PSL Fees and Costs — Invesco Dorsey Wright Consumer Staples Momentum ETF
Data updated: 2026-09-28
The net expense ratio is 0.60%: a 0.50% management fee plus 0.26% other expenses, less a 0.16% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $20K in broker commissions, 0.0219% of average net assets, and portfolio turnover was 80%.
PSL Fees and Expenses
Annual operating expenses and sales charges of PSL. Prospectus, as of August 27, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | — |
| Other expenses | 0.26% |
| Gross expense ratio | 0.76% |
| Fee waiver | −0.16% |
| Net expense ratio | 0.60% |
| 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 |
PSL Costs Over Time
On $10,000 invested in PSL, assuming 5% a year before costs, total costs come to $392 over 5 years, cutting the return by 0.65% 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 0.60%) | $63 | $197 | $344 |
| Trading costs (broker commissions) | $2 | $7 | $13 |
| Lost growth on money paid in costs | $0 | $10 | $36 |
| Total costs | $65 | $215 | $392 |
| Value after costs | $10,435 | $11,362 | $12,371 |
| Impact on return, per year | 0.65% | 0.65% | 0.65% |
PSL 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): 0.0219%
- Total broker commissions: $20K
- Bought from dealers (principal trades, not a cost): $40.1M
- Portfolio turnover (prospectus): 80%
- Securities on loan, average value: $9.9M
- Net income from securities lending: $14K (0.016% of average net assets)
PSL Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INVESCO CAPITAL MARKETS, INC. | $18K | 89.09% |
| MORGAN STANLEY & CO. LLC | $2K | 10.62% |
| CITIGROUP GLOBAL MARKETS INC. | $18 | 0.09% |
| WELLS FARGO SECURITIES, LLC | $8 | 0.04% |
| UBS SECURITIES LLC | $8 | 0.04% |
| BARCLAYS CAPITAL INC. | $6 | 0.03% |
| EVERCORE GROUP L.L.C. | $6 | 0.03% |
| RBC CAPITAL MARKETS, LLC | $5 | 0.02% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $4 | 0.02% |
| RAYMOND JAMES & ASSOCIATES, INC. | $4 | 0.02% |
PSL Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $16.5M | 41.14% |
| CITADEL SECURITIES LLC | $9.9M | 24.62% |
| GOLDMAN, SACHS & CO. | $7.8M | 19.58% |
| BNY MELLON CAPITAL MARKETS, LLC | $3.6M | 9.09% |
| VIRTU AMERICAS LLC | $2.2M | 5.56% |
| WELLS FARGO SECURITIES, LLC | $1K | 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.