IWMW vs IWMY: Grades, Fees and Holdings Compared

iShares Russell 2000 BuyWrite ETF

IWMWACboe

R2000 Weekly Distribution ETF

IWMYDNYSE Arca

Overlap

0.0%by weight

Expense ratio

IWMW −0.66pt a year

IWMW0.39%IWMY1.05%

Avg volume · 30D

IWMY 3.5×the volume

IWMW14.8KIWMY52.3K

IWMW vs IWMY Performance

Oct 31, 2025 – Oct 30, 2026

+9.7%IWMW+4.6%IWMY

Expense ratio: IWMW 0.39%, better; IWMY 1.05%
Fund size: IWMW $55M; IWMY $79M
1Y total return: IWMW +9.7%, better; IWMY +4.6%
Yield (12M): IWMW 20.14%; IWMY 36.95%, better
Holdings: IWMW 1970; IWMY 3
Avg volume (30D): IWMW 14.8K sh; IWMY 52.3K sh, better
NAV per share: IWMW $37.45; IWMY $16.58
52W range

ETF.net Grade

Pillar letters and Scores for IWMW, IWMY, with each pillar’s weight
Pillar	IWMW	IWMY
Cost30% weight	A83Higher	F18
Mission25% weight	A86Higher	C44
Risk15% weight	D39Higher	D35
Tradability15% weight	C51	C53Higher
Holdings10% weight	A86	Not scored
Durability5% weight	B64	B64

Rank among Russell 2000 Option Income funds

How we build Categories ›

Same Category. IWMW and IWMY 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 IWMY 8th 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 7CRDTERoundhill Russell 2000 0DTE Covered Call Strategy ETFScore 46
Rank 8DIWMYR2000 Weekly Distribution ETFScore 36
Rank 9DRDTYYieldMax R2000 0DTE Covered Call Strategy ETFScore 33

Our read on each fund

ETF.net Research

IWMWAiShares Russell 2000 BuyWrite ETF

IWMYDR2000 Weekly Distribution ETF

In short

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.

IWMY Most Russell 2000 income funds pay monthly. IWMY pays weekly, funding it by selling daily credit call spreads on the index while holding long exposure, with a stated policy target of 30% of NAV a year in cash.

Stated mandate

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

IWMY The Fund seeks current income as its primary objective and secondary exposure to the performance of the Russell 2000 Index.

Why people hold it

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.

IWMY Weekly cash rather than monthly: distributions are scheduled every week and sourced primarily from option premium on daily Russell 2000 credit call spreads.defianceetfs.com
The 30% annual distribution target is stated policy, not a guess. You know the payout rule going in, and the manager adjusts the strategy to pursue it.defianceetfs.com
Spreads, not naked calls: the fund buys a higher strike against each short call, so participation is limited between the strikes while long index exposure can still gain above the upper strike.defianceetfs.com defianceetfs.com 2
Live since 2023, one of the early weekly-payout ETFs, so the mechanism has run through real small-cap swings rather than existing only on a fact sheet.defianceetfs.com

Worth knowing

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.

IWMY At 1.05% a year it runs above the typical Russell 2000 options-income fund. IWMW charges 0.39% and RYLD 0.60% for their own takes on the same index.
Distributions may include return of capital, which the issuer notes reduces NAV and trading price and over time can result in losses on the investment.defianceetfs.com
Against its Russell 2000 income peer group, our review places it in the lower tier, driven mainly by cost and how the payout is funded relative to index exposure.

Full IWMW profile⁠

Full IWMY profile⁠

IWMW vs IWMY Holdings

How IWMW and IWMY differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of IWMW and 0.0% of IWMY.

Level by level

Holdings0 in both0.0%
Sector11 Sectors97.3%
Asset classEquity100%
Countryby domicile99.9%

Sector

Sector weights in IWMW and IWMY, widest gap first
Sector	More in IWMWMore in IWMY	IWMW	IWMY
Financials	IWMW +1.3 points	19.3%	18.0%
Technology	IWMY +1.2 points	13.3%	14.5%
Consumer Discretionary	IWMW +0.6 points	9.2%	8.6%
Consumer Staples	IWMY +0.6 points	2.0%	2.6%
Real Estate	IWMY +0.6 points	5.8%	6.4%
Energy	IWMW +0.5 points	6.9%	6.4%
Materials	IWMY +0.3 points	4.0%	4.3%
Utilities	IWMW +0.1 points	2.8%	2.7%
Health Care	IWMW +0.1 points	21.0%	20.9%
Industrials	Same weight	13.3%	13.3%
Communication	Same weight	2.3%	2.3%

