2026-01-29191885_NEOSBitcoinHighIncomeETF_TF_TSRAnnual
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NEOS Bitcoin High Income ETF
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BTCI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.)
Annual Shareholder Report | December 31, 2025
This annual shareholder report contains important information about the NEOS Bitcoin High Income ETF (the “Fund” or “BTCI”) for the period of June 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/btci/. You can also request this information by contacting us at (866)-498-5677.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PERIOD? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
NEOS Bitcoin High Income ETF
$54
0.98%
* Amount shown reflects the expenses of the Fund from June 1, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.
** Annualized
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
From the period June 1, 2025 through December 31, 2025 (the “Reporting Period”), the Fund’s net asset value (“NAV”) return was -12.50% compared to the CME CF BTC-USD Reference Rate 4PM NY, which returned -16.64%. The Fund outperformed the CME CF BTC-USD Reference Rate 4PM NY, its reference index, during the Reporting Period. The  outperformance is attributed to the active laddered call strategy which added income to the Fund during the bitcoin sell-off.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return  NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.
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AVERAGE ANNUAL TOTAL RETURN (%)
 
6/01/2025-
12/31/2025
1 Year
Since Inception
(10/17/2024)
NEOS Bitcoin High Income ETF NAV
-12.50
-1.28
20.49
S&P 500® Total Return Index
16.64
17.88
15.48
CME CF BTC-USD Reference Rate 4PM NY
-16.64
-6.84
23.29
Visit https://neosfunds.com/btci/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
NEOS Bitcoin High Income ETF  PAGE 1  TSR-AR-78433H642
 
KEY FUND STATISTICS (as of December 31, 2025)
Net Assets
$987,605,274
Number of Holdings
9
Net Advisory Fee
$3,770,737
Portfolio Turnover
10%
30-Day SEC Yield
2.76%
30-Day SEC Yield Unsubsidized
2.76%
Distribution Rate
34.85%
Visit https://neosfunds.com/btci/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of  December 31, 2025)
Top 10 Issuers
United States Treasury Bill
74.4%
VanEck Bitcoin ETF
13.5%
iShares Bitcoin Trust ETF
10.8%
First American Treasury Obligations Fund
2.0%
Northern U.S. Government Select Money Market Fund
0.2%
Cboe Bitcoin U.S. ETF Index Purchased/Written Options
-0.4%
HOW HAS THE FUND CHANGED?
Changes to the Fund’s Fiscal Year:
On September 9, 2025, the Board of Trustees approved a change in fiscal year end for the Fund to December 31 from May 31. As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31.
MANAGED DISTRIBUTIONS
While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund’s current and accumulated earnings are treated as a tax-free return of a shareholder’s investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder’s investment, reduces a shareholder’s basis in the Fund’s shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund’s 19a-1 Notices.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/btci/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.
NEOS Bitcoin High Income ETF  PAGE 2  TSR-AR-78433H642
CboeBZX
100001268812525100001009511899100001382512879
 
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NEOS Enhanced Income 1-3 Month T-Bill ETF
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CSHI (Principal U.S. Listing Exchange: NYSE Arca, Inc.)
Annual Shareholder Report | December 31, 2025
This annual shareholder report contains important information about the NEOS Enhanced Income 1-3 Month T-Bill ETF (the “Fund” or “CSHI”) for the period of June 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/cshi/. You can also request this information by contacting us at (866)-498-5677.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PERIOD? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
NEOS Enhanced Income 1-3 Month T-Bill ETF
$23
0.38%
* Amount shown reflects the expenses of the Fund from June 1, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.
** Annualized
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the period June 1, 2025 through December 31, 2025 (the “Reporting Period”), the Fund’s net asset value (“NAV”) return was 2.96% compared to its benchmark index, the Bloomberg U.S. Treasury Bills: 1-3 Months, which returned 2.47%. The Fund outperformed the Bloomberg U.S. Treasury Bills: 1-3 Months, its reference index for the Reporting Period. The  outperformance is attributed to the put options overlay, which generated additional monthly income for the Fund.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return  NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.
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ANNUAL AVERAGE TOTAL RETURN (%)
 
06/01/2025-
12/31/2025
1 Year
Since Inception
(08/30/2022)
NEOS Enhanced Income 1-3 Month T-Bill ETF NAV
2.96
5.02
5.51
Bloomberg U.S. Aggregate Bond Index
4.74
7.30
3.27
Bloomberg U.S. Treasury Bills: 1-3 Months
2.47
4.29
4.75
Visit https://neosfunds.com/cshi/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
NEOS Enhanced Income 1-3 Month T-Bill ETF  PAGE 1  TSR-AR-78433H501
 
KEY FUND STATISTICS (as of December 31, 2025)
Net Assets
$805,833,799
Number of Holdings
23
Net Advisory Fee
$1,416,744
Portfolio Turnover
0%
30-Day SEC Yield
3.35%
30-Day SEC Yield Unsubsidized
3.35%
Distribution Rate
5.05%
Visit https://neosfunds.com/cshi/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of  December 31, 2025)
Top 10 Issuers
United States Treasury Bill
99.1%
First American Treasury Obligations Fund
0.9%
Northern U.S. Government Select Money Market Fund
0.1%
S&P 500 Index Purchased/Written Options
0.0%*
* Represents less than 0.05%.
HOW HAS THE FUND CHANGED?
Changes to the Fund’s Fiscal Year:
On September 9, 2025, the Board of Trustees approved a change in fiscal year end for the Fund to December 31 from May 31. As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31.
MANAGED DISTRIBUTIONS
While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund’s current and accumulated earnings are treated as a tax-free return of a shareholder’s investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder’s investment, reduces a shareholder’s basis in the Fund’s shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund’s 19a-1 Notices.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/cshi/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.
NEOS Enhanced Income 1-3 Month T-Bill ETF  PAGE 2  TSR-AR-78433H501
NYSEArca
10000101441077711389119611000097101024710375111331000010111106301119611676
 
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NEOS Enhanced Income 20+ Year Treasury Bond ETF
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TLTI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.)
Annual Shareholder Report | December 31, 2025
This annual shareholder report contains important information about the NEOS Enhanced Income 20+ Year Treasury Bond ETF (the “Fund” or “TLTI”) for the period of June 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/tlti/. You can also request this information by contacting us at (866)-498-5677.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PERIOD? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
NEOS Enhanced Income 20+ Year Treasury Bond ETF
$35
0.58%
* Amount shown reflects the expenses of the Fund from June 1, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.
** Annualized
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the period June 1, 2025 through December 31, 2025 (the “Reporting Period”), the Fund’s net asset value (“NAV”) return was 4.68% compared to its benchmark index, the ICE US Treasury 20+ Year Bond Total Return Index, which returned 4.21%. The Fund outperformed the ICE US Treasury 20+ Year Bond Total Return Index, its reference index, for the Reporting Period. The outperfomance is attributed to the put options overlay, which generated additional monthly income for the Fund.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return  NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.
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AVERAGE ANNUAL TOTAL RETURN (%)
 
06/01/2025-
12/31/2025
1 Year
Since Inception
(12/11/2024)
NEOS Enhanced Income 20+ Year Treasury Bond ETF NAV
4.68
4.52
-1.29
Bloomberg U.S. Aggregate Bond Index
4.74
7.30
5.16
ICE US Treasury 20+ Year Bond Total Return Index
4.21
4.29
-1.54
Visit https://neosfunds.com/tlti/ for more recent performance information.
NEOS Enhanced Income 20+ Year Treasury Bond ETF  PAGE 1  TSR-AR-78433H592
 
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of December 31, 2025)
Net Assets
$9,675,940
Number of Holdings
9
Net Advisory Fee
$18,177
Portfolio Turnover
0%
30-Day SEC Yield
4.34%
30-Day SEC Yield Unsubsidized
4.34%
Distribution Rate
6.33%
Visit https://neosfunds.com/tlti/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of  December 31, 2025)
Top 10 Issuers
United States Treasury Bond
97.8%
First American Treasury Obligations Fund
0.5%
Northern US Government Money Market Fund
0.0%*
S&P 500 Index Purchased/Written Options
0.0%*
* Represents less than 0.05%.
HOW HAS THE FUND CHANGED?
Changes to the Fund’s Fiscal Year:
On September 9, 2025, the Board of Trustees approved a change in fiscal year end for the Fund to December 31 from May 31. As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31.
MANAGED DISTRIBUTIONS
While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund’s current and accumulated earnings are treated as a tax-free return of a shareholder’s investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder’s investment, reduces a shareholder’s basis in the Fund’s shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund’s 19a-1 Notices.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/tlti/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.
NEOS Enhanced Income 20+ Year Treasury Bond ETF  PAGE 2  TSR-AR-78433H592
CboeBZX
1000098641000010546100009837
 
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NEOS Enhanced Income Aggregate Bond ETF
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BNDI (Principal U.S. Listing Exchange: NYSE Arca, Inc.)
Annual Shareholder Report | December 31, 2025
This annual shareholder report contains important information about the NEOS Enhanced Income Aggregate Bond ETF (the “Fund” or “BNDI”) for the period of June 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/bndi/. You can also request this information by contacting us at (866)-498-5677.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PERIOD? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
NEOS Enhanced Income Aggregate Bond ETF
$33
0.55%
* Amount shown reflects the expenses of the Fund from June 1, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.
** Annualized
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the period June 1, 2025 through December 31, 2025 (the “Reporting Period”), the Fund’s net asset value (“NAV”) return was 5.37% compared to its benchmark index, the  Bloomberg US  Aggregate Bond Index, which returned 4.74%. The Fund outperformed the Bloomberg US  Aggregate Bond Index, its benchmark index, during the Reporting Period. The outperformance is attributed to the put options overlay, which generated additional monthly income for the Fund.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return  NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
6/01/2025-
12/31/2025
1 Year
Since Inception
(08/30/2022)
NEOS Enhanced Income Aggregate Bond ETF NAV
5.37
7.95
4.12
Bloomberg US Aggregate Bond Index
4.74
7.30
3.27
Visit https://neosfunds.com/bndi/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
NEOS Enhanced Income Aggregate Bond ETF  PAGE 1  TSR-AR-78433H402
 
KEY FUND STATISTICS (as of December 31, 2025)
Net Assets
$131,617,971
Number of Holdings
10
Net Advisory Fee
$340,670
Portfolio Turnover
0%
30-Day SEC Yield
3.36%
30-Day SEC Yield Unsubsidized
3.32%
Distribution Rate
5.73%
Visit https://neosfunds.com/bndi/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of  December 31, 2025)
Top 10 Issuers
iShares Core U.S. Aggregate Bond ETF
49.7%
Vanguard Total Bond Market ETF
49.6%
First American Treasury Obligations Fund
0.7%
Northern U.S. Government Select Money Market Fund
0.1%
S&P 500 Index Purchased/Written Options
0.0%*
* Represents less than 0.05%.
HOW HAS THE FUND CHANGED?
Changes to the Fund’s Fiscal Year:
On September 9, 2025, the Board of Trustees approved a change in fiscal year end for the Fund to December 31 from May 31. As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31.
MANAGED DISTRIBUTIONS
While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund’s current and accumulated earnings are treated as a tax-free return of a shareholder’s investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder’s investment, reduces a shareholder’s basis in the Fund’s shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund’s 19a-1 Notices.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/bndi/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.
NEOS Enhanced Income Aggregate Bond ETF  PAGE 2  TSR-AR-78433H402
NYSEArca
100009748104111060211444100009710102471037511133
 
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NEOS Enhanced Income Credit Select ETF
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HYBI (Principal U.S. Listing Exchange: Nasdaq Stock Market LLC)
Annual Shareholder Report | December 31, 2025
This annual shareholder report contains important information about the NEOS Enhanced Income Credit Select ETF (the “Fund” or “HYBI”) for the period of June 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/hybi/. You can also request this information by contacting us at (866)-498-5677.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PERIOD? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
NEOS Enhanced Income Credit Select ETF
$37
0.61%
* Amount shown reflects the expenses of the Fund from June 1, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.
** Annualized
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the period June 1, 2025 through December 31,2025 (the “Reporting Period”), the Fund’s net asset value (“NAV”) return was 5.86% compared to its benchmark index, the Bloomberg U.S. Corporate High Yield Index, which returned 5.79%. The Fund outperformed the Bloomberg U.S. Corporate High Yield Index, its reference index, for the Reporting Period. The outperformance is attributed to the put options overlay, which generated additional monthly income for the Fund.
HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*,†
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return  NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
6/01/2025-
12/31/2025
1 Year
5 Year
10 Year
NEOS Enhanced Income Credit Select ETF NAV
5.86
6.84
3.53
4.90
Bloomberg U.S. Aggregate Bond Index
4.74
7.30
-0.36
2.01
Bloomberg U.S. Corporate High Yield Index
5.79
8.62
4.51
6.53
Visit https://neosfunds.com/hybi/ for more recent performance information.
NEOS Enhanced Income Credit Select ETF  PAGE 1  TSR-AR-78433H584
 
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
† The Fund acquired all the assets and liabilities of the WSTCM Credit Select Risk-Managed Fund, a mutual fund series of  WST Investment Trust, (the “Predecessor Fund”) in a reorganization on September 27, 2024. The Predecessor Fund’s performance and financial history, inclusive of expense limitations, has been adopted by the Fund and will be used going forward.
KEY FUND STATISTICS (as of December 31, 2025)
Net Assets
$196,763,091
Number of Holdings
11
Net Advisory Fee
$557,968
Portfolio Turnover
82%
30-Day SEC Yield
6.02%
30-Day SEC Yield Unsubsidized
5.99%
Distribution Rate
8.39%
Visit https://neosfunds.com/hybi/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of  December 31, 2025)
Top 10 Issuers
iShares Broad USD High Yield Corporate Bond ETF
31.9%
Xtrackers USD High Yield Corporate Bond ETF
31.6%
State Street SPDR Portfolio High Yield Bond ETF
31.0%
First American Treasury Obligations Fund
5.3%
Northern US Government Money Market Fund
0.2%
S&P 500 Index Purchased/Written Options
0.0%*
* Represents less than 0.05%.
HOW HAS THE FUND CHANGED?
Changes to the Fund’s Fiscal Year:
On September 9, 2025, the Board of Trustees approved a change in fiscal year end for the Fund to December 31 from May 31. As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31.
MANAGED DISTRIBUTIONS
While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund’s current and accumulated earnings are treated as a tax-free return of a shareholder’s investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder’s investment, reduces a shareholder’s basis in the Fund’s shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund’s 19a-1 Notices.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/hybi/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.
NEOS Enhanced Income Credit Select ETF  PAGE 2  TSR-AR-78433H584
NASDAQ
9825110161140411364120211332813654133401413814839158541023510506108791088011828127161252010891114931163712486945711077119091166113331142791503213351151451638617799
 
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NEOS Ethereum High Income ETF
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NEHI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.)
Annual Shareholder Report | December 31, 2025
This annual shareholder report contains important information about the NEOS Ethereum High Income ETF (the “Fund” or “NEHI”) for the period of December 3, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/nehi/. You can also request this information by contacting us at (866)-498-5677.
WHAT WERE THE FUND COSTS FOR THE PERIOD? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
NEOS Ethereum High Income ETF
$8
0.98%
* Amount shown reflects the expenses of the Fund from December 3, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.
** Annualized
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the period December 3, 2025 through December 31, 2025 (the “Reporting Period”), the Fund’s net asset value (“NAV”) return was 0.74% compared to its benchmark index, the CME CF ETH-USD Reference Rate 4PM NY, which returned -0.94%. The Fund outperformed the  CME CF ETH-USD Reference Rate 4PM NY, its reference index, during the Reporting Period. This  outperfomance is attributed to the active laddered call strategy which added income to the Fund during the ethereum sell-off.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return  NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.
image
CUMULATIVE TOTAL RETURN (%)
 
Since Inception
(12/03/2025)
NEOS Ethereum High Income ETF NAV
0.74
S&P 500® Total Return Index
0.34
CME CF ETH-USD Reference Rate 4PM NY
-0.94
Visit https://neosfunds.com/nehi/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
NEOS Ethereum High Income ETF  PAGE 1  TSR-AR-78433H535
 
KEY FUND STATISTICS (as of December 31, 2025)
Net Assets
$12,725,612
Number of Holdings
8
Net Advisory Fee
$4,363
Portfolio Turnover
0%
30-Day SEC Yield
0.00%
30-Day SEC Yield Unsubsidized
0.00%
Distribution Rate
34.57%
Visit https://neosfunds.com/nehi/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of  December 31, 2025)
Top 10 Issuers
United States Treasury Bill
60.1%
iShares Ethereum Trust ETF
24.4%
First American Treasury Obligations Fund
2.7%
Northern U.S. Government Select Money Market Fund
0.0%*
iShares Ethereum Trust ETF Purchased/Written Options
-3.0%
* Represents less than 0.05%.
MANAGED DISTRIBUTIONS
While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund’s current and accumulated earnings are treated as a tax-free return of a shareholder’s investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder’s investment, reduces a shareholder’s basis in the Fund’s shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com  under the Fund’s 19a-1 Notices.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/nehi/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.
NEOS Ethereum High Income ETF  PAGE 2  TSR-AR-78433H535
CboeBZX
10000100741000010034100009906
 
image
NEOS Gold High Income ETF
image
IAUI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.)
Annual Shareholder Report | December 31, 2025
This annual shareholder report contains important information about the NEOS Gold High Income ETF (the “Fund” or “IAUI”) for the period of June 5, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/iaui/. You can also request this information by contacting us at (866)-498-5677.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PERIOD? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
NEOS Gold High Income ETF
$49
0.78%
* Amount shown reflects the expenses of the Fund from June 5, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.
** Annualized
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the period June 5, 2025 through December 31, 2025 (the “Reporting Period”), the Fund’s net asset value (“NAV”) return was 20.15% compared to its benchmark index, the S&P 500® Total Return Index, which returned 15.46%. The Fund outperformed the S&P 500® Total Return Index, its benchmark index, primarily due to the change in the value of Gold exceeding the return of the S&P 500® Total Return Index during the Reporting Period.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return  NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.
image
CUMULATIVE TOTAL RETURN (%)
 
Since Inception
(06/05/2025)
NEOS Gold High Income ETF NAV
20.15
S&P 500® Total Return Index
15.46
Visit https://neosfunds.com/iaui/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
NEOS Gold High Income ETF  PAGE 1  TSR-AR-78433H550
 
KEY FUND STATISTICS (as of December 31, 2025)
Net Assets
$276,323,074
Number of Holdings
8
Net Advisory Fee
$485,874
Portfolio Turnover
0%
30-Day SEC Yield
1.81%
30-Day SEC Yield Unsubsidized
1.81%
Distribution Rate
11.81%
Visit https://neosfunds.com/iaui/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of  December 31, 2025)
Top 10 Issuers
United States Treasury Bill
67.9%
Goldman Sachs Physical Gold ETF
24.1%
First American Treasury Obligations Fund
0.8%
SPDR Gold Shares Purchased/Written Options
0.1%
Northern U.S. Government Select Money Market Fund
0.0%*
* Represents less than 0.05%.
HOW HAS THE FUND CHANGED?
Changes to the Fund’s Fiscal Year:
On September 9, 2025, the Board of Trustees approved a change in fiscal year end for the Fund to December 31 from May 31. As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31.
MANAGED DISTRIBUTIONS
While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund’s current and accumulated earnings are treated as a tax-free return of a shareholder’s investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder’s investment, reduces a shareholder’s basis in the Fund’s shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund’s 19a-1 Notices.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/iaui/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.
NEOS Gold High Income ETF  PAGE 2  TSR-AR-78433H550
CboeBZX
10000120151000011546
 
image
NEOS Long/Short Equity Income ETF
image
NLSI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.)
Annual Shareholder Report | December 31, 2025
This annual shareholder report contains important information about the NEOS Long/Short Equity Income ETF (the “Fund” or “NLSI”) for the period of December 10, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/nlsi/. You can also request this information by contacting us at (866)-498-5677.
WHAT WERE THE FUND COSTS FOR THE PERIOD? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
NEOS Long/Short Equity Income ETF
$33
5.59%
* Amount shown reflects the expenses of the Fund from December 10, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.
** Annualized
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the period December 10, 2025 through December 31, 2025 (the “reporting period”), the Fund’s net asset value (“NAV”) return was 2.75% compared to its benchmark index, the S&P 500® Total Return Index, which returned 0.14%. The outperformance was related to stock selection and the put options overlay strategy.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return  NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.
image
CUMULATIVE TOTAL RETURN (%)
 
Since Inception
(12/10/2025)
NEOS Long/Short Equity Income ETF NAV
2.75
S&P 500® Total Return Index
0.14
Visit https://neosfunds.com/nlsi/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
 
KEY FUND STATISTICS (as of December 31, 2025)
Net Assets
$5,625,516
Number of Holdings
68
Net Advisory Fee
$1,708
Portfolio Turnover
19%
30-Day SEC Yield
0.00%
30-Day SEC Yield Unsubsidized
0.00%
Distribution Rate
5.56%
Visit https://neosfunds.com/nlsi/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of  December 31, 2025)
Top 10 Long Security Issuers
United States Treasury Bill
16.4%
Micron Technology, Inc.
4.4%
Newmont Corp.
4.2%
Airbnb, Inc.
4.2%
Centene Corp.
4.1%
Regeneron Pharmaceuticals, Inc.
4.1%
General Motors Co.
4.1%
Equity Residential
3.9%
Capital One Financial Corp.
4.0%
Invitation Homes, Inc.
3.9%
Top 10 Short Security Issuers
Molina Healthcare, Inc.
-1.9%
Royal Caribbean Cruises Ltd.
-1.9%
Southwest Airlines Co.
-1.9%
Philip Morris International, Inc.
-1.9%
Marriott International, Inc.
-1.8%
Franklin Resources, Inc.
-1.8%
JPMorgan Chase & Co.
-1.8%
First Solar, Inc.
-1.8%
CoStar Group, Inc.
-1.7%
Equinix, Inc.
-1.7%
MANAGED DISTRIBUTIONS
While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund’s current and accumulated earnings are treated as a tax-free return of a shareholder’s investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder’s investment, reduces a shareholder’s basis in the Fund’s shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund’s 19a-1 Notices.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/nlsi/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.
CboeBZX
10000102751000010014
 
image
NEOS MLP & Energy Infrastructure High Income ETF
image
MLPI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.)
Annual Shareholder Report | December 31, 2025
This annual shareholder report contains important information about the NEOS MLP & Energy Infrastructure High Income ETF (the “Fund” or “MLPI”) for the period of December 18, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/mlpi/. You can also request this information by contacting us at (866)-498-5677.
WHAT WERE THE FUND COSTS FOR THE PERIOD? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
NEOS MLP & Energy Infrastructure High Income ETF
$2
0.68%
* Amount shown reflects the expenses of the Fund from December 18, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.
** Annualized
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the period December 18, 2025 through December 31, 2025 (the “reporting period”), the Fund’s net asset value (“NAV”) return was 1.28% compared to its benchmark index, the MerQube North America MLP & Energy Infrastructure Index, which returned 1.44%. The Fund’s underperformance compared to the MerQube North America MLP & Energy Infrastructure Index, its benchmark index, during the Reporting Period is attributable to the active  laddered call strategy utilizing AMLP call options which prevented the underlying equities to participate with more of the upside when the market moves higher.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return  NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.
image
CUMULATIVE TOTAL RETURN (%)
 
Since Inception
(12/18/2025)
NEOS MLP & Energy Infrastructure High Income ETF NAV
1.28
S&P 500® Total Return Index
1.88
MerQube North America MLP & Energy Infrastructure Index
1.44
Visit https://neosfunds.com/mlpi/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
 
KEY FUND STATISTICS (as of December 31, 2025)
Net Assets
$33,991,699
Number of Holdings
28
Net Advisory Fee
$1,297
Portfolio Turnover
0%*
30-Day SEC Yield
0.00%
30-Day SEC Yield Unsubsidized
0.00%
Distribution Rate
15.66%
Visit https://neosfunds.com/mlpi/ for more recent performance information.
* Represents less than 0.05%.
WHAT DID THE FUND INVEST IN? (% of net assets as of  December 31, 2025)
Top 10 Issuers
Williams Cos., Inc.
9.8%
Enbridge, Inc.
9.7%
TC Energy Corp.
7.5%
Kinder Morgan, Inc.
6.8%
ONEOK, Inc.
5.7%
Cheniere Energy, Inc.
5.0%
Targa Resources Corp.
4.7%
Energy Transfer LP
4.4%
Pembina Pipeline Corp.
4.4%
Enterprise Products Partners LP
4.4%
MANAGED DISTRIBUTIONS
While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund’s current and accumulated earnings are treated as a tax-free return of a shareholder’s investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder’s investment, reduces a shareholder’s basis in the Fund’s shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com  under the Fund’s 19a-1 Notices.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/mlpi/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.
CboeBZX
100001012810000101881000010144
 
image
NEOS MSCI EAFE High Income ETF
image
NIHI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.)
Annual Shareholder Report | December 31, 2025
This annual shareholder report contains important information about the NEOS MSCI EAFE High Income ETF (the “Fund” or “NIHI”) for the period of September 17, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/nihi/. You can also request this information by contacting us at (866)-498-5677.
WHAT WERE THE FUND COSTS FOR THE PERIOD? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
NEOS MSCI EAFE High Income ETF
$18
0.61%
* Amount shown reflects the expenses of the Fund from September 17, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.
** Annualized
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the period September 17, 2025 through December 31, 2025 (the “Reporting Period”), the Fund’s net asset value (“NAV”) return was 4.84% compared to its benchmark index, the MSCI EAFE  IMI USD Net Index, which returned 4.51%. The Fund outperformed the MSCI EAFE  IMI USD Net Index, its benchmark index, during the Reporting Period. The  outperformance is attributed to the active laddered call strategy which added premium to the Fund, which generated additional monthly income for the Fund.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return  NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.
image
CUMULATIVE TOTAL RETURN (%)
 
Since Inception
(09/17/2025)
NEOS MSCI EAFE High Income ETF NAV
4.84
MSCI EAFE IMI USD Net Index
4.51
Visit https://neosfunds.com/nihi/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
 
KEY FUND STATISTICS (as of December 31, 2025)
Net Assets
$45,055,887
Number of Holdings
4
Net Advisory Fee
$32,934
Portfolio Turnover
0%*
30-Day SEC Yield
2.75%
30-Day SEC Yield Unsubsidized
2.68%
Distribution Rate
10.36%
Visit https://neosfunds.com/nihi/ for more recent performance information.
* Represents less than 0.05%.
WHAT DID THE FUND INVEST IN? (% of net assets as of  December 31, 2025)
Top 10 Issuers
iShares Core MSCI EAFE ETF
100.0%
First American Treasury Obligations Fund
0.9%
MSCI EAFE Index Written Options
-0.6%
MANAGED DISTRIBUTIONS
While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund’s current and accumulated earnings are treated as a tax-free return of a shareholder’s investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder’s investment, reduces a shareholder’s basis in the Fund’s shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com  under the Fund’s 19a-1 Notices.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/nihi/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.
CboeBZX
10000104841000010451
 
image
NEOS Nasdaq-100® Hedged Equity Income ETF
image
QQQH (Principal U.S. Listing Exchange: Nasdaq Stock Market LLC)
Annual Shareholder Report | December 31, 2025
This annual shareholder report contains important information about the NEOS Nasdaq-100® Hedged Equity Income ETF (the “Fund” or “QQQH”) for the period of June 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/qqqh/. You can also request this information by contacting us at (866)-498-5677.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PERIOD? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
NEOS Nasdaq-100® Hedged Equity Income ETF
$42
0.68%
* Amount shown reflects the expenses of the Fund from June 1, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.
** Annualized
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the period June 1, 2025 through December 31, 2025 (the “Reporting Period”), the Fund’s net asset value (“NAV”) return was 12.03% compared to its benchmark index, the NASDAQ 100® Total Return Index, which returned 18.79%. The Fund’s underperformance during the Reporting Period compared to the NASDAQ 100® Total Return Index, its reference index, is attributable to the active put spread collar strategy which was able to provide a measure of downside protection during the market downturns, but not able to fully participate in the market rallies.
HOW DID THE FUND PERFORM SINCE INCEPTION?*,**
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return  NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
6/01/2025-
12/31/2025
1 Year
5 Year
Since Inception
(12/20/2019)
NEOS Nasdaq-100® Hedged Equity Income ETF NAV
12.03
13.84
8.10
9.91
NASDAQ Composite Total Return Index
22.04
21.14
13.35
18.18
NASDAQ 100® Total Return Index
18.79
21.02
15.30
20.41
Visit https://neosfunds.com/qqqh/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
NEOS Nasdaq-100® Hedged Equity Income ETF  PAGE 1  TSR-AR-78433H576
 
** The Fund acquired all the assets and liabilities of the Nationwide Nasdaq-100® Risk-Managed Income ETF, a series of the ETF Series Solutions (the “Predecessor Fund”) in a reorganization on November 11, 2024. The Predecessor Fund’s performance and financial history have been adopted by the Fund and will be used going forward.
KEY FUND STATISTICS (as of December 31, 2025)
Net Assets
$351,813,787
Number of Holdings
106
Net Advisory Fee
$1,345,146
Portfolio Turnover
6%
30-Day SEC Yield
0.02%
30-Day SEC Yield Unsubsidized
0.02%
Distribution Rate
9.18%
Visit https://neosfunds.com/qqqh/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of  December 31, 2025)
Top 10 Issuers
NVIDIA Corp.
9.5%
Apple, Inc.
8.5%
Microsoft Corp.
7.6%
Alphabet, Inc.
7.4%
Amazon.com, Inc.
5.2%
Tesla, Inc.
4.0%
Meta Platforms, Inc.
3.9%
Broadcom, Inc.
3.3%
Palantir Technologies, Inc.
2.2%
Netflix, Inc.
2.1%
Sector Breakdown
image
HOW HAS THE FUND CHANGED?
Changes to the Fund’s Fiscal Year:
On September 9, 2025, the Board of Trustees approved a change in fiscal year end for the Fund to December 31 from May 31. As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31.
MANAGED DISTRIBUTIONS
While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund’s current and accumulated earnings are treated as a tax-free return of a shareholder’s investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder’s investment, reduces a shareholder’s basis in the Fund’s shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund’s 19a-1 Notices.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/qqqh/.
NEOS Nasdaq-100® Hedged Equity Income ETF  PAGE 2  TSR-AR-78433H576
 
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.
NEOS Nasdaq-100® Hedged Equity Income ETF  PAGE 3  TSR-AR-78433H576
NASDAQ
1000011980131099405123681553517685100001463517880120631744822607273871000015049191891297520128253373066552.816.113.55.04.34.01.41.10.51.3
 
image
NEOS Nasdaq-100® High Income ETF
image
QQQI (Principal U.S. Listing Exchange: Nasdaq Stock Market LLC)
Annual Shareholder Report | December 31, 2025
This annual shareholder report contains important information about the NEOS Nasdaq-100® High Income ETF (the “Fund” or “QQQI”) for the period of June 1, 2025, to December 31, 2025.  You can find additional information about the Fund at https://neosfunds.com/qqqi/. You can also request this information by contacting us at (866)-498-5677.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PERIOD? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
NEOS Nasdaq-100® High Income ETF
$43
0.68%
* Amount shown reflects the expenses of the Fund from June 1, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.
** Annualized
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the period June 1, 2025 through December 31, 2025 (the “Reporting Period”), the Fund’s net asset value (“NAV”) return was 16.27% compared to its benchmark index, the NASDAQ 100® Total Return Index, which returned 18.79%. The Fund’s underperformance compared to the NASDAQ 100® Total Return Index, its reference index, during the Reporting Period is attributable to the active laddered call strategy utilizing NASDAQ 100® Index options which prevented the underlying equities to participate with more of the upside when the market moves higher.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return  NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
6/01/2025-
12/31/2025
1 Year
Since Inception
(01/30/2024)
NEOS Nasdaq-100® High Income ETF NAV
16.27
18.66
19.85
NASDAQ Composite Total Return Index
22.04
21.14
23.79
NASDAQ 100® Total Return Index
18.79
21.02
21.59
Visit https://neosfunds.com/qqqi/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
NEOS Nasdaq-100® High Income ETF  PAGE 1  TSR-AR-78433H675
 
KEY FUND STATISTICS (as of December 31, 2025)
Net Assets
$7,437,736,448
Number of Holdings
104
Net Advisory Fee
$18,477,748
Portfolio Turnover
8%
30-Day SEC Yield
0.02%
30-Day SEC Yield Unsubsidized
0.02%
Distribution Rate
14.17%
Visit https://neosfunds.com/qqqi/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of  December 31, 2025)
Top 10 Issuers
NVIDIA Corp.
9.5%
Apple, Inc.
8.5%
Microsoft Corp.
7.6%
Alphabet, Inc.
7.5%
Amazon.com, Inc.
5.2%
Tesla, Inc.
4.0%
Meta Platforms, Inc.
3.9%
Broadcom, Inc.
3.3%
Palantir Technologies, Inc.
2.2%
Netflix, Inc.
2.1%
Sector Breakdown
image
HOW HAS THE FUND CHANGED?
Changes to the Fund’s Fiscal Year:
On September 9, 2025, the Board of Trustees approved a change in fiscal year end for the Fund to December 31 from May 31. As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31.
MANAGED DISTRIBUTIONS
While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund’s current and accumulated earnings are treated as a tax-free return of a shareholder’s investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder’s investment, reduces a shareholder’s basis in the Fund’s shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund’s 19a-1 Notices.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/qqqi/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.
NEOS Nasdaq-100® High Income ETF  PAGE 2  TSR-AR-78433H675
NASDAQ
10000119381416610000124441507410000120341456452.616.213.55.04.44.01.41.00.51.4
 
image
NEOS Real Estate High Income ETF
image
IYRI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.)
Annual Shareholder Report | December 31, 2025
This annual shareholder report contains important information about the NEOS Real Estate High Income ETF (the “Fund” or “IYRI”) for the period of June 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/iyri/. You can also request this information by contacting us at (866)-498-5677.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PERIOD? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
NEOS Real Estate High Income ETF
$41
0.68%
* Amount shown reflects the expenses of the Fund from June 1, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.
** Annualized
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the period June 1, 2025 through December 31, 2025 (the “Reporting Period”), the Fund’s net asset value (“NAV”) return was 4.00% compared to its benchmark index, the Dow Jones U.S. Real Estate Capped Index (USD) TR, which returned 1.59%. The Fund outperformed the Dow Jones  U.S. Real Estate Capped Index (USD) TR, its reference index, during the Reporting Period. The  outperformance is attributed to the active ladder call strategy, which generated additional monthly income for the Fund.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return  NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.
image
CUMULATIVE TOTAL RETURN (%)
 
6/01/2025-
12/31/2025
Since Inception
(01/15/2025)
NEOS Real Estate High Income ETF NAV
4.00
8.85
S&P 500® Total Return Index
16.64
18.61
Dow Jones U.S. Real Estate Capped Index (USD) TR
1.59
5.62
Visit https://neosfunds.com/iyri/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
NEOS Real Estate High Income ETF  PAGE 1  TSR-AR-78433H618
 
KEY FUND STATISTICS (as of December 31, 2025)
Net Assets
$176,862,061
Number of Holdings
65
Net Advisory Fee
$438,133
Portfolio Turnover
1%
30-Day SEC Yield
3.19%
30-Day SEC Yield Unsubsidized
3.19%
Distribution Rate
11.32%
Visit https://neosfunds.com/iyri/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of  December 31, 2025)
Top 10 Issuers
Welltower, Inc.
9.5%
Prologis, Inc.
9.0%
American Tower Corp.
5.6%
Equinix, Inc.
4.5%
Simon Property Group, Inc.
4.4%
Realty Income Corp.
3.9%
Digital Realty Trust, Inc.
3.8%
CBRE Group, Inc.
3.7%
Public Storage
3.2%
Crown Castle, Inc.
3.0%
HOW HAS THE FUND CHANGED?
Changes to the Fund’s Fiscal Year:
On September 9, 2025, the Board of Trustees approved a change in fiscal year end for the Fund to December 31 from May 31. As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31.
MANAGED DISTRIBUTIONS
While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund’s current and accumulated earnings are treated as a tax-free return of a shareholder’s investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder’s investment, reduces a shareholder’s basis in the Fund’s shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund’s 19a-1 Notices.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/iyri/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.
NEOS Real Estate High Income ETF  PAGE 2  TSR-AR-78433H618
CboeBZX
100001088510000118611000010562
 
image
NEOS Russell 2000® High Income ETF
image
IWMI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.)
Annual Shareholder Report | December 31, 2025
This annual shareholder report contains important information about the NEOS Russell 2000® High Income ETF (the “Fund” or “IWMI”) for the period of June 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/iwmi/. You can also request this information by contacting us at (866)-498-5677.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PERIOD? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
NEOS Russell 2000® High Income ETF
$39
0.60%
* Amount shown reflects the expenses of the Fund from June 1, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.
** Annualized
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the period June 1, 2025 through December 31, 2025 (the “Reporting Period”), the Fund’s net asset value (“NAV”) return was 20.07% compared to its benchmark index, the Russell 2000® Total Return Index, which returned 21.10%. The Fund’s underperformance compared to the Russell 2000® Total Return Index, its reference index, during the Reporting Period is attributable to the active  laddered call strategy utilizing Russell 2000® Index options which prevented the underlying equities to participate with more of the upside when the market moves higher.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return  NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
6/01/2025-
  12/31/2025
1 Year
Since Inception
(06/25/2024)
NEOS Russell 2000® High Income ETF NAV
20.07
15.20
14.29
S&P 500® Total Return Index
16.64
17.88
17.71
Russell 2000® Total Return Index
21.10
12.81
15.67
Visit https://neosfunds.com/iwmi/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
NEOS Russell 2000® High Income ETF  PAGE 1  TSR-AR-78433H634
 
KEY FUND STATISTICS (as of December 31, 2025)
Net Assets
$451,009,752
Number of Holdings
4
Net Advisory Fee
$1,037,805
Portfolio Turnover
0%
30-Day SEC Yield
0.63%
30-Day SEC Yield Unsubsidized
0.56%
Distribution Rate
14.20%
Visit https://neosfunds.com/iwmi/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of  December 31, 2025)
Top 10 Issuers
Vanguard Russell 2000 ETF
99.6%
First American Treasury Obligations Fund
0.6%
Russell 2000 Index Written Options
-0.9%
HOW HAS THE FUND CHANGED?
Changes to the Fund’s Fiscal Year:
On September 9, 2025, the Board of Trustees approved a change in fiscal year end for the Fund to December 31 from May 31. As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31.
MANAGED DISTRIBUTIONS
While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund’s current and accumulated earnings are treated as a tax-free return of a shareholder’s investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder’s investment, reduces a shareholder’s basis in the Fund’s shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund’s 19a-1 Notices.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/iwmi/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.
NEOS Russell 2000® High Income ETF  PAGE 2  TSR-AR-78433H634
CboeBZX
100001063512251100001087012814100001106112478
 
image
NEOS S&P 500® Hedged Equity Income ETF
image
SPYH (Principal U.S. Listing Exchange: CBOE BZX Exchange, Inc.)
Annual Shareholder Report | December 31, 2025
This annual shareholder report contains important information about the NEOS S&P 500® Hedged Equity Income ETF (the “Fund” or “SPYH”) for the period of June 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/spyh/. You can also request this information by contacting us at (866)-498-5677.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PERIOD? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
NEOS S&P 500® Hedged Equity Income ETF
$42
0.68%
* Amount shown reflects the expenses of the Fund from June 1, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.
** Annualized
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the period June 1, 2025 through December 31, 2025 (the “Reporting Period”), the Fund’s net asset value (“NAV”) return was 13.10% compared to its benchmark index, the S&P 500® Total Return Index, which returned 16.64%. The Fund’s underperformance during the Reporting Period compared to the S&P 500® Total Return Index, its benchmark index, is attributable to the active put spread collar strategy which was able to provide a measure of downside protection during the market downturns, but not able to fully participate in the market rallies.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return  NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.
image
CUMULATIVE TOTAL RETURN (%)
 
6/01/2025-
12/31/2025
Since Inception
(04/03/2025)
NEOS S&P 500® Hedged Equity Income ETF NAV
13.10
16.66
S&P 500® Total Return Index
16.64
21.85
Visit https://neosfunds.com/spyh/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
NEOS S&P 500® Hedged Equity Income ETF  PAGE 1  TSR-AR-78433H568
 
KEY FUND STATISTICS (as of December 31, 2025)
Net Assets
$18,174,502
Number of Holdings
488
Net Advisory Fee
$38,617
Portfolio Turnover
1%
30-Day SEC Yield
0.54%
30-Day SEC Yield Unsubsidized
0.54%
Distribution Rate
7.67%
Visit https://neosfunds.com/spyh/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of  December 31, 2025)
Top 10 Issuers
NVIDIA Corp.
7.8%
Apple, Inc.
6.9%
Microsoft Corp.
6.2%
Alphabet, Inc.
5.6%
Amazon.com, Inc.
3.8%
Broadcom, Inc.
2.8%
Meta Platforms, Inc.
2.5%
Tesla, Inc.
2.2%
Berkshire Hathaway, Inc.
1.6%
JPMorgan Chase & Co.
1.5%
Sector Breakdown
image
HOW HAS THE FUND CHANGED?
Changes to the Fund’s Fiscal Year:
On September 9, 2025, the Board of Trustees approved a change in fiscal year end for the Fund to December 31 from May 31. As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31.
MANAGED DISTRIBUTIONS
While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund’s current and accumulated earnings are treated as a tax-free return of a shareholder’s investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder’s investment, reduces a shareholder’s basis in the Fund’s shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com  under the Fund’s 19a-1 Notices.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/spyh/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.
NEOS S&P 500® Hedged Equity Income ETF  PAGE 2  TSR-AR-78433H568
CboeBZX
1000011666100001218534.313.610.79.99.57.84.92.92.44.0
 
image
NEOS S&P 500® High Income ETF
image
SPYI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.)
Annual Shareholder Report | December 31, 2025
This annual shareholder report contains important information about the NEOS S&P 500® High Income ETF (the “Fund” or “SPYI”) for the period of June 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/spyi/. You can also request this information by contacting us at (866)-498-5677.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PERIOD? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
NEOS S&P 500® High Income ETF
$43
0.68%
* Amount shown reflects the expenses of the Fund from June 1, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.
** Annualized
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the period June 1, 2025 through December 31, 2025 (the “Reporting Period”), the Fund’s net asset value (“NAV”) return was 14.75% compared to its benchmark index, the S&P 500® Total Return Index, which returned 16.64%. The Fund’s underperformance compared to the S&P 500® Total Return Index, its benchmark index, during the Reporting Period is attributable to the active laddered call strategy utilizing S&P 500® Index options which prevented the underlying equities to participate with more of the upside when the market moves higher.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return  NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
6/01/2025-
12/31/2025
1 Year
Since Inception
(08/30/2022)
NEOS S&P 500® High Income ETF NAV
14.75
16.66
14.72
S&P 500® Total Return Index
16.64
17.88
18.92
Visit https://neosfunds.com/spyi/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
NEOS S&P 500® High Income ETF  PAGE 1  TSR-AR-78433H303
 
KEY FUND STATISTICS (as of December 31, 2025)
Net Assets
$6,899,340,170
Number of Holdings
509
Net Advisory Fee
$20,775,981
Portfolio Turnover
1%
30-Day SEC Yield
0.54%
30-Day SEC Yield Unsubsidized
0.54%
Distribution Rate
11.89%
Visit https://neosfunds.com/spyi/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of  December 31, 2025)
Top 10 Issuers
NVIDIA Corp.
7.8%
Apple, Inc.
6.9%
Microsoft Corp.
6.2%
Alphabet, Inc.
5.6%
Amazon.com, Inc.
3.8%
Broadcom, Inc.
2.8%
Meta Platforms, Inc.
2.5%
Tesla, Inc.
2.2%
Berkshire Hathaway, Inc.
1.6%
JPMorgan Chase & Co.
1.5%
Sector Breakdown
image
HOW HAS THE FUND CHANGED?
Changes to the Fund’s Fiscal Year:
On September 9, 2025, the Board of Trustees approved a change in fiscal year end for the Fund to December 31 from May 31. As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31.
MANAGED DISTRIBUTIONS
While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund’s current and accumulated earnings are treated as a tax-free return of a shareholder’s investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder’s investment, reduces a shareholder’s basis in the Fund’s shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund’s 19a-1 Notices.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/spyi/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.
NEOS S&P 500® High Income ETF  PAGE 2  TSR-AR-78433H303
CboeBZX
981996251139713562158219815958512105151331783934.213.410.610.29.47.74.82.92.44.4
 2026-01-29191885_NEOSBitcoinHighIncomeETF_TF_TSRAnnual


 
Annual Financial Statements and
Additional Information
December 31, 2025
 
 
 
 
 
 
 
NEOS Bitcoin High Income ETF
 
 
| BTCI
 
 
| Cboe BZX Exchange, Inc.
NEOS Enhanced Income 1-3 Month T-Bill ETF
 
 
| CSHI
 
 
| NYSE Arca, Inc.
NEOS Enhanced Income 20+ Year Treasury Bond ETF
 
 
| TLTI
 
 
| Cboe BZX Exchange, Inc.
NEOS Enhanced Income Aggregate Bond ETF
 
 
| BNDI
 
 
| NYSE Arca, Inc.
NEOS Enhanced Income Credit Select ETF
 
 
| HYBI
 
 
| Nasdaq Stock Market LLC
NEOS Ethereum High Income ETF
 
 
| NEHI
 
 
| Cboe BZX Exchange, Inc.
NEOS Gold High Income ETF
 
 
| IAUI
 
 
| Cboe BZX Exchange, Inc.
NEOS Long/Short Equity Income ETF
 
 
| NLSI
 
 
| Cboe BZX Exchange, Inc.
NEOS MLP & Energy Infrastructure High Income ETF
 
 
| MLPI
 
 
| Cboe BZX Exchange, Inc.
NEOS MSCI EAFE High Income ETF
 
 
| NIHI
 
 
| Cboe BZX Exchange, Inc.
NEOS Nasdaq-100® Hedged Equity Income ETF
 
 
| QQQH
 
 
| Nasdaq Stock Market LLC
NEOS Nasdaq-100® High Income ETF
 
 
| QQQI
 
 
| Nasdaq Stock Market LLC
NEOS Real Estate High Income ETF
 
 
| IYRI
 
 
| Cboe BZX Exchange, Inc.
NEOS Russell 2000® High Income ETF
 
 
| IWMI
 
 
| Cboe BZX Exchange, Inc.
NEOS S&P 500® Hedged Equity Income ETF
 
 
| SPYH
 
 
| Cboe BZX Exchange, Inc.
NEOS S&P 500® High Income ETF
 
 
| SPYI
 
 
| Cboe BZX Exchange, Inc.
 
