MANAGEMENT FEE WAIVER AGREEMENT
MANAGEMENT FEE WAIVER AGREEMENT
Management Fee Waiver Agreement, dated as of December 19, 2017, by INVESCO POWERSHARES CAPITAL MANAGEMENT LLC (the “Adviser”), a Delaware limited liability company registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Agreement”).
WHEREAS, Invesco PowerShares Capital Management LLC is the investment adviser of PowerShares Exchange-Traded Fund Trust and PowerShares Exchange-Traded Fund Trust II, each a Massachusetts business trust, and PowerShares Actively Managed Exchange-Traded Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust, each a Delaware statutory trust (collectively, the “Trusts”);
WHEREAS, the Adviser agrees to limit the total operating expenses of the funds of the Trusts listed in Schedule A (the “Funds”); and
WHEREAS, the Trusts desire to induce the Adviser to waive a portion of its unitary management fee for the Funds.
NOW, THEREFORE, the parties hereto agree as follows:
| 1. | The Adviser agrees to waive a portion of its unitary management fee to the extent necessary to prevent each Fund’s operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, Acquired Fund Fees and Expenses (as defined in Securities and Exchange Commission Form N-1A), if any, taxes and litigation expenses and extraordinary expenses) from exceeding the percentage of daily net assets set forth in Schedule A (the “Expense Cap”). |
| 2. | The Adviser may not terminate this Agreement prior to the date set forth in Schedule A. Following that date, the Adviser may terminate this Agreement without penalty. |
| INVESCO POWERSHARES CAPITAL MANAGEMENT LLC | ||
| By: | /s/ Xxxxxx X. Xxxxxx | |
| Name: Xxxxxx X. Xxxxxx | ||
| Title: Managing Director | ||
SCHEDULE A
(as of June 4, 2018)
| Portfolio |
Expense Cap | Date of Expiration of Management Fee Waiver |
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| Invesco Exchange-Traded Fund Trust |
||||||||
| Invesco Dow Xxxxx Industrial Average Dividend ETF |
0.30% | 4/6/2020 | ||||||
| Invesco Xxxxxxx James SB-1 Equity ETF |
0.75% | 5/18/2020 | ||||||
| Invesco S&P 100® Equal Weight ETF |
0.40% | 4/6/2020 | ||||||
| Invesco S&P 500® Equal Weight Consumer Discretionary ETF |
0.40% | 4/6/2020 | ||||||
| Invesco S&P 500® Equal Weight Consumer Staples ETF |
0.40% | 4/6/2020 | ||||||
| Invesco S&P 500® Equal Weight Energy ETF |
0.40% | 4/6/2020 | ||||||
| Invesco S&P 500® Equal Weight ETF |
0.20% | 4/6/2020 | ||||||
| Invesco S&P 500® Equal Weight Financials ETF |
0.40% | 4/6/2020 | ||||||
| Invesco S&P 500® Equal Weight Health Care ETF |
0.40% | 4/6/2020 | ||||||
| Invesco S&P 500® Equal Weight Industrials ETF |
0.40% | 4/6/2020 | ||||||
| Invesco S&P 500® Equal Weight Materials ETF |
0.40% | 4/6/2020 | ||||||
| Invesco S&P 500® Equal Weight Real Estate ETF |
0.40% | 4/6/2020 | ||||||
| Invesco S&P 500® Equal Weight Technology ETF |
0.40% | 4/6/2020 | ||||||
| Invesco S&P 500® Equal Weight Utilities ETF |
0.40% | 4/6/2020 | ||||||
| Invesco S&P 500® Pure Growth ETF |
0.35% | 4/6/2020 | ||||||
| Invesco S&P 500® Pure Value ETF |
0.35% | 4/6/2020 | ||||||
