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Name

As of 11/04/2024

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 Preferred ETF

VRP | ETF

$24.43

$1.56 B

7.01%

$1.71

0.50%

Vitals

YTD Return

10.8%

1 yr return

16.2%

3 Yr Avg Return

3.6%

5 Yr Avg Return

4.3%

Net Assets

$1.56 B

Holdings in Top 10

19.3%

52 WEEK LOW AND HIGH

$24.4
$22.17
$24.64

Expenses

OPERATING FEES

Expense Ratio 0.50%

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 11/04/2024

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 Preferred ETF

VRP | ETF

$24.43

$1.56 B

7.01%

$1.71

0.50%

VRP - Profile

Distributions

  • YTD Total Return 10.8%
  • 3 Yr Annualized Total Return 3.6%
  • 5 Yr Annualized Total Return 4.3%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 4.14%
DIVIDENDS
  • Dividend Yield 7.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Invesco Variable Rate Preferred ETF
  • Fund Family Name
    INVESCOETF
  • Inception Date
    May 01, 2014
  • Shares Outstanding
    82900000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Peter Hubbard

Fund Description

The Fund generally will invest at least 90% of its total assets in the components of the Underlying Index, as well as American depositary receipts (“ADRs”) that represent securities in the Underlying Index.
Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and calculates the Underlying Index, which is a market capitalization-weighted index designed to track the performance of floating and variable rate investment grade and below investment grade U.S. dollar denominated preferred stock, as well as certain types of hybrid securities that are, in the judgment of the Index Provider, comparable to preferred stocks, that are issued by corporations in the U.S. domestic market. To be eligible for inclusion in the Underlying Index, the preferred stock or hybrid security must: (i) be publicly issued, (ii) be U.S.-registered or exempt from registration in the United States, (iii) have at least one day remaining to maturity and at least 18 months to maturity at the time of its issuance, (iv) be issued in either $25 or $1,000 par value increments, and (v) have a floating rate coupon or dividend, and must meet other minimum liquidity, trading volume and other requirements, as determined by the Index Provider.
In general, preferred stock is a class of equity security that pays distributions to preferred stockholders. Preferred stockholders have priority
over common stockholders in the payment of specified dividends, such that preferred stockholders receive dividends before any dividends are paid to common stockholders. In addition, preferred stock takes precedence over common stock in receiving proceeds from an issuer in the event of the issuer’s liquidation, but is generally junior to debt, including senior and subordinated debt. Although preferred stocks represent a partial ownership interest in a company, preferred stocks generally do not carry voting rights. Preferred stocks often have a liquidation value that equals the original purchase price of the stock at the time of issuance. Preferred stocks have economic characteristics similar to fixed-income securities; for example, preferred stocks generally pay dividends at a specified rate, which may be fixed or variable. Variable- or floating-rate preferred stocks pay dividends at rates that adjust periodically according to formulae intended generally to reflect market rates of interest, float at a fixed margin above a generally recognized base lending rate, or are reset or re-determined on specified dates (such as the last day of a month or calendar quarter). Dividends may be paid on a variable rate percentage of the fixed par value at which the preferred stock is issued. The Underlying Index may include fixed-to-floating rate preferred securities, which are securities that have an initial term with a fixed dividend rate and following this initial term bear a floating dividend rate.
Hybrid securities that are comparable to preferred stock are those securities that, like traditional preferred stock, have preference over the common stock within an issuer’s capital structure, and are issued and traded in a similar manner to traditional preferred stock. Like preferred stock (but unlike debt securities or common stock), hybrid securities have the ability to defer dividend payments to stockholders and to extend their maturity dates to different durations.
The Underlying Index may include securities of large-, mid- and small-capitalization companies.
As of October 31, 2023, the Underlying Index was comprised of 307constituents with market capitalizations ranging from approximately $75.8 million to $3.1 billion.
The Fund does not purchase all of the securities in the Underlying Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
The Fund is “non-diversified” and therefore is not required to meet certain diversification requirements under the Investment Company Act of 1940, as amended (the “1940 Act”).
Concentration Policy. The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. As of August 31, 2023, the Fund had significant exposure to the financials sector. The Fund’s portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time.
Read More

VRP - Performance

Return Ranking - Trailing

Period VRP Return Category Return Low Category Return High Rank in Category (%)
YTD 10.8% 4.8% 17.7% 21.79%
1 Yr 16.2% 10.0% 28.4% 53.85%
3 Yr 3.6%* -7.6% 5.9% 4.17%
5 Yr 4.3%* -5.1% 11.5% 4.41%
10 Yr 5.0%* 0.8% 5.0% 4.17%

* Annualized

Return Ranking - Calendar

Period VRP Return Category Return Low Category Return High Rank in Category (%)
2023 3.1% -3.6% 14.2% 14.10%
2022 -13.6% -29.4% -9.6% 11.11%
2021 -0.1% -3.4% 17.2% 50.00%
2020 0.5% -24.8% 9.0% 68.12%
2019 13.2% 6.4% 19.1% 29.23%

Total Return Ranking - Trailing

Period VRP Return Category Return Low Category Return High Rank in Category (%)
YTD 10.8% 4.8% 17.7% 21.79%
1 Yr 16.2% 10.0% 28.4% 53.85%
3 Yr 3.6%* -7.6% 5.9% 4.17%
5 Yr 4.3%* -5.1% 11.5% 4.41%
10 Yr 5.0%* 0.8% 5.0% 4.17%

