PBSM Fees and Costs — Invesco PureBetaSM MSCI USA Small Cap ETF
Data updated: 2023-07-31
The net expense ratio is 0.06%. There are no sales loads or redemption fees. In fiscal 2022 the fund paid $4K in broker commissions, 0.0115% of average net assets, and portfolio turnover was 17%.
PBSM Fees and Expenses
Annual operating expenses and sales charges of PBSM. Prospectus, as of August 31, 2022.
| Annual operating expenses | |
|---|---|
| Management fee | 0.06% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.06% |
| Fee waiver | — |
| Net expense ratio | 0.06% |
| 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 |
PBSM Costs Over Time
On $10,000 invested in PBSM, assuming 5% a year before costs, total costs come to $46 over 5 years, cutting the return by 0.08% 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 0.06%) | $6 | $20 | $35 |
| Trading costs (broker commissions) | $1 | $4 | $7 |
| Lost growth on money paid in costs | $0 | $1 | $4 |
| Total costs | $8 | $25 | $46 |
| Value after costs | $10,492 | $11,551 | $12,717 |
| Impact on return, per year | 0.08% | 0.08% | 0.08% |
PBSM Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2022.
- Explicit cost rate (commissions ÷ average net assets): 0.0115%
- Total broker commissions: $4K
- Bought from dealers (principal trades, not a cost): $44.9M
- Portfolio turnover (prospectus): 17%
- Securities on loan, average value: $6.4M
- Net income from securities lending: $36K (0.100% of average net assets)
PBSM Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| COWEN AND COMPANY | $2K | 46.31% |
| CITIGROUP GLOBAL MARKETS INC. | $1K | 27.06% |
| INVESCO CAPITAL MARKETS, INC. | $743 | 17.95% |
| GOLDMAN, SACHS & CO. | $128 | 3.10% |
| MORGAN STANLEY & CO. LLC | $103 | 2.50% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $45 | 1.10% |
| CREDIT SUISSE SECURITIES (USA) LLC | $29 | 0.71% |
| BARCLAYS CAPITAL INC. | $25 | 0.62% |
| VIRTU AMERICAS LLC | $23 | 0.55% |
| RAYMOND JAMES & ASSOCIATES, INC. | $5 | 0.12% |
PBSM Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| VIRTU AMERICAS LLC | $12.9M | 28.76% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $10.3M | 22.84% |
| CITADEL SECURITIES LLC | $10.1M | 22.44% |
| GOLDMAN, SACHS & CO. | $3.5M | 7.82% |
| BNY MELLON CAPITAL MARKETS, LLC | $3.1M | 6.94% |
| COWEN AND COMPANY | $3.1M | 6.85% |
| CITIGROUP GLOBAL MARKETS INC. | $2.0M | 4.35% |
| ROBERTS & RYAN INVESTMENTS INC. | $23 | 0.00% |
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.