UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number (811-23645)
NEOS ETF Trust
(Exact name of registrant as specified in charter)
13 Riverside Avenue
Westport, CT 06880
(Address of principal executive offices) (Zip code)
Garrett Paolella, President
13 Riverside Avenue
Westport, CT 06880
(Name and address of agent for service)
(203) 298-7300
Registrant’s telephone number, including area code
Date of fiscal year end: May 31
Date of reporting period: November 30, 2024
Item 1. Reports to Stockholders.
| (a) | A copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (“Act”), is filed herewith. |
| | |
| NEOS Bitcoin High Income ETF | |
BTCI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.CboeBZX) |
| Semi-Annual Shareholder Report | November 30, 2024 |
This semi-annual shareholder report contains important information about the NEOS Bitcoin High Income ETF for the period of October 17, 2024, to November 30, 2024. You can find additional information about the Fund at www.neosfunds.com/btci/. You can also request this information by contacting us at (866)-498-5677.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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 | $14 | 0.98% |
#Amount shown reflects the expenses of the Fund from inception date through November 30, 2024. Expenses would be higher if the Fund had been in operations for the full six month period.
KEY FUND STATISTICS (as of November 30, 2024)
| |
Net Assets | $19,992,141 |
Number of Holdings | 8 |
Portfolio Turnover | 0% |
30-Day SEC Yield | 2.28% |
30-Day SEC Yield Unsubsidized | 2.28% |
Visit www.neosfunds.com/btci/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of November 30, 2024)
| |
Top 10 Issuers | |
United States Treasury Bill | 61.9% |
VanEck Bitcoin ETF | 22.8% |
| Proshares Bitcoin ETF Purchased/Written Options | 9.9% |
First American Treasury Obligations Fund | 1.5% |
Northern U.S. Government Select Money Market Fund | 0.8% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.neosfunds.com/btci/.
| NEOS Bitcoin High Income ETF | PAGE 1 | TSR-SAR-78433H642 |
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-SAR-78433H642 |
61.922.812.72.32.83.1
| | |
| NEOS Enhanced Income 1-3 Month T-Bill ETF | |
CSHI (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca) |
| Semi-Annual Shareholder Report | November 30, 2024 |
This semi-annual shareholder report contains important information about the NEOS Enhanced Income 1-3 Month T-Bill ETF for the period of June 1, 2024, to November 30, 2024. You can find additional information about the Fund at www.neosfunds.com/cshi/. You can also request this information by contacting us at (866)-498-5677.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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 | $19 | 0.38% |
KEY FUND STATISTICS (as of November 30, 2024)
| |
Net Assets | $493,964,536 |
Number of Holdings | 23 |
Portfolio Turnover | 0% |
30-Day SEC Yield | 4.33% |
30-Day SEC Yield Unsubsidized | 4.33% |
Visit www.neosfunds.com/cshi/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of November 30, 2024)
| |
Top 10 Issuers | |
United States Treasury Bills | 99.5% |
First American Treasury Obligations Fund | 0.4% |
Northern U.S. Government Select Money Market Fund | 0.2% |
| S&P 500 Index Purchased/Written Options | 0.0% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.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 1 | TSR-SAR-78433H501 |
| | |
| NEOS Enhanced Income Aggregate Bond ETF | |
BNDI (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca) |
| Semi-Annual Shareholder Report | November 30, 2024 |
This semi-annual shareholder report contains important information about the NEOS Enhanced Income Aggregate Bond ETF for the period of June 1, 2024, to November 30, 2024. You can find additional information about the Fund at www.neosfunds.com/bndi/. You can also request this information by contacting us at (866)-498-5677.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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 | $28 | 0.55% |
KEY FUND STATISTICS (as of November 30, 2024)
| |
Net Assets | $60,545,517 |
Number of Holdings | 10 |
Portfolio Turnover | 0% |
30-Day SEC Yield | 3.05% |
30-Day SEC Yield Unsubsidized | 3.02% |
Visit www.neosfunds.com/bndi/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of November 30, 2024)
| |
Top 10 Issuers | |
Vanguard Total Bond Market ETF | 49.9% |
iShares Core U.S. Aggregate Bond ETF | 49.8% |
Northern U.S. Government Select Money Market Fund | 0.3% |
First American Treasury Obligations Fund | 0.1% |
| S&P 500 Index Purchased/Written Options | 0.0% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.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 1 | TSR-SAR-78433H402 |
| | |
| NEOS Enhanced Income Credit Select ETF | |
HYBI (Principal U.S. Listing Exchange: Nasdaq Stock Market LLCNASDAQ) |
| Semi-Annual Shareholder Report | November 30, 2024 |
This semi-annual shareholder report contains important information about the NEOS Enhanced Income Credit Select ETF for the period of September 1, 2024, to November 30, 2024. You can find additional information about the Fund at www.neosfunds.com/hybi/. You can also request this information by contacting us at (866)-498-5677.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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† | $19 | 0.77% |
| ** | Amount shown reflects the expenses of the Fund from September 1, 2024 through November 30, 2024. Expenses would be higher if the Fund had been in operations for the full six month period. |
| † | The NEOS Enhanced Income Credit Select ETF acquired all of the assets and liabilities of the WSTCM Credit Select Risk-Managed Fund, a series of the WST Investment Trust (the “Predecessor Fund”), in tax-free reorganization on September 27, 2024. The fiscal year end of the NEOS Enhanced Income Credit Select ETF is May 31, whereas the fiscal year end of the Predecessor Fund was August 31. |
KEY FUND STATISTICS (as of November 30, 2024)
| |
Net Assets | $136,790,841 |
Number of Holdings | 12 |
Portfolio Turnover | 82% |
30-Day SEC Yield | 5.85% |
30-Day SEC Yield Unsubsidized | 5.82% |
Visit www.neosfunds.com/hybi/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of November 30, 2024)
| |
Top 10 Issuers | |
iShares Broad USD High Yield Corporate Bond ETF | 45.3% |
SPDR Portfolio High Yield Bond ETF | 25.2% |
Xtrackers USD High Yield Corporate Bond ETF | 25.1% |
United States Treasury Bills | 3.2% |
First American Treasury Obligations Fund | 0.7% |
Northern US Government Money Market Fund | 0.5% |
| S&P 500 Index Purchased/Written Options | 0.0% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.neosfunds.com/hybi/.
| NEOS Enhanced Income Credit Select ETF | PAGE 1 | TSR-SAR-78433H659 |
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-SAR-78433H659 |
| | |
| NEOS Nasdaq-100® Hedged Equity Income ETF | |
NUSI (Principal U.S. Listing Exchange: Nasdaq Stock Market LLCNASDAQ) |
| Semi-Annual Shareholder Report | November 30, 2024 |
This semi-annual shareholder report contains important information about the NEOS Nasdaq-100® Hedged Equity Income ETF for the period of September 1, 2024, to November 30, 2024. You can find additional information about the Fund at www.neosfunds.com/nusi/. You can also request this information by contacting us at (866)-498-5677.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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† | $17 | 0.68% |
| ** | Amount shown reflects the expenses of the Fund from September 1, 2024 through November 30, 2024. Expenses would be higher if the Fund had been in operations for the full six month period. |
| † | The NEOS Nasdaq-100® Hedged Equity Income ETF 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. The fiscal year end of the NEOS Nasdaq-100® Hedged Equity Income ETF is May 31, whereas the fiscal year end of the Predecessor Fund was August 31. |
KEY FUND STATISTICS (as of November 30, 2024)
| |
Net Assets | $327,840,911 |
Number of Holdings | 105 |
Portfolio Turnover | 1% |
30-Day SEC Yield | 0.11% |
30-Day SEC Yield Unsubsidized | 0.11% |
Visit www.neosfunds.com/nusi/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of November 30, 2024)
| |
Top 10 Issuers | |
Apple, Inc. | 8.7% |
NVIDIA Corp. | 8.1% |
Microsoft Corp. | 7.4% |
Amazon.com, Inc. | 4.9% |
Meta Platforms, Inc. | 4.9% |
Alphabet, Inc. | 4.7% |
Broadcom, Inc. | 4.7% |
Tesla, Inc. | 4.0% |
Costco Wholesale Corp. | 2.7% |
Netflix, Inc. | 2.4% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.neosfunds.com/nusi/.
| NEOS Nasdaq-100® Hedged Equity Income ETF | PAGE 1 | TSR-SAR-78433H667 |
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 2 | TSR-SAR-78433H667 |
48.916.314.15.85.54.71.41.40.61.3
| | |
| NEOS Nasdaq 100® High Income ETF | |
QQQI (Principal U.S. Listing Exchange: Nasdaq Stock Market LLCNASDAQ) |
| Semi-Annual Shareholder Report | November 30, 2024 |
This semi-annual shareholder report contains important information about the NEOS Nasdaq 100® High Income ETF for the period of June 1, 2024, to November 30, 2024. You can find additional information about the Fund at www.neosfunds.com/qqqi/. You can also request this information by contacting us at (866)-498-5677.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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 | $36 | 0.68% |
KEY FUND STATISTICS (as of November 30, 2024)
| |
Net Assets | $647,715,142 |
Number of Holdings | 104 |
Portfolio Turnover | 1% |
30-Day SEC Yield | 0.15% |
30-Day SEC Yield Unsubsidized | 0.15% |
Visit www.neosfunds.com/qqqi/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of November 30, 2024)
| |
Top 10 Issuers | |
Apple, Inc. | 8.7% |
NVIDIA Corp. | 8.1% |
Microsoft Corp. | 7.6% |
Alphabet, Inc. | 4.9% |
Meta Platforms, Inc. | 4.9% |
Amazon.com, Inc. | 4.9% |
Broadcom, Inc. | 4.6% |
Tesla, Inc. | 4.1% |
Costco Wholesale Corp. | 2.8% |
Netflix, Inc. | 2.4% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.neosfunds.com/qqqi/.
| NEOS Nasdaq 100® High Income ETF | PAGE 1 | TSR-SAR-78433H675 |
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-SAR-78433H675 |
49.516.713.46.05.74.91.51.40.60.3
| | |
| NEOS Russell 2000® High Income ETF | |
IWMI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.CboeBZX) |
| Semi-Annual Shareholder Report | November 30, 2024 |
This semi-annual shareholder report contains important information about the NEOS Russell 2000® High Income ETF for the period of June 25, 2024, to November 30, 2024. You can find additional information about the Fund at www.neosfunds.com/iwmi/. You can also request this information by contacting us at (866)-498-5677.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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 | $27 | 0.58% |
#Amount shown reflects the expenses of the Fund from inception date through November 30, 2024. Expenses would be higher if the Fund had been in operations for the full six month period.
KEY FUND STATISTICS (as of November 30, 2024)
| |
Net Assets | $119,390,677 |
Number of Holdings | 4 |
Portfolio Turnover | 2% |
30-Day SEC Yield | 0.71% |
30-Day SEC Yield Unsubsidized | 0.61% |
Visit www.neosfunds.com/iwmi/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of November 30, 2024)
| |
Top 10 Issuers | |
Vanguard Russell 2000 ETF | 101.3% |
First American Treasury Obligations Fund | 0.2% |
| Russell 2000 Index Written Options | -1.4% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.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 1 | TSR-SAR-78433H634 |
| | |
| NEOS S&P 500® High Income ETF | |
SPYI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.CboeBZX) |
| Semi-Annual Shareholder Report | November 30, 2024 |
This semi-annual shareholder report contains important information about the NEOS S&P 500® High Income ETF for the period of June 1, 2024, to November 30, 2024. You can find additional information about the Fund at www.neosfunds.com/spyi/. You can also request this information by contacting us at (866)-498-5677.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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 | $36 | 0.68% |
KEY FUND STATISTICS (as of November 30, 2024)
| |
Net Assets | $2,456,295,770 |
Number of Holdings | 506 |
Portfolio Turnover | 1% |
30-Day SEC Yield | 0.68% |
30-Day SEC Yield Unsubsidized | 0.68% |
Visit www.neosfunds.com/spyi/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assets as of November 30, 2024)
| |
Top 10 Issuers | |
Apple, Inc. | 7.0% |
NVIDIA Corp. | 6.7% |
Microsoft Corp. | 6.2% |
Amazon.com, Inc. | 3.8% |
Alphabet, Inc. | 3.6% |
Meta Platforms, Inc. | 2.5% |
Tesla, Inc. | 1.9% |
Berkshire Hathaway, Inc. | 1.7% |
Broadcom, Inc. | 1.4% |
JPMorgan Chase & Co. | 1.4% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.neosfunds.com/spyi/.
| NEOS S&P 500® High Income ETF | PAGE 1 | TSR-SAR-78433H303 |
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-SAR-78433H303 |
31.114.210.810.39.18.25.93.62.54.398.21.10.20.10.10.10.10.1
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Investments.
| (a) | Schedule of Investments is included within the financial statements filed under Item 7 (a) of this Form. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
(a) The Registrant’s Financial Statements are filed herewith.
Semi-Annual Financial Statements and
Additional Information
November 30, 2024 (Unaudited)
| | | | | | | |
| | | | | | |
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 Aggregate Bond ETF | | | | BNDI | | | | NYSE Arca, Inc. |
NEOS Enhanced Income Credit Select ETF | | | | HYBI | | | | The Nasdaq Stock Market LLC |
NEOS Nasdaq-100® Hedged Equity Income ETF | | | | NUSI | | | | The Nasdaq Stock Market LLC |
NEOS Nasdaq-100® High Income ETF | | | | QQQI | | | | The Nasdaq Stock Market LLC |
NEOS Russell 2000® High Income ETF | | | | IWMI | | | | Cboe BZX Exchange, Inc. |
NEOS S&P 500® High Income ETF | | | | SPYI | | | | Cboe BZX Exchange, Inc. |
| | | | | | | |
TABLE OF CONTENTS
NEOS BITCOIN HIGH INCOME ETF
CONSOLIDATED SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)
| | | | | | | | | | |
EXCHANGE TRADED FUNDS - 22.8%
| | | | | | | | | |
VanEck Bitcoin ETF(a) | | | | | | 41,607 | | | $4,567,616 |
TOTAL EXCHANGE TRADED FUNDS
(Cost $3,868,936) | | | | | | | | | 4,567,616 |
| | | Notional
Amount | | | Contracts | | | |
PURCHASED OPTIONS - 12.7%
| | | | | | | | | |
Call Options - 12.7%
| | | | | | | | | |
Proshares Bitcoin ETF(b)(c)
| | | | | | | | | |
Expiration: 01/17/2025; Exercise Price: $20.00(d) | | | $13,990,128 | | | 5,352 | | | 2,531,496 |
TOTAL PURCHASED OPTIONS
(Cost $1,439,429) | | | | | | | | | 2,531,496 |
| | | | | | Shares | | | |
SHORT-TERM INVESTMENTS - 64.2%
| | | | | | | | | |
Money Market Funds - 2.3%
| | | | | | | | | |
First American Treasury Obligations Fund - Class X, 4.55%(d)(e) | | | | | | 298,657 | | | 298,657 |
Northern U.S. Government Select Money Market Fund, 4.33%(d)(e) | | | | | | 163,742 | | | 163,742 |
| | | | | | | | | 462,399 |
| | | | | | Par | | | |
U.S. Treasury Bills - 61.9%
| | | | | | | | | |
4.55%, 12/10/2024(f) | | | | | | $12,379,000 | | | 12,366,566 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $12,827,193) | | | | | | | | | 12,828,965 |
TOTAL INVESTMENTS - 99.7%
(Cost $18,135,558) | | | | | | | | | $19,928,077 |
Other Assets in Excess of Liabilities - 0.3% | | | | | | | | | 64,064 |
TOTAL NET ASSETS - 100.0% | | | | | | | | | $19,992,141 |
| | | | | | | | | | |
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)
| Non-income producing security. |
(b)
| FLexible EXchange® Options. |
(c)
| 100 shares per contract. |
(d)
| All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of November 30, 2024 is $2,993,895. |
(e)
| The rate shown represents the 7-day annualized effective yield as of November 30, 2024. |
(f)
| The rate shown is the annualized effective yield as of November 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS BITCOIN HIGH INCOME ETF
CONSOLIDATED SCHEDULE OF WRITTEN OPTIONS
November 30, 2024 (Unaudited)
| | | | | | | | | | |
WRITTEN OPTIONS - (2.8)%
| | | | | | | | | |
Call Options - (1.5)%
| | | | | | | | | |
Proshares Bitcoin ETF(a)(b)
| | | | | | | | | |
Expiration: 01/17/2025; Exercise Price: $28.00 | | | $(4,660,762) | | | (1,783) | | | $(172,951) |
Expiration: 01/17/2025; Exercise Price: $30.00 | | | (4,660,762) | | | (1,783) | | | (115,895) |
Total Call Options | | | | | | | | | (288,846) |
Put Options - (1.3)%
| | | | | | | | | |
Proshares Bitcoin ETF(a)(b)
| | | | | | | |
Expiration: 01/17/2025; Exercise Price: $20.00 | | | (13,990,128) | | | (5,352) | | | (267,600) |
TOTAL WRITTEN OPTIONS
(Premiums received $1,431,662) | | | | | | | | | $(556,446) |
| | | | | | | | | | |
Percentages are stated as a percent of net assets.
(a)
| 100 shares per contract. |
(b)
| FLexible EXchange® Options. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS Enhanced Income 1-3 Month T-Bill ETF
Schedule of Investments
November 30, 2024 (Unaudited)
| | | | | | | | | | |
PURCHASED OPTIONS - 0.0%(a)
| | | | | | | | | |
Put Options - 0.0%(a)
| | | | | | | | | |
S&P 500 Index(b)(c)
| | | | | | | | | |
Expiration: 12/12/2024; Exercise Price: $5,450.00(d) | | | $123,663,790 | | | 205 | | | $29,213 |
Expiration: 12/12/2024; Exercise Price: $5,250.00(d) | | | 123,663,790 | | | 205 | | | 21,013 |
Expiration: 12/12/2024; Exercise Price: $5,200.00(d) | | | 123,663,790 | | | 205 | | | 19,475 |
Expiration: 12/12/2024; Exercise Price: $5,150.00(d) | | | 123,663,790 | | | 205 | | | 17,937 |
TOTAL PURCHASED OPTIONS
(Cost $155,945) | | | | | | | | | 87,638 |
| | | | | | Shares | | | |
SHORT-TERM INVESTMENTS - 100.1%
| | | | | | | | | |
Money Market Funds - 0.6%
| | | | | | | | | |
First American Treasury Obligations Fund - Class X, 4.55%(d)(e) | | | | | | 2,139,260 | | | 2,139,260 |
Northern U.S. Government Select Money Market Fund, 4.33%(d)(e) | | | | | | 885,464 | | | 885,464 |
| | | | | | | | | 3,024,724 |
| | | | | | Par | | | |
U.S. Treasury Bills - 99.5%
| | | | | | | | | |
4.69%, 12/03/2024(f) | | | | | | $33,924,000 | | | 33,919,783 |
4.64%, 12/05/2024(f) | | | | | | 31,777,000 | | | 31,765,242 |
4.65%, 12/10/2024(f) | | | | | | 34,730,000 | | | 34,695,116 |
4.62%, 12/12/2024(f) | | | | | | 36,424,000 | | | 36,378,096 |
4.65%, 12/17/2024(f) | | | | | | 38,460,000 | | | 38,387,311 |
4.59%, 12/19/2024(f) | | | | | | 38,600,000 | | | 38,517,137 |
4.60%, 12/26/2024(f) | | | | | | 41,102,000 | | | 40,977,598 |
4.48%, 01/07/2025(f) | | | | | | 43,114,000 | | | 42,921,550 |
4.46%, 01/09/2025(f) | | | | | | 38,264,000 | | | 38,082,784 |
4.45%, 01/14/2025(f) | | | | | | 44,355,000 | | | 44,118,512 |
4.44%, 02/06/2025(f) | | | | | | 38,361,000 | | | 38,051,906 |
4.44%, 02/13/2025(f) | | | | | | 27,220,000 | | | 26,977,137 |
4.46%, 02/20/2025(f) | | | | | | 46,764,000 | | | 46,309,116 |
| | | | | | | | | 491,101,288 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $494,062,565) | | | | | | | | | 494,126,012 |
TOTAL INVESTMENTS - 100.1%
(Cost $494,218,510) | | | | | | | | | $494,213,650 |
Liabilities in Excess of Other Assets - (0.1)% | | | | | | | | | (249,114) |
TOTAL NET ASSETS - 100.0% | | | | | | | | | $493,964,536 |
| | | | | | | | | | |
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)
| Represents less than 0.05% of net assets.
|
(c)
| 100 shares per contract.
|
(d)
| All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of November 30, 2024 is $3,112,362. |
(e)
| The rate shown represents the 7-day annualized effective yield as of November 30, 2024.
|
(f)
| The rate shown is the annualized effective yield as of November 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS Enhanced Income 1-3 Month T-Bill ETF
Schedule of Written Options
November 30, 2024 (Unaudited)
| | | | | | | | | | |
WRITTEN OPTIONS - (0.0)%(a)
| | | | | | | | | |
Put Options - (0.0)%(a)
| | | | | | | | | |
S&P 500 Index(b)(c)
| | | | | | | | | |
Expiration: 12/12/2024; Exercise Price: $5,375.00 | | | $(123,663,790) | | | (205) | | | $(25,624) |
Expiration: 12/12/2024; Exercise Price: $5,500.00 | | | (123,663,790) | | | (205) | | | (32,287) |
Expiration: 12/12/2024; Exercise Price: $5,575.00 | | | (123,663,790) | | | (205) | | | (38,438) |
Expiration: 12/12/2024; Exercise Price: $5,640.00 | | | (123,663,790) | | | (205) | | | (45,613) |
Total Put Options | | | | | | | | | (141,962) |
TOTAL WRITTEN OPTIONS
(Premiums received $232,111) | | | | | | | | | $(141,962) |
| | | | | | | | | | |
Percentages are stated as a percent of net assets.
(a)
| Represents less than 0.05% of net assets.
|
(b)
| 100 shares per contract.
|
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS ENHANCED INCOME AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)
| | | | | | | | | | |
EXCHANGE TRADED FUNDS - 99.7%
| | | | | | | | | |
iShares Core U.S. Aggregate Bond ETF(a) | | | | | | 304,179 | | | $30,174,557 |
Vanguard Total Bond Market ETF(a) | | | | | | 410,103 | | | 30,183,581 |
TOTAL EXCHANGE TRADED FUNDS
(Cost $60,705,281) | | | | | | | | | 60,358,138 |
| | | Notional
Amount | | | Contracts | | | |
PURCHASED OPTIONS - 0.1%
| | | | | | | | | |
Put Options - 0.1%
| | | | | | | | | |
S&P 500 Index(b)(c)
| | | | | | | | | |
Expiration: 12/12/2024; Exercise Price: $5,475.00(d) | | | $19,906,854 | | | 33 | | | 5,032 |
Expiration: 12/12/2024; Exercise Price: $5,400.00(d) | | | 19,906,854 | | | 33 | | | 4,290 |
Expiration: 12/12/2024; Exercise Price: $5,300.00(d) | | | 19,906,854 | | | 33 | | | 3,630 |
TOTAL PURCHASED OPTIONS
(Cost $22,009) | | | | | | | | | 12,952 |
| | | | | | Shares | | | |
SHORT-TERM INVESTMENTS - 0.3%
| | | | | | | | | |
Money Market Funds - 0.3%
| | | | | | | | | |
First American Treasury Obligations Fund - Class X, 4.55%(d)(e) | | | | | | 54,505 | | | 54,505 |
Northern U.S. Government Select Money Market Fund, 4.33%(d)(e) | | | | | | 152,428 | | | 152,428 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $206,933) | | | | | | | | | 206,933 |
TOTAL INVESTMENTS - 100.1%
(Cost $60,934,223) | | | | | | | | | $60,578,023 |
Liabilities in Excess of Other Assets - (0.1)% | | | | | | | | | (32,506) |
TOTAL NET ASSETS - 100.0% | | | | | | | | | $60,545,517 |
| | | | | | | | | | |
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.
|
(c)
| 100 shares per contract.
|
(d)
| All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of November 30, 2024 is $219,885. |
(e)
| The rate shown represents the 7-day annualized effective yield as of November 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS ENHANCED INCOME AGGREGATE BOND ETF
SCHEDULE OF WRITTEN OPTIONS
November 30, 2024 (Unaudited)
| | | | | | | | | | |
WRITTEN OPTIONS - (0.0)%(a)
| | | | | | | | | |
Put Options - (0.0)%(a)
| | | | | | | | | |
S&P 500 Index(b)(c)
| | | | | | | | | |
Expiration: 12/12/2024; Exercise Price: $5,600.00 | | | $(19,906,854) | | | (33) | | | $(6,517) |
Expiration: 12/12/2024; Exercise Price: $5,650.00 | | | (19,906,854) | | | (33) | | | (7,508) |
Expiration: 12/12/2024; Exercise Price: $5,700.00 | | | (19,906,854) | | | (33) | | | (8,993) |
Total Put Options | | | | | | | | | (23,018) |
TOTAL WRITTEN OPTIONS
(Premiums received $38,382) | | | | | | | | | $(23,018) |
| | | | | | | | | | |
Percentages are stated as a percent of net assets.
