ETF Evaluator: Invesco RAFI Developed Markets ex-US ETF (PXF) Follow This ETF

Invesco RAFI Developed Markets ex-US ETF Overview

Invesco RAFI Developed Markets ex-US ETF (PXF) is a passively managed International Equity Foreign Large Value exchange-traded fund (ETF). Invesco launched the ETF in 2007.

The investment seeks to track the investment results (before fees and expenses) of the RAFI Fundamental Select Developed ex US 1000 Index. The fund generally will invest at least 90% of its total assets in the securities that comprise the underlying index. The index provider compiles, maintains and calculates the new underlying index, which is comprised of approximately 1,000 common stocks and is designed to track the performance of the largest developed market companies, excluding U.S. companies, based on the following four fundamental measures of company size: book value plus intangibles, adjusted cash flow, adjusted sales, dividend plus buybacks.

About Invesco RAFI Developed Markets ex-US ETF (PXF)

There are 4 members of the management team with an average tenure of 9.18 years: Peter Hubbard (2007), Michael Jeanette (2015), Pratik Doshi (2020) and Faiz Syed (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 2 primary benchmarks: MSCI EAFE NR USD index with a weighting of 100% and RAFI Fund Select Dev ex US 1000 TR USD index with a weighting of 100%. Invesco RAFI Developed Markets ex-US ETF has 1040 securities in its portfolio. The top 10 holdings constitute 15.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.

Invesco RAFI Developed Markets ex-US ETF is part of the Equity global asset class and is within the International Equity ETF group. Invesco RAFI Developed Markets ex-US ETF has 98.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.3% There is 98.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Invesco RAFI Developed Markets ex-US ETF has -0.1% of the portfolio in cash.

Assets Under Management

The fund has $2 billion in total assets, which is above the $2 billion average for the Foreign Large Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

PXF Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Invesco RAFI Developed Markets ex-US ETF expense ratio is average compared to funds in the Foreign Large Value category. Invesco RAFI Developed Markets ex-US ETF has an expense ratio of 0.43%, which is 6% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Invesco RAFI Developed Markets ex-US ETF has a portfolio turnover rate of 20%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 46% for the Foreign Large Value category.

Recently, in the month of June 2026, Invesco RAFI Developed Markets ex-US ETF returned -2.1%, which earned it a grade of D, as the Foreign Large Value category had an average return of -1.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.

Invesco RAFI Developed Markets ex-US ETF has a trailing yield of 3.13%, which is below the 3.40% category average. The fund normally distributes its income quarterly and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Invesco RAFI Developed Markets ex-US ETF Grades

Year to date, the ETF has returned 17.4%, 7.1 percentage points better than the category, which translates into a grade of A. The fund has returned 36.8% over the past year (grade of A), 23.3% over the past three years (grade of A) and 13.8% per year over the past five years (grade of A) and 12.0% per year over the past 10 years (grade of A).

For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.

Otherwise, for more information about Invesco RAFI Developed Markets ex-US ETF, including its riskiness, submit your email to unlock the rest of the article.