Fund · Invesco RAFI US 1500 Small-Mid ETF · measured from SEC filings
PRFZ holdings
PRFZ reports 1,500 holdings and behaves like 718.3 equally weighted ones, computed from its SEC Form N-PORT filing for 2026-07-31. The fact sheet publishes the first number; this page computes the second, and traces it across 27 quarters of filings.
Measured concentration
as of 2026-07-31Read this figure with the following in mind
32.5% of net assets is securities-lending cash collateral, excluded from the figure; counted as filed the fund would read 15.6
The figure below is what the filing says, published unchanged. What it may not do is sit beside a plain long-only fund and be read as the same quantity. How comparability is decided.
Computed by this site from the fund's SEC Form N-PORT filing; what the measure does not tell you · every fund in one table · hold it with other funds? X-ray the mix. Pricing: 75.47% at a quoted market price (level 1), 16 issuer countries, 0.03% restricted securities.
What stands out
as of 2026-07-31PRFZ's largest investment is TTM Technologies Inc at 0.59% of net assets. Opendoor Technologies Inc and Viavi Solutions Inc follow; the three together are 1.73%. Ten companies are 3.81% of the fund; the other 1,490 share the rest. Among the 721 equity funds measured here, PRFZ behaves like 718.3 holdings against a median of 42.4 — 16.9 times the median. Across 27 quarterly filings PRFZ has become more concentrated: it behaved like 843.3 at 2019-10-31 and 668.2 at 2026-04-30. Between the 2026-01-31 and 2026-04-30 filings 153 positions were added and 28 dropped; 11.4% of the weight moved.
Each sentence is read from the fund's own SEC filing; the class median is computed across the comparable equity funds on this site. Nothing here is a view on the fund.
Every filing since 2019
27Between 2019-10-31 and 2026-04-30, PRFZ went from behaving like 843.3 equally weighted positions to 668.2 — 21% fewer, while its top ten went from 2.93% to 4.95% of net assets. Read across the funds on the concentration-over-time table.
| Period | Holdings | Effective | Top 10 | Largest |
|---|---|---|---|---|
| 2026-04-30 | 1,538 | 668.2 | 4.95% | 0.59% |
| 2026-01-31 | 1,413 | 675.3 | 4.67% | 0.7% |
| 2025-10-31 | 1,674 | 749.3 | 4.7% | 1.03% |
| 2025-07-31 | 1,705 | 842.9 | 3.86% | 0.57% |
| 2025-04-30 | 1,731 | 820.9 | 4.15% | 0.56% |
| 2025-01-31 | 1,439 | 751.4 | 4.61% | 0.79% |
| 2024-10-31 | 1,460 | 807.1 | 3.69% | 0.6% |
| 2024-07-31 | 1,480 | 874.5 | 2.81% | 0.44% |
Earlier filings (19 more, back to 2019-10-31)
| Period | Holdings | Effective | Top 10 | Largest |
|---|---|---|---|---|
| 2024-04-30 | 1,498 | 920.9 | 2.28% | 0.27% |
| 2024-01-31 | 1,442 | 742.4 | 4.38% | 0.99% |
| 2023-10-31 | 1,464 | 821.9 | 3.47% | 0.51% |
| 2023-07-31 | 1,480 | 877.3 | 3.4% | 0.59% |
| 2023-04-30 | 1,497 | 932.1 | 2.19% | 0.24% |
| 2023-01-31 | 1,438 | 807.2 | 3.15% | 0.47% |
| 2022-10-31 | 1,451 | 799.7 | 3.37% | 0.49% |
| 2022-07-31 | 1,472 | 857.3 | 2.96% | 0.38% |
| 2022-04-30 | 1,493 | 904.3 | 2.59% | 0.34% |
| 2022-01-31 | 1,444 | 801.4 | 3.47% | 0.44% |
| 2021-10-31 | 1,458 | 833.7 | 3.4% | 0.41% |
| 2021-07-31 | 1,478 | 878.1 | 2.79% | 0.44% |
| 2021-04-30 | 1,497 | 920.5 | 2.21% | 0.23% |
| 2021-01-31 | 1,439 | 825.5 | 3.62% | 0.44% |
| 2020-10-31 | 1,452 | 830.8 | 3.24% | 0.37% |
| 2020-07-31 | 1,469 | 842.5 | 3.28% | 0.49% |
| 2020-04-30 | 1,492 | 911.3 | 2.5% | 0.3% |
| 2020-01-31 | 1,409 | 810.8 | 3.15% | 0.39% |
| 2019-10-31 | 1,436 | 843.3 | 2.93% | 0.36% |
One row per filed reporting period, newest first, read from EDGAR. Quarterly because that is the public filing cadence. Rows marked * are published but held out of the comparison above; the methodology page says when and why.
