iShares Russell 2000 BuyWrite ETF
Name
As of 09/06/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
N/A
1 yr return
N/A
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$15.3 M
Holdings in Top 10
98.4%
52 WEEK LOW AND HIGH
$45.1
$43.57
$50.71
Expenses
OPERATING FEES
Expense Ratio 0.39%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 09/06/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
IWMW - Profile
Distributions
- YTD Total Return N/A
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 24.8%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameiShares Russell 2000 BuyWrite ETF
-
Fund Family NameBlackRock-advised Funds
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Inception DateMar 15, 2024
-
Shares OutstandingN/A
-
Share ClassN/A
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CurrencyUSD
-
Domiciled CountryUS
Fund Description
The Fund seeks to track the investment results of the Cboe FTSE Russell IWM 2% OTM BuyWrite Index (the “Underlying Index”). The Underlying Index is designed to measure the performance of a strategy of holding the iShares Russell 2000 ETF (the “Underlying Fund”) while writing (selling) one-month call options primarily on the Russell 2000 Index (the “Option Index”) to generate income. The Fund seeks to achieve its investment objective by investing a substantial portion of its assets in the Underlying Fund and options on the Option Index. A strategy of holding a stock or basket of stocks and selling call options that reference the stock or basket of stocks is commonly known as a “covered call” or “buy-write” strategy. The Underlying Index is a product of Cboe Global Indices, LLC or its affiliates (the “Index Provider” or “CGI”) and FTSE Russell or its affiliates (“Russell”), the index provider for the Underlying Fund.
The Underlying Fund seeks to track the investment results of the Option Index, which measures the performance of the small-capitalization sector of the U.S. equity market, as defined by Russell. The Option Index is a float-adjusted capitalization-weighted index of equity securities issued by the approximately 1,921 smallest issuers in the Russell 3000 Index. The securities in the Option Index represent a broad range of industries.
The Underlying Index uses “European-style” call options, which can be exercised only on their expiration date. The options trade on national securities exchanges. In writing a call option, the Fund receives a premium, and the purchaser of the option has the right to buy the value of the Option Index at the option’s strike price at expiration. However, the Fund does not expect to settle the outstanding option positions; generally, it purchases offsetting call options on the roll date (as defined below) as necessary to close out the open call position(s). Although the Fund receives option premiums, it does not participate in any market gains of the Underlying Fund that exceed the equivalent strike price of the option on the Option Index. The Fund fully participates in any declines in the value of the Underlying Fund.
The Fund seeks to write call options equal to the full notional amount of shares of the Underlying Fund. In other words, the Fund aims for its short option position in the Option Index to be fully offset, or “covered,” by the long position that the Fund holds in shares of the Underlying Fund. At times, however, there may be a notional mismatch due to differences between the Underlying Fund and the Option Index with respect to pricing, tracking error, dividends, and
other factors. In addition, the Fund may opt not to write any options in certain circumstances, primarily if the option is far “out of the money” (i.e., the strike price exceeds the price of the Option Index) and would generate minimal premium income.
Each call option used in the Underlying Index has a strike price closest to 102% of the closing value of the Option Index one day prior to the roll date. The roll date is the day that open call option positions are closed out by purchasing the offsetting call option positions and subsequently writing new call options that expire the following month. The roll date is the business day preceding the expiration date of the options in the Underlying Index. The Underlying Index is rebalanced monthly at the close of trading on the roll date.
If, on the day prior to the roll date, the premium that an option writer would hypothetically receive on the new 102% call option is less than five basis points of the closing value of the Option Index on that day, the Underlying Index will instead select the call option with the strike price closest to 100% of the closing value of the Option Index. Selecting an option with a strike price closest to 100% (rather than 102%) in these circumstances is designed to avoid writing an option whose potential trading costs would exceed the option’s premium.
The Fund may write options on different dates than the Underlying Index’s roll date and may use strike prices, contract sizes, or maturity dates that are different than those for the options used in the Underlying Index. In addition, the Fund may write options that are not on the Option Index but that have investment and fundamental
characteristics, in the aggregate, similar to the options used in the Underlying Index.
The Fund makes monthly distributions consisting of the option premium received and any dividends received from the Underlying Fund, subject to a cap of 2% of the Fund’s NAV per month. The Fund is likely to distribute an amount greater than its earnings and profits, resulting in a return of capital.
As of December 20, 2023, a significant portion of the Underlying Index is represented, through its holdings in the Underlying Fund, by securities of companies in the financials and industrials sectors.
BFA uses an indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.
Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.
BFA uses a representative sampling indexing strategy to manage the Fund and the Underlying Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities or other instruments selected are expected to
have, in the aggregate, investment characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. The Fund and the Underlying Fund may not hold all of the securities or other instruments in the applicable Underlying Index and may hold certain securities or other instruments that are not included in the applicable Underlying Index.
The Underlying Index is provided by the Index Provider and Russell and is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities and other instruments in the Underlying Index and publishes information regarding the market value of the Underlying Index.
