IWMI vs IWMW: Grades, Fees and Holdings Compared

NEOS Russell 2000 High Income ETF

IWMIBCboe

iShares Russell 2000 BuyWrite ETF

IWMWACboe

Overlap

0.0%by weight

Expense ratio

IWMW −0.29pt a year

IWMI0.68%IWMW0.39%

Avg volume · 30D

IWMI 28.9×the volume

IWMI428KIWMW14.8K

IWMI vs IWMW Performance

Oct 31, 2025 – Oct 30, 2026

+15.2%IWMI+9.7%IWMW

Expense ratio: IWMI 0.68%; IWMW 0.39%, better
Fund size: IWMI $1.32B; IWMW $55M
1Y total return: IWMI +15.2%, better; IWMW +9.7%
Yield (12M): IWMI 14.81%; IWMW 20.14%, better
Holdings: IWMI 2; IWMW 1970
Avg volume (30D): IWMI 428K sh, better; IWMW 14.8K sh
NAV per share: IWMI $48.86; IWMW $37.45
52W range

ETF.net Grade

Pillar letters and Scores for IWMI, IWMW, with each pillar’s weight
Pillar	IWMI	IWMW
Cost30% weight	B62	A83Higher
Mission25% weight	Not scored	A86
Risk15% weight	C49Higher	D39
Tradability15% weight	A94Higher	C51
Holdings10% weight	C50	A86Higher
Durability5% weight	B68Higher	B64

Rank among Russell 2000 Option Income funds

How we build Categories ›

Same Category. IWMI and IWMW are both graded against the same 9 Russell 2000 Option Income funds, so their Grades compare head to head.

Russell 2000 Option Income⁠

Category · 9 funds

See all 9 ›

IWMW ranks 2nd and IWMI 5th of 9 funds in the Russell 2000 Option Income Category.

Rank 1ARYLDGlobal X Russell 2000 Covered Call ETFScore 76
Rank 2AIWMWiShares Russell 2000 BuyWrite ETFScore 71
Rank 2ARYLGGlobal X Russell 2000 Covered Call & Growth ETFScore 71
Rank 4BFTKIFirst Trust Small Cap BuyWrite Income ETFScore 65
Rank 5BIWMINEOS Russell 2000 High Income ETFScore 64
Rank 6CCPRACalamos Russell 2000 Structured Alt Protection ETF – AprilScore 47

Our read on each fund

ETF.net Research

IWMIBNEOS Russell 2000 High Income ETF

IWMWAiShares Russell 2000 BuyWrite ETF

In short

IWMI Small-cap income with tax plumbing: Russell 2000 exposure plus an actively managed index-option overlay, paying monthly since its 2024 launch. The fee is 0.68% net of a waiver through May 1, 2027.

IWMW Small-cap income, stripped down: IWMW owns a Russell 2000 index fund and writes monthly covered calls against it, at 0.39% a year when most Russell 2000 call-writers charge more.

Stated mandate

IWMI 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.

IWMW The fund seeks to track an index holding the iShares Russell 2000 ETF and writes monthly covered calls to generate income.

Why people hold it

IWMI The overlay uses index options treated as Section 1256 contracts: gains split 60% long-term, 40% short-term regardless of holding period. NEOS also harvests option losses actively.neosfunds.com x.com
Actively managed, not a fixed monthly formula. The call writing is adjusted with the aim of keeping some upside participation while income goes out every month.neosfunds.com
Fee lands near the category median at 0.68% net of a waiver through May 1, 2027, and the fund sits in the upper half of its Russell 2000 income peer group.
Among the smoother funds in this niche to trade, with trading frictions that screen near the top of the small-cap options-income group.

IWMW 0.39% a year undercuts most Russell 2000 covered call peers, including RYLD at 0.60% and IWMI at 0.76%.
Rules-based plumbing: the index holds the iShares Russell 2000 ETF and writes monthly covered calls. Nobody is guessing strikes month to month.ishares.com
Cash goes out monthly, funded by the premium from the call writing rather than by small-cap dividends alone.
One of the stronger builds in the Russell 2000 options-income group: low fee, plain-vanilla holdings, a mandate it sticks to.

Worth knowing

IWMI Selling calls caps how much of a small-cap rally the fund keeps. The trade-off for the income stream is a ceiling on upside in fast-rising markets.neosfunds.com
Part of a distribution can be return of capital, which trims your cost basis rather than arriving as income earned.
Cheaper tickets exist on the same index: RYLG at 0.35% and RYLD at 0.60%, neither relying on a waiver.

IWMW Covered calls swap upside for premium. In a sharp small-cap rally, the gains above the strike belong to the call buyer, not to you.
Still a small, thinly traded fund, so bid-ask spreads can run wider than on the household-name small-cap ETFs.
Launched in 2024, so there is no track record through a full small-cap drawdown and recovery.

Full IWMI profile⁠

Full IWMW profile⁠

IWMI vs IWMW Holdings

How IWMI and IWMW differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of IWMI and 0.0% of IWMW.