 
 
 
 
 
 

TABLE OF CONTENTS
 
 
 
 
 
 
 
Page
Schedules of Investments and Written Options
 
 
NEOS Bitcoin High Income ETF
 
 
1
NEOS Enhanced Income 1-3 Month T-Bill ETF
 
 
3
NEOS Enhanced Income 20+ Year Treasury Bond ETF
 
 
5
NEOS Enhanced Income Aggregate Bond ETF
 
 
7
NEOS Enhanced Income Credit Select ETF
 
 
9
NEOS Ethereum High Income ETF
 
 
11
NEOS Gold High Income ETF
 
 
13
NEOS Long/Short Equity Income ETF
 
 
15
NEOS MLP & Energy Infrastructure High Income ETF
 
 
21
NEOS MSCI EAFE High Income ETF
 
 
24
NEOS Nasdaq-100® Hedged Equity Income ETF
 
 
26
NEOS Nasdaq-100® High Income ETF
 
 
32
NEOS Real Estate High Income ETF
 
 
38
NEOS Russell 2000® High Income ETF
 
 
42
NEOS S&P 500® Hedged Equity Income ETF
 
 
44
NEOS S&P 500® High Income ETF
 
 
60
Statements of Assets and Liabilities
 
 
77
Statements of Operations
 
 
81
Statements of Changes in Net Assets
 
 
86
Statement of Cash Flows
 
 
93
Financial Highlights
 
 
NEOS Bitcoin High Income ETF
 
 
94
NEOS Enhanced Income 1-3 Month T-Bill ETF
 
 
95
NEOS Enhanced Income 20+ Year Treasury Bond ETF
 
 
96
NEOS Enhanced Income Aggregate Bond ETF
 
 
97
NEOS Enhanced Income Credit Select ETF
 
 
98
NEOS Ethereum High Income ETF
 
 
99
NEOS Gold High Income ETF
 
 
100
NEOS Long/Short Equity Income ETF
 
 
101
NEOS MLP & Energy Infrastructure High Income ETF
 
 
102
NEOS MSCI EAFE High Income ETF
 
 
103
NEOS Nasdaq-100® Hedged Equity Income ETF
 
 
104
NEOS Nasdaq-100® High Income ETF
 
 
105
NEOS Real Estate High Income ETF
 
 
106
NEOS Russell 2000® High Income ETF
 
 
107
NEOS S&P 500® Hedged Equity Income ETF
 
 
108
NEOS S&P 500® High Income ETF
 
 
109
Notes to the Financial Statements
 
 
110
Report of Independent Registered Public Accounting Firm
 
 
143
 
 
 
 

TABLE OF CONTENTS(Continued)
 
 
 
 
 
 
 
Page
Other Non-Audited Information
 
 
145
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
 
 
148
Proxy Disclosures for Open-End Management Investment Companies
 
 
149
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
 
 
150
Statement Regarding Basis for Approval of Investment Advisory Contract
 
 
151
 
 
 
 

TABLE OF CONTENTS

NEOS BITCOIN HIGH INCOME ETF
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
EXCHANGE TRADED FUNDS - 24.4%
 
 
 
 
 
 
iShares Bitcoin Trust ETF(a)
 
 
 
 
2,150,607
 
 
$106,777,638
VanEck Bitcoin ETF(a)
 
 
 
 
5,406,937
 
 
133,713,552
TOTAL EXCHANGE TRADED FUNDS
(Cost $276,933,931)
 
 
 
 
 
 
240,491,190
PURCHASED OPTIONS - 7.7%
 
 
Notional
Amount
 
 
Contracts
 
 
Call Options - 7.7%
 
 
 
 
 
 
CBOE Bitcoin U.S. ETF Index(b)(c)
Expiration: 04/17/2026; Exercise Price: $2,070.00
 
 
$741,044,595
 
 
3,585
 
 
76,360,500
TOTAL PURCHASED OPTIONS
(Cost $75,740,346)
 
 
 
 
 
 
76,360,500
 
 
 
 
Par
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
 
 
U.S. TREASURY BILLS - 74.4%
 
 
 
 
 
 
3.81%, 02/05/2026(d)
 
 
 
 
$737,470,000
 
 
735,010,523
TOTAL U.S. TREASURY BILLS
(Cost $734,743,870)
 
 
 
 
 
 
735,010,523
 
 
 
 
Shares
 
 
MONEY MARKET FUNDS - 2.2%
 
 
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.68%(e)
 
 
 
 
19,857,883
 
 
19,857,883
Northern U.S. Government Select Money Market Fund, 3.48%(e)
 
 
 
 
1,894,307
 
 
1,894,307
TOTAL MONEY MARKET FUNDS
(Cost $21,752,190)
 
 
 
 
 
 
21,752,190
TOTAL INVESTMENTS - 108.7%
(Cost $1,109,170,337)
 
 
 
 
 
 
1,073,614,403
Liabilities in Excess of Other Assets - (8.7)%
 
 
 
 
 
 
(86,009,129)
TOTAL NET ASSETS - 100.0%
 
 
 
 
 
 
$987,605,274
 
 
 
 
 
 
 
 
 
 
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
(a)
Non-income producing security.
(b)
Exchange-traded.
(c)
100 shares per contract.
(d)
The rate shown is the annualized yield as of December 31, 2025.
(e)
The rate shown represents the 7-day annualized yield as of December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
1
 

TABLE OF CONTENTS

NEOS Bitcoin High Income ETF
Consolidated Schedule of Written Options
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (8.1)%
 
 
 
 
 
 
Call Options - (1.4)%
 
 
 
 
 
 
CBOE Bitcoin U.S. ETF Index(a)(b)
 
 
 
 
 
 
Expiration: 02/20/2026; Exercise Price: $2,230.00
 
 
$(247,014,865)
 
 
(1,195)
 
 
$(8,245,500)
Expiration: 02/20/2026; Exercise Price: $2,330.00
 
 
(247,014,865)
 
 
(1,195)
 
 
(5,258,000)
Total Call Options
 
 
 
 
 
 
(13,503,500)
Put Options - (6.7)%
 
 
 
 
 
 
CBOE Bitcoin U.S. ETF Index(a)(b)
Expiration: 04/17/2026; Exercise Price: $2,070.00
 
 
(741,044,595)
 
 
(3,585)
 
 
(66,322,500)
TOTAL WRITTEN OPTIONS
(Premiums received $79,131,621)
 
 
 
 
 
 
$(79,826,000)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a) Exchange-traded.
(b) 100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
2
 

TABLE OF CONTENTS

NEOS Enhanced Income 1-3 Month T-Bill ETF
Schedule of Investments
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value  
PURCHASED OPTIONS - 0.0%(a)
Put Options - 0.0%(a)
 
 
 
 
 
 
S&P 500® Index(b)(c)
 
 
 
 
 
 
Expiration: 01/15/2026; Exercise Price: $5,900.00
 
 
$200,573,150
 
 
293
 
 
$35,893
Expiration: 01/15/2026; Exercise Price: $5,975.00
 
 
200,573,150
 
 
293
 
 
41,020
Expiration: 01/15/2026; Exercise Price: $6,050.00
 
 
200,573,150
 
 
293
 
 
47,612
Expiration: 01/15/2026; Exercise Price: $6,250.00
 
 
200,573,150
 
 
293
 
 
73,982
TOTAL PURCHASED OPTIONS
(Cost $186,618)
 
 
 
 
 
 
198,507
 
 
 
 
Par
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
 
 
U.S. TREASURY BILLS - 99.1%
 
 
 
 
 
 
3.90%, 01/02/2026(d)
 
 
 
 
$36,967,000
 
 
36,967,000
3.87%, 01/08/2026(d)
 
 
 
 
56,596,000
 
 
56,563,286
3.78%, 01/13/2026(d)
 
 
 
 
53,494,000
 
 
53,436,813
3.73%, 01/15/2026(d)
 
 
 
 
64,462,000
 
 
64,379,730
3.79%, 01/22/2026(d)
 
 
 
 
60,993,000
 
 
60,872,765
3.77%, 01/27/2026(d)
 
 
 
 
71,765,000
 
 
71,589,357
3.76%, 02/03/2026(d)
 
 
 
 
62,518,000
 
 
62,323,427
3.79%, 02/05/2026(d)
 
 
 
 
53,710,000
 
 
53,530,876
3.78%, 02/12/2026(d)
 
 
 
 
66,648,000
 
 
66,375,929
3.79%, 02/19/2026(d)
 
 
 
 
68,671,000
 
 
68,345,587
3.61%, 02/26/2026(d)
 
 
 
 
67,015,000
 
 
66,648,212
3.55%, 03/10/2026(d)
 
 
 
 
64,028,000
 
 
63,614,430
3.53%, 03/12/2026(d)
 
 
 
 
74,308,000
 
 
73,803,749
TOTAL U.S. TREASURY BILLS
(Cost $798,283,420)
 
 
 
 
 
 
798,451,161
 
 
 
 
Shares
 
 
MONEY MARKET FUNDS - 1.0%
 
 
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.68%(e)
 
 
 
 
7,192,344
 
 
7,192,344
Northern U.S. Government Select Money Market Fund, 3.48%(e)
 
 
 
 
470,505
 
 
470,505
TOTAL MONEY MARKET FUNDS
(Cost $7,662,849)
 
 
 
 
 
 
7,662,849
TOTAL INVESTMENTS - 100.1%
(Cost $806,132,887)
 
 
 
 
 
 
$806,312,517
Liabilities in Excess of Other Assets - (0.1)%
 
 
 
 
 
 
(478,718)
TOTAL NET ASSETS - 100.0%
 
 
 
 
 
 
$805,833,799
 
 
 
 
 
 
 
 
 
 
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
(a)
Represents less than 0.05% of net assets.
(b)
Exchange-traded.
(c)
100 shares per contract.
(d)
The rate shown is the annualized yield as of December 31, 2025.
(e)
The rate shown represents the 7-day annualized yield as of December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
3
 

TABLE OF CONTENTS

NEOS Enhanced Income 1-3 Month T-Bill ETF
Schedule of Written Options
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (0.0)%(a)
 
 
 
 
 
 
Put Options - (0.0)%(a)
 
 
 
 
 
 
S&P 500® Index(b)(c)
 
 
 
 
 
 
Expiration: 01/15/2026; Exercise Price: $6,175.00
 
 
$(200,573,150)
 
 
(293)
 
 
$(62,262)
Expiration: 01/15/2026; Exercise Price: $6,300.00
 
 
(200,573,150)
 
 
(293)
 
 
(86,435)
Expiration: 01/15/2026; Exercise Price: $6,375.00
 
 
(200,573,150)
 
 
(293)
 
 
(109,875)
Expiration: 01/15/2026; Exercise Price: $6,425.00
 
 
(200,573,150)
 
 
(293)
 
 
(134,780)
TOTAL WRITTEN OPTIONS
(Premiums received $360,020)
 
 
 
 
 
 
$(393,352)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Represents less than 0.05% of net assets.
(b)
Exchange-traded.
(c)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
4
 

TABLE OF CONTENTS

NEOS Enhanced Income 20+ Year Treasury Bond ETF
Schedule of Investments
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Par
 
 
Value
U.S. TREASURY SECURITIES - 97.8%
 
 
 
 
 
 
United States Treasury Note/Bond, 4.13%, 08/15/2053
 
 
 
 
$10,685,000
 
 
$9,462,068
TOTAL U.S. TREASURY SECURITIES
(Cost $9,708,643)
 
 
 
 
 
 
9,462,068
 
 
Notional
Amount
 
 
Contracts
 
 
PURCHASED OPTIONS - 0.0%(a)
 
 
 
 
 
 
Put Options - 0.0%(a)
 
 
 
 
 
 
S&P 500® Index(b)(c)
 
 
 
 
 
 
Expiration: 01/15/2026; Exercise Price: $6,125.00
 
 
$2,738,200
 
 
4
 
 
750
Expiration: 01/15/2026; Exercise Price: $6,200.00
 
 
2,738,200
 
 
4
 
 
890
Expiration: 01/15/2026; Exercise Price: $6,225.00
 
 
2,738,200
 
 
4
 
 
950
TOTAL PURCHASED OPTIONS
(Cost $2,491)
 
 
 
 
 
 
2,590
 
 
 
 
Shares
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
 
 
MONEY MARKET FUNDS - 0.5%
 
 
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.68%(d)
 
 
 
 
44,887
 
 
44,887
Northern U.S. Government Money Market Fund, 3.49%(d)
 
 
 
 
3,726
 
 
3,726
TOTAL MONEY MARKET FUNDS
(Cost $48,613)
 
 
 
 
 
 
48,613
TOTAL INVESTMENTS - 98.3%
(Cost $9,759,747)
 
 
 
 
 
 
$9,513,271
Other Assets in Excess of Liabilities - 1.7%
 
 
 
 
 
 
162,669
TOTAL NET ASSETS - 100.0%
 
 
 
 
 
 
$9,675,940
 
 
 
 
 
 
 
 
 
 
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
(a)
Represents less than 0.05% of net assets.
(b)
Exchange-traded.
(c)
100 shares per contract.
(d)
The rate shown represents the 7-day annualized yield as of December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
5
 

TABLE OF CONTENTS

NEOS Enhanced Income 20+ Year Treasury Bond ETF
Schedule of Written Options
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (0.1)%
 
 
 
 
 
 
Put Options - (0.1)%
 
 
 
 
 
 
S&P 500® Index(a)(b)
 
 
 
 
 
 
Expiration: 01/15/2026; Exercise Price: $6,400.00
 
 
$(2,738,200)
 
 
(4)
 
 
$(1,660)
Expiration: 01/15/2026; Exercise Price: $6,450.00
 
 
(2,738,200)
 
 
(4)
 
 
(2,060)
Expiration: 01/15/2026; Exercise Price: $6,520.00
 
 
(2,738,200)
 
 
(4)
 
 
(2,920)
TOTAL WRITTEN OPTIONS
(Premiums received $6,069)
 
 
 
 
 
 
$(6,640)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
6
 

TABLE OF CONTENTS

NEOS Enhanced Income Aggregate Bond ETF
Schedule of Investments
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
EXCHANGE TRADED FUNDS - 99.3%
 
 
 
 
 
 
iShares Core U.S. Aggregate Bond ETF(a)
 
 
 
 
654,351
 
 
$65,356,578
Vanguard Total Bond Market ETF(a)
 
 
 
 
882,131
 
 
65,339,443
TOTAL EXCHANGE TRADED FUNDS
(Cost $129,973,458)
 
 
 
 
 
 
130,696,021
 
 
Notional
Amount
 
 
Contracts
 
 
PURCHASED OPTIONS - 0.0%(b)
 
 
 
 
 
 
Put Options - 0.0%(b)
 
 
 
 
 
 
S&P 500® Index(c)(d)
 
 
 
 
 
 
Expiration: 01/15/2026; Exercise Price: $6,125.00
 
 
$43,126,650
 
 
63
 
 
11,813
Expiration: 01/15/2026; Exercise Price: $6,200.00
 
 
43,126,650
 
 
63
 
 
14,017
Expiration: 01/15/2026; Exercise Price: $6,225.00
 
 
43,126,650
 
 
63
 
 
14,963
TOTAL PURCHASED OPTIONS
(Cost $39,245)
 
 
 
 
 
 
40,793
 
 
 
 
Shares
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
 
 
MONEY MARKET FUNDS - 0.8%
 
 
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.68%(e)
 
 
 
 
873,361
 
 
873,361
Northern U.S. Government Select Money Market Fund, 3.48%(e)
 
 
 
 
122,968
 
 
122,968
TOTAL MONEY MARKET FUNDS
(Cost $996,329)
 
 
 
 
 
 
996,329
TOTAL INVESTMENTS - 100.1%
(Cost $131,009,032)
 
 
 
 
 
 
$131,733,143
Liabilities in Excess of Other Assets - (0.1)%
 
 
 
 
 
 
(115,172)
TOTAL NET ASSETS - 100.0%
 
 
 
 
 
 
$131,617,971
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
(b)
Represents less than 0.05% of net assets.
(c)
Exchange-traded.
(d)
100 shares per contract.
(e)
The rate shown represents the 7-day annualized yield as of December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
7
 

TABLE OF CONTENTS

NEOS Enhanced Income Aggregate Bond ETF
Schedule of Written Options
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (0.1)%
 
 
 
 
 
 
Put Options - (0.1)%
 
 
 
 
 
 
S&P 500® Index(a)(b)
 
 
 
 
 
 
Expiration: 01/15/2026; Exercise Price: $6,400.00
 
 
$(43,126,650)
 
 
(63)
 
 
$(26,145)
Expiration: 01/15/2026; Exercise Price: $6,450.00
 
 
(43,126,650)
 
 
(63)
 
 
(32,445)
Expiration: 01/15/2026; Exercise Price: $6,520.00
 
 
(43,126,650)
 
 
(63)
 
 
(45,990)
TOTAL WRITTEN OPTIONS
(Premiums received $95,588)
 
 
 
 
 
 
$(104,580)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
8
 

TABLE OF CONTENTS

NEOS Enhanced Income Credit Select ETF
Schedule of Investments
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
EXCHANGE TRADED FUNDS - 94.5%
 
 
 
 
 
 
iShares Broad USD High Yield Corporate Bond ETF(a)
 
 
 
 
1,674,354
 
 
$62,612,468
State Street SPDR Portfolio High Yield Bond ETF(a)
 
 
 
 
2,574,955
 
 
60,949,185
Xtrackers USD High Yield Corporate Bond ETF(a)
 
 
 
 
1,690,556
 
 
62,263,177
TOTAL EXCHANGE TRADED FUNDS
(Cost $184,949,074)
 
 
 
 
 
 
185,824,830
 
 
Notional
Amount
 
 
Contracts
 
 
PURCHASED OPTIONS - 0.0%(b)
 
 
 
 
 
 
Put Options - 0.0%(b)
 
 
 
 
 
 
S&P 500® Index(c)(d)
 
 
 
 
 
 
Expiration: 01/15/2026; Exercise Price: $6,125.00
 
 
$65,032,250
 
 
95
 
 
17,813
Expiration: 01/15/2026; Exercise Price: $6,200.00
 
 
65,032,250
 
 
95
 
 
21,137
Expiration: 01/15/2026; Exercise Price: $6,225.00
 
 
65,032,250
 
 
95
 
 
22,563
TOTAL PURCHASED OPTIONS
(Cost $59,179)
 
 
 
 
 
 
61,513
 
 
 
 
Shares
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
 
 
MONEY MARKET FUNDS - 5.5%
 
 
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.68%(e)
 
 
 
 
10,349,965
 
 
10,349,965
Northern U.S. Government Money Market Fund, 3.49%(e)
 
 
 
 
545,895
 
 
545,895
TOTAL MONEY MARKET FUNDS
(Cost $10,895,860)
 
 
 
 
 
 
10,895,860
TOTAL INVESTMENTS - 100.0%
(Cost $195,904,113)
 
 
 
 
 
 
$196,782,203
Liabilities in Excess of Other Assets - (0.0)%(b)
 
 
 
 
 
 
(19,112)
TOTAL NET ASSETS - 100.0%
 
 
 
 
 
 
$196,763,091
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Fair value of this security exceeds 25% of the Fund’s net assets.  Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
(b)
Represents less than 0.05% of net assets.
(c)
Exchange-traded.
(d)
100 shares per contract.
(e)
The rate shown represents the 7-day annualized yield as of December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
9
 

TABLE OF CONTENTS

NEOS Enhanced Income Credit Select ETF
Schedule of Written Options
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (0.1)%
 
 
 
 
 
 
Put Options - (0.1)%
 
 
 
 
 
 
S&P 500® Index(a)(b)
 
 
 
 
 
 
Expiration: 01/15/2026; Exercise Price: $6,400.00
 
 
$(65,032,250)
 
 
(95)
 
 
$(39,425)
Expiration: 01/15/2026; Exercise Price: $6,450.00
 
 
(65,032,250)
 
 
(95)
 
 
(48,925)
Expiration: 01/15/2026; Exercise Price: $6,520.00
 
 
(65,032,250)
 
 
(95)
 
 
(69,350)
TOTAL WRITTEN OPTIONS
(Premiums received $144,141)
 
 
 
 
 
 
$(157,700)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
10
 

TABLE OF CONTENTS

NEOS Ethereum High Income ETF
CONSOLIDATED Schedule of Investments
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
EXCHANGE TRADED FUNDS - 24.4%
 
 
 
 
 
 
iShares Ethereum Trust ETF(a)(b)
 
 
 
 
138,342
 
 
$3,103,011
TOTAL EXCHANGE TRADED FUNDS
(Cost $3,101,677)
 
 
 
 
 
 
3,103,011
 
 
Notional
Amount
 
 
Contracts
 
 
PURCHASED OPTIONS - 10.0%
 
 
 
 
 
 
Call Options - 10.0%
 
 
 
 
 
 
iShares Ethereum Trust ETF(b)(c)
 
 
 
 
 
 
Expiration: 04/17/2026; Exercise Price: $23.00
 
 
$9,552,937
 
 
4,259
 
 
1,277,700
TOTAL PURCHASED OPTIONS
(Cost $1,299,055)
 
 
 
 
 
 
1,277,700
 
 
 
 
Par
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
 
 
U.S. TREASURY BILLS - 60.1%
 
 
 
 
 
 
3.56%, 02/26/2026(d)
 
 
 
 
$7,679,000
 
 
7,636,971
TOTAL U.S. TREASURY BILLS
(Cost $7,636,734)
 
 
 
 
 
 
7,636,971
 
 
 
 
Shares
 
 
MONEY MARKET FUNDS - 2.7%
 
 
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.68%(e)
 
 
 
 
346,722
 
 
346,722
Northern U.S. Government Select Money Market Fund, 3.48%(e)
 
 
 
 
970
 
 
970
TOTAL MONEY MARKET FUNDS
(Cost $347,692)
 
 
 
 
 
 
347,692
TOTAL INVESTMENTS - 97.2%
(Cost $12,385,158)
 
 
 
 
 
 
$12,365,374
Other Assets in Excess of Liabilities - 2.8%
 
 
 
 
 
 
360,238
TOTAL NET ASSETS - 100.0%
 
 
 
 
 
 
$12,725,612
 
 
 
 
 
 
 
 
 
 
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
(a)
Non-income producing security.
(b)
Exchange-traded.
(c)
100 shares per contract.
(d)
The rate shown is the annualized yield as of December 31, 2025.
(e)
The rate shown represents the 7-day annualized yield as of December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
11
 

TABLE OF CONTENTS

NEOS Ethereum High Income ETF
CONSOLIDATED Schedule of Written Options
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (13.0)%
 
 
 
 
 
 
Call Options - (2.0)%
 
 
 
 
 
 
iShares Ethereum Trust ETF(a)(b)
 
 
 
 
 
 
Expiration: 02/20/2026; Exercise Price: $25.00
 
 
$(3,182,817)
 
 
(1,419)
 
 
$(162,476)
Expiration: 02/20/2026; Exercise Price: $27.00
 
 
(3,182,817)
 
 
(1,419)
 
 
(92,235)
Total Call Options
 
 
 
 
 
 
(254,711)
Put Options - (11.0)%
 
 
 
 
 
 
iShares Ethereum Trust ETF(a)(b)
 
 
 
 
 
 
Expiration: 04/17/2026; Exercise Price: $23.00
 
 
(9,552,937)
 
 
(4,259)
 
 
(1,405,470)
TOTAL WRITTEN OPTIONS
(Premiums received $1,660,790)
 
 
 
 
 
 
$(1,660,181)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
12
 

TABLE OF CONTENTS

NEOS Gold High Income ETF
Consolidated Schedule of Investments
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
EXCHANGE TRADED FUNDS - 24.1%
 
 
 
 
 
 
Goldman Sachs Physical Gold ETF(a)
 
 
 
 
1,562,360
 
 
$66,478,418
TOTAL EXCHANGE TRADED FUNDS
(Cost $59,072,453)
 
 
 
 
 
 
66,478,418
 
 
Notional
Amount
 
 
Contracts
 
 
PURCHASED OPTIONS - 4.0%
 
 
 
 
 
 
Call Options - 4.0%
 
 
 
 
 
 
SPDR Gold Shares(b)(c)
 
 
 
 
 
 
Expiration: 04/17/2026; Exercise Price: $395.00
 
 
$207,230,499
 
 
5,229
 
 
11,153,457
TOTAL PURCHASED OPTIONS
(Cost $11,158,760)
 
 
 
 
 
 
11,153,457
 
 
 
 
Par
 
 
SHORT-TERM INVESTMENTS
U.S. TREASURY BILLS - 67.9%
 
 
 
 
 
 
3.75%, 02/05/2026(d)
 
 
 
 
$188,225,000
 
 
187,597,265
TOTAL U.S. TREASURY BILLS
(Cost $187,543,539)
 
 
 
 
 
 
187,597,265
 
 
 
 
Shares
 
 
MONEY MARKET FUNDS - 0.8%
 
 
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.68%(e)
 
 
 
 
2,142,913
 
 
2,142,913
Northern U.S. Government Select Money Market Fund, 3.48%(e)
 
 
 
 
94,184
 
 
94,184
TOTAL MONEY MARKET FUNDS
(Cost $2,237,097)
 
 
 
 
 
 
2,237,097
TOTAL INVESTMENTS - 96.8%
(Cost $260,011,849)
 
 
 
 
 
 
$267,466,237
Other Assets in Excess of Liabilities - 3.2%
 
 
 
 
 
 
8,856,837
TOTAL NET ASSETS - 100.0%
 
 
 
 
 
 
$276,323,074
 
 
 
 
 
 
 
 
 
 
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
(a)
Non-income producing security.
(b)
FLexible EXchange® Options.
(c)
100 shares per contract.
(d)
The rate shown is the annualized yield as of December 31, 2025.
(e)
The rate shown represents the 7-day annualized yield as of December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
13
 

TABLE OF CONTENTS

NEOS Gold High Income ETF
Consolidated Schedule of Written Options
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (4.0)%
Call Options - (1.1)%
 
 
 
 
 
 
SPDR Gold Shares(a)(b)
 
 
 
 
 
 
Expiration: 02/20/2026; Exercise Price: $408.00
 
 
$(75,972,627)
 
 
(1,917)
 
 
$(1,746,387)
Expiration: 02/20/2026; Exercise Price: $418.00
 
 
(75,972,627)
 
 
(1,917)
 
 
(1,171,287)
Total Call Options
 
 
 
 
 
 
(2,917,674)
Put Options - (2.9)%
 
 
 
 
 
 
SPDR Gold Shares(a)(b)
 
 
 
 
 
 
Expiration: 04/17/2026; Exercise Price: $395.00
 
 
(207,230,499)
 
 
(5,229)
 
 
(8,089,263)
TOTAL WRITTEN OPTIONS
(Premiums received $10,997,746)
 
 
 
 
 
 
$(11,006,937)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
FLexible EXchange® Options.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
14
 

TABLE OF CONTENTS

NEOS Long/Short Equity Income ETF
SCHEDULE OF INVESTMENTS
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 105.3%
 
 
 
 
 
 
Automobile Components - 3.8%
 
 
 
 
 
 
Aptiv PLC(a)
 
 
 
 
2,774
 
 
$211,074
Automobiles - 4.1%
 
 
 
 
 
 
General Motors Co.
 
 
 
 
2,824
 
 
229,648
Biotechnology - 4.1%
 
 
 
 
 
 
Regeneron Pharmaceuticals, Inc.
 
 
 
 
298
 
 
230,017
Capital Markets - 7.7%
 
 
 
 
 
 
Ameriprise Financial, Inc.
 
 
 
 
446
 
 
218,691
Invesco Ltd.
 
 
 
 
8,162
 
 
214,416
 
 
 
 
 
 
433,107
Consumer Finance - 3.9%
 
 
 
 
 
 
Capital One Financial Corp.
 
 
 
 
917
 
 
222,244
Electronic Equipment, Instruments & Components - 7.4%
 
 
 
 
 
 
TE Connectivity PLC
 
 
 
 
943
 
 
214,542
Zebra Technologies Corp. - Class A(a)
 
 
 
 
839
 
 
203,726
 
 
 
 
 
 
418,268
Ground Transportation - 3.9%
 
 
 
 
 
 
Uber Technologies, Inc.(a)
 
 
 
 
2,668
 
 
218,002
Health Care Equipment & Supplies - 7.5%
 
 
 
 
 
 
Dexcom, Inc.(a)
 
 
 
 
3,308
 
 
219,552
Insulet Corp.(a)
 
 
 
 
715
 
 
203,232
 
 
 
 
 
 
422,784
Health Care Providers & Services - 7.9%
 
 
 
 
 
 
Centene Corp.(a)
 
 
 
 
5,632
 
 
231,757
Universal Health Services, Inc. - Class B
 
 
 
 
984
 
 
214,532
 
 
 
 
 
 
446,289
Hotels, Restaurants & Leisure - 7.9%
 
 
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
 
 
1,738
 
 
235,881
Booking Holdings, Inc.
 
 
 
 
39
 
 
208,858
 
 
 
 
 
 
444,739
Insurance - 11.6%
 
 
 
 
 
 
Allstate Corp.
 
 
 
 
1,053
 
 
219,182
Marsh & McLennan Cos., Inc.
 
 
 
 
1,172
 
 
217,429
Progressive Corp.
 
 
 
 
947
 
 
215,651
 
 
 
 
 
 
652,262
Metals & Mining - 4.2%
 
 
 
 
 
 
Newmont Corp.
 
 
 
 
2,367
 
 
236,345
Semiconductors & Semiconductor Equipment - 8.2%
 
 
 
 
 
 
Micron Technology, Inc.
 
 
 
 
874
 
 
249,448
NVIDIA Corp.
 
 
 
 
1,150
 
 
214,475
 
 
 
 
 
 
463,923
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
15
 

TABLE OF CONTENTS

NEOS Long/Short Equity Income ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 105.3% (Continued)
Software - 19.2%
 
 
 
 
 
 
Adobe, Inc.(a)
 
 
 
 
617
 
 
$215,944
Autodesk, Inc.(a)
 
 
 
 
704
 
 
208,391
Salesforce, Inc.
 
 
 
 
820
 
 
217,226
ServiceNow, Inc.(a)
 
 
 
 
1,423
 
 
217,989
Workday, Inc. - Class A(a)
 
 
 
 
1,023
 
 
219,720
 
 
 
 
 
 
1,079,270
Wireless Telecommunication Services - 3.9%
 
 
 
 
 
 
T-Mobile US, Inc.
 
 
 
 
1,074
 
 
218,065
TOTAL COMMON STOCKS
(Cost $5,904,972)
 
 
 
 
 
 
5,926,037
REAL ESTATE INVESTMENT TRUSTS - COMMON - 11.7%
 
 
 
 
 
 
Residential REITs - 7.9%
 
 
 
 
 
 
Equity Residential
 
 
 
 
3,519
 
 
221,838
Invitation Homes, Inc.
 
 
 
 
7,937
 
 
220,569
 
 
 
 
 
 
442,407
Specialized REITs - 3.8%
 
 
 
 
 
 
VICI Properties, Inc.
 
 
 
 
7,639
 
 
214,809
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost $645,176)
 
 
 
 
 
 
657,216
 
 
Notional
Amount
 
 
Contracts
 
 
PURCHASED OPTIONS - 0.0%(b)
 
 
 
 
 
 
Put Options - 0.0%(b)
 
 
 
 
 
 
S&P 500® Index(c)(d)
 
 
 
 
 
 
Expiration: 01/15/2026; Exercise Price: $6,125.00
 
 
$1,369,100
 
 
2
 
 
375
Expiration: 01/15/2026; Exercise Price: $6,200.00
 
 
1,369,100
 
 
2
 
 
445
Expiration: 01/15/2026; Exercise Price: $6,225.00
 
 
1,369,100
 
 
2
 
 
475
TOTAL PURCHASED OPTIONS
(Cost $1,246)
 
 
 
 
 
 
1,295
 
 
 
 
Par
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
 
 
U.S. TREASURY BILLS - 16.4%
 
 
 
 
 
 
3.56%, 03/05/2026(e)
 
 
 
 
$928,000
 
 
922,371
TOTAL U.S. TREASURY BILLS
(Cost $922,254)
 
 
 
 
 
 
922,371
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
16
 

TABLE OF CONTENTS

NEOS Long/Short Equity Income ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 1.1%
 
 
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.68%(f)
 
 
 
 
61,515
 
 
$61,515
TOTAL MONEY MARKET FUNDS
(Cost $61,515)
 
 
 
 
 
 
61,515
TOTAL INVESTMENTS - 134.5%
(Cost $7,535,163)
 
 
 
 
 
 
$7,568,434
Liabilities in Excess of Other Assets - (34.5)%
 
 
 
 
 
 
(1,942,918)
TOTAL NET ASSETS - 100.0%
 
 
 
 
 
 
$5,625,516
 
 
 
 
 
 
 
 
 
 
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
PLC - Public Limited Company
REIT - Real Estate Investment Trust
(a)
Non-income producing security.
(b)
Represents less than 0.05% of net assets.
(c)
Exchange-traded.
(d)
100 shares per contract.
(e)
The rate shown is the annualized yield as of December 31, 2025.
(f)
The rate shown represents the 7-day annualized yield as of December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
17
 

TABLE OF CONTENTS

NEOS Long/Short Equity Income ETF
Schedule of Written Options
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (0.1)%
 
 
 
 
 
 
Put Options - (0.1)%
 
 
 
 
 
 
S&P 500® Index(a)(b)
 
 
 
 
 
 
Expiration: 01/15/2026; Exercise Price: $6,400.00
 
 
$(1,369,100)
 
 
(2)
 
 
$(830)
Expiration: 01/15/2026; Exercise Price: $6,450.00
 
 
(1,369,100)
 
 
(2)
 
 
(1,030)
Expiration: 01/15/2026; Exercise Price: $6,520.00
 
 
(1,369,100)
 
 
(2)
 
 
(1,460)
TOTAL WRITTEN OPTIONS
(Premiums received $3,035)
 
 
 
 
 
 
$(3,320)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
18
 

TABLE OF CONTENTS

NEOS Long/Short Equity Income ETF
Schedule of Securities Sold Short
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (46.0)%
 
 
 
 
 
 
Banks - (1.8)%
 
 
 
 
 
 
JPMorgan Chase & Co.
 
 
 
 
(309)
 
 
$(99,566)
Beverages - (1.7)%
 
 
 
 
 
 
Coca-Cola Co.
 
 
 
 
(1,387)
 
 
(96,965)
Capital Markets - (4.9)%
 
 
 
 
 
 
Coinbase Global, Inc. - Class A
 
 
 
 
(348)
 
 
(78,696)
Franklin Resources, Inc.
 
 
 
 
(4,201)
 
 
(100,362)
Morgan Stanley
 
 
 
 
(543)
 
 
(96,399)
 
 
 
 
 
 
(275,457)
Construction & Engineering - (1.5)%
 
 
 
 
 
 
Quanta Services, Inc.
 
 
 
 
(202)
 
 
(85,256)
Consumer Staples Distribution & Retail - (1.7)%
 
 
 
 
 
 
Kroger Co.
 
 
 
 
(1,527)
 
 
(95,407)
Electrical Equipment - (1.7)%
 
 
 
 
 
 
Emerson Electric Co.
 
 
 
 
(704)
 
 
(93,435)
Food Products - (1.7)%
 
 
 
 
 
 
Mondelez International, Inc. - Class A
 
 
 
 
(1,760)
 
 
(94,741)
Ground Transportation - (1.7)%
 
 
 
 
 
 
CSX Corp.
 
 
 
 
(2,656)
 
 
(96,280)
Health Care Providers & Services - (3.6)%
 
 
 
 
 
 
Humana, Inc.
 
 
 
 
(370)
 
 
(94,768)
Molina Healthcare, Inc.
 
 
 
 
(628)
 
 
(108,983)
 
 
 
 
 
 
(203,751)
Hotels, Restaurants & Leisure - (5.4)%
 
 
 
 
 
 
Marriott International, Inc. - Class A
 
 
 
 
(327)
 
 
(101,448)
Royal Caribbean Cruises Ltd.
 
 
 
 
(381)
 
 
(106,269)
Starbucks Corp.
 
 
 
 
(1,150)
 
 
(96,842)
 
 
 
 
 
 
(304,559)
Machinery - (3.2)%
 
 
 
 
 
 
Caterpillar, Inc.
 
 
 
 
(159)
 
 
(91,086)
Deere & Co.
 
 
 
 
(191)
 
 
(88,924)
 
 
 
 
 
 
(180,010)
Oil, Gas & Consumable Fuels - (1.7)%
 
 
 
 
 
 
Williams Cos., Inc.
 
 
 
 
(1,569)
 
 
(94,313)
Passenger Airlines - (1.9)%
 
 
 
 
 
 
Southwest Airlines Co.
 
 
 
 
(2,571)
 
 
(106,259)
Real Estate Management & Development - (1.7)%
 
 
 
 
 
 
CoStar Group, Inc.
 
 
 
 
(1,462)
 
 
(98,305)
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
19
 

TABLE OF CONTENTS

NEOS Long/Short Equity Income ETF
Schedule of Securities Sold Short
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (46.0)% (Continued)
 
 
 
Semiconductors & Semiconductor Equipment - (3.4)%
 
 
 
 
 
 
Applied Materials, Inc.
 
 
 
 
(359)
 
 
$(92,259)
First Solar, Inc.
 
 
 
 
(381)
 
 
(99,529)
 
 
 
 
 
 
(191,788)
Software - (1.5)%
 
 
 
 
 
 
Oracle Corp.
 
 
 
 
(435)
 
 
(84,786)
Specialty Retail - (3.4)%
 
 
 
 
 
 
Home Depot, Inc.
 
 
 
 
(278)
 
 
(95,660)
Lowe’s Cos., Inc.
 
 
 
 
(392)
 
 
(94,535)
 
 
 
 
 
 
(190,195)
Tobacco - (1.8)%
 
 
 
 
 
 
Philip Morris International, Inc.
 
 
 
 
(650)
 
 
(104,260)
Trading Companies & Distributors - (1.7)%
 
 
 
 
 
 
United Rentals, Inc.
 
 
 
 
(116)
 
 
(93,881)
TOTAL COMMON STOCKS
(Proceeds $2,597,300)
 
 
 
 
 
 
(2,589,214)
REAL ESTATE INVESTMENT TRUSTS - COMMON - (4.9)%
 
 
 
 
 
 
Health Care REITs - (1.5)%
 
 
 
 
 
 
Welltower, Inc.
 
 
 
 
(467)
 
 
(86,680)
Specialized REITs - (3.4)%
 
 
 
 
 
 
Digital Realty Trust, Inc.
 
 
 
 
(596)
 
 
(92,207)
Equinix, Inc.
 
 
 
 
(127)
 
 
(97,302)
 
 
 
 
 
 
(189,509)
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Proceeds $275,602)
 
 
 
 
 
 
(276,189)
TOTAL SECURITIES SOLD SHORT - (50.9)%
(Proceeds $2,872,902)
 
 
 
 
 
 
$(2,865,403)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”’). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
The accompanying notes are an integral part of these financial statements.
 
20
 

TABLE OF CONTENTS

NEOS MLP & Energy Infrastructure High Income ETF
SCHEDULE OF INVESTMENTS
December 31, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.5%
 
 
 
 
Construction & Engineering - 3.1%
 
 
 
 
Centuri Holdings, Inc.(a)
 
 
41,345
 
 
$1,043,961
Oil, Gas & Consumable Fuels - 96.4%(b)
 
 
 
 
Antero Midstream Corp.
 
 
64,464
 
 
1,146,815
Cheniere Energy Partners LP
 
 
20,740
 
 
1,109,175
Cheniere Energy, Inc.
 
 
8,773
 
 
1,705,383
Delek Logistics Partners LP
 
 
8,772
 
 
391,407
DT Midstream, Inc.
 
 
12,376
 
 
1,481,160
Enbridge, Inc.
 
 
69,088
 
 
3,310,377
Energy Transfer LP
 
 
91,461
 
 
1,508,192
Enterprise Products Partners LP
 
 
46,580
 
 
1,493,355
Genesis Energy LP - Class A
 
 
29,309
 
 
457,220
Hess Midstream LP - Class A
 
 
18,564
 
 
640,458
Kinder Morgan, Inc.
 
 
84,185
 
 
2,314,246
Kinetik Holdings, Inc. - Class A
 
 
26,725
 
 
963,436
MPLX LP
 
 
27,133
 
 
1,448,088
NextDecade Corp.(a)
 
 
138,108
 
 
727,829
ONEOK, Inc.
 
 
26,452
 
 
1,944,222
Pembina Pipeline Corp.
 
 
39,372
 
 
1,501,924
Plains All American Pipeline LP
 
 
47,125
 
 
846,365
Plains GP Holdings LP - Class A
 
 
30,805
 
 
589,608
Rockpoint Gas Storage, Inc. - Class A
 
 
43,452
 
 
887,584
Targa Resources Corp.
 
 
8,705
 
 
1,606,072
TC Energy Corp.
 
 
45,969
 
 
2,534,625
Teekay Tankers Ltd. - Class A
 
 
15,437
 
 
824,644
Williams Cos., Inc.
 
 
55,352
 
 
3,327,209
 
 
 
 
32,759,394
TOTAL COMMON STOCKS
(Cost $33,790,828)
 
 
 
 
33,803,355
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.4%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.68%(c)
 
 
140,763
 
 
140,763
Northern U.S. Government Select Money Market Fund, 3.48%(c)
 
 
377
 
 
377
TOTAL MONEY MARKET FUNDS
(Cost $141,140)
 
 
 
 
141,140
TOTAL INVESTMENTS - 99.9%
(Cost $33,931,968)
 
 
 
 
$33,944,495
Other Assets in Excess of Liabilities - 0.1%
 
 
 
 
47,204
TOTAL NET ASSETS - 100.0%
 
 
 
 
$33,991,699
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
21
 

TABLE OF CONTENTS

NEOS MLP & Energy Infrastructure High Income ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LP - Limited Partnership
(a)
Non-income producing security.
(b)
To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(c)
The rate shown represents the 7-day annualized yield as of December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
22
 

TABLE OF CONTENTS

NEOS MLP & Energy Infrastructure High Income ETF
Schedule of Written Options
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (0.3)%
 
 
 
 
 
 
Call Options - (0.3)%
 
 
 
 
 
 
Alerian MLP ETF(a)(b)
 
 
 
 
 
 
Expiration: 02/20/2026; Exercise Price: $47.50
 
 
$(10,171,600)
 
 
(2,155)
 
 
$(60,340)
Expiration: 02/20/2026; Exercise Price: $48.00
 
 
​(10,171,600)
 
 
(2,155)
 
 
(34,480)
TOTAL WRITTEN OPTIONS
(Premiums received $90,449)
 
 
 
 
 
 
$(94,820)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
FLexible EXchange® Options.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
23
 

TABLE OF CONTENTS

NEOS MSCI EAFE High Income ETF
Schedule of Investments
December 31, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
EXCHANGE TRADED FUNDS - 100.0%
 
 
 
 
iShares Core MSCI EAFE ETF(a)
 
 
503,520
 
 
$45,044,900
TOTAL EXCHANGE TRADED FUNDS
(Cost $44,720,731)
 
 
 
 
45,044,900
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.9%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.68%(b)
 
 
426,177
 
 
426,177
TOTAL MONEY MARKET FUNDS
(Cost $426,177)
 
 
 
 
426,177
TOTAL INVESTMENTS - 100.9%
(Cost $45,146,908)
 
 
 
 
$45,471,077
Liabilities in Excess of Other Assets - (0.9)%
 
 
 
 
(415,190)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$45,055,887
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
Fair value of this security exceeds 25% of the Fund’s net assets.  Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
(b)
The rate shown represents the 7-day annualized yield as of December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
24
 

TABLE OF CONTENTS

NEOS MSCI EAFE High Income ETF
Schedule of Written Options
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (0.6)%
Call Options - (0.6)%
 
 
 
 
 
 
MSCI EAFE Index(a)(b)
 
 
 
 
 
 
Expiration: 02/20/2026; Exercise Price: $2,930.00
 
 
$(13,306,485)
 
 
(46)
 
 
$(171,810)
Expiration: 02/20/2026; Exercise Price: $2,970.00
 
 
(13,306,485)
 
 
(46)
 
 
(98,670)
TOTAL WRITTEN OPTIONS
(Premiums received $279,171)
 
 
 
 
 
 
$(270,480)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
25
 

TABLE OF CONTENTS

NEOS NASDAQ-100® HEDGED EQUITY INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.1%
 
 
 
 
 
 
Aerospace & Defense - 0.2%
 
 
 
 
 
 
Axon Enterprise, Inc.(a)
 
 
 
 
1,458
 
 
$828,042
Automobiles - 4.0%
 
 
 
 
 
 
Tesla, Inc.(a)
 
 
 
 
31,474
 
 
14,154,487
Beverages - 1.8%
 
 
 
 
 
 
Coca-Cola Europacific Partners PLC
 
 
 
 
8,519
 
 
772,673
Keurig Dr. Pepper, Inc.
 
 
 
 
26,293
 
 
736,467
Monster Beverage Corp.(a)
 
 
 
 
18,309
 
 
1,403,751
PepsiCo, Inc.
 
 
 
 
24,913
 
 
3,575,514
 
 
 
 
 
 
6,488,405
Biotechnology - 3.1%
 
 
 
 
 
 
Alnylam Pharmaceuticals, Inc.(a)
 
 
 
 
1,769
 
 
703,443
Amgen, Inc.
 
 
 
 
10,037
 
 
3,285,210
Gilead Sciences, Inc.
 
 
 
 
22,675
 
 
2,783,130
Insmed, Inc.(a)
 
 
 
 
2,028
 
 
352,953
Regeneron Pharmaceuticals, Inc.
 
 
 
 
1,939
 
 
1,496,656
Vertex Pharmaceuticals, Inc.(a)
 
 
 
 
4,764
 
 
2,159,807
 
 
 
 
 
 
10,781,199
Broadline Retail - 6.1%
 
 
 
 
 
 
Amazon.com, Inc.(a)
 
 
 
 
79,042
 
 
18,244,474
MercadoLibre, Inc.(a)
 
 
 
 
935
 
 
1,883,333
PDD Holdings, Inc. - ADR(a)
 
 
 
 
12,507
 
 
1,418,169
 
 
 
 
 
 
21,545,976
Chemicals - 1.1%
 
 
 
 
 
 
Linde PLC
 
 
 
 
8,519
 
 
3,632,417
Solstice Advanced Materials, Inc.(a)
 
 
 
 
2,957
 
 
143,651
 
 
 
 
 
 
3,776,068
Commercial Services & Supplies - 0.6%
 
 
 
 
 
 
Cintas Corp.
 
 
 
 
7,475
 
 
1,405,823
Copart, Inc.(a)
 
 
 
 
17,662
 
 
691,468
 
 
 
 
 
 
2,097,291
Communications Equipment - 1.6%
 
 
 
 
 
 
Cisco Systems, Inc.
 
 
 
 
72,068
 
 
5,551,398
Construction & Engineering - 0.2%
 
 
 
 
 
 
Ferrovial SE
 
 
 
 
10,600
 
 
684,866
Consumer Staples Distribution & Retail - 2.0%
 
 
 
 
 
 
Costco Wholesale Corp.
 
 
 
 
8,071
 
 
6,959,946
Electric Utilities - 1.4%
 
 
 
 
 
 
American Electric Power Co., Inc.
 
 
 
 
9,927
 
 
1,144,682
Constellation Energy Corp.
 
 
 
 
5,658
 
 
1,998,802
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
26
 

TABLE OF CONTENTS

NEOS NASDAQ-100® HEDGED EQUITY INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.1% (Continued)
 
 
 
Electric Utilities - 1.4% (Continued)
 
Exelon Corp.
 
 
 
 
18,761
 
 
$817,792
Xcel Energy, Inc.
 
 
 
 
11,106
 
 
820,289
 
 
 
 
 
 
4,781,565
Energy Equipment & Services - 0.2%
 
 
 
 
 
 
Baker Hughes Co.
 
 
 
 
18,358
 
 
836,023
Entertainment - 3.0%
 
 
 
 
 
 
Electronic Arts, Inc.
 
 
 
 
4,701
 
 
960,555
Netflix, Inc.(a)
 
 
 
 
77,701
 
 
7,285,246
Take-Two Interactive Software, Inc.(a)
 
 
 
 
3,494
 
 
894,569
Warner Bros. Discovery, Inc.(a)
 
 
 
 
45,242
 
 
1,303,874
 
 
 
 
 
 
10,444,244
Financial Services - 0.3%
 
 
 
 
 
 
PayPal Holdings, Inc.
 
 
 
 
17,874
 
 
1,043,484
Food Products - 0.5%
 
 
 
 
 
 
Kraft Heinz Co.
 
 
 
 
22,840
 
 
553,870
Mondelez International, Inc. - Class A
 
 
 
 
24,088
 
 
1,296,657
 
 
 
 
 
 
1,850,527
GICS~Semiconductors & Semiconductor Equipment - 0.1%
 
 
 
 
 
 
Monolithic Power Systems, Inc.
 
 
 
 
557
 
 
504,843
Ground Transportation - 0.5%
 
 
 
 
 
 
CSX Corp.
 
 
 
 
34,801
 
 
1,261,536
Old Dominion Freight Line, Inc.
 
 
 
 
4,095
 
 
642,096
 
 
 
 
 
 
1,903,632
Health Care Equipment & Supplies - 1.7%
 
 
 
 
 
 
Dexcom, Inc.(a)
 
 
 
 
7,560
 
 
501,757
GE HealthCare Technologies, Inc.
 
 
 
 
8,817
 
 
723,170
IDEXX Laboratories, Inc.(a)
 
 
 
 
1,486
 
 
1,005,324
Intuitive Surgical, Inc.(a)
 
 
 
 
6,504
 
 
3,683,606
 
 
 
 
 
 
5,913,857
Hotels, Restaurants & Leisure - 2.7%
 
 
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
 
 
8,065
 
 
1,094,582
Booking Holdings, Inc.
 
 
 
 
588
 
 
3,148,934
DoorDash, Inc. - Class A(a)
 
 
 
 
7,610
 
 
1,723,513
Marriott International, Inc. - Class A
 
 
 
 
5,055
 
 
1,568,263
Starbucks Corp.
 
 
 
 
21,222
 
 
1,787,105
 
 
 
 
 
 
9,322,397
Industrial Conglomerates - 0.6%
 
 
 
 
 
 
Honeywell International, Inc.
 
 
 
 
11,590
 
 
2,261,093
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
27
 

TABLE OF CONTENTS

NEOS NASDAQ-100® HEDGED EQUITY INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.1% (Continued)
 
 
 
Interactive Media & Services - 11.3%
 
 
 
 
 
 
Alphabet, Inc. - Class A
 
 
 
 
42,928
 
 
$13,436,464
Alphabet, Inc. - Class C
 
 
 
 
40,084
 
 
12,578,359
Meta Platforms, Inc. - Class A
 
 
 
 
20,639
 
 
13,623,598
 
 
 
 
 
 
39,638,421
IT Services - 1.2%
 
 
 
 
 
 
Cognizant Technology Solutions Corp. - Class A
 
 
 
 
9,114
 
 
756,462
Shopify, Inc. - Class A(a)
 
 
 
 
22,152
 
 
3,565,807
 
 
 
 
 
 
4,322,269
Machinery - 0.3%
 
 
 
 
 
 
PACCAR, Inc.
 
 
 
 
9,795
 
 
1,072,650
Media - 0.7%
 
 
 
 
 
 
Charter Communications, Inc. - Class A(a)
 
 
 
 
2,536
 
 
529,390
Comcast Corp. - Class A
 
 
 
 
66,903
 
 
1,999,731
 
 
 
 
 
 
2,529,121
Oil, Gas & Consumable Fuels - 0.2%
 
 
 
 
 
 
Diamondback Energy, Inc.
 
 
 
 
5,382
 
 
809,076
Pharmaceuticals - 0.3%
 
 
 
 
 
 
AstraZeneca PLC - ADR
 
 
 
 
10,962
 
 
1,007,737
Professional Services - 1.2%
 
 
 
 
 
 
Automatic Data Processing, Inc.
 
 
 
 
7,372
 
 
1,896,299
Paychex, Inc.
 
 
 
 
6,695
 
 
751,045
Thomson Reuters Corp.
 
 
 
 
8,367
 
 
1,103,524
Verisk Analytics, Inc.
 
 
 
 
2,623
 
 
586,739
 
 
 
 
 
 
4,337,607
Real Estate Management & Development - 0.2%
 
 
 
 
 
 
CoStar Group, Inc.(a)
 
 
 
 
8,121
 
 
546,056
Semiconductors & Semiconductor Equipment - 24.1%
 
 
 
 
 
 
Advanced Micro Devices, Inc.(a)
 
 
 
 
29,453
 
 
6,307,655
Analog Devices, Inc.
 
 
 
 
8,936
 
 
2,423,443
Applied Materials, Inc.
 
 
 
 
14,483
 
 
3,721,986
ARM Holdings PLC - ADR(a)
 
 
 
 
2,567
 
 
280,599
ASML Holding NV
 
 
 
 
1,541
 
 
1,648,654
Broadcom, Inc.
 
 
 
 
33,420
 
 
11,566,662
Intel Corp.(a)
 
 
 
 
92,902
 
 
3,428,084
KLA Corp.
 
 
 
 
2,399
 
 
2,914,977
Lam Research Corp.
 
 
 
 
23,041
 
 
3,944,158
Marvell Technology, Inc.
 
 
 
 
15,646
 
 
1,329,597
Microchip Technology, Inc.
 
 
 
 
10,419
 
 
663,899
Micron Technology, Inc.
 
 
 
 
20,203
 
 
5,766,138
NVIDIA Corp.
 
 
 
 
179,670
 
 
33,508,455
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
28
 

TABLE OF CONTENTS

NEOS NASDAQ-100® HEDGED EQUITY INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.1% (Continued)
 
 
 
Semiconductors & Semiconductor Equipment - 24.1% (Continued)
 
NXP Semiconductors NV
 
 
 
 
4,720
 
 
$1,024,523
QUALCOMM, Inc.
 
 
 
 
19,670
 
 
3,364,554
Texas Instruments, Inc.
 
 
 
 
16,609
 
 
2,881,495
 
 
 
 
 
 
84,774,879
Software - 16.7%
 
 
 
 
 
 
Adobe, Inc.(a)
 
 
 
 
7,717
 
 
2,700,873
AppLovin Corp. - Class A(a)
 
 
 
 
5,578
 
 
3,758,568
Atlassian Corp. - Class A(a)
 
 
 
 
3,084
 
 
500,040
Autodesk, Inc.(a)
 
 
 
 
4,019
 
 
1,189,664
Cadence Design Systems, Inc.(a)
 
 
 
 
4,958
 
 
1,549,772
Crowdstrike Holdings, Inc. - Class A(a)
 
 
 
 
4,563
 
 
2,138,952
Datadog, Inc. - Class A(a)
 
 
 
 
6,063
 
 
824,507
Fortinet, Inc.(a)
 
 
 
 
14,256
 
 
1,132,069
Intuit, Inc.
 
 
 
 
5,075
 
 
3,361,782
Microsoft Corp.
 
 
 
 
54,929
 
 
26,564,763
Palantir Technologies, Inc. - Class A(a)
 
 
 
 
44,406
 
 
7,893,166
Palo Alto Networks, Inc.(a)
 
 
 
 
12,172
 
 
2,242,082
Roper Technologies, Inc.
 
 
 
 
2,001
 
 
890,705
Strategy, Inc. - Class A(a)
 
 
 
 
4,865
 
 
739,237
Synopsys, Inc.(a)
 
 
 
 
3,447
 
 
1,619,125
Workday, Inc. - Class A(a)
 
 
 
 
4,024
 
 
864,275
Zscaler, Inc.(a)
 
 
 
 
2,824
 
 
635,174
 
 
 
 
 
 
58,604,754
Specialty Retail - 0.7%
 
 
 
 
 
 
O’Reilly Automotive, Inc.(a)
 
 
 
 
15,880
 
 
1,448,415
Ross Stores, Inc.
 
 
 
 
6,070
 
 
1,093,450
 
 
 
 
 
 
2,541,865
Technology Hardware, Storage & Peripherals - 9.1%
 
 
 
 
 
 
Apple, Inc.
 
