IWL Dividend Type Payments

Although IWL has no upcoming (meaning, Board-approved and announced) dividends, you can sell covered calls on iShares Russell Top 200 ETF to create 12 extra dividend type payments per year to boost its yield. Let's look at some recent prices (last updated Fri 4:16 PM ET):

iShares Russell Top 200 ETF (IWL)
Bid	Ask	Last	Change	Volume	P/E	Market Cap
169.93	170.37	170.11	-1.93	29K	-	2.0B

IWL Dividend-Like Income Using Covered Calls

With IWL at 170.11, here's a table showing how big the annual "dividend" (i.e. total annual call premium received) would need to be to attain 3%, 5%, and 10% annual yields. Also shown is the equivalent number of cents/day necessary to achieve each yield:

Annual Yield	Annual Premium	Cents/Day
3%	5.10	1.4
5%	8.51	2.3
10%	17.01	4.7

So now we need to find out of the money covered calls that pay at least the prescribed cents/day amount of time premium. That will generate income and, because they are out of the money, leave room for some upside potential on the stock. Here are some examples:

3% Yield On IWL Using Covered Calls
Expiration	Strike	Call Bid	Days	Cents/Day	Upside Potential
Jan 16	170.00	1.60	36	3.4	0.00 (0.0%)
Mar 20	170.00	4.50	99	4.2	0.00 (0.0%)

5% Yield On IWL Using Covered Calls
Expiration	Strike	Call Bid	Days	Cents/Day	Upside Potential
Jan 16	170.00	1.60	36	3.4	0.00 (0.0%)
Mar 20	170.00	4.50	99	4.2	0.00 (0.0%)

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Want more examples? IWF Dividend | IWM Dividend