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OPTIMIZE YOUR PORTFOLIOS
PORTFOLIO PLAYBOOK: SHIFTING TO DEFENSIVE
Our macro framework moves into a contraction regime, although we’re not seeing
signs of imminent recession risk. We’re now favoring fixed income and US
equities. Optimize your portfolios with our outlook and allocation guidance.
View asset allocations
Latest market outlook
* Latest market outlook
* Asset allocations
* Additional resources
LATEST MARKET OUTLOOK
After several months of stability, economic data around the world is pointing to
a softening in growth momentum, particularly in developed markets. US leading
economic indicators have registered the largest monthly decline since the summer
of 2022. In addition, lagging indicators such as retail sales have also seen
large downward revisions and negative surprises relative to consensus
expectations, confirming the softer growth impulse in the second quarter of 2024
relative to initial estimates. For our longer-term perspectives, read our 2024
Midyear Investment Outlook.
Where do we go from here?
We expect the lagged effects of monetary policy to be a drag in our leading
economic indicators for a few quarters. After a year of steady improvements, our
barometer of global risk appetite is signaling a significant downshift in market
sentiment, likely reflecting a combination of softer global growth momentum and
a peak in future growth expectations. As a result, our macro regime framework
moves back into a contraction regime, last recorded in the second quarter of
2023, signaling an environment of below-trend and decelerating growth
expectations across all major regions. In our opinion, this macro backdrop is
consistent with an incoming deceleration. We don’t think it’s indicative of
imminent recession risks, however, given broadly stable consumption, limited
volatility in financial markets, and low and stable credit spreads. Nonetheless,
the cyclical peak in market sentiment, coupled with a low-growth environment
warrants a more defensive portfolio positioning, in our view, relative to the
pro-cyclical posture of the past year.
1. Base case
2. Conditions improve
3. Conditions worsen
* Base case
ECONOMIC CYCLE
* Global growth remains below trend.
* Broad-based deceleration in US leading economic indicators.
* Stable consumption and tight credit spreads aren’t consistent with a
recession.
MARKET SENTIMENT
* Financial market risk sentiment has already discounted a cyclical rebound.
* Global risk appetite to peak and revert towards its long-term average.
POLICY IMPLICATIONS
* Inflation momentum appears to be easing again.
* Rate cuts still postponed until later this year or early 2025.
* Conditions improve
ECONOMIC CYCLE
* Global economy climbs to above-trend rate and continues to improve.
MARKET SENTIMENT
* Risk-on sentiment returns as investors look ahead to reinvigorated
economy.
POLICY IMPLICATIONS
* Inflation returns to the Fed’s “comfort zone.”
* Fed eases policy amid strong growth environment.
* Conditions worsen
ECONOMIC CYCLE
* Lagged effects of policy tightening more severe than expected.
* Prolonged recession emerges.
MARKET SENTIMENT
* Flight to quality as the economy deteriorates.
POLICY IMPLICATIONS
* Fed lowers rates rapidly and normalizes US Treasury yield curve.
Read the July summary
ASSET ALLOCATIONS TO CONSIDER
A challenge for tactical investors is preparing for the expected and
anticipating the unexpected. The tactical asset allocation (TAA) framework from
the Invesco Solutions team is designed to enhance a long-term strategic asset
allocation (SAA) by making portfolio tilts based on near-term market views. For
additional details, view our asset allocation graphic.
In July, we’re favoring long-duration fixed income and high-quality US equities.
You may want to consider increasing the risk profile of client portfolios,
particularly if they’re cash-heavy. (See how to rethink your portfolios for what
comes next.)
We’ve also provided alternative positioning should market conditions change.
Institutional investors seeking to implement these allocations can subscribe to
the dynamic model portfolios for regular portfolio updates. The tactical,
dynamic factor rotation shown below is also utilized in the Invesco Russell
1000® Dynamic Multifactor ETF (OMFL).
