PKW vs SIZE: Grades, Fees and Holdings Compared

Invesco BuyBack Achievers ETF

PKWDNasdaq

iShares MSCI USA Size Factor ETF

SIZEANYSE Arca

Overlap

8.4%by weight

Expense ratio

SIZE −0.48pt a year

PKW0.63%SIZE0.15%

Avg volume · 30D

PKW 5.6×the volume

PKW29KSIZE5.21K

10Y return · a year

PKW +1.7pt

PKW+13.9%SIZE+12.2%

PKW vs SIZE Performance

Nov 2, 2021 – Nov 2, 2026

+64.2%PKW+43.0%SIZE

Expense ratio: PKW 0.63%; SIZE 0.15%, better
Fund size: PKW $1.77B; SIZE $433M
1Y total return: PKW +17.5%, better; SIZE +14.4%
Yield (12M): PKW 0.64%; SIZE 1.36%, better
Holdings: PKW 287; SIZE 518
Avg volume (30D): PKW 29K sh, better; SIZE 5.21K sh
NAV per share: PKW $150.53; SIZE $180.22
52W range

ETF.net Grade

Pillar letters and Scores for PKW, SIZE, with each pillar’s weight
Pillar	PKW	SIZE
Cost30% weight	F0	A81Higher
Mission25% weight	Not scored	A93
Risk15% weight	B67Higher	B66
Tradability15% weight	B66Higher	F23
Holdings10% weight	D38	A88Higher
Durability5% weight	B60Higher	B57

Rank among US Factor Index funds

How we build Categories ›

Same Category. PKW and SIZE are both graded against the same 30 US Factor Index funds, so their Grades compare head to head.

US Factor Index⁠

Category · 30 funds

See all 30 ›

SIZE ranks 3rd and PKW 23rd of 30 funds in the US Factor Index Category.

Rank 1AMGVVanguard Morningstar Mega Cap Value ETFScore 78
Rank 2AUSCAXtrackers MSCI USA Climate Action Equity ETFScore 74
Rank 3ASIZEiShares MSCI USA Size Factor ETFScore 72
Rank 4ADXUVU.S. Vector Equity Portfolio ETF Class SharesScore 70
Rank 22DHAPSHarbor Human Capital Factor US Small Cap ETFScore 37
Rank 23DPKWInvesco BuyBack Achievers ETFScore 35
Rank 24DUPGDInvesco Bloomberg Analyst Rating Improvers ETFScore 34

Our read on each fund

ETF.net Research

PKWDInvesco BuyBack Achievers ETF

SIZEAiShares MSCI USA Size Factor ETF

In short

PKW A buyback fund with a real bar to clear: companies must have shrunk their net share count by 5% or more over the past year. PKW has tracked that same index since 2006, for 0.63%.

SIZE The size factor without leaving the large-cap pool: SIZE holds roughly 500 US stocks and leans toward the smaller names in that universe, spreading weight away from the mega-cap giants. An iShares factor original from 2013.

Stated mandate

PKW The fund seeks exposure to the Nasdaq US BuyBack Achievers Index by normally investing at least 90% of assets in the common stocks comprising that index.

SIZE The fund seeks to track an index of U.S. stocks that have smaller market capitalizations relative to their peers.

Why people hold it

PKW The screen counts net share reduction, 5% or more over the trailing 12 months, so repurchases cancelled out by fresh stock issuance don't qualify.nasdaqomx.com
Roughly 300 names, reconstituted each January and rebalanced quarterly as companies fall off the buyback wagon. Distributions land quarterly.invesco.com
Trading since 2006 on an index that launched the same day, and now a multi-billion-dollar fund. A long public track record, not a backtest.nasdaqomx.com
Index candidates must also clear a liquidity screen: $500,000 average daily value traded in each of the three months leading into reconstitution.nasdaqomx.com

