PIZ Fees and Costs — Invesco Dorsey Wright Developed Markets Momentum ETF
Data updated: 2026-09-29
The net expense ratio is 0.80%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $215K in broker commissions, 0.0715% of average net assets, and portfolio turnover was 122%.
PIZ Fees and Expenses
Annual operating expenses and sales charges of PIZ. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.80% |
| Fee waiver | — |
| Net expense ratio | 0.80% |
| 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 |
PIZ Costs Over Time
On $10,000 invested in PIZ, assuming 5% a year before costs, total costs come to $547 over 5 years, cutting the return by 0.92% 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 0.80%) | $84 | $262 | $456 |
| Trading costs (broker commissions) | $8 | $23 | $41 |
| Lost growth on money paid in costs | $0 | $14 | $50 |
| Total costs | $92 | $300 | $547 |
| Value after costs | $10,408 | $11,276 | $12,216 |
| Impact on return, per year | 0.92% | 0.92% | 0.92% |
PIZ 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): 0.0715%
- Total broker commissions: $215K
- Bought from dealers (principal trades, not a cost): $308.3M
- Portfolio turnover (prospectus): 122%
- Securities on loan, average value: $10.0M
- Net income from securities lending: $118K (0.039% of average net assets)
PIZ Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| UBS SECURITIES LLC | $75K | 34.88% |
| BTIG, LLC | $47K | 22.19% |
| INVESCO CAPITAL MARKETS, INC. | $34K | 15.67% |
| RBC CAPITAL MARKETS, LLC | $22K | 10.21% |
| MORGAN STANLEY & CO. LLC | $21K | 9.72% |
| BARCLAYS CAPITAL INC. | $7K | 3.14% |
| CITIGROUP GLOBAL MARKETS INC. | $5K | 2.37% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $3K | 1.20% |
| MACQUARIE CAPITAL (USA) INC. | $1K | 0.53% |
| GOLDMAN, SACHS & CO. | $202 | 0.09% |
PIZ Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $195.7M | 63.48% |
| BNY MELLON CAPITAL MARKETS, LLC | $53.5M | 17.36% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $34.1M | 11.07% |
| UBS SECURITIES LLC | $24.9M | 8.09% |
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.