At a glance
PJP charges 0.58% a year, above the 0.35% average of the 8 funds most like it (the 7th cheapest of 9). It has $472.1M in assets, the 6th largest of that group; it paid 0.89% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +34.0% with distributions reinvested (S&P 500: +11.5%), 3rd of those 9 funds; over three years it returned +24.3% a year. At its worst it fell 26.3% in the 2020 crash (S&P 500: 33.7%) and 17.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 24 months after the lows. Its ten largest positions make up 49.5% of the fund, out of 30 in all.
The short version
Invesco Pharmaceuticals ETF (PJP) is an index fund that tracks the Dynamic Pharmaceutical Intellidex Index, which holds about 30 U.S. drug companies. They range from giants like Eli Lilly and Merck to smaller firms like Corcept Therapeutics and Amneal. Its largest holdings each sit near 5%, so smaller drugmakers count for more than they would in a broad health care fund. The 0.58% yearly fee is above the 0.35% average for similar funds.
Price history
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PJP +34.0% 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 | |
|---|---|---|---|---|---|---|
| PJP official prospectus, to Dec 31, 2025 | — | +27.90% | — | +9.00% | +5.07% | — |
| PJP price data to Oct 27, 2026 | +21.8% | +34.0% | +24.3% | +11.3% | +9.1% | +11.9% |
- Over the year to Oct 27, 2026, PJP returned +34.0%, 3rd of 9 among similar funds.
- Its 5-year annualized return was +11.3% and its 10-year +9.1%.
- In the 2020 COVID crash it fell 26.3% and regained its old high 2.5 months after the low.
- Its worst full calendar year was 2016 (-19.2%); its best was 2013 (+55.7%).
- The deepest fall in its price history was 37% (Jul 20, 2015 to Mar 23, 2020), recovered by Jan 14, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +21.8% | — |
| 2025 | +28.0% | +27.90% |
| 2024 | +9.6% | +9.71% |
| 2023 | -2.2% | -2.22% |
| 2022 | -2.1% | -2.03% |
| 2021 | +14.6% | +14.46% |
| 2020 | +11.3% | +11.17% |
| 2019 | +4.7% | +4.69% |
| 2018 | -1.8% | -1.70% |
| 2017 | +15.3% | +15.32% |
| 2016 | -19.2% | -19.25% |
| 2015 | +11.0% | — |
| 2014 | +28.1% | — |
| 2013 | +55.7% | — |
| 2012 | +24.5% | — |
| 2011 | +20.0% | — |
| 2010 | +27.6% | — |
| 2009 | +17.5% | — |
| 2008 | -10.9% | — |
| 2007 | +0.7% | — |
| 2006 | +10.8% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 33.3% over that stretch · deepest drop along the way 33.7%, back to its old high 9.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 26.3% over that stretch · deepest drop along the way 26.3%, back to its old high 2.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 10.5% over that stretch · deepest drop along the way 17.3%, back to its old high 23.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8800 | |
| 2025 | $1.0300 | +28.7% |
| 2024 | $0.8000 | +3.9% |
| 2023 | $0.7700 | +2.7% |
| 2022 | $0.7500 | +15.4% |
| 2021 | $0.6500 | +18.2% |
| 2020 | $0.5500 | +10.0% |
| 2019 | $0.5000 | -28.6% |
| 2018 | $0.7000 | +66.7% |
| 2017 | $0.4200 | -19.2% |
| 2016 | $0.5200 | -86.5% |
| 2015 | $3.8500 | +96.4% |
| 2014 | $1.9600 | +716.7% |
| 2013 | $0.2400 | -55.6% |
| 2012 | $0.5400 | +200.0% |
| 2011 | $0.1800 | +28.6% |
| 2010 | $0.1400 | -46.2% |
| 2009 | $0.2600 | +116.7% |
| 2008 | $0.1200 | +50.0% |
| 2007 | $0.0800 | -16.7% |
| 2006 | $0.0960 |
What's inside
As of Jul 31, 2026, the fund held 30 securities; the ten largest made up 49.47% of assets. It also reported 11.76% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Abbott Laboratories | 5.67% | |
| AbbVie Inc. | 5.48% | |
| Amgen Inc. | 5.33% | |
| Johnson & Johnson | 5.18% | |
| Merck & Co., Inc. | 5.06% | |
