The equity exposure you need, now with added income

QQA, RSPA, and EFAA combine income-generating options with some of the world’s best-known stock indexes.

Explore our ETFs

Investors want certain income in an uncertain world. Options strategies can help.

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Options income has different characteristics than bond yields or stock dividends and can help diversify your income sources.

Diversification

Options strategies are designed to provide a high, consistent income stream for investors.

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The income from options isn’t dependent on central bank policy or corporate boards.

Introducing the Income Advantage ETFs

QQA, RSPA, and EFAA are designed to provide consistent monthly income and maintain growth potential — all with less volatility and downside risk mitigation.

Take advantage of no fee through June 30, 20251

QQA
Invesco QQQ Income Advantage ETF

Increase your portfolio’s growth potential with companies at the forefront of innovation. Like QQQ, QQA tracks the Nasdaq-100® Index — and it’s built to provide consistent monthly yields.

Product details   |   Fact sheet

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RSPA
Invesco S&P 500 Equal Weight Income Advantage ETF

Gain broad market exposure without concentration risk. Like RSP, RSPA invests equally in all 500 stocks of the S&P 500 Index. Plus, it’s designed to generate a consistent income stream.

Product details   |   Fact sheet

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EFAA
Invesco MSCI EAFE Income Advantage ETF

Diversify your portfolio with exposure to one of the best-known benchmarks for international stock performance — the MSCI EAFE Index — while earning consistent monthly income.

Product details   |   Fact sheet

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Built to provide consistent monthly income

Income Advantage ETFs offer yields from options premiums, stock dividends, and interest income. Want to learn more? Discover how our suite compares to competitors.

These ETFs have delivered dependable yields

As of 2/24/2025

QQA standardized performanceRSPA standardized performanceEFAA standardized performance

  • Data as of Feb. 24, 2025. These are new Funds and have no full-year Fund performance to report as of most recent quarter end. Returns less than one year are cumulative. Performance data quoted represents past performance. Past performance is not a guarantee of future results; current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and Shares, when redeemed, may be worth more or less than their original cost. See invesco.com to find the most recent month-end performance numbers. Market returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times. Fund performance reflects fee waivers, absent which, performance data quoted would have been lower. 1 QQA: Underlying index is the Nasdaq-100 Index. Benchmark is the NASDAQ Composite Index. 2 RSPA: Underlying index is the S&P 500 Equal Weight Index. Benchmark is the S&P 500 Index. 3 EFAA: Underlying index and benchmark is the MSCI EAFE Index.

How is options income different than other sources of income?

Characteristics Options   Dividends   Bonds
Interest rate sensitivity Low as option prices are also affected by volatility, strike, time value, etc.   Moderate in part due to valuation discount rate and exposure to sectors like utilities and telecom   High due to inverse correlation between bond prices and rates
Equity market participation Moderate as uncapped participation is traded for income (e.g. strike exercise)   High as the distributions come directly from equity securities   None as debt securities
Type of equity market defense Structural / Contractual   None   Correlation-based
Income source Accepting less upside potential   Corporate cash flows   Issue cash flows
Driver of yield levels Market participation / implied volatility   Corporate management / stock price   Rates / credit risk

About options investing 

What are options?

Transcript

What are options? 

(On screen “Investing in options involves risks and may not be suitable for all investors.”)

More investors are adding options to their portfolios because they can be useful tools for generating income, reducing downside risk and other potential benefits.

Buyers and sellers of options have the potential to profit if certain market conditions are met.

So how does this work?

A call option (Title and first bullet come on screen) gives the holder the right to buy an asset, such as a stock, at a certain price, called the strike price.

Buyers pay a premium for call options because they believe the asset will surpass the strike price by a certain date.

If it does, (second bullet comes on screen) the buyer would profit by purchasing the asset at the lower strike price and selling it at the higher market price.

(third bullet comes on screen) If the asset doesn’t reach the strike price, the seller of the option profits from the premium paid by the buyer.

Let’s say there’s a stock that’s currently trading at $50.

The buyer purchases a call option with a strike price of $55.

If the stock’s price rises to $60 before the option expires, the buyer can purchase the stock at the $55 strike price and then sell it at the $60 market price for a profit.

But if the stock’s price doesn’t go over the $55 strike price, the seller of the option profits by keeping the premium paid by the buyer.

A put option (Title and first bullet come on screen) gives the holder the right to sell an asset at the strike price.

Buyers pay a premium for put options because they believe the asset will fall below the strike price by a certain date.

If it does, (second bullet comes on screen) the buyer would profit by purchasing the asset at the lower market price and selling it at the higher strike price.