 
 
 
109,806
 
 
29,851,859
Seagate Technology Holdings PLC
 
 
 
 
4,271
 
 
1,176,191
Western Digital Corp.
 
 
 
 
4,664
 
 
803,467
 
 
 
 
 
 
31,831,517
Trading Companies & Distributors - 0.2%
 
 
 
 
 
 
Fastenal Co.
 
 
 
 
21,361
 
 
857,217
Wireless Telecommunication Services - 1.2%
 
 
 
 
 
 
T-Mobile US, Inc.
 
 
 
 
20,482
 
 
4,158,665
TOTAL COMMON STOCKS
(Cost $208,824,427)
 
 
 
 
 
 
348,761,177
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
29
 

TABLE OF CONTENTS

NEOS NASDAQ-100® HEDGED EQUITY INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
PURCHASED OPTIONS - 1.1%
 
 
 
 
 
 
Put Options - 1.1%
 
 
 
 
 
 
NASDAQ-100® Index(b)(c)
 
 
 
 
 
 
Expiration: 02/20/2026; Exercise Price: $24,075.00
 
 
$345,922,945
 
 
137
 
 
$3,761,335
TOTAL PURCHASED OPTIONS
(Cost $3,671,383)
 
 
 
 
 
 
3,761,335
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
 
 
MONEY MARKET FUNDS - 0.8%
 
 
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.68%(d)
 
 
 
 
2,827,281
 
 
2,827,281
TOTAL MONEY MARKET FUNDS
(Cost $2,827,281)
 
 
 
 
 
 
2,827,281
TOTAL INVESTMENTS - 101.0%
(Cost $215,323,091)
 
 
 
 
 
 
$355,349,793
Liabilities in Excess of Other Assets - (1.0)%
 
 
 
 
 
 
(3,536,006)
TOTAL NET ASSETS - 100.0%
 
 
 
 
 
 
$351,813,787
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
ADR - American Depositary Receipt
PLC - Public Limited Company
(a)
Non-income producing security.
(b)
Exchange-traded.
(c)
100 shares per contract.
(d)
The rate shown represents the 7-day annualized yield as of December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
30
 

TABLE OF CONTENTS

NEOS NASDAQ-100® HEDGED EQUITY INCOME ETF
SCHEDULE OF WRITTEN OPTIONS
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (1.6)%
 
 
 
 
 
 
Call Options - (1.2)%
 
 
 
 
 
 
NASDAQ-100® Index(a)(b)
 
 
 
 
 
 
Expiration: 02/20/2026; Exercise Price: $25,850.00
 
 
$(260,073,455)
 
 
(103)
 
 
$(4,143,690)
Put Options - (0.4)%
 
 
 
 
 
 
NASDAQ-100® Index(a)(b)
 
 
 
 
 
 
Expiration: 02/20/2026; Exercise Price: $22,500.00
 
 
(345,922,945)
 
 
(137)
 
 
(1,402,195)
TOTAL WRITTEN OPTIONS
(Premiums received $5,612,679)
 
 
 
 
 
 
$(5,545,885)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
31
 

TABLE OF CONTENTS

NEOS NASDAQ-100® HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.1%
 
 
 
 
Aerospace & Defense - 0.2%
 
 
 
 
Axon Enterprise, Inc.(a)
 
 
29,606
 
 
$16,814,136
Automobiles - 4.0%
 
 
 
 
Tesla, Inc.(a)
 
 
667,279
 
 
300,088,712
Beverages - 1.9%
 
 
 
 
Coca-Cola Europacific Partners PLC
 
 
179,401
 
 
16,271,671
Keurig Dr. Pepper, Inc.
 
 
549,706
 
 
15,397,265
Monster Beverage Corp.(a)
 
 
394,817
 
 
30,270,619
PepsiCo, Inc.
 
 
537,406
 
 
77,128,509
 
 
 
 
139,068,064
Biotechnology - 3.1%
 
 
 
 
Alnylam Pharmaceuticals, Inc.(a)
 
 
36,936
 
 
14,687,601
Amgen, Inc.
 
 
206,617
 
 
67,627,810
Gilead Sciences, Inc.
 
 
489,436
 
 
60,073,375
Insmed, Inc.(a)
 
 
42,534
 
 
7,402,617
Regeneron Pharmaceuticals, Inc.
 
 
41,790
 
 
32,256,447
Vertex Pharmaceuticals, Inc.(a)
 
 
100,125
 
 
45,392,670
 
 
 
 
227,440,520
Broadline Retail - 6.1%
 
 
 
 
Amazon.com, Inc.(a)
 
 
1,671,106
 
 
385,724,687
MercadoLibre, Inc.(a)
 
 
17,608
 
 
35,467,090
PDD Holdings, Inc. - ADR(a)
 
 
266,856
 
 
30,258,802
 
 
 
 
451,450,579
Chemicals - 1.1%
 
 
 
 
Linde PLC
 
 
182,693
 
 
77,898,468
Commercial Services & Supplies - 0.6%
 
 
 
 
Cintas Corp.
 
 
156,170
 
 
29,370,892
Copart, Inc.(a)
 
 
389,019
 
 
15,230,094
 
 
 
 
44,600,986
Communications Equipment - 1.6%
 
 
 
 
Cisco Systems, Inc.
 
 
1,522,547
 
 
117,281,795
Construction & Engineering - 0.2%
 
 
 
 
Ferrovial SE
 
 
222,743
 
 
14,391,425
Consumer Staples Distribution & Retail - 2.0%
 
 
 
 
Costco Wholesale Corp.
 
 
171,540
 
 
147,925,804
Electric Utilities - 1.4%
 
 
 
 
American Electric Power Co., Inc.
 
 
208,701
 
 
24,065,312
Constellation Energy Corp.
 
 
121,131
 
 
42,791,948
Exelon Corp.
 
 
394,673
 
 
17,203,796
Xcel Energy, Inc.
 
 
230,524
 
 
17,026,503
 
 
 
 
101,087,559
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
32
 

TABLE OF CONTENTS

NEOS NASDAQ-100® HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.1% (Continued)
Energy Equipment & Services - 0.2%
 
 
 
 
Baker Hughes Co.
 
 
386,816
 
 
$17,615,601
Entertainment - 3.0%
 
 
 
 
Electronic Arts, Inc.
 
 
98,682
 
 
20,163,693
Netflix, Inc.(a)
 
 
1,645,825
 
 
154,312,552
Take-Two Interactive Software, Inc.(a)
 
 
71,220
 
 
18,234,457
Warner Bros. Discovery, Inc.(a)
 
 
971,299
 
 
27,992,837
 
 
 
 
220,703,539
Financial Services - 0.3%
 
 
 
 
PayPal Holdings, Inc.
 
 
373,830
 
 
21,824,195
Food Products - 0.5%
 
 
 
 
Kraft Heinz Co.
 
 
479,157
 
 
11,619,557
Mondelez International, Inc. - Class A
 
 
507,567
 
 
27,322,332
 
 
 
 
38,941,889
Ground Transportation - 0.5%
 
 
 
 
CSX Corp.
 
 
733,929
 
 
26,604,926
Old Dominion Freight Line, Inc.
 
 
83,320
 
 
13,064,576
 
 
 
 
39,669,502
Health Care Equipment & Supplies - 1.7%
 
 
 
 
Dexcom, Inc.(a)
 
 
154,931
 
 
10,282,771
GE HealthCare Technologies, Inc.
 
 
189,951
 
 
15,579,781
IDEXX Laboratories, Inc.(a)
 
 
30,173
 
 
20,412,940
Intuitive Surgical, Inc.(a)
 
 
140,937
 
 
79,821,079
 
 
 
 
126,096,571
Hotels, Restaurants & Leisure - 2.7%
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
167,522
 
 
22,736,086
Booking Holdings, Inc.
 
 
13,164
 
 
70,497,564
DoorDash, Inc. - Class A(a)
 
 
156,443
 
 
35,431,210
Marriott International, Inc. - Class A
 
 
110,437
 
 
34,261,975
Starbucks Corp.
 
 
447,266
 
 
37,664,270
 
 
 
 
200,591,105
Industrial Conglomerates - 0.7%
 
 
 
 
Honeywell International, Inc.
 
 
248,969
 
 
48,571,362
Interactive Media & Services - 11.3%
 
 
 
 
Alphabet, Inc. - Class A
 
 
913,958
 
 
286,068,854
Alphabet, Inc. - Class C
 
 
854,618
 
 
268,179,129
Meta Platforms, Inc. - Class A
 
 
436,137
 
 
287,889,672
 
 
 
 
842,137,655
IT Services - 1.2%
 
 
 
 
Cognizant Technology Solutions Corp. - Class A
 
 
191,755
 
 
15,915,665
Shopify, Inc. - Class A(a)
 
 
475,423
 
 
76,528,840
 
 
 
 
92,444,505
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
33
 

TABLE OF CONTENTS

NEOS NASDAQ-100® HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.1% (Continued)
 
 
 
 
 
 
Machinery - 0.3%
 
 
 
 
PACCAR, Inc.
 
 
209,549
 
 
$22,947,711
Media - 0.7%
 
 
 
 
Charter Communications, Inc. - Class A(a)
 
 
55,970
 
 
11,683,738
Comcast Corp. - Class A
 
 
1,448,755
 
 
43,303,287
 
 
 
 
54,987,025
Oil, Gas & Consumable Fuels - 0.2%
 
 
 
 
Diamondback Energy, Inc.
 
 
113,801
 
 
17,107,704
Pharmaceuticals - 0.3%
 
 
 
 
AstraZeneca PLC - ADR
 
 
230,030
 
 
21,146,658
Professional Services - 1.2%
 
 
 
 
Automatic Data Processing, Inc.
 
 
157,171
 
 
40,429,096
Paychex, Inc.
 
 
140,357
 
 
15,745,248
Thomson Reuters Corp.
 
 
179,292
 
 
23,646,822
Verisk Analytics, Inc.
 
 
55,765
 
 
12,474,073
 
 
 
 
92,295,239
Real Estate Management & Development - 0.2%
 
 
 
 
CoStar Group, Inc.(a)
 
 
165,412
 
 
11,122,303
Semiconductors & Semiconductor Equipment - 24.1%
 
 
 
 
Advanced Micro Devices, Inc.(a)
 
 
624,468
 
 
133,736,067
Analog Devices, Inc.
 
 
192,461
 
 
52,195,423
Applied Materials, Inc.
 
 
312,649
 
 
80,347,667
ARM Holdings PLC - ADR(a)
 
 
52,936
 
 
5,786,434
ASML Holding NV
 
 
31,886
 
 
34,113,556
Broadcom, Inc.
 
 
710,474
 
 
245,895,051
Intel Corp.(a)
 
 
1,719,341
 
 
63,443,683
KLA Corp.
 
 
47,863
 
 
58,157,374
Lam Research Corp.
 
 
497,624
 
 
85,183,276
Marvell Technology, Inc.
 
 
339,191
 
 
28,824,451
Microchip Technology, Inc.
 
 
210,553
 
 
13,416,437
Micron Technology, Inc.
 
 
429,003
 
 
122,441,746
Monolithic Power Systems, Inc.
 
 
11,430
 
 
10,359,695
NVIDIA Corp.
 
 
3,798,801
 
 
708,476,386
NXP Semiconductors NV
 
 
99,444
 
 
21,585,315
QUALCOMM, Inc.
 
 
423,534
 
 
72,445,491
Texas Instruments, Inc.
 
 
354,646
 
 
61,527,535
 
 
 
 
1,797,935,587
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
34
 

TABLE OF CONTENTS

NEOS NASDAQ-100® HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.1% (Continued)
 
 
 
 
 
 
Software - 16.6%
 
 
 
 
Adobe, Inc.(a)
 
 
167,898
 
 
$58,762,621
AppLovin Corp. - Class A(a)
 
 
117,049
 
 
78,869,957
Atlassian Corp. - Class A(a)
 
 
68,610
 
 
11,124,425
Autodesk, Inc.(a)
 
 
84,166
 
 
24,913,978
Cadence Design Systems, Inc.(a)
 
 
104,666
 
 
32,716,498
Crowdstrike Holdings, Inc. - Class A(a)
 
 
98,030
 
 
45,952,543
Datadog, Inc. - Class A(a)
 
 
126,056
 
 
17,142,356
Fortinet, Inc.(a)
 
 
304,827
 
 
24,206,312
Intuit, Inc.
 
 
107,929
 
 
71,494,328
Microsoft Corp.
 
 
1,163,400
 
 
562,643,508
Palantir Technologies, Inc. - Class A(a)
 
 
910,882
 
 
161,909,276
Palo Alto Networks, Inc.(a)
 
 
264,911
 
 
48,796,606
Roper Technologies, Inc.
 
 
42,382
 
 
18,865,500
Strategy, Inc. - Class A(a)
 
 
99,179
 
 
15,070,249
Synopsys, Inc.(a)
 
 
71,898
 
 
33,771,929
Workday, Inc. - Class A(a)
 
 
84,881
 
 
18,230,741
Zscaler, Inc.(a)
 
 
59,257
 
 
13,328,084
 
 
 
 
1,237,798,911
Specialty Retail - 0.7%
 
 
 
 
O’Reilly Automotive, Inc.(a)
 
 
340,624
 
 
31,068,315
Ross Stores, Inc.
 
 
128,622
 
 
23,169,967
 
 
 
 
54,238,282
Technology Hardware, Storage & Peripherals - 9.0%
 
 
 
 
Apple, Inc.
 
 
2,323,786
 
 
631,744,462
Seagate Technology Holdings PLC
 
 
71,554
 
 
19,705,256
Western Digital Corp.
 
 
81,415
 
 
14,025,362
 
 
 
 
665,475,080
Trading Companies & Distributors - 0.3%
 
 
 
 
Fastenal Co.
 
 
463,584
 
 
18,603,626
Wireless Telecommunication Services - 1.2%
 
 
 
 
T-Mobile US, Inc.
 
 
442,104
 
 
89,764,796
TOTAL COMMON STOCKS
(Cost $6,753,829,593)
 
 
 
 
7,370,066,894
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
35
 

TABLE OF CONTENTS

NEOS NASDAQ-100® HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 1.0%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.68%(b)
 
 
74,685,245
 
 
$74,685,245
TOTAL MONEY MARKET FUNDS
(Cost $74,685,245)
 
 
 
 
74,685,245
TOTAL INVESTMENTS - 100.1%
(Cost $6,828,514,838)
 
 
 
 
$7,444,752,139
Liabilities in Excess of Other Assets - (0.1)%
 
 
 
 
(7,015,691)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$7,437,736,448
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P“). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
ADR - American Depositary Receipt
PLC - Public Limited Company
(a)
Non-income producing security.
(b)
The rate shown represents the 7-day annualized yield as of December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
36
 

TABLE OF CONTENTS

NEOS NASDAQ-100® HIGH INCOME ETF
SCHEDULE OF WRITTEN OPTIONS
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (0.9)%
 
 
 
 
 
 
Call Options - (0.9)%
 
 
 
 
 
 
NASDAQ-100® Index(a)(b)
 
 
 
 
 
 
Expiration: 02/20/2026; Exercise Price: $25,825.00
 
 
$(2,396,210,765)
 
 
(949)
 
 
$(39,250,640)
Expiration: 02/20/2026; Exercise Price: $26,225.00
 
 
(2,396,210,765)
 
 
(949)
 
 
(24,389,300)
TOTAL WRITTEN OPTIONS
(Premiums received $65,346,874)
 
 
 
 
 
 
$(63,639,940)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
37
 

TABLE OF CONTENTS

NEOS Real Estate High Income ETF
SCHEDULE OF INVESTMENTS
December 31, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
REAL ESTATE INVESTMENT TRUSTS - COMMON - 90.9%
 
 
 
 
Diversified REITs - 1.1%
 
 
 
 
WP Carey, Inc.
 
 
30,288
 
 
$1,949,336
Health Care REITs - 15.4%
 
 
 
 
Alexandria Real Estate Equities, Inc.
 
 
21,214
 
 
1,038,213
Healthcare Realty Trust, Inc.
 
 
48,824
 
 
827,567
Healthpeak Properties, Inc.
 
 
97,213
 
 
1,563,185
Omega Healthcare Investors, Inc.
 
 
39,011
 
 
1,729,748
Sabra Health Care REIT, Inc.
 
 
32,506
 
 
615,663
Ventas, Inc.
 
 
60,548
 
 
4,685,204
Welltower, Inc.
 
 
90,316
 
 
16,763,553
 
 
 
 
27,223,133
Hotel & Resort REITs - 1.0%
 
 
 
 
Host Hotels & Resorts, Inc.
 
 
96,516
 
 
1,711,229
Industrial REITs - 12.0%
 
 
 
 
Americold Realty Trust, Inc.
 
 
36,100
 
 
464,246
EastGroup Properties, Inc.
 
 
6,952
 
 
1,238,429
First Industrial Realty Trust, Inc.
 
 
18,204
 
 
1,042,543
Lineage, Inc.
 
 
8,028
 
 
280,980
Prologis, Inc.
 
 
125,346
 
 
16,001,671
Rexford Industrial Realty, Inc.
 
 
31,056
 
 
1,202,488
STAG Industrial, Inc. – Class A
 
 
25,587
 
 
940,578
 
 
 
 
21,170,935
Mortgage Real Estate Investment Trusts REITs - 2.7%
 
 
 
 
AGNC Investment Corp.
 
 
124,588
 
 
1,335,583
Annaly Capital Management, Inc.
 
 
80,188
 
 
1,793,004
Rithm Capital Corp.
 
 
71,842
 
 
783,078
Starwood Property Trust, Inc.
 
 
44,441
 
 
800,382
 
 
 
 
4,712,047
Office REITs - 1.8%
 
 
 
 
BXP, Inc.
 
 
20,024
 
 
1,351,220
Cousins Properties, Inc.
 
 
23,034
 
 
593,816
Kilroy Realty Corp.
 
 
14,570
 
 
544,481
Vornado Realty Trust
 
 
22,669
 
 
754,424
 
 
 
 
3,243,941
Residential REITs - 12.1%
 
 
 
 
American Homes 4 Rent - Class A
 
 
43,731
 
 
1,403,765
AvalonBay Communities, Inc.
 
 
19,409
 
 
3,519,046
Camden Property Trust
 
 
14,663
 
 
1,614,103
Equity LifeStyle Properties, Inc.
 
 
26,325
 
 
1,595,558
Equity Residential
 
 
47,331
 
 
2,983,746
Essex Property Trust, Inc.
 
 
8,754
 
 
2,290,747
Invitation Homes, Inc.
 
 
79,062
 
 
2,197,133
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
38
 

TABLE OF CONTENTS

NEOS Real Estate High Income ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
REAL ESTATE INVESTMENT TRUSTS - COMMON - 90.9% (Continued)
Residential REITs - 12.1% (Continued)
Mid-America Apartment Communities, Inc.
 
 
16,030
 
 
$2,226,727
Sun Communities, Inc.
 
 
16,484
 
 
2,042,533
UDR, Inc.
 
 
41,563
 
 
1,524,531
 
 
 
 
21,397,889
Retail REITs - 12.6%
 
 
 
 
Agree Realty Corp.
 
 
14,675
 
 
1,057,040
Brixmor Property Group, Inc.
 
 
42,263
 
 
1,108,136
Federal Realty Investment Trust
 
 
10,564
 
 
1,064,851
Kimco Realty Corp.
 
 
93,966
 
 
1,904,691
NNN REIT, Inc.
 
 
25,924
 
 
1,027,368
Realty Income Corp.
 
 
121,348
 
 
6,840,387
Regency Centers Corp.
 
 
22,333
 
 
1,541,647
Simon Property Group, Inc.
 
 
42,295
 
 
7,829,227
 
 
 
 
22,373,347
Specialized REITs - 32.2%(a)
 
 
 
 
American Tower Corp.
 
 
56,848
 
 
9,980,803
Crown Castle, Inc.
 
 
60,430
 
 
5,370,414
CubeSmart
 
 
31,373
 
 
1,130,997
Digital Realty Trust, Inc.
 
 
43,748
 
 
6,768,253
Equinix, Inc.
 
 
10,436
 
 
7,995,646
Extra Space Storage, Inc.
 
 
29,208
 
 
3,803,466
Gaming and Leisure Properties, Inc.
 
 
37,921
 
 
1,694,689
Iron Mountain, Inc.
 
 
40,471
 
 
3,357,069
Lamar Advertising Co. - Class A
 
 
12,031
 
 
1,522,884
Millrose Properties, Inc. - Class A
 
 
16,494
 
 
492,676
Public Storage
 
 
21,589
 
 
5,602,346
SBA Communications Corp.
 
 
14,681
 
 
2,839,746
VICI Properties, Inc.
 
 
146,403
 
 
4,116,852
Weyerhaeuser Co.
 
 
100,485
 
 
2,380,490
 
 
 
 
57,056,331
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost $163,466,265)
 
 
 
 
160,838,188
COMMON STOCKS - 8.3%
 
 
 
 
Real Estate Management & Development - 8.3%
 
 
 
 
CBRE Group, Inc. - Class A(b)
 
 
40,835
 
 
6,565,860
CoStar Group, Inc.(b)
 
 
58,362
 
 
3,924,261
Jones Lang LaSalle, Inc.(b)
 
 
6,326
 
 
2,128,509
Zillow Group, Inc. - Class A(b)
 
 
7,309
 
 
498,693
Zillow Group, Inc. - Class C(b)
 
 
21,936
 
 
1,496,474
TOTAL COMMON STOCKS
(Cost $14,629,683)
 
 
 
 
14,613,797
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
39
 

TABLE OF CONTENTS

NEOS Real Estate High Income ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.5%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.68%(c)
 
 
745,375
 
 
$745,375
Northern U.S. Government Money Market Fund, 3.49%(c)
 
 
176,193
 
 
176,193
TOTAL MONEY MARKET FUNDS
(Cost $921,568)
 
 
 
 
921,568
TOTAL INVESTMENTS - 99.7%
(Cost $179,017,516)
 
 
 
 
$176,373,553
Other Assets in Excess of Liabilities - 0.3%
 
 
 
 
488,508
TOTAL NET ASSETS - 100.0%
 
 
 
 
$176,862,061
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
REIT - Real Estate Investment Trust
(a)
To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(b)
Non-income producing security.
(c)
The rate shown represents the 7-day annualized yield as of December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
40
 

TABLE OF CONTENTS

NEOS Real Estate High Income ETF
Schedule of Written Options
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (0.9)%
 
 
 
 
 
 
Call Options - (0.9)%
 
 
 
 
 
 
iShares U.S. Real Estate ETF(a)(b)
 
 
 
 
 
 
Expiration: 02/20/2026; Exercise Price: $96.00
 
 
$(65,779,334)
 
 
(7,006)
 
 
$(875,750)
Expiration: 02/20/2026; Exercise Price: $97.00
 
 
(65,779,334)
 
 
(7,006)
 
 
(630,540)
TOTAL WRITTEN OPTIONS
(Premiums received $1,492,080)
 
 
 
 
 
 
$(1,506,290)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
FLexible EXchange® Options.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
41
 

TABLE OF CONTENTS

NEOS RUSSELL 2000® HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
EXCHANGE TRADED FUNDS - 99.6%
 
 
 
 
Vanguard Russell 2000 ETF(a)
 
 
4,515,753
 
 
$449,407,739
TOTAL EXCHANGE TRADED FUNDS
(Cost $422,221,968)
 
 
 
 
449,407,739
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.6%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.68%(b)
 
 
2,656,957
 
 
2,656,957
TOTAL MONEY MARKET FUNDS
(Cost $2,656,957)
 
 
 
 
2,656,957
TOTAL INVESTMENTS - 100.2%
(Cost $424,878,925)
 
 
 
 
$452,064,696
Liabilities in Excess of Other Assets - (0.2)%
 
 
 
 
(1,054,944)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$451,009,752
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Fair value of this security exceeds 25% of the Fund’s net assets.  Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
(b)
The rate shown represents the 7-day annualized yield as of December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
42
 

TABLE OF CONTENTS

NEOS Russell 2000® High Income ETF
Schedule of Written Options
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (0.9)%
 
 
 
 
 
 
Call Options - (0.9)%
 
 
 
 
 
 
Russell 2000® Index(a)(b)
 
 
 
 
 
 
Expiration: 02/20/2026; Exercise Price: $2,550.00
 
 
$(145,936,132)
 
 
(588)
 
 
$(2,384,340)
Expiration: 02/20/2026; Exercise Price: $2,590.00
 
 
(145,936,132)
 
 
(588)
 
 
(1,596,420)
TOTAL WRITTEN OPTIONS
(Premiums received $3,786,304)
 
 
 
 
 
 
$(3,980,760)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
43
 

TABLE OF CONTENTS

NEOS S&P 500® HEDGED EQUITY INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.8%
 
 
 
 
 
 
Aerospace & Defense - 2.0%
 
 
 
 
 
 
Axon Enterprise, Inc.(a)
 
 
 
 
3
 
 
$1,704
Boeing Co.(a)
 
 
 
 
235
 
 
51,023
General Dynamics Corp.
 
 
 
 
70
 
 
23,566
General Electric Co.
 
 
 
 
335
 
 
103,190
Howmet Aerospace, Inc.
 
 
 
 
132
 
 
27,063
L3Harris Technologies, Inc.
 
 
 
 
66
 
 
19,376
Lockheed Martin Corp.
 
 
 
 
66
 
 
31,922
Northrop Grumman Corp.
 
 
 
 
33
 
 
18,817
RTX Corp.
 
 
 
 
431
 
 
79,045
Textron, Inc.
 
 
 
 
66
 
 
5,753
TransDigm Group, Inc.
 
 
 
 
3
 
 
3,990
 
 
 
 
 
 
365,449
Air Freight & Logistics - 0.3%
 
 
 
 
 
 
C.H. Robinson Worldwide, Inc.
 
 
 
 
33
 
 
5,305
Expeditors International of Washington, Inc.
 
 
 
 
33
 
 
4,917
FedEx Corp.
 
 
 
 
66
 
 
19,065
United Parcel Service, Inc. - Class B
 
 
 
 
264
 
 
26,186
 
 
 
 
 
 
55,473
Automobile Components - 0.0%(b)
 
 
 
 
 
 
Aptiv PLC(a)
 
 
 
 
66
 
 
5,022
Automobiles - 2.4%
 
 
 
 
 
 
Ford Motor Co.
 
 
 
 
1,353
 
 
17,751
General Motors Co.
 
 
 
 
330
 
 
26,836
Tesla, Inc.(a)
 
 
 
 
871
 
 
391,706
 
 
 
 
 
 
436,293
Banks - 3.8%
 
 
 
 
 
 
Bank of America Corp.
 
 
 
 
2,148
 
 
118,140
Citigroup, Inc.
 
 
 
 
559
 
 
65,230
Citizens Financial Group, Inc.
 
 
 
 
165
 
 
9,638
Fifth Third Bancorp
 
 
 
 
231
 
 
10,813
Huntington Bancshares, Inc.
 
 
 
 
495
 
 
8,588
JPMorgan Chase & Co.
 
 
 
 
858
 
 
276,465
KeyCorp
 
 
 
 
330
 
 
6,811
M&T Bank Corp.
 
 
 
 
48
 
 
9,671
PNC Financial Services Group, Inc.
 
 
 
 
132
 
 
27,552
Regions Financial Corp.
 
 
 
 
297
 
 
8,049
Truist Financial Corp.
 
 
 
 
462
 
 
22,735
US Bancorp
 
 
 
 
528
 
 
28,174
Wells Fargo & Co.
 
 
 
 
1,006
 
 
93,759
 
 
 
 
 
 
685,625
Beverages - 1.1%
 
 
 
 
 
 
Brown-Forman Corp. - Class B
 
 
 
 
66
 
 
1,720
Coca-Cola Co.
 
 
 
 
1,256
 
 
87,807
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
44
 

TABLE OF CONTENTS

NEOS S&P 500® HEDGED EQUITY INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.8% (Continued)
 
 
 
Beverages - 1.1% (Continued)
 
Constellation Brands, Inc. - Class A
 
 
 
 
66
 
 
$9,105
Keurig Dr. Pepper, Inc.
 
 
 
 
396
 
 
11,092
Molson Coors Beverage Co. - Class B
 
 
 
 
66
 
 
3,081
Monster Beverage Corp.(a)
 
 
 
 
231
 
 
17,711
PepsiCo, Inc.
 
 
 
 
431
 
 
61,857
 
 
 
 
 
 
192,373
Biotechnology - 1.7%
 
 
 
 
 
 
AbbVie, Inc.
 
 
 
 
565
 
 
129,097
Amgen, Inc.
 
 
 
 
168
 
 
54,988
Biogen, Inc.(a)
 
 
 
 
66
 
 
11,615
Gilead Sciences, Inc.
 
 
 
 
391
 
 
47,991
Incyte Corp.(a)
 
 
 
 
66
 
 
6,519
Moderna, Inc.(a)
 
 
 
 
132
 
 
3,893
Regeneron Pharmaceuticals, Inc.
 
 
 
 
33
 
 
25,472
Vertex Pharmaceuticals, Inc.(a)
 
 
 
 
70
 
 
31,735
 
 
 
 
 
 
311,310
Broadline Retail - 3.9%
 
 
 
 
 
 
Amazon.com, Inc.(a)
 
 
 
 
3,028
 
 
698,923
eBay, Inc.
 
 
 
 
165
 
 
14,371
 
 
 
 
 
 
713,294
Building Products - 0.4%
 
 
 
 
 
 
A O Smith Corp. - Class A
 
 
 
 
33
 
 
2,207
Allegion PLC
 
 
 
 
33
 
 
5,254
Builders FirstSource, Inc.(a)
 
 
 
 
33
 
 
3,396
Carrier Global Corp.
 
 
 
 
264
 
 
13,950
Johnson Controls International PLC
 
 
 
 
191
 
 
22,872
Masco Corp.
 
 
 
 
66
 
 
4,188
Trane Technologies PLC
 
 
 
 
66
 
 
25,687
 
 
 
 
 
 
77,554
Capital Markets - 3.3%
 
 
 
 
 
 
Ameriprise Financial, Inc.
 
 
 
 
33
 
 
16,181
Ares Management Corp. - Class A
 
 
 
 
55
 
 
8,890
Bank of New York Mellon Corp.
 
 
 
 
231
 
 
26,817
Blackrock, Inc.
 
 
 
 
35
 
 
37,462
Blackstone, Inc.
 
 
 
 
231
 
 
35,606
Cboe Global Markets, Inc.
 
 
 
 
33
 
 
8,283
Charles Schwab Corp.
 
 
 
 
536
 
 
53,552
CME Group, Inc. - Class A
 
 
 
 
103
 
 
28,127
Coinbase Global, Inc. - Class A(a)
 
 
 
 
34
 
 
7,689
Franklin Resources, Inc.
 
 
 
 
99
 
 
2,365
Goldman Sachs Group, Inc.
 
 
 
 
94
 
 
82,626
Interactive Brokers Group, Inc. - Class A
 
 
 
 
105
 
 
6,752
Intercontinental Exchange, Inc.
 
 
 
 
198
 
 
32,068
Invesco Ltd.
 
 
 
 
165
 
 
4,335
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
45
 

TABLE OF CONTENTS

NEOS S&P 500® HEDGED EQUITY INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.8% (Continued)
 
 
 
Capital Markets - 3.3% (Continued)
 
KKR & Co., Inc.
 
 
 
 
231
 
 
$29,448
Moody’s Corp.
 
 
 
 
37
 
 
18,901
Morgan Stanley
 
 
 
 
377
 
 
66,929
MSCI, Inc.
 
 
 
 
5
 
 
2,869
Nasdaq, Inc.
 
 
 
 
132
 
 
12,821
Northern Trust Corp.
 
 
 
 
66
 
 
9,015
Raymond James Financial, Inc.
 
 
 
 
66
 
 
10,599
Robinhood Markets, Inc. - Class A(a)
 
 
 
 
179
 
 
20,245
S&P Global, Inc.
 
 
 
 
99
 
 
51,736
State Street Corp.
 
 
 
 
99
 
 
12,772
T. Rowe Price Group, Inc.
 
 
 
 
66
 
 
6,757
 
 
 
 
 
 
592,845
Chemicals - 0.9%
 
 
 
 
 
 
Air Products and Chemicals, Inc.
 
 
 
 
66
 
 
16,303
Albemarle Corp.
 
 
 
 
33
 
 
4,668
CF Industries Holdings, Inc.
 
 
 
 
66
 
 
5,105
Corteva, Inc.
 
 
 
 
231
 
 
15,484
Dow, Inc.
 
 
 
 
231
 
 
5,401
DuPont de Nemours, Inc.
 
 
 
 
132
 
 
5,306
Ecolab, Inc.
 
 
 
 
70
 
 
18,376
International Flavors & Fragrances, Inc.
 
 
 
 
99
 
 
6,672
Linde PLC
 
 
 
 
137
 
 
58,415
LyondellBasell Industries NV - Class A
 
 
 
 
99
 
 
4,287
Mosaic Co.
 
 
 
 
99
 
 
2,385
PPG Industries, Inc.
 
 
 
 
66
 
 
6,762
Sherwin-Williams Co.
 
 
 
 
66
 
 
21,386
 
 
 
 
 
 
170,550
Commercial Services & Supplies - 0.5%
 
 
 
 
 
 
Cintas Corp.
 
 
 
 
102
 
 
19,183
Copart, Inc.(a)
 
 
 
 
297
 
 
11,628
Republic Services, Inc.
 
 
 
 
66
 
 
13,987
Rollins, Inc.
 
 
 
 
99
 
 
5,942
Veralto Corp.
 
 
 
 
99
 
 
9,878
Waste Management, Inc.
 
 
 
 
132
 
 
29,002
 
 
 
 
 
 
89,620
Communications Equipment - 0.8%
 
 
 
 
 
 
Arista Networks, Inc.(a)
 
 
 
 
332
 
 
43,502
Cisco Systems, Inc.
 
 
 
 
1,232
 
 
94,901
F5, Inc.(a)
 
 
 
 
4
 
 
1,021
Motorola Solutions, Inc.
 
 
 
 
37
 
 
14,183
 
 
 
 
 
 
153,607
Construction & Engineering - 0.2%
 
 
 
 
 
 
Comfort Systems USA, Inc.
 
 
 
 
10
 
 
9,333
EMCOR Group, Inc.
 
 
 
 
6
 
 
3,671
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
46
 

TABLE OF CONTENTS

NEOS S&P 500® HEDGED EQUITY INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.8% (Continued)
 
 
 
Construction & Engineering - 0.2% (Continued)
 
Quanta Services, Inc.
 
 
 
 
37
 
 
$15,616
 
 
 
 
 
 
28,620
Construction Materials - 0.2%
 
 
 
 
 
 
CRH PLC
 
 
 
 
201
 
 
25,085
Martin Marietta Materials, Inc.
 
 
 
 
4
 
 
2,491
Vulcan Materials Co.
 
 
 
 
33
 
 
9,412
 
 
 
 
 
 
36,988
Consumer Finance - 0.7%
 
 
 
 
 
 
American Express Co.
 
 
 
 
169
 
 
62,522
Capital One Financial Corp.
 
 
 
 
201
 
 
48,714
Synchrony Financial
 
 
 
 
132
 
 
11,013
 
 
 
 
 
 
122,249
Consumer Staples Distribution & Retail - 1.8%
 
 
 
 
 
 
Costco Wholesale Corp.
 
 
 
 
135
 
 
116,416
Dollar General Corp.
 
 
 
 
66
 
 
8,763
Dollar Tree, Inc.(a)
 
 
 
 
66
 
 
8,118
Kroger Co.
 
 
 
 
231
 
 
14,433
Sysco Corp.
 
 
 
 
165
 
 
12,159
Target Corp.
 
 
 
 
165
 
 
16,129
Walmart, Inc.
 
 
 
 
1,372
 
 
152,854
 
 
 
 
 
 
328,872
Containers & Packaging - 0.2%
 
 
 
 
 
 
Amcor PLC
 
 
 
 
495
 
 
4,128
Avery Dennison Corp.
 
 
 
 
33
 
 
6,002
Ball Corp.
 
 
 
 
99
 
 
5,244
International Paper Co.
 
 
 
 
198
 
 
7,799
Packaging Corp. of America
 
 
 
 
33
 
 
6,806
Smurfit WestRock PLC
 
 
 
 
165
 
 
6,381
 
 
 
 
 
 
36,360
Distributors - 0.0%(b)
 
 
 
 
 
 
Genuine Parts Co.
 
 
 
 
33
 
 
4,058
Diversified Telecommunication Services - 0.6%
 
 
 
 
 
 
AT&T, Inc.
 
 
 
 
2,250
 
 
55,890
Verizon Communications, Inc.
 
 
 
 
1,359
 
 
55,352
 
 
 
 
 
 
111,242
Electric Utilities - 1.6%
 
 
 
 
 
 
Alliant Energy Corp.
 
 
 
 
99
 
 
6,436
American Electric Power Co., Inc.
 
 
 
 
198
 
 
22,831
Constellation Energy Corp.
 
 
 
 
99
 
 
34,974
Duke Energy Corp.
 
 
 
 
264
 
 
30,943
Edison International
 
 
 
 
132
 
 
7,923
Entergy Corp.
 
 
 
 
132
 
 
12,201
Evergy, Inc.
 
 
 
 
66
 
 
4,784
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
47
 

TABLE OF CONTENTS

NEOS S&P 500® HEDGED EQUITY INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.8% (Continued)
 
 
 
Electric Utilities - 1.6% (Continued)
 
Eversource Energy
 
 
 
 
132
 
 
$8,888
Exelon Corp.
 
 
 
 
330
 
 
14,385
FirstEnergy Corp.
 
 
 
 
165
 
 
7,387
NextEra Energy, Inc.
 
 
 
 
648
 
 
52,021
NRG Energy, Inc.
 
 
 
 
66
 
 
10,510
PG&E Corp.
 
 
 
 
759
 
 
12,197
Pinnacle West Capital Corp.
 
 
 
 
33
 
 
2,927
PPL Corp.
 
 
 
 
264
 
 
9,245
Southern Co.
 
 
 
 
363
 
 
31,654
Xcel Energy, Inc.
 
 
 
 
198
 
 
14,624
 
 
 
 
 
 
283,930
Electrical Equipment - 0.8%
 
 
 
 
 
 
AMETEK, Inc.
 
 
 
 
66
 
 
13,551
Eaton Corp. PLC
 
 
 
 
132
 
 
42,043
Emerson Electric Co.
 
 
 
 
198
 
 
26,279
GE Vernova, Inc.
 
 
 
 
71
 
 
46,404
Generac Holdings, Inc.(a)
 
 
 
 
33
 
 
4,500
Hubbell, Inc.
 
 
 
 
4
 
 
1,776
Rockwell Automation, Inc.
 
 
 
 
33
 
 
12,839
 
 
 
 
 
 
147,392
Electronic Equipment, Instruments & Components - 0.7%
 
 
 
 
 
 
Amphenol Corp. - Class A
 
 
 
 
396
 
 
53,515
CDW Corp.
 
 
 
 
33
 
 
4,495
Corning, Inc.
 
 
 
 
264
 
 
23,116
Jabil, Inc.
 
 
 
 
33
 
 
7,525
Keysight Technologies, Inc.(a)
 
 
 
 
66
 
 
13,411
TE Connectivity PLC
 
 
 
 
99
 
 
22,523
Zebra Technologies Corp. - Class A(a)
 
 
 
 
4
 
 
971
 
 
 
 
 
 
125,556
Energy Equipment & Services - 0.2%
 
 
 
 
 
 
Baker Hughes Co.
 
 
 
 
330
 
 
15,028
Halliburton Co.
 
 
 
 
297
 
 
8,393
SLB Ltd.
 
 
 
 
462
 
 
17,732
 
 
 
 
 
 
41,153
Entertainment - 1.4%
 
 
 
 
 
 
Electronic Arts, Inc.
 
 
 
 
66
 
 
13,486
Live Nation Entertainment, Inc.(a)
 
 
 
 
66
 
 
9,405
Netflix, Inc.(a)
 
 
 
 
1,320
 
 
123,763
Take-Two Interactive Software, Inc.(a)
 
 
 
 
66
 
 
16,898
TKO Group Holdings, Inc.
 
 
 
 
33
 
 
6,897
Walt Disney Co.
 
 
 
 
557
 
 
63,370
Warner Bros. Discovery, Inc.(a)
 
 
 
 
792
 
 
22,825
 
 
 
 
 
 
256,644
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
48
 

TABLE OF CONTENTS

NEOS S&P 500® HEDGED EQUITY INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.8% (Continued)
 
 
 
Financial Services - 4.0%
 
 
 
 
 
 
Apollo Global Management, Inc.
 
 
 
 
165
 
 
$23,885
Berkshire Hathaway, Inc. - Class B(a)
 
 
 
 
576
 
 
289,526
Block, Inc.(a)
 
 
 
 
167
 
 
10,870
Corpay, Inc.(a)
 
 
 
 
33
 
 
9,931
Fidelity National Information Services, Inc.
 
 
 
 
198
 
 
13,159
Fiserv, Inc.(a)
 
 
 
 
198
 
 
13,300
Global Payments, Inc.
 
 
 
 
99
 
 
7,663
Jack Henry & Associates, Inc.
 
 
 
 
33
 
 
6,022
Mastercard, Inc. - Class A
 
 
 
 
256
 
 
146,145
PayPal Holdings, Inc.
 
 
 
 
330
 
 
19,265
Visa, Inc. - Class A
 
 
 
 
534
 
 
187,279
 
 
 
 
 
 
727,045
Food Products - 0.5%
 
 
 
 
 
 
Archer-Daniels-Midland Co.
 
 
 
 
165
 
 
9,486
Bunge Global SA
 
 
 
 
33
 
 
2,940
Conagra Brands, Inc.
 
 
 
 
165
 
 
2,856
General Mills, Inc.
 
 
 
 
198
 
 
9,207
Hershey Co.
 
 
 
 
66
 
 
12,011
Hormel Foods Corp.
 
 
 
 
99
 
 
2,346
J M Smucker Co.
 
 
 
 
33
 
 
3,228
Kraft Heinz Co.
 
 
 
 
297
 
 
7,202
Lamb Weston Holdings, Inc.
 
 
 
 
33
 
 
1,382
McCormick & Co., Inc.
 
 
 
 
99
 
 
6,743
Mondelez International, Inc. - Class A
 
 
 
 
429
 
 
23,093
The Campbell’s Co.
 
 
 
 
66
 
 
1,840
Tyson Foods, Inc. - Class A
 
 
 
 
99
 
 
5,803
 
 
 
 
 
 
88,137
Gas Utilities - 0.1%
 
 
 
 
 
 
Atmos Energy Corp.
 
 
 
 
66
 
 
11,064
Ground Transportation - 0.9%
 
 
 
 
 
 
CSX Corp.
 
 
 
 
660
 
 
23,925
JB Hunt Transport Services, Inc.
 
 
 
 
33
 
 
6,413
Norfolk Southern Corp.
 
 
 
 
66
 
 
19,056
Old Dominion Freight Line, Inc.
 
 
 
 
66
 
 
10,349
Uber Technologies, Inc.(a)
 
 
 
 
666
 
 
54,419
Union Pacific Corp.
 
 
 
 
198
 
 
45,801
 
 
 
 
 
 
159,963
Health Care Equipment & Supplies - 2.0%
 
 
 
 
 
 
Abbott Laboratories
 
 
 
 
550
 
 
68,910
Align Technology, Inc.(a)
 
 
 
 
33
 
 
5,153
Baxter International, Inc.
 
 
 
 
165
 
 
3,153
Becton Dickinson & Co.
 
 
 
 
99
 
 
19,213
Boston Scientific Corp.(a)
 
 
 
 
495
 
 
47,198
Cooper Cos., Inc.(a)
 
 
 
 
66
 
 
5,409
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
49
 

TABLE OF CONTENTS

NEOS S&P 500® HEDGED EQUITY INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.8% (Continued)
 
 
 
Health Care Equipment & Supplies - 2.0% (Continued)
 
Dexcom, Inc.(a)
 
 
 
 
132
 
 
$8,761
Edwards Lifesciences Corp.(a)
 
 
 
 
198
 
 
16,880
GE HealthCare Technologies, Inc.
 
 
 
 
165
 
 
13,533
Hologic, Inc.(a)
 
 
 
 
66
 
 
4,916
IDEXX Laboratories, Inc.(a)
 
 
 
 
8
 
 
5,412
Insulet Corp.(a)
 
 
 
 
33
 
 
9,380
Intuitive Surgical, Inc.(a)
 
 
 
 
102
 
 
57,769
Medtronic PLC
 
 
 
 
429
 
 
41,210
ResMed, Inc.
 
 
 
 
36
 
 
8,671
Solventum Corp.(a)
 
 
 
 
33
 
 
2,615
STERIS PLC
 
 
 
 
33
 
 
8,366
Stryker Corp.
 
 
 
 
101
 
 
35,498
Zimmer Biomet Holdings, Inc.
 
 
 
 
66
 
 
5,935
 
 
 
 
 
 
367,982
Health Care Providers & Services - 1.6%
 
 
 
 
 
 
Cardinal Health, Inc.
 
 
 
 
76
 
 
15,618
Cencora, Inc.
 
 
 
 
66
 
 
22,292
Centene Corp.(a)
 
 
 
 
165
 
 
6,790
Cigna Group
 
 
 
 
72
 
 
19,817
CVS Health Corp.
 
 
 
 
429
 
 
34,045
Elevance Health, Inc.
 
 
 
 
66
 
 
23,136
HCA Healthcare, Inc.
 
 
 
 
40
 
 
18,674
Henry Schein, Inc.(a)
 
 
 
 
33
 
 
2,494
Humana, Inc.
 
 
 
 
33
 
 
8,452
Labcorp Holdings, Inc.
 
 
 
 
33
 
 
8,279
McKesson Corp.
 
 
 
 
33
 
 
27,070
Molina Healthcare, Inc.(a)
 
 
 
 
4
 
 
694
Quest Diagnostics, Inc.
 
 
 
 
33
 
 
5,727
UnitedHealth Group, Inc.
 
 
 
 
286
 
 
94,411
Universal Health Services, Inc. - Class B
 
 
 
 
33
 
 
7,195
 
 
 
 
 
 
294,694
Hotels, Restaurants & Leisure - 1.5%
 
 
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
 
 
132
 
 
17,915
Carnival Corp.(a)
 
 
 
 
363
 
 
11,086
Chipotle Mexican Grill, Inc.(a)
 
 
 
 
462
 
 
17,094
Darden Restaurants, Inc.
 
 
 
 
33
 
 
6,073
DoorDash, Inc. - Class A(a)
 
 
 
 
102
 
 
23,101
Expedia Group, Inc. - Class A
 
 
 
 
33
 
 
9,349
Hilton Worldwide Holdings, Inc.
 
 
 
 
69
 
 
19,820
Las Vegas Sands Corp.
 
 
 
 
132
 
 
8,592
Marriott International, Inc. - Class A
 
 
 
 
66
 
 
20,476
McDonald’s Corp.
 
 
 
 
231
 
 
70,601
MGM Resorts International(a)
 
 
 
 
66
 
 
2,408
Norwegian Cruise Line Holdings Ltd.(a)
 
 
 
 
165
 
 
3,683
Royal Caribbean Cruises Ltd.
 
 
 
 
69
 
 
19,245
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
50
 

TABLE OF CONTENTS

NEOS S&P 500® HEDGED EQUITY INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.8% (Continued)
 
 
 
Hotels, Restaurants & Leisure - 1.5% (Continued)
 
Starbucks Corp.
 
 
 
 
396
 
 
$33,347
Wynn Resorts Ltd.
 
 
 
 
33
 
 
3,971
Yum! Brands, Inc.
 
 
 
 
99
 
 
14,977
 
 
 
 
 
 
281,738
Household Durables - 0.2%
 
 
 
 
 
 
D.R. Horton, Inc.
 
 
 
 
99
 
 
14,259
Garmin Ltd.
 
 
 
 
38
 
 
7,708
Lennar Corp. - Class A
 
 
 
 
66
 
 
6,785
PulteGroup, Inc.
 
 
 
 
66
 
 
7,739
 
 
 
 
 
 
36,491
Household Products - 0.8%
 
 
 
 
 
 
Church & Dwight Co., Inc.
 
 
 
 
99
 
 
8,301
Clorox Co.
 
 
 
 
33
 
 
3,328
Colgate-Palmolive Co.
 
 
 
 
264
 
 
20,861
Kimberly-Clark Corp.
 
 
 
 
99
 
 
9,988
Procter & Gamble Co.
 
 
 
 
736
 
 
105,476
 
 
 
 
 
 
147,954
Independent Power and Renewable Electricity Producers - 0.1%
 
 
 
 
 
 
AES Corp.
 
 
 
 
231
 
 
3,312
Vistra Corp.
 
 
 
 
99
 
 
15,972
 
 
 
 
 
 
19,284
Industrial Conglomerates - 0.4%
 
 
 
 
 
 
3M Co.
 
 
 
 
169
 
 
27,057
Honeywell International, Inc.
 
 
 
 
201
 
 
39,213
 
 
 
 
 
 
66,270
Insurance - 1.9%
 
 
 
 
 
 
Aflac, Inc.
 
 
 
 
165
 
 
18,195
Allstate Corp.
 
 
 
 
99
 
 
20,607
American International Group, Inc.
 
 
 
 
198
 
 
16,939
Aon PLC - Class A
 
 
 
 
66
 
 
23,290
Arch Capital Group Ltd.(a)
 
 
 
 
132
 
 
12,661
Arthur J Gallagher & Co.
 
 
 
 
70
 
 
18,115
Assurant, Inc.
 
 
 
 
16
 
 
3,854
Brown & Brown, Inc.
 
 
 
 
66
 
 
5,260
Chubb Ltd.
 
 
 
 
117
 
 
36,518
Cincinnati Financial Corp.
 
 
 
 
66
 
 
10,779
Globe Life, Inc.
 
 
 
 
33
 
 
4,615
Hartford Insurance Group, Inc.
 
 
 
 
99
 
 
13,642
Loews Corp.
 
 
 
 
66
 
 
6,950
Marsh & McLennan Cos., Inc.
 
 
 
 
165
 
 
30,611
MetLife, Inc.
 
 
 
 
198
 
 
15,630
Principal Financial Group, Inc.
 
 
 
 
66
 
 
5,822
Progressive Corp.
 
 
 
 
198
 
 
45,089
Prudential Financial, Inc.
 
 
 
 
132
 
 
14,900
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
51
 

TABLE OF CONTENTS

NEOS S&P 500® HEDGED EQUITY INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.8% (Continued)
 
 
 
Insurance - 1.9% (Continued)
 
Travelers Cos., Inc.
 
 
 
 
66
 
 
$19,144
W.R. Berkley Corp.
 
 
 
 
99
 
 
6,942
Willis Towers Watson PLC
 
 
 
 
33
 
 
10,844
 
 
 
 
 
 
340,407
Interactive Media & Services - 8.1%
 
 
 
 
 
 
Alphabet, Inc. - Class A
 
 
 
 
1,805
 
 
564,965
Alphabet, Inc. - Class C
 
 
 
 
1,449
 
 
454,696
Match Group, Inc.
 
