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IVVWiShares S&P 500 BuyWrite ETF

Get income2y track recordRanked #526 of 1,650 in this goal

Tracks the investment results of the Cboe S&P 500 Enhanced 1% OTM BuyWrite Index.

By iShares · Launched 2024

Annual Cost

0.25%

#1,139 of 5,854 · low cost

Fund Size

$321M

#1,931 of 5,854 · large

Dividend YieldGoal

9.74%

Track Record

2 years

#3,395 of 5,854 · seasoned

Performance

Total-return NAV · USD
Growth of $10,000
$11,749+17.5%

Total-return NAV, USD. Net of fund fees, before tax.

What's inside

How Beacon categorizes this fund

Asset class

Alternative

Region

North america

Strategy

Option income

Index tracked

Cboe S&P 500 Enhanced 1% OTM BuyWrite Index

What it actually holds

By weight

Concentration

Top 3 holdings = 100.0% of fundconcentrated

iShares Core S&P 500 ETF
102.2%
BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES
0.2%
Options Clearing Corp.
-2.4%

Asset allocation

Stocks
64.8%
Cash
35.2%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
8.6%Low

Year-on-year price swings

Max drawdown
-16.8%Moderate

Worst peak-to-trough loss

Sharpe (3Y)
Unavailable

Needs 3+ years of history

Sortino (3Y)
Not yet

Needs 3+ years of history

Listing

Exchange
Cboe BZX

Full fund details

Objective
Tracks the investment results of the Cboe S&P 500 Enhanced 1% OTM BuyWrite Index.
Strategy
Invests primarily in the iShares Core S&P 500 ETF while writing one-month call options on the S&P 500 Index to generate income. The strategy reflects a covered call approach, aiming for income generation while holding U.S. large-cap equities.
Inception date
March 14, 2024
Fund family
iShares

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Covered call
Warning

The big yield isn't extra money

The headline distribution comes from selling call options, which caps the fund's upside. Across a full market cycle that trade costs more than it brings in — often 1 to 3 percentage points a year against just holding the index. Monthly payouts make the gap easy to miss on a return summary.

Sources: Israelov & Ndong, 'A Devil's Bargain: When Generating Income Undermines Investment Returns' (NDVR, 2023)

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

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Data updated on 2026-08-03