Invesco Variable Rate Preferred ETF
U.S. bond index ETF · tracks ICE Variable Rate Preferred & Hybrid Securities Index
As of its 2026 Q2 report, Invesco Variable Rate Preferred ETF held 346 positions with $2.89B in net assets. Its ten largest holdings made up 13.6% of the fund. The VRP share class costs 0.5% a year. Over the 12 months to May 2026, VRP returned 7.4%, with dividends reinvested. In 2026 Q2 it added 20 new positions and exited 7.
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.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
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% | $26.74M | 931.3K | $28.71 |
Citigroup Inc. 6.63% floating | 0.91% | $26.45M | — | — |
Bank of America Corp. 6.25% floating | 0.91% | $26.43M | — | — |
BP Capital Markets PLC 4.88% 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.
The 200 largest of 346 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 85.24% |
| Stocks | 12.61% |
| Cash & short-term | 5.86% |
By sector
- Financials
- 42.8%
- Utilities
- 19.2%
- Other
- 13.8%
- International
- 11.9%
- 10 other sectors
- 12.3%
- Financials
- 42.8%
- Utilities
- 19.2%
- Other
- 13.8%
- International
- 11.9%
- Cash
- 5.7%
- Energy
- 2.9%
- Health Care
- 1.6%
- Communication Services
- 0.9%
- Consumer Staples
- 0.3%
- Information Technology
- 0.3%
- Industrials
- 0.3%
- Materials
- 0.2%
- Government
- 0.2%
- Real Estate
- 0.0%
How it has done
VRP share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.72%. Past returns are a record, not a forecast.
Fees & fund details
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
- Expense ratio, by class
- 0.50%· VRP 0.50%
- Portfolio turnover
- 20.00% a year · as of 2025 Q4
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
20 new· the largest 8
7 exited
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.
Understand how this fund fits with the rest.
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