Invesco Pharmaceuticals ETF (PJP) Research

The Invesco Pharmaceuticals ETF (PJP) is designed to mirror the performance of the Dynamic Pharmaceutical Intellidex Index. This Fund typically allocates a minimum of 90% of its total assets to the common stocks that comprise this underlying Index. The Index itself aims to generate capital appreciation by rigorously assessing companies based on a diverse range of investment criteria, such as share price momentum, earnings growth, operational quality, management initiatives, and overall value. It consists of equity securities from 30 U.S. pharmaceutical enterprises whose core activities revolve around the research, development, manufacturing, distribution, or sale of various types of pharmaceutical products and medicines. Both the Fund and the Index undergo quarterly adjustments and re-composition in February, May, August, and November. As of August 31, 2025, the Fund achieved an overall 4-star rating out of 164 funds. Its performance over specific timeframes was notable, earning 5 stars for the three-year period (among 164 funds), 5 stars for the five-year period (among 151 funds), and 2 stars for the ten-year period (among 118 funds). These ratings, provided by Morningstar Inc., are formulated using a risk-adjusted return metric that takes into account fluctuations in a fund's monthly performance, placing greater emphasis on downward variations while acknowledging consistent results. For comparison purposes, open-end mutual funds and exchange-traded funds are treated as a single group. Ratings are exclusively provided for funds with at least a three-year operational history. The composite overall rating is derived from a weighted average of its three-, five-, and ten-year rating metrics, where applicable, including all fees and expenses but excluding sales charges. All information from Morningstar is copyrighted ©2025 and is proprietary to Morningstar and/or its content providers. This material is not permitted to be copied or distributed, and its accuracy, completeness, or timeliness is not guaranteed. Neither Morningstar nor its content providers are liable for any damages or losses that may arise from the use of this information. Investors should be aware that past performance does not indicate future returns. Within each fund category, the top 10% of funds are awarded five stars, the subsequent 22.5% receive four stars, the following 35% earn three stars, the next 22.5% are given two stars, and the bottom 10% receive one star. These ratings are subject to monthly changes. It is also important to note that if fee waivers and/or expense reimbursements, current or past, had not been implemented, the Morningstar rating might have been lower. Ratings for different share classes may also vary due to their distinct performance characteristics.

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