IVVW vs PBP: Grades, Fees and Holdings Compared

iShares S&P 500 BuyWrite ETF

IVVWACboe

Invesco S&P 500 BuyWrite ETF

PBPACboe

Overlap

98.9%by weight

Expense ratio

IVVW −0.04pt a year

IVVW0.25%PBP0.29%

Avg volume · 30D

PBP 1.6×the volume

IVVW41.5KPBP66K

IVVW vs PBP Performance

Oct 31, 2025 – Oct 30, 2026

+13.4%IVVW+14.5%PBP

Expense ratio: IVVW 0.25%, better; PBP 0.29%
Fund size: IVVW $348M; PBP $389M
1Y total return: IVVW +13.4%; PBP +14.5%, better
Yield (12M): IVVW 18.55%, better; PBP 11.45%
Holdings: IVVW 506; PBP 504
Avg volume (30D): IVVW 41.5K sh; PBP 66K sh, better
NAV per share: IVVW $44.40; PBP $23.03
52W range

ETF.net Grade

Pillar letters and Scores for IVVW, PBP, with each pillar’s weight
Pillar	IVVW	PBP
Cost30% weight	A96Higher	A87
Mission25% weight	A100	Not scored
Risk15% weight	C53	B66Higher
Tradability15% weight	C53Higher	D39
Holdings10% weight	A75	A77Higher
Durability5% weight	A72	A83Higher

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. IVVW and PBP 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 PBP 11th 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 9ATPUTT. Rowe Price Capital Appreciation Market Opportunities ETFScore 72
Rank 11APBPInvesco S&P 500 BuyWrite ETFScore 71
Rank 11APHEQParametric Hedged Equity ETFScore 71

Our read on each fund

ETF.net Research

IVVWAiShares S&P 500 BuyWrite ETF

PBPAInvesco S&P 500 BuyWrite 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.

PBP A 2007-vintage covered-call fund on the S&P 500: hold the index, sell calls against it, pay the premium out monthly. The plain-vanilla version of the trade, priced well under the typical options-income fund.

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.

PBP The fund uses a total-return buy-write approach on the S&P 500. It maintains a long position indexed to the S&P 500 and uses a covered-call strategy.

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.

PBP Charges 0.29%, under half the 0.60% median for S&P 500 options-income funds. XYLD runs a similar covered-call playbook at 0.60%.
Trading since 2007, so its record spans the financial crisis and everything after. Long history for an options-income ETF.
Plain mechanics: roughly 500 stocks tracking the S&P 500, calls written against that position, premium paid out monthly.invesco.com
Sits among the stronger implementations in a crowded field of S&P 500 income funds.

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.

PBP Covered calls trade upside for premium. When the S&P 500 runs hard, the written calls hand back part of that move.invesco.com
Thinly traded next to the headline names in the category, which can mean wider bid-ask spreads.
No longer the cheapest seat: IVVW writes calls on the same index for 0.25%.

Full IVVW profile⁠

Full PBP profile⁠

IVVW vs PBP Holdings

How IVVW and PBP differ

Overlap by weight

98.9%

Shared holdings make up 100% of PBP and 99.5% of IVVW.

Level by level

Asset classEquity, Alternatives0.0%
Sector11 Sectors97.1%
Countryby domicile98.2%
Holdings496 in both98.9%

Sector

Sector weights in IVVW and PBP, widest gap first
Sector	More in IVVWMore in PBP	IVVW	PBP
Technology	PBP +2.0 points	38.5%	40.5%
Communication	PBP +1.1 points	8.9%	9.9%
Financials	IVVW +0.6 points	11.8%	11.2%
Health Care	IVVW +0.5 points	9.8%	9.3%
Industrials	IVVW +0.5 points	8.0%	7.5%
Consumer Staples	IVVW +0.5 points	4.8%	4.3%
Energy	IVVW +0.3 points	3.7%	3.4%
Consumer Discretionary	IVVW +0.3 points	9.0%	8.7%
Utilities	IVVW +0.1 points	2.0%	1.9%
Materials	IVVW +0.1 points	1.7%	1.6%
Real Estate	Same weight	1.7%	1.7%

Country, concentration and asset class

Country by domicile

Country weights in IVVW and PBP, widest gap first
Country	More in IVVWMore in PBP	IVVW	PBP
United States	IVVW +1.8 points	99.5%	97.8%
Ireland	PBP +1.2 points	0.0%	1.2%
Other countries (7)	PBP +0.5 points	0.4%	0.9%

Concentration

Weight in the 10 largest Holdings

IVVW37.3%
PBP37.8%

Securities held

IVVW503
PBP503

Asset class

IVVW: Equity
PBP: Alternatives

Holdings

Only in IVVW7
In both496
Only in PBP7

Only in IVVW

7 securities, 0.4% of IVVW by weight

Elevance Health Inc0.14%
Becton Dickinson0.08%
Vivmark Residential0.07%
Block Class A0.06%
Fiserv Inc0.04%
Ball Corp0.03%
Skydance Shs Class B<0.01%

Only in PBP

7 securities, 0.4% of PBP by weight

Elevance Health Inc0.14%
Becton Dickinson & Co0.08%
Vivmark Residential0.07%
Block Inc0.06%
Fiserv Inc0.04%
Ball Corp0.03%
Skydance Corp<0.01%

Weight gaps

The 100 widest of 496 Holdings in both funds.

Holding weights in IVVW and PBP, widest gap first
Holding	More in IVVWMore in PBP	IVVW	PBP
NVIDIANVDA	PBP +0.29 points	7.58%	7.87%
Intel CorporationINTC	PBP +0.20 points	0.50%	0.70%
Advanced Micro DevicesAMD	PBP +0.15 points	1.26%	1.41%
Broadcom IncAVGO	PBP +0.12 points	2.38%	2.50%
Micron TechnologyMU	PBP +0.08 points	1.53%	1.61%
Eli LillyLLY	IVVW +0.07 points	1.74%	1.67%
MicrosoftMSFT	PBP +0.06 points	5.93%	5.99%
AppleAAPL	PBP +0.05 points	7.70%	7.75%
Palantir Technologies Class APLTR	PBP +0.04 points	0.65%	0.69%
SandiskSNDK	PBP +0.04 points	0.26%	0.30%
Applied Material IncAMAT	PBP +0.04 points	0.47%	0.51%
QualcommQCOM	PBP +0.03 points	0.27%	0.30%
Exxonmobil Holdings CorpXOM	IVVW +0.03 points	1.18%	1.15%
Amazon.com IncAMZN	PBP +0.03 points	3.61%	3.64%
Marvell TechnologyMRVL	PBP +0.03 points	0.26%	0.29%
Lam ResearchLRCX	PBP +0.02 points	0.46%	0.48%
Arista NetworksANET	PBP +0.02 points	0.27%	0.29%
Dell Technologies Inc Class CDELL	PBP +0.02 points	0.20%	0.22%
OracleORCL	PBP +0.02 points	0.35%	0.37%
Alphabet Class AGOOGL	PBP +0.03 points	2.51%	2.54%
Cisco Systems IncCSCO	PBP +0.02 points	0.63%	0.65%
WalmartWMT	IVVW +0.02 points	0.84%	0.82%
Meta Platforms Class AMETA	PBP +0.02 points	2.08%	2.10%
JPMorgan Chase & CoJPM	PBP +0.02 points	1.37%	1.39%
Alphabet Class CGOOG	PBP +0.01 points	2.03%	2.04%
Seagate Technology Holdings PLCSTX	PBP +0.02 points	0.22%	0.24%
KlaKLAC	PBP +0.01 points	0.32%	0.33%
Regeneron PharmaceuticalsREGN	IVVW +0.02 points	0.14%	0.12%
ChevronCVX	IVVW +0.01 points	0.71%	0.70%
AbbVieABBV	IVVW +0.02 points	0.80%	0.78%
Palo Alto NetworksPANW	PBP +0.01 points	0.46%	0.47%
Merck & Co IncMRK	IVVW +0.01 points	0.56%	0.55%
Ge AerospaceGE	PBP +0.01 points	0.48%	0.49%
Western Digital CorpWDC	PBP +0.02 points	0.20%	0.22%
Costco Wholesale CorpCOST	IVVW +0.02 points	0.69%	0.67%
Datadog Inc Class ADDOG	PBP +0.02 points	0.12%	0.14%
Caterpillar IncCAT	PBP +0.01 points	0.44%	0.45%
Texas InstrumentTXN	PBP +0.02 points	0.42%	0.44%
Crowdstrike Holdings Class ACRWD	PBP +0.01 points	0.39%	0.40%
Visa Class AV	IVVW +0.01 points	1.08%	1.07%
Eaton PLCETN	PBP +0.01 points	0.22%	0.23%
Goldman Sachs GroupGS	PBP +0.01 points	0.40%	0.41%
Illumina IncILMN	PBP +0.02 points	0.05%	0.07%
Accenture PLC Class AACN	IVVW +0.01 points	0.24%	0.23%
Gilead SciencesGILD	IVVW +0.01 points	0.32%	0.31%
Coca-ColaKO	IVVW +0.01 points	0.56%	0.55%
Ge VernovaGEV	PBP +0.01 points	0.35%	0.36%
Berkshire Hathaway Inc Class BBRK.B	IVVW +0.01 points	1.55%	1.54%
Applovin Class AAPP	PBP +0.02 points	0.09%	0.11%
Analog DevicesADI	PBP +0.01 points	0.31%	0.32%
Lumentum HoldingsLITE	PBP +0.01 points	0.11%	0.12%
Linde PLCLIN	IVVW +0.01 points	0.36%	0.35%
StrykerSYK	PBP +0.01 points	0.16%	0.17%
PepsicoPEP	IVVW +0.01 points	0.29%	0.28%
ConocophillipsCOP	IVVW +0.01 points	0.28%	0.27%
Amphenol Corp Class AAPH	PBP +0.01 points	0.30%	0.31%
Vertex PharmaceuticalsVRTX	IVVW +0.01 points	0.22%	0.21%
Morgan StanleyMS	PBP +0.01 points	0.34%	0.35%
Twilio Class ATWLO	PBP +0.01 points	0.05%	0.06%
Verizon Communications IncVZ	Same weight	0.28%	0.28%
Bank of AmericaBAC	PBP +0.01 points	0.50%	0.51%
Reddit Class ARDDT	PBP +0.01 points	0.02%	0.03%
Bloom Energy Class ABE	PBP +0.01 points	0.09%	0.10%
CitigroupC	PBP +0.01 points	0.31%	0.32%
Johnson Controls International PLCJCI	PBP +0.01 points	0.14%	0.15%
Valero Energy CorpVLO	IVVW +0.01 points	0.18%	0.17%
CoherentCOHR	PBP +0.01 points	0.06%	0.07%
Intuitive SurgicalISRG	PBP +0.01 points	0.23%	0.24%
DeereDE	IVVW +0.01 points	0.26%	0.25%
Mastercard Class AMA	IVVW +0.01 points	0.79%	0.78%
T Mobile Us IncTMUS	IVVW +0.01 points	0.12%	0.11%
NewmontNEM	PBP +0.01 points	0.17%	0.18%
Robinhood Markets Class AHOOD	PBP +0.01 points	0.10%	0.11%
Freeport Mcmoran IncFCX	Same weight	0.14%	0.14%
Vertiv Holdings Class AVRT	Same weight	0.14%	0.14%
Hewlett Packard EnterpriseHPE	PBP +0.01 points	0.11%	0.12%
Procter & GamblePG	IVVW +0.01 points	0.58%	0.57%
Phillips 66PSX	Same weight	0.17%	0.17%
Nextera EnergyNEE	IVVW +0.01 points	0.27%	0.26%
Amgen IncAMGN	IVVW +0.01 points	0.39%	0.38%
PfizerPFE	IVVW +0.01 points	0.27%	0.26%
AT&TT	Same weight	0.22%	0.22%
Marathon PetroleumMPC	Same weight	0.19%	0.18%
Trane Technologies PLCTT	Same weight	0.14%	0.14%
ServicenowNOW	Same weight	0.17%	0.17%
Abbott LaboratoriesABT	Same weight	0.28%	0.28%
Comcast Class ACMCSA	IVVW +0.01 points	0.13%	0.12%
CorningGLW	PBP +0.01 points	0.15%	0.16%
CienaCIEN	PBP +0.01 points	0.07%	0.08%
Intercontinental Exchange IncICE	IVVW +0.01 points	0.15%	0.14%
SynopsysSNPS	Same weight	0.14%	0.14%
Automatic Data Processing IncADP	IVVW +0.01 points	0.18%	0.17%
Cadence Design SystemsCDNS	Same weight	0.14%	0.14%
Coinbase Global Class ACOIN	Same weight	0.05%	0.05%
Keysight TechnologiesKEYS	PBP +0.01 points	0.08%	0.09%
Mondelez International Class AMDLZ	IVVW +0.01 points	0.13%	0.12%
Netapp IncNTAP	PBP +0.01 points	0.06%	0.07%
Tesla IncTSLA	Same weight	1.73%	1.73%
BlackRockBLK	PBP +0.01 points	0.25%	0.26%
IntuitINTU	Same weight	0.14%	0.14%

