Invesco Water Resources ETF (PHO) is a real-assets ETF. As of October 28, 2026, ETF Copilot scores PHO 4.6 out of 10 — highest on Value (7.4), lowest on Growth (2.1). Its ten largest holdings are 59% of the fund.
What stands out in PHO's data
U.S. water conservation stocks, held through a thematic index.
Priced well above the typical real-asset fund — you pay a premium for a narrow theme.
Trailing EBITDA multiple of 17.3x is among the most expensive in the category, above the 9.7x median. Top holdings concentration is 58.5%, and EBITDA margin of 23.8% trails the 30.0% norm.
A thematic growth engine for portfolios betting on water infrastructure and efficiency.
Why did PHO move this week? It rose 2.2% in the week to October 28, 2026 — Pentair and Roper Technologies drove it
PHO rose 2.2% in the week to October 28, 2026. The holdings that moved it most were Pentair (+21.8%), Roper Technologies (+10.8%) and Waters (+4.2%); Xylem (−17.0%) pushed the other way.
How is PHO rated? ETF Copilot scores Invesco Water Resources ETF (PHO) 4.6 out of 10
As of October 28, 2026, ETF Copilot scores Invesco Water Resources ETF (PHO) 4.6 out of 10 overall.
ETF Copilot scores (0–10 scale, higher is better):
- Overall: 4.6 / 10
- Growth: 2.1 / 10
- Value: 7.4 / 10
- Risk: 5.6 / 10
- Quality: 5.3 / 10
- Return: 4.0 / 10
What's inside PHO? 20% Tech
What's inside PHO: Size (Large 42%, Mid 50%, Small 8%); Geography (International 14%, US 86%); Tech 19.5%.
What are PHO's top holdings? The ten largest are 59% of the fund
Ecolab, Ferguson Enterprises, Waters, Roper Technologies, Idexx Labs, Agilent Technologies, Trimble, Veralto, Pentair and American Water Works are PHO's largest holdings, in that order.
More concentrated than 68% of Real Assets ETFs.
Half of PHO's weight sits in its 8 largest positions, and once those weights are taken into account it behaves like 22 equally weighted holdings.
What is PHO's expense ratio? 0.59% a year
As of October 28, 2026, PHO charges 0.59% a year, yields 0.50% and holds $2.0B in assets across 40 positions.
| Measure | PHO |
|---|---|
| Expense ratio | 0.59% |
| Dividend yield | 0.50% |
| Assets under management | $2.0B |
| Holdings | 40 |
Expense ratio, dividend yield and assets under management are reported by the fund and refreshed daily. Every other figure on this page is computed by ETF Copilot.
Cite this
ETF Copilot, “Invesco Water Resources ETF (PHO) scores and holdings analysis”, as of October 28, 2026.
https://etf-copilot.com/etf/pho
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