Invesco International Developed Dynamic Multifactor ETF

Invesco International Developed Dynamic Multifactor ETF (IMFL) tracks a FTSE index of large and mid-sized companies in developed markets outside the US. It picks and weights them by five factors: value, momentum, quality, low volatility and size. Its main difference from similar funds is that the factor mix changes with Invesco's monthly call on the economic cycle. That approach costs 0.34% a year, well above the 0.13% average for similar funds.

• Over the year to Oct 27, 2026, IMFL returned +20.2%, 1st of 9 among similar funds.
• Its 5-year annualized return was +8.8%.
• Its worst full calendar year was 2022 (-17.3%); its best was 2025 (+30.9%).
• The deepest fall in its price history was 33.2% (Sep 15, 2021 to Sep 27, 2022), recovered by Dec 28, 2023.

As of Aug 31, 2026, the fund held 866 securities; the ten largest made up 25.63% of assets. It also reported 4.93% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Aug 31, 2026, investors added a net $65.0M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -0.33%, -0.67%, +1.79%.

The fund aims to match the FTSE Developed ex US Invesco Dynamic Multifactor Index. That index draws from a parent index of large and mid-sized companies in 24 developed countries outside the US. The fund puts at least 80% of its assets in index stocks and uses full replication, which means it aims to own the index's stocks directly. A "factor" is a stock trait linked to risk and return. The index scores five. Value looks at cash flow, earnings and sales relative to price. Momentum looks at 11-month returns. Quality looks at profitability and debt. Low volatility looks at five years of price swings. Size looks at market value.

Each month, Invesco Indexing tells FTSE which of four stages the economy is in: recovery, expansion, slowdown or contraction. Invesco Indexing is an affiliate of the fund's adviser. It bases the call on indicators such as manufacturing surveys, jobs data and consumer sentiment. Each stage maps to a preset mix of two or three factors. Each stock's combined factor score is multiplied by its parent-index weight. Low scorers are dropped, and a cap limits any single holding.

Because the factor mix can shift, trading is heavy: the prospectus reports 65% portfolio turnover. As of October 31, 2025, the index held 484 stocks.

• IMFL charges 0.34% a year, versus an average of 0.13% for the similar funds below (9th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $35 in the first year and $431 over 10 years (assuming a 5% annual return).

It adds stocks from Japan, South Korea, Europe and Australia to a US-heavy portfolio, though its factor rotation and higher fee make it a more active choice than a plain international index fund.

IMFL launched in February 2021, so it has no record through the 2008 financial crisis or the 2020 COVID crash. In the 2022 bear market it fell 30.6% from January to late September and took about 10 months to recover. Its deepest drop was 33.2%, from September 2021 to September 2022, and it took about 15 months to recover, by December 2023. Its worst calendar year was 2022, when it lost 16.7% by the prospectus measure. Anyone who had to sell during that stretch would have locked in losses. The trailing 12-month yield was 3.44% as of October 27, 2026, and the fund pays quarterly. In the SEC's standard example, costs on $10,000 come to $35 in year one and $431 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.