Invesco Dorsey Wright SmallCap Momentum ETF (DWAS) is a momentum-factor ETF. As of October 9, 2026, ETF Copilot scores DWAS 3.3 out of 10 — highest on Value (6.8), lowest on Quality (0.5). It trades at 17.0 times earnings, against its own median of 19.8. Its ten largest holdings are 13% of the fund.
What stands out in DWAS's data
Tracks U.S. small-cap stocks selected for price and earnings growth.
Earnings margins trail most peers — the fund relies on price momentum, not current profitability.
EBITDA margin of 11.6% lags the 26.4% category median, behind most peers. Trailing P/E multiple of 17.0x is below average for the group.
Provides a focused small-cap momentum exposure for a portfolio already holding broader market exposure.
Why did DWAS move this week? It fell 1.7% in the week to October 9, 2026 — Aehr Test Systems and Frequency Electronics drove it
DWAS fell 1.7% in the week to October 9, 2026. The holdings that moved it most were Aehr Test Systems (−21.1%), Frequency Electronics (−12.7%) and 10X Genomics (−13.7%); Xometry (+8.3%) pushed the other way.
How is DWAS rated? ETF Copilot scores Invesco Dorsey Wright SmallCap Momentum ETF (DWAS) 3.3 out of 10
As of October 9, 2026, ETF Copilot scores Invesco Dorsey Wright SmallCap Momentum ETF (DWAS) 3.3 out of 10 overall.
ETF Copilot scores (0–10 scale, higher is better):
- Overall: 3.3 / 10
- Growth: 3.4 / 10
- Value: 6.8 / 10
- Risk: 1.7 / 10
- Quality: 0.5 / 10
- Return: 3.9 / 10
Is DWAS expensive right now? It trades at 17.0 times earnings, against its own median of 19.8
As of October 9, 2026, DWAS is cheaper than 67% of its own 98 monthly readings since 2017 — 32 of those months were cheaper than today.
Trailing twelve-month, computed by ETF Copilot from the fund's holdings rather than quoted from a data provider, and rebuilt nightly.
What's inside DWAS? 14% Tech
What's inside DWAS: Size (Large 0%, Mid 26%, Small 73%); Geography (International 2%, US 98%); Tech 14.0%; AI 0.6%; Semiconductors 3.3%.
What are DWAS's top holdings? The ten largest are 13% of the fund
Amneal Pharmaceuticals, Aehr Test Systems, Acadian Asset Management, Frequency Electronics, Alto Neuroscience, Semtech, Victory Capital, Adaptive Biotechnologies, Oruka Therapeutics and Replimune are DWAS's largest holdings, in that order.
Less concentrated than 89% of Momentum ETFs.
Half of DWAS's weight sits in its 70 largest positions, and once those weights are taken into account it behaves like 161 equally weighted holdings.
What is DWAS's expense ratio? 0.60% a year
As of October 9, 2026, DWAS charges 0.60% a year and holds $394M in assets across 200 positions.
| Measure | DWAS |
|---|---|
| Expense ratio | 0.60% |
| Assets under management | $394M |
| Holdings | 200 |
Expense ratio, dividend yield and assets under management are reported by the fund and refreshed daily. Every other figure on this page is computed by ETF Copilot.
Cite this
ETF Copilot, “Invesco Dorsey Wright SmallCap Momentum ETF (DWAS) scores and holdings analysis”, as of October 9, 2026.
https://etf-copilot.com/etf/dwas
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