ACWV vs IPKW: Grades, Fees and Holdings Compared

iShares MSCI Global Min Vol Factor ETF

ACWVBCboe

Invesco International BuyBack Achievers ETF

IPKWCNasdaq

Overlap

2.1%by weight

Expense ratio

ACWV −0.35pt a year

ACWV0.20%IPKW0.55%

Avg volume · 30D

ACWV 2.1×the volume

ACWV93.5KIPKW44.2K

10Y return · a year

IPKW +3.4pt

ACWV+8.1%IPKW+11.5%

ACWV vs IPKW Performance

Oct 29, 2021 – Oct 30, 2026

+36.6%ACWV+71.4%IPKW

Expense ratio: ACWV 0.20%, better; IPKW 0.55%
Fund size: ACWV $3.44B; IPKW $571M
1Y total return: ACWV +11.7%; IPKW +18.0%, better
Yield (12M): ACWV 1.83%; IPKW 3.35%, better
Holdings: ACWV 407; IPKW 177
Avg volume (30D): ACWV 93.5K sh, better; IPKW 44.2K sh
NAV per share: ACWV $129.38; IPKW $59.80
52W range

ETF.net Grade

Pillar letters and Scores for ACWV, IPKW, with each pillar’s weight
Pillar	ACWV	IPKW
Cost30% weight	A89Higher	D25
Mission25% weight	D25	Not scored
Risk15% weight	A77Higher	C50
Tradability15% weight	A83Higher	B65
Holdings10% weight	A76Higher	D27
Durability5% weight	A76Higher	B55

Rank among International Factor Index funds

How we build Categories ›

Same Category. ACWV and IPKW are both graded against the same 15 International Factor Index funds, so their Grades compare head to head.

International Factor Index⁠

Category · 15 funds

See all 15 ›

ACWV ranks 2nd and IPKW 12th of 15 funds in the International Factor Index Category.

Rank 1AEFAViShares MSCI EAFE Min Vol Factor ETFScore 75
Rank 2BACWViShares MSCI Global Min Vol Factor ETFScore 68
Rank 3BIDLVInvesco S&P International Developed Low Volatility ETFScore 66
Rank 11CFYLDCambria Foreign Shareholder Yield ETFScore 50
Rank 12CIPKWInvesco International BuyBack Achievers ETFScore 40
Rank 12CVEFAVanEck MSCI EAFE Analyst Sentiment ETFScore 40

Our read on each fund

ETF.net Research

ACWVBiShares MSCI Global Min Vol Factor ETF

IPKWCInvesco International BuyBack Achievers ETF

In short

ACWV Global min vol in one ticker: an optimizer sifts the MSCI ACWI universe, developed and emerging, for the lowest-risk mix of roughly 400 stocks. Same playbook since 2011, at 0.20% a year.

IPKW Buybacks are an American obsession. IPKW exports the screen: non-US companies that actually shrank their share count by 5% or more in their latest fiscal year, roughly 160 of them, in one ticker.

Stated mandate

ACWV The fund seeks to track an index of developed and emerging market equities that collectively exhibit lower volatility than the broader developed and emerging equity markets.

IPKW The fund tracks an index of common stocks of foreign companies that satisfy the requirements for classification as BuyBack AchieversTM.

Why people hold it

ACWV 0.20% a year for a globally optimized factor build, well under the 0.41% median for international factor ETFs.
Not a simple low-vol screen. The index optimizes the MSCI ACWI for the lowest absolute risk within a set of constraints, so how stocks move together shapes the weights.msci.com
One ticker for the whole map. The developed-only sibling EFAV charges the same 0.20%; ACWV folds emerging markets into the same wrapper.
Running since 2011 with billions in assets, it sits among the stronger implementations in its international factor peer group.

IPKW The overseas counterpart to Invesco's US buyback fund: same core test, non-US companies. A niche corner of the ETF shelf that few issuers bother to fill.invesco.com
The rule is checkable, not a black box: a net 5% cut in shares outstanding in the latest fiscal year, plus $250M minimum market cap and $1M average daily dollar volume.sec.gov nasdaq.com
Spread across roughly 160 names instead of a handful of big repurchasers, with distributions paid quarterly.
Running since 2014, so the strategy has a decade-plus of live track record behind it rather than a backtest.

