~only. ~~Those funds are segregated pursuant to CFTC rules; and~~

~~(ii)~~In uporder to ~~approximately~~determine ~~96%~~which ofEligible Index Currencies to include in the ~~NAV~~Index from time to time, the Index Sponsor will review the composition of the ~~Fund~~Index ison ~~maintained~~a inquarterly ~~segregated~~basis ~~accounts~~five ~~with~~business days prior to the ~~Custodian~~IMM Date. “IMM Date” means the third Wednesday of March, June, September and December, a traditional settlement date in the International Money Market.

The ~~Managing~~Index ~~Owner~~Sponsor iswill ~~responsible for overseeing~~ review the ~~use~~three ofmonth ~~proceeds~~Libor ~~for~~rate ~~margin purposes with the Commodity Broker and~~ for ~~the investment~~each ofEligible ~~proceeds~~Index ~~held~~Currency ~~with~~other ~~the~~than ~~Custodian~~NZD, ~~for~~SEK, ~~cash~~NOK, ~~management~~CAD ~~purposes~~and AUD. ~~While~~The ~~the~~Index ~~Fund’s~~Sponsor ~~performance~~ will ~~reflect~~review the ~~appreciation~~three-month orrate ~~depreciation~~ of ~~those holdings,~~ the ~~Fund’s~~New ~~performance~~Zealand –Bank ~~whether~~Bill for ~~positive~~NZD. orThe ~~negative~~Index – Sponsor will bereview ~~driven~~the ~~primarily~~three bymonth ~~its~~Stibor ~~strategy~~rate ofand ~~trading~~the ~~Index~~three ~~Contracts~~month ~~with~~Nibor ~~the~~rate ~~aim~~ of ~~seeking~~the SEK toand ~~track~~NOK, ~~the Index~~respectively.

The ~~Fund~~Index ~~receives~~Sponsor ~~100%~~will ofreview ~~its~~the three month Canada Bankers Acceptance Rate for CAD. The Index Sponsor ~~Treasury~~will ~~Income~~review the Australian Bank Bill Short Term Three Month Mid Rate for AUD. The Libor, ~~Money~~Stibor ~~Market~~and ~~Income~~Nibor rates for the Eligible Index Currencies, as applicable, mean the London, Stockholm and ~~T-Bill~~Norway ~~ETF~~interbank ~~Income~~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.

~~Charges~~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.

~~See~~The ~~“Breakeven~~CME-traded ~~Analysis”~~futures ~~for~~contract ~~breakeven~~of ~~related~~each ~~information~~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.

~~Management~~The ~~Fee~~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

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. 37

~~The~~USD ~~Fund~~since ~~may,~~March ~~for margin and/or cash management purposes~~12, ~~invest~~1993. inMarch ~~money market~~1993 ~~mutual~~was ~~funds~~chosen ~~and/or~~as ~~T-Bill~~a ~~ETFs~~starting ~~that~~period ~~are~~because ~~managed~~it byrepresents ~~affiliates of~~ the ~~Managing~~earliest date ~~Owner.~~on ~~The~~which ~~indirect~~reliable ~~portion~~data offor ~~the~~all ~~management fees that~~ the ~~Fund~~Eligible ~~may~~Index ~~incur~~Currencies ~~through~~exists. ~~such~~On ~~investments~~March is12, in1993, ~~addition to~~ the ~~Management~~ ~~Fee~~closing ~~paid~~Index tolevel ~~the~~was ~~Managing~~USD ~~Owner~~100. ~~The Managing Owner has~~

36The 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.

~~Table~~Change in the Methodology of ~~Contents~~the Index

~~contractually~~The ~~agreed~~Index toSponsor ~~waive~~employs ~~indefinitely~~ the ~~fees~~methodology ~~that~~described itabove ~~receives~~and inits anapplication ~~amount~~of ~~equal~~such tomethodology ~~the~~shall be ~~indirect~~final. ~~management~~The ~~fees~~Index ~~that~~Sponsor ~~the~~can ~~Fund~~change ~~incurs through~~ its ~~investments~~methodology inat ~~affiliated~~any ~~money~~time ~~market mutual~~for ~~funds~~any ~~and/or~~reason, ~~affiliated~~as ~~T-Bill~~it ~~ETFs.~~deems ~~The Managing Owner may terminate this waiver on 60 days’ notice~~appropriate.

~~Organization~~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 ~~Offering~~the ~~Expenses~~effective date thereof as set forth below.

~~Expenses~~Publication ~~incurred in connection with organizing the Fund and the initial offering~~ of ~~the~~Closing ~~Shares~~Levels were paid by the Fund’s predecessor managing owner (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 were and are paid by the Managing Owner. The Managing Owner aggregates the offering expenses related to the Fund and other commodity and currency pools within the 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 the expenses incurred in connection with the continuous offering of Shares of the Invesco DB fund suite may be approximately 0.06% of the average of the funds’ NAV during the life of the Fund’s currently effective registration statement. These costs may vary considerably during the life of the Fund’s current registration statement, but the Managing Owner retains the obligation to pay those expenses in lieu of the Fund. Adjustments

~~Offering~~In ~~expenses~~order ~~relating~~ to calculate the ~~Fund~~indicative ~~means~~Index ~~those~~level, ~~expenses~~the ~~incurred~~Index Sponsor inpolls ~~connection~~Reuters ~~with~~every 15 seconds to determine the ~~continuous offering~~real time price of each Index Contract. The Index Sponsor then applies a set of rules to these values to create the ~~Shares~~indicative level of the ~~Fund,~~Index. ~~including,~~These ~~but~~rules ~~not~~are ~~limited~~consistent with the rules that the Index Sponsor applies at the end of each trading day to, ~~expenses~~calculate ~~such~~the ~~as:~~closing level of the Index.

•The ~~registration~~IIV ~~fees~~per Share is based on the prior day’s final NAV, ~~filing~~adjusted ~~fees~~four ~~and~~times ~~taxes;~~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 ~~costs~~Index Sponsor calculates and publishes the closing level of ~~preparing,~~the ~~printing~~Index ~~(including~~daily. ~~typesetting),~~The ~~amending,~~Managing ~~supplementing,~~Owner ~~mailing~~publishes the NAV of the Fund and ~~distributing~~the NAV per Share daily. The Index Sponsor also calculates and publishes the ~~Registration~~intra-day ~~Statement~~Index level, and the ~~exhibits~~Index ~~thereto~~Sponsor calculates, and ~~this~~the ~~Prospectus;~~Managing Owner publishes, the IIV per Share (quoted in U.S. dollars) once every fifteen seconds throughout each trading day.

•All ~~the costs~~ of ~~qualifying, printing (including typesetting), amending, supplementing, mailing and distributing sales materials used in connection with~~ the ~~offering~~foregoing ~~and~~information ~~issuance~~is ofpublished ~~the~~as ~~Shares;~~follows:

•The ~~travel,~~intra-day ~~telegraph,~~level ~~telephone~~of the Index (symbol: DBCFHX) and ~~other~~the ~~expenses~~IIV per Share (symbol: FBV) (each quoted in ~~connection~~U.S. dollars) ~~with~~are published once every fifteen seconds throughout each trading day on the ~~offering~~consolidated tape, Reuters and/or ~~issuance~~Bloomberg. ofThe IIV per Share (symbol: FBV) is also published on the ~~Shares;~~Managing ~~and~~Owner’s website at https://www.invesco.com/ETFs, or any successor thereto.

•The ~~accounting,~~current ~~auditing~~trading ~~and~~price ~~legal~~per ~~fees~~Share (~~including~~symbol: ~~disbursements~~DBV) ~~related~~(quoted ~~thereto~~in U.S. dollars) ~~incurred~~is inpublished ~~connection~~continuously ~~therewith~~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 ~~Managing~~most ~~Owner~~recent ~~will~~end-of-day ~~not~~Index ~~allocate~~closing tolevel (symbol: DBHVFER) is published as of the ~~Fund~~close of the ~~indirect~~NYSE ~~expenses~~Arca ofeach trading day on the ~~Managing~~consolidated ~~Owner.~~tape, Reuters and/or Bloomberg.

~~Brokerage~~The ~~Commissions~~most recent end-of-day NAV of the Fund (symbol: FBV.NV) is published as of the close of business on Reuters and/or ~~Fees~~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.

~~The~~All ~~Fund~~of ~~pays to~~ the ~~Commodity~~ ~~Broker~~foregoing ~~all~~information ~~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~~respect ~~trading activities. On average, total charges paid~~ to the Index Commodity Broker are expected to be less than $6.00 per round-turn trade, although the Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract, or round-turn basis. A round-turn trade is aalso ~~completed~~published ~~transaction involving both a purchase and a liquidating sale, or a sale followed by a covering purchase~~at https://index. ~~The Managing Owner estimates the brokerage commissions and fees will be approximately 0~~db.~~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~~com.

~~Routine~~Any ~~Operational,~~adjustments ~~Administrative~~made to the Index will be published on both https://index.db.com and at ~~Other~~https://www.invesco.com/ETFs, ~~Ordinary~~or ~~Expenses~~any successor(s) thereto.

The Managing Owner pays all routine operational, administrative and other ordinary expenses of the Fund. These expenses include, but are not limited to, the fees and expenses of the Trustee, license and service fees paid to DIMA as Marketing Agent and Index Sponsor, legal and accounting fees and expenses, tax preparation expenses, filing fees, and printing, mailing and duplication costs. 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 funds within the 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 Invesco DB fund suite will be approximately 0.42% per annum of the average of the funds’ NAV. 38

37Interruption of Index Calculation

~~Table~~Calculation of ~~Contents~~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:

~~Non-Recurring Fees and Expenses~~ •

~~The~~make ~~Fund~~such ~~pays~~determinations ~~all non-recurring~~ and/or ~~unusual~~adjustments ~~fees and expenses (referred~~ to ~~as extraordinary fees and expenses in~~ the ~~Trust~~terms ~~Agreement)~~ of the ~~Fund~~Index ~~generally, if any,~~ as ~~determined~~it byconsiders ~~the~~appropriate ~~Managing~~to ~~Owner.~~determine ~~Non-recurring~~any ~~and~~closing ~~unusual~~level ~~fees~~on ~~and~~any ~~expenses include items~~ such asIndex ~~legal~~business ~~claims and liabilities, litigation costs, indemnification expenses and other expenses that are not currently anticipated obligations of the Fund or of managed futures funds in general.~~ day;

~~Management Fee and Expenses to be Paid First out of Treasury Income, Money Market Income and/or T-Bill ETF Income~~ •

~~The Management~~defer ~~Fee~~publication ~~and the brokerage commissions and fees~~ of the ~~Fund~~information ~~are~~relating paid first out of Treasury Income, Money Market Income 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, the Money Market Income and the T-Bill ETF Income, as applicable, is not sufficient to ~~cover~~ the ~~fees~~Index ~~and~~until ~~expenses of~~ the ~~Fund~~next ~~that~~Index ~~are payable~~business by the Fund during any period, the excess of such fees and expenses over such Treasury Income, Money Market Income and T-Bill ETF Income, as applicable, will be paid out of income from futures trading,day ifon ~~any,~~which orit ~~from~~determines ~~sales~~that ofno ~~the~~force ~~Fund’s~~majeure ~~Treasury~~event ~~Securities~~exists; and/or ~~holdings in money market mutual funds and/or holdings in T-Bill ETFs. The Fund holds Treasury Securities, money market mutual funds and T-Bill ETFs for margin and/or cash management purposes only.~~

~~Selling Commission~~ •

~~Retail~~permanently ~~investors~~cancel ~~may~~publication ~~purchase and sell Shares through traditional brokerage accounts. Investors are expected to be charged a commission by their brokers in connection with purchases~~ of ~~Shares~~the ~~that~~information ~~will~~relating ~~vary from investor~~ to ~~investor. Investors are encouraged to review~~ the ~~terms of their brokerage accounts for applicable charges~~Index.

