# EDGAR Filing Document

**Accession Number:** 0001848758
**File Stem:** 0001387131-23-001085
**Filing Date:** 2023-1
**Character Count:** 170151
**Document Hash:** 6c2c0cbddbbac9116e0b0da6f536c194
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-23-001085.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001387131-23-001085

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230131

**EFFECTIVENESS DATE**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SHP ETF Trust
- **CENTRAL INDEX KEY:** 0001848758
- **IRS NUMBER:** 861805230
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23645
- **FILM NUMBER:** 23571878

**BUSINESS ADDRESS:**
- **STREET 1:** 2434 ELLIS STREET
- **STREET 2:** SUITE 804
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75204
- **BUSINESS PHONE:** 914.443.5008

**MAIL ADDRESS:**
- **STREET 1:** 2434 ELLIS STREET
- **STREET 2:** SUITE 804
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75204

## Series and Classes Contracts Data

### NEOS Enhanced Income Aggregate Bond ETF (Series ID: S000077192)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000237366 | NEOS Enhanced Income Aggregate Bond ETF |  |

### NEOS Enhanced Income Cash Alternative ETF (Series ID: S000077193)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000237367 | NEOS Enhanced Income Cash Alternative ETF |  |

### NEOS S&P 500(R) High Income ETF (Series ID: S000077194)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000237368 | NEOS S&P 500(R) High Income ETF |  |

As filed with the U.S. Securities and Exchange Commission on January 31, 2023

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED <br> MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>(811-23645)</u>**

**<u>SHP ETF Trust</u>**<br> (Exact name of registrant as specified in charter)

**14785 Preston Road, Suite 1000**

**<u>Dallas, TX 75254</u>**<br> (Address of principal executive offices) (Zip code)

**Garrett Paolella, President**

**14785 Preston Road, Suite 1000**

**<u>Dallas, TX 75254</u>**<br> (Name and address of agent for service)

**<u>(914) 443-5008</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>May 31</u>**

Date of reporting period: **<u>November 30, 2022</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

![](neos-ncsrs_113022img001.jpg)

**Semi-Annual Report<br>November 30, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **SHP ETF Trust** | **SHP ETF Trust** | **SHP ETF Trust** |
| •NEOS Enhanced Income Aggregate Bond ETF | \| BNDI | \| NYSE Arca |
| •NEOS Enhanced Income Cash Alternative ETF | \| CSHI | \| NYSE Arca |
| •NEOS S&P 500<sup>®</sup> High Income ETF | \| SPYI | \| CBOE BZX Exchange, Inc. |

---

**SHP ETF Trust**<br>

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
| [Portfolio Allocations by Sector](#neos-ncsrs_113022a23) | 1 |
| [Schedule of Investments](#neos-ncsrs_113022a24) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NEOS Enhanced Income Aggregate Bond ETF](#neos-ncsrs_113022a25) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NEOS Enhanced Income Cash Alternative ETF](#neos-ncsrs_113022a30) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NEOS S&P 500<sup>®</sup> High Income ETF](#neos-ncsrs_113022a26) | 4 |
| [Statements of Assets and Liabilities](#neos-ncsrs_113022a27) | 12 |
| [Statements of Operations](#neos-ncsrs_113022a28) | 13 |
| [Statement of Changes in Net Assets](#neos-ncsrs_113022a29) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NEOS Enhanced Income Aggregate Bond ETF](#neos-ncsrs_113022a29) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NEOS Enhanced Income Cash Alternative ETF](#neos-ncsrs_113022a31) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NEOS S&P 500<sup>®</sup> High Income ETF](#neos-ncsrs_113022a26) | 16 |
| [Financial Highlights](#neos-ncsrs_113022a33) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NEOS Enhanced Income Aggregate Bond ETF](#neos-ncsrs_113022a33) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NEOS Enhanced Income Cash Alternative ETF](#neos-ncsrs_113022a34) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; [NEOS S&P 500<sup>®</sup> High Income ETF](#neos-ncsrs_113022a35) | 19 |
| [Notes to the Financial Statements](#neos-ncsrs_113022a36) | 20 |
| [Shareholder Expense Examples](#neos-ncsrs_113022a37) | 28 |
| [Board Approval of Investment Advisory Agreement](#neos-ncsrs_113022a38) | 29 |
| [Additional Information](#neos-ncsrs_113022a39) | 31 |

---

![](neos-ncsrs_113022img001.jpg)<sub>1</sub>

---

| | |
|:---|:---|
| **Portfolio Allocations <br>by Sector** (Unaudited) | **SHP ETF Trust** |
| November 30, 2022  | November 30, 2022  |

---

---

| | |
|:---|:---|
| **NEOS Enhanced Income Aggregate Bond ETF**  | **NEOS Enhanced Income Aggregate Bond ETF**  |
| &nbsp;&nbsp;&nbsp; **Sector** | **Percentage of<br>Total Net Assets** |
| &nbsp;&nbsp; Exchange Traded Funds | 98.7% |
| &nbsp;&nbsp; Purchased Options<sup>(a)</sup> | 0.0% |
| &nbsp;&nbsp; Money Market Funds and Other Assets and Liabilities | 1.3% |
| &nbsp;&nbsp; **Total** | **100.0%** |

---

---

| | |
|:---|:---|
| **NEOS Enhanced Income Cash Alternative ETF** | **NEOS Enhanced Income Cash Alternative ETF** |
| &nbsp;&nbsp;&nbsp; **Sector** | **Percentage of<br>Total Net Assets** |
| &nbsp;&nbsp; U.S. Treasury Obligations | 99.3% |
| &nbsp;&nbsp; Purchased Options<sup>(a)</sup> | 0.0% |
| &nbsp;&nbsp; Money Market Fund and Other Assets and Liabilities | 0.7% |
| &nbsp;&nbsp; **Total** | **100.0%** |

---

---

| | |
|:---|:---|
| **NEOS S&P 500<sup>®</sup>** **High Income ETF** | **NEOS S&P 500<sup>®</sup>** **High Income ETF** |
| &nbsp;&nbsp;&nbsp; **Sector** | **Percentage of<br>Total Net Assets** |
| &nbsp;&nbsp; Information Technology | 26.9% |
| &nbsp;&nbsp; Health Care | 15.4% |
| &nbsp;&nbsp; Financials | 11.8% |
| &nbsp;&nbsp; Consumer Discretionary | 10.4% |
| &nbsp;&nbsp; Industrials | 8.6% |
| &nbsp;&nbsp; Communication Services  | 7.4% |
| &nbsp;&nbsp; Consumer Staples  | 7.0% |
| &nbsp;&nbsp; Energy  | 5.1% |
| &nbsp;&nbsp; Utilities | 3.0% |
| &nbsp;&nbsp; Materials | 2.8% |
| &nbsp;&nbsp; Real Estate | 2.7% |
| &nbsp;&nbsp; Money Market Fund and Other Liabilities and Assets | -1.1% |
| &nbsp;&nbsp; **Total** | **100.0%** |

---

<sup>(a)</sup>Represents less than 0.05%.

---

| | | |
|:---|:---|:---|
|  The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |
|  | ![](neos-ncsrs_113022img001.jpg)  | 2 |

---

---

| | |
|:---|:---|
| **Schedule of Investments** | **NEOS Enhanced Income Aggregate Bond ETF** |
| November 30, 2022 (Unaudited)  | November 30, 2022 (Unaudited)  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments**  | **Number <br>of Shares** |  |  |  | **Value** |
|  **EXCHANGE TRADED FUNDS — 98.7%** |  |  |  |  |  |
|  iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4856 |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $477296 <br>|
|  Vanguard Total Bond Market ETF | &nbsp;&nbsp;&nbsp;&nbsp; 6562 |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 477451 |
|  **TOTAL EXCHANGE TRADED FUNDS** |  |  |  |  |  |
|  **(Cost $982,204)** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **954747** |
| **PURCHASED OPTIONS — 0.0% (b)(d)** | **Contracts (a)** | **Exercise <br>Price**  | **Expiration <br>Date**  | **Notional <br>Amount**  |  |
|  **PUT OPTIONS — 0.0% (b)(d)** |  |  |  |  |  |
|  CBOE S&P 500 Index | 1 | &nbsp;&nbsp;&nbsp;&nbsp; $3580.00 <br>| 12/09/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $408011 <br>| &nbsp;&nbsp;&nbsp;&nbsp; 100 |
|  CBOE S&P 500 Index | 1 | &nbsp;&nbsp;&nbsp;&nbsp; $3620.00 <br>| 12/09/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 408011 | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
|  **TOTAL PURCHASED OPTIONS** |  |  |  |  |  |
|  **(Cost $329)** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **175** |
| **SHORT-TERM INVESTMENTS — 1.3%**  | **Number <br>of Shares** |  |  |  |  |
|  **Money Market Funds** |  |  |  |  |  |
|  First American Treasury Obligations Fund, Class X, 3.744% (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5457  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5457 |
|  Northern U.S. Government Select <br>Money Market Fund, 3.118% (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6739 |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6739 |
|  **TOTAL SHORT-TERM INVESTMENTS** |  |  |  |  |  |
|  **(Cost $12,196)** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **12196** |
|  **TOTAL INVESTMENTS — 100.0%** |  |  |  |  |  |
|  **(Cost $994,729)** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **967118** |
|  **OTHER ASSETS LESS LIABILITIES — 0.0% (b)(d)** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **327** |
|  **NET ASSETS — 100.0%** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **$** **967445** <br>|

---

(a)Each contract equals 100 shares.

(b)Represents less than 0.05%.

(c)7-day net yield.

(d)All or a portion of these securities has been segregated as collateral for written option contracts. As of 11/30/2022, the aggregate fair market value of those assets was $1,164, representing 0.1% of net assets.

ETF - Exchange Traded Fund

A list of the exchange traded option contracts held by the Fund at November 30, 2022, is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **WRITTEN OPTIONS** | **Contracts (e)** | **Exercise <br>Price**  | **Expiration <br>Date**  | **Premium <br>Received**  | **Notional <br>Amount**  | **Value** |
|  **CALL OPTIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CBOE S&P 500 Index | (1) | &nbsp;&nbsp;&nbsp;&nbsp; $3740.00 <br>| 12/09/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $(378 ) | &nbsp;&nbsp;&nbsp;&nbsp; $(408011 ) | &nbsp;&nbsp;&nbsp;&nbsp; $(120 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; CBOE S&P 500 Index | (1) | &nbsp;&nbsp;&nbsp;&nbsp; $3780.00 <br>| 12/09/2022 | &nbsp;&nbsp;&nbsp;&nbsp; (527) | &nbsp;&nbsp;&nbsp;&nbsp; (408011) | &nbsp;&nbsp;&nbsp;&nbsp; (155) |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **$** **(905)** <br> | &nbsp;&nbsp;&nbsp;&nbsp; **$** **(816022)** <br> | &nbsp;&nbsp;&nbsp;&nbsp; **$** **(275)** <br> |

---

(e)Each contract equals 100 shares.

