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The Buena Vista Neos Russell 2000 High Income ETF (IWMI11) is a Brazilian exchange-traded fund designed to provide monthly income in U.S. dollars while offering exposure to U.S. small-cap companies through a strategy linked to the Russell 2000 Index and options-based income generation. The ETF is managed by Buena Vista Capital and trades under the ticker IWMI11 on the B3.
Classified as a strategy-based international equity ETF, the fund does not exclusively replicate a traditional benchmark index. Its structure combines exposure to U.S. small-cap equities with derivatives strategies designed to generate recurring income while maintaining participation in the performance of the underlying market.
Composition / Exposure profile
IWMI11 provides exposure primarily associated with:
U.S. small-cap companies.
Consumer-discretionary businesses.
Emerging growth companies.
Technology-oriented small-cap firms.
Options-based income strategies.
Russell 2000 constituents.
U.S. equity markets.
Monthly income-generation structures.
The underlying exposure may include companies such as Udemy, Krispy Kreme, Papa John's, Shake Shack, Victoria's Secret, AMC Entertainment, GoPro, and Coursera, among other Russell 2000 constituents.
The ETF’s performance is particularly sensitive to the economic cycle in the United States, interest-rate conditions, market volatility, and investor sentiment toward smaller-capitalization companies.
Structure and costs
IWMI11 shares trade on the secondary market on the B3 during regular trading hours. Share creation and redemption occur through authorized participants, a mechanism intended to help align the ETF’s market price with its net asset value (NAV).
The fund charges a management fee and does not apply a performance fee. IWMI11 distributes monthly income to shareholders, with applicable withholding taxes on distributions according to the fund's structure and prevailing regulations.
History and evolution of the ETF
The Buena Vista Neos Russell 2000 High Income ETFwas launched in 2024 with the objective of providing a monthly-income alternative linked to the U.S. small-cap market through the Brazilian stock exchange.
Since inception, the fund has become part of the growing segment of strategy-based ETFs in Brazil, combining international diversification with options-driven income generation.
In recent periods, IWMI11 has reflected both fluctuations in U.S. small-cap equities and the results of its options strategy, influenced by market volatility, macroeconomic conditions, and broader developments across global financial markets.
Additional Information
Buena Vista Neos Russell 2000 High Income ETF (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $23.54 Millions.
Over the past 12 months, Buena Vista Neos Russell 2000 High Income ETF recorded a return of 21.69%, with its price trading between $74.35 and $87.20 during the same period.
The ETF is traded under the ticker IWMI11.
