Invesco Ltd. filed an amended Schedule 13G reporting a significant passive ownership stake in the Invesco Variable Rate Investment Grade ETF as of 12/31/2025.
Invesco Ltd., a Bermuda company, may be deemed to beneficially own 13,338,402 shares of the ETF, representing 24.6% of the outstanding class, held in client accounts advised by its subsidiaries. It reports sole voting and dispositive power over these shares, with no shared power.
The filing notes that Invesco Advisers, Inc., a subsidiary of Invesco Ltd., advises accounts including Impact 22 LLC - Funded, which owns 8.54% of the securities, and Invesco Global Allocation Fund GMAG Intl Credit, which owns 5.14%. However, no individual investor has more than 5% economic ownership; the respective fund shareholders are entitled to dividends and sale proceeds. Invesco certifies the holdings are in the ordinary course of business and not for influencing control of the ETF.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 14)
Invesco Variable Rate Investment Grade ETF
(Name of Issuer)
Exchange Traded Fund
(Title of Class of Securities)
46090A879
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
46090A879
1
Names of Reporting Persons
Invesco Ltd.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
BERMUDA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
13,338,402.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
13,338,402.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,338,402.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
24.6 %
12
Type of Reporting Person (See Instructions)
HC, IA
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Invesco Variable Rate Investment Grade ETF
(b)
Address of issuer's principal executive offices:
3500 Lacey Road,, Suite 700, Downers Grove, IL 60515
Item 2.
(a)
Name of person filing:
Invesco Ltd. ("Invesco Ltd.")
(b)
Address or principal business office or, if none, residence:
1331 Spring Street NW, Suite 2500, Atlanta, GA 30309
(c)
Citizenship:
Bermuda
(d)
Title of class of securities:
Exchange Traded Fund
(e)
CUSIP No.:
46090A879
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Invesco Ltd., in its capacity as a parent holding company to its investment advisers, may be deemed to beneficially own 13,338,402 shares of the Issuer which are held of record by clients of Invesco Ltd.
(b)
Percent of class:
24.6 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
13,338,402
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
13,338,402
(iv) Shared power to dispose or to direct the disposition of:
0
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Invesco Advisers, Inc. is a subsidiary of Invesco Ltd. and it advises the Impact 22 LLC - Funded which owns 8.54% of the security reported herein. Invesco Advisers, Inc. is a subsidiary of Invesco Ltd. and it advises the Invesco Global Allocation Fund GMAG Intl Credit which owns 5.14% of the security reported herein. However, no one individual has greater than 5% economic ownership. The shareholders of the Fund have the right to receive or the power to direct the receipt of dividends and proceeds from the sale of securities listed above.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
Invesco Advisers, Inc.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
What stake does Invesco Ltd. report in Invesco Variable Rate Investment Grade ETF (IVZ)?
Invesco Ltd. reports beneficial ownership of 13,338,402 shares, representing 24.6% of the Invesco Variable Rate Investment Grade ETF. These shares are held in client accounts advised by Invesco subsidiaries, with Invesco having sole voting and dispositive power over the reported shares.
Is Invesco Ltd.’s 24.6% position in the ETF considered a passive holding?
Yes. Invesco certifies the securities were acquired and are held in the ordinary course of business, not to change or influence control of the ETF. The filing is on Schedule 13G/A, which is used for passive ownership rather than activist or control-seeking positions.
Which Invesco-managed accounts hold significant portions of this ETF’s shares?
Invesco Advisers, Inc. advises Impact 22 LLC - Funded, which owns 8.54% of the ETF, and Invesco Global Allocation Fund GMAG Intl Credit, which owns 5.14%. Both positions are part of the 13,338,402 shares reported as beneficially owned by Invesco Ltd.
Do any individual investors hold more than 5% of the ETF’s shares through Invesco?
No. The filing states that no single individual has greater than 5% economic ownership. Instead, the shareholders of the respective funds have rights to receive dividends and proceeds from sales of the ETF shares held in those Invesco-advised accounts.
What voting and dispositive powers does Invesco Ltd. report over the ETF shares?
Invesco Ltd. reports sole power to vote, or direct the vote of, 13,338,402 shares and sole power to dispose, or direct the disposition of, the same 13,338,402 shares. It reports no shared voting or shared dispositive power over any of the ETF shares.
Why did Invesco Ltd. file an Amendment No. 14 to Schedule 13G for this ETF?
Amendment No. 14 updates Invesco’s beneficial ownership disclosure for the ETF as of 12/31/2025. It reflects current share totals, percentage ownership of 24.6%, and details on Invesco Advisers, Inc. and the specific funds that hold more than 5% of the ETF’s securities.