---

| | |
|:---|:---|
| **Schedule of Investments** | **NEOS Enhanced Income Cash Alternative ETF** |
| November 30, 2022 (Unaudited)  | November 30, 2022 (Unaudited)  |

---

---

| | | |
|:---|:---|:---|
|  The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |
|  | ![](neos-ncsrs_113022img001.jpg)  | 3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments**  | **Par Value** |  |  |  | **Value** |
|  **U.S. TREASURY OBLIGATIONS — 99.3%** |  |  |  |  |  |
|  U.S. Treasury Bills, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.424%, due 12/29/2022 (a) | &nbsp;&nbsp;&nbsp;&nbsp; $500000 <br>|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $498525 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 4.163%, due 2/28/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 494845 |
|  **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |  |  |  |
|  **(Cost $993,585)** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **993370** |
| **PURCHASED OPTIONS — 0.0% (b)(d)** | **Contracts (c)** | **Exercise Price**  | **Expiration <br>Date**  | **Notional Amount**  |  |
|  **PUT OPTIONS — 0.0% (b)(d)** |  |  |  |  |  |
|  CBOE S&P 500 Index | 1 | &nbsp;&nbsp;&nbsp;&nbsp; $3460.00 <br>| 12/09/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $408011 <br>| &nbsp;&nbsp;&nbsp;&nbsp; 45 |
|  CBOE S&P 500 Index | 1 | &nbsp;&nbsp;&nbsp;&nbsp; $3500.00 <br>| 12/09/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 408011 | &nbsp;&nbsp;&nbsp;&nbsp; 47 |
|  **TOTAL PURCHASED OPTIONS** |  |  |  |  |  |
|  **(Cost $191)** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **92** |
| **SHORT-TERM INVESTMENTS — 0.2%** | **Number of Shares** |  |  |  |  |
|  **Money Market Fund** |  |  |  |  |  |
|  First American Treasury Obligations Fund, Class X, 3.744% (d)(e) | &nbsp;&nbsp;&nbsp;&nbsp; 1692 |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1692 |
|  **TOTAL SHORT-TERM INVESTMENTS** |  |  |  |  |  |
|  **(Cost $1,692)** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1692** |
|  **TOTAL INVESTMENTS — 99.5%** |  |  |  |  |  |
|  **(Cost $995,468)** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **995154** |
|  **OTHER ASSETS LESS LIABILITIES — 0.5%** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5238** |
|  **NET ASSETS — 100.0%** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1000392** <br>|

---

(a)The rate shown is yield to maturity.

(b)Represents less than 0.05%.

(c)Each contract equals 100 shares.

(d)All or a portion of these securities has been segregated as collateral for written option contracts. As of 11/30/2022, the aggregate fair market value of those assets was $1,784, representing 0.2% of net assets.

(e)7-day net yield.

A list of the exchange traded option contracts held by the Fund at November 30, 2022, is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **WRITTEN OPTIONS** | **Contracts (f)** | **Exercise<br>Price** | **Expiration<br>Date** | **Premium<br>Received** | **Notional<br>Amount** | **Value** |
|  **CALL OPTIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CBOE S&P 500 Index | (1) | &nbsp;&nbsp;&nbsp;&nbsp; $3625.00 <br>| 12/09/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $(184 ) | &nbsp;&nbsp;&nbsp;&nbsp; $(408011 ) | &nbsp;&nbsp;&nbsp;&nbsp; $(70 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; CBOE S&P 500 Index | (1) | &nbsp;&nbsp;&nbsp;&nbsp; $3700.00 <br>| 12/09/2022 | &nbsp;&nbsp;&nbsp;&nbsp; (288) | &nbsp;&nbsp;&nbsp;&nbsp; (408011) | &nbsp;&nbsp;&nbsp;&nbsp; (103) |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **$** **(472)** <br> | &nbsp;&nbsp;&nbsp;&nbsp; **$** **(816022)** <br> | &nbsp;&nbsp;&nbsp;&nbsp; **$** **(173)** <br> |

---

(f)Each contract equals 100 shares.

---

| | | |
|:---|:---|:---|
|  The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |
|  | ![](neos-ncsrs_113022img001.jpg)  | 4 |

---

---

| | |
|:---|:---|
| **Schedule of Investments** | **NEOS S&P 500<sup>®</sup>** **High Income ETF** |
| November 30, 2022 (Unaudited)  | November 30, 2022 (Unaudited)  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Number of Shares** | **Value** |
|  **COMMON STOCKS — 101.1% (a)** |  |  |
|  **Aerospace & Defense — 1.8%** |  |  |
|  Boeing Co. (The)\* | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; $8586 <br>|
|  General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 4543 |
|  Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 1130 |
|  Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1392 |
|  L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 4087 |
|  Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 8733 |
|  Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 6400 |
|  Raytheon Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 12439 |
|  Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 1285 |
|  TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 3771 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 52366 |
|  **Air Freight & Logistics — 0.6%** |  |  |
|  CH Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1203 |
|  Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1393 |
|  FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 3280 |
|  United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 12522 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18398 |
|  **Airlines — 0.2%** |  |  |
|  Alaska Air Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 569 |
|  American Airlines Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 779 |
|  Delta Air Lines, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 1910 |
|  Southwest Airlines Co.\* | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 1916 |
|  United Airlines Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 1325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6499 |
|  **Auto Components — 0.1%** |  |  |
|  Aptiv plc\*^ | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 2560 |
|  BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 765 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3325 |
|  **Automobiles — 1.8%** |  |  |
|  Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp; 342 | &nbsp;&nbsp;&nbsp;&nbsp; 4754 |
|  General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 5111 |
|  Tesla, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp;&nbsp; 42055 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 51920 |
|  **Banks — 3.9%** |  |  |
|  Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 612 | &nbsp;&nbsp;&nbsp;&nbsp; 23164 |
|  Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp;&nbsp; 8133 |
|  Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 1780 |
|  Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 861 |
|  Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 2182 |
|  First Republic Bank | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 2297 |
|  Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 1951 |
|  JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp;&nbsp; 32611 |
|  KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 1467 |
|  M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 3060 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Number of Shares** | **Value** |
|  **Banks — 3.9%** (Continued) | **Banks — 3.9%** (Continued) | **Banks — 3.9%** (Continued) |
|  PNC Financial Services <br>Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; $6057 <br>|
|  Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 1810 |
|  Signature Bank | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 837 |
|  SVB Financial Group\* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1391 |
|  Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp; 5336 |
|  US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp; 5174 |
|  Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 324 | &nbsp;&nbsp;&nbsp;&nbsp; 15536 |
|  Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 622 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 114269 |
|  **Beverages — 1.9%** |  |  |
|  Brown-Forman Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 1315 |
|  Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp;&nbsp; 21373 |
|  Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 3088 |
|  Keurig Dr. Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 2552 |
|  Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 992 |
|  Monster Beverage Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 3086 |
|  PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 22261 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 54667 |
|  **Biotechnology — 2.5%** |  |  |
|  AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp; 23532 |
|  Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 13747 |
|  Biogen, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 3662 |
|  Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp; 9486 |
|  Incyte Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 1434 |
|  Moderna, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 5277 |
|  Regeneron Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 9021 |
|  Vertex Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 7594 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 73753 |
|  **Building Products — 0.5%** |  |  |
|  A O Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 729 |
|  Allegion plc^ | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 682 |
|  Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 3191 |
|  Fortune Brands Home & Security, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 784 |
|  Johnson Controls International plc^ | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 3986 |
|  Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 914 |
|  Trane Technologies plc^ | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 3212 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13498 |
|  **Capital Markets — 3.3%** |  |  |
|  Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 3983 |
|  Bank of New York Mellon <br>Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 3029 |
|  BlackRock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 8592 |
|  Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1522 |

---

---

| | | |
|:---|:---|:---|
|  The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |
|  | ![](neos-ncsrs_113022img001.jpg)  | 5 |

---

---

| | |
|:---|:---|
| **Schedule of Investments** (Continued) | **NEOS S&P 500<sup>®</sup>** **High Income ETF** |
| November 30, 2022 (Unaudited)  | November 30, 2022 (Unaudited)  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Number of Shares** | **Value** |
|  **COMMON STOCKS — 101.1% (a)** (Continued) | **COMMON STOCKS — 101.1% (a)** (Continued) | **COMMON STOCKS — 101.1% (a)** (Continued) |
|  **Capital Markets — 3.3%** (Continued) | **Capital Markets — 3.3%** (Continued) | **Capital Markets — 3.3%** (Continued) |
|  Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp; $10895 <br>|
|  CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 5295 |
|  FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 2768 |
|  Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 644 |
|  Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 11585 |
|  Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 5199 |
|  Invesco Ltd.^ | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 573 |
|  MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1608 |
|  Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 3579 |
|  Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 11168 |
|  MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 3047 |
|  Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 2465 |
|  Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 1676 |
|  Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 2104 |
|  S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 10584 |
|  State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 2390 |
|  T Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 2248 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 94954 |
|  **Chemicals — 1.9%** |  |  |
|  Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 5583 |
|  Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 3336 |
|  Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1288 |
|  CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 1947 |
|  Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 4030 |
|  Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 3058 |
|  DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 2961 |
|  Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1039 |
|  Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 3596 |
|  FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1568 |
|  International Flavors & <br>Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 2540 |
|  Linde plc^ | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 14132 |
|  LyondellBasell Industries NV, <br>Class A^ | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 2040 |
|  Mosaic Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 1539 |
|  PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 2434 |
|  Sherwin-Williams Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 4485 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 55576 |
|  **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |  |
|  Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 2771 |
|  Copart, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 2396 |
|  Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 2507 |
|  Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 728 |
|  Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 5032 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13434 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Number of Shares** | **Value** |
|  **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |  |
|  Arista Networks, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; $2508 <br>|
|  Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp; 17899 |
|  F5, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 928 |
|  Juniper Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 997 |
|  Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 3266 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 25598 |
|  **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |  |
|  Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1799 |
|  **Construction Materials — 0.1%** |  |  |
|  Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 2199 |
|  Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 2200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4399 |
|  **Consumer Finance — 0.6%** |  |  |
|  American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 8510 |
|  Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 3717 |
|  Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 2601 |
|  Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 1578 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16406 |
|  **Containers & Packaging — 0.3%** |  |  |
|  Amcor plc^ | &nbsp;&nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp; 1630 |
|  Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1160 |
|  Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 1682 |
|  International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 1114 |
|  Packaging Corp of America | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 815 |
|  Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 639 |
|  Westrock Co. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7950 |
|  **Distributors — 0.2%** |  |  |
|  Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 2200 |
|  LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 1304 |
|  Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1976 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5480 |
|  **Diversified Financial Services — 1.7%** | **Diversified Financial Services — 1.7%** |  |
|  Berkshire Hathaway, Inc., Class B\* | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp; 49702 |
|  **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** |  |
|  AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 618 | &nbsp;&nbsp;&nbsp;&nbsp; 11915 |
|  Lumen Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 427 |
|  Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp; 14033 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26375 |
|  **Electric Utilities — 1.9%** |  |  |
|  Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 1351 |
|  American Electric Power Co, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 4066 |
|  Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 2884 |
|  Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 6595 |

---

---

| | | |
|:---|:---|:---|
|  The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |
|  | ![](neos-ncsrs_113022img001.jpg)  | 6 |

