PowerShares, the fourth-largest U.S. ETF issuer, is planning to build on the success of the PowerShares Buyback Achievers Portfolio (NYSEArca: PKW) by introducing a global equivalent.

Illinois-based PowerShares has filed plans for the PowerShares International BuyBack Achievers Portfolio with Securities and Exchange Commission. PKW’s global cousin will follow the Nasdaq International BuyBack Achievers Index, according to the SEC filing.

The Nasdaq International BuyBack Achievers Index follows a similar methodology as PKW’s underlying index, the NASDAQ US Buyback Achievers Index. That includes the requirement that constituent firms must have reduced their shares outstanding count by 5% over the trailing 12-month period to be eligible for inclusion.

Russian and Indian securities, as well as Chinese “B-Shares,” aren’t included in the index, reports Hung Tran for Index Universe.