At a glance
BUYW charges 0.99% a year, above the 0.86% average of the 7 funds most like it (the most expensive of 8). It has $1.30B in assets, the 7th largest of that group; it paid 5.78% of its price in distributions over the past 12 months, monthly. Over the past year it returned +8.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +9.7% a year.
The short version
Main BuyWrite ETF (BUYW) is an actively managed fund of funds from Main Management. It holds 4 to 10 other ETFs, mostly US stock funds, and writes options on them to earn premium income. Its trailing yield was 5.78% as of October 27, 2026, paid monthly, and it has swung far less than the S&P 500. The trade-offs are a 0.99% expense ratio and 10-year returns well behind the S&P 500.
Price history
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BUYW +8.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BUYW official prospectus, to Dec 31, 2025 | — | +8.77% | — | +8.31% | +5.94% | — |
| S&P 500 Total Return Index index, same period | — | +17.88% | — | +14.42% | +14.82% | — |
| BUYW price data to Oct 27, 2026 | +6.6% | +8.3% | +9.7% | — | — | +10.2% |
- Over the year to Oct 27, 2026, BUYW returned +8.3%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+9.1%); its best was 2023 (+13.1%).
- The deepest fall in its price history was 9.4% (Feb 18, 2025 to Apr 8, 2025), recovered by May 13, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.6% | — |
| 2025 | +9.1% | +8.77% |
| 2024 | +9.9% | +10.40% |
| 2023 | +13.1% | +11.97% |
| 2022 | — | +0.98% |
| 2021 | — | +9.77% |
| 2020 | — | +3.27% |
| 2019 | — | +12.99% |
| 2018 | — | -7.63% |
| 2017 | — | +8.62% |
| 2016 | — | +2.02% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7000 | |
| 2025 | $0.8400 | 0.0% |
| 2024 | $0.8400 | 0.0% |
| 2023 | $0.8400 |
What's inside
As of Jul 31, 2026, the fund held 8 securities; the ten largest made up 113.38% of assets.
| Fund held | Weight | |
|---|---|---|
| STATE STREET SPD | 41.33% | |
| ISHARES-C S&P500 | 15.04% | |
| SS ENERGY SELECT | 12.86% | |
| SS FINANCIAL SEL | 11.21% | |
| INVES NASDAQ 100 | 11.10% | |
| SS UTILITIES SEL | 10.51% | |
| SS HEALTH CARE | 9.88% | |
| ISHARES 0-5 YEAR TIPS BON | 1.44% |
By country
United States 113.38%By asset type
Stocks 113.38%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $115.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.92%, +0.64%, +0.85%.
How it works
BUYW does not track an index. Main Management, the adviser, sets target allocations by studying economic growth, inflation, interest rates and currency rates over a 12–18 month horizon. It then picks ETFs using valuation measures such as price-to-earnings ratios. It generally holds 4 to 10 ETFs and avoids putting more than 50% in any one market segment. As of July 31, 2026, it held 8. The largest were a State Street SPDR fund at about 41% and the iShares S&P 500 fund at 15%. The rest were sector funds for energy, financials, utilities and health care, an Invesco Nasdaq-100 fund and a small TIPS (inflation-protected Treasury) fund.
On top of these ETFs, the fund writes covered calls on anywhere from 0% to 100% of its holdings. That means it takes a cash premium for giving someone the right to purchase its ETF shares at a set price. It also writes cash-secured puts. These pay a premium but oblige the fund to purchase shares at the agreed (strike) price if prices fall. Premiums add income and can soften swings, but the fund gives up gains above the strike price.
The prospectus says the fund typically uses one-month options. As of July 31, 2026, though, its written calls ran to December 2026. Those calls counted as about −14.5% of assets, which is why the ETF holdings added up to about 113%.
What it really costs
- BUYW charges 0.99% a year, versus an average of 0.86% for the similar funds below (8th of 8, cheapest first).
