At a glance
PXH charges 0.47% a year, above the 0.25% average of the 8 funds most like it (the 8th cheapest of 9). It has $1.95B in assets, the 9th largest of that group; it paid 4.09% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +13.0% with distributions reinvested (S&P 500: +11.5%), 4th of those 9 funds; over three years it returned +22.9% a year. At its worst it fell 33.8% in the 2020 crash (S&P 500: 33.7%) and 28.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 20 months after the lows. Its ten largest positions make up 29.0% of the fund, out of 378 in all.
The short version
Invesco RAFI Emerging Markets ETF (PXH) tracks the RAFI Fundamental Select Emerging Markets 350 Index. The index holds about 350 large emerging-market companies and sizes each one by business measures such as sales, cash flow and dividends, not by stock market value. Taiwan Semiconductor, Petrobras and Alibaba were its largest holdings as of July 31, 2026. Its 0.47% expense ratio is higher than most similar funds, including Schwab's FNDE at 0.39%.
Price history
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PXH +13.0% 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 | |
|---|---|---|---|---|---|---|
| PXH official prospectus, to Dec 31, 2025 | — | +30.28% | — | +9.02% | +10.40% | — |
| PXH price data to Oct 27, 2026 | +12.9% | +13.0% | +22.9% | +9.5% | +8.3% | +3.6% |
- Over the year to Oct 27, 2026, PXH returned +13.0%, 4th of 9 among similar funds.
- Its 5-year annualized return was +9.5% and its 10-year +8.3%.
- In the 2020 COVID crash it fell 33.8% and regained its old high 8.4 months after the low.
- Its worst full calendar year was 2008 (-45.3%); its best was 2009 (+67.0%).
- The deepest fall in its price history was 63.6% (Oct 29, 2007 to Nov 20, 2008), recovered by Apr 6, 2011.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.9% | — |
| 2025 | +31.4% | +30.28% |
| 2024 | +12.0% | +12.76% |
| 2023 | +14.0% | +13.04% |
| 2022 | -15.2% | -14.21% |
| 2021 | +8.3% | +8.08% |
| 2020 | -1.9% | -1.71% |
| 2019 | +16.7% | +16.21% |
| 2018 | -8.7% | -8.13% |
| 2017 | +26.6% | +25.70% |
| 2016 | +32.9% | +32.44% |
| 2015 | -22.9% | — |
| 2014 | -6.4% | — |
| 2013 | -7.7% | — |
| 2012 | +15.3% | — |
| 2011 | -19.7% | — |
| 2010 | +13.3% | — |
| 2009 | +67.0% | — |
| 2008 | -45.3% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 58.3% over that stretch · deepest drop along the way 63.6%, back to its old high 28.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.8% over that stretch · deepest drop along the way 33.8%, back to its old high 8.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.1% over that stretch · deepest drop along the way 28.2%, back to its old high 19.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7800 | |
| 2025 | $1.0400 | +15.6% |
| 2024 | $0.9000 | -3.2% |
| 2023 | $0.9300 | -1.1% |
| 2022 | $0.9400 | -7.8% |
| 2021 | $1.0200 | +72.9% |
| 2020 | $0.5900 | -18.1% |
| 2019 | $0.7200 | +10.8% |
| 2018 | $0.6500 | +6.6% |
| 2017 | $0.6100 | +74.3% |
| 2016 | $0.3500 | -25.5% |
| 2015 | $0.4700 | -21.7% |
| 2014 | $0.6000 | +5.3% |
| 2013 | $0.5700 | +19.5% |
| 2012 | $0.4770 | -4.0% |
| 2011 | $0.4970 | +83.4% |
| 2010 | $0.2710 | +41.9% |
| 2009 | $0.1910 | -50.9% |
| 2008 | $0.3890 |
What's inside
As of Jul 31, 2026, the fund held 378 securities; the ten largest made up 28.98% of assets, and 3.12% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.18% | |
| Petroleo Brasileiro S.A. PETROBRAS Preferred stock | 4.20% | |
| Alibaba Group Holding Ltd. | 3.31% | |
| China Construction Bank Corp. | 2.71% | |
| Hon Hai Precision Industry Co., Ltd. | 2.57% | |
| Vale S.A. | 2.28% | |
| Tencent Holdings Ltd. | 2.24% | |
| Industrial and Commercial Bank of China Ltd. | 1.96% | |
| JD.com, Inc. | 1.86% | |
| MediaTek Inc. | 1.67% | |
| Bank of China Ltd. | 1.47% | |
| Ping An Insurance (Group) Co. of China, Ltd. | 1.42% | |
| PetroChina Co. Ltd. | 1.06% | |
| China Petroleum & Chemical Corp. | 0.92% | |
| Reliance Industries Ltd. | 0.92% |
By country
Taiwan 24.08%China 20.22%Cayman Islands 14.05%Brazil 11.35%India 9.47%By asset type
Stocks 93.23%Preferred stock 6.37%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $24.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.18%, -2.91%, +3.44%.
How it works
PXH aims to match the RAFI Fundamental Select Emerging Markets 350 Index, which RAFI Indices, LLC builds and maintains. Most index funds weight companies by market value (share price times shares outstanding). This index starts from the provider's global stock universe, picks about 350 of the largest emerging-market companies, and weights them by four measures of business size: book value plus intangibles, adjusted cash flow, adjusted sales, and dividends plus buybacks. A company with large sales and profits can get a big weight even if its share price is low. As of December 31, 2025, the index held 354 stocks from 15 countries and had significant exposure to financials.
