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PBP vs. ETF Alternatives
The PowerShares S&P 500 BuyWrite Portfolio (Fund) is based on the CBOE S&P 500 BuyWrite Index (Index). The Fund will normally invest at least 80% of its total assets in common stocks of the 500 companies included in the S&P 500® Index and will write (sell) call options thereon. The Index measures the total rate of return of an S&P 500® covered call strategy. This strategy consists of holding a portfolio indexed to the S&P 500® (Reference Index) and selling a succession of written options, each with an exercise price at or above the prevailing price level of the S&P 500®. The CBOE S&P 500 BuyWrite Index provides a benchmark measure of the total return performance of this hypothetical strategy. Dividends paid on the component stocks underlying the S&P 500® and the dollar value of option premiums received from written options are reinvested.
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Country: United States
Thursday, Dec 122013, 4:26 PM
Thursday, Dec 122013, 4:26 PM| Comment!
- Invesco's (IVZ) PowerShares Capital Management expects to deliver zero long-term capital gains distributions across 108 of 115 equity and fixed-income ETFs for 2013.
- The seven ETFs expected to make distributions represent less than 1% of total franchise assets. "We are proud of our product line’s tax efficient track record," says Dan Draper, managing director of global ETFs.
- The seven: KBW Property & Casualty Insurance Portfolio (KBWP), S&P 500 BuyWrite Portfolio (PBP), Fundamental Investment Grade Corporate Bond Portfolio (PFIG), S&P SmallCap Financials Portfolio (PSCF), Fundamental Pure Large Growth Portfolio (PXLG), Fundamental Pure Large Value Portfolio (PXLV), S&P 500 High Dividend Portfolio (SPHD).
- The ex-date is expected to be December 24, the record date Dec. 27, and the payable date Dec. 31.
- Press release
Monday, Jun 242013, 3:56 PMHorizons ETFs launched today the S&P 500 Covered Call ETF (HSPX) designed to generate income by writing call options on stocks it owns. It's the first ETF covered call strategy that sells calls on individual stocks - PowerShares' PBP, for instance, writes calls, but on the S&P 500 index, not particular names. |Monday, Jun 242013, 3:56 PM| Comment!
Thursday, Feb 282013, 6:46 PMALPS debuts an options-focused High Volatility Put Write ETF HVPW today. As low-volatility ETFs gains focus in the ETF space with recent fund launches, HVPW gives investors an opportunity for exposure to puts on high-volatility stocks (whose options, naturally, command a risk premium in prices). HVPW charges 0.95%, higher in contrast to other option funds BWV and PBP, charging 0.75%. |Thursday, Feb 282013, 6:46 PM| 1 Comment
Thursday, Nov 292012, 3:53 PMDubbed the "Fearless Index" by Brendan Conway, the CBOE is set to launch a Low Volatility Index tomorrow. It tracks the S&P 500, but adds in the returns of a covered call strategy - that of selling stock index calls while buying "disaster insurance" options on the VIX. Tricky stuff, but the success of SPLV and USMV makes it clear investors have great interest in the promise of smoother returns, writes Conway. |Thursday, Nov 292012, 3:53 PM| Comment!
Monday, Dec 62010, 3:28 PMAs FY2010 winds down, ETF issuers have begun announcing expected capital gains payouts for their product lines. PowerShares expects to pay (pdf) distributions on just 3 of 112 funds with a top payout on PSAU of less than 2% of NAV. iShares expects payouts on just 5 of 219 ETFs with MBB the worst offender at 2.5% of its NAV. |Monday, Dec 62010, 3:28 PM| Comment!
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