Alternative | Hedged Equity

Invesco S&P 500 BuyWrite ETF

Ticker: PBP

Product Details

The Invesco S&P 500 BuyWrite ETF (Fund) is based on the CBOE S&P 500 BuyWrite Index™ (Index). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index and will write (sell) call options thereon. The 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. The Index measures the total rate of return of an S&P 500 covered call strategy. This strategy consists of holding a long position indexed to the S&P 500 Index and selling a succession of covered call options, each with an exercise price at or above the prevailing price level of the S&P 500 Index. Dividends paid on the component stocks underlying the S&P 500 Index and the dollar value of option premiums received from written options are reinvested. The Fund and the Index are rebalanced and reconstituted monthly.

Effective at market open on January 5, 2024, Invesco's management fees for Invesco S&P 500 BuyWrite ETF (Ticker: PBP) will be reduced from 49 basis points to 29 basis points.

as of 01/31/2024 12/31/2023

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
CBOE S&P 500 BuyWrite Price Return Index (USD) 1.77 9.23 6.67 5.74 5.97 4.73
S&P 500 Index 1.68 20.82 10.99 14.30 12.62 9.91
Fund History (%)
Fund NAV 1.73 8.70 6.19 5.21 5.33 4.01
After Tax Held 1.44 6.90 4.54 3.65 3.44 2.13
After Tax Sold 1.02 5.11 4.06 3.35 3.28 2.24
Fund Market Price 1.59 8.92 6.26 5.15 5.29 3.99
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
CBOE S&P 500 BuyWrite Price Return Index (USD) 11.82 11.82 6.09 6.08 5.58 4.64
S&P 500 Index 26.29 26.29 10.00 15.69 12.03 9.85
Fund History (%)
Fund NAV 11.31 11.31 5.60 5.55 4.93 3.92
After Tax Held 9.79 9.79 4.06 4.04 3.08 2.05
After Tax Sold 6.67 6.67 3.65 3.65 2.98 2.18
Fund Market Price 10.73 10.73 5.62 5.54 4.87 3.89

Market returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times. Performance data quoted represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance data quoted. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. Fund performance reflects applicable fee waivers, absent which, performance data quoted would have been lower. After Tax Held and After Tax Sold are based on NAV. Returns less than one year are cumulative.

as of 12/31/2023

Growth of $10,000

Data beginning 10 years prior to the ending date of 12/31/2023. Fund performance shown at NAV.

An investor cannot invest directly in an index. The results assume that no cash was added to or assets withdrawn from the Index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.

as of 02/22/2024

Sector Allocation

Sector Percent of Fund
Information Technology 30.14%
Financials 13.13%
Health Care 12.92%
Consumer Discretionary 10.67%
Communication Services 9.13%
Industrials 8.78%
Consumer Staples 6.07%
Energy 3.79%
Real Estate 2.33%
Materials 2.30%
Utilities 2.15%
Investment Companies 0.70%
Cash 0.00%
as of 02/21/2024

Market Cap & Style Allocations

Large-Cap Value 16.03%
Large-Cap Blend 21.62%
Large-Cap Growth 44.30%
Mid-Cap Value 5.58%
Mid-Cap Blend 9.25%
Mid-Cap Growth 2.92%
Small-Cap Value 0.14%
Small-Cap Blend 0.13%
Small-Cap Growth 0.04%

as of 02/22/2024 Top Holdings | View All

Fund Holdings subject to change

Ticker Company % of Fund
MSFT Microsoft Corp 7.26
AAPL Apple Inc 6.40
NVDA NVIDIA Corp 4.61
AMZN Amazon.com Inc 3.77
META Meta Platforms Inc 2.56
GOOGL Alphabet Inc 2.02
BRK/B Berkshire Hathaway Inc 1.79
GOOG Alphabet Inc 1.72
LLY Eli Lilly & Co 1.46
AVGO Broadcom Inc 1.36
The characterizations of distributions reflected in this table are as of the date noted below. The actual amounts of income, capital gains and return of capital for tax purposes are only determined after the Fund’s fiscal year end, and may differ from the amounts and characterizations reflected in the chart below. Please refer to the Tax Center for the most current and/or final characterizations of these distributions, including any distributions characterized as return of capital.

