IWMI

NEOS Russell 2000® High Income ETF

  • Distribution Information
  • Average Annual Total Returns
As of 12/31/2025
Distribution Frequency
Monthly
Expense Ratio
0.68%
Distribution Rate
14.47%
30-Day SEC Yield
0.63%
As of 12/31/2025
Inception
Nav
14.31%
Market Price
14.24%
1YR
Nav
15.23%
Market Price
14.94%
5YR
Nav
--%
Market Price
--%
10YR
Nav
--%
Market Price
--%

Targeted Benefits of IWMI's Strategy:

  1. The Fund seeks to distribute high monthly income generated from investing in the constituents of the Russell 2000® Index and implementing a data-driven call option strategy
  2. Actively managed by NEOS, the Fund seeks to take advantage of tax loss harvesting opportunities in addition to utilizing Russell 2000 ("RUT") Index options classified as section 1256 contracts, which are subject to lower 60/40 tax rates
  3. The Fund utilizes a call option strategy that may include both sold and purchased Russell 2000 ("RUT") index options, which may provide the opportunity for upside capture in rising equity markets

Investment Objective:

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.


Distributions made by the Fund have been classified as a return of capital and may be comprised of option premiums, dividends, capital gains, and interest payments. As of the most recent distribution by the Fund, 85% was estimated to be return of capital. Please see the 19a-1 notices for a more comprehensive breakdown. To learn more about the potential tax efficiencies of return of capital distributions, click here

Fund Details As of: 01/22/2026
Fund Inception 6/25/2024
Fund Ticker IWMI
CUSIP 78433H634
ISIN US78433H6348
Gross Expense Ratio* 0.78%
Net Expense Ratio* 0.68%
Net Assets $536,880,216
Shares Outstanding 10,550,000
Primary Exchange CBOE
Underlying Exposure Russell 2000® Index
Distribution Frequency Monthly
Fund Resources
Fact sheet  
Prospectus  

*The Adviser has contractually agreed to keep net expenses from exceeding 0.68% of the Fund's average daily net assets through September 30, 2026 subject to approval of the agreement by the Board

Pricing Information

Data as of 01/22/2026

Closing NAV Price
Net Asset Value $50.89
Daily Change ($) $0.20
Daily Change (%) 0.39%
Closing Market Price
Market Price $50.90
Daily Change ($) $0.17
Daily Change (%) 0.34%
Premium / Discount
Premium Discount (%) 0.02%
30-Day Median Bid-Ask Spread (%) 0.04%
Premium / Discount Information

Where might IWMI fit into an investment portfolio?

IWMI may be considered as an alternative or complement to existing small cap equity allocations that seeks to provide a tax efficient monthly income stream, while maintaining the opportunity for upside participation when market conditions warrant.

Fund Performance

Data as of: 12/31/2025

1 Mo 3 Mo 6 Mo YTD Inception
(Cumulative)
1 Yr 3 Yr 5 Yr Inception
(Annualized)
Cumulative Annualized
NAV Performance 0.20% 3.85% 15.28% 15.23% 22.56% 15.23% - - 14.31%
Market Performance 0.26% 3.84% 15.08% 14.94% 22.44% 14.94% - - 14.24%
Cboe Russell 2000 BuyWrite Monthly Index 1.08% 4.91% 9.51% 6.37% 16.39% 6.37% - - 10.50%
Russell 2000 Index -0.58% 2.19% 14.86% 12.81% 24.78% 12.81% - - 15.67%

Past performance is no guarantee of future results. The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. For performance data current to the most recent month end, please call (866) 498-5677.

IWMI is bought and sold at market price (not NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns. Market Price returns are based upon the official closing price on the listing exchange (CBOE) at 4:00 p.m. ET when NAV is normally determined for IWMI, and do not represent the returns you would receive if you traded shares at other times. A fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding.

Data as of: 12/31/2025

1 Mo 3 Mo 6 Mo YTD Inception
(Cumulative)
1 Yr 3 Yr 5 Yr Inception
(Annualized)
Cumulative Annualized
NAV Performance 0.20% 3.85% 15.28% 15.23% 22.56% 15.23% - - 14.31%
Market Performance 0.26% 3.84% 15.08% 14.94% 22.44% 14.94% - - 14.24%
Cboe Russell 2000 BuyWrite Monthly Index 1.08% 4.91% 9.51% 6.37% 16.39% 6.37% - - 10.50%
Russell 2000 Index -0.58% 2.19% 14.86% 12.81 24.78% 12.81% - - 15.67%

Past performance is no guarantee of future results. The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. For performance data current to the most recent month end, please call (866) 498-5677.

IWMI is bought and sold at market price (not NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns. Market Price returns are based upon the official closing price on the listing exchange (CBOE) at 4:00 p.m. ET when NAV is normally determined for IWMI, and do not represent the returns you would receive if you traded shares at other times. A fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding.

Data as of: 12/31/2025

1 Mo 3 Mo 6 Mo YTD Inception
(Cumulative)
1 Yr 3 Yr 5 Yr Inception
(Annualized)
Cumulative Annualized
NAV Performance
(Post-Tax on Fund Distributions)
-0.29% 2.35% 11.96% 8.60% 14.80% 8.60% - - 9.50%
NAV Performance
(Post-Tax on Fund Distributions and Shares Sold)
0.12% 2.27% 8.96% 8.61% 13.75% 8.61% - - 8.84%
Market Performance
(Post-Tax on Fund Distributions)
-0.23% 2.35% 11.79% 8.36% 14.72% 8.36% - - 9.45%
Market Performance
(Post-Tax on Fund Distributions and Shares Sold)
0.16% 2.27% 8.86% 8.46% 13.69% 8.46% - - 8.81%

Past performance is no guarantee of future results. The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. For performance data current to the most recent month end, please call (866) 498-5677.

