Invesco Dorsey Wright SmallCap Momentum ETF (IV0B)
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DWAS: A Small-Cap Momentum Fund Lagging Peers
The Invesco Dorsey Wright SmallCap Momentum ETF has a strong growth profile but has underperformed other small-cap momentum funds like XSMO and USVM since 2021. DWAS focuses on U.S. small-cap companies with strong relative performance, heavily weighted towards industrials and technology sectors, and has a high turnover rate. Despite outperforming the Russell 2000 index over time, DWAS has higher volatility, lower liquidity, and higher expense ratios compared to peer funds.
DWAS: Excessively Risky SMID Strategy With Bleak Returns
DWAS offers exposure to small- and mid-cap names with convincing momentum characteristics. Yet, its strategy of capitalizing on SMID stocks that were on a tear did not translate into meaningful and consistent outperformance in the past. Its historical risk-adjusted returns are much weaker than those of IVV and IJR, owing to its volatility, which, in turn, is likely influenced by soft quality.
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Rate cuts are coming, it seems, with the U.S. economy slowing down precipitously in July. Market watchers are increasingly seeing a potential 50 basis point (bps) cut in September with potentially even more cuts after that.
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Invesco Dorsey Wright SmallCap Momentum ETF Profile
| XBER Exchange | US Country |
Overview
The company is focused on offering investment opportunities by primarily investing in a collection of securities that are part of the underlying index. This index is meticulously selected from a larger pool of securities, specifically targeting those ranked from 1,001 to 3,000 based on market capitalization within the NASDAQ US Benchmark Index™. With a commitment to invest at least 90% of its total assets in these securities, the company aims to provide a strategic investment platform that aligns with the diverse needs and preferences of investors seeking exposure to a segment of the market that is often underrepresented.
Products and Services
- Securities Investment
The core product offered is the investment in securities that form part of the underlying index. This product is designed for investors seeking to diversify their portfolio by including a mix of companies ranked 1,001 to 3,000 by market capitalization within the NASDAQ US Benchmark Index™. It appeals to those looking for exposure to mid to small-cap companies that have the potential for growth.
