PHO Fees and Costs — Invesco Water Resources ETF
Data updated: 2026-09-28
The net expense ratio is 0.59%: a 0.50% management fee plus 0.09% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $137K in broker commissions, 0.0064% of average net assets, and portfolio turnover was 34%.
PHO Fees and Expenses
Annual operating expenses and sales charges of PHO. Prospectus, as of August 27, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | — |
| Other expenses | 0.09% |
| Gross expense ratio | 0.59% |
| Fee waiver | — |
| Net expense ratio | 0.59% |
| 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 | Yes |
PHO Costs Over Time
On $10,000 invested in PHO, assuming 5% a year before costs, total costs come to $376 over 5 years, cutting the return by 0.63% 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 0.59%) | $62 | $194 | $338 |
| Trading costs (broker commissions) | $1 | $2 | $4 |
| Lost growth on money paid in costs | $0 | $10 | $34 |
| Total costs | $63 | $206 | $376 |
| Value after costs | $10,437 | $11,370 | $12,387 |
| Impact on return, per year | 0.63% | 0.63% | 0.63% |
PHO Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0064%
- Total broker commissions: $137K
- Bought from dealers (principal trades, not a cost): $357.6M
- Portfolio turnover (prospectus): 34%
- Securities on loan, average value: $46.6M
- Net income from securities lending: $64K (0.003% of average net assets)
PHO Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| SUSQUEHANNA FINANCIAL GROUP, LLLP | $131K | 95.51% |
| INVESCO CAPITAL MARKETS, INC. | $6K | 4.26% |
| MORGAN STANLEY & CO. LLC | $192 | 0.14% |
| UBS SECURITIES LLC | $42 | 0.03% |
| WELLS FARGO SECURITIES, LLC | $15 | 0.01% |
| CITIGROUP GLOBAL MARKETS INC. | $15 | 0.01% |
| ROBERTS & RYAN INVESTMENTS INC. | $12 | 0.01% |
| EVERCORE GROUP L.L.C. | $11 | 0.01% |
| GOLDMAN, SACHS & CO. | $11 | 0.01% |
| KEYBANC CAPITAL MARKETS INC. | $10 | 0.01% |
PHO Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| CITADEL SECURITIES LLC | $94.7M | 26.54% |
| BNY MELLON CAPITAL MARKETS, LLC | $68.0M | 19.05% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $54.9M | 15.38% |
| MORGAN STANLEY & CO. LLC | $54.0M | 15.14% |
| RBC CAPITAL MARKETS, LLC | $28.0M | 7.83% |
| JANE STREET CAPITAL, LLC | $19.6M | 5.50% |
| VIRTU AMERICAS LLC | $15.2M | 4.27% |
| BNP PARIBAS SECURITIES CORP. | $10.9M | 3.05% |
| UBS SECURITIES LLC | $10.2M | 2.87% |
| ABN AMRO Clearing USA LLC | $1.3M | 0.37% |
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.