NEOS BOOSTED ETFs: XSPI & XQQI — Are They Worth It?

Two brand-new income ETFs just launched from one of my favorite fund families. They are promising 150% market exposure, higher distributions, and the exact same tax-efficient structure I already love.

On paper? They sound like the upgrade nobody asked for but everybody wants.

But here’s the thing—they have only been live for about three months. Today, I’m pulling up the real data, comparing them head-to-head with the originals, and telling you exactly what I’m doing with my own money.

If you prefer a visual breakdown with full charts, you can watch the [complete video analysis here (Insert Link)].

The Income Snowball Strategy

Welcome back to the blog. Rico here.

For those new to the community, I’m a former creative executive who retired in 2023. This space is where I share my wins, my losses, and everything I’m doing to build my income snowball out in public.

Today, we are looking at two new funds from NEOS Investments’ "Boosted" lineup: XSPI and XQQI. If you are already familiar with SPYI and QQQI, these are essentially the turbocharged versions. Same engine, more horsepower—but also, more to think about.

A Quick Side Note: NEOS actually launched a third boosted fund, XBCI (their boosted Bitcoin version of BTCI). I’m not covering that one today. Personally, it’s less compelling to me because BTCI already offers an incredibly high yield and direct Bitcoin exposure; the boosted version just isn't calling my name the same way. XSPI and XQQI, however, sit right in the heart of my core equity income strategy.

Disclaimer: I am not a financial advisor. Everything shared here is what I am personally researching and doing in my own portfolio. This is for educational and entertainment purposes only. Always do your own research before putting your hard-earned capital to work.

Section 1: What Exactly Are These "Boosted" Funds?

NEOS launched both XSPI and XQQI on February 2, 2026. As of right now, we are looking at roughly three months of live data. It is early—really early—so we are still firmly in the "getting to know you" phase.

XSPI: NEOS Boosted S&P 500 High Income ETF

Think of this as SPYI’s bigger sibling. It uses the exact same foundation:

• Holds S&P 500 stocks.

• Writes covered calls using SPX index options.

• Utilizes Section 1256 contracts for favorable tax treatment.

The Twist: XSPI adds a synthetic options layer that gives it approximately 150% notional exposure to the S&P 500. Crucially, this is not daily-reset leverage like traditional leveraged ETFs. Instead, the leverage is managed through longer-dated index options.

XQQI: NEOS Boosted Nasdaq-100 High Income ETF

This is the exact same concept, applied to the Nasdaq-100. It mirrors QQQI’s core strategy but utilizes NDX options to achieve that same 150% notional exposure boost.

The Key Numbers at a Glance

Fund MetricXSPI (S&P 500 Boosted)XQQI (Nasdaq-100 Boosted)Inception DateFebruary 2, 2026February 2, 2026Distribution FrequencyMonthlyMonthlyTarget Annualized Yield15% – 18%19% – 23%Current Distribution Rate~17.0%~20.6%Net Assets (AUM)~$37 Million~$93 MillionExpense Ratio0.98%0.98%

Export to Sheets

The Red Flag to Monitor: Both original funds (SPYI and QQQI) carry an expense ratio of 0.68%. These boosted versions come in at 0.98%. That is a 30 basis point jump. While 30 cents per hundred dollars invested might not sound like much upfront, it adds up over time on a large position. The core question becomes: Is the extra yield worth the extra cost?

Section 2: Looking Under the Hood (Holdings Comparison)

Before looking at performance, let’s verify if these funds actually replicate their underlying indexes or if they deviate into a mystery basket of stocks.

When comparing XSPI vs. SPY, the equity holdings line up almost identically. The top weightings are incredibly tight:

• Nvidia (NVDA): 7.5% in XSPI vs. 8.3% in SPY

• Apple (AAPL): 6.2% in XSPI vs. 6.5% in SPY

• Microsoft, Amazon, Alphabet, Broadcom, Meta, and Tesla follow the exact same tight correlation.

The major differentiator? XSPI holds an SPX index call option sitting at roughly 5.2% of the portfolio. That is the synthetic exposure layer showing up in the data.

We see the exact same story with XQQI vs. QQQ. Nvidia sits at 8.1% (vs. 9% in QQQ) and Apple sits at 6.7% (vs. 7% in QQQ). XQQI contains an NDX call option position at roughly 6.8% to generate the boost.

The Takeaway: The equity portion perfectly mirrors the benchmarks. You know exactly what you own. The differentiation lies entirely within the options overlay.

Section 3: Performance Breakdown — Price vs. Total Return

For income investors, separating price return (NAV movement alone) from total return (NAV movement + distributions reinvested) is vital. Let's look at how they have performed over their first three months of life.

1. Price Return Only (No Distributions Included)

• QQQ: +7.6%

• SPY: +3.7%

• XQQI: +2.1%

• QQQI: +0.65%

• SPYI: -0.7%

• XSPI: -1.1%

Because the non-income benchmarks (SPY and QQQ) do not distribute 15% to 20% of their value annually, they keep all their gains in the share price. Interestingly, the boosted versions are performing right in the same neighborhood as the originals on price, despite paying out much higher distributions.

2. Total Return (Distributions Reinvested)

When we add the income back into the equation, the entire picture shifts:

• QQQ: +7.7%

• XQQI (Boosted): +7.6%

• QQQI (Original): +4.3%

• SPY: +4.0%

• XSPI (Boosted): +3.2%

• SPYI (Original): +2.3%

The Analysis: Over these first three months, the boosted funds have substantially outperformed the originals on a total return basis. In fact, XQQI practically matched the raw Nasdaq-100 index while paying out a 20%+ annualized yield.

The Caveat: Three months is not a trend. This specific period captured a sharp market recovery from the tariff-driven selloff in March and April. Because these funds have 150% notional exposure, they snapped back significantly harder on the upside. However, during the April correction, we saw all of these funds dip 10% to 15%, and the boosted versions dropped slightly deeper. In a sustained bear market, that leverage will work against you.

Conclusion: Is the Juice Worth the Squeeze?

I am a huge NEOS fan—that is no secret. QQQI is currently the largest holding in my portfolio, and SPYI acts as my portfolio glue. I deeply trust their approach: the disciplined use of 1256 contracts, the out-of-the-money laddering to preserve upside, and their overall management style.

But every dollar in my portfolio has a specific job, and one of those jobs is to not disappear.

The promise of an extra 4% to 9% in yield sounds phenomenal. But it comes with a higher expense ratio (0.98%), amplified downside risk, and zero long-term track record.

My Current Action Plan

I have opened very small test positions of $500 each in both XSPI and XQQI.

This gives me skin in the game. It allows me to track real distributions hitting my brokerage account, monitor how the NAV behaves over a longer timeline, and see whether the boosted market participation genuinely offsets capital erosion during down cycles.

For now, QQQI and SPYI remain my core, heavy-conviction holdings. XQQI and XSPI are safely tucked inside the testing bucket. If they prove their worth over the next 6 to 12 months, I will comfortably scale into them.

Join the Conversation

Are you currently testing XSPI or XQQI, or are you sticking safely with the originals? Let me know your strategy in the comments below!

• Want to see my full portfolio? Join our income-focused community over on my Substack where we talk real-time strategy.

• Find your number: Download my Free Freedom Calculator via the link below to determine your exact financial independence timeline.

If it doesn't challenge you, it doesn't change you. Messy action is better than no action. I'll see you next time... BOOM.