Invesco Dorsey Wright Technology Momentum ETF

Invesco Dorsey Wright Technology Momentum ETF (PTF) holds about 37 US technology stocks. They are picked and weighted by price momentum, following the Dorsey Wright Technology Technical Leaders Index. Broad tech funds weight companies by size. PTF instead leans toward recent winners, which as of July 31, 2026 meant memory and storage names like Western Digital and Micron. Its 0.60% expense ratio is well above the 0.24% average of similar funds.

• Over the year to Oct 27, 2026, PTF returned +32.5%, 3rd of 7 among similar funds.
• Its 5-year annualized return was +14.8% and its 10-year +23.7%.
• In the 2020 COVID crash it fell 34.6% and regained its old high 2.4 months after the low.
• Its worst full calendar year was 2008 (-41.1%); its best was 2020 (+82.1%).
• The deepest fall in its price history was 55.4% (Jul 19, 2007 to Nov 20, 2008), recovered by May 6, 2013.

As of Jul 31, 2026, the fund held 37 securities; the ten largest made up 40.08% of assets. It also reported 11.95% 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 added a net $79.5M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +15.87%, +5.95%, -28.16%.

PTF is an index fund. It tracks the Dorsey Wright Technology Technical Leaders Index, which is built by Dorsey, Wright & Associates. The index starts with 2,000 of the largest companies in the Nasdaq US Benchmark Index. It then keeps technology businesses such as hardware, software, internet, semiconductor and wireless companies. Each stock gets a "momentum" score. The score compares its intermediate and long-term price moves with a market benchmark and with the other eligible stocks. Momentum is the tendency of recent winners to keep outperforming for a while. At least 30 stocks with the highest scores make the cut.

Stocks are weighted by momentum score, not by company size. Higher scores get bigger weights. That is why AXT (4.71%) outweighed Advanced Micro Devices (3.18%) as of July 31, 2026. The fund uses "full replication": it generally owns every stock in the index in the same proportions.

The index is reselected often, so the fund trades a lot. Portfolio turnover was 217%, roughly like replacing the whole portfolio twice in a year. Momentum can reverse quickly, and the fund generally won't sell a fading stock until the index drops it. The fund uses no leverage or options, and it held no derivatives as of July 31, 2026.

• PTF charges 0.6% a year, versus an average of 0.24% for the similar funds below (7th 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).

PTF is a concentrated, momentum-driven bet on technology stocks, and its history shows deep drops and no income.

PTF could add a concentrated bet on technology momentum next to a broader core holding. Expect a rough ride. It fell 54.5% in the 2008 crisis and took about 51 months to recover. Its deepest drop, 55.4%, lasted from July 2007 to November 2008 and was not fully regained until May 2013. It lost 34.6% in the 2020 crash but recovered in about 2.4 months. It fell 38.1% in 2022 and needed about 17 months to recover. Its worst calendar year was 2008, at -41.1%. Someone forced to sell shares in a year like that could lock in deep losses. It paid no distributions in the year to October 27, 2026, so it provides no income. Its 0.60% expense ratio is the highest in its comparison group. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

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