PCEF Fees and Costs — Invesco CEF Income Composite ETF
Data updated: 2026-07-28
The net expense ratio is 2.71% (2.76% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $236K in broker commissions, 0.0291% of average net assets, and portfolio turnover was 22%.
PCEF Fees and Expenses
Annual operating expenses and sales charges of PCEF. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 2.76% |
| Fee waiver | −0.05% |
| Net expense ratio | 2.71% |
| 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 |
PCEF Costs Over Time
On $10,000 invested in PCEF, assuming 5% a year before costs, total costs come to $1,655 over 5 years, cutting the return by 2.88% 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 2.71%) | $285 | $872 | $1,484 |
| Trading costs (broker commissions) | $3 | $9 | $16 |
| Lost growth on money paid in costs | $0 | $44 | $154 |
| Total costs | $288 | $925 | $1,655 |
| Value after costs | $10,212 | $10,651 | $11,108 |
| Impact on return, per year | 2.88% | 2.88% | 2.88% |
PCEF 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): 0.0291%
- Total broker commissions: $236K
- Bought from dealers (principal trades, not a cost): $175.4M
- Portfolio turnover (prospectus): 22%
- Securities on loan, average value: $26.0M
- Net income from securities lending: $1.8M (0.224% of average net assets)
PCEF Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES LLC | $165K | 70.51% |
| RBC CAPITAL MARKETS, LLC | $47K | 20.13% |
| INVESCO CAPITAL MARKETS, INC. | $9K | 3.89% |
| COWEN AND COMPANY | $9K | 3.87% |
| CITIGROUP GLOBAL MARKETS INC. | $898 | 0.38% |
| GOLDMAN, SACHS & CO. | $744 | 0.32% |
| MORGAN STANLEY & CO. LLC | $725 | 0.31% |
| WELLS FARGO SECURITIES, LLC | $571 | 0.24% |
| UBS SECURITIES LLC | $481 | 0.21% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $324 | 0.14% |
PCEF Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BNY MELLON CAPITAL MARKETS, LLC | $60.6M | 34.56% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $54.9M | 31.28% |
| JANE STREET CAPITAL, LLC | $29.4M | 16.77% |
| VIRTU AMERICAS LLC | $15.9M | 9.05% |
| GOLDMAN, SACHS & CO. | $11.4M | 6.53% |
| CITADEL SECURITIES LLC | $3.2M | 1.82% |
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.