DWAS
Invesco Dorsey Wright SmallCap Momentum ETF
Invesco DWA SmallCap Technical Leaders Portfolio is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that generally correspond (before fees and expenses) to the price and yield of the Dorsey Wright SmallCap Technical LeadersTM Index (the "Underlying Index").
US
EQUITY
Rules-Based
MANAGEMENT STYLE
$ 387.5 M
ASSETS UNDER MGMT
60 bp
EXPENSES
Fund Basics
| Inception date | Jul 19, 2012 |
| Regulation | Open-Ended Fund |
| Fund Website | link... |
| Distributions | Quarterly |
| Currency | USD |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| AMNEAL PHARMACEUTICALS, INC. CLASS A | 1.8 % |
| REPLIMUNE GROUP, INC. | 1.6 % |
| ORUKA THERAPEUTICS INC | 1.5 % |
| OM ASSET MANAGEMENT PLC | 1.5 % |
| FREQUENCY ELECTRONICS INC | 1.3 % |
| ALTO NEUROSCIENCE INC | 1.3 % |
| ADAPTIVE BIOTECHNOLOGIES CORP. | 1.3 % |
| VICTORY CAPITAL HOLDING - A | 1.3 % |
| DXP ENTERPRISES INC | 1.1 % |
| 10X GENOMICS INC CLASS A | 1.0 % |
Constituent Breakdown
| Number of holdings | 204 |
| Herfindahl-Hirschman Index | 81 |
| Wgt avg mkt cap (mns) | $5,005 |
| Large cap (>$10bn) | 4.0% |
| Mid cap ($2-10bn) | 48.6% |
| Small cap (<$2bn) | 36.0% |
| Developed mkts. | 89.7% |
| Emerging mkts. | 0.0% |
Sector Breakdown
Country Exposure
 |
UNITED STATES | 90.4 % |
 |
BERMUDA | 1.0 % |
 |
PUERTO RICO | 0.9 % |
Historical Performance
Standardized Performance (as of 09/30/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 12.0% | 17.6% | 8.0% | 13.0% | 4.3% | 10.9% | -- | 10.9% |
| Dividend Yield | 0.0% | 0.0% | 0.1% | 0.7% | 0.7% | 0.5% | -- | 0.5% |
| Total Returns | 12.1% | 17.7% | 8.2% | 13.7% | 5.0% | 11.4% | -- | 11.3% | Ann. Volatility | 26.3% | 26.1% | 26.2% | 25.4% | 25.8% | 26.9% | -- | 25.0% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.51 | 56% |
| MSCI EAFE | 1.12 | 47% |
| MSCI Emg Mkts | 0.75 | 53% |
Liquidity Measures
| Avg. volume (000) | 8 |
| ADV traded (mns) | $1 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.18% |
Technical Indicators
| 30d moving avg. (EMA) | $106.46 |
| Relative strength (RSI) | 45 |
| MACD/Signal | -0.80/-1.26 |
| Bollinger Bands (Upper/Lower) | $109.38/$100.97 |
| Short interest (% of AUM) | 0.7% |
Distributions
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. DWAS |
Expenses vs. DWAS |
ALTAR Score™ vs. DWAS |
|---|---|---|---|---|
| PTH | Invesco Dorsey Wright Healthcare Momentum ETF | 20.7% | +14 bp | -0.4% |
| AFSM | First Trust Active Factor Small Cap ETF | 19.7% | +15 bp | +7.5% |
| FYC | First Trust Small Cap Growth AlphaDEX Fund | 18.3% | +10 bp | +0.9% |
| FNY | First Trust Mid Cap Growth AlphaDEX Fund | 17.8% | +13 bp | +3.4% |
| VTWG | Vanguard Russell 2000 Growth ETF | 17.8% | -54 bp | +1.5% |
| IWO | iShares Russell 2000 Growth ETF | 17.5% | -36 bp | +1.3% |
| BRSV | EA Bridgeway Select Small-Cap Value ETF | 17.0% | +30 bp | +8.5% |
| GSSC | Goldman Sachs Activebeta U.S. Small Cap Equity ETF | 16.6% | -40 bp | +5.1% |
| XSMO | Invesco S&P SmallCap Momentum ETF | 15.8% | -25 bp | +4.9% |
| PSC | Principal U.S. Small-Cap ETF | 15.7% | -22 bp | +6.4% |
Risk and Returns: DWAS vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates (USD)
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | ||
|---|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Book value per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2025 | 2026 | 2027 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 11/1/2026
Peer Group Comparison
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Historical Valuation Trends Sample data. Subscribe for access.
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
-1.0%
ALTAR SCORE™
1st
PERCENTILE
AVOID
ETFRC RATING
There are 1,400 funds in the US Equity category with an average
ALTAR Score™ of 5.5% and a standard deviation
of 2.1%. DWAS's ALTAR Score™ is approximately -3.1 standard
deviations above the category average. This places DWAS in the 1st percentile
among funds in the category.
Sell-Side Consensus
$153.16
PRICE TARGET
+46.4%
UPSIDE