DWAS Fees and Costs — Invesco Dorsey Wright SmallCap Momentum ETF
Data updated: 2026-07-30
The net expense ratio is 0.60%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.1M in broker commissions, 0.1417% of average net assets, and portfolio turnover was 186%.
DWAS Fees and Expenses
Annual operating expenses and sales charges of DWAS. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.60% |
| Fee waiver | — |
| Net expense ratio | 0.60% |
| 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 |
DWAS Costs Over Time
On $10,000 invested in DWAS, assuming 5% a year before costs, total costs come to $466 over 5 years, cutting the return by 0.78% 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 0.60%) | $63 | $197 | $343 |
| Trading costs (broker commissions) | $15 | $47 | $81 |
| Lost growth on money paid in costs | $0 | $12 | $43 |
| Total costs | $78 | $256 | $466 |
| Value after costs | $10,422 | $11,321 | $12,296 |
| Impact on return, per year | 0.78% | 0.78% | 0.78% |
DWAS 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): 0.1417%
- Total broker commissions: $1.1M
- Bought from dealers (principal trades, not a cost): $443.1M
- Portfolio turnover (prospectus): 186%
- Securities on loan, average value: $166.0M
- Net income from securities lending: $1.4M (0.180% of average net assets)
DWAS Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $385K | 34.15% |
| SUSQUEHANNA FINANCIAL GROUP, LLLP | $297K | 26.38% |
| INVESCO CAPITAL MARKETS, INC. | $216K | 19.16% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $86K | 7.61% |
| BARCLAYS CAPITAL INC. | $52K | 4.61% |
| RBC CAPITAL MARKETS, LLC | $46K | 4.08% |
| COWEN AND COMPANY | $28K | 2.48% |
| LOOP CAPITAL MARKETS LLC | $11K | 0.98% |
| JEFFERIES LLC | $6K | 0.53% |
| WELLS FARGO SECURITIES, LLC | $217 | 0.02% |
DWAS Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| CITADEL SECURITIES LLC | $205.9M | 46.47% |
| JANE STREET CAPITAL, LLC | $85.6M | 19.31% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $62.1M | 14.02% |
| GOLDMAN, SACHS & CO. | $28.6M | 6.46% |
| BNY MELLON CAPITAL MARKETS, LLC | $26.0M | 5.86% |
| VIRTU AMERICAS LLC | $22.1M | 4.99% |
| ABN AMRO CLEARING CHICAGO LLC | $12.9M | 2.90% |
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.