At a glance
PRN charges 0.6% a year, above the 0.42% average of the 6 funds most like it (the 4th cheapest of 7). It has $424.6M in assets, the 5th largest of that group. Over the past year it returned +7.4% with distributions reinvested (S&P 500: +11.5%), 3rd of those 7 funds; over three years it returned +27.8% a year. At its worst it fell 36.3% in the 2020 crash (S&P 500: 33.7%) and 31.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 18 months after the lows. Its ten largest positions make up 36.7% of the fund, out of 44 in all.
The short version
Invesco Dorsey Wright Industrials Momentum ETF (PRN) is an index fund that holds about 44 US industrial companies whose share prices have shown the strongest "momentum," meaning they have outperformed other stocks over recent months. It tracks the Dorsey Wright Industrials Technical Leaders Index. Most sector funds weight stocks by company size, but PRN weights them by momentum score and trades heavily. Its 0.60% expense ratio is above the 0.42% average of similar funds.
Price history
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PRN +7.4% 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 | |
|---|---|---|---|---|---|---|
| PRN official prospectus, to Dec 31, 2025 | — | +13.79% | — | +13.98% | +15.14% | — |
| PRN price data to Oct 27, 2026 | +12.0% | +7.4% | +27.8% | +13.5% | +16.0% | +11.3% |
- Over the year to Oct 27, 2026, PRN returned +7.4%, 3rd of 7 among similar funds.
- Its 5-year annualized return was +13.5% and its 10-year +16.0%.
- In the 2020 COVID crash it fell 36.3% and regained its old high 4.4 months after the low.
- Its worst full calendar year was 2008 (-35.7%); its best was 2013 (+50.5%).
- The deepest fall in its price history was 59.9% (Jul 19, 2007 to Mar 9, 2009), recovered by Apr 1, 2011.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.0% | — |
| 2025 | +13.7% | +13.79% |
| 2024 | +30.3% | +30.88% |
| 2023 | +38.0% | +37.14% |
| 2022 | -25.1% | -24.95% |
| 2021 | +25.2% | +25.56% |
| 2020 | +36.4% | +35.68% |
| 2019 | +34.5% | +34.13% |
| 2018 | -16.2% | -15.54% |
| 2017 | +22.8% | +22.48% |
| 2016 | +12.7% | +13.06% |
| 2015 | -5.6% | — |
| 2014 | -0.3% | — |
| 2013 | +50.5% | — |
| 2012 | +19.4% | — |
| 2011 | -6.4% | — |
| 2010 | +33.0% | — |
| 2009 | +14.9% | — |
| 2008 | -35.7% | — |
| 2007 | +15.4% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 59.5% over that stretch · deepest drop along the way 59.5%, back to its old high 24.7 months after the low |
|---|---|
| 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 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 27.5% over that stretch · deepest drop along the way 31.3%, back to its old high 17.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.2900 | -50.8% |
| 2024 | $0.5900 | -4.8% |
| 2023 | $0.6200 | -11.4% |
| 2022 | $0.7000 | +438.5% |
| 2021 | $0.1300 | +30.0% |
| 2020 | $0.1000 | -63.0% |
| 2019 | $0.2700 | +80.0% |
| 2018 | $0.1500 | -58.3% |
| 2017 | $0.3600 | +28.6% |
| 2016 | $0.2800 | +40.0% |
| 2015 | $0.2000 | +25.0% |
| 2014 | $0.1600 | -5.9% |
| 2013 | $0.1700 | -77.0% |
| 2012 | $0.7400 | +393.3% |
| 2011 | $0.1500 | -31.8% |
| 2010 | $0.2200 | -31.7% |
| 2009 | $0.3220 | +34.2% |
| 2008 | $0.2400 | +140.0% |
| 2007 | $0.1000 |
What's inside
As of Jul 31, 2026, the fund held 44 securities; the ten largest made up 36.74% of assets. It also reported 12.36% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Comfort Systems USA, Inc. | 4.88% | |
| Howmet Aerospace Inc. | 4.62% | |
| Quanta Services, Inc. | 4.51% | |
| EMCOR Group, Inc. | 3.73% | |
| Sterling Infrastructure, Inc. | 3.72% | |
| Jabil Inc. | 3.63% | |
| Caterpillar Inc. | 3.05% | |
| Bel Fuse Inc. | 2.91% | |
| IES Holdings, Inc. | 2.90% | |
| Curtiss-Wright Corp. | 2.79% | |
| MKS Inc. | 2.63% | |
| Clean Harbors, Inc. | 2.63% | |
| TTM Technologies, Inc. | 2.61% | |
| Sanmina Corp. | 2.44% | |
| Iron Mountain Inc. | 2.42% |
By country
United States 99.93%By asset type
Stocks 99.93%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $47.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.97%, +6.17%, -17.35%.
How it works
PRN tracks the Dorsey Wright Industrials Technical Leaders Index. Dorsey, Wright & Associates builds the index with a fixed set of rules. It starts with the 2,000 largest stocks in the Nasdaq US Benchmark Index. Each stock gets a momentum score based on how its price has moved over the medium and long term, compared with a market benchmark and with the other eligible stocks. The index then takes at least 30 industrials stocks with the highest scores. Industrials here means engineering, heavy machinery, construction, electrical equipment, aerospace and defense, and general manufacturing. As of June 30, 2026, the index had 44 stocks, worth between $929.1 million and $490.0 billion each.