Worth knowing

ACWV Minimum volatility is the aim, not a floor. iShares states the fund may experience more than minimum volatility, with no guarantee the index strategy lowers it.ishares.com
Emerging markets ride along inside this defensive build, bringing the political and economic swings iShares flags as heightened in those markets.ishares.com
By design it leans away from the cap-weighted world index, so its country and sector mix can look quite different and its path can diverge in either direction.msci.com

IPKW 0.55% a year is a premium price in factor land, where broad peers like MGV (0.05%) and SIZE (0.15%) charge a sliver of that.
The screen looks backward. It rewards repurchases already booked in the last fiscal year, and the roster only changes on the index's scheduled rebalance dates.sec.gov nasdaq.com
It trades lightly next to mainstream international funds, so spreads and order type carry more weight at the point of trade.

Full ACWV profile⁠

Full IPKW profile⁠

ACWV vs IPKW Holdings

How ACWV and IPKW differ

Overlap by weight

2.1%

Shared holdings make up 14.3% of IPKW and 2.1% of ACWV.

Level by level

Holdings6 in both2.1%
Countryby domicile25.5%
Sector11 Sectors55.5%
Asset classEquity100%

Sector

Sector weights in ACWV and IPKW, widest gap first
Sector	More in ACWVMore in IPKW	ACWV	IPKW
Technology	ACWV +21.1 points	26.5%	5.4%
Industrials	IPKW +12.1 points	7.0%	19.1%
Financials	IPKW +10.0 points	14.5%	24.5%
Health Care	ACWV +8.4 points	13.7%	5.3%
Consumer Discretionary	IPKW +8.1 points	4.8%	12.9%
Energy	IPKW +7.3 points	4.5%	11.8%
Materials	IPKW +6.8 points	0.9%	7.7%
Communication	ACWV +5.5 points	10.4%	4.9%
Consumer Staples	ACWV +4.7 points	9.8%	5.1%
Utilities	ACWV +4.5 points	7.4%	2.9%
Real Estate	ACWV +0.4 points	0.7%	0.3%

Country, concentration and asset class

Country by domicile

Country weights in ACWV and IPKW, widest gap first
Country	More in ACWVMore in IPKW	ACWV	IPKW
United States	ACWV +63.2 points	66.6%	3.4%
United Kingdom	IPKW +23.8 points	0.0%	23.8%
Japan	IPKW +18.9 points	11.5%	30.4%
Switzerland	IPKW +4.9 points	1.8%	6.7%
Netherlands	IPKW +4.7 points	0.0%	4.7%
Taiwan	ACWV +4.5 points	5.0%	0.5%
India	ACWV +4.4 points	4.4%	0.0%
France	IPKW +3.9 points	0.0%	3.9%
Other countries (21)	IPKW +15.9 points	10.7%	26.6%

Outside the US: ACWV 51% developed, 49% emerging. IPKW 90% developed, 10% emerging.

Concentration

Weight in the 10 largest Holdings

ACWV12.1%
IPKW44.4%

Securities held

ACWV378
IPKW174

Asset class

ACWV: Equity
IPKW: Equity

Holdings

Only in ACWV372
In both6
Only in IPKW168

Only in ACWV

372 securities, 97.5% of ACWV by weight

Johnson & Johnson1.48%
Microsoft1.35%
Motorola Solutions Inc1.34%
Cisco Systems Inc1.33%
Duke Energy Corp1.18%
Taiwan Semiconductor Manufacturing1.17%
Berkshire Hathaway Inc Class B1.12%
Exxonmobil Holdings Corp1.06%
Southern1.04%
Cencora1.02%
Waste Management Inc1.01%
Chubb0.99%
Kddi0.97%
Takeda Pharmaceutical0.97%
NVIDIA0.94%
Mckesson Corp0.94%
Republic Services Inc0.90%
Procter & Gamble0.84%
Coca-Cola0.84%
Bank of China Ltd H0.81%
Consolidated Edison0.81%
Softbank0.81%
Mcdonalds Corp0.80%
Pepsico0.79%
Roper Technologies0.78%
Wec Energy Group0.71%
Kroger0.69%
AT&T0.69%
Verizon Communications Inc0.68%
Visa Class A0.67%
Tjx0.66%
Ntt0.62%
Bharti Airtel Ltd0.62%
Monster Beverage0.62%
Autodesk0.62%
Walmart0.61%
Oreilly Automotive Inc0.60%
Teledyne Technologies0.59%
T Mobile Us Inc0.59%
Cme Group Class A0.59%
Constellation Software0.59%
Merck & Co Inc0.58%
Mondelez International Class A0.57%
Orange SA0.57%
Marsh0.57%
Vertex Pharmaceuticals0.56%
Welltower0.56%
AbbVie0.53%
Progressive0.50%
Verisign0.48%

