US-listed · NYSE Arca · FIF-eligible (above NZ$50K)
iShares IWM iShares Russell 2000 ETF
Tracks the Russell 2000 Index — ~2,000 US small-cap stocks. The most-traded small-cap ETF.
Updated Reviewed quarterly
About this fund
What is IWM?
IWM is the US-listed ticker for iShares Russell 2000 ETF, issued by iShares. Tracks the Russell 2000 Index — ~2,000 US small-cap stocks. The most-traded small-cap ETF. TER is 0.19% per year, with a trailing 12-month distribution yield of approximately 1.4%. Distributions are paid quarterly.
Next typical distribution: June.IWM typically pays in Mar · Jun · Sep · Dec. Issuer sets the exact date — verify on the distribution calendar before relying on a payment date.
Platform availability
Where to buy IWM from New Zealand
Based on each platform's advertised market coverage and fee schedule. Verify with the platform before transacting — instrument coverage can change.
| Platform | Per-trade fee | FX | Min | Notes |
|---|---|---|---|---|
 Sharesies Sharesies | 1.9% per trade | 0.5% | NZ$0 | Beginners, fractional shares, mixing NZ + US ETFs |
 Hatch Hatch | US$3 per trade (≤300 shares) | 0.5% | NZ$0 (US$1 to invest) | NZ investors who want US-only ETFs (SPY, VOO, QQQ, SCHD, JEPI) |
 Stake Stake | US$0 trades | 0.70% | NZ$0 | Frequent US-share traders who hate per-trade fees |
 Interactive Brokers Interactive Brokers | From US$0.35 / trade (Tiered) or US$1 flat (Fixed) | ~0.002% (US$2 min) | US$0 | Larger portfolios, frequent traders, multi-market investors |
 Tiger Brokers Tiger Brokers | US$1.99 per US trade | 0.50% | NZ$0 | NZ investors who want NZ + US + Asian markets in one account |
 Jarden Direct Jarden Direct | NZ$29.90 per NZX trade | ~0.40% | NZ$0 | Larger NZX trades and global market access through one NZ broker |
 ASB Securities ASB Securities | NZ$30 per NZX trade | Bank rates (~1%) | NZ$0 (ASB customer) | Existing ASB customers wanting one login for banking + brokerage |
Showing 7 platforms that list this ETF. Full platform comparison: all 11 NZ brokers → · Full coverage matrix: availability matrix →
NZ tax treatment
How is IWM taxed for NZ investors?
IWM is US-domiciled. NZ investors apply Foreign Investment Fund rules once total overseas-share cost basis crosses the de-minimis threshold. Below it, only dividends are taxable.
The FIF de-minimis threshold is NZ$50,000 (source) of overseas-share cost basis. Below it, FIF rules do not apply and only dividends are taxable.
Most NZ retail investors use Fair Dividend Rate (FDR): deemed income = 5% × opening market value × your marginal rate. Comparative Value (CV) can be lower in flat or down years.
US dividends carry 15% (source) withholding under the NZ–US tax treaty (file W-8BEN; default rate without it is 30% (source) ). The withheld amount can be claimed as a foreign tax credit on your IR3.
FDR vs CV method → · PIE vs FIF comparison →
🧮 Model your own after-tax outcome
Mechanical NZ-tax calculator comparing PIE @ PIR vs FIF @ FDR vs FIF @ CV on your principal, assumed return, time horizon, PIR, and marginal rate. → Open the after-tax calculator
General information only — not personalised tax advice. Confirm your treatment with a registered NZ tax adviser before transacting.
Add up to 4 more tickers to compare TER · yield · distribution · NZ tax structure.
