Skip to content
etf.net

Launched · SEC filings

Invesco Dorsey Wright SmallCap Momentum ETF

DWASNasdaqInvescoB

$104.61+2.13 (+2.08%)

As of Nov 3, 2026, 11:15 AM ET

B64/ 100

Rank 6 of 22 in US Active Momentum

B64/100Rank 6 of 22inUS Active Momentum
Intraday session: up, 22 prints from 102.48 to 104.61. Range 102.71 to 104.61. Use the arrow keys to read each point.103.00103.50104.0010 AM12 PM2 PM4 PM
Expense ratio
0.60%
Fund size
$388M
1Y total return
+9.0%
Yield · Last 12 months
0.03%
Holdings
204
Avg volume · 30D
17.4K sh
52W range
low $88.62high $127.77
Launched
Filings
SEC EDGAR

The ETF.net DWAS Grade

B

Score 64 out of 100

Category
US Active Momentum⁠
Rank
6 of 22
Six-pillar profile for DWAS. Scores out of 100: Cost 64, Risk 26, Mission 42, Tradability 85, Holdings 83, Durability 90. Strongest: Durability (90). Weakest: Risk (26). Leans toward Durability and Tradability.

Score 64 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    B64 out of 100
    Rank 8 of 22

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    C42 out of 100
    Rank 4 of 6

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D26 out of 100
    Rank 19 of 22

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A85 out of 100
    Rank 2 of 22

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A83 out of 100
    Rank 2 of 21

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A90 out of 100
    Rank 3 of 22

Our read on DWAS

ETF.net Research

In short

BMomentum, but downmarket. Most factor funds hunt winners inside the S&P 500; DWAS points Dorsey Wright's relative-strength screen at small caps instead, holding roughly 200 of them and doing it since 2012.

Stated mandate

The fund is designed around the Dorsey Wright SmallCap Technical Leaders Index as its stated index basis.

Why people hold it

  • Runs momentum where the category's heavyweights don't go: small caps. JMOM, VFMO, SPMO and MTUM all screen large-cap universes.
  • 0.60% a year, under the median fee for systematic momentum funds.
  • Roughly 200 positions, so no single small-cap name steers the whole fund.
  • Rules-based and trading since 2012, real history for a strategy that reshuffles toward whatever is leading.

Worth knowing

  • Small-cap momentum is a bumpy ride, and this sits among the higher-volatility profiles in its momentum peer group.
  • The fee beats the cohort median but towers over large-cap momentum funds priced near 0.12% to 0.15% (VFMO, SPMO, MTUM). The small-cap screen is what you're paying for.
  • Trading is thin for the category, so bid-ask spreads can run wider than in the big large-cap momentum names.

DWAS Performance

Launched Jul 19, 2012

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

DWAS$10,902
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,146
Oct 31, 2025 to Nov 2, 2026. DWAS $10,902. SPY $11,146. Use the arrow keys to read each point.$10,000$11,000$12,000$13,000Oct 2025May 2026Nov 2026

Oct 31, 2025 – Nov 2, 2026

Returns run to the Nov 2, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for DWAS. Periods over one year show the average yearly return.
PeriodDWAS
Year to date+5.9%
1 month−6.1%
3 months−8.8%
1 year+9.0%
3 yearsper year+13.3%
5 yearsper year+1.9%
10 yearsper year+11.9%

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for DWAS
YearReturn barDWAS
2026 YTD+5.9%
2025+6.1%
2024+9.8%
2023+16.9%
2022−18.5%
2021+19.7%
2020+32.3%

DWAS in the news

DWAS Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Nov 2, 2026.
0.03%Last 12 months
Payout per share
$0.04Last 12 months
Last payment
$0.04 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2017–2026

One bar per payment. 28 payments from 2017 to 2026 YTD. Sep 18, 2017 $0.01; Dec 18, 2017 $0.08; Mar 19, 2018 $0.02; Sep 23, 2019 $0.01; Dec 23, 2019 $0.06; Mar 23, 2020 $0.04; Jun 22, 2020 $0.07; Sep 21, 2020 $0.03; Dec 21, 2020 $0.02; Jun 21, 2021 $0.04; Sep 20, 2021 $0.03; Dec 20, 2021 $0.07; Mar 21, 2022 $0.06; Jun 21, 2022 $0.13; Sep 19, 2022 $0.26; Dec 19, 2022 $0.14; Mar 20, 2023 $0.05; Jun 20, 2023 $0.18; Sep 18, 2023 $0.12; Dec 18, 2023 $0.83; Mar 18, 2024 $0.05; Jun 24, 2024 $0.08; Sep 23, 2024 $0.51; Dec 23, 2024 $0.07; Mar 24, 2025 $0.05; Jun 23, 2025 $0.01; Sep 22, 2025 $0.0053; Sep 21, 2026 $0.04. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 21, 2026Sep 25, 2026$0.04
Sep 22, 2025Sep 26, 2025$0.0053
Jun 23, 2025Jun 27, 2025$0.01
Mar 24, 2025Mar 28, 2025$0.05
Dec 23, 2024Dec 27, 2024$0.07
Sep 23, 2024Sep 27, 2024$0.51
Jun 24, 2024Jun 28, 2024$0.08
Mar 18, 2024Mar 22, 2024$0.05
Dec 18, 2023Dec 22, 2023$0.83
Sep 18, 2023Sep 22, 2023$0.12
Jun 20, 2023Jun 23, 2023$0.18
Mar 20, 2023Mar 24, 2023$0.05

See all 39 payments⁠

$10,000 in DWAS 10 years ago paid $942 in dividends.⁠

DWAS Risk

Risk pillarD26 out of 100Rank 19 of 22 in US Active Momentum
How much the fund’s monthly returns vary, scaled to a year.
22.2%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.55
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−33.8%
Trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
1.17
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

DWAS Cost

Compare DWAS and JMOM

Overpaying vs JMOM, cheapest in US Active Momentum

$9,297

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • DWAS 0.60%

    $11,817

  • JMOM 0.12% Cheapest

    $2,520

$10,000
30 years

Cost over time

  • DWAS 0.60%
  • JMOM 0.12%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2.5K$5K$7.5K$10K$12.5K051015202530DWAS $11,817JMOM $2,520

Year by year

YearDWASJMOMOverpaying
10$1,076$220$856
20$4,116$859$3,257
30$11,817$2,520$9,297

Other funds in US Active Momentum

See others