What Is the PIE ETF? A Complete Guide to Returns, Expense Ratio, Holdings and Alternative ETFs
The Invesco DWA Emerging Markets Momentum ETF (PIE) uses the Dorsey Wright relative strength methodology to select large-cap emerging market stocks with strong trends. The key selection criteria are how its fees, dividends and strategy differ from low-cost core ETFs such as VWO and EEM.
SubscribeWhat Is the Invesco DWA Emerging Markets Momentum ETF?
The fund tracks the Dorsey Wright Emerging Markets Technical Leaders Index and holds the emerging market large caps with the highest relative strength. It is a rule-based smart beta ETF that invests most of its underlying assets in the index constituents.
It suits investors who want to approach emerging markets through the momentum factor and who prefer a trend-following strategy.
It is a passively managed (index-tracking) ETF run by Invesco.
How Does the Invesco DWA Emerging Markets Momentum ETF Invest?
| Item | Details |
|---|---|
| Tracked Index | Dorsey Wright Emerging Markets Technical Leaders Index |
| Management Style | Passive (rule-based smart beta) |
| Rebalancing Frequency | Quarterly |
| Dividend Frequency | Quarterly |
| Expense Ratio | 0.90% |
Rather than simply weighting by market capitalization, the fund uses Dorsey Wright relative strength scores to assess the trend strength of emerging market large caps and selects a large number of stocks. Stocks whose momentum has weakened are replaced at rebalancing, so the portfolio stays focused on stocks with strong trends.
- Momentum selection based on relative strength
- Emerging market-focused smart beta exposure
Invesco DWA Emerging Markets Momentum ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $263.6M, and the expense ratio is 0.90% per year.
Unlike broad market-cap-weighted emerging market ETFs such as EEM and VWO, it selects stocks using rule-based momentum, and its cost burden is somewhat higher.
Invesco DWA Emerging Markets Momentum ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeReturns depend on the trajectory of emerging market equities and the performance of the momentum factor. The fund tends to be strong in trending markets, but factor performance can waver in highly volatile phases. Its performance over different periods is quite volatile.
Fund flows split depending on emerging market risk appetite and the strength of the US dollar. As a momentum factor ETF, it is a category where trend-following demand and outflows during risk-off phases appear together.
Invesco DWA Emerging Markets Momentum ETF Strengths and Weaknesses
Rule-based momentum selection is its strength, but the cost burden and the volatility of both the factor and emerging markets act as weaknesses.
💪 Key Strengths
⚠️ Points to Watch
Invesco DWA Emerging Markets Momentum ETF Alternative ETFs and Related Products
If you want broad emerging market core exposure, market-cap-weighted, low-cost ETFs such as VWO, IEMG and EEM are the direct comparisons, and they hold the emerging market broadly without momentum selection. If you want to exclude China, you can consider a China-excluded ETF such as EMXC. Within the same momentum factor category, comparisons include PIZ, the developed-market version from the same issuer, the international momentum factor ETFs IMTM and IDMO, and the emerging market value-and-momentum combination ETFs UIVM and UEVM. These differ from PIE in issuer, fees and strategy details.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 IDMO | Invesco S&P International Developed Momentum ETF | $58.87 | +0.2% | $4.2B | 0.25% | 2.39% | +12.2% |
 IMTM | iShares MSCI Intl Momentum Factor ET | $51.46 | +0.3% | $4.2B | 0.30% | 2.33% | +10.5% |
 PIZ | Invesco Dorsey Wright Developed Markets Momentum ETF | $50.11 | +0.5% | $606.3M | 0.80% | 1.86% | +4.8% |
 UIVM | VictoryShares International Value Momentum ETF | $73.43 | +0.7% | $330.0M | 0.35% | 4.3% | +20.2% |
 UEVM | VictoryShares Emerging Markets Value Momentum ETF | $57.90 | +0.0% | $241.2M | 0.45% | 3.16% | +3.8% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
| TSM | Taiwan Semiconductor Manufacturing ADR | 0.06% | $425.08 | +1.2% | $2.20T | 27.4 | 0.98% |
| ASX | ASE Technology Holding CoLtd ADR | 0.03% | $40.77 | -0.1% | $89.6B | 47.7 | 1.53% |
| BAP | Credicorp Ltd | 0.01% | $390.55 | +1.7% | $31.0B | 14.4 | 3.98% |
 FFBC | First Financial Bancorp | 0.01% | $31.84 | +1.8% | $3.3B | 11.3 | 3.2% |
 SSL | Sasol Ltd ADR | 0.01% | $15.93 | +1.5% | $10.1B | 14.1 | 4.64% |
 KNSA | Kiniksa Pharmaceuticals International Plc | 0.01% | $83.17 | +4.6% | $6.5B | 84.6 | - |
| ITUB | Itau Unibanco Holding SA ADR | 0.01% | $9.70 | +2.9% | $52.4B | 12.6 | 6.04% |
Invesco DWA Emerging Markets Momentum ETF Investor Checkpoints
These are the points to review before investing in PIE. As an emerging market momentum ETF, it is worth checking the cost burden, the volatility of the momentum factor and the exposure to emerging market currencies in advance, and it is also wise to see whether it overlaps with the core exposure in your own portfolio.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense Ratio | Check the impact of cumulative costs over a long holding period | Somewhat high |
| 📊 Strategy | Understand the relative strength momentum selection method | Rule-based management |
| 🌏 Country Diversification | Check country and regional weights in emerging markets | Broadly diversified |
| 💱 Currency | Impact of emerging market currency fluctuations | No currency hedge |
The risk of momentum factor trend reversals and the currency and policy volatility unique to emerging markets are the main factors that shake short-term returns. Even after performing strongly in trending markets, the fund can see larger drawdowns when volatility rises.
It is a differentiated choice for investors who want to approach emerging markets through the momentum factor. If you prioritize low-cost, broad core exposure, core ETFs such as VWO and IEMG are a better fit, while PIE suits those who want rule-based trend selection.
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 18, 2026.
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