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IWMI NEOS Russell 2000 High Income ETF

Covered call on IWM, paying monthly

Over the year to Sep 11, 2026, IWMI paid 14.9% in cash and finished level with IWM.

NEOS · Income ETFs · data as of

Key facts

14.9%Cash paid, 1 year, on its starting price
+21.5%Total return, 1 year
+0.3 ptsAgainst IWM
100.0%Return of capital, latest payout (NEOS estimate)

Method

ETFIQ Return Stability Score

77.916th of 161

IWMI paid 14.9% in cash and its price rose 5.3%, so the payout came out of returns rather than principal.

Was the payout funded by returns, or by your own capital?

Against its benchmark
MLPD −38.1 ptsMDST −30.2 ptsSLTY −29.1 ptsBLOX −27.8 ptsEIPI −27.8 ptsYQQQ −27.6 ptsULTY −23.3 ptsGDXY −22.0 ptsHIGH −20.8 ptsTOPW −18.6 ptsTDVI −18.3 ptsYMAX −18.1 ptsHISF −17.3 ptsACKY −17.2 ptsWEEI −16.9 ptsNDIV −16.6 ptsLQDW −16.2 ptsOARK −15.8 ptsFDND −15.5 ptsTCAL −15.0 ptsQRMI −14.8 ptsSDVD −14.8 ptsLFGY −14.5 ptsSLJY −14.5 ptsSCLZ −14.1 ptsYFYA −13.9 ptsQUSA −13.5 ptsHYGW −13.0 ptsJULH −13.0 ptsXLRI −13.0 ptsMAGY −12.9 ptsYYY −12.7 ptsXLKI −12.6 ptsJULJ −12.4 ptsLJUL −12.4 ptsJANJ −12.3 ptsLJAN −12.3 ptsFGSI −12.2 ptsLOCT −12.1 ptsRNTY −12.1 ptsAIPI −12.0 ptsIWMY −12.0 ptsOCTJ −11.9 ptsHIPS −11.7 ptsJUCY −11.6 ptsXLEI −11.6 ptsAPRJ −11.3 ptsLAPR −11.3 ptsXISE −11.3 ptsXIJN −11.1 ptsCVRD −11.0 ptsJANH −11.0 ptsAPRH −10.9 ptsXBTY −10.7 ptsXIDE −10.7 ptsOCTH −10.6 ptsJEPI −10.3 ptsXIMR −10.1 ptsSRHR −9.7 ptsXRMI −8.7 ptsVEGA −8.3 ptsBUYW −8.2 ptsIAUI −7.9 ptsBAGY −7.7 ptsXV −7.5 ptsKHPI −7.3 ptsYBTC −7.3 ptsFTHI −7.0 ptsYLDE −6.8 ptsIGLD −6.1 ptsQQQI −6.1 ptsRDVI −6.0 ptsSPIN −5.9 ptsFEPI −5.8 ptsIWMW −5.8 ptsTYLG −5.7 ptsBITY −5.6 ptsSPUT −5.4 ptsWTPI −5.2 ptsPAPI −4.7 ptsXLVI −4.7 ptsETCO −4.3 ptsJEPQ −4.1 ptsCAIE −4.0 ptsFTKI −3.9 ptsGPTY −3.7 ptsIQQQ −3.7 ptsGIAX −3.4 ptsBIGY −3.3 ptsISPY −3.1 ptsRYLD −3.1 ptsWEEL −2.9 ptsYMAG −2.9 ptsRDTY −2.6 ptsXLBI −2.5 ptsNBOS −1.8 ptsRYLG −1.8 ptsSPYI −1.7 ptsFTQI −1.6 ptsKNG −1.6 ptsTSPY −1.6 ptsTHTA −1.5 ptsQQQY −1.3 ptsRDTE −1.3 ptsDIVO −1.2 ptsSIXH −1.2 ptsXYLD −1.2 ptsDFII −1.1 ptsGPIQ −1.1 ptsQDTY −1.1 ptsXYLG −1.1 ptsXDTE −0.9 ptsQDTE −0.7 ptsQYLD −0.7 ptsXLII −0.7 ptsXPAY −0.7 ptsEGGY −0.6 ptsJOYT −0.6 ptsSDTY −0.6 ptsWDTE −0.4 ptsBTCC −0.3 ptsQYLG −0.3 ptsGPIX 0.0 ptsDJIA +0.1 ptsDYLG +0.3 ptsKGLD +0.3 ptsXLFI +0.3 ptsIVVW +0.4 ptsLTTI +0.5 ptsLQTI +0.6 ptsPBP +0.6 ptsHYTI +0.9 ptsTDAQ +0.9 ptsCSHI +1.3 ptsBALI +1.4 ptsYETH +1.5 ptsHYBL +1.6 ptsXLUI +1.6 ptsCHPY +1.9 ptsBTCI +2.1 ptsSOXY +2.3 ptsITWO +2.5 ptsDOGG +2.7 ptsCEPI +2.9 ptsXLYI +2.9 ptsYBIT +2.9 ptsTLTP +3.4 ptsDUBS +4.0 ptsSEPI +4.7 ptsXLCI +5.2 ptsIDVO +5.4 ptsTLTW +5.4 ptsBCCC +6.3 ptsOMAH +6.5 ptsIDUB +6.9 ptsXLSI +8.8 ptsUSOY +10.5 ptsBUCK +10.9 ptsKLIP +20.9 ptsNVYY +24.6 ptsIWMI +0.3 ptsIWMI +0.3 pts−38.1 pts+24.6 pts

