FTKI vs IWMW: Grades, Fees and Holdings Compared

First Trust Small Cap BuyWrite Income ETF

FTKIBNYSE Arca

iShares Russell 2000 BuyWrite ETF

IWMWACboe

Overlap

22.2%by weight

Expense ratio

IWMW −0.47pt a year

FTKI0.86%IWMW0.39%

Avg volume · 30D

IWMW 2.2×the volume

FTKI6.66KIWMW14.8K

FTKI vs IWMW Performance

Oct 31, 2025 – Oct 30, 2026

+19.9%FTKI+9.7%IWMW

Expense ratio: FTKI 0.86%; IWMW 0.39%, better
Fund size: FTKI $25M; IWMW $55M
1Y total return: FTKI +19.9%, better; IWMW +9.7%
Yield (12M): FTKI 11.81%; IWMW 20.14%, better
Holdings: FTKI 199; IWMW 1970
Avg volume (30D): FTKI 6.66K sh; IWMW 14.8K sh, better
NAV per share: FTKI $19.56; IWMW $37.45
52W range

ETF.net Grade

Pillar letters and Scores for FTKI, IWMW, with each pillar’s weight
Pillar	FTKI	IWMW
Cost30% weight	C40	A83Higher
Mission25% weight	A100Higher	A86
Risk15% weight	A82Higher	D39
Tradability15% weight	C45	C51Higher
Holdings10% weight	A75	A86Higher
Durability5% weight	C45	B64Higher

Rank among Russell 2000 Option Income funds

How we build Categories ›

Same Category. FTKI and IWMW are both graded against the same 9 Russell 2000 Option Income funds, so their Grades compare head to head.

Russell 2000 Option Income⁠

Category · 9 funds

See all 9 ›

IWMW ranks 2nd and FTKI 4th of 9 funds in the Russell 2000 Option Income Category.

Rank 1ARYLDGlobal X Russell 2000 Covered Call ETFScore 76
Rank 2AIWMWiShares Russell 2000 BuyWrite ETFScore 71
Rank 2ARYLGGlobal X Russell 2000 Covered Call & Growth ETFScore 71
Rank 4BFTKIFirst Trust Small Cap BuyWrite Income ETFScore 65
Rank 5BIWMINEOS Russell 2000 High Income ETFScore 64

Our read on each fund

ETF.net Research

FTKIBFirst Trust Small Cap BuyWrite Income ETF

IWMWAiShares Russell 2000 BuyWrite ETF

In short

FTKI Most Russell 2000 income funds own the index and sell calls on it. FTKI runs an actively picked basket of roughly 300 US small caps, then writes index-level calls over the top: income first, appreciation second, paid monthly.

IWMW Small-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

FTKI The Fund seeks current income first and capital appreciation second. It primarily invests in small-cap equities listed on U.S. exchanges and writes exchange-traded calls on the Russell 2000 Index or small-cap equity ETFs.

IWMW 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

FTKI Two moving parts, one wrapper: an actively chosen small-cap stock portfolio underneath, calls on the Russell 2000 or small-cap ETFs written over the top.ftportfolios.com
The mandate puts current income first and capital appreciation second, and the cash goes out monthly.ftportfolios.com
Roughly 300 US-listed small caps sit under the options overlay, spreading the equity risk across the bench instead of a short list of names.

IWMW 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

FTKI At 0.86%, it prices above index-run Russell 2000 call writers such as RYLD and RYLG. Active stock selection is what you are paying the difference for.
Writing calls swaps upside for premium. When small caps run hard, the overlay limits how much of that run the fund keeps.ftportfolios.com
Launched in 2025 and still a small, lightly traded fund, so bid-ask spreads can run wider than the category's heavyweights.

IWMW 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.

Full FTKI profile⁠

Full IWMW profile⁠

FTKI vs IWMW Holdings

How FTKI and IWMW differ

Overlap by weight

22.2%

Shared holdings make up 70.2% of FTKI and 22.7% of IWMW.

Level by level

Holdings173 in both22.2%
Sector11 Sectors81.6%
Countryby domicile96.6%
Asset classEquity100%

Sector

Sector weights in FTKI and IWMW, widest gap first
Sector	More in FTKIMore in IWMW	FTKI	IWMW
Technology	FTKI +9.9 points	23.2%	13.3%
Industrials	IWMW +6.6 points	6.7%	13.3%
Health Care	IWMW +6.4 points	14.6%	21.0%
Consumer Discretionary	FTKI +4.9 points	14.1%	9.2%
Materials	FTKI +2.2 points	6.2%	4.0%
Utilities	IWMW +1.8 points	1.0%	2.8%
Real Estate	IWMW +1.6 points	4.2%	5.8%
Energy	FTKI +1.5 points	8.4%	6.9%
Financials	IWMW +1.3 points	18.0%	19.3%
Communication	IWMW +0.4 points	1.9%	2.3%
Consumer Staples	IWMW +0.3 points	1.7%	2.0%

Country, concentration and asset class

Country by domicile

Country weights in FTKI and IWMW, widest gap first
Country	More in FTKIMore in IWMW	FTKI	IWMW
United States	IWMW +2.8 points	95.6%	98.4%
Canada	FTKI +1.8 points	2.0%	0.2%
Israel	FTKI +1.1 points	1.1%	0.0%
Other countries (11)	IWMW +0.2 points	1.2%	1.4%

Concentration

Weight in the 10 largest Holdings

FTKI23.3%
IWMW3.6%

Securities held

FTKI198
IWMW1,966

Asset class

FTKI: Equity
IWMW: Equity

Holdings

Only in FTKI25
In both173
Only in IWMW1,793

Only in FTKI

25 securities, 25.8% of FTKI by weight

Etsy, Inc.2.26%
UiPath, Inc. (Class A)2.13%
Maplebear Inc. (Instacart)2.09%
Encompass Health Corporation1.92%
Credo Technology Group Holding Ltd1.59%
Texas Roadhouse, Inc.1.51%
RenaissanceRe Holdings Ltd.1.50%
Equinox Gold Corp.1.37%
Federated Hermes, Inc. (Class B)1.15%
Applied Industrial Technologies, Inc.1.11%
Reinsurance Group of America, Incorporated1.09%
ZIM Integrated Shipping Services Limited1.03%
Murphy USA Inc.0.84%
Amkor Technology, Inc.0.83%
Dropbox, Inc. (Class A)0.73%
Healthcare Realty Trust Inc.0.72%
Okeanis Eco Tankers Corp.0.70%
Kilroy Realty Corp0.69%
Millicom International Cellular S.A.0.64%
The Hanover Insurance Group, Inc.0.43%
Copa Holdings, S.A.0.39%
NewMarket Corporation0.35%
Novagold Resources Inc.0.32%
Triple Flag Precious Metals Corp.0.26%
Atour Lifestyle Holdings Limited (ADR)0.15%

Only in IWMW

1,793 securities, 79.0% of IWMW by weight

Moog Inc Class A0.35%
Brightspring Health Services Inc0.34%
10X Genomics Class A0.32%
Brinker International Inc0.32%
Ryman Hospitality Properties Reit0.31%
Old National Bancorp0.30%
Jackson Financial Class A0.30%
Healthequity0.29%
Qualys0.28%
Pbf Energy Class A0.25%
Oscar Health Class A0.25%
Commercial Metals0.25%
Silicon Laboratories0.25%
Macerich Reit0.24%
Life Time Group Holdings0.24%
Valley National0.24%
Terreno Realty Reit0.24%
Federal Signal Corp0.24%
Southwest Gas Holdings0.23%
Matson Inc0.23%
Hut Corp0.23%
Transocean0.22%
United Bankshares0.22%
Grail Inc0.22%
Esco Technologies0.22%
Txnm Energy Inc0.22%
Gatx0.22%
Ligand Pharmaceuticals0.21%
Black Hills Corp0.21%
Enersys0.21%
Magnolia Oil Gas Corp Class A0.21%
Enpro0.21%
Noble Corporation PLC0.21%
Selective Insurance Group0.20%
Stonex Group Inc0.20%
Hancock Whitney0.20%
Murphy Oil0.20%
Essent Group0.20%
Essential Properties Realty Trust0.20%
Valaris Ltd0.20%
Jbt Marel0.20%
Herc Holdings0.20%
Casella Waste Systems Class A0.19%
Home Bancshares Inc0.19%
Sensient Technologies0.19%
Archrock0.19%
Merit Medical Systems Inc0.19%
Balchem0.19%
Minimed Inc0.19%
Haemonetics Corp0.19%