Industry Concentration Policy. The Fund will concentrate its investments i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.
IWMW - Performance
Return Ranking - Trailing
Period | IWMW Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | N/A | N/A | N/A | N/A |
1 Yr | N/A | N/A | N/A | N/A |
3 Yr | N/A* | N/A | N/A | N/A |
5 Yr | N/A* | N/A | N/A | N/A |
10 Yr | N/A* | N/A | N/A | N/A |
* Annualized
Return Ranking - Calendar
Period | IWMW Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | N/A | N/A | N/A | N/A |
2022 | N/A | N/A | N/A | N/A |
2021 | N/A | N/A | N/A | N/A |
2020 | N/A | N/A | N/A | N/A |
2019 | N/A | N/A | N/A | N/A |
Total Return Ranking - Trailing
Period | IWMW Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | N/A | N/A | N/A | N/A |
1 Yr | N/A | N/A | N/A | N/A |
3 Yr | N/A* | N/A | N/A | N/A |
5 Yr | N/A* | N/A | N/A | N/A |
10 Yr | N/A* | N/A | N/A | N/A |
* Annualized
Total Return Ranking - Calendar
Period | IWMW Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | N/A | N/A | N/A | N/A |
2022 | N/A | N/A | N/A | N/A |
2021 | N/A | N/A | N/A | N/A |
2020 | N/A | N/A | N/A | N/A |
2019 | N/A | N/A | N/A | N/A |
IWMW - Holdings
Concentration Analysis
IWMW | Category Low | Category High | IWMW % Rank | |
---|---|---|---|---|
Net Assets | 15.3 M | N/A | N/A | N/A |
Number of Holdings | 3 | N/A | N/A | N/A |
Net Assets in Top 10 | 15 M | N/A | N/A | N/A |
Weighting of Top 10 | 98.41% | N/A | N/A | N/A |
Top 10 Holdings
- iShares Russell 2000 ETF 99.76%
- BlackRock Cash Funds: Treasury, SL Agency Shares 0.26%
- RUSSELL 2000 INDEX -1.61%
Asset Allocation
Weighting | Return Low | Return High | IWMW % Rank | |
---|---|---|---|---|
Stocks | 99.76% | N/A | N/A | N/A |
Cash | 1.85% | N/A | N/A | N/A |
Preferred Stocks | 0.00% | N/A | N/A | N/A |
Convertible Bonds | 0.00% | N/A | N/A | N/A |
Bonds | 0.00% | N/A | N/A | N/A |
Other | -1.61% | N/A | N/A | N/A |
Stock Sector Breakdown
Weighting | Return Low | Return High | IWMW % Rank | |
---|---|---|---|---|
Utilities | 0.00% | N/A | N/A | N/A |
Technology | 0.00% | N/A | N/A | N/A |
Real Estate | 0.00% | N/A | N/A | N/A |
Industrials | 0.00% | N/A | N/A | N/A |
Healthcare | 0.00% | N/A | N/A | N/A |
Financial Services | 0.00% | N/A | N/A | N/A |
Energy | 0.00% | N/A | N/A | N/A |
Communication Services | 0.00% | N/A | N/A | N/A |
Consumer Defense | 0.00% | N/A | N/A | N/A |
Consumer Cyclical | 0.00% | N/A | N/A | N/A |
Basic Materials | 0.00% | N/A | N/A | N/A |
Stock Geographic Breakdown
Weighting | Return Low | Return High | IWMW % Rank | |
---|---|---|---|---|
US | 99.76% | N/A | N/A | N/A |
Non US | 0.00% | N/A | N/A | N/A |
IWMW - Expenses
Operational Fees
IWMW Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.39% | N/A | N/A | N/A |
Management Fee | 0.20% | N/A | N/A | N/A |
12b-1 Fee | N/A | N/A | N/A | N/A |
Administrative Fee | N/A | N/A | N/A | N/A |
Sales Fees
IWMW Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | N/A | N/A | N/A |
Deferred Load | N/A | N/A | N/A | N/A |
Trading Fees
IWMW Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | N/A | N/A | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
IWMW Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | N/A | N/A | N/A |
IWMW - Distributions
Dividend Yield Analysis
IWMW | Category Low | Category High | IWMW % Rank | |
---|---|---|---|---|
Dividend Yield | 24.84% | N/A | N/A | N/A |
Dividend Distribution Analysis
IWMW | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly |
Net Income Ratio Analysis
IWMW | Category Low | Category High | IWMW % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | N/A | N/A | N/A |
Capital Gain Distribution Analysis
IWMW | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency |
Distributions History
Date | Amount | Type |
---|---|---|
Sep 04, 2024 | $0.933 | OrdinaryDividend |
Aug 02, 2024 | $0.523 | OrdinaryDividend |
Jul 02, 2024 | $0.633 | OrdinaryDividend |
Jun 04, 2024 | $0.505 | OrdinaryDividend |
May 02, 2024 | $0.776 | OrdinaryDividend |
Apr 02, 2024 | $0.622 | OrdinaryDividend |