# Invesco RAFI US 1500 Small-Mid ETF (PRFZ): ETF Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/prfz for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: Invesco · Asset class: Equity - Strategy: Passive Index · Inception: 2006-09-20 The Invesco RAFI US 1500 Small-Mid ETF (PRFZ) aims to replicate the performance of the RAFI Fundamental Select US 1500 Index. Typically, the Fund allocates at least 90% of its total assets to the common stocks that make up this index. The underlying index focuses on tracking the performance of small and medium-sized U.S. companies. Its constituent firms are chosen based on four core financial indicators: book value, cash flow generation, sales revenue, and dividend payments. Specifically, the index selects equities ranked between 1,001 and 2,500 in fundamental size from a universe of 3,000... ## Key Facts | Metric | Value | |---|---| | Price | $53.45 | | Expense Ratio | 0.36% | | Assets Under Management | $2.66B | | NAV | $53.09 | | Holdings Count | 1482 | | Distribution Yield (TTM) | 0.83% | | Annual Distribution (TTM) | $0.44 /share | | Distribution Frequency | Quarterly | | 52-Week Range | $42.73 – $56.84 | | Beta | 1.09 | ## Latest Distribution - Amount: $0.1290 /share - Ex-date: 2026-09-21 - Pay date: 2026-09-25 ## Frequently Asked Questions ### What does PRFZ invest in? The Invesco RAFI US 1500 Small-Mid ETF (PRFZ) aims to replicate the performance of the RAFI Fundamental Select US 1500 Index. Typically, the Fund allocates at least 90% of its total assets to the common stocks that make up this index. The underlying index focuses on tracking the performance of small and medium-sized U.S. companies. Its constituent firms are chosen based on four core financial indicators: book value, cash flow generation, sales revenue, and dividend payments. Specifically, the index selects equities ranked between 1,001 and 2,500 in fundamental size from a universe of 3,000 companies, assigning each a weight proportional to its fundamental value. Both the ETF's portfolio and the index's composition undergo annual rebalancing. A significant shift is scheduled for the close of business on March 21, 2025. The Fund will transition from its current benchmark, the FTSE RAFI US 1500 Mid Small Index, to the RAFI Fundamental Select US 1500 Index. Concurrently, the Fund's official name will be "Invesco RAFI US 1500 Small-Mid ETF." As of August 31, 2025, Morningstar Inc. awarded the Fund an overall 4-star rating, placing it favorably among 577 evaluated funds. This strong performance was consistent across various durations: it earned 4 stars for the 3-year period (out of 577 funds), 4 stars for the 5-year period (out of 556 funds), and 4 stars for the 10-year period (out of 405 funds). Morningstar's ratings employ a risk-adjusted return methodology, which considers monthly performance fluctuations, emphasizing penalties for downward volatility and rewarding consistent returns. For comparative analysis, Morningstar integrates open-end mutual funds and exchange-traded funds into a single comparison group. Only funds with a minimum of three years of operational history are eligible for ratings. The comprehensive overall rating is a weighted average derived from the 3-, 5-, and 10-year performance metrics, where applicable, and includes all fees and expenses but excludes sales charges. Important Disclaimers from Morningstar: This information is proprietary and must not be copied or distributed. Morningstar does not guarantee its accuracy, completeness, or timeliness, nor do they assume responsibility for any damages or losses resulting from its use. Investors should be aware that past performance is not a reliable indicator of future results. Within each category, the top 10% of funds receive five stars, the subsequent 22.5% earn four stars, the middle 35% are awarded three stars, the next 22.5% get two stars, and the bottom 10% receive one star. These ratings are subject to monthly updates. It is also important to note that any fee waivers or expense reimbursements, current or past, might have positively impacted the Morningstar rating, which could have been lower otherwise. Furthermore, ratings for different share classes may vary due to distinct performance characteristics. ### What is the expense ratio of PRFZ? Invesco RAFI US 1500 Small-Mid ETF (PRFZ) charges an expense ratio of 0.36%. This is the annual fee deducted from fund assets to cover management and operations. ### How big is PRFZ? Invesco RAFI US 1500 Small-Mid ETF (PRFZ) manages $2.66B in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation. ### Is PRFZ actively managed or an index fund? PRFZ is a passive index fund. It tracks a published benchmark by holding the constituents in their published weights. Index funds typically charge low expense ratios (PRFZ's is 0.36%) because there's no security selection cost. ### When was PRFZ launched? Invesco RAFI US 1500 Small-Mid ETF (PRFZ) launched in September 2006 and is managed by Invesco. ### How has PRFZ performed? PRFZ's total return (price change plus reinvested distributions) is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon. ### Does PRFZ pay a dividend? Invesco RAFI US 1500 Small-Mid ETF (PRFZ) currently distributes little or no income. Trailing-twelve-month yield is 0.83%. Investors looking for income should consider income-focused alternatives. See the Peers tab. ### How often does PRFZ pay dividends? Invesco RAFI US 1500 Small-Mid ETF pays dividends Quarterly. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### What is PRFZ's dividend yield? PRFZ's trailing-twelve-month yield is 0.83%, calculated from the sum of dividends over the past year divided by the current price. ### When is PRFZ's next ex-dividend date? The most recently announced ex-dividend date for PRFZ was 2026-09-21. The next ex-date typically follows Quarterly; once announced it appears at the top of the dividend history table on this page. ### How much will PRFZ's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.36% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does PRFZ charge its expense ratio? The expense ratio is deducted in tiny daily slices from PRFZ's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does PRFZ cost more than a fund like VOO? PRFZ is a passive index fund (current expense ratio 0.36%). Differences from broad-market ETFs like VOO usually come from index licensing fees, asset class (bond funds typically run cheaper than equity), or fund scale (smaller funds spread fixed operating costs across less AUM). ### Are there cheaper alternatives to PRFZ? The Lower-Fee Alternatives card above lists ETFs following the same investment strategy as PRFZ (0.36%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/prfz - Distribution history: https://www.dividenddata.com/funds/prfz/dividend - Holdings & diversification: https://www.dividenddata.com/funds/prfz/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/prfz/expenses - Peer comparison: https://www.dividenddata.com/funds/prfz/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.