BUYW vs PAYR: Grades, Fees and Holdings Compared

Main BuyWrite ETF

BUYWBCboe

Federated Hermes Enhanced Income ETF

PAYRACboe

Overlap

0.0%by weight

Expense ratio

PAYR −0.57pt a year

BUYW0.97%PAYR0.40%

Avg volume · 30D

BUYW 22.8×the volume

BUYW412KPAYR18.1K

BUYW vs PAYR Performance

Oct 31, 2025 – Nov 2, 2026

+8.6%BUYW+26.0%PAYR

Expense ratio: BUYW 0.97%; PAYR 0.40%, better
Fund size: BUYW $1.48B; PAYR $91M
1Y total return: BUYW +8.6%; PAYR +26.0%, better
Yield (12M): BUYW 5.96%; PAYR 7.84%, better
Holdings: BUYW 10; PAYR 57
Avg volume (30D): BUYW 412K sh, better; PAYR 18.1K sh
NAV per share: BUYW $14.50; PAYR $56.52
52W range

ETF.net Grade

Pillar letters and Scores for BUYW, PAYR, with each pillar’s weight
Pillar	BUYW	PAYR
Cost30% weight	C45	A92Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	A84Higher	A75
Tradability15% weight	B65Higher	B56
Holdings10% weight	F21	A73Higher
Durability5% weight	A89Higher	B55

Rank among Active Option Income funds

How we build Categories ›

Same Category. BUYW and PAYR are both graded against the same 50 Active Option Income funds, so their Grades compare head to head.

Active Option Income⁠

Category · 50 funds

See all 50 ›

PAYR ranks 4th and BUYW 19th of 50 funds in the Active Option Income Category.

Rank 1ARECIColumbia Research Enhanced Core Premium Income ETScore 83
Rank 2ATCALT. Rowe Price Capital Appreciation Premium Income ETFScore 80
Rank 2AYLDEFranklin ClearBridge Enhanced Income ETFScore 80
Rank 4APAYRFederated Hermes Enhanced Income ETFScore 76
Rank 4ARDVIFT Vest Rising Dividend Achievers Target Income ETFScore 76
Rank 18BOVBOverlay Shares Core Bond ETFScore 57
Rank 19BBUYWMain BuyWrite ETFScore 56
Rank 20CGINXSGI Enhanced Global Income ETFScore 53

Our read on each fund

ETF.net Research

BUYWBMain BuyWrite ETF

PAYRAFederated Hermes Enhanced Income ETF

In short

BUYW A global covered-call fund built from ETFs rather than single stocks. The manager can write calls on anywhere from none to all of the portfolio, so the income dial moves with their read on the market.

PAYR No data

Stated mandate

BUYW The Fund seeks total return through current income and long-term capital appreciation.

PAYR No data

Why people hold it

BUYW The call writing is discretionary by design: the prospectus allows covered calls on 0% to 100% of the ETF portfolio's value, not a fixed weekly formula.sec.gov
The equity sleeve reaches across US, developed international and emerging markets, so premium is harvested off a global book instead of one home index.sec.gov
Pays monthly and sits in the upper half of a crowded options-income peer group.
Open since 2022 and now a multi-billion-dollar fund that trades at moderate volume, so the lights-on question is settled.

PAYR No data

Worth knowing

BUYW Costs 0.99% net of a waiver through February 28, 2027 (1.13% gross), near the category median. Strong-scoring peers run cheaper: RECI at 0.30%, TCAL at 0.34%.
The holdings are other ETFs, not individual stocks, so you are hiring a manager to allocate across funds and layer options on top of that mix.sec.gov
Written calls exchange part of any upside in the covered positions for premium collected up front, the standard buywrite trade-off.sec.gov

PAYR No data

Full BUYW profile⁠

Full PAYR profile⁠

BUYW vs PAYR Holdings

How BUYW and PAYR differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of BUYW and 0.0% of PAYR.

Level by level

Holdings0 in both0.0%
Sector11 Sectors69.4%
Countryby domicile77.7%
Asset classEquity100%

Sector

Sector weights in BUYW and PAYR, widest gap first
Sector	More in BUYWMore in PAYR	BUYW	PAYR
Technology	BUYW +20.3 points	27.8%	7.5%
Consumer Staples	PAYR +12.7 points	2.9%	15.6%
Real Estate	PAYR +9.2 points	0.9%	10.1%
Utilities	PAYR +7.0 points	9.4%	16.4%
Industrials	BUYW +3.6 points	4.5%	0.9%
Communication	BUYW +2.6 points	6.5%	4.0%
Health Care	BUYW +2.2 points	13.9%	11.7%
Financials	PAYR +1.7 points	14.8%	16.5%
Materials	BUYW +0.8 points	0.9%	0.1%
Energy	BUYW +0.7 points	12.7%	12.0%
Consumer Discretionary	BUYW +0.4 points	5.6%	5.2%

Country, concentration and asset class

Country by domicile

Country weights in BUYW and PAYR, widest gap first
Country	More in BUYWMore in PAYR	BUYW	PAYR
United States	BUYW +21.7 points	99.3%	77.6%
United Kingdom	PAYR +8.1 points	0.0%	8.1%
France	PAYR +6.6 points	0.0%	6.6%
Canada	PAYR +5.0 points	0.1%	5.0%
Germany	PAYR +2.6 points	0.0%	2.6%
Other countries (6)	BUYW +0.5 points	0.5%	0.0%

