Invesco Dividend Achievers™ ETF

Invesco Dividend Achievers™ ETF (PFM) is an index fund that holds about 430 US-listed stocks from the Nasdaq US Broad Dividend Achievers Index. The index only admits companies that have raised their regular dividend for at least 10 straight years. Its main drawback against similar funds is cost: 0.52% a year, versus 0.05% for Vanguard Dividend Appreciation ETF (VIG). About 85% of the two funds' holdings overlap.

• Over the year to Oct 27, 2026, PFM returned +13.4%, 9th of 9 among similar funds.
• Its 5-year annualized return was +10.6% and its 10-year +12.2%.
• In the 2020 COVID crash it fell 32.2% and regained its old high 5.4 months after the low.
• Its worst full calendar year was 2008 (-29.2%); its best was 2019 (+26.9%).
• The deepest fall in its price history was 53.2% (Oct 9, 2007 to Mar 9, 2009), recovered by Aug 7, 2012.

As of Jul 31, 2026, the fund held 429 securities; the ten largest made up 30.5% of assets.

By sector

• Over the three months to Jul 31, 2026, investors withdrew a net $6.1M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +2.40%, +0.48%, +1.59%.

PFM tracks the Nasdaq US Broad Dividend Achievers Index, which is built by Nasdaq, Inc. To join the index's pool of "Dividend Achievers," a US exchange-listed company must have raised its regular annual cash dividend for at least 10 years in a row. The rule looks for a record of dividend increases, not a high yield. As of June 30, 2026, the index had 432 members. Their market capitalizations (total stock market value) ran from about $368 million to $4.3 trillion, so smaller companies sit alongside giants.

The fund uses "full replication." It generally buys every stock in the index, in the same proportions as the index. It does not try to beat the index, so it won't sell a lagging stock unless the index drops it. Portfolio turnover (the share of holdings replaced over a year) was a low 6%. At least 80% of net assets must be in index stocks or close equivalents. The fund held no derivatives as of July 31, 2026.

The prospectus summary does not spell out the weighting rules, but the largest companies dominate. As of July 31, 2026, Microsoft (4.1%), Eli Lilly (3.9%) and Apple (3.9%) led, and the top 10 made up 30.5% of assets. If index weights shift toward a few stocks, the fund can become "non-diversified" without a shareholder vote.

• PFM charges 0.52% a year, versus an average of 0.12% for the similar funds below (9th of 9, cheapest first).
• Of that, 0.4% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $53 in the first year and $653 over 10 years (assuming a 5% annual return).

It spreads money across about 430 US stocks in many sectors, but its 1.28% yield is too low for it to serve mainly as an income fund.

PFM could serve as a broad US stock holding that leans toward companies with long records of raising dividends. It pays dividends quarterly. Its trailing 12-month yield (dividends paid over the past year as a share of the price) was 1.28% as of October 27, 2026, so the income is modest. The fund fell 53.2% in the 2008 financial crisis. It then took about 41 months from the March 2009 low to get back to its old peak. It dropped 32.2% in the 2020 COVID crash and recovered in about five months. In 2022 it fell 17.8% and needed about 10 months to recover. Its worst calendar year was 2008, at −29.2%. Anyone forced to sell in a slump like 2008 would have locked in deep losses. Under the SEC's standard example, costs on $10,000 total about $653 over 10 years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.