PDP vs USCA: Grades, Fees and Holdings Compared

Invesco Dorsey Wright Momentum ETF

PDPDNasdaq

Xtrackers MSCI USA Climate Action Equity ETF

USCAANYSE Arca

Overlap

13.4%by weight

Expense ratio

USCA −0.55pt a year

PDP0.62%USCA0.07%

Avg volume · 30D

USCA 4.4×the volume

PDP22.1KUSCA97.9K

3Y return · a year

USCA +0.7pt

PDP+19.8%USCA+20.5%

PDP vs USCA Performance

Oct 31, 2025 – Nov 2, 2026

+7.2%PDP+7.7%USCA

Expense ratio: PDP 0.62%; USCA 0.07%, better
Fund size: PDP $1.4B; USCA $3.42B
1Y total return: PDP +7.2%; USCA +7.7%, better
Yield (12M): PDP 0.00%; USCA 1.05%, better
Holdings: PDP 102; USCA 392
Avg volume (30D): PDP 22.1K sh; USCA 97.9K sh, better
NAV per share: PDP $132.96; USCA $44.82
52W range

ETF.net Grade

Pillar letters and Scores for PDP, USCA, with each pillar’s weight
Pillar	PDP	USCA
Cost30% weight	F5	A97Higher
Mission25% weight	Not scored	A91
Risk15% weight	F15	C54Higher
Tradability15% weight	B56	B61Higher
Holdings10% weight	A71Higher	D29
Durability5% weight	B58Higher	C49

Rank among US Factor Index funds

How we build Categories ›

Same Category. PDP and USCA are both graded against the same 30 US Factor Index funds, so their Grades compare head to head.

US Factor Index⁠

Category · 30 funds

See all 30 ›

USCA ranks 2nd and PDP 26th of 30 funds in the US Factor Index Category.

Rank 1AMGVVanguard Morningstar Mega Cap Value ETFScore 78
Rank 2AUSCAXtrackers MSCI USA Climate Action Equity ETFScore 74
Rank 3ASIZEiShares MSCI USA Size Factor ETFScore 72
Rank 25DXSHDInvesco S&P SmallCap High Dividend Low Volatility ETFScore 31
Rank 26DPDPInvesco Dorsey Wright Momentum ETFScore 29
Rank 26DQFHDPacer S&P 500 Quality FCF High Dividend ETFScore 29

Our read on each fund

ETF.net Research

PDPDInvesco Dorsey Wright Momentum ETF

USCAAXtrackers MSCI USA Climate Action Equity ETF

In short

PDP A momentum fund with a chart-reader's pedigree. PDP has followed Dorsey Wright's Technical Leaders Index since 2007, holding roughly 100 US stocks picked for relative strength rather than a textbook factor formula.

USCA The largest US ETF debut on record when it launched in 2023, seeded by a Finnish pension fund. It owns roughly 400 US large- and mid-caps, keeping only the top half of each sector on MSCI's climate-transition scoring, for 0.07% a year.

Stated mandate

PDP The issuer describes the fund as based on the Dorsey Wright® Technical Leaders Index.

USCA The fund seeks to track the MSCI USA Climate Action Index before fees and expenses through a passive indexing strategy. The index selects U.S. large- and mid-capitalization companies assessed as leading sector peers in climate-transition positioning and actions.

Why people hold it

PDP Live since 2007, so its record runs through multiple market cycles instead of a backtest.
The index screens on Dorsey Wright's relative-strength work, so names earn their spot by price leadership, not by cheapness or size.invesco.com
Concentrated on purpose: about 100 US stocks, so leaders actually move the fund instead of getting diluted across the whole market.
A multi-billion-dollar fund from Invesco, one of the larger ETF shops in the US.

USCA Costs 0.07% a year against a typical screened US equity peer near 0.28%, and undercuts bigger ESG names like SUSA at 0.25%.
No blanket sector bans: the index keeps the top 50% of companies in each GICS sector, so energy and industrials stay in, represented by their climate-transition leaders.dws.com msci.com
Rules do the picking. MSCI's climate metrics, ESG ratings and controversy screens set the roster; no manager discretion, no stock-by-stock calls.dws.com
A multi-billion-dollar fund with an institutional anchor investor from day one, and it pays quarterly.businesswire.com

Worth knowing

PDP At 0.62% a year, it costs more than the typical plain index tracker. That is the toll for a rules set that actively reshuffles toward leadership.
Trades lighter than the index heavyweights in its group, so spreads can run wider, particularly at the open and close.
A concentrated momentum sleeve behaves nothing like a total-market fund such as VT, and distributions land only once or twice a year.

