IWMW vs RYLD: Grades, Fees and Holdings Compared

iShares Russell 2000 BuyWrite ETF

IWMWACboe

Global X Russell 2000 Covered Call ETF

RYLDANYSE Arca

Overlap

0.0%by weight

Expense ratio

IWMW −0.21pt a year

IWMW0.39%RYLD0.60%

Avg volume · 30D

RYLD 34.1×the volume

IWMW14.8KRYLD504K

IWMW vs RYLD Performance

Oct 31, 2025 – Oct 30, 2026

+9.7%IWMW+12.1%RYLD

Expense ratio: IWMW 0.39%, better; RYLD 0.60%
Fund size: IWMW $55M; RYLD $1.3B
1Y total return: IWMW +9.7%; RYLD +12.1%, better
Yield (12M): IWMW 20.14%, better; RYLD 12.18%
Holdings: IWMW 1970; RYLD 6
Avg volume (30D): IWMW 14.8K sh; RYLD 504K sh, better
NAV per share: IWMW $37.45; RYLD $15.30
52W range

ETF.net Grade

Pillar letters and Scores for IWMW, RYLD, with each pillar’s weight
Pillar	IWMW	RYLD
Cost30% weight	A83Higher	A72
Mission25% weight	A86	A97Higher
Risk15% weight	D39	B63Higher
Tradability15% weight	C51	A83Higher
Holdings10% weight	A86Higher	C45
Durability5% weight	B64	A86Higher

Rank among Russell 2000 Option Income funds

How we build Categories ›

Same Category. IWMW and RYLD 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 ›

RYLD ranks 1st and IWMW 2nd 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

Our read on each fund

ETF.net Research

IWMWAiShares Russell 2000 BuyWrite ETF

RYLDAGlobal X Russell 2000 Covered Call 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.

RYLD The veteran of small-cap options income. Launched in 2019 and now a multi-billion-dollar fund, it owns the Russell 2000 and sells calls against it, swapping some upside for a monthly check.

Stated mandate

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

RYLD The Fund is designed to track the price and yield performance of the Cboe Russell 2000 BuyWrite Index before fees and expenses.

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.

RYLD 0.60% a year undercuts the median fee among Russell 2000 income funds, and comes in below NEOS's IWMI at 0.76%.
Simple, legible machine: track the Cboe Russell 2000 BuyWrite Index, own the small caps, sell the calls, pay out monthly.
One of the stronger implementations in its Russell 2000 income group, backed by active trading and a multi-billion-dollar asset base.

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.

RYLD A buy-write trades away the melt-up. When small caps rip, the called-away shares mean the premium is most of what you get.
Cheaper Russell 2000 call-writers exist: iShares' IWMW at 0.39% and Global X's own RYLG at 0.35%.
The monthly payment is option premium, not a coupon. It rises and falls with small-cap volatility rather than arriving at a set rate.

Full IWMW profile⁠

Full RYLD profile⁠

IWMW vs RYLD Holdings

As of Oct 13, 2026

How IWMW and RYLD differ

Overlap by weight

0.0%

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

Level by level

Holdings0 in both0.0%
Sector11 Sectors97.6%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in IWMW and RYLD, widest gap first
Sector	More in IWMWMore in RYLD	IWMW	RYLD
Financials	IWMW +0.9 points	19.3%	18.4%
Technology	RYLD +0.8 points	13.3%	14.1%
Consumer Staples	RYLD +0.7 points	2.0%	2.7%
Real Estate	RYLD +0.7 points	5.8%	6.5%
Energy	IWMW +0.5 points	6.9%	6.4%
Industrials	IWMW +0.5 points	13.3%	12.8%
Consumer Discretionary	IWMW +0.2 points	9.2%	9.0%
Health Care	IWMW +0.2 points	21.0%	20.8%
Materials	RYLD +0.1 points	4.0%	4.1%
Communication	Same weight	2.3%	2.3%
Utilities	Same weight	2.8%	2.8%

Country, concentration and asset class

Country by domicile

Country weights in IWMW and RYLD, widest gap first
Country	More in IWMWMore in RYLD	IWMW	RYLD
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	Same weight	0.2%	0.2%
Taiwan	Same weight	0.1%	0.1%
Norway	IWMW +0.1 points	0.1%	0.0%
Singapore	Same weight	0.1%	0.1%
Other countries (5)	Same weight	0.1%	0.1%

Concentration

Weight in the 10 largest Holdings

IWMW3.6%
RYLD100.1%

Securities held

IWMW1,966
RYLD4

Asset class

IWMW: Equity
RYLD: Equity

Holdings

Only in IWMW1,966
In both0
Only in RYLD4

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 RYLD

4 securities, 100% of RYLD by weight

Global X Russell 2000 Etf100.04%
Inhibrx Inc<0.01%
Novartis AG - Cvr<0.01%
Cartesian Therapeutics Inc0.00%

Weight gaps

IWMW and RYLD share no securities.

All IWMW holdings⁠All 8 RYLD 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 RYLD Cost

Overpaying RYLD vs IWMW

$3,919

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

IWMW 0.39%
$7,898
RYLD 0.60%
$11,817

Amount$10,000

Years30 years

Cost over time

IWMW 0.39%
RYLD 0.60%
Overpaying

Year by year

Year	IWMW	RYLD	Overpaying
10	$705	$1,076	$371
20	$2,725	$4,116	$1,391
30	$7,898	$11,817	$3,919

Expense ratio

0.39%IWMW, cheaper
0.60%RYLD

IWMW0.39%RYLD0.60%

0.35%1.73%

Middle half of Russell 2000 Option Income funds
Median 0.69%

IWMW 2nd cheapest of 9 funds

RYLD 3rd cheapest of 9 funds

IWMW vs RYLD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IWMW 20.14%, better; RYLD 12.18%
Payout (12M): IWMW $7.52; RYLD $1.87
Last payment: IWMW $0.59; RYLD $0.15
Ex-dividend: IWMW Oct 2, 2026; RYLD Oct 19, 2026
Paid on: IWMW Oct 7, 2026; RYLD Oct 22, 2026
Frequency: IWMW Monthly; RYLD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

IWMWMonthly · 31 paymentsAll IWMW payments⁠

RYLDMonthly · 46 paymentsAll RYLD payments⁠

IWMW vs RYLD 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 2024RYLD 8.7%
Return per unit of riskSharpe ratio, 3 years: IWMW 0.37since Apr 2024RYLD 0.73
Worst fallMax drawdown, 5 years: IWMW −21.9%since Mar 2024RYLD −21.4%
Market sensitivityBeta, 5 years: IWMW 0.75RYLD 0.54; Market = 1

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