As of 11/30/2024
Distribution Frequency
Monthly
Net Expense Ratio*
0.68%
Distribution Rate 
8.82%
30-Day SEC Yield
5.85%
HYBI began as the WSTCM Credit Select Risk-Managed Fund (Predecessor Fund), an open-end mutual fund which operated since September 30, 2014. As of the close of business on September 27, 2024, HYBI acquired the Predecessor Fund's assets and liabilities, and assumed its performance, financial and other historical information.
Targeted Benefits of HYBI's Strategy:
- The Fund allocates assets between High-Yield Securities and Investment Grade Securities using a proprietary quantitative model, and overlays a data-driven put option strategy
- The Fund will primarily invest in such securities indirectly through ETFs that invest primarily in debt securities
- The Fund seeks to generate additional tax efficient monthly income from the sale of SPX Index options classified as section 1256 contracts, which are subject to lower 60/40 tax rates
Investment Objective:
The investment objective of the NEOS Enhanced Income Credit Select ETF (the “Fund”) is to seek total return from income and capital appreciation while providing a tax efficient monthly income.
| Fund Details | As of: 12/12/2024 |
|---|---|
| Fund Inception | 9/30/2024 |
| Fund Ticker | HYBI |
| CUSIP | 78433H659 |
| ISIN | US78433H6595 |
| Gross Expense Ratio* | 0.73% |
| Net Expense Ratio* | 0.68% |
| Net Assets | $138,116,965 |
| Shares Outstanding | 13,270,040 | Primary Exchange | NASDAQ |
| Distribution Frequency | Monthly |
| Fund Resources |
|---|
Fact sheet 
|
|
Prospectus
|
*The Adviser has contractually agreed to keep net expenses from exceeding 0.68% of the Fund's average daily net assets through September 30, 2025 subject to approval of the agreement by the Board
Pricing Information
Data as of 12/12/2024
| Closing NAV Price | |
|---|---|
| Net Asset Value | $10.41 |
| Daily Change ($) | $-0.02 |
| Daily Change (%) | -0.20% |
| Closing Market Price | |
|---|---|
| Market Price | $10.43 |
| Daily Change ($) | $-0.01 |
| Daily Change (%) | -0.10% |
| Premium / Discount | |
|---|---|
| Premium Discount (%) | 0.16% |
| 30-Day Median Bid-Ask Spread (%) | 0.10% |
Where might HYBI fit into an investment portfolio?
HYBI offers exposure to high-yield fixed income securities selected by a quantitative model, enhanced by a systematic options overlay strategy that seeks to provide tax-efficient monthly income, which may be considered as a compelling alternative to traditional high yield credit investments.
Fund Performance
Data as of: 11/30/2024
| 1 Mo | 3 Mo | 6 Mo | YTD | Inception (Cumulative) |
1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception (Annualized) |
|
|---|---|---|---|---|---|---|---|---|---|---|
| Cumulative | Annualized | |||||||||
| NAV Performance | 1.58% | 1.88% | 5.26% | 5.92% | 49.75% | 8.69% | 3.51% | 4.85% | 4.21% | 4.05% |
| Market Performance | 1.66% | 1.92% | 5.31% | 5.97% | 49.82% | 8.74% | 3.53% | 4.86% | 4.22% | 4.06% |
| Bloomberg U.S. Corporate High Yield Index | 1.15% | 2.23% | 6.92% | 8.66% | 64.57% | 12.71% | 3.70% | 4.72% | 5.06% | 5.02% |
Past performance is no guarantee of future results. The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. For performance data current to the most recent month end, please call (866) 498-5677.
HYBI is bought and sold at market price (not NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns. Market Price returns are based upon the official closing price on the listing exchange (NASDAQ) at 4:00 p.m. ET when NAV is normally determined for HYBI, and do not represent the returns you would receive if you traded shares at other times. A fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding.
Prior to close of business on 9/27/2024, the ETF operated as an open-end mutual fund. The NAV returns include returns of the Institutional Class Shares of the Predecessor Fund prior to the ETF's commencement of operations. Market price returns are calculated using the official closing price of the Fund on the listing exchange. Prior to the ETF's listing on 9/30/2024, the NAV performance of the ETF and the Institutional Class Shares of the Predecessor Fund are used as proxy market price returns.