Weight gaps

The 100 widest of 173 Holdings in both funds.

Holding weights in FTKI and IWMW, widest gap first
Holding	More in FTKIMore in IWMW	FTKI	IWMW
Abercrombie & Fitch Co. (Class A)ANF	FTKI +2.03 points	2.28%	0.25%
Appian CorporationAPPN	FTKI +1.85 points	1.92%	0.07%
Scorpio Tankers Inc.STNG	FTKI +1.74 points	1.88%	0.14%
Dorian LPG Ltd.LPG	FTKI +1.27 points	1.34%	0.07%
Teekay Tankers Ltd. (Class A)TNK	FTKI +1.18 points	1.26%	0.08%
Sezzle Inc.SEZL	FTKI +1.15 points	1.22%	0.07%
Monarch Casino & Resort, Inc.MCRI	FTKI +1.10 points	1.15%	0.05%
Box, Inc. (Class A)BOX	FTKI +1.08 points	1.28%	0.20%
CVR Energy, Inc.CVI	FTKI +1.05 points	1.11%	0.06%
FirstCash Holdings, Inc.FCFS	FTKI +1.02 points	1.28%	0.26%
SSR Mining Inc.SSRM	FTKI +1.00 points	1.20%	0.20%
Kohl's CorporationKSS	FTKI +0.84 points	0.93%	0.09%
Stride, Inc.LRN	FTKI +0.82 points	0.93%	0.11%
Frontdoor, Inc.FTDR	FTKI +0.80 points	1.01%	0.21%
Clear Secure, Inc. (Class A)YOU	FTKI +0.71 points	0.86%	0.15%
Northwest Bancshares, Inc.NWBI	FTKI +0.65 points	0.73%	0.08%
GigaCloud Technology Inc (Class A)GCT	FTKI +0.64 points	0.70%	0.06%
Moelis & Company (Class A)MC	FTKI +0.61 points	0.76%	0.15%
Simmons First National CorporationSFNC	FTKI +0.58 points	0.70%	0.12%
Warrior Met Coal, Inc.HCC	FTKI +0.56 points	0.71%	0.15%
Paymentus Holdings, Inc. (Class A)PAY	FTKI +0.56 points	0.62%	0.06%
UMB Financial CorporationUMBF	FTKI +0.55 points	0.89%	0.34%
SiriusPoint Ltd.SPNT	FTKI +0.54 points	0.61%	0.07%
Perdoceo Education CorporationPRDO	FTKI +0.53 points	0.60%	0.07%
Immunovant, Inc.IMVT	FTKI +0.52 points	0.61%	0.09%
Axogen, Inc.AXGN	FTKI +0.52 points	0.61%	0.09%
Victoria's Secret & Co.VSXY	FTKI +0.50 points	0.74%	0.24%
Perrigo Company plcPRGO	FTKI +0.48 points	0.56%	0.08%
Dave Inc. (Class A)DAVE	FTKI +0.47 points	0.59%	0.12%
National Energy Services Reunited Corp.NESR	FTKI +0.48 points	0.52%	0.04%
NetScout Systems, Inc.NTCT	FTKI +0.46 points	0.56%	0.10%
First Busey CorporationBUSE	FTKI +0.46 points	0.54%	0.08%
CTO Realty Growth, Inc.CTO	FTKI +0.47 points	0.49%	0.02%
PACS Group, Inc.PACS	FTKI +0.44 points	0.52%	0.08%
Magnite, Inc.MGNI	FTKI +0.44 points	0.55%	0.11%
OPENLANE Inc.OPLN	FTKI +0.43 points	0.56%	0.13%
Freshworks Inc. (Class A)FRSH	FTKI +0.43 points	0.54%	0.11%
ScanSource, Inc.SCSC	FTKI +0.42 points	0.46%	0.04%
HomeTrust Bancshares, Inc.HTB	FTKI +0.40 points	0.43%	0.03%
Glacier Bancorp, Inc.GBCI	FTKI +0.40 points	0.62%	0.22%
Calumet, Inc.CLMT	FTKI +0.40 points	0.51%	0.11%
Atlantic Union Bankshares CorporationAUB	FTKI +0.39 points	0.59%	0.20%
International Seaways, Inc.INSW	FTKI +0.38 points	0.54%	0.16%
First Financial Bankshares, Inc.FFIN	FTKI +0.38 points	0.52%	0.14%
Encore Capital Group, Inc.ECPG	FTKI +0.38 points	0.45%	0.07%
Flywire CorporationFLYW	FTKI +0.37 points	0.45%	0.08%
Radian Group Inc.RDN	FTKI +0.37 points	0.53%	0.16%
Marex Group LimitedMRX	FTKI +0.36 points	0.50%	0.14%
Wolverine World Wide, Inc.WWW	FTKI +0.35 points	0.41%	0.06%
