PYZ provides an alternate take on US basic materials firms. These firms are principally engaged in producing raw materials, including paper, wood products, chemicals, construction materials, and mining and metals. The fund follows a Dorsey-Wright relative strength index that selects and weights stocks by price momentum. The portfolio consists of at least 30 stocks with the highest momentum score. PYZ uses a full replication indexing strategy, meaning the fund generally invests 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 fund is reconstituted and rebalanced quarterly. PYZ changed indexes in February 2014. The old version of the fund tracked a US materials index with multi-factor security selection coupled with a tiered equal-weighting scheme. Prior to August 28, 2023, the ETF's name was Invesco DWA Basic Materials Momentum ETF.
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