At a glance
PIE charges 0.9% a year, above the 0.24% average of the 6 funds most like it (the most expensive of 7). It has $228.3M in assets, the 6th largest of that group; it paid 2.3% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +38.1% with distributions reinvested (S&P 500: +11.5%), the best of those 7 funds; over three years it returned +25.6% a year. At its worst it fell 34.1% in the 2020 crash (S&P 500: 33.7%) and 35.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 35 months after the lows. Its ten largest positions make up 25.1% of the fund, out of 101 in all.
The short version
Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE) tracks the Dorsey Wright Emerging Markets Tech Leaders Index. The index holds about 100 emerging-market stocks, picked and weighted by price momentum. The fund charges 0.90% a year, well above the 0.24% average of similar funds, and it trades heavily, with 204% portfolio turnover. As of July 31, 2026, Taiwan made up about 53% of the fund, so it can behave very differently from a broad emerging-markets fund.
Price history
The interactive chart needs JavaScript.
PIE +38.1% 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 | |
|---|---|---|---|---|---|---|
| PIE official prospectus, to Dec 31, 2025 | — | +25.49% | — | +3.18% | +6.93% | — |
| PIE price data to Oct 27, 2026 | +39.8% | +38.1% | +25.6% | +8.3% | +9.7% | +2.9% |
- Over the year to Oct 27, 2026, PIE returned +38.1%, 1st of 7 among similar funds.
- Its 5-year annualized return was +8.3% and its 10-year +9.7%.
- In the 2020 COVID crash it fell 34.1% and regained its old high 3.6 months after the low.
- Its worst full calendar year was 2008 (-62.8%); its best was 2009 (+57.7%).
- The deepest fall in its price history was 73% (Jan 10, 2008 to Mar 2, 2009), recovered by Dec 17, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +39.8% | — |
| 2025 | +26.0% | +25.49% |
| 2024 | -0.3% | +0.56% |
| 2023 | +13.7% | +13.44% |
| 2022 | -28.8% | -27.89% |
| 2021 | +14.3% | +13.28% |
| 2020 | +21.3% | +21.19% |
| 2019 | +26.1% | +25.34% |
| 2018 | -22.0% | -21.24% |
| 2017 | +41.8% | +39.49% |
| 2016 | +0.0% | +0.15% |
| 2015 | -14.2% | — |
| 2014 | -2.9% | — |
| 2013 | -1.1% | — |
| 2012 | +17.5% | — |
| 2011 | -12.5% | — |
| 2010 | +25.1% | — |
| 2009 | +57.7% | — |
| 2008 | -62.8% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32.4% over that stretch · deepest drop along the way 34.1%, back to its old high 3.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 35.1% over that stretch · deepest drop along the way 35.2%, back to its old high 34.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5100 | |
| 2025 | $0.5400 | +20.0% |
| 2024 | $0.4500 | -11.8% |
| 2023 | $0.5100 | -16.5% |
| 2022 | $0.6110 | +85.2% |
| 2021 | $0.3300 | +6.5% |
| 2020 | $0.3100 | -29.5% |
| 2019 | $0.4400 | -13.7% |
| 2018 | $0.5100 | +52.2% |
| 2017 | $0.3350 | +53.0% |
| 2016 | $0.2190 | +81.0% |
| 2015 | $0.1210 | +30.1% |
| 2014 | $0.0930 | -58.3% |
| 2013 | $0.2230 | +75.6% |
| 2012 | $0.1270 | 0.0% |
| 2011 | $0.1270 | +104.8% |
| 2010 | $0.0620 | -41.0% |
| 2009 | $0.1050 | +66.7% |
| 2008 | $0.0630 |
What's inside
As of Jul 31, 2026, the fund held 101 securities; the ten largest made up 25.15% of assets. It also reported 4.5% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.01% | |
| Topco Scientific Co., Ltd. | 2.98% | |
| Wanguo Gold Group Ltd. | 2.75% | |
| Accton Technology Corp. | 2.75% | |
| United Integrated Services Co., Ltd. | 2.65% | |
| Marketech International Corp. | 2.35% | |
| Yankey Engineering Co., Ltd. | 2.24% | |
| Sigurd Microelectronics Corp. | 2.19% | |
| Chroma ATE Inc. | 2.14% | |
| Zijin Mining Group Co. Ltd. | 2.08% | |
| Magyar Telekom Tavkozlesi Nyilvanosan Mukodo Reszvenytarsasag | 1.90% | |
| Supreme Electronics Co., Ltd. | 1.72% | |
| Nan Ya Printed Circuit Board Corp. | 1.70% | |
| International Container Terminal Services, Inc. | 1.59% | |
| ASELSAN Elektronik Sanayi ve Ticaret A.S. | 1.56% |
By country
Taiwan 53.41%China 9.67%South Africa 7.89%Cayman Islands 6.08%Thailand 4.41%By asset type
Stocks 99.78%Preferred stock 0%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $39.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.55%, +3.44%, -10.77%.
How it works
The index provider, Dorsey Wright & Associates, starts with the 1,000 largest stocks by market value in the Nasdaq Emerging Markets Index. It leaves out US-listed American Depositary Receipts and other foreign listings. Each stock gets a "relative strength" score, which measures how fast its price has risen over a set period compared with a benchmark. The roughly 100 stocks with the highest scores make the index. Stocks with higher scores get larger weights, so company size does not set the weights. As of December 31, 2025, the index held 100 stocks worth between $1.2 billion and $1.3 trillion.
