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Launched · SEC filings

Invesco S&P 500 Downside Hedged ETF

PHDGNYSE ArcaInvescoB

$40.87+0.22 (+0.54%)

As of Nov 2, 2026, 3:49 PM ET

B56/ 100

Rank 29 of 52 in S&P 500 Option Income

B56/100Rank 29 of 52inS&P 500 Option Income
Intraday session: up, 71 prints from 40.65 to 40.87. Range 40.65 to 41.29. Use the arrow keys to read each point.41.0041.1041.2041.3010 AM12 PM2 PM4 PM
Expense ratio
0.39%*
Fund size
$62M
1Y total return
+8.7%
Yield · Last 12 months
1.44%
Holdings
508
Avg volume · 30D
7.25K sh
52W range
low $34.73high $43.64
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Aug 31, 2027. Without it: 0.44%.

The ETF.net PHDG Grade

Based on 5 of 6 pillars

B

Score 56 out of 100

Category
S&P 500 Option Income⁠
Rank
29 of 52
Six-pillar profile for PHDG. Scores out of 100: Cost 73, Risk 39, Mission not scored, Tradability 30, Holdings 70, Durability 66. Strongest: Cost (73). Weakest: Tradability (30). Based on 5 of 6 pillars.

Score 56 of 100 falls in the B 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.
    A73 out of 100
    Rank 15 of 52

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D39 out of 100
    Rank 32 of 52

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D30 out of 100
    Rank 44 of 52

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A70 out of 100
    Rank 12 of 41

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B66 out of 100
    Rank 16 of 52

Our read on PHDG

ETF.net Research

In short

BMost funds in this corner of the market sell options for income. PHDG does the opposite: an S&P 500 core paired with a VIX futures hedge that scales up as markets get choppy, run actively since 2012.

Stated mandate

The actively managed ETF seeks positive total returns in rising or falling markets. It obtains dynamic exposure to S&P 500 equity and volatility.

Why people hold it

  • The hedge is rules-driven: its reference index shifts among the S&P 500, VIX short-term futures and cash based on realized and implied volatility.spglobal.com
  • 0.39% net of a waiver through August 31, 2027 (0.44% gross), below the category median despite an actively managed volatility overlay.
  • Live since December 2012, so this hedging engine has run through real volatility spikes rather than arriving as a recent product launch.
  • Broad core behind the hedge: exposure to about 500 large US stocks, with cash paid out quarterly.

Worth knowing

  • Long volatility costs money to carry. In calm, grinding-higher markets the VIX sleeve can bleed value, and that is the price of the cushion.spglobal.comsec.gov
  • The index's stop-loss rule shifts to cash after a 2% slide over five index business days. It dampens drawdowns but does not set a floor under them.sec.gov
  • It trades thinly next to the category's covered-call heavyweights, and several of those undercut it on fee (IVVW at 0.25%).

PHDG Performance

Launched Dec 6, 2012

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

PHDG$10,866
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. PHDG $10,866. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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.

Trailing total return for PHDG. Periods over one year show the average yearly return.
PeriodPHDG
Year to date+9.7%
1 month−1.5%
3 months−0.5%
1 year+8.7%
3 yearsper year+11.2%
5 yearsper year+3.7%
10 yearsper year+7.4%

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for PHDG
YearReturn barPHDG
2026 YTD+9.7%
2025+2.7%
2024+10.9%
2023+8.2%
2022−14.1%
2021+15.7%
2020+19.0%

PHDG in the news

PHDG Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
1.44%Last 12 months
Payout per share
$0.59Last 12 months
Last payment
$0.12 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2017–2026

One bar per payment. 38 payments from 2017 to 2026 YTD. Jun 16, 2017 $0.07; Sep 18, 2017 $0.18; Dec 18, 2017 $0.25; Mar 19, 2018 $0.06; Jun 18, 2018 $0.09; Sep 24, 2018 $0.11; Dec 24, 2018 $0.15; Mar 18, 2019 $0.09; Jun 24, 2019 $0.10; Sep 23, 2019 $0.12; Dec 23, 2019 $0.20; Mar 23, 2020 $0.06; Jun 22, 2020 $0.06; Sep 21, 2020 $0.04; Dec 21, 2020 $0.05; Mar 22, 2021 $0.05; Jun 21, 2021 $0.04; Sep 20, 2021 $0.04; Dec 20, 2021 $0.03; Mar 21, 2022 $0.05; Jun 21, 2022 $0.07; Sep 19, 2022 $0.10; Dec 19, 2022 $0.22; Mar 20, 2023 $0.18; Jun 20, 2023 $0.14; Sep 18, 2023 $0.13; Dec 18, 2023 $0.21; Mar 18, 2024 $0.15; Jun 24, 2024 $0.17; Sep 23, 2024 $0.23; Dec 23, 2024 $0.17; Mar 24, 2025 $0.15; Jun 23, 2025 $0.25; Sep 22, 2025 $0.23; Dec 22, 2025 $0.17; Mar 23, 2026 $0.15; Jun 22, 2026 $0.15; Sep 21, 2026 $0.12. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 21, 2026Sep 25, 2026$0.12
Jun 22, 2026Jun 26, 2026$0.15
Mar 23, 2026Mar 27, 2026$0.15
Dec 22, 2025Dec 26, 2025$0.17
Sep 22, 2025Sep 26, 2025$0.23
Jun 23, 2025Jun 27, 2025$0.25
Mar 24, 2025Mar 28, 2025$0.15
Dec 23, 2024Dec 27, 2024$0.17
Sep 23, 2024Sep 27, 2024$0.23
Jun 24, 2024Jun 28, 2024$0.17
Mar 18, 2024Mar 22, 2024$0.15
Dec 18, 2023Dec 22, 2023$0.21

See all 56 payments⁠

$10,000 in PHDG 10 years ago paid $2,202 in dividends.⁠

PHDG Risk

Risk pillarD39 out of 100Rank 32 of 52 in S&P 500 Option Income
How much the fund’s monthly returns vary, scaled to a year.
10.5%
Annualised · 36 months to Oct 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
0.65
vs 3-month T-bills · to Oct 2026
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.

The largest fall from a peak to the low that followed.
−17.1%
Trough Oct 2023
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.

How strongly the fund’s returns move with its asset-class index.
0.71
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

PHDG Cost

Compare PHDG and PEPS

Overpaying vs PEPS, cheapest in S&P 500 Option Income

$5,792

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • PHDG 0.39%

    $7,898

  • PEPS 0.10% Cheapest

    $2,106

$10,000
30 years

Cost over time

  • PHDG 0.39%
  • PEPS 0.10%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K051015202530PHDG $7,898PEPS $2,106

Year by year

YearPHDGPEPSOverpaying
10$705$183$522
20$2,725$717$2,008
30$7,898$2,106$5,792
How the 0.39% is worked out

Full fee 0.44%− waiver 0.05%= you pay 0.39%

The waiver ends Aug 31, 2027. After that the fee is 0.44% unless Invesco renews it. Source: prospectus, Feb 2026.

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