KBWD Fees and Costs — Invesco KBW High Dividend Yield Financial ETF
Data updated: 2026-07-30
The net expense ratio is 5.39%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $367K in broker commissions, 0.0897% of average net assets, and portfolio turnover was 60%.
KBWD Fees and Expenses
Annual operating expenses and sales charges of KBWD. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.35% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 5.39% |
| Fee waiver | — |
| Net expense ratio | 5.39% |
| 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 |
KBWD Costs Over Time
On $10,000 invested in KBWD, assuming 5% a year before costs, total costs come to $3,134 over 5 years, cutting the return by 5.75% 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 5.39%) | $566 | $1,685 | $2,787 |
| Trading costs (broker commissions) | $9 | $28 | $46 |
| Lost growth on money paid in costs | $0 | $88 | $300 |
| Total costs | $575 | $1,801 | $3,134 |
| Value after costs | $9,925 | $9,776 | $9,629 |
| Impact on return, per year | 5.75% | 5.75% | 5.75% |
KBWD 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): 0.0897%
- Total broker commissions: $367K
- Bought from dealers (principal trades, not a cost): $169.1M
- Portfolio turnover (prospectus): 60%
- Securities on loan, average value: $82.2M
- Net income from securities lending: $1.0M (0.249% of average net assets)
KBWD Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MACQUARIE CAPITAL (USA) INC. | $256K | 69.85% |
| INVESCO CAPITAL MARKETS, INC. | $41K | 11.31% |
| STUART FRANKEL & CO., INC. | $22K | 5.92% |
| CITADEL SECURITIES LLC | $20K | 5.57% |
| RBC CAPITAL MARKETS, LLC | $8K | 2.23% |
| MORGAN STANLEY & CO. LLC | $7K | 1.97% |
| MIZUHO SECURITIES USA LLC | $5K | 1.36% |
| JEFFERIES LLC | $4K | 1.05% |
| COWEN AND COMPANY | $2K | 0.65% |
| CITIGROUP GLOBAL MARKETS INC. | $282 | 0.08% |
KBWD Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BNY MELLON CAPITAL MARKETS, LLC | $62.3M | 36.82% |
| CITADEL SECURITIES LLC | $34.7M | 20.49% |
| JANE STREET CAPITAL, LLC | $27.1M | 16.01% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $19.4M | 11.48% |
| RBC CAPITAL MARKETS, LLC | $14.8M | 8.73% |
| GOLDMAN, SACHS & CO. | $5.3M | 3.12% |
| ABN AMRO CLEARING CHICAGO LLC | $4.2M | 2.50% |
| BNP PARIBAS SECURITIES CORP. | $1.4M | 0.85% |
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.