NEOS Enhanced Income 20+ Year Treasury Bond ETF
$42.51−0.72 (−1.67%)
- Expense ratio
- 0.58%
- Fund size
- $17M
- 1Y return
- −1.7%
- Yield · Last 12 months
- 6.98%
- Volume · 30D
- 0M sh
- NAV per share
- $42.91
- 52W range
The ETF.net TLTI Grade
Score 47 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.BScore 62Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.CScore 48Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.FScore 16Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.CScore 46Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.CScore 49Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.BScore 58Category rank
Our read on TLTI
CTLTI takes an odd route to Treasury income: it holds 20+ year Treasuries and sells S&P 500 put spreads on the side, so the payout leans on equity volatility while the bond leg keeps its own upside. Distributions monthly.
The Fund seeks monthly income through a portfolio focused on U.S. Treasury securities with maturities of at least 20 years, supplemented by an actively managed S&P 500 put-option strategy.
Why people hold it
- The income engine sits outside the bonds. Premiums come from SPX put spreads sold against the portfolio, so the long-Treasury sleeve isn't capped by calls written on it.neosfunds.comneosfunds.com
- Built for tax-aware income: the SPX index options qualify as Section 1256 contracts, and the fund discloses that distributions have been classified as return of capital.neosfunds.com
- 0.58% is exactly the median fee among Treasury option-income funds, so the active overlay costs the going rate rather than a premium.
- Hands-on options book: the adviser can adjust the written and purchased puts before expiration instead of running a fixed roll on autopilot.neosfunds.com
Worth knowing
- Two risk dials, not one: 20+ year Treasuries move sharply with rates, and the short S&P 500 puts lose value in an equity selloff (the purchased puts bound how far).neosfunds.com
- Cheaper neighbors exist in the same lane: TLTW runs a buy-write on long Treasuries at 0.35% versus 0.58% here, though it writes calls on the bonds themselves.
- Launched December 2024, still a small fund that trades lightly. Short record to judge, and limit orders plus a glance at the spread are worth the extra click.
TLTI Holdings
- Bonds
- —
- 100%
- 912810TT5
Sectors
TLTI Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | TLTI |
|---|---|
| Year to date | −1.8% |
| 1 month | +0.3% |
| 3 months | −3.5% |
| 1 year | −1.7% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | TLTI |
|---|---|---|
| 2026 YTD | −1.8% | |
| 2025 | +4.3% | |
| 2024 | −4.6% |
TLTI in the news
ETF.net Research hasn’t filed on TLTI yet — coverage lands here as it’s written.
TLTI Dividends
- 6.98%
- $3.02
- $0.23 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 9, 2026 | Sep 11, 2026 | $0.23 |
| Aug 12, 2026 | Aug 14, 2026 | $0.23 |
| Jul 15, 2026 | Jul 17, 2026 | $0.22 |
| Jun 10, 2026 | Jun 12, 2026 | $0.22 |
| May 13, 2026 | May 15, 2026 | $0.23 |
| Apr 15, 2026 | Apr 17, 2026 | $0.23 |
| Mar 11, 2026 | Mar 13, 2026 | $0.24 |
| Feb 11, 2026 | Feb 13, 2026 | $0.23 |
| Jan 14, 2026 | Jan 16, 2026 | $0.23 |
| Dec 24, 2025 | Dec 26, 2025 | $0.23 |
| Nov 26, 2025 | Nov 28, 2025 | $0.24 |
| Oct 22, 2025 | Oct 24, 2025 | $0.24 |
TLTI Risk
- 9.0%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.20
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −8.7%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.06
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
TLTI Cost
- The middle half of Treasury Option Income funds
- Median 0.65%
4 of the 13 Treasury Option Income funds charge less.