| Summary Prospectus |
December 20, 2024 |
Invesco NASDAQ 100 Index Fund
Class: R6 (IVNQX)
Before you invest, you may want to review the
Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus, reports to shareholders, and other information
about the Fund online at www.invesco.com/prospectus. You can also get this information at no cost by calling (800) 959-4246 or by sending an e-mail request to
ProspectusRequest@invesco.com. The Fund’s prospectus and statement of additional information, both dated December 20, 2024 (as each may be amended or supplemented), are
incorporated by reference into this Summary Prospectus and may be obtained, free of charge, at the website, phone number or e-mail address noted above.
Investment Objective(s)
The Fund’s investment objective is to seek to track the investment results (before fees and expenses) of
the Nasdaq-100 Index® (the “Underlying Index”).
Fees and Expenses of the Fund
This
table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The table and Examples below do not reflect any transaction fees that may be charged by financial intermediaries, or commissions that a
shareholder may be required to pay directly to its financial intermediary when buying or selling Class R6 shares.
| Shareholder Fees (fees paid directly from your
investment) | |
| Class: |
R6 |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
None |
| | |
| Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is less) |
None |
| | |
| Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |
| Class: |
R6 |
| Management Fees |
0.15 % |
| | |
| Distribution and/or Service (12b-1) Fees
|
None |
| | |
| Other Expenses |
0.33 |
| | |
| Total Annual Fund Operating Expenses |
0.48 |
| | |
| Fee Waiver and/or Expense
Reimbursement1
|
0.19 |
| | |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement |
0.29 |
| | |
| 1 |
Invesco Advisers, Inc. (Invesco or the Adviser) has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding certain items discussed in the SAI) of Class R6 shares to 0.29%, respectively, of the Fund's average daily net assets (the “expense limits”). Unless Invesco continues the fee waiver agreement, it will terminate on December 31, 2025. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees.
|
Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in
other mutual funds.
The Example assumes that you invest $10,000 in the Fund
for the time periods indicated and then redeem all of your shares at the end of those
periods. This Example does not include
commissions and/or other forms of compensation that investors may pay on transactions in Class R6 shares. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating
expenses remain equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement in the first year and the Total Annual Fund Operating Expenses thereafter.
Although your actual costs may be higher or lower, based on these assumptions, your costs
would be:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Class R6 |
$30
|
$135
|
$250
|
$585
|
| | ||||
You would pay the following expenses if you did not redeem your shares:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Class R6 |
$30
|
$135
|
$250
|
$585
|
| | ||||
Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio
turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the
Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 7% of the average value of its
portfolio.
Principal Investment Strategies of the Fund
The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for
investment purposes) in securities represented in the Underlying Index and in derivatives and other instruments that have economic characteristics similar to such securities. The Underlying Index includes securities of 100
of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market LLC based on market capitalization.
The Underlying
Index is a modified market capitalization-weighted (a hybrid between equal weighting and conventional
capitalization weighting) index that reflects companies from all major sectors, except for companies that are classified as “financials” according to the Industry Classification Benchmark (“ICB”), a product of FTSE International Limited. Security types generally eligible for inclusion in the Underlying Index are common stocks, tracking stocks, and American Depositary Receipts including New York Registry Shares. Securities of
capitalization weighting) index that reflects companies from all major sectors, except for companies that are classified as “financials” according to the Industry Classification Benchmark (“ICB”), a product of FTSE International Limited. Security types generally eligible for inclusion in the Underlying Index are common stocks, tracking stocks, and American Depositary Receipts including New York Registry Shares. Securities of
1 Invesco NASDAQ 100 Index Fund
invesco.com/usNDQ-SUMPRO-1
companies organized as real estate
investment trusts (“REITs”), securities of Special Purpose Acquisition Companies (“SPACs”), and “when-issued” securities are not eligible for inclusion in the Underlying Index.
In seeking to track the investment results (before fees and expenses) of the Underlying
Index, the portfolio managers primarily utilize a “full replication” methodology, pursuant to which the Fund generally invests in all of the securities comprising the Underlying Index in proportion to their weightings in the Underlying
Index.
The Fund can invest in derivative instruments, including futures contracts. The Fund can use exchange-traded futures contracts, including index futures, to gain exposure to
equity securities represented in the Underlying Index while managing cash balances.
