IWMI

NEOS Russell 2000 High Income ETF

IWMIssuer: NEOSInception: September 14, 2023

6.8

Overall Score

Strategy & Profile

NEOS version of a Russell 2000 covered call ETF. Uses OTM call spreads on IWM with Section 1256 tax treatment, similar to SPYI and QQQI structure. More tax-efficient than RYLD.

TTM Yield: ~13%

Strengths

  • ✓Section 1256 tax efficiency
  • ✓Better upside participation than RYLD
  • ✓Strong total return since inception

Weaknesses

  • ✗Very short track record (September 2023)
  • ✗Small cap volatility risk
  • ✗Low AUM vs RYLD

Investor Profile

Investor seeking tax-efficient small cap income exposure

Verdict

Structurally superior to RYLD — but 2-star maturity means limited track record to verify

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Key Metrics

Expense Ratio

0.680%

Inception Date

September 14, 2023

Benchmark

IWM

Category

Covered Call - Small Cap

Distribution Frequency

Monthly

Maturity Rating

2/5 stars

Scores calculated using CoveredRank methodology. Every formula is published and reproducible.

See full methodology→

Disclaimer: CoveredRank provides independent educational content only. This is not financial advice. Please consult with a qualified financial advisor before making investment decisions. Past performance does not guarantee future results.