The fund uses "full replication," which means it buys every stock in the index in the same proportions. It puts at least 90% of its assets in index stocks. Momentum leaders change often, so holdings change often too. Turnover was 204%, which means the fund traded about twice the value of its portfolio in a year. The fund is an index fund, so it keeps a lagging stock until the index drops it. As of October 31, 2025, it had significant exposure to information technology.
As of July 31, 2026, the fund held 101 stocks, and the top 10 made up 25% of assets. The largest were Taiwan Semiconductor Manufacturing (3.0%), Topco Scientific (3.0%), Wanguo Gold Group (2.8%) and Accton Technology (2.7%). Taiwan was 53% of the fund, China 10% and South Africa 8%. The fund held no derivatives.
What it really costs
- PIE charges 0.9% a year, versus an average of 0.24% for the similar funds below (7th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $92 in the first year and $1,107 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PIE | $92 | $287 | $498 | $1,107 |
In a retirement portfolio
It is a concentrated, high-turnover momentum strategy with a history of very deep losses, so it fits better as a small add-on than as a foundation.
PIE adds a momentum tilt to emerging-market stocks, but its downturns have been severe. Soon after its December 2007 launch, it fell 73% between January 2008 and March 2009. It did not recover until December 2020, about 141.5 months later. Its worst calendar year was 2008, a loss of 62.8%. In the 2020 COVID crash it dropped 34.1% and recovered in about 3.6 months. In 2022 it fell 35.2% and took about 34.7 months to recover. Anyone who has to sell shares during a slump like these turns a paper loss into a real one.
The trailing yield was 2.3% as of October 27, 2026, paid quarterly. Under the SEC's standard example, $10,000 invested would cost about $1,107 in fees over 10 years. 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 emerging-markets holding that follows price momentum instead of weighting the largest companies by size.
- Those comfortable with heavy Taiwan exposure, about 53% of assets as of July 31, 2026, and a tilt toward technology and chip-supply companies.
- People who can hold through deep drops, such as the 35.2% fall in 2022 that took about 34.7 months to recover.
Look elsewhere if
- Cost-focused investors: its 0.90% expense ratio is the highest of seven similar funds. SPEM charges 0.07% and SCHE charges 0.11%.
- Anyone who needs stable value for near-term withdrawals. The fund lost 62.8% in 2008 and took about 141.5 months to recover from its deepest drop.
- Investors who prefer low trading and broad country balance. Its 204% turnover and heavy Taiwan weighting make it narrower than a broad emerging-markets fund.
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 |
|---|---|---|---|---|---|
| PIE this fund | — | 0.9% | $228.3M | +38.1% | +25.6% |
| EEMO Invesco S&P Emerging Markets Momentum ETF | 13% | 0.29% | $24.1M | +13.3% | +18.5% |
| FNDE Schwab Fundamental Emerging Markets Equity … | 13% | 0.39% | $10.31B | +15.0% | +22.8% |
| SPEM SPDR Portfolio Emerging Markets ETF | 13% | 0.07% | $17.31B | +5.0% | +16.8% |
| SCHE Schwab Emerging Markets Equity ETF | 12% | 0.11% | $13.00B | +4.4% | +16.7% |
| EMXC iShares MSCI Emerging Markets ex China ETF | 12% | 0.25% | $24.92B | +27.3% | +24.6% |
| AVEM Avantis Emerging Markets Equity ETF | 11% | 0.33% | $28.05B | +14.1% | +21.5% |
Questions investors ask
What does the PIE ETF invest in?
PIE holds about 100 large emerging-market stocks with the strongest recent price momentum. It tracks the Dorsey Wright Emerging Markets Tech Leaders Index, which picks those stocks from the largest 1,000 in the Nasdaq Emerging Markets Index. As of July 31, 2026, Taiwan made up about 53% of the fund. The largest holdings were Taiwan Semiconductor Manufacturing, Topco Scientific, Wanguo Gold Group and Accton Technology, each about 3% of assets.
What is PIE's expense ratio?
PIE's expense ratio is 0.90% a year, according to the prospectus filed February 26, 2026. That is the highest of seven similar emerging-markets funds, whose average is 0.24%. Under the SEC's standard example, $10,000 invested with a 5% annual return would cost about $92 in the first year and $1,107 over 10 years. The fund also trades heavily, with 204% turnover. Trading costs are not included in the expense ratio.
PIE vs EEMO: what's the difference?
Both are Invesco emerging-markets momentum ETFs, but they track different indexes and share only about 13% of their holdings. EEMO follows an S&P momentum index and costs 0.29%, compared with PIE's 0.90%. As of October 27, 2026, PIE returned 38.1% over one year versus EEMO's 13.3%. Over three years, PIE averaged 25.6% a year against EEMO's 18.5%. PIE was also far larger, with about $228 million in net assets versus EEMO's $24 million as of July 31, 2026.
Does PIE pay dividends?
Yes, PIE pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $0.75 per share, a trailing yield of 2.3%. The fund's main goal is to follow momentum, not to produce income. Its holdings change often, so the payout can rise or fall from year to year.
How has PIE performed over the long term?
PIE's long-term results have been uneven. As of December 31, 2025, the prospectus shows average annual returns of 25.49% over one year, 3.18% over five years and 6.93% over ten years. Calendar years ranged from a 39.49% gain in 2017 to a 27.89% loss in 2022. Based on share prices, the fund was up 39.8% for 2026 through October 27. Its deepest drop, 73% starting in 2008, took about 141.5 months to recover.