~~The~~Calculation ~~offering~~ of ~~Creation~~the ~~Units~~Index ismay ~~being~~also ~~made~~be disrupted inby ~~compliance~~an ~~with~~event ~~Conduct~~that ~~Rule~~prevents ~~2310~~the ofIndex Sponsor from obtaining the ~~Financial~~closing ~~Industry~~prices ~~Regulatory~~of ~~Authority~~the ~~(“FINRA”)~~underlying Index Contracts. ~~The excess~~In turn, ifthe ~~any~~Index Sponsor would, ofin its discretion, either review the price atof ~~which~~ an ~~Authorized~~instrument, ~~Participant~~if ~~sells~~available, athat ~~Share~~is ~~over~~substantially similar to the ~~price~~Index ~~paid~~Contract, byor, ~~such~~if ~~Authorized~~unavailable, ~~Participant~~obtain inall ~~connection~~the closing prices for the unaffected Index Currencies, then, with respect to the ~~creation~~disrupted Index Currencies, calculate the closing price in respect of the disrupted Index Currency on an alternative basis were such ~~Share~~event into occur or exist on a ~~Creation~~day ~~Unit~~that ~~may,~~is ~~depending~~a trading day for futures contracts in such Index Currency on the ~~facts~~relevant exchange. If such an Index disruption event occurs and ~~circumstances,~~continues ~~be deemed~~for toa beperiod ~~underwriting~~of ~~compensation~~five bysuccessive trading days, the ~~FINRA~~Index ~~Corporate~~Sponsor ~~Financing~~will, ~~Department.~~in its discretion, either:

~~Who May Subscribe~~ •

~~Creation~~continue 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~~calculate ~~as a broker-dealer to engage in securities transactions, (2) be a participant in DTC, and (3) have entered into a Participant Agreement with~~ the ~~Fund~~relevant ~~and~~closing ~~the~~price ~~Managing Owner. The Participant Agreement sets forth the procedures~~ for ~~the~~a ~~creation~~further ~~and~~period ~~redemption~~ of ~~Creation~~five ~~Units~~successive trading ~~and~~days for the ~~delivery~~Index ofCurrency ~~cash~~on ~~required for such creations or redemptions. A list of~~ the ~~current~~ ~~Authorized~~relevant ~~Participants~~exchange; ~~can be obtained from the Administrator. See “Creation and Redemption of Shares” for more details.~~ or

~~Creation and Redemption of Shares~~ •

~~The~~if ~~Fund~~such ~~creates~~period ~~and~~extends ~~redeems~~beyond ~~Shares~~the ~~from~~five ~~time~~successive totrading ~~time~~days, ~~but~~the ~~only~~Index inSponsor ~~one~~may ~~or more Creation Units. A Creation Unit is a block of 200,000 Shares.~~elect ~~Creation~~to ~~Units~~replace ~~may be created or redeemed only by Authorized Participants. Except when aggregated in Creation Units,~~ the ~~Shares~~futures ~~are~~contract ~~not redeemable securities. Authorized Participants pay a transaction fee of $500 in connection~~ with ~~each~~respect ~~order~~ to ~~create~~ orthe ~~redeem~~Index aCurrency ~~Creation Unit~~ and ~~are~~shall ~~subject~~make toall annecessary ~~additional processing charge for failure~~ adjustments to ~~timely deliver such orders. From time to time,~~ the ~~Managing~~methodology ~~Owner,~~and incalculation ~~its sole discretion, may reimburse Authorized Participants for all or a portion~~ of the ~~processing~~Index ~~fees~~as ~~from~~it ~~the~~deems ~~Managing Owner’s own assets~~appropriate. ~~Authorized Participants may sell the Shares included in the Creation Units they purchase from the Fund to other investors.~~

~~Authorized~~Historical ~~Participants~~Closing are the only persons that may place orders to create and redeem 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 Levels

38The 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.

~~Table~~[Remainder of ~~Contents~~page left blank intentionally]

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 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 may be amended by the Managing Owner only with the consent of the Authorized Participant, while the procedures attached thereto may be amended with notice to the Authorized Participant. Shareholder consent is not required in either case. To compensate the Transfer Agent for services in processing the creation and redemption of Creation Units, an Authorized Participant is required to pay a transaction fee of $500 per order to create or redeem Creation Units. Authorized Participants who purchase 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. 39

~~Authorized~~Closing ~~Participants~~Levels are cautioned that some of their activities 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 and liability provisions of the Securities Act of 1933 (the “Securities Act”), as described in “Plan of Distribution.” Table

~~Authorized~~Deutsche ~~Participants~~Bank ~~may~~G10 ~~act~~Currency ~~for~~Future ~~their~~Harvest ~~own~~Index® ~~accounts~~– orExcess ~~as agents for broker-dealers, custodians and other securities market participants that wish to create or redeem Creation Units.~~ Return

Persons interested in purchasing 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.

	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%

~~Under~~THE ~~the~~PRIOR ~~Participant~~INDEX ~~Agreements,~~LEVELS ~~the~~AND ~~Managing~~CHANGES ~~Owner~~TO ~~has~~THE ~~agreed~~INDEX toLEVELS ~~indemnify~~SHOWN ~~the~~ABOVE ~~Authorized~~DO ~~Participants~~NOT ~~and~~REPRESENT ~~certain~~THE ~~parties~~FUND’S PERFORMANCE ~~related~~AND toARE ~~the~~NOT ~~Authorized Participants~~INDICATIVE ~~against~~OF ~~certain~~THE ~~liabilities~~FUND’S asFUTURE aPERFORMANCE. ~~result~~THE ~~of:~~INDEX DOES NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.

• 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 Officer’s Certificate (as defined in the Participant Agreement);Notes

~~• any failure on the part of the Managing Owner to perform any obligation of the Managing Owner set forth in the Participant Agreement;~~1.

•“High” ~~any~~under ~~failure~~“Closing byLevel” ~~the~~reflects ~~Managing Owner to comply with applicable laws and regulations in connection with~~ the ~~Participant~~highest ~~Agreement,~~closing ~~except~~level ~~that~~of the Index ~~Managing~~during ~~Owner will not be required to indemnify a Managing Owner Indemnified Party (as defined in~~ the ~~Participant~~applicable 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;year.

• any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement of the Trust as originally filed with the SEC, or in any amendment thereof, or in any prospectus, or in any amendment thereof or 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 not misleading, except those statements in the Registration Statement or the Prospectus based on information furnished in writing by or on behalf of the Authorized Participant expressly for use in the Registration Statement or the Prospectus2.

~~As provided in the Participant Agreements, in the absence of gross~~“Low” ~~negligence,~~under ~~bad~~“Closing ~~faith~~Level” orreflects ~~willful misconduct, neither~~ the ~~Managing~~lowest ~~Owner~~closing ~~nor~~level ~~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~~Index ~~Participant,~~during 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~~applicable ~~means of communications used by them~~year.

The following description of the procedures for the creation and redemption of Creation Units is only a summary and an investor should refer to the relevant provisions of the Trust Agreement and the form of Participant Agreement for more detail3. ~~The Trust Agreement and the form of Participant Agreement are filed as exhibits to the registration statement of which this Prospectus is a part.~~

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

~~Table of Contents~~4.

~~Creation~~“Since ~~Procedures~~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.

~~On any business day, an Authorized Participant may place an order with the Transfer Agent to create one or more Creation Units~~5. For purposes of processing both creation 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. 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 two business days after the creation order date. By placing a creation order, and prior to delivery of such Creation Units, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the creation order.

~~Creation~~For ~~Units are issued on~~ the ~~creation~~period ~~order~~January ~~settlement date as of 2:45 p.m.~~1, ~~Eastern~~2021 ~~time,~~through onMay 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 traded31, ~~whichever is later, on the creation order date, but only if the required payment has been timely received~~2021. Upon submission of a creation order, the Authorized Participant may request the Managing Owner to agree to a creation order settlement date up to two business days after the creation order date. By placing a creation order, and prior to receipt of the Creation Units, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the creation order.

~~Determination~~[Remainder of ~~Required~~page ~~Payment~~left blank intentionally]

The total payment required to create each Creation Unit is the NAV of 200,000 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. 40

~~Because orders to purchase Creation Units must be placed by 1:00 p.m., Eastern time, but the total payment required to create a Creation Unit will not be~~ ~~determined~~Use ~~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 Creation Unit at the time they submit the creation order for the Creation Unit. The Fund’s NAV and the total amount of the payment required to create a 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. Proceeds

~~Rejection~~Proceeds of ~~Creation~~the ~~Orders~~offering of the Shares are used by the Fund to trade Index Contracts with a view to tracking the changes, positive or negative, in the levels of the Index over time. Proceeds of the offering are also used to pay the Fund’s fees, expenses, and other costs. Proceeds not posted as margin with the Commodity Broker for the Fund’s Index Contract positions are held on deposit with the Custodian. Proceeds that are posted as margin or held for cash management purposes may take the form of Treasury Securities, shares of money market funds and T-Bill ETFs, other securities eligible for use as margin, and/or cash. Approximately 3% of the Fund’s NAV was posted as collateral with respect to its holdings of Index Contracts as of May 31, 2021. Collateral requirements are initially set by the applicable futures 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 Index 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 Index Contracts that have been marked to market as of May 31, 2021.

~~The~~With respect to the Fund trading futures contracts on United States exchanges, the ~~Managing~~assets ~~Owner~~deposited orby the ~~Transfer~~Fund ~~Agent~~with its Commodity Broker as margin must be segregated pursuant to the regulations of the CFTC. Such segregated funds may ~~reject~~be invested only in a ~~creation~~limited ~~order~~range ~~if:~~of instruments, principally U.S. government obligations.

•Although ~~The~~the ~~Managing~~percentages ~~Owner~~set orforth ~~the~~below ~~Transfer~~may ~~Agent~~vary substantially ~~determines~~over ~~that~~time, as of the ~~creation~~date ~~order~~of isthis ~~not~~Prospectus, inthe ~~proper~~Fund ~~form;~~estimates:

~~• 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~~(i)

•up ~~Circumstances~~to ~~outside~~approximately 3% of the ~~control~~NAV of the ~~Managing~~Fund ~~Owner~~will orbe placed in segregated accounts in the name ~~Transfer~~of ~~Agent~~the ~~make~~Fund ~~it,~~with ~~for~~the ~~all~~Commodity ~~practical~~Broker ~~purposes~~(or another eligible financial institution, ~~not~~as ~~feasible~~applicable) to margin ~~process~~the ~~creations~~Fund’s ofIndex ~~Creation~~Contract ~~Units~~positions. Those funds are segregated pursuant to CFTC rules; and

~~The Managing Owner will not be liable for the rejection of any creation order.~~ (ii)

~~The~~up ~~Fund also may not be able~~ to ~~create~~approximately ~~new~~97% ~~Creation~~of ~~Units~~the atNAV ~~any~~of ~~time~~the ifFund ~~there~~ is anmaintained ~~insufficient amount of Shares registered~~ in ~~this~~segregated ~~offering~~accounts ~~or if~~with ~~another legal or operational impediment to creating new Creation Units arises~~the Custodian.

~~Redemption~~The ~~Procedures~~Managing Owner is responsible for overseeing the use of proceeds for margin purposes with the Commodity Broker and for the investment of proceeds held with the Custodian for cash management purposes. 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 Index Contracts with the aim of seeking to track the Index.

