Invesco Dorsey Wright Consumer Staples Momentum ETF

Invesco Dorsey Wright Consumer Staples Momentum ETF (PSL) is an index fund that holds at least 30 US consumer staples stocks, such as grocers, food distributors, beverage makers and tobacco companies. It picks and weights them by price momentum, which means stocks that have risen strongly lately get bigger weights. Its yearly fee is 0.60%, compared with 0.08% to 0.09% at the largest staples funds, and it trades its holdings heavily.

• Over the year to Oct 27, 2026, PSL returned +4.5%, 8th of 9 among similar funds.
• Its 5-year annualized return was +5.9% and its 10-year +8.7%.
• In the 2020 COVID crash it fell 34.3% and regained its old high 4.4 months after the low.
• Its worst full calendar year was 2008 (-22.0%); its best was 2013 (+34.6%).
• The deepest fall in its price history was 41.6% (Sep 24, 2008 to Mar 9, 2009), recovered by Nov 4, 2010.

As of Jul 31, 2026, the fund held 47 securities; the ten largest made up 41.11% of assets. It also reported 22.24% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Jul 31, 2026, investors withdrew a net $1.1M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -2.92%, +3.24%, +2.06%.

PSL tracks the Dorsey Wright Consumer Staples Technical Leaders Index, which is run by Dorsey, Wright & Associates. The starting pool is 2,000 of the largest companies in the Nasdaq US Benchmark Index. Dorsey Wright gives each stock a "momentum" score. The score compares how the stock's price has moved over medium and longer periods with a market benchmark and with the other eligible stocks. Momentum is the tendency of stocks that have done well lately to keep doing well. The index then takes at least 30 consumer staples companies with the highest scores.

Stocks with higher scores get bigger weights, so a stock's size in the fund depends on its price strength, not on how big the company is. As of June 30, 2026, the index held 47 stocks, worth from about $498 million to $415 billion each. So small and mid-sized companies make up a real share of the fund. As of July 31, 2026, the largest holdings were Casey's General Stores (5.3%), US Foods (5.1%), Costco (4.9%), Church & Dwight (4.6%) and Performance Food Group (4.6%). The top 10 made up about 41% of the fund.

The fund uses "full replication." That means it generally owns every stock in the index, at the index's weights. It buys or sells a stock only when the index adds or drops it, even if that stock is lagging. Momentum leaders change often, and turnover was 80% in the latest prospectus. Trading costs like these are not included in the expense ratio.

• PSL charges 0.6% a year, versus an average of 0.34% for the similar funds below (7th of 9, cheapest first).
• Of that, 0.5% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.16% 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 $911 over 10 years (assuming a 5% annual return).

PSL makes a narrow momentum bet within one sector, charges far more than broad staples funds and has fallen sharply in past crashes, so it fits better as a small add-on than as a core holding.

PSL adds a tilt toward staples stocks with strong price trends. But it has not always held up the way people expect staples to. It fell 41.6% from September 24, 2008, to March 9, 2009, and took about 20 months to recover. Its worst calendar year was 2008, at -22%. In the 2020 COVID crash it dropped 34.3% in about a month and recovered in roughly four and a half months. In 2022 it fell 17.3% and needed about 18 months to get back. Anyone selling shares for spending money during stretches like these would lock in losses. Income is small: the trailing yield was 0.71% as of October 27, 2026, paid quarterly. In the SEC's standard $10,000 example, costs come to about $61 after one year and $911 over 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.