(a)
| Represents less than 0.05% of net assets.
|
(b)
| 100 shares per contract.
|
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS ENHANCED INCOME CREDIT SELECT ETF
SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)
| | | | | | | | | | |
EXCHANGE TRADED FUNDS - 95.6%
| | | | | | | | | |
iShares Broad USD High Yield Corporate Bond ETF(a) | | | | | | 1,651,952 | | | $61,997,759 |
SPDR Portfolio High Yield Bond ETF(a) | | | | | | 1,438,771 | | | 34,429,790 |
Xtrackers USD High Yield Corporate Bond ETF(a) | | | | | | 936,282 | | | 34,417,726 |
TOTAL EXCHANGE TRADED FUNDS
(Cost $129,265,390) | | | | | | | | | 130,845,275 |
| | | Notional
Amount | | | Contracts | | | |
PURCHASED OPTIONS - 0.0%(b)
| | | | | | | | | |
Put Options - 0.0%(b)
| | | | | | | | | |
S&P 500 Index(c)(d)
| | | | | | | | | |
Expiration: 12/12/2024; Exercise Price: $5,475.00(e) | | | $45,242,850 | | | 75 | | | 11,438 |
Expiration: 12/12/2024; Exercise Price: $5,400.00(e) | | | 45,242,850 | | | 75 | | | 9,750 |
Expiration: 12/12/2024; Exercise Price: $5,300.00(e) | | | 45,242,850 | | | 75 | | | 8,250 |
TOTAL PURCHASED OPTIONS
(Cost $50,019) | | | | | | | | | 29,438 |
| | | | | | Shares | | | |
SHORT-TERM INVESTMENTS - 4.4%
| | | | | | | | | |
Money Market Funds - 1.2%
| | | | | | | | | |
First American Treasury Obligations Fund - Class X, 4.55%(e)(f) | | | | | | 954,644 | | | 954,644 |
Northern US Government Money Market Fund - Class Shares Class, 4.33%(e)(f) | | | | | | 635,917 | | | 635,917 |
| | | | | | | | | 1,590,561 |
| | | | | | Par | | | |
U.S. Treasury Bills - 3.2%
| | | | | | | | | |
4.66%, 12/03/2024(g) | | | | | | $4,439,000 | | | 4,438,448 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $6,028,418) | | | | | | | | | 6,029,009 |
TOTAL INVESTMENTS - 100.0%
(Cost $135,343,827) | | | | | | | | | $136,903,722 |
Liabilities in Excess of Other Assets - (0.0)%(b) | | | | | | | | | (112,881) |
TOTAL NET ASSETS - 100.0% | | | | | | | | | $136,790,841 |
| | | | | | | | | | |
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)
| Represents less than 0.05% of net assets.
|
(d)
| 100 shares per contract.
|
(e)
| All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of November 30, 2024 is $1,619,999. |
(f)
| The rate shown represents the 7-day annualized effective yield as of November 30, 2024.
|
(g)
| The rate shown is the annualized effective yield as of November 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS ENHANCED Income Credit Select ETF
Schedule of Written Options
November 30, 2024 (Unaudited)
| | | | | | | | | | |
WRITTEN OPTIONS - (0.0)%(a)
| | | | | | | | | |
Put Options - (0.0)%(a)
| | | | | | | | | |
S&P 500 Index(b)(c)
| | | | | | | | | |
Expiration: 12/12/2024; Exercise Price: $5,600.00 | | | $(45,242,850) | | | (75) | | | $(14,813) |
Expiration: 12/12/2024; Exercise Price: $5,650.00 | | | (45,242,850) | | | (75) | | | (17,063) |
Expiration: 12/12/2024; Exercise Price: $5,700.00 | | | (45,242,850) | | | (75) | | | (20,436) |
Total Put Options
| | | | | | | | | (52,312) |
TOTAL WRITTEN OPTIONS
(Premiums received $87,231) | | | | | | | | | $(52,312) |
| | | | | | | | | | |
Percentages are stated as a percent of net assets.
(a)
| Represents less than 0.05% of net assets.
|
(b)
| 100 shares per contract.
|
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS NASDAQ-100® HEDGED EQUITY INCOME ETF
SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)
| | | | | | | | | | |
COMMON STOCKS - 99.4%
| | | | | | | | | |
Automobiles - 4.0%
| | | | | | | | | |
Tesla, Inc.(a) | | | | | | 38,269 | | | $13,208,928 |
Beverages - 2.3%
| | | | | | | | | |
Coca-Cola Europacific Partners PLC | | | | | | 9,608 | | | 745,389 |
Keurig Dr. Pepper, Inc. | | | | | | 28,083 | | | 916,910 |
Monster Beverage Corp.(a) | | | | | | 20,296 | | | 1,118,918 |
PepsiCo, Inc. | | | | | | 28,214 | | | 4,611,578 |
| | | | | | | | | 7,392,795 |
Biotechnology - 3.3%
| | | | | | | | | |
Amgen, Inc. | | | | | | 11,113 | | | 3,143,534 |
Biogen, Inc.(a) | | | | | | 3,094 | | | 496,989 |
Gilead Sciences, Inc. | | | | | | 26,158 | | | 2,421,708 |
Moderna, Inc.(a) | | | | | | 7,986 | | | 343,877 |
Regeneron Pharmaceuticals, Inc.(a) | | | | | | 2,295 | | | 1,721,755 |
Vertex Pharmaceuticals, Inc.(a) | | | | | | 5,420 | | | 2,537,265 |
| | | | | | | | | 10,665,128 |
Broadline Retail - 5.9%
| | | | | | | | | |
Amazon.com, Inc.(a) | | | | | | 77,073 | | | 16,022,706 |
MercadoLibre, Inc.(a) | | | | | | 1,069 | | | 2,122,147 |
PDD Holdings, Inc. - ADR(a) | | | | | | 14,002 | | | 1,352,033 |
| | | | | | | | | 19,496,886 |
Chemicals - 1.4%
| | | | | | | | | |
Linde PLC | | | | | | 9,919 | | | 4,572,560 |
Commercial Services & Supplies - 1.0%
| | | | | | | | | |
Cintas Corp. | | | | | | 8,351 | | | 1,885,572 |
Copart, Inc.(a) | | | | | | 20,123 | | | 1,275,597 |
| | | | | | | | | 3,161,169 |
Communications Equipment - 1.5%
| | | | | | | | | |
Cisco Systems, Inc. | | | | | | 82,664 | | | 4,894,535 |
Consumer Staples Distribution & Retail - 2.7%
| | | | | | | | | |
Costco Wholesale Corp. | | | | | | 9,081 | | | 8,825,642 |
Electric Utilities - 1.4%
| | | | | | | | | |
American Electric Power Co., Inc. | | | | | | 11,114 | | | 1,109,844 |
Constellation Energy Corp. | | | | | | 6,454 | | | 1,655,838 |
Exelon Corp. | | | | | | 20,893 | | | 826,527 |
Xcel Energy, Inc. | | | | | | 11,594 | | | 841,261 |
| | | | | | | | | 4,433,470 |
Electronic Equipment Instruments & Components - 0.2%
| | | | | | | | | |
CDW Corp. | | | | | | 2,864 | | | 503,864 |
Energy Equipment & Services - 0.3%
| | | | | | | | | |
Baker Hughes Co. | | | | | | 21,116 | | | 928,048 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS NASDAQ-100® HEDGED EQUITY INCOME ETF
SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)(Continued)
| | | | | | | | | | |
COMMON STOCKS - 99.4% (Continued)
| | | | | | | | | |
Entertainment - 3.1%
| | | | | | | | | |
Electronic Arts, Inc. | | | | | | 5,672 | | | $928,336 |
Netflix, Inc.(a) | | | | | | 8,865 | | | 7,861,571 |
Take-Two Interactive Software, Inc.(a) | | | | | | 3,641 | | | 685,892 |
Warner Bros. Discovery, Inc.(a) | | | | | | 51,530 | | | 540,034 |
| | | | | | | | | 10,015,833 |
Financial Services - 0.6%
| | | | | | | | | |
PayPal Holdings, Inc.(a) | | | | | | 21,199 | | | 1,839,437 |
Food Products - 0.8%
| | | | | | | | | |
Kraft Heinz Co. | | | | | | 25,723 | | | 822,364 |
Mondelez International, Inc. - Class A | | | | | | 27,777 | | | 1,804,116 |
| | | | | | | | | 2,626,480 |
Ground Transportation - 0.7%
| | | | | | | | | |
CSX Corp. | | | | | | 40,098 | | | 1,465,582 |
Old Dominion Freight Line, Inc. | | | | | | 4,435 | | | 998,496 |
| | | | | | | | | 2,464,078 |
Health Care Equipment & Supplies - 1.9%
| | | | | | | | | |
Dexcom, Inc.(a) | | | | | | 8,165 | | | 636,788 |
GE HealthCare Technologies, Inc. | | | | | | 9,584 | | | 797,581 |
IDEXX Laboratories, Inc.(a) | | | | | | 1,771 | | | 746,919 |
Intuitive Surgical, Inc.(a) | | | | | | 7,372 | | | 3,995,624 |
| | | | | | | | | 6,176,912 |
Hotels Restaurants & Leisure - 3.2%
| | | | | | | | | |
Airbnb, Inc. - Class A(a) | | | | | | 9,132 | | | 1,242,956 |
Booking Holdings, Inc. | | | | | | 701 | | | 3,646,588 |
DoorDash, Inc. - Class A(a) | | | | | | 7,823 | | | 1,411,895 |
Marriott International, Inc. - Class A | | | | | | 5,854 | | | 1,692,333 |
Starbucks Corp. | | | | | | 23,450 | | | 2,402,687 |
| | | | | | | | | 10,396,459 |
Industrial Conglomerates - 0.9%
| | | | | | | | | |
Honeywell International, Inc. | | | | | | 13,320 | | | 3,102,628 |
Interactive Media & Services - 9.6%
| | | | | | | | | |
Alphabet, Inc. - Class A | | | | | | 46,705 | | | 7,890,810 |
Alphabet, Inc. - Class C | | | | | | 44,908 | | | 7,656,365 |
Meta Platforms, Inc. - Class A | | | | | | 27,835 | | | 15,986,197 |
| | | | | | | | | 31,533,372 |
IT Services - 0.4%
| | | | | | | | | |
Cognizant Technology Solutions Corp. - Class A | | | | | | 10,562 | | | 850,135 |
MongoDB, Inc.(a) | | | | | | 1,524 | | | 491,475 |
| | | | | | | | | 1,341,610 |
Life Sciences Tools & Services - 0.1%
| | | | | | | | | |
Illumina, Inc.(a) | | | | | | 3,373 | | | 486,218 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS NASDAQ-100® HEDGED EQUITY INCOME ETF
SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)(Continued)
| | | | | | | | | | |
COMMON STOCKS - 99.4% (Continued)
| | | | | | | | | |
Machinery - 0.4%
| | | | | | | | | |
PACCAR, Inc. | | | | | | 11,013 | | | $1,288,521 |
Media - 1.8%
| | | | | | | | | |
Charter Communications, Inc. - Class A(a) | | | | | | 2,957 | | | 1,173,826 |
Comcast Corp. - Class A | | | | | | 80,767 | | | 3,488,327 |
Trade Desk, Inc. - Class A(a) | | | | | | 9,417 | | | 1,210,555 |
| | | | | | | | | 5,872,708 |
Oil Gas & Consumable Fuels - 0.2%
| | | | | | | | | |
Diamondback Energy, Inc. | | | | | | 3,800 | | | 674,842 |
Pharamaceuticals - 0.2%
| | | | | | | | | |
AstraZeneca PLC - ADR | | | | | | 12,211 | | | 825,708 |
Professional Services - 1.4%
| | | | | | | | | |
Automatic Data Processing, Inc. | | | | | | 8,457 | | | 2,595,707 |
Paychex, Inc. | | | | | | 7,607 | | | 1,112,676 |
Verisk Analytics, Inc. | | | | | | 3,088 | | | 908,520 |
| | | | | | | | | 4,616,903 |
Real Estate Management & Development - 0.2%
| | | | | | | | | |
CoStar Group, Inc.(a) | | | | | | 8,588 | | | 698,548 |
Semiconductors & Semiconductor Equipment - 22.5%
| | | | | | | | | |
Advanced Micro Devices, Inc.(a) | | | | | | 33,178 | | | 4,551,192 |
Analog Devices, Inc. | | | | | | 10,259 | | | 2,236,975 |
Applied Materials, Inc. | | | | | | 17,031 | | | 2,975,486 |
ARM Holdings PLC - ADR(a) | | | | | | 1,582 | | | 212,447 |
ASML Holding NV | | | | | | 1,809 | | | 1,242,078 |
Broadcom, Inc. | | | | | | 94,284 | | | 15,281,551 |
GlobalFoundries, Inc.(a) | | | | | | 11,533 | | | 498,802 |
Intel Corp. | | | | | | 88,665 | | | 2,132,393 |
KLA Corp. | | | | | | 2,785 | | | 1,801,979 |
Lam Research Corp. | | | | | | 26,988 | | | 1,993,873 |
Marvell Technology, Inc. | | | | | | 18,142 | | | 1,681,582 |
Microchip Technology, Inc. | | | | | | 11,393 | | | 776,661 |
Micron Technology, Inc. | | | | | | 23,180 | | | 2,270,481 |
NVIDIA Corp. | | | | | | 192,999 | | | 26,682,112 |
NXP Semiconductors NV | | | | | | 5,444 | | | 1,248,690 |
ON Semiconductor Corp.(a) | | | | | | 9,011 | | | 640,862 |
QUALCOMM, Inc. | | | | | | 23,376 | | | 3,705,797 |
Texas Instruments, Inc. | | | | | | 19,096 | | | 3,838,869 |
| | | | | | | | | 73,771,830 |
Software - 15.6%
| | | | | | | | | |
Adobe, Inc.(a) | | | | | | 9,164 | | | 4,727,983 |
ANSYS, Inc.(a) | | | | | | 1,899 | | | 666,739 |
AppLovin Corp. - Class A(a) | | | | | | 6,219 | | | 2,094,248 |
Atlassian Corp. - Class A(a) | | | | | | 3,325 | | | 876,403 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS NASDAQ-100® HEDGED EQUITY INCOME ETF
SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)(Continued)
| | | | | | | | | | |
COMMON STOCKS - 99.4% (Continued)
| | | | | | | | | |
Software - 15.6% (Continued)
| | | | | | | | | |
Autodesk, Inc.(a) | | | | | | 4,551 | | | $1,328,437 |
Cadence Design Systems, Inc.(a) | | | | | | 5,752 | | | 1,764,771 |
Crowdstrike Holdings, Inc. - Class A(a) | | | | | | 4,858 | | | 1,680,722 |
Datadog, Inc. - Class A(a) | | | | | | 6,382 | | | 974,850 |
Fortinet, Inc.(a) | | | | | | 16,178 | | | 1,537,719 |
Intuit, Inc. | | | | | | 5,811 | | | 3,729,093 |
Microsoft Corp. | | | | | | 57,431 | | | 24,319,731 |
Palo Alto Networks, Inc.(a) | | | | | | 6,630 | | | 2,571,247 |
Roper Technologies, Inc. | | | | | | 2,279 | | | 1,290,917 |
Synopsys, Inc.(a) | | | | | | 3,226 | | | 1,801,689 |
Workday, Inc. - Class A(a) | | | | | | 4,440 | | | 1,109,956 |
Zscaler, Inc.(a) | | | | | | 3,190 | | | 659,022 |
| | | | | | | | | 51,133,527 |
Specialty Retail - 0.8%
| | | | | | | | | |
O’Reilly Automotive, Inc.(a) | | | | | | 1,209 | | | 1,503,053 |
Ross Stores, Inc. | | | | | | 7,134 | | | 1,104,843 |
| | | | | | | | | 2,607,896 |
Technology Hardware Storage & Peripherals - 8.7%
| | | | | | | | | |
Apple, Inc. | | | | | | 119,855 | | | 28,445,187 |
Super Micro Computer, Inc.(a) | | | | | | 2,487 | | | 81,176 |
| | | | | | | | | 28,526,363 |
Textiles Apparel & Luxury Goods - 0.2%
| | | | | | | | | |
Lululemon Athletica, Inc.(a) | | | | | | 2,447 | | | 784,655 |
Trading Companies & Distributors - 0.3%
| | | | | | | | | |
Fastenal Co. | | | | | | 12,032 | | | 1,005,394 |
Wireless Telecommunication Services - 1.8%
| | | | | | | | | |
T-Mobile US, Inc. | | | | | | 24,312 | | | 6,003,605 |
TOTAL COMMON STOCKS
(Cost $226,629,517) | | | | | | | | | 325,876,552 |
| | | Notional
Amount | | | Contracts | | | |
PURCHASED OPTIONS - 0.7%
| | | | | | | | | |
Put Options - 0.7%
| | | | | | | | | |
NASDAQ 100 Index(b)(c)
| | | | | | | | | |
Expiration: 01/17/2025; Exercise Price: $19,875.00(d) | | | $324,420,735 | | | 155 | | | 2,253,700 |
TOTAL PURCHASED OPTIONS
(Cost $2,260,843) | | | | | | | | | 2,253,700 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS NASDAQ-100® HEDGED EQUITY INCOME ETF
SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)(Continued)
| | | | | | | | | | |
SHORT-TERM INVESTMENTS - 0.7%
| | | | | | | | | |
Money Market Funds - 0.7%
| | | | | | | | | |
Invesco Government & Agency Portfolio - Institutional Class,
4.58%(d)(e) | | | | | | 2,390,320 | | | $2,390,320 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,390,320) | | | | | | | | | 2,390,320 |
TOTAL INVESTMENTS - 100.8%
(Cost $231,280,680) | | | | | | | | | $330,520,572 |
Liabilities in Excess of Other Assets - (0.8)% | | | | | | | | | (2,679,661) |
TOTAL NET ASSETS - 100.0% | | | | | | | | | $327,840,911 |
| | | | | | | | | | |
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
NV - Naamloze Vennootschap
PLC - Public Limited Company
(a)
| Non-income producing security. |
(b)
| Exchange-traded options. |
(c)
| 100 shares per contract. |
(d)
| All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of November 30, 2024 is $4,664,020. |
(e)
| The rate shown represents the 7-day annualized effective yield as of November 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS NASDAQ-100® HEDGED EQUITY INCOME ETF
SCHEDULE OF WRITTEN OPTIONS
November 30, 2024 (Unaudited)
| | | | | | | | | | |
WRITTEN OPTIONS - (1.3)%
| | | | | | | | | |
Call Options - (1.1)%
| | | | | | | | | |
NASDAQ 100 Index(a)(b)
| | | | | | | | | |
Expiration: 01/17/2025; Exercise Price: $21,375.00 | | | $(242,792,292) | | | (116) | | | $(3,509,580) |
Put Options - (0.2)%
| | | | | | | | | |
NASDAQ 100 Index(a)(b)
| | | | | | | |
Expiration: 01/17/2025; Exercise Price: $18,600.00 | | | (324,420,735) | | | (155) | | | (811,425) |
TOTAL WRITTEN OPTIONS
(Premiums received $4,390,181) | | | | | | | | | $(4,321,005) |
| | | | | | | | | | |
Percentages are stated as a percent of net assets.
