ETF Allocation Portfolio 2019-4 ETF Diversified Income ...ETF Allocation Portfolio 2019-4 ETF...

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ETF Allocation Portfolio 2019-4 ETF Diversified Income Portfolio 2019-4 The unit investment trusts named above (the “Portfolios”), included in Invesco Unit Trusts, Series 2018, each invest in a portfolio of securities. Of course, we cannot guarantee that a Portfolio will achieve its objective. An investment can be made in the underlying funds or notes directly rather than through a Portfolio. These direct investments can be made without paying a Portfolio’s sales charge, operating expenses and organization costs. December 10, 2019 You should read this prospectus and retain it for future reference. The U.S. Securities and Exchange Commission has not approved or disapproved of the Units or passed upon the adequacy or accuracy of this prospectus. Any contrary representation is a criminal offense.

Transcript of ETF Allocation Portfolio 2019-4 ETF Diversified Income ...ETF Allocation Portfolio 2019-4 ETF...

Page 1: ETF Allocation Portfolio 2019-4 ETF Diversified Income ...ETF Allocation Portfolio 2019-4 ETF Diversified Income Portfolio 2019-4 The unit investment trusts named above (the “Portfolios”),

ETF Allocation Portfolio 2019-4ETF Diversified Income Portfolio 2019-4

The unit investment trusts named above (the “Portfolios”), included in Invesco Unit Trusts, Series 2018, each invest ina portfolio of securities. Of course, we cannot guarantee that a Portfolio will achieve its objective.

An investment can be made in the underlying funds or notes directly rather than through a Portfolio. These directinvestments can be made without paying a Portfolio’s sales charge, operating expenses and organization costs.

December 10, 2019

You should read this prospectus and retain it for future reference.

The U.S. Securities and Exchange Commission has not approved or disapproved of the Unitsor passed upon the adequacy or accuracy of this prospectus.

Any contrary representation is a criminal offense.

INVESCO

Page 2: ETF Allocation Portfolio 2019-4 ETF Diversified Income ...ETF Allocation Portfolio 2019-4 ETF Diversified Income Portfolio 2019-4 The unit investment trusts named above (the “Portfolios”),

Investment Objective. The Portfolio seeksabove-average capital appreciation.

Principal Investment Strategy. The Portfolioseeks to achieve its objective by investing in a portfoliothat consists of exchange-traded funds (“ETFs”) thatinvest in stocks and fixed income securities, andexchange-traded notes (“ETNs”). The Portfolio providesbroad market exposure to focused equity and fixedincome styles through the use of ETFs.

In selecting the ETFs for the Portfolio, InvescoCapital Markets, Inc., the Sponsor, sought to chooseETFs that would provide broad asset class exposure toeach particular investment style, index or sector. TheSponsor selected the equity ETFs based on asset classexposure and benchmark representation.Considerations for selection included the index fromwhich each of the equity ETFs is based, as well asoverall market capitalization and liquidity of the portfolioof the particular ETF. The Sponsor selected the fixedincome ETFs based on the term and types of bondsthat make up each fixed income ETF and how theseparticular ETFs fit into the fixed income allocation of thePortfolio. Considerations for the fixed income ETFallocations included economic outlook, current interestrates, credit risk and the yield curve as well as the termof the Portfolio. The Sponsor selected the alternativeinvestment ETFs based upon factors such as assetclass exposure, benchmark representation andunderlying holdings, in seeking to provide the Portfoliowith exposure to asset classes that may include realestate investment trusts (“REITs”) and inflationprotected securities. In selecting the ETNs to beincluded in the Portfolio, the Sponsor sought to chooseETNs that would provide a broad range of commoditiesexposure. Considerations for selection included thecredit quality of an ETN’s issuer, as well as the size andliquidity of the ETN.

Certain of the ETFs selected by the Sponsor holdbelow-investment grade fixed income securities andeach seeks to correspond generally to the price andyield performance, before fees and expenses, of one

of the various types of fixed income markets includingUnited States Treasuries and domestic and foreigncorporate bonds or the United States REIT and otherreal estate company market.

Approximately 22% of the Portfolio consists of ETFsthat are funds classified as “non-diversified” under theInvestment Company Act of 1940. These funds havethe ability to invest a greater portion of their assets inobligations of a single issuer. As a result, these fundsmay be more susceptible to volatility than a more widelydiversified fund.

Of course, we cannot guarantee that your Portfoliowill achieve its objective. The value of your Units mayfall below the price you paid for the Units. You shouldread the “Risk Factors” section before you invest.

The Portfolio is designed as part of a long-terminvestment strategy. The Sponsor may offer asubsequent series of the portfolio when the currentPortfolio terminates. As a result, you may achieve moreconsistent overall results by following the strategythrough reinvestment of your proceeds over severalyears if subsequent series are available. Repeatedlyrolling over an investment in a unit investment trust maydiffer from long-term investments in other investmentproducts when considering the sales charges, fees,expenses and tax consequences attributable to aUnitholder. For more information see “Rights ofUnitholders--Rollover”.

ETFs. Your Portfolio invests in ETFs, which areinvestment pools that hold a basket of equity or fixedincome securities. As a result, investors in ETFs (andinvestors in your Portfolio) obtain exposure to a muchgreater number of securities than an individual investorwould typically be able to obtain on their own. ETFshares are listed on securities exchanges for trading,allowing investors to purchase and sell individual ETFshares at market prices throughout the day. For moreinformation please see the section titled “ETFs”.

Principal Risks. As with all investments, you canlose money by investing in this Portfolio. The Portfolio

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ETF Allocation Portfolio

Page 3: ETF Allocation Portfolio 2019-4 ETF Diversified Income ...ETF Allocation Portfolio 2019-4 ETF Diversified Income Portfolio 2019-4 The unit investment trusts named above (the “Portfolios”),

also might not perform as well as you expect. This canhappen for reasons such as these:

• Security prices will fluctuate. The value ofyour investment may fall over time.

• The Portfolio invests in shares of ETFs.You should understand the section titled “ETFs”before you invest. In particular, shares of ETFsmay trade at a discount from their net asset valueand are subject to risks related to factors such asmanagement’s ability to achieve a fund’sobjective, market conditions affecting a fund’sinvestments and use of leverage. In addition,there is the risk that the market price of an ETF’sshares may trade at a discount from its net assetvalue, an active secondary market may notdevelop or be maintained, or trading may behalted by the exchange on which they trade,which may impact the Portfolio’s ability to sell theETF shares. The underlying funds havemanagement and operating expenses. You willbear not only your share of the Portfolio’sexpenses, but also the expenses of theunderlying funds. By investing in other funds, thePortfolio incurs greater expenses than you wouldincur if you invested directly in the funds.

• The value of the fixed income securitiesheld by certain of the ETFs in the Portfoliowill generally fall if interest rates rise. In alow interest rate environment risks associatedwith rising rates are heightened. The negativeimpact on fixed income securities from anyinterest rate increases could be swift andsignificant. No one can predict whether interestrates will rise or fall in the future.

• A security issuer may be unable tomake payments of interest, dividends orprincipal in the future. This may reduce thelevel of dividends certain of the ETFs pay whichwould reduce your income and cause the valueof your Units to fall.

• The financial condition of a securityissuer may worsen or its credit ratingsmay drop, resulting in a reduction inthe value of your Units. This may occur atany point in time, including during the initialoffering period.

• You could experience dilution of yourinvestment if the size of the Portfoliois increased as Units are sold. There isno assurance that your investment wi l lmainta in i ts proport ionate share in thePortfolio’s profits and losses.

• Securities of foreign issuers held bycertain of the ETFs or ETNs in thePortfolio present risks beyond those ofU.S. issuers. These risks may include marketand political factors related to the issuer’sforeign market, international trade conditions,less regulation, smaller or less liquid markets,increased volatility, differing accounting practicesand changes in the value of foreign currencies.

• Certain ETFs in the Portfolio invest insecurities in emerging markets. Investingin emerging markets entails the risk that newsand events unique to a country or region willaffect those markets and their issuers.Countries with emerging markets may haverelatively unstable governments, may presentthe risks of nationalization of businesses,restr ict ions on foreign ownership andprohibitions on the repatriation of assets.

• Certain ETFs in the Portfolio invest incorporate bonds. Corporate bonds are debtobligations of a corporation, and as a result aregenerally subject to the various economic,political, regulatory, competitive and other suchrisks that may affect an issuer. Like other fixedincome securities, corporate bonds generallydecline in value with increases in interest rates.During periods of market turbulence, corporatebonds may experience illiquidity and volatility.

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During such periods, there can be uncertainty inassessing the financial condition of an issuer. Asa result, the ratings of the bonds in certain ETFsin the Portfolio may not accurately reflect anissuer’s current financial condition, prospects, orthe extent of the risks associated with investingin such issuer’s securities.

• Certain ETFs in the Portfolio invest inshares of REITs and other real estatecompanies. Shares of REITs and other realestate companies may appreciate ordepreciate in value, or pay div idendsdepending upon global and local economicconditions, changes in interest rates and thestrength or weakness of the overall real estatemarket. Negative developments in the realestate industry will affect the value of yourinvestment more than would be the case in amore diversified investment.

• Certain of the securities held by ETFs inthe Portfolio are issued by issuers thatare considered to be “value” companies.Such securit ies are subject to the risk ofinaccurately estimating certain fundamentalfactors and will generally underperform duringperiods when value style investments are out of favor.

• Certain of the securities held by ETFs inthe Portfolio are issued by issuers thatare considered to be “growth” companies.Securities of growth companies may be morevolatile than other securities. If the perception ofan issuer’s growth potential is not realized, thesecurities may not perform as expected, reducingthe Portfolio’s return.

• Certain of the securities held by ETFs inthe Portfolio are stocks of smallercapitalization companies. These stocksare often more volatile and have lower tradingvolumes than stocks of larger companies.Smaller capitalization companies may have

l imited products or f inancial resources,management inexperience and less publiclyavailable information.

• The Portfolio invests in shares of ETNs.You should understand the sectiontitled “Risk Factors--Exchange-TradedNotes” before you invest. ETNs aresynthetic investment products that do notrepresent ownership of the securities of theindices they track, and are backed only by theissuer’s credit. In particular, an investment inthese notes is subject to risks related tofactors such as the note issuer’s credit, pricevolatility, limited portfolio diversification, issuerdefault, uncertain principal repayment, anduncertain federal income tax treatment. TheETNs charge an annual investor fee. You willbear not only your share of the Portfolio’sexpenses, but also the fees of the underlyingETNs. By investing in other notes, the Portfolioincurs greater expenses than you would incurif you invested directly in the ETNs.

• Certain ETFs in the Portfolio may invest insecurities rated below investment gradeand considered to be “junk” or“high-yield” securities. Securities rated below“BBB-” by Standard & Poor’s or below “Baa3” byMoody’s are considered to be below investmentgrade. These securities are considered to bespeculative and are subject to greater market andcredit risks. Accordingly, the risk of default ishigher than with investment grade securities. Inaddition, these securities may be more sensitiveto interest rate changes and may be more likelyto make early returns of principal.

• We do not actively manage the Portfolio.Except in limited circumstances, the Portfoliowill hold, and may continue to buy, shares ofthe same securities even if their market valuedeclines.

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Fee Table

The amounts below are estimates of the direct and indirectexpenses that you may incur based on a $10 Public Offering Price perUnit. Actual expenses may vary.

As a % of Public Amount Offering Per 100Sales Charge Price Units _________ _________

Initial sales charge 0.000% $ 0.000Deferred sales charge 1.350 13.500Creation and development fee 0.500 5.000 ______ ______Maximum sales charge 1.850% $18.500 ______ ______ ______ ______

As a % Amount of Net Per 100 Assets Units _________ _________

Estimated Organization Costs 0.667% $6.500 ______ ______ ______ ______

Estimated Annual Expenses Trustee’s fee and operating expenses 0.308% $3.007Supervisory, bookkeeping and administrative fees 0.054 0.522Underlying fund/note expenses 0.232 2.267 ______ ______

Total 0.594% $5.796* ______ ______ ______ ______

Example

This example helps you compare the cost of the Portfolio with otherunit trusts and mutual funds. In the example we assume that theexpenses do not change and that the Portfolio’s annual return is 5%. Youractual returns and expenses will vary. This example also assumes thatyou continue to follow the Portfolio strategy and roll your investment,including all distributions, into a new trust each year subject to a salescharge of 1.85%. Based on these assumptions, you would pay thefollowing expenses for every $10,000 you invest in the Portfolio:

1 year $ 3083 years 9405 years 1,59510 years 3,336

* The estimated annual expenses are based upon the estimated trust sizefor the Portfolio determined as of the initial date of deposit. Becausecertain of the operating expenses are fixed amounts, if the Portfolio doesnot reach the estimated size, or if the value of the Portfolio or number ofoutstanding units decline over the life of the trust, or if the actual amountof the operating expenses exceeds the estimated amounts, the actualamount of the operating expenses per 100 units would exceed theestimated amounts. In some cases, the actual amount of operatingexpenses may substantially differ from the amounts reflected above.

The maximum sales charge is 1.85% of the Public Offering Priceper Unit. There is no initial sales charge at a Public Offering Price of $10or less. If the Public Offering Price exceeds $10 per Unit, the initial salescharge is the difference between the total sales charge (maximum of1.85% of the Public Offering Price) and the sum of the remainingdeferred sales charge and the creation and development fee. Thedeferred sales charge is fixed at $0.135 per Unit and accrues daily fromApril 10, 2020 through September 9, 2020. Your Portfolio pays aproportionate amount of this charge on the 10th day of each monthbeginning in the accrual period until paid in full. The combination of theinitial and deferred sales charges comprises the “transactional salescharge”. The creation and development fee is fixed at $0.05 per unitand is paid at the earlier of the end of the initial offering period(anticipated to be three months) or six months following the Initial Dateof Deposit. For more detail, see “Public Offering Price - General.”

Although not an actual operating expense, the Portfolio, andtherefore the Unitholders, will indirectly bear the operating expenses of thefunds and ETNs held by the Portfolio in the estimated amount providedabove. Estimated fund/note expenses are based upon the net asset valueof the number of fund/note shares held by the Portfolio per Unit multipliedby the annual operating expenses of the funds/notes for the most recentfiscal year. The Trustee or Sponsor will waive fees otherwise payable by thePortfolio in an amount equal to any 12b-1 fees or other compensation theTrustee, the Sponsor or an affiliate receives from a fund/note in connectionwith the Portfolio’s investment in the funds/notes, including license feesreceivable by an affiliate of the Sponsor from a fund/note.

Essential Information

Unit Price at Initial Date of Deposit $10.0000

Initial Date of Deposit December 10, 2019

Mandatory Termination Date March 10, 2021

Record Dates 10th day of January 2020

and each month thereafter

Distribution Dates 25th day of January 2020

and each month thereafter

CUSIP Numbers Cash – 46146C218

Reinvest – 46146C226

Fee Based Cash – 46146C234

Fee Based Reinvest – 46146C242

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ETF Allocation Portfolio 2019-4

Portfolio____________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ EXCHANGE-TRADED FUNDS - 96.66% U.S. Equity - 30.00% 37 iShares Core S&P Mid-Cap ETF $ 201.60 $ 7,459.20 90 iShares Core S&P Small-Cap ETF 82.39 7,415.10 363 SPDR Portfolio S&P 500 Growth ETF 40.78 14,803.14 434 SPDR Portfolio S&P 500 Value ETF 34.12 14,808.08 Non-U.S. Equity - 29.99% 252 iShares MSCI Canada ETF 29.48 7,428.96 120 iShares MSCI EAFE Small-Cap ETF 61.77 7,412.40 123 iShares MSCI Japan ETF 60.32 7,419.36 162 iShares MSCI Pacific ex Japan ETF 45.75 7,411.50 174 Vanguard FTSE Emerging Markets ETF 42.49 7,393.26 131 Vanguard FTSE Europe ETF 56.51 7,402.81 U.S. Fixed Income - 20.02% 70 iShares 1-3 Year Treasury Bond ETF 84.62 5,923.40 68 iShares iBoxx $ High Yield Corporate Bond ETF 86.93 5,911.24 102 Vanguard Intermediate-Term Bond ETF 87.36 8,910.72 98 Vanguard Intermediate-Term Corporate Bond ETF 91.18 8,935.64 Non-U.S. Fixed Income - 10.02%* 256 Invesco Emerging Markets Sovereign Debt ETF 28.97 7,416.32 149 iShares International Treasury Bond ETF 49.99 7,448.51 Alternative Investments - 6.63% 42 iShares TIPS Bond ETF 116.53 4,894.26 53 Vanguard Real Estate ETF 93.05 4,931.65 EXCHANGE-TRADED NOTES - 3.34% 226 iPath Bloomberg Commodity Index Total Return ETN, Due on June 12, 2036 21.94 4,958.44___________ ____________ 2,950 $ 148,283.99___________ _______________________ ____________

See “Notes to Portfolios”.

Page 7: ETF Allocation Portfolio 2019-4 ETF Diversified Income ...ETF Allocation Portfolio 2019-4 ETF Diversified Income Portfolio 2019-4 The unit investment trusts named above (the “Portfolios”),

Investment Objective. The Portfolio seeks above-average capital appreciation with high current income.

Principal Investment Strategy. The Portfolioseeks to achieve its objective by investing in a portfoliothat consists of exchange-traded funds (“ETFs”) thatinvest in stocks and fixed income securities. ThePortfolio provides broad market exposure to focusedequity and fixed income styles through the use of ETFs.

In selecting the ETFs for the Portfolio, InvescoCapital Markets, Inc., the Sponsor, sought to chooseETFs that would provide broad asset class exposure toeach particular investment style, index or sector. TheSponsor selected the equity ETFs based on asset classexposure and benchmark representation.Considerations for selection included the index fromwhich each of the equity ETFs is based, as well asoverall market capitalization and liquidity of the portfolioof the particular ETF. The Sponsor selected the fixedincome ETFs based on the term and types of bondsthat make up each fixed income ETF and how theseparticular ETFs fit into the fixed income allocation of thePortfolio. Considerations for the fixed income ETFallocations included economic outlook, current interestrates, credit risk and the yield curve as well as the termof the Portfolio. The Sponsor selected the alternativeincome ETFs based upon factors such as asset classexposure, benchmark representation and underlyingholdings, in seeking to provide the Portfolio withexposure to asset classes that may include real estateinvestment trusts (“REITs”), master limited partnerships(“MLPs”) and preferred securities.

Certain of the ETFs selected by the Sponsor holdbelow-investment grade fixed income securities andeach seeks to correspond generally to the price andyield performance, before fees and expenses, of oneof the various types of fixed income markets includingUnited States Treasuries and domestic and foreigncorporate bonds, or the United States preferredsecurities market and the international REIT and otherreal estate company market.

Approximately 80% of the Portfolio consists of ETFsthat are funds classified as “non-diversified” under theInvestment Company Act of 1940. These funds havethe ability to invest a greater portion of their assets inobligations of a single issuer. As a result, these fundsmay be more susceptible to volatility than a more widelydiversified fund.

Of course, we cannot guarantee that your Portfoliowill achieve its objective. The value of your Units mayfall below the price you paid for the Units. You shouldread the “Risk Factors” section before you invest.

The Portfolio is designed as part of a long-terminvestment strategy. The Sponsor may offer asubsequent series of the portfolio when the currentPortfolio terminates. As a result, you may achieve moreconsistent overall results by following the strategythrough reinvestment of your proceeds over severalyears if subsequent series are available. Repeatedlyrolling over an investment in a unit investment trust maydiffer from long-term investments in other investmentproducts when considering the sales charges, fees,expenses and tax consequences attributable to aUnitholder. For more information see “Rights ofUnitholders--Rollover”.

ETFs. Your Portfolio invests exclusively in ETFs,which are investment pools that hold a basket of equityor fixed income securities. As a result, investors in ETFs(and investors in your Portfolio) obtain exposure to amuch greater number of securities than an individualinvestor would typically be able to obtain on their own.ETF shares are listed on securities exchanges fortrading, allowing investors to purchase and sell individualETF shares at market prices throughout the day. Formore information please see the section titled “ETFs”.

Principal Risks. As with all investments, you canlose money by investing in this Portfolio. The Portfolioalso might not perform as well as you expect. This canhappen for reasons such as these:

• Security prices will fluctuate. The value ofyour investment may fall over time.

7

ETF Diversified Income Portfolio

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• The Portfolio invests in shares of ETFs.You should understand the section titled “ETFs”before you invest. In particular, shares of ETFsmay trade at a discount from their net asset valueand are subject to risks related to factors such asmanagement’s ability to achieve a fund’sobjective, market conditions affecting a fund’sinvestments and use of leverage. In addition,there is the risk that the market price of an ETF’sshares may trade at a discount from its net assetvalue, an active secondary market may notdevelop or be maintained, or trading may behalted by the exchange on which they trade,which may impact the Portfolio’s ability to sell theETF shares. The underlying funds havemanagement and operating expenses. You willbear not only your share of the Portfolio’sexpenses, but also the expenses of theunderlying funds. By investing in other funds, thePortfolio incurs greater expenses than you wouldincur if you invested directly in the funds.

• The value of the fixed income securitiesheld by certain of the ETFs in the Portfoliowill generally fall if interest rates rise. In alow interest rate environment risks associatedwith rising rates are heightened. The negativeimpact on fixed income securities from anyinterest rate increases could be swift andsignificant. No one can predict whether interestrates will rise or fall in the future.

• A security issuer may be unable to makepayments of interest, dividends orprincipal in the future. This may reduce thelevel of dividends certain of the ETFs pay whichwould reduce your income and cause the valueof your Units to fall.

• The financial condition of a securityissuer may worsen or its credit ratingsmay drop, resulting in a reduction inthe value of your Units. This may occur at

any point in time, including during the initialoffering period.

• You could experience dilution of yourinvestment if the size of the Portfoliois increased as Units are sold. There isno assurance that your investment wi l lmainta in i ts proport ionate share in thePortfolio’s profits and losses.

• Securities of foreign issuers held bycertain of the ETFs in the Portfolio presentrisks beyond those of U.S. issuers. Theserisks may include market and political factorsrelated to the issuer’s foreign market, internationaltrade conditions, less regulation, smaller or lessliquid markets, increased volatility, differingaccounting practices and changes in the value offoreign currencies.

• Certain ETFs in the Portfolio invest insecurities in emerging markets. Investing inemerging markets entails the risk that news andevents unique to a country or region will affectthose markets and their issuers. Countries withemerging markets may have relatively unstablegovernments, may present the risks ofnationalization of businesses, restrictions onforeign ownership and prohibitions on therepatriation of assets.

• Certain ETFs in the Portfolio invest incorporate bonds. Corporate bonds are debtobligations of a corporation, and as a result aregenerally subject to the various economic,political, regulatory, competitive and other suchrisks that may affect an issuer. Like other fixedincome securities, corporate bonds generallydecline in value with increases in interest rates.During periods of market turbulence, corporatebonds may experience illiquidity and volatility.During such periods, there can be uncertainty inassessing the financial condition of an issuer. Asa result, the ratings of the bonds in certain ETFsin the Portfolio may not accurately reflect an

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issuer’s current financial condition, prospects, orthe extent of the risks associated with investingin such issuer’s securities.

• Certain ETFs in the Portfolio invest inshares of REITs and other real estatecompanies. Shares of REITs and other realestate companies may appreciate ordepreciate in value, or pay div idendsdepending upon global and local economicconditions, changes in interest rates and thestrength or weakness of the overall real estatemarket. Negative developments in the realestate industry will affect the value of yourinvestment more than would be the case in amore diversified investment.

• Certain of the securities held by ETFs inthe Portfolio are issued by issuers thatare considered to be “value” companies.Such securities are subject to the risk ofinaccurately estimating certain fundamentalfactors and will generally underperform duringperiods when value style investments are out of favor.

• Certain of the securities held by ETFs inthe Portfolio are issued by issuers thatare considered to be “growth” companies.Securities of growth companies may be morevolatile than other securities. If the perception ofan issuer’s growth potential is not realized, thesecurities may not perform as expected, reducingthe Portfolio’s return.

• Certain of the securities held by ETFs inthe Portfolio are stocks of smallercapitalization companies. These stocks areoften more volatile and have lower tradingvolumes than stocks of larger companies.Smaller capitalization companies may havelimited products or f inancial resources,management inexperience and less publiclyavailable information.

• Certain ETFs in the Portfolio may investin securities rated below investmentgrade and considered to be “junk” or“high-yield” securities. Securities ratedbelow “BBB-” by Standard & Poor’s or below“Baa3” by Moody’s are considered to be belowinvestment grade. These securit ies areconsidered to be speculative and are subjectto greater market and credit risks. Accordingly,the r isk of default is higher than withinvestment grade securities. In addition, thesesecurities may be more sensitive to interestrate changes and may be more likely to makeearly returns of principal.

• Certain ETFs in your Portfolio invest inpreferred securities. Preferred securities aretypically subordinated to bonds and other debtinstruments in a company’s capital structure interms of priority to corporate income andtherefore are subject to greater risk than thosedebt instruments. Income payments on manypreferred securities may be deferred but investorsare generally taxed as if they had received currentincome during any deferral period.

• Certain ETFs in the Portfolio invest inMLPs. Most MLPs operate in the energy sectorand are subject to the risks generally applicableto companies in that sector, including commoditypricing risk, supply and demand risk, depletionrisk and exploration risk. MLPs are also subject tothe risk that regulatory or legislative changescould limit or eliminate the tax benefits enjoyed byMLPs which could have a negative impact on theafter-tax income available for distribution by theMLPs and/or the value of the Portfolio’sinvestments.

• We do not actively manage the Portfolio.Except in limited circumstances, the Portfoliowill hold, and may continue to buy, shares ofthe same securities even if their market valuedeclines.

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Fee Table

The amounts below are estimates of the direct and indirectexpenses that you may incur based on a $10 Public Offering Price perUnit. Actual expenses may vary.

As a % of Public Amount Offering Per 100Sales Charge Price Units _________ _________

Initial sales charge 0.000% $ 0.000Deferred sales charge 1.350 13.500Creation and development fee 0.500 5.000 ______ ______Maximum sales charge 1.850% $18.500 ______ ______ ______ ______

As a % Amount of Net Per 100 Assets Units _________ _________

Estimated Organization Costs 0.587% $5.732 ______ ______ ______ ______

Estimated Annual Expenses Trustee’s fee and operating expenses 0.243% $2.368Supervisory, bookkeeping and administrative fees 0.036 0.354Underlying fund expenses 0.472 4.603 ______ ______

Total 0.751% $7.325* ______ ______ ______ ______

Example

This example helps you compare the cost of the Portfolio with otherunit trusts and mutual funds. In the example we assume that theexpenses do not change and that the Portfolio’s annual return is 5%. Youractual returns and expenses will vary. This example also assumes thatyou continue to follow the Portfolio strategy and roll your investment,including all distributions, into a new trust each year subject to a salescharge of 1.85%. Based on these assumptions, you would pay thefollowing expenses for every $10,000 you invest in the Portfolio:

1 year $ 3163 years 9635 years 1,63210 years 3,407

* The estimated annual expenses are based upon the estimated trust sizefor the Portfolio determined as of the initial date of deposit. Becausecertain of the operating expenses are fixed amounts, if the Portfolio doesnot reach the estimated size, or if the value of the Portfolio or number ofoutstanding units decline over the life of the trust, or if the actual amountof the operating expenses exceeds the estimated amounts, the actualamount of the operating expenses per 100 units would exceed theestimated amounts. In some cases, the actual amount of operatingexpenses may substantially differ from the amounts reflected above.

The maximum sales charge is 1.85% of the Public Offering Priceper Unit. There is no initial sales charge at a Public Offering Price of $10or less. If the Public Offering Price exceeds $10 per Unit, the initial salescharge is the difference between the total sales charge (maximum of1.85% of the Public Offering Price) and the sum of the remainingdeferred sales charge and the creation and development fee. Thedeferred sales charge is fixed at $0.135 per Unit and accrues daily fromApril 10, 2020 through September 9, 2020. Your Portfolio pays aproportionate amount of this charge on the 10th day of each monthbeginning in the accrual period until paid in full. The combination of theinitial and deferred sales charges comprises the “transactional salescharge”. The creation and development fee is fixed at $0.05 per unitand is paid at the earlier of the end of the initial offering period(anticipated to be three months) or six months following the Initial Dateof Deposit. For more detail, see “Public Offering Price - General.”

Although not an actual operating expense, the Portfolio, andtherefore the Unitholders, will indirectly bear the operating expenses of thefunds held by the Portfolio in the estimated amount provided above.Estimated fund expenses are based upon the net asset value of thenumber of fund shares held by the Portfolio per Unit multiplied by theannual operating expenses of the funds for the most recent fiscal year. TheTrustee or Sponsor will waive fees otherwise payable by the Portfolio in anamount equal to any 12b-1 fees or other compensation the Trustee, theSponsor or an affiliate receives from the funds in connection with thePortfolio’s investment in the funds, including license fees receivable by anaffiliate of the Sponsor from a fund.

Essential Information

Unit Price at Initial Date of Deposit $10.0000

Initial Date of Deposit December 10, 2019

Mandatory Termination Date March 10, 2021

Record Dates 10th day of January 2020

and each month thereafter

Distribution Dates 25th day of January 2020

and each month thereafter

CUSIP Numbers Cash – 46146C259

Reinvest – 46146C267

Fee Based Cash – 46146C275

Fee Based Reinvest – 46146C283

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ETF Diversified Income Portfolio 2019-4

Portfolio____________________________________________________________________________________________________________ Cost ofNumber Market Value Securities toof Shares Name of Issuer (1) per Share (2) Portfolio (2) ___________ ___________________________________________ _____________ _____________ EXCHANGE-TRADED FUNDS - 100.00% Equity Income - 34.93%* 68 Invesco KBW High Dividend Yield Financial ETF $ 21.80 $ 1,482.40* 342 Invesco S&P 500 High Dividend Low Volatility ETF 43.30 14,808.60 244 SPDR S&P Emerging Markets Dividend ETF 30.41 7,420.04 372 SPDR S&P International Dividend ETF 39.84 14,820.48 57 WisdomTree International MidCap Dividend Fund 64.56 3,679.92 43 WisdomTree International SmallCap Dividend Fund 69.30 2,979.90 99 WisdomTree U.S. MidCap Dividend Fund 37.29 3,691.71 105 WisdomTree U.S. SmallCap Dividend Fund 28.37 2,978.85 Fixed Income - 39.98%* 358 Invesco Emerging Markets Sovereign Debt ETF 28.97 10,371.26* 544 Invesco Fundamental High Yield Corporate Bond ETF 19.11 10,395.84* 327 Invesco Senior Loan ETF 22.71 7,426.17* 372 Invesco Taxable Municipal Bond ETF 31.96 11,889.12 34 iShares iBoxx $ High Yield Corporate Bond ETF 86.93 2,955.62 136 SPDR Bloomberg Barclays Convertible Securities ETF 54.49 7,410.64 90 VanEck Vectors J.P. Morgan EM Local Currency Bond ETF 33.23 2,990.70 65 Vanguard Intermediate-Term Corporate Bond ETF 91.18 5,926.70 Alternative Income - 25.09% 1,693 Alerian MLP ETF 7.96 13,476.28* 520 Invesco Variable Rate Preferred ETF 25.70 13,364.00 73 Vanguard Global ex-U.S. Real Estate ETF 60.93 4,447.89 64 Vanguard Real Estate ETF 93.05 5,955.20___________ ____________ 5,606 $ 148,471.32___________ _______________________ ____________

See “Notes to Portfolios”.

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Notes to Portfolios

(1) The Securities are initially represented by “regular way” contracts for the performance of which anirrevocable letter of credit has been deposited with the Trustee. Contracts to acquire Securities wereentered into on December 9, 2019 and have a settlement date of December 11, 2019 (see “The Portfolios”).Shown under this heading for each exchange-traded note is the security title issuer name and scheduledmaturity date. Each note was originally issued with a principal amount per share equal to $50.

(2) The value of each Security is determined on the bases set forth under “Public Offering--Unit Price” as of theclose of the New York Stock Exchange on the business day before the Initial Date of Deposit. In accordancewith FASB Accounting Standards Codification (“ASC”), ASC 820, Fair Value Measurements and Disclosures,the Portfolio’s investments are classified as Level 1, which refers to security prices determined using quotedprices in active markets for identical securities. Other information regarding the Securities, as of the InitialDate of Deposit, is as follows:

Profit Cost to (Loss) To Sponsor Sponsor ______________ _____________

ETF Allocation Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,284 $ 0ETF Diversified Income Portfolio . . . . . . . . . . . . . . . . . . . . . . . $ 148,471 $ 0

“*” The investment advisor of this fund is an affiliate of the Sponsor.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Sponsor and Unitholders of Invesco Unit Trusts, Series 2018:

Opinion on the Financial Statements

We have audited the accompanying statements of condition (including the related portfolio schedules) ofETF Allocation Portfolio 2019-4 and ETF Diversified Income Portfolio 2019-4 (included in Invesco Unit Trusts,Series 2018 (the “Trust”)) as of December 10, 2019, and the related notes (collectively referred to as the“financial statements”). In our opinion, the financial statements present fairly, in all material respects, thefinancial position of the Trust as of December 10, 2019, in conformity with accounting principles generallyaccepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of Invesco Capital Markets, Inc., the Sponsor. Ourresponsibility is to express an opinion on the Trust’s financial statements based on our audits. We are a publicaccounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”)and are required to be independent with respect to the Trust in accordance with the U.S. federal securitieslaws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require thatwe plan and perform the audits to obtain reasonable assurance about whether the financial statements arefree of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were weengaged to perform, an audit of its internal control over financial reporting. As part of our audits we arerequired to obtain an understanding of internal control over financial reporting but not for the purpose ofexpressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly,we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financialstatements, whether due to error or fraud, and performing procedures that respond to those risks. Suchprocedures included examining, on a test basis, evidence regarding the amounts and disclosures in thefinancial statements. Our audits also included evaluating the accounting principles used and significantestimates made by the Sponsor, as well as evaluating the overall presentation of the financial statements. Ourprocedures included confirmation of cash or irrevocable letters of credit deposited for the purchase ofsecurities as shown in the statements of condition as of December 10, 2019 by correspondence with TheBank of New York Mellon, Trustee. We believe that our audits provide a reasonable basis for our opinion.

