At a glance
PFI charges 0.6% a year, above the 0.27% average of the 6 funds most like it (the 6th cheapest of 7). It has $59.3M in assets, the 7th largest of that group; it paid 1.22% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +0.8% with distributions reinvested (S&P 500: +11.5%), the weakest of those 7 funds; over three years it returned +16.1% a year. At its worst it fell 43.1% in the 2020 crash (S&P 500: 33.7%) and 29.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 25 months after the lows. Its ten largest positions make up 36.8% of the fund, out of 37 in all.
The short version
Invesco Dorsey Wright Financial Momentum ETF (PFI) is an index fund that holds U.S. financial stocks with the strongest recent price trends, as chosen by the Dorsey Wright Financials Technical Leaders Index. Unlike broad financials funds such as XLF, it weights each stock by its momentum score and trades heavily, with 153% turnover. It costs 0.60% a year. That is far more than XLF's 0.08% or the 0.27% average among similar funds.
Price history
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PFI +0.8% 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 | |
|---|---|---|---|---|---|---|
| PFI official prospectus, to Dec 31, 2025 | — | +2.19% | — | +7.94% | +8.31% | — |
| PFI price data to Oct 27, 2026 | +1.5% | +0.8% | +16.1% | +2.1% | +8.8% | +5.8% |
- Over the year to Oct 27, 2026, PFI returned +0.8%, 7th of 7 among similar funds.
- Its 5-year annualized return was +2.1% and its 10-year +8.8%.
- In the 2020 COVID crash it fell 43.1% and regained its old high 8.8 months after the low.
- Its worst full calendar year was 2008 (-27.2%); its best was 2013 (+40.5%).
- The deepest fall in its price history was 59.5% (Jun 4, 2007 to Mar 9, 2009), recovered by Jul 12, 2013.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +1.5% | — |
| 2025 | +2.0% | +2.19% |
| 2024 | +30.6% | +30.59% |
| 2023 | +12.5% | +12.54% |
| 2022 | -24.1% | -24.16% |
| 2021 | +28.7% | +28.67% |
| 2020 | +13.9% | +13.47% |
| 2019 | +36.5% | +36.63% |
| 2018 | -17.2% | -16.66% |
| 2017 | +15.0% | +14.82% |
| 2016 | +2.1% | +2.17% |
| 2015 | +1.3% | — |
| 2014 | +6.3% | — |
| 2013 | +40.5% | — |
| 2012 | +19.5% | — |
| 2011 | -4.6% | — |
| 2010 | +14.7% | — |
| 2009 | -5.1% | — |
| 2008 | -27.2% | — |
| 2007 | -2.6% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 57.8% over that stretch · deepest drop along the way 57.9%, back to its old high 50.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 43.1% over that stretch · deepest drop along the way 43.1%, back to its old high 8.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 26.4% over that stretch · deepest drop along the way 29.8%, back to its old high 25 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5800 | |
| 2025 | $0.3900 | -75.3% |
| 2024 | $1.5800 | +92.7% |
| 2023 | $0.8200 | +3.8% |
| 2022 | $0.7900 | +12.9% |
| 2021 | $0.7000 | +4.5% |
| 2020 | $0.6700 | +89.8% |
| 2019 | $0.3530 | -37.6% |
| 2018 | $0.5660 | +356.5% |
| 2017 | $0.1240 | -81.3% |
| 2016 | $0.6630 | +49.7% |
| 2015 | $0.4430 | +30.7% |
| 2014 | $0.3390 | -14.8% |
| 2013 | $0.3980 | +49.6% |
| 2012 | $0.2660 | +37.1% |
| 2011 | $0.1940 | -39.6% |
| 2010 | $0.3210 | +49.3% |
| 2009 | $0.2150 | -6.1% |
| 2008 | $0.2290 | -5.8% |
| 2007 | $0.2430 |
What's inside
As of Jul 31, 2026, the fund held 37 securities; the ten largest made up 36.82% of assets. It also reported 11.23% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Enova International, Inc. | 4.60% | |
| JPMorgan Chase & Co. | 4.32% | |
| Victory Capital Holdings, Inc. | 3.93% | |
| Interactive Brokers Group, Inc. | 3.64% | |
| State Street Corp. | 3.55% | |
| Morgan Stanley | 3.54% | |
| Sezzle Inc. | 3.41% | |
| Simon Property Group, Inc. | 3.29% | |
| Principal Financial Group, Inc. | 3.27% | |
| Bank of New York Mellon Corp. (The) | 3.26% | |
| WisdomTree, Inc. | 3.17% | |
| KeyCorp | 3.15% | |
| Popular, Inc. | 2.98% | |
| Goldman Sachs Group, Inc. (The) | 2.97% | |
| StoneX Group Inc. | 2.89% |
By country
United States 94.53%Puerto Rico 5.38%By asset type
Stocks 99.92%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $23.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.78%, +4.12%, +2.83%.
How it works
Dorsey, Wright & Associates builds the index. It starts with the 2,000 largest companies in the Nasdaq US Benchmark Index. Then it uses its own method to give each stock a momentum score. Momentum is the tendency of stocks that have risen faster than others to keep doing so for a while. The score compares each stock's price gains over intermediate and long periods with a market benchmark and with other eligible stocks.