1. Base case
2. Conditions improve
3. Conditions worsen
* Base case
Strategic asset allocation
1%
Equity
1%
Fixed income
1%
Alternatives
Strategic + tactical asset allocation overlay
1%
Equity
1%
Fixed income
1%
Alternatives
Asset
What we favor
Tactical
Sample allocation
Strategic
Sample allocation
Strategic + tactical overlay
Related products
US LOW VOLATILITY
Equity
US LOW VOLATILITY
Equity
WHAT WE FAVOR
Tactical
overweight
SAMPLE ALLOCATION
Strategic
0%
SAMPLE ALLOCATION
Strategic + tactical overlay
3%
RELATED PRODUCTS
SPLVFact Sheet
SPHDFact Sheet
US MOMENTUM
Equity
US MOMENTUM
Equity
WHAT WE FAVOR
Tactical
overweight
SAMPLE ALLOCATION
Strategic
0%
SAMPLE ALLOCATION
Strategic + tactical overlay
3%
RELATED PRODUCTS
SPMOFact Sheet
US QUALITY
Equity
US QUALITY
Equity
WHAT WE FAVOR
Tactical
overweight
SAMPLE ALLOCATION
Strategic
0%
SAMPLE ALLOCATION
Strategic + tactical overlay
3%
RELATED PRODUCTS
SPHQFact Sheet
US LARGE GROWTH
Equity
US LARGE GROWTH
Equity
WHAT WE FAVOR
Tactical
underweight
SAMPLE ALLOCATION
Strategic
17%
SAMPLE ALLOCATION
Strategic + tactical overlay
14%
RELATED PRODUCTS
QQQMFact Sheet
US LARGE VALUE
Equity
US LARGE VALUE
Equity
WHAT WE FAVOR
Tactical
underweight
SAMPLE ALLOCATION
Strategic
17%
SAMPLE ALLOCATION
Strategic + tactical overlay
14%
RELATED PRODUCTS
ACSDXFact Sheet
RSPFact Sheet
US SMALL/MID VALUE
Equity
US SMALL/MID VALUE
Equity
WHAT WE FAVOR
Tactical
underweight
SAMPLE ALLOCATION
Strategic
4%
SAMPLE ALLOCATION
Strategic + tactical overlay
3%
RELATED PRODUCTS
VVOIXFact Sheet
US SMALL/MID GROWTH
Equity
US SMALL/MID GROWTH
Equity
WHAT WE FAVOR
Tactical
overweight
SAMPLE ALLOCATION
Strategic
4%
SAMPLE ALLOCATION
Strategic + tactical overlay
5%
RELATED PRODUCTS
OEGYXFact Sheet
OSCYXFact Sheet
INTERNATIONAL DEVELOPED
Equity
INTERNATIONAL DEVELOPED
Equity
WHAT WE FAVOR
Tactical
underweight
SAMPLE ALLOCATION
Strategic
13%
SAMPLE ALLOCATION
Strategic + tactical overlay
8%
RELATED PRODUCTS
OSMYXFact Sheet
OIGYXFact Sheet
EMERGING MARKETS EQUITY
Equity
EMERGING MARKETS EQUITY
Equity
WHAT WE FAVOR
Tactical
underweight
SAMPLE ALLOCATION
Strategic
5%
SAMPLE ALLOCATION
Strategic + tactical overlay
2%
RELATED PRODUCTS
ODVYXFact Sheet
US CORE FIXED INCOME
Fixed Income
US CORE FIXED INCOME
Fixed Income
WHAT WE FAVOR
Tactical
overweight
SAMPLE ALLOCATION
Strategic
28.5%
SAMPLE ALLOCATION
Strategic + tactical overlay
38%
RELATED PRODUCTS
OPBYXFact Sheet
GTOFact Sheet
US HIGH YIELD
Fixed Income
US HIGH YIELD
Fixed Income
WHAT WE FAVOR
Tactical
underweight
SAMPLE ALLOCATION
Strategic
2.25%
SAMPLE ALLOCATION
Strategic + tactical overlay
0%
RELATED PRODUCTS
BulletShares ETFs
ORNYXFact Sheet
EMERGING MARKETS DEBT
Fixed Income
EMERGING MARKETS DEBT
Fixed Income
WHAT WE FAVOR
Tactical
neutral
SAMPLE ALLOCATION
Strategic
2%
SAMPLE ALLOCATION
Strategic + tactical overlay
2%
RELATED PRODUCTS
PCYFact Sheet
OEMYXFact Sheet
US BANK LOANS
Fixed Income
US BANK LOANS
Fixed Income
WHAT WE FAVOR
Tactical
underweight
SAMPLE ALLOCATION
Strategic
2.25%
SAMPLE ALLOCATION
Strategic + tactical overlay
0%
RELATED PRODUCTS
AFRYXFact Sheet
BKLNFact Sheet
ALTERNATIVES
ALTERNATIVES
WHAT WE FAVOR
Tactical
neutral
SAMPLE ALLOCATION
Strategic
5%
SAMPLE ALLOCATION
Strategic + tactical overlay
5%
RELATED PRODUCTS
Alternatives
ABOUT OUR ALLOCATIONS
* The Invesco Solutions team develops portfolios for client-oriented
outcomes over multiple time horizons. Our tactical asset allocation (TAA),
regime-based framework dynamically adjusts exposures to asset classes,
regions, sectors, and factors, to create multi-asset portfolios designed
for the prevailing macroeconomic environment. Strategic asset allocation
(SAA) positioning is derived from our rigorous investment process, which
consists of long-term capital market assumptions (CMAs), portfolio
optimization, and risk management.
