Invesco Short Duration US Government Securities Fund

Superstate filed a preliminary registration statement in 2023 for a different proposed registered fund, but the product that launched in February 2024 took the private route. The operative issuer is a series of Superstate Asset Trust. Its July 14, 2026 Form D/A claims Rule 506(c) and Section 3(c)(7), records a $100,000 minimum, and reports no non-accredited investors. An SEC filing is notice of an exempt offering, not SEC approval of the product.

That legal boundary determines what USTB can mean. The token represents a share of the pooled vehicle and can be exchanged for book-entry recognition of the same share. It does not confer title to a particular bill in the BNY Mellon custody account, and it is not a bank deposit. The fund page also says shareholders do not manage the vehicle or hold ordinary approval rights under the trust agreement; portfolio and operational discretion remains with appointed firms.

USTB began at a NAV per share of $10.000000. Short Treasury interest raises that value after expenses while a wallet’s unit count stays unchanged. Superstate’s continuous price oracle linearly extrapolates prior market-day valuations with estimated income and expenses to price subscriptions and redemptions when they arrive. Because this calculation extends earlier valuations rather than marking every security to its current market price, the transaction value can differ materially from current mark-to-market NAV during sharp intraday moves.

A shareholder can choose Superstate book entry or a token on Ethereum, Solana, or Plume. Movement between approved EVM wallets looks like an ERC-20 transfer, but the contract checks both addresses against an entity-and-fund allowlist. On Solana, Token-2022 accounts begin frozen and the permission system controls which accounts may be thawed. Network compatibility therefore does not create public eligibility.

The same administration supports recovery and coercion. Superstate can change entity permissions, pause token movements or accounting, mint subscribed shares, and forcibly burn tokens when external law requires it. The Ethereum address is a transparent upgradeable proxy, and its implementation has changed repeatedly. Code audit and public verification help readers see that machinery; they do not remove the administrator who can use it.

Approved investors may subscribe or redeem through USD or USDC. Public instructions quote immediate USDC settlement, including non-business days, but condition it on available liquidity. The Ethereum RedemptionIdle contract must hold enough USDC or the atomic transaction reverts, and the fund disclosure says a capped affiliated liquidity facility may advance cash at a cost. Standard USD redemption is same day only before the 1pm ET cutoff. The word instant describes a pathway, not an unconditional right to cash at every moment.

On March 24, 2026, Invesco and Superstate announced that Invesco Advisers would assume day-to-day portfolio management and that the fund would take the Invesco name. The strategy, ticker, smart contracts, and Ethereum token address were to stay. The July Form D/A completed the documentary bridge by listing the Superstate name as former and Invesco Advisers as investment manager.

The handoff did not turn USTB into an Invesco retail mutual fund. Current materials still call it a private fund for accredited investors and qualified purchasers. Invesco now chooses the short bills; Superstate Services is the registered transfer agent; Superstate technology keeps issuance, settlement, allowlists, and contract administration. The current 0.15% fee, including the rebate on holdings above $25 million, pays into that managed structure rather than into an autonomous token protocol.