NEOS Russell 2000 High Income ETF
$48.94−0.20 (−0.40%)
- 0.76%
- $1.3B
- +18.2%
- 14.77%
- 0.4M sh
- $49.21
- low $45.64high $53.86
The ETF.net IWMI Grade
B
Score 59 out of 100
- 5 of 9
Score 59 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.C51 out of 100Rank 5 of 9Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C46 out of 100Rank 4 of 9Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A94 out of 100Rank 1 of 9Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C51 out of 100Rank 3 of 6Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B68 out of 100Rank 2 of 9
Our read on IWMI
BNEOS runs its tax-aware options-income playbook down the cap ladder: Russell 2000 exposure with an actively managed call overlay, aimed at high monthly income with tax efficiency rather than a fixed payout.
The Fund seeks high monthly income with tax efficiency and potential equity appreciation by investing in Russell 2000-related equity exposures and using a call-option strategy.
Why people hold it
- The mandate is spelled out, not implied: high monthly income with tax efficiency and potential equity appreciation from Russell 2000 exposure plus a call-option strategy. Cash lands monthly.neosfunds.com
- The overlay is actively run rather than bolted to a fixed monthly formula, per the prospectus. That is the whole reason this exists next to mechanical index writers.neosfunds.com
- The 0.76% fee sits right at the median for Russell 2000 option-income funds. You pay the going rate for the niche, not a premium for the brand.
- Trading mechanics are a relative strength versus its small-cap income peers, and it has grown into one of the larger funds in the group.
Worth knowing
- Cheaper ways to write calls on the Russell 2000 exist, including RYLD and RYLG. The trade-off is rules-based simplicity versus an active, tax-aware hand on the overlay.
- Distributions can include return of capital, which trims your cost basis rather than adding to it. Worth reading the fund's tax character disclosures.
- Launched in 2024, so the record is short and has not spanned a full small-cap cycle, and selling calls trades away part of any upside for income.
IWMI Holdings
- Stocks
- 2
- 101%
- VTWO
Sectors
- Health Care21.0%
- Financials18.1%
- Technology13.8%
- Industrials13.3%
- Consumer Discretionary8.9%
- Real Estate6.5%
- Energy6.5%
- Materials4.5%
- Utilities2.7%
- Consumer Staples2.6%
- Communication2.3%
Geography
- United States100.00%
IWMI Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.Not enough history yet.
IWMI$11,822
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | IWMI |
|---|---|
| Year to date | +12.4% |
| 1 month | −2.9% |
| 3 months | −4.0% |
| 1 year | +18.2% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | IWMI |
|---|---|---|
| 2026 YTD | +12.4% | |
| 2025 | +15.0% | |
| 2024 | +6.6% |
IWMI in the news
IWMI Dividends
- 14.77%
- $7.26
- $0.61 per share
- Monthly
Distribution history
IWMI Risk
- 13.9%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.75
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −23.9%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.95
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
IWMI Cost
0.76%
IWMI0.76%
- The middle half of Russell 2000 Option Income funds
- Median 0.76%
4 of the 9 Russell 2000 Option Income funds charge less.
Other funds in Russell 2000 Option Income
- ARYLGGlobal X - Russell 2000 Covered Call & Growth ETFExpense ratio 0.35%1 year return +17.6%
- BFTKIFirst Trust Small Cap BuyWrite Income ETFExpense ratio 0.86%1 year return +22.3%
- CCPRACalamos Russell 2000 Structured Alt Protection ETF – AprilExpense ratio 0.69%1 year return +6.8%
- CRDTERoundhill Investments - Russell 2000 0DTE Covered Call Strategy ETFExpense ratio 0.97%1 year return +18.1%
- DIWMYR2000 Weekly Distribution ETFExpense ratio 1.05%1 year return +6.0%