The ~~procedures~~Fund byreceives ~~which~~100% ~~an Authorized Participant can redeem one or more Creation Units mirror the procedures for the creation~~ of ~~Creation~~its ~~Units.~~Treasury ~~On any business day~~Income, anMoney ~~Authorized~~Market ~~Participant~~Income ~~may~~and ~~place~~T-Bill ~~an order with the Transfer Agent to redeem one or more 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~~ETF ~~order is the redemption order date~~Income. 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 two business days after the redemption order date. The redemption procedures allow Authorized Participants to redeem Creation Units. Individual Shareholders may not redeem directly from the Fund. Instead, individual Shareholders may only redeem Shares in an amount equal to one or more whole Creation Units and only through an Authorized Participant.

40 Charges

~~Table~~See “Breakeven ofAnalysis” ~~Contents~~for breakeven related information.

ByManagement placing a redemption order, an Authorized Participant agrees to deliver the Creation Units to be redeemed through DTC’s book-entry system to the Fund not later than the redemption order 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 two 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. Fee

~~Determination~~The Fund pays the Managing Owner a Management Fee, monthly in arrears, in an amount equal to 0.75% per annum of ~~Redemption~~the ~~Proceeds~~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 ~~redemption proceeds from the~~ Fund ~~consist~~may, offor ~~the~~margin ~~cash~~and/or ~~redemption amount. The~~ cash ~~redemption~~management ~~amount~~purposes, isinvest ~~equal~~in tomoney ~~the~~market mutual ~~NAV~~funds ofand/or ~~the~~T-Bill ~~number~~ETFs ofthat ~~Creation~~are ~~Unit(s)~~managed ~~requested~~by inaffiliates of the ~~Authorized~~Managing ~~Participant’s~~Owner. ~~redemption~~The ~~order~~indirect asportion of the ~~closing~~management ~~time~~fees ofthat the ~~NYSE~~Fund ~~Arca~~may orincur ~~the~~through ~~last to~~such ~~close~~investments ofis ~~the~~in ~~exchanges~~addition onto ~~which~~ the ~~Fund’s~~Management ~~futures~~Fee ~~contracts~~paid ~~are~~to ~~traded, whichever is later, on~~ the Managing ~~redemption order date~~Owner. The Managing Owner ~~will~~has ~~distribute~~contractually ~~the~~agreed ~~cash~~to ~~redemption~~waive ~~amount~~indefinitely atthe ~~2:45~~fees ~~p.m.,~~that ~~Eastern~~it ~~time,~~receives onin ~~the~~an ~~redemption~~amount ~~order settlement~~equal ~~date through DTC~~ to the ~~account~~indirect ofmanagement ~~the~~fees ~~Authorized~~that ~~Participant~~the asFund incurs ~~recorded~~through onits ~~DTC’s book entry system.~~

~~Delivery of Redemption Proceeds~~ 41

~~The~~investments ~~redemption~~in ~~proceeds due from the Fund are delivered to the Authorized Participant at 2:45 p.m., Eastern time, on the redemption order settlement date~~affiliated ~~if,~~money bymarket ~~such~~mutual ~~time,~~funds the Fund’s DTC account has been credited with the Creation Units to be redeemed. If the Fund’s DTC account has not been credited with all of the Creation Units to be redeemed by such time, the redemption distribution is delivered to the extent of whole Creation Units received. Any remainder of the redemption distribution is delivered on the next business day to the extent of remaining whole 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, determine and/or ~~the~~affiliated ~~remaining~~T-Bill ~~Creation Units to be redeemed are credited to the Fund’s DTC account by 2:45 p~~ETFs.~~m.,~~ ~~Eastern time, on such next business day. Any further outstanding amount of the redemption order will be cancelled.~~ The Managing Owner ismay ~~also~~terminate ~~authorized~~this towaiver ~~deliver the redemption distribution notwithstanding that the Creation Units to be redeemed are not credited to the Fund’s DTC account by 2:45 p.m., Eastern time,~~ on ~~the~~60 ~~redemption order settlement date if the Authorized Participant has collateralized its obligation to deliver the Creation Units through DTC~~days’s ~~book entry system on such terms as the Managing Owner may determine from time to time~~notice.

~~Suspension,~~Organization ~~Postponement~~and orOffering ~~Rejection of Redemption Orders~~ Expenses

~~The~~Expenses ~~Managing~~incurred ~~Owner~~in ~~may,~~connection inwith ~~its~~organizing ~~discretion,~~the ~~suspend~~Fund and the ~~right~~initial offering of the ~~redemption,~~Shares orwere ~~postpone~~paid by the ~~redemption~~Fund’s ~~order~~predecessor ~~settlement~~managing ~~date~~owner (~~1) for~~the ~~any~~“Predecessor ~~period during~~Managing ~~which~~Owner”). anExpenses ~~emergency~~incurred ~~exists~~in asconnection awith ~~result~~the continuous offering of ~~which~~Shares from commencement of the ~~redemption~~Fund’s ~~distribution~~trading isoperations ~~not~~up ~~reasonably~~to ~~practicable,~~and excluding orFebruary ~~(2) for~~23, ~~such~~2015 ~~other~~were ~~period~~also aspaid by the Predecessor Managing Owner. ~~determines~~Expenses toincurred bein ~~necessary~~connection ~~for~~with the ~~protection~~continuous offering of Shares on and after February 23, 2015 were and are paid by the ~~Shareholders~~Managing Owner. The Managing Owner ~~will~~aggregates ~~not~~the beoffering ~~liable~~expenses related to ~~any~~the ~~person~~Fund orand inother ~~any~~commodity ~~way~~and currency pools within the Invesco DB fund suite, and allocates the costs associated to each Fund for ~~any~~payment ~~loss~~by orthe ~~damages~~Managing Owner on behalf of the Fund. The Managing Owner expects that the expenses incurred in connection with the continuous offering of Shares of the Invesco DB fund suite may ~~result~~be ~~from~~approximately ~~any~~0.06% ~~such~~of ~~suspension~~the oraverage ~~postponement~~of the funds’ NAV during the life of the Fund’s currently effective registration statement. These costs may vary considerably during the life of the Fund’s current registration statement, but the Managing Owner retains the obligation to pay those expenses in lieu of the Fund.

~~The~~Offering ~~Managing Owner~~expenses orrelating ~~the~~to ~~Transfer Agent may reject a redemption order if~~ the ~~order~~Fund ismeans ~~not~~those expenses inincurred ~~proper form as described~~ in ~~the~~connection ~~Participant~~with ~~Agreement. The Managing Owner or~~ the ~~Transfer~~continuous ~~Agent~~offering ~~will~~of ~~reject a redemption order if~~ the ~~acceptance~~Shares ~~or receipt~~ of the ~~order~~ Fund, inincluding, ~~the~~but ~~opinion~~not oflimited ~~its counsel~~to, ~~might~~expenses besuch ~~unlawful.~~ as:

~~Creation and Redemption Transaction Fee~~ •

Toregistration ~~compensate the Transfer Agent for services in processing the creation and redemption of Creation Units~~fees, anfiling Authorized Participant is required to pay a transaction fee of $500 per order to create or redeem Creation Units. An order may include multiple Creation Units. 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 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 Creation Units until 30 days after the date of the notice.~~ taxes;

41 •

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

Monthly account statements conforming to CFTC and NFA requirements are posted on the Managing Owner’s website at https://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~~the ~~Commodity~~costs ~~Broker~~of qualifying, printing (including typesetting), amending, supplementing, mailing and distributing sales materials used in connection with the offering and issuance of the Shares;

A variety of executing brokers execute futures transactions on behalf of the Fund. 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 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 NFA. In its capacity as clearing 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. •

~~MS&Co. is a wholly-owned~~travel, ~~indirect subsidiary of Morgan Stanley~~telegraph, atelephone ~~Delaware~~and ~~holding~~other ~~company.~~expenses ~~Morgan~~in ~~Stanley~~connection ~~files periodic reports~~ with the ~~SEC~~offering ~~as required by the Exchange Act, which include current descriptions of material litigation~~ and ~~material proceedings and investigations, if~~issuance ~~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~~Shares; ~~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 2018, 2017, 2016, 2015 and 2014.~~

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. •

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

InThe ~~the~~Managing ~~normal~~Owner ~~course~~will ofnot ~~business,~~allocate ~~Morgan~~to ~~Stanley receives subpoenas and requests for information from certain federal and state regulatory and governmental entities, including among others various members of~~ the ~~RMBS~~Fund ~~Working Group of~~ the ~~Financial~~indirect ~~Fraud~~expenses ~~Enforcement Task Force, such as the United States Department~~ of ~~Justice, Civil Division and several state Attorney General’s Offices, concerning~~ the ~~origination,~~Managing 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 certificatesOwner. These matters, some of which are in advanced stages, include, but are not limited to, investigations related to MS&Co.’s due diligence on the loans that it purchased for securitization, MS&Co.’s communications with ratings agencies, MS&Co.’s disclosures to investors, and MS&Co.’s handling of servicing and foreclosure related issues.

OnBrokerage ~~February 25,~~Commissions ~~2015, 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 MS&Co. That settlement was finalized on February 10, 2016. Fees

InThe ~~October~~Fund ~~2014,~~pays to the ~~Illinois~~Commodity ~~Attorney~~Broker ~~General’s~~all ~~Office~~brokerage ~~(“ILAG”)~~commissions, ~~sent~~including applicable aexchange ~~letter~~fees, toNFA ~~MS&Co.~~fees, ~~alleging~~give-up ~~that~~fees, ~~MS&Co.~~pit ~~knowingly~~brokerage ~~made misrepresentations~~fees and other transaction related fees and expenses charged in connection with its trading activities. On average, total charges paid to ~~RMBS~~the ~~purchased~~Commodity byBroker ~~certain~~are ~~pension~~expected ~~funds~~to ~~affiliated~~be ~~with~~less than $6.00 per round-turn trade, although the ~~State~~Commodity ofBroker’s ~~Illinois~~brokerage commissions and ~~demanding~~trading ~~that~~fees ~~MS&Co.~~are ~~pay~~determined ~~ILAG~~on ~~approximately~~a ~~$88 million.~~contract-by-contract, ~~MS&Co~~or round-turn basis. A round-turn trade is a completed transaction involving both a purchase and ~~ILAG~~a ~~reached~~liquidating ansale, ~~agreement~~or toa ~~resolve~~sale followed by a covering purchase. The Managing Owner estimates the ~~matter~~brokerage oncommissions and fees will be approximately 0.03% of the ~~February 10~~NAV of the Fund in any year, ~~2016.~~although the actual amount of brokerage commissions and fees in any year or any part of any year may be greater.

OnRoutine ~~January 13~~Operational, ~~2015,~~Administrative ~~the~~and ~~New~~Other ~~York Attorney General’s Office (“NYAG”), which is also a member of the RMBS~~Ordinary ~~Working Group, indicated that it intends to file a lawsuit related to approximately 30 subprime securitizations sponsored by MS&Co.~~ Expenses

42The Managing Owner pays all routine operational, administrative and other ordinary expenses of the Fund. These expenses include, but are not limited to, the fees and expenses of the Trustee, license and service fees paid to DBSI as Index Sponsor, legal and accounting fees and expenses, tax preparation expenses, filing fees, and printing, mailing and duplication costs. 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 funds within the 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

~~Table of Contents~~42

~~NYAG~~in ~~indicated~~lieu ~~that~~of the ~~lawsuit would allege that MS&Co~~Fund. ~~misrepresented~~The orManaging ~~omitted~~Owner ~~material~~expects ~~information~~that ~~related~~all toof the ~~due~~routine ~~diligence~~operational, ~~underwriting~~administrative and other ~~valuation~~ordinary expenses of the ~~loans~~Invesco inDB ~~the securitizations~~fund ~~and~~suite ~~the~~will ~~properties securing them and indicated that its lawsuit would~~ be ~~brought~~approximately ~~under the Martin Act~~0.22% ~~MS&Co.~~per ~~and~~annum ~~NYAG~~of ~~reached~~the anaverage of ~~agreement to resolve~~ the ~~matter~~funds’ ~~on February 10, 2016~~NAV.

