DWAS vs SEIM: Grades, Fees and Holdings Compared

Invesco Dorsey Wright SmallCap Momentum ETF

DWASBNasdaq

SEI QiM U.S. Large Cap Momentum Active ETF

SEIMACboe

Overlap

1.2%by weight

Expense ratio

SEIM −0.45pt a year

DWAS0.60%SEIM0.15%

Avg volume · 30D

SEIM 5.4×the volume

DWAS17.4KSEIM93.4K

3Y return · a year

SEIM +12.9pt

DWAS+13.2%SEIM+26.1%

DWAS vs SEIM Performance

Nov 3, 2025 – Nov 3, 2026

+11.0%DWAS+10.4%SEIM

Expense ratio: DWAS 0.60%; SEIM 0.15%, better
Fund size: DWAS $379M; SEIM $1.46B
1Y total return: DWAS +11.0%, better; SEIM +10.4%
Yield (12M): DWAS 0.03%; SEIM 0.63%, better
Holdings: DWAS 204; SEIM 73
Avg volume (30D): DWAS 17.4K sh; SEIM 93.4K sh, better
NAV per share: DWAS $102.54; SEIM $50.21
52W range

ETF.net Grade

Pillar letters and Scores for DWAS, SEIM, with each pillar’s weight
Pillar	DWAS	SEIM
Cost30% weight	B64	A90Higher
Mission25% weight	C41	Not scored
Risk15% weight	D28	A71Higher
Tradability15% weight	A82	A87Higher
Holdings10% weight	A83Higher	B68
Durability5% weight	A90Higher	A78

Rank among US Active Momentum funds

How we build Categories ›

Same Category. DWAS and SEIM are both graded against the same 20 US Active Momentum funds, so their Grades compare head to head.

US Active Momentum⁠

Category · 20 funds

See all 20 ›

SEIM ranks 2nd and DWAS 6th of 20 funds in the US Active Momentum Category.

Rank 1AJMOMJPMorgan U.S. Momentum Factor ETFScore 86
Rank 2ASEIMSEI QiM U.S. Large Cap Momentum Active ETFScore 81
Rank 3AVFMOVanguard U.S. Momentum Factor ETFScore 78
Rank 5BFMTMMarketDesk Focused U.S. Momentum ETFScore 66
Rank 6BDWASInvesco Dorsey Wright SmallCap Momentum ETFScore 64
Rank 7BSMOMSymmetry Panoramic Sector Momentum ETFScore 58

Our read on each fund

ETF.net Research

DWASBInvesco Dorsey Wright SmallCap Momentum ETF

SEIMASEI QiM U.S. Large Cap Momentum Active ETF

In short

DWAS Momentum, 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.

SEIM Momentum with a chaperone. SEI's quant model buys U.S. large caps that have been running, then leans on quality, value and low volatility to sand off the edges, all for 0.15% a year.

Stated mandate

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

SEIM The Fund seeks long-term capital appreciation by investing primarily in U.S. common stocks with relatively strong recent performance, using quantitative active stock selection and portfolio optimization.

Why people hold it

DWAS 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.

SEIM Charges 0.15% a year, a fraction of the typical fund in its active momentum peer group and level with the cheapest brand-name momentum ETFs like MTUM.
Not pure chase-the-winners: the prospectus model also weighs quality, value and low volatility, so recent strength gets vetted, not just ranked.
Roughly 70 names, concentrated enough for the factor to actually show up, run as an active quant mandate rather than a fixed index rebuild.
Stacks up as one of the stronger implementations among the systematic U.S. momentum funds we cover.

Worth knowing

DWAS 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.

SEIM Momentum buys what has already moved. When market leadership rotates, this style can turn over quickly and trail the broad market.
Launched in 2022, so the live record is short and hasn't spanned many market regimes.
Mid-sized and moderately traded, so bid-ask spreads are worth a glance at the moment you trade.

