IWMI, QQQI, and SPYI apply NEOS-managed index-option income strategies to different equity universes: small-cap Russell 2000, growth-heavy Nasdaq-100, and broad large-cap S&P 500. The underlying stock allocation drives much of the risk. Options can create cash distributions but also limit upside; a larger payout is not evidence of a stronger total return.
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
QQQI tops the group over the trailing twelve months with a 18.23% total return, against IWMI at 16.58% and SPYI at 14.93%. 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 (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Jun 2024” measures every fund from June 25, 2024 — the start of shared available history — 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.
Distribution rate and SEC yield
Metric
IWMI
QQQI
SPYI
Forward distribution rate
14.89%
13.69%
12.05%
Trailing 12-month yield
14.82%
13.76%
11.93%
30-day SEC yield
0.52%
-0.05%
0.46%
Total return (price change plus reinvested distributions) is the Total returns section above. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.
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 to generate high monthly income in a tax efficient manner while targeting equity appreciation.
Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
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, QQQI, and SPYI 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, QQQI and SPYI.
Pick the equity universe before the payout: IWMI for Russell 2000 small caps, QQQI for Nasdaq-100 growth exposure, or SPYI for S&P 500 large caps. All retain equity downside and option-overwrite tradeoffs. Compare holdings and net total returns over matching dates.
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On a $10,000 investment: IWMI generates ~$124.08 cash per distribution, QQQI generates ~$114.08 cash per distribution, SPYI generates ~$100.42 cash per distribution at current distribution rates.
IWMI yield14.89%
QQQI yield13.69%
SPYI yield12.05%
Cost & efficiency
Over 10 years on $10,000: IWMI costs ~$680, QQQI costs ~$680, SPYI costs ~$680 in fees (simplified, not compounded).
IWMI ER0.68%
QQQI ER0.68%
SPYI ER0.68%
Strategy & risk
IWMI, QQQI, and SPYI apply NEOS-managed index-option income strategies to different equity universes: small-cap Russell 2000, growth-heavy Nasdaq-100, and broad large-cap S&P 500. The underlying stock allocation drives much of the risk. Options can create cash distributions but also limit upside; a larger payout is not evidence of a stronger total return.
IWMI beta1.0582
QQQI beta1.0553
SPYI beta0.7
Fund details
IWMI is managed by NEOS (launched 06/24/2024) with $1.29B in assets. QQQI is managed by NEOS (launched 01/29/2024) with $15.0B in assets. SPYI is managed by NEOS (launched 08/29/2022) with $12.4B in assets.
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Frequently asked questions
Which index separates IWMI, QQQI, and SPYI?
IWMI is oriented to the Russell 2000, QQQI to the Nasdaq-100, and SPYI to the S&P 500. This changes company size, sector concentration, and drawdown behavior even though the funds share a manager and use index-option income strategies.
Would owning all three diversify an income portfolio?
It can diversify the equity universes, especially by adding small-cap exposure through IWMI. QQQI and SPYI can still overlap in large companies, and all three retain equity downside. Check current holdings and combined weights rather than counting three tickers as three independent risks.
Should I choose the highest distribution rate?
No. Distributions can include amounts that are not investment profit, and the payout rate does not account for NAV changes. Compare net total return over the same period, risk, expenses, and the role of each index in your portfolio.
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