At a glance
IPKW charges 0.55% a year, above the 0.33% average of the 2 funds most like it (the most expensive of 3). It has $544.8M in assets, the 3rd largest of that group; it paid 3.35% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +17.3% with distributions reinvested (S&P 500: +11.5%), 2nd of those 3 funds; over three years it returned +26.0% a year. At its worst it fell 39.0% in the 2020 crash (S&P 500: 33.7%) and 28.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 17 months after the lows. Its ten largest positions make up 46.0% of the fund, out of 159 in all.
The short version
Invesco International BuyBack Achievers ETF (IPKW) tracks the NASDAQ International BuyBack Achievers Index. The index holds about 150 non-US companies that cut their share count by at least 5% in their latest fiscal year. Because of that buyback screen, its largest holdings include European banks and energy companies such as ING, UniCredit and Shell. Its expense ratio is 0.55% a year, higher than the 0.32% for iShares MSCI EAFE ETF.
Price history
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IPKW +17.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| IPKW official prospectus, to Dec 31, 2025 | — | +44.66% | — | +12.26% | +11.38% | — |
| IPKW price data to Oct 27, 2026 | +10.3% | +17.3% | +26.0% | +11.2% | +11.6% | +10.3% |
- Over the year to Oct 27, 2026, IPKW returned +17.3%, 2nd of 3 among similar funds.
- Its 5-year annualized return was +11.2% and its 10-year +11.6%.
- In the 2020 COVID crash it fell 39% and regained its old high 4.7 months after the low.
- Its worst full calendar year was 2018 (-21.6%); its best was 2025 (+45.5%).
- The deepest fall in its price history was 47.2% (Jan 26, 2018 to Mar 23, 2020), recovered by Dec 2, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.3% | — |
| 2025 | +45.5% | +44.66% |
| 2024 | +10.5% | +10.36% |
| 2023 | +15.1% | +15.01% |
| 2022 | -12.8% | -12.60% |
| 2021 | +11.5% | +11.11% |
| 2020 | +16.2% | +16.24% |
| 2019 | +20.2% | +20.11% |
| 2018 | -21.6% | -20.97% |
| 2017 | +34.2% | +33.57% |
| 2016 | +12.0% | +11.79% |
| 2015 | +6.8% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 39% over that stretch · deepest drop along the way 39%, back to its old high 4.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.6% over that stretch · deepest drop along the way 28.8%, back to its old high 17.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.2700 | |
| 2025 | $1.9800 | +21.5% |
| 2024 | $1.6300 | +63.0% |
| 2023 | $1.0000 | -20.6% |
| 2022 | $1.2600 | -57.0% |
| 2021 | $2.9300 | +423.2% |
| 2020 | $0.5600 | -30.9% |
| 2019 | $0.8100 | +8.0% |
| 2018 | $0.7500 | +114.3% |
| 2017 | $0.3500 | -56.3% |
| 2016 | $0.8000 | +135.3% |
| 2015 | $0.3400 |
What's inside
As of Jul 31, 2026, the fund held 159 securities; the ten largest made up 45.95% of assets. It also reported 8.48% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| ING Groep N.V. | 6.57% | |
| UniCredit S.p.A. | 6.40% | |
| Standard Chartered PLC | 5.48% | |
| Prosus N.V. | 4.93% | |
| Honda Motor Co., Ltd. | 4.63% | |
| Shell PLC | 4.61% | |
| TotalEnergies SE | 4.50% | |
| Equinor ASA | 3.51% | |
| Sompo Holdings, Inc. | 2.80% | |
| Vodafone Group PLC | 2.53% | |
| Baidu, Inc. | 2.45% | |
| AIB Group PLC | 2.43% | |
| NN Group N.V. | 2.33% | |
| Eneos Holdings, Inc. | 2.15% | |
| Saab AB | 2.10% |
By country
Japan 28.21%United Kingdom 17.74%Netherlands 13.82%Canada 7.26%Italy 6.65%By asset type
Stocks 104.95%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $3.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.53%, -3.19%, +7.27%.
How it works
The fund follows an index run by Nasdaq. To get in, a company must have bought back enough of its own stock to shrink its share count by 5% or more, net of any new shares, in its latest fiscal year. In a buyback, a company spends cash on its own shares, so the remaining owners each hold a bigger slice of the business. A company must also be in the NASDAQ Global Ex-US Index, be worth at least $250 million, and trade at least $1 million a day on average over three months. As of December 31, 2025, the index had 150 stocks.