Full DWAS profile⁠

Full SEIM profile⁠

DWAS vs SEIM Holdings

How DWAS and SEIM differ

Overlap by weight

1.2%

Shared holdings make up 1.3% of DWAS and 1.2% of SEIM.

Level by level

Holdings2 in both1.2%
Sector11 Sectors50.8%
Countryby domicile97.4%
Asset classEquity100%

Sector

Sector weights in DWAS and SEIM, widest gap first
Sector	Gap	DWAS	SEIM
Health Care	DWAS +36.3 points	42.9%	6.6%
Technology	SEIM +31.2 points	12.8%	44.0%
Consumer Discretionary	SEIM +5.7 points	5.5%	11.2%
Financials	DWAS +5.2 points	17.5%	12.3%
Energy	DWAS +5.1 points	5.1%	0.0%
Communication	SEIM +4.6 points	2.6%	7.2%
Industrials	SEIM +4.1 points	10.2%	14.3%
Consumer Staples	SEIM +2.4 points	0.9%	3.3%
Materials	DWAS +1.8 points	1.8%	0.0%
Utilities	SEIM +1.3 points	0.0%	1.3%
Real Estate	DWAS +0.8 points	0.8%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in DWAS and SEIM, widest gap first
Country	Gap	DWAS	SEIM
United States	DWAS +2.2 points	99.3%	97.1%
Switzerland	SEIM +1.3 points	0.0%	1.3%
United Kingdom	SEIM +1.2 points	0.3%	1.5%
Netherlands	DWAS +0.4 points	0.4%	0.0%

Concentration

Weight in the 10 largest Holdings

DWAS13.7%
SEIM36.1%

Securities held

DWAS202
SEIM72

Asset class

DWAS: Equity
SEIM: Equity

Holdings

Only in DWAS200
In both2
Only in SEIM70

Only in DWAS

200 securities, 98.7% of DWAS by weight

Replimune Group Inc1.80%
Amneal Pharmaceuticals Inc1.70%
Oruka Therapeutics Inc1.50%
Acadian Asset Management Inc1.39%
Victory Capital Holdings Inc1.34%
Frequency Electronics Inc1.29%
Alto Neuroscience Inc1.28%
Adaptive Biotechnologies Corp1.22%
DXP Enterprises Inc/TX1.10%
Northeast Bank1.07%
Xometry Inc1.01%
Protagonist Therapeutics Inc0.94%
Perimeter Solutions Inc0.92%
Relay Therapeutics Inc0.91%
10X Genomics Inc0.91%
Aehr Test Systems0.89%
Palvella Therapeutics Inc0.86%
Inhibrx Biosciences Inc0.85%
Spyre Therapeutics Inc0.84%
CareDx Inc0.78%
PACS Group Inc0.75%
EZCORP Inc0.71%
Twist Bioscience Corp0.70%
Forum Energy Technologies Inc0.70%
Par Pacific Holdings Inc0.66%
Paysign Inc0.65%
Glaukos Corp0.65%
Pitney Bowes Inc0.63%
Rhythm Pharmaceuticals Inc0.62%
Ryder System Inc0.61%
SiriusPoint Ltd0.60%
Preformed Line Products Co0.58%
Xeris Biopharma Holdings Inc0.58%
Matson Inc0.57%
Iovance Biotherapeutics Inc0.57%
Aclaris Therapeutics Inc0.56%
Sanmina Corp0.56%
Axogen Inc0.54%
Tenable Holdings Inc0.54%
AMN Healthcare Services Inc0.54%
Griffon Corp0.53%
Via Transportation Inc0.53%
Delek US Holdings Inc0.53%
Dianthus Therapeutics Inc0.52%
Nektar Therapeutics0.52%
Porch Group Inc0.51%
Amplitude Inc0.51%
Hinge Health Inc0.51%
Fossil Group Inc0.51%
Pediatrix Medical Group Inc0.51%

