Dividend Sustainability Portfolio 2019-4 International ...Portfolio by: (1) eliminating companies...

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Dividend Sustainability Portfolio 2019-4 International Dividend Sustainability Portfolio 2019-4 European Dividend Sustainability Portfolio 2019-4 Global Dividend Sustainability Portfolio 2019-4 Each unit investment trust named above (the “Portfolios”), included in Invesco Unit Trusts, Series 2009, invests in a portfolio of stocks. Of course, we cannot guarantee that a Portfolio will achieve its objective. November 5, 2019 You should read this prospectus and retain it for future reference. The Securities and Exchange Commission has not approved or disapproved of the Units or passed upon the adequacy or accuracy of this prospectus. Any contrary representation is a criminal offense.

Transcript of Dividend Sustainability Portfolio 2019-4 International ...Portfolio by: (1) eliminating companies...

  • Dividend Sustainability Portfolio 2019-4

    International Dividend Sustainability Portfolio 2019-4

    European Dividend Sustainability Portfolio 2019-4

    Global Dividend Sustainability Portfolio 2019-4

    Each unit investment trust named above (the “Portfolios”), included in Invesco Unit Trusts, Series 2009, invests ina portfolio of stocks. Of course, we cannot guarantee that a Portfolio will achieve its objective.

    November 5, 2019

    You should read this prospectus and retain it for future reference.

    The Securities and Exchange Commission has not approved or disapproved of the Unitsor passed upon the adequacy or accuracy of this prospectus.

    Any contrary representation is a criminal offense.

    INVESCO

  • Investment Objective. The Portfolio seeks aboveaverage capital appreciation.

    Principal Investment Strategy. The Portfolioseeks to achieve its objective by investing in a portfolioof common stocks of companies derived from the S&P500 Dividend Aristocrats Index. The S&P 500 DividendAristocrats Index consists of stocks of those companiescontained in the S&P 500 Index that have followed apolicy of consistently increasing dividends every year forat least 25 years. Invesco Capital Markets, Inc., theSponsor, selected the stocks for the Portfolio fromamong the S&P 500 Dividend Aristocrats Indexcomponent list as most recently made available to theSponsor prior to the Initial Date of Deposit.

    The Portfolio will consist of companies selected bythe Sponsor from a selection universe of companiesincluded in the S&P 500 Dividend Aristocrats Index;the companies, if rated, must have a domestic S&PGlobal Quality Rank of B or better and, if rated, anS&P Global Issuer Credit Rating of BBB or better.

    Beginning with the S&P 500 Dividend AristocratsIndex, the Sponsor selected the composition of thePortfolio by: (1) eliminating companies with a sharepr ice below $5 at the t ime of se lect ion; (2 )eliminating companies, if rated, with an S&P GlobalQuality Ranking below B and, if rated, with an S&PGlobal Issuer Credit Rating below BBB (companieswhich do not have a domestic S&P Global QualityRank or an S&P Global Issuer Credit Rating may beincluded); and (3) applying a fundamental, qualitativeselection process focusing on factors including, butnot limited to:

    • Valuation – Companies whose current valuationsappear attractive relative to long-term trends;

    • Growth – Companies with a history of andprospects for above average growth of salesand earnings;

    • Cash Flow Generation – Companies with ahistory of generating attractive operating andfree cash flows in order to facilitate current andfuture dividends;

    • Balance Sheet – Companies displayingbalance sheet strength evidenced by a historyof achieving strong financial results and makingdisciplined capital management decisions; and

    • Returns – Companies with a history of aboveaverage returns on invested capital.

    Of course, we cannot guarantee that your Portfoliowill achieve its objective. The value of your Units mayfall below the price you paid for the Units. You shouldread the “Risk Factors” section before you invest.

    The Portfolio is designed as part of a long-terminvestment strategy. The Sponsor may offer asubsequent series of the portfolio when the currentPortfolio terminates. As a result, you may achievemore consistent overall results by following thestrategy through reinvestment of your proceeds overseveral years if subsequent series are available.Repeatedly rol l ing over an investment in a unitinvestment trust may differ from long-term investmentsin other investment products when considering thesales charges, fees, expenses and tax consequencesattributable to a Unitholder. For more information see“Rights of Unitholders--Rollover”.

    Principal Risks. As with all investments, you canlose money by investing in this Portfolio. The Portfolioalso might not perform as well as you expect. This canhappen for reasons such as these:

    • Security prices will fluctuate. The value ofyour investment may fall over time.

    • An issuer may be unwilling or unable todeclare dividends in the future, or mayreduce the level of dividends declared.This may result in a reduction in the value ofyour Units.

    • The financial condition of an issuer mayworsen or its credit ratings may drop,resulting in a reduction in the value ofyour Units. This may occur at any point intime, including during the initial offering period.

    • You could experience dilution of yourinvestment if the size of the Portfolio

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    Dividend Sustainability Portfolio

  • is increased as Units are sold. There isno assurance that your investment wi l lmainta in i ts proport ionate share in thePortfolio’s profits and losses.

    • The Portfolio does not replicate all of thecomponents of the S&P 500 DividendAristocrats Index or its componentweightings and the stocks in thePortfolio will not change if the indexcomponents, or their weightings withinthe index, change. The performance of thePortfolio will not correspond with the S&P 500Dividend Aristocrats Index for this reason andbecause the Portfolio incurs a sales charge andexpenses. The Portfolio is not intended toreplicate the performance of the index.

    • We do not actively manage the Portfolio.Except in limited circumstances, the Portfolio willhold, and may continue to buy, shares of thesame securities even if their market valuedeclines.

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    Fee Table

    The amounts below are estimates of the direct and indirectexpenses that you may incur based on a $10 Public Offering Price perUnit. Actual expenses may vary.

