IVVW vs SPYH: Grades, Fees and Holdings Compared

iShares S&P 500 BuyWrite ETF

IVVWACboe

NEOS S&P 500 Hedged Equity Income ETF

SPYHBCboe

Overlap

95.4%by weight

Expense ratio

IVVW −0.43pt a year

IVVW0.25%SPYH0.68%

Avg volume · 30D

IVVW 2.7×the volume

IVVW41.5KSPYH15.1K

IVVW vs SPYH Performance

Oct 31, 2025 – Oct 30, 2026

+13.4%IVVW+8.7%SPYH

Expense ratio: IVVW 0.25%, better; SPYH 0.68%
Fund size: IVVW $348M; SPYH $38M
1Y total return: IVVW +13.4%, better; SPYH +8.7%
Yield (12M): IVVW 18.55%, better; SPYH 7.81%
Holdings: IVVW 506; SPYH 485
Avg volume (30D): IVVW 41.5K sh, better; SPYH 15.1K sh
NAV per share: IVVW $44.40; SPYH $55.57
52W range

ETF.net Grade

Pillar letters and Scores for IVVW, SPYH, with each pillar’s weight
Pillar	IVVW	SPYH
Cost30% weight	A96Higher	C45
Mission25% weight	A100Higher	A96
Risk15% weight	C53	B58Higher
Tradability15% weight	C53	B61Higher
Holdings10% weight	A75	A83Higher
Durability5% weight	A72Higher	C42

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. IVVW and SPYH 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 SPYH 17th 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 17BFTHIFirst Trust BuyWrite Income ETFScore 65
Rank 17BSPYHNEOS S&P 500 Hedged Equity Income ETFScore 65
Rank 19BTSPYTappAlpha SPY Growth & Daily Income ETFScore 64

Our read on each fund

ETF.net Research

IVVWAiShares S&P 500 BuyWrite ETF

SPYHBNEOS S&P 500 Hedged Equity 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.

SPYH Most S&P 500 income funds sell calls and leave the downside wide open. SPYH sells the calls, then spends part of that premium on a put spread, so the hedge is built into the strategy rather than bolted on later. Pays monthly.

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.

SPYH The Fund seeks high monthly income in a tax-efficient manner while providing a measure of downside protection.

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.

SPYH Holds the S&P 500 stocks, then layers a put spread collar on the index: calls sold for premium, protective puts bought with part of it, lower-strike puts sold to fund the rest.neosfunds.com
Index options here qualify as Section 1256 contracts, taxed 60% long-term and 40% short-term. Part of the payout can be return of capital, which defers tax and trims cost basis.neosfunds.com
Options are written on the index, not on individual names, so the equity sleeve stays a broad S&P 500 replication rather than a stock-picking bet.neosfunds.com
Sits in the upper half of a crowded S&P 500 options-income field, and the issuer describes the hedge as constant and fully financed by option premium.neosfunds.com

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.

SPYH The collar cuts both ways: sold calls limit how much of a rally you keep, and the bought-put cushion covers a band, not everything below it.neosfunds.com
0.68% a year is above the median for S&P 500 options-income funds; cheaper builds exist, such as IVVW at 0.25% and RSPA at 0.32%.
Launched in 2025, small, and not among the heavily traded names in its category, so bid-ask spreads can run wider than at the giants.

Full IVVW profile⁠

Full SPYH profile⁠

IVVW vs SPYH Holdings

How IVVW and SPYH differ

Overlap by weight

95.4%

Shared holdings make up 97.5% of IVVW and 97.3% of SPYH.

Level by level

Holdings481 in both95.4%
Sector11 Sectors97.6%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in IVVW and SPYH, widest gap first
Sector	More in IVVWMore in SPYH	IVVW	SPYH
Financials	IVVW +1.4 points	11.8%	10.4%
Technology	SPYH +1.3 points	38.5%	39.8%
Industrials	IVVW +0.9 points	8.0%	7.1%
Materials	SPYH +0.2 points	1.7%	1.9%
Energy	SPYH +0.2 points	3.7%	3.9%
Utilities	SPYH +0.2 points	2.0%	2.2%
Communication	SPYH +0.2 points	8.9%	9.1%
Health Care	SPYH +0.1 points	9.8%	9.9%
Real Estate	SPYH +0.2 points	1.7%	1.9%
Consumer Staples	Same weight	4.8%	4.8%
Consumer Discretionary	Same weight	9.0%	9.0%

Country, concentration and asset class

Country by domicile

Country weights in IVVW and SPYH, widest gap first
Country	More in IVVWMore in SPYH	IVVW	SPYH
United States	Same weight	99.5%	99.5%
Switzerland	Same weight	0.3%	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

IVVW37.3%
SPYH37.2%

Securities held

IVVW503
SPYH485

Asset class

IVVW: Equity
SPYH: Equity

Holdings

Only in IVVW22
In both481
Only in SPYH4

Only in IVVW

22 securities, 2.4% of IVVW by weight

Berkshire Hathaway Inc Class B1.55%
Booking Holdings0.17%
Monolithic Power Systems Inc0.09%
Ww Grainger Inc0.09%
Autozone0.08%
Kenvue0.06%
Mettler Toledo0.05%
Teledyne Technologies0.05%
Ulta Beauty Inc0.04%
Texas Pacific Land0.03%
Fair Isaac0.02%
Nvr0.02%
Tyler Technologies0.02%
Ralph Lauren Class A0.02%
Everest Group0.02%
Huntington Ingalls Industries0.02%
Factset Research Systems0.02%
Lennox International0.02%
Dominos Pizza0.02%
Erie Indemnity Class A0.01%
Davita Inc<0.01%
Brown Forman Class B<0.01%

Only in SPYH

4 securities, 3.9% of SPYH by weight

Cash & Other1.67%
Berkshire Hathaway Inc1.54%
Spx Us 12/18/26 P70100.66%
Brown-Forman Corp0.01%

Weight gaps

The 100 widest of 481 Holdings in both funds.

Holding weights in IVVW and SPYH, widest gap first
Holding	More in IVVWMore in SPYH	IVVW	SPYH
Marvell TechnologyMRVL	IVVW +0.14 points	0.26%	0.12%
United RentalsURI	IVVW +0.10 points	0.11%	<0.01%
Transdigm GroupTDG	IVVW +0.09 points	0.10%	<0.01%
Lumentum HoldingsLITE	IVVW +0.07 points	0.11%	0.04%
Micron TechnologyMU	IVVW +0.06 points	1.53%	1.47%
MsciMSCI	IVVW +0.06 points	0.07%	<0.01%
Idexx LaboratoriesIDXX	IVVW +0.06 points	0.07%	0.01%
Axon EnterpriseAXON	IVVW +0.05 points	0.05%	<0.01%
Kimberly ClarkKMB	SPYH +0.04 points	0.06%	0.10%
Waters CorpWAT	IVVW +0.05 points	0.07%	0.02%
SynopsysSNPS	IVVW +0.05 points	0.14%	0.09%
Martin Marietta MaterialsMLM	IVVW +0.04 points	0.05%	<0.01%
BlackRockBLK	IVVW +0.04 points	0.25%	0.21%
Flex LtdFLEX	IVVW +0.04 points	0.05%	<0.01%
Equinix ReitEQIX	IVVW +0.03 points	0.15%	0.12%
Emcor GroupEME	IVVW +0.04 points	0.05%	0.01%
Comfort Systems UsaFIX	IVVW +0.04 points	0.07%	0.03%
Datadog Inc Class ADDOG	IVVW +0.03 points	0.12%	0.09%
KlaKLAC	IVVW +0.04 points	0.32%	0.28%
Motorola Solutions IncMSI	IVVW +0.03 points	0.12%	0.09%
UnitedHealth GroupUNH	SPYH +0.03 points	0.56%	0.59%
Ge VernovaGEV	IVVW +0.03 points	0.35%	0.32%
Hubbell IncHUBB	IVVW +0.03 points	0.03%	<0.01%
Regeneron PharmaceuticalsREGN	IVVW +0.03 points	0.14%	0.11%
Advanced Micro DevicesAMD	SPYH +0.03 points	1.26%	1.29%
Johnson & JohnsonJNJ	SPYH +0.02 points	1.01%	1.03%
F5FFIV	IVVW +0.03 points	0.03%	<0.01%
Quanta Services IncPWR	IVVW +0.02 points	0.14%	0.12%
Snap On IncSNA	IVVW +0.03 points	0.03%	<0.01%
Robinhood Markets Class AHOOD	IVVW +0.02 points	0.10%	0.08%
CoherentCOHR	IVVW +0.02 points	0.06%	0.04%
Coinbase Global Class ACOIN	IVVW +0.02 points	0.05%	0.03%
Zebra Technologies Corp Class AZBRA	IVVW +0.03 points	0.03%	<0.01%
Eli LillyLLY	IVVW +0.03 points	1.74%	1.71%
Western Digital CorpWDC	IVVW +0.02 points	0.20%	0.18%
Public Storage ReitPSA	IVVW +0.02 points	0.08%	0.06%
Applied Material IncAMAT	SPYH +0.02 points	0.47%	0.49%
SandiskSNDK	IVVW +0.02 points	0.26%	0.24%
Crowdstrike Holdings Class ACRWD	IVVW +0.02 points	0.39%	0.37%
GartnerIT	SPYH +0.02 points	0.02%	0.04%
Agilent Technologies IncA	SPYH +0.01 points	0.08%	0.09%
Moodys CorpMCO	IVVW +0.02 points	0.11%	0.09%
Caterpillar IncCAT	SPYH +0.02 points	0.44%	0.46%
ChubbCB	SPYH +0.01 points	0.20%	0.21%
Lockheed MartinLMT	IVVW +0.02 points	0.20%	0.18%
Costco Wholesale CorpCOST	IVVW +0.02 points	0.69%	0.67%
Texas InstrumentTXN	SPYH +0.02 points	0.42%	0.44%
Mastercard Class AMA	SPYH +0.02 points	0.79%	0.81%
GarminGRMN	IVVW +0.02 points	0.07%	0.05%
Travelers CompaniesTRV	SPYH +0.01 points	0.13%	0.14%
IdexIEX	SPYH +0.01 points	0.03%	0.04%
Analog DevicesADI	SPYH +0.02 points	0.31%	0.33%
IntuitINTU	IVVW +0.01 points	0.14%	0.13%
Cummins IncCMI	IVVW +0.02 points	0.11%	0.09%
Medtronic PLCMDT	SPYH +0.02 points	0.18%	0.20%
Philip Morris InternationalPM	SPYH +0.01 points	0.50%	0.51%
MicrosoftMSFT	IVVW +0.01 points	5.93%	5.92%
Republic Services IncRSG	SPYH +0.02 points	0.07%	0.09%
AbbVieABBV	SPYH +0.01 points	0.80%	0.81%
Tesla IncTSLA	SPYH +0.01 points	1.73%	1.74%
Cadence Design SystemsCDNS	IVVW +0.02 points	0.14%	0.12%
Linde PLCLIN	SPYH +0.02 points	0.36%	0.38%
QualcommQCOM	IVVW +0.01 points	0.27%	0.26%
Northrop Grumman CorpNOC	IVVW +0.01 points	0.11%	0.10%
PepsicoPEP	SPYH +0.01 points	0.29%	0.30%
Northern TrustNTRS	SPYH +0.01 points	0.05%	0.06%
Ares Management Class AARES	IVVW +0.01 points	0.04%	0.03%
Ge AerospaceGE	SPYH +0.01 points	0.48%	0.49%
Cbre Group Class ACBRE	SPYH +0.01 points	0.06%	0.07%
Caseys General Stores IncCASY	IVVW +0.01 points	0.04%	0.03%
Roper TechnologiesROP	SPYH +0.01 points	0.07%	0.08%
Stanley Black & DeckerSWK	SPYH +0.02 points	0.02%	0.04%
EbayEBAY	SPYH +0.02 points	0.07%	0.09%
Marriott International Class AMAR	SPYH +0.01 points	0.13%	0.14%
BlackstoneBX	SPYH +0.02 points	0.13%	0.15%
Airbnb Class AABNB	SPYH +0.01 points	0.11%	0.12%
Hca HealthcareHCA	IVVW +0.02 points	0.11%	0.09%
CorpayCPAY	IVVW +0.01 points	0.04%	0.03%
Intel CorporationINTC	IVVW +0.01 points	0.50%	0.49%
ChevronCVX	IVVW +0.01 points	0.71%	0.70%
HalliburtonHAL	SPYH +0.01 points	0.05%	0.06%
Willis Towers WatsonWTW	SPYH +0.01 points	0.05%	0.06%
Applovin Class AAPP	IVVW +0.01 points	0.09%	0.08%
Incyte CorpINCY	SPYH +0.01 points	0.03%	0.04%
Morgan StanleyMS	SPYH +0.01 points	0.34%	0.35%
Trimble IncTRMB	SPYH +0.02 points	0.02%	0.04%
Netapp IncNTAP	SPYH +0.01 points	0.06%	0.07%
LoewsL	SPYH +0.01 points	0.03%	0.04%
Align TechnologyALGN	SPYH +0.01 points	0.02%	0.03%
Parker-HannifinPH	IVVW +0.01 points	0.17%	0.16%
Elevance Health IncELV	SPYH +0.01 points	0.14%	0.15%
Avery Dennison CorpAVY	SPYH +0.01 points	0.02%	0.03%
NordsonNDSN	IVVW +0.02 points	0.03%	0.01%
International Business Machines CoIBM	SPYH +0.01 points	0.37%	0.38%
Jack Henry and Associates IncJKHY	SPYH +0.01 points	0.02%	0.03%
Lowes Companies IncLOW	SPYH +0.01 points	0.18%	0.19%
Packaging Corp of AmericaPKG	SPYH +0.02 points	0.03%	0.05%
Mcdonalds CorpMCD	SPYH +0.01 points	0.28%	0.29%
Aon PLC Class AAON	SPYH +0.02 points	0.10%	0.12%
Fidelity National Information ServFIS	SPYH +0.01 points	0.03%	0.04%

