Exchange-Traded Funds

LALT - Invesco Multi-Strategy Alternative ETF

Alternative - Global Macro

Product Details

The Invesco Multi-Strategy Alternative ETF (Fund) is an actively managed exchange-traded fund (ETF) that seeks to achieve a positive total return with low correlation to the broader securities markets by investing in a combination of equity securities, financial futures contracts, forward currency contracts and other securities. Invesco Advisers, Inc., the sub-adviser to the Fund (Sub-Adviser), selects investments for inclusion in the Fund's portfolio with reference to the components of the Morgan Stanley Multi-Strategy Alternative Index (Benchmark) through a quantitative process that seeks to exceed the Benchmark's performance. The Benchmark was developed by the Sales & Trading Division of the Institutional Securities Group of Morgan Stanley and includes a combination of quantitative, rules-based strategies (Benchmark Strategies) aimed to capture non-traditional risk premia across equities, rates, currencies and volatility markets.

as of 10/31/2018 09/30/2018


  YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Index History (%)
Morgan Stanley Multi-Strategy Alternative Index 2.51 2.70 -1.05 N/A N/A -2.80
HFRI Macro (Total) Index -1.82 0.54 0.43 1.49 1.64 1.23
Bloomberg Barclays U.S. Aggregate Bond Index -1.60 -1.22 1.31 2.16 3.77 1.63
Morgan Stanley Multi-Strategy Alternative Index 3.07 5.06 -0.48 N/A N/A -2.63
HFRI Macro (Total) Index -3.55 -3.11 -0.13 0.97 1.30 0.80
Bloomberg Barclays U.S. Aggregate Bond Index -2.38 -2.05 1.04 1.83 3.94 1.41
Fund History (%)
Fund NAV 1.78 2.00 -1.09 N/A N/A -2.76
After Tax Held 1.78 1.89 -1.24 N/A N/A -2.87
After Tax Sold 1.05 1.26 -0.83 N/A N/A -2.08
Fund Market Price 1.36 1.20 -1.26 N/A N/A -2.88
Fund NAV 2.39 4.37 -0.46 N/A N/A -2.58
After Tax Held 2.39 4.26 -0.61 N/A N/A -2.68
After Tax Sold 1.41 2.66 -0.35 N/A N/A -1.94
Fund Market Price 2.06 3.88 -0.59 N/A N/A -2.68

The HFRI Macro (Total) Index is calculated monthly; therefore the since Fund Inception return uses index values as of the most recent month end.

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. Performance data quoted represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance data quoted. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. Fund performance reflects applicable fee waivers, absent which, performance data quoted would have been lower. After Tax Held and After Tax Sold are based on NAV. Returns less than one year are cumulative.

An investor cannot invest directly in an index. The results assume that no cash was added to or assets withdrawn from the Index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.

as of 09/30/2018

Growth of $10,000

Data beginning from closest month-end after Fund inception and ending 09/30/2018. Fund performance shown at NAV.

as of 11/16/2018 Summary Holdings | View All

Fund Holdings subject to change

Investment Long / Short % of Net Assets
G-10 currency forwards Long 30.21%
G-10 currency forwards Short 29.52%
Interest rate futures Short 313.07%
Stock index futures Short 40.39%
US stocks Long 40.37%
VIX index futures Long 4.27%
VIX index futures Short 2.54%
Collateral Long / Short % of Net Assets
Cash/Receivables/Payables Long 0.36%

Distributions | View All | Distribution Information

Ex-Date Record Date Pay Date $/
Ordinary Income Short Term Gains Long Term Gains Return of Capital
12/18/2017 12/19/2017 12/29/2017 0.09599 0.09599 - - -
12/16/2016 12/20/2016 12/30/2016 0.34499 0.34499 - - -

Frequency Distribution of Discounts & Premiums

    Bid/Ask MidPoint Above NAV
Days 0.00-
09/30/2018 63 4 1 1 0 0 0
06/30/2018 64 2 1 1 1 0 7
03/31/2018 61 3 5 0 0 0 1
12/31/2017 63 36 16 0 0 0 0
Year Ended 2017 251 105 26 3 1 5 2
    Bid/Ask Midpoint Below NAV
Days 0.00-
09/30/2018 63 15 34 8 0 0 0
06/30/2018 64 5 28 14 3 0 2
03/31/2018 61 4 39 7 0 0 2
12/31/2017 63 9 2 0 0 0 0
Year Ended 2017 251 99 9 1 0 0 0

Fund Inception: 05/29/2014

Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices. Performance data quoted represents past performance, which is not a guarantee of future results.

