as reported on nexus: " Hi, In a previous update, the Bound Bow mesh (boundbow.nif) was adjusted to fix the alignment issue that caused the bow to be misaligned in the player's hand (similar to the Daedric Bow). However, this change also caused the overlay VFX, which uses its own mesh (boundbowencheffects.nif), to become misaligned, causing it to clip through the weapon."
this should fix.

Attached Files:
BoundBow.nif