What Is the XSPI ETF? Returns, Expense Ratio, Holdings, and Alternative ETFs Explained
The NEOS Boosted S&P 500 High Income ETF (XSPI) is an actively managed ETF that expands market exposure to the S&P 500 through synthetic options and seeks high monthly income via a call option overlay. Its distribution and enhanced-exposure structure are the key points to check.
SubscribeWhat Is the NEOS Boosted S&P 500 High Income ETF?
It is an actively managed ETF that tracks the total return of the S&P 500 Index, uses synthetic options to expand market exposure beyond the baseline, and aims to generate high monthly income through a call option overlay.
It suits income-oriented investors who want to participate in the growth of US large-cap stocks, value monthly cash flow, and understand how option strategies are structured.
It is an ETF run with an active management approach by NEOS.
How Does the NEOS Boosted S&P 500 High Income ETF Invest?
| Item | Details |
|---|---|
| Tracked index | S&P 500 |
| Management style | Active (option overlay) |
| Rebalancing frequency | Ongoing management |
| Distribution frequency | Monthly |
| Total expense ratio | 0.98% |
While tracking the total return of the S&P 500 constituents, the fund uses synthetic options to expand portfolio exposure relative to the baseline, and a data-driven call option overlay converts part of the upside potential into distributable cash flow.
- Expanded market exposure through synthetic options
- High monthly income based on a call option overlay
NEOS Boosted S&P 500 High Income ETF Size and Costs (AUM and Management Fees)
Assets under management (AUM) stand at $136.1M, and the total expense ratio is 0.98% per year.
Its distinguishing feature is that it adds an enhanced-exposure structure on top of the same manager's basic income ETF, which tends to raise both income and volatility.
NEOS Boosted S&P 500 High Income ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangePerformance moves in line with the underlying US large-cap market. Because of the option overlay structure, upside relative to the index tends to be capped in rising markets, while income is generated steadily.
Investor interest continues to flow into income ETFs broadly, driven by demand for monthly income, and fund flows into option-based income products vary with the market volatility environment.
NEOS Boosted S&P 500 High Income ETF Strengths and Weaknesses
Its strengths are high monthly income and participation in large-cap stocks, while its weaknesses are the volatility that comes from the enhanced exposure and the option structure.
💪 Key Strengths
⚠️ Points to Watch
NEOS Boosted S&P 500 High Income ETF Alternative ETFs and Related Products
Representative alternatives include SPYI, the manager's basic version and a direct comparison that seeks S&P 500 income without the expanded exposure, and JEPI, which pursues covered call income through a different approach. If you only want pure core index exposure, SPY, which has no option strategy, is also worth considering.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 XQQI | NEOS Boosted Nasdaq-100 High Income ETF | $44.60 | +3.1% | $418.1M | 0.98% | 18.8% | - |
 MST | Defiance Leveraged Long Income MSTR ETF | $8.67 | +1.8% | $17.4M | 1.91% | 208.52% | -92.2% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 TPG | TPG Inc | - | $49.03 | +0.5% | $18.9B | 56.4 | 4.8% |
| NVDA | NVIDIA Corp | 0.15% | $173.73 | +2.9% | $4.19T | 22.0 | 0.45% |
| AAPL | Apple Inc | 0.13% | $355.63 | +2.0% | $5.17T | 39.6 | 0.32% |
| MSFT | Microsoft Corp | 0.09% | $521.12 | -2.3% | $3.87T | 27.2 | 0.74% |
| AMZN | Amazon.com Inc | 0.07% | $266.17 | -1.7% | $2.88T | 21.5 | - |
| GOOG | Alphabet Inc | 0.03% | $290.63 | +2.0% | $3.57T | 15.2 | 0.3% |
NEOS Boosted S&P 500 High Income ETF Investor Checkpoints
Here are the points to review before investing in XSPI. The monthly income is attractive, but above all it is important to fully understand in advance the volatility characteristics that come from the expanded market exposure and the call option overlay structure.
| Checkpoint | What to check | Current status |
|---|---|---|
| 💵 Expense ratio | Check the cost of the active option strategy | Annual fee applies |
| 💰 Nature of distributions | Check the source and sustainability of income | Monthly distributions maintained |
| 📈 Expanded exposure | Check the possibility of amplified losses in declines | Enhanced structure applied |
| 📉 Capped upside | Check whether gains are limited in bull markets | Overlay applied |
Because expanded market exposure is combined with a call-selling structure, the fund has two-way characteristics: losses can exceed the index in down markets, and upside is capped in bull markets. Approaching it with only the income in mind can lead to results different from what you expect.
It is a strategy ETF worth considering for investors who want high monthly income together with large-cap participation, and it calls for an approach that takes into account the volatility of the expanded exposure and the option structure.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of July 2, 2026.
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