Looking to capitalize on the success of the wildly popular PowerShares Buyback Achievers Portfolio (NYSEArca: PKW), Invesco’s (NYSE: IVZ) PowerShares , the fourth-largest U.S. issuer of exchange traded funds, is bringing a PKW equivalent to Europe.
The PowerShares Global Buyback Achievers UCITS ETF is trading under the ticker “BUYB” in London and Europe. The PowerShares Global Buyback Achievers UCITS ETF tracks the Nasdaq Global Buyback Achievers Index. [NASDAQ Looks to Boost ETF Footprint]
BUYB is the first product developed which is based on the successful Nasdaq Buyback Achiever Index family to launch in the UK and Europe, according to a statement issued by NASDAQ OMX (NasdaqGS: NDAQ).
“The Nasdaq Global Buyback Achievers Index is comprised of securities from the Nasdaq US Buyback Achievers Index and the Nasdaq International BuyBack Achievers Index. The Nasdaq US Buyback Achievers Index is comprised of corporations that have effected a net reduction in shares outstanding of 5% or more in the trailing twelve months and the Nasdaq International BuyBack Achievers Index is comprised of corporations that have effected a net reduction in shares outstanding of 5% or more in its latest fiscal year,” according to the statement.
The the Nasdaq International BuyBack Achievers Index serves as the benchmark for the PowerShares International BuyBack Achievers Portfolio (NYSEArca: IPKW), which debuted in February and now has $17.5 million in assets under management.