Data as of: 09/30/2024
| 1 Mo | 3 Mo | 6 Mo | YTD | Inception (Cumulative) |
1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception (Annualized) |
|
|---|---|---|---|---|---|---|---|---|---|---|
| Cumulative | Annualized | |||||||||
| NAV Performance | 1.26% | 4.23% | 3.92% | 5.27% | 48.83% | 10.61% | 2.92% | 4.66% | 4.06% | 4.06% |
| Market Performance | 1.42% | 4.39% | 4.08% | 5.44% | 49.07% | 10.78% | 2.98% | 4.69% | 4.07% | 4.07% |
| Bloomberg U.S. Corporate High Yield Index | 1.62% | 5.28% | 6.44% | 8.00% | 63.58% | 15.74% | 3.10% | 4.72% | 5.04% | 5.04% |
Past performance is no guarantee of future results. The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. For performance data current to the most recent month end, please call (866) 498-5677.
HYBI is bought and sold at market price (not NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns. Market Price returns are based upon the official closing price on the listing exchange (NASDAQ) at 4:00 p.m. ET when NAV is normally determined for HYBI, and do not represent the returns you would receive if you traded shares at other times. A fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding.
Prior to close of business on 9/27/2024, the ETF operated as an open-end mutual fund. The NAV returns include returns of the Institutional Class Shares of the Predecessor Fund prior to the ETF's commencement of operations. Market price returns are calculated using the official closing price of the Fund on the listing exchange. Prior to the ETF's listing on 9/30/2024, the NAV performance of the ETF and the Institutional Class Shares of the Predecessor Fund are used as proxy market price returns.
Growth of $10,000 at NAV Since Inception
The hypothetical growth of $10,000 chart reflects a hypothetical investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.
Distributions
| Distribution Information (as of 11/30/2024) |
|
|---|---|
| Distribution Frequency | Monthly |
Distribution Rate  |
8.82% |
| Distribution Amount / Share ($) | $0.0759 |
| Distribution Amount / Share (%) | 0.73% |
| 30-Day SEC Yield |
5.85% |
| Declaration Date | Ex-Div Date | Record Date | Payable Date | Amount ($) |
|---|---|---|---|---|
| 10/22/2024 | 10/23/2024 | 10/23/2024 | 10/24/2024 | $0.0752 |
| 11/19/2024 | 11/20/2024 | 11/20/2024 | 11/21/2024 | $0.0759 |
| 12/23/2024 | 12/24/2024 | 12/24/2024 | 12/26/2024 |
Distributions made by the Fund have been classified as a return of capital and may be comprised of option premiums, dividends, capital gains, and interest payments. As of the most recent distribution by the Fund, 72% was estimated to be return of capital. Please see the 19a-1 notices for a more comprehensive breakdown. To learn more about the potential tax efficiencies of return of capital distributions, click here.
Notification of Source of Distributions Pursuant to Rule 19a-1 under the Investment Company Act of 1940
Top Holdings
Data as of 12/16/2024 Download Full Holdings
| Security Name | Identifier | Weighting (%) |
|---|---|---|
| Ishares Broad Usd High Yield Corporate Bond Etf | USHY | 45.04% |
| Xtrackers Usd High Yield Corporate Bond Etf | HYLB | 25.03% |
| Spdr Portfolio High Yield Bond Etf | SPHY | 25.02% |
| United States Treasury Bill 02/27/2025 | 912797ML8 | 3.20% |
| Spxw Us 12/26/24 P5525 | SPXW 241226P05525000 | 0.01% |
| Spxw Us 12/26/24 P5450 | SPXW 241226P05450000 | 0.01% |
| Spxw Us 12/26/24 P5350 | SPXW 241226P05350000 | 0.01% |
| Spxw Us 12/26/24 P5625 | SPXW 241226P05625000 | -0.01% |
| Spxw Us 12/26/24 P5700 | SPXW 241226P05700000 | -0.01% |
| Spxw Us 12/26/24 P5750 | SPXW 241226P05750000 | -0.02% |
Holdings are subject to change
Documents
| Legal Documents & Reports |
|---|
|
Prospectus
|
|
Summary Prospectus
|
|
Statement of Additional Information
|
|
Annual Report
|
|
Annual Financial Statements
|
| Fund Resources |
|---|
Recent Content 
|
Potential Benefits of Utilizing Options-Based ETFs
High Monthly Income
Investors may seek increased income generation potential within their portfolios through option writing (selling).
Lower Correlation
Options-based solutions may be less sensitive to traditional market risk factors such as credit, duration, and inflation risk.
Tax Efficiency
Index options are classified as Section 1256 contracts, which are subject to lower 60/40 tax rates.