the smaller the SIZE of the particulate, the greater may be the toxicity. Very small particulate (diameter less than 2.5 micrometer) is the most toxic for human being, because:
1) it can easily get the respiratory system in deep and go into the blood Add your answer
2) particles have adsorbed important toxic element as heavy metals and hydrocarbons, because they are usually produced by combustion processes; while the larger particulate is usually produced by natural or anthropic erosive processes
I think you have to start out by defining what you actually mean by PM 1 as it is not a pollutant recognized by the US EPA or the European Environment Agency. The most likely definition would be the mass concentration of ambient suspended particulate matter (PM) of an aerodynamic diameter of less than 1 micrometer. The problem with that is that the mass of these very fine particles is no longer the most meaningful parameter, while their number (concentration) undoubtedly is.
So if you are trying to assess adverse effects of fine and ultrafine particles less than 1 micrometer in diameter, you are much better off looking at 'PN1' using (condensation) particle counters, which several European countries have done continuously for several years. An example is given here: www.dwd.de/EN/research/observing_atmosphere/composition_atmosphere/aerosol/cont_nav/particle_number_concentration_node.html
As regards adverse health effects, the smaller the particles are in diameter, the deeper they can penetrate into the alveolar region of the lung. Ultrafine particles can also enter the blood stream, and have been found in human organs and the brain. They can greatly aggravate pulmonary diseases and cardiovascular problems, in particular in susceptible people. A great publication to read would be: http://www.europeanreview.org/wp/wp-content/uploads/824.pdf
Usually we more like use PM0.1 or (PN0.1) to describe ultrafine particles. Regarding to its toxicity or harm to human health, you may check the attached review which discusses this problem well.