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About Invesco Pharmaceuticals ETF

PJP uses a quant-driven methodology to select and weight pharmaceutical companies based on fundamental and risk factors. Specifically, the fund holds about 30 US stocks that are evaluated based on five factors: price momentum, earnings momentum, quality, management action, and value. Although some of the major names are represented in the portfolio, PJPs multi-factor selection process and tier-weighting scheme tilts the fund toward mid and small-caps resulting in a low overall weighted average market cap. It therefore reduces concentrations in mega-caps and evenly weights the group of companies across size. Still, its small portfolio takes concentrated stakes in some leading names. The fund and the index are rebalanced and reconstituted quarterly in February, May, August and November. Prior to August 28, 2023, the fund traded under the name Invesco Dynamic Pharmaceuticals ETF.