---

---

| | |
|:---|:---|
| **Schedule of Investments** (Continued) | **NEOS S&P 500<sup>®</sup>** **High Income ETF** |
| November 30, 2022 (Unaudited)  | November 30, 2022 (Unaudited)  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Number of Shares** | **Value** |
|  **COMMON STOCKS — 101.1% (a)** (Continued) | **COMMON STOCKS — 101.1% (a)** (Continued) | **COMMON STOCKS — 101.1% (a)** (Continued) |
|  **Electric Utilities — 1.9%** (Continued) | **Electric Utilities — 1.9%** (Continued) | **Electric Utilities — 1.9%** (Continued) |
|  Edison International | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; $2000 <br>|
|  Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 2093 |
|  Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 1066 |
|  Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 2486 |
|  Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 3475 |
|  FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 1979 |
|  NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp;&nbsp; 14230 |
|  NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 764 |
|  Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 940 |
|  PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 1948 |
|  Southern Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 6088 |
|  Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 3370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 55335 |
|  **Electrical Equipment — 0.6%** |  |  |
|  AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 2563 |
|  Eaton Corp. plc^ | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 5884 |
|  Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 5172 |
|  Generac Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 633 |
|  Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 3171 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 17423 |
|  **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
|  Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 4343 |
|  CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 2264 |
|  Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 2252 |
|  Keysight Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 3256 |
|  TE Connectivity Ltd.^ | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 3784 |
|  Teledyne Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 2520 |
|  Trimble, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 1434 |
|  Zebra Technologies Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1622 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21475 |
|  **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** |
|  Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 2264 |
|  Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 2955 |
|  Schlumberger NV^ | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 6186 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11405 |
|  **Entertainment — 1.3%** |  |  |
|  Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 4880 |
|  Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 3139 |
|  Live Nation Entertainment, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 873 |
|  Netflix, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 10999 |
|  Take-Two Interactive Software, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1268 |
|  Walt Disney Co. (The)\* | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp; 15268 |
|  Warner Bros. Discovery, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp;&nbsp; 2189 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 38616 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Number of Shares** | **Value** |
|  **Food & Staples Retailing — 1.6%** |  |  |
|  Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; $19413 <br>|
|  Kroger Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 2656 |
|  Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 3634 |
|  Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 2490 |
|  Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 18290 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 46483 |
|  **Food Products — 1.2%** |  |  |
|  Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 4680 |
|  Campbell Soup Co. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 966 |
|  Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 1595 |
|  General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 4606 |
|  Hershey Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 2822 |
|  Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 1128 |
|  J M Smucker Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1848 |
|  Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 1751 |
|  Kraft Heinz Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 2361 |
|  Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1043 |
|  McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 2044 |
|  Mondelez International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 8113 |
|  Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 1591 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 34548 |
|  **Gas Utilities — 0.0% (b)** |  |  |
|  Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1442 |
|  **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** |  |
|  Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 16137 |
|  ABIOMED, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 2267 |
|  Align Technology, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1180 |
|  Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 2374 |
|  Becton Dickinson and Co. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 5984 |
|  Boston Scientific Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 5432 |
|  Cooper Co., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1898 |
|  DENTSPLY SIRONA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 545 |
|  Dexcom, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 4186 |
|  Edwards Lifesciences Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 4171 |
|  Hologic, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 1828 |
|  IDEXX Laboratories, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 2555 |
|  Intuitive Surgical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 8112 |
|  Medtronic plc^ | &nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp; 9011 |
|  ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 2762 |
|  STERIS plc^ | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1114 |
|  Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 7017 |
|  Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1405 |
|  Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 2162 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 80140 |

---

---

| | | |
|:---|:---|:---|
|  The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |
|  | ![](neos-ncsrs_113022img001.jpg)  | 7 |

---

---

| | |
|:---|:---|
| **Schedule of Investments** (Continued) | **NEOS S&P 500<sup>®</sup>** **High Income ETF** |
| November 30, 2022 (Unaudited)  | November 30, 2022 (Unaudited)  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Number of Shares** | **Value** |
|  **COMMON STOCKS — 101.1% (a)** (Continued) | **COMMON STOCKS — 101.1% (a)** (Continued) |  |
|  **Health Care Providers & Services — 3.6%** | **Health Care Providers & Services — 3.6%** |  |
|  AmerisourceBergen Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; $2048 <br>|
|  Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 1924 |
|  Centene Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 4179 |
|  Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 9867 |
|  CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp; 11614 |
|  DaVita, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 442 |
|  Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 9593 |
|  HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 4324 |
|  Henry Schein, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 971 |
|  Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 6599 |
|  Laboratory Corp. of America Holdings | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1444 |
|  McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 4580 |
|  Molina Healthcare, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 2021 |
|  Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1822 |
|  UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 42725 |
|  Universal Health Services, Inc., <br>Class B | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 785 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 104938 |
|  **Hotels, Restaurants & Leisure — 2.2%** | **Hotels, Restaurants & Leisure — 2.2%** |  |
|  Booking Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 12477 |
|  Caesars Entertainment, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 915 |
|  Carnival Corp.\*^ | &nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 834 |
|  Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1764 |
|  Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 2332 |
|  Expedia Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1282 |
|  Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 3423 |
|  Las Vegas Sands Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 1405 |
|  Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 3968 |
|  McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 18004 |
|  MGM Resorts International | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 1106 |
|  Norwegian Cruise Line <br>Holdings Ltd.\*^ | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 592 |
|  Royal Caribbean Cruises Ltd.\*^ | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 1079 |
|  Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 9811 |
|  Wynn Resorts Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1004 |
|  Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 3088 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 63084 |
|  **Household Durables — 0.3%** |  |  |
|  DR Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 2580 |
|  Garmin Ltd.^ | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1116 |
|  Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 2108 |
|  Mohawk Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 608 |
|  Newell Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 389 |
|  PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 806 |
|  Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 879 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8486 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Number of Shares** | **Value** |
|  **Household Products — 1.5%** |  |  |
|  Church & Dwight Co, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; $1474 <br>|
|  Clorox Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1784 |
|  Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 5578 |
|  Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 4069 |
|  Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp;&nbsp; 30429 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 43334 |
|  **Independent Power and Renewable <br>Electricity Producers — 0.1%** | **Independent Power and Renewable <br>Electricity Producers — 0.1%** | **Independent Power and Renewable <br>Electricity Producers — 0.1%** |
|  AES Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 1735 |
|  **Industrial Conglomerates — 0.9%** |  |  |
|  3M Co. | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 6047 |
|  General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 8253 |
|  Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 13173 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 27473 |
|  **Insurance — 2.3%** |  |  |
|  Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 3453 |
|  Allstate Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 3214 |
|  American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 4165 |
|  Aon plc, Class A^ | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 5549 |
|  Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 3584 |
|  Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 769 |
|  Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 1073 |
|  Chubb Ltd.^ | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 7905 |
|  Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1331 |
|  Everest Re Group Ltd.^ | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 2028 |
|  Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 720 |
|  Hartford Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 2291 |
|  Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 467 |
|  Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 1047 |
|  Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 7273 |
|  MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 4602 |
|  Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 1614 |
|  Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 6343 |
|  Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 3241 |
|  Travelers Co., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 3417 |
|  W R Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 1373 |
|  Willis Towers Watson plc^ | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 2954 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 68413 |
|  **Interactive Media & Services — 4.1%** | **Interactive Media & Services — 4.1%** |  |
|  Alphabet, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp; 484 | &nbsp;&nbsp;&nbsp;&nbsp; 48879 |
|  Alphabet, Inc., Class C\* | &nbsp;&nbsp;&nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp;&nbsp; 45754 |
|  Match Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 1213 |
|  Meta Platforms, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp;&nbsp; 23384 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 119230 |

---

---

| | | |
|:---|:---|:---|
|  The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |
|  | ![](neos-ncsrs_113022img001.jpg)  | 8 |

---

---

| | |
|:---|:---|
| **Schedule of Investments** (Continued) | **NEOS S&P 500<sup>®</sup>** **High Income ETF** |
| November 30, 2022 (Unaudited)  | November 30, 2022 (Unaudited)  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Number of Shares** | **Value** |
|  **COMMON STOCKS — 101.1% (a)** (Continued) | **COMMON STOCKS — 101.1% (a)** (Continued) |  |
|  **Internet & Direct Marketing Retail — 2.6%** | **Internet & Direct Marketing Retail — 2.6%** |  |
|  Amazon.com, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 733 | &nbsp;&nbsp;&nbsp;&nbsp; $70764 <br>|
|  eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 2181 |
|  Etsy, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1585 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 74530 |
|  **IT Services — 4.5%** |  |  |
|  Accenture plc, Class A^ | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 16250 |
|  Akamai Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1139 |
|  Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 9509 |
|  Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1789 |
|  Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 2613 |
|  DXC Technology Co.\* | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 712 |
|  EPAM Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 2212 |
|  Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 3919 |
|  Fiserv, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 5009 |
|  FleetCor Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1177 |
|  Gartner, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 2102 |
|  Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 2491 |
|  International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 11614 |
|  Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1136 |
|  Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 25661 |
|  Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 3721 |
|  PayPal Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp; 7998 |
|  VeriSign, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1199 |
|  Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp; 31248 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 131499 |
|  **Leisure Products — 0.0% (b)** |  |  |
|  Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 754 |
|  **Life Sciences Tools & Services — 1.8%** | **Life Sciences Tools & Services — 1.8%** |  |
|  Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 3719 |
|  Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 2040 |
|  Charles River Laboratories International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1371 |
|  Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 14764 |
|  Illumina, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 2617 |
|  IQVIA Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 3924 |
|  PerkinElmer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1677 |
|  Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 20168 |
|  Waters Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 2080 |
|  West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1408 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 53768 |
|  **Machinery — 1.9%** |  |  |
|  Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 11348 |
|  Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 3014 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Number of Shares** | **Value** |
|  **Machinery — 1.9%** (Continued) | **Machinery — 1.9%** (Continued) | **Machinery — 1.9%** (Continued) |
|  Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; $10584 <br>|
|  Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1703 |
|  Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 2027 |
|  IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1425 |
|  Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 5459 |
|  Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 1943 |
|  Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1419 |
|  Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 2811 |
|  PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 3177 |
|  Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 3587 |
|  Pentair plc^ | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 549 |
|  Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1444 |
|  Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 981 |
|  Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 1820 |
|  Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 2022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 55313 |
|  **Media — 0.9%** |  |  |
|  Charter Communications, Inc., <br>Class A\* | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 4696 |
|  Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp;&nbsp; 14070 |
|  DISH Network Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 385 |
|  Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 779 |
|  Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 366 |
|  Interpublic Group of Co., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 1237 |
|  News Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 689 |
|  News Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 233 |
|  Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 1436 |
|  Paramount Global, Class B | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 1084 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24975 |
|  **Metals & Mining — 0.4%** |  |  |
|  Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 5015 |
|  Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 3133 |
|  Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 3599 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11747 |
|  **Multiline Retail — 0.5%** |  |  |
|  Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 4602 |
|  Dollar Tree, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 2705 |
|  Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 7017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14324 |
|  **Multi-Utilities — 0.9%** |  |  |
|  Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 2143 |
|  CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 1680 |
|  CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 1466 |
|  Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 2941 |
|  Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 4400 |

---

---

| | | |
|:---|:---|:---|
|  The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |
|  | ![](neos-ncsrs_113022img001.jpg)  | 9 |

---

---

| | |
|:---|:---|
| **Schedule of Investments** (Continued) | **NEOS S&P 500<sup>®</sup>** **High Income ETF** |
| November 30, 2022 (Unaudited)  | November 30, 2022 (Unaudited)  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Number of Shares** | **Value** |
|  **COMMON STOCKS — 101.1% (a)** (Continued) | **COMMON STOCKS — 101.1% (a)** (Continued) |  |
|  **Multi-Utilities — 0.9%** (Continued) | **Multi-Utilities — 0.9%** (Continued) | **Multi-Utilities — 0.9%** (Continued) |
|  DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; $2088 <br>|
|  NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 1006 |
|  Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 2543 |
|  Sempra Energy | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 4986 |
|  WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 2974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26227 |
|  **Oil, Gas & Consumable Fuels — 4.7%** | **Oil, Gas & Consumable Fuels — 4.7%** |  |
|  APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 1406 |
|  Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp; 28596 |
|  ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp; 14080 |
|  Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 2010 |
|  Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 3700 |
|  Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1776 |
|  EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 6813 |
|  Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp; 40082 |
|  Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 3454 |
|  Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp;&nbsp; 3212 |
|  Marathon Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 1838 |
|  Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 5847 |
|  Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 5420 |
|  ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 2409 |
|  Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 4555 |
|  Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 4248 |
|  Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 4810 |
|  Williams Co., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp; 3539 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 137795 |
|  **Personal Products — 0.1%** |  |  |
|  Estee Lauder Co., Inc., Class A (The) | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 4244 |
|  **Pharmaceuticals — 4.7%** |  |  |
|  Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp;&nbsp; 14932 |
|  Catalent, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 902 |
|  Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 24491 |
|  Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp;&nbsp; 39516 |
|  Merck & Company, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp;&nbsp; 23786 |
|  Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 625 |
|  Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp;&nbsp; 24062 |
|  Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp; 1125 |
|  Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 6474 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 135913 |
|  **Professional Services — 0.4%** |  |  |
|  CoStar Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 2917 |
|  Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 2368 |
|  Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1519 |
|  Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1312 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Number of Shares** | **Value** |
|  **Professional Services — 0.4%** (Continued) | **Professional Services — 0.4%** (Continued) | **Professional Services — 0.4%** (Continued) |
|  Robert Half International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; $945 <br>|
|  Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 2205 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11266 |
|  **Real Estate Investment Trusts — 2.6%** | **Real Estate Investment Trusts — 2.6%** |  |
|  Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1867 |
|  American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 9293 |
|  AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 2099 |
|  Boston Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 865 |
|  Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1444 |
|  Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 5091 |
|  Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 2699 |
|  Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 4144 |
|  Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 1946 |
|  Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1322 |
|  Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1928 |
|  Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 667 |
|  Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 1260 |
|  Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 1136 |
|  Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 1566 |
|  Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 1304 |
|  Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 1238 |
|  Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1979 |
|  Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; 9305 |
|  Public Storage | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 3576 |
|  Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 3406 |
|  Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 797 |
|  SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 3592 |
|  Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 3583 |
|  UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 995 |
|  Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 1675 |
|  VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 2873 |
|  Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 303 |
|  Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 2983 |
|  Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 2159 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 77095 |
|  **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
|  CBRE Group, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 2388 |
|  **Road & Rail — 0.9%** |  |  |
|  CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp;&nbsp; 6081 |
|  JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1103 |
|  Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 4617 |
|  Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1816 |
|  Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 11741 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 25358 |

---

---

| | | |
|:---|:---|:---|
|  The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |
|  | ![](neos-ncsrs_113022img001.jpg)  | 10 |

---

---

| | |
|:---|:---|
| **Schedule of Investments** (Continued) | **NEOS S&P 500<sup>®</sup>** **High Income ETF** |
| November 30, 2022 (Unaudited)  | November 30, 2022 (Unaudited)  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Number of Shares** | **Value** |
|  **COMMON STOCKS — 101.1% (a)** (Continued) | **COMMON STOCKS — 101.1% (a)** (Continued) |  |
|  **Semiconductors & Semiconductor Equipment — 5.3%** | **Semiconductors & Semiconductor Equipment — 5.3%** | **Semiconductors & Semiconductor Equipment — 5.3%** |
|  Advanced Micro Devices, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; $10713 <br>|
|  Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 7220 |
|  Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 8549 |
|  Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 19837 |
|  Enphase Energy, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 3847 |
|  Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 354 | &nbsp;&nbsp;&nbsp;&nbsp; 10645 |
|  KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 4718 |
|  Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 5669 |
|  Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 3801 |
|  Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 5534 |
|  Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 2292 |
|  NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp;&nbsp; 34015 |
|  NXP Semiconductors NV^ | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 4220 |
|  ON Semiconductor Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 2707 |
|  Qorvo, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1191 |
|  QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 12143 |
|  Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1148 |
|  SolarEdge Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1793 |
|  Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1121 |
|  Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 14076 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 155239 |
|  **Software — 8.5%** |  |  |
|  Adobe, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 14487 |
|  ANSYS, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1526 |
|  Autodesk, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 3635 |
|  Cadence Design Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 4129 |
|  Ceridian HCM Holding, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 821 |
|  Fortinet, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 3190 |
|  Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 1102 |
|  Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 9782 |
|  Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 636 | &nbsp;&nbsp;&nbsp;&nbsp; 162269 |
|  Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; 11458 |
|  Paycom Software, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 2035 |
|  PTC, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1527 |
|  Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 5267 |
|  Salesforce, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 13461 |
|  ServiceNow, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 7493 |
|  Synopsys, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 4074 |
|  Tyler Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 2056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 248312 |
|  **Specialty Retail — 2.3%** |  |  |
|  Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 906 |
|  Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 765 |
|  Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 1536 |
|  CarMax, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 832 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Number of Shares** | **Value** |
|  **Specialty Retail — 2.3%** (Continued) | **Specialty Retail — 2.3%** (Continued) | **Specialty Retail — 2.3%** (Continued) |
|  Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp; $28511 <br>|
|  Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 11478 |
|  O'Reilly Automotive, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 5187 |
|  Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 3530 |
|  TJX Co., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp; 8165 |
|  Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 2716 |
|  Ulta Beauty, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 2789 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 66415 |
|  **Technology Hardware, Storage & Peripherals — 6.9%** | **Technology Hardware, Storage & Peripherals — 6.9%** | **Technology Hardware, Storage & Peripherals — 6.9%** |
|  Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1308 | &nbsp;&nbsp;&nbsp;&nbsp; 193623 |
|  Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp; 1913 |
|  HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 2704 |
|  NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 1217 |
|  Seagate Technology Holdings plc^ | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 953 |
|  Western Digital Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 882 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 201292 |
|  **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
|  NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp; 11846 |
|  Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 679 |
|  Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 906 |
|  VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 985 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14416 |
|  **Tobacco — 0.7%** |  |  |
|  Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp; 7267 |
|  Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp; 13156 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20423 |
|  **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |
|  Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 2473 |
|  United Rentals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 2118 |
|  WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 3618 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8209 |
|  **Water Utilities — 0.1%** |  |  |
|  American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 2732 |
|  **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
|  T-Mobile US, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 7270 |
|  **TOTAL COMMON STOCKS** |  |  |
|  **(Cost $2,866,935)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **2945432** |

---

---

| | | |
|:---|:---|:---|
|  The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |
|  | ![](neos-ncsrs_113022img001.jpg)  | 11 |

---

---

| | |
|:---|:---|
| **Schedule of Investments** (Continued) | **NEOS S&P 500<sup>®</sup>** **High Income ETF** |
| November 30, 2022 (Unaudited)  | November 30, 2022 (Unaudited)  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Number of Shares** | **Value** |
|  **SHORT-TERM INVESTMENTS — 0.4%** | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  **Money Market Fund** |  |  |
|  First American Treasury Obligations Fund, Class X, 3.744% (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10468 | &nbsp;&nbsp;&nbsp;&nbsp; $10468 <br>|
|  **TOTAL SHORT-TERM INVESTMENTS** | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  **(Cost $10,468)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **10468** |
|  **TOTAL INVESTMENTS — 101.5%** |  |  |
|  **(Cost $2,877,403)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **2955900** |
|  **Liabilities in Excess <br>of Other Assets — (1.5)%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(44121)** |
|  **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2911779** <br>|

---

\*Non-income producing security.

^Foreign security.

(a)All or a portion of these securities has been segregated as collateral for written option contracts. As f 11/30/2022, the aggregate fair value of those securities was $2,945,432, representing 101.1% of net assets.

(b)Represents less than 0.05%.

(c)7-day net yield.

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of Morgan Stanley Capital International, 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 list of the exchange traded option contracts held by the Fund at November 30, 2022, is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **WRITTEN OPTIONS** | **Contracts (d)** | **Exercise<br>Price** | **Expiration<br>Date** | **Premium<br>Received** | **Notional<br>Amount** | **Value** |
|  **CALL OPTIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CBOE S&P 500 Index | (2) | &nbsp;&nbsp;&nbsp;&nbsp; $4140.00 <br>| 1/20/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $(18443 ) | &nbsp;&nbsp;&nbsp;&nbsp; $(816022 ) | &nbsp;&nbsp;&nbsp;&nbsp; $(20250 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; CBOE S&P 500 Index | (3) | &nbsp;&nbsp;&nbsp;&nbsp; $4210.00 <br>| 1/20/2023 | &nbsp;&nbsp;&nbsp;&nbsp; (18554) | &nbsp;&nbsp;&nbsp;&nbsp; (1224033) | &nbsp;&nbsp;&nbsp;&nbsp; (18557) |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **$** **(36997)** <br> | &nbsp;&nbsp;&nbsp;&nbsp; **$** **(2040055)** <br> | &nbsp;&nbsp;&nbsp;&nbsp; **$** **(38807)** <br> |

---

(d)Each contract equals 100 shares.

---

| | | |
|:---|:---|:---|
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |
|  | ![](neos-ncsrs_113022img001.jpg)  | 12 |

---

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** | **SHP ETF Trust** |
| November 30, 2022 (Unaudited)  | November 30, 2022 (Unaudited)  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **NEOS Enhanced Income Aggregate Bond ETF** | **NEOS Enhanced Income Cash Alternative ETF** | **NEOS S&P 500<sup>®</sup>** **High Income ETF** |
|  **ASSETS:**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value (identified cost $982,533, $993,776 and $2,866,935, respectively) (See Note 2) | &nbsp;&nbsp;&nbsp;&nbsp; $954922 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $993462 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $2945432 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in money market funds, at value (identified cost $12,196, $1,692 and $10,468, respectively) (See Note 2) | &nbsp;&nbsp;&nbsp;&nbsp; 12196 | &nbsp;&nbsp;&nbsp;&nbsp; 1692 | &nbsp;&nbsp;&nbsp;&nbsp; 10468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total securities, at value (identified cost $994,729, $995,468 and $2,877,403) (See Note 2) | &nbsp;&nbsp;&nbsp;&nbsp; 967118 | &nbsp;&nbsp;&nbsp;&nbsp; 995154 | &nbsp;&nbsp;&nbsp;&nbsp; 2955900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit at broker for option contracts  | &nbsp;&nbsp;&nbsp;&nbsp; 989 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57708 | &nbsp;&nbsp;&nbsp;&nbsp; 36997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp;&nbsp; 3754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp; 968150 | &nbsp;&nbsp;&nbsp;&nbsp; 1053068 | &nbsp;&nbsp;&nbsp;&nbsp; 2996651 |
|  **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written option contracts, at value (identified premium received $905, $472 and $36,997, respectively) (See Note 2) | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp;&nbsp; 38807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52190 | &nbsp;&nbsp;&nbsp;&nbsp; 44912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp;&nbsp; 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 705 | &nbsp;&nbsp;&nbsp;&nbsp; 52676 | &nbsp;&nbsp;&nbsp;&nbsp; 84872 |
|  **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp; $967445 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1000392 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $2911779 <br>|
|  **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp; $995400 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1000000 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $2886715 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (accumulated loss) | &nbsp;&nbsp;&nbsp;&nbsp; (27955) | &nbsp;&nbsp;&nbsp;&nbsp; 392 | &nbsp;&nbsp;&nbsp;&nbsp; 25064 |
|  **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp; $967445 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1000392 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $2911779 <br>|
|  Shares issued and outstanding, $0 par value, unlimited shares authorized | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 |
|  **Net Asset Value, Offering Price and Redemption Price Per Share** | &nbsp;&nbsp;&nbsp;&nbsp; $48.37 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $50.02 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $48.53 <br>|