OnNon-Recurring ~~July 23,~~Fees ~~2014, the 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. Expenses

OnThe ~~April 21,~~Fund ~~2015,~~pays ~~the~~all ~~Chicago~~non-recurring ~~Board Options~~and ~~Exchange,~~unusual ~~Incorporated~~fees ~~(“CBOE”),~~ and ~~the CBOE Futures Exchange, LLC~~ expenses (~~“CFE”),~~referred ~~filed~~to ~~statements~~as ofextraordinary ~~charges~~fees ~~against~~and ~~MS&Co.~~expenses in ~~connection with trading by one of MS&Co.’s former traders of EEM options contracts that allegedly disrupted~~ the ~~final~~Trust ~~settlement~~Agreement) ~~price~~ of the ~~November~~Fund ~~2012~~generally, ~~VXEM~~if ~~futures.~~any, ~~CBOE~~as ~~alleged~~determined ~~that~~by ~~MS&Co.~~the ~~violated~~Managing ~~CBOE Rules 4~~Owner.1, ~~4.2~~Non-recurring and ~~4.7,~~unusual ~~Sections~~fees ~~9(a)~~ and ~~10(b)~~expenses ofinclude ~~the~~items ~~Exchange~~such ~~Act,~~as ~~and~~legal ~~Rule 10b-5~~claims ~~thereunder.~~and ~~CFE~~liabilities, ~~alleged~~litigation ~~that MS&Co. violated CFE Rules 608~~costs, indemnification ~~609~~expenses and ~~620.~~other ~~The~~expenses ~~matters~~that ~~were~~are ~~resolved~~not oncurrently ~~June 28,~~anticipated ~~2016,~~obligations inof ~~which~~the ~~there~~Fund ~~were~~or ~~no findings~~ of ~~fraud,~~managed ~~but~~futures ~~MS&Co.~~funds ~~was jointly and severally liable for a $400,000 fine and $152,664~~ in ~~disgorgement~~general.

OnManagement ~~June 18,~~Fee ~~2015, MS&Co. entered into a settlement with the SEC~~ and ~~paid a~~Expenses ~~fine of $500,000 as part of the MCDC Initiative~~ to ~~resolve~~be ~~allegations~~Paid ~~that~~First ~~MS&Co.~~out ~~failed to form a reasonable basis through adequate due diligence for believing the truthfulness~~ of ~~the~~Treasury ~~assertions~~Income, Money byMarket ~~issuers~~Income and/or ~~obligors regarding their compliance with previous continuing disclosure undertakings pursuant to Rule 15c2~~T-12Bill inETF ~~connection with offerings in which MS&Co. acted as senior or sole underwriter.~~ Income

OnThe ~~August 6,~~Management ~~2015,~~Fee ~~MS&Co. consented to~~ and ~~became~~ the ~~subject~~brokerage ofcommissions anand ~~order~~fees byof the ~~CFTC~~Fund toare ~~resolve~~paid ~~allegations~~first ~~that~~out ~~MS&Co.~~of ~~violated CFTC~~Treasury ~~Regulation~~Income, ~~22.9(a)~~Money byMarket ~~failing~~Income toand ~~hold~~T-Bill ~~sufficient~~ETF ~~U.S.~~Income, ~~dollars~~as inapplicable, ~~cleared~~on ~~swap~~deposit ~~segregated~~with ~~accounts in~~ the ~~United~~Commodity ~~States~~Broker ~~to meet all U.S. dollar obligations to cleared swaps customers. Specifically~~as margin, the ~~CFTC~~Custodian, ~~found~~or ~~that while MS&Co~~otherwise. atIf ~~all~~the ~~times held~~sum ~~sufficient~~of ~~funds~~the inTreasury ~~segregation to cover its obligations to its customers~~Income, onthe ~~certain~~Money ~~days~~Market ~~during~~Income ~~2013~~ and ~~2014,~~the itT-Bill ~~held~~ETF ~~currencies~~Income, ~~such~~ as ~~euros~~applicable, ~~instead~~is ofnot ~~U.S.~~sufficient ~~dollars,~~ to ~~meet~~cover ~~its~~the ~~U.S.~~fees ~~dollar~~and expenses ~~obligations.~~of ~~In addition,~~ the ~~CFTC~~Fund ~~found~~ that ~~MS&Co.~~ ~~violated~~are ~~Regulation~~payable ~~166.3~~ by ~~failing~~the toFund ~~have~~during inany ~~place~~period, ~~adequate~~the ~~procedures~~excess toof ~~ensure~~such ~~that~~fees itand ~~complied~~expenses ~~with~~over ~~Regulation~~such ~~22.9(a).~~Treasury ~~Without~~Income, ~~admitting~~Money orMarket ~~denying~~Income ~~the~~and ~~findings~~T-Bill orETF ~~conclusions~~Income, ~~and~~as ~~without~~applicable, ~~adjudication~~will ofbe ~~any~~paid ~~issue~~out of ~~law~~income orfrom ~~fact,~~futures ~~MS&Co.~~trading, ~~accepted~~if ~~and~~any, ~~consented~~or tofrom sales of the ~~entry~~Fund’s ofTreasury ~~findings,~~Securities ~~the~~and/or ~~imposition~~holdings ofin amoney ~~cease~~market mutual funds and/or ~~desist~~holdings ~~order,~~in aT-Bill ~~civil~~ETFs. ~~monetary~~The ~~penalty~~Fund ofholds ~~$300~~Treasury Securities,~~000,~~ ~~and~~money ~~undertakings~~market ~~related~~mutual tofunds ~~public~~and ~~statements,~~T-Bill ~~cooperation,~~ETFs ~~and~~for ~~payment~~margin ofand/or ~~the~~cash ~~monetary~~management ~~penalty.~~purposes only.

OnSelling December 20, 2016, MS&Co. consented to and became the subject of an order by the SEC in connection with allegations that MS&Co. willfully violated Sections 15(c)(3) and 17(a)(1) of the Exchange Act and Rules 15c3-3(e), 17a-5(a), and 17a-5(d) thereunder, by inaccurately calculating its Reserve Account requirement under Rule 15c3-3 by including margin loans to an affiliate in its calculations, which resulted in making inaccurate records and submitting inaccurate reports to the SEC. Without admitting or denying the underlying allegations and without adjudication of any issue of law or fact, MS&Co. consented to a cease and desist order, a censure, and a civil monetary penalty of $7,500,000. Commission

OnRetail ~~September 28,~~investors ~~2017,~~may ~~the~~purchase ~~CFTC issued an order filing~~ and ~~simultaneously~~sell ~~settling~~Shares ~~charges~~through ~~against~~traditional ~~MS&Co. regarding violations of CFTC Rule~~brokerage ~~166~~accounts.3 byInvestors ~~failing~~are expected to ~~diligently~~be ~~supervise~~charged ~~the~~a ~~reconciliation~~commission ofby ~~exchange~~their ~~and~~brokers ~~clearing~~in ~~fees~~connection with ~~the~~purchases ~~amounts~~of itShares ~~ultimately~~that ~~charged~~will ~~customers~~vary ~~for~~from ~~certain~~investor ~~transactions~~to ~~on multiple exchanges~~investor. ~~The~~Investors ~~order~~are ~~and~~encouraged ~~settlement required MS&Co.~~ to ~~pay~~review athe ~~$500,000 penalty~~terms ~~and~~of ~~cease~~their ~~and~~brokerage ~~desist~~accounts ~~from~~for ~~violating Rule 166~~applicable charges.3.

OnThe ~~November 2,~~offering ~~2017,~~of ~~the~~Creation ~~CFTC~~Units ~~issued~~is anbeing ~~order~~made ~~filing~~in ~~and~~compliance with ~~simultaneously~~Conduct ~~settling charges~~Rule ~~against~~2310 ~~MS&Co~~of the Financial Industry Regulatory Authority (“FINRA”). ~~for~~The ~~non-compliance~~excess, ~~with~~if ~~applicable~~any, ~~rules~~of ~~governing~~the ~~Part~~price 17at ~~Large~~which ~~Trader~~an ~~reports~~Authorized toParticipant sells a Share over the ~~CFTC.~~price ~~The~~paid ~~order~~by ~~requires~~such ~~MS&Co.~~Authorized toParticipant ~~pay~~in connection with the creation of such Share in a Creation ~~$350~~Unit may,~~000~~ ~~penalty~~depending ~~and~~on ~~cease~~the facts and ~~desist~~circumstances, ~~from~~be ~~further violations~~deemed ofto be underwriting compensation by the ~~Commodity~~FINRA ~~Exchange~~Corporate ~~Act.~~Financing Department.

~~Civil~~ ~~Litigation~~Who May Subscribe

OnCreation ~~July 15,~~Units ~~2010,~~may ~~China~~be ~~Development~~created ~~Industrial~~or ~~Bank~~redeemed only by Authorized Participants. Each Authorized Participant must (~~“CDIB”~~1) ~~filed~~be a ~~complaint~~registered ~~against~~broker-dealer ~~MS&Co.,~~or ~~styled~~other ~~China~~securities ~~Development~~market ~~Industrial Bank~~participant v.such ~~Morgan~~as ~~Stanley &~~a ~~Co.~~bank ~~Incorporated~~or etother ~~al.,~~financial institution which is ~~pending~~not inrequired ~~the~~to ~~Supreme~~register ~~Court~~as ofa ~~the~~broker-dealer ~~State~~to ofengage ~~New~~in ~~York~~securities transactions, ~~New~~(2) ~~York~~be a ~~County~~participant ~~(“Supreme~~in ~~Court~~DTC, ofand ~~NY”~~(3). ~~The~~have ~~complaint~~entered ~~relates~~into to a ~~$275 million~~Participant ~~credit default~~Agreement ~~swap~~with ~~referencing~~ the ~~super~~Fund ~~senior~~and ~~portion of~~ the ~~STACK~~Managing ~~2006-1 CDO~~Owner. The ~~complaint~~Participant ~~asserts~~Agreement ~~claims~~sets ~~for~~forth ~~common~~the ~~law~~procedures ~~fraud,~~for ~~fraudulent~~the ~~inducement~~ creation and ~~fraudulent~~redemption ~~concealment~~of ~~and~~Creation ~~alleges~~Units ~~that~~and ~~MS&Co. misrepresented~~for the ~~risks~~delivery of ~~the~~cash ~~STACK~~required ~~2006-1~~for ~~CDO~~such tocreations ~~CDIB,~~or ~~and that MS&Co~~redemptions. ~~knew~~A ~~that~~list of the ~~assets~~current ~~backing~~Authorized ~~the~~Participants ~~CDO~~can ~~were~~be ofobtained ~~poor~~from ~~quality~~the ~~when~~Administrator. itSee ~~entered~~“Creation ~~into~~and ~~the~~Redemption ~~credit default~~of Shares” for more details.

