PIE aims to find winning stocks in emerging markets using a Dorsey Wright technical analysis index that relies on trends in relative price. The fund holds a small basket of about 100 names and tends to favor smaller firms, resulting in a far lower average market cap than our benchmark. PIE makes no effort at marketlike sector coverage, so it's liable to make heavy sector bets relative to the benchmark, and those bets are likely to change over time. This strategy has paid off at times, but it's also suffered slumps where it generated no significant alpha. The underlying index is computed using the net return, which withholds applicable taxes for non-resident investors. The index and fund are reconstituted and rebalanced quarterly. Prior to August 28, 2023, the fund traded under the name Invesco DWA Emerging Markets Momentum ETF.