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IWMI
NEOS Russell 2000 High Income ETF
NEOS Investment Management, LLC
Verdict
Weighted score · Pro 🔒
Fund Identity
What it is, who runs it, where it lives.
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 one or more ETFs tracking the Russell 2000® Index 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 premiums. 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 allow for some upside participation. The Fund seeks tax efficiency by utilizing RUT index options that qualify as Section 1256 Contracts, which receive 60/40 long-term/short-term capital gains treatment. The strategy converts a portion of the potential upside of the Russell 2000® into current income while retaining equity appreciation potential up to the strike price of written options.
Ticker
IWMI
Issuer
NEOS Investment Management, LLC
Exchange
BATS
Inception
2024-06-25 · 2.1 yrs
Mgmt style
Active
Replication
Physical (full replication or sampled/optimized via Russell 2000 Underlying ETFs and/or direct stock holdings) plus Derivatives (RUT call options overlay)
Index-based
—
Leverage
None
Strategy & Options Mechanics
How the portfolio is built and where the income comes from.
PORTFOLIO
Hybrid
actively managed
OPTIONS OVERLAY
Strategy
Covered Calls (short RUT call options) or call spread (short RUT call + long out-of-the-money RUT call for net credit)
generates income
Underlying
RUT (Russell 2000® Index)
income exposure
MONTHLY
13.5%
DIST. RATE
86% ROC
Section 1256 (60/40)
Section 1256 (60/40)
Underlying
RUT (Russell 2000® Index)
Strategy
Covered Calls (short RUT call options) or call spread (short RUT call + long out-of-the-money RUT call for net credit)
Tax
Section 1256 (60/40)
The Fund writes (sells) covered RUT call options on up to 100% of the value of its equity holdings to generate monthly income from premiums. As an alternative, the Adviser may implement a call spread by purchasing long out-of-the-money RUT call options in addition to the written calls, seeking a net credit while allowing some upside participation. RUT options qualify as Section 1256 Contracts, providing favorable 60/40 long-term/short-term capital gains tax treatment.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · AUG '25 – AUG '26
AUG '25AUG '26
Flat-NAV reinvestment hurdle
0.0%
Share of each distribution you’d need to reinvest just to hold NAV flat. 0% — the fund is covering its payout without eroding NAV.
Distribution & Tax
Where the yield comes from — and how it’s taxed.
Composition · Recent Distribution
86%
ROC
Return of Capital — constructive86%
Net Investment Income14%
Frequency
Monthly
Dist. rate
13.51%
ROC %
86%
30-day SEC
not reported
Consistency
5 w/o cut
YOC · 1yr-ago buyer
15.6%
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 July 2026 distribution of $0.6250 per share is composed of 86% return of capital ($0.5361) and 14% estimated net investment income ($0.0889), with no capital gains component. On a fiscal year-to-date basis, 97% of cumulative distributions ($4.1403 of $4.2503) are estimated to be return of capital.
Distribution & Return of Capital
Per-month payout split and the running return-of-capital share · last 24 months.
DIST ($/sh)ROC %
Return of capital ($/sh)
Net investment income ($/sh)
Monthly ROC %
Calendar-year ROC (YTD est.)
Distribution Growth & Schedule
Per-period growth of the payout, the latest schedule, and how long distributions take to repay NAV.
Distribution Growth by Lookback Period
Latest Distribution Schedule
Record date
2026-07-22
Ex-dividend
2026-07-22
Pay date
—
Payback Period
7.4 yr
Dist. Since Incep.
$15.4
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
4
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$53.0$48.2$43.4$38.6
AUG '25AUG '26
Price $53.01
50-DMA $51.97
200-DMA $47.75
Bullish — 50-DMA above 200-DMA
Price $53.01 is above the 200-day SMA ($47.75); 50-day SMA $51.97. 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
Avg daily volume
362K
Avg dollar volume
$19,183,211
Bid/ask spread
0.04%
Premium/discount
+0.04%
Turnover
2%
Estimated bid/ask spread ~0.26% (moderate). Average daily dollar volume ~$19.2M (liquid). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Stable. Source: shares×price (Massive, monthly).
AUM ($)
$1.16B
$1.16B$600M$39M
AUG '24AUG '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
IWMI · 2026-08-10
Prepared by Streamfolio
Research aid, not investment advice.
Prepared by Streamfolio
Research aid, not investment advice.