---

---

| | | |
|:---|:---|:---|
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |
|  | ![](neos-ncsrs_113022img001.jpg)  | 13 |

---

---

| | |
|:---|:---|
| **Statements of Operations** | **SHP ETF Trust** |
| For the Period Ended November 30, 2022 (Unaudited)  | For the Period Ended November 30, 2022 (Unaudited)  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **NEOS Enhanced Income Aggregate Bond ETF<sup>(a)</sup>**  | **NEOS Enhanced Income Cash Alternative <br>ETF<sup>(a)</sup>** | **NEOS S&P 500<sup>®</sup>** **High Income ETF<sup>(a)</sup>** |
|  **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest  | &nbsp;&nbsp;&nbsp;&nbsp; $6288 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $7751 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $6970 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax on dividends | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | &nbsp;&nbsp;&nbsp;&nbsp; 6288 | &nbsp;&nbsp;&nbsp;&nbsp; 7751 | &nbsp;&nbsp;&nbsp;&nbsp; 6965 |
|  **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; 1410 | &nbsp;&nbsp;&nbsp;&nbsp; 969 | &nbsp;&nbsp;&nbsp;&nbsp; 2254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before adjustments | &nbsp;&nbsp;&nbsp;&nbsp; 1410 | &nbsp;&nbsp;&nbsp;&nbsp; 969 | &nbsp;&nbsp;&nbsp;&nbsp; 2254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: waivers by Adviser (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (72) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses after adjustments | &nbsp;&nbsp;&nbsp;&nbsp; 1338 | &nbsp;&nbsp;&nbsp;&nbsp; 969 | &nbsp;&nbsp;&nbsp;&nbsp; 2254 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; 4950 | &nbsp;&nbsp;&nbsp;&nbsp; 6782 | &nbsp;&nbsp;&nbsp;&nbsp; 4711 |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | &nbsp;&nbsp;&nbsp;&nbsp; (6710) | &nbsp;&nbsp;&nbsp;&nbsp; (4249) | &nbsp;&nbsp;&nbsp;&nbsp; (1189) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts expired or closed | &nbsp;&nbsp;&nbsp;&nbsp; 12792 | &nbsp;&nbsp;&nbsp;&nbsp; 8906 | &nbsp;&nbsp;&nbsp;&nbsp; (12235) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 6082 | &nbsp;&nbsp;&nbsp;&nbsp; 4657 | &nbsp;&nbsp;&nbsp;&nbsp; (13424) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | &nbsp;&nbsp;&nbsp;&nbsp; (27611) | &nbsp;&nbsp;&nbsp;&nbsp; (314) | &nbsp;&nbsp;&nbsp;&nbsp; 78497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts  | &nbsp;&nbsp;&nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp;&nbsp; 299 | &nbsp;&nbsp;&nbsp;&nbsp; (1810) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp;&nbsp; (26981) | &nbsp;&nbsp;&nbsp;&nbsp; (15) | &nbsp;&nbsp;&nbsp;&nbsp; 76687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (20899) | &nbsp;&nbsp;&nbsp;&nbsp; 4642 | &nbsp;&nbsp;&nbsp;&nbsp; 63263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp; $(15949 ) | &nbsp;&nbsp;&nbsp;&nbsp; $11424 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $67974 <br>|

---

<sup>(a)</sup>The Funds commenced investment operations on August 30, 2022.

---

| | | |
|:---|:---|:---|
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |
|  | ![](neos-ncsrs_113022img001.jpg)  | 14 |

---

---

| | |
|:---|:---|
| **Statement of Changes in Net Assets** | **NEOS Enhanced Income Aggregate Bond ETF** |

---

---

| | |
|:---|:---|
|  | **For the <br>Period Ended<br>November 30, 2022 <br>(Unaudited)<sup>(a)</sup>** |
|  **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | &nbsp;&nbsp;&nbsp;&nbsp; $4950 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 6082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; (26981) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp; (15949) |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp; (12006) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (12006) |
|  **CAPITAL TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 995400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; 995400 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; 967445 |
|  **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | &nbsp;&nbsp;&nbsp;&nbsp; $967445 <br>|
|  **SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  **Shares Outstanding, End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; 20000 |

---

<sup>(a)</sup>The Fund commenced investment operations on August 30, 2022.

---

| | | |
|:---|:---|:---|
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |
|  | ![](neos-ncsrs_113022img001.jpg)  | 15 |

---

---

| | |
|:---|:---|
| **Statement of Changes in Net Assets** | **NEOS Enhanced Income Cash Alternative ETF** |

---

---

| | |
|:---|:---|
|  | **For the <br>Period Ended<br>November 30,<br>2022 <br>(Unaudited)<sup>(a)</sup>** |
|  **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | &nbsp;&nbsp;&nbsp;&nbsp; $6782 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 4657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; (15) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp; 11424 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp; (11032) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (11032) |
|  **CAPITAL TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; 1000392 |
|  **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | &nbsp;&nbsp;&nbsp;&nbsp; $1000392 <br>|
|  **SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  **Shares Outstanding, End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; 20000 |

---

<sup>(a)</sup>The Fund commenced investment operations on August 30, 2022.

---

| | | |
|:---|:---|:---|
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |
|  | ![](neos-ncsrs_113022img001.jpg)  | 16 |

---

---

| | |
|:---|:---|
| **Statement of Changes in Net Assets** | **NEOS S&P 500<sup>®</sup>** **High Income ETF** |

---

---

| | |
|:---|:---|
|  | **For the <br>Period Ended<br>November 30,<br>2022<br>(Unaudited)<sup>(a)</sup>** |
|  **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | &nbsp;&nbsp;&nbsp;&nbsp; $4711 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (13424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 76687 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp; 67974 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp; (42910) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (42910) |
|  **CAPITAL TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 2886715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; 2886715 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; 2911779 |
|  **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | &nbsp;&nbsp;&nbsp;&nbsp; $2911779 <br>|
|  **SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  **Shares Outstanding, End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; 60000 |

---

<sup>(a)</sup>The Fund commenced investment operations on August 30, 2022.

---

| | | |
|:---|:---|:---|
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |
|  | ![](neos-ncsrs_113022img001.jpg)  | 17 |

---

---

| | |
|:---|:---|
| **Financial Highlights** | **NEOS Enhanced Income Aggregate Bond ETF** |
|  For a share outstanding throughout the period presented | For a share outstanding throughout the period presented |

---

---

| | |
|:---|:---|
|  | **For the <br>Period Ended<br>November 30,<br>2022<br>(Unaudited)<sup>(a)</sup>** |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $49.77 <br>|
|  **INCOME FROM INVESTMENT OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (1.05 |
|  **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (0.80 |
|  **LESS DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.60 |
|  **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $48.37 <br>|
|  **TOTAL RETURNS:** |  |
|  Net Asset Value<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; -1.58% |
|  Market Value<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; -1.70% |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $967 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before waivers | &nbsp;&nbsp;&nbsp;&nbsp; 2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income, after waivers | &nbsp;&nbsp;&nbsp;&nbsp; 2.07% |
|  Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0% |

---

<sup>(a)</sup>The Fund commenced investment operations on August 30, 2022.

<sup>(b)</sup>Calculated using average shares outstanding, during the period.

<sup>(c)</sup>Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value.

<sup>(d)</sup>Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at market value. The market value is based upon the official closing price at 4:00 p.m. from the NYSE Arca, Inc. Exchange. Market value returns may vary from net asset value returns.

<sup>(e)</sup>Portfolio turnover rate excludes in-kind transactions and short-term options.

\*Not Annualized.

+Annualized.

†The Fund indirectly bears its proportionate share of Acquired Fund Fees and Expenses ("AFFE") which are the indirect costs of investing in other investment companies. The annualized expense ratio of 0.55% does not reflect the AFFE of the funds in which it invests. The Adviser has contractually agreed to waive its management fee charged to the Fund to the extent of the amount of any AFFE incurred by the Fund. If the ratio had included these AFFE, the annualized expense ratio would have been 0.58%.

---

| | | |
|:---|:---|:---|
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |
|  | ![](neos-ncsrs_113022img001.jpg)  | 18 |

---

---

| | |
|:---|:---|
| **Financial Highlights** | **NEOS Enhanced Income Cash Alternative ETF** |
| For a share outstanding throughout the period presented | For a share outstanding throughout the period presented |

---

---

| | |
|:---|:---|
|  | **For the<br>Period Ended<br>November 30,<br>2022<br>(Unaudited)<sup>(a)</sup>** |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $50.00 <br>|
|  **INCOME FROM INVESTMENT OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
|  **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
|  **LESS DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.55 |
|  **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $50.02 <br>|
|  **TOTAL RETURNS:** |  |
|  Net Asset Value<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
|  Market Value<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.17 |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $1000 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;2.66 |
|  Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0 |

---

<sup>(a)</sup>The Fund commenced investment operations on August 30, 2022.

<sup>(b)</sup>Calculated using average shares outstanding, during the period.

<sup>(c)</sup>Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value.

<sup>(d)</sup>Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at market value. The market value is based upon the official closing price at 4:00 p.m. from the NYSE Arca, Inc. Exchange. Market value returns may vary from net asset value returns.

<sup>(e)</sup>Portfolio turnover rate excludes in-kind transactions and short-term options.

\*Not Annualized.

+Annualized.

---

| | | |
|:---|:---|:---|
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |
|  | ![](neos-ncsrs_113022img001.jpg)  | 19 |

---

---

| | |
|:---|:---|
| **Financial Highlights** | **NEOS S&P 500<sup>®</sup>** **High Income ETF** |
| For a share outstanding throughout the period presented | For a share outstanding throughout the period presented |

---

---

| | |
|:---|:---|
|  | **For the<br>Period Ended<br>November 30,<br>2022<br>(Unaudited)<sup>(a)</sup>** |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $49.67 <br>|
|  **INCOME FROM INVESTMENT OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
|  **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
|  **LESS DISTRIBUTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (1.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (1.43 |
|  **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $48.53 <br>|
|  **TOTAL RETURNS:** |  |
|  Net Asset Value<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
|  Market Value<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
|  **RATIOS/SUPPLEMENTAL DATA:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $2912 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses  | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;1.42 |
|  Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0 |

---

<sup>(a)</sup>The Fund commenced investment operations on August 30, 2022.

<sup>(b)</sup>Calculated using average shares outstanding, during the period.

<sup>(c)</sup>Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value.

<sup>(d)</sup>Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at market value. The market value is based upon the official closing price at 4:00 p.m. from the CBOE BZX Exchange, Inc. Market value returns may vary from net asset value returns.

<sup>(e)</sup>Portfolio turnover rate excludes in-kind transactions and short-term options.

\*Not Annualized.

+Annualized.

