Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
IWMI has outpaced IWMY over the trailing twelve months, posting a 28.74% total return against 18.93%. Measured from Jun 2024 — when the younger fund began trading — IWMI has compounded at 18.60% a year versus 14.75% for IWMY. Figures are total returns: price change plus every distribution reinvested.
Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 19, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Jun 2024” measures every fund from June 25, 2024 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
IWMI is built to crank out high monthly income while staying tax-efficient. The fund invests in Russell 2000 stocks and layers on a data-driven call option strategy. That combo gives it steady cash flow and a chance to grab some upside if the Russell 2000 rallies. For tax perks, it uses section 1256 index options (with the sweet 60/40 long-term vs short-term split) and fund managers may also harvest losses to soften the tax bite.
Quick summary:
* Goal: High monthly income + equity growth potential
* Method: Russell 2000 holdings + call option overlay
* Upside: Participates when RUT rises
* Tax angle: 60/40 capital gains treatment + loss harvesting
Seeks current income while maintaining exposure to the performance of the Russell 2000 Index. The fund is actively managed and designed to generate weekly cash distributions primarily from options premiums by selling daily credit call spreads on the Russell 2000 Index.
Asset class
Equity
Equity
Inception date
06/24/2024
10/30/2023
Beta
1.0582
1.1019
Last dividend
$0.6373
$0.1110
Ex-dividend date
08/19/2026
08/13/2026
Bottom lineChoose IWMI if you are comfortable trading away most upside for a large, steady payout. Choose IWMY if you want to maximize current income — roughly 30.32%, generated by selling options premium. There's no free lunch: IWMY's payout comes from selling options, which caps upside and can erode the share price over time, while IWMI keeps full price exposure.
IWMI vs IWMY: which Russell 2000 income overlay?
Both funds start with small-cap US stocks. IWMI uses NEOS's monthly, tax-aware index-options overlay. IWMY sells daily credit call spreads and pays weekly. The index is shared; payout schedule and how much upside is sold are the decision.
IWMI
IWMY
Underlying exposure
Russell 2000
Russell 2000
Option design
NEOS monthly tax-aware overlay
Daily credit call spreads (0DTE-style)
Payout schedule
Monthly
Weekly
Distribution yield
14.39%
30.32%
Expense ratio
0.68%
1.05%
Better fit for
Taxable accounts; monthly income
Weekly cash flow; more aggressive overwrite
How the risk works
Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.
Capped upside and premium dependence. IWMI and IWMY generate income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
NEOS is known for developing specialized income-focused ETFs that employ strategies like covered calls, hedging, and enhanced yields across various asset classes. The firm manages 19 funds organized into nine distinct families, including offerings in equity high income, fixed income enhancement, digital assets, and alternative strategies, with popular tickers like SPYI (S&P 500 covered call), QQQI (Nasdaq-100 covered call), and QQQH (Nasdaq-100 hedged equity income). NEOS distinguishes itself in the ETF landscape through its emphasis on income generation and downside protection strategies rather than traditional growth approaches.
See our curated list of related YouTube videos on IWMI.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Defiance ETFs is known for offering specialized and thematic investment strategies that cater to niche market segments and alternative income approaches. The issuer's lineup spans income-focused funds, leveraged strategies, combinations of leverage with income generation, and thematic products tied to emerging trends and sectors. Defiance emphasizes non-traditional and differentiated strategies rather than broad-based index exposure, appealing to investors seeking targeted exposure beyond conventional ETF offerings.
See our curated list of related YouTube videos on IWMY.
IWMI (NEOS Russell 2000 High Income ETF) and IWMY (Defiance R2000 Enchanced Options Income ETF) are both dividend ETFs, but they take different approaches.
IWMY offers the higher yield at 30.32% vs 14.39% for IWMI. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
IWMI is cheaper with an expense ratio of 0.68% compared to 1.05%.
They track different benchmarks: IWMI is linked to Russell 2000 Index while IWMY tracks IWM, which means their performance drivers differ.
IWMI is the larger fund by assets ($1.20B), which generally means tighter spreads and better liquidity.
Who should choose each?
Choose IWMI
NEOS Russell 2000 High Income ETF
Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
Want to keep costs low — a 0.68% expense ratio vs 1.05% for IWMY.
Choose IWMY
Defiance R2000 Enchanced Options Income ETF
Want to maximize current income — IWMY distributes roughly 30.32% from selling options premium, vs 14.39% for IWMI.
Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.
Still deciding? Track IWMI & IWMY for free
Create a free Dividend Vision account to keep them on a watchlist, get notified when they declare dividends, and see how much income they would add to your portfolio.
On a $10,000 investment, IWMI would generate roughly $119.92/month, while IWMY would produce $252.67/month, at current distribution rates.
IWMI yield14.39%
IWMY yield30.32%
Monthly diff on $10K$132.75
Cost & efficiency
Over 10 years on $10,000, IWMI would cost approximately $680 in fees vs $1,050 for IWMY (simplified, not compounded). The $370.00 difference may be offset by yield or performance.
IWMI ER0.68%
IWMY ER1.05%
Strategy & risk
Both IWMI and IWMY wrap Russell 2000 Index with options-based income overlays (options and options). The practical differences are yield target, fee structure, and issuer track record — not the underlying mechanic. Beta is 1.0582 for IWMI and 1.1019 for IWMY — effectively similar market sensitivity.
IWMI beta1.0582
IWMY beta1.1019
Fund details
IWMI is managed by NEOS (launched 06/24/2024) with $1.20B in assets. IWMY is managed by Defiance ETFs (launched 10/30/2023) with $98.2M in assets.
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Frequently asked questions
What is the difference between IWMI and IWMY?
Both sell options against Russell 2000 exposure, so the choice is the overlay, not the index. IWMI (NEOS Russell 2000 High Income ETF) is NEOS's monthly, tax-aware design. IWMY (Defiance R2000 Enchanced Options Income ETF) sells daily credit call spreads and pays weekly. Current snapshot: IWMI 14.39% at 0.68% versus IWMY 30.32% at 1.05%, as of August 2026. With option income, a higher payout generally reflects how much upside has been sold, not a better fund. Neither is universally better.
What is the current distribution yield for IWMI and IWMY?
IWMI currently distributes 14.39% and IWMY 30.32%, based on fund data updated August 2026. Distribution yield moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is IWMI or IWMY better for dividend income?
It depends on your goals. IWMY currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.
Can I hold both IWMI and IWMY?
You can, but expect significant overlap. Both funds use options-based income strategies on Russell 2000 Index, so holding them together gives you two wrappers around effectively the same exposure — not true diversification. Weigh issuer, fee, and yield differences rather than treating them as complementary.
Is IWMI or IWMY safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — IWMI scores 84, IWMY scores 58, so IWMI's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.
Which has lower fees, IWMI or IWMY?
IWMI has an expense ratio of 0.68% while IWMY charges 1.05%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in IWMI vs IWMY generate?
At current rates, $10,000 in IWMI would generate roughly $119.92 per month ($1,439.00 annually). The same in IWMY would produce about $252.67 per month ($3,032.00 annually).
Which has performed better historically, IWMI or IWMY?
IWMI has outpaced IWMY over the trailing twelve months, posting a 28.74% total return against 18.93%. Measured from Jun 2024 — when the younger fund began trading — IWMI has compounded at 18.60% a year versus 14.75% for IWMY. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
Explore related screeners
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