(b)
| 100 shares per contract. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS Nasdaq-100® High Income ETF
Schedule of Investments
November 30, 2024 (Unaudited)
| | | | | | | |
COMMON STOCKS - 100.4%(a)
| | | | | | |
Automobiles - 4.1%
| | | | | | |
Tesla, Inc.(b) | | | 77,058 | | | $26,597,339 |
Beverages - 2.4%
| |
Coca-Cola Europacific Partners PLC | | | 19,091 | | | 1,481,080 |
Keurig Dr. Pepper, Inc. | | | 61,957 | | | 2,022,896 |
Monster Beverage Corp.(b) | | | 46,036 | | | 2,537,964 |
PepsiCo, Inc. | | | 56,573 | | | 9,246,857 |
| | | | | | 15,288,797 |
Biotechnology - 3.3%
| | | | | | |
Amgen, Inc. | | | 22,766 | | | 6,439,818 |
Biogen, Inc.(b) | | | 5,619 | | | 902,580 |
Gilead Sciences, Inc. | | | 55,834 | | | 5,169,112 |
Moderna, Inc.(b) | | | 16,642 | | | 716,605 |
Regeneron Pharmaceuticals, Inc.(b) | | | 4,394 | | | 3,296,467 |
Vertex Pharmaceuticals, Inc.(b) | | | 10,518 | | | 4,923,791 |
| | | | | | 21,448,373 |
Broadline Retail - 5.6%
| | | | | | |
Amazon.com, Inc.(b) | | | 152,215 | | | 31,643,976 |
MercadoLibre, Inc.(b) | | | 720 | | | 1,429,323 |
PDD Holdings, Inc. - ADR(b) | | | 30,114 | | | 2,907,808 |
| | | | | | 35,981,107 |
Chemicals - 1.4%
| |
Linde PLC | | | 19,129 | | | 8,818,278 |
Commercial Services & Supplies - 0.9%
| | | | | | |
Cintas Corp. | | | 13,718 | | | 3,097,387 |
Copart, Inc.(b) | | | 43,586 | | | 2,762,917 |
| | | | | | 5,860,304 |
Communications Equipment - 1.6%
| | | | | | |
Cisco Systems, Inc. | | | 169,831 | | | 10,055,693 |
Consumer Staples Distribution & Retail - 2.8%
| | | | ��� | | |
Costco Wholesale Corp. | | | 18,369 | | | 17,852,464 |
Electric Utilities - 1.5%
| | | | | | |
American Electric Power Co., Inc. | | | 22,766 | | | 2,273,413 |
Constellation Energy Corp. | | | 14,192 | | | 3,641,100 |
Exelon Corp. | | | 44,811 | | | 1,772,723 |
Xcel Energy, Inc. | | | 23,990 | | | 1,740,714 |
| | | | | | 9,427,950 |
Electronic Equipment, Instruments & Components - 0.2%
| | | | | | |
CDW Corp. | | | 5,619 | | | 988,551 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS Nasdaq-100® High Income ETF
Schedule of Investments
November 30, 2024 (Unaudited)(Continued)
| | | | | | | |
COMMON STOCKS - 100.4% (Continued)
| | | | | | |
Energy Equipment & Services - 0.3%
| | | | | | |
Baker Hughes Co. | | | 44,811 | | | $1,969,443 |
Entertainment - 3.1%
| | | | | | |
Electronic Arts, Inc. | | | 11,743 | | | 1,921,977 |
Netflix, Inc.(b) | | | 17,867 | | | 15,844,634 |
Take-Two Interactive Software, Inc.(b) | | | 6,844 | | | 1,289,273 |
Warner Bros. Discovery, Inc.(b) | | | 111,667 | | | 1,170,270 |
| | | | | | 20,226,154 |
Financial Services - 0.6%
| | | | | | |
PayPal Holdings, Inc.(b) | | | 47,260 | | | 4,100,750 |
Food Products - 0.9%
| | | | | | |
Kraft Heinz Co. | | | 55,834 | | | 1,785,013 |
Mondelez International, Inc. - Class A | | | 60,733 | | | 3,944,608 |
| | | | | | 5,729,621 |
Ground Transportation - 0.8%
| | | | | | |
CSX Corp. | | | 87,172 | | | 3,186,137 |
Old Dominion Freight Line, Inc. | | | 9,293 | | | 2,092,226 |
| | | | | | 5,278,363 |
Health Care Equipment & Supplies - 2.0%
| | | | | | |
Dexcom, Inc.(b) | | | 16,642 | | | 1,297,910 |
GE HealthCare Technologies, Inc. | | | 20,316 | | | 1,690,698 |
IDEXX Laboratories, Inc.(b) | | | 3,170 | | | 1,336,947 |
Intuitive Surgical, Inc.(b) | | | 15,417 | | | 8,356,014 |
| | | | | | 12,681,569 |
Hotels, Restaurants & Leisure - 2.8%
| | | | | | |
Airbnb, Inc. - Class A(b) | | | 17,867 | | | 2,431,877 |
Booking Holdings, Inc. | | | 720 | | | 3,745,426 |
DoorDash, Inc. - Class A(b) | | | 16,642 | | | 3,003,548 |
Marriott International, Inc. - Class A | | | 12,968 | | | 3,748,919 |
Starbucks Corp. | | | 52,159 | | | 5,344,211 |
| | | | | | 18,273,981 |
Industrial Conglomerates - 1.0%
| | | | | | |
Honeywell International, Inc. | | | 27,777 | | | 6,470,097 |
Interactive Media & Services - 9.9%
| | | | | | |
Alphabet, Inc. - Class A | | | 96,562 | | | 16,314,150 |
Alphabet, Inc. - Class C | | | 92,117 | | | 15,705,027 |
Meta Platforms, Inc. - Class A | | | 55,637 | | | 31,953,442 |
| | | | | | 63,972,619 |
IT Services - 0.4%
| | | | | | |
Cognizant Technology Solutions Corp. - Class A | | | 22,766 | | | 1,832,435 |
MongoDB, Inc.(b) | | | 1,945 | | | 627,243 |
| | | | | | 2,459,678 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS Nasdaq-100® High Income ETF
Schedule of Investments
November 30, 2024 (Unaudited)(Continued)
| | | | | | | |
COMMON STOCKS - 100.4% (Continued)
| | | | | | |
Life Sciences Tools & Services - 0.1%
| | | | | | |
Illumina, Inc.(b) | | | 6,844 | | | $986,563 |
Machinery - 0.4%
| | | | | | |
PACCAR, Inc. | | | 23,990 | | | 2,806,830 |
Media - 1.8%
| | | | | | |
Charter Communications, Inc. - Class A(b) | | | 5,619 | | | 2,230,546 |
Comcast Corp. - Class A | | | 160,797 | | | 6,944,823 |
Trade Desk, Inc. - Class A(b) | | | 20,316 | | | 2,611,622 |
| | | | | | 11,786,991 |
Oil, Gas & Consumable Fuels - 0.2%
| | | | | | |
Diamondback Energy, Inc. | | | 6,844 | | | 1,215,426 |
Pharmaceuticals - 0.3%
| | | | | | |
AstraZeneca PLC - ADR | | | 25,215 | | | 1,705,038 |
Professional Services - 1.4%
| | | | | | |
Automatic Data Processing, Inc. | | | 17,867 | | | 5,483,918 |
Paychex, Inc. | | | 15,417 | | | 2,255,045 |
Verisk Analytics, Inc. | | | 5,619 | | | 1,653,166 |
| | | | | | 9,392,129 |
Real Estate Management & Development - 0.2%
| | | | | | |
CoStar Group, Inc.(b) | | | 17,867 | | | 1,453,302 |
Semiconductors & Semiconductor Equipment - 22.8%
| | | | | | |
Advanced Micro Devices, Inc.(b) | | | 66,174 | | | 9,077,418 |
Analog Devices, Inc. | | | 21,541 | | | 4,697,015 |
Applied Materials, Inc. | | | 36,300 | | | 6,341,973 |
ARM Holdings PLC - ADR(b) | | | 2,763 | | | 371,043 |
ASML Holding NV | | | 3,170 | | | 2,176,554 |
Broadcom, Inc. | | | 185,439 | | | 30,055,953 |
GlobalFoundries, Inc.(b) | | | 25,215 | | | 1,090,549 |
Intel Corp. | | | 189,630 | | | 4,560,601 |
KLA Corp. | | | 5,619 | | | 3,635,662 |
Lam Research Corp. | | | 52,194 | | | 3,856,093 |
Marvell Technology, Inc. | | | 39,912 | | | 3,699,443 |
Microchip Technology, Inc. | | | 23,990 | | | 1,635,398 |
Micron Technology, Inc. | | | 46,089 | | | 4,514,418 |
NVIDIA Corp. | | | 381,701 | | | 52,770,163 |
NXP Semiconductors NV | | | 10,518 | | | 2,412,514 |
ON Semiconductor Corp.(b) | | | 19,091 | | | 1,357,752 |
QUALCOMM, Inc. | | | 45,699 | | | 7,244,662 |
Texas Instruments, Inc. | | | 39,997 | | | 8,040,597 |
| | | | | | 147,537,808 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS Nasdaq-100® High Income ETF
Schedule of Investments
November 30, 2024 (Unaudited)(Continued)
| | | | | | | |
COMMON STOCKS - 100.4% (Continued)
| | | | | | |
Software - 15.9%
| | | | | | |
Adobe, Inc.(b) | | | 19,163 | | | $ 9,886,767 |
ANSYS, Inc.(b) | | | 3,170 | | | 1,112,987 |
AppLovin Corp. - Class A(b) | | | 12,173 | | | 4,099,258 |
Atlassian Corp. - Class A(b) | | | 6,844 | | | 1,803,942 |
Autodesk, Inc.(b) | | | 9,293 | | | 2,712,627 |
Cadence Design Systems, Inc.(b) | | | 11,743 | | | 3,602,870 |
Crowdstrike Holdings, Inc. - Class A(b) | | | 9,293 | | | 3,215,099 |
Datadog, Inc. - Class A(b) | | | 12,968 | | | 1,980,862 |
Fortinet, Inc.(b) | | | 33,788 | | | 3,211,549 |
Intuit, Inc. | | | 11,743 | | | 7,535,835 |
Microsoft Corp. | | | 116,594 | | | 49,372,895 |
Palo Alto Networks, Inc.(b) | | | 14,192 | | | 5,503,942 |
Roper Technologies, Inc. | | | 4,394 | | | 2,488,937 |
Synopsys, Inc.(b) | | | 5,619 | | | 3,138,155 |
Workday, Inc. - Class A(b) | | | 9,293 | | | 2,323,157 |
Zscaler, Inc.(b) | | | 5,619 | | | 1,160,829 |
| | | | | | 103,149,711 |
Specialty Retail - 0.7%
| | | | | | |
O’Reilly Automotive, Inc.(b) | | | 1,945 | | | 2,418,063 |
Ross Stores, Inc. | | | 15,417 | | | 2,387,631 |
| | | | | | 4,805,694 |
Technology Hardware, Storage & Peripherals - 8.7%
| | | | | | |
Apple, Inc. | | | 238,023 | | | 56,489,998 |
Super Micro Computer, Inc.(b) | | | 3,220 | | | 105,101 |
| | | | | | 56,595,099 |
Textiles, Apparel & Luxury Goods - 0.2%
| | | | |
Lululemon Athletica, Inc.(b) | | | 4,394 | | | 1,408,980 |
Trading Companies & Distributors - 0.3%
| | | | | | |
Fastenal Co. | | | 26,440 | | | 2,209,326 |
Wireless Telecommunication Services - 1.8%
| | | | | | |
T-Mobile US, Inc. | | | 48,098 | | | 11,877,320 |
| | | | |
TOTAL COMMON STOCKS
(Cost $596,052,456) | | | | | | 650,411,348 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS Nasdaq-100® High Income ETF
Schedule of Investments
November 30, 2024 (Unaudited)(Continued)
| | | | | | | |
SHORT-TERM INVESTMENTS - 1.2%
| | | | | | |
Money Market Funds - 1.2%
| | | | | | |
First American Treasury Obligations Fund - Class X, 4.40%(c) | | | 7,839,016 | | | $7,839,016 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $7,839,016) | | | | | | 7,839,016 |
TOTAL INVESTMENTS - 101.6%
(Cost $603,891,472) | | | | | | $658,250,364 |
Liabilities in Excess of Other Assets - (1.6)% | | | | | | (10,535,222) |
TOTAL NET ASSETS - 100.0% | | | | | | $647,715,142 |
| | | | | | | |
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
NV - Naamloze Vennootschap
PLC - Public Limited Company
(a)
| All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of November 30, 2024 is $650,441,348. |
(b)
| Non-income producing security.
|
(c)
| The rate shown represents the 7-day annualized effective yield as of November 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS Nasdaq-100® High Income ETF
Schedule of Written Options
November 30, 2024 (Unaudited)
| | | | | | | | | | |
WRITTEN OPTIONS - (0.9)%
| | | | | | | | | |
Call Options - (0.9)%
| | | | | | | | | |
NASDAQ 100 Index(a)(b)
| | | | | | | | | |
Expiration: 01/17/2025; Exercise Price: $21,400.00 | | | $(242,792,292) | | | (116) | | | $(3,381,980) |
Expiration: 01/17/2025; Exercise Price: $21,675.00 | | | (242,792,292) | | | (116) | | | (2,186,600) |
Total Call Options | | | | | | | | | (5,568,580) |
TOTAL WRITTEN OPTIONS
(Premiums received $5,692,339) | | | | | | | | | $(5,568,580) |
| | | | | | | | | | |
Percentages are stated as a percent of net assets.
(a)
| 100 shares per contract.
|
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS RUSSELL 2000® HIGH INCOME ETF
SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)
| | | | | | | |
EXCHANGE TRADED FUNDS - 101.3%
| | | | | | |
Vanguard Russell 2000 ETF(a) | | | 1,235,256 | | | $120,906,857 |
TOTAL EXCHANGE TRADED FUNDS
(Cost $109,314,381) | | | | | | 120,906,857 |
SHORT-TERM INVESTMENTS - 0.2%
| | | | | | |
Money Market Funds - 0.2%
| | | | | | |
First American Treasury Obligations Fund - Class X, 4.55%(b)(c) | | | 269,874 | | | 269,874 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $269,874) | | | | | | 269,874 |
TOTAL INVESTMENTS - 101.5%
(Cost $109,584,255) | | | | | | $121,176,731 |
Liabilities in Excess of Other Assets - (1.5)% | | | | | | (1,786,054) |
TOTAL NET ASSETS - 100.0% | | | | | | $119,390,677 |
| | | | | | | |
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 effective yield as of November 30, 2024. |
(c)
| All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of November 30, 2024 is $269,874. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS RUSSELL 2000® HIGH INCOME ETF
SCHEDULE OF WRITTEN OPTIONS
November 30, 2024 (Unaudited)
| | | | | | | | | | |
WRITTEN OPTIONS - (1.4)%
| | | | | | | | | |
Call Options - (1.4)%
| | | | | | | | | |
Russell 2000 Index(a)(b)
| | | | | | | | | |
Expiration: 01/17/2025; Exercise Price: $2,500.00 | | | $(44,555,486) | | | (183) | | | $(979,965) |
Expiration: 01/17/2025; Exercise Price: $2,555.00 | | | (44,555,486) | | | (183) | | | (634,095) |
Total Call Options | | | | | | | | | (1,614,060) |
TOTAL WRITTEN OPTIONS
(Premiums received $1,633,549) | | | | | | | | | $(1,614,060) |
| | | | | | | | | | |
Percentages are stated as a percent of net assets.
(a)
| 100 shares per contract.
|
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS S&P 500® High Income ETF
SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)
| | | | | | | |
COMMON STOCKS - 98.0%(a)
| | | | | | |
Aerospace & Defense - 1.3%
| | | | | | |
Axon Enterprise, Inc.(b) | | | 982 | | | $635,315 |
Boeing Co.(b) | | | 29,036 | | | 4,513,356 |
General Dynamics Corp. | | | 10,280 | | | 2,919,623 |
Howmet Aerospace, Inc. | | | 19,674 | | | 2,329,008 |
Huntington Ingalls Industries, Inc. | | | 554 | | | 109,647 |
L3Harris Technologies, Inc. | | | 9,764 | | | 2,404,385 |
Lockheed Martin Corp. | | | 10,198 | | | 5,398,923 |
Northrop Grumman Corp. | | | 5,538 | | | 2,711,682 |
RTX Corp. | | | 66,317 | | | 8,079,400 |
Textron, Inc. | | | 9,854 | | | 843,798 |
TransDigm Group, Inc. | | | 771 | | | 966,040 |
| | | | | | 30,911,177 |
Air Freight & Logistics - 0.4%
| | | | | | |
C.H. Robinson Worldwide, Inc. | | | 975 | | | 102,940 |
Expeditors International of Washington, Inc. | | | 5,589 | | | 679,846 |
FedEx Corp. | | | 10,324 | | | 3,124,765 |
United Parcel Service, Inc. - Class B | | | 38,529 | | | 5,229,156 |
| | | | | | 9,136,707 |
Automobile Components - 0.0%(c)
| | | | | | |
Aptiv PLC(b) | | | 10,325 | | | 573,347 |
BorgWarner, Inc. | | | 10,324 | | | 354,320 |
| | | | | | 927,667 |
Automobiles - 2.2%
| | | | | | |
Ford Motor Co. | | | 222,206 | | | 2,473,153 |
General Motors Co. | | | 76,087 | | | 4,229,676 |
Tesla, Inc.(b) | | | 135,451 | | | 46,752,267 |
| | | | | | 53,455,096 |
Banks - 3.7%
| | | | | | |
Bank of America Corp. | | | 340,680 | | | 16,185,707 |
Citigroup, Inc. | | | 108,544 | | | 7,692,513 |
Citizens Financial Group, Inc. | | | 24,310 | | | 1,170,283 |
Fifth Third Bancorp | | | 37,970 | | | 1,824,838 |
Huntington Bancshares, Inc. | | | 80,716 | | | 1,453,695 |
JPMorgan Chase & Co. | | | 139,603 | | | 34,861,661 |
KeyCorp | | | 52,192 | | | 1,016,700 |
M&T Bank Corp. | | | 5,649 | | | 1,242,724 |
PNC Financial Services Group, Inc. | | | 19,676 | | | 4,224,831 |
Regions Financial Corp. | | | 52,100 | | | 1,420,246 |
Truist Financial Corp. | | | 75,552 | | | 3,602,319 |
U.S. Bancorp | | | 85,129 | | | 4,536,525 |
Wells Fargo & Co. | | | 166,995 | | | 12,720,009 |
| | | | | | 91,952,051 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS S&P 500® High Income ETF
SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)(Continued)
| | | | | | | |
COMMON STOCKS - 98.0% (Continued)
| | | | | | |
Beverages - 1.2%
| | | | | | |
Brown-Forman Corp. - Class B | | | 5,649 | | | $237,710 |
Coca-Cola Co. | | | 192,863 | | | 12,358,661 |
Constellation Brands, Inc. - Class A | | | 5,648 | | | 1,360,886 |
Keurig Dr. Pepper, Inc. | | | 52,401 | | | 1,710,893 |
Molson Coors Beverage Co. - Class B | | | 5,649 | | | 350,577 |
Monster Beverage Corp.(b) | | | 38,773 | | | 2,137,555 |
PepsiCo, Inc. | | | 66,389 | | | 10,851,282 |
| | | | | | 29,007,564 |
Biotechnology - 1.8%
| | | | | | |
AbbVie, Inc. | | | 88,024 | | | 16,102,230 |
Amgen, Inc. | | | 28,818 | | | 8,151,748 |
Biogen, Inc.(b) | | | 5,581 | | | 896,476 |
Gilead Sciences, Inc. | | | 70,724 | | | 6,547,628 |
Incyte Corp.(b) | | | 5,649 | | | 421,359 |
Moderna, Inc.(b) | | | 14,998 | | | 645,814 |
Regeneron Pharmaceuticals, Inc.(b) | | | 5,038 | | | 3,779,608 |
Vertex Pharmaceuticals, Inc.(b) | | | 14,268 | | | 6,679,279 |
| | | | | | 43,224,142 |
Broadline Retail - 3.9%
| | | | | | |
Amazon.com, Inc.(b) | | | 448,694 | | | 93,278,995 |
eBay, Inc. | | | 28,592 | | | 1,809,588 |
| | | | | | 95,088,583 |
Building Products - 0.5%
| | | | | | |
A.O. Smith Corp. - Class A | | | 975 | | | 72,628 |
Allegion PLC | | | 973 | | | 137,037 |
Builders FirstSource, Inc.(b) | | | 5,280 | | | 984,562 |
Carrier Global Corp. | | | 47,264 | | | 3,656,816 |
Johnson Controls International PLC | | | 37,993 | | | 3,186,093 |
Masco Corp. | | | 10,247 | | | 825,498 |
Trane Technologies PLC | | | 10,291 | | | 4,283,320 |
| | | | | | 13,145,954 |
Capital Markets - 3.2%
| | | | | | |
Ameriprise Financial, Inc. | | | 4,968 | | | 2,851,483 |
Bank of New York Mellon Corp. | | | 42,755 | | | 3,500,352 |
Blackrock, Inc. | | | 5,506 | | | 5,631,537 |
Blackstone, Inc. | | | 38,311 | | | 7,320,849 |
Cboe Global Markets, Inc. | | | 5,020 | | | 1,083,567 |
Charles Schwab Corp. | | | 81,228 | | | 6,722,429 |
CME Group, Inc. - Class A | | | 19,249 | | | 4,581,262 |
FactSet Research Systems, Inc. | | | 530 | | | 260,055 |
Franklin Resources, Inc. | | | 14,600 | | | 332,296 |
Goldman Sachs Group, Inc. | | | 14,995 | | | 9,125,507 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS S&P 500® High Income ETF
SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)(Continued)
| | | | | | | |
COMMON STOCKS - 98.0% (Continued)
| | | | | | |
Capital Markets - 3.2% (Continued)
| | | | | | |
Intercontinental Exchange, Inc. | | | 29,331 | | | $4,721,118 |
Invesco Ltd. | | | 24,045 | | | 434,974 |
KKR & Co., Inc. | | | 30,434 | | | 4,956,786 |
MarketAxess Holdings, Inc. | | | 527 | | | 136,330 |
Moody’s Corp. | | | 5,648 | | | 2,823,887 |
Morgan Stanley | | | 71,006 | | | 9,345,100 |
MSCI, Inc. | | | 973 | | | 593,170 |
Nasdaq, Inc. | | | 18,970 | | | 1,574,320 |
Northern Trust Corp. | | | 10,001 | | | 1,111,711 |
Raymond James Financial, Inc. | | | 9,737 | | | 1,648,279 |
S&P Global, Inc. | | | 15,005 | | | 7,840,263 |
State Street Corp. | | | 14,981 | | | 1,475,778 |
T. Rowe Price Group, Inc. | | | 10,230 | | | 1,266,883 |
| | | | | | 79,337,936 |
Chemicals - 0.9%
| | | | | | |
Air Products and Chemicals, Inc. | | | 10,220 | | | 3,416,853 |
Albemarle Corp. | | | 5,182 | | | 558,101 |
Celanese Corp. | | | 974 | | | 71,307 |
CF Industries Holdings, Inc. | | | 5,650 | | | 506,579 |
Corteva, Inc. | | | 38,287 | | | 2,382,983 |
Dow, Inc. | | | 38,259 | | | 1,691,430 |
DuPont de Nemours, Inc. | | | 23,776 | | | 1,987,436 |
Eastman Chemical Co. | | | 975 | | | 102,102 |
Ecolab, Inc. | | | 10,324 | | | 2,568,301 |
FMC Corp. | | | 975 | | | 57,613 |
International Flavors & Fragrances, Inc. | | | 10,325 | | | 943,292 |
LyondellBasell Industries NV - Class A | | | 10,324 | | | 860,402 |
Mosaic Co. | | | 15,242 | | | 403,303 |
PPG Industries, Inc. | | | 10,324 | | | 1,283,996 |
Sherwin-Williams Co. | | | 10,324 | | | 4,102,758 |
| | | | | | 20,936,456 |
Commercial Services & Supplies - 0.6%
| | | | | | |
Cintas Corp. | | | 19,080 | | | 4,308,073 |
Copart, Inc.(b) | | | 47,757 | | | 3,027,316 |
Republic Services, Inc. | | | 9,961 | | | 2,174,487 |
Rollins, Inc. | | | 10,324 | | | 519,607 |
Veralto Corp. | | | 10,174 | | | 1,100,725 |
Waste Management, Inc. | | | 19,332 | | | 4,411,949 |
| | | | | | 15,542,157 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS S&P 500® High Income ETF
SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)(Continued)
| | | | | | | |
COMMON STOCKS - 98.0% (Continued)
| | | | | | |
Communication Services - 0.1%
| | | | | | |
Charter Communications, Inc. - Class A(b) | | | 4,966 | | | $1,971,328 |
Communications Equipment - 0.8%
| | | | | | |
Arista Networks, Inc.(b) | | | 10,324 | | | 4,189,686 |
Cisco Systems, Inc. | | | 194,082 | | | 11,491,595 |
F5, Inc.(b) | | | 833 | | | 208,542 |
Juniper Networks, Inc. | | | 15,000 | | | 538,800 |
Motorola Solutions, Inc. | | | 5,649 | | | 2,822,805 |
| | | | | | 19,251,428 |
Construction & Engineering - 0.1%
| | | | | | |
Quanta Services, Inc. | | | 5,584 | | | 1,923,800 |
Construction Materials - 0.1%
| | | | | | |
Martin Marietta Materials, Inc. | | | 862 | | | 517,200 |
Vulcan Materials Co. | | | 5,411 | | | 1,559,071 |
| | | | | | 2,076,271 |
Consumer Discretionary - 0.1%
| | | | | | |
Airbnb, Inc. - Class A(b) | | | 23,857 | | | 3,247,176 |
Consumer Finance - 0.7%
| | | | | | |
American Express Co. | | | 29,365 | | | 8,946,928 |
Capital One Financial Corp. | | | 19,539 | | | 3,751,684 |
Discover Financial Services | | | 14,167 | | | 2,584,486 |
Synchrony Financial | | | 23,562 | | | 1,590,906 |
| | | | | | 16,874,004 |
Consumer Staples Distribution & Retail - 2.0%
| | | | | | |
Costco Wholesale Corp. | | | 21,590 | | | 20,982,889 |
Dollar General Corp. | | | 10,182 | | | 786,763 |
Dollar Tree, Inc.(b) | | | 10,031 | | | 714,909 |
Kroger Co. | | | 34,118 | | | 2,083,927 |
Sysco Corp. | | | 28,375 | | | 2,187,996 |
Target Corp. | | | 24,251 | | | 3,208,650 |
Walgreens Boots Alliance, Inc. | | | 38,530 | | | 347,541 |
Walmart, Inc. | | | 213,537 | | | 19,752,173 |