(third bullet comes on screen) If the asset doesn’t fall below the strike price, the seller of the option profits from the premium paid by the buyer.

Let’s say there’s a stock that’s currently trading at $50.

The buyer purchases a put option with a strike price of $45.

If the stock’s price falls to $40 before the option expires, the buyer can purchase the stock at the market price of $40 and then sell it at the $45 strike price for a profit.

But if the stock’s price doesn’t go below the strike price of $45, the seller of the option profits by keeping the premium paid by the buyer.

You don’t have to do all of this yourself. Access to professionally managed options-based strategies has never been easier thanks to exchange-traded products such as Invesco’s Income Advantage Strategies. 

Important information

VOICE OVER FOR MULTIMEDIA TEAM: Before investing, investors should carefully read the prospectus/summary prospectus and carefully consider the investment objectives, risks, charges, and expenses. For this and more complete information about the Fund call 800-983-0903 or visit invesco.com for the prospectus/summary prospectus.

All investing involves risk, including the risk of loss.

Past performance does not guarantee future results.

This does not constitute a recommendation of any investment strategy or product for a particular investor. Investors should consult a financial professional before making any investment decisions.

Options investing can be highly risky and may not be suitable for all investors.

In general, stock values fluctuate, sometimes widely, in response to activities specific to the company as well as general market, economic and political conditions.

Financial leverage refers to the use of debt to acquire additional assets.

A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile, and the use of options can lower total returns.

Not a Deposit  |  Not FDIC Insured  |  Not Guaranteed by the Bank  |  May Lose Value  |  Not Insured by any Federal Government Agency

This information is intended for US residents.

Invesco Distributors, Inc. 

How do options generate income?

Transcript

Cover slide: How do options generate income?

(On screen “Investing in options involves risks and may not be suitable for all investors.”)

More investors are adding options to their portfolios as an additional way to generate income.

So how does this work, and how is option income different than income from other investments?

When an investor buys an option, they’re getting the ability to buy or sell a specific asset, like a stock, by a certain date at a certain price, called the strike price.

On the other side of that transaction is the seller of the option. The seller collects a premium from the buyer, which is considered income.

The income generated from options is driven by different forces than income from bonds or dividend-paying stocks.

For example, traditional bond exposures are exposed to interest rate risk. Equity options have the potential to deliver attractive income no matter the rate environment or the actions by the Federal Reserve.

Instead, the yield from selling equity options is impacted by the strike price of the option as well as expectations for equity market volatility. 

When equity market volatility is high, option premiums increase and push the yields higher as compensation for the underlying asset's higher expected price variability. Price variability increases the chances that the asset's price could rise above the strike price, in which case the buyer of the option could require the seller to sell the asset and miss out on potential gains.

Option income strategies can be an effective way of generating a steady stream of monthly income while maintaining exposure to equities.

You don’t have to do all of this yourself. Access to professionally managed options-based strategies has never been easier thanks to exchange-traded products such as Invesco’s Income Advantage Strategies. 

Important information

Before investing, investors should carefully read the prospectus/summary prospectus and carefully consider the investment objectives, risks, charges, and expenses. For this and more complete information about the Fund call 800-983-0903 or visit invesco.com for the prospectus/summary prospectus.

There are risks involved with investing in ETFs, including possible loss of money. Actively managed ETFs do not necessarily seek to replicate the performance of a specified index. Actively managed ETFs are subject to risks similar to stocks, including those related to short selling and margin maintenance. Ordinary brokerage commissions apply. The Fund's return may not match the return of the Index. The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the Fund.

All investing involves risk, including the risk of loss.

This does not constitute a recommendation of any investment strategy or product for a particular investor. Investors should consult a financial professional before making any investment decisions.

In general, stock values fluctuate, sometimes widely, in response to activities specific to the company as well as general market, economic and political conditions.

A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile, and the use of options can lower total returns.

Investing in options involves risks and may not be suitable for all investors.

Not a Deposit  |  Not FDIC Insured  |  Not Guaranteed by the Bank  |  May Lose Value  |  Not Insured by any Federal Government Agency

Invesco Distributors, Inc.

ETF Shares are not individually redeemable and owners of the Shares may acquire those Shares from the Funds and tender those Shares for redemption to the Funds in Creation Unit aggregations only, typically consisting of 10,000, 50,000, 80,000, 100,000 or 150,000 Shares.

How do options help with downside risk?

Transcript

How do options help with downside risk?

(On screen “Investing in options involves risks and may not be suitable for all investors.”)

Generating income while limiting downside risk is an appealing prospect for many equity investors. Selling options on a portion of your stock portfolio can help with that objective.

