IWMI vs RYLD: Grades, Fees and Holdings Compared

NEOS Russell 2000 High Income ETF

IWMIBCboe

Global X Russell 2000 Covered Call ETF

RYLDANYSE Arca

Overlap

0.0%by weight

Expense ratio

RYLD −0.08pt a year

IWMI0.68%RYLD0.60%

Avg volume · 30D

RYLD 1.2×the volume

IWMI428KRYLD504K

IWMI vs RYLD Performance

Oct 31, 2025 – Oct 30, 2026

+15.2%IWMI+12.1%RYLD

Expense ratio: IWMI 0.68%; RYLD 0.60%, better
Fund size: IWMI $1.32B; RYLD $1.3B
1Y total return: IWMI +15.2%, better; RYLD +12.1%
Yield (12M): IWMI 14.81%, better; RYLD 12.18%
Holdings: IWMI 2; RYLD 6
Avg volume (30D): IWMI 428K sh; RYLD 504K sh, better
NAV per share: IWMI $48.86; RYLD $15.30
52W range

ETF.net Grade

Pillar letters and Scores for IWMI, RYLD, with each pillar’s weight
Pillar	IWMI	RYLD
Cost30% weight	B62	A72Higher
Mission25% weight	Not scored	A97
Risk15% weight	C49	B63Higher
Tradability15% weight	A94Higher	A83
Holdings10% weight	C50Higher	C45
Durability5% weight	B68	A86Higher

Rank among Russell 2000 Option Income funds

How we build Categories ›

Same Category. IWMI and RYLD 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 ›

RYLD ranks 1st 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 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

RYLDAGlobal X Russell 2000 Covered Call 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.

RYLD The veteran of small-cap options income. Launched in 2019 and now a multi-billion-dollar fund, it owns the Russell 2000 and sells calls against it, swapping some upside for a monthly check.

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.

RYLD The Fund is designed to track the price and yield performance of the Cboe Russell 2000 BuyWrite Index before fees and expenses.

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.

RYLD 0.60% a year undercuts the median fee among Russell 2000 income funds, and comes in below NEOS's IWMI at 0.76%.
Simple, legible machine: track the Cboe Russell 2000 BuyWrite Index, own the small caps, sell the calls, pay out monthly.
One of the stronger implementations in its Russell 2000 income group, backed by active trading and a multi-billion-dollar asset base.

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.

RYLD A buy-write trades away the melt-up. When small caps rip, the called-away shares mean the premium is most of what you get.
Cheaper Russell 2000 call-writers exist: iShares' IWMW at 0.39% and Global X's own RYLG at 0.35%.
The monthly payment is option premium, not a coupon. It rises and falls with small-cap volatility rather than arriving at a set rate.

Full IWMI profile⁠

Full RYLD profile⁠

IWMI vs RYLD Holdings

As of Oct 13, 2026

How IWMI and RYLD differ

Overlap by weight

0.0%

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

Level by level

Holdings0 in both0.0%
Sector11 Sectors98.9%
Asset classEquity100%
Countryby domicile99.9%

Sector

Sector weights in IWMI and RYLD, widest gap first
Sector	More in IWMIMore in RYLD	IWMI	RYLD
Industrials	IWMI +0.5 points	13.3%	12.8%
Materials	IWMI +0.4 points	4.5%	4.1%
Financials	RYLD +0.3 points	18.1%	18.4%
Technology	RYLD +0.3 points	13.8%	14.1%
Health Care	IWMI +0.2 points	21.0%	20.8%
Utilities	RYLD +0.1 points	2.7%	2.8%
Consumer Staples	RYLD +0.1 points	2.6%	2.7%
Consumer Discretionary	RYLD +0.1 points	8.9%	9.0%
Real Estate	Same weight	6.5%	6.5%
Energy	IWMI +0.1 points	6.5%	6.4%
Communication	Same weight	2.3%	2.3%

Country, concentration and asset class

Country by domicile

Country weights in IWMI and RYLD, widest gap first
Country	More in IWMIMore in RYLD	IWMI	RYLD
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	RYLD +0.1 points	0.1%	0.2%
Taiwan	Same weight	0.1%	0.1%
Singapore	Same weight	0.1%	0.1%
Norway	IWMI +0.1 points	0.1%	0.0%
Other countries (5)	Same weight	0.1%	0.1%

Concentration

Weight in the 10 largest Holdings

IWMI101.1%
RYLD100.1%

Securities held

IWMI2
RYLD4

Asset class

IWMI: Equity
RYLD: Equity

Holdings

Only in IWMI2
In both0
Only in RYLD4

Only in IWMI

2 securities, 100% of IWMI by weight

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

Only in RYLD

4 securities, 100% of RYLD by weight

Global X Russell 2000 Etf100.04%
Inhibrx Inc<0.01%
Novartis AG - Cvr<0.01%
Cartesian Therapeutics Inc0.00%

Weight gaps

IWMI and RYLD share no securities.

All 3 IWMI holdings⁠All 8 RYLD 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 RYLD Cost

Overpaying IWMI vs RYLD

$1,435

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

IWMI 0.68%
$13,252
RYLD 0.60%
$11,817

Amount$10,000

Years30 years

Cost over time

IWMI 0.68%
RYLD 0.60%
Overpaying

Year by year

Year	IWMI	RYLD	Overpaying
10	$1,215	$1,076	$139
20	$4,633	$4,116	$517
30	$13,252	$11,817	$1,435

Expense ratio

0.68%IWMI
0.60%RYLD, cheaper

RYLD0.60%IWMI0.68%

0.35%1.73%

Middle half of Russell 2000 Option Income funds
Median 0.69%

RYLD 3rd cheapest of 9 funds

IWMI 4th cheapest of 9 funds

IWMI vs RYLD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IWMI 14.81%, better; RYLD 12.18%
Payout (12M): IWMI $7.24; RYLD $1.87
Last payment: IWMI $0.57; RYLD $0.15
Ex-dividend: IWMI Oct 21, 2026; RYLD Oct 19, 2026
Paid on: IWMI Oct 23, 2026; RYLD Oct 22, 2026
Frequency: IWMI Monthly; RYLD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

IWMIMonthly · 29 paymentsAll IWMI payments⁠

RYLDMonthly · 46 paymentsAll RYLD payments⁠

IWMI vs RYLD 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 2024RYLD 8.7%
Return per unit of riskSharpe ratio, 3 years: IWMI 0.76since Jul 2024RYLD 0.73
Worst fallMax drawdown, 5 years: IWMI −23.9%since Jun 2024RYLD −21.4%
Market sensitivityBeta, 5 years: IWMI 0.95RYLD 0.54; Market = 1

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