BATS · Active · options-income

NEOS Russell 2000 High Income ETF

NEOS Investment Management, LLC

Weighted score · 4.15 / 5

AUM

assets under mgmt

Avg Volume

shares · daily

Distribution

Monthly · 100% ROC

Expense Ratio

0.76% gross

1Y Return

vs underlying

Sharpe

Max DD -23.9%

The NEOS Russell 2000® High Income ETF (the "Fund") seeks to generate high monthly income in a tax efficient manner with the potential for equity appreciation..

The Fund is an actively-managed ETF that invests in Russell 2000® Underlying ETFs and/or a portfolio of stocks comprising the Russell 2000® Index, while simultaneously writing (selling) covered call options on the Russell 2000® (RUT call options) to generate high monthly income from option premiums and dividends. As an alternative, the Adviser may enter a call spread strategy by also purchasing long out-of-the-money RUT call options to generate a net credit and provide potential upside participation. The Fund uses a replication strategy (or representative sampling in limited circumstances) for its equity exposure and actively manages options positions prior to expiration. The Fund seeks tax efficiency by utilizing RUT index options that qualify as Section 1256 Contracts, receiving 60/40 long-term/short-term capital gains treatment.

The Fund writes (sells) covered RUT call options on up to 100% of the value of its equity holdings to generate premium income, capping upside participation above the strike price. As an alternative, the Adviser may enter a call spread by also purchasing long out-of-the-money RUT calls, generating a net credit while preserving some upside potential. RUT options qualify as Section 1256 Contracts, providing favorable 60/40 long-term/short-term capital gains tax treatment.

NAV HISTORY · JUN '25 – JUN '26

Max DD

Volatility

Sharpe

Sortino

Calmar

Beta

Share of each distribution you’d need to reinvest just to hold NAV flat. 0% — the fund is covering its payout without eroding NAV.

Composition · Recent Distribution

Tax Treatment — Section 1256 (60/40)

SECTION 1256 (60/40)

Distribution Composition (Recent)

ROC is not free money — it lowers your cost basis. When shares are sold, capital gains are computed against the lower basis.

Composition · Narrative

The June 2026 distribution of $0.6277 per share for NEOS Russell 2000 High Income ETF (IWMI) is estimated to be 100% return of capital with no net investment income or capital gains components. On a fiscal year-to-date basis, all cumulative distributions of $3.6253 per share are also classified as 100% return of capital.

Return of capital ($/sh)

Net investment income ($/sh)

Monthly ROC %

Calendar-year ROC (YTD est.)

Distribution Growth by Lookback Period

Sector Mix · Tilt vs S&P 500

Price vs. Moving Averages

Bullish — 50-DMA above 200-DMA

Price $52.74 is above the 200-day SMA ($46.66); 50-day SMA $50.39. The 50-day SMA sits above the 200-day — an established uptrend, no recent crossover. Moving-average signals are a timing aid, not a recommendation — weigh them against the distribution profile and framework score.

Liquidity

Estimated bid/ask spread ~0.22% (moderate). Average daily dollar volume ~$16.4M (liquid). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.

AUM ($)