Exchange-Traded Funds

VRP - Invesco Variable Rate Preferred ETF

Equity - US Equity

Product Details

The Invesco Variable Rate Preferred ETF (Fund) is based on the Wells Fargo® Hybrid and Preferred Securities Floating and Variable Rate Index (Index). The Fund will generally invest at least 90% of its total assets in preferred securities that comprise the Index. The Index is a market capitalization-weighted index designed to track the performance of preferred stock, as well as certain types of "hybrid securities" that are functionally equivalent to preferred stock based on equity features. The Fund and the Index are rebalanced monthly.

as of 09/30/2018

Morningstar Rating

Overall Rating - Preferred Stock Category

As of 09/30/2018 the Fund had an overall rating of 4 stars out of 46 funds and was rated 4 stars out of 46 funds, N/A stars out of N/A funds and N/A stars out of N/A funds for the 3-, 5- and 10- year periods, respectively.

Morningstar details

Source: Morningstar Inc. Ratings are based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance. Open-end mutual funds and exchange-traded funds are considered a single population for comparison purposes. Ratings are calculated for funds with at least a three year history. The overall rating is derived from a weighted average of three-, five- and 10-year rating metrics, as applicable, excluding sales charges and including fees and expenses. ©2018 Morningstar Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results. The top 10% of funds in a category receive five stars, the next 22.5% four stars, the next 35% three stars, the next 22.5% two stars and the bottom 10% one star. Ratings are subject to change monthly. Had fees not been waived and/or expenses reimbursed currently or in the past, the Morningstar rating would have been lower. Ratings for other share classes may differ due to different performance characteristics.

as of 09/30/2018 09/30/2018

Performance

  YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Index History (%)
Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index 0.79 0.65 6.26 N/A N/A 5.26
S&P U.S. Preferred Stock Index 1.48 1.57 5.25 6.42 11.33 5.08
Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index 0.79 0.65 6.26 N/A N/A 5.26
S&P U.S. Preferred Stock Index 1.48 1.57 5.25 6.42 11.33 5.08
Fund History (%)
Fund NAV 0.68 0.22 6.08 N/A N/A 4.98
After Tax Held -0.76 -1.58 4.26 N/A N/A 3.27
After Tax Sold 0.39 0.19 4.03 N/A N/A 3.25
Fund Market Price 0.64 0.09 5.86 N/A N/A 4.88
Fund NAV 0.68 0.22 6.08 N/A N/A 4.98
After Tax Held -0.76 -1.58 4.26 N/A N/A 3.27
After Tax Sold 0.39 0.19 4.03 N/A N/A 3.25
Fund Market Price 0.64 0.09 5.86 N/A N/A 4.88

Market returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times. Performance data quoted represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance data quoted. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. Fund performance reflects applicable fee waivers, absent which, performance data quoted would have been lower. After Tax Held and After Tax Sold are based on NAV. Returns less than one year are cumulative.

as of 09/30/2018

Growth of $10,000

Data beginning Fund inception and ending 09/30/2018. Fund performance shown at NAV.

An investor cannot invest directly in an index. The results assume that no cash was added to or assets withdrawn from the Index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.

as of 10/18/2018

Sector Allocation

Quality Allocations as of 10/18/2018

S&P Moody's
A : 0% A : 4%
BBB : 61% Baa : 51%
BB : 31% Ba : 37%
B : 3% B : 3%
Not Rated : 4% Not Rated : 5%

Cash is excluded from the credit rating quality allocations table.

