KBWP Fees and Costs — Invesco KBW Property & Casualty Insurance ETF
Data updated: 2026-07-28
The net expense ratio is 0.35%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $8K in broker commissions, 0.0017% of average net assets, and portfolio turnover was 10%.
KBWP Fees and Expenses
Annual operating expenses and sales charges of KBWP. 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 |
KBWP Costs Over Time
On $10,000 invested in KBWP, 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 | $11,455 | $12,540 |
| Impact on return, per year | 0.37% | 0.37% | 0.37% |
KBWP 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): 0.0017%
- Total broker commissions: $8K
- Bought from dealers (principal trades, not a cost): $636.3M
- Portfolio turnover (prospectus): 10%
- Securities on loan, average value: $3.3M
- Net income from securities lending: $4K (0.001% of average net assets)
KBWP Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INVESCO CAPITAL MARKETS, INC. | $5K | 63.53% |
| JEFFERIES LLC | $1K | 19.19% |
| MACQUARIE CAPITAL (USA) INC. | $632 | 8.19% |
| MORGAN STANLEY & CO. LLC | $521 | 6.74% |
| COWEN AND COMPANY | $98 | 1.27% |
| UBS SECURITIES LLC | $26 | 0.34% |
| EVERCORE GROUP L.L.C. | $22 | 0.28% |
| CITIGROUP GLOBAL MARKETS INC. | $17 | 0.22% |
| BARCLAYS CAPITAL INC. | $11 | 0.14% |
| RAYMOND JAMES & ASSOCIATES, INC. | $8 | 0.10% |
KBWP Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| CITADEL SECURITIES LLC | $185.6M | 29.22% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $176.0M | 27.72% |
| VIRTU AMERICAS LLC | $88.9M | 13.99% |
| JANE STREET CAPITAL, LLC | $52.1M | 8.20% |
| RBC CAPITAL MARKETS, LLC | $48.5M | 7.63% |
| GOLDMAN, SACHS & CO. | $37.1M | 5.85% |
| MACQUARIE CAPITAL (USA) INC. | $23.9M | 3.77% |
| BNY MELLON CAPITAL MARKETS, LLC | $14.6M | 2.29% |
| BARCLAYS CAPITAL INC. | $6.0M | 0.95% |
| MORGAN STANLEY & CO. LLC | $2.4M | 0.38% |
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.