    As a % of Public Amount Offering Per 100Sales Charge Price Units _________ _________

    Initial sales charge 0.000% $ 0.000Deferred sales charge 2.250 22.500Creation and development fee 0.500 5.000 ______ ______Maximum sales charge 2.750% $27.500 ______ ______ ______ ______

    As a % Amount of Net Per 100 Assets Units _________ _________

    Estimated Organization Costs 0.143% $1.386 ______ ______ ______ ______

    Estimated Annual Expenses Trustee’s fee and operating expenses 0.201% $1.952Supervisory, bookkeeping

    and administrative fees 0.057 0.550 ______ ______

    Total 0.258% $2.502* ______ ______ ______ ______

    Example

    This example helps you compare the cost of the Portfolio with otherunit trusts and mutual funds. In the example we assume that the expensesdo not change and that the Portfolio’s annual return is 5%. Your actualreturns and expenses will vary. This example also assumes that youcontinue to follow the Portfolio strategy and roll your investment, includingall distributions, into a new trust every two years subject to a sales chargeof 2.75%. Based on these assumptions, you would pay the followingexpenses for every $10,000 you invest in the Portfolio:

    1 year $ 3143 years 6745 years 1,05710 years 1,933

    * The estimated annual expenses are based upon the estimated trust sizefor the Portfolio determined as of the initial date of deposit. Becausecertain of the operating expenses are fixed amounts, if the Portfolio doesnot reach the estimated size, or if the value of the Portfolio or number ofoutstanding units decline over the life of the trust, or if the actual amountof the operating expenses exceeds the estimated amounts, the actualamount of the operating expenses per 100 units would exceed theestimated amounts. In some cases, the actual amount of operatingexpenses may substantially differ from the amounts reflected above.

    The maximum sales charge is 2.75% of the Public Offering Priceper Unit. There is no initial sales charge at a Public Offering Price of $10or less. If the Public Offering Price exceeds $10 per Unit, the initial salescharge is the difference between the total sales charge (maximum of2.75% of the Public Offering Price) and the sum of the remainingdeferred sales charge and the creation and development fee. Thedeferred sales charge is fixed at $0.225 per Unit and accrues daily fromMarch 10, 2020 through August 9, 2020. Your Portfolio pays aproportionate amount of this charge on the 10th day of each monthbeginning in the accrual period until paid in full. The combination of theinitial and deferred sales charges comprises the “transactional salescharge”. The creation and development fee is fixed at $0.05 per Unit andis paid at the earlier of the end of the initial offering period (anticipated tobe three months) or six months following the Initial Date of Deposit. Formore detail, see “Public Offering Price - General.”

    Essential Information

    Unit Price at Initial Date of Deposit $10.0000Initial Date of Deposit November 5, 2019Mandatory Termination Date November 3, 2021Historical 12 Month Distributions1 $0.20285 per UnitEstimated Initial Distribution1 $0.05 per UnitRecord Dates 10th day of each March, June, September and December, commencing March 10, 2020

    Distribution Dates 25th day of each March, June, September and December, commencing March 25, 2020CUSIP Numbers Cash – 46145H101 Reinvest – 46145H119 Fee Based Cash – 46145H127 Fee Based Reinvest – 46145H135

    1 As of close of business day prior to Initial Date of Deposit. The actualdistributions you receive will vary from this per Unit amount due tochanges in the Portfolio’s fees and expenses, in actual income receivedby the Portfolio, currency fluctuations and with changes in the Portfoliosuch as the acquisition or liquidation of securities. See “Rights ofUnitholders--Historical and Estimated Distributions.”

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    Dividend Sustainability Portfolio 2019-4

    Portfolio______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ Communication Services - 3.99% 152 AT&T, Inc. $ 38.890 $ 5,911.28 Consumer Discretionary - 16.10% 53 Lowe’s Companies, Inc. 112.620 5,968.86 32 McDonald’s Corporation 188.660 6,037.12 54 Target Corporation 108.770 5,873.58 71 V.F. Corporation 84.800 6,020.80 Consumer Staples - 19.84% 111 Coca-Cola Company 53.140 5,898.54 44 PepsiCo, Inc. 135.160 5,947.04 49 Procter & Gamble Company 119.070 5,834.43 99 Walgreens Boots Alliance, Inc. 59.650 5,905.35 50 Walmart, Inc. 117.570 5,878.50 Energy - 4.01% 49 Chevron Corporation 121.570 5,956.93 Financials - 8.04% 23 S&P Global, Inc. 256.340 5,895.82 51 T. Rowe Price Group, Inc. 118.530 6,045.03 Health Care - 11.90% 72 Abbott Laboratories 82.220 5,919.84 45 Johnson & Johnson 130.230 5,860.35+ 55 Medtronic plc 107.150 5,893.25 Industrials - 16.03% 82 Emerson Electric Company 73.220 6,004.04 33 General Dynamics Corporation 178.070 5,876.31 38 Stanley Black & Decker, Inc. 158.280 6,014.64 40 United Technologies Corporation 147.510 5,900.40 Information Technology - 4.03% 37 Automatic Data Processing, Inc. 161.880 5,989.56 Materials - 12.06% 28 Air Products and Chemicals, Inc. 214.420 6,003.76 31 Ecolab, Inc. 189.840 5,885.04 47 PPG Industries, Inc. 128.090 6,020.23 Utilities- 4.00% 66 Consolidated Edison, Inc. 89.920 5,934.72___________ ____________ 1,412 $ 148,475.42___________ _______________________ ____________

    See “Notes to Portfolios”.

  • Investment Objective. The Portfolio seeks aboveaverage capital appreciation.

    Principal Investment Strategy. The Portfolioseeks to achieve its objective by investing in a portfolio ofinternational common stocks and American DepositaryReceipts (“ADRs”) of companies with a history ofincreasing dividend distributions. Invesco CapitalMarkets, Inc., the Sponsor, only considered companieswith an S&P Global Issuer Credit Rating of BBB- orhigher and a minimum share price of $5 (USD) at thetime of selection. Companies considered for inclusion inthe Portfolio must have demonstrated consistentdividend per share growth over the last 5 years.

    Beginning with a universe of foreign companies thattrade on a U.S. stock exchange, either directly orthrough an ADR, the Sponsor selected the compositionof the Portfolio by: (1) eliminating companies with a shareprice below $5 at the time of selection; (2) eliminatingcompanies with an S&P Global Issuer Credit Ratingbelow BBB-; (3) eliminating companies that have notdemonstrated consistent dividend per share growth overthe last 5 years; and (4) applying a fundamental,qualitative selection process focusing on factorsincluding, but not limited to:

    • Valuation – Companies whose current valuationsappear attractive relative to long-term trends;

    • Growth – Companies with a history of andprospects for above average growth of salesand earnings;

    • Cash Flow Generation – Companies with ahistory of generating attractive operating andfree cash flow in order to facilitate current andfuture dividends;

    • Balance Sheet – Companies displaying balancesheet strength evidenced by a history ofachieving strong financial results and makingdisciplined capital management decisions; and

    • Returns – Companies with a history of aboveaverage returns on invested capital.

