IVVW vs PAPI: Grades, Fees and Holdings Compared

iShares S&P 500 BuyWrite ETF

IVVWACboe

Parametric Equity Premium Income ETF

PAPIBNYSE Arca

Overlap

17.3%by weight

Expense ratio

IVVW −0.04pt a year

IVVW0.25%PAPI0.29%

Avg volume · 30D

PAPI 2.0×the volume

IVVW41.5KPAPI83.7K

IVVW vs PAPI Performance

Oct 31, 2025 – Oct 30, 2026

+13.4%IVVW+20.5%PAPI

Expense ratio: IVVW 0.25%, better; PAPI 0.29%
Fund size: IVVW $348M; PAPI $544M
1Y total return: IVVW +13.4%; PAPI +20.5%, better
Yield (12M): IVVW 18.55%, better; PAPI 7.86%
Holdings: IVVW 506; PAPI 220
Avg volume (30D): IVVW 41.5K sh; PAPI 83.7K sh, better
NAV per share: IVVW $44.40; PAPI $28.21
52W range

ETF.net Grade

Pillar letters and Scores for IVVW, PAPI, with each pillar’s weight
Pillar	IVVW	PAPI
Cost30% weight	A96Higher	A87
Mission25% weight	A100	Not scored
Risk15% weight	C53	C54Higher
Tradability15% weight	C53Higher	C41
Holdings10% weight	A75	A84Higher
Durability5% weight	A72Higher	B61

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. IVVW and PAPI 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 PAPI 14th of 51 funds in the S&P 500 Option Income Category.

Rank 1ACSHINeos Enhanced Income Cash Alternative ETFScore 83
Rank 2ABALIiShares U.S. Large Cap Premium Income Active ETFScore 81
Rank 3AIVVWiShares S&P 500 BuyWrite ETFScore 80
Rank 4AGPIXGoldman Sachs S&P 500 Premium Income ETFScore 78
Rank 13AXYLGGlobal X S&P 500 Covered Call & Growth ETFScore 70
Rank 14BPAPIParametric Equity Premium Income ETFScore 69
Rank 15BNBOSNeuberger Berman Option Strategy ETFScore 67

Our read on each fund

ETF.net Research

IVVWAiShares S&P 500 BuyWrite ETF

PAPIBParametric Equity Premium Income ETF

In short

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.

PAPI Parametric's take on covered-call income: an actively managed dividend-stock portfolio with an S&P 500 options overlay bolted on, paying monthly, at a fee far below what this corner of the market usually charges.

Stated mandate

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.

PAPI Seeks consistent monthly income while preserving prospects for capital appreciation. It is actively managed and combines a dividend-paying equity portfolio with an option-writing overlay.

Why people hold it

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.

PAPI Cheap seat in an expensive neighborhood. At 0.29% a year, it undercuts the typical options-income fund by a wide margin.
Undercuts even the well-built names it competes with: DIVO (0.56%), TCAL (0.34%) and ROCY (0.35%) all charge more for a similar job.
Two engines, not one: dividend-paying US stocks for the base, an option-writing overlay tied to the S&P 500 for the premium. Income is paid monthly.
Eaton Vance and Parametric are long-standing names in options overlays, and the build here rates among the stronger ones in its peer group.

Worth knowing

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.

PAPI The prospectus flags that distributions can include return of capital, meaning part of a monthly payment may be your own money coming back.
Writing calls is a trade: premium income now in exchange for giving up some of the upside when the market runs hard.
No declared target payout rate, and the fund launched in 2023, so the record is short by design.

Full IVVW profile⁠

Full PAPI profile⁠

IVVW vs PAPI Holdings

How IVVW and PAPI differ

Overlap by weight

17.3%

Shared holdings make up 54.8% of PAPI and 35.3% of IVVW.