USCA Half of each sector is screened out, so results can drift from a plain MSCI USA index fund in either direction.dws.com
Market-cap weighted and filed as non-diversified, so America's largest companies carry heavy weight at the top.dws.com
Moderately traded next to the giants of US equity, so spreads can be a bigger part of the cost of getting in and out.

Full PDP profile⁠

Full USCA profile⁠

PDP vs USCA Holdings

How PDP and USCA differ

Overlap by weight

13.4%

Shared holdings make up 54.9% of PDP and 30.0% of USCA.

Level by level

Holdings52 in both13.4%
Sector11 Sectors75.1%
Countryby domicile98.4%
Asset classEquity100%

Sector

Sector weights in PDP and USCA, widest gap first
Sector	More in PDPMore in USCA	PDP	USCA
Industrials	PDP +20.7 points	26.9%	6.2%
Communication	USCA +10.4 points	1.2%	11.6%
Consumer Discretionary	USCA +6.7 points	2.7%	9.4%
Energy	PDP +3.2 points	5.1%	1.9%
Financials	USCA +3.0 points	6.0%	9.0%
Consumer Staples	USCA +2.5 points	1.3%	3.8%
Utilities	USCA +1.1 points	0.4%	1.5%
Real Estate	USCA +1.1 points	0.6%	1.7%
Technology	PDP +0.8 points	44.2%	43.4%
Materials	PDP +0.2 points	1.6%	1.4%
Health Care	USCA +0.2 points	9.9%	10.1%

Country, concentration and asset class

Country by domicile

Country weights in PDP and USCA, widest gap first
Country	More in PDPMore in USCA	PDP	USCA
United States	USCA +1.2 points	98.1%	99.3%
United Kingdom	PDP +1.0 points	1.0%	0.0%
Switzerland	PDP +0.6 points	0.8%	0.2%
Other countries (5)	USCA +0.4 points	0.0%	0.4%

Concentration

Weight in the 10 largest Holdings

PDP23.4%
USCA44.6%

Securities held

PDP101
USCA391

Asset class

PDP: Equity
USCA: Equity

Holdings

Only in PDP49
In both52
Only in USCA339

Only in PDP

49 securities, 45.1% of PDP by weight

Targa Resources Corp3.03%
Sandisk Corp1.96%
Guardant Health Inc1.87%
Tenet Healthcare Corp1.73%
Revolution Medicines Inc1.37%
US Foods Holding Corp1.24%
Insmed Inc1.18%
Moog Inc1.13%
American Healthcare REIT Inc1.10%
HF Sinclair Corp1.09%
Five Below Inc1.08%
Clean Harbors Inc1.08%
Roivant Sciences Ltd1.05%
Applied Industrial Technologies Inc1.04%
Valero Energy Corp1.04%
Marathon Petroleum Corp1.03%
Crowdstrike Holdings Inc1.02%
Rubrik Inc0.96%
Primerica Inc0.90%
Exelixis Inc0.87%
Charles River Laboratories International Inc0.86%
Reliance Inc0.84%
Centene Corp0.82%
Hecla Mining Co0.81%
DoorDash Inc0.80%
Phillips 660.75%
Halozyme Therapeutics Inc0.75%
Popular Inc0.73%
Elanco Animal Health Inc0.72%
Ovintiv Inc0.72%
Affiliated Managers Group Inc0.71%
Eaton Corp PLC0.70%
Revvity Inc0.69%
Johnson Controls International plc0.67%
CACI International Inc0.66%
Jones Lang LaSalle Inc0.66%
Dynatrace Inc0.65%
East West Bancorp Inc0.65%
WESCO International Inc0.64%
TD SYNNEX Corp0.64%
Jazz Pharmaceuticals PLC0.62%
Chime Financial Inc0.61%
Tempus AI Inc0.60%
Skyworks Solutions Inc0.60%
Invesco Ltd0.60%
Incyte Corp0.60%
Freeport-McMoRan Inc0.56%
Stifel Financial Corp0.55%
Invesco Government & Agency Portfolio0.08%