 
 
 
99
 
 
3,197
Meta Platforms, Inc. - Class A
 
 
 
 
680
 
 
448,861
 
 
 
 
 
 
1,471,719
IT Services - 1.0%
 
 
 
 
 
 
Accenture PLC - Class A
 
 
 
 
198
 
 
53,123
Akamai Technologies, Inc.(a)
 
 
 
 
66
 
 
5,759
Cognizant Technology Solutions Corp. - Class A
 
 
 
 
165
 
 
13,695
EPAM Systems, Inc.(a)
 
 
 
 
33
 
 
6,761
Gartner, Inc.(a)
 
 
 
 
33
 
 
8,325
GoDaddy, Inc. - Class A(a)
 
 
 
 
33
 
 
4,095
International Business Machines Corp.
 
 
 
 
300
 
 
88,863
VeriSign, Inc.
 
 
 
 
33
 
 
8,017
 
 
 
 
 
 
188,638
Leisure Products - 0.0%(b)
 
 
 
 
 
 
Hasbro, Inc.
 
 
 
 
33
 
 
2,706
Life Sciences Tools & Services - 0.9%
 
 
 
 
 
 
Agilent Technologies, Inc.
 
 
 
 
99
 
 
13,471
Bio-Techne Corp.
 
 
 
 
66
 
 
3,881
Charles River Laboratories International, Inc.(a)
 
 
 
 
33
 
 
6,583
Danaher Corp.
 
 
 
 
201
 
 
46,013
IQVIA Holdings, Inc.(a)
 
 
 
 
66
 
 
14,877
Revvity, Inc.
 
 
 
 
33
 
 
3,193
Thermo Fisher Scientific, Inc.
 
 
 
 
106
 
 
61,422
Waters Corp.(a)
 
 
 
 
4
 
 
1,519
West Pharmaceutical Services, Inc.
 
 
 
 
33
 
 
9,080
 
 
 
 
 
 
160,039
Machinery - 1.6%
 
 
 
 
 
 
Caterpillar, Inc.
 
 
 
 
137
 
 
78,483
Cummins, Inc.
 
 
 
 
33
 
 
16,845
Deere & Co.
 
 
 
 
70
 
 
32,590
Dover Corp.
 
 
 
 
33
 
 
6,443
Fortive Corp.
 
 
 
 
132
 
 
7,288
IDEX Corp.
 
 
 
 
33
 
 
5,872
Illinois Tool Works, Inc.
 
 
 
 
84
 
 
20,689
Ingersoll Rand, Inc.
 
 
 
 
132
 
 
10,457
Nordson Corp.
 
 
 
 
17
 
 
4,087
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
52
 

TABLE OF CONTENTS

NEOS S&P 500® HEDGED EQUITY INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.8% (Continued)
 
 
 
Machinery - 1.6% (Continued)
 
Otis Worldwide Corp.
 
 
 
 
132
 
 
$11,530
PACCAR, Inc.
 
 
 
 
165
 
 
18,069
Parker-Hannifin Corp.
 
 
 
 
33
 
 
29,006
Pentair PLC
 
 
 
 
66
 
 
6,873
Snap-on, Inc.
 
 
 
 
4
 
 
1,378
Stanley Black & Decker, Inc.
 
 
 
 
66
 
 
4,903
Westinghouse Air Brake Technologies Corp.
 
 
 
 
66
 
 
14,088
Xylem, Inc.
 
 
 
 
99
 
 
13,482
 
 
 
 
 
 
282,083
Media - 0.4%
 
 
 
 
 
 
Charter Communications, Inc. - Class A(a)
 
 
 
 
33
 
 
6,889
Comcast Corp. - Class A
 
 
 
 
1,133
 
 
33,865
Fox Corp. - Class A
 
 
 
 
66
 
 
4,822
Fox Corp. - Class B
 
 
 
 
33
 
 
2,143
News Corp. - Class A
 
 
 
 
132
 
 
3,448
News Corp. - Class B
 
 
 
 
33
 
 
978
Omnicom Group, Inc.
 
 
 
 
111
 
 
8,963
Paramount Skydance Corp.
 
 
 
 
198
 
 
2,653
Trade Desk, Inc. - Class A(a)
 
 
 
 
105
 
 
3,986
 
 
 
 
 
 
67,747
Metals & Mining - 0.4%
 
 
 
 
 
 
Freeport-McMoRan, Inc.
 
 
 
 
495
 
 
25,141
Newmont Corp.
 
 
 
 
348
 
 
34,748
Nucor Corp.
 
 
 
 
66
 
 
10,765
Steel Dynamics, Inc.
 
 
 
 
33
 
 
5,592
 
 
 
 
 
 
76,246
Multi-Utilities - 0.6%
 
 
 
 
 
 
Ameren Corp.
 
 
 
 
99
 
 
9,886
CenterPoint Energy, Inc.
 
 
 
 
231
 
 
8,857
CMS Energy Corp.
 
 
 
 
99
 
 
6,923
Consolidated Edison, Inc.
 
 
 
 
132
 
 
13,110
Dominion Energy, Inc.
 
 
 
 
297
 
 
17,401
DTE Energy Co.
 
 
 
 
66
 
 
8,513
NiSource, Inc.
 
 
 
 
165
 
 
6,890
Public Service Enterprise Group, Inc.
 
 
 
 
165
 
 
13,249
Sempra
 
 
 
 
231
 
 
20,395
WEC Energy Group, Inc.
 
 
 
 
99
 
 
10,441
 
 
 
 
 
 
115,665
Oil, Gas & Consumable Fuels - 2.7%
 
 
 
 
 
 
APA Corp.
 
 
 
 
132
 
 
3,229
Chevron Corp.
 
 
 
 
591
 
 
90,074
ConocoPhillips
 
 
 
 
386
 
 
36,133
Coterra Energy, Inc.
 
 
 
 
264
 
 
6,949
Devon Energy Corp.
 
 
 
 
231
 
 
8,462
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
53
 

TABLE OF CONTENTS

NEOS S&P 500® HEDGED EQUITY INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.8% (Continued)
 
 
 
Oil, Gas & Consumable Fuels - 2.7% (Continued)
 
Diamondback Energy, Inc.
 
 
 
 
66
 
 
$9,922
EOG Resources, Inc.
 
 
 
 
198
 
 
20,792
EQT Corp.
 
 
 
 
198
 
 
10,613
Expand Energy Corp.
 
 
 
 
66
 
 
7,284
Exxon Mobil Corp.
 
 
 
 
1,343
 
 
161,617
Kinder Morgan, Inc.
 
 
 
 
660
 
 
18,143
Marathon Petroleum Corp.
 
 
 
 
99
 
 
16,100
Occidental Petroleum Corp.
 
 
 
 
231
 
 
9,499
ONEOK, Inc.
 
 
 
 
198
 
 
14,553
Phillips 66
 
 
 
 
132
 
 
17,033
Targa Resources Corp.
 
 
 
 
66
 
 
12,177
Valero Energy Corp.
 
 
 
 
99
 
 
16,116
Williams Cos., Inc.
 
 
 
 
429
 
 
25,787
 
 
 
 
 
 
484,483
Passenger Airlines - 0.2%
 
 
 
 
 
 
Delta Air Lines, Inc.
 
 
 
 
231
 
 
16,032
Southwest Airlines Co.
 
 
 
 
198
 
 
8,183
United Airlines Holdings, Inc.(a)
 
 
 
 
132
 
 
14,760
 
 
 
 
 
 
38,975
Personal Care Products - 0.1%
 
 
 
 
 
 
Estee Lauder Cos., Inc. - Class A
 
 
 
 
66
 
 
6,911
Kenvue, Inc.
 
 
 
 
660
 
 
11,385
 
 
 
 
 
 
18,296
Pharmaceuticals - 3.3%
 
 
 
 
 
 
Bristol-Myers Squibb Co.
 
 
 
 
693
 
 
37,381
Eli Lilly & Co.
 
 
 
 
237
 
 
254,699
Johnson & Johnson
 
 
 
 
749
 
 
155,006
Merck & Co., Inc.
 
 
 
 
789
 
 
83,050
Pfizer, Inc.
 
 
 
 
1,791
 
 
44,596
Viatris, Inc.
 
 
 
 
396
 
 
4,930
Zoetis, Inc.
 
 
 
 
165
 
 
20,760
 
 
 
 
 
 
600,422
Professional Services - 0.5%
 
 
 
 
 
 
Automatic Data Processing, Inc.
 
 
 
 
132
 
 
33,954
Broadridge Financial Solutions, Inc.
 
 
 
 
33
 
 
7,365
Dayforce, Inc.(a)
 
 
 
 
66
 
 
4,565
Equifax, Inc.
 
 
 
 
33
 
 
7,160
Jacobs Solutions, Inc.
 
 
 
 
33
 
 
4,371
Leidos Holdings, Inc.
 
 
 
 
33
 
 
5,953
Paychex, Inc.
 
 
 
 
99
 
 
11,106
Verisk Analytics, Inc.
 
 
 
 
33
 
 
7,382
 
 
 
 
 
 
81,856
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
54
 

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NEOS S&P 500® HEDGED EQUITY INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.8% (Continued)
 
 
 
Real Estate Management & Development - 0.1%
 
 
 
 
 
 
CBRE Group, Inc. - Class A(a)
 
 
 
 
99
 
 
$15,918
CoStar Group, Inc.(a)
 
 
 
 
132
 
 
8,876
 
 
 
 
 
 
24,794
Semiconductors & Semiconductor Equipment - 14.2%
 
 
 
 
 
 
Advanced Micro Devices, Inc.(a)
 
 
 
 
511
 
 
109,436
Analog Devices, Inc.
 
 
 
 
165
 
 
44,748
Applied Materials, Inc.
 
 
 
 
250
 
 
64,247
Broadcom, Inc.
 
 
 
 
1,465
 
 
507,036
First Solar, Inc.(a)
 
 
 
 
33
 
 
8,621
Intel Corp.(a)
 
 
 
 
1,367
 
 
50,442
KLA Corp.
 
 
 
 
33
 
 
40,098
Lam Research Corp.
 
 
 
 
400
 
 
68,472
Microchip Technology, Inc.
 
 
 
 
198
 
 
12,617
Micron Technology, Inc.
 
 
 
 
363
 
 
103,604
NVIDIA Corp.
 
 
 
 
7,607
 
 
1,418,705
NXP Semiconductors NV
 
 
 
 
70
 
 
15,194
ON Semiconductor Corp.(a)
 
 
 
 
132
 
 
7,148
Qnity Electronics, Inc.
 
 
 
 
66
 
 
5,389
QUALCOMM, Inc.
 
 
 
 
340
 
 
58,157
Skyworks Solutions, Inc.
 
 
 
 
66
 
 
4,185
Teradyne, Inc.
 
 
 
 
66
 
 
12,775
Texas Instruments, Inc.
 
 
 
 
299
 
 
51,874
 
 
 
 
 
 
2,582,748
Software - 10.1%
 
 
 
 
 
 
Adobe, Inc.(a)
 
 
 
 
134
 
 
46,899
AppLovin Corp. - Class A(a)
 
 
 
 
67
 
 
45,146
Autodesk, Inc.(a)
 
 
 
 
66
 
 
19,537
Cadence Design Systems, Inc.(a)
 
 
 
 
73
 
 
22,818
Crowdstrike Holdings, Inc. - Class A(a)
 
 
 
 
70
 
 
32,813
Datadog, Inc. - Class A(a)
 
 
 
 
71
 
 
9,655
Fortinet, Inc.(a)
 
 
 
 
231
 
 
18,344
Gen Digital, Inc.
 
 
 
 
198
 
 
5,384
Intuit, Inc.
 
 
 
 
71
 
 
47,032
Microsoft Corp.
 
 
 
 
2,318
 
 
1,121,031
Oracle Corp.
 
 
 
 
530
 
 
103,302
Palantir Technologies, Inc. - Class A(a)
 
 
 
 
693
 
 
123,181
Palo Alto Networks, Inc.(a)
 
 
 
 
231
 
 
42,550
PTC, Inc.(a)
 
 
 
 
33
 
 
5,749
Roper Technologies, Inc.
 
 
 
 
33
 
 
14,689
Salesforce, Inc.
 
 
 
 
301
 
 
79,738
ServiceNow, Inc.(a)
 
 
 
 
330
 
 
50,553
Synopsys, Inc.(a)
 
 
 
 
39
 
 
18,319
Trimble, Inc.(a)
 
 
 
 
99
 
 
7,757
Workday, Inc. - Class A(a)
 
 
 
 
66
 
 
14,175
 
 
 
 
 
 
1,828,672
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
55
 

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NEOS S&P 500® HEDGED EQUITY INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.8% (Continued)
 
 
 
Specialty Retail - 1.5%
 
 
 
 
 
 
Best Buy Co., Inc.
 
 
 
 
66
 
 
$4,417
Carvana Co.(a)
 
 
 
 
40
 
 
16,881
Home Depot, Inc.
 
 
 
 
311
 
 
107,015
Lowe’s Cos., Inc.
 
 
 
 
170
 
 
40,997
O’Reilly Automotive, Inc.(a)
 
 
 
 
234
 
 
21,343
Ross Stores, Inc.
 
 
 
 
99
 
 
17,834
TJX Cos., Inc.
 
 
 
 
363
 
 
55,760
Tractor Supply Co.
 
 
 
 
198
 
 
9,902
Williams-Sonoma, Inc.
 
 
 
 
33
 
 
5,894
 
 
 
 
 
 
280,043
Technology Hardware, Storage & Peripherals - 7.4%
 
 
 
 
 
 
Apple, Inc.
 
 
 
 
4,627
 
 
1,257,896
Dell Technologies, Inc. - Class C
 
 
 
 
99
 
 
12,462
Hewlett Packard Enterprise Co.
 
 
 
 
462
 
 
11,097
HP, Inc.
 
 
 
 
330
 
 
7,353
NetApp, Inc.
 
 
 
 
66
 
 
7,068
Sandisk Corp.(a)
 
 
 
 
43
 
 
10,207
Seagate Technology Holdings PLC
 
 
 
 
66
 
 
18,176
Super Micro Computer, Inc.(a)
 
 
 
 
165
 
 
4,830
Western Digital Corp.
 
 
 
 
108
 
 
18,605
 
 
 
 
 
 
1,347,694
Textiles, Apparel & Luxury Goods - 0.3%
 
 
 
 
 
 
Deckers Outdoor Corp.(a)
 
 
 
 
66
 
 
6,842
Lululemon Athletica, Inc.(a)
 
 
 
 
33
 
 
6,858
NIKE, Inc. - Class B
 
 
 
 
396
 
 
25,229
Tapestry, Inc.
 
 
 
 
66
 
 
8,433
 
 
 
 
 
 
47,362
Tobacco - 0.6%
 
 
 
 
 
 
Altria Group, Inc.
 
 
 
 
524
 
 
30,214
Philip Morris International, Inc.
 
 
 
 
498
 
 
79,879
 
 
 
 
 
 
110,093
Trading Companies & Distributors - 0.1%
 
 
 
 
 
 
Fastenal Co.
 
 
 
 
396
 
 
15,891
United Rentals, Inc.
 
 
 
 
3
 
 
2,428
 
 
 
 
 
 
18,319
Water Utilities - 0.0%(b)
 
 
 
 
 
 
American Water Works Co., Inc.
 
 
 
 
66
 
 
8,613
Wireless Telecommunication Services - 0.2%
 
 
 
 
 
 
T-Mobile US, Inc.
 
 
 
 
165
 
 
33,502
TOTAL COMMON STOCKS
(Cost $16,915,306)
 
 
 
 
 
 
17,783,823
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
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NEOS S&P 500® HEDGED EQUITY INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.8%
 
 
 
 
 
 
Health Care REITs - 0.3%
 
 
 
 
 
 
Alexandria Real Estate Equities, Inc.
 
 
 
 
66
 
 
$3,230
Healthpeak Properties, Inc.
 
 
 
 
231
 
 
3,714
Ventas, Inc.
 
 
 
 
132
 
 
10,214
Welltower, Inc.
 
 
 
 
198
 
 
36,751
 
 
 
 
 
 
53,909
Hotel & Resort REITs - 0.0%(b)
 
 
 
 
 
 
Host Hotels & Resorts, Inc.
 
 
 
 
231
 
 
4,096
Industrial REITs - 0.2%
 
 
 
 
 
 
Prologis, Inc.
 
 
 
 
294
 
 
37,532
Office REITs - 0.0%(b)
 
 
 
 
 
 
BXP, Inc.
 
 
 
 
66
 
 
4,454
Residential REITs - 0.2%
 
 
 
 
 
 
AvalonBay Communities, Inc.
 
 
 
 
33
 
 
5,983
Camden Property Trust
 
 
 
 
33
 
 
3,633
Equity Residential
 
 
 
 
132
 
 
8,321
Essex Property Trust, Inc.
 
 
 
 
33
 
 
8,636
Invitation Homes, Inc.
 
 
 
 
198
 
 
5,502
Mid-America Apartment Communities, Inc.
 
 
 
 
33
 
 
4,584
UDR, Inc.
 
 
 
 
99
 
 
3,631
 
 
 
 
 
 
40,290
Retail REITs - 0.3%
 
 
 
 
 
 
Federal Realty Investment Trust
 
 
 
 
33
 
 
3,327
Kimco Realty Corp.
 
 
 
 
231
 
 
4,682
Realty Income Corp.
 
 
 
 
297
 
 
16,742
Regency Centers Corp.
 
 
 
 
66
 
 
4,556
Simon Property Group, Inc.
 
 
 
 
99
 
 
18,326
 
 
 
 
 
 
47,633
Specialized REITs - 0.8%
 
 
 
 
 
 
American Tower Corp.
 
 
 
 
165
 
 
28,969
Crown Castle, Inc.
 
 
 
 
165
 
 
14,664
Digital Realty Trust, Inc.
 
 
 
 
99
 
 
15,316
Equinix, Inc.
 
 
 
 
33
 
 
25,283
Extra Space Storage, Inc.
 
 
 
 
66
 
 
8,595
Iron Mountain, Inc.
 
 
 
 
99
 
 
8,212
Public Storage
 
 
 
 
37
 
 
9,601
SBA Communications Corp.
 
 
 
 
33
 
 
6,383
VICI Properties, Inc.
 
 
 
 
363
 
 
10,208
Weyerhaeuser Co.
 
 
 
 
264
 
 
6,254
 
 
 
 
 
 
133,485
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost $330,064)
 
 
 
 
 
 
321,399
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
57
 

TABLE OF CONTENTS

NEOS S&P 500® HEDGED EQUITY INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
PURCHASED OPTIONS - 0.5%
 
 
 
 
 
 
Put Options - 0.5%
 
 
 
 
 
 
S&P 500® Index(c)(d)
 
 
 
 
 
 
Expiration: 02/20/2026; Exercise Price: $6,390.00
 
 
$17,798,300
 
 
26
 
 
$82,680
TOTAL PURCHASED OPTIONS
(Cost $81,121)
 
 
 
 
 
 
82,680
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
 
CONTINGENT VALUE RIGHTS - 0.0%
 
 
 
 
 
 
Sycamore Partners LLC, Exercise Price $0.00(a)(e)
 
 
 
 
84
 
 
0
TOTAL CONTINGENT VALUE RIGHTS
(Cost $0)
 
 
 
 
 
 
0
SHORT-TERM INVESTMENTS
 
 
 
 
 
 
MONEY MARKET FUNDS - 0.4%
 
 
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.68%(f)
 
 
 
 
73,788
 
 
73,788
Northern U.S. Government Select Money Market Fund, 3.48%(f)
 
 
 
 
169
 
 
169
TOTAL MONEY MARKET FUNDS
(Cost $73,957)
 
 
 
 
 
 
73,957
TOTAL INVESTMENTS - 100.5%
(Cost $17,400,448)
 
 
 
 
 
 
$18,261,859
Liabilities in Excess of Other Assets - (0.5)%
 
 
 
 
 
 
(87,357)
TOTAL NET ASSETS - 100.0%
 
 
 
 
 
 
$18,174,502
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LLC - Limited Liability Company
PLC - Public Limited Company
REIT - Real Estate Investment Trust
(a)
Non-income producing security.
(b)
Represents less than 0.05% of net assets.
(c)
Exchange-traded.
(d)
100 shares per contract.
(e)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of December 31, 2025.
(f)
The rate shown represents the 7-day annualized yield as of December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
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NEOS S&P 500® HEDGED EQUITY INCOME ETF
SCHEDULE OF WRITTEN OPTIONS
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (0.8)%
 
 
 
 
 
 
Call Options - (0.6)%
 
 
 
 
 
 
S&P 500® Index(a)(b)
 
 
 
 
 
 
Expiration: 02/20/2026; Exercise Price: $7,015.00
 
 
$(13,006,450)
 
 
(19)
 
 
$(114,000)
Put Options - (0.2)%
 
 
 
 
 
 
S&P 500® Index(a)(b)
 
 
 
 
 
 
Expiration: 02/20/2026; Exercise Price: $5,840.00
 
 
(17,798,300)
 
 
(26)
 
 
(25,740)
TOTAL WRITTEN OPTIONS
(Premiums received $146,093)
 
 
 
 
 
 
$(139,740)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
59
 

TABLE OF CONTENTS

NEOS S&P 500® HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.4%
 
 
 
 
Aerospace & Defense - 2.1%
 
 
 
 
Axon Enterprise, Inc.(a)
 
 
971
 
 
$551,460
Boeing Co.(a)
 
 
78,515
 
 
17,047,177
General Dynamics Corp.
 
 
26,824
 
 
9,030,568
General Electric Co.
 
 
128,680
 
 
39,637,300
Howmet Aerospace, Inc.
 
 
52,772
 
 
10,819,316
Huntington Ingalls Industries, Inc.
 
 
548
 
 
186,358
L3Harris Technologies, Inc.
 
 
26,314
 
 
7,725,001
Lockheed Martin Corp.
 
 
26,743
 
 
12,934,787
Northrop Grumman Corp.
 
 
13,806
 
 
7,872,319
RTX Corp.
 
 
159,678
 
 
29,284,945
Textron, Inc.
 
 
26,404
 
 
2,301,637
TransDigm Group, Inc.
 
 
3,798
 
 
5,050,770
 
 
 
 
142,441,638
Air Freight & Logistics - 0.3%
 
 
 
 
C.H. Robinson Worldwide, Inc.
 
 
964
 
 
154,973
Expeditors International of Washington, Inc.
 
 
13,856
 
 
2,064,682
FedEx Corp.
 
 
26,867
 
 
7,760,801
United Parcel Service, Inc. - Class B
 
 
98,393
 
 
9,759,602
 
 
 
 
19,740,058
Automobile Components - 0.0%(b)
 
 
 
 
Aptiv PLC(a)
 
 
26,868
 
 
2,044,386
Automobiles - 2.4%
 
 
 
 
Ford Motor Co.
 
 
465,351
 
 
6,105,405
General Motors Co.
 
 
123,211
 
 
10,019,518
Tesla, Inc.(a)
 
 
334,191
 
 
150,292,377
 
 
 
 
166,417,300
Banks - 3.8%
 
 
 
 
Bank of America Corp.
 
 
810,638
 
 
44,585,090
Citigroup, Inc.
 
 
219,062
 
 
25,562,345
Citizens Financial Group, Inc.
 
 
65,513
 
 
3,826,614
Fifth Third Bancorp
 
 
96,711
 
 
4,527,042
Huntington Bancshares, Inc.
 
 
213,946
 
 
3,711,963
JPMorgan Chase & Co.
 
 
322,934
 
 
104,055,794
KeyCorp
 
 
135,763
 
 
2,802,148
M&T Bank Corp.
 
 
13,915
 
 
2,803,594
PNC Financial Services Group, Inc.
 
 
52,774
 
 
11,015,517
Regions Financial Corp.
 
 
135,173
 
 
3,663,188
Truist Financial Corp.
 
 
152,419
 
 
7,500,539
US Bancorp
 
 
185,416
 
 
9,893,798
Wells Fargo & Co.
 
 
383,180
 
 
35,712,376
 
 
 
 
259,660,008
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
60
 

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NEOS S&P 500® HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.4% (Continued)
Beverages - 1.0%
 
 
 
 
Brown-Forman Corp. - Class B
 
 
13,915
 
 
$362,625
Coca-Cola Co.
 
 
477,046
 
 
33,350,286
Constellation Brands, Inc. - Class A
 
 
13,914
 
 
1,919,575
Keurig Dr. Pepper, Inc.
 
 
135,970
 
 
3,808,520
Molson Coors Beverage Co. - Class B
 
 
13,915
 
 
649,552
Monster Beverage Corp.(a)
 
 
84,591
 
 
6,485,592
PepsiCo, Inc.
 
 
162,859
 
 
23,373,524
 
 
 
 
69,949,674
Biotechnology - 1.7%
 
 
 
 
AbbVie, Inc.
 
 
209,216
 
 
47,803,764
Amgen, Inc.
 
 
66,587
 
 
21,794,591
Biogen, Inc.(a)
 
 
13,848
 
 
2,437,109
Gilead Sciences, Inc.
 
 
147,728
 
 
18,132,135
Incyte Corp.(a)
 
 
13,915
 
 
1,374,385
Moderna, Inc.(a)
 
 
39,819
 
 
1,174,262
Regeneron Pharmaceuticals, Inc.
 
 
13,312
 
 
10,275,133
Vertex Pharmaceuticals, Inc.(a)
 
 
31,627
 
 
14,338,417
 
 
 
 
117,329,796
Broadline Retail - 3.9%
 
 
 
 
Amazon.com, Inc.(a)
 
 
1,149,467
 
 
265,319,973
eBay, Inc.
 
 
70,779
 
 
6,164,851
 
 
 
 
271,484,824
Building Products - 0.4%
 
 
 
 
A O Smith Corp. - Class A
 
 
964
 
 
64,472
Allegion PLC
 
 
962
 
 
153,170
Builders FirstSource, Inc.(a)
 
 
13,551
 
 
1,394,263
Carrier Global Corp.
 
 
94,011
 
 
4,967,541
Johnson Controls International PLC
 
 
77,756
 
 
9,311,281
Lennox International, Inc.
 
 
1,708
 
 
829,371
Masco Corp.
 
 
26,792
 
 
1,700,220
Trane Technologies PLC
 
 
26,835
 
 
10,444,182
 
 
 
 
28,864,500
Capital Markets - 3.3%
 
 
 
 
Ameriprise Financial, Inc.
 
 
13,242
 
 
6,493,082
Ares Management Corp. - Class A
 
 
20,575
 
 
3,325,537
Bank of New York Mellon Corp.
 
 
85,242
 
 
9,895,744
Blackrock, Inc.
 
 
13,774
 
 
14,742,863
Blackstone, Inc.
 
 
87,171
 
 
13,436,538
Cboe Global Markets, Inc.
 
 
13,294
 
 
3,336,794
Charles Schwab Corp.
 
 
197,828
 
 
19,764,995
CME Group, Inc. - Class A
 
 
46,010
 
 
12,564,411
Coinbase Global, Inc. - Class A(a)
 
 
20,010
 
 
4,525,061
FactSet Research Systems, Inc.
 
 
524
 
 
152,060
Franklin Resources, Inc.
 
 
39,252
 
 
937,730
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
61
 

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NEOS S&P 500® HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.4% (Continued)
Capital Markets - 3.3% (Continued)
Goldman Sachs Group, Inc.
 
 
34,780
 
 
$30,571,620
Interactive Brokers Group, Inc. - Class A
 
 
42,445
 
 
2,729,638
Intercontinental Exchange, Inc.
 
 
68,092
 
 
11,028,180
Invesco Ltd.
 
 
59,083
 
 
1,552,110
KKR & Co., Inc.
 
 
80,071
 
 
10,207,451
Moody’s Corp.
 
 
13,914
 
 
7,107,967
Morgan Stanley
 
 
145,694
 
 
25,865,056
MSCI, Inc.
 
 
962
 
 
551,928
Nasdaq, Inc.
 
 
44,606
 
 
4,332,581
Northern Trust Corp.
 
 
26,549
 
 
3,626,328
Raymond James Financial, Inc.
 
 
26,288
 
 
4,221,590
Robinhood Markets, Inc. - Class A(a)
 
 
86,647
 
 
9,799,776
S&P Global, Inc.
 
 
36,608
 
 
19,130,975
State Street Corp.
 
 
39,802
 
 
5,134,856
T. Rowe Price Group, Inc.
 
 
26,775
 
 
2,741,225
 
 
 
 
227,776,096
Chemicals - 1.0%
 
 
 
 
Air Products and Chemicals, Inc.
 
 
26,765
 
 
6,611,490
Albemarle Corp.
 
 
13,454
 
 
1,902,934
CF Industries Holdings, Inc.
 
 
13,916
 
 
1,076,263
Corteva, Inc.
 
 
98,117
 
 
6,576,782
Dow, Inc.
 
 
98,089
 
 
2,293,321
DuPont de Nemours, Inc.
 
 
57,688
 
 
2,319,058
Ecolab, Inc.
 
 
26,867
 
 
7,053,125
International Flavors & Fragrances, Inc.
 
 
26,868
 
 
1,810,635
Linde PLC
 
 
56,661
 
 
24,159,684
LyondellBasell Industries NV - Class A
 
 
26,867
 
 
1,163,341
Mosaic Co.
 
 
40,060
 
 
965,045
PPG Industries, Inc.
 
 
26,867
 
 
2,752,793
Sherwin-Williams Co.
 
 
26,867
 
 
8,705,714
 
 
 
 
67,390,185
Commercial Services & Supplies - 0.5%
 
 
 
 
Cintas Corp.
 
 
45,704
 
 
8,595,551
Copart, Inc.(a)
 
 
124,140
 
 
4,860,081
Republic Services, Inc.
 
 
26,509
 
 
5,618,052
Rollins, Inc.
 
 
26,867
 
 
1,612,557
Veralto Corp.
 
 
26,719
 
 
2,666,022
Waste Management, Inc.
 
 
43,688
 
 
9,598,691
 
 
 
 
32,950,954
Communications Equipment - 0.8%
 
 
 
 
Arista Networks, Inc.(a)
 
 
107,468
 
 
14,081,532
Cisco Systems, Inc.
 
 
468,071
 
 
36,055,509
F5, Inc.(a)
 
 
823
 
 
210,079
Motorola Solutions, Inc.
 
 
13,915
 
 
5,333,898
 
 
 
 
55,681,018
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
62
 

TABLE OF CONTENTS

NEOS S&P 500® HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.4% (Continued)
Construction & Engineering - 0.2%
Comfort Systems USA, Inc.
 
 
3,634
 
 
$3,391,576
EMCOR Group, Inc.
 
 
4,306
 
 
2,634,368
Quanta Services, Inc.
 
 
13,851
 
 
5,845,953
 
 
 
 
11,871,897
Construction Materials - 0.2%
 
 
 
 
CRH PLC
 
 
75,861
 
 
9,467,453
Martin Marietta Materials, Inc.
 
 
852
 
 
530,506
Vulcan Materials Co.
 
 
13,680
 
 
3,901,810
 
 
 
 
13,899,769
Consumer Finance - 0.7%
 
 
 
 
American Express Co.
 
 
63,538
 
 
23,505,883
Capital One Financial Corp.
 
 
75,436
 
 
18,282,669
Synchrony Financial
 
 
56,976
 
 
4,753,508
 
 
 
 
46,542,060
Consumer Staples Distribution & Retail - 1.9%
 
 
 
 
Costco Wholesale Corp.
 
 
52,853
 
 
45,577,256
Dollar General Corp.
 
 
26,727
 
 
3,548,544
Dollar Tree, Inc.(a)
 
 
26,578
 
 
3,269,360
Kroger Co.
 
 
92,043
 
 
5,750,847
Sysco Corp.
 
 
70,065
 
 
5,163,090
Target Corp.
 
 
65,454
 
 
6,398,128
Walmart, Inc.
 
 
521,632
 
 
58,115,021
 
 
 
 
127,822,246
Containers & Packaging - 0.1%
 
 
 
 
Amcor PLC
 
 
213,890
 
 
1,783,843
Avery Dennison Corp.
 
 
961
 
 
174,787
Ball Corp.
 
 
39,821
 
 
2,109,318
International Paper Co.
 
 
44,690
 
 
1,760,339
Packaging Corp. of America
 
 
962
 
 
198,393
Smurfit WestRock PLC
 
 
26,824
 
 
1,037,284
 
 
 
 
7,063,964
Distributors - 0.0%(b)
 
 
 
 
Genuine Parts Co.
 
 
13,785
 
 
1,695,004
Pool Corp.
 
 
531
 
 
121,466
 
 
 
 
1,816,470
Diversified Telecommunication Services - 0.6%
 
 
 
 
AT&T, Inc.
 
 
856,738
 
 
21,281,372
Verizon Communications, Inc.
 
 
504,276
 
 
20,539,161
 
 
 
 
41,820,533
Electric Utilities - 1.6%
 
 
 
 
Alliant Energy Corp.
 
 
26,867
 
 
1,746,624
American Electric Power Co., Inc.
 
 
71,971
 
 
8,298,976
Constellation Energy Corp.
 
 
39,821
 
 
14,067,565
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
63
 

TABLE OF CONTENTS

NEOS S&P 500® HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.4% (Continued)
Electric Utilities - 1.6% (Continued)
Duke Energy Corp.
 
 
92,953
 
 
$10,895,021
Edison International
 
 
52,685
 
 
3,162,154
Entergy Corp.
 
 
53,235
 
 
4,920,511
Evergy, Inc.
 
 
26,867
 
 
1,947,589
Eversource Energy
 
 
45,838
 
 
3,086,273
Exelon Corp.
 
 
147,934
 
 
6,448,443
FirstEnergy Corp.
 
 
70,739
 
 
3,166,985
NextEra Energy, Inc.
 
 
254,853
 
 
20,459,599
NRG Energy, Inc.
 
 
26,810
 
 
4,269,224
PG&E Corp.
 
 
318,228
 
 
5,113,924
Pinnacle West Capital Corp.
 
 
963
 
 
85,418
PPL Corp.
 
 
104,810
 
 
3,670,446
Southern Co.
 
 
134,832
 
 
11,757,350
Xcel Energy, Inc.
 
 
78,311
 
 
5,784,050
 
 
 
 
108,880,152
Electrical Equipment - 0.8%
 
 
 
 
AMETEK, Inc.
 
 
26,867
 
 
5,516,064
Eaton Corp. PLC
 
 
45,449
 
 
14,475,961
Emerson Electric Co.
 
 
66,748
 
 
8,858,794
GE Vernova, Inc.
 
 
31,530
 
 
20,607,062
Generac Holdings, Inc.(a)
 
 
848
 
 
115,642
Hubbell, Inc.
 
 
737
 
 
327,309
Rockwell Automation, Inc.
 
 
13,429
 
 
5,224,821
 
 
 
 
55,125,653
Electronic Equipment, Instruments & Components - 0.7%
 
 
 
 
Amphenol Corp. - Class A
 
 
147,234
 
 
19,897,203
CDW Corp.
 
 
13,701
 
 
1,866,076
Corning, Inc.
 
 
92,733
 
 
8,119,702
Jabil, Inc.
 
 
13,606
 
 
3,102,440
Keysight Technologies, Inc.(a)
 
 
13,915
 
 
2,827,389
TE Connectivity PLC
 
 
39,783
 
 
9,051,030
Teledyne Technologies, Inc.(a)
 
 
649
 
 
331,464
Zebra Technologies Corp. - Class A(a)
 
 
704
 
 
170,945
 
 
 
 
45,366,249
Energy Equipment & Services - 0.3%
 
 
 
 
Baker Hughes Co.
 
 
148,133
 
 
6,745,977
Halliburton Co.
 
 
124,111
 
 
3,507,377
SLB Ltd.
 
 
213,176
 
 
8,181,695
 
 
 
 
18,435,049
Entertainment - 1.3%
 
 
 
 
Electronic Arts, Inc.
 
 
26,868
 
 
5,489,938
Live Nation Entertainment, Inc.(a)
 
 
13,795
 
 
1,965,788
Netflix, Inc.(a)
 
 
498,912
 
 
46,777,989
Take-Two Interactive Software, Inc.(a)
 
 
13,914
 
 
3,562,401
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
64
 

TABLE OF CONTENTS

NEOS S&P 500® HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.4% (Continued)
Entertainment - 1.3% (Continued)
TKO Group Holdings, Inc.
 
 
4,096
 
 
$856,064
Walt Disney Co.
 
 
214,626
 
 
24,418,000
Warner Bros. Discovery, Inc.(a)
 
 
331,140
 
 
9,543,455
 
 
 
 
92,613,635
Financial Services - 3.9%
 
 
 
 
Apollo Global Management, Inc.
 
 
54,524
 
 
7,892,894
Berkshire Hathaway, Inc. - Class B(a)
 
 
218,973
 
 
110,066,778
Block, Inc.(a)
 
 
66,643
 
 
4,337,793
Corpay, Inc.(a)
 
 
961
 
 
289,194
Fidelity National Information Services, Inc.
 
 
83,114
 
 
5,523,756
Fiserv, Inc.(a)
 
 
68,151
 
 
4,577,703
Global Payments, Inc.
 
 
31,659
 
 
2,450,407
Jack Henry & Associates, Inc.
 
 
961
 
 
175,363
Mastercard, Inc. - Class A
 
 
98,704
 
 
56,348,140
PayPal Holdings, Inc.
 
 
120,401
 
 
7,029,010
Visa, Inc. - Class A
 
 
202,645
 
 
71,069,628
 
 
 
 
269,760,666
Food Products - 0.4%
 
 
 
 
Archer-Daniels-Midland Co.
 
 
72,064
 
 
4,142,959
Bunge Global SA
 
 
13,858
 
 
1,234,471
Conagra Brands, Inc.
 
 
65,726
 
 
1,137,717
General Mills, Inc.
 
 
82,957
 
 
3,857,501
Hershey Co.
 
 
13,913
 
 
2,531,888
Hormel Foods Corp.
 
 
39,532
 
 
936,908
J M Smucker Co.
 
 
963
 
 
94,191
Kraft Heinz Co.
 
 
111,241
 
 
2,697,594
Lamb Weston Holdings, Inc.
 
 
13,844
 
 
579,925
McCormick & Co., Inc.
 
 
26,867
 
 
1,829,911
Mondelez International, Inc. - Class A
 
 
160,285
 
 
8,628,142
The Campbell’s Co.
 
 
13,916
 
 
387,839
Tyson Foods, Inc. - Class A
 
 
39,481
 
 
2,314,376
 
 
 
 
30,373,422
Gas Utilities - 0.0%(b)
 
 
 
 
Atmos Energy Corp.
 
 
13,906
 
 
2,331,063
Ground Transportation - 0.8%
 
 
 
 
CSX Corp.
 
 
223,143
 
 
8,088,934
JB Hunt Transport Services, Inc.
 
 
962
 
 
186,955
Norfolk Southern Corp.
 
 
26,822
 
 
7,744,048
Old Dominion Freight Line, Inc.
 
 
19,832
 
 
3,109,657
Uber Technologies, Inc.(a)
 
 
245,691
 
 
20,075,412
Union Pacific Corp.
 
 
71,568
 
 
16,555,110
 
 
 
 
55,760,116
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
65
 

TABLE OF CONTENTS

NEOS S&P 500® HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.4% (Continued)
Health Care Equipment & Supplies - 2.0%
Abbott Laboratories
 
 
206,497
 
 
$25,872,009
Align Technology, Inc.(a)
 
 
961
 
 
150,060
Baxter International, Inc.
 
 
70,114
 
 
1,339,879
Becton Dickinson & Co.
 
 
39,547
 
 
7,674,886
Boston Scientific Corp.(a)
 
 
185,042
 
 
17,643,755
Cooper Cos., Inc.(a)
 
 
14,091
 
 
1,154,898
Dexcom, Inc.(a)
 
 
52,695
 
 
3,497,367
Edwards Lifesciences Corp.(a)
 
 
83,810
 
 
7,144,803
GE HealthCare Technologies, Inc.
 
 
52,772
 
 
4,328,359
Hologic, Inc.(a)
 
 
26,867
 
 
2,001,323
IDEXX Laboratories, Inc.(a)
 
 
1,148
 
 
776,656
Insulet Corp.(a)
 
 
961
 
 
273,155
Intuitive Surgical, Inc.(a)
 
 
42,548
 
 
24,097,485
Medtronic PLC
 
 
161,303
 
 
15,494,766
ResMed, Inc.
 
 
13,879
 
 
3,343,035
Solventum Corp.(a)
 
 
14,198
 
 
1,125,050
STERIS PLC
 
 
13,218
 
 
3,351,027
Stryker Corp.
 
 
44,072
 
 
15,489,986
Zimmer Biomet Holdings, Inc.
 
 
26,577
 
 
2,389,804
 
 
 
 
137,148,303
Health Care Providers & Services - 1.5%
 
 
 
 
Cardinal Health, Inc.
 
 
26,867
 
 
5,521,169
Cencora, Inc.
 
 
13,914
 
 
4,699,454
Centene Corp.(a)
 
 
72,062
 
 
2,965,351
Cigna Group
 
 
31,087
 
 
8,556,075
CVS Health Corp.
 
 
152,971
 
 
12,139,779
DaVita, Inc.(a)
 
 
4
 
 
454
Elevance Health, Inc.
 
 
26,867
 
 
9,418,227
HCA Healthcare, Inc.
 
 
18,475
 
 
8,625,238
Henry Schein, Inc.(a)
 
 
964
 
 
72,859
Humana, Inc.
 
 
13,539
 
 
3,467,744
Labcorp Holdings, Inc.
 
 
962
 
 
241,347
McKesson Corp.
 
 
13,685
 
 
11,225,669
Molina Healthcare, Inc.(a)
 
 
799
 
 
138,658
Quest Diagnostics, Inc.
 
 
963
 
 
167,109
UnitedHealth Group, Inc.
 
 
108,130
 
 
35,694,794
Universal Health Services, Inc. - Class B
 
 
837
 
 
182,483
 
 
 
 
103,116,410
Hotels, Restaurants & Leisure - 1.7%
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
58,757
 
 
7,974,500
Booking Holdings, Inc.
 
 
2,241
 
 
12,001,295
Carnival Corp.(a)
 
 
148,094
 
 
4,522,791
Chipotle Mexican Grill, Inc.(a)
 
 
78,294
 
 
2,896,878
Darden Restaurants, Inc.
 
 
13,506
 
 
2,485,374
Domino’s Pizza, Inc.
 
 
482
 
 
200,907
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
66
 

TABLE OF CONTENTS

NEOS S&P 500® HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.4% (Continued)
Hotels, Restaurants & Leisure - 1.7% (Continued)
DoorDash, Inc. - Class A(a)
 
 
40,891
 
 
$9,260,994
Expedia Group, Inc. - Class A
 
 
13,685
 
 
3,877,097
Hilton Worldwide Holdings, Inc.
 
 
31,608
 
 
9,079,398
Las Vegas Sands Corp.
 
 
39,822
 
 
2,592,014
Marriott International, Inc - Class A
 
 
27,101
 
 
8,407,814
McDonald’s Corp.
 
 
89,145
 
 
27,245,386
MGM Resorts International(a)
 
 
32,958
 
 
1,202,637
Norwegian Cruise Line Holdings Ltd.(a)
 
 
57,652
 
 
1,286,793
Royal Caribbean Cruises Ltd.
 
 
26,867
 
 
7,493,744
Starbucks Corp.
 
 
135,376
 
 
11,400,013
Wynn Resorts Ltd.
 
 
963
 
 
115,878
Yum! Brands, Inc.
 
 
39,237
 
 
5,935,773
 
 
 
 
117,979,286
Household Durables - 0.2%
 
 
 
 
D.R. Horton, Inc.
 
 
39,696
 
 
5,717,415
Garmin Ltd.
 
 
13,914
 
 
2,822,455
Lennar Corp. - Class A
 
 
26,867
 
 
2,761,928
NVR, Inc.(a)
 
 
41
 
 
299,003
PulteGroup, Inc.
 
 
26,670
 
 
3,127,324
 
 
 
 
14,728,125
Household Products - 0.8%
 
 
 
 
Church & Dwight Co., Inc.
 
 
26,867
 
 
2,252,798
Clorox Co.
 
 
13,557
 
 
1,366,952
Colgate-Palmolive Co.
 
 
96,245
 
 
7,605,280
Kimberly-Clark Corp.
 
 
39,822
 
 
4,017,642
Procter & Gamble Co.
 
 
279,656
 
 
40,077,501
 
 
 
 
55,320,173
Independent Power and Renewable Electricity Producers - 0.1%
 
 
 
 
AES Corp.
 
 
96,062
 
 
1,377,529
Vistra Corp.
 
 
41,625
 
 
6,715,361
 
 
 
 
8,092,890
Industrial Conglomerates - 0.4%
 
 
 
 
3M Co.
 
 
61,887
 
 
9,908,109
Honeywell International, Inc.
 
 
78,982
 
 
15,408,598
 
 
 
 
25,316,707
Insurance - 1.7%
 
 
 
 
Aflac, Inc.
 
 
56,956
 
 
6,280,538
Allstate Corp.
 
 
26,867
 
 
5,592,366
American International Group, Inc.
 
 
79,954
 
 
6,840,065
Aon PLC - Class A
 
 
26,464
 
 
9,338,616
Arch Capital Group Ltd.(a)
 
 
52,366
 
 
5,022,947
Arthur J Gallagher & Co.
 
 
26,673
 
 
6,902,706
Assurant, Inc.
 
 
723
 
 
174,135
Brown & Brown, Inc.
 
 
26,867
 
 
2,141,300
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
67
 

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NEOS S&P 500® HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.4% (Continued)
Insurance - 1.7% (Continued)
Chubb Ltd.
 
 
43,574
 
 
$13,600,317
Cincinnati Financial Corp.
 
 
13,914
 
 
2,272,434
Erie Indemnity Co. - Class A
 
 
1,100
 
 
315,315
Everest Group Ltd.
 
 
598
 
 
202,931
Globe Life, Inc.
 
 
962
 
 
134,545
Hartford Insurance Group, Inc.
 
 
39,698
 
 
5,470,384
Loews Corp.
 
 
13,916
 
 
1,465,494
Marsh & McLennan Cos., Inc.
 
 
57,949
 
 
10,750,698
MetLife, Inc.
 
 
65,736
 
 
5,189,200
Principal Financial Group, Inc.
 
 
26,729
 
 
2,357,765
Progressive Corp.
 
 
70,598
 
 
16,076,577
Prudential Financial, Inc.
 
 
46,026
 
 
5,195,415
Travelers Cos., Inc.
 
 
26,847
 
 
7,787,241
W.R. Berkley Corp.
 
 
39,756
 
 
2,787,691
Willis Towers Watson PLC
 
 
13,272
 
 
4,361,179
 
 
 
 
120,259,859
Interactive Media & Services - 8.1%
 
 
 
 
Alphabet, Inc. - Class A
 
 
687,316
 
 
215,129,908
Alphabet, Inc. - Class C
 
 
552,239
 
 
173,292,598
Match Group, Inc.
 
 
32,932
 
 
1,063,374
Meta Platforms, Inc. - Class A
 
 
258,559
 
 
170,672,211
 
 
 
 
560,158,091
IT Services - 0.9%
 
 
 
 
Accenture PLC - Class A
 
 
73,994
 
 
19,852,590
Akamai Technologies, Inc.(a)
 
 
13,914
 
 
1,213,996
Cognizant Technology Solutions Corp. - Class A
 
 
70,023
 
 
5,811,909
EPAM Systems, Inc.(a)
 
 
795
 
 
162,880
Gartner, Inc.(a)
 
 
961
 
 
242,441
GoDaddy, Inc. - Class A(a)
 
 
14,783
 
 
1,834,275
International Business Machines Corp.
 
 
110,343
 
 
32,684,700
VeriSign, Inc.
 
 
962
 
 
233,718
 
 
 
 
62,036,509
Leisure Products - 0.0%(b)
 
 
 
 
Hasbro, Inc.
 
 
13,649
 
 
1,119,218
Life Sciences Tools & Services - 0.8%
 
 
 
 
Agilent Technologies, Inc.
 
 
39,576
 
 
5,385,106
Bio-Techne Corp.
 
 
13,914
 
 
818,282
Charles River Laboratories International, Inc.(a)
 
 
705
 
 
140,634
Danaher Corp.
 
 
79,005
 
 
18,085,825
IQVIA Holdings, Inc.(a)
 
 
25,847
 
 
5,826,172
Mettler-Toledo International, Inc.(a)
 
 
300
 
 
418,257
Revvity, Inc.
 
 
964
 
 
93,267
Thermo Fisher Scientific, Inc.
 
 
44,676
 
 
25,887,508
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
68
 

TABLE OF CONTENTS

NEOS S&P 500® HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.4% (Continued)
Life Sciences Tools & Services - 0.8% (Continued)
Waters Corp.(a)
 
 
816
 
 
$309,941
West Pharmaceutical Services, Inc.
 
 
961
 
 
264,410
 
 
 
 
57,229,402
Machinery - 1.5%
 
 
 
 
Caterpillar, Inc.
 
 
56,501
 
 
32,367,728
Cummins, Inc.
 
 
13,804
 
 
7,046,252
Deere & Co.
 
 
29,420
 
 
13,697,070
Dover Corp.
 
 
13,780
 
 
2,690,407
Fortive Corp.
 
 
45,863
 
 
2,532,096
IDEX Corp.
 
 
961
 
 
171,000
Illinois Tool Works, Inc.
 
 
31,209
 
 
7,686,777
Ingersoll Rand, Inc.
 
 
52,774
 
 
4,180,756
Nordson Corp.
 
 
748
 
 
179,842
Otis Worldwide Corp.
 
 
52,774
 
 
4,609,809
PACCAR, Inc.
 
 
71,928
 
 
7,876,835
Parker-Hannifin Corp.
 
 
13,620
 
 
11,971,435
Pentair PLC
 
 
13,914
 
 
1,449,004
Snap-on, Inc.
 
 
728
 
 
250,869
Stanley Black & Decker, Inc.
 
 
13,914
 
 
1,033,532
Westinghouse Air Brake Technologies Corp.
 
 
13,915
 
 
2,970,157
Xylem, Inc.
 
 
27,018
 
 
3,679,311
 
 
 
 
104,392,880
Media - 0.4%
 
 
 
 
Charter Communications, Inc. - Class A(a)
 
 
13,240
 
 
2,763,850
Comcast Corp. - Class A
 
 
440,101
 
 
13,154,619
Fox Corp. - Class A
 
 
27,108
 
 
1,980,782
Fox Corp. - Class B
 
 
13,668
 
 
887,463
News Corp. - Class A
 
 
52,631
 
 
1,374,722
News Corp. - Class B
 
 
964
 
 
28,563
Omnicom Group, Inc.
 
 
31,616
 
 
2,552,992
Paramount Skydance Corp.
 
 
65,946
 
 
883,676
Trade Desk, Inc. - Class A(a)
 
 
45,072
 
 
1,710,933
 
 
 
 
25,337,600
Metals & Mining - 0.4%
 
 
 
 
Freeport-McMoRan, Inc.
 
 
171,518
 
 
8,711,399
Newmont Corp.
 
 
131,728
 
 
13,153,041
Nucor Corp.
 
 
27,085
 
 
4,417,834
Steel Dynamics, Inc.
 
 
13,921
 
 
2,358,914
 
 
 
 
28,641,188
Multi-Utilities - 0.6%
 
 
 
 
Ameren Corp.
 
 
26,868
 
 
2,683,038
CenterPoint Energy, Inc.
 
 
85,290
 
 
3,270,019
CMS Energy Corp.
 
 
39,573
 
 
2,767,340
Consolidated Edison, Inc.
 
 
44,691
 
 
4,438,710
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
69
 

TABLE OF CONTENTS

NEOS S&P 500® HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.4% (Continued)
Multi-Utilities - 0.6% (Continued)
Dominion Energy, Inc.
 
 
122,098
 
 
$7,153,722
DTE Energy Co.
 
