Invesco Dorsey Wright Consumer Cyclicals Momentum ETF
PEZ
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- Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (PEZ) is an exchange-traded fund that tracks the Dorsey Wright Consumer Cyclicals Technical Leaders Index, investing at least 90% of its total assets in securities comprising the index; the index identifies at least 30 U.S. consumer cyclical companies from the NASDAQ US Benchmark Index based on relative strength (price momentum) and is rebalanced and reconstituted quarterly. The fund provides exposure to momentum-driven holdings primarily in consumer discretionary sectors including hotels, restaurants and leisure (approximately 32%); specialty retail (23%); entertainment (9%); broadline retail (9%); and textiles, apparel and luxury goods (8%), with top holdings such as Carvana Co. (5%); Tapestry Inc. (4%); Royal Caribbean Cruises Ltd. (4%); DoorDash Inc. (4%); and Somnigroup International Inc. (4%) as of recent data. PEZ trades on the Nasdaq exchange under ticker PEZ (CUSIP 46137V803), with a total expense ratio of 0.78%, management fee of 0.50%, and assets under management around $29 million. Launched on October 12, 2006, and issued by Invesco Ltd., an independent global investment management firm founded in 1935 and headquartered in Atlanta, Georgia, with operations in over 20 countries. The ETF targets investors seeking momentum strategies in the U.S. consumer cyclicals segment, which encompasses mid- and small-cap growth stocks vulnerable to market volatility but selected for relative outperformance. Invesco licenses the underlying index and proprietary models from Dorsey, Wright & Associates, LLC, with no other direct relationship. Recent updates include quarterly rebalancing of holdings reflecting momentum shifts, such as increased weighting in high-momentum names like Carvana and DoorDash amid 2025 market dynamics; a June 2025 ordinary income distribution of $0.11686 per share; and ongoing performance tracking showing YTD NAV returns of approximately 2.28% as of September 30, 2025. The fund maintains its focus on U.S.-based securities (100% allocation), with no major structural changes, acquisitions, or new product launches reported in the last 1-2 years, though Invesco faced scrutiny in February 2025 from U.S. state attorneys general over China-related disclosures unrelated to PEZ. Performance data as of mid-2025 indicates 1-year NAV returns of -2.98%, 5-year annualized returns of 10.03%, and inception-to-date returns of 8.10%.