Distributions | Hide View All | Distribution Information

Ex-Date Record Date Pay Date $/
Share
Ordinary Income Short Term Gains Long Term Gains Return of Capital Liquidation Distribution
02/20/2024 02/21/2024 02/23/2024 0.17381 0.17381 - - - -
01/22/2024 01/23/2024 01/26/2024 0.15376 0.15376 - - - -
12/18/2023 12/19/2023 12/22/2023 0.15704 0.15704 - - - -
11/20/2023 11/21/2023 11/24/2023 0.21024 0.21024 - - - -
10/23/2023 10/24/2023 10/27/2023 0.16785 0.16785 - - - -
09/18/2023 09/19/2023 09/22/2023 0.06001 0.06001 - - - -
06/20/2023 06/21/2023 06/23/2023 0.06116 0.06116 - - - -
03/20/2023 03/21/2023 03/24/2023 0.06988 0.06988 - - - -
12/19/2022 12/20/2022 12/23/2022 0.06487 0.06487 - - - -
09/19/2022 09/20/2022 09/23/2022 0.06750 0.06750 - - - -
06/21/2022 06/22/2022 06/30/2022 0.06558 0.06558 - - - -
03/21/2022 03/22/2022 03/31/2022 0.06981 0.06981 - - - -
12/20/2021 12/21/2021 12/31/2021 1.27932 0.03879 1.24053 - - -
09/20/2021 09/21/2021 09/30/2021 0.06062 0.06062 - - - -
06/21/2021 06/22/2021 06/30/2021 0.06704 0.06704 - - - -
03/22/2021 03/23/2021 03/31/2021 0.02926 0.02926 - - - -
12/21/2020 12/22/2020 12/31/2020 0.08982 0.08982 - - - -
09/21/2020 09/22/2020 09/30/2020 0.05941 0.05941 - - - -
06/22/2020 06/23/2020 06/30/2020 0.05808 0.05808 - - - -
03/23/2020 03/24/2020 03/31/2020 0.08244 0.08244 - - - -
12/23/2019 12/24/2019 12/31/2019 0.96030 0.09908 0.75511 0.10611 - -
09/23/2019 09/24/2019 09/30/2019 0.09045 0.09045 - - - -
06/24/2019 06/25/2019 06/28/2019 0.08814 0.08814 - - - -
03/18/2019 03/19/2019 03/29/2019 0.05700 0.05700 - - - -
12/26/2018 12/27/2018 12/31/2018 - - 0.07644 0.15545 - -
12/24/2018 12/26/2018 12/31/2018 0.08828 0.08828 - - - -
09/24/2018 09/25/2018 09/28/2018 0.08235 0.08235 - - - -
06/18/2018 06/19/2018 06/29/2018 0.08004 0.08004 - - - -
03/19/2018 03/20/2018 03/29/2018 0.02878 0.02878 - - - -
12/27/2017 12/28/2017 12/29/2017 1.27183 0.00000 1.14212 0.12971 - -
12/18/2017 12/19/2017 12/29/2017 0.08510 0.08510 - - - -
09/18/2017 09/19/2017 09/29/2017 0.50000 0.50000 - - - -
06/16/2017 06/20/2017 06/30/2017 0.47258 0.47258 - - - -
12/27/2016 12/29/2016 12/30/2016 0.17597 - 0.17597 - - -
12/16/2016 12/20/2016 12/30/2016 0.14385 0.14385 - - - -
09/16/2016 09/20/2016 09/30/2016 0.07876 0.07876 - - - -
06/17/2016 06/21/2016 06/30/2016 0.10251 0.10251 - - - -
03/18/2016 03/22/2016 03/31/2016 0.04307 0.04307 - - - -
12/24/2015 12/29/2015 12/31/2015 0.33882 - 0.28744 0.05138 - -
12/18/2015 12/22/2015 12/31/2015 0.12096 0.12096 - - - -
09/18/2015 09/22/2015 09/30/2015 0.27241 0.07241 0.20000 - - -
06/19/2015 06/23/2015 06/30/2015 0.30349 0.10349 0.20000 - - -
03/20/2015 03/24/2015 03/31/2015 0.03348 0.03348 - - - -
12/24/2014 12/29/2014 12/31/2014 0.17224 - 0.17224 - - -
12/19/2014 12/23/2014 12/31/2014 0.08870 0.08870 - - - -
09/19/2014 09/23/2014 09/30/2014 0.32000 0.32000 - - - -
06/20/2014 06/24/2014 06/30/2014 0.42128 0.42128 - - - -
03/21/2014 03/25/2014 03/31/2014 0.02544 0.02544 - - - -
12/24/2013 12/27/2013 12/30/2013 0.00707 0.00707 - - - -
12/20/2013 12/24/2013 12/31/2013 0.69162 0.69162 - - - -
09/20/2013 09/24/2013 09/30/2013 0.34000 0.34000 - - - -
06/21/2013 06/25/2013 06/28/2013 0.29660 0.29660 - - - -
03/15/2013 03/19/2013 03/28/2013 0.03854 0.03854 - - - -
12/24/2012 12/27/2012 12/31/2012 0.14536 - - 0.14536 - -
12/21/2012 12/26/2012 12/31/2012 0.40219 0.40219 - - - -
09/21/2012 09/25/2012 09/28/2012 0.09000 0.09000 - - - -
06/15/2012 06/19/2012 06/29/2012 0.12394 0.12394 - - - -
03/16/2012 03/20/2012 03/30/2012 0.09878 0.09878 - - - -
12/27/2011 12/29/2011 12/30/2011 0.10978 0.10978 - 0.10978 - -
12/16/2011 12/20/2011 12/30/2011 1.83636 - 1.81381 - - -
09/16/2011 09/20/2011 09/30/2011 0.07069 0.07069 - - - -
06/17/2011 06/21/2011 06/30/2011 0.09111 0.09111 - - - -
03/18/2011 03/22/2011 03/31/2011 0.02735 0.02735 - - - -
12/28/2010 12/30/2010 12/31/2010 1.35700 - 1.35700 - - -
12/17/2010 12/21/2010 12/31/2010 0.11584 0.11584 - - - -
09/17/2010 09/21/2010 09/30/2010 0.06543 0.06543 - - - -
06/18/2010 06/22/2010 06/30/2010 0.06145 0.06145 - - - -
03/19/2010 03/23/2010 03/31/2010 0.05310 0.05310 - - - -
12/18/2009 12/22/2009 12/31/2009 0.08220 0.08220 - - - -
09/18/2009 09/22/2009 09/30/2009 0.06496 0.06496 - - - -
06/19/2009 06/23/2009 06/30/2009 0.09002 0.09002 - - - -
03/20/2009 03/24/2009 03/31/2009 0.09290 0.09290 - - - -
12/19/2008 12/23/2008 12/31/2008 0.07224 0.07224 - - - -
09/19/2008 09/23/2008 09/30/2008 0.05755 0.05755 - - - -
06/20/2008 06/24/2008 06/30/2008 0.23778 0.23778 - - - -
03/25/2008 03/27/2008 03/31/2008 0.05250 0.05250 - - - -