/s/ GRANT THORNTON LLP

We have served as the auditor of one or more of the unit investment trusts, sponsored by Invesco CapitalMarkets, Inc. and its predecessors, since 1976.

New York, New YorkDecember 10, 2019

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STATEMENTS OF CONDITIONAs of December 10, 2019

ETF ETF Diversified Allocation IncomeINVESTMENT IN SECURITIES Portfolio Portfolio _____________ _____________Contracts to purchase Securities (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,284 $ 148,471 _____________ _____________ Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,284 $ 148,471 _____________ _____________ _____________ _____________

LIABILITIES AND INTEREST OF UNITHOLDERSLiabilities-- Organization costs (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 964 $ 851 Deferred sales charge liability (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,002 2,004 Creation and development fee liability (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 741 742 Interest of Unitholders-- Cost to investors (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,284 148,471 Less: deferred sales charge, creation and development fee and organization costs (2)(4)(5)(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,707 3,597 _____________ _____________ Net interest to Unitholders (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,577 144,874 _____________ _____________ Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 148,284 $ 148,471 _____________ _____________ _____________ _____________Units outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,829 14,848 _____________ _____________ _____________ _____________Net asset value per Unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9.750 $ 9.758 _____________ _____________ _____________ _____________

(1) The value of the Securities is determined by the Trustee on the bases set forth under “Public Offering--Unit Price”. The contracts to purchaseSecurities are collateralized by separate irrevocable letters of credit which have been deposited with the Trustee.

(2) A portion of the Public Offering Price represents an amount sufficient to pay for all or a portion of the costs incurred in establishing a Portfolio.The amount of these costs are set forth in the “Fee Table”. A distribution will be made as of the earlier of the close of the initial offering period(approximately three months) or six months following the Initial Date of Deposit to an account maintained by the Trustee from which theorganization expense obligation of the investors will be satisfied. To the extent that actual organization costs of a Portfolio are greater than theestimated amount, only the estimated organization costs added to the Public Offering Price will be reimbursed to the Sponsor and deductedfrom the assets of the Portfolio.

(3) Represents the amount of mandatory distributions from a Portfolio on the bases set forth under “Public Offering”.(4) The creation and development fee is payable by a Portfolio on behalf of Unitholders out of the assets of the Portfolio as of the close of the

initial offering period. If Units are redeemed prior to the close of the initial public offering period, the fee will not be deducted from the proceeds.(5) The aggregate public offering price and the aggregate sales charge are computed on the bases set forth under “Public Offering”.(6) Assumes the maximum sales charge.

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THE PORTFOLIOS

The Portfolios were created under the laws of theState of New York pursuant to a Trust Indenture andTrust Agreement (the “Trust Agreement”), dated thedate of this prospectus (the “Initial Date of Deposit”),among Invesco Capital Markets, Inc., as Sponsor,Invesco Investment Advisers LLC, as Supervisor, andThe Bank of New York Mellon, as Trustee.

The Portfolios offer investors the opportunity topurchase Units representing proportionate interests in aportfolio of securities. Each Portfolio may be anappropriate medium for investors who desire toparticipate in a portfolio of securities with greaterdiversification than they might be able to acquireindividually.

On the Initial Date of Deposit, the Sponsor depositeddelivery statements relating to contracts for thepurchase of the Securities and an irrevocable letter ofcredit in the amount required for these purchases withthe Trustee. In exchange for these contracts, theTrustee delivered to the Sponsor documentationevidencing the ownership of Units of the Portfolios.Unless otherwise terminated as provided in the TrustAgreement, a Portfolio will terminate on the MandatoryTermination Date and any remaining Securities will beliquidated or distributed by the Trustee within areasonable time. As used in this prospectus the term“Securities” means the securities (including contracts topurchase these securities) listed under each “Portfolio”and any additional securities deposited into a Portfolio.

Additional Units of a Portfolio may be issued at anytime by deposit ing in the Portfol io ( i ) addit ionalSecurit ies, ( i i ) contracts to purchase Securit iestogether with cash or irrevocable letters of credit or (iii)cash (or a letter of credit or the equivalent) withinstructions to purchase additional Securities. Asaddit ional Units are issued by a Port fo l io, theaggregate value of the Securities will be increased andthe fractional undivided interest represented by eachUnit may be decreased. The Sponsor may continue tomake additional deposits into a Portfolio following theInitial Date of Deposit provided that the additionaldeposits will be in amounts which will maintain, as

near ly as pract icable, the same percentagerelationship among the number of shares of eachSecurity in the Portfolio that existed immediately priorto the subsequent deposit. Investors may experiencea dilution of their investments and a reduction in theiranticipated income because of fluctuations in theprices of the Securities between the time of thedeposit and the purchase of the Securit ies andbecause a Portfolio will pay the associated brokerageor acquisition fees. In addition, during the initialoffering of Units it may not be possible to buy apart icular Security due to regulatory or tradingrestr ict ions, or corporate act ions. Whi le suchlimitations are in effect, additional Units would becreated by purchasing each of the Securities in yourPortfolio that are not subject to those limitations. Thiswould also result in the dilution of the investment inany such Security not purchased and potentialvariances in anticipated income. Purchases and salesof Securities by your Portfolio may impact the value ofthe Securities. This may especially be the case duringthe initial offering of Units, upon Portfolio terminationand in the course of satisfying large Unit redemptions.

Each Unit of your Portfolio initially offered representsan undivided interest in the Portfolio. At the close of theNew York Stock Exchange on the Init ial Date ofDeposit, the number of Units may be adjusted so thatthe Public Offering Price per Unit equals $10. Thenumber of Units, fractional interest of each Unit in yourPortfolio and figures expressed on a per Unit basis willincrease or decrease to the extent of any adjustment.To the extent that any Units are redeemed to theTrustee or additional Units are issued as a result ofadditional Securities being deposited by the Sponsor,the fractional undivided interest in your Portfoliorepresented by each unredeemed Unit will increase ordecrease accordingly, although the actual interest inyour Portfolio will remain unchanged. Units will remainoutstanding until redeemed upon tender to the Trusteeby Unitholders, which may include the Sponsor, or untilthe termination of the Trust Agreement.

Each Portfolio consists of (a) the Securities (includingcontracts for the purchase thereof) listed under theapplicable “Portfolio” as may continue to be held from

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time to time in the Portfolio, (b) any additional Securitiesacquired and held by the Portfolio pursuant to theprovisions of the Trust Agreement and (c) any cash heldin the related Income and Capital Accounts. Neither theSponsor nor the Trustee shall be liable in any way forany contract failure in any of the Securities.

OBJECTIVES AND SECURITIES SELECTION

The objective of each Portfolio is described in theindividual Portfolio sections. There is no assurance thata Portfolio will achieve its objective.

The Sponsor does not manage the Portfolios. Youshould note that the Sponsor applied the selectioncriteria to the Securities for inclusion in the Portfoliosprior to the Initial Date of Deposit. After this time, theSecurities may no longer meet the selection criteria.Should a Security no longer meet the selection criteria,we will generally not remove the Security from aPortfolio. In offering the Units to the public, neither theSponsor nor any broker-dealers are recommending anyof the individual Securities but rather the entire pool ofSecurities in a Portfolio, taken as a whole, which arerepresented by the Units.

ETFs

ETFs are investment pools that hold other securities.The ETFs in your Portfolio are passively-managed indexfunds that seek to replicate the performance orcomposition of a recognized securities index. The ETFsheld by your Portfolio are either open-end managementinvestment companies or unit investment trustsregistered under the Investment Company Act of 1940,as amended (“1940 Act”). Unlike typical open-endfunds or unit investment trusts, ETFs generally do notsell or redeem their individual shares at net asset value.Although ETFs sell and redeem shares in large blocks(often known as “Creation Units”), the Sponsor doesnot intend to sell or redeem ETF shares in this manner.Securities exchanges list ETF shares for trading, whichallows investors to purchase and sell individual ETFshares among themselves at market prices throughoutthe day. Your Portfolio will purchase and sell ETF shareson these securities exchanges. ETFs therefore possess

characteristics of corporate common stocks, whichgenerally issue shares that trade at negotiated prices onsecurities exchanges and are not redeemable.

ETFs can provide exposure to broad-based indices,growth and value styles, market cap segments, sectorsand industries, and specific countries or regions of theworld. The securities comprising ETFs may includecommon equity securities, fixed income securities orother financial instruments. In general, ETFs may containanywhere from fewer than 20 securities up to more than1,000 securities. As a result, investors in ETFs (andinvestors in your Portfolio) obtain exposure to a muchgreater number of securities than an individual investorwould typically be able to obtain on their own. Theperformance of ETFs is generally highly correlated withthe indices or sectors which they are designed to track.

Certain of the funds in your Portfol io may beclassified as “non-diversified” under the 1940 Act.These funds have the ability to invest a greater portionof their assets in securities of a single issuer whichcould reduce diversification.

Due to the level of their investments in MLPs, certain ofthe funds in the ETF Diversified Income Portfolio may beclassified for federal income tax purposes as taxableregular corporations or so-called Subchapter “C”corporations (“C” corporations). Generally, “C”corporations in your Portfolio accrue a deferred tax liabilityfor future tax liabilities associated with its investments inMLPs. A “C” corporation’s accrued deferred tax liability, ifany, may be reflected in its net asset value per share. Anysuch deferred tax liability may vary greatly from year toyear depending on the nature of the “C” corporation’sinvestment holdings, the performance of thoseinvestments and general market conditions. Actualdeferred income tax expense, if any, is incurred over manyyears, depending on if and when investment gains andlosses are realized, the then-current basis of the “C”corporation’s assets and other factors.

RISK FACTORS

All investments involve risk. This section describes themain risks that can impact the value of the securities inyour Portfolio, the securities in the portfolios of the

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underlying funds and with respect to the ETF AllocationPortfolio, commodities related to the ETNs in thePortfolio. You should understand these risks before youinvest. If the value of the securities falls, the value of yourUnits will also fall. We cannot guarantee that yourPortfolio will achieve its objective or that your investmentreturn will be positive over any period.

The relative weighting or composition of yourPortfolio may change during the life of your Portfolio.Following the Initial Date of Deposit, the Sponsorintends to issue additional Units by depositing in yourPortfolio additional securities in a manner consistentwith the provisions described in the above sectionentitled “The Portfolio”. As described in that section, itmay not be possible to retain or continue to purchaseone or more Securities in your Portfolio. In addition, dueto certain limited circumstances described under“Portfolio Administration”, the composition of theSecurities in your Portfolio may change. Accordingly,the fluctuations in the relative weighting or compositionof your Portfolio may result in concentrations (25% ormore of a Portfolio’s assets) in securities of a particulartype, industry and/or geographic region described inthis section.

Market Risk. Market risk is the risk that the value ofsecurities in your Portfolio or in the underlying ETFs orETNs will fluctuate. This could cause the value of yourUnits to fall below your original purchase price. Marketvalue fluctuates in response to various factors. Thesecan include changes in interest rates, inflation, thefinancial condition of a security’s issuer, perceptions ofthe issuer, or ratings on a security. Even though yourPortfolio is supervised, you should remember that wedo not manage your Portfolio. Your Portfolio will not sella security solely because the market value falls as ispossible in a managed fund.

Dividend Payment Risk. Dividend payment risk isthe risk that an issuer of a security or an underlyingsecurity in an ETF or ETN is unwilling or unable to paydividends on a security. Stocks represent ownershipinterests in the issuers and are not obligations of theissuers. Common stockholders have a right to receivedividends only after the company has provided forpayment of its creditors, bondholders and preferred

stockholders. Common stocks do not assure dividendpayments. Dividends are paid only when declared by anissuer’s board of directors and the amount of any dividendmay vary over time. If dividends received by your Portfolioare insufficient to cover expenses, redemptions or otherPortfolio costs, it may be necessary for your Portfolio tosell Securities to cover such expenses, redemptions orother costs. Any such sales may result in capital gains orlosses to you. See “Taxation”.

Interest Rate Risk. Interest rate risk is the risk thatthe value of securities held by certain ETFs will fall ifinterest rates increase. The securities held by certainETFs typically fall in value when interest rates rise andrise in value when interest rates fall. The securities heldby certain ETFs with longer periods before maturity areoften more sensitive to interest rate changes. Given thehistorically low interest rate environment in the U.S.,risks associated with rising rates are heightened. Thenegative impact on fixed income securities from anyinterest rate increases could be swift and significantand, as a result, a rise in interest rates may adverselyaffect the value of your Units. Prices of bonds, eveninflation-protected bonds, held by certain ETFs may fallbecause of a rise in interest rates.

Credit Risk. Credit risk is the risk that a borrower isunable to meet its obligation to pay principal or interest ona security held by certain ETFs. This may reduce the levelof dividends such funds pay which would reduce yourincome and could cause the value of your Units to fall.

The ETNs in the ETF Allocation Portfolio pay interest,if any, only at maturity of the ETN and do not provide forcurrent interest payments during their terms. As aresult, the Portfolio will not receive periodic incomepayments from the ETNs.

Exchange-Traded Funds. Each Portfolio invests inshares of ETFs. You should understand the precedingsection titled “ETFs” before you invest. Shares of ETFsfrequently trade at a discount from their net asset valuein the secondary market. This risk is separate anddistinct from the risk that the net asset value of fundshares may decrease. The amount of such discountfrom net asset value is subject to change from time totime in response to various factors. ETFs are subject to

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various risks, including management’s ability to meet thefund’s investment objective, and to manage the fundportfolio when the underlying securities are redeemed orsold, during periods of market turmoil and as investors’perceptions regarding funds or their underlyinginvestments change. Your Portfolio and the underlyingfunds have operating expenses. You will bear not onlyyour share of your Portfolio’s expenses, but also theexpenses of the underlying funds. By investing in otherfunds, your Portfolio incurs greater expenses than youwould incur if you invested directly in the funds.

Index Correlation Risk. Index correlation risk isthe risk that the performance of an ETF or ETN in yourPortfolio will vary from the actual performance of asecurity’s target index, known as “tracking error.” Thiscan happen due to transaction costs, market impact,corporate actions (such as mergers and spin-offs) andtiming variances. Some ETFs use a technique called“representative sampling,” which means that the fundinvests in a representative sample of securities in itstarget index rather than all of the index securities. Thiscould increase the risk of a tracking error.

Exchange-Traded Notes. The ETF AllocationPortfolio invests in ETNs. ETNs are a type of senior,unsecured, unsubordinated debt security of the issuingcompany, meaning that if the issuer defaults on theETN, investors may lose some or all of their investment.This type of debt security differs from other types ofbonds and notes because ETN returns are based uponthe performance of a market index minus applicablefees, no periodic coupon payments are distributed andno principal protection exists. The purpose of ETNs ofthe type held by your Portfolio is generally to create atype of security that combines certain aspects of ETFsand bonds. Similar to ETFs, ETNs are generally tradedon a securities exchange and can be sold short.Investors can also hold the debt security until maturity.At that time the issuer is obligated to give the investor acash amount that would be equal to the principalamount times the applicable index factor less investorfees. The index factor on any given day is amathematical equation equal to the closing value of theunderlying index on that day divided by the initial indexlevel. The initial index level is the closing value of the

underlying index on the creation/inception date of thenote. It is important to note, however, that ETNstypically have 30 year terms and your Portfolio willterminate approximately 15 months after the Initial Dateof Deposit. As a result, the Portfolio will not hold an ETNuntil maturity but will sell or redeem the ETNs inconnection with the scheduled termination of yourPortfolio if not liquidated earlier as provided in the TrustAgreement.

One significant factor that affects an ETN's value isthe credit of the issuer. ETNs are synthetic investmentproducts that do not represent ownership of thesecurities of the indices they track, and are backed onlyby the issuer’s credit. The value of the ETN may dropdespite no change in the underlying index due to anadverse change in the issuer's creditworthiness or inperceptions of the issuer’s creditworthiness.

Each of the ETNs in the ETF Allocation Portfolio areliquid, exchange-traded securities at the time ofselection. The Sponsor only considers for inclusion inthe Portfolio ETNs deemed to have sufficient liquidity, asdetermined by analysis of an ETN’s trading history andvolume, among other factors. However, as with otherexchange-traded securities, an ETN may becomedelisted due to insufficient trading volume or othercircumstances. Even if there is a secondary market, itmay not provide liquidity. While the issuers of the notesmay make a market for the notes, they are not requiredto do so. If the notes are not listed on any securitiesexchange and the issuers of the notes were to ceaseacting as a market maker in the notes, it is likely thatthere would be no secondary market for the notes. Allof these factors impact the overall liquidity of the notesand may impact the price your Portfolio will receiveupon disposition of the notes.