| | | | | | 50,064,848 |
Containers & Packaging - 0.2%
| | | | | | |
Amcor PLC | | | 80,660 | | | 858,222 |
Avery Dennison Corp. | | | 972 | | | 200,183 |
Ball Corp. | | | 15,000 | | | 932,400 |
International Paper Co. | | | 19,055 | | | 1,121,006 |
Packaging Corp. of America | | | 973 | | | 242,131 |
Smurfit WestRock PLC | | | 10,279 | | | 565,551 |
| | | | | | 3,919,493 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS S&P 500® High Income ETF
SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)(Continued)
| | | | | | | |
COMMON STOCKS - 98.0% (Continued)
| | | | | | |
Distributors - 0.1%
| | | | | | |
Genuine Parts Co. | | | 5,517 | | | $699,170 |
LKQ Corp. | | | 10,324 | | | 405,630 |
Pool Corp. | | | 537 | | | 202,497 |
| | | | | | 1,307,297 |
Diversified Telecommunication Services - 0.8%
| | | | | | |
AT&T, Inc. | | | 405,167 | | | 9,383,668 |
Verizon Communications, Inc. | | | 238,334 | | | 10,567,729 |
| | | | | | 19,951,397 |
Electric Utilities - 1.7%
| | | | | | |
Alliant Energy Corp. | | | 10,324 | | | 652,477 |
American Electric Power Co., Inc. | | | 28,693 | | | 2,865,283 |
Constellation Energy Corp. | | | 15,000 | | | 3,848,400 |
Duke Energy Corp. | | | 42,792 | | | 5,008,804 |
Edison International | | | 19,585 | | | 1,718,584 |
Entergy Corp. | | | 10,071 | | | 1,572,788 |
Evergy, Inc. | | | 10,324 | | | 667,240 |
Eversource Energy | | | 19,112 | | | 1,232,533 |
Exelon Corp. | | | 56,582 | | | 2,238,384 |
FirstEnergy Corp. | | | 28,551 | | | 1,214,845 |
NextEra Energy, Inc. | | | 114,038 | | | 8,971,369 |
NRG Energy, Inc. | | | 10,265 | | | 1,043,027 |
PG&E Corp. | | | 118,788 | | | 2,569,384 |
Pinnacle West Capital Corp. | | | 974 | | | 91,264 |
PPL Corp. | | | 38,781 | | | 1,354,620 |
Southern Co. | | | 61,480 | | | 5,479,712 |
Xcel Energy, Inc. | | | 29,027 | | | 2,106,199 |
| | | | | | 42,634,913 |
Electrical Equipment - 0.8%
| | | | | | |
AMETEK, Inc. | | | 10,324 | | | 2,006,779 |
Eaton Corp. PLC | | | 19,675 | | | 7,386,388 |
Emerson Electric Co. | | | 29,299 | | | 3,885,047 |
GE Vernova, Inc.(b) | | | 14,555 | | | 4,863,117 |
Generac Holdings, Inc.(b) | | | 858 | | | 161,476 |
Hubbell, Inc. | | | 745 | | | 342,767 |
Rockwell Automation, Inc. | | | 5,157 | | | 1,522,037 |
| | | | | | 20,167,611 |
Electronic Equipment, Instruments & Components - 0.6%
| | | | | | |
Amphenol Corp. - Class A | | | 66,470 | | | 4,829,045 |
CDW Corp. | | | 5,432 | | | 955,652 |
Corning, Inc. | | | 42,718 | | | 2,079,085 |
Jabil, Inc. | | | 5,335 | | | 724,653 |
Keysight Technologies, Inc.(b) | | | 5,649 | | | 965,075 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS S&P 500® High Income ETF
SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)(Continued)
| | | | | | | |
COMMON STOCKS - 98.0% (Continued)
| | | | | | |
Electronic Equipment, Instruments & Components - 0.6% (Continued)
| |
TE Connectivity PLC | | | 14,962 | | | $2,261,057 |
Teledyne Technologies, Inc.(b) | | | 656 | | | 318,331 |
Trimble, Inc.(b) | | | 14,141 | | | 1,031,869 |
Zebra Technologies Corp. - Class A(b) | | | 712 | | | 289,784 |
| | | | | | 13,454,551 |
Energy - 0.1%
| | | | | | |
Baker Hughes Co. | | | 56,784 | | | 2,495,657 |
Energy Equipment & Services - 0.2%
| | | | | | |
Halliburton Co. | | | 47,728 | | | 1,520,614 |
Schlumberger NV | | | 80,444 | | | 3,534,709 |
| | | | | | 5,055,323 |
Entertainment - 1.4%
| | | | | | |
Electronic Arts, Inc. | | | 10,325 | | | 1,689,893 |
Live Nation Entertainment, Inc.(b) | | | 5,527 | | | 764,108 |
Netflix, Inc.(b) | | | 20,624 | | | 18,289,569 |
Take-Two Interactive Software, Inc.(b) | | | 5,648 | | | 1,063,970 |
Walt Disney Co. | | | 88,027 | | | 10,340,532 |
Warner Bros. Discovery, Inc.(b) | | | 123,422 | | | 1,293,462 |
| | | | | | 33,441,534 |
Financial Services - 4.4%
| | | | | | |
Berkshire Hathaway, Inc. - Class B(b) | | | 88,299 | | | 42,650,183 |
Corpay, Inc.(b) | | | 972 | | | 370,507 |
Fidelity National Information Services, Inc. | | | 33,149 | | | 2,827,610 |
Fiserv, Inc.(b) | | | 33,267 | | | 7,350,676 |
Global Payments, Inc. | | | 14,301 | | | 1,701,247 |
Jack Henry & Associates, Inc. | | | 972 | | | 171,247 |
Mastercard, Inc. - Class A | | | 42,329 | | | 22,558,817 |
PayPal Holdings, Inc.(b) | | | 61,247 | | | 5,314,402 |
Visa, Inc. - Class A | | | 80,518 | | | 25,369,612 |
| | | | | | 108,314,301 |
Food Products - 0.7%
| | | | | | |
Archer-Daniels-Midland Co. | | | 28,787 | | | 1,571,770 |
Bunge Global SA | | | 5,591 | | | 501,736 |
Conagra Brands, Inc. | | | 24,351 | | | 670,870 |
General Mills, Inc. | | | 32,989 | | | 2,185,851 |
Hershey Co. | | | 5,647 | | | 994,606 |
Hormel Foods Corp. | | | 14,708 | | | 476,980 |
J.M. Smucker Co. | | | 974 | | | 114,728 |
Kellanova | | | 10,324 | | | 839,238 |
Kraft Heinz Co. | | | 43,135 | | | 1,379,026 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS S&P 500® High Income ETF
SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)(Continued)
| | | | | | | |
COMMON STOCKS - 98.0% (Continued)
| | | | | | |
Food Products - 0.7% (Continued)
| | | | | | |
Lamb Weston Holdings, Inc. | | | 5,577 | | | $430,768 |
McCormick & Co., Inc. | | | 10,324 | | | 809,505 |
Mondelez International, Inc. - Class A | | | 75,862 | | | 4,927,237 |
The Campbell’s Co. | | | 5,650 | | | 261,030 |
Tyson Foods, Inc. - Class A | | | 14,656 | | | 945,312 |
| | | | | | 16,108,657 |
Gas Utilities - 0.0%(c)
| | | | | | |
Atmos Energy Corp. | | | 5,640 | | | 853,445 |
Ground Transportation - 1.0%
| | | | | | |
CSX Corp. | | | 109,428 | | | 3,999,593 |
J.B. Hunt Transport Services, Inc. | | | 973 | | | 184,004 |
Norfolk Southern Corp. | | | 10,277 | | | 2,834,911 |
Old Dominion Freight Line, Inc. | | | 9,622 | | | 2,166,297 |
Uber Technologies, Inc.(b) | | | 114,106 | | | 8,211,068 |
Union Pacific Corp. | | | 33,441 | | | 8,181,675 |
| | | | | | 25,577,548 |
Health Care Equipment & Supplies - 2.4%
| | | | | | |
Abbott Laboratories | | | 95,359 | | | 11,325,788 |
Align Technology, Inc.(b) | | | 972 | | | 226,253 |
Baxter International, Inc. | | | 28,425 | | | 958,207 |
Becton Dickinson & Co. | | | 14,723 | | | 3,267,034 |
Boston Scientific Corp.(b) | | | 80,912 | | | 7,335,482 |
Cooper Cos., Inc. | | | 5,827 | | | 608,688 |
Dexcom, Inc.(b) | | | 19,596 | | | 1,528,292 |
Edwards Lifesciences Corp.(b) | | | 33,346 | | | 2,379,237 |
GE HealthCare Technologies, Inc. | | | 19,674 | | | 1,637,270 |
Hologic, Inc.(b) | | | 10,324 | | | 820,758 |
IDEXX Laboratories, Inc.(b) | | | 1,161 | | | 489,652 |
Insulet Corp.(b) | | | 972 | | | 259,310 |
Intuitive Surgical, Inc.(b) | | | 19,146 | | | 10,377,132 |
Medtronic PLC | | | 75,508 | | | 6,534,462 |
ResMed, Inc. | | | 5,613 | | | 1,397,749 |
Solventum Corp.(b) | | | 5,935 | | | 424,412 |
STERIS PLC | | | 4,943 | | | 1,082,814 |
Stryker Corp. | | | 18,936 | | | 7,425,752 |
Teleflex, Inc. | | | 654 | | | 126,124 |
Zimmer Biomet Holdings, Inc. | | | 10,030 | | | 1,124,363 |
| | | | | | 59,328,779 |
Health Care Providers & Services - 2.2%
| | | | | | |
Cardinal Health, Inc. | | | 10,324 | | | 1,262,006 |
Cencora, Inc. | | | 5,648 | | | 1,420,754 |
Centene Corp.(b) | | | 28,785 | | | 1,727,100 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS S&P 500® High Income ETF
SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)(Continued)
| | | | | | | |
COMMON STOCKS - 98.0% (Continued)
| | | | | | |
Health Care Providers & Services - 2.2% (Continued)
| | | | | | |
Cigna Group | | | 14,760 | | | $4,985,928 |
CVS Health Corp. | | | 71,286 | | | 4,266,467 |
DaVita, Inc.(b) | | | 4 | | | 665 |
Elevance Health, Inc. | | | 10,324 | | | 4,201,455 |
HCA Healthcare, Inc. | | | 9,881 | | | 3,233,261 |
Henry Schein, Inc.(b) | | | 975 | | | 75,124 |
Humana, Inc. | | | 5,268 | | | 1,561,330 |
Labcorp Holdings, Inc. | | | 973 | | | 234,649 |
McKesson Corp. | | | 5,416 | | | 3,403,956 |
Molina Healthcare, Inc.(b) | | | 809 | | | 241,001 |
Quest Diagnostics, Inc. | | | 974 | | | 158,431 |
UnitedHealth Group, Inc. | | | 44,478 | | | 27,140,475 |
Universal Health Services, Inc. - Class B | | | 847 | | | 173,635 |
| | | | | | 54,086,237 |
Hotels, Restaurants & Leisure - 1.6%
| | | | | | |
Booking Holdings, Inc. | | | 488 | | | 2,538,566 |
Caesars Entertainment, Inc.(b) | | | 10,109 | | | 389,095 |
Carnival Corp.(b) | | | 56,744 | | | 1,443,000 |
Chipotle Mexican Grill, Inc.(b) | | | 29,010 | | | 1,784,695 |
Darden Restaurants, Inc. | | | 5,235 | | | 922,773 |
Domino’s Pizza, Inc. | | | 487 | | | 231,905 |
Expedia Group, Inc. - Class A(b) | | | 5,416 | | | 999,902 |
Hilton Worldwide Holdings, Inc. | | | 14,249 | | | 3,611,267 |
Las Vegas Sands Corp. | | | 15,001 | | | 795,953 |
Marriott International, Inc. - Class A | | | 10,561 | | | 3,053,079 |
McDonald’s Corp. | | | 38,564 | | | 11,415,330 |
MGM Resorts International(b) | | | 14,473 | | | 554,895 |
Norwegian Cruise Line Holdings Ltd.(b) | | | 23,739 | | | 638,342 |
Royal Caribbean Cruises Ltd. | | | 10,324 | | | 2,519,675 |
Starbucks Corp. | | | 62,145 | | | 6,367,377 |
Wynn Resorts Ltd. | | | 974 | | | 91,926 |
Yum! Brands, Inc. | | | 14,585 | | | 2,026,440 |
| | | | | | 39,384,220 |
Household Durables - 0.3%
| | | | | | |
D.R. Horton, Inc. | | | 14,874 | | | 2,510,434 |
Garmin Ltd. | | | 5,648 | | | 1,200,765 |
Lennar Corp. - Class A | | | 10,324 | | | 1,800,402 |
Mohawk Industries, Inc.(b) | | | 4 | | | 555 |
NVR, Inc.(b) | | | 41 | | | 378,659 |
PulteGroup, Inc. | | | 10,124 | | | 1,369,473 |
| | | | | | 7,260,288 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS S&P 500® High Income ETF
SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)(Continued)
| | | | | | | |
COMMON STOCKS - 98.0% (Continued)
| | | | | | |
Household Products - 1.2%
| | | | | | |
Church & Dwight Co., Inc. | | | 10,324 | | | $1,136,982 |
Clorox Co. | | | 5,286 | | | 883,661 |
Colgate-Palmolive Co. | | | 43,511 | | | 4,204,468 |
Kimberly-Clark Corp. | | | 15,001 | | | 2,090,389 |
Procter & Gamble Co. | | | 118,707 | | | 21,279,417 |
| | | | | | 29,594,917 |
Independent Power and Renewable Electricity Producers - 0.1%
| | | | | | |
AES Corp. | | | 37,819 | | | 493,160 |
Vistra Corp. | | | 16,826 | | | 2,689,468 |
| | | | | | 3,182,628 |
Industrial Conglomerates - 0.9%
| | | | | | |
3M Co. | | | 29,027 | | | 3,875,975 |
General Electric Co. | | | 52,535 | | | 9,569,776 |
Honeywell International, Inc. | | | 34,118 | | | 7,947,106 |
| | | | | | 21,392,857 |
Insurance - 2.2%
| | | | | | |
Aflac, Inc. | | | 28,767 | | | 3,279,438 |
Allstate Corp. | | | 10,324 | | | 2,141,094 |
American International Group, Inc. | | | 38,237 | | | 2,939,661 |
Aon PLC - Class A | | | 9,916 | | | 3,882,511 |
Arch Capital Group Ltd. | | | 19,439 | | | 1,957,896 |
Arthur J Gallagher & Co. | | | 10,127 | | | 3,162,054 |
Assurant, Inc. | | | 731 | | | 166,010 |
Brown & Brown, Inc. | | | 10,324 | | | 1,167,644 |
Chubb Ltd. | | | 19,676 | | | 5,681,051 |
Cincinnati Financial Corp. | | | 5,648 | | | 902,720 |
Erie Indemnity Co. - Class A | | | 1,113 | | | 490,343 |
Everest Group Ltd. | | | 605 | | | 234,474 |
Globe Life, Inc. | | | 973 | | | 108,237 |
Hartford Financial Services Group, Inc. | | | 14,876 | | | 1,834,360 |
Loews Corp. | | | 5,650 | | | 490,024 |
Marsh & McLennan Cos., Inc. | | | 24,666 | | | 5,752,851 |
MetLife, Inc. | | | 33,576 | | | 2,962,410 |
Principal Financial Group, Inc. | | | 10,184 | | | 886,925 |
Progressive Corp. | | | 33,058 | | | 8,888,635 |
Prudential Financial, Inc. | | | 19,265 | | | 2,493,084 |
Travelers Cos., Inc. | | | 10,304 | | | 2,741,276 |
W.R. Berkley Corp. | | | 14,934 | | | 963,990 |
Willis Towers Watson PLC | | | 4,998 | | | 1,609,356 |
| | | | | | 54,736,044 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS S&P 500® High Income ETF
SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)(Continued)
| | | | | | | |
COMMON STOCKS - 98.0% (Continued)
| | | | | | |
Interactive Media & Services - 6.1%
| | | | | | |
Alphabet, Inc. - Class A | | | 288,880 | | | $48,806,276 |
Alphabet, Inc. - Class C | | | 230,649 | | | 39,323,348 |
Match Group, Inc.(b) | | | 14,447 | | | 472,995 |
Meta Platforms, Inc. - Class A | | | 105,176 | | | 60,404,680 |
| | | | | | 149,007,299 |
IT Services - 1.1%
| | | | | | |
Accenture PLC - Class A | | | 33,683 | | | 12,205,709 |
Akamai Technologies, Inc.(b) | | | 5,648 | | | 531,025 |
Cognizant Technology Solutions Corp. - Class A | | | 28,333 | | | 2,280,523 |
EPAM Systems, Inc.(b) | | | 805 | | | 196,356 |
Gartner, Inc.(b) | | | 972 | | | 503,428 |
GoDaddy, Inc. - Class A(b) | | | 6,526 | | | 1,289,342 |
International Business Machines Corp. | | | 44,206 | | | 10,052,886 |
VeriSign, Inc.(b) | | | 973 | | | 182,126 |
| | | | | | 27,241,395 |
Leisure Products - 0.0%(c)
| | | | | | |
Hasbro, Inc. | | | 5,380 | | | 350,507 |
Life Sciences Tools & Services - 1.0%
| | | | | | |
Agilent Technologies, Inc. | | | 14,752 | | | 2,035,333 |
Bio-Techne Corp. | | | 5,648 | | | 425,633 |
Charles River Laboratories International, Inc.(b) | | | 713 | | | 141,930 |
Danaher Corp. | | | 34,100 | | | 8,173,429 |
IQVIA Holdings, Inc.(b) | | | 9,664 | | | 1,940,918 |
Mettler-Toledo International, Inc.(b) | | | 303 | | | 379,114 |
Revvity, Inc. | | | 975 | | | 113,236 |
Thermo Fisher Scientific, Inc. | | | 19,634 | | | 10,398,755 |
Waters Corp.(b) | | | 826 | | | 317,779 |
West Pharmaceutical Services, Inc. | | | 972 | | | 316,561 |
| | | | | | 24,242,688 |
Machinery - 1.6%
| | | | | | |
Caterpillar, Inc. | | | 23,448 | | | 9,522,467 |
Cummins, Inc. | | | 5,536 | | | 2,076,222 |
Deere & Co. | | | 14,411 | | | 6,714,085 |
Dover Corp. | | | 5,512 | | | 1,134,921 |
Fortive Corp. | | | 19,137 | | | 1,518,138 |
IDEX Corp. | | | 972 | | | 224,172 |
Illinois Tool Works, Inc. | | | 14,497 | | | 4,023,207 |
Ingersoll Rand, Inc. | | | 19,676 | | | 2,049,649 |
Nordson Corp. | | | 756 | | | 197,308 |
Otis Worldwide Corp. | | | 19,676 | | | 2,026,235 |
PACCAR, Inc. | | | 28,649 | | | 3,351,933 |
Parker-Hannifin Corp. | | | 5,351 | | | 3,761,218 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS S&P 500® High Income ETF
SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)(Continued)
| | | | | | | |
COMMON STOCKS - 98.0% (Continued)
| | | | | | |
Machinery - 1.6% (Continued)
| | | | | | |
Pentair PLC | | | 5,648 | | | $615,576 |
Snap-on, Inc. | | | 736 | | | 272,092 |
Stanley Black & Decker, Inc. | | | 5,648 | | | 505,214 |
Westinghouse Air Brake Technologies Corp. | | | 5,649 | | | 1,133,302 |
Xylem, Inc. | | | 10,476 | | | 1,327,833 |
| | | | | | 40,453,572 |
Materials - 0.5%
| | | | | | |
Linde PLC | | | 24,563 | | | 11,323,297 |
Media - 0.4%
| | | | | | |
Comcast Corp. - Class A | | | 188,166 | | | 8,126,890 |
Fox Corp. - Class A | | | 10,568 | | | 497,964 |
Fox Corp. - Class B | | | 5,399 | | | 241,497 |
Interpublic Group of Cos., Inc. | | | 19,578 | | | 603,198 |
News Corp. - Class A | | | 19,531 | | | 573,235 |
News Corp. - Class B | | | 975 | | | 31,288 |
Omnicom Group, Inc. | | | 5,650 | | | 592,233 |
Paramount Global - Class B | | | 24,573 | | | 266,617 |
| | | | | | 10,932,922 |
Metals & Mining - 0.4%
| | | | | | |
Freeport-McMoRan, Inc. | | | 80,485 | | | 3,557,437 |
Newmont Corp. | | | 62,342 | | | 2,614,624 |
Nucor Corp. | | | 10,544 | | | 1,631,051 |
Steel Dynamics, Inc. | | | 5,655 | | | 821,502 |
| | | | | | 8,624,614 |
Multi-Utilities - 0.7%
| | | | | | |
Ameren Corp. | | | 10,325 | | | 974,577 |
CenterPoint Energy, Inc. | | | 33,702 | | | 1,099,359 |
CMS Energy Corp. | | | 14,749 | | | 1,028,153 |
Consolidated Edison, Inc. | | | 19,056 | | | 1,916,843 |
Dominion Energy, Inc. | | | 47,302 | | | 2,778,992 |
DTE Energy Co. | | | 10,004 | | | 1,258,303 |
NiSource, Inc. | | | 19,676 | | | 749,459 |
Public Service Enterprise Group, Inc. | | | 28,292 | | | 2,667,936 |
Sempra | | | 33,700 | | | 3,156,679 |
WEC Energy Group, Inc. | | | 15,000 | | | 1,515,750 |
| | | | | | 17,146,051 |
Oil, Gas & Consumable Fuels - 3.3%
| | | | | | |
APA Corp. | | | 14,971 | | | 339,093 |
Chevron Corp. | | | 86,071 | | | 13,937,477 |
ConocoPhillips | | | 74,779 | | | 8,101,603 |
Coterra Energy, Inc. | | | 42,509 | | | 1,135,841 |
Devon Energy Corp. | | | 33,866 | | | 1,285,215 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS S&P 500® High Income ETF
SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)(Continued)
| | | | | | | |
COMMON STOCKS - 98.0% (Continued)
| | | | | | |
Oil, Gas & Consumable Fuels - 3.3% (Continued)
| | | | | | |
Diamondback Energy, Inc. | | | 5,649 | | | $1,003,206 |
EOG Resources, Inc. | | | 33,110 | | | 4,412,239 |
EQT Corp. | | | 19,673 | | | 893,941 |
Exxon Mobil Corp. | | | 214,176 | | | 25,264,201 |
Hess Corp. | | | 14,557 | | | 2,142,499 |
Kinder Morgan, Inc. | | | 108,874 | | | 3,077,868 |
Marathon Petroleum Corp. | | | 19,534 | | | 3,050,234 |
Occidental Petroleum Corp. | | | 34,135 | | | 1,726,548 |
ONEOK, Inc. | | | 33,070 | | | 3,756,752 |
Phillips 66 | | | 23,926 | | | 3,205,605 |
Targa Resources Corp. | | | 10,234 | | | 2,090,806 |
Valero Energy Corp. | | | 18,984 | | | 2,640,295 |
Williams Cos., Inc. | | | 66,852 | | | 3,912,179 |
| | | | | | 81,975,602 |
Passenger Airlines - 0.2%
| | | | | | |
Delta Air Lines, Inc. | | | 33,868 | | | 2,161,456 |
Southwest Airlines Co. | | | 33,197 | | | 1,074,255 |
United Airlines Holdings, Inc.(b) | | | 15,240 | | | 1,475,689 |
| | | | | | 4,711,400 |
Personal Care Products - 0.1%
| | | | | | |
Estee Lauder Cos., Inc. - Class A | | | 10,324 | | | 744,567 |
Kenvue, Inc. | | | 95,201 | | | 2,292,440 |
| | | | | | 3,037,007 |
Pharmaceuticals - 3.4%
| | | | | | |
Bristol-Myers Squibb Co. | | | 113,801 | | | 6,739,295 |
Catalent, Inc.(b) | | | 5,649 | | | 345,211 |
Eli Lilly & Co. | | | 39,955 | | | 31,778,209 |
Johnson & Johnson | | | 122,838 | | | 19,041,118 |
Merck & Co., Inc. | | | 122,850 | | | 12,486,474 |
Pfizer, Inc. | | | 320,716 | | | 8,405,966 |
Viatris, Inc. | | | 66,546 | | | 871,087 |
Zoetis, Inc. | | | 24,227 | | | 4,245,782 |
| | | | | | 83,913,142 |
Professional Services - 0.6%
| | | | | | |
Amentum Holdings, Inc.(b) | | | 5,305 | | | 129,177 |
Automatic Data Processing, Inc. | | | 19,969 | | | 6,129,085 |
Broadridge Financial Solutions, Inc. | | | 5,202 | | | 1,227,776 |
Dayforce, Inc.(b) | | | 5,648 | | | 451,784 |
Equifax, Inc. | | | 5,278 | | | 1,380,514 |
Jacobs Solutions, Inc. | | | 5,318 | | | 751,061 |
Leidos Holdings, Inc. | | | 5,481 | | | 906,557 |
Paychex, Inc. | | | 15,001 | | | 2,194,196 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS S&P 500® High Income ETF
SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)(Continued)
| | | | | | | |
COMMON STOCKS - 98.0% (Continued)
| | | | | | |
Professional Services - 0.6% (Continued)
| | | | | | |
Paycom Software, Inc. | | | 682 | | | $158,169 |
Verisk Analytics, Inc. | | | 5,580 | | | 1,641,692 |
| | | | | | 14,970,011 |
Real Estate Management & Development - 0.2%
| | | | | | |
CBRE Group, Inc. - Class A(b) | | | 14,910 | | | 2,087,251 |
CoStar Group, Inc.(b) | | | 19,676 | | | 1,600,446 |
| | | | | | 3,687,697 |
Semiconductors & Semiconductor Equipment - 11.1%
| | | | | | |
Advanced Micro Devices, Inc.(b) | | | 78,470 | | | 10,764,122 |
Analog Devices, Inc. | | | 28,280 | | | 6,166,454 |
Applied Materials, Inc. | | | 47,258 | | | 8,256,445 |
Broadcom, Inc. | | | 219,104 | | | 35,512,376 |
Enphase Energy, Inc.(b) | | | 5,460 | | | 389,571 |
First Solar, Inc.(b) | | | 5,052 | | | 1,006,712 |
Intel Corp. | | | 240,336 | | | 5,780,081 |
KLA Corp. | | | 5,454 | | | 3,528,902 |
Lam Research Corp. | | | 54,694 | | | 4,040,793 |
Microchip Technology, Inc. | | | 28,881 | | | 1,968,818 |
Micron Technology, Inc. | | | 61,533 | | | 6,027,157 |
Monolithic Power Systems, Inc. | | | 665 | | | 377,481 |
NVIDIA Corp. | | | 1,186,315 | | | 164,008,049 |
NXP Semiconductors NV | | | 14,258 | | | 3,270,357 |
ON Semiconductor Corp.(b) | | | 23,783 | | | 1,691,447 |
Qorvo, Inc.(b) | | | 974 | | | 67,255 |
QUALCOMM, Inc. | | | 61,776 | | | 9,793,349 |
Skyworks Solutions, Inc. | | | 5,648 | | | 494,708 |
Teradyne, Inc. | | | 5,648 | | | 621,280 |
Texas Instruments, Inc. | | | 48,243 | | | 9,698,290 |
| | | | | | 273,463,647 |
Software - 10.2%
| | | | | | |
Adobe, Inc.(b) | | | 24,139 | | | 12,454,034 |
