PIO Fees and Costs — Invesco Global Water ETF
Data updated: 2026-09-28
The net expense ratio is 0.75%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $60K in broker commissions, 0.0224% of average net assets, and portfolio turnover was 45%.
PIO Fees and Expenses
Annual operating expenses and sales charges of PIO. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.75% |
| Fee waiver | — |
| Net expense ratio | 0.75% |
| 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 |
PIO Costs Over Time
On $10,000 invested in PIO, assuming 5% a year before costs, total costs come to $485 over 5 years, cutting the return by 0.81% 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 0.75%) | $79 | $246 | $428 |
| Trading costs (broker commissions) | $2 | $7 | $13 |
| Lost growth on money paid in costs | $0 | $13 | $44 |
| Total costs | $81 | $266 | $485 |
| Value after costs | $10,419 | $11,310 | $12,277 |
| Impact on return, per year | 0.81% | 0.81% | 0.81% |
PIO 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): 0.0224%
- Total broker commissions: $60K
- Bought from dealers (principal trades, not a cost): $40.7M
- Portfolio turnover (prospectus): 45%
- Securities on loan, average value: $14.7M
- Net income from securities lending: $249K (0.093% of average net assets)
PIO Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $15K | 24.43% |
| BTIG, LLC | $11K | 18.17% |
| INVESCO CAPITAL MARKETS, INC. | $10K | 16.92% |
| JEFFERIES LLC | $9K | 14.55% |
| UBS SECURITIES LLC | $7K | 11.08% |
| MORGAN STANLEY & CO. LLC | $4K | 6.76% |
| BARCLAYS CAPITAL INC. | $2K | 3.07% |
| RBC CAPITAL MARKETS, LLC | $2K | 2.92% |
| SUSQUEHANNA FINANCIAL GROUP, LLLP | $1K | 1.94% |
| MIZUHO SECURITIES USA LLC | $95 | 0.16% |
PIO Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $20.8M | 51.05% |
| BNY MELLON CAPITAL MARKETS, LLC | $18.1M | 44.39% |
| MIZUHO SECURITIES USA LLC | $1.9M | 4.56% |
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.