ETF Evaluator:
iPath® CBOE S&P 500 BuyWrite ETN ()
Follow This ETF
(as of Mar 24)
Best Performing in Derivative Income Over the Last Year
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ETF Details
iPath® CBOE S&P 500 BuyWrite ETN Overview
iPath® CBOE S&P 500 BuyWrite ETN (BWVTF) is a passively managed Nontraditional Equity Derivative Income exchange-traded fund (ETF). iPath launched the ETF in 2007.
The investment seeks to replicate, net of expenses, the CBOE S&P 500 BuyWrite Index.
The index is designed to measure the total rate of return of a hypothetical “buy-write”, or “covered call”, strategy on the S&P 500 Index. This strategy consists of a hypothetical portfolio consisting of a “long” position indexed to the S&P 500 Index and the sale of a succession of one-month, at- or slightly out-of-the-money S&P 500 Index call options that are listed on the Chicago Board Options Exchange.
About iPath® CBOE S&P 500 BuyWrite ETN (BWVTF)
There are 1 members of the management team with an average tenure of 19.21 years: No Manager (2007). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: CBOE S&P 500 BuyWrite TR USD index with a weighting of 100%. iPath® CBOE S&P 500 BuyWrite ETN has securities in its portfolio. The top 10 holdings constitute 0.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is considered to have an ESG focus with its investment selection and management.
iPath® CBOE S&P 500 BuyWrite ETN is part of the Equity global asset class and is within the Nontraditional Equity ETF group. iPath® CBOE S&P 500 BuyWrite ETN has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). iPath® CBOE S&P 500 BuyWrite ETN has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $1 million in total assets, which is below the $727 million average for the Derivative Income category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BWVTF Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The iPath® CBOE S&P 500 BuyWrite ETN expense ratio is above average compared to funds in the Derivative Income category. iPath® CBOE S&P 500 BuyWrite ETN has an expense ratio of 0.75%, which is 10% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. iPath® CBOE S&P 500 BuyWrite ETN has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 69% for the Derivative Income category.
Recently, in the month of July 2026, iPath® CBOE S&P 500 BuyWrite ETN returned 1.9%, which earned it a grade of B, as the Derivative Income category had an average return of -1.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
iPath® CBOE S&P 500 BuyWrite ETN has a trailing yield of 0.00%, which is below the 19.96% category average.
The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
iPath® CBOE S&P 500 BuyWrite ETN Grades
Year to date, the ETF has returned 8.5%, 5.9 percentage points better than the category, which translates into a grade of C. The fund has returned 19.3% over the past year (grade of B), 12.4% over the past three years (grade of C) and 8.5% per year over the past five years (grade of C) and 7.6% per year over the past 10 years (grade of C).
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BWVTF Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BWVTF Return (NAV) | 1.9% | 5.5% | 19.3% | 12.4% | 8.5% | 7.6% |
| BWVTF Return (Price) | 0.0% | 0.0% | -2.5% | 7.3% | 11.4% | 5.6% |
| NAV +/- Price Return | 1.855% | 5.489% | 21.836% | 5.083% | -2.847% | 2.023% |
| Derivative Income Avg | -1.5% | 0.6% | 11.2% | 13.7% | 8.8% | 7.5% |
| BWVTF Grade (NAV) | B | A | B | C | C | C |
| +/- Category (NAV) | 3.4% | 4.9% | 8.1% | -1.3% | -0.3% | 0.1% |
| BWVTF Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
BWVTF Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BWVTF Return (NAV) | 8.5% | 8.8% | 21.0% | 12.0% | -12.9% | 21.2% | -3.7% | 15.9% | -5.9% | 12.9% | 6.6% |
| BWVTF Return (Price) | 0.0% | 9.5% | 10.5% | 21.8% | 0.0% | 19.6% | -20.5% | 5.8% | -1.3% | 12.6% | 6.6% |
| NAV +/- Price Ret | -1.000% | 0.080% | -0.499% | 0.813% | -1.000% | -0.076% | 4.585% | -63.5% | -78.2% | -2.4% | 0.2% |
| Derivative Income Avg | 2.6% | 10.6% | 18.5% | 17.5% | -11.3% | 19.4% | 1.4% | 19.2% | -7.1% | 12.1% | 8.7% |
| BWVTF Grade (NAV) | C | D | B | C | C | C | D | D | B | C | D |
| +/- Category | 5.9% | -1.8% | 2.5% | -5.5% | -1.6% | 1.8% | -5.1% | -3.3% | 1.2% | 0.8% | -2.1% |
| Risk Measures | |
| Beta: | 0.44 |
| R-Squared: | 63% |
| Standard Deviation: | 7.2% |
| Category Risk Index: | 0.55 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.59 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 2 Mil |
| Share Class Assets: | $ 2 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.75% |
| Index Fund: | Yes |
| Index Tracked: | CBOE S&P 500 BuyWrite TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | Yes |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 19.2 years | |||
| Average Tenure: 19.2 years | |||
| Managers (Year): Manager No (2007) | |||
Portfolio Composition (as of )
| # of Holdings: | |
| % in Top 10 Holdings: | 0.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Uncollateralized Debt Instrument |
| Fund Family: | iPath |
| Phone Number: | 877-764-7284 |
| Website: | www.barclays.com/hongkong/ |
| Inception Date: | May 22, 2007 |
Expenses and Fees
| Expense Ratio (%): | 0.75% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.83% |
