KBWB Fees and Costs — Invesco KBW Bank ETF
Data updated: 2026-07-30
The net expense ratio is 0.35%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $82K in broker commissions, 0.0024% of average net assets, and portfolio turnover was 10%.
KBWB Fees and Expenses
Annual operating expenses and sales charges of KBWB. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.35% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.35% |
| Fee waiver | — |
| Net expense ratio | 0.35% |
| 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 |
KBWB Costs Over Time
On $10,000 invested in KBWB, assuming 5% a year before costs, total costs come to $223 over 5 years, cutting the return by 0.37% 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 0.35%) | $37 | $115 | $202 |
| Trading costs (broker commissions) | $0 | $1 | $1 |
| Lost growth on money paid in costs | $0 | $6 | $20 |
| Total costs | $37 | $122 | $223 |
| Value after costs | $10,463 | $11,454 | $12,540 |
| Impact on return, per year | 0.37% | 0.37% | 0.37% |
KBWB 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): 0.0024%
- Total broker commissions: $82K
- Bought from dealers (principal trades, not a cost): $8.3B
- Portfolio turnover (prospectus): 10%
- Securities on loan, average value: $16.5M
- Net income from securities lending: $21K (0.001% of average net assets)
KBWB Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INVESCO CAPITAL MARKETS, INC. | $43K | 52.84% |
| STUART FRANKEL & CO., INC. | $28K | 34.31% |
| JEFFERIES LLC | $9K | 10.54% |
| CITIGROUP GLOBAL MARKETS INC. | $569 | 0.70% |
| MORGAN STANLEY & CO. LLC | $487 | 0.60% |
| BLAYLOCK BEAL VAN, LLC | $270 | 0.33% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $163 | 0.20% |
| RBC CAPITAL MARKETS, LLC | $149 | 0.18% |
| WELLS FARGO SECURITIES, LLC | $144 | 0.18% |
| EVERCORE GROUP L.L.C. | $105 | 0.13% |
KBWB Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| RBC CAPITAL MARKETS, LLC | $2.0B | 25.64% |
| GOLDMAN, SACHS & CO. | $1.3B | 16.51% |
| VIRTU AMERICAS LLC | $1.0B | 13.37% |
| JANE STREET CAPITAL, LLC | $703.1M | 9.21% |
| CITADEL SECURITIES LLC | $632.2M | 8.28% |
| ABN AMRO CLEARING CHICAGO LLC | $545.0M | 7.14% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $474.0M | 6.21% |
| MORGAN STANLEY & CO. LLC | $370.1M | 4.85% |
| CITIGROUP GLOBAL MARKETS INC. | $342.2M | 4.48% |
| HRT FINANCIAL LLC | $328.3M | 4.30% |
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.