PJP Fees and Costs — Invesco Pharmaceuticals ETF
Data updated: 2026-09-28
The net expense ratio is 0.58%: a 0.50% management fee plus 0.08% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $86K in broker commissions, 0.0281% of average net assets, and portfolio turnover was 36%.
PJP Fees and Expenses
Annual operating expenses and sales charges of PJP. Prospectus, as of August 27, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | — |
| Other expenses | 0.08% |
| Gross expense ratio | 0.58% |
| Fee waiver | — |
| Net expense ratio | 0.58% |
| 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 |
PJP Costs Over Time
On $10,000 invested in PJP, assuming 5% a year before costs, total costs come to $383 over 5 years, cutting the return by 0.64% 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 0.58%) | $61 | $191 | $332 |
| Trading costs (broker commissions) | $3 | $9 | $16 |
| Lost growth on money paid in costs | $0 | $10 | $35 |
| Total costs | $64 | $210 | $383 |
| Value after costs | $10,436 | $11,366 | $12,379 |
| Impact on return, per year | 0.64% | 0.64% | 0.64% |
PJP 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): 0.0281%
- Total broker commissions: $86K
- Bought from dealers (principal trades, not a cost): $263.4M
- Portfolio turnover (prospectus): 36%
- Securities on loan, average value: $39.8M
- Net income from securities lending: $53K (0.017% of average net assets)
PJP Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $47K | 54.94% |
| INVESCO CAPITAL MARKETS, INC. | $26K | 30.32% |
| RBC CAPITAL MARKETS, LLC | $10K | 12.04% |
| TD Securities (USA) LLC | $2K | 2.57% |
| CITIGROUP GLOBAL MARKETS INC. | $70 | 0.08% |
| UBS SECURITIES LLC | $11 | 0.01% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $8 | 0.01% |
| WELLS FARGO SECURITIES, LLC | $7 | 0.01% |
| EVERCORE GROUP L.L.C. | $5 | 0.01% |
| GOLDMAN, SACHS & CO. | $4 | 0.00% |
PJP Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| CITADEL SECURITIES LLC | $76.2M | 28.94% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $76.0M | 28.86% |
| JANE STREET CAPITAL, LLC | $40.6M | 15.41% |
| RBC CAPITAL MARKETS, LLC | $34.4M | 13.06% |
| BNY MELLON CAPITAL MARKETS, LLC | $12.3M | 4.66% |
| VIRTU AMERICAS LLC | $11.8M | 4.48% |
| GOLDMAN, SACHS & CO. | $5.3M | 2.00% |
| ABN AMRO Clearing USA LLC | $5.2M | 1.98% |
| BNP PARIBAS SECURITIES CORP. | $1.6M | 0.62% |
| WELLS FARGO SECURITIES, LLC | $13K | 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.