IWMI Fees and Costs — NEOS Russell 2000(R) High Income ETF
Data updated: 2026-08-25
The net expense ratio is 0.68% (0.76% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $15K in broker commissions, 0.0049% of average net assets, and portfolio turnover was 0%.
IWMI Fees and Expenses
Annual operating expenses and sales charges of IWMI. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.68% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.76% |
| Fee waiver | −0.08% |
| Net expense ratio | 0.68% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
IWMI Costs Over Time
On $10,000 invested in IWMI, assuming 5% a year before costs, total costs come to $431 over 5 years, cutting the return by 0.72% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.68%) | $71 | $224 | $389 |
| Trading costs (broker commissions) | $1 | $2 | $3 |
| Lost growth on money paid in costs | $0 | $11 | $39 |
| Total costs | $72 | $236 | $431 |
| Value after costs | $10,428 | $11,340 | $12,332 |
| Impact on return, per year | 0.72% | 0.72% | 0.72% |
IWMI Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0049%
- Total broker commissions: $15K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
IWMI Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| NORTHERN TRUST SECURITIES INC. | $8K | 53.58% |
| OLD MISSION MARKETS LLC | $7K | 44.74% |
| JANE STREET EXECUTION SERVICES LLC | $246 | 1.68% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.