Invesco RAFI Developed Markets ex-U.S. (PXF) ETF Holdings & Analysis

What PXF does

The Invesco RAFI Developed Markets ex-U.S. ETF (PXF) aims to replicate the performance of the RAFI Fundamental Select Developed ex US 1000 Index. This Fund typically allocates at least 90% of its total assets to the securities comprising this Index, which may include American and global depositary receipts representing these underlying holdings. The Index itself is designed to capture the performance of the biggest companies in developed markets, excluding the United States, by selecting them based on four fundamental financial metrics: book value, cash flow, sales figures, and dividends paid. Companies demonstrating superior fundamental strength are weighted proportionally to their fundamental scores. The Index's performance is calculated using net returns, factoring in taxes applicable to non-resident investors. Both the Fund and its underlying Index undergo an annual rebalancing and reconstitution. Important changes are scheduled for March 21, 2025. At this time, the Fund's current benchmark, the FTSE RAFI Developed ex U.S. 1000 Index, will be replaced by the RAFI Fundamental Select Developed ex-US 1000 Index. Concurrently, the Fund's name will simplify to "Invesco RAFI Markets ex-U.S. ETF," and its management fee will decrease to 0.43%. As of August 31, 2025, Morningstar Inc. awarded the Fund an impressive overall rating of 4 stars, placing it among 338 peer funds. Its performance over different timeframes was rated as 3 stars for the 3-year period (out of 338 funds), 4 stars for the 5-year period (out of 319 funds), and 4 stars for the 10-year period (out of 240 funds). Morningstar's ratings reflect a risk-adjusted return methodology, prioritizing consistent performance and penalizing greater downside volatility. These ratings consider both open-end mutual funds and ETFs as a single comparison group and are based on a minimum three-year performance history. The overall star rating is a weighted average of these three-, five-, and ten-year ratings, before sales charges but after all other fees and expenses. It's important to note that the top 10% of funds receive five stars, the next 22.5% four stars, the subsequent 35% three stars, the following 22.5% two stars, and the bottom 10% one star. These ratings can fluctuate monthly. Had fee waivers or expense reimbursements not been in effect, the Morningstar rating might have been lower. Performance results do not guarantee future returns, and ratings for other share classes might differ.

Fund profile

Top holdings

Sector allocation

Geographic allocation

PortView Portfolio Insights

PortView analyzes how PXF fits your actual portfolio — position weight, ETF overlap with your other funds, sector and geographic exposure, concentration, and how this fund contributes to your portfolio risk and return. Connect a portfolio to see your personalized figures; PortView never shows another user's private holdings.

Related securities

Related stocks

Frequently asked questions

What does PXF track?

PXF is the Invesco RAFI Developed Markets ex-U.S. ETF, a Other ETF.

What is the expense ratio of PXF?

Expense ratio data for PXF is shown on the page when available from our data provider.

What are the largest holdings in PXF?

Top holdings include 005930.KS, SHEL.L, TTE.PA, HSBA.L, BHP.AX.

How can PortView analyze PXF overlap with other ETFs?

PortView computes the holdings overlap between PXF and the other ETFs and stocks you own, plus your combined sector and geographic exposure, so you can see true diversification.