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Name

As of 11/25/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Invesco Variable Rate Investment Grade ETF

VRIG | Active ETF

$25.10

$1.03 B

5.75%

$1.44

0.30%

Vitals

YTD Return

6.2%

1 yr return

7.1%

3 Yr Avg Return

4.8%

5 Yr Avg Return

3.5%

Net Assets

$1.03 B

Holdings in Top 10

34.9%

52 WEEK LOW AND HIGH

$25.1
$24.89
$25.24

Expenses

OPERATING FEES

Expense Ratio 0.30%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 11/25/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Invesco Variable Rate Investment Grade ETF

VRIG | Active ETF

$25.10

$1.03 B

5.75%

$1.44

0.30%

VRIG - Profile

Distributions

  • YTD Total Return 6.2%
  • 3 Yr Annualized Total Return 4.8%
  • 5 Yr Annualized Total Return 3.5%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.77%
DIVIDENDS
  • Dividend Yield 5.8%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Invesco Variable Rate Investment Grade ETF
  • Fund Family Name
    INVESCOETF
  • Inception Date
    Sep 22, 2016
  • Shares Outstanding
    27600001
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Brian Norris

Fund Description

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of investment-grade, variable rate or floating rate debt securities that are denominated in U.S. dollars and are issued by U.S. private sector entities or U.S. government agencies and instrumentalities. Invesco Advisers, Inc., the sub-adviser to the Fund (the “Sub-Adviser”), selects the following types of securities for the Fund: (i) floating rate non-agency commercial mortgage-backed securities (“MBS”); variable rate non-agency residential MBS; variable rate agency MBS and floating rate non-agency asset-backed securities (“ABS”) (including floating rate non-agency commercial real estate collateralized loan obligations (“CLOs”)); (ii) floating rate corporate debt securities (comprised of corporate notes, bonds, debentures or privately issued securities offered pursuant to Rule 144A (“Rule 144A”) of the Securities Act of 1933, as amended (“Securities Act”)); (iii) floating rate government sponsored enterprise (“GSE”) credit risk transfers; (iv) floating rate U.S. Government securities (including floating rate agency debt securities); (v) variable rate preferred stock; and (vi) affiliated ETFs that invest primarily in any or all of the
foregoing securities (collectively, “Variable Rate Instruments”), to the extent permitted by the Investment Company Act of 1940 (the “1940 Act”).
At least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested in Variable Rate Instruments that are, at the time of purchase, investment grade (or in affiliated ETFs that invest primarily in any or all of the foregoing securities). Under normal market conditions, Variable Rate Instruments or variable rate preferred stock will be investment grade if, at the time of purchase, they have a rating in one of the highest four rating categories of at least one nationally recognized statistical ratings organization (“NRSRO”) (e.g., BBB- or higher by S&P Global Ratings, a division of S&P Global Inc. (“S&P”), and/or Fitch Ratings (“Fitch”), or Baa3 or higher by Moody’s Investors Service, Inc. (“Moody’s”)). Unrated securities may be considered investment grade if at the time of purchase, and under normal market conditions, the Sub-Adviser determines that such securities are of comparable quality based on a fundamental credit analysis of the unrated security and comparable NRSRO-rated securities.
In selecting Variable Rate Instruments for the Fund, the Sub-Adviser will strategically allocate the Fund’s assets by analyzing return and risk outlook data for each type of Variable Rate Instrument. Specifically, in seeking its secondary objective of capital appreciation, the Fund will seek capital appreciation while mitigating excess risk from any one type of security by using a strategic allocation of assets to distribute risk across multiple asset classes. In addition, the Fund will allocate its investments within each asset class in an attempt to improve expected returns based on inflation and growth outlook, as well as relative value across those classes and individual securities.
Under normal market conditions, the Fund will have investment exposure to a wide variety of Variable Rate Instruments using this tactical, strategic allocation. During periods of market volatility, however, the Fund may allocate a significant portion of its net assets to floating rate U.S. Treasury debt securities and agency MBS. However, the Fund will not invest more than 20% of its net assets in the aggregate in ABS or non-agency MBS.
The Sub-Adviser expects that the Fund’s portfolio will have an average duration of one year or less. Duration refers to the average life of a debt instrument and serves as a measure of that instrument’s interest rate risk. In general, when interest rates increase, the prices of fixed income securities decrease. Generally speaking, the longer an asset’s duration, the more sensitive the asset will be to changes in interest rates. For example, a bond with a duration of 10 years usually will decrease in value by 10% if interest rates rise by 1%; conversely, the bond usually will increase in value by 10% if interest rates fall by 1%. Therefore, prices of instruments with shorter durations and variable interest rates, such as the debt instruments in which the Fund invests, are expected to be less sensitive to interest rate changes than instruments with longer durations, fixed coupons or both.
In addition, the Fund may invest up to 20% of its net assets in Variable Rate Instruments that are rated below investment grade, and in fixed-rate instruments that are rated either investment grade or below investment grade. Below investment grade securities are commonly referred to as “junk” or “high yield” securities and are considered speculative with respect to the issuer’s capacity to pay interest and repay principal. The types of other fixed-rate instruments in which the Fund may invest include: (i) fixed-rate MBS and ABS (which includes fixed-rate commercial real estate CLOs); (ii) fixed-rate U.S. government and agency securities; (iii) fixed-rate corporate debt securities; (iv) fixed-rate exchange-traded preferred stock; and (v) affiliated ETFs that invest primarily in any or all of the foregoing fixed-rate securities.
Read More