    The final Portfolio is constructed so that no morethan 50% of the Portfolio will be invested in any oneparticular country and a minimum of 5 countries will berepresented in the Portfolio at the time of selection.

    Of course, we cannot guarantee that your Portfoliowill achieve its objective. The value of your Units mayfall below the price you paid for the Units. You shouldread the “Risk Factors” section before you invest.

    The Portfolio is designed as part of a long-terminvestment strategy. The Sponsor may offer asubsequent series of the portfolio when the currentPortfolio terminates. As a result, you may achievemore consistent overall results by following thestrategy through reinvestment of your proceeds overseveral years if subsequent series are available.Repeatedly rol l ing over an investment in a unitinvestment trust may differ from long-term investmentsin other investment products when considering thesales charges, fees, expenses and tax consequencesattributable to a Unitholder. For more information see“Rights of Unitholders--Rollover”.

    Principal Risks. As with all investments, you canlose money by investing in this Portfolio. The Portfolioalso might not perform as well as you expect. This canhappen for reasons such as these:

    • Security prices will fluctuate. The value ofyour investment may fall over time.

    • An issuer may be unwilling or unable todeclare dividends in the future, or mayreduce the level of dividends declared.This may result in a reduction in the value ofyour Units.

    • The financial condition of an issuer mayworsen or its credit ratings may drop,resulting in a reduction in the value ofyour Units. This may occur at any point intime, including during the initial offering period.

    • You could experience dilution of yourinvestment if the size of the Portfoliois increased as Units are sold. There is

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  • no assurance that your investment wi l lmaintain i ts proport ionate share in thePortfolio’s profits and losses.

    • Stocks of foreign companies in thePortfolio present risks beyond those ofU.S. issuers. These r isks may includemarket and political factors related to thecompany’s foreign market, international tradeconditions, less regulation, smaller or lessliquid markets, increased volatility, differingaccounting practices and changes in the valueof foreign currencies.

    • The Portfolio is concentrated insecurities issued by companies domiciledin Canada. As a result, political or economicdevelopments in Canada may have a significantimpact on the securities included in the Portfolio.

    • We do not actively manage thePortfolio. Except in limited circumstances,the Portfolio will hold, and may continue tobuy, shares of the same securities even if theirmarket value declines.

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  • Fee Table

    The amounts below are estimates of the direct and indirectexpenses that you may incur based on a $10 Public Offering Price perUnit. Actual expenses may vary.

    As a % of Public Amount Offering Per 100Sales Charge Price Units _________ _________

    Initial sales charge 0.000% $ 0.000Deferred sales charge 2.250 22.500Creation and development fee 0.500 5.000 ______ ______Maximum sales charge 2.750% $27.500 ______ ______ ______ ______

    As a % Amount of Net Per 100 Assets Units _________ _________

    Estimated Organization Costs 0.438% $4.245 ______ ______ ______ ______

    Estimated Annual Expenses Trustee’s fee and operating expenses 0.213% $2.066Supervisory, bookkeeping

    and administrative fees 0.057 0.550 ______ ______

    Total 0.270% $2.616* ______ ______ ______ ______

    Example

    This example helps you compare the cost of the Portfolio with otherunit trusts and mutual funds. In the example we assume that the expensesdo not change and that the Portfolio’s annual return is 5%. Your actualreturns and expenses will vary. This example also assumes that youcontinue to follow the Portfolio strategy and roll your investment, includingall distributions, into a new trust every two years subject to a sales chargeof 2.75%. Based on these assumptions, you would pay the followingexpenses for every $10,000 you invest in the Portfolio:

    1 year $ 3443 years 7355 years 1,15110 years 2,094

    * The estimated annual expenses are based upon the estimated trust sizefor the Portfolio determined as of the initial date of deposit. Becausecertain of the operating expenses are fixed amounts, if the Portfolio doesnot reach the estimated size, or if the value of the Portfolio or number ofoutstanding units decline over the life of the trust, or if the actual amountof the operating expenses exceeds the estimated amounts, the actualamount of the operating expenses per 100 units would exceed theestimated amounts. In some cases, the actual amount of operatingexpenses may substantially differ from the amounts reflected above.

    The maximum sales charge is 2.75% of the Public Offering Priceper Unit. There is no initial sales charge at a Public Offering Price of $10or less. If the Public Offering Price exceeds $10 per Unit, the initial salescharge is the difference between the total sales charge (maximum of2.75% of the Public Offering Price) and the sum of the remainingdeferred sales charge and the creation and development fee. Thedeferred sales charge is fixed at $0.225 per Unit and accrues daily fromMarch 10, 2020 through August 9, 2020. Your Portfolio pays aproportionate amount of this charge on the 10th day of each monthbeginning in the accrual period until paid in full. The combination of theinitial and deferred sales charges comprises the “transactional salescharge”. The creation and development fee is fixed at $0.05 per Unit andis paid at the earlier of the end of the initial offering period (anticipated tobe three months) or six months following the Initial Date of Deposit. Formore detail, see “Public Offering Price - General.”

    Essential Information

    Unit Price at Initial Date of Deposit $10.0000Initial Date of Deposit November 5, 2019Mandatory Termination Date November 3, 2021Historical 12 Month Distributions1 $0.20987 per UnitEstimated Initial Distribution1 $0.03 per UnitRecord Dates 10th day of each March, June, September and December, commencing March 10, 2020

    Distribution Dates 25th day of each March, June, September and December, commencing March 25, 2020CUSIP Numbers Cash – 46145H184 Reinvest – 46145H192 Fee Based Cash – 46145H200 Fee Based Reinvest – 46145H218

    1 As of close of business day prior to Initial Date of Deposit. The actualdistributions you receive will vary from this per Unit amount due tochanges in the Portfolio’s fees and expenses, in actual income receivedby the Portfolio, currency fluctuations and with changes in the Portfoliosuch as the acquisition or liquidation of securities. See “Rights ofUnitholders--Historical and Estimated Distributions.”