- Of that, 0.9% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.14% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $101 in the first year and $1,362 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BUYW | $101 | $345 | $609 | $1,362 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It pays monthly from ETF dividends and option premiums, with a trailing yield of 5.78% as of October 27, 2026, and its price has moved far less than the stock market.
The prospectus shows an 18.91% drop in the first quarter of 2020, though the fund finished that year up 3.27%. It gained 0.98% in 2022. Its only losing calendar year from 2016 to 2025 was 2018, at −7.63%. Its record does not go back to 2008. Based on its share price since 2022, its deepest drop was 9.4%, from February 18 to April 8, 2025, and it recovered by May 13. A quarter like early 2020 would hurt anyone forced to cash out shares at that point. The price of steadier income is lost upside. Its 10-year average annual return through December 31, 2025, was 5.94%, against 14.82% for the S&P 500 Total Return Index. The 0.99% expense ratio is high, and option income is usually taxed as ordinary income. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income-focused investors who want monthly payouts from option premiums and ETF dividends; the trailing yield was 5.78% as of October 27, 2026.
- People who want a smoother ride: one-year volatility was 4.9% and beta (sensitivity to the market) was 0.22 as of October 27, 2026.
- Investors comfortable with an adviser shifting money among 4–10 ETFs, including energy, financial, utilities and health care sector funds.
Look elsewhere if
- Cost-conscious investors: 0.99%, plus the costs of the ETFs it owns, is above the 0.86% average of the seven buffer ETFs it was compared with.
- Growth seekers: covered calls cap upside, and 10-year returns averaged 5.94% a year versus 14.82% for the S&P 500 through December 31, 2025.
- Anyone wanting a defined loss limit: unlike buffer ETFs, BUYW promises no downside protection, and it fell 18.91% in early 2020.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| BUYW this fund | 0.99% | $1.30B | +8.3% | +9.7% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does BUYW pay monthly dividends?
Yes. BUYW pays monthly. Over the 12 months to October 27, 2026, it paid $0.84 per share, a trailing yield of 5.78%. The money comes from dividends on the ETFs it holds and from premiums it collects by writing options. Payouts can vary from month to month. Option premium income is usually taxed as ordinary income rather than as qualified dividends, which matters in a taxable account.
What is the expense ratio of BUYW?
BUYW's expense ratio is 0.99%, according to its prospectus filed February 24, 2026. That includes a 0.90% management fee, and the prospectus also lists a 0.14% fee waiver. In the SEC's standard example, $10,000 earning 5% a year would cost about $101 in fees over one year, $609 over five years and $1,362 over ten. Because BUYW owns other ETFs, the prospectus notes that it costs more than owning an ETF directly.
BUYW vs BUFR: what's the difference?
They follow different strategies. BUFR, the FT Vest Laddered Buffer ETF, is a defined-outcome fund that aims to limit losses within set ranges. BUYW makes no such promise. It writes covered calls and puts on a mix of ETFs to earn income. BUFR costs 0.95% versus BUYW's 0.99%. BUFR's one-year return was 11.6% versus 8.3% for BUYW as of October 27, 2026. BUFR is also much larger, with $10.5 billion in net assets.
Is BUYW good for retirement income?
It depends on the trade-offs an investor accepts. BUYW is built for income and steadiness. It pays monthly, yielded 5.78% as of October 27, 2026, and had a one-year volatility of just 4.9%. The cost is lower growth. Its 10-year average annual return through December 31, 2025, was 5.94%, versus 14.82% for the S&P 500 Total Return Index. Its 0.99% expense ratio is also high. It may suit investors who value income over growth.
How did BUYW do in the 2020 stock market crash?
BUYW lost 18.91% in the first quarter of 2020, according to its prospectus. Writing options does not stop steep losses when the funds it owns fall sharply. It then gained 10.38% in the quarter ending December 31, 2020, and finished 2020 up 3.27%. In 2022 it gained 0.98%. Its only losing calendar year from 2016 to 2025 was 2018, at −7.63%.