At a glance
PXF charges 0.43% a year, above the 0.12% average of the 8 funds most like it (the most expensive of 9). It has $2.89B in assets, the 9th largest of that group; it paid 3.26% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +25.6% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds; over three years it returned +26.8% a year. At its worst it fell 36.4% in the 2020 crash (S&P 500: 33.7%) and 26.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 10 months after the lows. Its ten largest positions make up 14.6% of the fund, out of 1,021 in all.
The short version
Invesco RAFI Developed Markets ex-U.S. ETF (PXF) tracks the RAFI Fundamental Select Developed ex US 1000 Index, which holds about 1,000 stocks from developed markets outside the United States. Most index funds size each company by its stock-market value. This index instead sizes companies by their sales, cash flow, book value, and dividends plus buybacks. At 0.43% a year, it costs the most of nine similar funds, but it led all of them on one- and three-year returns as of October 27, 2026.
Price history
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PXF +25.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| PXF official prospectus, to Dec 31, 2025 | — | +42.26% | — | +13.04% | +9.72% | — |
| PXF price data to Oct 27, 2026 | +19.3% | +25.6% | +26.8% | +13.8% | +11.4% | +5.4% |
- Over the year to Oct 27, 2026, PXF returned +25.6%, 1st of 9 among similar funds.
- Its 5-year annualized return was +13.8% and its 10-year +11.4%.
- In the 2020 COVID crash it fell 36.4% and regained its old high 8.1 months after the low.
- Its worst full calendar year was 2008 (-42.4%); its best was 2025 (+42.5%).
- The deepest fall in its price history was 64.7% (Dec 19, 2007 to Mar 9, 2009), recovered by Jul 14, 2017.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +19.3% | — |
| 2025 | +42.5% | +42.26% |
| 2024 | +4.5% | +4.35% |
| 2023 | +18.5% | +18.90% |
| 2022 | -9.1% | -9.24% |
| 2021 | +15.9% | +15.20% |
| 2020 | +2.6% | +3.08% |
| 2019 | +17.5% | +17.81% |
| 2018 | -14.8% | -15.12% |
| 2017 | +24.5% | +24.78% |
| 2016 | +7.2% | +6.51% |
| 2015 | -5.7% | — |
| 2014 | -6.8% | — |
| 2013 | +23.9% | — |
| 2012 | +16.8% | — |
| 2011 | -16.7% | — |
| 2010 | +6.8% | — |
| 2009 | +36.1% | — |
| 2008 | -42.4% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 62.2% over that stretch · deepest drop along the way 64.7%, back to its old high 100.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.4% over that stretch · deepest drop along the way 36.4%, back to its old high 8.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 24.1% over that stretch · deepest drop along the way 26.9%, back to its old high 9.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.7200 | |
| 2025 | $2.3800 | +43.4% |
| 2024 | $1.6600 | -1.2% |
| 2023 | $1.6800 | +12.8% |
| 2022 | $1.4900 | -15.8% |
| 2021 | $1.7700 | +98.9% |
| 2020 | $0.8900 | -40.3% |
| 2019 | $1.4900 | +17.3% |
| 2018 | $1.2700 | +0.8% |
| 2017 | $1.2600 | +5.0% |
| 2016 | $1.2000 | +7.1% |
| 2015 | $1.1200 | -29.1% |
| 2014 | $1.5800 | +49.1% |
| 2013 | $1.0600 | +7.2% |
| 2012 | $0.9890 | +39.7% |
| 2011 | $0.7080 | -28.0% |
| 2010 | $0.9840 | +27.6% |
| 2009 | $0.7710 | -11.1% |
| 2008 | $0.8670 |
What's inside
As of Jul 31, 2026, the fund held 1,021 securities; the ten largest made up 14.55% of assets. It also reported 8.47% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Samsung Electronics Co., Ltd. | 4.14% | |
| Shell PLC | 2.10% | |
| TotalEnergies SE | 1.47% | |
| HSBC Holdings PLC | 1.37% | |
| Roche Holding AG | 1.08% | |
| BHP Group Ltd. | 0.98% | |
| Toyota Motor Corp. | 0.94% | |
| BP PLC | 0.92% | |
| Glencore PLC | 0.83% | |
| Novartis AG | 0.74% | |
| Banco Santander S.A. | 0.72% | |
| Nestle S.A. | 0.71% | |
| SK hynix Inc. | 0.71% | |
| BNP Paribas | 0.66% | |
| Bayer AG | 0.62% |
By country
Japan 22.69%United Kingdom 13.31%Canada 8.95%South Korea 8.34%France 7.99%By asset type
Stocks 99.21%Preferred stock 0.64%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $15.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.23%, -2.05%, +1.95%.
How it works
PXF tracks the RAFI Fundamental Select Developed ex US 1000 Index, which is built by RAFI Indices, LLC. The index starts from a broad global list of stocks. From it, the index picks about 1,000 companies based in countries the index provider classifies as "developed," leaving out the United States. As of December 31, 2025, the index held 997 stocks, with company market values from $357.9 million to $494.7 billion.
The key difference is how stocks are chosen and weighted. Most index funds give the most weight to the companies with the highest total stock-market value. This index uses four measures of business size instead: book value plus intangibles, adjusted cash flow, adjusted sales, and dividends plus buybacks. Big, established businesses with modest share prices can therefore carry large weights. As of July 31, 2026, the largest holdings were Samsung Electronics (4.1%), Shell (2.1%), TotalEnergies (1.5%) and HSBC (1.4%). Japan made up 22.7% of assets and the United Kingdom 13.3%.
The fund uses "full replication," which means it generally buys every stock in the index at its index weight. It puts at least 90% of its assets in those stocks or in depositary receipts (certificates that represent foreign shares). Portfolio turnover was 20%. The fund held no derivatives as of July 31, 2026. Because the fund is valued in U.S. dollars, a falling yen, pound or euro can cut returns even when the stocks themselves rise.
What it really costs
- PXF charges 0.43% a year, versus an average of 0.12% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $44 in the first year and $542 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PXF | $44 | $138 | $241 | $542 |
In a retirement portfolio
PXF adds exposure to about 1,000 foreign developed-market companies, weighted by business size rather than market value, which can balance a portfolio heavy in U.S. stocks.
PXF could add foreign stocks led by Japan (22.7%) and the United Kingdom (13.3%) as of July 31, 2026. It also pays income: the trailing yield was 3.26% as of October 27, 2026, paid quarterly. The swings have been large. From December 2007 to March 2009 the fund fell 64.7%, and it took about 100 months, until July 2017, to get back to its old high. In 2008 alone it lost 42.4%. It dropped 36.4% in the 2020 COVID crash and recovered in about 8 months. In 2022 it fell 26.9% and took about 10 months to recover. Anyone who has to sell shares during a drop like these would lock in the losses.
Cost matters too. In the SEC's standard example, $10,000 invested costs $44 in fees the first year and $542 over 10 years. Several similar funds charge 0.03%. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want foreign stocks weighted by sales, cash flow, book value and payouts rather than market value, with large stakes in Shell, TotalEnergies and HSBC.
- Investors who want income: the trailing yield was 3.26% as of October 27, 2026, paid quarterly, though payouts can change with foreign dividends and exchange rates.
- Investors who want international exposure that includes Canada and South Korea, which made up 9.0% and 8.3% of assets as of July 31, 2026.
Look elsewhere if
- Cost-focused investors: the 0.43% expense ratio compares with 0.03% for VEA and SPDW, 0.04% for IDEV and 0.06% for SCHF.
- Investors who couldn't sit through deep drops: PXF lost 64.7% from 2007 to 2009 and took about 100 months to recover.
- Investors who want U.S. or emerging-market stocks, or who want to avoid currency swings; foreign exchange rates move this fund's dollar value.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PXF this fund | — | 0.43% | $2.89B | +25.6% | +26.8% |
| SCHF Schwab International Equity ETF | 61% | 0.06% | $69.68B | +17.7% | +20.4% |
| EFA iShares MSCI EAFE ETF | 58% | 0.32% | $77.98B | +13.5% | +18.2% |
| IDEV iShares Core MSCI International Developed M… | 57% | 0.04% | $31.64B | +14.6% | +19.2% |
| SPDW SPDR Portfolio Developed World ex-US ETF | 56% | 0.03% | $40.29B | +17.3% | +20.5% |
| VEA Vanguard FTSE Developed Markets ETF | 56% | 0.03% | $316.42B | +16.8% | +21.7% |
| IEFA iShares Core MSCI EAFE ETF | 55% | 0.07% | $190.11B | +13.7% | +18.5% |
| EFV iShares MSCI EAFE Value ETF | 51% | 0.33% | $29.11B | +21.9% | +23.3% |
Questions investors ask
Is PXF good for retirement?
PXF may work better as a diversifier in a retirement portfolio than as its main holding. It holds about 1,000 foreign developed-market stocks and pays dividends quarterly, with a 3.26% trailing yield as of October 27, 2026. Its average annual return was 9.72% over the 10 years to December 31, 2025. The risks are real: it fell 64.7% in the 2007–2009 crisis and took about 100 months to recover. Its 0.43% expense ratio is also high for its category.
What's the difference between PXF and SCHF?
Schwab International Equity ETF (SCHF) has the most holdings in common with PXF, at about 61% overlap. The biggest gap is cost. SCHF charges 0.06% a year and PXF charges 0.43%. PXF weights companies by sales, cash flow, book value and payouts. Recent results favored PXF: 25.6% over one year and 26.8% a year over three years as of October 27, 2026. SCHF returned 18.5% and 22.8% as of October 29, 2026. SCHF is also much larger, with about $69.7 billion in assets versus PXF's $2.9 billion.
How often does PXF pay dividends?
PXF pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $2.49 per share, for a trailing yield of 3.26%. Payouts come from the dividends of the foreign companies it owns, such as Shell, TotalEnergies and HSBC. Because those dividends are paid in other currencies, the amount investors receive in dollars can rise or fall with exchange rates. It can also change when companies raise or cut their payouts.
What is PXF's expense ratio?
PXF's expense ratio is 0.43% a year, according to its prospectus filed February 26, 2026. That makes it the most expensive of nine similar foreign developed-market funds, where the average is 0.12%. In the SEC's standard example ($10,000 invested, 5% annual return), total costs would be about $44 after one year, $241 after five years and $542 after 10 years. Funds such as VEA and SPDW charge 0.03%.
What are PXF's top holdings?
As of July 31, 2026, PXF's largest holding was Samsung Electronics at 4.1% of assets. Next came Shell (2.1%), TotalEnergies (1.5%), HSBC (1.4%), Roche (1.1%), BHP (1.0%) and Toyota (0.9%). The top 10 made up only 14.55% of the fund, which held 1,021 stocks in all. By country, the biggest weights were Japan at 22.7%, the United Kingdom at 13.3%, Canada at 9.0% and South Korea at 8.3%.