Level by level

Holdings123 in both17.3%
Sector11 Sectors65.4%
Countryby domicile97.9%
Asset classEquity100%

Sector

Sector weights in IVVW and PAPI, widest gap first
Sector	More in IVVWMore in PAPI	IVVW	PAPI
Technology	IVVW +27.5 points	38.5%	11.0%
Utilities	PAPI +8.0 points	2.0%	10.0%
Materials	PAPI +7.6 points	1.7%	9.3%
Energy	PAPI +6.4 points	3.7%	10.1%
Consumer Staples	PAPI +5.5 points	4.8%	10.3%
Communication	IVVW +4.0 points	8.9%	4.9%
Consumer Discretionary	PAPI +3.1 points	9.0%	12.1%
Industrials	PAPI +2.5 points	8.0%	10.5%
Real Estate	IVVW +1.7 points	1.7%	0.0%
Health Care	PAPI +1.4 points	9.8%	11.2%
Financials	IVVW +1.2 points	11.8%	10.6%

Country, concentration and asset class

Country by domicile

Country weights in IVVW and PAPI, widest gap first
Country	More in IVVWMore in PAPI	IVVW	PAPI
United States	IVVW +1.9 points	99.5%	97.7%
Canada	PAPI +1.0 points	0.0%	1.0%
United Kingdom	PAPI +0.6 points	0.0%	0.6%
Ireland	PAPI +0.5 points	0.0%	0.5%
Other countries (3)	IVVW +0.2 points	0.4%	0.2%

Concentration

Weight in the 10 largest Holdings

IVVW37.3%
PAPI7.1%

Securities held

IVVW503
PAPI219

Asset class

IVVW: Equity
PAPI: Equity

Holdings

Only in IVVW380
In both123
Only in PAPI96

Only in IVVW

380 securities, 64.7% of IVVW by weight

NVIDIA7.58%
Amazon.com Inc3.61%
Broadcom Inc2.38%
Meta Platforms Class A2.08%
Alphabet Class C2.03%
Eli Lilly1.74%
Tesla Inc1.73%
Berkshire Hathaway Inc Class B1.55%
Micron Technology1.53%
JPMorgan Chase & Co1.37%
Advanced Micro Devices1.26%
Visa Class A1.08%
Walmart0.84%
Mastercard Class A0.79%
Palantir Technologies Class A0.65%
Intel Corporation0.50%
Philip Morris International0.50%
Bank of America0.50%
Ge Aerospace0.48%
Applied Material Inc0.47%
Lam Research0.46%
Palo Alto Networks0.46%
Caterpillar Inc0.44%
Goldman Sachs Group0.40%
Netflix0.40%
Thermo Fisher Scientific0.39%
Crowdstrike Holdings Class A0.39%
Wells Fargo0.39%
Amgen Inc0.39%
International Business Machines Co0.37%
Linde PLC0.36%
Ge Vernova0.35%
Oracle0.35%
Morgan Stanley0.34%
Kla0.32%
Citigroup0.31%
Amphenol Corp Class A0.30%
Union Pacific0.28%
Arista Networks0.27%
Nextera Energy0.27%
Marvell Technology0.26%
Deere0.26%
Welltower0.26%
American Express0.26%
Sandisk0.26%
BlackRock0.25%
Accenture PLC Class A0.24%
Intuitive Surgical0.23%
Seagate Technology Holdings PLC0.22%
Eaton PLC0.22%