Vitesse Energy, Inc.VTS	FTKI +0.35 points	0.37%	0.02%
ACI Worldwide, Inc.ACIW	FTKI +0.34 points	0.53%	0.19%
Liquidia Technologies, Inc.LQDA	FTKI +0.33 points	0.44%	0.11%
Slide Insurance Holdings, Inc.SLDE	FTKI +0.33 points	0.39%	0.06%
Lantheus Holdings, Inc.LNTH	FTKI +0.31 points	0.53%	0.22%
Korn FerryKFY	FTKI +0.32 points	0.45%	0.13%
Accelerant Holdings (Class A)ARX	FTKI +0.29 points	0.33%	0.04%
DLocal LimitedDLO	FTKI +0.29 points	0.33%	0.04%
Horace Mann Educators CorporationHMN	FTKI +0.28 points	0.35%	0.07%
CNO Financial Group, Inc.CNO	FTKI +0.28 points	0.46%	0.18%
Pacira BioSciences, Inc.PCRX	FTKI +0.28 points	0.33%	0.05%
Northern Oil and Gas, Inc.NOG	FTKI +0.28 points	0.38%	0.10%
KB HomeKBH	FTKI +0.27 points	0.37%	0.10%
Portland General Electric CompanyPOR	FTKI +0.26 points	0.44%	0.18%
Meritage Homes CorporationMTH	FTKI +0.25 points	0.39%	0.14%
Zurn Elkay Water Solutions Corp.ZWS	FTKI +0.24 points	0.47%	0.23%
Century Communities, Inc.CCS	FTKI +0.23 points	0.28%	0.04%
EverQuote, Inc. (Class A)EVER	FTKI +0.23 points	0.25%	0.02%
Rigel Pharmaceuticals, Inc.RIGL	FTKI +0.23 points	0.26%	0.03%
First Advantage CorporationFA	FTKI +0.23 points	0.29%	0.06%
Aveanna Healthcare Holdings, Inc.AVAH	FTKI +0.22 points	0.26%	0.04%
Skyward Specialty Insurance Group, Inc.SKWD	FTKI +0.22 points	0.30%	0.08%
Ambarella, Inc.AMBA	FTKI +0.22 points	0.31%	0.09%
V2X Inc.VVX	FTKI +0.21 points	0.30%	0.09%
NETGEAR, Inc.NTGR	FTKI +0.21 points	0.23%	0.02%
Alkermes PlcALKS	FTKI +0.21 points	0.47%	0.26%
Diversified Energy Co.DEC	FTKI +0.21 points	0.24%	0.03%
Callaway Golf CompanyCALY	FTKI +0.20 points	0.28%	0.08%
Aurinia Pharmaceuticals Inc.AUPH	FTKI +0.19 points	0.26%	0.07%
Constellium SE (Class A)CSTM	FTKI +0.18 points	0.28%	0.10%
Healthcare Services Group, Inc.HCSG	FTKI +0.18 points	0.24%	0.06%
Power Integrations, Inc.POWI	FTKI +0.18 points	0.27%	0.09%
SL Green Realty Corp.SLG	FTKI +0.17 points	0.29%	0.12%
Spire Inc.SR	FTKI +0.17 points	0.34%	0.17%
Badger Meter, Inc.BMI	FTKI +0.15 points	0.30%	0.15%
Park Aerospace Corp.PKE	FTKI +0.15 points	0.17%	0.02%
OUTFRONT Media Inc.OUT	FTKI +0.15 points	0.33%	0.18%
Azenta Inc.AZTA	FTKI +0.15 points	0.21%	0.06%
Denali Therapeutics Inc.DNLI	FTKI +0.15 points	0.25%	0.10%
Transcat, Inc.TRNS	FTKI +0.15 points	0.18%	0.03%
Sabra Health Care REIT, Inc.SBRA	FTKI +0.14 points	0.31%	0.17%
BlackLine, Inc.BL	FTKI +0.14 points	0.20%	0.06%
Newmark Group, Inc. (Class A)NMRK	FTKI +0.14 points	0.20%	0.06%
Bread Financial Holdings, Inc.BFH	FTKI +0.14 points	0.21%	0.07%
PTC Therapeutics, Inc.PTCT	FTKI +0.14 points	0.32%	0.18%
CRISPR Therapeutics AGCRSP	FTKI +0.14 points	0.30%	0.16%
Vaxcyte, Inc.PCVX	FTKI +0.14 points	0.43%	0.29%
Tenable Holdings, Inc.TENB	FTKI +0.14 points	0.33%	0.19%
Select Water Solutions, Inc. (Class A)WTTR	FTKI +0.13 points	0.21%	0.08%
FB Financial CorporationFBK	FTKI +0.13 points	0.22%	0.09%
ePlus inc.PLUS	FTKI +0.12 points	0.21%	0.09%

