Invesco Zacks Multi-Asset Income ETF earns a Morningstar Medalist Rating of Negative with strength in areas such as People offset by weaker spots such as Process. The strategy charges fees in line with its similarly distributed peers, priced within the middle quintile.  

 The strategy earns a Below Average Process Pillar rating. Independent of the rating, analysis of the strategy's portfolio shows it has maintained an underweight position in the Europe-Developed region and the healthcare sector compared with category peers. The strategy’s management team earns an Above Average People Pillar rating. The strategy's parent organization earns the firm an Average Parent Pillar rating, and this rating is inherited from vehicles belonging to the same branding entity and is indirectly assigned by an analyst.

Analyst Rating

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Morningstar's evaluation of this fund's process aims to determine how repeatable, consistent, and reliable it is, and whether management maintains a competitive advantage. Invesco Zacks Multi-Asset Income ETF earns a Below Average Process Pillar rating. The process benefits from tracking an index. Historical data, like Morningstar's Active/Passive Barometer, finds that passively managed funds have generally outperformed their active counterparts, especially over longer time horizons. However, the rating is weakened by the fund's mediocre long-term risk-adjusted performance. This can be seen in its five-year alpha calculated relative to the category index, which suggests that the process has struggled over that period. The parent firm's inferior risk-adjusted performance, as shown by its average 10-year Morningstar Rating of 2.8 stars, also detracts from the process. A lower star rating suggests that the firm has struggled to outperform on a risk-adjusted basis.

This strategy maintains a fixed-income allocation similar to Aggressive Allocation peers but is underweight comparatively in equities, with a 10% to 78% fixed-income to equity composition. Its equity sleeve is consistently tilted toward both smaller market-cap and value-oriented companies versus category peers. The strategy has three region or sector biases compared to category peers. The most notable is its consistent underexposure to the Developed Europe region. It also sustains an underweight position in the healthcare sector. And finally, the portfolio has been underweight in developed markets regions compared with peers. 

 The portfolio is overweight in energy and financial services relative to the category average by 30.9 and 11.0 percentage points, respectively. The sectors with low exposure compared to category peers are technology and healthcare, underweight the average by 20.3 and 8.8 percentage points of assets, respectively. The portfolio is overweight in North America and Latin America regions relative to the category average by 9.8 percentage points and 7.6 percentage points, respectively. The regions with low exposure compared to their category peers are Developed Europe and Japan, underweight the average by 8.0 percentage points and 3.7 percentage points, respectively.

 In the portfolio's fixed-income allocation, credit risk exposure is more significant than comparable managed products in this category. However, this strategy has done so while taking on less interest rate risk. More explicitly, the portfolio exhibits a lower average credit rating of B in contrast to the category midpoint's BB but has a shorter average duration of 4.5 years to the average’s 7.1 years.

Below Average

Process

Invesco Zacks Multi-Asset Income ETF's strong equity team drives the strategy's Above Average People Pillar rating. There are four managers listed on the fund: Michael Jeanette, Peter Hubbard, Tony Seisser, Pratik Doshi. Experience on the team is abundant, with 12 years of average portfolio management experience. Together, they manage a total of 144 strategies, with a Bronze asset-weighted average Morningstar Medalist Rating, demonstrating their potential to deliver positive alpha relative to the category median in aggregate. This group has had relatively low management turnover, providing a stable environment and continuity for the strategies. 

 Note: The People Pillar rating is indirectly assigned by an analyst. The longest-tenured manager of the fund also manages a different product rated by an analyst. Their analyst-assigned People Pillar rating is combined here with the People scores (algorithmic or analyst-assigned) for the fund’s other managers on a tenure-weighted basis.

Above Average

People

Invesco succeeds in a number of areas but also has its share of subpar offerings, along with many others that land somewhere in the middle. A mid-2023 change of CEO, from longtime chief Marty Flanagan to veteran Invesco executive Andrew Schlossberg, is noteworthy, and several other executives retired or departed in 2023. Portfolio-manager shuffles aimed at bolstering poor performers, which began under Flanagan, have continued under Schlossberg, who told Morningstar his most important aim is bolstering “investment quality.” However, major changes of direction or approach are unlikely. The firm retains a Morningstar Parent rating of Average. 
Invesco’s international-equity teams in Texas and New York remain solid. However, the extensive U.S.-equity lineup needs improvement. Fixed-income offerings run the gamut: The multisector and short-term-bond areas are good, but corporate high-yield is less impressive. The firm’s exchange-traded fund lineup includes the popular Nasdaq-focused QQQ; passive strategies make up around 37% of Invesco’s assets under management. Invesco has not been averse to trying new types of strategies, and it was among the firms that immediately launched a spot bitcoin ETF after SEC approval in early 2024.
The picture outside the United States is mixed. Fund performance has been subpar in Asia, and while the picture has brightened in the United Kingdom and Europe, that region still can’t be considered a strength.

Average

Parent

Invesco Zacks Multi-Asset Income ETF

CVY tracks an index that aims to outperform the Dow Jones U.S. Select Dividend Index using US stocks, ADRs, REITS, MLPs, CEFs, and preferred stocks.

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In times of market uncertainty, getting multi-asset exposure can help diversify a portfolio by adding uncorrelated assets to the mix in order to mitigate concentration risk in a particular asset class.

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