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    International Dividend Sustainability Portfolio 2019-4

    Portfolio______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ Canada - 32.03% 64 Canadian National Railway Company $ 92.750 $ 5,936.00 161 Enbridge, Inc. 36.880 5,937.68 106 Magna International, Inc. 56.080 5,944.48 189 Suncor Energy, Inc. 31.370 5,928.93 117 TC Energy Corporation 50.560 5,915.52 167 TELUS Corporation 35.380 5,908.46 89 Thomson Reuters Corporation 67.100 5,971.90 103 Toronto-Dominion Bank 57.820 5,955.46 Denmark - 4.02% 105 Novo Nordisk A/S - ADR 56.740 5,957.70 France - 7.99% 364 Danone S.A - ADR 16.295 5,931.38 129 Sanofi - ADR 45.830 5,912.07 Germany - 3.99% 44 SAP SE - ADR 134.470 5,916.68 Ireland - 4.05% 32 Accenture plc - CL A 187.800 6,009.60 Japan - 4.00% 119 Nippon Telegraph and Telephone Corporation - ADR 49.850 5,932.15 Switzerland - 19.93% 40 Chubb, Ltd. 147.720 5,908.80 56 Nestle S.A. - ADR 105.550 5,910.80 67 Novartis AG - ADR 87.930 5,891.31 157 Roche Holding AG - ADR 37.590 5,901.63 63 TE Connectivity, Ltd. 94.450 5,950.35 Taiwan - 4.00% 111 Taiwan Semiconductor Manufacturing Company, Ltd. - ADR 53.490 5,937.39 United Kingdom - 19.99% 195 BAE Systems plc - ADR 30.360 5,920.20 229 Compass Group plc - ADR 25.960 5,944.84 37 Diageo plc - ADR 160.560 5,940.72 166 Prudential plc - ADR 35.760 5,936.16 100 Unilever plc - ADR 58.980 5,898.00___________ ____________ 3,010 $ 148,298.21___________ _______________________ ____________

    See “Notes to Portfolios”.

  • Investment Objective. The Portfolio seeksabove average capital appreciation.

    Principal Investment Strategy. The Portfolioseeks to achieve its objective by investing in a portfolioof common stocks of companies and AmericanDepositary Receipts (“ADRs”) of companies derivedfrom the S&P Europe 350 Dividend Aristocrats Index.The S&P Europe 350 Dividend Aristocrats Indexconsists of stocks of those companies contained inthe S&P Europe 350 Index that have followed amanaged-dividends policy of consistently increasingdividends every year for at least 10 years. InvescoCapital Markets, Inc., the Sponsor, selected the stocksfor the Portfolio from among the S&P Europe 350Dividend Aristocrats Index component list as mostrecently made available to the Sponsor prior to theInitial Date of Deposit.

    The Portfolio consists of companies from the S&PEurope 350 Dividend Aristocrats Index that havedisplayed attractive recent dividend per share growth.The Sponsor selected the final portfolio by applying afundamental, qualitative selection process focusing onfactors including, but not limited to:

    • Valuation – Companies whose currentvaluations appear attractive relative to long-term trends;

    • Growth – Companies with a history of andprospects for above average growth of salesand earnings;

    • Cash Flow Generation – Companies with ahistory of generating attractive operating andfree cash flows in order to facilitate current andfuture dividends;

    • Balance Sheet – Companies displayingbalance sheet strength evidenced by a historyof achieving strong financial results and makingdisciplined capital management decisions; and

    • Returns – Companies with a history of aboveaverage returns on invested capital.

    Of course, we cannot guarantee that your Portfoliowill achieve its objective. The value of your Units may fallbelow the price you paid for the Units. You should readthe “Risk Factors” section before you invest.

    The Portfolio is designed as part of a long-terminvestment strategy. The Sponsor may offer asubsequent series of the portfolio when the currentPortfolio terminates. As a result, you may achievemore consistent overall results by following thestrategy through reinvestment of your proceeds overseveral years if subsequent series are available.Repeatedly rol l ing over an investment in a unitinvestment trust may differ from long-term investmentsin other investment products when considering thesales charges, fees, expenses and tax consequencesattributable to a Unitholder. For more information see“Rights of Unitholders--Rollover”.

    Principal Risks. As with all investments, you canlose money by investing in this Portfolio. The Portfolioalso might not perform as well as you expect. This canhappen for reasons such as these:

    • Security prices will fluctuate. The value ofyour investment may fall over time.

    • An issuer may be unwilling or unable todeclare dividends in the future, or mayreduce the level of dividends declared.This may result in a reduction in the value ofyour Units.

    • The financial condition of an issuer mayworsen or its credit ratings may drop,resulting in a reduction in the value ofyour Units. This may occur at any point intime, including during the initial offering period.

    • You could experience dilution of yourinvestment if the size of the Portfolio isincreased as Units are sold. There is noassurance that your investment will maintain itsproportionate share in the Portfolio’s profitsand losses.

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    European Dividend Sustainability Portfolio

  • • Stocks of foreign companies in thePortfolio present risks beyond those ofU.S. issuers. These r isks may includemarket and political factors related to thecompany’s foreign market, international tradeconditions, less regulation, smaller or lessliquid markets, increased volatility, differingaccounting practices and changes in the valueof foreign currencies.

    • The Portfolio is concentrated in securitiesissued by companies domiciled in theUnited Kingdom. As a result, political oreconomic developments in the United Kingdommay have a significant impact on the securitiesincluded in the Portfolio.

    • We do not actively manage the Portfolio.Except in limited circumstances, the Portfolio willhold, and may continue to buy, shares of thesame securities even if their market valuedeclines.

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    Fee Table

    The amounts below are estimates of the direct and indirectexpenses that you may incur based on a $10 Public Offering Price perUnit. Actual expenses may vary.

