US-listed · NYSE Arca · FIF-eligible (above NZ$50K)
iSharesIWMiShares 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 0.9%. Distributions are paid quarterly.
Next typical distribution: December.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 |
|---|---|---|---|---|
 SharesiesSharesies | 1.9% per trade | 0.5% | NZ$0 | Beginners, fractional shares, mixing NZ + US ETFs |
 HatchHatch | 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) |
 StakeStake | US$0 trades | 0.70% | NZ$0 | Frequent US-share traders who hate per-trade fees |
 Interactive BrokersInteractive 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 BrokersTiger Brokers | US$2 flat per US trade (to 200 shares) | 0.50% | NZ$0 | NZ investors who want NZ + US + Asian markets in one account |
 Invest DirectInvest Direct | From NZ$29.90 per trade | Undisclosed margin on conversion | NZ$0 | US trading must be switched on by request, and covers a curated list of US securities — check this ticker is on it. |
 ASB SecuritiesASB 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 | 0.50% | 3.2% | Semi-annual | PIE | IWM vs FNZ |
| NZ20 | Kernel NZ 20 Kernel · Unlisted | 0.25% | — | Quarterly | PIE | IWM vs NZ20 |
| TNZ | NZ Top 10 (TNZ) Smartshares · NZX | 0.60% | 1.9% | Semi-annual | PIE | IWM vs TNZ |
| VTI | VTI Vanguard · NYSE Arca | 0.03% | 1.0% | Quarterly | FIF | IWM vs VTI |
| QQQ | QQQ Invesco · NASDAQ | 0.18% | — | Quarterly | FIF | IWM vs QQQ |
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 have not yet verified a per-payment history for this fund against the issuer's records, so we point at the authoritative sources below rather than estimating.
Next typical distribution month: December. 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
- iShares IWM fact sheet PDF — historical distribution table
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 ~0.9%. 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. VB (Vanguard Small-Cap) tracks the CRSP US Small Cap Index. All three give broad small-cap exposure; IWM has the deepest liquidity, while IJR and VB carry lower TERs than IWM's 0.19% — check each issuer's fact sheet for current figures.
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 BrokersFees + platform details verified against each provider's published rate card. Always check the current schedule before transacting.Full platform comparison →
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Sources for this IWM data
The figures on this page come from the documents below. We do not pull live prices; the data is reviewed against issuer fact sheets and exchange listings (last reviewed 2026-09-05). Which figures have been checked against the issuer by machine, rather than by eye, is stated below — an unchecked figure is labelled as such rather than left ambiguous.
- ✓Total expense ratioChecked against BlackRock's own product-screener data on 2026-09-05.
- ✓Distribution yieldChecked against BlackRock's own product-screener data on 2026-09-05 (issuer figure as at 2026-07-31).Measured as trailing 12-month distributions.
Issuer product page
ishares.com/us/products/239710/ishares-russell-2000-etf
Fact sheet (PDF)
ishares.com/us/literature/fact-sheet/iwm-ishares-russell-2000-etf-fund-fact-sheet-en-us.pdf
External links open in a new tab. We do not earn commission on issuer product pages. See our methodology + disclosure.
Compare
IWM against the alternatives
1 side-by-side comparison covering fee, yield and NZ tax wrapper. Characteristics, not recommendations.
| Comparison | The other fund | Its TER |
|---|---|---|
| IWM vs USS | US Small Cap (USS) | 0.51% |
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.