---

| | |
|:---|:---|
| ![](neos-ncsrs_113022img001.jpg)  | 20 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** | **SHP ETF Trust** |
| November 30, 2022 (Unaudited) | November 30, 2022 (Unaudited) |

---

**NOTE 1 – ORGANIZATION**

The SHP 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 five operational exchange-traded funds ("ETFs"), three of which are presented herein, NEOS Enhanced Income Aggregate Bond ETF (the "NEOS Aggregate Bond ETF"), NEOS Enhanced Income Cash Alternative ETF (the "NEOS Cash Alternative ETF") and NEOS S&P 500<sup>®</sup> High Income ETF (the "NEOS S&P 500<sup>®</sup> ETF") (collectively, the "Funds" or individually, a "Fund"). The Funds are each a diversified series of the Trust. The investment objective of the NEOS Aggregate Bond ETF and NEOS Cash Alternative ETF is to seek to generate monthly income in a tax efficient manner and the investment objective of the NEOS S&P 500<sup>®</sup> 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, which is an investment company, 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 the financial statements. These policies have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in conformity with U.S. 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 statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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 last reported settlement price on the exchange or OTC market on which they principally trade. If the settlement price is not available, then options shall be valued at the mean price.

When reliable market quotations are not readily available, securities are priced at their fair value as determined in good faith by the Adviser in accordance with the Trust's valuation guidelines. Pursuant to Rule 2a-5 under the 1940 Act, each Fund has designated the Adviser as its "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable. The Funds may use fair value pricing in a variety of circumstances, including but not limited to, situations when the value of a security has been materially affected by events occurring after the close of the market on which such security is principally traded (such as a corporate action or other news that may materially affect the price of such security) or trading in such security has been suspended or halted. Such valuations would typically be categorized as Level 2 or Level 3 in the fair value hierarchy described below. Fair value pricing involves subjective judgments and it is possible that a fair value determination for a security is materially different than the value that could be realized upon the sale of such security. As of November 30, 2022, there were no securities that were internally fair valued and/or valued using a Level 3 valuation.

---

| | |
|:---|:---|
| ![](neos-ncsrs_113022img001.jpg)  | 21 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** (Continued) | **SHP ETF Trust** |
| November 30, 2022 (Unaudited) | November 30, 2022 (Unaudited) |

---

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Level 1** — Quoted
prices in active markets for identical assets that the Funds have the ability to access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Level 2** — Other
significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NEOS Aggregate Bond ETF** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange Traded Funds  | &nbsp;&nbsp;&nbsp;&nbsp; $954747 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— <br>| &nbsp;&nbsp;&nbsp;&nbsp; $954747 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Put Options\*\*  | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 12196 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12196 |
|  **Total Investments**  | &nbsp;&nbsp;&nbsp;&nbsp; **$** **967118** <br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **—** <br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **—** <br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **967118** <br>|
|  **Other Financial Instruments**  |  |  |  |  |
|  **Liabilities**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Call Options\*\* | &nbsp;&nbsp;&nbsp;&nbsp; $(275 ) | &nbsp;&nbsp;&nbsp;&nbsp; $— <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(275 ) |
|  **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **(275)** <br> | &nbsp;&nbsp;&nbsp;&nbsp; **$** **—** <br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **—** <br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **(275)** <br> |
| **NEOS Cash Alternative ETF** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills | &nbsp;&nbsp;&nbsp;&nbsp; $— <br>| &nbsp;&nbsp;&nbsp;&nbsp; $993370 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— <br>| &nbsp;&nbsp;&nbsp;&nbsp; $993370 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Put Options\*\* | &nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1692 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1692 |
|  **Total Investments**  | &nbsp;&nbsp;&nbsp;&nbsp; **$** **1784** <br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **993370** <br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **—** <br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **995154** <br>|
|  **Other Financial Instruments**  |  |  |  |  |
|  **Liabilities**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Call Options\*\* | &nbsp;&nbsp;&nbsp;&nbsp; $(173 ) | &nbsp;&nbsp;&nbsp;&nbsp; $— <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(173 ) |
|  **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **(173)** <br> | &nbsp;&nbsp;&nbsp;&nbsp; **$** **—** <br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **—** <br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **(173)** <br> |
| **NEOS S&P 500<sup>®</sup>** **ETF** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks\*  | &nbsp;&nbsp;&nbsp;&nbsp; $2945432 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— <br>| &nbsp;&nbsp;&nbsp;&nbsp; $2945432 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 10468 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10468 |
|  **Total Investments**  | &nbsp;&nbsp;&nbsp;&nbsp; **$** **2955900** <br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **—** <br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **—** <br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **2955900** <br>|
|  **Other Financial Instruments**  |  |  |  |  |
|  **Liabilities**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Call Options\*\* | &nbsp;&nbsp;&nbsp;&nbsp; $(18557 ) | &nbsp;&nbsp;&nbsp;&nbsp; $(20250 ) | &nbsp;&nbsp;&nbsp;&nbsp; $— <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(38807 ) |
|  **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp; **$** **(18557)** <br> | &nbsp;&nbsp;&nbsp;&nbsp; **$** **(20250)** <br> | &nbsp;&nbsp;&nbsp;&nbsp; **$** **—** <br>| &nbsp;&nbsp;&nbsp;&nbsp; **$** **(38807)** <br> |

---

\*See Schedules of Investments for segregation by industry type.

\*\*The tables above are based on market values or unrealized appreciation/(depreciation) rather than the notional amounts of derivatives. The uncertainties surrounding the valuation inputs for a derivative are likely to be more significant to a Fund's NAV than the uncertainties surrounding inputs for a non-derivative security with the same market value.

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

---

| | |
|:---|:---|
| ![](neos-ncsrs_113022img001.jpg)  | 22 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** (Continued) | **SHP ETF Trust** |
| November 30, 2022 (Unaudited) | November 30, 2022 (Unaudited) |

---

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 (D). for further counterparty risk disclosure.

When an option expires on its stipulated expiration date or the Funds enters into a closing purchase transaction, the Funds realize gains or losses if the cost of the closing purchase transaction differs from the premium received when the option was sold without regard to any unrealized appreciation or depreciation on the underlying security, and the liability related to such option is eliminated. When a written call option is exercised, the premium originally received decreases the cost basis of the security and the Funds realize gains or losses from the sale of the underlying security. When a written put option is exercised, the cost of the security acquired is decreased by the premium received for the put.

C. *Purchased Option Contracts.* The Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds will purchase call or put options. When the Funds purchase an option contract, an amount equal to the premiums paid is included in the value of investments on the Statement of Assets and Liabilities, and is subsequently priced daily to reflect the value of the purchased option contract. Refer to Note 2 (A). for a pricing description. Refer to Note 2 (I). for further derivative disclosures and Note 2 (D). 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. *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.

E. *Use of Estimates.* The preparation of the financial statements in conformity with U.S. 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.

F. *Federal Income Taxes.* Each Fund intends to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended. If so qualified, the Funds will not be subject to federal income tax to the extent each Fund distributes substantially all its taxable net investment income and net capital gains to its shareholders. Therefore, no provision for federal income tax should be required. 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, 2022.

G. *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.

H. *Organizational and Offering Costs.* The Adviser has agreed to bear all organizational and offering expenses for the Funds.

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.

---

| | |
|:---|:---|
| ![](neos-ncsrs_113022img001.jpg)  | 23 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** (Continued) | **SHP ETF Trust** |
| November 30, 2022 (Unaudited) | November 30, 2022 (Unaudited) |

---

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. For the period ended November 30, 2022, the Funds' average derivative volume is described below:

---

| | | |
|:---|:---|:---|
| **NEOS Aggregate Bond ETF** | **Average <br>Quantity** | **Average <br>Notional Value** |
|  Purchased Option Contracts | 2 | &nbsp;&nbsp;&nbsp;&nbsp; $576886 <br>|
|  Written Option Contracts | 2 | &nbsp;&nbsp;&nbsp;&nbsp; $576886 <br>|
| **NEOS Cash Alternative ETF** | **Average <br>Quantity** | **Average <br>Notional Value** |
|  Purchased Option Contracts | 2 | &nbsp;&nbsp;&nbsp;&nbsp; $576886 <br>|
|  Written Option Contracts | 2 | &nbsp;&nbsp;&nbsp;&nbsp; $576886 <br>|
| **NEOS S&P 500<sup>®</sup>** **ETF** | **Average <br>Quantity** | **Average <br>Notional Value** |
|  Purchased Option Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; $— <br>|
|  Written Option Contracts | 3 | &nbsp;&nbsp;&nbsp;&nbsp; $1076493 <br>|

---

**Statements of Assets and Liabilities**

Fair values of derivative instruments as of November 30, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | **Statements of Assets and Liabilities Location** | **Fair Value** | **Fair Value** |
| **NEOS Aggregate Bond ETF** |  | **Assets** | **Liabilities** |
|  Purchased Option Contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity | Investments, at value | $175 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— <br>|
|  Written Option Contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity | Written option contracts, at value |  | 275 |
|  Total Derivatives not accounted for as hedging instruments |  | $175 <br>| $275 <br>|
| **NEOS Cash Alternative ETF** |  | **Assets** | **Liabilities** |
|  Purchased Option Contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity | Investments, at value | $92 <br>| $— <br>|
|  Written Option Contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity | Written option contracts, at value |  | 173 |
|  Total Derivatives not accounted for as hedging instruments |  | $92 <br>| $173 <br>|
| **NEOS S&P 500<sup>®</sup>** **ETF** |  | **Assets** | **Liabilities** |
|  Purchased Option Contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity | Investments, at value | $— <br>| $— <br>|
|  Written Option Contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity | Written option contracts, at value |  | 38807 |
|  Total Derivatives not accounted for as hedging instruments |  | $— <br>| $38807 <br>|

---

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| | |
|:---|:---|
| ![](neos-ncsrs_113022img001.jpg)  | 24 |

---

---

| | |
|:---|:---|
| **Notes to the Financial Statements** (Continued) | **SHP ETF Trust** |
| November 30, 2022 (Unaudited) | November 30, 2022 (Unaudited) |