Frequency Distribution of Discounts & Premiums

    Bid/Ask MidPoint Above NAV
Quarter
Ending
Days 0.00-
0.25%
0.26-
0.50%
0.51-
0.99%
1.00-
1.49%
1.50-
1.99%
≥2.00%
12/31/2023 63 18 0 0 0 0 0
09/30/2023 63 26 0 0 0 0 0
06/30/2023 62 29 0 0 0 0 0
03/31/2023 62 13 0 0 0 0 0
Year Ended 2023 250 86 0 0 0 0 0
    Bid/Ask Midpoint Below NAV
Quarter
Ending
Days 0.00-
0.25%
0.26-
0.50%
0.51-
0.99%
1.00-
1.49%
1.50-
1.99%
≥2.00%
12/31/2023 63 43 2 0 0 0 0
09/30/2023 63 35 2 0 0 0 0
06/30/2023 62 30 3 0 0 0 0
03/31/2023 62 36 13 0 0 0 0
Year Ended 2023 250 144 20 0 0 0 0

Fund Inception : 12/20/2007

Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices. Performance data quoted represents past performance, which is not a guarantee of future results.

Premiums/Discounts

Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices. Performance data quoted represents past performance, which is not a guarantee of future results.

 Risk & Other Information

Typically, security classifications used in calculating allocation tables are as of the last trading day of the previous month.

There are risks involved with investing in ETFs, including possible loss of money. Shares are not actively managed and are subject to risks similar to those of stocks, including those regarding short selling and margin maintenance requirements. Ordinary brokerage commissions apply. The Fund's return may not match the return of the Underlying Index. The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the Fund.

Derivatives may be more volatile and less liquid than traditional investments and are subject to market, interest rate, credit, leverage, counterparty and management risks. An investment in a derivative could lose more than the cash amount invested.

Additional risks are involved in writing (selling) covered call options. By writing covered call options on the Index, the Fund will give up the opportunity to benefit from potential increases in the value of the Index above the exercise prices of the options, but will continue to bear the risk of declines in the value of the Index. The Fund will be subject to capital gain taxes, ordinary income tax and other special tax considerations due to its writing covered call options strategy.

Investments focused in a particular sector, such as information technology, are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.

Stocks of medium-sized companies tend to be more vulnerable to adverse developments, may be more volatile, and may be illiquid or restricted as to resale.

Due to its investment strategy and certain federal income tax elections it intends to make, the Fund expects to account for gains or losses on its investments on a daily mark-to-market basis for federal income tax purposes. As a result, the Fund will not be able to designate a portion of its dividends as being eligible for lower rates of tax in the hands of non-corporate shareholders or the dividends received deduction when received by certain corporate shareholders. A significant portion of Fund’s income may be subject to tax at greater rates than if the Fund were engaged in a different investment strategy. You should consult your tax advisor as to the tax consequences of acquiring, owning and selling shares in the Fund.

The Fund may become “non-diversified”, as defined under the Investment Company Act of 1940, as amended, solely as a result of a change in relative market capitalization or index weighting of one or more constitutes of the Index. Shareholder approval will not be sought when the Fund crosses from diversified to non-diversified status under such circumstances.

The Global Industry Classification Standard was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's.

"S&P®," "S&P 500®" and "S&P 500TM Index", are registered trademarks of Standard & Poor's Ratings Group, a division of The McGraw-Hill Companies, Inc. "CBOE®" is a registered trademark of and "BuyWrite" is a trademark of Chicago Board Options Exchange, Incorporated ("CBOE"). These marks have been licensed for use by Invesco. The Invesco S&P 500 BuyWrite Fund is not sponsored, endorsed, sold or promoted by S&P or CBOE, and S&P and CBOE make no representation regarding the advisability of investing in the Invesco S&P 500 BuyWrite Fund.