The Invesco Balanced Multi-Asset Allocation ETF is an actively-managed fund of funds that aims to provide current income while maximizing diversification. Depending on market conditions, the fund will invest 45 percent to 75 percent of its portfolio in equity ETFs, 25 percent to 55 percent in fixed income ETFs, and 10 percent to 30 percent in American and global depositary receipts. PSMB achieves its asset mix by investing largely in a mix of other Invesco ETFs. It’s important to note, investors are not double-charged for fund fees. Rather, PSMB charges an ultra-low management fee of its own that’s comparable to some of the cheapest index offerings from bargain fund issuers. On top of that, PSMB investors pay acquired fund fees for PSMB’s underlying holdings. The total cost, which is the number you see listed as the expense ratio on ETFdb’s fund description page, represents the all-in management fee for investors. Though it’s pricier than some of the cheapest index funds on the market, PSMB’s costs are competitive compared with other actively-managed funds (and significantly lower a few high-cost providers of complicated index strategies.) For an all-in-one asset allocation strategy, the fees are quite reasonable. The fund is one of four asset allocation ETFs that Invesco launched in 2017. Asset allocation funds of funds are a staple in the mutual fund space because they offer a simple, single-ticker way to purchase an entire asset allocation, but they have been slow to catch on in ETFs. Many investors with a 401k own mutual funds that operate much the same way, such as single-ticket asset allocation funds or target-date retirement funds that are designed to meet investors’ goals, time horizon and risk tolerance. The issue with PSMB is identifying who it’s for. Invesco’s other asset allocation funds come with descriptive labels like “conservative,” “moderately conservative,” or “growth,” which helps investors get a sense of the risk targets. Given PSMB’s vague label “balanced” and the wide range of its possible stock and bond mix, it’s difficult to determine whether this fund is for risk takers or those looking for a safer strategy. ETFdb compared PSMB against Invesco’s other asset allocation strategies and its target risk is the second-most aggressive of the lineup. It falls somewhere in the moderate to aggressive range, depending on the manager’s outlook. For buy-and-hold investors that want a single-ticker solution combined with the tax efficiencies and low costs of ETFs, asset allocation strategies like PSMB are worth a look.