At a glance
PSP charges 1.75% a year. It has $232.3M in assets; it paid 5.44% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −12.2% with distributions reinvested (S&P 500: +11.5%); over three years it returned +13.8% a year. At its worst it fell 46.9% in the 2020 crash (S&P 500: 33.7%) and 45.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 23 months after the lows. Its ten largest positions make up 48.5% of the fund, out of 66 in all.
The short version
Invesco Global Listed Private Equity ETF (PSP) tracks the Red Rocks Global Listed Private Equity Index. The index holds 40 to 75 publicly traded private equity firms, alternative asset managers and business development companies from around the world. The fund lets investors reach private equity managers such as 3i Group, Blackstone and KKR through the stock market. The trade-offs are high cost and sharp swings: total expenses are 1.75% a year, and the fund fell 85% around the 2008 crisis.
Price history
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PSP -12.2% 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 | |
|---|---|---|---|---|---|---|
| PSP official prospectus, to Dec 31, 2025 | — | +6.52% | — | +6.49% | +9.30% | — |
| PSP price data to Oct 27, 2026 | -11.7% | -12.2% | +13.8% | -1.3% | +7.5% | +2.3% |
- Over the year to Oct 27, 2026, PSP returned -12.2%.
- Its 5-year annualized return was -1.3% and its 10-year +7.5%.
- In the 2020 COVID crash it fell 46.9% and regained its old high 7.9 months after the low.
- Its worst full calendar year was 2008 (-64.6%); its best was 2023 (+37.7%).
- The deepest fall in its price history was 85.4% (Jun 4, 2007 to Mar 9, 2009), recovered by Nov 19, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -11.7% | — |
| 2025 | +6.4% | +6.52% |
| 2024 | +17.4% | +17.09% |
| 2023 | +37.7% | +39.91% |
| 2022 | -37.4% | -36.83% |
| 2021 | +27.4% | +26.97% |
| 2020 | +12.7% | +13.34% |
| 2019 | +35.8% | +34.80% |
| 2018 | -15.2% | -14.92% |
| 2017 | +24.0% | +23.90% |
| 2016 | +10.3% | +10.31% |
| 2015 | +1.4% | — |
| 2014 | -4.9% | — |
| 2013 | +37.5% | — |
| 2012 | +30.5% | — |
| 2011 | -21.0% | — |
| 2010 | +26.0% | — |
| 2009 | +30.2% | — |
| 2008 | -64.6% | — |
| 2007 | -13.9% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 84.5% over that stretch · deepest drop along the way 84.5%, back to its old high 129.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 46.9% over that stretch · deepest drop along the way 46.9%, back to its old high 7.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 45.1% over that stretch · deepest drop along the way 45.5%, back to its old high 23.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.6600 | |
| 2025 | $3.9300 | -31.8% |
| 2024 | $5.7600 | +135.1% |
| 2023 | $2.4500 | +81.5% |
| 2022 | $1.3500 | -83.1% |
| 2021 | $8.0000 | +154.0% |
| 2020 | $3.1500 | -17.1% |
| 2019 | $3.8000 | +13.4% |
| 2018 | $3.3500 | -47.2% |
| 2017 | $6.3500 | +176.1% |
| 2016 | $2.3000 | -30.3% |
| 2015 | $3.3000 | +22.2% |
| 2014 | $2.7000 | -66.9% |
| 2013 | $8.1500 | +443.3% |
| 2012 | $1.5000 | -52.4% |
| 2011 | $3.1500 | +14.5% |
| 2010 | $2.7500 | +83.3% |
| 2009 | $1.5000 | -72.5% |
| 2008 | $5.4500 | +16.0% |
| 2007 | $4.7000 |
What's inside
As of Jul 31, 2026, the fund held 66 securities; the ten largest made up 48.48% of assets. It also reported 32.46% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| 3i Group PLC | 6.24% | |
| Blackstone Inc. | 5.05% | |
| EQT AB | 4.96% | |
| KKR & Co. Inc. | 4.95% | |
| TPG Inc. | 4.83% | |
| HAL Trust | 4.67% | |
| Sofina S.A. | 4.64% | |
| CVC Capital Partners PLC | 4.62% | |
| Blue Owl Capital Inc. | 4.29% | |
| Partners Group Holding AG | 4.24% | |
| Ares Capital Corp. | 3.11% | |
| Carlyle Group Inc. (The) | 3.05% | |
| Onex Corp. | 2.58% | |
| Rosebank Industries PLC | 2.53% | |
| Graham Holdings Co. | 2.29% |
By country
United States 39.08%United Kingdom 13.94%Jersey 7.15%Sweden 6.76%Canada 6.11%By asset type
Stocks 99.81%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $15.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.28%, -6.56%, +6.95%.
