The Invesco BuyBack Achievers ETF (PKW) with $1.4 billion in total assets invests in U.S. companies that have repurchased at least 5% of shares outstanding over the past year. The strategy is based on long recognized research that suggests companies that buy back shares tend to outperform their peers on average in subsequent periods. Indeed, over the past decade, the PKW ETF has outperformed broad market indexes like the S&P 500 (SPY), including 2019 when it returned an impressive 34%. That being said, we highlight some weaknesses in the fund's strategy as implemented, which makes