Invesco S&P 500 Revenue ETF (RWL) Wheel Strategy

Running a RWL wheel strategy lets you generate consistent premium income on Invesco S&P 500 Revenue ETF while setting your own entry and exit prices on the underlying. Invesco S&P 500 Revenue ETF's wheel combines cash-secured puts and covered calls into a repeatable cycle: sell puts at strikes where you'd be happy to own RWL, and if assigned, sell calls at strikes where you'd be happy to sell. Use our scanner to find the best RWL wheel strategy setups in real time.

The wheel works best on liquid, high-quality names with stable fundamentals and active options markets — exactly the profile many large-cap leaders fit. The mechanics are simple: sell a cash-secured put on RWL, collect premium, and either keep the premium if it expires worthless or take assignment at a discount to current price. Once assigned, sell covered calls against the shares to keep collecting premium until they're called away. Choosing the right strikes, expirations, and IV environment is what separates a profitable RWL wheel from a losing one.

The Invesco S&P 500 Revenue ETF (Fund) is based on the S&P 500 Revenue-Weighted Index (Index). The Fund will invest at least 90% of its total assets in securities that comprise the Index. The Index is constructed using a rules-based approach that re-weights securities of the S&P 500 Index according to the revenue earned by the companies, with a maximum 5% per company weighting. The Fund and Index are rebalanced quarterly. As of 08/31/2025 the Fund had an overall rating of 5 stars out of 1077 funds and was rated 4 stars out of 1077 funds, 5 stars out of 1018 funds and 5 stars out of 826 funds for the 3-, 5- and 10- year periods, respectively.

Source: Morningstar Inc. Ratings are based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance. Open-end mutual funds and exchange-traded funds are considered a single population for comparison purposes. Ratings are calculated for funds with at least a three year history. The overall rating is derived from a weighted average of three-, five- and 10-year rating metrics, as applicable, excluding sales charges and including fees and expenses. ©2025 Morningstar Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results. The top 10% of funds in a category receive five stars, the next 22.5% four stars, the next 35% three stars, the next 22.5% two stars and the bottom 10% one star. Ratings are subject to change monthly. Had fees not been waived and/or expenses reimbursed currently or in the past, the Morningstar rating would have been lower. Ratings for other share classes may differ due to different performance characteristics.

The difference between a wheel that compounds and one that bleeds comes down to strike selection, IV timing, and discipline on assignment. Our scanner handles the heavy lifting: it ranks every leg of the RWL wheel strategy by delta, premium yield, IV rank, and days to expiration, so you can deploy capital where the math works. Build your RWL wheel strategy on data, not gut feel — and let the options wheel do what it does best: pay you to wait.