VRIG - Invesco Variable Rate Investment Grade ETF

Fixed Income - US Fixed Income

Product Details

The Invesco Variable Rate Investment Grade ETF (the "Fund") is an actively managed exchange-traded fund (ETF) that seeks to generate current income while maintaining low portfolio duration as a primary objective and capital appreciation as a secondary objective. Under normal market conditions, the Fund generally will invest at least 80% of its net assets, plus any borrowings, in a portfolio of investment-grade, variable rate instruments that are US dollar denominated and US issued. Invesco, Advisers, Inc., the sub-adviser to the Fund (Sub-Adviser), seeks to invest in floating rate US Treasuries, government sponsored agency mortgage-backed securities, US Agency debt, structured securities and floating rate investment grade corporates. The Fund is able to invest in other types of securities as outlined in the prospectus, including up to 20% in non-investment grade securities.

as of 08/31/2019 06/30/2019

Performance

  YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Index History (%)
Bloomberg Barclays US Floating Rate Note Index 2.60 3.06 2.58 1.76 1.89 2.55
Bloomberg Barclays US Floating Rate Note Index 3.13 2.98 2.56 1.83 1.76 2.58
Fund History (%)
Fund NAV 2.41 2.55 N/A N/A N/A 2.56
After Tax Held 1.72 1.23 N/A N/A N/A 1.43
After Tax Sold 1.42 1.50 N/A N/A N/A 1.46
Fund Market Price 2.62 2.38 N/A N/A N/A 2.46
Fund NAV 2.98 2.45 N/A N/A N/A 2.61
After Tax Held 2.07 1.11 N/A N/A N/A 1.46
After Tax Sold 1.75 1.44 N/A N/A N/A 1.49
Fund Market Price 3.10 2.20 N/A N/A N/A 2.48

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. After Tax Held and After Tax Sold are based on NAV. Returns less than one year are cumulative.

as of 06/30/2019

Growth of $10,000

Data beginning Fund inception and ending 06/30/2019. 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 The results assume that no cash was added to or assets withdrawn from the Index.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.

Quality Allocations as of 09/16/2019

Rating % of Fund
AAA 27.67%
AA+ 4.38%
AA 1.28%
AA- 8.01%
A+ 11.48%
A 16.37%
A- 10.83%
BBB+ 4.36%
BBB 6.65%
BBB- 3.67%
BB+ 0.78%
NR 4.50%

Cash is excluded from the credit rating quality allocations table.

as of 09/16/2019 Maturity

Years % of Fund
0 - 1 years 6.34
1 - 5 years 55.94
5 - 10 years 11.52
10 - 15 years 3.82
15 - 20 years 11.39
20 - 25 years 2.38
25 years and over 8.61

as of 09/16/2019Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date Next Call Date Quality Rating Weight
United States Treasury Floating Rate Note 2.07% 04/30/2021 N/A AAA 5.66%
United States Treasury Floating Rate Note 2.04% 01/31/2021 N/A AAA 3.33%
Jabil Inc 0.00% 10/07/2019 N/A 2.56%
Freddie Mac Structured Agency Credit Risk Debt Notes 3.50% 03/25/2029 09/25/2026 A+ 2.01%
Invesco Variable Rate Preferred ETF N/A 1.94%
Fannie Mae Connecticut Avenue Securities 5.15% 07/25/2024 N/A BBB- 1.72%
Freddie Mac Structured Agency Credit Risk Debt Notes 5.00% 04/25/2028 10/25/2025 AA+ 1.68%
Freddie Mac Structured Agency Credit Risk Debt Notes 4.10% 05/25/2025 01/25/2025 AAA 1.56%
Invitation Homes 2017-SFR2 Trust 3.63% 12/17/2036 N/A A 1.44%
Athene Global Funding 3.56% 07/01/2022 N/A A 1.37%

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
08/19/2019 08/20/2019 08/30/2019 0.06360 0.06360 - - -
07/22/2019 07/23/2019 07/31/2019 0.06406 0.06406 - - -
06/24/2019 06/25/2019 06/28/2019 0.06731 0.06731 - - -
05/20/2019 05/21/2019 05/31/2019 0.06950 0.06950 - - -
04/22/2019 04/23/2019 04/30/2019 0.06942 0.06942 - - -
03/18/2019 03/19/2019 03/29/2019 0.06846 0.06846 - - -
02/19/2019 02/20/2019 02/28/2019 0.06864 - - - -
01/22/2019 01/23/2019 01/31/2019 0.06906 0.06906 - - -
12/24/2018 12/26/2018 12/31/2018 0.07029 0.07029 - - -
11/19/2018 11/20/2018 11/30/2018 0.06485 0.06485 - - -
10/22/2018 10/23/2018 10/31/2018 0.06437 0.06437 - - -
09/24/2018 09/25/2018 09/28/2018 0.06201 0.06201 - - -
08/20/2018 08/21/2018 08/31/2018 0.06176 0.06176 - - -
07/23/2018 07/24/2018 07/31/2018 0.06217 0.06217 - - -
06/18/2018 06/19/2018 06/29/2018 0.05961 0.05961 - - -
05/21/2018 05/22/2018 05/31/2018 0.05794 0.05794 - - -
04/23/2018 04/24/2018 04/30/2018 0.05596 0.05596 - - -
03/19/2018 03/20/2018 03/29/2018 0.05250 0.05250 - - -
02/20/2018 02/21/2018 02/28/2018 0.05035 0.05035 - - -
01/22/2018 01/23/2018 01/31/2018 0.04894 0.04894 - - -
12/18/2017 12/19/2017 12/29/2017 0.05500 0.05500 - - -
11/20/2017 11/21/2017 11/30/2017 0.04807 0.04807 - - -
10/23/2017 10/24/2017 10/31/2017 0.04602 0.04602 - - -
09/18/2017 09/19/2017 09/29/2017 0.04700 0.04700 - - -
08/15/2017 08/17/2017 08/31/2017 0.04709 0.04709 - - -
07/14/2017 07/18/2017 07/31/2017 0.04599 0.04599 - - -
06/15/2017 06/19/2017 06/30/2017 0.04733 0.04733 - - -
05/15/2017 05/17/2017 05/31/2017 0.05049 0.05049 - - -
04/13/2017 04/18/2017 04/28/2017 0.05156 0.05156 - - -
03/15/2017 03/17/2017 03/31/2017 0.04871 0.04871 - - -
02/15/2017 02/17/2017 02/28/2017 0.04831 0.04831 - - -
01/13/2017 01/18/2017 01/31/2017 0.04788 0.04788 - - -
12/15/2016 12/19/2016 12/30/2016 0.05242 0.05242 - - -
11/15/2016 11/17/2016 11/30/2016 0.04200 0.04200 - - -
10/14/2016 10/18/2016 10/31/2016 0.05482 0.05482 - - -

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%
03/31/2019 61 11 0 0 0 0 0
12/31/2018 63 34 0 0 0 0 0
09/30/2018 63 62 0 0 0 0 0
06/30/2018 64 64 0 0 0 0 0
Year Ended 2018 251 214 0 0 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%
03/31/2019 61 47 3 0 0 0 0
12/31/2018 63 22 6 1 0 0 0
09/30/2018 63 1 0 0 0 0 0
06/30/2018 64 0 0 0 0 0 0
Year Ended 2018 251 30 6 1 0 0 0

Fund Inception: 09/22/2016

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

† Ratings are based on S&P, Moody's or Fitch, as applicable. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated, and should not be interpreted as indicating low quality. If securities are rated differently by the rating agencies, the higher rating is applied. Credit ratings are based largely on the rating agency's investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. For more information on the rating methodology, please visit the following NRSRO websites: standardandpoors.com and select 'Understanding Ratings' under Rating Resources on the home page; moodys.com and select 'Rating Methodologies' under Research and Ratings on the home page; fitchratings.com and select 'Ratings Definitions' on the home page.

The Bloomberg Barclays US Floating Rate Note Index measures the performance of US dollar-denominated, investment grade floating rate notes.

There are risks involved with investing in ETFs, including possible loss of money. Actively managed ETFs do not necessarily seek to replicate the performance of a specified index. Actively managed ETFs are subject to risks similar to stocks, including those related to short selling and margin maintenance. Ordinary brokerage commissions apply. The Fund's return may not match the return of the 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.