As filed, collateral included
32.51% collateralPRFZ's filing lists 1,502 positions including 32.51% of net assets in securities-lending cash collateral. Counted as filed the fund reads 15.6 effective holdings with a top ten of 35.63%; on its own investments — the figure above — it reads 718.3 with a top ten of 3.81%. The collateral is matched by a liability and is not a holding the fund chose; since 2026-09-18 every figure on this site sets it aside (methodology). Both numbers are in the data.
Largest positions, as filed
as of 2026-04-30The 15 largest of 1,500 positions in PRFZ's Form N-PORT, weight as a share of net assets, securities-lending collateral excluded. Every position, every quarter: listed with the point-in-time files, available on request.
| # | Position | Weight | Cumulative |
|---|---|---|---|
| 1 | TTM Technologies, Inc. | 0.59% | 0.6% |
| 2 | Opendoor Technologies Inc. | 0.57% | 1.2% |
| 3 | Viavi Solutions Inc. | 0.57% | 1.7% |
| 4 | Advanced Energy Industries, Inc. | 0.53% | 2.3% |
| 5 | MaxLinear, Inc. | 0.51% | 2.8% |
| 6 | Onto Innovation Inc. | 0.48% | 3.2% |
| 7 | FormFactor, Inc. | 0.44% | 3.7% |
| 8 | Roivant Sciences Ltd. | 0.44% | 4.1% |
| 9 | Crescent Energy Co. | 0.42% | 4.5% |
| 10 | Par Pacific Holdings, Inc. | 0.42% | 5.0% |
| 11 | ATI Inc. | 0.41% | 5.4% |
| 12 | Bloom Energy Corp. | 0.39% | 5.8% |
| 13 | Primoris Services Corp. | 0.39% | 6.1% |
| 14 | Revolution Medicines, Inc. | 0.38% | 6.5% |
| 15 | Ionis Pharmaceuticals, Inc. | 0.37% | 6.9% |
By country of issuer
as of 2026-04-30Share of PRFZ's own investments by the issuer country the filer reported (incorporation, not revenue). Each country links to every fund that holds it.
| Country | Share |
|---|---|
| United States | 95.17% |
| Cayman Islands° | 1.50% |
| Bermuda° | 1.28% |
| Marshall Islands° | 0.66% |
| United Kingdom | 0.28% |
| Netherlands° | 0.19% |
| Luxembourg° | 0.19% |
| Canada | 0.17% |
Returns the fund reported
2019-08 – 2026-04Monthly total returns from Item B.5 of PRFZ's own filings, 81 months on record. Not computed here and not from a price feed.
Cross-checked against a series computed separately from prices: median difference 0.07 percentage points over 81 months, which is roughly the distributions. Every month with the filing it came from: PRFZ.json · all funds.
Who borrows PRFZ's shares
2026-07-31The fund lends its holdings, and Item B.4.a of the filing names every firm holding them. At 2026-07-31, $875m was out to 34 borrowers. The largest, JP MORGAN SECURITIES LLC, held 15.2% of it.
| Borrower | On loan | Share of the loan |
|---|---|---|
| JP MORGAN SECURITIES LLC | $133m | 15.2% |
| BNP PARIBAS PRIME BROKERAGE INTERNATIONAL LIMITED | $80m | 9.1% |
| CITIGROUP GLOBAL MARKETS INC. | $77m | 8.8% |
| MORGAN STANLEY & CO LLC | $70m | 8.0% |
| National Financial Services LLC | $60m | 6.8% |
The filing reports no cash collateral position against this loan. Collateral taken in a form the fund does not hold as a position does not appear in N-PORT, so this is silence rather than absence. What the collateral figure can and cannot show. Every quarter PRFZ has filed, with each borrower: PRFZ.json · all funds.
