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Launched · SEC filings

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF

PDNNYSE ArcaInvescoB

$45.19+0.23 (+0.52%)

As of Nov 2, 2026, 3:59 PM ET

B66/ 100

Rank 8 of 16 in International Small-Cap

B66/100Rank 8 of 16inInternational Small-Cap
Intraday session: up, 73 prints from 44.96 to 45.19. Range 44.96 to 45.49. Use the arrow keys to read each point.45.1045.3045.4045.5010 AM12 PM2 PM4 PM
Expense ratio
0.47%
Fund size
$342M
1Y total return
+13.3%
Yield · Last 12 months
3.37%
Holdings
1570
Avg volume · 30D
10.1K sh
52W range
low $39.65high $47.94
Launched
Filings
SEC EDGAR

The ETF.net PDN Grade

B

Score 66 out of 100

Category
International Small-Cap⁠
Rank
8 of 16
Six-pillar profile for PDN. Scores out of 100: Cost 47, Risk 61, Mission 100, Tradability 51, Holdings 77, Durability 56. Strongest: Mission (100). Weakest: Cost (47). Leans toward Mission.

Score 66 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C47 out of 100
    Rank 9 of 16

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A100 out of 100
    Rank 1 of 11

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B61 out of 100
    Rank 4 of 16

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C51 out of 100
    Rank 8 of 16

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A77 out of 100
    Rank 2 of 16

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B56 out of 100
    Rank 8 of 16

Our read on PDN

ETF.net Research

In short

BPDN ignores the market-cap playbook. It tracks a RAFI fundamental index of roughly 1,600 small and mid caps across developed markets outside the US, a job it has been doing since 2007.

Stated mandate

The fund tracks the RAFI Fundamental Select Developed ex US 1500 Index, targeting small- and mid-capitalization equities of developed international markets excluding the United States.

Why people hold it

  • The benchmark is a fundamental index, not a market-cap one, so a stock's weight doesn't climb simply because its share price did.invesco.com
  • Roughly 1,600 names covering both small and mid caps abroad, so it reaches past the tiny end of the bench. Distributions come quarterly.
  • Live since 2007, and the portfolio still lines up tightly with the mandate on the tin: developed markets ex-US, small and mid cap.

Worth knowing

  • At 0.47% it sits above the plain-vanilla crowd: VSS and SCHC charge 0.06%, and fellow fundamental fund FNDC charges 0.39%.
  • Trading is light for the category, so spreads and premiums can be a bigger slice of your real cost than the fee itself.
  • Fundamental weighting means the portfolio can sit a long way from cap-weighted small-cap benchmarks, in either direction.

PDN Performance

Launched Sep 27, 2007

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

PDN$11,331
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. PDN $11,331. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000$12,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for PDN. Periods over one year show the average yearly return.
PeriodPDN
Year to date+9.0%
1 month−2.0%
3 months−0.4%
1 year+13.3%
3 yearsper year+20.4%
5 yearsper year+6.6%
10 yearsper year+8.1%

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for PDN
YearReturn barPDN
2026 YTD+9.0%
2025+38.3%
2024+0.5%
2023+13.4%
2022−17.4%
2021+9.0%
2020+10.7%

PDN in the news

PDN Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
3.37%Last 12 months
Payout per share
$1.51Last 12 months
Last payment
$0.31 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2017–2026

One bar per payment. 39 payments from 2017 to 2026 YTD. Mar 17, 2017 $0.02; Jun 16, 2017 $0.28; Sep 18, 2017 $0.08; Dec 18, 2017 $0.46; Mar 19, 2018 $0.05; Jun 18, 2018 $0.34; Sep 24, 2018 $0.10; Dec 24, 2018 $0.12; Mar 18, 2019 $0.05; Jun 24, 2019 $0.32; Sep 23, 2019 $0.25; Dec 23, 2019 $0.21; Mar 23, 2020 $0.19; Jun 22, 2020 $0.11; Sep 21, 2020 $0.13; Dec 21, 2020 $0.19; Mar 22, 2021 $0.16; Jun 21, 2021 $0.18; Sep 20, 2021 $0.17; Dec 20, 2021 $0.37; Mar 21, 2022 $0.22; Jun 21, 2022 $0.27; Sep 19, 2022 $0.20; Dec 19, 2022 $0.11; Mar 20, 2023 $0.23; Jun 20, 2023 $0.30; Sep 18, 2023 $0.23; Dec 18, 2023 $0.27; Mar 18, 2024 $0.18; Jun 24, 2024 $0.28; Sep 23, 2024 $0.26; Dec 23, 2024 $0.34; Mar 24, 2025 $0.27; Jun 23, 2025 $0.36; Sep 22, 2025 $0.27; Dec 22, 2025 $0.51; Mar 23, 2026 $0.28; Jun 22, 2026 $0.42; Sep 21, 2026 $0.31. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 21, 2026Sep 25, 2026$0.31
Jun 22, 2026Jun 26, 2026$0.42
Mar 23, 2026Mar 27, 2026$0.28
Dec 22, 2025Dec 26, 2025$0.51
Sep 22, 2025Sep 26, 2025$0.27
Jun 23, 2025Jun 27, 2025$0.36
Mar 24, 2025Mar 28, 2025$0.27
Dec 23, 2024Dec 27, 2024$0.34
Sep 23, 2024Sep 27, 2024$0.26
Jun 24, 2024Jun 28, 2024$0.28
Mar 18, 2024Mar 22, 2024$0.18
Dec 18, 2023Dec 22, 2023$0.27

See all 73 payments⁠

$10,000 in PDN 10 years ago paid $3,465 in dividends.⁠

PDN Risk

Risk pillarB61 out of 100Rank 4 of 16 in International Small-Cap
How much the fund’s monthly returns vary, scaled to a year.
13.6%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.12
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−32.6%
Trough Oct 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.99
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

PDN Cost

Compare PDN and VSS

Overpaying vs VSS, tied cheapest in International Small-Cap

$8,148

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • PDN 0.47%

    $9,418

  • VSS 0.06% Tied cheapest

    $1,270

$10,000
30 years

Cost over time

  • PDN 0.47%
  • VSS 0.06%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K$10K051015202530PDN $9,418VSS $1,270

Year by year

YearPDNVSSOverpaying
10$847$110$737
20$3,261$432$2,829
30$9,418$1,270$8,148

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