HRSK vs IVVW: Grades, Fees and Holdings Compared

Toews Agility Shares Hedged Risk ETF

HRSKFNYSE Arca

iShares S&P 500 BuyWrite ETF

IVVWACboe

Overlap

29.5%by weight

Expense ratio

IVVW −0.70pt a year

HRSK0.95%IVVW0.25%

Avg volume · 30D

IVVW 6.3×the volume

HRSK6.06KIVVW38.2K

HRSK vs IVVW Performance

Aug 7, 2026 – Nov 9, 2026

−4.1%HRSK+0.8%IVVW

Expense ratio: HRSK 0.95%; IVVW 0.25%, better
Fund size: HRSK $33M; IVVW $338M
1Y total return: HRSK No data; IVVW +13.4%
Yield (12M): HRSK No data; IVVW 18.52%
Holdings: HRSK 120; IVVW 506
Avg volume (30D): HRSK 6.06K sh; IVVW 38.2K sh, better
NAV per share: HRSK $24.38; IVVW $42.84
52W range

ETF.net Grade

Pillar letters and Scores for HRSK, IVVW, with each pillar’s weight
Pillar	HRSK	IVVW
Cost30% weight	F14	A97Higher
Mission25% weight	Not scored	A100
Risk15% weight	D37	C54Higher
Tradability15% weight	F12	C49Higher
Holdings10% weight	C46	A73Higher
Durability5% weight	D26	A72Higher

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. HRSK and IVVW are both graded against the same 51 S&P 500 Option Income funds, so their Grades compare head to head.

S&P 500 Option Income⁠

Category · 51 funds

See all 51 ›

IVVW ranks 3rd and HRSK 50th of 51 funds in the S&P 500 Option Income Category.

Rank 1ABALIiShares U.S. Large Cap Premium Income Active ETFScore 82
Rank 1ACSHINeos Enhanced Income Cash Alternative ETFScore 82
Rank 3AIVVWiShares S&P 500 BuyWrite ETFScore 80
Rank 4AGPIXGoldman Sachs S&P 500 Premium Income ETFScore 78
Rank 49DYSPYGraniteShares YieldBOOST SPY ETFScore 28
Rank 50FHRSKToews Agility Shares Hedged Risk ETFScore 23
Rank 50FMRSKToews Agility Shares Managed Risk ETFScore 23

Our read on each fund

ETF.net Research

HRSKFToews Agility Shares Hedged Risk ETF

IVVWAiShares S&P 500 BuyWrite ETF

In short

HRSK Most S&P 500 options funds sell away upside for premium. HRSK buys protection instead: long-dated puts on its large-cap sleeve, shorter-dated calls to help pay for them, and no stated cap on gains.

IVVW BlackRock's version of the covered call: hold the whole S&P 500 through the iShares Core fund, sell one-month index calls struck 1% out of the money, pay the premium out monthly. All for a quarter-point fee.

Stated mandate

HRSK The Fund seeks large-cap U.S. equity exposure while limiting adverse market risk through long-dated put options and using shorter-dated call options as part of its strategy.

IVVW The fund seeks to track an index strategy that holds the iShares Core S&P 500 ETF and sells one-month call options primarily on the S&P 500 Index to generate income. The short option position is intended to be offset by the fund’s long position in the underlying ETF.

Why people hold it

HRSK The contrarian build in a crowd of premium sellers: it holds large-cap US equity, buys long-dated put options to limit downside, and writes shorter-dated calls as part of the strategy.prnewswire.com
No stated performance cap, so the equity side isn't structurally boxed in on the upside the way covered-call and buffer payoffs are.prnewswire.com
Launched in 2026 via a Section 351 exchange, which let eligible investors move appreciated holdings in tax deferred and keep their original cost basis.prnewswire.com
Toews has run managed-risk strategies since 1994, so the hedging playbook here is older than the ETF wrapper around it.prnewswire.com

IVVW Costs 0.25% a year against a category median near 0.60%. On an income strategy, that is less of the option premium quietly leaking out the door.
The calls sit 1% out of the money, so a slice of each month's rally still belongs to shareholders before the cap bites. At-the-money writers give that up.cboe.com
Rules over hunches: it tracks a Cboe index that pairs a long position in the iShares Core S&P 500 ETF with a short monthly S&P 500 call, rolled on a set schedule.cboe.com
Inside a crowded covered-call field where fat fees are the norm, this is one of the tighter builds in its peer group.

