ETF Evaluator:
ETRACS 2x Leveraged US Size Fctr TR ETN (IWML)
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(as of )
Best Performing in Trading--Leveraged Equity Over the Last Year
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ETF Details
ETRACS 2x Leveraged US Size Fctr TR ETN Overview
ETRACS 2x Leveraged US Size Fctr TR ETN (IWML) is a passively managed Miscellaneous Trading--Leveraged Equity exchange-traded fund (ETF). UBS launched the ETF in 2021.
The investment seeks to provide a 2 times leveraged return linked to the compounded quarterly performance of the Russell 2000 Index.
The index includes approximately 2,000 of the smallest securities that form the Russell 3000® Index. The index is intended to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.
About ETRACS 2x Leveraged US Size Fctr TR ETN (IWML)
There are 1 members of the management team with an average tenure of 5.48 years: No Manager (2021). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Russell 2000 TR USD index with a weighting of 200%. ETRACS 2x Leveraged US Size Fctr TR ETN has securities in its portfolio. The top 10 holdings constitute 0.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
ETRACS 2x Leveraged US Size Fctr TR ETN is part of the Other global asset class and is within the Miscellaneous ETF group. ETRACS 2x Leveraged US Size Fctr TR ETN has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ETRACS 2x Leveraged US Size Fctr TR ETN has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $6 million in total assets, which is below the $251 million average for the Trading--Leveraged Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
IWML Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The ETRACS 2x Leveraged US Size Fctr TR ETN expense ratio is high compared to funds in the Trading--Leveraged Equity category. ETRACS 2x Leveraged US Size Fctr TR ETN has an expense ratio of 0.95%, which is the same as its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. ETRACS 2x Leveraged US Size Fctr TR ETN has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 396% for the Trading--Leveraged Equity category.
Recently, in the month of July 2026, ETRACS 2x Leveraged US Size Fctr TR ETN returned -6.0%, which earned it a grade of B, as the Trading--Leveraged Equity category had an average return of -18.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
ETRACS 2x Leveraged US Size Fctr TR ETN has a trailing yield of 0.00%, which is below the 5.84% category average.
The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
ETRACS 2x Leveraged US Size Fctr TR ETN Grades
Year to date, the ETF has returned 34.6%, 30.8 percentage points better than the category, which translates into a grade of B. The fund has returned 66.1% over the past year (grade of B), 18.8% over the past three years (grade of C) and 4.4% per year over the past five years (grade of C).
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IWML Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| IWML Return (NAV) | -6.0% | 7.8% | 66.1% | 18.8% | 4.4% | na |
| IWML Return (Price) | 4.0% | 9.9% | 62.4% | 19.4% | 4.7% | na |
| NAV +/- Price Return | -9.997% | -2.067% | 3.752% | -0.581% | -0.364% | na |
| Trading--Leveraged Equity Avg | -18.2% | -10.8% | 47.2% | 18.3% | 6.2% | 9.2% |
| IWML Grade (NAV) | B | B | B | C | C | na |
| +/- Category (NAV) | 12.2% | 18.6% | 18.9% | 0.5% | -1.9% | na |
| IWML Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
IWML Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| IWML Return (NAV) | 34.6% | 9.4% | 15.9% | 22.5% | -41.8% | na | na | na | na | na | na |
| IWML Return (Price) | 34.6% | 11.3% | 15.7% | 22.3% | -41.8% | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.000% | 0.212% | -0.010% | -0.010% | -0.001% | na | na | na | na | na | na |
| Trading--Leveraged Equity Avg | 3.8% | 41.3% | 29.5% | 62.2% | -36.7% | 45.0% | 6.2% | 64.1% | -31.9% | 61.0% | 29.3% |
| IWML Grade (NAV) | B | D | C | D | C | na | na | na | na | na | na |
| +/- Category | 30.8% | -32.0% | -13.7% | -39.6% | -5.1% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 2.57 |
| R-Squared: | 69% |
| Standard Deviation: | 40.3% |
| Category Risk Index: | 0.76 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 3.29 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 6 Mil |
| Share Class Assets: | $ 6 Mil |
| Turnover: | na |
| Expense Ratio: | 0.95% |
| Index Fund: | Yes |
| Index Tracked: | Russell 2000 TR USD |
| Index Weighting: | 200% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 5.5 years | |||
| Average Tenure: 5.5 years | |||
| Managers (Year): Manager No (2021) | |||
Portfolio Composition (as of )
| # of Holdings: | |
| % in Top 10 Holdings: | 0.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Uncollateralized Debt Instrument |
| Fund Family: | UBS |
| Phone Number: | 800-587-2111 |
| Website: | www.ubs.com/investor-relations |
| Inception Date: | February 5, 2021 |
Expenses and Fees
| Expense Ratio (%): | 0.95% (Rating: High) |
| Category Average Expense Ratio (%): | 0.95% |