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.

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

The values of junk bonds fluctuate more than those of high quality bonds and can decline significantly over short time periods.

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

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

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.

The Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind because of the nature of the Fund's investments. As such, investments in the Fund may be less tax efficient than investments in ETFs that create and redeem in-kind.

If interest rates fall, it is possible that issuers of callable securities will call or prepay their securities before maturity, causing the Fund to reinvest proceeds in securities bearing lower interest rates and reducing the Fund's income and distributions.

Risks of collateralized loan obligations include the possibility that distributions from collateral securities will not be adequate to make interest or other payments, the quality of the collateral may decline in value or default, the collateralized loan obligations may be subordinate to other classes, values may be volatile, and disputes with the issuer may produce unexpected investment results.

Defaulted securities involve the substantial risk that principal will not be repaid and may be subject to restrictions on resale.

An investment in exchange-traded funds (ETFs) may trade at a discount to net asset value, fail to develop an active trading market, halt trading on the listing exchange, fail to track the referenced index, or hold troubled securities. ETFs may involve duplication of management fees and certain other expenses. Certain of the ETFs the fund invests in are leveraged, which can magnify any losses on those investments.

For mortgage-backed securities, if interest rates rise, borrowers may prepay mortgages more slowly than originally expected. This may further reduce market value and lengthen durations.

Instruments issued by government agencies, including the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Mortgage Corporation ("Freddie Mac"), are generally only backed by the general creditworthiness and reputation of the issuing government agency and are not backed by the full faith and credit of the U.S. government. As a result, there is uncertainty as to the current status of many obligations that are placed under conservatorship of the federal government.

Income generated from the Fund is based primarily on prevailing interest rates, which can vary widely over the short- and long-term. If interest rates drop, the Fund's income may drop as well.

Preferred securities may include provisions that permit the issuer to defer or omit distributions for a certain period of time, and reporting the distribution for tax purposes may be required, even though the income may not have been received. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments.

Reinvestment risk is the risk that a bond's cash flows (coupon income and principal repayment) will be reinvested at an interest rate below that on the original bond.

Obligations issued by US Government agencies and instrumentalities may receive varying levels of support from the government, which could affect the fund's ability to recover should they default.

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

as of 09/17/2019
4:00 PM EST

VRIG
Intraday Stats

  • Last Trade $24.92
  • Current IIV $24.91
  • Change $0.01
  • % Change 0.04%
as of 09/16/2019
  • NAV at market close $24.93

as of 09/16/2019

Fund Yield

  • SEC 30 Day Yield 2.85%
  • Distribution Rate 3.06%
  • 12 Month Distribution Rate 3.22%
  • 30-Day SEC Unsubsidized Yield
    as of 09/16/2019
    2.84%
as of 09/16/2019

Prior Close

  • Closing Price $24.91
  • Bid/Ask Midpoint $24.91
  • Bid/Ask Prem/Disc -$0.02
  • Bid/Ask Prem/Disc -0.08%
as of 09/13/2019

Fund Characteristics

  • Effective Duration 0.01 yrs
  • Yield to Worst 2.83%
  • Weighted Avg Life 2.56
  • Weighted Avg Coupon 3.29%
  • Weighted Avg Price
    as of 09/16/2019
    0.00

Fund Details

  • Fund Ticker VRIG
  • CUSIP # 46090A879
  • ISIN US46090A8797
  • Intraday NAV VRIGIV
  • Management Fee 0.30%
  • Total Expense Ratio 0.30%
  • Marginable Yes
  • Short Selling Yes
  • Options No
  • Exchange NASDAQ
  • Inception Date 09/22/2016
  • # of Holdings 178
    as of 09/16/2019
as of 09/17/2019

Quick Facts

  • Previous Close $24.91
  • Open $24.90
  • Today's High $24.92
  • Today's Low $24.90
  • Today's Volume 106,397
  • 56,930 30-Day Avg Trading
    Volume
  • 52 Week High $25.17
  • 52 Week Low $24.56
  • Shares Outstanding 15.80MM
  • Market Value $393.9MM