* Conditions improve
Strategic asset allocation
1%
Equity
1%
Fixed income
1%
Alternatives
Strategic + tactical asset allocation overlay
1%
Equity
1%
Fixed income
1%
Alternatives
Asset
What we favor
Tactical
Sample allocation
Strategic
Sample allocation
Strategic + tactical overlay
Related products
US LOW VOLATILITY
Equity
US LOW VOLATILITY
Equity
WHAT WE FAVOR
Tactical
neutral
SAMPLE ALLOCATION
Strategic
0%
SAMPLE ALLOCATION
Strategic + tactical overlay
0%
RELATED PRODUCTS
SPLVFact Sheet
SPHDFact Sheet
US MOMENTUM
Equity
US MOMENTUM
Equity
WHAT WE FAVOR
Tactical
neutral
SAMPLE ALLOCATION
Strategic
0%
SAMPLE ALLOCATION
Strategic + tactical overlay
0%
RELATED PRODUCTS
SPMOFact Sheet
US QUALITY
Equity
US QUALITY
Equity
WHAT WE FAVOR
Tactical
neutral
SAMPLE ALLOCATION
Strategic
0%
SAMPLE ALLOCATION
Strategic + tactical overlay
0%
RELATED PRODUCTS
SPHQFact Sheet
US LARGE GROWTH
Equity
US LARGE GROWTH
Equity
WHAT WE FAVOR
Tactical
neutral
SAMPLE ALLOCATION
Strategic
17%
SAMPLE ALLOCATION
Strategic + tactical overlay
17%
RELATED PRODUCTS
QQQMFact Sheet
US LARGE VALUE
Equity
US LARGE VALUE
Equity
WHAT WE FAVOR
Tactical
overweight
SAMPLE ALLOCATION
Strategic
17%
SAMPLE ALLOCATION
Strategic + tactical overlay
18.5%
RELATED PRODUCTS
ACSTXFact Sheet
RSPFact Sheet
US SMALL/MID VALUE
Equity
US SMALL/MID VALUE
Equity
WHAT WE FAVOR
Tactical
overweight
SAMPLE ALLOCATION
Strategic
4%
SAMPLE ALLOCATION
Strategic + tactical overlay
10%
RELATED PRODUCTS
VSCAXFact Sheet
US SMALL/MID GROWTH
Equity
US SMALL/MID GROWTH
Equity
WHAT WE FAVOR
Tactical
neutral
SAMPLE ALLOCATION
Strategic
4%
SAMPLE ALLOCATION
Strategic + tactical overlay
4%
RELATED PRODUCTS
OEGAXFact Sheet
QQQJFact Sheet
INTERNATIONAL DEVELOPED
Equity
INTERNATIONAL DEVELOPED
Equity
WHAT WE FAVOR
Tactical
underweight
SAMPLE ALLOCATION
Strategic
13%
SAMPLE ALLOCATION
Strategic + tactical overlay
8.75%
RELATED PRODUCTS
OSMYXFact Sheet
OIGAXFact Sheet
EMERGING MARKETS EQUITY
Equity
EMERGING MARKETS EQUITY
Equity
WHAT WE FAVOR
Tactical
overweight
SAMPLE ALLOCATION
Strategic
5%
SAMPLE ALLOCATION
Strategic + tactical overlay
6.75%
RELATED PRODUCTS
ODMAXFact Sheet
US CORE FIXED INCOME
Fixed Income
US CORE FIXED INCOME
Fixed Income
WHAT WE FAVOR
Tactical
underweight
SAMPLE ALLOCATION
Strategic
28.5%
SAMPLE ALLOCATION
Strategic + tactical overlay
13%
RELATED PRODUCTS
OPIGXFact Sheet
GTOFact Sheet
US HIGH YIELD
Fixed Income
US HIGH YIELD
Fixed Income
WHAT WE FAVOR
Tactical
overweight
SAMPLE ALLOCATION
Strategic
2.25%
SAMPLE ALLOCATION
Strategic + tactical overlay
10.25%
RELATED PRODUCTS
BulletShares ETFs
ORNAXFact Sheet
EMERGING MARKETS DEBT
Fixed Income
EMERGING MARKETS DEBT
Fixed Income
WHAT WE FAVOR
Tactical
neutral
SAMPLE ALLOCATION
Strategic
2%
SAMPLE ALLOCATION
Strategic + tactical overlay