All 203 FTKI holdings⁠All IWMW holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FTKI vs IWMW Cost

Overpaying FTKI vs IWMW

$8,470

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

FTKI 0.86%
$16,368
IWMW 0.39%
$7,898

Amount$10,000

Years30 years

Cost over time

FTKI 0.86%
IWMW 0.39%
Overpaying

Year by year

Year	FTKI	IWMW	Overpaying
10	$1,525	$705	$820
20	$5,768	$2,725	$3,043
30	$16,368	$7,898	$8,470

Expense ratio

0.86%FTKI
0.39%IWMW, cheaper

IWMW0.39%FTKI0.86%

0.35%1.73%

Middle half of Russell 2000 Option Income funds
Median 0.69%

IWMW 2nd cheapest of 9 funds

FTKI 6th cheapest of 9 funds

FTKI vs IWMW Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FTKI 11.81%; IWMW 20.14%, better
Payout (12M): FTKI $2.31; IWMW $7.52
Last payment: FTKI $0.19; IWMW $0.59
Ex-dividend: FTKI Oct 21, 2026; IWMW Oct 2, 2026
Paid on: FTKI Oct 30, 2026; IWMW Oct 7, 2026
Frequency: FTKI Monthly; IWMW Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

FTKIMonthly · 19 paymentsAll FTKI payments⁠

IWMWMonthly · 31 paymentsAll IWMW payments⁠

FTKI vs IWMW Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FTKI 10.8%since Mar 2025IWMW 12.4%since Apr 2024
Return per unit of riskSharpe ratio, 3 years: FTKI 0.61since Mar 2025IWMW 0.37since Apr 2024
Worst fallMax drawdown, 5 years: FTKI −15.2%since Feb 2025IWMW −21.9%since Mar 2024
Market sensitivityBeta, 5 years: FTKI 0.27IWMW 0.75; Market = 1

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