Core Viewpoint - The Invesco Pharmaceuticals ETF (PJP) is a smart beta ETF designed to provide broad exposure to the healthcare sector, specifically focusing on U.S. pharmaceutical companies [1][5][6]. Fund Overview - PJP was launched on June 23, 2005, and has accumulated over $239.95 million in assets, categorizing it as an average-sized ETF within the healthcare sector [1][5]. - The fund aims to match the performance of the Dynamic Pharmaceutical Intellidex Index, which evaluates companies based on various investment merit criteria [5][6]. Cost and Expenses - PJP has an annual operating expense ratio of 0.56%, which is competitive with most peer products in the healthcare ETF space [7]. - The fund offers a 12-month trailing dividend yield of 1.16% [7]. Sector Exposure and Holdings - The ETF is fully allocated to the healthcare sector, with approximately 100% of its portfolio dedicated to this area [8]. - Eli Lilly & Co (LLY) constitutes about 5.41% of the fund's total assets, followed by Amgen Inc (AMGN) and Pfizer Inc (PFE). The top 10 holdings represent approximately 46.64% of total assets [9]. Performance Metrics - As of July 10, 2025, PJP has gained roughly 0.8% year-to-date and approximately 2.82% over the past year [11]. - The fund has traded between $74.59 and $89.61 in the last 52 weeks, with a beta of 0.47 and a standard deviation of 15.71% over the trailing three-year period, indicating a higher risk profile compared to peers [11]. Alternatives - Other ETFs in the pharmaceutical space include iShares U.S. Pharmaceuticals ETF (IHE) and VanEck Pharmaceutical ETF (PPH), which have lower expense ratios of 0.39% and 0.36%, respectively [13]. - Investors seeking lower-risk options may consider traditional market cap weighted ETFs that aim to match healthcare sector returns [13].

Core Insights - McKesson reported revenue of $90.82 billion for the quarter ended March 2025, reflecting a 19% increase year-over-year, with EPS at $10.12 compared to $6.18 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $93.7 billion by 3.08%, while the EPS exceeded the consensus estimate of $9.81 by 3.16% [1] Revenue Breakdown - U.S. Pharmaceutical revenue was $83.17 billion, a 20.9% increase year-over-year, but below the average estimate of $85.79 billion [4] - Prescription Technology Solutions revenue reached $1.34 billion, up 13.5% year-over-year, slightly below the average estimate of $1.36 billion [4] - International revenue was $3.46 billion, showing a year-over-year decline of 2.5%, compared to the average estimate of $3.55 billion [4] - Medical-Surgical Solutions revenue was $2.85 billion, a 0.6% increase year-over-year, exceeding the average estimate of $2.79 billion [4] Adjusted Operating Profit - Adjusted Operating Profit for U.S. Pharmaceutical was $1.05 billion, matching the average estimate [4] - Adjusted Operating Profit for International was $102 million, surpassing the average estimate of $96.42 million [4] - Adjusted Operating Profit for Corporate was -$165 million, slightly worse than the average estimate of -$160.18 million [4] - Adjusted Operating Profit for Prescription Technology Solutions was $285 million, exceeding the average estimate of $267.80 million [4] - Adjusted Operating Profit for Medical-Surgical Solutions was $285 million, slightly above the average estimate of $283.33 million [4] Stock Performance - McKesson's shares returned +7.5% over the past month, underperforming compared to the Zacks S&P 500 composite's +11.3% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]