Invesco Alerian Galaxy Crypto Economy ETF

Invesco Alerian Galaxy Crypto Economy ETF (SATO) tracks an index of crypto-related stocks, such as crypto miners and companies holding crypto, with a 15% slice in bitcoin funds. It offers crypto-industry exposure without holding coins directly. It is far smaller than similar funds, at $6.9 million in net assets as of July 31, 2026, costs 0.66% a year versus a 0.58% peer average, and lost 80% in 2022.

• Over the year to Oct 27, 2026, SATO returned -43.8%, 7th of 9 among similar funds.
• Its 5-year annualized return was -4.6%.
• Its worst full calendar year was 2022 (-80.2%); its best was 2023 (+266.3%).
• The deepest fall in its price history was 88% (Nov 9, 2021 to Dec 28, 2022), recovered by Sep 29, 2025.

As of Jul 31, 2026, the fund held 58 securities; the ten largest made up 32.76% of assets. It also reported 32.68% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Jul 31, 2026, investors withdrew a net $966K (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +10.43%, -15.69%, -6.00%.

SATO tracks the Alerian Galaxy Global Cryptocurrency-Focused Blockchain Equity, Trusts and ETPs Index, maintained by VettaFi. Each month, when the index resets its weights, 85% goes to stocks and 15% to exchange-traded products (ETPs) and trusts that keep at least 75% of their assets in bitcoin. The stocks come from crypto miners, firms that enable crypto (trading platforms, custodians, makers of mining chips and machines, blockchain developers), and companies that hold crypto on their balance sheets, in the US and abroad, including emerging markets.

Companies earning at least half their revenue from crypto, or holding crypto worth at least half their market value, share 80% of the index with the bitcoin funds; companies with a smaller but significant crypto business get the other 20%. As of July 31, 2026, the iShares Bitcoin Trust ETF was the biggest holding at 9.5%, followed by Nakamoto, BitMine Immersion Technologies and SharpLink at about 3% each.

The fund holds no cryptocurrency directly, nor crypto futures or initial coin offerings, so it will not track bitcoin's price. It aims to own every index member (full replication). Monthly rebalancing brings heavy trading: portfolio turnover, the share of holdings replaced in a year, was 164%, which adds trading costs not included in the expense ratio. The prospectus also flags uncertain tax treatment of crypto-linked holdings.

• SATO charges 0.66% a year, versus an average of 0.58% for the similar funds below (6th of 9, cheapest first).
• Of that, 0.6% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $67 in the first year and $823 over 10 years (assuming a 5% annual return).

SATO's 88% peak-to-trough drop, 80% loss in 2022 and 264% gain in 2023 make it a concentrated, high-risk bet on the crypto industry, not a foundation holding.

As a small satellite slice, SATO adds exposure to crypto companies and bitcoin funds, but with extreme swings. It launched in October 2021, so it has no record in the 2008 or 2020 crashes. In the 2022 bear market it fell about 71% and needed nearly 25 months to recover; its deepest drop, 88%, took 33 months to make back. Anyone drawing cash after its 80% loss in 2022 would have locked in much of that damage.

Distributions come twice a year and totaled $0.98 per share over the 12 months to October 27, 2026, a 6.32% yield, though income is not the fund's goal. It costs 0.66% a year, or $67 on $10,000 in the first year under the SEC's standard example. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.