Optimize your portfolios Alternatives Playbook
Latest outlook Q3 2026 alternatives outlook
Against a backdrop of geopolitical uncertainty and moderating growth, we’re neutral on risk across our alternatives portfolio. The continued conflict in the Middle East raises the possibility of persistent inflation, as growth begins to slow despite a resilient US labor market. Higher-for-longer rates or inflation appear likely to persist, with the Federal Reserve (Fed) potentially reigniting rate hikes in the second half of the year.
Due to stubborn levels of inflation, we continue to favor real assets, including both real estate and infrastructure, where we see a combination of strong fundamentals, enduring secular tailwinds — particularly in the power and digital infrastructure space — and favorable valuations on the back of a multi-year period of repricing.
With the level of uncertainty and an elevated rate environment, we believe hedge funds with lower betas to market risk may be a valuable alternative within a portfolio.
We’ve upgraded our view of private equity to neutral. That’s largely driven by increasingly attractive value (not in absolute terms but relative to public stocks) and the increasingly favorable financing conditions from tighter spreads, which can drive higher-levered-free-cash-flow yields.
Spreads have tightened in most segments of private credit, so we’ve reduced our modest overweight to neutral.
Asset allocations Asset allocations to consider
Adding private market and liquid alternatives assets to an investment portfolio may be able to provide enhanced return potential, volatility mitigation,1 diversification,2 and income potential.3 Advisors are looking to increase their allocation to alternatives according to research from Cerulli Associates, in partnership with the Investments & Wealth Institute (IWI).4 (See asset allocations.)
Sample alternatives allocations
For those thinking about adding alternative investments to portfolios, consider our sample allocations. The actual allocations will vary based on a client's objectives, risk tolerance, comfort with illiquid investments, and how alternatives fit into their overall portfolio. We also provide suggestions on how to consider funding new alternatives allocations using traditional portfolio assets.
| Asset class | Sample allocation | Liquidity scale | Role in portfolio | Funding source | Related products |
|---|---|---|---|---|---|
| Private equity | 20 - 30% | Low | Growth | 100% equities | N/A |
| Private real assets | 20 - 30% | Low | Growth, Income, Diversification2 | 50% equities 50% fixed income |
Invesco Real Estate |
| Private credit | 20 - 30% | Low | Income, Diversification2 | 30% equities 70% fixed income |
XCRTX |
| Hedge funds | 10 - 20% | Medium | Diversification2 | 100% fixed income | N/A |
| Listed real assets and commodities | 3 - 10% | High | Growth, Income, Diversification2 | 70% equities 30% fixed income |
PDBC, MLPTX |
| Digital assets | 0 - 7% | High | Growth, Diversification2 | 80% equities 20% fixed income |
BTCO, QETH, QSOL |
These sample allocations are recommended starting points for how to incorporate an asset class into an alternatives bucket. Of the 13.3% reported optimal allocation to alternatives, the above sample allocations provide percentages for allocating among the alternatives asset classes. BTCO, QETH, and QSOL are not registered, do not intend to register, or will not be required to register as investment companies under the Investment Company Act; therefore, investors will not be provided any protections under such Act. For individual fund risks and other fund information, please click on the product links above.
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Private real assets outlook and positioning
Commercial real estate: Global real estate had a constructive start to 2026 from fiscal stimulus, with rebounding transaction volumes helped by improving debt availability. But the Middle East conflict and resulting interest rate volatility have complicated the outlook. With cap rate spreads tight relative to funding costs in many markets, there’s limited scope for cap rate compression to drive returns. That's why we’re focused on income return and net operating income (NOI) growth as key drivers of forward performance. We see higher return opportunities in real estate credit and volatility-driven equity mispricing rather than broad market beta. This backdrop reinforces our belief that in the current environment, core investors need to be more defensively positioned. Our preference is for higher-yielding, lower-capital-expense property sectors in undersupplied locations, and asset characteristics that offer business plan rental growth while demonstrating meaningful downside mitigation. We continue to expect significant bifurcation of returns within markets and sectors, making stock selection and micro-location key investment considerations.
