PIE Fees and Costs — Invesco Dorsey Wright Emerging Markets Momentum ETF
Data updated: 2026-09-28
The net expense ratio is 0.90%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $199K in broker commissions, 0.1909% of average net assets, and portfolio turnover was 204%.
PIE Fees and Expenses
Annual operating expenses and sales charges of PIE. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.90% |
| Fee waiver | — |
| Net expense ratio | 0.90% |
| 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 |
PIE Costs Over Time
On $10,000 invested in PIE, assuming 5% a year before costs, total costs come to $681 over 5 years, cutting the return by 1.15% 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 0.90%) | $94 | $295 | $510 |
| Trading costs (broker commissions) | $20 | $62 | $108 |
| Lost growth on money paid in costs | $0 | $18 | $63 |
| Total costs | $115 | $375 | $681 |
| Value after costs | $10,385 | $11,202 | $12,082 |
| Impact on return, per year | 1.15% | 1.15% | 1.15% |
PIE 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): 0.1909%
- Total broker commissions: $199K
- Bought from dealers (principal trades, not a cost): $30.9M
- Portfolio turnover (prospectus): 204%
- Securities on loan, average value: $3.9M
- Net income from securities lending: $107K (0.103% of average net assets)
PIE Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| UBS SECURITIES LLC | $142K | 71.29% |
| MORGAN STANLEY & CO. LLC | $16K | 8.03% |
| GOLDMAN, SACHS & CO. | $10K | 5.06% |
| BTIG, LLC | $9K | 4.47% |
| CITIGROUP GLOBAL MARKETS INC. | $8K | 4.25% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $8K | 3.98% |
| LOOP CAPITAL MARKETS LLC | $2K | 0.97% |
| INVESCO CAPITAL MARKETS, INC. | $1K | 0.74% |
| BARCLAYS CAPITAL INC. | $1K | 0.74% |
| RBC CAPITAL MARKETS, LLC | $921 | 0.46% |
PIE Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BNY MELLON CAPITAL MARKETS, LLC | $19.3M | 62.37% |
| MORGAN STANLEY & CO. LLC | $7.6M | 24.71% |
| UBS SECURITIES LLC | $2.3M | 7.48% |
| VIRTU AMERICAS LLC | $871K | 2.82% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $807K | 2.61% |
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.