MLPOX Fees and Costs — Invesco SteelPath MLP Alpha Fund, Class Y
Data updated: 2026-07-28
The net expense ratio is 1.29%: a 1.09% management fee plus 0.20% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $488K in broker commissions, 0.0442% of average net assets, and portfolio turnover was 50%.
MLPOX Fees and Expenses
Annual operating expenses and sales charges of MLPOX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.09% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.20% |
| Gross expense ratio | 1.29% |
| Fee waiver | — |
| Net expense ratio | 1.29% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
MLPOX Costs Over Time
On $10,000 invested in MLPOX, assuming 5% a year before costs, total costs come to $829 over 5 years, cutting the return by 1.40% 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 1.29%) | $135 | $421 | $728 |
| Trading costs (broker commissions) | $5 | $14 | $25 |
| Lost growth on money paid in costs | $0 | $22 | $76 |
| Total costs | $140 | $457 | $829 |
| Value after costs | $10,360 | $11,119 | $11,934 |
| Impact on return, per year | 1.40% | 1.40% | 1.40% |
MLPOX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0442%
- Total broker commissions: $488K
- Bought from dealers (principal trades, not a cost): $128.7M
- Portfolio turnover (prospectus): 50%
- Securities on loan, average value: $3.1M
- Net income from securities lending: $47K (0.004% of average net assets)
MLPOX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RAYMOND JAMES & ASSOCIATES, INC. | $143K | 33.68% |
| CITIGROUP GLOBAL MARKETS INC. | $99K | 23.28% |
| B. Riley Financial, Inc. | $41K | 9.64% |
| UBS SECURITIES LLC | $36K | 8.42% |
| TD Securities (USA) LLC | $24K | 5.58% |
| BARCLAYS CAPITAL INC. | $19K | 4.44% |
| GOLDMAN, SACHS & CO. | $18K | 4.23% |
| MORGAN STANLEY & CO. LLC | $18K | 4.16% |
| JEFFERIES LLC | $15K | 3.49% |
| J.P. MORGAN SECURITIES LLC | $13K | 3.08% |
MLPOX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| B. RILEY FBR, INC. | $102.4M | 79.53% |
| CITIGROUP GLOBAL MARKETS INC. | $26.3M | 20.47% |
Invesco SteelPath MLP Alpha Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| OSPAX | Class R6 | 1.20% | none |
| SPMHX | Class R5 | 1.20% | none |
| MLPOX | Class Y | 1.29% | none |
| MLPAX | Class A | 1.54% | 5.50% |
| SPMGX | Class R | 1.79% | none |
| MLPGX | Class C | 2.29% | none |
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.