PPA Fees and Costs — Invesco Aerospace & Defense ETF
Data updated: 2026-09-29
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 $113K in broker commissions, 0.0016% of average net assets, and portfolio turnover was 14%.
PPA Fees and Expenses
Annual operating expenses and sales charges of PPA. 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 |
PPA Costs Over Time
On $10,000 invested in PPA, assuming 5% a year before costs, total costs come to $367 over 5 years, cutting the return by 0.61% 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) | $0 | $1 | $1 |
| Lost growth on money paid in costs | $0 | $9 | $34 |
| Total costs | $61 | $201 | $367 |
| Value after costs | $10,439 | $11,375 | $12,396 |
| Impact on return, per year | 0.61% | 0.61% | 0.61% |
PPA 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): 0.0016%
- Total broker commissions: $113K
- Bought from dealers (principal trades, not a cost): $3.3B
- Portfolio turnover (prospectus): 14%
- Securities on loan, average value: $360.4M
- Net income from securities lending: $728K (0.011% of average net assets)
PPA Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INVESCO CAPITAL MARKETS, INC. | $65K | 57.87% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $37K | 32.75% |
| CITIGROUP GLOBAL MARKETS INC. | $7K | 5.91% |
| MORGAN STANLEY & CO. LLC | $4K | 3.46% |
| MIZUHO SECURITIES USA LLC | $16 | 0.01% |
| ROBERTS & RYAN INVESTMENTS INC. | $3 | 0.00% |
| UBS SECURITIES LLC | $2 | 0.00% |
| WELLS FARGO SECURITIES, LLC | $1 | 0.00% |
| GOLDMAN, SACHS & CO. | $1 | 0.00% |
PPA Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $1.3B | 39.44% |
| JANE STREET CAPITAL, LLC | $480.3M | 14.66% |
| VIRTU AMERICAS LLC | $420.9M | 12.84% |
| CITADEL SECURITIES LLC | $350.1M | 10.68% |
| MORGAN STANLEY & CO. LLC | $228.3M | 6.97% |
| RBC CAPITAL MARKETS, LLC | $163.7M | 4.99% |
| BNY MELLON CAPITAL MARKETS, LLC | $124.6M | 3.80% |
| BNP PARIBAS SECURITIES CORP. | $96.0M | 2.93% |
| GOLDMAN, SACHS & CO. | $74.8M | 2.28% |
| ABN AMRO Clearing USA LLC | $46.1M | 1.41% |
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.