Invesco uses full replication. That means the fund generally owns every index stock in proportion to its index weight, with at least 90% of assets in index stocks. It doesn't try to beat the index, so it keeps a lagging stock until the index drops it. Companies move on and off the buyback list, so portfolio turnover was 108%. That is roughly like replacing the whole portfolio in a year, and trading costs aren't in the expense ratio.
The fund is non-diversified. As of July 31, 2026, its top 10 holdings were about 46% of assets, led by ING Groep (6.6%), UniCredit (6.4%) and Standard Chartered (5.5%). Japan (28%) and the UK (18%) were the largest country weights.
What it really costs
- IPKW charges 0.55% a year, versus an average of 0.33% for the similar funds below (3rd of 3, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $56 in the first year and $689 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IPKW | $56 | $176 | $307 | $689 |
In a retirement portfolio
It is a narrow, concentrated bet on non-US companies that buy back shares, with deep past drops, so it fits better alongside a broad core than as one.
IPKW could add non-US stocks and quarterly income. Its trailing yield was 3.35% as of October 27, 2026. It has had sharp falls. It dropped 39% in the 2020 COVID crash but recovered by August 12, 2020. It fell 28.8% in the 2022 bear market and didn't recover until March 7, 2024. Its worst calendar year was 2018, at −20.97%. Its deepest drop was 47.2%, from January 2018 to March 2020. The fund launched in 2014, so it has no 2008 record. Anyone who has to sell shares during a slump like these locks in losses. Costs are 0.55% a year, or $56 on $10,000 in the first year in the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want non-US stocks screened for large buybacks, with heavy weights in banks and energy firms such as ING, UniCredit and Shell.
- Those willing to pay 0.55% a year, with 108% turnover, for a rules-based buyback tilt that broad EAFE funds don't offer.
- Holders who like quarterly payouts; the trailing yield was 3.35% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: iShares MSCI EAFE ETF charges 0.32% and iShares MSCI EAFE Value ETF 0.33%, versus 0.55% for IPKW.
- Anyone uneasy with concentration: the top 10 stocks were about 46% of assets as of July 31, 2026, led by three banks.
- People who may need to sell in a downturn; the fund fell 47.2% between 2018 and 2020, and 28.8% in 2022.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
What does IPKW invest in?
IPKW holds non-US companies that shrank their share count by at least 5% through buybacks in their latest fiscal year. It tracks the NASDAQ International BuyBack Achievers Index. As of July 31, 2026, it held 159 stocks. The largest were ING Groep, UniCredit, Standard Chartered, Prosus and Honda. Japan was 28% of assets, the UK 18% and the Netherlands 14%. The fund has significant exposure to the financials sector.
Is IPKW good for retirement income?
IPKW pays some income, but price swings are its bigger feature. Its trailing yield was 3.35% as of October 27, 2026, paid quarterly. It also fell 39% in early 2020 and 28.8% in 2022, and the 2022 drop took until March 2024 to recover. Retirees who may need to sell shares in a bad year may want to weigh that risk.
IPKW vs EFV: what's the difference?
They own quite different stocks: only about 9% of their holdings overlapped in reports as of July 31, 2026. iShares MSCI EAFE Value ETF (EFV) is much larger, with about $29.1 billion in net assets versus about $545 million for IPKW. It's also cheaper, at 0.33% versus 0.55%. IPKW's three-year annualized return was 26% as of October 27, 2026. EFV's was 24.4% as of October 30, 2026. Over one year, EFV led, 21.2% to 17.3%.
Does IPKW pay monthly dividends?
No. IPKW pays distributions quarterly. Over the 12 months to October 27, 2026, it paid about $2.01 per share, a trailing yield of 3.35%. The payouts come from dividends on the foreign stocks it owns, so they can rise or fall with company profits and exchange rates. A stronger US dollar, for example, reduces the dollar value of income paid in other currencies.
What is IPKW's 10-year return?
IPKW's average annual return was 11.38% over the 10 years ended December 31, 2025, according to its prospectus. Over five years it was 12.26%, and over one year 44.66%, helped by a strong 2025. Based on price, the 10-year annualized return was about 11.6% as of October 27, 2026. Results have been uneven along the way, including −20.97% in 2018 and −12.6% in 2022.