DFIS vs PDN: Grades, Fees and Holdings Compared

Dimensional International Small Cap ETF

DFISACboe

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

PDNBNYSE Arca

Overlap

35.6%by weight

Expense ratio

DFIS −0.08pt a year

DFIS0.39%PDN0.47%

Avg volume · 30D

DFIS 68.8×the volume

DFIS693KPDN10.1K

3Y return · a year

DFIS +1.6pt

DFIS+21.1%PDN+19.5%

DFIS vs PDN Performance

Oct 31, 2025 – Nov 2, 2026

+16.4%DFIS+13.9%PDN

Expense ratio: DFIS 0.39%, better; PDN 0.47%
Fund size: DFIS $5.78B; PDN $342M
1Y total return: DFIS +16.4%, better; PDN +13.9%
Yield (12M): DFIS 2.21%; PDN 3.35%, better
Holdings: DFIS 3499; PDN 1570
Avg volume (30D): DFIS 693K sh, better; PDN 10.1K sh
NAV per share: DFIS $35.67; PDN $45.02
52W range

ETF.net Grade

Pillar letters and Scores for DFIS, PDN, with each pillar’s weight
Pillar	DFIS	PDN
Cost30% weight	A70Higher	C47
Mission25% weight	A100	A100
Risk15% weight	B56	B62Higher
Tradability15% weight	A72Higher	C51
Holdings10% weight	B66	A77Higher
Durability5% weight	B55	B56Higher

Rank among International Small-Cap funds

How we build Categories ›

Same Category. DFIS and PDN are both graded against the same 16 International Small-Cap funds, so their Grades compare head to head.

International Small-Cap⁠

Category · 16 funds

See all 16 ›

DFIS ranks 5th and PDN 8th of 16 funds in the International Small-Cap Category.

Rank 4AFNDCSchwab Fundamental International Small Company Index ETFScore 75
Rank 5ADFISDimensional International Small Cap ETFScore 74
Rank 6AWSMLiShares MSCI World Small-Cap ETFScore 72
Rank 7AGWXState Street SPDR S&P International Small Cap ETFScore 71
Rank 8BPDNInvesco RAFI Developed Markets ex-U.S. Small-Mid ETFScore 66
Rank 9BIEUSiShares MSCI Europe Small-Cap ETFScore 59

Our read on each fund

ETF.net Research

DFISADimensional International Small Cap ETF

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

In short

DFIS No data

PDN PDN 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

DFIS No data

PDN 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

DFIS No data

PDN 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

DFIS No data

PDN 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.

Full DFIS profile⁠

Full PDN profile⁠

DFIS vs PDN Holdings

How DFIS and PDN differ

Overlap by weight

35.6%

Shared holdings make up 55.2% of PDN and 42.1% of DFIS.

Level by level

Holdings877 in both35.6%
Countryby domicile80.7%
Sector11 Sectors89.9%
Asset classEquity100%

Sector

Sector weights in DFIS and PDN, widest gap first
Sector	More in DFISMore in PDN	DFIS	PDN
Real Estate	PDN +5.3 points	3.1%	8.5%
Materials	DFIS +4.6 points	14.2%	9.6%
Communication	PDN +1.9 points	3.0%	4.9%
Industrials	DFIS +2.0 points	24.9%	22.9%
Consumer Discretionary	DFIS +1.8 points	14.0%	12.2%
Financials	PDN +1.7 points	12.2%	13.9%
Health Care	PDN +0.9 points	5.7%	6.6%
Energy	DFIS +0.6 points	5.3%	4.7%
Technology	DFIS +0.5 points	9.0%	8.5%
Utilities	DFIS +0.5 points	3.0%	2.5%
Consumer Staples	PDN +0.3 points	5.5%	5.8%

Country, concentration and asset class

Country by domicile

Country weights in DFIS and PDN, widest gap first
Country	More in DFISMore in PDN	DFIS	PDN
South Korea	PDN +7.1 points	0.0%	7.1%
United Kingdom	DFIS +3.4 points	11.7%	8.3%
Switzerland	DFIS +3.3 points	7.3%	4.0%
Canada	DFIS +3.1 points	11.6%	8.5%
Japan	PDN +2.5 points	27.3%	29.8%
Germany	DFIS +2.2 points	6.1%	3.9%
France	DFIS +2.0 points	5.5%	3.5%
Norway	PDN +1.7 points	0.9%	2.6%
Other countries (25)	PDN +2.6 points	29.6%	32.2%

Outside the US: DFIS 98% developed, 2% emerging. PDN 88% developed, 12% emerging.

