At a glance
IWMY charges 1.05% a year. It has $96.5M in assets; it paid 37.01% of its price in distributions over the past 12 months, monthly. Over the past year it returned +4.5% with distributions reinvested (S&P 500: +11.5%).
The short version
Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) is an actively managed options-income fund tied to the Russell 2000 small-cap index, issued through Tidal Financial Group. It sells short-dated call spreads on the index every day and targets annual payouts of about 30% of net asset value, though that is not a guarantee. The trade-offs are a 1.05% expense ratio, full exposure to small-cap losses and payouts that can shrink the fund's value.
Price history
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IWMY +4.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| IWMY official prospectus, to Dec 31, 2024 | — | +6.43% | — | — | — | +14.75% |
| IWMY price data to Oct 27, 2026 | +8.4% | +4.5% | — | — | — | +11.2% |
- Over the year to Oct 27, 2026, IWMY returned +4.5%.
- Its worst full calendar year was 2024 (+5.7%); its best was 2025 (+10.3%).
- The deepest fall in its price history was 18.6% (Feb 18, 2025 to Apr 10, 2025), recovered by Jul 2, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.4% | — |
| 2025 | +10.3% | — |
| 2024 | +5.7% | +6.43% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $4.6250 | |
| 2025 | $12.4811 | -61.3% |
| 2024 | $32.2262 |
What's inside
As of Aug 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets, and 6.13% sat in cash and money-market holdings.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Aug 31, 2026, investors added a net $4.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.84%, -2.58%, +0.41%.
How it works
IWMY is actively managed and seeks current income. It doesn't buy the roughly 2,000 small US companies in the Russell 2000 Index. Instead, it gets exposure through ETFs that track the index or through options. Those options can pair bought calls with sold puts. They can also be deep in-the-money calls, which move almost in step with the index. As of August 31, 2026, about 94% of the fund sat in one Russell 2000 call option expiring December 18, 2026, with about 6% in cash. Cash and short-term Treasuries back the options and add income.
Each day, the fund sells a call spread on the index and favors very short-dated options. The '0DTE' in the name means zero days to expiration. The fund sells a call option near the index level and buys one at a higher strike price. It keeps the net premium but gives up index gains between the two strikes. Above the upper strike, it shares in gains again. If the index falls, the premiums may not offset the loss.
The fund seeks about 2.5% a month in net premiums. That adds up to an annual target of about 30% of net asset value, paid out weekly. The prospectus says this is not a guaranteed yield or return. Payouts larger than the fund's earnings shrink its net asset value and future payouts, and part of them may be return of capital.
What it really costs
- IWMY charges 1.05% a year.
- Of that, 0.99% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $107 in the first year and $1,283 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IWMY | $107 | $334 | $579 | $1,283 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
It pays very large distributions but takes the full downside of small-cap stocks, charges 1.05% a year and can wear down its own value over time.
IWMY launched on October 31, 2023, so it has no record through the 2008, 2020 or 2022 sell-offs. Its deepest drop was 18.6%, from February 18 to April 10, 2025. It recovered by July 2, 2025, about 2.7 months later. Every calendar year so far has been positive, including 6.43% in 2024 according to the prospectus. Option premiums may not offset losses in a small-cap slump, so a retiree who sells shares in a bad year would likely be selling at lower prices.
The trailing 12-month yield was 37.01% as of October 27, 2026. But payouts larger than earnings reduce net asset value, may include return of capital and are usually taxed as ordinary income. Costs are high: $107 in year one and $1,283 over 10 years on $10,000, under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking large, frequent cash payouts tied to the Russell 2000 who accept that the roughly 30%-of-NAV annual target isn't guaranteed.
- Investors holding it as a small slice beside broad funds, who can live with drops like its 18.6% fall in early 2025.
- Investors using a tax-advantaged account, where option income taxed as ordinary income and return-of-capital payouts create fewer tax complications.
Look elsewhere if
- Cost-conscious investors: the 1.05% expense ratio adds up to $1,283 over 10 years on $10,000 under the SEC's standard example.
- Anyone needing payouts that hold steady in dollars; the prospectus warns distributions can erode net asset value and shrink future payments.
- Investors wanting a long record: launched in October 2023, it hasn't been tested by a bear market like 2008 or 2022.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does IWMY pay weekly or monthly dividends?
IWMY's prospectus says it seeks to pay cash distributions weekly. It also says there is no assurance of a payment in any given week and that amounts will likely vary greatly. Over the 12 months to October 27, 2026, payouts totaled $6.20 a share, a trailing yield of 37.01%. A significant portion may be classified as return of capital rather than dividends.
Is IWMY's 30% yield real?
Not in the usual sense. The fund targets annual distributions of about 30% of its net asset value, built from roughly 2.5% a month in option premiums. The prospectus says this is not a guarantee and not a 30% yield or total return. When payouts exceed what the fund earns, its net asset value falls and future payouts shrink in dollars. Its 1-year return was 4.5% as of October 27, 2026.
What does 0DTE mean in IWMY?
It stands for 'zero days to expiration,' meaning options that expire very soon after they are traded. IWMY sells call spreads on the Russell 2000 every day and focuses on near-term expirations. The prospectus says these typically pay higher premiums than equivalent longer-term options. The trade-off is that the fund gives up index gains between the two strike prices of each spread but still takes losses if small caps fall.
Is IWMY good for retirement income?
It can produce large cash payouts, but with real trade-offs. The trailing yield was 37.01% as of October 27, 2026. Even so, distributions can reduce net asset value, may include return of capital and are usually taxed as ordinary income. The fund keeps the downside of small-cap stocks, and its deepest drop was 18.6% in early 2025. It costs 1.05% a year and has no record before October 2023.
How is IWMY different from a Russell 2000 index fund?
IWMY isn't an index fund. It is actively managed and holds its index exposure mainly through options. As of August 31, 2026, about 94% of the fund was in a single Russell 2000 call option. It also sells daily call spreads for income, trading away some upside for high payouts, and charges a 1.05% expense ratio. A traditional index fund owns the stocks directly and doesn't cap gains.