At a glance
PEZ charges 0.6% a year, above the 0.26% average of the 6 funds most like it (the most expensive of 7). It has $22.5M in assets, the 7th largest of that group; it paid 0.38% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −1.7% with distributions reinvested (S&P 500: +11.5%), 4th of those 7 funds; over three years it returned +18.8% a year. At its worst it fell 49.6% in the 2020 crash (S&P 500: 33.7%) and 35.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 17 months after the lows. Its ten largest positions make up 41.5% of the fund, out of 33 in all.
The short version
Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (PEZ) tracks the Dorsey Wright Consumer Cyclicals Technical Leaders Index, about 33 consumer stocks picked and weighted by momentum, a measure of how strongly a stock's price has outpaced the market. What sets it apart is this trend-following approach and its cost: 0.60% a year, versus a 0.26% average for six similar funds. It is also small: $22.5 million in assets as of July 31, 2026.
Price history
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PEZ -1.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| PEZ official prospectus, to Dec 31, 2025 | — | +5.58% | — | +6.79% | +9.40% | — |
| PEZ price data to Oct 27, 2026 | -4.7% | -1.7% | +18.8% | +1.7% | +9.8% | +7.6% |
- Over the year to Oct 27, 2026, PEZ returned -1.7%, 4th of 7 among similar funds.
- Its 5-year annualized return was +1.7% and its 10-year +9.8%.
- In the 2020 COVID crash it fell 49.6% and regained its old high 4.4 months after the low.
- Its worst full calendar year was 2008 (-32.5%); its best was 2013 (+39.2%).
- The deepest fall in its price history was 58.4% (Jun 4, 2007 to Mar 6, 2009), recovered by Mar 1, 2012.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -4.7% | — |
| 2025 | +5.4% | +5.58% |
| 2024 | +20.1% | +19.86% |
| 2023 | +29.5% | +29.55% |
| 2022 | -29.6% | -29.38% |
| 2021 | +20.4% | +19.99% |
| 2020 | +39.0% | +38.26% |
| 2019 | +18.1% | +18.27% |
| 2018 | -6.8% | -6.30% |
| 2017 | +19.9% | +19.33% |
| 2016 | -3.5% | -3.31% |
| 2015 | -0.8% | — |
| 2014 | +8.6% | — |
| 2013 | +39.2% | — |
| 2012 | +17.8% | — |
| 2011 | +1.2% | — |
| 2010 | +29.2% | — |
| 2009 | +25.8% | — |
| 2008 | -32.5% | — |
| 2007 | -11.2% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 54.9% over that stretch · deepest drop along the way 55.1%, back to its old high 25.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 46.9% over that stretch · deepest drop along the way 49.6%, back to its old high 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 32.5% over that stretch · deepest drop along the way 35%, back to its old high 17.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3800 | |
| 2025 | $0.1200 | 0.0% |
| 2024 | $0.1200 | -75.5% |
| 2023 | $0.4900 | +81.5% |
| 2022 | $0.2700 | +28.6% |
| 2021 | $0.2100 | -27.6% |
| 2020 | $0.2900 | +4042.9% |
| 2019 | $0.0070 | -96.3% |
| 2018 | $0.1870 | -11.0% |
| 2017 | $0.2100 | -39.7% |
| 2016 | $0.3480 | +23.0% |
| 2015 | $0.2830 | +328.8% |
| 2014 | $0.0660 | -65.1% |
| 2013 | $0.1890 | -40.8% |
| 2012 | $0.3190 | +66.1% |
| 2011 | $0.1920 | +12.9% |
| 2010 | $0.1700 | +209.1% |
| 2009 | $0.0550 | -66.3% |
| 2008 | $0.1630 | +25.4% |
| 2007 | $0.1300 |
What's inside
As of Jul 31, 2026, the fund held 33 securities; the ten largest made up 41.45% of assets. It also reported 29.03% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Victoria's Secret & Co. | 5.61% | |
| Amazon.com, Inc. | 5.46% | |
| eBay Inc. | 4.26% | |
| Delta Air Lines, Inc. | 3.87% | |
| Ross Stores, Inc. | 3.84% | |
| CVS Health Corp. | 3.82% | |
| Marriott International, Inc. | 3.73% | |
| Ford Motor Co. | 3.64% | |
| Hilton Worldwide Holdings Inc. | 3.63% | |
| Rush Street Interactive, Inc. | 3.58% | |
| Life Time Group Holdings, Inc. | 3.50% | |
| Sphere Entertainment Co. | 3.42% | |
| Cheesecake Factory Inc. (The) | 3.41% | |
| Garrett Motion Inc. | 3.24% | |
| BorgWarner Inc. | 3.22% |
By country
United States 97.94%Bahamas 2%By asset type
Stocks 99.94%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $999K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.59%, +3.97%, -1.26%.
How it works
PEZ is an index fund that aims to match the Dorsey Wright Consumer Cyclicals Technical Leaders Index, before fees. Index provider Dorsey, Wright & Associates starts with 2,000 of the largest companies in the Nasdaq US Benchmark Index and keeps only consumer discretionary, or "cyclical," businesses, whose sales tend to rise and fall with the economy: retail, autos, leisure, media and home building. Dorsey Wright decides what fits the sector, which is why CVS Health and Delta Air Lines were top-10 holdings as of July 31, 2026.
Momentum investing bets that stocks that have outperformed will keep doing so for a while. Each stock gets a proprietary momentum score from its intermediate- and long-term price moves versus a market benchmark and other eligible stocks. The index takes at least 30 top scorers and weights them by score, so stronger trends get bigger slices. As of June 30, 2026, it had 33 stocks. Using full replication, the fund owns every index stock at roughly its index weight.
