PRFZ Fees and Costs — Invesco RAFI US 1500 Small-Mid ETF
Data updated: 2026-09-29
The net expense ratio is 0.36%: a 0.29% management fee plus 0.07% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $899K in broker commissions, 0.0351% of average net assets, and portfolio turnover was 35%.
PRFZ Fees and Expenses
Annual operating expenses and sales charges of PRFZ. Prospectus, as of August 27, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.29% |
| 12b-1 fee | — |
| Other expenses | 0.07% |
| Gross expense ratio | 0.36% |
| Fee waiver | — |
| Net expense ratio | 0.36% |
| 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 |
PRFZ Costs Over Time
On $10,000 invested in PRFZ, assuming 5% a year before costs, total costs come to $250 over 5 years, cutting the return by 0.41% 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 0.36%) | $38 | $119 | $207 |
| Trading costs (broker commissions) | $4 | $12 | $20 |
| Lost growth on money paid in costs | $0 | $6 | $23 |
| Total costs | $41 | $137 | $250 |
| Value after costs | $10,459 | $11,440 | $12,513 |
| Impact on return, per year | 0.41% | 0.41% | 0.41% |
PRFZ 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): 0.0351%
- Total broker commissions: $899K
- Bought from dealers (principal trades, not a cost): $1.4B
- Portfolio turnover (prospectus): 35%
- Securities on loan, average value: $697.1M
- Net income from securities lending: $3.2M (0.126% of average net assets)
PRFZ Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INVESCO CAPITAL MARKETS, INC. | $388K | 45.12% |
| CITIC SECURITIES INTERNATIONAL USA, LLC | $236K | 27.47% |
| RBC CAPITAL MARKETS, LLC | $72K | 8.32% |
| MORGAN STANLEY & CO. LLC | $29K | 3.34% |
| LOOP CAPITAL MARKETS LLC | $27K | 3.13% |
| SUSQUEHANNA FINANCIAL GROUP, LLLP | $25K | 2.88% |
| GUZMAN & COMPANY | $24K | 2.79% |
| ACADEMY SECURITIES, INC. | $24K | 2.74% |
| STUART FRANKEL & CO., INC. | $22K | 2.56% |
| BARCLAYS CAPITAL INC. | $14K | 1.67% |
PRFZ Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| RBC CAPITAL MARKETS, LLC | $548.2M | 38.25% |
| CITADEL SECURITIES LLC | $499.9M | 34.88% |
| BNY MELLON CAPITAL MARKETS, LLC | $211.6M | 14.77% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $68.2M | 4.76% |
| VIRTU AMERICAS LLC | $54.4M | 3.79% |
| JANE STREET CAPITAL, LLC | $36.8M | 2.57% |
| GOLDMAN, SACHS & CO. | $10.7M | 0.74% |
| MORGAN STANLEY & CO. LLC | $3.2M | 0.23% |
| WELLS FARGO SECURITIES, LLC | $118K | 0.01% |
| BNP PARIBAS SECURITIES CORP. | $260 | 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.