IWNON: Ondo Tokenized iShares Russell 2000 Value ETF

IWNON is Ondo’s tokenized version of the iShares Russell 2000 Value ETF, whose ticker is IWN. It is designed to give tokenholders economic exposure similar to holding that ETF, including reinvestment of any dividends, according to the project description. The underlying fund provides exposure to U.S. small-cap value companies across a range of sectors.

IWNON is not simply a share of the ETF transferred onto a blockchain. It is a tokenized product issued through Ondo, and its terms, availability and holder rights may differ from owning IWN through a conventional brokerage account. In particular, do not assume that holding IWNON gives you direct shareholder rights, voting rights or a claim you can exercise in the same way as registered ETF shares. Review the issuer’s current terms and eligibility rules before using it.

The token is intended to track the economic performance of the iShares Russell 2000 Value ETF rather than to act as a general-purpose cryptocurrency. Its value can therefore be affected by the underlying ETF and the small-cap value stocks it holds, as well as by token-market liquidity and the mechanics used to connect the token with the fund’s value. It does not represent ownership of the entire Russell 2000 index or of every small U.S. company.

Ondo describes its tokenized stocks and ETFs as products that can be minted and redeemed around the clock on weekdays, with access to traditional exchange liquidity. That description is subject to additional restrictions. Access, minting and redemption may depend on where you live, your eligibility, the issuer’s terms and the availability of the relevant service. Token trading hours and prices can also differ from the underlying ETF’s exchange hours, so the token’s market price may not always match the fund’s value exactly.

IWNON is issued on Ethereum, BNB Chain and Solana. It is not described as a native gas or governance token for any of those networks; it is a tokenized investment product available across them. Make sure you select the correct network when receiving or sending it, since assets sent to an incompatible network or address may be difficult or impossible to recover.

As of 2026-11-03, reported circulating and total supply were both about 24,692 IWNON, with no maximum supply specified. The reported market capitalization was about $5.4 million and the price was about $220.30 on that date. These are snapshots, not fixed values, and they can change. The token’s supply may also respond to issuance and redemption activity, subject to the issuer’s terms. Check current information from the issuer and your trading platform rather than relying on an old supply or price figure.

IWNON carries several layers of risk. The underlying ETF’s value can fall, and small-cap stocks may be volatile or less liquid than larger-company shares. The token may trade at a premium or discount to the value of its underlying exposure, particularly when traditional markets are closed or token-market liquidity is limited. The reported 24-hour trading volume was unavailable, so it should not be taken as evidence of deep liquidity.

There are also issuer, custody, counterparty, smart-contract and blockchain risks. A failure or disruption involving Ondo, a service provider, a network or a contract could affect access to the token or its value. Redemption and other rights depend on the product’s current legal terms and may not be available to every holder. Regulatory rules can change, and access restrictions may apply by jurisdiction or user type. These risks are distinct from the ordinary market risks of owning the underlying ETF.

You may be able to hold IWNON in a wallet that supports its specific token standard and network, or through a compatible trading platform. The correct setup depends on whether you are using the Ethereum, BNB Chain or Solana version. Before transferring tokens, verify the network and token contract or mint address using an issuer-approved source; token names and symbols can be copied by unrelated assets. Never share your recovery phrase or private keys.

Self-custody means you are responsible for wallet security and for keeping access to your keys. A lost recovery phrase, compromised device or mistaken transfer can result in permanent loss. Custodial platforms have different risks, including platform failure or withdrawal limits. Confirm that your wallet or platform supports the exact IWNON version you intend to use, and read Ondo’s current eligibility and product terms. This is general information, not a recommendation to buy or sell IWNON.