Only in PAPI

96 securities, 45.2% of PAPI by weight

Msilf Government1.85%
Badger Meter Inc Common0.59%
Accenture PLC Common0.59%
Royalty Pharma PLC Common0.59%
Polaris Inc Common Stock0.57%
Permian Resources0.57%
Artisan Partners Asset0.57%
Columbia Sportswear Co0.56%
Exponent Inc Common Stock0.56%
Noble Corp PLC Common0.56%
Aptargroup Inc Common0.55%
Meritage Homes Corp0.55%
Qiagen NV Common Stock0.55%
First Interstate0.54%
Thor Industries Inc0.54%
Universal Display Corp0.54%
Lyondellbasell Industries0.54%
Eastman Chemical Co0.54%
International Seaways Inc0.54%
Texas Roadhouse Inc0.54%
Brookfield Asset0.54%
Prosperity Bancshares Inc0.53%
Reliance Inc Common Stock0.53%
Everest Group Ltd Common0.53%
Viper Energy Inc Common0.53%
California Water Service0.53%
Amdocs Ltd0.53%
Magnolia Oil & Gas Corp0.53%
Ufp Industries Inc Common0.53%
Radian Group Inc Common0.53%
Chemed Corp Common Stock0.52%
Oge Energy Corp Common0.52%
One Gas Inc Common Stock0.52%
Mdu Resources Group Inc0.52%
Reynolds Consumer0.52%
Dolby Laboratories Inc0.52%
Becton Dickinson & Co0.52%
American Financial Group0.52%
United Bankshares Inc/Wv0.52%
Watsco Inc Common Stock0.52%
Flowers Foods Inc Common0.52%
Avista Corp Common Stock0.52%
Korn Ferry Common Stock0.51%
Medtronic PLC Common0.51%
Chord Energy Corp Common0.51%
Molson Coors Beverage Co0.51%
Fidelity National0.51%
Conagra Brands Inc Common0.51%
Portland General Electric0.51%
Interparfums Inc Common0.51%

Weight gaps

The 100 widest of 123 Holdings in both funds.