78.6% of the 161 sit at or below IWMI on this measure.

What happened to the principal
ETCO −75.0%XBTY −74.7%YETH −67.4%YBTC −61.4%BTCC −59.9%YBIT −58.9%BAGY −58.0%SLTY −54.4%ULTY −53.3%NVYY −52.4%BITY −51.9%BCCC −49.4%BTCI −46.9%DFII −44.8%LFGY −43.0%YMAX −41.0%BLOX −38.8%TOPW −36.6%OARK −33.3%KLIP −32.8%GDXY −32.5%YMAG −27.1%YQQQ −26.3%MAGY −25.8%IWMY −23.1%CEPI −21.0%RDTY −19.9%RDTE −19.4%QDTE −18.5%EGGY −15.1%TLTP −14.5%XLYI −14.1%LTTI −13.8%ACKY −13.7%WDTE −13.7%QQQY −13.0%QDTY −12.8%XDTE −12.8%AIPI −12.2%QUSA −11.8%LQTI −10.4%TLTW −10.3%SDTY −9.9%GIAX −9.8%XLUI −9.5%HIGH −9.3%LQDW −9.3%TCAL −9.0%FEPI −8.5%XV −8.4%IGLD −8.1%XLRI −8.0%XLCI −7.9%FDND −7.6%YYY −7.5%XLSI −7.3%RNTY −6.5%HYTI −6.3%GPTY −6.0%OMAH −6.0%XLBI −5.7%HYGW −5.6%IWMW −5.3%HIPS −5.2%XPAY −4.9%HISF −4.7%QRMI −4.2%USOY −4.0%XLFI −3.8%FGSI −3.2%BUCK −2.5%HYBL −2.5%JUCY −2.3%XRMI −2.3%MLPD −1.7%CAIE −1.6%IAUI −1.6%YFYA −1.6%IVVW −1.4%CVRD −1.3%JEPI −1.1%KNG −0.9%XIJN −0.7%JULJ −0.6%WTPI −0.5%CSHI −0.4%JULH −0.3%LJUL −0.2%XISE 0.0%JANH +0.1%JANJ +0.1%LAPR +0.1%LOCT +0.1%LJAN +0.2%OCTJ +0.2%XLII +0.2%APRJ +0.3%OCTH +0.3%XIDE +0.3%XIMR +0.4%APRH +0.5%TSPY +0.6%KHPI +0.7%BIGY +0.8%WEEL +0.9%SRHR +1.0%FTHI +1.1%QQQI +1.5%XLVI +2.1%SPYI +2.6%QYLG +2.8%YLDE +2.8%BUYW +2.9%SDVD +3.0%XYLG +3.4%KGLD +3.8%THTA +3.9%DJIA +4.2%FTKI +4.3%SCLZ +4.4%PAPI +4.5%RYLD +4.7%XLKI +5.0%PBP +5.1%DYLG +5.4%TDAQ +5.9%XYLD +5.9%JEPQ +6.0%SPIN +6.1%NBOS +6.5%SPUT +6.5%RYLG +7.1%GPIX +7.9%FTQI +8.0%DOGG +8.2%ISPY +8.4%QYLD +8.4%DIVO +8.9%MDST +9.3%VEGA +9.4%BALI +9.5%GPIQ +9.8%SLJY +11.0%RDVI +11.7%TDVI +11.7%IQQQ +12.3%SEPI +13.8%XLEI +13.8%SIXH +14.1%ITWO +14.3%EIPI +14.6%JOYT +16.1%IDVO +16.4%DUBS +18.9%WEEI +18.9%IDUB +19.0%TYLG +21.2%NDIV +22.9%CHPY +24.9%SOXY +68.6%IWMI +5.3%IWMI +5.3%−75.0%+68.6%

