NEOS Russell 2000 High Income ETF
IWMI
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- NEOS Russell 2000 High Income ETF (IWMI) is an exchange-traded fund that seeks to provide high current income with a secondary objective of capital appreciation by investing in equity securities of small-cap U.S. companies included in the Russell 2000 Index; it employs a covered call strategy using NEOS proprietary options model to generate premiums while retaining participation in underlying equity upside. The fund's primary offerings include high monthly income distributions derived from option premiums and dividends, exposure to the broad small-cap segment via a portfolio that tracks the Russell 2000 Index, and tax-efficient income through index options classified as Section 1256 contracts under IRS rules, which benefit from 60/40 long-term/short-term capital gains treatment; it targets income-seeking investors such as retirees and institutions focused on yield enhancement in volatile markets. IWMI operates principally in the United States, with its investment focus limited to U.S.-listed small-cap equities and exchange-traded options. Launched in 2024 by NEOS Investments, LLC, the fund is managed from the firm's headquarters in Westport, Connecticut, and is part of NEOS's suite of income-focused ETFs including those on large-cap and Nasdaq-100 indexes. In late 2024, NEOS Investments expanded its high income ETF lineup with the launch of IWMI, marking a strategic entry into the small-cap high income segment amid heightened market volatility and investor demand for yield; the fund has since achieved rapid assets under management growth, surpassing $100 million in AUM within its first few months, reflecting strong adoption of its options overlay approach.