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XSPI
NEOS Boosted S&P 500 High Income ETF
NEOS Investment Management, LLC
Verdict
Weighted score · Pro 🔒
Fund Identity
What it is, who runs it, where it lives.
The NEOS Boosted S&P 500® High Income ETF (the "Fund") seeks to boost performance by generating high monthly income in a tax efficient manner with the potential for enhanced equity appreciation in rising markets..
The Fund is an actively-managed ETF that invests in S&P 500® component stocks and writes SPX call options to generate high monthly income (the SPYI-replication component). It also 'boosts' exposure by adding synthetic long S&P 500® exposure via purchased SPX calls and sold SPX puts, while writing additional SPX call options on that synthetic exposure, targeting total investment exposure of approximately 150% of SPYI. The goal is to support monthly distributions at an annualized rate of 15–18% after fees and expenses. SPX options are used for tax efficiency as Section 1256 Contracts (60/40 long-term/short-term capital gain treatment).
Ticker
XSPI
Issuer
NEOS Investment Management, LLC
Exchange
XNAS
Inception
2026-02-03 · 0.5 yrs
Mgmt style
Active
Replication
Physical (full replication or sampled/optimized) for equity sleeve plus Derivatives (options/futures) for synthetic boosted exposure and income generation
Index-based
—
Leverage
~1.5x (approximately 150% of SPYI exposure)
Strategy & Options Mechanics
How the portfolio is built and where the income comes from.
PORTFOLIO
Hybrid
actively managed
OPTIONS OVERLAY
Strategy
Covered calls (written SPX calls on physical equity sleeve) + synthetic long (long SPX calls + short SPX puts) + synthetic covered calls (written SPX calls on synthetic exposure) + optional call spreads (long OTM SPX calls paired with written SPX calls)
generates income
Underlying
SPX (S&P 500® Index)
income exposure
MONTHLY
9.6%
DIST. RATE
100% ROC
Section 1256 (60/40)
Section 1256 (60/40)
Underlying
SPX (S&P 500® Index)
Strategy
Covered calls (written SPX calls on physical equity sleeve) + synthetic long (long SPX calls + short SPX puts) + synthetic covered calls (written SPX calls on synthetic exposure) + optional call spreads (long OTM SPX calls paired with written SPX calls)
Tax
Section 1256 (60/40)
The Fund writes SPX call options against both its physical S&P 500® equity holdings and its synthetic S&P 500® exposure to generate monthly income. Synthetic long exposure is created by combining purchased SPX calls and sold SPX puts at generally the same strike and expiration. SPX options qualify as Section 1256 Contracts, providing 60% long-term / 40% short-term capital gain treatment regardless of holding period.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · FEB '26 – AUG '26
FEB '26AUG '26
Flat-NAV reinvestment hurdle
0.0%
Share of each distribution you’d need to reinvest just to hold NAV flat. 0% — the fund is covering its payout without eroding NAV.
Distribution & Tax
Where the yield comes from — and how it’s taxed.
Composition · Recent Distribution
100%
ROC
Return of Capital — constructive100%
Net Investment Income0%
Frequency
Monthly
Dist. rate
9.58%
ROC %
100%
30-day SEC
not reported
Consistency
5 w/o cut
YOC · 1yr-ago buyer
9.7%
Tax Treatment — Section 1256 (60/40)
SECTION 1256 (60/40)
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 August 2026 distribution of $0.6994 per share is estimated to be 100% return of capital with no net investment income or capital gains component. On a fiscal year-to-date cumulative basis, 99% of distributions have been classified as return of capital and 1% as net investment income. These figures are estimates and may change for final tax reporting purposes.
Distribution & Return of Capital
Per-month payout split and the running return-of-capital share · last 7 months.
DIST ($/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
2026-08-05
Ex-dividend
2026-08-05
Pay date
—
Payback Period
10.4 yr
Dist. Since Incep.
$4.8
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
475
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
No moving-average series.
Price $50.27
50-DMA $—
200-DMA $—
Liquidity
Avg daily volume
67K
Avg dollar volume
$3,266,809
Bid/ask spread
0.18%
Premium/discount
-0.09%
Turnover
—
Estimated bid/ask spread ~0.35% (moderate). Average daily dollar volume ~$3.3M (adequate). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Stable. Source: shares×price (Massive, monthly).
AUM ($)
$101M
$101M$55M$10M
FEB '26AUG '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
XSPI · 2026-08-10
Prepared by Streamfolio
Research aid, not investment advice.
Prepared by Streamfolio
Research aid, not investment advice.