Additional risks of investing in ETNs include limitedportfolio diversification, price fluctuations, uncertainprincipal repayment, conflicts of interest, and uncertainfederal income tax treatment. Investing in ETNs is notequivalent to a direct investment in an index or indexcomponents. The performance of the ETNs in thePortfolio may vary from the actual performance of theunderlying index and the performance of the underlyingindex components. By investing in ETNs, your Portfolio

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does not have certain rights that investors in theunderlying index or the underlying index componentsmay have, such as stock voting rights. Upon sale orredemption of the ETN shares held by your Portfolio,the Portfolio will be paid in cash, and will have no rightto receive delivery of any of the underlying indexcomponents or commodities or other assets underlyingthe index components. Certain ETNs may be subjectto early redemption or an accelerated maturity date atthe discretion of the issuer or one of its affiliates.Similar to ETFs, ETNs have operating fees that willreduce the amount of return at matur i ty or onredemption, and as a result your Portfolio may receiveless than the principal amount of its investment uponsale or redemption of an ETN, even if the value of therelevant index has increased. A conflict of interest mayarise if an ETN issuer engages in trading activities,such as shortselling, which may be at odds with theinterests of the ETN holders.

The issuing companies of the underlying ETNs inyour Portfol io are general ly investment banks,broker-dealers and other financial services companies.As a result, your Portfolio’s investment in ETNs will bemore susceptible to risks related to these companies.Banks and their holding companies are especiallysubject to the adverse effects of economic recession;volatile interest rates; portfolio concentrations ingeographic markets and in commercial and residentialreal estate loans; and competition from new entrants intheir fields of business. In addition, banks and theirholding companies are extensively regulated at both thefederal and state level and may be adversely affected byincreased regulat ions. Banks face increasedcompetition from nontraditional lending sources asregulatory changes permit new entrants to offer variousfinancial products. Technological advances such as theInternet allow nontraditional lending sources to cutoverhead and permit the more efficient use of customerdata. Banks are already facing tremendous pressurefrom mutual funds, brokerage firms and other financialservice providers in the competition to furnish servicesthat were traditionally offered by banks.

Companies engaged in investment management andbroker-dealer activities are subject to volatility in their

earnings and share prices that often exceeds thevolatility of the equity market in general. Adversechanges in the direction of the stock market, investorconfidence, equity transaction volume, the level anddirection of interest rates and the outlook of emergingmarkets could adversely affect the financial stability, aswel l as the stock prices, of these companies.Additionally, competitive pressures, including increasedcompetition with new and existing competitors, theongoing commoditization of traditional businesses andthe need for increased capital expenditures on newtechnology could adversely impact the profit margins ofcompanies in the investment management andbrokerage industries. Companies involved in investmentmanagement and broker-dealer activities are alsosubject to extensive regulation by government agenciesand self-regulatory organizations, and changes in laws,regulations or rules, or in the interpretation of such laws,regulations and rules could adversely affect the stockprices of such companies.

The appropriate treatment of ETNs for federalincome tax purposes is uncertain. Consistent withcurrent market practice, investors are not required toaccrue or recognize current income with respect to anETN’s contingent payout until maturity or disposition, atwhich time the contingent payout or sale wouldgenerally give rise to capital gain or loss. The InternalRevenue Service (the “IRS”) indicated, in 2007, that itwas reviewing the appropriate treatment of ETNs forfederal income tax purposes. See the “Taxation” sectionof the Information Supplement.

Corporate Bond Risk. Certain of the ETFs held bythe Portfolios may invest in corporate bonds. Corporatebonds, which are debt instruments issued bycorporations to raise capital, have priority over preferredsecurities and common stock in an issuer’s capitalstructure, but may be subordinated to an issuer’s otherdebt instruments. The market value of a corporate bondmay be affected by factors directly related to the issuer,such as investors’ perceptions of the creditworthinessof the issuer, the issuer’s financial performance,perceptions of the issuer in the market place,performance of the issuer’s management, the issuer’scapital structure, the use of financial leverage and

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demand for the issuer’s goods and services, and byfactors not directly related to the issuer such as generalmarket liquidity. The market value of corporate bondsgenerally may be expected to rise and fall inversely withinterest rates, and as a result, corporate bonds maylose value in a rising-rate environment. To the extent anyof the ETFs held your Portfolios are invested in belowinvestment grade corporate bonds, such bonds areoften high risk and have speculative characteristics andmay be particularly susceptible to adverse issuer-specific developments (see “High-Yield Security Risk”immediately below).

High-Yield Security Risk. Certain of the ETFsheld by your Portfolio may invest in high-yield securitiesor unrated securities. High-yield, high risk securities aresubject to greater market fluctuations and risk of lossthan securities with higher investment ratings. The valueof these securit ies wil l decline signif icantly withincreases in interest rates, not only because increasesin rates generally decrease values, but also becauseincreased rates may indicate an economic slowdown.An economic slowdown, or a reduction in an issuer’screditworthiness, may result in the issuer being unableto maintain earnings at a level sufficient to maintaininterest and principal payments.

High-yield or “junk” securities, the generic names forsecurities rated below “BBB-” by Standard & Poor’s or“Baa3” by Moody’s, are frequently issued bycorporations in the growth stage of their developmentor by established companies who are highly leveragedor whose operations or industries are depressed.Securities rated below BBB- or Baa3 are consideredspeculative as these ratings indicate a quality of lessthan investment grade. Because high-yield securitiesare general ly subordinated obl igations and areperceived by investors to be riskier than higher ratedsecurities, their prices tend to fluctuate more thanhigher rated securities and are affected by short-termcredit developments to a greater degree.

The market for high-yield securities is smaller andless liquid than that for investment grade securities.High-yield securities are generally not listed on anational securit ies exchange but trade in theover-the-counter markets. Due to the smaller, less liquid

market for high-yield securities, the bid-offer spread onsuch securities is generally greater than it is forinvestment grade securities and the purchase or sale ofsuch securities may take longer to complete.

Foreign Issuer Risk. Certain of the underlyingsecurities held by certain of the funds in your Portfolioor in an index linked to an ETN in the ETF AllocationPortfolio may be issued by foreign issuers. This subjectsyour Portfolio to more risks than if it invested insecurities linked solely to domestic issuers.

These risks include the risk of losses due to futurepolitical and economic developments, internationaltrade condit ions, foreign withholding taxes andrestrictions on foreign investments or exchange ofsecurities, foreign currency fluctuations or restriction onexchange or repatriation of currencies.

The political, economic and social structures of someforeign countries may be less stable and more volatilethan those in the U.S. Investments in these countriesmay be subject to the risks of internal and externalconflicts, currency devaluations, foreign ownershiplimitations and tax increases. It is possible that agovernment may take over the assets or operations of acompany or impose restrictions on the exchange orexport of currency or other assets. Diplomatic andpolitical developments, including rapid and adversepolitical changes, social instability, regional conflicts,terrorism and war, could affect the economies,industries, and securities and currency markets, and thevalue of an investment, in non-U.S. countries. No onecan predict the impact that these factors could have onthe value of foreign securities.

The purchase and sale of the foreign securities mayoccur in foreign securities markets. Certain of thefactors stated above may make it impossible to buy orsell them in a timely manner or may adversely affect thevalue received on a sale of securities. In addition, roundlot trading requirements exist in certain foreignsecurities markets. Brokerage commissions and otherfees general ly are higher for foreign securit ies.Government supervision and regulation of foreignsecurities markets, currency markets, trading systemsand brokers may be less than in the U.S. The

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procedures and rules governing foreign transactionsand custody also may involve delays in payment,delivery or recovery of money or investments.

Foreign companies may not be subject to the samedisclosure, accounting, auditing and financial reportingstandards and practices as U.S. companies. Thus,there may be less information publicly available aboutforeign companies than about most U.S. companies.Certain foreign securities may be less liquid (harder tosell) and more volatile than many U.S. securities.

Because securities of foreign issuers not listed on aU.S. securities exchange generally pay dividends andtrade in foreign currencies, the U.S. dollar value of thesesecurities and dividends will vary with fluctuations inforeign exchange rates. Most foreign currencies havefluctuated widely in value against the U.S. dollar forvarious economic and political reasons and foreigncurrency exchange markets can be quite volatiledepending on the activity of the large internationalcommercial banks, various central banks, largemulti-national corporations, speculators and otherbuyers and sellers of foreign currencies.

Emerging Market Risk. Each Port fo l io isexposed to securities issued by entities located inemerging markets and frontier emerging marketsthrough its investment in the underlying funds orETNs, as applicable. Emerging markets are generallydefined as countries in the init ial states of theirindustrialization cycles with low per capita income.Frontier emerging markets are the smallest, lessdeveloped, less liquid countries that make up theemerging markets. The markets of emerging marketsand frontier emerging markets countries are generallymore volatile than the markets of developed countrieswith more mature economies. All of the risks ofinvesting in foreign securities described above areheightened by investing in emerging markets andfrontier emerging markets countries.

Alternative Assets and Strategies Risk. YourPortfolio may invest in ETFs which invest in non-traditional or alternative asset classes including, but notl imited to REITs, MLPs, commodit ies, preferredsecurities and inflation-protected securities.

Real Estate Companies. The Portfolios are exposedto real estate investment trusts (“REITs”) and other realestate companies (collectively “real estate companies”)through investment in certain ETFs. You shouldunderstand the risks of real estate companies beforeyou invest. Many factors can have an adverse impact onthe performance of a particular real estate company,including its cash available for distribution, the creditquality of a particular company or the real estate industrygenerally. The success of real estate companiesdepends on various factors, including the quality ofproperty management, occupancy and rent levels,appreciation of the underlying property and the ability toraise rents on those properties. Economic recession,over-building, tax law changes, environmental issues,higher interest rates or excessive speculation can allnegatively impact these companies, their future earningsand share prices.

Risks associated with the direct ownership of realestate include, among other factors,

• general U.S. and global as well as localeconomic conditions,

• decline in real estate values,

• possible lack of availability of mortgage funds,

• the financial health of tenants,

• over-building and increased competition fortenants,

• over-supply of properties for sale,

• changing demographics,

• changes in interest rates, tax rates and otheroperating expenses,

• changes in government regulations,

• faulty construction and the ongoing need forcapital improvements,

• regulatory and judicial requirements, includingrelating to liability for environmental hazards,

• the ongoing financial strength and viability ofgovernment sponsored enterprises, such asFannie Mae and Freddie Mac,

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• changes in neighborhood values and buyerdemand, and

• the unavailability of construction financing ormortgage loans at rates acceptable todevelopers.

Variations in rental income and space availability andvacancy rates in terms of supply and demand areadditional factors affecting real estate generally and realestate companies in particular. Properties owned by acompany may not be adequately insured against certainlosses and may be subject to significant environmentalliabilities, including remediation costs.

You should also be aware that real estate companiesmay not be diversified and are subject to the risks offinancing projects. The real estate industry may becyclical, and, if your Portfolio acquires securities at or nearthe top of the cycle, there is increased risk of a decline invalue of the securities during the life of your Portfolio.

Real estate companies are also subject to defaultsby borrowers and the market’s perception of the realestate industry generally.

Because of the structure of certain real estatecompanies, and legal requirements in many countriesthat these companies distribute a certain minimumamount of their taxable income to shareholdersannually, real estate companies often require frequentamounts of new funding, through both borrowingmoney and issuing stock. Thus, many real estatecompanies historical ly have frequently issuedsubstantial amounts of new equity shares (orequivalents) to purchase or build new properties. Thismay have adversely affected security market prices.Both existing and new share issuances may have anadverse effect on these prices in the future, especiallywhen companies continue to issue stock when realestate prices are relatively high and stock prices arerelatively low.

Master Limited Partnership Risk. Certain of the fundsin the ETF Diversified Income Portfolio invest in masterlimited partnerships (“MLPs”). MLPs are generallyorganized as limited partnerships or limited liabilitycompanies that are taxed as partnerships and whoseequity shares (limited partnership units or limited liability

company units) are traded on securities exchanges likeshares of common stock. An MLP generally consists ofa general partner and limited partners. The generalpartner manages the partnership, has an ownershipstake in the partnership (generally around 2%) and mayhold incentive distribution rights, which entitle thegeneral partner to a higher percentage of cashdistributions as cash flows grow over time. The limitedpartners own the majority of the shares in an MLP, butgenerally do not have a role in the operation andmanagement of the partnership and do not have votingrights. MLPs generally distribute nearly all of theirincome to investors (generally around 90%) in the formof quarterly distributions. MLPs are not required to payout a certain percentage of income but are able to doso because they do not pay corporate taxes.

Currently, most MLPs operate in the energy sector,with a particular emphasis on the midstream sector ofthe energy value chain, which includes the infrastructurenecessary to transport, refine and store oil and gas.Investments in MLP interests are subject to the risksgenerally applicable to companies in the energy andnatural resources sectors, including commodity pricingrisk, supply and demand risk, depletion risk andexploration risk. In addition, the potential for regulatory orlegislative changes that could impact the highly regulatedsectors in which MLPs invest remains a significant risk tothe segment. Since MLPs typically distribute most of theirfree cash flow, they are often heavily dependent uponaccess to capital markets to facilitate continued growth.A severe economic downturn could reduce the ability ofMLPs to access capital markets and could also reduceprofitability by reducing energy demand. Certain MLPsmay be subject to additional liquidity risk due to limitedtrading volumes.

There are certain tax risks associated with MLPs towhich your Portfolio may be exposed, including the riskthat regulatory or legislative changes could limit oreliminate the tax benefits enjoyed by MLPs. These taxrisks, and any adverse determination with respectthereto, could have a negative impact on the after-taxincome available for distribution by the MLPs and/or thevalue of your Portfolio’s investments.

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Commodity Risk. The ETF Allocation Portfolio isexposed to commodities primarily through investment inunderlying notes. A commodity is a basic good used incommerce that is interchangeable with othercommodities of the same type and which is suppliedwithout qualitative differentiation across a given market.Commodities are most often used as inputs in theproduction of other goods or services. The quality of agiven commodity may differ slightly, but it is essentiallyuniform across producers. Well-established physicalcommodities have actively traded spot and derivativemarkets. Generally, these are basic resources andagricultural products such as iron ore, crude oil, coal,ethanol, sugar, soybeans, aluminum, rice, wheat, goldand silver. Commodities prices are highly volatile andare affected by numerous factors in addit ion toeconomic activity. These include political events,weather, labor activity, direct government intervention,such as embargoes, and supply disruptions in majorproducing or consuming regions. Those events tend toaffect prices worldwide, regardless of the location of theevent. Market expectations about these events andspeculative activity also cause prices to fluctuate. Thesefactors may adversely affect the performance of thereference assets or their components and, as a result,the market value of the funds in the Portfolio and theamount the underlying securities in the Portfolio willreceive at maturity. Certain commodity exchanges haveregulations that limit the amount of fluctuation in futurescontract prices which may occur during a singlebusiness day. These limits are generally referred to as“daily price fluctuation limits”, and the maximum orminimum price of a futures contract on any given dayas a result of these limits is referred to as a “limit price.”Once the limit price has been reached in a particularfutures contract, no trades may be made at a differentprice. Limit prices may have the effect of precludingtrading in a particular contract or forcing the liquidationof futures contracts at disadvantageous times or prices.These circumstances could adversely affect the pricesof the commodities comprising the reference asset and,therefore, could adversely affect the value of theunderlying securities in the Portfolio. Suspensions ordisruptions of market trading in the commodity marketsand related futures markets may adversely affect the

amount of principal, interest or any other amountspayable on the underlying securities and/or the marketvalue of the underlying securities. The commoditymarkets are subject to temporary distortions or otherdisruptions due to various factors, including a lack ofliquidity in the markets, the participation of speculatorsand potential government regulation and intervention. Inaddition, some futures exchanges have regulations thatlimit the amount of fluctuation in futures contract pricesthat may occur during a single business day. Thesefactors may adversely affect the performance of thereference assets or their components and, as a result,the market value of the underlying securities and theprincipal, interest and other amounts payable on theunderlying securities.

Preferred Securities Risk. Certain funds held by theETF Diversified Income Portfolio invest in preferredsecurities including preferred stocks, trust preferredsecurities or other similar securities.

Preferred stocks are unique securities that combinesome of the characteristics of both common stocks andbonds. Preferred stocks generally pay a fixed rate ofreturn and are sold on the basis of current yield, likebonds. However, because they are equity securities,preferred stocks provide equity ownership of a companyand the income is paid in the form of dividends.Preferred stocks typically have a yield advantage overcommon stocks as well as comparably-rated fixedincome investments. Preferred stocks are typicallysubordinated to bonds and other debt instruments in acompany’s capital structure, in terms of priority tocorporate income, and therefore will be subject togreater credit risk than those debt instruments.

Trust preferred securities are securities typicallyissued by corporations, generally in the form of interest-bearing notes or preferred securities, or by an affiliatedbusiness trust of a corporation, generally in the form ofbeneficial interests in subordinated debentures orsimilarly structured securities. Distribution payments ofthe Portfolio preferred securities generally coincide withinterest payments on the underlying obligations. Trustpreferred securities generally have a yield advantageover traditional preferred stocks, but unlike preferredstocks, in some cases distributions are treated as

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interest rather than dividends for federal income taxpurposes and therefore, are not el igible for thedividends-received deduction. Trust preferred securitiesprices fluctuate for several reasons including changes ininvestors’ perception of the financial condition of anissuer or the general condition of the market for trustpreferred securities, or when political or economicevents affecting the issuers occur. Trust preferredsecurities are also sensitive to interest rate fluctuations,as the cost of capital rises and borrowing costsincrease in a rising interest rate environment and therisk that a trust preferred security may be called forredemption in a falling interest rate environment. Certaintrust preferred securities are also subject to unique riskswhich include the fact that dividend payments will onlybe paid i f interest payments on the underlyingobligations are made, which interest payments aredependent on the financial condition of the issuer andmay be deferred. During any deferral period, investorsare generally taxed as if they had received currentincome. In such a case, an investor may have incometaxes due prior to receiving cash distributions to paysuch taxes. In addition, the underlying obligations, andthus the trust preferred securities, may be pre-paid aftera stated call date or as a result of certain tax orregulatory events. Preferred securities are typicallysubordinated to bonds and other debt instruments in acompany’s capital structure, in terms of priority tocorporate income, and therefore will be subject togreater credit risk than those debt instruments.

