At a glance
PSCD charges 0.29% a year, above the 0.12% average of the 6 funds most like it (the most expensive of 7). It has $24.4M in assets, the 7th largest of that group; it paid 1.05% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −0.2% with distributions reinvested (S&P 500: +11.5%), 5th of those 7 funds; over three years it returned +13.2% a year. At its worst it fell 53.1% in the 2020 crash (S&P 500: 33.7%) and 36.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 22 months after the lows. Its ten largest positions make up 28.2% of the fund, out of 88 in all.
The short version
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD) tracks the S&P SmallCap 600 Capped Consumer Discretionary Index, which covers small U.S. companies offering things households can put off, from restaurant meals to used cars and new homes. It gives targeted exposure to small consumer-facing businesses, but its annual fee of 0.29% is well above the 0.12% average of similar funds, and it held just $24.4 million in assets as of August 31, 2026.
Price history
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PSCD -0.2% 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 | |
|---|---|---|---|---|---|---|
| PSCD official prospectus, to Dec 31, 2024 | — | +6.54% | — | +12.54% | +9.14% | — |
| PSCD price data to Oct 27, 2026 | +6.6% | -0.2% | +13.2% | +1.6% | +10.5% | +10.3% |
- Over the year to Oct 27, 2026, PSCD returned -0.2%, 5th of 7 among similar funds.
- Its 5-year annualized return was +1.6% and its 10-year +10.5%.
- In the 2020 COVID crash it fell 53.1% and regained its old high 4.9 months after the low.
- Its worst full calendar year was 2022 (-28.1%); its best was 2013 (+49.6%).
- The deepest fall in its price history was 56.6% (Aug 23, 2018 to Mar 18, 2020), recovered by Oct 9, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.6% | — |
| 2025 | -2.9% | — |
| 2024 | +6.5% | +6.54% |
| 2023 | +33.3% | +33.11% |
| 2022 | -28.1% | -27.97% |
| 2021 | +37.4% | +37.52% |
| 2020 | +29.1% | +28.52% |
| 2019 | +17.5% | +17.34% |
| 2018 | -9.3% | -8.21% |
| 2017 | +18.2% | +17.07% |
| 2016 | +15.2% | +15.68% |
| 2015 | -8.5% | -8.97% |
| 2014 | +4.0% | — |
| 2013 | +49.6% | — |
| 2012 | +23.1% | — |
| 2011 | -2.7% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 49.8% over that stretch · deepest drop along the way 53.1%, back to its old high 4.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 32.6% over that stretch · deepest drop along the way 36.5%, back to its old high 22 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8700 | |
| 2025 | $0.9900 | -28.8% |
| 2024 | $1.3900 | +21.9% |
| 2023 | $1.1400 | -9.5% |
| 2022 | $1.2600 | +100.0% |
| 2021 | $0.6300 | +40.0% |
| 2020 | $0.4500 | -22.4% |
| 2019 | $0.5800 | -22.7% |
| 2018 | $0.7500 | +25.0% |
| 2017 | $0.6000 | +7.1% |
| 2016 | $0.5600 | +9.8% |
| 2015 | $0.5100 | +45.7% |
| 2014 | $0.3500 | +59.1% |
| 2013 | $0.2200 | -40.5% |
| 2012 | $0.3700 | +158.7% |
| 2011 | $0.1430 |
What's inside
As of Aug 31, 2026, the fund held 88 securities; the ten largest made up 28.21% of assets. It also reported 33.24% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Brinker International, Inc. | 3.94% | |
| CarMax, Inc. | 3.50% | |
| Etsy, Inc. | 3.10% | |
| Victoria's Secret & Co. | 2.73% | |
| Mohawk Industries, Inc. | 2.64% | |
| Life Time Group Holdings, Inc. | 2.60% | |
| LKQ Corp. | 2.57% | |
| Caesars Entertainment, Inc. | 2.43% | |
| Pool Corp. | 2.41% | |
| Frontdoor, Inc. | 2.29% | |
| Installed Building Products, Inc. | 2.20% | |
| Cheesecake Factory Inc. (The) | 2.01% | |
| Champion Homes, Inc. | 1.99% | |
| Laureate Education, Inc. | 1.92% | |
| Meritage Homes Corp. | 1.86% |
By country
United States 95.66%Jersey 1.35%Bermuda 1.33%Bahamas 1.01%Ireland 0.6%By asset type
Stocks 99.95%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $1.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.48%, -0.50%, -1.13%.
How it works
PSCD is an index fund: it aims to match the S&P SmallCap 600 Capped Consumer Discretionary Index, before fees, not beat it. S&P Dow Jones Indices builds the index from the S&P SmallCap 600, about 600 small U.S. companies, keeping only those classified as consumer discretionary under GICS, the Global Industry Classification Standard. These companies offer things households spend more on in good times and cut back on in bad ones: cars and auto parts, apparel, leisure, durable household goods, hotels and restaurants. As of October 31, 2025, the index had 85 stocks valued from $373.6 million to $9.2 billion.
The fund uses full replication, generally owning every index stock in the same proportions and keeping at least 90% of its total assets in them. It doesn't drop a lagging stock unless the index does. Portfolio turnover, the share of holdings replaced over a year, was 27% according to its December 2025 prospectus. It held no derivatives as of August 31, 2026.