All IVVW holdings⁠All 504 PBP 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 PBP Cost

Overpaying PBP vs IVVW

$793

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

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

Amount$10,000

Years30 years

Cost over time

IVVW 0.25%
PBP 0.29%
Overpaying

Year by year

Year	IVVW	PBP	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%PBP

IVVW0.25%PBP0.29%

0.10%1.18%

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

IVVW 2nd cheapest of 51 funds

PBP 5th cheapest of 51 funds

IVVW vs PBP Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IVVW 18.55%, better; PBP 11.45%
Payout (12M): IVVW $8.25; PBP $2.64
Last payment: IVVW $0.88; PBP $0.17
Ex-dividend: IVVW Oct 2, 2026; PBP Oct 19, 2026
Paid on: IVVW Oct 7, 2026; PBP Oct 23, 2026
Frequency: IVVW Monthly; PBP Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

IVVWMonthly · 31 paymentsAll IVVW payments⁠

PBPMonthly · 40 paymentsAll PBP payments⁠

IVVW vs PBP 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 2024PBP 6.1%
Return per unit of riskSharpe ratio, 3 years: IVVW 1.10since Apr 2024PBP 1.55
Worst fallMax drawdown, 5 years: IVVW −16.8%since Mar 2024PBP −18.6%
Market sensitivityBeta, 5 years: IVVW 0.54PBP 0.41; Market = 1

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