Understanding the NEOS Russell 2000 High Income ETF (IWMI)

What this ETF is trying to do

The NEOS Russell 2000 High Income ETF, known by its ticker symbol IWMI, is an exchange-traded fund (ETF). This specific fund focuses on providing high levels of income to its investors. It looks at companies within the Russell 2000 index to try and generate regular cash payments.

What the numbers show

As of July 14, 2026, the current price of one share is $52.89. Looking back at the past year, the price has grown. One year ago, the estimated price was about $46.62. This means the price itself went up by 13.4492% over the last twelve months.

When you look at "total return," which includes both price changes and the money paid out to investors, the numbers are even higher. The one-year total return was 30.9544%. So far this year (YTD), the total return is 16.7215%.

Income and distribution explanation

This ETF is designed to pay out money regularly. Over the last 12 months, it made 12 distributions. This means it usually pays investors once every month. The "distribution yield" is 13.4199%, which tells you how much cash the fund paid out compared to its price.

It is important to remember that a high yield alone can be misleading. A very high percentage might look attractive, but it does not tell the whole story about the health of the fund.

NAV erosion explanation

"NAV erosion" happens when the value of the underlying assets in an ETF drops significantly over time. Think of NAV (Net Asset Value) as the actual "stuff" inside the ETF box. If the price of the shares falls from a high amount to a much lower amount, it can destroy your principal. Your principal is the original money you put in. If you invest $10,000 and the share price collapses, you might end up with much less than $10,000, even if you received cash payments along the way.

For this specific ETF, the data shows "No price erosion detected." The erosion score is 100, which is labeled as "good." This means the fund has not been losing its base value in a way that suggests severe damage to the principal.

Pros

• The fund has shown strong total returns over the last year (30.9544%).

• It provides regular monthly income.

• The price has been increasing rather than falling.

Cons

• High-income funds can be complex.

• Investors must watch to ensure the high yield isn't coming at the expense of the fund's actual value.

Beginner takeaway

Income investors usually prefer ETFs that go sideways (stay about the same price) or move slightly up. They prefer this over funds that "collapse" in price. If a fund's price crashes, the cash you receive might not be enough to make up for the money you lost in the share price. In the case of IWMI, the data shows the price has been rising along with the income payments.