- Business
- Invesco S&P SmallCap Health Care ETF (PSCH) is an exchange-traded fund that seeks to track the investment results, before fees and expenses, of the S&P SmallCap 600 Capped Health Care Index, which measures the performance of securities of small-capitalization U.S. companies in the health care sector as defined by the Global Industry Classification Standard. The fund, launched on April 7, 2010, and domiciled in the United States, normally invests at least 90% of its total assets in the securities comprising the index, employing a full replication technique; it holds approximately 73 to 76 stocks, with top holdings including Corcept Therapeutics Inc., Arrowhead Pharmaceuticals Inc., Teleflex Inc., RadNet Inc., Krystal Biotech Inc., Merit Medical Systems Inc., Alkermes PLC, Glaukos Corp., TG Therapeutics Inc., and Protagonist Therapeutics Inc., representing over-the-counter drugs, biotechnology, health care equipment, diagnostics, and therapeutic services. Managed by Invesco Distributors, Inc., from headquarters in Atlanta, Georgia, PSCH primarily targets institutional and retail investors seeking exposure to small-cap health care equities, with nearly 100% of assets in U.S. stocks and an expense ratio of 0.29%.
The ETF operates exclusively in the U.S. market, focusing on small-cap companies across health care subsectors such as pharmaceuticals, biotechnology, medical devices, health care providers, and life sciences tools; its portfolio maintains diversification with no single holding exceeding index-mandated caps to mitigate concentration risk. Recent portfolio adjustments reflect ongoing index reconstitutions by S&P Dow Jones Indices, including shifts in top holdings as of mid-2025, such as increased weighting in Corcept Therapeutics and Arrowhead Pharmaceuticals amid sector growth in rare disease treatments and medical innovations. No major acquisitions, funding rounds, partnerships, or structural changes specific to the ETF have been announced in the last 1-2 years, though the underlying index continues to evolve with quarterly rebalancing to capture dynamic small-cap health care performance.