Optimize your portfolios Alternatives Playbook
Latest outlook Q2 2026 alternatives outlook
Amid geopolitical and economic uncertainty, we remain neutral on how we’re allocating risk within our alternatives portfolio. Base interest rate normalization has paused, even with Kevin Warsh confirmed as the next chair of the Federal Reserve. The oil shock from the Iran conflict is expected to increase inflation and long-term rates.
The encouraging data on mergers and acquisitions (M&A) activity earlier in the year, and the momentum from 2025, has been muted after private credit’s software scare from generative artificial intelligence (AI) advancements. Despite volatility and headlines, credit spreads across private credit and liquid alternatives have only risen marginally and are still near their tights after a rapid round trip. This showcases the overall strength in financial conditions. Private credit still represents a relatively attractive risk-adjusted opportunity as compared to other parts of the broader markets, particularly the equity risk premium, in our view.
The correction in valuations and stable fundamentals has led us to overweight defensive areas such as real assets, including infrastructure, real estate, and hedge funds. We expect that a resilient economy and easing of geopolitical tensions will start to improve the outlook for equity strategies like real estate and private equity.
Asset class views
In general, we’re still more bullish on the defensive parts of the alternative investment universe, favoring private debt, real assets, and hedged strategies.
Get an in-depth look at our alternatives outlook and positioning based on valuations, fundamentals, and secular trends.
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.
Get positioning for your equity and fixed income allocations in our monthly Portfolio Playbook.
Discover more Alternatives at Invesco
Diversify portfolios with public and private alternative assets seeking enhance return potential and to potentially help mitigate risk.
Private real assets outlook and positioning
Commercial real estate: US real estate had a constructive start to 2026 from fiscal stimulus, rebounding transaction volume, and improving debt availability. But tariffs, immigration policy, and the Iran conflict have complicated the outlook. We favor income-driven, lower-capital-expense sectors for core investing. We see higher-return opportunities in real estate credit and volatility-driven equity mispricing rather than broad market beta. Forward real estate performance is likely to be driven more by income return and differentiated net operating income (NOI) growth than by cap rate compression, in our view. That’s because cap rate spreads to the 10-year Treasury remain below long-term historical norms. This backdrop reinforces our belief that — at least for now — defense wins in core investing. Our preference is for higher-yielding, lower-capital-expense property sectors in certain locations and asset characteristics that offer higher probabilities of achieving at least moderate growth while demonstrating meaningful downside mitigation. That means necessity retail, medical office, self-storage, and manufactured housing. While we believe select markets and sub-sectors within apartments, industrial, and office can deliver above-index performance potential, we expect mixed performance in these sectors over the near term.
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 upon 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 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 Source: International Monetary Fund (IMF) as of May 2026. Estimated $7 trillion in spend for data centers by 2030, with a $750 billion peak and $38 trillion of nominal gross domestic product (GDP) leading to 2% of GDP peak in 2030, compared to about 1% of GDP peak for telecom (2000) and shale (2014).
Our view as of May 4, 2026.
Private credit outlook and positioning
Direct lending: The US direct lending market remains well-positioned, in our view, supported by elevated base rates, attractive spreads, and the continuation of a K-shaped dynamic across the economy, where performance is diverging between stronger and weaker companies. Mergers and acquisitions (M&A) activity is showing signs of improvement. We expect the opportunity set to continue growing, likely unevenly, since deal volume remains below historic levels. In the core middle market, we continue to observe attractive leverage levels, deal structures, and documentation, reinforcing our positive view on this private credit segment. The recent focus on the private credit markets has been driven by two dynamics: Liquidity pressure on business development company (BDC) funds and concentrated software sector exposure in a limited number of funds. We believe this reflects normal market tension, not a systemic breakdown, and long-term opportunities remain firmly intact.
Distressed debt and special situations: Significant uncertainty around multiple macroeconomic variables remains. Concerns around AI disruption in the software sector and oil prices stemming from the Iran conflict are leading to an increase in stressed and opportunistic investments. While much has been written about redemption pressures in private credit funds [i.e., retail-focused, non-traded business development companies (BDCs)] and the potential for opportunities, it’s not yet a windfall for this asset class because of the underlying strength of the private credit market, in our view. Capital solutions have been increasing in volume and quality, driven by longer private equity holding periods and higher base rates. An area of opportunity may come from the stress emerging in loans trading below 95% of par value, in our view.
