BUYW Main BuyWrite ETF
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Main BuyWrite ETF (BUYW) ETF
No description available.
- Exchange
- BATS
- Inception
- 2015-12-29
- Has Options
- No
- Expense ratio
- 0.99% prospectus, filed Feb 24, 2026
- Assets
- $1.3B SEC filing, Jul 31, 2026
- Trailing yield
- 5.90% paid monthly
- Average daily volume
- $7.0M 30 sessions
- Holdings
- 18 top 10 are 113.4%
- Listed
- Dec 29, 2015 Cboe BZX
- Last fee change
- -14 bp filed Aug 28, 2025
Moves with. US large-cap stocks (40% of its variance, beta 0.29). These factors explain 37% of its daily moves over the last year.
Stated objective. The Fund seeks to provide total return, from current income and gains from long-term capital appreciation. (from the fund's prospectus)
All 18 holdingsFlow historySimilar fundsOverlap toolAll Covered Call ETFs
- Jul 2026
- +$50M latest reported month
- Latest 3 months
- +$116M +8.9% of assets
- Latest 12 months
- +$490M +37.7% of assets
View as a table
| Month | Net flow |
|---|---|
| Jul 2026 | +$50M |
| Jun 2026 | +$31M |
| May 2026 | +$35M |
| Apr 2026 | +$48M |
| Mar 2026 | +$11M |
| Feb 2026 | +$6.7M |
| Jan 2026 | +$86M |
| Dec 2025 | +$53M |
| Nov 2025 | +$52M |
| Oct 2025 | +$51M |
| Sep 2025 | +$33M |
| Aug 2025 | +$32M |
Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 48 months ago
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| TDSCExchange Listed Funds Trust ETC Cabana Target Drawdown 10 ETF | 42% | 0.90% | $103M | +14.1% | compare |
| RMRCARMOR Core Risk-Managed ETF | 35% | 0.58% | $7.1M | — | compare |
| TDSBExchange Listed Funds Trust ETC Cabana Target Beta ETF | 31% | 0.91% | $49M | +2.8% | compare |
| SECTMain Sector Rotation ETF | 31% | 0.69% | $2.9B | +13.2% | compare |
| SSUSDay Hagan Smart Sector ETF | 27% | 0.77% | $611M | +17.0% | compare |
Ranked by how much of the two portfolios is the same securities.
| Action | Holding | Weight before | Weight after | Shares vs flows |
|---|---|---|---|---|
| Exit | XLCSELECT SECTOR SPDR TRUST (THE) | 10.93% | — | — |
| New position | XLUSELECT SECTOR SPDR TRUST (THE) | — | 10.51% | — |
| Increase | STIPISHARES TRUST | 1.18% | 1.44% | +29.3% |
1 new, 1 exited, 1 increased and 0 decreased between the fund's two latest holdings reports; turnover 12.9%. Full holdings and history
- Authorized participants
- 4 active of 6 with agreements; top 3 did 99%
- Created · redeemed
- $1.0B · $692M over the fiscal year
- Redemptions in kind
- 45% creations 0% in kind
- Creation unit
- 10,000 shares
- Securities lending
- 0.00% of assets on loan on average; earned 0.0 bp
From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-09-24 | 2026-09-29 | $0.0727 | CD |
| 2026-08-26 | 2026-08-31 | $0.0730 | CD |
| 2026-07-24 | 2026-07-29 | $0.0728 | CD |
| 2026-06-25 | 2026-06-30 | $0.0722 | CD |
| 2026-05-21 | 2026-05-26 | $0.0721 | CD |
| 2026-04-23 | 2026-04-28 | $0.0718 | CD |
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| SPYM | SPDR SERIES TRUST | 41.33% | Equity (common) | US |
| IVV | ISHARES TRUST | 15.04% | Equity (common) | US |
| XLE | SELECT SECTOR SPDR TRUST (THE) | 12.86% | Equity (common) | US |
| XLF | SELECT SECTOR SPDR TRUST (THE) | 11.21% | Equity (common) | US |
| QQQM | INVESCO EXCHANGE-TRADED FUND TRUST II | 11.10% | Equity (common) | US |
| XLU | SELECT SECTOR SPDR TRUST (THE) | 10.51% | Equity (common) | US |
| XLV | SELECT SECTOR SPDR TRUST (THE) | 9.88% | Equity (common) | US |
| STIP | ISHARES TRUST | 1.44% | Equity (common) | US |
| — | STATE STREET INSTITUTIONAL INVESTMENT TRUST | 1.04% | Short-term investment | US |
| — | N/A | -0.02% | Derivative (equity) | — |
| — | N/A | -0.22% | Derivative (equity) | — |
| — | N/A | -0.53% | Derivative (equity) | — |
| — | N/A | -1.09% | Derivative (equity) | — |
| — | N/A | -1.12% | Derivative (equity) | — |
| — | N/A | -1.26% | Derivative (equity) | — |
| — | N/A | -1.81% | Derivative (equity) | — |
| — | N/A | -2.37% | Derivative (equity) | — |
| — | N/A | -6.06% | Derivative (equity) | — |
| Month | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|
| Jan | -- | 4.26% | -0.59% | 0.65% | 0.28% | 1.15% |
| Feb | -- | -1.43% | 0.67% | -0.14% | -0.42% | -0.33% |
| Mar | -- | 1.07% | 0.59% | -1.15% | -1.47% | -0.24% |
| Apr | -- | 0.23% | -0.88% | -1.38% | 1.98% | -0.01% |
| May | -- | -0.60% | 1.03% | 1.69% | 0.56% | 0.67% |
| Jun | -- | 1.28% | -0.15% | 0.90% | -0.14% | 0.47% |
| Jul | -- | 0.07% | 0.36% | 0.28% | 0.28% | 0.25% |
| Aug | -- | -0.22% | 0.87% | 0.50% | 0.28% | 0.36% |
| Sep | -6.92% | -1.55% | 0.94% | 0.57% | -0.75% | -1.54% |
| Oct | 2.42% | -0.53% | -0.29% | -0.35% | 0.28%* | 0.31% |
| Nov | 3.98% | 1.05% | 0.58% | 0.42% | -- | 1.51% |
| Dec | -0.86% | 0.45% | -0.43% | 0.63% | -- | -0.05% |
| Total | -1.73% | 4.02% | 2.71% | 2.61% | 0.85% | 1.69% |
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
Momentum Oscillators
Volume & Volatility
Data Summary
COMPREHENSIVE STOCK ANALYSIS REPORT
Symbol: BUYW (Main BuyWrite ETF)
EXECUTIVE SUMMARY
Overall Assessment: NEUTRAL | Confidence Level: 6/10
Fund Classification: Main BuyWrite ETF is an actively managed covered-call options income fund holding 18 positions concentrated in broad-based equity and sector ETFs, generating income through systematic call selling.
Investment Thesis: BUYW operates in a structurally constrained income strategy—covered calls cap upside while providing downside cushion through premium collection. With $1.4B in assets, a trailing yield of 5.91%, and strong inflows (+$490M or +37.7% over 12 months), the fund attracts yield-focused investors, but the 0.99% expense ratio and current neutral technical posture offer limited near-term catalysts for appreciation.
Recent News Sentiment Impact: The single available headline (Feb 2024) discusses ETF-to-mutual-fund conversion trends industry-wide—neutral impact on BUYW specifically. Data Quality Note: Only one headline available; limited sentiment basis for directional conviction.
