PBP
Invesco S&P 500 BuyWrite ETF
PBP is based on the CBOE S&P 500 BuyWrite Index. The fund generally invests at least 90% of its total assets in securities that comprise the Index and will write (sell) call options thereon.
US
EQUITY
Passive
MANAGEMENT STYLE
89.6 M
ASSETS UNDER MGMT
49 bp
EXPENSES
Fund Basics
| Fund sponsor | Invesco |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Dec 20, 2007 |
| Assets (mns) | $90 |
| Expense ratio | 49 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Fixed |
| Weighting | Fixed |
| Holdings Transparency | Full |
| Derivatives-based | Yes |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| APPLE INC | 7.3 % |
| NVIDIA CORP | 7.0 % |
| MICROSOFT CORP | 6.4 % |
| AMAZON.COM INC | 3.6 % |
| META PLATFORMS INC | 2.6 % |
| ALPHABET INC. CLASS A | 2.0 % |
| BERKSHIRE HATHAWAY INC-CL B | 1.8 % |
| BROADCOM INC. | 1.7 % |
| ALPHABET INC. CLASS C | 1.6 % |
| ELI LILLY & CO | 1.5 % |
Constituent Breakdown
| Number of holdings | 491 |
| Herfindahl-Hirschman Index | 203 |
| Wgt avg mkt cap (mns) | $878,845 |
| Large cap (>$10bn) | 99.6% |
| Mid cap ($2-10bn) | 0.4% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 98.2 % |
 |
IRELAND | 1.6 % |
 |
BRITAIN | 0.6 % |
Historical Performance
Standardized Performance (as of 09/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 13.1% | 18.2% | 16.2% | 5.8% | 6.1% | 5.6% | 4.8% | Volatility | 5.6% | 6.7% | 10.4% | 11.7% | 16.1% | 13.5% | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.51 | 81% |
| MSCI EAFE | 0.45 | 61% |
| MSCI Emg Mkts | 0.30 | 26% |
Liquidity Measures
| Avg. volume (000) | 22 |
| Turnover | 0.6% |
| Avg. Bid/Ask (% of price) | 0.40% |
| ADV of underlying (mns) | $279,119 |
Technical Indicators
| Recent close | $22.87 |
| 30d moving avg. | $22.53 |
| Annualized volatility | 10.2% |
| Relative strength (RSI) | 58 |
| Short interest (ETF) | 0.3% |
| Short interest (underlying) | 1.5% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. PBP |
Expenses vs. PBP |
ALTAR Score™ vs. PBP |
|---|---|---|---|---|
| XYLD | Global X S&P 500 Covered Call ETF | 100.1% | +11 bp | -0.1% |
| XRMI | Global X S&P 500 Risk Managed Income ETF | 99.8% | +11 bp | -0.1% |
| XYLG | Global X S&P 500 Covered Call & Growth ETF | 99.5% | +11 bp | -0.1% |
| XCLR | Global X S&P 500 Collar 95-110 ETF | 98.0% | -24 bp | +0.4% |
| XTR | Global X S&P 500 Tail Risk ETF | 98.0% | -23 bp | +0.4% |
| EFIV | SPDR S&P 500 ESG ETF | 71.9% | -39 bp | +0.5% |
| XYLE | Global X S&P 500 ESG Covered Call ETF | 71.9% | +11 bp | +0.2% |
| SFLR | Innovator Equity Managed Floor ETF | 67.9% | +40 bp | -0.6% |
| FTHI | First Trust BuyWrite Income ETF | 61.8% | +26 bp | +0.1% |
| ACIO | Aptus Collared Investment Opportunity ETF | 58.1% | +30 bp | -0.6% |
Risk and Returns: PBP vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 10/21/2024
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
PBP
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
ALTAR Score™
PBP
4.6%
Cat. Avg
5.5%
ALTAR Score™ Calculation
Category Overview
There are 933 funds in the US Equity category, with an average ALTAR Score™
of 5.5% and a standard deviation of
2.4%. PBP's ALTAR Score™ is approximately
0.4 standard deviations
below
the category average. This places PBP in the 36th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
PBPSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Passive US Equity ETFs |
| # of ETFs | 192 |
| Avg. Expense Ratio | 31.0 bp |
| Std. Deviation | 25.7 bp |
| PBP (49 bp) Percentile rank | 76 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| PBP | 49.0 | 39.8 | 88.8 |
| Peer Avg. | 26.1 | 10.4 | 36.5 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .