IWMI Review: NEOS Russell 2000 High Income ETF - US
NEOS Russell 2000 High Income ETF - US (IWMI) is a index based fund listed on the NYSE/NASDAQ. Below is our independent review using the Dependable Income Investing 13-factor scoring system, covering Fund Attributes, Risk, and Return — designed specifically for income-focused investors.
Fund Attributes 20% of overall score
Fund Attributes cover the foundational characteristics of IWMI: cost, company backing, track record, and size. These factors reflect the fund's stability and cost-efficiency.
Expense Ratio (25%)
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 Company Size (5%)
NEOS Investments manages approximately $20 billion in assets across 19 ETFs as of early 2026.
Fund History (40%)
Fund inception June 24 2024. Approximately 1.7 years old as of review date - less than 2 years.
Fund AUM (30%)
Net assets $649.85 million as of March 13 2026 per the fund page.
Risk 35% of overall score
Risk factors evaluate how IWMI manages volatility, diversification, and the nature of its underlying assets. These are critical for income investors who prioritise capital preservation.
Volatility
Lower volatility may indicate more stability — important for investors living off their income.
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.
Sector Diversification
Holding across more sectors reduces the impact of any single industry downturn.
Geographic Diversification
Exposure across geographies can reduce risk from any single country's economic conditions.
Fund Risk
The fund's overall risk profile, based on self-reported classifications where available.
Underlying Assets
What the fund actually holds — stocks, bonds, synthetics, or other funds — affects risk profile significantly.
See our full Risk analysis for IWMI — including analyst notes on volatility, diversification, and underlying assets.
View Plans →Return 45% of overall score
Return factors assess the income generation quality of IWMI: current yield, distribution consistency, price history, and payment frequency. This is the most heavily weighted category for income investors.
Yield
The current dividend yield, reflecting the annual income generated relative to fund price.
Yield Stability
How consistent the distribution amounts have been over time — critical for income investors who budget around payments.
Capital History
The fund's track record of price appreciation or depreciation, reflecting total return alongside income.
Distribution Frequency
How often the fund pays distributions — monthly payments are generally preferred by income investors.
The fund pays distributions monthly confirmed from distribution history showing consistent monthly payments since June 2024.
See our full Return analysis for IWMI — yield rating, distribution consistency score, 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 is designed to answer the question income investors care about most: can I depend on this fund to pay me reliably?
Full scores, ratings, and analyst notes are available in the Dependable Income Investing app.
See our full scoring methodology →
Frequently Asked Questions About IWMI
What is IWMI's expense ratio?
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.
How long has IWMI been trading?
Fund inception June 24 2024. Approximately 1.7 years old as of review date - less than 2 years.
How large is IWMI by assets under management?
Net assets $649.85 million as of March 13 2026 per the fund page.
Who manages IWMI?
NEOS Investments manages approximately $20 billion in assets across 19 ETFs as of early 2026.
Where can I see the full IWMI review?
The complete 13-factor review — including all Risk and Return scores, analyst notes, and your Dependability Score — is available in the Dependable Income Investing app.
Does IWMI pay monthly dividends?
The fund pays distributions monthly confirmed from distribution history showing consistent monthly payments since June 2024. Full distribution history and yield stability score are available in the Dependable Income Investing app.
Is IWMI a high-volatility fund?
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 volatility score and risk analysis in the Dependable Income Investing app.
How often does IWMI pay distributions?
The fund pays distributions monthly confirmed from distribution history showing consistent monthly payments since June 2024. Distribution consistency and yield stability ratings are available in the app.
Also Compare IWMI
See the Full IWMI Review
The Dependable Income Investing app gives you the complete picture: all 13 scoring factors, analyst notes, Dependability Score, and tools to compare IWMI against other income funds side by side.
View Plans →Also available: free fund comparison tools in the app.