Invesco Commodity Index Tracking Fund
August 20, 2024
Page 2
| (d) | The Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Fund, dated as of February 23, 2015, between Invesco PowerShares Capital Management LLC, as managing owner of the Fund, and the Trustee, as amended by Amendment No. 1 thereto, dated as of June 20, 2016 and as further amended by Amendment No. 2 thereto, dated June 4, 2018, between Invesco Capital Management LLC (f/k/a/ Invesco PowerShares Capital Management LLC) (the “Managing Owner”) and the Trustee (the “Trust Agreement”); |
| (e) | A form of Participant Agreement to be entered into by the Fund, the Managing Owner and each Authorized Participant (as defined in the Prospectus) (collectively the “Participant Agreements”); and |
| (f) | Certificate of Good Standing for the Fund, dated August 19, 2024 obtained from the Secretary of State. |
As to various questions of fact material to our opinion, we have relied upon the representations made in the foregoing documents. With respect to all documents examined by us, we have assumed (i) the authenticity of all documents submitted to us as authentic originals, (ii) the conformity with the originals of all documents submitted to us as copies or forms, and (iii) the genuineness of all signatures. Capitalized terms used herein and not otherwise defined are used as defined in, or by reference in, the Trust Agreement.
Based upon and subject to the foregoing and subject to the assumptions, exceptions, qualifications and limitations set forth hereinbelow, it is our opinion that:
1. The Fund has been duly formed and is validly existing as a statutory trust under the Delaware Statutory Trust Act, 12 Del. C. § 3801 et seq. (the “Act”).
2. The Limited Units to be issued by the Fund will be validly issued and, subject to the obligation of a Limited Owner to make certain payments provided for in the Trust Agreement, will be fully paid and nonassessable beneficial interests in the Fund.
The foregoing opinions are subject to the following assumptions, exceptions, qualifications and limitations:
A. The foregoing opinions are limited to the laws of the State of Delaware (excluding securities laws) currently in effect. We have not considered and express no opinion on the laws of any other state or jurisdiction, including federal laws or rules and regulations thereunder.
B. We have assumed (i) that the Trust Agreement and the Certificate of Trust are in full force and effect and have not been amended and the Trust Agreement will be in full force and effect when the Limited Units are issued by the Fund, (ii) except to the extent set forth in paragraph 1 above, the due creation, due formation or due organization, as the case may be, and valid existence in good standing of each party to the documents examined by us