At a glance
KBWP charges 0.35% a year, below the 0.44% average of the 4 funds most like it (the cheapest of 5). It has $283.8M in assets, the 5th largest of that group; it paid 1.81% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +16.6% with distributions reinvested (S&P 500: +11.5%), 2nd of those 5 funds; over three years it returned +18.7% a year. At its worst it fell 38.7% in the 2020 crash (S&P 500: 33.7%) and 17.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 2 months after the lows. Its ten largest positions make up 61.3% of the fund, out of 24 in all.
The short version
Invesco KBW Property & Casualty Insurance ETF (KBWP) is an index fund that holds about two dozen property and casualty insurance stocks from the KBW Nasdaq Property & Casualty Index, led by Travelers, Marsh & McLennan and Progressive. It is narrow: its top 10 holdings were 61% of assets as of August 31, 2026. Its 0.35% yearly fee is below the 0.44% average of four similar funds.
Price history
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KBWP +16.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| KBWP official prospectus, to Dec 31, 2024 | — | +30.49% | — | +12.76% | +12.93% | — |
| KBWP price data to Oct 27, 2026 | +7.7% | +16.6% | +18.7% | +13.4% | +12.8% | +13.5% |
- Over the year to Oct 27, 2026, KBWP returned +16.6%, 2nd of 5 among similar funds.
- Its 5-year annualized return was +13.4% and its 10-year +12.8%.
- In the 2020 COVID crash it fell 38.7% and regained its old high 11.4 months after the low.
- Its worst full calendar year was 2018 (-2.7%); its best was 2013 (+34.2%).
- The deepest fall in its price history was 39.7% (Feb 11, 2020 to Mar 23, 2020), recovered by Mar 8, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.7% | — |
| 2025 | +11.5% | — |
| 2024 | +30.5% | +30.49% |
| 2023 | +7.1% | +7.05% |
| 2022 | +10.2% | +10.57% |
| 2021 | +20.7% | +20.07% |
| 2020 | -2.0% | -1.70% |
| 2019 | +28.7% | +27.64% |
| 2018 | -2.7% | -2.25% |
| 2017 | +8.9% | +8.96% |
| 2016 | +18.4% | +19.10% |
| 2015 | +14.6% | +14.24% |
| 2014 | +11.7% | — |
| 2013 | +34.2% | — |
| 2012 | +24.3% | — |
| 2011 | -0.8% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 38.7% over that stretch · deepest drop along the way 38.7%, back to its old high 11.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 3.2% over that stretch · deepest drop along the way 17%, back to its old high 2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.8500 | |
| 2025 | $2.0000 | +4.7% |
| 2024 | $1.9100 | +25.7% |
| 2023 | $1.5200 | -11.6% |
| 2022 | $1.7200 | -28.6% |
| 2021 | $2.4100 | +82.6% |
| 2020 | $1.3200 | -7.0% |
| 2019 | $1.4200 | +19.3% |
| 2018 | $1.1900 | +5.3% |
| 2017 | $1.1300 | -5.0% |
| 2016 | $1.1900 | +83.1% |
| 2015 | $0.6500 | -43.5% |
| 2014 | $1.1500 | +69.1% |
| 2013 | $0.6800 | -26.1% |
| 2012 | $0.9200 | +31.4% |
| 2011 | $0.7000 |
What's inside
As of Aug 31, 2026, the fund held 24 securities; the ten largest made up 61.34% of assets, and 2.01% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Travelers Cos., Inc. (The) | 8.70% | |
| Marsh & McLennan Cos., Inc. | 8.24% | |
| Progressive Corp. (The) | 7.95% | |
| Chubb Ltd. | 7.54% | |
| Aon PLC | 7.06% | |
| Willis Towers Watson PLC | 4.71% | |
| Arthur J. Gallagher & Co. | 4.52% | |
| Brown & Brown, Inc. | 4.45% | |
| Allstate Corp. (The) | 4.34% | |
| Everest Group, Ltd. | 3.82% | |
| Arch Capital Group Ltd. | 3.81% | |
| Hartford Insurance Group, Inc. (The) | 3.75% | |
| Cincinnati Financial Corp. | 3.75% | |
| W. R. Berkley Corp. | 3.69% | |
| RenaissanceRe Holdings Ltd. | 3.60% |
By country
United States 67.44%Bermuda 13.12%Ireland 11.77%Switzerland 7.54%By asset type
Stocks 99.87%By sector
Sectors of the companies held, for the 49.3% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $5.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.36%, +6.46%, -1.70%.
How it works
KBWP is an index fund. It tries to match the KBW Nasdaq Property & Casualty Index, which Keefe, Bruyette & Woods and Nasdaq put together and calculate. The index picks companies mainly in U.S. property and casualty insurance, as the index provider defines that business. As of October 31, 2025, the index held 24 stocks. Their market values ranged from $234.2 million to $120.8 billion.
