Key stats
About Invesco BuyBack Achievers ETF
Expense ratio
0.62%
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Inception date
Dec 20, 2006
ISIN
US46137V3087
PKW holds stocks in firms that have purchased significant chunks of their own stock. The idea is simple: A firm's own managers know the best valuation of its stock, and if it's undervalued, they'll buy it up, assuming they have the cash. There are criticisms of this approach: perhaps the firm has nothing better to do with its earnings because it's a cash cow with no growth opportunities. Buybacks also buoy earnings-per-share without adding enterprise value. But for investors who want access to the buyback trend, PKW provides easy access, though it's worth noting that its thesis still yields a fund that looks like the broader market in some ways. Unlike some niche peer ETFs, the fund doesn't reach far down the market-cap spectrum. Instead, large caps dominate PKW's small basket. The Fund and the Index are reconstituted annually and rebalanced quarterly.
Classification
What's in the fund
Exposure type
Finance
Consumer Services
Stock breakdown by region