Only in USCA

339 securities, 69.7% of USCA by weight

Microsoft Corp6.90%
Amazon.com Inc4.36%
Broadcom2.76%
Meta Platform Inc Class A2.53%
Alphabet Class C2.44%
Tesla2.14%
Lilly (Eli) & Co2.13%
Advanced Micro Dev1.54%
Visa Inc-Class A Shares1.29%
JPMorgan Chase & Co1.26%
Johnson & Johnson1.23%
Wal-Mart Stores Inc1.01%
AbbVie Inc0.98%
Mastercard Inc-Class A0.97%
Palantir Technologies Inc Class A0.75%
Exxonmobil Hldgs Corp Npv0.73%
Procter & Gamble Co0.71%
UnitedHealth Group Inc0.69%
Coca-Cola Co0.68%
Home Depot Inc0.62%
Netflix Inc0.48%
Thermo Fisher Scientific Inc0.48%
Amgen Inc0.47%
Bank of America Corp0.46%
2226792D0.44%
Applied Materials Inc0.44%
Costco Wholesale Corp0.42%
Chevron Corp0.41%
Caterpillar Inc0.41%
Gilead Sciences Inc0.40%
Kla-Tencor Corp0.39%
Analog Devices Inc0.38%
Goldman Sachs Group Inc0.37%
Verizon Communications Inc0.35%
Pepsico0.35%
salesforce.com Inc0.34%
McDonald's Corp0.34%
International Business Machine Corp0.34%
Union Pacific Corp0.34%
QUALCOMM Inc0.33%
Pfizer Inc0.33%
NextEra Energy Inc0.32%
American Express Co0.32%
Oracle Corp0.32%
Blackrock Inc0.31%
Deere & Co0.31%
Accenture Ltd-Cl A0.29%
AT&T Inc0.28%
Danaher Corp0.28%
Charles Schwab Corp0.27%

Weight gaps

All 52 Holdings in both funds, largest gap first.

Holding weights in PDP and USCA, widest gap first
Holding	More in PDPMore in USCA	PDP	USCA
NVIDIA CorpNVDA	USCA +8.24 points	0.58%	8.82%
Apple IncAAPL	USCA +6.23 points	3.26%	9.49%
Amphenol CorpAPH	PDP +2.81 points	2.99%	0.18%
Lumentum Holdings IncLITE	PDP +2.32 points	2.44%	0.12%
WW Grainger IncGWW	PDP +2.24 points	2.30%	0.06%
Alphabet IncGOOGL	USCA +1.92 points	1.16%	3.08%
Micron Technology IncMU	PDP +1.63 points	2.10%	0.47%
Natera IncNTRA	PDP +1.58 points	1.68%	0.10%
United Rentals IncURI	PDP +1.47 points	1.61%	0.14%
Trane Technologies PLCTT	PDP +1.47 points	1.64%	0.17%
Robinhood Markets IncHOOD	PDP +1.37 points	1.49%	0.12%
Arista Networks IncANET	PDP +1.16 points	1.50%	0.34%
Cardinal Health IncCAH	PDP +1.12 points	1.20%	0.08%
Okta IncOKTA	PDP +1.08 points	1.15%	0.07%
Cloudflare IncNET	PDP +1.00 points	1.16%	0.16%
Interactive Brokers Group IncIBKR	PDP +0.97 points	1.02%	0.05%
Dell Technologies IncDELL	PDP +0.93 points	1.11%	0.18%
Parker-Hannifin CorpPH	PDP +0.86 points	1.02%	0.16%
Illumina IncILMN	PDP +0.83 points	0.90%	0.07%
AMETEK IncAME	PDP +0.83 points	0.91%	0.08%
Garmin LtdGRMN	PDP +0.75 points	0.81%	0.06%
Arthur J Gallagher & CoAJG	PDP +0.73 points	0.83%	0.10%
Humana IncHUM	PDP +0.73 points	0.80%	0.07%
Westinghouse Air Brake Technologies CorpWAB	PDP +0.71 points	0.78%	0.07%
Cboe Global Markets IncCBOE	PDP +0.71 points	0.78%	0.07%
Lam Research CorpLRCX	PDP +0.70 points	1.12%	0.42%
Snowflake IncSNOW	PDP +0.68 points	0.87%	0.19%
Newmont CorpNEM	PDP +0.68 points	0.89%	0.21%
Marriott International Inc/MDMAR	PDP +0.68 points	0.84%	0.16%
Twilio IncTWLO	PDP +0.67 points	0.72%	0.05%
Hilton Worldwide Holdings IncHLT	PDP +0.65 points	0.80%	0.15%
NetApp IncNTAP	PDP +0.63 points	0.69%	0.06%
Expedia Group IncEXPE	PDP +0.63 points	0.69%	0.06%
Marvell Technology IncMRVL	PDP +0.62 points	0.93%	0.31%
Occidental Petroleum CorpOXY	PDP +0.61 points	0.68%	0.07%
General Electric CoGE	PDP +0.61 points	1.05%	0.44%
Bank of New York Mellon Corp/TheBNY	PDP +0.59 points	0.73%	0.14%
State Street CorpSTT	PDP +0.59 points	0.63%	0.04%
General Motors CoGM	PDP +0.58 points	0.69%	0.11%
Workday IncWDAY	PDP +0.57 points	0.65%	0.08%
Welltower IncWELL	PDP +0.55 points	0.86%	0.31%
Dexcom IncDXCM	PDP +0.55 points	0.57%	0.02%
Simon Property Group IncSPG	PDP +0.52 points	0.65%	0.13%
HP IncHPQ	PDP +0.51 points	0.55%	0.04%
F5 IncFFIV	PDP +0.51 points	0.55%	0.04%
RTX CorpRTX	PDP +0.51 points	0.64%	0.13%
Super Micro Computer IncSMCI	PDP +0.50 points	0.53%	0.03%
Fortinet IncFTNT	PDP +0.48 points	0.64%	0.16%
Palo Alto Networks IncPANW	PDP +0.33 points	0.89%	0.56%
Morgan StanleyMS	PDP +0.25 points	0.56%	0.31%
Cisco Systems IncCSCO	USCA +0.13 points	0.64%	0.77%
Merck & Co IncMRK	USCA +0.04 points	0.65%	0.69%