43 Creation and Redemption of Shares

~~Table~~The Fund creates and redeems Shares from time to time, but only in one or more Creation Units. A Creation Unit is a block of ~~Contents~~100,000 Shares. Creation Units may be created or redeemed only by Authorized Participants. Except when aggregated in Creation Units, the Shares are not redeemable securities. Authorized Participants pay a transaction fee of $500 in connection with each order to create or redeem a

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 MS&Co.’s motion to dismiss the complaint. 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 January 25, 2019, MS&Co. filed a notice of appeal from the same order. On March 7, 2019 the court denied the relief requested by CDIB in its January 24, 2019 appeal. 43

OnCreation ~~October 15, 2010,~~Unit ~~the Federal Home Loan Bank of Chicago filed a complaint against MS&Co.~~ and ~~other defendants in the Circuit Court of the State of Illinois, styled Federal Home Loan Bank of Chicago v. Bank of America Funding Corporation et al. A~~are ~~corrected~~subject ~~amended complaint was filed on April 8, 2011, which alleges that defendants made untrue statements and material omissions in the sale~~ to ~~the~~an ~~plaintiff~~additional ofprocessing acharge ~~number~~for offailure ~~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~~timely ~~plaintiff~~deliver ~~by 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~~orders. ~~The~~From ~~defendants~~time ~~filed a motion~~ to ~~dismiss~~time, the ~~corrected~~Managing ~~amended complaint on May 27~~Owner, ~~2011,~~in ~~which~~its ~~was~~sole ~~denied on September 19~~discretion, ~~2012.~~may Onreimburse ~~December 13, 2013, the court~~Authorized ~~entered~~Participants anfor ~~order dismissing~~ all ~~claims~~or ~~related~~a toportion ~~one~~ of the ~~securitizations~~processing atfees ~~issue.~~from ~~On January 18, 2017,~~ the ~~court~~Managing ~~entered~~Owner’s anown ~~order dismissing all claims related to an additional securitization at issue~~assets. ~~After~~Authorized ~~those~~Participants ~~dismissals,~~may ~~the~~sell ~~remaining amount of certificates allegedly issued by MS&Co. or sold to~~ the ~~plaintiff~~Shares byincluded ~~MS&Co. was approximately $65 million. At June 25, 2018, the current unpaid balance of the mortgage pass-through certificates at issue~~ in ~~this action was approximately $37 million and~~ the ~~certificates~~Creation ~~had~~Units ~~not~~they ~~yet~~purchase ~~incurred~~from ~~actual losses. Based on currently available information, MS&Co. believes it could incur a loss in this action up to~~ the ~~difference~~Fund between the $37 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against MS&Co., plus pre- and post-judgment interest, fees and costs. MS&Co. may be entitled to beother ~~indemnified for some of these losses and to an offset for interest received by the plaintiff prior to a judgment~~investors.

OnAuthorized ~~May 17, 2013,~~Participants aare ~~plaintiff~~the inonly ~~IKB~~persons ~~International~~that ~~S.A.~~may inplace ~~Liquidation,~~orders etto ~~al.~~create v.and redeem ~~Morgan~~Creation ~~Stanley, et al~~Units. ~~filed~~Authorized aParticipants ~~complaint~~must ~~against~~be ~~MS&Co.~~(1) ~~and~~registered ~~certain~~broker-dealers ~~affiliates~~or inother ~~the~~securities ~~Supreme~~market ~~Court~~participants, ofsuch ~~NY.~~as ~~The~~banks ~~complaint~~and ~~alleges~~other ~~that~~financial ~~the~~institutions, ~~defendants~~which ~~made~~are ~~material misrepresentations~~not ~~and~~required ~~omissions~~to inregister ~~the~~as ~~sale~~broker-dealers to ~~the~~engage ~~plaintiff~~in ofsecurities transactions, ~~certain~~and ~~mortgage~~(2) ~~pass-through~~participants ~~certificates~~in ~~backed~~DTC. byTo ~~securitization~~become ~~trusts~~an ~~containing~~Authorized ~~residential~~Participant, ~~mortgage~~a ~~loans.~~person ~~The~~must ~~total~~enter ~~amount~~into ofa ~~certificates~~Participant ~~allegedly~~Agreement ~~sponsored,~~with ~~underwritten and/or~~the ~~sold~~Fund byand ~~MS&Co. to~~ the ~~plaintiff~~Managing ~~was approximately $133 million~~Owner. The Participant ~~complaint~~Agreement ~~alleges~~sets ~~causes~~forth ofthe ~~action~~procedures ~~against MS&Co.~~ for ~~common~~the ~~law~~creation ~~fraud,~~and ~~fraudulent~~redemption ~~concealment,~~of ~~aiding~~Creation Units and ~~abetting~~for ~~fraud,~~the ~~and~~payment ~~negligent~~of ~~misrepresentation,~~cash ~~and seeks,~~required ~~among~~for ~~other~~such ~~things,~~creations ~~compensatory~~ and ~~punitive damages~~redemptions. OnThe ~~October 29,~~Managing ~~2014,~~Owner ~~the~~may ~~court~~delegate ~~granted~~its induties ~~part~~ and ~~denied~~obligations inunder ~~part~~the Participant ~~MS&Co.’s~~Agreement ~~motion~~ to ~~dismiss.~~Invesco ~~All~~Distributors, ~~claims~~the ~~regarding~~Administrator ~~four~~or ~~certificates~~the ~~were~~Transfer ~~dismissed. After these dismissals~~Agent, ~~the~~ ~~remaining~~without ~~amount~~consent offrom ~~certificates~~any ~~allegedly~~Shareholder ~~issued~~or byAuthorized ~~MS&Co~~Participant. orThe ~~sold~~Participant toAgreement may ~~the~~be ~~plaintiff~~amended by ~~MS&Co.~~the ~~was~~Managing ~~approximately~~Owner ~~$116 million.~~only Onwith ~~August 26,~~the ~~2015,~~consent ~~MS&Co.~~of ~~perfected its appeal from~~ the ~~court’s~~Authorized ~~October 29~~Participant, ~~2014~~while the ~~decision.~~procedures Onattached ~~August 11,~~thereto ~~2016,~~may ~~the~~be ~~Appellate~~amended ~~Division,~~with ~~First~~notice ~~Department~~to ~~affirmed~~ the ~~trial~~Authorized ~~court’s~~Participant. ~~decision~~Shareholder ~~denying~~consent is not required in ~~part~~either ~~MS&Co~~case.’s ~~motion~~To tocompensate ~~dismiss~~ the ~~complaint.~~Transfer AtAgent ~~June 25,~~for ~~2018,~~services ~~the~~in ~~current~~processing ~~unpaid balance of~~ the ~~mortgage pass-through~~creation ~~certificates~~and atredemption ~~issue~~of inCreation ~~this~~Units, ~~action~~an ~~was~~Authorized ~~approximately~~Participant ~~$24 million,~~is ~~and~~required to ~~the~~pay ~~certificates~~a ~~had~~transaction ~~incurred~~fee ~~actual losses~~ of $~~58 million.~~500 ~~Based~~per onorder ~~currently~~to ~~available~~create ~~information,~~or ~~MS&Co.~~redeem ~~believes~~Creation itUnits. ~~could~~Authorized ~~incur~~Participants awho ~~loss~~purchase inCreation ~~this action~~Units upfrom to the ~~difference~~Fund ~~between~~receive ~~the~~no ~~$24 million~~fees, ~~unpaid~~commissions ~~balance~~or ofother ~~these~~form ~~certificates~~of ~~(plus~~compensation ~~any~~or ~~losses~~inducement ~~incurred)~~of ~~and~~any ~~their~~kind ~~fair~~from ~~market~~either ~~value at~~ the Managing ~~time~~Owner ~~of a judgment against MS&Co.,~~ or ~~upon~~the ~~sale~~Fund, ~~plus pre-~~ and ~~post-judgment~~no ~~interest,~~such ~~fees~~person ~~and~~has ~~costs.~~any ~~MS&Co.~~obligation ~~may~~or beresponsibility ~~entitled~~ to bethe ~~indemnified~~Managing ~~for~~Owner ~~some~~or ofthe ~~these~~Fund ~~losses and~~ to aneffect ~~offset~~any ~~for~~sale ~~interest~~or ~~received~~resale byof ~~the plaintiff prior to a judgment~~Shares.

InAuthorized ~~August~~Participants ofare ~~2017,~~cautioned ~~MS&Co.~~that ~~was~~some ~~named~~of astheir aactivities ~~defendant~~may inresult ~~a purported antitrust class action~~ in ~~the United States District Court for the United States~~ ~~District~~their ~~Court~~being ~~for~~deemed ~~the~~participants ~~Southern~~in ~~District~~a ofdistribution ~~New~~in ~~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~~manner ofwhich ~~other~~would ~~financial institution~~render ~~defendants,~~them ~~violated~~statutory ~~U.S.~~underwriters ~~antitrust laws~~ and ~~New~~subject ~~York~~them ~~state law in connection with their alleged efforts~~ to ~~prevent~~ the ~~development of electronic exchange~~prospectus-~~based~~delivery ~~platforms~~and ~~for~~liability ~~securities~~provisions ~~lending. The class action complaint was filed on behalf~~ of athe ~~purported~~Securities ~~class~~Act of ~~borrowers~~1933 ~~and lenders who entered into stock loan transactions with~~ (the ~~defendants.~~“Securities ~~The class action complaint seeks~~Act”), as ~~among~~described ~~other~~in ~~relief,~~“Plan ~~certification~~ of ~~the class of plaintiffs and treble damages~~Distribution. ~~On September 27, 2018, the court denied the defendants’ motion to dismiss the class action complaint.~~ ”

44Authorized 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 Creation Units.

~~Table~~Persons ofinterested ~~Contents~~in purchasing 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.

~~Beginning~~Under ~~on March 25, 2019, MS&Co.was named as a defendant in a series of putative class action complaints filed in~~ the ~~Southern~~Participant ~~District of New York~~Agreements, the ~~first~~Managing ofOwner ~~which~~has isagreed ~~styled Alaska Electrical Pension Fund v. BofA Secs., Inc., et al. Each complaint alleges a conspiracy~~ to ~~fix~~indemnify ~~prices and restrain competition in~~ the ~~market~~Authorized ~~for~~Participants 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~~certain ~~Federal~~parties ~~Home~~related ~~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~~Authorized ~~Act~~Participants ~~and~~against ~~seeks,~~certain ~~among~~liabilities ~~other~~as ~~things,~~a ~~injunctive~~result ~~relief and treble compensatory damages.~~ of:

~~Settled Civil Litigation~~ •

~~On December 23,~~any ~~2009,~~breach ~~the~~by ~~Federal Home Loan Bank of Seattle filed a complaint against MS&Co. and another defendant in~~ the ~~Superior~~Managing ~~Court~~Owner, of the ~~State of Washington~~Fund, ~~styled~~or ~~Federal~~any ~~Home Loan Bank~~ of ~~Seattle~~their v.respective ~~Morgan Stanley &~~agents ~~Co.~~or ~~Inc.~~employees, of etany ~~al.~~provision ~~The~~of ~~amended~~the ~~complaint~~Participant Agreement, ~~filed~~including onany ~~September 28~~representations, ~~2010,~~warranties ~~alleges that defendants made untrue statements~~ and ~~material~~covenants ~~omissions in the sale to the plaintiff of certain mortgage pass-through~~by ~~certificates~~any ~~backed by securitization trusts containing residential mortgage loans. The total amount~~ of ~~certificates~~them ~~allegedly~~or ~~sold to~~ the ~~plaintiff~~Fund bytherein ~~MS&Co.~~or ~~was~~in ~~approximately $233 million. The complaint raises claims under~~ the ~~Washington State Securities Act and seeks, among other things, to rescind the plaintiff~~Officer’s ~~purchase~~Certificate of(as ~~such~~defined ~~certificates.~~in ~~On January 23, 2017,~~ the ~~parties~~Participant ~~reached an agreement to settle the litigation, the terms of which are confidential.~~ Agreement);

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. 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 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. •

Onany ~~March 15,~~failure 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~~part ~~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~~Managing byOwner ~~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~~perform ~~the plaintiff’s~~any ~~purchase~~obligation of ~~such certificates. On January 26, 2015, as a result of a settlement with certain other defendants,~~ the ~~terms~~Managing ~~of which are confidential, the plaintiff requested and the court subsequently entered a dismissal with~~Owner ~~prejudice~~set offorth ~~certain~~in of the ~~plaintiff’s~~Participant ~~claims, including all remaining claims against MS&Co.~~ Agreement;

On July 9, 2010 and February 11, 2011, Cambridge Place Investment Management Inc. filed two separate complaints against MS&Co. and/or its affiliates and other defendants in the Superior Court of the Commonwealth of Massachusetts, both styled Cambridge 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 MS&Co. and/or its affiliates or sold to the plaintiff’s affiliates’ clients by 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, the terms of which are confidential. On February 20, 2014, the court dismissed the action. •

