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Launched · SEC filings

iShares Russell 2000 BuyWrite ETF

IWMWCboeiSharesA

$36.24−1.15 (−3.08%)

At close: Nov 5, 2026, 4:00 PM ET

A74/ 100

Rank 2 of 9 in Russell 2000 Option Income

A74/100Rank 2 of 9inRussell 2000 Option Income
Intraday session: down, 79 prints from 37.39 to 36.24. Range 36.16 to 37.41. Use the arrow keys to read each point.36.5036.7537.0037.2510 AM12 PM2 PM4 PM
Expense ratio
0.39%
Fund size
$55M
1Y total return
+8.3%
Yield · Last 12 months
20.26%
Holdings
1965
Avg volume · 30D
13.6K sh
52W range
low $36.14high $40.73
Launched
Filings
SEC EDGAR

The ETF.net IWMW Grade

A

Score 74 out of 100

Category
Russell 2000 Option Income⁠
Rank
2 of 9
Six-pillar profile for IWMW. Scores out of 100: Cost 83, Risk 44, Mission 89, Tradability 57, Holdings 86, Durability 64. Strongest: Mission (89). Weakest: Risk (44). No single pillar leads.

Score 74 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    A83 out of 100
    Rank 2 of 9

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A89 out of 100
    Rank 4 of 7

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C44 out of 100
    Rank 5 of 9

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B57 out of 100
    Rank 4 of 9

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A86 out of 100
    Rank 1 of 6

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B64 out of 100
    Rank 4 of 9

Our read on IWMW

ETF.net Research

In short

ASmall-cap income, stripped down: IWMW owns a Russell 2000 index fund and writes monthly covered calls against it, at 0.39% a year when most Russell 2000 call-writers charge more.

Stated mandate

The fund seeks to track an index holding the iShares Russell 2000 ETF and writes monthly covered calls to generate income.

Why people hold it

  • 0.39% a year undercuts most Russell 2000 covered call peers, including RYLD at 0.60% and IWMI at 0.76%.
  • Rules-based plumbing: the index holds the iShares Russell 2000 ETF and writes monthly covered calls. Nobody is guessing strikes month to month.ishares.com
  • Cash goes out monthly, funded by the premium from the call writing rather than by small-cap dividends alone.
  • One of the stronger builds in the Russell 2000 options-income group: low fee, plain-vanilla holdings, a mandate it sticks to.

Worth knowing

  • Covered calls swap upside for premium. In a sharp small-cap rally, the gains above the strike belong to the call buyer, not to you.
  • Still a small, thinly traded fund, so bid-ask spreads can run wider than on the household-name small-cap ETFs.
  • Launched in 2024, so there is no track record through a full small-cap drawdown and recovery.

IWMW Holdings

Holdings pillarA86 out of 100Rank 1 of 6 in Russell 2000 Option Income
Asset class
Stocks
Holdings
1,965
Top-10 weight
3%
Largest holding
GKOS0.5%

Sectors

  • Health Care21.0%
  • Financials19.3%
  • Technology13.3%
  • Industrials13.3%
  • Consumer Discretionary9.2%
  • Energy6.9%
  • Real Estate5.8%
  • Materials4.0%
  • Utilities2.8%
  • Communication2.3%
  • Consumer Staples2.0%

Geography

  • United States98.47%
  • Brazil0.60%
  • Switzerland0.28%
  • Canada0.24%
  • United Kingdom0.14%
  • Taiwan0.09%
  • Norway0.04%
  • Singapore0.04%
  • Other countries (5)0.09%
The fund’s holdings, weight-ordered — page 1 of 131.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1GKOSGlaukos0.48%1,076$265K138
2BTSGBrightspring Health Services Inc0.40%3,136$219K161
3UMBFUmb Financial0.34%1,375$190K162
4EATBrinker International Inc0.32%810$179K160
5TWSTTwist Bioscience0.32%1,236$176K128
6FROGJfrog0.32%2,038$176K120
7MOG.AMoog Inc Class A0.31%534$174K151
8RHPRyman Hospitality Properties Reit0.31%1,267$173K131
9HQYHealthequity0.31%1,568$171K163
10ONBOld National Bancorp0.31%6,556$170K144
11JXNJackson Financial Class A0.31%1,235$170K147
12PCVXVaxcyte0.31%2,583$170K112
13CTRECaretrust Reit0.31%4,465$169K150
14TGTXTg Therapeutics0.30%2,711$167K132
15No dataBlk Csh Fnd Treasury Sl Agency0.30%165,874$166K444

