What Is the DWAS ETF? Returns, Expense Ratio, Holdings, and Alternative ETFs at a Glance
The Invesco Dorsey Wright SmallCap Momentum ETF (DWAS) is a rules-based product that selects small caps with strong relative strength. Its momentum screening structure and how its strategy and market-cap segment differ from MTUM, SPMO, and XSMO are the key selection criteria.
SubscribeWhat Is the Invesco Dorsey Wright SmallCap Momentum ETF?
This is a rules-based ETF that invests in US small caps with strong price relative strength. It identifies small companies with pronounced momentum, overweights them, and rotates its holdings on a regular schedule.
It applies a momentum strategy to small caps, which makes it suitable for active investors willing to tolerate the high volatility and turnover that come with both small caps and momentum.
It is a passively managed (index-tracking) ETF run by Invesco.
How Does the Invesco Dorsey Wright SmallCap Momentum ETF Invest?
| Item | Details |
|---|---|
| Investment target | US small-cap momentum stocks |
| Management style | Passive (relative strength rules) |
| Selection criterion | Price relative strength |
| Dividend frequency | Quarterly |
| Total expense ratio | 0.60% |
The fund selects US small caps with strong price relative strength and overweights them, periodically reassessing momentum and rotating holdings. It applies the Dorsey Wright relative strength approach to small caps, concentrating on companies with strong momentum and following a rules-based strategy that seeks exposure different from simple market-cap weighting.
- Small-cap momentum screening
- Relative strength based holding rotation
Invesco Dorsey Wright SmallCap Momentum ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $393.0M, and the total expense ratio (Expense Ratio) is 0.60% per year.
The main point of comparison is its small-cap momentum screening versus simple market-cap weighted small-cap ETFs and large-cap momentum ETFs.
Invesco Dorsey Wright SmallCap Momentum ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeSmall-cap momentum strategies tend to be strong when trends persist and to see sharp corrections when trends reverse abruptly. Because small-cap and momentum characteristics overlap, volatility is very high and turnover tends to be elevated.
Fund flows into small-cap momentum products diverge widely depending on risk appetite, trends, and the economic outlook, and money sometimes moves into this group of products when small-cap momentum strengthens. It is also worth noting that capital can leave quickly when trends reverse.
Invesco Dorsey Wright SmallCap Momentum ETF Pros and Cons
Small-cap momentum screening is its strength, while trend-reversal corrections, small-cap volatility, and high turnover are considerations.
💪 Key Strengths
⚠️ Points to Watch
Invesco Dorsey Wright SmallCap Momentum ETF Alternative ETFs and Related Products
For broad small-cap exposure without momentum, direct substitutes include IWM and IJR, and for a focus on small-cap value stocks, products such as VBR are also worth comparing. The three products shown in the table, MTUM, SPMO, and XSMO, use large-cap, mid-cap, and small-cap momentum strategies respectively, differing in market-cap segment and methodology. This ETF is differentiated by applying relative strength momentum to small caps.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 SPMO | Invesco S&P 500 Momentum ETF | $129.64 | -0.2% | $20.4B | 0.13% | 0.85% | +7.3% |
 MTUM | iShares MSCI USA Momentum Factor ETF | $66.73 | -0.2% | $16.8B | 0.15% | 0.7% | +5.7% |
 XMMO | Invesco S&P MidCap Momentum ETF | $135.19 | +0.2% | $6.4B | 0.34% | 0.73% | -1.8% |
 XSMO | Invesco S&P SmallCap Momentum ETF | $80.37 | +0.1% | $2.8B | 0.35% | 0.64% | +11.0% |
 JMOM | JPMorgan U.S. Momentum Factor ETF | $78.10 | -0.1% | $2.7B | 0.12% | 0.8% | +13.3% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
| SNDK | Sandisk Corp | 0.03% | $859.99 | -3.0% | $122.4B | 6.9 | - |
 SEZL | Sezzle Inc | 0.04% | $149.28 | -1.0% | $5.0B | 28.6 | - |
 PL | Planet Labs PBC | 0.04% | $14.27 | -0.7% | $5.2B | - | - |
 BELFB | Bel Fuse Inc | 0.03% | $223.38 | -0.4% | $3.1B | 57.1 | 0.12% |
 ERAS | Erasca Inc | 0.02% | $15.48 | -0.8% | $5.4B | - | - |
 TPC | Tutor Perini Corp | 0.01% | $97.43 | +2.9% | $5.1B | 37.0 | 0.31% |
Invesco Dorsey Wright SmallCap Momentum ETF Investor Checkpoints
Here are the points to review before investing in DWAS. Small-cap momentum screening is its appeal, but trend-reversal corrections, small-cap volatility, and high turnover should be checked in advance. It is also a good idea to compare it with simple small-cap products and large-cap momentum products.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 📈 Momentum screening | Review the relative strength criteria and selection method | Momentum reflected |
| ⚡ Volatility | Review small-cap and momentum volatility | Very high |
| 🔄 Trend reversal | Review correction risk when trends reverse | Correction possible |
| ♻️ Turnover | Review the frequency of holding rotation | Can be high |
Sharp corrections during abrupt momentum reversals, small-cap volatility, and high turnover are the main variables for short-term performance, and a rules-based strategy can diverge from the market average depending on the period. Given the nature of small-cap momentum, drawdowns can be large during market crashes.
It is a suitable candidate for active investors who want to invest in small caps through a momentum strategy. If you want broad small-cap exposure without momentum, consider products like IWM and IJR, and if you want small-cap relative strength momentum, compare this product alongside them before choosing.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 10, 2026.
Today's 5 AI picks, all free