Onany ~~October 25,~~failure ~~2010,~~by ~~MS&Co.,~~the ~~certain~~Managing ~~affiliates~~Owner ~~and~~to ~~Pinnacle Performance~~comply ~~Limited,~~with aapplicable ~~special~~laws ~~purpose~~and ~~vehicle~~regulations ~~(“SPV”), were named as defendants~~ in connection awith ~~purported class action in~~ the ~~United~~Participant ~~States~~Agreement, ~~District~~except ~~Court~~that ~~for~~ the ~~Southern~~Managing ~~District~~Owner ofwill ~~New~~not ~~York~~be ~~(“SDNY”),~~required ~~styled~~to ~~Ge Dandong, et al. v.~~indemnify ~~Pinnacle~~a ~~Performance~~Managing ~~Ltd.,~~Owner etIndemnified ~~al.~~Party On(as ~~January 31,~~defined ~~2014,~~in the ~~plaintiffs~~Participant inAgreement) to the ~~action,~~extent ~~which~~that ~~related~~such failure towas ~~securities~~caused ~~issued~~ by the ~~SPV~~reasonable inreliance ~~Singapore,~~on ~~filed~~instructions agiven ~~second~~or ~~amended~~representations ~~complaint,~~made ~~which~~by ~~asserted~~one ~~common~~or ~~law~~more ~~claims~~Managing ofOwner ~~fraud,~~Indemnified ~~aiding~~Parties ~~and abetting~~or ~~fraud,~~the ~~fraudulent~~negligence ~~inducement,~~or ~~aiding~~willful malfeasance ~~and~~of ~~abetting~~any ~~fraudulent~~Managing ~~inducement,~~Owner ~~and~~Indemnified ~~breach~~ Party;

45 •

~~Table~~any untrue statement or alleged untrue statement of ~~Contents~~a material fact contained in the Registration Statement of the Trust as originally filed with the SEC, or in any amendment thereof, or in any prospectus, or in any amendment thereof or 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

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. 44

Onnecessary ~~July 5,~~to ~~2011,~~make ~~Allstate Insurance Company and certain of its affiliated entities filed a complaint against MS&Co. in~~ the ~~Supreme~~statements ~~Court~~therein ofnot NYmisleading, ~~styled~~except ~~Allstate~~those ~~Insurance Company, et al. v. Morgan Stanley, et al. An amended complaint was filed on September 9, 2011, and alleges that the defendants made untrue~~ statements ~~and material omissions~~ in the ~~sale~~Registration toStatement or the ~~plaintiffs~~Prospectus ofbased ~~certain~~on ~~mortgage~~information ~~pass-through~~furnished ~~certificates~~in ~~backed~~writing by ~~securitization~~or ~~trusts~~on ~~containing~~behalf ~~residential mortgage loans. The total amount~~ of ~~certificates allegedly issued and/or sold to~~ the ~~plaintiffs by~~Authorized ~~MS&Co.~~Participant ~~was~~expressly ~~approximately~~for ~~$104 million.~~use ~~The~~in ~~complaint~~the ~~raised~~Registration ~~common~~Statement ~~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~~Prospectus. ~~On January 16, 2015, the parties reached an agreement to settle the litigation, the terms of which are confidential.~~

OnAs ~~July 18,~~provided ~~2011,~~in the ~~Western~~Participant ~~and~~Agreements, ~~Southern~~in ~~Life~~the ~~Insurance~~absence ~~Company~~of ~~and~~gross ~~certain~~negligence, ~~affiliated~~bad ~~companies~~faith ~~filed~~or ~~a complaint against MS&Co. and other~~willful ~~defendants~~misconduct, inneither the ~~Court~~Managing ofOwner ~~Common~~nor ~~Pleas~~an inAuthorized ~~Ohio,~~Participant ~~styled~~will ~~Western~~be ~~and~~liable ~~Southern~~to ~~Life~~each ~~Insurance~~other ~~Company,~~or etto ~~al.~~any other v.person, ~~Morgan~~including ~~Stanley~~any ~~Mortgage~~party ~~Capital~~claiming ~~Inc.~~by, etthrough ~~al.~~or ~~An amended complaint was filed~~ on ~~April 2,~~behalf ~~2012~~of ~~and alleges that~~ the ~~defendants made~~Authorized ~~untrue~~Participant, ~~statements~~for ~~and~~any ~~material~~losses, ~~omissions~~liabilities, indamages, ~~the~~costs ~~sale~~or toexpenses ~~the~~arising ~~plaintiffs~~out of ~~certain~~any mistake ~~mortgage~~or ~~pass-through~~error ~~certificates~~in ~~backed~~data byor ~~securitization~~other ~~trusts~~information ~~containing~~provided ~~residential~~to ~~mortgage~~any ~~loans. The amount~~ of ~~the~~them ~~certificates allegedly sold to plaintiffs~~ by ~~MS&Co.~~each ~~was~~other ~~approximately~~or ~~$153 million.~~any Onother ~~June 8,~~person ~~2015,~~or ~~the~~out ~~parties~~of ~~reached~~any aninterruption ~~agreement~~or todelay ~~settle~~in the ~~litigation,~~electronic ~~the~~means ~~terms~~ of ~~which~~communications ~~are~~used ~~confidential.~~by them.

OnThe ~~September 2,~~following ~~2011,~~description of the ~~Federal~~procedures ~~Housing Finance Agency (“FHFA”), as conservator~~ for ~~Fannie~~the ~~Mae~~creation and ~~Freddie~~redemption ~~Mac,~~of ~~filed~~Creation 17Units ~~complaints against~~is ~~numerous~~only ~~financial~~a summary ~~services companies, including MS&Co.~~ and ~~certain~~an ~~affiliates.~~investor Ashould ~~complaint~~refer ~~against~~to ~~MS&Co. and certain affiliates and other defendants was filed in~~ the ~~Supreme~~relevant ~~Court~~provisions of ~~NY, styled Federal Housing Finance Agency, as Conservator v. Morgan Stanley et al. The complaint alleges that~~ the ~~defendants~~Trust ~~made~~Agreement ~~untrue statements~~ and ~~material omissions in connection with~~ the ~~sale~~form ~~to Fannie Mae and Freddie Mac~~ of ~~residential mortgage pass-through certificates with an~~ ~~original~~Participant ~~unpaid~~Agreement ~~balance~~for ofmore ~~approximately $11 billion~~detail. The ~~complaint~~Trust ~~raised~~Agreement ~~claims under federal~~ and ~~state~~the ~~securities~~form ~~laws~~of ~~and~~Participant ~~common~~Agreement ~~law~~are ~~and seeks, among other things, rescission and compensatory and punitive damages. On February 7, 2014,~~filed ~~the~~as ~~parties~~exhibits ~~entered into an agreement~~ to ~~settle~~ the ~~litigation,~~registration ~~the~~statement ~~terms~~ of which ~~are~~this ~~confidential.~~Prospectus Onis ~~February 20,~~a ~~2014, the court dismissed the action~~part.

OnCreation April 25, 2012, Metropolitan Life Insurance Company and certain affiliates filed a complaint against MS&Co. and certain affiliates in the Supreme Court of NY, styled Metropolitan 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 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, the terms of which are confidential. Procedures

On ~~April 25,~~any ~~2012~~business day, ~~The~~an ~~Prudential~~Authorized ~~Insurance~~Participant ~~Company~~may ofplace ~~America~~an ~~and~~order ~~certain~~with ~~affiliates~~the ~~filed~~Transfer aAgent ~~complaint~~to ~~against~~create ~~MS&Co.~~one or ~~and~~more ~~certain~~Creation ~~affiliates~~Units. ~~in the~~For ~~Superior~~purposes ~~Court~~ of ~~the~~processing ~~State~~both ofcreation ~~New~~and ~~Jersey~~redemption orders, ~~styled~~a ~~The~~“business ~~Prudential~~day” ~~Insurance~~means ~~Company~~any ofday ~~America,~~other etthan ~~al.~~a v.day ~~Morgan~~when ~~Stanley,~~banks etin ~~al.~~New OnYork ~~October 16,~~City ~~2012,~~are ~~the~~required ~~plaintiffs~~or ~~filed~~permitted anto ~~amended~~be ~~complaint~~closed. ~~The~~Creation ~~amended~~orders ~~complaint alleged that the~~must ~~defendants~~be ~~made~~placed ~~untrue~~by ~~statements~~1:00 ~~and~~p.m., ~~material~~Eastern ~~omissions~~time. inThe ~~connection~~day ~~with~~on ~~the~~which ~~sale to~~ the ~~plaintiffs~~Transfer ofAgent ~~certain~~receives ~~mortgage~~a ~~pass-through~~valid ~~certificates~~creation ~~backed~~order byis ~~securitization~~the ~~trusts~~creation ~~containing~~order ~~residential mortgage loans~~date. The ~~total~~day ~~amount~~on ~~of certificates~~which ~~allegedly~~a ~~sponsored,~~creation ~~underwritten~~order ~~and/or~~is ~~sold~~settled is bythe ~~MS&Co.~~creation ~~was~~order ~~approximately~~settlement $1date.~~073 billion.~~ ~~The~~As ~~amended~~provided ~~complaint~~below, ~~raises~~the ~~claims~~creation ~~under~~order ~~the~~settlement ~~New~~date ~~Jersey~~may ~~Uniform~~occur ~~Securities~~up ~~Law,~~to astwo ~~well~~business asdays ~~common~~after ~~law~~the ~~claims~~creation oforder ~~negligent misrepresentation,~~date. ~~fraud,~~By ~~fraudulent~~placing ~~inducement,~~a ~~equitable~~creation ~~fraud~~order, ~~aiding~~ and ~~abetting~~prior ~~fraud,~~to ~~and~~delivery ~~violations~~ of ~~the~~such ~~New~~Creation ~~Jersey RICO statute~~Units, an ~~and~~Authorized ~~includes~~Participant’s aDTC ~~claim~~account ~~for~~is ~~treble~~charged ~~damages. On January 8, 2016,~~ the ~~parties~~non-refundable ~~reached~~transaction anfee ~~agreement~~due tofor ~~settle~~ the ~~litigation,~~creation ~~the terms of which are confidential~~order.

InCreation reUnits ~~Morgan~~are ~~Stanley~~issued ~~Mortgage~~on ~~Pass-Through~~the ~~Certificates~~creation ~~Litigation~~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 ~~had~~its ~~been~~futures contracts are traded, whichever ~~pending~~is inlater, on the ~~SDNY~~creation order date, ~~was~~but aonly ~~putative~~if ~~class~~the ~~action~~required ~~involving~~payment ~~allegations~~has ~~that,~~been ~~among~~timely ~~other~~received. ~~things~~Upon submission of a creation order, the ~~registration~~Authorized ~~statements~~Participant ~~and~~may ~~offering~~request ~~documents~~the Managing ~~related~~Owner to agree to a creation order settlement date up to two business days after the ~~offerings~~creation oforder ~~certain~~date. ~~mortgage~~By ~~pass-through~~placing ~~certificates~~a increation ~~2006~~order, and ~~2007~~prior ~~contained~~to receipt of the Creation Units, an Authorized Participant’s DTC account ~~false~~is ~~and~~charged ~~misleading~~the ~~information~~non-refundable transaction fee due for the creation order.

46Determination of Required Payment

~~Table~~The total payment required to create each Creation Unit is the NAV of ~~Contents~~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.