VRIG - Performance

Return Ranking - Trailing

Period VRIG Return Category Return Low Category Return High Rank in Category (%)
YTD 6.2% -0.5% 7.6% 7.51%
1 Yr 7.1% 1.7% 9.3% 8.45%
3 Yr 4.8%* -1.2% 7.0% 3.41%
5 Yr 3.5%* -0.9% 4.6% 3.16%
10 Yr N/A* -4.2% 27.9% 32.52%

* Annualized

Return Ranking - Calendar

Period VRIG Return Category Return Low Category Return High Rank in Category (%)
2023 1.1% -2.3% 4.3% 53.05%
2022 -1.4% -6.5% 0.5% 35.44%
2021 0.3% -2.1% 0.3% 0.50%
2020 0.1% -3.1% 1.8% 57.81%
2019 1.3% -1.2% 6.1% 7.69%

Total Return Ranking - Trailing

Period VRIG Return Category Return Low Category Return High Rank in Category (%)
YTD 6.2% -0.5% 7.6% 7.51%
1 Yr 7.1% 1.7% 9.3% 8.45%
3 Yr 4.8%* -1.2% 7.0% 3.41%
5 Yr 3.5%* -0.9% 4.6% 3.16%
10 Yr N/A* -4.2% 27.9% N/A

* Annualized

Total Return Ranking - Calendar

Period VRIG Return Category Return Low Category Return High Rank in Category (%)
2023 7.4% 0.8% 12.1% 8.45%
2022 1.0% -5.1% 2.5% 13.59%
2021 1.1% -2.1% 14.5% 9.00%
2020 1.8% -1.0% 3.6% 42.19%
2019 4.6% 0.3% 9.6% 4.40%

VRIG - Holdings

Concentration Analysis

VRIG Category Low Category High VRIG % Rank
Net Assets 1.03 B 26.6 K 22.6 B 47.42%
Number of Holdings 287 2 1258 44.60%
Net Assets in Top 10 375 M 27.7 K 22.7 B 35.21%
Weighting of Top 10 34.89% 6.3% 159.6% 19.72%

Top 10 Holdings

  1. U.S. Treasury Floating Rate Notes 13.51%
  2. U.S. Treasury Floating Rate Notes 10.35%
  3. U.S. Treasury Floating Rate Notes 3.38%
  4. Invesco Private Prime Fund 3.15%
  5. Invesco Private Government Fund 1.21%
  6. JPMorgan Chase Co. 0.70%
  7. Morgan Stanley 0.70%
  8. Wells Fargo Co. 0.66%
  9. Standard Chartered PLC 0.62%
  10. Charles Schwab Corp. (The) 0.62%

Asset Allocation

Weighting Return Low Return High VRIG % Rank
Bonds 		91.70% 0.00% 129.63% 27.23%
Other 		7.21% -13.48% 99.96% 55.87%
Convertible Bonds 		5.70% 0.00% 15.25% 24.53%
Cash 		4.84% 0.00% 112.72% 43.19%
Stocks 		0.00% 0.00% 97.16% 80.28%
Preferred Stocks 		0.00% 0.00% 0.00% 77.93%

