Average Daily Volume
28.1K
Fund Overview
The Invesco BuyBack Achievers ETF (PKW) is an exchange-traded fund that seeks to track the performance of the NASDAQ US BuyBack Achievers Index. This index is composed of U.S. companies that have effected a net reduction in shares outstanding of 5% or more in the trailing 12 months. PKW provides investors with exposure to companies that return capital to shareholders through share buybacks, which can be a sign of financial health and confidence in future earnings. The fund is rebalanced quarterly and reconstituted annually to ensure it reflects the current buyback landscape. PKW is one of the largest and most liquid ETFs focused on share repurchases, making it a popular choice for investors seeking this strategy.
- Asset Class
-
Equity
- Industry
-
N/A
- Annual Dividend Rate
-
- Smart Beta
-
Yes
- Leveraged / Inverse
-
N/A / No
- Dividend Quality - Yield
-
- 1.04 %
- Currency Hedged
-
No
- Portfolio Turnover
-
N/A
- Dividend Date
-
Why Invest in the PKW ETF?
Potential Benefits
- Exposure to companies with strong buyback programs, which may indicate financial stability and confidence in future growth.
- Historically, buyback strategies have outperformed broader market indices over certain periods.
- Provides a focused investment approach on capital return strategies without the need for stock picking.
- Liquidity and transparency due to its ETF structure, allowing for easy trading throughout the day.
- Lower expense ratio compared to actively managed funds with similar strategies.
Potential Risks
- Concentration risk in companies that may be over-leveraged to fund buybacks.
- Performance can lag during market cycles where buybacks are less rewarded.
- Tax inefficiency if buybacks are not executed optimally by underlying companies.
- Sector concentration risk, as buyback-heavy industries (e.g., technology, financials) may dominate the portfolio.
- Market conditions where share issuance (rather than buybacks) is favored can negatively impact returns.
RSI data unavailable or insufficient history.
Monthly Returns (%)
| Year |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
| 2026 |
+0.9%
|
+1.7%
|
-4.6%
|
+5.8%
|
-1.5%
|
+3.8%
|
+3.8%
|
+3.6%
|
-5.9%
|
+1.8%
|
-
|
-
|
| 2025 |
+4.0%
|
-1.8%
|
-4.0%
|
-2.4%
|
+7.3%
|
+5.1%
|
+1.1%
|
+5.0%
|
+1.2%
|
-2.1%
|
+2.3%
|
+1.5%
|
| 2024 |
+1.0%
|
+2.4%
|
+6.0%
|
-5.9%
|
+2.7%
|
-0.5%
|
+5.8%
|
+1.9%
|
+2.5%
|
-0.4%
|
+9.8%
|
-7.9%
|
| 2023 |
+6.8%
|
-3.7%
|
-3.0%
|
+1.4%
|
-4.8%
|
+9.2%
|
+4.9%
|
-0.9%
|
-3.1%
|
-4.5%
|
+7.2%
|
+7.9%
|
| 2022 |
-5.7%
|
-0.7%
|
+0.3%
|
-6.6%
|
+2.3%
|
-10.0%
|
+7.4%
|
-2.5%
|
-8.3%
|
+14.4%
|
+6.2%
|
-4.8%
|
| 2021 |
+1.0%
|
+6.2%
|
+7.3%
|
+4.2%
|
+1.6%
|
+1.5%
|
+0.4%
|
+5.0%
|
-5.2%
|
+4.5%
|
-2.2%
|
+5.0%
|
| 2020 |
-3.9%
|
-10.2%
|
-18.0%
|
+12.3%
|
+3.9%
|
+2.1%
|
+4.1%
|
+4.4%
|
-3.1%
|
-1.8%
|
+16.5%
|
+6.9%
|
| 2019 |
+10.2%
|
+3.6%
|
+0.3%
|
+6.7%
|
-8.6%
|
+8.2%
|
+1.5%
|
-4.3%
|
+3.3%
|
+3.2%
|
+4.5%
|
+2.6%
|
| 2018 |
+5.6%
|
-5.6%
|
-3.2%
|
0.0%
|
-0.6%
|
+0.6%
|
+3.8%
|
+3.3%
|
+0.5%
|
-5.1%
|
+2.0%
|
-11.2%
|
| 2017 |
+0.6%
|
+3.4%
|
-1.0%
|
+0.4%
|
+0.1%
|
+3.0%
|
+1.9%
|
-1.3%
|
+3.2%
|
+0.4%
|
+3.3%
|
+2.5%
|
< -5%
-5% to -2%
-2% to 0%
0%
0% to +2%
+2% to +5%
> +5%
Top Holdings (by weight)
| Symbol |
Company Name |
Weight |
|
RTX
|
RTX CORP |
6.1 % |
|
WFC
|
WELLS FARGO & CO |
5.2 % |
|
CMCSA
|
COMCAST CORP CLASS A |
5.1 % |
|
BKNG
|
BOOKING HOLDINGS INC |
4.9 % |
|
CAT
|
CATERPILLAR INC |
4.4 % |
|
HCA
|
HCA HEALTHCARE INC |
3.3 % |
|
PYPL
|
PAYPAL HOLDINGS INC |
3.1 % |
|
MAR
|
MARRIOTT INTERNATIONAL INC CLASS A |
2.8 % |
|
BK
|
BANK OF NEW YORK MELLON CORP |
2.7 % |
|
AFL
|
AFLAC INC |
2.5 % |
Top 10 holdings shown, out of 203 total holdings.
