Invesco MSCI Global Climate 500 Portfolio

Risks of the Underlying Holding

The Portfolio is subject to certain other risks. Please see the current Program Description for more information regarding the risks associated with an investment in the Portfolio.

There are risks involved with investing in ETFs, including possible loss of money. Shares are not actively managed and are subject to risks similar to those of stocks, including those regarding short selling and margin maintenance requirements. Ordinary brokerage commissions apply. The Fund’s return may not match the return of the Underlying 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.

Index Risk. Unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, the Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming.

Mid-Capitalization Company Risk. Stocks of medium-sized companies tend to be more vulnerable to adverse developments, may be more volatile, and may be illiquid or restricted as to resale.

Foreign/ Emerging Markets Investment Risk. 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.

ESG Investing Strategy Risk. Stocks of companies with favorable Environmental, Social and Governance (ESG) attributes may underperform the market as a whole. As a result, the Fund may underperform other funds that do not screen companies based on ESG attributes. The criteria used to select companies for investment may result in the Fund investing in securities, industries or sectors that underperform the market as a whole or underperform other funds screened for ESG standards.

Concentration Risk. Investments focused in a particular industry are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.

Geographic Concentration Risk. The performance of an investment concentrated in issuers of a certain region or country is expected to be closely tied to conditions within that region and to be more volatile than more geographically diversified investments.

Valuation Risk. Financial information related to foreign securities may be less reliable. Market quotations may not be readily available for some securities, and those securities may be fair valued which may be different than if the security had been valued using market quotations. There is no assurance that the Fund could sell a security for the value established for it at any time.

Non-Diversified Fund Risk. The Fund is non-diversified and may experience greater volatility than a more diversified investment. Currency Risk. Because the Fund’s NAV is determined in U.S. dollars, the Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar.

Currency Risk. Because the Fund’s NAV is determined in U.S. dollars, the Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar.