IVVW vs XRMI: Grades, Fees and Holdings Compared

iShares S&P 500 BuyWrite ETF

IVVWACboe

Global X S&P 500 Risk Managed Income ETF

XRMIBNYSE Arca

Overlap

98.7%by weight

Expense ratio

IVVW −0.35pt a year

IVVW0.25%XRMI0.60%

Avg volume · 30D

IVVW 1.9×the volume

IVVW41.5KXRMI21.8K

IVVW vs XRMI Performance

Oct 31, 2025 – Nov 2, 2026

+12.9%IVVW+7.8%XRMI

Expense ratio: IVVW 0.25%, better; XRMI 0.60%
Fund size: IVVW $348M; XRMI $63M
1Y total return: IVVW +12.9%, better; XRMI +7.8%
Yield (12M): IVVW 18.63%, better; XRMI 12.46%
Holdings: IVVW 506; XRMI 506
Avg volume (30D): IVVW 41.5K sh, better; XRMI 21.8K sh
NAV per share: IVVW $44.40; XRMI $16.98
52W range

ETF.net Grade

Pillar letters and Scores for IVVW, XRMI, with each pillar’s weight
Pillar	IVVW	XRMI
Cost30% weight	A96Higher	C50
Mission25% weight	A100Higher	A94
Risk15% weight	C53	B62Higher
Tradability15% weight	C53Higher	D32
Holdings10% weight	A77Higher	B65
Durability5% weight	A72Higher	C54

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. IVVW and XRMI 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 2nd and XRMI 23rd 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 2AIVVWiShares S&P 500 BuyWrite ETFScore 81
Rank 4AGPIXGoldman Sachs S&P 500 Premium Income ETFScore 77
Rank 23BHEMIHartford Equity Premium Income ETFScore 61
Rank 23BXRMIGlobal X S&P 500 Risk Managed Income ETFScore 61
Rank 26BHEQTSimplify Hedged Equity ETFScore 60

Our read on each fund

ETF.net Research

IVVWAiShares S&P 500 BuyWrite ETF

XRMIBGlobal X S&P 500 Risk Managed 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.

XRMI A covered-call fund with a seatbelt. XRMI owns the S&P 500, sells at-the-money calls for income, and spends part of that premium on puts 5% below the market, so the hedge is built in rather than bolted on. 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.

XRMI XRMI seeks returns broadly corresponding to the price and yield performance of the Cboe S&P 500 Risk Managed Income Index. It owns S&P 500 stocks and uses a net-credit collar to generate income while mitigating significant market declines.

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.

XRMI Net-credit collar: it sells at-the-money S&P 500 calls and buys 5% out-of-the-money puts, sized so the call premium collected exceeds the cost of the puts.globalxetfs.com globalxetfs.com 2
Calls are struck at the money, the fattest part of the premium curve, not safely out of the money. Distributions go out monthly.globalxetfs.com
Holds the roughly 500 S&P 500 stocks outright and layers the options on top. No swap counterparty, no fund-of-funds wrapper.
Running since 2021 and tied to a published Cboe index, so strikes and rolls follow a rulebook rather than a manager's read of the tape.

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.

XRMI At-the-money calls trade away the upside above the strike each period, so equity gains in a strong rally are structurally limited.globalxetfs.com
The put starts 5% below the market, so the first slice of a decline lands on the fund before the hedge engages.globalxetfs.com
At 0.60% it sits at the median of a crowded S&P 500 options-income field where IVVW (0.25%) and GPIX (0.35%) run cheaper, and it trades thinly, so spreads matter.

Full IVVW profile⁠

Full XRMI profile⁠

IVVW vs XRMI Holdings

How IVVW and XRMI differ

Overlap by weight

98.7%

Shared holdings make up 99.9% of IVVW and 99.7% of XRMI.

Level by level

Sector11 Sectors97.4%
Holdings502 in both98.7%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in IVVW and XRMI, widest gap first
Sector	More in IVVWMore in XRMI	IVVW	XRMI
Technology	XRMI +1.8 points	38.5%	40.3%
Communication	XRMI +0.8 points	8.9%	9.7%
Industrials	IVVW +0.7 points	8.0%	7.3%
Health Care	IVVW +0.7 points	9.8%	9.1%
Financials	IVVW +0.4 points	11.8%	11.4%
Consumer Staples	IVVW +0.4 points	4.8%	4.4%
Consumer Discretionary	IVVW +0.2 points	9.0%	8.8%
Utilities	IVVW +0.1 points	2.0%	1.9%
Energy	Same weight	3.7%	3.7%
Materials	Same weight	1.7%	1.7%
Real Estate	Same weight	1.7%	1.7%

Country, concentration and asset class

Country by domicile

Country weights in IVVW and XRMI, widest gap first
Country	More in IVVWMore in XRMI	IVVW	XRMI
United States	IVVW +0.1 points	99.5%	99.5%
Switzerland	Same weight	0.3%	0.3%
China	Same weight	0.1%	0.1%
Mexico	XRMI +0.1 points	0.0%	0.1%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

IVVW37.3%
XRMI37.3%

Securities held

IVVW503
XRMI505

Asset class

IVVW: Equity
XRMI: Equity

Holdings

Only in IVVW1
In both502
Only in XRMI3

Only in IVVW

1 security, 0.1% of IVVW by weight

Kenvue0.06%

Only in XRMI

3 securities, 0.7% of XRMI by weight

Spx Us 11/20/26 P73550.67%
Xsp Us 11/20/26 P7350.02%
Other Payable & Receivables0.02%

Weight gaps

The 100 widest of 502 Holdings in both funds.

Holding weights in IVVW and XRMI, widest gap first
Holding	More in IVVWMore in XRMI	IVVW	XRMI
Kimberly ClarkKMB	XRMI +0.05 points	0.06%	0.11%
Waters CorpWAT	IVVW +0.02 points	0.07%	0.05%
Equinix ReitEQIX	IVVW +0.01 points	0.15%	0.14%
HumanaHUM	IVVW +0.02 points	0.08%	0.06%
Lockheed MartinLMT	XRMI +0.01 points	0.20%	0.21%
Rockwell Automation IncROK	IVVW +0.01 points	0.07%	0.06%
MsciMSCI	IVVW +0.02 points	0.07%	0.05%
Roper TechnologiesROP	IVVW +0.01 points	0.07%	0.06%
Quanta Services IncPWR	IVVW +0.01 points	0.14%	0.13%
AutozoneAZO	IVVW +0.01 points	0.08%	0.07%
Skyworks SolutionsSWKS	IVVW +0.01 points	0.03%	0.02%
Old Dominion Freight LineODFL	IVVW +0.01 points	0.05%	0.04%
Axon EnterpriseAXON	IVVW +0.01 points	0.05%	0.04%
DeereDE	XRMI +0.01 points	0.26%	0.27%
Allstate CorpALL	XRMI +0.01 points	0.10%	0.11%
Cboe Global MarketsCBOE	IVVW +0.01 points	0.05%	0.04%
Motorola Solutions IncMSI	IVVW +0.01 points	0.12%	0.11%
Mckesson CorpMCK	IVVW +0.01 points	0.18%	0.17%
Nxp Semiconductors NVNXPI	XRMI +0.01 points	0.10%	0.11%
Regeneron PharmaceuticalsREGN	IVVW +0.01 points	0.14%	0.13%
CienaCIEN	IVVW +0.01 points	0.07%	0.06%
American Water WorksAWK	XRMI +0.02 points	0.04%	0.06%
Northrop Grumman CorpNOC	IVVW +0.01 points	0.11%	0.10%
Arthur J GallagherAJG	XRMI +0.01 points	0.11%	0.12%
Workday Class AWDAY	XRMI +0.01 points	0.06%	0.07%
Steel Dynamics IncSTLD	IVVW +0.01 points	0.05%	0.04%
BiogenBIIB	IVVW +0.01 points	0.06%	0.05%
Dte EnergyDTE	XRMI +0.01 points	0.04%	0.05%
Linde PLCLIN	IVVW +0.01 points	0.36%	0.35%
Becton DickinsonBDX	XRMI +0.01 points	0.08%	0.09%
Vulcan MaterialsVMC	IVVW +0.01 points	0.06%	0.04%
Martin Marietta MaterialsMLM	IVVW +0.01 points	0.05%	0.04%
Veeva Systems Class AVEEV	IVVW +0.01 points	0.07%	0.06%
Dollar General CorpDG	XRMI +0.02 points	0.04%	0.06%
TapestryTPR	XRMI +0.01 points	0.04%	0.05%
Cummins IncCMI	IVVW +0.01 points	0.11%	0.10%
Vertex PharmaceuticalsVRTX	XRMI +0.01 points	0.22%	0.23%
Hartford Insurance GroupHIG	XRMI +0.01 points	0.06%	0.07%
Idexx LaboratoriesIDXX	IVVW +0.01 points	0.07%	0.06%
Bank of New York Mellon CorpBNY	XRMI +0.01 points	0.15%	0.16%
ResmedRMD	IVVW +0.01 points	0.05%	0.04%
Teledyne TechnologiesTDY	IVVW +0.01 points	0.05%	0.04%
PepsicoPEP	XRMI +0.01 points	0.29%	0.30%
Principal Financial Group IncPFG	XRMI +0.01 points	0.03%	0.04%
Ppg IndustriesPPG	XRMI +0.01 points	0.04%	0.05%
Atmos EnergyATO	Same weight	0.04%	0.04%
Quest Diagnostics IncDGX	IVVW +0.01 points	0.04%	0.03%
Qnity ElectronicsQ	XRMI +0.01 points	0.04%	0.05%
Expedia GroupEXPE	IVVW +0.01 points	0.05%	0.04%
Medtronic PLCMDT	XRMI +0.01 points	0.18%	0.19%
JabilJBL	IVVW +0.01 points	0.04%	0.03%
Willis Towers WatsonWTW	IVVW +0.01 points	0.05%	0.04%
DoverDOV	IVVW +0.01 points	0.04%	0.03%
Cincinnati FinancialCINF	IVVW +0.01 points	0.04%	0.03%
Cbre Group Class ACBRE	XRMI +0.01 points	0.06%	0.07%
Travelers CompaniesTRV	XRMI +0.01 points	0.13%	0.14%
Elevance Health IncELV	XRMI +0.01 points	0.14%	0.15%
Delta Air LinesDAL	XRMI +0.01 points	0.07%	0.08%
ChevronCVX	XRMI +0.01 points	0.71%	0.72%
Emerson ElectricEMR	IVVW +0.01 points	0.14%	0.13%
T Rowe Price GroupTROW	XRMI +0.01 points	0.03%	0.04%
Emcor GroupEME	IVVW +0.01 points	0.05%	0.04%
Take Two Interactive SoftwareTTWO	IVVW +0.01 points	0.05%	0.04%
Prologis ReitPLD	XRMI +0.01 points	0.19%	0.20%
Constellation Brands Class ASTZ	IVVW +0.01 points	0.03%	0.02%
Trane Technologies PLCTT	XRMI +0.01 points	0.14%	0.15%
VeraltoVLTO	XRMI +0.01 points	0.04%	0.05%
Marriott International Class AMAR	XRMI +0.01 points	0.13%	0.14%
Mettler ToledoMTD	IVVW +0.01 points	0.05%	0.04%
Labcorp HoldingsLH	Same weight	0.04%	0.04%
American Electric Power IncAEP	IVVW +0.01 points	0.11%	0.10%
Xylem IncXYL	XRMI +0.01 points	0.03%	0.04%
Bunge Global SABG	Same weight	0.02%	0.02%
ChubbCB	Same weight	0.20%	0.20%
EbayEBAY	XRMI +0.01 points	0.07%	0.08%
Caseys General Stores IncCASY	IVVW +0.01 points	0.04%	0.03%
Nrg Energy IncNRG	XRMI +0.01 points	0.03%	0.04%
PfizerPFE	Same weight	0.27%	0.27%
NetflixNFLX	Same weight	0.40%	0.40%
Williams Sonoma IncWSM	IVVW +0.01 points	0.05%	0.04%
Hershey FoodsHSY	IVVW +0.01 points	0.04%	0.03%
Lowes Companies IncLOW	IVVW +0.01 points	0.18%	0.17%
UnitedHealth GroupUNH	IVVW +0.01 points	0.56%	0.55%
Honeywell International IncHON	Same weight	0.11%	0.11%
Live Nation EntertainmentLYV	Same weight	0.04%	0.04%
Wr BerkleyWRB	Same weight	0.03%	0.03%
Zimmer Biomet HoldingsZBH	XRMI +0.01 points	0.03%	0.04%
Trimble IncTRMB	XRMI +0.01 points	0.02%	0.03%
T Mobile Us IncTMUS	IVVW +0.01 points	0.12%	0.11%
HasbroHAS	IVVW +0.01 points	0.03%	0.02%
Mcdonalds CorpMCD	XRMI +0.01 points	0.28%	0.29%
Ross Stores IncROST	XRMI +0.01 points	0.11%	0.12%
Expand EnergyEXE	XRMI +0.01 points	0.03%	0.04%
QualcommQCOM	XRMI +0.01 points	0.27%	0.28%
Wells FargoWFC	Same weight	0.39%	0.39%
Expeditors International of WashinEXPD	IVVW +0.01 points	0.04%	0.03%
Ulta Beauty IncULTA	IVVW +0.01 points	0.04%	0.03%
Alliant Energy CorpLNT	XRMI +0.01 points	0.03%	0.04%
Darden Restaurants IncDRI	IVVW +0.01 points	0.04%	0.03%
VerisignVRSN	IVVW +0.01 points	0.04%	0.03%

All IVVW holdings⁠All 506 XRMI 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 XRMI Cost

Overpaying XRMI vs IVVW

$6,658

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

IVVW 0.25%
$5,159
XRMI 0.60%
$11,817

Amount$10,000

Years30 years

Cost over time

IVVW 0.25%
XRMI 0.60%
Overpaying

Year by year

Year	IVVW	XRMI	Overpaying
10	$455	$1,076	$621
20	$1,769	$4,116	$2,347
30	$5,159	$11,817	$6,658

Expense ratio

0.25%IVVW, cheaper
0.60%XRMI

IVVW0.25%XRMI0.60%

0.10%1.18%

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

IVVW 2nd cheapest of 51 funds

XRMI 25th cheapest of 51 funds

IVVW vs XRMI Dividends

Last 12 months to Nov 2, 2026

Yield (12M): IVVW 18.63%, better; XRMI 12.46%
Payout (12M): IVVW $8.25; XRMI $2.12
Last payment: IVVW $0.88; XRMI $0.15
Ex-dividend: IVVW Oct 2, 2026; XRMI Oct 19, 2026
Paid on: IVVW Oct 7, 2026; XRMI Oct 22, 2026
Frequency: IVVW Monthly; XRMI Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

IVVWMonthly · 31 paymentsAll IVVW payments⁠

XRMIMonthly · 46 paymentsAll XRMI payments⁠

IVVW vs XRMI 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 2024XRMI 5.2%
Return per unit of riskSharpe ratio, 3 years: IVVW 1.10since Apr 2024XRMI 0.93
Worst fallMax drawdown, 5 years: IVVW −16.8%since Mar 2024XRMI −15.3%
Market sensitivityBeta, 5 years: IVVW 0.54XRMI 0.35; Market = 1

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