ITWO vs IWMI: Income Fund Comparison
ProShares Russell 2000 High Income ETF - US (ITWO) and NEOS Russell 2000 High Income ETF - US (IWMI) are both income-focused funds. Below is our independent side-by-side review using the Dependable Income Investing 13-factor scoring system — designed specifically for income investors seeking reliable, sustainable distributions.
Also see: ITWO individual review · IWMI individual review
ITWO: MER is 0.55% IWMI: Total Annual Fund Operating Expenses are 0.78% (management fee 0.68% contractually capped through September 2026 plus acquired fund fees and expenses of 0.10% from holding VTWO) as of March 2026. ITWO fund inception date was September 4th 2024. IWMI fund inception June 24 2024. Approximately 1.7 years old as of review date - less than 2 years. Full Dependability and Return scores for both funds are available in the app.
| ITWO | IWMI | |
|---|---|---|
| Fund Name | ProShares Russell 2000 High Income ETF - US | NEOS Russell 2000 High Income ETF - US |
| Fund Type | Index Based Fund | Index Based Fund |
| Exchange | NYSE/NASDAQ | NYSE/NASDAQ |
| Last Reviewed | 2025-10-04 | 2026-03-16 |
| Author | Adam Hyde, Income Investing Analyst | |
🔒 Full scores available — with Premium subscription
Compare Performance — Free →Fund Attributes: ITWO vs IWMI 20% of overall score
Fund Attributes cover the foundational characteristics of each fund: cost, company backing, track record, and size. These factors reflect stability and cost-efficiency for long-term income investors.
MER is 0.55%
Total Annual Fund Operating Expenses are 0.78% (management fee 0.68% contractually capped through September 2026 plus acquired fund fees and expenses of 0.10% from holding VTWO) as of March 2026.
Proshares manages over 95 Billion in Assets.
NEOS Investments manages approximately $20 billion in assets across 19 ETFs as of early 2026.
Fund inception date was September 4th 2024.
Fund inception June 24 2024. Approximately 1.7 years old as of review date - less than 2 years.
Fund has 1.62 Billion AUM
Net assets $649.85 million as of March 13 2026 per the fund page.
Risk: ITWO vs IWMI 35% of overall score
Risk factors evaluate how each fund manages volatility, diversification, and the nature of its underlying assets — critical considerations for income investors who prioritise capital preservation.
Fund is much more volatile than the S&P500 index.
Beta 0.88 vs SPY (weekly; July 2024 to March 2026) - in the 0.80-0.99 range. Standalone volatility 16.86% annualized (weekly total returns per data series) - low-to-moderate. Both metrics support score 4.
See the full Risk analysis for both ITWO and IWMI — volatility ratings, diversification scores, and analyst notes.
View Plans →Return: ITWO vs IWMI 45% of overall score
Return factors assess income generation quality: current yield, distribution consistency, price history, and payment frequency. This is the most heavily weighted category for income investors.
Fund pays monthly.
The fund pays distributions monthly confirmed from distribution history showing consistent monthly payments since June 2024.
See the full Return analysis for both ITWO and IWMI — yield ratings, distribution consistency scores, and capital history.
View Plans →Our Review Methodology
Every fund reviewed on Dependable Income Investing is scored using our 13-factor Fund Report Card, organised into three weighted categories: Fund Attributes (20%), Risk (35%), and Return (45%). Each criterion is rated 1–5 by our analysts based on publicly available fund data.
We also calculate a Dependability Score — a weighted composite of six income-specific factors ranked by importance for retirement income investors: Yield Stability, Yield, Volatility, Capital History, Fund Risk, and Underlying Assets. This score answers the question income investors care about most: can I depend on this fund to pay me reliably?
Full scores, ratings, and analyst notes for both ITWO and IWMI are available in the Dependable Income Investing app.
See our full scoring methodology →
Frequently Asked Questions: ITWO vs IWMI
Which has a lower expense ratio, ITWO or IWMI?
ITWO: MER is 0.55%
IWMI: Total Annual Fund Operating Expenses are 0.78% (management fee 0.68% contractually capped through September 2026 plus acquired fund fees and expenses of 0.10% from holding VTWO) as of March 2026.
Which fund has more assets under management, ITWO or IWMI?
ITWO: Fund has 1.62 Billion AUM
IWMI: Net assets $649.85 million as of March 13 2026 per the fund page.
Which fund has been trading longer, ITWO or IWMI?
ITWO: Fund inception date was September 4th 2024.
IWMI: Fund inception June 24 2024. Approximately 1.7 years old as of review date - less than 2 years.
Who manages ITWO vs IWMI?
ITWO: Proshares manages over 95 Billion in Assets.
IWMI: NEOS Investments manages approximately $20 billion in assets across 19 ETFs as of early 2026.
Where can I see the full ITWO vs IWMI comparison with scores?
The complete side-by-side comparison — including all Risk and Return scores, analyst notes, Overall Score, and Dependability Score for both funds — is available in the Dependable Income Investing app.
What is the difference between ITWO and IWMI?
ProShares Russell 2000 High Income ETF - US is a Index Based Fund. MER is 0.55%. NEOS Russell 2000 High Income ETF - US is a Index Based Fund. Total Annual Fund Operating Expenses are 0.78% (management fee 0.68% contractually capped through September 2026 plus acquired fund fees and expenses of 0.10% from holding VTWO) as of March 2026. Full comparison including Dependability Score is available in the Dependable Income Investing app.
Which is better for income investors, ITWO or IWMI?
ITWO: MER is 0.55%. Fund inception date was September 4th 2024. IWMI: Total Annual Fund Operating Expenses are 0.78% (management fee 0.68% contractually capped through September 2026 plus acquired fund fees and expenses of 0.10% from holding VTWO) as of March 2026. Fund inception June 24 2024. Approximately 1.7 years old as of review date - less than 2 years. Which scores higher on Dependability and Return is available in the Dependable Income Investing app.
Do ITWO and IWMI pay monthly distributions?
ITWO: Fund pays monthly. IWMI: The fund pays distributions monthly confirmed from distribution history showing consistent monthly payments since June 2024. Full yield and distribution stability scores for both funds are available in the Dependable Income Investing app.
See the Full ITWO vs IWMI Comparison
The Dependable Income Investing app gives you the complete picture: all 13 scoring factors for both funds, Risk and Return analyst notes, Dependability Scores, and tools to compare any income fund side by side.
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