A method of preparing periodic, semi-periodic, or semi-random polyethylene-co-acrylic acid or polyethylene-co-methacrylic acid involves polymerizing 1-alkoxyalkyl ester substituted α,Ω-dienes, and/or 1-alkoxyalkyl ester substituted cycloalkenes via olefin metathesis reactions followed by hydrogenation of the alkylene units and subsequently hydrolyzed to the desired polyethylene-co-acrylic acid or polyethylene-co-methacrylic acid. The polyethylene-co-acrylic acid or polyethylene-co-methacrylic acid can then be converted to ionomers by exchange with a monomeric carboxylate salt.