PDN
Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio seeks investment results that correspond to the price and yield of the FTSE RAFI Developed Markets ex-U.S. Small-Mid Index
International
EQUITY
Passive
MANAGEMENT STYLE
403.7 M
ASSETS UNDER MGMT
49 bp
EXPENSES
Fund Basics
| Fund sponsor | Invesco |
| Category | International |
| Asset class | Equity |
| Website | link... |
| Inception date | Sep 27, 2007 |
| Assets (mns) | $404 |
| Expense ratio | 49 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Fundamental |
| Weighting | Fundamental |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| SAMSUNG TECHWIN CO LTD | 0.5 % |
| IAMGOLD CORP | 0.3 % |
| DOOSAN CORP | 0.3 % |
| AUTO1 GROUP SE | 0.3 % |
| ELBIT SYSTEMS LTD | 0.3 % |
| ALAMOS GOLD INC. | 0.3 % |
| ASICS CORP | 0.2 % |
| ELDORADO GOLD CORP | 0.2 % |
| PAN AMERICAN SILVER CORP | 0.2 % |
| DASSAULT AVIATION SA | 0.2 % |
Constituent Breakdown
| Number of holdings | 1699 |
| Herfindahl-Hirschman Index | 14 |
| Wgt avg mkt cap (mns) | $4,927 |
| Large cap (>$10bn) | 9.1% |
| Mid cap ($2-10bn) | 49.2% |
| Small cap (<$2bn) | 41.5% |
| Developed mkts. | 91.0% |
| Emerging mkts. | 9.0% |
Country Exposure
 |
JAPAN | 31.6 % |
 |
CANADA | 8.5 % |
 |
SOUTH KOREA | 7.7 % |
 |
BRITAIN | 6.4 % |
 |
AUSTRALIA | 5.3 % |
 |
SWEDEN | 3.6 % |
 |
FRANCE | 3.2 % |
 |
SWITZERLAND | 3.2 % |
 |
GERMANY | 3.0 % |
 |
ITALY | 2.5 % |
Historical Performance
Standardized Performance (as of 04/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 11.1% | 10.0% | 5.5% | 3.0% | 6.6% | 2.1% | -- | 1.8% |
| Dividend Yield | 0.0% | 3.0% | 3.1% | 3.0% | 2.8% | 2.6% | -- | 2.4% |
| Total Returns | 11.1% | 12.9% | 8.6% | 6.0% | 9.4% | 4.7% | -- | 4.3% | Ann. Volatility | 22.4% | 17.3% | 15.4% | 17.3% | 16.9% | 17.3% | -- | 21.4% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.82 | 60% |
| MSCI EAFE | 0.96 | 87% |
| MSCI Emg Mkts | 0.84 | 66% |
Liquidity Measures
| Avg. volume (000) | 245 |
| Turnover | 2.1% |
| Avg. Bid/Ask (% of price) | 0.18% |
| ADV of underlying (mns) | $12,405 |
Technical Indicators
| Recent close | $35.13 |
| 30d moving avg. | $33.65 |
| Annualized volatility | 17.6% |
| Relative strength (RSI) | 59 |
| Short interest (ETF) | 0.1% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. PDN |
Expenses vs. PDN |
ALTAR Score™ vs. PDN |
|---|---|---|---|---|
| FNDC | Schwab Fundamental International Small Co. Index ETF | 55.5% | -10 bp | -1.2% |
| SCZ | iShares MSCI EAFE Small-Cap ETF | 43.8% | -9 bp | -0.1% |
| DFIS | Dimensional International Small Cap ETF | 38.3% | -10 bp | +0.3% |
| SCHC | Schwab International Small-Cap Equity ETF | 36.9% | -38 bp | -0.3% |
| VSS | Vanguard FTSE All-World ex-US Small-Cap ETF | 31.6% | -42 bp | -0.4% |
| GWX | SPDR S&P International Small Cap ETF | 29.1% | -9 bp | -0.7% |
| SCJ | iShares MSCI Japan Small-Cap ETF | 28.5% | +1 bp | -0.2% |
| AVDV | Avantis International Small Cap Value ETF | 25.0% | -13 bp | +3.2% |
| IEUS | iShares MSCI Europe Small-Cap ETF | 24.3% | -7 bp | -0.1% |
| DISV | Dimensional International Small Cap Value ETF | 23.9% | -7 bp | +2.1% |
Risk and Returns: PDN vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 4/30/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
PDN
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.
ALTAR Score™
PDN
7.5%
Cat. Avg
7.6%
ALTAR Score™ Calculation
Category Overview
There are 251 funds in the International Equity category, with an average ALTAR Score™
of 7.6% and a standard deviation of
1.8%. PDN's ALTAR Score™ is approximately
0.1 standard deviations
below
the category average. This places PDN in the 46th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
PDNSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Passive International Equity ETFs |
| # of ETFs | 77 |
| Avg. Expense Ratio | 38.8 bp |
| Std. Deviation | 21.2 bp |
| PDN (49 bp) Percentile rank | 68 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| PDN | 49.0 | 18.2 | 67.2 |
| Peer Avg. | 27.8 | 14.7 | 42.4 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .