PBPInvesco S&P 500 BuyWrite ETF
Seeks to track the investment results of the S&P 500 BuyWrite Index.
Invesco · Since 2007 (18 years)
0.29%
#1220 out of 5,332 ETFs
$311M
#1780 out of 5,332 ETFs
10.25%
18 years
#583 out of 5,332 ETFs
Performance
1 Year
+18.4%
3 Years
+12.5%
5 Years
+8.3%
What's inside
Top holdings
Risk profile
7.1%
Moderate
-33.3%
Worst peak-to-trough loss
0.82
Decent risk-adjusted returns
1.22
Good downside protection
Similar ETFs
Our take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
Covered call ETF — yield ≠ total return
The high distribution yield is not free income — it comes from selling upside via call options. Research finds these strategies systematically underperform their underlying index over full cycles, typically by 100–300 basis points per year depending on the option-overlay design. The monthly distributions make the shortfall hard to see in return summaries.
Source: Israelov & Ndong, 'A Devil's Bargain: When Generating Income Undermines Investment Returns' (NDVR, 2023)
Why we flagged this: strategy=option_income + option_income_strategy
Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More
Data updated on 2026-05-05