PKW vs USCA

PKWDInvesco BuyBack Achievers ETF

USCAAXtrackers MSCI USA Climate Action Equity 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%.

USCA The largest US ETF debut on record when it launched in 2023, seeded by a Finnish pension fund. It owns roughly 400 US large- and mid-caps, keeping only the top half of each sector on MSCI's climate-transition scoring, for 0.07% a year.

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.

USCA The fund seeks to track the MSCI USA Climate Action Index before fees and expenses through a passive indexing strategy. The index selects U.S. large- and mid-capitalization companies assessed as leading sector peers in climate-transition positioning and actions.

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

• USCA Costs 0.07% a year against a typical screened US equity peer near 0.28%, and undercuts bigger ESG names like SUSA at 0.25%.
• No blanket sector bans: the index keeps the top 50% of companies in each GICS sector, so energy and industrials stay in, represented by their climate-transition leaders.dws.commsci.com
• Rules do the picking. MSCI's climate metrics, ESG ratings and controversy screens set the roster; no manager discretion, no stock-by-stock calls.dws.com
• A multi-billion-dollar fund with an institutional anchor investor from day one, and it pays quarterly.businesswire.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

• USCA Half of each sector is screened out, so results can drift from a plain MSCI USA index fund in either direction.dws.com
• Market-cap weighted and filed as non-diversified, so America's largest companies carry heavy weight at the top.dws.com
• Moderately traded next to the giants of US equity, so spreads can be a bigger part of the cost of getting in and out.

Full PKW profile⁠

Full USCA profile⁠