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XSPI
NEOS Boosted S&P 500 High Income ETF
NEOS Investment Management, LLC
Verdict
WATCH
Weighted score · 3.50 / 5
Fund Identity
What it is, who runs it, where it lives.
The NEOS Boosted S&P 500® High Income ETF 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 with two components: (i) a core S&P 500 equity strategy (physical replication or representative sampling) combined with written SPX covered call options to generate monthly income, mirroring the SPYI strategy; and (ii) a 'boosted' overlay that adds synthetic long S&P 500 exposure via purchased SPX calls and sold SPX puts, plus additional written SPX calls for incremental income. Together, the two components are designed to provide approximately 150% of the SPYI strategy's investment exposure. The Fund targets annualized monthly distributions of 15–18% and uses Section 1256 index options for tax efficiency.
Ticker
XSPI
Issuer
NEOS Investment Management, LLC
Exchange
XNAS
Inception
2026-02-03 · 0.4 yrs
Mgmt style
Active
Replication
Physical (full replication / sampled) for equity sleeve plus Derivatives (options/futures) for synthetic boosted overlay
Index-based
— · S&P 500 Index
Leverage
~1.5x (approximately 150% of SPYI underlying strategies)
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 (purchased SPX calls / sold SPX puts) + synthetic covered calls (written SPX calls on synthetic exposure); call spread alternative also permitted
generates income
Underlying
SPX (S&P 500 Index)
income exposure
MONTHLY
6.9%
DIST. RATE
98% 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 (purchased SPX calls / sold SPX puts) + synthetic covered calls (written SPX calls on synthetic exposure); call spread alternative also permitted
Tax
Section 1256 (60/40)
The Fund writes SPX call options against both its physical S&P 500 equity holdings (traditional covered call) and its synthetic S&P 500 exposure (synthetic covered call) to generate high monthly income. It may also purchase out-of-the-money SPX calls to form a net-credit call spread. All SPX options qualify as Section 1256 contracts, providing 60/40 long-term/short-term capital gains tax treatment.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · FEB '26 – JUN '26
FEB '26JUN '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
98%
ROC
Return of Capital — constructive98%
Net Investment Income2%
Frequency
Monthly
Dist. rate
6.87%
ROC %
98%
30-day SEC
not reported
Consistency
3 w/o cut
YOC · 1yr-ago buyer
6.9%
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 June 2026 distribution of $0.7130 per share is composed almost entirely of Return of Capital (98%, or $0.6985), with only 2% ($0.0145) from estimated net investment income. On a fiscal year-to-date basis, 99% of cumulative distributions have been classified as Return of Capital.
Distribution & Return of Capital
Per-month payout split and the running return-of-capital share · last 5 months.
DIST ($/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
14.6 yr
Dist. Since Incep.
$3.4
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 $49.71
50-DMA $—
200-DMA $—
Liquidity
Avg daily volume
61K
Avg dollar volume
$3,022,965
Bid/ask spread
0.18%
Premium/discount
+0.18%
Turnover
—
Estimated bid/ask spread ~0.19% (moderate). Average daily dollar volume ~$3.0M (adequate). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Falling. Source: shares×price (Massive, monthly).
AUM ($)
$25M
$62M$36M$10M
FEB '26JUN '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
XSPI · 2026-06-22
Prepared by denvereyon
Research aid, not investment advice.
Prepared by denvereyon
Research aid, not investment advice.
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