ETF Evaluator:
Invesco RAFI US 1500 Small-Mid ETF (PRFZ)
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(as of Jul 31)
Best Performing in Small Blend Over the Last Year
| 71.4% | Invesco NASDAQ Future Gen 200 ETF (QQQS) |
| 58.3% | iShares Micro-Cap ETF (IWC) |
| 52.2% | Fidelity Enhanced Small Cap Core ETF (FESM) |
| 50.0% | Invesco Dorsey Wright SmallCap Momt ETF (DWAS) |
| 49.9% | First Trust Small Cap Core AlphaDEX® ETF (FYX) |
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ETF Details
Invesco RAFI US 1500 Small-Mid ETF Overview
Invesco RAFI US 1500 Small-Mid ETF (PRFZ) is a passively managed U.S. Equity Small Blend exchange-traded fund (ETF). Invesco launched the ETF in 2006.
The investment seeks to track the investment results (before fees and expenses) of the FTSE RAFI™ U.S. Mid Small 1500 Index.
The fund generally will invest at least 90% of its total assets in securities that comprise the underlying index. The underlying index is composed of approximately 1,500 common stocks and is designed to track the performance of small- and medium-sized U.S. companies based on the following four fundamental measures of firm size: book value, cash flow, sales and dividends.
About Invesco RAFI US 1500 Small-Mid ETF (PRFZ)
There are 3 members of the management team with an average tenure of 14.26 years: Peter Hubbard (2007), Michael Jeanette (2008) and Pratik Doshi (2020). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and RAFI Fund Select US 1500 TR USD index with a weighting of 100%. Invesco RAFI US 1500 Small-Mid ETF has 1521 securities in its portfolio. The top 10 holdings constitute 4.5% 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 US 1500 Small-Mid ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Invesco RAFI US 1500 Small-Mid ETF has 1.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.4% There is 1.5% 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 US 1500 Small-Mid ETF has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $2 billion in total assets, which is below the $5 billion average for the Small Blend 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.
PRFZ 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 US 1500 Small-Mid ETF expense ratio is below average compared to funds in the Small Blend category. Invesco RAFI US 1500 Small-Mid ETF has an expense ratio of 0.34%, which is 20% lower than its category average, making the fund expense ratio grade a B. 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 US 1500 Small-Mid ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 50% for the Small Blend category.
Recently, in the month of June 2026, Invesco RAFI US 1500 Small-Mid ETF returned 7.3%, which earned it a grade of A, as the Small Blend category had an average return of 5.8%. 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 US 1500 Small-Mid ETF has a trailing yield of 0.77%, which is below the 1.19% 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 US 1500 Small-Mid ETF Grades
Year to date, the ETF has returned 22.0%, 1.4 percentage points better than the category, which translates into a grade of C. The fund has returned 38.2% over the past year (grade of B), 18.9% over the past three years (grade of B) and 9.7% per year over the past five years (grade of A) and 12.5% per year over the past 10 years (grade of B).
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PRFZ Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PRFZ Return (NAV) | 7.3% | 21.8% | 38.2% | 18.9% | 9.7% | 12.5% |
| PRFZ Return (Price) | 7.3% | 21.8% | 38.4% | 18.9% | 9.7% | 12.5% |
| NAV +/- Price Return | 0.021% | -0.027% | -0.136% | -0.009% | -0.015% | -0.017% |
| Small Blend Avg | 5.8% | 18.9% | 32.8% | 16.6% | 8.1% | 11.7% |
| PRFZ Grade (NAV) | A | B | B | B | A | B |
| +/- Category (NAV) | 1.5% | 2.9% | 5.4% | 2.3% | 1.6% | 0.8% |
| PRFZ Tax-Cost Ratio | na | na | 0.4% | 0.4% | 0.5% | 0.5% |
PRFZ Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PRFZ Return (NAV) | 22.0% | 11.2% | 12.9% | 20.0% | -16.2% | 28.4% | 11.6% | 22.0% | -11.4% | 14.0% | 24.4% |
| PRFZ Return (Price) | 22.0% | 11.2% | 12.7% | 20.2% | -16.3% | 28.3% | 11.9% | 21.9% | -11.4% | 13.8% | 24.5% |
| NAV +/- Price Ret | 0.000% | 0.007% | -0.013% | 0.009% | 0.005% | -0.005% | 0.022% | -0.4% | 0.2% | -1.0% | 0.4% |
| Small Blend Avg | 20.6% | 8.7% | 11.7% | 16.3% | -15.9% | 24.0% | 12.7% | 24.8% | -9.2% | 14.4% | 19.6% |
| PRFZ Grade (NAV) | C | B | B | A | C | B | C | F | D | C | A |
| +/- Category | 1.4% | 2.4% | 1.1% | 3.8% | -0.3% | 4.4% | -1.1% | -2.8% | -2.2% | -0.4% | 4.8% |
| Risk Measures | |
| Beta: | 1.15 |
| R-Squared: | 61% |
| Standard Deviation: | 19.2% |
| Category Risk Index: | 1.05 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 1.58 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 0.8% |
| Total Assets: | $ 2,886 Mil |
| Share Class Assets: | $ 2,886 Mil |
| Turnover: | na |
| Expense Ratio: | 0.34% |
| Index Fund: | Yes |
| Index Tracked: | Russell 3000 TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 19.1 years | |||
| Average Tenure: 14.3 years | |||
| Managers (Year): Hubbard Peter (2007), Jeanette Michael (2008), Doshi Pratik (2020) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 1521 |
| % in Top 10 Holdings: | 4.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.5% |
Portfolio Allocation |
|
| Domestic Stock: | 98.4% |
| Foreign Stock: | 1.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Invesco |
| Phone Number: | 800-983-0903 |
| Website: | www.invescopowershares.com |
| Inception Date: | September 20, 2006 |
Expenses and Fees
| Expense Ratio (%): | 0.34% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.42% |