Holding weights in IVVW and PAPI, widest gap first
Holding	More in IVVWMore in PAPI	IVVW	PAPI
AppleAAPL	IVVW +7.47 points	7.70%	0.23%
MicrosoftMSFT	IVVW +5.41 points	5.93%	0.52%
Alphabet Class AGOOGL	IVVW +2.10 points	2.51%	0.41%
Exxonmobil Holdings CorpXOM	IVVW +0.63 points	1.18%	0.55%
HasbroHAS	PAPI +0.58 points	0.03%	0.61%
DowDOW	PAPI +0.54 points	0.04%	0.58%
Lennar A Class ALEN	PAPI +0.54 points	0.03%	0.57%
Labcorp HoldingsLH	PAPI +0.53 points	0.04%	0.57%
A O SmithAOS	PAPI +0.53 points	0.01%	0.54%
Ppg IndustriesPPG	PAPI +0.52 points	0.04%	0.56%
Stanley Black & DeckerSWK	PAPI +0.52 points	0.02%	0.54%
Hormel Foods CorpHRL	PAPI +0.51 points	<0.01%	0.52%
Amcor PLCAMCR	PAPI +0.51 points	0.03%	0.54%
International PaperIP	PAPI +0.51 points	0.03%	0.54%
Rollins IncROL	PAPI +0.50 points	0.02%	0.52%
Avery Dennison CorpAVY	PAPI +0.50 points	0.02%	0.52%
International Flavors & FragrancesIFF	PAPI +0.50 points	0.04%	0.54%
Alliant Energy CorpLNT	PAPI +0.50 points	0.03%	0.53%
Quest Diagnostics IncDGX	PAPI +0.50 points	0.04%	0.54%
Vulcan MaterialsVMC	PAPI +0.49 points	0.06%	0.55%
Packaging Corp of AmericaPKG	PAPI +0.50 points	0.03%	0.53%
General Mills IncGIS	PAPI +0.49 points	0.03%	0.52%
Brown Forman Class BBF.B	PAPI +0.49 points	<0.01%	0.50%
Best BuyBBY	PAPI +0.49 points	0.03%	0.52%
Regions FinancialRF	PAPI +0.48 points	0.04%	0.52%
Johnson & JohnsonJNJ	IVVW +0.49 points	1.01%	0.52%
T Rowe Price GroupTROW	PAPI +0.49 points	0.03%	0.52%
Principal Financial Group IncPFG	PAPI +0.49 points	0.03%	0.52%
MosaicMOS	PAPI +0.48 points	<0.01%	0.49%
L3HARRIS TechnologiesLHX	PAPI +0.48 points	0.08%	0.56%
Kraft HeinzKHC	PAPI +0.48 points	0.03%	0.51%
Wec Energy GroupWEC	PAPI +0.48 points	0.06%	0.54%
SterisSTE	PAPI +0.48 points	0.03%	0.51%
Church and Dwight IncCHD	PAPI +0.48 points	0.04%	0.52%
Omnicom Group IncOMC	PAPI +0.48 points	0.03%	0.51%
News Class ANWSA	PAPI +0.47 points	0.02%	0.49%
Public Service Enterprise GroupPEG	PAPI +0.46 points	0.06%	0.52%
Atmos EnergyATO	PAPI +0.47 points	0.04%	0.51%
Kimberly ClarkKMB	PAPI +0.45 points	0.06%	0.51%
Dupont De NemoursDD	PAPI +0.46 points	0.03%	0.49%
Consolidated EdisonED	PAPI +0.45 points	0.07%	0.52%
Expand EnergyEXE	PAPI +0.46 points	0.03%	0.49%
EvergyEVRG	PAPI +0.46 points	0.03%	0.48%
Nike Class BNKE	PAPI +0.45 points	0.07%	0.52%
Cognizant Technology Solutions ClaCTSH	PAPI +0.46 points	0.04%	0.50%
Cincinnati FinancialCINF	PAPI +0.45 points	0.04%	0.49%
Keurig Dr Pepper IncKDP	PAPI +0.45 points	0.07%	0.52%
PaychexPAYX	PAPI +0.44 points	0.06%	0.50%
American International GroupAIG	PAPI +0.44 points	0.07%	0.51%
Prudential Financial IncPRU	PAPI +0.45 points	0.06%	0.51%
Hp IncHPQ	PAPI +0.44 points	0.04%	0.48%
Devon EnergyDVN	PAPI +0.43 points	0.09%	0.52%
Genuine PartsGPC	PAPI +0.42 points	0.03%	0.45%
OneokOKE	PAPI +0.43 points	0.09%	0.52%
Air Products and ChemicalsAPD	PAPI +0.42 points	0.11%	0.53%
FastenalFAST	PAPI +0.42 points	0.09%	0.51%
AflacAFL	PAPI +0.42 points	0.08%	0.50%
United Parcel Service Inc Class BUPS	PAPI +0.42 points	0.12%	0.54%
Xylem IncXYL	PAPI +0.42 points	0.03%	0.45%
Dominion EnergyD	PAPI +0.41 points	0.09%	0.50%
Snap On IncSNA	PAPI +0.41 points	0.03%	0.44%
Comcast Class ACMCSA	PAPI +0.40 points	0.13%	0.53%
Archer Daniels MidlandADM	PAPI +0.40 points	0.06%	0.46%
Eog ResourcesEOG	PAPI +0.40 points	0.13%	0.53%
Kinder MorganKMI	PAPI +0.39 points	0.10%	0.49%
CencoraCOR	PAPI +0.39 points	0.10%	0.49%
Tko Group Holdings Inc Class ATKO	PAPI +0.39 points	0.02%	0.41%
IntuitINTU	PAPI +0.39 points	0.14%	0.53%
CignaCI	PAPI +0.38 points	0.12%	0.50%
Duke Energy CorpDUK	PAPI +0.38 points	0.15%	0.53%
General Dynamics CorpGD	PAPI +0.36 points	0.14%	0.50%
Cme Group Class ACME	PAPI +0.35 points	0.17%	0.52%
SouthernSO	PAPI +0.35 points	0.17%	0.52%
StrykerSYK	PAPI +0.34 points	0.16%	0.50%
Darden Restaurants IncDRI	PAPI +0.34 points	0.04%	0.38%
Automatic Data Processing IncADP	PAPI +0.33 points	0.18%	0.51%
Bristol Myers SquibbBMY	PAPI +0.32 points	0.20%	0.52%
Altria Group IncMO	PAPI +0.32 points	0.20%	0.52%
Illinois Tool IncITW	PAPI +0.31 points	0.11%	0.42%
Cummins IncCMI	PAPI +0.30 points	0.11%	0.41%
Monolithic Power Systems IncMPWR	PAPI +0.27 points	0.09%	0.36%
ConocophillipsCOP	PAPI +0.27 points	0.28%	0.55%
Regeneron PharmaceuticalsREGN	PAPI +0.26 points	0.14%	0.40%
RtxRTX	IVVW +0.26 points	0.41%	0.15%
AbbVieABBV	IVVW +0.26 points	0.80%	0.54%
Mcdonalds CorpMCD	PAPI +0.25 points	0.28%	0.53%
Colgate-PalmoliveCL	PAPI +0.25 points	0.12%	0.37%
PfizerPFE	PAPI +0.25 points	0.27%	0.52%
TjxTJX	PAPI +0.24 points	0.24%	0.48%
PepsicoPEP	PAPI +0.24 points	0.29%	0.53%
Gilead SciencesGILD	PAPI +0.24 points	0.32%	0.56%
Abbott LaboratoriesABT	PAPI +0.23 points	0.28%	0.51%
AT&TT	PAPI +0.23 points	0.22%	0.45%
Analog DevicesADI	PAPI +0.22 points	0.31%	0.53%
Verizon Communications IncVZ	PAPI +0.20 points	0.28%	0.48%
UnitedHealth GroupUNH	IVVW +0.18 points	0.56%	0.38%
Costco Wholesale CorpCOST	IVVW +0.17 points	0.69%	0.52%
QualcommQCOM	IVVW +0.17 points	0.27%	0.10%
ChevronCVX	IVVW +0.17 points	0.71%	0.54%
SalesforceCRM	IVVW +0.15 points	0.29%	0.14%