How it works
Invesco's PSP is an index fund. It aims to track the Red Rocks Global Listed Private Equity Index, compiled and maintained by ALPS Advisors. The index holds 40 to 75 exchange-listed companies worldwide whose main business is investing in, lending to, or serving privately held businesses. These include alternative asset managers and business development companies (BDCs), US investment firms that lend to and invest in mostly private companies. Master limited partnerships are excluded. As of June 30, 2026, the index had 66 members, with stock market values from $235.1 million to $87.4 billion.
The fund uses full replication: it generally owns every security in the index, in the same proportions as the index. It may also use swaps, including total return swaps (contracts that pass along an asset's return), to mimic full investment or manage cash flows. It does not try to beat the index, so it typically holds a lagging stock until the index drops it.
As of April 30, 2026, the fund had significant exposure to financials. US law generally caps it at 3% of the outstanding shares of any BDC or other investment company, which could limit its ability to buy some index members. As of July 31, 2026, the 10 largest positions, led by 3i Group, Blackstone and EQT, made up 48.5% of assets.
What it really costs
- PSP charges 1.75% a year.
- 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 $178 in the first year and $2,062 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PSP | $178 | $551 | $949 | $2,062 |
In a retirement portfolio
PSP is a narrow, global bet on private equity firms that has suffered far deeper losses than the broad stock market, so it fits as a small add-on rather than a foundation.
PSP adds exposure to listed private equity managers and lenders that a broad stock fund holds little of. In past downturns it fell much further than the overall market. It lost 84.5% in the 2008 financial crisis and did not get back to its old peak until December 2019, about 129 months later. Its worst calendar year was 2008, at -64.6%. It dropped 46.9% in the 2020 COVID crash and recovered in about 8 months. In 2022 it fell 45.5% and took about 23 months to recover. Anyone who needs to draw money out during a slump could end up locking in losses. As of October 27, 2026, the trailing 12-month yield was 5.44%, paid quarterly, but payouts from these companies can vary. Total expenses are 1.75% a year. 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 small, global slice of listed private equity managers such as 3i Group, Blackstone, EQT and KKR in a single fund.
- Patient holders who can ride out losses like the 45.5% fall in 2022 and the 84.5% drop during the 2008 crisis.
- Investors who are comfortable with variable income; the trailing yield was 5.44% as of October 27, 2026, paid quarterly.
Look elsewhere if
- Cost-conscious investors: total expenses of 1.75% a year add up to about $2,062 over 10 years on $10,000 in the SEC example.
- Retirees who may need this money soon; after 2008, the fund took more than ten years to regain its earlier peak.
- Investors seeking broad diversification: holdings are concentrated in financials, and the top 10 made up about 48% of assets as of July 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What does PSP invest in?
PSP owns publicly traded companies that invest in, lend to or serve private businesses. It tracks the Red Rocks Global Listed Private Equity Index. As of July 31, 2026, the fund held 66 stocks. The largest were 3i Group (6.2%), Blackstone (5.0%), EQT (5.0%), KKR (5.0%) and TPG (4.8%). About 39% was in US companies, and about 14% was in UK companies. It holds the listed managers and lenders, not private companies directly.
Why is PSP's expense ratio so high?
PSP's total expense ratio is 1.75%, according to the prospectus filed August 27, 2026, even though its management fee is 0.50%. Much of the gap likely comes from the fund's holdings in BDCs and other investment companies, whose own costs must be counted in a fund's reported expenses. In the SEC's standard example, $10,000 earning 5% a year would cost about $178 in the first year and $2,062 over 10 years.
Does PSP pay dividends?
Yes. PSP pays distributions quarterly. Over the 12 months to October 27, 2026, it paid $3.13 per share, a trailing yield of 5.44%. The fund holds BDCs, asset managers and holding companies whose payouts can rise or fall with their profits and deal activity. So the fund's income can vary from quarter to quarter, and the past yield is no promise of future payments.
How has PSP performed over the long term?
As of December 31, 2025, the prospectus showed average annual returns of 6.52% over one year, 6.49% over five years and 9.30% over ten years. The ride was bumpy: the fund returned -36.83% in 2022 and 39.91% in 2023. On a price basis, it was down 11.7% for 2026 through October 27, which covers only part of the year.
Is PSP too risky for retirees?
PSP carries more risk than a broad stock fund, so it may fit only as a small part of a retirement portfolio. It fell 84.5% during the 2008 crisis and took about 129 months to recover. It also dropped 46.9% in early 2020 and 45.5% in 2022. Over the year to October 27, 2026, its beta was 1.08 and its volatility was 20.6%.