Invesco Dorsey Wright Emerging Markets Momentum ETF
$33.85−0.59 (−1.72%)
- Expense ratio
- 0.90%
- Fund size
- $255M
- 1Y return
- +44.6%
- Yield · Last 12 months
- 2.16%
- Holdings
- 100
- Volume · 30D
- 0.1M sh
- NAV per share
- $34.28
- 52W range
The ETF.net PIE Grade
Score 31 of 100 sits in the D 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.FScore 5Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.DScore 37Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.CScore 53Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.BScore 59Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.BScore 57Category rank
Our read on PIE
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.
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 Holdings
- Stocks
- 100
- 25%
- 3939.HK
Sectors
- Technology43.2%
- Financials15.7%
- Industrials15.1%
- Materials11.0%
- Consumer Discr.3.9%
- Real Estate3.3%
- Energy2.7%
- Communication2.0%
- Health Care1.4%
- Cons. Staples1.1%
- Utilities0.6%
Geography
- Taiwan58.64%
- China14.86%
- South Africa7.16%
- Thailand4.48%
- Mexico3.14%
- Hungary2.62%
- Turkey2.03%
- Malaysia2.02%
- 5.03%
Developed 2% · Emerging 98%
PIE 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 | PIE |
|---|---|
| Year to date | +47.9% |
| 1 month | +4.7% |
| 3 months | +1.2% |
| 1 year | +44.6% |
| 3 years | +25.4% |
| 5 years | +9.3% |
| 10 years | +10.0% |
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 | PIE |
|---|---|---|
| 2026 YTD | +47.9% | |
| 2025 | +26.0% | |
| 2024 | −0.3% | |
| 2023 | +13.7% | |
| 2022 | −28.8% | |
| 2021 | +14.3% | |
| 2020 | +21.2% |
PIE in the news
ETF.net Research hasn’t filed on PIE yet — coverage lands here as it’s written.
PIE Dividends
- 2.16%
- $0.74
- $0.26 per share
- Quarterly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 21, 2026 | Pays Sep 25, 2026 | $0.26 |
| Jun 22, 2026 | Jun 26, 2026 | $0.22 |
| Mar 23, 2026 | Mar 27, 2026 | $0.03 |
| Dec 22, 2025 | Dec 26, 2025 | $0.24 |
| Sep 22, 2025 | Sep 26, 2025 | $0.08 |
| Jun 23, 2025 | Jun 27, 2025 | $0.21 |
| Mar 24, 2025 | Mar 28, 2025 | $0.008 |
| Dec 23, 2024 | Dec 27, 2024 | $0.04 |
| Sep 23, 2024 | Sep 27, 2024 | $0.14 |
| Jun 24, 2024 | Jun 28, 2024 | $0.24 |
| Mar 18, 2024 | Mar 22, 2024 | $0.03 |
| Dec 18, 2023 | Dec 22, 2023 | $0.06 |
PIE Risk
- 20.9%
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.
- 0.88
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.
- −36.8%
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.
- 1.05
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
PIE Cost
- The middle half of Emerging Markets Factor Index funds
- Median 0.45%
Every other Emerging Markets Factor Index fund charges less.