Strategy. The Fund seeks to achieve its investment objective by allocating its assets generally among the components of the S&P 500 Dynamic VEQTOR Index (the Benchmark). The Benchmark is composed of up to three types of components: (i) an equity component, represented by the S&P 500 Index; (ii) a volatility hedge component, represented by the S&P 500 VIX Short-Term Futures Index (VIX Futures Index); and (iii) cash. The Benchmark is designed to measure the performance of the broad equity markets with an implied volatility hedge. Implied volatility is a measure of the expected volatility of the S&P 500 Index that is reflected in the value of the Chicago Board Options Exchange (CBOE) Volatility Index (VIX Index). Known as the fear gauge … Show more… The Fund seeks to achieve its investment objective by allocating its assets generally among the components of the S&P 500 Dynamic VEQTOR Index (the Benchmark). The Benchmark is composed of up to three types of components: (i) an equity component, represented by the S&P 500 Index; (ii) a volatility hedge component, represented by the S&P 500 VIX Short-Term Futures Index (VIX Futures Index); and (iii) cash. The Benchmark is designed to measure the performance of the broad equity markets with an implied volatility hedge. Implied volatility is a measure of the expected volatility of the S&P 500 Index that is reflected in the value of the Chicago Board Options Exchange (CBOE) Volatility Index (VIX Index). Known as the fear gauge of the broader U.S. equities market, the VIX Index measures market volatility in large capitalization U.S. stocks and is calculated based on the prices of certain put and call options on the S&P 500 Index. The VIX Futures Index is designed to measure the returns from long positions in futures contracts on the VIX Index. The Benchmarks allocation to the VIX Futures Index is designed to serve as a volatility hedge, as volatility historically tends to correlate negatively to the performance of the U.S. equity markets (i.e., rapid declines in the performance of U.S. equity markets generally are associated with high volatility in such markets). Accordingly, pursuant to its methodology, the Benchmark allocates a greater portion of its weight to its equity component (the S&P 500 Index) during periods of low volatility, and a greater portion of its weight to its volatility hedge component (the VIX Futures Index) during periods of increased volatility. Under normal circumstances, the Fund will invest its portfolio in a combination of assets that are similar, but not necessarily identical, to that of the Benchmark. The Funds portfolio is composed of: (i) an equity sleeve, consisting of the component securities of the S&P 500 Index, (ii) a volatility hedge sleeve, consisting of VIX Index-Related Instruments (defined below), which include futures contracts on the VIX Index, (iii) futures contracts that reference the S&P 500 Index (S&P 500 Futures); and (iv) various liquid investments, including short-term U.S. Treasury Securities, money market instruments, cash and cash equivalents. With respect to its equity sleeve, the Fund utilizes a passive investment strategy that seeks to track the performance of the S&P 500 Index as closely as possible. To do so, the Fund employs a full replication methodology; full replication means that the Fund generally invests the portion of its portfolio allocated to its equity sleeve in all of the component securities of the S&P 500 Index in proportion to their weightings in the S&P 500 Index. Although the Fund employs a passive strategy with respect to its equity sleeve, Invesco Capital Management LLC (the Adviser), the Funds investment adviser, will actively manage the Funds investments in VIX Index-Related Instruments, S&P 500 Futures, short-term instruments and cash, as well as the Funds allocation of its assets among the equity and volatility hedge sleeves. Such allocations may not correspond to the Benchmarks allocations. Instead, the Adviser will seek to obtain returns for the Fund that exceed the Benchmark by providing the Fund with equity or volatility hedge sleeve allocations that are higher or lower than those of the Benchmark at any time given the market conditions at that time. In addition to its investments in futures contracts on the VIX Index, the Fund may invest in U.S.-listed exchange-traded funds (ETFs) and exchange-traded notes (ETNs) that provide exposure to the VIX Index (such ETFs and ETNs, along with futures contracts on the VIX Index, are collectively the VIX Index-Related Instruments). The Fund may invest in the short-term instruments and cash to provide liquidity or to protect the Fund during periods of heightened volatility when the Adviser believes that it is in the best interest of the Fund to do so. Show less