| Eli Lilly and Co. | 5.02% | |
| Corcept Therapeutics Inc. | 4.96% | |
| Gilead Sciences, Inc. | 4.53% | |
| Pfizer Inc. | 4.50% | |
| Amneal Pharmaceuticals, Inc. | 3.75% | |
| Liquidia Corp. | 3.66% | |
| Travere Therapeutics, Inc. | 3.30% | |
| Ligand Pharmaceuticals Inc. | 3.20% | |
| Regeneron Pharmaceuticals, Inc. | 3.14% | |
| Harmony Biosciences Holdings, Inc. | 3.06% |
By country
United States 94.69%Ireland 5.24%By asset type
Stocks 99.92%By sector
Sectors of the companies held, for the 46.9% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $86.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.43%, +8.09%, +2.57%.
How it works
PJP tries to match the results, before fees, of the Dynamic Pharmaceutical Intellidex Index. ICE Data Indices compiles and maintains the index. The prospectus describes it as the common stocks of 30 U.S. companies that mainly research, develop, make, sell or distribute drugs. Three groups can qualify: big, fully integrated drugmakers; midsize specialty firms focused on one or two kinds of treatment; and smaller generic makers that produce drugs whose patents have expired. As of June 30, 2026, the index had 28 members, with market values from $1.2 billion to $1.1 trillion.
The fund uses "full replication." That means it generally owns every stock in the index at the index's weights. It doesn't try to beat the index, so it won't sell a lagging stock unless the index drops it. Portfolio turnover was 36%. As of July 31, 2026, the fund held 30 stocks, and the top 10 made up 49.5% of assets. Abbott Laboratories, AbbVie and Amgen were the largest, each just over 5%.
The fund is "non-diversified," so it can put more of its money into a small number of companies than a diversified fund can. It must keep at least 80% of net assets in pharmaceutical companies. It uses no leverage, options or derivatives. The 11.8% cash in its July 31, 2026 holdings report appears to be mostly collateral from securities lending, where the fund lends shares to other investors for a fee.
What it really costs
- PJP charges 0.58% a year, versus an average of 0.35% for the similar funds below (7th of 9, 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 |
|---|---|---|---|---|
| PJP | $59 | $186 | $324 | $726 |
In a retirement portfolio
PJP holds about 30 stocks from a single industry and is non-diversified, so it fits best as a small add-on beside broad core holdings.
PJP may add focused exposure to U.S. drugmakers beside a broad stock fund, but its record in downturns is uneven. It fell 33.7% in the 2008 financial crisis and was back at its old peak by December 22, 2009. It dropped 26.3% in the 2020 COVID crash and recovered by June 8, 2020. In 2022 it fell 17.3% between April and June, more than the market's 10.5% decline, and didn't recover until June 7, 2024. Its deepest drop, 37%, ran from July 2015 to March 2020, with no full recovery until January 14, 2021. Anyone who had to sell during that stretch would have locked in losses. Its worst calendar year was 2016, at −19.2%. Income is small: a 0.89% yield as of October 27, 2026, paid quarterly. Under the SEC's $10,000 example, costs are $59 after one year and $726 after 10. Past results don't predict the future, 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 focused stake in about 30 U.S. drugmakers, with firms like Corcept and Amneal held alongside Eli Lilly and Merck.
- Those who can keep it as a small side holding and sit through long slumps, like the 37% drop from July 2015 to March 2020.
- Pharma-fund shoppers who note its 2nd-of-9 rank on three-year returns among similar funds as of October 27, 2026, despite its higher fee.