SIZE Charges 0.15%, roughly half the typical fee among US factor ETFs.
Tracks the MSCI USA Low Size Index tightly, one of the closer index implementations in its peer group.
Roughly 500 holdings, so no single name dominates the way it does in a cap-weighted US index.
Running since 2013, one of the original iShares single-factor funds rather than a recent launch.ishares.com

Worth knowing

PKW At 0.63%, it sits above the typical US factor fund, and well above index peers like MGV at 0.05% or SIZE at 0.15%.
Thinly traded next to the category's heavyweights, so limit orders earn their keep, especially in fast markets.
The filter looks backward: it rewards buybacks already completed, and a shrinking share count says nothing about why management chose to shrink it.nasdaqomx.com

SIZE Thinly traded next to headline index funds, so bid-ask spreads can run wider and bigger orders need more care.
This is a tilt, not a small-cap fund: the index draws from US large and mid caps and favors the smaller end of that pool.
A mid-sized fund by category standards, not one of the asset-gathering giants. Pays quarterly.

Full PKW profile⁠

Full SIZE profile⁠

PKW vs SIZE Holdings

How PKW and SIZE differ

Overlap by weight

8.4%

Shared holdings make up 71.2% of PKW and 8.4% of SIZE.

Level by level

Holdings41 in both8.4%
Sector11 Sectors68.6%
Countryby domicile98.2%
Asset classEquity100%

Sector

Sector weights in PKW and SIZE, widest gap first
Sector	More in PKWMore in SIZE	PKW	SIZE
Financials	PKW +23.2 points	39.3%	16.1%
Industrials	SIZE +7.4 points	8.8%	16.2%
Energy	PKW +5.5 points	9.8%	4.3%
Utilities	SIZE +5.2 points	0.0%	5.2%
Health Care	SIZE +4.7 points	8.1%	12.8%
Real Estate	SIZE +4.1 points	0.4%	4.5%
Materials	SIZE +3.8 points	1.0%	4.8%
Consumer Staples	SIZE +2.9 points	2.8%	5.7%
Consumer Discretionary	PKW +2.8 points	11.8%	9.0%
Communication	SIZE +1.6 points	1.7%	3.3%
Technology	SIZE +1.5 points	16.4%	17.9%

Country, concentration and asset class

Country by domicile

Country weights in PKW and SIZE, widest gap first
Country	More in PKWMore in SIZE	PKW	SIZE
United States	PKW +1.5 points	99.2%	97.7%
United Kingdom	SIZE +0.5 points	0.1%	0.6%
Other countries (7)	SIZE +0.9 points	0.7%	1.6%

Concentration

Weight in the 10 largest Holdings

PKW39.2%
SIZE3.7%

Securities held

PKW286
SIZE515

Asset class

PKW: Equity
SIZE: Equity

Holdings

Only in PKW245
In both41
Only in SIZE474

Only in PKW

245 securities, 28.8% of PKW by weight

AerCap Holdings NV0.93%
Southwest Airlines Co0.63%
Tenet Healthcare Corp0.59%
Exelixis Inc0.57%
Yum China Holdings Inc0.54%
Zebra Technologies Corp0.52%
Charles River Laboratories International Inc0.51%
Carlisle Cos Inc0.50%
GoDaddy Inc0.45%
RenaissanceRe Holdings Ltd0.42%
Gartner Inc0.41%
Unum Group0.40%
Globe Life Inc0.37%
First Horizon Corp0.36%
Maplebear Inc0.36%
Ryder System Inc0.34%
Revvity Inc0.33%
BorgWarner Inc0.32%
Paycom Software Inc0.32%
Popular Inc0.32%
Murphy USA Inc0.31%
Universal Health Services Inc0.30%
Owens Corning0.30%
Aptiv PLC0.30%
Affiliated Managers Group Inc0.30%
Match Group Inc0.29%
Axis Capital Holdings Ltd0.27%
Henry Schein Inc0.27%
CarMax Inc0.24%
Kirby Corp0.24%
DaVita Inc0.24%
Etsy Inc0.24%
Pinterest Inc0.23%
Builders FirstSource Inc0.22%
Chemed Corp0.22%
Churchill Downs Inc0.22%
Abercrombie & Fitch Co0.22%
Primerica Inc0.22%
Crocs Inc0.22%
MGM Resorts International0.21%
Lantheus Holdings Inc0.20%
Lithia Motors Inc0.20%
Science Applications International Corp0.20%
Commvault Systems Inc0.20%
Fluor Corp0.20%
Matson Inc0.20%
Molson Coors Beverage Co0.20%
ExlService Holdings Inc0.19%
Lyft Inc0.19%
EPAM Systems Inc0.18%