When you sell an option on a stock, you collect a premium from the buyer — which helps offset any potential losses your equity portfolio may experience if stock prices fall. If the stock price falls, the premium you collected can help offset some of the losses in your stock portfolio. This is because the premium acts as a cushion against the decline in stock value.

In exchange for that upfront income and downside risk mitigation, you would have less upside potential in your equity portfolio, since the buyer of the option would have the right to purchase some of your stock if it hits a specified price. If the stock price rises to a certain level (the strike price), the buyer of the option has the right to buy your stock at that price. This means you might miss out on some of the higher profits if the stock price goes up significantly.

If the prospect of generating consistent monthly income, mitigating equity risk, and maintaining equity exposure sounds appealing, there’s no need to manage options on your own.  Access to professionally managed options-based strategies has never been easier thanks to exchange-traded products such as Invesco’s Income Advantage Strategies. 

Important information

Spoken: Before investing, investors should carefully read the prospectus/summary prospectus and carefully consider the investment objectives, risks, charges, and expenses. For this and more complete information about the Fund call 800-983-0903 or visit invesco.com for the prospectus/summary prospectus.

Investing in options involves risks and may not be suitable for all investors.

A call option gives the holder the right to buy an asset, such as a stock, at a certain price, called the strike price, within a specific time period. A put option gives the holder the right to sell an asset at the strike price, within a specific time period. Options investing can be highly risky and may not be suitable for all investors.

All investing involves risk, including the risk of loss.

This does not constitute a recommendation of any investment strategy or product for a particular investor. Investors should consult a financial professional before making any investment decisions.

In general, stock values fluctuate, sometimes widely, in response to activities specific to the company as well as general market, economic and political conditions.

A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile, and the use of options can lower total returns.

Not a Deposit  |  Not FDIC Insured  |  Not Guaranteed by the Bank  |  May Lose Value  |  Not Insured by any Federal Government Agency

This information is intended for US residents.

Invesco Distributors, Inc.

There are risks involved with investing in ETFs, including possible loss of money. Actively managed ETFs do not necessarily seek to replicate the performance of a specified index. Actively managed ETFs are subject to risks similar to stocks, including those related to short selling and margin maintenance. Ordinary brokerage commissions apply. The Fund's return may not match the return of the Index. The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the Fund.

ETF Shares are not individually redeemable and owners of the Shares may acquire those Shares from the Funds and tender those Shares for redemption to the Funds in Creation Unit aggregations only, typically consisting of 10,000, 50,000, 80,000, 100,000 or 150,000 Shares.

What differentiates options strategies?

Transcript

What differentiates options strategies?

(On screen “Investing in options involves risks and may not be suitable for all investors.”)

Option income ETFs can be an effective way to generate monthly income while maintaining exposure to equities.

But not all option income ETFs are alike. There are significant differences “under the hood” that may drive investor outcomes.

So what should investors look out for when considering an options income ETF? Here are three considerations.

Strike prices

First, many option income managers will allow their yields to fluctuate as market volatility changes. But Invesco Income Advantage ETFs seek to provide investors with a more consistent yield through time by actively adjusting the strike prices as market volatility changes.     

Calls and puts

Second, some ETFs sell only calls or only puts. But our ETFs sell both. By combining calls and puts, this helps us balance the market participation and yield trade-off through different market volatility environments.

Equity-linked notes  

Third, there are different ways that options can be implemented. Our ETFs use equity-linked notes, or ELNs, which are financial instruments that combine features of stocks and stock options into a single note. They offer the benefits of both equity investments and derivatives like put or call options, and have a number of features that we consider attractive.  

Contact your Invesco representative to learn more about how Invesco Income Advantage ETFs can help provide investors with a consistent stream of monthly income while maintaining exposure to equity markets.

Important information

SPOKEN Before investing, investors should carefully read the prospectus/summary prospectus and carefully consider the investment objectives, risks, charges, and expenses. For this and more complete information about the Fund call 800-983-0903 or visit invesco.com for the prospectus/summary prospectus.

Investing in options involves risks and may not be suitable for all investors.

There are risks involved with investing in ETFs, including possible loss of money. Actively managed ETFs do not necessarily seek to replicate the performance of a specified index. Actively managed ETFs are subject to risks similar to stocks, including those related to short selling and margin maintenance. Ordinary brokerage commissions apply. The Fund's return may not match the return of the Index. The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the Fund.

All investing involves risk, including the risk of loss.

This does not constitute a recommendation of any investment strategy or product for a particular investor. Investors should consult a financial professional before making any investment decisions.