Invesco puts at least 90% of assets into the index's securities, including ADRs and GDRs (receipts for foreign shares that trade on other exchanges). It aims to own every index stock in its index weight. When that isn't practical, it holds a representative sample instead. Because it's an index fund, it won't sell a lagging stock unless the index drops it. Portfolio turnover was 27%.
As of July 31, 2026, the fund held 378 positions, including preferred shares (6.37% of assets) such as Petrobras. It also held 3.12% in cash and a small MSCI Emerging Markets Index futures position. The fund reports its value in US dollars, so falling local currencies can lower its value.
What it really costs
- PXH charges 0.47% a year, versus an average of 0.25% for the similar funds below (8th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $48 in the first year and $591 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PXH | $48 | $151 | $263 | $591 |
In a retirement portfolio
It adds emerging-market stocks that a US-focused portfolio lacks, but its past drops have been deep and slow to recover.
PXH could add companies from Taiwan, China, Brazil and India to a portfolio, but its history shows sharp swings. It fell 63.6% from October 2007 to November 2008, lost 45.3% in calendar 2008, and didn't recover until April 2011. It dropped 33.8% in the 2020 COVID crash and recovered by December 2020. In 2022 it fell 28.2% and didn't recover until May 2024. Anyone who had to sell shares during those stretches would have locked in large losses. The fund pays dividends quarterly, with a trailing 12-month yield of 4.09% as of October 27, 2026. Payouts can change because they depend on what its companies pay. Its 0.47% expense ratio is nearly double the 0.25% average for similar funds. 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 emerging-market stocks weighted by sales, cash flow, book value and dividends rather than by market value.
- Those who value quarterly income: the trailing 12-month yield was 4.09% as of October 27, 2026.
- Long-term holders who can sit through drops like its 63.6% fall in 2007–2008 and wait years for a recovery.
Look elsewhere if
- Cost-focused investors: the 0.47% expense ratio ranks 8th of 9 similar funds, compared with 0.07% for VWO and SPEM.
- Investors who want a similar fundamental approach for less may compare Schwab's FNDE: 0.39%, with 83% holdings overlap.
- Investors uneasy with about 44% in Taiwan and China, plus 14% in Cayman Islands-registered firms like Alibaba and Tencent.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PXH this fund | — | 0.47% | $1.95B | +13.0% | +22.9% |
| FNDE Schwab Fundamental Emerging Markets Equity … | 83% | 0.39% | $10.31B | +15.0% | +22.8% |
| SCHE Schwab Emerging Markets Equity ETF | 48% | 0.11% | $13.00B | +4.4% | +16.7% |
| VWO Vanguard FTSE Emerging Markets ETF | 44% | 0.07% | $162.04B | +3.3% | +16.8% |
| EEM iShares MSCI Emerging Markets ETF | 42% | 0.72% | $31.21B | +12.7% | +20.3% |
| SPEM SPDR Portfolio Emerging Markets ETF | 41% | 0.07% | $17.31B | +5.0% | +16.8% |
| IEMG iShares Core MSCI Emerging Markets ETF | 39% | 0.09% | $160.90B | +11.7% | +19.8% |
| ESGE iShares ESG Aware MSCI EM ETF | 35% | 0.26% | $6.91B | +15.2% | +23.2% |
Questions investors ask
What does PXH invest in?
PXH holds large emerging-market stocks from the RAFI Fundamental Select Emerging Markets 350 Index. As of July 31, 2026, it had 378 positions and $1.95 billion in net assets, and its top 10 holdings made up 28.98%. The largest were Taiwan Semiconductor (6.2%), Petrobras preferred shares (4.2%), Alibaba (3.3%), China Construction Bank (2.7%) and Hon Hai (2.6%). Taiwan was 24.08% of assets, China 20.22%, the Cayman Islands 14.05%, Brazil 11.35% and India 9.47%.
Does PXH pay monthly dividends?
No. PXH pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $1.16 per share, a trailing yield of 4.09%. Payouts can go up or down from one quarter to the next because they depend on the dividends its companies pay. Large holdings include banks such as China Construction Bank and energy companies such as Petrobras. Because the fund reports in US dollars, currency moves can also change how much it pays.
PXH vs FNDE: what's the difference?
Both weight emerging-market companies by business measures rather than market value, and their holdings overlapped by 83%. The Schwab Fundamental Emerging Markets Equity ETF (FNDE) costs less, at 0.39% a year against PXH's 0.47%. It's also much larger, with $10.3 billion in net assets as of August 31, 2026, against PXH's $1.95 billion as of July 31, 2026. Their price returns through October 27, 2026 were close: 15% versus 13% over one year, and 22.8% versus 22.9% a year over three years.
What is PXH's expense ratio?
PXH's expense ratio is 0.47% a year, all of it management fee, according to the prospectus filed February 26, 2026. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $48 in fees after one year, $151 after three, $263 after five and $591 after ten. The average for similar funds is 0.25%. VWO charges 0.07% and IEMG 0.09%, while EEM costs more, at 0.72%.
How has PXH performed over the long term?
As of December 31, 2025, PXH's average annual return was 10.4% over 10 years, 9.02% over five years and 30.28% over one year, according to its prospectus. Returns have been uneven. It gained 32.44% in 2016 but lost 8.13% in 2018, 1.71% in 2020 and 14.21% in 2022. Its worst quarter was a 29.76% loss in early 2020. Over a longer stretch, it fell 63.6% between October 2007 and November 2008.