The index uses modified market-cap weighting. Bigger companies get bigger weights, and "modified" usually means the provider adjusts those weights so the largest names don't take over. The fund uses "full replication": it generally buys every stock in the index in the same proportions, and it keeps at least 90% of assets in index stocks. It doesn't try to beat the index, so it won't sell a lagging stock unless the index drops it. Portfolio turnover was a low 10%.
The fund is "non-diversified." That legal term means it can put more money into a few companies than most funds can. As of August 31, 2026, the largest holdings were Travelers (8.7%), Marsh & McLennan (8.2%), Progressive (8.0%), Chubb (7.5%) and Aon (7.1%). The top 10 made up 61% of assets. About a third of the money was in companies based in Bermuda, Ireland and Switzerland. The fund held no derivatives.
What it really costs
- KBWP charges 0.35% a year, versus an average of 0.44% for the similar funds below (1st of 5, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $444 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| KBWP | $36 | $113 | $197 | $444 |
In a retirement portfolio
It holds about two dozen stocks from one industry, so it suits a small add-on position next to a diversified core better than a central role.
KBWP covers one industry, not a whole portfolio, and its price can swing hard. It launched in December 2010, so it has no 2008 record. In the 2020 COVID crash it fell 38.7% between February 19 and March 23. That was its deepest drop, and recovery took about 11 months. It did better in 2022: its steepest slide was 17%, it recovered in about two months and it gained 10.57% for the year. Its worst calendar year was 2018, when it lost 2.25%.
Income is modest. The trailing yield was 1.81% as of October 27, 2026, paid quarterly. Costs are low: about $36 in year one and $444 over 10 years in the SEC's standard $10,000 example. For someone drawing cash, a drop like 2020's could mean selling shares at low prices. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a low-cost (0.35%) slice of property and casualty names such as Travelers, Progressive, Chubb and Marsh & McLennan.
- Those adding a small, focused position next to a broad core fund who can live with drops like 2020's 38.7% fall.
- Long-term holders comfortable with one-industry risk; it returned 12.93% a year over the 10 years through December 31, 2024.
Look elsewhere if
- Investors who want broad diversification: it holds about 24 stocks, and the top 10 were 61% of assets as of August 31, 2026.
- Income seekers: the trailing yield was a modest 1.81% as of October 27, 2026, paid quarterly.
- Anyone who may need to sell in a crash: it took about 11 months to recover from its 2020 drop.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| KBWP this fund | — | 0.35% | $283.8M | +16.6% | +18.7% |
| IAK iShares U.S. Insurance ETF | 50% | 0.39% | $421.5M | +17.4% | +19.3% |
| KIE SPDR S&P Insurance ETF | 43% | 0.35% | $457.4M | +10.8% | +16.2% |
| FXO First Trust Financials AlphaDEX Fund | 22% | 0.61% | $1.13B | +12.6% | +24.3% |
| RSPF Invesco S&P 500 Equal Weight Financials ETF | 21% | 0.4% | $304.7M | +7.7% | +21.1% |
Questions investors ask
Is KBWP good for retirement?
It can play a small supporting role, but it isn't built to be a core holding. KBWP owns about 24 property and casualty insurance stocks, and the top 10 were 61% of assets as of August 31, 2026. It fell 38.7% in the 2020 COVID crash and took about 11 months to recover, though it gained 10.57% in 2022. Its yield was 1.81% as of October 27, 2026, so it isn't mainly an income fund.
What's the difference between KBWP and IAK?
KBWP focuses on property and casualty insurers, while the iShares U.S. Insurance ETF (IAK) is a general U.S. insurance fund. Their holdings overlapped about 50% in their latest N-PORT reports. KBWP costs 0.35% a year and IAK costs 0.39%. As of October 27, 2026, IAK was a little ahead: 17.4% over one year and 19.3% a year over three years, compared with 16.6% and 18.7% for KBWP. IAK is also larger, with $422 million in net assets.
Does KBWP pay dividends?
Yes. KBWP pays dividends every quarter. In the 12 months to October 27, 2026, it paid about $2.45 per share, a trailing yield of 1.81%. The money comes from dividends paid by the insurance companies it owns, so the amount can change from one payment to the next. The fund is built to track an index of insurance stocks, not to maximize income.
What is KBWP's expense ratio?
KBWP's expense ratio is 0.35% a year, all of it management fee, according to the prospectus filed December 18, 2025. That ties with SPDR S&P Insurance ETF (KIE) as the lowest of five similar funds compared, and it is below the 0.44% average of the other four. In the SEC's standard example ($10,000 invested, 5% annual return), costs come to about $36 after one year, $197 after five years and $444 after 10 years.
What are KBWP's top holdings?
As of August 31, 2026, KBWP's largest holdings were Travelers (8.7%), Marsh & McLennan (8.2%), Progressive (8.0%), Chubb (7.5%) and Aon (7.1%). Next came Willis Towers Watson, Arthur J. Gallagher, Brown & Brown, Allstate and Everest Group. The top 10 made up about 61% of the fund's $284 million in net assets. About 67% was in U.S.-based companies, and the rest was in companies based in Bermuda, Ireland and Switzerland.