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Monday, August 24, 2026The Morning Brief →Sign in

Invesco DWA SmallCap Momentum ETF

$114.27+0.89% today
8812752-WK

The fund generally will invest at least 90% of its total assets in the securities that comprise the underlying index. Strictly in accordance with its guidelines and mandated procedures, the index Provider selects securities of small capitalization companies trading on U.S. exchanges for inclusion in the index, pursuant to a proprietary methodology that is designed to identify securities that demonstrate powerful relative strength (or momentum) characteristics.

Price & daily flows
120.1110.6101.1114.27DAILY NET FLOWFeb 19Apr 21Jun 22Aug 21

SOURCE: MARKET TAPE & DAILY CREATION/REDEMPTION RECORDS · 6M SHOWN · NET +$6M OVER THIS RANGE

The desk’s read

Money keeps arriving — +$5M of net buying over the past month, about 1.1% of the fund's asset base, while the price has returned +18.7% so far this year. At 0.60% a year it is not the cheapest way in — EFRA runs the same ground at 0.47%.

COMPOSED FROM THE FUND’S OWN DAILY RECORDS · UPDATED WITH EACH REFRESH

$437Massets under management
0.60%expense ratio · $60 per $10,000 a year
+$5Mnet flow, trailing month
20Kavg daily volume, 30 days
199holdings · US-domiciled
2012listed July 18, 2012 · beta 1.52
The book at a glance
ERAS+3.2%CLYM+1.5%ENVA+2.3%SEZL+1.4%ORKA+3.0%AGL+4.2%BELFB-2.7%AXTI-3.3%GHM+1.5%AEHR-4.0%AMRX+0.1%TNGX+1.6%AAMI+1.6%FEIM-5.9%VCTR+2.3%SLS+15.4%REPL+5.1%MYRG-2.2%NBN+1.5%PRM+1.2%ADPT+2.2%TXG+2.0%PAYS+2.0%RLAY-1.3%SNEX+3.4%LQDA-3.4%SMTC-0.6%XMTR+0.6%TRVI-1.6%BFLY+4.1%TWST+6.8%VSEC+1.4%AAOI-3.3%DK+11.6%SYRE-1.2%MRVI+4.2%BTSG-1.1%ACMR+1.1%WULF-4.9%AIP-0.3%

CELL SIZE IS PORTFOLIO WEIGHT · COLOR IS TODAY’S MOVE · TOP 40 POSITIONS

HoldingsDownload CSV
#HoldingWeightPriceDay52-wk
1ERASERASCA1.58%$17.63+3.2%
2CLYMCLIMB BIO INC1.49%$17.28+1.5%
3ENVAENOVA INTERNATIONAL1.40%$242.93+2.3%
4SEZLSEZZLE INC1.35%$119.11+1.4%
5ORKAOruka Therapeutics1.30%$107.96+3.0%
6AGLAGILON HEALTH1.28%$96.58+4.2%
7BELFBBEL FUSE1.32%$255.46-2.7%
8AXTIAXT1.29%$70.74-3.3%
9GHMGRAHAM1.20%$101.49+1.5%
10AEHRAEHR TEST SYSTEMS1.26%$101.73-4.0%
11AMRXAMNEAL PHARMACEUTICALS1.16%$17.91+0.1%
12TNGXTANGO THERAPEUTICS1.14%$23.88+1.6%
13AAMIAcadian Asset Management1.12%$92.30+1.6%
14FEIMFREQUENCY ELECTRONICS1.13%$61.69-5.9%
15VCTRVICTORY CAPITAL HOLDINGS1.03%$115.63+2.3%

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Sector weights
Industrials30.49%
Health Technology21.08%
Healthcare17.29%
Finance16.62%
Consumer Discretionary16.17%
Information Technology13.61%
Technology13.28%
Producer Manufacturing12.38%
Consumer Cyclical12.21%
Financial Services10.24%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Country weights
United States97.45%
Bermuda0.72%
Switzerland0.48%
Other0.47%
Ireland0.43%
Cayman Islands0.38%
Mexico0.37%
Netherlands0.37%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Performance
1 week-5.0%
1 month+0.4%
3 months+0.6%
6 months+11.9%
YTD+18.7%
1 year+27.9%
3 years

PRICE RETURN, DISTRIBUTIONS NOT REINVESTED

Net flows
1 week−$5M
1 month+$5M
3 months+$30M
YTD−$390M
1 year−$389M

CREATION/REDEMPTION DOLLARS, DAILY RECORDS

Monthly net flows
JunJulAugSepOctFebMarAprMayJunJulAug
DAILY CREATION/REDEMPTION RECORDS, TRAILING TWELVE MONTHS
The risk read
31%realized volatility, 30 days (annualized)
26%realized volatility, 1 year
-15.1%deepest fall from a peak, 1 year
-10.2%where it sits vs. that peak today

The top holding is 1.6% of the book; the top ten carry 13%. Spread across 202+ names, it behaves like roughly 157 equally-weighted positions.

VOLATILITY & DRAWDOWN FROM THE DAILY TAPE · CONCENTRATION FROM THE LATEST DISCLOSED BOOK

Options tape
1calls today
puts today
put/call ratio
2Kshares traded
Most-traded holdings, options premiumBullishBearish
AAOI APPLIED OPTOELECTRONICS$13M$17M
SLS SELLAS LIFE SCIENCES GROUP$16M$10M
HIMS HIMS & HERS HEALTH$13M$10M
CIFR CIPHER MINING$11M$12M
AXTI AXT$8M$11M

TODAY’S OPTIONS PREMIUM IN THE FUND’S UNDERLYING NAMES

The case against DWAS

Due diligence cuts both ways. These funds sit on the same shelf and beat DWAS on at least one dimension that matters — the fee, the asset base, or where the money is going.

FundFeeAssetsFlow, 1MThe case
IJH iShares Core S&P Mid-Cap ETF0.05%$128.4B+$547M-55bp on fee · 294× the assets · +$547M in over the monthHead-to-head
IUSG iShares Core S&P U.S. Growth ETF0.04%$33.8B+$668M-56bp on fee · 77× the assets · +$668M in over the monthHead-to-head
IUSV iShares Core S&P U.S. Value ETF0.04%$28.1B+$103M-56bp on fee · 64× the assets · +$103M in over the monthHead-to-head
ILCG iShares Morningstar Growth ETF0.04%$3.3B+$7M-56bp on fee · 8× the assets · +$7M in over the monthHead-to-head
IMCB iShares Morningstar Mid-Cap ETF0.04%$1.7B+$15M-56bp on fee · 4× the assets · +$15M in over the monthHead-to-head
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InstrumentsHarvest substitutesTrade cost at $1MClient tearsheetStress this fund
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