Invesco Variable Rate Preferred ETF
$23.91−0.10 (−0.44%)
- Expense ratio
- 0.50%
- Fund size
- $3.0B
- 1Y return
- +3.0%
- Yield · Last 12 months
- 6.14%
- Holdings
- 363
- Volume · 30D
- 0.6M sh
- NAV per share
- $23.97
- 52W range
The ETF.net VRP Grade
Score 67 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.BScore 55Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.BScore 65Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.AScore 80Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.AScore 70Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.AScore 78Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.AScore 86Category rank
Our read on VRP
BThe preferred fund built on coupons that move. VRP holds mainly floating and variable rate preferred stock and hybrid debt from US corporations, where payouts reset with market rates instead of locking in at issue, and it pays monthly.
The fund seeks high monthly income, with potential tax advantages, through investments in preferred stock and hybrid debt.
Why people hold it
- By mandate, at least 90% of assets sit in floating and variable rate US preferred stock and hybrid debt, so coupons reset with market rates rather than staying fixed for life.invesco.com
- Income is the stated job: high monthly income, with potential tax advantages, from preferred stock and hybrid debt. Distributions land monthly, not quarterly.
- Running since 2014 and now a multi-billion-dollar fund, it spreads the bet across roughly 400 holdings and trades actively on the exchange.
Worth knowing
- 0.50% a year, above the middle of the pack among index-tracking ETFs. The floating-rate niche carries a higher sticker than plain vanilla index exposure.
- Resets cut both ways. Coupons that climb when short-term rates rise also step down when rates fall, and the monthly income moves with them.invesco.com
- The mandate spans investment grade and below investment grade preferreds and hybrid debt, so credit quality inside the basket is mixed, not uniformly high.invesco.com
VRP Holdings
- Bonds
- 363
- 10%
- AGPXX
Sectors
- Financials74.4%
- Real Estate19.3%
- Cons. Staples2.6%
- Utilities2.3%
- Energy0.9%
- Industrials0.5%
Geography
- United States85.98%
- Canada9.66%
- United Kingdom3.03%
- Ireland0.45%
- Netherlands0.28%
- Bermuda0.28%
- Switzerland0.17%
- Greece0.15%
VRP Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | VRP |
|---|---|
| Year to date | +2.3% |
| 1 month | +0.2% |
| 3 months | +0.1% |
| 1 year | +3.0% |
| 3 years | +8.6% |
| 5 years | +4.0% |
| 10 years | +4.8% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | VRP |
|---|---|---|
| 2026 YTD | +2.3% | |
| 2025 | +7.3% | |
| 2024 | +11.1% | |
| 2023 | +10.3% | |
| 2022 | −9.0% | |
| 2021 | +4.2% | |
| 2020 | +5.1% |
VRP in the news
ETF.net Research hasn’t filed on VRP yet — coverage lands here as it’s written.
VRP Dividends
- 6.14%
- $1.47
- $0.11 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 21, 2026 | Pays Sep 25, 2026 | $0.11 |
| Aug 24, 2026 | Aug 28, 2026 | $0.09 |
| Jul 20, 2026 | Jul 24, 2026 | $0.09 |
| Jun 22, 2026 | Jun 26, 2026 | $0.09 |
| May 18, 2026 | May 22, 2026 | $0.09 |
| Apr 20, 2026 | Apr 24, 2026 | $0.09 |
| Mar 23, 2026 | Mar 27, 2026 | $0.10 |
| Feb 23, 2026 | Feb 27, 2026 | $0.10 |
| Jan 20, 2026 | Jan 23, 2026 | $0.10 |
| Dec 22, 2025 | Dec 26, 2025 | $0.21 |
| Nov 24, 2025 | Nov 28, 2025 | $0.20 |
| Oct 20, 2025 | Oct 24, 2025 | $0.19 |
VRP Risk
- 4.4%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.86
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −13.8%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.47
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
VRP Cost
- The middle half of Preferred Securities funds
- Median 0.50%
14 of the 31 Preferred Securities funds charge less.