Invesco S&P 500 BuyWrite ETF
$23.52−0.01 (−0.04%)
- 0.29%
- $392M
- +20.1%
- 11.24%
- 0.1M sh
- $23.48
- low $21.46high $23.57
The ETF.net PBP Grade
A
Score 72 out of 100
- 8 of 52
Score 72 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.A90 out of 100Rank 5 of 52Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B65 out of 100Rank 11 of 52Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D38 out of 100Rank 37 of 52Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A77 out of 100Rank 6 of 41Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A85 out of 100Rank 4 of 52
Our read on PBP
AA 2007-vintage covered-call fund on the S&P 500: hold the index, sell calls against it, pay the premium out monthly. The plain-vanilla version of the trade, priced well under the typical options-income fund.
The fund uses a total-return buy-write approach on the S&P 500. It maintains a long position indexed to the S&P 500 and uses a covered-call strategy.
Why people hold it
- Charges 0.29%, under half the 0.60% median for S&P 500 options-income funds. XYLD runs a similar covered-call playbook at 0.60%.
- Trading since 2007, so its record spans the financial crisis and everything after. Long history for an options-income ETF.
- Plain mechanics: roughly 500 stocks tracking the S&P 500, calls written against that position, premium paid out monthly.invesco.com
- Sits among the stronger implementations in a crowded field of S&P 500 income funds.
Worth knowing
- Covered calls trade upside for premium. When the S&P 500 runs hard, the written calls hand back part of that move.invesco.com
- Thinly traded next to the headline names in the category, which can mean wider bid-ask spreads.
- No longer the cheapest seat: IVVW writes calls on the same index for 0.25%.
PBP Holdings
- Other
- 505
- 40%
- NVDA
Sectors
- Technology40.6%
- Financials11.3%
- Communication9.7%
- Health Care9.0%
- Consumer Discretionary8.7%
- Industrials7.3%
- Consumer Staples4.4%
- Energy3.6%
- Utilities1.9%
- Materials1.7%
- Real Estate1.7%
Geography
- United States97.96%
- Ireland1.17%
- United Kingdom0.41%
- Switzerland0.29%
- Netherlands0.09%
- Bermuda0.07%
- Canada0.01%
PBP Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
PBP$12,006
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | PBP |
|---|---|
| Year to date | +11.8% |
| 1 month | +1.6% |
| 3 months | +4.4% |
| 1 year | +20.1% |
| 3 years | +14.3% |
| 5 years | +8.6% |
| 10 years | +7.5% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | PBP |
|---|---|---|
| 2026 YTD | +11.8% | |
| 2025 | +8.5% | |
| 2024 | +19.8% | |
| 2023 | +11.6% | |
| 2022 | −11.8% | |
| 2021 | +20.0% | |
| 2020 | −3.3% |
PBP in the news
PBP Dividends
- 11.24%
- $2.65
- $0.19 per share
- Monthly
Distribution history
PBP Risk
- 6.2%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 1.50
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −18.6%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.41
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
PBP Cost
0.29%
PBP0.29%
- The middle half of S&P 500 Option Income funds
- Median 0.60%
3 of the 51 S&P 500 Option Income funds charge less.
Other funds in S&P 500 Option Income
- AGQINatixis Gateway Quality Income ETFExpense ratio 0.34%1 year return +23.6%
- AFYEEFidelity Yield Enhanced Equity ETFExpense ratio 0.31%1 year return +21.2%
- APHEQParametric Hedged Equity ETFExpense ratio 0.29%1 year return +14.3%
- ATPUTT. Rowe Price Capital Appreciation Market Opportunities ETFExpense ratio 0.25%1 year return —
- ARSPAInvesco S&P 500 Equal Weight Income Advantage ETFExpense ratio 0.32%1 year return +15.3%