TECHNICAL ANALYSIS
Trend Direction
-
Short-term (1-4 weeks): RANGE-BOUND
- Price $14.57 sits precisely at SMA 50 ($14.57) and between SMA 20 ($14.53) and SMA 200 ($14.40)
- ADX 13.61 confirms weak trending regime (readings <20 = choppy, non-trending)
-
Medium-term (1-3 months): NEUTRAL CONSOLIDATION
- All three moving averages clustered within 0.12% ($0.17 range), indicating equilibrium
- +DI (18.30) slightly elevated over -DI (13.17), mild upside bias, but both weak
-
Long-term (3-12 months): STABLE
- Price holding above 200-day MA, but no meaningful separation suggests sideways trading range
Support & Resistance Levels
| Level | Type | Distance | Interpretation | |-------|------|----------|-----------------| | $14.43 | Support (Bollinger Lower Band, near SMA 200) | -0.14 (-0.96%) | Primary floor; psychological round | | $14.53 | Support/Resistance (SMA 20, BB Middle) | Base | Pivot point; volume clustering zone | | $14.62 | Resistance (Bollinger Upper Band) | +0.05 (+0.34%) | Immediate ceiling; very tight range | | $14.72 | Extended Resistance | +0.15 (+1.03%) | Secondary technical target if BB squeeze breaks |
Key Observation: Bollinger Bands width of 1.28% is exceptionally narrow—classic squeeze pattern. Historically, such compression precedes directional breakouts, but timing is unpredictable.
Momentum Signals
RSI (14): 53.86
- Solidly neutral (30-70 range); no overbought (>70) or oversold (<30) pressure
- Neither buying nor selling exhaustion evident
- Incremental bias toward equilibrium
MACD: -0.01 / Signal Line: 0.01 / Histogram: -0.02
- Bearish Structure: MACD (-0.01) below signal line (0.01); histogram negative (-0.02)
- This represents early bearish momentum deterioration, though magnitudes are small
- Not yet a confirmed crossover reversal, but inflection point warning
- Suggests momentum rolling over rather than accelerating
Stochastic Oscillators: %K 68.52 / %D 64.06
- %K approaching overbought territory (>70), though not breached
- %K > %D = bullish divergence (upside momentum)
- Conflicting signal: Stochastics suggest minor upside, MACD suggests downside
Williams %R: -16.67
- Mid-range reading (-50 to 0 = neutral)
- No extreme overbought (-0 to -20) or oversold (-80 to -100) pressure
Momentum Consensus: Mixed signals with slight bearish tilt from MACD offsetting neutral RSI and marginally bullish Stochastic. No strong directional conviction.
Volume Analysis
- Volume SMA 20: 498,593 shares
- Volume Rate of Change: -30.49% — Critical Red Flag
- Interpretation: Trading volume is 30.5% below its 20-day average, indicating sharply reduced institutional and retail participation
- On-Balance Volume (OBV): 6.91M (directional trend metric; without historical context, difficult to assess in isolation, but negative volume ROC suggests waning buying pressure)
Institutional Interest Assessment:
- Declining volume during neutral price action = institutional disinterest or distribution
- Covered-call funds often experience steady, passive flows (dividend reinvestment), masking real demand fluctuations
- Low volume reduces breakout reliability if technical levels are tested
NEWS & SENTIMENT ANALYSIS
Recent Headlines Summary
Available Headlines: 1 article (severe data limitation)
- "EXCLUSIVE: ETFs Vs. Mutual Funds — Why Main Management's Darol Ryan Expects Further Conversions In 2024" (Benzinga, 2026-02-28)
- Classification: Neutral industry commentary
- Content: Discussion of ETF-to-mutual-fund conversion trends; not specific to BUYW performance
- Relevance to Stock: Minimal direct impact; reflects general industry structural evolution
Sentiment Assessment
Aggregate Sentiment: NEUTRAL (Limited Basis)
- No earnings surprises, product launches, regulatory changes, or management announcements
- No negative headlines (downgrades, compliance issues, flow reversals)
- Industry narrative (ETF/mutual fund dynamics) is non-actionable noise for a $1.4B fund
Catalyst Identification
Immediate (1-7 days): None identified
Near-term (1-4 weeks):
- Covered-call expiration cycles (monthly or quarterly rolls); typical for this fund type
- No specific earnings or product announcements disclosed
Medium-term (1-3 months):
- Distribution record dates (income funds typically monthly distributions)
- Year-end tax-loss harvesting season (Q4)
- Market volatility regime changes (option premiums fluctuate with VIX)
Data Limitation: No earnings dates or explicit catalyst calendar provided for this fund.