Inflation-Protected Securities Risk. Certain of the ETFsin the ETF Allocation Portfolio invest in TreasuryInflation-Protected Securities (“TIPS”) issued by the U.S.Department of Treasury or similar securities issued byforeign governments. TIPS are inflation-indexed fixed-income securities that utilize an inflation mechanism tiedto the Consumer Price Index for All Urban Consumers(“CPI”). TIPS are backed by the full faith and credit of theUnited States. TIPS are offered with coupon interest rateslower than those of nominal rate Treasury securities. Thecoupon interest rate remains fixed throughout the term ofthe securities. However, each day the principal value ofthe TIPS is adjusted based upon a pro-rata portion of theCPI as reported three months earlier. Future interest

payments are made based upon the coupon interest rateand the adjusted principal value. Inflation-protectedsecurities issued by foreign governments offer similarfeatures as TIPS. In a falling inflationary environment,both interest payments and the value of the TIPS andother inflation-protected securities will decline. If interestrates rise for reasons other than inflation, the value ofinflation-protected securities may be negatively impacted.In certain interest rate environments, inflation-protectedsecurities may experience greater losses than other fixedincome securities with similar durations.

Energy Issuers. The ETF Diversified IncomePortfolio is exposed to companies in the energy sectorprimarily through its investment in ETFs that invest inMLPs. Energy companies can be significantly impactedby fluctuations in the prices of energy fuels, such ascrude oil, natural gas, and other fossil fuels. Extendedperiods of low energy fuel prices can have a materialadverse impact on an energy company’s financialcondition and results of operations. The prices ofenergy fuels can be materially impacted by generaleconomic conditions, demand for energy fuels, industryinventory levels, production quotas or other actions thatmight be imposed by the Organization of PetroleumExport ing Countr ies (“OPEC”), weather-relateddisruptions and damage, competing fuel prices, andgeopolitical risks. Recently, the price of crude oil, naturalgas and other fossil fuels has declined substantially andexperienced significant volatility, which has adverselyimpacted energy companies and their stock prices anddividends. The price of energy fuels may decline furtherand have further adverse effects on energy companies.

Some energy companies depend on their ability to findand acquire additional energy reserves. The explorationand recovery process involves significant operatinghazards and can be very costly. An energy company hasno assurance that it will find reserves or that any reservesfound will be economically recoverable.

The energy industry also faces substantialgovernment regulation, including environmentalregulation regarding air emissions and disposal ofhazardous materials. These regulations may increasecosts and limit production and usage of certain fuels.Additionally, governments have been increasing their

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attention to issues related to greenhouse gas (“GHG”)emissions and climate change, and regulatory measuresto limit or reduce GHG emissions are currently in variousstages of discussion or implementation. GHGemissions-related regulations could substantially harmenergy companies, including by reducing the demandfor energy fuels and increasing compliance costs.Energy companies also face risks related to politicalconditions in oil producing regions (such as the MiddleEast). Political instability or war in these regions couldnegatively impact energy companies.

The operations of energy companies can bedisrupted by natural or human factors beyond thecontrol of the energy company. These includehurricanes, floods, severe storms, and other weatherevents, civil unrest, accidents, war, earthquakes, fire,political events, systems failures, and terrorist attacks,any of which could result in suspension of operations.Energy companies also face certain hazards inherent tooperating in their industry, such as accidental releasesof energy fuels or other hazardous materials,explosions, and mechanical failures, which can result inenvironmental damage, loss of life, loss of revenues,legal liability and/or disruption of operations.

Convertible Securities Risk. Certain funds heldby the ETF Diversified Income Portfolio may invest inconvertible securities. Convertible securities generallyoffer lower interest or dividend yields than non-convertible fixed-income securities of similar creditquality because of the potential for capital appreciation.The market values of convertible securities tend todecline as interest rates increase and, conversely, toincrease as interest rates decl ine. However, aconvertible security’s market value also tends to reflectthe market price of the common stock of the issuingcompany, particularly when the stock price is greaterthan the convertible security’s conversion price. Theconversion price is defined as the predetermined priceor exchange ratio at which the convertible security canbe converted or exchanged for the underlying commonstock. As the market price of the underlying commonstock declines below the conversion price, the price ofthe convertible security tends to be increasinglyinfluenced more by the yield of the convertible security

than by the market price of the underlying commonstock. Thus, it may not decline in price to the sameextent as the underlying common stock, andconvertible securities generally have less potential forgain or loss than common stocks. However, mandatoryconvertible securities (as discussed below) generally donot limit the potential for loss to the same extent assecurities convertible at the option of the holder. In theevent of a liquidation of the issuing company, holders ofconvertible securities would be paid before thatcompany’s common stockholders. Consequently, anissuer’s convertible securities generally entail less riskthan its common stock. However, convertible securitiesfall below the debt obligations of the same issuer inorder of preference or priority in the event of aliquidation and are typically unrated or rated lower thansuch debt obligations.

Mandatory convertible securities are distinguished asa subset of convert ible securit ies because theconversion is not optional and the conversion price atmaturity is based solely upon the market price of theunderlying common stock, which may be significantlyless than par or the price (above or below par) paid. Forthese reasons, the risks associated with investing inmandatory convertible securities most closely resemblethe risks inherent in common stocks. Mandatoryconvertible securities customarily pay a higher couponyield to compensate for the potential risk of additionalprice volatility and loss upon conversion. Because themarket price of a mandatory convertible securityincreasingly corresponds to the market price of itsunderlying common stock as the convertible securityapproaches its conversion date, there can be noassurance that the higher coupon will compensate forthe potential loss.

Value-Style Investment Risk. Certain of thesecurities held by certain funds in your Portfolio areissued by issuers which, based upon their relativelylower than average price/book rat ios, may beundervalued or inexpensive relative to other issuers inthe same industry or the economy as a whole. Thesesecurities are generally selected on the basis of factorssuch as an issuer’s business and economicfundamentals or the securities’ current and projected

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credit profiles, relative to current market price. Suchsecurit ies are subject to the risk of inaccuratelyestimating certain fundamental factors and will generallyunderperform during periods when value styleinvestments are out of favor. In addition, securitiesbelieved to be undervalued are subject to the risks suchas the issuer’s potential business prospects not beingrealized; their potential values not being recognized bythe market; and the risk that they were appropriatelypriced (or overpriced) when acquired due tounanticipated or unforeseen problems associated withthe issuer or industry.

Growth-Style Investment Risk. Certain of thesecurities held by certain funds in your Portfolio areissued by issuers that are considered to be “growth”companies which have relatively higher than averageprice/book ratios or are believed to have potential toexperience greater earnings growth rates relative toother issuers in the same industry or the economy as awhole. Securities of growth companies may be morevolatile than other securities. If the perception of anissuer's growth potential is not realized, the securitiesmay not perform as expected, reducing your Portfolio'sreturn. Because different types of securities tend to shiftin and out of favor depending on market and economicconditions, growth securities may perform differentlyfrom the market as a whole and other types ofsecurities. In addition, due to their relatively highvaluations, growth-themed securities are often morevolatile than value-themed securities. Also, because thevalue of growth issuers is generally a function of theirexpected earnings growth, there is a risk that suchearnings growth may not occur or cannot be sustained.

Smaller Capitalization Companies. Certain ofthe securities held by certain funds in your Portfolio maybe issued by small capitalization and mid capitalization(collectively “smaller cap”) companies. Investing instocks of smaller cap companies may involve greaterrisk than investing in stocks of larger capitalizationcompanies, since they can be subject to more abrupt orerratic price movements. Many smaller cap companieswill have had their securities publicly traded, if at all, foronly a short period of time and will not have had theopportunity to establish a reliable trading pattern through

economic cycles. The price volatility of smaller capcompanies is relatively higher than larger, older and moremature companies. This greater price volatility of smallercap companies may result from the fact that there maybe less market liquidity, less information publicly availableor fewer investors who monitor the activities of thesecompanies. In addition, the market prices of thesesecurities may exhibit more sensitivity to changes inindustry or general economic conditions. Some smallercap companies will not have been in existence longenough to experience economic cycles or todemonstrate whether they are sufficiently well managedto survive downturns or inflationary periods. Further, avariety of factors may affect the success of a company'sbusiness beyond the ability of its management toprepare or compensate for them, including domesticand international political developments, governmenttrade and fiscal policies, patterns of trade and war orother military conflict which may affect industries ormarkets or the economy generally.

Liquidity Risk. Liquidity risk is the risk that the valueof a security will fall if trading in the security is limited orabsent. The market for certain investments may becomeless liquid or illiquid due to adverse changes in theconditions of a particular issuer or due to adversemarket or economic conditions. In the absence of aliquid trading market for a particular security, the price atwhich such security may be sold to meet redemptions,as well as the value of the Units of your Portfolio, may beadversely affected. No one can guarantee that a liquidtrading market will exist for any security.

Tax and Legislation Risk. Tax legislation proposedby the President or Congress, tax regulations proposedby the U.S. Treasury or positions taken by the InternalRevenue Service could affect the value of your Portfolioby changing the taxation or tax characterizations of itsportfolio securities, or dividends and other income paidby or related to such securit ies. Congress hasconsidered such proposals in the past and may do so inthe future. In December 2017, Congress passed, andthe President signed, significant tax legislation much ofwhich became effective in 2018. No one can predictwhether any other legislation will be proposed, adoptedor amended by Congress and no one can predict the

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impact that any other legislation might have on yourPortfolio or its portfolio securities, or on the tax treatmentof your Portfolio or of your investment in your Portfolio.

No FDIC Guarantee. An investment in yourPortfolio is not a deposit of any bank and is not insuredor guaranteed by the Federal Deposit InsuranceCorporation or any other government agency.

PUBLIC OFFERING

General. Units are offered at the Public OfferingPrice which consists of the net asset value per Unit plusorganization costs plus the sales charge. The net assetvalue per Unit is the value of the securities, cash andother assets in your Portfolio reduced by the liabilities ofthe Portfolio divided by the total Units outstanding. Themaximum sales charge equals 1.85% of the PublicOffering Price per Unit (1.885% of the aggregateoffering price of the Securities) at the time of purchase.

The initial sales charge is the difference between thetotal sales charge amount (maximum of 1.85% of thePublic Offering Price per Unit) and the sum of theremaining fixed dollar deferred sales charge and thefixed dollar creation and development fee (initially$0.185 per Unit). Depending on the Public OfferingPrice per Unit, you pay the initial sales charge at thetime you buy Units. The deferred sales charge is fixedat $0.135 per Unit. Your Portfolio pays the deferredsales charge in installments as described in the “FeeTable.” If any deferred sales charge payment date isnot a business day, we will charge the payment on thenext business day. If you purchase Units after the initialdeferred sales charge payment, you will only pay thatportion of the payments not yet collected. If youredeem or sell your Units prior to collection of the totaldeferred sales charge, you will pay any remainingdeferred sales charge upon redemption or sale of yourUnits. The initial and deferred sales charges arereferred to as the “transactional sales charge.” Thetransactional sales charge does not include thecreation and development fee which compensates theSponsor for creating and developing your Portfolio andis described under “Expenses.” The creation anddevelopment fee is fixed at $0.05 per Unit. YourPortfolio pays the creation and development fee as of

the close of the initial offering period as described inthe “Fee Table.” If you redeem or sell your Units prior tocollection of the creation and development fee, you willnot pay the creation and development fee uponredemption or sale of your Units. After the initial offeringperiod the maximum sales charge will be reduced by0.50%, reflecting the previous collection of the creationand development fee. Because the deferred salescharge and creation and development fee are fixeddollar amounts per Unit, the actual charges will exceedthe percentages shown in the “Fee Table” if the PublicOffering Price per Unit falls below $10 and will be lessthan the percentages shown in the “Fee Table” if thePublic Offering Price per Unit exceeds $10. In no eventwill the maximum total sales charge exceed 1.85% ofthe Public Offering Price per Unit.

The “Fee Table” shows the sales charge calculationat a $10 Public Offering Price per Unit. At a $10 PublicOffering Price, there is no initial sales charge during theinitial offering period. If the Public Offering Priceexceeds $10 per Unit, you will pay an initial salescharge equal to the difference between the total salescharge and the sum of the remaining deferred salescharge and the creation and development fee. Forexample, if the Public Offering Price per Unit rose to$14, the maximum sales charge would be $0.259(1.85% of the Public Offering Price per Unit), consistingof an initial sales charge of $0.074, a deferred salescharge of $0.135 and the creation and development feeof $0.050. Since the deferred sales charge and creationand development fee are fixed dollar amounts per Unit,your Portfolio must charge these amounts per Unitregardless of any decrease in net asset value. However,if the Public Offering Price per Unit falls to the extentthat the maximum sales charge percentage results in adollar amount that is less than the combined fixed dollaramounts of the deferred sales charge and creation anddevelopment fee, your initial sales charge will be a creditequal to the amount by which these fixed dollar chargesexceed your sales charge at the time you buy Units. Insuch a situation, the value of securities per Unit wouldexceed the Public Offering Price per Unit by the amountof the initial sales charge credit and the value of thosesecurities will fluctuate, which could result in a benefit or

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detriment to Unitholders that purchase Units at thatprice. The initial sales charge credit is paid by theSponsor and is not paid by your Portfolio. If the PublicOffering Price per Unit fell to $6, the maximum salescharge would be $0.111 (1.85% of the Public OfferingPrice per Unit), which consists of an initial sales charge(credit) of -$0.074, a deferred sales charge of $0.135and a creation and development fee of $0.050.

The actual sales charge that may be paid by aninvestor may differ slightly from the sales chargesshown herein due to rounding that occurs in thecalculation of the Public Offering Price and in thenumber of Units purchased.

The minimum purchase is 100 Units (25 Units forretirement accounts) but may vary by selling firm.Certain broker-dealers or selling firms may charge anorder handling fee for processing Unit purchases.

Reducing Your Sales Charge. The Sponsoroffers ways for you to reduce the sales charge that youpay. It is your financial professional’s responsibility toalert the Sponsor of any discount when you purchaseUnits. Before you purchase Units you must also informyour financial professional of your qualification for anydiscount to be eligible for a reduced sales charge. Sincethe deferred sales charge and creation anddevelopment fee are fixed dollar amounts per Unit, yourPortfol io must charge these amounts per Unitregardless of any discounts. However, if you are eligibleto receive a discount such that your total sales chargeis less than the fixed dollar amounts of the deferredsales charges and creation and development fee, youwill receive a credit equal to the difference between yourtotal sales charge and these fixed dollar charges at thetime you buy Units.

Fee Accounts. Investors may purchase Units throughregistered investment advisers, certified financialplanners and registered broker-dealers who in eachcase either charge periodic fees for brokerage services,f inancial planning, investment advisory or assetmanagement services, or provide such services inconnection with the establishment of an investmentaccount for which a comprehensive “fee based” charge(“Fee Based”) is imposed (“Fee Accounts”). If Units of a

Portfolio are purchased for a Fee Account and thePortfolio is subject to a Fee Based charge (i.e., thePortfolio is “Fee Based Eligible”), then the purchase willnot be subject to the transactional sales charge but willbe subject to the creation and development fee of$0.05 per Unit that is retained by the Sponsor. Pleaserefer to the section called “Fee Accounts” for additionalinformation on these purchases. The Sponsor reservesthe right to limit or deny purchases of Units described inthis paragraph by investors or selling firms whosefrequent trading activity is determined to be detrimentalto a Portfolio. Fee Based Eligible Units are not eligiblefor any sales charge discounts in addition to that whichis described in this paragraph and under the “FeeAccounts” section found below.

Employees. Employees, officers and directors(including their spouses (or the equivalent if recognizedunder local law) and children or step-children under 21living in the same household, parents or step-parentsand trustees, custodians or fiduciaries for the benefit ofsuch persons) of Invesco Capital Markets, Inc. and itsaffiliates, and dealers and their affiliates may purchaseUnits at the Public Offering Price less the applicabledealer concession. All employee discounts are subjectto the pol icies of the related sel l ing f irm. Onlyemployees, officers and directors of companies thatallow their employees to participate in this employeediscount program are eligible for the discounts.

Distribution Reinvestments. We do not charge anysales charge when you reinvest distributions from yourPortfolio into additional Units of your Portfolio. Since thedeferred sales charge and creation and developmentfee are fixed dollar amounts per unit, your Portfolio mustcharge these amounts per unit regardless of thisdiscount. If you elect to reinvest distributions, theSponsor will credit you with additional Units with adollar value sufficient to cover the amount of anyremaining deferred sales charge and creation anddevelopment fee that will be collected on such Units atthe time of reinvestment. The dollar value of these Unitswill fluctuate over time.