Worth knowing

HRSK At 0.95% a year it runs above the 0.60% median for S&P 500 options funds, and rivals like IVVW (0.25%) and GPIX (0.35%) charge a fraction of it.
Small asset base and light trading, so bid-ask spreads can run wider than the category heavyweights'.
Protection isn't free: put premiums come out of returns in calm markets, and the 2026 launch leaves a short record of how the overlay acts in a deep selloff.

IVVW Covered calls trade upside for income. Above the strike, the month's gain is capped, and the premium cushions losses rather than blocking them.cboe.com
Monthly payouts come from option premium, so they move with volatility instead of arriving as a fixed amount.
Launched in 2024 and moderately traded, so the live record is short and spreads can run wider than the category's biggest names.

Full HRSK profile⁠

Full IVVW profile⁠

HRSK vs IVVW Holdings

How HRSK and IVVW differ

Overlap by weight

29.5%

Shared holdings make up 63.5% of IVVW and 38.5% of HRSK.

About this figure: HRSK earns income from options, which aren’t counted.

IVVW earns income from options, which aren’t counted.

Level by level

Holdings102 in both29.5%
Sector11 Sectors95.9%
Asset classStocks100%
Countryby domicile99.9%

Sector

Sector weights in HRSK and IVVW, widest gap first
Sector	Gap	HRSK	IVVW
Technology	HRSK +2.4 points	37.9%	35.5%
Financials	IVVW +1.4 points	11.4%	12.8%
Consumer Staples	HRSK +1.1 points	6.4%	5.3%
Industrials	IVVW +0.8 points	7.3%	8.1%
Consumer Discretionary	IVVW +0.7 points	8.8%	9.5%
Health Care	IVVW +0.8 points	9.8%	10.6%
Energy	HRSK +0.7 points	4.2%	3.5%
Materials	IVVW +0.1 points	1.7%	1.8%
Utilities	Same weight	2.0%	2.1%
Real Estate	IVVW +0.1 points	1.8%	1.9%
Communication	Same weight	8.8%	8.8%

Country, concentration and asset class

Country by domicile

Country weights in HRSK and IVVW, widest gap first
Country	Gap	HRSK	IVVW
United States	HRSK +0.1 points	99.7%	99.5%
Switzerland	IVVW +0.1 points	0.2%	0.3%
China	Same weight	0.1%	0.1%
Mexico	Same weight	0.0%	0.0%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

HRSK61.6%
IVVW37.7%

Securities held

HRSK118
IVVW503

Asset class

HRSK: Stocks
IVVW: Stocks

Holdings

Only in HRSK16
In both102
Only in IVVW401

Only in HRSK

16 securities, 55.5% of HRSK by weight

Bbh Sweep Vehicle21.35%
Ss Tech Sel Sect6.71%
Ss Health Care4.79%
Ss Financial Sel3.72%
Ss Industrial3.19%
Ss Consumer Disc3.08%
Ss Comm Slct Etf3.03%
Ishares Mornings2.01%
Vng Ms Mc Etf-Ui1.29%
Ss Real Estate1.25%
Spdr Portfolio’s1.18%
Vanguard S&P 5001.04%
Vang Russ Growth0.94%
Ss Utilities Sel0.85%
Ss Materials Etf0.56%
Ss Energy Select0.54%

