# Invesco Variable Rate Preferred Shares UCITS ETF (VRPS)

**Page:** https://fundology.uk/fund/vrps · ISIN IE00BG21M733

## At a glance

> Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.

As of 13/11/2026, VRPS (Invesco Variable Rate Preferred Shares UCITS ETF, ISIN IE00BG21M733) closed at $38.82 on the London Stock Exchange. Its ongoing charge is 0.50% a year (about £50 on £10,000). Over the five years to 13/11/2026 its total return was +18.7%, or −7.4% after UK CPIH inflation.

## Summary

Invesco Variable Rate Preferred Shares UCITS ETF is an exchange-traded fund (ETF) from Invesco, launched in 2018. It tracks the ICE Diversified Variable Rate Preferred & Hybrid Securities Index - Benchmark TR Net. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.5% a year — about £50 a year on every £10,000 invested, taken from the fund's value rather than billed to you. Income from its investments is paid out to holders as cash, usually a few times a year.

Latest close: **$38.82** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | VRPS |
| ISIN | IE00BG21M733 |
| Category | Corporate & other bonds |
| Type | ETF |
| Provider | Invesco |
| Tracks | ICE Diversified Variable Rate Preferred & Hybrid Securities Index - Benchmark TR Net |
| Income | Distributing |
| Ongoing charge | 0.50% a year (£50 per £10,000) |
| Fund size | £13.6m |
| Launched | 2018 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 04/10/2018 |

## Past returns (periods to 13/11/2026)

After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after UK CPIH inflation.

| Window | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 1 year | +1.07% | -2.51% | income reinvested |
| 3 years | +14.55% | +3.49% | income reinvested |
| 5 years | +18.65% | -7.39% | income reinvested |

Returns: as reported (delayed data). Inflation: UK CPIH, latest month published.

## Calendar-year returns

Calendar-year returns of Invesco Variable Rate Preferred Shares UCITS ETF in pounds (price only, income paid out not included): 2022 −3.2%, 2023 −1.8%, 2024 +8.1%, 2025 −6.8%; 2026 to 13/11/2026 −1.6%. Returns of Invesco Variable Rate Preferred Shares UCITS ETF in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −2.9%; to 30/09/2025: +1.1%; to 30/09/2024: +0.4%; to 30/09/2023: −9.0%; to 30/09/2022: +3.3%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | -3.2% | -11.4% | Price |
| 2023 | -1.8% | -5.7% | Price |
| 2024 | +8.1% | +4.4% | Price |
| 2025 | -6.8% | -10.0% | Price |
| 2026 to 13/11/2026 | -1.6% | -4.7% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 6.23% | -6.04% |
| 3 years | 6.74% | -10.76% |
| 5 years | 8.47% | -15.79% |

## Largest fall

Volatility of Invesco Variable Rate Preferred Shares UCITS ETF in pounds, annualised from weekly returns to 13/11/2026: 6.2% over 1 year, 6.7% over 3 years, 8.5% over 5 years. Largest fall in the price of Invesco Variable Rate Preferred Shares UCITS ETF since November 2021, in pounds: −15.8% from 23/09/2022 to 14/07/2023. The lowest 12-month return of Invesco Variable Rate Preferred Shares UCITS ETF in pounds (price only, income paid out not included) since January 2021 was −10.0% (12 months to 01/09/2023); the highest was +10.5% (12 months to 10/05/2024). On 13/11/2026 the price of Invesco Variable Rate Preferred Shares UCITS ETF was 11.1% below its highest weekly close since November 2021 (23/09/2022), in pounds.

## Charges compared with similar funds

Ongoing charge of Invesco Variable Rate Preferred Shares UCITS ETF 0.50% a year. Compared on 14/11/2026, 51 of the 427 other corporate and other bond funds charge more, 16 the same and 360 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **0.50%** per year (as of 13/11/2026)
- Stocks and shares ISA eligible: usually (check with your platform)
- SIPP eligible: usually (check with your provider)
- ISA and SIPP mean the kind of product usually qualifies under HMRC rules. We do not check each platform’s list — each provider decides which funds it offers. Crypto ETNs have not qualified for a stocks and shares ISA since 06/04/2026, and overseas funds that are not UK-recognised UCITS, such as Swiss ETFs, do not usually qualify.

