Invesco Oil & Gas Services ETF

Invesco Oil & Gas Services ETF (PXJ) is an index fund that holds the 30 stocks in the Dynamic Oil Services Intellidex Index. Those stocks include drillers, oilfield equipment makers, service firms and tanker shipping companies. PXJ is small and costs more than similar funds. Its 0.63% expense ratio compares with 0.35% to 0.40% for XES, OIH and IEZ. Even so, its price return led all three over one and three years through October 27, 2026.

• Over the year to Oct 27, 2026, PXJ returned +64.3%, 1st of 4 among similar funds.
• Its 5-year annualized return was +22.9% and its 10-year +0.8%.
• In the 2020 COVID crash it fell 64.6% and regained its old high 14.5 months after the low.
• Its worst full calendar year was 2008 (-59.6%); its best was 2022 (+62.8%).
• The deepest fall in its price history was 94.8% (Jun 23, 2008 to Mar 18, 2020), not yet recovered.

As of Jul 31, 2026, the fund held 30 securities; the ten largest made up 44.74% of assets. It also reported 26.51% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Jul 31, 2026, investors withdrew a net $61.4M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -7.87%, -7.54%, +10.48%.

PXJ tracks the Dynamic Oil Services Intellidex Index, which ICE Data Indices compiles and maintains. The index holds 30 companies that support oil and gas operations. These include well drillers, makers of oilfield machinery and firms that provide services such as well analysis, platform and pipeline engineering, logistics and transportation, and geophysical data. As of June 30, 2026, the companies' stock market values ranged from $870 million to $55.1 billion. The fund uses "full replication": it generally owns every stock in the index, in the same proportions.

At least 80% of net assets must be in oil and gas services companies. The fund is "non-diversified," so it can put more money into a few companies than a diversified fund can. Because it follows the index, it keeps a lagging stock until the index drops it. Portfolio turnover, the share of holdings replaced in a year, was 64%.

As of July 31, 2026, the 10 largest positions made up 44.7% of the fund. They were led by Frontline (5.7%), TechnipFMC (5.3%), NOV (4.9%) and Baker Hughes (4.8%). Only 39.2% of assets were in US-based companies. Bermuda (15.7%) and the Marshall Islands (15.2%) came next. A 26.5% cash figure is likely collateral from securities lending, which means lending shares to other traders for a fee. The fund held no derivatives.

• PXJ charges 0.63% a year, versus an average of 0.37% for the similar funds below (4th of 4, cheapest first).
• Of that, 0.5% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.14% 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 $928 over 10 years (assuming a 5% annual return).

PXJ is a concentrated bet on one cyclical industry, with extreme losses in its history, so it fits only as a small add-on to a broader core.

PXJ's history shows how hard this narrow bet can swing. In the 2008 crisis it fell 73.5% from its June 2008 peak and never got back to that level. Its deepest drop was 94.8%, from June 2008 to March 2020, and it has not recovered from that either. Its worst calendar year was 2008, at -59.6%. In the 2020 crash it fell 64.6% and took 14.5 months to recover. In 2022 it gained 19.8% while the broad market fell. A retiree who had to sell in a bad year could have locked in deep losses.

The trailing yield was 2.66% as of October 27, 2026, paid quarterly. Its 0.63% expense ratio is above the 0.37% peer average. 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.