Related ETFs: PKW vs Peers
Comparison highlights key differences on cost, coverage, and focus within sector ETFs.
Investment Strategy
PKW tracks the NASDAQ US BuyBack Achievers Index, which includes companies that have reduced their shares outstanding by 5% or more in the trailing 12 months. The index is market-cap weighted, meaning larger companies with significant buybacks have a greater impact on performance. The fund holds common stocks of these companies and is rebalanced quarterly to reflect changes in buyback activity. The strategy focuses on the belief that companies engaging in substantial share repurchases are likely to be financially healthy and confident in their future earnings potential. PKW does not use derivatives or leverage, aiming for straightforward exposure to its index.
Frequently Asked Questions
What types of companies are included in PKW?
PKW holds U.S. companies that have reduced their shares outstanding by 5% or more in the previous 12 months, spanning various sectors with a tilt toward larger, financially stable firms.
How often does PKW rebalance its holdings?
The fund rebalances quarterly and undergoes a full reconstitution annually to maintain its focus on companies meeting its buyback criteria.
Does PKW pay dividends?
Yes, PKW pays dividends quarterly, as many of its constituent companies are dividend payers in addition to conducting share repurchases.
How does PKW perform during market downturns?
Performance varies, but buyback strategies can sometimes be more resilient as repurchases may support share prices, though companies may reduce buybacks during severe downturns.
Is PKW suitable for long-term investors?
PKW can be part of a long-term portfolio for investors seeking exposure to capital return strategies, though it should be balanced with other investment approaches.
Industry Overview
The Invesco BuyBack Achievers ETF (PKW) is part of the thematic investing space focused on capital return strategies. Share buybacks have become an increasingly popular method for companies to return value to shareholders, often seen as a signal of management's confidence in the business. PKW offers exposure to this theme by tracking companies that have reduced their shares outstanding by at least 5% over the past year. This strategy can be particularly appealing in environments where companies have strong cash flows but limited growth opportunities, making buybacks an efficient use of capital. The ETF provides a diversified approach to investing in this trend without requiring investors to analyze individual company buyback programs.
Alternative Comparison
Compared to SPYB (SPDR S&P 500 Buyback ETF), PKW has a broader universe beyond just S&P 500 constituents and requires a higher buyback threshold (5% vs. SPYB's inclusion of all buyback companies). SYLD (Cambria Shareholder Yield ETF) takes a more comprehensive approach by considering buybacks, dividends, and debt paydowns, while PKW focuses solely on buybacks. PKW's expense ratio is competitive within the buyback ETF space, though some peers like TTAC (TrimTabs All-Cap U.S. Free-Cash-Flow ETF) incorporate additional fundamental metrics alongside buybacks.
Issuer Overview
Invesco is a global asset management firm with a diverse lineup of ETFs, mutual funds, and other investment products. Known for its quantitative and factor-based strategies, Invesco has built a reputation for offering innovative investment solutions. The firm manages PKW as part of its suite of thematic and smart beta ETFs, leveraging its expertise in index construction and portfolio management.
Conclusion
PKW offers a focused and efficient way to invest in companies actively returning capital through share repurchases. Its strategy is particularly relevant for investors seeking exposure to firms demonstrating confidence in their financial position. While the fund has shown periods of strong performance, investors should be aware of the risks associated with sector concentrations and the cyclical nature of buyback strategies. PKW remains a leading option in the buyback-themed ETF category.
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