---
ticker: "PDN"
name: "Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF"
url: "https://etf.net/etf/PDN"
grade: "B"
score: 67
graded_at: "2026-10-12"
category: "International Small-Cap"
category_rank: "8 of 16"
methodology: "https://etf.net/methodology"
---

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

Grade **B**, Score 67 of 100. Rank 8 of 16 in International Small-Cap.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 47 | 9 of 16 |
| Mission | 100 | 1 of 11 |
| Risk | 62 | 4 of 16 |
| Tradability | 56 | 8 of 16 |
| Holdings | 80 | 2 of 16 |
| Durability | 53 | 9 of 16 |

## Top holdings

The fund holds 1571 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | USD Pending Dividends | 0.38% |
| 2 | TEAM | Atlassian Corp | 0.35% |
| 3 | FRO | Frontline PLC | 0.23% |
| 4 | VAR.OL | Var Energi ASA | 0.23% |
| 5 | 3132.T | Macnica Holdings Inc | 0.23% |
| 6 | 5301.T | Tokai Carbon Co Ltd | 0.23% |
| 7 | TSEM | Tower Semiconductor Ltd | 0.23% |
| 8 | ASMVF | ASMPT Ltd | 0.23% |
| 9 | GFL | GFL Environmental Inc | 0.22% |
| 10 | GETI-B.ST | Getinge AB | 0.21% |
| 11 | SSREF | SSR Mining Inc | 0.21% |
| 12 | 6856.T | Horiba Ltd | 0.21% |
| 13 | 6460.T | Sega Sammy Holdings Inc | 0.21% |
| 14 | 5991.T | NHK Spring Co Ltd | 0.21% |
| 15 | JYSK.CO | Jyske Bank A/S | 0.20% |
| 16 | ANDR.VI | Andritz AG | 0.20% |
| 17 | 4203.T | Sumitomo Bakelite Co Ltd | 0.20% |
| 18 | 6481.T | THK Co Ltd | 0.20% |
| 19 | BCP.LS | Banco Comercial Portugues SA | 0.20% |
| 20 | 6965.T | Hamamatsu Photonics KK | 0.20% |
| 21 | 001450.KS | Hyundai Marine & Fire Insurance Co Ltd | 0.20% |
| 22 | KLIC | Kulicke & Soffa Industries Inc | 0.20% |
| 23 | RUSMF | Russel Metals Inc | 0.19% |
| 24 | ENX.PA | Euronext NV | 0.19% |
| 25 | 8359.T | Hachijuni Nagano Bank Ltd | 0.19% |
| 26 | SOP.PA | Sopra Steria Group | 0.19% |
| 27 | HAFNI.OL | Hafnia Ltd | 0.19% |
| 28 | SIGN.SW | SIG Group AG | 0.19% |
| 29 | FPH.NZ | Fisher & Paykel Healthcare Corp Ltd | 0.19% |
| 30 | ATE.PA | Alten SA | 0.19% |

Source: etf.net, https://etf.net/etf/PDN. Please cite the page URL.