Only in SEIM

70 securities, 98.8% of SEIM by weight

NVIDIA Corp6.19%
Alphabet Inc-Cl A5.22%
Visa Inc-Class A Shares3.92%
Apple Inc3.78%
Micron Technology Inc3.33%
Microsoft Corp3.04%
Johnson & Johnson2.95%
Bank of New York Mellon Corp2.81%
Ebay Inc2.44%
United Rentals Inc2.42%
Cardinal Health Inc2.37%
Dell Technologies -C2.31%
Lam Research Corp2.26%
Ross Stores Inc2.26%
Northern Trust Corp2.26%
Target Corp2.11%
Keysight Technologies In2.07%
Parker Hannifin Corp2.04%
Keurig Dr Pepper Inc2.03%
State Street Corp2.02%
Expedia Group Inc1.99%
Applied Materials Inc1.94%
Fortinet Inc1.86%
Cisco Systems Inc1.75%
Tapestry Inc1.52%
Ciena Corp1.49%
Caterpillar Inc1.49%
Nvent Electric PLC1.44%
Snowflake Inc1.38%
Garmin Ltd1.36%
Itt Inc1.34%
Sharkninja Inc1.32%
Monster Beverage Corp1.31%
Td Synnex Corp1.30%
Amazon.com Inc1.21%
Charles River Laboratories1.19%
Ralph Lauren Corp1.14%
Aramark1.06%
Howmet Aerospace Inc0.97%
Five Below0.96%
Cvs Health Corp0.84%
Paycom Software Inc0.81%
Netapp Inc0.81%
Elastic NV0.67%
Veeva Systems Inc-Class A0.66%
Regeneron Pharmaceuticals0.65%
Advanced Energy Industries0.63%
Affiliated Managers Group0.60%
Fox Corp - Class A0.54%
Interactive Brokers Gro-Cl A0.54%

Weight gaps

All 2 Holdings in both funds, largest gap first.

Holding weights in DWAS and SEIM, widest gap first
Holding	More in DWASMore in SEIM	Gap	DWAS	SEIM
Watts Water Technologies IncWTS		DWAS +0.10 points	0.41%	0.31%
Semtech CorpSMTC		DWAS +0.05 points	0.89%	0.84%

All 202 DWAS holdings⁠All 72 SEIM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DWAS vs SEIM Cost

Overpaying DWAS vs SEIM

$8,680

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

DWAS 0.60%
$11,817
SEIM 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

DWAS 0.60%
SEIM 0.15%
Overpaying

Year by year

Year	DWAS	SEIM	Overpaying
10	$1,076	$274	$802
20	$4,116	$1,071	$3,045
30	$11,817	$3,137	$8,680

Expense ratio

0.60%DWAS
0.15%SEIM, cheaper

SEIM0.15%DWAS0.60%

0.12%3.53%

Middle half of US Active Momentum funds
Median 0.64%

SEIM 3rd cheapest of 20 funds

DWAS 8th cheapest of 20 funds

DWAS vs SEIM Dividends

Last 12 months to Nov 3, 2026

Yield (12M): DWAS 0.03%; SEIM 0.63%, better
Payout (12M): DWAS $0.04; SEIM $0.32
Last payment: DWAS $0.04; SEIM $0.09
Ex-dividend: DWAS Sep 21, 2026; SEIM Oct 5, 2026
Paid on: DWAS Sep 25, 2026; SEIM Oct 6, 2026
Frequency: DWAS Annual; SEIM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DWASAnnual · 28 paymentsAll DWAS payments⁠

SEIMQuarterly · 18 paymentsAll SEIM payments⁠

DWAS vs SEIM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DWAS 22.2%SEIM 16.8%, better
Return per unit of riskSharpe ratio, 3 years: DWAS 0.55SEIM 1.30, better
Worst fallMax drawdown, 5 years: DWAS −33.8%SEIM −22.2%since May 2022
Market sensitivityBeta, 5 years: DWAS 1.17SEIM 1.09; Market = 1

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