At a glance
PSCF charges 0.29% a year, above the 0.21% average of the 8 funds most like it (the 6th cheapest of 9). It has $30.3M in assets, the 9th largest of that group; it paid 2.22% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +13.5% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds; over three years it returned +20.6% a year. At its worst it fell 45.3% in the 2020 crash (S&P 500: 33.7%) and 27.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 25 months after the lows. Its ten largest positions make up 15.2% of the fund, out of 162 in all.
The short version
Invesco S&P SmallCap Financials ETF (PSCF) tracks the S&P SmallCap 600 Capped Financials & Real Estate Index. That gives it targeted exposure to small US banks, insurers, brokers and real estate investment trusts (REITs). Unlike regional-bank funds such as KRE, it blends lenders with property owners. Its annual fee of 0.29% is above the 0.21% average of eight similar funds, and its $30.3 million in assets (August 31, 2026) is the smallest of the group.
Price history
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PSCF +13.5% 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 | |
|---|---|---|---|---|---|---|
| PSCF official prospectus, to Dec 31, 2024 | — | +15.67% | — | +2.82% | +6.18% | — |
| PSCF price data to Oct 27, 2026 | +11.0% | +13.5% | +20.6% | +3.6% | +7.2% | +8.6% |
- Over the year to Oct 27, 2026, PSCF returned +13.5%, 9th of 9 among similar funds.
- Its 5-year annualized return was +3.6% and its 10-year +7.2%.
- In the 2020 COVID crash it fell 45.3% and regained its old high 10.8 months after the low.
- Its worst full calendar year was 2022 (-19.4%); its best was 2016 (+32.5%).
- The deepest fall in its price history was 45.4% (Feb 13, 2020 to Mar 23, 2020), recovered by Feb 22, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.0% | — |
| 2025 | +6.2% | — |
| 2024 | +15.5% | +15.67% |
| 2023 | +6.0% | +5.63% |
| 2022 | -19.4% | -19.17% |
| 2021 | +27.8% | +27.99% |
| 2020 | -8.9% | -9.10% |
| 2019 | +23.2% | +21.78% |
| 2018 | -8.4% | -7.73% |
| 2017 | +6.7% | +6.29% |
| 2016 | +32.5% | +32.62% |
| 2015 | +0.1% | +0.07% |
| 2014 | +7.7% | — |
| 2013 | +31.8% | — |
| 2012 | +17.0% | — |
| 2011 | +1.7% | — |
| 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 45.1% over that stretch · deepest drop along the way 45.3%, back to its old high 10.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 24.1% over that stretch · deepest drop along the way 27.3%, 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) | $1.1000 | |
| 2025 | $1.2000 | -12.4% |
| 2024 | $1.3700 | -16.0% |
| 2023 | $1.6300 | +15.6% |
| 2022 | $1.4100 | +25.9% |
| 2021 | $1.1200 | -36.0% |
| 2020 | $1.7500 | -27.7% |
| 2019 | $2.4200 | +19.8% |
| 2018 | $2.0200 | +62.9% |
| 2017 | $1.2400 | -21.5% |
| 2016 | $1.5800 | +64.6% |
| 2015 | $0.9600 | -5.0% |
| 2014 | $1.0100 | +9.8% |
| 2013 | $0.9200 | +24.3% |
| 2012 | $0.7400 | +37.0% |
| 2011 | $0.5400 |
What's inside
As of Aug 31, 2026, the fund held 162 securities; the ten largest made up 15.23% of assets. It also reported 26.43% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Jackson Financial Inc. | 2.03% | |
| Ryman Hospitality Properties, Inc. | 1.88% | |
| Lincoln National Corp. | 1.58% | |
| StoneX Group Inc. | 1.58% | |
| Terreno Realty Corp. | 1.53% | |
| Macerich Co. (The) | 1.46% | |
| Essential Properties Realty Trust, Inc. | 1.41% | |
| MarketAxess Holdings Inc. | 1.26% | |
| Atlantic Union Bankshares Corp. | 1.26% | |
| Enova International, Inc. | 1.23% | |
| Rithm Capital Corp. | 1.22% | |
| Axos Financial, Inc. | 1.20% | |
| Victory Capital Holdings, Inc. | 1.19% | |
| Virtu Financial, Inc. | 1.17% | |
| Ameris Bancorp | 1.16% |
By country
United States 96.08%Bermuda 1.91%Puerto Rico 1.81%By asset type
Stocks 99.8%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $4.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.68%, +3.18%, -1.70%.
How it works
PSCF aims to match the S&P SmallCap 600 Capped Financials & Real Estate Index before fees, not to beat it. S&P Dow Jones Indices builds the index from the S&P SmallCap 600, which holds about 600 small US companies. It keeps only the ones classed as financials or real estate under the Global Industry Classification Standard, a widely used system for sorting companies by industry. That means banks, insurers, brokers and real estate investment trusts (REITs), including mortgage REITs, which own loans rather than buildings. As of October 31, 2025, the index had 164 stocks with market values from $384.4 million to $8 billion.
The fund uses full replication: it generally owns every stock in the index, at the index's weights. As of August 31, 2026, it held 162 companies. The largest were Jackson Financial (2.0%), Ryman Hospitality Properties (1.9%), and Lincoln National and StoneX Group (1.6% each). The 10 largest made up only 15.2% of assets. The fund trades mainly when the index changes, so it keeps a lagging stock until the index drops it. Yearly turnover, the share of holdings replaced, was 13%, according to its prospectus.
