Invesco S&P 500 BuyWrite ETF (PBP) Straddle

Trading a PBP straddle lets you take a pure volatility position on Invesco S&P 500 BuyWrite ETF without committing to a direction. Invesco S&P 500 BuyWrite ETF's straddle involves buying (or selling) a call and a put at the same strike and expiration, profiting when the stock moves more (or less) than the combined premium implies. Use our scanner to evaluate PBP straddle pricing in real time and find the moments when expected moves are mispriced.

A long straddle on PBP profits from large moves in either direction and is a classic play into binary events like earnings, product announcements, or macro releases. A short straddle profits when Invesco S&P 500 BuyWrite ETF stays range-bound and implied volatility contracts. The breakeven points are simple: strike plus total premium on the upside, strike minus total premium on the downside. Comparing the PBP straddle price to historical realized moves helps you judge whether the market is overpaying or underpaying for volatility.

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.

Earnings, product cycles, macro prints — any time volatility itself is the trade, the PBP straddle is the cleanest expression of that view. Our scanner prices every PBP straddle against historical realized moves, flags expirations where the market is overpaying or underpaying for vol, and ranks setups by breakeven width and IV rank. Whether you're long a PBP straddle into a catalyst or short a PBP straddle to harvest decay, the options straddle setups that matter are all in one place.