Real asset debt: Real estate capital markets were resilient, with the total transaction volume up by 27%1 year-over-year in the first quarter and commercial mortgage-backed securities (CMBS) issuance on par with 2025 volume.2 In addition, credit spreads remained stable with activity in all lending groups, including banks, which have increased direct lending activity recently in light of revised regulations. Overall, healthy real estate fundamentals, coupled with abundant liquidity across capital markets, particularly for residential and industrial, have benefited lenders and borrowers this year. While we believe the outlook for residential and industrial remains strong, life science continues to experience headwinds, primarily driven by supply and demand imbalances. Recent momentum in venture capital funding, one of the primary drivers of demand, may help aid the sector’s recovery. The primary recovery is through supply stabilization over multiple years, some of which is expected to be absorbed through alternative uses.
1 Source: RCA, as of April 2026.
2 Source: Bloomberg L.P., as of April 5, 2026.
Our view as of May 4, 2026.
Private equity outlook and positioning
We remain modestly underweight private equity (PE), but beneath the surface, we’re beginning to normalize our views on leveraged buyouts versus growth strategies. PE free cash flow yields have risen in Q1, bucking a trend we’ve seen since 2012 and improving relative to public equities. Buyout activity significantly decelerated during Q1 of this year, 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 has the potential to 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,1 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, which lack either proprietary data or where customer switching costs are low. We continue to favor growth and venture strategies where returns are less likely to impact financing costs and with 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.
1 Source: Pitchbook and S&P, as of May 4, 2025. In 2025, 18% of private equity deal activity was in the software sector, while the S&P 500 software sector was 10% of the S&P 500 Index during that time period.
Our view as of May 4, 2026.
Hedge fund outlook and positioning
Hedge funds had one of their strongest years in recent history,1 driven by high base rates and alpha generated from volatile equity and credit markets.2 With low correlations to traditional assets3 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 the capital markets reopen and the outlook for equity markets improves.
1 Source: Hedge Fund Research (HFR), Global Hedge Fund Industry Report, as of Jan. 2026. The HFRI Fund Weighted Composite Index, a global, equal-weighted benchmark tracking the performance of over 1,000 single-manager hedge funds across equity hedge, event-driven, macro, and relative value strategies, was +12.5% in 2025, the strongest performance since 2009.
2 Sources: Bloomberg L.P., as of May 4, 2026. The VIX Index was 16.6 in Q1-2026 and 13.1 in Q1-2025, illustrating the volatility of the S&P 500 Index. The range of option-adjusted spreads (OAS) on the ICE BofA US Corporate Index, which tracks the performance of US dollar-denominated, investment-grade rated corporate debt publicly issued in the US, was 31 in Q1-2026 and 22 in Q1-2025. Option-adjusted spread (OAS) is the yield spread that must be added to a benchmark yield curve to discount a security’s payments to match its market price, using a dynamic pricing model that accounts for embedded options.
3 Source: Invesco, Bloomberg L.P., as of Dec. 31, 2024. Correlations are measured from Jan. 2000 to Dec. 2024 between the HFRX Global Hedge Fund Index and traditional assets, namely global fixed income (Bloomberg Global Aggregate Bond Index: 0.27) and Global Equities (MSCI ACWI Index: 0.76). The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. The Bloomberg Global Aggregate Bond Index is a broad-based index that measures the performance of global investment grade fixed-rate debt markets. The MSCI All Country World (ACWI) Index is a market capitalization-weighted global equity index that tracks the performance of developed and emerging markets.
Alpha is the relative measure of performance to an investment's benchmark.
Our view as of May 4, 2026.