Infrastructure: Our outlook is positive, supported by the correction in valuations, strong fundamentals, and powerful secular tailwinds, driven primarily by trends in the digital space and their follow-in impacts on power generation and transmission infrastructure. Fundraising for digital infrastructure in 2025 was record-breaking, with $157 billion1 in capital committed amid a challenging time for private asset fundraising. We consider infrastructure a defensive real asset due to its combination of monopoly-like characteristics, low obsolescence risk, and long-duration contractual cash flows.
The heightened level of geopolitical uncertainty has increased demand for high-quality infrastructure in developed markets, namely secure transportation and logistics, digital infrastructure, and renewable assets. Also, we expect the Middle East conflict will only increase the need for continued investment in the European Union (EU) and reinforce energy infrastructure, both in North America and globally. Data center and digital infrastructure power demands will likely continue from the artificial intelligence (AI) theme, so there’s potential for extra capacity to come from domestic oil and gas sectors beyond renewable infrastructure. For context, the current estimated demand for data centers may double the capital expenditure we’ve seen in prior infrastructure booms like telecom in the late 90s to early 2000s or shale oil in 2008–2012.2
1 Source: PitchBook, as of April 2026.
2 Sources: McKinsey and Exponential View, AI Boom/Bubble Monitor. McKinsey estimates $7 trillion of spend by 2030, with a $750 billion peak, and $38 trillion of nominal GDP estimated by the International Monetary Fund (IMF), leading to 2% relative to GDP in 2030, compared to ~1% of GDP peak for telecom (2000) and shale (2014).
Our view as of July 31, 2026.
Private credit outlook and positioning
Direct lending: Geopolitical uncertainty and a higher-for-longer rate environment are reshaping how transactions are evaluated and financed. Greater emphasis is being placed on capital structure durability and equity contribution, with more conservative approaches to leverage and structuring. While transaction activity has improved from recent lows, momentum has been uneven, and overall deployment remains measured. For direct lenders, this backdrop remains constructive because it’s driving greater differentiation in pricing, leverage, structure, and execution. Stronger credits continue to access capital on attractive terms, while more challenged situations face tighter conditions and more limited availability of capital. In software, outcomes remain uneven as elevated leverage, higher financing costs, and evolving competitive dynamics — including the impact of artificial intelligence (AI) — continue to pressure companies with less durable growth and limited margin visibility.
Distressed debt and special situations: Opportunistic credit and special situations have gained increasing traction, with dispersion across sectors and borrowers expanding and more companies facing financing constraints. Secondary purchases of individual loan positions and structured risk transfers from direct lenders and business development companies (BDCs) have become more prevalent, providing incremental avenues for opportunistic deployment as liquidity pressures surface. While true distressed-for-control opportunities remain relatively limited, conditions appear increasingly conducive to their eventual reemergence as refinancing challenges intensify and a cohort of weaker borrowers begins to exhaust their financial flexibility. Consistent with this trend, capital solutions activity has continued to expand, playing a critical role in refinancings, liquidity solutions, and strategic transactions, including mergers and acquisitions (M&A) and balance sheet recapitalizations.
Real asset credit: Real estate capital markets have continued to exhibit resilience and activity amid ongoing geopolitical uncertainty, with total transaction volume up more than 20% this year and whole loan spreads widening slightly in 2026.1 Credit conditions remain constructive across all lending groups, including banks, which have returned selectively by focusing on core-profile loans, leaving alternative lenders with favorable spreads for core-plus opportunities. Prime lending conditions persist as 2026 marks the first year of a $5 trillion maturity wall,2 driving demand for refinancings and forcing the resolution of many extended pre-rate-hike vintage loans, as borrowers unwilling to support such loans meet lenders showing no flexibility. We anticipate an attractive environment for real estate credit, as widening spreads and strengthening origination credit profiles continue to support conditions for new loan originations.
1 Source: RCA, as of April 2026.
2 Source: Bloomberg L.P., as of April 5, 2026.
Our view as of July 31, 2026.
Private equity outlook and positioning
We’ve upgraded our private equity (PE) positioning to neutral because free cash flow yields rose in Q1 (bucking a trend we’ve seen since 2012), and improved relative to public equities. Buyout activity significantly decelerated during Q1, with deal volumes down relative to Q1-2025. Part of the slowdown likely reflects cyclical dynamics driven by a combination of modestly higher financing costs and general market uncertainty, which may moderate should geopolitical tensions die down. Also, private equity’s focus on recurring revenue models has resulted in an overweight to software relative to public markets, which is clearly limiting exits for companies in that segment. This situation is likely to play out over time as the winners and losers in the space become more clearly defined. Markets are clearly concerned about the terminal value of those software companies that either lack proprietary data or have low customer switching costs.