Only in IVVW

401 securities, 36.6% of IVVW by weight

Tesla Inc1.59%
Johnson & Johnson1.05%
Mastercard Class A0.83%
AbbVie0.81%
Costco Wholesale Corp0.74%
Ge Aerospace0.53%
Thermo Fisher Scientific0.40%
Palo Alto Networks0.40%
Rtx0.40%
Texas Instrument0.40%
Goldman Sachs Group0.40%
Linde PLC0.37%
International Business Machines Co0.36%
Morgan Stanley0.34%
Abbott Laboratories0.30%
Verizon Communications Inc0.30%
Amphenol Corp Class A0.29%
Kla0.28%
Arista Networks0.28%
Analog Devices0.28%
Welltower0.28%
Salesforce0.28%
American Express0.27%
Deere0.27%
Pfizer0.26%
Intuitive Surgical0.25%
Accenture PLC Class A0.25%
Tjx0.24%
Danaher0.23%
S&P Global0.22%
Progressive0.21%
Chubb0.20%
Newmont0.20%
Mckesson Corp0.19%
Marvell Technology0.19%
Booking Holdings0.19%
Prologis Reit0.19%
Automatic Data Processing Inc0.19%
Starbucks Corp0.19%
Parker-Hannifin0.18%
Stryker0.18%
Cme Group Class A0.17%
Cvs Health0.17%
Southern0.17%
Applovin Class A0.17%
Servicenow0.17%
Bank of New York Mellon Corp0.16%
Equinix Reit0.16%
Valero Energy Corp0.16%
Phillips 660.15%

Weight gaps

The 100 widest of 102 Holdings in both funds.