~~concerning~~Because ~~the~~orders ~~pools~~to ofpurchase ~~residential~~Creation ~~loans~~Units ~~that~~must ~~backed~~be ~~these~~placed ~~securitizations.~~by On1:00 ~~December 18~~p.m., ~~2014~~Eastern time, but the ~~parties’~~total payment ~~agreement~~required to ~~settle~~create ~~the~~a ~~litigation~~Creation Unit will not be determined until 4:00 p.m., Eastern time, on the date ~~terms~~the ofcreation ~~which~~order ~~are~~is ~~confidential~~received, Authorized Participants will not know the total amount of the payment ~~received~~required ~~final~~to ~~court~~create ~~approval,~~a Creation Unit at the time they submit the creation order for the Creation Unit. The Fund’s NAV and onthe ~~December 19,~~total ~~2014,~~amount of the ~~court~~payment ~~entered~~required anto create a Creation Unit could rise or fall substantially between the time a creation order ~~dismissing~~is submitted and the ~~action.~~time the amount of the purchase price in respect thereof is determined.

OnRejection ~~November 4, 2011, the FDIC, as receiver for Franklin Bank S.S.B, filed two complaints against MS&Co. in the District Court~~ of ~~the State of Texas. Each was styled Federal Deposit Insurance Corporation as Receiver for Franklin Bank, S.S.B v. Morgan~~Creation Stanley & Company LLC F/K/A Morgan Stanley & Co. Inc. and alleged that 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 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, the terms of which are confidential. Orders

~~On February 14, 2013, Bank Hapoalim B.M. filed a complaint against MS&Co. and certain affiliates in the Supreme Court of NY, styled Bank Hapoalim B.M. v. Morgan Stanley et al.~~ The ~~complaint~~Managing ~~alleges~~Owner 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~~Transfer ~~was~~Agent ~~approximately~~may ~~$141 million.~~reject ~~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 creation ~~stipulation~~order ~~of discontinuance with prejudice.~~ if:

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. •

OnThe ~~May 3,~~Managing ~~2013,~~Owner ~~plaintiffs~~or ~~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~~Transfer ~~Court~~Agent ofdetermines ~~NY. The complaint alleges~~ that the ~~defendants~~creation ~~made~~order ~~material~~is ~~misrepresentations~~not ~~and omissions~~ in ~~the sale to the plaintiffs of certain mortgage pass-through certificates backed by~~proper 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 $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 June 26, 2018, the parties entered an agreement to settle the litigation, the terms of which are confidential. form;

On September 23, 2013, the plaintiff in National Credit Union Administration Board v. Morgan Stanley & Co. Inc., et al. filed a complaint against 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 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, the terms of which are confidential. 45

47 •

~~Table~~The Managing Owner believes that the acceptance or receipt of ~~Contents~~the creation order would have adverse tax consequences to the Fund or its Shareholders; or

On September 16, 2014, the Virginia Attorney General’s Office filed a civil lawsuit, styled Commonwealth of Virginia ex rel. Integra REC LLC v. Barclays Capital Inc., et al., against MS&Co. and several other defendants in the Circuit Court of the City of Richmond related to RMBS. The lawsuit alleged that 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, the terms of which are confidential. An order dismissing the action with prejudice was entered on January 28, 2016. •

OnCircumstances ~~April 1,~~outside ~~2016,~~ the ~~California~~control ~~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~~Managing ~~Public~~Owner ~~Employees’~~or ~~Retirement System and~~ the ~~California~~Transfer ~~Teachers’~~Agent ~~Retirement~~make ~~System. The complaint alleges that MS&Co. made misrepresentations and omissions regarding residential mortgage-backed securities and notes issued by the Cheyne SIV~~it, ~~and asserts violations of the California False Claims Act and other state laws and seeks~~for ~~treble~~all ~~damages,~~practical ~~civil penalties~~purposes, ~~disgorgement,~~not ~~and~~feasible ~~injunctive relief. On September 30, 2016, the court granted MS&Co.’s demurrer, with leave~~ to ~~replead.~~process Oncreations 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~~Creation ~~are confidential~~Units.

~~Additional~~The orManaging ~~replacement~~Owner ~~Commodity~~will ~~Brokers~~not ~~may~~ be ~~appointed~~liable infor ~~respect of~~ the ~~Fund~~rejection inof ~~the~~any ~~future~~creation order.

~~Conflicts~~The Fund also may not be able to create new Creation Units at any time if there is an insufficient amount of ~~Interest~~Shares registered in this offering or if another legal or operational impediment to creating new Creation Units arises.

~~General~~Redemption Procedures

The ~~Managing~~procedures ~~Owner~~by ~~has~~which ~~not~~an ~~established~~Authorized ~~formal~~Participant ~~procedures~~can toredeem ~~resolve~~one ~~all~~or ~~potential~~more ~~conflicts~~Creation Units mirror the procedures for the creation of ~~interest~~Creation Units. ~~Consequently~~On any business day, ~~investors~~an Authorized Participant may beplace ~~dependent~~an order onwith the ~~good~~ ~~faith~~Transfer ofAgent ~~the~~to ~~respective~~redeem ~~parties~~one ~~subject~~or tomore ~~such~~Creation ~~conflicts~~Units. toRedemption ~~resolve~~orders ~~them~~must ~~equitably~~be placed by 1:00 p.m., ~~Although~~Eastern time. The day on which the Managing Owner ~~attempts~~receives toa ~~monitor~~valid ~~these~~redemption ~~conflicts,~~order itis the redemption order date. The day on which a redemption order is ~~extremely~~settled ~~difficult,~~is ifthe redemption ~~not~~order ~~impossible~~settlement date. As provided below, ~~for~~the redemption order settlement date may occur up to two business days after the ~~Managing~~redemption ~~Owner~~order date. The redemption procedures allow Authorized Participants to ~~ensure~~redeem ~~that~~Creation ~~these~~Units. ~~conflicts~~Individual doShareholders may not, inredeem ~~fact~~directly from the Fund. Instead, ~~result~~individual Shareholders may only redeem Shares in ~~adverse~~an ~~consequences~~amount equal to ~~the~~one ~~Fund~~or more whole Creation Units and only ~~the~~through ~~Shareholders.~~an Authorized Participant.

~~Prospective~~By ~~investors~~placing ~~should~~a beredemption ~~aware~~order, ~~that~~an Authorized Participant agrees to deliver the ~~Managing~~Creation Units to be ~~Owner~~redeemed ~~presently~~through ~~intends~~DTC’s book-entry system to ~~assert~~the ~~that~~Fund ~~Shareholders~~not ~~have,~~later bythan ~~subscribing~~the ~~for~~redemption ~~Shares~~order settlement date as of 2:45 p.m., ~~consented~~Eastern totime, on the business day immediately following ~~conflicts~~the redemption order date. Upon submission of ~~interest~~a inredemption order, the ~~event~~Authorized ofParticipant ~~any~~may ~~proceeding~~request ~~alleging~~the ~~that~~Managing ~~such~~Owner ~~conflicts~~to ~~violated~~agree to ~~any~~a ~~duty~~redemption ~~owed~~order bysettlement date up to two business days after the ~~Managing~~redemption ~~Owner~~order date. By placing a redemption order, and prior to receipt of the redemption proceeds, an ~~investors~~Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the redemption order.

~~The~~Determination ~~Managing~~of ~~Owner~~Redemption Proceeds

The ~~Managing~~redemption ~~Owner~~proceeds ~~has~~from ~~a conflict~~the ofFund ~~interest~~consist inof ~~allocating~~the ~~its~~cash ~~own~~redemption ~~limited~~amount. ~~resources~~The cash ~~among~~redemption ~~different~~amount ~~clients~~is ~~and~~equal ~~potential future business ventures,~~ to ~~each~~the NAV of ~~which~~the itnumber ~~owes fiduciary duties. Certain~~ of ~~the~~Creation ~~professional~~Unit(s) ~~staff~~requested ofin the ~~Managing~~Authorized ~~Owner~~Participant’s ~~may~~redemption ~~also~~order ~~service~~as ~~other affiliates~~ of the ~~Managing~~closing ~~Owner and their respective clients. The Managing Owner may, from~~ time ~~to time, have conflicting demands in respect~~ of ~~its obligations to~~ the ~~Fund~~NYSE ~~and~~Arca ~~to other commodity pools and accounts. It is possible that current~~ or ~~future~~ ~~pools that~~ the ~~Managing~~last ~~Owner~~to ~~operates~~close orof ~~advises may generate larger fees than~~ the ~~fees~~exchanges ~~that~~on ~~the~~which ~~Managing Owner receives from~~ the Fund~~. In such a scenario, the Managing Owner~~’s futures ~~principals~~contracts ~~and~~are ~~employees~~traded, ~~may~~whichever ~~receive~~is alater, ~~greater~~on ~~portion of~~ the ~~compensation~~redemption ~~from~~order ~~those other mandates~~date. ~~Any~~The ~~such increase in fee income for the~~ Managing Owner orwill ~~compensation~~distribute ~~for~~the ~~its~~cash ~~principals~~redemption ~~and~~amount ~~employees~~at ~~would~~2:45 ~~create~~p.m., anEastern ~~incentive~~time, ~~to expend greater resources~~ on ~~those other mandates than on operating and~~the ~~advising~~redemption ~~the~~order ~~Fund.~~settlement ~~The~~date ~~Managing~~through ~~Owner~~DTC ~~intends~~ to ~~devote, and to cause its professional staff to devote, sufficient time and resources to manage properly~~ the ~~business~~account ~~and affairs~~ of the ~~Fund~~Authorized ~~consistent~~Participant ~~with~~as ~~its~~recorded oron ~~their~~DTC’s ~~respective~~book ~~fiduciary~~entry ~~duties to the Fund and others~~system.

~~The~~Delivery ~~Managing Owner has a conflict~~ of ~~interest~~Redemption in the selection of affiliated money market mutual funds and/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 Proceeds

48The 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 Creation Units to be redeemed. If the Fund’s DTC account has not been credited with all of the Creation Units to be redeemed by such time, the redemption distribution is delivered to the extent of whole Creation Units received. Any remainder of the redemption distribution is delivered on the next business day to the extent of remaining whole 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, determine and the remaining 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 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

~~Table of Contents~~46

~~that~~has ~~non-affiliated~~collateralized ~~money~~its obligation ~~market~~to ~~mutual~~deliver ~~funds~~the orCreation ~~T-Bill~~Units ~~ETFs~~through ~~may~~DTC’s ~~pay~~book aentry ~~higher~~system ~~dividend~~on ~~and/or~~such ~~make~~terms aas ~~bigger distribution of capital gains. In addition,~~ the Managing Owner ~~would~~may ~~have~~determine afrom ~~conflict~~time ~~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~~time.

~~The Trust Agreement provides that in the case of a conflict of interest between the Managing Owner or any of its affiliates~~Suspension, onPostponement ~~the one hand, and the Trust~~ or ~~any~~Rejection ~~other person, on the other hand, the Managing Owner shall resolve such conflict~~ of ~~interest,~~Redemption 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 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 Trust Agreement or any duty or obligation of the Managing Owner. Orders

~~Invesco~~The ~~Distributors~~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.

~~Because~~The ~~the~~ Managing Owner ~~and~~or ~~Invesco~~the ~~Distributors~~Transfer ~~are~~Agent ~~affiliates,~~may ~~the~~reject ~~Managing~~a ~~Owner~~redemption ~~has~~order aif ~~disincentive~~the toorder ~~replace~~is ~~Invesco~~not ~~Distributors.~~in ~~Furthermore,~~proper form as described in the Participant Agreement. The Managing Owner ~~did~~or ~~not~~the ~~conduct~~Transfer anAgent ~~arm’s~~will ~~length~~reject ~~negotiation~~a ~~with~~redemption ~~respect~~order toif ~~Invesco~~the ~~Distributors.~~acceptance or receipt of the order, in the opinion of its counsel, might be unlawful.