77.3% of the 161 sit at or below IWMI on this measure.

Weighted evenly, those two positions are what the score combines, across the 161 income ETFs writing on an index or proxy. Neither spread above is the score: a fund can sit further right on one and score lower. A position in this set, not a rating: it moves when the set moves, and it is not a figure to average against another desk's.

What the score is computed from
What it measuresThis fundIts percentileWeight
against its benchmark+0.3 pts78.650%
what happened to the principal+5.3%77.350%

All income ETFs ranked by this score · How it is computed

2nd of 9 income ETFs writing on IWM, by return against it 21st of 354 income ETFs by net assets

What a holder got

IWMI against IWMIWMI returned +21.5% with distributions reinvested against +21.2% for Russell 2000 (IWM), a gap of +0.3 pts. Of that, 14.9% arrived as cash rather than price.+21.5%IWMI total return+21.2%Russell 2000 (IWM)14.9% of it arrived as cash

Over the year to Sep 11, 2026, IWMI returned +21.5% with distributions reinvested and Russell 2000 (IWM) returned +21.2%, so a holder came out level with it. The lighter segment is the 14.9% that arrived as cash rather than as price.

Method

Period by period

IWMI over each window to Sep 11, 2026. Every figure is an ETFIQ calculation. Source: ETFIQ.
WindowCash paidPriceTotal returnIWMAhead or behind
3 months3.6%−3.0%+0.6%−1.1%+1.7 pts
6 months7.7%+7.8%+15.9%+17.6%−1.8 pts
1 year14.9%+5.3%+21.5%+21.2%+0.3 pts
Since launch32.1%+2.5%+41.9%+47.2%−5.3 pts

Method

When IWMI pays

IWMI pays monthly. The last distribution was $0.6373 a share, which went ex on Aug 19, 2026, with payment about 2 days later. The next has not been declared. On its own cadence of about 28 days the ex-date falls near Sep 16, 2026; that date is an ETFIQ projection, not the issuer’s.

Expected distributions for IWMI. Where the basis is a projection, ETFIQ has carried the fund’s own spacing forward from its last ex-date and held the amount at the last one paid; neither is an issuer statement. Source: ETFIQ.
Ex-datePay dateAmountBasis
Sep 16, 2026Sep 18, 2026$0.6373ETFIQ projection from the fund’s own cadence
Oct 14, 2026Oct 16, 2026$0.6373ETFIQ projection from the fund’s own cadence
Every distribution ETFIQ holds for IWMI (13, most recent first)
Cash distributions per share for IWMI. Source: ETFIQ from Tiingo end-of-day distributions.
Ex-dateAmount
Aug 19, 2026$0.6373
Jul 22, 2026$0.625
Jun 16, 2026$0.6277
May 20, 2026$0.6046
Apr 22, 2026$0.612
Mar 18, 2026$0.571
Feb 18, 2026$0.6018
Jan 21, 2026$0.6082
Dec 24, 2025$0.5991
Nov 26, 2025$0.5732
Oct 22, 2025$0.5901
Sep 24, 2025$0.5868
Aug 20, 2025$0.5617

Every income ETF going ex-dividend in the next fortnight

Method

In plain words

Since it launched on Jun 25, 2024, IWMI has returned +41.9% with distributions reinvested, against +47.2% for Russell 2000 (IWM), and has paid out 32.1% of its starting value in cash along the way. It pays monthly, and at its current price the latest distribution annualizes to 14.9%. NEOS estimates that 100% of the distribution paid Jun 18, 2026 was a return of capital. That is the issuer’s own Rule 19a-1 estimate and a tax characterization, made before the fund year closes: it says the payment included money the fund gave back rather than earned, not that the fund is eroding.

