The PowerShares Buyback Achievers Portfolio Fund ( PKW) holds only companies that invest in themselves, and can simplify investment in that area.The fund tracks the Share BuyBack Achievers Index. The Index is designed to track the performance of companies that meet the requirements to be classified as "BuyBack Achievers". The BuyBack Achievers Index is currently comprised of stocks of approximately 254 companies selected by Mergent, Inc. To make it into the Index, a company must be incorporated in the U.S., trade on a U.S. exchange and must have repurchased at least 5% of its outstanding shares for the trailing 12 months. Year-to-date, the Buyback Achievers Fund is down 9.7%. This performance compares favorably to the 12.5% slide of the S&P 500 and the 10.9% decline in the average Large Blend fund. The ETF is most heavily weighted in consumer discretionary, IT, financials and health care. It gives shareholders an interest in blue chip stocks such as Exxon Mobil ( XOM), Goldman Sachs ( GS), Honeywell International ( HON), International Business Machines ( IBM), Pfizer ( PFE) and Walt Disney ( DIS). The idea for the index sprang from a study conducted by Ford Equity Research, which showed that companies with a shrinking number of shares outstanding tended to produce excess returns, experience low volatility and perform well in down markets. The study pointed to high internal rates of return and excess cash flow as likely contributors to this positive trend. The findings from the study, coupled with investor feedback, led to the launch of the Buyback Achievers Fund in December 2006. The ETF proved to be an ideal fit in the PowerShares lineup.