ANSYS, Inc.(b) | | | 4,768 | | | 1,674,045 |
Autodesk, Inc.(b) | | | 10,101 | | | 2,948,482 |
Cadence Design Systems, Inc.(b) | | | 14,477 | | | 4,441,688 |
Crowdstrike Holdings, Inc. - Class A(b) | | | 10,593 | | | 3,664,860 |
Fair Isaac Corp.(b) | | | 344 | | | 817,010 |
Fortinet, Inc.(b) | | | 33,779 | | | 3,210,694 |
Gen Digital, Inc. | | | 29,217 | | | 901,344 |
Intuit, Inc. | | | 14,600 | | | 9,369,258 |
Microsoft Corp. | | | 357,921 | | | 151,565,227 |
Oracle Corp. | | | 78,187 | | | 14,452,085 |
Palantir Technologies, Inc. - Class A(b) | | | 101,752 | | | 6,825,524 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS S&P 500® High Income ETF
SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)(Continued)
| | | | | | | |
COMMON STOCKS - 98.0% (Continued)
| | | | | | |
Software - 10.2% (Continued)
| | | | | | |
Palo Alto Networks, Inc.(b) | | | 15,033 | | | $5,830,098 |
PTC, Inc.(b) | | | 5,217 | | | 1,043,713 |
Roper Technologies, Inc. | | | 5,047 | | | 2,858,823 |
Salesforce, Inc. | | | 46,723 | | | 15,418,123 |
ServiceNow, Inc.(b) | | | 9,979 | | | 10,472,362 |
Synopsys, Inc.(b) | | | 5,648 | | | 3,154,352 |
Tyler Technologies, Inc.(b) | | | 586 | | | 368,694 |
| | | | | | 251,470,416 |
Specialty Retail - 1.8%
| | | | | | |
AutoZone, Inc.(b) | | | 245 | | | 776,537 |
Best Buy Co., Inc. | | | 5,650 | | | 508,500 |
CarMax, Inc.(b) | | | 5,649 | | | 474,347 |
Home Depot, Inc. | | | 49,706 | | | 21,330,336 |
Lowe’s Cos., Inc. | | | 29,405 | | | 8,010,804 |
O’Reilly Automotive, Inc.(b) | | | 826 | | | 1,026,900 |
Ross Stores, Inc. | | | 15,001 | | | 2,323,205 |
TJX Cos., Inc. | | | 62,234 | | | 7,822,191 |
Tractor Supply Co. | | | 5,058 | | | 1,434,803 |
Ulta Beauty, Inc.(b) | | | 686 | | | 265,235 |
| | | | | | 43,972,858 |
Technology Hardware, Storage & Peripherals - 7.3%
| | | | | | |
Apple, Inc. | | | 721,988 | | | 171,349,412 |
Dell Technologies, Inc. - Class C | | | 14,122 | | | 1,801,826 |
Hewlett Packard Enterprise Co. | | | 71,220 | | | 1,511,288 |
HP, Inc. | | | 47,702 | | | 1,690,082 |
NetApp, Inc. | | | 10,031 | | | 1,230,202 |
Seagate Technology Holdings PLC | | | 5,650 | | | 572,515 |
Super Micro Computer, Inc.(b) | | | 11,534 | | | 376,470 |
Western Digital Corp.(b) | | | 15,188 | | | 1,108,572 |
| | | | | | 179,640,367 |
Textiles, Apparel & Luxury Goods - 0.3%
| | | | | | |
Deckers Outdoor Corp.(b) | | | 3,024 | | | 592,583 |
Lululemon Athletica, Inc.(b) | | | 5,162 | | | 1,655,247 |
NIKE, Inc. - Class B | | | 66,756 | | | 5,258,370 |
Ralph Lauren Corp. - Class A | | | 3 | | | 694 |
Tapestry, Inc. | | | 10,312 | | | 642,232 |
| | | | | | 8,149,126 |
Tobacco - 0.7%
| | | | | | |
Altria Group, Inc. | | | 99,402 | | | 5,739,472 |
Philip Morris International, Inc. | | | 85,701 | | | 11,403,375 |
| | | | | | 17,142,847 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS S&P 500® High Income ETF
SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)(Continued)
| | | | | | | |
COMMON STOCKS - 98.0% (Continued)
| | | | | | |
Trading Companies & Distributors - 0.2%
| | | | | | |
Fastenal Co. | | | 29,332 | | | $2,450,982 |
United Rentals, Inc. | | | 946 | | | 819,236 |
W.W. Grainger, Inc. | | | 615 | | | 741,284 |
| | | | | | 4,011,502 |
Water Utilities - 0.0%(c)
| | | | | | |
American Water Works Co., Inc. | | | 5,649 | | | 773,574 |
Wireless Telecommunication Services - 0.3%
| | | | | | |
T-Mobile US, Inc. | | | 28,440 | | | 7,022,974 |
TOTAL COMMON STOCKS
(Cost $2,035,457,185) | | | | | | 2,407,586,557 |
REAL ESTATE INVESTMENT TRUSTS - 2.1%(a)
| | | | | | |
Alexandria Real Estate Equities, Inc. | | | 5,648 | | | 622,579 |
American Tower Corp. | | | 24,287 | | | 5,075,983 |
AvalonBay Communities, Inc. | | | 5,535 | | | 1,302,662 |
BXP, Inc. | | | 5,568 | | | 456,520 |
Camden Property Trust | | | 974 | | | 122,529 |
Crown Castle, Inc. | | | 23,836 | | | 2,532,575 |
Digital Realty Trust, Inc. | | | 14,887 | | | 2,913,237 |
Equinix, Inc. | | | 4,860 | | | 4,769,993 |
Equity Residential | | | 19,050 | | | 1,460,373 |
Essex Property Trust, Inc. | | | 894 | | | 277,551 |
Extra Space Storage, Inc. | | | 10,065 | | | 1,720,713 |
Federal Realty Investment Trust | | | 972 | | | 113,384 |
Healthpeak Properties, Inc. | | | 28,980 | | | 637,270 |
Host Hotels & Resorts, Inc. | | | 38,266 | | | 704,860 |
Invitation Homes, Inc. | | | 29,353 | | | 1,005,340 |
Iron Mountain, Inc. | | | 14,733 | | | 1,822,030 |
Kimco Realty Corp. | | | 33,558 | | | 858,078 |
Mid-America Apartment Communities, Inc. | | | 5,184 | | | 851,006 |
Prologis, Inc. | | | 52,000 | | | 6,072,560 |
Public Storage | | | 5,648 | | | 1,965,787 |
Realty Income Corp. | | | 33,702 | | | 1,951,009 |
Regency Centers Corp. | | | 5,648 | | | 426,932 |
SBA Communications Corp. | | | 5,057 | | | 1,144,146 |
Simon Property Group, Inc. | | | 15,000 | | | 2,754,000 |
UDR, Inc. | | | 14,887 | | | 682,718 |
Ventas, Inc. | | | 19,676 | | | 1,260,641 |
VICI Properties, Inc. | | | 57,076 | | | 1,861,248 |
Welltower, Inc. | | | 29,072 | | | 4,017,169 |
Weyerhaeuser Co. | | | 38,611 | | | 1,245,591 |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $44,690,592) | | | | | | 50,628,484 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS S&P 500® High Income ETF
SCHEDULE OF INVESTMENTS
November 30, 2024 (Unaudited)(Continued)
| | | | | | | |
CONTINGENT VALUE RIGHTS - 0.0%(c)
| | | | | | |
Abiomed, Inc., Exercise Price $0.00(a)(c) | | | 2 | | | $0 |
TOTAL CONTINGENT VALUE RIGHTS
(Cost $0) | | | | | | 0 |
SHORT-TERM INVESTMENTS - 0.5%
| | | | | | |
Money Market Funds - 0.5%
| | | | | | |
First American Treasury Obligations Fund - Class X, 4.55%(e) | | | 13,147,504 | | | 13,147,504 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $13,147,504) | | | | | | 13,147,504 |
TOTAL INVESTMENTS - 100.6%
(Cost $2,093,295,281) | | | | | | $2,471,362,545 |
Liabilities in Excess of Other Assets - (0.6)% | | | | | | (15,066,775) |
TOTAL NET ASSETS - 100.0% | | | | | | $2,456,295,770 |
| | | | | | | |
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.
NV - Naamloze Vennootschap
PLC - Public Limited Company
SA - Sociedad Anónima
(a)
| All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of November 30, 2024 is $2,458,215,041. |
(b)
| Non-income producing security. |
(c)
| Represents less than 0.05% of net assets. |
(d)
| 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 November 30, 2024. |
(e)
| The rate shown represents the 7-day annualized effective yield as of November 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS S&P 500 High Income ETF
Schedule of Written Options
November 30, 2024 (Unaudited)
| | | | | | | | | | |
WRITTEN OPTIONS - (0.7)%
| | | | | | | | | |
Call Options - (0.7)%
| | | | | | | | | |
S&P 500 Index(a)(b)
| | | | | | | | | |
Expiration: 01/17/2025; Exercise Price: $6,145.00 | | | $(1,046,014,692) | | | (1,734) | | | $(9,979,170) |
Expiration: 01/17/2025; Exercise Price: $6,200.00 | | | (1,046,014,692) | | | (1,734) | | | (6,485,160) |
Total Call Options | | | | | | | | | (16,464,330) |
TOTAL WRITTEN OPTIONS
(Premiums received $16,770,605) | | | | | | | | | $(16,464,330) |
| | | | | | | | | | |
Percentages are stated as a percent of net assets.
(a)
| 100 shares per contract.
|
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
STATEMENTS OF ASSETS AND LIABILITIES
November 30, 2024 (Unaudited)
| | | | | | | | | | | | | | | | |
ASSETS:
| | | | | | | | | | | | | | | |
Investments, at value | | | $19,928,077 | | | $494,213,650 | | | $60,578,023 | | | $136,903,722 | | | $330,520,572 |
Receivable for investments sold | | | 2,191,226 | | | — | | | — | | | — | | | 5,372,686 |
Interest receivable | | | 1,461 | | | 42,500 | | | 1,121 | | | 7,158 | | | 9,825 |
Receivable for fund shares sold | | | — | | | — | | | 1,424,703 | | | — | | | — |
Dividends receivable | | | — | | | — | | | — | | | 129 | | | 190,636 |
Total assets | | | 22,120,764 | | | 494,256,150 | | | 60,581,271 | | | 136,911,009 | | | 336,093,719 |
LIABILITIES:
| | | | | | | | | | | | | | | |
Written option contracts, at value | | | 556,446 | | | 141,962 | | | 23,018 | | | 52,312 | | | 4,321,005 |
Payable for investments purchased | | | 1,563,908 | | | — | | | 4,405 | | | — | | | 3,558,599 |
Payable to adviser | | | 8,269 | | | 147,956 | | | 24,705 | | | 67,856 | | | 371,180 |
Due to broker | | | — | | | — | | | 1,406,202 | | | — | | | 2,024 |
Other liabilities | | | — | | | 1,696 | | | — | | | — | | | — |
Total liabilities | | | 2,128,623 | | | 291,614 | | | 1,458,330 | | | 120,168 | | | 8,252,808 |
Net Assets | | | $19,992,141 | | | $493,964,536 | | | $60,545,517 | | | $136,790,841 | | | $327,840,911 |
Net Assets Consists of:
| | | | | | | | | | | | | | | |
Paid-in capital | | | $18,344,184 | | | $493,441,262 | | | $61,042,140 | | | $138,727,108 | | | $424,356,289 |
Total distributable earnings/ (accumulated losses) | | | 1,647,957 | | | 523,274 | | | (496,623) | | | (1,936,267) | | | (96,515,378) |
Total net assets | | | $ 19,992,141 | | | $ 493,964,536 | | | $ 60,545,517 | | | $ 136,790,841 | | | $ 327,840,911 |
Net assets | | | $19,992,141 | | | $493,964,536 | | | $60,545,517 | | | $136,790,841 | | | $327,840,911 |
Shares issued and outstanding | | | 320,000 | | | 9,910,000 | | | 1,270,000 | | | 13,140,040 | | | 12,570,000 |
Net asset value per share | | | $62.48 | | | $49.85 | | | $47.67 | | | $10.41 | | | $26.08 |
Cost:
| | | | | | | | | | | | | | | |
Investments, at cost | | | $18,135,558 | | | $494,218,510 | | | $60,934,223 | | | $135,343,827 | | | $231,280,680 |
Proceeds:
| | | | | | | | | | | | | | | |
Written options premium | | | $1,431,662 | | | $232,111 | | | $38,382 | | | $87,231 | | | $4,390,181 |
| | | | | | | | | | | | | | | | |
(a)
| The Fund acquired all the assets and liabilities of the WSTCM Credit Select Risk-Managed Fund, a 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. |
(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 (the “Predecessor Fund”) in a reorganization on November 11, 2024. The Predecessor Fund’s performance and financial history, inclusive of expense limitations, 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 accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
STATEMENTS OF ASSETS AND LIABILITIES
November 30, 2024 (Unaudited)(Continued)
| | | | | | | | | | |
ASSETS:
| | | | | | | | | |
Investments, at value | | | $658,250,364 | | | $121,176,731 | | | $2,471,362,545 |
Receivable for investments sold | | | 5,692,339 | | | 5,450,568 | | | 53,544,085 |
Dividends receivable | | | 370,115 | | | — | | | 2,690,845 |
Interest receivable | | | 28,146 | | | 3,195 | | | 70,818 |
Dividend tax reclaims receivable | | | — | | | — | | | 3,753 |
Cash | | | — | | | 112,512 | | | 1,351,660 |
Other assets | | | — | | | — | | | 301,177 |
Total assets | | | 664,340,964 | | | 126,743,006 | | | 2,529,324,883 |
LIABILITIES:
| | | | | | | | | |
Written option contracts, at value | | | 5,568,580 | | | 1,614,060 | | | 16,464,330 |
Payable for investments purchased | | | 10,723,138 | | | 5,689,911 | | | 55,306,521 |
Payable to adviser | | | 334,104 | | | 48,358 | | | 1,258,262 |
Total liabilities | | | 16,625,822 | | | 7,352,329 | | | 73,029,113 |
Net Assets | | | $647,715,142 | | | $119,390,677 | | | $2,456,295,770 |
Net Assets Consists of:
| | | | | | | | | |
Paid-in capital | | | $627,487,908 | | | $114,352,070 | | | $2,285,696,418 |
Total distributable earnings | | | 20,227,234 | | | 5,038,607 | | | 170,599,352 |
Total net assets | | | $647,715,142 | | | $119,390,677 | | | $2,456,295,770 |
Net assets | | | $647,715,142 | | | $119,390,677 | | | $2,456,295,770 |
Shares issued and outstanding | | | 12,350,000 | | | 2,240,000 | | | 47,000,000 |
Net asset value per share | | | $52.45 | | | $53.30 | | | $52.26 |
Cost:
| | | | | | | | | |
Investments, at cost | | | $603,891,472 | | | $109,584,255 | | | $2,093,295,281 |
Proceeds:
| | | | | | | | | |
Written options premium | | | $5,692,339 | | | $1,633,549 | | | $16,770,605 |
| | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
STATEMENTS OF OPERATIONS
For the Period Ended November 30, 2024 (Unaudited)
| | | | | | | | | | | | | | | | |
INVESTMENT INCOME:
| | | | | | | | | | | | | | | |
Dividend income | | | $— | | | $— | | | $434,081 | | | $1,859,318 | | | $9,135,253 |
Less: Dividend withholding taxes | | | — | | | — | | | — | | | — | | | — |
Interest income | | | 33,329 | | | 12,549,024 | | | 3,448 | | | 189,314 | | | — |
Total investment income | | | 33,329 | | | 12,549,024 | | | 437,529 | | | 2,048,632 | | | 9,135,253 |
EXPENSES:
| | | | | | | | | | | | | | | |
Investment advisory fee | | | 8,805 | | | 927,708 | | | 75,847 | | | 211,940 | | | 850,347 |
Fund administration and accounting fees | | | — | | | — | | | — | | | 14,947 | | | 190,432 |
Custodian fees | | | — | | | — | | | — | | | 790 | | | 15,718 |
Legal fees | | | — | | | — | | | — | | | 7,455 | | | 55,988 |
Audit and tax services fees | | | — | | | — | | | — | | | 19,400 | | | 19,400 |
Shareholder reporting fees | | | — | | | — | | | — | | | 3,916 | | | 26,169 |
Trustees’ fees | | | — | | | — | | | — | | | 5,027 | | | 24,803 |
Transfer agent fees | | | — | | | — | | | — | | | 1,500 | | | 27,967 |
Registration and filing fees | | | — | | | — | | | — | | | 7,780 | | | 47,396 |
Insurance expense | | | — | | | — | | | — | | | — | | | 22,209 |
Distribution fees | | | — | | | — | | | — | | | 203 | | | 9,853 |
Other expenses | | | — | | | — | | | — | | | 31,788 | | | 23,534 |
Total expenses | | | 8,805 | | | 927,708 | | | 75,847 | | | 304,746 | | | 1,313,816 |
Expense waiver and/or reimbursement by Advisor | | | — | | | — | | | (3,903) | | | (46,265) | | | (25,362) |
Net expenses | | | 8,805 | | | 927,708 | | | 71,944 | | | 258,481 | | | 1,288,454 |
Net investment income | | | 24,524 | | | 11,621,316 | | | 365,585 | | | 1,790,151 | | | 7,846,799 |
REALIZED AND UNREALIZED GAIN
| | | | | | | | | | | | | | | |
Net realized gain (loss) from:
| | | | | | | | | | | | | | | |
Investments | | | (74,594) | | | (3,559,472) | | | (258,068) | | | 1,432,722 | | | 698,750 |
Written option contracts expired or closed | | | (651,501) | | | 6,091,348 | | | 505,021 | | | 970,799 | | | — |
Net realized gain (loss) | | | (726,095) | | | 2,531,876 | | | 246,953 | | | 2,403,521 | | | 698,750 |
Net change in unrealized appreciation (depreciation) on:
| | | | | | | | | | | | | | | |
Investments | | | 1,792,519 | | | (68,045) | | | (199,058) | | | (1,755,243) | | | 2,633,773 |
Written option contracts | | | 875,216 | | | (45,261) | | | 10,349 | | | 34,919 | | | — |
Net change in unrealized appreciation (depreciation) | | | 2,667,735 | | | (113,306) | | | (188,709) | | | (1,720,324) | | | 2,633,773 |
Net realized and unrealized gain | | | 1,941,640 | | | 2,418,570 | | | 58,244 | | | 683,197 | | | 3,332,523 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | | $1,966,164 | | | $14,039,886 | | | $423,829 | | | $2,473,348 | | | $11,179,322 |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
STATEMENTS OF OPERATIONS
For the Period Ended November 30, 2024 (Unaudited)(Continued)
| | | | | | | | | | | | | | | | |
INVESTMENT INCOME:
| | | | | | | | | | | | | | | |
Dividend income | | | $642,642 | | | $3,442,321 | | | $1,715,191 | | | $206,543 | | | $12,763,328 |
Less: Dividend withholding taxes | | | (1,356) | | | (7,392) | | | (3,059) | | | — | | | (3,063) |
Interest income | | | 49,240 | | | 131,713 | | | 125,291 | | | 10,742 | | | 344,401 |
Total investment income | | | 690,526 | | | 3,566,642 | | | 1,837,423 | | | 217,285 | | | 13,104,666 |
EXPENSES:
| | | | | | | | | | | | | | | |
Investment advisory fee | | | 562,909 | | | 2,663,018 | | | 1,465,185 | | | 148,284 | | | 6,299,259 |
Total expenses | | | 562,909 | | | 2,663,018 | | | 1,465,185 | | | 148,284 | | | 6,299,259 |
Expense waiver and/or reimbursement by Advisor | | | — | | | — | | | — | | | (21,997) | | | — |
Net expenses | | | 562,909 | | | 2,663,018 | | | 1,465,185 | | | 126,287 | | | 6,299,259 |
Net investment income | | | 127,617 | | | 903,624 | | | 372,238 | | | 90,998 | | | 6,805,407 |
REALIZED AND UNREALIZED GAIN
| | | | | | | | | | |
Net realized gain (loss) from:
| | | | | | | | | | |
Investments | | | (4,973,680) | | | (9,685,828) | | | (725,702) | | | (32,549) | | | (780,359) |
In-kind redemptions | | | — | | | 42,658,949 | | | — | | | — | | | — |
Written option contracts expired or closed | | | 11,014,554 | | | 2,346,047 | | | (324,290) | | | (2,862,406) | | | (41,574,570) |
Net realized gain (loss) | | | 6,040,874 | | | 35,319,168 | | | (1,049,992) | | | (2,894,955) | | | (42,354,929) |
Net change in unrealized appreciation (depreciation) on:
| | | | | | | | | | |
Investments | | | 16,054,093 | | | 47,041,244 | | | 49,265,009 | | | 11,592,476 | | | 250,623,025 |
Written option contracts | | | (1,572,253) | | | 10,038,013 | | | 166,444 | | | 19,489 | | | 1,509,283 |
Net change in unrealized appreciation (depreciation) | | | 14,481,840 | | | 57,079,257 | | | 49,431,453 | | | 11,611,965 | | | 252,132,308 |
Net realized and unrealized gain | | | 20,522,714 | | | 92,398,425 | | | 48,381,461 | | | 8,717,010 | | | 209,777,379 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | | $20,650,331 | | | $93,302,049 | | | $48,753,699 | | | $8,808,008 | | | $216,582,786 |
| | | | | | | | | | | | | | | | |
(a)
| Inception date of the Fund was October 17, 2024. |
(b)
| The Fund acquired all the assets and liabilities of the WSTCM Credit Select Risk-Managed Fund, a 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. |
(c)
| 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. |
(d)
| Inception date of the Fund was June 25, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS
| | | | |
OPERATIONS:
| | | |
Net investment income | | | $24,524 |
Net realized gain (loss) | | | (726,095) |
Net change in unrealized appreciation (depreciation) | | | 2,667,735 |
Net increase in net assets from operations | | | 1,966,164 |
DISTRIBUTIONS TO SHAREHOLDERS:
| | | |
Distributions to shareholders | | | (318,207) |
Total distributions to shareholders | | | (318,207) |
CAPITAL TRANSACTIONS:
| | | |
Subscriptions | | | 18,344,184 |
Redemptions | | | — |
Net increase in net assets from capital transactions | | | 18,344,184 |
Net increase in net assets | | | 19,992,141 |
NET ASSETS:
| | | |
Beginning of the period | | | — |
End of the period | | | $19,992,141 |
SHARES TRANSACTIONS
| | | |
Subscriptions | | | 310,000 |
Reinvestments | | | — |
Total increase in shares outstanding | | | 310,000 |
| | | | |
(a)
| Inception date of the Fund was October 17, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
STATEMENTS of Changes in Net Assets (Continued)
| | | | | | | |
OPERATIONS:
| | | | | | | | | | | | |
Net investment income | | | $11,621,316 | | | $12,030,939 | | | $365,585 | | | $156,080 |
Net realized gain | | | 2,531,876 | | | 1,461,102 | | | 246,953 | | | 40,998 |
Net change in unrealized appreciation (depreciation) | | | (113,306) | | | 192,721 | | | (188,709) | | | (124,902) |
Net increase in net assets from operations | | | 14,039,886 | | | 13,684,762 | | | 423,829 | | | 72,176 |
DISTRIBUTIONS TO SHAREHOLDERS:
| | | | | | | | | | | | |
Distributions to shareholders | | | (13,637,504) | | | (13,553,733) | | | (762,630) | | | (202,156) |
Return of capital | | | — | | | (1,282,823) | | | — | | | (112,364) |
Total distributions to shareholders | | | (13,637,504) | | | (14,836,556) | | | (762,630) | | | (314,520) |
CAPITAL TRANSACTIONS:
| | | | | | | | | | | | |
Subscriptions | | | 166,429,574 | | | 413,865,914 | | | 49,695,764 | | | 9,497,973 |
Redemptions | | | (114,641,115) | | | (71,049,803) | | | — | | | — |
Net increase in net assets from capital transactions | | | 51,788,459 | | | 342,816,111 | | | 49,695,764 | | | 9,497,973 |
Net increase in net assets | | | 52,190,841 | | | 341,664,317 | | | 49,356,963 | | | 9,255,629 |
NET ASSETS:
| | | | | | | | | | | | |
Beginning of the period | | | 441,773,695 | | | 100,109,378 | | | 11,188,554 | | | 1,932,923 |
End of the period | | | $493,964,536 | | | $ 441,773,695 | | | $ 60,545,517 | | | $11,188,552 |
SHARES TRANSACTIONS | | | | | | | | | | | | |
Subscriptions | | | 3,340,000 | | | 8,290,000 | | | 1,030,000 | | | 200,000 |
