PDN Fees and Costs — Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF
Data updated: 2026-09-28
The net expense ratio is 0.47%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $89K in broker commissions, 0.0241% of average net assets, and portfolio turnover was 33%.
PDN Fees and Expenses
Annual operating expenses and sales charges of PDN. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.47% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.47% |
| Fee waiver | — |
| Net expense ratio | 0.47% |
| 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 |
PDN Costs Over Time
On $10,000 invested in PDN, assuming 5% a year before costs, total costs come to $312 over 5 years, cutting the return by 0.52% 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 0.47%) | $49 | $155 | $270 |
| Trading costs (broker commissions) | $3 | $8 | $14 |
| Lost growth on money paid in costs | $0 | $8 | $28 |
| Total costs | $52 | $171 | $312 |
| Value after costs | $10,448 | $11,406 | $12,451 |
| Impact on return, per year | 0.52% | 0.52% | 0.52% |
PDN Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0241%
- Total broker commissions: $89K
- Bought from dealers (principal trades, not a cost): $149.8M
- Portfolio turnover (prospectus): 33%
- Securities on loan, average value: $60.3M
- Net income from securities lending: $480K (0.130% of average net assets)
PDN Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INVESCO CAPITAL MARKETS, INC. | $19K | 22.81% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $18K | 21.10% |
| UBS SECURITIES LLC | $17K | 20.26% |
| JEFFERIES LLC | $10K | 11.89% |
| MORGAN STANLEY & CO. LLC | $6K | 6.69% |
| BTIG, LLC | $4K | 4.47% |
| BARCLAYS CAPITAL INC. | $4K | 4.24% |
| RBC CAPITAL MARKETS, LLC | $3K | 3.62% |
| CITIGROUP GLOBAL MARKETS INC. | $3K | 3.13% |
| MACQUARIE CAPITAL (USA) INC. | $1K | 1.76% |
PDN Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| UBS SECURITIES LLC | $100.2M | 66.85% |
| BNY MELLON CAPITAL MARKETS, LLC | $24.7M | 16.50% |
| MORGAN STANLEY & CO. LLC | $21.3M | 14.21% |
| GOLDMAN, SACHS & CO. | $3.7M | 2.44% |
| ITG INC. | $18 | 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.