Concentration

Weight in the 10 largest Holdings

DFIS3.3%
PDN2.6%

Securities held

DFIS3,484
PDN1,562

Asset class

DFIS: Equity
PDN: Equity

Holdings

Only in DFIS2,607
In both877
Only in PDN685

Only in DFIS

2,607 securities, 57.6% of DFIS by weight

Qiagen NV Com0.47%
Orion Oyj0.38%
Poste Italiane Spa0.35%
Finning International Inc0.32%
Swiss Prime Site AG0.31%
Gea Group AG0.31%
Hiscox Ltd0.31%
Mercari Inc0.31%
Dpm Metals Inc0.31%
Rexel SA0.31%
Thyssenkrupp AG0.29%
Brenntag SE0.28%
Akzo Nobel NV0.28%
Capital Power Corp0.27%
Psp Swiss Property AG0.27%
Imcd NV0.26%
Namura Shipbuilding Co Lt0.26%
Zalando SE0.26%
Canadian Tire Corp Ltd0.26%
Kesko Oyj0.25%
Shibaura Mechatronics Cor0.25%
Helvetia Baloise Holding0.25%
Carrefour SA0.24%
Symrise AG0.24%
Spie SA0.24%
Scor SE0.23%
Swatch Group Ag/The0.23%
Eurofins Scientific0.23%
Kingfisher PLC0.22%
Accor SA0.22%
Fresenius Medical Care AG0.21%
Ssr Mining Inc0.21%
Man Group Plc/Jersey0.21%
Evonik Industries AG0.21%
Ackermans & Van Haaren NV0.21%
Sbm Offshore NV0.20%
Northland Power Inc0.20%
Randstad NV0.20%
Mitsubishi Materials Corp0.19%
Alstom SA0.19%
Bawag Group AG0.19%
Oceanagold Corp0.19%
Dcc Energy PLC0.19%
Athabasca Oil Corp0.18%
Centerra Gold Inc0.18%
Logitech International SA0.18%
Stora Enso Oyj0.18%
Open Text Corp0.17%
Sonova Holding AG0.17%
Blackberry Limited0.17%

Only in PDN

685 securities, 44.5% of PDN by weight

Atlassian Corp0.33%
Var Energi ASA0.27%
Getinge AB0.24%
Frontline PLC0.24%
GFL Environmental Inc0.24%
Euronext NV0.21%
Gibson Energy Inc0.20%
Russel Metals Inc0.20%
Hafnia Ltd0.20%
Aedifica SA0.19%
Coway Co Ltd0.19%
Elbit Systems Ltd0.19%
Fisher & Paykel Healthcare Corp Ltd0.19%
Meritz Financial Group Inc0.19%
TMX Group Ltd0.19%
Hyundai Marine & Fire Insurance Co Ltd0.19%
Asics Corp0.19%
Torm PLC0.18%
Hachijuni Nagano Bank Ltd0.18%
ASX Ltd0.18%
Delivery Hero SE0.18%
Hamamatsu Photonics KK0.18%
Square Enix Holdings Co Ltd0.18%
Power Assets Holdings Ltd0.18%
Horiba Ltd0.18%
Hikari Tsushin Inc0.18%
Kyoto Financial Group Inc0.17%
Harbour Energy PLC0.17%
Storebrand ASA0.17%
Canadian Utilities Ltd0.17%
Tower Semiconductor Ltd0.17%
IGM Financial Inc0.17%
Singapore Exchange Ltd0.17%
Hirose Electric Co Ltd0.17%
BW LPG Ltd0.16%
Evolution Mining Ltd0.16%
Obic Co Ltd0.16%
Singapore Technologies Engineering Ltd0.16%
SSR Mining Inc0.16%
Kulicke & Soffa Industries Inc0.16%
Phoenix Financial Ltd0.16%
Saab AB0.16%
Cochlear Ltd0.15%
Derwent London PLC0.15%
Ansell Ltd0.15%
Credit Saison Co Ltd0.15%
Swedish Orphan Biovitrum AB0.15%
Nabtesco Corp0.15%
McDonald's Holdings Co Japan Ltd0.15%
ASMPT Ltd0.15%

Weight gaps

The 100 widest of 877 Holdings in both funds.