Listed real assets and commodities outlook and positioning
Commodities: It’s extremely difficult to time commodity markets as bullish events can happen rapidly and fiercely — as we’ve seen in the Iran conflict. We believe keeping a constant allocation can serve as a potential hedge to these events. The situation in the Middle East is still unstable and unresolved, in our view. Oil markets appear to be fearing a protracted peace process, if not a possible resumption of the conflict. Six-month Brent futures moved above $90 a barrel for the first time since the start of the conflict.1 In metals, gold and silver reversed lower as markets viewed the renewed Middle East tensions less as a safe haven boost and more as an inflation and rates issue, with higher oil prices lifting yields and the dollar. Aluminum is up almost 15% since the Iran conflict began, due to the bombing of aluminum smelters in the Gulf of Hormuz.2 Other industrials are lower due to macro issues and concerns about demand. But we still like the long-term story for these metals — the artificial intelligence (AI) infrastructure buildout, increased defense spending, US re-industrialization efforts, and concerns over US tariffs.
Listed real assets: 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.3 LNG (liquefied natural gas) export capacity is expected to double by 2029,4 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. Disruptions in the Middle East tend to redirect — not destroy — global energy demand, elevating the strategic importance of US energy exports. US midstream companies and master limited partnerships (MLPs) stand to benefit from higher volumes and asset utilization, in our view, positioning them at the center of global energy rebalancing without taking direct commodity price risk.
1 Source: Bloomberg L.P., as of May 4, 2026, based on the Bloomberg WTI Crude Oil Subindex, a benchmark financial index that tracks the performance of the West Texas Intermediate (WTI) crude oil market.
2 Source: Bloomberg L.P., as of May 4, 2026, based on the Bloomberg Global Commodity Aluminum Index, which is a single-commodity financial benchmark that tracks the performance of the aluminum market.
3 Source: East Daley and US Energy Information Administration (EIA), as of April 2026.
4 Source: US Energy Information Administration (EIA), as of April 2026.
There is no guarantee the forecasts provided will come to pass.
Our view as of May 4, 2026.
Digital assets outlook and positioning
After a risk-off period for digital assets, Crypto prices trended modestly higher, with bitcoin recovering and trading above key short-term moving averages.1 The CoinMarketCap (CMC) Crypto Fear and Greed Index is also finally sitting in neutral territory,2 which is a welcome sign of the start of a recovery phase. Prices have stagnated, however, after President Trump canceled negotiations in Pakistan, keeping bitcoin around $77,000.3 The US military disclosed it’s operating a bitcoin network node for testing and monitoring purposes, with a senior Navy admiral emphasizing its underlying peer-to-peer and cryptographic infrastructure as a potential national security tool rather than a financial asset. While this isn’t consequential for the network, one crypto expert said that the positive framing from a senior military official holds substantial symbolic weight.4
1 Source: Market data, as of May 2026. Bitcoin traded in the ~$78,000–$82,000 range in early May, with prices above shorter-term moving averages (e.g., 20- and 50-day), consistent with improving near-term momentum.
2 Source: CoinMarketCap Crypto Fear and Greed Index, as of May 2026. The index, which measures market sentiment on a 0–100 scale, has recently registered readings in the neutral range (~45–50), indicating balanced investor sentiment between fear and greed.
3 Source: CoinMarketCap; Yahoo Finance; Fortune, as of May 2026. Bitcoin traded in the high-$70,000 to ~$80,000 range in early May 2026, including a close of approximately $79,800 on May 4, 2026.
4 Source: Galaxy, “Weekly Top Stories,” April 24, 2026.
Our view as of May 4, 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
NA5470446
Past performance does not guarantee future results.
Investments cannot be made directly in an index.
Important index information
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.
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.
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 equities 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.
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.
Free cash flow yield (FCF) is a measure of financial performance calculated as operating cash flow minus capital expenditures.
Inflation is the rate at which the general price level for goods and services is increasing.
A K-shaped economy is one where recovery or growth splits into two opposite paths at the same time. One group benefits and expands, while another stagnates or falls behind.
Leverage measures a company’s total debt relative to the company’s book 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.
Par value is the face value of a bond.
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.
Risk-off refers to price behavior driven by changes in investor risk tolerance; investors tend toward lower-risk investments when they perceive risk as high.
A spread in finance is the difference between two related values, such as prices, rates, or yields.
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 May 4, 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.