In general, stock values fluctuate, sometimes widely, in response to activities specific to the company as well as general market, economic and political conditions.

A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile, and the use of options can lower total returns.

Not a Deposit  |  Not FDIC Insured  |  Not Guaranteed by the Bank  |  May Lose Value  |  Not Insured by any Federal Government Agency

Invesco Distributors, Inc.

ETF Shares are not individually redeemable and owners of the Shares may acquire those Shares from the Funds and tender those Shares for redemption to the Funds in Creation Unit aggregations only, typically consisting of 10,000, 50,000, 80,000, 100,000 or 150,000 Shares.

Frequently asked questions

An option is a financial instrument that gives the option holder the right, but not the obligation, to buy or sell a set quantity or dollar value of a particular asset at a fixed price by a certain date. Options are a useful instrument for generating income outside of more traditional means, like collecting dividends on stocks or interest on bonds.

Learn more

When an investor sells an option, they’re giving the buyer the ability to buy or sell a specific asset by a certain date at a predetermined price. In return, the seller collects an option premium from the buyer, which is considered income. Option income strategies can be an effective way of generating a steady stream of monthly income while maintaining exposure to equities.

The income generated from options has a different set of sensitivities and drivers than income from bonds or dividend-paying stocks. For example, traditional bond exposures have interest rate risk. Equity options avoid interest rate risk. Instead, the yield from selling equity options is impacted by the implied equity market volatility.  When equity market volatility is high, option premiums will increase and push the yields higher.

Option income strategies can be designed in a number of different ways. In the case of QQA and RSPA, we use equity-linked notes to efficiently execute a tailored option income strategy designed to generate a steady income stream for investors. We partner with several reputable global banks who execute our customized option strategy.

Invesco QQQ is one of the most actively traded securities, with a history dating back to 1999. QQQ tracks the Nasdaq-100 index, which includes companies at the forefront of many long-term innovative themes shaping today’s economy. For more information on how innovation may help drive the performance of Invesco QQQ, click here.

Source: Bloomberg L.P., QQQ is the 2nd most-traded ETF in the US based on average daily volume traded, as of June 30, 2024.

Both funds track the Nasdaq-100 Index. QQA gives up some of the upside potential of that stock index in exchange for a monthly stream of income from its options component.

Both funds track the S&P 500 Equal Weight Index, which consists of the same companies within the market cap-weighted S&P 500 Index but equally weights them (each company has the same weight of 0.20%). RSPA gives up some of the upside potential of that stock index in exchange for a monthly stream of income from its options component.

Potential uses for Income Advantage ETFs include reducing risk in equity portfolios, diversifying exposures to other sources of income, and increasing portfolio cash flows.

Invesco has deep expertise in managing ETFs. QQQ launched in 1999 establishing the standard for investing in innovation. Over 20 years ago, RSP helped reinvent how clients access the S&P 500. And we’ve managed option overlay strategies for multi-asset portfolios since 2018.

QQA product detailsRSPA product detailsEFAA product details

Footnotes

  • 1

    Effective July 17, 2024 through June 30, 2025, Invesco Capital Management LLC (the “Adviser”) will voluntarily waive 100% of its management fee, 0.29% for QQA and RSPA and 0.39% for EFAA. The Net Expense Ratio for the funds through June 30, 2025 is 0.00%.
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Design matters

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Click here for a QQA prospectus. Click here for a RSPA prospectus. Click here for a EFAA prospectus. Please read these carefully.

About risk

QQQ and RSP

There are risks involved with investing in ETFs, including possible loss of money. Shares are not actively managed and are subject to risks similar to those of stocks, including those regarding short selling and margin maintenance requirements. Ordinary brokerage commissions apply. The Fund's return may not match the return of the Underlying Index. The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the Fund.

QQQ

Investments focused in a particular sector, such as technology, are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.

The NASDAQ Composite Index measures all NASDAQ domestic and international-based common stocks listed on The Nasdaq Stock Market. The Russell 3000® Index is an unmanaged considered representative of the U.S. stock market. The Russell 3000® Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.

The sponsor of the Nasdaq-100 TrustSM, a unit investment trust, is Invesco Capital Management LLC (Invesco). NASDAQ, Nasdaq-100 Index, Nasdaq-100 Index Tracking Stock and QQQ are trade/service marks of The Nasdaq Stock Market, Inc. and have been licensed for use by Invesco, QQQ's sponsor. NASDAQ makes no representation regarding the advisability of investing in QQQ and makes no warranty and bears no liability with respect to QQQ, the Nasdaq-100 Index, its use or any data included therein.

RSP

Investments focused in a particular industry or sector, are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.

