ETF Evaluator:
Invesco S&P 500 BuyWrite ETF (PBP)
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(as of Jul 30)
Best Performing in Derivative Income Over the Last Year
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ETF Details
Invesco S&P 500 BuyWrite ETF Overview
Invesco S&P 500 BuyWrite ETF (PBP) is a passively managed Nontraditional Equity Derivative Income exchange-traded fund (ETF). Invesco launched the ETF in 2007.
The investment seeks to track the investment results (before fees and expenses) of the CBOE S&P 500 BuyWrite IndexSM.
The fund generally will invest at least 90% of its total assets in securities that comprise the underlying index and will write (sell) call options thereon. The underlying index is a total return benchmark index that is designed to track the performance of a hypothetical "buy-write" strategy on the S&P 500® Index.
About Invesco S&P 500 BuyWrite ETF (PBP)
There are 4 members of the management team with an average tenure of 10.50 years: Peter Hubbard (2007), Theodore Samulowitz (2013), David Hemming (2016) and Dave Sahota (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and CBOE S&P 500 BuyWrite BXM TR USD index with a weighting of 100%. Invesco S&P 500 BuyWrite ETF has 506 securities in its portfolio. The top 10 holdings constitute 36.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Invesco S&P 500 BuyWrite ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Invesco S&P 500 BuyWrite ETF has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.5% There is 0.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Invesco S&P 500 BuyWrite ETF has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $343 million in total assets, which is below the $727 million average for the Derivative Income category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PBP Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Invesco S&P 500 BuyWrite ETF expense ratio is below average compared to funds in the Derivative Income category. Invesco S&P 500 BuyWrite ETF has an expense ratio of 0.29%, which is 65% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Invesco S&P 500 BuyWrite ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 68% for the Derivative Income category.
Recently, in the month of June 2026, Invesco S&P 500 BuyWrite ETF returned 1.3%, which earned it a grade of B, as the Derivative Income category had an average return of -2.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Invesco S&P 500 BuyWrite ETF has a trailing yield of 9.85%, which is below the 16.43% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Invesco S&P 500 BuyWrite ETF Grades
Year to date, the ETF has returned 6.2%, 2.3 percentage points better than the category, which translates into a grade of C. The fund has returned 17.0% over the past year (grade of C), 11.7% over the past three years (grade of D) and 8.0% per year over the past five years (grade of D) and 7.2% per year over the past 10 years (grade of D).
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PBP Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PBP Return (NAV) | 1.3% | 7.3% | 17.0% | 11.7% | 8.0% | 7.2% |
| PBP Return (Price) | 1.2% | 7.2% | 17.4% | 11.6% | 8.0% | 7.2% |
| NAV +/- Price Return | 0.087% | 0.152% | -0.402% | 0.093% | 0.004% | -0.025% |
| Derivative Income Avg | -2.1% | 9.9% | 15.9% | 14.4% | 9.0% | 7.5% |
| PBP Grade (NAV) | B | C | C | D | D | D |
| +/- Category (NAV) | 3.4% | -2.6% | 1.0% | -2.7% | -1.1% | -0.4% |
| PBP Tax-Cost Ratio | na | na | 4.4% | 2.9% | 2.3% | 2.1% |
PBP Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PBP Return (NAV) | 6.2% | 8.5% | 19.7% | 11.3% | -11.7% | 19.8% | -3.4% | 15.2% | -5.3% | 12.1% | 6.2% |
| PBP Return (Price) | 6.1% | 8.5% | 19.8% | 11.6% | -11.8% | 20.0% | -3.3% | 15.2% | -5.6% | 12.0% | 6.4% |
| NAV +/- Price Ret | -0.032% | -0.001% | 0.005% | 0.023% | 0.009% | 0.009% | -0.037% | 0.2% | 6.2% | -1.4% | 3.2% |
| Derivative Income Avg | 4.0% | 10.5% | 18.5% | 17.5% | -11.3% | 19.4% | 1.4% | 19.2% | -7.1% | 12.1% | 8.7% |
| PBP Grade (NAV) | C | D | B | D | C | C | D | D | B | D | D |
| +/- Category | 2.3% | -2.0% | 1.2% | -6.2% | -0.4% | 0.4% | -4.8% | -4.0% | 1.8% | 0.0% | -2.5% |
| Risk Measures | |
| Beta: | 0.41 |
| R-Squared: | 64% |
| Standard Deviation: | 6.6% |
| Category Risk Index: | 0.55 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.55 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 9.9% |
| Total Assets: | $ 344 Mil |
| Share Class Assets: | $ 344 Mil |
| Turnover: | na |
| Expense Ratio: | 0.29% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 18.5 years | |||
| Average Tenure: 10.5 years | |||
| Managers (Year): Hubbard Peter (2007), Samulowitz Theodore (2013), Hemming David (2016), Sahota Dave (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 506 |
| % in Top 10 Holdings: | 36.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.5% |
Portfolio Allocation |
|
| Domestic Stock: | 99.5% |
| Foreign Stock: | 0.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Invesco |
| Phone Number: | 800-983-0903 |
| Website: | www.invescopowershares.com |
| Inception Date: | December 20, 2007 |
Expenses and Fees
| Expense Ratio (%): | 0.29% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.83% |
