NEOS Russell 2000 High Income ETF
Key Statistics
Historical Performance
Total return including reinvested distributions, from adjusted closing prices.
Price History
Price history is being compiled for this fund.
Top Holdings
Top 4 holdings as of Mar 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About IWMI
TheFund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by (i) investingin one or more ETFs that seeks to track the Russell 2000® Index ("Russell 2000 Underlying ETFs"),a portfolio of stocks that make up the Russell 2000® Index (the “Russell 2000” or the “ReferenceIndex”), or a combination thereof; and (ii) utilizing a call options strategy to provide high monthly income, which primarilyconsists of writing (selling) call options on the Russell 2000® (“RUT call options”). The Fundseeks equity appreciation through its investments in Russell 2000 Underlying ETFs" and/or a portfolio of stocks that makeup the Russell 2000® Index. The Fund seeks to generate high monthly income from the premiums earned from theRUT call options as well as the dividends received from the Fund’s equity holdings. TheFund primarily executes the options strategy by writing (selling) covered RUT call options. The RUT call options are covered becausethe Fund owns shares of the Russell 2000 Underlying ETFs and/or a portfolio of stocks that make up the Russell 2000® atthe time it sells the option. The Fund’s writing (selling) of RUT call options will limit the Fund’s ability to participatein increases in value of the Russell 2000® beyond a certain point. If the value of the Russell 2000® increases, the Fund’sexposure to the Russell 2000® would allow the Fund to experience similar percentage gains. However, if the value of the Russell2000® appreciates beyond the strike price of one or more of the RUT call option contracts that the Fund has sold to generateincome, the Fund will lose money on those short call positions, and the losses will, in turn, limit the upside return of the Fund’sexposure to the Russell 2000®. As a result, the Fund’s overall strategy (i.e., the combination of the long exposureto the Russell 2000® and the written RUT call options) will limit the Fund’s participation in gains of Russell 2000®beyond a certain point. This strategy effectively converts a portion of the potential upside of the Russell 2000® into currentincome. Asan alternative to the covered call writing strategy, the Adviser may under certain circumstances enter a call spread strategywhere it purchases long (bought) RUT call options in addition to the written (sold) RUT call options. The Adviser will seek togenerate a net-credit in the call spread. The net credit is the difference between the premium received by the Fund from the saleof the call options and the cost of buying the long, out-of-the-money RUT call options. The goal of the RUT options strategy isto generate high monthly income in a tax efficient manner. The strategy also offers the potential for upside participation whenthe Reference Index appreciates. The Fund seeks tax efficient returns by utilizing index options such as RUT call options thatqualify as “Section 1256 Contracts.” If such options are held at year end, the Fund will receive favorable tax treatmenton such investments. Under Internal Revenue Code rules, they will be deemed as if they were sold at fair market value on the lastbusiness day of the tax year. If the Section 1256 Contracts produce a capital gain or loss, such gain or loss on the 1256 Contractsopen at the end of the year, or terminated during the year, are treated as 60% long term gains and 40% short term gains. Suchfavorable tax treatment is regardless of how long the Contracts were held. The Fund may seek to take advantage of tax loss harvestingopportunities on its RUT call options and/or equity positions. This can be accomplished by taking investment losses from certainequity and/or options positions to offset realized taxable gains of equities and/or options. Fromtime to time, the Adviser actively manages the written and purchased call options prior to their expiration in an attempt to capturegains and minimize losses due to the movement of the Russell 2000®. Undernormal circumstances, at least 80% of the Fund’s net assets, plus borrowings for investment purposes, will be invested inequity securities, or derivative instruments linked to equity securities, of companies that are included in the Reference Index,primarily by purchasing one or more Russell 2000 Underlying ETFs. For purposes of the 80% policy, the value of such derivativeinstruments shall be valued at their notional value. TheRussell 2000® Index is a market capitalization index comprised of securities of approximately 2,000 leadingU.S.-listed companies. The Russell 2000® Index measures the performance of the small-cap segment of the USequity universe. The Russell 2000® Index is a subset of the Russell 3000® Index, which isdesigned to represent approximately 98% of the investable US equity market. The Russell 2000® Index includesapproximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. As of March31, 2026, the Russell 2000® had significant exposure to companies in the financials, health care, andindustrials sectors. The Russell 2000® is constructed to provide a comprehensive and unbiased small-cap barometer and iscompletely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-capopportunity set. TheFund, while not an index fund, will generally use a “replication” strategy to invest in the Russell 2000®,meaning the Fund will most often invest in one or more Russell 2000 Underlying ETFs, all of the component securities of the Russell2000® in the same approximate proportions as in the Russell 2000®, or a combination thereof.However, the Fund may in limited circumstances use a “representative sampling” strategy, meaning it may invest ina sample of the securities in the Russell 2000® whose risk, return, and other characteristics closely resemblethe risk, return, and other characteristics of the Russell 2000® as a whole, when NEOS Investment Management,LLC, the Fund’s investment adviser (the “Adviser”), believes it is in the best interests of the Fund (e.g.,when replicating the Russell 2000® Index involves practical difficulties or substantial costs, a Russell 2000constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations thatapply to the Fund but not to the Russell 2000®). TheFund is considered to be diversified. Because the Fund typically holds securities in proportion to their weight in the Russell2000®, the Fund may be non-diversified or diversified at times, as defined under the Investment Company Act of1940, as amended (the “1940 Act”), as a result of changes in the composition of the Russell 2000®.The Fund intends to be diversified in approximately the same proportion as the Russell 2000® is diversified. Asa “non-diversified” fund, the Fund could invest a greater percentage of its assets in a small group of issuers orin any one issuer than a diversified fund can. Shareholder approval will not be sought if the Fund crosses from diversified tonon-diversified status due solely to a change in the relative market capitalization or index weighting of one or more constituentsof the Russell 2000®. As of the date of this Prospectus, the Russell 2000® is diversified, and thereforeas of that same date, the Fund is managed as diversified solely in accordance with the Russell 2000®. Additionally,the Fund’s investment strategies may involve active and frequent trading resulting in high portfolio turnover.
IWMI News
- Discipline and Rules-Based Execution in IWMI Response
- Behavioral Patterns of IWMI and Institutional Flows
- (IWMI) Movement Within Algorithmic Entry Frameworks
- A Fat 13% Yield From the Russell 2000? Meet the Covered-Call Fund Betting Against Big Tech
- A Fat 13% Yield From the Russell 2000? Meet the Covered-Call Fund Betting Against Big Tech
- High Income ETF (IWMI) Hits a New 52-Week High
- High Income ETF (IWMI) Hits a New 52-Week High
- NEOS Russell 2000 High Income ETF (BATS:IWMI) Short Interest Up 401.9% in June
- (IWMI) Movement Within Algorithmic Entry Frameworks
- How (IWMI) Movements Inform Risk Allocation Models
- Trading Systems Reacting to (IWMI) Volatility
Data for IWMI is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.