---

**Statements of Operations**

The effect of derivative instruments on the Statements of Operations for the period ended November 30, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Realized Gain (Loss) on Derivatives** | **Net Realized Gain (Loss) on Derivatives** | **Net Realized Gain (Loss) on Derivatives** |
| **NEOS Aggregate Bond ETF** | **Purchased<br>Option<br>Contracts\*** | **Written<br>Option<br>Contracts** | **Total**  |
|  | **Purchased<br>Option<br>Contracts\*** | **Written<br>Option<br>Contracts** | **Total**  |
| **<u>Derivatives Not Accounted for as Hedging Instruments</u>**  | **Purchased<br>Option<br>Contracts\*** | **Written<br>Option<br>Contracts** | **Total**  |
|  Equity Contracts | $(6710 ) | $12792 <br>| $6082 <br>|
|  Total | $(6710 ) | $12792 <br>| $6082 <br>|
| **NEOS Cash Alternative ETF** | **Purchased<br>Option<br>Contracts\*** | **Written<br>Option<br>Contracts** | **Total** |
|  | **Purchased<br>Option<br>Contracts\*** | **Written<br>Option<br>Contracts** | **Total** |
| **<u>Derivatives Not Accounted for as Hedging Instruments</u>**  | **Purchased<br>Option<br>Contracts\*** | **Written<br>Option<br>Contracts** | **Total** |
|  Equity Contracts | $(4092 ) | $8906 <br>| $4814 <br>|
|  Total | $(4092 ) | $8906 <br>| $4814 <br>|
| **NEOS S&P 500<sup>®</sup>** **ETF** | **Purchased<br>Option<br>Contracts\*** | **Written<br>Option<br>Contracts** | **Total** |
|  | **Purchased<br>Option<br>Contracts\*** | **Written<br>Option<br>Contracts** | **Total** |
| **<u>Derivatives Not Accounted for as Hedging Instruments</u>**  | **Purchased<br>Option<br>Contracts\*** | **Written<br>Option<br>Contracts** | **Total** |
|  Equity Contracts | $— <br>| $(12235 ) | $(12235 ) |
|  Total | $— <br>| $(12235 ) | $(12235 ) |
|  | **Net Change in Unrealized Appreciation (Depreciation) <br>on Derivatives** | **Net Change in Unrealized Appreciation (Depreciation) <br>on Derivatives** | **Net Change in Unrealized Appreciation (Depreciation) <br>on Derivatives** |
| **NEOS Aggregate Bond ETF** | **Purchased<br>Option<br>Contracts\*\*** | **Written<br>Option<br>Contracts** | **Total** |
|  | **Purchased<br>Option<br>Contracts\*\*** | **Written<br>Option<br>Contracts** | **Total** |
| **<u>Derivatives Not Accounted for as Hedging Instruments</u>** | **Purchased<br>Option<br>Contracts\*\*** | **Written<br>Option<br>Contracts** | **Total** |
|  Equity Contracts | $(154 ) | $630 <br>| $476 <br>|
|  Total | $(154 ) | $630 <br>| $476 <br>|
| **NEOS Cash Alternative ETF** | **Purchased<br>Option<br>Contracts\*\*** | **Written<br>Option<br>Contracts** | **Total** |
|  | **Purchased<br>Option<br>Contracts\*\*** | **Written<br>Option<br>Contracts** | **Total** |
| **<u>Derivatives Not Accounted for as Hedging Instruments</u>** | **Purchased<br>Option<br>Contracts\*\*** | **Written<br>Option<br>Contracts** | **Total** |
|  Equity Contracts | $(99 ) | $299 <br>| $200 <br>|
|  Total | $(99 ) | $299 <br>| $200 <br>|
| **NEOS S&P 500<sup>®</sup>** **ETF** | **Purchased<br>Option<br>Contracts\*\*** | **Written<br>Option<br>Contracts** | **Total** |
|  | **Purchased<br>Option<br>Contracts\*\*** | **Written<br>Option<br>Contracts** | **Total** |
| **<u>Derivatives Not Accounted for as Hedging Instruments</u>** | **Purchased<br>Option<br>Contracts\*\*** | **Written<br>Option<br>Contracts** | **Total** |
|  Equity Contracts | $— <br>| $(1810 ) | $(1810 ) |
|  Total | $— <br>| $(1810 ) | $(1810 ) |

---

\*The amounts disclosed are included in the realized gain (loss) on investments.

\*\*The amounts disclosed are included in the change in unrealized appreciation (depreciation) on investments.

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| | |
|:---|:---|
| ![](neos-ncsrs_113022img001.jpg)  | 25 |

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| | |
|:---|:---|
| **Notes to the Financial Statements** (Continued) | **SHP ETF Trust** |
| November 30, 2022 (Unaudited) | November 30, 2022 (Unaudited) |

---

**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 Aggregate Bond ETF pays the Adviser a monthly unitary management fee at an annual rate of 0.58%, the NEOS Cash Alternative ETF pays the Adviser a monthly unitary management fee at an annual rate of 0.38% and the NEOS S&P 500<sup>®</sup> ETF pays 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, 2022, NEOS Aggregate Bond ETF, NEOS Cash Alternative ETF and NEOS S&P 500<sup>®</sup> ETF incurred $1,410, $969 and $2,254, respectively, in management fees. Additionally, for the period ended November 30, 2022, the NEOS Aggregate Bond ETF had $72 in management fee waivers.

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, 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 Aggregate Bond 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% through March 29, 2024. This expense cap may not be terminated prior to this date except by the Board.

The NEOS Aggregate Bond 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.

Any such repayment must be made within three years from the date the expense was borne by the Adviser. Any such repayment made under any prior expense cap cannot cause the Fund's Operating Expenses to exceed the lower of 0.58% of average daily net assets or the annual rate of daily net assets for the Fund under the terms of a prior expense cap. For the period ended November 30, 2022, NEOS Aggregate Bond ETF did not repay expenses to the Adviser.

As of November 30, 2022, the Adviser waived fees of $72 for the NEOS Aggregate Bond ETF, which can be recouped by the Adviser until November 30, 2025.

**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.

---

| | |
|:---|:---|
| ![](neos-ncsrs_113022img001.jpg)  | 26 |

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| | |
|:---|:---|
| **Notes to the Financial Statements** (Continued) | **SHP ETF Trust** |
| November 30, 2022 (Unaudited) | November 30, 2022 (Unaudited) |

---

Bank, N.A., an affiliate of Fund Services, serves as the Funds' custodian. As of November 30, 2022, there were no fees incurred from the service providers described above as the Adviser bore all such costs.

**Distribution and Fund Officers**

Foreside Fund Services, LLC (d/b/a ACA Group) (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 (d/b/a ACA Group), 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, 2022, certain officers and Trustees of the Trust were also officers or employees of the Adviser or affiliated with the Distributor.

**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, 2022, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  NEOS Aggregate Bond ETF | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — |
|  NEOS Cash Alternative ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  NEOS S&P 500<sup>®</sup> ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1435 | &nbsp;&nbsp;&nbsp;&nbsp; 17527 |

---

The costs of purchases and sales of in-kind transactions, during the period ended November 30, 2022, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases <br>In-Kind** | **Sales <br>In-Kind** |
|  NEOS Aggregate Bond ETF | $&nbsp;&nbsp;&nbsp;&nbsp; 982204 | $&nbsp;&nbsp;&nbsp;&nbsp; — |
|  NEOS Cash Alternative ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  NEOS S&P 500<sup>®</sup> ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2884249 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

**NOTE 6 – SHARE TRANSACTIONS**

Each Fund currently offers one class of shares, which have no front-end sales loads, no deferred sales charges, and no redemption fees. The standard fixed transaction fees for the NEOS Aggregate Bond ETF and NEOS Cash Alternative ETF are $300, and the NEOS S&P 500<sup>®</sup> ETF is $500, payable to the Custodian. Additionally, a variable transaction fee may be charged by the Funds of up to a maximum of 2% of the value of the Creation Units (inclusive of any transaction fees charged), for each creation or redemption. Variable transaction fees are imposed to compensate the Funds for the transaction costs associated with creation and redemption transactions. The Adviser, subject to the approval of the Board, 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 Aggregate Bond ETF and NEOS Cash Alternative ETF Funds are listed and traded on the NYSE Arca, Inc. and shares of the NEOS S&P 500<sup>®</sup> ETF Fund are listed and traded on the CBOE BZX Exchange, Inc. (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

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| | |
|:---|:---|
| ![](neos-ncsrs_113022img001.jpg)  | 27 |

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| | |
|:---|:---|
| **Notes to the Financial Statements** (Continued) | **SHP ETF Trust** |
| November 30, 2022 (Unaudited) | November 30, 2022 (Unaudited) |

---

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 7 – 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 S&P 500<sup>®</sup> High Income ETF, NEOS Enhanced Income Cash Alternative ETF and NEOS Enhanced Income Aggregate Bond ETF, has no voting power of the shares outstanding of the Funds.

**NOTE 8 – 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 Funds' 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 Investment Risks''.

**NOTE 9 – 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 10 – COVID-19**

The global outbreak of COVID-19 (commonly referred to as "coronavirus") has disrupted economic markets and the prolonged economic impact is uncertain. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The operational and financial performance of the issuers of securities in which the Funds invest depend on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn adversely affect the value and liquidity of the Funds' investments, and negatively impact the Funds' performance.

**NOTE 11 – SUBSEQUENT EVENTS**

Management has evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that there are no material events that would require recognition of disclosure in the Funds' financial statements.

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| | |
|:---|:---|
| ![](neos-ncsrs_113022img001.jpg)  | 28 |

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| | |
|:---|:---|
| **Shareholder Expense Examples** | **SHP ETF Trust** |
| For the Period Ended November 30, 2022 (Unaudited) | For the Period Ended November 30, 2022 (Unaudited) |

---

As a shareholder of a Fund you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars)(excluding transaction costs) of investing in each Fund and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of each period and held for the entire period through November 30, 2022.

**Actual Expenses**

The first line of the table below provides information about actual account values based on actual returns and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then, multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period'' to estimate the expenses you paid on your account during this period.

**Hypothetical Example For Comparison Purposes**

The second line of the table provides information about hypothetical account values based on a hypothetical return and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each of the Fund's and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of each Fund's shares. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
| **NEOS Enhanced Income Aggregate Bond ETF**  | **Beginning Account Value (8/30/2022)\*** | **Ending <br>Account Value (11/30/2022)** | **Expenses Paid<br>During Period<sup>**<br></sup>**(8/30/2022\* <br>to 11/30/2022)** |
|  Actual<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $1000.00 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $984.20 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1.39 <br>|
|  Hypothetical (5% annual return before expenses) | &nbsp;&nbsp;&nbsp;&nbsp; $1000.00 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1019.55 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $2.79 <br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **NEOS Enhanced Income Cash Alternative ETF**  |  |  |  |
|  Actual<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $1000.00 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1011.50 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $0.97 <br>|
|  Hypothetical (5% annual return before expenses) | &nbsp;&nbsp;&nbsp;&nbsp; $1000.00 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1021.26 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1.93 <br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **NEOS S&P 500**<sup>**®</sup>** **High Income ETF**  |  |  |  |
|  Actual<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $1000.00 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1006.80 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1.74 <br>|
|  Hypothetical (5% annual return before expenses) | &nbsp;&nbsp;&nbsp;&nbsp; $1000.00 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1018.25 <br>| &nbsp;&nbsp;&nbsp;&nbsp; $3.44 <br>|

---

\*The Funds commenced investment operations on August 30, 2022.

<sup>1</sup>Actual expenses are equal to the fund's annualized expense ratio of 0.55%, multiplied by the average account value over the period, multiplied by 93/365. The Fund indirectly bears its proportionate share of Acquired Fund Fees and Expenses ("AFFE") which are the indirect costs of investing in other investment companies. The annualized expense ratio of 0.55% does not reflect the AFFE of the funds in which it invests. The Adviser has contractually agreed to waive its management fee charged to the Fund to the extent of the amount of any AFFE incurred by the Fund. If the ratio had included these AFFE, the annualized expense ratio would have been 0.58% for both the Actual and Hypothetical expense examples.

<sup>2</sup>Actual expenses are equal to the fund's annualized expense ratio of 0.38%, multiplied by the average account value over the period, multiplied by 93/365.

<sup>3</sup>Actual expenses are equal to the fund's annualized expense ratio of 0.68%, multiplied by the average account value over the period, multiplied by 93/365.

---

| | |
|:---|:---|
| ![](neos-ncsrs_113022img001.jpg)  | 29 |

---

---

| | |
|:---|:---|
| **Board Approval of Investment Advisory Agreement** (Unaudited) | **SHP ETF Trust** |

---

**APPROVAL OF ADVISORY AGREEMENT AND BOARD CONSIDERATIONS**

The Board including the Independent Trustees of the Board, reviewed: (i) the nature and quality of the advisory services to be provided by NEOS Investment Management, LLC ("NEOS"), including the experience and qualifications of the personnel providing such services; (ii) the performance history of NEOS S&P 500<sup>®</sup> High Income ETF, NEOS Enhanced Income Cash Alternative ETF and NEOS Enhanced Income Aggregate Bond ETF (each a "NEOS ETF" and, collectively, the "NEOS ETFs"), noting that none of the NEOS ETFs had not yet launched; (iii) the proposed fees and expenses of each NEOS ETF; (iv) the anticipated profitability of each NEOS ETF to NEOS; (v) potential economies of scale; (vi) possible fall-out benefits to NEOS and its affiliates (i.e., the ancillary benefits realized by NEOS and its affiliates from NEOS's relationship with the NEOS ETFs); and (vii) possible conflicts of interest. In considering the approval of the Advisory Agreement, the Board reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.

The Board exercised its own business judgment in determining its conclusions and its conclusions were based on an evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his or her conclusions with respect to the Advisory Agreement.

**Nature, Extent and Quality of Service**

The Board reviewed materials provided by NEOS related to the proposed approval of the Investment Advisory Agreement, a review of the professional personnel who will be performing services for the NEOS 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 NEOS ETFs, including: its adherence to each NEOS ETF's investment strategy and restrictions, buying and selling of securities and other transactions, reviewing its performance, voting the proxies received by each NEOS ETF and oversight of, and its role in the creation of custom or redemption baskets for authorized participants; oversight of the daily valuation of each NEOS ETF's portfolio holdings including its role as Valuation Designee for each NEOS ETF; oversight of general compliance with federal and state laws; and implementation of Board directives as they relate to the NEOS ETFs. The Board also considered research support available to, and management capabilities of, the NEOS 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 NEOS 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 NEOS 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 essential to performing 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 NEOS ETFS would be satisfactory.

**Performance**

As each NEOS ETF had not yet commenced operations, the Board was not able to review any of the NEOS ETF's performance.

**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 NEOS ETF's advisory fee, which is a unitary fee, and overall expenses compared to a peer group comprised of funds selected by NEOS, each of which had similar investment objectives and strategies. The Board was aware that under the unitary fee arrangement, NEOS is contractually obligated to pay the fees of each of the NEOS ETF's service providers, with the exception of NEOS's advisory fee, and certain other expenses.

---

| | |
|:---|:---|
| ![](neos-ncsrs_113022img001.jpg)  | 30 |

---

---

| | |
|:---|:---|
| **Board Approval of Investment Advisory Agreement** (Unaudited) (Continued) | **SHP ETF Trust** |

---

<u><u>NEOS S&P 500</u></u><sup><u>®</u></sup><u><u>High Income ETF ("SPYI")</u></u>. The Board reviewed NEOS's proposed advisory fee of 0.68% for SPYI, acknowledging that it was slightly higher than most of its peer group, but lower than the highest peer ETF. The Board considered NEOS's remarks that the peer group was composed of other ETFs using options strategies with underlying S&P 500 holdings. The Board recalled NEOS's explanations for the proposed fee and unitary fee structure. Given these considerations, the Board concluded that NEOS's proposed advisory fee was not unreasonable.

<u><u>NEOS Enhanced Income Cash Alternative ETF ("CSHI")</u></u>. The Board reviewed NEOS's proposed advisory fee of 0.38% for CSHI, acknowledging that it was lower than the fee of its closest competitor. The Board considered NEOS's remarks that the peer group was composed of another ETF using options strategies with underlying short term bond holdings. The Board further considered NEOS's statement of the inherent difficulty of finding peers that were similar to CSHI. The Board recalled NEOS's explanations for the proposed fee and unitary fee structure. Given these considerations, the Board concluded that NEOS's proposed advisory fee was not unreasonable.

<u><u>NEOS Enhanced Income Aggregate Bond ETF ("BNDI")</u></u>. The Board reviewed NEOS's proposed advisory fee of 0.58% for BNDI, acknowledging that it was close to the average of its peer group. The Board considered NEOS's remarks that the peer group was composed of other ETFs using options strategies with underlying bond holdings. The Board further considered NEOS's statement of the inherent difficulty of finding peers that were similar to BNDI, resulting in the presentation of only a limited number of peer ETFs. The Board also considered that an expense limitation agreement was proposed to limit expenses of BNDI to 0.58% through March 29, 2024. The Board recalled NEOS's explanations for the proposed fee and unitary fee structure. Given these considerations, the Board concluded that NEOS's proposed advisory fee was not unreasonable.

*<u>*<u>Economies of Scale</u>*</u>*.* 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 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 each NEOS ETF as their size materially increased. The Board agreed to monitor and revisit this issue at the appropriate time.

*<u>*<u>Profitability</u>*</u>*.* The Board considered the level of profits that could be expected to accrue to NEOS with respect to each NEOS 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 investment advisory relationship would initially be unprofitable to NEOS and, once a NEOS ETF had sufficient assets, the anticipated profit from NEOS's relationship with such NEOS ETF would not be excessive.

*<u>*<u>Conclusion</u>*</u>*.* 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's advisory fees for each NEOS ETF was not unreasonable, and that approval of the advisory agreements were in the best interest of future shareholders of each NEOS ETF.

---

| | |
|:---|:---|
| ![](neos-ncsrs_113022img001.jpg)  | 31 |

---

---

| | |
|:---|:---|
| **Additional Information** (Unaudited) | **SHP ETF Trust** |

---

**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.

**HOUSEHOLDING**

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of the prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

**DISCLOSURE OF PORTFOLIO HOLDINGS**

The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year to date as exhibits to their reports on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC's website at www.sec.gov. They may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330. In addition, the Funds' full portfolio holdings are updated daily and available on the Funds' website at www.neosfunds.com.

**PROXY VOTING POLICIES AND PROCEDURES**

A description of the policies and procedures the Funds uses to determine how to vote proxies relating to portfolio securities is provided in the Statements of Additional Information ("SAIs"). The SAI is available without charge upon request by calling toll-free at (833) 833-1311, by accessing the SEC's website at http://www.sec.gov, or by accessing the Funds' website at www.neosfunds.com. Information on how the Funds' voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available without charge, upon request, by calling (833) 833-1311 or by accessing the website of the SEC.

**TRUSTEES AND OFFICERS**

Information regarding the Trustees and Officer is provided in the SAI. The SAI is available without charge upon request by calling toll-free at (833) 833-1311, by accessing the SEC's website at http://www.sec.gov, or by accessing the Fund's website at www.neosfunds.com.

![](neos-ncsrs_113022img001.jpg)

---

| | | |
|:---|:---|:---|
|  **Fund** | **Symbol** | **CUSIP** |
|  NEOS Enhanced Income Aggregate Bond ETF | BNDI | 78433H204 |
|  NEOS Enhanced Income Cash Alternative ETF | CSHI | 78433H105 |
|  NEOS S&P 500<sup>®</sup> High Income ETF | SPYI | 78433H303 |

---

This report is intended for the shareholders of the Funds and may not be used as sales literature unless preceded or accompanied by a current prospectus.

---

| | | |
|:---|:---|:---|
| **Adviser**<br> NEOS Investment Management, LLC<br>13 Riverside Avenue<br>Westport, CT 06880 | **Distributor**<br> Foreside Fund Services, LLC <br>(d/b/a ACA Group)<br>Three Canal Plaza, Suite 100<br>Portland, ME 04101 | **Administrator, Fund Accountant<br>& Transfer Agent**<br>U.S. Bancorp Fund Services, LLC<br>615 East Michigan Street<br>Milwaukee, WI 53202 |
| **Custodian**<br> U.S. Bank, N.A. Custody Operations<br>1555 N. River Center Drive, Suite 302<br>Milwaukee, WI 53212 | **Independent Registered<br>Public Accounting Firm**<br>BBD, LLP<br>1835 Market Street, 3rd Floor<br>Philadelphia, PA 19103 | **Legal Counsel**<br> Thompson Hine LLP<br>1919 M Street, N.W., Suite 700 <br>Washington, D.C. 20036-3537 |

---

SHPNEOSSAR112022

(b) Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable for semi-annual reports.

**<u>Item 6. Investments.</u>**

(a) Schedule
 I – Investments in Securities of Unaffiliated Issuers

Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR

(b) Securities
 Divested of in accordance with Section 13(c) of the Investment Company Act of 1940.

The Registrant made no divestments of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

**<u>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to the Registrant.

**<u>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to the Registrant.

**<u>Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to the Registrant.

**<u>Item 10. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 11. Controls and Procedures.</u>**

(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
 provide reasonable assurance that the 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 is reasonably likely to materially affect, the Registrant's
 internal control over financial reporting.

**<u>Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to the Registrant.

**<u>Item 13. Exhibits.</u>**

(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) *A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](ex99-cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(4) Change in the registrant's independent public accountant.* Not applicable*.* 

[*(b)*](ex99-906cert.htm) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](ex99-906cert.htm)

**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.

---

| | |
|:---|:---|
| <u>SHP ETF Trust</u> | <u>SHP ETF Trust</u> |
| By: | /s/ Garrett Paolella |
|  | Garrett Paolella |
|  | President/Principal Executive Officer |

---

Date January 31, 2023

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 |

---

Date January 31, 2023

---

| | |
|:---|:---|
| By: | /s/ Josh Hunter |
|  | Josh Hunter |
|  | Treasurer/Principal Financial Officer |

---

Date January 31, 2023

## Ex-99.Cert

[SHP ETF Trust N-CSRS](neos-ncsrs_113022.htm)

EX.99.CERT

**<u>CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 AND<br> SECTION 302 OF THE SARBANES OXLEY ACT OF 2002</u>**

I, Garrett Paolella, certify that:

1. I
 have reviewed this report on Form N-CSR of SHP ETF Trust;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 31, 2023 | /s/ Garrett Paolella |
|  | Garrett Paolella<br> President/Principal Executive Officer |

---

EX.99.CERT

**<u>CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 AND<br> SECTION 302 OF THE SARBANES OXLEY ACT OF 2002</u>**

I, Josh Hunter, certify that:

1. I
 have reviewed this report on Form N-CSR of SHP ETF Trust;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 31, 2023 | /s/ Josh Hunter |
|  | Josh Hunter<br> Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

[SHP ETF Trust N-CSRS](neos-ncsrs_113022.htm)

EX.99.906CERT

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 <br> (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the SHP ETF Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the SHP ETF Trust for the period ended November 30, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of SHP ETF Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Garrett Paolella | /s/ Josh Hunter |
| <br> Garrett Paolella  | Josh Hunter |
| President/Principal Executive Officer | Treasurer/Principal Financial Officer |
| Dated: January 31, 2023 | Dated: January 31, 2023 |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by SHP ETF Trust for purposes of Section 18 of the Securities Exchange Act of 1934.