    As a % of Public Amount Offering Per 100Sales Charge Price Units _________ _________

    Initial sales charge 0.000% $ 0.000Deferred sales charge 2.250 22.500Creation and development fee 0.500 5.000 ______ ______Maximum sales charge 2.750% $27.500 ______ ______ ______ ______

    As a % Amount of Net Per 100 Assets Units _________ _________

    Estimated Organization Costs 0.673% $6.500 ______ ______ ______ ______

    Estimated Annual Expenses Trustee’s fee and operating expenses 0.782% $7.551Supervisory, bookkeeping

    and administrative fees 0.057 0.550 ______ ______

    Total 0.839% $8.101* ______ ______ ______ ______

    Example

    This example helps you compare the cost of the Portfolio with otherunit trusts and mutual funds. In the example we assume that the expensesdo not change and that the Portfolio’s annual return is 5%. Your actualreturns and expenses will vary. This example also assumes that youcontinue to follow the Portfolio strategy and roll your investment, includingall distributions, into a new trust every two years subject to a sales chargeof 2.75%. Based on these assumptions, you would pay the followingexpenses for every $10,000 you invest in the Portfolio:

    1 year $ 4213 years 9435 years 1,49010 years 2,762

    * The estimated annual expenses are based upon the estimated trust sizefor the Portfolio determined as of the initial date of deposit. Becausecertain of the operating expenses are fixed amounts, if the Portfolio doesnot reach the estimated size, or if the value of the Portfolio or number ofoutstanding units decline over the life of the trust, or if the actual amountof the operating expenses exceeds the estimated amounts, the actualamount of the operating expenses per 100 units would exceed theestimated amounts. In some cases, the actual amount of operatingexpenses may substantially differ from the amounts reflected above.

    The maximum sales charge is 2.75% of the Public Offering Priceper Unit. There is no initial sales charge at a Public Offering Price of $10or less. If the Public Offering Price exceeds $10 per Unit, the initial salescharge is the difference between the total sales charge (maximum of2.75% of the Public Offering Price) and the sum of the remainingdeferred sales charge and the creation and development fee. Thedeferred sales charge is fixed at $0.225 per Unit and accrues daily fromMarch 10, 2020 through August 9, 2020. Your Portfolio pays aproportionate amount of this charge on the 10th day of each monthbeginning in the accrual period until paid in full. The combination of theinitial and deferred sales charges comprises the “transactional salescharge”. The creation and development fee is fixed at $0.05 per Unit andis paid at the earlier of the end of the initial offering period (anticipated tobe three months) or six months following the Initial Date of Deposit. Formore detail, see “Public Offering Price - General.”

    Essential Information

    Unit Price at Initial Date of Deposit $10.0000Initial Date of Deposit November 5, 2019Mandatory Termination Date November 3, 2021Historical 12 Month Distributions2 $0.14087 per UnitRecord Dates2 10th day of each June, September, December and March

    Distribution Dates2 25th day of each June, September, December and MarchCUSIP Numbers Cash – 46145H143 Reinvest – 46145H150 Fee Based Cash – 46145H168 Fee Based Reinvest – 46145H176

    1 As of close of business day prior to Initial Date of Deposit. The actualdistributions you receive will vary from this per Unit amount due tochanges in the Portfolio’s fees and expenses, in actual income receivedby the Portfolio, currency fluctuations and with changes in the Portfoliosuch as the acquisition or liquidation of securities. See “Rights ofUnitholders--Historical and Estimated Distributions.”

    2 The Trustee will make distributions of income and capital on eachDistribution Date to Unitholders of record on the preceding RecordDate, provided that the total cash held for distributions equals at least$0.01 per Unit. Undistributed income and capital will be distributed onthe next Distribution Date in which the total cash held for distributionequals at least $0.01 per Unit. Base on the foregoing, it is currentlyestimated that the initial distribution will occur in June 2020.

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    European Dividend Sustainability Portfolio 2019-4

    Portfolio______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ Belgium - 4.06% 79 Groupe Bruxelles Lambert S.A. $ 102.9177 $ 8,130.50 Denmark - 4.03% 142 Novo Nordisk A/S - ADR 56.7400 8,057.08 France - 16.09% 53 EssilorLuxottica 152.1526 8,064.09 11 Hermes International 727.9267 8,007.19 28 L’Oreal S.A. 290.0795 8,122.23 175 Sanofi - ADR 45.8300 8,020.25 Germany - 4.02% 150 Fresenius SE & Company KGaA 53.6481 8,047.21 Ireland - 4.03% 66 Kerry Group plc - CL A 121.8660 8,043.16 Netherlands - 7.89% 136 Unilever NV 58.3134 7,930.62 111 Wolters Kluwer NV 70.8374 7,862.95 Switzerland - 11.93% 75 Nestle S.A. - ADR 105.5500 7,916.25 91 Novartis AG - ADR 87.9300 8,001.63 212 Roche Holding AG - ADR 37.5900 7,969.08 United Kingdom - 47.95% 260 Ashtead Group plc 30.8998 8,033.94 262 BAE Systems plc - ADR 30.3600 7,954.32 225 British American Tobacco plc - ADR 35.8500 8,066.25 307 Bunzl plc 26.1755 8,035.89 304 Compass Group plc - ADR 25.9600 7,891.84 49 Diageo plc - ADR 160.5600 7,867.44 326 Halma plc 24.4564 7,972.78 115 Intertek Group plc 69.3496 7,975.21 195 Johnson Matthey plc 41.3400 8,061.31 227 Prudential plc - ADR 35.7600 8,117.52 478 SSE plc - ADR 16.5750 7,922.85 150 Whitbread plc 53.8848 8,082.72___________ ____________ 4,227 $ 200,154.31___________ _______________________ ____________

    See “Notes to Portfolios”.

  • Investment Objective. The Portfolio seeksabove average capital appreciation.

    Principal Investment Strategy. The Portfolioseeks to achieve its objective by investing in a portfolio ofstocks of foreign and domestic companies selected byapplying three separate specialized strategies. TheDividend Sustainability Strategy will make upapproximately 60% of the initial Portfolio, while theInternational Dividend Sustainability Strategy and theEuropean Dividend Sustainability Strategy will eachcomprise approximately 20%. Invesco Capital Markets,Inc. is the Sponsor of the Portfolio.

