Invesco S&P 500 BuyWrite ETF (PBP)

The Invesco S&P 500 BuyWrite ETF, or "the Fund," aligns its investment strategy with the CBOE S&P 500 BuyWrite Index, referred to as "the Index." At least 90% of the Fund's assets are typically committed to the securities making up this Index, against which it then sells call options. The Index serves as a benchmark measuring total returns, specifically engineered to simulate a "buy-write" investment strategy on the S&P 500 Index. This involves calculating the complete return from an S&P 500 covered call methodology. Such a methodology entails maintaining a substantial investment (a long position) tracking the S&P 500 Index, while concurrently generating income by selling a series of covered call options. These options are structured so their exercise price is always equivalent to or greater than the prevailing market price of the S&P 500 Index. All dividends received from the underlying S&P 500 component stocks, along with the cash value of premiums collected from selling options, are consistently reinvested. Both the Fund and its guiding Index undergo adjustments, including rebalancing and reconstitution, on a monthly schedule.

PBP is a covered-call etf. What it pays is a distribution, not interest, and that distinction matters. A distribution is whatever the fund passes through for the period — dividends and interest received from the holdings, realised capital gains, option premium where the strategy writes options, and sometimes return of capital. Only the year-end tax form breaks the payment into its parts.

Return of capital is your own money coming back. It is not taxed on receipt, but it reduces your cost basis, so the tax arrives later as a larger capital gain. A fund can therefore publish a steady-looking distribution rate while the net asset value drifts down underneath it. The distribution is set by the fund and can be changed at any time; it is never a coupon. Call-writing funds fund part of the payment by selling away upside: the premium is collected today, and the gains above the strike belong to the option buyer.

Figures on this page are computed by Income Investing from the payment history and last price stored in our own database; the payment records come from fmp and the price from fmp, last recomputed Aug 25, 2026. They describe what has been paid, not what will be paid. Yield, payout ratio, our data sources and our methodology are explained elsewhere on the site.

The table lists the 24 most recent recorded distributions for PBP, newest first, with ex-dates running from Aug 19, 2024 to Jul 20, 2026. The latest is $0.1873 per share in USD, ex-date Jul 20, 2026, pay date Jul 24, 2026. Measured against the nearest payment about a year earlier, 17 are higher, 7 lower and 0 unchanged; the remaining 0 have no comparable payment in the record. None is flagged as a special or one-off payment. Payment records supplied by fmp.

The chart covers 10 complete calendar years for PBP, 2016 to 2025, per share, in USD. Each bar totals the regular distributions with an ex-dividend date in that calendar year. The year is assigned by ex-dividend date, which is not necessarily the issuer's own distribution year. Our stored payment history for PBP begins in 2008. The total went from $0.5448 in 2016 to $2.54 in 2025 — 366% higher. Within that span 6 years were higher than the year before and 4 lower. The three most recent years shown are 2023 $0.7262, 2024 $2.21 and 2025 $2.54. The current year is still in progress and is left out, and special or one-off payments are excluded. This is a record of what was paid, not a projection. 8 of the years shown do not hold the 12 distributions the recorded cadence implies: 2016 (5 payments), 2017 (4 payments), 2018 (4 payments), 2019 (4 payments), 2020 (4 payments), 2021 (4 payments), 2022 (4 payments) and 2023 (6 payments). Those years are marked on the chart and named in the table. A year with one more or one fewer payment than the cadence implies is usually a payment whose ex-dividend date moved across a year end rather than a change in the payment itself: the payment lands in the neighbouring calendar year, so one year reads high and the next reads low while the rate never moved. The change-on-the-year-before column carries the same distortion, because it compares two totals rather than two payment rates. These totals are arithmetically right for what they measure — regular distributions bucketed by ex-dividend date — but they are not the annual distribution the issuer reports for that year, and where the two disagree the issuer's own published distribution history is the authority.