CUT Fees and Costs — Invesco MSCI Global Timber ETF
Data updated: 2026-09-28
The net expense ratio is 0.76%: a 0.50% management fee plus 0.49% other expenses, less a 0.23% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $7K in broker commissions, 0.0152% of average net assets, and portfolio turnover was 26%.
CUT Fees and Expenses
Annual operating expenses and sales charges of CUT. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | — |
| Other expenses | 0.49% |
| Gross expense ratio | 0.99% |
| Fee waiver | −0.23% |
| Net expense ratio | 0.76% |
| 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 | Yes |
CUT Costs Over Time
On $10,000 invested in CUT, assuming 5% a year before costs, total costs come to $487 over 5 years, cutting the return by 0.81% 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 0.76%) | $80 | $250 | $434 |
| Trading costs (broker commissions) | $2 | $5 | $9 |
| Lost growth on money paid in costs | $0 | $13 | $45 |
| Total costs | $81 | $267 | $487 |
| Value after costs | $10,419 | $11,309 | $12,276 |
| Impact on return, per year | 0.81% | 0.81% | 0.81% |
CUT Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0152%
- Total broker commissions: $7K
- Bought from dealers (principal trades, not a cost): $13.5M
- Portfolio turnover (prospectus): 26%
- Securities on loan, average value: $9.6M
- Net income from securities lending: $34K (0.072% of average net assets)
CUT Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INVESCO CAPITAL MARKETS, INC. | $4K | 58.82% |
| BTIG, LLC | $954 | 13.26% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $657 | 9.14% |
| MORGAN STANLEY & CO. LLC | $422 | 5.86% |
| CITIGROUP GLOBAL MARKETS INC. | $337 | 4.69% |
| BARCLAYS CAPITAL INC. | $337 | 4.69% |
| UBS SECURITIES LLC | $108 | 1.51% |
| RBC CAPITAL MARKETS, LLC | $105 | 1.45% |
| GOLDMAN, SACHS & CO. | $28 | 0.39% |
| INSTINET, LLC | $14 | 0.19% |
CUT Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BNY MELLON CAPITAL MARKETS, LLC | $9.3M | 69.31% |
| MORGAN STANLEY & CO. LLC | $2.8M | 20.80% |
| CITIGROUP GLOBAL MARKETS INC. | $1.3M | 9.89% |
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.