Bond Sector Breakdown

Weighting Return Low Return High VRIG % Rank
Corporate 		45.21% 0.00% 99.91% 39.15%
Securitized 		32.49% 0.00% 100.00% 41.98%
Government 		18.30% 0.00% 100.00% 16.51%
Cash & Equivalents 		4.84% 0.00% 112.72% 40.85%
Municipal 		0.06% 0.00% 70.39% 36.32%
Derivative 		0.00% -13.48% 16.56% 66.67%

Bond Geographic Breakdown

Weighting Return Low Return High VRIG % Rank
US 		91.70% 0.00% 129.63% 27.23%
Non US 		0.00% 0.00% 20.18% 81.22%

VRIG - Expenses

Operational Fees

VRIG Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.30% 0.08% 29.63% 80.00%
Management Fee 0.30% 0.00% 1.19% 71.36%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.40% N/A

Sales Fees

VRIG Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.50% 5.75% N/A
Deferred Load N/A 0.25% 1.00% N/A

Trading Fees

VRIG Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

VRIG Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 336.00% 73.95%

VRIG - Distributions

Dividend Yield Analysis

VRIG Category Low Category High VRIG % Rank
Dividend Yield 5.75% 0.00% 8.76% 3.29%

Dividend Distribution Analysis

VRIG Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

VRIG Category Low Category High VRIG % Rank
Net Income Ratio 0.77% -1.30% 14.86% 24.39%

Capital Gain Distribution Analysis

VRIG Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

VRIG - Fund Manager Analysis

Managers

Brian Norris

Start Date

Tenure

Tenure Rank

Sep 20, 2016

5.7

5.7%

Brian Norris is a Senior Portfolio Manager on the Structured Securities team. He is responsible for providing advice and trading for the mortgage-related products and working collectively with the Structured Securities team to implement strategies throughout the fixed income platform. Additionally, Mr. Norris is a mortgage-backed securities trader and director for Invesco Mortgage Capital, Inc., a mortgage REIT sub-advised by Invesco Fixed Income. Mr. Norris has been in the industry since 1999. He began his investment career with Todd Investment Advisors in Louisville, Kentucky, as a securities trader. Mr. Norris joined Invesco in 2001 and served for five years as an account manager. In that role, he was responsible for communicating the fixed income investment process and strategy to both clients and consultants. Mr. Norris became a portfolio manager in 2006 and was named senior portfolio manager in 2014. Mr. Norris earned a BS degree in business administration with a concentration in finance from the University of Louisville. He holds the Chartered Financial Analyst designation.

Peter Hubbard

Start Date

Tenure

Tenure Rank

Sep 20, 2016

5.7

5.7%

Peter Hubbard, Vice President and Director of Portfolio Management of the Invesco PowerShares Capital Management LLC. Mr. Hubbard has been a Portfolio Manager of the Adviser since June 2007 and has been associated with the Adviser since 2005. Prior to joining the Invesco PowerShares Capital Management LLC, Hubbard was a research analyst and trader for Ritchie Capital from September 2003 to May 2005.

Ken Purnell

Start Date

Tenure

Tenure Rank

Sep 20, 2016

5.7

5.7%

Ken Purnell is Head of Asset-Backed Portfolio Management for Invesco Fixed Income's Structured Securities department. In addition to leading this team, he is a Senior Portfolio Manager for stable value and other structured fixed income-oriented funds, and a Trader for asset-backed securities. Mr. Purnell entered the financial industry in 1985 and joined Invesco in 2011. Before being promoted to his current role in November 2015, he was a portfolio manager and a senior portfolio manager for asset-backed securities. Prior to joining Invesco, he was an ABS asset specialist at Aegon USA Investment Management. Before moving to the buy side in 2007 with Aegon, Mr. Purnell managed institutional account relationships in IG corporate and structured fixed Income trading with JP Morgan, BNP Paribas and Deutsche Bank Securities. Mr. Purnell earned his BBA from the University of Kentucky in 1984 and his MBA from Fordham University in 1990. He is a Chartered Financial Analyst (CFA).

Philip Armstrong

Start Date

Tenure

Tenure Rank

Sep 20, 2016

5.7

5.7%

Philip Armstrong, Portfolio Manager of Invesco Advisers, Inc., has been associated with the firm and/or its affiliates since 2015. Prior to 2015, Mr. Armstrong was an associate at BlackRock from 2010 to 2015.

Mario Clemente

Start Date

Tenure

Tenure Rank

Feb 24, 2017

5.27

5.3%

Mario Clemente is a Portfolio Manager. He has been associated with the Invesco Advisers, Inc. and/or its affiliates since 2014.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 32.44 6.52 0.13

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