Redemptions | | | (2,300,000) | | | (1,420,000) | | | — | | | — |
Total increase in shares outstanding | | | 1,040,000 | | | 6,870,000 | | | 1,030,000 | | | 200,000 |
| | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
STATEMENTS of Changes in Net Assets (Continued)
| | | | |
OPERATIONS:
| | | | | | | | | |
Net investment income | | | $1,790,151 | | | $7,846,799 | | | $5,885,356 |
Net realized gain (loss) | | | 2,403,521 | | | 698,750 | | | (4,763,907) |
Long-term capital gains distributions from regulated investment companies | | | — | | | — | | | 35,535 |
Net change in unrealized appreciation (depreciation) | | | (1,720,324) | | | 2,633,773 | | | 1,323,614 |
Net increase in net assets resulting from operations | | | 2,473,348 | | | 11,179,322 | | | 2,480,598 |
DISTRIBUTIONS TO SHAREHOLDERS:
| | | | | | | | | |
Distributions to shareholders | | | (3,919,854) | | | (7,732,892) | | | (4,828,986) |
Total distributions to shareholders | | | (3,919,854) | | | (7,732,892) | | | (4,828,986) |
CAPITAL TRANSACTIONS:
| | | | | | | | | |
Subscriptions | | | 9,264,822 | | | 30,388,976 | | | 46,435,975 |
Redemptions | | | (9,050,863) | | | (44,739,313) | | | (42,648,776) |
Reinvestments | | | 1,911,324 | | | 7,516,864 | | | 4,691,486 |
Net increase (decrease) from capital transactions | | | 2,125,283 | | | (6,833,473) | | | 8,478,685 |
Total increase (decrease) in net assets | | | 678,777 | | | (3,387,043) | | | 6,130,297 |
NET ASSETS:
| | | | | | | | | |
Beginning of the period | | | 136,112,064 | | | 139,499,107 | | | 133,368,810 |
End of the period | | | $ 136,790,841 | | | $136,112,064 | | | $139,499,107 |
SHARES TRANSACTIONS:
| | | | | | | | | |
Subscriptions | | | 830,000 | | | 2,945,567 | | | 4,482,575 |
Redemptions | | | (660,000) | | | (4,334,484) | | | (4,121,058) |
Reinvestments | | | — | | | 733,230 | | | 456,919 |
Shares exchanged | | | — | | | (217) | | | — |
Net increase (decrease) from shares transactions | | | 170,000 | | | (655,904) | | | 818,436 |
| | | | | | | | | | |
(a)
| The Predecessor Fund’s (WSTCM Credit Select Risk-Managed Fund) fiscal year end was August 31, 2024 prior to the reorganization as described further below in footnote (b). |
(b)
| 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. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Statements of Changes in Net Assets (Continued)
| | | | | | | |
OPERATIONS:
| | | | | | | | | | | | | | | |
Net investment income | | | $127,617 | | | $903,624 | | | $1,151,506 | | | $372,238 | | | $78,064 |
Net realized gain (loss) | | | 6,040,874 | | | 35,319,168 | | | (24,363,637) | | | (1,049,992) | | | (521,125) |
Net change in unrealized appreciation | | | 14,481,840 | | | 57,079,257 | | | 78,624,622 | | | 49,431,453 | | | 5,051,198 |
Net increase in net assets from operations | | | 20,650,331 | | | 93,302,049 | | | 55,412,491 | | | 48,753,699 | | | 4,608,137 |
DISTRIBUTIONS TO SHAREHOLDERS:
| | | | | | | | | | | | | | | |
Distributions to shareholders | | | (6,723,996) | | | (903,624) | | | (1,151,506) | | | (33,056,538) | | | (78,064) |
Return of capital | | | — | | | (29,598,677) | | | (35,606,621) | | | — | | | (4,355,312) |
Total distributions to shareholders | | | (6,723,996) | | | (30,502,301) | | | (36,758,127) | | | (33,056,538) | | | (4,433,376) |
CAPITAL TRANSACTIONS:
| | | | | | | | | | | | | | | |
Subscriptions | | | — | | | 6,433,500 | | | — | | | 422,388,039 | | | 215,642,525 |
Redemptions | | | (20,047,187) | | | (161,498,005) | | | (174,067,805) | | | (6,187,346) | | | — |
ETF transaction fees (See Note 7) | | | — | | | — | | | — | | | 1 | | | 1 |
Net increase (decrease) in net assets from capital transactions | | | (20,047,187) | | | (155,064,505) | | | (174,067,805) | | | 416,200,694 | | | 215,642,526 |
Net increase (decrease) in net assets | | | (6,120,852) | | | (92,264,757) | | | (155,413,441) | | | 431,897,855 | | | 215,817,287 |
NET ASSETS:
| | | | | | | | | | | | | |
Beginning of the period | | | 333,961,763 | | | 426,226,520 | | | 581,639,961 | | | 215,817,287 | | | — |
End of the period | | | $ 327,840,911 | | | $ 333,961,763 | | | $426,226,520 | | | $ 647,715,142 | | | $ 215,817,287 |
SHARES TRANSACTIONS
| | | | | | | | | | | | | |
Subscriptions | | | 250,000 | | | 250,000 | | | — | | | 8,190,000 | | | 4,280,000 |
Redemptions | | | (3,280,000) | | | (6,950,000) | | | (8,900,000) | | | (120,000) | | | — |
Total increase (decrease) in shares outstanding | | | (3,030,000) | | | (6,700,000) | | | (8,900,000) | | | 8,070,000 | | | 4,280,000 |
| | | | | | | | | | | | | | | | |
(a)
| Inception date of the Fund was January 30, 2024. |
(b)
| The Predecessor Fund’s (Nationwide Nasdaq-100 Risk-Managed Income ETF) fiscal year end was August 31, 2024 prior to the reorganization as described below in footnote (c). |
(c)
| 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. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
STATEMENTS of Changes in Net Assets (Continued)
| | | | | | | |
OPERATIONS:
| | | | | | | | | |
Net investment income | | | $90,998 | | | $6,805,407 | | | $5,121,107 |
Net realized loss | | | (2,894,955) | | | (42,354,929) | | | (47,359,820) |
Net change in unrealized appreciation
| | | 11,611,965 | | | 252,132,308 | | | 125,689,111 |
Net increase in net assets from operations | | | 8,808,008 | | | 216,582,786 | | | 83,450,398 |
DISTRIBUTIONS TO SHAREHOLDERS:
| | | | | | | | | |
Distributions to shareholders | | | (3,769,401) | | | (117,329,114) | | | (9,548,376) |
Return of capital | | | — | | | — | | | (62,890,517) |
Total distributions to shareholders | | | (3,769,401) | | | (117,329,114) | | | (72,438,893) |
CAPITAL TRANSACTIONS:
| | | | | | | | | |
Subscriptions | | | 114,352,070 | | | 986,897,772 | | | 1,362,850,824 |
Redemptions | | | — | | | (13,753,453) | | | (15,527,100) |
Net increase in net assets from capital transactions | | | 114,352,070 | | | 973,144,319 | | | 1,347,323,724 |
Net increase in net assets | | | 119,390,677 | | | 1,072,397,991 | | | 1,358,335,229 |
NET ASSETS:
| | | | | | | | | |
Beginning of the period | | | — | | | 1,383,897,779 | | | 25,562,550 |
End of the period | | | $ 119,390,677 | | | $ 2,456,295,770 | | | $ 1,383,897,779 |
SHARES TRANSACTIONS
| | | | | | | | | |
Subscriptions | | | 2,240,000 | | | 19,330,000 | | | 27,750,000 |
Redemptions | | | — | | | (290,000) | | | (320,000) |
Total increase in shares outstanding | | | 2,240,000 | | | 19,040,000 | | | 27,430,000 |
| | | | | | | | | | |
(a)
| Inception date of the Fund was June 25, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS Bitcoin High Income ETF
CONSOLIDATED FINANCIAL HIGHLIGHTS
| | | | |
PER SHARE DATA:
| | | |
Net asset value, beginning of period | | | $50.00 |
INVESTMENT OPERATIONS:
| | | |
Net investment income(b) | | | 0.20 |
Net realized and unrealized gain on investments(c) | | | 14.81 |
Total from investment operations | | | 15.01 |
LESS DISTRIBUTIONS FROM:
| | | |
Net investment income | | | (2.53) |
Total distributions | | | (2.53) |
Net asset value, end of period | | | $62.48 |
Total return(d) | | | 30.83% |
SUPPLEMENTAL DATA AND RATIOS:
| | | |
Net assets, end of period (in thousands) | | | $19,992 |
Ratio of expenses to average net assets(e)(f) | | | 0.98% |
Ratio of net investment income to average net assets(e)(f) | | | 2.73% |
Portfolio turnover rate(d)(g) | | | 0% |
| | | | |
(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 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 period. |
(d)
| Not annualized for periods less than one year. |
(e)
| Annualized for periods less than one year. |
(f)
| 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 underlying exchange traded funds in which the Fund invests. |
(g)
| Portfolio turnover rate excludes in-kind transactions. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS Enhanced Income 1-3 Month T-Bill ETF
FINANCIAL HIGHLIGHTS
| | | | | | | | | | |
PER SHARE DATA:
| | | | | | | | | |
Net asset value, beginning of period | | | $49.81 | | | $50.05 | | | $50.00 |
INVESTMENT OPERATIONS:
| | | | | | | | | |
Net investment income(b) | | | 1.19 | | | 2.49 | | | 1.73 |
Net realized and unrealized gain on investments(c) | | | 0.24 | | | 0.34 | | | 0.32 |
Total from investment operations | | | 1.43 | | | 2.83 | | | 2.05 |
LESS DISTRIBUTIONS FROM:
| | | | | | | | | |
Net investment income | | | (1.39) | | | (2.61) | | | (1.31) |
Net realized gains | | | — | | | (0.20) | | | (0.63) |
Return of capital | | | — | | | (0.26) | | | (0.06) |
Total distributions | | | (1.39) | | | (3.07) | | | (2.00) |
Net asset value, end of period | | | $49.85 | | | $49.81 | | | $50.05 |
Total return(d) | | | 2.91% | | | 5.80% | | | 4.18% |
SUPPLEMENTAL DATA AND RATIOS:
| | | | | | | | | |
Net assets, end of period (in thousands) | | | $493,965 | | | $441,774 | | | $100,109 |
Ratio of expenses to average net assets(e) | | | 0.38% | | | 0.38% | | | 0.38% |
Ratio of net investment income to average net assets(e) | | | 4.76% | | | 4.99% | | | 4.58% |
Portfolio turnover rate(d)(f) | | | 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 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 period. |
(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. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS Enhanced Income Aggregate Bond ETF
FINANCIAL HIGHLIGHTS
| | | | | | | | | | |
PER SHARE DATA:
| | | | | | | | | |
Net asset value, beginning of period | | | $46.62 | | | $48.32 | | | $49.77 |
INVESTMENT OPERATIONS:
| | | | | | | | | |
Net investment income(b) | | | 0.67 | | | 1.27 | | | 0.78 |
Net realized and unrealized gain (loss) on investments(c) | | | 1.71 | | | (0.47) | | | (0.40) |
Total from investment operations | | | 2.38 | | | 0.80 | | | 0.38 |
LESS DISTRIBUTIONS FROM:
| | | | | | | | | |
Net investment income | | | (1.33) | | | (1.46) | | | (0.72) |
Net realized gains | | | — | | | (0.24) | | | (0.73) |
Return of capital | | | — | | | (0.80) | | | (0.38) |
Total distributions | | | (1.33) | | | (2.50) | | | (1.83) |
Net asset value, end of period | | | $47.67 | | | $46.62 | | | $48.32 |
Total return(d) | | | 5.14% | | | 1.74% | | | 0.85% |
SUPPLEMENTAL DATA AND RATIOS:
| | | | | | | | | |
Net assets, end of period (in thousands) | | | $60,546 | | | $11,189 | | | $1,933 |
Ratio of expenses to average net assets:
| | | | | | | | | |
Before expense waivers(e)(f) | | | 0.58% | | | 0.58% | | | 0.58% |
After expense waivers(e)(f) | | | 0.55% | | | 0.55% | | | 0.55% |
Ratio of net investment income to average net assets(e)(f) | | | 2.80% | | | 2.71% | | | 2.14% |
Portfolio turnover rate(d)(g) | | | 0% | | | 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 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 period. |
(d)
| Not annualized for periods less than one year. |
(e)
| Annualized for periods less than one year. |
(f)
| 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 underlying exchange traded funds in which the Fund invests. |
(g)
| Portfolio turnover rate excludes in-kind transactions. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS ENHANCED Income Credit Select ETF
FINANCIAL HIGHLIGHTS
| | | | | | | |
PER SHARE DATA:
| | | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $10.52 | | | $10.27 | | | $10.45 | | | $11.01 | | | $10.59 | | | $10.18 |
INVESTMENT OPERATIONS:
| | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.14 | | | 0.57 | | | 0.45 | | | 0.13 | | | 0.32 | | | 0.31 |
Net realized and unrealized gain (loss) on investments(b) | | | 0.05 | | | 0.26 | | | (0.26) | | | (0.40) | | | 0.36 | | | 0.53 |
Total from investment operations | | | 0.19 | | | 0.83 | | | 0.19 | | | (0.27) | | | 0.68 | | | 0.84 |
LESS DISTRIBUTIONS FROM:
| | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.30) | | | (0.58) | | | (0.37) | | | (0.29) | | | (0.26) | | | (0.43) |
Total distributions | | | (0.30) | | | (0.58) | | | (0.37) | | | (0.29) | | | (0.26) | | | (0.43) |
Net asset value, end of period | | | $10.41 | | | $10.52 | | | $10.27 | | | $10.45 | | | $11.01 | | | $10.59 |
Total return(c) | | | 1.88% | | | 8.32% | | | 1.86% | | | −2.49% | | | 6.47% | | | 8.60% |
SUPPLEMENTAL DATA AND RATIOS:
| | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | | $136,791 | | | $136,112 | | | $133,238 | | | $114,457 | | | $62,659 | | | $21,900 |
Ratio of expenses to average net assets:
| | | | | | | | | | | | | | | | | | |
Before expense waivers(d)(e) | | | 0.91% | | | 0.91% | | | 0.89% | | | 0.97% | | | 1.05% | | | 1.22% |
After expense waivers(d)(e) | | | 0.77% | | | 0.90% | | | 0.88% | | | 0.97% | | | 1.05% | | | 1.15% |
Ratio of net investment income to average net assets(d)(e) | | | 5.35% | | | 5.55% | | | 4.31% | | | 1.22% | | | 2.99% | | | 3.05% |
Portfolio turnover rate(c)(f) | | | 82% | | | 293% | | | 879% | | | 837% | | | 337% | | | 589% |
| | | | | | | | | | | | | | | | | | | |
(a)
| Net investment income per share has been calculated based on average shares outstanding during the period. |
(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 period. |
(c)
| Not annualized for periods less than one year. |
(d)
| 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 underlying exchange traded funds in which the Fund invests. |
(f)
| Portfolio turnover rate excludes in-kind transactions. |
(g)
| The Fund acquired all the assets and liabilities of the WSTCM Credit Select Risk-Managed Fund, a 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. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS Nasdaq-100® Hedged Equity Income ETF
FINANCIAL HIGHLIGHTS
| | | | | | | | | | |
PER SHARE DATA:
| | | | | | | | | | | | | | | | | | |
Net asset value, beginning of
period | | | $25.02 | | | $21.26 | | | $20.09 | | | $28.61 | | | $28.13 | | | $25.00 |
INVESTMENT OPERATIONS:
| | | | | | | | | | | | | | | | | | |
Net investment income(b) | | | 0.01 | | | 0.05 | | | 0.05 | | | 0.02 | | | 0.02 | | | 0.05 |
Net realized and unrealized gain (loss) on investments(c) | | | 1.57 | | | 5.52 | | | 2.67 | | | (6.64) | | | 2.59 | | | 4.61 |
Total from investment operations | | | 1.58 | | | 5.57 | | | 2.72 | | | (6.62) | | | 2.61 | | | 4.66 |
LESS DISTRIBUTIONS FROM:
| | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.52) | | | (0.06) | | | (0.05) | | | (0.02) | | | (0.02) | | | (0.04) |
Return of capital | | | — | | | (1.75) | | | (1.50) | | | (1.88) | | | (2.11) | | | (1.49) |
Total distributions | | | (0.52) | | | (1.81) | | | (1.55) | | | (1.90) | | | (2.13) | | | (1.53) |
Net asset value, end of period | | | $26.08 | | | $25.02 | | | $21.26 | | | $20.09 | | | $28.61 | | | $28.13 |
Total return(d) | | | 6.40% | | | 27.26% | | | 14.42% | | | −24.09% | | | 9.61% | | | 19.72% |
SUPPLEMENTAL DATA AND RATIOS:
| | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands) | | | $327,841 | | | $333,962 | | | $426,227 | | | $581,640 | | | $582,300 | | | $128,008 |
Ratio of expenses to average net assets(e) | | | 0.68% | | | 0.68% | | | 0.68% | | | 0.68% | | | 0.68% | | | 0.68% |
Ratio of net investment income to average net assets(e) | | | 0.15% | | | 0.23% | | | 0.24% | | | 0.10% | | | 0.07% | | | 0.25% |
Portfolio turnover rate(d)(f) | | | 1% | | | 8% | | | 34% | | | 24% | | | 10% | | | 11% |
| | | | | | | | | | | | | | | | | | | |
(a)
| Inception date of the Predecessor Fund was December 20, 2019. |
(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 period. |
(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)
| 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. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS Nasdaq-100® High Income ETF
FINANCIAL HIGHLIGHTS
| | | | | | | |
PER SHARE DATA:
| | | | | | |
Net asset value, beginning of period | | | $50.42 | | | $50.00 |
INVESTMENT OPERATIONS:
| | | | | | |
Net investment income(b) | | | 0.04 | | | 0.05 |
Net realized and unrealized gain on investments(c) | | | 5.70 | | | 2.77 |
Total from investment operations | | | 5.74 | | | 2.82 |
LESS DISTRIBUTIONS FROM:
| | | | | | |
Net investment income | | | (3.71) | | | — |
Net realized gains | | | — | | | (0.04) |
Return of capital | | | — | | | (2.36) |
Total distributions | | | (3.71) | | | (2.40) |
ETF transaction fees per share | | | 0.00(d) | | | 0.00(d) |
Net asset value, end of period | | | $52.45 | | | $50.42 |
Total return(e) | | | 11.81% | | | 5.78% |
SUPPLEMENTAL DATA AND RATIOS:
| | | | | | |
Net assets, end of period (in thousands) | | | $647,715 | | | $215,817 |
Ratio of expenses to average net assets(f) | | | 0.68% | | | 0.68% |
Ratio of net investment income to average net assets(f) | | | 0.17% | | | 0.30% |
Portfolio turnover rate(e)(g) | | | 1% | | | 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 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 period. |
(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. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS Russell 2000® High Income ETF
FINANCIAL HIGHLIGHTS
| | | | |
PER SHARE DATA:
| | | |
Net asset value, beginning of period | | | $49.95 |
INVESTMENT OPERATIONS:
| | | |
Net investment income(b) | | | 0.09 |
Net realized and unrealized gain on investments(c) | | | 6.95 |
Total from investment operations | | | 7.04 |
LESS DISTRIBUTIONS FROM:
| | | |
Net investment income | | | (3.69) |
Total distributions | | | (3.69) |
Net asset value, end of period | | | $53.30 |
Total return(d) | | | 14.60% |
SUPPLEMENTAL DATA AND RATIOS:
| | | |
Net assets, end of period (in thousands) | | | $119,391 |
Ratio of expenses to average net assets:
| | | |
Before expense waivers(e)(f) | | | 0.68% |
After expense waivers(e)(f) | | | 0.58% |
Ratio of net investment income to average net assets(e)(f) | | | 0.42% |
Portfolio turnover rate(d)(g) | | | 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 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 period. |
(d)
| Not annualized for periods less than one year. |
(e)
| Annualized for periods less than one year. |
(f)
| 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 underlying exchange traded funds in which the Fund invests. |
(g)
| Portfolio turnover rate excludes in-kind transactions. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NEOS S&P 500® High Income ETF
FINANCIAL HIGHLIGHTS
| | | | | | | | | | |
PER SHARE DATA:
| | | | | | | | | |
Net asset value, beginning of period | | | $49.50 | | | $48.23 | | | $49.67 |
INVESTMENT OPERATIONS:
| | | | | | | | | |
Net investment income(b) | | | 0.19 | | | 0.44 | | | 0.49 |
Net realized and unrealized gain on investments(c) | | | 5.70 | | | 6.71 | | | 2.34 |
Total from investment operations | | | 5.89 | | | 7.15 | | | 2.83 |
LESS DISTRIBUTIONS FROM:
| | | | | | | | | |
Net investment income | | | (3.13) | | | (0.79) | | | (0.44) |
Net realized gains | | | — | | | (0.32) | | | (1.40) |
Return of capital | | | — | | | (4.77) | | | (2.43) |
Total distributions | | | (3.13) | | | (5.88) | | | (4.27) |
ETF transaction fees per share | | | 0.00(d) | | | — | | | — |
Net asset value, end of period | | | $52.26 | | | $49.50 | | | $48.23 |
Total return(e) | | | 12.27% | | | 15.79% | | | 6.31% |
SUPPLEMENTAL DATA AND RATIOS:
| | | | | | | | | |
Net assets, end of period (in thousands) | | | $2,456,296 | | | $1,383,898 | | | $25,563 |
Ratio of expenses to average net assets(f) | | | 0.68% | | | 0.68% | | | 0.68% |
Ratio of net investment income to average net assets(f) | | | 0.73% | | | 0.91% | | | 1.37% |
Portfolio turnover rate(e)(g) | | | 1% | | | 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 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 period. |
(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. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
NOTES TO THE FINANCIAL STATEMENTS
November 30, 2024 (Unaudited)
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 eleven operational exchange-traded funds (“ETFs”), eight of which are presented herein, NEOS Bitcoin High Income ETF, NEOS Enhanced Income 1-3 Year T-Bill ETF, NEOS Enhanced Income Aggregate Bond ETF, NEOS Enhanced Income Credit Select ETF, NEOS Nasdaq-100® Hedged Equity Income ETF, NEOS Nasdaq-100® High Income ETF, NEOS Russell 2000® High 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 Funds are each a diversified series of the Trust.