Similar ETFs
ETFs with similar focus to IWM
Same asset class, issuer cousins, and exchange peers — ranked by closest match. Click any row to compare side-by-side in the multi-compare tool.
| Ticker | Name | TER | Yield | Distribution | NZ tax | Compare |
|---|---|---|---|---|---|---|
| FNZ | NZ Top 50 (FNZ) Smartshares · NZX | 0.52% | 3.8% | Quarterly | PIE | IWM vs FNZ |
| NZ20 | Kernel NZ 20 Kernel · NZX | 0.29% | 3.2% | Quarterly | PIE | IWM vs NZ20 |
| TNZ | NZ Top 10 (TNZ) Smartshares · NZX | 0.60% | — | Quarterly | PIE | IWM vs TNZ |
| MZY | NZ Mid Cap (MZY) Smartshares · NZX | 0.75% | — | Quarterly | PIE | IWM vs MZY |
| KSC | Kernel NZ 20 (KSC) Kernel · NZX | 0.25% | — | Quarterly | PIE | IWM vs KSC |
Distribution history
Last 12 distributions — IWM
IWM typically distributes mar · jun · sep · dec. Per-payment history (amount + ex-date + payment date for the last 12 distributions) is published authoritatively on the issuer's own fact sheet and corporate-actions page. We do not yet aggregate per-payment history into the canonical dataset on this site — that work is gated on the live-data-feed roadmap item (#42 in our roadmap).
Next typical distribution month: June. The exact ex-date and payment date are set by iShares — verify on the issuer source below before relying on a specific date.
Authoritative sources for distribution history
- iShares IWM product page — corporate actions + distribution announcements
See /calendar/distributions/ for the rolling 12-month forward calendar across all covered ETFs.
FAQ
Common questions about IWM
What is the IWM ETF? ⌄
IWM is the iShares Russell 2000 ETF — it tracks the Russell 2000 Index, holding approximately 2,000 small-cap US stocks (the smallest 2,000 of the Russell 3000). TER is 0.19%, distributions paid quarterly. Yield ~1.4%. The most-traded small-cap ETF; deep liquidity for institutional and retail use.
IWM vs VTI — why hold small-caps separately? ⌄
VTI (Vanguard Total Stock Market) already includes small-caps — they're roughly 6-8% of total US equity market cap. IWM pure-plays small-caps. Holding IWM on top of VTI overweights small-caps; some investors do this for the historical small-cap premium ("Fama-French" risk factor). Whether the historical premium persists is contested in academic finance.
Can NZ residents buy IWM? ⌄
Yes. IWM is available via Hatch, Stake, Sharesies (US market), and Interactive Brokers. Above NZ$50,000 cost basis FIF rules apply (FDR method most common). Note: small-caps are higher-volatility than large-caps; FDR's flat 5% × MV calculation can produce particularly poor after-tax outcomes in down years for small-cap-heavy portfolios.
IWM vs IJR or VB — alternatives? ⌄
IWM tracks Russell 2000. IJR (iShares Core S&P Small-Cap) tracks the S&P SmallCap 600 — slightly different, with a profitability screen that has historically slightly outperformed Russell 2000. VB (Vanguard Small-Cap) tracks the CRSP US Small Cap Index. All three give broad small-cap exposure; IWM has the deepest liquidity, IJR the highest historical return, VB the lowest TER (0.05% vs 0.19%).
Where to buy IWM from New Zealand
The platforms below all support IWM. Each link opens the platform's site directly — we don't take any payment for placement or for clicks.
Hatch 
Sharesies 
Interactive Brokers 
Stake 
Tiger Brokers Fees + platform details verified against each provider's published rate card. Always check the current schedule before transacting. Full platform comparison →
Sources for this IWM data
Every TER, yield, and holdings figure on this page traces to one of the documents below. We do not pull live prices; the data is reviewed monthly against issuer fact sheets and exchange listings (last reviewed 2026-05-04).
External links open in a new tab. We do not earn commission on issuer product pages. See our methodology + disclosure.
Related ETFs and resources
VTI — Vanguard Total Stock Market
Already includes small-caps; consider before adding IWM as an overweight.
AVUV — Avantis US Small Cap Value
Active small-cap value tilt; targets the small + value premium together.
VOO — Vanguard S&P 500 (large-cap)
Large-cap counterpart for a multi-cap-tilt portfolio.
FIF tax explained
Why FDR floor + small-cap volatility = poor after-tax outcomes in down years.