All 101 PDP holdings⁠All 394 USCA 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.

PDP vs USCA Cost

Overpaying PDP vs USCA

$10,699

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

PDP 0.62%
$12,179
USCA 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

PDP 0.62%
USCA 0.07%
Overpaying

Year by year

Year	PDP	USCA	Overpaying
10	$1,111	$128	$983
20	$4,246	$503	$3,743
30	$12,179	$1,480	$10,699

Expense ratio

0.62%PDP
0.07%USCA, cheaper

USCA0.07%PDP0.62%

0.05%0.63%

Middle half of US Factor Index funds
Median 0.30%

USCA 2nd cheapest of 30 funds

PDP 29th cheapest of 30 funds

PDP vs USCA Dividends

Last 12 months to Nov 2, 2026

Yield (12M): PDP 0.00%; USCA 1.05%, better
Payout (12M): PDP None; USCA $0.47
Last payment: PDP No data; USCA $0.10
Ex-dividend: PDP No data; USCA Sep 18, 2026
Paid on: PDP No data; USCA Sep 25, 2026
Frequency: PDP No data; USCA Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PDP21 paymentsAll PDP payments⁠

USCAQuarterly · 15 paymentsAll USCA payments⁠

PDP vs USCA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: PDP 19.5%USCA 12.5%, better
Return per unit of riskSharpe ratio, 3 years: PDP 0.89USCA 1.27, better
Worst fallMax drawdown, 5 years: PDP −33.9%USCA −19.2%since Apr 2023
Market sensitivityBeta, 5 years: PDP 1.17USCA 1.00; Market = 1

Popular comparisons

PDPDvsMGVA
Invesco Dorsey Wright Momentum ETF · Vanguard Morningstar Mega Cap Value ETF
Expense ratio
0.62% · 0.05%
Category
USCAAvsMGVA
Xtrackers MSCI USA Climate Action Equity ETF · Vanguard Morningstar Mega Cap Value ETF
Expense ratio
0.07% · 0.05%
Category
PDPDvsSIZEA
Invesco Dorsey Wright Momentum ETF · iShares MSCI USA Size Factor ETF
Expense ratio
0.62% · 0.15%
Category
USCAAvsSIZEA
Xtrackers MSCI USA Climate Action Equity ETF · iShares MSCI USA Size Factor ETF
Expense ratio
0.07% · 0.15%
Category
PDPDvsDXUVA
Invesco Dorsey Wright Momentum ETF · U.S. Vector Equity Portfolio ETF Class Shares
Expense ratio
0.62% · 0.25%
Category
USCAAvsDXUVA
Xtrackers MSCI USA Climate Action Equity ETF · U.S. Vector Equity Portfolio ETF Class Shares
Expense ratio
0.07% · 0.25%
Category