ETF Evaluator:
Invesco Dorsey Wright SmallCap Momt ETF (DWAS)
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(as of Jul 31)
Best Performing in Small Blend Over the Last Year
| 71.4% | Invesco NASDAQ Future Gen 200 ETF (QQQS) |
| 58.3% | iShares Micro-Cap ETF (IWC) |
| 52.2% | Fidelity Enhanced Small Cap Core ETF (FESM) |
| 50.0% | Invesco Dorsey Wright SmallCap Momt ETF (DWAS) |
| 49.9% | First Trust Small Cap Core AlphaDEX® ETF (FYX) |
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ETF Details
Invesco Dorsey Wright SmallCap Momt ETF Overview
Invesco Dorsey Wright SmallCap Momt ETF (DWAS) is a passively managed U.S. Equity Small Blend exchange-traded fund (ETF). Invesco launched the ETF in 2012.
The investment seeks to track the investment results (before fees and expenses) of the Dorsey Wright® SmallCap Tech Leaders Index (the "underlying index").
The fund generally will invest at least 90% of its total assets in the securities that comprise the underlying index. The underlying index is composed of approximately 200 securities from an eligible universe of approximately 2,000 securities ranked 1,001 to 3,000 by market capitalization within the NASDAQ US Benchmark Index™.
About Invesco Dorsey Wright SmallCap Momt ETF (DWAS)
There are 3 members of the management team with an average tenure of 11.48 years: Peter Hubbard (2012), Michael Jeanette (2012) and Pratik Doshi (2019). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Dorsey Wright SmlCap Tech Leaders TR USD index with a weighting of 100%. Invesco Dorsey Wright SmallCap Momt ETF has 201 securities in its portfolio. The top 10 holdings constitute 17.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Invesco Dorsey Wright SmallCap Momt ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Invesco Dorsey Wright SmallCap Momt ETF has 1.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.3% There is 1.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Invesco Dorsey Wright SmallCap Momt ETF has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $454 million in total assets, which is below the $5 billion average for the Small Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DWAS Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Invesco Dorsey Wright SmallCap Momt ETF expense ratio is above average compared to funds in the Small Blend category. Invesco Dorsey Wright SmallCap Momt ETF has an expense ratio of 0.60%, which is 42% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Invesco Dorsey Wright SmallCap Momt ETF has a portfolio turnover rate of 186%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 50% for the Small Blend category.
Recently, in the month of June 2026, Invesco Dorsey Wright SmallCap Momt ETF returned 9.6%, which earned it a grade of A, as the Small Blend category had an average return of 5.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Invesco Dorsey Wright SmallCap Momt ETF has a trailing yield of 0.00%, which is below the 1.19% category average.
The fund normally distributes its income quarterly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Invesco Dorsey Wright SmallCap Momt ETF Grades
Year to date, the ETF has returned 31.7%, 11.1 percentage points better than the category, which translates into a grade of A. The fund has returned 50.0% over the past year (grade of A), 18.2% over the past three years (grade of B) and 8.0% per year over the past five years (grade of C) and 14.2% per year over the past 10 years (grade of A).
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DWAS Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DWAS Return (NAV) | 9.6% | 29.2% | 50.0% | 18.2% | 8.0% | 14.2% |
| DWAS Return (Price) | 9.6% | 29.3% | 50.0% | 18.2% | 7.9% | 14.2% |
| NAV +/- Price Return | 0.035% | -0.079% | -0.082% | 0.023% | 0.058% | 0.002% |
| Small Blend Avg | 5.8% | 18.9% | 32.8% | 16.6% | 8.1% | 11.7% |
| DWAS Grade (NAV) | A | A | A | B | C | A |
| +/- Category (NAV) | 3.8% | 10.3% | 17.2% | 1.6% | -0.1% | 2.5% |
| DWAS Tax-Cost Ratio | na | na | 0.0% | 0.3% | 0.2% | 0.2% |
DWAS Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DWAS Return (NAV) | 31.7% | 6.0% | 9.9% | 16.8% | -18.5% | 20.0% | 32.0% | 31.0% | -10.2% | 20.6% | 7.9% |
| DWAS Return (Price) | 31.6% | 6.1% | 9.8% | 16.9% | -18.5% | 19.8% | 32.3% | 31.4% | -10.7% | 20.8% | 8.0% |
| NAV +/- Price Ret | -0.004% | 0.017% | -0.004% | 0.003% | 0.001% | -0.013% | 0.010% | 1.2% | 4.9% | 1.2% | 1.8% |
| Small Blend Avg | 20.6% | 8.7% | 11.7% | 16.3% | -15.9% | 24.0% | 12.7% | 24.8% | -9.2% | 14.4% | 19.6% |
| DWAS Grade (NAV) | A | D | D | D | F | D | A | A | C | A | F |
| +/- Category | 11.1% | -2.7% | -1.9% | 0.5% | -2.6% | -4.0% | 19.4% | 6.2% | -1.0% | 6.2% | -11.8% |
| Risk Measures | |
| Beta: | 1.30 |
| R-Squared: | 61% |
| Standard Deviation: | 21.8% |
| Category Risk Index: | 1.19 |
| Category Risk Rating: | High |
| Total Risk Index: | 1.79 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 455 Mil |
| Share Class Assets: | $ 455 Mil |
| Turnover: | 186.0% |
| Expense Ratio: | 0.60% |
| Index Fund: | Yes |
| Index Tracked: | Russell 3000 TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 14.0 years | |||
| Average Tenure: 11.5 years | |||
| Managers (Year): Hubbard Peter (2012), Jeanette Michael (2012), Doshi Pratik (2019) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 201 |
| % in Top 10 Holdings: | 17.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.6% |
Portfolio Allocation |
|
| Domestic Stock: | 98.3% |
| Foreign Stock: | 1.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Invesco |
| Phone Number: | 800-983-0903 |
| Website: | www.invescopowershares.com |
| Inception Date: | July 19, 2012 |
Expenses and Fees
| Expense Ratio (%): | 0.60% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.42% |
