Invesco Dorsey Wright SmallCap Momentum ETF

DWAS

Market cap $694M

Overview Fund Activity

90.03 USD

0.00

0%

At close Updated Sep 12, 4:00 PM EDT

1 day

0%

5 days

0.26%

1 month

3.71%

3 months

8.69%

6 months

13.32%

Year to date

-2.06%

1 year

-0.96%

5 years

51.74%

10 years

122.85%

Financials Asset Management

0

Funds holding %

of 7,463 funds

–

Analysts bullish %

Fund manager confidence

Based on 2025 Q2 regulatory disclosures by fund managers ($100M+ AUM)

1% more funds holding

Funds holding: 92 [Q1] → 93 (+1) [Q2]

1.09% more ownership

Funds ownership: 77.54% [Q1] → 78.63% (+1.09%) [Q2]

9% more first-time investments, than exits

New positions opened: 12 | Existing positions closed: 11

5% more capital invested

Capital invested by funds: $507M [Q1] → $531M (+$23.3M) [Q2]

0% more funds holding in top 10

Funds holding in top 10: 1 [Q1] → 1 (+0) [Q2]

50% less repeat investments, than reductions

Existing positions increased: 22 | Existing positions reduced: 44

100% less call options, than puts

Call options by funds: $0 | Put options by funds: $25.5M

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Financial journalist opinion

Why Is The IPO Market Struggling? Here's What Active Managers Have To Say

Strong returns in U.S. stocks, particularly over the past two plus years, have led investors to question the relative lack of companies going public via the IPO process — as well as the potential implications for the IPO market in the long term. According to active equity managers, a combination of increased public market regulation, a reduced pipeline of potential offerings following the prior boom, the rising role of large private asset managers in capital raising, and near-term uncertainty surrounding government policy are all contributing factors. At Russell Investments, we think investors benefit from taking a long-term view.

Why Is The IPO Market Struggling? Here's What Active Managers Have To Say

DWAS: A Small-Cap Momentum Fund Lagging Peers

The Invesco Dorsey Wright SmallCap Momentum ETF has a strong growth profile but has underperformed other small-cap momentum funds like XSMO and USVM since 2021. DWAS focuses on U.S. small-cap companies with strong relative performance, heavily weighted towards industrials and technology sectors, and has a high turnover rate. Despite outperforming the Russell 2000 index over time, DWAS has higher volatility, lower liquidity, and higher expense ratios compared to peer funds.

DWAS: A Small-Cap Momentum Fund Lagging Peers

Tech IPOs Poised For Return To Pre-Pandemic Normalcy In 2025

The new year is poised for a resurgence in tech IPOs, as lower interest rates and an investor shift to small- and mid-cap companies combine to create a more welcoming market for debuts. The current environment presents the most favorable conditions for the recovery of IPOs in the past three years. The S&P 400 Midcap Index and the S&P 600 Index have outperformed the S&P 500 Index since the US election Nov. 5.

Tech IPOs Poised For Return To Pre-Pandemic Normalcy In 2025

DWAS: Excessively Risky SMID Strategy With Bleak Returns

DWAS offers exposure to small- and mid-cap names with convincing momentum characteristics. Yet, its strategy of capitalizing on SMID stocks that were on a tear did not translate into meaningful and consistent outperformance in the past. Its historical risk-adjusted returns are much weaker than those of IVV and IJR, owing to its volatility, which, in turn, is likely influenced by soft quality.

DWAS: Excessively Risky SMID Strategy With Bleak Returns

3 Small-Cap Growth ETFs With Standout Long-Term Performance

Rate cuts are coming, it seems, with the U.S. economy slowing down precipitously in July. Market watchers are increasingly seeing a potential 50 basis point (bps) cut in September with potentially even more cuts after that.

3 Small-Cap Growth ETFs With Standout Long-Term Performance

DWAS: High-Risk/High-Reward Small-Cap ETF

Invesco Dorsey Wright SmallCap Momentum ETF holds 199 small caps selected and weighted based on a proprietary momentum score. The DWAS ETF is overweight in industrials and healthcare, but well-diversified across holdings. Based on quality metrics and price history, DWAS has a high-risk/high-reward profile.

DWAS: Soft Quality, Questionable Performance, And High Turnover

DWAS has an index-based strategy designed to benefit from strongly performing small-cap stocks that are anticipated to continue climbing higher. I have identified two reasons why the ETF is a suboptimal choice: the soft quality of its portfolio and its inconsistent past performance. A pronounced mid-cap tilt might be another issue for investors who are looking for pure-play small-cap portfolios.

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