ETF Evaluator:
NEOS Enhanced Income Credit Select ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Nontraditional Bond Over the Last Year
| 7.1% | Simplify Kayne Anderson Ey&InfrasCrdtETF (KNRG) |
| 6.8% | WisdomTree Interest Rt Hdg Hi Yld Bd ETF (HYZD) |
| 6.3% | ProShares High Yield—Interest Rate Hdgd (HYHG) |
| 6.0% | FolioBeyond Alt Inc and Int Rt Hdg ETF (RISR) |
| 5.6% | NEOS Enhanced Income Credit Select ETF (HYBI) |
Risk
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Risk
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ETF Details
NEOS Enhanced Income Credit Select ETF Overview
NEOS Enhanced Income Credit Select ETF (HYBI) is an actively managed Taxable Bond Nontraditional Bond exchange-traded fund (ETF). Neos Funds launched the ETF in 2024.
The investment seeks total return from income and capital appreciation while providing a tax efficient monthly income.
The fund is an actively-managed ETF that seeks to achieve its investment objective by investing 80% or more of its net assets in bonds or ETFs that invest 80% or more of their assets in bonds and selling and purchasing S&P 500® Index put options to generate income to the fund beyond what is received from the underlying investments.
About NEOS Enhanced Income Credit Select ETF (HYBI)
There are 2 members of the management team with an average tenure of 1.84 years: Garrett Paolella (2024) and Troy Cates (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Corporate High Yield TR USD index with a weighting of 100%. NEOS Enhanced Income Credit Select ETF has 15 securities in its portfolio. The top 10 holdings constitute 100.2% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
NEOS Enhanced Income Credit Select ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. NEOS Enhanced Income Credit Select ETF has 8.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -0.1% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 69.9% (61.1% domestic bond, 8.8% foreign bond and 0.0% convertible bond). NEOS Enhanced Income Credit Select ETF has 30.2% of the portfolio in cash.
Assets Under Management
The fund has $219 million in total assets, which is below the $320 million average for the Nontraditional Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
HYBI Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The NEOS Enhanced Income Credit Select ETF expense ratio is above average compared to funds in the Nontraditional Bond category. NEOS Enhanced Income Credit Select ETF has an expense ratio of 0.68%, which is 49% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. NEOS Enhanced Income Credit Select ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 190% for the Nontraditional Bond category.
Recently, in the month of July 2026, NEOS Enhanced Income Credit Select ETF returned -0.0%, which earned it a grade of B, as the Nontraditional Bond category had an average return of -0.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
NEOS Enhanced Income Credit Select ETF has a trailing yield of 8.32%, which is above the 6.67% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
NEOS Enhanced Income Credit Select ETF Grades
Year to date, the ETF has returned 2.0%, 1.9 percentage points better than the category, which translates into a grade of B. The fund has returned 5.6% over the past year (grade of B).
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HYBI Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HYBI Return (NAV) | -0.0% | 0.5% | 5.6% | na | na | na |
| HYBI Return (Price) | 0.1% | 0.6% | 5.6% | na | na | na |
| NAV +/- Price Return | -0.127% | -0.046% | -0.055% | na | na | na |
| Nontraditional Bond Avg | -0.4% | -0.6% | 2.7% | 5.4% | 3.4% | 4.3% |
| HYBI Grade (NAV) | B | C | B | na | na | na |
| +/- Category (NAV) | 0.4% | 1.1% | 2.9% | na | na | na |
| HYBI Tax-Cost Ratio | na | na | 3.3% | na | na | na |
HYBI Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HYBI Return (NAV) | 2.0% | 6.8% | na | na | na | na | na | na | na | na | na |
| HYBI Return (Price) | 2.0% | 7.0% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.005% | 0.019% | na | na | na | na | na | na | na | na | na |
| Nontraditional Bond Avg | 0.1% | 4.6% | 8.2% | 9.5% | -3.9% | 6.2% | 0.9% | 7.2% | -0.7% | 4.0% | 7.7% |
| HYBI Grade (NAV) | B | B | na | na | na | na | na | na | na | na | na |
| +/- Category | 1.9% | 2.3% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 8.3% |
| Total Assets: | $ 219 Mil |
| Share Class Assets: | $ 219 Mil |
| Turnover: | na |
| Expense Ratio: | 0.68% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US Agg Bond TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.8 years | |||
| Average Tenure: 1.8 years | |||
| Managers (Year): Paolella Garrett (2024), Cates Troy (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 15 |
| % in Top 10 Holdings: | 100.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 8.8% |
Portfolio Allocation |
|
| Domestic Stock: | -0.1% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 61.1% |
| Foreign Bond: | 8.8% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 30.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Neos Funds |
| Phone Number: | 833-833-1311 |
| Website: | |
| Inception Date: | September 27, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.68% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 1.34% |