    The Dividend Sustainabil ity Strategy selectscommon stocks of companies derived from the S&P500 Dividend Aristocrats Index. The S&P 500 DividendAristocrats Index consists of stocks of thosecompanies contained in the S&P 500 Index that havefollowed a policy of consistently increasing dividendsevery year for at least 25 years. The Sponsor selectedthe stocks for the Portfolio from among the S&P 500Dividend Aristocrats Index component list as mostrecently made available to the Sponsor prior to theInitial Date of Deposit.

    The Portfolio will consist of companies selected bythe Sponsor from a selection universe of companiesincluded in the S&P 500 Dividend Aristocrats Index; thecompanies, if rated, must have a domestic S&P GlobalQuality Rank of B or better and, if rated, an S&P GlobalIssuer Credit Rating of BBB or better.

    Beginning with the S&P 500 Dividend AristocratsIndex, the Sponsor selected the composition of thePortfolio by: (1) eliminating companies with a share pricebelow $5 at the time of selection; (2) eliminatingcompanies, if rated, with an S&P Global Quality Rankingbelow B and, if rated, with an S&P Global Issuer CreditRating below BBB (companies which do not have adomestic S&P Global Quality Rank or an S&P GlobalIssuer Credit Rating may be included); and (3) applyinga fundamental, qualitative selection process focusing onfactors including, but not limited to:

    • Valuation – Companies whose current valuationsappear attractive relative to long-term trends;

    • Growth – Companies with a history of andprospects for above average growth of sales andearnings;

    • Cash Flow Generation – Companies with ahistory of generating attractive operating and freecash flows in order to facilitate current and futuredividends;

    • Balance Sheet – Companies displaying balancesheet strength evidenced by a history ofachieving strong financial results and makingdisciplined capital management decisions; and

    • Returns – Companies with a history of aboveaverage returns on invested capital.

    The International Dividend Sustainability Strategyselects international common stocks and AmericanDepository Receipts (“ADRs”) of companies with ahistory of increasing dividend distributions. The Sponsoronly considered companies with an S&P Global IssuerCredit Rating of BBB- or higher and a minimum shareprice of $5 (USD) at the time of selection. Companiesconsidered for inclusion in the Portfolio must havedemonstrated consistent dividend per share growth overthe last 5 years.

    Beginning with a universe of foreign companies thattrade on a U.S. stock exchange, either directly orthrough an ADR, the Sponsor selected the compositionof the Portfolio by: (1) eliminating companies with ashare price below $5 at the time of selection; (2)eliminating companies with an S&P Global Issuer CreditRating below BBB-; (3) eliminating companies thathave not demonstrated consistent dividend per sharegrowth over the last 5 years; and (4) applying afundamental, qualitative selection process focusing onfactors including, but not limited to:

    • Valuation – Companies whose currentvaluations appear attractive relative to long-term trends;

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    Global Dividend Sustainability Portfolio

  • • Growth – Companies with a history of andprospects for above average growth of sales andearnings;

    • Cash Flow Generation – Companies with ahistory of generating attractive operating and freecash flow in order to facilitate current and futuredividends;

    • Balance Sheet – Companies displaying balancesheet strength evidenced by a history ofachieving strong financial results and makingdisciplined capital management decisions; and

    • Returns – Companies with a history of aboveaverage returns on invested capital.

    The final Portfolio is constructed so that no more than50% of the Portfolio will be invested in any one particularcountry and a minimum of 5 countries will berepresented in the Portfolio at the time of selection.

    The European Dividend Sustainability Strategy selectscommon stocks of companies and ADRs of companiesderived from the S&P Europe 350 Dividend AristocratsIndex. The S&P Europe 350 Dividend Aristocrats Indexconsists of stocks of those companies contained in theS&P Europe 350 Index that have followed a managed-dividends policy of consistently increasing dividendsevery year for at least 10 years. The Sponsor selectedthe stocks for the Portfolio from among the S&P Europe350 Dividend Aristocrats Index component list as mostrecently made available to the Sponsor prior to the InitialDate of Deposit.

    The Portfolio consists of companies from the S&PEurope 350 Dividend Aristocrats Index that havedisplayed attractive recent dividend per share growth.The Sponsor selected the final portfolio by applying afundamental, qualitative selection process focusing onfactors including, but not limited to:

    • Valuation – Companies whose current valuationsappear attractive relative to long-term trends;

    • Growth – Companies with a history of andprospects for above average growth of salesand earnings;

    • Cash Flow Generation – Companies with ahistory of generating attractive operating and freecash flows in order to facilitate current and futuredividends;

    • Balance Sheet – Companies displaying balancesheet strength evidenced by a history ofachieving strong financial results and makingdisciplined capital management decisions; and

    • Returns – Companies with a history of aboveaverage returns on invested capital.

    Of course, we cannot guarantee that yourPortfolio will achieve its objective. The value of yourUnits may fall below the price you paid for the Units.You should read the “Risk Factors” section beforeyou invest.

    The Portfolio is designed as part of a long-terminvestment strategy. The Sponsor may offer asubsequent series of the portfolio when the currentPortfolio terminates. As a result, you may achieve moreconsistent overall results by following the strategythrough reinvestment of your proceeds over severalyears if subsequent series are available. Repeatedlyrolling over an investment in a unit investment trust maydiffer from long-term investments in other investmentproducts when considering the sales charges, fees,expenses and tax consequences attributable to aUnitholder. For more information see “Rights ofUnitholders--Rollover”.

    Principal Risks. As with all investments, youcan lose money by investing in this Portfolio. ThePortfolio also might not perform as well as youexpect. This can happen for reasons such as these:

    • Security prices will fluctuate. The value ofyour investment may fall over time.

    • An issuer may be unwilling or unable todeclare dividends in the future, or mayreduce the level of dividends declared.This may result in a reduction in the value ofyour Units.

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    • The financial condition of an issuer mayworsen or its credit ratings may drop,resulting in a reduction in the value ofyour Units. This may occur at any point intime, including during the initial offering period.

    • You could experience dilution of yourinvestment if the size of the Portfoliois increased as Units are sold. There isno assurance that your investment wi l lmainta in i ts proport ionate share in thePortfolio’s profits and losses.