| Invesco S&P 500® Top 50 ETF |
0.20% | 4/6/2020 | ||||||
| Invesco S&P MidCap 400® Equal Weight ETF |
0.40% | 4/6/2020 | ||||||
| Invesco S&P MidCap 400® Pure Growth ETF |
0.35% | 4/6/2020 | ||||||
| Portfolio |
Expense Cap | Date of Expiration of Management Fee Waiver | ||
| Invesco S&P MidCap 400® Pure Value ETF |
0.35% | 4/6/2020 | ||
| Invesco S&P SmallCap 600® Equal Weight ETF |
0.40% | 4/6/2020 | ||
| Invesco S&P SmallCap 600® Pure Growth ETF |
0.35% | 4/6/2020 | ||
| Invesco S&P SmallCap 600® Pure Value ETF |
0.35% | 4/6/2020 | ||
| Invesco Wilshire Micro-Cap ETF |
0.50% | 4/6/2020 | ||
| Invesco Wilshire US REIT ETF |
0.32% | 5/18/2020 | ||
| Invesco Exchange-Traded Fund Trust II |
||||
| Invesco China All-Cap ETF |
0.70% | 4/6/2020 | ||
| Invesco China Technology ETF |
0.70% | 5/18/2020 | ||
| Invesco MSCI Emerging Markets Equal Country Weight ETF |
0.70%* | 4/6/2020 | ||
| Invesco S&P High Income Infrastructure ETF |
0.45% | 5/18/2020 | ||
| Invesco Shipping ETF |
0.65% | 4/6/2020 | ||
| Invesco Total Return Bond ETF |
0.50% | 4/6/2020 | ||
| Invesco Exchange-Traded Self-Indexed Fund Trust |
||||
| Invesco BulletShares 2018 Corporate Bond ETF |
0.24% | 4/6/2020 | ||
| Invesco BulletShares 2018 High Yield Corporate Bond ETF |
0.42% | 4/6/2020 | ||
| Invesco BulletShares 2019 Corporate Bond ETF |
0.24% | 4/6/2020 | ||
| Invesco BulletShares 2019 High Yield Corporate Bond ETF |
0.42% | 4/6/2020 | ||
| Invesco BulletShares 2020 Corporate Bond ETF |
0.24% | 4/6/2020 | ||
| Invesco BulletShares 2020 High Yield Corporate Bond ETF |
0.42% | 4/6/2020 | ||
| Invesco BulletShares 2021 Corporate Bond ETF |
0.24% | 4/6/2020 | ||
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| Portfolio |
Expense Cap | Date of Expiration of Management Fee Waiver | ||
| Invesco BulletShares 2021 High Yield Corporate Bond ETF |
0.42% | 4/6/2020 | ||
| Invesco BulletShares 2022 Corporate Bond ETF |
0.24% | 4/6/2020 | ||
| Invesco BulletShares 2022 High Yield Corporate Bond ETF |
0.42% | 4/6/2020 | ||
| Invesco BulletShares 2023 Corporate Bond ETF |
0.24% | 4/6/2020 | ||
| Invesco BulletShares 2023 High Yield Corporate Bond ETF |
0.42% | 4/6/2020 | ||
| Invesco BulletShares 2024 Corporate Bond ETF |
0.24% | 4/6/2020 | ||
| Invesco BulletShares 2024 High Yield Corporate Bond ETF |
0.42% | 4/6/2020 | ||
| Invesco BulletShares 2025 Corporate Bond ETF |
0.24% | 4/6/2020 | ||
| Invesco BulletShares 2025 High Yield Corporate Bond ETF |
0.42% | 4/6/2020 | ||
| Invesco BulletShares 2026 Corporate Bond ETF |
0.24% | 4/6/2020 | ||
| Invesco BulletShares 2027 Corporate Bond ETF |
0.24% | 4/6/2020 | ||
| Invesco Multi-Factor Large Cap ETF |
0.25% | 4/6/2020 | ||
| Invesco U.S. Large Cap Optimized Volatility ETF |
0.30% | 4/6/2020 | ||
| * | The Expense Cap for Invesco MSCI Emerging Markets Equal Country Weight ETF includes Acquired Fund Fees and Expenses (as defined in Securities and Exchange Commission Form N-1A). |
| INVESCO CAPITAL MANAGEMENT LLC | ||
| By: | /s/ Xxxxxx X. Xxxxxx | |
| Name: Xxxxxx X. Xxxxxx | ||
| Title: Managing Director | ||
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