At a glance
PKW charges 0.63% a year, above the 0.34% average of the 6 funds most like it (the most expensive of 7). It has $2.27B in assets, the 3rd largest of that group; it paid 0.65% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +11.5% with distributions reinvested (S&P 500: +11.5%), the weakest of those 7 funds; over three years it returned +22.0% a year. At its worst it fell 39.8% in the 2020 crash (S&P 500: 33.7%) and 23.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 15 months after the lows. Its ten largest positions make up 38.0% of the fund, out of 224 in all.
The short version
Invesco BuyBack Achievers ETF (PKW) is an index fund that tracks the Nasdaq US BuyBack Achievers Index. The index holds US-listed companies that cut their shares outstanding by 5% or more, net, over the past 12 months. The screen leans toward financial companies. Citigroup, Wells Fargo and Adobe were the largest holdings as of July 31, 2026. At 0.63% a year, it costs more than the six similar funds compared, which average 0.34%.
Price history
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PKW +11.5% 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 | |
|---|---|---|---|---|---|---|
| PKW official prospectus, to Dec 31, 2025 | — | +17.78% | — | +14.04% | +12.82% | — |
| PKW price data to Oct 27, 2026 | +11.5% | +11.5% | +22.0% | +11.0% | +13.6% | +10.6% |
- Over the year to Oct 27, 2026, PKW returned +11.5%, 7th of 7 among similar funds.
- Its 5-year annualized return was +11.0% and its 10-year +13.6%.
- In the 2020 COVID crash it fell 39.8% and regained its old high 8.1 months after the low.
- Its worst full calendar year was 2008 (-33.4%); its best was 2013 (+45.6%).
- The deepest fall in its price history was 54.6% (Jun 4, 2007 to Mar 9, 2009), recovered by Feb 16, 2011.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.5% | — |
| 2025 | +17.9% | +17.78% |
| 2024 | +17.3% | +17.41% |
| 2023 | +17.2% | +17.35% |
| 2022 | -10.2% | -10.25% |
| 2021 | +32.6% | +32.44% |
| 2020 | +8.4% | +8.42% |
| 2019 | +34.1% | +34.12% |
| 2018 | -10.5% | -10.42% |
| 2017 | +17.8% | +17.80% |
| 2016 | +12.9% | +12.81% |
| 2015 | -4.3% | — |
| 2014 | +12.8% | — |
| 2013 | +45.6% | — |
| 2012 | +13.7% | — |
| 2011 | +10.1% | — |
| 2010 | +17.9% | — |
| 2009 | +31.3% | — |
| 2008 | -33.4% | — |
| 2007 | -2.3% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 53.2% over that stretch · deepest drop along the way 53.2%, back to its old high 22.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 39.7% over that stretch · deepest drop along the way 39.8%, back to its old high 8.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 20% over that stretch · deepest drop along the way 23.2%, back to its old high 14.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7000 | |
| 2025 | $1.3300 | +35.7% |
| 2024 | $0.9800 | -15.5% |
| 2023 | $1.1600 | +12.6% |
| 2022 | $1.0300 | +47.1% |
| 2021 | $0.7000 | -35.8% |
| 2020 | $1.0900 | +21.1% |
| 2019 | $0.9000 | +32.4% |
| 2018 | $0.6800 | +78.9% |
| 2017 | $0.3800 | -53.1% |
| 2016 | $0.8100 | +58.8% |
| 2015 | $0.5100 | +2.0% |
| 2014 | $0.5000 | +78.6% |
| 2013 | $0.2800 | -24.3% |
| 2012 | $0.3700 | +60.9% |
| 2011 | $0.2300 | +228.6% |
| 2010 | $0.0700 | -74.1% |
| 2009 | $0.2700 | +3.8% |
| 2008 | $0.2600 | +333.3% |
| 2007 | $0.0600 |
What's inside
As of Jul 31, 2026, the fund held 224 securities; the ten largest made up 37.97% of assets. It also reported 5.25% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Citigroup Inc. | 5.26% | |
| Wells Fargo & Co. | 4.89% | |
| Adobe Inc. | 4.63% | |
| Johnson Controls International PLC | 4.40% | |
| Marathon Petroleum Corp. | 4.21% | |
| General Motors Co. | 3.67% | |
| HCA Healthcare, Inc. | 3.12% | |
| Aflac Inc. | 2.86% | |
| PayPal Holdings, Inc. | 2.61% | |
| eBay Inc. | 2.31% | |
| Electronic Arts Inc. | 2.11% | |
| Carrier Global Corp. | 1.96% | |
| American International Group, Inc. | 1.90% | |
| IQVIA Holdings Inc. | 1.82% | |
| M&T Bank Corp. | 1.50% |
By country
United States 89.74%Ireland 4.47%Bermuda 3.65%Netherlands 1.31%Puerto Rico 0.5%By asset type
Stocks 100%By sector
Sectors of the companies held, for the 53.8% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $524.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.38%, +3.86%, +3.67%.
How it works
The fund tracks the Nasdaq US BuyBack Achievers Index, which is run by Nasdaq, Inc. A US exchange-listed common stock qualifies only if the company made a net reduction of 5% or more in its shares outstanding over the past 12 months. "Net" means the shares it repurchased must outweigh any new shares it issued, for example to employees. As of June 30, 2026, the index had 224 constituents. Their market values ran from $3.7 million to $253.0 billion, so very small companies sit alongside giants.
