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XBCI
NEOS Boosted Bitcoin High Income ETF
NEOS Investment Management, LLC
Verdict
AVOID
Weighted score · 2.40 / 5
Fund Identity
What it is, who runs it, where it lives.
The NEOS Boosted Bitcoin High Income ETF seeks to boost performance by generating high monthly income with the potential for appreciation based on exposure to exchange-traded products ("ETPs") that have direct exposure to Bitcoin..
XBCI is an actively managed ETF that invests in spot Bitcoin ETPs (primarily through a Cayman Islands subsidiary), obtains synthetic long Bitcoin exposure via a combination of buying call options and selling put options at the same strike price, and generates high monthly income by writing (selling) call options on Bitcoin-related instruments. The Fund then applies leverage targeting approximately 150% of the exposure of the NEOS Bitcoin High Income ETF (BTCI), thereby 'boosting' both the long Bitcoin exposure and the monthly income. U.S. Treasury securities are held as collateral for written options positions.
Ticker
XBCI
Issuer
NEOS Investment Management, LLC
Exchange
XNAS
Inception
2026-02-03 · 0.4 yrs
Mgmt style
Active
Replication
Derivatives (options/futures) + Physical (sampled/optimized) via Cayman subsidiary holding Spot Bitcoin ETPs; synthetic long Bitcoin exposure via long call / short put options; income via written call options; leverage applied to achieve ~150% of BTCI strategy exposure
Index-based
—
Leverage
1.5x
Strategy & Options Mechanics
How the portfolio is built and where the income comes from.
PORTFOLIO
Hybrid
actively managed
OPTIONS OVERLAY
Strategy
Synthetic long (long calls + short puts at same strike) + written call options for income (synthetic covered call)
generates income
Underlying
Bitcoin-related instruments (Spot Bitcoin ETPs, Bitcoin Futures ETFs, Bitcoin, Bitcoin Indexes)
income exposure
MONTHLY
21.8%
DIST. RATE
98% ROC
Ordinary Income
Ordinary Income
Underlying
Bitcoin-related instruments (Spot Bitcoin ETPs, Bitcoin Futures ETFs, Bitcoin, Bitcoin Indexes)
Strategy
Synthetic long (long calls + short puts at same strike) + written call options for income (synthetic covered call)
Tax
Ordinary Income
The Fund employs a two-part options strategy: a synthetic long position created by buying call options and selling put options generally at the same strike price to replicate Bitcoin price exposure, and an income-generating strategy of writing (selling) call options on Bitcoin-related instruments to collect premiums monthly. Written call options are expected to have approximately one-month expirations and are typically held to or near expiration, with positions rolled into later-dated contracts. Leverage is applied across both strategies to target approximately 150% of the BTCI strategy.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · FEB '26 – JUN '26
FEB '26JUN '26
Flat-NAV reinvestment hurdle
229.9%
Share of each distribution you’d need to reinvest just to hold NAV flat. Higher means more of the yield is your own capital coming back.
Distribution & Tax
Where the yield comes from — and how it’s taxed.
Composition · Recent Distribution
98%
ROC
Return of Capital — destructive98%
Net Investment Income2%
Frequency
Monthly
Dist. rate
21.84%
ROC %
98%
30-day SEC
not reported
Consistency
1 w/o cut
YOC · 1yr-ago buyer
14.5%
Tax Treatment — Ordinary Income
ORDINARY INCOME
Distribution Composition (Recent)
ROC is not free money — it lowers your cost basis. When shares are sold, capital gains are computed against the lower basis.
Composition · Narrative
The June 2026 distribution of $1.3184 per share is composed almost entirely of Return of Capital (98%, or $1.2903/share), with only 2% ($0.0281/share) from estimated net investment income. This pattern is consistent with the fiscal year-to-date cumulative distributions, which are also 98% return of capital.
Distribution & Return of Capital
Per-month payout split and the running return-of-capital share · last 5 months.
DIST ($/sh)ROC %
Return of capital ($/sh)
Net investment income ($/sh)
Monthly ROC %
Calendar-year ROC (YTD est.)
Distribution Growth & Schedule
Per-period growth of the payout, the latest schedule, and how long distributions take to repay NAV.
Distribution Growth by Lookback Period
Latest Distribution Schedule
Record date
2026-06-03
Ex-dividend
2026-06-03
Pay date
—
Payback Period
4.6 yr
Dist. Since Incep.
$7.2
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
7
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
No moving-average series.
Price $32.92
50-DMA $—
200-DMA $—
Liquidity
Avg daily volume
160K
Avg dollar volume
$6,354,573
Bid/ask spread
0.35%
Premium/discount
+0.54%
Turnover
—
Estimated bid/ask spread ~0.41% (wide). Average daily dollar volume ~$6.4M (adequate). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Falling. Source: shares×price (Massive, monthly).
AUM ($)
$15M
$76M$40M$4M
FEB '26JUN '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
XBCI · 2026-06-22
Prepared by denvereyon
Research aid, not investment advice.
Prepared by denvereyon
Research aid, not investment advice.
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