Invesco RAFI US 1000 ETF

Invesco RAFI US 1000 ETF (PRF) holds about 1,000 of the largest U.S. companies by tracking the RAFI Fundamental Select US 1000 Index. Most index funds size each company by its stock-market value. This index sizes each company by the size of its business instead, using sales, cash flow, book value, and dividends plus buybacks. Its 0.34% expense ratio is higher than similar funds such as Schwab's FNDX, which charges 0.25%.

• Over the year to Oct 27, 2026, PRF returned +23.3%, 5th of 9 among similar funds.
• Its 5-year annualized return was +13.2% and its 10-year +14.0%.
• In the 2020 COVID crash it fell 38% and regained its old high 7.8 months after the low.
• Its worst full calendar year was 2008 (-40.0%); its best was 2009 (+41.8%).
• The deepest fall in its price history was 60.4% (Jul 13, 2007 to Mar 9, 2009), recovered by Feb 16, 2011.

As of Jul 31, 2026, the fund held 1,000 securities; the ten largest made up 22.85% of assets. It also reported 3.05% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

By sector

• Over the three months to Jul 31, 2026, investors withdrew a net $260.0M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +3.52%, +1.15%, +1.29%.

PRF is an index fund. It aims to match the RAFI Fundamental Select US 1000 Index, which RAFI Indices, LLC builds and maintains. The index picks about 1,000 of the largest U.S. companies from the provider's global universe of investable stocks. As of June 30, 2026, the index held 999 stocks, with market values ranging from $50.6 million to $4.8 trillion.

What sets it apart is how it chooses and sizes companies. Most stock index funds weight by market capitalization (share price times shares outstanding), so the most highly valued companies get the biggest slices. This index uses four measures of business size instead: book value plus intangibles (roughly, what a company owns minus what it owes, plus things like brands and patents), adjusted cash flow, adjusted sales, and dividends plus buybacks. As of July 31, 2026, Apple (4.3%), Alphabet (3.7%) and Microsoft (2.6%) were the largest holdings. ExxonMobil, Berkshire Hathaway and Intel were also in the top 10.

The fund uses full replication, which means it generally holds every stock in the index in the same proportions. It buys or sells mainly when the index changes, not because a stock is lagging. Portfolio turnover was 13%, according to the prospectus. The fund uses no leverage, and it held no derivatives as of July 31, 2026.

• PRF charges 0.34% a year, versus an average of 0.19% for the similar funds below (9th of 9, cheapest first).
• Of that, 0.29% is the management fee; the rest covers other fund expenses.
• 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 spreads money across about 1,000 large U.S. companies with no leverage or options, though its business-size weighting and 0.34% fee set it apart from a plain market-value index fund.

PRF could serve as a broad U.S. stock holding that weights companies by the size of their business rather than their share price. It still takes the full force of stock market drops. It lost about 60% from July 2007 to March 2009, including a 40% drop in calendar 2008, and needed about 23 months after the low to regain its peak. It fell 38% in the 2020 COVID crash but was back to its peak by November 2020. In 2022 it dropped about 20% and didn't regain its peak until December 2023. Someone who had to sell shares in those stretches would have locked in losses.

Income is modest: the yield was 1.32% as of October 27, 2026, paid quarterly. Under the SEC's standard example, costs come to about $35 in the first year on $10,000. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

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