At a glance
PSCE charges 0.29% a year, below the 0.36% average of the 4 funds most like it (the cheapest of 5). It has $109.9M in assets, the 5th largest of that group; it paid 2.43% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +42.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 5 funds; over three years it returned +5.5% a year. At its worst it fell 62.9% in the 2020 crash (S&P 500: 33.7%) and 36.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 41 months after the lows. Its ten largest positions make up 50.0% of the fund, out of 33 in all.
The short version
Invesco S&P SmallCap Energy ETF (PSCE) tracks the S&P SmallCap 600 Capped Energy Index. The index holds about 32 small US energy companies, including drillers, oilfield service firms, offshore rig operators, refiners, tanker owners and coal producers. PSCE charges 0.29% a year, the lowest of the five similar funds compared here. It is also the smallest of them, and its long-term record has swung sharply in both directions.
Price history
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PSCE +42.4% 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 | |
|---|---|---|---|---|---|---|
| PSCE official prospectus, to Dec 31, 2024 | — | -5.65% | — | +7.05% | -9.78% | — |
| PSCE price data to Oct 27, 2026 | +41.5% | +42.4% | +5.5% | +10.1% | -2.5% | -3.5% |
- Over the year to Oct 27, 2026, PSCE returned +42.4%, 5th of 5 among similar funds.
- Its 5-year annualized return was +10.1% and its 10-year -2.5%.
- In the 2020 COVID crash it fell 62.9% and regained its old high 10.9 months after the low.
- Its worst full calendar year was 2015 (-47.9%); its best was 2021 (+60.4%).
- The deepest fall in its price history was 96.2% (Jun 30, 2014 to Apr 1, 2020), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +41.5% | — |
| 2025 | -9.0% | — |
| 2024 | -5.5% | -5.65% |
| 2023 | +5.0% | +4.94% |
| 2022 | +48.3% | +48.46% |
| 2021 | +60.4% | +59.61% |
| 2020 | -40.1% | -40.07% |
| 2019 | -14.9% | -15.04% |
| 2018 | -43.0% | -42.98% |
| 2017 | -26.7% | -26.84% |
| 2016 | +37.2% | +37.30% |
| 2015 | -47.9% | -47.74% |
| 2014 | -35.8% | — |
| 2013 | +37.8% | — |
| 2012 | -1.2% | — |
| 2011 | +2.3% | — |
| 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 61% over that stretch · deepest drop along the way 62.9%, back to its old high 10.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 30.2% over that stretch · deepest drop along the way 36.1%, back to its old high 41.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.1500 | |
| 2025 | $1.0300 | +25.6% |
| 2024 | $0.8200 | -38.3% |
| 2023 | $1.3300 | +56.5% |
| 2022 | $0.8500 | +240.0% |
| 2021 | $0.2500 | -9.1% |
| 2020 | $0.2750 | +266.7% |
| 2019 | $0.0750 | -34.3% |
| 2018 | $0.1142 | +128.4% |
| 2017 | $0.0500 | -80.0% |
| 2016 | $0.2500 | -58.3% |
| 2015 | $0.6000 | +33.3% |
| 2014 | $0.4500 | +1700.0% |
| 2013 | $0.0250 | -98.0% |
| 2012 | $1.2500 | +1150.0% |
| 2011 | $0.1000 |
What's inside
As of Aug 31, 2026, the fund held 33 securities; the ten largest made up 49.95% of assets. It also reported 17.56% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| SM Energy Co. | 7.59% | |
| Magnolia Oil & Gas Corp. | 5.54% | |
| Noble Corp. PLC | 5.18% | |
| Kodiak Gas Services, Inc. | 5.16% | |
| Archrock, Inc. | 4.95% | |
| Oceaneering International, Inc. | 4.65% | |
| Core Natural Resources, Inc. | 4.62% | |
| Cactus, Inc. | 4.40% | |
| Patterson-UTI Energy, Inc. | 3.93% | |
| Helmerich & Payne, Inc. | 3.92% | |
| Tidewater Inc. | 3.88% | |
| Par Pacific Holdings, Inc. | 3.61% | |
| International Seaways, Inc. | 3.61% | |
| California Resources Corp. | 3.49% | |
| Peabody Energy Corp. | 3.26% |
By country
United States 89.36%Marshall Islands 5.27%United Kingdom 5.18%By asset type
Stocks 99.81%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $15.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -5.56%, +5.00%, +8.52%.
How it works
The fund aims to match the S&P SmallCap 600 Capped Energy Index before fees. S&P Dow Jones Indices builds that index by taking the energy companies from the S&P SmallCap 600, a list of about 600 small US stocks. It decides which companies count as energy using GICS (the Global Industry Classification Standard, a common system for sorting companies by industry). That covers oil and gas production, refining, storage, transportation, equipment makers and coal. As of October 31, 2025, the index had 32 stocks worth between $608 million and $5.5 billion each.