as of 10/18/2018Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date Next Call Date S&P / Moody's Rating† Weight
JPMorgan Chase & Co 5.81% 12/31/2049 01/30/2019 BBB-/Baa3 3.67%
General Electric Co 5.00% 12/31/2049 01/21/2021 BBB-/Baa1 3.37%
Wells Fargo & Co 6.10% 12/31/2049 12/15/2018 BBB-/Baa2 2.06%
GMAC Capital Trust I 8.10% 02/15/2040 11/19/2018 B/B2 1.76%
JPMorgan Chase & Co 5.00% 12/29/2049 07/01/2019 BBB-/Baa3 1.53%
Wachovia Capital Trust III 5.57% 08/29/2049 11/19/2018 BBB-/Baa2 1.50%
Citigroup Capital XIII 8.71% 10/30/2040 11/19/2018 BB+/Ba1 1.48%
Bank of America Corp 5.88% 12/31/2099 03/15/2028 BBB-/Ba1 1.42%
JPMorgan Chase & Co 6.75% 12/31/2049 02/01/2024 BBB-/Baa3 1.30%
Wells Fargo & Co 5.88% 12/31/2049 06/15/2025 BBB-/Baa2 1.25%

Holdings are subject to change and are not buy/sell recommendations.

Distributions | View All | Distribution Information

Ex-Date Record Date Pay Date $/
Share
Ordinary Income Short Term Gains Long Term Gains Return of Capital
09/24/2018 09/25/2018 09/28/2018 0.10297 0.10297 - - -
08/20/2018 08/21/2018 08/31/2018 0.09106 0.09106 - - -
07/23/2018 07/24/2018 07/31/2018 0.09000 0.09000 - - -
06/18/2018 06/19/2018 06/29/2018 0.09862 0.09862 - - -
05/21/2018 05/22/2018 05/31/2018 0.09382 0.09382 - - -
04/23/2018 04/24/2018 04/30/2018 0.09840 0.09840 - - -
03/19/2018 03/20/2018 03/29/2018 0.10151 0.10151 - - -
02/20/2018 02/21/2018 02/28/2018 0.10285 0.10285 - - -
01/22/2018 01/23/2018 01/31/2018 0.10551 0.10551 - - -
12/18/2017 12/19/2017 12/29/2017 0.09221 0.09221 - - -
11/20/2017 11/21/2017 11/30/2017 0.10248 0.10248 - - -
10/23/2017 10/24/2017 10/31/2017 0.08561 0.08561 - - -
09/18/2017 09/19/2017 09/29/2017 0.09534 0.09534 - - -
08/15/2017 08/17/2017 08/31/2017 0.10000 0.10000 - - -
07/14/2017 07/18/2017 07/31/2017 0.10266 0.10266 - - -
06/15/2017 06/19/2017 06/30/2017 0.10148 0.10148 - - -
05/15/2017 05/17/2017 05/31/2017 0.10244 0.10244 - - -
04/13/2017 04/18/2017 04/28/2017 0.10502 0.10502 - - -
03/15/2017 03/17/2017 03/31/2017 0.10519 0.10519 - - -
02/15/2017 02/17/2017 02/28/2017 0.10445 0.10445 - - -
01/13/2017 01/18/2017 01/31/2017 0.10560 0.10560 - - -
12/15/2016 12/19/2016 12/30/2016 0.11375 0.11375 - - -
11/15/2016 11/17/2016 11/30/2016 0.10691 0.10691 - - -
10/14/2016 10/18/2016 10/31/2016 0.10295 0.10295 - - -
09/15/2016 09/19/2016 09/30/2016 0.10028 0.10028 - - -
08/15/2016 08/17/2016 08/31/2016 0.10205 0.10205 - - -
07/15/2016 07/19/2016 07/29/2016 0.10217 0.10217 - - -
06/15/2016 06/17/2016 06/30/2016 0.10748 0.10748 - - -
05/13/2016 05/17/2016 05/31/2016 0.10748 0.10748 - - -
04/15/2016 04/19/2016 04/29/2016 0.10982 0.10982 - - -
03/15/2016 03/17/2016 03/31/2016 0.10100 0.10100 - - -
02/12/2016 02/17/2016 02/29/2016 0.10000 0.10000 - - -
01/15/2016 01/20/2016 01/29/2016 0.10099 0.10099 - - -
12/15/2015 12/17/2015 12/31/2015 0.10000 0.10000 - - -
11/13/2015 11/17/2015 11/30/2015 0.10959 0.10959 - - -
10/15/2015 10/19/2015 10/30/2015 0.10729 0.10729 - - -
09/15/2015 09/17/2015 09/30/2015 0.09424 0.09424 - - -
08/14/2015 08/18/2015 08/31/2015 0.09875 0.09875 - - -
07/15/2015 07/17/2015 07/31/2015 0.10877 0.10877 - - -
06/15/2015 06/17/2015 06/30/2015 0.10623 0.10623 - - -
05/15/2015 05/19/2015 05/29/2015 0.09726 0.09726 - - -
04/15/2015 04/17/2015 04/30/2015 0.09760 0.09760 - - -
03/13/2015 03/17/2015 03/31/2015 0.09622 0.09622 - - -
02/13/2015 02/18/2015 02/27/2015 0.10288 0.10288 - - -
01/15/2015 01/20/2015 01/30/2015 0.10000 0.10000 - - -
12/15/2014 12/17/2014 12/31/2014 0.10139 0.10139 - - -
11/14/2014 11/18/2014 11/28/2014 0.10896 0.10896 - - -
10/15/2014 10/17/2014 10/31/2014 0.10000 0.10000 - - -
09/15/2014 09/17/2014 09/30/2014 0.11000 0.11000 - - -
08/15/2014 08/19/2014 08/29/2014 0.11000 0.11000 - - -
07/15/2014 07/17/2014 07/31/2014 0.11000 0.11000 - - -
06/13/2014 06/17/2014 06/30/2014 0.11000 0.11000 - - -