The fund uses no leverage, and it held no derivatives as of August 31, 2026. Because the index covers just two sectors, the fund is concentrated by design. Interest rates, regulation and property values can move most of its holdings in the same direction.
What it really costs
- PSCF charges 0.29% a year, versus an average of 0.21% for the similar funds below (6th of 9, 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 |
|---|---|---|---|---|
| PSCF | $30 | $93 | $163 | $368 |
In a retirement portfolio
It is a narrow bet on small financial and real estate stocks that fell 45.4% in early 2020, so it works as a small add-on rather than a foundation.
PSCF adds small banks, insurers and real estate investment trusts, which large-company index funds largely miss. The fund launched in April 2010, so it has no record from the 2008 crisis. Its deepest drop was 45.4%, from February 13 to March 23, 2020, and it took about 11 months to recover. In 2022 it fell 27.3% and took about 25 months to climb back. Its 2022 calendar-year loss of 19.17% was its worst. Anyone forced to cash out shares in those slumps would have locked in steep losses. That is one reason money needed soon is often held in steadier assets.
Dividends are paid quarterly. The yield on the prior 12 months' dividends was 2.22% as of October 27, 2026. Under the SEC's standard example, the 0.29% annual fee costs about $368 over 10 years on $10,000. Past results don't predict future ones, and a sound plan looks at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want small US banks, insurers, brokers and REITs in one fund; the top 10 holdings made up just 15.2% (August 31, 2026).
- Those who want lenders mixed with property REITs, rather than a bank-focused fund like KRE, at 0.29% a year versus KRE's 0.35%.
- Long-term investors using it as a small add-on position who can sit through drops like its 45.4% fall in early 2020.
Look elsewhere if
- Cost-focused investors: VIOO, a broad small-cap fund, charges 0.07%, and eight similar funds average 0.21%, versus PSCF's 0.29%.
- Anyone who may need to withdraw within a few years: after its 27.3% fall in 2022, it took about 25 months to recover.
- Investors who prefer large funds: PSCF had $30.3 million in assets (August 31, 2026), versus $4.7 billion for KRE (June 30, 2026).
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PSCF this fund | — | 0.29% | $30.3M | +13.5% | +20.6% |
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 36% | 0.37% | $673.3M | +22.1% | +16.7% |
| KRE SPDR S&P Regional Banking ETF | 33% | 0.35% | $4.74B | +21.5% | +26.5% |
| KBE SPDR S&P Bank ETF | 32% | 0.35% | $1.48B | +17.1% | +27.2% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 29% | 0.1% | $1.98B | +19.0% | +19.4% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 28% | 0.15% | $4.83B | +18.9% | +19.2% |
| IJS iShares S&P Small-Cap 600 Value ETF | 27% | 0.18% | $8.02B | +18.8% | +19.1% |
| QVMS Invesco S&P SmallCap 600 QVM Multi-factor E… | 27% | 0.15% | $248.2M | +17.1% | +18.9% |
Questions investors ask
What does PSCF invest in?
PSCF invests in small US companies in the financials and real estate sectors. It tracks the S&P SmallCap 600 Capped Financials & Real Estate Index, which includes banks, insurers, brokers and real estate investment trusts (REITs). As of August 31, 2026, it held 162 companies. The largest were Jackson Financial (about 2.0%), Ryman Hospitality Properties (1.9%), Lincoln National (1.6%), StoneX Group (1.6%) and Terreno Realty (1.5%). About 96% of assets were in US companies, with small stakes in companies based in Bermuda and Puerto Rico.
Does PSCF pay monthly dividends?
No. PSCF pays dividends quarterly, not monthly. Over the 12 months to October 27, 2026, it paid $1.39 per share, a yield of 2.22%. The cash comes from dividends paid by the banks, insurers and REITs it holds, so the amount can rise or fall as those companies change their payouts. The share price can also swing much more than the dividend: the fund fell 45.4% in early 2020.
What's the difference between PSCF and KRE?
The main difference is focus. PSCF owns small financial and real estate companies, including REITs, while KRE, the SPDR S&P Regional Banking ETF, targets regional banks. Their holdings overlap by about 33%. PSCF charges 0.29% a year versus 0.35% for KRE. KRE is far larger: $4.7 billion in assets as of June 30, 2026, against PSCF's $30.3 million as of August 31, 2026. Through October 27, 2026, KRE returned 21.5% over one year and 26.5% a year over three, versus 13.5% and 20.6% for PSCF.
Is PSCF expensive?
PSCF is on the pricier side of comparable funds, though not the most expensive. Its expense ratio, the yearly fee taken from fund assets, is 0.29%, according to its prospectus filed December 18, 2025. Under the SEC's standard example, a $10,000 investment earning 5% a year would cost about $30 in the first year and $368 over 10 years. That is below the 0.35% charged by KRE and KBE. It is above the 0.21% average of eight similar funds and far above the 0.07% charged by Vanguard's VIOO.
What is PSCF's 10-year return?
PSCF returned 6.18% a year over the 10 years ended December 31, 2024, according to its prospectus, and 2.82% a year over five years. Price-based figures show about 7.2% a year over the 10 years through October 27, 2026. Returns were uneven. Calendar years ranged from a 32.62% gain in 2016 to a 19.17% loss in 2022, and the first quarter of 2020 alone brought a 34.52% loss. Past returns don't predict future ones.