Invesco Dividend Achievers ETF (PFM) Research

The Invesco Dividend Achievers ETF (PFM) aims to closely track the performance, before accounting for fees and expenses, of the NASDAQ US Broad Dividend Achievers Index. This Index is specifically designed to identify a diversified collection of companies that regularly pay dividends. Typically, the Fund commits at least 90% of its total assets to common stocks of these dividend-paying companies that comprise the Index. A key characteristic for inclusion is that these firms must have consistently increased their annual dividend for ten or more consecutive fiscal years. Both the Fund and its benchmark Index undergo an annual reevaluation in March, with further portfolio adjustments made quarterly in March, June, September, and December. As of August 31, 2025, Morningstar assigned the Fund an overall rating of 4 stars, placing it among 1077 evaluated funds. Its performance over the 3-year period also garnered 4 stars (out of 1077 funds), while the 5-year period received 3 stars (out of 1018 funds). Notably, its 10-year track record achieved an impressive 5 stars (out of 826 funds). Morningstar's ratings are based on a risk-adjusted return metric that emphasizes consistent performance and gives greater weight to negative variations in a fund's monthly returns. For comparative purposes, all open-end mutual funds and exchange-traded funds are considered a single group, and a minimum of three years of operational history is required for rating. The overall rating is a weighted average of the relevant 3-, 5-, and 10-year metrics, incorporating all fees and expenses but excluding sales charges. ©2025 Morningstar Inc. This proprietary information should not be copied or distributed; its accuracy, completeness, or timeliness is not guaranteed. Morningstar and its data providers disclaim any responsibility for damages or losses resulting from the use of this information. Investors should be aware that past performance is not a reliable indicator of future results. Star ratings are distributed as follows: the top 10% of funds in a category receive five stars, the next 22.5% four stars, the subsequent 35% three stars, the following 22.5% two stars, and the bottom 10% one star. Ratings are subject to monthly revisions. Had the Fund not benefited from current or past fee waivers and/or expense reimbursements, its Morningstar rating would have been lower. Different share classes may exhibit varied performance characteristics, leading to different ratings.

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