NEOS Russell 2000 High Income ETF
$49.74−0.71 (−1.41%)
- Expense ratio
- 0.76%
- Fund size
- $1.3B
- 1Y return
- +19.5%
- Yield · Last 12 months
- 15.55%
- Holdings
- 3
- Volume · 30D
- 0.4M sh
- NAV per share
- $50.23
- 52W range
The ETF.net IWMI Grade
Score 59 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.CScore 51Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.CScore 51Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.AScore 90Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.CScore 51Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.BScore 68Category rank
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
- 3
- 100%
- VTWO
Sectors
Geography
IWMI Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 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 | +15.4% |
| 1 month | −2.8% |
| 3 months | −1.5% |
| 1 year | +19.5% |
| 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 | +15.4% | |
| 2025 | +15.0% | |
| 2024 | +6.6% |
IWMI in the news
ETF.net Research hasn’t filed on IWMI yet — coverage lands here as it’s written.
IWMI Dividends
- 15.55%
- $7.84
- $0.61 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 16, 2026 | Sep 18, 2026 | $0.61 |
| Aug 19, 2026 | Aug 21, 2026 | $0.64 |
| Jul 22, 2026 | Jul 24, 2026 | $0.63 |
| Jun 16, 2026 | Jun 18, 2026 | $0.63 |
| May 20, 2026 | May 22, 2026 | $0.60 |
| Apr 22, 2026 | Apr 24, 2026 | $0.61 |
| Mar 18, 2026 | Mar 20, 2026 | $0.57 |
| Feb 18, 2026 | Feb 20, 2026 | $0.60 |
| Jan 21, 2026 | Jan 23, 2026 | $0.61 |
| Dec 24, 2025 | Dec 26, 2025 | $0.60 |
| Nov 26, 2025 | Nov 28, 2025 | $0.57 |
| Oct 22, 2025 | Oct 24, 2025 | $0.59 |
IWMI Risk
- 13.6%
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.
- 0.95
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.
- 0.93
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
- The middle half of Russell 2000 Option Income funds
- Median 0.76%
4 of the 9 Russell 2000 Option Income funds charge less.