The index takes at least 30 of the highest-scoring stocks from the financials sector: banks, investment services, insurance and real estate finance. Each stock is weighted by its momentum score, not by company size. As of June 30, 2026, the index held 37 stocks worth between $1.1 billion and $877.0 billion. The fund uses full replication, which means it buys every stock in the index at the index's weights. That is how Enova International (4.6% as of July 31, 2026) could outweigh JPMorgan Chase (4.3%).
Stocks enter and leave the index as their momentum changes, and the fund follows those changes. It does not trade on its own judgment. Portfolio turnover was 153%, so the fund replaced more than its whole portfolio over a year. The prospectus warns that this much trading can raise brokerage costs. The fund uses no leverage. The July 31, 2026 holdings report showed no derivatives. The fund also owns real estate investment trusts (REITs) such as Simon Property Group.
What it really costs
- PFI charges 0.6% a year, versus an average of 0.27% for the similar funds below (6th of 7, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.18% 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 $932 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PFI | $61 | $212 | $397 | $932 |
In a retirement portfolio
PFI is a narrow, high-turnover bet on momentum within one sector, and it has fallen much further than the broad market in past crises.
PFI could add a tilt toward financial stocks that are trending upward, but it has been a bumpy ride. It fell 57.9% in the 2008 financial crisis and took about 50 months to recover, in May 2013. It dropped 43.1% in early 2020 and 29.8% in 2022, and the 2022 loss took 25 months to recover. Its worst calendar year was 2008, down 27.2%. Anyone selling shares to cover spending during a slump like that would lock in losses. The trailing yield was 1.22% as of October 27, 2026, paid quarterly, so the fund is not much of an income source. Costs are high for the category: 0.60% a year, or $932 over 10 years on $10,000 in the SEC's standard example. Past results don't predict future returns, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small momentum-driven slice of financials, weighted by price strength rather than company size.
- People who can sit through deep drops like PFI's 57.9% fall in 2008 and its 29.8% fall in 2022.
- Those who want smaller financial names like Enova, Victory Capital and Sezzle held alongside giants such as JPMorgan Chase and Morgan Stanley.
Look elsewhere if
- Cost-focused investors: the 0.60% expense ratio compares with 0.08% for XLF and 0.09% for VFH.
- Income seekers: the trailing yield was 1.22% as of October 27, 2026, paid quarterly.
- Anyone wanting broad diversification: PFI held 37 stocks from one sector as of July 31, 2026, with 153% annual turnover.
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 |
|---|---|---|---|---|---|
| PFI this fund | — | 0.6% | $59.3M | +0.8% | +16.1% |
| IYF iShares U.S. Financials ETF | 18% | 0.39% | $4.43B | +6.7% | +24.4% |
| IYG iShares U.S. Financial Services ETF | 17% | 0.39% | $2.17B | +6.1% | +26.1% |
| XLF Financial Select Sector SPDR Fund | 16% | 0.08% | $51.35B | +9.9% | +22.7% |
| VFH Vanguard Financials ETF | 16% | 0.09% | $14.77B | +10.0% | +23.4% |
| FNCL Fidelity MSCI Financials Index ETF | 16% | 0.084% | $2.38B | +6.5% | +23.6% |
| DDIV First Trust Dorsey Wright Momentum & Divide… | 12% | 0.6% | $67.6M | +15.8% | +22.2% |
Questions investors ask
What does PFI invest in?
PFI tracks the Dorsey Wright Financials Technical Leaders Index, which holds at least 30 U.S. financial stocks with the highest momentum scores. As of July 31, 2026, the fund held 37 stocks. The largest were Enova International (4.6%), JPMorgan Chase (4.3%), Victory Capital (3.9%), Interactive Brokers (3.6%) and State Street (3.6%). The top 10 made up 36.8% of the fund. It also owns REITs such as Simon Property Group, plus Puerto Rico-based Popular, Inc.
What's the difference between PFI and IYF?
They pick stocks very differently and overlap only a little. The iShares U.S. Financials ETF (IYF) shares the most holdings with PFI, but that is only 18%. PFI picks financial stocks by momentum. IYF charges 0.39% a year, compared with PFI's 0.60%. IYF is also much bigger: about $4.4 billion in net assets versus $59.3 million as of July 31, 2026. As of October 27, 2026, IYF returned 6.7% over one year and 24.4% a year over three years. PFI returned 0.8% and 16.1%.
Does PFI pay dividends?
Yes. PFI pays dividends quarterly. Over the 12 months through October 27, 2026, it paid $0.71 per share, a trailing yield of 1.22%. That is modest, because the index picks stocks for price momentum, not for dividends. The payments come from the financial companies and REITs the fund holds. Amounts can change from quarter to quarter as holdings rotate.
How has PFI performed over the long term?
PFI returned an average of 8.31% a year over the 10 years through December 31, 2025, and 7.94% a year over five years, according to its prospectus. Year-to-year results swung widely. It gained 36.63% in 2019 and 30.59% in 2024, and lost 24.16% in 2022 and 16.66% in 2018. Based on price, it gained 0.8% in the year through October 27, 2026. That was the lowest one-year return in a group of seven financials funds.
Is PFI a risky ETF?
Yes, it is riskier than a broad stock fund. Its volatility over three years was 20.7%. Volatility measures how much returns swing around their average. Its worst quarter was a 24.04% loss in early 2020. Its deepest fall was 59.5%, from June 2007 to March 2009, and it did not recover until July 2013. The prospectus warns that momentum can turn quickly and that one-sector concentration leaves the fund exposed to interest-rate and regulatory shocks.