IROC Fees and Costs — Invesco Rochester High Yield Municipal ETF
Data updated: 2026-09-29
The net expense ratio is 0.39% (0.40% before fee waivers). There are no sales loads or redemption fees. Portfolio turnover was 52%.
IROC Fees and Expenses
Annual operating expenses and sales charges of IROC. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.39% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.40% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.39% |
| 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 |
IROC Costs Over Time
On $10,000 invested in IROC, assuming 5% a year before costs, total costs come to $247 over 5 years, cutting the return by 0.41% 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 0.39%) | $41 | $129 | $224 |
| Lost growth on money paid in costs | $0 | $6 | $23 |
| Total costs | $41 | $135 | $247 |
| Value after costs | $10,459 | $11,441 | $12,516 |
| Impact on return, per year | 0.41% | 0.41% | 0.41% |
IROC 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): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $134.5M
- Portfolio turnover (prospectus): 52%
- Securities lending: none during the year
IROC Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BNY MELLON CAPITAL MARKETS, LLC | $62.5M | 52.76% |
| MORGAN STANLEY & CO. LLC | $32.1M | 27.15% |
| RBC CAPITAL MARKETS, LLC | $4.8M | 4.04% |
| PIPER JAFFRAY & CO. | $4.0M | 3.36% |
| B. C. ZIEGLER AND CO. | $3.2M | 2.74% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $2.8M | 2.36% |
| WELLS FARGO SECURITIES, LLC | $2.5M | 2.14% |
| HERBERT J. SIMS & CO, INC | $2.5M | 2.08% |
| RAYMOND JAMES & ASSOCIATES, INC. | $2.2M | 1.90% |
| TD SECURITIES (USA) LLC | $1.8M | 1.48% |
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.