    • Stocks of foreign companies in thePortfolio present risks beyond those ofU.S. issuers. These r isks may includemarket and political factors related to thecompany’s foreign market, international tradeconditions, less regulation, smaller or lessliquid markets, increased volatility, differingaccounting practices and changes in the valueof foreign currencies.

    • We do not actively manage thePortfolio. Except in limited circumstances,the Portfolio will hold, and may continue tobuy, shares of the same securities even if theirmarket value declines.

  • Fee Table

    The amounts below are estimates of the direct and indirectexpenses that you may incur based on a $10 Public Offering Price perUnit. Actual expenses may vary.

    As a % of Public Amount Offering Per 100Sales Charge Price Units _________ _________

    Initial sales charge 0.000% $ 0.000Deferred sales charge 2.250 22.500Creation and development fee 0.500 5.000 ______ ______Maximum sales charge 2.750% $27.500 ______ ______ ______ ______

    As a % Amount of Net Per 100 Assets Units _________ _________

    Estimated Organization Costs 0.673% $6.500 ______ ______ ______ ______

    Estimated Annual Expenses Trustee’s fee and operating expenses 0.538% $5.198Supervisory, bookkeeping

    and administrative fees 0.057 0.550 ______ ______

    Total 0.595% $5.748* ______ ______ ______ ______

    Example

    This example helps you compare the cost of the Portfolio with otherunit trusts and mutual funds. In the example we assume that the expensesdo not change and that the Portfolio’s annual return is 5%. Your actualreturns and expenses will vary. This example also assumes that youcontinue to follow the Portfolio strategy and roll your investment, includingall distributions, into a new trust every two years subject to a sales chargeof 2.75%. Based on these assumptions, you would pay the followingexpenses for every $10,000 you invest in the Portfolio:

    1 year $ 3973 years 8735 years 1,37410 years 2,529

    * The estimated annual expenses are based upon the estimated trust sizefor the Portfolio determined as of the initial date of deposit. Becausecertain of the operating expenses are fixed amounts, if the Portfolio doesnot reach the estimated size, or if the value of the Portfolio or number ofoutstanding units decline over the life of the trust, or if the actual amountof the operating expenses exceeds the estimated amounts, the actualamount of the operating expenses per 100 units would exceed theestimated amounts. In some cases, the actual amount of operatingexpenses may substantially differ from the amounts reflected above.

    The maximum sales charge is 2.75% of the Public Offering Priceper Unit. There is no initial sales charge at a Public Offering Price of $10or less. If the Public Offering Price exceeds $10 per Unit, the initial salescharge is the difference between the total sales charge (maximum of2.75% of the Public Offering Price) and the sum of the remainingdeferred sales charge and the creation and development fee. Thedeferred sales charge is fixed at $0.225 per Unit and accrues daily fromMarch 10, 2020 through August 9, 2020. Your Portfolio pays aproportionate amount of this charge on the 10th day of each monthbeginning in the accrual period until paid in full. The combination of theinitial and deferred sales charges comprises the “transactional salescharge”. The creation and development fee is fixed at $0.05 per Unit andis paid at the earlier of the end of the initial offering period (anticipated tobe three months) or six months following the Initial Date of Deposit. Formore detail, see “Public Offering Price - General.”

    Essential Information

    Unit Price at Initial Date of Deposit $10.0000Initial Date of Deposit November 5, 2019Mandatory Termination Date November 3, 2021Historical 12 Month Distributions1 $0.16924 per UnitEstimated Initial Distribution1 $0.03 per UnitRecord Dates 10th day of each March, June, September and December, commencing March 10, 2020

    Distribution Dates 25th day of each March, June, September and December, commencing March 25, 2020CUSIP Numbers Cash – 46145H226 Reinvest – 46145H234 Fee Based Cash – 46145H242 Fee Based Reinvest – 46145H259

    1 As of close of business day prior to Initial Date of Deposit. The actualdistributions you receive will vary from this per Unit amount due tochanges in the Portfolio’s fees and expenses, in actual income receivedby the Portfolio, currency fluctuations and with changes in the Portfoliosuch as the acquisition or liquidation of securities. See “Rights ofUnitholders--Historical and Estimated Distributions.”

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  • 18

    Global Dividend Sustainability Portfolio 2019-4

    Portfolio______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ Communication Services - 3.98% 154 AT&T, Inc. $ 38.8900 $ 5,989.06+ 40 Nippon Telegraph and Telephone Corporation - ADR 49.8500 1,994.00+ 56 TELUS Corporation 35.3800 1,981.28 Consumer Discretionary - 14.45%+ 152 Compass Group plc - ADR 25.9600 3,945.92 + 13 EssilorLuxottica 152.1526 1,977.98+ 3 Hermes International 727.9267 2,183.78 53 Lowe’s Companies, Inc. 112.6200 5,968.86+ 37 Magna International, Inc. 56.0800 2,074.96 31 McDonald’s Corporation 188.6600 5,848.46 56 Target Corporation 108.7700 6,091.12 72 V.F. Corporation 84.8000 6,105.60+ 37 Whitbread plc 53.8848 1,993.74 Consumer Staples - 19.82%+ 56 British American Tobacco plc - ADR 35.8500 2,007.60 111 Coca-Cola Company 53.1400 5,898.54+ 121 Danone S.A - ADR 16.2950 1,971.70+ 24 Diageo plc - ADR 160.5600 3,853.44 + 16 Kerry Group plc - CL A 121.8660 1,949.86+ 7 L’Oreal S.A. 290.0795 2,030.56+ 38 Nestle S.A. - ADR 105.5500 4,010.90 44 PepsiCo, Inc. 135.1600 5,947.04 48 Procter & Gamble Company 119.0700 5,715.36+ 34 Unilever NV 58.3134 1,982.65+ 34 Unilever plc - ADR 58.9800 2,005.32 105 Walgreens Boots Alliance, Inc. 59.6500 6,263.25 51 Walmart, Inc. 117.5700 5,996.07 Energy - 4.92% 52 Chevron Corporation 121.5700 6,321.64+ 54 Enbridge, Inc. 36.8800 1,991.52+ 65 Suncor Energy, Inc. 31.3700 2,039.05+ 39 TC Energy Corporation 50.5600 1,971.84 Financials - 8.79%+ 13 Chubb, Ltd. 147.7200 1,920.36+ 20 Groupe Bruxelles Lambert S.A. 102.9177 2,058.35+ 114 Prudential plc - ADR 35.7600 4,076.64 23 S&P Global, Inc. 256.3400 5,895.82 51 T. Rowe Price Group, Inc. 118.5300 6,045.03+ 35 Toronto-Dominion Bank 57.8200 2,023.70

