Russell 2000 xStock 

IWMX Price

What is the Russell 2000 xStock (IWMX) tokenized ETF?

Russell 2000 xStock (IWMX) is a tokenized tracker certificate that mirrors the price of the iShares Russell 2000 ETF (IWM) — the BlackRock-managed fund tracking roughly 2,000 US small-cap stocks. Issuer of record is Backed Assets (JE) Limited, with tokenization by Backed Finance AG as part of the xStocks suite launched on June 30, 2025. IWMX targets qualified non-US investors seeking 24/7 on-chain small-cap index exposure.

How is the IWMX tokenized ETF different from the IWM ETF it tracks?

IWMX is a tracker certificate, not an ETF share. IWM is a US-registered ETF traded on NYSE Arca during US market hours. IWMX is a freely transferable token issued by Backed Assets (JE) Limited (ISIN CH1473121478) that trades 24/7 on-chain. IWMX is not registered under the US Securities Act of 1933, so US persons are excluded; UK clients are limited to validated professional clients. BlackRock manages IWM but has no affiliation with the xStocks issuer.

Is IWMX backed by real IWM shares in custody?

Yes. Each IWMX token is backed 1:1 by IWM ETF shares held with regulated custodians — Alpaca Securities LLC, InCore Bank AG, and Maerki Baumann & Co. AG. Security Agent Services AG acts as security agent for certificate holders. Supply is maintained through minting against custody: new IWMX tokens are created only when corresponding IWM shares sit with the custodian network, and tokens are burned on redemption.

Can IWMX be redeemed for the underlying IWM ETF shares?

Yes. IWMX holders can redeem tokens through the issuer's redemption process and receive the corresponding amount of IWM ETF shares from custody. Redemption carries a fee of up to 0.50%. Issuance works in reverse — depositing IWM shares with the custodian network mints new IWMX tokens. Redemption access is subject to the same eligibility rules as holding: non-US persons only, with UK access restricted to validated professional clients.

How does IWMX work as a tokenized ETF on Solana?

IWMX exists on Solana as a token issued under the token-2022 program standard. Backed Finance AG mints IWMX against IWM shares held in custody and burns tokens on redemption, so on-chain supply tracks demand elastically with no fixed maximum. Transfers settle on Solana continuously, including outside US market hours. The underlying IWM price, however, only updates while US equity markets are open.

What is the IWMX Solana token contract address?

The Solana contract address for Russell 2000 xStock is XsbELVbLGBkn7xfMfyYuUipKGt1iRUc2B7pYRvFTFu3, verifiable on Solscan. An ERC-20 version of the certificate exists on Ethereum at 0xdadfb355c6110eda0908740d52c834d6c2bcddc7, and Backed issues the product across multiple EVM chains. The Solana SPL version is the main rail for the xStocks suite, which launched across Kraken, Bybit, and Solana DeFi.

Where can I buy Russell 2000 xStock (IWMX)?

IWMX is available through the xStocks distribution: Kraken's xStocks product for 24/7 in-app trading, Bybit, and Solana-based decentralized exchange routing. Eligibility is restricted — US persons are excluded under the Securities Act of 1933, and UK retail clients cannot access the certificate. Per DropsTab data, zero spot and zero DEX markets are tracked for the IWMX token itself, reflecting distribution through the issuer's partner venues rather than open exchange listings.

Why is on-chain liquidity for IWMX so thin?

On-chain liquidity for IWMX is structurally thin, which creates high execution risk. Custodian and insider wallets hold effectively the entire token float, the holder count sits in the dozens, and the only reported Solana liquidity pool was created on June 26, 2026 with negligible depth, per Jupiter on-chain data. Most size moves through issuance and redemption with the issuer rather than on-chain swaps — large DEX purchases of IWMX can incur heavy slippage.

Is IWMX the same token as Ondo's IWMon or Dinari's IWM dShares?

No. IWMX is the Backed Finance xStocks certificate — a Solana SPL token carrying the xStocks x-suffix. Ondo's IWMon and Dinari's IWM dShares are separately issued wrappers tracking the same underlying iShares Russell 2000 ETF. All three instruments differ in issuer, contract set, and custody arrangement. The two perpetual-futures markets listed under IWMX on DropsTab reference the underlying IWM equity and carry no wrapper issuer at all.

What fees does the IWMX xStock certificate charge?

IWMX currently carries no management fee, per the issuer. Backed reserves the right to introduce a management fee of up to 0.25% per year. Issuance and redemption of tokens each carry a fee of up to 0.50%. These charges apply at the certificate level only; the underlying IWM ETF charges its own internal expenses, separate from the xStock fee schedule.