At a glance
PEJ charges 0.58% a year, above the 0.49% average of the 6 funds most like it (the 3rd cheapest of 7). It has $255.9M in assets, the 4th largest of that group; it paid 0.52% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +9.4% with distributions reinvested (S&P 500: +11.5%), the best of those 7 funds; over three years it returned +23.7% a year. At its worst it fell 31.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 25 months after the low. Its ten largest positions make up 47.6% of the fund, out of 30 in all.
The short version
Invesco Leisure and Entertainment ETF (PEJ) is an index fund that holds the 30 leisure and entertainment stocks in the Dynamic Leisure & Entertainment Intellidex Index. Its holdings run from travel sites and cruise lines to hotels, casinos and restaurant suppliers. It is a narrow, concentrated bet on consumer spending on travel and entertainment. Its 0.58% expense ratio is above the 0.49% average for similar funds and far above XLY's 0.08%.
Price history
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PEJ +9.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| PEJ official prospectus, to Dec 31, 2025 | — | +17.60% | — | +9.33% | +5.84% | — |
| PEJ price data to Oct 27, 2026 | +7.1% | +9.4% | +23.7% | +5.6% | — | +13.0% |
- Over the year to Oct 27, 2026, PEJ returned +9.4%, 1st of 7 among similar funds.
- Its 5-year annualized return was +5.6%.
- Its worst full calendar year was 2022 (-25.4%); its best was 2024 (+25.1%).
- The deepest fall in its price history was 36.4% (Mar 15, 2021 to Sep 26, 2022), recovered by Nov 25, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.1% | — |
| 2025 | +17.8% | +17.60% |
| 2024 | +25.1% | +25.20% |
| 2023 | +15.7% | +15.66% |
| 2022 | -25.4% | -25.31% |
| 2021 | +22.8% | +22.85% |
| 2020 | — | -10.42% |
| 2019 | — | +13.73% |
| 2018 | — | -8.94% |
| 2017 | — | +10.88% |
| 2016 | — | +9.71% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Not in the price data, which starts Jun 2, 2020 |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 28.2% over that stretch · deepest drop along the way 31.6%, back to its old high 25.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2700 | |
| 2025 | $0.1400 | -33.3% |
| 2024 | $0.2100 | +10.5% |
| 2023 | $0.1900 | +11.8% |
| 2022 | $0.1700 | +6.3% |
| 2021 | $0.1600 |
What's inside
As of Jul 31, 2026, the fund held 30 securities; the ten largest made up 47.63% of assets. It also reported 19.26% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Expedia Group, Inc. | 6.10% | |
| Viking Holdings Ltd. | 5.49% | |
| Airbnb, Inc. | 5.27% | |
| Sysco Corp. | 5.22% | |
| Starbucks Corp. | 4.79% | |
| Marriott International, Inc. | 4.61% | |
| Hilton Worldwide Holdings Inc. | 4.57% | |
| Las Vegas Sands Corp. | 4.54% | |
| Tripadvisor, Inc. | 3.55% | |
| Lindblad Expeditions Holdings, Inc. | 3.49% | |
| Cinemark Holdings, Inc. | 3.37% | |
| US Foods Holding Corp. | 3.12% | |
| Manchester United PLC | 2.94% | |
| Maplebear Inc. | 2.77% | |
| Madison Square Garden Entertainment Corp. | 2.76% |
By country
United States 81.71%Bermuda 5.49%Canada 4.74%Cayman Islands 2.94%Guernsey 2.72%By asset type
Stocks 99.96%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $10.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.79%, +6.33%, +0.23%.
How it works
PEJ aims to match the results, before fees and expenses, of the Dynamic Leisure & Entertainment Intellidex Index. ICE Data Indices, LLC compiles and maintains the index. It holds 30 US companies that mainly design, produce or distribute leisure and entertainment goods or services. That covers hotels, restaurants and bars, cruise lines, casinos and other recreation businesses. It also covers entertainment companies that make films, music and radio or TV programming, plus movie theaters. As of June 30, 2026, the companies' stock market values ranged from $1.1 billion to $116 billion, so smaller and mid-sized firms are included.
The fund uses "full replication," which means it buys every stock in the index in the same proportions. At least 80% of net assets must be in leisure and entertainment companies. The fund is "non-diversified," so it can put more money into a few stocks than a diversified fund can. As of July 31, 2026, the 10 largest holdings made up 47.6% of the fund. Expedia Group (6.1%), Viking Holdings (5.5%) and Airbnb (5.3%) led the list.
Because it follows an index, the fund generally keeps a weak stock until the index drops it. It trades whenever the index rebalances, and its portfolio turnover was 168%. That means it traded the equivalent of its whole portfolio about 1.7 times in a year, which adds trading costs that the expense ratio doesn't include. The prospectus summary doesn't spell out exactly how the index ranks and weights its stocks.
