PBUS Fees and Costs — Invesco MSCI USA ETF
Data updated: 2026-07-30
The net expense ratio is 0.04%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $28K in broker commissions, 0.0004% of average net assets, and portfolio turnover was 3%.
PBUS Fees and Expenses
Annual operating expenses and sales charges of PBUS. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.04% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.04% |
| Fee waiver | — |
| Net expense ratio | 0.04% |
| 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 |
PBUS Costs Over Time
On $10,000 invested in PBUS, assuming 5% a year before costs, total costs come to $26 over 5 years, cutting the return by 0.04% 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 0.04%) | $4 | $13 | $23 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $1 | $2 |
| Total costs | $4 | $14 | $26 |
| Value after costs | $10,496 | $11,562 | $12,737 |
| Impact on return, per year | 0.04% | 0.04% | 0.04% |
PBUS 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): 0.0004%
- Total broker commissions: $28K
- Bought from dealers (principal trades, not a cost): $5.8B
- Portfolio turnover (prospectus): 3%
- Securities on loan, average value: $82.8M
- Net income from securities lending: $97K (0.001% of average net assets)
PBUS Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INVESCO CAPITAL MARKETS, INC. | $19K | 69.24% |
| MORGAN STANLEY & CO. LLC | $7K | 25.07% |
| CITIGROUP GLOBAL MARKETS INC. | $848 | 3.04% |
| BARCLAYS CAPITAL INC. | $270 | 0.97% |
| COWEN AND COMPANY | $245 | 0.88% |
| STATE STREET GLOBAL MARKETS, LLC | $117 | 0.42% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $32 | 0.12% |
| UBS SECURITIES LLC | $26 | 0.09% |
| WELLS FARGO SECURITIES, LLC | $24 | 0.09% |
| WILLIAMS CAPITAL GROUP, L.P. (THE) | $23 | 0.08% |
PBUS Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JANE STREET CAPITAL, LLC | $2.1B | 36.84% |
| GOLDMAN, SACHS & CO. | $1.8B | 30.47% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $745.5M | 12.94% |
| UBS SECURITIES LLC | $500.9M | 8.69% |
| BNY MELLON CAPITAL MARKETS, LLC | $328.8M | 5.71% |
| VIRTU AMERICAS LLC | $142.0M | 2.46% |
| MORGAN STANLEY & CO. LLC | $117.8M | 2.05% |
| CITADEL SECURITIES LLC | $41.2M | 0.72% |
| ABN AMRO CLEARING CHICAGO LLC | $7.3M | 0.13% |
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.