IWMI (NEOS Russell 2000 High Income ETF), income ETFs fields as of Sep 11, 2026. Source: ETFIQ.
Strategycovered call
BenchmarkRussell 2000 (IWM)
Paysmonthly
Net assets (issuer page, as of Sep 11, 2026)$1.3bn
Latest payout, annualized (ETFIQ)14.9%
Expense ratio (485BPOS XBRL, Apr 30, 2026)0.68%
Cash paid, last 12 months, over today’s price (ETFIQ)14.1%
LaunchedJun 25, 2024
Return of capital, latest distribution (NEOS 19a-1 estimate)100.0%
Paysmonthly
Typical gap between ex-dates28 days
Typical wait from ex-date to payment2 days
Last paid, per share$0.6373 ex Aug 19, 2026
Sum of the last 12 distributions$7.2368

Every figure is an ETFIQ calculation from exchange prices and cash distributions (Tiingo end-of-day), total return with distributions reinvested. Return of capital is the issuer’s estimate. How these figures are computed

Questions people ask

How much has IWMI paid over the last year?
Over the year to Sep 11, 2026, IWMI paid 14.9% of its starting price in cash distributions, while the price rose 5.3%.
Is IWMI ahead of IWM?
Over the year to Sep 11, 2026, with every distribution reinvested, IWMI returned +21.5% against +21.2% for Russell 2000 (IWM), so a holder was about even with it by 0.3 points.
How often does IWMI pay, and how much?
IWMI pays monthly. The latest distribution annualizes to 14.9% at its price on Sep 11, 2026, which is not a promise; the next one can differ.
Is the IWMI distribution return of capital?
NEOS estimates 100% of the distribution paid Jun 18, 2026 was return of capital. That is a tax characterization from the fund's own 19a-1 notice, not a measure of erosion.
When does IWMI next pay a distribution?
IWMI pays monthly. The last distribution went ex on Aug 19, 2026 at $0.6373 a share. The next is not declared; on a cadence of about 28 days the ex-date falls near Sep 16, 2026, which is an ETFIQ projection. Payment usually follows the ex-date by 2 days.
What does IWMI cost?
The prospectus expense ratio is 0.68% a year.

The words on this page

Total return
What a holder actually ended up with: price change plus every distribution, reinvested. The only figure that answers whether you came out ahead.
Cash paid
Distributions over the window as a share of what the fund cost at the start. A measure of cash delivered, not of return: a fund can pay a great deal and still lose money.
Ahead or behind
The fund’s total return minus the benchmark’s over exactly the same days, in percentage points. Both sides reinvest.
Return of capital
The issuer’s own estimate, in a Rule 19a-1 notice, of how much of a distribution was your own money returned. An estimate and a tax characterization, not a measure of erosion.
Covered call
Selling call options on shares the fund holds. It collects a premium and gives up the gains above the strike, which is why these funds pay well and lag a rising market.

Every term used here, defined in full on the income ETFs vocabulary page.

Where these figures came from

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.

Funds near this one

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IWMI payout bar, ETFIQ

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Where IWMI is written about

IWMI, Income ETFs, ETFIQ, data as of Sep 11, 2026. Every figure is arithmetic on a named public source; the method is at etfiq.com/methodology. ETFIQ is an independent publisher, is not a fund issuer, broker-dealer or investment adviser, and makes no recommendations.
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Open IWMI live on ETFIQ, where the figures refresh with the data.

Cite this page. ETFIQ, IWMI, income ETFs, data as of Sep 11, 2026. https://etfiq.com/funds/iwmi Free to use with attribution; the underlying files are at Open data.

How these figures are computed · Standards and sources