PJP
Invesco Pharmaceuticals ETF
The Invesco Dynamic Pharmaceuticals Portfolio ETF tracks an index of US pharmaceutical companies selected and weighted based on various fundamental and risk factors.
US
EQUITY
Rules-Based
MANAGEMENT STYLE
277.5 M
ASSETS UNDER MGMT
57 bp
EXPENSES
Fund Basics
| Fund sponsor | Invesco |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Jun 23, 2005 |
| Assets (mns) | $277 |
| Expense ratio | 57 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Multi-Factor |
| Weighting | Tiered |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| ELI LILLY & CO | 5.4 % |
| ABBVIE INC | 5.3 % |
| PFIZER INC | 5.2 % |
| JOHNSON & JOHNSON | 5.1 % |
| MERCK & CO. INC. | 5.0 % |
| AMGEN INC | 4.9 % |
| ABBOTT LABORATORIES | 4.9 % |
| GILEAD SCIENCES INC | 4.7 % |
| UNITED THERAPEUTICS CORP | 3.8 % |
| TRAVERE THERAPEUTICS, INC. | 3.7 % |
Constituent Breakdown
| Number of holdings | 29 |
| Herfindahl-Hirschman Index | 363 |
| Wgt avg mkt cap (mns) | $114,770 |
| Large cap (>$10bn) | 52.7% |
| Mid cap ($2-10bn) | 13.3% |
| Small cap (<$2bn) | 30.3% |
| Developed mkts. | 92.9% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 91.9 % |
 |
IRELAND | 5.3 % |
Historical Performance
Standardized Performance (as of 10/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 17.3% | 12.1% | 18.5% | 8.2% | 9.4% | 3.2% | 9.6% | 9.7% |
| Dividend Yield | 0.3% | 0.3% | 0.7% | 0.8% | 0.9% | 1.4% | 1.3% | 1.3% |
| Total Returns | 17.6% | 12.4% | 19.2% | 9.0% | 10.3% | 4.6% | 10.8% | 10.9% | Ann. Volatility | 19.0% | 18.5% | 15.9% | 15.3% | 16.1% | 18.9% | 19.1% | 19.0% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.55 | 27% |
| MSCI EAFE | 0.40 | 18% |
| MSCI Emg Mkts | 0.27 | 10% |
Liquidity Measures
| Avg. volume (000) | 6 |
| ADV traded (mns) | $1 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.13% |
Technical Indicators
| Recent close | $96.92 |
| 30d moving avg. | $93.93 |
| Annualized volatility | 13.7% |
| Relative strength (RSI) | 65 |
| Short interest | 0.2% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| FTXH | First Trust Nasdaq Pharmaceuticals ETF | 51.0% | +3 bp | +8.8% |
| XPH | SPDR S&P Pharmaceuticals ETF | 49.3% | -22 bp | +1.5% |
| IHE | iShares U.S. Pharmaceuticals ETF | 38.7% | -17 bp | +7.3% |
| IYH | iShares U.S. Healthcare ETF | 36.0% | -17 bp | +6.6% |
| XLV | Health Care Select Sector SPDR Fund | 36.0% | -49 bp | +7.4% |
| FHLC | Fidelity MSCI Health Care Index ETF | 33.9% | -49 bp | +6.1% |
| VHT | Vanguard Health Care ETF | 33.8% | -48 bp | +5.8% |
| MEDX | Horizon Kinetics Medical ETF | 33.2% | +28 bp | +1.3% |
| IXJ | iShares Global Healthcare ETF | 30.1% | -15 bp | +7.0% |
| PPH | VanEck Pharmaceutical ETF | 28.7% | -21 bp | +8.5% |
Risk and Returns: PJP vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 11/2/2025
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
ALTAR Score™
PJP
8.3%
Cat. Avg
5.6%
ALTAR Score™ Calculation
Category Overview
There are 997 funds in the US Equity category, with an average ALTAR Score™
of 5.6% and a standard deviation of
2.4%. PJP's ALTAR Score™ is approximately
1.1 standard deviations
above
the category average. This places PJP in the 86th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
PJPSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based US Equity ETFs |
| # of ETFs | 627 |
| Avg. Expense Ratio | 46.1 bp |
| Std. Deviation | 32.8 bp |
| PJP (57 bp) Percentile rank | 63 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| PJP | 57.0 | 13.4 | 70.4 |
| Peer Avg. | 46.1 | 15.6 | 61.7 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .