At a glance
PIZ charges 0.8% a year, above the 0.17% average of the 6 funds most like it (the most expensive of 7). It has $713.6M in assets, the 6th largest of that group; it paid 1.88% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +3.7% with distributions reinvested (S&P 500: +11.5%), the weakest of those 7 funds; over three years it returned +24.2% a year. At its worst it fell 36.3% in the 2020 crash (S&P 500: 33.7%) and 38.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 24 months after the lows. Its ten largest positions make up 26.0% of the fund, out of 100 in all.
The short version
Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ) tracks the Dorsey Wright Developed Markets Tech Leaders Index. The index holds about 100 large companies outside the US that have shown strong recent price gains, or "momentum." Its 0.80% expense ratio is well above similar momentum funds such as IMTM (0.30%) and IDMO (0.25%). Its 122% portfolio turnover means the holdings change often.
Price history
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PIZ +3.7% 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 | |
|---|---|---|---|---|---|---|
| PIZ official prospectus, to Dec 31, 2025 | — | +36.34% | — | +9.44% | +9.04% | — |
| PIZ price data to Oct 27, 2026 | +2.5% | +3.7% | +24.2% | +6.5% | +10.0% | +5.5% |
- Over the year to Oct 27, 2026, PIZ returned +3.7%, 7th of 7 among similar funds.
- Its 5-year annualized return was +6.5% and its 10-year +10.0%.
- In the 2020 COVID crash it fell 36.3% and regained its old high 4.2 months after the low.
- Its worst full calendar year was 2022 (-30.5%); its best was 2009 (+37.9%).
- The deepest fall in its price history was 60.6% (May 19, 2008 to Mar 9, 2009), recovered by Sep 17, 2013.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +2.5% | — |
| 2025 | +37.2% | +36.34% |
| 2024 | +16.3% | +16.31% |
| 2023 | +18.0% | +17.88% |
| 2022 | -30.5% | -30.47% |
| 2021 | +20.6% | +20.78% |
| 2020 | +17.9% | +17.91% |
| 2019 | +27.5% | +27.33% |
| 2018 | -16.1% | -16.18% |
| 2017 | +30.9% | +30.70% |
| 2016 | -7.8% | -7.99% |
| 2015 | -0.3% | — |
| 2014 | -8.0% | — |
| 2013 | +35.5% | — |
| 2012 | +17.8% | — |
| 2011 | -18.9% | — |
| 2010 | +21.0% | — |
| 2009 | +37.9% | — |
| 2008 | -43.8% | — |
| 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 36.3% over that stretch · deepest drop along the way 36.3%, back to its old high 4.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 38.7% over that stretch · deepest drop along the way 38.7%, back to its old high 23.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7300 | |
| 2025 | $0.7600 | +24.6% |
| 2024 | $0.6100 | +3.4% |
| 2023 | $0.5900 | +7.3% |
| 2022 | $0.5500 | +33.5% |
| 2021 | $0.4120 | +243.3% |
| 2020 | $0.1200 | -73.9% |
| 2019 | $0.4600 | +91.7% |
| 2018 | $0.2400 | -33.3% |
| 2017 | $0.3600 | -23.4% |
| 2016 | $0.4700 | +80.8% |
| 2015 | $0.2600 | -31.6% |
| 2014 | $0.3800 | -48.6% |
| 2013 | $0.7400 | +89.7% |
| 2012 | $0.3900 | -23.5% |
| 2011 | $0.5100 | +466.7% |
| 2010 | $0.0900 | -76.9% |
| 2009 | $0.3900 | +30.0% |
| 2008 | $0.3000 |
What's inside
As of Jul 31, 2026, the fund held 100 securities; the ten largest made up 25.99% of assets. It also reported 3.34% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Constellation Software Inc. | 3.45% | |
| Bombardier Inc. | 3.25% | |
| Toromont Industries Ltd. | 2.87% | |
| Belimo Holding AG | 2.62% | |
| Toronto-Dominion Bank (The) | 2.59% | |
| Royal Bank of Canada | 2.47% | |
| Investor AB | 2.36% | |
| Lion Finance Group PLC | 2.28% | |
| Swedbank AB | 2.10% | |
| InterContinental Hotels Group PLC | 2.00% | |
| HD Hyundai Electric Co., Ltd. | 1.98% | |
| Unipol Assicurazioni S.p.A. | 1.95% | |
| BPER Banca S.p.A. | 1.86% | |
| SK hynix Inc. | 1.83% | |
| Piraeus Bank S.A. | 1.83% |
By country
Canada 21.24%Japan 14.43%Switzerland 8.16%South Korea 6.9%United Kingdom 6.58%By asset type
Stocks 101.38%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $5.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.18%, -3.14%, -7.82%.
How it works
The index provider, Dorsey Wright & Associates, starts with the 1,000 largest companies by market value in the Nasdaq Developed Markets Ex United States Index. It gives each stock a "relative strength" score, which compares how fast the stock's price has risen over a set period with a benchmark index. About 100 stocks with the highest scores make the index. Weights depend on those scores, not on company size, so stronger performers get bigger positions. As of December 31, 2025, the index held 100 stocks worth $4.4 billion to $329.4 billion each. Despite "Tech Leaders" in the index name, the fund is not a technology fund. As of October 31, 2025, it had significant exposure to industrials and financials.
The fund uses "full replication": it puts at least 90% of its assets into the index stocks, in the index's proportions. It does not sell a lagging stock until the index drops it. Turnover was 122%, so the portfolio changes a lot over a year. As of July 31, 2026, the largest holdings were Constellation Software (3.5%), Bombardier (3.3%), Toromont Industries (2.9%) and Belimo (2.6%), and the top 10 made up 26%. Canada (21%) and Japan (14%) led the country mix. The fund held no derivatives. Because its value is counted in US dollars, a stronger dollar can reduce returns.
What it really costs
- PIZ charges 0.8% a year, versus an average of 0.17% for the similar funds below (7th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $82 in the first year and $990 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PIZ | $82 | $255 | $444 | $990 |
In a retirement portfolio
It is a costly, high-turnover momentum strategy that has fallen harder than the market in sell-offs, so it fits better as a small add-on than as a foundation.
PIZ could add non-US stocks with a momentum tilt, but it has been bumpy. It fell 36.3% in the 2020 COVID crash and recovered in about four months. In the 2022 bear market it fell 38.7% and took about 23.5 months to recover, to September 2024. Its worst calendar year was 2022, at -30.47%. Its deepest drop was 60.6%, from May 2008 to March 2009, and it took 54.3 months to recover. Anyone who had to sell shares in those stretches would have locked in losses. The yield was 1.88% as of October 27, 2026, paid quarterly. Costs are high: 0.80% a year, or $990 over 10 years on $10,000 in the SEC's standard example. Similar funds averaged 0.17%. Past results don't predict future returns, and a 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 rules-based momentum approach to developed markets outside the US and accept holdings that turn over often (122% a year).
- Those comfortable with a heavy tilt toward Canada (21%) and Japan (14%) and toward financials and industrials such as Toronto-Dominion and Bombardier.
- Holders using it as a small satellite position who could sit through drops like its 38.7% fall in 2022 without selling.
Look elsewhere if
- Cost-focused investors: the 0.80% expense ratio compares with 0.03% for VEA and SPDW and 0.06% for SCHF.
- Those who want international momentum for less, since IMTM charges 0.30% and IDMO charges 0.25%.
- Retirees who need stability or meaningful income: the yield was 1.88%, and its deepest drop of 60.6% took 54.3 months to recover.
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 |
|---|---|---|---|---|---|
| PIZ this fund | — | 0.8% | $713.6M | +3.7% | +24.2% |
| IMTM iShares MSCI Intl Momentum Factor ETF | 21% | 0.3% | $4.16B | +13.0% | +23.1% |
| IDMO Invesco S&P International Developed Momentu… | 17% | 0.25% | $4.09B | +14.0% | +26.2% |
| SCHF Schwab International Equity ETF | 15% | 0.06% | $69.68B | +17.7% | +20.4% |
| UIVM VictoryShares International Value Momentum … | 14% | 0.35% | $323.4M | +24.5% | +27.7% |
| VEA Vanguard FTSE Developed Markets ETF | 14% | 0.03% | $316.42B | +16.8% | +21.7% |
| SPDW SPDR Portfolio Developed World ex-US ETF | 14% | 0.03% | $40.29B | +17.3% | +20.5% |
Questions investors ask
What does PIZ ETF invest in?
PIZ invests in about 100 large companies in developed countries outside the US, chosen for strong price momentum. As of July 31, 2026, its largest holdings were Constellation Software, Bombardier, Toromont Industries, Belimo, Toronto-Dominion Bank and Royal Bank of Canada. Canada made up about 21% of the fund, Japan 14%, Switzerland 8% and South Korea 7%. The top 10 holdings were about 26% of assets.
Is PIZ a technology fund?
No. Its index is called the Dorsey Wright Developed Markets Tech Leaders Index, but it picks stocks by price momentum from every sector. As of October 31, 2025, the fund had significant exposure to industrials and financials. Its top holdings as of July 31, 2026 included banks such as Toronto-Dominion and Swedbank, aircraft maker Bombardier and hotel company InterContinental Hotels, along with software firm Constellation Software and chipmaker SK hynix.
PIZ vs IMTM: what's the difference?
Both target momentum in developed markets outside the US. PIZ costs 0.80% a year and IMTM costs 0.30%, and IMTM is much larger: about $4.2 billion against $714 million as of July 31, 2026. Their holdings overlap only about 21%. PIZ weights roughly 100 stocks by Dorsey Wright's relative strength scores. Over the year to October 27, 2026, PIZ returned 3.7% and IMTM 13%. Over three years they returned 24.2% and 23.1% a year.
Does PIZ pay dividends?
Yes. PIZ pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $0.93 per share, a yield of 1.88%. The payout comes from dividends on the foreign stocks it holds, so it can change as holdings rotate and as currencies move against the US dollar. With turnover of 122%, the companies behind that income change often, so the payments may be less predictable than a dividend-focused fund's.
How has PIZ performed over the long term?
According to its prospectus, PIZ returned 36.34% in 2025, 9.44% a year over five years and 9.04% a year over 10 years, all as of December 31, 2025. Results have swung widely: it lost 30.47% in 2022 and 16.18% in 2018 but gained 30.7% in 2017. Based on prices, it was up 2.5% for 2026 through October 27, 2026, and 3.7% over the past year.