AVDS vs PIZ

AVDSAAvantis International Small Cap Equity ETF

PIZCInvesco Dorsey Wright Developed Markets Momentum ETF

In short

AVDS Avantis casts a wide net: roughly 3,000 non-US developed small caps, weighted with an eye on price, profitability and how much cash companies plow back in. Active management that looks a lot like an index fund with its thumb on the scale.

PIZ Momentum with a passport. PIZ ranks non-US developed-market stocks on relative strength and rebuilds around 100 winners each quarter. Same rulebook since 2007, one of the longest-running international momentum sleeves.

Stated mandate

AVDS The ETF seeks long-term capital appreciation by investing in a broad group of non-U.S. small-cap companies and considering valuation, profitability, and investment levels when selecting and weighting securities.

PIZ The Fund seeks developed-market equity exposure through the Dorsey Wright® Developed Markets Tech Leaders Index and generally invests at least 90% of assets in securities from developed economies.

Why people hold it

• AVDS Charges 0.30% a year, about half the typical fee in its active international peer group. Cheap is a durable edge in a corner of the market where fees usually run high.
• Roughly 3,000 holdings, so no single stock or country steers the outcome. This is small-cap breadth, not a concentrated stock-picking bet.
• The tilts are the whole design: valuation, profitability and investment levels shape both what it owns and how much of each, measured against MSCI World ex USA Small Cap.avantisinvestors.com
• Sits among the strongest builds in a crowded field of active international equity funds. Broad, systematic, low-fee: the boxes that tend to stay ticked.

• PIZ The screen is the whole product: roughly 100 developed-market large caps picked for relative strength, then rebalanced and reconstituted every quarter.nasdaq.cominvesco.com
• Genuinely ex-US by construction. The index leaves out US companies listed on US exchanges, so it doesn't quietly re-buy the megacaps most portfolios already hold.invesco.com
• Trading since December 2007 on a published rulebook, with at least 90% of assets in developed-economy securities plus ADRs and GDRs, and distributions paid quarterly.invesco.com

Worth knowing

• AVDS Thinly traded compared with the big international names. Limit orders and a look at the spread earn their keep here.
• Launched in 2023, so the live record is short even though the approach behind it is not new.
• Costs more than Avantis' broad international fund AVDE (0.23%). Small caps abroad are pricier to research and trade, and they swing harder.

• PIZ At 0.80% a year it sits well above the typical fund in its international-equity group, where core builds like DFIC (0.22%) and AVDE (0.23%) anchor the cheap end.
• About 100 names reshuffled four times a year means real turnover and whatever country and sector tilts the screen throws up. It can look nothing like a broad index.invesco.com
• Relative strength buys what has already moved, and the roster resets only at quarter-end, so abrupt shifts in market leadership are the trade-off baked into the method.nasdaq.cominvesco.com

Full AVDS profile⁠

Full PIZ profile⁠