VRIG
Invesco Variable Rate Investment Grade ETF
The Invesco Variable Rate Investment Grade Portfolio is an actively-managed fund that primarily invests in USD-denominated investment-grade floating-rate securities, but can hold up to 20% in non-investment-grade securities.
Aggregate
FIXED INCOME
Active
MANAGEMENT STYLE
1.3 B
ASSETS UNDER MGMT
30 bp
EXPENSES
Fund Basics
| Fund sponsor | Invesco |
| Category | Aggregate |
| Asset class | Fixed Income |
| Website | link... |
| Inception date | Sep 20, 2016 |
| Assets (mns) | $1,272 |
| Expense ratio | 30 bp |
Constituent Breakdown
| No. of constituents | 208 |
| No. of distinct issuers | 156 |
| Coverage | 42% |
| Fixed/floating rate | 0% / 100% |
| Investment grade | 99% |
| Inflation protected | 0% |
| Non-standard maturity (callable, etc.) | 80% |
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Monthly |
| Taxation | 1099 |
| Bond selection | Proprietary |
| Weighting | Proprietary |
| Smart-beta | No |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| U.S. TREASURY NOTES 4.36861% | 13.5 % |
| U.S. TREASURY NOTES 4.47561% | 8.5 % |
| U.S. TREASURY NOTES 4.45261% | 1.3 % |
| FREDDIE MAC STACR REMIC TRUST 5.58969% | 0.8 % |
| FEDERAL HOME LOAN MORTGAGE CORP. 5.85101% | 0.7 % |
| JPMORGAN CHASE & CO. 5.23257% | 0.6 % |
| MORGAN STANLEY 5.41367% | 0.6 % |
| ABN AMRO BANK N.V. 5.38385% | 0.6 % |
| SANTANDER HOLDINGS USA INC. 5.93294% | 0.6 % |
| VOLKSWAGEN GROUP OF AMERICA FINANCE LLC 5.37 | 0.6 % |
Issuer Type Breakdown
Top Issuers
| GOLDMAN SACHS GROUP, INC. | 2.9 % |
| ATHENE GLOBAL FUNDING | 2.0 % |
| CITIGROUP INC. | 1.8 % |
| ING GROEP NV | 1.5 % |
| NEXTERA ENERGY CAPITAL HOLDINGS, INC. | 1.3 % |
Historical Performance
Standardized Performance (as of 08/29/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -0.1% | -0.1% | 0.2% | 0.4% | 0.2% | -- | -- | 0.0% |
| Dividend Yield | 1.7% | 2.7% | 4.6% | 4.9% | 3.3% | -- | -- | 3.0% |
| Total Returns | 1.6% | 2.6% | 4.8% | 5.3% | 3.5% | -- | -- | 3.0% | Ann. Volatility | 1.5% | 1.4% | 1.2% | 1.5% | 1.4% | -- | -- | 4.0% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.01 | 1% |
| MSCI EAFE | 0.02 | 7% |
| MSCI Emg Mkts | 0.02 | 4% |
Liquidity Measures
| Avg. volume (000) | 343 |
| ADV traded (mns) | $9 |
| Turnover | 0.7% |
| Avg. Bid/Ask (% of price) | 0.04% |
Technical Indicators
| Recent close | $25.12 |
| 30d moving avg. | $25.02 |
| Annualized volatility | 1.3% |
| Relative strength (RSI) | 73 |
| Short interest | 0.1% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Credit Quality
Duration
Macaulay Duration
Modified Duration
SHORT
MED.
LONG TERM
1.7 yrs
Modified Duration
◁ INSENSITIVE
EXTREMELY SENSITIVE ▷
1.7%
ⓘ Our analysis shows this fund is likely to be relatively insensitive to changes in interest rates
Interest Rate Sensitivity Analysis
| Change in YTM |
New YTM |
Est. Price Change |
New Price |
|---|---|---|---|
| +300 bp | --% | --% | $-- |
| +200 bp | --% | --% | $-- |
| +150 bp | --% | --% | $-- |
| +100 bp | --% | --% | $-- |
| +75 bp | --% | --% | $-- |
| +50 bp | --% | --% | $-- |
| +25 bp | --% | --% | $-- |
| 0 bp | --% | --% | $-- |
| -25 bp | --% | --% | $-- |
| -50 bp | --% | --% | $-- |
| -75 bp | --% | --% | $-- |
| -100 bp | --% | --% | $-- |
| -150 bp | --% | --% | $-- |
| -200 bp | --% | --% | $-- |
| - 300bp | --% | --% | $-- |
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Yields
Disposition of YTM
Distribution Yield (Trailing 12 Months)
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ETF Research Center Fund Rating
The ALTAR Score™ is our measure of an ETF's overall investment merit. For fixed income funds, the Score is an estimate of risk-adjusted yield to maturity (calculation shown below). In effecient markets, the plot of ALTAR Scores™ vs. Duration should resemble the familiar yield curve. Funds that sit above the curve may offer better risk-adjusted returns than those that sit below the curve.
ALTAR Score™
VRIG
2.4%
Cat. Avg
2.8%
Fund Category: Aggregate
| Adj. Yield to Maturity | -- bp |
| Less: Annual "default factor" | -- bp |
| Less: Expenses | 30 bp |
| Equals: ALTAR Score™ | 2.4% |
ALTAR Score™ vs. Duration (Aggregate Bond ETFs)
Expense Analysis
| Peer Group | Active Aggregate Fixed Income ETFs |
| # of ETFs | 48 |
| Avg. Expense Ratio | 54.6 bp |
| Std. Deviation | 50.8 bp |
| VRIG (30 bp) Percentile rank | 29 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| VRIG | 30.0 | 4.2 | 34.2 |
| Peer Avg. | 40.7 | 13.5 | 54.2 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .