PWV Fees and Costs — Invesco Large Cap Value ETF
Data updated: 2026-09-28
The net expense ratio is 0.55%: a 0.50% management fee plus 0.05% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $229K in broker commissions, 0.0184% of average net assets, and portfolio turnover was 110%.
PWV Fees and Expenses
Annual operating expenses and sales charges of PWV. Prospectus, as of August 27, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | — |
| Other expenses | 0.05% |
| Gross expense ratio | 0.55% |
| Fee waiver | — |
| Net expense ratio | 0.55% |
| 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 |
PWV Costs Over Time
On $10,000 invested in PWV, assuming 5% a year before costs, total costs come to $359 over 5 years, cutting the return by 0.60% 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 0.55%) | $58 | $181 | $315 |
| Trading costs (broker commissions) | $2 | $6 | $11 |
| Lost growth on money paid in costs | $0 | $9 | $33 |
| Total costs | $60 | $196 | $359 |
| Value after costs | $10,440 | $11,380 | $12,404 |
| Impact on return, per year | 0.60% | 0.60% | 0.60% |
PWV 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): 0.0184%
- Total broker commissions: $229K
- Bought from dealers (principal trades, not a cost): $2.0B
- Portfolio turnover (prospectus): 110%
- Securities on loan, average value: $4.8M
- Net income from securities lending: $8K (0.001% of average net assets)
PWV Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INVESCO CAPITAL MARKETS, INC. | $97K | 42.45% |
| MACQUARIE CAPITAL (USA) INC. | $78K | 34.23% |
| CITIC SECURITIES INTERNATIONAL USA, LLC | $46K | 19.89% |
| JEFFERIES LLC | $5K | 2.14% |
| MORGAN STANLEY & CO. LLC | $2K | 0.96% |
| TD Securities (USA) LLC | $360 | 0.16% |
| MIZUHO SECURITIES USA LLC | $280 | 0.12% |
| CITIGROUP GLOBAL MARKETS INC. | $61 | 0.03% |
| GOLDMAN, SACHS & CO. | $24 | 0.01% |
| VIRTU AMERICAS LLC | $23 | 0.01% |
PWV Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MACQUARIE CAPITAL (USA) INC. | $1.0B | 52.98% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $652.9M | 33.19% |
| BNY MELLON CAPITAL MARKETS, LLC | $76.7M | 3.90% |
| VIRTU AMERICAS LLC | $69.9M | 3.55% |
| CITADEL SECURITIES LLC | $61.7M | 3.14% |
| JANE STREET CAPITAL, LLC | $43.1M | 2.19% |
| MORGAN STANLEY & CO. LLC | $10.8M | 0.55% |
| GOLDMAN, SACHS & CO. | $6.7M | 0.34% |
| RBC CAPITAL MARKETS, LLC | $1.9M | 0.10% |
| BNP PARIBAS SECURITIES CORP. | $1.2M | 0.06% |
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.