We continue to favor growth and venture strategies where returns are less likely to be impacted by financing costs and have lower leverage multiples. In this environment, we believe secondaries will continue to attract meaningful interest from investors as a release valve for those seeking to transact their current stakes.
While we remain neutral overall on venture and growth equity, we believe caution is advised in the late-stage venture and growth equity markets where valuations remain elevated. We believe opportunities remain in the traditional growth equity space and early-stage venture where valuations are arguably attractive relative to public technology stocks.
Late-stage venture capital (VC)-backed companies with post-money valuations of at least $1 billion have outperformed broad VC funds and publicly traded technology companies. Known as “unicorns” these late-stage VC companies have returned a combined 19% over the past 10 years, nearly doubling the returns of broader VC at 10%.1
1 Global unicorns are represented by the Morningstar PitchBook Global Unicorn Index from Dec.31 2014 to Mar. 31, 2026.
Our view as of July 31, 2026.
Hedge fund outlook and positioning
Hedge funds had one of their best years since 2009, driven by high base rates and alpha generated from volatile equity and credit markets.1 With low correlations to traditional assets2 and the possibility for higher-for-longer interest rates, we believe hedge funds are particularly attractive in today’s volatile markets. Since they operate off a spread, elevated base rates may provide a generous tailwind. Spreads within merger arbitrage have widened meaningfully in Q1, following broader capital markets volatility. We’re still positive on hedge funds; however, our view is moderating as capital markets reopen and the outlook for equity markets improves.
1 Sources: Hedge Fund Research (HFR), Invesco Solutions and Custom Strategies, Bloomberg L.P. The HFRI Fund Weighted Composite Index returned +12.5% in 2025, its strongest calendar-year performance since 2009. Equity and credit market volatility remained elevated, as measured by the VIX Index and option-adjusted spreads (OAS) on the ICE BofA US Corporate Index. OAS is the constant yield spread added to a benchmark yield curve that prices a bond's expected cash flows to its current market price after accounting for embedded options.
2 Sources: Invesco Solutions and Custom Strategies, Morningstar, Bloomberg L.P., as of Dec. 8, 2025, latest available data. Correlations are measured between hedge fund strategies and traditional assets. Systematic trend funds have a 0.06 correlation with US equities in a stable or rising fed funds rate environment and a -0.60 correlation when the fed funds rate is falling. We use the Morningstar US Fund Systematic Trend Category Average in our calculations which gives the average performance (or other aggregate statistic) of funds classified by Morningstar in its US Fund Systematic Trend category. Systematic Trend funds are funds that use systematic, rules-based trend-following and price-momentum strategies across asset classes such as equities, bonds, currencies, and commodities, typically using futures, swaps, and options.
Our view as of July 31, 2026.
Listed real assets and commodities outlook and positioning
Commodities: Commodities enter the second half of 2026 with a clearer role rather than a clear direction. Headline inflation has cooled from its 2022 peak, but the disinflation story looks increasingly fragile. Persistent tensions in the Middle East, higher tariffs, and renewed pressure on input costs — energy, industrial metals, fertilizers, and shipping — all point to sticky, supply-driven price risk. In that environment, broad commodities and energy in particular remain among the more inflation-sensitive assets a portfolio can hold.
We see three reasons the asset class merits attention now. First, it offers a direct hedge against reaccelerating inflation, where financial assets tend to struggle. Second, it hedges geopolitical and tail risk. Many critical commodities sit at the center of global supply chains, leaving them acutely exposed to shortages, trade conflict, and the "unknown unknowns" that reshape markets without warning. Third, it diversifies. Commodities are driven by distinct fundamentals and have historically shown lower correlation to stocks and bonds1 — benefits that tend to be strongest precisely in the inflationary and supply-shock regimes where traditional pairings break down.
1 Commodities have a correlation of -0.01 with US equities and -0.29 and US fixed income as US equities have a 0.12 correlation with US fixed income over the same time period, 10 years of daily data as of Aug. 17, 2026.
Diversification:
Our view as of July 31, 2026. diversification and asset allocation do not guarantee a profit or eliminate the risk of loss.
