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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.
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, % 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
Fund Details
As of:
Fund Inception
9/30/2024
Fund Ticker
CUSIP
ISIN
US78433H5845
Management Fee*
0.65%
Acquired Fund Fees & Expenses*
0.05%
Total Annual Fund Operating Expenses*
0.68%
Net Assets
$0
Shares Outstanding
0
Primary Exchange
NASDAQ
Distribution Frequency
Monthly
*The Adviser contractually has agreed to waive its management fee and/or reimburse expenses so that the aggregate acquired fund fees and expenses and total annual Fund operating expenses do not exceed 0.68% through September 30, 2026 subject to approval of the agreement by the Board. Without the fee waiver, the total annual fund operating expenses would be 0.70%. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies (including money market funds).
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.
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:
1 Mo
3 Mo
6 Mo
YTD
Inception (Cumulative)
1 Yr
3 Yr
5 Yr
10 Yr
Inception (Annualized)
Cumulative
Annualized
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:
1 Mo
3 Mo
6 Mo
YTD
Inception (Cumulative)
1 Yr
3 Yr
5 Yr
10 Yr
Inception (Annualized)
Cumulative
Annualized
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.
After-tax returns are calculated using the highest individual federal income tax rates in effect at the time of each distribution, and do not reflect the impact of state and local taxes. After-tax returns for most funds are calculated using the tax liability implied by each of their respective declared distributions. However, the exact tax characteristics of many distributions aren't known until after the close of the calendar year. When accounting for the return of capital, the system uses the pro-rata method to reduce cost basis. The pre-liquidation return is identical to a standard rate of return except when reinvesting the distributions, we must first reduce the reinvestment amount of each component of the distribution by the appropriate tax rate. Post-liquidation returns may be adversely impacted by an investor's deferred tax liabilities.
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 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, % 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
Form 8937 – Report of Organizational Actions Affecting Basis of Securities
To facilitate tax basis reporting, since January 2012, the Internal Revenue Service has required certain securities activity to be reported on Form 8937.
For more information, consult with a tax professional and/or your financial professional.