Market Narrative Alignment
- Technical Story: Neutral consolidation with momentum inflection
- News Story: Silent/absent
- Contradiction: None; both suggest "wait and see"
- Overall Implication: Without news catalysts, price action depends entirely on technical breakout or market flows
RISK & VOLATILITY ASSESSMENT
Beta Interpretation
Beta: 0.23 (vs SPY)
- Meaning: BUYW exhibits only 23% of the S&P 500's volatility
- Classification: DEFENSIVE / LOW-RISK asset
- Cause: Covered-call overlay caps upside gains (~5-7% typical annual caps) while dividend cushions downside
- Implication:
- Downside protection is structural (not optional)
- Upside is deliberately suppressed by short calls
- Market beta <0.25 indicates bond-like risk profile despite equity holdings
Alpha: -0.01
- Essentially zero; fund performs in line with expected risk-adjusted returns
- Neither outperforming nor underperforming after expenses and option mechanics
Correlation (vs SPY): 0.57
- Moderate positive correlation; BUYW moves with equities but dampened
- 0.57 R² = ~32% of variance explained by market; 68% driven by idiosyncratic fund factors (call strikes, distributions, sector positioning)
Volatility Regime
Current Volatility (HV20): 4.9% annualized
- Extremely low; this fund is one of the least volatile equity instruments available
- Historical Volatility 30-day: 4.4% | 60-day: 4.3% — all readings compressed and stable
Comparison Context:
- Average equity ETF: 12-18% annualized volatility
- Fixed income: 3-5% volatility
- BUYW (4.9%) is between fixed income and equities, closer to bonds
IV Premium vs HV30:
BUYW Options Activity & IV Rank
Each spread is ranked by a composite score built in three stages. Full documentation →
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Enter a ticker to render the implied volatility surface.
Enter a ticker to render the implied volatility smile.
Risk Metrics
Analysis Details
Data Points: 251
Period: 252 trading days
Low volatility - stock moves less than market
BUYW Institutional Ownership (13F)
Latest filings — 2026-09-30Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
| # | Filer | Notional Value | % of Total | Period |
|---|
| # | Filer | Notional Value | % of Total | Period |
|---|
Click any bar to view the full quote for that stock.
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|---|---|---|---|---|---|
| SPYM | SPDR SERIES TRUST | 41.33% | $89.93 | -1.16% | -1.00% | -0.40% |
| IVV | ISHARES TRUST | 15.04% | $767.41 | -1.19% | -1.00% | -0.42% |
| XLE | SELECT SECTOR SPDR TRUST (THE) | 12.86% | $67.57 | -0.87% | +1.52% | +7.94% |
| XLF | SELECT SECTOR SPDR TRUST (THE) | 11.21% | $56.65 | +1.09% | +2.50% | +3.89% |
| QQQM | INVESCO EXCHANGE-TRADED FUND TRUST II | 11.10% | $290.13 | -2.85% | -3.22% | -4.92% |
| XLU | SELECT SECTOR SPDR TRUST (THE) | 10.51% | $42.87 | +2.07% | +2.93% | +8.92% |
| XLV | SELECT SECTOR SPDR TRUST (THE) | 9.88% | $181.3 | +1.32% | +2.32% | +6.73% |
| STIP | ISHARES TRUST | 1.44% | $100.87 | +0.31% | +0.48% | +1.22% |