Invesco S&P 500 BuyWrite ETF
ALTAR
Score™		 4.8% info Recommen-
dation		 UNDERWEIGHT
2025E    2026E
P/E
ratio		 22.3x P/Sales
ratio		 3.0x
P/BV
ratio		 4.1x Div.
yield		 1.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
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.

FUND BASICS
Category US Equities
Fund Sponsor Invesco
Website www.invesco.com
Inception date Dec 20, 2007
Assets (mns) $148
Currency USD
Expense ratio 49 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Fixed
Index replication Full
Uses derivatives Yes
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 496
Wgt avg mkt cap (mns) $966,636
Large cap (>$10bn) 99.4%
Mid cap ($2-10bn) 0.5%
Small cap (<$2bn) 0.1%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
NVIDIA CORP 7.6 %
MICROSOFT CORP 7.3 %
APPLE INC 5.9 %
AMAZON.COM INC 4.2 %
META PLATFORMS INC 3.1 %
BROADCOM INC. 2.5 %
ALPHABET INC. CLASS A 2.1 %
TESLA MOTORS INC 1.8 %
BERKSHIRE HATHAWAY INC-CL B 1.8 %
ALPHABET INC. CLASS C 1.7 %
Total 37.9 %

TOP COUNTRY EXPOSURE
UNITED STATES 100.1 %
IRELAND 1.6 %
BRITAIN 0.5 %
SWITZERLAND 0.2 %
NETHERLANDS 0.1 %
BERMUDA 0.1 %





HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-6.4% 2.9% 8.2% 5.1% 4.2%

Market Correlations
versus... Beta R-squared
S&P500 0.50 73%
MSCI EAFE 0.38 45%
MSCI Emg. Mkts. 0.22 16%

Technical Indicators
Recent close $21.86
30d moving avg. $21.71
Annualized volatility 9.4%
Short interest (ETF) 0.6%
Short interest (Underlying) 1.5%
Relative strength (RSI) 50

Liquidity measures
Avg. volume (thou.) 47
Turnover 0.7%
Bid/Ask (% of price) 0.40%
ADV underlying (mns) $233,585

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 32 potential alternatives to the Invesco S&P 500 BuyWrite ETF ETF based on the alternatives' overlap in portfolio holdings with PBP. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: PBP Expense: 49 bp ALTAR Score™: 4.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PBP
Ticker Fund
Name		 Overlap1
vs PBP
(%)		 Expense
ratio
(bp)		 Savings
vs PBP
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs PBP
(%)
XYLD Global X S&P 500 Covered Call ETF 102.3 60 -11 4.7 -0.1
XRMI Global X S&P 500 Risk Managed Income ETF 102.2 60 -11 4.7 -0.1
XYLG Global X S&P 500 Covered Call & Growth ETF 101.1 60 -11 4.6 -0.2
XCLR Global X S&P 500 Collar 95-110 ETF 98.9 25 24 4.9 +0.2
XTR Global X S&P 500 Tail Risk ETF 98.6 26 23 4.9 +0.1
EFIV SPDR S&P 500 ESG ETF 70.2 10 39 5.2 +0.5
SFLR Innovator Equity Managed Floor ETF 68.9 89 -40 3.9 -0.9
ACIO Aptus Collared Investment Opportunity ETF 63.1 79 -30 4.2 -0.6
FTHI First Trust BuyWrite Income ETF 58.8 75 -26 4.4 -0.3
QTR Global X NASDAQ 100 Tail Risk ETF 51.3 26 23 4.1 -0.7
QRMI Global X NASDAQ 100 Risk Managed Income ETF 51.3 60 -11 3.9 -0.9
QYLG Global X Nasdaq 100 Covered Call & Growth ETF 51.3 60 -11 3.7 -1.0
QYLD Global X NASDAQ 100 Covered Call ETF 51.3 60 -11 3.8 -0.9
QCLR Global X NASDAQ 100 Collar 95-110 ETF 51.3 25 24 4.1 -0.7
NUSI Nationwide Nasdaq-100 Risk-Managed Income ETF 51.3 68 -19 3.8 -1.0
JEPQ J.P. Morgan Nasdaq Equity Premium Income ETF 49.3 35 14 4.2 -0.6
FTQI First Trust Nasdaq BuyWrite Income ETF 47.6 75 -26 4.0 -0.8
GARP iShares MSCI USA Quality GARP ETF 43.9 15 34 4.3 -0.5
MMLG First Trust Multi-Manager Large Growth ETF 42.6 85 -36 1.7 -3.1
TYLG Global X Information Technology Covered Call & Growth ETF 32.5 60 -11 4.2 -0.6
DJIA Global X Dow 30 Covered Call ETF 28.8 60 -11 5.2 +0.5
DYLG Global X Dow 30 Covered Call & Growth ETF 28.5 60 -11 5.2 +0.4
SIXH ETC 6 Meridian Hedged Equity Index Option ETF 26.9 82 -33 7.0 +2.2
CCOR Core Alternative ETF 26.0 107 -58 5.4 +0.7
DIVO Amplify CWP Enhanced Dividend Income ETF 21.8 55 -6 5.0 +0.2
QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF 20.2 58 -9 2.2 -2.6
THNQ ROBO Global Artificial Intelligence ETF 15.7 68 -19 2.4 -2.4
KNG FT Vest S&P 500 Dividend Aristocrats Target Income ETF 12.1 75 -26 5.8 +1.1
LCG Sterling Capital Focus Equity ETF 10.2 59 -10 3.0 -1.8
XVOL Acruence Active Hedge U.S. Equity ETF 9.0 83 -34 4.1 -0.6
IDVO Amplify International Enhanced Dividend Income ETF 0.6 65 -16 5.0 +0.2
GBLD Invesco MSCI Green Building ETF 0.0 39 10 9.6 +4.8

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2020 2021 2022 2023 2024 2025E 2026E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2024 2025E 2026E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Invesco S&P 500 BuyWrite ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

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™


Calculation of ALTAR Score™
Avg. Return on Equity 20.2 %
Divided by: Fwd. P/BV 3.8 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 4.8 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.54 CATEGORY
AVERAGE		 1.59
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.