PSCE uses "full replication." That means it generally buys every stock in the index, in the same proportions as the index. It invests at least 90% of its assets this way. The fund does not try to beat the index. It keeps a struggling stock until the index removes it. Portfolio turnover was 31%.
The fund is "non-diversified," so it can put more money into a few companies. As of August 31, 2026, it held 33 stocks, and the top 10 made up about 50% of the fund. It holds ordinary shares and no derivatives or leverage. The same report showed cash equal to about 17.6% of assets. This is likely collateral from lending shares to other investors, not money waiting to be invested.
What it really costs
- PSCE charges 0.29% a year, versus an average of 0.36% for the similar funds below (1st of 5, 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 |
|---|---|---|---|---|
| PSCE | $30 | $93 | $163 | $368 |
In a retirement portfolio
PSCE is a narrow, non-diversified bet on small energy stocks, and it has suffered losses of more than 60% within weeks, so it may suit only a small slice of a long-term portfolio.
PSCE adds concentrated exposure to small energy companies, which often move with oil and gas prices more than with the broad market. In the 2022 bear market it gained 30.2%. Even so, it had its own 36.1% drop that year and did not recover until March 2026. In the 2020 COVID crash it fell 62.9% in about three weeks and took nearly 11 months to recover. From June 2014 to April 2020 it lost 96.2%, and it had not regained that peak. Its worst calendar year was 2015, down 47.7%. It launched in 2010, after the 2008 crisis. Selling shares to cover spending during stretches like these would lock in deep losses. It yielded 2.43% as of October 27, 2026, paid quarterly. It costs 0.29% a year, below the 0.36% average of similar funds. 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 small, deliberately limited slice of small US energy stocks, at 0.29% a year versus a 0.36% peer average.
- People who want one fund covering drillers, oilfield services, offshore rigs, refiners, tanker owners and coal producers instead of a single energy niche.
- Long-term holders who could sit through drops like the 62.9% plunge in early 2020 without needing to sell.
Look elsewhere if
- Retirees who need steady value: PSCE lost 96.2% from June 2014 to April 2020 and had not regained that peak.
- Investors seeking a core holding: the 10-year average annual return to December 31, 2024 was -9.78%, with only about 33 stocks.
- Those who prefer larger funds: at about $110 million in net assets, PSCE is the smallest of the five similar funds compared.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PSCE this fund | — | 0.29% | $109.9M | +42.4% | +5.5% |
| XES SPDR S&P Oil & Gas Equipment & Services ETF | 40% | 0.35% | $467.3M | +44.9% | +10.0% |
| IEZ iShares U.S. Oil Equipment & Services ETF | 28% | 0.4% | $376.8M | +43.4% | +9.6% |
| OIH VanEck Oil Services ETF | 26% | 0.35% | $1.99B | +50.0% | +9.7% |
| XOP SPDR S&P Oil & Gas Exploration & Production… | 21% | 0.35% | $2.91B | +59.0% | +14.2% |
Questions investors ask
Is PSCE good for retirement?
PSCE is a high-risk sector fund. It may fit only as a small satellite position, not a core holding. Its average annual return over the 10 years to December 31, 2024 was -9.78%, and it lost 96.2% between its June 2014 peak and April 2020. It also had big gains: 59.61% in 2021 and 48.46% in 2022. Anyone drawing steady withdrawals risks having to sell shares right after a deep drop.
What's the difference between PSCE and XES?
Both hold small US energy stocks, and about 40% of their holdings overlap. XES focuses on oil and gas equipment and services. PSCE also owns oil producers, refiners, shippers and coal miners. PSCE costs 0.29% a year, compared with 0.35% for XES. XES had about $467 million in net assets as of June 30, 2026. PSCE had about $110 million as of August 31, 2026. In the year to October 27, 2026, XES returned 44.9% and PSCE returned 42.4%.
Does PSCE pay dividends?
Yes. PSCE pays dividends quarterly. In the 12 months to October 27, 2026, it paid about $1.45 per share, a yield of 2.43%. The money comes from dividends paid by the energy companies it owns. Payments can rise or fall with those companies' profits, which often shrink when oil and gas prices slump. Over time, the 0.29% annual expense ratio also reduces what holders keep.
What are PSCE's top holdings?
As of August 31, 2026, the largest holdings were SM Energy (7.6%), Magnolia Oil & Gas (5.5%), Noble Corp. (5.2%), Kodiak Gas Services (5.2%) and Archrock (5.0%). Oceaneering International, Core Natural Resources, Cactus, Patterson-UTI Energy and Helmerich & Payne completed the top 10. The fund held 33 stocks in total, and the top 10 made up about 50% of assets. That makes it far more concentrated than a broad stock index fund.
How volatile is PSCE?
PSCE is very volatile. Its worst quarter, which ended March 31, 2020, brought a 70.65% loss. Its best, which ended June 30, 2020, brought a 54.65% gain. Its annualized volatility over the three years to October 27, 2026 was 30.6%. Calendar-year results ranged from -47.74% in 2015 to 59.61% in 2021. Over the 10 years to October 27, 2026, its price return averaged -2.5% a year.