Invesco Dorsey Wright Utilities Momentum ETF

Invesco Dorsey Wright Utilities Momentum ETF (PUI) tracks the Dorsey Wright Utilities Technical Leaders Index. As of July 31, 2026, that meant 34 utility and related stocks, chosen and weighted by price momentum rather than company size. Two things set it apart from plain utilities index funds. One is the momentum approach. The other is cost: its expense ratio is 0.60%, against 0.08% for the Utilities Select Sector SPDR Fund (XLU) and a 0.33% average for similar funds.

• Over the year to Oct 27, 2026, PUI returned -5.9%, 8th of 9 among similar funds.
• Its 5-year annualized return was +7.7% and its 10-year +8.3%.
• In the 2020 COVID crash it fell 35.1% and regained its old high 21.3 months after the low.
• Its worst full calendar year was 2008 (-20.7%); its best was 2006 (+24.4%).
• The deepest fall in its price history was 43.2% (May 21, 2007 to Mar 9, 2009), recovered by Sep 21, 2012.

As of Jul 31, 2026, the fund held 34 securities; the ten largest made up 35.91% of assets. It also reported 5.5% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

By sector

• Over the three months to Jul 31, 2026, investors withdrew a net $19.4M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -4.48%, +2.76%, -4.23%.

The index provider, Dorsey, Wright & Associates, starts with the 2,000 largest companies in the Nasdaq US Benchmark Index. It gives each stock a momentum score. Momentum here means relative strength: how a stock's price has performed over intermediate and long-term periods compared with a market benchmark and with other eligible stocks. The provider then picks at least 30 utilities-sector stocks with the highest scores. The prospectus defines utilities broadly, covering electricity, natural gas, water and telephone service companies.

Stocks are weighted by momentum score, not by company size, so higher-scoring stocks get bigger weights. As of June 30, 2026, the index had 34 stocks worth $2.0 billion to $316.0 billion each. The fund uses full replication, which means it owns every stock in the index in about the same proportions. As of July 31, 2026, the largest holdings were ONEOK, Sempra, Evergy, Constellation Energy and Atmos Energy, each at about 3.6% to 3.9%. The top 10 made up about 36% of the fund.

Because the stock list follows momentum, it changes often. Portfolio turnover, the share of holdings replaced in a year, was 58%, which adds trading costs. The prospectus warns that momentum can turn quickly. Also, an index fund holds a weakening stock until the index drops it.

• PUI charges 0.6% a year, versus an average of 0.33% for the similar funds below (8th of 9, cheapest first).
• Of that, 0.5% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.22% 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 $972 over 10 years (assuming a 5% annual return).

It is a single-sector fund with a momentum tilt and a higher fee, and in past crashes it fell nearly as far as the broad market.

PUI adds a utilities tilt with a momentum twist, but its history shows it has not been a shelter. It fell 41.9% in the 2008 financial crisis, and 2008 was its worst calendar year at -20.7%. Its deepest drop was 43.2%, and it took about 42 months after the March 2009 low to get back to its old peak. It also lost 35.1% in the 2020 COVID crash and 19.3% in 2022, taking about 21 to 22 months after each low to recover. Anyone who had to sell shares during those stretches would have locked in losses.

The trailing 12-month yield was 2.21% as of October 27, 2026, paid quarterly. Under the SEC's standard example of $10,000 invested, costs come to $61 after one year and $972 after 10 years. 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.