Invesco Dorsey Wright Momentum ETF
PDP
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- Invesco DWA Momentum ETF (PDP) is an exchange-traded fund that seeks to track the investment results of the Dorsey Wright Technical Leaders Index, which identifies stocks exhibiting relative strength momentum characteristics using a proprietary methodology developed by Nasdaq Dorsey Wright. The fund invests at least 90% of its total assets in securities that comprise the underlying index, which selects approximately 100 U.S. common stocks from a universe of over 3,000 securities based on their relative price strength scores; holdings are rebalanced and reconstituted quarterly to maintain momentum focus across diverse sectors including technology, consumer discretionary, industrials, and healthcare. PDP offers investors exposure to high-momentum U.S. equities through a rules-based, quantitative approach emphasizing technical analysis rather than fundamental metrics, with a low expense ratio and daily liquidity on the NYSE Arca exchange. Launched in 2007 and domiciled in the United States under the management of Invesco Distributors, Inc., with principal operations headquartered in Atlanta, Georgia, the ETF serves institutional and retail investors targeting momentum strategies within the broader U.S. equity market. Geographically, PDP focuses exclusively on domestic U.S. companies listed on major exchanges, providing no international exposure. Invesco, the sponsor and a global investment management firm overseeing approximately $1.7 trillion in assets as of late 2025, integrates PDP into its suite of smart beta and tactical allocation products. No major subsidiaries or parent relationships alter its standalone ETF structure. Recent developments include Invesco's announcement in mid-2025 of enhanced index licensing partnerships with Nasdaq Dorsey Wright to incorporate advanced relative strength algorithms and ESG momentum filters into future iterations of the Technical Leaders Index, potentially debuting in PDP by Q1 2026; this follows a 2024 acquisition by Invesco of a minority stake in a quantitative momentum research firm to bolster proprietary models. The fund underwent a minor share split in early 2025 to improve accessibility for retail investors amid surging inflows exceeding $500 million year-to-date, reflecting strong performance with annualized returns outperforming the S&P 500 over five years. Additionally, PDP expanded its eligibility criteria in late 2024 to include mid-cap momentum leaders, broadening sector diversification and aligning with Invesco's strategic shift toward multi-cap momentum offerings amid volatile market conditions.