 
26,552
 
 
3,424,677
NiSource, Inc.
 
 
52,774
 
 
2,203,842
Public Service Enterprise Group, Inc.
 
 
69,983
 
 
5,619,635
Sempra
 
 
85,288
 
 
7,530,077
WEC Energy Group, Inc.
 
 
39,821
 
 
4,199,523
 
 
 
 
43,290,583
Oil, Gas & Consumable Fuels - 2.7%
 
 
 
 
APA Corp.
 
 
39,792
 
 
973,312
Chevron Corp.
 
 
229,187
 
 
34,930,391
ConocoPhillips
 
 
159,840
 
 
14,962,622
Coterra Energy, Inc.
 
 
109,029
 
 
2,869,643
Devon Energy Corp.
 
 
91,425
 
 
3,348,898
Diamondback Energy, Inc.
 
 
13,915
 
 
2,091,842
EOG Resources, Inc.
 
 
63,985
 
 
6,719,065
EQT Corp.
 
 
52,771
 
 
2,828,526
Expand Energy Corp.
 
 
27,703
 
 
3,057,303
Exxon Mobil Corp.
 
 
509,722
 
 
61,339,945
Kinder Morgan, Inc.
 
 
233,391
 
 
6,415,919
Marathon Petroleum Corp.
 
 
34,169
 
 
5,556,904
Occidental Petroleum Corp.
 
 
92,060
 
 
3,785,507
ONEOK, Inc.
 
 
83,037
 
 
6,103,220
Phillips 66
 
 
47,566
 
 
6,137,917
Targa Resources Corp.
 
 
26,779
 
 
4,940,726
Texas Pacific Land Corp.
 
 
2,787
 
 
800,482
Valero Energy Corp.
 
 
44,619
 
 
7,263,527
Williams Cos., Inc.
 
 
146,077
 
 
8,780,688
 
 
 
 
182,906,437
Passenger Airlines - 0.2%
 
 
 
 
Delta Air Lines, Inc.
 
 
91,427
 
 
6,345,034
Southwest Airlines Co.
 
 
83,662
 
 
3,457,750
United Airlines Holdings, Inc.(a)
 
 
40,058
 
 
4,479,286
 
 
 
 
14,282,070
Personal Care Products - 0.1%
 
 
 
 
Estee Lauder Cos., Inc. - Class A
 
 
26,867
 
 
2,813,512
Kenvue, Inc.
 
 
253,257
 
 
4,368,684
 
 
 
 
7,182,196
Pharmaceuticals - 3.4%
 
 
 
 
Bristol-Myers Squibb Co.
 
 
250,296
 
 
13,500,966
Eli Lilly & Co.
 
 
94,751
 
 
101,827,005
Johnson & Johnson
 
 
288,447
 
 
59,694,107
Merck & Co., Inc.
 
 
297,501
 
 
31,314,955
Pfizer, Inc.
 
 
722,062
 
 
17,979,344
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
70
 

TABLE OF CONTENTS

NEOS S&P 500® HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.4% (Continued)
Pharmaceuticals - 3.4% (Continued)
Viatris, Inc.
 
 
174,945
 
 
$2,178,065
Zoetis, Inc.
 
 
52,920
 
 
6,658,394
 
 
 
 
233,152,836
Professional Services - 0.5%
 
 
 
 
Automatic Data Processing, Inc.
 
 
53,064
 
 
13,649,653
Broadridge Financial Solutions, Inc.
 
 
13,474
 
 
3,006,992
Dayforce, Inc.(a)
 
 
13,914
 
 
962,292
Equifax, Inc.
 
 
13,549
 
 
2,939,862
Jacobs Solutions, Inc.
 
 
13,589
 
 
1,799,999
Leidos Holdings, Inc.
 
 
13,749
 
 
2,480,320
Paychex, Inc.
 
 
39,822
 
 
4,467,232
Paycom Software, Inc.
 
 
674
 
 
107,409
Verisk Analytics, Inc.
 
 
13,847
 
 
3,097,435
 
 
 
 
32,511,194
Real Estate Management & Development - 0.1%
 
 
 
 
CBRE Group, Inc. - Class A(a)
 
 
39,732
 
 
6,388,508
CoStar Group, Inc.(a)
 
 
52,774
 
 
3,548,524
 
 
 
 
9,937,032
Semiconductors & Semiconductor Equipment - 14.2%
 
 
 
 
Advanced Micro Devices, Inc.(a)
 
 
193,442
 
 
41,427,539
Analog Devices, Inc.
 
 
58,589
 
 
15,889,337
Applied Materials, Inc.
 
 
99,142
 
 
25,478,502
Broadcom, Inc.
 
 
557,976
 
 
193,115,494
First Solar, Inc.(a)
 
 
13,326
 
 
3,481,151
Intel Corp.(a)
 
 
532,074
 
 
19,633,531
KLA Corp.
 
 
13,723
 
 
16,674,543
Lam Research Corp.
 
 
145,706
 
 
24,941,953
Microchip Technology, Inc.
 
 
72,194
 
 
4,600,202
Micron Technology, Inc.
 
 
136,499
 
 
38,958,179
Monolithic Power Systems, Inc.
 
 
657
 
 
595,478
NVIDIA Corp.
 
 
2,885,408
 
 
538,128,592
NXP Semiconductors NV
 
 
31,617
 
 
6,862,786
ON Semiconductor Corp.(a)
 
 
57,694
 
 
3,124,130
Qnity Electronics, Inc.
 
 
28,844
 
 
2,355,113
QUALCOMM, Inc.
 
 
126,789
 
 
21,687,258
Skyworks Solutions, Inc.
 
 
13,914
 
 
882,287
Teradyne, Inc.
 
 
13,914
 
 
2,693,194
Texas Instruments, Inc.
 
 
110,731
 
 
19,210,721
 
 
 
 
979,739,990
Software - 10.2%
 
 
 
 
Adobe, Inc.(a)
 
 
49,461
 
 
17,310,855
AppLovin Corp. - Class A(a)
 
 
30,170
 
 
20,329,149
Autodesk, Inc.(a)
 
 
26,647
 
 
7,887,779
Cadence Design Systems, Inc.(a)
 
 
32,962
 
 
10,303,262
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
71
 

TABLE OF CONTENTS

NEOS S&P 500® HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.4% (Continued)
Software - 10.2% (Continued)
Crowdstrike Holdings, Inc. - Class A(a)
 
 
27,133
 
 
$12,718,865
Datadog, Inc. - Class A(a)
 
 
32,461
 
 
4,414,371
Fair Isaac Corp.(a)
 
 
341
 
 
576,502
Fortinet, Inc.(a)
 
 
90,830
 
 
7,212,810
Gen Digital, Inc.
 
 
78,868
 
 
2,144,421
Intuit, Inc.
 
 
31,848
 
 
21,096,752
Microsoft Corp.
 
 
882,647
 
 
426,865,742
Oracle Corp.
 
 
199,586
 
 
38,901,307
Palantir Technologies, Inc. - Class A(a)
 
 
275,360
 
 
48,945,240
Palo Alto Networks, Inc.(a)
 
 
79,706
 
 
14,681,845
PTC, Inc.(a)
 
 
13,488
 
 
2,349,745
Roper Technologies, Inc.
 
 
13,321
 
 
5,929,577
Salesforce, Inc.
 
 
113,585
 
 
30,089,802
ServiceNow, Inc.(a)
 
 
122,885
 
 
18,824,753
Synopsys, Inc.(a)
 
 
16,138
 
 
7,580,341
Trimble, Inc.(a)
 
 
31,002
 
 
2,429,007
Tyler Technologies, Inc.(a)
 
 
580
 
 
263,291
Workday, Inc. - Class A(a)
 
 
26,334
 
 
5,656,017
 
 
 
 
706,511,433
Specialty Retail - 1.6%
 
 
 
 
AutoZone, Inc.(a)
 
 
1,137
 
 
3,856,135
Best Buy Co., Inc.
 
 
13,916
 
 
931,398
Carvana Co.(a)
 
 
14,968
 
 
6,316,795
Home Depot, Inc.
 
 
122,142
 
 
42,029,062
Lowe’s Cos., Inc.
 
 
68,282
 
 
16,466,887
O’Reilly Automotive, Inc.(a)
 
 
96,241
 
 
8,778,142
Ross Stores, Inc.
 
 
39,822
 
 
7,173,535
TJX Cos., Inc.
 
 
136,773
 
 
21,009,700
Tractor Supply Co.
 
 
66,654
 
 
3,333,367
Ulta Beauty, Inc.(a)
 
 
678
 
 
410,197
Williams-Sonoma, Inc.
 
 
14,176
 
 
2,531,692
 
 
 
 
112,836,910
Technology Hardware, Storage & Peripherals - 7.4%
 
 
 
 
Apple, Inc.
 
 
1,757,471
 
 
477,786,066
Dell Technologies, Inc. - Class C
 
 
30,983
 
 
3,900,140
Hewlett Packard Enterprise Co.
 
 
187,897
 
 
4,513,286
HP, Inc.
 
 
123,982
 
 
2,762,319
NetApp, Inc.
 
 
26,578
 
 
2,846,238
Sandisk Corp.(a)
 
 
16,131
 
 
3,829,177
Seagate Technology Holdings PLC
 
 
13,916
 
 
3,832,327
Super Micro Computer, Inc.(a)
 
 
28,063
 
 
821,404
Western Digital Corp.
 
 
40,007
 
 
6,892,006
 
 
 
 
507,182,963
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
72
 

TABLE OF CONTENTS

NEOS S&P 500® HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.4% (Continued)
Textiles, Apparel & Luxury Goods - 0.2%
 
 
 
 
Deckers Outdoor Corp.(a)
 
 
2,988
 
 
$309,766
Lululemon Athletica, Inc.(a)
 
 
13,434
 
 
2,791,720
NIKE, Inc. - Class B
 
 
145,443
 
 
9,266,173
Ralph Lauren Corp. - Class A
 
 
3
 
 
1,061
Tapestry, Inc.
 
 
26,855
 
 
3,431,263
 
 
 
 
15,799,983
Tobacco - 0.6%
 
 
 
 
Altria Group, Inc.
 
 
211,049
 
 
12,169,085
Philip Morris International, Inc.
 
 
186,084
 
 
29,847,874
 
 
 
 
42,016,959
Trading Companies & Distributors - 0.2%
 
 
 
 
Fastenal Co.
 
 
157,962
 
 
6,339,015
United Rentals, Inc.
 
 
4,440
 
 
3,593,381
W.W. Grainger, Inc.
 
 
608
 
 
613,502
 
 
 
 
10,545,898
Water Utilities - 0.0%(b)
 
 
 
 
American Water Works Co., Inc.
 
 
13,915
 
 
1,815,908
Wireless Telecommunication Services - 0.2%
 
 
 
 
T-Mobile US, Inc.
 
 
57,178
 
 
11,609,421
TOTAL COMMON STOCKS
(Cost $5,727,895,074)
 
 
 
 
6,723,411,835
REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.7%
 
 
 
 
Health Care REITs - 0.3%
 
 
 
 
Alexandria Real Estate Equities, Inc.
 
 
13,914
 
 
680,951
Healthpeak Properties, Inc.
 
 
77,829
 
 
1,251,490
Ventas, Inc.
 
 
52,774
 
 
4,083,652
Welltower, Inc.
 
 
78,551
 
 
14,579,851
 
 
 
 
20,595,944
Hotel & Resort REITs - 0.0%(b)
 
 
 
 
Host Hotels & Resorts, Inc.
 
 
98,096
 
 
1,739,242
Industrial REITs - 0.2%
 
 
 
 
Prologis, Inc.
 
 
109,989
 
 
14,041,196
Office REITs - 0.0%(b)
 
 
 
 
BXP, Inc.
 
 
13,835
 
 
933,586
Residential REITs - 0.2%
 
 
 
 
AvalonBay Communities, Inc.
 
 
13,803
 
 
2,502,622
Camden Property Trust
 
 
963
 
 
106,007
Equity Residential
 
 
44,685
 
 
2,816,942
Essex Property Trust, Inc.
 
 
884
 
 
231,325
Invitation Homes, Inc.
 
 
79,002
 
 
2,195,466
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
73
 

TABLE OF CONTENTS

NEOS S&P 500® HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.7% (Continued)
Residential REITs - 0.2% (Continued)
 
Mid-America Apartment Communities, Inc.
 
 
13,456
 
 
$1,869,173
UDR, Inc.
 
 
39,709
 
 
1,456,526
 
 
 
 
11,178,061
Retail REITs - 0.2%
 
 
 
 
Federal Realty Investment Trust
 
 
961
 
 
96,869
Kimco Realty Corp.
 
 
85,111
 
 
1,725,200
Realty Income Corp.
 
 
85,290
 
 
4,807,797
Regency Centers Corp.
 
 
13,914
 
 
960,484
Simon Property Group, Inc.
 
 
39,821
 
 
7,371,265
 
 
 
 
14,961,615
Specialized REITs - 0.8%
 
 
 
 
American Tower Corp.
 
 
55,672
 
 
9,774,333
Crown Castle, Inc.
 
 
57,747
 
 
5,131,976
Digital Realty Trust, Inc.
 
 
39,709
 
 
6,143,379
Equinix, Inc.
 
 
12,962
 
 
9,930,966
Extra Space Storage, Inc.
 
 
26,612
 
 
3,465,415
Iron Mountain, Inc.
 
 
39,557
 
 
3,281,253
Public Storage
 
 
13,914
 
 
3,610,683
SBA Communications Corp.
 
 
13,331
 
 
2,578,615
VICI Properties, Inc.
 
 
148,922
 
 
4,187,687
Weyerhaeuser Co.
 
 
103,936
 
 
2,462,244
 
 
 
 
50,566,551
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost $114,509,600)
 
 
 
 
114,016,195
CONTINGENT VALUE RIGHTS - 0.0%
 
 
 
 
Abiomed, Inc., Exercise Price $0.00(a)(c)
 
 
2
 
 
0
Sycamore Partners LLC, Exercise Price $0.00(a)(c)
 
 
74,328
 
 
0
TOTAL CONTINGENT VALUE RIGHTS
(Cost $0)
 
 
 
 
0
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 1.0%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.68%(d)
 
 
66,709,798
 
 
66,709,798
TOTAL MONEY MARKET FUNDS
(Cost $66,709,798)
 
 
 
 
66,709,798
TOTAL INVESTMENTS - 100.1%
(Cost $5,909,114,472)
 
 
 
 
$6,904,137,828
Liabilities in Excess of Other Assets - (0.1)%
 
 
 
 
(4,797,658)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$6,899,340,170
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
74
 

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NEOS S&P 500® HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LLC - Limited Liability Company
PLC - Public Limited Company
REIT - Real Estate Investment Trust
(a)
Non-income producing security.
(b)
Represents less than 0.05% of net assets.
(c)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of December 31, 2025.
(d)
The rate shown represents the 7-day annualized yield as of December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
75
 

TABLE OF CONTENTS

NEOS S&P 500® HIGH INCOME ETF
SCHEDULE OF WRITTEN OPTIONS
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (0.6)%
 
 
 
 
 
 
Call Options - (0.6)%
 
 
 
 
 
 
S&P 500® Index(a)(b)
 
 
 
 
 
 
Expiration: 02/20/2026; Exercise Price: $6,985.00
 
 
$(2,563,639,750)
 
 
(3,745)
 
 
$(27,057,625)
Expiration: 02/20/2026; Exercise Price: $7,055.00
 
 
(2,563,639,750)
 
 
(3,745)
 
 
(17,227,000)
TOTAL WRITTEN OPTIONS
(Premiums received $46,242,214)
 
 
 
 
 
 
$(44,284,625)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
76
 

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEOS
Bitcoin High
Income ETF
(Consolidated)
 
 
NEOS
Enhanced
Income
1-3 Month
T-Bill ETF
 
 
NEOS
Enhanced
Income 20+
Year Treasury
Bond ETF
 
 
NEOS
Enhanced
Income
Aggregate
Bond ETF
 
 
NEOS
Enhanced
Income Credit
Select ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$1,073,614,403
 
 
$806,312,517
 
 
$9,513,271
 
 
$131,733,143
 
 
$196,782,203
Cash
 
 
519,435
 
 
—
 
 
—
 
 
—
 
 
—
Dividends receivable
 
 
81,325
 
 
40,846
 
 
247
 
 
3,310
 
 
32,576
Interest receivable
 
 
—
 
 
—
 
 
166,596
 
 
—
 
 
—
Receivable for investments sold
 
 
288,801,403
 
 
396,670
 
 
6,577
 
 
103,587
 
 
155,948
Receivable for fund shares sold
 
 
—
 
 
—
 
 
921,570
 
 
​475,186
 
 
2,513,750
Deposit at broker for option contracts
 
 
—
 
 
—
 
 
—
 
 
174
 
 
—
Total assets
 
 
1,363,016,566
 
 
806,750,033
 
 
10,608,261
 
 
​132,315,400
 
 
199,484,477
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Written option contracts, at
value
 
 
79,826,000
 
 
393,352
 
 
6,640
 
 
104,580
 
 
157,700
Payable for investments
purchased
 
 
294,825,165
 
 
275,098
 
 
921,446
 
 
​534,502
 
 
2,467,414
Payable to Adviser
 
 
760,127
 
 
247,784
 
 
4,235
 
 
58,347
 
 
96,272
Total liabilities
 
 
375,411,292
 
 
916,234
 
 
932,321
 
 
​697,429
 
 
2,721,386
NET ASSETS
 
 
$987,605,274
 
 
$805,833,799
 
 
$9,675,940
 
 
$131,617,971
 
 
$196,763,091
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$1,183,569,141
 
 
$805,666,059
 
 
$9,924,697
 
 
$130,880,217
 
 
$200,388,185
Total distributable earnings/ (accumulated losses)
 
 
​(195,963,867)
 
 
167,740
 
 
(248,757)
 
 
737,754
 
 
​(3,625,094)
Total net assets
 
 
$987,605,274
 
 
$805,833,799
 
 
$9,675,940
 
 
$131,617,971
 
 
$196,763,091
Net assets
 
 
$987,605,274
 
 
$805,833,799
 
 
$9,675,940
 
 
$131,617,971
 
 
$196,763,091
Shares issued and outstanding(a)
 
 
22,460,000
 
 
16,210,000
 
 
210,000
 
 
2,770,000
 
 
3,913,997
Net asset value per share
 
 
$43.97
 
 
$49.71
 
 
$46.08
 
 
$47.52
 
 
$50.27
Cost:
 
 
 
 
 
 
 
 
 
 
Investments, at cost
 
 
$1,109,170,337
 
 
$806,132,887
 
 
$9,759,747
 
 
$131,009,032
 
 
$195,904,113
Proceeds:
 
 
 
 
 
 
 
 
 
 
Written options premium received
 
 
$79,131,621
 
 
$360,020
 
 
$6,069
 
 
$95,588
 
 
$144,141
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Unlimited shares authorized.
The accompanying notes are an integral part of these financial statements.
 
77
 

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEOS
Ethereum
High Income
ETF
(Consolidated)
 
 
NEOS
Gold High
Income ETF
(Consolidated)
 
 
NEOS
Long/Short
Equity Income
ETF
 
 
NEOS
MLP & Energy
Infrastructure
High Income
ETF
 
 
NEOS
MSCI EAFE
High Income
ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$12,365,374
 
 
$267,466,237
 
 
$7,568,434
 
 
$33,944,495
 
 
$45,471,077
Cash
 
 
—
 
 
—
 
 
—
 
 
—
 
 
11,235
Dividends receivable
 
 
515
 
 
8,632
 
 
3,967
 
 
7,309
 
 
1,176
Receivable for investments sold
 
 
1,946,179
 
 
33,587,358
 
 
3,288
 
 
90,449
 
 
279,171
Receivable for fund shares sold
 
 
2,451,760
 
 
—
 
 
—
 
 
​10,037,249
 
 
—
Dividend tax reclaims receivable
 
 
—
 
 
—
 
 
—
 
 
2,264
 
 
—
Deposit at broker for securities sold short
 
 
—
 
 
—
 
 
927,089
 
 
—
 
 
—
Deposit at broker for option contracts
 
 
—
 
 
​438
 
 
—
 
 
83,468
 
 
—
Total assets
 
 
16,763,828
 
 
​301,062,665
 
 
8,502,778
 
 
​44,165,234
 
 
​45,762,659
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Securities sold short, at value
 
 
—
 
 
—
 
 
2,865,403
 
 
—
 
 
—
Written option contracts, at
value
 
 
1,660,181
 
 
11,006,937
 
 
3,320
 
 
94,820
 
 
270,480
Payable for investments
purchased
 
 
2,373,672
 
 
​13,571,754
 
 
1,992
 
 
​10,077,418
 
 
419,822
Payable to Adviser
 
 
4,363
 
 
160,900
 
 
1,708
 
 
1,297
 
 
16,470
Payable for dividends on securities sold short
 
 
—
 
 
—
 
 
4,839
 
 
—
 
 
—
Total liabilities
 
 
4,038,216
 
 
​24,739,591
 
 
2,877,262
 
 
​10,173,535
 
 
706,772
NET ASSETS
 
 
$12,725,612
 
 
$276,323,074
 
 
$5,625,516
 
 
$33,991,699
 
 
$45,055,887
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$12,724,042
 
 
$261,745,628
 
 
$5,584,796
 
 
$33,990,158
 
 
$44,769,210
Total distributable earnings/ (accumulated losses)
 
 
1,570
 
 
14,577,446
 
 
40,720
 
 
1,541
 
 
​286,677
Total net assets
 
 
$12,725,612
 
 
$276,323,074
 
 
$5,625,516
 
 
$33,991,699
 
 
$45,055,887
Net assets
 
 
$12,725,612
 
 
$276,323,074
 
 
$5,625,516
 
 
$33,991,699
 
 
$45,055,887
Shares issued and outstanding(a)
 
 
260,000
 
 
4,950,000
 
 
110,000
 
 
680,000
 
 
890,000
Net asset value per share
 
 
$48.94
 
 
$55.82
 
 
$51.14
 
 
$49.99
 
 
$50.62
Cost:
 
 
 
 
 
 
 
 
 
 
Investments, at cost
 
 
$12,385,158
 
 
$260,011,849
 
 
$7,535,163
 
 
$33,931,968
 
 
$45,146,908
Proceeds:
 
 
 
 
 
 
 
 
 
 
Securities sold short
 
 
$—
 
 
$—
 
 
$2,872,902
 
 
$—
 
 
$—
Written options premium received
 
 
$1,660,790
 
 
$10,997,746
 
 
$3,035
 
 
$90,449
 
 
$279,171
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Unlimited shares authorized.
The accompanying notes are an integral part of these financial statements.
 
78
 

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEOS
Nasdaq-100®
Hedged Equity
Income ETF
 
 
NEOS
Nasdaq-100®
High Income
ETF
 
 
NEOS
Real Estate
High Income
ETF
 
 
NEOS
Russell 2000®
High Income
ETF
 
 
NEOS
S&P 500®
Hedged Equity
Income ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$355,349,793
 
 
$7,444,752,139
 
 
$176,373,553
 
 
$452,064,696
 
 
$18,261,859
Dividends receivable
 
 
110,996
 
 
2,188,967
 
 
680,982
 
 
10,341
 
 
9,904
Receivable for investments sold
 
 
6,482,854
 
 
65,346,874
 
 
1,492,081
 
 
5,240,589
 
 
155,479
Receivable for fund shares sold
 
 
—
 
 
18,842,005
 
 
—
 
 
—
 
 
—
Dividend tax reclaims receivable
 
 
—
 
 
9,111
 
 
—
 
 
—
 
 
107
Total assets
 
 
361,943,643
 
 
7,531,139,096
 
 
178,546,616
 
 
457,315,626
 
 
18,427,349
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Written option contracts, at
value
 
 
5,545,885
 
 
63,639,940
 
 
1,506,290
 
 
3,980,760
 
 
139,740
Payable for investments
purchased
 
 
4,380,018
 
 
25,700,151
 
 
83,115
 
 
647,247
 
 
102,568
Payable to Adviser
 
 
203,953
 
 
4,062,557
 
 
95,136
 
 
217,737
 
 
10,539
Payable for capital shares redeemed
 
 
—
 
 
—
 
 
—
 
 
1,460,130
 
 
—
Due to broker
 
 
—
 
 
—
 
 
14
 
 
—
 
 
—
Total liabilities
 
 
10,129,856
 
 
93,402,648
 
 
1,684,555
 
 
6,305,874
 
 
252,847
NET ASSETS
 
 
$351,813,787
 
 
$7,437,736,448
 
 
$176,862,061
 
 
$451,009,752
 
 
$18,174,502
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$416,890,044
 
 
$6,912,609,449
 
 
$​179,878,211
 
 
$425,333,996
 
 
$17,455,867
Total distributable earnings/(accumulated losses)
 
 
​(65,076,257)
 
 
​525,126,999
 
 
​(3,016,150)
 
 
​25,675,756
 
 
​718,635
Total net assets
 
 
$351,813,787
 
 
$7,437,736,448
 
 
$176,862,061
 
 
$451,009,752
 
 
$18,174,502
Net assets
 
 
$351,813,787
 
 
$7,437,736,448
 
 
$176,862,061
 
 
$451,009,752
 
 
$18,174,502
Shares issued and outstanding(a)
 
 
6,494,981
 
 
138,140,000
 
 
3,640,000
 
 
9,270,000
 
 
330,000
Net asset value per share
 
 
$54.17
 
 
$53.84
 
 
$48.59
 
 
$48.65
 
 
$55.07
Cost:
 
 
 
 
 
 
 
 
 
 
Investments, at cost
 
 
$215,323,091
 
 
$6,828,514,838
 
 
$179,017,516
 
 
$424,878,925
 
 
$17,400,448
Proceeds:
 
 
 
 
 
 
 
 
 
 
Written options premium received
 
 
$5,612,679
 
 
$65,346,874
 
 
$1,492,080
 
 
$3,786,304
 
 
$146,093
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Unlimited shares authorized.
The accompanying notes are an integral part of these financial statements.
 
79
 

TABLE OF CONTENTS

STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2025(Continued)
 
 
 
 
 
 
 
NEOS S&P 500®
High Income ETF
ASSETS:
 
 
Investments, at value
 
 
$6,904,137,828
Dividends receivable
 
 
3,618,921
Receivable for investments sold
 
 
46,242,215
Receivable for fund shares sold
 
 
​18,892,476
Dividend tax reclaims receivable
 
 
38,979
Total assets
 
 
​6,972,930,419
LIABILITIES:
 
 
Written option contracts, at value
 
 
44,284,625
Payable for investments purchased
 
 
​25,510,299
Payable to Adviser
 
 
3,795,325
Total liabilities
 
 
​73,590,249
NET ASSETS
 
 
$6,899,340,170
Net Assets Consists of:
 
 
Paid-in capital
 
 
$6,061,295,439
Total distributable earnings
 
 
​838,044,731
Total net assets
 
 
$6,899,340,170
Net assets
 
 
$6,899,340,170
Shares issued and outstanding(a)
 
 
131,440,000
Net asset value per share
 
 
$52.49
Cost:
 
 
Investments, at cost
 
 
$5,909,114,472
Proceeds:
 
 
Written options premium received
 
 
$46,242,214
 
 
 
 
(a)
Unlimited shares authorized.
The accompanying notes are an integral part of these financial statements.
 
80
 

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEOS
Bitcoin High
Income ETF
(Consolidated)
for the Period
Ended
December 31,
2025(a)
 
 
NEOS
Bitcoin High
Income ETF
(Consolidated)
for the Period
Ended
10/17/24 to
5/31/25
 
 
NEOS
Enhanced
Income
1-3 Month
T-Bill ETF
for the Period
Ended
December 31,
2025(a)
 
 
NEOS
Enhanced
Income
1-3 Month
T-Bill ETF
for the Year
Ended
5/31/25
 
 
NEOS
Enhanced
Income 20+
Year Treasury
Bond ETF
for the Period
Ended
December 31,
2025(a)
 
 
NEOS
Enhanced
Income 20+
Year Treasury
Bond ETF
for the Period
Ended
12/11/24 to
5/31/25
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$790,325
 
 
$—
 
 
$354,332
 
 
$—
 
 
$1,611
 
 
$—
Interest income
 
 
12,182,039
 
 
1,867,475
 
 
14,982,134
 
 
23,544,747
 
 
146,664
 
 
39,383
Total investment income
 
 
12,972,364
 
 
1,867,475
 
 
15,336,466
 
 
23,544,747
 
 
148,275
 
 
39,383
EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
3,770,737
 
 
530,609
 
 
1,416,744
 
 
1,890,743
 
 
18,177
 
 
4,839
Total expenses
 
 
3,770,737
 
 
530,609
 
 
1,416,744
 
 
1,890,743
 
 
18,177
 
 
4,839
Expense waiver
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Net expenses
 
 
3,770,737
 
 
530,609
 
 
1,416,744
 
 
1,890,743
 
 
18,177
 
 
4,839
Net investment income
 
 
9,201,627
 
 
1,336,866
 
 
13,919,722
 
 
21,654,004
 
 
130,098
 
 
34,544
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
 
 
Investments
 
 
(92,632,136)
 
 
(1,497,201)
 
 
(6,738,473)
 
 
(9,850,226)
 
 
(64,493)
 
 
(23,372)
In-kind redemptions
 
 
—
 
 
—
 
 
—
 
 
1,178
 
 
—
 
 
—
Written option contracts expired or closed
 
 
(20,745,912)
 
 
2,792,097
 
 
11,349,904
 
 
14,058,761
 
 
119,156
 
 
23,600
Net realized gain (loss)
 
 
(113,378,048)
 
 
1,294,896
 
 
4,611,431
 
 
4,209,713
 
 
54,663
 
 
228
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
 
 
Investments
 
 
(46,646,293)
 
 
11,090,359
 
 
169,005
 
 
(52,560)
 
 
(91,300)
 
 
(155,176)
Written option contracts
 
 
(9,316,586)
 
 
8,622,207
 
 
(138,720)
 
 
(30,022)
 
 
(1,253)
 
 
682
Net change in unrealized appreciation (depreciation)
 
 
(55,962,879)
 
 
19,712,566
 
 
30,285
 
 
(82,582)
 
 
(92,553)
 
 
(154,494)
Net realized and unrealized gain (loss)
 
 
(169,340,927)
 
 
21,007,462
 
 
4,641,716
 
 
4,127,131
 
 
(37,890)
 
 
(154,266)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$(160,139,300)
 
 
$ 22,344,328
 
 
$ 18,561,438
 
 
$ 25,781,135
 
 
$92,208
 
 
$(119,722 )
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
81
 

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEOS
Enhanced
Income
Aggregate
Bond ETF
for the Period
Ended
December 31,
2025(a)
 
 
NEOS
Enhanced
Income
Aggregate
Bond ETF
for the Year
Ended
5/31/25
 
 
NEOS
Enhanced
Income Credit
Select ETF
for the Period
Ended
December 31,
2025(a)
 
 
NEOS
Enhanced
Income Credit
Select ETF
for the Period
9/1/24 to
5/31/25(b)
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
Dividend income
 
 
$2,789,916
 
 
$1,831,888
 
 
$6,949,981
 
 
$5,933,188
Interest income
 
 
—
 
 
13,296
 
 
85,703
 
 
1,019,562
Total investment income
 
 
2,789,916
 
 
1,845,184
 
 
7,035,684
 
 
6,952,750
EXPENSES:
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
360,573
 
 
293,158
 
 
590,648
 
 
662,877
Distribution fees
 
 
—
 
 
—
 
 
—
 
 
203
Fund administration and accounting fees
 
 
—
 
 
—
 
 
—
 
 
14,947
Transfer agent fees
 
 
—
 
 
—
 
 
—
 
 
1,500
Custodian fees
 
 
—
 
 
—
 
 
—
 
 
790
Legal fees
 
 
—
 
 
—
 
 
—
 
 
7,455
Audit and tax services fees
 
 
—
 
 
—
 
 
—
 
 
19,400
Shareholder reporting fees
 
 
—
 
 
—
 
 
—
 
 
3,916
Trustees’ fees
 
 
—
 
 
—
 
 
—
 
 
5,026
Registration and filing fees
 
 
—
 
 
—
 
 
—
 
 
7,780
Other expenses
 
 
—
 
 
—
 
 
—
 
 
31,788
Total expenses
 
 
360,573
 
 
293,158
 
 
590,648
 
 
755,682
Expense waiver
 
 
(19,903)
 
 
(15,091)
 
 
(32,680)
 
 
(59,991)
Net expenses
 
 
340,670
 
 
278,067
 
 
557,968
 
 
695,691
Net investment income
 
 
2,449,246
 
 
1,567,117
 
 
6,477,716
 
 
6,257,059
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
Investments
 
 
(1,380,358)
 
 
(1,501,847)
 
 
(1,444,083)
 
 
(5,116,743)
In-kind redemptions
 
 
—
 
 
16,036
 
 
117,915
 
 
44,889
Written option contracts expired or closed
 
 
2,644,844
 
 
1,800,018
 
 
3,912,394
 
 
3,189,903
Net realized gain (loss)
 
 
1,264,486
 
 
314,207
 
 
2,586,226
 
 
(1,881,951)
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
Investments
 
 
1,637,766
 
 
(756,513)
 
 
(365,938)
 
 
(2,071,109)
Written option contracts
 
 
(41,744)
 
 
27,737
 
 
(66,781)
 
 
53,222
Net change in unrealized appreciation (depreciation)
 
 
1,596,022
 
 
(728,776)
 
 
(432,719)
 
 
(2,017,887)
Net realized and unrealized gain(loss)
 
 
2,860,508
 
 
(414,569)
 
 
2,153,507
 
 
(3,899,838)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$5,309,754
 
 
$1,152,548
 
 
$8,631,223
 
 
$2,357,221
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.
(b)
The Fund acquired all the assets and liabilities of the WSTCM Credit Select Risk-Managed Fund, a mutual fund series of WST Investment Trust, (the “Predecessor Fund”) in a reorganization on September 27, 2024. The Predecessor Fund’s performance and financial history have been adopted by the Fund and will be used going forward. As a result, the information prior to September 27, 2024, reflects that of the Predecessor Fund inclusive of expense limitations. The Fund had a change in fiscal year end from August 31 to May 31 as a result of the reorganization (see Note 11).
The accompanying notes are an integral part of these financial statements.
 
82
 

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEOS
Ethereum
High Income
ETF
(Consolidated)
for the Period
Ended
December 31,
2025(a)
 
 
NEOS
Gold High
Income ETF
(Consolidated)
for the Period
Ended
December 31,
2025(b)
 
 
NEOS
Long/Short
Equity Income
ETF for the
Period Ended
December 31,
2025(c)
 
 
NEOS
MLP & Energy
Infrastructure
High Income
ETF for the
Period Ended
December 31,
2025(d)
 
 
NEOS
MSCI EAFE
High Income
ETF for the
Period Ended
December 31,
2025(e)
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$515
 
 
$91,348
 
 
$3,535
 
 
$22,759
 
 
$663,849
Dividend withholding taxes
 
 
—
 
 
—
 
 
—
 
 
(3,402)
 
 
—
Interest income.
 
 
12,993
 
 
1,753,236
 
 
1,269
 
 
—
 
 
—
Total investment income
 
 
13,508
 
 
1,844,584
 
 
4,804
 
 
19,357
 
 
663,849
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
4,363
 
 
485,874
 
 
1,708
 
 
1,297
 
 
36,790
Borrowing expense on securities sold short
 
 
—
 
 
—
 
 
3,067
 
 
—
 
 
—
Dividends on securities sold short
 
 
—
 
 
—
 
 
4,960
 
 
—
 
 
—
Total expenses
 
 
4,363
 
 
485,874
 
 
9,735
 
 
1,297
 
 
36,790
Expense waiver
 
 
—
 
 
—
 
 
—
 
 
—
 
 
(3,856)
Net expenses
 
 
4,363
 
 
485,874
 
 
9,735
 
 
1,297
 
 
32,934
Net investment income/(loss)
 
 
9,145
 
 
1,358,710
 
 
(4,931)
 
 
18,060
 
 
630,915
REALIZED AND UNREALIZED GAIN(LOSS)
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
(279,906)
 
 
16,929,912
 
 
15,635
 
 
25
 
 
(3,054)
In-kind redemptions
 
 
—
 
 
—
 
 
—
 
 
—
 
 
47,647
Written option contracts expired or closed
 
 
352,186
 
 
(2,165,651)
 
 
3,998
 
 
(6,605)
 
 
83,121
Foreign currency transactions
 
 
—
 
 
—
 
 
—
 
 
(126)
 
 
—
Net realized gain (loss)
 
 
72,280
 
 
14,764,261
 
 
19,633
 
 
(6,706)
 
 
127,714
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
(19,784)
 
 
7,454,388
 
 
33,271
 
 
12,527
 
 
324,169
Written option contracts
 
 
609
 
 
(9,191)
 
 
(285)
 
 
(4,371)
 
 
8,691
Securities sold short
 
 
—
 
 
—
 
 
7,499
 
 
—
 
 
—
Foreign currency translation
 
 
—
 
 
—
 
 
—
 
 
(35)
 
 
—
Net change in unrealized appreciation (depreciation)
 
 
(19,175)
 
 
7,445,197
 
 
40,485
 
 
8,121
 
 
332,860
Net realized and unrealized gain (loss)
 
 
53,105
 
 
22,209,458
 
 
60,118
 
 
1,415
 
 
460,574
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$62,250
 
 
$ 23,568,168
 
 
$ 55,187
 
 
$19,475
 
 
$ 1,091,489
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was December 3, 2025.
(b)
Inception date of the Fund was June 5, 2025.
(c)
Inception date of the Fund was December 10, 2025.
(d)
Inception date of the Fund was December 18, 2025.
(e)
Inception date of the Fund was September 17, 2025.
The accompanying notes are an integral part of these financial statements.
 
83
 

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEOS
Nasdaq-100®
Hedged
Equity Income
ETF for the
Period Ended
December 31,
2025(a)
 
 
NEOS
Nasdaq-100®
Hedged
Equity Income
ETF for the
Period 9/1/24
to 5/31/25(b)
 
 
NEOS
Nasdaq-100®
High Income
ETF for the
Period Ended
December 31,
2025(a)
 
 
NEOS
Nasdaq-100®
High Income
ETF for the
Year Ended
5/31/25
 
 
NEOS
Real Estate
High Income
ETF for the
Period Ended
December 31,
2025(a)
 
 
NEOS
Real Estate
High Income
ETF for the
Period Ended
1/15/25 to
5/31/25
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$1,440,113
 
 
$1,883,808
 
 
$20,212,323
 
 
$5,951,524
 
 
$2,478,812
 
 
$250,212
Dividend withholding taxes
 
 
(4,563)
 
 
(3,918)
 
 
(69,249)
 
 
(10,749)
 
 
—
 
 
—
Interest income
 
 
—
 
 
133,358
 
 
—
 
 
428,509
 
 
—
 
 
5,687
Total investment income
 
 
1,435,550
 
 
2,013,248
 
 
20,143,074
 
 
6,369,284
 
 
2,478,812
 
 
255,899
EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
1,345,146
 
 
1,621,505
 
 
18,477,748
 
 
4,980,272
 
 
438,133
 
 
63,298
Total expenses
 
 
1,345,146
 
 
1,621,505
 
 
18,477,748
 
 
4,980,272
 
 
438,133
 
 
63,298
Net investment income
 
 
90,404
 
 
391,743
 
 
1,665,326
 
 
1,389,012
 
 
2,040,679
 
 
192,601
REALIZED AND UNREALIZED GAIN
(LOSS)
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
 
 
Investments.
 
 
(9,906,756)
 
 
(21,863,444)
 
 
(35,720,491)
 
 
(9,575,737)
 
 
(62,443)
 
 
7,416
In-kind redemptions
 
 
241,089
 
 
28,922,130
 
 
163,999,030
 
 
4,890,043
 
 
70,863
 
 
—
Written option contracts expired or closed
 
 
735,111
 
 
11,043,165
 
 
​(45,186,839)
 
 
(3,616,721)
 
 
​3,452,913
 
 
533,404
Net realized gain (loss)
 
 
(8,930,556)
 
 
18,101,851
 
 
83,091,700
 
 
(8,302,415)
 
 
3,461,333
 
 
540,820
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
 
 
Investments
 
 
46,381,436
 
 
10,459,467
 
 
505,273,765
 
 
105,869,653
 
 
(2,694,502)
 
 
50,539
Written option contracts
 
 
(33,666)
 
 
(1,540,969)
 
 
642,381
 
 
1,107,238
 
 
(10,558)
 
 
(3,652)
Net change in unrealized appreciation (depreciation)
 
 
46,347,770
 
 
8,918,498
 
 
505,916,146
 
 
106,976,891
 
 
(2,705,060)
 
 
46,887
Net realized and unrealized gain (loss)
 
 
37,417,214
 
 
27,020,349
 
 
589,007,846
 
 
98,674,476
 
 
756,273
 
 
587,707
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ 37,507,618
 
 
$27,412,092
 
 
$ 590,673,172
 
 
$ 100,063,488
 
 
$2,796,952
 
 
$780,308
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.
(b)
The Fund acquired all the assets and liabilities of the Nationwide Nasdaq-100® Risk-Managed Income ETF, a series of the ETF Series Solutions Trust (the “Predecessor Fund”) in a reorganization on November 11, 2024. The Predecessor Fund’s performance and financial history have been adopted by the Fund and will be used going forward. As a result, the information prior to November 11, 2024, reflects that of the Predecessor Fund. The Fund had a change in fiscal year end from August 31 to May 31 as a result of the reorganization (see Note 11).
The accompanying notes are an integral part of these financial statements.
 
84
 

TABLE OF CONTENTS

STATEMENTS OF OPERATIONS(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEOS
Russell 2000®
High Income
ETF for the
Period Ended
December 31,
2025(a)
 
 
NEOS
Russell 2000®
High Income
ETF for the
Period Ended
6/25/24 to
5/31/25
 
 
NEOS
S&P 500®
Hedged
Equity
Income
ETF for the
Period Ended
December 31,
2025(a)
 
 
NEOS
S&P 500®
Hedged
Equity
Income ETF
for the Period
Ended 4/3/25
to 5/31/25
 
 
NEOS
S&P 500®
High Income
ETF for the
Period Ended
December 31,
2025(a)
 
 
NEOS
S&P 500®
High Income
ETF for the
Year Ended
5/31/25
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$3,518,948
 
 
$1,168,976
 
 
$71,208
 
 
$2,404
 
 
$38,702,914
 
 
$33,065,583
Dividend withholding taxes
 
 
—
 
 
—
 
 
(23)
 
 
—
 
 
(16,273)
 
 
(7,985)
Interest income
 
 
—
 
 
49,448
 
 
—
 
 
131
 
 
—
 
 
999,934
Total investment income
 
 
3,518,948
 
 
1,218,424
 
 
71,185
 
 
2,535
 
 
38,686,641
 
 
34,057,532
EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
1,180,614
 
 
670,959
 
 
38,617
 
 
1,250
 
 
20,775,981
 
 
16,361,817
Total expenses
 
 
1,180,614
 
 
670,959
 
 
38,617
 
 
1,250
 
 
20,775,981
 
 
16,361,817
Expense waiver
 
 
(142,809)
 
 
(98,675)
 
 
—
 
 
—
 
 
—
 
 
—
Net expenses
 
 
1,037,805
 
 
572,284
 
 
38,617
 
 
1,250
 
 
​20,775,981
 
 
​16,361,817
Net investment income
 
 
2,481,143
 
 
646,140
 
 
32,568
 
 
1,285
 
 
17,910,660
 
 
17,695,715
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
 
 
Investments.
 
 
(763,091)
 
 
(798,850)
 
 
(312,693)
 
 
(7,859)
 
 
(27,233,540)
 
 
(16,032,934)
In-kind redemptions
 
 
3,874,997
 
 
660,572
 
 
224,016
 
 
—
 
 
90,568,840
 
 
18,100,462
Written option contracts expired or closed
 
 
2,585,992
 
 
3,588,159
 
 
​171,769
 
 
(1,635)
 
 
(51,353,247)
 
 
(10,875,989)
Net realized gain (loss)
 
 
5,697,898
 
 
3,449,881
 
 
83,092
 
 
(9,494)
 
 
11,982,053
 
 
(8,808,461)
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
 
 
Investments
 
 
38,560,584
 
 
(11,374,813)
 
 
824,128
 
 
37,283
 
 
653,164,661
 
 
214,414,457
Written option contracts
 
 
(343,001)
 
 
148,545
 
 
5,068
 
 
1,285
 
 
(1,073,354)
 
 
4,233,951
Net change in unrealized appreciation (depreciation)
 
 
38,217,583
 
 
(11,226,268)
 
 
829,196
 
 
38,568
 
 
652,091,307
 
 
218,648,408
Net realized and unrealized gain(loss)
 
 
43,915,481
 
 
(7,776,387)
 
 
912,288
 
 
29,074
 
 
664,073,360
 
 
209,839,947
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ 46,396,624
 
 
$(7,130,247 )
 
 
$944,856
 
 
$ 30,359
 
 
$681,984,020
 
 
$227,535,662
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
85
 

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS
 
 
 
 
 
 
 
 
 
 
NEOS Bitcoin High
Income ETF (Consolidated)
 
 
NEOS Enhanced Income
1-3 Month T-Bill ETF
 
 
 
Period Ended
December 31,
2025(b)
 
 
Period Ended
May 31, 2025(a)
 
 
Period Ended
December 31,
2025(b)
 
 
Year Ended May 31,
 
2025
 
 
2024
OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$9,201,627
 
 
$1,336,866
 
 
$13,919,722
 
 
$21,654,004
 
 
$12,030,939
Net realized gain (loss)
 
 
(113,378,048)
 
 
1,294,896
 
 
4,611,431
 
 
4,209,713
 
 
1,461,102
Net change in unrealized appreciation (depreciation)
 
 
(55,962,879)
 
 
19,712,566
 
 
30,285
 
 
(82,582)
 
 
192,721
Net increase (decrease) in net assets from
operations
 
 
(160,139,300)
 
 
22,344,328
 
 
18,561,438
 
 
25,781,135
 
 
13,684,762
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
 
From earnings
 
 
(61,072,056)
 
 
(2,638,033)
 
 
​(18,447,565)
 
 
(25,846,983)
 
 
​(13,553,733)
From return of capital
 
 
​(48,893,912)
 
 
(15,661,431)
 
 
​(515,401)
 
 
(1,124,971)
 
 
(1,282,823)
Total distributions to shareholders
 
 
(109,965,968)
 
 
(18,299,464)
 
 
(18,962,966)
 
 
(26,971,954)
 
 
(14,836,556)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
 
Shares sold
 
 
1,028,600,105
 
 
242,376,210
 
 
305,043,569
 
 
297,304,052
 
 
​413,865,914
Shares redeemed
 
 
(17,310,637)
 
 
—
 
 
(2,985,504)
 
 
(233,709,666)
 
 
(71,049,803)
Net increase (decrease) in net assets from capital transactions
 
 
1,011,289,468
 
 
242,376,210
 
 
302,058,065
 
 
63,594,386
 
 
342,816,111
Net increase (decrease) in net assets
 
 
741,184,200
 
 
246,421,074
 
 
301,656,537
 
 
62,403,567
 
 
341,664,317
NET ASSETS:
 
 
 
 
 
 
 
 
 
 
 
Beginning of the period
 
 
246,421,074
 
 
—
 
 
504,177,262
 
 
441,773,695
 
 
100,109,378
End of the period
 
 
$987,605,274
 
 
$246,421,074
 
 
$805,833,799
 
 
$504,177,262
 
 
$441,773,695
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
 
Shares sold
 
 
18,620,000
 
 
4,180,000
 
 
6,130,000
 
 
5,970,000
 
 
​8,290,000
Shares redeemed
 
 
(340,000)
 
 
—
 
 
(60,000)
 
 
(4,700,000)
 
 
(1,420,000)
Total increase (decrease) in shares outstanding
 
 
18,280,000
 
 
4,180,000
 
 
6,070,000
 
 
1,270,000
 
 
6,870,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was October 17, 2024.
(b)
As of December 1, 2025 the Fund changed its fiscal and tax year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
86
 

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
NEOS Enhanced Income
20+ Year Treasury Bond ETF
 
 
NEOS Enhanced Income
Aggregate Bond ETF
 
 
 
Period Ended
December 31,
2025(b)
 
 
Period Ended
May 31, 2025(a)
 
 
Period Ended
December 31,
2025(b)
 
 
Year Ended May 31,
 
2025
 
 
2024
OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$130,098
 
 
$34,544
 
 
$2,449,246
 
 
$1,567,117
 
 
$156,080
Net realized gain (loss)
 
 
54,663
 
 
228
 
 
1,264,486
 
 
314,207
 
 
40,998
Net change in unrealized appreciation (depreciation)
 
 
(92,553)
 
 
(154,494)
 
 
1,596,022
 
 
(728,776)
 
 
(124,902)
Net increase (decrease) in net assets from operations
 
 
92,208
 
 
(119,722)
 
 
5,309,754
 
 
1,152,548
 
 
72,176
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
 
From earnings
 
 
(185,428 )
 
 
(35,815)
 
 
(3,622,253)
 
 
(1,928,433)
 
 
​(202,156)
From return of capital
 
 
​(19,579)
 
 
(19,685)
 
 
—
 
 
(1,049,960)
 
 
(112,364)
Total distributions to shareholders
 
 
(205,007)
 
 
(55,500)
 
 
(3,622,253)
 
 
(2,978,393)
 
 
(314,520)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
 
Shares sold
 
 
7,049,828
 
 
2,914,133
 
 
43,679,426
 
 
77,841,467
 
 
​9,497,973
Shares redeemed
 
 
​—
 
 
—
 
 
(476,214)
 
 
(476,916)
 
 
—
Net increase (decrease) in net assets from capital transactions
 
 
7,049,828
 
 
2,914,133
 
 
43,203,212
 
 
77,364,551
 
 
9,497,973
Net increase (decrease) in net assets
 
 
6,937,029
 
 
2,738,911
 
 
44,890,713
 
 
75,538,706
 
 
9,255,629
NET ASSETS:
 
 
 
 
 
 
 
 
 
 
 
Beginning of the period
 
 
2,738,911
 
 
—
 
 
86,727,258
 
 
11,188,552
 
 
1,932,923
End of the period
 
 
$9,675,940
 
 
$2,738,911
 
 
$131,617,971
 
 
$86,727,258
 
 
$11,188,552
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
 
Shares sold
 
 
150,000
 
 
60,000
 
 
920,000
 
 
1,630,000
 
 
​200,000
Shares redeemed
 
 
—
 
 
—
 
 
(10,000)
 
 
(10,000)
 
 
​—
Total increase (decrease) in shares outstanding
 
 
150,000
 
 
60,000
 
 
910,000
 
 
1,620,000
 
 
200,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was December 11, 2024.
(b)
As of December 1, 2025 the Fund changed its fiscal and tax year end to December 31 to May 31. The current period represents activity from June 1, 2025 to December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
87
 

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
NEOS Enhanced Income
Credit Select ETF
 
 
NEOS Ethereum
High Income ETF
(Consolidated)
 
 
NEOS Gold
High Income ETF
(Consolidated)
 
 
 
Period Ended
December 31,
2025(f)
 
 
Period Ended
September 1, 2024
to May 31,
2025(c)
 
 
Year Ended
August 31, 2024(e)
 
 
Period Ended
December 31, 2025(a)
 
 
Period Ended
December 31,
2025(b)(f)
OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$6,477,716
 
 
$6,257,059
 
 
$7,846,799
 
 
$9,145
 
 
$1,358,710
Net realized gain (loss)
 
 
2,586,226
 
 
(1,881,951)
 
 
698,750
 
 
72,280
 
 
14,764,261
Net change in unrealized appreciation (depreciation)
 
 
(432,719)
 
 
(2,017,887)
 
 
2,633,773
 
 
(19,175)
 
 
7,445,197
Net increase (decrease) in net assets from operations
 
 
8,631,223
 
 
2,357,221
 
 
11,179,322
 
 
62,250
 
 
23,568,168
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
 
 
From earnings
 
 
​(6,477,716)
 
 
(7,707,273)
 
 
(7,732,892)
 
 
​(60,680)
 
 
(8,990,722)
From return of capital
 
 
​(1,195,890)
 
 
(2,214,922)
 
 
—
 
 
​(193,079)
 
 
—
Total distributions to shareholders
 
 
(7,673,606)
 
 
(9,922,195)
 
 
(7,732,892)
 
 
(253,759)
 
 
(8,990,722)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
 
 
Shares sold
 
 
64,557,918
 
 
21,845,064
 
 
30,388,976
 
 
12,917,121
 
 
261,745,628
​Shares reinvested
 
 
—
 
 
1,911,324
 
 
7,516,864
 
 
—
 
 
—
Shares redeemed
 
 
(8,553,785)
 
 
(12,502,137)
 
 
(44,739,313)
 
 
—
 
 
—
Net increase (decrease) in net assets from capital transactions
 
 
56,004,133
 
 
11,254,251
 
 
(6,833,473)
 
 
12,917,121
 
 
261,745,628
Net increase (decrease) in net assets
 
 
56,961,750
 
 
3,689,277
 
 
(3,387,043)
 
 
12,725,612
 
 
276,323,074
NET ASSETS:
 
 
 
 
 
 
 
 
 
 
Beginning of the period
 
 
139,801,341
 
 
136,112,064
 
 
139,499,107
 
 
—
 
 
—
End of the period
 
 
$196,763,091
 
 
$139,801,341
 
 
$136,112,064
 
 
$12,725,612
 
 
$276,323,074
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
 
 
Shares sold
 
 
1,280,000
 
 
412,000(d)
 
 
573,020(d)
 
 
260,000
 
 
4,950,000
Shares exchanged
 
 
—
 
 
—
 
 
72,779(d)
 
 
—
 
 
—
​Shares reinvested
 
 
—
 
 
36,441(d)
 
 
142,815(d)
 
 
—
 
 
—
Shares redeemed
 
 
(170,000)
 
 
(231,221)(d)
 
 
(797,592)(d)
 
 
—
 
 
—
Total increase (decrease) in shares outstanding
 
 
1,110,000
 
 
217,220(d)
 
 
(8.978)(d)
 
 
260,000
 
 
4,950,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was December 3, 2025.
(b)
Inception date of the Fund was June 5, 2025.
(c)
The Fund acquired all of the assets and liabilities of the Predecessor Fund in a reorganization on September 27, 2024. The Predecessor Fund’s performance and financial history have been adopted by the Fund and will be used going forward. As a result, the information prior to September 27, 2024, reflects that of the Predecessor Fund inclusive of expense limitations. Prior to September 27, 2024, the Predecessor Fund operated as a traditional open-end mutual fund (see Note 11).
(d)
As described in Note 5, share amounts have been restated on a retroactive basis to reflect a 1:5 reverse stock split effective December 26, 2024.
(e)
The Predecessor Fund’s (WSTCM Credit Select Risk-Managed Fund) fiscal year end was August 31, 2024 prior to the reorganization as described further in footnote (c).
(f)
As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
88
 

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
NEOS Long/Short
Equity Income ETF
 
 
NEOS MLP & Energy
Infrastructure
High Income ETF
 
 
NEOS MSCI EAFE
High Income ETF
 
 
 
Period Ended
December 31, 2025(a)
 
 
Period Ended
December 31, 2025(b)
 
 
Period Ended
December 31, 2025(c)
OPERATIONS:
 
 
 
 
 
 
Net investment income (loss)
 
 
$(4,931)
 
 
$18,060
 
 
$630,915
Net realized gain (loss)
 
 
19,633
 
 
(6,706)
 
 
127,714
Net change in unrealized appreciation (depreciation)
 
 
40,485
 
 
8,121
 
 
332,860
Net increase (decrease) in net assets from operations
 
 
55,187
 
 
19,475
 
 
1,091,489
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
From earnings
 
 
​(14,466)
 
 
​(17,934)
 
 
(761,858)
From return of capital
 
 
(4,505)
 
 
(60,353)
 
 
—
Total distributions to shareholders
 
 
(18,971)
 
 
(78,287)
 
 
(761,858)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
Shares sold
 
 
5,589,300
 
 
34,050,511
 
 
47,726,916
Shares redeemed
 
 
—
 
 
—
 
 
(3,000,660)
Net increase (decrease) in net assets from capital
transactions
 
 
5,589,300
 
 
34,050,511
 
 
44,726,256
Net increase (decrease) in net assets
 
 
5,625,516
 
 
33,991,699
 
 
45,055,887
NET ASSETS:
 
 
 
 
 
 
Beginning of the period
 
 
—
 
 
—
 
 
—
End of the period
 
 
$5,625,516
 
 
$33,991,699
 
 
$45,055,887
SHARES TRANSACTIONS
 
 
 
 
 
 
Shares sold
 
 
110,000
 
 
680,000
 
 
950,000
Shares redeemed
 
 
—
 
 
—
 
 
(60,000)
Total increase (decrease) in shares outstanding
 
 
110,000
 
 
680,000
 
 
890,000
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was December 10, 2025.
(b)
Inception date of the Fund was December 18, 2025.
(c)
Inception date of the Fund was September 17, 2025.
The accompanying notes are an integral part of these financial statements.
 