2%
RELATED PRODUCTS
PCYFact Sheet
OEMYXFact Sheet
US BANK LOANS
Fixed Income
US BANK LOANS
Fixed Income
WHAT WE FAVOR
Tactical
overweight
SAMPLE ALLOCATION
Strategic
2.25%
SAMPLE ALLOCATION
Strategic + tactical overlay
4.75%
RELATED PRODUCTS
AFRAXFact Sheet
BKLNFact Sheet
ALTERNATIVES
ALTERNATIVES
WHAT WE FAVOR
Tactical
neutral
SAMPLE ALLOCATION
Strategic
5%
SAMPLE ALLOCATION
Strategic + tactical overlay
5%
RELATED PRODUCTS
Alternatives
ABOUT OUR ALLOCATIONS
* The Invesco Solutions team develops portfolios for client-oriented
outcomes over multiple time horizons. Our tactical asset allocation (TAA),
regime-based framework dynamically adjusts exposures to asset classes,
regions, sectors, and factors, to create multi-asset portfolios designed
for the prevailing macroeconomic environment. Strategic asset allocation
(SAA) positioning is derived from our rigorous investment process, which
consists of long-term capital market assumptions (CMAs), portfolio
optimization, and risk management.
* Conditions worsen
Strategic asset allocation
1%
Equity
1%
Fixed income
1%
Alternatives
Strategic + tactical asset allocation overlay
1%
Equity
1%
Fixed income
1%
Alternatives
Asset
What we favor
Tactical
Sample allocation
Strategic
Sample allocation
Strategic + tactical overlay
Related products
US LOW VOLATILITY
Equity
US LOW VOLATILITY
Equity
WHAT WE FAVOR
Tactical
overweight
SAMPLE ALLOCATION
Strategic
0%
SAMPLE ALLOCATION
Strategic + tactical overlay
3%
RELATED PRODUCTS
SPLVFact Sheet
SPHDFact Sheet
US MOMENTUM
Equity
US MOMENTUM
Equity
WHAT WE FAVOR
Tactical
overweight
SAMPLE ALLOCATION
Strategic
0%
SAMPLE ALLOCATION
Strategic + tactical overlay
3%
RELATED PRODUCTS
SPMOFact Sheet
US QUALITY
Equity
US QUALITY
Equity
WHAT WE FAVOR
Tactical
overweight
SAMPLE ALLOCATION
Strategic
0%
SAMPLE ALLOCATION
Strategic + tactical overlay
3%
RELATED PRODUCTS
SPHQFact Sheet
US LARGE GROWTH
Equity
US LARGE GROWTH
Equity
WHAT WE FAVOR
Tactical
underweight
SAMPLE ALLOCATION
Strategic
17%
SAMPLE ALLOCATION
Strategic + tactical overlay
14%
RELATED PRODUCTS
QQQMFact Sheet
US LARGE VALUE
Equity
US LARGE VALUE
Equity
WHAT WE FAVOR
Tactical
underweight
SAMPLE ALLOCATION
Strategic
17%
SAMPLE ALLOCATION
Strategic + tactical overlay
14%
RELATED PRODUCTS
ACSTXFact Sheet
RSPFact Sheet
US SMALL/MID VALUE
Equity
US SMALL/MID VALUE
Equity
WHAT WE FAVOR
Tactical
underweight
SAMPLE ALLOCATION
Strategic
4%
SAMPLE ALLOCATION
Strategic + tactical overlay
3%
RELATED PRODUCTS
VSCAXFact Sheet
US SMALL/MID GROWTH
Equity
US SMALL/MID GROWTH
Equity
WHAT WE FAVOR
Tactical
overweight
SAMPLE ALLOCATION
Strategic
4%
SAMPLE ALLOCATION
Strategic + tactical overlay
5%
RELATED PRODUCTS
OEGAXFact Sheet
QQQJFact Sheet
INTERNATIONAL DEVELOPED
Equity
INTERNATIONAL DEVELOPED
Equity