Unit Price. The Public Offering Price of Units willvary from the amounts stated under “EssentialInformation” in accordance with fluctuations in the prices

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of the underlying Securities in your Portfolio. The initialprice of the Securities upon deposit by the Sponsor wasdetermined by the Trustee. The Trustee will generallydetermine the value of the Securities as of the EvaluationTime on each business day and will adjust the PublicOffering Price of Units accordingly. The Evaluation Timeis the close of the New York Stock Exchange on eachbusiness day. The term “business day”, as used hereinand under “Rights of Unitholders--Redemption of Units”,means any day on which the New York Stock Exchangeis open for regular trading. The Public Offering Price perUnit will be effective for all orders received prior to theEvaluation Time on each business day. Orders receivedby the Sponsor prior to the Evaluation Time and ordersreceived by authorized financial professionals prior to theEvaluation Time that are properly transmitted to theSponsor by the time designated by the Sponsor, arepriced based on the date of receipt. Orders received bythe Sponsor after the Evaluation Time, and ordersreceived by authorized financial professionals after theEvaluation Time or orders received by such persons thatare not transmitted to the Sponsor until after the timedesignated by the Sponsor, are priced based on thedate of the next determined Public Offering Price perUnit provided they are received timely by the Sponsor onsuch date. It is the responsibility of authorized financialprofessionals to transmit orders received by them to theSponsor so they will be received in a timely manner.

The value of portfolio securities is based on thesecurities’ market price when available. When a marketprice is not readily available, including circumstancesunder which the Trustee determines that a security’smarket price is not accurate, a portfolio security isvalued at its fair value, as determined under proceduresestablished by the Trustee or an independent pricingservice used by the Trustee. In these cases, yourPortfolio’s net asset value will reflect certain portfoliosecurities’ fair value rather than their market price. Withrespect to securities that are primarily listed on foreignexchanges, the value of the portfolio securities maychange on days when you will not be able to purchaseor sell Units. The value of any foreign securities is basedon the applicable currency exchange rate as of the

Evaluation Time. The Sponsor wil l provide pricedissemination and oversight services to your Portfolio.

During the initial offering period, part of the PublicOffering Price represents an amount that will pay thecosts incurred in establishing your Portfolio. Thesecosts include the costs of preparing documents relatingto your Portfolio (such as the registration statement,prospectus, trust agreement and legal documents),federal and state registration fees, the initial fees andexpenses of the Trustee and the initial audit. YourPortfolio will sell securities to reimburse us for thesecosts at the end of the initial offering period or after sixmonths, if earlier. The value of your Units will declinewhen your Portfolio pays these costs.

Unit Distribution. Units will be distributed to thepublic by the Sponsor, broker-dealers and others at thePublic Offer ing Price. Units repurchased in thesecondary market, if any, may be offered by thisprospectus at the secondary market Public OfferingPrice in the manner described above.

Unit Sales Concessions. Brokers, dealers and otherswil l be al lowed a regular concession or agencycommission in connection with the distribution of Unitsduring the initial offering period of 1.25% of the PublicOffering Price per Unit.

Volume Concession Based Upon Annual Sales. Asdescribed below, broker-dealers and other sellingagents may in certain cases be eligible for an additionalconcession based upon their annual eligible sales of allInvesco fixed income and equity unit investment trusts.Eligible sales include all units of any Invesco unitinvestment trust underwritten or purchased directly fromInvesco during a trust’s initial offering period. Forpurposes of this concession, trusts designated as either“Invesco Unit Trusts, Taxable Income Series” or“Invesco Unit Trusts, Municipal Series” are fixed incometrusts, and trusts designated as “Invesco Unit TrustsSeries” are equity trusts. In addition to the regularconcessions or agency commissions described abovein “Unit Sales Concessions” all broker-dealers and othersell ing firms wil l be eligible to receive additionalcompensation based on total initial offering period salesof all eligible Invesco unit investment trusts during the

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previous consecutive 12-month period through the endof the most recent month. The Volume Concession, asapplicable to equity and fixed income trust units, is setforth in the following table:

Volume Concession ____________________ Total Sales Equity Trust Fixed Income (in millions) Units Trust Units______________________ ____________ ______________

$25 but less than $100 0.035% 0.035%$100 but less than $150 0.050 0.050$150 but less than $250 0.075 0.075$250 but less than $1,000 0.100 0.100$1,000 but less than $5,000 0.125 0.100$5,000 but less than $7,500 0.150 0.100$7,500 or more 0.175 0.100

Broker-dealers and other selling firms will not receivethe Volume Concession on the sale of units purchased inFee Accounts, however, such sales will be included indetermining whether a firm has met the sales levelbreakpoints set forth in the Volume Concession tableabove. Secondary market sales of all unit investmenttrusts are excluded for purposes of the VolumeConcession. Eligible dealer firms and other selling agentsinclude clearing firms that place orders with Invesco andprovide Invesco with information with respect to therepresentatives who initiated such transactions. Eligibledealer firms and other selling agents will not include firmsthat solely provide clearing services to other broker-dealerfirms or firms who place orders through clearing firms thatare eligible dealers. We reserve the right to change theamount of the concessions or agency commissions fromtime to time. For a trust to be eligible for this additionalcompensation, the trust’s prospectus must includedisclosure related to this additional compensation.

Additional Information. Except as provided in thissection, any sales charge discount provided to investorswill be borne by the selling broker-dealer or agent. For allsecondary market transactions the total concession oragency commission will amount to 80% of the applicablesales charge. Notwithstanding anything to the contraryherein, in no case shall the total of any concessions,agency commissions and any additional compensationallowed or paid to any broker, dealer or other distributor ofUnits with respect to any individual transaction exceed the

total sales charge applicable to such transaction. TheSponsor reserves the right to reject, in whole or in part,any order for the purchase of Units and to change theamount of the concession or agency commission todealers and others from time to time.

We may provide, at our own expense and out of ourown profits, additional compensation and benefits tobroker-dealers who sell Units of a Portfolio and our otherproducts. This compensation is intended to result inadditional sales of our products and/or compensatebroker-dealers and financial advisors for past sales. Wemay make these payments for marketing, promotional orrelated expenses, including, but not limited to, expensesof entertaining retail customers and financial advisors,advertising, sponsorship of events or seminars, obtainingshelf space in broker-dealer firms and similar activitiesdesigned to promote the sale of a Portfolio and our otherproducts. Fees may include payment for travel expenses,including lodging, incurred in connection with trips takenby invited registered representatives for meetings orseminars of a business nature. These arrangements willnot change the price you pay for your Units.

Sponsor Compensation. The Sponsor will receivethe total sales charge applicable to each transaction.Except as provided under “Unit Distribution” above, anysales charge discount provided to investors will beborne by the selling dealer or agent. In addition, theSponsor will realize a profit or loss as a result of thedifference between the price paid for the Securities bythe Sponsor and the cost of the Securities to a Portfolioon the Initial Date of Deposit as well as on subsequentdeposits. See “Notes to Portfolios”. Invesco CapitalManagement LLC, an affiliate of the Sponsor, acts asinvestment advisor to certain of the underlying funds inyour Portfolio, and will receive compensation in thiscapacity. The Sponsor has not participated as soleunderwriter or as manager or as a member of theunderwriting syndicates or as an agent in a privateplacement for any of the Securities. The Sponsor mayrealize profit or loss as a result of possible fluctuations inthe market value of Units held by the Sponsor for saleto the public. In maintaining a secondary market, theSponsor will realize profits or losses in the amount ofany difference between the price at which Units are

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purchased and the price at which Units are resold(which price includes the applicable sales charge) orfrom a redemption of repurchased Units at a priceabove or below the purchase price. Cash, if any, madeavailable to the Sponsor prior to the date of settlementfor the purchase of Units may be used in the Sponsor’sbusiness and may be deemed to be a benefit to theSponsor, subject to the limitations of the SecuritiesExchange Act of 1934, as amended (“1934 Act”).

Affiliated companies of the Sponsor may receivelicense fees from certain ETFs in your Portfolio for use ofcertain trademarks, service marks or other propertyrelated to indices maintained by these companies. TheETFs are not sponsored, endorsed, sold or promoted bythese affiliates. These affiliates make no representation orwarranty, express or implied, to the owners of these fundsor any member of the public regarding the advisability ofinvesting in funds or in these funds particularly or theability of the indices to track general stock marketperformance. The indices are determined, composed andcalculated without regard to the issuer of these funds ortheir owners, including your Portfolio.

The Sponsor or an affiliate may have participated in apublic offering of one or more of the Securities. TheSponsor, an affiliate or their employees may have a longor short position in these Securities or related securities.An affiliate may act as a specialist or market maker forthese Securities. An officer, director or employee of theSponsor or an affiliate may be an officer or director forissuers of the Securities.

Market for Units. Although it is not obligated to doso, the Sponsor may maintain a market for Units and topurchase Units at the secondary market repurchase price(which is described under “Right of Unitholders--Redemption of Units”). The Sponsor may discontinuepurchases of Units or discontinue purchases at this priceat any time. In the event that a secondary market is notmaintained, a Unitholder will be able to dispose of Units bytendering them to the Trustee for redemption at theRedemption Price. See “Rights of Unitholders--Redemption of Units”. Unitholders should contact theirbroker to determine the best price for Units in thesecondary market. Units sold prior to the time the entiredeferred sales charge has been collected will be assessed

the amount of any remaining deferred sales charge at thetime of sale. The Trustee will notify the Sponsor of anyUnits tendered for redemption. If the Sponsor’s bid in thesecondary market equals or exceeds the RedemptionPrice per Unit, it may purchase the Units not later than theday on which Units would have been redeemed by theTrustee. The Sponsor may sell repurchased Units at thesecondary market Public Offering Price per Unit.

RETIREMENT ACCOUNTS

Units are available for purchase in connection withcertain types of tax-sheltered retirement plans, includingIndividual Retirement Accounts for individuals, SimplifiedEmployee Pension Plans for employees, qualified plans forself-employed individuals, and qualified corporate pensionand profit sharing plans for employees. The minimumpurchase for these accounts is reduced to 25 Units butmay vary by selling firm. The purchase of Units may belimited by the plans’ provisions and does not itselfestablish such plans.

FEE ACCOUNTS

As described above, Units may be available forpurchase by investors in Fee Accounts where yourPortfolio is Fee Based Eligible. You should consult yourfinancial professional to determine whether you canbenefit from these accounts. This table illustrates thesales charge you will pay if your Portfolio is Fee BasedEligible as a percentage of the initial Public OfferingPrice per Unit on the Initial Date of Deposit (thepercentage will vary thereafter).

Initial sales charge 0.00%Deferred sales charge 0.00 ______ Transactional sales charge 0.00% ______ ______Creation and development fee 0.50% ______ Total sales charge 0.50% ______ ______

You should consult the “Public Offering--ReducingYour Sales Charge” section for specific information onthis and other sales charge discounts. That sectiongoverns the calculation of all sales charge discounts.The Sponsor reserves the r ight to l imit or denypurchases of Units in Fee Accounts by investors or

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sel l ing f irms whose frequent trading activity isdetermined to be detrimental to your Portfolio. Topurchase Units in these Fee Accounts, your financialprofessional must purchase Units designated with oneof the Fee Based CUSIP numbers set forth under“Essential Information,” either Fee Based Cash for cashdistributions or Fee Based Reinvest for the reinvestmentof distributions in additional Units, if available. See“Rights of Unitholders--Reinvestment Option.”

RIGHTS OF UNITHOLDERS

Distributions. Dividends and interest (pro rated onan annual basis), net of expenses, and any net proceedsfrom the sale of Securities received by your Portfolio willgeneral ly be distr ibuted to Unitholders on eachDistribution Date to Unitholders of record on thepreceding Record Date. These dates appear under“Essential Information”. Distributions made by the ETFsin your Portfolio include ordinary income, but may alsoinclude sources other than ordinary income such asreturns of capital, loan proceeds, short-term capitalgains and long-term capital gains (see “Taxation--Distributions”). In addition, your Portfolio will generallymake required distributions at the end of each yearbecause it is structured as a “regulated investmentcompany” for federal tax purposes. Unitholders will alsoreceive a final distribution of income when their Portfolioterminates. A person becomes a Unitholder of record onthe date of settlement (generally two business days afterUnits are ordered, or any shorter period as may berequired by the applicable rules under the 1934 Act).Unitholders may elect to receive distributions in cash orto have distributions reinvested into additional Units. See“Rights of Unitholders--Reinvestment Option”.

Dividends and interest received by your Portfolio arecredited to the Income Account of the Portfolio. Otherreceipts (e.g., capital gains, proceeds from the sale ofSecurities, etc.) are credited to the Capital Account.Proceeds received on the sale of any Securities, to theextent not used to meet redemptions of Units or paydeferred sales charges, fees or expenses, will bedistributed to Unitholders. Proceeds received from thedisposition of any Securities after a Record Date andprior to the following Distribution Date will be held in the

Capital Account and not distributed until the nextDistribution Date. Any distribution to Unitholdersconsists of each Unitholder’s pro rata share of theavailable cash in the Income and Capital Accounts as ofthe related Record Date.

The income distribution to the Unitholders of yourPortfolio as of each Record Date will be made on thefollowing Distribution Date or shortly thereafter and shallconsist of an amount substantially equal to such portionof each Unitholder’s pro rata share of the estimated netannual income distributions in the Income Account.Because income payments are not received by yourPortfolio at a constant rate throughout the year, suchdistributions to Unitholders may be more or less thanthe amount credited to the Income Account as of theRecord Date. For the purpose of minimizing fluctuationin the distributions from the Income Account, theTrustee is authorized to advance such amounts as maybe necessary to provide income distributions ofapproximately equal amounts. The Trustee shall bereimbursed, without interest, for any such advancesfrom funds in the Income Account on the ensuingRecord Date.

Reinvestment Option. Unitholders may havedistributions automatically reinvested in additional Unitswithout a sales charge (to the extent Units may belawfully offered for sale in the state in which theUnitholder resides). The CUSIP numbers for either“Cash” distributions or “Reinvest” for the reinvestment ofdistributions are set forth under “Essential Information”.Brokers and dealers can use the Dividend ReinvestmentService through Depository Trust Company (“DTC”) orpurchase a Reinvest (or Fee Based Reinvest in the caseof Fee Based Eligible Units held in Fee Accounts) CUSIP,if available. To participate in this reinvestment option, aUnitholder must file with the Trustee a written notice ofelection, together with any other documentation that theTrustee may then require, at least five days prior to therelated Record Date. A Unitholder’s election will apply toall Units owned by the Unitholder and will remain in effectuntil changed by the Unitholder. The reinvestment optionis not offered during the 30 calendar days prior totermination. If Units are unavailable for reinvestment orthis reinvestment option is no longer available,

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distributions will be paid in cash. Distributions will betaxable to Unitholders if paid in cash or automaticallyreinvested in additional Units. See “Taxation.”

A participant may elect to terminate his or herreinvestment plan and receive future distributions in cashby notifying the Trustee in writing no later than five daysbefore a Distribution Date. The Sponsor shall have theright to suspend or terminate the reinvestment plan atany time. The reinvestment plan is subject to availabilityor limitation by each broker-dealer or selling firm. Broker-dealers may suspend or terminate the offering of areinvestment plan at any time. Please contact yourfinancial professional for additional information.

Redemption of Units. All or a portion of yourUnits may be tendered to The Bank of New YorkMellon, the Trustee, for redemption at Unit InvestmentTrust Division, 111 Sanders Creek Parkway, EastSyracuse, New York 13057, on any day the New YorkStock Exchange is open. No redemption fee will becharged by the Sponsor or the Trustee, but you areresponsible for applicable governmental charges, if any.Units redeemed by the Trustee will be canceled. Youmay redeem all or a portion of your Units by sending arequest for redemption to your bank or broker-dealerthrough which you hold your Units. No later than twobusiness days (or any shorter period as may berequired by the applicable rules under the 1934 Act)following satisfactory tender, the Unitholder will beentitled to receive in cash an amount for each Unitequal to the Redemption Price per Unit next computedon the date of tender. The “date of tender” is deemedto be the date on which Units are received by theTrustee, except that with respect to Units received bythe Trustee after the Evaluation Time or on a day whichis not a business day, the date of tender is deemed tobe the next business day. Redemption requestsreceived by the Trustee after the Evaluation Time, andredemption requests received by authorized financialprofessionals after the Evaluation Time or redemptionrequests received by such persons that are nottransmitted to the Trustee unt i l after the t imedesignated by the Trustee, are priced based on thedate of the next determined redemption price providedthey are received timely by the Trustee on such date. It

is the responsibility of authorized financial professionalsto transmit redemption requests received by them tothe Trustee so they will be received in a timely manner.Certain broker-dealers or selling firms may charge anorder handling fee for processing redemption requests.Units redeemed directly through the Trustee are notsubject to such fees.

