PKW - PKW: Why The Buyback Achievers Continue To Disappoint

• The Invesco BuyBack Achievers ETF selects Nasdaq-traded companies that have reduced shares outstanding by at least 5% in the last year. Annual fees are significant at 0.64%.
• The strategy hasn't outperformed the S&P 500 since December 2015 on a three-year rolling basis, despite a higher beta that should have benefitted the portfolio in a mostly bullish market.
• Still, its Index reconstituted earlier this year, so it's worth a second look. Portfolio turnover rates routinely are near 100%, and this one was no different.
• Despite fewer Technology holdings, PKW is more volatile than it was to begin the year. Also, its estimated revenue growth rate is the second-worst out of 270 blend and value ETFs I track.
• I don't recommend investors buy this pricey fund, and suggest current shareholders look for ways to sell it in a tax-efficient manner.

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