Invesco's enhanced ETFs cost more than index factor funds, and Principal lists a 0.59% income ETF
Invesco's large-cap fund sits between JPMorgan's reduced fee and the fee it expects later, while Principal's emerging-markets fund can own frontier debt with no credit-rating floor.
Key takeaways
On Wednesday, Nov. 11, 2026, Invesco listed four actively managed equity ETFs on NYSE Arca. Each one charges more than the iShares index fund that uses similar stock factors in the same market.
Principal's new emerging-markets income ETF costs more than the bond funds already trading in that market, and its prospectus lets it own a wider set of bonds.
What Invesco charges
In summary prospectuses dated Nov. 4, 2026, each fund's annual expenses equal its management fee. The fee tables show no temporary reduction, so the charge a buyer pays now is the charge those documents set.
The prospectuses say each fund scores companies on value, momentum and quality, then sizes those three so each one contributes about the same share of the portfolio's risk. The dollars in each factor can differ. In its Wednesday release, Invesco said the funds take many smaller positions rather than a few large ones, and limit how far sectors and countries can move from the benchmark.
The prospectuses say each fund will generally hold significantly fewer stocks than its index. All four are non-diversified, so they do not have to meet the usual limits on how much can sit in one issuer.
They have no performance history yet. Invesco Quantitative Strategies, the group running them, has managed systematic strategies for more than 25 years, the firm said.
Against active funds already built on this idea, the price is close, and a temporary reduction changes the comparison.
JPMorgan U.S. Research Enhanced Large Cap ETF, JUSA, charges 0.12% until Oct. 31, 2027. Its Sept. 30, 2026 fact sheet says the adviser then expects to charge 0.18%. The fund uses the S&P 500, not the Russell 1000, and it launched on March 13, 2025. IQEL, at 0.15%, costs 0.03 percentage points more than today's reduced fee and 0.03 percentage points less than the fee JPMorgan expects after the reduction ends.
JPMorgan International Research Enhanced Equity ETF, JIRE, charges 0.24% through Feb. 28, 2027, against a 0.29% expense ratio before that reduction, on its fact sheet of the same date. JPMorgan has not said whether the 0.24% will last past that date. JIRE uses the MSCI EAFE index, which leaves out Canada. IQEI uses the MSCI World ex USA Index, which includes Canada, and charges 0.23%. A buyer choosing on that 0.01 percentage point is also choosing whether to own Canadian stocks.
The index version costs less, and it is a different product. iShares U.S. Equity Factor ETF, LRGF, charges 0.08% to track an index selected on value, quality, momentum, low volatility and size. iShares U.S. Small-Cap Equity Factor ETF, SMLF, charges 0.15%. iShares International Equity Factor ETF, INTF, charges 0.16%. iShares Emerging Markets Equity Factor ETF, EMGF, charges 0.26%. Those are the fees in the current prospectuses. Each of those index funds also uses low volatility. Invesco's funds do not.
IQEL and IQEI each cost 0.07 percentage points more than the iShares fund in that market. IQES, the second most expensive of the four, costs 0.11 percentage points more than SMLF. IQEE, the most expensive, costs 0.07 percentage points more than EMGF.
Principal's income ETF costs more for a wider set of bonds
Principal lists the Principal Finisterre Emerging Markets Diversified Income ETF, EMDI, on NYSE Arca. The firm dates the fund's start to Nov. 9, 2026, and reported $36.1 million in it as of Nov. 11.
The Nov. 9 summary prospectus sets annual expenses at 0.59%, equal to the management fee. The fee table shows no temporary reduction. The fund seeks current income and the potential for capital appreciation. At least 80% of net assets, plus any borrowings, goes into emerging-markets securities, including frontier markets.
A bond counts if the issuer is based in an emerging market, if it trades there, if it earns most of its revenue there, or if it settles in an emerging-market currency. The fund can own sovereign, quasi-sovereign and corporate debt, including high-yield bonds with no cap and no minimum credit rating, and it can use currency contracts. Principal's page lists the payout as monthly.
The funds already trading cost less, and they are built around hard-currency bonds. iShares J.P. Morgan USD Emerging Markets Bond ETF, EMB, charges 0.39% to track an index of U.S. dollar emerging-markets bonds and held $14 billion as of Nov. 11. Janus Henderson Emerging Markets Debt Hard Currency ETF, JEMB, charges 0.52% and invests primarily in emerging-markets hard-currency bonds. BNY Mellon Emerging Markets Debt ETF, BEMD, charges 0.40% in a summary prospectus dated July 22, 2026, and invests principally in dollar, euro and sterling debt.
EMDI costs 0.20 percentage points more than EMB, 0.07 percentage points more than JEMB and 0.19 percentage points more than BEMD.
Principal's EMDI is costliest of the four EM debt ETFs
For that fee, the prospectus lets it own frontier-market debt, bonds with no credit-rating floor, and securities that count as emerging-markets because they settle in a local currency.
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