IWMI vs IWMW: Income Fund Comparison
NEOS Russell 2000 High Income ETF - US (IWMI) and iShares Russell 2000 BuyWrite - US (IWMW) 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: IWMI individual review · IWMW individual review
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. IWMW: Expense ratio is 0.39 percent as of the current prospectus which is low for an options ETF. IWMI fund inception June 24 2024. Approximately 1.7 years old as of review date - less than 2 years. IWMW the fund launched March 14 2024 so it has less than two years of operating history. Full Dependability and Return scores for both funds are available in the app.
| IWMI | IWMW | |
|---|---|---|
| Fund Name | NEOS Russell 2000 High Income ETF - US | iShares Russell 2000 BuyWrite - US |
| Fund Type | Index Based Fund | Index Based Fund |
| Exchange | NYSE/NASDAQ | NYSE/NASDAQ |
| Last Reviewed | 2026-03-16 | 2025-07-10 |
| Author | Adam Hyde, Income Investing Analyst | |
🔒 Full scores available — with Premium subscription
Compare Performance — Free →Fund Attributes: IWMI vs IWMW 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.
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.
Expense ratio is 0.39 percent as of the current prospectus which is low for an options ETF.
NEOS Investments manages approximately $20 billion in assets across 19 ETFs as of early 2026.
The total assets managed by iShares are in the trillions.
Fund inception June 24 2024. Approximately 1.7 years old as of review date - less than 2 years.
The fund launched March 14 2024 so it has less than two years of operating history.
Net assets $649.85 million as of March 13 2026 per the fund page.
Net assets are $25 million as of July 2025 which is small for an ETF.
Risk: IWMI vs IWMW 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.
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.
Similar to the market.
See the full Risk analysis for both IWMI and IWMW — volatility ratings, diversification scores, and analyst notes.
View Plans →Return: IWMI vs IWMW 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.
The fund pays distributions monthly confirmed from distribution history showing consistent monthly payments since June 2024.
The fund pays distributions monthly.
See the full Return analysis for both IWMI and IWMW — 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 IWMI and IWMW are available in the Dependable Income Investing app.
See our full scoring methodology →
Frequently Asked Questions: IWMI vs IWMW
Which has a lower expense ratio, IWMI or IWMW?
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.
IWMW: Expense ratio is 0.39 percent as of the current prospectus which is low for an options ETF.
Which fund has more assets under management, IWMI or IWMW?
IWMI: Net assets $649.85 million as of March 13 2026 per the fund page.
IWMW: Net assets are $25 million as of July 2025 which is small for an ETF.
Which fund has been trading longer, IWMI or IWMW?
IWMI: Fund inception June 24 2024. Approximately 1.7 years old as of review date - less than 2 years.
IWMW: The fund launched March 14 2024 so it has less than two years of operating history.
Who manages IWMI vs IWMW?
IWMI: NEOS Investments manages approximately $20 billion in assets across 19 ETFs as of early 2026.
IWMW: The total assets managed by iShares are in the trillions.
Where can I see the full IWMI vs IWMW 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 IWMI and IWMW?
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. iShares Russell 2000 BuyWrite - US is a Index Based Fund. Expense ratio is 0.39 percent as of the current prospectus which is low for an options ETF. Full comparison including Dependability Score is available in the Dependable Income Investing app.
Which is better for income investors, IWMI or IWMW?
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. IWMW: Expense ratio is 0.39 percent as of the current prospectus which is low for an options ETF. The fund launched March 14 2024 so it has less than two years of operating history. Which scores higher on Dependability and Return is available in the Dependable Income Investing app.
Do IWMI and IWMW pay monthly distributions?
IWMI: The fund pays distributions monthly confirmed from distribution history showing consistent monthly payments since June 2024. IWMW: The fund pays distributions monthly. Full yield and distribution stability scores for both funds are available in the Dependable Income Investing app.
See the Full IWMI vs IWMW 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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