PSCH: INVESCO S&P SMALLCAP HEALTH CARE ETF
Share-split context: A forward split was recorded on Jul 17, 2023 with coefficient 3. A forward split turns each old share into multiple new shares and lowers the quoted price per share proportionally. Proportional ownership is unchanged at the split moment, so the split itself creates neither a gain nor a loss. The price-return figures in this report are already split-adjusted.
What this ETF is trying to do
The Invesco S&P SmallCap Health Care ETF (PSCH) focuses on smaller companies within the health care sector. Instead of investing in giant pharmaceutical companies, it holds a variety of smaller businesses. As of October 8, 2026, the fund holds 72 different companies.
Top Holdings
The portfolio is spread across many companies. Some of the largest holdings include:
• Corcept Therapeutics Inc (5.72%)
• Glaukos Corp (5.47%)
• Protagonist Therapeutics Inc (4.54%)
• Alkermes PLC (3.92%)
• TG Therapeutics Inc (3.73%)
What the numbers show
The current price of the ETF is $51.50. This fund has a history of share splits. Specifically, it had a "forward split" on July 17, 2023, with a coefficient of 3. In a forward split, each old share becomes multiple new shares, and the price per share drops proportionally. This does not create a gain or a loss; it just changes how many shares an investor owns.
Because of this history, we look at split-adjusted returns to see how the fund performed:
• Year-to-Date (YTD): The price return is 16.89%, and the total return is 16.89%.
• One Year: The price return is 21.90%, and the total return is 21.90%.
• Three Year: The price return is 38.88%, and the total return is 39.35%.
• Five Year: The total return is -12.95%.
Price return measures only the change in the share price. Total return includes both the price change and any distributions paid out.
Income and distribution explanation
This ETF provides very little cash income. Its distribution yield is 0.06%, and it has only paid out one distribution in the last 12 months. The frequency is listed as irregular or less frequent. For investors, it is important to remember that a high yield can sometimes be misleading, but in this case, the yield is very low.
NAV erosion explanation
"NAV erosion" happens when the underlying value of a fund's assets drops significantly over time. This ETF has an erosion-risk score of 100, and the label states "No price erosion detected." The erosion severity is rated as "good," and there is no severe erosion-risk flag.
Pros
• Strong positive price and total returns over the last one and three years.
• No detected NAV erosion.
Cons
• Negative total return over a five-year period.
• Very low distribution yield for those seeking regular income.
Beginner takeaway
PSCH is a fund for people who want exposure to small health care companies. While it has shown strong growth over the last three years, its five-year total return is negative. It is not designed for high monthly income, as its distributions are very small and irregular.
Top Holdings
Structured portfolio holdings supplied by the ETF data provider. These figures are not generated by the AI article.
| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | CORCEPT THERAPEUTICS INC | CORT | 5.72% |
| 2 | GLAUKOS CORP | GKOS | 5.47% |
| 3 | PROTAGONIST THERAPEUTICS INC | PTGX | 4.54% |
| 4 | ALKERMES PLC | ALKS | 3.92% |
| 5 | TG THERAPEUTICS INC | TGTX | 3.73% |
| 6 | TELEFLEX INC | TFX | 3.11% |
| 7 | LIGAND PHARMACEUTICALS INC | LGND | 2.99% |
| 8 | PTC THERAPEUTICS INC | PTCT | 2.90% |
| 9 | MERIT MEDICAL SYSTEMS INC | MMSI | 2.69% |
| 10 | RADNET INC | RDNT | 2.60% |