At a glance
HYBI charges 0.68% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $224.3M in assets, the 8th largest of that group; it paid 8.3% of its price in distributions over the past 12 months, monthly. Over the past year it returned +2.9% with distributions reinvested, the weakest of those 8 funds.
The short version
NEOS Enhanced Income Credit Select ETF (HYBI) is an actively managed "fund of funds" that holds other bond ETFs, mostly high-yield ("junk") bond funds. It also writes S&P 500 put option spreads to earn extra income. A trend-following model can move the fund into investment-grade bonds and Treasurys when junk-bond conditions look poor. The trailing 12-month yield was 8.3% as of October 27, 2026, paid monthly, and the expense ratio is 0.68%.
Price history
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HYBI +2.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| HYBI official prospectus, to Dec 31, 2025 | — | +6.85% | — | +3.53% | +4.90% | +4.18% |
| HYBI price data to Oct 27, 2026 | +2.2% | +2.9% | — | — | — | +4.2% |
- Over the year to Oct 27, 2026, HYBI returned +2.9%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+7.0%); its best was 2025 (+7.0%).
- The deepest fall in its price history was 4.7% (Feb 26, 2025 to Apr 8, 2025), recovered by Jun 20, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +2.2% | — |
| 2025 | +7.0% | +6.85% |
| 2024 | — | +4.96% |
| 2023 | — | +5.98% |
| 2022 | — | -2.30% |
| 2021 | — | +2.45% |
| 2020 | — | +10.87% |
| 2019 | — | +5.78% |
| 2018 | — | -0.35% |
| 2017 | — | +3.53% |
| 2016 | — | +12.12% |
| 2015 | — | -0.66% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $3.3100 | |
| 2025 | $4.2700 |
What's inside
As of Jun 30, 2026, the fund held 3 securities; the ten largest made up 95.59% of assets, and 4.45% sat in cash and money-market holdings.
| Fund held | Weight | |
|---|---|---|
| Xtrackers USD High Yield Corporate Bond ETF | 32.28% | |
| iShares Broad USD High Yield Corporate Bond ETF | 32.02% | |
| State Street SPDR Portfolio High Yield Bond ETF | 31.29% |
By country
United States 95.59%By asset type
Stocks 95.59%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $15.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.16%, +0.35%, +0.19%.
How it works
NEOS Investment Management LLC runs HYBI as an active fund. At least 80% of net assets go into U.S. bonds, mostly through other bond ETFs. A quantitative model, built with a third-party research provider, uses short-, intermediate- and long-term trend signals. Those signals decide whether to favor high-yield ("junk") bonds or investment-grade bonds and Treasurys. The adviser also weighs credit, duration (how sensitive a bond is to interest rates) and Federal Reserve policy. As of June 30, 2026, the fund was effectively all in junk bonds. It held Xtrackers USD High Yield Corporate Bond ETF (HYLB) at 32.3%, iShares Broad USD High Yield Corporate Bond ETF (USHY) at 32.0% and State Street SPDR Portfolio High Yield Bond ETF (SPHY) at 31.3%, plus 4.45% cash.
For extra income, the fund writes S&P 500 index put options with a notional value of up to 100% of net assets. Writing a put means collecting a fee, called a premium, in return for covering losses if the index falls below a set level. The fund also purchases puts at lower strike prices. Together these form a "put spread" that limits the loss on each position. The options settle in cash and can be exercised only at expiration. A sharp stock-market drop can therefore cost the fund money even when bonds hold up.
Gains on these index options are taxed as 60% long-term and 40% short-term. Portfolio turnover was 82%. The fund also pays its share of the underlying ETFs' fees.
What it really costs
- HYBI charges 0.68% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0.65% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.04% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $69 in the first year and $891 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| HYBI | $69 | $226 | $397 | $891 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
HYBI's main draw is high monthly income from junk-bond ETFs and S&P 500 put-option premiums, not growth or protection.
HYBI could add monthly income: the trailing 12-month yield was 8.3% as of October 27, 2026. Its record is short. The fund launched September 30, 2024, so it missed the 2008 crisis, the 2020 COVID crash and the 2022 bear market. Its deepest drop, 4.7%, ran from February 26 to April 8, 2025. It had recovered by June 20, 2025, about 2.4 months later. It returned 6.85% in 2025, its only full calendar year. That calm stretch may understate the risk. Junk bonds and written S&P 500 puts can lose money together in a stock slump, just when a retiree may need to cash out shares. The one-year return through October 27, 2026, was 2.9%, well below the yield. Under the SEC's standard example, costs on $10,000 come to $69 in year one. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income-focused investors who accept junk-bond risk in exchange for monthly payouts; the trailing yield was 8.3% as of October 27, 2026.
- Investors who like a model that can rotate from high-yield into investment-grade bonds and Treasurys rather than staying in junk bonds at all times.
- Taxable investors who value the 60/40 long-term/short-term tax treatment of S&P 500 index option income and accept a 0.68% expense ratio.
Look elsewhere if
- Investors who want a long track record: the fund launched September 30, 2024, and has not been through a full bear market.
- Anyone using bonds as a cushion against stock crashes, because writing S&P 500 puts ties part of the fund's results to stocks.
- Investors focused on total return: the one-year return through October 27, 2026, was 2.9%, far below the 8.3% trailing yield.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| HYBI this fund | 0.68% | $224.3M | +2.9% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does HYBI pay monthly dividends?
Yes. HYBI pays distributions monthly. Over the 12 months through October 27, 2026, it paid $3.99 per share, a trailing yield of 8.3%. The income comes from two sources: interest from the junk-bond ETFs it holds and premiums from writing S&P 500 put options. Payouts aren't fixed. They can shrink if option premiums fall or bond issuers default. The one-year total return of 2.9% over the same period was well below the yield.
Is HYBI a junk bond ETF?
Mostly, but not always. As of June 30, 2026, about 96% of assets sat in three high-yield ETFs, HYLB, USHY and SPHY, each close to a third of the fund. The fund's trend-following model can move money into investment-grade bonds and Treasurys when it judges junk-bond conditions unfavorable. On top of the bonds, it runs an S&P 500 put-option spread for extra income. That adds stock-market risk a plain junk-bond fund doesn't carry.
Is HYBI good for retirement income?
It may suit retirees who want high monthly income and can accept the risk, but it isn't a low-risk bond fund. It holds junk bonds and writes S&P 500 puts, and both can lose money in the same downturn. The fund launched September 30, 2024, so it has no record through a true bear market. Its deepest drop was 4.7%, from February to April 2025, and it recovered in about 2.4 months.
What is HYBI's expense ratio?
HYBI's expense ratio is 0.68%, according to the prospectus filed April 30, 2026. That figure is after a 0.04% fee waiver, and the management fee alone is 0.65%. In the SEC's standard example, $10,000 earning 5% a year would cost about $69 in the first year and $891 over ten years. That is below the 0.86% average of the buffer ETFs it is often grouped with, though those funds follow a different, stock-based strategy.
HYBI vs BUFR: what's the difference?
They are very different funds. FT Vest Laddered Buffer ETF (BUFR) is a stock-based buffer (defined-outcome) fund with $10.5 billion in net assets as of August 31, 2026, and it charges 0.95%. HYBI is a bond fund with $224 million as of June 30, 2026. It holds junk-bond ETFs plus an S&P 500 put spread and charges 0.68%. Over the year through October 27, 2026, BUFR returned 11.6% and HYBI returned 2.9%, but HYBI's trailing yield was 8.3%. The two aren't close substitutes.