LBMA’s Responsible Gold Guidance

Introduced in 2012, the LBMA’s Responsible Gold Guidance requires strict adherence to rules around the provenance of gold for its Good Delivery refiners. It was set up to combat systematic or widespread abuses of human rights, to avoid contributing to conflict, to comply with high standards of anti-money laundering, and to combat terrorist financing practices in the entire gold supply chain.

The Guidance has been regularly updated since its introduction, most recently in 2019 to address corporate governance, environmental and sustainability issues. All refiners wishing to sell into the London Bullion Market must implement and adhere to LMBA’s Responsible Sourcing Programme in order to remain on the LBMA Good Delivery List.

The Guidance is based on internationally recognised frameworks such as OECD Due Diligence Guidance for Responsible Supply Chain of Minerals from Conflict Affected and High Risk Areas, Swiss and US KYC, Anti-Money Laundering and Combating Terrorist Financing regulations. These detailed standards help to ensure companies respect human rights and avoid contributing to conflict. As such, the Guidance crosses over with several UN Global Compact Sustainable Development Goals including no poverty, reduced inequality, peace justice and strong institutions.

Compliance with the Guidance include measures such as:

Supporting initiatives facilitating responsible supply chains for all forms of mining in areas of conflict or human rights abuse
Refiners are required to engage on ESG issues with their suppliers and assist them in implementing ESG policies
LBMA accredited refiners must meet the guidance standards
Refiners are independently audited on an annual basis and are required to report publicly
Failure to comply may result in immediate removal from the Good Delivery List.

Find out more in the LBMA's 2020 Responsible Sourcing Report

Invesco Physical Gold ETC

Since we can only be certain that gold mined from 2012 onward has been sourced in compliance with the LBMA’s Responsible Gold Guidance, we have instructed our custodian, J.P. Morgan Chase Bank, to minimise the Invesco Physical Gold ETC’s exposure to gold mined prior to this date. As a result, since July 2020, 100% of the gold bars held in the segregated account of the Invesco Physical Gold ETC are minted since 2012.

100% of our gold bars are minted since 2012

Source: J.P. Morgan Chase Bank, 30 September 2021

As a responsible manager and a signatory of the UN Principles of Responsible Investment (PRI), we are committed to incorporate environmental social and governance (ESG) practices across all our investment activities. We take our responsibility as an engaged and active shareholder in the gold mining space very seriously and see engagement as an opportunity to encourage continual ESG improvement.

We actively engage with mining companies to discuss key material environmental issues associated with mining, including carbon emissions, water management, biodiversity protection and tailings dam management.

To find out more, watch the latest from Dr Chris Mellor, CFA, Head of EMEA Equity & Commodity ETF Product Management.

¹London Bullion Market Association (“LBMA”) is the primary standard-setting body for the global wholesale market for gold and other precious metals

²Provided by J.P. Morgan Chase Bank, September 2021

Investment risks

The value of investments, and any income from them, will fluctuate. This may partly be the result of changes in exchange rates. Investors may not get back the full amount invested.

If the issuer cannot pay the specified return, the precious metal will be used to repay investors. Investors will have no claim on the other assets of the Issuer.

Instruments providing exposure to commodities are generally considered to be high risk which means there is a greater risk of large fluctuations in the value of the instrument.

Important information

This document contains information that is for discussion purposes only, and is intended only for professional investors in Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden and the UK, Qualified Clients in Israel, and Qualified Investors in Switzerland. Marketing materials may only be distributed in other jurisdictions in compliance with private placement rules and local regulations.

Data as at September 2021, unless otherwise stated.

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For more information on our funds and the relevant risks, please refer to the share class-specific Key Investor Information Documents (available in local language), the Annual or Interim Reports, the Prospectus, and constituent documents, available from www.invesco.eu. A summary of investor rights is available in English from www.invescomanagementcompany.ie. The management company may terminate marketing arrangements.

This communication is marketing material and is not intended as a recommendation to buy or sell any particular asset class, security or strategy. Regulatory requirements that require impartiality of investment/investment strategy recommendations are therefore not applicable nor are any prohibitions to trade before publication.

This communication should not be considered financial advice. Persons interested in acquiring the fund should inform themselves as to (i) the legal requirements in the countries of their nationality, residence, ordinary residence or domicile; (ii) any foreign exchange controls and (iii) any relevant tax consequences.

Any calculations and charts set out herein are indicative only, make certain assumptions and no guarantee is given that future performance or results will reflect the information herein.

For details on fees and other charges, please consult the prospectus, the KIID/KID and the supplement of each product.

For the full objectives and investment policy please consult the current prospectus.

No action has been taken or will be taken in Israel that would permit a public offering of the Fund or distribution of this document to the public in Israel. This Fund has not been approved by the Israel Securities Authority (the ISA). Accordingly, the Fund shall only be sold in Israel to an investor of the type listed in the First Schedule to the Israeli Securities Law, 1968, which has confirmed in writing that it falls within one of the categories listed therein (accompanied by external confirmation where this is required under ISA guidelines), that it is aware of the implications of being considered such an investor and consents thereto, and further that the Fund is being purchased for its own account and not for the purpose of re-sale or distribution. This document may not be reproduced or used for any other purpose, nor be furnished to any other person other than those to whom copies have been sent. Nothing in this document should be considered investment advice or investment marketing as defined in the Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 1995 (“the Investment Advice Law”). Investors are encouraged to seek competent investment advice from a locally licensed investment advisor prior to making any investment. Neither Invesco Ltd. Nor its subsidiaries are licensed under the Investment Advice Law, nor does it carry the insurance as required of a licensee thereunder. This document does not constitute an offer to sell or solicitation of an offer to buy any securities or fund units other than the fund offered hereby, nor does it constitute an offer to sell to or solicitation of an offer to buy from any person or persons in any state or other jurisdiction in which such offer or solicitation would be unlawful, or in which the person making such offer or solicitation is not qualified to do so, or to a person or persons to whom it is unlawful to make such offer or solicitation

The publication of the supplement in Italy does not imply any judgment by CONSOB on an investment in a product. The list of products listed in Italy, and the offering documents for and the supplement of each product are available: (i) at etf.invesco.com (along with the audited annual report and the unaudited half-year reports); and (ii) on the website of the Italian Stock Exchange borsaitaliana.it.

This document has been communicated by Invesco Management S.A., President Building, 37A Avenue JF Kennedy, L-1855 Luxembourg, regulated by the Commission de Surveillance du Secteur Financier, Luxembourg, Invesco Asset Management Deutschland GmbH, An der Welle 5, 60322 Frankfurt am Main, Germany, Invesco Asset Management (Schweiz) AG, Talacker 34, 8001 Zurich, Switzerland, and Invesco Asset Management Limited, Perpetual Park, Perpetual Park Drive, Henley-on-Thames, Oxfordshire, RG9 1HH, United Kingdom, authorised and regulated by the Financial Conduct Authority.

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