Concentration

Weight in the 10 largest Holdings

BUYW113.1%
PAYR33.0%

Securities held

BUYW10
PAYR55

Asset class

BUYW: Equity
PAYR: Equity

Holdings

Only in BUYW10
In both0
Only in PAYR55

Only in BUYW

10 securities, 100% of BUYW by weight

State Street Spd41.66%
Ishares-C S&P50015.23%
Inves Nasdaq 10011.13%
Ss Utilities Sel10.49%
Ss Financial Sel10.48%
Ss Industrial10.46%
Ss Health Care10.16%
Ss-Ins Tr Mm-Prm2.22%
Ishares 0-5 Year Tips Bon1.25%
Us Dollar Broker0.02%

Only in PAYR

55 securities, 100% of PAYR by weight

Us Bancorp3.90%
Paychex Inc3.87%
Totalenergies SE3.59%
British American Tob-Sp A3.38%
Medtronic PLC3.27%
Verizon Communications In3.24%
Sanofi-Adr3.02%
Pfizer Inc2.99%
Enbridge Inc2.92%
Regions Financial Corp2.80%
Kimco Realty Corp2.76%
Wec Energy Group Inc2.70%
Firstenergy Corp2.66%
Cme Group Inc2.65%
Pepsico Inc2.57%
Prologis Inc2.52%
Pnc Financial Services Gr2.51%
Chevron Corp2.48%
Amcor PLC2.41%
National Grid Plc-Sp Adr2.32%
Mondelez International In2.28%
American Tower Corp2.21%
Evergy Inc2.19%
Ppl Corp2.19%
Philip Morris Internation2.18%
Tc Energy Corp2.13%
Kimberly-Clark Corp2.12%
Duke Energy Corp1.95%
Muenchener Rueck-Unspon A1.66%
Treasury Bill Dn 12/261.60%
Altria Group Inc1.40%
Nnn Reit Inc1.32%
Amdocs Ltd1.29%
Darden Restaurants Inc1.28%
Best Buy Co Inc1.24%
Hershey Co/The1.23%
AbbVie Inc1.19%
Accenture Plc-Cl A1.18%
Federated Govt Obli Fd-Pr1.15%
Truist Financial Corp1.07%
Allianz SE - Unsp Adr0.97%
Xcel Energy Inc0.97%
Oneok Inc0.89%
Treasury Bill Dn 1/270.87%
Cms Energy Corp0.87%
Brixmor Property Group In0.86%
Southern Co/The0.82%
Treasury Bill Dn 11/260.80%
Mccormick & Co-Non Vtg Sh0.70%
Watsco Inc0.57%

Weight gaps

BUYW and PAYR share no securities.

All 10 BUYW holdings⁠All 52 PAYR holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BUYW vs PAYR Cost

Overpaying BUYW vs PAYR

$10,108

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

BUYW 0.97%
$18,198
PAYR 0.40%
$8,090

Amount$10,000

Years30 years

Cost over time

BUYW 0.97%
PAYR 0.40%
Overpaying

Year by year

Year	BUYW	PAYR	Overpaying
10	$1,712	$723	$989
20	$6,443	$2,793	$3,650
30	$18,198	$8,090	$10,108

Expense ratio

0.97%BUYW
0.40%PAYR, cheaper

PAYR0.40%BUYW0.97%

0.30%1.64%

Middle half of Active Option Income funds
Median 0.95%

PAYR 5th cheapest of 50 funds

BUYW 27th cheapest of 50 funds

BUYW vs PAYR Dividends

Last 12 months to Nov 2, 2026

Yield (12M): BUYW 5.96%; PAYR 7.84%, better
Payout (12M): BUYW $0.86; PAYR $4.48
Last payment: BUYW $0.07; PAYR $0.29
Ex-dividend: BUYW Oct 22, 2026; PAYR Oct 30, 2026
Paid on: BUYW Oct 27, 2026; PAYR Nov 2, 2026
Frequency: BUYW Monthly; PAYR Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

BUYWMonthly · 46 paymentsAll BUYW payments⁠

PAYRMonthly · 13 paymentsAll PAYR payments⁠

BUYW vs PAYR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BUYW 3.1%PAYR 14.6%since Nov 2025
Return per unit of riskSharpe ratio, 3 years: BUYW 1.54PAYR 1.36since Nov 2025
Worst fallMax drawdown, 5 years: BUYW −9.4%since Sep 2022PAYR −7.0%since Oct 2025
Market sensitivityBeta, 5 years: BUYW 0.21PAYR 0.01; Market = 1

BUYW and PAYR in the news

All news⁠

Category Review
The largest option-income fund beat the S&P 500 by selling calls on a quarter of its assets
Updated Oct 30, 2026BUYW
Category Review
The payout and the result came apart in option-income funds
Updated Sep 30, 2026BUYW

Popular comparisons

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BUYW vs PAYR

In short

Stated mandate

Why people hold it

Worth knowing

How BUYW and PAYR differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BUYW

Only in PAYR

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

The largest option-income fund beat the S&P 500 by selling calls on a quarter of its assets

The payout and the result came apart in option-income funds

How BUYW and PAYR differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BUYW

Only in PAYR

Weight gaps