89
 

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
NEOS Nasdaq-100®
Hedged Equity Income ETF
 
 
NEOS Nasdaq-100®
High Income ETF
 
 
 
Period Ended
December 31,
2025(c)
 
 
Period Ended
September 1, 2024
to May 31, 2025(a)
 
 
Year Ended
August 31,
2024(d)
 
 
Period Ended
December 31,
2025(c)
 
 
Year Ended May 31,
 
2025
 
 
2024(e)
OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$90,404
 
 
$391,743
 
 
$903,624
 
 
$1,665,326
 
 
$1,389,012
 
 
$78,064
Net realized gain (loss)
 
 
(8,930,556)
 
 
18,101,851
 
 
35,319,168
 
 
83,091,700
 
 
(8,302,415)
 
 
(521,125)
Net change in unrealized appreciation (depreciation)
 
 
46,347,770
 
 
8,918,498
 
 
57,079,257
 
 
505,916,146
 
 
106,976,891
 
 
5,051,198
Net increase (decrease) in net assets from operations
 
 
37,507,618
 
 
27,412,092
 
 
93,302,049
 
 
590,673,172
 
 
100,063,488
 
 
4,608,137
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
 
 
 
From earnings
 
 
(90,404)
 
 
(391,743)
 
 
(903,624)
 
 
​(1,665,326)
 
 
(3,141,848)
 
 
​(78,064)
From return of capital
 
 
​(18,191,616)
 
 
(20,264,190)
 
 
(29,598,677)
 
 
​(412,031,734)
 
 
(110,249,033)
 
 
(4,355,312)
Total distributions to shareholders
 
 
(18,282,020)
 
 
(20,655,933)
 
 
(30,502,301)
 
 
(413,697,060)
 
 
(113,390,881)
 
 
(4,433,376)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
 
 
 
Shares sold
 
 
27,198,587
 
 
3,095,511
 
 
6,433,500
 
 
6,019,014,822
 
 
1,602,338,104
 
 
​215,642,525
Shares redeemed
 
 
(540,467)
 
 
(37,883,364)
 
 
(161,498,005)
 
 
(536,589,597)
 
 
(26,492,888)
 
 
—
ETF transaction fees
(See Note 7)
 
 
—
 
 
—
 
 
—
 
 
—
 
 
​1
 
 
1
Net increase (decrease) in net assets from capital transactions
 
 
26,658,120
 
 
(34,787,853)
 
 
(155,064,505)
 
 
5,482,425,225
 
 
1,575,845,217
 
 
215,642,526
Net increase (decrease) in net
assets
 
 
45,883,718
 
 
(28,031,694)
 
 
(92,264,757)
 
 
5,659,401,337
 
 
1,562,517,824
 
 
215,817,287
NET ASSETS:
 
 
 
 
 
 
 
 
 
 
 
Beginning of the period
 
 
305,930,069
 
 
333,961,763
 
 
426,226,520
 
 
1,778,335,111
 
 
215,817,287
 
 
—
End of the period
 
 
$351,813,787
 
 
$305,930,069
 
 
$333,961,763
 
 
$7,437,736,448
 
 
$1,778,335,111
 
 
$215,817,287
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares sold
 
 
510,000
 
 
60,000(b)
 
 
125,000(b)
 
 
112,690,000
 
 
31,610,000
 
 
​4,280,000
Shares redeemed
 
 
(10,000)
 
 
(740,019)(b)
 
 
(3,475,000)(b)
 
 
(9,890,000)
 
 
(550,000)
 
 
—
Total increase (decrease) in shares outstanding
 
 
500,000
 
 
(680,019)(b)
 
 
(3,350,000)(b)
 
 
102,800,000
 
 
31,060,000
 
 
4,280,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
The Fund acquired all of the assets and liabilities of the Predecessor Fund in a reorganization on November 11, 2024. The Predecessor Fund’s performance and financial history have been adopted by the Fund and will be used going forward. As a result, the information prior to November 11, 2024, reflects that of the Predecessor Fund (see Note 11).
(b)
As described in Note 5, share amounts have been restated on a retroactive basis to reflect a 1:2 reverse stock split effective February 20, 2025.
(c)
As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.
(d)
The Predecessor Fund’s (Nationwide Nasdaq-100 Risk-Managed Income ETF) fiscal year end was August 31, 2024 prior to the reorganization as described in footnote (a).
(e)
Inception date of the Fund was January 30, 2024.
The accompanying notes are an integral part of these financial statements.
 
90
 

TABLE OF CONTENTS

STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
NEOS Real Estate
High Income ETF
 
 
NEOS Russell 2000®
High Income ETF
 
 
 
Period Ended
December 31, 2025(c)
 
 
Period Ended
May 31, 2025(a)
 
 
Period Ended
December 31, 2025(c)
 
 
Period Ended
May 31, 2025(b)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$2,040,679
 
 
$192,601
 
 
$2,481,143
 
 
$646,140
Net realized gain (loss)
 
 
​3,461,333
 
 
540,820
 
 
5,697,898
 
 
3,449,881
Net change in unrealized appreciation (depreciation)
 
 
(2,705,060)
 
 
46,887
 
 
38,217,583
 
 
(11,226,268)
Net increase (decrease) in net assets from operations
 
 
​2,796,952
 
 
780,308
 
 
46,396,624
 
 
(7,130,247)
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
​(5,759,733)
 
 
(761,721)
 
 
​(4,724,132)
 
 
(4,386,442)
From return of capital
 
 
​(1,657,308)
 
 
(483,942)
 
 
​(21,504,877)
 
 
(11,086,145)
Total distributions to shareholders
 
 
(7,417,041)
 
 
(1,245,663)
 
 
(26,229,009)
 
 
(15,472,587)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
133,665,316
 
 
48,777,779
 
 
281,714,820
 
 
213,767,286
Shares redeemed
 
 
(495,590)
 
 
—
 
 
(28,519,732)
 
 
(13,517,403)
Net increase (decrease) in net assets from capital transactions
 
 
133,169,726
 
 
48,777,779
 
 
253,195,088
 
 
200,249,883
Net increase (decrease) in net assets
 
 
​128,549,637
 
 
48,312,424
 
 
273,362,703
 
 
177,647,049
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
48,312,424
 
 
—
 
 
177,647,049
 
 
—
End of the period
 
 
$176,862,061
 
 
$48,312,424
 
 
$451,009,752
 
 
$177,647,049
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
2,680,000
 
 
970,000
 
 
5,840,000
 
 
4,330,000
Shares redeemed
 
 
(10,000)
 
 
—
 
 
(600,000)
 
 
(300,000)
Total increase (decrease) in shares outstanding
 
 
2,670,000
 
 
970,000
 
 
5,240,000
 
 
4,030,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was January 15, 2025.
(b)
Inception date of the Fund was June 25, 2024.
(c)
As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
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STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
NEOS S&P 500®
Hedged Equity Income ETF
 
 
NEOS S&P 500®
High Income ETF
 
 
 
Period Ended
December 31,
2025(b)
 
 
Period Ended
May 31, 2025(a)
 
 
Period Ended
December 31,
2025(b)
 
 
Year Ended May 31,
 
2025
 
 
2024
OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$32,568
 
 
$1,285
 
 
$17,910,660
 
 
$17,695,715
 
 
$5,121,107
Net realized gain (loss)
 
 
​83,092
 
 
(9,494)
 
 
​11,982,053
 
 
(8,808,461)
 
 
(47,359,820)
Net change in unrealized appreciation (depreciation)
 
 
829,196
 
 
38,568
 
 
652,091,307
 
 
218,648,408
 
 
125,689,111
Net increase (decrease) in net assets from operations
 
 
​944,856
 
 
30,359
 
 
​681,984,020
 
 
227,535,662
 
 
83,450,398
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
 
From earnings
 
 
(32,568)
 
 
(1,285)
 
 
​(17,910,660)
 
 
(17,695,715)
 
 
​(9,548,376)
From return of capital
 
 
​(447,436 )
 
 
(17,205)
 
 
​(361,137,471)
 
 
(285,789,094)
 
 
(62,890,517)
Total distributions to shareholders
 
 
(480,004)
 
 
(18,490)
 
 
(379,048,131)
 
 
(303,484,809)
 
 
(72,438,893)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
 
Shares sold
 
 
16,763,065
 
 
2,026,634
 
 
3,144,210,756
 
 
2,471,211,730
 
 
​1,362,850,824
Shares redeemed
 
 
​(1,091,918)
 
 
—
 
 
(244,665,544)
 
 
(82,301,293)
 
 
(15,527,100)
Net increase (decrease) in net assets from capital transactions
 
 
15,671,147
 
 
2,026,634
 
 
2,899,545,212
 
 
2,388,910,437
 
 
1,347,323,724
Net increase (decrease) in net assets
 
 
​16,135,999
 
 
2,038,503
 
 
​3,202,481,101
 
 
2,312,961,290
 
 
1,358,335,229
NET ASSETS:
 
 
 
 
 
 
 
 
 
 
 
Beginning of the period
 
 
2,038,503
 
 
—
 
 
3,696,859,069
 
 
1,383,897,779
 
 
25,562,550
End of the period
 
 
$18,174,502
 
 
$2,038,503
 
 
$6,899,340,170
 
 
$3,696,859,069
 
 
$1,383,897,779
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
 
Shares sold
 
 
310,000
 
 
40,000
 
 
60,810,000
 
 
49,120,000
 
 
​27,750,000
Shares redeemed
 
 
(20,000)
 
 
—
 
 
(4,710,000)
 
 
(1,740,000)
 
 
(320,000)
Total increase (decrease) in shares outstanding
 
 
290,000
 
 
40,000
 
 
56,100,000
 
 
47,380,000
 
 
27,430,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was April 3, 2025.
(b)
As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
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NEOS LONG/SHORT EQUITY INCOME ETF
STATEMENT OF CASH FLOWS
For the Period Ended December 31, 2025(a)
 
 
 
 
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
Net increase in net assets resulting from operations
 
 
$55,187
Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash from operating activities:
 
 
Proceeds from securities sold short
 
 
2,872,928
Proceeds from sales of investments
 
 
687,883
Premiums received on written option contracts
 
 
9,272
Return of capital on securities sold short
 
 
(26 )
​Purchases of written options to close
 
 
(2,239 )
Purchases of investments
 
 
(6,032,175 )
Purchase of short-term investment securities, net
 
 
(986,422)
Net realized (gain) loss on written option contracts expired or closed
 
 
(3,998 )
Net realized (gain) loss investments
 
 
(15,635 )
Change in unrealized (appreciation) depreciation on written option contracts
 
 
285
Change in unrealized (appreciation) depreciation on securities sold short
 
 
(7,499 )
Change in unrealized (appreciation) depreciation on investments
 
 
(33,271 )
Increase in receivable for investment securities sold
 
 
(3,288)
Increase in dividend receivable
 
 
(3,967)
Increase in payable for investments purchased
 
 
1,992
Increase in payable to adviser
 
 
1,708
Increase in dividends payable on securities sold short
 
 
4,839
Net cash used in operating activities
 
 
(3,454,426 )
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
Cash proceeds from shares sold*
 
 
4,400,486
Cash distributions paid to shareholders
 
 
(18,971 )
Cash proceeds from transaction fees
 
 
—
Net cash provided by financing activities
 
 
4,381,515
Net change in cash
 
 
$927,089
CASH AND RESTRICTED CASH:
 
 
Beginning balance
 
 
​—
Ending balance
 
 
$927,089
SUPPLEMENTAL DISCLOSURES AND NON-CASH INFORMATION:
 
 
Interest expense
 
 
$3,067
Noncash operating activities not included herein consists of investments purchased in-kind of
 
 
1,188,814
Noncash financing activities not included herein consists of shares sold in-kind of
 
 
1,188,814
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENT OF ASSETS AND LIABILITIES
 
 
Deposits at broker for securities sold short
 
 
$927,089
 
 
 
 
*
For standard in-kind capital transactions processed on days when liabilities exceed other assets the Fund will pay cash on shares sold and receive cash on shares redeemed.
(a)
Inception date of the Fund was December 10, 2025.
The accompanying notes are an integral part of these financial statements.
 
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NEOS BITCOIN HIGH INCOME ETF
CONSOLIDATED Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
December 31,
2025(h)
 
 
Period Ended
May 31, 2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$58.95
 
 
$50.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment income(b)
 
 
0.76
 
 
0.86
Net realized and unrealized gain (loss) on investments(c)
 
 
(6.80)
 
 
19.19
Total from investment operations
 
 
(6.04)
 
 
20.05
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.75)
 
 
(4.26)
Net realized gains
 
 
(4.22)
 
 
(0.33)
Return of capital
 
 
(3.97)
 
 
(6.51)
Total distributions
 
 
(8.94)
 
 
(11.10)
Net asset value, end of period
 
 
$43.97
 
 
$58.95
Total return(d)
 
 
−12.50%
 
 
43.24%
SUPPLEMENTAL DATA AND RATIOS:(e)
 
 
 
 
Net assets, end of period (in thousands)
 
 
$987,605
 
 
$246,421
Ratio of expenses to average net assets(f)
 
 
0.98%
 
 
0.98%
Ratio of net investment income (loss) to average net assets(f)
 
 
2.39%
 
 
2.47%
Portfolio turnover rate(d)(g)
 
 
10%
 
 
1%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was October 17, 2024.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
These ratios exclude the impact of expenses, if any, of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends of the underlying exchange traded funds in which the Fund invests.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
(h)
As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
94
 

TABLE OF CONTENTS

NEOS ENHANCED INCOME 1-3 MONTH T-BILL ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
December 31,
2025(g)
 
 
Year Ended May 31,
 
 
Period Ended
May 31, 2023(a)
 
2025
 
 
2024
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$49.72
 
 
$49.81
 
 
$50.05
 
 
$50.00
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income(b)
 
 
1.09
 
 
2.17
 
 
2.49
 
 
1.73
Net realized and unrealized gain (loss) on investments(c)
 
 
0.36
 
 
0.44
 
 
0.34
 
 
0.32
Total from investment operations
 
 
1.45
 
 
2.61
 
 
2.83
 
 
2.05
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
Net investment income
 
 
(1.10)
 
 
(2.17)
 
 
(2.61)
 
 
(1.31)
Net realized gains
 
 
(0.31)
 
 
(0.42)
 
 
(0.20)
 
 
(0.63)
Return of capital
 
 
(0.05)
 
 
(0.11)
 
 
(0.26)
 
 
(0.06)
Total distributions
 
 
(1.46)
 
 
(2.70)
 
 
(3.07)
 
 
(2.00)
Net asset value, end of period
 
 
$49.71
 
 
$49.72
 
 
$49.81
 
 
$50.05
Total return(d)
 
 
2.96%
 
 
5.39%
 
 
5.80%
 
 
4.18%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$805,834
 
 
$504,177
 
 
$441,774
 
 
$100,109
Ratio of expenses to average net assets(e)
 
 
0.38%
 
 
0.38%
 
 
0.38%
 
 
0.38%
Ratio of net investment income (loss) to average
net assets(e)
 
 
3.73%
 
 
4.35%
 
 
4.99%
 
 
4.58%
Portfolio turnover rate(d)(f)
 
 
0%
 
 
0%
 
 
0%
 
 
0%
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was August 30, 2022.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
(g)
As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
95
 

TABLE OF CONTENTS

NEOS ENHANCED INCOME 20+ YEAR TREASURY BOND ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
December 31,
2025(h)
 
 
Period Ended
May 31, 2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$45.65
 
 
$50.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment income(b)
 
 
1.14
 
 
0.92
Net realized and unrealized gain (loss) on investments(c)
 
 
0.99
 
 
(3.79)
Total from investment operations
 
 
2.13
 
 
(2.87)
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(1.18)
 
 
(0.98)
Net realized gains
 
 
(0.36)
 
 
(0.02)
Return of capital
 
 
(0.16)
 
 
(0.48)
Total distributions
 
 
(1.70)
 
 
(1.48)
Net asset value, end of period
 
 
$46.08
 
 
$45.65
Total return(d)
 
 
4.68%
 
 
−5.77%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$9,676
 
 
$2,739
Ratio of expenses to average net assets(e)
 
 
0.58%
 
 
0.58%
Ratio of net investment income (loss) to average net assets(e)
 
 
4.15%
 
 
4.14%
Portfolio turnover rate(d)(f)
 
 
0%
 
 
0%(g)
 
 
 
 
 
 
 
(a)
Inception date of the Fund was December 11, 2024.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
(g)
Amount represents less than 0.5%.
(h)
As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
96
 

TABLE OF CONTENTS

NEOS ENHANCED INCOME AGGREGATE BOND ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
December 31,
2025(h)
 
 
Year Ended May 31,
 
 
Period Ended
May 31, 2023(a)
 
2025
 
 
2024
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$46.63
 
 
$46.62
 
 
$48.32
 
 
$49.77
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income(b)
 
 
1.10
 
 
1.46
 
 
1.27
 
 
0.78
Net realized and unrealized gain (loss) on investments(c)
 
 
1.38
 
 
1.22
 
 
(0.47)
 
 
(0.40)
Total from investment operations
 
 
2.48
 
 
2.68
 
 
0.80
 
 
0.38
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
Net investment income
 
 
(1.11)
 
 
(1.78)
 
 
(1.46)
 
 
(0.72)
Net realized gains
 
 
(0.48)
 
 
(0.21)
 
 
(0.24)
 
 
(0.73)
Return of capital
 
 
—
 
 
(0.68)
 
 
(0.80)
 
 
(0.38)
Total distributions
 
 
(1.59)
 
 
(2.67)
 
 
(2.50)
 
 
(1.83)
Net asset value, end of period
 
 
$47.52
 
 
$46.63
 
 
$46.62
 
 
$48.32
Total return(d)
 
 
5.37%
 
 
5.85%
 
 
1.74%
 
 
0.85%
SUPPLEMENTAL DATA AND RATIOS:(e)
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$131,618
 
 
$86,727
 
 
$11,189
 
 
$1,933
Ratio of expenses to average net assets:
 
 
 
 
 
 
 
 
Before expense waivers(f)
 
 
0.58%
 
 
0.58%
 
 
0.58%
 
 
0.58%
After expense waivers(f)
 
 
0.55%
 
 
0.55%
 
 
0.55%
 
 
0.55%
Ratio of net investment income (loss) to average
net assets(f)
 
 
3.94%
 
 
3.10%
 
 
2.71%
 
 
2.14%
Portfolio turnover rate(d)(g)
 
 
0%
 
 
1%
 
 
1%
 
 
0%
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was August 30, 2022.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
These ratios exclude the impact of expenses, if any, of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends of the underlying exchange traded funds in which the Fund invests.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
(h)
As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
97
 

TABLE OF CONTENTS

NEOS ENHANCED INCOME CREDIT SELECT ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
December 31,
2025(i)
 
 
Period
September 1,
2024 to May 31,
2025(e)
 
 
Year Ended August 31,
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:(f)
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$49.86
 
 
$52.60
 
 
$51.35
 
 
$52.25
 
 
$55.05
 
 
$52.95
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
2.11
 
 
2.33
 
 
2.85
 
 
2.25
 
 
0.65
 
 
1.60
Net realized and unrealized gain (loss) on investments(b)
 
 
0.76
 
 
(1.36)
 
 
1.30
 
 
(1.30)
 
 
(2.00)
 
 
1.80
Total from investment operations
 
 
2.87
 
 
0.97
 
 
4.15
 
 
0.95
 
 
(1.35)
 
 
3.40
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(2.08)
 
 
(2.91)
 
 
(2.90)
 
 
(1.85)
 
 
(1.45)
 
 
(1.30)
Return of capital
 
 
(0.38)
 
 
(0.80)
 
 
—
 
 
—
 
 
—
 
 
—
Total distributions
 
 
(2.46)
 
 
(3.71)
 
 
(2.90)
 
 
(1.85)
 
 
(1.45)
 
 
(1.30)
Net asset value, end of period
 
 
$50.27
 
 
$49.86
 
 
$52.60
 
 
$51.35
 
 
$52.25
 
 
$55.05
Total return(h)
 
 
5.86%
 
 
1.89%
 
 
8.32%
 
 
1.86%
 
 
−2.49%
 
 
6.47%
SUPPLEMENTAL DATA AND RATIOS:(c)
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$196,763
 
 
$139,801
 
 
$136,112
 
 
$133,238
 
 
$114,457
 
 
$62,659
Ratio of expenses to average net assets:
 
 
 
 
 
 
 
 
 
 
 
 
Before waivers(g)
 
 
0.65%
 
 
0.73%
 
 
0.91%
 
 
0.89%
 
 
0.97%
 
 
1.05%
After waivers(g).
 
 
0.61%
 
 
0.68%
 
 
0.90%
 
 
0.88%
 
 
0.97%
 
 
1.05%
Ratio of net investment income (loss) to average net assets(g)
 
 
7.13%
 
 
6.08%
 
 
5.55%
 
 
4.31%
 
 
1.22%
 
 
2.99%
Portfolio turnover rate(d)(h)
 
 
82%
 
 
348%
 
 
293%
 
 
879%
 
 
837%
 
 
337%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends of the underlying exchange traded funds in which the Fund invests.
(d)
Portfolio turnover rate excludes in-kind transactions.
(e)
The Fund acquired all the assets and liabilities of the WSTCM Credit Select Risk-Managed Fund, a mutual fund series of WST Investment Trust, (the “Predecessor Fund”) in a reorganization on September 27, 2024. The Predecessor Fund’s performance and financial history, inclusive of expense limitations, has been adopted by the Fund and will be used going forward. As a result, the information prior to September 27, 2024, reflects that of the Predecessor Fund’ Institutional Shares inclusive of expense limitations.
(f)
Per share amounts have been restated on a retroactive basis to reflect a 1:5 reverse stock split effective December 26, 2024.
(g)
Annualized for periods less than one year.
(h)
Not annualized for periods less than one year.
(i)
As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
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NEOS Ethereum High Income ETF
Consolidated Financial Highlights
 
 
 
 
 
 
 
Period Ended
December 31,
2025(a)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$50.00
INVESTMENT OPERATIONS:
 
 
Net investment income(b)
 
 
0.08
Net realized and unrealized gain (loss) on investments(c)
 
 
0.27
Total from investment operations
 
 
0.35
LESS DISTRIBUTIONS FROM:
 
 
Net investment income
 
 
(0.05)
Net realized gains
 
 
(0.29)
Return of capital
 
 
(1.07)
Total distributions
 
 
(1.41)
Net asset value, end of period
 
 
$48.94
Total return(d)
 
 
0.74%
SUPPLEMENTAL DATA AND RATIOS:(e)
 
 
Net assets, end of period (in thousands)
 
 
$12,726
Ratio of expenses to average net assets(f)
 
 
0.98%
Ratio of net investment income (loss) to average net assets(f)
 
 
2.05%
Portfolio turnover rate(d)(g)
 
 
0%
 
 
 
 
(a)
Inception date of the Fund was December 3, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends of the underlying exchange traded funds in which the Fund invests.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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NEOS GOLD HIGH INCOME ETF
CONSOLIDATED Financial Highlights
 
 
 
 
 
 
 
Period Ended
December 31,
2025(a)(h)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$50.00
INVESTMENT OPERATIONS:
 
 
Net investment income(b)
 
 
0.68
Net realized and unrealized gain (loss) on investments(c)
 
 
8.99
Total from investment operations
 
 
9.67
LESS DISTRIBUTIONS FROM:
 
 
Net investment income
 
 
​(0.66)
Net realized gains
 
 
(3.19)
Total distributions
 
 
​(3.85)
Net asset value, end of period
 
 
$55.82
Total return(d)
 
 
20.15%
SUPPLEMENTAL DATA AND RATIOS:(e)
 
 
Net assets, end of period (in thousands)
 
 
$276,323
Ratio of expenses to average net assets(f)
 
 
0.78%
Ratio of net investment income (loss) to average net assets(f)
 
 
2.18%
Portfolio turnover rate(d)(g)
 
 
0%
 
 
 
 
(a)
Inception date of the Fund was June 5, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends of the underlying exchange traded funds in which the Fund invests.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
(h)
As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
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NEOS LONG/SHORT EQUITY INCOME ETF
Financial Highlights
 
 
 
 
 
 
 
Period Ended
December 31,
2025(a)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$50.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
​(0.09)
Net realized and unrealized gain (loss) on investments(c)
 
 
​1.47
Total from investment operations
 
 
1.38
LESS DISTRIBUTIONS FROM:
 
 
Net realized gains
 
 
(0.18)
Return of capital
 
 
(0.06)
Total distributions
 
 
(0.24)
Net asset value, end of period
 
 
$51.14
Total return(d)
 
 
2.75%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$5,626
Ratio of expenses to average net assets(e)
 
 
5.59%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets(e)
 
 
4.61%
Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short(e)
 
 
0.98%
Ratio of net investment income (loss) to average net assets(e)
 
 
(2.83)%
Portfolio turnover rate(d)(f)
 
 
19%
 
 
 
 
(a)
Inception date of the Fund was December 10, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind and short sale transactions.
The accompanying notes are an integral part of these financial statements.
 
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NEOS MLP & ENERGY INFRASTRUCTURE HIGH INCOME ETF
Financial Highlights
 
 
 
 
 
 
 
Period Ended
December 31,
2025(a)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$50.00
INVESTMENT OPERATIONS:
 
 
Net investment income(b)
 
 
0.18
Net realized and unrealized gain (loss) on investments(c)
 
 
0.46
Total from investment operations
 
 
0.64
LESS DISTRIBUTIONS FROM:
 
 
Net investment income
 
 
(0.15)
Return of capital
 
 
(0.50)
Total distributions
 
 
(0.65)
Net asset value, end of period
 
 
$49.99
Total return(d)
 
 
1.28%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$33,992
Ratio of expenses to average net assets(e)
 
 
0.68%
Ratio of net investment income (loss) to average net assets(e)
 
 
9.47%
Portfolio turnover rate(d)(f)
 
 
0%(g)
 
 
 
 
(a)
Inception date of the Fund was December 18, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
(g)
Amount represents less than 0.5%.
The accompanying notes are an integral part of these financial statements.
 
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NEOS MSCI EAFE High Income ETF
Financial Highlights
 
 
 
 
 
 
 
Period Ended
December 31,
2025(a)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$50.00
INVESTMENT OPERATIONS:
 
 
Net investment income(b)
 
 
​1.70
Net realized and unrealized gain (loss) on investments(c)
 
 
​0.67
Total from investment operations
 
 
2.37
LESS DISTRIBUTIONS FROM:
 
 
Net investment income
 
 
(1.59)
Net realized gains
 
 
(0.16)
Total distributions
 
 
(1.75)
Net asset value, end of period
 
 
$50.62
Total return(d)
 
 
4.84%
SUPPLEMENTAL DATA AND RATIOS:(e)
 
 
Net assets, end of period (in thousands)
 
 
$45,056
Ratio of expenses to average net assets:
 
 
Before expense waivers(f)
 
 
0.68%
After expense waivers(f)
 
 
0.61%
Ratio of net investment income (loss) to average net assets(f)
 
 
11.66%
Portfolio turnover rate(d)(g)
 
 
0%(h)
 
 
 
 
(a)
Inception date of the Fund was September 17, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends of the underlying exchange traded funds in which the Fund invests.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
(h)
Amount represents less than 0.5%.
The accompanying notes are an integral part of these financial statements.
 
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NEOS NASDAQ-100® HEDGED EQUITY INCOME ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
December 31,
2025(h)
 
 
Period
September 1,
2024 to May 31,
2025(a)
 
 
Year Ended August 31,
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:(b)
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$51.03
 
 
$50.04
 
 
$42.52
 
 
$40.18
 
 
$57.22
 
 
$56.26
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
Net investment income(c)
 
 
0.01
 
 
0.06
 
 
0.10
 
 
0.10
 
 
0.04
 
 
0.04
Net realized and unrealized gain (loss) on investments(d)
 
 
6.03
 
 
4.26
 
 
11.04
 
 
5.34
 
 
(13.28)
 
 
5.18
Total from investment operations
 
 
6.04
 
 
4.32
 
 
11.14
 
 
5.44
 
 
(13.24)
 
 
5.22
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.01)
 
 
(0.06)
 
 
(0.12)
 
 
(0.10)
 
 
(0.04)
 
 
(0.04)
Return of capital
 
 
(2.89)
 
 
(3.27)
 
 
(3.50)
 
 
(3.00)
 
 
(3.76)
 
 
(4.22)
Total distributions
 
 
(2.90)
 
 
(3.33)
 
 
(3.62)
 
 
(3.10)
 
 
(3.80)
 
 
(4.26)
Net asset value, end of period
 
 
$54.17
 
 
$51.03
 
 
$50.04
 
 
$42.52
 
 
$40.18
 
 
$57.22
Total return(e)
 
 
12.03%
 
 
8.84%
 
 
27.26%
 
 
14.42%
 
 
−24.09%
 
 
9.61%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
Net assets, end of period
(in thousands)
 
 
$351,814
 
 
$305,930
 
 
$333,962
 
 
$426,227
 
 
$581,640
 
 
$582,300
Ratio of expenses to average
net assets(f)
 
 
0.68%
 
 
0.68%
 
 
0.68%
 
 
0.68%
 
 
0.68%
 
 
0.68%
Ratio of net investment income (loss) to average net assets(f)
 
 
0.05%
 
 
0.16%
 
 
0.23%
 
 
0.24%
 
 
0.10%
 
 
0.07%
Portfolio turnover rate(e)(g)
 
 
6%
 
 
18%
 
 
8%
 
 
34%
 
 
24%
 
 
10%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
The Fund acquired all the assets and liabilities of the Nationwide Nasdaq-100® Risk-Managed Income ETF, a series of the ETF Series Solutions (the “Predecessor Fund”) in a reorganization on November 11, 2024. The Predecessor Fund’s performance and financial history have been adopted by the Fund and will be used going forward. As a result, the information prior to November 11, 2024, reflects that of the Predecessor Fund. Prior to reorganization the Fund had an August 31 fiscal year end.
(b)
Per share amounts have been restated on a retroactive basis to reflect a 1:2 reverse stock split effective February 20, 2025.
(c)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(d)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
(h)
As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
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NEOS NASDAQ-100® HIGH INCOME ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
December 31,
2025(h)
 
 
Year Ended
May 31, 2025
 
 
Period Ended
May 31, 2024(a)
PER SHARE DATA:
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$50.32
 
 
$50.42
 
 
$50.00
INVESTMENT OPERATIONS:
 
 
 
 
 
 
Net investment income(b)
 
 
0.02
 
 
0.10
 
 
0.05
Net realized and unrealized gain (loss) on investments(c)
 
 
7.95
 
 
7.12
 
 
2.77
Total from investment operations
 
 
7.97
 
 
7.22
 
 
2.82
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
Net investment income
 
 
(0.02)
 
 
(0.16)
 
 
—
Net realized gains
 
 
—
 
 
(0.11)
 
 
(0.04)
Return of capital
 
 
(4.43)
 
 
(7.05)
 
 
(2.36)
Total distributions
 
 
(4.45)
 
 
(7.32)
 
 
(2.40)
ETF transaction fees per share
 
 
—
 
 
—
 
 
0.00(d)
Net asset value, end of period
 
 
$53.84
 
 
$50.32
 
 
$50.42
Total return(e)
 
 
16.27%
 
 
15.18%
 
 
5.78%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$7,437,736
 
 
$1,778,335
 
 
$215,817
Ratio of expenses to average net assets(f)
 
 
0.68%
 
 
0.68%
 
 
0.68%
Ratio of net investment income (loss) to average net assets(f)
 
 
0.06%
 
 
0.19%
 
 
0.30%
Portfolio turnover rate(e)(g)
 
 
8%
 
 
22%
 
 
3%
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was January 30, 2024.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Amount represents less than $0.005 per share.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
(h)
As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

NEOS REAL ESTATE HIGH INCOME ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
December 31,
2025(g)
 
 
Period Ended
May 31, 2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$49.81
 
 
$50.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment income(b)
 
 
0.92
 
 
0.39
Net realized and unrealized gain (loss) on investments(c)
 
 
1.07
 
 
1.91
Total from investment operations
 
 
1.99
 
 
2.30
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.92)
 
 
(0.89)
Net realized gains
 
 
(1.57)
 
 
(0.63)
Return of capital
 
 
(0.72)
 
 
(0.97)
Total distributions
 
 
(3.21)
 
 
(2.49)
Net asset value, end of period
 
 
$48.59
 
 
$49.81
Total return(d)
 
 
4.00%
 
 
4.66%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$176,862
 
 
$48,312
Ratio of expenses to average net assets(e)
 
 
0.68%
 
 
0.68%
Ratio of net investment income (loss) to average net assets(e)
 
 
3.17%
 
 
2.07%
Portfolio turnover rate(d)(f)
 
 
1%
 
 
2%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was January 15, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
(g)
As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
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NEOS RUSSELL 2000® HIGH INCOME ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
December 31,
2025(h)
 
 
Period Ended
May 31, 2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$44.08
 
 
$50.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment income(b)
 
 
0.40
 
 
0.29
Net realized and unrealized gain (loss) on investments(c)
 
 
8.20
 
 
0.90
Total from investment operations
 
 
8.60
 
 
1.19
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.42)
 
 
(2.44)
Net realized gains
 
 
(0.31)
 
 
(1.00)
Return of capital
 
 
(3.30)
 
 
(3.67)
Total distributions
 
 
(4.03)
 
 
(7.11)
Net asset value, end of period
 
 
$48.65
 
 
$44.08
Total return(d)
 
 
20.07%
 
 
2.04%
SUPPLEMENTAL DATA AND RATIOS:(e)
 
 
 
 
Net assets, end of period (in thousands)
 
 
$451,010
 
 
$177,647
Ratio of expenses to average net assets:
 
 
 
 
Before expense waiversr(f)
 
 
0.68%
 
 
0.68%
After expense waivers(f)
 
 
0.60%
 
 
0.58%
Ratio of net investment income (loss) to average net assets(f)
 
 
1.43%
 
 
0.65%
Portfolio turnover rate(d)(g)
 
 
0%
 
 
2%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was June 25, 2024.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends of the underlying exchange traded funds in which the Fund invests..
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
(h)
As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
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NEOS S&P 500® HEDGED EQUITY INCOME ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
Period Ended
December 31,
2025(h)
 
 
Period Ended
May 31, 2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$50.96
 
 
$50.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment income(b)
 
 
0.18
 
 
0.06
Net realized and unrealized gain (loss) on investments(c)
 
 
6.39
 
 
1.49
Total from investment operations
 
 
6.57
 
 
1.55
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.16)
 
 
(0.04)
Return of capital
 
 
(2.30)
 
 
(0.55)
Total distributions
 
 
(2.46)
 
 
(0.59)
Net asset value, end of period
 
 
$55.07
 
 
$50.96
Total return(d)
 
 
13.10%
 
 
3.15%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$18,175
 
 
$2,039
Ratio of expenses to average net assets(e)
 
 
0.68%
 
 
0.68%
Ratio of net investment income (loss) to average net assets(e)
 
 
0.59%
 
 
0.70%
Portfolio turnover rate(d)(f)
 
 
1%
 
 
0%(g)
 
 
 
 
 
 
 
(a)
Inception date of the Fund was April 3, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
(g)
Amount represents less than 0.5%.
(h)
As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
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NEOS S&P 500® HIGH INCOME ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
 
 
 
 
Period Ended
December 31,
2025(g)
 
 
Year Ended May 31,
 
 
Period Ended
May 31, 2023(a)
 
2025
 
 
2024
 
PER SHARE DATA:
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$49.07
 
 
$49.50
 
 
$48.23
 
 
$49.67
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income(b)
 
 
0.18
 
 
0.37
 
 
0.44
 
 
0.49
Net realized and unrealized gain (loss) on investments(c)
 
 
6.88
 
 
5.35
 
 
6.71
 
 
2.34
Total from investment operations
 
 
7.06
 
 
5.72
 
 
7.15
 
 
2.83
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.17)
 
 
(0.36)
 
 
(0.79)
 
 
(0.44)
Net realized gains
 
 
—
 
 
—
 
 
(0.32)
 
 
(1.40)
Return of capital
 
 
(3.47)
 
 
(5.79)
 
 
(4.77)
 
 
(2.43)
Total distributions
 
 
(3.64)
 
 
(6.15)
 
 
(5.88)
 
 
(4.27)
Net asset value, end of period
 
 
$52.49
 
 
$49.07
 
 
$49.50
 
 
$48.23
Total return(d)
 
 
14.75%
 
 
12.01%
 
 
15.79%
 
 
6.31%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$6,899,340
 
 
$3,696,859
 
 
$1,383,898
 
 
$25,563
Ratio of expenses to average net assets(e)
 
 
0.68%
 
 
0.68%
 
 
0.68%
 
 
0.68%
Ratio of net investment income (loss) to average net assets(e)
 
 
0.59%
 
 
0.74%
 
 
0.91%
 
 
1.37%
Portfolio turnover rate(d)(f)
 
 
1%
 
 
2%
 
 
14%
 
 
21%
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was August 30, 2022.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
(g)
As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
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NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025
NOTE 1 – ORGANIZATION
The NEOS ETF Trust (the “Trust”) was organized as a Delaware statutory trust on February 1, 2021 and is authorized to issue multiple series or portfolios. The Trust is an open-end investment company, registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust currently consists of multiple operational exchange-traded funds (“ETFs”), sixteen of which are presented herein: NEOS Bitcoin High Income ETF, NEOS Enhanced Income 1-3 Year T-Bill ETF, NEOS Enhanced 20+ Year Treasury Bond ETF, NEOS Enhanced Income Aggregate Bond ETF, NEOS Enhanced Income Credit Select ETF, NEOS Ethereum High Income ETF, NEOS Gold High Income ETF, NEOS Long/Short Equity Income ETF, NEOS MLP & Energy Infrastructure High Income ETF, NEOS MSCI EAFE High Income ETF, NEOS Nasdaq-100® Hedged Equity Income ETF, NEOS Nasdaq-100® High Income ETF, NEOS Real Estate High Income ETF, NEOS Russell 2000® High Income ETF, NEOS S&P 500® Hedged Equity Income ETF and NEOS S&P 500® High Income ETF, (collectively, the “Funds” or individually, a “Fund”). These financial statements relate only to the Funds.
The investment objective and classification of each Fund is:
 
 
 
 
 
 
 
Fund
 
 
Investment Objective
 
 
Classification
NEOS Bitcoin High Income ETF
 
 
Seeks to generate high monthly income with the potential for appreciation based on exposure to exchange-traded products that have direct exposure to Bitcoin.
 
 
Non-diversified
NEOS Enhanced Income 1-3 Month
T-Bill ETF
 
 
Seeks to generate monthly income in a tax efficient manner.
 
 
Diversified
NEOS Enhanced Income 20+ Year Treasury Bond ETF
 
 
Seeks to generate monthly income in a tax efficient manner.
 
 
Diversified
NEOS Enhanced Income Aggregate Bond ETF
 
 
Seeks to generate monthly income in a tax efficient manner.
 
 
Diversified
NEOS Enhanced Income Credit Select ETF
 
 
Seeks total return from income and capital appreciation while providing a tax efficient monthly income.
 
 
Diversified
NEOS Ethereum High Income ETF
 
 
Seeks to generate high monthly income with the potential for appreciation based on exposure to exchange-traded products that have direct exposure to Ether.
 
 
Non-diversified
NEOS Gold High Income ETF
 
 
Seeks to generate high monthly income with the potential for appreciation based on exposure to exchange-traded products that have direct exposure to gold.
 
 
Non-diversified
NEOS Long/Short Equity Income ETF
 
 
Seeks to generate high monthly income in a tax efficient manner with the potential for equity appreciation in rising markets.
 
 
Non-diversified
NEOS MLP & Energy Infrastructure High Income ETF
 
 
Seeks to generate high monthly income in a tax efficient manner with the potential for equity appreciation in rising markets.
 
 
Non-diversified
NEOS MSCI EAFE High Income ETF
 
 
Seeks to generate high monthly income in a tax efficient manner with the potential for equity appreciation in rising markets.
 
 
Diversified
NEOS Nasdaq-100® Hedged Equity Income ETF
 
 
Seeks to generate monthly income in a tax efficient manner.
 
 
Non-diversified
 
 
 
 
 
 
 
 
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NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
Fund
 
 
Investment Objective
 
 
Classification
NEOS Nasdaq-100® High Income ETF
 
 
Seeks to generate high monthly income in a tax efficient manner with the potential for equity appreciation in rising markets.
 
 
Non-diversified
NEOS Real Estate High Income ETF
 
 
Seeks to generate high monthly income with the potential for equity appreciation.
 
 
Non-diversified
NEOS Russell 2000® High Income ETF
 
 
Seeks to generate high monthly income in a tax efficient manner with the potential for equity appreciation in rising markets.
 
 
Diversified
NEOS S&P 500® Hedged Equity Income ETF
 
 
Seeks high monthly income in a tax efficient manner with a measure of downside protection.
 
 
Diversified
NEOS S&P 500® High Income ETF
 
 
Seeks to generate high monthly income in a tax efficient manner with the potential for equity appreciation in rising markets.
 
 
Diversified
 
 
 
 
 
 
 
NEOS Investment Management, LLC (the “Adviser”) is the investment adviser to each Fund.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Trust follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services — Investment Companies” including Accounting Standards Update 2013-08.
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
A.
Investment Valuation. The net asset value (“NAV”) of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange (“NYSE”), generally 4:00 p.m., EST. NAV per share is computed by dividing the net assets of each Fund by each Fund’s number of shares outstanding.
When calculating the NAV of each Fund’s shares, securities held by the Funds are valued at market quotations when reliable market quotations are readily available. Exchange traded securities and instruments (including equity securities, depositary receipts and ETFs) are generally valued at the last reported sale price on the principal exchange on which such securities are traded (at the NASDAQ Official Closing Price for NASDAQ listed securities), as of the close of regular trading on the NYSE on the day the securities are being valued or, if there are no sales, at the mean of the most recent bid and asked prices. Over-the-counter securities and instruments not traded on an exchange are generally valued at the last traded price. Investments in open-end regulated investment companies are valued at NAV. In the absence of a recorded transaction sale price; or if the last sale price is unavailable, securities are valued at the mean between last bid and ask, as quoted. If an ask price is unavailable, the last bid price is used. Such valuations would typically be categorized as Level 1 or Level 2 in the fair value hierarchy described below.
Options traded on an exchange (other than Flexible Exchange (“FLEX”) options) are generally valued at the 4:00 pm EST bid/ask mean price on the exchange or OTC market on which they principally trade. If the 4:00 pm bid/ask mean price is not available, then options shall be valued at the 4:15 p.m. EST bid/ask mean price. If neither bid/ask mean price is available, then options shall be valued at the last reported settlement price on the exchange or OTC market on which they principally trade.
FLEX Options are generally valued at the Delta-Adjusted at Close (“DAC”) price, if available. If no DAC price is available, FLEX Options shall be valued at a Theoretical price provided by a Pricing Service. If there is no Theoretical price for the valuation day available, FLEX Options shall be valued at the last sale price on the exchange on which they principally trade. In the event no price can be obtained from a Pricing Service, no exchange pricing or no DAC pricing is available, the value shall be determined in accordance with the Fair Valuation Procedures.
 
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NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
When reliable market quotations are not readily available, securities are priced at their fair value as determined in good faith by the Adviser in accordance with the Trust’s valuation guidelines. Pursuant to Rule 2a-5 under the 1940 Act, each Fund has designated the Adviser as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable. The Funds may use fair value pricing in a variety of circumstances, including but not limited to, situations when the value of a security has been materially affected by events occurring after the close of the market on which such security is principally traded (such as a corporate action or other news that may materially affect the price of such security) or trading in such security has been suspended or halted. Such valuations would typically be categorized as Level 2 or Level 3 in the fair value hierarchy described below. Fair value pricing involves subjective judgments and it is possible that a fair value determination for a security is materially different than the value that could be realized upon the sale of such security. As of December 31, 2025, there were two securities within the NEOS S&P 500® High Income ETF and one within NEOS S&P 500® Hedged Equity Income ETF that were internally fair valued and/or valued using a Level 3 valuation. Refer to below for further valuation disclosures.
Investments in open-end regulated investment companies (including money market funds) are valued at NAV. Such valuations would typically be categorized as Level 1 in the fair value hierarchy described below.
The Funds disclose the fair value of their investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Funds (observable inputs) and (2) the Funds’ own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs).
The three levels defined by the hierarchy are as follows:
Level 1 –
Unjusted quoted prices in active markets for identical assets that the Funds have the ability to access.
Level 2 –
Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –
Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value each Fund’s investments as of December 31, 2025:
NEOS Bitcoin High Income ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Exchange Traded Funds
 
 
$240,491,190
 
 
$—
 
 
$—
 
 
$240,491,190
Purchased Options
 
 
—
 
 
76,360,500
 
 
—
 
 
76,360,500
Money Market Funds
 
 
21,752,190
 
 
—
 
 
—
 
 
21,752,190
U.S. Treasury Bills.
 
 
—
 
 
735,010,523
 
 
—
 
 
735,010,523
Total Investments
 
 
$262,243,380
 
 
$811,371,023
 
 
$—
 
 
$1,073,614,403
Liabilities:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(79,826,000)
 
 
$—
 
 
$(79,826,000)
Total Written Options
 
 
$—
 
 
$(79,826,000)
 
 
$—
 
 
$(79,826,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
NEOS Enhanced Income 1-3 Month T-Bill ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Purchased Options
 
 
$—
 
 
$198,507
 
 
$—
 
 
$198,507
Money Market Funds
 
 
7,662,849
 
 
—
 
 
—
 
 
7,662,849
U.S. Treasury Bills
 
 
—
 
 
798,451,161
 
 
—
 
 
798,451,161
Total Investments
 
 
$7,662,849
 
 
$798,649,668
 
 
$—
 
 
$806,312,517
Liabilities:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(393,352)
 
 
$—
 
 
$(393,352)
Total Written Options.
 
 
$—
 
 
$(393,352)
 
 
$—
 
 
$(393,352)
 
 
 
 
 
 
 
 
 
 
 
 
 
NEOS Enhanced Income 20+ Year Treasury Bond ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
U.S. Treasury Bonds
 
 
$—
 
 
$9,462,068
 
 
$—
 
 
$9,462,068
Purchased Options
 
 
—
 
 
2,590
 
 
—
 
 
2,590
Money Market Funds
 
 
48,613
 
 
—
 
 
—
 
 
48,613
Total Investments
 
 
$48,613
 
 
$9,464,658
 
 
$—
 
 
$9,513,271
Liabilities:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(6,640)
 
 
$—
 
 
$(6,640)
Total Written Options.
 
 
$—
 
 
$(6,640)
 
 
$—
 
 
$(6,640)
 
 
 
 
 
 
 
 
 
 
 
 
 
NEOS Enhanced Income Aggregate Bond ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
​Exchange Traded Funds
 
 
$130,696,021
 
 
$—
 
 
$—
 
 
$130,696,021
Purchased Options
 
 
—
 
 
40,793
 
 
—
 
 
40,793
Money Market Funds
 
 
996,329
 
 
—
 
 
—
 
 
996,329
Total Investments
 
 
$131,692,350
 
 
$40,793
 
 
$—
 
 
$131,733,143
Liabilities:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(104,580)
 
 
$—
 
 
$(104,580)
Total Written Options
 
 
$—
 
 
$(104,580)
 
 
$—
 
 
$(104,580)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
113
 

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NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
NEOS Enhanced Income Credit Select ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Exchange Traded Funds
 
 
$185,824,830
 
 
$—
 
 
$—
 
 
$185,824,830
Purchased Options
 
 
—
 
 
61,513
 
 
—
 
 
61,513
Money Market Funds
 
 
10,895,860
 
 
—
 
 
—
 
 
10,895,860
Total Investments
 
 
$196,720,690
 
 
$61,513
 
 
$—
 
 
$196,782,203
Liabilities:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(157,700)
 
 
$—
 
 
$(157,700)
Total Written Options
 
 
$—
 
 
$(157,700)
 
 
$—
 
 
$(157,700)
 
 
 
 
 
 
 
 
 
 
 
 
 
NEOS Ethereum High Income ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Exchange Traded Funds
 
 
$3,103,011
 
 
$—
 
 
$—
 
 
$3,103,011
Purchased Options
 
 
—
 
 
1,277,700
 
 
—
 
 
1,277,700
Money Market Funds
 
 
347,692
 
 
—
 
 
—
 
 
347,692
U.S. Treasury Bills
 
 
—
 
 
7,636,971
 
 
—
 
 
7,636,971
Total Investments
 
 
$3,450,703
 
 
$8,914,671
 
 
$—
 
 
$12,365,374
Liabilities:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(1,660,181)
 
 
$—
 
 
$(1,660,181)
Total Written Options
 
 
$—
 
 
$(1,660,181)
 
 
$—
 
 
$(1,660,181)
 
 
 
 
 
 
 
 
 
 
 
 
 
NEOS Gold High Income ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Exchange Traded Funds
 
 
$66,478,418
 
 
$—
 
 
$—
 
 
$66,478,418
Purchased Options
 
 
—
 
 
11,153,457
 
 
—
 
 
11,153,457
Money Market Funds
 
 
2,237,097
 
 
—
 
 
—
 
 
2,237,097
U.S. Treasury Bills
 
 
—
 
 
187,597,265
 
 
—
 
 
187,597,265
Total Investments
 
 
$68,715,515
 
 
$198,750,722
 
 
$—
 
 
$267,466,237
Liabilities:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(11,006,937)
 
 
$—
 
 
$(11,006,937)
Total Written Options
 
 
$—
 
 
$(11,006,937)
 
 
$—
 
 
$(11,006,937)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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December 31, 2025(Continued)
NEOS Long/Short Equity Income ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$5,926,037
 
 
$—
 
 
$—
 
 
$5,926,037
Real Estate Investment Trusts
 
 
657,216
 
 
—
 
 
—
 
 
657,216
Purchased Options
 
 
—
 
 
1,295
 
 
—
 
 
1,295
Money Market Funds
 
 
61,515
 
 
—
 
 
—
 
 
61,515
U.S. Treasury Bills
 
 
​—
 
 
922,371
 
 
—
 
 
922,371
Liabilities:
 
 
 
 
 
 
 
 
Common Stocks
 
 
(2,589,214)
 
 
—
 
 
—
 
 
(2,589,214)
Real Estate Investment Trusts
 
 
(276,189)
 
 
—
 
 
—
 
 
(276,189)
Total Investments
 
 
$​3,779,365
 
 
$923,666
 
 
$—
 
 
$​4,703,031
Liabilities:
 
 
 
 
 
 
 
 
​
Written Options
 
 
—
 
 
(3,320)
 
 
—
 
 
(3,320)
Total Written Options
 
 
$​—
 
 
$(3,320)
 
 
$—
 
 
$(3,320)
 
 
 
 
 
 
 
 
 
 
 
 
 
NEOS MLP & Energy Infrastructure High Income ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Common Stock
 
 
$33,803,355
 
 
$—
 
 
$—
 
 
$33,803,355
Money Market Funds
 
 
141,140
 
 
—
 
 
—
 
 
141,140
Total Investments
 
 
$33,944,495
 
 
$—
 
 
$—
 
 
$33,944,495
Liabilities:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(94,820)
 
 
$—
 
 
$(94,820)
Total Written Options
 
 
$—
 
 
$(94,820)
 
 
$—
 
 
$(94,820)
 
 
 
 
 
 
 
 
 
 
 
 
 
NEOS MSCI EAFE High Income ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Exchange Traded Funds
 
 
$45,044,900
 
 
$—
 
 
$—
 
 
$45,044,900
Money Market Funds
 
 
426,177
 
 
—
 
 
—
 
 
426,177
Total Investments
 
 
$45,471,077
 
 
$—
 
 
$—
 
 
$45,471,077
Liabilities:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(270,480)
 
 
$—
 
 
$(270,480)
Total Written Options
 
 
$—
 
 
$(270,480)
 
 
$—
 
 
$(270,480)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
NEOS Nasdaq-100® Hedged Equity Income ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$348,761,177
 
 
$—
 
 
$—
 
 
$348,761,177
Purchased Options
 
 
—
 
 
3,761,335
 
 
—
 
 
3,761,335
Money Market Funds
 
 
2,827,281
 
 
—
 
 
—
 
 
2,827,281
Total Investments
 
 
$351,588,458
 
 
$3,761,335
 
 
$—
 
 
$355,349,793
Liabilities:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(5,545,885)
 
 
$—
 
 
$(5,545,885)
Total Written Options
 
 
$—
 
 
$(5,545,885)
 
 
$—
 
 
$(5,545,885)
 
 
 
 
 
 
 
 
 
 
 
 
 
NEOS Nasdaq-100® High Income ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$7,370,066,894
 
 
$—
 
 
$—
 
 
$7,370,066,894
Money Market Funds
 
 
74,685,245
 
 
—
 
 
—
 
 
74,685,245
Total Investments
 
 
$7,444,752,139
 
 
$—
 
 
$—
 
 
$7,444,752,139
Liabilities:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(63,639,940)
 
 
$—
 
 
$(63,639,940)
Total Written Options
 
 
$—
 
 
$(63,639,940)
 
 
$—
 
 
$(63,639,940)
 
 
 
 
 
 
 
 
 
 
 
 
 
NEOS Real Estate High Income ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Real Estate Investment
Trusts
 
 
$160,838,188
 
 
$—
 
 
$—
 
 
$160,838,188
Common Stocks
 
 
14,613,797
 
 
—
 
 
—
 
 
14,613,797
Money Market Funds
 
 
921,568
 
 
—
 
 
—
 
 
921,568
Total Investments
 
 
$176,373,553
 
 
$—
 
 
$—
 
 
$176,373,553
Liabilities:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(1,506,290)
 
 
$—
 
 
$(1,506,290)
Total Written Options
 
 
$—
 
 
$(1,506,290)
 
 
$—
 
 
$(1,506,290)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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December 31, 2025(Continued)
NEOS Russell 2000® High Income ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Exchange Traded Funds
 
 
$449,407,739
 
 
$—
 
 
$—
 
 
$449,407,739
Money Market Funds
 
 
2,656,957
 
 
—
 
 
—
 
 
2,656,957
Total Investments
 
 
$452,064,696
 
 
$—
 
 
$—
 
 
$452,064,696
Liabilities:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(3,980,760)
 
 
$—
 
 
$(3,980,760)
Total Written Options
 
 
$—
 
 
$(3,980,760)
 
 
$—
 
 
$(3,980,760)
 
 
 
 
 
 
 
 
 
 
 
 
 
NEOS S&P 500® Hedged Equity Income ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$17,783,823
 
 
$—
 
 
$—
 
 
$17,783,823
Real Estate Investment Trusts
 
 
321,399
 
 
—
 
 
—
 
 
321,399
Purchased Options
 
 
—
 
 
82,680
 
 
—
 
 
82,680
Contingent Value Rights
 
 
—
 
 
—
 
 
0
 
 
0
Money Market Funds
 
 
73,957
 
 
—
 
 
—
 
 
73,957
Total Investments
 
 
$18,179,179
 
 
$82,680
 
 
$0
 
 
$18,261,859
Liabilities:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(139,740)
 
 
$—
 
 
$(139,740)
Total Written Options
 
 
$—
 
 
$(139,740)
 
 
$—
 
 
$(139,740)
 
 
 
 
 
 
 
 
 
 
 
 
 
NEOS S&P 500® High Income ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$6,723,411,835
 
 
$—
 
 
$—
 
 
$6,723,411,835
Real Estate Investment Trusts
 
 
114,016,195
 
 
—
 
 
—
 
 
114,016,195
Contingent Value Rights
 
 
—
 
 
—
 
 
0
 
 
0
Money Market Funds
 
 
66,709,798
 
 
—
 
 
—
 
 
66,709,798
Total Investments
 
 
$6,904,137,828
 
 
$—
 
 
$0
 
 
$6,904,137,828
Liabilities:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(44,284,625)
 
 
$—
 
 
$(44,284,625)
Total Written Options
 
 
$—
 
 
$(44,284,625)
 
 
$—
 
 
$(44,284,625)
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedules of Investments for further disaggregation of investment categories.
Management has determined that the amount of Level 3 securities compared to total net assets is not material for the NEOS S&P 500® Hedged Equity Income ETF and NEOS S&P 500® High Income ETF; therefore, the rollforward of Level 3 securities are not shown for the year ended December 31, 2025.
 
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December 31, 2025(Continued)
Significant unobservable valuation inputs monitored by the Adviser, the Valuation Designee pursuant to Rule 2a-5, under the oversight of the Board of Trustees for restricted securities or Level 3 investments as of December 31, 2025 for the NEOS S&P 500® Hedged Equity Income ETF and NEOS S&P 500® High Income ETF are as follows:
NEOS S&P 500® Hedged Equity Income ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
Description
 
 
Fair Value as of
12/31/2025
 
 
Valuation
Technique
 
 
Unobservable Input
 
 
Input Values
(Ranges)
Sycamore Contingent Value Right*
 
 
$0
 
 
Projected Final
Distribution
 
 
Discount of Projected
Distribution
 
 
$3.00
 
 
 
 
 
 
 
 
 
 
 
 
 
*
This Level 3 security was received through a corporate action. The security is being kept open due to the potential of an additional distribution. Based on the evaluation of the likelihood of an additional distribution, the security is being priced at zero.
NEOS S&P 500® High Income ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
Description
 
 
Fair Value as of
12/31/2025
 
 
Valuation
Technique
 
 
Unobservable Input
 
 
Input Values
(Ranges)
Sycamore Contingent Value Right*
 
 
$0
 
 
Projected Final
Distribution
 
 
Discount of Projected
Distribution
 
 
$3.00
Abiomed Contingent Value Right*
 
 
$0
 
 
Projected Final
Distribution
 
 
Discount of Projected
Distribution
 
 
$35.00
 
 
 
 
 
 
 
 
 
 
 
 
 
*
These Level 3 securities were received through corporate actions. The securities are being kept open due to the potential of an additional distribution. Based on the evaluation of the likelihood of an additional distribution, these securities are being priced at zero.
B.
Written Option Contracts. The Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds write (sell) put or call options for hedging purposes, volatility management purposes, or otherwise to gain, or reduce, long or short exposure to one or more asset classes or issuers. When the Funds write (sell) an option, an amount equal to the premium received by the Fund is included in the Statement of Assets and Liabilities as an asset and an equivalent liability. The amount of the liability is subsequently priced daily to reflect the current value of the option written. Refer to Note 2 (A). for a pricing description. By writing an option, the Funds may become obligated during the term of the option to deliver or purchase the securities underlying the option at the exercise price if the option is exercised. These contracts may involve market risk in excess of the amounts receivable or payable reflected on the Statement of Assets and Liabilities. Refer to Note 2 (L). for further derivative disclosures and Note 2 (H). for further counterparty risk disclosure.
When an option expires on its stipulated expiration date or the Funds enters into a closing purchase transaction, the Funds realize gains or losses if the cost of the closing purchase transaction differs from the premium received when the option was sold without regard to any unrealized appreciation or depreciation on the underlying security, and the liability related to such option is eliminated. When a written call option is exercised, the premium originally received decreases the cost basis of the security and the Funds realize gains or losses from the sale of the underlying security. When a written put option is exercised, the cost of the security acquired is decreased by the premium received for the put.
C.
Purchased Option Contracts. The Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds will purchase call or put options. When the Funds purchase an option contract, an amount equal to the premiums paid is included in the value of investments on the Statement of Assets and Liabilities and is subsequently priced daily to reflect the value of the purchased option contract. Refer to Note 2 (A). for a pricing description. Refer to Note 2 (L). for further derivative disclosures and Note 2 (H). for further counterparty risk disclosure. When option contracts expire or are closed, realized gains or losses are recognized without regard to any unrealized appreciation or depreciation on the underlying
 
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December 31, 2025(Continued)
securities that may be held by the Funds. If the Funds exercise a call option, the cost of the security acquired is increased by the premium paid for the call. If the Funds exercise a put option, the premium paid for the put option increases the cost of the underlying security and a gain or loss is realized from the sale of the underlying security.
D.
Real Estate Investment Trusts (“REITs”). Certain Funds may invest in REITs. REITs invest primarily in real property while mortgage REITs make construction, development and long term mortgage loans. Their value may be affected by changes in the value of the underlying property of the REIT, the creditworthiness of the issuer, property taxes, interest rates, and tax and regulatory requirements, such as those relating to the environment.
REITs are dependent upon management skill, are not diversified and are subject to heavy cash flow dependency, default by borrowers, self-liquidation and the possibility of failing to qualify for tax free income status under the Internal Revenue Code of 1986 and failing to be exempt from registration as a registered investment company under the 1940 Act.
Distributions from REIT investments may be comprised of return of capital, capital gains and income. The actual character of amounts received during the year is not known until after the REIT’s fiscal year end. The Fund records the character of distributions received from REITs during the year based on estimates available. The characterization of distributions received by the Fund may be subsequently revised based on information received from the REITs after their tax reporting periods have concluded.
E.
Master Limited Partnerships (“MLPs”). Under normal circumstances, the NEOS MLP & Energy Infrastructure High Income ETF invests at least 80% of its net assets, plus borrowings for investment purposes, in securities of energy infrastructure MLPs and energy infrastructure companies. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies, a managing member and members). The general partner or managing member typically controls the operations and management of the MLP and has an ownership stake in the MLP. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, are intended to have no role in the operation and management of the entity, and receive cash distributions. The Fund will be a limited partner (or a member) in the MLPs in which it invests. MLPs are generally treated as partnerships for U.S. federal income tax purposes. Thus, the MLPs themselves generally do not pay U.S. federal income taxes, but investors (like the Fund) that hold interests in MLPs are generally subject to tax on their allocable shares of the MLPs’ income and gains. Currently, most MLPs operate in the energy and/or natural resources sectors.
To qualify as a MLP and not to be taxed as a corporation, a partnership must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”). These qualifying sources include natural resource-based activities such as the processing, transportation and storage of minerals or other natural resources. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units. Limited partners typically own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership’s operations and management.
MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount (“minimum quarterly distributions” or “MQD”). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Cash that is distributed in excess of the MQD is paid to both common and subordinated units and is distributed to both common and subordinated units generally on a pro rata basis.
Unlike direct investments in MLPs, income and losses from the Fund’s investments in MLPs will not directly flow through to the personal tax returns of shareholders. The Fund will report distributions from its
 
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December 31, 2025(Continued)
investments, including MLPs, made to shareholders annually on Form 1099. Shareholders will not, solely by virtue of their status as Fund shareholders, be treated as engaged in the business conducted by the underlying MLPs for federal or state income tax purposes or for purposes of the tax on unrelated business income of tax-exempt organizations. Individuals and certain other non-corporate investors will be entitled to a 20% deduction against taxable income allocated from direct investments in MLPs. Neither the Fund directly nor the Fund’s shareholders indirectly will be entitled to this deduction with respect to the Fund’s MLP investments.
F.
Short Sales. The NEOS Long/Short Equity Income ETF enters into short sales. A short sale is a transaction in which the Fund sells a security it does not own. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by borrowing the same security from another lender, purchasing it at the market price at the time of replacement or paying the lender an amount equal to the cost of purchasing the security. The price at such time may be more or less than the price at which the security was sold by the Fund. Until the security is replaced, the Fund is required to repay the lender any dividends it receives, or interest which accrues, during the period of the loan. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold. The net proceeds of the short sale will be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. The Fund also will incur transaction costs in effecting short sales.
The Fund will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the Fund closes out the short sale. The Fund will realize a gain if the price of the security declines in price between those dates. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends or interest the Fund may be required to pay, if any, in connection with a short sale. Short sales may be subject to unlimited losses as the price of a security can rise infinitely.
The expenses of the Fund, include Dividend, Interest and Brokerage Expenses for Short Positions because the Fund engages in short sales as a primary investment strategy and the Fund incurs such an expense when it sells securities short. When the Fund engages in short sales, it will normally incur two types of expenses, each of which increase the Fund’s expense ratio: borrowing expenses and dividend expenses.
In connection with a short sale, the Fund may receive interest income from the investment of cash collateral received in connection with a short sale or be charged a fee on borrowed stock. These income and fee amounts are calculated on a daily basis, based upon the market value of the borrowed stock and a variable rate that is dependent upon the availability of the stock. The amounts of such income or fees are recorded as “Interest income on securities sold short” (for income received) and “Borrowing expense on securities sold short” (for fees charged) on the Fund’s Statement of Operations.
The Fund incurs dividend expenses until the borrowed stock is returned to the lender. These expenses are paid to the lender of the stock and are based upon the amount of any dividends declared on the stock during the time the securities are on loan to the Fund. Having sold the borrowed stock, the Fund does not itself collect the dividends, and thus has a net expense payable to the lender. This payment is recorded as “Dividend expense on securities sold short” on the Fund’s financial statements. Short sale dividend expenses generally reduce the market value of the stock by the amount of the dividend declared, thus increasing the Fund’s unrealized gain or reducing the Fund’s unrealized loss on the stock sold short.
The Fund is required to comply with the derivatives rule when it engages in short sales.
G.
Basis for Consolidation. The NEOS Bitcoin High Income ETF, NEOS Ethereum High Income ETF, and NEOS Gold High Income ETF each may invest up to 25% of its respective total assets in the NEOS Bitcoin High Income Portfolio CFC, NEOS Ethereum High Income Portfolio CFC, and NEOS Gold High Income Portfolio CFC, respectively each, a subsidiary that is wholly-owned by its respective Fund and organized under the laws of the Cayman Islands (a “Subsidiary”). Each Subsidiary may directly invest without limitation in Spot Bitcoin ETPs for the NEOS Bitcoin High Income Portfolio CFC, in Spot Ether ETPs for the NEOS Ethereum High Income ETF, and in Gold ETPs for the NEOS Gold High Income Portfolio CFC; however, each Subsidiary will comply with the same derivatives rule requirements under the 1940 Act when
 
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December 31, 2025(Continued)
viewed on a consolidated basis with its respective Fund, with respect to its investments in derivatives and leverage; and also complies with the provisions of Section 15 of the 1940 Act (regarding investment advisory contract approvals). Each Fund’s investment in the Subsidiary will not exceed 25% of the value of the Fund’s total assets. Asset limitations are imposed by Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and are measured at each taxable year and quarter end. The Adviser also serves as the investment adviser to each Subsidiary, but does not receive separate compensation.
Each Subsidiary is not registered under the 1940 Act but is subject to certain protections of the 1940 Act with respect to the Funds, as described in each Fund’s Prospectus and Statement of Additional Information. Each Fund’s investments in a Subsidiary are subject to the investment policies and restrictions of the respective Fund, including those related to leverage, collateral and liquidity. In addition, the valuation and brokerage policies of the Funds are applied to the Subsidiary. Each Fund’s investments in a Subsidiary are not subject to all investor protection provisions of the 1940 Act. However, because each Fund is the sole investor in each respective Subsidiary, it is not likely that the Subsidiary will take any action that is contrary to the interests of its respective Fund and its shareholders. The financial information of each Subsidiary has been consolidated into its respective Fund’s consolidated financial statements. The NEOS Bitcoin High Income ETF, NEOS Ethereum High Income ETF, and NEOS Gold High Income ETF had 17.7%, 14.0% and 22.0%, respectively, of its respective total assets invested in each respective Subsidiary as of December 31, 2025.
Each Subsidiary is an exempted Cayman Islands investment company and as such is not subject to Cayman Islands taxes at the present time. For U.S. income tax purposes, each Subsidiary is a Controlled Foreign Corporation (“CFC”) not subject to U.S. income taxes. As a wholly-owned CFC, however, each Subsidiary’s net income and capital gains, if any, will be included each year in each Fund’s investment company taxable income.
H.
Counterparty Risk. The Funds help manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations. The Adviser considers the credit worthiness of each counterparty to a contract in evaluating potential credit risk. Written options contracts sold on an exchange do not expose the Funds to counterparty risk; the exchange’s clearinghouse guarantees the options against counterparty non-performance. Over-the-counter options counterparty risk includes the risk of loss of the full amount of any net unrealized appreciation.
I.
Use of Estimates. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement. Actual results could differ from those estimates.
J.
Federal Income Taxes. Each Fund qualifies or intends to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended. If so qualified, the Funds will not be subject to federal income tax to the extent each Fund distributes substantially all its taxable net investment income and net capital gains to its shareholders. Therefore, no provision for federal income tax should be required. However; the previous three year’s tax returns remain open for examination. Management of the Funds is required to determine whether a tax position taken by the Funds is more likely than not to be sustained upon examination by the applicable taxing authority. Based on its analysis, Management has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements as of December 31, 2025. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations.
K.
Distributions to Shareholders. Each Fund expects to declare and distribute all of its net investment income, if any, to shareholders as dividends monthly. The Funds will distribute net realized capital gains, if any, at least annually. The Funds may distribute such income dividends and capital gains more frequently, if necessary, to reduce or eliminate federal excise or income taxes on the Funds. Distributions are recorded on ex-date.
The amount of any distribution will vary, and there is no guarantee the Funds will pay either an income dividend or a capital gains distribution.
L.
Derivatives. The Funds may utilize derivative instruments such as options and other instruments with similar characteristics to the extent that they are consistent with the Funds’ respective investment objectives and
 
121
 

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NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
limitations. The use of these instruments may involve additional investment risks, including the possibility of illiquid markets or imperfect correlation between the value of the instruments and the underlying securities. Derivatives also may create leverage which will amplify the effect of their performance on the Funds and may produce significant losses.
For the year or period ended December 31, 2025, the Funds’ average derivative volume is described below:
 
 
 
 
 
 
 
 
 
 
Average
Quantity
 
 
Average
Notional Value
NEOS Bitcoin High Income ETF
 
 
 
 
Purchased Option Contracts
 
 
3,608
 
 
$541,564,439
Written Option Contracts
 
 
5,946
 
 
$887,629,111
NEOS Enhanced Income 1-3 Month T-Bill ETF
 
 
 
 
Purchased Option Contracts
 
 
993
 
 
$657,974,360
Written Option Contracts
 
 
993
 
 
$657,974,360
NEOS Enhanced Income 20+ Year Treasury Bond ETF
 
 
 
 
Purchased Option Contracts
 
 
8
 
 
$5,338,798
Written Option Contracts
 
 
8
 
 
$5,338,798
NEOS Enhanced Income Aggregate Bond ETF
 
 
 
 
Purchased Option Contracts
 
 
164
 
 
$108,671,699
Written Option Contracts
 
 
164
 
 
$108,671,699
NEOS Enhanced Income Credit Select ETF
 
 
 
 
Purchased Option Contracts
 
 
240
 
 
$158,917,307
Written Option Contracts
 
 
240
 
 
$158,917,307
NEOS Ethereum High Income ETF
 
 
 
 
Purchased Option Contracts
 
 
3,439
 
 
$7,713,677
Written Option Contracts
 
 
5,447
 
 
$12,217,621
NEOS Gold High Income ETF
 
 
 
 
Purchased Option Contracts
 
 
2,561
 
 
$95,010,315
Written Option Contracts
 
 
4,731
 
 
$175,054,366
NEOS Long/Short Equity Income ETF
 
 
 
 
Purchased Option Contracts
 
 
6
 
 
$4,107,300
Written Option Contracts
 
 
6
 
 
$4,107,300
NEOS MLP & Energy Infrastructure High Income ETF
 
 
 
 
Written Option Contracts
 
 
3,432
 
 
$16,137,264
NEOS MSCI EAFE High Income ETF
 
 
 
 
Written Option Contracts
 
 
53
 
 
$15,051,519
NEOS Nasdaq-100® Hedged Equity Income ETF
 
 
 
 
Purchased Option Contracts
 
 
141
 
 
$343,278,313
Written Option Contracts
 
 
247
 
 
$600,632,259
NEOS Nasdaq-100® High Income ETF
 
 
 
 
Written Option Contracts
 
 
1,296
 
 
$3,192,235,178
 
 
 
 
 
 
 
 
122
 

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NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Average
Quantity
 
 
Average
Notional Value
NEOS Real Estate High Income ETF
 
 
 
 
Written Option Contracts
 
 
9,168
 
 
$87,687,351
NEOS Russell 2000® High Income ETF
 
 
 
 
Written Option Contracts
 
 
912
 
 
$219,110,692
NEOS S&P 500® Hedged Equity Income ETF
 
 
 
 
Purchased Option Contracts ..
 
 
16
 
 
$10,666,365
Written Option Contracts
 
 
27
 
 
$18,351,515
NEOS S&P 500® High Income ETF
 
 
 
 
Written Option Contracts
 
 
5,901
 
 
$3,913,804,991
 
 
 
 
 
 
 
The Funds have adopted authoritative standards regarding disclosure about derivatives and hedging activities and how they affect the Funds’ Statement of Assets and Liabilities and Statement of Operations.
Statements of Assets and Liabilities
Fair values of derivative instruments as of December 31, 2025:
 
 
 
 
 
 
 
 
 
 
 
Statements of Assets and
Liabilities Location
 
 
Fair Value
 
 
Assets
 
 
Liabilities
 
NEOS Bitcoin High Income ETF
 
 
 
 
 
 
 
Purchased Options:
 
 
 
 
 
 
 
Equity Index
 
 
Investments, at value
 
 
$76,360,500
 
 
$—
 
Written Options:
 
 
 
 
 
 
 
Equity Index
 
 
Written option contracts, at value
 
 
—
 
 
79,826,000
 
Total Derivatives not accounted for as
hedging instruments
 
 
 
 
$76,360,500
 
 
$79,826,000
 
NEOS Enhanced 1-3 Month T-Bill ETF
 
Purchased Options:
 
 
 
 
 
 
 
Equity Index
 
 
Investments, at value
 
 
$198,507
 
 
$—
 
Written Options:
 
 
 
 
 
 
 
Equity Index
 
 
Written option contracts, at value
 
 
—
 
 
393,352
 
Total Derivatives not accounted for as
hedging instruments
 
 
 
 
$198,507
 
 
$393,352
 
NEOS Enhanced Income 20+ Year Treasury Bond ETF
Purchased Options:
 
 
 
 
 
 
 
Equity Index
 
 
Investments, at value
 
 
$2,590
 
 
$—
 
Written Options:
 
 
 
 
 
 
 
Equity Index
 
 
Written option contracts, at value
 
 
$—
 
 
$6,640
 
Total Derivatives not accounted for as
hedging instruments
 
 
 
 
$2,590
 
 
$6,640
 
 
 
 
 
 
 
 
 
 
 
 
 
123
 

TABLE OF CONTENTS

NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Statements of Assets and
Liabilities Location
 
 
Fair Value
 
Assets
 
 
Liabilities
NEOS Enhanced Income Aggregate Bond ETF
Purchased Options:
 
 
 
 
 
 
Equity Index
 
 
Investments, at value
 
 
$40,793
 
 
$—
Written Options:
 
 
 
 
 
 
Equity Index
 
 
Written option contracts, at value
 
 
—
 
 
104,580
Total Derivatives not accounted for as
hedging instruments
 
 
 
 
$40,793
 
 
$104,580
NEOS Enhanced Income Credit Select ETF
Purchased Options:
 
 
 
 
 
 
Equity Index
 
 
Investments, at value
 
 
$61,513
 
 
$—
Written Options:
 
 
 
 
 
 
Equity Index
 
 
Written option contracts, at value
 
 
—
 
 
157,700
Total Derivatives not accounted for as
hedging instruments
 
 
 
 
$61,513
 
 
$157,700
NEOS Ethereum High Income ETF
Purchased Options:
 
 
 
 
 
 
Equity Index
 
 
Investments, at value
 
 
$1,277,700
 
 
$—
Written Options:
 
 
 
 
 
 
Equity Index
 
 
Written option contracts, at value
 
 
—
 
 
1,660,181
Total Derivatives not accounted for as
hedging instruments
 
 
 
 
$1,277,700
 
 
$1,660,181
NEOS Gold High Income ETF
Purchased Options:
 
 
 
 
 
 
Equity Index
 
 
Investments, at value
 
 
$11,153,457
 
 
$—
Written Options:
 
 
 
 
 
 
Equity Index
 
 
Written option contracts, at value
 
 
$—
 
 
$11,006,937
Total Derivatives not accounted for as
hedging instruments
 
 
 
 
$11,153,457
 
 
$11,006,937
NEOS Long/Short Equity Income ETF
Purchased Options:
 
 
 
 
 
 
Equity Index
 
 
Investments, at value
 
 
$1,295
 
 
$—
Written Options:
 
 
 
 
 
 
Equity Index
 
 
Written option contracts, at value
 
 
$—
 
 
$3,320
Total Derivatives not accounted for as
hedging instruments
 
 
 
 
$1,295
 
 
$3,320
NEOS MLP & Energy Infrastructure High Income ETF
Written Options:
 
 
 
 
 
 
Equity
 
 
Written option contracts, at value
 
 
$—
 
 
$94,820
Total Derivatives not accounted for as
hedging instruments
 
 
 
 
$—
 
 
$94,820
 
 
 
 
 
 
 
 
 
 
 
124
 

TABLE OF CONTENTS

NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
 
 
 
Statements of Assets and
Liabilities Location
 
 
Fair Value
 
Assets
 
 
Liabilities
NEOS MSCI EAFE High Income ETF
Written Options:
 
 
 
 
 
 
Equity Index
 
 
Written option contracts, at value
 
 
$—
 
 
$270,480
Total Derivatives not accounted for as
hedging instruments
 
 
 
 
$—
 
 
$270,480
NEOS Nasdaq-100® Hedged Equity Income ETF
Purchased Options:
 
 
 
 
 
 
Equity Index
 
 
Investments, at value
 
 
$3,761,335
 
 
$—
Written Options:
 
 
 
 
 
 
Equity Index
 
 
Written option contracts, at value
 
 
$—
 
 
$5,545,885
Total Derivatives not accounted for as
hedging instruments
 
 
 
 
$3,761,335
 
 
$5,545,885
NEOS Nasdaq-100® High Income ETF
Written Options:
 
 
 
 
 
 
Equity Index
 
 
Written option contracts, at value
 
 
$—
 
 
$63,639,940
Total Derivatives not accounted for as
hedging instruments
 
 
 
 
$—
 
 
$63,639,940
NEOS Real Estate High Income ETF
Written Options:
 
 
 
 
 
 
Equity Index
 
 
Written option contracts, at value
 
 
$—
 
 
$1,506,290
Total Derivatives not accounted for as
hedging instruments
 
 
 
 
$—
 
 
$1,506,290
NEOS Russell 2000® High Income ETF
Written Options:
 
 
 
 
 
 
Equity Index
 
 
Written option contracts, at value
 
 
$—
 
 
$3,980,760
Total Derivatives not accounted for as
hedging instruments
 
 
 
 
$—
 
 
$3,980,760
NEOS S&P 500® Hedged Equity Income ETF
Purchased Options:
 
 
 
 
 
 
Equity Index
 
 
Investments, at value
 
 
$82,680
 
 
$—
Written Options:
 
 
 
 
 
 
Equity Index
 
 
Written option contracts, at value
 
 
$—
 
 
$139,740
Total Derivatives not accounted for as
hedging instruments
 
 
 
 
$82,680
 
 
$139,740
NEOS S&P 500® High Income ETF
Written Options:
 
 
 
 
 
 
Equity Index
 
 
Written option contracts, at value
 
 
$—
 
 
$44,284,625
Total Derivatives not accounted for as
hedging instruments
 
 
 
 
$—
 
 
$44,284,625
 
 
 
 
 
 
 
 
 
 
 
125
 

TABLE OF CONTENTS

NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
Statements of Operations
The effect of derivative instruments on the Statements of Operations for the period ended December 31, 2025:
 
 
 
 
 
 
 
Net Realized Gain (Loss) on Derivatives
 
 
 
Purchased Options*
 
 
Written Options
 
 
Total
NEOS Bitcoin High Income ETF
 
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Index Contracts
 
 
$(87,108,609)
 
 
$(20,745,912)
 
 
$(107,854,521)
Total
 
 
$(87,108,609)
 
 
$(20,745,912)
 
 
$(107,854,521)
NEOS Enhanced Income 1-3 Month T-Bill ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Index Contracts
 
 
$(6,738,332)
 
 
$​11,349,904
 
 
$​4,611,572
Total
 
 
$(6,738,332)
 
 
$​11,349,904
 
 
$​4,611,572
NEOS Enhanced Income 20+ Year Treasury Bond ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Index Contracts
 
 
$(62,876)
 
 
$​119,156
 
 
$​56,280
Total
 
 
$(62,876)
 
 
$​119,156
 
 
$​56,280
NEOS Enhanced Income Aggregate Bond ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Index Contracts
 
 
$(1,380,259)
 
 
$​2,644,844
 
 
$​1,264,585
Total
 
 
$(1,380,259)
 
 
$​2,644,844
 
 
$​1,264,585
NEOS Enhanced Income Credit Select ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Index Contracts
 
 
$(2,035,663)
 
 
$​3,912,394
 
 
$​1,876,731
Total
 
 
$(2,035,663)
 
 
$​3,912,394
 
 
$​1,876,731
NEOS Ethereum High Income ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Contracts
 
 
$(279,884)
 
 
$352,186
 
 
$72,302
Total
 
 
$(279,884)
 
 
$352,186
 
 
$72,302
NEOS Gold High Income ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Contracts
 
 
$16,929,930
 
 
$(2,165,651)
 
 
$14,764,279
Total
 
 
$16,929,930
 
 
$(2,165,651)
 
 
$14,764,279
NEOS Long/Short Equity Income ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Index Contracts
 
 
$(2,085)
 
 
$3,998
 
 
$1,913
Total
 
 
$(2,085)
 
 
$3,998
 
 
$1,913
 
 
 
 
 
 
 
 
 
 
 
126
 

TABLE OF CONTENTS

NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
Net Realized Gain (Loss) on Derivatives
 
 
 
Purchased Options*
 
 
Written Options
 
 
Total
NEOS MLP & Energy Infrastructure High Income ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Contracts
 
 
$—
 
 
$(6,605)
 
 
$(6,605)
Total
 
 
$—
 
 
$(6,605)
 
 
$(6,605)
NEOS MSCI EAFE High Income ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Index Contracts
 
 
$—
 
 
$83,121
 
 
$83,121
Total
 
 
$—
 
 
$83,121
 
 
$83,121
NEOS Nasdaq-100® Hedged Equity Income ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Index Contracts
 
 
$(19,675,475)
 
 
$​735,111
 
 
$​(18,940,364)
Total
 
 
$(19,675,475)
 
 
$​735,111
 
 
$​(18,940,364)
NEOS Nasdaq-100® High Income ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Index Contracts
 
 
$—
 
 
$(45,186,839)
 
 
$​(45,186,839)
Total
 
 
$—
 
 
$(45,186,839)
 
 
$​(45,186,839)
NEOS Real Estate High Income ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Contracts
 
 
$—
 
 
$​3,452,913
 
 
$​3,452,913
Total
 
 
$—
 
 
$​3,452,913
 
 
$​3,452,913
NEOS Russell 2000® High Income ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Index Contracts
 
 
$—
 
 
$​2,585,992
 
 
$​2,585,992
Total
 
 
$—
 
 
$​2,585,992
 
 
$​2,585,992
NEOS S&P 500® Hedged Equity Income ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Index Contracts
 
 
$(307,670)
 
 
$​171,769
 
 
$​(135,901)
Total
 
 
$(307,670)
 
 
$​171,769
 
 
$​(135,901)
NEOS S&P 500® High Income ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Index Contracts
 
 
$—
 
 
$(51,353,247)
 
 
$​(51,353,247)
Total
 
 
$—
 
 
$(51,353,247)
 
 
$​(51,353,247)
 
 
 
 
 
 
 
 
 
 
 
127
 

TABLE OF CONTENTS

NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
The effect of derivative instruments on the Statements of Operations for the year or periods ended May 31, 2025:
 
 
 
 
 
 
 
Net Realized Gain (Loss) on Derivatives
 
 
 
Purchased Options*
 
 
Written Options
 
 
Total
NEOS Bitcoin High Income ETF
 
 
 
 
 
 
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Contracts
 
 
$(1,490,080)
 
 
$2,792,097
 
 
$1,302,017
Total
 
 
$(1,490,080)
 
 
$2,792,097
 
 
$1,302,017
NEOS Enhanced Income 1-3 Month T-Bill ETF
 
 
 
 
 
 
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Contracts
 
 
$(9,862,578)
 
 
$14,058,761
 
 
$4,196,183
Total
 
 
$(9,862,578)
 
 
$14,058,761
 
 
$4,196,183
NEOS Enhanced Income 20+ Year Treasury Bond ETF
 
 
 
 
 
 
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Contracts
 
 
$(22,706)
 
 
$23,600
 
 
$894
Total
 
 
$(22,706)
 
 
$23,600
 
 
$894
NEOS Enhanced Income Aggregate Bond ETF
 
 
 
 
 
 
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Contracts
 
 
$(1,454,578)
 
 
$1,800,018
 
 
$345,440
Total
 
 
$(1,454,578)
 
 
$1,800,018
 
 
$345,440
NEOS Enhanced Income Credit Select ETF
 
 
 
 
 
 
Derivatives Not Accounted for as Hedging Instruments****
 
 
 
 
 
 
Equity Contracts
 
 
$(2,608,631)
 
 
$3,189,903
 
 
$581,272
Total
 
 
$(2,608,631)
 
 
$3,189,903
 
 
$581,272
NEOS Nasdaq-100® Hedged Equity Income ETF
 
 
 
 
 
 
Derivatives Not Accounted for as Hedging Instruments***
 
 
 
 
 
 
Equity Contracts
 
 
$(13,053,185)
 
 
$11,043,165
 
 
$(2,010,020)
Total
 
 
$(13,053,185)
 
 
$11,043,165
 
 
$(2,010,020)
NEOS Nasdaq-100® High Income ETF
 
 
 
 
 
 
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Contracts
 
 
$—
 
 
$(3,616,721)
 
 
$(3,616,721)
Total
 
 
$—
 
 
$(3,616,721)
 
 
$(3,616,721)
NEOS Real Estate High Income ETF
 
 
 
 
 
 
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Contracts
 
 
$—
 
 
$533,404
 
 
$533,404
Total
 
 
$—
 
 
$533,404
 
 
$533,404
 
 
 
 
 
 
 
 
 
 
 
128
 

TABLE OF CONTENTS

NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
Net Realized Gain (Loss) on Derivatives
 
 
 
Purchased Options*
 
 
Written Options
 
 
Total
NEOS Russell 2000® High Income ETF
 
 
 
 
 
 
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Contracts
 
 
$—
 
 
$3,588,159
 
 
$3,588,159
Total
 
 
$—
 
 
$3,588,159
 
 
$3,588,159
NEOS S&P 500® Hedged Equity Income ETF
 
 
 
 
 
 
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Contracts
 
 
$(7,072)
 
 
$(1,635)
 
 
$(8,707)
Total
 
 
$(7,072)
 
 
$(1,635)
 
 
$(8,707)
NEOS S&P 500® High Income ETF
 
 
 
 
 
 
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Contracts
 
 
$—
 
 
$(10,875,989)
 
 
$(10,875,989)
Total
 
 
$—
 
 
$(10,875,989)
 
 
$(10,875,989)
 
 
 
 
 
 
 
 
 
 
The effect of derivative instruments on the Statements of Operations for the period ended December 31, 2025:
 
 
 
 
 
 
 
Net Change in Unrealized Appreciation
(Depreciation) on Derivatives
 
 
 
Purchased Options**
 
 
Written Options
 
 
Total
NEOS Bitcoin High Income ETF
 
 
 
 
 
 
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Index Contracts
 
 
$(4,815,215)
 
 
$(9,316,586)
 
 
$(14,131,801)
Total
 
 
$(4,815,215)
 
 
$(9,316,586)
 
 
$(14,131,801)
NEOS Enhanced Income 1-3 Month T-Bill ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Index Contracts
 
 
$55,133
 
 
$(138,720)
 
 
$(83,587)
Total
 
 
$55,133
 
 
$(138,720)
 
 
$(83,587)
NEOS Enhanced Income 20+ Year Treasury Bond ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Index Contracts
 
 
$378
 
 
$(1,253)
 
 
$(875)
Total
 
 
$378
 
 
$(1,253)
 
 
$(875)
NEOS Enhanced Income Aggregate Bond ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Index Contracts
 
 
$14,987
 
 
$(41,744)
 
 
$(26,757)
Total
 
 
$14,987
 
 
$(41,744)
 
 
$(26,757)
 
 
 
 
 
 
 
 
 
 
 
129
 

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NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
Net Change in Unrealized Appreciation
(Depreciation) on Derivatives
 
 
 
Purchased Options**
 
 
Written Options
 
 
Total
NEOS Enhanced Income Credit Select ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Index Contracts
 
 
$24,173
 
 
$(66,781)
 
 
$(42,608)
Total
 
 
$24,173
 
 
$(66,781)
 
 
$(42,608)
NEOS Ethereum High Income ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Contracts
 
 
$(21,355)
 
 
$609
 
 
$(20,746)
Total
 
 
$(21,355)
 
 
$609
 
 
$(20,746)
NEOS Gold High Income ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Contracts
 
 
$(5,303)
 
 
$(9,191)
 
 
$(14,494)
Total
 
 
$(5,303)
 
 
$(9,191)
 
 
$(14,494)
NEOS Long/Short Equity Income ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Index Contracts
 
 
$49
 
 
$(285)
 
 
$(236)
Total
 
 
$49
 
 
$(285)
 
 
$(236)
NEOS MLP & Energy Infrastructure High Income ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Contracts
 
 
$—
 
 
$(4,371)
 
 
$(4,371)
Total
 
 
$—
 
 
$(4,371)
 
 
$(4,371)
NEOS MSCI EAFE High Income ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Index Contracts
 
 
$—
 
 
$8,691
 
 
$8,691
Total
 
 
$—
 
 
$8,691
 
 
$8,691
NEOS Nasdaq-100® Hedged Equity Income ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Index Contracts
 
 
$96,931
 
 
$(33,666)
 
 
$63,265
Total
 
 
$96,931
 
 
$(33,666)
 
 
$63,265
NEOS Nasdaq-100® High Income ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Index Contracts
 
 
$—
 
 
$642,381
 
 
$642,381
Total
 
 
$—
 
 
$642,381
 
 
$642,381
 
 
 
 
 
 
 
 
 
 
 
130
 

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NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
Net Change in Unrealized Appreciation
(Depreciation) on Derivatives
 
 
 
Purchased Options**
 
 
Written Options
 
 
Total
NEOS Real Estate High Income ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Contracts
 
 
$—
 
 
$(10,558)
 
 
$(10,558)
Total
 
 
$—
 
 
$(10,558)
 
 
$(10,558)
NEOS Russell 2000® High Income ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Index Contracts
 
 
$—
 
 
$(343,001)
 
 
$(343,001)
Total
 
 
$—
 
 
$(343,001)
 
 
$(343,001)
NEOS S&P 500® Hedged Equity Income ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Index Contracts
 
 
$1,215
 
 
$5,068
 
 
$6,283
Total
 
 
$1,215
 
 
$5,068
 
 
$6,283
NEOS S&P 500® High Income ETF
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Index Contracts
 
 
$—
 
 
$(1,073,354)
 
 
$(1,073,354)
Total
 
 
$—
 
 
$(1,073,354)
 
 
$(1,073,354)
 
 
 
 
 
 
 
 
 
 
*
The amounts disclosed are included in the realized gain (loss) on investments.
**
The amounts disclosed are included in the change in unrealized appreciation (depreciation) on investments.
The effect of derivative instruments on the Statements of Operations for the year or periods ended May 31, 2025:
 
 
 
 
 
 
 
Net Change in Unrealized Appreciation
(Depreciation) on Derivatives
 
 
 
Purchased Options**
 
 
Written Options
 
 
Total
NEOS Bitcoin High Income ETF
 
 
 
 
 
 
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Contracts
 
 
$ 5,435,369
 
 
$8,622,207
 
 
$14,057,576
Total
 
 
$ 5,435,369
 
 
$8,622,207
 
 
$ 14,057,576
NEOS Enhanced Income 1-3 Month T-Bill ETF
 
 
 
 
 
 
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Contracts
 
 
$14,464
 
 
$(30,022)
 
 
$(15,558)
Total
 
 
$14,464
 
 
$(30,022)
 
 
$(15,558)
NEOS Enhanced Income 20+ Year Treasury Bond ETF
 
 
 
 
 
 
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Contracts
 
 
$(280)
 
 
$682
 
 
$402
Total
 
 
$(280)
 
 
$682
 
 
$402
 
 
 
 
 
 
 
 
 
 
 
131
 

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NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
Net Change in Unrealized Appreciation
(Depreciation) on Derivatives
 
 
 
Purchased Options**
 
 
Written Options
 
 
Total
NEOS Enhanced Income Aggregate Bond ETF
 
 
 
 
 
 
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Contracts
 
 
$(11,741)
 
 
$27,737
 
 
$15,996
Total
 
 
$(11,741)
 
 
$27,737
 
 
$15,996
NEOS Enhanced Income Credit Select ETF
 
 
 
 
 
 
Derivatives Not Accounted for as Hedging Instruments****
 
 
 
 
 
 
Equity Contracts
 
 
$(21,839)
 
 
$53,222
 
 
$31,383
Total
 
 
$(21,839)
 
 
$53,222
 
 
$31,383
NEOS Nasdaq-100® Hedged Equity Income ETF
 
 
 
 
 
 
Derivatives Not Accounted for as Hedging Instruments***
 
 
 
 
 
 
Equity Contracts
 
 
$ 1,376,631
 
 
$ (1,540,969)
 
 
$(164,338)
Total
 
 
$ 1,376,631
 
 
$ (1,540,969)
 
 
$(164,338)
NEOS Nasdaq-100® High Income ETF
 
 
 
 
 
 
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Contracts
 
 
$—
 
 
$1,107,238
 
 
$1,107,238
Total
 
 
$—
 
 
$1,107,238
 
 
$1,107,238
NEOS Real Estate High Income ETF
 
 
 
 
 
 
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Contracts
 
 
$—
 
 
$(3,652)
 
 
$(3,652)
Total
 
 
$—
 
 
$(3,652)
 
 
$(3,652)
NEOS Russell 2000® High Income ETF
 
 
 
 
 
 
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Contracts
 
 
$—
 
 
$148,545
 
 
$148,545
Total
 
 
$—
 
 
$148,545
 
 
$148,545
NEOS S&P 500® Hedged Equity Income ETF
 
 
 
 
 
 
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Contracts
 
 
$345
 
 
$1,285
 
 
$1,630
Total
 
 
$345
 
 
$1,285
 
 
$1,630
NEOS S&P 500® High Income ETF
 
 
 
 
 
 
Derivatives Not Accounted for as Hedging Instruments
 
 
 
 
 
 
Equity Contracts
 
 
$—
 
 
$4,233,951
 
 
$4,233,951
Total
 
 
$—
 
 
$4,233,951
 
 
$4,233,951
 
 
 
 
 
 
 
 
 
 
*
The amounts disclosed are included in the realized gain (loss) on investments.
**
The amounts disclosed are included in the change in unrealized appreciation (depreciation) on investments.
 
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NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
M.
Reclassification of Capital Accounts. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on NAV per share and are primarily due to differing book and tax treatments for in-kind redemptions, and the treatment of earnings from the subsidiary. For the year ended December 31, 2025, the following adjustments were made:
 
 
 
 
 
 
 
 
 
 
Distributable
Earnings
(Accumulated Loss)
 
 
Paid-in
Capital
NEOS Bitcoin High Income ETF
 
 
$5,534,923
 
 
$(5,534,923)
NEOS Enhanced Income 1-3 Month T-Bill ETF
 
 
—
 
 
—
NEOS Enhanced Income 20+ Year Treasury Bond ETF
 
 
—
 
 
—
NEOS Enhanced Income Aggregate Bond ETF
 
 
—
 
 
—
NEOS Enhanced Income Credit Select ETF
 
 
67,188
 
 
(67,188)
NEOS Ethereum High Income ETF
 
 
—
 
 
—
NEOS Gold High Income ETF
 
 
—
 
 
—
NEOS Long/Short High Income ETF
 
 
—
 
 
—
NEOS MLP & Energy Infrastructure High Income ETF
 
 
—
 
 
—
NEOS MSCI EAFE High Income ETF
 
 
​(42,954)
 
 
​42,954
NEOS Nasdaq-100® Hedged Equity Income ETF
 
 
(217,806)
 
 
217,806
NEOS Nasdaq-100® High Income ETF
 
 
(160,525,389)
 
 
160,525,389
NEOS Real Estate High Income ETF
 
 
(71,956)
 
 
71,956
NEOS Russell 2000® High Income ETF
 
 
(3,821,750)
 
 
3,821,750
NEOS S&P 500® Hedged Equity Income ETF
 
 
(222,727)
 
 
222,727
NEOS S&P 500® High Income ETF
 
 
(89,521,958)
 
 
89,521,958
 
 
 
 
 
 
 
N.
Fund of Funds Structure. The NEOS Enhanced Income Aggregate Bond ETF (BNDI), NEOS Enhanced Income Credit Select ETF (HYBI), NEOS MSCI EAFE High Income ETF (NIHI) and NEOS Russell 2000® High Income ETF (IWMI) are considered a fund of funds. Investments in ETFs subject the funds to paying its proportionate share of fees and expenses from those investments. In addition, under the 1940 Act, the funds are subject to restrictions that may limit the amount of any particular ETF that each Fund may own. Since each Fund is a “fund of funds,” the cost of investing in each fund will generally be higher than the cost of investing directly in ETFs. By investing in each fund, you will indirectly bear fees and expenses charged by the underlying ETFs in which each fund invests in addition to the Fund’s direct fees and expenses. Furthermore, the use of a fund of funds structure could affect the timing, amount, and character of the Fund’s distributions and therefore may increase the amount of your tax liability.
O.
Dividend Recognition. Each Fund records the dividends it receives from underlying investments as dividends receivable (asset) and dividend income (income) on ex-dividend date. On pay-date, cash is received from the dividend payment and the dividends receivable account is relieved.
NOTE 3 – INVESTMENT ADVISORY AND OTHER AGREEMENTS
Management
The Adviser acts as each Fund’s investment adviser pursuant to an investment advisory agreement with the Trust (the “Investment Advisory Agreement”).
Under the terms of the Investment Advisory Agreement between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment management services to the Funds and oversees the day-to-day operations of the Funds, subject to the oversight of the Board of Trustees (the “Board”) and the officers of the Trust. The Adviser administers the Funds’ business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services.
 