Since the previous filing
2026-01-31 → 2026-04-301,413 positions became 1,538: 153 added (1.4% of the fund at the later date), 28 dropped (1.7% at the earlier date). Half the sum of all weight changes, a turnover proxy: 11.4%. Positions are matched on identifiers, so a security whose identifier changed shows as one drop and one add. Every filing of PRFZ compared this way, as a feed: changes.xml · all funds: filings received.
| Largest increases | 2026-01-31 | 2026-04-30 | Largest decreases | 2026-01-31 | 2026-04-30 |
|---|---|---|---|---|---|
| MaxLinear, Inc. | 0.14% | 0.51% | GRAIL, Inc. | 0.43% | 0.20% |
| Viavi Solutions Inc. | 0.30% | 0.57% | Hecla Mining Co. | 0.52% | 0.29% |
| Iridium Communications Inc. | 0.17% | 0.34% | Ionis Pharmaceuticals, Inc. | 0.54% | 0.37% |
| Applied Optoelectronics, Inc. | 0.07% | 0.23% | Compass, Inc. | 0.37% | 0.20% |
| Par Pacific Holdings, Inc. | 0.26% | 0.42% | Kratos Defense & Security Solutions, Inc. | 0.27% | 0.11% |
| TTM Technologies, Inc. | 0.44% | 0.59% | SoFi Technologies, Inc. | 0.28% | 0.13% |
New: Piper Sandler Cos. (0.22%), DHT Holdings, Inc. (0.05%), Golar LNG Ltd. (0.04%), Millrose Properties, Inc. (0.04%), agilon health, Inc. (0.04%), QXO, Inc. (0.03%). Gone: Piper Sandler Cos. (0.23%), Dayforce, Inc. (0.22%), REV Group, Inc. (0.20%), Amicus Therapeutics, Inc. (0.18%), Confluent, Inc. (0.10%), Avidity Biosciences, Inc. (0.09%).
Asset categories and pricing
as of 2026-07-3175.39% equity, 24.61% short-term investment as filed; 75.5% carried at a quoted market price (fair-value level 1). Categories and levels are the filer's; what a low level-1 share does and does not mean is in the measure's page.
Neighbours by effective holdings, equity funds
10Every measured equity fund lined up by how many holdings it behaves like; these sit either side of PRFZ (718.3). Same filings, same arithmetic. Position in this list says nothing about which fund is better.
| Fund | Reports | Behaves like | Top ten | As of |
|---|---|---|---|---|
| BBSC JPMorgan BetaBuilders U.S. Small Cap Equity ETF | 853 | 601.1 | 4.59% | 2026-07-31 |
| GSSC Goldman Sachs ActiveBeta(R) U.S. Small Cap Equity ETF | 1,320 | 610.4 | 6.56% | 2026-05-31 |
| DFIC Dimensional International Core Equity 2 ETF | 4,128 | 640.4 | 6.91% | 2026-07-31 |
| DFAX Dimensional World ex. U.S. Core Equity 2 ETF | 10,509 | 668.2 | 8.24% | 2026-07-31 |
| VB Vanguard Small-Cap Index Fund | 1,316 | 689.3 | 4.33% | 2026-06-30 |
| RSSL Global X Russell 2000 ETF | 1,961 | 836.2 | 3.31% | 2026-07-31 |
| IWM iShares Russell 2000 ETF | 2,016 | 840.2 | 3.42% | 2026-06-30 |
| DFAS Dimensional U.S. Small Cap ETF | 2,055 | 896.9 | 2.54% | 2026-07-31 |
| WSML iShares MSCI World Small-Cap ETF | 3,520 | 929.3 | 4.51% | 2026-05-31 |
| DFIS Dimensional International Small Cap ETF | 3,513 | 951.3 | 3.6% | 2026-07-31 |
Essays that examine PRFZ
1-
Why 2,017 IWM Holdings Read as 33: Securities Lending in the Russell 2000 ETF
IWM, the iShares Russell 2000 ETF, files 2,017 holdings but our concentration measure read it as 33. The cause is a 17% cash-collateral position from securities lending, flagged in the filing itself; set it aside and the fund's own investments behave like about 840. Seventy-three funds on this site, including IJH, IJR, RSP, LQD and HYG, had the same problem. What we found, what we changed today, and what is still open.
Mentions are detected across the full text of every article, so an appearance may be a passing comparison rather than the subject. Nothing here is a recommendation to buy or sell — see the disclaimer.