IWMY vs RYLD: Grades, Fees and Holdings Compared

R2000 Weekly Distribution ETF

IWMYDNYSE Arca

Global X Russell 2000 Covered Call ETF

RYLDANYSE Arca

Overlap

0.0%by weight

Expense ratio

RYLD −0.45pt a year

IWMY1.05%RYLD0.60%

Avg volume · 30D

RYLD 9.6×the volume

IWMY52.3KRYLD504K

IWMY vs RYLD Performance

Oct 31, 2025 – Oct 30, 2026

+4.6%IWMY+12.1%RYLD

Expense ratio: IWMY 1.05%; RYLD 0.60%, better
Fund size: IWMY $79M; RYLD $1.3B
1Y total return: IWMY +4.6%; RYLD +12.1%, better
Yield (12M): IWMY 36.95%, better; RYLD 12.18%
Holdings: IWMY 3; RYLD 6
Avg volume (30D): IWMY 52.3K sh; RYLD 504K sh, better
NAV per share: IWMY $16.58; RYLD $15.30
52W range

ETF.net Grade

Pillar letters and Scores for IWMY, RYLD, with each pillar’s weight
Pillar	IWMY	RYLD
Cost30% weight	F18	A72Higher
Mission25% weight	C44	A97Higher
Risk15% weight	D35	B63Higher
Tradability15% weight	C53	A83Higher
Holdings10% weight	Not scored	C45
Durability5% weight	B64	A86Higher

Rank among Russell 2000 Option Income funds

How we build Categories ›

Same Category. IWMY 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 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 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

IWMYDR2000 Weekly Distribution ETF

RYLDAGlobal X Russell 2000 Covered Call ETF

In short

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.

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

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

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

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

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

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.

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 IWMY profile⁠

Full RYLD profile⁠

IWMY vs RYLD Holdings

As of Oct 13, 2026

How IWMY and RYLD differ

Overlap by weight

0.0%

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

Level by level

Holdings0 in both0.0%
Sector11 Sectors98.7%
Asset classEquity100%
Countryby domicile99.9%

Sector

Sector weights in IWMY and RYLD, widest gap first
Sector	More in IWMYMore in RYLD	IWMY	RYLD
Technology	IWMY +0.4 points	14.5%	14.1%
Industrials	IWMY +0.5 points	13.3%	12.8%
Financials	RYLD +0.4 points	18.0%	18.4%
Consumer Discretionary	RYLD +0.4 points	8.6%	9.0%
Materials	IWMY +0.2 points	4.3%	4.1%
Health Care	IWMY +0.1 points	20.9%	20.8%
Consumer Staples	RYLD +0.1 points	2.6%	2.7%
Real Estate	RYLD +0.1 points	6.4%	6.5%
Utilities	RYLD +0.1 points	2.7%	2.8%
Communication	Same weight	2.3%	2.3%
Energy	Same weight	6.4%	6.4%

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

IWMY100.8%
RYLD100.1%

Securities held

IWMY3
RYLD4

Asset class

IWMY: Equity
RYLD: Equity

Holdings

Only in IWMY3
In both0
Only in RYLD4

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%

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

IWMY and RYLD share no securities.

All 5 IWMY 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.

IWMY vs RYLD Cost

Overpaying IWMY vs RYLD

$7,678

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

IWMY 1.05%
$19,495
RYLD 0.60%
$11,817

Amount$10,000

Years30 years

Cost over time

IWMY 1.05%
RYLD 0.60%
Overpaying

Year by year

Year	IWMY	RYLD	Overpaying
10	$1,847	$1,076	$771
20	$6,927	$4,116	$2,811
30	$19,495	$11,817	$7,678

Expense ratio

1.05%IWMY
0.60%RYLD, cheaper

RYLD0.60%IWMY1.05%

0.35%1.73%

Middle half of Russell 2000 Option Income funds
Median 0.69%

RYLD 3rd cheapest of 9 funds

IWMY 8th cheapest of 9 funds

IWMY vs RYLD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IWMY 36.95%, better; RYLD 12.18%
Payout (12M): IWMY $6.13; RYLD $1.87
Last payment: IWMY $0.10; RYLD $0.15
Ex-dividend: IWMY Oct 29, 2026; RYLD Oct 19, 2026
Paid on: IWMY Oct 30, 2026; RYLD Oct 22, 2026
Frequency: IWMY Weekly; RYLD Monthly

Distribution history

Per share, 2026, same scale for both

IWMYWeekly · 43 paymentsAll IWMY payments⁠

RYLDMonthly · 10 paymentsAll RYLD payments⁠

IWMY vs RYLD Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IWMY 13.0%since Dec 2023RYLD 8.7%
Return per unit of riskSharpe ratio, 3 years: IWMY 0.48since Dec 2023RYLD 0.73
Worst fallMax drawdown, 5 years: IWMY −18.6%since Nov 2023RYLD −21.4%
Market sensitivityBeta, 5 years: IWMY 0.85RYLD 0.54; Market = 1

Popular comparisons

IWMYDvsIWMWA
R2000 Weekly Distribution ETF · iShares Russell 2000 BuyWrite ETF
Expense ratio
1.05% · 0.39%
Category
RYLDAvsIWMWA
Global X Russell 2000 Covered Call ETF · iShares Russell 2000 BuyWrite ETF
Expense ratio
0.60% · 0.39%
Category
IWMYDvsRYLGA
R2000 Weekly Distribution ETF · Global X Russell 2000 Covered Call & Growth ETF
Expense ratio
1.05% · 0.35%
Category
RYLDAvsRYLGA
Global X Russell 2000 Covered Call ETF · Global X Russell 2000 Covered Call & Growth ETF
Expense ratio
0.60% · 0.35%
Category
IWMYDvsFTKIB
R2000 Weekly Distribution ETF · First Trust Small Cap BuyWrite Income ETF
Expense ratio
1.05% · 0.86%
Category
RYLDAvsFTKIB
Global X Russell 2000 Covered Call ETF · First Trust Small Cap BuyWrite Income ETF
Expense ratio
0.60% · 0.86%
Category