Only in SIZE

474 securities, 91.4% of SIZE by weight

Okta Class A0.47%
Atlassian Corp Class A0.42%
Natera0.40%
Sharkninja0.39%
Veeva Systems Class A0.36%
Vivmark Residential0.36%
Snowflake0.33%
Dell Technologies Inc Class C0.32%
Illumina Inc0.32%
Everpure Inc Class A0.32%
Best Buy0.32%
Netapp Inc0.31%
Hewlett Packard Enterprise0.31%
Mettler Toledo0.30%
Agilent Technologies Inc0.30%
Iqvia Holdings Inc0.29%
Cdw0.29%
Crowdstrike Holdings Class A0.29%
Phillips 660.28%
Williams Sonoma Inc0.28%
Thermo Fisher Scientific0.27%
Global Payments Inc0.27%
Labcorp Holdings0.27%
Estee Lauder Inc Class A0.27%
Regeneron Pharmaceuticals0.27%
Jacobs Solutions Inc0.27%
Roper Technologies0.27%
Toast Class A0.27%
Palo Alto Networks0.27%
Hp Inc0.26%
Samsara Class A0.26%
Accenture PLC Class A0.26%
Waters Corp0.26%
Ptc0.26%
West Pharmaceutical Services0.26%
Zscaler0.26%
Genuine Parts0.26%
Corebridge Financial Inc0.25%
Ulta Beauty Inc0.25%
Quest Diagnostics Inc0.25%
Biogen0.25%
Arthur J Gallagher0.25%
Becton Dickinson0.25%
Humana0.25%
Amcor PLC0.25%
International Flavors & Fragrances0.25%
Amgen Inc0.25%
Danaher0.25%
Cloudflare Class A0.25%
Veralto0.25%

Weight gaps

All 41 Holdings in both funds, largest gap first.