WHAT WE FAVOR
Tactical
underweight
SAMPLE ALLOCATION
Strategic
13%
SAMPLE ALLOCATION
Strategic + tactical overlay
8%
RELATED PRODUCTS
OSMYXFact Sheet
OIGAXFact Sheet
EMERGING MARKETS EQUITY
Equity
EMERGING MARKETS EQUITY
Equity
WHAT WE FAVOR
Tactical
underweight
SAMPLE ALLOCATION
Strategic
5%
SAMPLE ALLOCATION
Strategic + tactical overlay
2%
RELATED PRODUCTS
ODMAXFact Sheet
US CORE FIXED INCOME
Fixed Income
US CORE FIXED INCOME
Fixed Income
WHAT WE FAVOR
Tactical
overweight
SAMPLE ALLOCATION
Strategic
28.5%
SAMPLE ALLOCATION
Strategic + tactical overlay
38%
RELATED PRODUCTS
OPIGXFact Sheet
GTOFact Sheet
US HIGH YIELD
Fixed Income
US HIGH YIELD
Fixed Income
WHAT WE FAVOR
Tactical
underweight
SAMPLE ALLOCATION
Strategic
2.25%
SAMPLE ALLOCATION
Strategic + tactical overlay
0%
RELATED PRODUCTS
BulletShares ETFs
ORNAXFact Sheet
EMERGING MARKETS DEBT
Fixed Income
EMERGING MARKETS DEBT
Fixed Income
WHAT WE FAVOR
Tactical
neutral
SAMPLE ALLOCATION
Strategic
2%
SAMPLE ALLOCATION
Strategic + tactical overlay
2%
RELATED PRODUCTS
PCYFact Sheet
OEMYXFact Sheet
US BANK LOANS
Fixed Income
US BANK LOANS
Fixed Income
WHAT WE FAVOR
Tactical
underweight
SAMPLE ALLOCATION
Strategic
2.25%
SAMPLE ALLOCATION
Strategic + tactical overlay
0%
RELATED PRODUCTS
AFRAXFact Sheet
BKLNFact Sheet
ALTERNATIVES
ALTERNATIVES
WHAT WE FAVOR
Tactical
neutral
SAMPLE ALLOCATION
Strategic
5%
SAMPLE ALLOCATION
Strategic + tactical overlay
5%
RELATED PRODUCTS
Alternatives
ABOUT OUR ALLOCATIONS
* The Invesco Solutions team develops portfolios for client-oriented
outcomes over multiple time horizons. Our tactical asset allocation (TAA),
regime-based framework dynamically adjusts exposures to asset classes,
regions, sectors, and factors, to create multi-asset portfolios designed
for the prevailing macroeconomic environment. Strategic asset allocation
(SAA) positioning is derived from our rigorous investment process, which
consists of long-term capital market assumptions (CMAs), portfolio
optimization, and risk management.
Allocating to alternatives
Including alternatives like private credit, equity, and real assets, listed real
assets, commodities, digital assets, and hedge funds in a portfolio can help
improve growth, potential income, and diversification. They can also help
financial professionals differentiate their practices, attract high-net-worth
clients, move up-market, and consolidate and retain AUM. Get our outlook, asset
class views, and allocation guidance for investing in private markets and liquid
alternatives in our Alternatives Playbook.
TOTAL CX RESOURCES
Use our Invesco Total CX platform — Total Client Experienceᵀᴹ — to get the
latest information on the markets, economy, and investing that you and your
clients need. Here’s this month’s highlights.
