PFM Fees and Costs — Invesco Dividend AchieversTM ETF
Data updated: 2026-09-28
The net expense ratio is 0.52%: a 0.40% management fee plus 0.12% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $4K in broker commissions, 0.0005% of average net assets, and portfolio turnover was 6%.
PFM Fees and Expenses
Annual operating expenses and sales charges of PFM. Prospectus, as of August 27, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.40% |
| 12b-1 fee | — |
| Other expenses | 0.12% |
| Gross expense ratio | 0.52% |
| Fee waiver | — |
| Net expense ratio | 0.52% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
PFM Costs Over Time
On $10,000 invested in PFM, assuming 5% a year before costs, total costs come to $329 over 5 years, cutting the return by 0.55% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.52%) | $55 | $171 | $298 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $8 | $30 |
| Total costs | $55 | $180 | $329 |
| Value after costs | $10,445 | $11,396 | $12,434 |
| Impact on return, per year | 0.55% | 0.55% | 0.55% |
PFM Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0005%
- Total broker commissions: $4K
- Bought from dealers (principal trades, not a cost): $186.3M
- Portfolio turnover (prospectus): 6%
- Securities on loan, average value: $7.7M
- Net income from securities lending: $14K (0.002% of average net assets)
PFM Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| TD Securities (USA) LLC | $2K | 41.95% |
| MORGAN STANLEY & CO. LLC | $936 | 25.32% |
| INVESCO CAPITAL MARKETS, INC. | $818 | 22.13% |
| CITIGROUP GLOBAL MARKETS INC. | $163 | 4.42% |
| VIRTU AMERICAS LLC | $95 | 2.56% |
| BARCLAYS CAPITAL INC. | $53 | 1.45% |
| UBS SECURITIES LLC | $29 | 0.78% |
| WELLS FARGO SECURITIES, LLC | $19 | 0.52% |
| GOLDMAN, SACHS & CO. | $17 | 0.46% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $15 | 0.42% |
PFM Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| CITIGROUP GLOBAL MARKETS INC. | $40.8M | 21.94% |
| CITADEL SECURITIES LLC | $37.1M | 19.94% |
| BNY MELLON CAPITAL MARKETS, LLC | $34.5M | 18.54% |
| RBC CAPITAL MARKETS, LLC | $21.6M | 11.62% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $20.5M | 11.04% |
| VIRTU AMERICAS LLC | $14.3M | 7.67% |
| JANE STREET CAPITAL, LLC | $9.8M | 5.25% |
| GOLDMAN, SACHS & CO. | $4.6M | 2.47% |
| BARCLAYS CAPITAL INC. | $1.8M | 0.98% |
| ABN AMRO Clearing USA LLC | $1.0M | 0.55% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.