Level by level

Holdings0 in both0.0%
Sector11 Sectors97.7%
Asset classEquity100%
Countryby domicile99.9%

Sector

Sector weights in IWMI and IWMW, widest gap first
Sector	More in IWMIMore in IWMW	IWMI	IWMW
Financials	IWMW +1.2 points	18.1%	19.3%
Real Estate	IWMI +0.7 points	6.5%	5.8%
Consumer Staples	IWMI +0.6 points	2.6%	2.0%
Energy	IWMW +0.4 points	6.5%	6.9%
Technology	IWMI +0.5 points	13.8%	13.3%
Materials	IWMI +0.5 points	4.5%	4.0%
Consumer Discretionary	IWMW +0.3 points	8.9%	9.2%
Utilities	IWMW +0.1 points	2.7%	2.8%
Communication	Same weight	2.3%	2.3%
Health Care	Same weight	21.0%	21.0%
Industrials	Same weight	13.3%	13.3%

Country, concentration and asset class

Country by domicile

Country weights in IWMI and IWMW, widest gap first
Country	More in IWMIMore in IWMW	IWMI	IWMW
United States	Same weight	98.4%	98.4%
Brazil	Same weight	0.6%	0.6%
Switzerland	Same weight	0.3%	0.3%
Canada	Same weight	0.2%	0.2%
United Kingdom	IWMW +0.1 points	0.1%	0.2%
Taiwan	Same weight	0.1%	0.1%
Singapore	Same weight	0.1%	0.1%
Norway	Same weight	0.1%	0.1%
Other countries (5)	Same weight	0.1%	0.1%

Concentration

Weight in the 10 largest Holdings

IWMI101.1%
IWMW3.6%

Securities held

IWMI2
IWMW1,966

Asset class

IWMI: Equity
IWMW: Equity

Holdings

Only in IWMI2
In both0
Only in IWMW1,966

Only in IWMI

2 securities, 100% of IWMI by weight

Vanguard Russell 2000 ETF99.79%
Cash & Other1.28%

Only in IWMW

1,966 securities, 100% of IWMW by weight

Glaukos0.47%
Twist Bioscience0.39%
Jfrog0.36%
Moog Inc Class A0.35%
Brightspring Health Services Inc0.34%
Umb Financial0.34%
Viasat Inc0.34%
Sm Energy0.33%
10X Genomics Class A0.32%
Brinker International Inc0.32%
Ryman Hospitality Properties Reit0.31%
Old National Bancorp0.30%
Protagonist Therapeutics0.30%
Jackson Financial Class A0.30%
Interdigital Inc0.29%
Caretrust Reit0.29%
Vaxcyte0.29%
Cytokinetics0.29%
Healthequity0.29%
Krystal Biotech0.28%
Tg Therapeutics0.28%
Qualys0.28%
Firstcash Holdings Inc0.26%
Kymera Therapeutics0.26%
Alkermes0.26%
Spyre Therapeutics Inc0.25%
Pbf Energy Class A0.25%
Zeta Global Holdings Class A0.25%
Oscar Health Class A0.25%
Commercial Metals0.25%
Abercrombie and Fitch Class A0.25%
Silicon Laboratories0.25%
Praxis Precision Medicines0.24%
Victoria’s Secret0.24%
Commvault Systems0.24%
Macerich Reit0.24%
Life Time Group Holdings0.24%
Valley National0.24%
Terreno Realty Reit0.24%
Federal Signal Corp0.24%
Southwest Gas Holdings0.23%
Matson Inc0.23%
Hut Corp0.23%
Compass Inc Class A0.23%
Zurn Elkay Water Solutions Corp0.23%
Fluor Corp0.22%
Transocean0.22%
United Bankshares0.22%
Grail Inc0.22%
Glacier Bancorp Inc0.22%

Weight gaps

IWMI and IWMW share no securities.

All 3 IWMI holdings⁠All IWMW holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IWMI vs IWMW Cost

Overpaying IWMI vs IWMW

$5,354

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

IWMI 0.68%
$13,252
IWMW 0.39%
$7,898

Amount$10,000

Years30 years

Cost over time

IWMI 0.68%
IWMW 0.39%
Overpaying

Year by year

Year	IWMI	IWMW	Overpaying
10	$1,215	$705	$510
20	$4,633	$2,725	$1,908
30	$13,252	$7,898	$5,354

Expense ratio

0.68%IWMI
0.39%IWMW, cheaper

IWMW0.39%IWMI0.68%

0.35%1.73%

Middle half of Russell 2000 Option Income funds
Median 0.69%

IWMW 2nd cheapest of 9 funds

IWMI 4th cheapest of 9 funds

IWMI vs IWMW Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IWMI 14.81%; IWMW 20.14%, better
Payout (12M): IWMI $7.24; IWMW $7.52
Last payment: IWMI $0.57; IWMW $0.59
Ex-dividend: IWMI Oct 21, 2026; IWMW Oct 2, 2026
Paid on: IWMI Oct 23, 2026; IWMW Oct 7, 2026
Frequency: IWMI Monthly; IWMW Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

IWMIMonthly · 29 paymentsAll IWMI payments⁠

IWMWMonthly · 31 paymentsAll IWMW payments⁠

IWMI vs IWMW Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IWMI 13.6%since Jul 2024IWMW 12.4%since Apr 2024
Return per unit of riskSharpe ratio, 3 years: IWMI 0.76since Jul 2024IWMW 0.37since Apr 2024
Worst fallMax drawdown, 5 years: IWMI −23.9%since Jun 2024IWMW −21.9%since Mar 2024
Market sensitivityBeta, 5 years: IWMI 0.95IWMW 0.75; Market = 1

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