Showing 1–15 of 1965 holdings

IWMW Performance

Launched Mar 14, 2024

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.
IWMW$10,833
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,934
Nov 5, 2025 to Nov 5, 2026. IWMW $10,833. SPY $10,934. Use the arrow keys to read each point.$10,000$11,000Nov 2025May 2026Nov 2026

Nov 5, 2025 – Nov 5, 2026

Returns run to the Nov 5, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for IWMW. Periods over one year show the average yearly return.
PeriodIWMW
Year to date+9.5%
1 month−2.9%
3 months−5.7%
1 year+8.3%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for IWMW
YearReturn barIWMW
2026 YTD+9.5%
2025+7.7%
2024+6.1%

History from Mar 15, 2024

IWMW in the news

IWMW Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Nov 5, 2026.
20.26%Last 12 months
Payout per share
$7.34Last 12 months
Upcoming payment
$0.53 per share
Pays on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution history

2024–2026

One bar per payment. 32 payments from 2024 to 2026 YTD. Apr 2, 2024 $0.62; May 2, 2024 $0.78; Jun 4, 2024 $0.51; Jul 2, 2024 $0.63; Aug 2, 2024 $0.52; Sep 4, 2024 $0.93; Oct 2, 2024 $0.92; Nov 4, 2024 $0.84; Dec 3, 2024 $0.64; Dec 20, 2024 $1.41; Feb 4, 2025 $0.74; Mar 4, 2025 $0.38; Apr 2, 2025 $0.63; May 2, 2025 $0.72; Jun 3, 2025 $0.64; Jul 2, 2025 $0.86; Aug 4, 2025 $0.85; Sep 3, 2025 $0.54; Oct 2, 2025 $0.82; Nov 4, 2025 $0.71; Dec 2, 2025 $0.56; Dec 23, 2025 $0.69; Feb 3, 2026 $0.72; Mar 3, 2026 $0.69; Apr 2, 2026 $0.75; May 4, 2026 $0.62; Jun 2, 2026 $0.78; Jul 2, 2026 $0.62; Aug 4, 2026 $0.56; Sep 2, 2026 $0.24; Oct 2, 2026 $0.59; Nov 3, 2026 $0.53. Use the arrow keys to read each point.202420252026YTD
Ex-datePay dateAmount per share
Nov 3, 2026Pays Nov 6, 2026$0.53
Oct 2, 2026Oct 7, 2026$0.59
Sep 2, 2026Sep 8, 2026$0.24
Aug 4, 2026Aug 7, 2026$0.56
Jul 2, 2026Jul 8, 2026$0.62
Jun 2, 2026Jun 5, 2026$0.78
May 4, 2026May 7, 2026$0.62
Apr 2, 2026Apr 8, 2026$0.75
Mar 3, 2026Mar 6, 2026$0.69
Feb 3, 2026Feb 6, 2026$0.72
Dec 23, 2025Dec 29, 2025$0.69
Dec 2, 2025Dec 5, 2025$0.56

See all 32 payments⁠

$10,000 in IWMW 1 year ago paid $1,843 in dividends.⁠

IWMW Risk

Risk pillarC44 out of 100Rank 5 of 9 in Russell 2000 Option Income
How much the fund’s monthly returns vary, scaled to a year.
12.4%
Annualised · 31 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.37
vs 3-month T-bills · 31 months to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−21.9%
31 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.74
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

IWMW Cost

Compare IWMW and RYLG

Overpaying vs RYLG, cheapest in Russell 2000 Option Income

$772

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

  • IWMW 0.39%

    $7,898

  • RYLG 0.35% Cheapest

    $7,126

$10,000
30 years

Cost over time

  • IWMW 0.39%
  • RYLG 0.35%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K051015202530IWMW $7,898RYLG $7,126

Year by year

YearIWMWRYLGOverpaying
10$705$634$71
20$2,725$2,454$271
30$7,898$7,126$772

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