IWMI is bought and sold at market price (not NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns. Market Price returns are based upon the official closing price on the listing exchange (CBOE) at 4:00 p.m. ET when NAV is normally determined for IWMI, and do not represent the returns you would receive if you traded shares at other times. A fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding.

After-tax returns are calculated using the highest individual federal income tax rates in effect at the time of each distribution, and do not reflect the impact of state and local taxes. After-tax returns for most funds are calculated using the tax liability implied by each of their respective declared distributions. However, the exact tax characteristics of many distributions aren't known until after the close of the calendar year. When accounting for the return of capital, the system uses the pro-rata method to reduce cost basis. The pre-liquidation return is identical to a standard rate of return except when reinvesting the distributions, we must first reduce the reinvestment amount of each component of the distribution by the appropriate tax rate. Post-liquidation returns may be adversely impacted by an investor's deferred tax liabilities.

Growth of $10,000 at NAV Since Inception

The hypothetical growth of $10,000 chart reflects a hypothetical investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Distributions

Distribution Information
(as of 12/31/2025)
Distribution Frequency Monthly
Distribution Rate 14.47%
12-Month Trailing Distribution Rate 13.77%
Distribution Amount / Share ($) $0.5991
Distribution Amount / Share (%) 1.21%
30-Day SEC Yield 0.63%
Unsubsidized 30-Day SEC Yield 0.56%
Declaration Date Ex-Div Date Record Date Payable Date Amount ($)
01/20/2026 01/21/2026 01/21/2026 01/23/2026 $0.6082
02/17/2026 02/18/2026 02/18/2026 02/20/2026
03/17/2026 03/18/2026 03/18/2026 03/20/2026
04/21/2026 04/22/2026 04/22/2026 04/24/2026
05/19/2026 05/20/2026 05/20/2026 05/22/2026
06/15/2026 06/16/2026 06/16/2026 06/18/2026
07/21/2026 07/22/2026 07/22/2026 07/24/2026
08/18/2026 08/19/2026 08/19/2026 08/21/2026
09/15/2026 09/16/2026 09/16/2026 09/18/2026
10/20/2026 10/21/2026 10/21/2026 10/23/2026
11/17/2026 11/18/2026 11/18/2026 11/20/2026
12/15/2026 12/16/2026 12/16/2026 12/18/2026
Declaration Date Ex-Div Date Record Date Payable Date Amount ($)
01/21/2025 01/22/2025 01/22/2025 01/24/2025 $0.6086
02/25/2025 02/26/2025 02/26/2025 02/28/2025 $0.5833
03/25/2025 03/26/2025 03/26/2025 03/28/2025 $0.5685
04/22/2025 04/23/2025 04/23/2025 04/25/2025 $0.4980
05/20/2025 05/21/2025 05/21/2025 05/23/2025 $0.5534
06/24/2025 06/25/2025 06/25/2025 06/27/2025 $0.5573
07/22/2025 07/23/2025 07/23/2025 07/25/2025 $0.5616
08/19/2025 08/20/2025 08/20/2025 08/22/2025 $0.5617
09/23/2025 09/24/2025 09/24/2025 09/26/2025 $0.5868
10/21/2025 10/22/2025 10/22/2025 10/24/2025 $0.5901
11/25/2025 11/26/2025 11/26/2025 11/28/2025 $0.5732
12/23/2025 12/24/2025 12/24/2025 12/26/2025 $0.5991
Declaration Date Ex-Div Date Record Date Payable Date Amount ($)
06/25/2024 06/26/2024 06/26/2024 06/27/2024 $0.5450
07/23/2024 07/24/2024 07/24/2024 07/25/2024 $0.6016
08/20/2024 08/21/2024 08/21/2024 08/22/2024 $0.6579
09/24/2024 09/25/2024 09/25/2024 09/26/2024 $0.6233
10/22/2024 10/23/2024 10/23/2024 10/24/2024 $0.6239
11/19/2024 11/20/2024 11/20/2024 11/21/2024 $0.6344
12/23/2024 12/24/2024 12/24/2024 12/26/2024 $0.6108

Distributions made by the Fund have been classified as a return of capital and may be comprised of option premiums, dividends, capital gains, and interest payments. As of the most recent distribution by the Fund, 85% was estimated to be return of capital. Please see the 19a-1 notices for a more comprehensive breakdown. To learn more about the potential tax efficiencies of return of capital distributions, click here.

Form 8937 – Report of Organizational Actions Affecting Basis of Securities

To facilitate tax basis reporting, since January 2012, the Internal Revenue Service has required certain securities activity to be reported on Form 8937.

For more information, consult with a tax professional and/or your financial professional.

Top Holdings

Data as of 01/23/2026   Download Full Holdings

Security Name Identifier Weighting (%)
Vanguard Russell 2000 Etf VTWO 103.78%
Rut Us 02/20/26 C2590 RUT 260220C02590000 -1.92%
Rut Us 02/20/26 C2550 RUT 260220C02550000 -2.33%

Holdings are subject to change

Potential Benefits of Utilizing Options-Based ETFs

High Monthly Income

Investors may seek increased income generation potential within their portfolios through option writing (selling).

Lower Correlation

Options-based solutions may be less sensitive to traditional market risk factors such as credit, duration, and inflation risk.

Tax Efficiency

Index options are classified as Section 1256 contracts, which are subject to lower 60/40 tax rates.

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