VRP Fees and Costs — Invesco Variable Rate Preferred ETF
Data updated: 2026-07-30
The net expense ratio is 0.50%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $9K in broker commissions, 0.0005% of average net assets, and portfolio turnover was 20%.
VRP Fees and Expenses
Annual operating expenses and sales charges of VRP. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.50% |
| Fee waiver | — |
| Net expense ratio | 0.50% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
VRP Costs Over Time
On $10,000 invested in VRP, assuming 5% a year before costs, total costs come to $316 over 5 years, cutting the return by 0.53% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.50%) | $52 | $165 | $287 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $8 | $29 |
| Total costs | $53 | $173 | $316 |
| Value after costs | $10,447 | $11,403 | $12,447 |
| Impact on return, per year | 0.53% | 0.53% | 0.53% |
VRP Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0005%
- Total broker commissions: $9K
- Bought from dealers (principal trades, not a cost): $1.7B
- Portfolio turnover (prospectus): 20%
- Securities on loan, average value: $179.8M
- Net income from securities lending: $2.2M (0.110% of average net assets)
VRP Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN, SACHS & CO. | $7K | 72.54% |
| WELLS FARGO SECURITIES, LLC | $3K | 27.32% |
| CITIGROUP GLOBAL MARKETS INC. | $13 | 0.14% |
VRP Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BNY MELLON CAPITAL MARKETS, LLC | $786.5M | 48.19% |
| MORGAN STANLEY & CO. LLC | $261.2M | 16.01% |
| GOLDMAN, SACHS & CO. | $177.6M | 10.88% |
| RBC CAPITAL MARKETS, LLC | $135.8M | 8.32% |
| JANE STREET EXECUTION SERVICES, LLC | $86.6M | 5.31% |
| BOFA SECURITIES, INC. | $61.3M | 3.76% |
| UBS SECURITIES LLC | $35.6M | 2.18% |
| JANE STREET CAPITAL, LLC | $34.2M | 2.10% |
| BNP PARIBAS SECURITIES CORP. | $32.3M | 1.98% |
| BARCLAYS CAPITAL INC. | $21.0M | 1.29% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.