Listed real assets: Despite considerable volatility in West Texas Intermediate (WTI) crude oil prices following the launch of Operation Epic Fury, midstream stocks have remained remarkably steady, with the Alerian MLP Index rising less than 5% over the same period.1 While geopolitical events and energy market disruptions have driven significant commodity price volatility, midstream companies continue to be supported by their long-term, fee-based business models and highly visible cash flows, which are tied primarily to energy volumes rather than commodity prices. In fact, the prolonged disruption of Middle Eastern energy exports may create incremental throughput opportunities for US midstream operators, reinforcing the durability of the asset class while highlighting its relative insulation from short-term swings in oil prices. Surging natural gas demand plus artificial intelligence (AI) driven power needs are set to increase US natural gas demand 25% by 2030 — a multiyear, durable growth runway supported by fee based infrastructure.2 LNG (liquefied natural gas) export capacity is expected to double by 2029,3 positioning North America as the world’s most scalable, reliable supplier and further supporting pipeline throughput and long term volume visibility. Midstream companies offer defensive characteristics in volatile markets, with fee based, contractually supported revenues that are less sensitive to swings in oil and gas prices. We believe US midstream companies and master limited partnerships (MLPs) stand to benefit from higher volumes and asset utilization, positioning them at the center of global energy rebalancing without taking direct commodity price risk.
1 Source: Bloomberg L.P., as of Aug. 8, 2026. The Alerian Index increased 4.2% Feb, 28–March 26, 2026. WTI increased 13.2% over the same time.
2 Source: East Daley and US Energy Information Administration (EIA), as of April 2026.
3 Source: US Energy Information Administration (EIA), as of April 2026.
Our view as of July 31, 2026.
Digital assets outlook and positioning
June was a bruising month for digital assets, with selling pressure accelerating into month-end as fading institutional demand, retreating retail participation, a stronger US dollar, and uncertainty around the Digital Asset Market Clarity Act weighed on sentiment. Bitcoin broke below the closely watched $60,000 support level, briefly touching ~$58,0001 and triggering over $1 billion in liquidations.2 It fell ~20% in June (-33% year to date), leaving it ~38% below its October 2025 high.2 Ethereum dropped 22% (-47% year to date),3 while Solana proved more resilient at ~-11%.4 US spot bitcoin exchange-traded products (ETPs) posted their largest monthly outflow since their January 2024 launch (~$4.8 billion).5 Strategy Inc., the largest corporate holder, authorized up to $1.25 billion in potential sales, underscoring bitcoin's reliance on a narrow set of institutional demand channels. Despite weaker near-term sentiment, we believe long-term adoption trends remain intact. The Crypto Fear & Greed Index ended June in extreme fear,6 but growing institutional use cases — particularly tokenization — combined with signs that bitcoin may be entering the later stages of its bear market and eventual regulatory clarity, suggest the groundwork for the next recovery is gradually taking shape.
1 Source: Bloomberg L.P., June 30, 2026
2 Source: Bloomberg L.P., Aug. 8, 2026
3 Source: CMC Crypto Fear & Greed Index as of Aug. 6, 2026
4 Source: Bloomberg, L.P., Aug. 8, 2026
5 Source: Bloomberg L.P., July 27, 2026
6 Source: CMC Crypto Fear & Greed Index, as of Aug. 6, 2026
Two types of alternatives
In general, liquid alternatives, such as commodities, hedge funds, listed real assets, and digitals assets, may make sense for investors who want exposure to alternatives, but still want to easily access this money. Private market assets, such as private credit, private equity, and private real assets, may make sense for investors willing to have less access in exchange for additional return potential, enhanced yield, and diversification. For some, a combination of liquid and private market assets can make sense.
Important information
NA5820858
Past performance does not guarantee future results.
Investments cannot be made directly in an index.
Important index information
Commodities are represented by the S&P GSCI Index, a broad-based commodity index that measures the performance of commodity futures markets across sectors including energy, industrial metals, precious metals, agriculture and livestock. It is weighted based on global production levels.
Direct lending is represented by the Cliffwater Direct Lending Index (CDLI), which seeks to measure the unlevered, gross of fee performance of US middle market corporate loans, as represented by the asset-weighted performance of the underlying assets of Business Development Companies (BDCs), including both exchange-traded and unlisted BDCs.
Energy infrastructure is represented by the Alerian MLP Index, a capitalization-weighted index designed to track the performance of energy infrastructure master limited partnerships (MLPs).
Private real estate debt is represented by the Giliberto-Levy High-Yield Real Estate Debt Index (G-L 2), which measures total return and its components for many forms of high-yield commercial real estate (CRE) debt, such as high-yield commercial mortgage debt performance for high-yield loans, such as mezzanine loans, preferred equity, and B notes.
High yield is represented by the Bloomberg US Corporate High Yield Bond Index, which measures the USD-denominated, high yield, fixed-rate corporate bond market
Senior loans are represented by the Morningstar LSTA US Leveraged Loan 100 Index, which is designed to measure the performance of the 100 largest facilities in the US leveraged loan market.
Private real estate equity is represented by the NCREIF Property Index (NPI) on the basis that it’s the broadest measure of private real estate index returns. The NPI is published by the National Council of Real Estate Investment Fiduciaries and is a quarterly, composite total return (based on appraisal values) for private commercial real estate properties held for investment purposes, including fund expenses but excluding leverage and management and advisory fees. NCREIF data reflects the returns of a blended portfolio of institutional-quality real estate and does not reflect the use of leverage or the impact of management and advisory fees.
Corporate bonds are represented by the Bloomberg U.S. Corporate Value Unhedged USD Index, which measures the investment grade, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by the US and non-US industrial, utility, and financial issuers.
Commercial mortgage-backed securities (CMBS) are represented by the Bloomberg US CMBS Investment Grade Index, which measures the market of US agency and US non-agency conduit and fusion CMBS deals with a minimum current deal size of $300 million.
The Crypto Fear & Greed Index is a market sentiment indicator developed by CoinMarketCap that measures the prevailing sentiment in the cryptocurrency market on a scale from 0 to 100, where lower values indicate fear and higher values indicate greed.
Investment grade bonds are represented by the Bloomberg US Aggregate Bond Index, an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.
Treasuries are represented by the Bloomberg U.S. Treasury Total Return Unhedged Index, which measures US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury.
US stocks are represented by the S&P 500 Index, an unmanaged index of the 500 largest stocks, weighted by market capitalization and considered representative of the broader stock market.
Global unicorns are represented by the Morningstar PitchBook Global Unicorn Index, which tracks privately held, late-stage venture capital-backed global companies with post-money valuations of at least $1 billion.
The ICE BofA US Corporate Index is an index that tracks the performance of U.S. dollar-denominated investment grade corporate bonds publicly issued in the U.S. domestic marke.
The CBOE Volatility Index® (VIX®) is a key measure of market expectations of near-term volatility conveyed by S&P 500 Index option prices. VIX is the ticker symbol for the Chicago Board Options Exchange (CBOE) Volatility Index, which shows the market’s expectation of 30-day volatility.
Base rates are represented by SOFR (Secured Overnight Financing Rate), which is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities.
Definitions
Gross domestic product (GDP) is a broad indicator of a region’s economic activity, measuring the monetary value of all the finished goods and services produced in that region over a specified period of time.
Beta is a measure of risk representing how a security is expected to respond to general market movements.
Bitcoin is a digital currency (also called cryptocurrency) that isn’t backed by any country's central bank or government. Bitcoins can be traded for goods or services with vendors who accept bitcoins as payment.
The capitalization rate (or cap rate) indicates the rate of return that is expected to be generated on a real estate investment property.
Credit spread is the difference in yield between bonds of similar maturity but with different credit quality.
Fiscal stimulus is government actions aimed at boosting economic activity, typically through increased spending or reduced taxes.
Inflation is the rate at which the general price level for goods and services is increasing.
Levered-cash-flow is the cash flow available to investors after operating expenses, capital expenditures, and debt-related payments, expressed relative to the company's equity value.
A master limited partnership (MLP) is a publicly traded limited partnership in which the limited partner provides capital and receives periodic income distributions from the MLP's cash flow, and the general partner manages the MLP's affairs and receives compensation linked to its performance.
Net Operating Income (NOI) is a property's rental and other operating revenues less property-level operating expenses, excluding financing costs, taxes, depreciation and amortization.
Relative value refers to the value of one investment as compared to another.
A risk premium is the amount of return an asset generates above cash to compensate for the higher risk.