* Annualized

Total Return Ranking - Calendar

Period VRP Return Category Return Low Category Return High Rank in Category (%)
2023 10.3% -1.9% 26.5% 15.38%
2022 -9.0% -26.0% -5.8% 11.11%
2021 4.2% -2.5% 27.4% 41.67%
2020 5.1% -19.2% 12.3% 60.87%
2019 19.4% 10.0% 32.0% 32.31%

VRP - Holdings

Concentration Analysis

VRP Category Low Category High VRP % Rank
Net Assets 1.56 B 24.1 M 14.5 B 38.46%
Number of Holdings 308 49 439 21.79%
Net Assets in Top 10 336 M 8.45 M 1.89 B 33.33%
Weighting of Top 10 19.32% 11.3% 48.1% 53.85%

Top 10 Holdings

  1. Invesco Private Prime Fund 7.08%
  2. Invesco Private Government Fund 2.71%
  3. Wells Fargo Co., Series BB 1.49%
  4. JPMorgan Chase Co., Series HH 1.31%
  5. Invesco Government Agency Portfolio, Institutional Class 1.25%
  6. Citigroup Capital XIII, Pfd. 1.16%
  7. JPMorgan Chase Co., Series NN 1.16%
  8. BP Capital Markets PLC 1.07%
  9. Charles Schwab Corp. (The), Series G 1.06%
  10. Goldman Sachs Group, Inc. (The), Series X 1.04%

Asset Allocation

Weighting Return Low Return High VRP % Rank
Bonds 		81.36% 0.00% 97.75% 43.59%
Preferred Stocks 		16.18% 0.00% 125.69% 57.69%
Cash 		11.04% -0.02% 11.04% 1.28%
Convertible Bonds 		4.03% 0.00% 31.65% 72.00%
Stocks 		0.00% 0.00% 29.42% 69.23%
Other 		0.00% -4.41% 10.15% 48.72%

Bond Sector Breakdown

Weighting Return Low Return High VRP % Rank
Corporate 		100.00% 62.31% 100.00% 4.00%
Cash & Equivalents 		11.04% 0.00% 11.04% 1.28%
Derivative 		0.00% -0.56% 9.46% 48.72%
Securitized 		0.00% 0.00% 0.00% 46.67%
Municipal 		0.00% 0.00% 0.00% 46.67%
Government 		0.00% 0.00% 21.71% 78.67%

Bond Geographic Breakdown

Weighting Return Low Return High VRP % Rank
US 		81.36% 0.00% 97.61% 35.90%
Non US 		0.00% 0.00% 22.53% 67.95%

VRP - Expenses

Operational Fees

VRP Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.50% 0.05% 4.46% 84.42%
Management Fee 0.50% 0.00% 1.00% 19.23%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.55% N/A

Sales Fees

VRP Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

VRP Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A 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.

VRP Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 12.00% 199.00% 5.30%

VRP - Distributions

Dividend Yield Analysis

VRP Category Low Category High VRP % Rank
Dividend Yield 7.01% 0.00% 9.59% 19.23%

Dividend Distribution Analysis

VRP Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

VRP Category Low Category High VRP % Rank
Net Income Ratio 4.14% 0.88% 7.54% 47.30%

Capital Gain Distribution Analysis

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

Distributions History

View More +

VRP - Fund Manager Analysis

Managers

Peter Hubbard

Start Date

Tenure

Tenure Rank

May 01, 2014

8.09

8.1%

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.

Gary Jones

Start Date

Tenure

Tenure Rank

May 01, 2014

8.09

8.1%

Gary Jones is a Portfolio Manager of Invesco PowerShares Capital Management LLC and has been one of the Portfolio Managers primarily responsible for the day-to-day management of the Funds since January 2012. Mr. Jones has been a Portfolio Manager of the Adviser since December 2010. Previously, he was a Portfolio Manager of Van Kampen Investments from 2007 to 2009.

Richard Ose

Start Date

Tenure

Tenure Rank

May 01, 2014

8.09

8.1%

Richard Ose is a Vice President and Portfolio Manager of the Invesco PowerShares Capital Management LLC and has been employed by the Invesco PowerShares Capital Management LLC since 2011. Mr. Ose has been a Portfolio Manager of the Invesco PowerShares Capital Management LLC since July 2011. Prior to joining the Invesco PowerShares Capital Management LLC, Mr. Ose was an equity and derivatives trader at Claymore Advisors from 2007 to 2011.

Greg Meisenger

Start Date

Tenure

Tenure Rank

May 07, 2021

1.07

1.1%

Greg Meisenger, Portfolio Manager of Invesco Capital Management LLC. Mr. Meisenger has been associated with Invesco since March 2018. Prior to joining Invesco, Mr. Meisenger was a Senior Fixed Income Trader/Portfolio Manager with Columbia Threadneedle Investments since 2014. Prior to joining Columbia Threadneedle Investments, Mr. Meisenger was a Senior Fixed Income Trader with Thrivent Financial from 2004 to 2014.

Tom Boksa

Start Date

Tenure

Tenure Rank

Dec 17, 2021

0.45

0.5%

Tom Boksa, Portfolio Manager of Invesco Capital Management LLC, has been associated with Invesco since 2013.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 30.32 7.8 11.42

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