Country, concentration and asset class

Country by domicile

Country weights in IWMW and IWMY, widest gap first
Country	More in IWMWMore in IWMY	IWMW	IWMY
United States	Same weight	98.4%	98.4%
Brazil	Same weight	0.6%	0.6%
Switzerland	Same weight	0.3%	0.3%
Canada	Same weight	0.2%	0.2%
United Kingdom	IWMW +0.1 points	0.2%	0.1%
Taiwan	Same weight	0.1%	0.1%
Singapore	Same weight	0.1%	0.1%
Norway	IWMW +0.1 points	0.1%	0.0%
Other countries (5)	Same weight	0.1%	0.1%

Concentration

Weight in the 10 largest Holdings

IWMW3.6%
IWMY100.8%

Securities held

IWMW1,966
IWMY3

Asset class

IWMW: Equity
IWMY: Equity

Holdings

Only in IWMW1,966
In both0
Only in IWMY3

Only in IWMW

1,966 securities, 100% of IWMW by weight

Glaukos0.47%
Twist Bioscience0.39%
Jfrog0.36%
Moog Inc Class A0.35%
Brightspring Health Services Inc0.34%
Umb Financial0.34%
Viasat Inc0.34%
Sm Energy0.33%
10X Genomics Class A0.32%
Brinker International Inc0.32%
Ryman Hospitality Properties Reit0.31%
Old National Bancorp0.30%
Protagonist Therapeutics0.30%
Jackson Financial Class A0.30%
Interdigital Inc0.29%
Caretrust Reit0.29%
Vaxcyte0.29%
Cytokinetics0.29%
Healthequity0.29%
Krystal Biotech0.28%
Tg Therapeutics0.28%
Qualys0.28%
Firstcash Holdings Inc0.26%
Kymera Therapeutics0.26%
Alkermes0.26%
Spyre Therapeutics Inc0.25%
Pbf Energy Class A0.25%
Zeta Global Holdings Class A0.25%
Oscar Health Class A0.25%
Commercial Metals0.25%
Abercrombie and Fitch Class A0.25%
Silicon Laboratories0.25%
Praxis Precision Medicines0.24%
Victoria’s Secret0.24%
Commvault Systems0.24%
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%
Compass Inc Class A0.23%
Zurn Elkay Water Solutions Corp0.23%
Fluor Corp0.22%
Transocean0.22%
United Bankshares0.22%
Grail Inc0.22%
Glacier Bancorp Inc0.22%

Only in IWMY

3 securities, 100% of IWMY by weight

Rut 12/18/2026 200.34 C98.37%
First American Government Obligations Fund 12/01/20311.98%
Rut 11/02/2026 2820.28 C0.48%

Weight gaps

IWMW and IWMY share no securities.

All IWMW holdings⁠All 5 IWMY 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.

IWMW vs IWMY Cost

Overpaying IWMY vs IWMW

$11,597

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

IWMW 0.39%
$7,898
IWMY 1.05%
$19,495

Amount$10,000

Years30 years

Cost over time

IWMW 0.39%
IWMY 1.05%
Overpaying

Year by year

Year	IWMW	IWMY	Overpaying
10	$705	$1,847	$1,142
20	$2,725	$6,927	$4,202
30	$7,898	$19,495	$11,597

Expense ratio

0.39%IWMW, cheaper
1.05%IWMY

IWMW0.39%IWMY1.05%

0.35%1.73%

Middle half of Russell 2000 Option Income funds
Median 0.69%

IWMW 2nd cheapest of 9 funds

IWMY 8th cheapest of 9 funds

IWMW vs IWMY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IWMW 20.14%; IWMY 36.95%, better
Payout (12M): IWMW $7.52; IWMY $6.13
Last payment: IWMW $0.59; IWMY $0.10
Ex-dividend: IWMW Oct 2, 2026; IWMY Oct 29, 2026
Paid on: IWMW Oct 7, 2026; IWMY Oct 30, 2026
Frequency: IWMW Monthly; IWMY Weekly

Distribution history

Per share, 2026, same scale for both

IWMWMonthly · 9 paymentsAll IWMW payments⁠

IWMYWeekly · 43 paymentsAll IWMY payments⁠

IWMW vs IWMY Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IWMW 12.4%since Apr 2024IWMY 13.0%since Dec 2023
Return per unit of riskSharpe ratio, 3 years: IWMW 0.37since Apr 2024IWMY 0.48since Dec 2023
Worst fallMax drawdown, 5 years: IWMW −21.9%since Mar 2024IWMY −18.6%since Nov 2023
Market sensitivityBeta, 5 years: IWMW 0.75IWMY 0.85; Market = 1

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