Invesco BuyBack Achievers ETF

The Invesco BuyBack Achievers ETF (PKW), listed on the NASDAQ and launched on December 20, 2006, is a passively managed exchange-traded fund that seeks to replicate the performance of the NASDAQ US BuyBack Achievers Index by investing at least 90% of its total assets in the index's constituent common stocks. The fund targets U.S. companies classified as "BuyBack Achievers"—those that have effected a net reduction in shares outstanding of 5% or more over the trailing twelve months—resulting in a portfolio of approximately 200 holdings with a strong tilt toward large- and mid-cap value stocks, particularly in the financial services and consumer cyclical sectors. With approximately $1.6 billion in assets under management, an expense ratio of 0.61%, and quarterly income distributions, PKW employs a full replication strategy with annual reconstitution each January and quarterly rebalancing in January, April, July, and October. As of August 31, 2025, the fund has earned an overall 5-star rating from Morningstar Inc. across its 3-, 5-, and 10-year performance periods, reflecting strong risk-adjusted returns relative to its peer group.