VRIG
Invesco Variable Rate Investment Grade ETF
INCEPTION DATE: 2016-09-22
ETF 10 years of successful floating rate investing
Ten years ago, when we launched the Invesco Variable Rate Investment Grade ETF (VRIG), we saw a gap in the market. Investors looking for income had limited options that combined professional active management, diversified floating rate exposure, and the efficiency of an ETF, at a competitive cost.
So, we built VRIG to help fill that need.
As a floating-rate multi-asset portfolio, VRIG can help investors reduce duration risk in their bond portfolio, but still offer attractive yields. This can make sense these days because of volatile and elevated interest rates. VRIG also provides exposure to mortgage and asset-backed securities that are backed by hard assets, such as residential and commercial real estate.
The fund invests across a broad range of floating-rate investment grade securities, including agency and non-agency residential and commercial mortgage-backed securities, asset-backed securities, floating-rate investment grade corporate bonds, and Treasuries.
Morningstar 5-Star Rating for nearly 70% of its eligible history
Over the past decade, VRIG has delivered strong results, achieving a Morningstar 5-Star Rating for nearly 70% of its eligible history.1 That success comes from the approach of Invesco's Structured Investments Team. Many ultrashort bond funds use structured credit securities primarily in the highest-rated AAA segment. Our team takes a broader approach, focusing on carefully selected AA- through BBB-rated structured credit opportunities. Through rigorous credit research, active portfolio management, and disciplined risk oversight, we've sought to uncover additional sources of yield and return potential while maintaining an investment-grade profile. It's a strategy that has helped differentiate VRIG and contributed to its long-term track record.
What investors can use VRIG for
VRIG may serve several investor needs with its diversified approach designed to provide attractive income potential while helping manage risk. It can be used for a portion of cash holdings and may offer more income potential than money market funds. While VRIG isn’t a money market fund and carries market and credit risk, its portfolio managers seek to balance higher-yielding opportunities with traditionally lower-volatility holdings such as Treasuries and agency-backed mortgage securities. It can also be a low-duration complement to a core fixed income allocation, helping reduce interest rate sensitivity while maintaining exposure to a diverse mix of fixed income sectors.
As we celebrate VRIG's 10-year milestone, we're proud of what the strategy has delivered for investors and remain committed to the disciplined investment approach that has guided the fund since day one.
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Important information
NA5975223
Not a Deposit Not FDIC Insured Not Guaranteed by the Bank May Lose Value Not Insured by any Federal Government Agency
Past performance is not a guarantee of future results.
Since ordinary brokerage commissions apply for each ETF buy and sell transaction, frequent trading activity may increase the cost of ETFs.
Diversification does not guarantee a profit or eliminate the risk of loss.
An investment cannot be made into an index.
The opinions expressed are those of Invesco, are based on current market conditions, and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals.
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.
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 subject to change without notice. Short-term credit ratings are measured on a scale that generally ranges from A-1 (highest) to D (lowest) for Standard & Poor's and from P-1 (highest) to NP (lowest) for Moody's and F1+ (highest) and D (lowest). S&P and Fitch ratings will also denote those securities that possess extremely strong safety characteristics with a plus sign (+) designation. NR or blank fields indicate the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.
Morningstar ratings are based on a risk-adjusted return measure that accounts for variation in a fund’s monthly performance, placing more emphasis on the 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. Had fees not been waived and/or expenses reimbursed currently or in the past, the Morningstar rating would have been lower. Class A shares received 5 stars for the overall period, 5 stars for the three-year period, and 5 stars for the five-year period. The fund was rated among 258 funds in the Morningstar Ultrashort Category for the overall, three‑year, and five‑year periods, respectively. There is no 10Y period. Morningstar ratings are as of August 31, 2026, the most recent data available, and are subject to change every month. 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 for other share classes may differ due to different performance characteristics.
©2026 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 cannot guarantee comparable future results.
Because the Fund may invest in other investment companies, it's subject to the risks associated with the investment company, and its investment performance may depend on the underlying investment company's performance. The Fund will indirectly pay a proportional share of the investment company's fees and expenses, while continuing to pay its own management fee to the Adviser, resulting in shareholders absorbing duplicate levels of fees.
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