The Fund intends to be diversified in approximately the same proportion as
the Underlying Index is diversified. The Fund may be “non-diversified,” as defined in the Investment Company Act of 1940 (1940 Act), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the
Underlying Index. As a “non-diversified” fund, the Fund can invest a greater percentage of its assets in a small group of issuers or in any one issuer than a diversified fund can. Shareholder approval will not be sought when the
Fund crosses from diversified to non-diversified status due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Underlying Index. As of August 31, 2024,
the Underlying Index is non-diversified, and therefore as of that same date, the Fund is managed as
non-diversified solely in accordance with the Underlying Index.
The Fund will concentrate its investments (i.e., invest more than 25% of
the value of its total assets) in securities of issuers in any one industry or group of
industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. As of August 31, 2024, the Fund had significant exposure to the information
technology sector. The Fund’s portfolio holdings, and the extent to which it concentrates, are likely to change over time.
Principal Risks of Investing in the Fund
As with any mutual fund investment, loss of money is a risk of investing. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The risks associated with an investment in the Fund can increase during times of significant market
volatility. The principal risks of investing in the Fund are:
Market Risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will
go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. The value of the Fund’s investments may
go up or down due to general market conditions that are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate
earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflict, acts of terrorism, economic crisis
or adverse investor sentiment generally. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the
Fund will rise in value.
Investing in Stocks
Risk. The value of the Fund’s portfolio may be affected by changes in the stock markets. Stock markets may experience significant short-term volatility and
may fall or rise sharply at times. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments. Different stock markets may behave differently from each
other and U.S. stock markets may move in the opposite direction from one or more foreign stock markets.
The prices of individual
stocks generally do not all move in the same direction at the same time. However, individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. A variety of
factors can negatively affect the price of a particular company’s stock. These factors may include, but are not limited to: poor earnings reports, a loss of customers, litigation against the company, general unfavorable
performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry. To the extent that securities of a particular type are emphasized (for example foreign stocks,
stocks of small- or mid-cap companies, growth or value stocks, or stocks of companies in a particular industry), Fund share values may fluctuate more in response to events affecting the market for those types of
securities.
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 to or removed from, respectively, the Underlying Index, even if that security generally is underperforming. Additionally, the Fund generally
rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will typically result in corresponding changes to the Fund’s rebalance
schedule.
Industry Concentration Risk. In following its methodology, the Underlying Index from time to time may be concentrated to a significant degree in securities of issuers
operating in a single industry or group of industries. To the extent that the Underlying Index concentrates in the securities of issuers in a particular industry or group of industries, the Fund will also concentrate its
investments to approximately the same extent. By concentrating its investments in an industry or group of industries, the Fund faces more risks than if it were diversified broadly over numerous industries or groups of industries. Such
industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition
within the industry or group of industries. In addition, at times, such industry or group of industries may be out of favor and underperform other industries, groups of industries or the market as a whole.
■
Information Technology Sector Risk. Information technology companies are subject to intense competition and their products are at risk of rapid obsolescence, which make the prices of securities issued by these companies particularly
volatile. Product obsolescence can result from rapid technological developments, frequent new
product introduction, unpredictable changes in growth rates and competition for the services of
qualified personnel. Factors that may also significantly affect the market value of securities of issuers in the information technology sector include the failure to obtain, or delays in obtaining, financing or regulatory
approvals, product incompatibility, changing consumer preferences, increased government scrutiny,
high required corporate capital expenditure for research and development or infrastructure and development of new products. Information technology companies are also heavily dependent on patent and other intellectual
property rights, and the loss or impairment of these rights may adversely affect the company's
profitability.
Non-Diversification Risk. To the extent the Fund becomes non-diversified the Fund may invest a greater portion of its assets in the
obligations or securities of a small number of issuers or any single issuer than a diversified
fund can. In such circumstances, a change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than if it was a diversified fund.
Depositary Receipts Risk. Investing in
depositary receipts involves the same risks as direct investments in foreign securities. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder
communications or pass through any voting rights
2 Invesco NASDAQ 100 Index Fund
invesco.com/usNDQ-SUMPRO-1
with respect to the deposited securities to
the holders of such receipts. The Fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer.