All IVVW holdings⁠All SPYH 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 SPYH Cost

Overpaying SPYH vs IVVW

$8,093

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

IVVW 0.25%
$5,159
SPYH 0.68%
$13,252

Amount$10,000

Years30 years

Cost over time

IVVW 0.25%
SPYH 0.68%
Overpaying

Year by year

Year	IVVW	SPYH	Overpaying
10	$455	$1,215	$760
20	$1,769	$4,633	$2,864
30	$5,159	$13,252	$8,093

Expense ratio

0.25%IVVW, cheaper
0.68%SPYH

IVVW0.25%SPYH0.68%

0.10%1.18%

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

IVVW 2nd cheapest of 51 funds

SPYH 27th cheapest of 51 funds

IVVW vs SPYH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IVVW 18.55%, better; SPYH 7.81%
Payout (12M): IVVW $8.25; SPYH $4.34
Last payment: IVVW $0.88; SPYH $0.37
Ex-dividend: IVVW Oct 2, 2026; SPYH Oct 28, 2026
Paid on: IVVW Oct 7, 2026; SPYH Oct 30, 2026
Frequency: IVVW Monthly; SPYH Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

IVVWMonthly · 31 paymentsAll IVVW payments⁠

SPYHMonthly · 19 paymentsAll SPYH payments⁠

IVVW vs SPYH 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 2024SPYH 7.2%since May 2025
Return per unit of riskSharpe ratio, 3 years: IVVW 1.10since Apr 2024SPYH 1.72since May 2025
Worst fallMax drawdown, 5 years: IVVW −16.8%since Mar 2024SPYH −6.4%since Apr 2025
Market sensitivityBeta, 5 years: IVVW 0.54SPYH 0.58; Market = 1

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