Holding weights in HRSK and IVVW, widest gap first
Holding	Gap	HRSK	IVVW
NVIDIA CorpNVDA	IVVW +5.77 points	1.35%	7.12%
Apple IncAAPL	IVVW +3.77 points	4.10%	7.87%
Microsoft CorpMSFT	IVVW +2.89 points	3.32%	6.21%
Amazon.com IncAMZN	IVVW +2.71 points	1.30%	4.01%
Alphabet Inc-AGOOGL	IVVW +1.84 points	0.79%	2.63%
Alphabet Inc-CGOOG	IVVW +1.81 points	0.32%	2.13%
Berkshire Hath-BBRK.B	IVVW +1.54 points	0.13%	1.67%
Meta Platforms-AMETA	IVVW +1.42 points	0.70%	2.12%
Eli Lilly & CoLLY	IVVW +1.29 points	0.42%	1.71%
Micron TechMU	IVVW +1.21 points	0.02%	1.23%
Altria Group IncMO	HRSK +1.13 points	1.33%	0.20%
Exxonmobil HoldiXOM	IVVW +1.01 points	0.06%	1.07%
Adv Micro DeviceAMD	IVVW +1.00 points	0.15%	1.15%
Visa Inc-Class AV	IVVW +0.85 points	0.28%	1.13%
Philip Morris InPM	HRSK +0.80 points	1.29%	0.49%
Marathon PetroleMPC	HRSK +0.60 points	0.76%	0.16%
Mondelez Inter-AMDLZ	HRSK +0.58 points	0.71%	0.13%
Procter & GamblePG	IVVW +0.49 points	0.12%	0.61%
Walmart IncWMT	HRSK +0.47 points	1.35%	0.88%
Intel CorpINTC	IVVW +0.43 points	<0.01%	0.44%
JPMorgan ChaseJPM	HRSK +0.41 points	1.81%	1.40%
Chevron CorpCVX	IVVW +0.38 points	0.28%	0.66%
Wells Fargo & CoWFC	IVVW +0.36 points	0.04%	0.40%
Bank of AmericaBAC	HRSK +0.36 points	0.87%	0.51%
ConocophillipsCOP	HRSK +0.34 points	0.60%	0.26%
Lam ResearchLRCX	IVVW +0.34 points	0.06%	0.40%
Coca-Cola Co/TheKO	IVVW +0.33 points	0.25%	0.58%
Crowdstrike Ho-ACRWD	IVVW +0.33 points	0.02%	0.35%
Ge Vernova IncGEV	IVVW +0.30 points	0.02%	0.32%
Marriott Intl-AMAR	HRSK +0.29 points	0.43%	0.14%
Williams Cos IncWMB	HRSK +0.29 points	0.41%	0.12%
Caterpillar IncCAT	IVVW +0.28 points	0.12%	0.40%
Walt Disney Co/TDIS	IVVW +0.28 points	0.04%	0.32%
Home Depot IncHD	HRSK +0.27 points	0.81%	0.54%
Seagate TechnoloSTX	HRSK +0.27 points	0.43%	0.16%
Blackstone IncBX	HRSK +0.25 points	0.39%	0.14%
Gilead SciencesGILD	IVVW +0.25 points	0.08%	0.33%
Merck & CoMRK	IVVW +0.22 points	0.35%	0.57%
Oracle CorpORCL	IVVW +0.21 points	0.15%	0.36%
American ElectriAEP	HRSK +0.20 points	0.31%	0.11%
Uber TechnologieUBER	IVVW +0.19 points	0.03%	0.22%
Broadcom IncAVGO	HRSK +0.19 points	2.39%	2.20%
Echostar Corp-AECHO	HRSK +0.19 points	0.21%	0.02%
AT&T IncT	IVVW +0.18 points	0.05%	0.23%
Medtronic PLCMDT	IVVW +0.18 points	0.01%	0.20%
Nisource IncNI	HRSK +0.18 points	0.21%	0.03%
Sandisk CorpSNDK	IVVW +0.18 points	0.01%	0.19%
Nextera EnergyNEE	IVVW +0.18 points	0.11%	0.29%
Freeport-McmoranFCX	HRSK +0.18 points	0.31%	0.13%
Hewlett PackaHPE	HRSK +0.17 points	0.26%	0.09%
Bristol-Myer SqbBMY	IVVW +0.17 points	0.03%	0.20%
Western DigitalWDC	HRSK +0.17 points	0.32%	0.15%
Applied MaterialAMAT	IVVW +0.17 points	0.25%	0.42%
Eaton Corp PLCETN	HRSK +0.16 points	0.37%	0.21%
Union Pac CorpUNP	IVVW +0.15 points	0.12%	0.27%
UnitedHealth GrpUNH	HRSK +0.15 points	0.71%	0.56%
Duke Energy CorpDUK	IVVW +0.15 points	<0.01%	0.16%
Vertex PharmVRTX	IVVW +0.14 points	0.08%	0.22%
Palantir Techn-APLTR	HRSK +0.13 points	0.71%	0.58%
Pepsico IncPEP	IVVW +0.12 points	0.18%	0.30%
Mcdonalds CorpMCD	IVVW +0.12 points	0.19%	0.31%
Us BancorpUSB	IVVW +0.12 points	0.03%	0.15%
Dell Techn-CDELL	HRSK +0.11 points	0.27%	0.16%
Delta Air LiDAL	HRSK +0.12 points	0.20%	0.08%
Qualcomm IncQCOM	HRSK +0.11 points	0.39%	0.28%
Boeing Co/TheBA	IVVW +0.12 points	0.10%	0.22%
Comfort SystemsFIX	HRSK +0.09 points	0.15%	0.06%
Emcor Group IncEME	HRSK +0.09 points	0.13%	0.04%
Steel DynamicsSTLD	HRSK +0.08 points	0.13%	0.05%
Keysight TecKEYS	HRSK +0.08 points	0.15%	0.07%
Amgen IncAMGN	IVVW +0.07 points	0.32%	0.39%
Royal CaribbeanRCL	HRSK +0.07 points	0.20%	0.13%
Capital One FinaCOF	IVVW +0.08 points	0.12%	0.20%
Lowe's Cos IncLOW	IVVW +0.07 points	0.13%	0.20%
Camden Prop TrCPT	HRSK +0.06 points	0.08%	0.02%
Nucor CorpNUE	HRSK +0.06 points	0.15%	0.09%
Netflix IncNFLX	HRSK +0.05 points	0.47%	0.42%
Corning IncGLW	HRSK +0.05 points	0.18%	0.13%
Citigroup IncC	HRSK +0.06 points	0.37%	0.31%
Regeneron PharmREGN	HRSK +0.05 points	0.19%	0.14%
Howmet AerospaceHWM	IVVW +0.05 points	0.08%	0.13%
Lockheed MartinLMT	HRSK +0.05 points	0.23%	0.18%
Dr Horton IncDHI	IVVW +0.05 points	0.01%	0.06%
Ciena CorpCIEN	IVVW +0.04 points	<0.01%	0.05%
Schwab (Charles)SCHW	HRSK +0.05 points	0.28%	0.23%
Dow IncDOW	HRSK +0.04 points	0.08%	0.04%
Cisco SystemsCSCO	IVVW +0.04 points	0.54%	0.58%
Kinder Morgan InKMI	IVVW +0.03 points	0.06%	0.09%
On SemiconductorON	IVVW +0.03 points	0.01%	0.04%
Zimmer Biomet HoZBH	IVVW +0.02 points	<0.01%	0.03%
Intuit IncINTU	HRSK +0.02 points	0.17%	0.15%
BlackRock IncBLK	IVVW +0.02 points	0.25%	0.27%
Albemarle CorpALB	HRSK +0.01 points	0.03%	0.02%
Apa CorpAPA	Same weight	0.02%	0.02%
Devon Energy CoDVN	HRSK +0.01 points	0.08%	0.07%
Rockwell AutomatROK	IVVW +0.01 points	0.06%	0.07%
Honeywell IntlHON	IVVW +0.01 points	0.10%	0.11%
Viatris IncVTRS	IVVW +0.01 points	0.03%	0.04%
Honeywell AerospHONA	IVVW +0.01 points	0.07%	0.08%
Firstenergy CorpFE	Same weight	0.04%	0.04%

