Another technology giant known for being a prolific repurchaser of its shares has also entered PKW. International Business Machines (NYSE: IBM), which famously boosts its per share earnings via buybacks even as revenue flails, is now PKW’s third-largest holding at a weight of almost 4.9%.

In the first quarter of 2014, only Apple repurchased more shares than IBM among S&P 500 firms. In the second quarter, IBM’s shares outstanding count dropped below 1 billion for the first time since 1999. [IBM Isn’t a Factor in Buyback ETFs]

Technology remains PKW’s second-largest sector weight at 20.3% behind the 31.1% the ETF allocates to the consumer discretionary sector. Apple and IBM combine for 10.3% of PKW’s weight, more than PKW’s next 28 tech holdings combined.

PowerShares Buyback Achievers Portfolio

Tom Lydon’s clients own shares of Apple.

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