Frequency Distribution of Discounts & Premiums

    Bid/Ask MidPoint Above NAV
Quarter
Ending
Days 0.00-
0.25%
0.26-
0.50%
0.51-
0.99%
1.00-
1.49%
1.50-
1.99%
≥2.00%
09/30/2018 63 29 2 0 0 0 0
06/30/2018 64 33 1 0 0 0 0
03/31/2018 61 26 2 0 0 0 0
12/31/2017 63 47 2 0 0 0 0
Year Ended 2017 251 159 51 1 0 0 0
    Bid/Ask Midpoint Below NAV
Quarter
Ending
Days 0.00-
0.25%
0.26-
0.50%
0.51-
0.99%
1.00-
1.49%
1.50-
1.99%
≥2.00%
09/30/2018 63 29 3 0 0 0 0
06/30/2018 64 24 6 0 0 0 0
03/31/2018 61 31 2 0 0 0 0
12/31/2017 63 14 0 0 0 0 0
Year Ended 2017 251 38 2 0 0 0 0

Fund Inception: 05/01/2014

Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices. Performance data quoted represents past performance, which is not a guarantee of future results.


 Risk & Other Information

Typically, security classifications used in calculating allocation tables are as of the last trading day of the previous month

† Credit ratings are assigned by Nationally Recognized Statistical Rating Organizations based on assessment of the credit worthiness of the underlying bond issuers. The ratings range from AAA (highest) to D (lowest) and are subject to change. Not rated indicates the debtor was not rated, and should not be interpreted as indicating low quality. Futures and other derivatives are not eligible for assigned credit ratings by any NRSRO and are excluded from quality allocations. For more information on rating methodologies, please visit the following NRSRO websites: standardandpoors.com and select "Understanding Ratings" under Rating Resources and moodys.com and select "Rating Methodologies" under Research and Ratings.

There are risks involved with investing in ETFs, including possible loss of money. Shares are not actively managed and are subject to risks similar to those of stocks, including those regarding short selling and margin maintenance requirements. Ordinary brokerage commissions apply. The Fund's return may not match the return of the Underlying Index. The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the Fund.

Preferred securities may be less liquid than many other securities, and in certain circumstances, an issuer of preferred securities may redeem the securities prior to a specified date.

Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa.

An issuer may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer's credit rating.

Convertible securities are subject to the risks associated with both debt and equity securities. As with equity securities, declining common stock values may cause the value of the Fund's investments to decline. A debt security tends to decrease in value when interest rates rise. Many convertible securities are subject to the same risks as lower rated debt securities.

Hybrid securities are potentially more volatile than traditional equity securities and may carry credit and liquidity risks.

The Fund may hold illiquid securities that it may be unable to sell at the preferred time or price and could lose its entire investment in such securities.

Perpetual subordinated debt typically has lower credit ratings and lower priority than other obligations of an issuer during bankruptcy, presenting greater risk of nonpayment and increasing as the priority of the obligation becomes lower.

The risks of investing in securities of foreign issuers can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues.

Stocks of small and mid-sized companies tend to be more vulnerable to adverse developments, may be more volatile, and may be illiquid or restricted as to resale.

The Fund's use of a representative sampling approach will result in its holding a smaller number of securities than are in the underlying Index, and may be subject to greater volatility.

The Fund is non-diversified and may experience greater volatility than a more diversified investment.

Investments focused in a particular industry are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.

The S&P U.S. Preferred Stock Index is an unmanaged index designed to measure the performance of the US preferred stock market,

The Global Industry Classification Standard was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's.

Wells Fargo is the Index Provider for the Fund. The Wells Fargo® Hybrid and Preferred Securities Floating and Variable Rate Index is a service mark of Wells Fargo & Company and has been licensed for use by the Adviser. The Fund is not sponsored, issued or advised by Wells Fargo & Company, Wells Fargo Securities, LLC or their subsidiaries and affiliates (collectively, "Wells Fargo") and Wells Fargo makes no representation regarding the advisability of investing in the Fund. The Fund is entitled to use the Underlying Index pursuant to a sub-licensing agreement with the Adviser.

as of 10/19/2018
4:00 PM EST

VRP
Intraday Stats

  • Last Trade $24.50
  • Current IIV $24.60
  • Change -$0.04
  • % Change -0.16%
as of 10/19/2018
  • NAV at market close $24.65

as of 10/19/2018

Fund Yield

  • SEC 30 Day Yield 4.51%
  • Distribution Rate 5.01%
  • 12 Month Distribution Rate 4.73%
  • 30-Day SEC Unsubsidized Yield
    as of 10/18/2018
    4.57%
as of 10/19/2018

Prior Close

  • Closing Price $24.54
  • Bid/Ask Midpoint $24.52
  • Bid/Ask Prem/Disc -$0.13
  • Bid/Ask Prem/Disc -0.53%
as of 10/18/2018

Fund Characteristics

  • Effective Duration 3.49 yrs
  • Modified Duration 3.36 yrs
  • Weighted Avg Coupon 5.82%
  • Weighted Premium/Discount -0.57%
  • Strip Yield 5.85%
As of June 5, 2015, the source of the calculation for these fund characteristics was changed from Aladdin (BRS) to Bloomberg.

Fund Details

  • Fund Ticker VRP
  • CUSIP # 46138G870
  • ISIN US46138G8704
  • Intraday NAV VRPIV
  • Index Ticker PFLOT
  • Index Provider Wells Fargo
  • Management Fee 0.50%
  • Total Expense Ratio 0.50%
  • Marginable Yes
  • Short Selling Yes
  • Options No
  • Exchange NYSE Arca
  • Inception Date 05/01/2014
  • # of Holdings 205
    as of 10/18/2018
as of 10/19/2018

Quick Facts

  • Previous Close $24.54
  • Open $24.49
  • Today's High $24.56
  • Today's Low $24.49
  • Today's Volume 312,602
  • 344,199 30-Day Avg Trading
    Volume
  • 52 Week High $26.11
  • 52 Week Low $24.49
  • Shares Outstanding 85.30MM
  • Market Value $2,102.9MM