HYBI ETF — Holdings & Analysis

The NEOS Enhanced Income Credit Select ETF (HYBI) is a fixed-income fund managed by Neos with $0.21 billion in assets under management.

Launched in September 2024, HYBI seeks total return from income and capital appreciation, aiming to provide tax-efficient monthly income. A key differentiator is its investment strategy, which primarily invests in other high-yield corporate bond ETFs, offering diversification within the high-yield space.

NEOS Enhanced Income Credit Select ETF (HYBI) ETF — Price, Holdings & Analysis

The NEOS Enhanced Income Credit Select ETF (HYBI) is a fixed-income fund managed by Neos with $0.21 billion in assets under management. Launched in September 2024, HYBI seeks total return from income and capital appreciation, aiming to provide tax-efficient monthly income. A key differentiator is its investment strategy, which primarily invests in other high-yield corporate bond ETFs, offering diversification within the high-yield space.

ETF Overview

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.

The NEOS Enhanced Income Credit Select ETF (HYBI) aims to achieve total return through a combination of income and capital appreciation. It seeks to provide tax-efficient monthly income by investing primarily in other high-yield corporate bond ETFs. This fund operates as a fund-of-funds, with its top holdings including the Xtrackers USD High Yield Corp Bd ETF (HYLB) at 32.20%, the iShares Broad USD High Yield Corp Bd ETF (USHY) at 32.13%, and the State Street® SPDR® Port Hi Yld Bd ETF (SPHY) at 31.16%. These ETFs provide exposure to a broad basket of high-yield corporate bonds. HYBI also holds smaller positions in money market funds like First American Treasury Obligs X (FXFXX) and Northern US Government Money Market (NOGXX). Sector allocation is diverse, with significant exposure to Technology (34.1%), Financial Services (12.6%), and Communication Services (11.2%). The fund's country exposure is primarily to 'Other' (75.0%) and the United States (25.0%). This ETF is designed for investors seeking diversified exposure to high-yield corporate bonds through a single investment vehicle.

Risk Metrics

HYBI's risk profile is influenced by its fund-of-funds structure and sector concentrations. The ETF's significant allocation to other high-yield ETFs introduces a layer of indirect risk, as the performance is dependent on the management and holdings of those underlying ETFs. Sector concentration is notable, with Technology comprising 34.1% of the portfolio, which could lead to increased volatility if the technology sector experiences a downturn. Financial Services and Communication Services also represent significant portions of the portfolio, at 12.6% and 11.2% respectively. The fund's beta is 0.00, indicating very low volatility relative to the overall market, but this may be misleading given the fund's short history. The expense ratio of 0.68% can create a drag on returns, especially in a low-yield environment. Investors should be aware of these concentration and expense-related risks when considering HYBI.

Expense Ratio

0.68%

What does HYBI hold?

Holding	Weight
Xtrackers USD High Yield Corp Bd ETF (HYLB)	32.20%
iShares Broad USD High Yield Corp Bd ETF (USHY)	32.13%
State Street® SPDR® Port Hi Yld Bd ETF (SPHY)	31.16%
First American Treasury Obligs X (FXFXX)	3.82%
Northern US Government Money Market (NOGXX)	0.80%

How Is the Fund Allocated?

Sector	Weight
Technology	34.1%
Financial Services	12.6%
Communication Services	11.2%
Consumer Cyclical	10.6%
Healthcare	9.4%
Industrials	8.0%
Consumer Defensive	5.0%
Energy	3.2%
Utilities	2.3%
Real Estate	1.9%
Basic Materials	1.8%

Country	Weight
Other	75.0%
United States	25.0%

Dividend Yield

0.00%

JPMorgan International Bond Opportunities ETF (JPIB) — 0.50% expense ratio
IDX Dynamic Fixed Income ETF (DYFI) — 1.12% expense ratio
Invesco Taxable Municipal Bond ETF (BAB) — 0.28% expense ratio
Bluemonte Long Term Bond ETF (BLTD) — 0.23% expense ratio
Academy Veteran Impact ETF (VETZ) — 0.35% expense ratio
Brookstone Intermediate Bond ETF (BAMB) — 1.04% expense ratio
Putnam ESG High Yield ETF (PHYD) — 0.57% expense ratio
iShares iBonds Oct 2028 Term TIPS ETF (IBIE) — 0.10% expense ratio

NEOS MSCI EAFE High Income ETF (NIHI) (Equity) — 0.75% expense ratio
NEOS Real Estate High Income ETF (IYRI) (Equity) — 0.68% expense ratio
NEOS S&P 500 Hedged Equity Income ETF (SPYH) (Equity) — 0.68% expense ratio
NEOS Long/Short Equity Income ETF (NLSI) (Equity) — 2.89% expense ratio
NEOS Boosted Nasdaq-100 High Income ETF (XQQI) (Equity) — 0.98% expense ratio
NEOS Gold High Income ETF (IAUI) (Commodity) — 0.78% expense ratio

Risk Metrics

Beta: 0.00

Questions & Answers

What is HYBI and what does it track?

The NEOS Enhanced Income Credit Select ETF (HYBI) is a fixed-income ETF managed by Neos, launched in September 2024. It aims to provide total return from income and capital appreciation, with a focus on tax-efficient monthly income.

What is the expense ratio for HYBI?

The expense ratio for the NEOS Enhanced Income Credit Select ETF (HYBI) is 0.68%. This means that for every $1000 invested in the fund, $6.80 is used to cover the fund's operating expenses.

While there isn't a readily available category average for fund-of-funds with a similar strategy, the expense ratio is higher than some individual high-yield corporate bond ETFs.

What are the top holdings in HYBI?

The top holdings in the NEOS Enhanced Income Credit Select ETF (HYBI) are primarily other high-yield corporate bond ETFs.

As of 2026-03-15, the top three holdings are: 1) Xtrackers USD High Yield Corp Bd ETF (HYLB) at 32.20%, 2) iShares Broad USD High Yield Corp Bd ETF (USHY) at 32.13%, and 3) State Street® SPDR® Port Hi Yld Bd ETF (SPHY) at 31.16%.

Is HYBI a good long-term investment?

Determining whether HYBI is a suitable long-term investment depends on an individual's investment goals and risk tolerance. HYBI's strategy of investing in other high-yield ETFs provides diversification within the high-yield corporate bond market.

However, the 0.68% expense ratio can impact long-term returns.

How does HYBI compare to similar ETFs?

HYBI differs from many high-yield ETFs due to its fund-of-funds structure, primarily investing in other high-yield ETFs. For example, HYLB and USHY, two of HYBI's top holdings, are direct competitors in the high-yield space.

HYBI's expense ratio of 0.68% is higher than HYLB (0.15%) and USHY (0.15%).

Does HYBI pay dividends?

As of 2026-03-15, the NEOS Enhanced Income Credit Select ETF (HYBI) has a dividend yield of 0.00%.

While the fund's objective is to seek total return from income and capital appreciation while providing a tax efficient monthly income, the current dividend yield is zero. Investors seeking income should monitor HYBI's dividend payouts, as these can fluctuate based on market conditions and the performance of the underlying high-yield bond ETFs.