 Risk & Other Information

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.

Alternative strategies typically are subject to increased risk and loss of principal. Consequently, investments such as exchange-traded funds which focus on alternative strategies are not suitable for all investors.

The Sub-Adviser uses a rules-based methodology to allocate the Fund's assets in a combination of investment strategies designed to benefit from risk premia. As market dynamics shift over time, the strategies - as well as the rules-based methodology employed by the Sub-Adviser, may become outdated or inaccurate. As a result, the Fund may suffer significant losses.

Short sales are speculative transactions and involve special risks, including a greater reliance on the Sub-Adviser's ability to accurately anticipate the future value of a security.

Future contracts project price levels in the future, market circumstances may cause a discrepancy between the price of the near and distant contract. In the event of adverse price movements, the Fund would be required to make daily cash payments to maintain its required margin and segregate liquid assets or enter into off-setting positions to "cover" open positions in futures contracts. By investing in future contracts, the Fund also is subject to counterparty and liquidity risks.

Counterparty risk is the risk that the other party to the contract will not fulfill its contractual obligations, which may cause losses or additional costs.

The Fund may hold illiquid securities that it may be unable to sell at the preferred time or price and could lose its entire investment in such securities.

The dollar value of foreign investments will be affected by changes in the exchange rates between the dollar and the currencies in which those investments are traded.

Some Benchmark strategies attempt to hedge out broader exposure to their respective asset classes by taking short positions in futures, forwards, individual stocks or other securities. These hedges may not always be effective, can result in unexpected exposures and potential losses, any may act to magnify loss.

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. These risks are greater for the Fund than most other funds because its investment strategy is implemented primarily through derivatives rather than direct investments in more traditional securities.

Leverage created from borrowing or certain types of transactions or instruments may impair liquidity, cause positions to be liquidated at an unfavorable time, lose more than the amount invested, or increase volatility.

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 may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of the Underlying Index.

During periods of reduced market volatility or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value its holdings becomes more difficult and the judgment of the Sub-Adviser may play a greater role in the valuation of the Fund's holdings due to reduced availability of reliable objective pricing data.

To qualify as a regulated investment company ("RIC"), the Fund must meet a qualifying income test each taxable year. Failure to comply with the test would have significant negative tax consequences for shareholders. The Fund believes that income from futures should be treated as qualifying income for purposes of this test, thus qualifying the Fund as a RIC. If the IRS were to determine that the Fund's income is derived from the futures did not constitute qualifying income, the Fund likely would be required to reduce its exposure to such investments in order to maintain its RIC status.

The Fund's investments in futures contracts will cause it to be deemed to be a commodity pool, subjecting it to regulation under the Commodity Exchange Act and Commodity Futures Trading Commission (CFTC) rules. The Adviser, a registered Commodity Pool Operator (CPO) and commodity trader advisor (CTA), and the Fund will be operated in accordance with CFTC rules. Registration as a CPO or CTA subjects the registrant to additional laws, regulations and enforcement policies; all of which could increase compliance costs, affect the operations and financial performance. Registration as a commodity pool may have negative effects on the ability of the Fund to engage in its planned investment program.

