Strategy. The Fund generally will invest at least 80% of its total assets in the securities that comprise the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, VettaFi LLC (the Index Provider) maintains the Underlying Index, which is comprised of two different components: (i) stocks of digital asset companies, which are companies that are materially engaged in cryptocurrency mining, cryptocurrency buying, or cryptocurrency enabling technologies (the Equity Component); and (ii) exchange-traded products (ETPs) and U.S.-listed private investment trusts that invest at least 75% of their assets in Bitcoin (the ETP and Trust Component). However, the Fund will not invest directly in cryptocurrencies such as Bitcoin, or in crypto assets. The Fund also will not invest in initial coin … Show more… The Fund generally will invest at least 80% of its total assets in the securities that comprise the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, VettaFi LLC (the Index Provider) maintains the Underlying Index, which is comprised of two different components: (i) stocks of digital asset companies, which are companies that are materially engaged in cryptocurrency mining, cryptocurrency buying, or cryptocurrency enabling technologies (the Equity Component); and (ii) exchange-traded products (ETPs) and U.S.-listed private investment trusts that invest at least 75% of their assets in Bitcoin (the ETP and Trust Component). However, the Fund will not invest directly in cryptocurrencies such as Bitcoin, or in crypto assets. The Fund also will not invest in initial coin offerings or futures contracts on cryptocurrencies. Many digital assets rely on blockchain technologies. A blockchain is a peer-to-peer shared, distributed ledger, or decentralized database, that keeps continuously updated digital records of who owns a particular asset (e.g., cryptocurrency). Blockchain is secured using cryptography and facilitates the process of recording transactions and tracking assets in a business network. Blockchain derives its name from the way it stores transaction data as unchangeable, digitally recorded data in packages called blocks that are linked together to form a chain. Blocks record and confirm the time and sequence of transactions, which are then logged into the blockchain network. Each block in the chain is cryptographically connected to the previous block in the chain, ensuring all data in the overall blockchain has not been tampered with. Blockchain networks can be private with restricted membership similar to an intranet, or public like the Internet, and are governed by rules agreed on by the network participants. The Equity Component of the Underlying Index is primarily comprised of exchange-listed equity securities of companies that are principally or materially engaged in one of the following three business activities (each, a Business Segment): ? Cryptocurrency Miners: Companies that mine cryptocurrency assets. ? Cryptocurrency Enabling Technologies: Companies that (i) facilitate the buying, selling and transfer of cryptocurrency assets, (ii) provide custody for cryptocurrency assets, (iii) supply semiconductors used in cryptocurrency mining, (iv) supply cryptocurrency mining machines or (v) engage in the development of blockchain technologies and related technology creators and producers that enable the development of blockchain technology for the purpose of cryptocurrency assets. ? Cryptocurrency Buyers: Companies that report cryptocurrency assets on their balance sheets. To be eligible for inclusion in the Equity Component of the Underlying Index, a companys stock must be listed on an approved and globally recognized exchange and such company must have (i) a minimum full market capitalization value of $50 million, (ii) a minimum free float factor of 20%, and (iii) a minimum average daily trading value (ADTV) for the previous three months of $1 million. Companies may be located in the United States or in foreign jurisdictions, including in emerging markets, and may be represented by depositary receipts such as American depositary receipts (ADRs) or global depositary receipts (GDRs). A company in either of the Cryptocurrency Enabling Technologies or Cryptocurrency Miners Business Segments shall be considered principally engaged if it derives at least 50% of its revenues from business activities described for its Business Segment. A company in the Cryptocurrency Buyers Business Segment shall be considered principally engaged if it reports cryptocurrency assets on its balance sheet amounting to at least 50% of its market capitalization. Certain companies that are not principally engaged in one of the Business Segments, but that derive significant revenues from businesses in that Segment (Diversified Companies) may also be included in the Underlying Index, provided they meet certain eligibility criteria. In addition to the Equity Component, the Underlying Index also includes the ETP and Trust Component, which is represented by exchange-traded products and open-ended private investment trusts that trade on an approved U.S. exchange (in accordance with the Index Provider's methodology) and invest at least 75% of their assets in Bitcoin (BTC). To be eligible for inclusion in the ETP and Trust Component of the Underlying Index, an ETP or private investment trust must also: (i) have a minimum full market capitalization of $1 billion ($500 million for current Underlying Index constituents), (ii) have a minimum ADTV for the previous three months of $15 million ($7.5 million for current Underlying Index constituents), and (iii) be open-ended. Because the Fund will not invest directly in any cryptocurrency, it will not track price movements of any cryptocurrency. The Fund may, however, have indirect exposure to crypto assets by virtue of (i) its investments in companies that use one or more crypto assets as part of their business activities or that hold crypto assets as proprietary investments and (ii) its investments in the ETP and Trust Component. The Underlying Index is rebalanced monthly. At each rebalance, the ETP and Trust Component is allocated a 15% Underlying Index weight, and the Equity Component is allocated the remaining 85% Underlying Index weight. Companies that are principally engaged in a Business Segment together with the ETP and Trust Component are allocated 80% of the Underlying Index weight, while Diversified Companies are allocated 20% of the Underlying Index weight. As of December 31, 2025, the Underlying Index was comprised of 61 stocks with market capitalizations ranging from $42.2 million to $4.5 trillion. The Fund generally employs a full replication methodology in seeking to track the Underlying Index, meaning that the Fund generally invests in all of the securities comprising the Underlying Index in proportion to their weightings in the Underlying Index. However, due to the practical difficulties and expense of purchasing all of the securities in the Underlying Index, the Fund may also utilize a sampling methodology from time to time. A sampling methodology means that the Fund does not purchase all the components of the Underlying Index. Rather, the Adviser uses quantitative analysis to select a representative sample of assets that have, in the aggregate, investment characteristics similar to the Underlying Index in terms of key risk factors, performance attributes and other characteristics. The Fund may obtain exposure to certain securities in the ETP and Trust Component indirectly through a wholly-owned subsidiary organized under Cayman Islands law (the Subsidiary). The Funds investment in the Subsidiary is expected to provide the Fund with exposure to such assets in accordance with the limits of the federal tax laws, which may limit the ability of investment companies like the Fund to invest directly in such investments. The Funds investment in the Subsidiary may not exceed 25% of the Funds total assets at each quarter-end of the Funds fiscal year. The Subsidiary is wholly-owned and controlled by the Fund and advised by Invesco Capital Management LLC (the Adviser). The Subsidiary's investment objective is to seek to track the performance of a subset of the securities in the Underlying Index. The Subsidiary will follow the same general investment policies and restrictions as the Fund, except that unlike the Fund, it may invest to a greater extent in cryptocurrency-related investments. The Subsidiarys investments also will be subject to limits on leverage imposed by the Investment Company Act of 1940, as amended (the 1940 Act). Except as noted, for purposes of this Prospectus, references to the Funds investment strategies and risks include those of its Subsidiary. The Fund is non-diversified and therefore is not required to meet certain diversification requirements under the 1940 Act. Concentration Policy. The Fund will concentrate its investments (i.e., invest more than 25% of the value of its net 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 October 31, 2025, the Fund had significant exposure to the information technology sector. The Fund's portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time. Show less