PXG aims to invest in equity securities across a very broad range of geographies and sectors. Essentially, the fund invests in three different ETFs, mainly Invesco FTSE RAFI US 1000 ETF (PRF), Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF), and Invesco FTSE RAFI Emerging Markets ETF (PXH). As the fund names suggest, they invest in the US, developed and emerging markets, and also invest in companies without regard to market capitalization. For selection and weighting, fundamental factors such as dividends, cash flow, sales and book value of assets are used to derive a constituents eligibility and weight within the fund. A composite fundamental value is given to each company the calculating an average weighting based on each fundamental criteria. Components are then ranked and selected based on their composite fundamental value. Rebalancing and reconstitution is done annually.