Holding weights in DFIS and PDN, widest gap first
Holding	More in DFISMore in PDN	DFIS	PDN
Vat Group AG	DFIS +0.24 points	0.38%	0.14%
Gaztransport Et Technigaz	DFIS +0.19 points	0.27%	0.08%
Accelleron Industries Ltd	DFIS +0.18 points	0.23%	0.05%
Sumitomo Bakelite Co Ltd	PDN +0.18 points	<0.01%	0.18%
Lottomatica Group Spa	DFIS +0.17 points	0.22%	0.05%
Banco Comercial Portugues	PDN +0.17 points	0.03%	0.20%
Thk Co Ltd	PDN +0.17 points	<0.01%	0.17%
Hensoldt AG	DFIS +0.16 points	0.20%	0.04%
Belimo Holding AG	DFIS +0.16 points	0.26%	0.10%
Loomis Ab	PDN +0.16 points	<0.01%	0.16%
Swissquote Group Holding	DFIS +0.14 points	0.18%	0.04%
Stantec IncSTN	PDN +0.14 points	0.01%	0.15%
Sega Sammy Holdings Inc	PDN +0.14 points	0.08%	0.22%
Games Workshop Group PLCGAW.L	DFIS +0.14 points	0.23%	0.09%
Nomura Real Estate Holdin	PDN +0.13 points	0.02%	0.15%
Nordex SE	DFIS +0.13 points	0.18%	0.05%
Sinch Ab	PDN +0.13 points	0.03%	0.16%
J Front Retailing Co Ltd	PDN +0.13 points	0.04%	0.17%
Straumann Holding AG	PDN +0.13 points	0.02%	0.15%
Colliers International GrCIGI	DFIS +0.13 points	0.20%	0.07%
Nhk Spring Co Ltd	PDN +0.13 points	0.03%	0.16%
Macnica Holdings Inc	PDN +0.12 points	0.07%	0.19%
Hoegh Autoliners Asa	PDN +0.12 points	0.03%	0.15%
Sumitomo Pharma Co Ltd	PDN +0.12 points	0.00%	0.12%
Azelis Group NV	PDN +0.12 points	0.03%	0.15%
Diploma PLCDPLM.L	PDN +0.12 points	<0.01%	0.12%
Genting Singapore Ltd	PDN +0.12 points	<0.01%	0.12%
Indra Sistemas SA	DFIS +0.12 points	0.21%	0.09%
Soitec	PDN +0.12 points	<0.01%	0.12%
Odakyu Electric Railway C	PDN +0.12 points	0.02%	0.14%
Sopra Steria Group	PDN +0.12 points	0.10%	0.22%
Saipem Spa	DFIS +0.12 points	0.29%	0.17%
Casio Computer Co Ltd	PDN +0.11 points	0.04%	0.15%
Canon Marketing Japan Inc	PDN +0.11 points	<0.01%	0.11%
Dno Asa	PDN +0.10 points	0.03%	0.13%
Ringkjoebing Landbobank A	DFIS +0.10 points	0.17%	0.07%
Alten SA	PDN +0.11 points	0.10%	0.21%
Nof Corp	PDN +0.10 points	0.03%	0.13%
Hikma Pharmaceuticals PLCHIK.L	PDN +0.10 points	0.10%	0.20%
Babcock International GroBAB.L	DFIS +0.10 points	0.19%	0.09%
Spirax Group PLCSPX.L	PDN +0.11 points	0.07%	0.18%
Sig Combibloc Group AG	PDN +0.10 points	0.11%	0.21%
Flughafen Zurich AG	DFIS +0.10 points	0.18%	0.08%
Cyberagent Inc	PDN +0.10 points	0.04%	0.14%
Demant A/S	PDN +0.09 points	0.07%	0.16%
Keisei Electric Railway C	PDN +0.10 points	0.06%	0.16%
Salzgitter AG	PDN +0.10 points	0.06%	0.16%
Acciona SA	PDN +0.09 points	0.06%	0.15%
Fuji Corp/Aichi	PDN +0.09 points	0.02%	0.11%
Carl Zeiss Meditec AG	PDN +0.09 points	0.02%	0.11%
Suruga Bank Ltd	DFIS +0.09 points	0.15%	0.06%
Hugo Boss AG	PDN +0.09 points	<0.01%	0.10%
Be Semiconductor Industri	PDN +0.09 points	<0.01%	0.09%
Hudbay Minerals IncHBM	DFIS +0.08 points	0.21%	0.13%
Cleanaway Waste Managemen	PDN +0.09 points	0.07%	0.16%
Tamarack Valley Energy Lt	DFIS +0.09 points	0.21%	0.12%
Or Royalties IncOR	DFIS +0.09 points	0.13%	0.04%
Biprogy Inc	PDN +0.09 points	0.02%	0.11%
Sapporo Breweries Ltd	PDN +0.09 points	0.02%	0.11%
Lion Finance Group PLCBGEO.L	DFIS +0.09 points	0.22%	0.13%
Tokai Carbon Co Ltd	PDN +0.09 points	0.11%	0.20%
Kraftia Corp	PDN +0.09 points	0.02%	0.11%
Temenos AG	DFIS +0.09 points	0.18%	0.09%
Also Holding AG	PDN +0.09 points	0.01%	0.10%
Citizen Watch Co Ltd	PDN +0.08 points	0.07%	0.15%
Hokuhoku Financial Group	PDN +0.09 points	0.06%	0.15%
Edp Renewables SA	PDN +0.08 points	0.03%	0.11%
Lotus Bakeries NV	DFIS +0.08 points	0.13%	0.05%
Perseus Mining Ltd	PDN +0.09 points	0.01%	0.10%
Swcc Corp	DFIS +0.09 points	0.13%	0.04%
Biomerieux	PDN +0.08 points	0.07%	0.15%
North Pacific Bank Ltd	DFIS +0.08 points	0.17%	0.09%
Pirelli & C Spa	PDN +0.08 points	0.09%	0.17%
Elia Group Sa/Nv	PDN +0.08 points	0.04%	0.12%
Hexpol Ab	PDN +0.08 points	0.03%	0.11%
Rohto Pharmaceutical Co L	PDN +0.08 points	0.04%	0.12%
Airtel Africa PLCAAF.L	PDN +0.08 points	0.02%	0.10%
JET2 PLC	PDN +0.08 points	0.04%	0.12%
Wacker Chemie AG	PDN +0.08 points	0.07%	0.15%
Abc-Mart Inc	PDN +0.09 points	0.01%	0.10%
Hokkaido Electric Power C	PDN +0.08 points	0.09%	0.17%
Tecan Group AG	PDN +0.08 points	0.08%	0.16%
Landis+gyr Group AG	PDN +0.07 points	0.04%	0.11%
Challenger Ltd	PDN +0.08 points	0.05%	0.13%
Daido Steel Co Ltd	PDN +0.08 points	0.07%	0.15%
Precision Drilling CorpPDS	PDN +0.08 points	0.03%	0.11%
Nokian Renkaat Oyj	PDN +0.08 points	0.07%	0.15%
Anritsu Corp	PDN +0.07 points	0.01%	0.08%
Mitie Group PLCMTO.L	PDN +0.07 points	0.05%	0.12%
Hellofresh SE	PDN +0.07 points	<0.01%	0.07%
Uacj Corp	PDN +0.07 points	0.03%	0.10%
Aeroports De Paris	PDN +0.07 points	0.05%	0.12%
Fuji Media Holdings Inc	PDN +0.07 points	0.01%	0.08%
Ipsen SA	PDN +0.07 points	0.10%	0.17%
Mobimo Holding AG	DFIS +0.07 points	0.14%	0.07%
Nisshinbo Holdings Inc	PDN +0.07 points	0.07%	0.14%
Cosmos Pharmaceutical Cor	PDN +0.06 points	0.05%	0.11%
Sulzer AG	DFIS +0.06 points	0.15%	0.09%
Nichias Corp	PDN +0.06 points	0.06%	0.12%
Amp Ltd	PDN +0.07 points	0.10%	0.17%

