MANAGEMENT FEE WAIVER AGREEMENT
MANAGEMENT FEE WAIVER AGREEMENT
Management Fee Waiver Agreement, effective as of August 20, 2018, by INVESCO 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”) and each of Invesco Exchange-Traded Fund Trust and Invesco Exchange-Traded Fund Trust II, each a Massachusetts business trust (collectively, the “Trusts”).
WHEREAS, the Adviser is the investment adviser of the Trusts; and
WHEREAS, the Adviser agrees to waive a portion of its management fee for each of the funds of the Trusts listed in Schedule A (the “Funds”).
NOW, THEREFORE, the parties hereto agree as follows:
| 1. | For each Unitary Fee Fund set forth in Schedule A, the Adviser agrees to waive permanently a portion of its unitary management fee to the extent necessary to prevent each Fund’s operating expenses, excluding fees paid under the investment advisory agreement, payments under each fund’s 12b-1 plan, if any, brokerage expenses, taxes, interest, litigation expenses and other extraordinary expenses, from exceeding the percentage of daily net assets set forth in Schedule A (the “Expense Cap”). The Adviser will not have any right to reimbursement of any amount so waived. |
| 2. | For the Non-Unitary Fee Fund set forth in Schedule A, the Adviser agrees to waive permanently a portion of its management fee to the extent necessary to prevent the Fund’s management fee from exceeding the percentage of daily net assets set forth in Schedule A (the “Expense Cap”). The Adviser will not have any right to reimbursement of any amount so waived. |
| 3. | This Agreement shall automatically terminate with respect to a Fund listed in Schedule A upon the Board of Trustees of that Fund approving a reduced management fee for that Fund equal to the Fund’s respective Expense Cap. |
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| INVESCO CAPITAL MANAGEMENT LLC | ||
| By: | /s/ Xxxx Xxxxxx | |
| Name: Xxxx Xxxxxx | ||
| Title: Head of Legal | ||
| Accepted by: | ||
| INVESCO EXCHANGE-TRADED FUND TRUST | ||
| By: | /s/ Xxxx Xxxxxx | |
| Name: Xxxx Xxxxxx | ||
| Title: Secretary | ||
| Accepted by: | ||
| INVESCO EXCHANGE-TRADED FUND TRUST II | ||
| By: | /s/ Xxxx Xxxxxx | |
| Name: Xxxx Xxxxxx | ||
| Title: Secretary | ||
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SCHEDULE A
(as of August 20, 2018)
| Unitary Fee Funds |
Expense Cap | |||
| Invesco Dow Xxxxx Industrial Average Dividend ETF |
0.07 | % | ||
| Invesco S&P 500 Value with Momentum ETF |
0.15 | % | ||
| Non-Unitary Fee Fund |
||||
| Invesco S&P 500® Quality ETF |
0.15 | % | ||
| INVESCO CAPITAL MANAGEMENT LLC | ||
| By: | /s/ Xxxx Xxxxxx | |
| Name: Xxxx Xxxxxx | ||
| Title: Head of Legal | ||
| Accepted by: | ||
| INVESCO EXCHANGE-TRADED FUND TRUST | ||
| By: | /s/ Xxxx Xxxxxx | |
| Name: Xxxx Xxxxxx | ||
| Title: Secretary | ||
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| Accepted by: | ||
| INVESCO EXCHANGE-TRADED FUND TRUST II | ||
| By: | /s/ Xxxx Xxxxxx | |
| Name: Xxxx Xxxxxx | ||
| Title: Secretary | ||
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