Because trends shift, the lineup changes often: portfolio turnover was 187%, roughly like replacing every holding almost twice in a year, and that trading adds costs beyond the expense ratio. The fund uses no leverage and held no derivatives as of July 31, 2026. It keeps a lagging stock until the index drops it.
What it really costs
- PEZ charges 0.6% a year, versus an average of 0.26% for the similar funds below (7th of 7, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.37% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $1,120 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PEZ | $61 | $233 | $462 | $1,120 |
In a retirement portfolio
PEZ is a concentrated momentum bet on economically sensitive consumer stocks, with past drops of roughly half its value and above-average costs, so it fits as a small add-on rather than a foundation.
PEZ could add a tilt toward consumer stocks with strong price trends, but it can fall hard. In the 2008 financial crisis it dropped 58.4% from its June 2007 high to March 2009, its deepest decline, and didn't regain that high until March 2012. It fell about 50% in the 2020 COVID crash, recovering by July 2020, and 35% in the 2022 bear market, recovering only in February 2024. Its worst calendar year was 2008, down 32.5%. Anyone drawing cash in years like those would have to redeem shares at depressed prices.
Income won't cushion that: dividends over the 12 months to October 27, 2026 equaled a 0.38% yield, paid twice a year. Costs, at 0.60% a year, exceed the 0.26% average of similar funds. Past results don't predict future ones, and a plan needs to weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a rules-based momentum strategy concentrated in about 33 consumer stocks and accept frequent reshuffling, with 187% portfolio turnover.
- Investors comfortable with sharp swings: quarterly returns in the prospectus ranged from a 35.15% loss to a 35.89% gain, both in 2020.
- Investors with a broad core fund who want a small side position in retail, travel and leisure names like Marriott, Hilton and Delta.
Look elsewhere if
- Cost-focused investors: PEZ charges 0.60% a year, versus 0.09% for Vanguard Consumer Discretionary ETF (VCR) and 0.08% for XLY.
- Retirees seeking income: the yield over the 12 months to October 27, 2026 was just 0.38%, paid twice a year.
- Anyone who may need the money within a few years: PEZ fell 58.4% from June 2007 to March 2009 and recovered only in March 2012.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PEZ this fund | — | 0.6% | $22.5M | -1.7% | +18.8% |
| PEJ Invesco Leisure and Entertainment ETF | 20% | 0.57% | $255.9M | +9.4% | +23.7% |
| XLY Consumer Discretionary Select Sector SPDR F… | 14% | 0.08% | $22.59B | -0.5% | -8.0% |
| RTH VanEck Retail ETF | 13% | 0.35% | $248.4M | +7.1% | +18.6% |
| FDIS Fidelity MSCI Consumer Discretionary Index … | 13% | 0.084% | $1.68B | -2.3% | +16.4% |
| VCR Vanguard Consumer Discretionary ETF | 13% | 0.09% | $6.63B | -2.6% | +16.3% |
| IYC iShares U.S. Consumer Discretionary ETF | 12% | 0.39% | $1.19B | -4.2% | +17.0% |
Questions investors ask
What stocks are in PEZ?
As of July 31, 2026, PEZ held 33 stocks, with the 10 largest making up about 41% of assets. The top positions were Victoria's Secret (5.6%), Amazon (5.5%), eBay (4.3%), Delta Air Lines (3.9%), Ross Stores (3.8%), CVS Health (3.8%), Marriott (3.7%), Ford (3.6%), Hilton (3.6%) and Rush Street Interactive (3.6%). Because holdings follow momentum scores and portfolio turnover was 187%, this list can change quickly.
Does PEZ pay dividends?
Yes, but very little. PEZ pays dividends twice a year, and its yield over the 12 months to October 27, 2026 was 0.38%. The fund picks stocks for price momentum, not for income, so payouts depend on whatever companies it happens to hold. Retirees who rely on a portfolio for regular cash flow would need to find most of that income elsewhere.
What is the expense ratio of PEZ?
PEZ's expense ratio is 0.60% a year, according to the prospectus filed August 27, 2026. That's the highest of seven similar funds compared here: the other six average 0.26%, and three charge 0.09% or less. In the SEC's standard example, which assumes $10,000 invested and a 5% yearly return, costs would total about $61 after one year, $462 after five years and $1,120 after 10 years. Heavy trading, with 187% turnover, adds costs not included in that ratio.
What's the difference between PEZ and XLY?
The biggest differences are approach, cost and size. PEZ holds about 33 consumer stocks chosen and weighted by momentum, and only about 14% of its holdings overlap with the Consumer Discretionary Select Sector SPDR Fund (XLY). XLY charges 0.08% a year versus PEZ's 0.60%, and it had about $22.6 billion in net assets as of June 30, 2026, against roughly $22.5 million for PEZ as of July 31, 2026. PEZ's closest match by holdings is the Invesco Leisure and Entertainment ETF (PEJ), at about 20% overlap.
How has PEZ performed over the long term?
Its long-term returns have been positive but bumpy. According to the prospectus, PEZ returned an average of 9.40% a year over the 10 years through December 31, 2025, and 6.79% a year over five years. Between 2016 and 2025, calendar-year results ranged from a 38.26% gain in 2020 to a 29.38% loss in 2022. Based on market price, it returned 9.8% a year over the 10 years to October 27, 2026, but lost 1.7% over the prior 12 months.