- Issuer
- iShares
- Inception Date
- Aug 18, 2022
- Region
- North America (U.S.)
- Category
- Corporate Bonds, Investment Grade Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- CBOE LQD BuyWrite Index
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $318M
Highlights
- Avg. Volume (1M)
- 157K
- Avg. Volume Value (1M)
- $3.68M
Share Price Chart
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Performance
LQDW Performance Chart
iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW) is up 0.4% since the beginning of the year. LQDW is currently trading at $23 per share.
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Returns By Period
iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW) has returned 0.40% so far this year and 3.34% over the past 12 months.
iShares Investment Grade Corporate Bond Buywrite Strategy ETF
- 1D
- -0.19%
- 1M
- -1.66%
- 6M
- -0.19%
- YTD
- 0.40%
- 1Y
- 3.34%
- 3Y*
- 3.14%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.19%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
LQDW Monthly Returns History
Based on dividend-adjusted daily data since Aug 22, 2022, LQDW's average daily return is +0.01%, while the average monthly return is +0.19%. At this rate, an investment would double in approximately 30.4 years.
Historically, 67% of months were positive and 33% were negative. The best month was Jan 2023 with a return of +4.6%, while the worst month was Sep 2022 at -4.8%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 3 months.
On a daily basis, LQDW closed higher 57% of trading days. The best single day was Sep 28, 2022 with a return of +1.8%, while the worst single day was Apr 7, 2025 at -1.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.59% | 1.01% | -1.57% | 0.68% | 0.74% | 0.67% | -1.68% | 0.40% | |||||
| 2025 | 1.07% | 1.27% | 0.38% | -0.01% | 0.93% | 1.09% | 1.00% | 0.45% | 0.94% | 0.82% | 0.30% | 0.46% | 9.05% |
| 2024 | 0.51% | -0.24% | 1.53% | -2.69% | 1.12% | 0.79% | 2.02% | 1.25% | 0.96% | -2.48% | 0.73% | -0.81% | 2.60% |
| 2023 | 4.62% | -2.82% | 2.95% | 1.25% | -0.68% | 1.32% | 0.72% | -2.24% | -1.47% | -2.09% | 1.69% | 0.96% | 3.99% |
| 2022 | -1.09% | -4.82% | -1.41% | 2.19% | -1.72% | -6.78% |
Benchmark Metrics
iShares Investment Grade Corporate Bond Buywrite Strategy ETF has an annualized alpha of 0.14%, beta of 0.14, and R2 of 0.16 versus S&P 500 Index. Calculated based on daily prices since August 22, 2022.
- This ETF participated in 42.97% of S&P 500 Index downside but only 22.37% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.14 may look defensive, but with R2 of 0.16 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.16 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 0.14%
- Beta
- 0.14
- R²
- 0.16
- Upside Capture
- 22.37%
- Downside Capture
- 42.97%
Expense Ratio
LQDW has an expense ratio of 0.34%, placing it in the medium range.
Return for Risk
Risk / Return Rank
LQDW ranks 37 for risk / return — above 37% of ETFs peers on PortfoliosLab. Its historical combined result is below the peer median.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| LQDW | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.25 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.32 | 2.00 | -0.68 |
| Martin ratioReturn relative to average drawdown | 4.31 | 8.49 | -4.19 |
Dividends
Dividend History
iShares Investment Grade Corporate Bond Buywrite Strategy ETF provided a 12.34% dividend yield over the last twelve months, with an annual payout of $2.89 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Dividend | $2.89 | $3.93 | $4.13 | $5.72 | $3.01 |
Dividend yield | 12.34% | 16.02% | 15.74% | 19.28% | 8.85% |
Monthly Dividends
The table displays the monthly dividend distributions for iShares Investment Grade Corporate Bond Buywrite Strategy ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.22 | $0.16 | $0.30 | $0.17 | $0.18 | $0.19 | $1.23 | |||||
| 2025 | $0.00 | $0.43 | $0.26 | $0.27 | $0.56 | $0.45 | $0.29 | $0.31 | $0.24 | $0.24 | $0.34 | $0.53 | $3.93 |
| 2024 | $0.00 | $0.41 | $0.47 | $0.25 | $0.36 | $0.26 | $0.32 | $0.30 | $0.34 | $0.35 | $0.23 | $0.84 | $4.13 |
| 2023 | $0.00 | $0.61 | $0.47 | $0.55 | $0.45 | $0.42 | $0.62 | $0.23 | $0.39 | $0.40 | $0.42 | $1.18 | $5.72 |
| 2022 | $0.55 | $0.44 | $0.98 | $1.05 | $3.01 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the iShares Investment Grade Corporate Bond Buywrite Strategy ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the iShares Investment Grade Corporate Bond Buywrite Strategy ETF was 9.20%, occurring on Oct 20, 2022. Recovery took 457 trading sessions.
The current iShares Investment Grade Corporate Bond Buywrite Strategy ETF drawdown is 1.90%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-9.20%Oct 2022 | 1mo 25d | 1y 10mo | 1y 11moAug 2022 - Aug 2024 | Bear market2022 |
-3.67%Jan 2025 | 3mo 13d | 2mo 18d | 6mo 1dOct 2024 - Apr 2025 | — |
-3.14%Apr 2025 | 4d | 1mo 7d | 1mo 11dApr 2025 - May 2025 | 2025 selloff2025 |
-2.59%Mar 2026 | 11d | 3mo 4d | 3mo 15dMar 2026 - Jun 2026 | — |
-1.90%Jul 2026 | 1mo 1d | — | 1mo 4dJun 2026 - now | — |
Drawdown Indicators
| LQDW | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.20% | -56.78% | +47.58% |
Max Drawdown (1Y)Largest decline over 1 year | -2.59% | -9.10% | +6.51% |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | -18.90% | +13.22% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -1.90% | -1.58% | -0.32% |
Average DrawdownAverage peak-to-trough decline | -2.28% | -10.70% | +8.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 2.14% | -1.34% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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