iShares Russell 2000 BuyWrite ETF
$37.02−0.18 (−0.50%)
- 0.39%
- $55M
- +13.5%
- 20.22%
- 0M sh
- $37.36
- low $36.21high $41.81
The ETF.net IWMW Grade
A
Score 75 out of 100
- 2 of 9
Score 75 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 100Rank 2 of 9Mission
Whether the fund did what it promised, tested against its stated mandate.A95 out of 100Rank 4 of 7Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C46 out of 100Rank 4 of 9Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C51 out of 100Rank 5 of 9Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A87 out of 100Rank 1 of 6Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B64 out of 100Rank 4 of 9
Our read on IWMW
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.
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
- Stocks
- 1,976
- 3%
- Blk Csh Fnd Treasury Sl Agency
Geography
- United States95.39%
- Bermuda1.35%
- United Kingdom0.63%
- Switzerland0.51%
- Ireland0.43%
- Canada0.40%
- Cayman Islands0.22%
- Singapore0.20%
- 0.87%
IWMW Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
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IWMW$11,354
Returns run to the Oct 12, 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.
| Period | IWMW |
|---|---|
| Year to date | +10.9% |
| 1 month | −1.8% |
| 3 months | −2.3% |
| 1 year | +13.5% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | IWMW |
|---|---|---|
| 2026 YTD | +10.9% | |
| 2025 | +7.7% | |
| 2024 | +6.1% |
IWMW in the news
IWMW Dividends
- 20.22%
- $7.52
- $0.59 per share
- Monthly
Distribution history
IWMW Risk
- 12.6%
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.
- 0.38
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.
- −21.9%
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.
- 0.75
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
IWMW Cost
0.39%
IWMW0.39%
- The middle half of Russell 2000 Option Income funds
- Median 0.76%
1 of the 9 Russell 2000 Option Income funds charge less.
Other funds in Russell 2000 Option Income
- ARYLDGlobal X - Russell 2000 Covered Call ETFExpense ratio 0.60%1 year return +17.3%
- ARYLGGlobal X - Russell 2000 Covered Call & Growth ETFExpense ratio 0.35%1 year return +17.6%
- BFTKIFirst Trust Small Cap BuyWrite Income ETFExpense ratio 0.86%1 year return +22.3%
- BIWMINEOS Russell 2000 High Income ETFExpense ratio 0.76%1 year return +18.2%
- CCPRACalamos Russell 2000 Structured Alt Protection ETF – AprilExpense ratio 0.69%1 year return +6.8%