Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF
$46.27−0.72 (−1.53%)
- Expense ratio
- 0.47%
- Fund size
- $356M
- 1Y return
- +17.4%
- Yield · Last 12 months
- 3.22%
- Holdings
- 1566
- Volume · 30D
- 0M sh
- NAV per share
- $46.80
- 52W range
The ETF.net PDN Grade
Score 68 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.CScore 47Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 100Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.BScore 58Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.BScore 65Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.AScore 82Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.CScore 53Category rank
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
- 1,566
- 2%
- TEAM
Sectors
- Industrials22.5%
- Financials13.9%
- Consumer Discr.12.2%
- Materials10.2%
- Real Estate8.6%
- Technology8.6%
- Health Care6.3%
- Cons. Staples5.7%
- Communication4.8%
- Energy4.8%
- Utilities2.4%
Geography
- Japan30.15%
- Canada8.39%
- United Kingdom7.91%
- Korea (the Republic of)7.90%
- Australia5.50%
- Switzerland3.78%
- France3.69%
- Sweden3.58%
- 29.11%
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.
Returns run to the Sep 22, 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 | +13.9% |
| 1 month | −0.1% |
| 3 months | +3.7% |
| 1 year | +17.4% |
| 3 years | +19.9% |
| 5 years | +7.5% |
| 10 years | +8.3% |
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 | +13.9% | |
| 2025 | +38.3% | |
| 2024 | +0.5% | |
| 2023 | +13.4% | |
| 2022 | −17.4% | |
| 2021 | +9.0% | |
| 2020 | +10.7% |
PDN in the news
ETF.net Research hasn’t filed on PDN yet — coverage lands here as it’s written.
PDN Dividends
- 3.22%
- $1.51
- $0.31 per share
- Quarterly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 21, 2026 | Pays Sep 25, 2026 | $0.31 |
| Jun 22, 2026 | Jun 26, 2026 | $0.42 |
| Mar 23, 2026 | Mar 27, 2026 | $0.28 |
| Dec 22, 2025 | Dec 26, 2025 | $0.51 |
| Sep 22, 2025 | Sep 26, 2025 | $0.27 |
| Jun 23, 2025 | Jun 27, 2025 | $0.36 |
| Mar 24, 2025 | Mar 28, 2025 | $0.27 |
| Dec 23, 2024 | Dec 27, 2024 | $0.34 |
| Sep 23, 2024 | Sep 27, 2024 | $0.26 |
| Jun 24, 2024 | Jun 28, 2024 | $0.28 |
| Mar 18, 2024 | Mar 22, 2024 | $0.18 |
| Dec 18, 2023 | Dec 22, 2023 | $0.27 |
PDN Risk
- 14.0%
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.
- 0.98
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
- The middle half of International Small-Cap funds
- Median 0.44%
8 of the 16 International Small-Cap funds charge less.