The investment objective of the NEOS Bitcoin High Income ETF is to seek to generate high monthly income with the potential for appreciation based on exposure to exchange-traded products that have direct exposure to Bitcoin. The investment objective of the NEOS Enhanced Income 1-3 Year T-Bill ETF, NEOS Enhanced Income Aggregate Bond ETF, NEOS Nasdaq-100® Hedged Equity Income ETF, NEOS Nasdaq-100® High Income ETF and NEOS Russell 2000® High Income ETF is to seek to generate monthly income in a tax efficient manner. The investment objective of the NEOS Enhanced Income Credit Select ETF is to seek total return from income and capital appreciation while providing a tax efficient monthly income. The investment objective of NEOS S&P 500® High Income ETF is to seek to generate high monthly income in a tax efficient manner with the potential for equity appreciation in rising markets.
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., Eastern Time. 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 are generally valued at the 4:00 p.m., Eastern Time bid/ask mean price on the exchange or OTC market on which they principally trade. If the 4:00 p.m. bid/ask mean price is not available, then options shall be valued at the 4:15 p.m. Eastern Time 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.
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
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November 30, 2024 (Unaudited)(Continued)
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 November 30, 2024, there was one security within the NEOS S&P 500® ETF that was internally fair valued and/or valued using a Level 3 valuation. Refer to below for further valuation disclosures.
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 –
| 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 November 30, 2024:
NEOS Bitcoin High Income ETF
| | | | | | | | | | | | | |
Assets:
| | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Exchange Traded Funds | | | $4,567,616 | | | $— | | | $— | | | $4,567,616 |
Purchased Options | | | — | | | 2,531,496 | | | — | | | 2,531,496 |
Money Market Funds | | | 462,399 | | | — | | | — | | | 462,399 |
U.S. Treasury Bills | | | — | | | 12,366,566 | | | — | | | 12,366,566 |
Total Investments | | | $5,030,015 | | | $14,898,062 | | | $— | | | $19,928,077 |
Liabilities:
| | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Written Options | | | $— | | | $(556,446) | | | $— | | | $(556,446) |
Total Investments | | | $— | | | $(556,446) | | | $— | | | $(556,446) |
| | | | | | | | | | | | | |
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NOTES TO THE FINANCIAL STATEMENTS
November 30, 2024 (Unaudited)(Continued)
NEOS Enhanced Income 1-3 Month T-Bill ETF
| | | | | | | | | | | | | |
Assets:
| | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Purchased Options | | | $— | | | $87,638 | | | $— | | | $87,638 |
Money Market Funds | | | 3,024,724 | | | — | | | — | | | 3,024,724 |
U.S. Treasury Bills | | | — | | | 491,101,288 | | | — | | | 491,101,288 |
Total Investments | | | $3,024,724 | | | $491,188,926 | | | $— | | | $494,213,650 |
Liabilities:
| | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Written Options | | | $— | | | $(141,962) | | | $— | | | $(141,962) |
Total Investments | | | $— | | | $(141,962) | | | $— | | | $(141,962) |
| | | | | | | | | | | | | |
NEOS Enhanced Income Aggregate Bond ETF
| | | | | | | | | | | | | |
Assets:
| | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Exchange Traded Funds | | | $60,358,138 | | | $— | | | $— | | | $60,358,138 |
Purchased Options | | | — | | | 12,952 | | | — | | | 12,952 |
Money Market Funds | | | 206,933 | | | — | | | — | | | 206,933 |
Total Investments | | | $60,565,071 | | | $12,952 | | | $— | | | $60,578,023 |
Liabilities:
| | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Written Options | | | $— | | | $(23,018) | | | $— | | | $(23,018) |
Total Investments | | | $— | | | $(23,018) | | | $— | | | $(23,018) |
| | | | | | | | | | | | | |
NEOS Enhanced Income Credit Select ETF
| | | | | | | | | | | | | |
Assets:
| | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Exchange Traded Funds | | | $130,845,275 | | | $— | | | $— | | | $130,845,275 |
Purchased Options | | | — | | | 29,438 | | | — | | | 29,438 |
Money Market Funds | | | 1,590,561 | | | — | | | — | | | 1,590,561 |
U.S. Treasury Bills | | | — | | | 4,438,448 | | | — | | | 4,438,448 |
Total Investments | | | $132,435,836 | | | $4,467,886 | | | $— | | | $136,903,722 |
Liabilities:
| | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Written Options | | | $— | | | $(52,312) | | | $— | | | $(52,312) |
Total Investments | | | $— | | | $(52,312) | | | $— | | | $(52,312) |
| | | | | | | | | | | | | |
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NOTES TO THE FINANCIAL STATEMENTS
November 30, 2024 (Unaudited)(Continued)
NEOS Nasdaq-100® Hedged Equity Income ETF
| | | | | | | | | | | | | |
Assets:
| | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Common Stocks | | | $325,876,552 | | | $— | | | $— | | | $325,876,552 |
Purchased Options | | | — | | | 2,253,700 | | | — | | | 2,253,700 |
Money Market Funds | | | 2,390,320 | | | — | | | — | | | 2,390,320 |
Total Investments | | | $328,266,872 | | | $2,253,700 | | | $— | | | $330,520,572 |
Liabilities:
| | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Written Options | | | $— | | | $(4,321,005) | | | $— | | | $(4,321,005) |
Total Investments | | | $— | | | $(4,321,005) | | | $— | | | $(4,321,005) |
| | | | | | | | | | | | | |
NEOS Nasdaq-100® High Income ETF
| | | | | | | | | | | | | |
Assets:
| | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Common Stocks | | | $650,411,348 | | | $— | | | $— | | | $650,411,348 |
Money Market Funds | | | 7,839,016 | | | — | | | — | | | 7,839,016 |
Total Investments | | | $658,250,364 | | | $— | | | $— | | | $658,250,364 |
Liabilities:
| | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Written Options | | | $— | | | $(5,568,580) | | | $— | | | $(5,568,580) |
Total Investments | | | $— | | | $(5,568,580) | | | $— | | | $(5,568,580) |
| | | | | | | | | | | | | |
NEOS Russell 2000® High Income ETF
| | | | | | | | | | | | | |
Assets:
| | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Exchange Traded Funds | | | $120,906,857 | | | $— | | | $— | | | $120,906,857 |
Money Market Funds | | | 269,874 | | | — | | | — | | | 269,874 |
Total Investments | | | $121,176,731 | | | $— | | | $— | | | $121,176,731 |
Liabilities:
| | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Written Options | | | $— | | | $(1,614,060) | | | $— | | | $(1,614,060) |
Total Investments | | | $— | | | $(1,614,060) | | | $— | | | $(1,614,060) |
| | | | | | | | | | | | | |
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NOTES TO THE FINANCIAL STATEMENTS
November 30, 2024 (Unaudited)(Continued)
NEOS S&P 500® High Income ETF
| | | | | | | | | | | | | |
Assets:
| | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Common Stocks | | | $2,407,586,557 | | | $— | | | $— | | | $2,407,586,557 |
Real Estate Investment Trusts | | | 50,628,484 | | | — | | | — | | | 50,628,484 |
Contingent Value Rights | | | — | | | — | | | —(a) | | | —(a) |
Money Market Funds | | | 13,147,504 | | | — | | | — | | | 13,147,504 |
Total Investments | | | $2,471,362,545 | | | $— | | | $—(a) | | | $2,471,362,545 |
Liabilities:
| | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Written Options | | | $— | | | $(16,464,330) | | | $— | | | $(16,464,330) |
Total Investments | | | $— | | | $(16,464,330) | | | $— | | | $(16,464,330) |
| | | | | | | | | | | | | |
(a)
| Amount is less than $0.50. |
Refer to the Schedule 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® High Income ETF; therefore, the rollforward of Level 3 securities are not shown for the period ended November 30, 2024.
Significant unobservable valuation inputs monitored by the Adviser, the Valuation Designee pursuant to Rule 2a-5, under the supervision of the Board of Trustees for restricted securities or Level 3 investments as of November 30, 2024 for the NEOS S&P 500® High Income ETF are as follows:
| | | | | | | | | | | | | |
Contingent Value Rights* | | | $ 0** | | | Projected Final
Distribution | | | Discount of Projected
Distribution | | | $35.00 |
| | | | | | | | | | | | | |
*
| 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. |
**
| Represents amount of $0.50. |
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 (I). for further derivative disclosures and Note 2 (E). 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.
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NOTES TO THE FINANCIAL STATEMENTS
November 30, 2024 (Unaudited)(Continued)
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 (I). for further derivative disclosures and
Note 2 (E). 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 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.
| Basis for Consolidation. The NEOS Bitcoin High Income ETF (the “Fund”) may invest up to 25% of its total assets in the NEOS Bitcoin High Income Portfolio CFC, a subsidiary that is wholly-owned by the Fund and organized under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary may directly invest without limitation in Spot Bitcoin ETPs; however, the Subsidiary will comply with the same derivatives rule requirements under the Investment Company Act of 1940, as amended (“1940 Act”), when viewed on a consolidated basis with the 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). The Fund’s investment in the Subsidiary will not exceed 25% of the value of the Fund’s total assets (notwithstanding any subsequent market appreciation in the Subsidiary’s value). 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 the Subsidiary, but does not receive separate compensation. |
The Subsidiary is not registered under the 1940 Act but is subject to certain protections of the 1940 Act with respect to the Fund, as described in the Fund’s Statement of Additional Information. All of the Fund’s investments in the Subsidiary are subject to the investment policies and restrictions of the Fund, including those related to leverage, collateral and segregation requirements and liquidity. In addition, the valuation and brokerage policies of the Fund are applied to the Subsidiary. The Fund’s investments in the Subsidiary are not subject to all investor protection provisions of the 1940 Act. However, because the Fund is the sole investor in the Subsidiary, it is not likely that the Subsidiary will take any action that is contrary to the interests of the Fund and its shareholders. The financial information of the Subsidiary has been consolidated into the Fund’s consolidated financial statements. The Fund had 20.7% of its total assets invested in the Subsidiary as of November 30, 2024.
The 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, the Subsidiary is a Controlled Foreign Corporation (“CFC”) not subject to U.S. income taxes. As a wholly-owned CFC, however, the Subsidiary’s net income and capital gains, if any, will be included each year in the Fund’s investment company taxable income.
E.
| 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 its 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. |
F.
| 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. |
G.
| Federal Income Taxes. Each Fund intends to qualify as a regulated investment company (“RIC”) under the Code. If so qualified, the Funds will not be subject to federal income tax to the extent each Fund distributes |
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NOTES TO THE FINANCIAL STATEMENTS
November 30, 2024 (Unaudited)(Continued)
substantially all its taxable net investment income and net capital gains to its shareholders. Therefore, no provision for federal income tax should be required. 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 November 30, 2024. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. Management of the Funds are 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 the Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the period ended November 30, 2024.
H.
| 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. |
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.
I.
| 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 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 period ended November 30, 2024, the Funds’ average derivative volume is described below:
| | | | | | | |
NEOS Bitcoin High Income ETF
| | | | | | |
Purchased Option Contracts | | | 3,883 | | | $9,556,401 |
Written Option Contracts | | | 6,471 | | | $15,925,801 |
NEOS Enhanced Income 1-3 Month T-Bill ETF
| |
Purchased Option Contracts | | | 854 | | | $485,370,739 |
Written Option Contracts | | | 854 | | | $485,370,739 |
NEOS Enhanced Income Aggregate Bond ETF
| | | | | | |
Purchased Option Contracts | | | 54 | | | $30,957,545 |
Written Option Contracts | | | 54 | | | $30,957,545 |
NEOS Enhanced Income Credit Select ETF
| |
Purchased Option Contracts | | | 222 | | | $130,338,953 |
Written Option Contracts | | | 222 | | | $130,338,953 |
NEOS Nasdaq-100® Hedged Equity Income ETF
| | | | | | |
Purchased Option Contracts | | | 172 | | | $342,057,799 |
Written Option Contracts | | | 160 | | | $321,854,234 |
NEOS Nasdaq-100® High Income ETF
| |
Written Option Contracts | | | 171 | | | $342,582,067 |
| | | | | | | |
TABLE OF CONTENTS
NOTES TO THE FINANCIAL STATEMENTS
November 30, 2024 (Unaudited)(Continued)
| | | | | | | |
NEOS Russell 2000® High Income ETF
| | | | | | |
Written Option Contracts | | | 171 | | | $39,268,473 |
NEOS S&P 500® High Income ETF
| | | | | | |
Written Option Contracts | | | 2,802 | | | $1,597,655,041 |
| | | | | | | |
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 November 30, 2024:
| | | | | | | |
NEOS Bitcoin High Income ETF
| | | | | | | | | |
Purchased Options:
| | | | | | | | | |
Equity | | | Investments, at value | | | $2,531,496 | | | $— |
Written Options:
| | | | | | | | | |
Equity | | | Written option contracts, at value | | | — | | | 556,446 |
Total Derivatives not accounted for as hedging instruments | | | | | | $2,531,496 | | | $556,446 |
NEOS Enhanced Income 1-3 Month T-Bill ETF
| | | | | | | | | |
Purchased Options:
| | | | | | | | | |
Equity | | | Investments, at value | | | $87,638 | | | $— |
Written Options:
| | | | | | | | | |
Equity | | | Written option contracts, at value | | | — | | | 141,962 |
Total Derivatives not accounted for as hedging instruments | | | | | | $87,638 | | | $141,962 |
NEOS Enhanced Income Aggregate Bond ETF
| | | | | | | | | |
Purchased Options:
| | | | | | | | | |
Equity | | | Investments, at value | | | $12,952 | | | $— |
Written Options:
| | | | | | | | | |
Equity | | | Written option contracts, at value | | | — | | | 23,018 |
Total Derivatives not accounted for as hedging instruments | | | | | | $12,952 | | | $23,018 |
NEOS Enhanced Income Credit Select ETF
| | | | | | | | | |
Purchased Options:
| | | | | | | | | |
Equity | | | Investments, at value | | | $29,438 | | | $— |
Written Options:
| | | | | | | | | |
Equity | | | Written option contracts, at value | | | — | | | 52,312 |
Total Derivatives not accounted for as hedging instruments | | | | | | $29,438 | | | $52,312 |
| | | | | | | | | | |
TABLE OF CONTENTS
NOTES TO THE FINANCIAL STATEMENTS
November 30, 2024 (Unaudited)(Continued)
| | | | | | | |
NEOS Nasdaq-100® Hedged Equity Income ETF
| | | | | | | | | |
Purchased Options:
| | | | | | | | | |
Equity | | | Investments, at value | | | $2,253,700 | | | $— |
Written Options:
| | | | | | | | | |
Equity | | | Written option contracts, at value | | | $— | | | $4,321,005 |
Total Derivatives not accounted for as hedging instruments | | | | | | $2,253,700 | | | $4,321,005 |
NEOS Nasdaq-100® High Income ETF
| | | | | | | | | |
Written Options:
| | | | | | | | | |
Equity | | | Written option contracts, at value | | | $— | | | $5,568,580 |
Total Derivatives not accounted for as hedging instruments | | | | | | $— | | | $5,568,580 |
NEOS Russell 2000® High Income ETF
| | | | | | | | | |
Written Options:
| | | | | | | | | |
Equity | | | Written option contracts, at value | | | $— | | | $1,614,060 |
Total Derivatives not accounted for as hedging instruments | | | | | | $— | | | $1,614,060 |
NEOS S&P 500® High Income ETF
| | | | | | | | | |
Written Options:
| | | | | | | | | |
Equity | | | Written option contracts, at value | | | $— | | | $16,464,330 |
Total Derivatives not accounted for as hedging instruments | | | | | | $— | | | $16,464,330 |
| | | | | | | | | | |
Statements of Operations
The effect of derivative instruments on the Statements of Operations for the period ended November 30, 2024:
| | | | |
NEOS Bitcoin High Income ETF
| | | | | | | | | |
Derivatives Not Accounted for as Hedging Instruments
|
Equity Contracts | | | $(68,173) | | | $(651,501) | | | $(719,674) |
Total | | | $(68,173) | | | $(651,501) | | | $(719,674) |
NEOS Enhanced Income 1-3 Month T-Bill ETF
| | | | | | | | | |
Derivatives Not Accounted for as Hedging Instruments
|
Equity Contracts | | | $(3,573,357) | | | $6,091,348 | | | $2,517,991 |
Total | | | $(3,573,357) | | | $6,091,348 | | | $2,517,991 |
NEOS Enhanced Income Aggregate Bond ETF
| | | | | | | | | |
Derivatives Not Accounted for as Hedging Instruments
|
Equity Contracts | | | $(256,792) | | | $505,021 | | | $248,228 |
Total | | | $(256,792) | | | $505,021 | | | $248,228 |
| | | | | | | | | | |
TABLE OF CONTENTS
NOTES TO THE FINANCIAL STATEMENTS
November 30, 2024 (Unaudited)(Continued)
| | | | |
NEOS Enhanced Income Credit Select ETF
| | | | | | | | | |
Derivatives Not Accounted for as Hedging Instruments
|
Equity Contracts | | | $(497,370) | | | $970,799 | | | $473,428 |
Total | | | $(497,370) | | | $970,799 | | | $473,428 |
NEOS Nasdaq-100® Hedged Equity Income ETF
| | | | | | | | | |
Derivatives Not Accounted for as Hedging Instruments
|
Equity Contracts | | | $(8,029,680) | | | $11,014,554 | | | $2,984,874 |
Total | | | $(8,029,680) | | | $11,014,554 | | | $2,984,874 |
NEOS Nasdaq-100® High Income ETF
| | | | | | | | | |
Derivatives Not Accounted for as Hedging Instruments
|
Equity Contracts | | | | | | $(324,290) | | | $(324,290) |
Total | | | | | | $(324,290) | | | $(324,290) |
NEOS Russell 2000® High Income ETF
| | | | | | | | | |
Derivatives Not Accounted for as Hedging Instruments
|
Equity Contracts | | | | | | $(2,862,406) | | | $(2,862,406) |
Total | | | | | | $(2,862,406) | | | $(2,862,406) |
NEOS S&P 500® High Income ETF
| | | | | | | | | |
Derivatives Not Accounted for as Hedging Instruments
|
Equity Contracts | | | | | | $(41,574,570) | | | $(41,574,570) |
Total | | | | | | $(41,574,570) | | | $(41,574,570) |
| | | | | | | | | | |
| | | | |
NEOS Bitcoin High Income ETF
| | | | | | | | | |
Derivatives Not Accounted for as Hedging Instruments
|
Equity Contracts | | | $1,092,067 | | | $875,216 | | | $1,967,283 |
Total | | | $1,092,067 | | | $875,216 | | | $1,967,283 |
NEOS Enhanced Income 1-3 Month T-Bill ETF
| | | | | | | | | |
Derivatives Not Accounted for as Hedging Instruments
|
Equity Contracts | | | $(10,600) | | | $(45,261) | | | $(55,861) |
Total | | | $(10,600) | | | $(45,261) | | | $(55,861) |
NEOS Enhanced Income Aggregate Bond ETF
| | | | | | | | | |
Derivatives Not Accounted for as Hedging Instruments
|
Equity Contracts | | | $(7,359) | | | $10,349 | | | $2,990 |
Total | | | $(7,359) | | | $10,349 | | | $2,990 |
NEOS Enhanced Income Credit Select ETF
| | | | | | | | | |
Derivatives Not Accounted for as Hedging Instruments
|
Equity Contracts | | | $(20,582) | | | $34,919 | | | $14,337 |
Total | | | $(20,582) | | | $34,919 | | | $14,337 |
| | | | | | | | | | |
TABLE OF CONTENTS
NOTES TO THE FINANCIAL STATEMENTS
November 30, 2024 (Unaudited)(Continued)
| | | | |
NEOS Nasdaq-100® Hedged Equity Income ETF
| | | | | | | | | |
Derivatives Not Accounted for as Hedging Instruments
|
Equity Contracts | | | $1,376,467 | | | $(1,572,253) | | | $(195,786) |
Total | | | $1,376,467 | | | $(1,572,253) | | | $(195,786) |
NEOS Nasdaq-100® High Income ETF
| | | | | | | | | |
Derivatives Not Accounted for as Hedging Instruments
|
Equity Contracts | | | | | | $166,444 | | | $166,444 |
Total | | | | | | $166,444 | | | $166,444 |
NEOS Russell 2000® High Income ETF
| | | | | | | | | |
Derivatives Not Accounted for as Hedging Instruments
|
Equity Contracts | | | | | | $19,489 | | | $19,489 |
Total | | | | | | $19,489 | | | $19,489 |
NEOS S&P 500® High Income ETF
| | | | | | | | | |
Derivatives Not Accounted for as Hedging Instruments
|
Equity Contracts | | | | | | $1,509,283 | | | $1,509,283 |
Total | | | | | | $1,509,283 | | | $1,509,283 |
| | | | | | | | | | |
*
| 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. |
J.
| 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 net assets of NAV per share and are primarily due to differing book and tax treatments for in-kind redemptions. For the period ended May 31, 2024, the following adjustments were made: |
| | | | | | | |
NEOS Enhanced Income 1-3 Month T-Bill ETF | | | $242 | | | $(242) |
NEOS Enhanced Income Aggregate Bond ETF | | | — | | | — |
NEOS Nasdaq-100® High Income ETF | | | — | | | — |
NEOS S&P 500® High Income ETF | | | (3,035,539) | | | 3,035,539 |
| | | | | | | |
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 supervision 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.
Pursuant to the Investment Advisory Agreement, the NEOS Bitcoin High Income ETF pays the Adviser a monthly unitary management fee at an annual rate of 0.98%, the NEOS Enhanced Income 1-3 Month T-Bill ETF pays the Adviser a monthly unitary management fee at an annual rate of 0.38%, the NEOS Enhanced Income Aggregate Bond ETF pays the Adviser a monthly unitary management fee at an annual rate of 0.58%, the NEOS Enhanced Income Credit Select ETF pays the Adviser a monthly unitary management fee at the annual rate of 0.65%, NEOS Nasdaq-100®
TABLE OF CONTENTS
NOTES TO THE FINANCIAL STATEMENTS
November 30, 2024 (Unaudited)(Continued)
Hedged Equity Income ETF, NEOS Nasdaq-100® High Income ETF, and NEOS Russell 2000® High Income ETF pay the Adviser a monthly unitary management fee at the annual rate of 0.68%, based on each Fund’s average daily net assets. For the period ended November 30, 2024, NEOS Bitcoin High Income ETF, NEOS Enhanced Income 1-3 Month T-Bill ETF, NEOS Enhanced Income Aggregate Bond ETF, NEOS Enhanced Income Credit Select ETF, NEOS Nasdaq-100® Hedged Equity Income ETF, NEOS Nasdaq-100® High Income ETF, NEOS Russell 2000® High Income ETF, NEOS S&P 500® High Income ETF incurred $8,805, $927,708, $75,847, $211,940, $562,909, $1,465,185, $148,284, and $6,299,259, respectively, in management fees. Additionally, for the period ended November 30, 2024, the Adviser waived $3,903, $46,265, and $21,997 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.
Prior to the reorganization into the NEOS Enhanced Income Credit Select ETF, for the period September 30, 2014 to September 27, 2024, the WSTCM Credit Select Risk-Managed Fund incurred distribution, 12b-1, fees. These fees were no longer applicable subsequent to the reorganization.
Prior to the reorganization into the NEOS Enhanced Income Credit Select ETF, for the period September 30, 2014 to September 27, 2024, the Advisor limited the operating expenses of the WSTCM Credit Select Risk-Managed Fund not to exceed 1.15% of the average daily net assets of the Fund. WSTCM Credit Select Risk-Managed Fund paid the advisor a monthly management fee at the annual rate of 0.60% of its average daily net assets.