All IVVW holdings⁠All PAPI 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.

IVVW vs PAPI Cost

Overpaying PAPI vs IVVW

$793

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

IVVW 0.25%
$5,159
PAPI 0.29%
$5,952

Amount$10,000

Years30 years

Cost over time

IVVW 0.25%
PAPI 0.29%
Overpaying

Year by year

Year	IVVW	PAPI	Overpaying
10	$455	$527	$72
20	$1,769	$2,044	$275
30	$5,159	$5,952	$793

Expense ratio

0.25%IVVW, cheaper
0.29%PAPI

IVVW0.25%PAPI0.29%

0.10%1.18%

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

IVVW 2nd cheapest of 51 funds

PAPI 5th cheapest of 51 funds

IVVW vs PAPI Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IVVW 18.55%, better; PAPI 7.86%
Payout (12M): IVVW $8.25; PAPI $2.22
Last payment: IVVW $0.88; PAPI $0.16
Ex-dividend: IVVW Oct 2, 2026; PAPI Oct 30, 2026
Paid on: IVVW Oct 7, 2026; PAPI Pays Nov 5, 2026
Frequency: IVVW Monthly; PAPI Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

IVVWMonthly · 31 paymentsAll IVVW payments⁠

PAPIMonthly · 36 paymentsAll PAPI payments⁠

IVVW vs PAPI Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IVVW 7.3%since Apr 2024PAPI 11.3%
Return per unit of riskSharpe ratio, 3 years: IVVW 1.10since Apr 2024PAPI 0.76
Worst fallMax drawdown, 5 years: IVVW −16.8%since Mar 2024PAPI −14.3%since Oct 2023
Market sensitivityBeta, 5 years: IVVW 0.54PAPI 0.21; Market = 1

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