Invesco Variable Rate Preferred ETF
Invesco Exchange-Traded Fund Trust II · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
Invesco Variable Rate Preferred ETF is a U.S. bond index ETF that tracks the ICE Variable Rate Preferred & Hybrid Securities Index.
- Asset class
- Bonds
- Region
- United States
- Management
- Index (passive)
- Fund type
- ETF
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Features
- Non-diversified
Fund profile
As filed in the prospectus · 2025 Q4
The Invesco Variable Rate Preferred ETF (the Fund) seeks to track the investment results (before fees and expenses) of the ICE Variable Rate Preferred & Hybrid Securities Index (the Underlying Index).
The fund tracks the ICE Variable Rate Preferred & Hybrid Securities Index, a market-capitalization-weighted index of floating and variable rate preferred stocks and comparable hybrid securities issued by U.S. corporations, using a sampling methodology rather than holding all index constituents. Because the fund samples the index, its returns may diverge from the index. The fund is non-diversified and will concentrate its holdings in any industry to the extent the index itself is concentrated, with significant current exposure to financials.
| Share class | Expense ratio |
|---|---|
| VRP | 0.50% |
Portfolio turnover 20.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 85.24% |
| Stocks | 12.61% |
| Cash & short-term | 5.86% |
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Financials | 47.9% |
| Utilities | 19.2% |
| International | 11.5% |
| Other | 9.0% |
| 10 smaller | 12.4% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: Wells Fargo & Co., JPMorgan Chase & Co., Charles Schwab Corp. (The), Southern Co. (The), PacifiCorp, Humana Inc., Xcel Energy Inc., Rogers Communications Inc.
Exited: Wells Fargo & Co., Ally Financial Inc., Bank of America Corp., Goldman Sachs Group, Inc. (The), Edison International, National Rural Utilities Cooperative Finance Corp., SCE Trust V
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 99.8% |
| Fixed rate | 0.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.1% |
| 10y+ | 52.1% |
| Unknown | 47.7% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 54% |
| Interest rates | 46% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +3.46 yr |
| High yield | +0.19 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.05 yr | 1% |
| 1 yr | 0.55 yr | 18% |
| 5 yr | 1.38 yr | 45% |
| 10 yr | 0.87 yr | 28% |
| 30 yr | 0.21 yr | 7% |
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.34 yr | 9% |
| 5 yr | 0.80 yr | 22% |
| 10 yr | 1.03 yr | 28% |
| 30 yr | 1.45 yr | 40% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.05 | +0.03 | +0.00 | $8.5k | $135 |
| 1 yr | +0.55 | +0.33 | +0.01 | $96.1k | $2.4k |
| 5 yr | +1.38 | +0.77 | +0.03 | $223.8k | $7.6k |
| 10 yr | +0.87 | +0.96 | +0.07 | $276.7k | $20.0k |
| 30 yr | +0.21 | +1.37 | +0.09 | $395.6k | $25.2k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | Invesco Private Prime Fund | 4.24% | — | $122.50M | — |
| — | Invesco Private Government Fund | 1.62% | — | $46.85M | — |
| — | Bank of America Corp.6.63% floating | 1.12% | — | $32.30M | — |
| — | JPMorgan Chase & Co.6.50% floating | 1.10% | — | $31.91M | — |
| — | Citigroup Inc.6.88% floating | 0.99% | — | $28.69M | — |
| — | JPMorgan Chase & Co.6.88% floating | 0.94% | — | $27.06M | — |
| — | Citigroup Capital XIII | 0.93% | $28.71 | $26.74M | 931.3K |
| — | Citigroup Inc.6.63% floating | 0.91% | — | $26.45M | — |
| — | Bank of America Corp.6.25% floating | 0.91% | — | $26.43M | — |
| — | BP Capital Markets PLC4.88% floating | 0.89% | — | $25.65M | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.
Top 10 positions are 13.64% of net assets, top 25 24.93%, across 142 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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