The HFRI Macro (Total) Index is one of a series of benchmarks designed to reflect hedge fund industry performance by constructing equal weighted composite of constituent funds, as reported by the hedge fund managers listed within HFR Database. Hedge Fund Research, Inc. has constructed a Strategy Classification System for all investment managers present in the HFR Database. The HFRI Macro (Total) Index includes Investment Managers which execute a broad range of strategies in which the investment process is predicated on movements in underlying economic variables and the impact these have on equity, fixed income, currency and commodity markets. Managers employ a variety of techniques, both discretionary and systematic analysis, combinations of top down and bottom up theses, quantitative and fundamental approaches and long and short term holding periods. The Barclays U.S. Aggregate Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

The Morgan Stanley Multi-Strategy Alternative Index is a quantitative, rules-based Index consisting of five long, short and market-neutral (long/short) strategies which aim to capture alternative risk premia across equities, interest rates, currencies and volatility markets. Each of the five strategies is available as a standalone, rules-based index which had been created by Morgan Stanley & Co. LLC (the Benchmark Agent) and has a live history. The Multi-Strategy Alternative Index uses a risk-weighted framework by allocating to each strategy a weighting which is proportionate to the inverse of its 1-year trailing volatility. The weightings are rebalanced quarterly.

The Morgan Stanley Multi-Strategy Alternative Index (the "Index") and Morgan Stanley (the "Marks") are the exclusive property of Morgan Stanley & Co. LLC ("Morgan Stanley"), which has contracted with Invesco Capital Management LLC to license such Index and Marks. The Invesco Multi-Strategy Alternative ETF is not sponsored, endorsed, sold or promoted by Morgan Stanley or its affiliates. Morgan Stanley and its affiliates make no representation or warranty, express or implied, regarding the advisability of investing in securities generally or in the Invesco Multi-Strategy Alternative ETF particularly or the ability of the Morgan Stanley Multi-Strategy Alternative Index to track general market performance. Neither Morgan Stanley nor its affiliates are responsible for and have not participated in the determination of the prices and amount of the Invesco Multi-Strategy Alternative ETF or the timing of the issuance or sale of the Invesco Multi-Strategy Alternative ETF or in the determination or calculation of the equation by which the Invesco Multi-Strategy Alternative ETF is to be converted into cash. Neither Morgan Stanley nor its affiliates shall have any liability, direct or indirect, for the Invesco Multi-Strategy Alternative ETF, Marks and/or the Index, including any errors or omissions in the calculation thereof.

Invesco Advisers, Inc. is an investment adviser. It provides investment advisory services and does not sell securities. Invesco Distributors, Inc. and Invesco Advisers, Inc. are indirect, wholly owned subsidiaries of Invesco Ltd.

as of 11/16/2018
3:59 PM EST

Intraday Stats

  • Last Trade $22.38
  • Current IIV $22.20
  • Change -$0.11
  • % Change -0.49%
as of 11/16/2018
  • NAV at market close $22.07

as of 11/15/2018

Fund Yield

  • SEC 30 Day Yield 1.05%
  • Distribution Rate 0.43%
  • 12 Month Distribution Rate 0.43%
  • 30-Day SEC Unsubsidized Yield
    as of 11/15/2018
as of 11/16/2018

Prior Close

  • Closing Price $22.49
  • Bid/Ask Midpoint $0.00
  • Bid/Ask Prem/Disc -
  • Bid/Ask Prem/Disc -

Fund Details

  • Fund Ticker LALT
  • CUSIP # 46090A606
  • ISIN US46090A6064
  • Intraday NAV LALTIV
  • Management Fee 0.95%
  • Acquired Fund Fees & Expenses 0.11%
  • Total Expense Ratio 1.06%
  • Fee Waiver 0.08%
  • Net Expense Ratio 0.98%
  • Marginable Yes
  • Short Selling Yes
  • Options Yes
  • Exchange NASDAQ
  • Inception Date 05/29/2014
  • # of Holdings 104
    as of 11/16/2018
as of 11/16/2018

Quick Facts

  • Previous Close $22.49
  • Open $22.37
  • Today's High $22.38
  • Today's Low $22.15
  • Today's Volume 7,010
  • 5,232 30-Day Avg Trading
  • 52 Week High $25.26
  • 52 Week Low $19.26
  • Shares Outstanding .20MM
  • Market Value $4.4MM