A spread in finance is the difference between two related values, such as prices, rates, or yields.
Federal funds rate is the rate at which banks lend balances to each other overnight.
The cash flow available to investors after operating expenses, capital expenditures and debt-related payments, expressed relative to the company's equity value.
Important risk information
Infrastructure investments are long-dated, illiquid investments that are subject to operational and regulatory risks. Infrastructure companies are subject to risk factors including high interest costs, regulation costs, economic slowdown, and energy conservation policies.
Investments in real estate-related instruments may be affected by economic, legal, or environmental factors that affect property values, rents, or occupancies of real estate. Real estate companies, including REITs or similar structures, tend to be small and mid-cap companies, and their shares may be more volatile and less liquid. The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations), and investors may not get back the full amount invested. Property and land can be difficult to sell, so investors may not be able to sell such investments when they want to. The value of property is generally a matter of an independent valuer's opinion and may not be realized. Although certain kinds of investments are expected to generate current income, the return of capital and the realization of gains, if any, from an investment will often occur upon the partial or complete disposition of such investment.
Private equity, as a form of equity capital, shares similar economic exposures to public equities. As such, investments in each can be expected to earn the equity risk premium or compensation for assuming the non-diversifiable portion of equity risk. However, unlike public equity, private equity’s sensitivity to public markets is likely greatest during the late stages of the investment’s life because the level of equity markets around the time of portfolio company exits can negatively affect PE realizations. Though PE managers have the flexibility to potentially time portfolio company exits to complete transactions in more favorable market environments, there’s still the risk of capital loss from adverse financial conditions.
Investments in private credit and private debt — including leveraged loans, middle market loans, mezzanine debt, and second liens — are speculative and involve significant risks. These securities are generally illiquid, lack a secondary market, and may need to be held to maturity, which can result in liquidity constraints and difficulty exiting positions. Borrowers often have high leverage, increasing default risk, particularly in adverse economic or interest rate environments. Competitive pressures and excess capital may lead to weaker underwriting standards, raising credit risk and reducing potential recoveries. Private market investments also carry risks related to limited transparency, higher fees and expenses, longer investment horizons, and regulatory considerations. Additionally, these securities may be sold or redeemed at values different from the original investment amount and are considered to have speculative characteristics similar to high-yield securities. Issuers are more vulnerable to changes in economic conditions than higher-grade issuers, and investors may face liquidity strain from capital calls during periods of market stress. These factors can materially impact investment performance and principal value.
Investing in commercial real estate assets involves certain risks, including but not limited to: tenants' inability to pay rent; increases in interest rates and lack of availability of financing; tenant turnover and vacancies; and changes in supply of or demand for similar property types in a given market.
Commodities may subject an investor to greater volatility than traditional securities such as stocks and bonds, and can fluctuate significantly based on weather, political, tax, and other regulatory and market developments.
Fluctuations in the price of gold and precious metals may affect the profitability of companies in the gold and precious metals sector. Changes in the political or economic conditions of countries where companies in the gold and precious metals sector are located may have a direct effect on the price of gold and precious metals.
Most MLPs operate in the energy sector and are subject to the risks generally applicable to companies in that sector, including commodity pricing risk, supply and demand risk, depletion risk, and exploration risk. MLPs are also subject to the risk that regulatory or legislative changes could eliminate the tax benefits enjoyed by MLPs, which could have a negative impact on the after-tax income available for distribution by the MLPs and/or the value of the portfolio’s investments.
Bitcoins are considered a highly speculative investment due to their lack of guaranteed value and limited track record. Because of their digital nature, they pose risks from hackers, malware, fraud, and operational glitches. Bitcoins aren't legal tender and are operated by a decentralized authority, unlike government-issued currencies. Bitcoin exchanges and bitcoin accounts aren't backed or insured by any type of federal or government program or bank.
Fixed income investments are subject to the 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.
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.
BTCO
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.
This material must be accompanied or preceded by a prospectus. Please read the prospectus carefully before investing.
QETH
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.
This material must be accompanied or preceded by a prospectus. Please read the prospectus carefully before investing.
QSOL
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.
This material must be accompanied or preceded by a prospectus. Please read the prospectus carefully before investing.
The opinions expressed are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals. The opinions referenced above are those of the authors as of July 31, 2026. 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.
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