All HRSK holdings⁠All IVVW 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.

HRSK vs IVVW Cost

Overpaying HRSK vs IVVW

$12,710

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

HRSK 0.95%
$17,869
IVVW 0.25%
$5,159

Amount$10,000

Years30 years

Cost over time

HRSK 0.95%
IVVW 0.25%
Overpaying

Year by year

Year	HRSK	IVVW	Overpaying
10	$1,678	$455	$1,223
20	$6,322	$1,769	$4,553
30	$17,869	$5,159	$12,710

Expense ratio

0.95%HRSK
0.25%IVVW, cheaper

IVVW0.25%HRSK0.95%

0.10%1.18%

Middle half of S&P 500 Option Income funds
Median 0.60%

IVVW 2nd cheapest of 51 funds

HRSK 43rd cheapest of 51 funds

HRSK vs IVVW Dividends

Last 12 months to Nov 9, 2026

Yield (12M): HRSK No data; IVVW 18.52%
Payout (12M): HRSK None; IVVW $8.10
Last payment: HRSK No data; IVVW $0.58
Ex-dividend: HRSK No data; IVVW Nov 3, 2026
Paid on: HRSK No data; IVVW Nov 6, 2026
Frequency: HRSK No data; IVVW Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

HRSKAll HRSK payments⁠

No distribution history available.

IVVWMonthly · 32 paymentsAll IVVW payments⁠

HRSK vs IVVW Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: HRSK No dataIVVW 7.3%since Apr 2024
Return per unit of riskSharpe ratio, 3 years: HRSK No dataIVVW 1.10since Apr 2024
Worst fallMax drawdown, 5 years: HRSK No dataIVVW −16.8%since Mar 2024
Market sensitivityBeta, 5 years: HRSK 1.03IVVW 0.54; Market = 1

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