Stocks of medium-sized companies tend to be more vulnerable to adverse developments, may be more volatile, and may be illiquid or restricted as to resale.

The Global Industry Classification Standard was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's.

"Standard & Poor’s," "S&P" and "S&P 500," are trademarks of Standard & Poor’s Financial Services, LLC and have been licensed for use by Invesco Capital Management LLC and its affiliates. Invesco S&P 500® Equal Weight ETF is not sponsored, endorsed, sold or promoted by Standard & Poor’s makes no representation regarding the advisability of investing in Invesco S&P 500® Equal Weight ETF.

QQA, RSPA, and EFAA

There are risks involved with investing in ETFs, including possible loss of money. Actively managed ETFs do not necessarily seek to replicate the performance of a specified index. Actively managed ETFs are subject to risks similar to stocks, including those related to short selling and margin maintenance. Ordinary brokerage commissions apply. The Fund’s return may not match the return of the Index. The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the Fund.

Securities held by the Fund are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Fund’s portfolio. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to the Fund’s net asset value (“NAV”).

The investment techniques and risk analysis used by the portfolio managers may not produce the desired results.

While the Fund is actively managed, a substantial portion of the Fund’s portfolio is designed to track the performance of the Index. In managing this portion of the Fund’s portfolio, the portfolio managers will not generally buy or sell a security unless that security is added or removed, respectively, from the Index, regardless of the performance of that security. If a specific security is removed from the Index, the Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value.

In general, equity values fluctuate, sometimes widely, in response to activities specific to the company as well as general market, economic and political conditions.

Investments in ELNs are susceptible to the risks of their underlying instruments, which could include management risk, market risk and, as applicable, foreign securities and currency risks. ELNs are also subject to certain debt securities risks, such as interest rate and credit risks. Should the prices of the underlying instruments move in an unexpected manner, the Fund may not achieve the anticipated benefits of an investment in an ELN, and may realize losses, which could be significant and could include the Fund’s entire principal investment. An ELN investment is also subject to counterparty risk, which is the risk that the issuer of the ELN will default or become bankrupt and the Fund may not be repaid the principal amount of, or income from, its investment. ELNs may also be less liquid than more traditional investments and the Fund may be unable to sell ELNs at a desirable time or price. In addition, the price of ELNs may not correlate with the underlying securities or a fixed income investment.

Investments focused in a particular industry are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.

Derivatives may be more volatile and less liquid than traditional investments and are subject to market, interest rate, credit, leverage, counterparty and management risks. An investment in a derivative could lose more than the cash amount invested.

Risks of futures contracts include: an imperfect correlation between the value of the futures contract and the underlying commodity; possible lack of a liquid secondary market; inability to close a futures contract when desired; losses due to unanticipated market movements; obligation for the Fund to make daily cash payments to maintain its required margin; failure to close a position may result in the Fund receiving an illiquid commodity; and unfavorable execution prices.

A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.

Short sales may cause an investor to repurchase a security at a higher price, causing a loss. As there is no limit on how much the price of the security can increase, exposure to potential loss is unlimited.

The Fund is non-diversified and may experience greater volatility than a more diversified investment.

The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole.

The Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind because of the nature of the Fund’s investments. As such, investments in the Fund may be less tax efficient than investments in ETFs that create and redeem in-kind.

The Fund is subject to numerous market trading risks, including the potential lack of an active market, losses from trading in secondary markets, and disruption in the creation/redemption process. During stressed market conditions, Shares may become less liquid as result of deteriorating liquidity which could lead to differences in the market price and the underlying value of those Shares.

QQA

Investments focused in a particular sector, such as information technology, are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.

RSPA

Because the Fund may invest in other investment companies, it’s subject to the risks associated with the investment company and its investment performance may depend on the underlying investment company’s performance. The Fund will indirectly pay a proportional share of the investment company’s fees and expenses, while continuing to pay its own management fee to the Adviser, resulting in shareholders absorbing duplicate levels of fees.

EFAA

The risks of investing in securities of foreign issuers can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues.

The performance of an investment concentrated in issuers of a certain region or country is expected to be closely tied to conditions within that region and to be more volatile than more geographically diversified investments.

ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies. ADRs and GDRs may not track the price of the underlying securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

Currencies and futures generally are volatile and are not suitable for all investors.

Because the Fund may invest in other investment companies, it’s subject to the risks associated with the investment company and its investment performance may depend on the underlying investment company’s performance. The Fund will indirectly pay a proportional share of the investment company’s fees and expenses, while continuing to pay its own management fee to the Adviser, resulting in shareholders absorbing duplicate levels of fees.

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