ETF Evaluator:
NEOS Enhanced Income 20+ Yr Trsy Bd ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Long Government Over the Last Year
| 3.8% | iShares 20+ Year Trs Bd Buywrt Stgy ETF (TLTW) |
| 2.3% | First Trust Long Duration Opp ETF (LGOV) |
| 1.9% | BondBloxx Bloomberg SevenYrTrgDurUSTrETF (XSVN) |
| 1.8% | WisdomTree 7-10 Year Laddered Trsy ETF (USIN) |
| 1.7% | iShares 7-10 Year Treasury Bond ETF (IEF) |
Risk
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Risk
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ETF Details
NEOS Enhanced Income 20+ Yr Trsy Bd ETF Overview
NEOS Enhanced Income 20+ Yr Trsy Bd ETF (TLTI) is an actively managed Taxable Bond Long Government exchange-traded fund (ETF). Neos Funds launched the ETF in 2024.
The investment seeks to generate monthly income in a tax efficient manner.
The fund invests under normal circumstances, at least 80% of its net assets in U.S. Treasury securities with remaining maturities of greater than or equal to 20 years and/or ETFs that invest at least 80% of their net assets in 20+ Treasuries and/or forwards,options or futures contracts linked to 20+ Treasuries; and (ii) selling and purchasing S&P 500® Index put options to generate income for the fund beyond what is received from the Underlying Investments.
About NEOS Enhanced Income 20+ Yr Trsy Bd ETF (TLTI)
There are 2 members of the management team with an average tenure of 1.64 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 ICE US Treasury 20+ Year TR USD index with a weighting of 100%. NEOS Enhanced Income 20+ Yr Trsy Bd ETF has 11 securities in its portfolio. The top 10 holdings constitute 98.0% 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 20+ Yr Trsy Bd ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. NEOS Enhanced Income 20+ Yr Trsy Bd ETF has 0.0% 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 96.6% (96.6% domestic bond, 0.0% foreign bond and 0.0% convertible bond). NEOS Enhanced Income 20+ Yr Trsy Bd ETF has 1.3% of the portfolio in cash.
Assets Under Management
The fund has $17 million in total assets, which is below the $4 billion average for the Long Government 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.
TLTI 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 20+ Yr Trsy Bd ETF expense ratio is average compared to funds in the Long Government category. NEOS Enhanced Income 20+ Yr Trsy Bd ETF has an expense ratio of 0.58%, which is 151% higher than its category average, making the fund expense ratio grade a F. 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 20+ Yr Trsy Bd 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 60% for the Long Government category.
Recently, in the month of July 2026, NEOS Enhanced Income 20+ Yr Trsy Bd ETF returned -4.2%, which earned it a grade of D, as the Long Government category had an average return of -4.1%. 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 20+ Yr Trsy Bd ETF has a trailing yield of 6.45%, which is above the 5.37% 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 20+ Yr Trsy Bd ETF Grades
Year to date, the ETF has returned -2.2%, 1.0 percentage points better than the category, which translates into a grade of B. The fund has returned 0.7% over the past year (grade of B).
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TLTI 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 |
|
| TLTI Return (NAV) | -4.2% | -2.4% | 0.7% | na | na | na |
| TLTI Return (Price) | -4.4% | -2.2% | 0.7% | na | na | na |
| NAV +/- Price Return | 0.271% | -0.205% | -0.005% | na | na | na |
| Long Government Avg | -4.1% | -2.7% | -1.0% | -1.5% | -7.7% | -2.3% |
| TLTI Grade (NAV) | D | C | B | na | na | na |
| +/- Category (NAV) | -0.1% | 0.3% | 1.8% | na | na | na |
| TLTI Tax-Cost Ratio | na | na | 2.5% | na | na | na |
TLTI Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TLTI Return (NAV) | -2.2% | 4.6% | na | na | na | na | na | na | na | na | na |
| TLTI Return (Price) | -2.2% | 4.4% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.002% | -0.044% | na | na | na | na | na | na | na | na | na |
| Long Government Avg | -3.2% | 4.1% | -6.3% | 2.4% | -29.1% | -4.5% | 16.7% | 14.2% | -1.6% | 8.1% | 1.2% |
| TLTI Grade (NAV) | B | D | na | na | na | na | na | na | na | na | na |
| +/- Category | 1.0% | 0.4% | 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: | 6.5% |
| Total Assets: | $ 17 Mil |
| Share Class Assets: | $ 17 Mil |
| Turnover: | na |
| Expense Ratio: | 0.58% |
| 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: 1.6 years | |||
| Average Tenure: 1.6 years | |||
| Managers (Year): Paolella Garrett (2024), Cates Troy (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 11 |
| % in Top 10 Holdings: | 98.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | -0.1% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.6% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 2.2% |
| Cash: | 1.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Neos Funds |
| Phone Number: | 833-833-1311 |
| Website: | |
| Inception Date: | December 10, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.58% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.23% |
