Rankings / PBP
Invesco S&P 500 BuyWrite ETF
5.8
Overall Score
PBP tracks the Cboe S&P 500 BuyWrite Index. It holds the S&P 500 stocks, about 507 positions, and sells at-the-money one-month call options on the S&P 500 index. The rules are mechanical, with no active manager decisions. It pays monthly.
The fund holds S&P 500 stocks and sells at-the-money call options on the index each month. The premium collected is distributed monthly. Because calls are sold at-the-money, the fund forgoes nearly all upside above the strike. The strategy does not hedge market declines: down-capture has exceeded up-capture since inception. The approach is fully mechanical and does not adjust to market conditions.
Cut volatility to 8.9% (SPY 15.7%) and pays 11.4%, but it captured 54% of S&P 500 upside and 58% of the downside.
Cumulative total return of PBP against SPY, distributions reinvested.
Cumulative total return, rebased to 0% at the start of each period. Distributions reinvested. Data through end of previous month.
Calendar-year total return, distributions reinvested.
| Year | PBP | SPY |
|---|---|---|
| 2026 YTD | +10.67% | +12.71% |
| 2025 | +8.47% | +17.72% |
| 2024 | +19.80% | +24.89% |
| 2023 | +11.58% | +26.19% |
| 2022 | -11.83% | -18.17% |
| 2021 | +20.02% | +28.75% |
| 2020 | -3.28% | +18.37% |
| 2019 | +10.58% | n/a |
Historical years are frozen. YTD is refreshed monthly.
Composite score from six weighted criteria, measured since inception.
Performance since inception against the benchmark.
How much of the benchmark drawdown the fund absorbed.
How much of the benchmark rally the fund kept.
Frequency of distribution cuts below 85% of the previous payment.
Inversely proportional to the annual management fee.
Assets under management on a log scale.
Sector and geographic composition of PBP underlying holdings.
| # | Symbol | Name | Weight |
|---|---|---|---|
| 1 | NVDA | NVIDIA | 8.75% |
| 2 | AAPL | Apple | 7.48% |
| 3 | MSFT | Microsoft | 5.99% |
| 4 | AMZN | Amazon.com | 3.88% |
| 5 | GOOGL | Alphabet | 3.13% |
| 6 | AVGO | Broadcom | 2.73% |
| 7 | GOOG | Alphabet | 2.52% |
| 8 | META | Meta Platforms | 2.42% |
| 9 | MU | Micron Technology | 1.87% |
| 10 | TSLA | Tesla | 1.62% |
Holdings data from fund disclosures, updated periodically. Percentages may not sum to 100% due to cash, options, and other positions not shown.
The same six criteria, applied to different trailing periods. Pro subscribers see the full breakdown.
Since inception
5.8
3 years
7.1
1 year
8.8
3 months
9.6
How has PBP ranked across inception, 3 years, 1 year, and 3 months? Pro subscribers can compare a fund's trajectory over every window, across all 28 funds.
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Expense Ratio
0.490%
Inception Date
December 20, 2007
Benchmark
SPY
Category
Covered Call - Large Cap
Distribution Frequency
Monthly
Maturity Rating
5/5 stars
Scores calculated using CoveredRank methodology. Every formula is published and reproducible.
See full methodology→Disclaimer: CoveredRank provides independent educational content only. This is not financial advice. Please consult with a qualified financial advisor before making investment decisions. Past performance does not guarantee future results.