All 3,463 DFIS holdings⁠All 1,562 PDN holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DFIS vs PDN Cost

Overpaying PDN vs DFIS

$1,520

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

DFIS 0.39%
$7,898
PDN 0.47%
$9,418

Amount$10,000

Years30 years

Cost over time

DFIS 0.39%
PDN 0.47%
Overpaying

Year by year

Year	DFIS	PDN	Overpaying
10	$705	$847	$142
20	$2,725	$3,261	$536
30	$7,898	$9,418	$1,520

Expense ratio

0.39%DFIS, cheaper
0.47%PDN

DFIS0.39%PDN0.47%

0.06%0.83%

Middle half of International Small-Cap funds
Median 0.44%

DFIS 4th cheapest of 16 funds

PDN 9th cheapest of 16 funds

DFIS vs PDN Dividends

Last 12 months to Nov 2, 2026

Yield (12M): DFIS 2.21%; PDN 3.35%, better
Payout (12M): DFIS $0.79; PDN $1.51
Last payment: DFIS $0.19; PDN $0.31
Ex-dividend: DFIS Sep 22, 2026; PDN Sep 21, 2026
Paid on: DFIS Sep 24, 2026; PDN Sep 25, 2026
Frequency: DFIS Quarterly; PDN Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DFISQuarterly · 18 paymentsAll DFIS payments⁠

PDNQuarterly · 39 paymentsAll PDN payments⁠

DFIS vs PDN Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DFIS 13.7%PDN 13.6%, better
Return per unit of riskSharpe ratio, 3 years: DFIS 1.20, betterPDN 1.12
Worst fallMax drawdown, 5 years: DFIS −27.2%since Mar 2022PDN −32.6%
Market sensitivityBeta, 5 years: DFIS 0.98PDN 0.99; Market = 1

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