Derivatives Risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying
security, currency, commodity, interest rate, index or other asset (each referred to as an
underlying asset). In addition to risks relating to the underlying assets, the use of derivatives
may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or
otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by holding a position in the derivative. As a result,
an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative or the anticipated value of the underlying
asset, which may make the Fund’s returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its
derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to
value, less tax efficient and subject to changing government regulation that could impact the Fund’s ability to use certain derivatives or their cost. Derivatives strategies may not always be successful. For example,
derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions.
Non-Correlation Risk. The Fund’s return may not match the return of the Underlying Index for a number of reasons. For example, the Fund incurs operating expenses not applicable
to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing and reconstituting the Fund’s securities holdings to reflect changes in the composition of the Underlying
Index. In addition, the performance of the Fund and the Underlying Index may vary due to asset valuation differences and differences between the Fund’s portfolio and the Underlying Index resulting from legal restrictions,
costs or liquidity constraints.
Performance
Information
The bar chart and performance table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year as of
December 31. The performance table compares the Fund’s performance to that of a style-specific benchmark and a broad-based securities market benchmark (in that order). The Fund's past performance (before and after taxes) is not necessarily an indication of its future performance.
All Fund performance shown assumes the reinvestment of dividends and capital gains and the effect of the Fund’s expenses.
Updated performance information is available on the Fund's website at
www.invesco.com/us.
Annual Total Returns
| Class R6 |
Period Ended |
Returns |
| Year-to-date |
September 30, 2024 |
19.63% |
| Best Quarter |
March 31, 2023 |
20.63% |
| Worst Quarter |
June 30, 2022 |
-22.33% |
Average Annual Total Returns (for the periods ended December 31, 2023)
| |
Inception Date |
1 Year |
Since
Inception |
| Class R6 |
|
|
|
| Return Before Taxes |
10/13/2020 |
54.60 % |
11.58 % |
| Return After Taxes on Distributions |
|
54.38 |
11.36 |
| Return After Taxes on Distributions and Sale of Fund Shares |
|
32.45 |
9.01 |
| | |||
| Nasdaq-100® Index (reflects no deduction for fees, expenses or taxes) |
|
55.13 |
11.74 |
| | |||
| NASDAQ Composite Index (reflects no deduction for fees, expenses or taxes) |
|
44.64 |
8.43 |
| | |||
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax
returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans, 529 college savings plans or individual retirement accounts.
Management of the Fund
Investment Adviser: Invesco Advisers, Inc. (Invesco or the Adviser)
Investment Sub-Adviser: Invesco Capital Management LLC (Invesco Capital or the Sub-Adviser)
| Portfolio Managers |
Title |
Length of Service on the Fund |
| Peter Hubbard |
Portfolio Manager |
2020 |
| | ||
| Pratik Doshi, CFA |
Portfolio Manager |
2020 |
| | ||
| Michael Jeanette |
Portfolio Manager |
2020 |
| | ||
| Tony Seisser |
Portfolio Manager |
2020 |
| | ||
Purchase and Sale of Fund Shares
You may purchase, redeem or exchange shares of the Fund on any business day through your financial adviser or by telephone at 800-959-4246.
There is no minimum initial investment for Employer Sponsored Retirement
and Benefit Plans investing through a retirement platform that administers at least $2.5 billion in retirement plan assets. All other Employer Sponsored Retirement and Benefit Plans must meet a minimum initial investment of at least $1 million in each
Fund in which it invests.
For all other institutional investors
purchasing Class R6 shares, the minimum initial investment is $1 million, unless such investment is made by (i) an investment company, as defined under the Investment Company Act of 1940, as amended (1940 Act), that is
part of a family of investment companies which own in the aggregate at least $100 million in securities, or (ii) an account established with a 529 college savings plan managed by Invesco, in which case there is no
minimum initial investment.
There are no minimum investment
amounts for Class R6 shares held through retail omnibus accounts maintained by an intermediary, such as a broker, that (i) generally charges an asset-based fee or commission in addition to those described in this
prospectus, and (ii) maintains Class R6 shares and makes them available to retail investors.
Tax Information
The Fund’s distributions generally are taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement,
such as a 401(k) plan, 529 college savings plan or individual retirement account. Any distributions from a 401(k) plan or individual retirement account may be taxed as ordinary income when withdrawn from such plan or
account.
Payments to Broker-Dealers and Other Financial
Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the
Fund’s distributor or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other
intermediary and your salesperson or financial
3 Invesco NASDAQ 100 Index Fund
invesco.com/usNDQ-SUMPRO-1