As of August 31, 2026, it held 88 stocks, with the top 10 making up 28% of assets. The largest were Brinker International (3.9%), CarMax (3.5%), Etsy (3.1%), Victoria's Secret (2.7%) and Mohawk Industries (2.6%). Because it holds a single sector, its results hinge on consumer spending.
What it really costs
- PSCD charges 0.29% a year, versus an average of 0.12% for the similar funds below (7th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $30 in the first year and $368 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PSCD | $30 | $93 | $163 | $368 |
In a retirement portfolio
It holds one cyclical sector of small companies and has fallen as much as 56.6%, so it fits a small slice of a portfolio rather than its foundation.
PSCD could add a tilt toward small, consumer-driven U.S. companies, but it has fallen hard. It launched in 2010, after the 2008 crisis. In the 2020 COVID crash it lost 53.1% in under a month, recovering by August 2020. In the 2022 bear market it fell 36.5% and needed about 22 months to recover. Its worst calendar year was 2022, at -28%. Its deepest drop, 56.6% from August 2018 to March 2020, was erased by October 2020. Raising cash in such stretches would lock in losses.
Its yield over the past 12 months was 1.05% as of October 27, 2026, with dividends paid quarterly. The 0.29% annual expense ratio, or $368 over 10 years on $10,000 in the SEC's standard example, is the highest among the similar funds we compared. 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 wanting a modest, targeted stake in small U.S. consumer companies such as Brinker International, CarMax and Etsy alongside a broad core fund.
- Patient holders who can ride out steep drops, such as its 53.1% fall in early 2020, which took about five months to recover.
- Those wanting a simple index fund that holds every stock in its index, with a record back to 2010 and no leverage or derivatives.
Look elsewhere if
- Cost-conscious investors: its 0.29% fee is the highest among similar funds, versus 0.06% for iShares Core S&P Small-Cap ETF (IJR) and 0.09% for Vanguard's VCR.
- Those who may need cash in a downturn: it fell 36.5% in the 2022 bear market and needed about 22 months to recover.
- Income seekers: its yield over the past 12 months was just 1.05% as of October 27, 2026, paid quarterly.
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 |
|---|---|---|---|---|---|
| PSCD this fund | — | 0.29% | $24.4M | -0.2% | +13.2% |
| IJS iShares S&P Small-Cap 600 Value ETF | 16% | 0.18% | $8.02B | +18.8% | +19.1% |
| SPSM SPDR Portfolio S&P 600 Small Cap ETF | 14% | 0.03% | $16.92B | +21.7% | +17.4% |
| IJR iShares Core S&P Small-Cap ETF | 13% | 0.06% | $111.32B | +21.7% | +17.4% |
| FDIS Fidelity MSCI Consumer Discretionary Index … | 9% | 0.084% | $1.68B | -2.3% | +16.4% |
| VCR Vanguard Consumer Discretionary ETF | 9% | 0.09% | $6.63B | -2.6% | +16.3% |
| AVUV Avantis U.S. Small Cap Value ETF | 8% | 0.25% | $31.17B | +28.4% | +19.2% |
Questions investors ask
What does PSCD invest in?
PSCD invests in small U.S. consumer discretionary companies, meaning businesses whose sales depend on spending that households can postpone. It tracks the S&P SmallCap 600 Capped Consumer Discretionary Index and held 88 stocks as of August 31, 2026. The largest were Brinker International (3.9%), CarMax (3.5%), Etsy (3.1%), Victoria's Secret (2.7%) and Mohawk Industries (2.6%), and the top 10 made up about 28% of the fund. About 96% of holdings were U.S. companies.
What is PSCD's expense ratio?
PSCD's expense ratio, its annual fee, is 0.29%, according to its prospectus filed December 18, 2025. That is the highest among the similar funds we compared, which averaged 0.12%. In the SEC's standard example, assuming $10,000 invested and a 5% yearly return, costs would total about $30 after one year, $163 after five years and $368 after 10. SPDR Portfolio S&P 600 Small Cap ETF (SPSM) charges 0.03%, and Fidelity MSCI Consumer Discretionary Index ETF (FDIS) charges 0.084%.
How has PSCD performed over the long term?
PSCD has delivered positive long-term returns, with big swings. Its prospectus shows average annual returns of 9.14% over 10 years and 12.54% over five years through December 31, 2024. Calendar years from 2015 through 2024 ranged from a 37.52% gain in 2021 to a 27.97% loss in 2022. Based on prices through October 27, 2026, it returned 10.5% a year over 10 years, 1.6% a year over five and -0.2% over one year. Its three-year return trailed every similar fund we compared.
What's the difference between PSCD and IJR?
IJR, the iShares Core S&P Small-Cap ETF, is a broad small-company fund, while PSCD holds only the consumer discretionary slice of the S&P SmallCap 600, so just 13% of their holdings overlap. IJR is far cheaper at 0.06% versus 0.29%, and far larger, with about $111 billion in net assets as of June 30, 2026, against PSCD's $24.4 million as of August 31, 2026. IJR returned 20.8% over the year to October 30, 2026; PSCD lost 0.2% over the year to October 27.
Does PSCD pay monthly dividends?
No. PSCD pays dividends quarterly, not monthly, and the income is modest. Its yield over the past 12 months was 1.05% as of October 27, 2026, equal to about $1.16 per share. The payments come from dividends paid by the companies the fund owns, so the amount can change from one quarter to the next. Investors who mainly want steady income may find the yield low for that purpose.