Only in IPKW

168 securities, 85.3% of IPKW by weight

Shell PLC6.42%
Mitsubishi Corp5.37%
ING Groep NV4.72%
Standard Chartered PLC4.72%
Meituan4.64%
Shin-Etsu Chemical Co Ltd3.89%
Societe Generale SA3.64%
Equinor ASA3.46%
Vodafone Group PLC2.73%
AIB Group PLC2.43%
ArcelorMittal SA2.35%
JD.com Inc2.34%
Imperial Brands PLC2.32%
Geberit AG1.96%
Seven & i Holdings Co Ltd1.73%
Banco de Sabadell SA1.54%
International Consolidated Airlines Group SA1.49%
Japan Post Holdings Co Ltd1.44%
CGI Inc1.26%
AP Moller - Maersk A/S1.16%
Tenaris SA1.01%
Nippon Yusen KK0.94%
Smiths Group PLC0.91%
Centrica PLC0.89%
Pearson PLC0.86%
AtkinsRealis Group Inc0.80%
T&D Holdings Inc0.78%
Toray Industries Inc0.62%
Jyske Bank A/S0.62%
Taisei Corp0.61%
DCC Energy plc0.59%
Iss A/S0.57%
Meritz Financial Group Inc0.53%
Autotrader Group PLC0.49%
Tamarack Valley Energy Ltd0.46%
Nippon Express Holdings Inc0.46%
Glanbia PLC0.44%
Open Text Corp0.42%
Air Canada0.41%
Dyno Nobel Ltd0.40%
Grupo Financiero Inbursa SAB de CV0.37%
FLSmidth & Co A/S0.36%
Drax Group PLC0.34%
Vend Marketplaces ASA0.34%
Baytex Energy Corp0.34%
Berkeley Group Holdings PLC/The0.34%
TISI Inc0.30%
Catcher Technology Co Ltd0.30%
QinetiQ Group PLC0.29%
JET2 PLC0.28%

Weight gaps

All 6 Holdings in both funds, largest gap first.

Holding weights in ACWV and IPKW, widest gap first
Holding	More in ACWVMore in IPKW	ACWV	IPKW
Novartis AG	IPKW +3.86 points	0.88%	4.74%
Honda Motor	IPKW +2.75 points	0.06%	2.81%
Sompo Holdings	IPKW +2.21 points	0.05%	2.26%
Canon	IPKW +1.72 points	0.45%	2.17%
Kyocera	IPKW +1.10 points	0.50%	1.60%
Tokyo Gas Ltd	IPKW +0.58 points	0.13%	0.70%

All 378 ACWV holdings⁠All 174 IPKW holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ACWV vs IPKW Cost

Overpaying IPKW vs ACWV

$6,749

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

ACWV 0.20%
$4,155
IPKW 0.55%
$10,904

Amount$10,000

Years30 years

Cost over time

ACWV 0.20%
IPKW 0.55%
Overpaying

Year by year

Year	ACWV	IPKW	Overpaying
10	$365	$988	$623
20	$1,421	$3,790	$2,369
30	$4,155	$10,904	$6,749

Expense ratio

0.20%ACWV, cheaper
0.55%IPKW

ACWV0.20%IPKW0.55%

0.08%0.65%

Middle half of International Factor Index funds
Median 0.34%

ACWV 2nd cheapest of 15 funds

IPKW 11th cheapest of 15 funds

ACWV vs IPKW Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ACWV 1.83%; IPKW 3.35%, better
Payout (12M): ACWV $2.36; IPKW $2.00
Last payment: ACWV $1.07; IPKW $0.25
Ex-dividend: ACWV Jun 15, 2026; IPKW Sep 21, 2026
Paid on: ACWV Jun 18, 2026; IPKW Sep 25, 2026
Frequency: ACWV Twice a year; IPKW Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ACWVTwice a year · 19 paymentsAll ACWV payments⁠

IPKWQuarterly · 38 paymentsAll IPKW payments⁠

ACWV vs IPKW Risk

Fall from peak · 5 years

ACWV
IPKW

Risk facts

VolatilityStd dev, 3 years: ACWV 8.7%, betterIPKW 12.1%
Return per unit of riskSharpe ratio, 3 years: ACWV 1.03IPKW 1.61, better
Worst fallMax drawdown, 5 years: ACWV −18.1%, betterIPKW −29.6%
Market sensitivityBeta, 5 years: ACWV 0.53IPKW 0.65; Market = 1

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