Optimize your portfolios
Products and guidance from our experts on portfolio construction and risk
management.
Explore resources:
Capital market assumptions
Tactical asset allocation
Investment insights
Model portfolios
Real estate
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Engaging investing and market content your clients want, plus how to use it with
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Explore resources:
Compelling wealth management conversations
Market and economic insights
Global policy outlook
Enhance your business
How to grow your practice and optimize your team’s performance.
Explore resources:
Practice Innovation Index
Showtime
How to keep your best clients
Total CX Insights for your business
ASSET MANAGER OF THE YEAR FOR PORTFOLIO PLAYBOOK
The 2023 MMI/Barron’s Industry Awards chose Invesco as Asset Manager of the Year
- AUM of more than $100 billion. This category
honors a larger asset manager that exemplifies innovation in delivering better
outcomes for investors and financial professionals.
Join us for the monthly Portfolio Playbook webinar
Our market experts share perspective and Q&A on the latest Portfolio Playbook
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The Invesco models are overseen by the Invesco Solutions team. The team is a
part of Invesco Advisers, Inc., an investment adviser; it provides investment
advisory services to individual and institutional clients and does not sell
securities. It is an indirect, wholly owned subsidiary of Invesco Ltd.
There can be no assurance that any investment process or strategy will achieve
its investment objective. Asset allocation and diversification does not
guarantee a profit or eliminate the risk of loss.
Invesco Solutions develops Capital Market Assumptions (CMAs) that provide
long-term estimates for the behavior of major asset classes globally. The
assumptions, which are based on 5- and 10-year investment time horizons, are
intended to help guide our strategic asset class allocations and should not
serve as the basis or primary source for any investment decision.
Learn more about the MMI/Barron’s Industry Awards. You are leaving for another
site that is not affiliated with Invesco. This site is for informational
purposes only. Invesco does not guarantee nor take any responsibility for the
content.
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.
Past performance does not guarantee future results. An investment cannot be made
directly into an index.
All investing involves risk, including the risk of loss.
Some products are offered through affiliates of Invesco Distributors, Inc.
The opinions referenced above are those of the author as of July 2024. These
comments should not be construed as recommendations, but as an illustration of
broader themes. Forward-looking statements are not guarantees of future results.
They involve risks, uncertainties and assumptions; there can be no assurance
that actual results will not differ materially from expectations.
There are risks involved with investing in ETFs, including possible loss of
money. Index-based ETFs are not actively managed. Actively managed ETFs do not
necessarily seek to replicate the performance of a specified index. Both
index-based and 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.
Growth stocks tend to be more sensitive to changes in their earnings and can be
more volatile.
A value style of investing is subject to the risk that the valuations never
improve or that the returns will trail other styles of investing or the overall
stock markets.
Stocks of small and mid-sized companies tend to be more vulnerable to adverse
developments, may be more volatile, and may be illiquid or restricted as to
resale.
Fixed-income investments are subject to credit risk of the issuer and the
effects of changing interest rates. Interest rate risk refers to the risk that
bond prices generally fall as interest rates rise and vice versa. An issuer may
be unable to meet interest and/or principal payments, thereby causing its
instruments to decrease in value and lowering the issuer’s credit rating.
Credit spread is the difference between Treasury securities and non-Treasury
securities that are identical in all respects except for quality rating.
The yield curve plots interest rates, at a set point in time, of bonds having
equal credit quality but differing maturity dates to project future interest
rate changes and economic activity.
Alternative products typically hold more non-traditional investments and employ
more complex trading strategies, including hedging and leveraging through
derivatives, short selling and opportunistic strategies that change with market
conditions. Investors considering alternatives should be aware of their unique
characteristics and additional risks from the strategies they use. Like all
investments, performance will fluctuate. You can lose money.
The risks of investing in securities of foreign issuers, including emerging
market issuers, can include fluctuations in foreign currencies, political and
economic instability, and foreign taxation issues.
Junk bonds involve a greater risk of default or price changes due to changes in
the issuer’s credit quality. The values of junk bonds fluctuate more than those
of high quality bonds and can decline significantly over short time periods.
In general, stock values fluctuate, sometimes widely, in response to activities
specific to the company as well as general market, economic and political
conditions.
