Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF
$45.76+0.28 (+0.63%)
- 0.47%
- $347M
- +17.4%
- 3.33%
- 0M sh
- $45.68
- low $39.65high $47.94
The ETF.net PDN Grade
B
Score 67 out of 100
- 8 of 16
Score 67 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 100Rank 9 of 16Mission
Whether the fund did what it promised, tested against its stated mandate.A100 out of 100Rank 1 of 11Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B62 out of 100Rank 4 of 16Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B56 out of 100Rank 8 of 16Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A80 out of 100Rank 2 of 16Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C53 out of 100Rank 9 of 16
Our read on PDN
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.
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 Holdings
- Stocks
- 1,571
- 3%
- USD Pending Dividends
Sectors
- Industrials22.9%
- Financials13.9%
- Consumer Discretionary12.2%
- Materials9.6%
- Real Estate8.5%
- Technology8.5%
- Health Care6.6%
- Consumer Staples5.8%
- Communication4.9%
- Energy4.7%
- Utilities2.5%
Geography
- Japan30.34%
- Korea (the Republic of)8.15%
- Canada8.08%
- United Kingdom7.91%
- Australia5.43%
- Switzerland3.99%
- Sweden3.72%
- France3.71%
- 28.65%
Developed 87% · Emerging 13%
PDN Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
PDN$11,742
Returns run to the Oct 12, 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.
| Period | PDN |
|---|---|
| Year to date | +10.2% |
| 1 month | −3.0% |
| 3 months | +0.9% |
| 1 year | +17.4% |
| 3 years | +19.9% |
| 5 years | +7.4% |
| 10 years | +8.1% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | PDN |
|---|---|---|
| 2026 YTD | +10.2% | |
| 2025 | +38.3% | |
| 2024 | +0.5% | |
| 2023 | +13.4% | |
| 2022 | −17.4% | |
| 2021 | +9.0% | |
| 2020 | +10.7% |
PDN in the news
PDN Dividends
- 3.33%
- $1.51
- $0.31 per share
- Quarterly
Distribution history
PDN Risk
- 13.8%
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.
- 1.06
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.
- −32.6%
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.
- 0.99
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
PDN Cost
0.47%
PDN0.47%
- The middle half of International Small-Cap funds
- Median 0.44%
8 of the 16 International Small-Cap funds charge less.
Other funds in International Small-Cap
- ADFISDimensional - International Small Cap ETFExpense ratio 0.39%1 year return +18.1%
- AGWXState Street SPDR S&P International Small Cap ETFExpense ratio 0.40%1 year return +18.3%
- BIEUSiShares MSCI Europe Small-Cap ETFExpense ratio 0.41%1 year return +7.2%
- CDFEWisdomTree Europe SmallCap Dividend FundExpense ratio 0.58%1 year return +9.8%
- CDDLSWisdomTree Dynamic International SmallCap Equity ETFExpense ratio 0.48%1 year return +12.9%