Holding weights in PKW and SIZE, widest gap first
Holding	More in PKWMore in SIZE	PKW	SIZE
Salesforce IncCRM	PKW +5.65 points	5.88%	0.23%
Wells Fargo & CoWFC	PKW +4.41 points	4.60%	0.19%
Charles Schwab Corp/TheSCHW	PKW +4.18 points	4.35%	0.17%
Bank of America CorpBAC	PKW +3.83 points	4.00%	0.17%
Citigroup IncC	PKW +3.81 points	3.99%	0.18%
Marathon Petroleum CorpMPC	PKW +3.61 points	3.92%	0.31%
Valero Energy CorpVLO	PKW +3.30 points	3.58%	0.28%
Adobe IncADBE	PKW +2.97 points	3.15%	0.18%
Johnson Controls International plcJCI	PKW +2.88 points	3.08%	0.20%
Travelers Cos Inc/TheTRV	PKW +2.43 points	2.67%	0.24%
HCA Healthcare IncHCA	PKW +2.43 points	2.63%	0.21%
General Motors CoGM	PKW +2.30 points	2.52%	0.22%
Cheniere Energy IncLNG	PKW +2.14 points	2.39%	0.25%
Aflac IncAFL	PKW +1.74 points	1.93%	0.19%
PayPal Holdings IncPYPL	PKW +1.48 points	1.72%	0.24%
MSCI IncMSCI	PKW +1.16 points	1.36%	0.20%
Ameriprise Financial IncAMP	PKW +1.11 points	1.31%	0.20%
American International Group IncAIG	PKW +1.11 points	1.31%	0.20%
Kroger Co/TheKR	PKW +0.93 points	1.11%	0.18%
Arch Capital Group LtdACGL	PKW +0.88 points	1.09%	0.21%
Zoetis IncZTS	PKW +0.82 points	1.01%	0.19%
Workday IncWDAY	PKW +0.81 points	1.10%	0.29%
DR Horton IncDHI	PKW +0.81 points	1.01%	0.20%
Expedia Group IncEXPE	PKW +0.73 points	0.98%	0.25%
M&T Bank CorpMTB	PKW +0.68 points	0.88%	0.20%
United Therapeutics CorpUTHR	PKW +0.63 points	0.83%	0.20%
Regions Financial CorpRF	PKW +0.57 points	0.77%	0.20%
Corpay IncCPAY	PKW +0.56 points	0.78%	0.22%
ON Semiconductor CorpON	PKW +0.54 points	0.67%	0.13%
Verisk Analytics IncVRSK	PKW +0.55 points	0.77%	0.22%
First Citizens BancShares Inc/NCFCNCA	PKW +0.55 points	0.78%	0.23%
Synchrony FinancialSYF	PKW +0.45 points	0.66%	0.21%
Dollar Tree IncDLTR	PKW +0.46 points	0.74%	0.28%
CF Industries Holdings IncCF	PKW +0.38 points	0.57%	0.18%
Fortive CorpFTV	PKW +0.36 points	0.58%	0.22%
Las Vegas Sands CorpLVS	PKW +0.30 points	0.44%	0.14%
Fox CorpFOXA	PKW +0.29 points	0.41%	0.12%
NVR IncNVR	PKW +0.27 points	0.47%	0.20%
Everest Group LtdEG	PKW +0.24 points	0.46%	0.22%
Charter Communications IncCHTR	PKW +0.19 points	0.34%	0.15%
Deckers Outdoor CorpDECK	PKW +0.19 points	0.36%	0.17%

All 286 PKW holdings⁠All 515 SIZE 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.

PKW vs SIZE Cost

Overpaying PKW vs SIZE

$9,222

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

PKW 0.63%
$12,359
SIZE 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

PKW 0.63%
SIZE 0.15%
Overpaying

Year by year

Year	PKW	SIZE	Overpaying
10	$1,128	$274	$854
20	$4,311	$1,071	$3,240
30	$12,359	$3,137	$9,222

Expense ratio

0.63%PKW
0.15%SIZE, cheaper

SIZE0.15%PKW0.63%

0.05%0.63%

Middle half of US Factor Index funds
Median 0.30%

SIZE 5th cheapest of 30 funds

PKW 30th cheapest of 30 funds

PKW vs SIZE Dividends

Last 12 months to Nov 2, 2026

Yield (12M): PKW 0.64%; SIZE 1.36%, better
Payout (12M): PKW $0.97; SIZE $2.47
Last payment: PKW $0.22; SIZE $0.65
Ex-dividend: PKW Sep 21, 2026; SIZE Sep 15, 2026
Paid on: PKW Sep 25, 2026; SIZE Sep 18, 2026
Frequency: PKW Quarterly; SIZE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PKWQuarterly · 38 paymentsAll PKW payments⁠

SIZEQuarterly · 41 paymentsAll SIZE payments⁠

PKW vs SIZE Risk

Fall from peak · 5 years

PKW
SIZE

Risk facts

VolatilityStd dev, 3 years: PKW 14.5%SIZE 13.0%, better
Return per unit of riskSharpe ratio, 3 years: PKW 1.13, betterSIZE 1.06
Worst fallMax drawdown, 5 years: PKW −23.5%, betterSIZE −24.0%
Market sensitivityBeta, 5 years: PKW 0.82SIZE 0.97; Market = 1

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