Stocks with higher scores get bigger weights, whatever the size of the company. The fund uses "full replication," which means it buys every stock in the index in the same proportions. As of July 31, 2026, the largest holdings were Comfort Systems USA (4.9%), Howmet Aerospace (4.6%), Quanta Services (4.5%), EMCOR Group (3.7%) and Sterling Infrastructure (3.7%). The top 10 made up 36.7% of the fund.
The fund only changes its holdings when the index does. It won't sell a lagging stock between index updates. Portfolio turnover was 154%, which is like replacing the whole portfolio about one and a half times in a year. Trading costs from that turnover are not included in the expense ratio. The July 31, 2026 holdings report showed no derivatives, and the fund uses no leverage or options.
What it really costs
- PRN charges 0.6% a year, versus an average of 0.42% for the similar funds below (4th of 7, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.09% 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 $841 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PRN | $61 | $202 | $366 | $841 |
In a retirement portfolio
PRN makes a concentrated, single-sector momentum bet that has fallen much harder than the market in downturns and pays no income.
PRN could add a rules-based tilt toward fast-rising US industrial stocks, but its losses have been deep. In the 2008 financial crisis it fell 59.5%, and it recovered about two years after the March 2009 low. Its worst calendar year was 2008, at -35.7%. It dropped 36.3% in the 2020 COVID crash and recovered in about four months. In 2022 it fell 31.3% and took about 18 months to recover. Its one-year beta, a measure of how much it moves compared with the market, was 1.86 as of October 27, 2026. Anyone forced to sell in a slump could lock in large losses. The fund paid no distributions in the year to October 27, 2026, and its 0.60% expense ratio is above the peer average of 0.42%. Past results don't predict the future, 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 small, rules-based bet on US industrials with strong price trends, such as Comfort Systems USA, Howmet Aerospace and Quanta Services.
- People who already own a broad index fund and want a satellite position weighted by momentum score instead of company size.
- Long-horizon holders who can sit through deep drops. PRN lost 59.5% in 2008 and 31.3% in 2022 before recovering.
Look elsewhere if
- Retirees who need income from their holdings. PRN made no distributions in the 12 months to October 27, 2026.
- Cost-conscious investors. PRN's 0.60% expense ratio is above the 0.42% peer average, and 154% turnover adds trading costs on top.
- Those who want steady, diversified exposure. PRN holds 44 stocks in one sector, with a one-year beta of 1.86 as of October 27, 2026.
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 |
|---|---|---|---|---|---|
| PRN this fund | — | 0.6% | $424.6M | +7.4% | +27.8% |
| PDP Invesco Dorsey Wright Momentum ETF | 18% | 0.62% | $1.44B | +11.1% | +23.3% |
| XMMO Invesco S&P MidCap Momentum ETF | 14% | 0.34% | $7.18B | +0.7% | +23.5% |
| GCAD Gabelli Commercial Aerospace and Defense ETF | 13% | 0% | $43.7M | +6.2% | +29.7% |
| XAR SPDR S&P Aerospace & Defense ETF | 13% | 0.35% | $6.47B | -10.5% | +26.6% |
| FXR First Trust Industrials/Producer Durables A… | 13% | 0.6% | $741.6M | +6.6% | +17.6% |
| DWAS Invesco Dorsey Wright SmallCap Momentum ETF | 12% | 0.6% | $415.0M | +11.7% | +16.4% |
Questions investors ask
Does PRN pay a dividend?
No. PRN made no distributions in the 12 months through October 27, 2026, so its trailing yield was 0%. The fund picks industrial stocks for strong price momentum, not for dividends. Any payout it makes is a side effect, not a goal. If you want regular cash from a holding, this fund hasn't provided it. Its appeal rests on price growth, which has been uneven and sometimes followed by sharp drops.
What is PRN's expense ratio?
PRN's expense ratio is 0.60% a year, according to its prospectus filed August 27, 2026. The SEC's standard example assumes $10,000 invested, a 5% yearly return and shares sold at the end of each period. On that basis, costs would total about $61 after one year, $366 after five years and $841 after ten. That's above the 0.42% average of similar funds. PRN's 154% turnover also adds trading costs that aren't included in the expense ratio.
What's the difference between PRN and PDP?
Both are Invesco ETFs that pick stocks using Dorsey Wright momentum scores, but PRN chooses only from the industrials sector. In their latest holdings reports the two shared only about 18% of their holdings, so PDP's portfolio is mostly different. PDP charges 0.62% a year, compared with 0.60% for PRN. As of October 27, 2026, PRN returned 7.4% over one year and 27.8% a year over three years, compared with 11.1% and 23.3% for PDP.
Is PRN good for retirement?
PRN usually fits a retirement portfolio as a small, higher-risk satellite, not a core holding. Its prospectus shows a 15.14% average annual return over the 10 years to December 31, 2025. It also lost 24.95% in 2022 and fell 59.9% from peak to low during 2007–2009. It pays no meaningful income, and momentum can turn quickly. That combination can hurt someone who needs to sell shares during a downturn.
What stocks are in PRN?
As of July 31, 2026, PRN held 44 stocks, all US companies. The largest were Comfort Systems USA (4.9%), Howmet Aerospace (4.6%), Quanta Services (4.5%), EMCOR Group (3.7%), Sterling Infrastructure (3.7%), Jabil (3.6%) and Caterpillar (3.1%). The top 10 made up about 36.7% of assets. Holdings are weighted by momentum score and change as the index is updated, so this list can shift a lot over time.