~~The~~Creation ~~Commodity~~and ~~Broker~~Redemption Transaction Fee

~~The~~To ~~Commodity~~compensate ~~Broker~~the ~~may~~Transfer ~~have~~Agent afor ~~conflict~~services ~~of interest~~ in ~~its~~processing ~~execution of trades for~~ the ~~Fund~~creation and ~~for~~redemption ~~other~~of ~~customers. For example~~Creation Units, ~~the~~an ~~Commodity~~Authorized ~~Broker may~~Participant ~~act~~is ~~from~~required ~~time~~ to ~~time~~pay as a ~~commodity~~transaction ~~broker~~fee ~~for~~of ~~other~~$500 ~~accounts~~per ~~with~~order ~~which~~to itcreate ~~is affiliated~~ or inredeem Creation ~~which~~Units. itAn ororder ~~one~~may ofinclude ~~its~~multiple ~~affiliates~~Creation ~~has a financial interest~~Units. ~~The~~From ~~compensation~~time ~~received~~to bytime, the ~~Commodity~~Managing ~~Broker~~Owner, ~~from~~in ~~such~~its sole ~~accounts~~discretion, may bereimburse ~~more~~Authorized orParticipants ~~less than the compensation received~~ for ~~brokerage~~all ~~services~~or ~~provided~~a toportion ~~the Fund. Customers~~ of the ~~Commodity~~processing ~~Broker~~fees ~~who~~from ~~maintain~~the ~~commodity~~Managing ~~trading~~Owner’s ~~accounts~~own ~~may~~assets. ~~pay~~The ~~commissions~~Managing atOwner ~~negotiated~~will ~~rates~~notify ~~which~~DTC of ~~are~~any ~~greater~~agreement orto ~~lesser~~change ~~than~~ the ~~rate~~transaction ~~paid~~fee byand ~~the Fund. The Commodity Broker~~ will ~~also~~not ~~benefit~~implement ~~from~~any ~~executing~~increase ~~orders~~in ~~for other clients, whereas~~ the ~~Fund~~fee ~~may~~for ~~be harmed to~~ the ~~extent~~redemption ~~that~~of ~~the~~Creation ~~Commodity~~Units ~~Broker~~until ~~has~~30 ~~fewer~~days ~~resources~~after ~~to allocate to~~ the ~~Fund’s~~date ~~accounts~~of ~~due to~~ the ~~existence of such other clients~~notice.

InMonthly ~~addition,~~account ~~various~~statements ~~accounts~~conforming ~~traded~~to ~~through~~CFTC ~~the Commodity Broker (~~and ~~over~~NFA ~~which~~requirements ~~their~~are ~~personnel~~posted on ~~may~~the ~~have~~Managing ~~discretionary~~Owner’s ~~trading~~website ~~authority) may~~at ~~take~~https://www.invesco.com/ETFs. ~~positions~~Additional inreports ~~the~~may ~~futures~~be ~~markets~~posted ~~opposite~~on ~~those of~~ the ~~Fund~~Managing orOwner’s ~~may~~website ~~compete~~in ~~with~~ the ~~Fund~~discretion ~~for~~of the ~~same positions. The~~ Managing Owner ~~employs~~or ~~various~~as ~~methods~~required ~~for~~by ~~reviewing~~regulatory ~~the Commodity Broker’s performance~~authorities.

~~The~~ 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. In doing so, they may take positions opposite 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~~A ~~officers~~variety orof ~~employees~~executing brokers execute futures transactions on behalf of the Fund. Executing brokers give-up all such transactions to the Commodity Broker, ~~may~~Morgan beStanley ~~members~~& ofCo. ~~United~~LLC ~~States~~(“MS&Co.”). ~~futures~~MS&Co. is ~~exchanges~~a ~~and/or~~Delaware ~~serve on~~limited ~~the~~liability ~~governing~~company ~~bodies~~with ~~and~~its ~~standing~~main ~~committees~~business ofoffice ~~such~~located ~~exchanges~~at 1585 Broadway, ~~their~~New ~~clearing~~York, ~~houses~~New York ~~and/or~~10036. ~~various~~Among other ~~industry~~registrations ~~organizations.~~and Inmemberships, ~~such~~MS&Co. ~~capacities,~~is ~~these~~registered ~~officers~~as ora ~~employees~~futures ~~may~~commission merchant ~~have~~and is a ~~fiduciary~~member ~~duty~~of to the ~~exchanges,~~NFA. ~~their~~In ~~clearing~~its ~~houses and/or~~capacity ~~such~~as ~~various~~clearing ~~other~~broker, ~~industry~~MS&Co. ~~organizations~~may ~~which~~execute ~~could~~or ~~compel~~receive transactions ~~such~~executed ~~employees~~by toothers ~~act~~and inclears all of the ~~best~~Fund’s ~~interests~~futures oftransactions ~~these~~and ~~entities,~~performs ~~perhaps~~certain administrative toand ~~the~~custodial ~~detriment~~services offor the Fund.

~~The~~MS&Co. ~~Index~~is ~~Sponsor~~a wholly-owned, indirect subsidiary of Morgan Stanley, a Delaware holding company. Morgan Stanley files periodic reports with the 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 ~~Marketing~~SEC ~~Agent~~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 2020, 2019, 2018, 2017, and 2016.

~~DIMA,~~In inaddition ~~its capacity~~to as the ~~Fund’s~~matters ~~Index~~described ~~Sponsor~~in ~~and~~those ~~Marketing Agent~~filings, ~~has a conflict of interest~~ in ~~allocating~~the ~~its~~normal ~~own~~course ~~limited~~of ~~resources among different clients and potential future~~ business, ~~ventures.~~each ~~Certain~~ of ~~the professional staff of DIMA may also~~Morgan ~~service~~Stanley ~~other affiliates of DIMA~~ and ~~their respective clients~~MS&Co. ~~DIMA,~~has inbeen ~~its capacity as the Fund’s Index Sponsor and Marketing Agent may~~named, from time to time, ~~have~~as ~~conflicting~~a ~~demands~~defendant in ~~respect~~various oflegal ~~its~~actions, ~~obligations~~including arbitrations, toclass ~~the~~actions, ~~Fund~~ and to other ~~clients.~~ Itlitigation, isarising ~~possible~~in ~~that~~connection ~~current~~with orits ~~future~~activities ~~pools~~as ~~that~~a ~~DIMA~~global ~~may~~diversified ~~become~~financial ~~involved~~services ~~with~~institution. inCertain ~~similar~~of ~~capacities~~the ~~may~~legal ~~generate~~actions ~~larger~~include ~~fees,~~claims ~~which~~for ~~may~~substantial ~~cause~~compensatory ~~DIMA~~and/or topunitive damages ~~devote~~or ~~resources~~claims tofor ~~other~~indeterminate ~~clients~~amounts ~~that~~of ~~otherwise~~damages. ~~would~~Each ~~have~~of ~~been~~Morgan ~~focused~~Stanley onand ~~the Fund.~~

49 47

~~Table~~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 ~~Contents~~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.

~~Proprietary~~Regulatory ~~Trading/Other~~and ~~Clients~~Governmental Matters

~~The~~In ~~Managing~~the ~~Owner~~normal ~~will~~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 ~~trade~~limited ~~proprietary~~to, ~~accounts~~investigations related to MS&Co.’s due diligence on the loans that it purchased for securitization, MS&Co.’s communications with ratings agencies, MS&Co.’s disclosures to investors, and MS&Co.’s handling of servicing and foreclosure related issues.

~~The~~On ~~principals~~February of25, ~~the~~2015, ~~Managing~~MS&Co. ~~Owner~~reached ~~may~~an ~~trade~~agreement ~~for~~in ~~their~~principle ~~own~~with ~~proprietary~~the ~~accounts~~United States ~~(subject~~Department toof ~~certain~~Justice, ~~internal~~Civil ~~Invesco~~Division ~~Ltd. employee trading policies~~ and ~~procedures)~~ at the ~~same~~United ~~time~~States ~~that~~Attorney’s ~~they~~Office ~~are~~for ~~managing~~ the ~~account~~Northern District of ~~the~~California, ~~Fund.~~Civil AsDivision ~~a result~~(collectively, the ~~principals’~~“Civil ~~own~~Division”) ~~trading~~to ~~activities~~pay ~~may~~$2.6 ~~result~~billion into ~~the~~resolve ~~principals~~certain ~~taking~~claims ~~positions in their personal trading accounts~~ that ~~are opposite to those held by~~ the ~~Fund,~~Civil ~~may~~Division ~~trade~~indicated ~~ahead~~it ofintended ~~the Fund, may compete with the Fund for positions in the marketplace and may give preferential treatment~~ to ~~these~~bring ~~proprietary~~against ~~accounts~~MS&Co. ~~Records~~That ofsettlement ~~the~~was ~~principals’~~finalized ~~personal~~on ~~trading~~February ~~accounts~~10, ~~will not be available for inspection by Shareholders~~2016.

~~Description~~In ofOctober 2014, the ~~Shares;~~Illinois ~~Certain~~Attorney ~~Material~~General’s ~~Terms~~Office (“ILAG”) sent a letter to MS&Co. alleging that MS&Co. knowingly made misrepresentations related to RMBS purchased by certain pension funds affiliated with the State of Illinois and demanding that MS&Co. pay ILAG approximately $88 million. MS&Co. and ILAG reached an agreement to resolve the ~~Trust~~matter ~~Agreement~~on February 10, 2016.

~~The~~On ~~following~~January ~~summary~~13, ~~describes~~2015, inthe ~~brief~~New ~~the~~York ~~Shares~~Attorney ~~and~~General’s ~~certain~~Office (“NYAG”), ~~aspects~~which ofis ~~the~~also ~~operation~~a member of the ~~Fund~~RMBS ~~and~~Working ~~the~~Group, ~~respective~~indicated ~~responsibilities~~that ofit ~~the Trustee~~intends ~~and~~to ~~the~~file ~~Managing~~a ~~Owner~~lawsuit ~~concerning~~related ~~the~~to ~~Fund~~approximately ~~and~~30 ~~the~~subprime ~~material~~securitizations ~~terms~~sponsored ofby ~~the~~MS&Co. ~~Trust~~NYAG ~~Agreement.~~indicated ~~Prospective~~that ~~investors~~the ~~should~~lawsuit ~~carefully~~would ~~review~~allege ~~the~~that ~~Trust~~MS&Co. ~~Agreement~~misrepresented ~~filed~~or omitted asmaterial aninformation ~~exhibit~~related to the ~~registration~~due ~~statement~~diligence, ofunderwriting ~~which this Prospectus is a part~~ and ~~consult~~valuation ~~with~~of ~~their~~the ~~own~~loans ~~advisers~~in ~~concerning~~ the ~~implications~~securitizations ofand ~~investing~~the inproperties asecuring ~~Delaware~~them ~~statutory~~and ~~trust.~~indicated ~~Capitalized~~that ~~terms~~its lawsuit ~~used~~would inbe ~~this~~brought ~~section~~under ~~and~~the ~~not~~Martin ~~otherwise~~Act. ~~defined~~MS&Co. ~~shall~~and ~~have~~NYAG ~~such~~reached ~~meanings~~an ~~assigned~~agreement to ~~them~~resolve ~~under~~ the ~~Trust~~matter ~~Agreement~~on February 10, 2016.

~~Description~~On July 23, 2014, the 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 ~~Shares~~Securities Act, agreed to pay disgorgement and penalties in an amount of $275 million and neither admitted nor denied the SEC’s findings.

~~The~~On ~~Fund~~April ~~issues~~21, ~~common~~2015, the Chicago Board Options Exchange, Incorporated ~~units~~(“CBOE”), ofand ~~beneficial~~the ~~interest~~CBOE Futures Exchange, orLLC ~~Shares~~(“CFE”), ~~which~~filed ~~represent~~statements ~~units~~of charges against MS&Co. in connection with trading by one of ~~fractional~~MS&Co.’s

Large accelerated filer

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Non-accelerated filer

Smaller reporting company

Emerging growth company

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