Unitholders tendering 1,000 or more Units (or suchhigher amount as may be required by yourbroker-dealer or selling agent) for redemption mayrequest an in kind distribution of Securities equal to theRedemption Price per Unit on the date of tender.Unitholders may not request an in kind distributionduring the initial offering period or within 30 calendardays of a Portfolio’s termination. The Portfolios generallywill not offer in kind distributions of portfolio securitiesthat are held in foreign markets. An in kind distributionwill be made by the Trustee through the distribution ofeach of the Securities in book-entry form to the accountof the Unitholder’s broker-dealer at DTC. Amountsrepresenting fractional shares will be distributed in cash.The Trustee may adjust the number of shares of anySecurity included in a Unitholder’s in kind distribution tofacilitate the distribution of whole shares. The in kinddistribution option may be modified or discontinued atany time without notice. Notwithstanding the foregoing,if the Unitholder requesting an in kind distribution is theSponsor or an affiliated person of a Portfolio, theTrustee may make an in kind distribution to suchUnitholder provided that no one with a pecuniaryincentive to influence the in kind distribution mayinfluence selection of the distributed securities, thedistribution must consist of a pro rata distribution of allportfolio securities (with limited exceptions) and the inkind distribution may not favor such affiliated person tothe detriment of any other Unitholder. Unitholders willincur transaction costs in liquidating securities receivedin an in-kind distribution, and any such securitiesreceived will be subject to market risk until sold. In theevent that any securities received in-kind are illiquid,Unitholders will bear the risk of not being able to sellsuch securities in the near term, or at all.

The Trustee may sell Securities to satisfy Unitredemptions. To the extent that Securities are redeemed

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in kind or sold, the size of a Portfolio will be, and thediversity of a Portfolio may be, reduced. Sales may berequired at a time when Securities would not otherwisebe sold and may result in lower prices than mightotherwise be real ized. The price received uponredemption may be more or less than the amount paidby the Unitholder depending on the value of theSecurities at the time of redemption. Special federalincome tax consequences will result if a Unitholderrequests an in kind distribution. See “Taxation”.

The Redemption Price per Unit and the secondarymarket repurchase price per Unit are equal to the prorata share of each Unit in your Portfolio determined onthe basis of (i) the cash on hand in the Portfolio, (ii) thevalue of the Securities in the Portfolio and (iii) dividendsor other income distr ibutions receivable on theSecurities in the Portfolio trading ex-dividend as of thedate of computation, less (a) amounts representingtaxes or other governmental charges payable out of thePortfolio, (b) the accrued expenses of the Portfolio(including costs associated with liquidating securitiesafter the end of the initial offering period) and (c) anyunpaid deferred sales charge payments. During theinitial offering period, the redemption price and thesecondary market repurchase price will not be reducedby estimated organization costs or the creation anddevelopment fee. For these purposes, the Trustee willdetermine the value of the Securities as describedunder “Public Offering--Unit Price.”

The right of redemption may be suspended andpayment postponed for any period during which theNew York Stock Exchange is closed, other than forcustomary weekend and holiday closings, or any periodduring which the Securities and Exchange Commission(“SEC”) determines that trading on that Exchange isrestricted or an emergency exists, as a result of whichdisposal or evaluation of the Securities is not reasonablypracticable, or for other periods as the SEC may permit.

Rollover. We may offer a subsequent series of yourPortfolio for a Rollover when your Portfolio terminates.

On the Mandatory Termination Date you will have theoption to (1) participate in a Rollover and have your Units

reinvested into a subsequent trust series or (2) receive acash distribution.

If you elect to participate in a cash Rollover, yourUnits will be redeemed on the Mandatory TerminationDate. As the redemption proceeds become available,the proceeds (including dividends) will be invested in anew trust series at the public offering price for the newtrust. The Trustee will attempt to sell Securities to satisfythe redemption as quickly as practicable on theMandatory Termination Date. We do not anticipate thatthe sale period will be longer than one day, however,certain factors could affect the abil ity to sell theSecurities and could impact the length of the saleperiod. The liquidity of any Security depends on thedaily trading volume of the Security and the amountavailable for redemption and reinvestment on any day.

We may make subsequent trust series available forsale at various times during the year. Of course, wecannot guarantee that a subsequent trust or sufficientunits will be available or that any subsequent trusts willoffer the same investment strategies or objectives asthe current Portfolios. We cannot guarantee that aRol lover wi l l avoid any negative market priceconsequences resulting from trading large volumes ofsecurit ies. Market price trends may make itadvantageous to sell or buy securities more quickly ormore slowly than permitted by Portfolio procedures. Wemay, in our sole discretion, modify a Rollover or stopcreating units of a trust at any time regardless ofwhether al l proceeds of Unitholders have beenreinvested in a Rollover. If we decide not to offer asubsequent series, Unitholders will be notified prior tothe Mandatory Termination Date. Cash which has notbeen reinvested in a Rollover will be distributed toUnitholders shortly after the Mandatory TerminationDate. Rol lover part icipants may receive taxabledividends or realize taxable capital gains which arereinvested in connection with a Rollover but may not beentitled to a deduction for capital losses due to the“wash sale” tax rules. Due to the reinvestment in asubsequent trust, no cash will be distributed to pay anytaxes. See “Taxation”.

Exchange Option. When you redeem Units of yourPortfol io or when your Portfol io terminates (see

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“Rollover” above), you may be able to exchange yourUnits for units of other Invesco unit trusts. You shouldcontact your financial professional for more informationabout trusts currently available for exchanges. Beforeyou exchange Units, you should read the prospectus ofthe new trust carefully and understand the risks andfees. You should then discuss this option with yourfinancial professional to determine whether yourinvestment goals have changed, whether current trustssuit you and to discuss tax consequences. A rollover orexchange is a taxable event to you. We may discontinuethis option at any time.

Units. Ownership of Units is ev idenced inbook-entry form only and will not be evidenced bycertificates. Units purchased or held through yourbank or broker-dealer will be recorded in book-entryform and credited to the account of your bank orbroker-dealer at DTC. Units are transferable bycontacting your bank or broker-dealer through whichyou hold your Units. Transfer, and the requirementstherefore, wi l l be governed by the appl icableprocedures of DTC and your agreement with the DTCparticipant in whose name your Units are registered onthe transfer records of DTC.

Reports Provided. Unitholders will receive astatement of dividends and other amounts received bya Portfolio for each distribution. Within a reasonabletime after the end of each year, each person who was aUnitholder during that year will receive a statementdescribing dividends and capital received, actualPortfolio distributions, Portfolio expenses, a list of theSecurities and other Portfolio information. Unitholdersmay obtain evaluations of the Securities upon request tothe Trustee. If you have questions regarding youraccount or your Portfolio, please contact your financialadvisor or the Trustee. The Sponsor does not haveaccess to individual account information.

PORTFOLIO ADMINISTRATION

Portfolio Administration. Your Portfolio is not amanaged fund and, except as provided in the TrustAgreement, Securities generally will not be sold orreplaced. The Sponsor may, however, direct thatSecurities be sold in certain limited circumstances to

protect your Portfol io based on advice from theSupervisor. These situations may include events suchas the issuer having defaulted on payment of any of itsoutstanding obligations or the price of a Security hasdeclined to such an extent or other credit factors existso that in the opinion of the Supervisor retention of theSecurity would be detrimental to your Portfolio. If apublic tender offer has been made for a Security or amerger or acquisition has been announced affecting aSecurity, the Trustee may either sell the Security oraccept an offer if the Supervisor determines that thesale or exchange is in the best interest of Unitholders.The Trustee will distribute any cash proceeds toUnitholders. In addition, the Trustee may sell Securitiesto redeem Units or pay Portfolio expenses or deferredsales charges. If securities or property are acquired byyour Portfolio, the Sponsor may direct the Trustee to sellthe securities or property and distribute the proceeds toUnitholders or to accept the securities or property fordeposit in your Portfolio. Should any contract for thepurchase of any of the Securities fail, the Sponsor will(unless substantially all of the moneys held in yourPortfolio to cover the purchase are reinvested insubstitute Securities in accordance with the TrustAgreement) refund the cash and sales chargeattributable to the failed contract to all Unitholders on orbefore the next Distribution Date.

The Sponsor may direct the reinvestment of proceedsof the sale of Securities if the sale is the direct result ofserious adverse credit factors which, in the opinion of theSponsor, would make retention of the Securitiesdetrimental to your Portfolio. In such a case, theSponsor may, but is not obligated to, direct thereinvestment of sale proceeds in any other securities thatmeet the criteria for inclusion in your Portfolio on theInitial Date of Deposit. The Sponsor may also instruct theTrustee to take action necessary to ensure that yourPortfolio continues to satisfy the qualifications of aregulated investment company and to avoid impositionof tax on undistributed income of the Portfolio.

The Trust Agreement requires the Trustee to vote allshares of the funds held in your Portfolio in the samemanner and ratio on all proposals as the owners of suchshares not held by your Portfolio. The Sponsor will

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instruct the Trustee how to vote the securities held inyour Portfolio, if any. The Trustee will vote the securitiesin the same general proportion as shares held by othershareholders if the Sponsor fails to provide instructions.

When your Portfolio sells Securities, the compositionand diversity of the Securities in the Portfolio may bealtered. However, if the Trustee sells fund shares toredeem Units or to pay Portfolio expenses or salescharges, the Trustee will do so, as nearly as practicable,on a pro rata basis. In order to obtain the best price foryour Portfolio, it may be necessary for the Supervisor tospecify minimum amounts in which blocks of Securitiesare to be sold. In effecting purchases and sales ofportfolio securities, the Sponsor may direct that ordersbe placed with and brokerage commissions be paid tobrokers, including brokers which may be affiliated withyour Portfolio, the Sponsor or dealers participating inthe offering of Units.

Pursuant to an exemptive order, your Portfolio maybe permitted to sell Securities to a new trust when itterminates if those Securities are included in the newtrust. The exemption may enable your Portfolio toeliminate commission costs on these transactions. Theprice for those securities will be the closing sale price onthe sale date on the exchange where the Securities areprincipally traded, as certified by the Sponsor.

Amendment of the Trust Agreement. The Trusteeand the Sponsor may amend the Trust Agreement withoutthe consent of Unitholders to correct any provision whichmay be defective or to make other provisions that will notmaterially adversely affect Unitholders (as determined ingood faith by the Sponsor and the Trustee). The TrustAgreement may not be amended to increase the numberof Units or permit acquisition of securities in addition to orsubstitution for the Securities (except as provided in theTrust Agreement). The Trustee will notify Unitholders of anyamendment.

Termination. Your Portfolio will terminate on theMandatory Termination Date specified under “EssentialInformation” or upon the sale or other disposition of thelast Security held in the Portfolio. Your Portfolio may beterminated at any time with consent of Unitholdersrepresenting two-thirds of the outstanding Units or by

the Trustee when the value of the Portfolio is less than$500,000 ($3,000,000 if the value of the Portfolio hasexceeded $15,000,000) (the “Minimum TerminationValue”). Your Portfolio will be liquidated by the Trusteein the event that a sufficient number of Units of thePortfolio not yet sold are tendered for redemption bythe Sponsor, so that the net worth of the Portfoliowould be reduced to less than 40% of the value of theSecurities at the time they were deposited in thePortfolio. If your Portfolio is liquidated because of theredemption of unsold Units by the Sponsor, theSponsor will refund to each purchaser of Units theentire sales charge paid by such purchaser. TheTrustee may begin to sell Securities in connection witha Portfolio termination nine business days before, andno later than, the Mandatory Termination Date.Qualified Unitholders may elect an in kind distribution ofSecurities, provided that Unitholders may not requestan in kind distribution of Securities within 30 calendardays of a Portfolio’s termination. Any in kind distributionof Securities will be made in the manner and subject tothe restrictions described under “Rights of Unitholders--Redemption of Units”, provided that, in connectionwith an in kind distribution election more than 30calendar days pr ior to terminat ion, Unitholderstendering 1,000 or more Units of a Portfolio (or suchhigher amount as may be required by your broker-dealer or sel l ing agent) may request an in kinddistribution of Securities equal to the Redemption Priceper Unit on the date of tender. Unitholders will receive afinal cash distribution within a reasonable time after theMandatory Termination Date. All distributions will be netof Portfolio expenses and costs. Unitholders willreceive a f inal distr ibut ion statement fol lowingtermination. The Information Supplement containsfurther information regarding termination of yourPortfolio. See “Additional Information”.

Limitations on Liabilities. The Sponsor,Supervisor and Trustee are under no liability for takingany action or for refraining from taking any action ingood faith pursuant to the Trust Agreement, or for errorsin judgment, but shall be liable only for their own willfulmisfeasance, bad faith or gross negligence (negligencein the case of the Trustee) in the performance of their

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duties or by reason of their reckless disregard of theirobligations and duties hereunder. The Trustee is notliable for depreciation or loss incurred by reason of thesale by the Trustee of any of the Securities. In the eventof the failure of the Sponsor to act under the TrustAgreement, the Trustee may act thereunder and is notliable for any action taken by it in good faith under theTrust Agreement. The Trustee is not liable for any taxesor other governmental charges imposed on theSecurities, on it as Trustee under the Trust Agreementor on your Portfolio which the Trustee may be requiredto pay under any present or future law of the UnitedStates of America or of any other taxing authority havingjurisdiction. In addition, the Trust Agreement containsother customary provisions limiting the liability of theTrustee. The Sponsor and Supervisor may rely on anyevaluation furnished by the Trustee and have noresponsibility for the accuracy thereof. Determinationsby the Trustee shall be made in good faith upon thebasis of the best information available to it.

Sponsor. Invesco Capital Markets, Inc. is the Sponsorof your Portfolio. The Sponsor is a wholly ownedsubsidiary of Invesco Advisers, Inc. (“Invesco Advisers”).Invesco Advisers is an indirect wholly owned subsidiaryof Invesco Ltd., a leading independent global investmentmanager that provides a wide range of investmentstrategies and vehicles to its retail, institutional and highnet worth clients around the globe. The Sponsor’sprincipal office is located at 11 Greenway Plaza, Houston,Texas 77046-1173. As of September 30, 2019, the totalstockholders’ equity of Invesco Capital Markets, Inc. was$94,146,402.00 (unaudited). The current assets undermanagement and supervision by Invesco Ltd. and itsaffiliates were valued at approximately $1,184.4 billion asof September 30, 2019.

The Sponsor and your Portfolio have adopted a codeof ethics requiring Invesco Ltd.’s employees who haveaccess to information on Portfolio transactions to reportpersonal securities transactions. The purpose of the codeis to avoid potential conflicts of interest and to preventfraud, deception or misconduct with respect to yourPortfolio. The Information Supplement contains additionalinformation about the Sponsor.

If the Sponsor shall fail to perform any of its dutiesunder the Trust Agreement or become incapable ofacting or shall become bankrupt or its affairs are takenover by public authorities, then the Trustee may (i)appoint a successor Sponsor at rates of compensationdeemed by the Trustee to be reasonable and notexceeding amounts prescribed by the SEC, (ii) terminatethe Trust Agreement and liquidate your Portfolio asprovided therein or (iii) continue to act as Trusteewithout terminating the Trust Agreement.

Trustee. The Trustee is The Bank of New YorkMellon, a trust company organized under the laws ofNew York. The Bank of New York Mellon has itsprincipal unit investment trust division offices at 2Hanson Place, 12th Floor, Brooklyn, New York 11217,(800) 856-8487. If you have questions regarding youraccount or your Portfolio, please contact the Trustee atits principal unit investment trust division offices or yourfinancial adviser. The Sponsor does not have access toindividual account information. The Bank of New YorkMellon is subject to supervision and examination by theSuperintendent of Banks of the State of New York andthe Board of Governors of the Federal Reserve System,and its deposits are insured by the Federal DepositInsurance Corporation to the extent permitted by law.Additional information regarding the Trustee is set forthin the Information Supplement, including the Trustee’squalifications and duties, its ability to resign, the effectof a merger involving the Trustee and the Sponsor’sabi l i ty to remove and replace the Trustee. See“Additional Information”.

TAXATION

This section summarizes some of the principal U.S.federal income tax consequences of owning Units of thePortfolios. Tax laws and interpretations are subject tochange, possibly with retroactive effect, and thissummary does not describe all of the tax consequencesto all taxpayers. This summary generally does notdescribe your situation if you are a corporation, a non-U.S. person, a broker/dealer, a tax-exempt entity,financial institution, person who marks to market theirUnits or other investor with special circumstances. Inaddition, this section does not describe your alternative

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minimum, state, local or foreign tax consequences of aninvestment in a Portfolio.

This federal income tax summary is based in part onthe advice of counsel to the Sponsor. The InternalRevenue Service could disagree with any conclusionsset forth in this section. In addition, our counsel was notasked to review the federal income tax treatment of theassets to be deposited in your Portfolio.

Additional information related to taxes is contained inthe Information Supplement. As with any investment,you should seek advice based on your individualcircumstances from your own tax advisor.

Portfolio Status. Your Portfolio intends to elect andto qualify annually as a “regulated investment company”(“RIC”) under the federal tax laws. If your Portfolioqualifies under the tax law as a RIC and distributes itsincome in the manner and amounts required by the RICtax requirements, the Portfolio generally will not payfederal income taxes. But there is no assurance that thedistributions made by your Portfolio will eliminate alltaxes for every year at the level of your Portfolio.