  • 19

    Global Dividend Sustainability Portfolio 2019-4

    Portfolio (continued)______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ Health Care - 14.31% 72 Abbott Laboratories $ 82.2200 $ 5,919.84+ 37 Fresenius SE & Company KGaA 53.6481 1,984.98 46 Johnson & Johnson 130.2300 5,990.58+ 55 Medtronic plc 107.1500 5,893.25+ 46 Novartis AG - ADR 87.9300 4,044.78 + 70 Novo Nordisk A/S - ADR 56.7400 3,971.80 + 106 Roche Holding AG - ADR 37.5900 3,984.54 + 88 Sanofi - ADR 45.8300 4,033.04 Industrials - 16.10%+ 65 Ashtead Group plc 30.8998 2,008.48+ 132 BAE Systems plc - ADR 30.3600 4,007.52 + 77 Bunzl plc 26.1755 2,015.52+ 22 Canadian National Railway Company 92.7500 2,040.50 84 Emerson Electric Company 73.2200 6,150.48 33 General Dynamics Corporation 178.0700 5,876.31+ 29 Intertek Group plc 69.3496 2,011.14 39 Stanley Black & Decker, Inc. 158.2800 6,172.92+ 30 Thomson Reuters Corporation 67.1000 2,013.00 41 United Technologies Corporation 147.5100 6,047.91+ 28 Wolters Kluwer NV 70.8374 1,983.45 Information Technology - 6.45%+ 11 Accenture plc - CL A 187.8000 2,065.80 37 Automatic Data Processing, Inc. 161.8800 5,989.56+ 81 Halma plc 24.4564 1,980.97+ 15 SAP SE - ADR 134.4700 2,017.05+ 38 Taiwan Semiconductor Manufacturing Company, Ltd. - ADR 53.4900 2,032.62+ 22 TE Connectivity, Ltd. 94.4500 2,077.90 Materials - 8.01% 28 Air Products and Chemicals, Inc. 214.4200 6,003.76 31 Ecolab, Inc. 189.8400 5,885.04+ 49 Johnson Matthey plc 41.3400 2,025.66 48 PPG Industries, Inc. 128.0900 6,148.32

  • 20

    Global Dividend Sustainability Portfolio 2019-4

    Portfolio (continued)______________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ Utilities - 3.17% 66 Consolidated Edison, Inc. $ 89.9200 $ 5,934.72+ 119 SSE plc - ADR 16.5750 1,972.43___________ ____________ 3,504 $ 250,414.87___________ _______________________ ____________

    See “Notes to Portfolios”.

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    Notes to Portfolios

    (1) The Securities are initially represented by “regular way” contracts for the performance of which anirrevocable letter of credit has been deposited with the Trustee. Contracts to acquire Securities wereentered into on November 4, 2019 and have a settlement date of November 6, 2019 (see “The Portfolios”).

    (2) The value of each Security is determined on the bases set forth under “Public Offering--Unit Price” as of theclose of the New York Stock Exchange on the business day before the Initial Date of Deposit. In accordancewith FASB Accounting Standards Codification (“ASC”), ASC 820, Fair Value Measurements and Disclosures,the Portfolio’s investments are classified as Level 1, which refers to security prices determined using quotedprices in active markets for identical securities. Other information regarding the Securities, as of the InitialDate of Deposit, is as follows:

    Profit Cost to (Loss) To Sponsor Sponsor ______________ _____________

    Dividend Sustainability Portfolio . . . . . . . . . . . . . . . . . . . . . . . . $ 148,504 $ (29)International Dividend Sustainability Portfolio . . . . . . . . . . . . . . $ 148,394 $ (96)European Dividend Sustainability Portfolio . . . . . . . . . . . . . . . . $ 200,746 $ (592)Global Dividend Sustainability Portfolio . . . . . . . . . . . . . . . . . . $ 250,624 $ (209)

    “+” indicates that the security was issued by a foreign company.

  • 22

    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

    To the Sponsor and Unitholders of Invesco Unit Trusts, Series 2009:

    Opinion on the Financial Statements

    We have audited the accompanying statements of condition (including the related portfolio schedules) ofDividend Sustainability Portfolio 2019-4; International Dividend Sustainability Portfolio 2019-4; EuropeanDividend Sustainability Portfolio 2019-4; and Global Dividend Sustainability Portfolio 2019-4 (included inInvesco Unit Trusts, Series 2009 (the “Trust”)) as of November 5, 2019, and the related notes (collectivelyreferred to as the “financial statements”). In our opinion, the financial statements present fairly, in all materialrespects, the financial position of the Trust as of November 5, 2019, in conformity with accounting principlesgenerally accepted in the United States of America.

    Basis for Opinion

    These financial statements are the responsibility of Invesco Capital Markets, Inc., the Sponsor. Ourresponsibility is to express an opinion on the Trust’s financial statements based on our audits. We are a publicaccounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”)and are required to be independent with respect to the Trust in accordance with the U.S. federal securitieslaws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

    We conducted our audits in accordance with the standards of the PCAOB. Those standards require thatwe plan and perform the audits to obtain reasonable assurance about whether the financial statements arefree of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were weengaged to perform, an audit of its internal control over financial reporting. As part of our audits we arerequired to obtain an understanding of internal control over financial reporting but not for the purpose ofexpressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly,we express no such opinion.

    Our audits included performing procedures to assess the risks of material misstatement of the financialstatements, whether due to error or fraud, and performing procedures that respond to those risks. Suchprocedures included examining, on a test basis, evidence regarding the amounts and disclosures in thefinancial statements. Our audits also included evaluating the accounting principles used and significantestimates made by the Sponsor, as well as evaluating the overall presentation of the financial statements. Ourprocedures included confirmation of cash or irrevocable letters of credit deposited for the purchase ofsecurities as shown in the statements of condition as of November 5, 2019 by correspondence with TheBank of New York Mell