DWAS offers a technical take on US small-caps, differentiating it from the large field of competing ETFs. The fund aims to outperform standard market cap-weighted ETFs using relative price trends as interpreted by Dorsey Wright, rather than market value or fundamental attributes. DWAS selects just 200 stocks for its portfolio each quarter, which makes it far more concentrated than rivals like IWM, which holds nearly 2,000 small-caps. The resulting portfolio can vary greatly from vanilla ETFs in both holdings and performance, and tilts toward small- and micro-caps compared to our benchmark. The fund uses a full replication indexing strategy, meaning DWAS will generally invest in all of the stocks of the underlying index and in proportion to the weightings. Investors should consider all-in costs of holding the fund. The index is reconstituted and rebalanced quarterly. Prior to August 28, 2023, the fund traded under the name Invesco DWA SmallCap Momentum ETF.
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