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NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
Pursuant to the Investment Advisory Agreement, each of Fund pays the Advisor a monthly unitary management fee at an annual rate of:
 
 
 
 
NEOS Bitcoin High Income ETF
 
 
0.98%
NEOS Enhanced Income 1-3 Month T-Bill ETF
 
 
0.38%
NEOS Enhanced Income 20+ Year Treasury Bond ETF
 
 
0.58%
NEOS Enhanced Income Aggregate Bond ETF
 
 
0.58%
NEOS Enhanced Income Credit Select ETF
 
 
0.65%
NEOS Ethereum High Income ETF
 
 
0.98%
NEOS Gold High Income ETF
 
 
0.78%
NEOS Long/Short Equity Income ETF
 
 
0.98%
NEOS MLP & Energy Infrastructure High Income ETF
 
 
0.68%
NEOS MSCI EAFE High Income ETF
 
 
0.68%
NEOS Nasdaq-100® Hedged Equity Income ETF
 
 
0.68%
NEOS Nasdaq-100® High Income ETF
 
 
0.68%
NEOS Real Estate High Income ETF
 
 
0.68%
NEOS Russell 2000® High Income ETF
 
 
0.68%
NEOS S&P 500® Hedged Equity Income ETF
 
 
0.68%
NEOS S&P 500® High Income ETF
 
 
0.68%
 
 
 
 
For the period ended December 31, 2025, each Fund incurred management fees of:
 
 
 
 
NEOS Bitcoin High Income ETF
 
 
$3,770,737
NEOS Enhanced Income 1-3 Month T-Bill ETF
 
 
$1,416,744
NEOS Enhanced Income 20+ Year Treasury Bond ETF
 
 
$18,177
NEOS Enhanced Income Aggregate Bond ETF
 
 
$360,573
NEOS Enhanced Income Credit Select ETF
 
 
$590,648
NEOS Ethereum High Income ETF
 
 
$4,363
NEOS Gold High Income ETF
 
 
$485,874
NEOS Long/Short Equity Income ETF
 
 
$1,708
NEOS MLP & Energy Infrastructure High Income ETF
 
 
$1,297
NEOS MSCI EAFE High Income ETF
 
 
$36,790
NEOS Nasdaq-100® Hedged Equity Income ETF
 
 
$1,345,146
NEOS Nasdaq-100® High Income ETF
 
 
$18,477,748
NEOS Real Estate High Income ETF
 
 
$438,133
NEOS Russell 2000® High Income ETF
 
 
$1,180,614
NEOS S&P 500® Hedged Equity Income ETF
 
 
$38,617
NEOS S&P 500® High Income ETF
 
 
$20,775,981
 
 
 
 
Additionally, for the period ended December 31, 2025, the Adviser waived $19,903, $32,680, $3,856, and $142,809 of management fees with respect to the NEOS Enhanced Income Aggregate Bond ETF, NEOS Enhanced Income Credit Select ETF, NEOS MSCI EAFE High Income ETF, and NEOS Russell 2000® High Income ETF.
 
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NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
For the period ended May 31, 2025, each Fund incurred management fees of:
 
 
 
 
NEOS Bitcoin High Income ETF
 
 
$530,609
NEOS Enhanced Income 1-3 Month T-Bill ETF
 
 
$1,890,743
NEOS Enhanced Income 20+ Year Treasury Bond ETF
 
 
$4,839
NEOS Enhanced Income Aggregate Bond ETF
 
 
$293,158
NEOS Enhanced Income Credit Select ETF*
 
 
$662,877
NEOS Nasdaq-100® Hedged Equity Income ETF*
 
 
$1,621,505
NEOS Nasdaq-100® High Income ETF
 
 
$4,980,272
NEOS Real Estate High Income ETF
 
 
$63,298
NEOS Russell 2000® High Income ETF
 
 
$670,959
NEOS S&P 500® Hedged Equity Income ETF
 
 
$1,250
NEOS S&P 500® High Income ETF
 
 
$16,361,817
 
 
 
 
*
Prior to the reorganization with the fiscal year end of August 31, 2024, the Enhanced Income Credit Select ETF and Nasdaq-100 Hedged Equity Income ETF had incurred management fees of $850,347 and $2,663,018 respectively and waived fees of $25,362 and $0, respectively.
Additionally, for the year or period ended May 31, 2025, the Adviser waived $15,091, $22,891, and $98,675 of management fees with respect to the NEOS Enhanced Income Aggregate Bond ETF, NEOS Enhanced Income Credit Select ETF, and NEOS Russell 2000® High Income ETF. Additionally, the previous adviser has waived $37,100 of fees.
Under the unitary fee arrangement set forth in the Investment Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Funds except for the management fee, interest, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses (“AFFE”), extraordinary expenses, and distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.
For the NEOS Enhanced Income Aggregate Bond ETF, NEOS Enhanced Income Credit Select ETF, NEOS MSCI EAFE High Income ETF, and NEOS Russell 2000® High Income ETF, the Adviser contractually has agreed to waive its management fee and/or reimburse expenses so that total annual Fund operating expenses, excluding portfolio transaction and other investment- related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Fund’s business, do not exceed 0.58%, 0.68%, 0.68%, and 0.68%, respectively. This contractual agreement is in place through September 30, 2026 for each Fund except MSCI EAFE High Income ETF, which is through September 10, 2026. Contractual agreements may not be terminated prior to these dates except by the Board.
The NEOS Enhanced Income Aggregate Bond ETF, NEOS Enhanced Income Credit Select ETF, NEOS MSCI EAFE High Income ETF, and NEOS Russell 2000® High Income ETF has agreed that it will repay the Adviser for fees and expenses waived or reimbursed for the Fund pursuant to the contractual expense limitation described above. Such repayment would increase the Fund’s expenses and would appear on the Statements of Operations as “Repayment of prior expenses waived and/or reimbursed by the Adviser.” However, repayment would only occur up to the point of each Fund’s expense cap.
Each waiver/expense payment by the Adviser is subject to recoupment by the Adviser from the Fund in the three years following the date the particular waiver/expense payment occurred, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the waiver/expense payment and any expense limitation in effect at the time of recoupment. For the year or period ended December 31, 2025 NEOS Enhanced Income Aggregate Bond ETF, NEOS Enhanced Income Credit Select ETF, NEOS MSCI EAFE High Income ETF, and NEOS Russell 2000® High Income ETF did not reimburse expenses to the Adviser.
 
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NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
As of December 31, 2025, the amounts eligible for repayment and the associated periods of expiration are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expires
December 31, 2026
 
 
Expires
December 31, 2027
 
 
Expires
December 31, 2028
 
 
Total
Eligible for
Recoupment
NEOS Enhanced Income Aggregate Bond ETF
 
 
$​812
 
 
$​6,555
 
 
$​29,486
 
 
$​36,853
NEOS Enhanced Income Credit Select ETF
 
 
N/A
 
 
$12,855
 
 
$​47,684
 
 
$​60,539
NEOS MSCI EAFE High Income ETF
 
 
N/A
 
 
N/A
 
 
$3,856
 
 
$3,856
NEOS Russell 2000® High Income ETF
 
 
N/A
 
 
$32,878
 
 
$208,607
 
 
$241,485
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributor and Fund Officers
Foreside Fund Services, LLC (the “Distributor”) serves as the principal underwriter for shares of the Funds and acts as each Fund’s distributor in a continuous public offering of the Funds’ shares and serves as the distributor of Creation Units for the Funds. Shares are continuously offered for sale by the Trust through the Distributor only in Creation Units, as described further in Note 7. Shares in less than Creation Units are not distributed by the Distributor. The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934, as amended, and a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”).
As of December 31, 2025, Foreside Fund Officer Services, LLC, an affiliate of the Distributor, provided the Trust with a Chief Compliance Officer and Principal Financial Officer.
As of December 31, 2025, certain officers and Trustees of the Trust were also officers or employees of the Adviser or affiliated with the Distributor and received no fees from the Trust for serving as officers.
NOTE 4 – PURCHASES AND SALES OF SECURITIES
The costs of purchases and sales of securities, excluding short-term investments, securities sold short, U.S. government securities, and in-kind transactions, during the period ended December 31, 2025, were as follows:
 
 
 
 
 
 
 
 
 
 
Purchases
 
 
Sales
NEOS Bitcoin High Income ETF
 
 
$245,887,195
 
 
$16,491,255
NEOS Enhanced Income 1-3 Month T-Bill ETF
 
 
—
 
 
—
NEOS Enhanced Income 20+ Year Treasury Bond ETF
 
 
—
 
 
17,428
NEOS Enhanced Income Aggregate Bond ETF
 
 
913,425
 
 
—
NEOS Enhanced Income Credit Select ETF
 
 
127,332,895
 
 
122,935,015
NEOS Ethereum High Income ETF
 
 
3,101,677
 
 
—
NEOS Gold High Income ETF
 
 
59,072,454
 
 
—
NEOS Long/Short Equity Income ETF
 
 
​6,032,178
 
 
687,883
NEOS MLP & Energy Infrastructure High Income ETF
 
 
52,987
 
 
53,944
NEOS MSCI EAFE High Income ETF
 
 
1,790,126
 
 
107,650
NEOS Nasdaq-100® Hedged Equity Income ETF
 
 
19,593,601
 
 
58,994,898
NEOS Nasdaq-100® High Income ETF
 
 
359,730,687
 
 
676,584,381
NEOS Real Estate High Income ETF .
 
 
1,622,995
 
 
1,963,565
NEOS Russell 2000® High Income ETF
 
 
—
 
 
23,839,139
NEOS S&P 500® Hedged Equity Income ETF
 
 
119,666
 
 
510,916
NEOS S&P 500® High Income ETF
 
 
64,492,756
 
 
381,366,789
 
 
 
 
 
 
 
 
136
 

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NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
The costs of purchases and sales of in-kind transactions, during the period ended December 31, 2025, were as follows:
 
 
 
 
 
 
 
 
 
 
Purchases
In-Kind
 
 
Sales In-Kind
NEOS Bitcoin High Income ETF
 
 
$—
 
 
$—
NEOS Enhanced Income 1-3 Month T-Bill ETF
 
 
​51,721,488
 
 
—
NEOS Enhanced Income 20+ Year Treasury Bond ETF
 
 
6,885,817
 
 
—
NEOS Enhanced Income Aggregate Bond ETF
 
 
42,316,062
 
 
—
NEOS Enhanced Income Credit Select ETF
 
 
​56,742,608
 
 
8,074,417
NEOS Ethereum High Income ETF
 
 
—
 
 
—
NEOS Gold High Income ETF
 
 
—
 
 
—
NEOS Long/Short Equity Income ETF
 
 
1,188,815
 
 
—
NEOS MLP & Energy Infrastructure High Income ETF
 
 
33,791,760
 
 
—
NEOS MSCI EAFE High Income ETF
 
 
45,985,948
 
 
2,992,287
NEOS Nasdaq-100® Hedged Equity Income ETF
 
 
26,429,838
 
 
525,976
NEOS Nasdaq-100® High Income ETF
 
 
5,781,624,327
 
 
504,563,845
NEOS Real Estate High Income ETF
 
 
131,495,976
 
 
489,546
NEOS Russell 2000® High Income ETF
 
 
282,560,524
 
 
28,607,807
NEOS S&P 500® Hedged Equity Income ETF
 
 
16,488,046
 
 
1,071,777
NEOS S&P 500® High Income ETF
 
 
2,965,126,960
 
 
224,730,552
 
 
 
 
 
 
 
NOTE 5 – REVERSE SHARE SPLITS
Effective December 26, 2024, NEOS Enhanced Income Credit Select ETF underwent a 1-for-5 reverse share split and cusip change.
Effective February 20, 2025, NEOS Nasdaq-100® Hedged Equity Income ETF underwent a 1-for-2 reverse share split and cusip change.
The effect of the reverse share split transactions was to divide the number of outstanding shares of the Funds by the reverse split factor, with a corresponding increase in the net asset value per share. These transactions did not change the net assets of the Funds or the value of a shareholder’s investment. The historical share transactions presented in the Statements of Changes in Net Assets and per share data presented in the Financial Highlights have been adjusted retroactively to give effect to the reverse share splits. Additionally, when the application of reverse share splits resulted in fractional shares for beneficial shareholders, a portion of the cost of shares redeemed, as presented in the Statements of Changes in Net Assets, reflects payment of fractional share balances on beneficial shareholder accounts.
NOTE 6 – TAX MATTERS
The tax character of the distributions paid during the year or period ended December 31, 2025, May 31, 2025, August 31, 2024, and May 31, 2024 are as follows:
 
 
 
 
 
 
 
Period Ended December 31, 2025
 
 
 
Ordinary
Income
 
 
Long Term
Capital Gain(a)
 
 
Return of
Capital
NEOS Bitcoin High Income ETF
 
 
$61,072,056
 
 
$—
 
 
$48,893,912
NEOS Enhanced Income 1-3 Month T-Bill ETF
 
 
$15,730,864
 
 
$2,716,701
 
 
$515,401
NEOS Enhanced Income 20+ Year Treasury Bond ETF
 
 
$152,185
 
 
$33,243
 
 
$19,579
NEOS Enhanced Income Aggregate Bond ETF
 
 
$2,944,339
 
 
$677,914
 
 
$—
NEOS Enhanced Income Credit Select ETF
 
 
$6,477,716
 
 
$—
 
 
$1,195,890
NEOS Ethereum High Income ETF
 
 
$29,761
 
 
$30,919
 
 
$193,079
NEOS Gold High Income ETF
 
 
$7,258,606
 
 
$1,732,116
 
 
$—
NEOS Long/Short High Income ETF
 
 
$12,939
 
 
$1,527
 
 
$4,505
NEOS MLP & Energy Infrastructure High Income ETF
 
 
$17,934
 
 
$—
 
 
$60,353
 
 
 
 
 
 
 
 
 
 
 
137
 

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NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
 
 
 
 
 
 
 
Period Ended December 31, 2025
 
 
 
Ordinary
Income
 
 
Long Term
Capital Gain(a)
 
 
Return of
Capital
NEOS MSCI EAFE High Income ETF
 
 
$686,108
 
 
$75,750
 
 
$—
NEOS Nasdaq-100® Hedged Equity Income ETF
 
 
$90,404
 
 
$—
 
 
$18,191,616
NEOS Nasdaq-100® High Income ETF
 
 
$1,665,326
 
 
$—
 
 
$412,031,734
NEOS Real Estate High Income ETF
 
 
$​5,525,538
 
 
$234,195
 
 
$​1,657,308
NEOS Russell 2000® High Income ETF
 
 
$3,378,338
 
 
$1,345,794
 
 
$21,504,877
NEOS S&P 500® Hedged Equity Income ETF
 
 
$32,568
 
 
$—
 
 
$447,436
NEOS S&P 500® High Income ETF
 
 
$17,910,660
 
 
$—
 
 
$361,137,471
 
 
 
 
 
 
 
 
 
 
(a)
The Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Fund related to net capital gain to zero for the tax year ended December 31, 2025.
 
 
 
 
 
 
 
Year Ended May 31, 2025
 
 
 
Ordinary
Income
 
 
Long-Term
Capital Gains(a)
 
 
Return of
Capital
NEOS Bitcoin High Income ETF
 
 
$2,638,033
 
 
$—
 
 
$15,661,431
NEOS Enhanced Income 1-3 Month T-Bill ETF
 
 
$23,338,608
 
 
$2,508,375
 
 
$1,124,971
NEOS Enhanced Income 20+ Year Treasury Bond ETF
 
 
$35,038
 
 
$777
 
 
$19,685
NEOS Enhanced Income Aggregate Bond ETF
 
 
$1,711,571
 
 
$216,862
 
 
$1,049,960
NEOS Enhanced Income Credit Select ETF
 
 
$7,707,273
 
 
$—
 
 
$2,214,922
NEOS Nasdaq-100® Hedged Equity Income ETF
 
 
$391,743
 
 
$—
 
 
$20,264,190
NEOS Nasdaq-100® High Income ETF
 
 
$1,997,206
 
 
$1,144,642
 
 
$110,249,033
NEOS Real Estate High Income ETF
 
 
$726,422
 
 
$35,299
 
 
$483,942
NEOS Russell 2000® High Income ETF
 
 
$2,144,420
 
 
$2,242,022
 
 
$11,086,145
NEOS S&P 500® Hedged Equity Income ETF
 
 
$1,285
 
 
$—
 
 
$17,205
NEOS S&P 500® High Income ETF
 
 
$17,695,715
 
 
$—
 
 
$285,789,094
 
 
 
 
 
 
 
 
 
 
(a)
The Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Fund related to net capital gain to zero for the tax year ended May 31, 2025.
 
 
 
 
 
 
 
Year Ended August 31, 2024
 
 
 
Ordinary
Income
 
 
Long-Term
Capital Gains
 
 
Return of
Capital
NEOS Enhanced Income Credit Select ETF
 
 
$7,732,892
 
 
$   —
 
 
$—
NEOS Nasdaq-100® Hedged Equity Income ETF
 
 
$903,624
 
 
$—
 
 
$29,598,677
 
 
 
 
 
 
 
 
 
 
NEOS Ethereum High Income ETF, NEOS Gold High Income ETF, NEOS Long/Short Equity Income ETF, NEOS MLP & Energy Infrastructure High Income ETF, and NEOS MSCI EAFE High Income ETF commenced operations after May 31, 2025, thus there were no distributions made during the period ended May 31, 2025.
 
 
 
 
 
 
 
Period Ended May 31, 2024
 
 
 
Ordinary
Income
 
 
Long-Term
Capital Gains(a)
 
 
Return of
Capital
NEOS Enhanced Income 1-3 Month T-Bill ETF
 
 
$12,638,994
 
 
$914,739
 
 
$1,282,823
NEOS Enhanced Income Aggregate Bond ETF
 
 
$174,451
 
 
$27,705
 
 
$112,364
NEOS Nasdaq-100® High Income ETF
 
 
$78,064
 
 
$—
 
 
$4,355,312
NEOS S&P 500® High Income ETF
 
 
$6,874,469
 
 
$2,673,907
 
 
$62,890,517
 
 
 
 
 
 
 
 
 
 
(a)
The Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Fund related to net capital gain to zero for the tax year ended May 31, 2024.
 
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NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
Net capital losses incurred after October 31 and late year losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. At December 31, 2025, the following funds did not have any late year losses and deferred, on a tax basis, post October losses of:
 
 
 
 
 
 
 
 
 
 
 
 
 
Ordinary
Income
 
 
Short-Term
 
 
Long-Term
NEOS Bitcoin High Income ETF
 
 
$—
 
 
$159,713,554
 
 
$—
NEOS Enhanced Income 1-3 Month T-Bill ETF
 
 
—
 
 
—
 
 
—
NEOS Enhanced Income 20+ Year Treasury Bond ETF
 
 
—
 
 
—
 
 
—
NEOS Enhanced Income Aggregate Bond ETF
 
 
—
 
 
—
 
 
—
NEOS Enhanced Income Credit Select ETF
 
 
—
 
 
—
 
 
—
NEOS Ethereum High Income ETF
 
 
—
 
 
—
 
 
—
NEOS Gold High Income ETF
 
 
—
 
 
—
 
 
—
NEOS Long/Short High Income ETF
 
 
—
 
 
—
 
 
—
NEOS MLP & Energy Infrastructure High Income ETF
 
 
—
 
 
—
 
 
—
NEOS MSCI EAFE High Income ETF
 
 
—
 
 
13,776
 
 
20,663
NEOS Nasdaq-100® Hedged Equity Income ETF
 
 
—
 
 
—
 
 
—
NEOS Nasdaq-100® High Income ETF
 
 
—
 
 
—
 
 
—
NEOS Real Estate High Income ETF
 
 
—
 
 
—
 
 
—
NEOS Russell 2000® High Income ETF
 
 
—
 
 
—
 
 
—
NEOS S&P 500® Hedged Equity Income ETF
 
 
—
 
 
—
 
 
—
NEOS S&P 500® High Income ETF
 
 
—
 
 
—
 
 
—
 
 
 
 
 
 
 
 
 
 
Capital loss carry forwards will retain their character as either short-term or long-term capital losses. At December 31, 2025, the following capital loss carryforwards were available:
 
 
 
 
 
 
 
 
 
 
 
 
 
Short Term
 
 
Long Term
 
 
Total
NEOS Bitcoin High Income ETF
 
 
$—
 
 
$—
 
 
$—
NEOS Enhanced Income 1-3 Month T-Bill ETF
 
 
—
 
 
—
 
 
—
NEOS Enhanced Income 20+ Year Treasury Bond ETF
 
 
—
 
 
—
 
 
—
NEOS Enhanced Income Aggregate Bond ETF
 
 
—
 
 
—
 
 
—
NEOS Enhanced Income Credit Select ETF
 
 
2,754,890
 
 
—
 
 
2,754,890
NEOS Ethereum High Income ETF
 
 
—
 
 
—
 
 
—
NEOS Gold High Income ETF
 
 
—
 
 
—
 
 
—
NEOS Long/Short High Income ETF
 
 
—
 
 
—
 
 
—
NEOS MLP & Energy Infrastructure High Income ETF
 
 
6,227
 
 
—
 
 
6,227
NEOS MSCI EAFE High Income ETF
 
 
—
 
 
—
 
 
—
NEOS Nasdaq-100® Hedged Equity Income ETF
 
 
93,318,891
 
 
106,745,498
 
 
200,064,389
NEOS Nasdaq-100® High Income ETF
 
 
20,749,971
 
 
32,885,857
 
 
53,635,828
NEOS Real Estate High Income ETF
 
 
—
 
 
—
 
 
—
NEOS Russell 2000® High Income ETF
 
 
—
 
 
—
 
 
—
NEOS S&P 500® Hedged Equity Income ETF
 
 
44,365
 
 
81,628
 
 
125,993
NEOS S&P 500® High Income ETF
 
 
40,422,360
 
 
68,183,775
 
 
108,606,135
 
 
 
 
 
 
 
 
 
 
The NEOS Enhanced Income Credit Select ETF utilized $1,992,905 in capital loss carry forwards in the current year.
 
139
 

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NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
As of December 31, 2025, the components of accumulated earnings (losses) for income tax purposes were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEOS
Bitcoin
High
Income
ETF
 
 
NEOS
Enhanced
Income
1-3
Month
T-Bill-
ETF
 
 
NEOS
Enhanced
Income
20+ Year
Treasury
Bond
ETF
 
 
NEOS
Enhanced
Income
Aggregate
Bond
ETF
 
 
NEOS
Enhanced
Income
Credit
Select ETF
 
 
NEOS
Ethereum
High
Income
ETF
 
 
NEOS
Gold
High
Income
ETF
 
 
NEOS
Long/Short
Equity
Income
ETF
 
 
NEOS
MLP &
Energy
Infrastructure
High
Income
ETF
 
 
NEOS
MSCI
EAFE
High
Income
ETF
 
 
NEOS
Nasdaq-100®
Hedged
Equity
Income
ETF
 
 
NEOS
Nasdaq-100®
High
Income
ETF
 
 
NEOS
Real
Estate
High
Income
ETF
 
 
NEOS
Russell
2000®
High
Income
ETF
 
 
NEOS
S&P
500®
Hedged
Equity
Income
ETF
 
 
NEOS
S&P
500®
High
Income
ETF
Federal income tax cost of investments, including short postions*
 
 
1,030,038,716
 
 
805,751,425
 
 
9,755,388
 
 
130,955,531
 
 
197,494,707
 
 
10,703,622
 
 
248,999,609
 
 
4,658,990
 
 
​33,841,872
 
 
44,879,481
 
 
214,814,283
 
 
6,801,886,410
 
 
177,883,413
 
 
422,408,181
 
 
17,275,462
 
 
5,912,901,031
Aggregate gross unrealized
appreciation
 
 
1,944,140
 
 
167,740
 
 
1,039
 
 
1,203,200
 
 
1,262,770
 
 
72,603
 
 
7,567,384
 
 
142,029
 
 
131,637
 
 
427,478
 
 
152,694,362
 
 
856,823,953
 
 
6,766,848
 
 
28,619,252
 
 
1,386,662
 
 
1,170,523,630
Aggregate gross unrealized (depreciation)
 
 
(38,194,453)
 
 
—
 
 
(249,796)
 
 
(530,168)
 
 
(2,132,974)
 
 
(71,032)
 
 
(107,693)
 
 
(101,308)
 
 
​(123,834)
 
 
(106,363)
 
 
(17,704,737)
 
 
(277,598,164)
 
 
(9,782,998)
 
 
(2,943,497)
 
 
(540,005)
 
 
(223,571,458)
Net unrealized appreciation (depreciation)
 
 
(36,250,313)
 
 
167,740
 
 
(248,757)
 
 
673,032
 
 
(870,204)
 
 
1,571
 
 
7,459,691
 
 
40,721
 
 
​7,803
 
 
321,115
 
 
134,989,625
 
 
579,225,789
 
 
(3,016,150)
 
 
25,675,755
 
 
846,657
 
 
946,952,172
Undistributed ordinary income
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Undistributed long term capital gains
 
 
—
 
 
—
 
 
—
 
 
64,722
 
 
—
 
 
—
 
 
7,117,755
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Distributable
earnings
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Accumulated capital and other gain/(loss)
 
 
(159,713,554)
 
 
—
 
 
—
 
 
—
 
 
(2,754,890)
 
 
(1)
 
 
—
 
 
(1)
 
 
​(6,262)
 
 
​(34,438)
 
 
(200,065,882)
 
 
​(54,098,790)
 
 
​—
 
 
1
 
 
(128,022)
 
 
(108,907,441)
Total distributable earnings (accumulated
loss)
 
 
(195,963,867)
 
 
167,740
 
 
(248,757)
 
 
737,754
 
 
(3,625,094)
 
 
1,570
 
 
14,577,446
 
 
40,720
 
 
1,541
 
 
​286,677
 
 
(65,076,257)
 
 
525,126,999
 
 
​(3,016,150)
 
 
25,675,756
 
 
718,635
 
 
838,044,731
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*
Represents cost for federal income tax purposes and differs from the cost for financial reporting purposes due to wash sales, passive foreign investment companies (PFICs), and 1256 contracts.
The Funds adopted the FASB Accounting Standards Update 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures” (“ASU 2023-09”) for the year ended December 31, 2025. The adoption of this standard affected only the financial statement disclosures and had no impact on the Funds’ financial position or operating results. A breakdown of income taxes paid by jurisdiction is provided when significant income taxes are paid. For the year ended December 31, 2025, Management determined that the income taxes paid by the Funds were not significant.
NOTE 7 – SHARE TRANSACTIONS
Each Fund currently offers one class of shares, which has no front-end sales loads, no deferred sales charges, and no redemption fees. The standard fixed transaction fee for all the Funds is $300 except for the NEOS Nasdaq-100® Hedged Equity Income ETF, NEOS S&P 500® Hedged Equity Income ETF, and NEOS S&P 500® High Income ETF which is $500, payable to the Custodian. Additionally, a variable transaction fee may be charged by the Funds of up to a maximum of 2% of the value of the Creation Units (inclusive of any transaction fees charged), for each creation or redemption. Variable transaction fees are imposed to compensate the Funds for the transaction costs associated with creation and redemption transactions. The Adviser may adjust or waive the transaction fees from time to time. The Funds may each issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.
Shares of the NEOS Enhanced Income 1-3 Month T-Bill ETF and NEOS Enhanced Income Aggregate Bond ETF are listed and traded on the NYSE Arca, Inc., shares of the NEOS Bitcoin High Income ETF, NEOS Enhanced Income 20+ Year Treasury Bond ETF, NEOS Ethereum High Income ETF, NEOS Gold High Income ETF, NEOS Long/Short Equity Income ETF, NEOS MLP & Energy Infrastructure High Income ETF, NEOS MSCI EAFE High Income ETF, NEOS Real Estate High Income ETF, NEOS Russell 2000® High Income ETF, NEOS S&P 500® Hedged Equity Income ETF, and NEOS S&P 500® High Income ETF are listed and traded on the Cboe BZX Exchange, Inc. and shares of the NEOS Enhanced Income Credit Select ETF, NEOS Nasdaq-100® Hedged Equity Income ETF, and NEOS Nasdaq-100® High Income ETF are listed and traded on Nasdaq Stock Market LLC (the “Exchanges”). Market prices for the Shares may be different from their NAV. The Funds will issue and redeem Shares on a continuous basis at NAV only in large blocks of Shares, typically 10,000 Shares, called “Creation Units.” Creation Unit transactions are conducted in exchange for the deposit or delivery of a designated basket of in-kind securities and/or cash. Once created,
 
140
 

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NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
Shares generally will trade in the secondary market in amounts less than a Creation Unit and at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Shares of the Funds may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”) or (ii) a participant in the Depository Trust Company (“DTC”) and, in each case, must have executed a Participant Agreement with the Funds’ Distributor. Retail investors do not qualify as Authorized Participants. Therefore, they will be unable to purchase or redeem shares directly from the Funds. Rather, retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.
NOTE 8 – BENEFICIAL OWNERSHIP
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of the date of these financial statements, the Adviser does not own more than 25% of the voting securities of any of the Funds.
NOTE 9 – PRINCIPAL RISKS
As with all ETFs, shareholders of the Funds are subject to the risk that their investment could lose money. The Funds are subject to the principal risks, any of which may adversely affect each Fund’s NAV, trading price, yield, total return and ability to meet their investment objectives. A description of principal risks is included in each prospectus under the heading “Principal Risks of Investing in the Fund”.
NOTE 10 – INDEMNIFICATIONS
In the normal course of business, the Trust, on behalf of the Funds, enters into contracts with third-party service providers that contain a variety of representations and warranties and that provide general indemnifications. Additionally, under the Trust organizational documents, the officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. The Funds’ maximum exposure under these arrangements is unknown, as it involves possible future claims that may or may not be made against the Funds. The Adviser is of the view that the risk of loss to the Funds in connection with the Funds’ indemnification obligations is remote; however, there can be no assurance that such obligations will not result in material liabilities that adversely affect the Funds.
NOTE 11 – FUND REORGANIZATIONS
The NEOS Enhanced Income Credit Select ETF (the “Fund”) acquired all of the assets and liabilities of the WSTCM Credit Select Risk-Managed Fund, a mutual fund series of the WST Investment Trust (the “Predecessor Fund”) in a tax-free reorganization on September 27, 2024. Effective September 27, 2024, the assets and liabilities of the Predecessor Fund were transferred to the Fund in exchange for shares of the Fund. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, for tax purposes and book purposes the cost basis of the investments received from the Predecessor Fund was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Costs incurred by the Fund in connection with the reorganization were paid by the Adviser. The fiscal year end of the Predecessor Fund was August 31, and the Fund is December 31. Operations prior to September 27, 2024, were for the Predecessor Fund.
 
 
 
 
 
 
 
NEOS Enhanced Income Credit Select ETF
 
 
Before Reorganization
 
 
After Reorganization
Net Assets .
 
 
$136,224,607
 
 
$136,224,607
Shares Outstanding
 
 
12,970,040
 
 
12,970,040
Net Asset Value Per Share
 
 
$10.50
 
 
$10.50
Net Unrealized Appreciation
 
 
$4,528,644
 
 
$4,528,644
 
 
 
 
 
 
 
The NEOS Nasdaq-100® Hedged Equity Income ETF (the “Fund”) acquired all of the assets and liabilities of the Nationwide Nasdaq-100® Risk-Managed Income ETF, a series of the ETF Series Solutions (the “Predecessor Fund”), in a tax-free reorganization on November 11, 2024. Effective November 11, 2024, the assets and liabilities of the Predecessor Fund were transferred to the Fund in exchange for shares of the Predecessor Fund. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, for tax purposes and book
 
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NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
purposes the cost basis of the investments received from the Predecessor Fund was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Costs incurred by the Fund in connection with the reorganization were paid by the Adviser. The fiscal year end of the Predecessor Fund was August 31, and the Fund is December 31. Operations prior to November 11, 2024, were for the Predecessor Fund.
 
 
 
 
 
 
 
NEOS Nasdaq-100® Hedged Equity Income ETF
 
 
Before Reorganization
 
 
After Reorganization
Net Assets .
 
 
$336,883,218
 
 
$336,883,218
Shares Outstanding
 
 
12,800,000
 
 
12,800,000
Net Asset Value Per Share
 
 
$26.32
 
 
$26.32
Net Unrealized Appreciation
 
 
$102,143,631
 
 
$102,143,631
 
 
 
 
 
 
 
NOTE 12 – SEGMENT REPORTING
Each Fund has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through Fund’s investments in accordance with its investment objective. Each Fund’s Chief Operating Decision Maker (“CODM”) is the Fund Principal Executive Officer and Chief Operating Officer at the Adviser. The CODM assesses performance based on a Fund’s Total Return as reported in the Financial Highlights, and the same accounting policies are applied as described in the summary of significant accounting policies. Each Fund’s Total Return is utilized by the CODM to compare results, including the impact of a Fund’s costs, to a Fund’s competitors and to a Fund’s benchmark index.
NOTE 13 – SUBSEQUENT EVENTS
Management has evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued.
Effective January 1, 2026, the Board of NEOS Trust approved a change in its Chief Compliance Officer.
Management has determined that there are no other material events that would require recognition or disclosure in the Funds’ financial statements.
 
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of
NEOS ETF Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities (consolidated for NEOS Bitcoin High Income ETF, NEOS Ethereum High Income ETF, and NEOS Gold High Income ETF only), including the schedules of investments, written options, and securities sold short (as applicable), comprising of the funds listed below (the “Funds”), each a series of NEOS ETF Trust as of December 31, 2025, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated below, the statement of cash flows (for NEOS Long/Short Equity Income ETF only) for the period December 10, 2025 (inception date) through December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations, cash flows, the changes in net assets and the financial highlights for the periods indicated above and below, in conformity with accounting principles generally accepted in the United States of America.
 
 
 
 
 
 
 
 
 
 
Fund Name
 
 
Statements of Operations
 
 
Statements of Changes
in Net Assets
 
 
Financial Highlights
NEOS Bitcoin High Income ETF
 
 
For the period June 1, 2025 through December 31, 2025 and for the period October 17, 2024 (inception date) through May 31, 2025
NEOS Enhanced Income 1-3 Month T-Bill ETF, NEOS Enhanced Income Aggregate Bond ETF, and NEOS S&P 500® High Income ETF
 
 
For the period June 1, 2025 through December 31, 2025 and for the year ended May 31, 2025
 
 
For the period June 1, 2025 through December 31, 2025 and for each of the years in the two year period ended May 31, 2025
 
 
For the period June 1, 2025 through December 31, 2025, for each of the years in the two year period ended May 31, 2025, and for the period August 30, 2022 (inception date) through May 31, 2023
NEOS Enhanced Income 20+ Year Treasury Bond ETF
 
 
For the period June 1, 2025 through December 31, 2025 and for the period December 11, 2024 (inception date) through May 31, 2025
NEOS Enhanced Income Credit Select ETF and NEOS Nasdaq-100® Hedged Equity Income ETF
 
 
For the period June 1, 2025 through December 31, 2025 and for the period September 1, 2024 through May 31, 2025
 
 
For the period June 1, 2025 through December 31, 2025, the period September 1, 2024 through May 31, 2025 and for the year ended August 31, 2024
 
 
For the period June 1, 2025 through December 31, 2025, the period September 1, 2024 through May 31, 2025 and for each of the years in the four year period ended August 31, 2024
NEOS Ethereum High Income ETF
 
 
For the period December 3, 2025 (inception date) through December 31, 2025
NEOS Gold High Income ETF
 
 
For the period June 5, 2025 (inception date) through December 31, 2025
NEOS Long/Short Equity Income ETF
 
 
For the period December 10, 2025 (inception date) through December 31, 2025
NEOS MLP & Energy Infrastructure High Income ETF
 
 
For the period December 18, 2025 (inception date) through December 31, 2025
NEOS MSCI EAFE High Income ETF
 
 
For the period September 17, 2025 (inception date) through December 31, 2025
NEOS Nasdaq-100® High Income ETF
 
 
For the period June 1, 2025 through December 31, 2025 and for the year ended May 31, 2025
 
 
For the period June 1, 2025 through December 31, 2025, the year ended May 31, 2025, and for the period January 30, 2024 (inception date) through May 31, 2024
 
 
 
 
 
 
 

 
 
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)
 
 
 
 
 
 
 
 
 
 
Fund Name
 
 
Statements of Operations
 
 
Statements of Changes
in Net Assets
 
 
Financial Highlights
NEOS Real Estate High Income ETF
 
 
For the period June 1, 2025 through December 31, 2025 and for the period January 15, 2025 (inception date) through May 31, 2025
NEOS Russell 2000® High Income ETF
 
 
For the period June 1, 2025 through December 31, 2025 and for the period June 25, 2024 (inception date) through May 31, 2025
NEOS S&P 500® Hedged Equity Income ETF
 
 
For the period June 1, 2025 through December 31, 2025 and for the period April 3, 2025 (inception date) through May 31, 2025
 
 
 
 
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more Funds in the NEOS ETF Trust since 2013.

 
COHEN & COMPANY, LTD.
Philadelphia, Pennsylvania
February 27, 2026
 
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OTHER NON-AUDITED INFORMATION
December 31, 2025 (Unaudited)
TAX INFORMATION
For the period ended December 31, 2025, certain dividends paid by the Funds may be subject to reduced tax rates, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:
 
 
 
 
NEOS Bitcoin High Income ETF
 
 
0.00%
NEOS Enhanced Income 1-3 Month T-Bill ETF
 
 
0.00%
NEOS Enhanced Income 20+ Year Treasury Bond ETF
 
 
0.00%
NEOS Enhanced Income Aggregate Bond ETF
 
 
0.00%
NEOS Enhanced Income Credit Select ETF
 
 
0.00%
NEOS Ethereum High Income ETF
 
 
0.00%
NEOS Gold High Income ETF
 
 
0.00%
NEOS Long/Short Equity Income ETF
 
 
0.00%
NEOS MLP & Energy Infrastructure High Income ETF
 
 
0.00%
NEOS MSCI EAFE High Income ETF
 
 
81.31%
NEOS Nasdaq-100® Hedged Equity Income ETF
 
 
100.00%
NEOS Nasdaq-100® High Income ETF
 
 
100.00%
NEOS Real Estate High Income ETF
 
 
0.00%
NEOS Russell 2000® High Income ETF
 
 
67.23%
NEOS S&P 500® Hedged Equity Income ETF
 
 
100.00%
NEOS S&P 500® High Income ETF
 
 
100.00%
 
 
 
 
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the period ended December 31, 2025 were as follows:
 
 
 
 
NEOS Bitcoin High Income ETF
 
 
0.00%
NEOS Enhanced Income 1-3 Month T-Bill ETF
 
 
0.00%
NEOS Enhanced Income 20+ Year Treasury Bond ETF
 
 
0.00%
NEOS Enhanced Income Aggregate Bond ETF
 
 
0.00%
NEOS Enhanced Income Credit Select ETF
 
 
0.00%
NEOS Ethereum High Income ETF
 
 
0.00%
NEOS Gold High Income ETF
 
 
0.00%
NEOS Long/Short Equity Income ETF
 
 
0.00%
NEOS MLP & Energy Infrastructure High Income ETF
 
 
0.00%
NEOS MSCI EAFE High Income ETF
 
 
77.60%
NEOS Nasdaq-100® Hedged Equity Income ETF
 
 
100.00%
NEOS Nasdaq-100® High Income ETF
 
 
100.00%
NEOS Real Estate High Income ETF
 
 
0.00%
NEOS Russell 2000® High Income ETF
 
 
61.80%
NEOS S&P 500® Hedged Equity Income ETF
 
 
100.00%
NEOS S&P 500® High Income ETF
 
 
100.00%
 
 
 
 
 
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OTHER NON-AUDITED INFORMATION
December 31, 2025 (Unaudited)(Continued)
For the period ended December 31, 2025, the percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(C) for the Funds were as follows:
 
 
 
 
NEOS Bitcoin High Income ETF
 
 
84.93%
NEOS Enhanced Income 1-3 Month T-Bill ETF
 
 
11.51%
NEOS Enhanced Income 20+ Year Treasury Bond ETF
 
 
14.51%
NEOS Enhanced Income Aggregate Bond ETF
 
 
16.82%
NEOS Enhanced Income Credit Select ETF
 
 
0.00%
NEOS Ethereum High Income ETF
 
 
69.27%
NEOS Gold High Income ETF
 
 
81.28%
NEOS Long/Short Equity Income ETF
 
 
100.00%
NEOS MLP & Energy Infrastructure High Income ETF
 
 
0.00%
NEOS MSCI EAFE High Income ETF
 
 
7.41%
NEOS Nasdaq-100® Hedged Equity Income ETF
 
 
0.00%
NEOS Nasdaq-100® High Income ETF
 
 
0.00%
NEOS Real Estate High Income ETF
 
 
63.25%
NEOS Russell 2000® High Income ETF
 
 
26.56%
NEOS S&P 500® Hedged Equity Income ETF
 
 
0.00%
NEOS S&P 500® High Income ETF
 
 
0.00%
 
 
 
 
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
Information regarding how often shares of the Funds traded on the Exchanges at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds are available on the Funds’ website at www.neosfunds.com.
 
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OTHER NON-AUDITED INFORMATION
December 31, 2025 (Unaudited)(Continued)
DISCLOSURE OF PORTFOLIO HOLDINGS
The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year to date as exhibits to their reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov. They may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330. In addition, the Funds’ full portfolio holdings are updated daily and available on the Funds’ website at www.neosfunds.com.
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures the Funds uses to determine how to vote proxies relating to portfolio securities is provided in the Statements of Additional Information (“SAIs”). The SAI is available without charge upon request by calling toll-free at (833) 833-1311, by accessing the SEC’s website at http://www.sec.gov, or by accessing the Funds’ website at www.neosfunds.com. Information on how the Funds’ voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling (833) 833-1311 or by accessing the website of the SEC.
 
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CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES (Unaudited)
An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must disclose the information concerning changes in and disagreements with accountants and on accounting and financial disclosure required by Item 304 of Regulation S-K [17 CFR 229.304].
Response: None for the period contained within this report.
 
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PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES (Unaudited)
If any matter was submitted during the period covered by the report to a vote of shareholders of an open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A], through the solicitation of proxies or otherwise, the company must furnish the following information:
(1)
The date of the meeting and whether it was an annual or special meeting.
(2)
If the meeting involved the election of directors, the name of each director elected at the meeting and the name of each other director whose term of office as a director continued after the meeting.
(3)
A brief description of each matter voted upon at the meeting and the number of votes cast for, against or withheld, as well as the number of abstentions and broker non-votes as to each such matter, including a separate tabulation with respect to each matter or nominee for office.
Response: None for the period contained in this report.
 
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REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES (Unaudited)
Unless the following information is disclosed as part of the financial statements included in Item 7, an open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must disclose the aggregate remuneration paid by the company during the period covered by the report to:
(1)
All directors and all members of any advisory board for regular compensation;
(2)
Each director and each member of an advisory board for special compensation;
(3)
All officers; and
(4)
Each person of whom any officer or director of the Fund is an affiliated person
Response: Each current Independent Trustee is paid an annual retainer of $19,000 for his or her services as a Board member to the Trust, together with out-of-pocket expenses in accordance with the Board’s policy on travel and other business expenses relating to attendance at meetings.
Independent Trustee fees are paid by the adviser to each series of the Trust through the applicable adviser’s unitary management fee, and not by the Fund. Annual Trustee fees may be reviewed periodically and changed by the Board.
The Trust does not have a bonus, profit sharing, pension or retirement plan.
 
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STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT
(Unaudited)
If the board of directors approved any investment advisory contract during the Fund’s most recent fiscal half-year, discuss in reasonable detail the material factors and the conclusions with respect thereto that formed the basis for the board’s approval. Include the following in the discussion:
  (1) Factors relating to both the board’s selection of the investment adviser and approval of the advisory fee and any other amounts to be paid by the Fund under the contract. These factors would include, but not be limited to, a discussion of the nature, extent, and quality of the services to be provided by the investment adviser; the investment performance of the Fund and the investment adviser; the costs of the services to be provided and profits to be realized by the investment adviser and its affiliates from the relationship with the Fund; the extent to which economies of scale would be realized as the Fund grows; and whether fee levels reflect these economies of scale for the benefit of Fund investors. Also indicate in the discussion whether the board relied upon comparisons of the services to be rendered and the amounts to be paid under the contract with those under other investment advisory contracts, such as contracts of the same 14 and other investment advisers with other registered investment companies or other types of clients (e.g., pension funds and other institutional investors). If the board relied upon such comparisons, describe the comparisons and how they assisted the board in concluding that the contract should be approved; and
  (2) If applicable, any benefits derived or to be derived by the investment adviser from the relationship with the Fund such as soft dollar arrangements by which brokers provide research to the Fund or its investment adviser in return for allocating Fund brokerage.
Response:
NEOS Nasdaq-100 High Income ETF
December 3, 2025 NEOS ETF Trust Board of Trustees Meeting
The Advisory Agreement was approved by a majority of the Board, including the Independent Trustees, at a meeting held on December 13, 2025. The Board reviewed the materials provided by NEOS Investment Management, LLC (“NEOS” or the “Adviser”) in advance of the meeting, conferred with representatives prior to the meeting and further reviewed materials at the meeting. The Board relied their own business judgment in determining the material factors to be considered in evaluating the renewal of the Advisory Agreement with respect to the NEOS Nasdaq 100 High Income ETF (the “Fund”) and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his or her conclusions with respect to the Advisory Agreement.
The Board including the Independent Trustees of the Board, reviewed: (i) the nature and quality of the advisory services provided by NEOS, including the experience and qualifications of the personnel providing such services; (ii) the performance history of the Fund; (iii) the fee and expenses of the Fund; (iv) the profitability of the Fund to NEOS; (v) potential economies of scale; (vi) possible fall-out benefits to NEOS and its affiliates (i.e., the ancillary benefits realized by NEOS and its affiliates from NEOS’s relationship with the Fund); and (vii) possible conflicts of interest. In considering the approval of the Advisory Agreement, the Board reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below, including a research report prepared by the Fuse Research Network (the “Fuse Report”), a company independent from the Adviser.
The Board exercised its own business judgment in determining its conclusions and its conclusions were based on an evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his or her conclusions with respect to the Advisory Agreement.
Nature, Extent and Quality of Service.
The Board reviewed materials provided by NEOS related to the approval of the Advisory Agreement for the Fund, a review of the professional personnel who perform services for the Fund, NEOS’s compliance and risk management infrastructure, its financial strength and resources, and its investment process. The Board also noted the extensive responsibilities that NEOS has as investment adviser to the Fund, including: its adherence to the Fund’s investment strategy and restrictions, buying and selling of securities and other transactions, reviewing its performance, voting the proxies received by the Fund and oversight of, and its role in the creation of custom or redemption baskets for authorized
 
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STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT
(Unaudited)(Continued)
participants; oversight of the daily valuation of the Fund’ portfolio holdings including its role as Valuation Designee for the Fund; oversight of general compliance with federal and state laws; and implementation of Board directives as they relate to the Fund. The Board also considered research support available to, and management capabilities of, the NEOS’ management personnel and that NEOS provides oversight of day-to-day Fund operations, including fund accounting, tax matters, administration, compliance and legal assistance in meeting disclosure and regulatory requirements. The Board discussed the extent of the NEOS’ research capabilities, the quality of its compliance infrastructure and the experience of its fund management personnel.
Additionally, the Board received satisfactory responses from the representatives of NEOS with respect to a series of questions, including: whether NEOS was involved in any lawsuits or pending regulatory actions; whether the management of other accounts would conflict with its management of the Trust and the Fund; and whether there are procedures in place to adequately allocate trades among its respective clients.
The Board reviewed the description provided on the practices for monitoring compliance with the Fund’s investment limitations, noting that NEOS’s CCO would periodically review the portfolio managers’ performance of their duties to ensure compliance under NEOS’s compliance program. The Board concluded that NEOS had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures to perform its duties under the Advisory Agreement and that the nature, overall quality and extent of the management services provided by NEOS to the Fund would be satisfactory.
Performance.
The Board reviewed the performance section of the Fuse Report that compared the performance of the Fund with six similar, unaffiliated ETFs selected by Fuse Research Network. The Board commented that the Fund had outperformed all but one of the ETFs in its peer group for the one year period and all of the ETFs in the peer group since inception. The Board also noted that the Fund outperformed its peer group average and median over the 1-year and since inception periods.
Fees and Expenses.
The Board observed that the gross advisory fee and the total expense ratio for the Fund were both at the 50% level when compared to the peers identified in the Fuse Report. The Board noted that the Fund’s gross advisory fee and total expense ratio ranked four, lower than three ETF peers identified by the Fuse Research Network and higher than three ETF peers. The Board considered NEOS’ explanation for its fees which included that its proprietary model to manage options had been developed through extensive research, which commanded a premium. The Board also discussed NEOS’ statement that many other direct competitors of the Fund that were not included in the peer group had higher expenses than the Fund. The Board concluded that the advisory fee for the Fund was not unreasonable.
Economies of Scale. The Board reviewed NEOS’ asset projections and noted NEOS’ assertion that the asset levels at which economies of scale would be achieved by the Fund were unlikely to be realized in the near term. They acknowledged NEOS’s statement regarding the challenges involved with attempting to forecast future growth and fee levels. The Board considered, however, NEOS’ willingness to discuss the matter of economies for the Fund as its size materially increased. The Board agreed to monitor and revisit this issue at the appropriate time.
Profitability. The Board reviewed NEOS’ profitability analysis in connection with its advisory services provided to the Fund and noted that NEOS earned a profit in connection with managing the Fund. The Board considered factors cited by NEOS to support the level of profits for the Fund, including, without limitation, what might reasonably be believed to be a fair entrepreneurial profit, the resources required in light of the sophistication of the strategies, as well as the business, operational, and regulatory risks involved in managing the Fund. The Board also discussed NEOS’ method of allocating certain expenses and the range of estimated profits when using the various methods of allocating expenses that were common practice in the industry, acknowledging the difficulty of fully capturing the entirety of NEOS’ expenses with a respect to the Fund in isolation. The Board concluded that NEOS’s profitability for the Fund was not excessive.
Conclusion. Having requested and received such information from NEOS as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreements, the Board concluded that NEOS’ advisory fee for the Fund not unreasonable, and that reapproval of the Advisory Agreement was in the best interest of future shareholders of the Fund.
 
152