Look elsewhere if
- Cost-focused investors: its 0.58% expense ratio compares with 0.08% for XLV and 0.09% for VHT, which are broad health care funds.
- Income seekers: the yield was 0.89% as of October 27, 2026, paid quarterly, which adds little cash flow to a retirement budget.
- Anyone wanting broad diversification: it's non-diversified and exposed to one industry's patent expirations, drug pricing and regulatory risks.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PJP this fund | — | 0.58% | $472.1M | +34.0% | +24.3% |
| FTXH First Trust Nasdaq Pharmaceuticals ETF | 49% | 0.6% | $36.2M | +46.9% | +23.4% |
| IYH iShares U.S. Healthcare ETF | 37% | 0.39% | $3.56B | +23.8% | +15.0% |
| IHE iShares U.S. Pharmaceuticals ETF | 36% | 0.39% | $1.14B | +39.8% | +25.0% |
| VHT Vanguard Health Care ETF | 36% | 0.09% | $22.04B | +28.9% | +16.9% |
| XLV Health Care Select Sector SPDR Fund | 36% | 0.08% | $40.60B | +30.2% | +16.2% |
| FHLC Fidelity MSCI Health Care Index ETF | 35% | 0.084% | $3.29B | +23.8% | +16.0% |
| MEDX Horizon Kinetics Medical ETF | 34% | 0.85% | $19.1M | +19.1% | +13.9% |
Questions investors ask
Does PJP pay dividends?
Yes. PJP pays dividends quarterly. Over the 12 months through October 27, 2026, it paid $1.13 per share, a yield of 0.89%. That's a small amount of income for a stock fund. The fund's 0.58% expense ratio also uses up a large part of what its holdings pay out. PJP is built around drug-industry exposure rather than income, so it may matter less as a cash-flow source in retirement.
What's the difference between PJP and FTXH?
Both funds track pharmaceutical indexes. Among similar funds, the First Trust Nasdaq Pharmaceuticals ETF (FTXH) shares the most holdings with PJP, at 49%. Their fees are close: 0.60% for FTXH and 0.58% for PJP. Over the year to October 27, 2026, FTXH returned 46.9% and PJP returned 34%, while their three-year annual returns were similar at 23.4% and 24.3%. PJP is far larger, with $472 million in net assets as of July 31, 2026, against about $36 million for FTXH as of June 30, 2026.
Is PJP's expense ratio high?
Yes, compared with most similar funds. PJP charges 0.58% a year, against a 0.35% average for similar funds, and ranks 7th of 9 on cost. Two other pharmaceutical funds cost less: iShares U.S. Pharmaceuticals ETF (IHE) at 0.39% and SPDR S&P Pharmaceuticals ETF (XPH) at 0.35%. Broad health care funds like XLV, at 0.08%, are cheaper still. In the SEC's standard example, $10,000 invested in PJP costs $59 after one year and $726 after 10.
What are PJP's top holdings?
As of July 31, 2026, PJP's largest holdings were Abbott Laboratories (5.7%), AbbVie (5.5%), Amgen (5.3%), Johnson & Johnson (5.2%), Merck (5.1%), Eli Lilly (5.0%), Corcept Therapeutics (5.0%), Gilead Sciences (4.5%), Pfizer (4.5%) and Amneal Pharmaceuticals (3.7%). These 10 made up 49.5% of the fund's 30 stocks. Weights are fairly even at the top, so smaller companies like Corcept count about as much as Eli Lilly.
What is PJP's 10-year return?
According to the prospectus, PJP returned 5.07% a year on average over the 10 years ended December 31, 2025, and 9.0% a year over five years. It gained 27.9% in 2025 and lost 19.25% in 2016. Using share prices, its 10-year annual return was 9.1% as of October 27, 2026. That higher figure reflects strong gains in 2025 and 2026, and 2016's loss falling out of the 10-year period.