The fund's adviser, Invesco Capital Management, uses "full replication." That means the fund generally holds every stock in the index, in proportion to its index weight. It doesn't try to beat the index, so it won't sell a lagging stock unless the index drops it. Companies leave once their share count stops shrinking, so the portfolio changes a lot. The prospectus reports 95% portfolio turnover, meaning trading equal to most of the fund's value in a year. Trading costs are not included in the expense ratio. The fund held no derivatives as of July 31, 2026.
Sector weights follow the index. The prospectus noted significant exposure to the financials sector as of April 30, 2026. As of July 31, 2026, the 10 largest positions made up about 38% of assets, led by Citigroup, Wells Fargo and Adobe. About 90% of holdings were US-based companies.
What it really costs
- PKW charges 0.63% a year, versus an average of 0.34% for the similar funds below (7th of 7, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $64 in the first year and $786 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PKW | $64 | $202 | $351 | $786 |
In a retirement portfolio
PKW has a 0.63% cost, a small yield and a 54.6% peak-to-trough loss from 2007 to 2009, so it fits better as a smaller position beside broad core funds than at a portfolio's center.
PKW could add a tilt toward companies that are shrinking their share count, but it has fallen hard in past downturns. In the 2008 financial crisis it lost 53.2% from October 2007 to March 2009. It did not recover until January 2011, and 2008, down 33.4%, was its worst calendar year. In the 2020 COVID crash it fell 39.8% in about a month, then recovered by November 2020. In 2022 it dropped 23.2% and needed until December 2023 to regain its peak. Anyone forced to sell during those stretches would have locked in losses. Income is modest: the yield was 0.65% as of October 27, 2026, paid quarterly. Costs run above similar funds. In the SEC's standard example, $10,000 invested costs $64 in the first year and $786 over 10 years. 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 a rules-based tilt toward companies that cut shares outstanding by 5% or more, such as Citigroup, Wells Fargo and Adobe.
- People comfortable holding a smaller satellite position in a fund that fell 54.6% from 2007 to 2009 and recovered only in 2011.
- Long-term holders who value its track record: 12.82% average annual return over the 10 years through December 31, 2025, per the prospectus.
Look elsewhere if
- Cost-focused investors: the 0.63% expense ratio tops all six similar funds compared, against 0.20% for RSP and 0.06% for VYM.
- Retirees who need steady income: the yield was just 0.65% as of October 27, 2026, paid quarterly.
- Anyone wanting balanced sectors and stable holdings: the prospectus notes significant financials exposure, and 95% turnover reshapes the portfolio from year to year.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PKW this fund | — | 0.63% | $2.27B | +11.5% | +22.0% |
| DVAL BrandywineGLOBAL - Dynamic US Large Cap Val… | 19% | 0.49% | $72.2M | +13.9% | +15.6% |
| OAKM Oakmark U.S. Large Cap ETF | 18% | 0.59% | $1.05B | +12.9% | — |
| QVMT Invesco S&P 500 Concentrated QVM ETF | 8% | 0.13% | $132.5M | +16.8% | +21.8% |
| RSP Invesco S&P 500® Equal Weight ETF | 8% | 0.2% | $96.47B | +18.9% | +18.3% |
| BUSA Brandes U.S. Value ETF | 7% | 0.6% | $298.4M | +18.2% | +21.4% |
| VYM Vanguard High Dividend Yield Index ETF | 5% | 0.06% | $99.19B | +19.1% | +21.2% |
Questions investors ask
What stocks are in PKW?
PKW holds the stocks in the Nasdaq US BuyBack Achievers Index. These are US-listed companies that reduced their shares outstanding, net, by 5% or more over the past 12 months. As of July 31, 2026, the fund held 224 companies, and the 10 largest made up about 38% of assets. The top five were Citigroup (5.3%), Wells Fargo (4.9%), Adobe (4.6%), Johnson Controls International (4.4%) and Marathon Petroleum (4.2%).
Is PKW good for retirement income?
PKW is not designed for income. Its trailing 12-month yield was 0.65% as of October 27, 2026, about $0.97 per share, paid quarterly. The index chooses companies because they shrink their share count, not because they pay dividends, so payouts are small. For income, it is worth comparing with dividend-focused funds such as Vanguard High Dividend Yield Index ETF (VYM). VYM shares only about 5% of PKW's holdings, so the two portfolios are very different.
What is PKW's expense ratio?
PKW's expense ratio is 0.63% a year, which includes a 0.50% management fee, according to the prospectus filed August 27, 2026. In the SEC's standard example, $10,000 invested at a 5% annual return would cost about $64 over one year, $202 over three, $351 over five and $786 over 10. That is more than any of the six similar funds compared, which average 0.34%. Trading costs from its 95% turnover are not included in that figure.
PKW vs DVAL: what's the difference?
No fund closely matches PKW. The nearest by holdings, BrandywineGLOBAL's DVAL, shares about 19% of them. DVAL costs 0.49% a year versus PKW's 0.63%. It is also much smaller: about $72 million in net assets as of June 30, 2026, against PKW's $2.27 billion as of July 31, 2026. On price returns through October 27, 2026, DVAL gained 13.9% over one year versus 11.5% for PKW. Over three years PKW led, at 22% a year versus 15.6%.
How has PKW performed over the long term?
According to its prospectus, PKW returned an average of 12.82% a year over the 10 years through December 31, 2025, and 14.04% a year over five years. The ride has been bumpy. It lost 10.42% in 2018 and 10.25% in 2022, and its worst quarter was a 29.2% drop in early 2020. In the 2007–2009 decline it fell 54.6% from peak to low and took until February 2011 to recover. Past results don't predict future returns.