PFM: A Defensive Dividend ETF, Growth Subdued

  • Invesco Dividend Achievers ETF prioritizes dividend consistency and low volatility, appealing to defensive investors but offers a lower yield and slower dividend growth than peers. The fund is overweight in large-cap and technology stocks, resulting in a sector profile similar to VIG and DGRO but with modest growth metrics. PFM trades at a valuation premium versus peers, despite underperforming the broader market and most dividend growth funds over 3- and 5-year periods.