Distributions. Portfolio distributions are generallytaxable to you. After the end of each year, you willreceive a tax statement reporting your Portfolio’sdistributions, including the amounts of ordinary incomedistributions and capital gains dividends. Your Portfoliomay make taxable distributions to you even in periodsduring which the value of your Units has declined.Ordinary income distributions are generally taxed atyour federal tax rate for ordinary income, however, asfurther discussed below, certain ordinary incomedistributions received from your Portfolio may be taxed,under current federal law, at capital gains tax rates.Certain ordinary income dividends on Units that areattributable to qualifying dividends received by yourPortfolio from certain corporations may be reported bythe Portfolio as being eligible for the dividends receiveddeduction for corporate Unitholders provided certainholding period requirements are met. Income from thePortfolio and gains on the sale of your Units may alsobe subject to a 3.8% federal tax imposed on netinvestment income if your adjusted gross incomeexceeds certain threshold amounts, which currently are

$250,000 in the case of married couples filing jointreturns and $200,000 in the case of single individuals.In addition, your Portfolio may make distributions thatrepresent a return of capital for tax purposes to theextent of the Unitholder’s basis in the Units, and anyadditional amounts in excess of basis would be taxedas a capital gain. Generally, you will treat all capitalgains dividends as long-term capital gains regardless ofhow long you have owned your Units. The tax status ofyour distributions from your Portfolio is not affected bywhether you reinvest your distributions in additionalUnits or receive them in cash. The income from yourPortfolio that you must take into account for federalincome tax purposes is not reduced by amounts usedto pay a deferred sales charge, if any. The tax laws mayrequire you to treat certain distributions made to you inJanuary as if you had received them on December 31of the previous year.

A distribution paid by your Portfolio reduces thePortfolio’s net asset value per Unit on the date paid bythe amount of the distr ibution. Accordingly, adistribution paid shortly after a purchase of Units by aUnitholder would represent, in substance, a partialreturn of capital, however, it would be subject to incometaxes. Non-corporate taxpayers are now generallyeligible for a 20% deduction with respect to certain non-investment related income earned from a “qualifiedpublicly traded partnership,” a term which oftenincludes MLPs. A Portfolio taxed as a RIC, however, iscurrently not permitted to pass the special character ofthe qualified publicly traded partnership income throughto its shareholders. Currently, non-corporate taxpayersthat invest in entities, such as MLPs that often generatequalified publicly traded partnership income, may beentitled to this 20% deduction, but non-corporatetaxpayers that invest in a RIC that invest in such entitieswill not.

Sale or Redemption of Units. If you sell orredeem your Units, you will generally recognize ataxable gain or loss. To determine the amount of thisgain or loss, you must subtract your adjusted tax basisin your Units from the amount you receive for the sale ofthe Units. Your initial tax basis in your Units is generallyequal to the cost of your Units, generally including sales

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charges. In some cases, however, you may have toadjust your tax basis after you purchase your Units.

Capital Gains and Losses and CertainOrdinary Income Dividends. Net capital gain equalsnet long-term capital gain minus net short-term capitalloss for the taxable year. Capital gain or loss is long-term if the holding period for the asset is more than oneyear and is short-term if the holding period for the assetis one year or less. You must exclude the date youpurchase your Units to determine your holding period.However, if you receive a capital gain dividend from yourPortfolio and sell your Units at a loss after holding it forsix months or less, the loss will be recharacterized aslong-term capital loss to the extent of the capital gaindividend received. The tax rates for capital gainsrealized from assets held for one year or less aregenerally the same as for ordinary income.

In certain circumstances, ordinary income dividendsreceived by an individual Unitholder from a RIC such asyour Portfolio may be taxed at the same federal ratesthat apply to net capital gain (as discussed above),provided certain holding period requirements aresatisfied and provided the dividends are attributable toqualified dividend income received by the Portfolio itself.Qualified dividend income means dividends paid to aPortfolio (a) by domestic corporations, (b) by foreigncorporations that are either ( i ) incorporated in apossession of the United States or (ii) are eligible forbenefits under certain income tax treaties with theUnited States that include an exchange of informationprogram, or (c) with respect to stock of a foreigncorporation that is readily tradeable on an establishedsecurities market in the United States. Both the Portfolioand the Unitholder must meet certain holding periodrequirements to qualify Portfolio dividends for thistreatment. Income derived from investments inderivatives, fixed-income securities, U.S. real estateinvestment trusts, passive foreign investmentcompanies, and income received “in lieu of” dividends ina securities lending transactions generally is not eligiblefor treatment as qualified dividend income. If thequalified dividend income received by a Portfolio isequal to 95% (or a greater percentage) of the Portfolio’sgross income (exclusive of net capital gain) in any

taxable year, all of the ordinary income dividends paidby the Portfolio will be qualified dividend income. YourPortfolio will provide notice to its Unitholders of theamount of any distribution which may be taken intoaccount as qualified dividend income which is eligiblefor capital gains tax rates. There is no requirement thattax consequences be taken into account inadministering your Portfolio.

In Kind Distributions. Under certain circumstances,as described in this prospectus, you may receive an inkind distribution of Portfolio securities when you redeemyour Units. In general, this distribution will be treated as asale for federal income tax purposes and you willrecognize gain or loss, based on the value at that time ofthe securities and the amount of cash received, andsubject to certain limitations on the deductibility of lossesunder the tax law.

Rollovers and Exchanges. If you elect to haveyour proceeds from your Portfolio rolled over into afuture trust, it would generally be considered a sale forfederal income tax purposes and any gain on the salewill be treated as a capital gain, and, in general, any losswill be treated as a capital loss. However, any lossrealized on a sale or exchange will be disallowed to theextent that Units disposed of are replaced (includingthrough reinvestment of dividends) within a period of 61days beginning 30 days before and ending 30 daysafter disposition of Units or to the extent that theUnitholder, during such period, acquires or enters intoan option or contract to acquire, substantially identicalstock or securities. In such a case, the basis of theUnits acquired will be adjusted to reflect the disallowedloss. The deductibility of capital losses is subject toother limitations in the tax law.

Deductibility of Portfolio Expenses. Expensesincurred and deducted by your Portfolio will generallynot be treated as taxable income to you. In certaincases if your Portfolio is not considered “publiclyoffered” under the Code, each U.S. Unitholder that iseither an individual, trust or estate will be treated ashaving received a taxable distribution from the Portfolioin the amount of that U.S. Unitholder’s allocable shareof certain of the Portfolio's expenses for the calendaryear, and these fees and expenses will be treated as

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miscellaneous itemized deductions of those U.S.Unitholders. The deductibility of expenses that arecharacterized as miscellaneous itemized deductions,which include investment expenses, is suspended fortax years beginning prior to January 1, 2026.

Foreign Investors. If you are a foreign investor (i.e.,an investor other than a U.S. citizen or resident or aU.S. corporation, partnership, estate or trust), generally,subject to applicable tax treaties, distributions to youfrom your Portfolio will be characterized as dividends forfederal income tax purposes (other than dividends thatyour Portfolio reports as capital gain dividends) and willbe subject to U.S. income taxes, including withholdingtaxes, subject to certain exceptions described below.You may be eligible under certain income tax treaties fora reduction in withholding rates. However, distributionsreceived by a foreign investor from your Portfolio thatare properly reported by the trust as capital gaindividends, interest-related dividends paid by thePortfolio from its qualified net interest income from U.S.sources and short-term capital gain dividends, may notbe subject to U.S. federal income taxes, includingwithholding taxes, provided that your Portfolio makescertain elections and certain other conditions are met.

The Foreign Account Tax Compliance Act(“FATCA”). A 30% withholding tax on your Portfolio’sdistributions generally applies if paid to a foreign entityunless: (i) if the foreign entity is a “foreign financialinstitution” as defined under FATCA, the foreign entityundertakes certa in due di l igence, report ing,withholding, and certification obligations, (ii) if theforeign entity is not a “foreign financial institution,” itidentifies certain of its U.S. investors or (iii) the foreignentity is otherwise excepted under FATCA. If requiredunder the rules above and subject to the applicabilityof any intergovernmental agreements between theUnited States and the relevant foreign country,withholding under FATCA may apply. Under existingregulations, FATCA withholding on gross proceedsfrom the sale of Units and capital gain distributionsfrom your Portfolio took effect on January 1, 2019;however, recently proposed U.S. tax regulationswould eliminate FATCA withholding on such types ofpayments. Taxpayers generally may rely on these

proposed Treasury Regulations until final TreasuryRegulations are issued. If withholding is requiredunder FATCA on a payment related to your Units,investors that otherwise would not be subject towithholding (or that otherwise would be entitled to areduced rate of withholding) on such paymentgenerally will be required to seek a refund or creditfrom the IRS to obtain the benefit of such exemptionor reduction. Your Portfolio will not pay any additionalamounts in respect of amounts withheld underFATCA. You should consult your tax advisor regardingthe effect of FATCA based on your indiv idualcircumstances.

Foreign Tax Credit. If your Portfolio invests in anyforeign securities, the tax statement that you receivemay include an item showing foreign taxes yourPortfolio paid to other countries. In this case, dividendstaxed to you will include your share of the taxes yourPortfolio paid to other countries. If more than 50% ofthe value of the Portfolio's total assets at the end of afiscal year is invested in foreign securities, the Portfoliomay elect to “pass-through” to the Unitholders theamount of foreign income tax paid by the Portfolio inlieu of deducting such amount in determining itsinvestment company taxable income. In such a case,Unitholders will be required (i) to include in grossincome, even though not actually received, theirrespective pro rata shares of the foreign income taxpaid by the Portfolio that are attributable to anydistributions they receive; and (ii) either to deduct theirpro rata share of foreign tax in computing their taxableincome or to use it (subject to various limitations) as aforeign tax credit against federal income tax (but notboth). No deduction for foreign tax may be claimed by anon-corporate Unitholder who does not itemizedeductions or who is subject to the alternative minimumtax. Unitholders may be unable to claim a credit for thefull amount of their proportionate shares of the foreignincome tax paid by the Portfol io due to certainlimitations that may apply. The Portfolio reserves theright not to pass-through to its Unitholders the amountof foreign income taxes paid by the Portfolio.

Backup Withholding. By law, your Portfolio mustwithhold as backup withholding a percentage (currently

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24%) of your taxable distributions and redemptionproceeds if you do not provide your correct socialsecurity or taxpayer identification number and certifythat you are not subject to backup withholding, or if theIRS instructs your Portfolio to do so.

Investors should consult their advisors concerningthe federal, state, local and foreign tax consequences ofinvesting in a Portfolio.

PORTFOLIO OPERATING EXPENSES

General. The fees and expenses of your Portfoliowi l l general ly accrue on a dai ly basis. Portfol iooperating fees and expenses are generally paid out ofthe Income Account to the extent funds are available,and then from the Capital Account. The deferred salescharge, creation and development fee and organizationcosts are generally paid out of the Capital Account ofyour Portfolio. It is expected that Securities will be soldto pay these amounts which will result in capital gainsor losses to Unitholders. See “Taxation”. These saleswill reduce future income distributions. The Sponsor’s,Supervisor’s and Trustee’s fees may be increasedwithout approval of the Unitholders by amounts notexceeding proportionate increases under the category“Services Less Rent of Shelter” in the Consumer PriceIndex for All Urban Consumers or, if this category is notpublished, in a comparable category.

Organization Costs. You and the otherUnitholders will bear all or a portion of the organizationcosts and charges incurred in connection with theestablishment of your Portfolio. These costs andcharges will include the cost of the preparation, printingand execution of the trust agreement, registrationstatement and other documents relating to yourPortfolio, federal and state registration fees and costs,the initial fees and expenses of the Trustee, and legaland auditing expenses. The Public Offering Price ofUnits includes the estimated amount of these costs.The Trustee will deduct these expenses from yourPortfolio’s assets at the end of the initial offering period.

Creation and Development Fee. The Sponsorwill receive a fee from your Portfolio for creating anddeveloping the Portfolio, including determining the

Portfolio’s objectives, policies, composition and size,selecting service providers and information services andfor providing other similar administrative and ministerialfunctions. The creation and development fee is a chargeof $0.05 per Unit. The Trustee will deduct this amountfrom your Portfolio’s assets as of the close of the initialoffering period. No portion of this fee is applied to thepayment of distribution expenses or as compensationfor sales efforts. This fee will not be deducted fromproceeds received upon a repurchase, redemption orexchange of Units before the close of the initial publicoffering period.

Trustee’s Fee. For its services the Trustee willreceive the fee from your Portfolio set forth in the “FeeTable” (which includes the estimated amount ofmiscellaneous Portfolio expenses). The Trustee benefitsto the extent there are funds in the Capital and IncomeAccounts since these Accounts are non-interest bearingto Unitholders and the amounts earned by the Trusteeare retained by the Trustee. Part of the Trustee’scompensation for its services to your Portfolio isexpected to result from the use of these funds.

Compensation of Sponsor and Supervisor.The Sponsor and the Supervisor, which is an affiliate ofthe Sponsor, will receive the annual fee for providingbookkeeping and administrative services and portfoliosupervisory services set forth in the “Fee Table”. Thesefees may exceed the actual costs of providing theseservices to your Portfolio but at no time will the totalamount received for these services rendered to allInvesco unit investment trusts in any calendar yearexceed the aggregate cost of providing these servicesin that year.

Miscellaneous Expenses. The following additionalcharges are or may be incurred by your Portfolio: (a) normal expenses (including the cost of mailingreports to Unitholders) incurred in connection with theoperation of the Portfolio, (b) fees of the Trustee forextraordinary services, (c) expenses of the Trustee(including legal and auditing expenses) and of counseldesignated by the Sponsor, (d) various governmentalcharges, (e) expenses and costs of any action taken bythe Trustee to protect the Portfolio and the rights andinterests of Unitholders, (f) indemnification of the Trustee

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for any loss, l iabil ity or expenses incurred in theadministration of the Portfolio without negligence, badfaith or wilful misconduct on its part, (g) foreign custodialand transaction fees (which may include compensationpaid to the Trustee or its subsidiaries or affiliates), (h) costs associated with liquidating the securities heldin the Portfolio, (i) any offering costs incurred after theend of the initial offering period and (j) expendituresincurred in contacting Unitholders upon termination ofthe Portfolio. Your Portfolio may pay the expenses ofupdating its registration statement each year.

Fund and ETN Expenses. Each Portfolio will alsobear the expenses of the underlying ETFs and ETNs, asapplicable. While your Portfolio will not pay theseexpenses directly out of its assets, an estimate of theseexpenses is shown in your Portfolio’s “Estimated AnnualExpenses” in the “Fee Table” to illustrate the impact ofthese expenses. This estimate is based upon eachunderlying ETF or ETN’s annual operating expenses forthe most recent fiscal year. Each underlying ETF orETN’s annual operating expense amount is subject tochange in the future.

OTHER MATTERS

Legal Opinions. The legality of the Units offeredhereby has been passed upon by Morgan, Lewis &Bockius LLP. Dorsey & Whitney LLP has acted ascounsel to the Trustee.

Independent Registered Public AccountingFirm. The statements of condition and the relatedportfolios included in this prospectus have beenaudited by Grant Thornton LLP, independentregistered public accounting firm, as set forth in theirreport in this prospectus, and are included herein inreliance upon the authority of said firm as experts inaccounting and auditing.

ADDITIONAL INFORMATION

This prospectus does not conta in a l l theinformation set forth in the registration statementsf i led by your Port fo l io with the SEC under theSecurities Act of 1933 and the Investment CompanyAct of 1940 (file no. 811-02754). The Information

Supplement, which has been filed with the SEC and isincorporated herein by reference, includes moredetai led information concerning the Securit ies,investment risks and general information about thePortfolios. Reports and other information about yourPortfolio are available on the EDGAR Database on theSEC’s Internet site at http://www.sec.gov. Copies ofthis information may be obtained, after paying aduplication fee, by electronic request at the followinge-mail address: [email protected] or by writing theSEC’s Public Reference Section, Washington, DC20549-0102.

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TABLE OF CONTENTS

Title Page

ETF Allocation Portfolio..................................... 2ETF Diversified Income Portfolio......................... 7Notes to Portfolios ............................................. 12Report of Independent Registered

Public Accounting Firm .................................. 13Statements of Condition ................................... 14The Portfolios .................................................... A-1Objectives and Securities Selection ................... A-2ETFs.................................................................. A-2Risk Factors ...................................................... A-2Public Offering ................................................... A-13Retirement Accounts ......................................... A-17Fee Accounts .................................................... A-17Rights of Unitholders ......................................... A-18Portfolio Administration...................................... A-21Taxation ............................................................. A-23Portfolio Operating Expenses............................. A-27Other Matters .................................................... A-28Additional Information ........................................ A-28

______________When Units of the Portfolios are no longer available thisprospectus may be used as a preliminary prospectus for afuture Portfolio. If this prospectus is used for future Portfoliosyou should note the following:

The information in this prospectus is not complete with respectto future Portfolio series and may be changed. No person maysell Units of future Portfolios until a registration statement isfiled with the Securities and Exchange Commission and iseffective. This prospectus is not an offer to sell Units and is notsoliciting an offer to buy Units in any state where the offer orsale is not permitted.

U-EMSPRO2018

PROSPECTUS

December 10, 2019

ETF Allocation Portfolio 2019-4

ETF Diversified Income Portfolio 2019-4

Please retain this prospectus for future reference.

INVESCO