Under 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, and NEOS Russell 2000® High Income ETF the Adviser contractually has agreed to waive its management fee and/or reimburse expenses so that AFFE and 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%, and 0.68%, respectively. This contractual agreement is in place through September 28, 2025 for NEOS Enhanced Income Aggregate Bond ETF and NEOS Russell 2000® High Income ETF December 20, 2025 for NEOS Enhanced Income Credit Select ETF, and may not be terminated prior to this date except by the Board.
The NEOS Enhanced Income Aggregate Bond ETF, NEOS Enhanced Income Credit Select 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 the 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 occured, 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 period ended November 30, 2024, NEOS Enhanced Income Aggregate Bond ETF, NEOS Enhanced Income Credit Select ETF, and NEOS Russell 2000® High Income ETF did not have repay expenses to the Adviser.
TABLE OF CONTENTS
NOTES TO THE FINANCIAL STATEMENTS
November 30, 2024 (Unaudited)(Continued)
As of November 30, 2024, the amounts eligible for repayment and the associated periods of expiration are as follows:
| | | | | | | | | | | | | |
NEOS Enhanced Income Aggregate Bond ETF | | | $234 | | | $1,721 | | | $3,903 | | | $5,858 |
NEOS Enhanced Income Credit Select ETF | | | N/A | | | N/A | | | $9,165 | | | $9,165 |
NEOS Russell 2000® High Income ETF | | | N/A | | | N/A | | | $21,997 | | | $21,997 |
| | | | | | | | | | | | | |
Administrator, Custodian, Transfer Agent and Accounting Agent
U.S. Bancorp Fund Services, LLC dba U.S. Bank Global Fund Services (“Fund Services”), an indirect wholly-owned subsidiary of U.S. Bancorp, serves as the Funds’ administrator and, in that capacity performs various administrative and accounting services for the Funds. Fund Services also serves as the Funds’ fund accountant, transfer agent, dividend disbursing agent and registrar. Fund Services prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the trustees; monitors the activities of the Funds’ custodian, transfer agent and accountants; reviews the Funds’ advisory fee expense accrual and coordinates the preparation and payment of the advisory fees. U.S. Bank, N.A., an affiliate of Fund Services, serves as the Funds’ custodian. For the period ended November 30, 2024, there were no fees incurred from the service providers described above as the Adviser bore all such costs.
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”).
Foreside Fund Officer Services, LLC, an affiliate of the Distributor, provides the Trust with a Chief Compliance Officer and Principal Financial Officer.
NOTE 4 – RELATED PARTIES
As of November 30, 2024, 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 or Trustees.
NOTE 5 – PURCHASES AND SALES OF SECURITIES
The costs of purchases and sales of securities, excluding short-term securities and in-kind transactions, during the period ended November 30, 2024, were as follows:
| | | | | | | |
NEOS Bitcoin High Income ETF | | | $4,138,771 | | | $111 |
NEOS Enhanced Income 1-3 Month T-Bill ETF | | | — | | | — |
NEOS Enhanced Income Aggregate Bond ETF | | | — | | | 68,218 |
NEOS Enhanced Income Credit Select ETF | | | 98,876,056 | | | 96,335,561 |
NEOS Nasdaq-100® Hedged Equity Income ETF | | | 2,564,419 | | | 14,594,604 |
NEOS Nasdaq-100® High Income ETF | | | 4,230,783 | | | 29,231,988 |
NEOS Russell 2000® High Income ETF | | | 995,336 | | | 5,484,673 |
NEOS S&P 500® High Income ETF | | | 13,063,789 | | | 130,347,448 |
| | | | | | | |
TABLE OF CONTENTS
NOTES TO THE FINANCIAL STATEMENTS
November 30, 2024 (Unaudited)(Continued)
The costs of purchases and sales of in-kind transactions, during the period ended November 30, 2024, were as follows:
| | | | | | | |
NEOS Bitcoin High Income ETF | | | $— | | | $— |
NEOS Enhanced Income 1-3 Month T-Bill ETF | | | — | | | — |
NEOS Enhanced Income Aggregate Bond ETF | | | 49,460,160 | | | — |
NEOS Enhanced Income Credit Select ETF | | | 1,206,344 | | | 2,295,633 |
NEOS Nasdaq-100® Hedged Equity Income ETF | | | 6,394,477 | | | 79,178,698 |
NEOS Nasdaq-100® High Income ETF | | | 415,428,720 | | | 6,166,847 |
NEOS Russell 2000® High Income ETF | | | 113,836,266 | | | — |
NEOS S&P 500® High Income ETF | | | 952,762,193 | | | 13,097,505 |
| | | | | | | |
NOTE 6 – TAX MATTERS
The tax character of the distributions paid during the periods ended November 30, 2024 and May 31, 2024 are as follows:
| | | | | | | |
NEOS Bitcoin High Income ETF | | | $318,207 | | | N/A | | | N/A | | | N/A |
NEOS Enhanced Income 1-3 Month T-Bill ETF | | | $13,637,504 | | | $12,638,994 | | | $914,739 | | | $1,282,823 |
NEOS Enhanced Income Aggregate Bond ETF | | | $762,630 | | | 174,451 | | | 27,705 | | | 112,364 |
NEOS Enhanced Income Credit Select ETF | | | $3,919,854 | | | N/A | | | N/A | | | N/A |
NEOS Nasdaq-100® Hedged Equity Income ETF | | | $6,723,996 | | | N/A | | | N/A | | | N/A |
NEOS Nasdaq-100® High Income ETF | | | $33,056,538 | | | 78,064 | | | — | | | 4,355,312 |
NEOS Russell 2000® High Income ETF | | | $3,769,401 | | | N/A | | | N/A | | | N/A |
NEOS S&P 500® High Income ETF | | | $117,329,114 | | | 6,874,469 | | | 2,673,907 | | | 62,890,517 |
| | | | | | | | | | | | | |
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. For the period ended May 31, 2024, the Funds did not have any late year losses. NEOS S&P 500® High Income ETF had $20,397,379 of short term post October losses and $31,208,655 of long term post October losses. Capital loss carry forwards will retain their character as either short-term or long-term capital losses. At May 31, 2024, NEOS Nasdaq-100® High Income ETF had $197,033 of short-term capital loss carryover and $296,397 of long-term capital loss carryover. No other Funds have any short or long-term capital loss carryovers available.
As of May 31, 2024, the components of accumulated earnings (losses) for income tax purposes were as follows:
| | | | | | | | | | | | | |
Federal income tax cost of investments | | | $441,875,062 | | | $11,350,395 | | | $214,259,263 | | | $1,278,967,535 |
Aggregate gross unrealized appreciation | | | 120,891 | | | — | | | 10,432,841 | | | 158,176,076 |
Aggregate gross unrealized (depreciation) | | | — | | | (157,826) | | | (5,409,338) | | | (35,224,361) |
Net unrealized appreciation (depreciation) | | | 120,891 | | | (157,826) | | | 5,023,503 | | | 122,951,715 |
Undistributed Ordinary Income | | | — | | | — | | | — | | | — |
Undistributed Long Term Capital Gains | | | — | | | — | | | — | | | — |
Distributable Earnings | | | — | | | — | | | — | | | — |
Accumulated capital and other gain/(loss) | | | 1 | | | — | | | (493,430) | | | (51,606,035) |
Total distributable earnings (accumulated loss) | | | $120,892 | | | $(157,826) | | | $4,530,073 | | | $71,345,680 |
| | | | | | | | | | | | | |
TABLE OF CONTENTS
NOTES TO THE FINANCIAL STATEMENTS
November 30, 2024 (Unaudited)(Continued)
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 fees for the NEOS Bitcoin High Income ETF, NEOS Enhanced Income 1-3 Month T-Bill ETF, NEOS Enhanced Income Aggregate Bond ETF, NEOS Enhanced Income Credit Select ETF, NEOS Nasdaq-100® High Income ETF, and NEOS Russell 2000® High Income ETF are $300, and the NEOS Nasdaq-100® Hedged Equity Income ETF and NEOS S&P 500® High Income ETF are $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 Russell 2000® High 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 The 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, 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. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem shares directly from the Funds. Rather, most 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, NEOS Investment Management, LLC, the adviser to the NEOS Bitcoin High Income ETF, NEOS Enhanced Income 1-3 Month T-Bill ETF, NEOS Enhanced Income Aggregate Bond ETF, NEOS Enhanced Income Credit Select ETF, NEOS Nasdaq-100® Hedged Equity Income ETF, NEOS Nasdaq-100® High Income ETF, NEOS Rusell 2000® High Income ETF, and NEOS S&P 500® High Income ETF does not control any of the Funds.
NOTE 9 – Basis of Consolidation
The accompanying Consolidated Schedules of Portfolio Investments, Consolidated Statements of Assets and Liabilities, Consolidated Statements of Operations, Consolidated Statements of Changes in Net Assets and Consolidated Financial Highlights of the NEOS Bitcoin High Income ETF include the accounts of the Fund’s wholly owned Subsidiary organized under the laws of the Cayman Islands (the “Subsidiary”), which primarily invest in Bitcoin-related instruments. The Subsidiary enables the NEOS Bitcoin High Income ETF to hold these Bitcoin-related instruments and satisfy regulated investment company tax requirements. The NEOS Bitcoin High Income ETF will invest a significant portion of its total assets in the Subsidiary. As of November 30, 2024, the total net assets of the Subsidiary as a percentage of the total net assets of the Fund are displayed below:
| | | | | | | |
NEOS Bitcoin High Income ETF | | | NEOSCFCBC | | | 20.69% |
| | | | | | | |
TABLE OF CONTENTS
NOTES TO THE FINANCIAL STATEMENTS
November 30, 2024 (Unaudited)(Continued)
NOTE 10 – 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 11 – GUARANTEES AND 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 12 – FUND REORGANIZATION
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 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 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 May 31. The reporting period covered by this report for the Fund is September 27, 2024 through November 30, 2024. Operations prior to September 27, 2024, were for the Predecessor Fund.
| | | | | | | |
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. The reorganization qualified as a tax-free reorganization for federal income tax purposes as defined by Section 368(a) of the Code. The fiscal year end of the Predecessor Fund was August 31, and the Fund is May 31. The reporting period covered by this report for the Fund is November 11, 2024 through November 30, 2024. Operations prior to November 11, 2024, were for the Predecessor Fund.
| | | | | | | |
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 |
| | | | | | | |
TABLE OF CONTENTS
NOTES TO THE FINANCIAL STATEMENTS
November 30, 2024 (Unaudited)(Continued)
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 December 20, 2024, NEOS Nasdaq-100® Hedged Equity Income ETF began trading on The Nasdaq Stock Market LLC.
On December 27, 2024, shares of the NEOS Enhanced Income Credit Select ETF (HYBI) began trading on The Nasdaq Stock Market LLC on a split-adjusted basis. As a result of the reverse split, every five shares of HYBI were exchanged for one share of HYBI. Accordingly, the total number of issued and outstanding shares of HYBI decreased by approximately 80%, and the per share NAV and next day's opening market price increased by approximately 5 times.
Management has determined that there are no other material events that would require recognition or disclosure in the Funds’ financial statements.
TABLE OF CONTENTS
OTHER NON-AUDITED INFORMATION
November 30, 2024 (Unaudited)
TAX INFORMATION
For the fiscal period ended May 31, 2024, 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 Enhanced Income 1-3 Year T-Bill ETF | | | 0.00% |
NEOS Enhanced Income Aggregate Bond ETF | | | 0.00% |
NEOS Nasdaq-100® High Income ETF | | | 0.00% |
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 May 31, 2024 were as follows:
| | | | |
NEOS Enhanced Income 1-3 Year T-Bill ETF | | | 0.00% |
NEOS Enhanced Income Aggregate Bond ETF | | | 0.00% |
NEOS Nasdaq-100® High Income ETF | | | 0.00% |
NEOS S&P 500® High Income ETF | | | 100.00% |
| | | | |
For the period ended May 31, 2024, 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 Enhanced Income 1-3 Year T-Bill ETF | | | 4.81% |
NEOS Enhanced Income Aggregate Bond ETF | | | 11.00% |
NEOS Nasdaq-100® High Income ETF | | | 0.00% |
NEOS S&P 500® High Income ETF | | | 25.51% |
| | | | |
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.
DISCLOSURE OF PORTFOLIO HOLDINGS
NEOS ETF Trust files its 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. It 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 (866)-498-5677, 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 (866)-498-5677 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 within 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; |
(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:
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APPROVAL OF ADVISORY AGREEMENT - NEOS Bitcoin High Income ETF
The Advisory Agreement was approved by a majority of the Board, including the Independent Trustees, at a meeting held on June 20, 2023. 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 Trustees were assisted by independent legal counsel throughout the Advisory Agreement review process. The Board relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement with respect to the NEOS Bitcoin High Income ETF (the “New ETF”) 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.
Nature, Extent and Quality of Service.
The Board reviewed materials provided by NEOS related to the proposed approval of the Advisory Agreement, a review of the professional personnel who will be performing services for the New ETF, 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 will have as investment adviser to the New ETF, including: its adherence to the NEOS ETF’s investment strategy and restrictions, buying and selling of securities and other transactions, reviewing its performance, voting the proxies received by the New ETF and oversight of, and its role in the creation of custom or redemption baskets for authorized participants; oversight of the daily valuation of the New ETF’s portfolio holdings including its role as Valuation Designee for the New ETF; oversight of general compliance with federal and state laws; and implementation of Board directives as they relate to the New ETF. The Board also considered research support available to, and management capabilities of, the New ETF’s management personnel and that NEOS will provide 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 New ETF; 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 New ETF’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 to be provided by NEOS to the New ETF would be satisfactory.
Performance.
Because the New ETF had not commenced operations, the Board was not able to review its performance. The Board considered the performance of the other series in the Trust advised by NEOS and concluded that NEOS had the potential to deliver strong returns for shareholders.
Fees and Expenses.
As to the costs of the services to be provided by NEOS, the Board discussed the comparison of advisory fees and total operating expense data and reviewed the New ETF’s advisory fee, which was a unitary fee, and overall expenses compared to other funds advised by NEOS. The Board recalled NEOS’ discussion regarding the resources that will be required to manage the New ETF compared to those of its peers. The Board was aware that under the unitary fee arrangement, NEOS is contractually obligated to pay the fees of the New ETF’s service providers, with the exception of NEOS’s advisory fee and certain other expenses.
The Board reviewed NEOS’s proposed advisory fee of 0.98%, acknowledging that it was higher than the advisory fee of NEOS’ other ETF products. The Board acknowledged NEOS’ statement regarding the difficulty of finding comparable funds due to the uniqueness of the Fund’s strategy. The Board recalled NEOS’ explanation for the proposed
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APPROVAL OF ADVISORY AGREEMENT - NEOS Bitcoin High Income ETF(Continued)
fee and unitary fee structure, acknowledging NEOS’ explanation that the resources involved in executing such a complex strategy justified the higher fee. Given these considerations, the Board concluded that NEOS’s proposed advisory fee 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 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 New ETF as its size materially increased. The Board agreed to monitor and revisit this issue at the appropriate time.
Profitability. The Board considered the level of profits that could be expected to accrue to NEOS with respect to the New ETF based on profitability projections and analyses reviewed by the Board and the selected financial information of NEOS provided by NEOS to the Board. After review and discussion, the Board concluded the anticipated profit from NEOS’s relationship with the New ETF would not be 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 agreement, and as assisted by the advice of counsel, the Board concluded that NEOS’s advisory fee for the New ETF was not unreasonable, and that approval of the advisory agreement was in the best interest of future shareholders of the New ETF.
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APPROVAL OF ADVISORY AGREEMENT - NEOS Nasdaq-100® Hedged Equity Income ETF and NEOS Enhanced Income Credit Select ETF
The Advisory Agreement was approved by a majority of the Board, including the Independent Trustees, at a meeting held on December 12, 2023. 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 Trustees were assisted by independent legal counsel throughout the Advisory Agreement review process. The Board relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement with respect to the NEOS Nasdaq-100® Hedged Equity Income ETF (the “Hedged Equity ETF”) and NEOS Enhanced Income Credit Select ETF (the “Credit Select ETF”) (the “New ETFs”) 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 each Advisory Agreement.
Nature, Extent and Quality of Service.
The Board reviewed materials provided by NEOS related to the proposed approval of the Advisory Agreement for each New ETF, a review of the professional personnel who will be performing services for the New ETFs, 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 will have as investment adviser to the New ETFs, including: its adherence to the each New ETF’s investment strategy and restrictions, buying and selling of securities and other transactions, reviewing its performance, voting the proxies received by the New ETFs and oversight of, and its role in the creation of custom or redemption baskets for authorized participants; oversight of the daily valuation of the New ETFs’ portfolio holdings including its role as Valuation Designee for the New ETFs; oversight of general compliance with federal and state laws; and implementation of Board directives as they relate to the New ETFs. The Board also considered research support available to, and management capabilities of, the New ETFs’ management personnel and that NEOS will provide 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 New ETFs; 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 each New ETF’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 to be provided by NEOS to the New ETFs would be satisfactory.
Performance.
With respect to Credit Select ETF, the Board reviewed the performance of WSTCM Credit Select Risk-Managed Fund (the “WST Fund”) for various periods ended September 30, 2023. The Board noted that, assuming a successful reorganization, the Credit Select ETF would adopt the performance of the WST Fund.
With respect to the Hedged Equity ETF, the Board reviewed the performance of Nationwide Nasdaq-100 Risk Managed Income ETF (the “Nationwide ETF”) for various periods ended September 30, 2023. The Board noted that, assuming a successful reorganization, the Hedged Equity ETF would adopt the performance of the Nationwide ETF. The Board discussed that Messrs. Paolella and Cates were the current portfolio managers of the Nationwide ETF. The Board also recalled NEOS’ comments that the Nationwide ETF had strong performance year to date.
Fees and Expenses.
As to the costs of the services to be provided by NEOS, the Board discussed the comparison of advisory fees and total operating expense data and reviewed each New ETF’s advisory fee, which are all unitary fees, and overall expenses compared to peer funds and other funds advised by NEOS. The Board recalled NEOS’ discussion regarding the
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APPROVAL OF ADVISORY AGREEMENT - NEOS Nasdaq-100® Hedged Equity Income ETF and NEOS Enhanced Income Credit Select ETF(Continued)
resources that will be required to manage the New ETFs compared to those of its peers. The Board was aware that under the unitary fee arrangement, NEOS is contractually obligated to pay the fees of each of the New ETF’s service providers, with the exception of NEOS’s advisory fee and certain other expenses.
With respect to the Hedged Equity ETF, the Board observed that NEOS proposed an advisory fee of 0.68%. The Board reviewed the fees of several peers provided by NEOS, which were option-based ETFs and mutual funds that utilize the Nasdaq 100 with a put and call options overlay. The Board also noted that unlike the Nationwide ETF, the Hedged Equity ETF would include a defined income component.
The Board observed that the proposed fee for the Credit Select ETF was 0.65%. The Board observed that the management fee for the WST Fund was below the fee proposed for the Credit Select ETF but that the Credit Select ETF’s net expense ratio would be much lower. The Board considered NEOS’ statement that it would be able to lower its fees by utilizing lower cost ETFs to get high yield exposure and would directly own treasuries. The Board also noted the proposed fee was below its two direct competitor peer funds, and that these peer funds were more apt comparisons because of the options overlay. The Board also noted WST would become a research provider with respect to the Credit Select ETF. Given these considerations, the Board concluded that NEOS’s proposed advisory fee 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 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 New ETFs as their size materially increased. The Board agreed to monitor and revisit this issue at the appropriate time.
Profitability. The Board considered the level of profits that could be expected to accrue to NEOS with respect to the New ETFs based on profitability projections and analyses reviewed by the Board and the selected financial information of NEOS provided by NEOS to the Board. After review and discussion, the Board concluded the anticipated profit from NEOS’s relationship with the New ETFs would not be 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, and as assisted by the advice of counsel, the Board concluded that NEOS’ advisory fees for the New ETFs were not unreasonable, and that approval of the Advisory Agreements were in the best interest of future shareholders of the New ETFs.
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APPROVAL OF ADVISORY AGREEMENT - NEOS Russell 2000® High Income ETF
The Advisory Agreement was approved by a majority of the Board, including the Independent Trustees, at a meeting held on June 11, 2024. 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 Trustees were assisted by independent legal counsel throughout the Advisory Agreement review process. The Board relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement with respect to the NEOS Russell 2000® High Income ETF (the “New ETF”) 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.
Nature, Extent and Quality of Service.
The Board reviewed materials provided by NEOS related to the proposed approval of the Advisory Agreement, a review of the professional personnel who will be performing services for the New ETF, 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 will have as investment adviser to the New ETF, including: its adherence to the New ETF’s investment strategy and restrictions, buying and selling of securities and other transactions, reviewing its performance, voting the proxies received by the New ETF and oversight of, and its role in the creation of custom or redemption baskets for authorized participants; oversight of the daily valuation of the New ETF’s portfolio holdings including its role as Valuation Designee for the New ETF; oversight of general compliance with federal and state laws; and implementation of Board directives as they relate to the New ETF. The Board also considered research support available to, and management capabilities of, the New ETF’s management personnel and that NEOS will provide 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’s 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 New ETF; 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 New ETF’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 to be provided by NEOS to the New ETF would be satisfactory.
Performance.
Because the New ETF had not commenced operations, the Board was not able to review the New ETF’s performance. The Board considered the performance of the other series in the Trust advised by NEOS and concluded that NEOS had the potential to deliver strong returns for shareholders.
Fees and Expenses.
As to the costs of the services to be provided by NEOS, the Board discussed the comparison of advisory fees and total operating expense data and reviewed the New ETF’s proposed advisory fee of 0.68%, which is a unitary fee, and overall expenses compared to peer funds and other funds advised by NEOS. Specifically, the Board compared the proposed fee to the fees charged by a group of peer funds assembled by NEOS that invest in stocks comprising the Russell 2000 and utilize a call options overlay. The Board recalled NEOS assertion that the expertise and resources required to create the product and support the models supported the fee. The Board further observed that the proposed fee was within the range of peer funds provided by NEOS, and that NEOS agreed to waive any acquired fund fees and expenses until at least September 28, 2025. Given these considerations, the Board concluded that NEOS’s proposed advisory fee was not unreasonable.
Economies of Scale. The Board reviewed NEOS’s asset projections and noted NEOS’s assertion that the asset levels at which economies of scale would be achieved were unlikely to be realized in the near term. They acknowledged NEOS’s
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APPROVAL OF ADVISORY AGREEMENT - NEOS Russell 2000® High Income ETF(Continued)
statement regarding the challenges involved with attempting to forecast future growth and fee levels. The Board considered, however, NEOS’s willingness to discuss the matter of economies for the New ETF as its size materially increased. The Board agreed to monitor and revisit this issue at the appropriate time.
Profitability. The Board considered the level of profits that could be expected to accrue to NEOS with respect to the New ETF based on profitability projections and analysis prepared by NEOS and the selected financial information of NEOS provided by NEOS to the Board. The Board recognized that NEOS expected to manage the New ETF at a loss for the first year and realize a reasonable profit for the second year. After review and discussion, the Board concluded the anticipated profits from NEOS’s relationship with the New ETF would not be 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 Agreement, and as assisted by the advice of counsel, the Board concluded that approval of the advisory agreement was in the best interest of the New ETF and its future shareholders.
(b) Financial Highlights are included within the financial statements filed under Item 7(a) of this Form.
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
Response included within Item 7(a) of this Form.
Item 9. Proxy Disclosure for Open-End Investment Companies.
Response included within Item 7(a) of this Form.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
Response included within Item 7(a) of this Form.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Response included within Item 7(a) of this Form.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of Trustees.
Item 16. Controls and Procedures.
(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not Applicable.
(b) Not Applicable.
Item 19. Exhibits.
(a)(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable to Semi-Annual Reports.
(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or national securities association upon which the registrant’s securities are listed. Not Applicable.
(a)(3) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(a)(5) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | By: | /s/ Garrett Paolella | |
| | | Garrett Paolella | |
| | | President/Principal Executive Officer | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | By: | /s/ Garrett Paolella | |
| | | Garrett Paolella | |
| | | President/Principal Executive Officer | |
| | By: | /s/ Josh Hunter | |
| | | Josh Hunter | |
| | | Treasurer/Principal Financial Officer | |
