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Launched · SEC filings

Invesco Dorsey Wright Emerging Markets Momentum ETF

PIENasdaqInvescoD

$30.87−0.38 (−1.23%)

At close: Nov 2, 2026, 4:00 PM ET

D30/ 100

Rank 9 of 10 in Emerging Markets Factor Index

D30/100Rank 9 of 10inEmerging Markets Factor Index
Intraday session: down, 79 prints from 31.26 to 30.87. Range 30.83 to 31.62. Use the arrow keys to read each point.31.0031.4031.6010 AM12 PM2 PM4 PM
Expense ratio
0.90%
Fund size
$250M
1Y total return
+31.6%
Yield · Last 12 months
2.38%
Holdings
107
Avg volume · 30D
73.8K sh
52W range
low $22.58high $35.79
Launched
Filings
SEC EDGAR

The ETF.net PIE Grade

Based on 5 of 6 pillars

D

Score 30 out of 100

Category
Emerging Markets Factor Index⁠
Rank
9 of 10
Six-pillar profile for PIE. Scores out of 100: Cost 5, Risk 34, Mission not scored, Tradability 52, Holdings 58, Durability 57. Strongest: Holdings (58). Weakest: Cost (5). Based on 5 of 6 pillars.

Score 30 of 100 falls in the D 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.
    F5 out of 100
    Rank 10 of 10

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D34 out of 100
    Rank 7 of 10

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C52 out of 100
    Rank 4 of 10

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B58 out of 100
    Rank 4 of 10

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B57 out of 100
    Rank 5 of 10

Our read on PIE

ETF.net Research

In short

DA 2007-vintage emerging-markets fund that ignores market cap and follows price trends instead: Dorsey Wright's relative-strength rules rotate the portfolio toward the EM stocks already leading and away from the laggards.

Stated mandate

Seeks exposure to emerging-market equities selected using Dorsey Wright’s relative-strength (momentum) rules, via a Dorsey Wright emerging-markets momentum index.

Why people hold it

  • Momentum is the entire thesis, not a tilt: a Dorsey Wright relative-strength index selects roughly 100 emerging-market names on price trend rather than size.
  • Live since 2007, so the rules have run through multiple EM boom and bust cycles rather than a single favorable stretch.
  • Spreads across roughly 100 stocks, pays quarterly, and trades with moderate volume, so it is not a thinly traded curiosity despite the specialist strategy.

Worth knowing

  • At 0.90% a year it costs more than the typical active EM fund (0.65% cohort median) and roughly triple systematic peers like AVEM and DFEM (0.33% and 0.39%).
  • Chasing relative strength means country, sector and turnover can look nothing like a broad EM index, and the ride is bumpier than a cap-weighted core holding.
  • It lands in the lower half of our active emerging-markets group, where the funds at the top are broader and considerably cheaper.

PIE Performance

Launched Dec 28, 2007

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

PIE$13,163
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. PIE $13,163. SPY $11,199. Use the arrow keys to read each point.$10,000$12,000$14,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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 PIE. Periods over one year show the average yearly return.
PeriodPIE
Year to date+34.2%
1 month−8.3%
3 months+5.7%
1 year+31.6%
3 yearsper year+24.1%
5 yearsper year+7.4%
10 yearsper year+9.2%

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 PIE
YearReturn barPIE
2026 YTD+34.2%
2025+26.0%
2024−0.3%
2023+13.7%

PIE in the news

PIE 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 Oct 30, 2026.
2.38%Last 12 months
Payout per share
$0.74Last 12 months
Last payment
$0.26 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2017–2026

One bar per payment. 34 payments from 2017 to 2026 YTD. Sep 18, 2017 $0.16; Dec 18, 2017 $0.17; Jun 18, 2018 $0.11; Sep 24, 2018 $0.21; Dec 24, 2018 $0.19; Jun 24, 2019 $0.07; Sep 23, 2019 $0.15; Dec 23, 2019 $0.15; Mar 23, 2020 $0.0051; Jun 22, 2020 $0.03; Sep 21, 2020 $0.16; Dec 21, 2020 $0.11; Mar 22, 2021 $0.0062; Jun 21, 2021 $0.03; Sep 20, 2021 $0.14; Dec 20, 2021 $0.15; Jun 21, 2022 $0.22; Sep 19, 2022 $0.34; Dec 19, 2022 $0.05; Mar 20, 2023 $0.06; Jun 20, 2023 $0.10; Sep 18, 2023 $0.29; Dec 18, 2023 $0.06; Mar 18, 2024 $0.03; Jun 24, 2024 $0.24; Sep 23, 2024 $0.14; Dec 23, 2024 $0.04; Mar 24, 2025 $0.008; Jun 23, 2025 $0.21; Sep 22, 2025 $0.08; Dec 22, 2025 $0.24; Mar 23, 2026 $0.03; Jun 22, 2026 $0.22; Sep 21, 2026 $0.26. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 21, 2026Sep 25, 2026$0.26
Jun 22, 2026Jun 26, 2026$0.22
Mar 23, 2026Mar 27, 2026$0.03
Dec 22, 2025Dec 26, 2025$0.24
Sep 22, 2025Sep 26, 2025$0.08
Jun 23, 2025Jun 27, 2025$0.21
Mar 24, 2025Mar 28, 2025$0.008
Dec 23, 2024Dec 27, 2024$0.04
Sep 23, 2024Sep 27, 2024$0.14
Jun 24, 2024Jun 28, 2024$0.24
Mar 18, 2024Mar 22, 2024$0.03
Dec 18, 2023Dec 22, 2023$0.06

See all 53 payments⁠

$10,000 in PIE 10 years ago paid $2,931 in dividends.⁠

PIE Risk

Risk pillarD34 out of 100Rank 7 of 10 in Emerging Markets Factor Index
How much the fund’s monthly returns vary, scaled to a year.
21.0%
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.
0.92
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.
−36.8%
Trough Oct 2022
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.
1.05
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.

PIE Cost

Compare PIE and EEMV

Overpaying vs EEMV, cheapest in Emerging Markets Factor Index

$11,881

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

  • PIE 0.90%

    $17,040

  • EEMV 0.25% Cheapest

    $5,159

$10,000
30 years

Cost over time

  • PIE 0.90%
  • EEMV 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530PIE $17,040EEMV $5,159

Year by year

YearPIEEEMVOverpaying
10$1,593$455$1,138
20$6,015$1,769$4,246
30$17,040$5,159$11,881

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