Invesco Healthcare ETFs: PJP vs RSPH Pharmaceutical Focus

### Session Tape — Weekend Positioning - Sector fund comparison highlights structural allocation differences across concentrated pharmaceutical holdings and broad healthcare indices.

## Catalyst Analysis: ETF Allocation Strategies in Healthcare

Allocating capital within the healthcare sector requires balancing industry concentration against broad diversification. The Invesco Pharmaceuticals ETF maintains a concentrated focus on drug manufacturers, carrying an expense ratio of 0.58% and a trailing 12-month dividend of $0.22 per share, yielding 0.6% on a recent share price of approximately $37.30. Top holdings in this vehicle include Moderna at 2.31%, Illumina at 2.20%, and Revvity at 2.02%, alongside a 100% allocation within the healthcare sector.

Conversely, the Invesco S&P 500 Equal Weight Health Care ETF provides a lower-cost structure with an expense ratio of 0.4% and a trailing 12-month distribution of $1.13 per share, yielding 0.9% on a recent share price around $121.10. This fund delivers a more diversified exposure profile across the broader healthcare index, with top positions featuring AbbVie at 5.67%, Pfizer at 5.58%, and Gilead Sciences at 5.58%.

## Impact on Sector Allocation

Investors evaluating these options must weigh the historical volatility and focused nature of pharmaceutical equities against the broader sector representation offered by equal-weighted S&P 500 healthcare methodologies. Expense ratios, distribution yields, and underlying constituent weightings remain critical metrics for portfolio construction.