Invesco Energy Exploration & Production ETF

Invesco Energy Exploration & Production ETF (PXE) is an index fund that holds 30 U.S. oil and gas producers and refiners selected by the Dynamic Energy Exploration & Production Intellidex Index. It is small and concentrated: about 48% of its assets sat in its 10 largest holdings as of July 31, 2026. Its 0.63% annual expense ratio is higher than all eight similar funds compared, including 0.35% for SPDR's XOP.

• Over the year to Oct 27, 2026, PXE returned +57.9%, 5th of 9 among similar funds.
• Its 5-year annualized return was +19.3% and its 10-year +10.4%.
• In the 2020 COVID crash it fell 58.9% and regained its old high 10.6 months after the low.
• Its worst full calendar year was 2008 (-44.9%); its best was 2021 (+94.2%).
• The deepest fall in its price history was 84% (Jun 23, 2014 to Mar 23, 2020), recovered by May 26, 2022.

As of Jul 31, 2026, the fund held 30 securities; the ten largest made up 48.48% of assets. It also reported 5.19% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

By sector

• Over the three months to Jul 31, 2026, investors withdrew a net $43.8M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -7.45%, -4.60%, +14.17%.

PXE tracks the Dynamic Energy Exploration & Production Intellidex Index, which ICE Data Indices, LLC builds and maintains. The index holds 30 U.S. companies that mainly explore for, extract and produce crude oil and natural gas from land or offshore wells. It can also include refiners that turn crude into gasoline and lubricants, plus companies that gather and process natural gas. As of June 30, 2026, the index's companies ranged from $1 billion to $127 billion in market value.

The fund uses "full replication." That means it buys every stock in the index at the index's weights. It does not try to beat the index, so it keeps a lagging stock until the index drops it. The fund is "non-diversified," meaning it can put more money into a few companies than a diversified fund can. Refiners loomed large as of July 31, 2026: Valero Energy (6.1%) and Marathon Petroleum (6.0%) led, and Delek US and Par Pacific were also in the top 10.

Portfolio turnover was 62%, which is high for an index fund. Trading costs are not included in the expense ratio. The fund held no derivatives as of July 31, 2026. Its 5.2% cash was likely collateral from securities lending, which means lending shares to other market players for a fee.

• PXE charges 0.63% a year, versus an average of 0.42% for the similar funds below (9th of 9, cheapest first).
• Of that, 0.5% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.04% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $64 in the first year and $827 over 10 years (assuming a 5% annual return).

PXE is a concentrated bet on one volatile industry, and its past losses have been deep enough to hurt anyone forced to sell in a downturn.

PXE could add focused exposure to U.S. oil, gas and refining stocks. It held up well when the broad market fell in 2022, gaining 56.7% over that period, though it still dropped 33% that summer and needed about 20 months to recover. Other crashes were brutal. It fell 68% in the 2008 crisis and took almost four years to recover. It lost 44.9% in 2008, its worst calendar year, and 59% in the 2020 COVID crash. Its deepest fall, 84% from June 2014 to March 2020, was not recovered until May 2022. Selling shares for cash in years like those would lock in steep losses. The yield was 1.4% as of October 27, 2026, paid quarterly. The 0.63% expense ratio is above the 0.42% average for similar funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.