Invesco Dorsey Wright SmallCap Momentum ETF
$109.14−2.23 (−2.00%)
- Expense ratio
- 0.60%
- Fund size
- $418M
- 1Y return
- +19.7%
- Yield · Last 12 months
- 0.03%
- Holdings
- 201
- Volume · 30D
- 0M sh
- NAV per share
- $110.47
- 52W range
The ETF.net DWAS Grade
Score 61 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.BScore 60Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.CScore 41Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.DScore 27Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.AScore 77Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.AScore 84Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.AScore 90Category rank
Our read on DWAS
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.
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 Holdings
- Stocks
- 201
- 13%
- FEIM
Sectors
- Health Care30.1%
- Technology18.2%
- Industrials16.1%
- Financials14.1%
- Consumer Discr.7.1%
- Materials4.2%
- Communication3.3%
- Cons. Staples2.8%
- Energy2.7%
- Real Estate1.5%
Geography
- United States99.51%
- Netherlands0.49%
DWAS Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 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.
| Period | DWAS |
|---|---|
| Year to date | +15.1% |
| 1 month | −2.5% |
| 3 months | −9.5% |
| 1 year | +19.7% |
| 3 years | +15.3% |
| 5 years | +5.8% |
| 10 years | +11.6% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | DWAS |
|---|---|---|
| 2026 YTD | +15.1% | |
| 2025 | +6.1% | |
| 2024 | +9.8% | |
| 2023 | +16.9% | |
| 2022 | −18.5% | |
| 2021 | +19.7% | |
| 2020 | +32.3% |
DWAS in the news
ETF.net Research hasn’t filed on DWAS yet — coverage lands here as it’s written.
DWAS Dividends
- 0.03%
- $0.04
- $0.04 per share
- Annual
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 21, 2026 | Pays Sep 25, 2026 | $0.04 |
| Sep 22, 2025 | Sep 26, 2025 | $0.0053 |
| Jun 23, 2025 | Jun 27, 2025 | $0.01 |
| Mar 24, 2025 | Mar 28, 2025 | $0.05 |
| Dec 23, 2024 | Dec 27, 2024 | $0.07 |
| Sep 23, 2024 | Sep 27, 2024 | $0.51 |
| Jun 24, 2024 | Jun 28, 2024 | $0.08 |
| Mar 18, 2024 | Mar 22, 2024 | $0.05 |
| Dec 18, 2023 | Dec 22, 2023 | $0.83 |
| Sep 18, 2023 | Sep 22, 2023 | $0.12 |
| Jun 20, 2023 | Jun 23, 2023 | $0.18 |
| Mar 20, 2023 | Mar 24, 2023 | $0.05 |
DWAS Risk
- 23.0%
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.
- 0.40
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.
- −33.8%
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.
- 1.14
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
DWAS Cost
- The middle half of US Active Momentum funds
- Median 0.63%
8 of the 21 US Active Momentum funds charge less.