What it really costs
- PEJ charges 0.58% a year, versus an average of 0.49% for the similar funds below (3rd of 7, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $59 in the first year and $726 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PEJ | $59 | $186 | $324 | $726 |
In a retirement portfolio
PEJ is a concentrated 30-stock bet on consumer leisure spending with deep past declines and little income, which fits a small slice of a portfolio better than a core position.
PEJ could add targeted exposure to travel, hospitality and entertainment, but the ride has been bumpy. Its price history here starts in June 2020, so it doesn't cover 2008. The prospectus does show a 45.98% loss in the first quarter of 2020. In the 2022 bear market the fund fell 31.6% and took about 25 months to recover. Its deepest drop, 36.4% from March 2021 to September 2022, took 26 months to win back. Its worst calendar year was 2022, at -25.31%. Anyone forced to sell or draw income during a stretch like that would lock in losses. Income is minor: the yield was 0.52% as of October 27, 2026, paid quarterly. In the SEC's standard $10,000 example, costs come to $59 after one year and $726 over 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, targeted stake in travel, hotels, cruises and casinos, such as Expedia, Viking, Airbnb and Marriott, alongside a broad stock fund.
- Long-term holders who can sit through drops like its 36.4% decline from 2021 to 2022, which took 26 months to recover.
- Investors comfortable paying 0.58% for a 30-stock portfolio whose top 10 holdings made up 47.6% of assets as of July 31, 2026.
Look elsewhere if
- Income seekers: the yield was 0.52% as of October 27, 2026, paid quarterly, which adds little to a retirement paycheck.
- Cost-focused investors: XLY offers broad consumer discretionary exposure for 0.08% a year, compared with PEJ's 0.58%.
- Retirees who may need to sell in downturns: PEJ lost 45.98% in the first quarter of 2020 and 25.31% in 2022.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PEJ this fund | — | 0.58% | $255.9M | +9.4% | +23.7% |
| PEZ Invesco Dorsey Wright Consumer Cyclicals Mo… | 20% | 0.6% | $22.5M | -1.7% | +18.8% |
| RSPD Invesco S&P 500 Equal Weight Consumer Discr… | 13% | 0.4% | $328.9M | -4.9% | +13.3% |
| PBJ Invesco Food & Beverage ETF | 13% | 0.62% | $107.8M | +7.0% | +6.8% |
| IBUY Amplify Online Retail ETF | 11% | 0.65% | $107.3M | -6.8% | +20.2% |
| XLY Consumer Discretionary Select Sector SPDR F… | 9% | 0.08% | $22.59B | -0.5% | -8.0% |
| FXD First Trust Consumer Discretionary AlphaDEX… | 8% | 0.61% | $269.2M | -1.1% | +13.6% |
Questions investors ask
Is PEJ a good investment for retirement?
PEJ fits better as a small, higher-risk slice of a retirement portfolio than as a core holding. It owns just 30 leisure and entertainment stocks and has had steep drops. It lost 45.98% in the first quarter of 2020. It also fell 36.4% from March 2021 to September 2022 and took 26 months to recover. Its 0.52% yield, as of October 27, 2026, adds little income. Investors who may need to sell in a downturn risk selling low.
What stocks are in PEJ?
PEJ holds the 30 leisure and entertainment stocks in the Dynamic Leisure & Entertainment Intellidex Index, which ICE Data Indices maintains. As of July 31, 2026, the largest holdings were Expedia Group (6.1%), Viking Holdings (5.5%), Airbnb (5.3%), Sysco (5.2%) and Starbucks (4.8%). Marriott, Hilton and Las Vegas Sands came next. The top 10 made up 47.6% of the fund. It also owned Cinemark, US Foods and Manchester United.
Does PEJ pay dividends?
Yes. PEJ pays dividends quarterly, but the amounts are small. Over the 12 months to October 27, 2026, it paid about $0.34 per share, a yield of 0.52%. The fund is built around a theme, not around companies that pay high dividends. Investors who mainly want income would likely find more in funds designed for dividends.
PEJ vs PEZ: what's the difference?
Both are Invesco ETFs focused on consumer stocks, but their holdings overlap by only about 20%. PEJ tracks a 30-stock leisure and entertainment index and charges 0.58% a year. PEZ, the Invesco Dorsey Wright Consumer Cyclicals Momentum ETF, follows a momentum approach, as its name suggests, and charges 0.60%. As of July 31, 2026, PEZ had about $22.5 million in net assets, compared with $255.9 million for PEJ. As of October 27, 2026, PEJ's one-year return was 9.4%, compared with -1.7% for PEZ.
How has PEJ performed over 10 years?
PEJ returned an average of 5.84% a year over the 10 years ended December 31, 2025, and 9.33% a year over five years, according to its prospectus. The path was uneven. Calendar-year results ranged from a 25.31% loss in 2022 to a 25.2% gain in 2024, and the fund lost money in 2018 and 2020. As of October 27, 2026, it was up 7.1% for the year so far. Past performance doesn't predict future returns.