## What it holds

As of 12/11/2026, VRPS holds 279 positions, according to its published holdings. The largest is Citigroup Inc VAR 15/11/74 at 2.08% of the fund; the ten largest make up 13.6%.

### Top holdings

Largest positions (as of 12/11/2026), as a percentage of the whole fund:

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | Citigroup Inc VAR 15/11/74 | — | 2.08% |
| 2 | Citigroup Inc VAR 15/05/75 | — | 1.90% |
| 3 | Citigroup Inc VAR 15/02/75 | — | 1.42% |
| 4 | Goldman Sachs Group Inc/The VAR 10/02/75 | — | 1.40% |
| 5 | Sysco Holdings Corp/ Sysco Corp VAR 06/10/56 | — | 1.37% |
| 6 | Wells Fargo & Co VAR 15/09/75 | — | 1.34% |
| 7 | JPMorgan Chase & Co VAR 01/04/75 | — | 1.06% |
| 8 | Bank of America Corp VAR 01/08/75 | — | 1.05% |
| 9 | American Electric Power Co Inc VAR 15/03/56 | — | 1.01% |
| 10 | JPMorgan Chase & Co VAR 01/07/75 | — | 0.99% |

## Where it invests

Shares of the whole fund. Bonds, cash and positions without a classification are shown as they come, not guessed.

### By sector

As published for the fund, as of 05/11/2026.

| Sector | Weight |
|---|---|
| financial Institutions | 53.0% |
| utility | 24.0% |
| industrial | 22.7% |
| government Related | 0.2% |

### By country

As published for the fund, as of 05/11/2026.

| Country | Weight |
|---|---|
| United States | 88.0% |
| Canada | 10.0% |
| United Kingdom | 1.4% |
| Ireland | 0.4% |
| Greece | 0.1% |

All 279 holdings: https://fundology.uk/fund/vrps/holdings

## Questions people ask

**What is the ongoing charge of VRPS?**

The ongoing charge of VRPS is 0.50% a year — about £50 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of Invesco Variable Rate Preferred Shares UCITS ETF 0.50% a year. Compared on 14/11/2026, 51 of the 427 other corporate and other bond funds charge more, 16 the same and 360 less (share classes counted once).

**What does VRPS track?**

VRPS tracks the ICE Diversified Variable Rate Preferred & Hybrid Securities Index - Benchmark TR Net.

**Is VRPS accumulating or distributing?**

VRPS is distributing: income is paid out to holders as cash, usually a few times a year. It pays out quarterly.

**What is the ISIN of VRPS?**

The ISIN of VRPS is IE00BG21M733. An ISIN identifies one exact share class of a fund; VRPS is its ticker on the London Stock Exchange.

**What does VRPS hold?**

As of 12/11/2026, VRPS holds 279 positions, according to its published holdings. The largest is Citigroup Inc VAR 15/11/74 at 2.08% of the fund; the ten largest make up 13.6%. Its ten largest holdings are Citigroup Inc VAR 15/11/74 (2.08%), Citigroup Inc VAR 15/05/75 (1.90%), Citigroup Inc VAR 15/02/75 (1.42%), Goldman Sachs Group Inc/The VAR 10/02/75 (1.40%), Sysco Holdings Corp/ Sysco Corp VAR 06/10/56 (1.37%), Wells Fargo & Co VAR 15/09/75 (1.34%), JPMorgan Chase & Co VAR 01/04/75 (1.06%), Bank of America Corp VAR 01/08/75 (1.05%), American Electric Power Co Inc VAR 15/03/56 (1.01%) and JPMorgan Chase & Co VAR 01/07/75 (0.99%).

**What were VRPS’s returns in each of the last five years?**

Calendar-year returns of VRPS in pounds (price only, income paid out not included): 2022 −3.2%, 2023 −1.8%, 2024 +8.1%, 2025 −6.8%; 2026 to 13/11/2026 −1.6%. Past performance is not a guide to future returns.

**How has VRPS done after inflation?**

Over the five years to 13/11/2026 VRPS’s total return was +18.7%, or −7.4% after UK CPIH inflation. Past performance is not a guide to future returns.

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Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.