A $1.6T-AUM Firm Expands Its Commodity Fund Suite
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Friday, May 6, 2022

A $1.6T-AUM Firm Expands Its Commodity Fund Suite

A $1.6 trillion-AUM (as of March 31), publicly traded fund firm's team is expanding their commodity fund suite with a new active ETF.

Last week, Jason Bloom, head of fixed income and alternatives ETF strategy at Invesco [profile], unveiled the Invesco Electric Vehicle Metals strategy No K-1 ETF (EVMT on the Nasdaq). The Invesco team lays claim to the fund being "the first non-equity ETF to invest in the electronification of transport."

EVMT is an actively managed '40 Act ETF (hence the "no K-1" part of the name) and a series of the Invesco Actively Managed Exchange-Traded Commodity Fund Trust. It comes with an expense ratio of 59 basis points, including a three-bps fee waiver promised through August 31, 2023.

Invesco Capital Management LLC serves as the new fund's investment advisor, and Invesco Distributors, Inc. serves as the fund's distributor. The fund is PMed by a trio: David Hemming, head of alternative portfolio management; Peter Hubbard, director of portfolio management; and Theodore Samulowitz, senior portfolio manager.

The launch comes after more than $3.8 billion flowed into Invesco's commodities ETFs in the first quarter of 2022.

"EVMT will be the first commodities fund to offer exposure to an electric vehicle theme, as well as the only ETF that considers metals necessary for whole car production, rather than a focus on battery production," Bloom states.

The new fund's other service providers include: Bank of New York Mellon (BNY Mellon) as administrator, custodian, dividend disbursing agent, fund accounting agent, and transfer agent; PricewaterhouseCoopers LLP (PwC) as independent accounting firm; and Stradley Ronon Stevens & Young, LLP as counsel.

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