ETF Evaluator:
iShares S&P 500 BuyWrite ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Derivative Income Over the Last Year
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Risk
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Risk
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ETF Details
iShares S&P 500 BuyWrite ETF Overview
iShares S&P 500 BuyWrite ETF (IVVW) is a passively managed Nontraditional Equity Derivative Income exchange-traded fund (ETF). iShares launched the ETF in 2024.
The investment seeks to track the investment results of the Cboe S&P 500 Enhanced 1% OTM BuyWrite Index.
The index is designed to measure the performance of a strategy of holding the iShares Core S&P 500 ETF while writing (selling) one-month call options primarily on the S&P 500 Index to generate income. The fund seeks to achieve its investment objective by investing a substantial portion of its assets in the underlying fund and options on the option index.
About iShares S&P 500 BuyWrite ETF (IVVW)
There are 3 members of the management team with an average tenure of 1.39 years: Orlando Montalvo (2024), Erin Armstrong (2025) and Kyle McClements (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P US TMI TR USD index with a weighting of 100% and Cboe S&P 500 Enhanced 1% OTM BW GR USD index with a weighting of 100%. iShares S&P 500 BuyWrite ETF has 5 securities in its portfolio. The top 10 holdings constitute 122.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
iShares S&P 500 BuyWrite ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. iShares S&P 500 BuyWrite ETF has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 77.7% There is 0.5% 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). iShares S&P 500 BuyWrite ETF has 21.8% of the portfolio in cash.
Assets Under Management
The fund has $329 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.
IVVW 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 iShares S&P 500 BuyWrite ETF expense ratio is below average compared to funds in the Derivative Income category. iShares S&P 500 BuyWrite ETF has an expense ratio of 0.25%, which is 70% lower than its category average, making the fund expense ratio grade a A. 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. iShares S&P 500 BuyWrite ETF has a portfolio turnover rate of 1%, which indicates that it holds its assets around / 1.0 years. By way of comparison, the average portfolio turnover is 69% for the Derivative Income category.
Recently, in the month of July 2026, iShares S&P 500 BuyWrite ETF returned 1.4%, 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.
iShares S&P 500 BuyWrite ETF has a trailing yield of 9.25%, which is below the 19.96% category average.
The fund normally distributes its income monthly and its capital gains 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.
iShares S&P 500 BuyWrite ETF Grades
Year to date, the ETF has returned 7.1%, 4.5 percentage points better than the category, which translates into a grade of C. The fund has returned 17.4% over the past year (grade of C).
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IVVW 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 |
|
| IVVW Return (NAV) | 1.4% | 4.2% | 17.4% | na | na | na |
| IVVW Return (Price) | 1.3% | 4.2% | 17.5% | na | na | na |
| NAV +/- Price Return | 0.081% | -0.063% | -0.098% | na | na | na |
| Derivative Income Avg | -1.5% | 0.6% | 11.2% | 13.7% | 8.8% | 7.5% |
| IVVW Grade (NAV) | B | B | C | na | na | na |
| +/- Category (NAV) | 2.9% | 3.5% | 6.2% | na | na | na |
| IVVW Tax-Cost Ratio | na | na | 4.9% | na | na | na |
IVVW Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| IVVW Return (NAV) | 7.1% | 11.6% | na | na | na | na | na | na | na | na | na |
| IVVW Return (Price) | 7.1% | 11.7% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.001% | 0.004% | na | na | na | na | na | na | na | na | na |
| 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% |
| IVVW Grade (NAV) | C | C | na | na | na | na | na | na | na | na | na |
| +/- Category | 4.5% | 1.0% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 9.3% |
| Total Assets: | $ 330 Mil |
| Share Class Assets: | $ 330 Mil |
| Turnover: | 1.0% |
| Expense Ratio: | 0.25% |
| Index Fund: | Yes |
| Index Tracked: | S&P US TMI TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 2.4 years | |||
| Average Tenure: 1.4 years | |||
| Managers (Year): Montalvo Orlando (2024), Armstrong Erin (2025), McClements Kyle (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 5 |
| % in Top 10 Holdings: | 122.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.5% |
Portfolio Allocation |
|
| Domestic Stock: | 77.7% |
| Foreign Stock: | 0.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 21.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | iShares |
| Phone Number: | 800-474-2737 |
| Website: | au.ishares.com |
| Inception Date: | March 14, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.25% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.83% |