Municipal securities are subject to the risk that legislative or economic
conditions could affect an issuer’s ability to make payments of principal and/
or interest.
An investment in emerging market countries carries greater risks compared to
more developed economies.
BTCO Risks
See the prospectus for more information.
The Fund is speculative and involves a high degree of risk. An investor may lose
all or substantially all of an investment in the Fund.
The Fund is not a mutual fund or any other type of Investment Company within the
meaning of the Investment Company Act of 1940, as amended, and is not subject to
regulation thereunder.
Shares in the Fund are not FDIC insured, may lose value and have no bank
guarantee.
This material must be accompanied or preceded by a prospectus. Please read the
prospectus carefully before investing.
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.
Bitcoin has historically exhibited high price volatility relative to more
traditional asset classes, which may be due to speculation regarding potential
future appreciation in value. The value of the Trust’s investments in bitcoin
could decline rapidly, including to zero.
The further development and acceptance of the Bitcoin network, which is part of
a new and rapidly changing industry, is subject to a variety of factors that are
difficult to evaluate. The slowing, stopping or reversing of the development or
acceptance of the network may adversely affect the price of bitcoin and
therefore an investment in the Shares.
Currently, there is relatively limited use of bitcoin in the retail and
commercial marketplace in comparison to relatively extensive use as a store of
value, contributing to price volatility that could adversely affect an
investment in the Shares.
Regulatory changes or actions may alter the nature of an investment in bitcoin
or restrict the use of bitcoin or the operations of the Bitcoin network or
venues on which bitcoin trades. For example, it may become difficult or illegal
to acquire, hold, sell or use bitcoin in one or more countries, which could
adversely impact the price of bitcoin.
The S&P 500® Index is an unmanaged index considered representative of the US
stock market.
The Bloomberg US Aggregate Bond Index is an unmanaged index considered
representative of the US investment-grade, fixed-rate bond market.
The Russell 1000® Value Index, a trademark/service mark of the Frank Russell
Co.®, is an unmanaged index considered representative of large-cap value stocks.
The Russell 1000 Value Index is a trademark/service mark of the Frank Russell
Co. Russell® is a trademark of the Frank Russell Co. An investment cannot be
made directly in an index.
The Russell 1000® Growth Index, a trademark/service mark of the Frank Russell
Co.®, is an unmanaged index considered representative of large-cap growth
stocks.
The S&P 500® Low Volatility Index consists of the 100 stocks from the S&P 500®
Index with the lowest realized volatility over the past 12 months.
The Russell 1000® Value Index, a trademark/service mark of the Frank Russell
Co.®, is an unmanaged index considered representative of large-cap value stocks.
The Russell 1000 Value Index is a trademark/service mark of the Frank Russell
Co. Russell® is a trademark of the Frank Russell Co. An investment cannot be
made directly in an index.
The Bloomberg US Corporate Bond Index measures the investment grade, fixed-rate,
taxable corporate bond market. It includes USD denominated securities publicly
issued by US and non-US industrial, utility and financial issuers.
The Russell 1000 Quality Factor Index is comprised of securities within the
Russell 1000 Index and tracks the performance of the ‘quality factor’. The
quality factor is a recognized factor return premia supported by academic
research that shows high-quality companies tend to outperform low-quality
companies over the long-term.
The Russell 1000 Size Factor Index is comprised of securities within the Russell
1000 Index and tracks the performance of the ‘size factor’. The size factor is a
recognized factor return premia supported by academic research that shows
smaller companies tend to outperform larger companies over the long-term.
The MSCI Emerging Markets TR Index captures large and mid-cap representation
across 24 emerging markets (EM) countries. With 1,375 constituents, the index
covers approximately 85% of the free float-adjusted market capitalization in
each country.
The MSCI World TR Index captures large and mid-cap representation across 23
developed markets (DM) countries. With 1,465 constituents, the index covers
approximately 85% of the free float-adjusted market capitalization in each
country.
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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. is the US distributor for Invesco's Retail Products,
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the investment adviser for Invesco’s ETFs. Invesco Unit Investment Trusts are
distributed by the sponsor, Invesco Capital Markets, Inc. and broker dealers
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those Shares from the Funds and tender those Shares for redemption to the Funds
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